Federal Reserve Bulletin, 1949-02

F E D E R AL R E S E R VE BULLETIN FEBRUARY 1949 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Federal Budget for Fiscal Year 1950 109-116 Law Department—Consumer Instalment Credit 117-118 Current Events and Announcements. 118 Directors of Federal Reserve Banks and Branches. 119-131 National Summary of Business Conditions. 132-133 Financial, Industrial, Commercial Statistics, U. S. (See p. 135 for list of tables) 135-193 International Financial Statistics (See p. 195 for list of tables) 195-213 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council . 214 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 215 Federal Reserve Publications. 216-217 Map of Federal Reserve Districts. 218 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 35 February 1949 NUMBER 2 FEDERAL BUDGET FOR FISCAL YEAR 1950 The Federal Budget for the fiscal year of economic activity and national income. 1950 estimates total expenditures at 41.9 bil- Receipts are estimated at 41 billion dollars, lion dollars. The high level of expenditures or about 1.4 billion more than the total now reflects the enlarged responsibilities of the estimated for the current fiscal year. Esti- Federal Government both at home and mates of trust fund receipts are increased abroad, and particularly its responsibilities substantially, largely because they include for exerting strong, positive efforts to achieve amounts from proposed increases in employpeace in the world. The estimated total for ment taxes to provide for extended and new 1950 is 1.7 billion more than estimated ex- social insurance programs recommended in penditures for the fiscal year 1949 and over the State of the Union and Budget Messages. ¥/ times the amount expended in the fiscal 2 year 1940. TREASURY RECEIPTS AND EXPENDITURES National defense and international aid continue to be the major items of expenditure, with the two combined accounting for 21 billion dollars, or one-half of the total. Services and benefits to veterans and interest on the public debt, the two principal aftermath-of-war expenditures, are placed at 11 billion or about one-fourth of total expenditures. All other expenditures, including social services and general Government, amount to 10 billion dollars. In addition to these budgeted expenditures, the President calls attention to a number of 1945 1946 additional programs that are still under con- Budget expenditures and net receipts, as shown in Budget Message. sideration and for which Budget appropriations will be sought later in the year. The Under present tax laws Budget receipts most important of these is a possible pro- would be 900 million dollars less than exgram of direct military assistance to Western penditures in the fiscal year 1950, as is shown Europe. in the chart. This deficit is slightly larger Budget receipts are expected to increase than that estimated for the current fiscal somewhat in the fiscal year 1950, assuming year. Fiscal year 1950, however, would be continuance of approximately current levels the first postwar year to involve an increase FEBRUARY 1949 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUDGET FOR FISCAL YEAR 1950 in the public debt. Some debt reduction increase in taxes of 4 billion dollars, in addiwill be possible in the current fiscal year, tion to the proposed increases in social despite the anticipated deficit, because of a security taxes. He suggests that the bulk of planned reduction in the Treasury's cash this new revenue be obtained by additional balance. For 1950, as is shown in the table, taxes on corporate profits, but that consideraa net increase in total debt of 400 million dol- tion be given to the possibility of higher lars is anticipated, despite further reduction estate taxes and increased personal income in the cash balance. taxes in the middle and upper brackets. The recommendation of higher taxes for the BUDGET RECEIPTS AND EXPENDITURES coming year reflects the view in the Presi- AND CHANGE IN PUBLIC DEBT dent's Economic Report, as well as in the [In billions of dollars] Budget Message, that inflation is still a Fiscal year ending June 30— threat to the economy. Item 19501 19491 1948 1947 BUDGET EXPENDITURES Met receipts 41.0 39.6 42.2 40.0 Expenditures 41.9 40.2 33.8 39.3 Total Budget expenditures will increase Budget surplus (+) or deficit ( —). -.9 -.6 +8.4 + .8 STet expenditures in trust accounts, further in the fiscal year ending June 30, etc.* (3) (3) -.3 -1 .1 Net expenditures (—) or receipts 1950, following an increase in the current (+) in clearing account + .4 -.5 + .6 Total surplus (+) or'deficit ( -). -.9 -.2 + 7.6 + .2 fiscal year. After declining from the war- Change in Treasury cash balance.. . -.5 -.9 + 1.6 -10.9 time peak of nearly 100 billion dollars in the Change in total debt + .4 -.7 -6.0 -11.1 fiscal year 1945 to less than 34 billion in the Cash balance, end of period 3.5 4.0 4.9 3.3 Gross debt, end of period 251.9 251.6 252.3 258.3 fiscal year 1948, Federal Government ex- 1 Estimated. penditures in the fiscal year 1949 will amount 2 Excess of investments and other trust fund expenditures over receipts. to a little more than 40 billion and in the 3 Less than 50 million dollars. NOTE.—Actual figures as well as estimates are those presented fiscal year 1950 to nearly 42 billion. The in the Budget. Receipts and expenditures in all years are on the new Federal financial reporting basis under which refunds Budget Message presents the 42 billion dollar of taxes are shown as a deduction from receipts rather than as expenditures, and receipts and expenditures exclude certain total as the minimum requirement for 1950 interagency transactions. Expenditures include net expenditures of wholly owned Government corporations. Expenditures and and emphasizes present uncertainties which surplus for 1948 do not reflect the bookkeeping transfer of 3 billion dollars to the Foreign Economic Cooperation Trust make it impractical to predict all possible Fund; expenditures from this Fund are shown as Budget expenditures in 1949. needs at this time. Reduction of marketable debt, as distin- Total trust fund expenditures, exclusive of guished from total debt, would still be pos- those for investments, are also expected to sible in the fiscal year 1950 by virtue of cash increase by 3.6 billion dollars in the fiscal made available to the Treasury from the year 1950 to a total of 6.8 billion. This intrust funds and from net sales of savings crease results from a special nonrecurring bonds and savings notes. The amount of payment to veterans and from larger benefit reduction in marketable debt is expected to payments under extended and new probe smaller, however, probably about 3 billion grams of social insurance recommended by dollars, compared with a reduction of 6 bil- the President. lion in 1949. Military spending is the principal factor Failure of the existing revenue structure behind the increase in total Budget exto provide a surplus in a period of high in- penditures in the coming fiscal year. Total come has led the President to request an defense spending at 14.3 billion dollars is 110 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUDGET FOR FISCAL YEAR 1950 2.5 billion larger than the revised estimate National defense and international profor the current fiscal year. Another area of grams. All major categories of national expansion is the field of social services; total defense will require additional outlays in expenditures for social welfare, health, and the fiscal year 1950. Moreover, the President security, for housing and community facili- states that the nation's international responties, and for education and general research sibilities will probably require further subare raised by about 800 million dollars to stantial increases in military outlays during 3.2 billion dollars. Offsetting these increases succeeding years. are substantial reductions (1.3 billion dol- Expenditures for pay and maintenance of lars) in veterans' services and benefits and a an average of 1,616,000 officers and men on moderate decline (500 million dollars) in active duty in the fiscal year 1950 are estiinternational aid. All other major categories mated at 5 billion dollars or 38 per cent of change little and combined show a small all defense expenditures. Included in the increase. total is a tentative amount bringing remu- Estimated Budget expenditures for the neration of military personnel in line with fiscal year 1950 compared with earlier years, salaries of Federal civilian personnel. by broad purposes of expenditures which cut Further provision for military manpower across departmental and agency lines, are is represented by 600 million dollars for a shown in the table. Expenditures for all proposed program of universal military trainyears are exclusive of tax refunds, which ing, which in full operation will cost 2 were formerly included as expenditures but billion dollars a year, and by 760 million are now offset against receipts. dollars for larger and better-trained civilian reserves. BUDGET EXPENDITURES BY MATOR FUNCTIONS Expenditures for aircraft and related pro- [IrTbillions of dollars! curement, ship construction, and military Fiscal year ending June 30— public works are expected to total about 2.4 Function 1950119491 1948 1947 1940 billion dollars. This represents an increase of about 700 million dollars, largely for air- All functions. ... 41.9 40.2 33.8 39.3 9.2 craft. Stockpiling of critical and strategic National defense. 14.3 11.7 10.9 14.3 1.5 International affairs and finance. . . 6.7 7.2 4.8 6.5 .1 materials is estimated to require 500 million Veterans' services and benefits.... 5.5 6.8 6.6 7.4 .6 Interest on the debt . . . 5 5 5 3 5 2 5 0 1 0 dollars in 1950. Other programs, total 9.9 9.1 6.3 6.1 6.0 Expenditures for international affairs and Social welfare, health, and security 2.4 2.0 1.9 1.3 3.1 finance are estimated in the Budget at 6.7 Education and general research A .1 .1 billion dollars for 1950 compared with 7.2 Housing and community facilities 4 3 1 3 billion now estimated for the fiscal year Natural resources. 1.9 1.6 1.1 .6 .4 Agriculture and agricultural resources 1.7 1.8 .6 1.2 1.6 1949. This decline is attributed to smaller Transportation and communication 1.6 1.8 1.3 .6 .6 outlays for economic aid under the European General Government 1.2 1.2 1.5 1.4 .3 Other .4 .3 .6 Recovery Program and to decreases in oc- 1 Estimated. cupation costs. Estimates of international 2 Less than 50 million dollars. NOTE.—Expenditures in all years are as presented in the Budget expenditures in the coming year, however, and are on the new reporting basis whereby refunds of taxes as well as certain interagency items are excluded. Expenditures are highly tentative since the President ininclude net expenditures of wholly owned Government corporations. Expenditures in fiscal year 1948 do not reflect the book- dicates that additional amounts will be rekeeping transfer of 3 billion dollars to the Foreign Economic Cooperation Trust Fund; expenditures from this Fund are included quested later to provide military supplies to in Budget expenditures for 1949. 111 FEBRUARY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUDGET FOR FISCAL YEAR 1950 foreign countries where such provision is the increase expected in the payment to the important to national security. Treasury of earnings by the Federal Reserve Continuing costs of past wars. Budget Banks. This payment is reflected in the expenditures for veterans are expected to Budget in miscellaneous receipts and is estidecline substantially in the fiscal year 1950, mated at 250 million dollars in 1950, an inbut there will be a large increase in trust crease of 110 million from 1949. The Presifund expenditures for veterans. dent pointed out that most of the interest Budget expenditures for veterans' benefits paid on Government securities held by the and services are estimated at 5.5 billion dol- Federal Reserve Banks is being returned to lars in 1950 compared with 6.8 billion during the Treasury, as the result of Federal Reserve the current year. Veterans' education and policy of paying approximately 90 per cent training benefits, unemployment allowances, of net Reserve Bank earnings into the and other readjustment benefits will decline Treasury. as the numbers eligible for benefits are re- All other activities. The social service produced and veterans establish their permanent grams of the Government account for 3.2 bilplaces in civilian life. Expenditures for pen- lion dollars, or a third of the 10 billion dolsions and hospital operations will show little lars of estimated expenditures for 1950 for change although the long-run trend is up- all other Government activities. These proward. grams are discussed in a separate section. A nonrecurring trust-account payment to The principal functions represented by veterans, scheduled to take place in the fiscal remaining expenditures are development of year 1950, is a dividend of about 2 billion natural resources, agricultural programs, dollars on national service life insurance. transportation and communication, and gen- This dividend is made possible largely by a eral Government. Expenditures on natural more favorable mortality experience than resources are estimated at a total of 1.9 billion had been allowed for in establishing the level dollars, an increase of 250 million dollars of premiums. over the current year. These include larger Interest payments on the public debt, most outlays for the development of atomic enof which was incurred for war purposes, are ergy and of power resources and for flood estimated to increase 125 million dollars in control and reclamation work. the fiscal year 1950. This small increase Agricultural programs, which include a results chiefly from interest accruals on wide variety of services and financial aids, savings bonds at higher rates each year and, are estimated to require 1.7 billion dollars, a as trust funds grow, from larger investments little less than in the current year. A dein high-coupon special issues. The effect on cline of over 300 million dollars is estimated interest costs of the rise in short-term inter- in expenditures for price support activities of est rates that has been in process since mid- the Commodity Credit Corporation, and 1947 will be offset by interest savings result- this would more than offset increases for ing from the refunding of higher-coupon other activities, including additional amounts maturing issues into short-term issues and for rural electrification loans. The Message from the retirement of marketable debt. warns, however, that, if 1949 crops are equal The estimated increase in interest cost to those of 1948, expenditures of the Comof the debt in 1950 is not much larger than modity Credit Corporation would exceed 112 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUDGET FOR FISCAL YEAR 1950 considerably the Budget estimates for 1950. by raising the ceiling on taxable earnings, Expenditures for general Government con- and by additions to the pay roll tax rates. It tinue at about 1.2 billion dollars. The is also proposed that a scheduled increase in principal changes in 1950 are a further de- the tax rate from 1 to V/ per cent be made 2 cline in expenditures incident to the dis- effective July 1, 1949, instead of six months posal of surplus property and higher pay- later. Altogether, these proposals would inments into the Federal employees' retire- crease trust account receipts for 1950 by ment fund as a result of legislation enacted more than 2 billion dollars and trust account in 1948. Transportation and communica- expenditures by 1.7 billion. tion expenditures would decline by about Expenditures for education are estimated 200 million dollars, largely because of a at 414 million dollars, an increase of over smaller postal deficit resulting from a pro- 300 million from the fiscal year 1949. Alposed increase in rates. most all of the increase would provide proposed grants to States to support a basic mini- SOCIAL SERVICE PROGRAMS mum program of elementary and secondary In his State of the Union Message the school education. President emphasized the need for measures Expenditures for housing and community to conserve and develop the human resources facilities, estimated at 390 million dollars, of the nation. The Budget for 1950 makes are slightly larger than in the preceding year. provision for a number of new programs as Substantial reductions in net mortgage purwell as increased expenditures under pro- chases by the Reconstruction Finance Corgrams already established. poration would be more than offset by the Existing welfare programs, which consist initial expenditures under proposed new of grants to the States for public assistance programs, including: (1) a seven-year propayments, will be increased by 400 million gram of Federal aid to local housing agendollars to a total of 2.4 billion dollars. These cies for the construction of low-rent public will provide for payments to the aged and housing units, (2) a long-term program of blind and to dependent children, for school Federal grants and loans to cities for slum lunches, for hospital construction, and for clearance and urban redevelopment, and (3) similar welfare programs. programs providing credit assistance for The system of contributory social insur- rental and cooperative housing and for farm ance, which is handled through trust ac- housing. The annual Federal outlay under counts, would be strengthened by several these headings is scheduled to rise sharply measures. The coverage of old-age insurance over the next few years. would be extended to 25 million additional BUDGET RECEIPTS workers, and the scale of benefits would be raised; the coverage of unemployment in- Budget receipts in the fiscal year 1950 are surance would also be extended; disability estimated at 41.0 billion dollars compared insurance would be provided; and a com- with a revised estimate of 39.6 billion for the prehensive national health program would current fiscal year. The estimated level of be established. receipts for 1950 is only moderately below Benefits are to be financed by extending the wartime peak of 45 billion reached in the pay roll taxes to the new participants, the fiscal year 1945. The effect of tax reduc- FEBRUARY 1949 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUDGET FOR FISCAL YEAR 1950 tions in the revenue acts of 1945 and 1948 sources are expected to decline by about 500 has been partly offset by the rapid postwar million dollars, chiefly as a result of smaller rise in prices, incomes, and profits. The table sales of surplus property. shows estimated receipts by major sources Individual income tax receipts are exfor the fiscal year 1950 compared with pected to decline from 21 billion dollars in earlier years. the fiscal year 1948 to 18.5 billion in the Beginning with the 1950 Budget, tax re- fiscal year 1949, but are estimated to increase funds are deducted from receipts in arriving slightly in the fiscal year 1950 to 19.1 billion. at net Budget receipts. Refunds, which have The decline in collections in the fiscal year ranged between 2 and 3 billion dollars in 1949 reflects the reductions in taxes provided recent years, were formerly included with in the Revenue Act of 1948. Withholding expenditures. Data for all years are on the of taxes at the reduced rates began in May new financial reporting basis. 1948 and tax credits could be claimed on quarterly returns because of overpayments TREASURY RECEIPTS in earlier months of the year. [In billions of dollars] Corporate profits continued to rise sharply Fiscal year ending June 30— throughout 1947 and 1948 and taxes on these Item profits, which are expected to increase from 195O1 19491 1948 1947 1940 10.2 billion dollars in the fiscal year 1948 to Income and profits taxes: 11.7 billion in the fiscal year 1949, are esti- Individual ... 19.1 18.5 21.0 19.6 1.0 Corporation 12.3 11.7 10.2 9.7 1.1 Estate and gift taxes .7 .8 .9 .8 .4 mated to rise somewhat further—to 12.3 bil- Excise taxes and customs 8.3 8.1 7.8 7.8 2.3 Social security taxes 25.3 2.6 2.4 2.0 .8 lion—in the fiscal year 1950. Other receipts 1.8 2.3 3.8 4.6 .2 With the increasing supply of taxable Total receipts 47.5 44.0 46.1 44.5 5.9 commodities, receipts from excise taxes on Deduct: Appropriations to social secur- alcoholic beverages, tobacco products, and ity trust funds 24.4 1.8 1.6 1.5 .6 Refunds of taxes 2.1 2.7 2.3 3.0 .1 manufacturers' and retailers' sales of various Net receipts 41.0 39.6 42.2 40.0 5.3 articles, and from miscellaneous excise taxes 1 As estimated in the Budget. have been gradually increasing. The in- 2 Including receipts from higher taxes recommended in the Budget. creases are expected to aggregate about 200 The Budget estimates assume continuance million dollars in 1950 of approximately current levels of economic Estate and gift taxes are expected to deactivity and employment. Income and crease by nearly 150 million dollars in the profits taxes are estimated to total 31.4 bil- fiscal year 1950, following an estimated delion dollars in the fiscal year 1950, an in- crease of 100 million in the present fiscal crease of 1.2 billion over the preceding year, year. These decreases reflect the impact of while refunds of taxes, which are largely the Revenue Act of 1948, which in the next income taxes, are expected to decrease by fiscal year will become fully effective for about 600 million dollars. Thus, income the bulk of returns. and profits taxes on a net basis will be about Receipts from higher social security taxes 1.8 billion dollars larger than in the preced- —proposed to finance extended and new proing fiscal year. Changes in net receipts grams—are estimated at 5.3 billion dollars from other tax sources are expected to be in 1950. Larger receipts from these taxes relatively small. Receipts from miscellaneous will not affect net Budget receipts because 114 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUDGET FOR FISCAL YEAR 1950 of a corresponding increase in amounts ap- 110, a reduction of 700 million dollars in propriated directly to social security trust the total public debt is possible in the fiscal funds. They will affect, however, the amount year 1949 by drawing down the Treasury's of cash available to the Treasury. cash balance. Despite further reduction in the cash balance in 1950, an increase of 400 TAX RECOMMENDATIONS million in total debt is estimated. An increase in tax revenues of 4 billion Thus the debt reduction program, which dollars is recommended by the President in began in the early part of 1946, is expected addition to the higher pay roll taxes proposed to come to an end. The public debt, which under the existing and new social insurance had reached a total of 280 billion dollars in programs. Specific recommendations as to February 1946, is estimated at 252 billion on taxation are not presented in the Budget June 30,1949, a reduction of 28 billion. The Message, but in his Economic Report the President directs attention to the tax reduc- President indicated the general areas to tion in 1948 as the main reason for the small which the increased levies might be applied. debt reduction in the fiscal year 1949 and "The principal source of additional recommends increased taxation in order to revenue should be additional taxes upon permit in 1950 "the minimum reduction concorporate profits, which can be applied sistent with responsible fiscal policy in proswithout unduly interfering with pros- perous times such as these." pects for continued business expansion The portion of the debt that is marketable and with assurance that profits, after has been reduced more than the total debt, taxes and dividends, will be sufficient as is shown in the chart. Funds for refor investments and contingencies. duction of total debt have come from Treas- "Another source of additional revenue ury surpluses and a drawing down of the should be the tax upon estates and gifts. Treasury's cash balance from the high level The already small yield from this tax DEBT OF THE U. S. GOVERNMENT was reduced by one-third by the Revenue BfLLIONS OF DOLLARS 300 Act of 1948. Careful study should also be directed to the increase of rates of individual income taxes in the upper and middle brackets. Some additional excises may be desirable, but some excise taxes, particularly on oleomargarine, should be repealed." REDUCTION OF DEBT The volume of Budget receipts under the present tax laws is not expected to be large enough to meet total expenditures. Revised estimates for the fiscal year 1949 indicate a 1940 1942 1944 1946 1948 I95O deficit of 600 million dollars, and in the Actual end-of-month figures through December 1948; estimates for June and December 1949 and June 1950. Estimates of gross debt and special issues for June 1949 and 1950 from fiscal year 1950 the deficit will increase to 900 Budget Message; other estimates by Federal Reserve. Total debt excludes fully guaranteed debt and includes matured debt million. As is shown in the table on page and debt bearing no interest, which are not shown separately. 115 FEBRUARY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUDGET FOR FISCAL YEAR 1950 reached in early 1946, at the end of the CHANGE IN PUBLIC DEBT Victory war loan drive. The Treasury has CASH RETIREMENTS OF MARKETABLE DEBT BY HALF-YEAR PERIODS also had available for retirement of market- [In billions of dollars] able debt the funds received from sale of special issues to Government agencies and Jan.- July- Jan.- July- Jan.- Item June Dec. June Dec. June trust funds and from net sales to the public 1948 1948 19491 19491 19501 of nonmarketable issues, such as savings Total public debt. -4.6 + .5 -1.2 + 1.4-1.0 bonds and special investment issues. For Nonmarketable debt, total + .8+3.4 +2.2 +2.6 + 1.2 Savings bonds and savings notes + .2 +2.0 +1.1 + .9 +1.2 the period from early 1946 to mid-1949, Special issues to trust funds, etc. + .6 +1.4 +1.1 +1.7 (2) Marketable debt -5.4 -2.9 -3.4 -1.2 -2.2 reduction in marketable debt will be about Cash retirements of marketable 46 billion dollars, or 18 billion more than securities: Holdings presented for volthe reduction in total debt. untary cash redemption— N Co o m nb m a e n r k c ia in l v b e a s n to k r s s 1. . 1 3 . . 6 7 . . 4 7 1) 11 .29 1 .6 Federal Reserve holdings 4.0 1.5 2.3 .6 DEBT RETIREMENT AND CREDIT POLICY 1 Estimated. In retiring debt, the Treasury and the 2 Less than 50 million dollars. NOTE.—Budget estimates of changes in total debt and in spe- Federal Reserve by mutual arrangement cial issues to trust funds for fiscal year 1950 have been distributed by half-years by Federal Reserve. Changes in savings have followed the policy, especially since bonds and savings notes for periods beginning 1949 and cash retirements by investor groups for all periods are Federal Remid-1947, of redeeming issues held by Fed- serve estimates. Beginning 1949, estimates of voluntary cash redemptions indicate probable redemptions on the basis of past eral Reserve Banks in order to exert some practices of holders, while figures for Federal Reserve represent funds available for retirement of Federal Reserve-held debt. drain on bank deposits and bank reserves. During the fiscal year 1948 about 5 billion the current January-June period the prosdollars of securities held by the Federal pects are that retirement of marketable Reserve were redeemed for cash, while other securities will be about 3 billion dollars, of investor groups turned in about 3.4 billion which some 2 billion may be available of maturing issues for cash redemption. for retiring Federal Reserve-held securities. Most of the Federal Reserve retirements This will be much less than the amount rewere in the period January to June 1948. tired in the same period last year. The table shows changes in marketable In the six months, July-December 1949, debt and cash retirements of Federal Reserve- funds available for reduction of marketable held debt, by half-year periods beginning debt may be only about one billion dollars. with January 1948, including estimates for These funds may be fully absorbed by maturthe last half of the current fiscal year and ing securities that commercial banks and the fiscal year 1950. Budget estimates have nonbank holders present for cash redempbeen supplemented by Federal Reserve esti- tion rather than exchange for refunding mates of net sales of savings bonds and issues that may be offered. As a consequence, savings notes and of voluntary redemptions no funds would be available in this period of maturing debt on the part of commercial for retirement of Federal Reserve-held debt. banks and nonbank investors. Possible retirements in early 1950 will be In the first half of the current fiscal year, much less than in corresponding periods of July-December 1948, marketable public debt the two preceding years. If additional taxes was reduced by 2.9 billion dollars, of which are enacted, as recommended by the Presi- 1.5 billion represented retirement of issues dent, funds available for debt retirement will held by Federal Reserve Banks. During be increased. 116 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material. Consumer Instalment Credit tion, the fact that the two were bought at or about the same time would not bring the transaction Reduction of Interest Payment under section 6(h), nor would the hand vacuum A question was presented under Regulation W cleaner ordinarily be considered "an accessory" as to whether a reduction in the rate of interest under section S(h)(7). on a pre-September 20, 1948, instalment loan would Replacement of Irreparably Damaged Article constitute a "revision" of the loan under section 5(a) of the regulation, requiring compliance with that A Registrant held a chattel mortgage on an section. Normally the reduction would be effected automobile as security for an instalment loan to simply by a letter from the lender to the borrower; purchase the automobile. The automobile was irrepand, except for a pro rata scaling down of instalment arably damaged, but insurance covering the autopayments, the obligation would not otherwise be mobile was slightly more than sufficient to extinchanged or modified. guish the loan balance. However, the Registrant The Board is of the view that a reduction in proposed to release the insurance money for the interest rate accomplished in the above manner and borrower's use in making the required down payin good faith would not constitute a "revision" ment on an automobile to replace the damaged under section 5(a). However, if an instalment one, and in liquidating about one-third of the old loan were one subject to the regulation, a reduction loan balance. The Registrant would then take a of interest should not result in scheduled payments chattel mortgage on the replacement automobile as below the minimum amounts required by sections security for an instalment loan covering both the 4(<r), 5(a)(2), and Part 2 of the Supplement to maximum loan value of the new automobile and the regulation. the remaining indebtedness under the old loan. The Board is of the opinion that the transaction Suction Cleaners and Attachments above proposed would not comply with the regu- In the case of a vacuum or suction cleaner having lation. Clearly, the borrower would be receiving attachments which are all dependent upon a single more instalment credit in connection with the power unit for their operation and use, it is the purchase of the replacement automobile than per- Board's view that such attachments are "accessories" mitted by section 4 of the regulation. In effect, within the meaning of section 8(A)(7), if the the proposed transaction would constitute a loan vacuum cleaner (or power unit) and dependent to make a down payment to the extent of the unattachments are sold at or about the same time. paid balance of the old loan. Thus, if the total price, including the cost of the attachments, is $50 or more, the regulation applies; Automobile Appraisal Guides but if the total price is less than $50 because the The Board has been asked when the provisions customer does not buy the attachments, then the of Part 4 of the Supplement to Regulation W will regulation would not apply. require reference to an automobile appraisal guide On the other hand, if an upright brush-type in determining the minimum down payment to be vacuum cleaner, for example, is sold together with obtained on used 1949 model automobiles. Certain an independently powered and operated hand or of the appraisal guides have not yet included esti- "junior" vacuum cleaner at a combination price, mated retail prices for any 1949 models. Although then the transaction would fall within section 6(h) certain 1949 car models have been introduced, of the regulation. Of course, if each were sold on others are scheduled for later introduction. the basis of their individual prices, without reduc- The Board has ruled that it will not be necessary FEBRUARY 1949 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT to refer to appraisal guides with respect to used publishes the notice referred to above will, of 1949 automobiles until the Board has published in course, be two-thirds of the cash price. the Federal Register a notice that such reference In anticipation of the inclusion of 1949 used car is required. The Board does not plan to place prices in certain of the appraisal guides that have such a requirement in effect with respect to used particular problems of limited space, the Board 1949 automobiles until all designated appraisal has ruled that, effective April 1, 1949, the appraisal guides publish retail values for such models, and guide provisions of Part 4 of the Supplement to it is also planned that by that time the designated Regulation W will no longer apply to used 1938 appraisal guides will contain information as to the automobile models. Starting on that date, theredate on which the requirement comes into effect. fore, the maximum amount of credit wrhich can be The maximum amount of credit that can be ex- extended for used 1938 and older models will be tended for used 1949 automobiles until the Board two-thirds of the cash price. CURRENT EVENTS AND ANNOUNCEMENTS Resignation of Branch Director puted on the basis of average daily net deposit balances covering weekly periods ending on Wednes- Effective January 31, 1949, the Board of Goverdays instead of on Thursdays as had previously nors accepted the resignation of Mr. Howard W. been the case. This action was taken at the sug- Jordan, President, Pennsylvania Rubber Company, gestion of both Reserve Banks and member banks Jeannette, Pennsylvania, as a director of the Pittsto reduce difficulties of member banks in adjusting burgh Branch of the Federal Reserve Bank of their reserve positions on the last day of the com- Cleveland. Mr. Jordan had served the branch as putation period. Large transfers of funds and a director since January 1, 1945. fluctuations in bank reserves frequently occur on Thursday as a result of the requirement that Appointment of Branch Director Treasury bills be paid for on that day. On February 3, 1949, the Board of Governors announced the appointment of Mr. Sidney A. Admissions of State Banks to Membership in the Swensrud, President, Gulf Oil Corporation, Pitts- Federal Reserve System burgh, Pennsylvania, as a director of the Pittsburgh The following State banks were admitted to Branch of the Federal Reserve Bank of Cleveland membership in the Federal Reserve System during for the unexpired portion of the term ending Dethe period December 16, 1948 to January 15, 1949: cember 31, 1949. Mr. Swensrud succeeds Mr. Howard W. Jordan, who resigned. Alabama Change in Weekly Reserve Computation Period Calera—Central State Bank Pursuant to action taken by all Federal Reserve Childersburg—Childersburg State Bank Banks under Section 3(a) of Regulation D, with the approval of the Board, deficiencies in reserves Maryland of member banks in central reserve and reserve cities will, beginning February 24, 1949, be com- Cumberland—The Liberty Trust Company 118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Tj^OLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present -*- constituted. The list shows, in addition to the name of each director, his business connection, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. Term District No. 1—Boston Expires Class A: Dec. 31 Earle W. Stamm.. . President, The National Bank of Commerce of New London, New London, Conn 1949 Allan Forbes .President, State Street Trust Company, Boston, Mass 1950 Russell H. Britton.. .Executive Vice President and Cashier, First National Bank of Rochester, Rochester, N. H 1951 Class B: Roy L. Patrick.. .President, Rock of Ages Corporation, Burlington, Vt.. .. 1949 Philip R. Allen Director, Bird & Son, inc., E. Walpole, Mass 1950 Fredericks. Blackall, jr.. .President and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, R. I.... 1951 Class C: Harold D. Hodgkinson2.. . .Vice President, General Manager and Chairman of Management Board, Wm. Filene's Sons Company, Boston, Mass. 1949 Albert M. Creighton1 Chairman of the Board 1950 Ames Stevens Treasurer and Director, Ames Worsted Company, Lowell, Mass .. 1951 District No. 2—New York Class A: Winthrop W. Aldrich Chairman of the Board, The Chase National Bank of the City of New York, New York, N. Y 1949 Frederic E. Worden Chairman of the Board, and President, The National Bank of Auburn, Auburn, N. Y 1950 Roger B. Prescott President, The Keeseville National Bank, Keeseville, N. Y. 1951 1 Chairman. 2 Deputy Chairman. FEBRUARY 1949 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class B: Dec. 31 Lewis H. Brown . .Chairman of the Board, Johns-Manville Corporation, New York, N. Y 1949 Charles E. Adams. .Chairman of the Board, Air Reduction Company, Inc., New York, N. Y 1950 Jay E. Crane. .Director, Standard Oil Company (New Jersey), New York, N. Y.. 1951 Class C: Robert D. Calkins. .Vice President, and Director, General Education Board, New York, N. Y 1949 Robert T. Stevens1.. .Chairman of the Board, J. P. Stevens & Company, Inc., New York, N. Y 1950 William I. Myers2. . ..Dean, New York State College of Agriculture, Cornell University, Ithaca, N. Y.. 1951 Buffalo Branch Appointed by federal Reserve Bank: Raymond F. Leinen.. .Executive Vice President, Lincoln Rochester Trust Company, Rochester, N. Y 1949 C. George Niebank. .President, Bank of Jamestown, Jamestown, N. Y.. 1949 Clyde C. Brown President, The Cuba National Bank, Cuba, N. Y. 1950 George G. Kleindinst. . .President, Liberty Bank of Buffalo, Buffalo, N. Y.. 1951 Appointed by Board of Governors: Thomas Robins, Jr.. . .President, Hewitt-Robins, Incorporated, Buffalo, N. Y... . 1949 Lewis B. Swift. . , .President, Taylor Instrument Companies, Rochester, N. Y. 1950 Carl G. Wooster.. .Farmer, Union Hill, N. Y.. 1951 District No. 3—Philadelphia Class A: John B. Henning. .President, Wyoming National Bank, Tunkhannock, Pa... 1949 Archie D. Swift. .Chairman of Board, Central-Penn National Bank, Philadelphia, Pa 1950 George W. Reily. .President, Harrisburg National Bank, Harrisburg, Pa.. 1951 Class B: William J. Meinel. .President & General Manager, Heintz Manufacturing Company, Philadelphia, Pa 1949 Walter H. Lippincott. .President & Director, Lobdell Company, Wilmington, Del. 1950 Albert G. Frost. .President, The Esterbrook Pen Company, Camden, N. J.. 1951 Class C: Warren F. Whittier2. .Agricultural Consultant, Chester Springs, Pa 1949 C. Canby Balderston. .Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa.. 1950 Vacancy.. . 1951 1 Chairman. 2 Deputy Chairman. 120 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 4—Cleveland Expires Class A: Dec. 31 John D. Bainer. .Chairman of the Board, President and Trust Officer, The Merchants National Bank and Trust Company of Meadville, Meadville, Pa . . 1949 John T. Rohr. .President, The Toledo Trust Company, Toledo, Ohio. . 1950 Ben R. Conner. .President, The First National Bank of Ada, Ada, Ohio. 1951 Class B: Ross Pier Wright. .Secretary-Treasurer, Reed Manufacturing Company, Erie, Pa . . 1949 L. H. Lund. Vice President and Treasurer, Westinghouse Electric Corporation, Pittsburgh, Pa.. . . 1950 Joel M. Bowlby. .Chairman of the Board, The Eagle-Picher Company, Cincinnati, Ohio.. 1951 Class C: Geo. C. Brainard1. . President and General Manager, Addressograph-Multigraph Corporation, Cleveland, Ohio. . . . 1949 A. Z. Baker2. .Chairman of the Board, The Cleveland Union Stock Yards Company, Cleveland, Ohio . 1950 Leo L. Rummell. .Dean, College of Agriculture, The Ohio State University, Columbus, Ohio. 1951 Cincinnati Branch Appointed by Federal Reserve Bank: Waldo E. Pierson.. .President, The First National Bank of Cincinnati, Cincinnati, Ohio . 1949 Walter H. J. Behm. President, The Winters National Bank and Trust Company of Dayton, Dayton, Ohio. . 1950 Joseph B. Hall. President, Kroger Company, Cincinnati, Ohio 1951 Spears Turley. Vice President and Trust Officer, State Bank and Trust Company of Richmond, Kentucky, Richmond, Ky.. 1951 Appointed by Board of Governors: S. Headley Shouse. Tobacco and livestock raiser, Lexington, Ky.. . 1949 Paul G. Blazer. .Chairman of the Board, Ashland Oil & Refining Company, Ashland, Ky... 1950 Ernest H. Hahne. .President, Miami University, Oxford, Ohio. 1951 Pittsburgh Branch Appointed by Federal Reserve Bank: R. E. Bowie. .President, Security Trust Company, Wheeling, W. Va.. 1949 T. C. Swarts. .Executive Vice President, Woodlawn Trust Company, Aliquippa, Pa.. . .. . 1950 LaurenceS. Bell. .Executive Vice President, The Union National Bank of Pittsburgh, Pittsburgh, Pa. . ... 1951 Montfort Jones.. .Professor of Finance, The University of Pittsburgh, Pittsburgh, Pa.. ' 1951 1 Chairman. 2 Deputy Chairman. FEBRUARY 1949 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 Sidney A. Swensrud.. .President, Gulf Oil Corporation, Pittsburgh, Pa 1949 Josiah M. Koch.. .Vice President, Quaker State Oil Refining Corporation, Oil City, Pa 1950 A. H. Burchfield, Jr.. .President and General Manager, Joseph Home Company, Pittsburgh, Pa.. 1951 District No. 5—Richmond Class A: .President, Peoples Savings Bank & Trust Company, Warren S. Johnson.. Wilmington, N. C 1949 .Cashier, First National Bank in Marlinton, Marlinton, John A. Sydenstricker.. W. Va 1950 .President, First National Bank of Baltimore, Baltimore, James D. Harrison. Md 1951 Class B: H. L. Rust, Jr. .President, H. L. Rust Company, Washington, D. C. . . 1949 Cary L. Page.... .President and Treasurer, Jackson Mills, Wellford, S. C.. 1950 Charles C. Reed. .President, Williams & Reed, Inc., Richmond, Va.. 1951 Class C: J. Brockenbrough Woodward, Jr.2. . .President and General Manager, Newport News Shipbuilding & Dry Dock Company, Newport News, Va— 1949 Charles P. McCormick1. . President and Chairman of Board, McCormick & Company, Inc., Baltimore, Md. .. 1950 W. G. Wysor. .Management Counsel, Southern States Cooperative, Inc. Richmond, Va.. 1951 Baltimore Branch Appointed by Federal Reserve Bank: George M. Moore. . .Vice President, The Union National Bank of Clarksburg, Clarksburg, W. Va 1949 Eugene G. Grady.. .President, The Western National Bank of Baltimore, Baltimore, Md 1949 W. Bladen Lowndes. .President, Fidelity Trust Company, Baltimore, Md.. . . 1950 Holmes D. Baker.. .President, The Citizens National Bank, Frederick, Md.. 1951 Appointed by Board of Governors: L. Vinton Hershey. .President and General Manager, Hagerstown Shoe Company, Hagerstown, Md 1949 James M. Shriver. .President, The B. F. Shriver Company, Westminster, Md. 1950 James E. Hooper. .Vice President, William E. Hooper & Sons Company, Baltimore, Md.. 1951 1 Chairman. 2 Deputy Chairman. 122 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Charlotte Branch Expires Appointed by Federal Reserve Bank: Dec. 31 Allen H. Sims.. .Executive Vice President and Trust Officer, Citizens National Bank in Gastonia, Gastonia, N. C 1949 George S. Crouch... . .President, Union National Bank, Charlotte, N. C 1949 N. S. Calhoun .President, Security National Bank, Greensboro, N. C 1950 Thomas J. Robertson.. .President, The First National Bank of South Carolina, Columbia, S. C 1951 Appointed by Board of Governors: W. A. L. Sibley. .Vice President and Treasurer, Monarch Mills, Union, S. C. 1949 R. E. Ebert. . . . .President, Dixie Home Stores, Inc., Greenville, S. C 1950 R. Flake Shaw. . .Executive Vice President, North Carolina Farm Bureau Federation, Greensboro, N. C. 1951 District No. 6—Atlanta Class A- W. D. Cook. .Chairman of the Board, First National Bank in Meridian, Meridian, Miss 1949 George J. White.. .President, The First National Bank of Mount Dora, Mount Dora, Fla 1950 R. C. Williams.. .President, The First National Bank of Atlanta, Atlanta, Ga. 1951 Class B: Donald Comer. . .Chairman of the Board, Avondale Mills, Birmingham, Ala. 1949 A. B. Freeman. . .Chairman of the Board, Louisiana Coca-Cola Bottling Company, Ltd., New Orleans, La 1950 J. A. McCrary.. .Vice President and Treasurer, J. B. McCrary Company, Inc., Atlanta, Ga.. 1951 Class C: Rufus C. Harris2.. .President, The Tulane University of Louisiana, New Orleans, La 1949 Frank H. Neely1.. . President, Rich's, Inc., Atlanta, Ga 1950 Paul E. Reinhold.. .President, Foremost Dairies, Inc., Jacksonville, Fla.. . 1951 Birmingham Branch Appointed by Federal Reserve Bank: James G. Hall.. Executive Vice President, The First National Bank of Birmingham, Birmingham, Ala 1949 R. L. Adams.... . President, Bank of York, York, Ala 1949 W. C. Bowman.. .Chairman of the Board, The First National Bank of Montgomery, Montgomery, Ala 1950 D. C. Wadsworth.. .President, The American National Bank of Gadsden, Gadsden, Ala 1951 Appointed by Board of Governors: Thad Holt.. .President and Treasurer, Voice of Alabama, Inc., Birmingham, Ala 1949 J. Roy Faucett .Faucett Brothers, Northport, Ala 1950 Wm. Howard Smith. . . .President, McQueen-Smith Farms, Prattville, Ala.. 1951 1 Chairman. 2 Deputy Chairman. FEBRUARY 1949 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Jacksonville Branch Expires Appointed by Federal Reserve Bank: Dec. 31 H. S. Moody.. .Executive Vice President, Manatee River Bank and Trust Company, Bradenton, Fla.. . 1949 Max Losner. .President, The First National Bank of Homestead, Homestead, Fla 1949 T. W. Shands. .President, The Atlantic National Bank of Jacksonville, Jacksonville, Fla 1950 J. D. Camp. .President, Broward National Bank of Fort Lauderdale, Fort Lauderdale, Fla.. 1951 Appointed by Board of Governors: Howard Phillips.. .Vice President and General Manager, Dr. P. Phillips Company, Orlando, Fla.... . . 1949 Marshall F. Howell.. .Secretary-Treasurer, Bond-Howell Lumber Company, Jacksonville, Fla 1950 J. Hillis Miller.. . President, University of Florida, Gainesville, Fla— 1951 Nashville Branch Appointed by Federal Reserve Bank: Leslie R. Driver. .President, The First National Bank in Bristol, Bristol, Tenn 1949 T. L. Cathey .President, Peoples and Union Bank, Lewisburg, Tenn 1949 W. H. Hitchcock.. . President, First and Peoples National Bank, Gallatin, Tenn. 1950 Parkes Armistead.. .President, The American National Bank of Nashville, Nashville, Tenn... 1951 Appointed by Board of Governors: W. Bratten Evans. . President, Tennessee Enamel Manufacturing Company, Nashville, Tenn 1949 C. E. Brehm. .President, University of Tennessee, Knoxville, Tenn 1950 H. C. Meacham. .Farmer, Franklin, Tenn... 1951 New Orleans Branch Appointed by Federal Reserve Bank: John Legier.. .President, National American Bank of New Orleans, New Orleans, La 1949 W.S.Johnson.. .Executive Vice President, The First National Bank of McComb City, McComb, Miss 1949 T. J. Eddins.. . President, Bank of Slidell, Slidell, La 1950 J. C. Bolton.. .President, Rapides Bank & Trust Company in Alexandria, Alexandria, La.... 1951 Appointed by Board of Governors: E. O. Batson... . .President, Batson-McGehee Company, Inc., Millard, Miss. 1949 H. G. Chalkley, Jr.. .President, Sweet Lake Land and Oil Company, Inc., Lake Charles, La .. ,. 1950 John J. Shaffer, Jr.. . Planter, Ellendale, La... 1951 124 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 7—Chicago Expires Class A: Dec. 31 Horace S. French. .President, The Manufacturers National Bank of Chicago, Chicago, 111 1949 Vivian W. Johnson. .President, First National Bank, Cedar Falls, Iowa 1950 Walter J. Cummings. .Chairman, Continental Illinois National Bank and Trust Company of Chicago, Chicago, 111.. 1951 Class B: William J. Grede. .President, Grede Foundries, Inc., Milwaukee, Wis.. 1949 Nicholas H. Noyes. Chairman, Finance Committee, Eli Lilly and Company, Indianapolis, Ind... 1950 Wm. C. Heath. .President, A. O. Smith Corporation, Milwaukee, Wis.. 1951 Class C: Paul G. Hoffman. .Director, The Studebaker Corporation, South Bend, Ind.. . 1949 Allan B. Kline. .President, American Farm Bureau Federation, Chicago, 111. 1950 F. J. Lunding2. .President, Jewel Tea Company, Inc., Barrington, 111.. 1951 Appointed by Federal Reserve Bank: D3tro't B anch Chas. T. Fisher, Jr. .President, The National Bank of Detroit, Detroit, Mich. 1949 Chas. A. Kanter. .President, The Manufacturers National Bank of Detroit, Detroit, Mich 1950 John A. Stewart. Vice President and Cashier, Second National Bank & Trust Company, Saginaw, Mich.. 1950 Appointed by Board of Governors: Ben R. Marsh. .Vice President and General Manager, Michigan Bell Telephone Company, Detroit, Mich.. 1949 Ernest Gilbert.. .Farmer, Waldron, Mich.. 1950 Q A. District No. 8—St. Louis a G. R. Corlis . . President, Anna National Bank, Anna, 111 1949 Tom K. Smith.. .Chairman of Board, Boatmen's National Bank, St. Louis, Mo.. . . .. . . .. 1950 Phil E. Chappell. . President, Planters Bank and Trust Company, Hopkinsville, Ky 1951 Class B: K. August Engel. .President, Arkansas Democrat Company, Little Rock, Ark. 1949 Louis Ruthenburg .President and General Manager, Servel, Inc., Evansville, Ind. . . .. 1950 M. Moss Alexander .President, Missouri Portland Cement Company, St. Louis, Mo.. 1951 Class C: Russell L. Dearmont1. .Chief Counsel for Trustee, Missouri-Pacific Lines, St. Louis, Mo.. . . 1949 Wm. H. Bryce2.. Vice President and Director, Dixie Wax Paper Company, Memphis, Tenn.. ' 1950 Vacancy. 1951 1 Chairman. 2 Deputy Chairman. FEBRUARY 1949 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Little Rock Branch Expires Appointed by Federal Reserve Bank: Dec. 31 Emmet Morris. . . . Chairman, Worthen Bank and Trust Company, Little Rock, Ark 1949 Geo. S. Neal . .President, Bank of Russellville, Russellville, Ark 1950 Thos. W. Stone.. . .Executive Vice President, The Arkansas National Bank, Hot Springs, Ark 1951 Lloyd Spencer.. .President, First National Bank, Hope, Ark... 1951 Appointed by Board of Governors: Ralph E. Plunkett.. .President, Plunkett-Jarrell Grocer Company, Little Rock, Ark 1949 A. Howard Stebbins, Sr.. .Chairman of Board, Stebbins and Roberts, Inc., Little Rock, Ark 1950 Cecil C. Cox. . .Farmer, Stuttgart, Ark.. 1951 Louisville Branch Appointed by Federal Reserve Bank: A. C. Voris . .President, Citizens National Bank, Bedford, Ind 1949 Wallace M. Davis . .Vice President, Citizens Fidelity Bank and Trust Company, Louisville, Ky 1950 Ira F. Wilcox. . Cashier and Director, The Union National Bank, New Albany, Ind 1951 H. Lee Cooper. . .President, Ohio Valley National Bank, Henderson, Ky.. 1951 Appointed by Board of Governors: Smith Broadbent, Jr.. . Farmer, Cadiz, Ky 1949 Alvin A. Voit.... . President, Mengel Company, Louisville, Ky 1950 John W. Taylor. .President, University of Louisville, Louisville, Ky.. 1951 Memphis Branch Appointed by Federal Reserve Bank: W. W. Campbell. . .President, National Bank of Eastern Arkansas, Forrest City, Ark 1949 W. P. Kretschmar. .Chairman of Board, Commercial National Bank, Greenville, Miss 1950 Norfleet Turner.. .President, First National Bank, Memphis, Tenn... 1951 H. W. Hicks.. . .President, First National Bank, Jackson, Tenn.. .. 1951 Appointed by Board of Governors: Hugh M. Brinkley.. . . Farmer, Hughes, Ark 1949 M. P. Moore Partner, E. E. Moore and Company, Senatobia, Miss 1950 Leslie M. Stratton, Jr Executive Vice President, Stratton-Warren Hardware Company, Memphis, Tenn 1951 126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 9—Minneapolis Expires Class A: Dec. 31 Clarence E. Hill.. .Chairman of the Board, Northwestern National Bank, Minneapolis, Minn 1949 J. R. McKnight. Chairman, Pierre National Bank, Pierre, S. D... 1950 C. W. Burges.. Vice President and Cashier, Security National Bank, Edgeley, N. D.. 1951 Class B: Homer P. Clark. .Chairman of the Board, West Publishing Company, St. Paul, Minn 1949 Walter H. McLeod . . President, Missoula Mercantile Company, Missoula, Mont. 1950 Ray C. Lange. President, Chippewa Canning Company, Chippewa Falls, Wis.. 1951 Class C: W. D. Cochran2.. . G. M. C. Truck Distributor, Iron Mountain, Mich.. 1949 Roger B. Shepard1. Chairman of the Board 1950 Paul E. Miller. Director of Agricultural Extension Division, University of Minnesota, St. Paul, Minn.. 1951 Helena Branch Appointed by Federal Reserve Bank: B. M. Harris... . .President, Yellowstone Bank, Columbus, Mont 1949 E. D. MacHafne. President, State Publishing Company, Helena, Mont.. 1950 Theodore Jacobs.. President, First National Bank, Missoula, Mont... 1950 Appointed by Board of Governors: Malcolm E. Holtz. . Agriculturalist, Great Falls, Mont 1949 James A. McCain. President, Montana State University, Missoula, Mont.. 1950 District No. 10—Kansas City Class A: M. A. Limbocker. . Chairman of the Board and President, Citizens National Bank, Emporia, Kans 1949 W. L. Bunten. Executive Vice President, Goodland State Bank, Goodland, Kans 1950 T. A. Dines.. Chairman of the Board, United States National Bank, Denver, Colo.. . 1951 Class B: J. M. Bernardin. Lumberman, Kansas City, Mo 1949 L. C. Hutson.. President and General Manager, Chickasha Cotton Oil Company, Chickasha, Okla 1950 Willard D. Hosford. Vice President and General Manager, John Deere Plow Company, Omaha, Neb.. . 1951 1 Chairman. 2 Deputy Chairman. FEBRUARY 1949 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Class C: Dec. 31 Robert B. Caldwell1. .Caldwell, Downing, Noble and Garrity, Kansas City, Mo. 1949 Robert L. Meh or nay2. .President, North-Mehornay Furniture Company,'Kansas City, Mo 1950 Lyle L. Hague. .Farmer and stockman, Cherokee, Okla. 1951 Dsnver Branch Appointed by Federal Reserve Bank: P. K. Alexander.. . Vice President, The First National Bank of Denver, Denver, Colo . 1949 J.D.Allen.. .President, The First National Bank of Eagle County, Eagle, Colo 1950 Albert K. Mitchell. .Rancher, Albert, N. M.. 1950 Appointed by Board of Governors: W. A. Alexander. .Vice President and Assistant General Manager, The Denver Tramway Corporation, Denver, Colo.. 1949 G. Norman Winder. .Rancher, Craig, Colo.. 1950 Oklahoma City Branch Appointed by Federal Reserve Bank: S. A. Bryant. .President, The Farmers National Bank, Cushing, Okla.. 1949 Robert L. Bosworth .Financial Vice President, Continental Oil Company, Ponca City, Okla 1950 Frank A. Sewell. .Chairman of the Board and President, Liberty National Bank, Oklahoma City, Okla.. 1950 Appointed by Board of Governors: Cecil W. Cotton.. .President, C. W. Cotton Supply Company, Tulsa, Okla.. 1949 Rufus J. Green. .Rancher and farmer, Duncan, Okla.. 1950 Omaha Branch Appointed by Federal Reserve Bank: I. R. Alter.. .President, First National Bank, Grand Island, Neb 1949 Walter S. Byrne. .General Manager, Metropolitan Utilities District of Omaha, Omaha, Neb.. . . 1949 Fred W. Marble. .President, Stock Growers National Bank, Cheyenne, Wyo. 1950 Appointed by Board of Governors: Joseph W. Seacrest. .Co-Publisher and Co-Editor in Chief, The Journal Newspapers, Lincoln, Neb. 1949 Fred S. Wallace . Farmer, Gibbon, Neb.. 1950 1 Chairman. - Deputy Chairman. 128 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term District No. 11—Dallas Expires Class A: Dec. 31 J. Edd McLaughlin. . Vice President, Security State Bank and Trust Company, Rails, Texas 1949 W. L. Peterson. President, The State National Bank, Denison, Texas 1950 P. P. Butler.. . President, First National Bank in Houston, Houston, Texas. 1951 Class B: George L. MacGregor.. Chairman of the Board, President and General Manager, Dallas Power & Light Company, Dallas, Texas 1949 W. F. Beall. President and General Manager, 3 Beall Brothers 3, Department Stores, Jacksonville, Texas 1950 J. R. Milam. President, The Cooper Company, Inc., Waco, Texas.. 1951 Class C: J. R. Parten1.. . President, Woodley Petroleum Company, Houston, Texas. 1949 G. A. Frierson. . G. A. Frierson & Son, Merchants & Planters, Shreveport, La 1950 R. B. Anderson2.. .General Manager, W. T. Waggoner Estate, Vernon, Texas. 1951 El Paso Branch Anointed by Federal Reserve Bank: George G. Matkin.. .President, State National Bank, El Paso, Texas 1949 W. H. Holcombe. . .Executive Vice President, Security State Bank, Pecos, Texas 1950 W. S. Warnock.... Vice President, El Paso National Bank, El Paso, Texas.. 1951 W. Henry Wooldridge. President, Lone Star Motor Company, El Paso, Texas. . 1951 Appointed by Board of Governors: Hiram S. Corbett.. .President, J. Knox Corbett Lumber Company, Tucson, Ariz 1949 Hal Bogle Livestock feeding, farming, and ranching, Bexter, N. M. 1950 Dorrance D. Roderick.. .President, Newspaper Printing Corporation, El Paso, Texas.. 1951 Houston Branch Appointed by Federal Reserve Bank: Melvin RoufT. First Vice President, Houston National Bank, Houston, Texas 1949 R. Lee Kempner.. Chairman of the Executive Committee, United States National Bank, Galveston, Texas... 1950 P. R. Hamill.. President, Bay City Bank & Trust Company, Bay City, Texas. . . . . .. 1951 O. R. Weyrich. .President, Houston Bank & Trust Company, Houston, Texas.. 1951 1 Chairman. 2 Deputy Chairman. FEBRUARY 1949 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 George A. Slaughter.. .Farming, Wharton, Texas 1949 J. E. Wheat... .Attorney at Law, Woodville, Texas 1950 Ross Stewart.. ..President, C. Jim Stewart & Stevenson, Inc., Houston, Texas.. 1951 San Antonio Branch Appointed by Federal Reserve Bank: Riley Peters... ..Executive Vice President, First State Bank, Kerrville, Texas 1949 E. R. L. Wroe.... .. .President, American National Bank, Austin, Texas 1950 E. A. Baetz .President, Bexar County National Bank, San Antonio, Texas 1951 C. L. Skaggs.. .President, The First National Bank of Weslaco, Weslaco, Texas.. 1951 Appointed by Board of Governors: Holman Cartwright.. .Livestock and farming, Twin Oaks Ranch, Dinero, Texas.. 1949 Edward E. Hale.. .Chairman of the Department and Professor of Economics, The University of Texas, Austin, Texas . 1950 Henry P. Drought. . .Attorney at Law, San Antonio, Texas.. 1951 District No. 12—San Francisco Class A: William W. Crocker. . .President, Crocker First National Bank of San Francisco, San Francisco, Calif 1949 Chas. H. Stewart.. .President, Portland Trust and Savings Bank, Portland, Ore. 1950 Carroll F. Byrd. . .President, The First National Bank of Willows, Willows, Calif 1951 Class B: Walter S. Johnson . . .President, American Box Corporation, San Francisco, Calif. 1949 St. George Holden St. George Holden Realty Company, San Francisco, Calif. 1950 Reese H. Taylor.. .President, Union Oil Company of California, Los Angeles, Calif 1951 Class C: Brayton Wilbur1 President, Wilbur-Ellis Company, San Francisco, Calif... . 1949 Wm. R. Wallace, Jr Member of the firm, Williamson & Wallace, Attorneys at Law, San Francisco, Calif 1950 Harry R. Wellman2. . . .Director, Giannini Foundation of Agricultural Economics, University of California, Berkeley, Calif 1951 Los Angeles Branch Appointed by Federal Reserve Bank: W. R. Bimson President, The Valley National Bank of Phoenix, Phoenix, Ariz 1949 M. Vilas Hubbard.. . . .President, Citizens Commercial Trust and Savings Bank of Pasadena, Pasadena, Calif 1950 Frank L. King President, California Bank, Los Angeles, Calif.. 1950 1 Chairman. 2 Deputy Chairman. 130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES Term Expires Appointed by Board of Governors: Dec. 31 Y. Frank Freeman. Vice President, Paramount Pictures, Inc., Hollywood, Calif. 1949 Fred G. Sherrill. Vice President, J. G. Boswell Company, Los Angeles, Calif. 1950 Portland Branch Appointed by Federal Reserve Bank: E. B. MacNaughton. .Chairman of the Board, The First National Bank of Portland, Portland, Ore 1949 W. W. Flint. . President, The First National Bank of Cottonwood, Cottonwood, Idaho 1950 Frank Wortman. .President, The First National Bank of McMinnville, McMinnville, Ore.. 1950 Appointed by Board of Governors: Aaron M. Frank.. .President, Meier & Frank Company, Inc., Portland, Ore.. 1949 R. B. Taylor. . .Livestock and farming, Adams, Ore.. 1950 Salt Lake City Branch Appointed by Federal Reserve Bank: D. F. Richards. . President, American National Bank of Idaho at Idaho Falls, Idaho Falls, Idaho 1949 John A. Schoonover. .President, The Idaho First National Bank, Boise, Idaho. . 1950 Chas. L. Smith.. .Chairman of the Board, First Security Bank of Utah, National Association, Salt Lake City, Utah. . 1950 Appointed by Board of Governors: Henry Aldous Dixon.. .President, Weber College, Ogden, Utah. 1949 Merle G. Hyer. .Livestock and farming, Lewiston, Utah. . 1950 Seattle Branch Appointed by Federal Reserve Bank: Lawrence M. Arnold.. .Chairman of the Board, Seattle-First National Bank, Seattle, Wash 1949 Fred C. Forrest.. .Chairman of the Board and President, The First National Bank of Pullman, Pullman, Wash 1950 Ben j. N. Phillips. .Chairman of the Board, First National Bank in Port Angeles, Port Angeles, Wash.. . 1950 Appointed by Board of Governors: Henry C. Isaacson. .President, Isaacson Iron Works, Seattle, Wash 1949 John M. McGregor. .Manager, McGregor Land and Livestock Company, Hooper, Wash.. 1950 FEBRUARY 1949 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled January 25, and released for publication January 27] Output at factories and mines declined some- production for the year was 3.9 million vehicles as what in December. Department store sales in De- compared with 3.6 in 1947 and 3.8 in 1941; the cember and the early part of January were above number of trucks produced in 1948 was at a record the reduced November rate, after allowance for total of about 1.4 million. Output in the nonferseasonal variation. Wholesale prices of farm prod- rous metals, lumber, and stone, clay, and glass ucts and foods showed further marked declines and groups showed little change in December. retail prices of foods and some other goods were Output of nondurable goods in December, acalso reduced. cording to preliminary figures, was at a rate about 2 per cent lower than in the preceding month. INDUSTRIAL PRODUCTION Cotton consumption declined further in December, The Board's seasonally adjusted index of indus- and for the entire year 1948 was at the lowest rate trial production declined 3 points in December to since 1940. Paperboard production was curtailed a rate of 192 per cent of the 1935-39 average, owing sharply at the end of December, and for the month primarily to reduced output of nondurable goods. was 6 per cent below the rate in December 1947. Output for the year 1948 was also 192, as com- Activity in the petroleum refining industry inpared with 187 in 1947. creased further in December. Output in most Activity in durable goods industries was main- other nondurable industries declined somewhat or tained in December at about the level of the previ- showed little change. ous month. Iron and steel production, after allow- Minerals production declined 3 per cent in Deance for mill closings on Christmas, continued cember, mainly because of a considerable reduction close to the advanced November rate, and in the in coal output. Production of crude petroleum first three weeks of January rose to new record was maintained at the November rate. In the early levels. Activity in most machinery and transporpart of January coal production continued at a retation equipment industries was also maintained duced level, about 12 per cent below the rate at the at about the November rate, although output in beginning of 1948, and crude petroleum output some lines—mainly those producing household was curtailed somewhat. equipment—was curtailed further. Assembly of new automobiles in December was below the No- CONSTRUCTION vember rate, mainly because of model change-over Value of construction contracts awarded, as reactivity at the end of the month. Passenger car ported by the F. W. Dodge Corporation, rose con- INDUSTRIAL PRODUCTION WHOLESALE PRICES I VOLUME SEAS 60 1947 1948 1941 1942 1943 1944 1945' 1946 1947 Federal Reserve indexes. Monthly figures, latest shown are Bureau of Labor Statistics' indexes. Weekly figures, latest for December. shown are for week ending Jan. 25. 132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS traseasonally in December, reflecting chiefly large marked decreases in prices of farm products and awards for public works projects. Awards for foods. Prices of alcohol, fuel oil, scrap metals, most types of private construction were unchanged and some other industrial commodities also defrom November. The number of new nonfarm clined in this period, while additional advances housing units started, according to the Bureau of were announced for metal products, including some Labor Statistics, declined further to 56,000 units as new models of automobiles. compared with 65,000 in November 1948 and In retail markets, prices of foods decreased some- 59,000 in December 1947; the total for the year what further in December and January and special was 927,000 units, almost 10 per cent more than sales of apparel and household goods at reduced the 849,000 started in 1947. prices were widespread. Resale prices of passenger automobiles dropped further. DISTRIBUTION BANK CREDIT Department store sales increased by more than A substantial post-Christmas return of currency the usual seasonal amount from November to Defrom circulation and an excess of Treasury expendicember, and the Board's adjusted index was estitures over receipts supplied reserve funds to memmated to be 307 per cent of the 1935-39 average as ber banks during the first three weeks of January. compared with 287 in November and an average Banks used these funds to increase their holdings of of 302 for the year. Inventories at department Government securities. stores were at a high level at the year-end, while outstanding orders were the lowest in six years. In Federal Reserve System holdings of Government the first half of January value of sales was 7 per securities were reduced by over one billion dollars cent larger than in the corresponding period last in the first three weeks of January. Bond holdings year, reflecting partly the effect of more extensive declined further as market demand for Treasury promotional sales. bonds continued active. Business loans at member banks in leading cities Shipments of railroad revenue freight showed the declined substantially over the year-end but inusual large seasonal decline in December and were creased somewhat in mid-January. Loans to 8 per cent smaller than in the corresponding period brokers and dealers in securities were reduced a year ago, mainly because of reduced loadings of considerably. Increases in bank holdings of Govcoal and manufactured goods. In the early part of ernment securities reflected primarily large pur- January rail shipments of manufactured goods dechases of Treasury bills. clined somewhat further. SECURITY MARKETS COMMODITY PRICES Prices of United States Government and high- The average level of wholesale commodity prices grade corporate bonds continued to rise slightly in continued to decline in December and the first the first three weeks of January. three weeks of January, reflecting chiefly further LOANS AT MEMBER BANKS IN LEADING CITIES DEPARTMENT STORE SALES AND STOCKS ILLIONS OF DOLLARS 100 1941 1942 1943 1944 1945 1946 1947 1948 Federal Reserve indexes. Monthly figures, latest shown are Excludes loans to banks. Wednesday figures, latest shown for December. are for Jan. 26. 133 FEBRUARY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGfc Member bank reserves, Reserve Bank credit, and related items. . . . 137 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. 138 Federal Reserve Bank statistics 139-142 Guaranteed war production loans . 143 Deposits and reserves of member banks 143-144 Money in circulation 145-146 Gold stock; bank debits and deposit turnover 146 Deposits and currency; Postal Savings System; bank suspensions. 147 All banks in the United States, by classes 148-149 All insured commercial banks in the United States, by classes. 150-151 Weekly reporting member banks 152-155 Commercial paper, bankers* acceptances, and brokers' balances. . 156 Money rates and bond yields 157 Security prices and new issues 158-159 Corporate earnings and dividends 160 Treasury finance 161-163 Government corporations and credit agencies 164 Business indexes 165-174 Department store statistics 175-178 Cost of living . . 178 Wholesale prices 179 Gross national product, national income, and personal income. . . 180-181 Consumer credit statistics 182-184 Current statistics for Federal Reserve chart books 185-189 Number of banking offices on Federal Reserve par list and not on par list 190 Changes in number of banking offices in the United States . . 191 Earnings and expenses of Federal Reserve Banks during 1948. . 192-193 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. 135 FEBRUARY 1949 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 1942 1943 1944 1945 1946 1947 1948 1949 - - TOTAL RESERVE BANK HOLDINGS OF U.S. GOVERNMENT SECURITIES - - / V ^AAI VynfVV 20 / - ) J BILLS r J - 1 j \ f - 10 10 r \ NOTES AND \\ J - /w \ CERTIFICATES \ / / it Ax V /r-J - j j _ /i BONDS / •-» . . . .-»1 ( 1941 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for Jan. 26. See page 137. 136 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 Treas- balances Date co D a a u n d is n d - - ts U. S se G cu o r v it e i r e n s m c B e e r n il t t l i s fi , - ot A h l e l r1 Total s G to o c ld k T s r t c o e r u a u e n u r n a r y c t d - - s y - - M i c n t u o i o c l n a n i e r - y - T h c i u r o n a e r l g s a y d h s s - - u F p s r w e R e o y d r i s e e t v d i - h r t e e s a - l b m p N e o r e o s m d n it e - - s - O s F e R e a t e r r c h e a d v - e - l - e r Total Exvances Total Bonds cates, ing Banks counts cess 2 and notes Monthly averag<;s of daily figures: 1947—Oct. 208 22,092 712 21,380 498 22,79822,149 4,551 28,598 1,327 945 908 647 17,073 954 Nov 313 22,082 786 21,296 472 22,86622,479 4,551 28,648 1,330 1,287 1,011 631 16,988 850 Dec. 268 21,905 1,507 20,398 685 22,85822,712 4,556 28,937 1,330 967 1,016 614 17,261 987 1948—Oct. 357 23,168 9,994 13,174 412 23,93723,958 4,574 28,188 1,319 1,598 958 588 19,818 815 Nov. 353 23,028 11,172 11,856 449 23,83024,110 4,580 28,277 1,321 1,563 984 540 19,835 773 Dec. 330 23,002 11,085 11,917 645 23,97824,218 4,584 28,423 1,319 1,398 1,051 600 19,990 797 End-of-month figures: 1947—Oct. 31 296 22,168 708 21,460 442 22,90622,294 4,554 28,552 1,330 1,400 884 631 16,956 864 Nov. 29 331 22,209 971 21,238 435 22,97522,614 4,557 28,766 1,324 1,277 1.180 626 16,974 829 Dec. 31 85 22,559 2,853 19,706 536 23,18122,754 4,562 28,868 1,336 870 961 563 17,899 1,499 1948—Oct. 30 339 23,042 10,925 12,117 494 23,87524,004 4,580 28,176 1,321 1,610 1,074 542 19,736 742 Nov.30 337 23,206 11,181 12,025 339 23,88124,166 4,585 28.331 1,332 1,601 932 541 19,894 809 Dec. 31 223 23,333 10,977 12,356 542 24,09724,244 4,589 28,224 L,325 1,123 1,189 590 20,479 1,202 Wednesday figures: 1948—Mar. 3 257 21,071 5,721 15,350 523 21,85123,036 4,559 28,024 1,333 954 1,027 557 17,552 1,157 Mar. 10 298 20,678 5,760 14,918 350 21,32623,083 4,559 28,006 1,331 751 955 559 17,366 977 Mar. 17.... 363 20,373 5,643 14,730 451 21,18723,119 4,559 27,920 1,325 677 1,006 586 17,351 904 Mar. 24.... 447 20,607 5,653 14,954 375 21,42923,135 4,557 27,851 1,336 1,458 1,018 589 16,870 684 Mar. 31 430 20,887 5,671 15,216 291 21,60723,137 4,559 27,781 1,325 1,972 999 588 16,639 655 Apr. 7.... 260 20,477 5,747 14,730 347 21,08523,147 4,558 27,833 1,329 1,140 994 590 16,905 822 Apr. 14 221 20,593 5,835 14,758 315 21,13023,152 4,558 27,774 1,320 1,177 929 590 17,050 894 Apr. 21 234 20,394 5,924 14,470 338 20,96623,159 4,557 27,718 1,336 1,283 911 590 16,845 701 Apr. 28 259 20,440 6,084 14,356 253 20,95223,167 4,561 27,682 1,326 1,185 856 587 17,043 879 May 5 230 20,251 6,193 14,058 374 20,85623,176 4,561 27,762 1,329 1,114 810 545 17,033 817 May 12 250 20,348 6,281 14,067 440 21,03823,225 4,560 27,762 1,319 1,319 792 544 17,087 884 May 19 225 20,098 6,339 13,759 351 20,67423,245 4,559 27,690 1,329 1,612 795 546 16,506 294 May 26.... 321 20,592 6,323 14,269 287 21,20123,295 4,561 27,700 1,333 1,788 788 547 16,901 723 June 2 239 20,683 6,183 14,500 369 21,29223,343 4,562 27,895 1,335 1,567 754 551 17,094 941 June 9.... 312 20,349 6,182 14,167 294 20,95523,362 4,560 27,864 1,337 1,144 828 551 17,154 908 June 16 294 20,749 6,177 14,572 476 21,51923,515 4,560 27,808 1,331 984 879 593 17,999 1,132 June 23 353 21,010 6,175 14,835 358 21,72123,523 4,561 27,792 1,317 1,863 827 598 17,408 728 June 30.... 265 21,366 6,206 15,160 268 21,90023,532 4,565 27,903 L,327 1,928 859 592 17,389 742 July 7.... 398 21,535 6,210 15,325 310 22,24323,584 4,562 28,142 1,334 1,841 877 612 17,584 1.0C3 July 14 316 21,521 6,321 15,200 302 22,13923,593 4,562 27,959 L.331 1,861 898 613 17,631 937 July 21 285 21,326 6,449 14,877 277 21,88823,650 4,561 27,864 1,324 1,879 920 611 17,503 723 July 28 327 21,209 6,564 14,645 187 21,72323,670 4,563 27,821 1,329 1,822 875 576 17,534 759 Aug. 4 282 21,378 6,966 14,412 237 21,89723,679 4,564 27,922 L.330 1,852 860 569 17,606 730 Aug. 11. ... 293 21,566 7,215 14,351 205 22,06423,688 4,564 27,966 L.324 1,756 865 570 17,834 1,003 Aug. 18 301 21,551 7,410 14,141 273 22,12523,708 4,565 27,979 L.322 1,963 965 566 17,603 729 Aug. 25.... 324 21,460 7,587 13,873 210 21,99323,711 4,564 27,965 L.324 1,902 843 567 17,668 811 Sept. 1 318 21,411 7,795 13,616 208 21,93723,725 4,568 28,072 1,323 1,693 855 564 17,724 853 Sept. 8 310 21,240 7,864 13,376 284 21,83423,793 4,571 28,287 L.326 1,331 872 565 17,817 926 Sept.15 283 21,205 8,455 12,750 433 21,92123,850 4,571 28,156 1,321 661 875 592 18,737 1,647 Sept.22.... 309 21,860 8,944 12,916 376 22,54523,865 4,570 28,083 1,319 1,436 858 591 18,694 979 Sept.29 357 23,282 9,202 14,080 314 23,95323,872 4,573 28,080 L.324 1,660 864 586 19,884 940 Oct. 6. ... 296 23,143 9,483 13,660 268 23,70723,888 4,572 28,202 L.324 1,596 867 596 19,584 607 Oct. 13 500 23,303 9,736 13,567 164 23,96723,965 4,572 28,284 1,317 1,551 916 596 19,840 929 Oct. 20 289 23,192 10,132 13,060 388 23,86923,983 4,574 28,157 1,326 1,530 913 590 19,910 870 Oct. 27.... 300 23,242 10,683 12,559 254 23,79723,996 4,575 28,091 1,322 1,524 888 583 19,960 874 Nov. 3 320 23,239 11,137 12,102 170 23,72924,007 4,578 28,254 ,317 1,473 886 539 19,846 858 Nov. 10 326 23,144 11,223 11,921 458 23,92924,097 4,579 28,337 ,317 1,553 912 539 19,947 922 Nov. 17 282 22,930 11,156 11,774 622 23,83424,110 4,579 28,215 ,324 1,591 901 539 19,953 815 Nov. 24 582 22,993 11,166 11,827 366 23,94124,150 4,580 28,305 ,317 1,650 922 542 19,934 830 Dec. 1. ... 306 23,165 11,168 11,997 312 23,78324,165 4,583 28,322 ,338 1,527 927 541 19,877 783 Dec. 8 399 23,004 11,110 11,894 324 23,72724,218 4,585 28,415 ,314 1,540 986 548 19,727 660 Dec. 15 266 22,993 11,112 11,881 659 23,91924,230 4,585 28,369 ,327 969 994 640 20,435 1,216 Dec. 22 426 22,845 11,057 11,788 950 24,22124,234 4,584 28,560 ,326 1,575 1 033 647 19,899 662 Dec. 29 255 23,347 11,001 12,346 512 24,11324,236 4,585 28,325 ,329 1,283 1 106 653 20,238 1,058 1949—Jan. 5 229 22,919 10,907 12,012 579 23,72724,249 4,586 28,151 ,322 951 1,167 597 20,375 1,131 Jan. 12. ... 364 22,465 10,772 11,693 364 23,19324,253 4,586 27,919 ,323 939 1,145 600 20,105 987 Jan. 19.... 241 22,117 10,603 11,514 640 22,99924,264 4,586 27,717 ,327 804 1,267 602 20,133 P978 Jan. 26.... 458 22,039 10,265 11,774 463 22,96024,268 4,587 27,561 L ,333 1,135 1,138 613 20,035 P921 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. FEBRUARY 1949 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect January 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, Advances secured by partnerships, or corpora- Government obligations and tions other than member discounts of and advances Other secured advances banks secured by direct Federal Reserve Bank 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 Aug. 13, 1948 Jan. 14, 1948 New York. . . Aug. 13, 1948 Aug. 13, 1948 Apr. 6, 1946 Philadelphia.. Aug. 23, 1948 Aug. 23, 1948 Aug. 23, 1948 Cleveland Aug. 13, 1948 Aug. 13, 1948 Aug. 13, 1948 Richmond Aug. 13, 1948 Aug. 13, 1948 Mar. 16, 1946 Atlanta Aug. 13, 1948 Aug. 13, 1948 Jan. 24, 1948 Chicago Aug. 13, 1948 Aug. 13, 1948 Aug. 13, 1948 St. Louis Aug. 19, 1948 Aug. 19, 1948 Jan. 12, 1948 Minneapolis.. Aug. 13, 1948 Aug. 13, 1948 Aug. 23, 1948 Kansas City.. Aug. 16, 1948 Aug. 16, 1948 Jan. 19, 1948 Dallas Aug. 13, 1948 Aug. 13, 1948 Feb. 14, 1948 San Francisco Aug. 13, 1948 Aug. 13, 1948 Apr. 25, 1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by 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 Jan. 31 ginning— rate [In effect January 31. Per cent per annum] To industrial or 1- 90 days i Aug. 13, 1948 commercial To financing institutions 91-120 days i Aug. 13, 1948 businesses 121-180 days 1 Aug. 13, 1948 1 Date on which rate became effective at the Federal Reserve Bank Federal On discounts or of New York. The same rates generally apply to any purchases made Reserve purchases by the other Federal Reserve Banks. Bank Back figures.—See Banking and Monetary Statistics, Table 117, On On On pp. 443-445. loans * commit- Portion commitments for which Re- ments MEMBER BANK RESERVE REQUIREMENTS institu- maining [Per cent of deposits] tion is portion obligated Net demand deposits x Time Period in effect C r b e e c a s n i e n t t r y k r v s 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 d m b e a e p ( n m a o k l s b l s i e ) ts r N P C B h l o e e i w s l v t a o e d Y l n a e o n lp r d k hia 2^-5 8 Richmond 88 J A A N A M M u p u u o a n a r g g v y e r . . . . . 2 2 1 1 1 0 1 6 1 1 6 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 1 3 3 3 4 4 3 7 7 7 1 8 2 6 - - - - - - - A A A A O S F e u p u p c e p g t b r g r . . t . . . . . 2 1 3 1 1 1 3 5 8 0 5 9 3 1 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 3 3 3 3 4 2 6 1 7 7 8 2 . . . . . . . . . . . . . 2 2 2 2 2 1 1 4 2 6 6 3 2 9 H ^ ^ 2 2 2 1 1 1 1 0 0 0 0 5 7 7 H H 1 1 1 1 1 \o 2 7 2 4 4 4 y M 2 6 6 3 6 5 4 A S S D C M K a t h a t a . i n l i l n n a c L l n s a n F a o a s e g t r u s a a o a i p s C n o c i l t i i y s s c . o . . . . . . 2 V—*> IT 8 () Sept. 14, 1942-Oct. 2, 1942. . 22 20 14 6 Oct. 3, 1942-Feb. 26, 1948. . 20 20 14 6 1 Including loans made in participation with financing institutions. J F S u e e n b p e . t . 2 1 1 7 1 6 , , - 2 1 1 4 9 9 , 4 4 1 8 8 9 - - S 4 Ju 8 e n p a e t n . d 1 1 0 5 a , , f t 1 1 e 9 9 r 4 4 2. 8 8 . . . . . . 2 2 2 2 4 6 2 2 2 0 0 2 1 1 1 4 6 4 6 6 8 4 * R R R a a a t t t e e e c c c h h h a a a r r r g g g e e e d d d b b b o o o r r r r r r o o o w w w e e e r r r . le b s u s t co n m ot m t i o t m e e x n c t e e r d a te 1 . per cent above the 1 Demand deposits subject to reserve requirements, i. e., total dis * c C ou h n a t r g r e a t o e f . J^ per cent is made on undisbursed portion of loan. demand deposits minus cash items in process of collection and demand Back figures.—See Banking and Monetary Statistics, Table 118, balances due from domestic banks (also minus war loan and series E pp. 446-447. bond accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). 2 Change effective Sept. 16 at country banks; Sept. 24 at other classes. MARGIN REQUIREMENTS * MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. July 5, Jan. 21, Effec- [Per cent per annum] Prescribed in accordance with 1945- 1946- tive Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, Nov. 1, 1933-Feb. 1, 1935- Effective 1946 1947 1947 Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Regulation T: Savings deposits For extensions of credit by brokers Postal savings deposits and dealers on listed securities 75 100 75 Other deposits payable: For short sales 75 100 75 In 6 months or more Regulation U: In 90 days to 6 months For loans by banks on stocks 75 100 75 In less than 90 days 1 Regulations T and U limit the amount of credit that may be ex- NOTE.—Maximum rates that may be paid by insured nonmember tended on a security by prescribing a maximum loan value, which is a banks as established by the F. D. I. C, effective Feb. 1, 1936, are the specified percentage of its market value at the time of the extension; the same as those in effect for member banks. Under Regulation Q the "margin requirements" shown in this table are the difference between rate payable by a member bank may not in any event exceed the maxi- the market value (100%) and the maximum loan value. mum rate payable by State banks or trust companies on like deposits Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, under the laws of the State in which the member bank is located. and BULLETIN for March 1945, p. 235. 138 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1948 1948 Jan. 26 Jan. 19 Jan. 12 Jan. 5 Dec. 29 Dec. 22 Dec. 15 Jan. Dec. Jan. Assets Gold certificates 22,388, 22,368,43022,363,43122,345,43222325,43022,325,42922,329,430 ,398,428 222,335,430 21010,170 Redemption fund for F. R. notes 626, 627,186 629,665 630,649 630,650 634,493 630,492 626,739 630,650 691,084 Total gold certificate reserves 23,015,17022,995,61622,993,096 22,976,08122,956,08022,959,92222,959,92223,025,16722,966,080 21,701,254 Other cash. ^71,422 357,447 325,636 296,995 264,882 219,628 231,049 366,892 292,303 388,021 Discounts and advances: For member banks.. . 282,051 65,257 187 946 39,805 64,722 233, 70,518 283,178 32,680 206,522 For nonmember banks, etc 176250 176,250 176 250 189,250 190,125 192 196,075 173,250 190,125 120,800 Total discounts and advances 458,301 241,507 229,055 254,847 426,237 266,593 456,428 222,805 327,322 Industrial loans 859 817 840 840 851 868 847 832 1,972 U. S. Govt. securities: Bills 4,978,912 4,710,580 4,851,939 5,196,616 ,466,406 5,020,995 5,127,866 ,038,026 5,487,406 ,709,271 Certificates: Special Other 6,338, 6,304,769 6,317,769 6,278,669 ,072,569 5,960369 5,939,119 421,269 6,077, ,881,655 Notes 457, 499,250 523,300 537,000 806,550 806 950 813,950 426,250 790, ,542,750 Bonds 10,264, 10,602,86710,772,35710,906,711 ,001,06911,056 55011,112,45310223,85410,977, ,790,968 Total U. S. Govt. securities 22,039 185 22,117,466 22,465,36522,918,99623346,594 22,844864 22993,388 22,109,399 23,332,746 21924,644 Other Reserve Bank credit outstanding. . . 462 099 639,125 362,587 578,480 510,831 949 056 658,141 347,613 540,984 527,670 Total Reserve Bank credit outstanding22,960,444 22,998,91523,192,988 23,727,37124,113,12324,221,025 23,919,010 22,914,28724,097,36722,781,608 Liabilities Federal Reserve notes. . Deposits: 23,590,219 23,736,640 23,903,260 24,088,004 24,221,88624,397,44824,209,33123,608,76124,161,10324,155,801 Member bank — reserve account 20,035,393 20,132,51120,105,47220,375,33120,238,24419,898,699 20,435,14719,540,18120,479,20016,919,048 U. S. Treasurer—general account 1,135,457 803,796 939,451 950,864 1,283,394 1,574,577 969,211 1,513,653 1,122,900 2,343,035 Foreign 679,789 714,985 671,178 672,388 613,850 549,383 531,160 714,671 641,692 360,056 Other 458,448 551,836 473,382 494,781 492,554 483,970 462,722 479,598 547,252 689,087 Total deposits 22,309,08722,203,128 22,189,48322,493,364 22,628,04222,506,629 22,398,240 22,248,103 22,791,044 20,311,226 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 50.1 50.1 49.9 49.3 49.0 50.2 48.9 48.8 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Dec. 29 254,847 100,419 44,120 32,271 78,037 Jan. 5 229,055 75,740 41,555 97,985 13,775 Jan. 12 364,196 238,685 15,868 105,269 4,374 Jan. 19 241,507 110,440 3,348 123,695 4,024 Jan. 26 458,301 287,822 92,360 75,269 2,850 Industrial loans: Dec. 29 851 757 2 2 67 15 Jan. 5 840 737 2 2 76 15 Jan. 12 840 735 2 80 15 Jan. 19 817 714 2 78 15 Jan. 26 859 764 2 70 15 U. S. Government securities: Dec. 29 23,346,594 1,797,127 469,5501,770,3452,620,684 878,3434,246,976 562,500 ,047,4228,953,647 Jan. 5 22,918,996 1,216,929 594,960 2,455,5691,852,208 3,465,972 1,889,647 537,000 2,042,722 8,863,989 Jan. 12 22,465,365 872,530 796,0422,466,878 1,654,539 ,462,072 1,917,647 523,300 2,033, ,738,835 Jan. 19 22,117,466 882,760 785,309 2,587,4801,403,0813,427,072 1,929,647 499, ,032,362 8,570,505 Jan. 26 22,039,185 996,492 826,6852,726,2841,404,0013,397,072 1,966,647 457,2501,979,512 8,285,242 FEBRUARY 1949 139 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - \tlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c r i a sc n- o Assets Gold certificates: Dec. 29 2,325,430 769,037 7,262,934 ,029,404 ,449,261 964,030 058,706 468,818 669,042 464,738 815,736 573,078 ,800,646 Jan. 5 2,345,432 769,146 7,608,021 ,058,263 ,517,755 969,352 937,991 301,287 679,794 401,282 750,604 611,216 ,740,721 Jan. 12 2,363,431 742,889 7,238,561 ,106,786 ,558,997 ,020,358 963,145 334,586 683,483 424,728 783,836 627,847 ,878,215 Jan. 19 2,368,430 772,601 7,458,492 ,063,116 ,509,412 976,987 948,153 ,235,574 670,782 428,517 812,598 654,891 ,837,307 Jan. 26 22,388,432 759,198 7,143,679 ,113,031 ,546,608 980,944 991,910 ,398,405 668,194 439,714 824,457 667,643 ,854,649 Redemption fund for F. R. notes: Dec. 29 630,650 54,026 55,182 60,212 75,340 57,788 44,408 106,421 44,871 23,136 36,192 26,711 46,363 Jan. 5 630,649 54,026 55,182 60,212 75,340 57,788 44,408 106,421 44,871 23,135 36,192 26,711 46,363 Jan. 12 629,665 53,879 54,561 59,935 75,156 58,609 44,286 106,234 44,823 23,109 36,153 26,671 46,249 Tan. 19 627,186 53,745 53,936 59,722 74,971 57,816 44,203 106,118 44,761 23,080 36,105 26,646 46,083 Jan. 26 626,738 53,737 53,887 59,708 74,954 57,736 44,134 106,007 44,741 23,076 36,094 26,605 46,059 Total gold certificate reserves: Dec. 29 22,956,080 823,063 7,318,116 ,089,616 ,524,601 ,021,818 103,114 ,575,239 713,913 487,874 851,928 599,789 ,847,009 Jan. 5 22,976,081 823,172 7,663,203 ,118,475 ,593,095 ,027,140 982,399 ,407,708 724,665 424,417 786,796 637,927 ,787,084 Jan. 12 22,993,096 796,768 7,293,122 ,166,721 ,634,153 ,078,967 ,007,431 ,440,820 728,306 447,837 819,989 654,518 ,924,464 Jan. 19 22,995,616 826,346 7,512,428 ,122,838 ,584,383 ,034,803 992,356 ,341,692 715,543 451,597 848,703 681,537 ,883,390 Jan. 26 23,015,170 812,935 7,197,566 ,172,739 ,621,562 ,038,680 ,036,044 ,504,412 712,935 462,790 860,551 694,248 ,900,708 Other cash: Dec. 29 264,882 33,616 38,750 15,815 17,195 16,970 22,892 37,622 15,052 11,825 10,343 11,924 32,878 Jan. 5 296,995 31,397 44,979 18,538 24,254 20,924 22,582 42,779 16,244 12,112 10,481 14,911 37,794 Jan. 12 325,636 35,500 51,518 22,874 24,071 23,929 26,572 44,534 18,536 14,049 11,634 15,594 36,825 Jan. 19 357,447 37,855 59,288 25,669 30,892 26,028 24,938 47,458 19,360 13,998 13,762 17,554 40,645 Jan. 26... 371,422 38,418 63,733 25,527 28,946 27,073 29,360 51,277 20,153 15,190 15,009 16,225 40,511 Discounts & advances : Secured by U. S. Govt. securities: Dec 29 64 550 3,790 19 180 3,485 7 740 8 115 6,020 1,000 1,410 425 8,535 4,850 Jan.' 5. . 39,'755 2,195 13^095 3415 6il40 l!l25 '225 2I400 1,500 75 6,785 3,000 100 Jan. 12.. 187,095 8,845 136,780 5,140 17,855 1,350 125 6,640 1,700 75 8,485 100 Jan. 19.. 65,150 2,710 40,485 5,100 905 2,650 200 1,865 2,000 1,500 7,335 400 Jan. 26.. 281,950 3,245 184,305 3,335 17,920 3,700 735 42,725 12,600 5,835 '2,660 5,550 Other: Dec. 29. . 190,297 11,978 60,840 15,400 17,492 9,316 7,917 25,857 6,845 4,753 6,704 6,464 16,731 Jan. 5. . 189,300 11,923 60,560 15,329 17,411 9,273 7,759 25,738 6,813 4,731 6,674 6,435 16,654 Jan. 12.. 177,101 11,104 55,695 14,340 16,491 8,636 7,407 24,322 6,345 4,406 6,395 6,274 15,686 Tan. 19.. 176,357 11,104 55,695 14,100 16,215 8,636 7,284 24,322 6,345 4,406 6,395 6,169 15,686 Jan. 26.. 176,351 11,104 55,695 14,100 16,215 8,636 7,278 24,322 6,345 4,406 6,395 6,169 15,686 Industrial loans: Dec. 29 851 791 60 Jan. 5 . 840 771 69 Jan. 12 840 767 73 Jan. 19 817 746 71 Jan. 26 859 796 63 U. S. Govt. securities: Bills: Dec. 29. ... 5,466,406 341,783 1,310,746 390,465 524,064 355,010 274,047 794,332 301,817 167,321 254,795 247,732 504,294 Jan. 5....5,196,616 263,484 1,282,703 353,983 479,289 333,607 278,606 775,423 280,836 168,231 251,349 224,780 504,325 Jan. 12 4,851,939 296,133 1,169,157 330,504 447,498 311,481 260,126 723,991 262,209 157,073 234,678 209,871 449,218 Jan. 19.... 4,710,580 285,056 1,135,656 320,876 434,460 302,406 252,548 702,898 254,569 152,497 227,841 203,755 438,018 Jan. 26.... 4,978,912 312,945 1,195,223 339,154 459,209 319,632 266,933 742,938 269,070 161,183 240,820 215,362 456,443 Certificates: Dec. 29. ... 6,072,569 408,223 1,456,093 433,764 582,177 394,377 304,435 862,839 335,285 185,875 283,048 275,203 551,250 Tan. 5....6,278,669 433,152 1,487,982 427,691 579,088 403,072 336,618 936,884 339,312 203,260 303,686 271,583 556,341 Jan. 12.... 6,317,769 435,851 1,497,248 430,353 582,694 405,582 338,715 942,719 341,425 204,524 305,578 273,276 559,804 Jan. 19.... 6,304,769 434,953 1,494,168 429,468 581,496 404,748 338,018 940,778 340,722 204,104 304,949 272,713 558,652 Jan. 26 6,338,269 437,264 1,502,106 431,751 584,584 406,898 339,815 945,778 342,532 205,188 306,569 274,162 561,622 Dec. 29.... 806,550 54,219 193,396 57,612 77,324 52,381 40,435 114,601 44,532 24,688 37,594 36,552 73,216 Jan. 5....537,000 37,047 127,264 36,579 49,528 34,474 28,790 80,129 29,021 17,384 25,974 23,228 47,582 Jan. 12.... 523,300 36,101 124,017 35,646 48,265 33,594 28,056 78,085 28,280 16,941 25,311 22,635 46,369 Jan. 19.... 499,250 34,442 118,317 34,008 46,046 32,050 26,766 74,497 26,981 16,162 24,148 21,595 44,238 Jan. 26 457,250 31,545 108,364 31,147 42,173 29,354 24,514 68,229 24,711 14,803 22,116 19,778 40,516 Bonds: Dec. 29 11,001,069 739,536 2,637,858 785,8061,054,673 714,453 551,517 ,563,120 607,402 336,732 512,771 498,557 998,644 Jan. 5...1.0,906,711 752,432 2,584,781 742,9431,005,937 700,178 584,742 ,627,467 589,420 353,083 527,536 471,770 966,422 Jan. 12.... 10,772 357 743,163 2,552,941 733,792 993,545 691,553 577,538 ,607,419 582,160 348,734 521,037 465,958 954,517 Jan. 19.... 10,602,867 731,471 2,512,773 722,246 977,913 680,672 568,452 ,582,128 573,000 343,247 512,839 458,627 939,499 Jan. 26.... 10,264,754 708,145 2,432,644 699,214 946,729 658,966 550,324 ,531,676 554,728 332,301 496,486 444,002 909,539 Total U. S. Govt. securities: Dec. 29 23,346,5941,543,761 5,598,0931,667,6472,238,2381,516,221 ,170,4343,334,892 ,289,036 714,616 ,088,208 ,058,0442,127,404 Jan. 5 22,918,9961,486,115 5,482,7301,561,1962,113,8421,471,331 ,228,7563,419,9031,238,589 741,958 ,108,545 991,3612,074,670 Jan. 12 22,465,365 1,511,248 5,343,3631,530,2952,072,0021,442,210 ,204,4353,352,2141,214,074 727,2721,086,604 971,7402,009,908 Jan. 19 22,117,4661,485,922 5,260,9141,506.5982,039,9151,419,876 ,185,7843,300,3011,195,272 716,0101,069,777 956,6901,980,407 Jan. 26 22,039,185 1,489,899 5,238,3371,501,2662,032,6951,414,850 ,181,5863,288,6211,191,041 713,4751,065,991 953,3041,968,120 Total loans and securities: Dec. 29 23,602,292 1,559,529 5,678,1131,687,3232,263,4701,533,7121,184,3713,361,7491,297,291 719,7941,103,4471,064,5082,148,985 Jan. 5 23,148,891 1,500,233 5,556,3851,580,4112,137,3931,481,7981,236,7403,448,0411,246,902 746,7641,122,0041,000,7962,091,424 Jan. 12 22,830,401 1,531,197 5,535,8381,550,5422,106,3481,452,2691,211,9673,383,1761,222,119 731,7531,101,484 978,0142,025,694 Jan. 19 22,359,7901,499,736 5,357,0941,526,5442,057,0351,431,2331,193,2683,326,4881,203,617 721,9161,083,507 962,8591,996,493 Jan. 26 22,498,345 1,504,248 5,478,3371,519,4972,066,8301,427,2491,189,5993,355,6681,209,986 717,8811,078,221 961,4731,989,356 Due from foreign banks: Dec. 29 49 3 1 16 i 4 Jan. 5 49 1 16 i i 4 Jan. 12 49 1 16 L 4 Jan. 19 49 1 16 { 4 Jan. 26 49 3 1 16 4 4 4 1 After deducting $33,000 participations of other Federal Reserve Banks on Dec. 29, 1948; Jan. 5; Jan. 12; Jan. 19; and Jan. 26, 1949. 140 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] San Total Boston Y N o e r w k - d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M a i p n ol n i e s - Ka C n it s y as Dallas F c r i a sc n- o Federal Reserve notes of other Banks: Dec. 29 168,085 5,176 16,668 8,610 9,390 30,540 15,003 22,698 10,095 7,969 9,866 8,833 23,237 Jan. 5 177,706 7,407 19,313 7,812 10,055 35,135 14,377 23,428 8,482 8,586 9,826 11,076 22,209 Jan. 12 181,454 7,978 18,284 7,395 8,375 38,336 16,431 23,434 8,081 9,916 10,572 10,404 22,248 Jan. 19 190,456 9,849 21,555 8,154 10,007 41,062 18,059 22,624 8,723 11,491 8,453 8,781 21,698 Jan. 26 164,876 5,855 15,311 4,861 8,400 42,363 13,263 21,268 8,416 10,876 7,449 6,829 19,985 XJncollected items: Dec. 29. 2,867,014 212,432 573,672 181,734 287,471 235,320 178,901 469,453 120,832 75,297 154,678 142,166 235,058 Jan. 5 2,791,136 198,458 458,141 163,980 270,941 216,568 189,642 505,626 128,950 82,923 199,448 132,727 243,732 Jan. 12. 2,652,350 210,967 472,929 163,652 264,608 213,780 190,457 422,100 136,896 69,168 157,019 129,988 220,786 Jan. 19 3,180,933 232,404 627,835 199,214 339,000 245,422 203,271 510,172 157,898 85,897 179,752 143,304 256,764 Jan. 26 2,770,234 210,110 488,981 167,846 281,976 240,293 198,175 430,208 138,564 74,521 148,121 141,795 249,644 Bank premises: Dec. 29 32,321 1,200 8,045 3,053 4,867 2,557 1,574 3,124 1,941 1,177 2,386 759 1,638 Jan. 5 32,343 1,185 8,023 3,053 4,867 2,557 1,574 3,191 1,942 1,177 2,380 756 1,638 Jan. 12 32,343 1,185 8,023 3,053 4,867 2,557 1,574 3,191 1,942 1,177 2,380 756 1,638 Jan. 19 32,338 1,185 8,023 3,053 4,862 2,557 1,574 3,191 1,941 1,177 2,380 757 1,638 Jan 26 32,303 1,185 8,023 3,047 4,854 2,549 1,568 3,190 1,941 1,177 2,380 757 1,632 Other assets: Dec. 29 148,062 9,938 35,294 10,141 14,351 9,643 7,468 21,115 8,423 4,495 6,724 6,778 13,692 Jan. 5 146,773 10,262 34,527 9,796 13,560 9,231 7,912 21,538 8,302 4,798 7,061 6,329 13,457 Jan 12 151 379 10,491 35,821 10 048 13,975 9,614 8 123 22,282 8 501 4,847 7 227 6,521 13,929 Jan. 19 154^34 10752 36,362 10,382 14,484 9,821 8,286 22,910 8,706 4,923 7,289 6,754 14,165 Jan. 26 154,998 10,730 36,323 10,324 14,482 9,920 8,275 23,130 8,702 4,963 7,286 6,721 14,142 Total assets: Dec. 29 50,038,7852,644,95713,668,6742,996,2964,121,3492,850,5622,513,3258,491,0072,167,5491,308,4322,139,3741,834,7595,302,501 Jan. 5 49,569,9742,572,11713,784,5872,902,0694,054,1692,793,3552,455,2288,452,3182,135,4891,280,7782,137,9981,804,5245,197,342 Jan. 12 49,166,7082,594,08913,415,5512,924,2894,056,4012,819,4542,462,5578,339,5442,124,3831,278,7482,110,3071,795,7975,245,588 Jan. 19 49,271,4632,618,13013,622,6012,895,8584,040,6672,790,9282,441,7548,274,5422,115,7901,291,0002,143,8481,821,5485,214,797 Jan. 26 49,007,39721,583,48413,288,2902,903,8454,027,0542,788,1292,476,2868,389,1602,100,6991,287,3992,119,0191,828,0505,215,982 Federal Reserve De n c o . t e 2 s 9 : 24,221,886 1,431,428 5,568,7951,672,2582,159,1541,669,6871,337,4174,602,6471,147,910 632,127 938,687 627,9252,433,851 Jan. 5 24,088,004 1,418,752 5,542,3751,660,3642,142,4631,648,7581,326,3254,590,2831,140,962 631,336 940,028 622,6712,423,687 Jan. 12 23,903,260 1,402,660 5,472,7661,647,4092,133,2211,635,3131,313,1224,563,7241,134,168 628,635 936,032 616,4632,419,747 Jan. 19 23,736,6401,389,340 5,434,4371,635,6452,116,4941,622,0291,306,2754,541,7601,126,944 624,449 929,867 611,4892,397,911 Jan. 26 23,590,219 1,383,170 5,400,5331,627,5262,107,6261,610,1421,294,6334,520,4811,118,047 620,033 924,578 605,2702,378,180 Deposits: Member bank reserve account: Dec. 29. .20,238,244 850,789 6,570,443 963,5191,471,504 823,385 859,3643,142,215 775,914 492,462 932,327 949,8602,406,462 Jan. 5. .20,375,331 848,481 6,703,061 941,6431,471,734 851,552 852,8393,147,897 774,913 495,550 959,415 958,6272,369,619 Jan. 12..20,105,472 838,219 6,448,926 951,8961,457,825 857,189 863,9393,083,873 771,423 495,598 956,450 964,1112,416,023 Jan. 19..20,132,511 860,198 6,574,655 923,0011,450,654 842,093 857,2723,006,173 761,907 496,661 958,227 991,2592,410,411 Jan. 26..20,035,393 848,940 6,504,135 941,1881,441,251 828,755 844,7783,132,327 747,078 478,133 933,916 951,4342,383,458 U. S. Treasurer-general account: Dec. 29. . 1,283,394 85,910 202,863 98,807 113,694 83,087 87,676 181,767 77,554 78,628 92,220 82,776 98,412 Jan. 5. . 950,864 45,937 286,502 56,747 88,866 39,765 43,726 145,696 50,960 51,987 47,094 48,286 45,298 Jan. 12.. 939,451 61,610 238,389 64,029 99,481 52,437 42,915 135,563 45,794 53,758 48,827 47,909 48,739 Jan. 19.. 803,796 57,634 233,192 53,726 54,055 37,709 31,450 142,708 33,745 57,018 49,705 38,741 14,113 Jan. 26..1,135,457 71,084 145,217 73,788 111,902 59,064 78,997 186,831 65,728 87,496 86,566 95,430 73,354 Dec 29.. 613,850 35,123 1234,701 45,158 51,290 27,318 22,857 75,820 20,070 13,938 19,512 18,955 49,108 Jan. 5. . 672,388 39,917 1241.483 51,322 58,291 31,046 25,978 86,170 22,810 15,840 22,176 21,542 55,813 Jan. 12.. 671,178 42,305 1211,793 53,720 61,778 32,904 27,531 92,667 24,174 16,788 24,174 23,503 59,841 Jan. 19.. 714,985 44,944 1232,172 57,072 65,633 32,903 27,532 98,449 25,682 17,835 25,682 23,503 63.578 Jan. 26.. 679,789 42,695 1216,020 54,216 62,349 33,207 27,786 93,523 24,595 16,943 24,397 23,720 60,338 Other* Dec. 29.. 492,554 4,144 417,057 2,181 7.573 2,165 704 3,005 6,146 4,685 519 447 43,928 Jan. 5.. 494,781 1,741 418,319 1,808 8,128 3,732 1,658 4,255 8,841 1,891 864 706 42,838 Jan. 12.. 473,382 4,255 395,091 1,788 8,346 5,341 1,147 2,631 6,146 2,155 815 372 45,295 Jan. 19.. 551,836 6,158 435,499 5,105 19,172 4,924 1,746 10,306 14,373 2,528 8,820 386 42,819 Jan. 26.. 458,448 3,591 387,242 1,718 7,143 2,910 2,667 4,231 5,660 1,816 1,213 404 39,853 Total deposits: Dec. 29 22,628,042 975,966 7,425,0641,109,6651,644,061 935,955 970,6013,402,807 879,684 589,7131,044,5781,052,0382,597,910 Jan. 5 22,493,364 936,076 7,649,3651,051,5201,627,019 926,095 924,2013,384,018 857,524 565,2681,029,5491,029,1612,513,568 Jan. 12 22,189,483 946,389 7,294,1991,071,4331,627,430 947,871 935,5323,314,734 847,537 568,2991,030,2661,035,8952,569,898 Jan. 19 22,203,128 968,934 7,475,5181,038 9041,589,514 917,629 918 0003,257 636 835,707 574,0421,042,4341,053,8892,530,921 Jan. 26...... 22,309,087 966,310 7,252,6141,070,9101,622,645 923,936 954,2283.416J912 843,061 584,3881,046,0921,070,9882,557,003 bility items: Dec. 29 2,356,232 184,485 424,095 148,400 241,001 201,347 169,160 371,610 107,248 64,297 124,193 123,835 196,561 Jan. 5 2,212,705 167,893 356,880 128,367 213,124 178,363 171,248 371,764 107,228 63,456 138,990 124,378 191,014 Jan. 12 2,289,812 195,166 409,805 143,097 223,560 195,648 180,056 353,759 112,523 60,864 114,231 114,810 186,293 Jan. 19 2,541,857 209,617 472,731 158,561 261,732 210,384 183,362 366,879 122,699 71,367 141,451 127,252 215,822 Jan. 26 2,308,184 183,097 392,871 141,983 222,949 212,407 192,731 342,051 108,639 61,519 117,752 122,374 209,811 Other liab. incl. accrued div. Dec. 29 18,120 957 5,607 1,091 1,836 879 780 2,723 749 477 624 776 1,621 Jan. 5 10,269 519 2,700 577 1,057 642 488 1,755 464 357 455 393 862 Jan. 12 11,830 534 3,960 641 1,088 676 512 1,856 500 370 417 413 863 Jan. 19 10,985 550 3,494 556 1,184 569 484 1,710 427 334 413 462 802 Jan. 26 12,282 578 3,758 639 1,320 725 564 1,947 521 375 480 533 842 Total liabilities: Dec. 29 49,224,2802,592,83613,423,5612,931,4144,046,0522,807,8682,477,9588,379,7872,135,5911,286,6142,108,0821,804,5745,229,943 Jan. 5 48,804,3422,523,24013,551,3202,840,8283,983,6632,753,8582,422,2628,347,8202,106,1781,260,4172,109,0221,776,6035,129,131 Jan. 12 48,394,3852,544,74913,180,7302,862,5803,985,2992,779,5082,429,2228,234,0732,094,7281,258,1682,080,9461,767,5815,176,801 Jan. 19 48,492,6102,568,44113,386,1802,833,6663,968,9242,750,6112,408,1218,167,9852,085,7771,270,1922,114,1651,793,0925,145,456 Jan. 26 48,219,7722,533,15513,049,7762,841,0583,954,5402,747,2102,442,1568,281,3912,070,2681,266,3152,088,9021,799,1655,145,836 i After deducting $379,100,000 participations of other Federal Reserve Banks on Dec. 29, 1948; $430,848,000 on Jan. 5; $459,306,000 on Jan. 12; $487,965,000 on Jan. 19; and $463,546,000 on Jan. 26, 1949. FEBRUARY 1949 141 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 ew rk 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: Dec. 29 201,158 11,364 69,327 14,681 19,073 8,708 7,874 25,325 6,689 4,455 6,968 7.851 18,843 Jan. 5.... 201,780 11,471 69,352 14,697 19,187 8,745 7,914 25,519 6,696 4,475 6,984 7,864 18,876 Jan. 12 202,016 11,475 69,391 14,723 19,202 8,786 7,948 25,548 6,705 4,485 7,004 7,882 18,867 Jan. 19 202,279 11,477 69,444 14,748 19,225 8,793 7,954 25,564 6,718 4,494 7,099 7,883 18,880 Jan. 26 202,621 11,488 69,600 14,772 19,246 8,815 7,967 25,598 6,709 4,504 7,125 7,905 18,892 Surplus: (section7): Dec. 29.... 448,189 28,117 138,596 35,350 42,173 21,210 19,110 66,217 16,972 11,233 16,148 14,111 38,952 Jan. 5 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Jan. 12.... 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Jan. 19 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Jan. 26.... 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 (section 13b): Dec. 29.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 5 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1.307 2,140 Jan. 12 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Jan. 19 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1.307 2,140 Jan. 26 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: Dec. 29 137,615 9,629 29,871 10,362 13,045 9,427 7,621 18,249 7,776 5,057 7,039 6,916 12,623 Jan. 5 69,598 5,048 13,577 5,351 6,345 4,986 4,262 8,708 4,120 3,016 3,847 3,796 6,542 Jan. 12 76,053 5,507 15,092 5,793 6,926 5,394 4,597 9,652 4,455 3,225 4,212 4,073 7,127 Jan. 19 82,320 5,854 16,639 6,251 7,544 5,758 4,889 10,722 4,800 3,444 4,439 4,312 7,668 Jan. 26 90,750 6,483 18,576 6,822 8,294 6,338 5,373 11,900 5,227 3,710 4,847 4,719 8,461 Total liabilities and cap. accts.: Dec. 29.... 50,038,785 2,644,957 13,668,6742,996,2964,121,3492,850,5622,513,3258,491,007 2,167,549 1,308,432 2,139,3741,834,7595,302,501 Jan. 5.. .. 49,569,974 2,572,117 13,784,5872,902,0694,054,1692,793,3552,455,2288,452,3182,135,489 1,280,778 2,137,9981,804,5245197,342 Jan. 12.... 49,166,708 2,594,089 13,415,5512,924,2894,056,4012,819,4542,462,5578,339,544 2,124,383 1,278,748 2,110,307 1,795,7975245,588 Jan. 19 49,271,463 2 618,13013,622,6012 895 8584,040,6672 790,9282 441 7548 274,542?,115,790 1 291 000?,143,8481,821,548 S214,797 Jan. 26.... 49,007,397 2,583,484 13,288,2902,903,8454,027,0542,788,1292,476,2868,389,1602,100,699 1,287,399 2,119,019 1,828,0505215,982 Contingent liability on acceptances purchased for foreign correspondents: Dec. 29.... 3,329 210 11,065 270 306 163 136 453 120 83 117 113 293 Jan. 5. ... 3,343 211 il,070 271 307 164 137 455 120 83 117 114 294 Jan. 12 3,357 211 11,061 269 309 164 138 463 121 84 121 117 299 Jan. 19.... 3,349 211 11,058 268 308 164 137 462 121 84 121 117 298 Jan. 26 3,273 206 2l,034 262 301 160 134 452 118 82 118 115 291 Commit, to make indus. loans: Dec. 29 6,109 75 308 973 131 288 481 3 750 103 Jan. 5. ... 1,632 70 43 966 131 288 31 103 Jan. 12.... 1,617 70 45 966 127 281 28 100 Jan. 19. . 1,637 70 65 966 127 281 28 100 Jan. 26.... 1,686 70 115 966 126 281 28 100 1 After deducting $2,264,000 participations of other Federal Reserve Banks on Dec. 29, 1948; $2,273,000 on Jan. 5; $2,296,000 on Jan. 12; $2,291, 000 on Jan. 19; and $2,239,000 on Jan. 26, 1949. 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 i o n l n i 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): Dec. 29 25,153,933 1,494,4625,760,4491,732,359 2,238,5191,734,448 ,400,5434,746,6041,190,158 648,455 970,278 660,5042,577,154 Jan. 5 25,047,441 1,495,5025,718,8871,726,707 1,725,8221,389,4384,741,2861,182,751647,788 996644,,883388 657,780 2,566,403 Jan. 12 24,935,737 1,488,9495,688,0781,719,386 2,219,3371,717,3831,379,5384,729,3131,176,522646,240 960,961652,434 2,557,596 Jan. 19 24,791,128 1,479,3915,651,2421,712,238 2,215 1,687,8361,373,9724,703,7071,168,281643,477 956,329 650,0132,548,921 Jan. 26 24,688,025 1,473,2465,618,1551,711,318 2,206,7681,681,900 ,365,270 4,688,9241,163,538641,604 953,169 645,7992,538,334 Collateral held against notes oustanding: Gold certificates: Dec. 29 13,579,000 460,0004,870,000 550,000 745,000 625,000 575,000 2,765,000 315,000210,000 280,000184,000 2,000,000 Jan. 5 13,579,000 460,0004,870,000 550,000 745,000 625,000 575,0002,765,000 315,000210,000 280,000184,000 2,000,000 Jan. 12 13,579,000 460,0004,870,000 550,000 745,000 625,000 575,0002,765,000 315,000210,000 280,000184,000 2,000,000 Jan. 19 13,649,000 460,000 4,870,000 550,000 745,000 625,000 575,000 2,735,000 315,000 210,000 280,000184,000 2,100,000 Jan. 26 13,549,000 460,0004,770,000 550,000 745,000 625,000 575,000 2,735,000 315,000210,000 280,000184,000 2,100,000 Eligible paper: Dec. 29 49,040 3,790 18,880 3,485 7,615 1,410 425 8,585 4,850 Jan. 5 25,240 2,195 10,795 3,115 625 1,500 75 6,835 100 Jan. 12 161,625 8,845 135,880 5,140 1,350 1,700 75 8,535 100 Jan. 19 60,730 2,710 39,485 5,100 2,150 2,000 1,500 7,385 400 Jan. 26 218,470 3,245 184,155 3,335 3,700 12,600 5,885 5,550 U. S. Govt. sec: Dec. 29 12,200,000 1,100,0001,000,0001,200,0001,500,000 ,150,000 850,000 2,000,000 950,000 450,000 700,000500,000 800,000 Jan. 5 12,200,000 1,100,0001,000,0001,200,0001,500,000 ,150,000 850,Q00 2,000,000 950,000 450,000 700,000 500,000 800,000 Jan. 12 12,200,000 1,100,0001,000,0001,200,0001,500,000 ,150,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 Jan. 19 12,200,000 1,100,0001,000,0001,200,0001,500,000 ,150,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 Jan. 26 12,150,000 1,100,0001,000,0001,200,0001,500,000 ,100,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 Total collateral: Dec. 29 25,828,040 1,563,790 5,888,8801,753,485 2,245,000 ,782,6151,425,000 4,765,0001,266,410 660,425 988,585684,000 2,804,850 Jan. 5 25,804,240 1,562,195 1,753,1152,245,000 ,775,6251,425,000 4,765,0001,266,500 660,075 986,835 684,0002,800,100 Jan. 12 25,940,625 1,568,845 6,005,8801,755,140 2,245,000 ,776,3501,425,000 4,765,0001,266,700 660,075 988,535 684,000 2,800,100 Jan. 19 25,909,730 1,562,710 5,909,4851,755,100 2,245,000 ,777,1501,425,000 4,735,0001,267,000 661,500 987,385 684,0002,900,400 Jan. 26 25,917,470 1,,563,245 5,954 1,753,3352,245,0001,728,7001,425,000 4,735,0001,277,600 660,000 985,885 684,0002,905,550 142 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WAR PRODUCTION LOANS GUARANTEED BY WAR DE- MEMBER BANK RESERVES AND BORROWINGS PARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE [Averages of daily figures. In millions of dollars] BANKS UNDER REGULATION V [Amounts in thousands of dollars] Central reserve All city banks Re- Coun- Guaranteed loans Guaranteed Additional Month, or mem- serve try au t t o h o d r a iz te ed outs lo ta a n n d s ing av a a m ila o b u l n e t to week ending Thursday ba b n e k r s * New Chi- b c a i n ty ks banks1 End of month u b n o d r e r r o w gu er a s r- York cago Nu be m r - Amount am To o t u a n l t g P u o t a e r e r ti a d o n n - a o n u te t m s e t e a a n n g t d r s e i e n - g To 1 t 9 al 4 7 r — ese N r o v v e e s m h b e e l r. d : . . . 16,986 4,273 ,010 6,756 4,947 December 17,261 4,404 ,024 6,861 4,972 1948—November. . . . 19,835 5,292 ,301 7,467 5,774 1942—June.. 565 310,680 81,108 69,674 137,888 December 19,990 5,408 ,294 7,511 5,777 Dec... 2,665 2,688,397 803,720 632,474 1,430,121 Dec. 2 19,789 5,355 ,293 7,432 5,709 1943— D Ju e n c e .. . . . 4 5 , , 2 3 1 4 7 7 4 6, , 5 7 6 1 3 8 , , 0 8 4 1 8 8 1 1 , ,4 9 2 1 8 4 , , 2 0 5 4 3 0 1, , 6 1 0 5 1 3 , , 5 7 1 5 8 6 2 3 , , 2 1 1 4 6 6 , , 0 2 5 8 3 6 D D D e e e c c c . . . 2 1 9 3 6 2 2 1 0 0 9 , , , 7 0 1 6 8 0 1 7 4 5 5 5 , , , 4 2 4 5 9 4 7 0 5 , , , 2 3 2 9 0 9 3 3 8 7 7 7 , , , 4 5 5 4 3 3 8 5 3 5 5 5 , , , 7 8 7 2 9 3 6 4 0 1944—June.. 6,433 8,046,672 2,064,3181,735,777 3,810,797 Dec. 30 19,979 5,398 ,280 7,532 5,769 Dec... 7,434 9,310,582 1,735,9701,482,038 4,453,586 1949— J J a a n n . . 1 6 3 2 1 0 9 , , 3 95 6 5 6 5 5, , 5 3 8 0 1 0 , , 2 3 9 2 3 1 7 7 , , 6 5 4 4 7 0 5 5 , , 8 8 1 2 7 2 1945—June.. 8,422 10,149,351 1,386,8511,190,944 3,694,618 Jan. 20 20,034 5,316 ,307 7,558 5,854 Dec... 8,757 10,339,400 510,270 435,345 966,595 Excess reserves: 1946—June.. 8,771 10,344,018 70,267 60,214 142,617 1947—November. . . . 850 39 214 587 Dec... 8,771 10,344,018 18,996 17,454 28,791 December 987 105 271 597 1948—November. . . . 773 25 200 540 1947—June.. 8,771 10,344,018 3,589 3,218 6,726 December 797 56 198 541 Dec... 8,771 10,344,018 2,412 2,183 Dec. 2 715 66 -I 168 482 1948—June.. 8,771 10,344,018 1,609 1,463 Dec. 9 680 11 4 169 496 July.. 8,771 10,344,018 1,605 1,460 Dec. 16 895 117 6 215 557 Aug... 8,771 10,344,018 1,414 1,282 Dec. 23 787 18 3 183 583 Sept.. 8,771 10,344,018 1,332 1,208 Dec. 30 782 38 -6 211 539 Oct... 8,771 10,344,018 1,331 1,207 1949—Jan. 6 1,112 170 23 327 592 Nov... 8,771 10,344,018 1,301 1,186 Jan. 13 833 12 3 219 599 Dec... 8,771 10,344,018 1,300 1,184 Jan. 20 P863 34 6 204 P619 Borrowings at Federal NOTE.—The difference between guaranteed loans authorized and sum Reserve Banks: of loans outstanding and additional amounts available to borrowers 1947—November. . . . 274 60 154 54 under guarantee agreements outstanding represents amounts repaid December 224 38 123 57 and authorizations expired or withdrawn. 1948—November. . . . 118 25 62 29 December 134 50 41 34 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Dec. 2 118 3 67 48 Dec. 9 144 56 43 30 [Amounts in thousands of dollars] Dec. 16 81 37 44 Dec. 23 195 io5 44 27 Applications Ap- Dec. 30 139 56 41 37 Date (last approved proved Loans Commit- Partici- 1949—Jan. 6 44 14 13 17 Wednesday to date but not out- ments pations Jan. 13 282 197 24 32 29 or last day com- standing2 out- out- Jan. 20 59 9 22 28 of period) pleted i (amount) standing standing N b u e m r - Amount (amount) (amount) (amount) p Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all mem- 1934 984 49,634 20,966 13,589 8,225 1,296 ber banks and of country banks may include small amounts of Federal 1935 1,993 124,493 11,548 32,493 27,649 8,778 Reserve Bank discounts and advances for nonmember banks, etc. 1936 2,280 139,829 8,226 25,526 20,959 7,208 1937 2,406 150,987 3,369 20,216 12,780 7 ,238 1938 2,653 175,013 1,946 17,345 14,161 12,722 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1939 2,781 188,222 2,659 13,683 9,220 10,981 SMALL CENTERS * 1940 2,908 212,510 13,954 9,152 5,226 6,386 1941 3,202 279,860 8,294 10,337 14,597 19,600 [Averages of daily figures. In millions of dollars] 1942 3,423 408,737 4,248 14,126 10,661 17,305 1943 3,471 491,342 926 10,532 9^270 1944 . . . 3,489 525,532 1,295 3,894 4,165 2,706 In places of 15,000 In places of under 1945 3,511 544,961 320 1,995 1,644 1,086 and over population 15,000 population 1946 June 29... 3,524 552,711 615 1,210 5,366 1,110 Demand Demand Dec. 31... 3,542 565,913 4,577 554 8,309 2,670 d e e x p c o e s p it t s Time d e e x p c o e s p i t ts Time 1947 inter- deposits inter- deposits June 30... 3,555 572,836 195 1,778 7,018 4,043 bank bank Dec. 31... 3,574 586,726 945 1,387 7,434 4,869 1948 December 1947 16,077 8,458 12,469 6,045 Jan. 31. .. 3,576 589,986 1,025 1,972 7,077 5,213 November 1948 16,843 8,769 12,477 6,062 Feb. 28... 3,582 596,048 145 4,906 7,918 6,770 Mar. 31... 3,587 600,322 45 3,785 7,700 5,109 December 1948 16,850 8,678 12,413 6,011 Apr. 30. .. 3,593 604,623 70 1,394 6,646 4,234 May 31... 3,595 606,305 120 916 6,612 3,272 Boston 1,936 846 353 230 June 30... 3,599 610,956 1,045 851 6,482 3,238 New York 3,035 2,180 1,067 1,145 July 31. .. 3,600 611,694 620 802 6,417 3,346 Philadelphia 1,280 797 931 884 Aug. 31. .. 3,603 612,099 65 883 6,187 3,353 Cleveland 1,354 886 1,055 811 Sept. 30.. . 3,604 613,820 45 1,011 6,246 4,212 Oct. 30. .. 3,606 614,402 185 1,116 6,085 4,153 Richmond 1,152 391 914 471 Nov. 30... 3,606 614,725 85 1,151 6,099 4,166 Atlanta 1,579 467 680 214 Dec. 31... 3,607 615,653 335 995 1,643 1,990 Chicago 2,274 1,574 1,710 958 St. Louis 671 335 1,015 278 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. Minneapolis 624 299 820 454 1 Includes industrial loans past due 3 months or more, which are not Kansas City 572 104 1,681 206 included in industrial loans outstanding in weekly statement of con- Dallas 1,060 149 1,627 65 dition of Federal Reserve Banks. San Francisco. . . 1,313 650 558 297 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. 143 FEBRUARY 1949 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 de- Time ances at Class of bank and mand de- due Fed- Federal Reserve district Total I b n a t n e k r- Other po d s e it - s 2 posits 3 m fr d e o o s m - tic Total qu R i e r - ed c E e x s - s s e R e r r e a v - l e banks Banks First half of December 1948 All member banks 90 ,764 11,081 79,683 79,721 28,578 5,299 19,873 19,117 757 113 Central reserve city banks: New York 21,645 3,956 17,689 19,920 1,642 47 5,360 5,302 58 26 Chicago 5,172 1,049 4,123 4,685 986 120 1,297 1,292 5 7 Reserve city banks 33,766 5,156 28,611 29,290 11,261 1,669 7,471 7,288 183 43 Boston 1,895 253 1,641 1,725 188 34 404 394 10 New York 584 27 557 512 290 24 138 134 3 ' "l Philadelphia 2,193 328 1,865 1,947 239 67 452 446 5 1 Cleveland 4,087 453 3,634 3,614 1,467 156 923 905 18 11 Richmond 2,110 324 1,785 1,836 421 98 450 436 14 6 Atlanta 2,073 462 1,611 1,752 403 123 438 416 22 5 Chicago 3,977 431 3,547 3,415 1,969 263 922 899 23 4 St. Louis 2,152 660 1,492 1,833 330 96 437 428 9 4 Minneapolis 1,033 277 756 864 182 57 206 204 2 1 Kansas City 2,804 794 2,010 2,308 356 242 554 535 19 6 Dallas 2,591 594 1,997 2,159 377 249 540 503 36 San Francisco 8,269 552 7,716 7,324 5,039 260 2,009 1,989 20 Country banks 30,180 920 29,260 25,827 14,689 3,464 5,745 5,234 511 37 Boston 2,363 80 2,282 2,064 1,077 173 440 411 29 6 New York 4,186 85 4,101 3,710 3,323 274 900 843 57 14 Philadelphia 2,221 15 2,205 1,955 1,680 195 481 439 42 6 Cleveland 2,425 20 2,405 2,103 1,696 261 517 464 53 2 Richmond 2,184 115 2,069 1,830 862 269 396 357 38 1 Atlanta 2,435 178 2,257 2,032 683 330 419 376 42 1 Chicago 4,053 71 3,983 3,496 2,531 472 826 749 77 1 St. Louis 1,738 54 1,684 1,470 613 235 309 281 28 1 Minneapolis 1,528 69 1,459 1,309 752 184 296 266 30 1 Kansas City 2,313 67 2,246 1,933 310 358 373 333 40 2 Dallas 2,822 136 2,686 2,269 214 509 431 379 52 San Francisco 1,912 30 1,883 1,656 950 202 359 336 23 Second half of December 1948 All member banks 91,718 11,356 80 ,362 80 ,300 28,666 5,397 20,099 19,264 835 153 Central reserve city banks: New York 22,057 4,111 17,946 20,280 1,667 53 5,453 5,398 55 71 Chicago 5,218 1,074 4,143 4,684 991 123 1,292 1,292 i 11 Reserve city banks 34,259 5,251 29,008 29 ,493 11,319 1,756 7,549 7,337 212 39 Boston 1,928 266 1,662 1,748 187 34 406 399 7 1 New York 586 27 559 513 291 26 139 135 4 1 Philadelphia 2,242 342 1,901 1,971 236 74 459 451 8 1 Cleveland 4,170 472 3,698 3,649 1,472 163 943 913 30 7 Richmond 2,101 326 1,775 1,816 419 104 447 431 16 5 Atlanta 2,101 469 1,632 1,763 404 129 438 418 20 5 Chicago 4,046 439 3,607 3,448 1,971 273 942 906 36 3 St. Louis 2,189 684 1,505 1,858 330 93 446 434 13 1 Minneapolis 1,024 261 763 851 182 57 203 201 2 1 Kansas City 2,880 804 2,076 2,343 355 267 566 542 24 7 Dallas 2,634 593 2,042 2,166 387 268 535 505 29 San Francisco 8,357 567 7,790 7,367 5,082 266 2,025 2,002 23 Country banks 30,185 921 29,264 25,843 14,689 3,466 5,806 5,237 569 32 Boston 2,378 82 2,297 2,069 1,075 182 449 412 37 4 New York 4,187 86 4,101 3,721 3,327 272 922 845 ?7 13 Philadelphia 2,232 15 2,216 1,967 1,683 196 487 441 46 6 Cleveland 2,433 21 2,412 2,093 1,698 276 525 462 63 2 Richmond 2,179 115 2,064 1,826 862 264 397 357 40 2 Atlanta 2,444 183 2,261 2,038 678 335 413 377 36 1 Chicago 4,053 69 3,984 3,495 2,533 472 840 749 91 1 St. Louis 1,744 55 1,689 1,472 613 241 310 282 29 1 Minneapolis 1,497 65 1,431 1,294 752 170 294 263 30 Kansas City 2,326 67 2,260 1,947 310 360 375 335 40 2 Dallas 2,821 133 2,689 2,274 213 506 436 380 56 San Francisco 1,891 30 1,860 1,648 945 191 357 335 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., 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 72,500 million dollars in the first half and 72,750 million in the second half of December. 144 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 a End of year or in cir- Unasmonth cula- sorted tion i Total Coin «$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 10 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 ,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—September 28,567 19,881 1,375 1,010 64 2,085 6,270 9,077 ,689 2,503 4,941 428 800 12 2 October. . . ,552 19,833 1,385 1,011 63 2,078 6,233 9,064 ,721 2,499 4,986 427 793 11 3 November 28,766 20,008 1,396 1,020 64 2,102 6,303 9,123 ,760 2,513 5,023 426 782 11 3 December. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 ,850 2,548 5,070 428 782 17 3 1948—January.. . 28,111 19,369 1,382 984 63 2,017 6,064 8,858 8,745 2,511 5,022 424 771 12 3 February. 28,019 19,335 1,385 972 63 2,005 6,084 8,826 8,687 2,492 4,996 421 762 12 3 March 27,781 19,169 1,394 975 62 1,986 6,013 8,738 ,614 2,470 4,962 416 749 11 1 April , 27,716 19,144 1,399 976 61 1,991 6,017 8,700 8,574 2,456 4,951 412 739 10 1 May 27,812 19,259 1,409 994 62 2,015 6,054 8,724 8,555 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 8,762 8 559 2,452 4,940 404 748 9 2 August 28,055 19,450 1,432 1,006 63 2,023 6,099 8,827 8,607 2,464 4,977 403 748 11 2 September 28,118 19,488 1,442 1,020 63 2,031 6,090 8,844 8,632 2,466 5,011 402 739 10 2 October. .. 28,176 19,531 1,451 1,026 63 2,037 6,087 8,867 8,647 2,467 5,035 401 730 9 3 November, 28,331 19,680 1,464 1,042 64 2,054 6,137 8,918 8,654 2,475 5,048 400 717 9 3 December. 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 17 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 held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal De 1 c 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 k se s e r r v a a e l nd B R a a n e g k s e e s n r t v a s e nd De 1 c 9 . 4 3 8 1, No 1 v 9 . 4 8 30, De 1 c 9 . 4 3 7 1, certificates agents Gold 24,243 23,010 21,234 Gold certificates 23,010 20,151 2,815 44 44 47 Federal Reserve notes 25,127 '"57" 1,153 23,918 23,994 24,582 Treasury currency—total.... 4,589 ' 3 2,280 34 292 4,262 4,293 4,239 Standard silver dollars... . . 493 308 20 3 162 161 154 Silver bullion 1,971 1,971 Silver certificates and Treasury notes of 1890. . 3 2,280 220 2,060 2,078 2,040 Subsidiary silver coin 977 6 26 946 947 908 Minor coin 367 3 8 356 356 343 United States notes 347 3 31 312 320 313 Federal Reserve Bank notes . 336 2 3 330 334 378 National Bank notes 98 1 1 95 96 103 Total—Dec. 31, 1948 (4) 25,290 1,325 20,151 4,261 28,224 Nov. 30, 1948 (4) 25,195 1,332 20,073 3,913 28^331 Dec. 31, 1947. . . (4) 23,792 1,336 18,682 4,136 28,868 ' 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 137, and seasonally adjusted figures in table on p. 146. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt; (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. FEBRUARY 1949 145 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] Date f u o A v n r m a a r s d o i e j a u a u t n s s i o o t t — e n n d al a A d v s j m a e u a r s o i s t a u e o t n d n io t a — n l for C s a e h s d a e a j s r u n o i s e g n t s e a e l l d l i y n Period a p s t G e t o o r o e i c f l o n d k d d I in n s c to r g e c o a k l s d e o i r m g N e o p x e l o p d t r o t rt c g r m e o c o a E l r a r d s e r a e a : k i r n s - d e ( e — - d e- ) m t d g p i D o u e o r o o n s c ld - - t - i l c End of year figures: 1939 7,598 +742 1940 8,732 + 1,134 1938 14,512 1,751.5 1,973.6 -333.5 148.6 1941 11,160 +2 428 1939 17,644 3,132.0 3,574.2 -534.4 161.7 1942'.'. 15,410 +4,250 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1943 20,449 +5,039 1941 22,737 741.8 982.4 -407.7 169.1 1944 25,307 +4,858 1942 22,726 -10.3 315.7 -458.4 125.4 1945 28,515 +3,208 1943 21,938 -788.5 68.9 -803.6 48.3 1946 28,952 +437 1944 20,619 -1,319.0 -845.4 -459.8 35.8 1947 28,868 -84 1945 20,065 -553.9 -106.3 -356.7 32.0 1948 28,224 —644 1946 20,529 464.0 311.5 465.4 51.2 1947 22,754 22,224.9 1,866.3 210.0 75.8 Monthly averages of daily 1948 24,244 1,490.0 PI.700.7 -159.2 P73.5 figures: 1948—January 22,935 180.7 235.0 -14.9 6.0 1948—January 28,394 28,309 -341 February... 23,036 101.5 159.4 -72.2 5.5 February 28,096 28,096 -213 March 23,137 100.4 99.9 -63.4 6.4 March 27,941 28,025 -71 April 23,169 32.2 234.2 -111.5 5.7 April 27,766 27,990 -35 May 23,304 135.2 151.3 -2.8 6.1 May 27,749 27,945 -45 June 23,532 228.5 177.7 81.7 5.7 June 27,846 27,986 +41 July 23,679 146.4 266.7 -188.4 6.2 July 27,955 28,011 +25 August 23,725 46.2 39.1 59.5 7.7 August 27,977 28,118 + 107 September.. 23,872 147.2 53.3 98.1 7.4 September 28,152 28,208 +90 October 24,004 131.9 121.6 1.0 6.5 October 28,188 28,188 -20 November. . 24,166 161.4 54.2 99.7 5.3 November 28,277 28,192 +4 December. . 24,244 78.3 P108.3 -45.9 P5.0 December 28,423 28,142 -50 1949—January P24,271 P27.3 4 -2.7 1949—January 27,850 27,767 -375 P Preliminary. 1 For end of year figures, represents change computed on absolute 1 Annual figures through 1947 are estimates of the United States amounts in first column. Mint. For explanation of monthly figures see table on p. 197. NOTE.—For discussion of seasonal adjustment factors and for back 2 Change includes transfer of 687.5 million dollars gold subscripy f B i e g e a c u r a r e u e s s n e o d n , o c f a o d a m j n u p s a t a r m p a p b en a le r t e b n f a a t s c i t s c o h s r a e s n e g h S e a e v p i e t n e m b t e h b e e e n r s 1 r e e a 9 v s 4 i o 3 s n e B a d l U L s p o L a m E t T t e e I w N rn , h a p a t p r . o f 8 o u 2 r n 2 d d - 8 a t 2 t h e 6 e s . tio 4 3 n G N t o o o l t d I y n h e t e e t l r d a n v a u a t n i i o l d a n e b a r l l e e . M arm on a e r t k a r a y t F th u e n d F . ederal Reserve Banks for foreign affected, beginning with December 1942; seasonally adjusted figures account, including gold held for the account of international institufor money in circulation, as shown in Banking and Monetary Statistics, tions, amounted to 3,780.3 million dollars on Jan. 31, 1949. Gold under Table 111, p. 414, and described on p. 405, are based on an older series earmark is not included in the gold stock of the United States. of adjustment factors. NOTE.—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposits accounts, except turnover of total deposit accounts, turnover of demand interbank accounts deposits, except except interbank deposits, except interinterbank and Government bank and Government Year or month Total, all New 140 Other New Other New Other New Other reporting York other reporting York reporting York leading York leading centers City i centers 1 centers 2 City centers City3 cities 3 City3 cities 3 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e ri r e ie s s 4 4 |l,050,021 417,475 527,336 105,210 19.0 10.0 j 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 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 21.0 12.0 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.7 12.9 445,221 660,155 27.2 19.2 1947—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 November 102,887 34,754 56,815 11,318 23.7 13.8 34,988 56,977 27.8 20.8 December 122,277 46,194 63,714 12,368 28.6 14.1 44,861 62,745 32.1 21.0 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 3 Weekly reporting member bank series. 4 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. 146 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY—ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total Total Time deposits deposits demand adjusted deposits United and adjusted Total Demand States Currency End of month currency and deposits deposits Govern- Com- Mutual Postal outside outside currency adjusted adjusted1 ment Total mercial savings Savings banks banks outside deposits 2 banks «4 banks 4 6 System 6 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 1941—June . .... 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942— D jU e n c e ember 9 8 9 1 , , 7 9 0 6 1 3 5 6 2 2 , , 8 8 0 6 6 8 8 7 5 1 , ,0 7 2 5 7 5 4 48 1 , , 9 8 2 7 2 0 8 1 , ,8 4 3 0 7 2 2 2 7 8 , , 3 4 2 3 0 1 1 1 5 6 , ,3 6 5 1 2 0 1 1 0 0 , , 3 6 9 6 5 4 1 1 , , 4 31 1 5 5 1 1 0 3 , , 9 9 3 4 6 6 1943—June 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 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—june 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—June 171,237 105,992 144,721 79,476 13 416 51,829 32,429 16,281 3,119 26,516 December 167,107 110,044 140,377 83,314 3,103 53,960 33,808 16,869 3,283 26,730 1947— D juenceember (Dec. 31). 1 1 6 7 5 1, , 4 4 6 5 2 5 1 1 0 1 8 3 , ,5 4 9 3 9 3 1 1 3 4 9 4 , , 1 9 5 8 6 6 8 87 2 , , 1 1 2 3 3 4 1 1 , , 3 45 6 2 7 5 5 5 6 , , 6 4 5 1 5 1 3 3 4 5 ,2 8 4 3 9 5 1 17 7 , , 7 4 4 2 6 8 3 3, , 4 3 1 9 6 2 2 2 6 6 , , 2 4 9 7 9 6 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) v 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 November(Nov.24) P 170,100 110,900 144,200 85,000 2,200 57,000 35,500 18,200 3,300 25,900 December(Dec 29) P 170,900 111,400 145,200 85,800 2,100 57,300 35,600 18,400 3,300 25,700 P Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. 8 Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. 5 Prior to June 30, 1947, includes a relatively small amount of demand deposits. 6 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. POSTAL SAVINGS SYSTEM BANK SUSPENSIONSI [In millions of dollars] Member Nonm ember banks banks Assets Total, all banks Na- In- Non- Depos- U. S. Government tional State sured insured itors' Cash securities Cash End of month bal- in de- reances1 Total posi- serve Number of banks suspended: b t a o n ry ks Total r D e i c - t G a u n a - r- f e u t n c d .2 s 1934-42 330 20 6 216 88 teed 1943. 4 2 2 1944 1 1 1945 0 1 19 9 4 4 0 1 — — D D e e c c . . . . . 1 1 , , 3 3 1 0 4 4 1 1 , , 3 3 9 4 6 8 2 3 6 6 1 1 , , 2 2 7 2 4 4 1 1 , , 1 0 2 7 8 8 1 1 4 4 6 6 9 8 5 8 1 1 9 9 4 4 7 6 0 1 1 1942—Dec. . 1,417 1,464 16 1,345 1,220 126 102 1948. 0 1943—Dec.. . 1,788 1.843 10 1,716 1,716 118 1949—January 0 1944—Dec. . 2,342 2,411 8 2,252 2,252 152 1945—Dec.. . 2,933 3,022 6 2,837 2,837 179 Deposits of suspended banks 1946—Dec.. . 3,284 3,387 6 3,182 3,182 200 (in thousands of dollars) :2 1947—Dec.. . 3,417 3,525 6 3,308 3,308 212 1934-42 137,362 18,01626,548 51,567 41,231 1948—Feb.. . 3,441 3,551 6 3,336 3,336 209 1943 6,223 4,982 1,241 Mar. . 3,435 3,546 6 3,346 3,346 194 1944.. 405 405 Apr.. . 3,415 3,528 6 3,316 3,316 205 1945 0 May. . 3,395 3,509 6 3,291 3,291 211 1946 o J J u un ly e . . . . 3 3 , , 3 3 6 7 8 9 3 3 , ,4 4 9 8 4 3 6 6 3 3 , , 2 2 9 7 1 5 3 3 , , 2 2 9 7 1 5 2 1 0 9 2 6 1 1 9 9 4 4 7 8 16 0 7 167 Aug.. . 3,356 3,472 6 3,260 3,260 206 1949—January 0 Sept.. 3,348 3,464 7 3,260 3,260 198 Oct... 3,342 3,459 7 3,244 3,244 208 Nov. . P3.336 3,454 7 3,244 3,244 203 1 Represents banks which, during the periods shown, closed tem- Dec P3.326 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). 2 Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonand miscellaneous working tunds with 1 reasurer ot United btates, ac- member banks are based on the latest data available at the time the crued interest on bond investments, and accounts due from late post- suspensions were reported. masters. Back figures.—See Banking and Monetary Statistics, pp. 283-292;. Back figures.—See Banking and Monetary Statistics, p. 519; for for description, see pp. 281-282 in the same publication. description, see p. 508 in the same publication. FEBRUARY 1949 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S r . n- Other as C s a e s t h s x Total i b In an te k r ^ - a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er Total o m bl e ig n a t - r s i e t c ie u s - m D a e n - d Time tions All 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 97? 9,449 28,090 75,996 10,934 38 562 26,499 8,302 14,896 1941—Dec. 31 61, 126 26,615 34,511 25 511 8,999 27,344 81, 816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78 147 ?3 916 54,231 45 951 8,280 28,701 99,803 11,308 61 437 27,058 8,566 14,682 1943—Dec. 31 96,966 23 601 73,365 65 932 7,433 28,475 117,661 11,003 75,577 31,081 ,996 14,579 1944—Dec. 30 119,461 76 015 93,446 85 885 7,561 30,790 41,448 1?,235 91 663 37,551 9,643 14,535 1945—Dec. 31 140 277 30 362 109,865 101 288 8,577 35,415 65,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131 698 35 648 96,050 86 558 9,491 35,041 155,90? 1?,656 9? 462 50,784 11,360 14,585 1947—June 131 096 38 365 92,730 82 679 10,051 33,544 153,349 11,679 89, 795 52,375 11,721 14,716 Dec. 31 134,974 43 002 91,923 81 199 10,723 38,388 161,865 13,033 95 777 53,105 11,948 14,714 1948—June 30 133 081 45 099 87,982 76 774 11,208 35,000 156,353 11,436 90,823 54,093 12,241 14,719 July 28« 134 090 45 440 88,650 77 320 11,330 33,970 56,090 11,290 90 810 53,990 1?,300 14,717 Aug. 134 440 46 000 88,440 77 020 11,420 33,850 156,340 11,220 91 ,140 53,980 1?,360 14,719 Sept 29« 132,890 47 140 85,750 74 230 11,520 36,880 157,520 11,280 9? 150 54,090 ,400 14,720 Oct. 27* . . . . 133 400 47 140 86,260 74 97,0 11,340 37,560 58 890 11,650 93 160 54,080 1?,450 14,712 Nov.24" 133 460 47 870 85,590 74 320 11,270 37,380 158,420 11,560 93,080 53,780 1?,470 14,709 Dec. 29«. .. 133 660 48 340 85,320 74 000 11,320 38,370 59, 720 11,670 93 7.30 54,320 ,540 14,706 All commercial banks: 1939—Dec 30 40,668 17 738 23,430 16 316 7,114 22,474 57 718 9,874 3? 513 15,331 6,885 14,484 1940—Dec. 31 43 979 18 800 25,129 17 757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec 31 50 746 71 714 29,032 71 808 7,225 26,551 71 783 10,982 44 349 15,952 7,173 14,278 1942—Dec. 31 67 393 19 721 48,172 41 379 6,793 28,039 89, 135 11,308 61, 431 16,395 7,330 14,136 1943—Dec 31 85 095 19 117 65,978 59 84? 6,136 27,677 105 97,3 11,003 75 569 19,350 7,719 14,034 1944—Dec. 30 105 530 21 644 83,886 77 557 6,329 30,206 128,072 1?,235 91, 653 24,184 ,265 13,992 1945—Dec 31 124 019 76 083 97,936 90 606 7,331 34,806 150 777 14,065 105 921 30,241 ,950 14,011 1946—Dec. 31 113 993 31 17.2 82,871 74 780 8,091 34,223 139,033 17,656 446 33,930 ,577 14,044 1947— D ju e n c e . 3 3 1 0 » 1 1 1 1 2 6 7 7 5 8 6 4 3 3 3 8 6 0 7 5 9 7 7 7 9 8 , , 0 2 7 2 7 6 6 7 9 0 5 77 3 1 9 9 8 , , 0 5 0 3 6 8 3 3 2 7, . 5 7 0 0 2 4 1 1 3 4 5 4, 9 1 0 0 7 3 1 1 1 3 , ,0 6 3 7 2 9 9 89 5, 2 7 8 1 1 1 3 3 4 5 , , 9 3 4 6 7 0 ir <), ,0 8 5 8 9 0 1 1 4 4 . ,1 1 8 8 1 3 1948— Ju ju l n y e 30 1 1 1 1 4 3 8 7 5 6 5 0 3 4 9 0 8 1 6 4 5 0 7 7 4 3 , , 6 9 2 9 0 0 6 6 5 4 3 7 1 9 0 8 9 9 , , 1 3 9 1 2 0 3 3 4 3 , , 1 2 6 4 8 0 1 13 3 7 8 8 1 8 4 0 7 1 1 1 1 , , 4 2 3 9 5 0 9 9 0 0, 8 7 0 9 6 0 3 3 5 5 , , 9 8 0 0 0 0 1 1 ( ( 1 1 , , 3 28 4 7 0 1 1 4 4, , 1 18 8 7 5 Aug. 25e 115 100 40 630 74,470 65 100 9,370 33,110 138 110 11,220 91 ,120 35,770 1(1,390 14 187 S O e c p t. t 2 2 9 7 e " 1 1 1 1 3 4 6 1 0 0 0 0 4 4 1 1 6 77 2 0 0 7 7 1 2 , , 8 4 8 8 0 0 6 6 2 3 4 2 6 6 0 0 9 9 , , 4 2 2 2 0 0 3 3 6 6 , , 7 0 2 0 0 0 1 1 4 3 0 9 6 2 0 40 0 1 1 1 1 , , 2 6 8 5 0 0 9 9 ? 3 , , 1 1 , 4 3 0 0 3 3 5 5 , , 8 8 3 1 0 0 I 1 f C , , 4 4 2 6 0 0 1 1 4 4 , , 1 1 8 8 8 0 Nov. 24e 114 180 42 280 71,900 62 780 9,120 36,580 140 200 11,560 93,060 35,580 1C,480 14,177 Dec. 29" 114 310 42 690 71,620 62 500 9,120 37,480 141 350 11,670 93,710 35,970 1C,540 14,174 All member banks: 1939—Dec 30 33 941 13 96? 19,979 14 328 5,651 19,782 49 340 9,410 78,731 11,699 ,522 6,362 1940—Dec. 31 37 126 15 321 21,805 15 823 5,982 23,963 56 430 10,423 33,829 12,178 ,698 6 486 1941—Dec. 31 43 571 18 071 25,500 19 539 5,961 23,123 61 717 10,525 38,846 12,347 ,886 6,619 1942—Dec. 31 59 263 16 088 43,175 37 546 5,629 24,280 78 277 11,000 54,523 12,754 e,101 6 679 1943—Dec. 31 74 758 16 788 57,970 52 948 5,022 23,790 92 262 10,555 66,438 15,268 e,475 6 738 1944_Dec. 30 91 569 18 676 72,893 67 685 5,208 25,860 110 917 11,884 79,774 19,259 e,968 6,814 1945—Dec 31 107 183 7? 775 84,408 78 338 6,070 29,845 179 670 13,640 91, 870 24,210 7,589 6,884 1946—Dec. 31 96 36? 76 696 69,666 63 042 6,625 29,587 118 170 12,060 78,920 27,190 ,095 6 900 1947—June 30 94 80? 78 655 66,146 59 198 6,948 28,694 115 435 11,041 76,380 28,014 ,315 6,928 Dec. 31 97 846 32 628 65,218 57 914 7,304 32,845 122 528 12,403 81 ,785 28,340 ,464 6 973 1948—June 30 ... 95 449 33 871 61,578 54 139 7,439 30,303 117 452 10,833 77,796 28,823 ,624 6,925 July 28« 96 713 34 087 62,126 54 575 7,551 29,407 117 128 10,701 77,694 28,733 ,657 6,919 Aug. 25 « 96 475 34 495 61,980 54 371 7,609 29,300 117 274 10,624 77,937 28,713 ?,698 6 919 Sept 70 e 94 895 35 453 59,442 51 789 7,653 32,021 118 191 10,669 78 776 28,746 .724 6,923 Oct. 27« 95 452 35 310 60,142 52 680 7,462 32,677 119 529 11,025 79 756 28,748 ,765 6,920 Nov. 24« 95 514 35 929 59,585 52,219 7,366 32,539 119 135 10,918 79 636 28,581 ,778 6,919 Dec. 29" 95 707 36 321 59,386 52 012 7,374 33,252 120 190 11,227 80 187 28,776 ,828 6,919 All mutual savings banks: 1939—Dec sn 10 4 977 5,289 3,101 2,188 818 10 5?4 3 10,521 ,309 551 1940 Dec 31 10 748 4,956 5,292 3,215 2.078 966 10,659 4 10,655 L ,292 551 1941—Dec 31 10 379 4,901 5,478 3,704 1,774 793 10 533 6 10,527 1L ,241 548 1942—Dec 31 10 754 4 695 6,059 4,572 1,487 663 10 668 6 10,662 L.236 546 1943 Dec 31 11 871 4,484 7,387 6 090 1,297 797 11,738 8 11,730 11,276 545 1944—Dec 30 13 931 4 370 9,560 8,378 1,232 584 13 376 10 13,366 11,378 543 1945 Dec 31 16 708 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 11,784 541 1947—June 30 » 18,339 4,686 13,653 12,140 ,513 839 17,442 1 14 17,428 1,842 533 Dec. 31 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—June 30 19,226 5,23-i 13,992 11,976 J.016 832 18,211 17 18,193 1,955 532 July 28" 19,330 5,300 14,030 12,010 2,020 730 18,210 20 18,190 L.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. IT .... 19,300 5,520 13,780 11,660 2,120 840 18,290 20 18,270 1,990 532 Nov. 24« 19,280 5,590 13,690 11,540 2,150 800 18,220 20 18,200 1,990 532 Dec. 29« 19,350 5,650 13,700 11,500 2,200 890 18,370 20 18,350 2,000 532 e 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. 148 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 Total Number Class of bank Cash capital of and date U.S. assets Inter- accounts banks Total Loans Govern- Other Total bank De- Total ment mand Time obligations 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 4,265 025 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 007 1947—June 30 62,982 18,764 44,218 39,271 4,947 19,342 77,146 7,432 50,694 19,020 5,296 012 Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 005 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 * 2,074 430 1,645 1,403 241 514 2,248 436 1,351 461 322 797 Dec. 31 2,009 474 1 535 1,280 255 576 2.251 363 1.411 478 325 783 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 ,115 3,889 13,671 448 9,131 4.092 ,245 299 1944—Dec. 30 13,972 2,971 11,002 9,880 ,122 4,348 17,168 351 11,879 4,938 ,298 181 1945—Dec. 31 16,849 3,310 13,539 12,277 ,262 4,962 20,571 425 14,101 6,045 ,362 130 1946—Dec. 31 17,646 4,429 13,217 11,749 ,468 4,639 20,879 597 13,526 6,756 .483 147 1947—June 30 2 17,970 5,027 12,943 11,352 ,591 4,013 20,488 638 12,901 6,949 566 258 Dec. 31 18,454 5 432 13,021 11.318 .703 4.659 21,591 629 13,926 7 036 ,596 261 1948—June 30 18,422 5,997 12,425 10,670 ,755 3,867 20,706 602 13,010 7,093 ,664 7,265 Insured mutual savings banks: 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7 7,527 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 13 11,415 1,173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 12 11,889 1,218 191 Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 14 12,192 1,252 194 1948—June 30 13,142 3,769 9,373 8,169 1,204 644 12,581 15 12,566 1,302 193 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 ,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 ,833 705 206 5,442 5,439 611 350 1947—June 30* 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. FEBRUARY 1949 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Class of bank loans in- 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 - Total1 o c m i k p l n u a e e g t d r n - - - t c a u u l r 2 l - - b a e T r n r o o d s k- o T th o - l t o e a a s t - e ns s l u C o m a o n n e s r -O lo th an er s Total Total Bills C o d c e f e a r b t t i e i n t f s - i - - Notes Bonds G t a e u n e a - d r- S p s a t i o u a c n l b t a d i e - t l s - O s ri e t t c h ie u e s - r p p e a r - 3 d e e r a s l- ers n e e d s - s d si i o v n i- s *\11 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 12,797 4,102 3,651 3,333 1943—Dec. 31. . 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13,218 7,672 30,6562,5013,287 2,696 1944—Dec. 30. . 103,382 21,352 7,920 1,723 2,269 2,265 4,343 1,888 944 82,030 75,875 3,971 15,300 15,77839,848 978 3,422 2.733 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,6064,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1946—Dec. 31. .112,178 30,733 14,016 1,358 1,517 1,609 7,1034,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,298 3,592 1947—June 30.. 110,682 33,250 14,765 1,549 1,517 1,278 8,201 4,893 1,047 77,433 69,136 835 9,441 5,341 53,505 144,826 3,471 Dec. 31.. tl4,274 37.583 18.012 1,610 823 1,190 9,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—June 30.. 111,794 39,372 17,834 1,976 1,183 1,077 10,1016,412 1,119 72,421 63,490 2,327 9,451 5,06946,630 125,4343,497 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3, 592 25,500 19,539 971 3,007 11,7293,8323,0902,871 1943—Dec. 31. . 74,258 16,288 7,421 1,023 1,398 839 3,2741,484 848 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 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—June 30.. 94,802 28,655 13,820 972 1,507 1,154 6,2403,998 965 66,146 59,198 773 7,544 4,369 46,502 103,982 2,966 Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 7,1304,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1948—Apr. 12. . 95,896 33 062 62,834 55,364 4,452 3,018 June 30.. 95\449 33^871 16,734 U241 1,171 956 7^7775^2491,040 61,578 54,139 2,188 '7^597 4,104 40,242 '" 8 4^ 4363,003 New York City.5 1941 T)ec 31 12,896 4 072 2 807 8 412 169 123 554 8,823 7,265 311 1,623 3 6521,679 729 830 1 1 J 9 ^X 4 3— J— D 'vT e v-* c . v 3 jl 1 • • .. 19^994 4',428 2,515 24 1,054 323 107 252 153 15,566 14,563 1,328 3,409 1,829 7^014 984 444 558 1944—Dec. 30. . 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3,740 3,745 8,592 189 468 596 1945—Dec. 31. 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,325 10,337 1 606 629 1946—Dec. 31.. 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1947—June 30.. 20,332 6,548 4,171 1,196 286 104 500 291 13,784 12,571 137 1,103 775 10,555 1 631 582 Dec. 31. . 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9,771 638 604 1948—Apr. 12. 19,547 7.169 12,378 11,129 721 528 June 30 19,019 7,550 5,275 963 250 161 616 372 11,469 10,358 693 983 520 8,162 583 528 Chicago:3 1941—Dec. 31.. 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 " 877 484 1,602 74 158 155 1944—Dec. 30. . 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31. . 4,765 1 ,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—June 30.. 4,802 1,565 1,178 1 100 84 42 130 29 3,237 2,890 106 368 132 2,284 175 173 Dec. 31. . 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—Apr. 12.. 4,681 1,663 3,018 2,620 223 174 June 30 4,742 1,714 i,357 2 61 75 ' "47 "i56 "32 3,028 2,667 160 "*250 214 2,043 185 176 Reserve city banks: 1941—Dec. 31. . 15,347 7,105 3,456 300 114 194 1,527 1, 12 8,243 6,467 295 751 4,248 1,173 956 820 1943—Dec. 31. . 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30. . 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—June 30. . 34,611 11,441 5,726 197 185 540 2,713 1,675 405 23,170 20,845 334 3,038 1,503 15,967 3 1,364 962 Dec. 31. . 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—Apr. 12. . 34,969 13,352 21,617 19,234 1 3431 039 June 30.. 35,065 13,373 6,823 260 126 428 3,3332,158 369 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 30 6,628 4,377 110 481 2 926 861 1,222 1 028 1943—Dec. 31. . 22 488 4^654 713 25 197 1J725 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 l!l49 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— D ju e n c e . 3 30 1 . . . . 3 3 5 6 , , 0 3 5 2 7 4 1 9 0 , , 1 1 0 9 2 9 3 2 , , 0 74 9 4 6 8 7 1 7 8 4 2 2 3 6 2 22 4 7 4 3 3 , , 3 8 8 2 1 7 1 1, , 9 6 7 9 9 3 2 2 2 4 9 0 2 2 6 5 , , 1 9 2 5 5 5 2 22 2 , , 8 8 5 9 7 3 4 1 8 9 0 7 3 2, , 5 0 8 3 3 5 2 1 , ,9 1 6 0 0 8 1 17 7 , , 6 6 8 9 1 6 6 5 2 1 , ,8 0 1 0 3 6 1 1 , , 2 2 6 5 2 0 1948—Apr. 12. . 36 69910,877 25,822 22,381 2,165 1,277 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 1,319 1,652 4,928 76 566 383 1945—Dec. 31.. 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—June 30.. 15,896 4,597 945 576 11 125 1,963 895 82 11,299 9,949 62 1,897 972 7,013 4 845 505 Dec. 31.. 16,444 4,958 1,049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—June 30.. 16,360 5,504 1,101 735 12 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. 8 Central reserve city banks. 150 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] j Demand deposits Time deposits Re- 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 e a d r i r v n e e t v h - e k r e s a s l v C a i a n u s l h t b m a w a B n d e n i c a o s t k l e - t h - s i s c * j p m u D o a s d a d t s e e n e i - - - t d d s 5 m D e I s d n o t - e i t c e p 3 r o b s a i F e t n i s o 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 i a b n i t o t d i d e c n i s a - s l c C h c O a e f e e e i n t f e c r c r f d i t s k d . - i ' s - , p a v t n s a p i I i h d d r o n o t i u n d r n p c a a s i e o s - l - , r r s - - , I b n a t n e k r- P U m G S e a o r a . n o e s n v v d n S t - - a - t . l v S s p i a u i s o t c n i a b l a o i d t d l t n e - i s s - p a v n a s p i t I h d d r i n o o t i u d r n p c n a a i e o s s - - l r , r s - - , 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 ings All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1943—Dec. 31. . 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—Tune 30. . 16,039 1,804 8,498 80,869 9,807 1,372 1,247 6,495 2,111 78,077 64 111 771 33,604 60 9,558 Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—June 30. . 17,355 2,063 8,238 81,420 9,628 1,357 2,052 7,132 2,020 78,287 50 111 1,061 34,246 63 9,955 Member banks total: 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 11994413——DDeecc.. 3311.. .. 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30. . 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31. . 16,015 1,576 5,936 70,243 10,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—Tune 30. . 16,040 1,409 5,521 69,595 9,612 1,369 1,095 5,376 1,976 67,933 60 106 649 27,259 50 8,315 Dec. 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—Apr. 12.. 16,750 1,563 5,375 69,781 9,133 1,375 2,115 5,570 1,755 68,093 42 102 872 27,616 235 8,610 June 30. . 17,356 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:z 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1943—Dec. 31. . 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 "29 1,862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1946—Dec. 31.. 4,046 131 87 16,429 3,031 1,195 651 218 942 17.216 20 15 39 1,395 2,205 1947—June 30. . 4,166 123 50 16,494 2,898 1,228 179 260 915 17,202 22 14 17 1,407 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:3 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1943—Dec. 3i . 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Dec. 31, . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—Dec. 31. . 928 29 172 3,356 1,130 24 *152 228 47 3,495 2 4 823 404 1947— D jUe n c e . 3 31 0 . .. . 1,0 9 7 7 0 3 3 3 6 0 1 1 6 7 2 5 3 3 , , 4 7 2 3 7 7 1 1 , , 0 1 5 9 6 6 2 2 4 1 18 7 1 2 3 2 0 8 4 5 5 63 5 3 3 , , 4 8 1 5 7 3 2 2 6 9 8 90 6 2 4 4 4 1 2 6 6 1948—Apr. 12.. 1,051 26 146 3,432 1,004 24 102 251 37 3,489 1 10 908 1 426 June 30. . 1,144 28 152 3,505 1,055 22 105 320 47 3,539 1 11 940 436 Reserve city banks: 1941—Dec. 31. . 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1943—Dec. 31. . 5,116 391 1,758 18,654 4,770 63 3 ,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6]l57 1 [509 488 20,371 33 40 154 7,561 2,327 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1946—Dec. 31. . 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 1947—June 30. . 6,274 470 1,864 24,166 4,773 109 311 2,301 554 23,934 21 41 319 10,888 11 2,796 Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45. 332 11,045 1 2,844 1948—Apr. 12 .. 6,403 511 1,791 24,182 4,539 124 793 2,314 524 24,123 17 40 455 10,792 60 2,869 June 30.. 6,462 521 1,852 24,316 4,751 140 728 2,442 562 24,198 18 42 496 10,771 3 2,870 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1943—Dec. 31. . 3,303 611 3,474 17,039 994 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Dec. 31.. 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—Dec. 31. . 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,757 1947_june 30. . 4,628 780 3,444 25,508 885 8 424 2,511 451 23,380 17 49 308 14,101 38 2,869 Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Apr. 12.. 4,815 884 3,391 26,466 814 8 844 2,772 468 24,136 15 46 354 14,456 55 3,048 June 30.. 4,866 934 3,369 26,639 798 9 680 2,839 516 24,161 14 49 364 14,473 24 3,056 Insured nonmember commercial banks: 1941—Dec. 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1943—Dec 31 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—Dec. 30. . 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—Dec. 31. . 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 1947—June 30. . 395 2,979 11,274 194 3 152 1,119 135 10,144 4 5 122 6,361 10 1,245 Dec. 31.. 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 7 1,271 1948—June 30. . 457 2,820 11,368 195 4 207 1,259 147 10,083 4 6 149 6,457 10 1,333 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 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. FEBRUARY 1949 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total* i t n a ri d n a d u l s , - and dealers To others e l R s o t e a a a n t l e s b L a o t n o a k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O s ri e t t h c i e u e r s 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 a S - - s t . . O c t s u t i e h e r - s i e - r G t l U i o i o o g . b S v n a - - t s . .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total— Leading Cities 1947—December 65,135 23,428 14,569 387 527 407 503 3,427 199 3,40941,707 37,474 1,251 3,291 2,832 30,1004,233 1948—October 62,256 24,605 15,388 246 432 218 4883,993 215 3,87337,651 33,300 2,071 4,441 1,699 25,089 4,351 November. . . 62,430 24,937 15,543 389 425 202 4874,032 239 '3,870 37,493 33,296 2,358 4,454 1,675 24,8094.197 December.. . . 62,730 25,336 15,567 684 478 200 4744,059 209 3,912 37,394 33,227 2,129 4,655 1,759 24,6844,167 Nov 3 62,232 24,730 15,433 223 439 207 488 4,021 295 '3,872 37,502 33,268 2,378 4,423 1,673 24,7944,234 Nov. 10 62,378 24,863 15,595 315 397 200 4784,028 237 '3,862 37,515 33,319 2,454 4,420 1,658 24,787 4,196 Nov. 17 62,647 24,944 15,581 392 410 202 4764,035 228 '3,86937,703 33,525 2,511 4,515 1,678 24,8214,178 Nov. 24 62,462 25,212 15,559 624 455 198 5064,045 198 '3,878 37,250 33,073 2,090 4,457 1,692 24,8344,177 Dec. 1 62,330 25,092 15,542 507 467 198 4754,044 218 '3,89337,238 33,075 2,106 4,458 1,688 24,8234,163 Dec. 8 62,558 25,202 15,475 642 495 203 4874,052 195 '3,904 37,356 33,179 2,199 4,428 1,697 24,855 4,177 Dec. 15 62,870 25,289 15,610 '588 487 197 4704,066 196 '3,91537,581 33,440 2,285 4,826 1,754 24,575 4,141 Dec. 22 63,141 25,538 15,632 '807 487 199 4704,070 194 '3,920 37,603 33,455 2,249 4,823 1,811 24,572 4,148 Dec 29 62,751 25,559 '15,577 '875 456 '202 4694,062 241 '3,930 37,192 32,987 1,807 4,742 1,844 24,5944,205 1949—Jan. 5 62,638 24,969 15,374 620 438 203 4674,066 164 3,92437,669 33,484 2,197 5,669 1,057 24,5614,185 Jan 12 62,596 25,087 15,415 714 399 199 4604,083 182 3,92237,509 33,324 2,157 5,515 1,043 24,6094,185 Jan. 19 62,879 24,949 15,414 581 406 196 4564,081 185 3,917 37,930 33 ,749 2,425 5,613 1,044 24,667 4,181 Jan. 26 62,852 25,270 15,381 890 419 187 4524,084 235 3,90937,582 33,411 2,036 5,511 1,034 24,8304,171 New York City 1947—December.. . . 20,056 7,286 5,343 299 377 64 202 104 160 737 12,770 11,576 661 536 481 9,898 1,194 1948—October 18,199 7,463 5,609 207 311 27 193 199 178 82510,736 9,617 935 851 291 7,540 1,119 November. . . 18,151 7,617 5,634 348 308 27 196 207 180 80310,534 9,522 926 899 268 7,429 1,012 December.. . . 18,414 7,909 5,594 629 352 32 186 215 168 81410,505 9,502 753 1,053 304 7,392 1,003 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 Dec 1 18,178 7,717 5,599 467 332 31 184 209 168 813 10,461 9,457 806 951 253 7,447 1,004 Dec. 8 18,339 7,851 5,536 600 380 33 201 216 161 81010,488 9,491 832 939 254 7,466 997 Dec. 15 18,466 7,829 5,603 533 350 30 183 219 169 81810,637 9,650 836 1,139 313 7,362 987 Dec. 22 18,589 8,032 5,622 743 353 32 182 220 146 81010,557 9,574 768 1,126 338 7,342 983 Dec. 29 18,496 8,114 5,609 802 343 33 182 213 198 81710,382 9,340 524 1,110 363 7,343 1,042 1949—jan> 5 18,348 7,730 5,556 563 314 40 180 213 151 807 10,618 9,580 750 1,374 137 7,319 1,038 Jan. 12 18,210 7,810 5,582 659 294 39 180 216 126 80810,400 9,365 701 1,258 135 7,271 1,035 Tan. 19 18,262 7,726 5,597 543 302 38 177 217 145 80110,536 9,504 772 1,345 136 7,251 1,032 Jan. 26 18,401 7,997 5,600 830 289 37 175 216 137 80710,404 9,386 639 1,363 125 7,259 1,018 Outside New York City 1947—December.. . . 45,079 16,142 9,226 88 150 343 301 3,323 39 2,672 28,937 25,898 590 2,755 2,351 20,202 3,039 1948—October 44,057 17,142 9,779 39 121 191 2953,794 37 3,04826,915 23,683 1,136 3,590 1,408 17,5493,232 November. . . 44,279 17,320 '9,909 41 117 175 2913,825 59 '3,067 26,959 23,774 1,432 3,555 1,407 17,3803,185 December.. . . 44,316 17,427 9,973 55 126 168 2883,844 41 3,09826,889 23,725 1,376 3,602 1,455 17,292 3,164 Nov. 3 44,134 17,257 '9,827 28 118 181 2953,816 89 '3,065 26,877 23,661 1,338 3,553 1,404 17,3663,216 Nov. 10 44,297 17,303 '9,924 39 108 173 2913,821 48 '3,062 26,994 23,812 1,481 3,568 1,390 17,3733,182 Nov 17 44,466 17,348 '9,942 38 114 174 2903,827 53 '3,073 27,118 23,950 1,588 3,567 1,405 17,3903,168 Nov. 24 44,218 17,371 '9,938 57 130 170 2873,836 48 '3,070 26,847 23,676 1,323 3,532 1,431 17,3903,171 Dec. 1 44,152 17,375 '9,943 40 135 167 2913,835 50 '3,080 26,777 23,618 1,300 3,507 1,435 17,3763,159 Dec. 8 44,219 17,351 '9,939 42 115 170 2863,836 34 '3,094 26,868 23,688 1,367 3,489 1,443 17,3893,180 Dec. 15 44,404 17,460 10,007 '55 137 167 2873,847 27 '3,097 26,944 23,790 1,449 3,687 1,441 17,2133,154 Dec. 22 44,552 17,506 10,010 '64 134 167 2883,850 48 '3,110 27,046 23,881 1,481 3,697 1,473 17,2303,165 Dec. 29 44,255 17,445 '9,968 '73 113 169 2873,849 43 '3,113 26,810 23,647 1,283 3,632 1,481 17,2513,163 1949—Jan. 5 44,290 17,239 9,818 57 124 163 2873,853 13 3,117 27,051 23,904 1,447 4,295 920 17,2423,147 Jan. 12 44,386 17,277 9,833 55 105 160 2803,867 56 3,114 27,109 23,959 1,456 4,257 908 17,3383,150 Jan. 19 44,617 17,223 9,817 38 104 158 2793,864 40 3,116 27,394 24,245 1,653 4,268 908 17,4163,149 Jan. .26 44,451 17,273 9,781 60 130 150 2773,868 98 3,102 27,178 24,025 1,397 4,148 909 17,5713,153 rr RReevviisseedd.. 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valu;ation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 Including guaranteed obligations. 152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e 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 n a d e i n c o s t e k - h t s i s c m p u o d a s a d s e t n e i - - t d d s 3 s p p u v n h c a o a a i o e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l a b d n i t i l t - e - s - s c C c O h f a e e i e e t n f e r c r f c d d t i s . k - i ' - s, U m G er . o e n n v S - t - . s p p u v n h c a o a a i o e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l a b n d i t i l t - e - s - s P U m G S e i a o n . r a o n e s g n v d v n S t s - - a - t . l m D t D e i o c s e - - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B i d t e a s n > k tions tions Total- Leading Cities 1947—December.. 12,719 848 2 462 48,70849,363 3, 148 1,700 651 14,093 335 80 9 922 1,370 39 228 5,831 104 009 1948—October 14,521 834 2,26146,86447,711 3,141 1,291 1,532 14,330 535 84 9 046 ,417 47 169 5,976 94 919 November . 14,590 826 2,22946,93647,748 3,204 1,361 1,464 14,309 522 85 9 194 ,416 53 248 5,995 91 965 December.. 14,704 884 2 23547 78748 387 3 255 1,510 1,095 14 306 518 85 9 149 ,459 51 200 6,008 107 606 Nov. 3.... 14,530 813 2 25046 60747 474 3,299 1,315 1,513 14,323 536 85 9 225 L,423 53 212 6,006 21 789 Nov. 10.... 14,584 850 2 20846 92947 446 3 205 1,264 1,389 14,321 527 85 9 252 ,405 53 205 5,994 20 594 Nov. 17.... 14,557 825 2 35046 90748 270 3 141 1,441 1,580 14 302 518 85 9 538 L,416 53 139 5,992 21 489 Nov. 24.... 14,688 817 2 10747 30147 801 3 170 1,425 1,374 14,287 509 85 8 7621,421 52 435 5,988 22 490 Dec. 1.... 14,574 812 2 18547 34147 840 3 292 1,625 1,264 14 238 505 85 9 0051,415 52 149 6,016 20 623 Dec. 8.... 14,418 880 2 10347 58447 635 3 230 1,259 90014 282 509 85 9 0021,426 52 261 6,009 20 906 Dec. 15.... 15,044 891 2 40648 29049 803 3 221 1,629 94414 281 514 85 9 5181,482 51 100 6,001 24 978 Dec. 22.... 14,593 916 2 23447 92848 446 3 250 1,489 1,092 14 324 522 85 9 1401,499 50 289 6,002 25 101 Dec. 29.... 14,893 919 2 24747 79448 214 3 282 1,549 1,274 14 403 540 85 9 0791,472 51 200 6,015 22 434 1949—Jan. 5.... 14,964 812 2 36547 43747 482 3 268 1,289 1,115 14 451 550 85 9 7221,458 51 66 6,013 25 157 Tan. 12.... 14,716 862 2 28747 51948 129 3 213 1,219 83514 446 560 85 9 4271,424 55 257 6,013 20 544 Jan. 19.... 14 713 803 2 26247 67048 094 3 178 1,292 98714 417 567 85 9 3581,542 42 143 6,005 21 822 Jan. 26.... 14 710 803 2 13047 66547 486 3 301 1,408 1,139 14412 570 85 8 7951,531 41 410 6,019 21 968 New York City 1947—December.. 4 424 148 42 16 336 17 055 264 931 209 1 341 19 12 3 072 1,220 12 102 2,202 44 131 1948—October 5,293 131 3715 15315 782 274 634 490 1491 23 14 2 7791,234 31 69 2,222 38 014 November . 5 296 138 351509315 741 307 681 453 1 480 20 14 2 7771,229 33 147 2,232 34 988 December. . 5 383 145 3615 49116 228 226 802 294 1 511 16 14 2 8221,269 32 122 2,235 44 861 Nov. 3.... 5 249 134 3314 91815 582 368 634 480 1 485 23 14 2 8421,236 33 118 2,234 8 688 Nov. 10.... 5 306 149 3415 11215 651 287 614 438 1 477 23 14 2 7661,218 33 109 2,233 7 703 Nov. 17.... 5 263 129 381504815 844 303 718 486 1 471 18 14 2 8501,228 33 91 2,233 7 770 Nov. 24 5 366 141 3415 29715 888 272 757 408 1 486 18 14 2 6481,233 32 272 2,227 8 541 Dec. 1.... 5 380 129 371536316 106 274 888 360 1482 17 14 2 8121,231 32 31 2,240 8 287 Dec. 8.... 5 193 143 3115 40415 923 241 587 246 1 496 17 14 2 6841,241 33 180 2,231 8 400 Dec. 15 5 553 148 3815 63116 633 206 881 249 1 508 16 14 2 9861,296 31 36 2,236 11 133 Dec. 22.... 5 356 159 3815 54616 237 177 794 283 1 524 16 14 2 8061,303 31 201 2,232 10 169 Dec. 29.... 5 433 147 3715,509 16,239 231 863 335 1,545 16 14 2,822 1,274 31 161 2,235 9 268 1949—Jan. 5.... 5 509 133 3415,407 15,957 196 582 321 1 531 18 14 3,019 1,265 31 36 2,250 10 586 Jan. 12.... 5 294 133 3215,202 15,913 208 581 221 1 520 20 14 2 8331,231 35 202 2,252 8 368 Jan. 19.... 5 403 118 3215,353 16,020 176 618 253 1 500 20 14 2,832 1,332 20 96 2,251 8 596 Jan. 26.... 5 366 120 3315,360 15,847 228 793 277 1 496 20 14 2,722 1,326 20 286 2,251 9 316 Outside New York City 1947—December.. 8 295 700 2 420 32,37232,308 2 884 769 442 12 752 316 68 6,850 150 27 126 3,629 59,878 1948—October 9 228 703 2,22431,71131,929 2,867 657 1,042 12 839 512 70 6,267 183 16 100 3,754 56,905 November . 9 294 688 2,19431,84332,007 2,897 680 1,01112,829 502 71 6,417 187 20 101 3,763 56,977 December. . 9 321 739 2,19932,29632,159 3,029 708 80112,795 502 71 6,327 190 19 78 3,773 62,745 Nov. 3 9 281 679 2,21731,68931,892 2,931 681 1,033 12,838 513 71 6,383 187 20 94 3,772 13,101 Nov. 10.... 9 278 701 2,17431,81731,795 2,918 650 95112,844 504 71 6,486 187 20 96 3,761 12,891 Nov. 17.... 9 294 696 2,31231,85932,426 2,838 723 1,094 12,831 500 71 6,688 188 20 48 3,759 13,719 Nov. 24.... 9 322 676 2,07332,00431,913 2,898 668 96612,801 491 71 6,114 188 20 163 3,761 13,949 Dec. 1... 9,194 683 2,14831,97831,734 3,018 737 90412,756 488 71 6,193 184 20 118 3,776 12,336 Dec 8 9 737 2,07232,18031 712 2,989 672 65412,786 492 71 6,318 185 19 81 3,778 12,506 Dec. 15... 9,491 743 2,36832,65933,170 3,015 748 69512,773 498 71 6,532 186 20 64 3,765 13,845 Dec. 22... 9,237 757 2,19632,38232,209 3,073 695 80912,800 506 71 6,334 196 19 88 3,770 14,932 Dec. 29... 9,460 772 2,21032,28531,975 3,051 686 93912,858 524 71 6,257 198 20 39 3,780 13,166 1949—Jan. 5... 9,455 679 2,33132,03031,525 3,072 707 79412,920 532 71 6,703 193 20 30 3,763 14,571 Jan. 12... 9,422 729 2,25532,31732,216 3,005 638 61412,926 540 71 6,594 193 20 55 3,761 12,176 Jan. 19... 9,310 685 2,23032,31732,074 3,002 674 73412,917 547 71 6,526 210 22 47 3,754 13,226 Jan. 26... 9,344 683 2,09732,30531,639 3,073 615 86212,916 550 71 6,073 205 21 124 3,768 12,652 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. FEBRUARY 1949 153 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- To brokers 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 in l m a o v n e a e d n n s s t t s - Total1 i t a t c n a c u r g i u d n i r a r a l d u a l i - l , - l s- G a U l o i n o . g b d v a S - - t . . de O a c l s u t e e h r r - i e s - r G l U o T i o g . b o S v a - . - t. ot O h c s e u t e h r r - s i e - r e R o s a t e a n a t s l e j ^ a o t n o a k n s sO lo th an e s r Total Total Bills o d c C n t f e e a i e e f d b t s i i e r - - n t s - s - - Notes Bonds2 O r s i e t t h c i e e u r s tions ties tions ties Boston Dec 29 2,778 1,109 709 "•29 7 12 17 135 13 204 1,669 1,571 127 228 95 1,121 98 jan 5 2,796 1,073 695 16 8 12 17 137 1 205 1,723 1,626 159 287 45 1,135 97 j J an an 12 19 2 2, , 8 7 1 9 6 7 1 1 , , 0 0 9 6 0 0 6 6 9 9 3 4 13 5 8 7 1 1 2 2 1 1 7 7 1 1 3 3 7 7 26 2 2 2 0 0 3 3 1 1 , , 7 7 0 5 7 6 1 1 , , 6 6 0 5 7 5 1 1 2 4 5 6 2 3 9 0 0 6 4 4 5 7 1 1 , , 1 1 4 5 7 6 1 10 0 1 0 Jan 26 2,824 1,070 688 11 11 12 17 137 10 202 1,754 1,654 146 302 47 1,159 100 New York* Dec 29 20,664 8,870 5,966 804 347 39 200 417 198 994 11,794 10,552 583 1,191 416 8,362 1,242 jan 5 20,513 8,477 5,904 569 318 46 198 416 151 984 12,036 10,797 811 1,460 187 8,339 1,239 Jan 12 20,387 8,556 5,929 663 298 44 198 420 128 985 11,831 10,596 772 1,345 186 8,293 1,235 Jan. 19 20,437 8,464 5,938 549 305 43 195 420 145 977 11,973 10,742 848 1,434 186 8,274 1,231 jan 26 20,582 8,741 5,948 834 293 43 192 420 137 982 11,841 10,622 706 1,453 175 8,288 1,219 Philadelphia Dec 29 2,524 938 538 1 17 3 7 91 12 277 1,586 1,313 97 117 77 1,022 273 Jan 5 • • 2,562 908 519 1 18 3 8 96 272 1,654 1,381 139 174 34 1,034 273 j j a a n n 1 1 2 9 2 2 , , 5 5 1 3 8 5 9 9 1 0 1 9 5 5 2 1 2 5 1 1 1 1 7 7 3 3 7 7 9 9 6 7 6 2 2 2 7 7 2 2 1 1 , , 6 6 0 2 7 6 1 1 , , 3 3 3 4 0 8 1 9 1 5 6 1 14 5 9 5 3 3 4 4 1 1, , 0 0 4 4 9 6 2 2 7 7 7 8 Jan 26 2,533 917 512 1 17 3 7 96 13 277 1,616 1,335 101 148 34 1,052 281 Cleveland Dec 29 4,337 1,492 932 9 13 33 20 276 1 222 2,845 2,500 128 272 168 1,932 345 jan 5 4,326 1,474 917 6 12 33 20 275 1 226 2,852 2,509 144 316 117 1,932 343 Jan 12 4,314 1,489 921 7 13 33 20 276 11 224 2,825 2,482 110 323 116 1,933 343 jan 19 4,337 1,493 922 8 14 33 20 276 9 227 2,844 2,503 123 325 115 1,940 341 jan 26 4,355 1,509 917 12 15 26 21 276 28 230 2,846 2,503 111 290 116 1,986 343 Richmond Dec 29 2,503 874 418 6 16 22 204 5 209 1,629 1,502 75 181 58 1,188 127 Jan 5 2,502 867 412 6 15 26 199 3 214 1,635 1,508 75 198 45 1,190 127 j j a a n n 1 1 2 9 2 2 , , 5 5 1 2 8 4 8 86 6 2 3 4 41 1 2 0 6 6 1 1 5 5 2 2 0 0 2 20 0 2 4 2 1 2 2 1 1 4 4 1 1 , , 6 6 6 5 1 6 1 1 , , 5 5 2 3 9 3 8 8 5 1 2 1 0 9 1 9 4 4 4 4 1 1 , , 2 20 0 5 3 1 1 2 2 8 7 Jan 26 ... 2,518 859 412 6 15 20 201 2 211 1,659 1,535 86 195 44 1,210 124 Atlanta Dec 29 . .. 2,289 873 553 6 18 37 65 5 197 1,416 1,229 33 281 72 843 187 jan 5 2,285 862 549 5 17 35 65 5 195 1,423 1,239 36 316 43 844 184 Jan 12 2,296 859 542 5 17 35 65 5 199 1,437 1,254 48 319 41 846 183 jan 19 2,295 854 543 5 17 34 66 4 194 1,441 1,258 42 326 40 850 183 Jan 26 2,289 851 542 5 15 35 66 5 192 1,438 1,255 33 318 41 863 183 Chicago* Dec 29 8,536 2,764 1,904 23 30 19 61 338 4 413 5,772 5,139 287 643 426 3,783 633 Tan 5 8,527 2,726 1,858 24 41 20 61 339 412 5,801 5,171 299 860 245 3,767 630 Jan 12 8,578 2,729 1,873 25 26 20 60 341 413 5,849 5,225 374 803 242 3,806 624 jan 19 8,702 2,734 1,885 14 22 21 60 340 12 410 5,968 5,343 499 780 242 3,822 625 Jan 26 8,633 2,753 1,871 28 41 21 59 340 18 405 5,880 5,248 399 764 241 3,844 632 St. Louis Dec 29 2 141 1 023 632 11 12 160 1 209 1,118 983 72 179 64 668 135 J j aan n 1 5 2 2 2 ,1 1 4 7 5 2 1 1 , 0 0 1 2 1 5 6 6 2 3 2 2 1 1 5 c 1 1 0 0 1 1 2 2 1 1 6 6 0 1 1 1 2 21 0 2 9 1 1, , 1 1 4 3 7 4 1,0 9 1 9 3 8 6 6 7 8 2 21 0 6 6 5 5 3 4 6 67 7 2 5 1 1 3 3 4 6 j Jana n 1 2 9 6 2 2 , , 1 1 8 8 0 6 1 1, , 0 0 1 1 5 4 6 6 1 2 9 0 1 1 c c 1 1 0 0 1 1 1 2 1 1 6 6 1 1 1 2 2 1 1 4 4 1 1 , ,1 1 7 6 2 5 1 1 , , 0 0 3 3 1 7 6 6 6 3 2 2 3 1 3 5 5 5 4 4 6 6 8 9 4 9 1 1 3 3 4 5 Minneapolis Dec 29 1,158 437 245 2 8 c 63 119 721 640 29 129 35 447 81 Jan 5 1,163 438 247 2 8 5 63 118 725 644 33 148 16 447 81 j J an an. 12 19 1 1 , , 1 1 7 7 5 9 4 4 4 4 0 0 2 2 5 5 0 1 2 2 8 8 e c 6 6 3 3 1 1 1 1 7 6 7 7 3 3 5 9 6 6 5 5 4 9 4 4 3 3 1 1 5 5 1 4 1 1 4 4 4 4 4 46 8 8 81 0 Jan 26 1,161 440 250 2 8 c 63 115 721 642 28 151 14 449 79 Kansas City Dec. 29 2,388 894 583 1 r 6 12 128 1 162 1,494 1,287 130 280 100 777 207 J J a an n . 1 5 2 2 2 , , 4 3 0 8 8 3 8 8 9 8 0 9 5 5 7 7 7 9 4 6 6 1 1 2 2 1 1 2 2 8 8 c 1 1 1 6 6 3 3 L 1, . 5 4 1 9 8 4 1 1 , , 2 3 8 1 9 3 1 1 5 4 8 1 2 3 9 0 6 4 7 7 3 1 7 7 7 8 9 0 2 20 0 5 5 Jan 19 2 418 884 575 6 12 127 1 164 1,534 1,330 172 302 71 785 204 J an 26 2,407 891 578 3 6 12 128 163 ,516 1,313 144 308 71 790 203 Dallas Dec 29 2,336 1,133 '799 6 20 45 88 r181 ,?03 1,082 51 233 78 720 121 Jan 5 2,323 1,124 792 6 17 45 89 184 1,199 1,080 48 280 44 708 119 jan 12 2,334 1,122 796 c 15 45 89 181 1,212 1,092 57 287 42 706 120 Jan. 19 2 325 1,124 791 c 14 45 89 189 L ,201 1,082 50 284 42 706 119 Jan. 26 2,316 1,115 785 14 44 89 185 901 1,083 51 282 42 708 118 San Francisco Dec 29 11,097 5,152 2,298 8 12 17 312,097 1 743 5,945 5,189 195 1,008 255 3,731 756 Jan. 5 11,113 5,120 2,280 13 16 282,099 1 742 5,993 5,242 245 1,128 155 3,714 751 jan 12 11,093 5,113 2,270 4 12 16 292,103 739 5,980 5,225 222 1,121 154 3,728 755 Jan 19 11,131 5,111 2,269 14 14 29 2,103 4 737 6,020 5,263 239 1,121 155 3,748 757 jan 26 11,054 5,109 2,258 3 14 14 29 2,107 13 733 5,945 5,190 168 1,085 155 3,782 755 City of Chicago* Dec 29 5,293 1,879 1,487 23 25 14 52 75 223 3,414 3,002 155 353 305 2,189 412 Jan 5 5,298 1,854 1,448 24 37 14 52 75 225 3,444 3,033 170 495 185 2,183 411 Jan. 12 5,348 1,856 1,461 25 22 15 51 75 228 3,492 3,087 262 460 185 2,180 405 jan 19 5,434 1,855 1,467 14 18 15 51 75 12 224 3,579 3,173 368 440 184 2,181 409 Jan 26 5,360 1,872 1,457 28 37 15 51 75 8 222 3,488 3,073 278 430 183 2,182 415 * 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. 154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd es e d r a v t e e B s w F e R e a e r i r e a n d t v - h l k - e s v C a i a n u s l h t m b a w a n d e o n i c s t - e k h ti s s c p m u o a d s a e d s t n e - i - t d d s 3 s p p u v n h a c o a a i o e n i d r l p r r r d s a t - - - s , - - , p s J s d a i i o u t c i n o a v b l a t n d i - i e l t - s - s : : c O h a e f e e l e t n f e r c r c f d t d i s . k i - ' - s, m G U er o e . n v n S - - t . p s u p v n c a h o a o a n i e i d l r p r r r d s a - - - t s , - - , p s d S s a i i o u i c t o n v a l b a n i d t i - l t e - s - s P U m G S e i a o n r a . n o e s g n v d v n S t s - - a - t . l m D t e i o c s - - J e b ig or n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d i e t a s b n 4 - k tions tions Boston Dec. 29 576 66 107 2,368 2,369 145 44 62 481 287 22 323 885 Jan. 5 575 61 115 2,378 2,361 154 41 45 483 311 22 320 980 Jan. 12 556 63 103 2,370 2,389 145 44 32 483 302 22 320 805 Jan. 19 581 58 102 2,399 2,402 153 47 38 486 300 27 6 320 898 Jan. 26 576 58 93 2,404 2,376 154 42 45 486 283 30 2 321 820 New York* Dec. 29 ,762 198 127 7,012 7,597 466 906 378 ,386 2,891 ,277 161 2,430 9,820 Jan. 5 ,866 182 123 6,904 .7,280 437 626 363 ,375 3,099 ,268 53 2,446 1,210 Jan. 12 ,623 184 121 6,714 .7,271 447 625 25: ,362 2,909 ,234 206 2,447 8,883 Jan. 19 ,749 166 122 6,862 17,369 411 661 29. ,341 2,907 ,335 109 2,446 9,193 Jan. 26 i,7O3 166 114 .6,872 17,162 486 834 3212,335 2,795 ,329 286 2,446 9,813 Philadelphia Dec. 29 570 50 104 2,111 2,203 88 30 62 410 338 12 4 304 891 Jan. 5 548 46 99 2,114 2,185 81 42 51 413 354 11 1 307 953 Jan. 12 563 48 99 2,102 2,198 83 31 35 413 347 11 10 307 719 Jan. 19 534 44 104 2,088 2,189 r 24 45 412 349 12 2 307 822 Jan. 26 544 44 2,098 2,17 28 55 414 332 12 4 306 754 Cleveland 81 Dec. 29 896 98 3,09: 3,21 15 55 ,317 450 5 7 457 1,241 Jan. 5 888 89 139 3,065 3,124 156 60 1,324 471 5 2 458 1,374 Jan. 12 884 95 140 3,072 3,185 164 53 731,323 462 5 15 458 1,085 Jan. 19 871 90 149 3,093 3,194 158 58 871,323 459 5 458 1,224 Jan. 26 87 90 13: 3,070 3,164 161 44 1021,32: 453 6 458 1,145 Richmond Dec. 29 528 72 164 2,040 2,031 170 48 56 563 384 6 1,102 Jan. 5 559 64 181 2,065 2,048 177 46 50 566 40' 6 220 824 Jan. 12 558 70 173 2,098 2,087 17. 4 39 568 405 6 219 702 Jan. 19 544 65 151 2,054 2,053 179 58 4' 56' 395 7 219 695 Jan. 26 535 67 156 2,062 2,029 186 47 53 56 376 6 219 732 Atlanta Dec. 29 48 172 1,766 1,663 289 26 3; 520 514 11 184 687 Jan. 5 49' 43 212 1,743 1,649 283 25 29 524 561 11 184 789 Jan. 12 506 46 195 1,756 1,682 285 23 25 526 554 11 184 669 Jan. 19 505 42 19- 1,767 1,690 279 2 28 526 536 10 184 624 Jan. 26 499 44 180 1,757 1,63" 296 22 32 526 51 10 184 752 Chicago* Dec. 29 11 353 6,249 6,28; 545 10' 2662,462 1,39: 31 696 2,919 Jan. 5 ,12C 106 348 6,138 549 106 2,481 1,488 31 696 3,465 Jan. 12 ,08 114 331 6,22 6^8 53; 98 2,485 1,458 3 696 2,875 Jan. 19 ,99 106 336 6,238 6,22. 540 99 2022,486 1,447 35 692 3,102 Jan. 26 ,134 103 34; 6,306 6,25 55 9' 2452,493 1,343 39 693 2,905 St. Louis Dec. 29 49' 33 1,407 1,498 113 18 5 458 687 176 609 Jan. 5 49^ 2 133 l,38r 1,462 12 19 38 460 729 174 679 Jan. 12 48( 3 12 1,423 1,51 12 18 28 461 717 174 577 Jan. 19 2 12 1,420 1.51C 120 19 32 461 726 174 610 Jan. 26 1,42C 1,47C 123 20 42 461 674 1 174 645 Minneapolis Dec. 29 24J 1 88 852 799 158 1: 22 248 27 6 99 339 Jan. 5 24; 12 10 839 794 154 1 2 249 301 ; 6 99 426 Jan. 12 24< 14 8: 845 804 1' 1 249 303 2 6 99 390 Jan. 19 13 86 836 148 l; 22 249 298 6 99 397 Jan. 26. 1 79 82' 763 154 1 2' 249 269 2 6 99 327 Kansas City Dec. 29 57; 3 = 302 1,88 l,86i 23: 2 373 79- 3 19. 721 Tan. 5 58: 28 31. 1,82 1,832 22; 2' 375 866 3 19 797 Jan. 12 59 3 30: 1,880 1,88; 22' 2i 37 841 3 19. 714 Jan. 19 58: 3C 3U 1,882 1,89 23! 2! 375 843 1 3 19 888 Jan. 26 56 3( 27 1,89 1,823 25J 2. 375 76 3 19 789 Dallas J D a e n c . . 2 5 9 5 5 6 5 < - 3 3 ' ; 3 3 0 0 C 1 1, , 9 9 6 9 ' ' 1 1, , 9 9 0 2 . 4 2 2 3 3 ( . 4 4 i 1 3C 3 3 4 46 6 6 5 5 6 64 0 ' 7 c 1 1 9 9 ' 6 6 88 5 7 8 Tan. 12 56- 3. 34 2,02: 1,963 23; 3 2 348 65 63« 19' 648 Tan. 19 58: 3: 31' 2,OK 1,964 22: 5: 3( 34' 6( 62i 195 697 Jan. 26 54' 3. 28< 1,99 1,93 21; 3. 34< 72 57C 5 1 196 817 San Francisco Dec. 29 04 15 27. 7,01' 6,755 69. 22 13. 4,83' 31 46 95 2 2,562 Jan. 5 02 11( 29: 7,01 6,73' 69! 235 Hi 4,854 31- 488 91 2 72' 2,773 Jan. 12 05 13 27, 7,011 6,87C 64i 205 9'4,853 32 49C 92 2 72: 2,477 Jan. 19 04 12! 26' 7,02 6,81 65. 205 11 4,844 33 470 100 2 71' 2,672 Jan. 26 02 12. 26 6,96 6,70 63! 19 4,838 332 422 88 2 72< 2,469 City of Chicago* Dec. 29 46' 4, 16 3,96 4,09 27. 5: 1,275 1,038 26 46< 1,865 Jan. 5 46' 3' 18C 3,91, 3,99. 27i 5' 1,288 1,10? 25 46« 2,327 Jan. 12 42 4: 15. 3,97 4,09. 26' 4 1,29C 1,07 26 46" 1,842 Jan. 19 35 31 16. 4,00 4,09 26. 4i 1,29: 1,05 30 46. 1,973 Jan. 26 48 3< 15 4,02 4,07. 26 4. 12 1,29! 99C 34 46<: 1,815 For footnotes see opposite page and preceding table. FEBRUARY 1949 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month sta p o n a u p d t e i - n r g1 st T a o n o u d t t a - in l g To A ta c l cept O b in i w l g l n s ban b k o B s u il g ls ht a ( R F f c B o e e c a r d s o n e e u o k r r w n v s a t e n l ) Others I U S m i t n n p a i t o t t o e e r d s ts E U S f x n r t p a o i o t t m e e r d s ts c D h e o a x l n l - a g r e G U s o h n o i i d p te p s p d o e s i d t n o t b r s e e F i d t n w o r i e n e e i n g o n r States countries 1947—November 287 245 188 76 112 (*) 56 147 61 25 9 December 287 261 197 88 109 64 159 63 25 11 1948—January 290 262 188 85 103 74 168 53 27 13 February 301 253 174 79 94 79 168 43 24 17 March.... 311 241 162 70 92 79 151 48 23 17 April 275 242 151 71 80 91 143 54 19 22 May 254 256 161 71 90 95 155 57 19 21 June 270 253 142 61 81 111 155 56 19 20 July 284 235 134 67 67 102 151 47 19 18 August 309 221 122 60 62 99 143 40 20 17 September 305 214 120 65 55 94 136 37 20 20 October 285 221 125 67 58 96 140 42 20 17 November 287 239 141 71 70 99 152 48 24 15 December 269 259 146 71 76 112 164 57 25 12 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Other credit balances Debit Debit credit balances * End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba (n la e n t c )i es a in n a v d c e c t s o r t u a m n d e t in n s g t a in n a v d c e c t s o r t u a m n d e t i n n s t g a b n a d n k in s borrowed1 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 t s' a in n a I v d c n e c t s o r f t i u a m 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 l 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 December... 578 7 315 393 240 612 176 23 15 273 1948—January •568 «217 «622 February. . . •537 «208 •596 •550 »229 *592 April *572 *241 »614 May •615 «258 »619 J J u u l n y e •6 6 0 1 8 9 7 326 332 3 2 2 8 8 3 8 •5 5 7 7 7 6 145 20 11 291 August •573 «252 »551 September... «57O »238 '550 October 8 580 '252 '540 November... *551 3 244 3 563 December... 550 10 312 349 257 586 112 28 5 278 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): October, 45; November, 49. 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. 156 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 k r , , or m m 4 p P c - o a e r o t n i p r o m m c t e h i 6 - r e a s , - l 1 a a P b c d n e a r c a 9 r c i n e y s 0 m e ' k p s s e - 1 t , - ch n l a c e o r a e l a e x a n w s - l - n l 2 g - e m bi o 3 ll 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 1 s i h d - - 2 - - 3 ta i - y s x s t e o a u a b e r 5 l s e - 1938 average1 1 T 9 2 o . c 5 t i a 3 ti l es N Y C 1. e o i 6 t w r 9 y k e E 7 N r c 2 a n o i o s . t 7 r t i t a t e e h 5 h n s r e - n d r 1 W e 1 r c 3 n e S i . t s 2 o i t a e 6 e u n s r t d n hness 1939 average 2.78 2.07 2.87 3.51 1940 average 2.63 2.04 2.56 3.38 1 1 1 9 9 9 4 4 4 6 7 8 a a a v v v e e e r r r a a a g g g e e e 1 1 . . 4 8 0 4 1 3 1. . . 1 6 8 1 1 7 1 1 1 . . 1 5 3 6 5 8 1, . 0 3 6 4 7 0 3 4 5 1. . . 1 8 8 4 2 8 1 1 1 . . . 6 3 1 2 2 6 1 1 1 1 9 9 9 9 4 4 4 4 2 1 4 3 a a a a v v v v e e e e r r r r a a a a g g g g e e e e 2 2 2 2 . . . . 7 5 6 5 2 4 1 9 2 2 2 1 . . . .9 0 3 1 7 7 0 1 2 2 2 2 . . . . 8 5 5 6 0 5 8 8 3 3 3 3 . . . . 0 2 1 1 2 6 9 3 1948— F A M J e p a a b r n r i r c l u u h a ar r y y . . .. . 1. . . 3 3 3 3 1 8 8 8 1 1 1 1 . . . . 0 0 0 0 6 6 6 6 1 1 1 1 . . . . 5 5 5 5 0 0 0 0 . . . . 9 9 9 9 7 9 9 9 7 6 6 7 1 1 1 1 . . . . 0 0 1 1 9 9 0 0 1 1 1 1 . . . 6 6 5 6 3 0 8 3 1 1 1 1 9 9 9 9 4 4 4 4 7 5 8 6 a a a a v v v v e e e e r r r r a a a a g g g g e e e e. 2 2 2 2 . . . . 6 3 3 2 2 9 4 8 2 1 1 1 . . . . 8 9 8 1 2 9 1 8 2 2 2 2 . . . . 5 4 3 7 1 3 3 0 2 3 2 2 . . . . 0 7 8 7 2 3 5 6 J M u a n y e .3 3 8 8 1 1 . . 0 0 6 6 1 1 . 5 5 0 0 . . 9 9 9 9 7 8 1 1 . . 0 0 9 9 1 1 . . 5 4 1 9 1944—December. 2.39 1.93 2.61 2.65 O N A J S u e o c u l p t v y g o t e . e u b m m s e b t r b . . . e e . r . . . r . . . . . L L . . . 3 4 5 . . 8 4 6 5 5 6 6 1 1 1 1 1 . . . . 1 1 1 1 0 3 9 9 9 6 1 1 1 1 1 . . . . 6 6 6 6 5 3 3 3 3 0 1 1 1 1 . . . . 0 0 1 1 9 5 9 2 4 9 3 0 0 4 7 1 1 1 1 1 . . . . 1 2 1 2 1 5 2 8 3 0 1 1 1 1 1 . . . . . 5 6 7 6 6 6 5 1 9 9 1945— J S D M u e e n a p c r e t e c e m h m b b e e r r . . 2 2 2 2 . . . . 5 0 5 4 0 9 3 5 2 2 1 1 . . . . 9 2 7 0 9 0 1 5 2 2 2 2 . . . . 5 2 7 5 5 3 3 3 2 2 2 2 . . . . 8 9 8 3 0 1 1 8 December. . L .56 1.19 1.63 1.154 1.21 1.64 1946—March 2.31 1.75 2.34 2.93 1949—January 1.56 1.19 1.63 1.160 1.22 1.59 J S u e n p e tember 2 2 . . 3 4 2 1 1 1 . . 8 8 4 3 2 2 . . 5 4 1 3 2 2 . . 9 7 7 5 Week ending: December. 2.33 1.85 2.43 2.76 J J J D J a a a a e n n n n c . . . . . 2 1 2 3 8 9 5 2 1. . . . . . . . . . . . . . . i l i / ^ H ^ _ ~ l - i i * 5 y / y 1 1 1 1 1 3 3 3 3 3 / / / / / 1 1 1 1 1 6 6 6 6 6 l 1 1 l 1 j ^ L L H ^ - ^ £ j - l _ - - 1 * 1 1 l ^ H ^ ^ ^ 1 1 1 1 1 . . . . . 1 1 1 1 1 5 6 6 6 6 5 0 0 0 1 1 1 1 1 1 . . , . . 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 . . 5 5 6 6 6 9 8 3 1 0 1947— J S D M u e e n a p c r e t e c e m h m b b e e r r . 2 2 2 2 . . . . 2 3 3 2 2 1 8 1 1 1 1 1 . . . . 8 8 7 8 2 2 7 3 2 2 2 2 . . . . 2 2 3 4 5 7 7 4 2 2 2 2 . . . . 9 8 6 6 5 0 1 9 1948—March 2.46 2.09 2.52 2.83 1 Monthly figures are averages of weekly prevailing rates. June 2.10 2.71 3.03 2 The average rate on 90-day stock exchange time loans was 1.50 September 2.26 2.76 3.13 per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. December. 2.71 2.27 2.82 3.09 3 Rate on new issues offered within period. Back figures.—See Banking and Monetary Statistics. Tables 120-121, 1 Prior to March 1939 figures were reported monthly on a basis not pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October strictly comparable with the current quarterly series. 1947, pp. 1251-1253, Back figures.—See Banking and Monetary Statistics, Tables 124-125, pp. 463-464; for description, see pp. 426-427. BOND 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 o a v n e d r Aaa Aa Baa 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 Number of issues 1-5 1-8 15 10 120 30 30 30 30 40 40 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 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1948—January 2.09 2.45 2.45 2.85 3.12 2.86 2.94 3.17 3.52 2.91 3.44 3.03 February 2.08 2.45 2.55 2.84 3.12 2.85 2.93 3.17 3.53 2.90 3.43 3.03 March 2.03 2.44 2.52 2.81 3.10 2.83 2.90 3.13 3.53 2.89 3.40 3.01 April 1.99 2.44 2.38 2.77 3.05 2.78 2.87 3.08 3.47 2.85 3.34 2.97 May 1.89 2.42 2.31 2,74 3.02 2.76 2.86 3.06 3.38 2.82 3.27 2.95 June 1.89 2.41 2.26 2.73 3.00 2.76 2.85 3.03 3.34 2.80 3.23 2.96 July 1.96 2.44 2.33 2.80 3.04 2.81 2.89 3.07 3.37 2.84 3.26 3.02 August 2.05 2.45 2.45 2.86 3.09 2.84 2.94 3.13 3.44 2.89 3.31 3.07 September 2.04 2.45 2.46 2.85 3.09 2.84 2.93 3.13 .45 2.88 3.32 3.07 October 2.05 2.45 2.45 2.85 3.11 2.84 2.94 3.15 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 December 1.94 2.44 2.26 2.81 3.09 2.79 2.88 3.16 3.53 2.85 3.36 3.06 1949—January 1.88 2.42 2.15 2.73 3.02 2.71 2.81 3.08 3.46 2.80 3.26 2.99 Week ending: Dec. 31 1.92 2.43 2.21 2.77 3.07 2.76 2.85 3.14 3.51 2.83 3.33 3.03 Jan. 8 1.90 2.42 2.15 2.75 3.05 2.74 2.83 3.12 3.49 2.82 3.31 3.01 Jan. 15 1.89 2.42 2.15 2.73 3.02 2.71 2.81 3.09 3.47 2.80 3.28 3.00 Jan. 22 1.88 2.41 2.16 2.72 3.01 2.70 2.80 3.06 3.46 2.78 3.24 2.99 Jan. 29 1.86 2.41 2.15 2.73 3.00 2.70 2.80 3.05 3.43 2.79 3.22 2.99 1 Monthly and weekly data are averages of daily figures, except for municipal bonds ,which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. 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. FEBRUARY 1949 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices* Corporate 4 Common (index, 1935-39=100) V of o t l r u a m d e ing7 (in Year, month, or week U. S. Munic- thou- Gov- ipal Medium-grade Pre- sands of m e e rn n - t2 g ( r h a i d g e h ) - 5 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- P ut u i b li l t i y c shares) Total trial road utility Number of issues. 1-8 15 416 365 20 31 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 1948 average 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1948—January.... 100.70 124 98.1 91.2 96.5 82.1 96.0 169.5 120 126 107 95 895 February. ., 100.70 122 98.1 90.5 94.3 82.2 96.0 167.5 114 119 102 93 857 March 100.78 123 98.5 90.7 94.5 82.2 96.3 170.1 116 122 105 93 974 April 100.84 125 99.4 91.4 94.9 83.5 96.7 169.9 125 131 115 96 1,467 May 101.20 127 99.9 92.8 96.8 87.2 95.0 171.1 130 137 123 99 1,980 June 101.23 127 100.2 94.4 98.2 89.8 95.6 173.4 135 143 126 101 1,406 July 100.82 126 99.2 94.6 99.3 89.1 95.6 170.8 132 139 125 100 1,171 August 100.73 124 98.3 93.2 98.1 86.9 95.0 166.9 127 134 120 97 684 September.. 100.70 124 98.2 92.9 97.5 86.8 94.6 166.5 126 132 120 97 836 October 100.69 124 97.8 91.9 95.7 85.8 94.4 163.8 128 134 121 97 929 November. . 100.79 125 97.9 91.1 94.5 85.1 93.6 166.2 120 126 109 94 1,375 December. . 100.89 127 98.9 90.9 94.7 84.5 93.6 168.7 119 126 106 93 1,155 1949—January... 101.16 129.9 100.5 92.1 96.1 86.4 93.8 171.4 121 127 106 94 833 Week ending: Dec. 31 100.98 128.8 99.5 91.1 95.0 84.5 93.9 169.5 120 126 106 93 1,405 Jan. 8 101.06 129.9 100.0 91.4 95.1 85.2 93.8 169.1 120 126 105 94 989 Jan. 15. . . . 101.10 129.9 100.6 91.7 95.4 85.9 93.9 170.7 122 129 106 94 756 Jan. 22 101.19 129.8 100.7 92.4 96.7 87.0 93.7 172.0 122 128 108 94 761 Tan. 29 101.27 129.9 100.6 92.8 96.9 87.6 93.9 173.7 121 127 105 95 867 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 1 Average of taxable bonds due or callable in 15 years and over. 1 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 6 Standard and Poor's Corporation. 8 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 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] JOT new capita] For refunding Total Domestic Domestic Year or month f ( u i a n r n n n e e g - d d w ) - m T e a ( f i o d e o g n o s t r n d - a - t ) i l c Total S n m a p t i n a c a u d t i l - - e a F c e g i e r e e a d n s 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 f ( a i e o d o g n s o r t n d t - a - i ) l c Total S n m a p t i n a a c u d t l i - e - a F c e g i e r e e a d n s l - 1 - Total Co n B r a o p o n t o n d e r d s a s te Stocks F ei o g r n - ' 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 5181,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1 430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 s 49,691 47,566 7,255 2,228 239 4,787 3,567 1,219 67 2,125 1,948 44 422 1,482 1,199 283 177 1948 3 9,683 8,555 8,546 2,604 294 5,648 4,742 906 10 1,128 1,127 82 768 277 251 26 1947—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 5 328 50 1 81 81 6 56 19 19 November 656 583 583 150 433 409 24 73 73 2 56 16 16 December 831 753 753 126 627 564 64 78 78 3 72 3 2 2 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Includes revisions not incorporated in monthly data; monthly figures for 1948 will be revised in the BULLETIN for March. 4 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. 6 Excludes the Shell Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 158 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 Estimated Estimated Year or month gross net New money Retirement of securities proceeds5 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 n'" 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 1,182 1,352 1,155 196 356 168 1948 6,509 6,394 5,552 4,127 1,426 257 203 53 440 145 1947—December 1,170 1,155 1,026 905 121 53 51 2 43 33 1948—January 346 340 294 193 101 6 6 26 14 February 613 594 546 309 237 26 14 12 22 1 March 688 679 560 343 217 84 83 1 30 6 April 636 626 434 334 100 62 62 104 25 Ivlay 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 4 28 24 D O N e c o c t v o e e b m m e b r b e e r r . . r5 6 7 0 6 0 9 3 5 f> 6 6 5 5 9 0 2 3 7 '4 6 6 6 2 6 6 2 6 5 3 54 3 5 7 8 3 1 1 1 7 2 3 5 8 1 8 5 0 1 2 0 3 8* " 2 1 1 6 9 8 3 6 2 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estateand 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 24 73 1948 612 541 56 15 2,946 2,688 127 131 2,376 1,933 59 384 460 391 15 55 1947—December. . 20 20 510 498 8 4 593 497 43 53 33 11 3 19 1948—January 23 23 164 149 6 9 95 70 25 57 52 5 34 34 119 106 12 1 425 390 14 21 16 15 I l^larch 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 O N c o t v o e b m er ber 6 71 2 6 71 2 2 2 2 4 8 4 2 20 3 9 6 8 7 11 1 '1 3 9 8 5 2 r1 3 7 6 7 1 3 1 1 7 9 9 9 8 8 1 1 December. . 45 45 475 455 2 19 125 119 2 5 6 3 1 2 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. 159 FEBRUARY 1949 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 o c 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 - s r t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r a e o i i O f n n n d i i g g d n l u - c- c In h 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 e o l r l s v u a - 2 - s pr N of e i t ts1 fe P r r r e e - d C m o o m n - Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1,465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 .. 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 2,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 1,769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945. 1,965 189 164 241 207 109 90 199 224 187 155 202 996 85 628 1946 32,552 282 3 171 131 129 135 3 163 357 281 275 302 324 31,144 81 662 1947 3,671 437 334 417 205 198 239 354 480 345 370 293 1,786 88 841 Quarterly 1946—1 340 22 -3 -34 4 -5 20 13 65 56 63 61 82 116 20 146 2 586 67 31 22 4 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 94 449 47 51 98 89 88 96 63 421 20 177 2 866 100 83 105 453 46 58 64 110 87 92 71 432 23 192 3 900 100 77 103 4 57 45 59 85 121 81 93 80 432 22 190 4 1,033 112 105 115 4 46 59 71 108 160 88 90 80 501 23 283 1948—i 1,023 114 89 129 4 64 46 64 77 192 91 101 57 523 22 207 2 1,101 110 92 151 4 69 53 71 86 194 98 100 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 s 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 a c f o x o o m m r 8 e e e inc N o e m t e* d D e i n v d i- s r O e p v i e n e r g n a u t e - I i b n n t e c c a f o x o o m m r s e e e inc N o e m t e x d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 . . 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 . . . . 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,627 273 289 235 3,814 970 647 456 1,992 277 200 171 1947 8,685 778 480 236 4,244 961 652 470 2,149 192 131 133 Quarterly 1946—1 1,869 39 14 56 967 303 196 107 475 84 54 43 2 1,703 -57 -45 52 919 225 151 109 497 75 53 43 3 2,047 161 128 41 931 212 143 109 502 56 44 43 4 2,008 130 191 85 998 229 157 130 519 62 49 42 I947—1 2,039 166 89 44 1,075 289 191 115 527 67 44 40 2 2,111 189 121 52 1,028 247 166 115 478 29 21 32 3 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 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). 160 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 o r e r o e t b s a c t s l t b in d T e d t i a o e r e r e t r b i a e c n t l t s g t- Total * T M re b a a i r l s l k s u e r t y abl c i C e e n a d e t d p n e r e t s u e 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 Tr b e o a n s d u s ry N T o o n ta m l a 2 rket s a b a U b o v . l n i e n S d g p s . s ub T l t i s c a r a n e x v o i a s i t a s n s e u n u g s d r e s y s S i p ss e u c e ia s l b in d N e 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 u c F e e e u a a r u d e r r r l a i i s l i t n y n t n i - g e - - s J.942—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 i945—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 4946—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 4947—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 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 Dec 252,800 250,579 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 31,714 2,220 51 1949—Jan 252,620 250,435 156,960 12,133 29,630 3,596 111,440 61,714 55,352 4,618 31,760 2,186 32 1 Including amounts held by Government agencies and trust funds, which aggregated 5,477 million dollars on Dec. 31, 1948. 8 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary, Armed Forces Leave bonds, and 2}/% per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING JANUARY 31, 1949 [In millions of dollars] basis of daily statements of United States Treasury. In millions Redempof dollars] Am ou o t u - nt Funds receive p d e f r r i o o m d sales during m ti a o t n u s r a it n ie d s Issuei and coupon rate Amount Issue and coupon rate Amount Month standing at m e o n n d t h of se A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s Treasury bills 1 Treasury bonds—Cont. Feb. 3, 1949 801 June 15, 1951-54 2.2% 1,627 Fiscal year Feb. 10 1949 901 Sept. 15, 1951-53. . . .2 7,986 ending: Feb. 17, 1949.... 803 Sept. 15, 1951-55*. ..3 755 June—1941. . 4,314 1,492 203 67 395 148 Feb. 24, 1949 900 Dec. 15, 1951-53*. 2H 1,118 1942.. 10,188 5,994 3,526 435 2,032 207 Mar. 3, 1949 901 Dec. 15, 1951-55. . . .2 510 1943.. 21,256 11,789 8,271 758 2,759 848 Mar. 10, 1949.... 905 Mar. 15, 1952-54. .2^ 1,024 1944.. 34,606 15,498 11,820 802 2,876 2,371 Mar. 17, 1949 1,103 June 15, 1952-54 2 5,825 1945.. 45,586 14,891 11,553 679 2,658 4,298 Mar. 24, 1949 1,001 June 15, 1952-55. .2M 1,501 1946.. 49,035 9,612 6,739 407 2,465 6,717 Mar. 31, 1949... . 1,102 Dec. 15, 1952-54 2 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 Apr. 7 1949 1,001 June 15, 1953-55*. ..2 725 1948.. 53,274 6,235 4,026 301 1,907 5,113 A A A p p p r r r . . . 2 2 1 8 1 4 , , , 1 1 1 9 9 9 4 4 4 9 9 9 . . . . . . . . . 9 9 9 0 0 0 7 5 3 J M M u a a n r r e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 4 5 6 - - - 5 6 5 0 6 8. * * . . . 2 2 2 ^ M % 2 1 , , 6 4 6 1 4 8 1 9 1 1948— F Ja e n b.. . . 5 5 2 2 , , 7 4 9 7 3 9 6 7 0 7 7 0 3 4 6 7 7 9 4 4 4 0 2 2 4 0 8 1 4 3 5 6 4 4 J S S u e e n p p e t t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 6 6 - - - 6 5 5 3 9 9 . * * . . . 2 2 2 % U H 3,8 9 9 2 8 1 2 9 3 A M M p a a r r y .. . . . . . . . . . 5 5 5 2 3 3 , , , 0 9 1 6 8 4 5 8 3 5 4 4 8 6 3 8 8 2 3 3 3 2 0 8 0 5 3 3 2 1 0 0 7 1 1 1 2 1 7 8 0 5 4 4 4 6 2 5 2 8 2 C O F J M A J e u u e c p r a l n b t y r t r . e . . . . o 1 1 1 1 1 1 f , , , 1 1 1 1 1 1 i 9 9 9 9 9 9 n 4 4 4 4 4 4 d 9 9 9 9 9 9 e btedn • " • e l 1 1 I s y s S } V S £ 3 4 6 2 5 1 , , , . , , 3 1 5 0 5 7 8 0 5 5 3 8 9 1 3 5 5 3 J J D D J D D u u u e e e e n n n c c c c e e e . . . . 1 1 1 1 1 1 1 5 5 5 5 5 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 6 6 6 6 5 6 9 2 4 3 9 4 0 - - - - - - - 6 6 6 6 6 6 6 7 2 9 2 8 9 5 * 3 3 3 3 3 3 . . . . . . . 2 2 2 2 2 2 2 H H H H % ^ ^ 3 2 2 3 3 5 1 , , , , , , , 7 1 8 4 8 2 4 6 1 3 7 8 8 3 1 8 1 0 4 8 5 J S O N D J A u u e u e c o n p l c g t v y . t e . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 3 4 4 4 4 4 5 , , , , , , , 6 2 7 9 7 8 0 0 7 7 0 4 6 5 7 6 4 4 4 0 1 1,6 4 4 4 4 4 5 7 1 1 1 9 7 4 9 5 2 7 3 3 0 3 3 3 3 3 3 3 4 7 3 0 0 0 9 1 9 4 4 8 5 9 24 2 1 1 1 1 1 6 2 9 8 4 4 5 1,0 1 1 1 4 9 9 9 3 2 2 6 5 8 4 6 2 0 4 3 4 4 4 4 4 0 9 6 3 4 3 0 6 3 5 8 2 2 7 J D a e n c . . 1 1 5 , , 1 1 9 9 4 4 9 9 •:Xi '519 M M a a r r . . 1 1 5 5 , , 1 1 9 9 6 6 5 6 - - 7 7 0 1 3 « . , 2 2 H ^ 5 3 , , 1 4 9 8 7 1 1949—Jan.. . . 55,352 647 438 29 180 476 5,694 June 15, 1967-72 3 2H 7 967 Maturities and amounts outstanding January 31, 1949 Sept. 15, 1967-72 . . 2 H 2,716 Dec. 15, 1967-72 3.2H 11,689 Year of All Series Series Series Series Treasury notes maturity series D E F G Apr. 1, 1950... .AH 3,596 Postal savings bonds 2 }/2 112 1949 744 823 744 1050 . . 1,000 1,000 Treasury bonds 1951 1,558 435 1,123 1952 4 063 4,063 June 15, 1949-51 ....2 1,014 Panama Canal Loan. 3 50 1953 7,096 5,808 202 1,086 S D D D e e e e p c c c t . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 9 9 9 9 - - - - 5 5 5 5 1 1 2 3 . V *.3 2H H 2 2 2 1 1 , , , 7 0 2 4 9 8 9 9 8 2 6 1 Total direct issues 156,960 1 1 1 1 9 9 9 9 5 5 5 5 4 5 7 6 . 9 8 5 5 , , , , 2 0 8 7 1 0 7 4 7 7 5 4 6 5 2 2 , , , , 6 3 7 9 0 2 6 9 7 7 5 0 5 5 6 5 5 1 3 0 3 7 4 7 2 2 2 2 , , , , 1 0 2 4 4 7 4 7 7 3 7 6 S S D M e e e a p p c r t t . . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 0 0 0 0 - . - - 5 5 5 . 2 2 2 . . . . * A . . 2 H . . . V . 2 < 2 » 2 4 1 1 , , , , 9 6 9 1 3 3 6 8 9 5 3 6 G F u V e a d a r e r a i r o a n l u t s H ee o d u s s in e g c u A r d i m tie in s . 12 1 1 1 1 9 9 9 9 5 5 6 6 8 9 1 0 . . . 6 2 3 , , , 3 0 5 1 0 0 8 1 7 2 5 1 3,6 1 0 5 5 4 2 3 4 8 8 1 1 7 5 4 5 2 2 2 , , 4 1 5 1 1 1 9 5 6 6 7 r Revised. Unclassified. . 43 1 Sold on discount basis. See table on Open-Market Money Rates, Total , . 55,352 2,179 32,442 3,515 17,173 p. 157. 2 Partially tax exempt. 3 Restricted. FEBRUARY 1949 161 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 n millions of dollars] Gross debt Held by banks Held :>y 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 m ic 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 p I c a n a o n s n m c u ie e r - - s M s b a a v u n i t n u k g a s s l a r c t s a i o s a o t o r i n n p o c d s o n i a 2 - s - m l g e a o e o r n c n n v d a - t - l s a S i m n s p s d e e u c n e t i t a r s u l a s g t e P n i f s u u c s i n b u e d l e s i s s c 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—June... 250,132 252,366 85,966 64,600 21,366 166,400 67,000 23,200 12,000 20,700 7,800 30,211 5,538 July... 251,219 253,429 86,525 65,200 21,325 166,904 67,200 23,000 12,000 20,400 7,900 30,787 5,580 Aug 250,921 253,101 86,477 64,900 21,577 166,624 67,300 22,600 11,900 20,500 8,000 «3O,887 5,568 Sept.. . 250,564 252,738 85,913 62,500 23,413 166,825 67,300 22,300 11,700 20,800 7,800 31,221 5,606 Oct 250,348 252,513 86,142 63,100 23,042 166,371 67,400 21,900 11,600 20,700 7,800 31,223 5,626 Nov... 250,444 252,563 85,806 62,600 23,206 166,757 67,400 21,700 11,500 21,200 7,900 31,400 5,617 «Corrected. 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 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 e F R e r a e r a e n d v l - k - - e s b C m c a o 0 i n e a m ) r k l - s - b M s t i a n u a n g v a u 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 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 0 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:2 Within 1 year: 1946—June 189,649 6,76823,78376,57811,22024,28547,015 1946—June 10,119 4 1,431 5,655 116 495 2,418 1947—June 168,740 5,40921,87262,961 11,84523,96942,684 1947—June 11,255 83 251 6,936 374 420 3,191 Dec 165,791 5,261 22,55961,370 11,55222,89542,154 Dec 14,263 69 1,693 8,244 266 316 3,675 1948—June.... 160,373 5,40221,36657,599 11,52221,70542,779 1948—June.... 13,411 19 2,070 5,922 171 273 4,956 1948—Oct 157,934 5,50123,04255,848 11,03720,24442,262 1948—Oct 6,413 19 575 2,829 164 172 2,654 Nov. . . .157,745 5,49223,20655,341 10,90720,03542,764 Nov.... 6,413 19 556 2,826 160 170 2,682 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—Oct 12,607 97 5,098 3,378 78 280 3,676 1948—Oct 48,428 318 3,68931,070 1,890 2,720 8,741 Nov 12,418 85 5,176 2,883 66 223 3,985 Nov. . . . 48,428 323 3,66231,065 1,855 2,674 8,849 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—Oct 26,008 24 6,147 8,719 331 681 10,106 1948—Oct 10,464 314 513 6,266 548 959 1,864 Nov.. . . 26,008 24 6,051 8,714 290 693 10,236 Nov.... 10,464 314 489 6,277 546 977 1,861 Treasury notes: 10-20 years: 1946—June 18,261 9 1,748 11,396 227 623 4,258 1946—June 37,189 3,400 83 3,308 6,02612,547 11,825 1947—June.... 8,142 7 369 4,855 183 285 2,443 1947—June.... 40,352 3,374 78 2,587 6,751 15,137 12,425 Dec 11,375 4 1,477 5,327 98 245 4,224 Dec 54,757 4,393 834 5,003 8,60618,211 17,710 1948—June 11,375 1,968 4,531 98 223 4,555 1948—June. 53,838 4,685 2 ,921 3,922 8,639 17,12916 542 1948—Oct 7,131 871 2,965 96 169 3,030 1948—Oct 53,838 4,692 7,019 3,568 8,02615,424 15,109 Nov. .. . 7,131 5 798 2,970 87 173 3,098 Nov 53,838 4,691 7,272 3,558 7,99015,29115,036 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 11,40723,30529,822 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 11,04720,88026,847 1948—June 1948—Oct 112,011 5,342 10,92540,767 10,53119,10625,340 1948—Oct Nov. . . .112,011 5,34211,18140,755 10,46418,94025,329 Nov * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings; banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by non-reporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relativelysmall 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 guranteed securities, not shown separately below. 162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [IniTrillions of dollars On basis of daily statements of United States Treamry Cash operating Increase (+) or General fund of the Treasury (end of period) income and JUtgO * decrease v —) during period Assets y m F e i o a s r n c a t o h l r ce N r ip e e - t t s1 B p t u e u e n d r x e d g - s i e - t s B ( d u + e u r f ) d p i c g l o u i e t s r t c T o e a r t u c u c n - . s ' 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 e i r a n n a c n l d l e - - Total s F e D R e e r r e e a d v - p l - e osi d t S s e c p p i i a e o n l - 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 ut a g s o h r i ( E o n + x u c ) c o tg e m o o ss e r Banks3 itaries Fiscal year: 1946 40,027 60,703 —20,676 —524 +10,740 — 10,46014,238 14,708 L.00612,993 70S 470 43,83961,738 — 17,899 1947 40,043 39,289 +754 -1,103 +555 — 11,136-10,930 3,308 3,730 1,202 962 1,565 422 43,59136,931 +6,659 1948 42,211 36,791 +5,419 +2,706 —507 —5,994 +1,624 4,932 5,370 1,928 1,773 L,67O 438 45,40036,496 r+8,903 1948—Jan. . . 4,196 2,800 + 1,396 +259 +222 -326 +1,551 4,648 5,042 ',256 959 L,828 394 4,482 2,497 +1,986 Feb... 4,158 2,224 +1,934 -194 -101 -1,969 -330 4,318 4,664 1,571 1,434 1,658 346 4,548 2,726 +1,824 Mar.. 5,874 3,086 +2,788 -86 -53 -1,615 +1,035 5,353 5,692 1,972 1,972 1,749 339 6,019 3,418 +2,601 Apr... 2,239 2,541 -302 +86 +226 —750 -741 4,612 5,037 1,236 2,156 L,645 425 2.402 2,397 +4 May.. 2,324 2,222 +103 +378 -144 -3 +334 4,946 5,327 1,714 2,007 1,606 381 2,969 2,507 +462 June. . 4,859 5 7,018 -2,159 +2,315 -226 +56 -14 4,932 5,370 1,928 1,773 1,670 438 4,877 4,129 +748 July. . 2,096 6 3,558 -1,462 -178 « +700 +1,082 +141 5,074 5,506 1,755 2,081 1,671 433 2,268 2,630 -361 Aug.. . 2,505 2,143 +362 +10 -289 -324 -241 4,832 5,229 1,919 1,741 1,568 397 3,162 2,941 +221 Sept.. 4,543 2,869 + 1,674 -570 +9 -362 +751 5,583 6,020 1,664 2,703 1,653 437 4,667 3,229 + 1,438 Oct... 2,101 2,685 -584 -144 +174 -227 -781 4,802 5,205 1,608 1,976 1,621 403 2,280 2,796 -516 Nov... 2,540 2,815 -275 -30 -158 +46 -417 4,385 4,813 1,601 1,621 1,591 428 3,190 3,466 -275 Dec. . 4,014 3,603 +410 -718 -163 +294 -177 4,208 4,630 1,123 1,909 1,599 422 4,106 4,224 -118 1949—Jan. . . 3,579 2,968 +611 -321 -340 -179 +451 4,659 5,042 1,513 1,735 1,793 383 DETAILS OF TREASURY RECEIPTS On basis of daily statements ofUnited States Treasury On basis of reportsfby collectors of internal revenue Incometaxes Deduct Individual Corporation income F o is r c m al o y n e th ar b p W y l h o e i y e t l e d h m r - s - Other r in e n c M v t e e e e o l i r l n s u a n - u - s a e l S S t r a o e i x c c ty e i u a s - l O ce r t i e h p - e ts r 7 c T e r o i e p t - a ts l R t e a o f x u f e n s ds e S t m S m a e o x c p e c e u l n i o s r a t i y l 8 t - y c N e r i e e p - t ts1 W i h n e c it l o d h m - e O ta t x h e e s r N a s n u o a d r r n t m d ax p a r l ofits E p o r a x t t o a n h c x f d e e i e t s r s s s ^ t t a a g E a n x i s f t d e e t - s m l E a o t a a x n i t s n x h c e c d i e e o e s s r u l e - s Fiscal year: 1946 9,392 21,493 7,725 1,714 3,915 44,238 2,973 1,238 40,027 9,858 8,847 4,640 7,914 677 7,036 1947 10,013 19,292 8,049 2,039 5,115 44,508 3,006 1,459 40,043 9,842 9,501 6,055 3,622 779 7,285 1948. ..."... 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1948—Jan 624 2,613 656 51 360 4,304 73 35 4,196 645 2,338 473 17 72 562 Feb.... 1,563 1,597 629 423 403 4,614 178 278 4,158 2,250 1,004 326 26 56 586 Mar.. . . 998 4,168 739 180 281 6,365 460 30 5,874 279 2,034 2,276 21 125 603 Apr. . . . 684 1,174 662 83 260 2,863 549 74 2,239 1,165 602 376 13 118 578 May. . . 1,358 428 673 401 223 3,082 382 376 2,324 1,670 167 268 18 75 584 June... 695 3,006 694 145 564 5,104 228 17 4,859 154 1,111 1,877 19 61 629 July.... 535 719 677 67 302 2,300 140 63 2,096 849 228 432 18 95 608 Aug.. . . 1,165 403 742 410 228 2,948 64 380 2,505 1,543 101 283 15 56 674 Sept 694 2,939 676 130 159 4,597 46 8 4,543 133 1,016 1,947 20 59 660 Oct 537 643 768 65 186 2,199 39 59 2,101 808 157 448 17 61 654 Nov.... 1,198 385 768 386 204 2,941 43 358 2,540 1,564 85 263 16 58 693 Dec 714 2,328 702 134 184 4,062 41 7 4,014 34 343 1,960 18 65 678 1949—Jan 609 2,152 638 56 220 3,675 58 38 3,579 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security Other F o is r ca m l o y n e th ar Total e I d n s e t t e b o r t n - N de a f t e io ns n e al t e r m V a A ra i t e d n i n t o - i - s s n ' - n I i n n a o a a f n a t n n i i e d t - d a c - r l e - a t A c u g t u o i r r l d i e - - T c t o f r r a e t a u u c o r n s n - s t s ts - Other c N e r i e e p - t ts ac m v c I e o e n s u n - t n - ts ts p tu E e r n x e d - s i- ce R ip e- ts m v I e e n s n - t- ts E F C c E o o o x r n o e p o p i e m g e n r n i - d c itur O e t s her ation Fiscal year: 1946 60,703 4,722 48,870 2,871 727 -203 1.927 1,788 2,978 1,261 1.656 4,735 2,407 2,912 1947 39,289 4.958 16,766 6,442 4,928 1,229 1.361 3,605 3,235 1 785 1,509 3,009 1,577 2,476 1948 536,791 5.211 11,364 6,317 4,143 81254,178 4,766 3,918 2,210 1,640 55,598 850 2,109 1948—Jan 2,800 401 1,063 516 228 73 66 452 254 68 126 313 21 93 Feb 2,224 142 846 518 269 69 11 368 433 230 134 149 28 384 Mar 3,086 608 845 579 600 110 17 326 92 51 152 185 28 133 Apr 2,541 154 903 571 338 42 71 463 173 -34 150 162 7 125 May 2,222 124 930 530 251 28 1 358 577 106 142 101 10 43 June 5 7,018 1 508 929 559 433 315 3 077 480 348 553 17453.475 349 432 July 6 3,558 286 6 1,155 6 772 155 43 611 621 455 276 142 362 250 183 145 Aug 2,143 114 800 530 138 110 13 438 607 100 186 100 21 192 198 Sept 2,869 570 715 481 282 256 6 559 38 304 140 135 23 196 80 Oct 2,685 212 931 482 174 275 80 530 159 -12 132 128 18 226 67 Nov 2,815 122 957 612 206 321 6 590 585 144 137 105 20 347 72 Dec . 3,603 1,112 1,017 554 153 285 1 482 208 292 158 105 8 499 74 1949—Jan 2,968 319 n,086 527 P241 274 73 448 139 -42 189 99 22 237 153 r Revised. P Preliminary. 1 The reporting of Treasury receipts and expenditures has been revised to show refunds of taxes as a deduction from total receipts rather than as expenditures, as heretofore. 2 Excess of receipts (+) or expenditures ( —). 3 Excluding items in process of collection beginning with July 1947. 4 For description, see Treasury Bulletin for September 1947. 5 Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months. 6 Change in classification. 7 Including receipts from surplus property receipts and renegotiation of war contracts, which for fiscal years 1946-1948 amounted to 501, 2,886, and 1,929 million and 1,063, 279, and 161 million dollars, respectively. 8 These are appropriated directly to the Federal old-age and survivors insurance trust fund. FEBRUARY 1949 163 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 x Liabilities, other than interagency items U. S. Corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s r t a l i i u o o a n i e a e m p t d s d l e s s - , i - - , - G U s ri e o t . c i v I e u S m n t s - . . v e e n O s r t s i s t e t - t i c h e u e s - r 2 L s t e m u t a q a r r n e u u n e d n i c d s p t - , , - : u f h t u e a n D a r r t n d i r r e e b g d e i d - s - e d - s O s a t e h s t - e s i b a t y B F g u n a u o u r U t n e e a n l d l . s e r d y S - d s . d p , e a n b y O o e a t t n b h e - l e s e , r O li i a t t i b h e i e s l r - i m G n e e r t o e s e n n v t r - t - - o v in P w a e t r t s e n e i t - r e l - y d All agencies: 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 2,03728,015 143 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 19,912 646 10,134 462 1,845 3,524 2,723 101 479 781 1,142 17,764 150 June 30, 1948 20,120 1,042 10,373 251 1,684 3,531 2,458 11 771 863 1,187 17,875 154 Sept. 30, 1948 3 20,687 75110,573 328 1,811 3,525 2,423 1,258 1,063 1,239 18,225 159 Classification by agency, Sept, 30, 1948 3 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 337 273 51 268 Federal intermediate credit banks. 596 512 543 47 Production credit corporations.... 99 31 98 Regional Agricultural Credit Corp.. 2 2 Agricultural Marketing Act Revolving Fund 2 () 1 2 Federal Farm Mortgage Corp 87 10 74 1 84 Rural Electrification Administration. 956 22 922 956 Commodity Credit Corp... 1,115 462 308 296 610 470 Farmers' Home Administration 358 28 267 8 350 Federal Crop Insurance Corp 43 28 6 37 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 767 26 486 252 417 88 120 142 Federal Savings and Loan Insurance Corp 198 194 4 194 Home Owners' Loan Corp 424 393 12 16 405 Public Housing Administration « 1,808 296 1,451 21 1,787 Federal Housing Administration 212 22 136 1 14 149 49 Federal National Mortgage Association. 100 3 97 100 Reconstruction Finance Corp.6 2,068 103 1,031 110 1,958 927 Export-Import Bank 2,116 15 141 1,975 Federal Deposit Insurance Corp 1,066 2,100 1,054 () 9 35 1,031 Federal Works Agency 222 131 2 222 Tennessee Valley Authority 813 89 783 5 14 799 Allother7 7,298 2 3,385 52 14 27 7,271 3,801 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1948 3 Fed. Purpose of loan M F C F a o e o r r d m r p . t . . b m c in r a a e e t n t e d d e k r i i - s - t B f o t o a p i r v n e e c k r 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 . - H F A e a o d r 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 m g l s i . c - b h F l a o o e n m a d k n . e s R a a a . f F f t n i e l . d s i C - . B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a Ju g 1 e n 9 a n e 4 l l c 3 8 i 0 , e , s . To aid agriculture 88 512 275 314 923 542 (4) 7 2,660 2,386 To aid home owners 395 1 179 122 697 635 To aid industry: Railroads 143 3 146 147 Other 1 240 34 275 260 To aid financial institutions: Banks (4) (4) 4 5 5 Other 486 491 481 Foreign loans 221 2,108 3,750 6,079 6,214 Other 295 195 102 592 611 Less: Reserve for losses 14 (4) 3 6 1 274 3 1 57 7 7 371 364 Total loans receivable (net)... 74 512 273 308 922 267 393 296 486 927 2,100 4,015 10,573 10,37$ * 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 its subscriptions of 2,750 million to the International Monetary Fund. s Excluding U. S. Maritime Commission. Latest available figures for this agency, which are included in the totals for earlier quarterly datesshown above, are as of Mar. 31, 1947. Inclusion of current data for the Commission will be resumed when available. 4 Less than $500,000. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, and Veteran's Re-use Housing program, which were previously shown under "All other," as well as Public Housing Administration activities under the United States Housing Act, as amended. 6 Includes War Damage Corporation, Smaller War Plants Corporation, and Defense Homes Corporation, all of which are in liquidation. 7 Certain activities previously included are now shown under "Public Housing Administration"; see footnote 5. Figures for one small agency included herein are for a date other than Sept. 30, 1948. 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. 164 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] I ( n p d h 1 u y 9 s s t 3 i r c 5 i a a - l 3 l 9 v p o = r l o u d m 1 u 0 c e 0 t ) i * o l n aw 1 C 9 a 2 o c r 3 d n o - e s n 2 d t t 5 r r u a ( = c v c t t a i s o l 1 u n 0 e 0 )2 E 1 m 9 p 3 l 9 o = y m 1 e 0 n 0 t3 Fac- D m ep e a n r t t- Wholetory Freight store Con- sale f M ac a tu n r u e - s Non- 1 ro 9 p l 3 a l y s 9 ! = c 1 a 9 in r 3 l g o 5 s a - 5 3 d 9 - u s ( e v a ) l a * e l - s 4 1 s p 9 u r 3 m i 5 c e - e r 3 s s 9 ' p m c ri o o c m d es i - t y 3 Year or month Total D ab u l r e - N d o ur n - - M era in ls - Total R d t e e i s n a i - l - o A th l e l r t a c u g u r r l a i - - l Factory 100 =100 1 = 93 1 5 0 - 0 39 =100 = 1 1 92 0 6 0 able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justedjusted justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.7 103.9 120 83 123.8 138.6 1920 75 93 60 83 63 30 90 104.1 124.2 129 99 143.3 154.4 1921 58 53 57 66 56 44 65 79.7 80.2 110 92 127.7 97.6 1922 73 81 67 71 79 68 88 88.2 86.0 121 94 119.7 96.7 1923 88 103 72 98 84 81 86 100.9 109.1 142 105 121.9 100.6 1924 82 95 69 89 94 95 94 93.7 101.8 139 105 122.2 98.1 1925 90 107 76 92 122 124 120 97.0 107.3 146 110 125.4 103.5 1926 96 114 79 100 129 121 135 98.9 110.5 152 113 126.4 100.0 1927 95 107 83 100 129 117 139 96.7 108.5 147 114 124.0 95.4 1928 99 117 85 99 135 126 142 96.9 109.8 148 115 122.6 96.7 1929 110 132 93 107 117 87 142 102.5 103.1 117.1 152 117 122.5 95.3 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119.4 86.4 1931 75 67 79 80 63 37 84 87.1 75.8 71.8 105 97 108.7 73.0 1932 58 41 70 67 28 13 40 77.2 64.4 49.5 78 75 97.6 64.8 1933 69 54 79 76 25 11 37 77.5 71.3 53.1 82 73 92.4 65.9 1934 75 65 81 80 32 12 48 84.9 83.2 68.3 89 82 95.7 74.9 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 98.1 80.0 1936 103 108 100 99 55 37 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 1948 P192 P225 P177 190 162 214P149.0 P159.9 138 302 171.2 165.0 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 190 187 225 175 148 132 129 134 144.2 156.7 157.0 320.9 146 271 156.3 150.0 April 187 185 222 172 143 133 123 142 143.4 156.8 155.9 317.6 137 278 156.2 148.0 May 185 186 218 170 151 127 110 140 143.5 155.0 153.8 319.3 142 291 156.0 147.3 June 184 185 219 168 148 136 116 152 144.8 155.2 154.7 327.2 137 288 157.1 147.7 July 176 178 208 163 140 155 136 170 144.8 154.5 153.3 321.8 135 286 158.4 150.6 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 "304 167.0 163.2 1948 January.... 193 189 229 178 154 191 152 223 160.5 358.7 145 286 168.8 165.7 February. . . 194 190 226 180 155 187 152 147.8 159.5 354.1 139 286 167.5 160.9 March 191 188 229 177 142 181 148 147.9 160 160.3 358.4 130 284 166.9 161.4 April 188 186 217 177 147 181 154 202 147.2 157 156.1 347.1 130 306 169.3 162.8 May 192 192 221 178 162 188 165 206 147.7 156 155.5 346.7 141 311 170.5 163.9 June 192 193 222 179 159 201 177 220 148.8 158 158.2 359.0 139 312 171.7 166.2 July 186 187 219 169 153 205 187 219 149.5 159 158.5 360.0 138 316 173.7 168.7 August 191 194 223 177 159 201 177 220 149.6 160 161.7 374.7 142 312 174.5 169.5 September. . . 192 197 ••225 178 156 193 165 216 150.7 163 164.6 r382.2 139 312 174.5 168.7 October 195 198 230 179 158 184 157 206 150.8 '162 163.3 ••382.1 140 306 173.6 165.2 November. . . 195 195 229 178 161 189 154 217 150.0 161.5 378.1 137 287 172.2 163.9 December... . P192 P189 P229 P173 P156 180 145 209P149.4 P158.2 P159.0 137 309 171.4 162.2 * Average per working day. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 166-169. For points in total index, by major groups, see p. 188. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 173 of this BULLETIN. 3 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 175-178. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943,. pp. 958-9M;: for department store sales, June 1944, pp. 549-561. FEBRUARY 1949 165 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total 192 193 194 191 188 192 192 186 191 192 195 195 P192 Manufactures—Total . . 198 201 201 200 195 197 198 192 197 199 202 201 P198 Durable Manufactures 230 229 226 229 217 221 222 219 223 '225 230 229 P229 Iron and Steel . . 206 203 203 207 177 208 208 201 207 214 221 '223 222 Pig iron 196 197 196 190 151 193 196 186 200 205 209 212 212 Steel 228 225 226 234 208 236 236 228 235 243 252 '253 252 Open hearth 186 182 180 184 154 183 181 176 179 185 193 194 193 Electric 524 527 553 589 593 608 630 597 635 658 670 r674 672 Machinery 288 285 284 283 275 273 277 269 271 273 277 277 P275 Transportation Equipment . .. 244 244 232 240 237 218 222 233 230 '231 '240 236 P240 Automobiles (including parts) 206 206 192 202 197 179 185 202 198 '206 200 P203 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) * Nonferrous Metals and Products 189 195 199 201 200 196 194 185 186 192 192 187 P185 Smelting and refining 183 188 190 192 203 203 194 188 190 193 191 175 P182 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) l Fabricating .... 192 198 202 204 199 194 193 185 192 192 192 P186 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * Lumber and Products 153 155 150 151 145 142 140 142 148 143 147 145 P143 Lumber 139 143 135 137 132 131 129 135 140 132 135 133 Furniture 181 179 178 178 169 163 161 157 163 165 170 169 P167 Stone, Clay, and Glass Products 205 202 207 211 211 206 207 200 210 207 210 203 P204 Glass products 199 187 197 205 212 201 199 185 207 207 Plate glass 141 149 166 160 165 152 170 123 172 152 Glass containers 218 200 208 219 227 218 208 206 218 226 r224 191 185 Cement 196 199 208 196 193 187 190 188 186 183 184 195 212 Clay products 166 179 168 176 173 172 176 168 175 169 171 172 P172 Gypsum and plaster products 236 246 246 248 249 241 238 237 247 237 '241 241 P236 Abrasive and asbestos products 244 215 242 248 244 244 249 248 248 r252 248 P245 Other stone and clay products l Nondurable Manufactures 173 178 180 177 177 178 179 169 177 178 179 178 P173 Textiles and Products 163 179 179 175 175 177 174 154 166 168 167 164 P157 Textile fabrics 149 165 166 161 161 163 159 138 152 154 153 148 P141 Cotton consumption 131 153 153 147 147 147 140 115 127 132 129 122 114 Rayon deliveries 287 300 296 303 298 308 313 323 318 321 319 r322 317 Nylon and silk consumption 1 Wool textiles 166 181 185 177 179 179 176 137 168 166 168 162 Carpet wool consumption . ... 183 212 212 216 227 226 220 158 226 226 r247 233 Apparel wool consumption 171 192 202 190 196 191 184 153 178 173 160 144 Wool and worsted yarn 161 172 176 166 164 163 162 125 150 148 148 144 Woolen yarn 141 152 154 144 146 145 146 114 139 136 141 141 Worsted yarn 189 200 206 196 190 189 185 140 166 165 159 148 Woolen and worsted cloth 164 175 181 171 171 172 172 137 160 157 157. 156 Leather and Products 114 120 123 115 110 108 109 96 113 119 '114 103 pQQ Leather tanning 113 116 116 102 105 109 107 95 105 108 108 100 Cattle hide leathers 129 132 133 115 119 124 121 109 120 123 122 110 Calf and kip leathers 83 85 80 69 78 82 80 65 78 80 82 80 Goat and kid leathers 89 96 95 92 91 91 89 80 76 83 90 89 Sheep and lamb leathers 101 101 100 92 91 93 94 84 100 98 95 87 Shoes 114 122 127 123 113 107 110 96 119 126 117 104 Pgg Manufactured Food Products 158 158 160 158 157 159 163 160 156 163 161 159 P158 Wheat flour 133 140 134 122 134 139 138 139 143 128 130 133 P129 Cane sugar meltings * Manufactured dairy products P138 P139 P139 P145 P149 P152 P152 P154 P150 P148 P144 P144 Butter 66 67 65 69 71 72 71 72 75 73 76 75 74 Cheese 148 156 150 159 170 171 171 168 171 160 161 166 178 Canned and dried milk 130 127 134 158 175 185 192 195 198 181 167 143 135 Ice cream v Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors 1935-39 average= 100] 19471 1948 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued Meat packing 160 150 147 131 125 127 152 135 126 133 141 155 154 Pork and lard 173 156 161 140 136 145 176 149 128 136 157 177 172 Beef 154 154 141 131 122 116 135 124 125 133 127 135 143 Veal 149 128 115 98 102 104 134 140 147 146 140 144 134 Lamb and mutton 107 98 102 91 83 74 94 89 92 101 112 108 98 Other manufactured foods 164 165 168 167 166 168 169 167 162 172 169 165 P165 Processed fruits and vegetables 138 141 144 155 147 150 159 142 107 162 154 142 P141 Confectionery 150 144 149 143 138 138 124 117 119 121 124 124 Other food products 173 174 177 174 176 178 179 182 183 184 181 178 ?178 Alcoholic Beverages 167 167 198 191 182 167 170 173 179 189 186 217 197 Malt liquor 165 169 171 157 153 141 145 155 165 176 156 181 185 Whiskey 5 37 115 152 160 157 114 86 73 91 95 112 131 Other distilled spirits 94 220 431 526 383 294 393 402 346 211 244 334 278 Rectified liquors 376 264 310 239 255 245 243 242 274 336 398 443 287 Tobacco Products 149 153 155 164 183 163 166 148 178 168 174 170 146 Cigars . .. 100 104 113 102 101 105 108 98 113 127 122 130 97 Cigarettes 201 204 203 225 257 222 226 200 242 218 230 224 196 Other tobacco products 61 69 70 67 75 68 68 63 75 78 78 68 63 Paper and Paper Products 158 163 163 166 168 169 165 150 165 166 172 169 153 Paper and pulp 153 157 158 160 163 164 159 146 160 160 167 163 150 Pulp 168 174 177 178 180 187 183 172 193 183 195 188 173 Groundwood pulp . . 96 88 94 90 97 104 106 117 122 116 117 104 105 Soda pulp 107 109 110 103 108 112 111 96 110 107 111 107 104 Sulphate pulp 255 276 269 285 293 309 301 283 328 301 330 317 285 Sulphite pulp 148 151 161 153 151 151 146 135 148 145 153 149 137 Paper 150 155 155 157 160 160 156 142 155 156 162 159 146 Paperboard 177 187 179 192 192 191 187 165 184 189 193 195 167 Fine paper * 86 86 88 85 87 86 86 74 83 83 Printing paper 162 162 170 161 166 169 168 150 160 161 172' 165 160 Tissue and absorbent paper 158 163 161 161 171 169 157 160 161 163 170 162 158 Wrapping paper 139 145 150 148 151 150 145 135 153 148 157 150 142 Newsprint 88 82 83 82 89 95 94 93 96 93 96 94 100 Paperboard containers (same as Paperboard) Printing and Publishing 146 148 157 150 154 156 157 147 155 154 164 156 154 Newsprint consumption 131 134 144 139 143 143 146 145 149 147 155 148 148 Printing paper (same as shown under Paper) Petroleum and Coal Products P208 P214 P215 P211 P213 P220 P220 P217 P221 P207 P217 P226 P230 Petroleum refining 2 Gasoline 160 159 155 154 164 170 173 170 173 165 170 174 PISI Fuel oil 193 201 206 200 194 196 194 192 194 180 199 200 P202 Lubricating oil 170 163 164 164 158 159 155 154 162 157 169 159 Kerosene 187 199 213 210 197 187 196 193 182 184 183 207 Other petroleum products * Coke 179 178 179 166 137 174 175 170 178 181 181 "•183 184 By-product coke 171 171 171 164 135 166 168 166 170 173 173 '175 176 Beehive coke . 440 442 421 237 186 421 407 318 447 444 466 Chemical Products 254 255 252 250 249 249 256 251 259 257 255 256 P256 Paints 155 158 158 154 150 151 154 161 161 158 156 153 Soap 150 151 147 140 123 124 124 121 126 134 135 135 ^139 Rayon 299 298 301 303 305 304 309 312 312 305 304 305 P30S Industrial chemicals 438 437 434 433 439 436 449 433 450 448 446 447 P449 Other chemical products * . . .. Rubber Products 230 223 215 205 200 201 205 200 207 r205 205 203 P200 Minerals—Total 156 154 155 142 147 162 159 153 159 156 158 161 P156 Fuels 162 160 161 146 149 168 164 160 166 162 166 167 P!64 Coal 153 152 148 99 103 160 147 134 150 148 145 147 P\31 Bituminous coal 164 161 155 97 102 171 157 143 158 156 152 155 Anthracite 111 112 118 108 105 116 105 100 117 119 118 116 P103 Crude petroleum 166 165 167 169 171 172 173 172 174 170 177 P177 Metals 117 117 120 118 137 128 128 113 115 119 P123 P112 Metals other than gold and silver 159 159 163 161 193 179 179 155 158 166 157 P175 (Copper; Lead; Zinc)1 Gold 55 59 59 58 57 57 55 56 55 54 48 Silver 78 67 64 59 68 67 65 57 61 60 P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 167 FEBRUARY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average=100] 1947 1948 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Industrial Production—Total 190 189 190 188 186 192 193 187 194 197 198 195 P189 Manufactures—Total 197 197 197 197 193 197 199 193 200 203 205 201 P196 Durable Manufactures 228 226 224 228 217 222 223 220 224 '227 '232 229 P227 206 203 203 207 177 208 208 201 207 214 221 '223 222 Pig iron 196 197 196 190 151 193 196 186 200 205 209 212 212 Steel 228 225 226 234 208 236 236 228 235 243 252 '253 252 Open hearth .. . 186 182 180 184 154 183 181 176 179 185 193 194 193 Electric 524 527 553 589 593 608 630 597 635 658 670 '674 672 288 285 284 283 275 273 277 269 211 273 277 277 P275 Transportation Equipment 244 244 232 240 237 218 222 233 230 '231 '240 236 P240 Automobiles (including parts) 206 206 192 202 197 179 185 202 198 '197 '206 200 P203 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Nonferrous Metals and Products 189 195 199 201 200 196 193 185 186 192 192 188 P185 Smelting and refining 183 188 190 193 203 203 193 187 190 193 191 176 P183 (Copper smelting; Lead refining; Zinc smelting; Fabricating 192 198 202 204 199 194 193 184 185 192 '192 192 P186 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 140 138 137 143 144 144 148 151 158 153 154 142 P131 Lumber 119 117 116 125 131 134 141 148 156 147 145 128 P113 Furniture . . 181 179 178 178 169 163 161 157 163 165 170 169 P167 Stone, Clay, and Glass Products ... 200 190 193 201 208 211 209 201 218 '216 220 209 P199 Glass products 187 184 193 205 212 212 197 179 213 210 Plate glass 141 149 166 160 165 152 170 123 172 152 203 196 201 219 227 233 206 198 227 '231 '230 193 172 Cement . .. 178 161 158 160 183 196 203 207 210 213 214 211 192 Clay products 172 166 160 169 168 171 175 168 180 175 '180 179 P177 Gypsum and plaster products 242 236 235 238 246 243 243 237 248 '243 '247 246 P242 244 215 242 248 244 244 249 248 248 '251 '252 248 P245 Other stone and clay products l Nondurable Manufactures 171 173 176 173 174 177 179 171 180 185 183 179 p\m Textiles and Products 163 179 179 175 175 177 174 154 166 168 167 164 P157 Textile fabrics 149 165 166 161 162 163 159 138 152 154 '153 148 P141 Cotton consumption 131 153 153 147 147 147 140 115 127 132 129 122 114 N Ra y y lo o n n a d n e d li v s e il r k ie s consumption J 287 300 296 303 298 308 313 323 318 321 319 '322 317 Wool textiles 166 181 i85 177 179 179 176 137 168 166 '168 162 Carpet wool consumption 183 212 212 216 227 226 220 158 226 226 '247 233 Apparel wool consumption . 171 192 202 190 196 191 184 153 178 173 '160 144 Woolen and worsted yarn 161 172 176 166 164 163 162 125 150 148 148 144 Woolen yarn . . 141 152 154 144 146 145 146 114 139 136 '141 141 Worsted yarn 189 200 206 196 190 189 185 140 166 165 '159 148 Woolen and worsted cloth 164 175 181 171 171 172 172 137 160 157 '157 156 Leather and Products 113 120 126 114 110 108 108 94 112 118 114 104 Pgg Leather tanning 112 117 124 101 105 109 105 90 103 106 109 103 Cattle hide leathers 129 135 144 115 119 124 117 103 117 121 123 115 Calf and kip leathers 82 83 84 68 74 78 81 64 82 78 '83 83 Goat and kid leathers 90 96 99 91 94 89 90 79 74 84 90 86 Sheep and lamb leathers 96 94 110 89 89 100 93 79 103 96 95 92 Shoes 114 122 127 123 113 107 110 96 119 126 117 104 P99 Manufactured Food Products 154 146 144 141 143 153 163 172 174 188 173 161 P154 W Ca h n e e a t s u f g lo a u r r meltings l 132 140 136 120 128 134 132 137 141 140 137 134 P128 Manufactured dairy products P88 P99 P119 P155 P201 P224 P223 P198 P158 P122 P95 P92 Butter 52 55 58 63 72 93 98 88 82 70 65 57 58 Cheese . . 106 116 123 143 176 229 242 207 191 163 145 125 128 100 103 120 155 197 257 265 226 204 167 135 103 104 Ice cream 9 Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 168 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1948 Industry Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Manufactured Food Products—Continued 187 175 141 121 116 127 151 126 Ill 124 142 173 181 Pork and lard 229 204 158 130 124 145 176 132 99 108 147 207 226 Beef . . 154 157 130 119 115 116 132 125 127 144 138 141 143 Veal 140 119 101 92 100 108 134 140 144 160 160 154 126 104 103 103 89 80 76 87 86 90 109 116 108 96 Other manufactured foods 161 152 152 149 148 152 160 174 183 207 188 172 P162 Processed fruits and vegetables 108 92 91 85 90 97 122 184 203 317 198 130 mo Confectionery . . 152 148 151 133 114 106 92 96 129 156 162 146 Other food products 176 167 168 167 169 175 181 185 187 188 190 187 P181 Alcoholic Beverages 146 142 176 172 178 173 186 188 184 195 203 212 174 Malt liquor ... 132 139 154 146 160 161 183 194 189 178 145 139 148 Whiskey 5 37 115 152 160 157 114 86 73 91 95 112 131 Other distilled spirits 103 143 259 342 230 177 243 233 187 289 631 702 306 Rectified liquors 376 264 310 239 255 245 243 242 274 336 398 443 287 Industrial A Icohol from Beverage Plants * Tobacco Products 139 153 147 155 173 163 173 154 184 178 180 173 136 Cigars 100 104 113 102 101 105 108 98 113 127 122 130 97 Cigarettes . . . 185 204 190 209 239 222 237 210 255 233 239 228 181 Other tobacco products 54 67 68 67 75 68 70 63 73 83 84 70 56 Paper and Paper Products 157 163 163 167 169 170 165 149 165 165 172 169 153 Paoer and DUID . 152 157 159 160 163 164 160 145 160 159 167 163 149 Pulp 168 174 178 179 182 188 183 170 191 181 194 189 173 Groundwood pulp 97 91 98 96 107 112 107 104 107 103 109 110 107 Soda pulp 107 109 110 103 108 112 111 96 110 107 111 107 104 Sulphate pulp 255 276 269 285 293 309 301 283 328 301 330 317 285 Sulphite pulp 148 151 161 153 151 151 146 135 148 145 153 149 137 Paper 150 155 156 157 160 160 156 141 155 156 163 159 146 Paper board . . 177 187 179 192 192 191 187 165 184 189 193 195 167 Fine paper * . . 86 86 88 85 87 86 86 74 83 83 Printing paper. . . . 162 162 170 161 166 169 168 150 160 161 172 165 160 Tissue and absorbent paper 153 161 167 161 173 169 160 153 161 163 172 162 153 Wrapping paper . 139 145 150 148 151 150 145 135 153 148 157 150 142 Newsprint 87 82 83 82 91 95 95 91 95 93 96- 95 98 Printing and Publishing ... .. . . . .. 150 144 155 153 159 159 156 137 147 155 167 163 158 Newsprint consumption 138 125 141 145 151 149 144 125 134 149 163 161 155 Petroleum and Coal Products P208 P214 P215 V211 P213 P220 P220 P217 P221 P207 P217 v226 P230 Petroleum refining * Gasoline 160 159 155 154 164 170 173 170 173 165 170 174 p\k\ Fuel oil 193 201 206 200 194 196 194 192 194 180 199 200 P202 Lubricating oil 168 158 163 162 164 166 155 152 160 157 169 159 Kerosene . . . 192 203 224 214 201 189 184 179 174 182 183 213 Other petroleum products l Coke 179 178 179 166 137 174 175 170 178 181 181 rl83 184 By-product coke 171 171 171 164 135 166 168 166 170 173 173 '175 176 Beehive coke 440 442 421 237 186 421 407 318 447 444 r454 r460 466 Chemical Products . 255 253 253 252 251 249 253 247 256 257 258 257 P257 Paints 155 155 157 154 151 156 158 160 159 r156 156 151 P150 Soap . .... 150 148 146 140 120 120 122 120 127 139 142 137 P139 Rayon 299 298 301 303 305 304 309 312 312 305 304 305 P308 Industrial chemicals 438 437 434 433 439 436 449 433 450 448 446 447 M49 Other chemical products * Rubber Products . . . .. 230 223 215 205 200 201 205 200 207 r205 205 203 P200 Minerals—Total 151 149 149 136 145 164 163 158 164 160 161 160 P151 Fuels 162 160 161 146 149 168 164 160 166 162 166 167 P164 Coal 153 152 148 99 103 160 147 134 150 148 145 147 P137 Bituminous coal 164 161 155 97 102 171 157 143 158 156 152 155 P145 Anthracite 111 112 118 108 105 116 105 100 117 119 118 116 P103 Crude petroleum 166 165 167 169 171 172 173 172 174 170 176 177 P177 Metals 85 81 83 82 126 144 153 147 149 148 T131 P116 P79 Metals other than gold and silver 101 97 103 103 178 210 226 r215 213 212 186 P160 P99 Iron ore 76 70 73 77 228 302 331 325 324 314 254 '225 93 (Copper; Lead; Zinc)1 Gold 57 56 53 51 51 50 52 55 60 62 56 Silver 78 68 65 61 68 67 63 56 59 61 P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. FEBRUARY 1949 169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 =100] Factory employment Factory pay rolls Industry group or industry 1947 1948 1947 1948 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Oct. Nov. Dec. Aug. Sept. Oct. Nov. Total 160.8 161.9 161.7 '164.6 '163.3 161.5 159.0 350.1 353.4 365.7 374.7 '382.2 '382.1 378.1 Durable goods ... 186.8 188.8 185.8 '188.4 '189.0 188.6 186.2 389.9 395.0 411.0 418.8 '423.7 '434.1 428.3 Nondurable goods 140.4 140.7 142.7 145.9 143.1 140.3 137.7 311.2 312.8 321.4 331.6 '341.6 331.2 329.1 lyoti and Steel and Products 163.3 164.7 164.5 166.2 167.1 166.8 165.6 331.6 335.1 345.8 360.5 365.0 376.0 373.6 Blast furnaces, steel works, etc 130 130 138 138 138 139 252 255 258 296 300 305 305 Steel castings 218 220 228 233 234 234 445 452 467 499 504 '523 528 Tin cans and other tinware 148 150 154 158 153 148 332 321 337 365 392 352 335 Hardware 151 155 149 150 151 152 338 346 364 347 349 360 364 Stoves and heating equipment 196 195 180 187 190 178 439 425 445 417 '427 '448 400 Steam, hot-water heating apparatus. 201 204 198 202 206 205 424 441 453 436 448 '476 466 Stamped and enameled ware 207 208 194 193 197 199 468 477 498 468 454 483 492 Structural and ornamental metal work 179 180 181 183 187 185 366 369 379 385 372 409 406 Electrical Machinery 229.7 230.2 207.7 211.5 213.4 215.1 212.3 464.6 471.9 481.2 454.8 '465.4 474.4 479.2 Klectrical equipment . . 214 215 199 202 201 201 430 436 447 435 '442 '445 448 Radios and phonographs 242 238 198 204 212 218 533 540 543 469 489 509 540 Machinery except Electrical 230.5 233.8 227.4 228.7 228.7 227.9 226.3 458.0 459.6 479.9 482.3 484.0 491.7 486.9 Machinery and machine-shop products 248 249 242 245 244 244 497 499 519 520 523 532 527 Engines and turbines 284 292 276 271 '279 281 576 602 607 595 582 '622 620 Tractors 188 193 192 189 191 195 333 337 347 369 361 364 358 Agricultural, excluding tractors 238 249 255 255 266 267 505 483 523 559 577 598 592 Machine tools 140 140 131 131 130 130 258 253 262 247 248 250 248 Machine-tool accessories 216 218 214 214 212 211 379 380 398 401 391 '392 387 Pumps ... 299 302 273 278 277 278 627 625 648 605 615 620 626 Refrigerators 228 232 234 '232 '230 226 447 434 466 491 '493 '509 486 Transportation Equipment, except Autos. 284.6 291.6 260.8 276.3 282.9 285.7 284.8 541.5 555.1 600.2 547.7 581.8 613.3 611.8 Aircraft, except aircraft engines.... 336 336 336 349 366 377 664 654 669 698 746 795 831 Aircraft engines 291 291 243 300 309 315 500 479 504 454 570 600 601 Shipbuilding and boatbuilding 170 182 144 141 141 137 290 317 379 291 283 291 262 Automobiles 190.4 195.2 189.7 '195.9 '194.9 193.6 195.7 385.8 395.6 427.7 419.1 '425.9 '439.9 425.5 Nonferrous Metals and Products . ... 178.8 180.3 172.4 173.9 176.0 176.1 173.7 359.3 367.3 377.8 379.3 386.3 394.2 391 1 Primary smelting and refining 144 145 150 146 149 150 296 300 300 346 342 345 340 Alloying and rolling, except aluminum . . .. 136 138 136 140 141 140 261 264 272 299 307 308 298 Aluminum manufactures 185 190 168 164 171 173 346 352 365 333 326 353 356 Lumber and Timber Basic Products 178.5 178.4 200.8 200.6 197.7 195.4 184.3 427.2 429.1 431.8 538.8 523.3 519.2 499.7 Sawmills and logging camps 195 195 221 220 216 213 476 476 473 605 584 575 550 Planing and plywood millc 174 176 193 192 193 195 395 401 421 485 479 492 486 Furniture and Lumber Products 147.1 148.3 140.5 142.0 143.3 143.1 141.0 338.8 343.0 355.7 337.3 344.5 354.9 349.2 Furniture 146 148 140 142 144 144 335 344 356 335 344 358 357 Stone, Clay, and Glass Products 154.0 154.7 157.0 158.2 159.4 158.9 156.5 328.2 331.2 335.7 358.9 361.2 372.1 366.9 Glass and glassware 173 173 168 172 173 171 359 367 368 369 383 396 384 Cement 146 146 152 149 152 153 283 284 282 323 310 316 315 Brick, tile and terra cotta 133 134 144 144 144 144 305 302 309 359 '354 '362 357 Pottery and related products 172 174 177 178 180 182 348 357 362 383 374 400 408 Textile-Mill and Fiber Products 111.1 112.7 111. 4 110.3 109.2 108.9 108.6 271.8 288.2 302.0 298.2 295.5 291.2 291.9 Cotton goods except small wares. . . 124 125 125 124 122 122 329 362 376 357 355 350 349 Silk and rayon goods 91 92 96 97 97 96 244 254 267 295 301 299 299 Woolen and worsted manufactures. 111 112 108 105 101 100 270 277 294 298 286 266 268 Hosiery 87 89 86 84 84 85 190 200 208 203 201 209 210 Dyeing and finishing textiles 131 133 130 129 130 130 291 301 320 309 311 312 317 Apparel and Other Finished Textiles 141.5 144.8 146.5 148.6 148.8 146.9 144.9 320.5 304.8 327.3 342.3 348.1 325.0 335.4 Men's clothing, n.e.c. . . 135 135 139 140 139 134 304 302 310 324 325 302 300 Shirts, collars, and nightwear 110 111 104 105 106 105 259 266 281 247 254 256 259 Women's clothing, nee 158 164 167 171 171 171 350 319 356 380 390 351 380 Millinery ... 85 92 97 97 101 87 195 124 157 197 202 193 138 Leather and Leather Products 114.1 115.3 110.4 109.3 108.3 104.5 104.7 251.8 252.5 259.6 248.3 '245.1 236.8 223.3 Leather 100 100 95 96 95 93 213 214 218 207 207 206 202 Boots and shoes .. 109 111 106 104 103 99 247 247 256 243 239 228 211 Food and Kindred Products 150.7 146 9 166 0 179 9 163 8 152.9 145.6 332 8 323.5 321 9 351.3 389.8 358.2 340.7 Slaughtering and meat packing.... 151 161 146 145 146 152 288 338 361 296 304 305 336 Flour . 152 151 152 149 '145 150 355 357 340 369 361 355 352 Baking 129 127 132 133 136 134 252 249 251 274 283 287 281 Confectionery 156 155 '129 '146 '160 161 341 356 358 296 '346 376 388 Malt liquors 199 190 217 '213 '201 200 377 359 340 420 '417 372 377 Canning and preserving 127 110 217 296 194 131 484 294 278 525 835 544 318 Tobacco Manufactures 96.5 94.4 92.5 93.9 95.9 96.5 93.4 214.5 216.3 219.8 218.3 214.8 224.3 223.5 Cigarettes . . .. 124 125 126 127 128 128 253 253 268 288 268 279 264 Cigars 86 82 79 81 83 85 196 202 197 181 187 197 207 r Revised. NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for December 1948 are preliminary. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics. 170 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 Nov. Dec. Aug. Sept. Oct. Nov. Dec. Oct. Nov. Dec. Aug. Sept. Oct. Nov. Paper and Allied Products 148.6 149.9 148.6 149.8 151.0 Ill .7 151.3 320.5 325.9 334.0 352.1 355.0 357.4 362.2 Paper and pulp 146 147 150 150 150 150 323 325 333 364 363 359 365 Paper goods, n.e.c 168 169 164 166 168 169 344 353 362 365 372 381 393 Paper boxes . 143 144 137 140 144 146 304 315 322 319 328 342 345 Printing and Publishing 135.4 135.7 131 8 133.0 134.8 134.7 134.6 252.8 257.2 263.1 264.8 273.6 273.6 275.4 Newspaper periodicals 122 123 124 126 127 127 222 224 230 241 254 252 253 Book and job 149 150 144 145 148 147 286 293 298 298 305 305 308 Chemicals and Allied Products 204.5 205.4 203.3 207.1 208.1 207.1 206.5 409.6 416.4 424.1 450.6 462.5 460.1 460.2 Drugs, medicines, and insecticides. 241 239 232 233 234 235 499 490 489 485 491 507 512 Rayon and allied products 131 131 134 132 132 132 258 261 266 303 298 297 300 Chemicals n.e c.. 294 296 302 302 300 300 555 566 581 629 642 629 634 Explosives and safety fuses 340 347 381 379 379 375 612 646 652 798 796 764 749 Ammunition, small arms 169 173 174 174 174 172 393 398 412 403 411 409 404 Cottonseed oil 161 160 94 153 175 174 443 449 448 262 459 542 538 Fertilizers 155 163 142 152 153 152 410 397 431 409 436 431 415 Products of Petroleum and Coal........ 155.5 160.3 159.1 153.6 158.9 156.6 301.8 309.5 313.3 358.2 345.6 344.1 352.7 Petroleum refining . 153 154 158 156 148 157 287 296 300 346 326 324 341 Coke and by-products 138 149 149 148 148 288 293 295 351 353 350 347 Rubber Products 174.0 175.3 160.9 162.8 163.5 164.5 161.8 354.4 361.4 373.6 347.2 344.9 r345.5 341.9 Rubber tires and inner tubes 189 188 169 169 166 168 355 362 366 341 326 318 313 Rubber goods, other 166 169 156 160 163 162 352 362 380 356 '371 '383 379 Miscellaneous Industries 190.4 187.5 180.1 184.2 187.8 184.9 174.4 394.1 403.9 405.1 397.4 411.8 r422.6 420.8 Instruments, scientific 246 248 249 257 r261 265 479 481 499 506 r530 '556 572 Photographic apparatus 220 222 225 -224 225 225 405 417 421 444 '451 '450 457 For footnote, see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] 1947 1948 Group Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 160 4 161 1 161 2 159 8 160 1 157.1 156.7 158.8 159 8 160 1 163.3 ri62 8 161.1 P158.2 Durable 186.8 188.6 188.7 186.4 188.4 185.5 184.1 184.0 185.1 184.9 188.0 188 7 188.5 P186.0 Nondurable 139.7 139.3 139.4 138.7 137.7 134.7 135.1 138.9 139.8 140.6 143.8 142.3 139.6 P136.3 P Preliminary. r Revised. NOTE.—Back figures for Total from January 1919, and for Durable and Nondurable from January 1923, 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 per hour) Industry group 1947 1948 1947 Oct. Nov. July Aug. Sept. Oct. Oct. Nov. July Aug. Sept. Oct. Nov. All manufacturing. 40.6 40.4 39.8 40.1 39., 39.9 39.7 1.258 1.268 1 332 1.362 '1.365 1.371 Durable goods 40.9 40.7 40.0 40.7 40.0 r40.8 40.3 1.337 1.346 1.407 1.431 '1.448 1.451 1.452- Iron and steel and products 40.5 40.5 39.6 40.3 39.7 40.8 40. 1.397 1.404 1.457 1.501 .528 1 .526 .525 Electrical machinery 40.6 40.6 39.4 40.0 40.0 40.2 40.4 1.331 1.339 1.407 1.439 .443 1.448 .446 T M r a a c n h s i p n o e r r t y a t e io x n c e e p q t u e i l p e m ctr e i n c t a , l except autos. 4 4 1 0 . . 3 4 4 3 1 8 . . 2 6 4 39 0 . . 2 6 3 4 9 1 . . 7 0 ' 4 3 0 9 . . 6 0 r3 4 9 1 . .0 4 39 0 . . 2 8 1 1. . 4 4 3 0 7 0 1 1. . 4 4 6 0 2 4 1 1 . . 4 5 7 0 3 3 1 1. . 5 4 2 9 7 8 . . 5 5 1 5 0 6 1 1. . 5 5 7 1 5 8 . . 5 5 1 7 9 9 A N u o t n o f m er o ro b u il s e s metals and products 3 4 9 0 . . 5 8 3 41 9 . . 1 8 3 4 8 0 . . 5 1 3 40 8 . . 7 9 '3 4 7 0 . . 4 8 ' r • 4 3 1 9 . . 1 0 3 4 8 0 . . 0 8 1 1. . 3 5 1 2 2 6 1 1. . 3 5 2 4 0 0 1 1 .4 .6 0 4 4 9 1 1 . . 6 4 6 2 4 4 . .4 6 3 7 8 6 1 1 .4 6 3 7 9 8 . .4 6 3 7 9 8 Lumber and timber basic products 42.6 42.2 41.9 43.1 41.8 42.5 41.6 1.063 1.074 1.149 1.175 .178 1.167 .161 Furniture and finished lumber products.. 42.1 41.8 40.3 41.0 40.8 41.5 40.7 1.105 1.108 1.149 1.163 .181 1.184 .189 Stone, clay, and glass products 40.8 40.5 39.4 40.9 '40.2 41.0 40.2 1.234 1.247 1.307 1.322 .344 1.347 .355 Nondurable goods. . 40.2 40.1 39.5 39.5 39.6 39.1 39.1 1.175 1.185 1.252 1.262 .272 1.272 .282 Textiles—mill and fiber products 39.7 40.1 38.6 38.5 38.0 37.9 38.0 1.055 1.090 1.145 1.170 .188 1.187 .189 Apparel and other finished products.. . . 36.9 36.4 35.8 36.4 36.1 34 35. 1.051 1.019 1.081 1.106 .117 1.087 .100 Leather and manufactures 39.0 38.3 37.4 37.9 37.3 36 35. 1.082 1.095 1.114 1.128 .143 1.145 .149 Food and kindred products 42 42.5 42.6 41.0 r42.6 '41.8 41. 1.159 1.173 1.215 1.214 .216 1.233 .251 Tobacco manufactures 39.7 39.4 38.0 39.0 38.0 38.9 37.8 .954 .956 1.014 1.008 .000 '.998 .016 Paper and allied products 43.0 43.2 42.5 43.1 42.7 42.9 42 1.215 1.222 1.317 1.320 .334 1.329 1.337 Printing, publishing and allied industries 40.0 40.0 38.9 39.2 39.4 38.9 39 1.540 1.556 1.675 1.683 .712 1.710 1.713 Chemicals and allied products 41.4 41.3 41.1 41.0 41.3 41.4 41 1.273 1.287 1.390 1.407 .410 1.392 1.401 Products of petroleum and coal 40.5 41.2 40.8 41.2 39.3 40.8 40 1.505 1.518 1.703 1.716 .748 1.737 1.754 Rubber products 40.1 39.9 39.7 40.3 '39.4 39.3 38 1.438 1.454 1.472 1.500 .504 1.508 1.510 Miscellaneous industries 40.6 40.7 39.4 40.3 '40.3 ••40.6 40.8 1.200 1.207 1.269 1.271 .280 1.280 1.288 r Revised. NOTE.—Preliminary De cember 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 39.9 and 1.378; Durable, 40.7 and 1.459; Nondurable, 39.1 and 1.288, respectively. Back figures are available from the Bureau of Labor Statistics. FEBRUARY 1949 171 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, Manufac- Contract tion and State, and Year or month Total turing Mining construction public Trade Finance Service local utilities government * 1939 30,287 10,078 845 1,150 2,912 6,705 1,382 228 3,987 1940 32,031 10,780 916 1,294 3,013 7,055 1,419 362 4,192 1941 36,164 12,974 947 1,790 3,248 7,567 1,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 1,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 1,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945 40,069 15,302 826 1,132 3,872 7,685 1,394 3,891 5,967 1946 41,494 14,515 852 1,661 4,023 8,820 1,586 4,430 5,607 1947 43,970 15,901 911 1,921 4,060 9,450 1,656 4,622 5,449 1948 45,133 16,273 925 2,063 4,065 9,746 1,719 4,684 5,658 SEASONALLY ADJUSTED 1947—November 44,625 16,216 922 2,006 4,080 9,636 1,690 4,670 5,405 December 44,800 16,266 926 2,018 4,089 9,679 1,693 4,688 5,441 1948—January 45,019 16,332 927 2,056 4,075 9,694 1,688 5,524 February 44,755 16,208 920 1,945 4,071 9,664 1,698 4,730 5,519 March 44,791 16,246 930 1,941 4,069 9,634 1,697 4,729 5,545 April 44,584 16,045 820 1,972 3,995 9,721 1,696 4,768 5,567 May 44,726 16,018 936 032 4,028 9,689 1,699 4,738 5,586 June 45,053 16,172 947 110 4,056 9,779 1,700 4,663 5,626 July 45,271 16,302 915 093 4,078 9,791 1,737 4,645 5,710 August 45,312 16,278 944 106 4,078 9,805 1,752 4,622 5,727 September "45 ,.654 16,556 945 093 4,085 9,806 1,741 4,647 5,781 October '45,682 '16,549 939 101 4,094 9,817 1,740 '4,654 788 November 45,445 16,408 939 119 4,070 9,783 1,737 4,656 733 December 45,258 16,155 938 2,152 4,087 9,775 1,743 4,628 5,780 UNADJUSTED 1947—November 44,918 16,256 923 2,046 4,077 9,886 1,673 4,670 5,387 December 45,618 16,354 925 1,978 4,071 10,288 1,676 4,688 5,638 1948—January 44,603 16,267 922 1,871 4,020 9,622 1,680 4,723 5,498 February 44,279 16,183 914 1,731 4,019 9,520 1,690 4,730 5,492 March 44,600 16,269 924 1,805 4,032 9,598 697 4,729 5,546 April 44,299 15,950 817 1,933 3,974 9,576 1,704 4,768 5,577 May 44,616 15,892 935 2,052 4,042 9.617 1,716 4,738 ,624 June 45,009 16,115 950 2,173 4,105 9,670 1,726 4,663 ,607 July 45,098 16,172 922 2,219 4,136 9,646 1,754 4,645 ,604 August 45,478 16,441 952 2,253 4,139 9,660 1,761 4,622 ,650 September r45,889 '16,697 948 239 4,092 9,733 1,732 4,647 ,801 October '45,890 '16,598 941 206 4,090 9,889 1,723 '4,654 ,789 November 45,741 16,449 940 161 4,066 10,035 1,720 4,656 5,714 December 46,092 16,242 937 2,109 4,069 10,387 1,726 4,628 5,994 ' Revised. l Includes Federal Force Account Construction. NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. December 1948 figures and 1948 averages are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p s o o t p t i a t u u l l t a i n t o i o o n n n a - l T l f a o o b r t c o a e r l Total Total t I u n E r a m n l o p i n n lo a d y g u e r s i d c tr u * ie l- s agric I u n lture U pl n o e y m ed - l N ab o o t r i n f o t r h c e e 19402 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 . . 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1947—December. . 107,918 60,870 59,590 57,947 50,985 6,962 1,643 47,047 1948—January 107,979 60,455 59,214 57,149 50,089 7,060 2,065 47,524 February 108,050 61,004 59,778 57,139 50,368 6,771 2,639 47,046 March 108,124 61,005 59,769 57,329 50,482 6,847 2,440 47,119 April 108,173 61,760 60,524 58,330 50,883 7,448 2,193 46,414 " May 108,262 61,660 60,422 58,660 50,800 7,861 1,761 46,602 June 108,346 64,740 63,479 61,296 51,899 9,396 2,184 43,605 July 108,597 65,135 63,842 61,615 52,452 9,163 2,227 43,462 August 108,660 64,511 63,186 61,245 52,801 8,444 1,941 44,149 September 108,753 63,578 62,212 60,312 51,590 8,723 1,899 45,176 October 108,853 63,166 61,775 60,134 51,506 8,627 1,642 45,685 November 108,948 63,138 61,724 59,893 51,932 7,961 1,831 45,810 December 109,036 62,828 61,375 59,434 52,059 7,375 1,941 46,208 1 Includes self-employed, unpaid family, and domestic service workers. 2 Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940. 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. 172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value 3f contracts in millions ofdollars] Nonresidential building Public works Month Total R b es u i i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p it u ie b s lic 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 Tuly 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 715.1 611.2 290.2 264.0 72.1 49.6 84.3 60.2 27.2 47.0 59.8 83.5 181.5 106.9 December 625.4 694.0 226.8 256.7 83.5 56.3 65.3 62.9 31.5 66.2 64.1 81.1 154.1 170.9 Year 7,759.99,429.6 3,153.83,608.0 941.4 839.8 785.5 975.0 391.9 724.6 596.9 1,127.1 1,890.42,155.2 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] Total Public ownership Private ownership Month 1948 1946 1947 1948 1946 1947 1948 1946 1947 1948 Federal Reserve district Dec. Nov. Dec. January.... 358 572 615 47 167 197 311 405 419 February. . . 387 442 682 56 96 248 331 346 434 Boston 32,872 37,146 32,517 March 698 597 690 146 143 181 551 453 509 New York 118,864 126,014 99,285 April 735 602 874 127 177 236 608 425 638 Philadelphia 64,862 31,858 41,847 May 952 675 971 197 234 298 756 441 673 Cleveland 66,557 47,271 61,998 June 808 605 935 215 226 324 593 379 611 Richmond 56,841 60,011 71,380 July. . . . 718 660 963 202 203 335 516 458 628 Atlanta 68,499 66,095 95,010 August 680 823 854 205 218 276 475 605 579 Chicago 111,536 99,544 85,106 September. . 620 650 762 187 193 259 433 457 503 St. Louis 42,519 44,213 43,373 October. . . . 573 793 779 134 209 262 439 584 517 Minneapolis 21,674 20,643 19,184 November. . 504 715 611 130 224 199 373 492 413 Kansas City 28,334 24,347 31,692 December . . 457 625 109 207 348 418 Dallas 81,465 54,074 43,971 Year 7,490 7,760 1,7542,296 5,7355,464 Total (11 districts) 694,023 611,216 625,363 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on Year or month Total m p P e r i r e o m r o n t v y p - t e x - - s S h c t t o m i r o o u m n a n c - l e - l 1 f h ( a o - T m I t u D i o s t i l l 4 e e y s - h R g ( o a T e r I u o n n D i s t d u t i l a p n e l g W h e ( o V V T a r u a r I e i s n ) t a t i l 2 - s n n e ' d g INSURED P O F R H T A F O H L O I M O [ , E I n B Y m M i O l C li R o L n T A s G S o S A f G d O E o F l S l a r I s ( N ] T S I T T I L T E U T I I I O ) N HELD IN Sav- 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 4 5 3 1 . . . 1 1 , , 1 1 6 9 8 7 3 6 7 3 2 7 6 5 5 2 1 1 1 4 8 7 1 4 9 7 1 4 1 2 1 1 1 5 8 2 2 6 2 7 4 1 1 9 7 5 6 9 1 (3 1 ) 4 6 3 2 2 6 5 7 3 8 0 1 2 7 4 3 3 End of month Total b C m c a o i n e a m r k l - s - b s M i t a n u a n g v u a k s l - - s a a l s i a t o n s n i o a g o d n c s n i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e e r e a d s n l 1 - - Other2 1946 755 321 (3) 347 3 85 1947 1,787 534 446 808 1948 *>3,337 614 880 1,835 1936—Dec 365 228 8 56 41 5 27 1947—December. . 228 68 (3) 48 112 1 1 9 9 3 3 7 8 — — D D e e c c 1,1 7 9 7 9 1 4 63 3 4 0 3 2 8 7 1 1 4 1 9 0 2 1 1 1 2 8 3 7 2 7 9 5 0 3 1948—January. . . . 224 56 (3) 48 120 1939—Dec 1,793 902 71 192 342 153 133 February... 228 45 (3) 45 137 1940—Dec 2,409 1,162 130 224 542 201 150 March 272 49 (3) 53 170 1941—Dec 3,107 1,465 186 254 789 234 179 April 292 63 (3) 51 177 1942—Dec 3,620 1,669 236 276 1,032 245 163 May 265 54 1 53 158 1943—Dec 3,626 1,705 256 292 1,134 79 159 June 329 59 (3) 72 197 J A u u ly gust 2 2 7 8 7 6 5 5 0 1 (3) 1 7 7 1 6 1 1 4 6 9 4 1944.— D ju e n c e 3 3 , , 3 5 9 5 9 4 1 1 , , 6 5 6 9 9 0 2 2 6 5 0 8 2 26 8 9 4 1 1 , ,0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 O Se c p t t o e b m e b r e .. r . . . . 3 2 1 7 8 7 4 5 8 2 j' 9 9 2 8 1 1 3 6 6 8 1945—Tune 3,324 1,570 265 264 1,047 43 134 N D o ec v e e m m b b e e r r . . . . P 2 2 7 98 2 4 4 0 9 1 1 1 1 1 0 7 5 1 1 3 2 1 7 Dec 3,156 1,506 263 253 1,000 13 122 1946—June 3,102 1,488 260 247 974 11 122 1 N Pr e e t lim pr i o n c a e r e y d . s to borrowers. 2 Mortgages 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 m (a a p i p n r l o y v e m d or M tg a a y g e 2 s 2 i , n 1 su 94 re 6 d ) b un u d t e i r n c t lu h d e e V a e t f e e ra w n s r ' e fi H na o n u c s e in d g m T o it r l t e g a V ge I s Dec 2,871 1,379 244 232 899 7 110 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. 3 Less than $500,000. NOTE.—Figures represent gross insurance written during the period and do not take account of principal repayments on previously insured loans. Figures include some reinsured mortgages, which are shown in CUUUWCU XliSLlLULiUiia, pilVclLC cillU OlalC UClitJilt 1UI1US, ClC. 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. FEBRUARY 1949 173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports 2 Excess of exports Month 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 January 1,124 903 798 1,114 Pl,092 301 '332 394 531 P545 823 '571 405 583 P547 February 1,107 887 670 1,146 Pi,086 314 325 318 437 P582 793 561 352 709 P504 March 1,197 1,029 815 1,326 Pi,138 358 365 385 445 P666 839 '664 431 882 P473 April 1,231 1,005 757 1,294 P1,120 361 366 406 512 P528 870 639 351 782 P592 May 1,455 1,135 851 1,414 Pl.102 386 372 393 474 P549 1,069 '764 457 940 P553 June 1,296 '868 878 1,235 P1,014 332 360 382 463 P616 965 '508 496 772 P398 July 1,197 '895 826 1,155 Pl.020 294 "358 431 450 P558 903 '536 395 705 P461 August 1,191 ••738 883 1,145 P986 304 '361 422 400 P598 887 378 461 745 P387 September. . . 1,194 514 643 1,112 P926 282 »-339 377 473 P558 912 '175 266 639 P368 October 1,144 455 537 1,235 Pl.020 329 ••347 394 492 P597 815 '109 142 743 P423 November.... 1,185 639 986 1,142 P819 323 '325 478 455 P550 862 '314 508 687 P269 December. . . . 938 '737 1,097 Pl.114 336 '298 529 P603 602 439 567 P511 Jan.-Nov 13,321 9,068 8,643 13,317 Pll.323 3,583 3,849 4,379 5,131 P6.348 9,737 5,219 4,263 8,186 P4,975 Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; 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] est cel- chan- Total Coal CokeGrain Live- prod- Ore lane- dise Total Net stock ucts ous I.C.I. railway Total railway # Net operating railway operating income revenues expenses income Annual 1940 109 111 137 101 96 114 147 110 96 1941 .... 130 123 168 112 91 139 183 136 100 Annual 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 1948 . . . 138 141 183 136 88 149 190 146 68 1946 7,628 7,009 620 289 SEASONALLY 1947 P8.685 P7,904 P781 P480 ADJUSTED SEASONALLY 1947—juiy 135 115 170 168 107 152 194 143 71 ADJUSTED August 143 146 184 162 92 152 190 149 73 September. . . 142 153 180 137 105 149 181 145 73 1947—x\ugust. . . . 719 655 64 31 October 145 156 192 152 104 147 163 149 75 September.. 716 681 36 4 November. . . 147 160 195 145 105 150 163 151 75 October. . . . 739 696 43 9 December. . . 149 155 191 138 96 158 '190 156 74 November.. 786 708 78 47 1948—January 145 155 183 132 84 153 180 152 68 December. . 806 722 83 50 F M e a b rc r h u ary . . . .. . . . 1 1 3 3 9 0 1 9 5 8 0 1 16 7 2 8 1 1 0 0 3 9 7 7 6 9 1 1 4 4 0 6 1 1 9 9 5 5 1 1 4 5 6 0 7 7 1 2 1948—January 767 707 60 28 April 130 105 137 123 105 141 213 145 70 February... 781 710 71 38 J M u a n y e 1 1 3 4 9 1 1 1 6 5 3 3 1 1 8 8 5 7 1 1 2 4 9 4 9 8 6 6 1 1 3 5 9 0 2 1 1 9 3 1 1 1 4 4 3 0 6 6 9 6 A M p a r r i c l h 7 7 6 2 1 6 6 7 8 0 4 5 5 4 5 2 22 9 July 138 144 183 158 86 165 185 141 64 May 795 701 94 62 August 142 153 194 144 80 162 182 145 66 J J u u n ly e . 8 8 5 1 6 9 7 72 1 7 9 1 9 3 2 7 1 5 0 7 2 O S N e c o p t v o t e e b m m er b b e e r r . . . . . . 1 1 1 3 4 3 7 0 9 1 1 1 4 3 4 7 8 9 1 1 1 9 9 9 2 4 8 1 1 1 2 5 5 7 5 0 9 8 9 0 5 3 1 1 1 5 4 4 2 4 9 1 1 1 8 7 7 2 8 8 1 1 1 4 4 4 4 5 4 6 6 6 6 8 6 S A e u p g te u m s b t. e . r . . . . 8 8 4 3 2 6 7 7 3 4 7 4 9 9 9 9 6 6 5 5 December. . . 137 131 192 147 85 139 201 148 62 O N c o t v o e b m e b r. e . r . . . . 8 83 4 3 5 7 75 5 2 6 8 8 9 1 P 5 48 6 UNADJUSTED 1947—July 140 115 165 201 87 153 311 145 71 UNADJUSTED A Se u p g t u e s m t ber. . . 1 1 4 5 8 3 1 1 5 4 3 6 1 1 7 7 8 7 1 1 5 7 3 5 1 8 3 7 9 1 16 6 1 0 2 2 7 8 2 4 1 15 5 7 0 7 7 3 7 1947—August. . . . 746 665 81 53 October 156 156 188 152 161 155 235 163 78 September.. 727 679 48 21 November. . . 150 160 195 142 133 147 163 158 77 October... . 795 718- 77 '50 December. . . 139 155 201 130 92 141 '59 147 71 November.. '756 690 66 43 December. . 807 72 7 80 60 1948—January 133 155 192 132 81 137 45 139 65 February.... 129 150 188 101 61 135 49 137 69 1948—January 751 709 41 19 March 122 98 163 100 62 146 57 142 73 February... 716 676 39 18 April 128 105 134 108 94 141 212 143 70 March 777 716 61 35 Mav 143 163 183 113 86 145 277 144 69 April 729 676 53 27 June 144 153 183 147 74 156 296 144 66 May 796 706 90 64 July 143 144 177 189 66 165 296 142 63 June 838 713 125 94 August 146 153 187 156 76 171 273 146 67 July 842 737 105 76 September. . . 150 149 190 142 113 164 273 156 70 August.... 868 752 116 86 October 151 147 190 150 143 158 240 159 71 September.. 845 734 111 83 November. . . 141 138 198 152 114 141 196 149 68 October.. . . 878 767 111 84 December. . . 128 131 201 138 82 123 62 139 60 November.. 825 741 84 P63 r Revised. P Preliminary. ' Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be ob- June 1941. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Total index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission. 174 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 ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M ap i o n l n is e- K C a i n ty sas Dallas F S r a a n n- SALESi 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 -304 360 275 314 -273 311 374 336 1948 P302 P239 P248 P283 P303 P321 P386 P290 P335 P288 P324 P404 P353 SEASONALLY ADJUSTED 1947—December... '304 239 -242 277 309 -330 394 293 337 -276 334 389 -362 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 284 228 229 263 270 303 368 274 318 278 307 384 339 April 306 243 255 278 295 327 390 289 343 283 337 448 362 May 311 242 268 284 320 318 394 289 340 306 336 418 365 June 312 252 265 283 306 327 397 299 346 291 328 406 372 July 316 255 266 288 313 321 392 312 355 294 322 436 365 August... 312 237 256 289 308 319 402 295 354 292 336 419 383 September 312 252 252 295 316 338 402 299 362 291 329 423 355 October 306 232 250 307 316 330 396 292 338 311 343 388 336 November 287 228 229 269 293 306 362 283 321 279 -320 390 -323 December P309 P245 245 286 317 346 405 297 338 P281 P331 397 367 UNADJUSTED 1947—December... -486 419 408 460 479 -549 619 455 516 424 505 -634 -573 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 319 260 257 295 320 357 410 305 366 316 343 444 355 October 328 258 280 322 338 359 424 313 362 343 360 427 346 November ••357 285 298 356 366 388 434 345 404 334 -374 475 -391 December P495 P429 414 478 491 575 635 460 517 P432 P500 648 580 STOCKSi 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 1948 P291 P223 P241 P251 P277 P321 P366 P281 P314 P326 P301 P395 P347 SEASONALLY ADJUSTED 1947—December... 284 224 232 245 272 323 344 264 297 306 -298 397 353 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 282 220 236 251 265 311 362 276 317 310 278 370 329 November 304 233 242 264 302 339 402 296 325 -325 -305 402 356 December P306 229 236 P263 295 335 450 295 329 P335 P320 419 365 UNADJUSTED 1947—December... 244 201 211 208 225 269 289 238 250 268 -244 333 289 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 318 249 267 287 305 355 406 309 355 345 317 419 364 November 330 265 278 290 319 360 422 326 347 -347 326 431 377 December P262 206 215 P223 245 279 366 265 276 P294 P262 352 299 P Preliminary. r Revised. 1 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. 175 FEBRUARY 1949 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 adjus>tment (value) sales 1 1941 average monthly sales=1002 b N e u r m o - f Sales during ( S e t n o d c k o s f November Sales during Stocks at end Department stores period mo.) period of month reporting 1948 1947 1948 1947 N 19 o 4 v 8 . E m 1 le 9 o v 4 s e 8 . n N 19 o 4 v 8 . 1948 1947 Nov. Oct. Nov. Nov. Oct. Nov. GRAND TOTAL—entire store 3 357 -1 +5 +11 2.7 2.4 MAIN STORE—total 357 -2 +4 +11 2.8 2.5 260 242 265 738 711 664 Piece goods and household textiles 315 -1 +3 +6 3.2 3.0 232 233 234 734 716 690 Piece goods 291 +2 +6 +8 2.7 2.5 285 319 280 763 820 702 Silks velvets and synthetics 185 +3 +2 +10 2.6 2.4 272 291 264 706 882 612 Woolen dress goods 160 0 +5 +9 2.0 1.8 406 601 406 815 938 678 Cotton wash goods 179 — 2 4-9 0 3.3 3.3 188 195 192 621 717 617 Household textiles .. 309 -2 + 1 +5 3.4 3.2 204 192 209 709 670 668 Linens and towels 275 +4 +1 +2 3.4 3.5 217 165 208 743 698 730 Domestics—muslins sheetings 243 — 7 — 23 +16 3.7 3.0 171 189 183 631 590 513 Blankets, comforters, and spreads 242 -7 -2 +2 3.3 3.0 217 223 234 716 659 681 Small wares 345 4-2 +1 -1 3.2 3.3 249 192 243 804 708 801 Laces, trimmings, embroideries, and ribbons 206 0 +4 +1 3.2 3.1 267 238 268 851 787 858 N To o i t l i e o t n a s rticles drug sundries .... 3 2 3 4 0 1 + 4- 6 1 4- o 8 + -8 3 3 4 . .1 2 3 4 . .5 2 2 1 5 76 7 2 1 5 43 5 2 1 4 74 3 8 7 1 26 0 5 7 6 8 8 0 7 77 3 6 6 Silverware and jewelry 323 +1 -1 +2 3.4 3.3 282 212 280 947 867 910 Silverware and clocks* 206 —4 4-2 +16 3.7 3.0 Costume iewelrv* 266 +7 -4 2.7 3.0 Fine iewelrv and watches* 73 —4 — 1 5.2 4.9 Art needlework 244 4-3 +1 +4 2.9 2.9 245 217 238 704 675 687 Books and stationery 274 +3 o 0 2.5 2.6 331 206 319 836 775 827 Books and magazines 136 4-6 -2 —2 2.6 2.8 260 175 246 668 585 874 Stationery . . .. 229 +3 0 0 2.4 2.6 338 202 328 842 789 687 Women's and misses' apparel and accessories. 355 -3 +5 +10 2.3 2.1 253 270 260 595 566 538 Women's and misses' ready-to-wear accessories.. 355 -6 0 + 12 2.8 2.4 246 233 261 703 666 627 Neckwear and scarfs 311 — 18 —4 -2 2.2 1.8 342 314 419 739 631 725 Handkerchiefs 286 — 1 -9 3.3 3.6 265 165 268 882 746 953 Millinery 178 — 1 -fl -2 1.0 1.0 184 263 187 178 213 181 Women's and children's gloves 337 — 15 — 7 -3 3.4 3.0 230 202 270 783 776 797 340 —4 — 1 +4 3.2 3.0 221 250 230 710 704 676 Women's and children's hosiery ... 351 -13 +3 +54 2.3 1.3 194 183 224 449 438 287 Underwear, slips, and negligees 347 4-1 +3 + 15 2.8 2.4 293 217 290 825 742 710 Knit underwear . 253 +5 4-6 +30 2.8 2.2 311 263 295 859 791 653 Silk and muslin underwear, and slips 286 4-3 + 16 2.8 2.4 282 202 284 800 730 689 Negligees, robes, and lounging apparel 249 0 -3 -4 2.7 2.8 298 198 299 813 700 837 Infants' wear . ... 330 2 —3 +8 2.5 2.3 348 336 354 886 858 814 Handbags and small leather goods 337 +2 +3 +4 2.6 2.5 228 203 224 581 504 551 247 —9 — 1 + 15 4.4 3.4 214 231 236 931 908 794 Children's shoes4 205 -3 +1 + 10 3.5 3.1 Wom ^ e V n o 's m a e n n d 's m sh i o s e s s e * s' ready-to-wear apparel 3 2 5 1 5 6 +1 +10 ++ 167 4 1 .8 6 3 1 .7 4 260 309 258 479 464 452 Coats* 3 22 4 0 4 4+-77 + 4- 2 1 3 8 + + 1 2 7 3 1 1 . . 1 3 1 1 . . 0 1 354 480 332 446 442 378 Suits* 210 +10 +6 +10 2 1 2 1 Juniors' and girls' wear 291 4_2 +12 +7 1.8 1.7 326 373 321 578 55 i 540 Juniors' coats, suits, and dresses 291 4-5 +15 + 10 1.4 1.4 312 402 296 453 442 420 Girls' wear 317 -•- 2 4-8 +5 2.1 2.0 353 359 361 741 718 700 Women's and misses' dresses 345 +4 +8 +3 1.7 1.8 203 235 195 354 360 341 Blo I B n u e e s t x e te p s, r e n s d k s r i i e v r s t e s s e , d s a r * e n s d se s s p * ortswear .... 3 2 2 5 4 6 3 5 2 + -f- 9 o 5 + 4- 4 1 1 - 3 3 3 + + 5 9 c 2 2 1 . . . 2 1 4 2 1 1 . . . 2 6 9 276 319 262 600 527 569 Aprons, housedresses, and uniforms 291 +11 +8 — 1 2.6 2.9 163 142 147 421 366 440 Furs 276 —35 — 17 0 3.3 2.1 168 182 260 552 604 554 Men's and boys' wear .... 332 5 +17 3 3 2.7 263 218 278 872 851 743 Men's clothing 252 — 11 —2 +45 3.7 2.3 242 245 271 897 913 608 Men's furnishings and hats . 313 +6 3.0 2.8 280 192 . 282 837 787 794 Boys' wear 298 —9 4 +8 3.2 2.7 277 258 305 878 871 812 Men's and boys' shoes and slippers 192 -8 -2 +10 4.8 4.0 208 179 227 1,000 994 926 Housef urnishings 319 +6 +21 3 4 2 8 263 249 266 899 897 746 Furniture and bedding 242 4-5 + 10 +27 3.7 3.1 213 213 202 791 791 621 Mattresses, springs and studio beds* 155 0 +12 +34 2.2 1.6 Do U m p e h s o ti l c s te fl r o e o d r a c n o d v e o ri t n h g er s furniture* 2 1 7 6 3 2 + 4- 9 2 + - f 1 -9 1 + + 2 40 6 3 3 .3 9 3 2 .4 4 275 286 270 902 934 640 Rugs and carpets* ... 152 +4 +11 +37 3.1 2.4 Dr L ap in e o r l i e e u s m , c * urtains, and upholstery 3 1 0 0 1 2 +7 o 4-2 + + 4 5 3 4 2 .9 3 3 2 9 0 271 259 253 785 815 741 Lamps and shades 2^7 + 10 4-9 +13 2.5 2.4 326 268 296 814 760 711 China and glassware 248 +6 4-8 +20 4 7 4 2 232 175 218 1,091 1,087 905 Major household appliances 243 —30 +3 +42 3.6 1 8 255 284 365 922 913 639 Housewares (including minor appliances) 253 0 +4 +9 3.3 3.1 309 286 307 1,026 1,002 948 Gift shop* 157 +9 + 11 + 1 3.4 3.6 Radios, phonographs, records, and instruments*.. 227 +1 + 19 3.0 2.4 Radios and phonographs* 174 —8 +3 +19 2 7 2 1 Records, sheet music and instruments* 141 -11 -5 +16 4.1 3.2 Miscellaneous merchandise departments 316 0 -1 +6 2.2 2.1 315 198 316 702 761 660 Toys, games, sporting goods, and cameras 292 +1 0 +18 2.3 1.9 504 215 499 1,139 1,311 969 Toys and games 231 +26 1.8 1.4 684 215 669 1,217 1,300 970 Sporting goods and cameras 135 +-22 +2 +6 4.1 3.8 401 218 411 1,664 1,248 1,624 Luggage 259 —8 4-7 4.2 3.6 231 160 249 962 884 932 Candy* 190 -5 -10 -9 1.7 1.8 For footnotes see following page. 176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales * 1941 average monthly sales =100 * Num- Stocks Department b st e o r r e o s f Sale p s e r d io u d ring (e m n o d . ) of November Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd reporting Eleven 1948 1947 1948 1947 N 19 o 4 v 8 . m 19 o 4 s. 8 N 19 o 4 v 8 . 1948 1947 Nov. Oct. Nov. Nov. Oct. Nov. BASEMENT STORE—total 201 +5 +10 +6 2.0 2.0 251 248 239 506 485 479 Domestics and blankets4 133 +1 +4 +3 2.5 2.4 Women's and misses' ready-to-wear 197 +8 +14 +7 1.7 1.7 255 266 237 433 407 405 C In o t a im ts a a te n d a p s p ui a t r s e 4 l4 1 17 6 7 8 + + 7 8 + + 1 1 4 9 + + 1 4 6 2 1 . .0 3 2 1. . 0 1 Dresses4 171 +21 +17 -3 1.4 1.8 Blouses, skirts, and sportswear4 152 +9 +16 -1 1.8 2.0 Girls' wear4 118 +1 + 11 + 11 1.7 1.5 Infants' wear4 . . 115 +5 +9 + 12 2.0 1.9 Men's and boys' wear. . 160 +1 +9 +5 2.3 2.2 287 257 285 649 634 621 Me M n e 's n 's w e cl a o r t 4 hing4 1 9 3 0 6 + -3 2 + + 1 9 2 + + 1 5 1 2 2 . . 3 3 2 2 . . 2 0 Men's furnishings4 ... . . . . 110 +6 +7 +2 2.2 2.3 Boys' wear4 115 -3 +8 +3 2.1 2.0 Housef urnishings 100 +6 +5 +3 2.0 2.1 257 237 243 519 521 460 Shoes 133 -4 +5 +11 3.4 3.0 171 168 177 595 571 530 NONMERCHANDISE—total4 172 2 +7 Barber and beauty shop4 78 +13 +8 « w « 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number lonths' snnnlv on hand at the end of the month in terms nf sales for that month. 5 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 175. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average =100] Amount Without seasonal adjustment (In millions of dollars) 1947 1948 1947 1948 Year or month Out- Mar. 1... . .238Feb. 28... . .248 Oct. 4. . .. .326Oct. 2 .327 Sales Stocks standing 8... . .254Mar. 6... . .266 11. . .. .304 9 .336 (total (end of orders 15... . .267 13... ..279 18... . .299 16.... .331 for month) (end of 22... ..286 20... . .313 25... . .306 23 .344 month) month) 29... . .283 27... . .331 Nov. 1. ... .313 30.... .319 Apr. 5... . .319Apr. 3... ..280 8. . .. .347Nov. 6 .320 12... . .265 10... . .298 15. . .. .380 13 .346 1939 average 128 344 19... . .271 17... . .294 22... . .395 20 .371 1940 average 136 353 108 26... . .267 24... . .296 29. .. . .367 27... ..347 1941 average 156 419 194 May 3... ..279 May 1... . .300 Dec. 6... . . 508Dec. 4 .485 1942 average 179 599 263 10... . .311 8... ..330 13... . .570 11 .564 1943 average 204 508 530 17... ..273 15... . .293 20. . .. .576 18.... .576 1944 average 227 534 560 24... . .277 22... . .295 27... . . 358 25 .473 1945 average 255 563 729 31... . .250 29... . .297 1946 average 318 714 909 June 7... ..293 June 5... . .282 1948 1949 1947 average. 336 »-824 r552 14... ..300 12... . .304 Jan. 3. . .. .204Jan. 1 .204 1948 average ^351 P910 P466 21... . .256 19... . .310 10... . .251 8... ..272 28... . .245 26... . .262 17... . .232 15 .244 1947—December. . 584 544 July 5... . .208July 3... ..265 24... . .226 22 .230 12... . .228 10... . .217 31... . .233 29 .217 1948—January 271 789 633 19... ..217 17... . .236 Feb. 7... . .240Feb. 5 February 263 878 575 26... . .213 24... . .231 14. . .. .238 12 March 355 941 420 Aug. 2... . .220 31... ..235 21. . .. .249 19.... April 331 938 356 9... . .223Aug. 7... ..261 May 339 919 339 16... ..225 14... . .258 June 336 859 462 23... ..243 21... ..271 July 268 827 551 30... . .277 28... ..255 August 295 893 545 Sept. 6... ..265 Sept. 4... . .308 September 357 944 539 13... ..291 11... ..285 October 387 1,058 507 20... ..301 18... ..337 November 411 1,053 379 27... ..316 25 319 December ^594 P292 NOTE.—Revised series. For description and back figures, see pp. P Preliminary. r Revised. 874-875 of BULLETIN for September 1944. 1 These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. 177 FEBRUARY 1949 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] Dec. ! Nov. Year Dec. Nov. I Year Oec. Nov. Year Dec. Nov. Year 1948 i1948 1948 1948 i 1948 ! 1948 948 1948 1948 ! 1948 1948 1948 B U N D P S W P B o p n r o e o o o o s r B r w i s w i t r v t t t n o o c l e o i n g a s e H d n d n t f n t s e o o i a d t e n A w n e v S l c r d n e r e t n e a a t . e s . .. . + + + + -3 3 3 3 3 o ! i ; ; | j - - 3 - 9 4 l! : + + + + + + + + 6 2 2 3 6 2 2 0 1 C R W C W W E B P R l i e i h a r a c h i a t v i l l a n t h e s e e t e s r i s l h m 1 e i l b a m t g e l i o u n i n o h s o n d n r , g t n r g g - o - e t c d h N S o n x o n , a n l . l S t C 1 e . . . m . C . . . . . + + + ±5 5 9 2 0 o , 1 | j + +_ + " 1 1 o 3 2 4 1 : , , + + + + + + + + + 8 3 6 6 7 5 5 6 7 C L F T F G C D I D P n h o a e l e h e r e d i n o r i a r s i t n t c i r c r s n r a e t o a i a i M d 1 a n W n g i g H t a g o o R > o p a a i 1 ! n o a y u . e p l t n . i s e i s e . d 1 l x s . . . . , . + + + + + + + + -2 9 3 2 4 1 7 1 7 0 0 - + 1 + - - - - - - 5 4 1 2 3 2 4 7 1 0 0 + + + + + + + + + + + 1 9 4 4 6 5 7 6 7 4 7 3 " K D F S O D O T C a h a o u o a k m c l r r n l r l l l o t e a s l a p a s a a n v s h h u W a s e a t s o s . p 1 o m C o C r a r t h i t h t C r y i i — s t t y i .. . N A N B N B E B N P e o l u l i e r i e w m b n a f i u w w f d a g g g i a a n r a h g Y l Y h a r y o r a e k k a o o m p e i r r 1 o k e F t k o p r a n t C s l J i . l i e . s t . . . . y . . . . 1 + + + + + - -2 2 2 9 6 3 50 0 | i J , \ ! - t + 1 - - - _Q 4 6 1 6 \ 1 j + + + + + + + + + - 1 1 7 9 3 6 6 3 9 5 1 A G L C N R H R t y W h r o o i u l c e n a r a a n h e . f r c n n t o n l m h i V o e t l v n k b a k o s i a g e u t l n o l t r d e o g n , n , S. C. + + + + + + 1 1 3 3 7 1 2 0 2 9 1 ± = -2 ? i l i + + + + + + + + 1 1 1 1 6 7 3 7 8 1 1 1 S G F L Q L E M M t o . o i v u r i t a e r u a i l t d L t n e w l i n e s i n c o s s a v S y v u o u R i m B l n i i k l o l s e e i l a c e e t x k y h . . 1 . . l . l . . . . . . . . + + + + + + + 1 6 6 4 6 2 4 0 3 + + + - - - ' 2 2 3 5 1 4 1 2 + + + + + + + + + 1 1 1 1 8 9 7 7 9 0 1 0 8 S S T H P L F L B a a h r u o o n o a n e s o c n u k s s e g A s e n F A o n t o r B n n o i r n s x n a g l f e t i e n o a * e 1 l c c n l e h d i i s s 1 1 o ! . . c . . . o . . . . . . . . . . . - -1 1 - - - - - 6 5 2 0 4 3 5 ° 1 , , l + + + + + + + 1 -1 5 6 2 7 1 3 5 P C S T L W Y R S P R U h l y c h r a o e o e t i i e r i h n i c v a r l l a c l n a c k e k h e d a a c t a n * e d e d l u i o s a e s n s e e s n t t - c n e l g l e e B p p t 1 r * d r a * h h a d 1 * i r i a y r a . e * 1 . . . . . . . . + + + + + + + + + + + 1 1 3 3 3 5 5 3 1 0 1 1 1 ; ; ! ± + + 1 - - - - 3 3 1 3 3 1 0 0 1 ry + + + + + + + + + + + + 1 1 1 9 4 6 7 7 8 9 9 8 2 0 0 O S J C T A M R B M M M \ a t a a o o r i u c l i a o r v o l m l m a a g k m a c b u a n m u n n s o p i m n e t i l o s d n t n g a i e n t n b a o g a o 1 a 1 1 v 1 u h h m i s a ll e m e r y * l l . . . . . . . P - 3 + + + + + = 10 3 ? 3 3 3 6 0 ! , ; - - - + 1 1 2 - - - - - - - 5 6 8 1 9 1 5 7 0 4 2 2 c + + + + + + + + + - - 2 2 1 1 1 5 4 7 9 7 6 0 0 1 3 8M K S S S S E D D M M a p t t t i a e u . . . i n e S r n s n n i l L m L t P n u n s u n v o p o e a g S a p e e t u e u f a h u r s t h a i . i r i - p p i e l s s i s 1 L l o o C o d A 1 r 1 l o l i i . . i u r s * t s . e . y i . . . . s a l . . . . . * P - - > + + 1 1 + + - - - 4 3 4 0 + 4 1 4 1 - 2 t - - 1 1 + + + — — - — 3 0 2 4 4 3 3 0 0 1 2 + + + + + + + + + + + 1 1 6 6 2 2 3 6 0 6 7 5 3 O V S S S S S R S B S t a a a a a a a i o o n a n v n N B c n l k i n c l s e r t l e e a F e a J k a D r a j r p s o m B r t o n a k i a o i a R s e d n d e e e a n n g e e r o 1 d l n n c a 1 o n e s t i a d n o y a s l a n d 1 r c » d d o . i l. . n l . . . o . . P - + 21 3 - - 1 + - + + + - 2 0 3 5 9 2 2 4 1 0 . , - + + + 1 + + + + + 0 3 7 6 9 4 4 4 6 C A C a i k n n r c o t i o n n n n i a * ti * + + + 8 6 1 + — 6 2 + + + 1 7 6 2 J N B a e a c w t k o s n O o n R rl o e 1 a u n g s e l 1 . . . . + + - 1 6 4 0 , + + + 3 5 7 + + + 1 1 1 0 1 1 T P H u o u e p t b c e l h k o a inson. . + + - 1 4 4 2 r+ + - 5 6 3 + + + 9 8 8 S P a o N l r t t a l L a m a n k p d e a City». T S C Y C p o l o o e r l l u i e v u n n d e m g g o l f a s b i n i t e u o d l s d w 1 * n . » . x . . . . + + + + 1 2 6 6 0 0 • + + + - + 3 4 5 1 1 + + + + + 1 1 1 8 3 1 1 0 C K M B N h r n a e i a s o s r h t t i x o t d v v a l i i n i , a l l l o n l T e e o e » 1 g n a n * .. . . > + +- + + - 3 2 1 5 2 3 | , ! , - + + 1 - - 6 6 0 2 9' + + + + 2 3 5 2 2 W J S L K o t i a . i p n c n c l J h i s o o n a i l s t s n a e p C h i . t y . . . + + - - - 1 6 9 2 1 1 + + - - - 6 6 9 6 5 + + + + 10 5 4 7 S S E B Y p e v e a o a l e k l k t i r i t n m a e l g n e t a e t h 1 1 l a J m l. . . + -4 5 + + -2 2 3 p Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average=100] Fuel, elec- Year or month All items Food Apparel Rent tricity, and House Miscellaneous refrigeration furnishings 1929... 122.5 115.3 141.4 112.5 111.7 104.6 1933... 92.4 84.1 87.9 100.7 100.0 84.2 98.4 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 1948 171.2 210.2 198.0 117.4 133.9 195.8 149.9 1947—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. 116.3 130.3 194.9 146.2 April 169.3 207.9 196, 116.3 130.7 194.7 147.8 May 170.5 210.9 197 116.7 131.8 193.6 147.5 June 171.7 214.1 196.9 117.0 132.6 194.8 147.5 July 173.7 216.8 197. 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 November 172.2 207.5 201.4 118.8 137.9 198.7 153.9 December 171.4 205.0 200.4 119.5 137.8 198.6 154.0 Back figures.—Bureau of Labor Statistics, Department of Labor. 178 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 Manu- 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 d m s - Foods Total T p e u r x c o t t d i s l - e li m g F a h u a n t t 2 i i e l n - g M m p a r e e n o t t d d a a l - l s B m r i u i a n a i t g l l e d s - - l H p e a a r i n o d th d d e e - s r c C a a p h l l r s e l o i m a e d d n i - - d H n f o i i u n s u r h g s - e - - n c M e el o i l s u a - - s m R ri a a a t w l e s - p t u f u r a c r o c e t d - s d rias ucts ucts ucts goods 1929 95.3 104.9 99.9 91.6 90.4 0 100.5 95.4 109.1 94 0 94.3 82.6 97.5 94.5 1930 . . . 86.4 88 3 90.5 85.2 80.3 78 s 92.1 89.9 100.0 88. 7 9? 7 77.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 66. 67 5 84.5 79.2 86.1 79 3 84 9 69.8 65.6 77.0 1932 64 8 48 2 61 0 70.2 54.9 70 3 80.2 74.1 72.9 73.9 7S 1 64.4 55.1 70.3 1933 65.9 51.4 60.5 71.2 64. 8 66 3 79.8 77.0 80.9 72 1 75 8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 72.9 73.3 86.9 86.2 86.6 75.3 81.5 69.7 68.6 78.2 1935 80 0 78 8 83 7 77.9 70.9 73 S 86.4 85.3 89.6 79.0 8(1 6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 71.5 76 ?. 87.0 86.7 95.4 78 7 81 7 70.5 79.9 82.0 1937 86 3 86 4 85 5 85.3 76. 77 6 95.7 95.2 104.6 82 6 8<37 77.8 84.8 87.2 1938 78 6 68.5 73.6 81.7 66. 7 76 5 95.7 90.3 92.8 77 0 8<i 8 73.3 72.0 82.2 1939 77 1 65 3 70 4 81.3 69. 7 7S 1 94.4 90.5 95.6 76.0 R6 3 74.8 70.2 80.4 1940 78 6 67 7 71 3 83.0 73.8 71 7 95.8 94.8 100.8 77 0 8S 5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 84.8 76 ?, 99.4 103.2 108.3 84 4 94 3 82.0 83.5 89.1 1942 98 8 105 9 99 6 95.5 96. 9 78 S 103.8 110.2 117.7 95 S 10? 4 89.7 100.6 98.6 1943 103 1 122 6 106 6 96.9 97.4 80 8 103.8 111.4 117.5 94 9 10? 7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 98.4 83 0 103.8 115.5 116.7 95 ?, 104 3 93.6 113.2 100.8 1945 105 8 128 2 106 2 99.7 100.1 84 0 104.7 117.8 118.1 95 ? 104 5 94.7 116.8 101.8 1946 121 1 148 9 130 7 109.5 116.3 90 1 115.5 132.6 137.2 101 4 111 6 100.3 134.7 116.1 1947 152.1 181 2 168.7 135.2 141.7 108 7 145.0 179.7 182.4 1?,7 3 131 1 115.5 165.6 146.0 1947—December 163.2 196.7 178.4 145.5 148.0 124.6 151.5 191.0 203.4 135 0 135.4 121.5 182.0 154.9 1948—January 165.7 199.2 179.9 148.3 148.4 130.0 154.3 193.3 200.3 138 8 141.3 123.6 183.9 157.8 F M e a b r r c u h ary . . 1 1 6 6 0 1 .4 9 1 1 8 8 5 6 .0 3 1 1 7 7 2 3 .8 4 1 1 4 4 7 7 . . 7 6 1 14 4 9 8 . .9 8 1 n 3 o 0.9 8 1 15 5 5 5 . . 9 3 1 1 9 92 3 . . 7 1 1 18 9 5 2 . . 4 8 1 13 3 6 4 6 1 1 14 4 1 2.0 8 1 12 2 0 0 . . 8 1 1 17 7 4 4 . . 7 9 1 1 5 5 4 5 . . 5 8 April 162.8 186.7 176.7 148.7 150.3 131 6 157.2 195.0 186.1 136 7 142.3 121.8 175.5 157.6 May 163.9 189.1 177.4 149.1 150.2 132.6 157.1 196.4 188.4 134 7 142.6 121.5 177.6 158.5 June 166 2 196 0 181.4 149.5 149.6 ^^^ 1 158.5 196.8 187.7 13S 8 143 ? 121.5 182.6 159.6 July 168 7 195 2 188 3 151.1 149.4 ns 7 162.2 199 9 189 2 134 4 144.5 120.3 184 3 162.6 August 169.5 191.0 189.5 153.1 148.9 136.6 170.9 203.6 188.4 132 0 145.4 119.7 182.0 164.6 September 168.7 189.9 186.9 153.3 147.9 136.7 172.0 204.0 187.5 133 3 146.6 119.9 181.0 163.9 October 165.2 183.5 178.2 153.2 146.9 137.2 172.4 203.5 185.5 '134 8 147.5 119.0 177.0 160.2 November 163.9 180.8 174.3 153.3 146 1 137.3 173.3 202.9 186.2 133 7 148.2 119.2 175.2 158.7 December 162.2 177.3 170.2 152.8 145.3 137.0 173.8 202.0 185.3 130 5 148.4 118.5 172.1 157.5 Week ending ;i All other1 1948—Nov. 2 163.8 180.4 174.5 153.1 146 7 137.2 172.5 203.2 134.7 Nov 9 164 0 181 0 174 5 153.2 146 S 1S7 ? 172.5 202.5 135 O Nov. 16 164.0 180.0 175.5 153.4 146.5 137.4 173.7 203.1 134.7 Nov. 23. 164.0 181 2 174 5 153.4 145.6 137 4 173.7 203.0 134 9 Nov 30 163.6 181.2 172.7 153.3 145.5 137.4 173.7 203.0 134.6 Dec. 7. ... 162.4 177.3 169.7 153.4 145.2 137.5 173.7 203.0 134.7 Dec. 14 161.7 175.9 168.7 153.1 145.2 137.5 173.7 203.0 133.9 Dec. 21 162.5 179.4 170.0 152.8 145 2 137.5 173.7 201.6 133.5 Dec. 28 162.2 179.2 169.6 152.5 145 1 137 5 173.7 200.1 133 0 1949—Jan. 4 161.3 175.5 168.1 152.6 145. 137.1 175.2 198.7 132.8 Jan. 11 160.5 174.3 164.4 152.9 144.3 137 1 175.3 200.9 133 5 Jan. 18 159 3 170 1 161 9 153.0 144.? H7 1 175.3 201 8 133 6 Jan. 25 158.8 167.9 159.2 153.6 143.6 138.0 177.9 200.8 133.5 1947 1948 1947 1948 Subgroups Subgroups Dec. Sept. Oct. Nov. Dec. Dec. Sept. Oct Nov. Dec. Farm Products: Metals and Metal Products: Grains 252.7 176.9 170.4 171.1 171.1 Agricultural ma:h. & equip.. . 127.0 140.5 142 5 143.7 144.1 Livestock and poultry 226.3 244.2 223.4 213.4 204.6 Farm nlachinenr.. 128.6 142.8 144 9 146.1 146.5 Other farm products 162.5 159.6 162.0 162.6 161.4 Iron and steel 140.2 164.0 164 5 165.0 165.4 Foods: Motor vehicles. 160 8 175 0 175 ^ 175 3 175 6 Dairy products.... 183.5 179.9 174.9 170.7 171.3 Nonferrous metals 143.0 166.4 167 0 171.4 172.5 Cereal products 170.6 153.3 149.6 '150.5 149.8 Plumbing and heating.. 136.1 157.0 157 3 157.3 157.3 Fruits and vegetables 135.4 139.4 137.1 139.6 139.8 Building Miiterials: Meats, poultry, and fish 266.5 239.8 227.4 220.8 Brick and tile 148.8 158.9 160 1160.4 160.5 Other foods 160 C 149 1 150.4 149 4 140.9 Cement 121 6 133 3 133 7 133 7 133 5 Hides and Leather Products: Lumbei 303.2 317.1 314.5 310.3 305.1 Shoes 190.7 190.0 189.7 188.1 188.0 Paint and paint materials 164.0 160.2 160.4 161.6 161.5 Hides and skins. . . 256.9 210.6 202.0 206.0 197.2 Plumbing and heating 136.1 157.0 157.3 157.3 157.3 Leather 217.2 181.9 180.4 183.8 186.5 Structural steel. 143.0 178.8 178.8 178.8 178.8 Other leather products.... 141.8 148.6 148.6 148.6 148.6 Other building rnaterials 155.5 174.8 174.8 175.6 176.9 Textile Products: Chemicals at%d AlliedProducts: Clothing 137.8 148.6 148.8 149.2 148.8 Chemicals 124.1 126.0 127.5 124.8 122.5 Cotton goods. . 213.7 199.8 195.0 191.7 189.2 Drugs and pharrnaceuticals. . 154.9 152.7 152.6 151.9 151.4 Hosiery and undenvear.... 103.0 104.8 104.6 104.3 103.9 Fertilizsr materals 114.4 116.2 117.2 119.5 120.1 Silk 73 3 46 4 46 4 46 4 46.4 Mixed ifertilizers 101 5 107 8 107 ° 107 9 108 3 Rayon 40 0 41 8 41.8 41 8 41.8 Oils and fats . . 215 9 188 6 192 0 193 7 178 4 Woolen and worsted goods.. 139.6 150.0 150.7 150.7 150.7 Housefurnisking GooiIs: Other textile prodiicts 178.3 189.3 190.5 190.5 190.0 Furnishings 142.8 151.5 152 5 153.6 153.6 Fuel and Lighting Mateyials: Furniture 136.2 141.6 142 5 142.8 143.1 Anthracite 123.4 136.5 136.4 136.4 136.4 Miscellaneoiis: Bituminous coal.. . 174 3 195 1 195.1 195.1 194.9 Auto t\res and tubes .. 63 4 66 2 66 7 66 2 66 2 Coke 183.4 217.5 218.7 219.0 219.0 Cattle feed 308.2 201.7 195.4 217.9 217.1 Electricity ... . 66.5 66.3 66.5 . Paper and pulp, 164.7 170.9 170.2 169.9 169.5 Gas 85 4 90 7 90.9 92^6 Rubber rnirie. 44 5 46 4. 45 0 40 4 38 9 Petroleum products 112.0 122.2 122.8 122.8 122.0 Other miscellane'OUS . . . 130.0 132.1 131 1 130.5 129.5 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Figures for Nov. 2-Dec. 28, 1948, have been revised. Back figures.—Bureau of Labor Statistics, Department of Labor. FEBRUARY 1949 179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals Seasonally adjusted annual rates by quarters 1947 1948 1929 1933 1939 1941 1944 1946 1947 1948 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 254.9 243.8 244.9 251.9 258.1 264.9 Less: Capital consumption allowances 7.2 8.1 9.3 11.9 11.8 13.3 14.4 13.8 14.0 14.3 14.6 14.9 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 14.0 17.5 18.5 19.8 19.4 19.1 19.7 20.0 20.3 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 n.a. -3.3 -2.9 -5.2 -5.1 n.a. Plus: Subsidies less current surplus of government enterprises -.1 0) .5 .1 .7 ,9 -.1 .0 -.4 -.2 -.2 .2 .2 E Le q s u s: a C ls o : r N po a r t a i t o e n p a r l o f i i n ts c o an m d e inventory valuation 87.4 39.6 72.5 103.8 182.4 179,3 202.5 n.a. 212.8 213.9 222.3 228.2 n.a. adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 n.a. 27.5 25.3 29.6 30.2 n.a. Contributions for social insurance .2 .3 2.1 2.8 5.2 5.9 5.6 5.1 5.1 5.0 5.0 5.2 5.1 Excess of wage accruals over disbursements. .0 .0 .0 .0 -.2 .0 .0 .0 .0 .1 .1 -.1 -.1 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 10.5 10.6 11.0 10.7 10.3 9.9^ Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.5 4.4 4.6 4.5 4.5 4.5 4.6 4.6 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 6.9 7.8 7.1 7.4 7.4 7.7 8.3 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal income 85.1 46.6 72.6 95.3 164.5 178.1 195.2 213.6 203.1 207.0 210.8 216.3 219.6 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.9 21.6 21.0 22.2 23.0 20.6 20.0 20.2 Federal 1.3 .5 1.2 2.0 17.5 17.2 19.7 18.9 20.2 21.0 18.5 17.9 18.0 State and local 1.4 1.0 1.2 1.3 1.4 1.7 2.0 2.1 2.0 2.1 2.1 2.1 2.2 Equals: Disposable personal income 82.5 45.2 70.2 92.0 145.6 159.2 173.6 192.6 180.9 183.9 190.2 196.2 199.4 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 147.4 164.8 177.7 171.1 172.5 177.3 180.1 181.0 Equals: Personal saving 3.7 -1.2 2.7 9.8 34.2 11.8 8.8 14.9 9.7 11.4 12.9 16.1 18.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annua totals Seasonally adjusted annual rates by quarters 1947 1948 1929 1933 1939 1941 1944 1946 1947 1948 4 3 4 National income . 87.4 39.6 72.5 103.8 182.4 179.3 202.5 n.a. 212.8 213.9 222.3 228.2 11.£ dortroensation of emolovees 50.8 29.3 47.8 64.3 121 1 117.3 127.5 139 4 132.2 134.0 136.3 142.4 144. 7 Wa P g r e iv s a a t n e d salaries . ^ 4 50 5 . . 2 2 28.8 7 45.7 S 6 S 1 1 .7 S 1169 3 1 9 11 1 . 0 7 1 1 2 0 2 4 .2 7 1 I 3 IS 4 4 6 1 1 2 0 7 9 i s 1 1 2 1 9 1 . 4 1 1 3 1 1 3 . . 3 2 1 1 3 1 7 8 .4 l 1 1 3 1 9 9 . 6 Militarv . . . .3 .3 .4 1.9 20 7 7.8 3.9 3 5 3.6 3.4 3.5 3.5 3. 7 Government civilian . 4.6 4 9 7 8 8 1? 8 1? Q H 6 IS 140 14 14.6 1S6 16 Supplements to wages and salaries 6 s 2 1 2 6 4 5.6 5. 5 0 5 0 4.Q 5.0 s 1 1 Proprietors* sind rental income ^ 19.7 7.2 14.7 20.8 34 1 41.8 46.0 50.9 48 6 49.9 51.6 50.6 51.4 8.3 2.9 6.8 9.6 154 20.4 23.2 25.2 24 7 24.8 25.3 25.2 25. Farm 5 7 4 S 6 Q 119 146 1S6 18 16 S 17 6 18.9 18 1 18 4 5.8 2.0 3.5 4.3 6 7 6.7 7. 1 7.4 74 7.5 7.4 7.4 7.4 Corporate profits and inventory valuation adjustment 10 3 0 8 146 ?4 0 16 8 7 n.a. ?7 ?*> 29.6 30 n.s Corporate profits before tax 9.8 .2 6.5 17.2 24 3 21.,? 2P.<? na. J2 4 JO.5 32.1 34.0 w. Corporate profits tax liability 1.4 .5 1.5 7.8 135 9.0 11.7 na. 12 7 11.8 12.5 13.3 n.A Corporate profits after tax 8.4 4 50 9 4 10 8 1? 8 18 1 na 19 7 18 7 19.6 ?0 8 n.R Inventory valuation adjustment .5 .1 .7 -2 .6 -5 0 -5. 1 .0 -4 9 -5. -2.5 .9 — .4|. Net interest 6.5 5.0 4.2 4.1 3 1 3 4 4 3 4.9 4 5 4. 7 4.8 5.0 5 2 r Revised. n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department ef 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. 180 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 1948 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 254.9 243.8 244.9 251.9 258.1 264.9 Personal consumption expenditures 78.8 46.3 67.5 82.3 111.4 147. 164.8 177.7 171.1 172.5 177.3 180.1 181.0 Durable goods 9.4 3.5 6.7 9.8 6.9 16. 21.0 22.7 22.1 21.3 22.8 23.7 22.9 Nondurable goods 37.7 22.3 35.3 44.0 67.5 87 96.5 103.6 100.2 101.4 103.7 104.3 105.1 Services 31.7 20.6 25.5 28.5 37.0 43.6 47.3 51.4 48.8 49.8 50.8 52.1 53.0 Gross private domestic investment 15.8 1.3 9.0 17.2 6.4 26.5 30.0 39.7 35.4 38.0 38.0 40.2 42.8 New construction l 7.8 1.1 4.0 5.7 2.3 8.9 11.7 14.6 14.0 14.3 14.4 14.8 14.7 Producers' durable equipment 6.4 1.8 4.6 7.7 5.4 12.8 17.8 21.4 18.9 19.8 21.0 21.9 22.7 Change in business inventories 1.6 -1.6 .4 3.9 -1.4 • 4.8 .6 3.8 2.5 3.9 2.6 3.5 5.3 Net foreign investment .8 .2 .9 1.1 -2.1 4.7 8.9 1.5 8.2 3.9 2.7 -.3 -.4 Government purchases of goods and services 8.5 8.0 13.1 24.7 96.5 30.8 28.0 36.0 29.0 30.5 33.9 38.2 41.5 Federal 1.3 2.0 5.2 16.9 89.0 20.8 15.6 21.5 15.5 17.9 19.8 22.9 25.4 W No a n r war [1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 88 1. . 6 6 2 2 1 . . 5 2 |l6.9 22.1 16.3 19.1 20.5 23.1 25.6 Less: Government sales2 () () (3) (3) 1.2 2.9 1.3 .6 .8 1.2 .7 .2 .2 State and local 7.2 5.9 7.9 7.8 7.5 10.0 12.3 15.1 13.5 13.7 14.8 15.5 16.3 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P o c e o n r m a - l e re T c o e t i a p l t s4 j b m T u d o e i r s n t s a - e t l s - Wag d p m i e n C u r o o g s o a d t d m n r u i i i d n t e c - y - s - sal D a i r u n i t y s r t d i i t u e v r d i s s e i b - s - bu S r i s e n t e r r d v m i u e ic s s e e - nts m G er o e n v n - - t L b c p i s e u a n o l o s f o t n s n c o s i y u c o t i r e r a e e r n i m - l e - s - in O l c a t o b h m o e r r e5 i p n r r e P c a i n o e r n o m t t d o a - l e rs 6 ' i i n d n s p a t e o c e e n n o n r r d m d a e - l s s e t T m p r e f a a e n y n r t - s s - 7 a in g N t c u r o o i r c m n a u l - e l 8 - 1929. . 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 19.7 1.5 76.8 1933. . 46.6 28.7 28.8 9.8 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 1.3 34.1 10.6 3.6 149.0 1945 170.3 115.2 117.5 45.8 24.8 11.5 35.5 2.3 1.6 36.0 11.4 6.2 154.3 1946 178.1 109.8 111.7 46.1 31.2 13.8 20.7 2.0 1.6 41.8 13.5 11.4 159.4 1947 195.2 120.1 122.2 54.6 35.0 15.1 17.4 2.1 1.8 46.0 15.6 11.7 174.9 1948? 213.6 132.3 134.4 60.6 38.9 16.1 18.7 2.1 2.0 50.9 17.3 11.1 190.4 1947—December., 207.7 127 A 129.4 59.2 37.4 15.2 17.6 2.0 1.9 51.3 16.2 10.9 184.2 1948—January. . 208.8 127 A 129.6 58.9 37.5 15.5 17.7 2.2 1.9 51.8 16.5 11.2 184.3 Februaryr. 206.4 126.8 128.8 57.8 37.8 15.6 17.6 2.0 2.0 49.6 16.6 11.4 184.3 March r 205.7 126.6 128.7 57.7 37.6 15.6 17.8 2.1 1.9 48.4 16.6 12.2 185.1 Aprilr 208.6 126.8 128.8 57.3 37.8 15.9 17.8 2.0 2.0 51.2 16.7 11.9 185.3 May * 209.2 129.0 131.0 58.5 38.6 15.9 18.0 2.0 2.0 50.4 16.8 11.0 186.6 June7" 214.4 131.4 133.6 60.4 38.8 16.1 18.3 2.2 2.0 53.0 16.9 11.1 189.7 July 214.8 133.4 135.6 60.9 39.5 16.4 18.8 2.2 2.1 51.7 17.0 11.1 191.3 Augustr. . . 216.7 135.9 138.0 62.3 40.0 16.5 19.2 2.1 2. 50.3 17.3 11.1 193.8 SeptemberT 217.3 136.7 138.9 63.0 40.0 16.4 19.5 2.2 2. 50.4 17.5 10.6 195.0 Octoberr. . 218.5 137.5 139.6 63.0 40.2 16.6 19.8 2.1 2. 50.7 17.8 10.4 195.6 November. 219.9 138.0 140.1 63.8 39.7 16.6 20.0 2.1 2. 51.4 18.1 10.3 196.3 December? 220.8 137.3 139.5 63.2 39.7 16.5 20.1 2.2 2. 52.2 18.4 10.8 197.1 v Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as for preceding page. FEBRUARY 1949 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit E o n r d m of o n y t e h ar co c T r n e s o d u t i a m t l » er ins T ta o l t m al ent Sale credit Loans 2 p S a l i y o n m a g n l e s e n - 8 t a C cc h o a u rg n e ts S c e r r e v d i i c t e credit1 Total Automobile Other 1929 7,628 3,158 2,515 1,318 1,197 643 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 776 1,081 467 1938 7,047 3,595 2,313 970 1,343 1,282 1,442 1 .487 523 1939 7,969 4,424 2,792 1,267 1,525 1,632 1,468 L.544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 1,488 L,650 560 1941 9,862 5,887 3,744 1,942 •1,802 2,143 1,601 ,764 610 1942 6,452 2,922 1,491 482 1,009 1,431 1,369 ,513 648 1943 5,310 1,933 814 175 639 1,119 1,192 ,498 687 1944 5,747 2,005 835 200 635 1,170 1,255 ,758 729 1945 6 598 2 325 903 227 676 1,422 1,520 981 772 1946 10,101 3,910 1,558 544 1,014 2,352 2,263 3,054 874 1947 13,426 6,187 2,839 1,151 1,688 3,348 2,707 3,612 920 1948? 15,957 8,229 4,128 1,963 l,\65 4,101 2,902 3,854 972 1947—November 12,663 5,758 2,550 1,099 1,451 3,208 2,679 3,309 917 December 13,426 6,187 2,839 1,151 1,688 3,348 2,707 3,612 920 1948—January 13,127 6,221 2,817 1,202 1,615 3,404 2,742 3,240 924 February 13,053 6,299 2,841 1,254 1,587 3,458 2,765 3,061 928 March 13,539 6,555 2,992 1,367 1,625 3,563 2,783 3,275 926 April 13,762 6,797 3,143 1,468 1,675 3,654 2,795 3,236 934 May 13,986 6,993 3,265 1,536 1,729 3,728 2,816 3,245 932 June 14,321 7,185 3,372 1,602 1,770 3,813 2,839 3,352 945 July 14,354 7,369 3,480 1,689 1,791 3,889 2,840 3,185 960 August 14,522 7,578 3,625 1,781 1,844 3,953 2,847 3,130 967 September 14,815 7,774 3,774 1,858 1,916 4,000 2,855 3,227 959 October 15 101 7,817 3,813 1,889 1,924 4,004 2,868 3,457 959 November P . . 15,339 7,921 3,889 1.922 •1,967 4,032 2,893 3,557 968 December P 15,957 8,229 4,128 1,963 2,165 4,101 2,902 3,854 972 P Preliminary. 1 Includes recent revisions. See footnote 2. 2 Includes repair and modernization loans insured by Federal Housing Administration. Total loans include recent revisions of instalment loans of small loan companies and miscellaneous lenders, and insured repair and modernization loans, shown on pp. 14-15 of the BULLETIN for January 1949. 3 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollai•s] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total1 m b C a e o n rc m k i s a - 2 l p S c a l m o o n a m i a n e l - s l 1 b In t a r d n i u a k l s s - ' p I c a n l t o o r n d i a m i u a e n l s s - - * u C n r i e o d n i s t l l M a e n n is e d c o e e u r l s s - 1 I m i r l n z o e a o s a p a n u d t n i a d r e o i s e r r n 1 d n- m b C a e o n rc m k i s a - 2 l p S c a l m o o n a m i a e n l - s l 1 b In a tr d n i k u al s s * - p I c a n l t o o r n d i m a i a u e n l - s s * - u C n r i e o d n i s t 1929 643 43 263 219 23 95 463 41X 38 1933 466 29 246 121 20 50 322 20? 32 1938 1 .282 312 380 129 95 103 117 146 460 664 238 176 176 1939 . - 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 J.143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 .170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1^422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 42* 1948P 4,101 1,709 817 204 160 312 131 768 3,078 1,534 376 319 577 1947—November. . 3,208 1,383 659 162 130 215 115 544 233 140 27 25 39 December... 3,348 1,435 701 166 134 225 119 568 267 188 33 30 46 1948—January.... 3,404 1,462 705 165 137 227 120 588 248 109 27 26 38 February. . . 3,458 1,482 709 167 140 230 120 610 221 107 25 25 38 March 3,563 1,530 722 173 143 241 121 633 287 139 32 29 48 April 3,654 1,570 727 180 146 252 122 657 269 121 31 27 50 May 3,728 1,597 736 189 147 260 123 676 258 123 31 25 47 June 3,813 1,634 746 194 150 272 124 693 275 127 37 27 54 July 3,889 1,669 757 199 152 282 125 705 277 130 33 26 52 August 3,953 1,701 763 203 154 291 125 716 270 126 32 27 52 September. . 4,000 1,712 771 206 155 300 126 730 254 122 31 26 51 October 4,004 1,700 772 204 155 302 126 745 222 116 29 24 44 NovemberP.. 4,032 1,701 780 204 156 304 127 760 237 134 31 26 46 December P. . 4,101 1,709 817 204 160 312 131 768 260 180 37 31 57 P Preliminary. l Includes recent revisions shown on pp. 14-15 of the BULLETIN for January 1949. 2 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of December amounted to 101 million dollars and loans made during December were 9 million. 3 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n a o d r n t o o h f r in e m T g x o o c a l b t u a u i d l l t e , o - - s o m m t a r o n e a d r d i n e e l t r - s F s t t u o u r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - Je st w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total c P ha u s r e r - e d tai D l l o i a r n ec s t c d r h p e a ir a t u n a e s r d i c e - l t d , l e o m r t a a n i n o o n iz d d n s a 1 - 2 - i l s m n c o o a s a e n t s n n a a h s l t l houses Outstanding at end of period: 1929 1,197 160 583 265 56 133 1946 1,591 165 306 275 273 572 1947 2,701 346 536 523 500 796 1933.. 663 119 299 119 29 97 1948? 3,560 571 735 741 640 873 1 1 9 9 3 3 8 9 1 1, , 5 3 2 4 5 3 3 3 0 7 2 7 4 5 8 3 5 6 2 2 6 7 6 3 9 7 3 0 2 2 2 4 0 6 1947— D N e o c v e e m m b b e e r r . . . . . 2 2, , 7 5 0 8 1 8 3 3 3 4 7 6 5 5 1 3 3 6 4 5 8 2 6 3 4 5 8 0 3 0 7 7 6 9 9 6 1940 1,721 439 599 302 110 271 1948—January 2,787 359 556 567 504 801 1941 1,802 466 619 313 120 284 February.... 2,825 373 570 569 506 807 1942 1,009 252 391 130 77 159 March 2,931 402 602 591 517 819 1943 639 172 271 29 66 101 April 3,057 431 628 628 538 832 1944 635 183 269 13 70 100 May 3,137 448 649 646 555 839 1945 676 198 283 14 74 107 June 3,229 472 668 661 572 856 1946 1,014 337 366 28 123 160 July 3,319 502 691 678 582 866 1947 1,688 650 528 52 192 266 August 3,410 529 713 698 592 878 1948? 2,165 875 631 84 234 341 September.. . 3,486 550 723 725 608 880 October 3,504 561 723 731 620 869 1947 N D o ec v e e m m b b e e r r ? ? . . . . 3 3 , , 5 5 3 6 0 0 5 57 6 1 6 7 73 3 5 0 7 7 3 4 6 1 6 6 3 4 2 0 8 8 7 6 3 6 November. 1 ,451 555 474 49 144 229 Volume extended dur- December. 1 ,688 650 528 52 192 266 ing month: 1947—November. . . 421 69 94 91 43 124 1948 December. . . 484 70 103 115 47 149 January. . . 1,615 632 502 52 175 254 1948—January 456 70 98 118 36 134 February.. 1,587 624 492 52 169 250 February. . . . 398 66 89 90 35 118 March.... 1,625 653 497 54 165 256 March 504 89 116 102 44 153 April 1,675 680 511 60 160 264 April 521 92 112 122 52 143 May 1,729 703 528 65 161 272 May 487 81 109 112 48 137 June 1,770 720 541 68 162 279 June 524 87 109 126 52 150 July 1,791 732 545 72 160 282 July 512 91 115 113 45 148 August. . . . 1,844 759 560 76 158 291 August 504 93 116 105 49 141 September. 1,916 786 586 81 161 302 September.. . 503 90 105 122 49 137 October. . . 1,924 797 583 81 160 303 October 433 73 93 99 48 120 November? 1 ,967 812 588 81 176 310 November?. . 450 76 98 98 50 128 December? 2,165 875 631 84 234 341 December?. . 477 76 101 107 43 150 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimates. In millions of dollars] Retail instal- Repair Personal Retail instal- Repair Personal ment paper 2 and instal- ment paper 2 and instal- Year or month modern- ment Year or month Total modern- ment Auto- ization cash Auto- ization cash mobile Other loans 12 loans mobile Other loans * 2 loans Outstanding at end Outstanding at end of period: of period: 1 1 1 9 9 9 4 4 4 6 7 8? 2 2 1 8 3 6 6 3 2 . . . 1 5 7 2 5 6 7 6 0 . . . 5 6 0 3 4 1 0 3 7 . . . 2 3 8 4 2 5 3 8 1 . . . 3 3 6 1 1 8 2 1 9 4 0 . . . 1 6 0 1 1 1 9 9 9 4 4 4 7 6 8? 1 1 1 4 0 7 8 8 6 . . . 2 4 9 3 2 1 8 7 5 . . . 1 3 0 2 1 7 3 7 . . . 4 5 1 4 2 5 . . . 2 0 4 1 9 8 1 9 3 0 . . . 8 6 1 1947— D N e o c v e e m m b b e e r r . . . . 2 23 2 3 7 . . 5 9 4 50 9 . . 0 6 3 2 0 8 . . 2 5 4 4 2 3 . . 5 3 1 1 0 1 7 0 . . 3 0 1947— D N e o c v e e m m b b e e r r . . . . 1 14 4 8 4 . . 2 8 2 2 6 7 . . 3 1 1 1 7 5 . . 1 9 4 4 . . 2 2 9 9 8 9 . . 4 8 1948— J J O A S N F A D M M J u u e e a p o u e c l n a a p b n y r c t v g r y e i t o u r e c e l u e u a b m h m m s a r e t y b r b . b r y . e e . e . . . . r r r . . . ? . ? . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 8 3 7 5 3 6 7 8 4 8 8 8 6 4 1 3 1 5 7 5 2 2 5 6 . . . . . . . . . . . . 7 6 6 3 8 1 8 9 3 3 5 1 4 5 6 6 6 6 5 5 5 6 6 6 6 1 9 7 4 6 0 3 7 9 6 6 . . . . . . . . . . . . 8 4 0 3 4 1 8 3 3 0 8 6 3 3 3 3 3 4 4 4 4 4 4 4 1 5 1 2 8 0 2 4 3 3 3 3 . . . . . . . . . . . . 0 7 4 8 0 1 1 5 3 3 3 3 4 4 4 4 4 4 4 4 5 5 5 5 6 3 4 4 9 8 9 0 1 1 8 1 . . . . . . . . . . . . 7 5 8 0 1 8 3 6 6 6 8 3 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 0 2 1 2 2 2 2 2 2 8 4 1 8 4 9 3 2 1 2 4 4 . . . . . . . . . . . . 9 1 3 3 6 8 8 9 3 3 0 0 1948— F S A J J N M A O D M J u u e e a p o c e u a l n a p b n t r c y v g r y e o t i r u e c e e l u u b a m h m m s e a r t y b r b . r b . . y e e e . . . r . r r . . ? . . ? . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 6 6 7 7 6 6 7 7 7 1 8 4 3 1 0 1 6 8 3 1 6 . . . . . . . . . . . . 2 7 6 1 8 1 8 5 8 0 0 9 2 3 3 3 3 2 2 3 3 3 3 3 3 7 8 1 1 4 6 8 9 8 7 8 . . . . . . . . . . . 3 0 2 9 7 1 9 9 3 4 3 5 2 2 2 2 2 2 2 2 2 1 1 1 1 0 3 0 1 1 2 3 2 7 8 9 . . . . . . . . . . . 2 1 7 7 7 . 5 0 4 6 0 0 5 4 4 4 4 4 4 4 4 4 4 4 5 . . , . . . . . . . . . 2 2 3 5 5 6 4 6 8 9 9 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 3 6 1 6 7 5 7 6 7 7 6 0 . . . . . . . . . . . . 2 7 2 8 7 5 0 0 6 0 9 1 Volume extended Volume extended during month: during month: 1947—November.. 34.5 8.3 4.9 3.4 17.9 1947—November.. 28.1 5.2 3.3 0.5 19.1 December. . 39.8 8.6 5.8 3.5 21.9 December.. 31.4 5.2 3.7 0.3 22.2 1948—January.. . 33.7 8.6 4.6 2.7 17.8 1948—January.... 28.3 5.7 2.8 0.3 19.5 February.. . 31.5 8.0 4.4 2.8 16.3 February.. . 26.6 5.3 2.8 0.3 18.2 March 41.9 11.2 6.0 3.7 21.0 March 32.1 6.9 3.4 0.4 21.4 April 42.0 11.3 6.4 4.4 19.9 April 30.5 6.9 3.8 0.4 19.4 May 40.8 10.1 6.8 4.2 19.7 May 27.7 5.7 3.7 0.4 17.9 June 44.2 10.5 7.4 3.4 22.9 Tune 30.6 7.1 3.5 0.4 19.6 July 41.4 11.3 6.9 3.1 20.1 July 29.1 6.7 3.3 0.5 18.6 August. . . . 40.1 10.6 6.5 3.6 19.4 August 28.6 6.0 3.6 0.4 18.6 September.. 38.8 9.8 6.6 3.5 18.9 September.. 28.1 6.1 3.8 0.5 17.7 October. . . . 33.5 7.6 4.9 3.5 17.5 October.. . . 25.4 5.1 3.0 0.5 16.8 November?. 35.1 8.1 4.6 3.4 19.0 November?. 27.7 6.0 3.4 0.4 17.9 December?. 38.7 7.9 5.2 2.9 22.7 December?. 30.9 5.3 3.4 0.5 21.7 P Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans, 2 Includes both direct loans and paper purchased. FEBRUARY 1949 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 Pe fr r o c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts month month of preceding year 1 D 9 e 4 c 8P . N 19 o 4 v 8 . O 19 c 4 t 8 . 1 D 9 e 4 c 8 . ? N 19 o 4 v 8 . O 19 c 4 t 8 . Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s * h p H s o l t o l i o d a u r n s a e c e s p e - - J s e t w o e re lr s y D s m e to p e r a n e r t s t- Net sales: 1947 Total +27 +8 -13 -10 -12 -14 November 30 23 39 24 55 C C r a e s d h i t s a s l a e l s es: +34 + 11 +3 -17 -16 -26 December 29 20 39 31 54 Instalment +29 +9 -20 -7 -11 -12 1948 Charge account + 17 +4 +6 -6 -4 -10 J F a e n b u ru ar a y ry 2 2 4 3 1 1 8 7 3 3 6 2 1 18 9 5 4 3 9 Accounts receivable, end March 27 19 35 19 53 of month: April 25 19 33 19 52 Total. +6 + 1 0 +20 +30 +40 May 24 19 34 19 52 Instalment + 11 + 1 -1 +21 +30 +36 June 24 20 33 19 52 July 23 18 34 19 51 Collections during August 23 18 33 19 51 month: September 24 17 32 19 53 Total +3 -1 +5 +5 +7 +8 October 24 18 31 19 54 Instalment +2 -1 +3 +4 +11 +7 N D o ec v e e m m b b e e r r ? 2 2 4 5 1 1 8 7 3 3 1 1 2 2 1 4 5 5 5 6 Inventories, end of month, at retail value. -11 +1 +5 +5 + 15 + 16 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Accounts receivable Collections during Year or month Sales during month at end of month month Cash Instal- Chargesales ment account Instal- Charge Instal- Charge Instal- Charge sales sales Total Cash ment account ment account ment account 1941 average 100 100 100 100 100 100 100 100 48 9 43 1942 average 114 131 82 102 78 91 103 110 56 6 38 1943 average 130 165 71 103 46 79 80 107 61 5 34 1944 average 145 188 65 112 38 84 70 112 64 4 32 1945 average 162 211 67 125 37 94 69 127 64 4 32 1946 average 202 242 101 176 50 138 91 168 59 4 37 1947 average 214 237 154 200 88 174 133 198 55 6 39 1948 average P 247 235 192 219 142 198 181 222 52 7 41 1947—November 265 284 222 252 111 204 152 214 53 7 40 December 373 408 ••280 351 136 263 170 235 54 7 39 1948—January 174 189 142 164 127 205 174 29.9 54 7 39 February 168 177 142 162 124 181 160 217 53 7 40 March 226 235 196 222 129 190 177 207 52 7 41 April 213 22Q 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 248 255 203 250 155 206 196 220 51 7 42 November 263 272 218 262 160 219 204 243 51 7 42 381 407 281 370 176 282 212 252 53 6 41 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. 175. 184 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 1949 Chart Chart book book page Dec. Jan. Jan. Jan. Jan. page Dec. Jan. Jan. Jan.. Jan. 29 19 26 29 26 WEEKLY FIGURES i In billions of dollars WEEKLY FIGURES2—Cont. In unit indicated RESERVE BANK CREDIT, ETC. BUSINESS CONDITIONS G T R M M E R r x e o e o e U e c s q l m n a d e e . u s e N s r B B b i S v u y s s r i e o o . t e e r l o r r n l y t G d i s e e c n d B b s s o k c s r e a c a a v e r a n i n s s t v r , n h k k e c e r s d u s a v c e r l n e c e « c r a d e s s e u t e d i r r o d r i t i v t n t i e i , f e e p i s t s c o o , a s t t a t i o e t l s t s a . . . . l . . . . . 2, 2 2 3 3 2 4 2 4 4 3 3 2 2 2 2 2 1 1 2 5 6 4 3 1 4 0 8 1 9 . . . . . . . . . . . 0 4 8 6 1 0 1 3 2 2 3 6 7 8 1 1 0 8 5 4 4 3 2 2 2 2 2 1 1 3 2 5 6 2 4 8 0 0 1 9 . . . . . . . . . . . 8 2 7 2 1 9 2 1 9 3 2 2 7 3 0 3 2 5 5 1 8 4 2 2 2 2 2 1 1 3 2 4 6 0 2 4 7 9 0 . . . . . . . . . . . 8 8 2 1 1 4 2 9 1 7 9 5 4 6 1 9 7 5 2 2 7 9 P 2 2 2 2 2 1 1 3 4 6 2 2 0 4 7 P 9 0 . . . . . . . . . . . 7 8 1 1 1 0 2 9 1 6 7 1 0 3 2 3 0 6 8 6 0 2 P 2 2 2 2 2 1 1 4 6 2 2 2 P 4 7 0 0 9 . . . . . . . . . . . 8 4 9 9 2 5 9 0 0 2 1 0 7 1 2 8 7 6 6 4 4 6 Wh I B n o a d l T F F O T F I s e n e o i o a o o s t c x d h o ( r o a t t A m e u a a l d e d c e s l l s r s s u o t t g p ( p r u c m 1 . i r o r f a 9 o m f i m l 1 c s 2 d o e 9 6 m m u s d 3 c = : o a i 9 t t d t s i = 1 e e i 0 r t 1 s i i 0 : 0 e a ) s 0 l : s ) : 6 6 6 6 6 6 6 3 5 3 3 5 5 3 3 2 2 1 1 1 1 3 7 9 6 7 5 6 0 8 6 2 9 2 9 . . . . . . . 2 2 5 6 3 2 5 3 2 2 1 1 1 1 8 2 9 6 6 7 5 0 4 5 8 1 5 2 . . . . . . . 5 1 5 0 3 0 6 3 2 2 1 1 1 1 7 2 9 6 7 5 6 9 0 2 0 4 2 4 . . . . . . . 1 3 8 5 3 9 4 3 2 2 1 1 1 1 1 8 7 7 5 6 5 7 8 0 0 9 1 3 . . . . . . . 1 2 8 3 0 9 0 3 2 2 1 1 1 1 0 7 8 6 5 5 5 2 7 3 7 9 8 3 . . . . . . . 2 9 8 6 3 5 3 Member bank reserves (weekly Selected farm products: N C R C h e e o a w s i u v c e n a g r Y t v g . r ) e o y o : r c k b i a ty C n k i b t s y a e n ks ».. . 5 5 5 5 5 5 7 1 . . . . 7 4 2 5 7 0 8 3 5 5 7 1 . . . . 8 5 6 3 2 8 5 2 5 5 7 1 . . . . 8 2 3 5 2 9 0 4 5 5 7 1 . . . .3 8 3 5 1 5 2 6 5 5 7 1 . . . . 3 2 7 4 2 9 6 8 W S C C t o o e h p r t e e o n t r o a u s t n ( n c d ( ( e ( c s d c n ) e o e t n s l n l t t a s p s r e s p p r e e b p r r u e b p s r u o h 1 s u e h 0 n l e 0 ) d l . ) ) . . . . 6 6 6 6 6 6 6 6 2 2 1 3 2 7 4 2 6 . 7 . . 9 . 3 2 8 1 2 2 1 3 7 2 4 2 4 . 5 . . 8 . 2 9 0 6 2 2 1 3 7 2 4 . 2 4 4 4 . . . 5 5 4 3 2 2 1 3 5 2 4 2 . 2 2 7 . . . 3 8 8 4 2 2 1 3 1 5 3 2 9 . 8 . . 1 . 6 9 0 6 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 pounds) 66 22.00 21.08 21.05 20.70 20.85 All O L U D U L o o r t . . e N h R C B B a e a m S S e n n p e i o o o l r . . a s s a m n l o t s n , G G l e d s r a d m s e t s e t o o n o c i s e a v v d n d t u t r t t a n e a g r c . . l i d i p t i n t e s d a o i b v e c l e e s c e a e s p i u s t r n o s t r t s k m i i i a t f s t i e i d s e : c n j s a u t , s t s t e t o s e t . d a .. . l . . . 1 1 1 1 1 1 1 1 1 1 1 6 4 4 4 4 4 8 8 6 8 6 6 3 2 4 2 1 6 4 4 2 2 1 4 7 1 5 5 . . . . . . . . . . . 8 5 3 2 0 7 5 5 9 7 5 1 9 6 1 6 6 5 9 9 9 6 3 6 2 4 2 1 3 2 4 2 6 4 4 7 4 1 5 . . . . . . . . . . . 7 1 0 2 4 5 9 2 6 4 3 3 9 6 0 8 6 7 0 4 4 7 3 6 2 4 2 1 3 4 2 6 2 4 4 7 5 5 . . . . . . . . . . . 5 1 1 0 6 3 5 6 0 4 9 6 9 6 8 1 2 2 0 9 2 2 3 6 2 4 2 1 6 3 4 4 2 7 2 4 4 5 1 . . . . . . . . . . . 6 1 4 0 7 0 6 8 6 9 4 6 8 3 8 5 7 7 8 7 5 1 3 6 2 4 2 1 6 4 4 3 2 2 4 7 5 1 5 . . . . . . . . . . . 2 5 1 0 0 8 6 4 8 2 3 2 5 7 8 4 5 7 1 3 7 8 F P r r e A S o C P B M E i d t a l u r i g e e e b B E t u u p t h e u a c b o d c e g l u t t m t l m t e r g r t s c i b ( i t s i ( . o o c a % e ) n o m n r p r b ( o a p l : i c e i o r u l o ( o l e t d l e c a s w , r f n e d o c t p e c n ( ( i s l o r n t t o a e t h h s a g p u p u ( l o o s m m a n p e u u ( c ( d e r m i s s t i r l s d h . . t l ) i y . p o ( o l c t ) l t k o u o , z h a w u s n t e o r . o n . n s u s c n d h ) s ) ) a s r . ) . . r s . . . ) . s . . . . . . ) ) 6 6 6 7 7 7 7 6 7 6 6 9 1 0 3 1 9 0 5 5 4 , 6 9 , 1 6 8 7 5 5 2 . 1 7 . . . 8 8 8 6 1 3 3 6 6 0 2 1 2 5 5 6 4 9 , , 1 3 5 3 7 . 7 4 1 9 . . 9 . 4 5 5 5 3 2 7 8 8 0 2 9 4 5 5 6 4 9 , , 1 3 2 4 9 7 4 . 1 1 . . . 6 9 2 2 0 9 5 3 3 2 6 7 8 6 4 5 5 1 6 4 , , 0 4 3 4 7 1 0 1 1 1 1 6 6 . . . 9 9 1 9 2 1 4 4 9 1 1 0 5 5 1 4 6 , , 0 8 3 1 4 1 1 1 1 1 1 2 . . 3 . 8 1 7 0 1 5 1 6 9 1 5 4 Fo T U r o . p t S u al r . c G ha o s v i t n . g s e s c e u c r u it r i i e ti s e . s . : 1 1 8 8 2 1 . .0 0 8 0 1. . 7 8 3 2 1. . 7 9 7 1 1. . 6 7 4 8 1 1 . . 9 0 5 8 De T M p o a i t s r a c t l m e ll e a n n t eo st u o s r e sales 7 7 2 2 5 2 8 9 5 4 3 7 4 2 7 2 3 7 5 3 1 3 3 7 4 1 1 0 3 6 3 7 3 9 Ot O he t r h er securities 1 1 8 8 3. . 9 9 5 3 3. . 9 9 4 1 3. . 9 8 2 6 3. . 9 8 2 6 3. . 9 8 1 7 (1935-39=100) 73 204 272 244 230 218 New York City banks: Loans and investments 15 18.50 18.35 18.21 18.26 18.40 1948 U. S. Govt. securities, total. 15 9.34 9.58 9.37 9.50 9.39 Bonds 17 7.34 7.32 7.27 7.25 7.26 Notes and certificates.... 17 1.47 1.51 1.39 1.48 1.49 Oct. Nov. Dec.2 Bills 17 .52 .75 .70 .77 .64 Demand deposits adjusted.. 15 15.51 15.41 15.20 15.35 15.36 U In . te S r . b G an o k v t. d e d p e o p s o i s t i s t s 1 1 5 5 4. . 1 3 0 5 4. . 2 3 8 4 4. . 0 2 6 4 4. . 1 2 6 7 4. . 0 2 5 9 MONTHLY FIGURES Inbillions of dollars Time deposits 15 1.59 1.58 1.58 1.54 1.54 DEPOSITS AND CURRENCY Loans, total 15 8.11 7.73 7.81 7.73 8.00 Commercial 19 5.61 5.56 5.58 5.60 5.60 Deposits and currency:• For purchasing securities: Total P17O.3O P170.10 Pi 70.90 To brokers: Excluding U. S. Govt. de- On U. S. Govts 19 .80 .56 .66 .54 .83 posits 6 P168.00 P167.90 P168.80 On other securities.. . 19 .34 .31 .29 .30 .29 Demand deposits adjusted. . 6 P85.OO P85.OO P85.8O To others 19 .22 .22 .22 .22 .21 Time deposits adjusted 6 P57.30 P57.OO P57.3O Real estate and other. ... 19 1.03 1.02 1.02 1.02 1.02 Currency outside banks. ... 6 P25.7O P25 90 P25.7O Ba L U n o . k N B a S s n o o . s o n t G e d u a s s o t n s v a d i t n d . i d n e s v e c N c e e u s e r t r t w m i i t f i e i Y e c n s o a t , s r t t k e o s t . C a .. l i . . t y 1 1 1 1 : 5 7 5 7 4 2 1 5 3 4 7 . . . . 1 6 2 2 1 5 5 6 4 2 1 5 4 3 7 . . . . 2 2 9 2 2 9 0 4 4 2 1 4 5 3 7 . . . . 1 3 9 3 7 9 6 4 4 2 1 4 4 5 7 . . . . 1 6 2 4 8 2 5 2 4 2 1 5 4 4 7 . . . . 0 4 5 0 6 5 7 3 Mo $ U C B n 1 o i . 0 l e i l S y n s a . s o i , n G n f d $ o c $ 1 $ v i 5 , 2 r t 0 $ c . 0 2 u a d b , l e n a i a p l t d l i n o s o o d s n v i , t $ e s 5 r t o b ta il l ls... 7 7 7 6 7 2 P 1 8 4 8 4 2 . . . . . 6 5 1 9 3 5 8 8 5 0 2 1 P 8 4 8 5 2 . . . . . 6 6 0 3 2 5 2 6 3 O 2 2 1 8 4 * 8 4 2 . . . . 6 7 2 9 .1 2 0 2 1 0 Bills 17 1.28 1.45 1.46 1.65 1.40 Demand deposits adjusted. . 15 32.29 32.03 32.32 32.32 32.31 U. S. Govt. deposits 15 1.01 .86 .68 .80 .93 Annual rate Interbank deposits 15 6.46 6.90 6.79 6.74 6.28 T Lo im R C an e e o s a m , d l m e t e o p s e t o t r a a s c l i t i e t a s l 1 1 1 1 5 9 5 9 1 1 9 3 7 3 . . . . 9 8 4 4 5 5 5 0 1 1 9 3 3 7 . . . . 8 8 4 2 1 5 7 4 1 1 9 3 3 7 . . . . 8 8 4 2 3 7 9 8 1 1 3 9 7 3 . . . . 8 8 2 4 2 6 2 9 1 1 3 9 7 3 . . . . 8 7 2 4 7 8 7 9 Tu O N rn t e h o w e v r e Y r l o e o a rk f d i d n C e g i m ty c a i n ti d e s deposits:3 3 1 0 9 . . 3 9 2 20 8 . . 0 1 2 1 5 8 . . 9 3 For purchasing securities. 19 .64 .63 .60 .58 .62 Other 19 3.13 3.13 3.11 3.12 3.10 In billions of dollars MONEY RATES, ETC. Per cent per annum COMMERCIAL BANKS U. S. Govt. securities: Bills (new issues) 30 1.155 1.160 1.160 1.160 1.161 Cash assetse 9 P36.70 P36.60 P37.5O Certificates 30 1.22 1 .22 1.22 1 .22 1.22 Loans and investments, total •. 9 P114.10 P114.20 P114.30 3-5 years 30 1.63 1.61 1.60 1 .59 1.58 Loans* 9 P41.60 P42.30 P42.70 7-9 years 30 1.92 1.90 1.89 1.88 1.86 U. S. Govt. securities • 9 P63.30 P62.80 P62.50 15 years or more 30,32 2.43 2.42 2.42 2.41 2.41 Other securities • 9 P9.20 P9A0 P9.10 Corporate bonds: Holdings of U. S. Govt. se- Aaa 32 2.76 2.74 2.71 2.70 2.70 curities: Baa 32 3.51 3.49 3.47 3.46 3.43 Bonds: High-grade (Treas. series). . 32 2.77 2.75 2.73 2.72 2.73 Total 10 40.78 40.77 Within 1 year 10 1.77 1.77 1-5 years 10 29.18 29.16 In unit indicated 5-10 years 10 6.27 6.28 Stock prices (1935-39=100): Over 10 years 10 3.57 3.56 Total 33 120 120 122 122 121 Notes, certificates, and bills: Industrial 33 126 126 129 128 127 Total 10 15.06 14.57 Railroad 33 106 105 106 108 105 Notes and certificates. ... 10 11.68 11.69 Public utility 33 93 94 94 94 95 Bills 10 3.38 2.88 Volume of trading (mill, shares) 33 1.41 .99 .76 .76 .87 Guaranteed securities 10 .01 .01 For footnotes see p. 188. FEBRUARY 1949 185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart 1948 Chart 1948 book book page Oct. Nov. Dec.2 page Oct. Nov. Dec2 MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS GOVERNMENT FINANCE—Cont. All member banks: Loans and investments, total. 12 95.45 95.51 95.71 Ownership of U. S. Govt. securities—Cont. Loans 12 35.31 35.93 36.32 Marketable public issues—Cont. U. S. Govt. securities 12 52.68 52.22 52.01 By class of security—Cont. Other securities 12 7.46 7.37 7.37 Bonds—Total outstanding. ... 24 112.17 112 17 111.60 Demand deposits adjusted e. . 12 72.05 72.01 72.64 Nonbank (unrestricted issues Time deposits 12 28.80 28.63 28.78 only), commercial bank, Balances due to banks 12 11.02 11.23 11.22 and F. R. Bank 24 70.23 70 53 «69.94 Balances due from banks 12 5.29 5.42 5.35 Commercial bank and F. R. Reserves 12 19.82 19.83 19.99 Bank 24 51.71 51 .95 "51.35 Central reserve city banks: F. R. Bank 24 10.93 11.18 10.98 Loans and investments, total. 12 23.40 23.32 23.57 By earliest callable or due date: • Loans 12 9.35 9.77 10.01 Withinl year—Total outstanding 25 45.14 44.95 49.08 U. S. Govt. securities 12 12.61 12.16 12.13 Commercial bank and F. R. Other securities 12 1.44 1.39 1.44 Bank 25 26.76 26.22 *29.90 Demand deposits adjusted e. . 12 19.36 19.20 19.45 F. R. Bank 25 11.82 11.78 12.43 Time deposits 12 2.59 2.58 2.68 1-5 years—Total outstanding. 25 48.43 48.43 44.05 Balances due to banks 12 5.04 5.04 5.10 Commercial bank and F. R. Reserves 12 6.63 6.59 6.70 Bank 25 34.76 34 73 Reserve city banks: F. R. Bank 25 3.69 3.66 3.26 Loans and investments, total. 13 35.25 35.37 35.40 5-10 years—Total outstanding 25 10.46 10.46 10.46 Loans 13 14.13 14.27 14.35 Commercial bank and F. R. U. S. Govt. securities 13 18.59 18.62 18.59 Bank 25 6.78 6 77 6.71 Other securities 13 2.52 2.48 2.46 F. R. Bank 25 .51 .49 .43 Demand deposits adjusted e. . 13 25.02 25.12 25.36 Over 10 years—Total outstand- Time deposits 13 11.33 11.29 11.36 ing 25 53.89 53.80 Balances due to banks 13 5.01 5.27 5.20 Nonbank (unrestricted issues Balances due from banks .... 13 1.71 1.71 1 .71 only), commercial bank. Reserves 13 7.43 7.47 7.51 and F. R. Bank 25 11.95 12 24 "12.23 Country banks: Commercial bank and F. R. Loans and investments, total. 13 36.81 36.83 36.73 Bank 25 10.59 10.83 "10.77 U Lo . a S n . s Govt. securities 1 1 3 3 2 1 1 1 . . 4 8 8 3 2 1 1 1 . . 8 4 9 4 2 1 1 1 . . 2 9 9 6 Cash inco F m . e R a . n B d a o n u k tgo: 25 7.02 7.27 7.22 Other securities 13 3.50 3.50 3.48 Cash income 26 '2.28 3.19 4.11 Demand deposits adjusted e. . 13 27.67 27.69 27.83 Cash outgo 26 r2.8O 3.47 4.22 Time deposits 13 14.88 14.76 14.74 Excess of cash income or outgo. . . 26 -.52 -.28 -.12 Balances due from banks.... 13 3.40 3.54 3.46 Reserves 13 5.75 5.77 5.78 MONEY RATES, ETC. Per cent per annum Treasury bills (new issues)... 29 1.120 1.144 1 .154 CONSUMER CREDIT* Corporate bonds: Aaa 29 2.84 2.84 2.79 Consumer credit, total 20 15.10 P15.34 p15.96 Baa 29 3.50 3 53 3.53 Single-payment loans 20 87 P2.S9 P2.90F. R. Bank discount rate 29 1.50 1.50 .50 Charge accounts 20 3.46 P3.56 P3.85 Commercial paper 29 1.56 1.56 1.56 Service credit 20 .96 P.97 P.97 Instalment credit, total 20. 21 7.82 PI .92 P8.23 Instalment loans 21 4.00 M.03 P4.10 In unit indicated Instalment sale credit, total 21 3.81 P3 .89 P4.13 Automobile 21 1.89 Pl.92 PI.96 Other 21 1.92 Pl.97 P2.17Stock prices (1935-39 =100), total... 34 128 120 119 Stock market credit (mill, dollars): Customers' debit balances 34 35 580 551 550 Money borrowed 3 5 252 244 257 Customers' free credit balances. . . 35 540 563 586 GOVERNMENT FINANCE Gross debt of the U. S. Government: To B ta o l nd (d s ir ( e m ct a r a k n e d ta g b u le a r i a s n su te e e s d ) ) 2 2 2 2 2 1 5 1 2 2 . . 5 1 1 7 2 1 5 1 2 2 . . 5 1 6 7 2 1 5 1 2 1 . . 8 6 5 0 BUSINESS CONDITIONS Notes, certificates, and bills 22 45.75 45.56 45.88 Savings bonds, savings notes. ... 22 59.38 59.50 59.62 Personal income (annual rates, bill, Special issues 22 31.22 31.40 31.71 dollars):e 3 Guaranteed, noninterest-bearing Total 46 218.5 219.9 ^220.8 debt, etc 22 3.99 3.94 4.04 Total salaries and wages 46 137.5 138.0 P137.3 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 46 '68.5 69.5 P7O.6 Commercial banks « 23 63.10 62.60 P62.60 All other 46 '12.5 12.4 P12.9 Fed. agencies and trust funds... 23 36.85 37.02 37.30 Labor force (mill, persons):e F. R. Banks 23 23.04 23.21 23.33 Total 47 63.2 63.1 62.8 Individuals« 23 67.40 67 40^67.50 Civilian 47 61.8 61.7 61.4 Corporations and associations *. . 23 20.70 21 20P21.3O Unemployment 47 1.6 1.8 1.9 Insurance companies e 23 21.90 21 .70 "21.50 Employment 47 60.1 59 9 59.4 Mutual savings banks e 23 11.60 11 50P11.50 Nonagricultural 47 51.5 51.9 52.1 State and local govts.e 23 7.80 7.90 P7.90Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons):e 3 By class of security: Total 48 45.7 45 4 P45.3 Bills—Total outstanding 24 12.61 12.42 12.22 Manufacturing and mining 48 17.5 17 3 P17.1 Commercial bank and F. R. Trade 48 9.8 9 8 P9.8 Bank 24 8.48 8.06 P8.28 Government 48 5.8 5 7 P5.8 F. R. Bank 24 5.10 5.49 Transportation and utilities 48 4.1 4.1 M.I Notes and Certificates—Total 5 18 Construction 48 2.1 2.1 P2.2 outstanding 24 33.14 33.66 Hours and earnings at factories: Commercial bank and F. R. 33.14 Weekly earnings (dollars) 49 54.54 54 47 P55.O1 Bank 24 18.70 P19.04 Hourly earnings (dollars) 49 1.365 1 371 Pl.378 F. R. Bank 24 7.02 18 53 6.8 Hours worked (per week) 49 39 9 39 7 P39.9 6 85J For footnotes see p. 188. 186 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 Chart 1948 book book page Oct. Dec.2 page Oct. Nov. Dec.2 MONTHLY FIGURES—Cont. In unit indicated In unit indicated MONTHLY FIGURES—Cont. BUSINESS CONDITIONS- Cont. BUSINESS CONDITIONS Cont. Industrial production:3 Total (1935-39=100) 195 195 Consumers' prices (1935-39=100): Groups (points in total index): All items 62 173.6 172.2 171.4 Durable manufactures '87.3 86 8 P86.7 Food 62 211.5 207.5 205.0 Nondurable manufactures 83.9 83.2 P81.1 Apparel 62 201.6 201.4 200.4 Minerals 24.0 24.4 P23 .7 Rent 62 118.7 118.8 119.5 Manufacturing production Miscellaneous 62 153.7 153.9 154.0 (1935-39=100), total 202 201 P198 Wholesale prices (1926=100): Durable 230 229 P229 Total 63 165.2 163.9 162.2 Nondurable 179 178 P173 Farm products 63 183.5 180.8 177.3 Selected durable manufactures Food 63 178.2 174.3 170.2 (1935-39=100): Other commodities 63 153.2 153.3 152.8 Nonferrous metals 191 175 P182 Textile products 64 146.9 146.1 145.3 Steel 252 -253 252 Hides and leather products 64 185.5 186.2 185.3 Cement 184 195 212 Chemicals and allied products... 64 134.8 133.7 130.5 Lumber 135 133 P131 Fuel and lighting materials 65 137.2 137.3 137.0 Transportation equipment r240 236 P240 Building materials 65 203.5 202.9 202.0 Machinery 277 277 P275 Metals and metal products 65 172 A 173.3 173.8 Selected nondurable manufactures Miscellaneous 64 119.0 119.2 118.5 (1935-39=100): Prices paid and received by farmers Apparel wool consumption '160 144 (1910-14 = 100): Cotton consumption 129 122 114 Paid 67 249 '248 248 Shoes 117 104 P99 Received 67 277 271 268 Paperbqard 193 195 167 Cash farm income (mill, dollars): Newsprint consumption 155 148 148 Total 68 3,714 3,314 P2.74O Manufactured food products.... 161 159 Pl.58 Livestock and products 68 1,572 1,579 P\,421 Fuel oil 199 200 P2O2 Crops 68 2,135 1,725 Pi,309 Gasoline 170 174 P181 Govt. payments 68 7 10 P10 Industrial chemicals 446 447 P449 Rayon 304 305 P308 INTERNATIONAL TRADE AND FINANCE Orders, sales, and inventories: Sales (bill, dollars): Exports and imports (mill, dollars): Manufacturing, total 18.8 18.0 18.3 Exports 74 Pl.020 Durable 7.8 7.5 7.7 Imports 74 P597 P55O Nondurable 11.0 10.5 10.6 Excess of exports or imports 74 P423 P269 Wholesale 8.4 8 2 8.2 Short-term foreign liabilities and assets Retail 11.5 11.0 reported by banks (bill, dollars): Inventories (bill, dollars): Total liabilities 75 P5.38 P5 .50 Manufacturing, total 54 30.8 31.2 31.7 Official 75 P2.38 P2.49 Durable, total 55 14.3 14.6 14.7 Invested in U. S. Treasury bills Goods in process 55 5.7 5.7 and certificates 75 P.50 P. 57 Purchased materials 55 4.7 4.8 Private 75 P3.00 P3.01 Finished goods 55 3.9 4.0 Total assets 75 PI. 08 Pi. 03 Nondurable, total 55 16.5 16.6 17.0 Foreign exchange rates: Goods in process 55 2 4 2.3 See p. 211 of this BULLETIN 76, 77 Purchased materials 55 8.0 8.0 Finished goods 55 6.1 6.3 Wholesale 54 8.4 8.5 8.3 Retail 54 15.3 15.7 13.9 1948 New orders (1939 = 100): Manufacturing, total 54 249 250 Durable 54 278 277 Nondurable 54 231 234 QUARTERLY FIGURES Construction contracts (3 mo. moving avg., mill, dollars) :3 Total 754 775 740 GOVERNMENT FINANCE In billions of dollars Residential 289 284 266 Other 465 491 474 Residential contracts (mill, dollars) 3 Budget receipts and expenditures of Total 275 283 321 U. S. Treasury: 4 Public 27 32 27 Expenditures, total 2 7 8.78 8.57 9.10 Private, total 248 251 294 National defense 27. 28 2.76 2.67 2.90 1- and 2-family dwellings 214 218 254 Veterans' Administration 28 1.66 1.78 1.65 Other 34 33 40 International aid 28 1.02 5 1.15 1.61 Value of construction activity (mill, Interest on debt 28 1.79 .97 1.45 dollars): All other 28 1.40 1.37 1.41 Total • 58 1 .707 1 ,552 1,391 Receipts: Nonresidential:« Net receipts 27 9.42 9.14 8.65 Public 48 371 308 Individual income taxes 28 4.77 3.74 3.08 Private 615 578 530 Corporate income, etc 28 2.57 2.71 2.72 Residential:e Miscellaneous internal revenue . . 28 2.03 2.09 2.24 Public 4 3 3 Allother6 28 1.21 .85 .74 Private 6r0 600 550 Tax refunds (deduct) 28 1.16 .25 .12 Freight carloadings:3 Total (1935-39=100) 140 137 137 Groups (points in total index): MONEY RATES Per cent per annum Miscellaneous 79 7 78.7 80.9 Coal 3\ 2 29.3 27.9 All other 29 5 29.3 Bank rates on customer loans: Department stores: Total, 19 cities 31 2.59 2.70 2.71 Indexes (1935-39 =100):» New York City 31 2.10 2.26 2.27 Sales 60 306 287 309 Other Northern and Eastern cities 31 2.71 2.76 2.82 Stocks 60 282 304 306 Southern and Western cities 31 3.03 3.13 3.09 296 stores: Sales (mill, dollars) 61 387 '411 594 Stocks (mill, dollars) 61 1,058 1,053 817 Outstanding orders (mill, dollars) 61 507 '379 292 Stocks-sales ratio (months' supply) 61 2.7 2 6 1.4 For footnotes see p. 188. FEBRUARY 1949 187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart 1948 Chart 1948 book book page Apr.- July- Oct.- page Apr.- July- Oct.- June Sept. Dec. June Sept. Dec. QUARTERLY FIGURES—Cont. In unit indicated QUARTERLY FIGURES—Cont. Annual rates, in billions of dollars BUSINESS FINANCE GROSS NATIONAL PRODUCT, ETC. Corporate security issues: ross national product3 42 ••251.9 '258.1 264.9 Total (bill, dollars) • 36 1.66 1.27 Govt. purchases of goods and serv- New money, total (bill, dollars)e.. . 36 1.35 1.05 ices 42 '33.9 '38.2 41.5 Type of security (bill, dollars): Personal consumption expenditures 42 '177.3 '180.1 181.0 Bonds 36 1.07 .91 1.57 Durable goods 44 '22.8 '23.7 22.9 Us P P C e r l o o e a m f n f e t m p r r a r o e o n n d c d e s s e t e t d o o q s c c u k k i ( p m m il e l, n d t: ollars): 3 3 6 6 . . 1 1 8 0 . . 0 0 6 8 . . 1 0 1 7 Pr N i S v e o a m r n v te e d i c n u d e t r o s a m bl e e s ti g c o o a d n s d foreign invest- 4 4 4 2 4 4 '• ' ' 1 4 5 0 0 0 3 .7 . . 8 7 '1 r r 5 3 0 2 9 4 A . . 9 3 1 5 4 0 2 3 5 . . 4 . 0 1 All issuers 37 1,079 765 1,437 Gross private domestic invest- Public utility 37 803 442 896 ment: Railroad 37 126 138 117 Producers' durable equipment. 43 '21.0 '21.9 22.7 Industrial 37 149 185 424 New construction 43 14.4 14.8 14.7 Working capital: Change in business inventories. 43 '2.6 '3.5 5.3 All issuers 37 274 280 316 Net foreign investment 43 '2.7 '-.3 A P R u a b il l r i o c a u d tility 3 3 7 7 2 6 60 4 Perso s n av al i ng in :3 come, consumption, and Industrial 37 "l95 204 233 Personal income 45 '210.8 '216.3 219.6 Bonds (bill, dollars): • Disposable income after taxes 45 '190.2 '196.2 199.4 Public 36 .88 .64 .86 Consumption expenditures 45 '177.3 '180.1 181.0 Private 36 .45 .47 .81 Net personal saving 45 '12.9 '16.1 18.4 Corporate assets and liabilities (bill, dollars):e Current assets, total 38 118.4 123.3 1947 1948 Cash 38 22.5 22.8 U. S. Goyt. securities 38 12.6 13.0 Cu R I r n r e v e c e n e n t i v t l o a i r a b i b l e e i s s l i ties, total 3 3 3 8 8 8 3 4 5 8 2 4 . . . 9 7 5 4 5 4 1 7 4 . . . 3 9 6 SEMIANNUAL FIGURES Ju 3 n 0 e D 3 e 1 c. June Notes and accounts payable 38 33.8 36.2 Federal income tax liabilities.... 38 10.2 10.6 Net working capital 38 63.9 65.4 INSURED COMMERCIAL BANKS In billions of dollars Plant and equipment expenditures (bill, dollars):• 7 Loans:8 All business 39 4.8 4.8 5.0 Commercial 11 14.77 18.01 17.83 Manufacturing and mining; rail- Agricultural 11 1.55 1.61 1.97 roads and utilities 39 3.3 3.3 3.5 Real estate 11 8.20 9.27 10.10 Manufacturing and mining 39 2.3 2.3 2.3 Consumer 11 4.89 5.65 6.41 Corporate profits, taxes, and dividends For purchasing securities: (annual rates, bill, dollars): • To brokers and dealers 11 1.52 .82 1.18 Profits before taxes 40 33.4 35.6 To others 11 1.29 1.19 1.08 Profits after taxes (dividends and State and local government securities 11 4.83 5.13 5.43 undistributed profits) 40 20.4 21.7 Other securities 11 3.47 3.62 3.50 Undistributed profits 40 13.1 14.0 Corporate profits after taxes (quarterly totals): All corporations (bill, dollars) e. . . . 41 5.1 5.4 Large corporations, total (bill, dollars) 41 1.4 1.5 Durable manufacturing (mill, dollars) . 41 546 611 Nondurable manufacturing (mill. dollars) 41 478 487 Electric power and telephone (mill, dollars) 41 204 187 Railroads (mill, dollars) 41 185 245 r Estimated. P Preliminary. ' Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 For charts on pp. 22, 29, and 34 figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 3 Adjusted for seasonal variation. 4 Charts on pp. 27 and 28 of the February issue of the Chart Book reflect the new Federal financial reporting basis, that is, refunds of taxes are shown as a deduction from receipts rather than as expenditures. 5 Beginning with July 1948 includes expenditures from Foreign Economic Cooperation Trust Fund. 6 Revised to exclude social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 7 Estimates for January-March 1949 quarter are (in billions of dollars): All business, 4.4; manufacturing and mining, railroads and utilities, 3.0; manufacturing and mining, 2.0. 8 Beginning June 30, 1948, individual loan items are reported gross, i. e., before deduction of valuation reserves; previously they were reported net of such reserves. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly issues at $1.00 each. 188 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 Chart book page1 Oct. NOV.P Dec.p Oct. NOV.P Dec.p In millions of dollars In millions of dollars Consumer credit outstanding, total2. . 3 15,101 15,339 15,957Consumer instalment sale credit out- Instalment credit, total 2 3,5 7,817 7,921 8,229 standing, cumulative totals:3—Cont. Instalment loans 2 5 4,004 4,032 4,101 Furniture and household appli- Instalment sale credit 5 3,813 3,889 4,128 ance stores 1,924 1,967 2,165 Charge accounts 3 3,457 3,557 3,854 Department stores and mail- Single-payment loans 3 2,868 2,893 2,902 order houses 1,260 1,298 1,450. Service credit 3 959 968 972 All other 463 486 575. Consumer credit outstanding, cumu- Consumer instalment sale credit lative totals:2 3 granted, cumulative totals:4 Instalment credit2 4 15,101 15,339 15,957Consumer instalment loan credit out- Charge accounts 4 7,284 7,418 7,728 standing, cumulative totals:2 3 Single-payment loans 4 3,827 3,861 3,874 Commercial and industrial banks. 4,004 4,032 4,101 Service credit 4 959 968 972 Small loan companies 2 2,100 2,127 2,188-. Consumer instalment sale credit out- Credit unions 1,328 1,347 1,371 standing, cumulative totals:3 Miscellaneous lenders 2 1,026 1,043 1,059- Automobile dealers 6 3,813 3,889 4,128 Insured repair and modernization loans 2 745 760 768 P Preliminary. * Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 Includes revisions shown on pp. 14-15 of the BULLETIN for January 1949. 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. FEBRUARY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES T b o r t a a n l c b h a e n s k a s n a d n d o ff t i h ce e s ir On par list Not on par list on which checks are (Nonmember) Federal Reserve drawn Total Member Nonmember district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31, 1945 14,002 3,947 11,869 3,616 6,877 2,909 4,992 707 2,133 331 Dec. 31, 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 . 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948? .. 14,072 4,333 12,063 4,015 6,912 3,197 5,151 818 2,009 318 By districts and by States Dec. 31, 1948? District Boston 495 302 495 302 336 222 159 80 New York 909 858 909 858 783 795 126 63 Philadelphia 841 140 841 140 645 103 196 37 Cleveland 1,134 274 1,134 274 704 236 430 38 Richmond 1,009 462 798 341 478 219 320 122 211 121 Atlanta 1,181 175 557 139 346 122 211 17 624 36 Chicago 2,488 579 2,434 555 1,003 230 1,431 325 54 24 St. Louis 1,469 133 1,126 73 495 40 631 33 343 60 Minneapolis 1,279 112 621 44 476 26 145 18 658 68 Kansas City... . . 1,749 9 1,740 9 760 6 980 3 9 Dallas 1,015 41 906 32 618 19 288 13 109 9 San Francisco 503 1 248 502 1,248 268 1,179 234 69 1 State Alabama 224 23 118 23 89 23 29 106 Arizona .. 10 44 10 44 5 33 5 11 230 19 106 5 67 39 4 124 14 California 193 917 193 917 114 873 79 44 Colorado 142 1 142 1 92 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 181 2 118 2 73 2 45 63 Georgia 392 31 100 27 65 26 35 i 292 4 Idaho 47 48 47 48 27 45 20 3 Illinois 882 3 880 3 504 3 376 2 Indiana.. 486 97 486 97 237 41 249 56 Iowa 666 162 666 162 165 501 162 Kansas 608 606 214 392 2 Kentucky 383 39 383 39 112 25 271 14 Louisiana 161 65 58 42 46 36 12 6 103 23 Maine 63 69 63 69 38 37 25 32 Maryland 163 109 163 109 77 73 86 36 Massachusetts 183 162 183 162 146 146 37 16 Michigan 442 216 442 216 229 166 213 50 M innesota 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 Montana 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 Jersey 334 141 334 141 286 126 48 15 New Mexico 49 11 49 11 34 2 15 9 New York 647 730 647 730 567 679 80 51 North Carolina 209 181 93 64 54 35 39 29 116 117 North Dakota 150 24 61 6 42 19 6 89 18 Ohio 666 204 666 204 425 177 241 27 Oklahoma 384 1 376 1 225 1 151 8 Oregon 70 88 70 88 33 82 37 6 Pennsylvania 979 166 979 166 749 140 230 26 Rhode Island 19 42 19 42 11 30 8 12 South Carolina 149 37 60 33 32 27 28 6 89 4 South Dakota . . 170 48 70 23 62 20 8 3 100 25 Tennessee.... 293 82 198 66 81 54 117 12 95 16 Texas 895 3 837 3 567 3 270 58 Utah . . 55 22 55 22 31 20 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 314 96 309 96 203 48 106 48 5 Washington 122 124 121 124 53 117 68 7 1 West Virginia 181 180 109 71 1 Wisconsin 551 150 444 101 164 21 280 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 3, on opposite page) Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings All banks banks Member banks Nonmember banks Total Na- State In- Non- In- Non- Total i tional member1 Total sured 2 insured 2 sured insured Banks (Head Offices) Dec. 31, 1933 15,029 14,450 6,011 5,154 857 8,439 8,.439 Dec. 31, 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec. 31, 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 Dec. 31, 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec. 31, 1947 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1948 14,703 14,171 6,918 4,991 1,927 7,256 6,498 758 193 339 Branches and Additional Offices 3 Dec. 31, 1933 2,911 2,786 2,081 ,121 960 705 705 125 Dec. 31, 1934 3,133 3,007 2,224 ,243 981 783 4 783 M26 Dec. 31, 1941 3,699 3,564 2,580 ,565 1,015 984 932 52 32 103 Dec. 31, 1945 4,090 3,947 2,909 ,811 1,098 1,038 981 57 101 42 Dec. 31, 1946 4,138 3,981 2,913 ,781 1,132 1,068 1,006 62 115 42 Dec. 31, 1947 4,332 4,161 3,051 ,870 1,181 110 1,043 67 124 47 Dec. 31, 1948 4,531 4,349 3,197 ,965 1,232 1,152 1,084 68 132 50 Bank Changes Jan. 1-Dec. 31, 1948 "New banks 5 +79 +79 +20 + 15 +5 +59 +41 + 18 (Consolidations and absorptions: Banks converted into branches -56 -56 -37 -21 -16 -19 -18 -1 Other -20 -19 -10 -9 -1 -9 -6 -3 "Voluntary liquidations 6... -13 -13 -1 -1 -12 Unclassified -1 -1 -1 — 1 Inter-class changes: Conversions— National into State -2 -2 +2 + 2 Fede S ra t l a t R e e i s n e t r o v e n a m ti e o m na b l ership:7 +2 +3 -2 -2 Admissions of State banks. ... +27 +27 -27 -26 -1 Withdrawals of State banks.. . -4 -4 +4 +4 Federal deposit insurance:8 Admissions of State banks. +33 -33 Withdrawals of State banks... Net increase or decrease... -11 -10 -5 -14 +9 -5 +20 -1 Number of banks, Dec. 31, 1948 14,703 14,171 6,918 4,991 1,927 7,256 6,498 193 Branch and Additional Office Changes Jan. 1-Dec. 31, 1948 De novo branches + 163 + 152 + 105 +69 +36 +47 +41 +6 + • Banks converted into branches +56 +56 +50 + 19 +6 +6 Branches and offices discontinued -20 -20 -14 +31 -6 -6 —6 Inter-class branch ehanges: State member to national +3 -3 Nonmember to State member +5 +5 c Noninsured to insured +5 Net increase or decrease. . . . + 199 + 188 + 146 +95 +51 +42 +41 + 1 +8 +3 Number on Dec. 31, 1948: Branches 4,461 4,279 3,132 1,913 1,219 1,147 1,079 68 132 50 Banking facilities at military reservations 70 70 65 52 13 5 5 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became -members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only conce.in "all reporting banks." * Federal deposit insurance did not become operative until Jan. 1, 1934. 3 Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices at military reservations *. (shown separately below) consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks * designated as depositaries and financial agents of the Government. Two of these banking facilities are in each case operated by two national "banks, each bank having separate teller windows; each of these facilities is counted as one banking office only. 4 Separate figures not available for branches of insured and noninsured banks. 5 Exclusive of new banks organized to succeed operating banks. 6 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 7 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; -they are included under "conversions." 8 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such * changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "inter-class bank , changes." Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. FEBRUARY 1949 191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1948 System Boston New York d P e h lp il h a i - a Cleveland Richmond Atlanta Current Earnings Discounts and advances $4,370,951 $253,546 $1,410,524 $299,520 $376,153 $259,604 $193,434 Industrial loans 42,099 33,538 2,351 6,209 Commitments to make industrial loans 14,385 424 5,559 1,120 754 U. S. Government securities 298,903,03420,050,265 71,691,490 21349,29528,654,25619,411,67814,986,852 All other 830,349 17,966 120,830 9,493 229,207 22,316 31,451 Total current earnings 304,160,818 20,322,201 73,222,844 21,691,846 29,265,175 19,697,069 15,218,700 Current Expenses Operating expenses: Salaries: Officers 3,448,209 212,909 686,148 172,488 289,630 233,321 247,141 Employees 49,162,858 3,125,008 12,098.548 2,970,649 4,206,414 3,129,523 2,242,702 Retirement System contributions 5,031,949 317,910 1,190,223 299,721 427,578 330,078 248,949* Legal fees 21,070 358 160 11,000 5,910 42 87 Directors' fees and expenses 271,772 19,431 17,549 17,339 19,201 17,921 36,068; Federal Advisory Council, fees and expenses 22,180 1,472 1,204 1,139 1,808 1,060 2,175. Traveling expenses (other than of directors and members of Federal Advisory Council) 731,236 39,658 98,636 30,620 59,903 63,745 43,591 Postage and expressage 8,297,751 813,633 1,336,664 543,774 718,930 717,236 608,869* Telephone and telegraph 508,509 23,598 94,567 30,297 46,643 28,312 42,942: Printing, stationery, and supplies 3,834,151 311,970 757,085 227,347 309,096 200,098 218,327" Insurance 635,463 45,752 140,589 28,867 52,138 37,789 29,058: Taxes on real estate 1,850,018 191,086 478,083 91,436 216,490 85,753 77,060* Depreciation (building) 1,359,172 70,733 240,861 129,213 258,389 87,896 55,699- Light, heat, power, and water 743,721 48,061 194,905 42,910 94,453 47,630 38,940* Repairs and alterations 611,042 31,734 68,037 28,012 112,385 22,340 49,336. Rent 343,986 6,556 7,339 1,210 7,113 33,793^ Furniture and equipment, including rental 3,030,583 144,031 492,839 232,465 300,054 249,395 212,686, All other 1,190,312 89,587 163,040 69,749 210,070 57,042 63,606, Inter-Bank expenses 29,479 -318,183 37,901 43,048 22,928 19,184. Total operating expenses 81,093,982 5,522,966 17,740,955 4,972,266 7,373,350 5,339.222 4,270,213-; Less reimbursement for certain fiscal agency and other expenses 16,813,711 972,072 3,310,522 841,450 1,313,498 1,000,480 980,763. Net operating expenses 64,280,271 4,550,894 14,430,433 4,130,816 6,059,852 4,338,742 3,289,450* Assessment for expenses of Board of Governors 3,243,670 204,420 1,035,555 261,768 299,362 158,694 132,681 Federal Reserve currency: Original cost 4,425,883 286,573 869,225 337,464 339,459 367,505 414,766, Cost of redemption 760,364 44,749 131,808 47,775 58,863 62,724 73,096. Total current expenses. 72,710,188 5,086,636 16,467,021 4,777,823 6,757,536 4,927,665 3,909,993; Profit and Loss Current net earnings 231,450,630 15,235,565 56,755,823 16,914,02322,507,639 14,769,404 11,308,707- Additions to current net earnings: Profits on sales of U. S. Government securities (net). 6,214,838 424,725 1,502,316 456,165 596,016 396,690 327,611' All other 301,849 704 3,788 3,567 69 358 1,657- Total additions. 6,516,687 425,429 1,506,104 459,732 596,085 397,048 329,268:; Deductions from current net earnings: Special depreciation on bank buildings.... 282 All other 131 4,511 3,757 1,247 109,899 4,587 1,145; Total deductions. . . 414,181 4,511 3,757 1,247 4,587 1,143. Net additions 6,102,506 420,918 1,502,347 458,485 486,186 392,461 328,125; Transferred to reserves for contingencies 40,420,453 2,675,977 884,088 2,960,087 3,906,750 2,592,033 ,992,637 Paid U. S. Treasury (interest on outstanding F. R. notes). 166,690,356 11,071,200 809,04112,184,07716,153,37010,855,278 ,260,729. Net earnings after reserves and payments to U. S. Treasury 30,442 ,909,306 ,565,041 2,228,344 ,933,705 1,714,554 ,383,466, Dividends paid 11,919 809 679,032 ,141,797 874,343 ,138,865 508,237 465,488. Transferred to surplus (Sec. 7) 18,522 518 230,274 4,423,244 1,354,001 1,794,840 1,206,317 917,978, Surplus (Sec. 7), January 1 448,188 608 28,116,876138,595,953 35,350,216 42,172,710 21,210,35019,109,885, Surplus (Sec. 7), December 31 466,711,126 29,347,150 143,019,197 36,704,21743,967,550 22,416,667 20,027,863; Surplus (Sec. 13b), January 1 and December 31. . 27,542,654 3,010,527 7,318,631 4,489,062 1,005,665 3,349,145 762,426, 192 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1948 Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Current Earnings $705,193 $190,412 $88,859 $202,049 $116,230 $275,428 Discounts and advances Industrial loans 2,499 1,249 1,418 1,363 Commitments to make industrial loans 42,591,873 16,325,579 9,148,680 13,932,513 13,522,038 27,238,514 U. S. Government securities 108,162 27,476 8,889 182,152 12,987 59,420 All other 43,407,727 16,544,716 9,246,428 14,318,132 13,651,255 27,574,725 Total current earnings Current Expenses Operating expenses: Salaries: 414,683 220,969 181,571 242,869 218,779 327,701 Officers 7,731,717 2,836,921 1,451,069 2,613,646 2,158,103 4,598,558 Employees 758,330 295,292 146,703 289,727 231,228 496,210 Retirement System contributions 100 3,333 80 Legal fees 17,125 22,645 19,350 30,055 23,372 31,716 Directors' fees and expenses 1,757 1,832 1,888 2,089 2,841 2,915 Federal Advisory Council, fees and expenses Traveling expenses (other than of directors and mem- 96,714 60,134 46,544 58,028 52,921 80,742 bers of Federal Advisory Council) ,108,785 445,449 277,686 465,363 410,651 850,711 Postage and expressage 38,034 44,403 23,315 40,602 33,362 62,434 Telephone and telegraph 765,227 224,470 101,826 216,689 159,931 342,085 Printing, stationery, and supplies 88,907 48,368 28,657 41,128 30,273 63,937 Insurance 251,441 79,887 90,825 102,677 46,449 138,831 Taxes on real estate 186,451 92,672 31,406 84,765 46,233 74,854 Depreciation (building) 91,044 50,974 26,270 29,512 38,443 40,579 Light, heat, power, and water 109,024 51,540 45,658 41,473 22,428 29,075 Repairs and alterations 120,170 10,541 1,356 18,425 11,196 126,287 Rent 494,031 211,579 90,283 145,104 189,401 268,715 Furniture and equipment, including rental 167,344 85,768 70,158 61,187 52,966 99,795 All other 63,637 16,845 11,698 16,377 15,909 41,177 Inter-Bank expenses 12,504,421 4,800,289 2,646,263 4,499,816 3,747,819 7,676,402 Total operating expenses Less reimbursement for certain fiscal agency and 3,097,002 939,095 527,260 1,045,364 837,923 1,948,282 other expenses 9,407,419 3,861,194 2,119,003 3,454,452 2,909,896 5,728,120 Net operating expenses 442,737 115,549 80,229 115,543 110,478 286,654 Assessment for expenses of Board of Governors Federal Reserve currency: 877,611 307,469 88,202 156,629 163,675 217,305 Original cost 115,746 44,232 18,666 34,500 32,077 96,128 Cost of redemption 10,843,513 4,328,444 2,306,100 3,761,124 3,216,126 6,328,207 Total current expenses Profit and Loss 32,564,214 12,216,272 6,940,328 10,557,008 10,435,129 21,246,518 Current net earnings Additions to current net earnings: 826,315 322,194 179,381 299,614 279,104 604,707 Profits on sales of U. S. Government securities (net) 289,304 137 828 1,032 405 All other 1,115,619 322,331 180,209 300,646 279,509 604,707 Total additions Deductions from current net earnings: 282,238 Special depreciation on bank buildings 2,582 185 344 479 1,440 1,769 All other 284,820 185 344 479 1,440 1,769 Total deductions 830,799 322,146 179,865 300,167 278,069 602,938 Net additions 5,676,601 2,129,843 1,210,753 1,845,874 1,820,182 3,725,628 Transferred to reserves for contingencies 23,621,237 9,014,434 5,081,916 7,743,024 7,589,538 15,306,512 Paid U. S. Treasury (interest on outstanding F. R. notes) 4,097,175 1,394,141 827,524 1,268 ,'277 1,303,478 2,817,316 Net earnings after reserves and payments to U. S. Treasury 1,472,491 392,300 262,776 407,803 460,093 1,116,584 Dividends paid 2,624,684 1,001,841 564,748 860,474 843,385 1,700,732 Transferred to surplus (Sec. 7) 66,217,133 16,971,986 11,232,568 16,147,926 14,110,815 38,952,190 Surplus (Sec. 7), January 1 68,841,817 17,973,827 11,797,316 17,008,400 14,954,200 40,652,922 Surplus (Sec. 7), December 31 1,429,384 521,318 1,072,621 1,137,044 1,307,125 2,139,706 Surplus (Sec. 13b), January 1 and December 31 193 FEBRUARY 1949 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... 196 Gold production 197 Gold movements . 197 International capital transactions of the United States. . 198-203 International Monetary Fund and Bank. 204 Central banks . 204-208 Money rates in foreign countries. .. 209 Commercial banks 210 Foreign exchange rates. 211 Price movements: Wholesale prices . 212 Retail food prices and cost of living. . 213 Security prices . 213 Tables on the following pages include |he 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. FEBRUARY 1949 195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g i A n e r n a - - ^ g B iu el m - Brazil anada2 Chile lo C m o b - ia Cuba m D a en rk - Egypt France m G a e n r- y Greece H ga u r n y - 1940—Dec... 21,995 416 734 51 144 30 17 1 58 52 52 000 29 28 24 1941—Dec... 22,737 497 734 70 141 31 16 1 61 44 52 000 29 28 24 1942—Dec... 22,726 614 735 115 161 36 25 16 61 44 52 000 29 28 24 1943—Dec... 21,938 838 734 254 230 54 59 46 61 44 52 000 29 28 24 1944—Dec... 20,619 992 329 300 79 92 111 61 44 52 777 29 28 24 1945—Dec... 20,065 1,197 "716* 354 361 82 127 191 61 38 52 090 1946—Dec... 20,529 1,072 735 354 543 65 145 226 61 38 53 796 24 1947—Dec... 22,754 322 597 354 294 45 83 279 32 53 548 34 1948—Jan.. . 22,935 313 593 354 303 45 84 279 32 53 548 34 Feb... 23,036 296 578 354 313 45 85 279 32 53 34 Mar.. 23,137 266 591 354 320 45 86 279 32 53 548 34 Apr... 23,169 229 606 354 330 45 81 279 32 53 548 34 May.. 23,304 214 615 354 340 46 32 53 548 34 June.. 23,532 202 622 354 46 289 32 53 548 34 July. . 23,679 201 637 354 44 P63 32 53 548 34 Aug.., 23,725 196 643 354 44 32 53 548 34 Sept.. 23,872 166 643 317 44 289 32 53 548 34 Oct.. . 24,004 141 644 317 44 32 53 548 34 Nov.. 24,166 140 634 317 32 548 34 Dec... 24,244 624 32 548 End of month India (P I e r r a s n ia) Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd Nor- Peru P g o a r l t u 3 - Ru n m ia a- A So fr u ic th a Spain 1940—Dec 26 164 140 47 617 23 75 20 158 367 1941—Dec 26 124 4 164 235 47 575 23 58 21 182 366 42 1942—Dec 34 141 5 216 39 506 23 25 203 634 42 1943—Dec 92 118 203 500 23 31 260 706 91 1944—Dec 128 24 222 500 23 32 267 814 105 1945—Dec 131 24 294 270 23 80 28 269 914 1946—Dec 127 28 181 265 23 91 24 245 939 111 1947—Dec 127 28 100 231 23 72 20 193 *>215 762 111 1948—Jan 127 28 96 220 23 70 20 189 P215 764 111 Feb 127 28 86 209 23 69 20 189 P215 448 111 Mar 127 28 87 193 23 66 20 184 215 438 111 Apr 127 28 86 182 23 66 20 181 216 446 111 May 127 28 78 183 23 66 20 179 216 388 111 June 127 28 71 183 23 66 20 176 217 373 111 July 127 28 43 183 23 66 174 338 111 Aug 127 28 44 172 23 65 *>20 172 307 111 Sept 124 28 172 23 65 P20 169 269 111 Oct 30 171 23 58 167 234 111 Nov 40 170 23 52 163 194 111 Dec 166 End of month S d w e e n - S la w e n r i - d tz 6 - T k u ey r- U K d n o i m i n t g e 7 - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O t c r t o i u h e n e s - r 8 Government g p o r ld e vi r o e u se s r f v i e g s u 1 r e n s ot included in 1 1 9 9 4 4 0 1 — — D D e e c c . . . . 2 1 2 6 3 0 5 66 0 5 2 8 9 8 2 1 9 0 0 0 2 4 9 1 s 8 8 2 3 1 1 2 2 1 16 7 6 0 End of month U S n ta i t t e e s d U K d n i o i n m t g ed - France g B iu el m - 1942—Dec.. 335 824 114 89 68 21 185 1943—Dec.. 387 » 965 161 121 89 45 229 1944—Dec.. 463 1,158 221 157 130 37 245 1940—Aug 2 293 1945—Dec.. 482 1,342 241 195 202 39 247 Dec 48 292 17 1946—Dec.. 381 1,430 237 200 215 32 240 1941—Sept.. . . 24 2 151 1947—Dec.. 105 1,356 170 175 215 30 240 Dec 25 17 1948—J J A O S N A D F J M M a c e u p u e o u a e n a p t l r b g v n r c . y t . y . . . . e . . . . . . . . . . . . . . . . . 1 1 9 8 8 8 8 9 9 8 8 8 0 0 7 1 1 0 1 6 3 5 1 1 1 4 1 1 1 1 1 1 1 1 1 1 1 , , , , . , , , , , , 3 3 3 3 3 3 3 3 3 3 3 5 2 7 5 3 4 5 5 8 5 7 2 2 2 2 2 5 3 3 3 1 1 1 1 1 1 1 1 1 1 1 1 1 7 7 7 6 6 6 6 6 6 6 6 1 1 1 8 1 8 0 0 0 4 4 2 2 2 2 2 1 1 1 1 1 0 0 0 0 0 8 8 9 8 7 3 3 3 0 0 9 1 8 7 2 3 2 2 2 3 3 2 2 2 3 3 3 1 4 0 6 4 6 0 0 2 3 0 2 5 3 4 3 0 3 4 4 3 0 4 4 3 3 4 3 3 3 3 3 3 3 4 3 3 5 0 9 2 1 0 8 7 1 4 6 P P P 2 2 2 2 2 2 2 2 2 2 2 2 4 4 4 4 4 4 4 4 4 4 4 4 2 1 3 2 4 5 4 4 5 5 5 5 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 4 4 4 4 3 2 4 5 6 8 7 — — — — — — — J S D J D S D D D D J M M u u u e e e e e e e e n n a n p p c c c c c c a r e e t t e r . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 1 1 0 4 7 1 7 6 2 5 8 7 1 1 1 8 3 7 4 9 3 9 1 8 1 2 2 8 3 3 3 3 2 3 3 3 3 3 2 2 2 2 2 2 2 2 1 1 , , i , , , 3 2 , , 5 3 , , 3 3 1 0 8 7 8 0 8 4 4 4 8 9 3 3 2 0 7 5 1 1 6 6 5 3 4 2 5 1 7 4 1 1 1 1 7 7 7 7 P Preliminary. 1 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 1 Reported at infrequent intervals or on demillion pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447 layed basis: U. S.—Exchange Stabilization Fund pesos per U. S. dollar. _ _ _ _ (Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization L repre- Fund and Rentes Fund; Belgium—Treasury. 2 Figure for first of month. . . . . .. . . _ _ . _ „ eported sepa- 3 Gross official holdings of gold and U. S. rately. dollars as reported by British Government; total 5 Figures relate to last official report dates for the respective countries, as follows: Java— British holdings (official and private) of U. S. Jan. 31, 1942; Yugoslavia—Feb. 28, 1941. dollars, as reported by banks in the United 6 Beginning December 1943, includes gold holdings of Swiss Government. States, are shown in table on p. 201. 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British NOTE.—For details regarding special internal Ex 8 c F ha o n r g l e is t E o q f u a c l o iz u a n t t i r o i n es A in c c c l o u u d n e t d , d u se ri e n g B U 1 L 9 L 3 E 9 T . IN for June 1947, p. 755 footnote 7. g in o s ld ti tu tr t a io n n sf s e , rs s ee a f p fe . c 2 ti 0 n 4 g , f t o h o e tn B o r t i e t is 4 h , a a n n d d p F . r e 2 n 0 c 5 h , footnote 6. For available back figures, see Banking and Monetary Statistics, p. 526, and BULLETIN for January 1949, p. 86; November 1947, p. 1433; June 1947, p. 755; February 1945, p. 190. 196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Production reported monthly Estimated Y m e o a n r th or p U r o o . w u S d t o . u s S r i c l . d d t R e io . n m re T o p o n o t t r a h te l ly d A So fr u ic th a d R e h s o i A a - fric A a W fri e c s a t * C B o el n g g i o an 3 U St n a i t t e e s d 4 C ad a N n a - orth M a i n c e d o x - Sou C th o b l i o a A m m - eri C ca hile r N ag ic u a a - 6 Au l s ia tr 8 a O - the I r ndia7 $1 =15i/n grains of gold 9/io fine; i. e., an ounce of fine gold =$35. 1938. ,142,400 968,320425,649 28,532 24,670 16,564178,143 165,379 32,306 18,225 10,290 1,557 55,721 11,284 1939. ,219,400 ,031,214448,753 28,009 28,564 18,258196,391 178,303 29,426 19,951 11,376 3,506 57,599 11,078 1940. ,311,450 ,106,447491,628 29,155 32,163 19,413210,109 185,890 30,878 22,117 11,999 5,429 57,540 10,126 1941. ,265,600 ,110,379504,268 27,765 32,414 19,571209,175 187,081 27,969 22,961 9,259 7,525 52,384 10,008 1942. ,130,115 982,130494,439 26,641 29,225 17,992130,963 169,446 28,018 20,882 6,409 8,623 40,383 9,111 1943. 880,495 774,086448,153 23,009 19,740 15,791 5,808127,796 22,081 19,789 6,081 7,715 26,295 8,828 1944. 794,080 702,534429,787 20,746 18,445 12,747 5,778102,302 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 5,511 94,385 17,458 17,734 6,282| 6,985 23,002 5,893 1946. 762,195 696,998417,647 19,061 20,475 11,596 1,182 99,139 14,703 15,301 8,068 6,357 28,857 4,612 1947. »705,458392,004 18,296 19.320 10,780 5,786107.432 16.250 13,406 5,908 7,403 '32,818 6,055 1947—Nov.. f-59,739 33,888 1,513 1,225 770 5,791 8,826 2,491 945 383 742 2,639 525 Dec. r60,434 34,025 1,489 1,750 770 6,828 9,614 778 680 529 672 '2,809 490 1948—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 1,945 420 Mar.. 60,861 34,384 1,431 1,820 910 6,372 10,070 1,166 809 474 634 525 Apr.. '•59,564 34,175 1,477 1,855 945 5,650 10,013 879 713 494 652 525 May. ••61,213 34,368 1,539 1,855 910 6,078 10,047 1,324 916 602 611 525 June. '60,173 33,941 1,462 1,925 980 5,719 10,152 915 701 455 592 490 July. 64,479 34,544 1,564 1,995 910 6,180 10,367 2,342 1,190 407 647 560 Aug.. 33,720 1,443 2,030 980 7,661 10,689 966 687 2,557 595 Sept.. 33,345 1,462 2,065 945 7.388 10,320 999 666 560 Oct.. 33,384 1,470 2,030 875 6,540 10,740 1,009 736 560 Nov.. 33,244 910 5,306 625 560 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. 1 Estimates of United States Bureau of Mines. r Revised. * Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. * 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 BO that aggregate for the year is equal to the annual estimate compiled by the United States Mint. * Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. * Beginning 1948, subject to revision. 7 Monthly figures reported by the American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: or Y m e o ar nth im T n p o e o t t a r l ts 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 p A a O L u n m a t b h t R e l i i e r n c e r i s - - p P p u R i h i p b n e i - l - l e i - c t A ra u l s i - a A So fr u ic th a India c o t A o t r h i u l e e l n s r - 1942 315,678 1,955 208,917 99 40,016 39,581 321 528 4,119 129 20,013 1943 68,938 88 66,920 -10,817 -3,287 24,306 152 307 -8,731 1944 -845,392 -695,483 46,210 -50,268 -109,695 -58,292 199 3,572 18,365 1945 -106,250 160 53,148 -5 15,094-41,743 103 106 357 1-133,471 1946 311,494 458 -14 -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 8-337 1947 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 '6ii32 -10,693 "29i998 242 4,871 -208 22,756 * -6,871 May 151,326 157,131 5,523 -29,635 4,145 1615-24,092 -228 97 39,331 -1,106 June 177,741 177,829 26 -12,031 1985-27,736 -144 40,764 -1,167 July 266,691 178,038 1,437 30,512 "6,94:2 3,904 6,523 -53 4 40,463 -1,078 Aug 39,078 4,400 698 5,937 9,7065-35,822 -56 60,625 -6,412 Sept 53,290 1,184 -22 5,159 11,212 676 23,730 57 3,068 -272 33,489 6-24,991 Oct 121,571 40,678 -21 5,695 5,746 331 20,519 255 2,905 -119 127 52,036 6 -6,581 Nov 54,224 27 5,769 8,848 2605-13,895 73 7 57,307 6 -4,171 Bec.p 108,297 '* 81 ] 155 485 2915-17,795 -23 89 47,138 -3,042 p Preliminary. * Includes $133,980,000 to China and $509,000 from other countries. 2 Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries. 8 Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries. 4 Includes $4,491,000 to U.S.S.R. and $2,380,000 to other countries. 5 Includes exports to Venezuela as follows: May, $30,052,000; June, $29,998,000; August, $40,000,000; November, $15,999,000; December, $20,003,000. 6 Includes exports to Switzerland as follows: September, $23,747,000; October, $6,360,000; November, $3,488,000. 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. 197 FEBRUARY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Increase in Decrease Foreign Domestic From Jan. 2, 1935, Total funds in U. S. f t u e n rn d a s t i o o f n i a n l - i b n a n U k . i ng S. se R cu et r u it r i n es: s I e n c f u lo r w iti o es f : b In ro fl k o e w ra g in e through— institutions funds of U. S. foreign balances Total Official i Other in U. S. abroad funds funds 1935—Dec (Jan 1, 1936) 1,440.7 631.5 38 0 593 5 361 4 125 2 316 7 6 0 1936—Dec. 30 2,667.4 989.5 140 1 849.4 431.5 316.2 917.4 12 9 1937—Dec. 29 3,501.1 1,259 3 334 7 924.6 449.1 583.2 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 L.219.7 47 6 1939—Mar. 29 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 5,118.2 2,562.4 635.0 1,927.3 618 4 676 9 1,177 3 83 1 Dec. (Jan. 3, 1940) . 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 1,095.0 88.7 Tune (July 3) 5,531.3 2,920.7 1,012.9 1,907.8 684 1 785 6 .042 1 98 9 Sept. (Oct. 2) 5,831.2 3,175,9 1,195.4 1,980.5 773.6 793.1 987.0 101 6 Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 1,841.0 767.4 812.7 701.8 95.9 June duly 2) 5,660.1 3,278.0 1,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 1,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec 31 5,354.1 2,979.6 1,177.1 1,802.6 791 3 855.5 626.7 100 9 1942—Mar. (Apr 1) 5,219.3 2,820.9 1,068 9 1,752.0 819 7 849 6 624 9 104.3 June 30 2 5,636.4 3,217.0 1,352.8 1,864.2 842.3 838.8 632.0 106.2 Sept 30 5,798.0 3,355.7 1,482.2 1,873.5 858 2 830 5 646 1 107 5 Dec 31 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Mar. 31 6,292.6 3,788.9 1,868.6 1,920.3 898.7 810.5 685.9 108 6 June 30 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,918.7 4,278.0 2,338.3 1,939.7 888 6 929 3 708.1 114.8 Dec 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar 31 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30 7,610.4 5,002 5 2,812.2 2,190.3 856 6 929 8 702.4 119 1 Sept 30 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 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—Mar. 31 9,735.7 4,841.3 1,725.4 3,115.9 2,707.0 337.1 1,282.6 414.3 154.5 June 30 9,440 8 4,591 9 1,447.2 3,144.7 2,694 3 202 5 1,398 0 393 4 160.8 Sept. 30 9,018.6 4,456.0 1,298.5 3,157.5 2,655.4 178.3 s1,230.3 338.8 159.9 Dec 31 8,323.2 4,120.3 1,121.8 2,998.5 2,242.0 174.6 s1,276.9 «367.0 142 4 1948—Jan. 31 8,174 2 4,094.8 L,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 L.270.7 2,964.3 2124 6 88.7 1,292.4 4 340 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 <312.3 143.3 Apr. 30 7,950.1 4,250.1 1,281.8 2,968.3 1,955.2 22.0 1,304.3 *272.4 146.1 May 31 7,858 0 4,285 9 1,299.0 2,986.9 1,935 1 —27 3 1,304.0 «213 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 «203.9 142.2 July 31 . 8,031.6 4,432.9 ,389.3 3,043.6 1,909.1 56.6 1,309.8 M89.7 133.5 Aug. 31 7,917.8 4,522.1 1,513.9 3,008.2 1,898.9 42.0 1,159.1 * 166.2 129.6 Sept, 30 7,971 7 4,570.4 1,548.2 3,022.2 1,895.7 57.9 1,165.4 * 157.9 124.5 Oct. 31 P 8,063.3 4,647.9 1,670.6 2.977.3 1,896.6 60.3 1,168.5 * 168.5 121.5 Nov. 30P 8,237.5 4,769.1 L.783.3 2,985.8 1,880.6 102.4 1,175.8 M83.7 125.9 P Preliminary. 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. 8 Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) < Includes inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, and 81.6 million from Oct. 31 through Nov. 30, 1948, resulting from net purchases 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. -^74-637, in the same publication, and for those subsequent to 1941 see BULLETIN for December 1945, pp. 960-974. 198 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 i U K d n o in 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 i i n ca Asia o A th l e l r 1Q39—Dec. (Tan. 3, 1940) 5,112.8 1,101.3 468.7 470.3 773.0 58.0 918.9 3,790.1 229.4 483.4 522.6 87.4 1940—Dec. (Tan. 1, 1941) 5,807.9 865.2 670.3 455.6 911.5 55.4 1,098.6 4,056.6 411.7 606.8 642.6 90.2 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1.161.6 201.4 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 ,193.7 1,273.6 203.0 1945—Dec. 31 8,802 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 ,338.4 1,784.1 247.5 1946—Dec. 31 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 ,474.0 1,258.3 269.6 1947—Dec. 31 .. 6,081.1 437.0 234.3 213.8 839.3 150.1 1,088.6 2,963.1 688.6 ,383.4 975.8 270.2 1948—Jan. 31 5,989.2 451.4 153.1 189.2 836.2 160.1 1,101.2 2,891.1 727.8 ,338.2 946.3 285.9 Feb. 29 6,091.5 523.9 161.8 188.7 840.0 180.7 1,088.8 2,983.9 721.5 ,364.9 931.9 289.3 Mar. 31 : 6,174.3 562.8 127.8 186.2 841.2 187.0 1,079.1 2,984.1 798.0 ,368.0 938.9 285.3 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 2 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 2 49.0 June 30 6,026.2 558.0 59.5 120.1 858.3 210.2 991.4 2,797.4 911.2 ,384.0 897.5 236.1 July 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 2 55.7 Aug. 31 6,018.9 486.8 56.6 92.8 853.1 270.0 963.2 2,722.6 816.3 ,420.5 997.9 261.5 Sept. 30 6,076.0 462.5 47.1 86.6 829.9 307.1 993.1 2,726.2 849.3 ,441.0 999.0 260.4 Oct. 31 P 6,166.7 474.4 56.0 76.0 824.3 316.4 1,007.7 2,754.7 868.7 ,466.1 1,001.8 2 75.4 Nov. 30P 6,356.9 501 .4 64.7 89.8 814.7 335.3 1.061.2 2,867.0 933.6 ,447.7 1,044.8 2 63.8 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through— Total U K n d i i o n t m g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O 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 ica Asia o A th l e l r 1939—Dec. (Tan. 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. (Tan. 1, 1941). 3,239.3 293.3 458.0 160.3 494.7 -.9 580.8 1,986.3 334.1 326.4 531.2 61.3 1941—Dec. 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745 8 2,223.4 ,414.2 924.9 ,369.1 212.9 1946—Dec. 31 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 ,135.7 263.9 1947—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—Tan. 31 4,094.8 274.9 88.6 107.5 435.7 143.1 586.0 1,635.8 327.0 ,047.8 846.3 238.0 Feb. 29 4,235.0 343.6 124.3 112.3 446.7 163.4 579.5 1,769.9 322.7 ,067.5 840.3 234.5 Mar. 31 4,370.6 383.9 107.0 114.5 454.2 167.0 587.3 1,813.8 400.0 ,087.0 842.4 227.5 Apr. 30 4,250.1 314.9 94.9 108.2 471.1 184.1 576.1 1,749.4 429.0 ,097.3 783.7 190.7 May 31 4,285.9 279.4 82.6 93.6 515.8 195.5 568.0 1,734.9 462.6 ,085.5 809.6 193.3 June 30 4,351.9 384.4 87.0 96.3 527.1 192.4 498.4 1,785.7 483.6 ,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 ,081.2 914.5 192.3 Aug. 31 4,522.1 310.6 87.9 106.1 535.9 251.0 483.9 1,775.3 548.4 ,104.7 894.2 199.5 Sept. 30 4,570.4 284.6 80.5 98.4 515.1 285.2 505.2 1,769.0 578.0 ,102.7 924.4 196.3 Oct. 31 P 4,647.9 298.7 86.4 91.2 512.3 295.1 520.2 1,803.8 593.3 ,136.9 904.6 209.3 Nov. 30P 4,769.1 319.2 94.0 95.2 495.0 313.5 552.4 1,869.3 658.1 ,101.2 941 .6 198.9 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o n i m t g 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. (Tan. 3, 1940) 650.4 252.2 73.8 12.9 2.9 15.5 206.2 563.5 56.5 52.6 -21.5 1940—Dec. (Jan. 1, 1941) 775.1 269.2 74.6 17.7 6.5 25.3 241.4 634.7 60.3 43.2 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 •? 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 l!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—Dec. 31. 174.6 262.8 55.7 -30.5 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 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 -15.9 -10.9 Tune 30 23.7 270.4 -47.9 -40.7 1.7 6.0 158.4 347.8 66.9 376.2 -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 42.0 268.4 -44.1 -56.6 .6 7.4 143.0 318.8 68.2 343.9 10.0 -11.1 Sept. 30 57.9 271.1 -44.1 -50.9 .5 10.3 150.4 337.4 67.3 325.4 -12.0 -9.4 Oct. 31 P 60.3 268.6 -39.2 -51 .2 1.0 9.6 149.7 338.5 63.6 343.5 11.7 -10.1 Nov. 30P 102.4 273.8 -38.0 -38.6 3.9 10.1 170.5 381.7 54.1 343.9 21.9 -11.4 P Preliminary. 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, footnotes 3 and 4. FEBRUARY 1949 199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1939—Dec (Jan 3 1940) 725 7 125 5 42 1 29 4 45 0 27 6 225.6 495.2 -7.6 184.0 42.8 11.3 1940—Dec. (Jan. 1, 1941) 803 8 128.6 43.4 31.0 46.0 28.1 232.9 510.0 25.0 202.3 53.0 13.5 1941—Dec 3i 855 5 127 6 51 6 31 5 44 3 28 1 238 4 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125.4 52.4 31.6 44.9 28.0 244.1 526.3 -3.0 245.4 61.5 18.0 1943—Dec 31 925 9 127 6 50 6 33 0 44 7 27.9 246 6 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31 1,019 4 126 5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec 3i 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—Dec. 31 M.276.9 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 1-220.9 1948—Jan. 3i 11,287 7 93 2 46.8 -4.4 13.7 26.4 276.7 452.5 451.3 542.1 61.7 1-219.8 Feb 29 11 292 4 93 3 46 6 —4 9 10 7 26 4 277 1 449.3 454.6 546.2 61 7 1—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 1-217.5 Apr 30 il,304.3 90.7 45.2 -6.2 3.7 26.5 278.4 438.2 467.0 552.9 62.1 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 1-214.6 June 30 11,304.5 87.7 43.5 -6.7 -8.6 26.5 279.3 421.6 472.7 561 9 62.3 1-214.1 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 1-213 8 Aug. 31 11,159.1 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 !—213 1 Oct 31 P 1 168 5 86 0 43.0 —8 6 — 16.3 26.5 281.7 412.3 334.6 571.8 62.6 1—212.8 Nov. 30P il,175.8 85.6 43.1 -8.7 -17.4 26.5 282.3 411.4 338.8 575.4 63.0 1-212.7 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1939—Dec. (Jan. 3, 1940) 1,133 7 328 1 76 6 227 7 344.7 -4 9 32 2 1,004.4 -2.6 30.1 87.6 14.3 1940—Dec. (Jan. 1, 1941) 888.7 157.1 74.4 233.2 348.1 2.7 35.8 851.3 -18.4 25.6 17.6 12.6 1941—Dec. 31 626 7 — 70 1 74 9 236 7 336 4 — .1 37.1 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 — .1 44.4 644.7 -45.1 35.2 27.7 10.9 1943—Dec 31 701 1 — 100 3 82 7 239 9 367 3 6 55 4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 — 125 4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec 31 798 7 — 157 9 81 7 233 5 355 4 2 2 68 0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 31 464 5 — 194 9 74.9 207.0 337.9 2.1 57.3 484.3 — 143.0 87.6 26.8 8 8 1947—Dec 31 .. 2367.0 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 2 85.6 194g— F j e an b . 3 29 i, . 2 23 3 4 5 0 9 .6 3 - — 2 2 0 0 3 3 . 7 6 1 6 7 . . 6 3 1 1 0 06 2 . . 2 9 3 3 4 4 3 7 . . 2 2 - - 1 1 5 5 . . 2 3 4 4 3 4. . 1 8 2 2 9 7 5 7 . . 7 6 - - 1 1 3 4 7 2 . . 8 3 9 8 1 7 . . 0 8 2 2 8 8 . . 6 5 2 2 8 8 5 5 . . 4 3 Mar 31 2312 3 —204 4 —4 7 96 7 336 7 — 16 2 44 0 252.1 -144.3 90.3 28.9 2 85.4 Apr. 30 2272.4 —203 6 -24.5 78.0 330.4 -16.2 43.5 207.7 -142.0 90.6 31.0 2 85.1 May 31 2213.6 -202.9 -37.0 66.5 304.2 -15.2 45.4 161.0 -142.1 83.9 30.1 280.6 J Ju u l n y e 3 3 0 1 2 22 O 18 3 9 . 9 7 - — 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 3 4. . 2 7 1 1 2 4 8 1 . . 5 6 - - 1 1 3 3 7 2 . . 1 6 8 8 3 1 . . 1 7 2 2 9 7 . . 2 9 2 2 8 8 5 5 . . 4 9 Aug. 31 2166 2 — 196 2—48 0 41.2 294.8 -15.3 44.3 120.8 -147.2 82.4 24.1 2 86.1 Sept 30 2157.9 -196.3 -49.7 38.3 295.9 -15.6 44.7 117.4 -147.4 84.7 17.1 286.2 N O o ct v . 3 3 0* 1 > P 2 2 1 1 6 8 8 3 .7 5 — -1 9 19 4 5 .1 5— -5 5 1 1 . 0 2 3 3 4 2 .4 5 3 3 0 0 0 8 .5 2 — -1 5 15 .3 3 4 4 4 5 .1 7 1 1 1 25 7 . . 7 5 — -1 3 1 5 41 .9 .3 8 9 7 4 . . 9 1 1 1 5 1 . . 9 3 2 2 8 8 8 8 . . 4 6 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in.U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K n i i n t g ed - France N e e r t - h- Sw er i - tz- 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 dom lands land 1939_Dec. (Jan. 3, 1940) 80 6 19 4 20.1 9 3 17 8 .1 4.9 71.6 8.7 1.6 -3.4 2.1 1940—Dec. (Jan. 1, 1941) 100.9 17.0 19.9 13.4 16.2 .2 7.7 74.3 10.7 9.2 6.0 .7 1941—Dec. 31 100 9 16 8 19.9 17 6 13.5 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec 31 104.4 17.4 20.7 17.5 13.7 .2 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117 8 18 8 21 5 19 9 19 3 .3 9.2 89.1 17.6 3.8 6.0 1.3 1944—Dec 31 126.3 18.5 23 A 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec. 31 144 1 19 8 23 4 26 0 30 3 4 13 6 113.6 19.5 5.9 3.8 1.3 1946—Dec. 31 153 7 19 2 20.5 17.5 39 6 .4 14.7 112.0 21.5 13.4 4.8 2.0 1947—Dec 31 142.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 1948—jan 3i 140.6 17.5 19.1 12.4 37.8 .5 13.7 101.1 19.6 11.8 7.4 .7 Feb. 29 135 2 17 4 18 9 12 2 37 2 4 13 1 99.3 19.1 9.7 6.6 .6 Mar. 31 143 3 17 8 18.9 13 6 41.1 .5 13.1 105.1 19.2 10.7 7.7 .7 Apr 30 146 1 18 4 19 2 11 7 43 4 7 13 1 106.4 19.1 11.7 7.6 1.1 May 31 146 8 17 6 18 4 12 3 43 6 4 12 0 104.3 20.2 14.1 7.6 .6 June 30 142 2 17.8 18.3 12.4 40.8 .4 11.1 100.8 20.6 12.6 7.6 .6 July 31 133.5 17.5 18.2 10.9 39.9 .5 11.4 98.3 20.2 7.7 6.8 .5 Aug. 31 129 6 16 7 17 6 10 9 35 6 4 11.4 92.6 19.3 10.0 7.3 .5 Sept. 30 124 5 16.5 17.2 9.6 33.6 .5 11.6 89.1 19.6 8.3 7.0 .5 Oct. 31? 121.5 16.6 17.0 10.0 27.0 .5 11.4 82.6 18.4 13.0 6.9 .6 Nov. 30P. .. 3125.9 16.8 16.6 9.5 24.6 .5 10.9 79.0 18.6 20.9 7.0 .4 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, 79.5 million from June 30 through Sept. 30, and 81.6 million from Oct. 31 through Nov. 30, 1948, resulting from net purchases of domestic securities by international institutions. 3 Amounts outstanding Nov. 30 (in millions of dollars): foreign brokerage balances in United States, 72.2; United States brokerage balances abroad, 23.1. 200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Total ioreign In- countries x Date t t i e i n o r s n n t a a i- - l Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O ur th o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia2 ot A he ll r * tutions and Official private 1938—j)ec 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_Tjec3 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 a 3,938.2 1,418.9 365.5 490.1 174.3 508 4 17 9 657.3 2,213.5 434.3 447 3 769 9 73.3 1941—Dec. 31 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994*0 373.2 417.7 780.0 113.6 1942—Dec 31 4,205.4 2,244.4 554.6 432 3 186 6 184.2 12.1 650.9 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.7 1,108.8 175.3 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—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 L,208.51,023.0 196.3 Apr. 30... 1,975.1 4,984.2 1,992.1 376.2 175.0 124.8 484.8 204.5 739.4 2,104.6 537.0 1,218.8 964.4 159.5 May 31... 1,955.1 5,020.0 2,009.3 340.7 162.7 110.2 529.4 215.8 731.3 2,090.1 570.6 1,207.0 990.2 162.1 June 30... 1,927.7 5,086.0 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 1,202.71,095.2 161.1 Aug. 31... 1,918.8 5,256.2 2,224.2 371.9 168.0 122.7 549.5 271.3 647.1 2,130.5 656.4 1,226.21,074.8 168.3 Sept. 30.. . 1,915.7 5,304.5 2,258.5 346.0 160.6 115.0 528.7 305.5 668.4 2,124.2 686.0 1,224.31,105.0 165.1 Oct. 31 P.. 1,916.5 5,382.0 2,380.9 360.0 166.5 107.8 525.9 315.4 683.4 2,159.0 701.3 1,258.41,085.2 178.1 Nov. 30P . 1,900.6 5,503.2 2,493.6 380.6 174.1 111.8 508.6 333.8 715.7 2,224.6 766.0 1,222.71,122.2 167.7 LIABILITIES—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu e m l- m D a en rk - l F a i n n d - m G a e n r y - * Greece L b u o x u e r m g - N w o a r y - Po g r a t l u- m R a u n - ia Spain 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 57.9s 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—Dec. 31... 739.8 124.9 52.8 30.5 89.5 34.7 21.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 116.5 1948—Jan. 31... 749.3 124.2 53.0 31.1 96.8 38.8 22.0 54.7 46.0 8.9 16.2 56.8 74.8 10.6 115.4 Feb. 29... 742.8 126.0 51.5 29.3 103.7 41.9 20.2 50.5 46.0 7.7 17.2 52.4 66.1 20.5 109.8 Mar. 31... 750.6 149.2 48.0 27.7 103.5 38.0 19.9 54.7 33.1 7.9 19.4 53.4 72.6 24.0 99.1 Apr. 30.. 739.4 128.1 56.1 30.9 106.1 39.9 18.9 54.4 32.9 7.9 19.7 50.3 74.0 23.9 96.4 May 31... 731.3 133.7 46.3 29.0 107.1 36.3 17.5 55.7 38.5 7.7 20.8 42.0 73.7 22.0 101.1 June 30... 661.7 125.5 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. .. 647.1 114.2 42.0 25.4 76.8 25.0 15.7 66.0 47.4 7.0 16.1 45.7 44.7 14.6 106.7 Sept. 30... 668.4 116.8 41.3 22.1 101.4 22.1 14.8 68.9 39.7 7.2 15.7 48.8 40.5 10.6 118.4 Oct. 31 P. . 683.4 117.2 40.7 18.8 125.2 20.4 14.9 71.6 43.7 6.9 16.1 49.3 32.8 19.4 106.4 Nov. 30P . . 715.7 112.8 46.2 17.1 153.2 21.9 16.0 72.9 42.1 7.7 18.3 42.5 28.4 24.8 111.9 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 ia - Brazil Chile l C o b m i o a - - C R o i s c t a a Cuba I W G n a d n u e i d i s e - t s M ic e o x- I l W n a a d n n e i d d s e s t s P m an a a- 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... 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—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 L.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 L.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 L.7 119.6 17.2 79.2 33.6 84.5 192.2 May 31.. L.2O7.O 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. . ,202.7 189.8 12.1 113.8 60.2 48.7 9.0 225.6 L.I 135.4 18.4 73.1 45.1 76.0 194.5 Aug. 31. .. .226.2 189.8 13.0 117.4 55.9 46.5 8.6 234.9 L.O 152.6 17.8 70.7 48.4 76.7 192.9 Sept. 30. . . 1,224.3 208.2 12.5 115.7 52.9 37.5 7.2 231.2 .8 150.7 21.5 67.7 50.4 88.7 179.3 Oct. 31 P.. . 1,258.4 224.8 14.4 122.3 58.3 46.2 6.9 221.4 .8 148.9 23.3 65.3 52.1 97.5 176.3 Nov. 30P . . 1,222.7 210.5 16.1 131.4 52.7 49.4 7.8 217.7 1.2 147.4 22.3 64.1 50.6 77.9 173.5 For footnotes see following page. 201 FEBRUARY 1949 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 i 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 n c - h a H Ko o n n g g India l M B a is y r a h i a t - - Japan I n n e d s o ia - 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 th si e a r 1 o A th ll er A t l u r i s a a - - N l Z a e e n a w d -A E t a n i g n a g y d n l p o - - F r r M o e c o n c - c o h S A U o f o n u r i f i o t 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—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 28.5 6 2 42.7 9 2 41 5 75 2 Mar.31. .. 1,023.0 173. 8 4.9 38.8 53.1 13.9 85 .4 60.5 47 6 A30 .0 86.3 196.3 24.8 6 1 36.4 8.6 44 8 75 6 Apr. 30. .. 964.4 150. 2 4.8 37.6 41.9 12.3 76.3 51.8 474.225.7 89.6 159.5 19.7 4 6 31.3 8 2 21 0 74.7 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. .. I.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. . . 1,074.8 146. 4 5.9 47.2 50.6 14.7 76.8 36.7 521.722.4 152.5 168.3 22.0 5 5 42.6 11 1 12 4 74 6 Sept.30. . . 1,105.0 181. 7 5.3 49.0 44.8 15.8 74.2 51.9 496.124.4 161.9 165.1 18.7 6 9 36.3 11 0 8 6 83 5 Oct. 31p... 1.085.2 154. 6 6.4 43.3 40.9 13.9 76.8 54.0 508.3 18.0 168.9 178.1 19.2 5 3 36.8 11 9 8 8 06 1 Nov.30... 1,122.2 193.3 5.7 48.8 44.9 9.5 80 .9 49.9 500.9 17.9 170.4 167.7 20.4 5 4 30.9 12 2 10 8 88 1 P Preliminary. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Footnotes to table on preceding page. p Preliminary. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under Asia represent Far East ojily, the remaining Asiatic countries being included under "All other." • Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941. 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 i m a c t a e in r- Asia* ot A he ll r i 1938—Dec:.. (Jan. 4,1939). 594.0 86.0 10.3 24 2 5.5 13 5 135.4 274.9 60.4 99.1 144.1 15.5 1939—Dec:.. (Jan. 3,1940). 508.7 39.9 4.9 5 7 5.2 11.8 104.7 172.2 39.7 113.3 174.1 9.3 1940—Dec:.. (Jan. 1,1941). 384.0 23.0 4.2 .9 1.5 2.0 69 5 101.0 36.0 122.7 117.8 6.4 1941—Dec. 31 367.8 20.9 .8 11 2 6 1.5 60 5 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31 246.7 12.6 1.3 .5 15 .4 56 3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 257.9 19.9 l.l .4 30 .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 l.l 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—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 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 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 23.5 116.0 60.2 6.2 15.9 160.1 381.9 27.7 559.6 121.5 22.8 May 31 ,162 25.3 122.7 59.2 6.0 17.2 158.7 389.0 24.9 581.7 145.0 22.3 June 30 ,111 21.6 127.0 59.3 6.5 20.6 151.4 386.4 26.0 544.2 133.5 21.7 July 31 ,078 21.7 124.9 58.9 7.0 16.5 148.8 377.8 23.9 524.1 132.3 20.6 Aug. 31 23.6 123.1 75.3 7.5 19.1 166.8 415.3 24.7 511.9 119.1 22.5 Sept. 30 ,,009737 20.9 123.2 69.5 7.6 16.3 159.3 396.7 25.6 493.4 141.0 20.8 Oct. 31 P ,075 23.4 118.3 69.8 7.1 17.0 160.1 395.6 29.3 511.5 117.3 21.5 Nov. 30P 1,033 18.2 117.1 57.2 4.2 16.5 139.3 352.5 38.8 511.9 107.2 22.8 P Preliminary. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. 202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date E O ur th o e p r e g B iu e m l- m D a en rk - l F a i n n d - m G a e n r- y Greece L b u o x u e r m g - N w o a r y - t P u o g r a - l Ru- Spain S d w en e- USSR Y sl u av g i o a - ot A h l e l r 1942—Dec. 31.. 56.3 8 5.6 34.0 1.1 .2 2.4 C1) 3.2 .4 () C1) 8.4 1943—Dec. 31.. 52.9 .7 7.6 33.9 .6 .2 1.4 C1) 3.2 .2 C1) (l) 5.0 1944—Dec. 31. . 78.3 .7 0) 33.9 .6 35.1 .8 0) 1.8 .2 (*) 0) 5.1 1 1 1 9 9 9 4 4 4 7 5 6 — — — D D D e e e c c c . . . 3 3 3 1 1 1 . . . . . . 1 8 7 3 2 4 0 . . . 8 6 9 1 7 5 . . . 5 0 6 2.2 6 8 C . . 1 2 0 ) 3 3 3 3 0 0 . . . 9 5 4 1 1 2 0 . . . 4 7 6 3 3 9 1 . . . 2 3 6 1 1 . . . 0 1 5 12. A 0 7 1. . . 6 2 9 4 5 . . . 9 4 9 0 0 0 ) ) ) 3 9 4 5 . . . 4 7 8 1948—Jan. 31.. 129.2 12.7 1.5 8.3 30.6 10.1 0) 11.3 1.2 12.0 1.5 4.0 0) 35.8 Feb. 29. . 134.5 11.3 3.2 7.6 30.5 10.2 0) 10.7 1.2 12.0 3.5 3.7 C1) C1) 40.5 Mar. 31. . 152.9 24.2 6.6 7.0 30.4 9.6 i1) 8.9 1.5 12.0 3.7 3.5 C1) (!) 45.4 Apr. 30. . 160.1 20.7 9.9 6.1 30.4 7.2 C1) 12.1 1.4 12.0 4.6 2.8 0) 0) 52.9 May 31. . 158.7 18.8 8.6 5.6 30.3 6.8 0) 11 1.1 12.0 5.5 4.1 C1) C1) 54.3 J A J u u u l n g y e . 3 3 3 0 1 1 . . . . . . 1 1 1 6 5 4 6 1 8 . . . 8 4 8 2 1 1 0 8 8 . . . 0 5 6 3. . . 5 7 6 5 5 4 . . . 7 3 6 3 3 3 0 0 0 . . . 4 4 4 4 4 4 . . . 7 6 1 C 0 1 ) ) 1 1 1 2 7 1.6 1. . . 0 8 9 1 1 1 2 2 2 . . . 0 0 0 3 3 2 . . . 3 3 5 5 5 7 . . . 2 2 2 C C 0 1 1 ) ) ) 1 0 0 7 ) ) .0 5 5 51 5 4 . . . 2 3 1 Sept. 30. . 159.3 17.7 1.0 3.8 29.5 3.3 C1)' 24.2 .7 12.0 5.4 2.3 C1) 11.3 48.1 Oct. 31 P . 160.1 20.8 1.1 3.4 33.6 3.6 27.3 .7 12.0 5.5 1.6 (0 11.1 39.1 Nov. 30P. 139.3 21.2 3.1 3.3 30.4 3.5 C1)' 15.0 .5 12.0 2.7 1.0 0) 7.5 39.0 Latin America French Nether- 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 i s c t a a Cuba I W G n a a d n n u e i d a i s e - t s Mexico I l W n S a a d n u n e i d r d s e i s t - s P m an a a- Peru V zu e e n l e a - O A L i a m t c h t a i e e n r r nam 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .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 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 8.6 .3 .8 1.2 5.1 11.7 1945—Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 .5 1.1 1.9 6 1 33 4 1946—Dec. 31 226.8 41.8 2 3 49.8 14.6 26.4 2.9 25.7 25.5 8 1.3 3 7 8 7 23 1 1947—Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 52.2 1.1 4.7 4.3 15.3 31.0 1948—Jan. 31 519.3 60.0 2.4 169.8 29.3 35.7 3.3 113.4 51.8 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 52.7 1.1 4.2 3.9 16.9 26.8 Mar. 31 537.3 57.2 2.3 185.9 24.9 39.3 3.2 109.1 59.9 1.3 4.1 4.1 17.6 28.5 Apr. 30 559.6 50.5 2.2 194.5 21.9 50.5 3.1 124.1 58.3 1.3 4.2 3 17.0 28.1 May 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 19.3 30.1 A J J u u u l n g y e . 3 3 3 1 1 0 5 5 5 4 1 2 4 1 4 . . . 2 9 1 6 6 5 2 1 8 . . . 2 2 7 3 3 2 . . . 6 0 5 1 1 1 7 7 8 9 8 7.6 2 1 1 1 8 7 . . . 6 7 5 4 4 4 5 2 8 . . . 6 5 0 2 1 1 . . . 8 2 5 9 6 7 0 7 8 . . . 5 6 7 ( C x 1 ) ) 7 7 7 3 2 6 . . . 4 4 1 1 1 1 . . . 6 3 4 4 3 4 . . . 2 6 4 3 4 4 . . . 5 1 2 2 2 1 0 0 9 . . . 7 8 9 3 3 2 2 3 9 . . . 0 8 9 Sept. 30 493.4 62.0 2.5 173.3 19.1 40.2 1.3 61.4 0) 72.3 1.2 4.1 3.9 18.8 33.2 O N c o t v . . 3 30 1 * P > 5 51 1 1 1 . . 9 5 6 66 3 . . 8 8 2 2 . . 4 9 1 1 7 8 5 0 . . 0 0 2 1 1 8 . . 0 7 3 3 9 3. . 7 8 1 1 . . 1 5 6 7 5 2 . . 5 4 0 0 ) ) 7 72 6 . . 7 6 1 1 . . 3 0 4 3 . . 0 8 4 4 . . 2 2 2 1 0 8 . . 8 1 3 3 5 6 . . 5 4 () 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 h e 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 I n n e d s o ia - 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 2o A th l e l r A t l r u ia a s - -N l Z a e n e a w d -A E E t a n g i g n a g y y d n l p p o t - -F r r M o e c n o c c - o h A U So f n o r u i i f o c th a n Other Sudan 1942—Dec. 31 35.3 11.1 0) .9 2.2 .7 .5 1.6 14.4 2.0 4.8 1.0 .1 C1) 1.7 1.2 1 1 9 9 4 4 3 4 — — D D e e c c . . 3 3 1 1 2 51 6 . . 4 3 1 1 . . 5 7 (x) 1. . 0 9 2 2 2 . . 0 3 . . 5 1 . . 5 5 1 1 . . 7 5 1 1 3 3 . . 9 8 8 1 . . 8 8 1 3 1 . . 9 7 . . 5 6 . . 1 2 0 (0 ) 9 2 . . 7 4 1. . 0 7 1945—Dec. 31 29.9 1.0 C1) .8 7.5 .1 .5 1.4 13.8 2.7 9.9 1.7 .3 4.7 2.5 1 1 9 9 4 4 6 7 — — D D e e c c . . 3 3 1 1 1 9 2 9 7 . . 2 0 4 5 0 3 . . 8 9 0 C1 ) ) 5 2 . . 9 6 2 1 9 2 . . 6 0 . . 2 9 . . 2 9 1. . 0 5 2 2 0 7 . . 2 4 4 6. . 3 4 3 1 1 7 . . 5 2 3 9 . . 4 0 . . 1 4 C1)" 1 1 4 0 . . 4 1 2 6 . . 2 0 1948—Jan. 31 126.6 37.1 2.9 27.0 .7 4.0 .4 29.3 7.4 29.7 8.5 .1 14.3 5.0 Feb. 29 134.4 37.9 3.9 25.5 .7 5.7 3.1 31.0 7.7 23.1 6.4 .1 10.0 5.0 Mar. 31 131.1 38.1 3.7 26.0 .6 5.9 .6 31.1 9.4 22.1 4.7 .1 10.1 6.0 Apr. 30 121.5 36.4 3.5 26.1 .6 4.0 .5 33.7 9.3 22.8 4.3 .2 11.7 5.6 May 31 145.0 51.7 4.5 24.3 1.5 4.2 .6 42.7 8.7 22.3 3 4 .2 11.8 6.1 June 30 133.5 55.5 4.6 28.1 1.1 1.1 .7 31.7 8.0 21.7 2.2 .1 12.0 6.5 July 31 132.3 56.7 3.5 22.2 1.0 1.5 .9 32.4 11.3 20.6 2.2 .5; 11.1 6.0 A O S N e u c o p t g v . t . . . 3 3 3 3 0 1 1 0 P P 1 1 1 1 0 1 1 4 7 7 9 1 . . . . 2 3 1 0 3 2 4 6 9 5 6 5 . . . . 0 2 9 5 3 3 3 3 . . . . 1 5 9 5 2 2 2 1 0 0 0 9 . . . . 2 2 0 5 1. . . . 0 4 8 5 2 6 7 7 . . . . 1 0 4 6 . . . . 3 4 5 4 3 3 3 2 3 6 4 9 . . . . 2 2 2 5 1 1 1 1 1 0 1 2 . . . . 9 1 5 3 2 2 2 2 2 0 2 1 . . . . 5 8 8 5 3 3 3 3 . . . . 6 8 5 8 2. . . . 2 3 2 2 1 1 9 9 1 1 . . . . 9 7 6 1 6 5 5 5 . . . . 6 9 9 5 P Preliminary. » Less than $50,000. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. FEBRUARY 1949 203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1948 1947 1948 1947 International Fund International Bank Oct.1 July1 May Nov. Dec. Sept. June Dec. Gold 1,403 1,400 1,363 1,356 Gold Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,434 1,441 1,450 1,626 United States 81 89 102 267 Other members 4,014 4,000 3,992 3,630 Other members 927 927 918 909 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) 429 420 422 412 Member subscriptions 8,036 7,986 7,976 7,922 Calls on subscriptions to capital stock*.. 5 5 5 5 Accumulated net income -1 -1 Loans (incl. undisbursed portions) ••501 '501 497 497 Other assets 5 9 5 3 Bonds outstanding 254 254 254 250 1948 1947 Loans—undisbursed 10 18 27 197 Currency acquired3 Other liabilities 4 2 4 4 (Cumulative figures in dollars) Special reserve 6 4 3 1 Dec. Nov. Oct. Dec. A Ca c p cu it m al u * lated net income 1,667 8 1,667 5 1,657 3 1,6 - 4 1 5 C B C o e h l s i g l t e a ia a n n R i f p c r e a a s n n o c s c s olones 33 1. . 3 0 33.0 3 8 3 . . 8 0 11.0 2 1 L Q e u s a s r t t e h r a l n y $ st 5 a 0 t 0 e , m 00 e 0 n . ts on a new fiscal year basis. Czechoslovakian koruny. 6.0 6.0 6.0 » As of Nov. 30, 1948, the Fund had sold 631.5 million U. S. dollars; Danish kroner 10.2 10.2 10.2 3.4 in addition, the Netherlands received 1.5 million pounds sterling in. Ethiopian dollars .3 .3 .3 May 1947 and 300 million Belgian francs in May 1948, and Norway F I M n r d e e x n ia i c c n h a n r f u ra p p n e e c s e o s s s 1 2 6 2 2 8 5 . . . 5 3 0 1 2 5 2 2 2 5 . . . 2 5 0 1 4 2 2 4 2 5 . . . 5 1 0 1 2 2 2 5 . . 5 6 r 1 e 0 c 4 0 e E i m v x e i c l d l l u i o d 1 n e 0 s 0 i n u m J n u c il l a l y i l o l e 1 n d 9 4 B p 8 o e . l r g ti i o an n s fr o a f n c c s a p i i n ta l J u su n b e sc 1 r 9 ip 4 t 8 i o a n n s d , a a m n o a u d n d t i i t n i g o n t a a l Netherlands guilders.... 75.4 75.4 75.4 52.0 6,669 million dollars as of Dec. 31, 1948, of which 2,540 million repre- S N N o o ic u r a w th r e a A g g i u f a r a n i n c a k c n r o o r p n d o e o r u b n a d s s 1 9 0 . . , 6 0 5 9. . 6 5 9.6 s a e n n 5 t e t E s e x . t c h l e u d s e u s b s 8 c r m ip i t l i l o io n n o d f o t l h l e a rs U n so it l e d d t S o ta o t t e h s e . rs under the Blank's guar- Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 300.0 240.0 Total. 675.8 648.9 639.9 467.7 CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold1 Other N a o n t d es co D u is n - ts Securi- ci t r i c o u n l * a- Deposits li O ab t i h li e - t assets * coin and ad- ties ties and. vances Bankers' Public E.C.A. Other capital 1935—Dec. 25 200.1 260.0 36.2 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 46.8 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.9 9.2 135.5 505.3 120.6 11.4 36.6 18 0 1938—Dec. 28 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4 .2 580.0 26.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 14 2 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 28 8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27 7 3.5 267.9 923.4 223.4 9.0 48.8 17.ft 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 ,088.7 234 3 10 3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 ,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.a 1946—Dec. 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278 9 10 3 57.3 18.1 1947—Dec. 31 .2 11,450.0 100 8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Jan. 28 .2 5 ,400.0 131.5 12.7 274.3 1,269.0 290.8 16.3 93.0 18.a Feb. 25 .2 5 ] ,350.0 118 9 11.3 284.3 1,231.6 290.6 12.1 93.3 18.4 Mar. 31 .2 5 1,300.0 54.8 14.4 367.0 1,245.9 314.3 9.0 94.3 18.6 Apr. 28 .2 L,300.0 63.1 14.5 350.6 1,237.8 307.4 12.6 90.3 17.8 May 26 .2 1,300.0 56.7 9.8 366.9 1,244.2 311.8 10.7 93.0 18.0 June 30 .2 1,300.0 48.7 17.8 383.8 1,252.2 325.4 14.5 92.2 18.2 J«ly 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 L.230.8 307.5 13.1 19.6 93.0 17.8 Nov. 24 .2 1,300.0 70.2 28.9 347.4 1,233.1 302.7 12.3 14.3 99.2 17.9 Dec. 29 .2 L,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939,20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 6 Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3 and increased by 25 million pounds on Dec. 22, 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. 204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (Figures in millions of Sterling securities Other Canadian dollars) Gold and d S o t U a ll t a n e r i s s ted S te h r o m rt l - Other O as t s h e e t r s circ N ul o a t t e ion1 Ch b a a r n te k r s ed D g o o m m v e e in n r i n t o - n Other l c ia a b a p i n i l t i d a ti l e 3 s 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 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—Dec. 31. 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Jan. 31. 931.3 863.2 48.2 1,157.5 538.3 44.6 60.6 41.7 Feb. 28. 974.4 825.7 47.2 1,156.3 531.8 60.8 75.0 24.0 Mar. 31. 985.2 806.7 62.7 1,180.8 519.2 42.2 86.7 25.9 Apr. 30. .2 1,124.1 767.8 60.5 1,183.0 558.9 57.9 126.0 26.9 May 31. .5 1,179.7 775.0 51.6 1,195.7 547.3 135.9 95.8 32.0 June 30. .2 1,152.9 790.9 56.8 1,206.5 517.0 138.4 107.2 July 31. .1 1,145.2 773.6 39.2 1,220.3 502.5 119.0 84.1 Aug. 31. .1 1,155.2 778.1 50.2 1,226.9 525.1 105.1 90.3 36.2 Sept. 30. .2 1,216.3 757.2 55.3 1,267.7 550.9 87.3 78.2 Oct. 30. 1.0 1,279.6 741.3 57.7 1,275.1 581.0 110.0 72.2 Nov. 30. .1 1,222.1 794.0 46.8 1,273.5 579.6 86.5 64.1 Dec. 31. .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t Deposits Other (Figures in Foreign Note liabilimillions of francs) Gold ex- Other circula- ties change Open Special7 Other c F u o p r a o ti c o - n Other 7 assets9 tion Govern- C.A.R.io Other ca a p n i d tal market7 costs 8 1938—Dec. 29. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26. 84,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31. 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31. 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30. 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28. 75,151 42 47,288 48 18,592 426,000 15,850 35,221 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 77,621 3,135 76,254 426,000 67*, 900 47,577 721,865 765 63,468 7,213 1947—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*2 65,225 9 145,814 64 125,687 426,000120,700 104,474 891,546 771 82,849 12,808 Mar. 25. 65,225 15 157,997 12 147,841 426,000155,000 "108 ,979 773,199 791 271,034 16,045 Apr. 29. 65,225 17 156,424 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 45 148,812 156 169,674 426,000153,200 "113 ,212 836,662 764 225,251 13,646 Aug. 26. 65,225 50 147,288 544 163,109 426,000156,800 "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 9,901 197,297 426,000158,000 "113,547 917,757 764 187,657 15,780 Nov. 25. 65,225 36 153,368 10,908 192,428 426,000151,200 "110,989 913,234 759 178,090 18,070 Dec. 30. 65,225 30 167,450 8,577 238,576 426,000150,900 "119,659 987,621 806 171,783 16,206 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 Less than $50,000. 6 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. In March 1948 the amount of gold pledged as collateral against a loan was increased from 10,052 to 12,408 million francs. 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. 11 Includes a noninterest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947. 12 Publication of Bank's statement suspended from Jan. 22 until Mar. 4, 1948. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. 205 FEBRUARY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1948 1947 1948 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): (thousands of pesos): Gold reported separately 433 433 1,030 Gold and foreign exchange 7. . . . 163 144,241 027194,502 O G t o h v e e r r n g m old en a t n s d e c fo u r r e it ig ie n s exchange. 1,4 8 2 6 9 6 1,6 8 2 6 2 6 2,6 9 1 3 4 9 N Pa e i t d - c i l n a im ca p o i n ta I l n — t' I l. n t F 'l u . n B d a 6 nk 24 , , 8 2 6 3 8 0 21 1 2 8 3 6 0 8 21 1 , ,2 8 2 6 5 7 Rediscounts and loans to banks1. 18,862 17,751 13,737 Loans and discounts 1 664175 769132,568 Other assets 3,643 3,422 2,624 Government loans and securities. 192! 129,741 120 058103,303 Currency circulation 2 5,811 6,658 5,346 Other assets 131 57,386 57 510 43,190 Deposits—Member bank 427 Note circulation 48, 315,416 310 406297,924 Government 394 421 1,480 Deposits 361 170,055 162 517159,020 Nationalized l 16,244 15,552 12,850 Other liabilities and capital 153 46,659 44 540 39,711 Other 283 176 84 46 Other liabilities and capital 2,499 1,286 758 National Bank of Costa Rica- Issue dept. (thousands of colones): Commonwealth Bank of Aus- Gold 11,538 11,537 11,477 tralia (thousands of pounds): Foreign exchange 7,852 7,975 12,545 Gold and foreign exchange 329,388 312,293 177,989 Contributions to Int'l. Fund and Checks and bills of other banks.. 3,357 3,630 2,721 to Int'l. Bank 30,321 30,321 30,321 Securities (incl. Government and Loans and discounts 82,208 85,733 69,192 Treasury bills) 357,385 359,756 466 073 Securities 27,651 21,646 3,950 Other assets 30,246 27,144 20,313 Other assets 6,378 6,444 1,240 Note circulation 199,355 197, 855 205 143 Note circulation 102,861 101,471 86,224 Deposits of Trading Banks: Demand deposits 55,166 54,581 35,303 Special 295,270 279,095 263,405 Other liabilities and capital 7,922 7,604 7,198 Other 39,062 29,357 30,048 Other liabilities and capital 186,688 196,516 168,500 National Bank of Czechoslovakia (millions of koruny): Austrian National Bank (millions Gold and foreign exchange 8. . . . 4,186 4,259 3,880 4,790 of schillings): Loans and discounts 30,234 25,114 24,564 17,436 Gold 50 49 49 Other assets 48,306 48,452 49,960 55,031 Foreign exchange 86 83 82 Note circulation 71,997 68,466 66,691 58,539 Loans and discounts 1,109 736 617 Deposits. 2,039 984 2,133 7,316 Claim against Government 6,192 7,503 7,341 Other liabilities and capital.... 8,691 8,375 9,580 11,402 Other assets 3 2 3 Note circulation 5,635 5,388 5,299 National Bank of Denmark Deposits—Banks 507 580 523 (millions of kroner): Other 869 558 494 Gold. 70 70 70 71 Blocked 428 1,846 1,775 Foreign exchange 175 138 116 123 Contributions to Int'l. Fund and National Bank of Belgium » to Int'l. Bank 65 65 65 (millions of francs): Clearing accounts (net) -24 -23 -24 -22 Gold 27,334 27,782 28,235 26,170 Loans and discounts 23 20 20 21 Foreign claims and balances (net) 13,598 12,074 11,726 Securities 130 121 105 125 Loans and discounts 4,720 3,132 3,590 Govt. compensation account... . 5,092 5,107 5,132 5,609 Consolidated Government debt.. 35,000 35,000 35,000 Other assets 158 170 158 250 Government securities 4,636 4,622 5,815 Note circulation 1,614 1,520 1,506 1,641 Other assets 4,233 3,118 2,136 Deposits—Government 1,858 1,826 1,862 1,741 Note circulation 83,176 81,376 81,773 79,761 Other 2,058 2,165 2,119 2,621 Deposits—Demand 2,474 2,052 2,691 Other liabilities and capital 160 157 156 174 E. C. A 1,701 365 114 Other liabilities and capital 2,171 1,935 1,925 Central Bank of the Dominican Republic (thousands of dollars): Central Bank of Bolivia—Mone- Gold 4,000 4,000 4,000 2,000 tary dept. (millions of bolivianos): Foreign exchange 10,831 11,419 12,691 11,567 Gold at home and abroad 954 951 Net claim on Int'l. Fund 6 1,250 1,250 1,250 Foreign exchange 237 177 Paid-in capital—Int'l. Bank. . . . 40 40 40 Loans and discounts 577 280 Loans and discounts 74 78 Government securities 750 806 Government securities 5,000 5,000 4^766 Other assets 20 33 Other assets 740 730 765 58 Note circulation 2,045 ,848 Note circulation 17,424 16,957 17,348 12,361 Deposits 222 168 Demand deposits 4,356 5,393 6,003 1,146 Other liabilities and capital 272 231 Other liabilities and capital 156 168 161 118 National Bank of Bulgaria 4 Central Bank of Ecuador (thousands of sucres): Central Bank of Chile (millions Gold 277,616 277,477274,979 of pesos): Foreign exchange (net) 50,305 ,719 51,162 Gold & 1,157 200 Net claim on Int'l. Fund 6 16,882 ,882 16,877 Foreign exchange (net) 107 Credits—Government 118,422 Net claim on Int'l. Fund 6 1 46 Other 124,384 Discounts for member banks... 1,172 1,125 Other assets 109,446 94,599 Loans to Government 773 805 Note circulation 373,965 351,994 338,491 Other loans and discounts 1,279 973 Demand deposits—Private banks 121,627t247 224 244,338 Other assets 1,381 2,392 Other 56,770r Note circulation 4,274 4,067 Other liabilities and capital.., 144,693 85 383 64,247 Deposits—Bank 938 625 Other 250 371 Other liabilities and capital 408 480 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. 8 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. 6 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. 206 FEDERAL RESERVE BULLETIN 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) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct. Dec. National Bank of Egypt (thou- National Bank of Hungary (milsands of pounds): lions of forint): Gold 6,376 6,376 Gold 403 403 403 Foreign exchange 13,188 13,870 Foreign exchange 139 113 99 Loans and discounts 7,298 7,270 Discounts 69 173 1,663 British, Egyptian, and other Loans—Treasury 340 340 340 Government securities 325,922305,637 Other 5,664 3,750 Other assets 24,856 24,915 Other assets 190 299 194 Note circulation 147,693137,528 Note circulation 2,544 2,586 1,992 Deposits—Government 89,346 88,737 Demand deposits—Government. 12 10 125 Other 130,648119,638 Other 3,527 1,807 194 Other liabilities and capital 9,952 12,164 Other liabilities and capital 722 675 387 Central Reserve Bank of El Salva- Reserve Bank of India (millions of dor (thousands of colones): rupees): Gold 36,274 36,328 36,375 36,834 Issue department: Foreign exchange (net) 32,922 27,959 27,730 29.454 Gold at home and abroad. . 422 427 444 Net claim on Int'l. Fund 1 1,564 1,564 1,564 1,563 Sterling securities 7,862 7,966 11,353 Loans and discounts 5,572 3,995 2,971 7,841 Indian Govt. securities 3,501 3,543 578 Government debt and securities. 5,346 5,312 5,326 5,475 Rupee coin 466 468 368 Other assets 1,050 1,418 1,584 1,410 Note circulation 11 ,976 12,142 12,254 Note circulation 57,002 50,436 48,407 53,859 Banking department: Deposits 19,849 20,218 21,261 23,170 Notes of issue department.. 275 262 490 Other liabilities and capital 5,878 5,922 5,881 5,547 Balances abroad 2,764 2,922 3,831 Bills discounted 23 29 6 State Bank of Ethiopia—Issue Loans to Government 36 17 3 dept. (thousands of dollars): Other assets 957 904 976 Gold 3,621 1,458 Deposits 3,822 3,921 5,078 Silver 3,389 5,685 Other liabilities and capital. 234 213 228 Foreign exchange 29,012 2 7,464 Treasury bills 5,832 2,832Central Bank of Ireland (thousands Other assets 31,171 28,331 of pounds): Circulation—Notes 43,343 37,433 Gold 2,646 2,646 2,646 2,646 Coin 28,704 27,769 Sterling funds 45,299 43,289 42,575 43,436 Other liabilities and capital 978 567 Note circulation 47,945 45,935 45,221 46,082 Bank of Finland (millions of Bank of Italy (millions of lire): markkaa): Gold 768 579 525 Gold 268 268 268 2 Foreign exchange 18,228 ,884 12,815 Foreign asset8 (net) 1,098 585 -141 828 Advances—Treasury 647,123 ,052590,235 Clearings (net) -2,199 -2,218 -2,792 -2,270 Other Govt. agencies 16 Loans and discounts 35,023 35,826 38,920 34,896 Loans and discounts 164,431 ,796171,471 Securities 893 899 908 386 Government securities 176,345 ,754120,483 Other assets 1,359 916 1,784 1,257 Other assets 200,561 ,847 76,969 Note circulation 27,369 27,400 28,011 25,162 Bank of Italy notes 825,709 819^988722,264 Deposits 1,627 1,434 3,627 3,217 Allied military notes 51,365 604 65,863 Other liabilities and capital 7,446 7,441 7,309 6,720 Deposits—Government 42,154 688 Demand 83,054 004 68^775 Bank of the German States 2 Other 171,517 897 86,520 (millions of German marks) Other liabilities and capital 33,659 731 29,091 Foreign exchange 843 764 Loans and discounts 1,327 838 Bank of Japan (millions of yen): Loans to Government 7,781 7,806 Cash and bullion 833 730 2,856 Other assets 1,779 1,644 Advances to Government 80,862 888 55,017 Note circulation 3 6,017 5,885 Loans and discounts 59,435 505 32,302 Deposits—Government 1,572 1,585 Government securities 153,437 208113,341 Banks 1,493 1,037 Reconversion Fin. Bk. bonds. . . 32,559 721 32,336 Other 248 224 Other assets 10,998 250 18,818 Other liabilities 2,398 2,320 Note circulation 294,744 513219,142 Deposits—Government 13,334 468 6,703 Bank of Greece (billions of drach- Other 19,307 874 20,953 mae): Other liabilities 10,737 446 7,873 Gold and foreign exchange (net). 678 686 636 Loans and discounts 51 45 18 Bank of Java i Advances—Government 1,295 1,298 935 Other 1,389 1,382 1,168Bank of Mexico (millions of pesos): Other assets 314 280 83 Monetary reserve 5 635 612 668 Note circulation 1,021 1,028 974 "Authorized" holdings of securi- Deposits—Government 203 196 56 ties, etc 1,792 1,645 1,609 Reconstruction and Bills and discounts 642 742 647 relief accts 219 245 ••120 Other assets 207 207 157 Other 474, 440 223 Note circulation 1,856 1,820 1,762 Other liabilities and capital 1,809 1,782 1,468 Demand liabilities 686 630 910 Other liabilities and capital 735 757 409 Bank of Guatemala (thousands of quetzales): Netherlands Bank (millions of Gold, 27,230 27,230 27,229 guilders): Foreign exchange 16,233 16,734 21,824 Gold 439 449 452 608 Gold contribution to Int'l. Fund . 1,250 1,250 1,250 Silver (including subsidiary coin) 5 4 3 3 Rediscounts and advances 4,768 3,573 3,377 Foreign bills 458 458 459 266 Other assets 11,761 11,529 9,289 Loans and discounts 155 151 148 160 Circulation—Notes 32,461 31,299 30,269 Govt. debt and securities ,300 3,300 3,300 3,500 Coin 3,023 2,995 2,905 Other assets 316 340 345 169 Deposits—Government 5,178 5,535 7,799 Note circulation—Old 111 112 114 125 Banks 10,399 10,292 12,902 New ,115 3,088 3,014 3,010 Other liabilities and capital 10,181 10,193 9,094 Deposits—Government 179 330 347 704 Blocked 57 60 91 129 E. C. A 188 189 140 Other 702 585 663 533 Other liabilities and capital 320 338 338 205 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 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks, and was published for the first time as of Sept. 7, 1948. 3 Excludes currency issued in the Western sector of Berlin, amotfnting to 407.4 million German marks on Nov. 30, 1948. 4 For last available report (January 1942), see BULLETIN for March 1943, p. 278. 5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. FEBRUARY 1949 207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 1947 Central Bank 1947 (Figures as of last report (Figures as of last report date of month) Dec. Nov. Oct. Dec. date of month) Dec. Nov. Oct Dec. Reserve Bank of New Zealand Bank of Sweden(millions of kronor): (thousands of pounds): Gold 178 178 177 232 Gold 2,802 2,802 2,802 Foreign assets (net) 450 339 250 435 Sterling exchange reserve 41,537 47,349 63,108 Swedish Govt. securities and ad- Advances to State or State un- vances to National Debt Office4 3,499 ,297 3,314 2,929 dertakings 40,305 37,203 43,932 Other domestic bills and advances 155 128 99 127 Investments 16,124 16,124 7,868 Other assets 423 726 734 343 Other assets 24,865 21,987 1,044 Note circulation 3,113 ,924 2,935 2,895 Note circulation 48,957 48,787 51,988 Demand deposits—Government. 679 721 636 631 Demand deposits 71,619 71,672 61,768 Other 459 255 240 269 Other liabilities and capital 5,058 5,005 4,999 Other liabilities and capital 453 768 763 2 70 Bank of Norway (millions of kroner): Swiss National Bank (millions of Gold 233 263 333 francs): Foreign assets (net) 304 299 435 Gold 5,821 5,803 5,754 5,256 Clearing accounts (net) -77 -89 Foreign exchange 237 207 186 102 Loans and discounts 51 43 " " ' 94 Loans and discounts 206 139 115 415 Securities 54 54 72 Other assets 119 85 91 140 Occupation account (net) 7,924 7,924 8,094 Note circulation 4,594 4,345 4,334 4,383 Other assets 116 130 49 Other sight liabilities 1,243 1,343 1,268 1,172 Note circulation 2,060 2,072 2,111 Other liabilities and capital 546 546 544 358 Deposits—Government 4,005 3,854 3,769 Banks 1,005 1,125 1,315 Central Bank of the Republic of Blocked 754 758 847 Turkey (thousands of pounds): Other 180 188 331 Gold * 448.588448,588 476,305 Other liabilities and capital 601 627 703 Foreign exchange and foreign clearings 82,966 90. 625 276,405 Bank of Paraguay—Monetary Loans and discounts 801,332784682 617,839 dept. (thousands of guaranies): Securities 198,109198361 198,893 Gold 710 724 731 722 Other assets 43,839 43, 990 45,501 Foreign exchange (net) 1,334 4,618 7,788 '22,694 Note circulation 944,215953, 115883,931 Net claim on Int'l. Fund * 2,710 2,710 2,710 2,708 Deposits—Gold 153,035153, 035 151,777 Paid-in capital—Int'l. Bank. .. . -92 -14 -14 -16 Other 212,697213, 183344,243 Loans and discounts 68,737 60,784 56,355 17,000 Other liabilities and capital 264,888246, 913234,993 Government loans and securities. 7,636 5,099 5,238 9,161 Other assets 622 2,961 2,578 783 Bank of the Republic of Uruguay Note and coin issue 64,588 58,378 57,678 43,070 (thousands of pesos): Demand deposits 15,068 13.329 12,532 7,790 Gold 261,032265,076 Other liabilities and capital 2,000 5,175 5,175 '•2,192 Silver 12,290 12,525 Paid-in capital—Int'l. Bank. . . . 317 314 Central Reserve Bank of Peru Advances to State and govern- (thousands of soles): ment bodies 62,895 50,783 Gold and foreign exchange 152,947 ,078 113,787 Other loans and discounts 236,496182,378 Net claim on Int'l. Fund l 20,495 ,496 20,496 Other assets 284,848263,765 Contribution to Int'l. Bank 2,356 ,356 2,480 Note circulation 242,416 240,789 Loans and discounts to banks... 123,109 ,615 111,856 Deposits—Government 65,757 54,802 Loans to Government 716,637 ,032 718,257 Other 252,309 251,207 Other assets 36,378 ,340 92,446 Other liabilities and capital 297,,396 228,044 Note circulation 742,505 ,425 699,067 Deposits 247,457 ,312 241,878 Central Bank of Venezuela (thou- Other liabilities and capital 61,961 ,180 118,376 sands of bolivares): Golds 888,521892,197830,243557,408 Bank of Portugal (millions of Foreign exchange (net) 170,077 10,276125,577104,486 escudos): Other assets 66,364 77,532 83,776 69,378 Gold 3,937 4,028 4,718 Note circulation—Central Bank. 767 ,632651,934630,756 601,580 Foreign exchange (net) 9,047 9,311 10,907 National banks 1 ,662 2,749 3,026 4,022 Loans and discounts 431 415 398 Deposits 252 ,643305,615384,353 94,028 Advances to Government 1,277 1,278 1,286 Other liabilities and capital 103 ,024 19,708 21,460 31,643 Other assets 533 533 503 Note circulation 8,554 8,436 8,752 National Bank of the Kingdom Demand deposits—Government. 815 790 1,572 of Yugoslavia 2 Other 4,858 5,348 6,588 Other liabilities and capital 997 990 901 Bank for International Settlements7 (thousands of Swiss gold National Bank of Rumania 2 francs): Gold in bars 110,208134,011114,667 92,280 South African Reserve Bank Cash on hand and on current (thousands of pounds): account with banks 19 ,242 15,866 41,671 15,223 Golds 44,965 47,641 57,522187,117 Sight funds at interest 497 496 502 497 Foreign bills 32,361 43,756 50,801 53,068 Rediscountable bills and accept- Other bills and loans 102,947102,534 96,847 8,189 ances (at cost) 16,662 16,697 15,117 28,905 Other assets 9,977 8,385 8.318 13,797 Time funds at interest 25 ,056 29,132 26,231 17,816 Note circulation 68,414 66,593 66,143 65,637 Sundry bills and investments. . . 168,842 146,773112,404 63,657 D O e th p e o r s i l t i s abilities and capital 112 !, , 9 89 4 5 0 12 7 7 , , 7 9 5 74 0 13 8 9 , , 0 3 0 3 9 718 7 9 , , 1 3 8 5 2 2 O Fu th n e d r s a i s n s v e e t s s t ed in Germany. . . . 297 1 , , 3 2 9 0 6 129 2 7, , 2 1 0 2 1 4 297,2 9 0 7 1 7 29 3 1 , , 3 1 8 6 9 0 Demand deposits (gold) 15,118 22,371 15,994 17,004 Bank of Spain (millions of pesetas): Short-term deposits (various Gold 1,219 1,217 1,215 currencies): Silver 500 500 500 Central banks for own ac- Government loans and securities. 15,782 15,922 15,568 count 143,531139,557112,499 7,216 Other loans and discounts 10,025 10,399 10,398 Other . 1,245 1,126 1,391 9,353 Other assets 3,793 3,568 3,666 Long-term deposits: Special ac- Note circulation 25,487 25,818 26,014 counts 228,909 228,909228,909228,909 Deposits—Government 503 556 658 Other liabilities and capital 250,300250,336249,977250,445 Other 4,703 4,593 3,870 Other liabilities and capital 623 639 805 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), s;eee BULLETIN forlVlarch 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 3 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 4 Includes small amount of non-Government bonds. 5 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 6 Beginning October 1944, a certain amount of gold formerly reported in the bank's accountshown separately for account of the Government. 7 See BULLETIN for December 1936, p. 1025. 208 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 e - d France Ger- Bel- N la e e n r t - d h s - S d w en e- S l w a e n r i - d tz- ba C n e k n t o r f a — l R J 3 a a 1 n te . eff D ec a t t i e ve ba C n e k n t o r f a — l R J 3 a a 1 n te . ef D fec a t t i e ve In effect Dec. 31 Albania... Mar. 21, 1940 Ireland Nov. 23, 1943 1937 2V2 Argentina. Mar. 1, 1936 Italy Sept. 6, 1947 May 10, 1938. . Austria. Aug. 3, 1945 Japan 5.11 July 5, 1948 May 13 Belgium. . Aug. 27, 1947 Java 3 Jan. 14, 1937 May 30 Bolivia. . . Feb. 4, 1948 Latvia 5 Feb. 17, 1940 Sept. 28 Oct. 27 m Nov. 25 Jan. 4, 1939. . Bulgaria Aug. 1, 1948 Lithuania. . . July 15, 1939 Apr. 17 Canada Feb. 8, 1944 Mexico June 4, 1942 May 11 Chile 3-43 Dec. 16, 1936 Netherlands . June 27, 1941 July 6 Colombia 4 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 A Ja p n r . . 2 9 5, 1940. . D Ec e u n a m d a o r r k sy 2 J Ja u n n . e 1 8 5, , 1 1 9 9 4 4 6 3 P R o um rt a u n g i a a l . . . . . . . . 3* J M an a . r . 2 1 5 2 , , 1 1 9 9 4 4 4 8 May 17 El Salvador. . . 4 Oct. 15, 1946 South Africa. June 2, 1941 Mar. 17, 1941. . Estonia Oct. 1, 1935 Spain 3 Oct. 27, 1947 May 29 Finland Feb. 6, 1948 Sweden Feb. 9, 1945 June 27 Jan. 16, 1945 . . Jan. 20 Feb. 9 France... Oct. 1, 1948 Switzerland.. Nov. 26, 1936 Nov. 7, 1946. . Germany. June 28, 1948 Turkey July 1, 1938 Dec. 19 Gree 12 July 12, 1948 United King- Jan. 10, 1947 . . 1M Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 &2M India 3 Nov. 28, 1935 U. S. S. R.. .. 4 July 1, 1936 Aug. 27 Yugoslavia. . 1-3 Aug. 20, 1948 Oct. 9 June 28, 1948. U-5 Sept. 6 1 The lower rate applies to the Bank Deutscher Laender, and the higher Oct. 1 rate applies to the Land Central banks. In effect Jan. 31, NOTE.—Changes since Dec. 31: None. 1949 OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills 3 day up to 3 discount 3 months 3 months 3 months money on deposits money months money months rate 1932—Nov .89 .82 .73 1.50 1933—Nov 1.05 .94 .75 1.50 1934—Nov .45 .29 .68 1.50 1 1 9 9 3 3 5 6 — — N N o o v v .75 . . 5 56 7 . . 5 5 5 5 . . 7 7 5 5 23 y2^-5 2 1 . .4 4 6 4 1937—Nov .82 .59 .58 .75 2.23 2^-5 1.00 1938—Nov .69 .66 .67 .75 r2.79 2M-5 1.00 1 1 1 1 9 9 9 9 4 4 3 4 2 1 9 0 — — — — N N N N o o o o v v v v . . . . 8 5 6 5 7 4 4 3 1 1 1 1 . . . . 9 0 0 0 6 3 3 3 1 1 1 1 . . . . 0 0 0 1 2 0 0 8 1 1 1 1 . . . . 0 0 0 0 0 0 0 0 1 1 1 1 . . . . 6 8 6 8 7 4 9 8 3 2 y y 7 3 3 2 ^ s - - - 5 5 5 % y y 2 2 1 1 1 1 . . . . 2 2 2 2 5 5 5 5 1943—Nov .41 1.03 1.00 1.00 1.64 3-5 H 1.25 1 1 9 9 4 4 4 5 — — N N o o v v . . 3 3 8 6 1. . 0 5 3 3 1. . 0 5 0 1 1. . 0 6 0 3 1 1. . 3 2 6 1 y 3 5 -5 y2 1 1 . . 2 2 5 5 1 1 9 9 4 4 7 6 — — N N o o v v . . 4 4 0 1 . . 5 5 3 3 . . 5 5 1 1 . . 6 6 3 3 2 1 . .2 1 1 2 1. . 0 9 1 3 . . 7 7 8 4 2 y 3 2 4 y -4 2 H 1 1 . . 2 3 5 8 1947—Dec .53 .51 .63 2.04 1.13 .53 1.38 1948—Jan .41 .54 .51 .63 2.02 1.28 .57 1.50 Feb .41 .56 .50 .63 2.00 1.38 .78 1.50 Mar .41 .56 .51 .63 2.09 1.45 .99 1.50 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 2.04 1.56 1.35 1.63 Aug .41 .56 .51 .63 1.88 1.35 1.06 1.63 Sept .41 .56 .51 .63 2.84 1.10 .84 1.63 Oct .41 .56 .51 .63 2.09 1.03 .78 1.63 Nov .41 .56 .51 .63 1.08 .77 1.63 r Revised. 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. FEBRUARY 1949 209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b 1 m a 1 i n l L l k io s o s . n n te s d r o o F li n f i n g g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c o a s l n h l e o a y r n t d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Deposits lia O b a t i n h l d i e t r ies notice Total Demand Time capital 1941—December 366 141 171 758 999 823 324 3,329 2,168 J .161 253 1942—December. 390 142 198 896 1.120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 t 307 1.154 761 349 4,032 2,712 ,319 245 1944—December 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—December 536 252 369 1,523 1,234 827 374 4,850 3,262 1,588 265 1946—Decem her 499 432 610 1 ,560 1,427 994 505 5.685 3,823 1,862 342 1947—December 502 480 793 1,288 i, 483 1,219 567 5,935 3,962 1,972 396 1948—January 476 460 800 1,217 1,480 1.231 513 5,776 3,821 [,955 401 February 465 442 713 1,157 1,485 1,280 500 5,642 3,700 942 400 March 472 468 804 1,153 1,486 1,308 507 5,794 3,686 2,108 404 April 478 463 778 1.240 1,482 .315 509 5,861 3,744 2,117 404 May 488 454 723 1,248 1,477 L ,334 547 5,869 3,832 2,037 401 June 492 473 659 1,361 1,478 L354 530 5,955 3,872 2,083 393 July 489 477 715 1,320 1,478 1,335 487 5,909 3,834 2,075 390 S A e u p g t u em st ber 4 4 9 9 0 9 4 4 8 9 9 0 6 7 9 0 5 7 1 1 , , 3 3 4 2 5 3 1 1, , 4 4 7 7 2 4 1 1 , , 3 3 3 4 4 9 4 4 7 8 7 5 5 5s , 9 9 0 5 3 0 3 3 , , 8 8 2 4 9 4 2 2 , ,1 0 0 7 6 4 3 3 8 8 8 7 October 485 497 802 1.313 1,475 L. 365 497 6,040 3,927 2,113 393 November 495 482 793 1,332 1,480 1,355 516 6,057 3,958 2,099 396 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se o c a u n ri s ty e D x e c p lu o d s i i n ts g p i a n y te a r b b le a n i k n d C e a p n o a s d it a s Other En C d a n i o n a f d m m ia i o l n l n io d th n o s l f l o i a g f r u s) res re C se a r s v h es Se lo c a u n ri s ty 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 n o b e a d r r e n o f i r k n g a o s e d n m t Securities O as t s h e e ts r ci N r ti c o o u t n l e a- Total Demand Time li c a a b a p i n i l t d i a ti l es 1941—December 356 32 1.169 168 1,759 653 71 3,105 1,436 1,669 969 1942—December 387 31 ,168 231 2.293 657 60 3,657 1,984 1,673 1,049 1943—December 471 48 ,156 250 2,940 744 42 4,395 2,447 1,948 L,172 1944—December 550 92 ,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 ,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December .... 753 136 ,507 132 4.232 1 039 21 6,252 2,783 3,469 L 525 1947—December 731 105 ,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—January 698 77 ,953 97 3,972 1.029 18 6,281 2,457 3,824 1,526 February 679 70 ,933 108 3,968 1,017 18 6,227 2,346 3,881 I 531 starch 698 65 ,922 106 4,036 1,123 18 6,399 2,472 3,927 1,532 April . . 710 76 1,930 108 4,072 1 114 18 6,464 2,513 3,951 I 528 May 728 80 1,925 127 4,066 1 107 17 6,456 2,501 3,955 1,561 June 685 84 1,930 135 4,143 1 129 17 65528 2,592 3 936 I 561 July 671 77 L.948 128 4,154 1.019 17 6,446 2,487 3,959 11,533 August 712 77 L.958 144 4,209 1,082 17 6,609 2,606 4,003 1,557 September 734 76 2,023 136 4,185 1,169 17 6,776 2,728 4 049 L 530 October 751 97 2,110 143 4,156 1,067 17 6,798 2,758 4,040 1,510 November 781 96 2,202 140 4,212 1,149 16 7,020 2,935 4,086 L,542 France Assets Liabilities (4 o m f l i a m l r li g o o e n n t s b h a o n f f i k g f s u r . a re n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e t r s Deposits ac O c w ep n t- lia O b a t i n h l d i e t r ies Total Demand Time ances capital 1941—December 6,589 3,476 61,897 8,265 2,040 76,656 75.744 912 413 5,199 1942—December 7,810 3,458 73,917 10,625 2.622 91,549 9 ,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—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 28,465 295.80^ 113,956 41,028 464 340 459,603 4,737 28,569 21,849 September . 35,994 28.232 311,939 111,682 41,525 478 129 473 217 4,912 27 739 23 504 October 40,694 33,035 339,126 116,174 43,542 516 691 510,425 6,267 27,987 27,893 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 Y% per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—F©r 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. 210 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) (cruzeiro) (dollar) Year or Bel- Ceylon Colommonth "R la e r g " u- re " g N u o l n ar - " C in e d rt u a s i - n ( g fr i a u n m c) (rupee) (p b e i s a o) prod- prod- trial Official Free Official Free Official Free ucts ucts products 1943 29.773 24 732 322.80 321.50 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 25.125 322.80 321!17 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 1948 29.773 25.125 20!000 321.22 2.2816 5.4406 100.000 91.691 57.006 1948—Feb. . 29.773 25.125 321.20 2.2789 5.4406 100.000 89.062 57.010 Mar.. . 29.773 25.125 321.21 2.2793 5.4406 100.000 89.280 57.010 Apr. . 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. 29.773 25.125 321.21 2.2805 5.4406 100.000 93.229 57.010 July... 29.773 25.125 20.000 321.23 2.2807 5.4406 100.000 92.829 Aug. . . 29.773 25.125 20.000 321.23 2.2830 5.4406 100.000 92.701 Sept.. . 29.773 25.125 20.000 321.23 2.2844 5.4406 100.000 92.180 Oct. . 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.898 ... Nov.. 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.383 Dec. . . 29.773 25.125 20.000 321.23 2.2847 5.4406 100.000 92.250 1949—Jan. . 29.773 25.125 20.000 321.22 2.2844 5.4406 100.000 92.444 1 30.117 Year or month s C l z o e v c a h k o ia - m De a n rk - F (f r r a a n nc c ) e India 2 Italy Mexico e N rl e a t n h d - s Ze N a e la w nd Norway P p h i i n li e p- (koruna) (krone) (rupee) (lira) (peso) (guilder) (pound) (krone) Republic Official Free (peso) 1943.. 30.122 20.577 324.20 1944.... 30.122 20.581 324 42 1945... . 1.5711 30.122 20.581 37.933 323.46 1946.. ''2^0060' 20^876 409 30.155 .4434 20.581 37.813 322.63 ' '20.'176" 1947 2.0060 20.864 407 30.164 20.577 37.760 322.29 20.160 1948 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 350.48 20.159 1948—Feb.. 2.0060 20.860 .4671 .3270 30.168 20.575 37.714 322.49 20.160 Mar... . 2.0060 20.860 .4671 .3270 30.168 20.575 37.750 322.50 20.160 Apr 2.0060 20.860 .4671 .3277 30.169 20.578 37.765 322.51 20.160 May 2.0060 20.860 .4671 .3272 30.169 20.574 37.755 322.49 20.160 June 2.0060 20.859 .4671 .3268 30.169 20.573 37.718 322.50 20.158 July. . .. 2.0060 20.858 .4671 .3265 30.169 20.573 37.645 322.51 20.158 Aug 2.0060 20.855 .4671 .3268 30.169 37.621 353.87 20.158 Sept 2.0060 20.854 .4671 .3213 30.168 37.598 399.15 20.158 Oct 2.0060 20.854 .4671 .3193 30.168 14^438 37.602 399.15 20.158 Nov 2.0060 20.854 .4671 .3179 30.168 14.490 37.572 399.15 20.158 Dec. 2.0060 20.854 .4671 .3154 30.168 14.527 37.615 399.15 20.158 1949—Jan. 2.0060 20.854 .4671 .3141 30.168 14.534 37.664 399.14 20.158 149.675 United Y m e o a n r t o h r ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o r e t l a t n l l a i t e t r s s - ) (k S d r w o e e n n - 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 ) U ( r p u e g s u o a ) y Official Free 1943 .... 398.00 403.50 403.50 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 4.0501' 400.50 9.132 25*859 '" 23^363' 403.28 65.830 56.280 1947 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1948 4.0183 400.75 9.132 27.824 23.363 403.13 65.830 56.182 58^822 53.191 1948—Feb. . . 3.9700 400.75 9.132 27.826 23.363 403.11 65.830 56.180 Mar.. . 3.9856 400.75 9.132 27.826 23.363 403.13 65.830 56.180 Apr. . . 3.9966 400.75 9.132 27.826 23.363 403.15 65.830 56.180 May. . 4.0334 400.75 9.132 27.825 23.363 403 12 65.830 56.180 June.. 4.0345 400.75 9.132 27.824 23.363 403.13 65.830 56.180 July.. . 4.0329 400.75 9.132 27.824 23.363 403.14 65.830 56.180 Aug. . . 4.0327 400.75 9.132 27.824 23.363 403.15 Sept.. . 4.0319 400.75 9.132 27.823 23.363 403.15 Oct. . 4.0312 400.75 9.132 27.823 23.363 403.14 " 65^830" 56^180 ' '58^822' 53 .'191* Nov.. . 4.0316 400.75 9.132 27.823 23.363 403.15 65.830 56.180 58.822 53.191 Dec. . . 4.0321 400.75 3 9.132 27.823 23.363 403.15 65.830 56.180 58.822 53.191 1949—Jan. . . 4.0324 400.75 (3) 147.083 27.823 23.363 403.13 65.830 56.180 58.822 53.191 i 1 Based on quotations beginning Jan. 24, 1949. 2 Excludes Pakistan, beginning April 1948. 3 Quotations not available after Dec. 17, 1948. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. FEBRUARY 1949 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month ( U S 19 1 t n 2 a 0 6 i 0 t t e e ) = d s C (1 a 9 1 2 n 0 6 0 a ) d = a M (1 1 9 e 0 2 x 0 9 i ) c = o K U ( i 1 n 9 1 n g 3 0 i 0 0 d te ) o = d m F (1 r 9 1 a 3 0 n 8 0 c ) = e (1 I 9 1 t 3 0 a 8 0 ly ) = ( J 19 a 1 3 0 p 3 0 a ) n = ( J J N u u l = n l e a y e t 1 n h 1 0 1 d e 9 0 9 s r ) 3 3 - 8 9 - S (1 w 9 1 3 0 e 5 0 d ) e = n (J S u w = l l y a i 1 t n 1 0 z d 9 0 e ) 1 r 4 - 1926 100 100 i 124 106 132 150 i 126 144 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 1948 165 153 318 219 PI 711 P233 1948—January . . . 166 147 302 212 1,463 5,373 9,144 279 207 234 February 161 147 304 217 1,537 5,352 9,288 279 209 234 March 161 147 303 217 1,536 5,318 9,485 279 210 235 April 163 149 303 219 1,555 5,240 9,537 279 213 234 IVIay 164 150 313 220 1,653 5,184 9,634 279 214 233 June 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 1,783 5,704 16,916 280 217 231 September 169 158 328 220 1,791 5,769 18,206 279 217 230 October 165 159 331 220 1 884 P5 706 19,138 284 r2l7 230 November.... 164 160 329 221 Pl.974 P289 217 232 December 162 160 321 221 M.971 P231 p Preliminary. r Revised. 1 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) (1926=100) (1930=100) (July 1938-June 1939=100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p g a c a w o a t r u o n t d r a l u e y s n - d d F f u a c m g l c h l o a t y ie u o n f a d r u l e n s y - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l u u ra s c - w ts p f I i r n n o tr i d d s i h u a u l e s c - d ts 1926... 100 100 100 100 100 100 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 1948 188 179 151 143 156 140 181 242 1948—January 199 180 148 141 148 137 174 235 235 340 279 February 185 172 148 139 147 137 181 237 233 340 280 March 186 174 148 138 147 137 181 239 232 339 280 April 187 177 149 141 150 137 182 241 231 340 280 May 189 177 149 144 153 137 182 243 230 341 281 June 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 190 187 153 143 163 144 181 243 222 340 283 October 184 178 153 143 164 144 180 243 224 343 288 November 181 174 153 144 165 144 181 244 December 177 170 153 143 164 144 178 246 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p 159. 212 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 (1 = C 9 a 3 1 a d 5 0 n a - 0 - 3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 l = 9 e a 1 t n 1 1 h 0 d - e 0 s 1 r ) 3 - ( l 1 J a e u 9 n r 1 n - d 4 e Y m e o a n r t o h r ( U 1 S = 9 n t 3 a 1 i 0 5 t t e e 0 - s 3 d ) 9 (1 = C 9 a 3 1 a d 5 0 n a 0 - - 3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 l = 9 e a 1 1 t n 1 h 0 d - 0 e s 1 ) r 3 - ( l 1 J a e 9 u n r 1 n - d 4 e = 100) = 100) = 100) = 100) 1937 105 103 139 127 130 1937 103 101 154 137 137 1938 98 104 141 100 130 130 1938 101 102 156 100 139 137 1939 95 101 141 108 130 132 1939 99 102 158 108 140 138 1940 97 106 164 129 150 146 1940 100 106 184 129 154 151 1941 106 116 168 149 177 175 1941 105 112 199 150 175 174 1942 .. 124 127 161 174 191 200 1942 . 117 117 200 175 187 193 1943 138 131 166 224 198 211 1943 124 118 199 224 195 203 1944 . 136 131 168 275 215 1944 . 126 119 201 285 208 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1946 . 139 124 204 645 208 1947 194 160 UOl 1,043 222 1947 159 136 x101 1,030 217 1948 210 196 P1,662 P230 1948 171 155 PI 633 P224 1948-January... 210 182 104 1,437 230 1948-January... 169 148 104 1,414 224 February.. 205 186 108 1,541 230 February.. 168 150 106 1,519 224 March. .. . 202 186 109 1,518 229 March. . . . 167 151 106 1,499 223 April 208 187 109 1,524 229 April 169 152 108 1,499 223 May 211 191 108 1,541 229 May 171 153 108 1,511 223 June 214 194 113 1,560 230 June 172 154 110 1,529 224 July 217 201 108 1,559 229 July 174 157 108 1,528 223 August.. .. 217 203 107 1,716 228 August.... 175 158 108 1,670 223 September. 215 204 107 1,842 229 September. 175 159 108 1,783 223 October... 212 205 108 1,904 229 October.. . 174 160 108 1,844 223 November. 208 205 108 PI.873 235 November. 172 160 109 P1,870 226 December. 205 202 Pl.924 P232 Decembei. 171 159 P1,928 P225 P Preliminary. 1 This average is based on figures for the new index, beginning June. Theaverages for the old index, based on figures for January-June 17, are 20033 ffoorr rreettaaiill ffoooodd pprriicceess aanndd 116666 ffoorr ccoosstt ooff lliivviinngg.. 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 ( r n h a a i i t d g t e e e h s ) d i C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 1 K ( 9 D U 2 i e n 1 n c g i e = d t m e 1 o d 0 b m 0 e ) r F (1 r 9 1 3 a 0 8 n 0 ) c = e N la e n th d e s r 3 - ( U 1 S = 9 t n 3 a 1 i 5 t 0 t e e - 0 3 s d ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 ( F D 9 r 3 e a 8 c n e = m c 1 e 0 b 0 6 e ) r (1 N l 9 a e 3 n t 8 h d = s e 1 r s 0 - 0) Number of issues. . . 12 (2) 87 50 13 416 100 278 *295 37 1940 115.9 95.1 118.3 M14.2 88.1 77.4 70.8 7140 1941 117.8 99.4 123.8 8143.4 80.0 67.5 72.5 8 308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123.4 117.2 132.1 144.6 109.6 139.9 115.7 96.2 875 1947. 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 184.3 1948 98.7 105.0 129.9 P117.0 124.4 112.5 92.0 Pl.256 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 100.2 104.8 129.5 118.6 108.0 135.1 120.3 93.9 1,086 197,3 July 99.2 104.6 129.3 117.8 105.6 131.9 116.3 91.4 1,217 197.0 August 98.3 104.0 129.7 119.3 106.3 127.1 113.6 91.2 1,208 195.7 September. . . 98.2 104.1 130.1 116.2 106.6 125.7 113.4 90.7 1,285 194.3 October 97.8 103.8 130.5 114.4 107.3 127.8 116.4 90.6 1,464 November. . . 97.9 104.5 130.4 P113.4 120.4 117.8 91.6 pL.354 December. . . . 98.9 104.7 130.4 P110.0 119.4 115.8 91.6 V1,366 Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. • This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. 6 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. T Average based on figures for 5 months; no data available June-December. 8 Average based on figures for 10 months; no data available January-February. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. FEBRUARY 1949 213 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 WlNFIELD W. RlEFLER, 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 LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director JOHN C. BAUMANN, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWNSEND, Solicitor 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 CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman LAWRENCE CLAYTON W. RANDOLPH BURGESS, NEW YORK DISTRICT ERNEST G. DRAPER FREDERIC A. POTTS, PHILADELPHIA DISTRICT MARRINER S. ECCLES SIDNEY B. CONGDON, CLEVELAND DISTRICT R. M. EVANS R. R. GILBERT ROBERT V. FLEMING, RICHMOND DISTRICT H. G. LEEDY J. T. BROWN, ATLANTA DISTRICT M. S. SZYMCZAK JAMES K. VARDAMAN, JR. EDWARD E. BROWN, CHICAGO DISTRICT ALFRED H. WILLIAMS W. L. HEMINGWAY, ST. LOUIS DISTRICT C. S. YOUNG HENRY E. ATWOOD, MINNEAPOLIS DISTRICT CHESTER MORRILL, Secretary JAMES M. KEMPER, KANSAS CITY DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel J. E. WOODS, DALLAS DISTRICT J. LEONARD TOWNSEND, Assistant General Counsel RENO ODLIN, SAN FRANCISCO DISTRICT WOODLIEF THOMAS, Economist KARL R. BOPP, Associate Economist HERBERT V. PROCHNOW, Secretary WATROUS H. IRONS, Associate Economist JOHN K. LANGUM, Associate Economist T. BRUCE ROBB, Associate Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account 214 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 rresiuents Boston. Albert M. Creighton Joseph A. Erickson Robert B. Harvey2 Alfred C. Neal Harold D. Hodgkinson William Willett E. G. Hult Carl B. Pitman E. 0. Latham 0. A. Schlaikjer R. F. Van Amringe New York Robert T. Stevens Allan Sproul E. 0. Douglas A. Phelan William I. Myers L. R. Rounds H. H. Kimball H. V. Roelse L. W. Knoke Robert G. Rouse Walter S. Logan V. Willis R. B. Wiltse Philadelphia.... Alfred H. Williams Karl R. Bopp E. C. Hill Warren F. Whittier W. J. Davis L. E. Donaldson Wm. G. McCreedy Robert N. Hilkert P. M. Poorman3 Cleveland George C. Brainard Ray M. Gidney Roger R. Clouse B. J. Lazar A. Z. Baker Wm. H. Fletcher W. D. Fulton Martin Morrison J. W. Kossin Paul C. Stetzelberger A. H. Laning3 Donald S. Thompson Richmond Charles P. McCormick Hugh Leach R. L. Cherry R. W. Mercer J. B. Woodward, Jr. J. S. Walden, Jr. Claude L. Guthrie3 W. R. Milford E. A. Kincaid C. B. Strathy Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers T. A. Lanford Rufus C. Harris L. M. Clark V. K. Bowman E. P. Paris J. E. Denmark S. P. Schuessler Joel B. Fort, Jr. Chicago C. S. Young Allan M. Black2 John K. Langum Franklin J. Lunding Charles B. Dunn Neil B. Dawes 0. J. Netterstrom W. R. Diercks A. L. Olson E. C. Harris Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery Paul E. Schroeder Wm. H. Bryce F. Guy Hitt Wm. E. Peterson William H. Stead C. A. Schacht CM. Stewart Minneapolis. . . . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy2 D. W7. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco.. . Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Well man H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland Cincinnati B. J. Lazar Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. 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. 215 FEBRUARY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS: The material listed below may be obtained from RULES OF ORGANIZATION AND RULES OF PROCEDURE the Division of Administrative Services, Board of (Board of Governors of the Federal Reserve Sys- Governors of the Federal Reserve System, Wash- tem). September 1946. 31 pages. ington 25, D. C. Remittance should be made pay- THE FEDERAL RESERVE ACT, as amended to Novemable to the order of the Board of Governors of the ber 1, 1946, with an Appendix containing pro- Federal Reserve System. visions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per FEDERAL RESERVE BULLETIN. Issued monthly. Sub- paper-bound copy; $1.00 per cloth-bound copy. scription price in the United States and its posses- FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. sions, Bolivia, Canada, Chile, Colombia, Costa Space for plotting through 1948. April 1947 Rica, Cuba, Dominican Republic, Ecuador, Guateedition. 24 pages. 50 cents per copy; in quanmala, Haiti, Republic of Honduras, Mexico, Newtities of 10 or more copies for single shipment foundland (including Laborador), Nicaragua, 35 cents each. Panama, Paraguay, Peru, El Salvador, Uruguay, POSTWAR ECONOMIC STUDIES. (8 pamphlets) and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per No. 1. Jobs, Production, and Living Standards. copy. Group subscriptions in the United States No. 2. Agricultural Adjustment and Income. for 10 or more copies to one address, 15 cents per No. 3. Public Finance and Full Employment. copy per month, or $1.50 for 12 months. No. 4. Prices, Wages, and Employment. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $9.00 per No. 5. Private Capital Requirements. annum, or $1.00 per copy. In quantities of 10 or No. 6. Housing, Social Security, and Public more copies of a particular issue for single ship- Works. ment, 75 cents each. No. 7. International Monetary Policies. BANKING STUDIES. Comprising 17 papers on bank- No. 8. Federal Reserve Policy. ing and monetary subjects by members of the Board's staff. August 1941; reprinted March The price for the set of eight pamphlets is $1.25;; 1948. 496 pages. Paper cover. $1.00 per copy; 25 cents per pamphlet, or, in quantities of 10 or in quantities of 10 or more copies for single ship- more for single shipment, 15 cents per pamphlet. ment, 75 cents each. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND- BANKING AND MONETARY STATISTICS. Statistics of FUNCTIONS. November 1947. 125 pages. 75 banking, monetary, and other financial developcents per cloth-bound copy; in quantities of 10 ments. November 1943. 979 pages. $1.50 per or more copies for single shipment, 50 cents each.. copy. No charge for individual sections (un- Paper-bound copies available without charge. bound). DEBITS AND CLEARINGS STATISTICS, THEIR BACK- PROVISIONS OF STATE LAWS RELATING TO BANK RE- GROUND AND INTERPRETATION. October 1947. 5fr SERVES as of December 31, 1944. 1945. 30 pages. pages. 25 cents per copy; in quantities of 10 or MONETARY AND BANKING REFORM IN PARAGUAY. more copies for single shipment, 15 cents each. Includes translation of laws, accompanying reports, and introduction reviewing the monetary DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, history of Paraguay. July 1946. 170 pages. December 31, 1947. July 1948. 122 pages. $1.00 per copy. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations, 1A more complete list, including periodical releases and re- with amendments. prints, appeared on pp. 1554-1557 of the Dec. 1948 BULLETIN. 216 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS 1948 SURVEY OF CONSUMER FINANCES. June, July,, (From Federal Reserve Bulletin unless preceded by an asterisk) August, and September 1948. 65 pages. RETAIL CREDIT SURVEY—1947. From July 1948 REVISION OF NATIONAL INCOME AND PRODUCT STA- BULLETIN with supplementary information for TISTICS. September 1947. 12 pages. nine separate trades. 41 pages. STERLING IN MULTILATERAL TRADE, by J. Burke Knapp and F. M. Tamagna. September 1947. SALES FINANCE COMPANY OPERATIONS IN 1947, by 8 pages. Milton Moss. July 1948. 6 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- # STEPS TO RESTORE POWERS OF STATES AND LOCALI- SUMERS, July 1947. October 1947. 4 pages. TIES, by Frederic Solomon. Reprinted from the July 1948 issue of the American Bar Association BANK LOANS TO FARMERS. October and December 1947. 36 pages. Journal. 9 pages. THE CURRENT INFLATION PROBLEM—CAUSES AND * MEANS OF COMBATING INFLATION. Statements of CONTROLS, by Governor Marriner S. Eccles. De- Governor Marriner S. Eccles before House Bankcember 1947. 8 pages. ing and Currency Committee on August 3, 1948, BANKING ASSETS AND THE MONEY SUPPLY SINCE and before the Senate Banking and Currency 1929, by Morris A. Copeland and Daniel H. Committee on July 29 and 30 on S. J. Res. 157^ Brill. January 1948. 9 pages. 2 pamphlets. PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT STATEMENT BEFORE THE HOUSE BANKING AND CUR- AGAINST THE DEMAND AND TIME DEPOSITS OF RENCY COMMITTEE. Presented by Chairman BANKS, by Governor Marriner S. Eccles. Janu- Thomas B. McCabe on August 2, 1948. August ary 1948. 10 pages. 1948. 8 pages. THE FEDERAL RESERVE CHART BOOK AS AN AID TO REGULATION OF CONSUMER INSTALMENT CREDIT. BANK MANAGEMENT, by Charles H. Schmidt. Statement by Governor R. M. Evans before the April 1948. 9 pages. House Banking and Currency Committee on, # STATEMENT ON BEHALF OF THE BOARD OF GOVER- August 2, 1948. August 1948. 2 pages. NORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE PHILIPPINE CENTRAL BANK ACT and Text of THE JOINT COMMITTEE ON THE ECONOMIC REPORT. the Act, by David Grove and John Exter. In Presented by Governor Marriner S. Eccles on part a reprint from the August 1948 BULLETIN,. April 13, 1948. 7 pages. 36 pages. NEW COMMERCIAL BANKING OFFICES, 1936-1947, THE BALANCE SHEET OF AGRICULTURE, 1948. Sepby Caroline H. Cagle and Raymond C. Kolb. tember 1948. 16 pages. May 1948. 12 pages. BANK CREDIT DEVELOPMENTS. October 1948. 12 ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS pages. AND BUSINESSES. June 1948. 2 pages. RECENT DEVELOPMENTS IN BUSINESS FINANCE; with THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM. Address by Chairman Thomas INDUSTRIAL DIFFERENCES IN LARGE CORPORATION B. McCabe on October 26, 1948 at the annual FINANCING, by Charles H. Schmidt. June 1948. meeting of the Stockholders of the Federal Re- 19 pages. serve Bank of Boston. November 1948. 5 pages. 1948 SURVEY OF CONSUMER FINANCES— I. EXPENDITURES FOR DURABLE GOODS. June 1948. FINANCIAL POSITION AND BUYING PLANS OF CON- 15 pages. SUMERS, July 1948. November 1948. 5 pages* II. THE DISTRIBUTION OF CONSUMER INCOME IN LATIN AMERICA'S POSTWAR INFLATION AND BALANCE 1947. June 1948. 8 pages. OF PAYMENTS PROBLEMS, by David L. Grove and III. CONSUMER OWNERSHIP AND USE OF LIQUID Gerald M. Alter. November 1948. 11 pages. AND NONLIQUID ASSETS. July 1948. 15 pages. * STATEMENT ON BEHALF OF THE BOARD OF GOV- IV. CONSUMER SAVING AND THE ALLOCATION OF ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE DISPOSABLE INCOME. August 1948. 19 pages. THE JOINT COMMITTEE ON THE ECONOMIC REPORT. V. HOUSING EXPENDITURES AND FINANCE. Sep- Presented by Chairman Thomas B. McCabe on tember 1948. 8 pages. February 14, 1949. 7 pages. FEBRUARY 1949 21? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

h-* OO FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES 52 5=== BOUNDARIES OF FEDERAL RESERVE DISTRICTS r BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES w ^T BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM w €> FEDERAL RESERVE BANK CITIES • FEDtRAL RESERVE BRANCH CITIES OCTOBER 1.194$ Ett. 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis