Federal Reserve Bulletin, 1948-12

F E D E R AL E S E RV i t) IN V A A DECEMBER 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 Credit Developments and the Government Security Market. 1455-1463 New Currency System in Israel. 1464-1469 Law Department: Consumer Instalment Credit. . 1470-1472 Amendments to Regulation J. 1472-1473 Current Events and Announcements. . 1474 National Summary of Business Conditions. . 1475-1476 Financial, Industrial, Commercial Statistics, U. S. (See p. 1477 for list of tables) 1477-1532 International Financial Statistics (See p. 1533 for list of tables). 1533-1551 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . 1552 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 1553 Federal Reserve Publications.. 1554-1557 Map of Federal Reserve Districts. . 1558 Index to Volume 34. 1559-1582 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 December 1948 NUMBER 12 CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET Expansion of loans at commercial banks, funds were used to rebuild the banks' holdwhich had been at about the same rate in ings of short-term Government securities at the July-September period as in the same the somewhat higher interest rates estabmonths of last year, slackened considerably lished on these issues. Additions to holdings in October and November, following an in- of these assets in October largely offset recrease in reserve requirements at member ductions made to meet increased reserve rebanks. Bank lending to businesses, real es- quirements in September, and restored the tate buyers, and consumers was generally banks' portfolios of short-term Government curtailed and showed little growth in Oc- securities to near-midyear levels. In Novemtober and November compared with a very ber sales of Government securities by nonlarge expansion during the same period in bank investors practically ceased, and these 1947. Reduced expansion in total consumer instalment credit in October reflected in part PRINCIPAL ASSETS AND LIABILITIES OF ALL COMMERCIAL BANKS the reimposition by the Board of Governors of controls on the terms of such loans, effective September 20. Business loans of nonbank lenders, particularly insurance companies, continued at an accelerated rate in October in amounts considerably in excess of newly accruing funds. This excess was financed by heavy sales of United States Government securities to the Federal Reserve Banks and, consequently, was reflected in a growth in the demand deposits and in the required reserves of member banks. In November this latter source of credit expansion also diminished considerably. Although banks received a substantial vol- 1945 1946 1947 1945 1946 1947 1948 ume of new reserves in October as a result Figures for U. S. Government securities, other securities, of continued Federal Reserve purchases of loans, and cash assets are for June and December through 1946 and monthly thereafter. Figures for deposits are monthly. All figures for dates other than June and December are partly securities from nonbank investors, these estimated. Latest figures are for October 1948. 1455 DECEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET investors in the aggregate appear to have in- have encouraged some holders to put temcreased their holdings slightly. Banks in porarily available funds into short-term Govleading cities reduced their holdings of Gov- ernment securities rather than holding them ernment securities somewhat and increased in cash or placing them in other uses. Intheir loans, principally to dealers in securities. vestors generally have shortened materially Federal Reserve holdings of Government se- the average maturity of their Government curities showed little change in November. security portfolios. General increases in in- Recent slackening in the rate of bank credit terest rates and bond yields on various types expansion and in Federal Reserve purchases of obligations have induced shifts in the of Government securities followed a period composition of investor portfolios. of about a year during which lending insti- Reserve requirements of member banks tutions liquidated substantial amounts of have been raised by action of the Board of United States Government securities to ob- Governors. Increases for central reserve city tain funds for extension of credit to other banks in New York and Chicago in Februborrowers. Insurance companies and other ary and June and for all member banks in nonbank investors reduced their portfolios September raised the amount of reserves reof Government securities and reinvested the quired to be held by member banks by approceeds in higher yielding assets offered by proximately 3 billion dollars. Thus a corborrowers in the private sector of the econ- responding amount of additional reserve omy. Commercial banks also reduced their funds made available during the past year holdings of Government securities and, with by gold inflow and by Federal Reserve purthe additional reserve funds, were able to chases of securities from nonbank investors expand their loans and also their holdings was immobilized in the banks. of State and local government securities. SHIFTS IN OWNERSHIP OF GOVERNMENT In view of the large volume of sales and SECURITIES the limited demand in the market, the Federal Reserve Banks purchased Government United States Government security portbonds in order to maintain order and sta- folios of each of the major classes of institubility in the market and thus supplemented tional investors, as well as of other investors, current savings as a source of new funds for showed marked changes in the 12-month private borrowers. Measures have been period ending October 1948. These changes adopted by the Federal Reserve, however, to reflected in varying degrees the impact of offset the effect on bank reserves of System several important developments. The total purchases of bonds and therefore to restrain volume of Government securities outstandmultiple credit expansion. In addition, ing, particularly of marketable issues, de- Treasury receipts of cash in excess of expendi- clined substantially as the Treasury applied tures and the use of these funds to retire a large cash surplus to debt retirement. The securities held by Federal Reserve Banks have demand for investment funds was strong, drained reserves from commercial banks. and financial institutions and others sold Upward adjustments in interest rates on large amounts of long-term Government short-term securities over the past year and bonds in order to obtain money for reinvesta half have increased the attractiveness of ment elsewhere. At the same time there these issues both to banks and to others and was a widespread movement by investors to 1456 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET increase their holdings of short-term Govern- term bonds, reflecting in part the approach ment securities, either by shifting from of issues toward maturity, as well as net longer-term securities or through investment sales in the market. Banks increased conof idle cash balances. siderably their holdings of Treasury bills, Commercial banks reduced their holdings while their holdings of certificates and notes of United States Government securities by declined about 1 billion dollars. About 7 billion dollars during this 12-month 4 billion of maturing bonds held by banks period, as is shown in the table. In general, was refunded into these securities over the this reduction in holdings was made in order period. to meet the loss of reserve funds arising from Insurance companies, mutual savings the Treasury's use of its current cash surplus banks, and savings and loan associations, to retire securities held by the Federal Reserve which had largely maintained or expanded Banks. Receipts of funds by commercial their portfolios of Government securities in banks from sources other than sales of their the early postwar period, reduced them sub- Government securities, that is, from gold stantially during the 12 months ending Ocand currency inflow as well as from net pur- tober 1948. Each type of institution sold chases of Government securities by the Re- long-term securities throughout most of this serve Banks from nonbank investors, cor- period. Holdings of short-term issues were responded approximately to the amount ab- increased somewhat. sorbed by higher legal reserve requirements Other nonbank investors, including nonapplicable to member banks. financial corporations, State and local govern- Most of the decline in commercial bank ments, brokers and dealers, and individuals, portfolios occurred in medium- and long- about maintained their combined ownership ESTIMATED CHANGES IN OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES BY TYPES OF SECURITIES AND GROUPS OF INVESTORS Net increase (+), or net decrease (—), in holdings, October 31, 1947 through October 27, 1948 [In billions of dollars] Federal Savings All Type of security in g v r A o e u s ll t p o s r a & g fu e n n tr c d u i s e s s t R F B e e a d se n e r k r v a s e l m b C e a o r n m c k ia s - l M s b av a u n i t n u k g a s s l & a a s t s i l o o o n c a i s n - I a n c n s o u c s e r . - i o n t t o v h r e e s s r - All securities . -6.8 +2.9 +1.1 -7.0 -.5 -.3 -2.8 -.2 Marketable securities—total -9.2 +1.1 +1.1 -7.3 -.7 -.3 -3.1 0) Treasury bills -3.1 + .1 -8.0 +2.3 + .1 0) + .3 +2.1 Certificates and notes + .5 C1) -.9 + .1 0) + .4 + 1.7 Treas 5 W u r y i y t e h a i b r n s o n 5 o d r y s , e o a v d r e u s r e or callable + -9 2 .4 .8 + - 1 .1 .2 + + 7 2 . . 2 7 -8 -. . 6 2 - + 1. 2 .3 0) -3 + . 9 .1 -4 + .2 .4 Nonmarketable securities—total +2.4 +1.8 + .3 + .2 0) + .3 -.2 Savings bonds +2.9 (0 + .3 + .2 0) + .3 +2.1 S S p av ec in ia g l s is n s o u t e e s s + -1 1 .2 .8 + 0 1 ) .8 () 0) C1) 0) -1.2 Allother? -1.1 0) 0) -1.1 1 Less than 50 million dollars. 2 Includes a decline of 0.5 billion dollars in noninterest-bearing securities held by the International Monetary Fund and the International Bank and a decline of 0.4 billion dollars in armed forces leave bonds. NOTE. —Figures for Federal Reserve Banks and Government agencies and trust funds are actual. Estimates for commercial banks are based on reports for member banks on total holdings of Government securities, on breakdown of portfolios for weekly reporting banks, and on preliminary data of issues held as of the end of October by about 7,000 commercial banks reporting to the U. S. Treasury Department. Holdings of savings and loan associations are based on data of the Home Loan Bank Board. Portfolios of insurance companies and mutual savings banks are estimated from Treasury ownership figures. Breakdown by types of securities for nonbank holders 13 based on Treasury ownership figures through September and partial information from scattered sources for October. DECEMBER 1948 1457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET of Government securities. Long-term bond by private borrowers has brought about shiftholdings of this group were reduced sub- ing of United States Government securities stantially. Some of the proceeds of such from nonbank holders is illustrated by the sales, however, were apparently reinvested in activities of selected important lending inshort-term Governments and, in addition, stitutions. During the 12-month period endlarge amounts of short-term issues were pur- ing last October, life insurance companies, chased with temporarily idle cash, particu- mutual savings banks, and savings and loan larly by corporations. associations increased their credit to pri- Most of the long- and medium-term Gov- vate borrowers by about 9 billion dollars, ernment bonds sold by both bank and non- as is shown in the table. This credit was bank investors were acquired by the Reserve Banks, which purchased them in order to AMOUNT AND SOURCE OF CREDIT EXTENDED PRIVATE BOR- ROWERS BY SELECTED FINANCIAL INSTITUTIONS maintain an orderly and stable market for October 1947 to- October 1948 Government securities. The Treasury also [In billions of dollars, partly estimated] purchased some long-term bonds late in Forty- All 1947 and early in 1948 for the accounts of nine life All savings Government agencies and trust funds. Fed- in an su c r e - s m av u i t n u g a s l l a o n a d n Total com- banks associeral Reserve holdings of Treasury bills were panies ations greatly reduced, partly by Treasury cash re- Type of borrowers: tirements but largely through net market Businesses 4.1 0) 0) 4.1 Property owners 1.6 0.7 1.7 4.0 sales to banks, corporations, and State and Other borrowers 0.1 0.5 (2) 0.6 Increase in total credit exlocal governments. tended to private borrowers 5.8 1.2 1.7 8.7 Total nonmarketable Government securi- Sources of funds: ties held by nonfinancial investors showed Reduction in U. S. Government security portfolios 3.2 0.5 0.2 3.9 little change over the 12-month period. The Other sources 2.6 0.7 1.5 4.8 value of their savings bonds increased over 1 Data on change in business security holdings are not available 2 billion dollars through interest accruals and but the amounts involved are small. 2 Less than 50 million dollars. an excess of new purchases over redemptions. NOTE.—Data for life insurance companies are compiled by the Life Insurance Association of America and cover 49 companies This increase was somewhat greater than re- with 90 per cent of total life insurance company assets. Figures for mutual savings banks are estimated from data of the National Association of Mutual Savings Banks. For savings and loan associdemptions of armed forces leave bonds and ations estimates are for all operating associations, based on data for insured associations compiled by the Home Loan Bank Board tax savings notes. Redemptions of savings through September 1948. Figures for U. S. Government securities are on a book basis and bonds continued to be an important source may differ from those shown in the previous table, which are on a par basis. of funds to a large segment of consumers. Redemptions of Series E savings bonds extended largely to finance the purchase amounted to about 4 billion dollars, and of houses and other private construction and an additional billion dollars of Series F and to provide businesses with funds for carrying G bonds was cashed. As a group, however, out capital expansion programs. For each of individuals and personal trust funds pur- these savings institutions, the amount of chased more savings bonds than they cashed private credit extended was substantially during the period. greater than it had supplied to these borrowers in past years and, particularly for in- NONBANK CREDIT surance companies, was much larger than The extent to which the demand for credit its receipts of new funds for investment. 1458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET About 4 billion dollars of the funds for in the level of money rates and some shifts new private credits was obtained by sale of in the structure of rates. Interest rates on long-term Government securities that had short- and medium-term paper, both Governbeen acquired largely to help finance the ment and private, rose in general about % recent war. For life insurance companies to l/ percentage point from levels that had 2 such liquidation of Governments supplied prevailed in October 1947. Long-term bond over half of the funds advanced during this yields increased less than l/ percentage 4 period to real estate buyers and businesses. point, reflecting the influence of Federal Since these Government securities were sold Reserve support of the 2l/ per cent rate on 2 when there were no other major buyers in long-term Government bonds. As a consethe market, the Federal Reserve System had quence, there has been some narrowing of to buy them to support their market price. the wide spread that had prevailed between These sales, therefore, not only made addi- short- and long-term rates during the late tional funds available to borrowers and in- 1930's and throughout the war period. creased the volume of deposits at banks but Upward adjustment in interest rates in the also supplied banks with additional reserves postwar period began in mid-1946 with elimithat could be used as a basis for further credit nation by the Reserve Banks of the preferexpansion. ential rate on borrowings collateraled by Government securities. This action was READJUSTMENTS IN INTEREST RATE STRUCTURE followed by higher market quotations on Large shifts in Government security port- bankers' acceptances and commercial paper, folios of major investor groups over the past but only a small volume of transactions was year were associated with upward movements affected by the changes. Bond yields, as shown in the chart, rose somewhat from MONEY RATES the exceptionally low levels to which they had fallen in early 1946, when the wide spread between short- and long-term rates had induced a substantial amount of shifting by banks and others from short-term to longer-term securities. In the latter part of 1946 and first half of 1947 the short-term rate structure was stable at levels related to the pegged rates of % per cent on 90-day Treasury bills and % per cent on one-year certificates, and long-term bonds were also stable around average yields of 2% per cent for Treasury bonds and 2l/ per cent 2 for high-grade corporate issues. Major upward adjustments in the rate For Treasury bills, rate is average discount on new issue structure began in mid-1947, when the rate during week. Federal Reserve discount rate is for the Federal Reserve Bank of New York. Rate on business loans at banks on Treasury bills was permitted to rise is revised average for loans made at banks in 19 selected cities in the first 15 days of March, June, September, and December; the revised series will be described in detail in an article sharply and when shortly thereafter rates scheduled to appear in the BULLETIN early in 1949. Latest figures are for week ended Dec. 4, 1948. on one-year certificates were allowed to in- DECEMBER 1948 1459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET crease gradually from % to 1 per cent. In- A, the yield margin over Government bonds creased demand for investment funds also has amounted to about l/ and 2/$ percent- 2 caused corporate bond yields to rise. age point, respectively. Margins similar to In September and October 1947 further up- these constituted an inducement to insurward adjustments in rates on short-term ance companies and other investors to sell Government securities and continued large long-term Government bonds in order to offerings of new long-term securities began buy corporate bonds. to be reflected in a rapid rise in yields on While many investors have sold long-term medium- and long-term securities—Govern- Government bonds, some of these sellers, as ment as well as corporate. Subsequently, well as other investors, have purchased large sales of Government bonds accelerated and amounts of short-term Government securithe Federal Reserve Banks began buying ties, as was pointed out above. As the rate bonds in substantial amounts in order to on these securities advanced, they became cushion the price decline and maintain more attractive to holders of large amounts orderliness in the market. On December 24, of temporarily idle cash. Over the first half in order that Federal Reserve credit might of 1948, nonfinancial investors as a group not be obtained through the sale of securities increased their holdings of short-term Govat premium prices previously prevailing, ernments by a substantially greater amount prices of Government bonds were permitted than they reduced their portfolios of Govto decline to a pattern in line with a 2l/ per ernment bonds. The high rates may also 2 cent yield on the longest-term issues and a have encouraged banks and others to hold rate on one-year certificates of 1% per short-term Government securities rather than cent. The System purchased bonds aggres- other types of earning assets. The amount sively at this level in order to assure confi- of short-term Government securities held by dence in the stability of bond prices. others than the Federal Reserve Banks has In the first half of 1948, yields on long-term expanded further since midyear. Government bonds remained at the 2l/ 2 per Further readjustments in short-term rates cent support rate, while yields on medium- were begun in August when the Treasury term issues declined somewhat. The volume announced an offering of 1*4 per cent oneof Federal Reserve purchases of bonds slack- year certificates for the certificates and notes ened considerably after February. Corpo- maturing on October 1 and 1% per cent 18rate bond yields also reacted from the high month notes in exchange for notes maturing points reached late in 1947. The spread on September 15. This action was followed between yields on long-term Government by an increase in Federal Reserve Bank disbonds and on high-grade corporate bonds, count rates from 1*4 to ll/ per cent. Rates 2 which during the war period had been rela- on Treasury bills and other short-term martively narrow but had gradually widened ket rates moved into alignment. Yields on after the war to about 0.30 percentage point medium-term Government bonds and on in the first half of 1947, widened further lower-grade corporate securities advanced in the last half of 1947 to 0.50 point. During somewhat during the autumn months in 1948 this spread has fluctuated between 0.30 keeping with the upward movement of shortand 0.45. For slightly lower-grade corpo- term rates. Long-term Government bonds rate securities, rated by Moody's as Aa and were held at support levels and prices of 1460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET high-grade corporate and municipal securities its deposits at commercial banks to retire bills remained firm. held by the Reserve Banks, an action that Along with the increase in other money tended to reduce bank reserves. Treasury rates in late 1947 and 1948, banks increased operations over the period July through Nointerest rates charged on their loans to cus- vember drained from banks about one biltomers. In October last year the established lion dollars of reserve funds. rate for short-term loans by large banks to To meet the need for reserve funds arising prime business customers was V/ per cent. out of actions by the Federal Reserve and the 2 In late December this was increased to 1% Treasury, as well as from an increase in deper cent and in August 1948 to 2 per cent. posits, banks augmented their receipt of Rates on other business loans also increased. funds from the sources discussed above by The average rate on all types of business loans selling Government securities. In the period at banks in 19 selected money centers in- from June 30 to October 27, as shown in the creased from about 2.1 per cent in the first table, banks reduced their holdings of Gov- 15 days of December 1947 to 2.6 per cent for ernment bonds about one billion dollars. the same period in September 1948. It ap- Holdings of short-term Government securipears from scattered reports that rates on ties, which were temporarily drawn down mortgage loans by banks and other lenders in late September in connection with imhave likewise advanced about l/ 2 percentage mediate adjustment to higher reserve repoint over the past year. quirements, were nearly restored to the mid- BANKING DEVELOPMENTS SINCE MID-1948 SELECTED ASSETS AND LIABILITIES OF ALL COMMERCIAL BANKS, OCTOBER 27, 1948 Since mid-1948 banks have received large [Partly estimated, in billions of dollars] amounts of additional reserve funds, particularly as a result of a heavy volume of net sales Amount Change, June 30-Oct. 27, 1948 outby nonbank investors of Government secu- standing Class of member bank Oct. 27. All rities to the Federal Reserve Banks. In the 1948, all comcom- mer- Cenfive months July through November about m ba e n rc k ia s l ba ci n a k l s1 tr s a e l r v re e - s c R e i r t e v y - e C t o ry un- 1.5 billion dollars of reserves was made avail- city able to banks through these transactions. In Assets addition, banks were supplied with over Loans and investments —total 114.1 +0.2 -0.4 +0.2 +0.2 600 million dollars of reserves by gold inflows, offset in part by a 400 million dollar Loans 41.6 +0.1 +0.8 +0.6 U. S. Gov't securities— outflow of currency into circulation. total 63.3 -1.5 -0.4 -0.6 -0.4 Bills 3.4 +1.0 +0.6 +0.3 +0.2 Certificates and In order to prevent these additional re- notes 13.3 -1.6 -0.4 -0.6 -0.4 serves from becoming the basis for additional Othe B r o se n c d u s rities 4 9 6. . 6 2 -0.9 -0.6 - - 0 0 . . 1 3 -0.2 ( bank credit expansion and to apply further Reserves with F. R. Banks. 19.9 +2.5 +0.7 +O.9 +0.8 restraint on such expansion, the Board of Balances with banks 8.7 (2) ( -0.1 (2) Liabilities Governors in September raised member bank Demand deposits adjusted 85.0 +2.3 +0.3 +0.7 +1.0 reserve requirements. This action absorbed T U In i . m t e S r e . b d G a e n o p k v o ' d s t i e t d p s e o p s o it s s its 3 1 2 5 1 . . . 3 7 4 + + -0 0 0 . . . 1 2 1 + - - 0 0 0 . . . 1 1 2 +0 ( () 2 .2 ) -0 ( . 2 1 ) about 2 billion dollars into required reserves +0.1 of member banks. In July and August and 1 Nonmember banks included in total but not shown separately. again in November the Treasury drew upon 2 Less than 50 million dollars. NOTE.—Figures for security holdings are on a book value basis. DECEMBER 1948 1461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET 1948 volume in October as banks invested rowers. Consumer instalment credit, which newly acquired funds in these securities. was brought under regulation of the Federal Total earning assets of banks were slightly Reserve System again in September, increased larger at the end of October than at midyear. much less rapidly in October than in preced- Over this four-month period banks expanded ing months or in October last year. Credit their loans by more than enough to offset the extended both for purchase of automobiles decline in their portfolio of Government se- and of other consumer durable goods showed curities, as is shown in the table. Demand sharply reduced growth, although output of deposits held by businesses and individuals new automobiles was at postwar high and increased 2.3 billion dollars over the period, sales of other durable goods were maintained reflecting in part liquidation of Government in large volume. securities held by nonbank investors. Dur- LOANS AT BANKS IN LEADING CITIES ing November banks in leading cities BANKS IN NEW YORK CITY BANKS OUTSIDE NEW YORK CITY showed an increase in loans, mostly to deal- BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS ers in Government securities, and a decline in their holdings of Government securities. CURRENT TENDENCIES IN BANK LENDING Lending activities of commercial banks slackened abruptly in October and November and total bank loans showed little change, compared with a substantial increase in the same months of last year. This slackening followed a rapid loan growth in the third quarter of the year, when bank loans increased nearly 2 billion dollars, about comparable with the large expansion of the same period in 1947. t Change in all series. In October total loans at all commercial Figures on commercial loans include commercial, industrial, and agricultural loans, open-market paper, and acceptances. banks declined slightly, as compared with Loans to banks are not shown. Latest figures are for Dec. 8, 1948, for New York City banks and Dec. 1, 1948, for banks outside New York City. a 1.3 billion dollar increase in October 1947. The reduction in loans in October of this Bank loans to real estate buyers, which had year reflected in part a substantial decline expanded somewhat less rapidly over the in loans for purchasing securities at New first nine months of the year than previ- York and Chicago banks. It also reflected, ously, showed further moderate increases in however, a marked slowing down in the rate October and November at banks in leading of lending at other banks. Loans at banks cities. Diminished growth in credit to real outside reserve cities, for example, rose in estate buyers and consumers probably ac- October only one-third as much as in Sep- counted in large part for the reduced loan tember, or as in October a year ago. expansion in October at banks outside lead- Slackening in bank loan expansion has ing cities, where mortgage and consumer been the result of a reduced volume of addi- loans are particularly important in bank porttional credit extended to all types of bor- folios. 1462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT DEVELOPMENTS AND THE GOVERNMENT SECURITY MARKET Most striking of recent bank credit devel- utility, service, finance, and construction inopments, however, has been the relatively dustries. This year the bulk of the loan modest expansion in bank loans to businesses. expansion at New York banks was to the Over the postwar period most of the very petroleum and apparel industries and to publarge growth in business loans has been con- lic utilities and retailers. Loans to sales ficentrated in the second half of each year, as is nance companies declined somewhat. shown in the chart on the preceding page. Business demand for commercial bank In the third quarter of 1948, this pattern credit has been less active, in part as a result appeared again to be repeating; although of the increased volume of funds obtained the expansion was not as rapid as in the from other sources. Businesses, because of same period in previous years, business loans record high profits, have been able to finance increased nearly 1 billion dollars at banks a greater portion of their large capital exin leading cities. Subsequently, in October pansion programs out of retained earnings. and November, the increase in business In addition, a substantial amount of funds loans was less than one-third that shown has been obtained from flotations of securities in the same months in previous postwar and loans from nonbank lenders. Included years. in these were large private placements of At banks in New York City, loans to busisecurities with, and long-term loans from, innesses expanded less than 100 million dolsurance companies. These investors in turn lars in October and November, as compared obtained funds by selling Government securiwith over 600 million last year. Last year ties to the Federal Reserve Banks. This has the loan growth in these months reflected credit extended broadly to manufacturers increased the money supply, like direct busiin all major lines and to the trade, public ness borrowings from commercial banks. DECEMBER 1948 1463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY SYSTEM IN ISRAEL Two ordinances of the Provisional Government the war it became the largest banking institution of Israel, dated August 16, 1948, established a new operating in Palestine. Under an agreement with currency and granted the Anglo-Palestine Ban\ the Provisional Government, the Ban\ has estab- Limited the sole right of issuing ban\ notes. Up lished an Issue Department in Tel-Aviv, completely to that date, the legal tender currency of Israel separated from its Banking Department and manwas the Palestine pound, issued by the Palestine aged by a special committee of directors appointed Currency Board under the Palestine Currency by the directors of the Ban\. The operations of Order of 1927. The Palestine pound is at par with the Issue Department and its profits and losses the pound sterling and covered by a 100 per cent are solely on Government account. The Ban\ also sterling reserve. Until February 22, 1948, Pales- acts as the sole banker and financial agent of the tine was part of the sterling area. Government, without receiving any remuneration The new currency is called the Israel pound and for these services and without paying any interest —li\e the Palestine pound—is divided into 1,000 on Government credit balances. The Agreement mils. Palestine currency notes were convertible into with the Government will remain in force until Israel pounds at par until September 15, 1948; June 30, 1951, unless terminated at an earlier date since that date, conversion has been possible only by the Government. at the discretion of the Ban\. Palestine coins con- The Palestine currency continues to circulate for tinue to circulate at par. The new ban\ notes the time being in the Arab portions of the country are to be covered by gold, balances in foreign cur- and in Trans-Jordan. The Trans-Jordan Governrencies approved by the Finance Minister, and ment, however, is reported to be planning the estab- Palestine currency notes, as well as by short-term lishment of its own currency. Treasury obligations and commercial paper re dis- The Ban\ Notes Ordinance, the Agreement becounted or acquired from other ban\s. The first tween the Government and the Ban\, and the Curthree of these items must cover at least half of the rency Ordinance are given below in English transtotal note circulation. lation* The Anglo-Palestine Ban\ Limited was originally incorporated in England, on February 27, 1902, * This translation was received from the Anglo-Palestine Bank under the title "Supplement A to the Official Gazette of by the Jewish Colonial Trust Limited. During the Government of Israel," dated Aug. 17, 1948. BANK NOTES ORDINANCE—NO. 18 OF THE YEAR 5708—1948 The Provisional Council of State hereby enacts signing of the Agreement and the date of the signas follows: ing, shall be conclusive evidence of the contents of 1. Interpretation. In this Ordinance every expres- the notice. sion shall have the same meaning as it has in the 4. Confirmation of the Agreement. The Agreement text of the Agreement set out in the Schedule to and all its provisions shall be lawful in every rethis Ordinance. spect and each of the parties thereto shall be deemed 2. Authority to execute the Agreement. The Pro- to be empowered to do everything which he is revisional Government and the Bank shall be author- quired or authorised to do in accordance therewith, ised to execute the Agreement in accordance with and any provision of law which is inconsistent with the text set out in the Schedule to this Ordinance the provisions of this Ordinance shall not apply to the Agreement and to the parties thereto. (the signed text is hereinafter called "the Agree- 5. Effect of charge and exemption from registration, ment"). 3. Proof of signature and date. A notice by the Cap. 22. The charge which is created by the Bank Finance Minister in the Official Gazette as to the by virtue of the Agreement shall be deemed to be 1464 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY SYSTEM IN ISRAEL a floating charge which is registered in accordance 13. Commencement. This Ordinance shall come with the Companies Ordinance, but the Bank shall into force immediately after midnight on the 12th be exempt from the duty, imposed upon it by the day of Ab, 5708 (August 17, 1948). said Ordinance, to register the charge. 14. Title. This Ordinance may be cited as the 6. Exemption from stamp duty. The Agreement Bank Notes Ordinance, 5708—1948. and the bank notes shall be exempt from all stamp duty. SCHEDULE 7. Exchange of bank notes for currency notes. Un- AN AGREEMENT made between the Provisional til the 11th day of Elul, 5708 (September 15, Government of the one part, and The Anglo- 1948), inclusive, every person shall be entitled to Palestine Bank Limited of the other part. deliver to the Issue Department currency notes in Palestine pounds and mils which have been issued 1. (a) In this Agreement the following expresby the Palestine Currency Board, and to receive sions shall have the following meanings: in exchange therefor from the Issue Department, (1) "man" or "person" shall be construed as bank notes for the same amount in Israel pounds including any legal person; and mils. After the expiration of the said day, the (2) "the Bank" means the said Anglo-Palestine Issue Department shall no longer be liable to ex- Bank Limited, a company which was incorporated change bank notes for currency notes as aforesaid, on February 27, 1902, in England in accordbut it shall be entitled to do so in such cases and to ance with the English Companies Acts of the years such extent as the Committee shall deem fit at any 1862—1900, and registered as a foreign company time and from time to time. in Palestine in accordance with the Companies Ordi- 8. Mutilation of bank notes. Every person who nance (Cap. 22) and deemed to be registered in the wilfully defaces or tears or cuts or otherwise muti- State of Israel in accordance with sub-section (a) lates any bank note, shall be guilty of a misde- of section 20 of the Law and Administration Ordimeanour, and shall be liable to imprisonment for nance, 5708—1948, and includes every successor three months or a fine of one hundred Israel pounds in title; or to both such penalties. (3) "other bank" means a company limited by 9. Barring of plea. No person shall be permitted shares which is recognized as a bank in accordance to plead that he did not know of the existence or with the Banking Ordinance, 1941, or any other the provisions of the Agreement and of this Ordi- Ordinance which is substituted therefor or is supnance. plementary thereto and any other person recognized 10. Proof of bank notes. A certificate which pur- as such by the Finance Minister for the purpose ports to have been given by the Finance Minister of this Agreement, provided that its paid up capital or a person authorised by him in writing in that is not less than fifty thousand Israel pounds; behalf and which states that any document whatso- (4) "Committee" means a committee which is ever which is attached to that certificate is a bank appointed in accordance with the provisions of note or a forged bank note shall in every civil or clause 11 (a); criminal proceeding and in every quasi-judicial pro- (5) "Banking Department" means the departceeding be conclusive evidence of that fact, unless ment of the Bank in which all the banking business it is proved that the certificate was not given by the of the Bank, except the business of the Issue De- Finance Minister or a person authorised by him partment, is carried on; in writing in that behalf, or that the certificate was (6) "Issue Department" means the department not given in respect of that bank note. for the issue of bank notes which is set up by the 11. Inapplicability. The provisions of section 9(b) Bank in accordance with the provisions of this of the Law and Administration Ordinance, 5708— Agreement; 1948, shall not apply to this Ordinance. (7) "director" and "manager" shall have the 12. Enforcement and rules. The Finance Minister meanings assigned to those expressions in the is charged with the enforcement of this Ordinance, Hebrew text of the Companies Ordinance (Cap. and he may make rules in respect of any matter 22); relating to its enforcement. (8) "bank note" means a promissory note which DECEMBER 1948 1465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY SYSTEM IN ISRAEL is issued by the Bank in accordance with the pro- 5. The Bank shall separate completely the issue visions of this Agreement and according to which of bank notes from the other business of the Bank the Bank will pay to bearer the amount mentioned and shall carry on the management thereof sepatherein. rately and distinctly from the other business of the (b) In this Agreement, the use of the singular Bank in a special department therefor, which the shall be deemed to include the plural and vice versa, Bank shall set up in Tel-Aviv and which shall be unless the context otherwise requires. called "The Issue Department of the Anglo-Pales- 2. At any time and from time to time the Bank tine Bank Limited." The Bank shall keep special shall be authorised— accounts in respect of everything concerning the (a) to issue and re-issue bank notes in such form business of the Issue Department, and such accounts and with such contents as the Bank shall from time shall be completely separated from the accounts of to time determine, with the approval of the Finance the Banking Department. Minister, for the following amounts:— 6. Except for the liabilities under the bank notes, (1) five hundred mils; the Bank shall not take upon itself any liability (2) one Israel pound; whatsoever in the Issue Department. (3) five Israel pounds; 7. In order to secure the rights of the holders of (4) ten Israel pounds; the bank notes, the Bank hereby charges by way of (5) fifty Israel pounds; a floating charge in favour of the holders of the (6) any other amount in Israel pounds or mils bank notes for the time being all the assets which or both, but not less than five hundred mils, which are in the hands of the Issue Department at any may be fixed by the Bank from time to time, with time and from time to time in accordance with the approval of the Finance Minister, and which is Clause 8. The Bank shall not pay out of those notified by the Finance Minister in the Official assets any other debt whatsoever, and the Bank Gazette. shall not be liable to pay any bank note whatsoever (b) To use, for the purpose of carrying out the from the rest of its assets. provisions of this clause, the bank notes which were 8. The Bank shall keep in the Issue Department prepared by the Bank before the establishment of assets of any of the following descriptions, and only the State of Israel and in which the unit of currency of such descriptions, namely— mentioned is "Palestine Pound" in Hebrew and (a) gold, in bars or coins, which is situate in the corresponding expressions in the Arabic and English State of Israel or in any other country approved by languages. the Finance Minister for this purpose, and which is 3. During the continuance in force of this Agreein the hands of any depositee approved by the ment— (a) no person other than the Bank shall be per- Finance Minister for this purpose; mitted to issue any bank note, and (b) balances in such foreign currencies and with (b) the Government shall not issue currency such persons as may be approved by the Finance notes in amounts of R\c hundred mils or any larger Minister for this purpose; amount. (c) currency notes issued by the Palestine Cur- 4. The Government shall use its best endeavours rency Board; to ensure that during the continuance in force of (d) Treasury bills and other securities of the this Agreement, tender of a bank note shall be legal Government which are due for redemption within tender, for the amount stated therein, for the pay- one year from the date of their acquisition by the ment of any amount and for any purpose, and also Issue Department; that, from the expiration of the 11th day of Elul, (e) promissory notes and bills of exchange which 5708 (September 15, 1948) and so long as this are acquired from another bank in the State of Agreement remains in force, tender of a bank note Israel and rights arising out of loans granted to shall be the sole legal tender (except for the tender another bank in the State of Israel, provided that of coins and currency notes for amounts less than those promissory notes and bills of exchange and five hundred mils to the extent to which it is legal loans comply in all their details with the special tender). regulations for rediscounting and granting of loans 1466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY SYSTEM IN ISRAEL which may be prescribed by the Committee with sons (who shall not at the time of their holding the approval of the Finance Minister: office be directors, managers or employees of the Provided that— Bank or of any other bank) as he shall deem fit, (1) the aggregate price of the assets which the for the period of one year from the date of their Bank actually holds of the descriptions of assets appointment, and, after they have been appointed, which the Bank is authorised to hold as aforesaid, those persons shall be invited to all the meetings shall be not less than the aggregate amount of all of the Committee and they may take part in all the bank notes which are then in circulation, and its meetings, but they shall not have the right to (2) the aggregate price of the assets which the vote thereat. Bank actually holds of the descriptions of assets (d) The Finance Minister may, at any time and specified in sub-clauses (a), (b) and (c), which from time to time, cancel any appointment made the Bank is authorised to hold as aforesaid, shall by him in accordance with the provisions of this not be less than half the aggregate amount of all clause, and at the termination of the appointment the bank notes which are then in circulation. for any reason whatsoever, he may renew the ap- 9. For the purposes of this Agreement the Issue pointment or appoint another person (who shall Department and the Banking Department of the not at the time of his holding office be a director Bank shall be deemed to be separate and distinct or manager or employee of the Bank or of any legal persons. Furthermore, the Banking Depart- other bank) in place of the person whose appointment shall be deemed, for the purpose of Clause ment is terminated. 8(e), to be another bank. (e) The names of the members of the Committee 10. The Bank shall draw up each week, in a and of all persons who are appointed by the Finance form to be fixed by the Bank with the approval of Minister in accordance with the provisions of this the Finance Minister, a statement of the assets and clause and every change in the Committee and of liabilities of the Issue Department showing the the appointees, shall be published by the Finance state thereof at the close of business on Wednesday Minister in the first Official Gazette to appear of each week, and shall cause it to be published on after the appointments. Thursday in each week in such manner as may be (f) In connection with such matters as the prescribed by the Finance Minister from time to Finance Minister and the Committee shall recogtime: nize as being matters of major policy, the Commit- Provided that, in the event that Wednesday or tee shall be guided in its decisions by the opinion Thursday, or both of them, in any week is or are a of the Government, which shall be determined after day or days of rest fixed by law in the State of consultation between the Finance Minister and the Israel, the time for the drawing up of the statement Committee. and its publication shall be extended by the period 12. (a) The Committee shall appoint two perof those days of rest. sons to be in charge of rediscounting in the Issue 11. (a) Upon the coming into force of this Department and also two substitutes for each of Agreement, and before the Issue Department be- them: gins to operate, the directors of the Bank shall ap- Provided that, as one of the two appointees and point a committee of directors which shall manage as the two substitutes, there shall be appointed the Issue Department throughout the time during the persons whom the Finance Minister directs the which this Agreement is in force, in compliance Committee to appoint, and the Finance Minister with all the provisions of this Agreement which may, at any time and from time to time, direct apply thereto. The Committee shall at any time the Committee to cancel any of the said appointbe constituted of all the directors of the Bank resi- ments and to appoint other persons who shall be dent during that time in the State of Israel or in determined by him. any other place which is approved for that purpose (b) The persons for whose appointment the by the Finance Minister. Finance Minister has given directions in accord- (b) The Committee may not deal with any mat- ance with this clause shall not, at the time of their ters other than the matters of the Issue Department. holding office, be directors, managers or employees (c) The Finance Minister may appoint two per- of the Bank or of any other bank. DECEMBER 1948 1467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY SYSTEM IN ISRAEL (c) The task of the persons in charge of the re- cial agent of the Government and all its ministries discounting in the Issue Department shall be to and departments. The Bank shall not receive any decide on every proposal for rediscounting or a remuneration from the Government for its said loan which shall be made to the Issue Department services, and the Government shall not receive from and they shall be obliged to decide upon each such the Bank any interest on any credit balances in the proposal not later than at the end of the second accounts of the Government and all its ministries business day immediately following the day on and departments. which the proposal is made to the Issue Depart- 16. This Agreement shall remain in force until ment. The agreement of both persons in charge the 26th day of Sivan, 5711 (June 30, 1951) intogether shall be necessary for each positive deci- clusive, provided that the Government may termision, and each person in charge who does not give nate it before then at the end of every quarter by his decision in time shall be deemed to have agreed giving to the Bank prior written notice of not less to the proposal. In fulfilment of their task the than half a year. persons in charge shall act at their discretion in 17. Upon the termination of this Agreement the each and every case, but within the scope of such Bank shall forthwith transfer, without any payment, restrictions as may be imposed by the special regula- to the Government or to a person appointed in tions mentioned in clause 8(e). that behalf by the Finance Minister— 13. (a) The operations of the Issue Department, (a) all the assets which are then in the hands and its profits and losses, shall be solely on Govern- of the Issue Department, and ment account. (b) all the assets and moneys which the Banking (b) At the end of the year 1948, and at the end Department then holds against the reserve as proof each year thereafter during the period of the vided above: Agreement and also at the end of the period of the Provided that at the time of the transfer as afore- Agreement, the Committee shall determine the said or before then the Government or a person profit or the loss of the Issue Department and the appointed by the Finance Minister shall take upon Bank shall transfer it to the credit or debit of the itself or himself, as the case may be, all the liabilities account of the reserve of the Issue Department of the Bank in respect of the bank notes which are which shall be kept in the Banking Department, then in circulation, and provided also that if there (c) The Finance Minister, after consultation with is then a debit balance in the reserve the Governthe Committee, shall decide on the forms of invest- ment will see to it that such debit balance is paid ment of the amounts of the reserve and of the use to the Bank at the time of the transfer or before thereof. then. 14. The Government, after consultation with the 18. The Bank shall not transfer to another per- Committee, shall appoint an auditor, whose duty it son all or any of its rights or powers under this shall be to audit the accounts of the Issue Depart- Agreement. ment, and it shall give, from time to time, in con- 19. The residence of the Bank for the purposes of sultation with the Committee, written instructions jurisdiction in connection with this Agreement shall to the auditor. The Committee shall place at the be at the seat of the Government. disposal of the auditor, for the purpose of perusal and audit, all the books and documents of the IN WITNESS WHEREOF the parties hereto have Issue Department. set their hands in Tel-Aviv on the 12th day of 15. The Bank shall be the sole banker and finan- Ab, 5708 (August 17, 1948). CURRENCY ORDINANCE—NO. 19 OF THE YEAR 5708—1948 The Provisional Council of State hereby enacts for any purpose, in the past or in the future, a as follows:— reference to a pound or Palestine Pound or Lirah 1. Unit of currency. The unit of currency shall Eretz Israelith or Lirah E.I. or LP. or Lirah is, or be the Israel pound divided into one thousand mils. has been, made, in writing or orally, or implied, 2. Adaptation of currency expressions. Wherever such reference shall be deemed to be a reference to 1468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CURRENCY SYSTEM IN ISRAEL an Israel pound, unless the provisions hereof are 6. Palestine Currency Order to cease to have effect; expressly excluded. coins. The Palestine Currency Order, 1927, shall 3. Tender of bank notes—legal tender. Tender of cease to have effect in any place in which this Ordia bank note issued in accordance with the Bank nance applies, but tender of coins issued thereunder Notes Ordinance, 5708—1948 shall be legal tender, shall continue to be legal tender as if each mil of the for the amount stated therein, for the payment of amount of mils stated on each of them constituted any amount and for any purpose. a thousandth part of an Israel pound and the pro- 4. Tender of currency notes—temporarily legal ten- visions of section 3 of the said Order shall continue der. Tender of a currency note issued by the Pales- to apply to them for all intents and purposes except tine Currency Board shall continue to be legal for the changes which ensue from the provisions of tender until the 12th day of Elul, 5708 (September the Law and Administration Ordinance, 5708— 15, 1948) inclusive, for the amount stated therein, 1948. for the payment of any amount and for any purpose 7. Enforcement and rules. The Finance Minister at the rate of one Palestine pound for one Israel is charged with the enforcement of this Ordinance pound. and may make rules in respect of every matter re- 5. Discontinuance of tender of currency notes as lating to its enforcement. legal tender. Immediately after the expiration of 8. Commencement. This Ordinance shall come the day mentioned in section 4, tender of the curinto force immediately after midnight on the 12th rency notes mentioned therein shall cease to be day of Ab, 5708 (August 17, 1948). legal tender and those currency notes shall there- 9. Title. This Ordinance may be cited as the after be deemed to be foreign currency for all in- Currency Ordinance, 5708—1948. tents and purposes. DECEMBER 1948 1469 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. Consumer Instalment Credit credit extended to an automobile salesman to No Registration if Credits Exempt finance the purchase of a new automobile for use principally as a demonstrator. The questions re- A person need not register as required under late to the circumstances under which the exemption Section 2(b) of Regulation W if every extension is applicable. of consumer instalment credit made by him is The Board's view is that (a) the salesman must exempt from the provisions of the regulation by be a bona fide salesman of new automobiles of the Section 7. same make and year as the automobile purchased Table Model Roasters and Cookers as a demonstrator—the exemption is not applicable to salesmen whose sales are confined to used cars The classification "Cooking stoves and ranges, nor to persons who are not employed principally as designed for household use" listed in Group B of salesmen, such as mechanics, parts clerks, office Part 1 of the Supplement to Regulation W includes workers, etc.; (b) the phrase "used by him prinautomatic electric table model roasters and cookers cipally as a demonstrator" is not intended to require if the cash price as defined in Section 8 (h)(7) is that the automobile be used principally for the $50.00 or more. transportation of his prospective purchasers, since Articles Not Designed Exclusively for Commercial Use the phrase may also include the salesman's use of Where the specifications of a "Commercial the automobile for other bona fide demonstration Model" automatic washer, as set forth by the dis- practices. tributor, did not indicate that the washer was clearly From a practical administrative standpoint, aldesigned for commercial use only, or that it was of though not specifically required by the regulation, a design not readily usable in households, the Board it would be desirable in all such cases for the Regisexpressed the view that the washer was a "listed trant, whether the dealer or a financing institution, article" under Group B of the Supplement to Regu- to have in his or its records a statement or other lation W, notwithstanding the equipment of the record of the facts establishing the exemption of washer with certain "heavy duty" features and a any such paper. coin-operating device. The same view was applied Final Instalment Less Than Minimum in the case of an automatic record player designed to play up to 200 records in a vertical position with- The Board of Governors has received an inquiry out repeating or changing and incorporating other as to whether an instalment credit which qualifies unusual technical features, since there appeared to for a maturity of over 15 months under Part 2 to be no basic distinction between such a record player the Supplement to Regulation W may have a final and other high-priced record players commonly used monthly instalment of less than $70. in homes, and the manufacturer's advertisement In a ruling, published on page 1112 of the Sepdescribed its use in the home as well as in factories, tember 1948 Federal Reserve BULLETIN, concerning clubs, department stores, etc. In both of these Part 2 of the Supplement, and particularly the incases, the controlling consideration was that the clusion of interest or finance charge in determining article involved was not designed exclusively for the application of the $70 monthly payment requirecommercial use but was of a type readily adaptable ment, there were certain illustrative examples using for household use. equal monthly payments and explaining the use of payment charts containing precalculated equal Automobile Demonstrators monthly payments. It is the Board's view, however, Questions have been raised concerning the ex- that the $70 monthly payment requirement in Part emption under Section 7(b) of Regulation W of 2 of the Supplement does not prevent the last in- 1470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT stalment payment of a regulated obligation from necessary in an instalment sale. However, the combeing less than $70. Thus, if the amount of the pany's proposed plan would have to be modified in total obligation, including interest or finance charge, order to qualify for the benefits of the amendment. should be $1,220.80, repayment could be arranged Curtail and Renewal of Pre-September 20 Credits so that there would be 17 monthly payments of $70 An inquiry was received by the Board as to each, and an eighteenth or final instalment of $30.80, whether curtail and renewal effected subsequent to rather than 17 monthly payments of $71.81 plus. September 20, 1948, pursuant to an agreement or Similarly, the $5 monthly payment requirements understanding therefor at the time of an extension of Sections 3(b), 4(V) and 5(a) of the regulation of credit which appears on its face to be an extendo not prevent the last instalment payment of a sion of a single payment credit made prior to Sepregulated obligation from being less than $5. tember 20, would constitute a "renewal" or "re- Rental-Purchase Arrangements vision" within the meaning of Section 5(a) of Regu- In order to increase the sale of a certain type of lation W. listed article, a company proposes to rent and de- The original extension of credit, including the liver to interested persons for use in their homes, commitment for curtail and renewal, would constisuch articles for one month at a charge of $5 under tute an instalment loan, if made today, within the a written rental agreement which contains no obli- meaning of the summary interpretation entitled gation or option for the purchase of the article. "Single payment or instalment credit" appearing However, before the expiration of the 30-day period, at pages 1366-1367 of the November 1948 Federal either there would be a sale of an article of the type Reserve BULLETIN. This being the case, the obligadelivered, or the article that was delivered would tion, in its entirety, is substantially the same as the be returned to, and reconditioned by, the company more usual instalment payment obligation. In for sale elsewhere. In the event of a completed either case, the fact that payment or liquidation sale, the lessee-purchaser could either retain the arrangements occur after September 20 does not article previously delivered to him or receive a new affect the exemption of the transaction from the article. If the former should occur, the regular regulation where the original contract was made retail purchase price would be reduced by $5; but if and the funds were disbursed or credited to the the latter should occur, no such reduction in price borrower before September 20. The Board stated, would be made. The reduced purchase price or therefore, that the curtail and renewal in question the regular purchase price, as the case may be, would not constitute a "renewal" or "revision" would be treated as the selling price subject to the within the meaning of Section 5(a), even though down payment, maturity and monthly payment pro- payment or liquidation in such a manner would visions of Regulation W. involve the substitution of new or different paper for the original evidence of debt. Section 5(a) The absence from the written rental agreement would become effective only if the original loan of an obligation or option to buy would not be contract, including the agreement or understanding deemed to be of controlling significance in circumfor curtail and renewal, were the subject of a "restances such as these. Viewed in their entirety, the newal" or "revision." transactions in question look toward the completion of a sale and, at the outset, should comply with the In conclusion, the Board stated that the foregoing regulation either as an ordinary extension of instal- would not seem to find widespread application, ment credit or as a delivery in anticipation of an however, because of the necessary underlying factual instalment sale under Section 6(g) of the regula- situation. For example, it would seem especially tion. unusual for a balloon note to be subject to an agree- In this connection it is to be noted that Amend- ment or understanding of the kind in question ment No. 1 to the regulation amended Section which would be of sufficient defmiteness to justify 6(g) thereof to provide that, if certain specified the view that subsequent refinancing or revision conditions are followed, the seller may allow a trial would be a part of the original loan contract. The period of not more than 10 days without previously solution in each case must depend on the particular obtaining the required deposit or the down payment facts and circumstances involved. DECEMBER 1948 1471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Refinancing of Credit Originally Exempt relating to the collection of cash items to conform The Board received a question concerning the to the amendments to the regulation. In effect, applicability of Regulation W to the instalment the amendments to the regulation and to the operrefinancing by a finance company, on terms more ating circulars or letters of the Federal Reserve liberal than provided by the regulation, of the Banks authorize the Federal Reserve Banks to balloon balance of an instalment note made payable accept, as conditional, payment for checks and to the vendor by the purchaser of an unlisted other cash items made on the day such items are received by a drawee bank and to permit the article and endorsed by the vendor to the finance drawee bank to return items as unpaid, for credit company. or refund, at any time up to midnight of the Under summary interpretation entitled "Obligadrawee's next business day following receipt of tion payable to seller or financial institution" appearand remittance for such items. ing at page 1367 of the November 1948 Federal Reserve BULLETIN, the original sale and financing It should be noted that adoption of these amendwould be of the type exempted as an instalment ments does not mean that any bank is required to follow the practice of delaying the return of sale of an unlisted article. However, the Board unpaid cash items; and any bank may continue expressed the view that the refinancing by the to return unpaid cash items with its remittance on finance company would constitute a new extension the day of receipt. of credit in the form of an unclassified instalment loan subject to Section 4(£) of the regulation unless, It is also to be noted that the procedure provided for example, such refinancing was effected subse- for in these amendments for the return of unpaid quent to September 20, 1948, pursuant to an agree- items on the day after presentment and remittance ment or understanding therefor at the time of the applies only to checks and other items handled by the Reserve Banks as "cash items" and does original extension of credit before that date, and not apply to items handled by them as "noncash the agreement or understanding was binding on the items" under the Board's Regulation G. subsequent holder as well as the original payee. In May 1948 the American Bankers Association Amendments to Regulation J transmitted to banks which are members of the Association a suggested form of collection agree- Delayed Return of Unpaid Items ment with depositors, for use by banks on deposit Several months ago, the American Bankers tickets, signature cards, and the like, in order Association recommended that the Board of that the banks may be afforded adequate protection Governors of the Federal Reserve System amend with respect to the collection of items in accordits Regulation }, relating to the clearing and ance with such conditional payment procedure. collection of checks by Federal Reserve Banks, The Association has also drafted a model statute in order to authorize a procedure for the condi- authorizing a procedure of this kind and has intional payment of cash items presented by Federal formed the Board of Governors that it will send a Reserve Banks subject to the right of a drawee copy of the proposed statute, together with an bank to return unpaid items for credit or refund explanatory statement, to the State Bankers Assoon the next business day after their receipt by ciation of each State, urging its adoption. the drawee. The recommendation was made in the The text of the amendments to Regulation J light of the fact that in recent years many banks is set forth below. have adopted the practice of "delayed posting" Amendments to Regulation J which involves a procedure of this kind with Effective January 1, 1949, Regulation J, "Check respect to the return of unpaid items and that the Clearing and Collection," is amended in the followpractice has been recognized by the enactment of ing respects: statutes in a number of States and by rules adopted by numerous clearing house associations. 1. Paragraph (1) of Section 5 is amended by The Board has now adopted amendments to adding at the end of such paragraph the following Regulation }, to become effective January 1, 1949. sentence: It is contemplated that the Federal Reserve Banks A Federal Reserve bank, or any agent to which will amend their operating circulars or letters such checks are forwarded by a Federal Reserve 1472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT bank, may present such checks pursuant to any to midnight of the drawee's next business day special collection agreement not inconsistent with following such day of receipt or prior to fche the terms of this regulation or may present them time provided by applicable clearing house through a clearing house subject to the rules rule or special collection agreement, whichever is and practices thereof. earlier, except that this paragraph shall not apply 2. Section 5 is amended by inserting therein a to checks presented over the counter. new paragraph (4) reading as set forth below and 3. Section 6 amended to read as follows: by changing the designations of present paragraphs (4) to (8), inclusive, so that such paragraphs Each Federal Reserve bank may also promulwill be designated (5) to (9), inclusive: gate rules not inconsistent with the terms of the law or of this regulation, governing the details (4) Any check which a Federal Reserve bank or an agent thereof presents to the drawee of its operations in clearing and collecting checks bank for payment or sends to the drawee bank and other cash items. Such rules shall be set for collection, and for which remittance or forth by the Federal Reserve bank in its letters settlement is made by the drawee bank on the of instruction to its member and nonmember day on which it receives3 such check, may be clearing banks and shall be binding upon any returned for credit or refund at any time prior member or nonmember clearing bank which sends any check or other cash item to such 3 A check received by a drawee bank on a day other than its business day, or received on a business day after its Federal Reserve bank for collection or to any regular business hours or during afternoon or evening peother Federal Reserve bank for the account of riods when it has reopened (or remained open) for limited functions, shaH be deemed to have been received on its next such Federal Reserve bank for eollection. succeeding business day. 1473 DECEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Changes in Board's Organization and Staff Federal Reserve Meetings On December 6, 1948, the title of J. Leonard The Federal Advisory Council held a meeting Townsend, formerly Associate General Counsel of in Washington on November 14-16, 1948, and met the Board's Legal Division, was changed to that with the Board of Governors of the Federal Reof Solicitor. Mr. Townsend will assume charge serve System on November 16, 1948. of a separate division in the Board's organization Meetings of the Federal Open Market Committee which will be responsible for the representation of were held in Washington, D. C, on November 15 the Board in all litigation to which the Board may and 30, 1948. be a party, and for the institution and conduct of The Conference of Presidents of the Federal all formal proceedings by or on behalf of the Reserve Banks met in Washington on November Board to enforce provisions of law or of the 29, 1948. The Presidents met with the Board of Board's regulations. As Solicitor, Mr. Townsend Governors of the Federal Reserve System on Dewill also continue to handle questions arising in cember 1, 1948. connection with the proposed legislation relating to the regulation of bank holding companies. The Conference of Chairmen of the Federal Re- Prior to his association with the Board's legal serve Banks met in Washington, D. C, on Decemstaff Mr. Townsend had been Assistant Solicitor of ber 9 and 10, 1948. the Securities and Exchange Commission. Before Admissions of State Banks to Membership in the entering Government service Mr. Townsend had Federal Reserve System been engaged in the general practice of law in Washington with the Honorable A. Mitchell The following State banks were admitted to Palmer, former Attorney General of the United membership in the Federal Reserve System during States, and with the Honorable James M. Beck, the period October 16, 1948 to November 15, 1948: former Solicitor General of the United States. Effective December 12, Mr. Clarence C. Hostrup Pennsylvania was appointed by the Board of Governors as an Duquesne—Duquesne City Bank Assistant Director of the Division of Examinations. Mr. Hostrup became associated with the Board on Texas October 1, 1933, and had been a Federal Reserve Examiner since January 1, 1934. Houston—Almeda State Bank 1474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 29 and released for publication November 30] Industrial production increased somewhat in Output of nondurable goods showed a slight October. Value of department store sales showed further gain in October. Production of petroleum less than the usual seasonal rise in October and products recovered to the August level, reflecting the early part of November. Prices of foods and settlement of labor disputes at West Coast refineries. some other products declined while prices of metal Activity in the paper and publishing industries products advanced further. Growth of bank loans expanded moderately. Production of textile and has slackened considerably since September, and in leather products, on the other hand, declined in November sales of Government bonds by nonbank October, according to preliminary reports. Output investors declined sharply. Bond prices advanced of most other nondurable goods was maintained somewhat in November while common stock prices at about the September rate. declined sharply. Minerals production recovered from the decline in September, which had reflected mainly a tem- INDUSTRIAL PRODUCTION porary curtailment of crude petroleum output. The Board's seasonally adjusted index of indus- Bituminous coal production declined further in trial production increased 3 points in October to October and was 7 per cent below the same month a rate of 195 per cent of the 1935-39 average, owing a year ago. Output of metals was maintained at mainly to a substantial gain in output of durable about the September rate. goods. Activity in durable goods industries in October CONSTRUCTION was at a new high rate for the postwar period, Construction contracts awarded, as reported by reflecting in large part a record volume of iron the F. W. Dodge Corporation, increased slightly and steel output. Steel mill activity advanced 4 per in October, reflecting chiefly large awards for pubcent in October to a rate of close to 100 per cent licly-financed housing projects and hospitals. of capacity, and operations continued at about this Awards for private residential building and public level during November. Output of automobiles works and utilities continued to decline. The likewise showed a significant increase in October number of new housing units started, according and reached a new postwar peak rate. Production to Department of Labor estimates, dropped further of copper and railroad freight cars declined. Activity in most other durable industries in October EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS was somewhat above the September rate. MILLIONS OF PERSONS INDUSTRIAL PRODUCTION 1948 1942 1944 1946 1943 Bureau of Labor Statistics' estimates adjusted for seasonal variation by Federal Reserve. Proprietors and domestic Federal Reserve indexes. Monthly figures, latest shown are servants are excluded. Midmonth figures, latest shown are for October. for October. DECEMBER 1948 1475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS in October to 72,000. This compares with 81,000 sharply in early November, following substantial in the preceding month and 94,000 in October of purchases in October. In mid-November, as prices last year. of Treasury bonds advanced somewhat, Reserve DISTRIBUTION Bank holdings were reduced slightly. During October and the first three weeks of November the Department store sales in October and the early System sold a larger amount of short-term Governpart of November were below the advanced level ment securities to banks and to other investors than of the preceding six months, after allowance is it purchased of Treasury bonds, and total Governmade for the usual seasonal changes. Value of sales ment security holdings at the Reserve Banks dein the first three weeks of November was 8 per cent clined. less than during the corresponding period last year. Following the increase in reserve requirements Shipments of most classes of railroad revenue in the latter part of September, total loans of all freight in October and the early part of November member banks showed little change in October. were maintained at about the September level, after Loans to businesses increased further at banks in adjustment for seasonal changes. Total carloadings leading cities during October and the first three during this period were 4 per cent below the same weeks of November, but the increase was conperiod a year ago, reflecting mainly a smaller siderably smaller than in the corresponding period volume of shipments of coal and manufactured last year. Holdings of short-term Government segoods. curities rose substantially over the period. Demand COMMODITY PRICES deposits at member banks increased sharply in Oc- The general level of wholesale commodity prices tober, as the result of Federal Reserve purchases of decreased somewhat further from the middle of securities from nonbank investors, but declined October to the third week of November, reflecting somewhat early in November at banks in leading mainly additional marked declines in prices of cities. meat and livestock. Prices of grains and cotton strengthened in this period. Further advances were SECURITY MARKETS reported in metal prices. Trading in Government bonds was in small Decreases in retail food prices lowered the con- volume in the first three weeks of November. sumers' price index by one-half per cent from Prices of high-grade corporate and municipal bonds September to mid-October. Retail prices of most advanced slightly. On November 16, the Treasury other groups of items showed further small ad- announced a one-year 1% per cent certificate issue vances. in exchange for issues maturing in December and BANK CREDIT January. Common stock, prices declined about 10 per cent Federal Reserve support purchases of long-term in early November, canceling the advance that Treasury bonds from nonbank investors declined began in late September. CONSUMERS' PRICES PER CENT 1935-39< 100 PER MEMBER BANK RESERVES AND RELATED ITEMS BILLIONS OF DOLLARS BILLIONS OF DOLLARS 200 PS 180 i 180 160 160 APPAREL i /ALL ITEMS - 140 J / \- ~ « r , —»x " . - 120 / * ^" .— RENT 100 80 - Bureau of Labor Statistics' indexes. "All items" includes 1941 1942 1943 1944 1945 1946 1947 1948 hous'efurnishings, fuel, and miscellaneous groups not shown separately. Midmonth figures, latest shown are for October. Wednesday, figures, latest shown are for November 24. 1476 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 1479 Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements 1480 Federal Reserve Bank statistics 1481-1484 Guaranteed war production loans 1485 Deposits and reserves of member banks 1485-1486 Money in circulation 1487-1488 Gold stock; bank debits and deposit turnover 1488 Deposits and currency; Postal Savings System; bank suspensions. . 1489 All banks in the United States, by classes 1490-1491 All insured commercial banks in the United States, by classes. . 1492-1493 Weekly reporting member banks 1494-1497 Commercial paper, bankers' acceptances, and brokers' balances. . 1498 Money rates and bond yields 1499 Security prices and new issues 1500-1501 Corporate earnings and dividends 1502 Treasury finance 1503-1505 Government corporations and credit agencies 1506 Business indexes 1507-1516 Department store statistics 1517-1520 Cost of living 1520 Wholesale prices 1521 Gross national product, national income, and income payments.... 1522-1523 Consumer credit statistics 1524-1526 Current statistics for Federal Reserve chart books 1527-1531 November crop report, by Federal Reserve districts 1531 Number of banking offices on Federal Reserve par list and not on par list 1532 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity arc obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. DECEMBER 1948 1477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILL10N3 OF DOLLARS 30 1941 1942 1943 1944 1945 1946 1947 1948 30 TOTAL RESERVE BANK HOLDINGS - OF U. S. GOVERNMENT SECURITIES - 25 20 20 10 yV v- 5 1940 1941 1942 1943 1944 1945 1946 1947 1948 Wednesday figures, latest shown are for November 24. See page 1479. 1478 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 Date c v o D a a a n u n d i c s n d - - e ts s T U ot . a l S. s e T G c b a u u r o i e n r r l v a i y d l t s e s i - r e n s m o e A t n h l t e l r ot A h l e l ri Total s G to o c ld k T s r t o c e u r i a u n u e n r n g a r y c t d - - s y - - M i c n t u o io c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - u F T B p s r w e R r e o y a d e r i s n e e t a v i d - h k t r s e e s s a - - lb p m N e o r e o s m n d it - e - s - c O s F o e e R a t u e r r c h e a d v n - e - l - e t r s To b t a a l l anc c e E e s s x s - 2 certificates Monthly averages of daily figures: 1947—Aug 16522,055 20,964 1,091 30222,521 21,648 4,551 28,252 1,326 957 1,079 62416,481 800 Sept 16322,067 20,886 1,181 38622,616 21,866 4,551 28,654 1,315 553 1,007 63816,866 931 Oct 20822,092 20,847 1,245 49822,798 22,149 4,551 28,598 1,327 945 908 64717,073 954 1948—Aug 32121,411 12,225 9,186 310 23,700 4,564 27,977 1,323 1,834 912 56817,690 837 Sept 38321,632 11,35310,279 39422,409 23,829 4,570 28,152 1,320 1,321 927 57818,509 884 Oct 35723,168 12,27210,896 41223,93723,958 4,574 28,188 1,319 1,598 958 58819,818 815 End-of-month figures: 1947—Aug. 30.. 185122,192 21,103 1,089 38222,759 21,766 4,553 28,434 1,323 751 1,343 62616,601 828 Sept. 30.. 92!22,329 21,138 1,191 30822,730 21,955 4,552 28,567 1,309 1,091 842 64316,784 841 Oct. 31. . 296 22,168 20,650 1,518 44222,906 22,294 4,554 28,552 1,330 1,400 884 63116,956 864 1948—Aug. 31.. ;21,577 11,988 9,589 20722,107 23,725 4,571 28,055 1,321 1,919 864 56517,679 837 Sept. 30.. 3,413 12,19911,214 33324,071 23,872 4,575 28,118 1,321 1,664 843 58519,986 1,038 Oct. 30.. 339 23,042 11,24611,796 49423,875 24,004 4,580 28,176 1,321 1,610 1,074 54219,736 742 Wednesday figures: 1948—Jan. 7.. 164 21,683 17,148 4,536 47322,320 22,762 4,560 28,658 1,340 562 1,009 56917,503 1,166 Jan. 14.. 165 21.896 17,018 4,878 50722,568 22,790 4,559 28,374 1,333 819 959 56817,863 1,537 Jan. 21.. 168 21,540 16,311 5,229 518 22,829 4,559 28,211 1,323 1,268 913 56517,334 993 Jan. 28.. 28121,987 15,904 6,082 39122,658 22,894 4,558 28,086 1,332 1,945 888 55517,305 1,040 Feb. 4. . 240 20,523 13,882 6,641 41321,17522,934 4,560 28,124 1,309 616 974 56217,084 913 Feb. 11.. 578 20,817 13,815 7,002 33721,732 22,933 4,559 28,189 1,308 1,187 944 55917,037 1,001 Feb. 18.. 295 20,943 13,704 7,240 54321,78222,981 4,557 28,053 1,335 1,725 899 55816,750 765 Feb. 25.. 279 21,034 13,645 7,389 39421,70723,028 4,557 28,054 1,326 1,656 901 55716,799 964 Mar. 3.. 257 21,071 13,575 7,496 52321,851 23,036 4,559 28,024 1,333 954 1,027 55717,552 1.157 Mar. 10.. 298 20,678 13,145 7,532 35021,326 23,083 4,559 28.006 1,331 751 955 55917,366 977 Mar. 17.. 363 20,373 12,956 7,417 45121,187 23,119 4,559 27,920 1,325 677 1,006 58617,351 904 Mar. 24.. 447 20,607 13,168 7,439 37521,429 23,135 4,557 27,851 1,336 ,458 1,018 58916,870 684 Mar. 31.. 430 20,887 13,332 7,555 29121,607 23,137 4,559 27,781 1,325 ,972 999 58816,639 655 Apr. 7.. 260 20,477 12.816 7,662 34721,085 23,147 4,558 27,833 1,329 ,140 994 590 16,905 822 Apr. 14.. 22120,593 12,832 7,762 31521,130 23,152 4,558 27,774 1,320 ,177 929 59017,050 894 Apr. 21.. 234 20,394 12,537 7,857 33820,966 23,159 4,557 27,718 1,336 ,283 911 59016,845 701 Apr. 28.. 259 20,440 12,400 8,040 25320,952 23,167 4,561 27,682 1,326 ,185 856 58717,043 879 May 5.. 230 20,251 12,085 8,166 37420,856 23,176 4,561 27,762 1,329 ,114 810 54517,033 817 May 12.. 250 20,348 12.110 8,238 44021,038 23,225 27,762 1,319 ,319 792 54417,087 884 May 19.. 225 20,098 11,823 8,275 35120,674 23,245 27,690 1,329 ,612 795 54616,506 294 May 26.. 32120,592 12,323 8,270 28721,201 23,295 27,700 1,333 ,788 788 54716,901 723 June 2.. 239 20,683 12,543 8,141 36921,292 23,343 27,895 1,335 1,567 754 55117,094 941 June 9. . 312 20,349 12,224 8,125 29420,955 23,362 27,864 1,337 1,144 828 55117,154 908 June 16.. 294 20,749 12,638 8,112 47621,519 23,515 27,808 1,331 984 879 59317,999 1,132 June 23.. 353 21,010 12.900 8,110 358 23,523 27,792 1,317 1,863 827 59817,408 728 June 30.. 265 21,366 13,193 8,173 26821,900 23,532 4,565 27,903 1,327 1,928 859 59217,389 742 July 7.. 39821,535 13,367 8,168 31022,243 23,584 4,562 28,142 1,334 1,841 877 61217,584 1.0C3 July 14.. 21,521 13,243 8,278 30222,139 23,593 4,562 27,959 1,331 1,861 898 61317,631 937 July 21.. 21,326 12,919 8,407 277 23,650 4,561 27,864 1,324 1,879 920 61117,503 723 July 28.. 32721,209 12,692 8,517 18721,723 23,670 4,563 27,821 1,329 1,822 875 17,534 759 Aug. 4.. 282 21,378 12,510 8.868 23721,897 23,679 4,564 27,922 1,330 1,852 860 56917,606 730 Aug. 11.. 293 21,566 12,486 9,081 20522,064 23,688 4,564 27,966 1,324 1,756 865 57017,834 1,003 Aug. 18.. 30121,551 12,283 9,267 27322,125 23,708 4,565 27,979 1,322 1,963 965 56617,603 729 Aug. 25.. 324 21,460 12,064 9,396 21021,993 23,711 4,564 27,965 1,324 1,902 843 56717,668 811 Sept. 1.. 318 21,411 11,818 9,594 20821,937 23,725 4,568 28,072 1,323 1,693 855 56417,724 853 Sept. 8.. 310 21,240 11,588 9,652 28421,834 23,793 4,571 28,287 1,326 1,331 872 56517.817 926 Sept. 15.. 28321,205 10,96310,242 43321,92123,850 4,571 28,156 1,321 661 875 59218,737 1,647 Sept. 22.. 309 21,860 11,07210,788 37622,54523,865 4,570 28,083 1,319 1,436 858 59118,694 979 Sept. 29.. 35723,282 12,13711,145 31423,95323,872 4,573 28,080 1,324 1,660 864 58619,884 940 Oct. 6.. 296 23,143 12,74710,396 26823,70723,888 4,572 28,202 1,324 1,596 867 19,584 607 Oct. 13.. 500 23,303 12,65510,648 16423,967 23,965 4,572 28,284 1,317 1,551 916 59619,840 929 Oct. 20. . 289 23,192 12,15811,034 38823,86923,983 4,574 28,157 1,326 1,530 913 59019,910 870 Oct. 27.. 300 23,242 11,68011,562 25423,79723,996 4,575 28,091 1,322 1,524 888 58319,960 874 Nov. 3.. 320 23,239 11,270 11,969 17023,729 24,007 4,578 28,254 1,317 1,473 886 53919,846 858 Nov. 10.. 326 23,144 11,09712,047 45823,929 24,097 4,579 28,337 1,317 1,553 912 53919,947 922 Nov. 17.. 282 22,930 10,97511,955 62223,834 24,110 4,579 28,215 1,324 1,591 901 53919,953 P876 Nov. 24.. 58222,993 11,04611,947 36623,941 24,150 4,580 28,305 1,317 1,650 922 54219,934 P905 P Preliminary. r Revised. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. a End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1479 DECEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect November 30. 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 secured by eligible paper [Sec. 10(b)] obligations of the U. S. (Sees. 13 and 13a)* (last par. Sec. 13) Rate Effective Rate Effective Rate Effective Boston Aug. 13, 1948 2 Aug. 13, 1948 Jan. 14, 1948 New York. . . Aug. 13, 1948 2 Aug. 13, 1948 Apr. 6. 1946 Philadelphia.. Aug. 23, 1948 2 Aug. 23, 1948 Aug.23, 1948 Cleveland Aug. 13, 1948 2 Aug. 13, 1948 Aug. 13, 1948 Richmond Aug. 13, 1948 2 Aug. 13, 1948 Mar.16, 1946 Atlanta Aug. 13, 1948 2 Aug. 13, 1948 Jan. 24, 1948 Chicago Aug. 13, 1948 2 Aug. 13, 1948 Aug. 13, 1948 St. Louis Aug. 19, 1948 2 Aug. 19, 1948 Jan. 12, 1948 Minneapolis.. Aug. 13, 1948 2 Aug. 13, 1948 Aug. 23, 1948 Kansas City.. Aug. 16, 1948 2 Aug. 16, 1948 Jan. 19, 1948 Dallas Aug. 13, 1948 2 Aug. 13, 1948 Feb. 14, 1948 San Francisco Aug 13, 1948 2 Aug. 13, 1948 Apr. 25, 1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS RATES ON BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Rate on In effect be- Previous Maturity Nov. 30 ginning— rate [In effect November 30. Per cent per annum] To industrial or 1- 90 days. . i Aug. 13, 1948 commercial To financing institutions 1 9 2 1 1 - - 1 1 2 8 0 0 d d a a y y s s . .. . i 1 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. loans * commit- Portion commit- MEMBER BANK RESERVE REQUIREMENTS ments for which Re- ments institu- maining [Per cent of deposits] tion is portion obligated Net demand deposits l Time deposits Period in effect C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( n m a k l b l s e ) r N P B h o e i w s l t a o d Y n e o lp rk hia banks Cleveland Richmond June 1917-Aug. 15, 1936. . 10 Atlanta Aug. 1936-Feb. 28, 1937. . 15 Chicago Mar. 1937-Apr. 30, 1937. . 1734 12 St. Louis. . May 1937-Apr. 15, 1938.. 26 20 14 Minneapolis. . . . S O F J A N A S u e e e c u p o n b p p t g r v e . . t . t . . . . 2 1 1 1 1 1 1 1 4 9 9 9 9 9 9 9 , 4 4 4 3 4 4 4 1 1 8 2 8 2 2 8 9 - - - - - - - A S O O S 4 F Ju 8 e e e u c c n p p b t t g a . e . t t . . n . . d 2 3 1 1 1 1 6 2 0 1 9 5 3 a , , , , , , , f 1 1 1 1 1 1 1 t 9 9 9 9 9 9 9 e 4 4 4 4 4 r 4 4 2 8 2 2 2 8 1 8 . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 4 4 2 0 2 2 6 6 2 2 2 2 2 2 2 1 0 0 0 0 0 0 2 7 X 1 1 1 1 1 1 1 1 4 4 4 4 4 4 2 6 S K D a a a 8 1 4 1 n l n l R R I R s a F n a s a a a c r s t t t a l e e e u C n d c c c c i i h h t h i n y s a a a g c r r r g g o g l e e e o . d d . d a . n b b s b o o o r m r r r r r o o a o w w d w e e e e r r r i . n le b s p u s a t c r o t n i m c o i t m pa t i o t t i m o e n e x n c t w e e i r d t a h t e 1 f . in p a e n r ci c n e g n t in a s b t o it v u e t io th n e s. de 1 m D an e d m a d n e d p os d i e ts 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 i r n e s p e r r o v c e e ss r e o q f u c ir o e l m le e c n ti t o s n , a i n . d e d ., em to a t n a d l dis 1 c C ou h n a t r g r e a t o e f . \£ 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 REQUIREMENTS * MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21, Effec- [Per cent per annum] Prescribed in accordance with 1945- 1946- tive Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Nov. 1, 1933-Feb. 1, 1935- Effective 1946 1947 1947 Jan. 31, 1935 Dec. 31, 1935Jan. 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 Regulation U: In 90 days to 6 months For loans by banks on stocks 75 100 75 In less than 90 days 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. 1480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1948 1948 1947 Nov. 24 Nov. 17 Nov. 10 Nov. 3 Oct. 27 Oct. 20 Oct. 13 Nov. Oct. Nov. Assets Gold certificates 22,255 22,215,428 22,195,42922,116,429 22,098,431 ,078,43122,058,43322 260,43122,096,43220,680,170 Re F d . em R. p t n i o o t n e s fund for 627 627.249 630,303 629,302 630,960 630,961 630.961 628,181 629,501 682,867 Total gold certificate reserves. . . 22,882,681 22,842,677 22,825,73222,745,73122,729,39122,709,39222,689,394 .888.61222,725,93321,363,037 Other cash 255,486 260,700 250,935 253,921 277,472 267,173 257,832 243,537 278,757 260,485 Discounts and advances: For member banks.. . 350 789 51,078 95,327 75,493 55,739 42,714 253,432 115,576 93,946 293,068 For nonmember banks, etc 231 075 231,075 231,075 244,575 244,575 246,275 246.275 221,075 244,575 37,800 Total discounts and advances 581,864 282,153 326,402 320,068 300,314 336,651 338,521 330,868 Industrial loans 980 973 931 1,136 1,129 1,110 1,116 4,627 Acceptances purchased. 476 U. S. Govt. securities: Bills 5,025,794 4,941,444 4,977,244 5,130,589 5,518,151 5,947,342 6,444,346 5,175,794 5,098,30512,557,968 Certificates: Special Other 6,020 6,033,819 6,119,819 6,139,819 6,162,069 ,210,169 6,210,469 ,051,119 6,147,469 7,255,405 Notes 780 798,200 823,600 832,100 879,100 901,600 912,100 797,950 871,100 1,424,750 Bonds 11,165 11,156,309 11,223,48811,136,68910,682,682 ,132,397 9,735,954 .180,97310,925,036 970,508 Total U. S. Govt. securities 22,993 22,929,772 23,144,15123,239,19723,242,002 ,191,50823,302, 23205,83623,041,91022,208,631 Other Reserve Bank credit outstanding. . . 364, 620,870 457,153 168,665 253,319 387,267 163, 337,516 493,415 430,423 Total Reserve Bank credit outstanding 23,940,650 23,833,768 23,928,67923,728,86123,796,77123,868,893 ,18423,880,97723,874,96222,975,025 Liabilities Federal Reserve notes. . 24,166,269 24,089,86124,181,64524,113,49523,998,91124,041,356 24 ,18724,172,32524,062,288 24,651,452 Deposits: Member bank — reserve account 19,934,421 19,952,52319,947,18019,846,04419,959,96619,910,03619,839,603 19,894,12819,735,97116,973,803 U. S. Treasurer—general account 1,650, 1,590,887 1,553,156 1,472,593 1,524,372 530,366 1,551, 601,124 1,609,957 1,277,228 Foreign 465, 471,726 434,392 463,134 440,554 454,873 455 480,055 446,435 446,052 Other 456, 428,980 477,877 422,701 447,007 458,375 460, 452,161 627,631 733,517 Total deposits 22,506,858 22,444,116 22,412,60522,204,47222,371,89922,353,65022,306,983 22,427,46822,419,99419,430,600 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 49.0! 49.1 49.0 49.1 49.0 48.9 49.1 48.9 48.5 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r s to 2 5 y e ye a a r r s s to 5 O y v e e a r rs Discounts and advances: Oct. 27 300,314 69,083 14,334 133,237 53,659 30,001 Nov. 3 320,068 81,747 109,196 36,697 83,648 8,780 Nov. 10 326,402 87,342 128,155 40,410 70,495 Nov. 17 282,153 73,357 97.566 60,610 50,620 Nov. 24 581,864 456,298 19,723 56,403 42,200 7,240 Industrial loans: Oct. 27 1,136 917 7 63 67 Nov. 3 931 716 15 114 2 Nov. 10 973 765 7 131 Nov. 17 973 780 35 86 2 2 45 15 Nov. 24 980 798 39 73 2 2 43 15 U. S. Government securities: Oct. 27 23,242,002 724,4911,269,7952,012,7161,798,099 879,900 5,233,769 640,5501,908,2418,774,441 Nov. 3 23,239,197 ,113,982 897,866 2,313,4621,123,579 761,200 5,246,869 645,5501,965,4919,171,198 Nov. 10 23,144,151 809,8371,367,6572,410,927 698,623 745,700 5,242,369 645,5501,966,392 9,257,096 Nov. 17 22,929,772 ,299,621 996,6912,248,800 706,132 736,200 5,165,869 620,1501,963,917 9,192,392 Ncv. 24 22,993,190 ,332,857 982,6511,942,8991,107,187 736,2005,134,669 590,9001,963,917 9,201,910 DECEMBER 1948 1481 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 ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificates: Oct. 27. 22,098,43 798,781 7,136,5171,023,6981,405,9101,040,6451,021,6114,371,939 642,109 473,693 798,912 584,2462,800,370 Nov. 3. 22,116,42< 768,81 7,018,8491,033,9871,431,1001,055,3521,034,878 4,364,825 663,554 468,000 825,340 595,9812,855,749 Nov. 10. 22,195,429 772,925 7,142,4101,043,8431,413,56"1,037,3021,054,106 4,318,611 654,81 502,15" 819,987 601,3912,834,318 Nov. 17. 22,215,428 807,931 7,008,3061,030,3431,436,49: 1,021,5591,079,8394,376,053 663,835 486,825 843,340 627,5422,833,363 Nov. 24 22,255,43 820,906 7,053,4201,048,6661,422,9631,012,7071,071,9884,412,234 655,879 483,254 822,745 616,0782,834,591 Redemption fund for F. R. notes Oct. 27 630,960 52,93- 59,149 57,836 73,700 58,24 45,293 104,731 45,219 23,285 36,466 26,991 47,109 Nov. 3 629,302 52,745 58,376 57,514 73,429 58,98 45,098 104,46: 45,141 23,257 36,405 26,929 46,959 Nov. 10 630,303 52,745 58,376 58,514 73,429 58,98 45,098 104,46: 45,141 23,25 36,406 26,929 46,959 Nov. 17 627,249 52,588 57,734 58,239 73,209 57,886 44,956 104,236 45,082 23,235 36,360 26,882 46,842 Nov. 24 627,250 52,588 57,734 58,239 73,209 57,886 44,956 104,236 45,082 23,235 36,360 26,882 46,843 Total gold certifr cate reserves: Oct. 27 22,729,391 851,715 7,195,6661,081,534 ,479,6101,098,89: 1,066,904 4,476,670 687,328 496,978 835,378 611,237 2,847,479 Nov. 3 22,745.731 821,559 7,077,2251,091,501 ,504,529 ,114,3391,079,976 708,695 491,257 861,745 622,910 2,902,708 Nov. 10 22,825,732 825,670 7,200,786 ,102,35 ,486,9961,096,2891,099,204 4,423,073 699,953 525,414 856,393 628,320 2,881,277 Nov. 17 22,842,677 860,519 7,066,0401,088,582 ,509,7011,079,4451,124,795 708,917 510,060 879,700 654,424 2,880,205 Nov. 24 22,882,681 873,494 7,111,1541,106,905 ,496,1721,070,5931,116,944 4,516,470 700,961 506,489 859,105 642,960 2,881,434 Other cash: Oct. 27 277,472 28,329 47,839 12,535 24,498 17,99 21,062 42,363 12,365 13,482 11,879 13,141 31,984 Nov. 3 253,92 27,967 40,548 11,320 20,36: 17,778 20,525 38,244 10,541 14,548 10,29 13,321 28,470 Nov. 10 250,935 25,854 42,813 11,17 20,647 16,269 18,547 36,182 15,490 13,358 10,092 12,813 27,693 Nov. 17 260,700 25,391 39,365 12,204 18,863 17.23 22,561 38,167 17,648 13,997 11,367 13,415 30,490 Nov. 24 255,486 24,479 34,876 10,843 20,088 18,745 20,834 36,163 20,562 13,557 11,469 13,744 30,126 Discounts & advances: Secured by U. S. Govt. securities: Oct. 27.. '55,370 3,211 9,115 5,275 2,640 '6,670 2,690 4,360 6,811 298 7,170 280 6,850 Nov. 3.. 75,165 1,971 6,491 5,910 8,640 11,695 4,640 19,410 8,135 248 7,395 280 350 Nov. 10.. 95,122 3,896 22,35. 2,825 20,093 3,345 5,620 8,740 3,330 248 8,040 2,280 14,350 Nov. 17.. 50,753 2,750 5,515 3,080 6,360 2,295 7,520 1,190 7,035 248 8,030 280 6,450 Nov. 24. . 350,469 6,285 205,795 18,600 16.50J 18,535 12,162 24,380 14,810 198 28,569 1,280 3,350 Other: Oct. 27.. ••244,944 15,408 78,264 19,811 22,518 r 12,080 10,205 33,262 8,805 6,114 8,610 8,345 21,522 Nov. 3. . 244,903 15,408 78,264 19,811 22,514 12,080 10,198 33,262 8,805 6,114 8,610 8,315 21,522 Nov. 10.. 231,280 14,558 73,944 18,717 21,267 11,419 9,574 31,426 8,319 5,777 8,088 7,857 20,334 Nov. 17. . 231,400 14,558 73,944 18,717 21,266 11,419 9,645 31,426 8,319 5,777 8,138 7,857 20,334 Nov. 24.. 231,395 14,558 73,944 18,717 21,266 11,419 9,640 31,426 8,319 5,777 8,138 7,857 20,334 Industrial loans: Oct. 27 1,136 900 187 49 Nov. 3 931 879 52 Nov. 10 973 935 38 Nov. 17 973 935 38 Nov. 24 980 944 36 U. S. Govt. securities: Bills: 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 Nov,, 3....5,130,589 322,479 1,230,221 366,478 491,870 333,207 257,214 736,558 254,730 157,041 239,141 232,512 509,138 Nov. 10 4,977,244 334,590 1,193,454 355,524 477,168 323,242 249,525 714,768 247,320 152,348 231,994 225,564 471,747 Nov. 17 4,941,444 330,373 1,184,870 352,967 473,736 320,917 247,730 709,681 252,205 151,252 230,326 223,941 463,446 Nov. 24 5,025,794 335,205 1,205,096 358,993 481,823 326,396 251,958 728,482 250,883 153,834 234,258 227,763 471,103 Certificates: 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 Nov. 3 6,139,819 412,743 1,472,218 438,567 588,625 398,745 307,807 872,395 338,998 187,933 286,183 278.250 557,355 Nov. 10 6,119,819 411,399 1,467,423 437,138 586,708 397,446 306,805 869,553 337,894 187,321 285,251 277.343 555,538 Nov. 17 6,033,819 405,617 1,446,801 430.996 578,462 391,861 302,494 857,333 333,146 184,689 281,242 273.446 547,732 Nov. 24 6,020,619 404,731 1,443,636 430,053 577,196 391,003 301,832 855,457 332,416 184,285 280,627 272,849 546,534 Notes: 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 Nov,. 3 832,100 55,937 199,523 59,437 79,773 54,040 41,716 118,231 45,943 25,470 38,785 37,710 75,535 Nov. 10 823,600 55,366 197,484 58,830 78,958 53,488 41,289 117,024 45,473 25,210 38,389 37,325 74,764 Nov, 17 798.200 53,658 191,394 57,015 76,524 51,838 40,016 113,415 44,071 24,432 37,205 36,174 72,458 Nov. 24 780,950 52,498 187,258 55,783 74,870 50,718 39,151 110,964 43,119 23,904 36,401 35,392 70,892 Bonds: Oct. 27.... 0,682,682 718,133 2,561,515 763,064 ,024,149 693,776 535.555 ,517,881 589,823 326,986 497,930 484,128 969,742 Nov, 3 1,136,689 748,653 2,670,377 795,494 ,067,674 723,261 558,316 ,582,390 614,890 340,883 519,092 504,704 ,010,955 Nov, 10.... 1,223,488 754,487 2,691,190 801,694 ,075,995 728,898 562,668 ,594,723 619,682 343,540 523,138 508,638 ,018,835 Nov, 17 1,156,309 749,972 2,675,082 796,895 ,069,555 724,535 559,299 ,585,178 615,973 341,484 520,007 505,593 ,012,736 Nov. 24.... 1,165,827 750,611 2,677,364 797,575 ,070,468 725,154 559,777 ,586,530 616,499 341,775 520,450 506,024 ,013,600 Total U. S. Govt. securities: Oct. 27 13,242,0021,549,414 5,573,013 ,660,176 ,228,212 ,509,434 ,165,1933,329,559 ,251,072 711,413 ,083,331 ,053,303 ,127,882 Nov. 3 !3,239,1971,539,812 5,572,339 ,659,976 ,227,942 ,509,253 ,165,0533,309,574 ,254,561 711,327 ,083,201 ,053,176 ,152,983 Nov. 10 13,144,151 1,555,842 5,549,551 ,653,186 ,218,829 ,503,074 ,160,2873,296,068 ,250,369 708,419 ,078,772 ,048,870 ,120,884 Nov. 17 12,929,7721,539,620 5,498,147 ,637,873 ,198,277 ,489,151 ,149,5393,265,607 ,245,395 701,857 ,068,780 ,039,154 ,096,372 Nov. 24 12,993,1901,543,045 5,513,354 ,642,404 ,204,357 ,493,271 ,152,7183,281,433 ,242,917 703,798 ,071,736 ,042,028 ,102,129 Total loans and securities: Oct. 27 23,543,452 1,568,033 5,660,392 ,686,162 ,253,557 ,528,233 ,178,0883,367,181 ,266,688 717,825 ,099,111 ,061,928 ,156,254 Nov. 3 23,560,196 1,557,191 5,657,094 1,686,576 ,259,096 ,533,080 ,179,8913,362,246 ,271,501 717,689 ,099,206 ,061,771 ,174,855 Nov. 10 23,471,526 1,574,296 5,645,850 ',675,663 ,260,189 ,517,876 ,175,4813,336,234 ,262,018 714,444 ,094,900 ,059,007 ,155,568 Nov. 17 23,212,898 1,556,928 5,577,606 ,660,605 ,225,903 ,502,903 ,166,7043,298,223 ,260,749 707,882 ,084,948 ,047,291 ,123,156 Nov. 24 13,576,0341,563,888 5,793,093 ,680,665 ,242,128 ,523,261 ,174,5203,337,239 ,266,046 709,773 ,108,443 ,051,165 ,125,813 Due from foreign banks: Oct. 27 1 16 Nov. 3 1 16 Nov. 10 U6 Nov. 17 1 16 Nov. 24 1 16 r Revised. 1 After deducting $33,000 participations of other Federal Reserve Banks on Oct. 27; Nov. 3; Nov. 10; Nov. 17; and Nov. 24. 1482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Federal Reserve notes of other Banks: Oct. 27 150,89 5,32C 17,176 5,55. 7,838 23,41: 10,901 18,543 8,456 15,173 9,953 8,144 20,426 Nov. 3 128,78, 4,70 = 14,005 4,051 8,899 20,62 8,470 18,626 6,47 15,259 7,903 6,728 13,036 Nov. 10 127,56: 6,46 15,49. 7,141 6,382 20,17 10,626 14,822 7,304 10,544 7,650 8,121 12,840 Nov. 17 136,38. 5,11 18,02' 7,28- 7,240 20,31. 11,369 15,255 8,086 11,824 8,76 7,810 15,293 Nov. 24 135,941 3.74C 12,968 5,21' 7,473 23,16 13,770 14.769 8,216 12,030 9,794 7,822 16,975 Uncollected items: Oct. 27 2,666,20C 199,05 484,854 174,86' 255,039 229,354 171,61 423.18: 124,098 78,970 153,718 125,120 246,331 Nov. 3 2,555,47 207,284 445,972 181,263 253,069 223,817 172,720 391,760 110,258 81,89. 152,952 108,572 225,915 Nov. 10 2,785,13. 207,132 529,697 177,16. 267,836 232.01 178,68 437,030 142,585 79,41 158,012 131,250 244,310 Nov. 17 3,733,911 307,818 716,707 250,847 391,492 313,976 223,514 588,420 165,97~ 97,758 190,144 177,539 309,718 Nov. 24 2,761,92 205,30' 536,80' 184,964 275,081 235,07 174,451 438,616 122.164 72,474 154,812 137,756 224,419 Bank premises: Oct. 27 32.26 1,194 8,085 3,064 4,803 2,571 1,574 3,028 1,952 ,18 2,399 764 1,651 Nov. 3 32,22. 1,194 8,063 3,064 4,801 2,571 1,574 3.021 1,94' ,182 2,392 761 1,651 Nov. 10 32,22. 1,19- 8,063 3,064 4,801 2,571 1,574 3,021 1,949 ,18 2,39: 761 1.651 Nov. 17 32,23i 1,194 8,063 3,064 4,798 2,571 1,586 3,025 1,949 ,18: 2,392 761 1,651 Nov. 24 32,24( 1,19- 8,063 3,058 4,798 2,564 1,581 3,048 1,948 ,18 2,392 761 1,651 Other assets: 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 Nov. 3 205,59 13,903 48,664 14,268 20,187 13,199 10,339 29,093 11,541 6,299 9,602 9,560 18,936 Nov. 10 212,124 14,382 50,658 14,709 20,497 13,694 10,675 29,975 11.938 6,500 9,963 9,561 19,572 Nov. 17 217,344 15,518 51,513 14,997 21,00 13,952 10,879 30,658 12.164 6,599 10,152 9,936 19,972 Nov. 24 223,088 15,153 53,432 15,420 21,594 14,375 11,173 31.513 12,511 6,79: 10,457 10,123 20,545 Total assets: Oct. 27 49,594,4862,666,76- 13,460,2612,977,2114,044,2242.912,950 2,459,906 8,358,7032,111,8951,329,580 21,121,5471,829,4515,321,989 Nov. 3 49,481,9762,633,806 13,291,5872,992,0544,070,94r2,925,413 2,473,497 8,312,2842.120,9591,328,130 2,144,099 1,823.625!5,365,575 Nov. 10 49,705,28"2,654,993 13,493,3762,991,287 4,067,35:2,898.886 2,494,796 8,280,3442,141.2391,350,8602,139.404 1,849,835 5',.342,935 Nov. 17 50,436,1992,772,486 13,477,3393,037,5874,179,0052,950,394 2,561,410 8,454,0442,175,4921,349,3032,187,472 ,911,178 5,380,489 Nov. 24 49,867,4422,687,258 13,550,4093,007,0784,067,3382,887,777 2.513,275 8,377,8252,132,4101,322.2982,156,474 ,864,3335,300,967 Liabilities Federal Reserve notes: Oct. 27 23,998,911 1,406,27 5,466,0351,636,833 123,4511,683.6651,333,0974,559,503 ,119,165 630,956 932.679 624,2572,482,998 Nov. 3 24,113,495 1,406,125 5,494,0131,643,01 125,061 ,689,59'1,343.438 44,,557744,,55007 ,134,624 633,498 940,267 630,0632,499,285 Nov. 10 24,181,6451,413,048 5,508,8851,651,634 132,1451,688,1931,346,1914,587,066 ,137,599 635,290 940,513 631,6632,509,418 Nov. 17 24,089,861 ,411,502 5,493,7551,646,154 125,835 ,677,2461,337,769 44,,557733,,00997 ,133,837 633,639 937,763 629,0642,490,200 Nov. 24 24,166,269 ,424,264 5,542,8351,661,321 131,587 ,673,6381,331,5344,586,343 ,131,634 633,780 936,458 628.2822,484,593 Deposits: Member bank reserve account: Oct. 27.. 19,959,966 857,584 6,509,347 953,00: 1,413,842 846,42. 827,3583,088,755 712,609 506,960 921,508 946,761 ,375,815 Nov. 3. . 19,846,04 852,642 6,384,20: 933,6191,471,203 843,807 826,3743,030,950 724,875 507,669 940,918 937,747 ,392,038 Nov. 10.. 19,947,180 858,788 6,451,894 964,6851,445,894 855,040 842,7573,018,792 744,057 519,680 927,262 970,034 ,348,297 Nov. 17.. 19,952,523 877,331 6,399,62^ 950,2081,475,147 839,290 835,680 3,065,064 731,526 498,766 939,524 984,161 ,356,199 Nov. 24. . 19,934,421 836,975 6,469,639 946,6681,425,597 839,665 836,6003,056.773 736,644 496,795 949,560 965,6992,373,806 U. S. Treasurer-general account: Oct. 27.. 1,524,372 136,57 248,093 144,681 154,814 105,182 76,862 168,166 112,892 91,122 85,785 97,321 102,877 Nov. 3. . 1,472,593 128,01 208,744 139,881 140,505 95,316 89,419 168,833 103,158 89.784 83,752 91,721 133,463 Nov. 10. . 1,553,156 132,394 279,40 131,730 159,388 97,762 91,769 158,292 84,690 95,892 92,126 90,776 138,935 Nov. 17.. 1,590,887 137,466 250,760 125,743 149,564 93,22 124,885 164,852 102,560 101,578 108,807 106,558 124,887 Nov. 24. . 1,650,293 151,452 318,841 139,036 144,725 96,251 121,964 190,894 97,521 95,670 96,572 99,926 97,441 Foreign: Oct. 27.. 440,554 22,78 1194,533 29,298 33,276 17,723 14,830 49,191 13,021 9,043 12,659 12,298 31,895 Nov. 3. . 463,134 24,551 1198,067 31,566 35,852 19,095 15,978 52,999 14,029 9,743 13,639 13,250 34,365 Nov. 10. . 434,392 22,031 1196,517 28,326 32,173 17,135 14,338 47,559 12,589 8,743 12,240 11,890 30,851 Nov. 17.. 471,726 29,138 U57.185 37,462 42,550 22,663 18,962 62,900 16,650 11,563 16,188 15,725 40.740 Nov. 24.. 465,940 28,388 1159,490 36,499 41,455 22,079 18,475 61,282 16,222 11,265 15,771 15,320 39,694 Other: 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 Nov. 3. . 422,701 3,765 357,114 1,648 6,109 2,963 398 3,774 7,041 1,862 741 677 36.609 Nov. 10. . 477,877 3,804 414,282 1,454 5,597 2,894 600 2,114 8,290 2,057 246 897 35,642 Nov. 17.. 428,980 4,83 365,900 1,515 6,411 2,174 618 2,610 6,363 1,321 266 278 36,687 Nov. 24. . 456,204 4,174 391,079 2,693 6,070 1,747 1,417 2.346 6,106 2,268 430 426 37,448 Total deposits: Oct. 27 12,371,899 ,019,810 7,337,0721,128,077 ,608,381 971,306 920,446 3,309,331 843,749 609,448 ,020,1991,056,833 ,547,247 Nov. 3 12,204,472 ,008,97 7,148,127 ,106,714 ,653,669 961,181 932,1693,256,556 849,103 609,058 ,039,0501,043,395 ,596,475 Nov. 10 12,412,605 ,017,017 7,342,095 ,126,195 ,643,052 972,831 949,4643,226,757 849,626 626,372 ,031,8741,073,597 ,553,725 Nov. 17 :2,444,116 ,048,772 7,173,4721,114,928 ,673,672 957,354 980,1453,295,426 857,099 613,228 ,064,7851,106,722 ,558,513 Nov. 24 12,506,858 ,020,989 7,339,0491,124,896 ,617,847 959,742 978,4563,311,295 856,493 605,998 ,062,3331,081,371 ,548,389 Deferred availability items: 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 Nov. 3 2,386,861 169,214 413,150 180,294 220,153 234,684 164,459 374,919 107,490 64,841 135,430 121,647 200,580 Nov. 10 2,328,031 175,052 404,522 150,983 219,812 197,485 165,404 359,369 123,887 68,338 137.322 115,924 209,933 Nov. 17 3,113,089 261,860 570,859 213,601 306,430 275,070 209,443 477,474 154,142 81,408 154,998 146,396 261,408 Nov. 24 2,397,357 191,277 426,786 157,480 244,100 213,228 168,890 371,074 113,533 61,266 127,403 125,342 196,978 Other liab. incl. accrued div.: Oct. 27 15,288 743 4,452 918 1,549 749 673 2,340 616 417 553 648 1.630 Nov. 3 12,912 675 3,221 784 1,512 624 528 1,917 550 421 528 617| 1,535 Nov. 10 12,779 683 3,387 795 1,208 660 535 1,945 540 364 486 483 1,693 Nov. 17 12,418 713 3,329 779 1,325 607 535 1,980 535 348 512 548 1,207 Nov. 24 14,503 734 4,448 841 1.545 668 598 2,251 526 393 540 623 1,336 Oct. 27....!. 8,799,028 ,615,918 3,219,742 ,913,693 ,970,6582,871,578 ,425,491 1,249,920 ,080,972 ,308,300 ,091,208 ,800,1445,251,404 Nov. 3 8,717,740 ,584,989 3.058,511 ,930,809 ,000,3952,886,086 ,440,5948,207,899 ,091,767 ,307,818 ,115,275 ,795,7225,297,875 Nov. 10 t8,935,060 ,605,800 3,258,889 ,929,607 ,996,217 ,859,169 ,461,5948,175,137 ,111,652 ,330,364 ,110,195 ,821,667 ,274,769 Nov. 17 19,659,484 ,722,847 3,241,415 ,975,462 ,107,262 ,910,277 ,527,8928,347,977 ,145,613 ,328,623 ,158,058 ,882,730 ,311,328 Nov. 24 t9,084,987 ,637,264 3,313,118 ,944,538 ,995,079 ,847,276 ,479,4788,270,963 ,102,186 ,301,437 ,126,734 ,835,6185,231,296 1 After deducting $245,956,000 participations of other Federal Reserve Banks on Oct. 27; $264,996,000 on Nov. 3; $237,796,000 on Nov. 10; $314,- 500,000 on Nov. 17; and $306,408,000 on Nov. 24. DECEMBER 1948 1483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Capital Accts.: Capital paid in: 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 Nov. 3 200,091 11,340 68,994 14,642 19,019 8,530 7,831 25,216 6,601 4,414 6,888 7,793 18,823 Nov. 10.... 200,116 11,341 69,002 14,642 19,022 8,534 7,831 25,218 6,601 4,414 6,891 7,796 18,824 Nov. 17 200,124 11,340 68,975 14,642 19,014 8,534 7,847 25,235 6,602 4,419 6,895 7,797 18,824 Nov. 24 200,184 11,350 68,979 14,643 19,018 8,540 7,844 25,266 6,602 4,420 6,895 7,803 18,824 Surplus: (section 7): 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 Nov. 3 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Nov. 10 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Nov. 17.... 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 Nov. 24 448,189 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): 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 Nov. 3.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 10 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 17 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 24... . 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.: 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 Nov. 3 88,413 6,349 18,167 6,764 8,354 6,238 5,200 11,523 5,098 3,592 4,651 4,692 7,785 Nov. 10 94,379 6,724 19,570 7,199 8,934 6,624 5,499 12,343 5,493 3,776 5,033 4,954 8,230 Nov. 17 100,859 7,171 21,034 7,644 9,550 7,024 5,799 13,186 5,784 3,955 5,234 5,233 9,245 Nov. 24 106,539 7,516 22,397 8,058 10,062 7,402 6,081 13,950 6,129 4,135 5,560 5.494 9,755 Total liabilities and cap. accts.: Oct. 27 49,594,486 2,666,769 13,460,2612,977,211 4,044,224 2,912,950 2,459,906 8,358,7032,111,895 1,329,5802,121,547 1,829,4515,321,989 Nov. 3 49,481,976 2,633,806 13,291,587 2,992,0544,070,947 2,925,413 2,473,497 8,312,2842,120,959 1,328,1302,144,099 1,823,6255,365,575 Nov. 10 49,705,287 2,654,993 13,493,3762,991,2874,067,352 2,898,886 2,494,7968,280,3442,141,239 1,350,8602,139,404 1,849,8355,342,915 Nov. 17 50,436,199 2 772,48613,477,3393 037,5874,179,005 2,950,394 2 561,4108 454,0442,175,492 1,349,3032,187,472 1,911,1785,380,489 Nov. 24 49,867,442 2,687,258 13,550,4093,007,078 4,067,338 2,887,777 2,513,275 8,377,8252,132,410 1,322,2982,156,474 1,864,3335,300,967 Contingent liability on bills purchased for foreign correspondents: Oct. 27 1,674 105 1536 135 154 82 69 228 60 42 59 57 147 Nov. 3 1,846 116 1591 150 170 90 76 251 66 46 65 63 162 Nov. 10 1,858 117 1595 150 171 91 76 253 67 46 65 63 164 Nov. 17 1,858 117 1595 150 171 91 76 253 67 46 65 63 164 Nov. 24 1,850 116 1592 150 170 91 76 252 66 46 65 63 163 Commit, to make indus. loans: Oct. 27. 6,070 75 165 1,075 121 288 486 3 750 110 Nov. 3.!. . 6,072 7c 186 1,057 121 288 485 3,750 110 Nov. 10 6,104 75 210 1,057 132 288 485 3,750 107 Nov. 17.... 6,104 75 210 1,057 132 288 485 3,750 107 Nov. 24 6,097 75 201 1,057 135 288 484 3,750 107 1 After deducting $1,138,000 participations of other Federal Reserve Banks on Oct. 27; $1,255,000 on Nov. 3; $1,263,000 on Nov. 10; $1,263,000 on Nov. 17; and $1,258,000 on Nov. 24. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - F. R. notes outstanding (issued to Bank): Oct. 27 24,800,033 1,470,063 5,650,471 ,685,3542,185,517 ,729,5031,386,6974,665,4421,158,519 644,656 960,451662,6182,600,742 Nov. 3 24,801,369 1,471,728 5,653,962 ,678,5082,188,088 ,729,3321,391,224 4,658,,1431,164,803 645,501 960,737 662,7312,596,612 Nov. 10 24,869,635 1,473.3495,654,302 ,700,146 2,,196,811 ,734,8171,396,968 4,665,9061,178,999 646,393 964,559662,4102,594,975 Nov. 17 24,828,174 ,468,2885,647,415 ,693,2382,193,778 ,725,3691,391,579 4,664,8311,174,556 646,060 964,708659,2362,599,116 Nov. 24 24,875,853 ,476,984 5,686,689 ,701,,.336 2,192,248 ,722,1051,389,640 4,670,3731,170,193 645,954 961,453666,2222,592,656 Collateral held against notes outstanding: Gold certificates: Oct. 27 13,279,000 460,000 4,770,000 550,000 735,000 625,000 575,0002,600,000 315,000200,000 280,000169,000 2,000,000 Nov. 3 13,279,000 460,000 4,770,000 550,000 735,000 625,000 575,0002,600,000 315,000 200,000 280,000169,000 2,000,000 Nov. 10 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 Nov. 17 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 Nov. 24 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 Eligible paper: Oct. 27 43,850 3,211 8,315 5,275 5,870 6,811 298 7,220 6,850 Nov. 3 41,195 1,971 5,841 5,910 11.295 8,135 248 7,445 350 Nov. 10 56,989 3,896 21,855 2,825 2,445 3,330 248 8,040 14,350 Nov. 17 34,878 2,750 5,340 3,080 1,895 7,035 248 8,080 6,450 Nov. 24 282,722 6,285 192,925 18,600 17,935 14,810 198 28,619 3,350 U. S. Govt. sec: Oct. 27 12,300,000 ,100,000 1,000,000 1,,:200,0001,500,0001,150,000 850,000 2:,100,000 950,000 450,000 700,000 500,000 800,000 Nov. 3 12,300,000 100,000 1,,1000,000 1,200,0001,500,0001,150,000 850,000 22,,:100,000 950,000 450,000 700,000 500,000 800,000 Nov. 10 12,300,000 100,000 11,000,000 1,,;200,0001,500,0001,150,000 850,000 2,100,000 950,000 450,000 700,000 500,000 800,000 Nov. 17 12,300,000 ,100,000 11,.0 00,.00 0 11,200,0001,500,0001,150,000 850,000 2,100,000 950,000 450,000 700,000 500,000 800,000 Nov. 24 12,300,000 ,100,000 1,000,000 1,200,0001,500,0001,150,000 850,000 2,100,000 950,000 450,000 700,000 500,000 800,000 Total collateral: Oct. 27 25,622,850 ,563,2115,778,315 ,755,2752,235,0001,780,870 ,425,000 4,700,0001,271,811650,298 987,220 669,0002,806,850 Nov. 3 25,620,195 561,9715,775,841 ,775555,,991100 22,,223355,,0000001,786,295 ,425,000 4,700,0001,273,135650,248 987,445 669,0002,800,350 Nov. 10 25,635,989 ,563,896 5,791,855 ,752,8252,235,0001,777,445 ,425,000 4,700,0001,268,330 650,248 988,040 669,0002,814,350 Nov. 17 25,613,878 ,562,750 5,775,340 753,080 2,235,0001,776,895 ,425,000 4,700,0001,272,035650,248 988,080 669,0002,806,450 Nov. 24 25,861,722 ,566,285 5,962,925 768,600 2,235,0001,792,935 425,000 4,700,0001,279,810 650,»,1981,008,619 669,0002,803,350 1484 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 Month, or m A em ll - city banks s R er e v - e Co tr u y n- Guaranteed loans Guaranteed Additional week ending Thursday ber city banksx authorized loans amount banks » New Chi- banks to date outstanding available to York cago borrowers End of month under guar- Num- Amount Total g P u o a r r ti a o n n - ante m e e a n g t r s ee- To 1 t 9 al 4 7 r — ese S r e v p e te s m h b e e l r d . : . 16,866 4,270 ,001 6,688 4,906 ber amount teed outstanding October 17,073 4,324 ,024 6,781 4,944 1948—September. . 18,509 5,037 ,207 6,869 5,396 1942—June... 565 310,680 81,108 69,674 137,888 October 19,818 5,331 ,298 7,435 5,753 Dec 2,665 2,688,397 803,720 632,474 1,430,121 Sept. 30 19,681 5,358 ,284 7,357 5,683 1943—June... 4,217 4,718,818 1,428,253 1,153,756 2,216,053 O O c c t t . . 1 7 4 1 19 9 , , 6 8 8 7 1 8 5 5 , . 3 2 5 4 7 0 1, , 2 3 9 0 3 3 7 7 , , 4 3 5 9 2 7 5 5 , ,7 7 5 6 1 5 Dec... 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Oct. 21 19,935 5,382 1,303 7,445 5,804 Oct. 28 19,813 5,365 1,300 7,434 5,714 1944—June... 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Nov. 4 19,770 5,289 1,297 7,448 5,735 Dec... 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Nov. 11 19,913 5,295 1,289 7,503 5,825 1945—June.. 8,422 10,149,351 1,386,851 1,190,944 3,694,618 Nov. 18 19,870 5,252 1,308 7,471 5,839 Dec... 8,757 10,339,40C 510,270 435,345 966,595 Excess reserves: 1946—June... 8,771 10,344,018 70,267 60,214 142,617 1947— O S c ep to te b m er ber. . . . 9 9 3 5 1 4 6 2 0 4 2 26 5 3 6 6 6 4 1 6 8 Dec... 8,771 10,344,018 18,996 17,454 28,791 1948—September. . . . 884 63 249 566 October 815 46 226 537 1947—June... 8,771 10,344,018 3,589 3,218 6,726 Dec... 8,771 10,344,018 2,412 2,183 Sept. 30 768 102 194 465 Oct. 7 902 51 290 549 1948—Jan 8,771 10,344,018 2,357 2,133 Oct. 14 761 15 205 538 Feb.. .. 8,771 10,344,018 1,959 1,777 Oct. 21 909 98 226 578 J A J M M u u p n a a l r y r e y . . . . . . . . . . . . . . . . . 8 8 8 8 8 , , , , , 7 7 7 7 7 7 7 7 7 7 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 , , , , , 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 , , , , , 0 0 0 0 0 1 1 1 1 1 8 8 8 8 8 1 1 1 1 1 , , , , , 7 6 8 6 7 8 0 3 0 6 7 5 5 9 1 1 1 1 1 1 , , , , , 4 5 6 6 4 9 6 2 6 6 9 3 3 6 0 O N N N c o o o t v v v . . . . 2 1 1 4 8 1 8 P 8 7 7 7 5 7 3 7 9 7 9 7 3 3 2 2 1 5 2 2 1 1 4 1 9 8 1 7 6 3 P 5 5 5 6 9 0 2 0 1 3 0 6 A S O e u c p g t t . . . . . . . 8 8 8 , , , 7 7 7 7 7 7 1 1 1 1 1 1 0 0 0 , , , 3 3 3 4 4 4 4 4 4 , , , 0 0 0 1 1 1 8 8 8 1 l 1 , , , 3 4 33 1 3 2 4 i 1 1 1 , , , 2 2 2 8 0 0 2 7 8 Bo R 1 r 9 e r 4 o s 7 e w — r i v n e S g e s B p t a a e t n m k F b s e e : r d . e . r a . l . 133 44 59 28 October 171 70 66 26 NOTE.—The difference between guaranteed loans authorized and sum 1948—September. . . . 128 55 32 27 of loans outstanding and additional amounts available to borrowers October 111 30 45 25 under guarantee agreements outstanding represents amounts repaid and authorizations expired or withdrawn. Sept. 30 328 197 55 40 Oct. 7 68 5 43 20 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Oct. 14 258 113 72 30 Oct. 21 52 29 23 [Amounts in thousands of dollars] Oct. 28 76 29 26 Nov. 4 87 ' 61 26 Nov. 11 78 52 21 Applications Ap- Nov. 18 120 48 26 Date (last approved proved Loans Commit- Partici- Wednesday to date but not out- ments pations or last day com- standing2 out- out- P Preliminary. of period) pleted i (amount) standing standing 1 Weekly figures of excess reserves pf all member banks and of N b u e m r - Amount (amount) (amount) (amount) c b o er u n b t a r n y k b s a a n n k d s a o r f e c e o s u ti n m tr a y t e b s a . nk W s m ee a k y ly i n fi c g l u u r d e e s s o m f a b l o l r a ro m w o i u n n g t s s o o f f al F l e m de e r m al - Reserve Bank discounts and advances for nonmember banks, etc. 1934 984 49,634 20,966 13,589 8,225 1,296 1935 1,993 124,493 11,548 32,493 27,649 8,778 1936 2,280 139,829 8,226 25,526 20,959 7,208 1937 2,406 150,987 3,369 20,216 12,780 7,238 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1938 2,653 175,013 1,946 17,345 14,161 12,722 SMALL CENTERS * 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 [Averages of daily figures. In millions of dollars] 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942 3,423 408,737 4,248 14,126 10,661 17,305 1 1 9 94 4 4 3 3 3, , 4 4 7 8 1 9 4 5 9 2 1 5 , , 3 5 4 3 2 2 1,2 9 9 2 5 6 1 3 0 , , 8 53 9 2 4 9 4 , ,1 2 6 7 5 0 1 2 7 , , 7 9 0 3 6 0 a I n n d p o l v ac e e r s p o o f p 1 u 5 la ,0 ti 0 o 0 n I 1 n 5 , p 0 l 0 a 0 c e p s o o p f u l u a n t d io e n r 1945 3,511 544,961 320 1,995 1,644 1,086 1946 Demand Demand J D u e n c. e 3 2 1 9 . . . . . . 3 3 , , 5 5 4 2 2 4 5 5 6 5 5 2 , , 9 7 1 1 3 1 4,5 6 7 15 7 1,2 5 1 5 0 4 5 8 , , 3 3 6 0 6 9 2 1 , , 6 11 7 0 0 d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t t s de T p i o m s e its 1947 bank bank June 30... 3,555 572,836 195 1,778 7,018 4,043 Dec. 31 1 574 586,726 945 1,387 7,434 4,869 Oct. 1947 15,880 8,532 12,422 6,092 1948 Sept. 1948 16,637 8,796 12,293 6,074 J F a e n b. . 3 2 1 8 . . . . . . 3 3 , , 5 5 8 7 2 6 5 5 9 8 6 9 , , 0 9 4 8 8 6 1,0 1 2 4 5 5 4 1 , ,9 9 7 0 2 6 7 7 , ,0 9 7 1 7 8 5 6 , , 2 7 1 7 3 0 Oct. 1948. . 16,696 8,806 12,360 6,076 A M p a r r . . 3 3 1 0 . . . . . . 3 3 , , 5 5 8 9 7 3 6 6 0 0 0 4 , , 3 6 2 2 2 3 4 7 5 0 3 1 , , 7 39 8 4 5 7 6 , , 7 6 0 4 0 6 5 4 , , 1 2 0 3 9 4 N Bo ew st o Y n ork 2 1 , ,9 9 4 9 3 3 2,2 8 2 6 1 2 1,0 3 9 5 6 9 1,1 2 6 3 8 5 May 31. .. 3,595 606,305 120 916 6,612 3,272 Philadelphia 1,290 817 937 904 June 30... 3,599 610,956 1,045 851 6,482 3,238 Cleveland 1 ,335 903 1,062 816 July 31... 3,600 611,694 620 802 6,417 3,346 Aug. 31... 3,603 612,099 65 883 6,187 3,353 Richmond 1,148 400 915 474 Sept. 30.. . 3,604 613,820 45 1,011 6,246 4,212 Atlanta 1,533 477 652 216 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 Chicago 2,249 1,590 1,714 964 St. Louis 666 339 985 277 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. Minneapolis 620 297 830 452 2 Includes industrial loans past due 3 months or more, which are not Kansas City 570 105 1,662 205 included in industrial loans outstanding in weekly statement of con- Dallas 1,031 147 1,590 65 dition of Federal Reserve Banks. San Francisco. . . 1,318 649 557 299 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or 1 Includes any banks in outlying sections of reserve cities that have expired. been given permission to carry the same reserves as country banks. DECEMBER 1948 1485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits De- Reserves with Federal Bormand Reserve Banks row- Net bal- ings Class of bank and de- Time ances at Federal Reserve district Total I b n a t n e k r- Other p m o d s a e i n t - s d 2 po d s e i - ts 3 m f d r d e o u o s m e - tic Total qu R i e r - ed c E e x s - s s F e R e e r r e a d v - l - e banks Banks First half of October 1948 All member banks 89 859 10,978 78,881 78,864 28,812 5,277 19,794 18,952 842 155 Central reserve city banks: New York 21 393 3,967 17,425 19,775 1,654 45 5,301 5,265 36 55 Chicago 5 180 1,063 4,116 4,689 948 122 1,302 1,290 11 20 Reserve city banks 33 341 5,074 28,267 28,782 11,327 1,692 7,428 7,182 246 55 Boston 1 904 269 1,635 1,735 190 33 412 396 16 3 New York 585 27 558 511 294 25 138 135 3 Philadelphia 2 157 335 1,822 1,905 254 72 448 438 10 Cleveland 4 023 467 3,556 3,544 1,469 163 916 890 27 13 Richmond 2 130 352 1,778 1,832 431 111 457 435 21 6 Atlanta 2 012 412 1,599 1,695 405 120 426 403 23 3 Chicago 3,907 444 3,463 3,341 1,975 264 913 883 30 14 St. Louis 2,020 571 1,450 1,696 334 97 417 398 18 2 Minneapolis 1,116 329 787 918 180 64 220 215 5 Kansas City 2, 775 769 2,006 2,271 358 244 554 527 27 5 Dallas 2,474 544 1,930 2,063 380 236 515 482 33 2 San Francisco 8,238 555 7,684 7,271 5,058 262 2,013 1,979 34 1 Country banks 29,945 873 29,073 25,619 14,883 3,418 5,764 5,215 548 25 Boston 2,364 80 2,284 2,054 1,098 182 446 411 35 2 New York 4, 185 86 4,099 3,681 3,389 303 919 843 76 Philadelphia 2,256 17 2,239 1,980 1,722 206 491 446 45 Cleveland 2,420 21 2,399 2,100 1,721 258 521 465 56 Richmond 2, 172 114 2,059 1,804 873 272 401 354 47 Atlanta 2,346 157 2,189 1,986 692 291 407 370 37 Chicago 4,045 71 3,974 3,473 2,554 484 829 747 82 St. Louis 1,697 51 1,646 1,448 616 217 303 278 25 Minneapolis 1,522 70 1,453 1,280 749 202 292 261 31 Kansas City 2,297 61 2,237 1,928 309 349 372 332 41 Dallas 2, 726 116 2,610 2,230 211 451 420 373 47 San Francisco 1,914 30 1,884 1,654 949 204 362 336 26 Second half of October 1948 All member banks 90 ,668 11,071 79,597 79,285 28,813 5,298 19,841 19,051 789 69 Central reserve city banks: New York 21,746 3,977 17,769 19,930 1,641 52 5,360 5,305 55 Chicago 5,230 1,062 4,168 4,705 952 129 1,295 1,295 1 Reserve city banks 33 ,766 5,146 28,620 29,020 11,338 1,725 7,442 7,235 207 35 Boston 1,951 276 1,675 1,763 189 35 419 402 17 New York 587 27 560 509 294 28 137 134 3 Philadelphia 2,206 334 1,872 1,932 248 74 453 444 9 1 Cleveland 4,096 462 3,634 3,567 1,471 173 928 895 33 3 Richmond 2,122 353 1,769 1,829 430 100 453 435 18 9 Atlanta 2,043 425 1,618 1,716 405 123 423 408 15 1 Chicago 3,945 438 3,507 3,350 1,975 272 912 885 27 3 St. Louis 2,093 600 1,493 1,755 339 99 414 412 3 6 Minneapolis 1,092 303 789 899 180 60 215 211 3 1 Kansas City 2,835 780 2,056 2,307 358 254 554 534 20 '7 Dallas 2,537 570 1,967 2,098 380 245 521 490 31 1 San Francisco 8,260 578 7,682 7,295 5,069 262 2,014 1,985 28 1 Country banks 29,926 885 29,041 25,629 14,882 3,392 5,744 5,217 527 25 Boston 2,396 77 2,319 2,068 1,096 194 451 413 37 2 New York 4,166 87 4,079 3,670 3,388 292 910 841 69 7 Philadelphia 2,232 16 2,216 1,961 1,721 200 487 443 45 3 Cleveland 2,416 21 2,395 2,098 1,719 253 518 465 53 1 Richmond 2,183 116 2,067 1,815 875 274 397 356 40 2 Atlanta 2,342 160 2,182 1,989 692 287 403 370 33 2 Chicago 4,023 71 3,952 3,468 2,554 466 825 746 79 2 St. Louis 1,707 52 1,655 1,451 616 224 303 278 25 2 Minneapolis 1,515 69 1,446 1,291 749 188 293 263 31 Kansas City 2,292 62 2,229 1,930 310 343 372 332 40 Dallas 2,755 123 2,632 2,235 214 477 426 374 52 San Francisco 1,899 31 1,868 1,653 948 195 359 336 23 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.t 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 71,000 million dollars in the first half and 71,500 million in the second half of October. I486 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 3 $1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 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—July 28,149 19,622 1,356 980 63 2,058 6,230 8,935 ,529 2,453 4,824 428 806 12 2 August. . . . 28,434 19,837 1,362 990 64 2,092 6,308 9,020 ,600 477 4,874 428 804 12 2 September. 28,567 19,881 1,375 1,010 64 2,085 6,270 9,077 ,689 503 4,941 428 800 12 2 October. . . 28,552 19,833 1,385 1,011 63 2,078 6,233 9,064 ,721 499 4,986 427 793 11 3 November. 28,766 20,008 1,396 1,020 64 2,102 6,303 9,123 ,760 513 5,023 426 782 11 3 December. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 ,850 2,548 5,070 428 782 17 3 1948—January. .. 28,111 19,369 1,382 984 63 2,017 6,064 858 ,745 2,511 5,022 424 771 12 3 February.. 28,019 19,335 ,385 972 63 2,005 6,084 826 ,687 2,492 4,996 421 762 12 3 March 27,781 19,169 ,394 975 62 1,986 6,013 8,738 ,614 2,470 4,962 416 749 11 1 April 27,716 19,144 ,399 976 61 1,991 6,017 700 ,574 2,456 4,951 412 739 10 1 May 27,812 19,259 1,409 994 62 2,015 6,054 8,724 ,555 2,453 4,943 410 735 10 2 June 27,903 19,323 1,421 1,000 63 2,017 6,085 8,737 ,581 2,465 4,945 407 749 10 2 July 27,866 19,309 1,422 994 62 2,010 6,059 762 ,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 ,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 ,632 2,466 5,011 402 739 10 2 October. . . 28,176 19,531 1,451 1,026 63 2,037 6,087 8,867 ,647 2,467 5,035 401 730 9 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money leld in the Treasury Money in circulation x Money Total out- held by standing, As security For Federal Oc 1 t 9 . 4 3 8 1, g a o s g l i d a l v in e a r s n t d Tre ca a s s h ury B R F an e e d s k e s e r r v a a n e l d B R a a n e g s k e e s n r t v a s n e d Oc 1 t 9 . 4 3 8 1, Se 1 p 9 t. 4 8 30, O 1 c 9 t. 4 7 31, certificates agents Gold 24 004 22,770 21 234 Gold certificates 22,770 19,910 2,815 44 45 47 Federal Reserve notes 24 804 46 887 23 872 23,820 24,283 Treasury currency—total 4,580 32,270 41 279 4,260 4,254 4,221 Standard silver dollars 493 304 26 3 160 160 152 Silver bullion 1,966 1,966 Silver certificates and Treasury notes of 1890. 3 2 270 214 2 055 2 053 2,030 Subsidiary silver coin 968 8 23 937 930 895 Minor coin 364 4 8 353 352 339 United States notes 347 2 26 318 319 315 Federal Reserve Bank notes . . 343 1 4 338 342 387 National Bank notes 98 (5) 1 97 97 104 Total—Oct. 31, 1948 (4) 25,040 1,321 19,910 3,981 28,176 Sept. 30, 1948 (4) 24,913 1,321 19,788 3,978 28,118 Oct. 31, 1947 (4) 23,331 1,330 18,229 3,945 28,552 NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes ancid Treasury notes of 1890—$156,039,431 in gold llion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollar DECEMBER 1948 1487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Amount— Amount— Change In Ear- Do- Date f u o n r a s d e j a u s s o te n d al ad s j e u a s s t o e n d a f l or s a e d as ju on st a e l d ly s G to o c ld k Increase g N o e ld t g m ol a d r : k d ed e- m g e o s l t d ic variation variation series * Period at end in gold import crease proof stock or export or in- ducperiod crease (—) tion1 End of year figures: 1939 7,598 +742 1940 8,732 +1,134 1937 *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 35.8 1945 20,065 -553.9 -106.3 -356.7 32.0 Monthly averages of daily 1946 20,529 464.0 311.5 465.4 51.2 figures: 1947 22,754 •2,224.9 1.866.3 210.0 75.8 1947—October 28,598 28,598 —113 1947—November.. 22,614 320.1 265.7 -82.8 5.8 November 28,648 28,562 -36 December.. 22,754 139.5 178.2 -44.6 6.8 December 28,937 28,650 +88 1948—January 22,935 180.7 235.0 -14.9 6.0 February... 23,036 101.5 159.4 -72.2 5.5 1948—January 28,394 28,309 -341 March 23,137 100.4 99.9 -63.4 6.4 February 28,096 28,096 -213 April 23,169 32.2 234.2 -111.5 5.7 March 27,941 28,025 -71 May 23,304 135.2 151.3 -2.8 6.1 April 27,766 27,990 -35 June 23,532 228.5 177.7 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 53.3 98.1 7.4 A Se u p g t u em st ber 2 2 7 8 , , 9 1 7 5 7 2 2 2 8 8 , , 1 2 1 0 8 8 + + 10 9 7 0 O N c o t v o e b m er ber.. P 2 2 4 4 , . 0 1 0 6 4 5 P 1 1 3 6 1 1 . . 9 1 P1 ( 2 4 1 ) .6 6 9 1 9 . . 0 7 6 (4 . ) 5 October 28,188 28,188 -20 November 28,277 28,192 +4 P 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. 1535. 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 gi j n u n st in m g e n w t it f h a c D to e r c s e m ha b v e e r b 1 e 9 e 4 n 2 ; r e se v a is 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 ig d u a r t e e s s * 1 G N o o l t d y h e e t ld av u a n il d a e b r le 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 3,731.7 million dollars on Nov. 30, 1948. Gold under earof adjustment factors. mark is not included in the gold stock of the United States. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits 1lo total deposit accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except inter- Year and month interbank and Government bank and Government Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City * centers * centers * City centers City* cities» City* cities» 1942 « 641,778 226,865 347,837 67,074 16.1 13.1 200,337 308,913 18.0 18.4 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403 400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 19 9 4 4 6 6 — — n ol e d w s s e e r r ie ie s s « * }l,050,021 417,475 527,336 105,210 19.0 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 2 5 1 16 6 . . 5 9 1947 1,125,074 405,929 599,639 119,506 21.0 12.0 400,468 598,445 24.1 18.0 1947—October 105,290 37,504 56,554 11,232 21.8 12.4 35,162 55,025 23.9 18.2 November 92,910 31,738 51,002 10,169 21.6 13.1 33,531 51,621 26.5 19.8 December 118,382 46,225 60,295 11,862 27.2 13.5 44,131 59,878 29.9 20.0 1948—January 105,193 37,615 56,355 11,223 22.3 12.7 38,286 55 902 26 2 18 7 February 90,273 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 April 102,349 37,955 53,685 10,708 23.7 12.5 36,880 52,740 26 5 18 6 May 97,603 35,429 51,807 10,367 23.0 12.4 37,060 51,557 27 9 18 7 June... 108,639 40,633 56,667 11,339 25 4 13 0 38,942 55 442 28 0 19 1 July 102,940 35,832 55,972 11,136 22.5 12.8 36,350 55 233 26 6 19 1 August 97,940 33,031 54,118 10,791 20.9 12.3 32,540 53,757 23 9 18 5 September 104,754 37,531 ••55,980 11,243 24.6 13.2 36,354 54,635 27.5 19.4 October 107,141 38,169 57,413 11.559 24.0 12.9 38,014 56,905 27.9 19.3 '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. • Weekly reporting member bank series. * Total deposits, except interbank accounts, and debits to those deposits at all reporting centers are partly estimated for first four months. 1 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June 1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. 1488 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS ANE) CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS ANE CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars Total Time deposits Total deposits aemana United adjusted deposits Total Demand States Currency End of month and adjusted deposits deposits Govern- Com- Mutual Postal outside currency and adjusted adjusted1 ment Total mercial savings Savings banks outside currency deposits * banks»* banks«« System « banks outside banks 1929—June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December .. ... 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1 186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9.488 1,208 4,782 1940—June 66,952 38,661 60,253 31,962 828 27,463 15,540 10,631 1,292 6,699 December 70,761 42,270 63,436 34,945 753 27,738 15,777 10,658 ,303 7,325 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10 532 ,313 9,615 1942—June 81,963 52,806 71 027 41,870 1,837 27,320 15,610 10,395 i,315 10,936 December 99,701 62,868 85,755 48,922 8.402 28,431 16,352 10,664 ,415 13!946 1943_j une 110,161 71.853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December .. .. 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 7Krf 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— D juenceember 1 1 7 6 5 2 , , 4 7 0 8 1 4 1 9 0 4 2 , ,3 1 4 5 1 0 1 1 4 3 8 7 , , 9 6 1 8 1 7 6 7 9 5 , ,8 0 5 5 1 3 2 2 4 4 , ,3 6 8 0 1 8 4 4 8 4 , , 4 2 5 5 2 3 3 2 0 7 , , 1 1 3 7 5 0 1 1 4 5 , , 4 3 2 8 6 5 2 2 , , 9 6 3 5 2 7 2 2 5 6 , , 0 4 9 9 7 0 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—October (Oct. 29)... 169.700 111,600 143,500 85,400 1,800 56,300 35,200 17,700 3,400 26,200 November (Nov. 26) 170,300 112,400 143,800 85,900 1,900 56,000 35,000 17,600 3,400 26,500 December (Dec. 31). 171,446 113,599 144,970 87,123 1,452 56,395 35,233 17.746 3,416 26,476 1948—January (Jan. 28)... 170,200 112,400 144,400 86,600 1,300 56,500 35,200 17,900 3,400 25,800 February (Feb. 25).. 168,900 110,300 143,200 84,600 1,800 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) P 169,700 109,600 144,000 83 ,900 2,800 57,300 35,700 18,300 3,300 25 ,700 October (Oct. 27) P.. 170,300 110,700 144,600 85,000 2,300 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. 1 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 1 Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 6 Prior to June 30, 1947, includes a relatively small amount of demand deposits. • 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 1 [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 itors' Cash securities Cash bal- in de- reances1 Total posi- serve Number of banks suspended: b t a o n r k y s Total r D e i c - t G a u n a - r- f e u t n c d .' s, 1934-40 313 16 6 207 84 teed 1941 8 4 3 1 1942.. 9 6 3 1943 4 2 2 1939—Dec.. 1,279 1,319 53 1,192 1,046 146 74 1944 . 1 1 1940—Dec.. 1,304 1,348 36 1,224 1.078 146 88 1945 0 1941—Dec. 1,314 1,396 26 1,274 1.128 146 95 1946 0 1942—Dec. 1,417 1,464 16 1,345 1,220 126 102 1947 1 1943—Dec.. . 1,788 1,843 10 1,716 1,716 118 1948—Jan.-Nov 1944—Dec.. . 2,342 2.411 8 2,252 2,252 152 1945—Dec.. . 2,933 $,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Dec.. . 3,284 J.387 6 3,182 3,182 200 (in thousands of dollars) :* 1934-40 131,934 14,87226,54849,689 40.825 1947—Dec... 3,417 5,525 6 3,308 3,308 212 1941 3,726 3,144 503 79 1948—Jan.. . 3,432 5,541 6 3,332 3,332 204 1942 1,702 1,375 327 Feb... 3,441 5,551 6 3,336 3,336 209 1943 6,223 4,982 1,241 Mar... 3,435 5,546 6 3,346 3,346 194 1944 405 405 Apr... 3,415 5.528 6 3,316 3,316 205 1945.. 0 May.. 3,395 5,509 6 3,291 3,291 211 1946 0 June.. 3,379 *1,494 6 3,291 3,291 196 1947 . 167 167 July.. 3,368 ,483 6 3.275 3,275 202 1948—Jan.- Nov Aug... 3,356 ,472 6 3,260 3,260 206 S O e c p t. t . .. . P 3 3 , , 3 3 4 3 8 7 ,464 7 3,260 3,260 198 1 Represents banks which, during the period? 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 1 Outstanding principal, represented by certificates of deposit. Insurance Corporation loans). 1 Includes working cash with postmasters. 5 per cent reserve fund 8 Deposits of member banks and insured nonmember banks susand miscellaneous working funds with Treasurer of United States, ac- pended are as of dates of suspension, and deposits of noninsured noncrued interest on bond investments, and accounts due from late post- member banks are based on the latest data available at the time the masters. suspensions were reported. Back figures.—See Banking and Monetary Statistics, p. 519; for Back figures.—See Banking and Monetary Statistics, pp. 283-292; description, see p. 508 in the same publication. for description, see pp. 281-282 in the same publication. DECEMBER 1948 1489 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 Invesi,ments Other Cla a s n s d o d f a t b e ank Total Loans Go U v . e r S n . - Other as C s a e s t h s l Total i b I a nt n e k r i - De- a c c T a c o p o t i u t a n a l t l s N b u a c i t a f n k b s er Total ment secu- mand 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 73 756 30 422 70 972 9,449 78 090 75 996 10 934 38,562 76,499 8302 141896 1941—Dec. 31 61 76 615 34S11 ?S511 8,999 77344 81,816 10982 44,355 76,479 8 414 14,876 1942—Dec 31 78,147 73 916 S4,231 4S951 8,280 78 701 99 803 11308 61,437 058 8 566 14.682 1943—Dec. 31 96,966 73 601 73365 6S 932 7,433 78 475 117661 11003 75,577 31 081 8 996 14,S79 1944—Dec 30 119 461 76 015 93,446 8S 885 7,561 30 790 141448 235 91,663 37,551 9 643 14535 1945—Dec. 31 140 30 362 109 865 101 288 8,577 35 41 S 165617 14065 OS,935 45,613 10542 14,553 1946—Dec 31 131698 648 96,050 86 558 9,491 35 041 1SS902 656 99,462 SO,784 11360 14585 1947—June 30 * . 131096 38365 9? 730 8? 679 10,051 33 544 1S3349 11679 89,295 375 11721 14716 Dec. 31 134 908 4?999 91 909 81 186 10,723 38 387 161850 13 033 95,727 S3 089 11946 14,714 1948—Apr. 133 430 43950 89,480 78330 11,150 33 380 54,970 10900 90,420 ,S3650 1? 110 14 731 May 26 • 133 690 44 680 89,010 77 870 11,140 32 940 154,640 10640 90,350 53,650 12 220 14,727 June30 133 081 45 099 87 98? 76 774 11,208 35 000 156 .353 11436 90,823 093 241 14719 July 134 090 45 440 88 650 77 320 11,330 33 970 156 090 11290 90,810 53,990 12300 14,717 Aug.25 «! '. '. '.1 3'4.440 46 000 88,440 77 020 11,420 33 850 156,340 11220 91,140 53,980 12360 14,719 Sept.29" 132 890 47 140 85 750 74 7.30 11,520 36 880 157 570 11280 9?,150 54 090 1?400 147?0 Oct. 27 « 133 400 47 140 86 260 74 920 11,340 37 560 158 890 11650 93,160 54 080 12450 14,712 All commercialbanks: 1939—Dec. 30 40668 17?38 73 430 16 316 7,114 7? 474 57 718 9874 37,513 1S 331 6885 14,484 1940—Dec. 31 43 979 18 800 179 17757 7,372 77174 65337 10 9.34 38,558 15844 7010 14,345 1941—Dec. 31 50 746 714 79032 808 7,225 76 551 71783 10982 44,349 1S952 7 173 14,^78 1942—Dec. 31 67.39.3 19 4817? 41379 6,793 78 039 89 135 11.308 61,431 16 395 7330 14,136 1943—Dec. 31 8509 S 19 117 65 978 S9 842 6,136 77677 10S 923 11003 7S,569 19 350 7719 14034 1944—Dec. 30 ... 105530 644 83 886 775S7 6,329 30 706 178 07? 1?235 91,653 74184 8 265 13,99? 1945—Dec 31 124019 76 083 97 936 90 606 7,331 34 806 1S0 227 14065 10S,921 30 241 8 950 14011 1946—Dec. 31 113993 31 122 8? 871 74780 8,091 34 773 139 033 1?656 9?,446 33 930 9 577 14,044 1947—June 30 2 11?756 33 679 79 077 705.39 8,538 37704 1.35907 11679 89,281 34 947 9 880 14183 Dec. 31 116768 38 055 78213 69 207 9,005 37501 144 087 13 032 9S,711 35 344 10 057 14,181 1948—Apr. 28 e .... 114340 38 850 75 490 66 270 9,220 32 630 136 910 10900 90,400 35 610 10200 14,198 May 26* 114570 39 520 75 050 65 870 9,180 32 180 136 550 10640 90,330 35 580 10290 14,194 June30 1138SS 39 865 73 990 64 798 9,192 34 168 138 142 11435 90,806 3S 900 10287 14187 July 28 « 114760 40 140 74 620 65 310 9,310 33 240 137 880 11290 90,790 35 800 10340 14,185 Aug.25* 115100 40 630 74 470 65 100 9,370 3.3 110 1.38110 11220 91,120 35 770 10390 14187 Sept.29« 113 600 41 720 71880 62 460 9,420 36 000 139 240 11780 97,130 35 830 10 420 14 188 Oct. 27 • 114100 41 620 72 480 63 260 9,220 36 720 140 600 11650 93,140 35 810 10460 14,180 All member banks: 1939—Dec 30 33941 13962 19979 14328 ,651 19 78? 49 340 9410 78,231 11 699 s 522 6,36? 1940—Dec. 31 37 15 371 805 1587.3 S,982 73963 56 430 104?3 33,829 1?178 s698 6 486 1941—Dec. 31 43521 18,021 75500 19 539 s,961 73 123 61717 10525 38,846 1?347 s886 6 619 1942—Dec. 31 .... 59763 16 088 43175 37546 S,629 74780 78777 11000 S4,523 1?754 6 101 6 679 1943—Dec. 31 74758 16 788 57970 57948 5,022 73,790 9? 767 10 555 66,438 15 268 6 475 6 738 1944—Dec. 30 91 S69 18,676 7?893 67 685 S,208 75 860 110917 11 884 79,774 19 759 6 968 6 814 1945—Dec. 31 107 183 ,775 84 408 78,338 (\,070 79 845 179 670 13 640 91,820 74210 7589 6 884 1946—Dec. 31 96,36? 76,696 69 666 63,047 ,625 79,587 118 170 1?060 78,920 77190 8 09 S 6 900 1947—June 30 9480? 78,655 66,146 59,198 e,948 78,694 115435 11,041 76,380 78 014 8,315 6 978 Dec. 31 97846 3?,628 6S,218 S7,914 ,304 3? 84S 17?,528 ,403 81,785 78 340 8,464 6 923 1948—Apr. 28 • 95847 33,018 6?,829 55 383 1,446 78,858 116 713 10332 77,315 78 566 8,573 6 9.3 S May 26 • 96,052 33,614 62,438 55,055 I,383 28,609 116,049 10,107 77,375 28 567 8,638 6932 J J u u l n y e 2 3 8 0 « . 9 9 5 6 ,449 3 3 3 4, 8 0 7 8 1 7 6 6 1 ?, 5 1 7 2 8 6 5 5 4 4, , 5 1 7 3 5 9 . , 5 4 5 3 1 9 3 7 0 9 , ,4 3 0 0 7 3 1 1 1 1 7 7, 4 1 5 2 ? 8 1 1 0 0 , 8 7 3 0 3 1 7 7 7 7 , , 7 6 9 9 6 4 7 7 8 8 8 7 2 3 3 3 8 8 , ,6 6 5 2 7 4 6 6 9 9 7 1 5 9 Aug. 25 • 96,475 34,495 61,980 54,371 7,609 29,300 117,274 10,624 77,937 28 713 8,698 6919 Sept. 29* 94.895 35,453 59,442 51,789 7,653 32,021 118,191 10,669 78,776 28 746 8.724 6923 Oct. 27 • 95,452 35,310 60,142 52,680 7,462 32,677 119,529 11,025 79,756 28 748 8,765 6920 All mutual savings banks: 1939—Dec. 30 10 4,927 S,289 3,101 2,188 818 10,524 3 10,521 1,309 SSI 1940—Dec 31 10,248 4,956 s,292 3,215 2 - 078 966 10,659 4 10655 1292 551 1941—Dec.31 10,379 4,901 s,478 3,704 11,774 793 10,533 6 10,527 1,241 548 1942—Dec.31. ... 10,754 4,695 6,059 4,572 1L ,487 663 10,668 6 10,662 1,236 546 1943—Dec.31 11871 4,484 7,387 6,090 L.297 797 11,738 8 11,730 1,276 S4S 1944—Dec 30 13,931 4,370 9,560 8,328 ,232 584 13,376 10 13 366 1378 543 1945—Dec.31 16708 4,279 11,928 10,682 1,246 609 is,385 14 is,371 1,592 542 1946—Dec.31 17704 4,526 13,179 11778 L,400 818 16,869 1 16 16,853 1,784 S41 1947—June30 2 18,339 4,686 13,653 12,140 L,513 839 17,442 1 14 17,428 1,842 533 31 18,641 4,944 13.696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—Apr.*28 • 19,090 5,100 13,990 12,060 1,930 750 18,060 1 20 18,040 1,910 533 May 19,120 5,160 13,960 12,000 ,960 760 18,090 1 20 18,070 1,930 533 June 30.'.'.!!! 19,226 5,234 13,992 11,976 >,016 832 18,211 17 18.193 1,955 532 July 28 « 19,330 s,300 14,030 1?,010 > 020 730 18,210 20 18190 1,960 532 Aug. 25 • 19,340 5,370 13,970 11,920 2,050 740 18,230 20 18,210 1,970 532 Sept. 29" 19,290 5,420 13,870 11,770 2,100 880 18,280 20 18,260 1,980 532 Oct. 27« 19,300 5,520 13,780 11,660 2,120 840 18,290 20 18,270 1,990 532 • Partly estimated. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and 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. 1490 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Cash c T ap o i t t a a l l Nu o m f ber Total Loans Total G o m U b ov l e . i e S g n r a . t n - - O r s i e t t c h ie u e s - r Total I b n a t n er k - m D a e n - d Time accounts banks 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—June 30 110,682 33,250 77,433 69,136 8,297 32,190 133,659 11,243 87,930 34,486 9,558 13,386 Dec. 31 114.274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1948—June 30 111,794 39,372 72,421 63,490 8,931 33,699 135,945 11,035 89,491 35,418 9,955 13,415 National member banks: 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3,536 17,570 71,858 8,056 50,900 12,901 4,265 5,025 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31. 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—June 30. 62,982 18,764 44,218 39,271 4,947 19,342 77,146 7,432 50,694 19,020 5,296 5,012 Dec. 31 65.280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1948—June 30. 63,638 22,243 41,395 36,091 5,303 20,415 78,753 7,305 51,921 19,528 5,533 4,998 State member banks: 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 7,773 32,302 3,397 23,833 5,072 2,525 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 1,789 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—June 30 31,820 9,891 21,928 19,927 2,001 9,353 38,289 3,609 25,686 8,994 3,019 1,916 Dec. 31 32,566 11,200 21,365 19,240 2,125 10.822 40,505 3,993 27,449 9,062 3,055 1,918 1948—June 30 31,811 11,628 20,183 18,048 2,135 9,888 38,699 3,529 25,875 9,295 3,091 1,927 Insured nonmember commercial banks: 1943—Dec. 31 9,258 2,556 6,702 5,739 962 3,395 11,842 149 7,870 3,823 979 6,535 1944—Dec. 30 11,824 2,678 9,146 8,197 949 3,875 14,809 190 9,987 4,632 1,022 6,452 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1946—Dec 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12,225 6,351 1,193 6,457 1947—June 30 15,896 4,597 11,299 9,949 1,350 3,498 18,240 201 11,550 6,488 1,245 6,461 Dec. 31 16,444 4,958 11,486 10.039 1.448 4.083 19,340 266 12,515 6.558 1,271 6,478 1948—June 30 16,360 5,504 10,856 9,362 1,494 3,397 18,509 202 11,695 6,611 1,333 6,493 Noninsured nonmember commercial banks: 1943—Dec. 31 1,588 276 1,312 1,160- 153 494 1,829 299 1,261 270 267 764 1944—Dec. 30 2,148 292 1,856 1,682 174 473 2,358 161 1,892 305 276 729 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—June 30 2 2,074 430 1,645 1,403 241 514 2,248 436 1,351 461 322 797 Dec. 31 1,993 472 1.521 1.266 255 575 2.236 363 1.411 462 324 783 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 1,245 299 1944—Dec. 30 13.972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 1,298 181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 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 1,566 258 Dec. 31 18,438 5 430 13.008 11.305 1.703 4.658 21.575 629 13.926 7,021 1,595 261 1948—June 30 18,422 5,997 12,425 10,670 1,755 3,867 20,706 602 13,010 7,093 1,664 7,265 Insured mutual savings banks: 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 ,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 ,173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 11,889 ,218 191 Dec. 31 12.683 3.560 9.123 8,165 958 675 12,207 12,192 ,252 194 1948—June 30 13,142 3,769 9,373 8,169 1,204 644 12,581 12,566 ,302 193 Noninsured mutual savings banks: 1943—Dec. 31 4,345 1,411 2,935 2,246 689 238 4,204 4,203 468 361 1944—Dec. 30 4,708 1.260 3,448 2,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—June 30 2 5,964 1,316 4,649 3,924 724 181 5,541 5,539 624 342 Dec. 31 5,957 1,384 4.573 3,813 760 211 5,556 5,553 637 339 1948—June 30 6,084 1,465 4,619 3,808 811 188 5,630 5,627 653 339 2 June 30, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. Back figures.—See Banking and Monetary Statistics, 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. DECEMBER 1948 1491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * m LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- Loans for LF.S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans in- Agri- securities Real Direct of cal a l n d d ate i m n a v e n e n d s t t s - Total* o c 'k i p p l n u e e a g ' d n - t" - - t c a u u l r * l - - b a e T r n o r o d s k- o e t r h s - l t o e a s a t - n e s s l u C o m a o n n e s r - U lo tLn a i n er s Total Total Bills C o d c e f a e r t b t i e i n t f s - i - - Notes Bonds G t a e u n e a - d r- S p d s a t i u o i a c n v l b t a d i i e - t l - s - O s ri e t t c h ie u e s - r per* deal- ed- sions ers ness All insured commercial banks: 1941—Dec. 31.. 49.290 21,259 9,214 1,450 614 662 4,773 4, 545 28,031 21 046 988 3,159 12.7974,102 3,651 3.333 1943—Dec, 31.. 83,507 18,841 7,7771,505 1,414 922 4,437 1,868 918 64,666 58 683 4,636 13^218 7,67230,656 2,5013,287 2,696 1944—Dec. 30 . 103,382 21.352 7,920 1,723 2,269 2,2654,343 1,888 944 82,030 75 875 3,971 15,300 15,77839,848 978 3,4222,733 1945—Dec. 31.. 121,809 25.765 9.461 1,314 3,164 3,6064,677 2,3611 f18196,043 88 912 2,455 19,071 16,04551,321 223,8733,258 1946—Dec. 31. . 112,178 30,733 14.016 1,358 1,517 1,6097,103 4,031 098 81,445 73,554 ,271 12.288 6,78053,200 154,2983,592 1947—June 30.. 110,682 33,250 14.765 1,549 1,517 1,2788,201 4,893 047 77,433 69,136 835 9,441 5,341 53,505 144,826 3.471 Dec. 31. . 114 27437.583 18.012 1,610 823 1,1909.2665.654 028 76.691 67 941 2,124 7.552 5,918 52.334 145,129 3,621 1948—June 30.. 111.794 39,372 17,834 1,976 1,183 1,07710,1016,412 1, 119 72,421 63 490 2,327 9,451 5,06946,630 125,4343,497 Member banks, total: 1941—Dec. 31. . 43 521 18,021 8,671 972 594 598 3,494 3, )92 25,500 19,539 971 3.007 11.7293.8323,0902,871 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 2,345 2.729 2.294 1944—Dec. 30. . 91,569 18,676 7,531 1,198 2,249 2,1083,209 1,505 877 72,893 67,685 3,748 13,982 14.12734,927 902 2,857 2.350 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3.3783,455 1,900 1 104 84,408 78,338 2,275 16,985 14,27144,792 163,254 2,815 1946—Dec. 31. . 96.362 26,696 13.154 884 1,506 1,4675,3583,308 1 020 69,666 63.042 1.167 10,043 5,60246,219 113,5483,077 1947—June 30.. 94,802 28.655 13,820 972 1,507 1,1546 2403,998 965 66,146 59,198 773 7,544 4,369 46,502 103,982 2,966 Dec. 31.. 97,846 32,628 16,962 1,046 811 1,0657,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3 105 1948—Apr. 12.. 95.896 33,062 62,834 55,364 4,452 ,018 June 30.. 95,449 33.871 16,734 1,241 1,171 956 7,777 5,249 1 040 61,578 54,139 2,188 7,597 4,104 40,242 84,436 3,003 New York City* 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1943—Dec. 31.. 19,994 4,428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30.. 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Dec. 31. . 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1 1 9 9 4 4 7 6 — — J D uenc<e 3 3 J 0#.. 2 20 0 , , 3 8 3 3 2 4 6 6 , , 3 5 6 4 8 8 4 4, , 1 0 7 7 1 8 1 1 , , 0 1 9 9 6 6 2 3 8 8 6 9 1 9 0 9 4 5 4 0 5 0 5 2 29 5 1 0 1 1 4 3 , , 4 7 6 8 5 4 1 1 3 2 , , 3 57 0 1 8 3 1 8 3 7 7 1 1 , , 1 72 0 5 3 9 7 9 7 2 5 1 1 0 0 ,5 2 5 0 5 2 1 < 6 5 3 5 1 7 6 58 0 2 1 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—A nr 12 19.547 7,169 12,378 11 129 721 528 June 30.. 19,019 7,550 5,275 963 250 161 616 37211,469 10,358 693 983 520 8,162 583 528 Chicago.* 1941—Dec. 31.. 2,760 954 732 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_ D ju e n c e . 3 3 0. 1 . .. 4 5 . , 8 0 0 8 2 8 1 1 , , 5 8 6 0 5 1 1 1 , , 4 1 1 7 8 8 3 « 10 7 0 3 8 8 4 7 4 4 2 6 1 1 3 4 0 9 2 2 9 6 3 3 , , 2 2 3 8 7 7 2 2 , , 8 8 9 9 0 0 1 13 0 2 6 3 23 6 5 8 2 1 4 3 8 2 2 2 , , 2 2 8 7 4 4 2 1 1 7 3 5 1 18 7 5 3 1948—Apr. 12. . 4,681 1.663 3,018 2,620 223 174 June 30 4,742 1,714 1,357 2 61 75 47 156 32 3,028 2,667 160 250 214 2,043 185 176 Reserve city banks: 1 1 9 9 4 4 3 1 — — D D e e c c . . 3 3 1 1. . . . 2 1 7 5 , , 5 3 2 4 1 7 6 7 , , 2 1 0 0 1 5 3 3 , , 4 0 5 5 6 8 3 2 0 7 0 9 2 1 1 1 7 4 2 1 6 9 7 4 1 1 , , 5 4 2 2 7 0 65 1 81512 301 21 8, , 2 3 4 2 3 1 1 6 9, , 6 4 8 6 2 7 1,8 2 0 95 2 4,691 2,4 7 9 5 7 1 4 9 , , 2 9 4 4 8 3 1,1 7 7 4 3 9 9 9 5 1 6 3 8 7 2 2 0 6 1944—Dec. 30. . 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1.126 916 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—June 30.. 34,611 11,441 5,726 197 185 540 2,713 1,675 405 23,170 20,845 334 3,038 1,503 15,967 3 1,364 962 Dec. 31. . 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Apr. 12. . 34,969 13,352 21,617 19,234 1,343 1,039 June 30.. 35,065 13,373 6,823 260 "126 *4283,3332458 369 21,692 19,222 783 3,244 1,501 13,692 "3 1,446 1,024 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1, 0 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 1,214 855 1944—Dec. 30.. 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Dec. 31. . 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1.067 1946—Dec. 31.. 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—June 30.. 35,057 9,102 2,744 774 26 2443,381 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 I,979 229 26,125 22,857 480 2,583 2,108 17.681 62.006 1,262 1948—Apr. 12.. 36.609 10.877 25.822 22,381 2,165 I,277 June 30.. 36,623 11,234 3,279 979 '22 204 4,236 2,318 267 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 3191,652 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 6,991 752 516 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 1212,328 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. 1492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a r d r i v e n e t e v - h - e k r e s a s l v C a i a n u s l h t b m a w B a n d e n a o c i s t k l e - t h - i s s c 4 j p u m D a o s d a t d s e e e n i - - - d t d s * m D e I s n d o t - e t ic e p 1 r o b s a F i e n t i o s g k r n - U m G er . o e n n v S - t - . p v S s o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h a O c e f e e n e i t f e c r r d f c i d t s k . - i ' s - , p a v n s a p i I t h d i d r n o o t i u d r n p c n a a i e s o s - l - , r s r - - , I b n a t n e k r- P U m G S e i a n o r a . n o e g n s v n v d S t s - - a t - . l v p s S i a u i s o t c n i a b l a o d i t d l t n e - i s s - v p an s i a p I t d h d i r n o o u t i d n r p c n a a i e s o l s - - s , r r - , - r B i o n o w g r s - - c C o a t a u a c p l n - i t - s All insured commercial banks: 12,396 1,358 8,570 37 845 9,823 673 1,761 3,677 1 077 36,544 158 59 492 15,146 10 6,844 11994413——DDeecc . 3311.. .. 12,834 1,445 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 1,622 9,787 65 960 11 063 948 19,754 4,518 1 354 64,133 64 109 423 23,347 122 7,989 1945—Dec.31 15,810 1,829 11,075 74 722 12 566 1,248 23,740 5,098 2 585 72,593 70 103 496 29,277 215 8,671 1946—Dec.31 16,013 2,012 9,481 82 085 10 888 1,364 2,930 5,967 2 361 79,887 68 119 664 32,742 39 9,286 1947—June30 16,039 1,804 8,498 80 869 9 807 1,372 1,247 6,495 2 111 78,077 64 111 771 33,604 60 9,558 Dec. 31 17,796 2,145 9,736 85 751 11 236 1.379 1 325 6,692 2 559 83,723 54 111 826 33.946 61 9,734 1948—June30.. 17,355 2,063 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: 31. . 12 396 ,087 6,246 33 754 9 714 671 1 709 3 066 1,009 33,061 140 50 418 11,878 4 5,886 11994413——DDeecc..31.. 12 835 ,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 ,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 L.24322 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 S,095 1947—June 30.. 16 040 1,409 5,521 69 595 9 612 L.369 1 095 5 376 1,976 67,933 60 106 649 27,259 50 8,315 Dec. 31.. 17 797 1,672 6,270 73 528 10 978 L.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 2 115 570 1,755 68,093 42 102 872 27,616 235 8,610 June 30.. 17 356 1,606 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 I,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 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. 31. 942 36 200 3453 1,292 20 1,552 237 66 3,160 719 377 1946—Dec. 31.. 928 29 172 3,356 1,130 24 152 228 47 3,495 2 823 404 1947—June 30. . 973 36 162 3,427 1,056 24 181 304 55 3,417 6 864 416 Dec. 31.. 1,070 30 175 3,737 1,196 21 72 285 63 3,853 ( 902 426 1948—Apr. 12. . 1,051 26 146 3,432 1,004 24 102 251 37 3,489 \ 1( 908 1 426 June 3ft 1,144 28 152 3,505 1,055 22 105 320 47 3,539 ] 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 1944—Dec. 30. 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—Dec. 31. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 't •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 i 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 li 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 d2,844 1948—Apr. 12 6,403 511 1,791 24,182 4,539 124 793 2,314 524 24,123 17 40 455 10,792 6( 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 2,870 < Country banks: 1941—Dec. 31.. 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 3( 31 146 6,082 t L.982 1 1 9 9 4 4 4 3 — — D D e e c c . . 3 3 1 0 . . 3 3, , 3 9 0 0 3 9 6 6 1 8 1 4 3 4 , , 4 0 7 9 4 7 1 1 7 9 , , 0 95 3 8 9 1,1 9 4 94 9 * c 4 1, , 9 2 6 3 2 0 1 1 , , 7 8 2 6 7 8 3 3 4 6 4 9 1 1 5 8 , , 5 3 6 5 1 0 5 56 7 1 1 4 7 9 5 9 7 , , 6 5 5 9 0 9 1 1 0 6 A d 2 2 , , 1 3 5 2 3 1 1 1 9 9 4 4 6 5 — — D D e e c c . . 3 3 1 1 . . 4 4 , , 5 7 2 0 7 3 8 7 8 9 3 6 4 3 , , 6 7 6 53 5 2 2 3 6 , , 5 23 9 7 5 1 1 , , 1 06 9 7 9 8 8 5,4 8 6 77 5 2 2, ,3 0 9 0 1 4 4 5 3 2 5 4 2 2 1 4 , , 7 1 9 2 7 8 5 5 2 5 2 2 7 1 2 9 1 1 3 2 , , 7 2 2 2 7 4 2 1 6 1 d2 2, , 7 5 5 2 7 5 1947—June 30. 4,628 780 3,444 25,508 885 8 424 2,511 451 23,380 49 308 14,101 38 2,869 1948—A D p ec r . . 3 1 1 2 . . 4 4 , ,8 9 1 9 5 3 9 88 2 4 9 3 3, , 3 9 9 0 1 0 2 2 6 7, ,4 4 6 2 6 4 1,0 8 4 14 9 8 r t 8 4 4 3 4 2 2 2 , , 6 7 4 7 7 2 4 5 6 2 8 8 2 2 4 5 , , 1 2 3 0 6 3 4 4 6 5 3 3 3 5 7 4 1 1 4 4 , , 4 1 5 7 6 7 5 2 5 3 2 5, , 0 9 4 3 8 4 June 30. 4,866 934 3,369 26,639 798 9 680 2,839 516 24,161 U 49 364 14,473 24 J,056 ! Insured nonmember commercial banks: 1941—Dec. 31. 271 2,325 4,092 108 53 611 68 3,483 u I 74 3,276 ( 959 1943—Dec. 3l! 313 2,996 7,279 141 r 506 750 96 6,51* ( 4. 6] 3^75( ( 979 1944—Dec! 30. 352 3,43' s,652 182 -. 1,245 775 10; 7,86; ( 76 4,55c 022 1945—Dec. 31. 39" 3,959 10,537 23^ C 1,560 858 135 9^64: 97 5*579 ,083 1 1 9 9 4 4 6 7 — — D ju e n c e . 3 30 1. . 4 39 3 5 7 3 2 , , 5 9 4 7 7 9 1 1 1 1 , , 8 2 4 7 2 4 2 1 4 9 ^ 4 11 2 1 5 5 8 2 1 1 , , 0 1 5 1 2 9 1 1 5 3 ^ 5 1 10 0 , , 1 7 4 6 - 1 ? t t t 1 1 1 2 K 2 6 6, , 3 2 6 3 : 2 K ( ] [2 l9 4 3 5 Dec. 31. 473 3,466 12,223 258 149 1 188 158 11,019 t 6 132 6 420 *271 1948—June 30. 457 2,820 11,368 195 207 1,259 147 10,083 4 6 149 6^457 10 U333 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 and 108-113. DECEMBER 1948 1493 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 or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total* i t n a ri d n a d u l s , - and dealers To others e l R s o t e a a a n te l s L ba o t n o a k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O s ri e t t h c ie e u s r t a c u g u r r l a i - - l G U t l i o i o . o g b v n S 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 v S n a - - t s . . O c t s u t i e h e r - s e i- r Total Bills o d n e f e e d b i s - n t s - - Notes Bonds8 Total— Leading Cities 1947—October 64,840 22,220 13,432 494 546 492 487 3,278 220 3,271 42,620 38,340 680 4,034 2,576 31,0504,280 194g_june 62,993 23,646 14,223 580 466 278 497 3,787 208 3,655 39,347 35,134 1,995 4,814 2,400 25,9254,213 July- 62,930 23,917 14,469 547 489 272 503 3,842 293 3,74439,013 34,709 1,848 4,478 2,449 25,9344,304 August 63,211 24,013 14,790 291 467 251 500 3,891 284 3,781 39,198 34,822 2,222 4,225 2,546 25,8294,376 September... 63.033 24.472 15,088 448 400 235 4903.944 265 3.846 38,561 34.118 1,969 4.060 2,582 25,507 4.443 October 62,256 24,605 15,388 246 432 218 4883,993 215 3,87337,651 33,300 2,071 4,441 1,699 25,0894,351 Sept. 1 63,231 24,095 14,887 336 407 243 4943,920 239 3,813 39,136 34,714 2,148 4,164 2,600 25,8024,422 Sept. 8 63,291 24,223 14,931 384 379 242 4863,933 282 3,83039,068 34,652 2,084 4,181 2,608 25,7794,416 Sept 15 63,718 24,499 15,183 405 388 234 492 3,951 241 3,85039,219 34,744 2,488 4,174 2,670 25,412 4,475 Sept. 22 63,020 24,643 15,201 525 376 229 4863,957 246 3,867 38,377 33,921 1,980 4,037 2,592 25,312 4,456 Sept 29 61,905 24,899 15,239 592 451 225 4923,961 315 3,870 37,006 32,559 1,142 3,745 2,442 25,2304,447 Oct. 6 62,174 24,531 15,311 269 410 225 489 3,970 239 3,86637,643 33,235 1,827 4,475 1,718 25,2154,408 Oct. 13 62,114 24,714 15,458 309 464 220 487 3,989 171 3,865 37,400 33,022 1,698 4,456 1,717 25,151 4,378 Oct. 20 62,296 24,539 15,374 194 414 216 485 4,002 224 3,877 37,757 33,416 2,257 4,444 1,683 25,032 4,341 Oct. 27 62,441 24,635 15,410 213 439 209 490 4,010 226 3,886 37,806 33,526 2,503 4,389 1,678 24,9564,280 Nov. 3 62,232 24,730 15,418 223 439 207 4884,021 295 3,88737,502 33,268 2,378 4,423 1,673 24,7944,234 Nov. 10 62,378 24,863 15,583 315 397 200 4784,028 237 3,87437,515 33,319 2,454 4,420 1,658 24,787 4,196 Nov. 17 62,647 24,944 15,568 392 410 202 4764,035 228 3,88237,703 33,525 2,511 4,515 1,678 24,821 4,178 Nov. 24 62,462 25,212 15,545 624 455 198 5064,045 198 3,89237,250 33,073 2,090 4,457 1,692 24,8344,177 New York City 1947—October 20,036 6,840 4,815 412 368 82 189 102 161 711 13,196 11,965 250 724 618 10,373 1,231 194g—june 18,865 7,314 5,117 521 345 45 195 143 173 793 11,551 10,476 855 1,069 545 8,007 1,075 July 18,648 7,412 5,190 479 363 45 200 158 236 826 11,236 10,108 771 892 509 7,936 1,128 August 18,621 7,285 5,336 249 325 34 199 171 235 821 11,336 10,184 1,040 821 499 7,8241,152 September... 18,541 7.503 5,464 389 280 29 192 184 221 83011,038 9,835 877 769 520 7.669 1,203 October 18,199 7,463 5,609 207 311 27 193 199 178 82510,736 9,617 935 851 291 7,540 1,119 Sept. 1 18,617 7,288 5,367 289 283 32 195 176 209 82211,329 10,157 1,057 806 521 7,773 1,172 Sept, 8 18,520 7,362 5,394 334 267 31 191 182 223 82611,158 9,987 908 802 509 7,768 1,171 Sept. 15 18,878 7,523 5,543 354 272 27 194 185 203 831 11,355 10,122 1,173 794 554 7,601 1,233 Sept, 22 18,561 7,546 5,489 453 266 27 188 188 187 834 11,015 9,793 848 804 538 7,603 1,222 Sept. 29 ... 18,127 7,794 5,527 515 313 27 193 187 282 835 10,333 9,115 401 638 476 7,600 1,218 Oct. 6 18,259 7,478 5,585 232 290 27 192 191 215 83210,781 9,613 853 867 291 7,602 1,168 Oct. 13 18,037 7,533 5,663 254 329 26 193 197 126 83110,504 9,364 665 824 293 7,582 1,140 Oct 20 18,197 7,393 5,585 169 299 28 190 205 185 818 10,804 9,690 1,024 865 294 7,507 1,114 Oct. 27 18,302 7,447 5,601 173 327 26 197 204 185 820 10,855 9,799 1,198 846 286 7,469 1,056 Nov. 3 18,098 7,473 5,606 195 321 26 193 205 206 80710,625 9,607 1,040 870 269 7,428 1,018 Nov. 10 18,081 7,560 5,671 276 289 27 187 207 189 80010,521 9,507 973 852 268 7,414 1,014 Nov. 17 18,181 7,596 5,639 354 296 28 186 208 175 79610,585 9,575 923 948 273 7,431 1,010 Nov. 24 18,244 7,841 5,621 567 325 28 219 209 150 80810,403 9,397 767 925 261 7,444 1,006 Outside New York City 1947—October. . .. 44,804 15,380 8,617 82 178 410 298 3,176 59 2,56029,424 26,375 430 3,310 1,958 20,6773,049 1948—june 44,128 16,332 9,106 59 121 233 302 3,644 35 2,86227,796 24,658 1,140 3,745 1,855 17,9183,138 July 44,282 16,505 9,279 68 126 227 303 3,684 57 2,918 27,777 24,601 1,077 3,586 1,940 17,9983,176 August 44,590 16,728 9,454 42 142 217 301 3,720 49 2,96027,862 24,638 1,182 3,404 2,047 18,0053,224 September... 44,492 16,969 9,624 59 120 206 2983,760 44 3,016 27,523 24.283 1,092 3.291 2,062 17,8383.240 October 41,057 17,142 9,779 39 121 191 2953,794 37 3,04826,915 23,683 1,136 3,590 1,408 17,5493,232 Sept. 1 44,614 16,807 9,520 47 124 211 2993,744 30 2,99127,807 24,557 1,091 3,358 2,079 18,0293,250 Sept. 8 44,771 16,861 9,537 50 112 211 2953,751 59 3,004 27,910 24,665 1,176 3,379 2,099 18,0113,245 Sept 15 44,840 16,976 9,640 51 116 207 298 3,766 38 3,019 27,864 24,622 1,315 3,380 2,116 17,8113,242 Sept. 22 44,459 17,097 9,712 72 110 202 298 3,769 59 3,033 27,362 24,128 1,132 3,233 2,054 17,7093,234 Sept. 29 43,778 17,105 9,712 77 138 198 299 3,774 33 3,03526,673 23,444 741 3,107 1,966 17,6303,229 Oct. 6 43,915 17,053 9,726 37 120 198 297 3,779 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 Nov. 3 44,134 17,257 9,812 28 118 181 2953,816 89 3,08026,877 23,661 1,338 3,553 1,404 17,3663,216 Nov. 10 44,297 17,303 9,912 39 108 173 2913,821 48 3,07426,994 23,812 1,481 3,568 1,390 17,3733,182 Nov. 17 44,466 17,348 9,929 38 114 174 2903,827 53 3,08627,118 23,950 1,588 3,567 1,405 17,3903,168 Nov. 24 44,218 17,371 9,924 57 130 170 2873,836 48 3,08426,847 23,676 1,323 3,532 1,431 17,3903,171 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. • Including guaranteed obligations. 1494 FEDERAL RESERVE BULLETIX Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e n a t d 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 n i c o s t e k - h ti s s c j p m u o a s d a t d s e e n i - - d t d s 5 s p p u n v h a c 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 l a b t n d i i e l t - - s - s c C O c h a f e e e i e n t f e r r c 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 v n h a c o a a o n e 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 c i o a n v l b 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 g n v n d v t S s - a - t - . l m D t D i e o c s e - - man F ei d o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n " - k tions tions Total- Leading Cities 1947—October... . 12,432 790 2,45247,19747,804 2,978 1,513 1,38014,167 328 9,9781,410 231 5,810 90,187 1948—June 12,883 783 2,33146,792 46,973 3,442 1,463 1,182 14,333 515 8,777 ,329 123 5,916 94,384 July 12,989 812 2,299 46,559 46,831 3,333 1,390 1,202 14,352 535 8,920 ,371 230 5,908 91.583 August. . . 13,072 778 2,226 46,822 46,881 3,305 1,214 1,355 14,293 544 8,840 ,386 187 5,932 86,297 September 13,624 803 2,259 46,987 47,439 3,251 1,350 1,355 14,301 540 9,034 ,413 165 5,949 90,989 October... 14,521 834 2,26146,864 47,711 3,141 1,291 1,532 14,330 535 9,046 ,417 169 5,976 94,919 Sept. 1... 13,099 748 2,16747,056 46,919 3,370 1,255 1,217 14,271 539 8,777 ,408 107 5,953 19,717 Sept. 8... 13,200 815 2,209 46,93246,993 3,264 1,099 1,204 14,277 539 9,094 ,422 178 5,956 15,451 Sept. 15...13,709 803 2,540 47,446 49,078 3,208 1,717 1,234 14,315 534 9,805 ,420 87 5,941 22,415 Sept. 22...13,487 813 2,259 46,838 47,263 3,171 1,399 1,416 14,322 548 8,896 ,416 169 5,942 24,048 Sept. 29...14,625 833 2,12246,660 46,940 3,241 1,281 1,704 14,317 541 8,599 ,396 285 5,954 22,000 Oct. 6... 14,273 788 2,208 465,44146,491 3,202 1,122 1,590 14,337 541 9,024 1,407 127 5,978 22,721 Oct. 13... 14,538 886 2,315 465,59348,385 3,124 1,431 1,581 14,335 532 9,127 1,425 284 5,973 17,710 Oct. 20... 14,585 820 2,318 46,998 47,951 3,055 1,248 1,498 14,324 536 9,126 1,429 121 5,970 24,696 Oct. 27... 14,687 842 2,20147,42248,019 3,182 1,361 1,459 14,321 533 8,9071,406 143 5,982 22,685 Nov. 3... 14,530 813 2,250 46,60747,474 3,299 1,315 1,513 14,323 536 9,2251,423 212 6,006 21,789 Nov. 10... 14,584 850 2,208 46,929 47,446 3,20^ 1,264 1,389 14,321 527 9,252 1,405 205 5,994 20,594 Nov. 17... 14,557 825 2,350 46,90748,270 3,141 1,441 1,580 14,302 518 9,5381,416 139 5,992 21,489 Nov. 24... 14,688 817 2,10747,30147,801 3,170 1,425 1,374 14,287 509 8,7621,421 425 5,988 22,490 New York City 1947—October... 4,315 130 15,83416,390 241 810 481 1,376 3,0471,257 2,195 35,162 1948—June 4,761 122 15,48416,135 219 781 300 1,497 2,824 1,164 64 2,205 38,942 July 4,856 126 15,20715,813 246 718 319 1,532 2,823 1,197 154 2,210 36,350 August. . . 4,838 118 15,28615,761 252 569 368 1,498 2,741 1,209 82 2,218 32,540 September 5,067 122 15,31315,932 264 669 350 1,498 2,833 ,232 98 2,216 36,354 October... 5,293 131 15,15315,782 274 634 490 1,491 2,779 ,234 69 2,222 38,014 Sept. 1... 4,843 113 15,38915,831 308 572 315 1,492 2,733 ,227 28 2,222 7,696 Sept. 8... 4,939 126 15,26715,767 230 474 306 1,495 2,767 ,248 114 2,220 5,436 Sept. 15... 5,195 121 15,52316,493 269 982 322 1,497 3,174 ,235 32 2,218 9,107 Sept. 22... 5,004 121 15,23615,793 245 697 371 1,502 2,818 ,234 111 2,211 9,839 Sept. 29... 5,355 130 15,15515,778 268 620 436 1,505 2,671 ,218 203 2,210 9.123 Oct. 6... 5,082 124 14,98415,444 277 466 529 1,501 2,749 ,230 65 2,225 9,394 Oct. 13... 5,313 143 14,91215,652 270 803 516 1,493 2,814 ,245 100 2,225 6,816 Oct. 20... 5,400 123 15,25815,941 268 586 469 1,484 2,838 ,244 22 2,221 9,652 Oct. 27... 5,375 13 15,45716,091 280 680 447 1,485 2,715 ,218 87 2,219 9,374 Nov. 3... 5,249 134 14,91815,582 368 634 480 1,485 2,842 ,236 118 2,234 8,688 Nov. 10... 5,306 149 3415,11215,651 28 614 438 1,477 2,766 ,218 109 2,233 7,703 Nov. 17... 5,263 129 15,04815,844 303 718 1,471 2,850 ,228 91 2,233 7,770 Nov. 24... 5,366 141 15,29715,888 272 757 1,486 2,648 ,233 272 2,227 8,541 Outside New York City 1947—October... 8,117 660 2,413 31,36331,414 2,737 89912,791 313 6,931 89 3,615 55,025 1948—June 8,122 661 2,29831,308:30,838 3,223 682 88212,836 474 5,953 165 59 3,711 55,442 July 8,133 686 2,26531.352 3•1,018 3,087 672 88312,820 502 6,097 174 76 3,698 55,233 August. . . 8,234 660 2,19531,536 31,,120 3,053 645 98712,795 516 6,099 177 105 3,714 53,757 September 8,557 681 2,224 3311,,6674 31,50' 2,987 681 1,00512,803 513 6,201 181 67 3,733 54,635 October... 9,228 703 2,22431,71131,929 2,867 657 1,04212,839 512 6,267 183 100 3,754 56,905 Sept. 1... 8,256 635 2,13631,66731,088 3,062 683 90212,779 512 6,044 181 79 3,731 12,021 Sept. 8... 8,261 689 ,17831,66531,226 3,034 625 89812,782 511 6,327 174 64 3,736 10,015 Sept. 15... 8,514 682 2,503 31,92332,585 2,939 735 91212,818 508 6,631 185 55 3,723 13,308 Sept. 22... 8,483 692 2,22031,60231,470 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 82 3.744 12,877 Oct. 6... 9,191 664 2,16631,45731,04 2,925 656 1,061 12,836 514 6,275 177 62 3,753 13,327 Oct. 13... 9,225 743 2,28531,68132,733 2,854 628 1,065 12,842 511 6,313 180 184 3,748 10,894 Oct. 20... 9,185 697 2,274 31,740 32,010 2,787 662 1,029 12,840 513 6,288 185 99 3,749 15,044 Oct. 27... 9,312 707 2,167 31965 31,928 2,902 681 1,012 12,836 510 6,192 188 56 3,763 13,311 Nov. 3.... 9,281 679 2,21731,689 31,89: 2,931 681 1,03 12,838 51 6,383 187 94 3,772 13,101 Nov. 10.... 9,278 701 2,174 31,81731,795 2,918 650 95112,844 504 6,486 187 96 12,891 Nov. 17.... 9,294 696 2,312 2,426 2,838 723 1,09412,831 500 6,688 188 48 13,719 Nov. 24 9,322 676 2,073 004 31,913 2,898 668 96612,801 491 6,114 188 153 3,761 13,949 » Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * 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. DECEMBER 1948 1495 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 Com- Total mer- Federal Reserve loans cial, To brokers district and date i m n a v e n e n d s t t s - Total i a t n a c r g u n d i r a l d u i - l - s- G U an o . d v S t . . de O al t e h r e s rG U T o . o v S t . . ot O h t e h r e s r e l R o st a e a n a t s l e L ba o t n o a k n s sO lo t a h n e s r Total Total Bills o d c C t f a e i f e t b i e i r - t n - s - - Notes Bonds2 O s r e t it h c i u e e r s tural ob- se- ob- se- edliga- curi- liga- curi- ness tions ties tion* ties Boston Oct. 27 1,110 743 9 13 17 132 9 202 1,705 1,572 141 237 89 1,105 133 Nov. 3 1,168 742 10 13 17 132 65 204 1,714 1,586 162 231 89 1,104 128 Nov. 10 ,811 1,105 746 8 13 16 132 2 201 1,706 1,590 167 231 89 1,103 116 Nov. 17 ,811 1,103 736 7 13 17 134 5 201 1,708 1,597 174 231 91 1,101 111 Nov. 24 ,793 1,107 734 11 12 17 134 9 199 1,686 1,580 154 234 90 1,102 106 New York* Oct. 27 ,45: 8,200 5,961 173 330 32 216 402 187 99812,252 10,993 1,227 928 349 489 1,259 Nov. 3 ,260 8,225 5,964 195 325 32 212 405 206 98512,035 10,815 1,082 95 332 8,446 1,220 Nov. 10 ,245 8,322 6,031 281 293 33 206 410 189 97811,923 10,710 1,008 93 331 8,434 ,213 Nov. 17 ,346 8,355 5,998 356 300 34 205 411 175 97511,991 10,779 962 1,029 335 8,4531,212 Nov. 24 ,403 8,596 5,978 567 329 34 238 413 150 98611,807 10,598 806 1,007 321 8,4641,209 Philadelphia Oct. 27 ,570 928 539 1 17 3 9 90 5 271 1,642 1,365 107 124 70 1,064 277 Nov. 3 ,581 925 535 1 16 3 9 90 6 272 1,656 1,381 136 124 75 1,046 275 Nov. 10 ,581 927 537 1 16 3 9 91 5 272 1,654 1,385 140 131 70 1,044 269 Nov. 17 ,597 923 536 1 16 3 91 1 274 1,674 1,403 158 136 75 1,034 271 Nov. 24 ,572 926 535 1 16 3 91 5 275 1,646 1,373 132 132 77 1,032 273 Cleveland Oct. 27 ,334 1,477 914 10 12 41 21 273 1 218 2,857 2,514 178 236 146 1,954 343 Nov. 3 ,322 1,477 918 8 12 41 21 274 1 215 2,845 2,504 178 236 145 1,945 341 Nov. 10 319 1,477 924 7 11 34 21 275 218 2,842 2,500 175 229 145 1,951 342 Nov. 17 330 1,483 928 7 12 34 21 275 219 2,847 2,511 181 234 145 1,951 336 Nov. 24 ,323 1,487 922 6 12 34 21 276 219 2,836 2,498 150 241 153 1,954 338 Richmond Oct. 27 533 876 417 6 16 23 200 214 ,657 1,525 55 205 60 1,205 132 Nov. 3 519 874 414 6 16 23 202 215 ,645 1,515 55 203 60 1,197 130 Nov. 10 534 873 414 5 16 22 203 215 ,661 1,532 72 203 61 1,196 129 Nov. 17 537 875 415 5 16 23 203 215 ,662 1,533 73 203 61 1,196 129 Nov. 24 512 874 416 5 16 22 203 214 ,638 1,509 57 199 59 1,194 129 Atlanta Oct. 27 272 853 538 6 19 35 66 192 ,419 1,229 25 282 69 853 190 Nov. 3 287 865 551 6 18 36 66 190 ,422 1,232 28 283 72 849 190 Nov. 10 313 879 561 8 18 36 65 193 1,434 1,243 39 283 72 849 191 Nov. 17 312 871 555 7 18 36 65 191 1,441 1,252 50 279 73 850 189 Nov. 24 293 872 557 6 18 36 65 192 1,421 1,232 40 273 69 850 189 Chicago* Oct. 27 ,499 2,768 1,912 32 26 65 335 406 5,731 5,109 272 581 370 3,886 622 Nov. 3 ,466 2,762 1,900 37 26 66 336 409 5,704 5,080 262 595 378 3,845 624 Nov. 10 ,558 2,792 1,918 28 25 64 336 407 5,766 5,143 311 601 386 3,845 623 Nov. 17 ,595 2,802 1,912 35 25 64 336 407 5,793 5,173 332 593 386 3,862 620 Nov. 24 ,518 2,807 1,912 48 25 63 338 406 5,711 5,087 234 588 401 3,864 624 St. Louis Oct. 27 ,091 1,007 614 5 13 13 156 209 1,084 945 83 146 67 649 139 Nov. 3 ,092 1,007 611 5 12 12 158 211 1,085 947 88 147 66 646 138 Nov. 10 ,108 1,008 617 5 11 12 158 208 1,100 962 90 157 62 653 138 Nov. 17 ,141 1,027 635 5 11 12 158 209 1,114 976 93 157 66 660 138 Nov. 24 ,132 1,029 636 5 11 12 159 209 1,103 967 82 152 72 661 136 Minneapolis Oct. 27 ,188 434 251 2 7 5 62 110 754 677 48 139 31 459 77 Nov. 3 ,204 434 250 1 7 6 62 112 770 689 75 138 34 442 81 Nov. 10 ,186 435 252 2 7 6 62 110 751 671 61 131 34 445 80 Nov. 17 ,188 435 251 2 7 6 61 112 753 673 61 132 34 446 80 Nov. 24 ,180 435 252 2 6 6 62 111 745 667 56 129 36 446 78 Kansas City Oct. 27 ,376 578 4 6 12 127 160 1,492 1,286 147 274 87 778 206 Nov. 3 ,355 884 579 4 6 12 127 159 1,471 1,267 129 274 87 777 204 Nov. 10 ,377 884 578 4 6 12 127 160 1,493 1,289 149 277 87 776 204 Nov. 17 ,408 885 579 4 6 12 127 160 1,523 1,320 174 278 90 778 203 Nov. 24 ,403 889 580 4 6 12 128 159 1,514 1,308 166 272 91 779 206 Dallas Oct. 27 ,281 1,085 753 5 15 42 89 187 1,196 1,076 30 219 76 751 120 Nov. 3 295 1,096 759 6 15 42 89 191 1,199 1,079 33 229 76 741 120 Nov. 10 303 1,098 764 6 16 42 87 189 1,205 1,084 45 232 69 738 121 Nov. 17 313 1,106 771 5 16 42 89 189 1,207 1,087 49 233 69 736 120 Nov. 24 321 1,110 773 5 16 42 192 1,211 1,090 55 230 68 737 121 San Francisco Oct. 27 030 5,013 2,190 11 18 32 ,078 719 6,017 5,235 190 1,018 264 3,763 782 Nov. 3 969 5,013 2,195 11 18 32 ,080 724 5,956 ,173 150 1,008 259 3,756 783 Nov. 10 043 5,063 2,241 11 18 32 ,082 723 5,980 ,210 197 1,008 252 3,753 770 Nov. 17 069 5,079 2,252 12 19 30 ,085 730 5,990 5,221 204 1,010 253 3,754 769 Nov. 24 012 5,080 2,250 12 17 30 ,088 730 5,932 5,164 158 1,000 255 3,751 768 City of Chicago* Oct. 27 313 1,878 1,483 28 21 57 72 217 3,435 3,040 211 322 267 2,240 395 Nov. 3 277 1,870 1,472 32 21 57 73 220 3,407 3,006 188 317 264 2,237 401 Nov. 10 350 1,899 1,488 24 20 55 73 218 3,451 3,052 220 323 272 2,237 399 Nov. 17 369 1,908 1,481 30 20 55 73 219 3,461 3,064 223 328 272 2,241 397 Nov. 24 298 1,912 1,480 43 20 55 74 218 3,386 2,986 141 330 281 2,234 400 * 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. 1496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s F w e R e a e r i r 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 i n c o s t - e k h ti s s c j p m u o s a d a t d s e e n i ; - d t d s * s p p u v n h c a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p d s a i s o i t i c u o n a v l a b n d i t i l t e - - s - s c C h c O a e f e e e i t n f e c r c r f d d t i k s . i - ' s - , U m G e . r o e n n v S - t - . s p u p v c n h a o a o a i n e i d l p r r r r d s a - - - s t , - - , S p s d s a i i o t u i c o n a v l b a n t i d i - l e t - s - s P U m G S e i a o n . r a o n e s g n v d v n S t s - - a - t . l m D t e i 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 i a e ts b n * - k tions tions Boston Oct. 27 584 62 104 2,408 2,388 171 51 484 287 23 321 890 Nov. 3 555 60 100 2,449 2,367 216 47 483 286 24 322 910 Nov. 10 577 59 99 2,407 2,364 192 48 482 282 22 322 805 Nov. 17 591 61 120 2,421 2,429 177 51 482 297 23 322 870 Nov. 24 565 59 99 2,385 2,366 170 44 482 269 23 322 887 New York* Oct. 27 5,719 183 120 16,93517,406 517 719 495 2,336 2,782 1,221 91 2,412 9,957 Nov. 3 5,578 181 12816,400 16,920 605 690 528 2,336 2,911 1,239 121 2,428 9,220 Nov. 10 5,643 198 12316,601 16,965 564 657 4832,326 2,836 1,221 114 2,427 8,250 N N o o v v . . 2 17 4. 5 5 , ,6 5 9 7 7 9 1 1 7 8 7 7 1 1 3 1 2 6 1 16 6 , , 7 5 6 1 5 9 1 1 7 7 , , 1 2 7 0 8 4 5 5 4 0 5 6 8 7 0 6 0 8 5372 2 , , 3 3 1 2 9 9 2 2, , 7 9 1 2 2 3 1 1, , 2 2 3 3 6 1 2 9 8 1 9 2 2 , , 4 4 2 2 7 1 8 9, , 1 3 1 6 7 0 Philadelphia Oct. 27 554 46 107 2,093 2,194 89 28 89 410 340 12 11 304 804 Nov. 3 538 47 115 2,082 2,210 80 35 93 410 351 12 10 306 797 Nov. 10 562 45 104 2,107 2,176 106 27 82 419 349 12 3 305 768 Nov. 17 551 46 114 2,090 2,225 91 34 92 417 377 12 1 306 809 Nov. 24 555 45 99 2,105 2,176 100 29 77 415 326 12 22 306 862 Cleveland Oct. 27. 853 92 155 3,082 3,169 192 50 1171,309 428 5 1 461 1,212 Nov. 3 896 87 156 3,069 3,132 189 50 126 1,309 449 5 13 462 1,261 Nov. 10 871 90 138 3,018 3,084 184 50 116 1,309 451 5 28 463 1,166 Nov. 17 892 89 156 3,044 3,179 185 61 135 1,308 480 5 5 463 1,287 Nov. 24 869 84 141 3,061 3,145 175 52 1191,306 426 5 16 460 1,250 Richmond Oct. 27 550 69 173 2,065 2,064 191 54 580 405 6 7 218 818 Nov. 3 549 66 158 2,030 2,065 185 37 52 578 406 5 10 218 775 Nov. 10 559 65 168 2,053 2,062 177 44 50 578 427 6 2 219 773 Nov. 17 541 67 161 2,028 2,060 172 54 59 574 432 7 1 219 821 Nov. 24 551 63 141 2,024 2,036 176 45 51 571 390 5 16 219 1,122 Atlanta Oct. 27 489 46 175 1,764 1,665 292 24 33 524 473 11 1 188 699 Nov. 3 . 500 41 187 1,756 1,662 290 26 37 525 510 13 3 185 753 Nov. 10 499 46 183 1,759 1,675 292 23 37 526 533 11 3 185 661 Nov. 17 501 44 190 1,767 1,714 279 23 39 525 523 13 7 185 739 Nov. 24 498 44 166 1,758 1,671 273 22 36 524 488 11 10 185 702 Chicago* Oct. 27 2,096 105 338 6,155 6,193 542 108 2892,412 1,409 30 11 689 3,058 Nov. 3 2,022 108 347 5,994 6,148 546 109 3112,416 1,428 28 38 693 2,936 Nov. 10 2,005 109 333 6,105 6,130 520 104 2772,415 1,433 30 21 693 2,884 Nov. 17 2,055 105 347 6,103 6,245 514 111 323 2,415 1,496 30 12 j 693 3,140 Nov. 24 2,067 104 330 6,194 6,230 531 104 2722,418 1,352 30 30j 693 3,045 SL Louis Oct. 27 444 30 127 1,378 1,481 105 22 55 463 605 2 6 175 662 Nov. 3 456 30 125 1,351 1,472 110 28 50 463 648 2 10 176 687 Nov. 10 467 31 125 1,364 1,480 110 20 46 463 673 2 2; 175 680 Nov. 17 454 30 123 1,370 1,510 113 20 50 462 673 1 n 175 674 Nov. 24 466 30 111 1,399 1,493 110 20 47 462 632 3 16 175 668 Minneapolis Oct. 27 255 13 94 863 818 175 14 24 248 314 4 98 436 Nov. 3 257 12 91 864 796 179 16 24 248 325 3 98 465 Nov. 10 261 13 88 846 807 165 13 23 248 325 3 98 435 Nov. 17 243 14 96 835 814 159 14 28 248 325 3 97 452 Nov. 24 244 13 86 847 801 166 14 25 247 300 3 98 434 Kansas City Oct. 27 560 32 273 1,827 1,858 212 25 55 374 4 791 1 192 833 Nov. 3 579 28 291 1,811 1,867 206 26 52 374 4 822 1 192 731 Nov. 10 569 30 298 ,827 1,874 197 26 48 374 4 831 1 192 765 Nov. 17 570 30 306 ,849 1,941 196 29 54 374 4 842 1 192 888 Nov. 24 594 30 276 ,874 1,917 209 26 48 374 4 791 1 193 928 Dallas Oct. 27 558 35 272 ,928 1,900 188 38 343 64 602 4 195 705 Nov. 3 553 34 271 ,911 1,910 205 37 344 67 625 4 195 704 Nov. 10 574 35 281 ,935 1,900 207 34 344 66 640 5 195 670 Nov. 17 577 33 315 ,964 1,968 205 39 344 64 655 5 195 731 Nov. 24 564 35 273 1,96V 1,928 202 41 344 63 617 4 196 783 San Francisco Oct. 27 2,025 129 263 6,924 6,883 508 194 150 4,838 267 471 87 729 2,611 Nov. 3 2,047 119 281 6,890 6,925 488 214 149 4,837 273 464 87 731 2,550 Nov. 10 1,997 129 268 6,907 6,929 491 218 138 4,837 271 472 87 720 2,737 Nov. 17 2,003 129 290 6,917 7,007 505 237 161 4,834 271 515 718 2,718 Nov. 24 2,018 123 269 6,928 6,834 552 228 154 4,815 269 459 720 2,692 City of Chicago* Oct. 27 1,416 38 158 3,955 4,048 285 51 172 ,234 39 1,031 464 1,940 Nov. 3 1,373 40 167 3,857 4,018 288 54 182 ,237 39 1,039 467 1,864 Nov. 10 1,353 40 161 3,932 4,018 277 48 161 ,235 39 1,050 467 1,810 Nov. 17 1,418 36 167 3,941 4,105 277 50 185 ,236 39 1,098 466 1,991 Nov. 24 1,428 39 152 3,974 4,079 279 52 153 ,236 40 1,004 466 1,952 For footnotes see opposite page and preceding table. DECEMBER 1948 1497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t- ing Total O bi w ll n s bo B u il g ls ht a ( R F f B 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 d s ts E U S x f n r t p a o i o t t m e e r s d ts c D h e o a x l n l - g ar e U sh n i i p te p p d o ed in t b s e F i t n w or e e e i n gn States countries 1947—September 242 219 168 83 85 4 47 140 42 2 24 11 October 283 237 180 83 97 2 55 144 54 4 23 10 November 287 245 188 76 112 56 147 61 3 25 9 December 287 261 197 88 109 64 159 63 3 25 11 290 262 188 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 June 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 SeDtember 305 214 120 65 55 94 136 37 20 20 October 285 221 125 67 58 96 140 42 1 20 17 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances 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 )1 es a in n a v d c e c t s o r t a u m d n e i t n n s g t a in n a v d c e c t s o r t a u m d n e i t n n s g t a b n a d n k i s n borrowed* Free O (n th e e t) r a I in 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 f r t i a m u r 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 ] 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—November. . •593 •247 •617 December... 578 7 315 393 240 612 176 23 15 273 1948—January •568 •217 •622 February. . . •537 •208 •596 March •550 •229 •592 April •572 •241 •614 May •615 •258 •619 June 619 7 326 332 283 576 145 20 11 291 July •608 3 288 •577 August •573 •252 •551 September... 3 570 3 238 355O October 3 580 3 252 3 540 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. * Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). » 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): August, 54; September, 47; October, 45. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 1498 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 e h r k , , or m m 4 p P - c o a e o r t n i p r m o m c t e - h i r e 6 a s , - l 1 a P a b d c n e a r a 9 c r i c n y s 0 m e e ' k s p s e - 1 , t- ch n l a c e o r e a l a x e s a w n l - - n g l 2 - e m bi o 3 l - l n s t h « 9 d m c o - c e e t f a o b r o t t n t i i e e n f t s 1 i h d - 2 - - - t 3 a - i y s x t s e o a u a b r e 5 l s - e 1 T 9 o c t i a ti l es N Y C e o it w r y k e E 7 N r c a n o o i s t r t t i a h t e e h n s r e - n d r 1 W e 1 r c n e S it s o i a t e e u n s r t d n h- 1938 average1 2.53 1.69 2.75 3.26 ness 1939 average 2.78 2.07 2.87 3.51 1940 average 2.63 2.04 2.56 3.38 1 1 1 9 9 9 4 4 4 5 6 7 a a a v v v e e e r r r a a a g g g e e e ... 1. . . 0 7 8 5 3 1 . . . 4 6 8 4 1 7 1 1 1 . . . 0 1 3 0 6 8 . . . 3 3 6 7 7 0 5 5 4 . . . 8 8 8 1 2 8 1 1 1 . . . 3 1 1 2 8 6 1 1 1 1 9 9 9 9 4 4 4 4 1 2 3 4 a a a a v v v v e e e e r r r r a a a a g g g g e e e e . 2 2 2 2 . . . . 7 6 5 5 2 1 4 9 2 2 2 1 . . . .9 1 0 3 7 1 7 0 2.55 3 3 3 3 . . . . 0 2 1 1 2 6 9 3 1947— D N e o c v e e m m b b e e r r . . . 1 1. . 1 0 9 6 1. . 0 94 3 L L . . 3 3 8 8 . . 9 9 3 5 2 0 1. . 0 9 4 9 1 1 . . 4 5 7 4 1 1 1 9 9 9 4 4 4 5 7 6 a a a v v v e e e r r r a a a g g g e e e . 2 2 2 . . . 2 3 3 8 9 4 1 1 1 . . .8 9 8 2 9 1 2.33 2 2 2 . . . 7 8 7 6 5 3 1948—January. . . 1.31 1.06 L.50 .977 .09 .63 1944—September 2.69 2.18 2.82 3.14 February.. 1.38 1.06 L.50 .996 L.10 L.63 December. 2.39 1.93 2.61 2.65 March .38 1.06 L.50 .996 L.09 L.60 April L.38 1.06 L.50 .997 L .10 L.58 1945—March 2.53 1.99 2.73 2.91 J M J u u a l n y y e .. 1 I L . . 3 3 3 8 8 8 1 1 1 . . 0 0 0 6 6 6 L L L . . . 5 5 5 0 0 0 . . . 9 9 9 9 9 9 7 7 8 L L L . . . 0 0 1 9 9 0 1 L L . . . 5 4 5 1 9 6 J S D u e e n p c e t e e m m b b e e r r . 2 2 2 . . . 0 4 5 9 5 0 2 2 1 . . .7 0 2 1 5 0 2 2 2 . . . 5 5 2 5 3 3 2 2 2 . . . 8 3 8 0 8 1 August.... L.44 1.13 L.63 1.053 L.15 L.65 September. L .56 1.19 L.63 1.090 L.18 L.69 1946—March. . . 2.31 1.75 2.34 2.93 October. . . L .56 1.19 L.63 1.120 1.23 L.71 June 2.41 1.84 2.51 2.97 November . 1.56 1.19 1.63 1.144 1.22 L.69 September 2.32 1.83 2.43 2.75 Week ending: December. 2.33 1.85 2.43 2.76 O N c o t v . . 3 . 0 6.... 1^-1 ^ 1 1 3 3 / / 1 1 6 6 \y 2 -\zA 1 1 . . 1 1 2 3 9 8 1 L . . 2 23 3 L L . . 7 7 2 2 1947— J M un a e rch. . . 2 2 . . 3 3 1 8 1 1. . 8 8 2 3 2 2 . . 4 3 4 7 2 2 . . 9 8 5 0 Nov. 13.... 1^-1 6^ 13/16 1^_13^ 1.141 L.23 L.71 September 2.21 1.77 2.25 2.69 Nov. 20.... 13/16 1.147 L.22 1.67 December. 2.22 1.82 2.27 2.61 Nov. 21.... 13/16 1.150 1.22 1.69 1948—March 2.46 2.09 2.52 2.83 1 Monthly figures are averages of weekly prevailing rates. June 2.59 2.10 2.71 3.03 2 The average rate on 90-day stock exchange time loans was 1.50 September. 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. 1 Prior to March 1939 figures were reported monthly on a basis not Back figures.—See Banking and Monetary Statistics. Tables 120-121, strictly comparable with the current quarterly series. pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October Back figures.—See Banking and Monetary Statistics, Tables 124-125, 1947, pp. 1251-1253. pp. 463-464; for description, see pp. 426-427. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) 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 Aaa Aa Baa trial road utility Number of issues 1-5 1-8 15 10 120 30 30 30 30 40 40 40 1945 average 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—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 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 November. 2.00 2.44 2.42 2.86 3.12 2.84 2.92 3.18 3.53 2.89 3.37 3.09 Week ending: 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 Nov. 6. . . 2.06 2.45 2.48 2.88 3.14 2.87 2.95 3.19 3.53 2.92 3.37 3.11 Nov. 13 . . . 2.01 2.45 2.44 2.86 3.13 2.86 2.95 3.18 3.53 2.92 3.38 3.10 Nov. 20.. . 1.95 2.43 2.39 2.85 3.12 2.83 2.92 3.17 3.54 2.89 3.37 3.09 Nov. 27.. . 1.99 2.44 2.37 2.84 3.10 2.81 2.90 3.17 3.53 2.87 3.36 3.08 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 5, 6, and 8 issues, respectively. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. DECEMBER 1948 1499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS 1 Bond prices Stock prices* Corporate 4 Common (index, 1935-39=100) V of o t l r u a m d e ing* (in Year, month, or week U. S. Munic- thou- Gov- ipal Medium-grade Pre- sands of m e e rn n - t2 g ( r h a i d g e h ) - 3 H gr i a g d h e - Indus- Rail- Public ferred* 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 shares) Total trial road utility Number of issues 1-8 15 15 416 365 20 31 1945 average.... 102.04 139.6 189.1 122 123 137 106 1,443 1946 average 104.77 140.1 198.5 140 143 143 120 1,390 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1947—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. t 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. . 100.60 124.5 97.8 91.9 '95.7 85.8 94.4 163.8 128 134 121 97 929 November 100.79 125.0 97.9 91.1 94.5 85.1 93.6 166.2 120 126 109 94 1,375 Week ending: Oct. 30. . 100.69 124.4 97.4 91.5 95.1 85.6 93.6 164.3 130 137 123 98 999 Nov. 6. . 100.70 123.8 97.3 91.2 94.6 85.3 93.7 163.6 125 131 116 96 2,135 Nov. 13. . 100.74 124.6 97.6 91.0 94.4 85.1 93.4 164.7 118 124 106 93 1,585 Nov. 20. . 100.91 125.5 98.1 91.1 94.4 85.1 93.8 168.3 120 126 108 94 959 Nov. 27. . 100.76 125.9 98.4 91.1 94.6 85.1 93.8 168.3 118 124 105 93 1,039 * Corrected. 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. • 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. • Standard and Poor's Corporation. 1 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 Year or month f ( i u a n r n n n e e g d d - w ) - m T e ( a f i o d o e g n t s o r n d a - t - ) i l c Total S n m a p t i n a c a u d i t l - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m T e ( a f i e o o d g n s t r o n d t a - - i ) l 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 n B r a o p o n t o n d e r d s a s te Stocks e F i o g r n - 1 1939 5,790 2,277 2,239 931 924 383 287 97 38 3,513 3,465 195 1,537 1,733 1 596 137 48 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2 114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4 937 4 281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2 352 601 105 1947 89,611 «7,451 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—October. . 813 713 713 114 599 410 189 101 101 5 20 76 51 25 November 705 571 571 101 470 336 134 134 134 2 48 84 78 6 December 1,160 1,029 1,024 99 925 780 144 5 130 130 2 45 83 80 3 1948—January.. 541 495 495 114 16 365 323 41 46 46 2 42 3 3 February. 837 782 781 217 39 526 348 178 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 October . . 733 652 651 273 4 378 328 50 * 1 81 81 6 56 19 19 lot shown separately. * ign issue by the De- Monthly figures 1500 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 dollarsj Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds2 proceeds3 Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 . 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 '6,577 -"6,466 '4,591 '3,409 a, 182 '1,352 1,155 '196 '356 '168 1947—October, '636 •-62 7 '549 '395 '154 '36 '17 '19 '18 '25 November ••542 '528 425 354 71 '76 '69 7 '19 '7 December ••1,170 '1,155 '1,026 '905 '121 '53 '51 2 '43 '33 1948—January 346 340 294 193 101 6 6 n" 26 14 F M e a b r r c u h ary 6 6 1 8 3 8 6 5 7 9 9 4 5 56 4 0 6 3 3 4 0 3 9 2 21 3 7 7 2 8 6 4 8 1 3 4 l 3 2 0 2 6 1 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 «14 10 C4 «28 24 October 683 675 644 526 118 10 10 18 2 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 '3,212 '2,188 '939 '84 '2,686 '1,974 '353 '359 '286 '189 r24 •73 1947—October 35 31 4 '307 '282 '9 16 '270 '228 '23 '19 16 '8 8 November.. 37 37 '278 '246 31 1 '193 '127 '45 '21 21 15 1 5 December. . 20 20 '510 '498 rg '4 '593 '497 '43 '53 '33 '11 '3 19 1948—January 23 23 164 149 6 9 95 70 25 57 52 5 February... 34 34 119 106 12 1 425 390 14 21 16 15 1 March 80 42 37 320 281 34 5 123 83 13 27 157 153 3 April 51 32 19 265 233 14 17 269 154 24 91 41 15 5 21 May 24 24 216 209 7 152 120 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 1 75 73 2 123 113 10 10 8 2 September.. 41 41 262 226 14 "23' 118 108 10 43 25 19 October... . 62 62 232 224 7 1 372 351 3 19 9 8 1 taxes. imounts or number of units by offering price. net proceeus are equai to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and exxppeennsseess.. *4 Imnccliuudueess rreeppaayymmeenntt o0f1 ootthneerr daeebDt t aannda o otthneerr ppuurrppoosseess.. 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. DECEMBER 1948 1501 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 r o h n t i n n e a s p t r - - - f m e p N u a r r e r c o n o t o t d n a d s u l - - s s O g d o u b t o h l r e a d e - r s t F b o a o e a b g v o n a e d e d c s r , s c - , o p r r a e o i O i f n n n d i i g g d n l u - c- c I h n t c r e d a i m u a ls l s i - - O g d n o u b t o o h l r n e a d e - - r s n c s ic e e e l o e r l v s u a - 2 - s pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 . . 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1 800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 1,965 189 164 241 207 109 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 <50 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 4 44 49 3 56 124 86 79 91 66 3 417 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 194g—i rl ,023 r114 89 129 4 64 46 64 77 192 91 101 57 ••523 22 207 2 rl,101 '•110 '92 "•151 ••53 r71 r86 194 r9g 100 •77 '559 22 218 3 1,178 150 93 163 4 68 59 78 91 186 103 107 80 610 22 223 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 o x o m m r 8 e e e inc N o e m t e * 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 s e e e inc N o e m t el 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 s e e e inc N o e m t e1 d D e i n v d i s - Annual 1939 .... 3,995 126 93 126 2,647 629 535 444 1.067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 ... 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,627 273 289 235 3,814 970 647 456 .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—i 2,039 166 89 44 1.075 289 191 115 527 67 44 40 2 2,111 189 121 52 1,028 247 166 115 478 29 21 32 3 * 2 177 184 112 38 1,024 196 135 111 555 38 27 32 4 2,357 239 157 103 1,118 228 160 129 589 58 39 30 1948—1 2,243 144 72 57 1,202 284 186 131 607 64 43 39 2 2,363 285 185 56 1,118 233 156 115 627 71 48 44 3 2,555 395 245 53 1,146 211 143 115 641 64 44 47 r Revised. 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. 6 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). 1502 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 b in 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 d t n e 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 1 ry T b re o a n s d u s ry N T o o n ta m l a 2 rke s t b a a U b o v . n l i e n d S g s p . s ub T l t s i a r c a n e x v o i a s i t s a n s e u n u g s r d e s y s S i p ss e u c e ia s l b in d e N d t i a e e r o r e r b n i e c n t - s t g t- s g t b e t e F u c e e e u a r a u d e r r r l a i i s l i t n 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 4,549 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—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 Nov 252,506 250,391 157,731 12,418 26,008 7,131 112,011 61,261 54,944 4,552 31,400 2,115 53 1 Including amounts held by Government agencies and trust funds, which aggregated 5,501 million dollars on Oct. 31, 1948. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary, Armed Forces Leave bonds, and 23^ 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 NOVEMBER 30, 1948 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds received from sales during tions and out- 1UU maturities Issue and coupon rate Amount Issue and coupon rate Amount Month standing at m e o n n d t h of All Series Series Series All series E F G series Treasury bills * Treasurybonds—Cont. Dec. 2, 1948 1,001 June 15, 1951-54 2.2% 1,627 Fiscal year Dec. 9, 1948 1,002 Sept. 15, 1951-53 2 7,986 ending: D D e e c c . . 2 1 3 6 , , 1 1 9 9 4 4 8 8 1 1 , , 1 0 0 0 1 1 S D e e p c t . . 1 1 5 5 , , 1 1 9 9 5 51 1 - - 5 5 3 5 2 2 .2 .. H .3 1, 7 1 5 1 5 8 June—1 1 9 9 4 4 1 2 . . . . 1 4 0 , , 3 1 1 8 4 8 5 1, , 4 9 9 9 2 4 3,5 2 2 03 6 43 6 5 7 2,0 3 3 95 2 2 1 0 4 7 8 Dec. 30, 1948 1,102 Dec. 15, 1951-55 2 510 1943.. 21,256 11,789 8,271 758 2,759 848 Jan. 6, 1949 1,101 Mar. 15, 1952-54. .2H 1,024 1944.. 34,606 15,498 11,820 802 2,876 2,371 Jan. 13, 1949 902 June 15, 1952-54 2 5,825 1945.. 45,586 14,891 11,553 679 2,658 4,298 Jan. 20, 1949 901 June 15, 1952-55..2 34 1,501 1946.. 49,035 9,612 6,739 407 2,465 6,717 Jan. 27, 1949 901 Dec. 15, 1952-54 2 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 Feb. 3, 1949 801 June 15, 1953-55 2. ..2 725 1948.. 53,274 6,235 4,026 301 1,907 5,113 Feb. 10, 1949 901 June 15, 1954-56 2.2^ 681 Feb. 17, 1949 803 Mar. 15, 1955-60 2.2 % 2,611 1947—Nov.... 52,008 412 263 17 131 357 Feb. 24, 1949 900 Mar. 15, 1956-58. . 2 Vi 1,449 Dec... . 52,053 487 325 24 137 434 Sept. 15, 1956-59 2.2% 982 1948—Jan 52,479 770 479 44 248 454 Sept. 15, 1956-59..2 K 3,823 Feb 52,793 607 367 40 201 364 June 15, 1958-63 2.2% 919 Mar.... 52,988 588 383 30 175 462 Cert, of indebtedness June 15, 1959-62 3.2 24 5,284 Apr.. . . 53,065 468 320 20 128 452 Jan. 1949 2,592 Dec. 15, 1959-62 3.2 34 3,470 May... 53,143 432 305 17 110 428 Feb. 1949 i 2,189 Dec. 15, 1960-65 2.2% 1,485 June... 53,274 497 341 19 136 465 Mar. 1949 \ 3,553 June 15, 1962-67 3.2 Yi 2,118 July... 54,607 1,673 379 246 1,048 438 O J A J u u c p l n t y r . e . 1 1 1 1 9 9 9 9 4 4 4 4 9 9 9 9 1 i \ \ 4 5 6 1 , , , , 3 0 5 7 5 0 3 8 5 1 5 3 J D D M M u e e n a a c c r r e . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 5 6 4 4 - - - - - 6 7 7 6 6 8 0 1 9 9 3 3 3 3 3 . . . 2 . . 2 2 2 2 y H H H Y 2 i 3 3 2 3 5 , , , , , 7 4 8 1 8 6 8 3 9 3 1 1 1 7 8 A S O N e c u o p t g v . t . . . . . . . . . . . . . . . 5 5 5 5 4 4 4 4 , , , , 7 8 7 9 7 0 6 4 6 4 0 4 4 4 4 4 1 1 1 7 9 2 5 3 3 3 3 3 0 0 0 3 4 8 5 4 1 1 1 1 4 8 4 5 1 9 9 9 2 4 6 5 2 3 4 4 4 4 9 0 0 2 3 7 6 June 15, 1967-72«.2H 7,967 Maturities and amounts outstanding November 30, 1948 Treasury notes S D e e p c. t . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . 3 .2 .i y 32^ 1 2 1 , , 7 6 1 8 6 9 J A a p n r . . 1 1 , , 1 1 9 9 5 4 0 9 1 i H y8 3 3, , 5 5 9 3 6 5 m Y a e t a u r r i o ty f se A ri l e l s S C e ri D es Se E ries Se F ries Se G ries Postal savings bonds 113 1948 151 151 Treasury 1949 823 823 Dec. 15, *571 1950 995 995 S Ju e n p e t. 1 1 5 5 , , 1 1, , 2 0 9 1 2 4 Panama Canal Loan. 3 50 1 1 9 9 5 5 1 2 4 1 , 0 5 7 5 6 2 434 4 1 , 0 1 7 1 6 8 D D e e c c . . 1 1 5 5 , , 2, 4 0 9 9 1 8 Total direct issues 157,731 1 19 9 5 5 4 3 9 7 , , 2 16 8 4 8 5 6 , , 8 6 7 8 0 4 2 5 0 1 2 8 2 1 , ,0 0 9 8 2 6 Dec. 15, 1,786 1955 8,081 5,363 558 2,161 Mar. 15, 1,963 1956 5,931 2,802 636 2,493 Sept. 15, 1,186 Guaranteed securities 1957 5,814 3,043 509 2,262 Sept. 15, 4,939 Federal Housing Admin. 1958 5,834 3,110 291 2,433 Dec. 15, 2,635 Various 14 1959 2,450 317 2,133 1960 2,812 456 2,356 Unclassified. . -26 1 Sold on discount basis. See table on Open-Market Money Rates, p. 1499. * Partially tax exempt. Total 54,944 2,402 32,067 3,487 17,015 * Restricted. * Called for redemption on Dec. 15, 1948. DECEMBER 1948 1503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Gross debt Held by banks Held ay nonbank investors Total E m n o d n t o h f i b n e te a r r e in s g t- Other State U. S. Governsecurities Total Total m b C a e n o r k i m c s a - * l R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls I c a n o n s m c u e r - - s M b a a v u n i t n u k g s a s l r c a o a t r i n p o d o n - s l g a o o n c v d a - l a m nd e n t t r u a s g t en fu ci n e d s s panies associa- ern- Special Public tions 2 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 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 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 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 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 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 ••86,440 '66,100 20,340 '165,875 '67,000 23.500 12,000 21,200 7,300 29,201 5,613 May... 250,028 252,311 '86,262 '65,600 20,662 '166,049 '67,000 23,400 12,000 21,600 7,300 29,323 5,556 June... 250,132 252,366 '85,966 '64,600 21,366 '166,400 '67,200 23,200 12,000 21,000 7,200 30,211 5,538 July. . . 251,219 253,429 '•86,525 '65,200 21,325 '166,904 '67,500 23,000 12,000 20,700 7,400 30,787 5,580 Aug 250,921 253,101 '86,477 '64,900 21,577 '166,624 '67,500 22,600 11,900 20,800 7,400 30,877 5,568 Sept.. . 250,564 252,738 85,913 62,500 23,413 166,825 67,500 22,300 11,700 21,100 7,300 31,221 5,606 ' Revised. 1 Including holdings by banks in territories and insular posessions, which amounted to 400 million dollars on June 30, 1948. 2 Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES • [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o u n n t g t a d - l - G a t c a r g o i u n e e v d s n s t t - . B s e F R e r a e r a e n d v l - k - - e s b C m c a o ( i n e 0 a m r k l - s - b M s t i a n u a n g u v a k s l - - s p I c a n a o n s n m c u i e e - r- s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s F e R e r a e r a e n d v - l k - - e s b C m c a o i n e a m r k l - s - b M s t i a n u a n g v u a k s l - - s p I c a n a o n s n m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: Total:* Within 1 year: 1946—June 189,649 6,76823,783 76,578 11,22024,28547,015 1946—June.... 10,119 4 1,431 5,655 116 495 2,418 1947—June.... 168,740 5,40921,872 62,961 11,84523,96942,684 1947—June 11,255 83 251 6,936 374 420 3,191 Dec 165,791 5,261 22,55961,370 11,552 22,89542,154 Dec 14,263 69 1,693 8,244 266 316 3,675 1948—June 160,373 5,40221,36657,599 11,522 21,70542,779 1948—June 13,411 19 2,070 5,922 171 273 4,956 1948—Aug 159,146 5,44221,577 57,461 11,30320,89442,469 1948—Aug 13,411 19 1,911 6,019 177 303 4,982 Sept.. . . 158,333 5,481 23,413 55,318 11,14820,642 42,331 Sept 10,505 19 1,662 4,219 236 276 4,093 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 6,315 1947—June 15,775 11 14,496 787 1 1 479 1947—June.... 42,522 469 698 29,917 1,574 2,671 7,193 Dec 15,136 18 11,433 2,052 25 154 1,454 Dec 49,948 344 1,377 33,415 1,876 3,046 9,890 1948—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—Aug 12,838 46 7,029 2,836 35 58 2,834 1948—Aug 46,124 318 2,77530,572 1,826 2,708 7,925 Sept.. . . 12,628 78 7,024 2,191 69 274 2,992 Sept 48,428 318 3,316 31,468 1,853 2,686 8,787 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 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—Aug 22,294 24 4,958 7,920 245 502 8,645 1948—Aug 10,464 314 539 6,277 520 915 1,899 Sept 22,294 24 5,176 7,474 240 572 8,808 Sept 10,464 314 529 6,275 525 922 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 (3,02612,547 11,825 1947—June 8,142 7 369 4,855 183 285 2,443 1947—June.... 40,352 3,374 78 2,587 (3,751 15,137 12,425 Dec 11,375 4 1,477 5,327 98 245 4,224 Dec 54,757 4,393 834 5,003 IJ.606 18,211 17,710 1948—June.... 11,375 1,968 4,531 98 223 4,555 1948—June 53,838 4,685 2,921 3,922 I5,63917,129 16,542 1948—Aug 11,375 1,808 4,626 106 253 4 582 1948—Aug 53,838 4,685 4,365 3,819 5,49916,400 16 070 Sept.*. . . 11,223 1,954 4,341 165 262 4,501 Sept.. . . 53,838 4^692 5^707 3',672 i1 ',22415',90515',638 Treasury bonds: After 20 years: 1946—June.... 119,323 6,654 755 47,335 10,74323,07330,763 1946—June 22,372 2,103 57 2,550 2,510 6,325 8,827 1947—June 119,323 5,306 727 48,756 11,407 23,305 29,822 1947—June.... 14,405 964 29 2,593 1,649 3,358 5,812 Dec 117,863 5,173 2,85347,424 11,22622,21328,974 Dec 1948—June.... 112,462 5,336 6,20642,146 11,047 20,880 26,847 1948—June 1948—Aug 112,462 5,336 7,781 42,061 10,91620,074 26,294 1948—Aug Sept 112,011 5,343 9,26041,292 10,673 19,52625,917 Sept. * 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. 1504 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 basisof daily statements of United States Treasury Cash operating income and outgo * Increase (+) or Genera1 fund of the Treasury (end ofperiod) decrease (—) during period Assets y m e o ar n o th r ce N r ip e e - t t s1 B p t u e u e n d r x d e g - s i e - t s ( d u + ( e r ) f - p i ) c l o u it r s c T o e a r t u c c u n . - s * 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 p i i r a e o n i l - e s s - O as 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 —10,46014,238 14 708 1 00612 993 7O8 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 t 565 422 46 63739 978 +6 659 1948...... 44,746539,326 4-5,419 +2,706 —507 -5,994 +1,624 4,932 5,370 1,928 1.773 L,67O 438 47,680 r38,744 r+8 936 1947—Nov. . 2,743 2,194 +549 +265 -127 -859 -172 3,935 4,292 1,290 1,417 ,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 ,571 1,434 ,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 ,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 ,236 2,156 ,645 425 2,969 2,965 +4 May.. 2,707 2,604 +103 +378 -144 -3 +334 4,946 5,327 ,714 2,007 1,606 381 3,334 2,871 +462 June.. 5,102 5 7,261 -2,159 +2,315 -226 +56 -14 4,932 5,370 ,928 1,773 ,670 438 5,105 ••4,357 -•+748 July.. 2,236 6 3,698 -1,462 -178 « +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 ,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 ,664 2,703 ,653 437 4,713 3,275 +1,438 Oct... 2,140 2,724 -584 -144 +174 -227 -781 4,802 5,205 ,608 1,976 ,621 403 2,319 2,835 -516 Nov... 2,583 2,859 -275 -30 -158 +46 -417 4,385 4,813 1,601 1,621 1.591 428 DETAILS OF TREASURY RECEIPTS On basis of daily statements of 1Jnited States Treasury On basis of reports by collectors of internal revenue F o i r s c m al o y n e th ar c T e r i o p e t - t a s l * 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 ta t x h e e s r i r n e n c M v t e e e e l o i r l n s u n a - u - s a e l S S ta r o e i x c c t e y i u a s - l p r S e r u o c r e p p i e l p u r t t s s y c O e r i t e p h - t e s r 7 W i h n e I i c t n ld o h d - m iv e i d O t u a t a x h l e e s r N su a o C r n r t m a o d a n r x a p d l o p r E p a r r o t x o i c f o f i e n i t t s s s s i t n a c x p O o e r m o s th f e i e t r s E a g s n i t f a d t te l m E a o t n a a x i t s e n x 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—New 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 13 118 578 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 32 153 808 157 448 16 1 61 655 Nov. 2,941 1,198 385 768 386 26 178 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 i r s 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 ti e o n n s a e l r t e r m V A a ra 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 t d d - a c - r r l e - a t c A 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 n s - s t s ts - Other c N e r i e e p - t ts ac m v c I e o e n s u n - t n - ts ts p tu E 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 d i - c it Other 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 16,766 6,442 4,928 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 11,364 6,317 4,143 812 2,32654,178 4,975 3,918 2,210 1,640 5 5,598 850 2,109 1947—Nov 2,194 127 927 506 159 104 42 20 311 524 274 108 160 17 20 Dec 3,224 972 987 545 226 83 53 24 333 80 119 116 153 25 441 1948—Jan 2 879 401 1 063 516 228 73 78 66 453 254 68 126 313 21 93 Feb 2 402 142 846 518 269 69 182 11 364 433 230 134 149 28 384 Mar 3,546 608 845 579 600 110 465 17 321 92 51 152 185 28 133 Apr 3 109 154 903 571 338 42 555 71 475 173 -34 150 162 7 125 May 2,604 124 930 530 251 28 388 1 352 577 106 142 101 10 43 June 57,261 1,508 929 559 433 31 23363,077 491 348 553 174«3,475 349 432 July 63,698 286 s 1,155 «772 155 -43 152 611 609 455 276 142 362 250 183 145 Aug 2,207 114 800 530 138 110 72 13 430 607 100 186 100 21 192 198 Sept 2,915 570 715 481 '282 256 53 6 552 38 304 140 135 23 196 80 Oct 2,724 212 931 482 174 275 46 80 524 159 -12 132 128 18 226 67 Nov 2,859 122 ?l,O25 612 P225 P255 49 6 P563 585 144 137 105 20 347 72 r Revised. 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 ( —). * Excluding items in process of collection beginning with July 1947. 4 For description, see Treasury Bulletin for September 1947. 6 Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months. 8 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. DECEMBER 1948 1505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES * [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p r s a t l i u i o a o n i a e e p t m d d l s e s s - i , - , - - G U s r e i o . t c i v I u S e m n t s - . . v e e n O s r t s t s i e t - t c h ie u e s - r 2 L s e t m u t a q a r r n e u n u e n d i d c s p t - , , - c u h f t u e a n a D r r t n r d i r e e b g d e i d - s - e d - s O s a t e h s t - e s r b a t B g y F u n a u o u r t U n a e n e l d l . r e s d y S - d s . d p , e a n b O y o e a t t n b h e - e l s e , r l O i i a t t i b h e i e s l r - i m U G n e e r t . e o s e n n t v S r - t - - . o v in w P a e t t s r n e e t i r e - l - y d 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 28,005 138 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 * 20,120 1,04210,373 251 1,684 3,531 2,458 11 771 863 1,187 17,875 154 Classification by agency, June 30, 1948 * 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 2 Agricultural Marketing Act Revolving Fund 2 () 2 Federal Farm Mortgage Corp.. .. 127 44 80 123 Rural Electrification Administration 891 27 854 () 891 Commodity Credit Corp 1,054 619 139 221 (*) 36 542 476 Farmers' Home Administration.... 345 18 266 () 4 341 Federal Crop Insurance Corp 30 25 29 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 667 26 475 164 307 101 120 138 Federal Savings and Loan Insurance Corp 196 191 191 Home Owners' Loan Corp 452 421 12 433 Public Housing Administration and affiliate: Public Housing Administration... 517 282 202 10 507 Defense Homes Corp 53 () 53 Federal Housing Administration. 217 136 (*) 27 142 48 Federal National Mortgage Association 51 3 48 Reconstruction Finance Corp.6 1,617 129 909 108 120 1,497 Export-Import Bank 2,253 2,229 175 2,078 Federal Deposit Insurance Corp 1,023 (()) 1,017 1,018 Federal Works Agency 226 88 136 226 Tennessee Valley Authority 797 2 774 782 All other 8,638 3,809 "(I)"' 3,385 1,339 44 41 8,597 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 1948* Purpose of loan M F C F a o e o r r d r m p . t . . b c i m F n r a a e e e t n t e d d d e k r i i . - s t - f o B t o i p a r v e n e c r 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 m s m m ' . e - H C O L e o o o w r m r a s n p ' n e - . P H A u i o d n b u g m l s ic . - b h F l a o o e n a m d n k . e s R a a a . f F t f n i e . l d s C i- . B p p I E o a m o x r n r t - - t k - ot A h l e l r a c g A i e e l n l s - a M g 1 e a 9 a n r 4 l 4 . c l 8 3 i , e 1 s , 94 513 232 144 854 543 (8) 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 5 481 379 227 2,236 3,750 6,214 6,093 Other 282 220 109 611 613 Less: Reserve for losses 13 (6) 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. 8 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. 6 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. 1506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Industrial production Construction (physical volume)*1 contracts Employment • Year and month 1935-39 f M a = c a t u n 1 r 0 u e 0 - s Min- aw 19 a 2 r 3 d - e R 2 d e 5 s ( i v = - a 1 lu 0 e A 0 )* ll N ag o r n i- - 1939 = 100 1 r 9 F o t p 1 3 a o l 9 0 a c l r s y - 0 y = » c 1 F a 9 i = r r n 3 e l 1 g 5 o i 0 s g - a * 3 0 d h 9 - t 1 D 9 m u s s ( e 3 t v a e p o e a ) 5 le * a r n l - - e s 3 r * t t 9 - 1 s p 9 u = C r 3 m i o 1 5 c n e 0 - e - 3 r 0 s s 9 ' p W m c 1 r s o i o 9 a h c m d 2 l o e e 6 i l - s t e 8 y - Total D ab u l r e - N du o r n - - erals Total d t e ia n l - other t c u u r l a - l Factory = 100 = 100 able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.7 103 9 120 83 123 8 138 6 1920 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 J02.5 103.1 117 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 26 102 132.3 151.8 293.4 135 207 128.4 105.8 1946 170 192 165 134 153 143 161 137.0 143.4 269 6 132 264 139 3 121 1 1947 187 220 172 149 157 142 169 145 2 157 3 332 1 143 286 159 2 152 1 1946 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 r27l 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 r291 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 r286 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 r284 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 r311 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 .. 186 187 219 169 153 205 187 219 149.5 159.7 158.5 360.0 138 316 173 7 168 7 August 191 194 '223 '177 159 201 177 220 149.6 160.1 161.7 374.8 142 '312 174.5 169 5 September 192 197 224 178 156 193 165 216 150.8 163.1 164.5 381.7 139 312 174.5 r168 6 October P195 *198 P230 P179 P158 184 157 206 P151.1*>162.7^163.2 140 305 173.6 165.0 * Average per working day. p Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1508-1511. For points in total index, by major groups, see p. 1530. 1 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1515 of this BULLETIN. 1 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 1517-1520. 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. DECEMBER 1948 1507 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 Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total. 191 192 192 193 194 191 188 192 192 186 191 192 195 Manufactures—Total 197 199 198 201 201 200 195 197 198 197 199 202 Durable Manufactures 223 224 230 229 226 229 217 221 222 219 223 224 •230 Iron and Steel 205 203 206 203 203 207 177 208 208 201 207 214 221 Pig iron 198 197 197 196 190 151 193 196 186 200 '205 210 Steel 226 223 228 225 226 234 208 236 236 228 235 243 252 Open hearth.. 185 183 186 182 180 184 154 183 181 176 179 185 192 Electric 517 510 524 527 553 589 593 608 630 597 635 ••658 678 Machinery 280 281 288 285 284 283 275 273 277 r269 •271 273 Manufacturing Arsenals and Depots 1... Transportation Equipment 232 234 244 244 232 240 237 218 222 r233 229 226 >237 Automobiles (including parts) 198 206 192 202 197 179 185 '202 197 191 •201 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)l Nonferrous Metals and Products. 179 185 189 195 199 201 200 196 194 185 186 192 P193 Smelting and refining 176 177 183 188 190 192 203 203 194 188 190 193 191 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1 Fabricating 180 188 192 198 202 194 193 184 185 192 195 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * .... * Lumber and Products. 143 150 153 155 150 151 145 142 140 142 148 143 P146 Lumber... 128 137 139 143 135 137 132 131 129 135 140 132 P135 Furniture. 172 176 181 179 178 178 169 163 161 157 163 165 P167 Stone, Clay, and Glass Products 201 201 205 202 207 211 211 206 207 200 210 207 P210 Glass products 210 207 199 187 197 205 212 201 199 185 207 207 Plate glass 156 143 141 149 166 160 165 152 170 123 172 152 Glass containers 229 229 218 200 208 219 227 218 208 206 218 226 225 Cement 174 178 196 199 208 196 193 187 190 188 186 183 184 Clay products 161 162 166 179 168 176 173 172 176 168 175 169 P172 Gypsum and plaster products... 230 236 236 246 246 248 249 241 238 •237 •247 237 P242 O A t b h r e a r s iv st e o n a e n d a n a d sb c e l s a t y o s p p ro ro d d uc u t c s t s l . . 224 226 244 215 242 248 244 249 248 •248 248 P251 Nondurable Manufactures. 176 179 173 178 180 177 177 178 179 169 177 178 P179 Textiles and Products. 164 172 163 179 179 175 175 177 174 154 166 169 Textile fabrics 152 159 149 165 166 161 163 159 138 152 Cotton consumption 139 149 131 153 153 147 147 147 140 115 127 132 129 Rayo N n y l d o e n li v a e n r d ie s silk consumption l.., 280 290 287 300 296 303 298 308 313 323 318 '321 321 Wool textiles 167 172 166 181 185 177 179 179 176 137 168 166 Carpet wool consumption.. 194 196 183 212 212 216 227 226 220 158 226 226 Apparel wool consumption. 185 182 171 192 202 190 196 191 184 153 178 174 Wool and worsted yarn 160 164 161 172 176 166 164 163 162 125 150 149 Woolen yarn , 140 142 141 152 154 144 146 145 146 114 '139 138 Worsted yarn 188 194 189 200 206 196 190 189 185 140 166 165 Woolen and worsted cloth.. 159 167 164 175 181 171 171 172 172 137 160 157 Leather and Products. 126 124 114 120 123 115 110 108 109 96 113 119 P113 Leather tanning 121 122 113 116 116 102 105 109 107 95 105 108 Cattle hide leathers 136 141 129 132 133 115 119 124 121 109 120 123 Calf and kip leathers 94 88 83 85 80 69 78 82 80 65 78 80 Goat and kid leathers 100 93 89 96 95 92 91 91 89 80 '76 83 Sheep and lamb leathers. 112 108 101 101 100 92 91 93 94 84 '100 99 Shoes 128 126 122 127 123 113 107 110 96 126 114 119 Manufactured Food Products. 156 158 158 160 158 157 159 163 160 163 P162 158 r156 Wheat flour 136 143 140 134 122 134 139 138 139 Cane sugar meltings l 133 143 Manufactured dairy products. P147 P140 P138 P139 P139 P145 P149 P151 P152 P152 P154 *>150 P148 Butter 75 66 66 67 65 69 71 72 71 72 75 r73 75 Cheese 163 151 148 156 150 159 170 171 171 168 171 160 162 Canned and dried milk... 157 137 130 127 134 158 175 185 192 195 198 181 167 Ice cream P Preliminary. r Revised. i Series included in total and group indexes but not available for publication separately. 1508 FBDERAL 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 Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Manufactured Food Products—Continued Meat packing 142 170 160 150 147 131 125 127 152 135 126 133 141 Pork and lard 141 185 173 156 161 140 136 145 176 149 128 136 157 Beef 146 159 154 154 141 131 122 116 135 124 125 133 127 Veal 171 190 149 128 115 98 102 104 134 140 147 146 140 Lamb and mutton 109 114 107 98 102 91 83 74 94 89 92 101 112 Other manufactured foods 161 160 164 165 168 167 166 168 169 167 '162 172 P171 Processed fruits and vegetables 134 129 138 141 144 155 147 150 159 142 107 162 Confectionery 134 144 150 144 149 143 138 138 124 117 119 121 Other food products 172 171 173 174 177 174 176 178 179 182 183 183 A Uoholic Beverages. . 229 219 167 167 198 191 182 167 170 173 179 189 186 Malt liquor 204 203 165 169 171 157 153 141 145 155 165 176 156 Whiskey 71 1 5 37 115 152 160 157 114 86 73 91 95 Other distilled spirits. 323 119 94 220 431 526 383 294 393 402 346 211 244 Rectified liquors 468 562 376 264 310 239 255 245 243 242 274 336 398 Industrial Alcohol from Beverage Plants l. . Tobacco Products. . . 175 169 149 153 155 164 183 163 166 148 178 168 174 Cigars 126 124 100 104 113 102 101 105 108 98 113 127 122 Cigarettes 229 224 201 204 203 225 257 222 226 200 242 218 230 80 68 61 69 70 67 75 68 68 63 75 78 78 Other tobacco products 163 165 158 163 163 166 168 169 165 150 165 166 172 Paper and Paper Products. . . 157 160 153 157 158 160 163 164 159 146 '160 160 167 Paper and pulp 177 182 168 174 177 178 180 187 183 172 '193 183 195 Pulp 105 97 96 88 94 90 97 104 106 117 122 116 117 Groundwood pulp 107 112 107 109 110 103 108 112 111 96 110 107 111 Soda pulp 275 281 255 276 269 285 293 309 301 283 328 301 330 Sulphate pulp. 154 159 148 151 161 153 151 151 146 135 '148 145 153 Sulphite pulp 154 156 150 155 155 157 160 160 156 142 155 156 162 Paper 184 186 177 187 179 192 192 191 187 165 184 189 193 Paperboard 89 89 86 86 88 85 87 86 86 74 83 83 in' Fine paper 2 167 168 162 162 170 161 166 169 168 150 160 161 Printing paper 152 158 158 163 161 161 171 169 157 160 161 163 170 Tissue and absorbent paper 141 146 139 145 150 148 151 150 145 135 '153 148 157 Wrapping paper 91 90 82 83 82 89 95 94 93 96 93 96 Newsprint Paperboard containers (same as Paperboard) Printing and Publishing 152 152 146 148 157 150 154 156 157 147 155 154 164 Newsprint consumption 138 137 131 134 139 143 143 146 145 149 147 155 Printing paper (same as shown under Paper)... Petroleum and Coal Products . P204 P205 P208 P214 P215 P211 >213 P220 P220 v217 v221 v207 Petroleum refining 2 Gasoline 162 159 160 159 155 154 164 170 173 170 173 165 P170 Fuel oil 187 186 193 201 206 200 194 196 194 192 194 180 Lubricating oil 160 162 170 163 164 164 158 159 155 154 162 157 Kerosene 177 178 187 199 213 210 197 187 196 193. 182 184 Other petroleum products l Coke 177 177 179 178 179 166 137 174 175 170 178 181 181 By-product coke 169 170 171 171 171 164 135 166 168 166 170 173 173 Beehive coke 449 414 440 442 421 237 186 421 407 318 447 444 451 Chemical Products. . . 248 251 254 255 252 250 249 249 256 251 259 256 P256 Paints 152 155 155 158 158 154 150 151 154 161 r161 158 Soap 138 148 150 151 147 140 123 124 124 121 127 135 Rayon 294 297 299 298 301 303 305 304 309 312 312 305 P308 Industrial chemicals 427 431 438 437 434 433 439 436 449 433 450 Explosives and ammunition 1. . . . Other chemical products l Rubber Products 223 225 230 223 215 205 200 201 205 200 207 206 P210 Minerals—Total... 155 155 156 154 155 142 147 162 159 153 159 156 Fuels 162 163 162 160 161 146 149 168 164 160 166 162 Coal. 156 159 153 152 148 99 103 160 147 134 150 148 Bituminous coal. 163 169 164 161 155 97 102 171 157 143 158 156 Anthracite 126 119 111 112 118 108 105 116 105 100 117 119 P118 Crude petroleum 166 165 165 167 169 171 172 173 172 174 170 P175 Metals. 107 109 117 117 120 118 137 128 128 113 115 P114 Metals other than gold and silver. 145 146 159 159 163 161 193 179 179 155 158 P165 P157 Iron ore (Copper; Lead; Zinc)1........ Gold Silver p Preliminary. r Revised. : 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. DECEMBER 1948 1509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1948 Industry Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total. 194 193 190 189 190 188 186 192 193 187 194 197 198 Manufactures—Total 200 200 197 197 197 197 193 197 199 193 200 203 205 Durable Manufactures 224 224 228 226 224 228 217 222 223 220 224 226 P232 Iron and Steel 205 203 206 203 203 207 177 208 208 201 207 '214 221 Pig iron 198 197 196 197 196 190 151 193 196 186 200 '205 210 Steel 226 223 228 225 226 234 208 236 236 228 235 243 252 Open hearth. .. 185 183 186 182 180 154 183 181 176 179 185 192 Electric 517 510 524 527 553 589 593 608 630 597 r658 678 Machinery 280 281 288 285 284 283 275 273 277 r269 r271 273 P279 Manufacturing Arsenals and Depots J Transportation Equipment 232 234 244 244 232 237 218 222 •233 229 226 P237 Automobiles (including parts) 198 200 206 192 197 179 185 "202 •197 191 P201 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. . 179 185 189 195 199 201 200 196 193 185 186 '194 Smelting and refining 176 178 183 188 190 193 203 203 193 187 190 193 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 180 192 198 202 204 199 194 193 184 192 P195 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 150 148 140 138 137 143 144 148 '158 153 Lumber.. . 138 133 119 117 116 125 131 134 141 148 156 147 P145 Furniture. 172 176 181 179 178 178 169 163 161 157 '163 165 Stone, Clay, and Glass Products. 210 206 200 190 193 201 208 211 209 r201 218 215 P220 Glass products 215 209 187 184 193 205 212 212 197 179 213 210 Plate glass 156 143 141 149 166 160 165 152 170 123 172 152 Glass containers 236 231 203 196 201 219 227 233 206 198 227 230 231 Cement 202 192 178 161 158 160 183 196 203 207 210 213 214 Clay products 169 169 172 166 160 169 168 171 175 r168 180 175 P182 Gypsum and plaster products... 236 240 242 236 235 238 246 243 243 '237 r248 242 P248 A O b th ra er s iv st e o n a e n d a n a d sb c e l s a t y o s p r p o r d o u d c u t c s t s l. . 224 226 244 215 242 248 244 244 249 248 -•248 248 P251 Nondurable Manufactures. 181 180 171 173 176 173 174 177 179 171 180 185 Textiles and Products 164 172 163 179 179 175 175 177 174 154 166 169 Textile fabrics 152 159 149 165 166 161 162 163 159 138 152 154 P151 N R C a y o y l t o t o o n n n a d c n e o d l n i v s s e u il r m k i e p c s t o i n on sumption 1. . 2 1 8 3 0 9 2 1 9 4 0 9 2 1 8 3 7 1 3 1 0 5 0 3 2 1 9 5 6 3 3 1 0 4 3 7 2 1 9 4 8 7 3 1 0 4 8 7 3 1 1 4 3 0 3 1 2 1 3 5 3 1 1 2 8 7 ' 1 3 3 2 2 1 3 1 2 2 1 9 Wool textiles 167 172 166 181 185 177 179 179 176 137 168 166 Carpet wool consumption. 194 196 183 212 212 216 227 226 220 158 226 226 Apparel wool consumption 185 182 171 192 202 190 196 191 184 153 178 174 Woolen and worsted yarn. 160 164 161 172 176 166 164 163 162 125 150 149 Woolen yarn 140 142 141 152 154 144 146 145 146 114 139 138 Worsted yarn 188 194 189 200 206 196 190 189 185 140 166 165 Woolen and worsted cloth. 159 167 164 175 181 171 171 172 172 137 160 157 Leather and Products. 126 113 120 126 114 110 108 108 94 112 118 Leather tanning 123 126 112 117 124 101 105 109 105 90 103 106 Cattle hide leathers 137 146 129 135 144 115 119 124 117 103 117 121 Calf and kip leathers 96 91 82 83 84 68 74 78 81 64 82 78 Goat and kid leathers 100 90 90 96 99 91 94 89 90 79 r74 84 Sheep and lamb leathers. 112 114 96 94 110 89 89 100 93 79 103 97 Shoes 128 126 114 122 127 123 113 110 96 126 P117 107 Manufactured Food Products. 167 161 154 146 144 141 143 163 172 '174 188 P!74 153 W Ca h n e e a t s u fl g o a u r r meltings : 144 132 140 136 120 128 134 132 137 141 140 Manufactured dairy products. P121 P91 P87 P99 P119 P155 P224 P223 P158 ^122 Butter 64 50 52 55 58 63 72 93 98 82 '70 65 Cheese 147 113 106 116 123 143 176 229 242 207 191 163 145 Canned and dried milk... 127 99 100 103 120 155 197 257 265 226 204 167 135 Ice cream P Preliminary. ' Revised. 1 Series included in total and group indexes but not available for publication separately. 1510 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 Df Governors 1935-39 average= 100] 1947 1948 Industry Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued Meat packing 144 189 187 175 141 121 116 127 151 126 Ill 124 142 Pork and lard 133 216 229 204 158 130 124 145 176 132 99 108 147 Beef 159 165 154 157 130 119 115 116 132 125 127 144 138 Veal 195 203 140 119 101 92 100 108 134 140 144 160 160 Lamb and mutton 113 114 104 103 103 89 80 76 87 86 90 109 116 Other manufactured foods 179 167 161 152 152 149 148 152 160 174 183 207 P190 Processed fruits and vegetables .. 173 118 108 92 91 85 90 97 122 184 203 316 P206 Confectionery 176 170 152 148 151 133 114 106 92 96 129 156 Other food products . . 181 180 176 167 168 167 169 175 181 185 186 187 P192 Alcoholic Beverages 252 196 146 142 176 172 178 173 186 188 184 195 203 ^^alt licjuor 190 157 132 139 154 146 160 161 183 194 189 178 145 Whiskey 71 5 37 115 152 160 157 114 86 73 91 95 Other distilled spirits . . 837 251 103 143 259 342 230 177 243 233 187 289 631 Rectified licjuors 468 562 376 264 310 239 255 245 243 242 274 336 398 Industrial A Icohol from Beverage Plants l Tobacco Products 181 172 139 153 147 155 173 163 173 154 184 178 180 Cigars 126 124 100 104 113 102 101 105 108 98 113 127 122 Cigarettes 238 228 185 204 190 209 239 222 237 210 255 233 239 Other tobacco products 85 70 54 67 68 67 75 68 70 63 73 83 84 Paper and Paper Products ... 163 165 157 163 163 167 169 170 165 149 165 165 172 Paper and pulp 157 160 152 157 159 160 163 164 160 145 160 159 167 Pulp 177 182 168 174 178 179 182 188 183 170 191 181 194 Groundwood pulp 97 103 97 91 98 96 107 112 107 104 107 103 109 Soda pulp 107 112 107 109 110 103 108 112 111 96 110 107 111 Sulphate pulp ... 275 281 255 276 269 285 293 309 301 283 328 301 330 Sulphite pulp 154 159 148 151 161 153 151 151 146 135 148 145 153 Paper 154 156 150 155 156 157 160 160 156 141 155 156 163 Paper board 184 186 177 187 179 192 192 191 187 165 184 189 193 Fine paper 2 89 89 86 86 88 85 87 86 86 74 83 83 Printing paper. . . . 167 168 162 162 170 161 166 169 168 150 160 161 172 Tissue and absorbent paper 154 158 153 161 167 161 173 169 160 153 161 163 172 Wrapping paper 141 146 139 145 150 148 151 150 145 135 153 148 157 Newsprint 91 91 87 82 83 82 91 95 95 91 95 93 96 Paperboard containers (same as Paperboard) Printing and Publishing 156 158 150 144 155 153 159 159 156 137 147 155 167 Newsprint consumption 145 149 138 125 141 145 151 149 144 125 134 149 163 Printing paper (same as shown under Paper) Petroleum and Coal Products P204 P205 P208 P214 P215 P211 P213 P220 P220 P217 P221 P207 P221 Petroleum refining 2 Gasoline. 162 159 160 159 155 154 164 170 173 170 173 165 ?'17O Fuel oil 187 186 193 201 206 200 194 196 194 192 194 180 P198 Lubricating oil 160 162 168 158 163 162 164 166 155 152 160 157 Kerosene .. . . 177 183 192 203 224 214 201 189 184 179 174 182 Other petroleum products 1. . ... Coke 177 177 179 178 179 166 137 174 175 170 178 181 181 By-product coke 169 170 171 171 171 164 135 166 168 166 170 173 173 Beehive coke 449 414 440 442 421 237 186 421 407 318 447 451 Chemical Products . 251 252 255 253 253 252 251 249 253 '247 255 257 v259 Paints 152 153 155 155 157 154 151 156 158 160 159 157 P158 Soap 145 149 150 148 146 140 120 120 122 120 129 140 P141 Rayon 294 297 299 298 301 303 305 304 309 312 312 305 P308 Industrial chemicals . . 427 431 438 437 434 433 439 436 449 433 450 448 P451 Explosives and ammunition 1 Other chemical products x Rubber Products 223 225 230 223 215 205 200 201 205 200 207 206 P210 Minerals—Total 158 155 151 149 149 136 145 164 163 158 164 160 P161 Fuels 162 163 162 160 161 146 149 168 164 160 166 162 P165 Coal 156 159 153 152 148 99 103 160 147 134 150 148 P145 Bituminous coal 163 169 164 161 155 97 102 171 157 143 158 156 P152 Anthracite 126 119 111 112 118 108 105 116 105 100 117 119 P118 Crude petroleum 166 165 166 165 167 169 171 172 173 172 174 170 P175 Metals 132 106 85 81 83 82 126 144 153 147 149 149 P134 Metals other than gold and silver 183 136 101 97 103 103 178 210 226 '214 213 P212 P186 I (C ro o n p p o e re r; Lead; Zinc)1 257 159 76 70 73 77 228 302 331 325 324 314 254 Gold 62 62 57 56 53 si 51 50 52 55 60 62 Silver 63 73 78 68 65 68 67 63 56 59 61 P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 5 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. DECEMBER 1948 1511 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 1948 Sept. Oct. June July Aug. Sept. Oct. Aug. Sept. Oct. June July Aug. Sept. Total 160.2 160.4 158.2 155.5 76/7 164.5 163.2 331.5 345.3 350.1 359.0 360.0 374.8 381.7 Durable goods 183.6 185.0 184.5 185.0 185.8 188.1 188.6 366.8 382.2 389.9 401.3 403.0 418.9 422.6 Nondurable goods... 141.8 141.1 137.5 137.7 142.7 145.9 143.1 297.0 309.2 311.2 317.6 318.0 331.6 341.7 Iron and Steel and Products 161.7 162.3 162.4 161 A 164.5 166.3 166.5 316.8 327.7 331.6 340.5 336.9 361.1 366.1 Blast furnaces, steel works, etc 130 130 135 136 138 138 254 255 252 268 270 295 300 Steel castings 207 207 217 213 216 221 397 414 423 470 441 473 479 Tin cans and other tinware 152 148 141 149 154 157 335 349 332 311 353 364 391 Hardware 138 141 140 138 141 143 292 308 321 319 304 326 334 Stoves and heating equipment 184 185 160 158 171 178 356 399 418 360 352 396 407 Steam, hot-water heating apparatus 190 191 187 176 187 191 366 394 403 410 397 423 434 Stamped and enameled ware 194 195 188 186 184 183 415 437 445 439 429 444 430 Structural and ornamental metal work 170 168 168 167 172 174 348 345 329 365 353 Electrical Machinery 223.0 226.9 211.1 206.6 207.7 211.5 214.9 428.1 450.5 464.6 440.0 436.3 454.8 466.9 Electrical equipment 211 212 201 198 199 202 405 423 430 419 418 435 444 Radios and phonographs 226 237 202 195 198 204 460 502 533 459 457 469 489 Machinery except Electrical 228.8 229.7 230.4 228.8 227.4 228.7 228.5 434.5 458.0 480.7 473.6 482.3 484.0 Machinery and machine-shop products 249 249 247 244 242 245 479 495 497 520 508 520 523 Engines and turbines 287 286 280 281 276 271 597 591 576 601 585 599 587 Tractors 183 185 193 195 192 189 307 322 333 356 369 369 361 Agricultural, excluding tractors 237 237 267 263 255 255 472 494 505 595 574 559 577 Machine tools 143 142 128 128 131 131 254 257 258 243 239 247 248 Machine-tool accessories 217 215 215 201 214 215 363 381 379 384 362 401 394 Pumps 305 298 281 276 273 278 623 642 627 617 605 605 615 Refrigerators 225 227 241 240 234 233 409 427 447 509 486 491 492 Transportation Equipment, except Autos 260.7 269.2 273.7 270.6 260.8 276.3 281.4 492.4 509.8 541.5 561.2 552.4 547.7 581.8 Aircraft, except aircraft engines... . 327 337 322 329 336 349 638 623 664 649 661 698 746 Aircraft engines 299 295 291 287 243 300 487 501 500 518 533 454 570 Shipbuilding and boatbuilding 134 145 157 149 144 141 242 262 290 322 305 291 283 Automobiles 190.5 190.0 183.6 195 .5189.6 193.0 192.1 345.1 380.6 385.8 385.7 423.3 417.1 415 .4 Nonferrous Metals and Products 174.7 176.3 173.9 169.2 172.4 173.9 175.9 335.3 349.5 359.3 368.2 360.6 379.3 386.3 Primary smelting and refining 144 144 152 150 146 292 303 296 330 339 346 342 Alloying and rolling, except aluminum 137 137 136 134 136 140 251 258 261 278 284 299 307 Aluminum manufactures 180 183 180 167 168 164 312 326 346 339 317 333 326 Lumber and Timber Basic Products 177.3 178.6 190.0 197.3 200.8 200.6 198.9 429.7 427.4 427.2 488.5 502.9 538.8 523.3 Sawmills and logging camps 196 197 209 217 221 220 485 480 476 543 563 605 584 Planing and plywood mills 167 170 184 188 193 192 377 380 395 456 455 485 481 Furniture and Lumber Products 141.9 144.8 139.8 137.8 140.5 142.0 143.1 311.6 324.3 338.8 326.0 320.4 339.7 344.5 Furniture 139 143 139 137 140 142 302 317 335 326 318 335 344 Stone, Clay, and Glass Products 152.3 152 A 156.0 153.2 157.0 158.1 159.2 315.5 320.2 328.2 347.1 334.2 359.4 361.4 Glass and glassware 167 168 163 156 162 166 334 343 351 349 317 357 370 Cement 152 151 155 156 156 153 297 298 295 324 329 332 319 Brick, tile, and terra cotta 130 130 138 138 140 140 289 294 300 330 327 350 346 Pottery and related products 165 166 170 164 173 174 330 327 343 355 337 374 364 Textile-Mill and Fiber Products 106.9 109.2 113.2 108.7 111.4 110.3 246.2 262.9 271. < 304.6 285.4 298.2 295.5 Cotton goods except small wares. . . 119 122 126 122 125 124 306 317 329 366 342 357 355 Silk and rayon goods 88 90 96 92 96 97 224 236 244 292 277 295 301 Woolen and worsted manufactures. 107 108 110 106 108 105 234 269 270 312 296 298 286 Hosiery 83 85 87 81 86 84 170 179 190 200 184 203 202 Dyeing and finishing textiles 126 129 132 129 130 129 267 289 291 321 300 309 311 Apparel and Other Finished Textiles. . . . 138.9 142.7 138.6 135.6 146.9 149.0 149.1 288.4 303.8 320.5 303.6 303.6 343.4 349.4 Men's clothing, n.e.c 130 134 137 129 139 139 265 285 304 313 294 324 324 Shirts, collars, and nightwear 104 107 108 103 106 108 226 243 259 259 247 256 263 Women's clothing, n.e.c 158 162 152 153 168 172 323 335 350 311 327 382 392 Millinery 93 99 78 87 98 98 171 173 195 132 165 200 204 Leather and Leather Products. 112.2 113.2 107.4 108.1 110.4 109.3 106.5 235.8 248.1 251.8 233.4 236.5 248.3 246.9 Leather 100 100 96 94 95 96 203 212 213 205 204 207 207 Boots and shoes 107 108 103 104 106 104 231 244 247 225 231 243 241 Food and Kindred Products 173.6 158.3 147.1 159.7 166.0 179.9 165.0 349.3 356.1 332.8 328.3 352.2 351.3 389.8 Slaughtering and meat packing. 143 144 148 149 146 145 285 288 288 329 319 296 304 Flour 148 151 149 154 152 149 351 352 355 340 368 369 361 Baking 126 129 130 131 132 133 238 244 252 271 274 274 283 Confectionery 134 150 114 111 126 144 254 296 341 259 253 296 347 Malt liquors 206 202 206 218 217 214 397 404 377 390 436 420 420 Canning and preserving 282 176 124 183 217 295 721 755 484 315 469 525 833 Tobacco Manufactures i 92.3 95.1 90.6 88.8 92.5 93.9 96.3 203.0 205.3 214.5 205.8 205.5 218.3 214.8 Cigarettes 119 122 121 122 126 127 249 244 253 263 270 288 268 Cigars 82 84 78 75 79 81 179 185 196 176 171 181 187 NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for October 1948 are preliminary. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. 1512 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 Sept. Oct. June July Aug. Sept. Oct. Aug. Sept. Oct. June July Aug. Sept. Paper and Allied Products 146.2 147.8 146.9 146.1 147.4 148.7 149.4 307.2 315.5 320.5 337.8 341.7 349.6 352.5 Paper and pulp 145 145 148 149 150 150 317 311 323 348 358 364 363 Paper goods, n e.c. . . . 163 167 164 160 156 158 314 334 344 358 355 347 354 Paper boxes 139 142 134 131 137 140 280 292 304 305 295 319 328 Printing and Publishing. 133.2 134.6 132.3 131.1 131.8 133.0 134.1 240.0 249.7 252.8 264.9 260.1 264.8 273.6 Newspaper periodicals ... 122 122 124 124 124 126 214 111 111 238 236 241 254 Book and job 146 148 145 143 144 145 267 279 286 299 296 298 305 Chemicals and Allied Products......... 199 9 203 2 199 2 196 6 203 3 207 1 208 5 390 2 403 1 409 6 434.9 432.7 450.6 462.5 Drugs, medicines, and insecticides. 244 144: 231 230 232 233 470 485 499 487 481 485 491 Rayon and allied products . . . 128 130 133 133 134 132 252 260 258 280 290 303 298 Chemicals, n.e.c 292 292 297 289 302 302 552 552 555 614 600 629 642 Explosives and safety fuses 325 331 366 376 381 379 595 608 612 738 760 798 796 Ammunition small arms 164 167 182 180 174 174 207 381 393 411 421 403 411 Cottonseed oil 120 157 83 82 94 153 222 316 443 228 230 262 459 Fertilizers 156 155 144 136 143 154 388 428 410 415 397 410 442 Products of Petroleum and Coal 156.4 155.8 160.3 160.7 160.3 159.1 158.4 302.1 307.5 301.8 342.2 353.4 358.2 345.6 Petroleum refining 155 154 159 160 158 156 289 294 287 331 345 346 326 Coke and by-products 135 137 146 147 149 149 286 280 288 330 330 351 353 Rubber Products 168 1 171 7 161 6 157 7 160 9 162 8 163 9 337 6 348 3 354 4 330.2 329.7 347.2 344.9 Rubber tires and inner tubes 185 188 169 168 169 169 356 355 355 322 330 341 326 Rubber goods, other 158 162 158 153 156 160 322 338 352 344 332 356 372 Miscellaneous industries 182.8 187.5 175.7 173.9 180.1 184.2 188.4 355.9 378.2 394.1 386.7 375.0 397.4 411.8 Instruments, scientific 245 247 245 247 249 257 460 469 478 491 487 506 532 Photographic apparatus 216 219 217 221 225 225 385 394 405 439 444 444 457 For footnote, see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] 1947 1948 Group Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total 158.9 160.0 160.4 161.1 161.2 159.8 160.1 157.1 156.7 158.8 159.7 160.1 163.1 P162.7 Durable 183.2 184.8 186.8 188.6 188.7 186.4 188.4 185.5 184.1 184.0 185.1 184.9 187.7 P188.4 Nondurable 139.7 140.4 139.7 139.3 139.4 138.7 137.7 134.7 135.1 138.9 139.8 140.6 143.8 P142.4 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 (dollars) Industry group 1947 1948 1947 1948 Aug. Sept. May June July Aug. Sept. Aug. Sept. May June July Aug. Sept. All manufacturing 39. i 40.4 39.9 40.2 39.8 40.1 39.1 1.236 1.249 1.316 1.332 1.349 1.362 Durable goods 40.0 40.6 40.1 40.5 40.0 40.7 40.0 1.312 1.331 1.366 1.385 1.407 1.431 1.450 Iron and steel and products. . . 39.6 40.3 40.3 40.3 39.6 40.4 39.8 1.376 1.396 1.423 1.431 1.457 1.503 1.531 Electrical machinery 39.2 40.4 39.6 40.4 39.4 40.0 40.0 1.314 1.325 1.357 1.372 1.407 1.439 1.450 Machinery except electrical 40.5 41.1 41.2 41.4 40.6 41.0 40.6 1.377 1.395 1.441 1.461 1.473 1.499 1.512 Transportation equipment, except autos.. . 39.6 39.7 40.0 39:8 39.2 39.7 39.1 1.406 1.424 1.481 1.489 1.503 1.525 1.557 Automobiles 37.2 39.2 35.2 37.7 38.5 38.8 36.8 1.500 1.515 1.548 1.624 1.649 1.662 1.681 Nonferrous metals and products 39.5 40.2 40.6 40.8 40.1 40.8 40.9 1.294 1.309 1.355 1.369 1.404 1.424 1.436 Lumber and timber basic products 43.3 42.8 42.5 42.8 41.9 43.1 41.8 1.048 1.062 1.115 1.149 1.176 1.181 Furniture and finished lumber products.... 41.2 41.5 40.8 40.7 40.3 41.0 40.8 1.070 1.093 1.136 1.149 1.163 1.181 Stone, clay, and glass products 40.6 40.4 40.7 40.6 39.4 40.9 40.1 1.208 1.227 1.286 1.307 1.321 1.344 Nondurable goods 39.5 40.2 39.6 39. i 39.5 39.5 39.6 1.158 1.165 1.230 1.242 1.252 1.262 1.271 Textiles—mill and fiber products 38 39.5 39.6 39.5 38.6 38 38.0 1.032 1.048 1.142 1.147 1.145 1.170 .188 Apparel and other finished products 35 36.0 35.8 35.6 35.8 36 36.2 1.038 1.046 1.040 1.055 1.081 1.105 .117 Leather and manufactures 38 39.1 35.5 37.0 37.4 37.9 37.3 1.057 1.072 1.118 1.118 1.114 1.128 .151 Food and kindred products 43 43.4 42.5 42.8 42.6 41.0 42.5 1.140 1.129 1.207 1.217 1.215 1.213 .214 Tobacco manufactures 39 39.2 37.7 37.8 38.0 39.0 38.0 .951 .952 .984 1.003 1.014 1.008 .998 Paper and allied products 42 42.9 42.8 42.8 42.5 43.2 42.7 1.196 1.210 1.269 1.292 1.317 1.320 .335 Printing, publishing and allied industries... 39.4 40.2 39.1 39.1 38.9 39.1 39.3 1.508 1.534 1.663 1.676 1.675 1.684 .711 Chemicals and allied products. 40.9 '41.0 41.0 41.4 41.1 41.0 41.2 1.252 1.263 1.347 1.369 1.390 1.407 .411 Products of petroleum and coal 40.6 41.0 41.2 40.7 40.8 41.2 40.4 1.494 1.509 1.631 1.650 1.703 1.716 .698 Rubber products 38.7 39.9 39.0 39.7 39.7 40.3 39.5 1.445 1.447 1.424 1.439 1.472 1.500 .504 Miscellaneous industries 39.3 40.2 40.3 40.3 39.4 40.3 40.5 1.177 1.191 1.244 1.262 1.269 1.271 .279 NOTE.—Preliminary October 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.0 and 1.366; Durable, 40.9 and 1.453; Nondurable 39.0 and 1.272, respectively. Back figures are available from the Bureau of Labor Statistics. DECEMBER 1948 1513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c 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 ,382 3,228 3,987 1940 32,031 10,780 916 1,294 3,013 ,055 ,419 3,362 4,192 1941 36,164 12,974 947 1,790 3,248 7,567 ,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 ,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 ,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 ,374 3,795 6,026 1945 40,069 15,302 826 1,132 3,872 7,685 ,394 3,891 5,967 1946 41,494 14,515 852 1,661 4,023 8,820 ,586 4,430 5,607 1947 43,970 15,901 911 1,921 4,060 9,450 .656 4,622 5,449 SEASONALLY ADJUSTED 1947—September 44,291 16,039 918 1,969 4,128 9,542 ,676 4,634 5,383 October 44,557 16,161 919 1,999 4,101 9,613 ,688 4,662 5,414 November 44,625 16,216 922 2,006 4,080 9,636 ,690 4,670 5,405 December 44,800 16,266 926 2,018 4,089 9,679 .693 4,688 5,441 1948—January 45,019 16,332 927 2,056 4,075 9,694 ,688 4,723 5,524 February 44,755 16,208 920 1,945 4,071 9,664 ,698 4,730 5,519 March 44,791 16,246 930 1,941 4,069 9,634 ,697 4,729 5,545 April 44,584 16,045 820 1,972 3,995 9,721 ,696 4,768 5,567 May 44,726 16,018 936 2,032 4,028 9,689 ,699 4,738 5,586 June 45,053 16,172 947 2 110 4,056 9,779 ,700 4,663 5,626 July 45,271 16,302 915 2.093 4,078 9,791 ,737 4,645 5,710 August 45,314 16,280 944 2.106 4,078 9,805 ,752 4,622 5,727 September 45,662 16.563 945 2.093 4.086 9.806 .741 4,647 5,781 October 45,751 16,546 947 2,111 4,100 9,829 1,738 4,692 5,788 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 ,704 768 5,577 May 44,616 15,892 935 2,052 4,042 9,617 ,716 738 5,624 June 45,009 16,115 950 2,173 4,105 9,670 ,726 663 5,607 July 45,098 16.172 922 2,219 4,136 9,646 ,754 645 5,604 August 45,480 16,443 952 2,253 4,139 9,660 ,761 622 5,650 September 45,898 16,704 948 2,240 4,093 9,733 ,732 4,647 801 October 45,961 16,595 949 2,217 4,096 9,902 1,721 4,692 5,789 1 Includes Federal Force Account Construction. NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th ot the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. October 1948 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT {Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total non- Total Employed x Not in the Year or month in p s o t p it u u l t a i t o io n n al l f a o b rc o e r Total Total In nonagricul- In U pl n o e y m ed - labor force tural industries agriculture 1940 * 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 ... 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1947—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 47,524 108,050 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 47,119 108,173 61,760 60,524 58,330 50,883 7,448 2,193 46,414 108,262 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 October 108,853 63,166 61,775 60,134 51,506 8,627 1,642 45,685 1 Includes self-employed, unpaid family, and domestic service workers. J 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 interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 1514 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 oy the F. W. Dodge Corporation. Value of contracts in millions of dollars) Nonresidential building Residential Publicworks Total building and public Month Factories Commercial Educational Other utilities 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 January 571.6 615.2 257.4 238.1 86.5 54.1 38.3 74.5 19 7 58 7 55 9 53 3 113 9 136 6 February 442.2 682.0 208.4 232.3 73.9 71.9 46.4 75.5 13.5 37.8 9.4 87.2 90.5 177.3 March.... 596.8 689.8 282.9 276.5 82.1 55.3 52 6 78 5 21 4 50.3 35 8 65 0 122 0 164 3 April 602.3 873.9 256.7 351.6 65.6 82.2 66.3 88.8 22.7 55.4 29 6 111 2 161 4 184.7 May. 674.7 970.8 254.1 369.8 71.3 91.9 59.2 103.3 47.7 83.8 57.7 117.0 184.7 205.0 June .... 605.1 935.2 209.5 355.3 66.8 103.8 58 4 83 1 40 1 63 5 44 7 113 8 185 7 215 7 July 660.3 962.7 240.9 349.7 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 650.0 762.2 268.5 279.7 73.8 53.6 75.9 80.4 42.8 54.5 47.4 91.3 141.5 202.7 October 793.3 778.6 349.5 296.8 95.5 70.7 80.0 83.8 41.1 48.4 61.3 113.5 165.9 165.5 November 715.1 290.2 72.1 84.3 27.2 59.8 181.5 December 625.4 226.8 83.5 65.3 31.5 64.1 154.1 Year 7,759.9 3,153.8 941.4 785.5 391.9 596.9 1,890.4 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] F. W. Dodge Corporation. Value of contracts in thousands of dollars} Total Public ownership Private ownership Month 1948 1947 1946 1947 19481946 1947 19481946 1947 1948 Federal Reserve district January... 358 572 615 47 167 197 311 405 419 Oct. Sept. Oct. February. . 387 442 682 56 96 248 331 346 434 J J A S O N M A M D u u e p u c o e n a l a p c t y r g v r y e o i t e c u e l e b m h s m m e t b r b b e . e e r . r r . . . . 6 9 8 6 6 5 4 7 7 5 5 9 0 8 2 7 3 5 1 0 2 8 8 0 0 3 5 7 8 4 5 6 6 6 6 8 6 6 7 7 0 0 9 7 2 2 6 5 1 9 2 5 7 5 3 5 0 0 5 3 8 6 8 9 9 9 7 7 6 9 7 5 3 6 1 3 0 4 4 5 2 2 2 2 1 1 1 1 1 1 1 0 1 0 4 0 3 3 2 8 9 5 5 2 6 9 0 4 7 7 7 2 2 2 2 2 2 2 1 1 1 0 0 1 3 2 0 2 9 7 4 3 9 8 4 6 7 4 3 7 3 3 2 2 2 2 3 1 3 7 5 3 9 8 2 5 6 9 6 8 1 4 3 5 5 4 4 4 3 6 5 7 7 9 7 3 3 1 4 5 0 5 3 3 5 3 9 6 8 1 8 6 3 4 4 4 6 4 5 4 4 4 4 7 5 0 2 5 9 1 8 5 1 9 8 5 5 7 2 8 4 3 5 6 6 6 5 5 6 0 7 7 2 1 3 0 3 3 9 8 1 8 9 A S M C K N C R P B t h t h i l o e a . i c e l i w n s i n a h v l L c t a n s n e a o m o a d e Y l t g n a u s a a e o o o n i l p n s p C r d o d k h i l t i i y s a 1 1 2 4 2 4 5 4 7 7 7 4 7 4 7 7 4 2 7 3 9 2 , , , , , , , , , , 9 8 8 9 5 5 9 6 7 4 4 5 8 0 9 6 5 4 1 2 3 6 3 7 9 5 3 7 0 0 1 1 3 5 6 8 8 4 5 4 3 2 4 1 0 7 0 2 9 2 2 7 . , , . , , , . . . 2 9 5 9 3 1 5 2 6 3 1 7 4 0 9 2 8 7 8 6 5 5 3 8 2 9 6 0 7 4 1 1 3 3 4 4 8 5 7 7 3 4 3 1 9 1 4 0 2 3 7 3 , , , , , , , , , , 0 0 1 9 8 4 6 3 3 4 9 2 6 6 6 0 0 2 6 6 1 6 6 9 5 7 2 2 9 3 Dallas 59,123 43,123 76,006 Year.... 7,490 7,760 ... 1,754 2,296 5,735 5,464 Total (11 districts) 778,606 762,192 793,286 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 Year or month Total p P m e r i r m r o e o t v n - y p e t - - 1 s S h t c t m o r i o o m u n a n c - l e - l 1 h f ( a - o T m I u t I i o s t i ) l l e y e 4 s - h R g ( o T a r e u n o n i s t u d t i l a n p e l g W h e ( o V a r T u a r e i s n t t a i l - s n n e ' g d [In millions of dol S la a r v s - ] II) VI)* Com- Mu- ings Insur- Fed- 1 1 1 9 9 9 4 4 4 1 2 3 1 1 , , 1 1 9 7 3 3 2 7 5 2 1 4 8 4 9 7 1 2 1 1 5 1 2 6 8 4 9 7 5 1 7 (» 1 ) 6 3 6 2 0 8 1 3 4 3 End of month Total b m c a i n e a r k l - s b s t i a n u a n g v a k s l - s a a l s a t o s n i a o o d n c n i s - p c a a o n n m c i e e - s a c e g i r e e a s n l - * Other2 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 1938—Dec 1,199 634 38 149 212 77 90 1947—October... 244 46 (8) 48 150 1939—Dec 1,793 902 71 192 342 153 133 November. 192 47 («) 39 106 1940—Dec 2,409 1,162 130 224 542 201 150 December. 228 68 (8) 48 112 1941—Dec 3,107 1,465 186 254 789 234 179 1948—January... 224 56 (») 48 120 1942—Dec. 3,620 1,669 236 276 1,032 245 163 February.. 228 45 45 137 1943—Dec 3,626 1,705 256 292 1,134 79 159 March.... 272 49 8 53 170 April 292 63 51 177 1944—June 3,554 1,669 258 284 1,119 73 150 May 265 54 53 158 Dec 3,399 1,590 260 269 1,072 68 140 June 329 59 («) 72 197 July 286 50 71 164 1945—June 3,324 1,570 265 264 1,047 43 134 S A e u p g t u e s m t ber.. 2 2 7 7 7 7 4 5 8 1 ( 3 ) 9 7 2 6 1 1 3 4 6 9 Dec 3,156 1,506 263 253 1,000 13 122 October 318 52 98 168 1946—June 3,102 1,488 260 247 974 11 122 1 Net proceeds to borrowers. 2 Mo(r 8 t)gages insured under War Dec 2,946 1,429 252 233 917 9 106 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 rfew 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. DECEMBER 1948 1515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports2 Excess of exports Month 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 1944 ' 1945 1946 1947 1948 January 1,124 903 798 1,114 Pl,092 301 334 394 '531 P546 823 569 405 >-583 »546 February 1,107 887 670 1,146 Pl,086 314 325 318 437 P582 793 561 352 709 P504 March 1,197 1,030 815 1,326 358 365 385 445 P666 839 665 431 882 P475 April 1,231 1,005 757 1,295 P1,122 361 366 406 512 P528 870 639 351 782 P594 May 1,455 1 ,135 851 1,414 Pl,103 386 372 393 474 P549 1,069 763 457 940 P554 June 1,296 870 878 1,235 Pl,014 332 360 382 463 P616 965 511 496 772 P398 July 1,197 893 826 1,155 P1.O22 294 356 431 450 P559 903 537 395 705 August 1,191 737 883 145 P988 304 360 422 400 J»598 887 378 461 745 P390 September 1,194 514 643 1,112 P927 282 335 377 473 P558 912 180 266 639 October 1,144 455 537 Pl.235 329 344 394 P492 815 111 142 P744 November 1 185 639 986 P1,138 323 322 478 P455 862 317 508 P683 December 938 736 1 097 Pl 114 336 297 529 P603 602 439 567 P511 Jan -Sept 10,992 7,976 7,120 10,941 ,9,494 2,931 3,172 3,507 4,184 P5.202 8,061 4,804 3,613 6,757 P4,292 P Preliminary. r Revised. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars (preliminary). 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT 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 CokeGrainL s i t v o e c - k p e r s o t d- Ore l c a el n - e- c d h i a s n e - Total Net ucts ous l.c.1. o r p r e a e v i r e l a w n ti u a n e y g s e r x a T p il o e w t n a a s l e y s op r i a n e i c r l a o w t m i a n y e g in N co e m t e Annual 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 Annual 1941 130 123 168 112* 91 139 183 136 100 1939 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 9,055 7,695 1,360 873 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 SE AD A J S U O S N T A E L D LY 1 1 9 9 4 4 6 7 P 7 8 , , 6 6 2 85 8 P 7 7 , , 0 9 0 04 9 » 6 78 2 1 0 * 2 4 8 8 9 0 1947—May . 142 155 185 138 104 148 184 145 76 SEASONALLY June... . 137 141 174 140 107 145 184 142 74 ADJUSTED July 135 115 170 168 107 152 194 143 71 August 143 146 184 162 92 152 190 149 73 1947—•JJuunne. 731 649 82 49 September... 142 153 180 137 105 149 181 145 73 Jul] 683 634 48 18 October 145 156 192 152 104 147 163 149 75 August.... 719 655 64 31 November... 147 160 195 145 105 150 163 151 75 September. 716 681 36 4 December. . .149 155 191 138 96 158 192 156 74 October.. . 739 696 43 9 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 10 3 3 2 8 7 4 6 1 1 5 4 3 0 1 19 80 5 1 1 5 4 2 6 6 7 8 1 N D o ec v e e m m b b e e r r . . 8 7 0 8 6 6 7 7 0 2 8 2 8 7 3 8 4 5 7 0 A J J O A S M M p u c u e u a a r l t p n g r y i y o t u e c l b e s h . e m t r b . er . . . .. 1 1 1 1 1 1 1 1 4 3 3 4 3 3 3 4 1 9 9 2 0 0 8 0 1 1 1 1 1 1 1 9 0 5 5 6 4 4 4 8 3 9 5 3 3 7 4 1 1 1 1 1 1 1 1 8 9 8 3 6 8 9 9 2 3 7 4 4 5 7 2 1 1 1 1 1 1 1 1 2 2 5 2 4 0 5 4 9 3 4 9 7 8 0 4 1 9 9 8 8 8 8 7 0 3 6 6 5 6 0 9 5 1 1 1 1 1 1 1 1 4 6 6 5 4 4 3 5 9 5 2 2 1 6 9 0 2 2 1 1 1 1 1 1 1 1 9 8 8 6 9 8 3 3 1 2 5 6 5 2 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 5 1 5 5 5 3 4 0 0 6 6 6 6 6 6 7 7 9 6 6 6 8 4 0 2 1948— J J A F A M M J u u e u p a l a n a b y g r n y e i r r u u l c u s a h t a r r . y y . . . . . . . . , 8 8 8 7 7 7 7 7 4 1 5 8 9 6 2 6 2 9 6 1 5 1 6 7 6 7 7 7 7 7 7 7 0 8 0 2 1 4 0 1 1 4 5 7 9 4 7 0 1 9 9 6 5 4 9 3 7 9 2 0 5 2 4 7 1 1 6 2 2 5 6 0 3 2 9 8 2 7 5 2 8 UNADJUSTED September. 836 737 99 P65 1947—May 144 155 183 121 94 154 267 146 76 June 142 141 170 143 87 151 286 146 73 UNADJUSTED A O J N S D u c u e o e l t g p v c y o t u e e b e s m m e m t b b r b e e e r r r . . . . . . . . . 1 1 1 1 1 1 5 5 4 3 4 5 3 6 0 9 8 0 1 1 1 1 1 1 1 5 4 5 5 6 5 5 6 6 3 0 2 1 1 1 1 1 0 6 7 8 9 7 1 5 7 8 5 8 2 1 1 1 1 1 0 7 5 5 4 3 1 5 3 2 2 0 1 1 1 8 8 9 6 3 3 7 7 2 1 3 9 1 1 1 1 1 1 6 5 5 4 4 6 1 3 5 7 1 0 3 2 2 2 1 1 3 7 6 8 6 1 5 2 0 4 3 1 1 1 1 1 1 4 6 5 5 4 5 5 3 0 7 7 8 7 7 7 7 7 7 8 1 3 7 7 1 1947— J O A S N J u u e u c o l n p y t g v e t o u e e b s m m t e b b r. e e . r r . . . 6 7 7 7 7 7 9 5 2 0 4 9 8 5 7 6 6 4 6 6 6 6 6 7 3 4 6 7 9 1 7 5 5 9 0 8 6 6 8 4 6 7 1 1 1 8 6 6 '5 3 2 4 4 4 3 4 0 9 3 3 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 October 151 147 190 150 143 158 240 159 71 August 868 752 116 86 September. 845 734 111 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. 1516 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k d P e h l i p l h a- ia C l l a e n v d e- m R o ic n h d - 1 la A n t t - a c C a h g i- o L S ou t. is M ap i o n l n i e s - K C a i n ty sas Dallas F c S r is a a c 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—October 279 211 225 '264 271 '303 348 266 308 '275 '319 360 '342 November 302 244 248 280 296 310 383 298 339 281 335 415 348 December 303 239 241 277 309 '326 394 293 337 277 334 389 361 1948—January 286 224 240 272 284 '288 355 271 291 286 306 390 348 February 286 226 241 280 284 '307 359 281 307 267 292 368 327 March '284 228 229 263 270 r303 368 274 318 278 307 384 339 April 306 243 255 278 295 '327 390 289 343 283 337 448 362 May r311 242 268 284 320 '318 394 289 340 306 336 418 365 June 312 252 265 283 306 '327 397 299 346 291 328 406 372 July 316 255 266 288 313 '521 392 312 355 294 322 436 365 August '312 237 256 289 308 '319 402 29*5 354 292 336 419 383 September 312 252 252 295 316 '338 402 299 362 '291 329 423 355 October 305 232 250 307 316 328 396 292 338 312 343 388 336 UNADJUSTED 1947-October '300 234 '252 280 290 '325 372 284 330 '303 '335 396 '352 November 376 306 323 370 371 394 460 364 428 335 392 507 421 December 485 419 408 460 479 542 619 455 516 424 505 633 571 1948—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 July 243 176 181 207 244 235 314 243 277 238 270 331 311 August 259 175 187 217 268 260 354 248 305 261 303 365 338 September 319 '260 257 295 320 357 410 305 3*6 '316 343 444 355 October. . 329 258 280 322 338 359 424 313 362 344 360 427 346 STOCKS - 1939 102 99 97 96 99 107 107 103 102 103 99 106 106 1940 108 105 102 99 106 113 115 111 108 110 105 113 115 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 255 202 225 220 243 289 306 246 274 266 259 321 300 SEASONALLY ADJUSTED 1947—October 252 211 224 231 238 281 300 245 274 251 '240 306 293 November 273 219 228 238 268 310 337 259 290 281 266 357 327 December 284 224 232 245 272 323 344 264 297 306 300 397 353 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 312 240 247 261 298 334 370 304 329 343 353 420 388 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 '275 215 243 '238 261 297 348 264 302 316 274 '378 312 October. 282 220 236 244 265 311 362 276 317 309 277 370 329 UNADJUSTED 1947—October 284 239 253 263 274 320 336 275 307 279 '273 345 325 November 296 249 263 262 283 329 354 285 310 303 284 382 346 December 244 201 211 208 225 269 289 238 250 268 246 333 289 1948—January 253 199 205 211 243 283 311 236 265 282 273 346 317 February 279 214 232 246 266 320 352 264 298 309 296 377 331 March 303 233 254 261 287 333 370 294 319 345 317 399 360 April 308 233 251 270 295 342 376 293 331 347 315 409 381 May 297 226 247 259 280 330 357 289 313 331 309 396 360 June 278 204 228 235 262 291 346 270 302 315 300 384 341 July 274 198 215 226 257 304 343 258 305 326 295 387 347 August 287 215 242 245 275 325 356 275 318 329 293 411 332 September 304 232 256 '•262 290 333 383 293 336 '341 307 '423 352 October 318 249 267 279 305 355 406 309 355 344 316 419 364 ' Revised. 1 Sales indexes revised beginning January 1944; back figures available from Richmond 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. DECEMBER 1948 1517 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 = 100 2 Num- Department r b s e t e p o r o r e o rt s f - Sale p s e r d io u d ring I 'e S m n t o o d . c ) o k f s September Sal p e e s r d i u o r d ing Sto o c f k m s o a n t t h end ing 1948 1948 1947 Nine Sept. mos. Sept. 1948 1948 1948 Sept. Aug. Sept. Sept. Aug Sept. GRAND TOTAL—entire store 3 353 +5 +5 + 15 2.8 2.6 MAIN STORE—total 353 +4 +5 + 15 3.0 2.7 226 185 218 668 628 581 Piece goods and household textiles 310 +2 +4 +11 3.0 2.7 227 211 222 676 664 611 H Pi o e W S L D C B u c i i o o l e s l o n a k e t m o e n t g s h o n l , k e o o e n s s e o v n l t d t d e a i w s c d s l n , v t s a r d e — c e e s x o s h t t t s s m m o i , l g w g e f u a o o o s e s n o r o l l d d t s i d e n s s r s s s y , , n s a t h h n e e d e t t i i s c n p s g r s eads 2 2 2 2 2 1 1 1 8 3 3 9 8 6 5 7 5 3 2 8 3 4 8 3 + + + - - - - 1 2 2 1 3 7 4 0 2 + - + 2 + + + + - 1 2 7 6 2 3 2 1 1 + + + + + + + 1 1 3 1 1 9 3 5 7 3 0 1 5 3 3 2 2 3 2 2 1 . . . . . . . . 2 9 7 9 7 7 8 9 2 2 3 3 2 2 2 2 . . . . . . . . 5 2 7 4 9 8 0 0 2 2 5 2 2 1 1 1 7 4 2 9 0 9 8 6 1 6 1 8 7 5 8 4 4 2 2 2 2 2 1 1 1 3 3 0 0 5 7 6 0 7 6 3 6 6 3 8 4 2 2 2 2 1 1 1 8 7 6 0 2 6 9 8 7 8 0 9 7 7 9 8 1, 8 6 6 6 5 6 0 7 5 0 2 5 8 4 4 4 9 8 3 3 7 9 0 0 1, 8 8 2 6 5 6 5 5 3 0 5 1 0 2 9 9 9 9 1 0 9 5 9 0 9 6 5 5 5 6 4 7 1 2 7 7 3 9 0 2 5 8 5 5 2 2 9 0 Small wares 341 +3 + 1 +3 3.4 3.4 178 146 174 623 582 604 Laces, trimmings, embroideries, and ribbons. 204 +6 +2 3.4 3.2 213 162 220 715 643 789 Notions 236 +3 +9 + 15 3.0 2.7 241 190 233 723 686 620 Toilet articles, drug sundries 324 +2 0 -4 3.4 3.6 141 122 139 485 466 505 Silverware and jewelry 317 +3 -1 +8 3.9 3.8 198 163 192 781 728 718 Silverware and clocks4 200 +3 +4 + 19 4.3 3.7 Costume jewelry4 257 +4 -5 +2 2.8 2.8 Fine jewelry and watches4 74 +3 _2 +4 6.9 6.8 Art needlework 238 +6 + 1 +4 3.6 3.7 177 150 168 640 614 637 Books and stationery 268 +5 -2 -2 3.4 3.7 180 139 172 623 558 625 Books and magazines 135 +5 -4 -2 3.2 3.4 155 126 148 501 428 619 Stationery 225 +4 i -2 3.5 3.8 187 132 179 663 577 536 Women's and misses' apparel and accessories. 350 +7 +6 +16 2.1 2.0 253 189 237 541 505 469 Women's and misses' ready-to-wear accessories. . 350 -1 +1 +16 2.7 2.3 227 161 230 612 566 526 Neckwear and scarfs 304 -11 +1 +7 2.1 1.8 261 156 293 554 470 515 Handkerchiefs 282 +5 -2 -14 4.2 5.1 142 125 135 595 510 670 Millinery 174 +8 0 +9 0.7 0.7 299 130 277 209 217 199 Women's and children's gloves 332 -8 -9 -2 5.1 4.7 143 68 156 722 644 727 Corsets and brassieres 334 -3 0 +13 2.7 2.3 252 208 259 684 660 611 Women's and children's hosiery 347 -7 +9 +60 2.5 1.4 160 120 173 403 359 252 Underwear, slips, and negligees 341 +2 +3 +17 3.2 2.8 198 181 194 633 545 545 Knit underwear 246 +8 +5 +31 2.9 2.4 229 202 212 670 552 501 Silk and muslin underwear, and slips 279 0 +5 + 17 3.3 2.8 192 174 192 627 539 533 Negligees, robes, and lounging apparel 243 -3 -5 -3 3.3 3.3 170 147 175 559 449 573 Infants' wear 325 -6 -4 + 16 2.5 2.1 329 239 348 838 825 720 Handbags and small leather goods 332 +4 +3 + 17 2.0 1.8 209 132 202 426 388 369 Women's and children's shoes 247 + 1 + 1 + 17 3.3 2.9 260 175 257 841 743 Children's shoes4 205 +7 +1 +14 2.7 2.5 Women's shoes4 213 -1 0 +17 3.4 3.0 Women's and misses' ready-to-wear apparel 350 +15 + 10 + 15 1.7 .7 281 219 244 469 438 405 Women's and misses' coats and suits 340 +26 + 14 + 15 1.4 .6 354 252 282 521 471 452 Coats4 215 +30 +19 + 19 1.5 .6 Suits4 209 + 18 +6 + 12 1.3 .4 Juniors' and girls' wear 256 + 17 +11 +19 1.5 .4 367 288 315 554 518 478 Juniors' coats, suits, and dresses 287 +22 + 13 +22 1.2 .2 389 306 319 463 428 409 Girls' wear 312 +11 +7 +17 1.9 .8 367 275 331 697 638 596 Women's and misses' dresses 340 + 11 +9 +23 1.4 .2 241 172 216 333 292 279 Inexpensive dresses* 250 +18 +14 + 15 1.1 .2 Better dresses4 259 +5 +4 +26 1.6 .3 Blouses, skirts, and sportswear 338 +19 +14 +10 1.5 .6 327 244 276 491 502 452 Aprons, housedresses, and uniforms 287 +7 +9 +17 2.2 2.0 153 155 143 334 308 286 Furs 272 -19 -14 +6 4.9 3.7 134 182 165 651 630 576 Men's and boys' wear 325 -8 -2 +20 4.4 3.4 186 136 202 817 737 682 Men's clothing 248 -17 -1 +47 5.0 2.8 184 124 220 924 842 622 Men's furnishings and hats 309 -6 -2 +7 4.4 3.9 155 126 165 692 613 652 Boys' wear 293 -1 -2 + 12 3.3 2.9 267 184 269 883 846 789 Men's and boys' shoes and slippers 190 -1 -2 +6 5.0 4.6 184 141 186 911 870 847 Housef urnishings 313 +7 +9 +20 3.5 3.1 243 221 226 854 822 709 Furniture and bedding 237 +9 +13 +26 3.6 3.2 212 229 194 773 759 613 Mattresses, springs and studio beds4 152 + 14 +15 +43 1.5 1.2 Upholstered and other furniture4 161 +8 + 12 +23 4.3 3.8 Domestic floor coverings 269 +6 + 13 +34 3.8 3.0 247 211 233 944 703 Rugs and carpets4 149 +8 +15 +32 3.8 3.1 Linoleum4 101 -9 0 +64 4.5 2.4 Draperies, curtains, and upholstery 293 +4 +2 + 13 4.1 3.7 202 158 194 823 779 724 Lamps and shades 240 + 10 +9 +14 3.3 3.1 214 164 195 695 646 615 China and glassware 242 +9 +9 +19 6.3 5.8 165 146 150 1,035 1,014 856 Major household appliances 237 +7 + 11 +46 1.9 1.4 413 389 387 790 755 534 Housewares 246 +3 +5 + 13 3.2 3.0 292 245 283 942 884 829 Gift shop4 150 +14 +12 +4 4.7 5.2 Radios, phonographs, records, and instruments4. 222 + 17 +4 +5 3.3 3.7 Radios and phonographs4 168 +29 +7 -1 2.7 3.6 Records, sheet music, and instruments4 137 -16 +14 6.0 4.4 Miscellaneous merchandise departments 309 -1 -1 +9 3.9 3.6 181 167 182 709 596 649 Toys, games, sporting goods, and cameras 284 -5 0 + 17 7.1 5.7 153 144 161 1,079 856 920 Toys and games 221 -9 -4 +22 8.3 6.2 120 114 131 990 743 841 Sporting goods and cameras 132 -2 +3 +7 5.4 4.9 172 159 176 923 802 931 Luggage 251 -4 0 +14 3.9 3.2 194 236 203 751 700 655 Candy4 183 -2 -12 -6 1.3 1.3 For footnotes see following page. 1518 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 x 1941 average monthly sales=100 2 Department b N st e u o r r m o e - s f Sale p s e r d io u d ring ( S e m t n o o d c . k ) o s f September Sale p s e r d io u d ring Sto o c f k m s o a n t t e h nd reporting 1948 1947 1948 1947 S 1 e 9 p 4 t 8 . N m 19 i o n 4 s e 8 . S 1 e 9 p 4 t 8 . 1948 1947 Sept. Aug. Sept. Sept. Aug. Sept. BASEMENT STORE—total. . 198 +9 +10 +10 2.1 2.1 219 172 200 466 429 423 Domestics and blankets4 132' +4 +4 +7 2.3 2.2 Women's and misses' ready-to-wear 195 +15 +14 +12 1.7 1.7 230 176 201 391 349 349 Intimate apparel^ 166 +9 + 16 +16 2.3 2.2 Coats and suits4 176 +22 +14 +7 1.5 1.7 Dresses4 169 +24 +17 +15 1.3 1.4 Blouses, skirts, and sportswear4 150 +25 +16 0 1.4 1.7 Girls wear4 119 + 13 +10 +16 1.7 1.7 Infants' wear4 112 +4 +8 +20 2.0 1.7 Men's and boys' wear 160 +2 +9 +10 2.8 2.6 218 164 214 614 561 562 Men's wear4 141 0 +9 +11 3.0 2.7 Men's clothing4 93 0 + 13 +21 3.2 2.6 Men's furnishings4 112 0 +7 +5 2.9 2.7 Boys' wear4 113 +6 +7 +5 2.2 2.2 Housef urnishings 102 +4 +5 +9 2.5 2.4 192 156 186 489 472 431 Shoes 132 +6 +6 +9 3.0 3.0 175 130 165 531 504 494 NONMERGHANDISE—total4 173 +10 +8 (5) (5) (5) Barber and beauty shop4 82 + 15 +7 (5) (5) (5) lonth by sales during the month and hence indicates the number 858 were reversed. 3 FFoorr mmoovveemmeei.nts of total department store sales and stocks see the indexes for the United States on p. 1517. 4 Index numbbeers of sales and stocks for this department are not available for publication separately; the department, however, is included al indexes. 5 Data not available. ities throughout the country. In 1947, sales and stocks Not all stores report data for all of the that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average = 100J Amount Without seasonal adjustment (In millions of dollars) 194;r 1948 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 o e t n n o d c t k h o s ) f s m ( t o e a O n r o n d d n u d e t t i r - h o n s ) f g Jan. 2 1 1 4 5 1 8 . . . . . . . . . . . . . . . . . . . . 2 2 2 1 2 3 2 8 0 2 3 8 Jan. 2 1 1 3 4 7 0 . . . . : . . . : . : : . . . . . . . . 2 2 2 2 2 3 0 5 6 2 4 1 July 2 1 19 5 6 2 . . . . . . . . . . . . . . . 2 2 2 2 1 1 2 0 3 7 8 8 July 2 1 1 3 4 7 0 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 3 1 6 3 1 7 5 6 Feb. 1.. ...217 31... ..233 Aug. 2.... .220 31... ..235 8.. ...219 Feb. 7... ..240 9.... .223 Aug. 7... ..261 1939 average 128 344 15.. ...246 14... ..238 16 .225 14... ..258 1940 average 136 353 108 22.. ...216 21... ..249 23.... .243 21... ..271 1941 average. 156 419 194 Mar. 1.. ...238 28... ..248 30.... .277 28... ..255 1942 average 179 599 263 8.. ...254 Mar. 6... ..266 Sept. 6;;:. .265 Sept. 4... ..308 1943 average 204 508 530 15.. ...267 13... ..279 13 .291 11... ..285 1944 average 227 534 560 22.. ...286 20... ..313 20... .301 18... ..337 1945 average 255 563 729 29.. ...283 27... ..331 27.... .316 25... ..319 1946 average 318 714 909 Apr. 5.. :..319 Apr. 3... ..280 Oct. 4... 326 Oct. 2... ..327 1947 average 336 823 553 12.. :..265 10... ..298 11.... 304 9... ..336 19.::..271 17... ..294 18..;. .299 16... ..331 1947—October. .. 367 '913 ••664 26.. :..267 24... ..296 25... .306 23... ..344 November. 416 941 605 May 3.. :..279 May 1... ..300 Nov. 1... .313 30... ..319 December. 584 770 544 10.;:. .311 8... . .330 8.... .347 Nov. 6... . .320 17.::..273 15... ..293 15.... 380 13... . .346 1948—January... 271 789 633 24.::..277 22... ..295 22.... .395 20... . .371 February. 263 878 575 31.: ...250 29... ..297 29.... .367 27... . .347 March. . .. 355 941 420 June 7..S..293 June 5... ..282 Dec. 6... .508 Dec. 6... ..485 April 331 938 356 14.. :. 300 12. . .304 13.:;: 570 11 May 339 919 339 21 "- 256 19 ! !31C 20 *' 576 18 June 336 859 462 28!.'!!.*245 26!!. '..262 27!!!!.358 25 July 268 827 551 August 295 893 545 September, 357 944 539 NOTE.—Revised series. For description and back figures see pp. October. .. Pl.052 *>512 874-875 of BULLETIN for September 1944. v Preliminary. r Revised. i These figures are not estimates for all department stores in the United States. Back figures.-—Division of Research and Statistics. DECEMBER 1948 1519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 O 9 c 4 t 8 . 1 S 9 e 4 p 8 t. m 1 T 9 e o 4 n s 8 . ; 1948 I 1948*1 ^48 1 O 9 c 4 t 8 . S 19 e 4 p 8 t. m 1 T 9 o e 4 n s 8 . 1 O 9 c 4 t 8 . S 19 e 4 p 8 t. m 1 T 9 o e 4 s n 8 . United States.. *+7| +6 +8Cleveland-cont.\ Chicago p+7 +3 +8 Kansas City— B N P o o e s r w t t o l n a H nd aven.. .. P + + + 1 7 5 2 \ | 1 + + 1 - 5 1 7 j + + + 3 2 3 W P E i r t h i t e e s 1 e b l u in rg g h 1 l .. . . j j ! + + + 1 1 1 0 4 7 i j | + + + 9 9 5 ; , + + + 1 9 9 3 F C P o e h o r i t c r i a W a g o l a l y . n . e . l. . + + + 9 7 7 + + + 1 3 2 3 + + + 8 9 6 O O c k m o l a a n h h t a o . ma City . + 7 + — 3 4 + + 9 6 D Bo o s w to n n to A wn rea. . . +6 +3 +3 Richmond j + io! +11| +7 T In e d r i r a e n H ap a o u l t is e 1 V . P+ + 2 8 7 + + 1 5 1 + + 1 5 1 Tulsa + 10 +2 + 16 Boston +7 +4 +3 Washington l.. . | + 10 +5| +5 Des Moines. . -j-7 +5 + 14Dallas +4 + 15 +11 Springfield + 10 + 12 +8 Baltimore ! +9 +9| +4 Detroitl +8 +6 +9 Shreveport +23 + 12 +20 P W ro o v rc id es e t n e c r e + + 1 1 0 0 + + 4 8 + + 3 3 W Ra i l n e s ig to h n , - N Sa . le C m . . . j I + + 2 1 0 3 ) + -4 1 -1 3 21 + + 6 9 F G l r i a n n t d 1 Rapids P + + 1 7 4 + + 7 2 + +9 7 D Co a r l p la u s s 1 Christi.. 0 0 + 4- 8 6 + + 5 2 N N B e r e w i w d g a Y e r o k p r o l k rt l... . + + - U 2 3 \ | + + + 1 5 2 6 +7 0 L G N C y h o re n a r e f c r o n l h e l v b k s i u t l o l r e n g , , S S . . C C . I i ; + + + + 1 1 1 9 3 2 5 ' + + + + 1 2 1 7 3 1 6 | ; ! | + + + + 1 1 5 8 4 2 L G M M a r a i e n l d w e s i n i s a n o u g B n k a e y e x * .. .. P + + + + 1 1 1 1 2 0 1 4 + + + 1 5 7 2 0 + + + + 1 1 1 7 2 3 3 F S H a o o n r u t A s W to n n t o o r 1 n th io... . 4- 4 4 1 - - 1 1 0 + + + 4 1 4 3 1 + + + 2 9 9 7 A B l i b n a g n h y amton.... + + 1 11 3 1 ! + + 1 9 4| + + 1 8 3 R R i o c a h n m ok o e n d j j + + 5 l ; ! + + 2 1 6' + + 1 5 0 St. Louis +7 +8 +10 S P a h n o en F i r x a l ncisco P-4 0 4 + - 3 2 + + 9 7 Buffalo i + 10 -4-14 + 11 Charleston, ' Fort Smith... + 17 + 14 +8 Tucson — 2 +5 +4 N N El e i m a w g i a r Y a ra o r F k a C ll i s t . y . . 1 + + + 7 5 4 + + + 1 4 4 8 ! ! ! + + 1 5 0 H W un . ti V n a g ton. . . . i i + + 2 1 4 5 ; 1 + + 1 1 3 3!+ + 1 1 6 8 L L E o i v t u a tl i n e s s v v R il i l o l e l c e J k . . . 1 . . . . + + + 2 9 0 7 + + + 2 1 1 0 0 2 + + + 2 1 1 4 1 0 F L B r o a e n k s e g n r o s B f l i e e a l c d h l. 1 .. . . . . _ — — 2 6 7 + 4 + 1 - 3 5 0 + + + 1 5 7 3 P C S T L W Y C T A S S P R C C C Y R P U h l y p c o r a e h o l o o o e a i o k t i i e e r r h v i n n l u i a l l c r n u l r i a c a v l n u e e k k e c n g d c h o a n t c a d e l t m d n a g e i o h i e d a u n g o l i e n n s o s f e s a k e n n s 1 s b n l i g t - t n 1 c n p e l t e e 1 e u e d B o p t l a l d h e l r r s a d * w h a t p i d l 1 i 1 a 1 i r s n l 1 a . y r . . i e e . . J . * 1 . . . . . . . . . . . . . . . . + + + + + ++ + + + + + + + + + + + + + 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 \ 0 1 0 3 7 2 7 2 i 2 6 4 1 4 4 1 9 6 2 i | ! + + + + + + + + + + + + + + + + + + + 1 1 2 2 + 1 1 1 1 1 2 l 9 8 8 4 9 1 6 8 3 1 9 0 3 4 6 1 4 J l | ! | | + + + + + + + + + + + + + + + + + + + + + 1 1 1 1 1 1 1 1 1 1 1 1 1 1 8 5 9 9 9 8 6 1 2 2 2 6 2 3 3 0 1 0 1 1 1 A O J J T A A N C R S N C K M M M M M B B B a a t a a l o o r h r u e i a n a t c c a o e o a i r v l i m l w m l t g a s o k k a a s m c r b n a n u o a h t t i u x n s o s m p i n t e m n t o d n t i O l o v o s v g d a a n a n e l i t n t i n n i i b o n , o a R a r a g r l l a l x v l n u m o l 1 T l h x o h e e e i s o a a u l e e 1 x l g m n g n r e a y s e n x 1 : . 1 l . l . . . . . . . . . . . . . . I I \ j ! ! ! \ j + + + + + + + + + + + + + + + + - - 2 2 l 1 1 1 6 6 1 8 9 0 6 3 8 2 4 0 7 l 7 1 7 3 i ! J j ! J ; \ 1 r + + ~ + + + + + - + 4 - + + 1 1 + + + 2 1 - 2 6 3 + - 1 i 1 1 ! 4 9 7 2 8 9 3 2 5 o 8 8 7 ' 1 0 9 ! 3 i ! ! ; | ; ! : | | ; | + + + + + + + + + + + + + + + + + + - - 2 2 1 1 1 1 1 1 1 1 1 1 6 2 3 3 9 5 5 5 4 0 0 7 4 7 2 0 1 3 M K Q S T W J S S S S D L M D H K E M P a o t t t t i p u o i a u e a u u . . . . n n n p i i e S e p r s i n n c n t l c m L l n s L J P n i u t b c e h u i n v s n o a o e c n p o a l o k h S a p i e e t l s g o s a y t u e u u s h n a t i a h r a e f . p r n i l i - p i p i s i s o L s C s e o o 1 h C o O A l x l r x l i i . d i . i n U s t . r s t . y . . . e . y l J . . . S . . . a l . . . . . . P P + + + + + + S + + + + + + + + + 2 1 1 1 9 5 6 6 6 8 5 2 8 6 0 4 2 1 1 0 + + + + + + + + + + + + - + + + + + - 2 1 1 4 1 8 2 5 5 5 2 1 5 4 7 3 4 7 7 1 0 0 0 4 ! ! 3 + + + + + + + + + + + + + + + + + + 1 1 1 1 1 7 8 9 6 4 9 0 6 9 3 8 9 7 5 0 7 4 9 L O V S S S S R S S S Y S P B S E B S a o t a p a a a a o e o i a a v e a o N a N v B n l n c n n s o a l r k i l e k t c l n s l e t r t k t e e l A i a a r l e k i a F a J L D r a t n r a j a e m m o p s l m B t o r n n k g a n n a e o R i t i a s a g e d e d k h p e t a e d 1 n e n e a n 1 1 g o l e r 1 e a e a n d e n c x a n l x o s m t e y i a d C n a a o s s x n r d 1 c i . 1 d * l 1 t d o . • y . . i . n . 1 . . . K o . . : i \ \ 1 I \ ! F j P P P -- — — - — 4 + + 2 4 — - 2 - - - 1 - 4 - j - 1 3 4 2 5 V 4 - 2 1 - 1 7 0 0 3 3 3 4 5 I 0 - + + + 1 + + + + - + + + - - — 1 3 1 1 5 6 8 9 5 8 9 6 2 6 0 0 3 0 0 o ! ! i + + - + + + + + + + + + + - + 1 1 3 5 8 5 7 4 3 4 3 9 4 3 4 0 0 1 1 * Preliminary. r Revised. + 13 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 xine 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 2 104.3 101.0 1938 100.8 97.8 102.2 104.1 99.9 103.3 101.5 1939 99.4 95.2 100.5 104 3 99 0 101.3 100.7 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108 5 105 4 122 2 110.9 1943 123.6 138.0 129.7 108.0 107 7 125.6 115.8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 . . 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 . 139.3 159.6 160.2 108 6 112 4 159 2 128.8 1947 159.2 193.8 185.8 111.2 121.2 184.4 139.9 1947—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 October 173.6 211.5 201.6 118.7 137.8 198.8 153.7 Back figures.—Bureau of Labor Statistics, Department of Labor. 1520 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 i o e m d l s l i - - F p u r a c o r t m d s - Foods Total l H e p a a r i n o t d h d d e e - s r- T p u e r x c o t t d s il - e li m g F a h a u n t t d e i e n l - g M m p a r e e n o t d t a d a l - l s B m i u a n i t g l e d - - c C a a p h l l r s l e o i m e a d d n - i- d H n o f i i u n u s r g h s - e - - n c M e e l o i l s u a - - s m R ri a a a t w l e s - M p t u f u r a a o c r n c e t d - s u d - ucts rials ucts rials ucts goods 1929 95.3 104.9 99.9 91.6 109.1 90.4 83.0 100.5 95.4 94.0 94.3 82.6 97.5 94.5 1930 86.4 88.3 90.5 85.2 100.0 80.3 78.5 92.1 89.9 88.7 92.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 86.1 66.3 67.5 84.5 79.2 79.3 84.9 69! 8 65.6 77.0 1932 64.8 48.2 61.0 70.2 72.9 54.9 70.3 80.2 71.4 73.9 75.1 64.4 55.1 70,3 1933 65.9 51.4 60.5 71.2 80.9 64.8 66.3 79.8 77.0 72.1 75.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 86.6 72.9 73.3 86.9 86.2 75.3 81.5 69.7 68.6 78.2 1935 80.0 78.8 83.7 77.9 89.6 70.9 73.5 86.4 85.3 79.0 80.6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 95.4 71.5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 82.6 89.7 77.8 84.8 87.2 1938 78.6 68.5 73.6 81.7 92.8 66.7 76.5 95.7 90.3 77.0 86.8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 70.2 80.4 1940 78.6 67.7 71.3 83.0 100.8 73.8 71.7 95.8 94.8 77.0 88.5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 108.3 84.8 76.2 99.4 103.2 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 117.7 96.9 78.5 103.8 110.2 95.5 102.4 89.7 100.6 98.6 1943 103.1 122.6 106.6 96.9 117.5 97.4 80.8 103.8 111.4 94.9 102.7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 116.7 98.4 83.0 103.8 115.5 95.2 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100.1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137.2 116.3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 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—October... 158.5 j 189.7 177.7 140.1 193.1 143.4 116.1 i 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 j 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 j 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 August. . . 169.5 191.0 189.5 153.1 188.4 148.9 136.6 '•170.9 203.6 132.0 145.4 119.7 182.0 164 September 168.6 189.1 186.3 153.3 187.5 147.8 136.7 171 .9 203.9 133.3 146.6 119.9 180.5 163 October. .. 165.0 182.2 177.3 153.1 185.5 146.8 137.2 172.4 203.3 134.4 147.4 119.0 176.2 Week ending: 1948—Sept. 4. . 167.4 187.8 184.0 153.3 189.2 147.5 j 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... 164.6 181.5 178.0 153.3 187.8 146.9 138.3 171.9 202.7 133.5 148.5 118.4 176 160.5 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 Oct. 30... 163.8 180.7 174.8 153.4 187.4 145.7 138.0 172.7 203.5 134.3 149.2 119.0 176.2 159.4 Nov. 6. 162.7 178.9 171.6 153.4 185.7 145.7 138.0 173.0 203.6 135.0 149.3 118.5 175.1 158.1 Nov. 13. . 162.6 179.5 170.4 153.5 186.5 145.7 138 2 173.1 203.3 132.7 149.9 119.2 175.4 157.8 Nov. 16 l. 164.3 175.2 177.5 153.2 147.0 136.8 173.1 202.4 (2) Nov. 23 i. . 164.9 177.6 177.1 153.5 147.1 136.8 173.8 203.3 (2) I 1947 1948 1948 Subgroups Subgroups Oct. i July Aug. Sept. Oct July Aug. Sept Oct. Farm Products: Metals and Metal Products: Grains 241. 190.6 179.2 176.9 170.4 Agricultural mach. & equip.. . 122 134.1 135.6 140.4 142.5 Livestock and poultry 224. 250.8 250.0 244.2 223.4 Farm machinery 124 136.3 137.7 142.6 144.8 Other farm products 153. 161.9 157.8 158.2 159.6 Iron and steel 139 153.2 163.1 164.0 164.4 Foods: Motor vehicles 159 168.2 174.1 175.0 175.2 Dairy products 167. 182.9 185.1 179.9 174.9 Nonferrous metals 142 153.7 165.9| 166.4 167.0 Cereal products 166. 154.5 154.0 153.3 149.6 Plumbing and heating 136 145.3 153.91157.0 157.3 Fruits and vegetables 130, 151.2 140.5 139.4 137.3 Building Materials: Meats 230 263.8 273.7 266.5 239.8 Brick and tile 146 157.9 158.6; 158.9 159.4 Other foods 157 148.5 146.9 147.0 146.9 Cement 120 132.2 133.2! 133.3 133.7 Hides and Leather Products: Lumber 290 318.1 319.5 317.1 314.5 Shoes 180 186.3 189.4 190.0 189.7 Paint and paint materials.... 160 157.9 158.1 159.5 159.6 Hides and skins 243, 220.3 212.1 210.6 202.0 Plumbing and heating 136 145.3 153.9 157.0 157.3 Leather 205, 189.2 186.0 181.9 180.4 Structural steel 143 159.6 178.8 1/8.8 178.8 Other leather products 139, 149.9 148.6 148.6 148.6 Other building materials 152 167.1 173.4 174.8 174.8 Textile Products: Chemicals and Allied Products: Clothing 136, 148.3 148.3 148.1 148.3 Chemicals 122 127.8, 126.3 126.0 127.6 Cotton goods 204. 209.3 205.3 199.8 195.0 Drugs and Pharmaceuticals . . 137. 153.61 153.3 152.7 152.6 Hosiery and underwear 100 104.9 104.9 104.8 104.6 Fertilizer materials Ill 115.01 114.9| 116.2 117.2 Silk 71. 46.4 46.4 46.4 46.4 Mixed fertilizers 97 104.4 105.9; 107.8 107.9 Rayon 37. 40.7 41.6 41.8 41.8 Oils and fats 193, 193 .2| 180.3 188.6 189.4 Woolen and worsted goods... 134, 147.5 149.4 1500 150.7 Housefumishing Goods: Other textile products 175. 184.5 186.6 189.3 190.5 Furnishings 139. 148.6 149.3 151.5 152.3 Fuel and Lighting Materials: Furniture 134, 140.4 141.6 141.6 142.5 Anthracite 123. 131.6 136.0 136.5 136.4 Miscellaneous: Bituminous coal 172. 193.1 194.6 195.1 195.1 Auto tires and tubes 60 66.2' 66.2 66.2 66.2 Coke 182. 212.3 217.4 217.5 218.7 Cattle feed 280 239.6 198.4! 201.7 195.4 Electricity 64. 66.4 65.5 Paper and pulp 159 166.8 169.0J 170.9 170.2 Gas 86. 90.4 86.9 90.7 Rubber, crude 43 49.6 48.11 46.4 45.0 Petroleum products 96. 122.1 122.1 122.2 Other miscellaneous 126 130.0 132.21 132.1 131.1 1 New weekly indexes which are not compE Back figures.—Bureau of Labor Statistics, Department of Labor. DECEMBER 1948 1521 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 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 -.1 + .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 -.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 salaries* 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 -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 1 Less than 50 million dollars. n.a. Not available. 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. 1522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters 1947 1948 1929 1933 1939 1941 1944 1946 1947 2 3 4 1 2 3 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 22.6 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 W No a n r w . ar }l.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 88 1. . 6 6 2 2 1 . . 5 2 }l6.9 17.0 16.6 16.3 17.6 19.3 22.6 Less: Government sales 2 (3) (3) (3) (3) 1.2 2.9 1.3 1.4 .9 .8 1.2 .5 .4 State and local . . . 7.2 5.9 7.9 7.8 7.5 10.0 12.3 11.9 12.6 13.5 13.7 14.7 15.5 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and saaries Divi- Wage and salary disbursements Less em- Pro- dends Non- Per- ployee Other prietors' and i rang- agricul- Year or month in s c o o n m al e re T c o e t i a p l ts4 T d o is ta - l 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 o n n m d ta e l 6 in s p t o e e n r r a e - l st m p e i a e n y r t - s7 in t c u o r m al e8 produc- indus- ern- social income ments ing in- tries tries ment insurdustries ance 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 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 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 [.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 L.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 L.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 L.8 46.0 15.6 11.7 174.9 1947—September. 206.2 121.9 123.9 55.4 36.0 15 2 17.3 2 0 L.9 45.0 16.2 21.2 187.4 October... 200.0 122.7 124.7 55.9 36 0 15.2 17.6 2.0 L.9 47.5 15.9 12.0 179.7 November 201.4 125.5 127.3 57.4 37.1 15.2 17.6 18 L.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 L.9 51.3 16.2 10.9 184.2 1948—January... 209.4 127.5 129.7 59.3 37.5 15.3 17.6 2.2 1.9 52 4 16.5 11.1 184.7 February.. 206.8 126.9 128.9 58.0 37.8 15.4 17.7 2.0 2.0 50.0 16.6 11.3 184.5 March 205.6 125.7 127.8 57.0 37.5 15.4 17.9 2.1 1.9 49.3 16.6 12.1 184.1 April ! 207.4 125.0 127.0 56.3 37.2 15.6 17.9 2.0 2 0 51.9 16.7 11.8 183.7 May 207.2 126.8 128.8 57.2 37.9 15.6 18.1 2.0 2.0 50.7 16.8 10.9 184.4 June 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.... 214.6 134.3 136.5 61.3 39.5 16.3 19.4 2.2 2.1 50.0 17.3 10.9 191.6 September 214.6 134.5 136.8 61.5 39.5 16.2 19.6 2.3 2.1 49.8 17.6 10.6 192.2 P Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. * 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as for preceding page. 1523 DECEMBER 1948 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 r n e s o d u t i a m t l e l r ins T ta o l t m al ent Sale credit Loans 2 p S a l i y o n a m g n l e s e n - 3 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 1,442 1,487 523 1939 7,982 4,437 2,792 1,267 1,525 1,645 1,468 1,544 533 1940 9,131 5,433 3,450 1,729 1,721 1,983 1,488 1,650 560 1941 9,878 5,903 3,744 1,942 1,802 2,159 1,601 1,764 610 1942 6,461 2,931 1,491 482 1,009 1,440 1,369 1,513 648 1943 5,315 1,938 814 175 639 1,124 1,192 1,498 687 1944 5,754 2,012 835 200 635 1,177 1,255 1,758 729 1945 6,613 2,340 903 227 676 1,437 1,520 1,981 772 1946 10,135 3,944 1,558 544 1,014 2,386 2,263 3,054 874 1947 13,428 6,189 2,839 1,151 1,688 3,350 2,707 3,612 920 1947—September 11,712 5,314 2,257 1,004 1,253 3,057 2,613 2,864 921 October. . . 12,084 5,490 2,370 1,047 1,323 3,120 2,647 3,029 918 November 12,669 5,764 2,550 1,099 1,451 3,214 2,679 3,309 917 December. 13,428 6,189 2,839 1,151 1,688 3,350 2,707 3,612 920 1948—January.. 13,124 6,218 2,817 1,202 1,615 3,401 2,742 3,240 924 February. 13,043 6,289 841 1,254 1,587 3,448 2,765 3,061 928 March. . . 13,523 6,539 992 1,367 1,625 3,547 2,783 3,275 926 April 13,740 6,775 143 1,468 1,675 3,632 2,795 3,236 934 May 13,958 6,965 1,536 1,729 3,700 2,816 ,245 932 June 14,286 7,150 3,372 1,602 1,770 3,778 2,839 3,352 945 July 14,314 7,329 3,480 1,689 1,791 3,849 2,840 185 '960 August. .. 14,476 7,532 3,625 1,781 1,844 3,907 2,847 3,130 967 September 14,761 7,718 3,774 1,858 1,916 3,944 2,856 3,227 960 OctoberP . 15,039 7,748 3,819 1,897 1,922 3,929 2,872 3,457 962 1946 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 - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n a l t o o r n d i m a i u a e n l s - s - 2 u C n r i e o d n 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 u n d t n a i d r e o i e s 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 m a 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 t lo r o 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 21Q 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 1937 1,209 258 374 221 83 125 148 368 662 409 150 1938 1,290 312 380 129 95 103 117 154 460 664 238 176 176 1939 1,645 523 448 131 99 135 96 213 680 827 261 194 237 1940 1,983 692 498 132 104 174 99 284 1,017 912 255 108 297 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—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 1,634 758 194 150 272 125 645 275 127 37 27 54 July 3,849 1,669 770 199 152 282 126 651 277 130- 33 26 52 August 3,907 1,701 775 203 154 291 127 656 270 127 32 27 52 September P . 3,944 1,712 783 206 155 300 127 661 254 122 31 26 51 October P 3,929 1,698 776 204 155 302 127 667 223 117 28 24 45 p Preliminary, 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of October amounted to 107 million dollars and loans made during October were 9 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. 1524 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 n e m T g x o o c a l t b u a u i d l l t , e o - - s m m o t a r o n e a d r n i d e e l t r - s F s t t u u o r r r n e e i s - H a s h a t p o o n o u p r c l s l d e e i e s - - "e s w to e r l e r s y s o r t e A t o h t r a l e l e i r l s Year or month Total h P a u s r e r - d etai D l l o i a r n ec s t c r d h e p a i a t r u n a e s r d i e c - l d t , e l m r o t a o n a i n d i o d n - z s n a 1 - 2 i l s m c n o o e s a n a t n s a n a t h l s l houses Outstanding at end of 1929 1,197 160 583 265 56 133 p 19 e 4 r 5 iod: 742 64 139 100 124 315 1933 663 119 299 119 29 97 1 1 9 9 4 4 6 7 2 1, , 5 7 9 0 1 1 3 1 4 6 6 5 3 5 0 3 6 6 2 5 7 2 5 3 2 5 7 0 3 0 5 7 7 9 2 6 1937 1,368 314 469 307 68 210 1947—September. .. 2,416 313 477 444 438 744 1938 1,343 302 485 266 70 220 October 2,499 322 492 462 465 758 1939 1,525 377 536 273 93 246 November. . . 2,588 337 513 486 483 769 1940 1,721 439 599 302 110 271 December . . . 2,701 346 536 523 500 796 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 2 4 1 5 3 6 7 1 1 1 1 , , , . 8 0 0 6 6 6 6 0 0 1 8 3 3 7 9 5 6 2 9 4 8 4 2 3 6 1 1 1 5 6 3 5 7 9 8 2 6 7 0 2 8 3 6 3 2 2 2 3 5 1 9 7 6 6 8 2 9 1 1 9 6 3 8 3 1 1 3 2 2 5 1 1 3 0 9 8 2 3 4 1 1 1 2 9 2 6 7 7 7 0 2 3 6 7 0 4 2 1 1 2 1 1 1 8 0 5 6 0 0 6 4 1 9 6 7 0 0 1948— M F J A J M J u u e a p a l a n n b y r y r e i u r c l a u h i . a y r y . . . . . . . . . . . . 3 2 2 2 3 3 3 , , , , , , , 3 1 7 9 8 2 0 1 3 3 8 2 5 2 9 7 1 7 5 7 9 3 3 4 4 4 5 4 0 4 7 0 7 5 3 2 8 2 2 3 9 1 6 5 6 5 6 6 6 0 5 9 7 4 2 6 2 6 1 0 9 8 8 6 5 5 5 6 6 6 9 7 6 6 6 4 2 1 8 9 7 1 6 8 5 5 5 5 5 5 5 0 8 5 1 0 3 7 6 2 5 7 4 8 2 8 8 8 8 8 8 8 0 0 1 3 3 6 5 1 7 9 2 9 6 6 August 3,410 529 713 698 592 878 1947 September?.. 3,486 550 723 725 608 880 September. 1,253 462 423 43 128 197 October?.... 3,502 561 720 730 620 871 October. .. 1,323 495 443 46 131 208 Volume extended dur- November. 1,451 555 474 49 144 229 ing month: December. 1,688 650 528 52 192 266 1947—September. .. 401 81 78 121 October 423 86 89 126 1948 November. . . 421 94 91 124 December. . . 484 103 115 149 January... 1,615 632 502 52 175 254 M Fe a b r r c u h a . ry .. . . . 1 1 , ,5 6 8 2 7 5 6 6 5 2 3 4 4 4 9 9 7 2 5 5 4 2 1 1 6 6 9 5 2 2 5 5 6 0 1948— F Ja e n b u r a u r a y ry.... 3 4 9 5 8 6 9 8 8 9 11 9 8 0 1 1 1 3 8 4 M Ap a r y il l 1 f , 6 7 7 2 5 9 6 7 8 0 0 3 5 5 2 1 8 1 6 6 0 5 1 1 6 6 0 1 2 2 7 6 2 4 M Ap a r r i c l h 5 52 0 1 4 1 1 1 1 2 6 1 1 2 0 2 2 1 1 5 4 3 3 June 1,770 720 541 68 162 279 May 487 109 112 137 July 1,791 732 545 72 160 282 June 524 109 126 150 August... 1,844 759 560 76 158 291 July 512 115 113 148 SeptemberP 1,916 786 586 81 161 302 August 504 116 105 141 October?. . 1,922 797 583 81 158 303 September?.. 503 105 122 137 October?.... 436 93 99 121 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] R m e e t n a t i l p i a n p s e ta r l 2 - R a e n p d air P i e n r s s t o a n l- al R m e e t n a t i l p i a n p s e t r a l 2 - R a e n p d air P i e n r s s t o a n l- al Year anjl month Total m A o u b to il - e Other m i l z o o a a d t n i e o s r n n * - 2 m l c o a a e s n n h s t Year or month Total m A o u b to il - e Other l m i o z o a a n t d i e s o 1 r n 2 n- l m c o a a e s n n h s t Outstanding at end Outstanding at end of period: of period: 1 19 9 4 4 6 5 1 1 6 0 2 4 . . 7 1 2 1 7 3 . . 5 8 1 9 7 . . 8 8 2 1 8 7 . . 3 2 8 6 9 3 . . 1 3 1 19 9 45 4 6 . ,. . . . . . . . 1 7 0 6 8 . . 7 4 1 1 1 5 . . 0 0 4 7 . . 0 4 2 1 . . 4 3 6 8 0 3 . . 2 6 1947 233.5 50.0 30.2 43.3 110.0 1947 148.2 27.1 17.1 4.2 99.8 1947 — O N D S c o e e t v c o p e e b t m e m e m r b b b e e e r r . . r . . . 2 2 2 2 2 1 2 3 1 5 7 3 . . . . 0 5 5 9 4 4 4 5 6 9 8 0 . . . . 3 6 1 0 '2 2 2 3 7 6 8 0 . . . . 0 0 5 2 3 4 4 4 9 2 1 3 . . . . 4 5 2 3 1 1 1 1 0 0 0 1 3 4 7 0 . . . . 7 8 3 0 1947— N D O Se o c e p t c v o e t e e b m m m er b b t e e e r r r . . . 1 1 1 1 3 4 4 4 8 8 1 4 . . . . 4 2 1 8 2 2 2 2 4 6 5 7 . . . . 3 3 3 1 1 1 1 1 4 5 4 7 . . . . 7 1 9 1 3 4 4 4 . . . . 8 2 2 0 9 9 9 9 6 9 8 7 . . . . 2 4 8 1 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 J J A S O A M u u e u c p l n p a t y g r e o y t i u e l b s m e t r b ? e 9. r P . . . 2 2 2 2 2 2 2 7 5 7 8 8 8 6 7 1 6 3 5 2 5 . . . . . . . 6 7 8 1 3 9 3 6 6 5 5 6 6 6 4 7 7 9 6 1 6 . . . . . . . 2 3 8 0 8 4 3 3 3 4 4 4 4 4 5 8 2 0 3 3 4 . . . . . . . 7 0 1 1 4 3 3 4 4 4 4 4 5 5 6 9 9 8 0 8 1 . . . . . . . 7 8 3 1 6 8 3 1 1 1 1 1 1 1 1 2 2 2 2 1 2 4 2 2 1 4 9 4 . . . . . . . 9 1 3 0 3 8 0 A J S J O A M u u e p u c l n a p r y t g y e i t o u l e b s m e t b r? e . r ? . , 1 1 1 1 1 1 1 6 6 7 6 7 6 7 8 1 1 6 1 3 0 . . . . . . . 8 0 7 0 8 1 1 3 3 3 3 3 3 3 4 6 1 7 1 3 7 . . . . . . . 2 9 1 9 5 3 4 2 2 2 2 2 2 2 1 1 2 1 0 0 2 . . . . . . . 0 2 7 7 5 1 6 4 4 4 4 4 4 4 . . . . . . . 6 6 5 4 8 5 9 1 1 1 1 1 1 1 0 0 0 0 0 0 0 6 6 7 7 7 7 6 . . . . . . . 2 2 0 5 6 0 6 Volume extended Volume extended during month: during month: 1947—September. 34.8 8.8 4.1 3.7 18.2 1947—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— F M J e a a b n r r c u u h a a ry ry . . . .. . 3 3 4 1 3 1 . . . 5 7 9 1 8 8 1 . . . 0 6 2 6 4 4 . . . 0 4 6 3 2 2 . . . 7 7 8 2 1 1 1 6 7 . . . 0 8 3 1948— F M J e a a n b r u r c u a h r a y r y . . . . . . 2 3 2 8 6 2 . . . 3 6 1 6 5 5 . . . 7 9 3 3 2 2 . . . 4 8 8 0 0 0 . . . 3 4 3 2 1 1 1 8 9 . . . 4 2 5 April 42.0 11.3 6.4 4.4 19.9 April 30.5 6.9 3.8 0.4 19.4 J O A S J M u u e c u l n a p y t g y e o te u b m s e t r b . ? e . . r . P . . , . 4 4 3 3 4 4 3 8 1 4 0 0 . . . . . . 2 2 8 4 1 8 1 1 1 1 9 7 1 0 0 0 . . . . . . 6 8 3 1 6 5 6 6 6 6 4 7 . . . . . . 9 5 8 6 8 4 3 3 4 3 3 3 . . . . . . 6 1 5 2 5 4 2 2 1 1 1 1 0 2 9 9 8 7 . . . . . . 1 9 7 4 9 3 S J A J M O e u u u c p l a n y g t y t e o e u b m st e b r? e . r ? . . 2 3 2 2 2 2 7 0 9 8 5 8 . . . . . . 7 6 1 6 4 1 5 6 6 7 6 5 . . . . . . 7 7 0 1 1 1 3 3 3 3 3 3 . . . . . . 6 7 5 3 8 1 0 0 0 0 0 0 . . . . . . 4 5 4 4 5 5 1 1 1 1 1 1 8 7 8 7 6 9 . . . . . . 6 9 7 6 7 6 i Includes not only loans insured by Federal Housing Administration but also noninsured loans. * Includes both direct loans and paper purchased. 1525 DECEMBER 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 1 Pe f r r c om en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding Item year Year and month 1 O 94 c 8 t. P S 1 e 9 p 4 t 8 . A 19 u 4 g 8 . 1 O 94 c 8 t. P S 1 e 9 p 48 t. A 19 u 4 g 8 . 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 a s 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 -12 +4 +9 -13 +5 + 13 September... 31 24 39 25 53 Credit sales: +4 -3 +4 -25 -24 -14 O N c o t v o e b m er ber... 3 3 1 0 2 2 3 3 3 4 9 0 2 2 3 4 5 5 5 7 Instalment -20 +9 +12 -11 + 17 +27 December... 29 20 39 31 54 Charge account +11 -2 +4 -6 -9 +1 1948 Accounts receivable, end January 24 18 36 19 53 of month: February... . 23 17 32 18 49 Total 0 +5 +3 +40 +46 +46 March 27 19 35 19 53 Instalment +4 +2 +36 +47 +49 A M p a r y il 2 2 5 4 1 1 9 9 3 3 3 4 1 1 9 9 5 5 2 2 Collections during June 24 20 33 19 52 month: July 23 18 34 19 51 Total +5 +1 -2 +8 +4 +13 August 23 18 33 19 51 Instalment +3 +2 +1 +7 +3 +19 S O e c p to te b m er b s er.., 2 2 4 4 1 1 7 8 3 3 2 2 1 1 9 9 5 5 3 4 Inventories, end of month, at retail value.. +5 +6 0 +17 + 17 +15 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Accounts receivable Collections during Year and month Sales during month at end of month month Cash Instal- Charge- Instal- Charge Instal- Charge Instal- Charge sales m sa e le n s t ac s c a o le u s nt Total Cash ment account ment account ment account 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—September r217 ••235 157 ••208 87 166 138 167 54 6 40 October '234 '25O »179 226 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—Tanuarv 174 189 142 164 127 205 174 . 299 54 7 39 February 168 177 142 162 124 181 160 217 53 7 40 IVtarch 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- 173 187 160 158 138 167 169 213 54 8 38 August 188 196 192 177 144 165 173 184 52 9 39 September 228 230 215 228 151 188 186 188 50 8 42 October? 248 255 204 249 155 206 196 220 51 7 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. 1517. 1526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS * 1948 1948 Chart Chart book book page Oct. Nov. Nov. Nov. Nov. page Oct. Nov. Nov. Nov. Nov. 27 10 27 10 24 1 WEEKLY FIGURES' In billions of dollars WEEKLY FIGURES*—Cont. In unit indicated RESERVES AND CURRENCY MONEY RATES, ETC.-—Cont. Reserve Bank credit, total 23.80 23 73 23 93 23.83 23.94 Stock prices (1935-39 = 100): U. S. Govt. securities, total.. 3 23.24 23 24 23 14 22.93 22.99 Total 40 130 125 118 120 118 Bills 3 5.52 5.13 4 98 4.94 5.03 Industrial 40 137 131 124 126 124 Certificates 3 6.16 6.14 6 12 6.03 6.02 Railroad 40 123 116 106 108 105 Notes 3 .88 .83 .82 .80 .78 Public utility 40 98 96 93 94 93 Bonds 3 10.68 11.14 11.22 11.16 11.17 Volume of trading (mill, shares) 40 1.00 2.14 1.59 .96 1.04 Gold stock 2 24.00 24.01 24.10 24.11 24.15 Money in circulation 2 28.09 28.25 28.34 28.22 28.31 Treasury cash and deposits. .. 2 2.85 2.79 2.87 2.92 2.97 BUSINESS CONDITIONS Member bank reserves 2, 4 19.96 19.85 19.95 19.95 19.93 Required reserves 4 19.09 18.99 19.02P19.08P19.03 Wholesale prices: Excess reservese .87 .86 .92 P.88 P.91 Indexes (1926= 100) :4 Excess reserves (weekly avg.): Total 73 163.8 164.2 164.2 164.3 164.9 Total* . 5 .74 .78 .86 P.80 P. 71 Farm products 73 180.7 176.5 176.3 175.2 177.6 New York City 5 .03 .03 .03 (3) .02 Other than farm and foods. 73 153.4 153.1 153.2 153.2 153.5 Chicago 5 .01 .01 ) .01 .01 Selected farm products: Reserve city banks i .20 .22 .24 .18 .18 Wheat (cents per bushel). 78 223.6 223.4 225.9 230.5 231.1 .50 .52 .59 P.61 P. 49 Corn (cents per bushel).. 78 140.1 138.5 138.6 139.1 141.2 Country bankse f Cotton (cents per pound). 78 31.0 31.1 31.4 31.6 31.7 Hogs (dollars per 100 MEMBER BANKS IN LEADING CITIES pounds) 78 25.75 24.52 23.20 21.76 23.25 Butter (cents per pound). 78 59.4 60.8 62.9 63.6 62.9 AH reporting banks: 62.44 62.23 62.38 62.65 62.46 Eggs (cents per dozen)... 78 49.4 49.0 51.6 54.1 54.3 Loans and investments 16 33.53 33.27 33.32 33.53 33.0' Production: U. S. Govt. securities, total. 16 24.96 24.79 24.79 24.82 24.83 Steel (% of capacity) 80 98.9 98.9 99.4 99.0 99.2 Bonds 18 4.39 4.42 4.42 4.52 4.46 Automobile (thous. cars)... 80 117 118 116 121 89.5 Certificates 18 1.68 1.67 1.66 1.68 1.69 Paper board (thou. tons) 81 194 190 190 196 183 Notes 18 2.50 2 38 2.45 2.51 2.09 Crude petroleum (thous. Bills 18 4.28 4.'23 4.20 4.18 4.18 bbls.) 81 5,604 5,627 5,626 5,659 5,617 Other securities 20 47.42 46.61 46.93 46.91 47.30 Electric power (mill. kw. Demand deposits adjusted.. 16 1.54 1.60 1.47 1.66 1.46 hrs.) 82 5,555 5,564 5,571 5,627 5,338 U. S. Govt. deposits 16 24.64 2*1.73 24.86 24.94 25.21 Basic commodity prices Loans, total 16 15.41 15.42 15.58 15.57 15.55 (Aug. 1939=100) 82 305.0 305.0 306.6 307.6 307.7 Commercial 20 4.01 4.02 4.03 4.04 4.05 Total freight carloadings Real estate 20 (thous. cars) 83 932 843 872 857 723 For purchasing securities: 1.35 1.36 1.39 1.48 1.78 Department store sales Total 20 .42 .43 .52 .59 .8 (1935-39=100) 83 319 320 346 371 347 U. S. Govt. securities... 20 .93 .93 .88 .89 .96 Other securities 20 4.11 4.18 4.11 4.11 4.09 Other 20 1948 New York City banks: 18.30 18.10 18.08 18.18 18.24 Loans and investments 17 9.80 9.61 9.51 9.58 9.40 U. S. Govt. securities, total. 17 7.47 7.43 7.41 7.43 7 .44 Aug. Sept. Oct.1 Bonds 19 .85 .87 .85 .95 .93 Certificates 19 .29 .27 .27 .27 .26 Notes 19 1.20 1.04 .97 .92 .7 MONTHLY FIGURES In billions of dollars Bills 19 15.46 14.92 15.11 15.05 15.30 Demand deposits adjusted.. 17 .46 .49 .45 .50 .42 RESERVES AND CURRENCY U. S. Govt. deposits 17 3.93 4.08 3.98 4.08 3.88 Interbank deposits 17 1.54 1.54 1.53 1.52 1.54 Reserve Bank credit 22.04 22.41 23.94 Ba L T U L T I U D L n n o i i o o . . e k m m t C F N C R F A B A B C a a a e S m S s n o o n o e n i e e o e l o l o r . . l l l T a s r r b r T s a m s l o n m t G t , s G d e n d l , o o a o d o i u p a p m O s O f m e d o e n t t t s e t o i n t u u o h p h p o o v k c b s n e n s v e d d r r e t o o e t t a t t r r i c r c a t a h e . r a o c o s d t r s d c . L h l h i l e p . e t i s i i t k i n e e e t a a d a \ t s h a e r o s s p e v l s s s e l c e s S N r o i i e p u r i n n s . s t s o e r : s g g s i t i G w s t m t e s i i a s s o c t e e d e s e Y u v s n c c j , t r u o t u u s i t s r s t r r o k i t i i t t e e t i i a d s e e C l . . s s . . : . i . . ty 1 2 2 2 1 2 1 1 2 2 2 2 2 : 7 1 1 1 7 1 7 7 1 1 1 1 1 4 3 2 1 1 1 3 3 4 1 3 3 5 6 9 7 7 7 1 3 1 1 1 . . . . . . . . . . . . . . . . . . . . . 1 8 8 3 2 3 5 9 4 7 3 1 4 6 1 3 0 6 3 2 1 1 1 1 7 4 3 8 9 1 1 4 9 5 9 6 0 8 3 3 2 7 2 3 4 1 1 1 3 3 3 5 1 9 3 6 4 7 1 1 1 7 7 1 3 . . . . . . . . . . . . . . . . . . . . . 8 5 6 4 6 1 2 3 8 6 3 1 2 6 1 3 4 3 5 2 2 1 5 2 0 1 3 5 7 2 6 7 2 9 0 4 7 2 2 0 7 7 4 3 2 1 1 1 3 3 9 3 5 6 4 1 3 7 1 1 1 1 7 3 7 . . . . . . . . . . . . . . . . . . . . . 8 6 3 9 1 2 3 8 0 5 5 2 2 4 8 6 3 6 3 2 3 1 1 9 1 2 1 7 2 2 6 9 8 8 2 7 0 7 7 0 0 7 4 3 2 1 1 1 3 3 3 4 1 5 6 9 3 7 7 3 7 1 1 1 1 . . . . . . . . . . . . . . . . . . . . 8 5 9 4 8 1 8 4 3 5 9 6 6 3 3 3 1 1 6 2 3 3 7 3 6 1 8 9 5 4 7 5 5 5 9 4 0 8 6 2 1 0 2 3 4 1 1 1 5 3 3 3 9 7 6 3 2 1 4 1 1 7 7 1 3 . . . . . . . . . . . . . . . . . . . . . 6 9 8 5 1 1 8 3 2 4 0 6 0 3 3 3 3 3 5 2 6 : 2 4 3 4 7 8 2 0 3 3 7 9 1 4 3 7 5 4 0 A G T T M M R E M L x r r o e o e $ T C C T C o T C R e e N C C R B L c q l m n 1 a a n d e o o o o e e o o u i h e o e e s s 0 l e s B s t n t t i w s b i i u u l u u u s y s y a n a a c r s e A e t e n n t n a e l r r l a l s r r r o N r r y y o t t n d Y i t v a i , g v e r r c n r n K f l d e $ o e y y b y s k o d c r 1 S r e c a $ c r e a c $ e c e , b r b k b i n 5 i s s i p i s 2 r v I r $ a a t k a h t e 0 c e N c o y 0 e y 2 C n n n r u r u s s a , v v r k k k i b l : i T l b b e a n t e a e t a s s s i y H a s a s n l t s d t l i c e n i n : d E s o o i r k k o t n v n $ y s s U v e , 5 e N s b r t : b I o a T i n t E l a l k 4 D l s , . s . S . . . T 7 . . . . . A , 4 T 1 1 1 1 , 1 E 9 9 S 2 2 2 1 1 1 6 6 4 4 3 7 8 4 1 1 8 7 6 4 . . . . . . . . . . . . . . . . . . . 0 6 3 4 9 7 8 9 5 6 8 6 0 8 2 9 5 0 0 9 3 1 7 2 0 8 2 3 9 5 6 1 4 2 3 5 1 6 2 2 1 2 1 1 6 6 5 4 8 3 8 1 1 4 8 8 7 4 . . . . . . . . . . . . . . . . . . 8 2 3 3 1 8 4 8 6 1 5 5 6 5 0 9 2 0 7 4 5 2 3 2 3 2 0 1 6 3 3 7 3 5 1 6 2 2 2 1 1 1 6 5 3 5 8 7 8 4 1 8 1 9 9 4 . . . . . . . . . . . . . . . . . . . 6 3 2 9 4 7 6 1 8 6 5 0 1 9 2 8 0 5 0 3 6 3 2 9 2 2 5 0 8 0 5 8 5 1 5 4 3 1 Deposits and currency :6 MONEY RATES, ETC. Per cent per annum Total*. P169.10 P169.70 P17O.3O Excluding U. S. Govt. U. S. Govt. securities: depositse P166.70 P166.90 P168.00 Bills (new issues) 34, 35 .129 1.138 1 141 1.147 1.150 Demand deposits adjustede.. P83.80 P83.90 P85.00 Certificates 34, 35 1 ,23 1 23 1.23 1 22 1.2. Time deposits adjusted6 P57.30 P57.30 P57.3O 3-5 years 34 1.72 1 .72 1.71 1 .67 1.69 Currency outside bankse P25.60 P25.7O P25.7O 7-9 years 34 2.08 2.06 2.01 1.95 1.99 U. S. Govt. depositse P2.40 P2.80 P2.3O 15 years or more 34, 36 2 AS 2 45 2.45 2 .43 2.44 F. R. Bank discount rate 35 1.50 1 .50 1.50 1.50 1.50 ALL COMMERCIAL BANKS Commercial paper 35 1 .56 1 .56 1.56 1.56 1.56 Bankers' acceptances 35 1.19 1.19 1.19 1.19 1.19 Cash assets6 P33.10 P36.00 P36.70 Corporate bonds: Loans and investments, total6 P115.10 P113.60 P114.10 Aaa 36 2 86 2 87 2.86 2.83 2.81 Loans6 P40.60 P41.70 P41.60 Baa 36 3.52 3 .53 3.53 3.54 3.53 U. S. Govt. securities6 P65.10 P62.50 P63.30 High-grade (Treas. series)... 36 2.88 2 .88 2.86 2.85 2.84 Other securities6 P9.40 P9.40 P9.20 For footnotes see p. 1530. DECEMBER 1948 1527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart Chart 1948 book book page Aug. Sept. Oct page Aug. Sept. Oct.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 96.48 94.90 94.95 Loans 14 34.50 35.45 35.31 Ownership of U. S. Govt. securities—Cont. U. S. Govt. securities 14 54.37 51.79 52. Marketable public issues—Cont. Other securities 14 7.61 7.65 7.46 By earliest callable or due date: Demand deposits adjusted« 14 71.01 71.02 72.05 Within 1 year-Total outstanding 31 48.66 45.54 45.14 Time deposits 14 28.76 28.80 28.80 Commercial bank and F. R. Balances due to banks 14 10.77 11.00 11.02 Bank 31 30.68 27.78 «26.77 Balances due from banks 14 5.30 5.33 5.29 F. R. Bank 31 13.90 13.86 11.82 Central reserve city banks: 1-5 years—Total outstanding. 31 46.12 48.43 48.43 Loans and investments, total 14 23.88 23.23 23.40 Commercial bank and F. R. Loans 14 9.26 9.78 9.35 Bank 31 33.35 34.78 «34.81 U. S. Govt. securities 14 13.07 11.87 12.61 F. R. Bank 31 2.77 3.32 3.69 Other securities 14 1.56 1.59 1.44 5-10 years—Total outstanding 31 10.46 10.46 10.46 Demand deposits adjustede 14 19.31 19.03 19.36 Commercial bank and F. R. Time deposits 14 2.59 2.61 2.59 Bank 31 6.82 6.73 Balances due to banks 14 5.01 5.09 5.04 F. R. Bank 31 .54 .53 .51 Re L s o e a rv n e s a c n it d y i b nv a e n s k tm s: ents, total 15 35.56 34.83 35 .25 Ov N er o 1 n 0 b y a e n a k r s- ( T u o n ta r l e o s u t t r s i t c an te d d ing 31 53.89 53.89 53.89 Loans 15 13.74 13.94 14.13 issues only), commercial U. S. Govt. securities 15 19.27 18.34 18.59 bank, and F. R. Bank 31 9.43 10.71 Other securities 15 2.55 2.55 2.52 Commercial bank and F. R. Demand deposits adjustede 15 24.80 24.61 25.02 Bank 31 8.19 9.45 '10.54 Time deposits. 15 11.30 11.31 11.33 F. R. Bank 31 4.37 5.71 7.02 Balances due to banks 15 4.92 5.04 5.11 Balances due from banks 15 1.71 1.73 1.71 Country banks: Lo L a o ns a n a s n d investments, total 1 1 5 5 3 1 7 1. . 5 0 0 3 3 1 6 1. . 7 8 3 4 3 1 6 1 . . 8 8 1 3 MONEY RATES, ETC. Per cent per annum U. S. Govt. securities 15. 22.03 21.58 21.48 Other securities 15 3.50 3.52 3.50 Demand deposits adjusted' 15 26.90 27.38 27.67 U. S. Govt. securities: Time deposits 15 14.87 14.89 14.88 Bills (new issues) 33, 35 1.053 1.090 1.120 Balances due from banks 15 3.42 3.42 3.40 Certificates 35 1.15 1.18 1.23 Bonds, 15 years or more 36 2.45 2.45 2.45 CONSUMER CREDITe R. Bank discount rate 33, 35 1.50 1.50 1.50 Co S n i s n u g m le e - r p a c y re m d e i n t, t t l o o t a a n l s 5 5 2 2 2 2 1 2 4 . . 8 4 5 8 P P 1 2 4 . . 8 7 6 6 P P 1 2 5 . . O 87 4 C B "C o a o m n r k p m e o r e r s a r ' t c e i a a c b l c o e p n p a d t p a s e : n r ces 3 3 5 5 1 1 . . 4 1 4 3 1 1. . 1 5 9 6 1 1 . 1 .5 9 6 S C In e h s r I a v t n r a i s g c l t m e e a l e a c m n r c e t e c d n o c i t u t r e n l d o ts i a t n , s t otal 22, 2 2 2 2 3 2 2 3 3 3 7 . . . . 1 9 5 9 3 1 3 7 v P i» l P 3 3 . . . . 9 9 2 1 4 6 2 3 P P P 7 3 P 3 . . . . 9 4 9 7 3 6 6 5 A H B a a ig a a h -grade (Treas. series) 33, 3 3 3 6 6 6 3 2 2 . . . 4 8 8 4 4 6 2 3 2 . . . 4 8 8 5 4 5 2 3 2 . . . 5 8 8 0 4 5 Instalment sale credit, total 23 3.63 P3.77 P3. 82 Automobile 23 1.78 Pl.86 Pi.90 Other 23 1.84 Pi .92 Pi .92 In unit indicated TREASURY FINANCE C U a . C E C D sh x S a a i B r c s s . i e h h e o n c s G n c t s o i o d n o u a m s o c v t n o f g e ( t d m . o m c a g e a a n s u s r e d h a k c r e u o i a t r n u a n i c t t b t i g o e e l o m e e s : d e i s o s o u u r e t s s o t ) u a n tg d o i . n g .. : 2 2 2 2 2 8 7 8 7 7 2 1 5 1 + 3 3 0 2 . . . . 2 0 . 9 4 2 3 1 2 6 2 2 1 + 5 1 1 3 4 0 2 . . . . . 4 2 7 5 0 4 8 1 6 1 2 1 5 1 - 2 2 0 2 . . . . 5 . 3 8 3 0 2 2 4 5 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 f i e a a t s t l 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 s 0 o h 0 l a l ) a r : e rs s) ) : 3 3 3 3 3 9 9 9 9 9 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 1 1 1 .9 9 2 3 2 3 7 8 4 1 Owne N S S 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 n g . d s 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 4 6 6 0 0 . . . 5 8 8 1 9 6 3 6 4 1 0 6 . . . 2 1 9 2 4 8 3 4 6 1 1 5 . . . 2 1 7 2 6 5 C M C r u o e s n d t e o 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 o re d cu it s t b o a m la e n rs c es.... 4 4 4 1 1 1 2 5 5 5 5 7 2 1 3 5 5 2 5 3 7 0 8 0 2 5 5 5 4 8 2 0 0 Total: Commercial banks6 29 r64.90 '62.50 63.10 Fed. agencies and trust funds... 29 36.46 36.83 36.85 BUSINESS CONDITIONS F. R. Banks 29 21.58 23.41 23.04 Individuals* 29 '67.50 '67.50 67.50 Corporationse 29 20.80 21.10 21.20 Personal income (annual rate, bill, Insurance companies6 29 22.60 22.30 21.90 dollars):e 6 Mutual savings banks« 29 11.90 11.70 11.60 Total 52 214.6 214.6 State and local govts.e 29 7.40 r7.3O 7.30 Total salaries and wages 52 134.3 134.5 Marketable public issues: Proprietors' income, dividends, and By class of security: interest 52 r67.3 67.4 Bills—Total outstanding 30 12.84 12.63 12.61 All other 52 13.0 12.7 Commercial bank and F. R. Labor force (mill, persons):e Bank 30 9.87 9.22 P8 .48 Total 53 64.5 63.6 63.2 F. R. Bank 30 7.03 7.02 5.10 Civilian 53 63.2 62.2 61.8 Certificates—Total outstanding 30 22.29 22.29 26.01 Unemployment 53 1.9 1.9 1.6 Commercial bank and F. R. Employment 53 61.2 60.3 60.1 Bank 30 12.88 12.65 Pll.86 Nonagricultural 53 52.8 51.6 51.5 F. R. Bank 30 4.96 5.18 6.15 Employment in nonagricultural estab- Notes—Total outstanding.... 30 11.37 11.22 7.13 lishments (mill, persons):6 8 Commercial bank and F. R. Total 54 45.3 45.7 P45.8 Bank 30 6.43 6.30 P3.84 Manufacturing and mining 54 17.2 17.5 P17.5 F. R. Bank 30 1.81 1.95 .87 Trade 54 9.8 9.8 P9.8 Bonds—Total outstanding.... 30 112.63 112.17 112.17 Government. . .., 54 5.7 5.8 P5.8 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 68.16 69.00 «70.23Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 55 54.07 54.18 P54.64 Bank 30 49.86 50.58 *51.7 Hourly earnings (dollars) 55 1.349 1.362 Pl.366 F. R. Bank 30 7.78 9.26 10.9. Hours worked (per week) 55 40.1 39.8 P40.0 For footnotes see p. 1530 1528 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart 1948 Chart 1948 book book page7 Aug. Sept. Oct page Aug. Sept. Oct MONTHLY FIGURES—Gont. In unit indicated MONTHLY FIGURES—Cont. In unit indicated BUSINESS CONDITIONS —Cont. BUSINESS CONDITIONS—Cont. Wholesale prices (1926 = 100)—Cont. Other than farm and foods, total... 73 153.1 '153.3 153.1 Industrial production: Textile products 74 148.9 147.8 146.8 Total (1935-39 =100) 57, 58 Hides and leather products 74 188.4 187.5 185.5 Groups (points in total index): Chemicals and allied products... 75 132.0 133.3 134.4 Durable manufactures 57 '84.4 Fuel and lighting materials 75 136.6 136.7 137.2 Machinery and transportation Building materials 75 203.6 203.9 203.3 equipment 58 '43.6 43.6 P44,9 Metals and metal products 75 '170.9 171.9 172.4 Iron and steel 58 22.8 23.5 24.3 Miscellaneous 74 119.7 119.9 119.0 Nonferrous metals, lumber, and Prices paid and received by farmers other durables 58 '18.0 17.9 P18.2 (1910-14 = 100): Nondurable manufactures 57 '82.8 83.4 P84.2 Paid 77 251 250 249 T Fo ex o t d i , l e l s i q a u n o d r, l a ea n t d h e t r o bacco 5 5 8 8 ' ' 2 2 2 1 . . 5 3 2 2 3 1 . . 3 6 P P 2 2 1 3 . .3 2 Ca R sh e c f e a i r v m ed income (mill, dollars): 77 293 290 277 Chemicals, petroleum, etc 58 23.9 23.4 P23 7 Total 79 2,722 3,132 P3,714 Paper and printing 58 15.1 15.1 9 Livestock and products 79 1,481 1,544 Pi,572 Minerals 57,58 24.1 23.7 P24.0 Crops 79 1,235 1,583 P2.135 Selected durable manufactures Govt. payments 79 6 5 (1935-39 = 100): Nonferrous metals 59 190 193 INTERNATIONAL TRADE AND FINANCE Steel 59 235 243 252 Cement 59 186 183 184 Exports and imports (mill, dollars): Lumber 59 140 132 135 Exports 85 P988 P927 Transportation equipment 59 '229 226 P237 Imports 85 P598 P558 Machinery 59 '271 273 Excess of exports or imports 85 P390 P368 Selected nondurable manufactures Foreign exchange rates: (1935-39 = 100): See p. 1549 of this BULLETIN 86-87 Apparel wo©l consumption 60 '178 174 Short-term foreign liabilities and assets Cotton consumption 60 127 132 129 reported by banks (bill, dollars) :8 Manufactured food products 60 '156 163 P162 Total liabilities 88 P5.26 P5.31 Paperboard 60 184 189 193 Official 88 P2.17 P2.23 Leather 60 105 108 P451 Invested in U. S. Treasury bills Industrial chemicals 60 450 448 P308 and certificates 88 P. 40 P. 45 Rayon 60 312 305 Private 88 P3.08 P3.08 Orders, sales, and inventories:7 Total assets 88 Pl.09 PI.07 Sales (bill, dollars): Manufacturing 61 18.9 Wholesale 61 8.3 P8.4 Retail 61 11.1 Pll.6 1948 Inventories (bill, dollars): Manufacturing 61 30.4 30.7 Wholesale 61 8.1 8.3 P8.4 Jan. Apr.- July- Retail 61 14.0 14.7 P15.2 QUARTERLY FIGURES Mar June Sept. New orders (1939=100): Manufacturing, total 61 251 272 Durable 61 287 309 TREASURY FINANCE In billions of dollars Nondurable 61 230 249 Construction contracts (3 mo. moving Budget receipts and expenditures: Re R T T P P O s u r i o o e t d i a h b s t t v e v a a i e l a d n i l l g r c t e t . e s i , n a , t m l ! t c o i i l l o t l a , n l t d r o a l c l t a s r s ( ) m : ill, dollars):6 6 6 6 6 6 6 3 4 4 4 3 3 3 8 3 3 4 0 2 2 9 2 1 9 7 6 7 3 9 3 2 2 7 8 0 8 9 1 5 6 5 3 248 Int T N M C I e n o o e r i d N n t t s r i a p c a a v l r . l o t e i i d e r i c r o n a x u e e n t t p v a i e e a p l e e r l t n n i n s i n d n u d a c e c l e i o t f o u e r m c m e n r o e v e s e l s e e l t e n t a c a u x t x e i e e o s s n s, total.... , 2 2 2 2 2 2 2 6 6 6 6 6 6 6 1 1 '2 3 8 8 2 4 3 . . . . . . . 7 8 1 5 0 9 6 6 3 4 5 0 5 9 1 1 '2 9 2 2 4 2 0 . . . . . . . 7 4 0 5 8 9 6 6 8 4 7 7 7 2 ' 9 2 8 8 3 2 2 . . . . . . . 3 8 7 1 7 8 6 9 2 1 5 4 7 7 1- and 2-family dwellings 64 247 214 214 Other 64 61 67 34 Value of construction activity (mill. MONEY RATES Per cent per annum dollars): Total* 65 1,799 1,782 1,705 Bank rates on customer loans: Nonresidential:« Total, 19 cities 33 2.46 2.59 2.70 Public 65 440 445 438 New York City 37 2.09 2.10 2.26 Private 65 659 647 613 Other Northern and Eastern cities. 37 2.52 2.71 2.76 Residential:6 Southern and Western cities 37 2.83 3.03 3.13 Public 65 5 4 Private 65 695 685 650 Fre T i o g t h a t l c ( a 1 r 9 l 3 o 5 ad -3 in 9 g = s: 1 5 00) 67 142 140 BUSINESS FINANCE In unit indicated Groups (points in total index): Miscellaneous 67 79.4 79.1 79. Corporate security issues: Coal 67 32.6 31.6 31.2 Total (bill, dollars) • 42 1.61 1.66 1.27 All other 67 29.7 28.2 29.2 New money, total (bill, dollars)e. . 42 1.40 1.35 1.05 Department stores: Type of security (bill, dollars): Indexes (1935-39= 100):« Bonds 42 1.13 '1.07 .91 Sales 68 '312 312 305 Preferred stock 42 .09 .18 .06 Stocks 68 '268 275 282 Common stock 42 .18 .10 .08 296 stores: Use of proceeds (mill, dollars): Sales (mill, dollars) 69 295 357 386 Plant and equipment: Stocks (mill, dollars) 69 '893 944 1,052 All issuers 43 844 1,079 765 Outstanding orders (mill, dollars) 69 '545 539 512 Public utility 43 531 803 442 Stocks-sales ratio(months' supply) 69 3.0 2.6 2.7 Railroad 43 97 126 138 Consumers* prices (1935-39=100): Industrial 43 212 149 185 All items 71 174.5 174.5 173.6 Working capital: Food 71 216.6 215.2 211.5 All issuers 43 555 274 280 Apparel 71 199.7 201.0 201.6 Public utility 43 5 2 6 Rent 71 117.7 118.5 118.7 Railroad 43 3 Wholesale prices (1926 = 100): Industrial 43 331 195 204 Total 73 169.5 '168.6 165.0 Bonds (bill, dollars):6 Farm products 73 191.0 189.1 182.2 Public 42 .61 '.88 .64 Foods 74 189.5 186.3 177.3 Private 42 .72 .45 .47 For footnotes see p. 1530. 1529 DECEMBER 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 1947 1948 book book page Jan.- Apr.- July- page June Dec. June Mar. June Sept. 30 31 30 QUARTERLY FIGURES—Cont. In unit indicated CALL DATE FIGURES w 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 44 117.9 118.4 Bonds 12 46.51 45.29 40.24 Cash 44 22.1 22.4 Notes 12 4.37 4.82 4.10 U. S. Goyt. securities 44 13.2 12.6 Certificates 12 7.54 5.82 7.60 Inventories 44 '42.3 43.0 Bills 12 .77 1.99 2.19 Receivables 44 '38.8 38.7 Loans:11 Current liabilities, total 44 '55.3 54.5 Commercial '. 13 13.82 16.96 16.73 Notes and accounts payable.... 44 '34.0 33.8 Agricultural 13 .97 1.05 1.24 Federal income tax liabilities 44 10.0 10.2 Real estate 13 6.24 7.13 7.78 Net working capital 44 '62.6 63.9 Consumer 13 4.00 4.66 5.25 Plant and equipment expenditures For purchasing securities: (bill, dollars):*9 To brokers and dealers. 13 1.51 .81 1.17 All business .. 45 4.2 4.8 5.0 Toothers 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 2.8 3.3 3.4 Other securities 13 2.97 3.11 3.00 Manufacturing and mining 45 2.0 2.3 2.4 Corporate profits, taxes, and dividends (annual rates, bill, dollars):* 1946 Profits before taxes 46 31.4 33.4 FIGURES FOR SELECTED DATES Profits after taxes (dividends and Dec. Dec.P undistributed profits) 46 19.2 20.4 Undistributed profits 46 11.9 13.1 Corporate profits after taxes (quar- LIQUID ASSET HOLDINGS* In billions of dollars L A a ll t D r e g c u r l l o e l a a r y r a r r c p s s b o t o ) ) o l r r e . p t a a m o t l i r s o a a ) n n : ti s u o f n ( a b s c i , t l u l t , r o d i t n a o g l l l a ( ( m r b s i i ) l l l • l , , . d d . o o .. l l - - 4 4 4 7 7 7 ' 4 1 5 . . 0 3 6 8 ' 5 1 5 . . 4 1 6 4 6 1 1 .5 1 I I n n T d S U D d i a i o . e v v v t p i i S a i d d o n . l u u s g G h i a a s t l o l s o s s a l v : d a n a t n i n d . n d d s g l e s o c b c a u u u n r r s r i i s e t n h i n e e a c s s r y s e : s 2 2 2 2 4 4 4 4 2 14 3 7 3 1 8 9 * . . . . 5 8 4 3 2 1 8 3 4 9 0 6 6 . . . . 6 8 7 5 N E R l o a e d ( n i m c o l d r t l r i o l u l a i a l r c r , d a s d s b ) o p l ( e l o m l a w m r il e s l a r ) , n d u o a fa l n l c a d t r u s r ) t in el g e p ( h m o i n ll e . 4 4 4 7 7 7 4 2 6 2 7 1 9 2 2 4 1 0 7 8 4 8 5 2 4 1 4 8 8 5 7 Co T S U D r a o p . e v t p o S a i r o n . l a s g G t h i s i t o o s o a l n v d a n s t n i : d . n d s g l e s o c c a u u n r r r i s e t h i n e a c s r y e s 2 2 2 2 4 4 4 4 1 1 5 6 0 5 8 5 1 . . . . 2 5 6 1 1 1 5 0 7 9 8 4 2 . . . . 1 7 0 2 Total holdings 24 38.9 38.4 Deposits and currency 24 23.5 23.8 1948 U. S. Govt. securities 24 15.3 14.5 Unincorporated businesses: Jan.- Apr.- July- Total holdings 24 27.4 26.4 Mar. June 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 product6 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 Nonfmancial: 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 inventories. 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 4.7 saving:6 Individuals: Personal income 51 207.3 209.0 213 9 Total 25 28.9 30.1 Disposable income 51 184.1 188.2 193 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 5.1 3 Less than 5 million dollars. 4 New index based on abbreviated sample beginning Nov. 3, 1948. For further information, see footnotes 1 and 2, p. 1521. 5 Estimates of single-payment loans revised beginning October 1946. 6 Adjusted for seasonal variation. 7 The chart on "Sales and inventories of manufacturers, wholesalers, and retailers" previously shown on p. 61 is replaced in the December issue of the Chart Book by a chart on "Business orders, sales, and inventories." 8 Figures for July are (in billions of dollars): Liabilities—Total, 5.17; Official, 2.10; Official, invested in bills and certificates, .39; Private, 3.07; Assets—1.08. 11 beginning june sv, iy^», individual loan items are reported gross, I. e., oeiore ueaucuon oi valuation reserves; previously tney • 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 copities of monthly issues at $1.00 each. 1530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT * 1948 1948 Chart Chart book book page1 Aug. Sept.? Oct.? page1 Aug. Sept.? Oct.? In millions of dollars In millions of dollars Consumer credit outstanding, total2.. 3 14,476 14,761 15,039 Consumer instalment sale credit out- Instalment credit, total 3, 5 7.532 7,718 7,748 standing, cumulative totals:3—Cont. Instalment loans 5 3,907 3,944 3,929 Furniture and household appli- Instalment sale credit 5 3,625 3,774 3,819 ance stores 6 1,844 1,916 1,922 Charge accounts 3 3,130 3,227 3,457 Department stores and mail- Single-payment loans 2 3 2,847 2,856 2,872 order houses 6 1,208 1,249 1,258 Service credit 3 967 960 962 All other 6 449 463 461 Consumer credit outstanding, cumu- Consumer instalment sale credit lative totals:*3 granted, cumulative totals:4 Instalment credit 4 14,476 14,761 15,039 Consumer instalment loan credit out- Charge accounts 4 6,944 7,043 7,291 standing, cumulative totals:3 Single-payment loans 2 4 3,814 3,816 3,834 Commercial and industrial banks 8 3,907 3,944 3,929 Service credit 4 967 960 962 Small loan companies 8 2,003 2,026 2,027 Consumer instalment sale credit out- Credit unions 8 1,228 1,243 1,251 standing, cumulative totals:3 Miscellaneous lenders 8 937 943 949 Automobile dealers 6 3,625 3,774 3,819 Insured repair and modernization loans . 8 656 661 667 P Preliminary. 1 Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 Estimates of single-payment loans revised beginning October 1946. 3 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. 4 Figures for this series are in process of revision and will not be available for several months. * Copies of the Chart Book may be obtained at a price of 50 cents. NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF NOVEMBER 1, 1948 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1947 Nov. 1, 1948 1947 Nov. 1, 1948 1947 Nov. 1, 19481 1947 Nov. 1, 1948* Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 6,906 6,389 New York 24,385 32,247 10,448 13,309 80 105 Philadelphia 51,515 58,272 20,086 16,056 Cleveland 181,524 264,740 54,840 63,892 Richmond 1,121 1,637 164,313 185,098 30,684 27,135 Atlanta 2,185 2,936 167,485 200,738 8,203 8,193 Chicago . 885,728 1,478,125 70,492 87,057 1,509 1,713 St. Louis 33,210 44,960 301,354 483,417 51,610 71,707 14 17 Minneapolis 311,826 447,239 32,194 44,555 253,898 258,085 Kansas City 274 290 242,282 429,832 552,571 457,254 5,207 4,877 Dallas 4,084 4,114 57,398 57,036 127,459 55,265 102 131 San Francisco 983 1,229 6,236 6,377 109,383 136,992 36,139 37,427 Total 11,857 15,166 2,400,952 3,649,510 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 Nov. 1, 19482 1947 Nov. 1, 19482 1947 Nov. 1, 1948 1947 Nov. 1, 1948 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 4,101 5,188 4 108 4 000 35,499 35,014 72,227 81,196 "New York 14,256 27,501 6,648 6,559 1,323 1,049 39,785 42,699 Philadelphia 12,576 18,042 2,646 2,564 58,518 61,585 21.280 22,561 Cleveland ... 27 834 65 114 5 863 5 577 128,945 134,975 11,820 13,135 Richmond 37,453 27,375 4,522 5 059 1,259,188 1,043,383 26,230 26,785 Atlanta 32,720 28,925 3,902 3,762 264,387 226,142 12,580 12.277 Chicago 448,519 637,929 18,080 15,494 36,431 31,048 23,209 25,637 St. Louis 54,714 76 842 9,018 9,067 317,270 332,123 8,204 8,435 Minneapolis 362,585 409,557 9,893 9,423 2,876 2,399 41,946 43,018 Kansas City 153,260 147,666 9,578 10,309 3,326 4,126 32.590 36,494 Dallas .. 36,140 18,634 1,825 1,716 5,114 4,929 San Francisco 31,812 30,184 13,111 12,648 89,422 114,235 Total . . . 1,215,970 1,492,957 89,194 86,178 2,107,763 1,871,844 384,407 431,401 1 Estimate is for Aug. 1, 1948; no estimate made since that date. 2 Estimate is for Oct. 1, 1948; no estimate made since that date. 3 Includes 10,000 bales grown in miscellaneous territory. 4 Includes 15,000 bales grown in miscellaneous territory. DECEMBER 1948 1531 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 Federal Reserve an c d h e o c f k fi s c e a s r e o n dr w aw hi n ch Total Member Nonmember (Nonmember) district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31, 1945 14,002 3,947 11,869 3,616 6,877 2,909 4,992 707 2,133 331 Dec. 31, 1946 . 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Oct. 31 1948P 14,080 4,294 12,071 3,977 6,914 3,166 5,157 811 2,009 317 By districts and by States Oct. 31, 1948? District Boston 495 301 495 301 336 221 159 80 New York 911 855 911 855 785 792 126 63 Philadelphia 842 138 842 138 646 101 196 37 Cleveland 1,136 269 1,136 269 706 231 430 38 Richmond 1,011 454 799 334 477 213 322 121 212 120 Atlanta 1,177 171 555 135 346 118 209 17 622 36 Chicago 2,490 573 2,436 549 1,001 226 1,435 323 54 24 St. Louis.. . 1,470 133 1,127 73 495 40 632 33 343 60 Minneapolis 1,279 111 621 43 475 26 146 17 658 68 Kansas City 1,749 9 1,740 9 760 6 980 3 9 Dallas 1,017 40 907 31 619 19 288 12 110 9 San Francisco 503 1,240 502 1,240 268 1,173 234 67 1 State Alabama 222 22 116 22 88 22 28 106 Arizona 10 42 10 42 5 31 5 11 Arkansas ... 230 19 106 5 67 1 39 4 124 14 California 193 914 193 914 114 871 79 43 Colorado 142 142 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 66 26 33 1 291 4 Idaho 48 46 48 46 27 44 21 2 Illinois.. . . 880 3 878 3 502 3 376 2 Indiana 488 95 488 95 237 39 251 56 Iowa.. 666 161 666 161 164 502 161 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 Maine 63 69 63 69 38 37 25 32 Maryland 164 107 164 107 76 70 88 37 Massachusetts 183 162 183 162 146 146 37 16 A^ichigan 443 213 443 213 229 164 214 49 Minnesota 679 6 263 6 206 6 57 416 Mississippi 205 58 40 10 32 3 8 7 165 48 Missouri 595 528 180 348 67 112 112 84 28 Nebraska 409 2 409 2 144 2 265 Nevada 8 18 8 18 6 17 2 1 New Hampshire 74 2 74 2 52 1 22 1 New Tersev 336 140 336 140 288 125 48 15 New Miexico 49 11 49 11 34 2 15 9 New York 647 728 647 728 567 677 80 51 North Carolina . . . 209 180 93 64 54 35 39 29 116 116 North Dakota 150 24 61 6 42 19 6 89 18 Ohio 666 202 666 202 425 175 241 27 Oklahoma 384 1 376 1 225 1 151 8 Oregon 70 87 70 87 33 81 37 6 Pennsylvania 982 161 982 161 752 135 230 26 Rhode Island 19 41 19 41 11 29 8 12 South Carolina 149 35 60 32 32 27 28 5 89 3 South Dakota 170 47 70 22 62 20 8 2 100 25 Tennessee 294 79 199 63 81 51 118 12 95 16 Texas 897 3 838 3 568 3 270 59 Utah 55 22 55 22 31 20 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia .... 314 93 308 92 203 45 105 47 6 1 Washington 121 124 120 124 53 117 67 7 1 West Virginia 182 181 109 72 1 Wisconsin 553 150 446 101 164 21 282 80 107 49 Wyoming. . . ... 55 55 41 14 P Preliminary. 1 Excludes mutual savings banks, on a few of which some checks are drawn. 2 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities at military reservations (see footnote 4, p. 241, of the BULLETIN for February 1948). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 1532 FEDERAL RESERVE BULLETIN 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.. 1534 Gold production . 1535 Gold movements . 1535 International capital transactions of the United States. .. 1536-1541 International Monetary Fund and Bank. , 1542 Central banks . 1542-1546 Money rates in foreign countries. . 1547 Commercial banks . 1548 Foreign exchange rates. . 1549* Price movements: Wholesale prices . 1550s Retail food prices and cost of living. . 1551 Security prices . 1551*. 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. DECEMBER 1948 1533; 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 e n r n a - - ! g B iu el m - Brazil Canada Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m D a e r n k - Egypt France m G a e n r- y Greece H ga u r n y - 1939—Dec... 17,644 474 609 40 214 30 21 1 56 53 55 2,709 29 28 24 1940—Dec... 21,995 416 734 51 27 30 17 1 58 52 52 2,000 29 28 24 1941—Dec... 22,131 497 734 70 5 31 16 1 61 44 52 2,000 29 28 24 1942—Dec... 22,726 614 735 115 6 36 25 16 61 44 52 2,000 29 28 24 1943—Dec... 21,938 838 734 254 5 54 59 46 61 44 52 2,000 29 28 24 1944—Dec... 20,619 992 329 6 79 92 111 61 44 52 1,777 29 28 24 1945—Dec... 20,065 1,197 716 354 2 361 82 127 191 61 38 52 1,090 1946—Dec... 20,529 1,072 735 354 2 543 65 145 226 61 38 53 796 24 1947—Nov.. 22,614 323 593 354 7 45 84 279 32 53 548 33 Dec... 22,754 322 597 354 2294 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 P69 32 53 548 34 June.. 23,532 202 622 354 9 46 P65 289 32 53 548 34 July.. 23,679 201 637 354 9 44 P63 32 53 548 34 Aug... 23,725 196 643 354 9 44 32 53 548 34 Sept.. 23,872 166 643 317 7 44 32 548 34 Oct... 24,004 646 8 44 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 Nor- Peru Poland P g o a rt l3 u- Ru n m ia a- A So fr u ic th a Spain 1939—Dec... 274 26 144 164 90 32 692 23 81 20 *84 152 249 1940—Dec... 274 26 120 164 140 47 617 23 75 20 158 367 1941—Dec... 274 26 124 > 164 235 47 575 23 58 21 182 366 42 1942—Dec... 274 34 141 39 506 23 25 203 634 42 1943—Dec... 274 92 118 203 500 23 31 260 706 91 1944—Dec... 274 128 24 222 500 23 32 267 814 105 1945—Dec... 274 131 24 294 270 23 80 28 269 914 110 1946—Dec... 274 127 28 181 265 23 91 24 245 939 111 1947—Nov.. 274 127 28 100 223 23 72 20 195 796 111 Dec... 274 127 28 100 231 23 72 20 193 P215 762 111 1948—Jan.. . 274 127 28 96 220 23 70 20 189 P215 764 111 Feb... 274 127 28 86 209 23 69 20 189 P215 448 111 Mar.. 274 127 28 87 193 23 66 20 184 215 438 111 Apr. . 274 127 28 86 182 23 66 20 181 216 446 111 May.. 274 127 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 P20 174 338 111 Aug... 264 127 28 44 172 23 65 P20 172 307 Sept.. 264 124 28 172 23 65 P20 169 269 Oct... 171 End of month S d w e e n - S la w e n r i d - t z • - T k u e r y - U K n d i i o n t m g e - d g U u ru a - y V z e ue n l e a - Y sl u a g v o i - a B.I.S. O t c r o i t e u h s n e 7 - r Government g p o r l e d v i r o e u ss s rv fi e g s u 1 re n s ot included in 1 1 9 9 3 4 9 0 — — D D e e c c . . . . 3 1 0 6 8 0 5 50 4 2 9 2 8 9 8 8 1 6 9 8 0 5 2 2 9 8 5 2 9 1 7 2 1 1 7 7 8 0 End of month U S n ta i t t e ed s U K d n i o n i m t g e - d France g B iu el m - 1941—Dec.. 223 665 92 100 41 12 166 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 4 6 2 3 — — — — — D D D D D e e e e e c c c c c . . . . . . . . . . 3 3 4 3 4 8 8 3 6 8 1 7 5 3 2 « , , , 8 3 1 4 9 2 4 5 3 6 4 2 8 0 5 2 2 2 1 1 2 4 3 6 1 1 1 7 1 4 2 1 1 1 0 8 2 5 9 0 9 1 7 5 2 2 1 1 0 6 8 3 5 2 8 9 0 3 3 3 2 4 7 9 2 1 5 2 2 2 2 1 4 4 2 4 8 5 7 9 0 5 1 1 1 9 9 9 3 4 3 9 0 8 — — — D A D A D u u e e e c c c g g 1 4 8 5 0 6 8 3 2 2 8 7 9 7 5 2 6 9 4 4 4 3 2 6 3 9 0 1 3 4 1 1 4 7 7 1947—N D o e v c . . . 1 1 0 0 1 5 , , 3 3 7 5 2 6 1 1 7 7 0 0 1 1 7 7 5 5 2 2 1 1 5 5 3 3 0 0 2 2 4 4 0 0 1941— D Se e p c t 2 2 4 5 4 151 17 1948—J O J A S A J F M M a c e u e p u u a a n t p l b r g n r . . y t y . . . e . . . . . . . . . . . . . . . 1 1 8 8 9 9 8 8 8 9 0 0 0 1 6 3 5 1 1 7 1 4 , , , , , , , , , 3 3 3 3 3 3 3 3 3 7 3 5 4 2 5 5 5 5 1 2 1 5 2 3 2 3 2 1 1 1 1 1 1 1 1 1 6 6 7 7 6 6 6 7 6 0 1 1 1 8 8 4 1 4 2 2 2 2 2 1 1 1 1 0 0 0 0 8 0 8 8 9 3 3 3 0 1 0 7 9 8 3 3 3 3 2 2 2 2 2 2 0 0 0 6 6 1 0 4 3 4 4 4 4 3 3 5 4 3 0 0 3 3 3 4 3 3 3 3 3 3 7 0 5 0 9 2 1 1 8 3 P P P 2 2 2 2 2 2 2 2 2 2 4 4 4 4 4 4 4 4 4 4 1 3 2 2 4 4 4 4 4 4 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 2 3 5 4 8 7 6 — — — — — — — J S D D D D D D M M J u e e e e e e e u a a n p c c c c c c n r r t e e .. . . . . . . . . . . 1 1 1 1 1 4 1 2 6 5 7 7 7 1 1 1 3 4 9 3 1 7 1 9 2 2 8 5 5 5 5 5 5 5 8 s 2 2 2 2 2 2 2 2 2 , , , , 0 , , , , , 5 3 2 3 3 3 3 1 3 8 4 0 8 4 4 9 5 5 7 1 0 2 5 1 6 4 4 2 5 1 7 4 1 1 1 1 7 7 7 7 P Preliminary. June 208 5 1,886 mi 1 l l E io s n t i p m e a so te s d a t d t o h l e la r r at v e a l o u f e 3 s .0 d 3 e 6 r 5 iv p ed es o b s y p e c r o n U v . e S rt . i n d g o ll g a o r l a d n d at al h l o o m th e e r i n g o a l m d o at u n th ts e r u a p t e t o o f 1 3 ,2 .5 2 4 4 4 . 7 4 1 Reported at infrequent intervals or on depesos per U. S. dollar. layed basis: U. S.—Exchange Stabilization Fund 2 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Con- (Special A/c No. 1); U. K.—Exchange Equalitrol Board. Gold reported since that time is gold held by Minister of Finance, except for zation Account; France—Exchange Stabilization December 1945, December 1946, and December, 1947 when gold holdings of Foreign Exchange Fund and Rentes Fund; Belgium—Treasury. Control Board are included also. 2 Figure for end of September. 8 Total gold holdings are not available. Beginning April 1946, the series is new and repre- 8 Reported figure for total British gold reserves sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. on Aug. 31, 1939, less reported holdings of Bank Jan 4 8 . F F 3 i i g g 1 u u , r r 1 e e s 9 f 4 o r 2 e r ; l F a P t e o e b la r to u n d a l r — a y s t J 1 u o 9 l f y 4 f i 1 c 3 ; i a 1 b l , e 1 g re 9 in p 3 n o 9 i r ; n t Y g d u M a g t o e a s s r l . a f 2 o v 9 i r a , — t 1 h 9 e F 4 e 1 r b e , . s g p o 2 e l 8 d c . t i r v 1 e e 9 s e 4 c r 1 v o . e u s n t n ri o e s lo , n a g s e r f o r l e lo p w or s t : e d J a s v e a p — a- of 4 6 E F G n i r g g o u l s a r s n e d f o o f o f r n i c f i i t a r h l s a t t h o d o f a ld m te in o . g n s t h. of gold and U. S. rately. dollars as reported by British Government; total • Beginning December 1943, includes gold holdings of Swiss Government. British holdings (official and private) of U. S. 7 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. dollars, as reported by banks in the United * Gold holdings of Bank of England reduced to nominal amount by gold transfers to British States, are shown in table on p. 1539. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal NOTE^—For gold holdings of International Fund and Bank, see p. 1442. For back figures, gold transfers affecting the British and French see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of institutions, see p. 1542, footnote 4, and p. 1543, 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. 1534 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 monthlyT Estimated Year or pro w d o u r c ld tion Total Africa North and South America Other month U o . u S t . s S i . d R e .i r m e o p n o t r h 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 C B o el n g g i o an 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au li s a t « ra- India' t5*/n grains of gold 9/io fin?; i. e., at*i ounce of fine golcI =$35. 1938 1,142,400 968,320 425,649 28,532 24,670 16,564 178,143 165,379 32,306 18,225 10,290 1,557 55,721 11,284 1939 1,219,400 1,031,214 448,753 28,009 28,564 18,258 196,391 178,303 29,426 19,951 11,376 3,506 57,599 11 078 1940 1,311,450 1,106,447 491,628 29,155 32,163 19,413210,109 185,890 30,878 22,117 11,999 5,429 57,540 10,126 1941 1,265,600 1,110,379 504,268 27,765 32,414 19,571209,175 187,081 27,969 22,961 9,259 7,525 52,384 10 008 1942 1,130,115 982,130 494,439 26,641 29,225 17,992 130,963 169,446 28,018 20,882 6,409 8,623 40,383 9,111 1943 880,495 774,086 448,153 23,009 19,740 15,791 48,808 127,796 22,081 19,789 6,081 7,715 26,295 8,828 1944 794,080 702,534 429,787 20,746 18,445 12,747 35,778 102,302 17,793 19,374 7,131 7,865 22,990 6,577 1945 745,430 683,011 427,862 19,888 18,865 12,144 32,511 94,385 17,458 17,734 6,282 6,985 23,002 5,893 1946 762,195 696,998 417,647 19,061 20,475 11,596 51,182 99,139 14,703 15,301 8,068 6,357 28,857 4 612 1947 705,447 392,004 18,296 19.320 10,780 75,786 107,432 16,250 13,406 5,908 7,403 32,807 6,055 1947—Sept. . 60,833 34,692 1,516 1,820 805 6,526 8,668 1,389 1,044 530 658 2,696 490 Oct 60,644 35,361 1,540 35 840 7,733 9,057 922 915 424 679 2,720 Nov 59,738 33,888 \ .513 1,225 770 5,791 8,826 2,491 945 383 742 2,639 525 Dec 60,433 34,025 1,489 1,750 770 6,828 9,614 778 680 672 2,808 490 194g—jan 60,377 34,775 1,504 1,890 910 6,042 9,568 658 1,124 369 648 2,433 455 Feb 57,211 32,459 1,442 1,820 840 5,489 9,156 1,367 1,302 288 682 1,945 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 1,855 945 5,650 10,012 879 713 494 652 2,129 May 60,980 34,368 1,539 1,855 910 6,078 10,047 1,324 916 602 611 r2,381 525 June 60,112 33,941 L.462 1,925 980 5,719 10,113 915 701 455 592 2,785 490 July 34,544 .564 1,995 910 6,180 10,367 1,190 407 647 3,640 560 Aug 33,720 1,443 I2,030 980 7,661 10,689 966 687 595 Sept 33,345 1,065 945 7,388 666 560 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. T Revised. l 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. 8 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 A o 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 -845,392 -695,483 46,210 -50,268 -109,695 -58,292 199 3,572 18,365 1945 -106,250 160 53,148 15,094-41,743 103 106 357 !-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 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 53,290 1,184 -22 5,159 11,212 676 23,730 57 3,068 -272 33,489 7-24,991 Oct.P 121,571 40,678 -21 5,695 5,746 331 20,519 255 2,905 -119 "127 52,036 7 -6,581 P Preliminary. l 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 $5,346,000 from U. S. S. R. 6 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 exports to Switzerland as follows: September, $23,747,000; October, $6,360,000. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. DECEMBER 1948 1535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Increase in Decrease Foreign Domestic From th J ro a u n g . h 2 — , 1935, Total funds in U. S. f i t u n e n s rn t d i a s tu t i o t o i f o n i n a n s l - 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 n w r c a e g i s n e Total Official i Other in U. S. abroad funds funds 1935—Dec. (Tan. 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 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). | 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 i 1939—Mar. 29 I 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 1,188.9 63.9 June 28 ( 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 1,201.4 74.0 Sept. 27 i 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 1,177.3 83.1 Dec. (Jan. 3, 1940).l 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940— J M un ar e . ( ( J A u p ly r . 3 3 ) ) r i 5 5 , , 2 5 0 3 7 1 . . 8 3 2 2, , 9 6 2 3 0 0 . . 7 9 1, 6 0 3 1 1 2 . . 0 9 1 1 , , 9 9 9 0 9 7 . . 9 8 6 6 3 8 1 4 . . 6 1 7 7 6 8 1 5 . . 6 6 1 1 , , 0 0 9 4 5 2 . . 0 1 9 8 8 8 . . 9 7 Sept. (Oct. 2) 5,831.2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) ! 5,607.4 3,229.7 1,388.6 1,841.0 767.4 812.7 701.8 95.9 June (July 2) : 5,660.1 3,278.0 1,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 1,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942- -Mar. (Apr. 1). 5,219.3 2,820.9 1,068.9 1,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636.4 3,217.0 1,352.8 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 1,482.2 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 1,557.2 1,908.3 848.2 673.3 104.4 1943—Mar. 31 . 6,292.6 3,788.9 1,868.6 1,920.3 898.7 810.5 685.9 108.6 June 30. 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 687.9 112.1 Sept. 30. 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708.1 114.8 Dec. 31. 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30. 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30. 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31. 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126 3 1945—Mar. 31. 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 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. ,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. ,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. ,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. ,440.8 4,591.9 1,447.2 3,144.7 2,694.3 202.5 1,398.0 393.4 160.8 July 31. 9,443.6 4,703.2 1,616.8 3,086.4 2,861.1 156.3 1,177.3 385.9 159.8 Aug. 31. 9,516.8 4,870.3 1,726.9 3,143.5 2,758.0 168.2 1,193.6 362.6 164.1 Sept. 30. 9,018.6 4,456.0 1,298.5 3,157.5 2,655.4 178.3 1,230.3 338.8 159.9 Oct. 31. 8,693.5 4,324.1 1,232.9 3,091.2 2,481.4 172.1 1,243.6 310.0 162.2 Nov. 30. 8,551.9 4,262.4 1,200.0 3,062.4 2,380.4 211.6 1,254.5 290.0 153.1 Dec. 31. 8,323.2 4,120.3 1,121.8 2,998.5 2,242.0 174.6 1,276.9 •367.0 142.4 1948—Jan. 31. 8,174.2 4,094.8 1,137.2 2,957.6 2,185.0 106.5 1,287.7 *359.6 140.6 Feb. 29. 8,216.1 4,235.0 1,270.7 2,964.3 2,124.6 88.7 1,292.4 4340.3 135.2 Mar. 31. 8,159.7 4,370.6 1,346.4 3,024.2 1,985.3 51.7 1,296.4 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. •7,934.0 '4,351.9 ••1,352.3 '•2,999.6 1,907.7 '23.7 1,304.5 4 203.9 142.? July 31. 8,031.6 4,432.9 1,389.3 3,043.6 1,909.1 56.6 1,309.8 4189.7 133.5 Aug. 31 P 7,923.0 4,520.8 1,461.3 3,059.5 1,898.9 41.4 1,159.1 4173.2 129.6 Sept. 30^ 7,990.4 4,572.2 1,518.9 3,053.3 1,901.5 61.9 1,165.4 4165.0 124.5 P Preliminary. r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at 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.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. 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 in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) 1 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. 1536 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 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 in ica Asia o A th l e l r 1939—Dec. (Jan. 3, 1940) 5,112.8 ,101.3 468.7 470.3 773.0 58.0 918.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Jan. 1, 1941) 5,807.9 865.2 670.3 455.6 911.5 55.4 1,098.6 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 50.5 ,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 48.1 ,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 ,257.7 636.8 487.7 629.1 48.2 ,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 7,728.4 ,090.0 585.7 506.2 664.3 63.1 ,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 ,311.8 4,037.0 1,395.7 1,338.4 1,784.1 247.5 1946—Dec. 31 7,555.7 563.1 384.8 326.4 766.1 287.5 ,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Oct. 31 6,212.1 447.7 359.6 258.7 810.6 139.8 ,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 ,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 ,088.6 2,963.1 688.6 ,383.4 975.8 3 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 ,338.2 946.3 385.9 Feb. 29 6,091.5 523.9 161.8 188.7 840.0 180.7 1,088.8 2,983.9 721.5 ,364.9 931.9 389.3 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 3 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 3 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 ,329.5 893.6 349.0 Tune 30 r6,026.2 558.0 59.5 120.1 858.3 210.2 '991.4 r2.797.4 '911.2 ,384.0 897.5 3 36.1 Tulv 31... 6,122.5 489.4 51.6 102.1 863.4 238.7 992.6 2,737.7 938.2 ,381.1 1,009.8 3 55.7 Aug. 31 P.. 6,024.1 492 .5 51.7 92.3 853.1 270.1 963.6 2,723.3 821.0 ,424.3 994.1 361.5 Sept. 30-P . 6,088.9 467.7 42.1 85.2 831.5 307.1 993.5 2,727.0 855.3 ,443. 999.0 3 63.8 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 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) 2,522.4 376.1 256.1 190.9 362.7 19.7 449.9 1,655.4 174.5 215.1 417.0 60.5 1940—Dec. (Jan. 1, 1941) 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 L.697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Oct. 31 4,324.1 275.5 188.5 156.3 392.2 126.3 637.2 1,776.0 319.2 1,116.3 877.0 235.6 Nov. 30 4,262.4 293.1 156.8 141.8 405.9 125.6 626.5 1,749.8 319.3 1,081.3 883.5 228 5 Dec. 31 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224 9 1948—Jan. 31 4,094.8 274.9 88.6 107.5 435.7 143.1 586.0 1,635.8 327.0 1,047.8 846.3 238.0 Feb. 29 4,235.0 343.6 124.3 112.3 446.7 163.4 579.5 1,769.9 322.7 1,067.5 840.3 234.5 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 1,749.4 429.0 1,097.3 783.7 190.7 May 31 4,285.9 279.4 82.6 93.6 515.8 195.5 568.0 1,734.9 462.6 1,085.5 809.6 193.3 June 30 r4,351.9 384.4 87.0 '96.3 527.1 192.4 »-498.4 r1,785.7 r483.6 1,104.0 804.1 174.5 July 31 4,432.9 311.2 82.9 93.9 534.9 216.7 496.5 1,736.1 508.7 1,081.2 914.5 192.3 Aug. 31 P. . 4,520.8 311.1 88.0 106.1 535.9 251.0 484.3 1,776.4 547.1 1,108.4 889.4 199.5 Sept. 30r. 4,572.2 284.6 80.5 97.8 514.0 285.2 505.8 l,767".9 578.0 1,103.2 923.5 199.6 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o 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, 3f 1940) 650.4 252.2 73 8 12.9 2.9 15.5 206 2 563.5 56.5 52.6 —21.5 — .8 1940—Dec. (Jan 1 1941) 775.1 269.2 74.6 17.7 6.5 25.3 241.4 634.7 60.3 43.2 34.8 2.1 1941—Dec. 31 791.3 271.2 76 9 17.6 5.4 25.8 250.5 647.4 62.7 17.7 64.7 —1.2 1942—Dec. 31 888.8 279.4 77.8 18.1 6.6 26.2 253.5 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 26.2 256.8 656.5 55.1 55.7 102.7 7.5 1944—Dec. 31 ... 805.8 266.1 77 7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 — .3 1945—Dec. 31 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31 427.2 244.3 73.4 —132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—Oct. 3i 172 1 258.9 61 5 —30.0 1 7 1.6 174.4 468.2 63.1 -298.7 -35.5 —24.9 Nov. 30 211.6 260.2 64.1 —28.6 2.4 3.0 174.1 475.2 66.4 -309.5 1.4 -21.9 Dec. 31 174.6 262.8 55.7 -30.5 1.1 5.5 178.9 473.5 65.4 -346.3 2.0 —20.1 1948—Tan 31 ... 106.5 269.5 -18.7 -32.5 1.8 5.4 180.5 406.0 67.7 -351.3 2.4 -18.3 Feb. 29 . 88.7 273.1 —34.6 —33 7 2 1 5 6 175 3 387.8 67.5 -349.5 —5.4 -11 7 Mar. 31 51.7 273.5 -39.4 -32.7 1.7 9.2 156.9 369.3 64.5 -369.3 -2.0 -10.8 Apr. 30 22.0 268.5 -36.9 -41.5 1.9 10.6 149.7 352.3 65.2 -391.6 7.6 -11.4 May 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 7 270 4 -47 9 -40 7 1 7 6 0 158 4 347.8 r66.9 -376.2 -4.4 -10.3 July 31.. 56.6 270.3 -45.8 -40.3 1.1 10.1 160.9 356.3 68.9 -356.1 -3.2 -9.2 Aug. 31 P. . 41.4 268.4 -44.1 -57.2 .6 7.4 143.0 318.2 68.2 -343.9 10.0 -11.1 Sept. 30*.. 61.9 271.1 -44.1 -51.6 2.9 10.3 150.4 339.1 67.3 -323.0 -12.0 -9.4 P Preliminary. r Revised. 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. DECEMBER 1948 1537 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 ot Al he 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 ii.a 1940—Dec. (Jan. 1, 1941) 803.8 128.6 43.4 31.0 46.0 28.1 232.9 510.0 25.0 202.3 53.0 13.5 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 28.1 238.4 521.3 35.4 221.1 61.2 16.6. 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 28.0 244.1 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31 925.9 127.6 50.6 33.0 44.7 27.9 246.6 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 1,019.4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0. 1945—Dec. 31 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0. 1946—Dec. 31 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Oct. 31 11,243.6 99.1 47.5 -2.6 22.7 26.6 267.8 461.1 421.9 523.3 61.3 -224.0 Nov. 30 11,254.5 96.9 47.2 -3.3 18.8 26.5 267.9 453.9 427.2 534.0 61.6 -222.3 Dec. 31 i1,276.9 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 -220.9 1948—Jan. 31 11,287.7 93.2 46.8 -4.4 13.7 26.4 276.7 452.5 451.3 542.1 61.7 -219.8 Feb. 29 U.292.4 93.3 46.6 -4.9 10.7 26.4 277.1 449.3 454.6 546.2 61.7 -219.4 Mar. 31 11,296.4 92.0 46.1 -5.9 7.4 26.5 277.8 443.9 458.6 549.3 62.0 Apr. 30 11,304.3 90.7 45.2 -6.2 3.7 26.5 278.4 438.2 467.0 552.9 62.1 -215!8 May 31 11,304.0 89.0 44.4 -6.6 -4.8 26.5 278.3 426.8 469.9 559.6 62.2 June 30 il,304.5 87.7 43.5 -6.7 -8.6 26.5 279.3 421.6 472.7 561.9 62.3 -214!l July 31 11,309.8 87.5 43.3 -8.1 -10.7 26.5 280.0 418.5 477.4 565.2 62.4 i-213. & Aug. 31P il,159.1 87.3 43.2 -8.7 -13.9 26.5 280.6 415.1 327.7 567.3 62.5 1-213.5 Sept. 30^ 11,165.4 86.5 43.2 -8.8 -15.2 26.6 281.1 413.4 331.8 570.7 62.6 1-213.1 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 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 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) 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—Oct. 31 310.0 -205.1 42.9 118.0 352.0 -15.2 41.8 334.5 -142.6 84.6 27.7 5.9- Nov. 30 290.0 -205.7 31.5 113.9 353.9 -15.2 42.1 320.5 -147.0 82.9 27.8 5.7 Dec. 31 2367.0 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 285.6. 1948—Jan. 31 2359.6 -203.7 17.3 106.2 347.2 -15.3 44.1 295.7 -137.8 87.8 28.5 285.4 Feb. 29 2340.3 -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 28.9 285.4 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. J J u u l n y e 3 3 1 0 2 2 1 2 8 0 9 3 .7 .9 - - 1 2 9 0 7 2 . . 0 3 - - 4 4 6 1 . . 9 3 4 5 5 8 . . 7 8 2 2 9 9 8 7 . . 2 3 - - 1 1 5 5 . . 1 1 4 4 4 3 . . 2 7 1 1 2 4 8 1 . . 5 6 - - 1 1 3 3 7 2 . . 1 6 8 8 1 3 . . 7 1 2 2 9 7 . . 2 9 2 2 8 8 5 5 . . 4 9 Aug. 31P 2173.2 -191.0 -53.1 41.2 294.8 -15.3 44.3 120.9 -141.3 82.4 25.0 2 86.1 Sept. 30P 2165.0 -191.2 -54.7 38.3 296.3 -15.6 44.5 117.6 -141.5 84.7 18.0 2 86.2 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r- ds la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1939—Dec. (Jan. 3, 1940) 80.6 19.4 20.1 9.3 17.8 4.9 71.6 8.7 1.6 -3.4 2.1 1940—Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 7.7 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104.4 17.4 20.7 17.5 13.7 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 9.2 89.1 17.6 3.8 6.0 1.3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 10.4 97.7 16.2 5.1 5.6 1.8. 1945—Dec. 31 144.1 19.8 23.4 26.0 30.3 13.6 113.6 19.5 5.9 3.8 1.3 1946—Dec. 31 153.7 19.2 20.5 17.5 39.6 14.7 112.0 21.5 13.4 4.8 2.0 1947—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 39.6 14.1 109.5 19.0 17.3 6.5 .7 Dec. 31 142.4 18.2 19.1 12 38.2 14.2 102.7 19.6 12.9 6.6 .7 1948—Jan. 31 140.6 17.5 19.1 12.4 37.8 13.7 101.1 19.6 11.8 7.4 .7 Feb. 29 135.2 17.4 18.9 12.2 37.2 13.1 99.3 19.1 9.7 6.6 .6. Mar. 31 143.3 17.8 18.9 13.6 41.1 13.1 105.1 19.2 10.7 7.7 .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 30 142.2 17.8 18.3 12.4 40.8 11.1 100.8 20.6 12.6 7.6 .6 July 31 3133.5 17.5 18.2 10.9 39.9 11.4 98.3 20.2 7.7 6.8 .5 Aug. 31 *> M29.6 16.7 17.6 10.9 35.6 11.4 92.6 19.3 10.0 7.3 .5 Sept. 30P M24.5 16.5 17.2 9.6 33.6 11.6 89.1 19.6 8.3 7.0 .5 p Preliminary. 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 in July 1947. (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 (in millions of dollars): foreign brokerage balances in United States—July 31, 82.4; Aug. 31, 78.4; Sept. 30, 72.2; United States brokerage balances abroad—July 31, 25.7; Aug. 31, 25.7; Sept. 30, 24.6. 1538 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Total foreign In- countries x terna- United Neth- Switz- Date t i i n o s n t a i- l Official K d i o n m g- France la e n r d - s la e n r- d Italy E O 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 Asia2 ot A he ll r * 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.3 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. 3i 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—£)ec 31 5,374.9 3,320.3 1,000.8 439! 9 193 3 210^6 ll!3 728 6 2,584!5 812 6 693!71,108!8 175.3 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774^5 2,517.8 926.5 909.31,069.2 174.0 1945—Dec 31 6,883 1 4,179 3 707 7 310 0 281.6 304.2 70 4 909 1 2,583.01,522.2 1,046.41,549.7 181.8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267!9 850! 5 2,420.7 «931.8 1,104.81,316.4 232.8 1947—Oct. 31... 2,501.3 5,058.3 1,943.2 336.8 268.6 172.9 405.8 146.6 800.5 2,131.2 427.1 1,237.91,057.7 204.4 Nov. 30... 2,400.3 4,996.6 1,910.3 354.5 236.9 158.4 419.5 146.0 789.8 2,105.0 427.2 1,202.81,064.2 197.3 Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9 193.7 1948—Jan. 31... 2,205.0 4,829.0 1,847.5 336.2 168.7 124.1 449.3 163.4 749.3 1,991.1 434.9 1,169.31,026.9 206.8 Feb. 29... 2,144.5 4,969.2 1,981.0 404.9 204.4 128.9 460.3 183.7 742.8 2,125.2 430.6 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 rS, 086.0'2,062.6 445.8 167.2 112.9 540.7 212.7 '661.7 '2,140.9 '591.5 1,225.6 984.7 143.3 July 31... 1,929.0 5,167.0 2,099.6 372.5 163.0 110.5 548.5 237 .1 659.8 2,091.4 616.7 1,202.7 1,095.2 161.1 Aug. 31P.. 1,918.8 5,255.0 2,171.6 372.5 168.1 122.7 549.5 271.3 647.5 2,131.6 655.1 1,230.01,070.0 168.3 Sept. 30*\. 1,921.5 5,306.3 2,229.2 346.0 160.6 114.4 527.6 305.5 669.1 2,123.2 686.0 1,224.7 1,104.1 168.4 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—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 H 948—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 Tune 30... '661.7 125.5 39.4 29.3 83.7 34.2 16.8 '58.5 35.0 7.5 17.8 38.2 54.1 17.1 104.8 July 31. .. 659.8 121.7 42.8 26.7 72.7 32.3 16.0 58.9 45.3 7.6 17.3 48.1 55.7 11.7 102.9 Aug. 31*. . 647.5 114.2 42.0 25.4 76.9 25.0 15.7 66.0 47 .4 7.0 16.1 45.7 45.0 14.6 106.7 Sept. 30*>. . 669.1 116.8 41.3 22.1 102.0 22.1 14.8 68.9 39.7 7.2 15.7 48.8 40.5 10.6 118.4 Latin America Neth- French er- Date 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 d n u e i d i s e - t s M ic e o x- I l W n a a d n n e i d d s e s t s P m an a a- Peru V zu e e n l e a - O A L i a m t c h t a i e e n r r ana Surinam 1942—Dec. 31... 597.7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31... 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31... 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31... 1,046.4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—Dec. 31... 1,104.8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5.4 152.2 16.1 77.2 40.9 74.0 168.7 1947—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 July 31. .. 1,202.7 189.8 12.1 113.8 60.2 48.7 9.0 225.6 1.1 135.4 18.4 73.1 45.1 76.0 194.5 Aug. 31*> . 1,230 0 190.8 13.0 117.5 56.0 46.5 8.6 237.5 1.0 152.6 17.8 70.7 48.4 76.7 193.0 Sept. 30*>. . 1,224.7 208.2 12.5 117 A 52.9 37.5 7.2 231.2 .8 150.7 21.5 67.7 50.4 88.7 178.0 For footnotes see following page. DECEMBER 1948 1539 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 Neth- Egypt Date Asia M C c a h h n a u 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 l I E a n e n a d r d s - ie t s s p i P p u R h p b e i i l - l n i - c eT k u e r y -O A t s h i e a r 1 o A th l e l r A t l r u ia a s - -N Z la e e n a w d - A E t a n i g n a g y d n l p o - -F r r M o e c n o c c - o h S A U o f o n u r f i i t o c h a n Other ria Sudan 1942—Dec. 31... 930 0 360 9 27 4 41 6 13.1 1 0 4 8 160 4 254 729 9 36 2 149.6 23 1 4 8 6 8 12 1 11 0 91 8 1943—Dec. 31. .. 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31. 1,069 2 427.3 27.4 22 9 22.1 1.3 4 0 110 5 365 823 7 64 2 174 0 52 9 3 5 7 3 4 3 8 3 97 6 1945—Dec. 31. .. 1,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31 ... 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—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 9 476.039 2 79.7 197 334.8 6 5 26 9 10 2 46 3 72 7 Dec. 31. .. 1,057.9 229.9 6.5 39.8 62.4 11.0 31.3 69.3 488.637.6 81.5 193.7 30.6 5.9 25.0 10.1 46.4 75.8 1948—Jan. 31... 1,026 9 213 5 6 2 41 1 67 7 11 8 37 1 65 7 466 934 2 82 7 206 8 26 2 5 4 37 6 9 4 55 1 73 1 Feb. 29... 1,021.0 188.7 6.3 41.6 57.8 13.1 53.8 57.0 484.734.6 83 4 203.4 6 1 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 July 31. .. 1,095.2 158.2 5.3 49.7 63.5 15.6 79.2 32.9 517.421.1 152.3 161.1 23.8 3.7 33.2 10.9 15.7 73.7 Aug. 31 P. . 1,070.0 140.4 6.0 47.2 51.3 15.3 76.8 35.9 521.772.4 153.1 168.3 22.0 5 5 42.6 11.5 12.4 74.2 Sept. 30P . . 1,104.1 181.7 5.3 49.0 44.8 15.8 74.2 51.0 496.124.4 161.9 168.4 18.7 6.9 36.3 11.0 8.6 86.9 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Footnotes to table on preceding page. P Preliminary. r Revised. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." 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. 6 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 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 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—Tjec (Jan. 3, 1940) 508.7 39.9 4.9 5.7 5.2 11.8 104.7 172.2 39.7 113.3 174.1 9.3 1940—Dec. (Jan. 1, 1941) 384.0 23.0 4.2 .9 1.5 2.0 69.5 101.0 36.0 122.7 117.8 6.4 1 19 9 4 4 2 1 — — D £) eecc . 3 3 i 1 3 2 6 4 7 6 .7 8 2 1 0 2 . . 9 6 1 1 . . 8 3 1. . 1 5 2 1 . . 6 5 1. . 5 4 6 5 0 6 . . 5 3 8 7 8 2 . . 4 6 3 3 3 4 . . 6 3 1 9 4 9 8 . . 7 3 3 87 5 .3 9 9 4 . . 7 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—Oct. 31.. 963.4 33.1 17.6 48.6 6.4 24.9 135.4 266.0 29.8 466.7 164.6 36.3 Nov. 30 923.9 31.8 14.9 47.2 5.7 23.6 135.6 258.9 26.5 477.5 127.7 33.3 Dec. 31... 960.9 29.2 23.4 49.1 7.0 21.1 130.9 260.6 27.5 514.3 127.0 31.5 1948—Jan. 31 1,029.0 22.5 97.8 51.1 6.3 21.2 129.2 328.2 25.2 519.3 126.6 29.7 Feb. 29 1,046.8 18.9 113.7 52.3 6.0 20.9 134.5 346.3 25.4 517.5 134.4 23.1 Mar. 31 1,083.8 18.5 118.5 51.3 6.4 17.4 152.9 364.9 28.4 537.3 131.1 22.1 Apr. 30 .... 1,113.5 23.5 116.0 60.2 6.2 15.9 160.1 381.9 27.7 559.6 121.5 22.8 May 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... rl ,111.8 21.6 127.0 59.3 6.5 20.6 151.4 386.4 ••26.0 544.2 133.5 21.7 July 31.. 1,078.9 21.7 124.9 58.9 7.0 16.5 148.8 377.8 23.9 524.1 132.3 20.6 Aug. 31 P. . 1,094.1 23.6 123.1 75.9 7.5 19.1 166.8 415.9 24.7 511.9 119.1 22.5 Sept. 30^. 1,073.6 20.9 123.2 70.2 5.2 16.3 159.3 395.1 25.6 491.0 141.0 20.8 P Preliminary. r Revised. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under 1540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date Other Bel- Den- Fin- Ger- Greece Luxem- Nor- Por- Ru- Spain Swe- USSR Yugo- All Europe gium mark land many bourg way tugal mania den slavia other 1942—Dec. 31 . 56.3 .8 0) 5.6 34.0 1.1 .1 .2 2.4 C1) 3.2 .4 0) 0) 8.4 1943—Dec. 31 52.9 .7 0) 7.6 33.9 .6 .1 .2 1.4 C1) 3.2 2 0) 5.0 1944—Dec. 31. . 78.3 .7 0) 0) 33.9 .6 .1 35.1 .8 0) 1.8 .2 ( ) 5.1 1945—Dec. 31 74.6 .6 C1) C1) 33.9 .7 .1 31.6 .5 .1 1.6 .9 0) 0) 4.7 1946—Dec. 31. 82.8 7.5 .5 6.2 30.4 12.4 .1 3.3 1.0 .1 7.2 4.9 0) 9.4 1947—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 C1) 0) 30.6 Nov. 30. 135.6 12.9 1.1 11.9 30.5 12.8 C1) 8.1 1.1 12.0 1.4 7.6 .1 0) 36.1 Dec. 31 130.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 12.0 .9 5.4 .1 0) 35.8 1948—Jan. 31 129.2 12.7 1.5 8.3 30.6 10.1 C1)' 11.3 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 10.7 1.2 12.0 3.5 3.7 C1) 0) 40.5 Mar. 31 . . 152.9 24.2 6.6 7.0 30.4 9.6 0) 8.9 1 5 12.0 3.7 3.5 0) C1) 45.4 Apr. 30 . 160.1 20.7 9.9 6.1 30.4 7.2 0) 12.1 \A 12.0 4.6 2.8 0) 0) 52.9 May 31. . 158.7 18.8 8.6 5.6 30.3 6.8 0) 11.5 1.1 12.0 5.5 4.1 0) C1) 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) 0) 55.3 Tuly 31. 148.8 18.5 _ 7 5.3 30.4 4.6 C1) 12.7 .9 12.0 2.5 7.2 0) 0) 54.1 Aug. 31 P. 166.8 20.0 .6 4.6 30.4 4.1 .3 17.2 .8 12.0 3.3 5 2 (1) 17.0 51.2 Sept. 30*. 159.3 17.7 1.0 3.8 29.5 3.3 0) 24.2 .7 12.0 5.4 2.3 0) 11.3 48. 1 Latin America Nether- French 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 i s c t a a Cuba I W n G a d n u e i d i s e - t s Mexico I W n a d n e i d s e t s P m an a a- Peru V zu e e n l e a - O A L i a t m c h t a i e e n r r ana Surinam 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec. 31. 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 0) 11.2 .5 1.1 1.4 3.8 8.7 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 0) 8.6 .3 .8 1.2 5.1 11.7 1945—Dec. 3] 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—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 0) 38.3 1.2 5.0 6.1 15.1 31.9 Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 (l) 52.2 L.I 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 A 51.8 .8 4.8 4.1 14.2 29.6 Feb. 29. 517.5 60.3 2.3 175.2 27.1 36.9 3.5 106.4 .1 52.7 l.l 4.2 3.9 16.9 26.8 Mar. 31. 537.3 57.2 2.3 185.9 24.9 39.3 3.2 109.1 .1 59.9 1.3 4.1 4.1 17.6 28.5 Anr. 30. 559.6 50.5 2.2 194.5 21.9 50.5 3.1 124.1 .1 58.3 L.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 C1) 73.4 1.3 4.4 4.1 19.9 29.9 July 31 524.1 62.2 3.6 179.1 18.7 45.6 1.8 78.7 0) 72.4 L.6 4.2 3.5 20.7 32.0 Aug. 31* 511.9 61.2 3.0 178.7 17.5 42.5 1.5 67.6 0) 76.1 L.4 3.6 4.2 20.8 33.8 Sept. 30* 491.0 62.0 2 .5 173.3 19.0 39.6 2.8 59.9 0) 70.6 1.2 4.1 3.9 18.8 33.2 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 o n n g g India B l M i a s r y h a it a - - Japan N I l E n a e e n d a r t d i - s h e t s - s i p p P u R p h b e i i l n l - i - e c T k u e r y -O A th si e a r 2 o A th l e l r A t l r u ia a s - - l N Z a e n e a w d -A S E E t a u n g i g n a d g y y d n a l p p o n t - -F r r M o e c n o c c - o h A U So f n o r u i i f o c 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 C1) 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 0) .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 0) 9.7 1.0 1945—Dec. 31 . 29.9 1.0 (l) .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—Oct. 31 . 164.6 78.6 3.3 2.2 28.9 1.0 .3 .4 27.7 13.1 9.1 36.3 12.0 2.0 .2 .6 14.5 7.0 Nov. 30 127.7 41.3 3.3 1.9 28.2 .8 .3 .4 29.0 12.9 9.6 33.3 10.2 2.3 .2 .4 14.2 6.0 Dec. 31 127.0 40.8 .3 2.6 29.6 .9 .9 .5 27.4 17.7 6.3 31.5 9.0 1.5 .1 .5 14.4 6.0 1948—Jan. 31. 126.6 37.1 .2 2.9 27.0 .7 4.0 .4 29.3 17.6 7.4 29.7 8.5 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 Mav 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 .7 .1 .2 12.0 6.5 July 31. . 132.3 56.7 .4 3.5 22.2 1.0 1.5 .9 32.4 2.5 11.3 20.6 2.2 .6 .5 '.2 11.1 6.0 Aug. 31 P. 119.1 46.2 _ 2 3.9 20.2 .8 2.0 .4 33.2 2.0 10.3 22.5 3.6 . 7 2.2 . 2 9.9 5.9 Sept. 30P. 141.0 65.5 . 1 3.5 19.5 1.0 7.6 .5 29.5 1.8 11.9 20.8 3.8 1.1 2 A 9.7 5.9 P Preliminary. 1 Less than $50,000. 2 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. DECEMBER 1948 1541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions Df dollars] 1948 1947 1948 1947 International Fund International Bank Oct.1 July* May Nov. Sept. June Mar. Sept. Gold 1 403 1 400 1,363 1 356 Gold (2) 4 Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,434 1,441 1,450 1,626 United States 89 102 165 335 Other members 4 014 4,000 3,992 3,630 Other members 927 918 914 873 Unpaid balance of member subscriptions 1,183 1,143 1,171 1,309 Investment securities (U. S. Govt. obli- Other assets (2) (2) (2) (2) gations) 420 422 410 407 Member subscriptions . . 8,036 7,986 7,976 7,922 Calls on subscriptions to capital stock4.. 5 5 5 45 Accumulated net income i — 1 Loans (incl. undisbursed portions) ^501 497 497 455 Other assets 9 5 7 3 Bonds outstanding ... 254 254 250 250 1948 1947 Loans—undisbursed 18 27 94 223 Currency acquired 3 Other liabilities 2 4 2 2 (Cumulative figures in dollars) Special reserve 4 3 2 (^) Oct. Sept. Aug. Aug. Capital4 1,667 1,657 1,653 1,645 Accumulated net income 5 3 1 -2 C C B h z el e i g l c e i h a a o n n s l p f o r e a v s n a o c k s s ian koruny 3 6 8 3 .0 0 8 3 6 8 3 .0 0 8 3 8 3 .0 8 1 r Q R u ev ar is te e r d l . y statements on a new fiscalyear basis. Danish kroner . . 10 2 10 2 10 2 2 Less than $500,000. Ethiopian dollars 3 3 3 3 As of Oct. 31, 1948, the Fund had sold 622.4 million U. S.iollars; French francs 125 0 125 0 125 0 100 0 in addition, the Netherlands received 1.5 million pounds sterling in Indian rupees 44 1 44 1 44 1 May 1947 and 300 million Belgian francs in May 1948, and Norway Mexican pesos 22 5 22 5 22 5 13 5 received 100 million Belgian francs in June 1948 and an additional Netherlands guilders ... 75 4 75 4 75 4 24 0 100 million in July 1948. Norwegian kroner 9 6 9.6 9 6 4 Excludes uncalled portions of capital subscriptions, amounting to Turkish liras 5 0 5 0 5 0 6,669 million dollars as of Sept. 30, 1948,of which 2,540million repre- Pounds sterling 300.0 300.0 300.0 sents the subscription of the United States. 5 Excludes 8 million dollars sold to others under the Bank's guar- Total 639.9 639.9 633.9 137.5 antee. 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 i t d e n s a v c n o a D d n u i c n s a e - t d s s - Se ti c e 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 i l e i a O a s p b t a i i h t l n a e i- 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 * .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 1,250.0 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 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Nov. 26 .2 1,450.0 111.2 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 « 1,400.0 131.5 12.7 274.3 1,269.0 290.8 16.3 93.0 18.3 Feb. 25 .2 »1,350.0 118.9 11.3 284.3 1,231.6 290.6 12.1 93.3 18.4 Mar. 31 .2 6 1,300.0 54.8 14.4 367.0 1,245.9 314.3 9.0 94.3 18.6 Apr. 28 .2 1,300.0 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 1,300.0 16.1 13.4 400.5 1,285.0 311.0 11.2 89.4 18.3 Aug. 25 .2 1,300.0 48.0 5.4 405.8 1,253.3 300.3 16.9 33.4 90.1 18.4 Sept. 29 .2 1,300.0 65.4 25.0 397.3 1,236 4 300.0 22.3 53.6 93.3 18.5 Oct. 27 .2 1,300.0 72.1 19.3 359.6 1,230.8 307.5 13.1 19.6 93.0 17.8 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939,20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 6 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. 1542 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 t r s circ N ul o a t t e ion1 liab a i n li d ties dollars S te h r o m rt 1 - 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 193g—Dec. 31. .. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. .. 225.7 64.3 181.9 49.9 5.5 232.8 217 0 46.3 17.9 13.3 1940—Dec. 31 W 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31... 200 9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31 .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943_Dec. 31... .6 787.6 472.8 47.3 R74.4 340.2 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—Nov. 29... 1.4 1,039.9 820.6 46.2 1,182.3 536. 7 84.2 62.0 42.8 Dec. 31... 20 1,022.0 858.5 43.7 1,211.4 536 ? 68.8 67.5 42.4 t948—Jan. 31. .. (1) 931.3 863.2 48.2 1,157.5 538 44.6 60.6 41.7 Feb 28 .6 974.4 825.7 47.2 1,156.3 531.8 60.8 75.0 24.0 Mar. 31... .1 985.2 806.7 62.7 1,180.8 519.2 42.2 86.7 25.9 Apr. 30... .2 1,124.1 767.8 60.5 1,183.0 5589 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 L,206.5 517.0 138.4 107.2 31.7 July 31... .1 1,145.2 773.6 39.2 1,220.3 502 s 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 .267 7 550.9 87.3 78.2 44.7 Oct. 30... 1.0 1,279.6 741.3 57.7 1,275.1 581.0 " 110.0 72.2 41.3 Assets Liabilities Bank of France Domestic bills Advances to Government 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 Open For oc- a O ss t e h t e s r • ci N r ti c o o u t n l e a- Govern- lia a ti b n e i d s limarket7 SpecialT Other cupation Other » ment C.A.R.w Other capital costs " 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[966 47,577 721,865 765 63,468 7,213 1947—Oct. 30... 52,817 10 108,050 250 132,913 426,000127,800 "108,155 867,700 762 81,030 6,502 Nov. 27... 65,225 13 111,368 285 150,065 426,000116,000 "110,303 879,492 R46 87,513 11,408 Dec. 31... 65,225 12 137,397 64 117,826 426,000147,400 "121,061 920,831 733 82,479 10,942 • 1948—Jan. 22".. 65,225 9 145,814 64 125,687 426,000 120,700 "104,474 891,546 771 82,849 12,808 Mar. 25... 65,225 15 157,997 12 147,841 426,000 155,000 "108,979 773,199 791 271,034 16,045 Apr. 29... 65,225 17 15(5,424 55 149,341 426,000129,500 "113,590 759,054 790 265,123 15,186 May 27... 65,225 22 149,849 27 165,265 426,000121,800 "113,938 768,567 812 256,948 15,800 June 24... 65,225 21 141,276 55 165,984 426,000122,800 "102,405 790,639 738 216,026 16,362 July 29... 65,225 45 148,812 156 169,674 426,000 153,200 "113,212 836,662 764 225,251 13,646 Aug. 26... 65,225 50 147,288 544 163,109 426,000 156,800 "104,213 844,894 858 203,467 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 Oct. 28... 65,225 35 151,954 9,901 197,297 426,000 158,000 "113,547 917,757 764 187,657 15,780 1 Securities maturing in two years or less. 1 Includes notes held by the chartered banks, which constitute an important part of their reserves. 1 Beginning November 1944, includes a certain amount of sterling and United States dollars. * On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). « Less than $50,000. • 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. u 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. DECEMBER 1948 1543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) date of month) Oct. Sept. Oct. Oct. Sept. Aug. Oct. Central Bank of the Argentine (Central Bank of Chile—Cont. Republic (millions of pesos): Deposits—Bank 903 922 721 Gold reported separately 513 606 ,141 Other 280 278 311 Other gold and foreign exchange. 1,,689 1,761 ,465 Other liabilities and capital 379 414 537 Government securities 873 873 947 Rediscounts and loans to banks1. 17,389 17,515 ,581 Bank of the Republic of Colombia Other assets 3,249 3,127 .713 (thousands of pesos): Currency circulation * 6,437 6,233 .744 Gold and foreign exchange 7. ... 141. 137,762 153,617 185,709 Deposits—Member bank 333 Net claim on Int'l. Fund 6 21 21,868 21,867 21,867 Government 1 .320 '1^841 ,627 Paid-in capital—Int'l. Bank. .. . 1. 1,230 1,230 1,225 Nationalized * 14.780 14,506 ,096 Loans and discounts 175. 168,624 157.94 135,578 Other 147 339 176 Government loans and securities 120. 119,718 123,359 82,359 Other liabilities and capital 1.028 963 869 Other assets 57. 58,500 56,846 46,709 Note circulation 310. 295, > 300,421 252,787 Commonwealth Bank of Aus- Deposits 162. 168.103 171,796 177,934 tralia (thousands of pounds): Other liabilities and capital 44, 43,S56 42.651 42,724 Gold and foreign exchange 267,832 .813 Checks and bills of other banks. . 3,250 2,984 ,330National Bank of Costa Rica- Securities (incl. Government and Issue dept. (thousands of colones): Treasury bills) 345,070369,167415 128 Gold 11 .539 11.685 11,467 Other assets 30,505 45,590 15 395 Foreign exchange 5,538 9,309 9,703 Note circulation 196,855196,605 195.393 Contributions to Int'l. Fund and Deposits of Trading Banks: to Int'l. Bank 30,321 30,321 30,321 Special 268,345269,920252,080 Loans and discounts 86,634 84,360 63,521 Other 36,296 28,931 25.885 Securities 17,282 14,490 3,977 Other liabilities and capital 169,046190,117 138,308 Other assets 6,428 6,324 1,094 Note circulation 99,898 103,454 76,069 Austrian National Bank (millions Demand deposits 50.783 45,883 36.896 of schillings): Other liabilities and capital. .. . 7,061 7,151 7,119 Gold 49 49 48 48 Foreign exchange 82 89 96 41 National Bank of Czechoslovakia Loans and discounts 617 444 263 7 (millions of koruny): Claim against Government 7,341 7,340 7,337 ,346 Gold and foreign exchange 8. . . . 3,922 3 .505 5,002 Other assets 3 4 5 3 Loans and discounts 22,119 20,685 9,019 N D o ep te o s c i i t r s c — ul B at a i n on ks 5,2 5 9 2 9 3 5,1 5 3 9 2 3 4,9 64 1 1 4 .219 O N t o h t e e r c a ir s c s u et la s tion 6 5 5 0 , , 1 5 5 7 3 9 5 6 0 4 , , 4 0 1 1 8 8 5 5 7 0 , , 7 9 6 3 5 3 Other 494 483 461 ,818 Deposits 1,094 844 7,657 Blocked 1,7 1,718 1,733 ,407 Other liabilities and capital 10,374 9.746 13,195 National Bank of Belgium 3 National Bank of Denmark (millions of francs): (millions of kroner): Gold 28,235 28,190 26,260 Gold 70 70 71 Foreign claims and balances (net) 11,726 11,081 Foreign exchange 116 117 93 Loans and discounts 3,590 4,206 Contributions to Int'l. Fund and Consolidated Government debt. . 35,000 35,000 to Int'l. Bank 65 65 65 Government securities 5,815 6,692 Clearing accounts (net) -24 -7 5 14 Other assets 136 2,047 Loans and discounts 20 23 16 16 Note circulation ,773 82,359 81,014 78,402 Securities 105 96 82 127 Deposits-—Demand ... 2,691 2,996 Govt. compensation account.... 5,132 5,161 5,190 5,720 E. C. A 114 18 Other assets 158 179 171 270 Other liabilities and capital 1,925 1,842 Note circulation 1,506 1,465 1,428 1,513 Deposits—Government 1,862 1,809 1,722 1,934 Central Bank of Bolivia—Mone- Other 2,119 2,256 2.362 2,700 tary dept. (millions of bolivianos): Other liabilities and capital 156 155 154 164 Gold at home and abroad 954 922 Foreign exchange. 228 395 Central Bank of the Dominican Loans and discounts 445 271 Republic (thousands of dollars): Government securities 751 631 Gold 4,000 000 4,000 Other assets 11 38 Foreign exchange 12,691 375 15,611 5^428* Note circulation 1,968 1,749 Net claim on Int'l. Fund 6 1,250 250 1,250 Deposits 177 283 Paid-in capital—Int'l. Bank 40 40 40 Other liabilities and capital 244 225 Government securities 4,766 000 4,000 Other assets 765 143 122 16 National Bank of Bulgaria * Note circulation 17,348 115 19,131 4,885 Demand deposits 6,003 538 5,738 416 Central Bank of Chile (millions Other liabilities and capital 161 156 154 144 of pesos): Gold & 1,156 1,151 200Central Bank of Ecuador Foreign exchange (net) 28 177 (thousands of sucres): Net claim on Int'l. Fund 6 1 1 164 Gold 277,299277, 274,816 Discounts for member banks. . . 1,245 1,101 801 Foreign exchange (net) 29,595 16, 63,060 Loans to Government 782 782 1,260 Net claim on Int'l. Fund 6.. 16,882 16, 16,877 Other loans and discounts 1,323 1,308 1,360 Loans and discounts. 217,057235, 226,074 Other assets 1,386 1,380 1,518 Other assets 113,237 111, 106,193 Note circulation 4,360 4,287 3,734 Note circulation 340,322335, 338,421 Demand deposits , 237,389250, 258,034 Other liabilities and capital. 76,359 72, 90,566 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 3 In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November 1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la Bourse" for Sept. 20, 1948. 4 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 5 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 6 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. 7 Gold not reported separately beginning May 31, 1948. 8 Gold not reported separately beginning Dec. 31, 1946. 1544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1947 Central Bank (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug. Oct. date of month) Oct. Se A Oct. National Bank of Egypt (thou- National Bank of Hungary— sands of pounds): Cont. Gold 6,376 6,376 Note circulation 2.507 2.413 1 .869 Foreign exchange 13,870 14.894 Demand deposits—Government 2 72 1S2 115 Loans and discounts 1,978 5,821 Other 1.35 7 101 British, Egyptian, and other Other liabilities and capital 507 400 383 Government securities 309,953303,071 Other assets 21,428 26,549 Reserve Bank of India (millions of Note circulation 127,308136,043 rupees): Deposits—Government 71,381 92,531 Issue department: Other 145,475111,591 Gold at home and abroad. . 427 444 Other liabilities and capital 9,441 16,545 Sterling securities 11,353 Indian Govt. securities .... 3.543! 3.683 578 Central Reserve Bank of El Salva- Rupee coin 459| 452 361 dor (thousands of colones): Note circulation 12,048; 12.152 11,934 Gold 36,375| 36,423 36,471 36,931 Banking department: Foreign exchange (net) 27 ,730 28,808 35,790 28,269 Notes of issue department.. 348 803 Net claim on Int'l. Fund 1 1,564] 1,564 1,564 1,563 Balances abroad 3.034 .061 3,915 Loans and discounts 2,971 2,007 1,335 4,555 Bills discounted 4S Government debt and securities. 5,326 5,319 5,319 5,510 Loans to Government 1 Other assets 1,584 1,574 1,549 1,737 Other assets 822; 758 979 Note circulation 48,407 48,921 49,847 48,476 Deposits 4.015j .062 ,494 Deposits. . . 21,261 20,920 26,378 24,492 Other liabilities and capital. 2 14-1 1S2 203 Other liabilities and capital 5,881 5,854 5 ,803 5,597 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 3.621 3,24 2,891 Sterling funds 42,575 40.262 39 728 41,873 Silver 3,389 3,179 2,782 9,150 Note circulation 45.221 42,90S 42.3/4 44,519 Foreign exchange 29,012 31,183 32,570 29,665 Treasury bills 5,832 5,832 5,832 2,832 Bank of Italy (millions of lire): Other assets 31,171 29,626 29,459 21,360 Gold 523 Circulation—Notes 43,343 43,399 43,899 41,435 Foreign exchange 17.331! 155.583 -,048 Coin 28,704 28,704 28,704 21,350 Advances—Treasury 644.303J641 516,141 Other liabilities and capital 978 964 930 22 Other Govt. agencies 4,193 Loans and discounts 159.724149,776137,013 Bank of Finland (millions of Government securities 165,618 157.664 112,498 markkaa): Other assets 196,672 156.891 47,408 Gold 268 268 268 Bank of Italy notes 809.189796,563611,909 Foreign assets (net) -141 —57 -140 628 Allied military notes 53,3 74 54.2 74 68,242 Clearings (net) -2,792 -3,255 -4,051 -2,375 Deposits—Government 28,962 9,389 Loans and discounts 38,920 38,351 39,125 33,698 Demand 74,963 69 280 54',622 Securities 908 994 916 39 Other 182.958 159,939 68,560 Other assets 1,784 1,406 741 1,074 Other liabilities and capital 34,728 32,58 3 21,492 Note circulation 28,011 28,189 28,078 25,129 Deposits 3,627 2,392 1,744 1,716 Bank of Japan (millions of yen): Other liabilities and capital 7,309 7,125 7,037 6,579 Cash and bullion I 642 2,871 Advances to Government 1 77,596 53,509 Bank of Greece (billions of drach- Loans and discounts ! 58,024 38,546 mae) : Government securities I 93,917 69,532 Gold and foreign exchange (net). 674 641 647 Reconversion Fin. Bk. bonds. . ; 48,924 26,282 Loans and discounts 29 20 23 Other assets j 13,398 7,487 Advances—Government 1,316 1,164 729 Note circulation 1254,209 167,665 Other 1,323 1,272 1,053 Deposits—Government i 8,808 6,393 O N t o h t e e r c a ir s c s u et l s ation 1, 2 0 6 1 2 8 1,0 2 4 4 9 4 8 1 2 2 2 5 Other liabil O it t i h es er I l1l7!.596204| 1 4 9 ! , 5 6 4 2 9 0 Deposits—Government 206 169 75 Reconstruction and Bank of Java 2 relief accts 268 118 Other 324 262 20. Bank of Mexico (millions of pesos): Other liabilities and capital 1,7 1,742 1,47 Monetary reserve 3 612 635 6 J> / 639 "Authorized" holdings of securi- Bank of Guatemala (thousands of ties, etc 1,645 1.649 1.710 1,495 quetzales): Bills and discounts 742 j 755 735 627 Gold 27.230 27,228 27,229 Other assets 207 235 1S9 138 Foreign exchange 16,40 17,267 20,136 Note circulation 1,820 1,790 1 , 70S 1,654 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Demand liabilities 630 750 751 902 Rediscounts and advances 3,171 2,707 2,922 Other liabilities and capital 757 721 343 Other assets 12,122 11,970 8,391 Circulation—Notes 31,592 30,692 29,240 Netherlands Bank (millions of Coin 2,969 2,951 2,876 guilders): Deposits—G B o an v k er s nment 4 9 , , 8 8 8 7 4 9 1 4 1 , , 5 4 5 1 1 9 1 7 1 , , 6 7 4 2 . 9 S G i o lv ld er (including subsidiary coin) 452 3 455 1 4-5 I S 1 i 504 2 Other liabilities and capital 10,864 10,809 8,437 Foreign bills 459 452 45 7 292 Loans and discounts 148 148 147 156 National Bank of Hungary (mil- Govt. debt and securities 3,300 3,300 3 .300 3,600 lions of forint): Other assets 345 361 358 141 Gold 403 403 393 Note circulation—Old 114 116 117 125 Foreign exchange 93 102 98 New 3,014 3,035 3,078 2,829 Discounts 760 1,435 1,398 Deposits—Government 347 504 52i 967 Loans—Treasury 340 340 340 Blocked 91 78 63! 95 Other ,819 1,467 E. C. A 140 107' 67: Other assets 228 280 238 Other 663 541 534; '"467 Other liabilities and capital 338 337 336. 211 1 This figure represents the amount of the bank's subscription to the Fund less the bank's( local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report (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. DECEMBER 1948 1545 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) Oct. Sept. Aug Oct. date of month) Oct. Sept. Aug. Oct. Reserve Bank of New Zealand Bank of Sweden (millions of kronor): (thousands of pounds): Gold 177 178 178 223 Gold 2,802 2,802 2,802 Foreign assets (net) 250 206 176 390 Sterling exchange reserve , 53,671 63,537 76,608 Swedish Govt. securities and ad- Advances to State or State un- vances to National Debt Office4 3,314 ,165 3,277 2,865 dertakings 36,082 32,605 33,440 Other domestic bills and advances 99 100 51 89 Investments 13,124 9,916 3,868 Other assets 734 643 619 323 Other assets 21,778 21,301 1,087 Note circulation 2,935 ,884 2,824 2,694 Note circulation 48,096 48,446 47,725 Demand deposits—Government. 636 616 595 558 Demand deposits 74,370 76,772 65,197 Other 240 108 218 279 Other liabilities and capital 4,990 4,944 4,884 Other liabilities and capital 763 683 662 359 Bank of Norway (millions of kroner): Swiss National Bank (millions of Gold 298 298 339 francs): Foreign assets (net) 387 450 564 Gold 5,754 5,774 5,607 5,374 Loans and discounts 36 55 67 Foreign exchange 186 174 145 32 Securities 56 58 73 Loans and discounts 115 145 126 133 Occupation account (net).... 7,924 7,924 8,103 Other assets 91 97 92 101 Other assets 71 63 74 Note circulation 4,334 4,322 4,246 4,192 Note circulation 2,081 2,080 1,984 Other sight liabilities 1,268 1,326 1,179 1,098 Deposits—Government 3,816 3,875 3,994 Other liabilities and capital 544 542 545 351 Banks 1,181 1,174 1,283 Blocked 762 767 861 Central Bank of the Republic of Other 257 284 339 Turkey (thousands of pounds): Other liabilities and capital... 676 669 761 Golds 448,583450,689473,960 Foreign exchange and foreign Bank of Paraguay—Monetary clearings 98,726 ,727286,535 dept. (thousands of guaranies): Loans and discounts 744,254 ,917615,955 Gold 731 738 738 722 Securities 210,367 ,242185,780 Foreign exchange (net) 7,788 9,262 12,583 21,402 Other assets 41,061 ,901 40,175 Net claim on Int'l. Fund * 2,710 2,709 2,709 2,708 Note circulation 914,719 896,419948,511 Paid-in capital—Int'l. Bank. . . . -14 -14 -16 3 Deposits—Gold 153,030 ,029149,338 Loans and discounts 56,355 52,461 45,310 16,540 Other 222,169 234,743258,567 Government loans and securities 5,238 5,374 5,569 9,249 Other liabilities and capital 253,074 ,285245,990 Other assets 2,578 2,401 1,861 586 Note and coin issue 57,678 56,078 54,728 40,753 Bank of the Republic of Uruguay Demand deposits 12,532 12,567 8,740 6,994 (thousands of pesos): Other liabilities and capital 5,175 4,286 5,287 3,464 Gold 274,741283,880268,125 Silver 12,339 12,315 12,922 Central Reserve Bank of Peru Paid-in capital—Int'l. Bank. . . . 314 314 318 (thousands of soles): Advances to State and govern- Gold and foreign exchange 153,468 133,690 ment bodies 61,356 60,416 36,574 Net claim on Int'l. Fund i 20,496 20,491 Other loans and discounts 230,534218,128170,532 Contribution to Int'l. Bank.... 2,356 2,480 Other assets 293,744 279,061248,872 Loans and discounts to banks.. . 105,544 107,783 Note circulation , 238,083242,581214,930 Loans to Government 740,765 818 684,984 Deposits—Government 73,881 74,784 54,579 Other assets 85,368 272 107,267 Other 259,425 253,317239,076 Note circulation 747,995 443691,495 Other liabilities and capital 301,639 283,432228,758 Deposits 249,680 235 060234,393 Other liabilities and capital 111,321 86 194130,808Central Bank of Venezuela (thousands of bolivares) : Bank of Portugal (millions of Gold/ 830,243 830,044557,408 escudos): Foreign exchange (net) 99,140 61,496 61,117 Gold 4,028 4,157 4,904 Other assets 80,033 85,761 92,099 Foreign exchange (net) 9,311 9,720 11,117 Note circulation—Central Bank. 625,397630,618494,675 Loans and discounts 415 424 386 National banks. 3,054 3,153 4,277 Advances to Government 1,278 1,278 1,2 Deposits 362,197325,394160,508 Other assets 533 520 554 Other liabilities and capital 18,768 18,136 51,165 Note circulation 8,436 8,310 8,375 Demand deposits—Government 790 1,099 1,774National Bank of the Kingdom Other 5,348 5,713 7,121 of Yugoslavia 2 Other liabilities and capital 990 977 979 lank for International Settle- National Bank of Rumania 3 ments 7 (thousands of Swiss gold francs): South African Reserve Bank Gold in bars 94,137 85,919 (thousands of pounds): Cash on hand and on current Golds 66,101 75,554197,639 account with banks 29935 10,360 18,523 Foreign bills 54,381 53,561 39,169 Sight funds at interest 500 497 3,572 Other bills and loans 95,176 86,886 8,085 Rediscountable bills and accept- Other assets 6,891 11,650 11,580 ances (at cost) 17, 19,414 30,338 Note circulation 65,616 65,199 62,752 Time funds at interest 23, 31,529 16,129 Deposits 149,176155,516187,300 Sundry bills and investments. . . 93. 136,900 61,172 Other liabilities and capital 7,757 6,936 6,421 Funds invested in Germany 297, 297,201291,160 Other assets 1, 1,243 7,373 Bank of Spain (millions of pesetas): Demand deposits (gold) 16. 17,743 17,721 Gold 1,217 1,215 Short-term deposits (various Silver 500 522 currencies): Government loans and securities. 15,817 15,855 Central banks for own ac- Other loans and discounts... 9,553 10,046 count 94,958 7,818 Other assets 3,566 3,478 Other 1,123 6,472 Note circulation 24,724 25,003 Long-term deposits: Special ac- Deposits—Government 932 2,461 counts 228 909 228,909 228,909 Other 4,422 3,039 Other liabilities and capital 249 731248,547253,265 Other liabilities and capital.. 575 612 r Revised. 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 8 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 4 Includes small amount of non-Government bonds. * Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 6 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government. 7 See BULLETIN for December 1936, p. 1025. 1546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S l z a w e n r i d - t- ba C n e k n tr o a f l — R N 3 a o 0 t v e . eff D ec a t t i e ve ba C n e k n tr o a f— l R N 3 a o 0 t v e . ef D fe a ct t i e ve In effect Dec. 31, Albania... Mar. 21, 1940 Ireland Nov. 23, 1943 1937 3 Argentina. Mar. 1, 1936 Italy Sept. 6, 1947 May 10, 1938. . Austria... Aug. 3, 1945 Japan 5.11 July 5, 1948 May 13 '2H Belgium. . Aug. 27, 1947 Java 3 Jan. 14, 1937 May 30 Bolivia. Feb. 4, 1948 Latvia 5 Feb. 17, 1940 Sept. 28 Oct. 27 Nov. 25 2* Jan. 4, 1939. . Bulgaria. Aug. 1, 1948 Lithuania. . . July 15, 1939 Apr. 17 Canada.. Feb. 8, 1944 Mexico June 4, 1942 May 11 Chile 3-4}| Dec. 16, 1936 Netherlands . June 27, 1941 July 6 Colombia. July 18, 1933 New Zealand. July 26, 1941 Aug. 24 Costa Rica 3 Apr. 1, 1939 Norway Jan. 9, 1946 Aug. 29 Czechoslovakia Oct. 28, 1945 Peru Nov. 13, 1947 Sept. 28 Oct. 26 Dec. 15 Jan. 25, 1940. . Denmark. .. Jan. 15, 1946 Portugal. . . . Jan. 12, 1944 Apr. 9 Ecuador.... June 8, 1943 Rumania.... Mar. 25, 1948 May 17 El Salvador. Oct. 15, 1946 South Africa. June 2, 1941 Mar. 17, 1941. . IX Estonia Oct. 1, 1935 Spain Oct. 27, 1947 May 29 Finland. Feb. 6, 1948 Sweden Feb. 9, 1945 June 27 Jan. 16, 1945. . Jan. 20 Feb. 9 2H France... 3 Oct. 1, 1948 Switzerland.. Nov. 26, 1936 Nov. 7, 1946. . Germany. U-5 June 28, 1948 Turkey July 1, 1938 Dec. 19 Gre 12 July 12, 1948 United King- Jan. 10, 1947. . Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 &2 India 3 Nov. 28, 1935 U. S. S. R.... 4 July 1, 1936 Aug. 27 SH Yugoslavia. . 1-4 Jan. 1, 1947 Oct. 9 June 28, 1948... U-5 Sept. 6 NOTE.—Changes since Oct. 31: None. Oct. 1 1 The lower rate applies to the Bank Deutscher Laender, and the higher In effect Nov. 30, rate applies to the Land central banks. 1048 2Y2 OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land 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—Sept .67 .55 .67 sysy 1.50 1933—Sept .44 .31 .63 2 2 1.50 1934—Sept .73 .61 .78 3-5 1.50 1935—Sept .58 .55 .75 2.40 1936—Sept .64 .55 .53 .75 1.98 1937—Sept .63 .55 .50 .75 3.60 1.00 1938—Sept .61 .91 .86 .75 2.31 1.00 1939—Sept .85 3.51 3.23 2.72 1.75 1.25 1940—Sept .65 1.03 1.03 1.00 1.84 1.50 1941—Sept .55 1.03 1.01 1.00 1.72 3-53^ 1.25 1942—Sept .53 1.03 1.00 1.05 1.66 3-53^2 1.25 1943—Sept .46 1.03 1.00 1.07 1.61 3-53^ 1.25 1944—Sept .38 1.03 1.01 1.13 1.73 35^ 1.25 1945—Sept .36 1.03 1.00 1.13 1.41 1.72 1.08 1.25 1946—Sept .40 .53 .51 .63 1.32 1.30 1.00 1.25 1947—Sept .41 .53 .51 .63 1.44 1.08 .75 1.25 1947—Oct .41 .53 .51 .63 1.64 .95 .95 1.38 Nov .41 .53 .51 .63 2.12 .93 .74 1.38 Dec .41 .53 .51 .63 2.04 1.13 .53 1.38 1948—-JJaann.. .41 .54 .51 .63 2.02 1.28 .57 1.50 FMeabr . . 4 4 1 1 . . 5 5 6 6 . . 5 5 0 1 . . 6 6 3 3 2 2 . . 0 0 0 9 1 1. . 4 3 5 8 . .9 7 9 8 1 1. . 5 5 0 0 Apr .41 .56 .51 .63 2.00 1.38 .93 1.50 May .41 .56 .51 .63 2.12 1.33 .94 1.50 June .41 .56 .51 .63 2.02 1.36 .84 1.50 July .41 .56 .51 .63 2.00 1.56 1.35 y 1.63 Aug .41 .56 .51 .63 1.88 1.35 1.06 2 1.63 Sept .41 .56 .51 .63 1.10 .84 1.63 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. 1547 DECEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilitie: ( b 1 a 1 n L ks o . n do F n ig c u l r e e a s r i i n n g Cash M c o al n l e a y n a d t Bills dis- T d r e e p a o su si r t y Loans to Other Deposits lia O b t i h li e ti r es millio s n te s r l o in f g p ) ounds reserves n s o h t o ic rt e counted receipts2 Securities customers assets Total Demand Time ca a p n i d tal 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—October 468 466 825 1,147 ,500 .185 487 5,690 3,713 1,977 387 November. 488 476 799 1,196 ,500 205 492 5,767 3,781 1,986 389 December.. 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—January. . . 476 460 800 1,217 ,480 1,231 513 5,776 3,821 1,955 401 February. . 465 442 713 1,157 ,485 1,280 500 5,642 3,700 1,942 400 March 472 468 804 1,153 ,486 1,308 507 5,794 3,686 2,108 404 April 478 463 778 1,240 ,482 1,315 509 5,861 3,744 2,117 404 May 488 454 723 1,248 ,477 1,334 547 5,869 3,832 2,037 401 June 492 473 659 1,361 ,478 1,354 530 5,955 3,872 2,083 393 July....... 489 477 715 1,320 ,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 September. 490 490 707 1,345 1,472 1,349 485 5,950 3,844 2,106 387 Assets Liabilities Canada Security Deposits payable in Canada (10 chartered banks. Entirely in Canada loans excluding interbank deposits En C d a n i o n a f d m m ia i n l o li n o d t n h o s ll f o a ig r f s u ) res re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d a a f u b o n b e a r d r e n o f i r k n g a o e s n d 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- Total Demand Time li c a O a b a p t i n h l i i d t e t a i r e l s 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December. 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—October.... 702 93 1,931 102 882 ,156 19 6,283 2,531 3,753 1,563 November. 695 92 2,065 107 850 ,051 18 6,279 2,569 3,710 1,562 December.. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 1,544 1948—January. .. 698 77 1,953 97 3,972 ,029 18 6,281 2,457 3,824 1,526 February.. 679 70 1,933 108 3,968 ,017 18 6,227 2,346 3,881 1,531 March 698 65 1,922 106 4,036 ,123 18 6,399 2,472 3,927 1,532 April 710 76 1,930 108 4,072 ,114 18 6,464 2,513 3,951 1,528 May 728 80 1,925 127 4,066 ,107 17 6,456 2,501 3,955 1,561 June 685 84 1,930 135 4,143 ,129 17 6,528 2,592 3,936 1,561 July 671 77 1,948 128 4,154 ,019 17 6,446 2,487 3,959 1,533 August 712 77 1,958 144 4,209 ,082 17 6,609 2,606 4,003 1,557 September. 734 76 2,023 136 4,185 ,169 17 6,776 2,728 4,049 1,530 France Assets Liabilities (4 large banks. End o m f il m lio o n n s th o f f i g f u ra re n s c s i ) n 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—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 August. . . . 35,504 28,465 295,806 113,956 41,028 464,340 459,603 4,737 28,569 21,849 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 give end-of-month data. 2 Represent six-month loans to the Treasury at 1 % 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. 1548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Brazil Canada (peso) (pound) (cruzeiro3) (dollar) Bel- Colom- Year or month "Regu- "Non- Certain gium bia p l r a o r d " - re p g r u o l d a - r" in tr d i u al s- Official Free (franc) Official Free Official Free (peso) ucts i ucts2 products 1942 29.773 23.704 322 80 321 50 6.0584 5.1427 90.909 88.379 57.052 1943 29.773 24.732 322.80 4321.50 6.0586 5.1280 90.909 89.978 57.265 1944 29.773 25.125 322 80 6.0594 5.1469 90.909 89.853 57.272 1945 29.773 25.125 4322.80 321.17 4 2.2860 6.0602 5.1802 90.909 90.485 57.014 1946 29.773 25.125 321.34 2.2829 * 6 0602 95.198 93.288 57.020 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 57.001 1947—December 29.773 25.125 321.21 2.2789 5.4406 100.000 88.359 56.980 1948—January 29.773 25.125 321.16 2.2784 5.4406 100.000 90.455 56.991 February 29.773 25.125 321.20 2.2789 5.4406 100.000 89.062 57.010 March 29.773 25.125 321.21 2.2793 5.4406 100.000 89.280 57.010 April 29.773 25.125 321.23 2.2796 5.4406 100.000 90.633 57.010 May 29.773 25.125 321.21 2.2798 5.4406 100.000 92.273 57.010 June 7 29.773 '25.125 321.21 2.2805 5.4406 100.000 93.229 857.010 July 729.773 '25.125 920.000 321.23 2.2807 5.4406 100.000 92.829 (8) August 29.773 25.125 20.000 321.23 2.2830 5.4406 100.000 92.701 (8) September 29.773 25.125 20.000 321.23 2.2844 5.4406 100.000 92.180 (8) October 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.898 (8) November 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.383 (8) Year or month C slo ze v c a h k o ia - m D a en rk - F (f r r a a n nc c ) e India Italy Mexico e N rl e a t n h d - s Ze N a e la w nd Norway Po g r a t l u- (koruna) (krone) (rupee) (lira) (peso) (guilder) (pound) (krone) (escudo) Official Free 1942 30.122 20.569 322.78 1943 30.122 20.577 324.20 1944 30.122 20.581 324.42 1945 4 1.9711 30.122 20.581 437.933 323.46 1946 4 2.0060 420.876 .8409 30.155 * .4434 20.581 37.813 322.63 420.176 44.0501 1947 . 2.0060 20.864 .8407 30.164 20.577 37.760 322.29 20.160 4.0273 1947—December 2.0060 20.860 .8403 30.177 20.575 37.699 322.50 20.159 4.0088 1948—January 2.0060 20.860 i°.S400 30.172 20.576 37.654 322.45 20.159 4.0043 February 2.0060 20.860 10.4671 i°.3270 30.168 20.575 37.714 322.49 20.160 3.9700 March 2.0060 20.860 .4671 .3270 30.168 20.575 37.750 322.50 20.160 3.9856 April 2.0060 20.860 .4671 .3277 130.169 20.578 37.765 322.51 20.160 3.9966 May 2.0060 20.860 .4671 .3272 H30.169 20.574 37.755 322.49 20.160 4.0334 June 2.0060 20.859 .4671 .3268 H3.169 20.573 37.718 322.50 20.158 4.0345 July 2.0060 20.858 .4671 .3265 130.169 1220.573 37.645 322.51 20.158 4.0329 August 2.0060 20.855 .4671 .3268 Li30.169 (12) 37.621 *3353.87 20.158 4.0327 S O e c p to te b m er ber 2 2. . 0 0 0 0 6 6 0 0 2 2 0 0 . . 8 8 5 5 4 4 14. . 4 4 6 6 7 7 1 1 14 . . 3 3 2 1 1 9 3 3 " 1 3 3 0 0 . . 1 1 6 6 8 8 121 (1 4 2 . ) 438 3 3 7 7 . . 6 5 0 9 2 8 3 3 9 9 9 9 . . 1 1 5 5 2 2 0 0 . . 1 1 5 5 8 8 4 4. . 0 0 3 3 1 1 2 9 November 2.0060 20.854 .4671 .3179 ll30.168 14.490 37.572 399.15 20.158 4.0316 United Year or month ( A S p o o fr u u i n c t d h a ) ( S pe p s a e i t n a) S S ( m d t e o r e t l a t n l l a i t e t r s ) - s (k S d r w o e n n e a - ) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d) m Ur (p u e g s u o a ) y Official Free 1942 398 00 446.919 403.50 403.50 65.830 52.723 1943 398.00 403.50 4 403.50 65.830 52.855 1944 398 00 403.50 65.830 53.506 1945 399.05 * 403.50 «403 02 65.830 55.159 1946 400.50 49.132 4 25.859 4 23.363 403.28 65.830 56.280 1947 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1947—December 400.75 9.132 27.826 23.363 403.13 65.830 56.204 1948—January 400.75 9.132 27.825 23.363 403.07 65.830 56.198 February 400.75 9.132 27.826 23.363 403.11 65.830 56.180 March 400.75 9.132 27.826 23.363 403.13 65.830 56.180 April 400.75 9.132 27.826 23.363 403.15 65.830 56.180 May 400.75 9.132 27.825 23.363 403.12 65.830 56.180 June 400.75 9.132 27.824 23.363 403.13 65.830 56.180 July- 400.75 9.132 27.824 23.363 403.14 65.830 56.180 August 400.75 9.132 27.824 23.363 403.15 (15) (15) O Se c p to te b m er ber 4 4 0 0 0 0 . . 7 7 5 5 9 9. . 1 1 3 3 2 2 2 2 7 7 . . 8 8 2 2 3 3 2 2 3 3 . . 3 3 6 6 3 3 4 4 0 0 3 3. . 1 1 5 4 i565 (1 . 5 8 ) 30 i556 (1 . 3 1 ) 80 1558.822 "53.191 November 400.75 9.132 27,823 23.363 403.15 65.830 56.180 58.822 53.191 1 Through June 22, 1948, shown as official rate. 2 Through June 22, 1948, shown as special export rate. 8 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." 4 Average of daily rates for that part of the year during which quotations were certified. * At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 6 The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955. 7 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. 12 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. xi Quotations not available Oct. 16-31. ifi Quotations not available Aug. 1-Oct. 15. Rates shown in the first two columns are comparable to those shown previously under "Controlled" and "Noncontrolled," respectively. The application of the new rates depends upon the type of merchandise. Averages for October are based on quotations beginning Oct. 18. DECEMBER 1948 1549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] U S n ta it t e e d s Canada Mexico K U in n g i d te o d m France Italy Japan N l e a t n h d e s r- Sweden Sw la it n z d er- Year or month (1926 = (1926 = (1929 = (1930 = (1938 = (1938 = (1933 = (July 1938- (1935 = (July 1914 100) 100) 100) 100) 100) 100) 100) June 1939 100) = 100) = 100) 1926 100 100 i 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—November 160 143 306 203 1.211 5,647 8,599 277 204 232 163 144 303 204 1,217 5,526 8,863 280 205 232 194g—Tanuarv ... . 166 147 302 212 1,463 5,373 9,144 279 207 234 February....... 161 147 304 217 1,537 5,352 9,288 279 209 234 161 147 303 217 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 ••5,184 9,634 279 214 233 166 152 321 222 1,691 5,142 10,007 280 216 233 July 169 152 326 222 1,698 5,139 14,043 279 215 232 August 170 158 331 221 PL.783 P5,748 16,916 280 217 231 SeDtember 169 158 328 220 Pi,791 18,182 217 230 October 165 159 331 P220 Pl,884 P Preliminary. r Revised. ii AApppprrooxxiimmaattee ffiigguurree,, ddeerriivveedd ffrroomm oolldd iinnddeexx ((11991133 == 110000)).. 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 Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p c a a t r u n t r l u e y - d fa c m c h a t i u e n f r u l e y - 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 f I in n tr i d s i u a h l s e - d goods goods products 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—November. 188 178 142 133 143 131 171 221 227 341 279 December 197 178 146 137 145 132 172 222 236 342 279 1948—January 199 180 148 141 148 137 174 235 235 340 279 February 185 172 148 139 147 137 181 237 233 340 280 March 186 174 148 138 147 137 181 239 232 339 280 187 177 149 141 150 137 182 241 231 340 280 May 189 177 149 144 153 137 182 243 230 341 281 196 181 150 148 156 138 184 244 235 342 281 July 195 188 151 147 155 139 184 244 229 340 280 August 191 190 153 145 163 143 183 243 224 341 282 September 189 186 153 143 163 144 181 243 October 182 177 153 143 164 144 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1550 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 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 d 3 s ) 9 (1 = C 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 ( K J d 1 u i 9 o n n 4 m e g 7 - 17 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e N (1 = l e a 9 t 1 n 1 h 1 0 d e - 0 s r 1 ) - 3 ( l 1 J a e 9 u r n - 1 n d 4 e 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 -3 d s ) 9 (1 = C 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 ( K J d 1 u i 9 o n n 4 m e g 7 1 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e N (1 = l e a 9 t 1 n 1 h 1 0 d e - 0 s r 1 ) - 3 = 100) = 100) = 100) 1936 101 98 130 120 120 1936 99 98 147 U32 1937 105 103 139 127 130 1937 103 101 154 137 1938 98 104 141 100 130 130 1938 101 102 156 100 139 1939 95 101 141 108 130 132 1939 99 102 158 108 140 1940 97 106 164 129 150 146 1940 100 106 184 129 154 1941 106 116 168 149 177 175 1941 105 112 199 150 175 1942 124 127 161 174 191 200 1942 117 117 200 175 187 1943 138 131 166 224 198 211 1943 124 118 199 224 195 1944 136 131 168 275 215 1944 126 119 201 285 1945 139 133 170 377 215 1945 128 119 203 393 1946 160 140 169 645 210 1946 139 124 204 645 1947 194 160 1.043 222 1947 159 136 J101 1.030 1947-November. 203 174 103 1,378 230 1947-November. 165 144 103 1.336 December. 207 179 103 1,393 230 December. 167 146 104 1,354 1948-January... 210 182 104 1,437 230 1948-January... 169 148 104 1,414 February.. 205 186 108 1,541 230 February.. 168 150 106 L.519 March.... 202 186 109 1,518 229 March.... 167 151 106 1,499 April 208 187 109 1.524 229 April 169 152 108 1,499 May , 211 191 108 1,541 229 May 171 153 108 1,511 June 214 194 113 1,560 230 June 172 154 110 1,529 July 217 201 108 1,559 229 July 174 157 108 1,528 August 217 203 107 L ,716 228 August 175 158 108 1,670 September 215 204 107 V1,842 229 September. 175 159 108 pL.783 October... 212 205 p 004 October... 174 160 VL.844 l'lfii 130 137 137 138 151 174 193 203 208 209 208 217 223 223 224 224 223 223 223 224 223 223 223 * Preliminary. 1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373). * 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 h a a i i t g t d e e h s e d ) * C (1 = a 9 n 3 1 a 5 00 - d 3 ) a 9 ' K 1 (D 9 U i 2 e n n c 1 g e i = t d m e 1 o d b 0 m e 0 r ) F (1 r 1 9 a 0 3 n 0 8 ) c = e N la e n th d e s r « - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 -3 s d ) 9 C (1 = a 9 1 n 3 0 a 5 d 0 -3 ) a 9 * ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 (D F 93 r ec a 8 e n = 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 * 0 - 0) Number of issues... 12 (s) 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 T114.2 88.1 77.4 70.8 '140 1941 117.8 99.4 123.8 •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 »103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 184.3 1947—November. . 99.6 118.5 128.2 121.4 104.0 123.6 107.3 90.2 11,294 191.2 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 1,127 199.2 June 100.2 104.8 129.5 118.6 r108.0 135.1 120.3 93.9 1,086 197.3 July 99.2 104.6 129.3 117.8 105.6 131.9 116.3 91.4 1,217 August 98.3 104.0 129.7 119.3 106.3 127.1 113.6 91.2 ,208 September..., 98.2 104.1 130.1 P114.4 125.7 113.4 90.7 ,464 October 97.8 103.8 127.8 116.4 9 Preliminary. r Revised. 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 foi 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. • 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 15 th of every month. • 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. • 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. • This is a new index for 37 Netherlands issues(2 7 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Average based on figures for 5 months; no data available June-December. • 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. DECEMBER 1948 1551 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 C. C. HOSTRUP, Assistant Director DIVISION OF BANK OPERATIONS LEGAL DIVISION GEORGE B. VEST, General Counsel EDWARD L. SMEAD, Director FREDERIC SOLOMON, Assistant General Counsel ROBERT F. LEONARD, Associate Director J. R. VAN FOSSEN, Assistant Director JOHN C. BAUMANN, Assistant General Counsel J. E. HORBETT, Assistant Director OFFICE OF THE SOLICITOR LOWELL MYRICK, Assistant Director J. LEONARD TOWNSEND, Solicitor 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 DAVID E. WILLIAMS, PHILADELPHIA DISTRICT R. M. EVANS R. R. GILBERT JOHN H. MCCOY, CLEVELAND DISTRICT H. G. LEEDY M. S. SZYMCZAK ROBERT V. FLEMING, RICHMOND DISTRICT 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 Mar\et Account HERBERT V. PROCHNOW, Secretary 1552 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice Pr contents Boston Albert M. Creighton Joseph A. Erickson Robert B. Harvey1 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. Poorman1 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. Laning* Donald S. Thompson Richmond W. G. Wysor Hugh Leach R. L. Cherry R. W. Mercer Charles P. McCormick J. S. Walden, Jr. Claude L. Guthrie8 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. Black8 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 C. M. Stewart Minneapolis. . . . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City... . Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy' D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom1 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. Leisner* W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis Helena R. E. Towle Cleveland. Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta.. . Birmingham P. L. T. Beavers Dallas. El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago... Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis.. Little Rock C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. 3 Also Cashier. 4 General Manager. DECEMBER 1948 1553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from pages. 25 cents per copy; in quantities of 10 or the Division of Administrative Services, Board of more copies for single shipment, 15 cents each. Governors of the Federal Reserve System, Wash- POSTWAR ECONOMIC STUDIES. (8 pamphlets) ington 25, D. C. Remittance should be made pay- No. 1. Jobs, Production, and Living Standards. able to the order of the Board of Governors of the No. 2. Agricultural Adjustment and Income. Federal Reserve System. No. 3. Public Finance and Full Employment. No. 4. Prices, Wages, and Employment. BOOKS No. 5. Private Capital Requirements. No. 6. Housing, Social Security, and Public BANKING STUDIES. Comprising 17 papers on bank- Works. ing and monetary subjects by members of the No. 7. International Monetary Policies. Board's staff. August 1941; reprinted March 1948. 496 pages. Paper cover. $1.00 per copy; No. 8. Federal Reserve Policy. in quantities of 10 or more copies for single ship- The price for the set of eight pamphlets is $1.25; ment, 75 cents each. 25 cents per pamphlet, or, in quantities of 10 or BANKING AND MONETARY STATISTICS. Statistics of more for single shipment, 15 cents per pamphlet. banking, monetary, and other financial develop- THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND ments. November 1943. 979 pages. $1.50 per FUNCTIONS. November 1947. 125 pages. 75 copy. No charge for individual sections (uncents per cloth-bound copy; in quantities of 10 bound). or more copies for single shipment, 50 cents each. PROVISIONS OF STATE LAWS RELATING TO BANK RE- Paper-bound copies available without charge. SERVES as of December 31, 1944. 1945. 30 pages. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, MONETARY AND BANKING REFORM IN PARAGUAY. December 31, 1947. July 1948., 122 pages. Includes translation of laws, accompanying re- REGULATIONS OF THE BOARD OF GOVERNORS OF THE ports, and introduction reviewing the monetary FEDERAL RESERVE SYSTEM. Individual regulations history of Paraguay. July 1946. 170 pages. with amendments. $1.00 per copy. RULES OF ORGANIZATION AND RULES OF PROCEDURE PERIODICAL RELEASES (Board of Governors of the Federal Reserve Sys- WEEKLY tem). September 1946. 31 pages. CONDITION OF THE FEDERAL RESERVE BANKS THE FEDERAL RESERVE ACT, as amended to Novem- CONDITION OF WEEKLY REPORTING MEMBER BANKS ber 1, 1946, with an Appendix containing pro- IN CENTRAL RESERVE CITIES visions of certain other statutes affecting the CONDITION OF WEEKLY REPORTING MEMBER BANKS Federal Reserve System. 372 pages. 50 cents per IN LEADING CITIES paper-bound copy; $1.00 per cloth-bound copy. DEPARTMENT STORE SALES, BY CITIES FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. WEEKLY DEPARTMENT STORE SALES Space for plotting through 1948. April 1947 WEEKLY FOREIGN EXCHANGE RATES edition. 24 pages. 50 cents per copy; in quan- WEEKLY REVIEW OF PERIODICALS tities of 10 or more copies for single shipment, 35 cents each. SEMIMONTHLY DEBITS AND CLEARINGS STATISTICS, THEIR BACK- DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER GROUND AND INTERPRETATION. October 1947. 50 BANKS 1554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS MONTHLY SEMIANNUAL FEDERAL RESERVE BULLETIN. Subscription price in ALL BANKS IN THE UNITED STATES AND POSSESSIONS the United States and its possessions, Bolivia, —PRINCIPAL ASSETS AND LIABILITIES Canada, Chile, Colombia, Costa Rica, Cuba, ANNUAL Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland ANNUAL REPORT OF THE BOARD OF GOVERNORS OF (including Labrador), Nicaragua, Panama, Para- THE FEDERAL RESERVE SYSTEM guay, Peru, El Salvador, Uruguay, and Vene- BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXzuela is $2.00 per annum or 20 cents per copy; CEPT INTERBANK ACCOUNTS elsewhere, $2.60 per annum or 25 cents per copy. IRREGULAR Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy ASSETS AND LIABILITIES OF MEMBER BANKS (Conper month, or $1.50 for 12 months. densed) FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY MEMBER BANK CALL REPORT (Detailed) RATES, AND BUSINESS. $9.00 per annum, or $1.00 SURVEYS OF CONSUMER FINANCES per copy. In quantities of 10 or more copies of a particular issue for single shipment, 75 cents REPRINTS each. (From Federal Reserve Bulletin unless preceded by asterisk) ASSETS AND LIABILITIES OF ALL BANKS IN THE THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS UNITED STATES AND RELATED DEPOSIT AND CUR- IN THE UNITED STATES. November 1938. 20 RENCY ITEMS pages. BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- ^PROBLEMS OF BANKING AND BANK SUPERVISION. Ex- CEPT INTERBANK ACCOUNTS cerpts from the Board's 1938 Annual Report. BUSINESS INDEXES 33 pages. CONSUMER CREDIT MONETARY MEASURES AND OBJECTIVES. September CONSUMER INSTALMENT CREDITS OF COMMERCIAL 1937, April 1939, and May 1939. 8 pages. BANKS THE GOLD PROBLEM TODAY, by E. A. Goldenweiser. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL January 1940. 4 pages. BANKS THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- CONSUMER INSTALMENT CREDITS OF INDUSTRIAL SERVE BANKS, by George B. Vest. February 1940. LOAN COMPANIES 8 pages. CONSUMER INSTALMENT LOANS HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- DEPARTMENT STORE CREDIT SERVE POLICY, by Arthur Hersey. April 1940. DEPARTMENT STORE SALES (Indexes and Compari- 11 pages. sons with Previous Year) CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, DEPARTMENT STORE SALES AND STOCKS, BY MAJOR by E. A. Goldenweiser. May 1940. 5 pages. DEPARTMENTS GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank DEPARTMENT STORE STOCKS R. Garfield. June 1940. 7 pages. FOREIGN EXCHANGE RATES GOLD RESERVES OF CENTRAL BANKS AND GOVERN- INTERDISTRICT SETTLEMENT FUND MENTS. September 1940. 18 pages. NATIONAL SUMMARY OF BUSINESS CONDITIONS MEASUREMENT OF PRODUCTION, by Woodlief Thomas OPEN-MARKET MONEY RATES IN NEW YORK CITY and Maxwell R. Conklin. September 1940. 16 RETAIL FURNITURE REPORT pages. RETAIL INSTALMENT CREDIT FEDERAL RESERVE BANK LENDING POWER NOT DE- SALES FINANCE COMPANIES PENDENT ON MEMBER BANK RESERVE BALANCES. SELECTED LIST OF ADDITIONS TO THE RESEARCH February 1941. 2 pages. LIBRARY ADJUSTMENT FOR SEASONAL VARIATION, by H. C. STATE BANK MEMBERS AND NONMEMBER BANKS THAT Barton, Jr. Description of method used by Board MAINTAIN CLEARING ACCOUNTS WITH FEDERAL in adjusting economic data for seasonal variation. RESERVE BANKS (Also annual list) June 1941. 11 pages. DECEMBER 1948 1555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- BANKS, April 16-May 15, 1942. August, Septem- MENT FINANCING, by Frieda Baird. March 1947. ber, and November 1942. 32 pages. 6 pages. FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL From August 1940, September 1941, and October SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. 1943 issues of BULLETIN with supplementary data. Young and Duncan McC. Holthausen. March October 1943. 120 pages. 1947. 9 pages. REVISED INDEX OF DEPARTMENT STORE SALES. June METHODS OF RESTRICTING MONETIZATION OF PUBLIC 1944. 20 pages. DEBT BY BANKS. April 1947. 4 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER BRETTON WOODS AGREEMENTS, by E. A. Goldenweiser and Alice Bourneuf. September 1944. BANKS IN LEADING CITIES. June-July 1947. 9 pages. 21 pages. SURVEY OF CONSUMER FINANCES— REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. September 1944. 2 pages. I. EXPENDITURES FOR DURABLE GOODS AND INVEST- MENTS; II. CONSUMER INCOMES AND LIQUID ASSET MONETARY AND CREDIT AGREEMENTS ENTERED INTO HOLDINGS; III. CONSUMER SAVING IN 1946 AND AT BRETTON WOODS, by Governor M. S. Szymczak. OWNERSHIP OF SELECTED NONLIQUID ASSETS. June, April 1945. 7 pages. July, and August 1947. 44 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, REVISION OF NATIONAL INCOME AND PRODUCT STAby Mary S. Painter. September 1945. 2 pages. TISTICS. September 1947. 12 pages. SURVEYS OF LIQUID ASSET HOLDINGS. September STERLING IN MULTILATERAL TRADE, by J. Burke 1945. 7 pages. Knapp and F. M. Tamagna. September 1947. ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS. 8 pages. April 1946. 12 pages. BANK LOANS TO FARMERS— REVISED INDEX OF DEPARTMENT STORE STOCKS, by COMMERCIAL BANK LOANS TO FARMERS, by Tynan Richard Youngdahl and John O. Bergelin. June Smith and Philip T. Allen; FARM MORTGAGE 1946. 25 pages. LOANS AT COMMERCIAL BANKS, by Philip T. Allen; FARM PRODUCTION LOANS AT COMMERCIAL A NATIONAL SURVEY OF LIQUID ASSETS— BANKS, by Herman Koenig and Tynan Smith; SUMMARY; DISTRIBUTION ACCORDING TO INCOME; THE STRUCTURE OF INTEREST RATES ON COM- PROSPECTIVE SPENDING AND SAVING AND SUMMARY MERCIAL BANK LOANS TO FARMERS, by Richard OF SURVEY FINDINGS; LIQUID ASSETS AND EX- Youngdahl. October and December 1947. 36 PENDITURE PLANS OF FARM OPERATORS. June, July, August, and September 1946. 28 pages. pages. FINANCIAL POSITION AND BUYING PLANS OF CON- INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY SUMERS, July 1947. October 1947. 4 pages. MAJOR DEPARTMENTS. August 1946. 4 pages. THE CURRENT INFLATION PROBLEM—CAUSES AND ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45, CONTROLS, by Governor Marriner S. Eccles. Deby Doris P. Warner and Albert R. Koch. Sepcember 1947. 8 pages. tember 1946. 8 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE BUSINESS LOANS OF MEMBER BANKS— 1929, by Morris A. Copeland and Daniel H. SUMMARY, by Albert R. Koch; TERM LENDING Brill. January 1948. 9 pages. TO BUSINESS BY COMMERCIAL BANKS IN 1946, by Duncan McC. Holthausen; SECURITY PLEDGED ON PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT MEMBER BANK LOANS TO BUSINESS, by Tynan AGAINST THE DEMAND AND TIME DEPOSITS OF BANKS, by Governor Marriner S. Eccles. January Smith; THE STRUCTURE OF INTEREST RATES ON 1948. 10 pages. BUSINESS LOANS AT MEMBER BANKS, by Richard Youngdahl; MEMBER BANK LOANS TO SMALL THE FEDERAL RESERVE CHART BOOK AS AN AID TO BUSINESS, by Charles H. Schmidt. March, May, BANK MANAGEMENT, by Charles H. Schmidt. June, July, and August 1947. 80 pages. April 1948. 9 pages. 1556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS *STATEMENT ON BEHALF OF THE BOARD OF GOVER- # MEANS OF COMBATING INFLATION. Statements of NORS OF THE FEDERAL RESERVE SYSTEM BEFORE Governor Marriner S. Eccles before House Bank- THE JOINT COMMITTEE ON THE ECONOMIC REPORT. ing and Currency Committee on August 3, 1948 Presented by Governor Marriner S. Eccles on and before the Senate Banking and Currency April 13, 1948. 7 pages. Committee on July 29 and 30 on S. J. Res. 157. NEW COMMERCIAL BANKING OFFICES, 1936-1947, 2 pamphlets. by Caroline H. Cagle and Raymond C. Kolb. STATEMENT BEFORE THE HOUSE BANKING AND CUR- May 1948. 12 pages. RENCY COMMITTEE, by Chairman Thomas B. Mc- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS Cabe on August 2, 1948. August 1948. 8 pages. AND BUSINESSES. June 1948. 2 pages. REGULATION OF CONSUMER INSTALMENT CREDIT. RECENT DEVELOPMENTS IN BUSINESS FINANCE; with Statement by Governor R. M. Evans before the INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING, by Charles H. Schmidt. June 1948. House Banking and Currency Committee on 19 pages. August 2, 1948. August 1948. 2 pages. 1948 SURVEY OF CONSUMER FINANCES— THE PHILIPPINE CENTRAL BANK ACT and Text of I. EXPENDITURES FOR DURABLE GOODS; II. THE the Act, by David Grove and John Exter. In DISTRIBUTION OF CONSUMER INCOME IN 1947; part a reprint from the August 1948 BULLETIN. III. CONSUMER OWNERSHIP AND USE OF LIQUID 36 pages. AND NONLIQUID ASSETS; IV. CONSUMER SAVING THE BALANCE SHEET OF AGRICULTURE, 1948. Sep- AND THE ALLOCATION OF DISPOSABLE INCOME; tember 1948. 16 pages. V. HOUSING EXPENDITURES AND FINANCE. June, July, August, and September 1948. 65 pages. BANK CREDIT DEVELOPMENTS. October 1948. 12 pages. RETAIL CREDIT SURVEY—1947. From July 1948 BULLETIN with supplementary information for THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL nine separate trades. 41 pages. (Also, RETAIL RESERVE SYSTEM. Address by Chairman Thomas CREDIT SURVEY—1943, 1944, 1945, 1946 from the B. McCabe on October 26, 1948 at the annual June 1944, May 1945, June 1946, and July 1947 meeting of the Stockholders of the Federal Re- BULLETIN with supplementary information.) serve Bank of Boston. November 1948. 5 pages. SALES FINANCE COMPANY OPERATIONS IN 1947, by FINANCIAL POSITION AND BUYING PLANS OF CON- Milton Moss. July 1948. 6 pages. SUMERS, July 1948. November 1948. 5 pages. * STEPS TO RESTORE POWERS OF STATES AND LOCALI- TIES, by Frederic Solomon. Reprinted from the LATIN AMERICA'S POSTWAR INFLATION AND BALANCE July 1948 issue of the American Bar Association OF PAYMENTS PROBLEMS, by David L. Grove and Journal. 9 pages. Gerald M. Alter. November 1948. 11 pages. DECEMBER 1948 1557 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 m o pi F=s BOUNDARIES OF FEDERAL RESERVE DISTRICTS ?3 — BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^f BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 4 FEDERAL RESERVE BANK CITIES I • FEDERAL RESERVE BRANCH CITIES OCTOBER I. 1948 •SERVB SYSTEM: d I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Acceptances, bankers': Assets and liabilities—Continued. Buying rates 54, 188, 294, 408, 524, 674, 820, Federal Reserve Banks: 966, 1126, 1250, 1374, 1480 All banks 55, 189, 295, 409, 525, 675, 821, Open-market rates on....75, 207, 313, 427, 543, 695, 967, 1127, 1251, 1375, 1481 839, 985, 1145, 1269, 1395, 1499 Each bank 56, 190, 296, 410, 526, 676, 822, Outstanding 74, 206, 312, 426, 542, 694, 838, 968, 1128, 1252, 1376, 1482 984, 1144, 1268, 1394, 1498 Foreign central banks 118, 254, 356, 472, 600, Addresses : 738, 882, 1032, 1190, 1314, 1440, 1542 McCabe, Thomas B., on significance of member- Government corporations and credit agencies 82, ship in Federal Reserve System 1339 214. 320, 434, 550, 702, 846, Admissions of State banks to membership in Federal 992, 1152, 1276, 1402, 1506 Reserve System 48, 169, 287, 402, 518, 668, Insured commercial banks in United States and 813, 1100, 1239, 1363, 1474 possessions 461, 1303 Agricultural commodities, exports of 1051 International capital transactions of United Agricultural loans: States 115, 251, 353, 469, 597, 735, 879, 1029, 1187, 1311, 1437, 1539 Insured commercial banks 68, 200, 306, 420, 536, Attorney General of United States: 688, 832, 978, 1138, 1262, 1388, 1492 Executive order transferring jurisdiction over Agriculture: blocked assets to 1242 Balance sheet of, 1948, annual report issued by Australia: the Department of Agriculture 1067 Commonwealth Bank of: Conditions in mid-1948 1047 Condition 120, 256, 358, 474, 602, 740, 884, Credit extended to farmers 1207 1034, 1192, 1316, 1442, 1544 Crop reports 107, 1017, 1177, 1301, 1427, 1531 Foreign exchange rates 125, 261, 363, 479, 607, National summary of business conditions.. .962, 1122 745, 889, 1039, 1197, 1321, 1447, 1549 Prices of agricultural products 7 Gold movements....Ill, 247, 349, 465, 593, 731, 875, Recovery in Western Europe 135 1025, 1183, 1307, 1433, 1535 Albania: Gold production....Ill, 247. 349, 465, 593, 731, 875, Discount rate of central bank 123, 259, 361, 477, 1025, 1183, 1307, 1433, 1535 605, 743, 887, 1037, 1195, 1319, 1445, 1547 Austria: Alter, Gerald: (See Staff of Board) Austrian National Bank: Annual reports: Condition 1442, 1544 Balance sheet of agriculture, 1948 1067 Discount rate 123, 259, 361, 477, 605, 743, Bank for International Settlements 1229 887, 1037, 1195, 1319, 1445, 1547 Bank of Canada 659 Authorization of Bank of the German States to issue Board of Governors, publication of 518 notes and coins 1101 International Bank for Reconstruction and De- Automobile appraisal guides, designated under Reguvelopment 1220 lation W 1240 International Monetary Fund, third 1217 Bank credit: National Credit Council of France 950 Current statistics for Federal Reserve Chart Argentina: Book 103, 235, 341, 455, 571, 723, 867, 1013, Central bank of: 1173, 1297, 1423, 1527 Condition 120, 256, 358, 474, 602, 740, 884, Developments discussed 1205 1034, 1192, 1316, 1442, 1544 National summary of business conditions.... 50, 184, Discount rate 123, 259, 361, 477, 605, 743, 289, 404, 520, 670, 815, 962, 887, 1037, 1195, 1319, 1445, 1547 1122, 1246, 1370, 1476 Gold reserves 110, 246, 348, 464, 592, 730, Bank debits: (See Debits to deposit accounts) 874, 1024, 1182, 1306, 1432, 1534 Bank deposits: (See Deposits) Foreign exchange rates 125, 261, 363, 479, 607, Bank for International Settlements: 745, 889, 1039, 1197, 1321, 1447, 1549 Annual report of 1221 Gold and foreign exchange reserve requirements Condition 122, 258, 360, 476, 604, 742, of central bank 34 886, 1036, 1194, 1318, 1444, 1546 Articles: (See Special articles) Gold reserves 110, 246, 348, 464, 592, 730, 874, Asia: 1024, 1182, 1306, 1432, 1534 International capital transactions 113, 249, 351, Bank loans: (See Loans; Loans and investments) 467, 595, 733, 877, 1027, 1185, 1309, 1435, 1537 Bank management the Federal Reserve Chart Book m Assets, liquid: (See Liquid assets) as an aid to 383 Assets and liabilities: Bank premises: Agriculture, 1948 1067 Federal Reserve Banks...57, 191, 297, 411, 527, 677, All banks in United States and possessions, by 823, 969, 1129, 1253, 1377, 1483 States 1386 Insured commercial banks in United States and All member banks: possessions 461, 1303 December 31, 1947, by class of bank 460 Member banks 460, 1302 June 30, 1948, by class of bank 1302 Bank suspensions: Commercial banks, selected 1461 By geographic area 510 Commercial banks in United Kingdom, Canada, Number and deposits 63, 197, 303, 417, 533, 683, and France 124, 260, 362, 478, 606, 744, 888, 829, 975, 1135, 1259, 1383, 1489 1038, 1196, 1320, 1446, 1548 Bankers' acceptances: (See Acceptances, bankers') DECEMBER 1948 1559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Bankers' balances: Board of Governors—Continued. Insured commercial banks....69, 201, 307, 421, 537, Members—Continued. 689, 833, 979, 1139, 1263, 1389, 1493 Eccles, M. S.—Continued. Weekly reporting member banks: Letter to President withdrawing name By Federal Reserve districts.. .73, 205, 311, 425, from consideration for designation as 541, 693, 837, 983, 1143, 1267, 1393, 1497 Vice Chairman 667 New York City and outside... .71, 203, 309, 423, Proposal for special reserve require- 539, 691, 835, 981, 1141, 1265, 1391, 1495 ment against demand and time de- Banking: posits of banks 14 Assets and the money supply since 1929 24 Evans, R. M., statement on regulation of Funds, foreign, increase in United States... .112, 248, consumer instalment credit before House 350, 466, 594, 732, 876, 1026, 1184, 1308, 1434, 1536 Banking and Currency Committee 912 Offices: McCabe, Thomas B.: Changes in number of 241, 1179 Address at meeting of stockholders of New commercial, 1936-1947 505 Federal Reserve Bank of Boston on Number of 108, 240, 346, 462, 590, 728, 872, significance of membership in Federal „ , 1018, 1178, 1304, 1429, 1532 Reserve System 1339 Banks: ' Appointment for unexpired portion of Consolidations 241, 1179 term and designation as Chairman of Government securities held by....80, 212, 318, 432, the Board 402 548, 700, 844, 990, 1150, 1274, 1400, 1504 Correction as to date of expiration of Number of: term 518 By districts and by States.... 108, 240, 346, 462, Nominated for unexpired term of Mr. 590, 728, 872, 1018, 1178, 1304, 1429, 1532 Ransom 168 Call dates 64, 198, 304, 418, 534, 684, 830, Statement before House Banking and 976, 1136, 1260, 1384, 1490 Currency Committee 904 Changes 241, 1179 Szymczak, M. S., renominated as Governor Suspensions 63, 197, 303, 417, 533, 683, 829, for 14 years 168 975, 1135, 1259, 1383, 1489 Members and officers, list.... 128, 264, 366, 482, 610, Banks for cooperatives: 748, 892, 1042, 1200, 1324, 1450, 1552 Loans by 82, 214, 320, 434, 550, 702, Office of Solicitor, division established 1474 846, 992, 1152, 1276, 1402, 1506 Publications of 130, 266, 368, 484, 612, 750, 894, Baumann, John C.: (See Staff of Board) 1044, 1202, 1326, 1452, 1554 Belgian Congo: Staff: (See Staff of Board) Gold production Ill, 247, 349, 465, 593, 731, Bolivia: _ , . 875, 1025, 1183, 1307, 1433, 1535 Central bank of: Belgium: ' ' ' ' Condition 120, 256, 358, 474, 602, 740, 884, Foreign exchange rates.. 125, 261, 363, 479, 607, 745, 1034, 1192, 1316, 1442, 1544 889, 1039, 1197, 1321, 1447, 1549 Discount rate 123, 259, 361, 477, 605, 743, Gold and foreign exchange reserve requirements of central bank 34 887, 1037, 1195, 1319, 1445, 1547 Gold movements Ill, 247, 349, 465, 593, 731, Gold and foreign exchange reserve requirements 875, 1025, 1183, 1307, 1433, 1535 of central bank 34 National Bank of: Bond yields: Condition 120, 256, 358, 474, 602, 740, 884, Government, municipal, and corporate.. .75, 207, 313, 1034, 1192, 1316, 1442, 1544 427, 543, 695, 839, 985, 1145, 1269, 1395, 1499 Discount rate 123, 259, 361, 477, 605, 743, National summary of business conditions.... 50, 184 887, 1037, 1195, 1319, 1445, 1547 Bonds: Gold reserves 110, 246, 348, 464, 592, 730, New security issues 76, 208, 314, 428, 544, 696, 874, 1024, 1182, 1306, 1432, 1534 840, 986, 1146, 1270, 1396, 1500 Bills discounted by Federal Reserve Banks: Prices in principal countries 127, 263, 365, 481, All banks combined 53, 187, 293, 407, 523, 673, 609, 747, 891, 1041, 1199, 1323, 1449, 1551 919, 965, 1125, 1249, 1373, 1479 Prices in United States 76, 208, 314, 428, 544, Each bank 56, 190, 296, 410, 526, 676, 822, 696, 840, 986, 1146, 1270, 1396, 1500 968, 1128, 1252, 1376, 1482 United States savings, sales, and redemptions.... 79, Maturity distribution 55, 189, 295, 409, 525, 675, 211, 317, 431, 547, 699, 843, 821, 967, 1127, 1251, 1375, 1481 989, 1149, 1273, 1399, 1503 Member and nonmember banks 55, 189, 295, 409, (See also Government securities) 525, 675, 821, 967, 1127, 1251, 1375, 1481 Borrowings: Bland, W. T., resignation as director of Jackson- Insured commercial banks 69, 201, 307, 421, ville branch 168 537, 689, 833, 979, 1139, Board of Governors: 1263, 1389, 1493 Annual report, publication of 518 Member banks at Federal Reserve Banks 59, 193, Assessment for expenses of 1022 299, 413, 529, 679, 825, 971, Members: 1131, 1255, 1379, 1485 Eccles, M. S.: Weekly reporting member banks: Correspondence with President on re- By Federal Reserve districts 73, 205, 311, maining as member of Board and as 425, 541, 693, 837, 983, 1143, 1267, 1393, 1497 Vice Chairman 168 1560 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Borrowings—Continued. Canada—Continued. Weekly reporting member banks—Continued. Bank of—Continued. New York City and outside 71, 203, 309, Gold reserves 110, 246, 348, 464, 592, 423, 539, 691, 835, 981, 1141, 1265, 1391, 1495 730, 874, 1024, 1182, 1306, 1432, 1534 Branch banks, domestic: Commercial banks, assets and liabilities... .124, 260, Changes in number of offices in United States..241, 362, 478, 606, 744, 888, 1038, 1196, 1179 1320, 1446, 1548 Commercial banks 509 Cost of living, index numbers 127, 263, 365, 481, Number in operation on December 31, 1947, by 609, 747, 891, 1041, 1199, 1323, 1449, 1553 States 588 Foreign exchange rates 125, 261, 363, 479, 607, Number of banking offices 108, 240, 346, 462, 745, 889, 1039, 1197, 1321, 1447, 1549 590, 728, 872, 1018, 1178, 1304, 1429, 1532 Gold movements Ill, 247, 349, 465, 593, Branch banks, Federal Reserve System: 731, 875. 1025, 1183, 1307, 1433, 1535 Directors: (See Directors) Gold production Ill, 247, 349, 465, 593, Managing officers 129, 265, 367, 483, 611, 731, 875, 1025, 1183, 1307, 1433, 1535 749, 893, 1043, 1201, 1325, 1451, 1553 International capital transactions.. 113, 249, 351, 467, Brazil: 595, 733, 877, 1027, 1185, 1309, 1435, 1537 Foreign exchange rates 125, 261, 363, 479, 607, Retail food prices 127, 263, 365, 481, 609, 745, 889, 1039, 1197, 1321, 1447, 1549 747, 891, 1041, 1199, 1323, 1449, 1551 Gold reserves 110, 246, 348, 464, 592, Wholesale prices in 126, 262, 364, 480, 608, 730, 874, 1024, 1182, 1306, 1432, 1534 746, 890, 1040, 1198, 1322, 1448, 1550 Brehm, C. E., appointed director at Nashville Capital: branch 47 Movement to United States.. 112, 248, 350, 466, 594, Brill, Daniel H., article on banking assets and the 732, 876, 1026, 1184, 1308, 1434, 1536 money supply since 1929 24 Capital accounts: Broadbent, Smith, D., Jr., appointed director at Federal Reserve Banks 58, 192, 298, 412, 528, Louisville branch 813 678, 824, 970, 1130, 1254, 1378, 1484 Brokers and dealers in securities, loans to: Insured commercial banks 69, 201, 307, 421, 537, Insured commercial banks 68, 200, 306, 420, 689, 833, 979, 1139, 1263, 1389, 1493 536, 688, 832, 978, 1138, 1262, 1388, 1492 Insured commercial banks in United States and Weekly reporting member banks: possessions 461, 1303 By Federal Reserve districts... 72, 204, 310, 424, Member banks : 540, 692, 836, 982, 1142, 1266, 1392, 1496 December 31, 1947 460 New York City and outside... .70, 202, 308, 422, June 30, 1948 1302 538, 690, 834, 980, 1140, 1264, 1390, 1494 Weekly reporting member banks: Brokers balances: By Federal Reserve districts.. .73, 205, 311, 425, Movement to United States from abroad 112, 248, 541, 693, 837, 983, 1143, 1267, 1393, 1497 350, 466, 594, 732, 876, 1026, New York City and outside. ...71, 203, 309, 423, 1184, 1308, 1434, 1536 539, 691, 835, 981, 1141, 1265, 1391, 1495 Brown, Bonnar: (See Staff of Board) Capital funds, cost of 269 Brown, Edward E., reelected President of Federal Cash in vaults: Advisory Council 287 Insured commercial banks 69, 201, 307, 421, Bryce, William H., appointed Class C director at St. 537, 689, 833, 979, 1139, 1263, 1389, 1493 Louis and designated Deputy Chairman 402 Weekly reporting member banks: Bulgaria: By Federal Reserve districts.. .73, 205, 311, 425, Foreign exchange rates 125, 261, 363, 479, 607, 541, 693, 837, 983, 1143, 1267, 1393, 1497 745, 889, 1039, 1197, 1321, 1447, 1549 New York City and outside... .71, 203, 309, 423, National Bank of: 539, 691, 835, 981, 1141, 1265, 1391, 1495 Discount rate 123, 259, 361, 477, 605, Cash income and outgo of Treasury 81, 213, 319, 433, 743, 887, 1037, 1195, 1319, 1445, 1547 549, 701, 845, 991, 1151, 1275, 1401, 1505 Business conditions: Central Banks: Current statistics for Federal Reserve Chart Assets and liabilities 118, 254, 356, 472 Book 103, 235, 341, 455, 571, 723, 600, 738, 882, 1032, 1190, 1314, 1440, 1542 867, 1013, 1173, 1297, 1423, 1527 Discount rates 123, 259, 361, 477, National summary of 49, 183, 288, 403, 519, 605, 743, 887, 1037, 1195, 1319, 1445, 1547 669, 814, 961, 1121, 1245, 1369, 1475 Gold and foreign exchange reserve require- Business finance, recent developments in 615 ments of 34 Business indexes: Gold reserves 110, 246, 348, 464, Monthly and yearly figures...83, 215, 321, 435, 551, 592, 730, 874, 1024, 1182, 1306, 1432. 1534 703, 847, 993, 1153, 1277, 1403, 1507 Central reserve and reserve cities, classification of. .41, 284 Cagle, Caroline: (See Staff of Board) Central reserve city member banks: Canada: Assets and liabilities: Annual report of Bank of 659 December 31, 1947 460 Bank of: June 30, 1948 1302 Condition 119, 255, 357, 473, 601, Condition of insured commercial banks.. 68, 200, 306, 739, 883, 1033, 1191, 1315, 1441, 1543 420, 536, 688, 832, 978, 1138, 1262, 1388, 1492 Discount rate 123, 259, 361, 477, 605, Deposits 60, 194, 300, 414, 743, 887, 1037, 1195, 1319, 1445, 1547 530, 680, 826, 972, 1132, 1256, 1380, 1486 1561 DECEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Central reserve city member banks—Continued. Charts—Continued. Earnings : Loans and investments of all commercial banks.... 15, 1947 576 388, 487 First half of 1948 1363 Loans at banks in leading cities 1462 Increase in required reserves, amendment to Loans at member banks in leading cities 520, supplement to Regulation D 167 1122, 1370 Reserves 60, 194, 300, 414, Long- and short-term interest rates 270 530, 680, 826, 972, 1132, 1256, 1380, 1486 Long-term interest rates 275 Reserves and borrowings 59, 193, 299, 413, Manufacturers orders, shipments, and inventories. .384 529, 679, 825, 971, 1131, 1255, 1379, 1485 Means of financing United States net exports of Chairmen of Federal Reserve Banks: goods and services 373 Appointments for year 45 Member bank reserves and related items 50, 52, List of .* 129, 265, 307, 483, 611, 186, 289, 292, 388, 406, 522, 670, 672, 818, 749, 893, 1043, 1201, 1325, 1451, 1553 964, 1124, 1246, 1248, 1372, 1476, 1478 Meetings: Member banks in leading cities 50, 184 May 29-31 667 Money rates. 388, 1459 December 9-10 1474 New commercial banks and branches 506 Stevens, Robert T., designated at New York 667 Nonfarm mortgage lending 763 Chart Books: Ownership of currency and deposits and of Current figures on bank credit, money rates, United States Government securities 29 and business 103, 235, 341, 455, 571, Ownership of demand deposits 497 723, 867, 1013, 1173, 1297, 1423, 1527 Ownership of liquid assets 769 Federal Reserve, additions to May issue 668 Percentage change in outstanding farm mortgage Federal Reserve, as an aid to bank management, debt 1080 article by Charles H. Schmidt 382 Prices of selected farm products 1055 Charts : Prices received by farmers 1053 Agricultural production and prices 1048 Principal assets and liabilities of all commercial All commercial banking offices in the United banks 1455 States 505 Principal banking assets and member bank re- Assets and indebtedness of United States agri- serves 27 culture 1068 Principal forms of consumer saving and dissaving Balance of payments, Western European coun- in 1947, by income groups 922 tries with western hemisphere 145 Production of major farm commodities 1049 Bank deposits and currency 494, 1208 Prospective buyers of consumer durable goods Business expenditures on new plant and equip- and houses in 1948, by income groups 641 ment 384, 617 Retail sales 787 Classification of member bank loans and invest- Short-term interest rates 274 ments 385 Trade balances of Latin American Republics... .1346 Commercial bank loans 492, 1207 Treasury cash income and outgo 489 Composition of consumer credit outstanding 898 Turnover of demand deposits 1210 Construction contracts awarded 669, 961, 1369 Undistributed corporate prpfits 618 Consumer instalment credit outstanding 900 United States exports and imports of goods and Consumers' prices 184, 520, 962, 1246, 1476 services 372 United States merchandise exports 5 Corporate profits, taxes, and dividends 385 Value of new construction activity 759 Corporate security issues 385 Volume of world trade 1226 Corporate security issues for new capital 621 Wholesale prices 6, 289, 389, 815, 1122, 1370 Current assets and liabilities of corporations 385 Wholesale prices by major groups 1337 Demand deposits of rural banks, cash farm in- Wholesale prices of building materials 757 come, and rural retail sales, United States, Yields on Treasury and corporate securities 11, 1929-47 1078 404, 962, 1213 Department store sales and stocks 49, 183, Chile: 403, 814, 1121 Central bank of: Deposits and currency 388 Condition 120, 256, 358, 474, 602, 740, 884, Distribution of spending units by income groups. .650 1034, 1192, 1316, 1442, 1544 Employment in nonagricultural establishments.. .288, Discount rate 123, 259, 361, 477, 605, 743, 384, 519, 670, 1245, 1475 887, 1037, 1195, 1319, 1445, 1547 Expenditures for selected components of gross Gold reserves 110, 246, 348, 464, 592, 730, national product 1331 874, 1024, 1182, 1306, 1432, 1534 Farm machinery — purchases and depreciation Foreign exchange rates 125, 261, 363, 479, 607, United States, 1910-47. 1077 745, 889, 1039, 1197, 1321, 1447, 1549 Federal income, consumption, and saving 389 Gold and foreign exchange reserve requirements Foreign short-term banking funds in the United of central bank 34 States 377 Gold production Ill, 247, 349, 465, 593, 731, Foreign trade of Latin America 1345 875, 1025, 1183, 1307, 1433, 1535 Gross national product 389, 1330 China: Industrial production 49, 183, 288, 384, 389, 403, Foreign exchange rates 125, 261, 363, 479, 607, 519, 669, 814, 961, 1121, 1245, 1369, 1475 745, 889, 1039, 1197, 1321, 1447, 1549 1562 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages China—Continued. Commodity Credit Corporation: Gold and foreign exchange reserve requirements Assets and liabilities 82, 214, 320, 434, 550, 702, of central bank 34 846, 992, 1152, 1276, 1402, 1506 Clearing and collection: Loans by 82, 214, 320, 434, 550, 702, 846, Delayed return of unpaid items, amendment to 992, 1152, 1276, 1402, 1506 Regulation J 1472 Commodity prices: Number of banks on par list, by districts and National summary of business conditions 50, 184, by States 108, 240, 346, 462, 590, 728, 872, 289, 404, 520, 670, 815, 962, . 1018, 1178, 1304, 1429, 1532 1122, 1246, 1370, 1476 Coins Condition statements: Circulation of 61, 195, 301, 415, 531, 681, 827, All member banks, by class of bank 460, 1302 Colombia: 973> 1133' 1257' 1381' 1487 Commercial banks in United Kingdom, Canada, Bank of Republic of: and France 124, 260, 362, 478, 606, 744, 888, Condition 120, 256, 358, 474, 602, 740, 1038, 1196, 1320, 1446, 1548 884, 1034, 1192, 1316, 1442, 1544 Federal Reserve Banks: Discount rate 123, 259, 361, 477, 605, 743, All banks combined 55, 189, 295, 409, 525, 887, 1037, 1195, 1319, 1445, 1547 675, 821, 967, 1127, 1251, 1375, 1481 Gold reserves 110, 246, 348, 464, 592, 730, Each bank 56, 190, 296, 410, 526, 676, 822, 874, 1024, 1182, 1306, 1432, 1534 968, 1128, 1252, 1376, 1482 Foreign exchange rates 125, 261, 363, 479, 607, Foreign central banks... 118, 254, 356, 472, 600, 738, 745, 889, 1039, 1197, 1321, 1447, 1549 882, 1032, 1190, 1314, 1440, 1542 m Gold and foreign exchange reserve requirements Government corporations and credit agencies 82, of central bank 34 214, 320, 434, 550, 702, 846, Gold production Ill, 247, 349, 465, 593, 731, 992, 1152, 1276, 1402, 1506 875, 1025, 1183, 1307, 1433, 1535 Insured commercial banks: Commercial banks: Classes of banks 68, 200, 306, 420, 536, 688, Assets and liabilities in United Kingdom, Canada, 832, 978, 1138, 1262, 1388, 1492 and France 124, 260, 362, 478, 606, 744, 888, United States and possessions 461, 1303 1038, 1196, 1320, 1446, 1548 Weekly reporting member banks: Assets and liabilities of insured in United States By Federal Reserve districts 72, 204, 310, and possessions 461, 1303 424, 540, 692, 836, 982, Changes in number of 241, 1179 1142, 1266, 1392, 1496 Condition of insured in United States by classes..68, New York City and outside... .70, 202, 308, 422, 200, 306, 420, 536, 688, 832, 538, 690, 834, 980, 978, 1138, 1262, 1388, 1492 1140, 1264, 1390, 1494 Consumer instalment credits of 933 Conferences: (See Meetings) Consumer instalment loans....97, 229, 335, 453, 569, Consolidations of banks .. .241, 1179 721, 865, 1011, 1171, 1295, 1421, 1525Construction: Insured home mortgages held 91, 223, 329, 443, Developments during" year 755 559, 711, 855, 1001, 1161, 1285, 1411, 1515 National summary of business conditions... .49, 183, Commercial, industrial, and agricultural loans of 404, 519, 669, 814, 961, weekly reporting member banks: 1121, 1245, 1369, 1475 By Federal Reserve districts 72, 204, 310, 424, Public 758 540, 692, 836, 982, 1142, 1266, 1392, 1496 Residential building during year 759 New York City and outside.. .70, 202, 308, 422, 538, Volume during year 757 690, 834, 980, 1140, 1264, 1390, 1494 Construction contracts awarded: Commercial loans : By districts 91, 223, 329, 443, 559, 711, 855, All banks in United States and possessions, by 1001, 1161, 1285, 1411, 1515 States 1386 By public and private ownership.. .91, 223, 329, 443, Insured, by classes 68, 200, 306, 420, 536, 688, 559, 711, 855, 1001, 1161, 1285, 1411, 1515 Commercial paper: 832> 978> 1138> 1262> 1388> 1492 By type of construction 91, 223, 329, 443, 559, 711, 855, 1001, 1161, 1285, 1411, 1515 Open-market rates on....75, 207, 313, 427, 543, 695, Index of value of...83, 215, 321, 435, 551, 703, 847, 839, 985, 1145, 1269, 1395, 1499 993, 1153, 1277, 1403, 1507 Outstanding 74, 206, 312, 426, 542, 694, 838, Consumer credit: Committees: 984,1144,1268,1394,1498 Amendment to Regulation W on customer trials Banking and Currency of House: of appliances 1364 Statement filed by Chairman Eccles with Articles not designed exclusively for commercial proposal for special reserve requirement use.... 1470 against demand and time deposits of banks. .14 Automobile appraisal guides designated under Statement of Chairman McCabe before 904 Regulation W 1240 Statement of Mr. Evans on regulation of Automobile demonstrators 1470 consumer instalment credit 912 Chart book statistics... .107, 239, 345, 459, 575, 727, Banking and Currency of Senate: 871, 1017, 1177, 1301, 1427, 1531 Housing situation, letters to Senator Tobey.. 764 Curtail and renewal of pre-September 20 credits.. 1471 Executive of Federal Open Market, members of.. 287 Final instalments less than minimum 1470 Federal Open Market: (See Federal Open Mar- Furniture store statistics 98, 230, 336, 454, 570, ket Committee) 722, 866, 1012, 1172, 1296, 1422, 1526 DECEMBER 1948 1563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Consumer credit—Continued. Corporation financing, industrial differences in, article Increase in 1207 by Charles H. Schmidt 623 Instalment buying terms 901 Cost of credit and capital, discussion of 269 Instalment credits of commercial banks, by type Cost of living: of credit 97, 229, 335, 453, 569, 721, 865, Consumers price index for moderate income 1011, 1171, 1295, 1421, 1525 families 99, 231, 337, 448, Instalment loans 96, 228, 334, 452, 568, 720, 564, 716, 860, 1006, 1166, 1290, 1416, 1520 864, 1010, 1170, 1294, 1420, 1524 Index for principal countries.... 127, 263, 365, 481, Instalment loans made by principal lending in- 609, 747, 891, 1041, 1199, 1323, 1449, 1551 stitutions 96, 228, 334, 452, 568, 720, 864, Index, United States 83, 215, 321, 435, 1010, 1170, 1294, 1420, 1524 551, 703, 847, 993, 1153, 1277, 1403, 1507 Instalment sale credit, excluding automobile Costa Rica: credit 97, 229, 335, 453, 569, 721, 865, National Bank of: 1011, 1171, 1295, 1421, 1525 Condition 120, 256, 358, 474, 602, 740, Interpretations of Regulation W 1364, 1470 884, 1034, 1192, 1316, 1442, 1544 Joint resolution of Congress giving Board of Discount rate 123, 259, 361, 477, 605, 743, Governors authority to exercise control of 1103 887, 1037, 1195, 1319, 1445, 1547 Ratio of collections to accounts receivable. .98, 230, Cotton, Cecil W., appointed director at Oklahoma 336, 454, 570, 722, 866, 1012, City branch 47 1172, 1296, 1422, 1526 Cotton, prices of 1054 Refinancing of credit originally exempt 1472 Country member banks: Registration not required if credits exempt 1470 Assets and liabilities: Regulation of instalment credit, statement by December 31, 1947 460 Mr. Evans 912 June 30, 1948 1302 Regulation W adopted 1104 Condition, call dates 68, 200, 306, 420, Regulation W issued 1066 536, 688, 832, 978, 1138, 1262, 1388, 1492 Rental purchase arrangements 1471 Deposits and reserves 60, 194, 300, 414, Restoration of controls 1214 530, 680, 826, 972, 1132, 1256, 1380, 1486 Revised series 933 Deposits in large and small centers 59, 193, 299, Statement of Chairman McCabe before House 413, 529, 679, 825, 971, 1131, 1255, 1379, 1485 Banking and Currency Committee 904 Earnings: Status of rulings under previous regulation 1111 1947 576, 579 Table model roasters and cookers 1470 First half of 1948 1363 Total credit, by major parts 96, 228, 334, 452, Ratios by Federal Reserve districts 586 568, 720, 864, 1010, 1170, 1294, 1420, 1524 Reserves and borrowings 59, 193, 299, 413, 529, Transactions initiated before effective date of 679, 825, 971, 1131, 1255, 1379, 1485 regulation 1240 Court cases : Volume of 897 Suit regarding conditions of membership by Consumer finances, survey of, 1948: Peoples Bank of Lakewood Village, California, Part I. Expenditures for durable goods 634 decision of Supreme Court of United States 398 Part II. Distribution of consumer income in 1947. .649 Credit: Part III. Consumer ownership and use of liquid Bank: (See Bank credit) and nonliquid assets 766 Consumer: (See Consumer credit) Part IV. Consumer saving and the allocation of Cost of .'269 disposable income 914 Developments, and the Government security Part V. Housing expenditures and finance 1058 market 1455 Consumers: Federal Reserve: Financial position and buying plans of, July Chart 52, 186, 292, 406, 522, 1948 1355 672, 818, 964, 1124, 1248, 1372, 1478 Cooperatives: End-of-month and Wednesday figures 53, 187, Banks for, loans by 82, 214, 320, 434, 550, 702, 846, 992, 1152, 1276, 1402, 1506 293, 407, 523, 673, 919, 965, Copeland, Morris A., article on banking assets and 1125, 1249, 1373, 1479 the money supply since 1929 24 Nonbank, discussion of 1458 Corporate bonds: Restraint on voluntary basis discussed 495 Yields on 75, 207, 313, 427, 543, 695, 839, 985, Retail, survey for 1947 787 1145, 1269, 1395, 1499 Credit unions: Corporate funds, uses and sources of 616 Consumer instalment loans of 934 Corporate security issues: Criminal Code: Proposed use of proceeds: Act of Congress, revised and codified 1113 All issuers 77, 209, 315, 429, 545, 697, 841, Crop production, increase in 1948 1049 987, 1147, 1271, 1397, 1501 Crop reports, by Federal Reserve districts 107, 1017, Major groups of issuers 77, 209, 315, 429, 1177, 1301, 1427, 1531 545, 697, 841, 987, 1147, 1271, 1397, 1501 Currency: Corporate stocks: Circulation, by denominations 61, 195, 301, 415, Holdings of all member banks 460, 1302 531, 681, 827, 973, 1133, 1257, 1381, 1487 Prices in United States 76, 208, 314, 428, Increased use of 1210 544, 696, 840, 986, 1146, 1270, 1396, 1500 Israel, new system adopted 1464 1564 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Currency—Continued. Department stores—Continued. Kinds of money in circulation 61, 195, 301, 415, Sales, accounts receivable, and collections... .98, 230, 531, 681, 827, 973, 1133, 1257, 1381, 1487 336, 454, 570, 722, 866, 1012, Major factors affecting decline in 493 1172, 1296, 1422, 1526 Outside banks 63, 197, 303, 417, Sales and stocks: 533, 683, 829, 975, 1135, 1259, 1383, 1489 By Federal Reserve districts.. .93, 225, 331, 445, Treasury, outstanding 53, 187, 293, 407, 561, 713, 857, 1003, 1163, 1287, 1413, 1517 523, 673, 919, 965, 1125, 1249, 1373, 1479 By major departments 95, 227, 333, 446, Customers' debit balances 74, 206, 312, 426, 562, 714, 858, 1004, 1164, 1288, 1414, 1518 542, 694, 838, 984, 1144, 1268, 1394, 1498 Revised table 396 Sales, stocks, and outstanding orders...94, 226, 332, Czechoslovakia: 447, 563, 715, 859, 1005, 1165, 1289, 1415, 1519 Foreign exchange rates 125, 261, 363, 479, Deposits: 607, 745, 889, 1039, 1197, 1321, 1447, 1549 Adjusted, of all banks and currency outside Gold and foreign exchange reserve requirements banks 63, 197, 303, 417, 533, of central bank 34 683, 829, 975, 1135, 1259, 1383, 1489 National Bank of: All banks in United States, call dates...64, 198, 304, Condition 120, 256, 358, 474, 418, 534, 684, 830, 976, 1136, 1260, 1384, 1490 602, 740, 884, 1034, 1192, 1316, 1442, 1544 All member banks: Discount rate 123, 259, 361, 477, December 31, 1947 460 603, 743, 887, 1037, 1195, 1319, 1445, 1547 June 30, 1948 1302 Gold reserves 110, 246, 348, 464, Distribution by counties, publication of pamphlet. .667 592, 730, 874, 1024, 1182, 1306, 1432, 1534 Factors affecting 1209 David, Donald K., resignation as Class C director Federal Reserve Banks: at Boston 48 All banks combined 55, 189, 295, 409, 525, Debit and credit balances of stock exchange firms....74. 675, 821, 967, 1127, 1251, 1375, 1481 206, 312, 426, 542, 694, 838, Each bank 57, 191, 297, 411, 527, 984, 1144, 1268, 1394, 1498 677, 823, 969, 1129, 1253, 1377, 1483 Debits and clearing statistics, their background and Foreign banks, held by banks on call dates.. .69, 201, interpretation, copies of pamphlet available for 307, 421, 537, 689, 833, 979, distribution 48 1139, 1263, 1389, 1493 Debits to deposit accounts: Government: Reporting centers, year and month 62, 196, 302, Federal Reserve Banks, each bank 57, 191, 416, 532, 682, 828, 974, 1134, 1258, 1382, 1488 297, 411, 527, 677, 823, 969, Weekly reporting member banks: 1129, 1253, 1377, 1483 By Federal Reserve districts.. .73, 205, 311, 425, Insured commercial banks 69, 201, 307, 421, 541, 693, 837, 983, 1143, 1267, 1393, 1497 537, 689, 833, 979, 1139, 1263, 1389, 1493 New York City and outside.. .71, 203, 309, 423. Weekly reporting member banks: 539, 691, 835, 981, 1141, 1265, 1391, 1495 By Federal Reserve districts. . .73, 205, 311, Debt, Government: 425, 541, 693, 837, 983, Volume and kind of securities.... 79, 211, 317, 431, 1143, 1267, 1393, 1497 547, 699, 843, 989, 1149, 1273, 1399, 1503 New York City and outside... .71, 203, 309, Demand, production, and prices in 1947 1 423, 539, 691, 835, 981, Denmark: 1141, 1265, 1391, 1495 Foreign exchange rates 63, 197, 303, 417, Individuals and businesses, decline in 493 533,'683, 829, 975, 1135, 1259, 1383, 1489 Insured commercial banks 69, 201, 307, 421, 537, Gold and foreign exchange reserve requirements 689, 833, 979, 1139, 1263, 1389, 1493 of central bank 34 Insured commercial banks in United States and National Bank of: possessions 461, 587, 1303 Condition 120, 256, 358, 474, Member banks: 602, 740, 884, 1034, 1192, 1316, 1442, 1544 Classes of banks 60, 194, 300, 414, 530, Discount rate 123, 259, 361, 477, 680, 826, 972, 1132, 1256, 1380, 1486 605, 743, 887, 1037, 1195, 1319, 1445, 1547 Country, in large and small centers 59, 193, Gold reserves 110, 246, 348, 464, 299, 413, 529, 679, 825, 971, 592, 730, 874, 1024, 1182, 1306, 1432, 1534 1131, 1255, 1379, 1485 Department of Agriculture: Mutual savings banks 65, 199, 305, 419, 535, Balance sheet of agriculture, 1948, annual re- 685, 831, 977, 1137, 1261, 1385, 1491 port issued by 1067 National banks 64, 198, 304, 418, 534, Department stores: 684, 830, 976, 1136, 1260, 1384, 1490 Sales: Nonmember banks: By Federal Reserve districts and by cities...94, Chart 52, 186, 292, 406, 522, 226, 332, 448, 564, 716, 860, 1006, 672, 818, 964, 1124, 1248, 1372, 1478 1166, 1290, 1416, 1520 Commercial banks 65, 199, 305, 419, 535, Index of value of 83, 215, 321, 435, 685, 831, 977, 1137, 1261, 1385, 1491 551, 703, 847, 993, 1153, 1277, 1403, 1507 In Federal Reserve Banks 53, 187, 293, 407, Weekly index of 94, 226, 332, 447, 523, 673, 919, 965, 1125, 1249, 1373, 1479 563, 715, 859, 1005, 1165, 1289, 1415, 1519 Ownership of demand 497 DECEMBER 1948 1565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Deposits—Continued. Directors, Federal Reserve Branch Banks—Continued. Postal savings: Phillips, Howard, appointed at Jacksonville 169 Call dates 69, 201, 307, 421,537, Seacrest, Joseph W., appointed at Omaha 518 689, 833, 979, 1139, 1263, 13891,493 Stebbins, A. Howard, Sr., appointed at Little Depositors' balances and assets 63, 197,303, Rock 169 417, 533, 683, 829, 975, 1135, 1259, 13831,489 Stone, Rosco, resignation at Louisville 518 Rates on 54, 188, 294, 408,524, Swrift, Lewis B., appointed at Buffalo 169 674, 820, 966, 1126, 1250, 13741,480 Voit, Alvin A., appointed at Louisville 169 Savings: Directors, Foreign banks: Interest rate on 54, 188, 294, 408,524, Amendment to Regulation L on interlocking bank 674,^820, 966, 1126, 1250, 1374,1480 directorates 810 Special reserve requirement against demand and Directory: time, statement filed by Chairman Eccles with Board of Governors 128, 264, 366, 482, 610, 748, Committee on Banking and Currency of House..14 892, 1042, 1200, 1324, 1450, 1552 States and political subdivisions: Federal Advisory Council... .128, 264, 366, 482, 610, Insured commercial banks 69, 201, 307,421, 748, 892, 1042, 1200, 1324, 1450, 1552 537, 689, 833, 979, 1139, 1263, 13891,493 Federal Open Market Committee. .128, 264, 366, 482, Suspended banks 63, 197, 303, 417,533, 610, 748, 892, 1042, 1200, 1324, 1450, 1552 683, 829, 975, 1135, 1259, 13831,489 Federal Reserve Banks and branches 129, 265, Time, maximum rates on 54, 188, 294, 408,524, 367, 483, 611, 749, 893, 1043, 674, 820, 966, 1126, 1250, 13741,480 1201, 1325, 1451, 1553 Treasury: Discount rates: Chart 52, 186, 292,406, Federal Reserve Banks...54, 188, 294, 408, 524, 674, 522, 672, 818, 964, 1124, 1248, 13721,478 820, 966, 1126, 1250, 1374, 1480 With Federal Reserve Banks..53, 187, 293,407, Foreign central banks... 123, 259, 361, 477, 605, 743, 523, 673, 919, 965, 1125, 1249, 13731,479 887, 1037, 1195, 1319, 1445, 1547 Turnover 62, 196, 302,416, Dividends: 532, 682, 828, 974, 1134, 1258, 13821,488 All member banks by classes 576 Weekly reporting member banks: Federal Reserve Banks during 1947 242 By Federal Reserve districts... 73, 205, 311,425, Industrial corporations... 78, 210, 316, 430, 546, 698, 541, 693, 837, 983, 1143, 1267, 13931,497 842, 988, 1148, 1272, 1398, 1502 New York City and outside. ...71, 203, 309,423, Insured commercial banks in United States and 539, 691, 835, 981, 1141, 1265, 13911,495 possessions 587 Deputy Chairmen of Federal Reserve Banks: Member banks: Appointments for year ..45 1947 501 List df 129, 265, 367, 483,611, First half of 1948 1428 749, 893, 1043, 1201, 1325, 14511,553 Public utility corporations 78, 210, 316, 430, 546, Directors, Federal Reserve Banks: 698, 842, 988, 1148, 1272, 1398, 1502 Bryce, William H., appointment at St. Louis and Dollar balances: designated Deputy Chairman 402 Foreign countries June 30, 1947 164 Class C, appointments for three year terms .45 Dominican Republic: Classes of 170 Condition of central bank 1316, 1442, 1544 David, Donald K., resignation as Class C at Gold and foreign exchange reserve requirements Boston .48 of central bank 34 Hodgkinson, Harold D., appointed Deputy Chair- Earnings: (See also Earnings and expenses) man for 1948 at Boston .46 Corporations 78, 210, 316, 430, 546, 698, 842, Kline, Allan B., appointed Class C at Chicago. . .46 988, 1148, 1272, 1398, 1502 List of 170 Production workers in manufacturing industries. .89, Stevens, Ames, appointed Class C at Boston ,960 221, 327, 441, 557, 709, 853, Stevens, Robert T., appointed Class C at New 999, 1159, 1283, 1409, 1513 York and designated Chairman and Federal Earnings and dividends: Reserve Agent .667 Industrial corporations 78, 210, 316, 430, 546, Directors, Federal Reserve Branch Banks: 698, 842, 988, 1148, 1272, 1398, 1502 Appointments for year .46 Public utility corporations 78, 210, 316, 430, 546, Bland, W. T., resignation at Jacksonville 168 698, 842, 988, 1148, 1272, 1398, 1502 Brehm, C. E., appointed at Nashville .47 Earnings and expenses: Broadbent, Smith D., Jr., appointed at Louisville. 813 Federal Reserve Banks: Cotton, Cecil W., appointed at Oklahoma City.. .47 1947 242 Ebert, R. E., appointed at Charlotte .47 First half of 1948 1022 Faucett, J. Roy, appointed at Birmingham .47 Insured commercial banks in the United States Hale, Edward E., appointed at San Antonio.... .47 and possessions 587 Howell, Marshall F., appointed at Jacksonville.. .47 Member banks: Isaacson, Henry C, appointed at Seattle 168 1947 501 Lee, Charles S., resignation at Jacksonville 813 1947, by classes 576 List of 171 First half of 1948 1360, 1428 Marsh, Ben R., appointed at Detroit .47 Review of , 1215 Miller, J. Hillis, appointed at Jacksonville 960 Ebert, R. E., appointed director at Charlotte branch 47 Moore, M. P., appointed at Memphis .47 Eccles, M. S. (See Board of Governors, Members) 1566 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Economic progress in Western Europe 133 Expenditures: Economic survey for 1948, official summary of Brit- Postwar period 1329 ish Government 391 Treasury 81, 213, 319, 433, 549, 701, Ecuador: 845, 991, 1151, 1275, 1401, 1505 Central bank of: (See also Earnings and expenses) Condition 120, 256, 358, 474, 602, 740, 884, Expenditures for goods and services during 1947 6 1034, 1192, 1316, 1442, 1544 Export-Import Bank: Discount rate 123, 259, 361, 477, 605, 743, Loans by 82, 214, 320, 434, 550, 702, 887, 1037, 1195, 1319, 1445, 1547 846, 992, 1152, 1276, 1402, 1506 Gold and foreign exchange reserve requirements Exports: of central bank 35 Farm commodities, changes in 1051 Egypt : Foreign trade in 1947 5 Gold and foreign exchange reserve requirements Surplus 1333 of central bank 35 Western Europe and dependencies 144 National Bank of: Exter, John: (See Staff of Board) Condition 120, 256, 358, 474, 602, 740, 884, Factory employment: (See Employment) 1034, 1192, 1316, 1442, 1544 Farm Credit Administration: Gold reserves 110, 246, 348, 464, 592, 730, Loans by 82, 214, 320, 434, 550, 702, 874, 1024, 1182, 1306, 1432, 1534 846, 992, 1152, 1276, 1402, 1506 El Salvador: Farm products: Central reserve bank of: Wholesale price indexes: Condition 120, 256, 358, 474, 602, 740, Principal countries 126, 262, 364, 480, 608, 884, 1034, 1192, 1316, 1442, 1544 746, 890, 1040, 1198, 1322, 1448, 1550 Discount rate 123, 259, 361, 477, 605, 743 United States 100, 232, 338, 449, 565, 717, 887, 1037, 1195, 1319, 1445, 1547 861, 1007, 1167, 1291, 1417, 1521 Gold and foreign exchange reserve requirements Farm Security Administration: of central bank 35 Loans by 82, 214, 320, 434, 550, 702, Employees of member banks, number of 576 846, 992, 1152, 1276, 1402r 1506 Employment: Faucett, J. Roy, appointed director at Birmingham Construction 757 branch 47 Factory employment: Fauver, Clarke L.: (See Staff of Board) Adjusted for seasonal variation 89, 221, 327, Federal Advisory Council 441, 557, 709, 853, 999, 1159, 1283, 1409, 1513 Meetings: Business index 83, 215, 321, 435, 551, 703, February 15-17 287 847, 993, 1153, 1277, 1403, 1507 April 25-27 518 Factory employment and pay rolls by indus- September 19-21 1239 tries 88, 220, 326, 440, 556, 708, November 14-16 1474 852, 998, 1158, 1282, 1408, 1512 Members: Labor force 90, 222, 328, 442, 558, 710, Brown, Edward E., reelected President 287 854, 1000, 1160, 1284, 1410, 1514 Fleming, Robert V., elected Second Vice National summary of business conditions... 183, 288, President 287 403 Nonagricultural: List of 128, 264, 366, 482, 610, 748, Business index 83, 215, 321, 435, 551, 703, 892, 1042, 1200, 1324, 1450, 1552 847, 993, 1153, 1277, 1403, 1507 Spencer, C. E., Jr., elected First Vice Presi- Total in each classification 90, 222, 328, 442, dent 287 558, 710, 854, 1000, 1160, 1284, 1410, 1514 Resolution on housing situation 764 England: (See United Kingdom) Staff: Erickson, Joseph A., appointment as President of Fed- Lichtenstein, Walter, reappointed Secretary. .287 eral Reserve Bank of Boston 1363 Resignation as Secretary 518 Estonia: Prochnow, Herbert V., appointed Associate Discount rate of central bank. 123, 259, 361, 477, 605, Secretary 287 743, 887, 1037, 1195, 1319, 1445, 1547 Appointed Secretary 518 Ethiopia : Federal Farm Mortgage Corporation: Condition of State Bank.... 121, 257, 359, 475, 603, Loans by 82, 214, 320, 434, 550, 702, 741, 885, 1035, 1193, 1317, 1443, 1545 846, 992, 1152, 1276, 1402, 1506 Gold and foreign exchange reserve requirements Federal Home Loan Banks: of central bank 35 Loans by 82, 214, 320, 434, 550, 702, Europe: 846, 992, 1152, 1276, 1402, 1506 International capital transactions. .113, 249, 351, 467, Federal Housing Administration: 595, 733, 877, 1027, 1185, 1309, 1434, 1536 Insured home mortgages held by banks and Recovery in Western 133 others 91, 223, 329, 443, 559, 711, Relations of individual Western European coun- 855, 1001, 1161, 1285, 1411, 1515 tries with the western hemisphere 148 Loans insured by 91, 223, 329, 443, 559, 711, Evans, R. M.: (See Board of Governors, Members) 855, 1001, 1161, 1285, 1411, 1515 Executive orders: Federal Intermediate Credit Banks: 9989, transferring jurisdiction of blocked assets Loans by 82, 214, 320, 434, 550, 702, to the Attorney General 1242 846, 992, 1152, 1276, 1402, 1506 1567 DECEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Federal Land Banks: Federal Reserve districts, map of.. 132, 268, 370, 486, 614, Loans by 82, 214, 320, 434, 550, 702, 754, 896, 1046, 1204, 1328, 1454, 1558 846, 992, 1152, 1276, 1402, 1506 Federal Reserve notes: Federal National Mortgage Association: Circulation: Assets and liabilities 82, 214, 320, 434, 550, 702, All banks combined... .55, 189, 295, 409, 525, 675, 846, 992, 1152, 1276, 1402, 1506 821, 967, 1127, 1251, 1375, 1481 Federal Open Market Committee: Each bank, condition statement.... 57, 191, 297, Executive Committee, members of.... ... 287 411, 527, 677, 823, 969, 1129, 1253, 1377, 1483 Meetings: Each bank, Federal Reserve Agents' ac- February 27 and March 1 287 counts 58, 192, 298, 412, 528, 678, May 20 667 824, 970, 1130, 1254, 1378, 1484 October 4 1239 Collateral security for....58, 192, 298, 412, 528, 678, November 15 and 30 1474 824, 970, 1130, 1254, 1378, 1484 Members: Federal Reserve Agents' accounts.. 58, 192, 298, 412, Eccles, Marriner S., reelected Chairman 287 528, 678, 824, 970, 1130, 1254, 1378, 1484 Election of 287 Outstanding and in circulation... .61, 195, 301, 415, Sproul, Allan, reelected Vice Chairman 287 531, 681, 827, 973, 1133, 1257, 1381, 1487 Members and officers, list... 128, 264, 366, 482, 610, Redemption fund: 748, 892, 1042, 1200, 1324, 1450, 1552 All banks combined... .55, 189, 295, 409, 525, 675, Support of Government securities market 11 • 821, 967, 1127, 1251, 1375, 1481 Federal Public Housing Authority: Each bank 56, 190, 296, 410, 526, 676, Loans by 82, 214, 320, 434, 550, 702, 822, 968, 1128, 1252, 1376, 1482 846, 992, 1152, 1276, 1402, 1506 Federal Reserve System: Federal Register, announcement regarding 44 Map 132, 268, 370, 486, 614, 754, Federal Reserve Act: 896, 1046, 1204, 1328, 1454, 1558 Amendment to Section 24 on real estate loans.... 666 Significance of membership in, address by Amendments repealing certain criminal pro- Mr. McCabe 1339 m visions 1113 Finland: Federal Reserve Bank notes: Bank of: Circulation and outstanding.. .61, 195, 301, 415, 531, Condition 121, 257, 359, 475, 603, 741, 681, 827, 973, 1133, 1257, 1381, 1487 885, 1035, 1193, 1317, 1443, 1545 Federal Reserve Bank of Boston: Discount rate 123, 259, 361, 477, 605, 743, Staff: 887, 1037, 1195, 1319, 1445, 1547 Erickson, Joseph A., appointment as Presi- Foreign exchange rates... 125, 261, 363, 479, 607, 745, dent 1363 889, 1039, 1197, 1321, 1447, 1549 Whittemore, Laurence F., resignation as Fleming, Robert V., elected Second Vice President President 1239 of Federal Advisory Council 287 Federal Reserve Bank of New York: Food: Staff: Retail prices, principal countries.. 127, 263, 365, 481, Garvy, George, publication of technical study 609, 747, 891, 1041, 1199, 1323, 1449, 1551 on debits and clearings statistics, their Wholesale prices: background and interpretation 48 Principal countries 126, 262, 364, 480, 608, 746, Federal Reserve Banks: 890, 1040, 1198, 1322, 1448, 1550 Assets and liabilities of 55, 189, 295, 409, 525, United States 100, 232, 338, 449, 565, 717, 675, 821, 967, 1127, 1251, 1375, 1481 861, 1007, 1167, 1291, 1417, 1521 Branches: (See Branch banks, Federal Reserve Foreign banking: System) Interlocking bank directorates, amendment to Capital and surplus of each bank 58, 192, 298, Regulation L 810 412, 528, 678, 824, 970, 1130, 1254, 1378, 1484 Liquidation of funds in the United States 377 Chairmen: (See Chairmen) Foreign banks: Condition statement, each bank 56, 190, 296, 410, Anglo-Palestine Bank, Limited, granted sole 526, 676, 822, 968, 1128, 1252, 1376, 1482 right to issue bank notes 1464 Directors: (See Directors) Bank Deutscher Laender, establishment of 279 Dividends during 1947 ...242 Bank of Canada, annual report of 659 Earnings and expenses: Bank of the German States, authorization to 1947 242 issue notes and coins 1101 First half of 1948 1022 Commercial banks, condition of.. 124, 260, 362, 478, Government securities held by 80, 212, 318, 432, 606, 744, 888, 1038, 1196, 1320, 1446, 1548 548, 700/844, 990, 1150, 1274, 1400, 1504 Condition of central banks 118, 254, 356, 472, 600, Officers 129, 265, 367, 483, 611, 749 738, 882, 1032, 1190, 1314, 1440, 1542 893, 1043, 1201, 1325, 1451, 1553 Deposits held by member banks on call dates 69 Federal Reserve Chart Book: 201, 307, 421, 537, 689, 833, 979, Additions to May issue 668 1139, 1263, 1389, 1493 As an aid to bank management, article by Deposits of weekly reporting member banks: Charles H. Schmidt 382 By Federal Reserve districts. .73, 205, 311, 425. Current statistics on bank credit, money rates and 541, 693, 837, 983, 1143, 1267, 1393, 1497 business 103, 235, 341, 455, 571, 723, New York City and outside..71, 203, 309, 423, 867, 1013, 1173, 1297, 1423, 1527 539, 691, 835, 981, 1141, 1265, 1391, 1495 1568 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Foreign banks—Continued. Germany—Continued. Discount rates of central banks.. 123, 259, 361, 477, Open-market rates 123, 259, 361, 477, 605, 743, 605, 743, 887, 1037, 1195, 1319, 1445, 1547 887, 1037, 1195, 1319, 1445, 1547 Gold and foreign exchange reserve require- Reichsbank: ments of 33 Discount rate 123, 259, 361, 477, 605, 743, Gold reserves of central banks... .110, 246, 348, 464, 887, 1037, 1195, 1319, 1445, 1547 592, 730, 874, 1024, 1182, 1306, 1432, 1534 Gold reserves 110, 246, 348, 464, 592, 730, Philippine Central Bank Act 938 874, 1024, 1182, 1306, 1432, 1534 Foreign deposits held by Federal Reserve Banks: Relations with Western Hemisphere 149 All banks combined 55, 189, 295, 409, 525, 675, Retail food prices 127, 263, 365, 481, 609, 747, 821, 967, 1127, 1251, 1375, 1481 891, 1041, 1199, 1323, 1449, 1551 Each bank 57, 191, 297, 411, 527, 677, Security prices, index numbers... .127, 263, 365, 481, Foreign exchange: 823> 969' 1129> 1253' 1377' 1483 609, 747, 891, 1041, 1199, 1323, 1449, 1551 Reserve requirements of foreign central banks 33 Wholesale prices in.... 126, 262, 364, 480, 608, 746, (See also Foreign funds control) 890, 1040, 1198, 1322, 1448, 1550 Foreign exchange rates 125, 261, 363, 479, 607, 745, Gold: 889, 1039, 1197, 1321, 1447, 1549 Earmarked 62, 196, 302, 416, 532, 682, Foreign funds control: 828, 974, 1134, 1258, 1382, 1488 Executive order transferring jurisdiction to Foreign, postwar drain on 371 Attorney General 1242 Movements, United States... .111, 247, 349, 465, 593, Treasury Department releases 42, 285, 517, 731, 875, 1025, 1183, 1307, 1433, 1535 810, 1120, 1243 Production: Foreign trade in 1947 5 United States 62, 196, 302, 416, 532, 682, Fox, Charles: (See Staff of Board) 828, 974, 1134, 1258, 1382, 1488 France: World Ill, 247, 349, 465, 593, 731, Bank of: 875, 1025, 1183, 1307, 1433, 1535 Condition 119, 255, 357, 473, 601, 739, Reserve requirements of foreign central banks 33 883, 1033, 1191, 1315, 1441, 1543 Reserves of central banks and governments. .110, 246, Discount rate 123, 259, 361, 477, 605, 743, 348, 464, 592, 730, 874, 1024, 1182, 1306, 1432, 1534 887, 1037, 1195, 1319, 1445, 1547 Reserves of foreign central banks 376 Gold reserves 110, 246, 348, 464, 592, 730, Resources of foreign countries 164 874, 1024, 1182, 1306, 1432, 1534 Stock: Commercial banks, assets and liabilities 124, Chart 52, 186, 292, 406, 522, 672, 260, 362, 478, 606, 744, 888, 1038, 818, 964, 1124, 1248, 1372, 1478 1196, 1320, 1446, 1548 End-of-month and Wednesday figures... 53, 187, Foreign exchange rates.. .125, 261, 363, 479, 607, 745, 293, 407, 523, 673, 819, 965, 1125, 1249, 1373, 1479 889, 1039, 1197, 1321, 1447, 1549 United States, analysis of changes..62, 196, 302, Gold and foreign exchange reserve require- 416, 532, 682, 828, 974, 1134, 1258, 1382, 1488 ments of central bank 35 Subsidies, policy statement of International Gold movements Ill, 247, 349, 465, 593, 731, Monetary Fund on 39 875, 1025, 1183, 1307, 1433, 1535 Gold certificates: International capital transactions.. .113, 249, 351, 467, Federal Reserve Bank holdings: 595, 733, 877, 1027, 1185, 1309, 1435, 1537 All banks combined..55, 189, 295, 409, 525, 675, Relations with Western Hemisphere 148 821, 967, 1127, 1251, 1375, 1481 Second annual report of the National Credit Each bank 56, 190, 296, 410, 526, 676, Council 950 822, 968, 1128, 1252, 1376, 1482 Security prices, index numbers.. 127, 263, 365, 481, Outstanding and in circulation. .61, 195, 301, 415, 531, 609, 747, 891, 1041, 1199, 1323, 1449, 1551 681, 827, 973, 1133, 1257, 1381, 1487 Wholesale prices in 126, 262, 364, 480, 608, 746, Government bonds: (See Government securities) 890, 1040, 1198, 1322, 1448, 1550Government corporations and credit agencies: Freight carloadings: Assets and liabilities 82, 214, 320, 434, 550, 702, Classes 92, 224, 330, 444, 560, 712, 846, 992, 1152, 1276, 1402, 1506 856, 1002, 1162, 1286, 1412, 1516 Loans by 82, 214, 320, 434, 550, 702, Index of 83, 215, 321, 435, 551, 703, 846, 992, 1152, 1276, 1402, 1506 847, 993, 1153, 1277, 1403, 1507Government debt: Furniture store statistics 98, 230, 336, 454, 570, 722, Volume and kind of securities. .79, 211, 317. 431, 547, Germany: 866> 1012> 1172> 1296> U22< ^26 699, 843, 989, 1149, 1273, 1399, 1503 Authorization of the Bank of German States to Government employees, number of Federal, State, issue notes and coins 1101 and local 90, 222, 328, 442, 558, 710, Cost of living, index numbers 127, 263, 365, 481, 854, 1000, 1160, 1284, 1410, 1514 609, 747, 891, 1041, 1199, 1323, 1449, 1551Government expenditures 1332 Establishment of new central bank, Government securities: Bank Deutscher Laender 279 Bond prices 76, 208, 314, 428, 544, 696, Foreign exchange rates.. 125, 261, 363, 479, 607, 745, 840, 986, 1146, 1270, 1396, 1500 889, 1039, 1197, 1321, 1447, 1549 Changes in holdings of 490, 1456 International capital transactions. .113, 249, 351, 467, Direct obligations, volume and kind. .79, 211, 317, 431, 595, 733, &77, 1027, 1185, 1309, 1435, 1537 547, 699, 843, 989, 1149, 1273, 1399, 1503 DECEMBER 1948 1569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Government securities—Continued. Hours and earnings of production workers in manu- Federal Reserve Bank holdings: facturing industries 89, 221, 327, 441, 557, 709, All banks combined.. 55, 189, 295, 409, 525, 675, 853,999,1159,1283,1409,1513 Housing: 821, 967, 1127, 1251, 1375, 1481 Statements by Board and Federal Advisory Each bank 56, 190, 296, 410, 526, 676, Council on 764 822, 968, 1128, 1252, 1376, 1482 Howell, Marshall F., appointed director at Jackson- End-of-month and Wednesday figures.. .53, 187, ville branch 47 293, 407, 523, 673, 919, Hungary: 965, 1125, 1249, 1373, 1479 Foreign exchange rate... .125, 261, 363, 479, 607, 745, Maturity distribution. .55, 189, 295, 409, 525, 675, 889, 1039, 1197, 1321, 1447, 1549 821, 967, 1127, 1251, 1375, 1481 Gold and foreign exchange reserve require- Federal Reserve support of market 11, 15 ments of central bank 35 Holdings of marketable securities, November 5- National Bank of: December 24, 1947 12 Condition 121, 257, 359, 475, 603, 741, Insured commercial banks. .68, 200, 306, 420, 536, 688, 885, 1035, 1193, 1317, 1443, 1545 832, 978, 1138, 1262, 1388, 1492 Discount rate 123, 259, 361, 477, 605, 743, Investments by weekly reporting member banks: 887, 1037, 1195, 1319, 1445, 1547 By Federal Reserve districts. .72, 204, 310, 424, Gold reserves 110, 246, 348, 464, 592, 730, 540, 692, 836, 982, 1142, 1266, 1392, 1496 New York City and outside..70, 202, 308, 422, Iceland- 874' 1024' 1182' 1306' 1432) 1534 538, 690, 834, 980, 1140, 1264, 1390, 1494 Gold and foreign exchange reserve requirements Nonbank sales 1212 of central bank 35 Ownership of 1456 Imports: Ownership of direct and guaranteed. .80, 212, 318, 432, Foodstuffs by Western European countries 142 548, 700, 844, 990, 1150, 1274, 1400, 1504 Western European countries from Western Ownership of marketable 23 Hemisphere 150 Prices and yields 12 Imports and exports: Savings bonds 79, 211, 317, 431, 547, 699, Gold movements to and from United States Ill, 843, 989, 1149, 1273, 1399, 1503 247, 349, 465, 593, 731, 875, 1025, Savings bonds, valuation of assets in common 1183, 1307, 1433, 1535 trust fund ... .* 397 Merchandise 92, 224, 330, 444, 560, 712, Yields on 75, 207, 313, 427, 543, 695, 856, 1002, 1162, 1286, 1412, 1516 839, 985, 1145, 1269, 1395, 1499 United States, dollar value of 372 Government security market, review of 1455 Income: Greece: Agriculture, 1948 1069 Bank of: Cash, and outgo of U. S. Treasury 81, 213, Condition 121, 257, 359, 475, 603, 741, 319, 433, 549, 701, 845, 991, 1151, 885, 1035, 1193, 1317, 1443, 1545 1275, 1401, 1505 Discount rate 123, 259, 361, 477, 605, 743, Farmers 1056 887, 1037, 1195, 1319, 1445, 1547 National 101, 233, 339, 450, 566, 718, Gold reserves 110, 246, 348, 464, 592, 730, Payments: 862'1 008' 1168' 1292' 1418'1 522 874, 1024, 1182, 1306, 1432, 1534 Index'value of 83, 215, 321, 435, 551, 703, Foreign exchange rate... .125, 261, 363, 479, 607, 745, 847, 993, 1153, 1277, 1403, 1507 889, 1039, 1197, 1321, 1447, 1549 Use of 101, 233, 339, 450, 566, 718. Gold and foreign exchange reserve requirements 862, 1008, 1168, 1292, 1418, 1522 of central bank 35 Personal 101, 233, 339, 450, 566, 718, Gross national product 101, 233, 339, 450, 566, 718, 862, 1008, 1168, 1292, 1418, 1522 862, 1008, 1168, 1292, 1418, 1522 Postwar period 1329 Review of 1330 Railroads 92, 224, 330, 444, 560, 712. Grove, David L.: (See Staff of Board) 856, 1002, 1162, 1286, 1412, 1516 Guatemala: Taxes, Internal Revenue collections 81, 213, Condition of Bank of... .121, 257, 359, 475, 603, 741, 885, 1035, 1193, 1317, 1443, 1545 319, 433, 549, 701, 845, 991, 1151. Haiti: Index numbers: 1275,1401,1505 Gold and foreign exchange reserve require- Bond prices 76, 208, 314, 428, 544, 696, ments of central bank 35 840, 986, 1146, 1270, 1396, 1500 Hale, Edward E., appointed director of San Antonio Business indexes 83, 215, 321, 435, 551, 703. branch 47 847, 993, 1153, 1277, 1403, 1507 Hodgkinson, Harold D., appointed Deputy Chairman Construction contracts awarded. .83, 215, 321, 435, 551 at Boston 46 703, 847, 993, 1153, 1277, 1403, 1507 Holthausen, Duncan Mc.C.: (See Staff of Board) Cost of living": Home Owners Loan Corporation: Consumers price index for moderate income Loans by 82, 214, 320, 434, 550, 702, families 99, 231, 337, 448, 564, 716, 846, 992, 1152, 1276, 1402, 1506 860, 1006, 1166, 1290, 1416, 1520 Hongkong: Principal countries... 127, 263, 365, 481, 609, 747, Foreign exchange rate... 125, 261, 363, 479, 607, 745, 891, 1041, 1199, 1323, 1449, 1551 889, 1039, 1197, 1321, 1447, 1549 United States 83, 215, 321, 435, 551, 703, Hostrup, Clarence C.: (See Staff of Board) 847, 993, 1153, 1277, 1403, 1507 1570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Index numbers—Continued. Industrial advances by Federal Reserve Banks—Continued. Department stores: Rates 54, 188, 294, 408, 524, 674, Sales, adjusted 83, 215, 321, 435, 551, 703, 820, 966, 1126, 1250, 1374, 1480 847, 993, 1153, 1277, 1403, 1507 Industrial corporations: Sales, weekly 94, 226, 332, 447, 563, 715, Earnings and dividends.. .78, 210, 316, 430, 546, 698, 859, 1005, 1165, 1289, 1415, 1519 842, 988, 1148, 1272, 1398, 1502 Sales and stocks, monthly. .94, 226, 332, 447, 563, Industrial differences in large corporation 715, 859, 1005, 1165, 1289, 1415, 1519 financing 623 Factory employment, business index 83, 215, 321, Industrial production: 435, 551, 703, 847, 993, 1153, 1277, 1403, 1507 Business index S3, 215, 321, 435, 551, 703, Factory employment and pay rolls by in- 847, 993, 1153, 1277, 1403, 1507 dustries 88, 220, 326, 440, 556, 708, By industries: 852, 998, 1158, 1282, 1408, 1512 Adjusted for seasonal variation 84, 216, 322, Freight carloadings: 436, 552, 704, 848, 994, 1154, 1278, 1404, 1508 Adjusted 83, 215, 321, 435, 551, 703, Without seasonal adjustment. .86, 218, 324, 438, 847, 993, 1153, 1277, 1403, 1507 554, 706, 850, 996, 1156, 1280, 1406, 1510 Classes 92, 224, 330, 444, 560, 712, Charts 49, 183, 288, 384, 389, 403, 519, 856, 1002, 1162, 1286, 1412, 1516 669, 814, 961, 1121, 1245, 1369, 1475 Income payments 83, 215, 321, 435, 551, 703, National summary of business conditions.. .49, 183, 847, 993, 1153, 1277, 1403, 1507 288, 403, 519, 669, 814, 961, 1121, 1245, 1369, 1475 Industrial production: Recovery in Western Europe 134 Adjusted for seasonal variation 84, 216, 322, Review of 1947 2 436, 552, 704, 848, 994, 1154, 1278, 1404, 1508 Wholesale price index... 126, 262, 364, 480, 608, 746, Physical volume 83, 215, 321, 435, 551, 703, 890, 1040, 1198, 1322, 1448, 1550 847, 993, 1153, 1277, 1403, 1507 Inflation: Without seasonal adjustment... .86, 218, 324, 438, Latin American Republics 1346 554, 706, 850, 996, 1156, 1280, 1406, 1510 Pressures in 1948 8 Retail food prices 127, 263, 365, 481, 609, 747, Statement of Chairman McCabe before House 891, 1041, 1199, 1323, 1449, 1551 Banking and Currency Committee 904 Security prices in principal countries.. .127, 263, 365, Instalment loans: (See Consumer credit) 481, 609, 747, 891, 1041, 1199, 1323, 1449, 1551 Insurance companies: Stock prices 76, 208, 314, 428, 544, 696, Government securities held by. .80, 212, 318, 432, 548, 840, 986, 1146, 1270, 1396, 1500 700, 844, 990, 1150, 1274, 1400, 1504 Wholesale prices: Insured home loans held..91, 223, 329, 443, 559, 711, Commodities 83, 215, 321, 435, 551, 703, 855, 1001, 1161, 1285, 1411, 1515 847, 993, 1153, 1277, 1403, 1507 Insured commercial banks: Groups of commodities.. 100, 232, 338, 449, 565, Assets and liabilities in United States and 717, 861, 1007, 1167, 1291, 1417, 1521 possessions 587, 1303 Principal countries.. .126, 262, 364, 480, 608, 746, Loans and investments 68, 200, 306, 420, 536, 688, 890, 1040, 1198, 1322, 1448, 1550 832, 978, 1138, 1262, 1388, 1492 India: Interest rates: Foreign exchange rates.. .125, 261, 363, 479, 607, 745, Commercial loan rates in principal cities 75, 207, 889, 1039, 1197, 1321, 1447, 1549 313, 427, 543, 695, 839, 985, 1145, Gold and foreign exchange reserve require- 1269, 1395, 1499 ments of central bank 35 Discussion of 269, 1459 Gold movements Ill, 247, 349, 465, 593, 731, National summary of business conditions 50, 184, 875, 1025, 1183, 1307, 1433, 1535 1122, 1246, 1370 Gold production Ill, 247, 349, 465, 593, 731, Open-market rates in New York City.. .75, 207, 313, 875, 1025, 1183, 1307, 1433, 1535 427, 543, 695, 839, 985, 1145, Reserve Bank of: 1269, 1395, 1499 Condition 121, 257, 359, 475, 603, 741, Time deposits, maximum rates on 54, 188, 294, 885, 1035, 1193, 1317, 1443, 1545 408, 524, 674, 820, 966, 1126, Discount rate 123, 259, 361, 477, 605, 743, 1250, 1374, 1480 887, 1037, 1195, 1319, 1445, 1547 Interlocking Bank Directorates, amendment to Reg- Gold reserves 110, 246, 348, 464, 592, 730, ulation L 810 874, 1024, 1182, 1306, 1432, 1534 Internal Revenue collections... .81, 213, 319, 433, 549, 701, Industrial advances by Federal Reserve Banks: 845, 991, 1151, 1275, 1401, 1505 All banks combined 55, 189, 295, 409, 525, 675, International Bank for Reconstruction and Devel- 821, 967, 1127, 1251, 1375, 1481 opment : Commitments 58, 192, 298, 412, 528, 678, Activities of National Advisory Council relat- 824, 970, 1130, 1254, 1378, 1484 ing to 157 Each bank 56, 190, 296, 410, 526, 676, Report of National Advisory Council 1098 822, 968, 1128, 1252, 1376, 1482 Special report of National Advisory Council 796 Maturity distribution 55, 189, 295, 409, 525, 675, Third annual report of 1220 821, 967, 1127, 1251, 1375, 1481 International capital transactions of the United Number and amount 59, 193, 299, 413, 529, 679, States 112, 248, 350, 466, 594, 732, 825, 971, 1131, 1255, 1379, 1485 876, 1026, 1184, 1308, 1434, 1536 1571 DECEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages International Monetary Fund: Java—Continued. Activities of National Advisory Council relat- Gold reserves 110, 246, 348, 464, 592, 730, ing to .157 874, 1024, 1182, 1306, 1432, 1534 Dollar drawings on 378 Kline, Allan B., appointed Class C director at Policies and activities of, annual report 1217 Federal Reserve Bank of Chicago 46 Policy statement on gold subsidies ..39 Knapp, J. Burke: (See Staff of Board) Report of National Advisory Council 1098 Kolb, J. Raymond: (See Staff of Board) Special report of National Advisory Council .800 Latin America's postwar inflation and balance of Inventories: payments problems 1344 Manufacturing and trade .616 Latin American Republics: Gold movements Ill, 247, 349, 465, 593, 731, Investments: 199, 875, 1025, 1183, 1307, 1433, 1535 All banks in the United States, call dates 65,1137 International capital transactions.. .113, 249, 351, 467, 305, 419, 535, 685, 831, 977,1491 595, 733, 877, 1027, 1185, 1261, 1385, 688, 1309, 1435, 1537 Insured commercial banks. .68, 200, 306, 420, 5361,492 Latvia: 832, 978, 1138, 1262, 1388, Weekly reporting member banks: Discount rate of central bank 123, 259, 361, By Federal Reserve districts 72, 2041, 3 1 1 4 0 2 , , 477, 605, 743, 887, 1037, 1195, 424, 540, 692, 836, 982, 1319, 1445, 1547 1496 1266, 1392, Leading articles: ,308, New York City and outside 70, 202, Agriculture in mid-1948 1047 1140, 422, 538, 690, 834, 980, Bank credit developments :... 1205 1494 1264, 1390, Consumer credit trends 897 Cost of credit and capital 269 reserves 110, 246, 348, 464, 592, 730, Credit developments and the Government secu- 874, 1024, 1182, 1306, 1432, 1534 rity market 1455 Ireland: Demand, production, and prices in 1947 1 Central bank of: Expenditures and incomes in postwar period 1329 Condition 121, 257, 359, 475, 603, 741, Postwar drain on foreign gold and dollar 885, 1035, 1193, 1317, 1443, 1545 reserves 371 Discount rate 123, 259, 361, 477, 605, 743, Real estate and construction markets 755 887, 1037, 1195, 1319, 1445, 1547 Recent developments in business finance 615 Gold and foreign exchange reserve require- Recovery in Western Europe 133 ments of central bank 36 Treasury surplus, bank reserves, and the Isaacson, Henry C, appointed director at Seattle money supply 487 branch • 168 Lee, Charles S., resignation as director at Jack- Israel, new currency system in 1464 sonville branch 813 ItalyDiscount rate 123, 259, 361, 477, 605, 743, Legislation: 887, 1037, 1195, 1319, 1445, 1547 Amendments to Federal Reserve Act repealing Foreign exchange rate... .125, 261, 363, 479, 607, 745, certain criminal provisions 1113 889, 1039, 1197, 1321, 1447, 1549 Section 24 as to participation by RFC in real Gold and foreign exchange reserve require- estate loans 666 ments of central bank 36 Consumer credit, Joint resolution of Congress Gold reserves 110, 246, 348, 464, 592, 730, giving Board of Governors authority to exer- 874, 1024, 1182, 1306, 1432, 1534 cise controls 1103 International capital transactions 113, 249, 351, Housing, letter to Senator Tobey on 764 467, 595, 733, 877, 1027, 1185, Philippine Central Bank Act 938 1309. 1435, 1537 Reconstruction Finance Corporation Act, amend- Wholesale prices in 126, 262, 364, 480, 608, 746, ment as to participation in real estate loans 666 890, 1040, 1198, 1322, 1448, 1550 Reserve requirements, joint resolution of Con- Japan: gress giving Board of Governors authority to Bank of: increase for member banks 1103 Condition 121, 257, 359, 475, 603, 741, Leonard, R. F.: (See Staff of Board) 885, 1035, 1193, 1317, 1443, 1545 Discount rate 123, 259, 361, 477, 605, 743, Liquid asset holdings of individuals and businesses, 887, 1037, 1195, 1319, 1445, 1547 estimated 657 Gold reserves 110, 246, 348, 464, 592, 730, List of directors of Federal Reserve Banks and 874, 1024, 1182, 1306, 1432, 1534 branches 170 Foreign exchange rates.. .125, 261, 363, 479, 607, 745, Lithuania: 889, 1039, 1197, 1321, 1447, 1549 Discount rate of central bank 123, 259, 361, 477, Gold movements Ill, 247, 349, 465, 593, 731, 605, 743, 887, 1037, 1195, 1319, 1445, 1547 875, 1025, 1183, 1307, 1433, 1535 Livestock: Wholesale prices in 126, 262, 364, 480, 608, 746, Number on farms 1948 1050 890, 1040, 1198, 1322, 1448, 1550 Loans: Java: Bank of: Agricultural: Discount rate 123, 259, 361, 477, 605, 743, Insured commercial banks..68, 200, 306, 420, 536, 887, 1037, 1195, 1319, 1445, 1547 688, 832, 978, 1138, 1262, 1388, 1492 1572 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Loans—Continued. Maps: Brokers and dealers in securities by weekly Federal Reserve System. .132, 268, 370, 486, 614, 754, reporting member banks: 896, 1046, 1204, 1328, 1454, 1558 By Federal Reserve districts... 72, 204, 310, 424, Margin accounts: 540, 692, 836, 982, 1142, 1266, 1392, 1496 Statistics of stock exchange firms 74, 206, 312, New York City and outside 70, 202, 308, 422, 426, 542, 694, 838, 984, 1144, 538, 690, 834, 980, 1140, 1264, 1390, 1494 1268, 1394, 1498 Commercial, industrial, and agricultural by Margin requirements: weekly reporting member banks: Amendments to Regulations T and U on sub- By Federal Reserve districts.. .72, 204, 310, 424, stitutions in undermargined accounts 284 540, 692, 836, 982, 1142, 1266, 1392, 1496 * Ninety-day rule in special cash account 517 New York City and outside... .70, 202, 308, 422, Substitutions in undermargined accounts 397 538, 690, 834, 980, 1140, 1264, 1390, 1494 Table ,. .54, 188, 294, 408, 524, 674, Consumer instalment, made by principal lend- 820, 966, 1126, 1250, 1374, 1480 ing institutions 96, 228, 334, 452, 568, 720, Maritime Commission: 864, 1010, 1170, 1294, 1420, 1524 War production loans guaranteed by 59, 193, 299, Current tendencies in bank lending 1462 413, 529, 679, 825, 971, 1131, Federal Housing Administration, insured by 91, 1255, 1379, 1485 223, 329, 443, 559, 711, 855, 1001, 1161, Marsh, Ben R., appointed director at Detroit branch... .47 1285, 1411, 1515 Maturity distribution of loans and Government Government corporations and credit agencies 82, securities 55, 189, 295, 409, 525, 675, 214, 320, 434, 550, 702, 846, 992, 1152, 821, 967, 1127, 1251, 1375, 1481 1276, 1402, 1506 McCabe, Thomas B.: (See Board of Governors, Industrial: (See Industrial advances) Members) Instalment 96, 228, 334, 452, 568, 720, Meetings: v < , 864, 1010, 1170, 1294, 1420, 1524 Chairmen of the Federal Reserve Banks: + Real estate: ' ' ' May 29-31 667 Amendment to Section 24 Federal Reserve December 9-10 1474 Act 666 Federal Advisory Council: Weekly reporting member banks: February 15-17 287 By Federal Reserve districts... .72, 204, 310, April 25-27 518 424, 540, 692, 836, 982, 1142, September 19-21 1239 1266, 1392, 1496 November 14-16 1474 New York City and outside 70, 202, 308, Federal Open Market Committee: 422, 538, 690, 834, 980, 1140, February 27 and March 1 287 1264, 1390, 1494 May 20 667 Slackened growth in bank loans 491 October 4 1239 War production, guaranteed by War Department, November 15 and 30 1474 Navy Department, and Maritime Commis- Presidents of the Federal Reserve Banks : sion 59, 193, 299, 413, 529, 679, February 25, 26, and 27 287 825, 971, 1131, 1255, 1379, 1485 May 18 and 21 667 Loans and investments: October 1, 2, and 5 1239 All banks in United States, call dates... .64, 198, 304, November 29 and December 1 1474 418, 534, 684, 830, 976, 1136, Member banks: 1260, 1384, 1490 Assets and liabilities: Insured commercial banks. .68, 200, 306, 420, 536, 688, December 31, 1947, by class of bank 460 832, 978, 1138, 1262, 1388, 1492 June 30, 1948, by class of bank 1302 Member banks, call dates. .64, 198, 304, 418, 534, 684, Changes in number of banking offices in United 830, 976, 1136, 1260, 1384, 1490 States 241, 1179 Mutual savings banks, call dates... .65, 199, 305, 419, Deposits and reserves of 60, 194, 300, 414, 530 680 535, 685, 831, 977, 1137, 1261, 1385, 1491 826, 972, 1132, 1256, 1380, 1486 National banks 64, 198, 304, 418, 534, 684, Earnings: 830, 976, 1136, 1260, 1384, 1490 1947, by classes 501,576 Nonmember banks 65, 199, 305, 419, 535, 685, By size of bank 580 831, 977, 1137, 1261, 1385, 1491 First half of 1948 1360, 1428 Weekly reporting member banks: Loans and investments, call dates..64, 198, 304, 418, By Federal Reserve districts 72, 204, 310, 534, 684, 830, 976, 1136, 1260, 1384, 1490 424, 540, 692, 836, 982, 1142, Number of: 1266, 1392, 1496 Call dates 64, 198, 304, 418, 534, 684, New York City and outside 70, 202, 308, 830, 976, 1136, 1260, 1384, 1490 422, 538, 690, 834, 980, 1140, In operation and branches on Manufactures: 1264,1390,1494 December 31, 1947 588 Industrial production, index of. .83, 215, 321, 435, 551, Offices in United States.. .108, 240, 346, 462 590 703, 847, 993, 1153, 1277, 1403, 1507 728, 872, 1018, 1178, 1304, 1429, 1532 Manufacturing industries: Officers and employees 576 Hours and earnings of production workers..89, 221, Operating ratios 1947 1019 327, 441, 557, 709, 853, 999, 1159, Par list 108, 240, 346, 462, 590, 728, 1283, 1409, 1513 872, 1018, 1178, 1304, 1429, 1532 1573 DECEMBER 1948 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Member banks—Continued. Morocco : Ratios of earnings, by classes 583 Gold and foreign exchange reserve requirements Reserve requirements 54, 188, 294, 408, 524, 674, of central bank ^36 820, 966, 1126, 1250, 1374, 1480 Mortgage debt, volume of 762 Reserves, reserve bank credit and related Mortgages: items 53, 187, 293, 407, 523, 673, Expansion in credit for 1207 919, 965, 1125, 1249, 1373, 1479 Insured Federal Housing Administration mort- Membership in Federal Reserve System: gages held 91, 223, 329, 443, 559, 711, Admission of State banks. .48, 169, 287, 402, 518, 668, 855, 1001, 1161, 1285, 1411, 1515 813, 1100, 1239, 1363, 1474 Moss, Milton: (See Staff of Board) Amendment to Regulation H to eliminate cer- • Mutual savings banks: tain conditions 1112 Changes in number of banking offices in United Conditions, suit of Peoples Bank of Lakewood States 241, 1179 Village, California, decision of Supreme Court Deposits, call dates 65, 199, 305, 419, 535, 685, of United States 398 831, 977, 1137, 1261, 1385, 1491 Significance of, address by Mr. McCabe before Government securities held by 80, 212, 318, 432, stockholders of Federal Reserve Bank of 548, 700, 844, 990, 1150, 1274, 1400, 1504 Boston 1339 Insured home loans held 91, 223, 329, 443, 559, Merchandise: 711, 855, 1001, 1161, 1285, 1411, 1515 Exports and imports 92, 224, 330, 444, 560, 712, Loans and investments, call dates 65, 199, 305, 856, 1002, 1162, 1286, 1412, 1516 419, 535, 685, 831, 977, 1137, 1261, 1385, 1491 Mexico: Number in operation and branches in 1947 588 Bank of: National Advisory Council: Condition 121, 257, 359, 475, 603, 741, Report on international monetary and financial 885, 1035, 1193, 1317, 1443, 1545 problems: Discount rate 123, 259, 361, 477, 605, 743, April 1-September 30, 1947 152 887, 1037, 1195, 1319, 1445, 1547 October 1, 1947-March 31, 1948 1083 Gold reserves 110, 246, 348, 464, 592, 730, Special report of 794 874, 1024, 1182, 1306, 1432, 1534 Statement on gold subsidies 39 Foreign exchange rates.. .125, 261, 363, 479, 607, 745, National Association of Bank Auditors and Comp- 889, 1039, 1197, 1321, 1447, 1549 trollers, article on Federal Reserve Chart Book as Gold and foreign exchange reserve requirements an aid to bank management prepared at request of... 382 of central bank 36 National bank notes, stock of 61, 195, 301, 415, 531, Gold movements Ill, 247, 349, 465, 593, 731, National banks:. . 681- 827> 973> 1133- 1257. 1381- 1487 875, 1025, 1183, 1307, 1433, 1535 Assets and liabilities: Gold production Ill, 247, 349, 465, 593, 731, December 31, 1947 460 875, 1025, 1183, 1307, 1433, 1535 June 30, 1948 1302 Military Government for Germany: Changes in number of banking offices in United Establishment of new central bank in United States 241, 1179 States and British zones 279 Deposits, call dates 64, 198, 304, 418, 534, 684, Millard, Edwin R.: (See Staff of Board) 830, 976, 1136, 1260, 1384, 1490 Miller, J. Hillis, appointed director at Jacksonville Earnings: branch 960 1947 576 Minerals: By size of bank 581 Industrial production, index of. .83, 215, 321, 435, 551, First half of 1948 1428 703, 847, 993, 1153, 1277, 1403, 1407 Number of: Money in circulation: Call dates 64, 198, 304, 418, 534, 684, Adjustment for seasonal variation..62, 196, 302, 416, 830, 976, 1136, 1260, 1384, 1490 532, 682, 828, 974, 1134, 1258, 1382, 1488 In operation and branches on December 31, Chart 52, 186, 292, 406, 522, 672, 1947 588 818, 964, 1124, 1248, 1372, 1478 Suspensions 63, 197, 303, 417, 533, 683, Stock of......,,, 61, 195, 301, 415, 531, 681, 829, 975, 1135, 1259, 1383, 1489 827, 973, 1133, 1257, 1381, 1487 National Credit Council of France, second annual Total 53, 187, 293, 407, 523, 673, report of 950 919, 965, 1125, 1249, 1373, 1479 National summary of business conditions.... 49, 183, 288, Money rates: 403, 519, 669, 814, 961, Commercial loan rates 75, 207, 313, 427, 543, 695, Navy Department: 1121,1245,1369,1475 839, 985, 1145, 1269, 1395, 1499 War production loans guaranteed by 59, 193, 299, Current statistics for Federal Reserve Chart 413, 529, 679, 825, 971, 1131, 1255, 1379, 1485 Book 103, 235, 341, 455, 571, 723, Netherlands: 867, 1013, 1173, 1297, 1423, 1527 Bank: Foreign countries 123, 259, 361, 477, 605, 743, Condition 121, 257, 359, 475, 603, 741, 885, 887, 1037, 1195, 1319, 1445, 1547 1035, 1193, 1317, 1443, 1545 Increase in 1213 Discount rate 123, 259, 361, 477, 605, 743, Open-market, New York City. .75, 207, 313, 427, 543, 887, 1037, 1195, 1319, 1445, 1547 695, 839, 985, 1145, 1269, 1395, 1499 Gold reserves 110, 246, 348, 464, 592, 730, Moore, M. P., appointed Director at Memphis branch. .47 874, 1024, 1182, 1306, 1432, 1534 1574 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Netherlands—Continued. Norway: Cost of living 127, 263, 365, 481, 609, 747, 891, Bank of: 1041, 1199, 1323, 1449, 1551 Condition . 121, 257, 359, 475, 603, 741, Foreign exchange rates 125, 261, 363, 479, 607, 885, 1035, 1193, 1318, 1444, 1546 745, 889, 1039, 1197, 1321, 1447, 1549 Discount rate 123, 259, 361, 477, 605, 743, Gold and foreign exchange reserve requirements 887, 1037, 1195, 1319, 1445, 1547 of central bank 36 Gold reserves 110, 246, 348, 464, 592, 730, Gold movements Ill, 247, 349, 465, 593, 731, 874, 1024, 1182, 1306, 1432, 1534 875, 1025, 1183, 1307, 1433, 1535 Foreign exchange rates.. .125, 261, 363, 479, 607, 745, International capital transactions 113, 249, 351, 889, 1039, 1197, 1321, 1447, 1549 467, 595, 733, 877, 1027, 1185, 1309, 1434, 1536 Gold and foreign exchange reserve require- Open-market rates 123, 259, 361, 477, 605, 743, ments of central bank 37 887, 1037, 1195, 1319, 1445, 1547 Obligations of Government, direct and guaranteed: Retail food prices 127, 263, 365, 481, 609, 747, Maturities 79, 211, 317, 431, 547, 699, 891, 1041, 1199, 1323, 1449, 1551 843, 989, 1149, 1273, 1399, 1503 Security prices, index numbers.... 127, 263, 365, 481, Open-market paper, insured commercial banks...68, 200, 609, 747, 891, 1041, 1199, 1323, 1449, 1551 306, 420, 536, 688, 832, 978, 1138, Wholesale prices 126, 262, 364, 480, 608, 746, 1262, 1388, 1492 890, 1040, 1198, 1322, 1448, 1550 Open-market rates: Netherlands Indies: Foreign countries 123, 259, 361, 477, 605, 743, Gold and foreign exchange reserve requirements 887, 1037, 1195, 1319, 1445, 1547 of central bank 36 New York City 75, 207, 313, 427, 543, 695, New York Stock Exchange: 839, 985, 1145, 1269, 1395, 1499 Volume of trading on... .76, 208, 314, 428, 544, 696, Operating ratios of member banks, 1947 1019 840, 986, 1146, 1270, 1396, 1500 Ownership of demand deposits 497 New Zealand: Pamphlets: (See Publications) Foreign exchange rates 125, 261, 363, 479, 607, Paper currency, circulation 61, 195, 301, 415, 531, 745, 889, 1039, 1197, 1321, 1447, 1549 681, 827, 973, 1133, 1257, 1381, 1487 Gold and foreign exchange reserve requirements Par list: of central bank 36 Number of banks, by districts and by States.. 108, 240, 346, 462, 590, 728, 872, 1018, Reserve Bank of: 1178, 1304, 1429, 1532 Condition 121, 257, 359, 475, 603, 741, Paraguay: 885, 1035, 1193, 1318, 1444, 1546 Condition of central bank 122, 258, 360, 476, 604, Discount rate 123, 259, 361, 477, 605, 743, 742, 886, 1036, 1194, 1318, 1444, 1546 887, 1037, 1195, 1319, 1445, 1547 Parry, Carl E.: (See Staff of Board) Gold reserves 110, 246, 348, 464, 592, 730, Pay rolls, factory: 874, 1024, 1182, 1306, 1432, 1534 Business index of 83, 215, 321, 435, 551, Nicaragua: 703, 847, 993, 1153, 1277, 1403, 1507 Gold production Ill, 247, 349, 465, 593, 731, By industry 88, 220, 326, 440, 556, 875, 1025, 1183, 1307, 1433, 1535 708, 852, 998, 1158, 1282, 1408, 1512 Nonmember banks: Peoples Bank of Lakewood Village, suit regarding Assets and liabilities of insured commercial condition of membership, decision of Supreme banks in United States and possessions.. .461, 1303 Court of United States 398 Changes in number of banking offices in United Peru: States 241, 1179 Central reserve bank of: Deposits: Condition 122, 258, 360, 476, 604, Call dates 65, 199, 305, 419, 535, 685, 742, 886, 1036, 1194, 1318, 1444, 1546 831, 977, 1137, 1261, 1385, 1491 Discount rate 123, 259, 361, 477, 605, Held by Federal Reserve Banks....53, 187, 293, 743, 887, 1037, 1195, 1319, 1445, 1547 407, 523,673,919,965, 1125, Gold reserves 110, 246, 348, 464, 592, 1249, 1373, 1479 730, 874, 1024, 1182, 1306, 1432, 1534 Loans and investments... .65, 199, 305, 419, 535, 685, Gold and foreign exchange reserve requirements 831, 977, 1137, 1261, 1385, 1491 of central bank 37 Number of: Philippine Islands: Call dates 65, 199, 305, 419, 535, 685, Central Banking Act, article by David L. Grove 831, 977, 1137, 1261, 1385, 1491 and John Exter 938 In operation and branches on Gold movements Ill, 247, 349, 465, 593, 731, December 31, 1947 588 875, 1025, 1183, 1307, 1433, 1535 Offices in United States.. 108, 240, 346, 462, 590, Phillips, Howard, appointed director at Jacksonville 728, 872, 1018, 1178, 1304, 1429, 1532 branch 169 Poland: Par list 108, 240, 346, 462, 590, 728, Foreign exchange rates 125, 261, 363, 479, 607, 872, 1018, 1178, 1304, 1429, 1532 745, 889, 1039, 1197, 1321, 1447, 1549 Suspensions 63, 197, 303, 417, 533, 683, Gold reserves 110, 246, 348, 464, 592, 730, 874, 829, 975, 1135, 1259, 1383, 1489 1024, 1182, 1306, 1432, 1534 DECEMBER 1948 1575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Portugal: Public utility corporations: Bank of: Earnings and dividends of 78, 210, 316, 430, 546, Condition 122, 258, 360, 476, 604, 742, 886, 698, 842, 988, 1148, 1272, 1398, 1502 1036, 1194, 1318, 1444, 1546 Publications: Discount rate 123, 259, 361, 477, 605, 743, Annual report of Board of Governors , 518 887, 1037, 1195, 1319, 1445, 1547 Board of Governors, list 130, 266, 368, 484, 612, Gold reserves 110, 246, 348, 464, 592, 730, 750, 894, 1044, 1202, 1326, 1452, 1554 874, 1024, 1182, 1306, 1432, 1534 Debits and clearing statistics, their background Foreign exchange rates 125, 261, 363, 479, 607, and interpretation, by George Garvy of Fed- 745, 889, 1039, 1197, 1321, 1447, 1549 eral Reserve Bank of New York 48 Gold and foreign exchange reserve requirements Distribution of deposits, by counties 667 of central bank 37 Federal Register, announcement regarding 44 Postal saving deposits: Federal Reserve Chart Book, additions to May Depositors' balances and assets 63, 197, 303, 417, issue 668 533, 683, 829, 975, 1135, 1259, 1383, 1489 United States Government manual 1354 Insured commercial banks 69, 201, 307, 421, 537, Railroads: 689, 833, 979, 1139, 1263, 1389, 1493 Revenues, expenses, and income of Class I... .92, 224, Interest rate on 54, 188, 294, 408, 524, 674, 820, 330, 444, 560, 712, 856, 1002, 966, 1126, 1250, 1374, 1480 . 1162, 1286, 1412, 1516 Weekly reporting member banks: Rates Acceptances, bankers' buying 54, 188, 294, 408, By Federal Reserve districts.. .73, 205, 311, 425, 524, 674, 820, 966, 1126, 1250, 1374, 1480 541, 693, 837, 983, 1143, 1267, 1393, 1497 Bills, buying 54, 188, 294, 408, 524, 674, 820, New York City and outside... .71, 203, 309, 423, 966, 1126, 1250, 1374, 1480 539, 691, 835, 981, 1141, 1265, 1391, 1495 Commercial loan rates in principal cities 75, 207, Postwar drain on foreign gold and dollar reserves... .371 313, 427, 543, 695, 839, 985, Postwar inflation problems of Latin America 1344 Postwar period, expenditures and incomes discussed. .1329 Discount: 1145' 1269' 1395' 1499 President of United States: Central banks 123, 259, 361, 477, 605, 743, Correspondence with Mr. Eccles on status as 887, 1037, 1195, 1319, 1445, 1547 member of the Board 168 Federal Reserve Banks...54, 188, 294, 408, 524, Letter from Mr. Eccles withdrawing name from 674, 820, 966, 1126, 1250, 1374, 1480 consideration for designation as Vice Chairman Increase in 274 of Board 667 Foreign exchange 125, 261, 363, 479, 607, 745, Presidents of Federal Reserve Banks : 889, 1039, 1197, 1321, 1447, 1549 Erickson, Joseph A., appointment at Boston 1363 Industrial loans and commitments 54, 188, 294, List of 129, 265, 367, 483, 611, 749, 893, 408, 524, 674, 820, 966, 1126, 1250, 1374, 1480 Meetings- 1043' 1201> 1325> 1451> 1553 Interest, increase in 273 February 25, 26, and 27 287 Money, current statistics for Federal Reserve May 18-21 667 Chart Book 103, 235, 341, 455, 571, 723, October 1, 2, and 5 1239 867, 1013, 1173, 1297, 1423, 1527 November 29 and December 1 1474 Open-market in certain foreign countries... 123, 259, Whittemore, Laurence F., resignation at Boston. .1239 361, 477, 605, 743, 887, 1037, Prices: 1195, 1319, 1445, 1547 Agricultural products 7 Open-market in New York City...75, 207, 313, 427, Building materials and labor costs 756 543, 695, 839, 985, 1145, 1269, 1395, 1499 Farm products 1053 Postal savings deposits 54, 188, 294, 408, 524, In 1947, discussion of 1 674, 820, 966, 1126, 1250, 1374, 1480 Retail food 127, 263, 365, 481, 609, 747, Time deposits, maximum interest on 54, 188, 294, 891, 1041, 1199, 1323, 1449, 1551 408, 524, 674, 820, 966, 1126, 1250, 1374, 1480 Securities in principal countries.. .127, 263, 365, 481, Ratios of all member banks: 609, 747, 891, 1041, 1199, 1323, 1449, 1551 By classes 583 Trend during 1948 1336 By Federal Reserve districts 584 Wholesale commodity: Ratios of country member banks by Federal Reserve Business index 83, 215, 321, 435, 551, 703, districts 586 847, 993, 1153, 1277, 1403, 1507 Ratios of reserve city member banks by Federal By groups of commodities 100, 232, 338, 449, Reserve districts 585 565, 717, 861, 1007, 1167, 1291, 1417, 1521 Real estate: Wholesale in principal countries, index of.. .126, 262, Loans on: 364, 480, 608, 746, 890, 1040, Insured commercial banks 68, 200, 306, 420, 1198, 1322, 1448, 1550 536, 688, 832, 978, 1138, 1262, 1388, 1492 Production in 1947, discussion of 1 Weekly reporting member banks: Production workers in manufacturing industries, By Federal Reserve districts.. .72, 204, 310, hours and earnings of 89, 221, 327, 441, 557, 709, 424, 540, 692, 836, 982, 853, 999, 1159, 1283, 1409, 1513 1142, 1266, 1392, 1496 Profits of corporations 618 New York City and outside 70, 202, 308, Public debt: 422, 538, 690, 834, 980, Volume and kind of securities 79, 211, 317, 431, 1140, 1264, 1390, 1494 547, 699, 843, 989, 1149, 1273, 1399, 1503 Markets, developments during year 755 1576 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Receipts of Treasury: Reserve and central reserve cities: Summary of operations 81, 213, 319, 433, 549, Classification of 40, 284 701, 845, 991, 1151, 1275, 1401, 1505 Increase in required reserves of central reserve Reconstruction Finance Corporation: city banks, amendment to supplement to Regu- Loans by 82, 214, 320, 434, 550, 702, 846, 992, lation D 167, 666, 1103 1152, 1276, 1402, 1506 Reserve city member banks: Participations in real estate loans, amendment Assets and liabilities: to law 666 December 31, 1947 460 Reconstruction Finance Corporation Mortgage Company : June 30, 1948 .1302 Assets and liabilities 82, 214, 320, 434, 550, 702, Condition, call dates 68, 200, 306, 420, 536, 688, 846, 992, 1152, 1276, 1402, 1506 832, 978, 1138, 1262, 1388, 1492 Recovery in Western Europe 133 Deposits and reserves.... 60, 194, 300, 414, 530, 680, Regulations, Board of Governors : 826, 972, 1132, 1256, 1380, 1486 D, Reserves of member banks: Earnings: Amendment to regulation and supplement in- 1947 576, 578 creasing reserve requirements 1103 First half of 1948 1363 Amendment to supplement increasing require- Ratios by Federal Reserve districts 585 ments for central reserve city banks 167 Reserves 60, 194, 300, 414, 530, 680, Amendment to supplement increasing reserves of central reserve city banks 666 826, 972, 1132, 1256, 1380, 1486 Reserve requirements of member banks: F, Trust powers of national banks: Gold and foreign exchange, of foreign central Limitations on participation in common trust banks 33 funds 1113 H, Membership of State banks :.. Increase in: Amendment to eliminate certain conditions. .1112 Discussion 1214 J, Check clearing and collection: Joint resolution of Congress giving Board Amendments on delayed return of unpaid of Governors authority 1103 items 1472 Per cent of deposits 54, 188, 294, 408, 524, 674, L, Interlocking bank directorates: 820, 966, 1126, 1250, 1374, 1480 Amendment to 810 Special, against demand and time deposits of T, Extension and maintenance of credit by banks, statement by Chairman Eccles 14 brokers, dealers, and members of National Se- Reserves: curities Exchanges: Amendment to Regulation D and supplement to Amendment No. 7 on substitutions in under- increase for member banks 1103 margined accounts 284 Amendment to supplement to Regulation D in- Ninety-day rule in special cash account 517 creasing for central reserve city member Substitutions in undermargined accounts 397 banks 167, 666 U, Loans by banks for the purpose of purchasing Bank, statement of Chairman McCabe before or carrying stocks registered on a National House Banking and Currency Committee 904 Securities Exchange: Classification of reserve cities 40, 284 Amendment No. 8 on substitutions in under- Dollar, postwar drain on 371 margined accounts 284 Factors affecting bank reserves 489 W, Consumer instalment credit: Federal Reserve Banks: Adoption of 1104 All banks combined 55, 189, 295, 409, 525, Amendment No. 1 1364 675, 821, 967, 1127, 1251, 1375, 1481 Articles not designed exclusively for com- Each bank 57, 191, 297, 411, 527, 677, 823, mercial use 1470 969, 1129, 1253, 1377, 1483 Automobile appraisal guides 1240 Gold, of central banks and governments 110, 246, Automobile demonstrators 1470 348, 464, 592, 730, 874, Curtail and renewal of pre-September 20 1024, 1182, 1306, 1432, 1534 credits 1471 Insured commercial banks with Federal Reserve Final instalments less than minimum 1470 Banks 69, 201, 307, 421, 537, 689, 833, 979, Interpretations of 1364, 1470 1139, 1263, 1389, 1493 Issuance of 1066 Member banks: Refinancing of credit originally exempt 1472 Account with Federal Reserve Banks...57, 191, Registration not required if credits exempt. .1470 297, 411, 527, 677, 823, Rental purchase arrangements 1471 969, 1129, 1253, 1377, 1483 Status of rulings under previous regulation. .1111 By classes of banks 60, 194, 300, 414, 530, Table model roasters and cookers 1470 680, 826, 972, 1132, 1256, 1380, 1486 Transactions initiated before effective date of regulation 1240 Chart 52, 186, 292, 406, 522, 672, 818, Reil, Katharyne P.: (See Staff of Board) 964, 1124, 1248, 1372, 1478 Reports: (See also Annual reports) Excess: National Advisory Council on international mon- End-of-month and Wednesday figures... 53, etary and financial problems: 187, 293, 407, 523, 673, 919, April _1-September 30, 1947 152 965, 1125, 1249, 1373, 1479 Biennial report to President 794 In classes of banks 59, 193, 299, 413, October 1, 1947-March 31, 1948 1083 529, 679, 825, 971, 1131, 1255, 1379, 1485 DECEMBER 1948 1577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Reserves—Continued. Savings bonds: Member banks—Continued. Sales and redemptions.... 79, 211, 317, 431, 547, 699, Total held: 843, 989, 1149, 1273, 1399, 1503 All banks, end-of-month and Wednesday Valuation of assets in common trust fund 397 figures ...53, 187, 293, 407, 523, 673, 919, Savings deposits: 965, 1125, 1249, 1373, 1479 Interest rates on....54, 188, 294, 408, 524, 674, 820, Classes of banks 59, 193, 299, 413, 529, 966, 1126, 1250, 1374, 1480 679, 825, 971, 1131, 1255, 1379, 1485 Schmidt, Charles H.: (See Staff of Board) Weekly reporting member banks: Sea crest, Joseph W., appointed director at Omaha By Federal Reserve districts.. .73, 205, 311, 425, branch 518 541, 693, 837, 983, 1143, 1267, 1393, 1497 Secretary of the Treasury: Statement on behalf of National Advisory Coun- New York City and outside. ...71, 203, 309, 423, cil on gold subsidies 39 539, 691, 835, 981, 1141, 1265, 1391, 1495 Securities: Resignations: Domestic, inflow of foreign funds 112, 248, 350, Bland, W. T., as director at Jacksonville branch. .168 466, 594, 732, 876, 1026, 1184, 1308, 1434, 1536 Brown, Bonnar, as Assistant Director of the Foreign, return of United States funds 112, 248, Division of Research and Statistics 1239 350, 466, 594, 732, 876, 1026, 1184, David, Donald K., as Class C director at Boston.. 48 1308, 1434, 1536 Knapp, J. Burke, as Assistant Director of the Loans for purchasing or carrying: Division of Research and Statistics 667 Insured commercial banks 68, 200, 306, 420, Lee, Charles S., as director at Jacksonville 536, 688, 832, 978, 1138, 1262, 1388, 1492 branch 813 Weekly reporting member banks: Lichtenstein, Walter, as Secretary of Federal By Federal Reserve districts. ...72, 204, 310, Advisory Council 518 424, 540,692, 836,982,1142,1266,1392, 1496 Stone, Rosco, as director at Louisville branch 518 New York City and outside.70, 202, 308, 422, Whittemore, Laurence F., as President of Fed- 538, 690, 834, 980, ^ 1140, 1264, 1390, 1494 eral Reserve Bank of Boston 1239 (See also Government securities) Resolutions: Securities exchange administration: Federal Advisory Council on housing situation.. .764 Amendments to Regulations T and U on sub- Retail credit survey, 1947 : 787 stitutions in undermargined accounts 284 Retail'food prices 127, 263, 365, 481, 609, 747, 891, Margin requirements under Regulations T and 1041, 1199, 1323, 1449, 1551 U 54, 188, 294, 408, 524, Retirements: 674, 820, 966, 1126, 1250, 1374, 1480 Parry, Carl E., as Director of Division of Se- Ninety-day rule in special cash account 517 curity Loans 402 Substitutions in undermargined accounts 397 Revenues, expenses, and income of Class I railroads. .92, Security issues: 224, 330, 444, 560, 712, 856, Corporate, for new capital 622 1002, 1162, 1286, 1412, 1516 Corporate, proposed use of proceeds 77, 209, 315, Review of the month: (See Leading articles) 429, 545, 697, 841, 987, 1147, 1271, 1397, 1501 Rhodesia: New and refunding 76, 208, 314, 428, 544, Gold production ...111, 247, 349, 465, 593, 731, 875, 696, 840, 986, 1146, 1270, 1396, 1500 1025, 1183, 1307, 1433, 1535 Security markets: Riefler, Winfield W.: (See Staff of Board) Bond and stock prices 76, 208, 314, 428, 544, Rumania: 696, 840, 986, 1146, 1270, 1396, 1500 Foreign exchange rates 125, 261, 363, 479, 607, National summary of business conditions 289, 520, 745, 889, 1039, 1197, 1321, 1447, 1549 670, 815, 962, 1122, 1246, 1370, 1476 National Bank of: Security prices: Discount rate 123, 259, 361, 477, 605, 743, Principal countries 127, 263, 365, 481, 609, 887, 1037, 1195, 1319, 1445, 1547 747, 891, 1041, 1199, 1323, 1449, 1551 Silver and silver certificates, stock 61, 195, 301, 415, Gold reserves 110, 246, 348, 464, 592, 730, 531, 681, 827, 973, 1133, 1257, 1381, 1487 874, 1024, 1182, 1306, 1432, 1534 Smead, E. L.: (See Staff of Board) Rural Electrification Administration: Solomon, Frederic: (See Staff of Board) Loans by 82, 214, 320, 434, 550, 702, 846, South Africa: 992, 1152, 1276, 1402, 1506 Foreign exchange rates 125, 261, 363, 479, 607, Salaries of officers and employees: 745, 889, 1039, 1197, 1321, 1447, 1549 Federal Reserve Banks: Gold and foreign exchange reserve requirements 1947 242 of central bank 37 June 30, 1948 1022 Gold movements Ill, 247, 349, 465, 593, Insured commercial banks in United States and 731, 875, 1025, 1183, 1307, 1433, 1535 possessions 587 Gold production Ill, 247, 349, 465, 593, Member banks 576 731, 875, 1025, 1183, 1307, 1433, 1535 Sales finance companies: Reserve bank: Operations in 1947, article by Milton Moss 781 Condition 122, 258, 360, 476, 604, Savings and loan associations: 742, 886, 1036, 1194, 1318, 1444, 1546 Insured home mortgages held 91, 223, 329, 443, Discount rate 123, 259, 361, 477, 605, 559, 711, 855, 1001, 1161, 1285, 1411, 1515 743, 887, 1037, 1195, 1319, 1445, 1547 1578 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages South Africa—Continued. Special articles—Continued. Reserve bank—Continued. Report of National Advisory Council on inter- Gold reserves 110, 246, 348, 464, 592, national monetary and financial problems, 730, 874, 1024, 1182, 1306, 1432, 1534 October 1, 1947-March 31, 1948 1083 Southard, Frank A., Jr.: (See Staff of Board) Retail credit survey, 1947. . # 787 Spain: Revised consumer credit series 933 Bank of: Sales finance company operations in 1947 .781 Condition 122, 258, 360, 476, 604, Second annual report of the National Credit 742, 886, 1036, 1194, 1318, 1444, 1546 Council of France 950 Discount rate 123, 259, 361, 477, 605, Significance of membership in Federal Reserve 743, 887, 1037, 1195, 1319, 1445, 1547 System , . .1339 Gold reserves 110, 246, 348, 464, 592, Special report of the National Advisory Council.. 794 730, 874, 1024, 1182, 1306, 1432, 1534 Statement of Chairman McCabe before the House Foreign exchange rates 125, 261, 363, 479, 607, Banking and Currency Committee 904 745, 889, 1039, 1197, 1321, 1447, 1549 Spencer, C. E., Jr., elected First Vice President of Special articles: Federal Advisory Council 287 Annual report of the Bank for International Staff of Board of Governors: Settlements 1221 Alter, Gerald M., article on Latin America's post- Authorization of Bank of German States to war inflation and balance of payments probissue notes and coins 1101 lems 1344 Balance sheet of agriculture, 1948 1067 Baumann, John C, appointed Assistant General Banking assets and the money supply since 1929.. .24 Counsel 960 Britain's economic survey for 1948, official sum- Brown, Bonnar, resignation as Assistant Director mary 391 of the Division of Research and Statistics.... 1239 Estimated liquid asset holdings of individuals Cagle, Caroline H., article on new commercial and businesses 657 banking offices, 1936-1947 505 Federal Reserve Chart Book as an aid to bank Exter, John, article on Philippine Central Bank management, article by Charles H. Schmidt.... 382 Act 938 Federal Reserve statements on housing situation.. 764 Fauver, Clarke L., article on 1948 survey of con- Federal Reserve support of Government securi- sumer finances, Part V—Housing expenditures ties market 11 and finance 1058 Financial position and buying plans of consumers, Fox, Charles, article on ownership of demand July 1948 .. 1355 deposits prepared by ^ 497 Gold and foreign exchange reserve requirements Grove, David L., article on Latin America's postof foreign central banks 33 war inflation and balance of payments prob- Industrial differences in large corporation financ- lems 1344 ing, article by Charles H. Schmidt 623 Article on Philippine Central Bank Act 938 Latin America's postwar inflation and balance Holthausen, Duncan Me C.: of payments problems 1344 Article on 1948 survey of consumer finances: Member bank earnings, 1947 501 Part I. Expenditures for durable goods. .634 Member bank earnings, first half of 1948 1360 Part II. Distribution of consumer income New central bank for United States and British in 1947 649 zones of Germany 279 Part III. Consumer ownership and use New commercial banking offices, 1936-1947 505 of liquid and nonliquid assets 766 New currency system in Israel 1464 Part IV. Consumer saving and the allo- 1948 survey of consumer finances: cation of disposable income 914 Part I. Expenditures for durable goods 634 Hostrup, Clarence C, appointed Assistant Di- Part II. Distribution of consumer income in rector of Division of Examinations 1474 in 1947 649 Knapp, J. Burke, resignation as Assistant Di- Part III. Consumer ownership and use of rector of Division of Research and Statistics... 667 liquid and nonliquid assets 766 Kolb, Raymond C, article on new commercial Part IV. Consumer saving and the allocation banking offices 1936-1947 505 of disposable income 914 Leonard, Robert F., appointed Associate Director Part V. Housing expenditures and finance.. 1058 of Division of Bank Operations 1100 Ownership of demand deposits 497 Millard, Edwin R., appointed Director of the Philippine Central Bank Act 938 Division of Examinations 1100 Policies and activities of International Monetary Moss, Milton, article on sales finance company Fund 1947-1948 1217 operations in 1947 781 Proposal for a special reserve requirement against Parry, Carl E., retirement of 402 the demand and time deposits of banks 14 Reil, Katharyne P., article on retail credit survey Regulation of consumer instalment credit 1066 in 1947 m 787 Regulation of consumer instalment credit, state- Riefler, Winfield W., appointed Assistant to the ment by Mr. Evans 912 Chairman of the Board 518 Relations of individual Western European coun- Schmidt, Charles H.: tries with the western hemisphere 148 Article on Federal Reserve Chart Book as Report of National Advisory Council on inter- an aid to bank management 382 national monetary and financial problems, April Article on industrial differences in large cor- 1-September 30, 1947 152 poration financing 623 DECEMBER 1948 1579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Staff of Board of Governors—Continued. Stocks—Continued. Smead, Edward L., retirement of 1100 Prices in United States..76, 208, 314, 428, 544, 696, Solomon, Frederic, appointed Assistant General 840, 986, 1146, 1270, 1396, 1500 Counsel . .960 Stone, Rosco, resignation as director at Louisville Southard, Frank A., Jr., appointed Associate Di- branch 518 rector of Division of Research and Statistics... .813 Straits Settlements: Townsend, J. Leonard, designation changed to Foreign exchange rates.. 125, 261, 363, 479, 607, 745, Associate General Counsel 48 889, 1039, 1197, 1321, 1447, 1549 Designation changed to Solicitor 1474 Studies: Young, Ralph A., designation changed to Asso- Debits and clearing statistics, their background ciate Director, Division of Research and Sta- and interpretation, by George Garvy of Federal tistics 48 Reserve Bank of New York, publication of 48 State member banks: Money flows, article on banking assets and the Admission to membership in Federal Reserve money supply since 1929 24 System 48, 169, 287, 402, 518, Supreme Court of United States: 668, 813, 1100, 1239, 1363, 1474 Decision in case of Peoples Bank of Lakewood Assets and liabilities: Village, California, regarding conditions of December 31, 1947 460 membership 398 June 30, 1948 .1302 Surplus: Changes in number of banking offices in United Federal Reserve Banks...58, 192, 242, 298, 412, 528, States 241,1179 678, 824, 970, 1130, 1254, 1378, 1484 Deposits, call dates 64, 198, 304, 418, 534, 684, Surveys: 830, 976, 1136, 1260, 1384, 1490 Consumer finances, 1948: Earnings: Part I. Expenditures for durable goods 634 1947 576 Part II. Distribution of consumer income in By size of bank 582 1947 649 First half of 1948 1428 Part III. Consumer ownership and use of Number of: liquid and nonliquid assets 766 Call dates 64, 198, 304, 418, 534, 684, Part IV. Consumer saving and the allocation 830, 976, 1136, 1260, 1384, 1490 of disposable income 914 Peoples Bank of Lakewood Village, suit regard- Part V. Housing expenditures and finance.. 1058 ing conditions of membership, decision of Economic survey for 1948, official summary of Supreme Court of United States 398 British Government 391 Suspensions 63, 197, 303, 417, 533, 683, Estimated liquid asset holdings of individuals and 829, 975, 1135, 1259, 1383, 1489 businesses, conducted by survey research center, States and political subdivisions: University of Michigan 657 Deposits: Financial position and buying plans of consumers Insured commercial banks on call dates. .69, 201, July 1948, by survey research center of Uni- 307, 421, 537, 689, 833, 979, 1139, 1263, 1389, 1493 versity of Michigan 1355 Weekly reporting member banks: Retail credit, 1947 787 By Federal Reserve districts. .73, 205, 311, Sales finance company operations in 1947, article 425, 541, 693, 837, 983, 1143, 1267, 1393, 1497 by Milton Moss 781 New York City and outside..71, 203, 309, Suspension of banks: 423, 539, 691, 835, 981, 1141, 1265, 1391, 1495 Number and deposits 63, 197, 303, 417, 533, 683 Investments of insured commercial banks in 829, 975, 1135, 1259, 1383, 1489 obligations of ; 68, 200, 306, 420, 536, 688, Sweden: 832, 978, 1138, 1262, 1388, 1492 Stebbins, A. Howard, Sr., appointed director at Little Bank of: Rock branch 169 Condition 122, 258, 360, 476, 604, 742, Stevens, Ames, appo m inted Class C director at Boston.960 886, 1036, 1194, 1318, 1444, 1546 Stevens, Robert T., appointed Class C director at Discount rate 123, 259, 361, 477, 605, 743, New York and designated Chairman and Federal 887, 1037, 1195, 1319, 1445, 1547 Reserve Agent 667 Gold reserves 110, 246, 348, 464, 592, 730, Stock exchange: 874, 1024, 1182, 1306, 1432, 1534 Call loan renewals, open-market rates in New Foreign exchange rates.. 125, 261, 363, 479, 607, 745, York City 75, 207, 313, 427, 543, 695. 889, 1039, 1197, 1321, 1447, 1549 839, 985, 1145, 1269, 1395, 1499 Gold and foreign exchange reserve requirements Customers' debit balances, money borrowed and of central bank 37 principal related items of firms carrying mar- Gold movements...Ill, 247, 349, 465, 593, 731, 875, gin accounts 74, 206, 312, 426, 542, 694, 1025, 1183, 1307, 1433, 1535 838, 984, 1144, 1268, 1394, 1498 Open-market rates 123, 259, 361, 477, 605, 743, Volume of trading on New York market. .76, 208, 314, 887, 1037, 1195, 1319, 1445, 1547 428, 544, 696, 840, 986, 1146, 1270, 1396, 1500 Wholesale prices in 126, 262, 364, 480, 608, 746, Stocks: 890, 1040, 1198, 1322, 1448, 1550 New security issues 76, 208, 314, 428, 544, 696, Swift, Lewis B., appointed director at Buffalo branch. 169 840, 986, 1146, 1270, 1396, 1500 Switzerland: Prices in principal countries.. 127, 263, 365, 481, 609, Cost of living, index numbers.. 127, 263, 365, 481, 609, 747, 891, 1041, 1199, 1323, 1449, 1551 747, 891, 1041, 1199, 1323, 1449, 1551 1580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Switzerland—Continued. Union of the Soviet Socialist Republics: Foreign exchange rates.. 125, 261, 363, 479, 607, 745, Discount rate 123, 259, 361, 477, 605, 743, 889, 1039, 1197, 1321, 1447, 1549 887, 1037, 1195, 1319, 1445, 1547 Gold and foreign exchange reserve requirements United Kingdom: of central bank 37 Bank of England: Gold movements Ill, 247, 349, 465, 593, 731, Condition 118, 254, 356, 472, 600, 738, 875, 1025, 1183, 1307, 1433, 1535 882, 1032, 1190, 1314, 1440, 1542 International capital transactions. .113, 249, 351, 467, Discount rate 123, 259, 361, 477, 605, 743, 595, 733, 877, 1027, 1185, 1309, 1434, 1536 887, 1037, 1195, 1319, 1445, 1547 Open-market rates 123, 259, 361, 477, 605, 743, Gold reserves 110, 246, 348, 464, 592, 730, 887, 1037, 1195, 1319, 1445, 1547 874, 1024, 1182, 1306, 1432, 1534 Retail food prices 127, 263, 365, 481, 609, 747, Commercial banks, assets and liabilities. .124, 260, 362, 891, 1041, 1199, 1323, 1449, 1551 478, 606, 744, 888, 1038, 1196, 1320, 1446, 1548 Swiss National Bank: Cost of living, index numbers.. 127, 263, 365, 481, 609, Condition 122, 258, 360, 476, 604, 742, 886, 747, 891, 1041, 1199, 1323, 1449, 1551 1036, 1194, 1318. 1444, 1546 Economic survey for 1948, official summary of Discount rate 123, 259, 361, 477, 605, 743, British Government 391 887, 1037, 1195, 1319, 1445, 1547 Foreign exchange rates.. 125, 261, 363, 479, 607, 745, Gold reserves 110, 246, 348, 464, 592, 730, 889, 1039, 1197, 1321, 1447, 1549 874, 1024, 1182, 1306, 1432, 1534 Gold and foreign exchange reserve requirements Wholesale prices in 126, 262, 364, 480, 608, 746, of central bank 37 890, 1040, 1198, 1322, 1448, 1550 Gold movements Ul, 247, 349, 465, 593, 731, Szymczak, M. S.: (See Board of Governors, Members) 875, 1025, 1183, 1307, 1433, 1535 Taxes: International capital transactions. .113, 249, 351, 467, Internal Revenue collections. .81, 213, 319, 433, 549, 595, 733, 877, 1027, 1185, 1309, 1435, 1537 701, 845, 991, 1151, 1275, 1401, 1505 Open-market rates 123, 259, 361, 477, 605, 743, Treasury bills: 887, 1037, 1195, 1319, 1445, 1547 Average rate on 75, 207, 313, 427, 543, 695, Relations with western hemisphere 148 839, 985, 1145, 1269, 1395, 1499 Retail food prices 127, 263, 365, 481, 609, 747, Buying rates on 54, 188, 294, 408, 524, 674, 891, 1041, 1199, 1323, 1449, 1551 820, 966, 1126, 1250, 1374, 1480 Security prices, index numbers.. .127, 263, 365, 481, Federal Reserve Bank holdings... .53, 187, 293, 407, 609, 747, 891, 1041, 1199, 1323, 1449, 1551 523, 673, 919, 965, 1125, 1249, 1373, 1479 Wholesale prices in 126, 262, 364, 480, 608, 746, Insured commercial bank holdings. .68, 200, 306, 420, 890, 1040, 1198, 1322, 1448, 1550 536, 688, 832, 978, 1138, 1262, 1388, 1492 United States: Investments in, by weekly reporting member Cost of living, index numbers. .127, 263, 365, 481, 609, banks: 747, 891, 1041, 1199, 1323, 1449, 1551 By Federal Reserve districts.. .72, 204, 310, 424, Gold movements Ill, 247, 349, 465, 593, 731, 540, 692, 836, 982, 1142, 1266, 1392, 1496 875, 1025, 1183, 1307, 1433, 1535 New York City and outside... 70, 202, 308, 422, Gold production Ill, 247, 349, 465, 593, 731, 538, 690, 834, 980, 1140, 1264, 1390, 1494 875, 1025, 1183, 1307, 1433, 1535 Maturities of 79, 211, 317, 431, 547, 699, Gold reserves 110, 246, 348, 464, 592, 730, 843, 989, 1149, 1273, 1399, 1503 874, 1024, 1182, 1306, 1432, 1534 Treasury currency outstanding: Government securities: (See Government End-of-month and Wednesday figures.. .53, 187, 293, securities) 407, 523, 673, 819, 965, 1125, 1249, 1373, 1479 Retail food prices 127, 263, 365, 481, 609, 747, Treasury Department: 891, 1041, 1199, 1323, 1449, 1551 Cash income and outgo...81, 213, 319, 433, 549, 701, Security prices, index of. .127, 263, 365, 481, 609, 747, 845, 991, 1151, 1275, 1401, 1505 891, 1041, 1199, 1323, 1449, 1551 Foreign funds control releases 42, 285, 517, 810, Wholesale prices in 126, 262, 364, 480, 608, 746, 1120, 1243 890, 1040, 1198, 1322, 1448, 1550 Treasury receipts and expenditures: United States Government manual, announcement of Summary of 81, 213, 319, 433, 549, 701 publication 1354 845, 991, 1151, 1275, 1401, 1505 United States notes: Treasury surplus, discussion of 487 Stock 61, 195, 301, 415, 531, 681, Townsend, J. Leonard: (See Staff of Board) Trust funds, common: 827, 973, 1133, 1257, 1381, 1487 Limitations on participation 1113 Uruguay: Valuation of United States Savings Bonds in 397 Bank of the Republic of: Turkey: Condition 122, 258, 360, 476, 604, 742, Central bank of the Republic of: 886, 1036, 1194, 1318, 1444, 1546 Condition 122, 258, 360, 476, 604, 742, Foreign exchange rates.. .125, 261, 363, 479, 607, 745, 886, 1036, 1194, 1318, 1444, 1546 889, 1039, 1197, 1321, 1447, 1549 Discount rate 123, 259, 361, 477, 605, 743, Gold and foreign exchange reserve requirements 887, 1037, 1195, 1319, 1445, 1547 of central bank 38 Gold reserves 110, 246, 348, 464, 592, 730, Gold reserves 110, 246, 348, 464, 592, 730, 874, 1024, 1182, 1306, 1432, 1534 874, 1024, 1182, 1306, 1432, 1534 DECEMBER 1948 1581 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 34 Pages Pages Venezuela: Whittemore, Laurence F., resignation as President of Central bank of : Federal Reserve Bank of Boston 1239 Condition 122, 258, 360, 476, 604, 742, Wholesale prices • 886, 1036 1194 1318 1444 1546 commodities. .100, 232, 338, 449, 565, 717. Gro of Gold reserves.. ^tf^^™^ f$ 861, 1007, 1167, 1291 1417 ISjf Pnncipalcountnes ^ £ t y & . °^ - ; ^X$[$& 890 Voit, Alvin A., appointed director at Louisville Yields on Government securities: branch 169 Average 75, 207, 313, 427, 543, 695, War Department: 839, 985, 1145, 1269, 1395, 1499 War production loans guaranteed by..59, 193, 299, Young-, Ralph A.: (See Staff of Board) 413, 529, 679, 825, 971, 1131, 1255, 1379, 1485 Yugoslavia: War loans: Foreign exchange rates.. .125, 261, 363 479, 607, 745, f Guaranteed by War Department, Navy Depart- & RSQ mV 11Q7 ir?i 1447 m4Q ment, and Maritime Commission, number and XT • 1 T> i * u £• A /' amount 59, 193, 299, 413, 529, 679, National Bank of the Kingdom of: 825, 971, 1131, 1255, 1379, 1485 Discount rate 123, 259, 361, 477, 605, 743, West Africa: 887,1037,1195,1319,1445,1547 Gold production Ill, 247, 349, 465, 593, 731, Gold reserves 110, 246, 348, 464, 592, 730, 875, 1025, 1183, 1307, 1433, 1535 874, 1024, 1182, 1306, 1432, 1534 1582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis