Federal Reserve Bulletin, 1949-03

F E D E R AL R E S E RV BULL MARCH 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 The Labor Market. . 219-227 New Statistics of Interest Rates on Business Loans, by Richard Youngdahl. 228-237 Savings Institutions and the Capital Markets, by Charles H. Schmidt. 238-246 Law Department: Commodity Credit Corporation Paper. . 247 Consumer Instalment Credit. . 247-248 Current Events and Announcements. 249 National Summary of Business Conditions. 250-251 Financial, Industrial, Commercial Statistics, U. S. (See p. 253 for list of tables) 253-308 International Financial Statistics (See p. 309 for list of tables). 309-327 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council .. .. . . 328 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 329 Federal Reserve Publications. .. 330-331 Map of Federal Reserve Districts. . . 332 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

VOLUME 35 March 1949 NUMBER 3 THE LABOR MARKET In a review of recent labor market devel- mand for labor and the moderate reductions opments, two facts stand out as of major in living costs since early last fall, there has importance. The first is that the year 1948 been a slackening as compared with earlier was one of record peacetime levels for activ- postwar years in the rate of advance in averity in the labor market. Civilian employ- age hourly earnings. Weekly earnings in ment, man-hours of work performed, aver- manufacturing, which reflect hours of work age hourly and weekly wages, and aggregate as well as hourly earnings, registered a small wage and salary payments were all at new decline in January. A large number of durhigh levels. Notwithstanding the further able as well as nondurable goods industries exceptionally large expansion of the labor showed declines from preceding months. force, unemployment was slightly below 1947 Total wage and salary disbursements seasonand was lower, except for the war years, than ally adjusted have declined somewhat from at any time since 1929. their record high reached last November. The second fact is that activity in the Recently wage increases have been denied labor market has receded in recent months. or have not been requested in some industries A moderate, but cumulating, weakness in in which wage increases frequently have prethe demand for labor has apparently been ceded bargaining in the heavy industries. developing. By February seasonally adjusted This has been true, for example, among texemployment in nonagricultural establish- tile, clothing, and leather manufacturing ments had declined substantially from the companies. In many other instances wage end of last year and from the record level increases of varying amounts have continued reached last fall and was moderately lower to be granted. In general, the recent inthan in February 1948. Average hours of creases have tended to be smaller than those work in manufacturing have been reduced, granted last year and have been much more layoff rates have been stepped up, and hiring closely related to conditions existing in the rates have been cut in recent months. Un- industries or companies affected. In many employment increased considerably more important industries, such as steel, automothan seasonally from the low levels of last biles, electrical equipment, rubber, and coal, fall and by early February was higher than bargaining over further wage increases has at any time in the postwar period. In early not yet started this year. March, as indicated by weekly claims filed for unemployment benefits, unemployment GENERAL BACKGROUND was still rising but the rate of increase ap- Record levels of labor market activity peared to be slackening. reached last year reflected the strongly ex- Associated with the recent easing of de- pansive and inflationary tendencies that had MARCH 1949 219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET characterized economic conditions generally were declining were fewer and less important since the end of the war. Similarly, easing to total employment. of the labor market since last fall has coin- Until recently, adjustments had been cided with the slackening in general demand, largely on an individual industry, or even as reflected in declining sales and prices. a specific product basis, with employment The downward adjustment in employment in most industry divisions increasing or and prices, although occurring in many lines, at least remaining fairly even. In the has not yet been of sufficient magnitude to recent period, however, the declines in permit full appraisal of its significance. employment have been very widespread, Seasonal influences have been a factor in especially among manufacturing groups, the employment declines since last fall, but although in most instances they have been they do not explain the reductions from small in amount. Thus, in January 1949 levels of a year ago. The widespread nature all but one of the 20 industry groups in and the generally moderate size of the re- manufacturing participated in the decline in ductions in employment and man-hours from the number of man-hours worked from a a year ago, coupled with the continued large year ago. In private nonmanufacturing activvolume of physical production, suggest the ities employment in January 1949, seasonpossibility that productivity may have in- ally adjusted, was below the peaks reached creased on a broad front. Little in the way in 1948 in all divisions, and the total was of specific statistical evidence is at hand, slightly below a year ago. Government however, to provide adequate proof that employment, seasonally adjusted, was higher this has happened. The wearing down of in January 1949 than at any time in 1948. backlog demands brought over from the war period, the filling of pipelines, the re- LABOR FORCE duced needs for further inventory accumu- The total labor force, including about 1.3 lation, and the greater efforts of some con- million in the armed forces, averaged 62.7 sumers to live within their means and of million in 1948, as shown in the chart, or others to provide more adequately for the LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT future are among the influences that have SELECTED YEARS, 1929-1948 probably contributed to the recent easing of demand. In this connection, it should be noted that recent declines in employment and average hours have been much more general and somewhat different in many respects than the short-lived and moderate reductions that oc curred in the spring of 1947 and the spring of 1948. Moreover, the recent reductions in employment have been reflected more directly in higher unemployment than in the earlier periods, when the areas in the economy that were still expanding strongly 1929 1933 1939 1941 1944 1946 1947 1948 were of more importance and the areas that Bureau of Labor Statistics data, 1929-1939, and Bureau of Census data, 1941-1948. 220 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET 1.1 million more than in the preceding year labor market in larger numbers than in the and about 6.7 million more than in 1940. recent past if the birth rate continues to Prewar trends in the relationship between decline from its record level of 1947. Unless growth of the working-age population and a sufficient number of other workers volunlabor force participation would have called tarily withdraw from the labor market, emfor an increase in the labor force of only ployment must increase to prevent unem- 600,000 from 1947 and of about 5 million ployment from rising. from 1940. Whether the more-than-expected net additions reflect the ready availability of TOTAL EMPLOYMENT ample job opportunities and the pressure of Total civilian employment was at a record higher living costs on family budgets or some level in 1948. The average for the year of more permanent change in the labor market 59.4 million was about 1.4 million above the is a matter of debate. year before and almost 14 million higher Structural analysis of the labor force shows than in 1939. Employment of men in civilian that a number of significant changes have activities was at an all-time high of 42.4 taken place since prewar years. A large pro- million in 1948, while employment of portion of the extra additions to the labor women, at 17 million, was about 2 million force since 1940 are women under 20 years below the wartime peak but was more than or over 35 years of age. These groups have 5 million above 1939. come into the labor force in sufficient num- Agricultural employment, which fluctuates bers to much more than offset the less-than- widely within the year for seasonal reasons, normal additions from the 20- to 34-year averaged 8 million or slightly less than in group, which has been most directly affected 1947 and was about 1.5 million less than in by the high marriage and birth rates of recent 1939 and about 2.5 million less than in 1929. years. The proportion of women in the labor Nonagricultural employment averaged 1.6 force increased from 28 per cent in 1940 to million higher in 1948 than in the previous 32 in 1948. year (Census series), 4.5 million higher than Among men the percentage in the labor in 1946, and 15 million or 40 per cent higher force has increased only slightly; it was 85 than in 1939. per cent last year as compared with 84 per Domestic service employment has recent in 1940. Increases in the groups of men mained relatively stable at about 1.7 million who are under 20 years of age or over 55 during the last two years, following a sharp offset the lower percentage shown for the 20- increase in 1946 from its low war levels. The to 34-year age group. Veterans are concen- number of self-employed has also remained trated in the latter age group, and about one fairly stable at about 6 million, following an million veterans attending school were not increase of one-fourth in 1946 from the rein the labor force. stricted war levels. The total labor force in the next year or MANUFACTURING EMPLOYMENT so may be expected to reflect the entrance into the labor market of many veterans who Employment and average hours of work are now in school, in addition to the normal in manufacturing industries usually respond increase in the labor force. Women in the sooner and more sharply to weakening or 20- to 34-year old group may also enter the strengthening of general demand than do 221 MARCH 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET many other divisions of activity. Reflecting Examination of changes in man-hours strong general demand in recent years, total worked in manufacturing by major industry man-hours of work in manufacturing in groups shows that, following the broad ex- January 1949 (preliminary figures) were pansion of employment in 1946, a process 78 per cent larger than in January 1939. The of readjustment to peacetime labor needs expansion was heavily concentrated in dur- began in a few manufacturing industries able goods industries, which increased their early in 1947 and subsequently spread to total man-hours worked by 118 per cent while more industries. In January 1948, when total nondurable goods industries expanded 47 man-hours were 3 per cent higher than in the per cent. Expansion of employment was same month of 1947, about half of the manuthe major factor in the increase in total man- facturing industry groups reported fewer hours in both durable and nondurable goods man-hours of work than in January 1947. industries, but average weekly hours of work Adjustment to lower levels of labor requirealso increased substantially. ments came in nondurable goods lines to a greater extent than in durable goods in- The volume of man-hours worked in Janudustries. ary 1949 was also well above that in early 1946 with the expansion in durable goods Between January and September 1948 emindustries again outstripping that in nondur- ployment and man-hours expanded moderable industries. In this three-year period ately, but by January 1949 employment had average hours of work were reduced some- dropped more than seasonally and average what, while employment increased consider- hours of work had declined. As a result, ably. The following table shows percentage aggregate man-hours of work in every manuchanges in man-hours, employment, and facturing group, except automobile producaverage hours of work in total manufac- tion, reached a level below that reported a turing, and in durable and nondurable year earlier. In fact, the reductions were groups, from one year ago, three years ago, sufficient to bring total man-hours in manuand prewar. facturing below the level of two years ago; the durable goods group was very slightly MAN-HOURS, EMPLOYMENT, AND AVERAGE HOURS OF WORK IN MANUFACTURING INDUSTRIES below, but the nondurable group was considerably below, the level of two years ago. Percentage increase, or decrease (—), In comparison with three years ago, however, January 1949 from: Item or industry 1 J 9 a 4 n 9 . man-hours worked in January 1949 were Jan. Tan. Jan. substantially higher for total manufacturing 1948 1946 1939 as well as for most industry groups. Man-hours (millions, weekly) All manufacturing 501 -5.8 12.4 77.8 In January 1949 man-hours worked in Durable goods 265 -4.7 21.3 117.7 Nondurable goods 236 -7.3 3.5 46.8 manufacturing were 6 per cent less than a Employment (thousands year before, the decline of 7 per cent in nonof Persons) All manufacturing 12,665 -3.7 16.4 64.8 durables lines exceeding that in durable goods Durable goods 6,542 -3.7 22.2 95.7 Nondurable goods 6,123 -3.7 10.7 41.1 industries. Among industry groups the Average weekly hours All manufacturing 39.6 -2.2 -3.4 7.9 sharpest declines over the year were reported Durable goods 40.5 -1.0 -.7 11.3 Nondurable goods 38.6 -3.5 -6.3 4.3 in electrical machinery, furniture, textile, leather, and rubber manufacturing. In the NOTE.—Based on Bureau of Labor Statistics data on employment and average weekly hours of production workers. Figures for iron and steel, stone, clay and glass, print- January 1949 are preliminary. 222 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET ing, chemical, and petroleum groups the of important expansive tendencies, although reductions were quite moderate—none being in most industries employment has been more than 3 per cent. The following table maintained at high levels. compares man-hours worked in manufactur- The average work week in manufacturing ing in January 1949 with those one year ago industries, which had remained in a fairly and three years ago and with the prewar narrow range slightly above the 40-hour level level. in each of the three years 1946-48, has moved toward a moderately lower level; in PERCENTAGE CHANGES IN MAN-HOURS WORKED IN MANU- January 1949 average hours worked were be- FACTURING INDUSTRIES low any January since 194L Between January Percentage increase, 1948 and January 1949 average weekly hours or decrease (—), January 1949 from: of work declined almost a full hour, or by Industry group Jan. Jan. Jan. over 2 per cent. All groups except trans- 1948 1946 1939 portation equipment and automobile manu- All manufacturing . . -5.8 12.4 77.8 facturing participated in the decline. In Durable goods -4.7 21.3 117.7 nondurable goods activities, average hours Iron and steel and products -3.3 14.7 100.1 Electrical machinery -10.4 4.6 146.4 dropped almost an hour and a half, or 3.5 Machinery, except electrical -7.6 14.1 162.8 Transportation equipment, except automobiles -5.8 -16.8 282.3 per cent, from a year ago, as compared with Automobiles 4.9 102.4 121.2 Nonferrous metals and products -6.5 6.1 97.4 a reduction of less than half an hour, or one Lumber and basic timber products.... -3.1 61.2 107.8 Furniture and finished lumber products -13.3 16.7 57.7 per cent, in the durable goods lines. Declines Stone, clay, and glass products -1.0 25.1 85.9 of an hour and a half or more were reported Nondurable goods -7.3 3.5 46.8 Textile mill products -14.4 -1.2 9.7 in the furniture, textile, apparel, leather, Apparel and finished textile products. . -6.7 14.0 63.6 Leather and products -13.2 -1.1 3.7 Food -3.9 -0.3 56.0 tobacco, and paper industries. Only slight Tobacco manufactures -7.8 -2.7 10.8 Paper and products -4.9 5.6 66.6 changes were shown in iron and steel, chem- Printing and publishing -2.0 11.2 40.1 Chemicals and products -1.1 7.3 121.5 ical, and petroleum industries. Petroleum and coal products -2.3 7.1 76.9 Rubber products -12.5 -14.7 77.3 Miscellaneous industries -7.7 6,2 94.6 Important indications of the slackening demand for labor have been the substantial NOTE.—Based on Bureau of Labor Statistics data on the number of production workers and average weekly hours of work in reductions both in the rate of hiring workers major industry groups. January 1949 figures use'd in computations are preliminary. and in the rate at which workers voluntarily leave jobs. At the same time layoff rates The decline of 600,000 in manufacturing have been increasing sharply. These changes employment, seasonally adjusted, between were striking in the last two months of 1948 September 1948 and January 1949 was fairly and in January 1949. The rate of hiring, 3.3 substantial. Also it contrasted with the inper 100 employees at work in January, was crease of 300,000 in the comparable period well below the rate reported for any January the year before when the general demand in recent years. With new jobs scarcer, situation was exceptionally strong. The widespread nature of the recent declines in workers were quitting their jobs at the lowfactory employment and the lack of offset- est rate for any January since 1941. In conting increases, rather than the size of the trast, the layoff rate rose sharply to the declines, are perhaps the most significant highest January rate since the late thirties aspects of recent employment developments. and was over twice the rate reported in Janu- Among major groups there is little evidence ary 1948. MARCH 1949 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET EMPLOYMENT IN NONMANUFACTURING age. Transportation employment declined INDUSTRIES as did Federal employment. Federal employment in early 1949 was substantially above Nonmanufacturing establishments in Janits postwar low, but was 500,000 or one-fifth uary 1949 employed 28.5 million persons or below its high level of January 1946, which about four-fifths more than manufacturstill reflected the large wartime expansion. ing establishments, which had 15.9 million In the past year total employment in nonemployees. Although nonmanufacturing emmanufacturing lines, as shown in the table, ployment as a whole has increased by 9 milhas been relatively stable, but private employlion or nearly 50 per cent since January 1939, ment has declined while both Federal and the percentage increase was somewhat less State and local government have increased. than that shown for manufacturing. Con- Transportation and service activities reported struction and Federal employment, however, fewer workers in January 1949 than in the have increased relatively more than manusame month last year, while construction facturing since 1939. The chart shows and trade showed little change. The nummonthly employment since 1939 for nonber in mining also showed little change, but agricultural industry divisions. average hours of work at coal mines have EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS been declining, and coal stocks have been in- MILLIONS OF EMPLOYE 1 ES 2 creasing. Employment in financial establishments and in public utilities moved upward last year and in January 1949 was considerably higher than a year earlier. The table shows the changes in employment in nonmanufacturing activities and in manufacturing from one year ago, three years ago, and January 1939. EMPLOYMENT* IN NONAGRICULTURAL ESTABLISHMENTS Percentage increase, or decrease ( —), January January 1949 from: 1949 (in Industry division thousands of persons) Jan. Jan. Jan. 1948 1946 1939 1944 1948 Bureau of Labor Statistics data, adjusted for seasonal varia- Total 44,346 -.6 13.4 53.2 tion by Federal Reserve. Latest figures shown are for January 1949. Manufacturing 15,875 -2.4 17.4 66.5 Nonmanufacturing 28,471 .5 11.3 46.7 In January 1949 nonmanufacturing em- Mining 926 .4 7.5 5.3 Contract construction.. . 1,881 .5 54.2 102.9 ployment was up 3 million persons or 11 Transportation 2,740 -2.5 -7.4 39.3 Public utilities 1,257 3.S 29.2 53.3 per cent from early 1946. Employment in Trade 9,624 C1) 16.9 49.6 Finance 1,718 2.3 15.3 26.5 Service 4,564 -3.4 7.6 46.6 construction, trade, finance, public utilities, Government 5,761 4.8 2.6 47.2 Federal 1,876 7.6 -20.9 119.4 and State and local government increased State and local 3,885 3.5 19.9 27.0 relatively more than the average, while serv- 1 Less than .05 per cent. ice and mining increased less than the aver- NOTE.—Bureau of Labor Statistics estimates of full- and parttime wage and salary workers in nonagricultural establishments. 224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET UNEMPLOYMENT ages, which indicate the recent trend more clearly than monthly figures. Unemployment during 1948 averaged only Claims filed for unemployment benefits 2.1 million persons, slightly less than in 1946 under both the State and the veterans' proand 1947 and about 7.5 million less than in grams also have reflected the general easing 1939. Unemployment as a percentage of in the demand for labor and the growing the labor force averaged 3 per cent in 1948, or unemployment in recent months. The numabout the same percentage as in the peak ber of continued claims filed under both proprosperity year of 1929, but very much below grams totaled about 2.5 million at the end the rate of 25 per cent in 1933 and 17 per of February, more than double the low level cent in 1939. in October 1948 and about 700,000 or two- Unemployment during 1948 followed the fifths above late February last year. Under usual seasonal pattern of higher unemploythe special program for railroad workers ment in the winter months, when bad 80,000 persons were receiving unemployweather curtailed outdoor activity, and also ment benefits in mid-February this year as in the summer, when youths on vacation compared with 51,000 a year earlier. from school entered the labor force looking The number of initial claims filed, which for work. The smallest number of unemtends to reflect the incidence of new unemployed, 1.6 million, was reported in October. ployment, increased sharply from last fall By January 1949 unemployment increased to early January but has declined somewhat to a total of 2.7 million and in February adsince then. However, in early March such vanced further to 3.2 million. The increases claims were still substantially larger than from earlier months were substantially more in the corresponding period last year. The than expected because of seasonal influences. downward trend in number of initial The level of unemployment in February 1949 claims since early January and the relatively was 600,000 higher than in the same month small increases in continued claims in recent the year before and higher than at any time weeks suggest that total unemployment in in the postwar period. The chart shows early March may still be increasing but at unemployment in terms of quarterly avera slower rate than earlier in the year. UNEMPLOYMENT All States have reported substantial in- QUARTERLY AVERAGES creases in the number of claims for unemployment benefits under their programs as EST. compared with the same periods last year, / / which attests to the general and widespread character of the readjustments that have been V taking place. In many States the number of continued claims has doubled. For the nation as a whole the rate of unemployment among persons insured under State unemployment programs was almost 6 per cent in mid-February 1949. In some States, how- Bureau 19 o 46 f Census; 19 q 4 u 7 arterly av 19 e 4 r 8 a ges of m 194 o 9 nthly figures; ever, the percentages were very high. In first quarter of 1949 estimated by Federal Reserve from Census reports for January and February. Oregon, Washington, and California the MARCH 1949 225 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET rates were around 12 per cent, and in Rhode For most individual industries and specific Island and Tennessee they were almost 10 products, it is not possible to make accurate per cent. Maine, New Hampshire, New comparisons of wage increases and price York, Idaho, Utah, Arkansas, Nevada, and changes because of lack of comparability of Montana all had rates of 7 to 9 per cent. the statistical series and the difficulty of select- In some of these States exceptionally bad ing proper periods for comparison. In some weather was a factor. In Pennsylvania and industries prices apparently advanced as West Virginia and in most of the industrial much as or more than wages, as was the case States in the Midwest, the unemployment rather generally in 1946 and 1947. But in rates were below the national average. some other industries wage increases in 1948 were followed by price stability or price re- WAGE CHANGES ductions, which presumably were made pos- Increases in hourly earnings during 1948 sible by savings in costs of materials or other were not reflected in increases in wholesale nonlabor items, by enhanced productivity, and retail prices to the same extent as during or by lower profit margins, which were ac- 1946 and 1947. Thus, in December 1948 cepted voluntarily or forced by competition average wholesale prices were slightly below in the product markets. the level of a year earlier, owing largely to In the period from December 1945 to substantial declines in prices of farm products December 1946, which includes the first postand foods. Average prices of all commodities war so-called "round" of wage increases, except farm products and foods were 5 per wage advances were widespread, general, and cent above December 1947, and within this large—averaging 14 per cent in terms of broad group prices of some products, such hourly earnings of nonagricultural wage as metals and metal products, were con- earners, according to the index compiled by siderably higher than a year ago while some the Federal Reserve Bank of New York. The other prices were lower. Consumer prices range among the major activities shown were only 3 per cent higher in December separately in the index was from 12 per cent 1948 than in the same month of 1947 in construction to 16 per cent in public and were about 2 per cent below the post- utilities. During 1947 further large increases war peak reached in August and September occurred with average hourly earnings in- 1948. In contrast to these small changes in creasing 11 per cent. In this period the peraverage prices, average hourly earnings of centage increases were somewhat less uniwage earners in nonagricultural industries form in amount but were quite general were 7 per cent higher in December 1948 among industries. The range was from 9 than in the same month a year earlier. per cent in trade and services to 16 per cent Since last December average wholesale in mining. During 1948 wages continued prices and consumer prices have declined to advance, but the increases were generally further; in February consumer prices were considerably smaller than in the preceding probably little, if any, higher than in Feb- year and much more differentiated in amount ruary 1948 and wholesale prices were lower. and selective in application among indus- However, average hourly earnings in manu- tries, companies, and workers. The average facturing increased further in January and advance was 7 per cent, and the range among probably in February as well. major activities was from 6 per cent in trade 226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE LABOR MARKET and services to 10 per cent for construction. AVERAGE WEEKLY EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING The following table shows these changes in hourly earnings, together with changes in consumer and wholesale prices. RRENTDOLL/5 / AVERAGE HOURLY EARNINGS IN NONAGRICULTURAL INDUSTRIES /• \ / COMPARED WITH CONSUMER AND WHOLESALE PRICES \ Percentage increase, or decrease ( —): 1939DOLL A Dec. 1948 Item or industry indexes Dec. Dec. Dec. Dec. (1939= 1947 1946 1945 1945 100) to to to to Dec. Dec. Dec. Dec. 1948 1947 1946 1948 Average hourly earnings of wage earners: Total 207 7 11 14 36 f94O 1942 1944 1946 1948 Manufacturing 218 8 12 15 39 Bureau of Labor Statistics data. Weekly earnings expressed Mining 212 9 16 14 44 in terms of 1939 dollars are obtained by adjusting weekly earn- Public utilities 182 6 10 16 36 ings by the changes in the consumers' price index with 1939" Construction 208 10 13 12 40 as the base period. Latest figures shown are for January 1949. Trade and service 204 6 9 14 32 Consumers' prices notably among textile, apparel, and leather (all items) 172 9 18 32 Wholesale prices companies, previous rates of pay have been (all commodities) 211 16 32 52 continued. In a few cases, such as General Re S s O er U ve R C B E a .— nk A v o e f r ag N e e w ho u Y rl o y r k e ; ar c n o i n n s g u s m o e f rs ' w p a r g i e c e e s a r a n n e d r s, w h F o e l d e e sa ra le l Motors Corporation, wage rates have been prices, Bureau of Labor Statistics. reduced slightly in accordance with pro- In the first two postwar years weekly earn- visions for adjustments upward or downward ings advanced by about the same percentages as changes are shown by the consumers' as hourly earnings, but in the last year they price index. However, in many recently anincreased a little less than hourly earnings nounced settlements wage increases or other because of the reduction in average hours benefits have been granted. worked. In the first postwar year consumer Appraisal of prospects for further wage prices advanced sharply and increased con- increases is difficult because of the recent residerably more than weekly earnings. As ductions in living costs and the rise in una result, the buying power of the weekly employment, which are likely to focus inwages of nonagricultural wage earners, as creased attention on conditions in specific represented by earnings in 1939 dollars, industries and to result in even more selecdeclined about 4 per cent. In 1947 average tivity among companies and industries than real weekly earnings increased slightly, and last year. In the bargaining period ahead, in 1948 real weekly earnings increased nearly which includes negotiation of contracts in 3 per cent. In January 1949, data for manu- such major industries as steel, automobiles, facturing alone indicated a slight decline in rubber, electrical equipment, and coal, it is average weekly earnings. A similar slight expected that more emphasis will be placed decline occurred in consumer prices. on welfare and pension benefits than in the In recent months average hourly earnings earlier years. Bargaining for shorter hours have continued to advance but more slowly of work without corresponding reductions in and much more selectively than during the weekly earnings likewise has shown signs postwar period generally. In some cases, of increasing recently. MARCH 1949 227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS by RICHARD YOUNGDAHL For nearly 30 years the Federal Reserve Board the data now being regularly reported on the new and Federal Reserve Banks have obtained regular basis, indicated that the wide variation in rates reports on interest rates charged by selected mem- charged at any one time was reflected more in size ber banks on loans to business borrowers. Because differences among loans than in city or regional of the wide range in rates charged on individual differences, which had been the basis of previously loans at any one time owing to variations in the compiled averages. For this reason changes in avernature of the borrowers and of the loans, it has been age rates from one period to another often reflected difficult to compile a series of representative average changes in the size distribution of loans, rather than or typical rates with assurance of consistency over changes in the general level of interest rates. Data time. Methods of reporting the basic data and of by individual loans permit the computation of avercompiling time series of average or typical rates ages in a manner that adjusts for changes in size have been changed from time to time in order to composition and, therefore, give results that more improve the data.1 accurately reflect variations over time in the level In recent years, surveys made by the Federal of interest rates. Reserve System have made available important new 4. On the basis of the new data, the following data regarding interest and discount rates charged averages have been computed for June, September, on bank loans and the relationship of various loan and December 1948 and will be computed and puband borrower characteristics to the rates charged. lished for future quarterly report periods: Such data emphasized the need and provided the (a) Average rates by size groups of loans, as basis for a comprehensive revision of the informafollows: tion formerly collected and published by the Board. As a result of these developments, the System has (1) $1,000 and less than $10,000 revised its statistics of average rates charged on (2) $10,000 and less than $100,000 short-term commercial loans at banks in 19 leading (3) $100,000 and less than $200,000 cities for the period since 1939.2 This revision has (4) $200,000 and more the following major features: (5) All sizes 1. Statistics reported by a selected group of 91 (b) Average rates for each of these size groups, large banks in 19 leading cities show the amount as well as for all loans, by city groups, as follows: of the loan and the interest rate charged for each new loan or renewal made in the first half of March, (1) New York City June, September, and December. The new reports (2) 7 northern and eastern cities began in June 1948. The periods covered by the (3) 11 southern and western cities reports are the same and the reporting banks nearly (4) All 19 cities the same as in the series previously compiled, but 5. Previously compiled data for the period March the report form is different. 1939 to June 1948 have been reworked to provide 2. The new report form supplies data for each estimates of average rates charged on loans, as individual loan, whereas previously the banks refollows: ported the total number and dollar amount of loans made at certain rates of interest or ranges of rates. (a) Average rates for all 19 cities by the same 3. The comprehensive loan surveys, as well as size groups shown above for each quarterly date. (b) A revised series of average rates for all 19 1 See "Commercial Loan Rates at Banks in Principal Cities." Federal Reserve BULLETIN, November 1939, pp. 963-67. and cities compiled from the new size-of-loan aver- Winfield W. Riefler, Money Rates and Money Markets in the United States, Harpers, 1930. ages and a constant system of weights. This 2 Short-term loans include loans maturing in one year or less. The general term "interest rate" as used in this paper revised series eliminates certain erratic fluctuaincludes discount rates. The figures reported are the nominal rates indicated on the loan notes. tions and long-run trends introduced by shifts in 228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS the size composition of loans. The revised series Interest and discount rates charged by banks on and the old series are compared in the chart. business loans vary in accordance with the terms (c) Revised annual averages of rates by groups and conditions of the loan as well as with the of cities. It is not feasible on the basis of data characteristics of the borrower. Certain loan and available to compute satisfactory data by quarters borrower characteristics are associated with paror by size-of-loan groups for the city groups. ticularly wide differences in the rates charged. The Federal Reserve survey of bank loans to businesses NEW AND OLD SERIES OF BANK RATES showed, for example, that as of November 20, 1946 ON LOANS TO BUSINESSES rates differed greatly on large and small loans, on loans to large and small companies, and on loans backed by various kinds of security.3 These differences may narrow and widen as interest rates fluctuate from one period to the next. Rates on some types of loans rise and fall in response to changes in the availability of funds and the demand for loans, while rates on other loans change more slowly. Measurement of the movements and levels of interest rates thus involves a summarizing or averaging of rates on loans which differ considerably in many respects and which are made at greatly varying rates. A series on average interest rates should, if possible, be constructed in such a manner that fluctuations will reflect changes in the level of interest rates, i.e., in the price of loan funds, and not changes in the composition of business loans 6. The designation of the series has been changed made at banks. That is, mere shifts in the profrom "interest rates charged by banks on commerportion of large loans and small loans made, or in cial loans" to "interest rates charged by banks on the proportion of loans made in particular areas business loans." The shorter designation is "bank rates on business loans." While the term "commer- of the country, should not have an effect on an cial loans" is consistent with traditional banking average rate that is intended as a summary measure usage, the term "business loans" is a more accurate of changes in the prices for loans. description of the coverage of the averages, which Size of loan and interest rate. Perhaps the most includes rates on loans to all types of business con- striking feature of the current bank loan market cerns and not merely rates on loans to businesses is the close relationship between the size of a primarily commercial in character. loan and the interest rate charged. Data obtained in the System's survey as of November 20, 1946 STRUCTURE OF RATES AND RATE MEASUREMENT indicate that rates tended to be considerably higher on small loans than on large loans, even when other Bank loans to businesses take a variety of forms loan and borrower characteristics were essentially and differ widely in their characteristics as to size similar. Rates on business loans at all member of loan, maturity, security, method of repayment, banks as of November 1946 ranged from an averand other features. Nearly all variations in types age of about 7 per cent on loans of less than $1,000 of businesses are represented among borrowers from and about 5 per cent on loans of from $1,000 to banks. Banks lend to large, medium-sized, and $10,000, down to an average of about 2 per cent small companies; to concerns engaged in all, or nearly all, types of business activity; to newly estab- on loans of $500,000 or more. Short-term loans to lished companies and to companies with years of 3 For a description of the structure of interest rates on business experience; to corporations, to partner- business loans as of Nov. 20, 1946, see Richard Youngdahl, "The Structure of Interest Rates on Business Loans," Federal ships, and to individual proprietorships. Reserve BULLETIN, July 1947. MARCH 1949 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS large prime commercial borrowers were generally Averages of rates on all loans tend to exaggerate made at 1.5 per cent at that time. differences in rates among various sections of A similar relationship between loan size and the country. In part the differences shown in preinterest rate also existed at large banks in major viously compiled averages of rates on all business money centers, which are the institutions covered loans at banks in New York, in the North and by the System's series on business loan rates. This East, and in the South and West, stem from such kind of interest rate pattern, moreover, was shown factors as differences in the size composition of for short-term business loans made in the three bank loan portfolios. At New York City banks, reporting periods in 1948 for which detailed infor- for example, a much greater proportion of total mation by size of loan is available. The chart shows loan volume is made up of large loans than is the the relationship of loan size and average interest case at banks in other cities. rate for short-term loans made at these banks in It is true at the present time that average interest the period December 1-15, 1948. The relationship rates on loans of comparable size show some variheld not only for all 19 cities taken as a group but ation among these areas, with the lowest rates being for each city as well. charged in New York City banks. The rate variation is much smaller, however, than a straight average of rates on all loans indicates. The average AVERAGE BANK RATES ON LOANS TO BUSINESSES BY SIZE OF LOAN, DECEMBER 1-15,1948 rate on all short-term loans made in December 1-15, SIZE OF LOAN INTEREST RATE (PER CENT PER ANNUM) 1948 was 0.72 percentage points higher at banks in 0 L 2 3 4 5 southern and western cities than in New York City. * 1,000 -$1,999 But on loans of comparable size, average rates tended to be about 0.30 percentage points higher. $5,000- $9,999 After allowance is made for inter-area differences $10.000-$24,999 — 1 in other loan characteristics, actual differences in $25,000-$49,999 rates among these money centers are even smaller. $50,000-$99,999 Variation from one time to another in size and other characteristics of bank loans has resulted in $100,000-$199,999 movements in the straight average of the rates on $200,000-$499,999 all loans that did not necessarily reflect any change $ 500,000- $ 999,999 in the level or structure of interest rates. Thus, if in a given area, the proportion of large loans made $1,000,000 AND OVER should increase from one quarter of the year to another, a straight interest rate average would tend ALL LOANS ! to decline. If the shift in the size composition of the loans were great enough, a drop in rates might NOTE.—Average rates are for short-term loans to businesses made by banks in 19 selected cities during the period Dec. 1-15, be shown by the series even though the rate on each 1948. type and size of loan actually increased. Variation in loan size and average interest rate. The wide pattern or spread of the rates charged DESIRABLE FEATURES FOR A SERIES ON BUSINESS LOAN on different kinds of short-term business loans, RATES such as large and small loans, has great importance in the computation of a summary measure of For adequate understanding of longer-term trends interest rates. If, with the present pattern of rates, and current tendencies in rates on bank loans, data small and medium-sized loans are a substantial are needed that will reveal both general movements proportion of the total value of bank loans, the in rates and changes in the structure of rates on amount of interest paid relative to the amount bank loans. Data on the general level of rates borrowed will tend to be high. Conversely, a small should reflect changes in over-all supply and deproportion of small loans and a large proportion of mand conditions of bank credit, including changes large loans will result in a low straight average rate in response to actions of the monetary authorities. on all bank loans. Data on the structure of rates should reliably reflect 230 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS the differential impact of these changes in the cost loans for the period since March 1939. Quarterly of credit on important segments of the loan market. rates for these groups of loans will also be available Perhaps ideally a time series on bank business in the future (since June 1948) by three geographic loan rates might be constructed by obtaining quo- areas of the country—New York City, seven northtations every quarterly period on the interest cost ern and eastern cities, and eleven southern and of each loan in a broadly representative "basket" of western cities. hypothetical loans. For several important reasons, The summary averages of rates on all short-term however, such a pricing of bank loan credit is not loans at banks in the 19 cities have been revised to workable. Business loans are not commonly mar- measure the average rate for a group of loans held keted like commodities such as wheat or refrig- largely constant with respect to size and geographic erators. Bank interest rates to business customers distribution. The size and geographic distribution are not normally posted. Except for loans to prime of the portfolio of short-term loans outstanding as borrowers, rates generally are not set up even in schedule form, except perhaps informally for in- TABLE 1 ternal guidance. The loan transaction between banker and customer is most frequently personally ESTIMATED AVERAGE INTEREST RATES ON SHORT-TERM BUSInegotiated and in strict confidence. The terms of NESS LOANS MADE AT BANKS IN 19 SELECTED CITIES BY SIZE OF LOAN the loan as well as the facts regarding the need for the loan and the credit position of the borrower are [Per cent per annum] not revealed. Evidence indicates, in fact, that sub- Size of loan stantial variations in rates may be shown as among Period (first 15 days highly similar loans made by a particular bank. of month) All $1,000- $10,000- $100,000- $200,000 This may result from considerations not easily asso- sizes $9,999 $99,999 $199,999 and over ciated with the circumstances of the loan itself. It 1939—Mar 2.1 4.4 3.2 2.1 1.8 may arise from special competitive conditions or Tune 2.1 4.4 3.1 2.2 1.8 Sept 2.1 4.4 3.1 2.1 1.8 from special business arrangements between a Dec 2.1 4.3 3.0 2.0 1.8 banker and a customer who, for example, may 1940—Mar 2.0 4.2 3.0 1.9 1.8 June 1.9 4.2 3.0 2.1 1.6 bring income to the bank from sources other than Sept 2.1 4.3 3.0 2.0 1.9 interest on loans. These circumstances raise diffi- Dec 2.2 4.3 3.1 1.8 1.9 culties in getting reports of rates on a single basket 1941—Mar 2.1 4.3 3.0 1.9 1.8 June 2.1 4.3 3.0 1.8 1.9 or successive baskets of identical loans on a basis Sept 1.9 4.2 3.0 2.0 1.6 Dec 2.0 4.3 3.1 2.0 1.7 satisfactory for use in the computation of average 1942—Mar 2.0 4.3 3.0 2.0 1.7 interest rates for groups of loans and for all loans. June 2.1 4.4 3.2 2.1 1.8 Sept 2.4 4.4 3.2 2.2 2.2 From detailed data on business loans actually Dec 2.4 4.4 3.3 2.4 2.1 made, however, it is possible to set up a system of 1943—Mar 2.7 4.3 3.3 2.3 2.5 June 2.9 4.3 3.4 2.8 2.8 classification that will take account on an average Sept 2.4 4.4 3.3 2.4 2.1 Dec 2.5 4.4 3.4 2.6 2.3 of factors that cause major differences in interest 1944—Mar 2.5 4.4 3.4 2.7 2.2 rates among business loans. That is, if loans made June 2.5 4.2 3.4 2.5 2.3 Sept 2.5 4.4 3.3 2.6 2.3 by banks are classified by attributes most closely Dec 2.3 4.3 3.1 2.5 2.0 associated with differentials in rates, fluctuations in 1945—Mar 2.3 4.4 3.3 2.6 2.0 average interest rates that now result from changes J S u e n p e t 2 2 . . 3 3 4 4. . 2 4 3 3 . . 3 1 2 2 . . 3 3 2 2 . . 0 1 in loan composition can be substantially eliminated. Dec 2.0 4.2 3.0 2.0 1.7 Such data would also provide valuable information 1946—Mar 2.1 4.1 3.1 2.3 1.7 June 2.0 4.2 3.1 2.2 1.7 on the structure of interest rates. Sept 2.0 4.0 3.1 2.1 1.7 Dec 2.1 4.4 3.2 2.1 1.8 1947—Mar 2.1 4.3 3.1 2.5 1.8 NEW AND REVISED SERIES, BY SIZE OF LOAN June 2.1 4.1 3.1 2.6 1.8 Sept 2.1 4.1 3.1 2.4 1.8 The Federal Reserve quarterly series on interest Dec 2.1 4.1 3.2 2.5 1.8 rates on short-term business loans made at banks 1948—Mar 2.4 4.2 3.3 2.5 2.1 June 2.47 4.49 3.47 2.70 2.16 in selected cities has been set up to provide informa- Sept 2.60 4.53 3.58 2.89 2.29 Dec 2.64 4.50 3.58 2.97 2.34 tion on average rates on four major size groups of MARCH 1949 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS of November 20, 1946 at the banks reporting rates RATES ON BUSINESS LOANS, 1939 THROUGH 1947 is used in computing the summary average rate. The level and structure of interest rates on bank Average rates on all short-term business loans in loans in the forties, as in the late thirties, were prodthe three geographic areas have also been computed. ucts of conditions of extreme monetary ease. Con- Like the averages for all loans in the 19 cities, the ditions of ease in the thirties reflected primarily the summary averages for the three geographic areas huge excess reserves of banks resulting from large measure rates on groups of loans held constant by gold inflows and the limited demand for bank size and geographic distribution. Averages of rates credit. They have continued in the war and postfor the three areas for the period 1939 through 1947 war periods largely as a result of monetary policies are on an annual basis only because available data associated with war financing and with postwar would not support more detailed estimates. For Government debt management. the period beginning June 1948 summary averages Estimates of rates charged, by loan size, indicate for each geographic area are computed quarterly. that the pattern of rates charged by banks on short- The new interest rate series for banks in all 19 term business loans in 1946 and 1947 was very cities for the period June 1948 through December similar to that in 1939 and 1940. Rates on large 1948, and comparable estimates of rates for the business loans of $200,000 and over averaged about period March 1939 through March 1948, are shown 1.75 per cent in both periods, with prime comin Table 1 and in the chart. Similar averages for mercial loans made at 1.5 per cent. Rates on very each geographic area for the period from June 1948 small and medium-sized loans were also about the through December 1948 are shown in Table 2. same in the immediate postwar years as they were Table 2 also shows estimates of average rates on all in 1939 and 1940. loans on an annual basis for each of the three The only significant changes in loan rates over geographic areas for the period 1939 through 1948. the period from 1939 through 1947 occurred in the years 1942 through 1945. Average rates on BANK RATES ON SHORT-TERM LOANS TO BUSINESSES large loans rose somewhat in mid-1942 and reached BY SIZE OF LOAN a peak of 2.75 per cent in mid-1943. Throughout PER CENT PER ANNUM OUARTERLY PER ANNUM 4 ALL 1.OANS 4 the remainder of the war period they remained at levels close to 2.5 per cent. Rates on medium-sized loans also rose slightly during the war period. Rates 3 3 on small business loans, however, showed little y 1r V \ "A change. 2 2 The increase in loan rates in the early period of active United States participation in World War II LOANS OF: probably reflected an expectation by banks and other 5 5 lenders that the needs of war financing would drive $1,000-99,999 r interest rates up. This expectation was shown, for * 4 4 example, in bank hesitancy to take the 2 per cent % 10,000-* 99,999 United States Government bonds offered in October ,—^ 1942, an issue which later in 1943 they bid to a 3 3 ^4100,000-^^ 199,999 y premium. Thus in late 1942, banks began to ask higher rates on some of their large and medium- \| J - sized business loans. When it became fully ap- V $ 200,000 AND OVEF parent, however, that the war would be financed at low rates, average rates on business loans tended 1 1 to decline slightly. In part the rise in average rates on large loans 0 0 1940 1942 1944 1946 1948 during the early war years was probably due to NOTE.—Figures are averages of rates on short-term loans to the fact that many of the borrowers in the loan businesses made in the first 15 days of each March, June, September, and December by banks in 19 selected cities. market were fast growing, war-born concerns with- 232 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS out established credit worth. Rates on bank loans largely to the fact that for the revised series the to large war producers under the terms of the size composition of loans is held constant by the Government guarantee (Regulation V) tended to weighting system whereas for the old series it be somewhat higher than rates on loans where shifted over the period as there were shifts in the such guarantee was not required. This was due size composition of loans. After the war a greater at least in part to the fact that the cost of the guar- proportion of bank loans to businesses were large antee, which on an average was about 25 per cent loans than in the prewar period. Thus the old of the interest rate charged, was generally added to series tended to show a decline in rates as large, the interest cost of the loan. On large loans guar- low-rate loans increased in importance. anteed under the provisions of Regulation V, rates Some borrowers may actually be able to obtain tended to be about 1 percentage point higher than credit at lower rates than in prewar years, because the interest rate charged on loans to prime com- of an increase in the size of loans they need to mercial borrowers. cover their requirements. But changes of this sort For several quarterly periods during the war were not reflected in the averages. average rates on business loans tended to be lower than rates in nearby quarters. This is true especially RATE CHANGES SINCE MID-1947 for the first 15 days of December 1942, 1944, and Beginning in mid-1947, rates on short-term Gov- 1945 and September 1943. War loan drives were ernment securities have increased somewhat. By underway during all or part of these periods. This the end of 1947, Treasury bills and one-year Treasseems to indicate that some businesses borrowed during the drives to purchase Government securities TABLE 2 and that on these loans they were charged relatively low rates. It is possible that many of the loans AVERAGE INTEREST RATES ON BUSINESS LOANS AT BANKS IN SELECTED CITIES, BY AREA AND SIZE OF LOAN may have been collateraled by the Government securities. [Per cent ]3er annum] In 1946 and 1947, conditions of credit availability 7 northern 11 southern were essentially similar to those in the immediate Size of loan All 19 New and and and period cities York eastern western prewar period. Banks did not hold substantial cities cities excess reserve balances with the Federal Reserve All sizes: Banks as in prewar years, but they held billions Annual averages— of dollars of short-term United States Government 1939 2.1 1.8 2.0 2.5 securities, which could be sold to acquire reserves 1940 2.1 1.8 2.0 2.5 1941 2.0 1.8 1.9 2.5 as needed. The cost of reserves to banks, therefore, 1942 2.2 2.0 2.3 2.6 1943 2.6 2.2 2.9 2.8 corresponded to the low rates prevailing on short- 1944 2.4 2.1 2.7 2.8 term Government securities, which until July 1947 1945 2.2 2.0 2.5 2.5 1946 2.1 1.8 2.1 2.5 was % per cent or less. Banks were in a position to 1947 2.1 1.8 2.2 2.6 1948 2 5 2 2 2 6 2 9 satisfy freely the large postwar loan demand at the Quarterly— low rates prevailing. Since the needs of banks for 1948—June 2.47 2.12 2.49 2.92 Sept 2.60 2.32 2.60 3.01 liquidity reserves were satiated by their large hold- Dec 2.64 2.34 2.68 3.02 ings of short-term Government securities, and since $l,000-$9,999: reserve funds could be readily obtained by selling 1948—June 4.49 4.35 4.42 4.60 Sept 4.53 4.40 4.55 4.57 securities to the Reserve Banks, even the record loan Dec 4 50 4 23 4 51 4 62 expansion of the postwar period generated no effec- $10,000-$99,999: 1948—June 3.47 3.19 3.40 3.68 tive pressure for an increase in prime loan rates. Sept 3.58 3.35 3.58 3.71 Dec 3.58 3.40 3.60 3.68 Data by size of loan and the revised average of $100,000-$ 199,999: rates on all loans show that the prices banks charged 1948—June 2.70 2.43 2.67 2.91 Sept 2.92 2.70 2.91 3.07 for business loans were about the same in the im- Dec 2.97 2.70 2.97 3.14 mediate postwar years as in the prewar period. $200,000 and over: 1948—June 2.16 1.94 2.27 2.45 The old series showed a small decline over this Sept 2.29 2.13 2.34 2.56 Dec 2.34 2.16 2.44 2.57 period. The differences in movements are due 233 MARCH 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS ury certificates were yielding 1 per cent and ll/ All short-term business loans which banks report, 8 per cent, respectively. Yields on both corporate and that is all loans for one year or less, are sorted out Government bonds were somewhat higher in turn. by the Federal Reserve. These are grouped by major In 1948 there was a further rise of about % per cent geographic areas—New York City, seven northern in yields on short-term Government securities. and eastern cities (Boston, Buffalo, Philadelphia, This rise in rates on Government securities was Pittsburgh, Cleveland, Detroit, and Chicago) and reflected in late December 1947 in an increase in eleven southern and western cities (Baltimore, Richinterest rates on prime business loans, which rose mond, Atlanta, New Orleans, Dallas, St. Louis, 14 of 1 per cent, from 1.5 to 1.75 per cent. The Minneapolis, Kansas City, Seattle, San Francisco, rate increase tended at first to be limited to a rise in and Los Angeles). For each area the loans are the rates on large business loans, as is shown in classified by the following nine size groups: the chart in the previous section. Rates on other loans were not as immediately aflected, but subse- 1,000-$ 4,999 quently showed a comparable rise. 5,000- 9,999 In August 1948, yields on short-term Govern- 10,000- 24,999 ment securities increased again. This was reflected 25,000- 49,999 quickly in rates on all sizes of business loans. As 50,000 - 99,999 is shown in Table 2, rates in September were gen- 100,000- 199,999 erally somewhat higher in each of the three areas 200,000 - 499,999 of the country than they were in June. The in- 500,000 - 999,999 creases were larger for large loans than for small 1,000,000 and over loans, however. Averages of the rates paid on each size group In the last quarter of 1948, rates on business loans of loans in each area are computed. This is done showed little further rise. Rates on large loans by dividing the dollar amount of interest charged, averaged slightly higher while rates on small loans figured at an annual rate, by the dollar amount of tended to be somewhat lower. loans made in each group of loans. The resulting At the end of 1948, interest rates were still low, rate averages for the minor size groups for each although higher than in the immediate postwar area are then combined into four major size groups period. Credit continued to be abundant and cheap. of loans for the area. The weights used for this computation are based on the importance in each APPENDIX A area of the minor size groups in the loan portfolios COMPUTATION OF NEW INTEREST RATES SERIES of reporting banks, as of November 20, 1946. As noted previously, the following are the major size To develop the new series on bank loan rates categories of loans for which weighted average rates discussed above, the reporting arrangement through are computed: which the Federal Reserve System collects interest rate data was modified to provide information on $ 1,000-$ 9,999 an individual loan basis. Under the new plan, 10,000- 99,999 respondent banks in the 19 money centers list on 100,000- 199,999 a revised form the dollar amount, interest rate, and 200,000 and over maturity of each loan made during the quarterly reporting periods.4 The new reporting form is For each of these loan categories an average rate shown on page 236. for all 19 cities is computed by combining the corresponding averages for the three geographic areas. 4 No further processing of the data by the respondent banks This is likewise done by the use of weights which is necessary. The information is put on punch cards at the Reserve Banks. Consideration was given to the feasibility of are based on the distribution of short-term business including information for each loan on size and business of borrower, but in the final form this was not done since some loans outstanding at rate reporting banks as of banks—because of the form in which their records are kept— would have found it inconvenient to provide the information. November 20, 1946. The computation for loans Size of business is closely correlated with size of loan and this classification, although it would add significantly to the made in the period December 1-15, 1948 is illusaccuracy of the data, is not essential. Rate variations are not as large by kind of business as by the other two attributes. trated in Table 3. 234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS TABLE 3 groups in the business loan volume outstanding as of November 20, 1946 at reporting banks in the COMPUTATION OF AVERAGE INTEREST RATES ON MAJOR SIZE area concerned. Table 4 illustrates the computation GROUPS OF SHORT-TERM BUSINESS LOANS AT BANKS IN 19 SELECTED CITIES, DECEMBER 1-15, 1948 for the December 1-15 period. [Average rates in per cent per annum] APPENDIX B (1) (2) S g iz e e o g g r r a o p u h p i c o f a r l e o a an and Weights A in v t e e r r a e g st e DEVELOPMENT OF REVISED SERIES, 1939-48 rate1 Quarterly estimates have been presented of aver- $l,000-$9,999: age rates on four major size groups of short-term New York City 24 4.23 Seven northern and eastern cities 22 4.51 loans to businesses at banks in 19 selected cities for Eleven southern and western cities 54 4.62 the period March 1939 through March 1948. On All cities 100 4.50 the basis of these averages, a revision has been made $10f0 N 0 e 0 w -$ 9 Y 9 o ,9 rk 9 9 C : ity 28 3.40 in the series on average rates for all loans to busi- Seven northern and eastern cities 25 3.60 nesses at these banks. Revised estimates of aver- Eleven southern and western cities... . 41 3.68 age rates on all loans were also presented on an All cities 100 3.58 annual basis for the three areas of the country. $100,000-$199,999: New York City 26 2.70 For the period from March 1939 through March Seven northern and eastern cities 33 2.97 Eleven southern and western cities.... 41 3.14 1948, more than 80 respondent banks supplied the All cities ... 100 2.97 Federal Reserve System with information on the $200,000 and over: total number and amount of loans made at each in- New York City 46 2.16 Seven northern and eastern cities 32 2.44 terest rate during the four 15-day reporting periods Eleven southern and western cities 22 2.57 of each year. Provision was also made for com- All cities 100 2.34 ments regarding loans made under unusual circum- 1 Average for each area in each size group is a weighted average stances at special interest rates. of average rates for minor size groups. Average for all cities in On the basis of these data, it was possible to each size group shown is average of area averages shown in Column 2 weighted by the percentages shown in Column 1. relate interest rates to average sizes of loans and to prepare estimates of average rates for the four For each of the three geographic areas, and for major size groups covered in the new series. The all 19 cities throughout the country taken together, steps in the estimating process were: an average rate is computed as a summary measure of movements in rates on all sizes of loans. In each (1) For each reporting period, the report for case the over-all average is obtained by combining every bank was reworked to single out any indithe average rates for the four major size groups of vidual loans reported and to obtain the average size loans. The weights used in making each average of groups of loans made at various interest rates. reflect the relative importance of the loan size In this connection, each report was scrutinized and TABLE 4 COMPUTATION OF AVERAGE INTEREST RATES ON1 ALL SHORT-TERM BUSINESS LOANS AT BANKS IN 19 SELECTED CITIES BY GEOGRAPHIC AREA, DECEMBER 1-15, 1948 [Average rates in per cent per annum] All 19 cities New York City 7 e n as o t r e t r h n e r c n i t a ie n s d 1 w 1 e s s o t u e t r h n e r c n it i a e n s d Major size groups of loans Weights Av r e a r t a e ge Weights Average Weights Av r e a r t a e ge Weights Av r e a r t a e ge $l,000-$9,999 2 4.50 1 4.23 2 4.51 5 4.62 $10,000-$99,999.... 15 3.58 10 3.40 12 3.60 24 3.68 $100,000-$199,999.. 11 2.97 7 2.70 11 2.97 15 3.14 $200,000 and over.. 72 2.34 82 2.16 75 2.44 56 2.57 All loans 100 2.64 100 2.34 100 2.68 100 3.02 MARCH 1949 235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING FORM FOR NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS Confidential Form Approved Federal Reserve System INTEREST RATES ON LOANS TO BUSINESSES Budget Bureau No. 55-R0I5 Form F.R. 467 Revised MADE DURING 1-15, 19 , INCLUSIVE Page No. Note:—Loans covered in this interest rate report are those classified Bank Stamp in the call report of condition under "commercial and industrial loans" (item 1 of schedule A) except for open market paper purchased. Such loans include all business loans to individuals, partnerships, and corporations except those secured by real estate. Report on each such loan made during the 15-day period. If several loans are made to the same borrower during the reporting period, report them as one loan, if convenient; otherwise they may be reported separately. Include renewals of loans. Loans made under a revolving credit arrangement should be reported as maturing in over one year. Exclude loans of less than $1,000. Report to the Federal Reserve Bank four times a year for the first 15 days of March, June, September, and December. Please explain on the reverse side of this form any special reasons for unusually high or low rates reported. (Signed, first sheet only) (Sane) (Title) Maturity Maturity (check one) (check one) Amount of Interest Rate Please do 1 yr.Over Amount of Interest Rate Please do 1 yr.Over Loan (per cent per not use or Loan (per cent per not use or 1 (in thousands annum) less, year (in thousands annum) less, year of dollars) or of dollars) or de- demand mand (•ill.) (thou.) (•ill.) • (thou.) 1 21 J 2 22 ! 9 23 i 4 24 t I 5 25 i i 6 26 i ; 7 27 • 8 28 9 29 • 10 30 ; ; 11 31 i 12 32, ; 13 33 j 14 34 ; • 15 35 i 16 36 i i 17 37 i 18 38 j 1© 39 j 20 4Q 236 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS compared with the same bank's reports for nearby four major size categories of loans. For each obperiods to eliminate loan groups which were noted servation, the interest rate was multiplied by the by the respondent as including one or more loans dollar amount involved. A preliminary average made under unusual circumstances or which in the rate for each size group was computed by dividing judgment of the statistician seemed to include such the sum of these products by the total of the dollar loans. amounts. (2) These individual loans and averages (ob- (4) The preliminary averages for each size group servations) for each reporting bank or branch were were adjusted to the levels indicated by the new plotted by interest rate and loan size. The charts, series. At the time of the adjustment data were which showed for each period a pattern of rates available for an overlap period of three dates (June, declining as loan size increased, revealed cases that September, and December 1948). The levels were were in some way exceptional from a rate stand- also checked against data reported in the business point. These were reexamined and the observation loan survey as of November 20, 1946 by the banks rejected if evidence of unusual circumstances was included in the quarterly series. revealed. These rejections were due generally to The resulting series of average rates for the four circumstances where it seemed obvious that one or major size groups of loans were combined into a two large loans (or a few small loans) were mixed series of average rates for all loans. This was done with an average containing in number (or dollar on the basis of the same constant set of weights as amount) primarily small loans (or large loans). is used in computing the new average for all 19 Such observations were not useful guides and were cities—that is, as derived from the distribution of thrown out where they could be detected. short-term business loans outstanding at rate re- (3) The observations were grouped into the porting banks on November 20, 1946. 237 MARCH 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS by CHARLES H. SCHMIDT Substantial amounts of funds entering the capital statutory regulations as well as by relative yields markets in recent years have come from institutions of alternative investment outlets. that accept individual savings in the form of life 2. Savings institutions, though only one group insurance premiums, deposits, or share purchases. of institutional investors, have considerable influ- As these forms of saving continue to grow, the in- ence in the capital markets. Total resources of life vestment activities of the institutions accepting insurance companies, mutual savings banks, and them exert greater influence over the amount and savings and loan associations exceed 89 billion doltype of securities offered in the capital markets. lars at the present time. Since 1921 their com- As a basis for defining the role played by savings bined assets increased approximately 440 per cent— institutions in the present-day capital markets, doubling during the prosperous twenties, increasanalysis has been made of the investment activities ing moderately during the depression and recovery of life insurance companies, mutual savings banks, period of the thirties, and nearly doubling again and savings and loan associations. Choice of these since 1939. Over the entire period 1922-48 assets institutions was dictated in part by the magnitude of life insurance companies increased more than of their resources and in part by the availability those of mutual savings banks and savings and of reasonably complete and current data. Thus, loan associations. while time deposits of commercial banks represent 3. Throughout the period 1934-48 these savings an important form of institutionalized saving, the institutions supplied the bulk of the funds borrowed investment activities of commercial banks are not to finance long-term private capital requirements, included in this analysis because of the difficulty and a substantial part of the funds borrowed by of differentiating those associated with time de- Government. posits from those associated with demand deposits. During the prewar period 1934-39, expansion of Savings institutions are but one form of institu- savings institution investments was concentrated tional investor. Others are fire and casualty insur- in Government securities and corporate bonds. ance companies, investment trusts, trust companies During the defense and war period these instiand trust departments of commercial banks, phil- tutions absorbed nearly one-sixth of the securities anthropic foundations, and educational institutions. issued by the Federal Government. In the postwar For many of these groups, information essential to period 1946-48, the net increase in corporate bond an analysis of their investment activities is lacking. holdings of life insurance companies exceeded the The effect of all these institutional investors on the estimated increase in long-term corporate debt outcapital markets is substantially greater than the standing, while the expansion of savings institution effect of savings institutions alone. holdings of real-estate mortgages was about twofifths of the estimated increase in real-estate mort- SUMMARY gage debt. 1. The flow of individual savings into life insur- At the end of 1948 these savings institutions held ance, mutual savings bank deposits, and savings nearly one-half of the total of corporate bonds and and loan association shares has significant economic real-estate mortgages outstanding as compared with implications. To the extent that savings are kept a prewar 1929-39 average of less than one-third. in this form, rather than used by individuals di- 4. Among these savings institutions, life insurrectly for the purchase of bonds, stocks, and real- ance companies play the leading role in business estate mortgages, investment funds and decisions financing. In part, the dominance of life insurance are transferred from numerous individuals to a companies is attributable to their larger resources, relatively small number of savings institutions. which in 1948 were roughly two and a half times Moreover, investment decisions of these institutions those of mutual savings banks and four times those are determined by their primary functions and by of savings and loan associations. Also, it reflects 238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS the nature of life insurance contractual liability, investment portfolios and capital market activities which permits the investment of funds over long of different savings institutions. periods of time, as well as a somewhat wider range Life insurance companies. There are approxiof permissible investments. During the postwar mately 580 domestic legal reserve life insurance period, life insurance company holdings of business companies, with combined assets in excess of 55 bilsecurities and real-estate mortgages increased by lion dollars. Their primary function is that of roughly 14 billion dollars; at the end of 1948 assuring a predetermined income or lump-sum payroughly 37 per cent of their total resources were ment to a beneficiary in the event of death of the invested in business securities and 20 per cent in insured of to the insured on maturity of an enreal-estate mortgages. dowment or annuity policy. Among these com- 5. Since savings institutions are restricted by law panies there are 12, each with resources of one to investment in riskless and near-riskless assets, billion dollars or more, that operate on a nationpractically all of their business financing takes the wide basis and together account for three-fourths form of long-term credits, evidenced by bonds, of the industry's total resources. Accordingly, the mortgages, or notes. In order to obtain investment industry's participation in the capital markets is outlets for a continually growing volume of funds, largely reflected in the investment activities of these life insurance companies have relied extensively giant concerns. upon lending directly to businesses by private pur- Life insurance companies operate under State chase of entire bond and note issues. Also, they charter, and are subject to regulation by the inhave recently expanded their commercial and in- surance commissioners of the various States in dustrial real-estate holdings on an equity or risk which they do business. Moreover, the amount basis. and character of their permissible investments are variously regulated by State statutes. In general, 6. Since mid-1946 savings institutions, particuthese statutes prohibit, or limit to a small percentlarly life insurance companies, have sold or reage of total assets, the amount invested in equity deemed in cash at maturity some 6 billion dollars capital shares, and restrict purchases of corporate of their United States Government security holdbonds and notes to the higher-grade issues. Fedings. These funds have been largely reinvested eral, State, and local government obligations are in higher-yield and higher-risk mortgages and busiapproved by all States for life insurance company ness securities. investment, without limit as to the proportion of total assets that may be so invested. Real-estate FUNCTIONS OF SAVINGS INSTITUTIONS mortgages are likewise generally approved, subject The investment activities of savings institutions to certain limitations on the amount lent in relation are determined in part by their primary functions to the value of the real estate mortgaged. Real as insurers or depositories, in part by the volume estate, other than company-used property, has of resources at their disposal, and in part by State roughly the same investment status as common or Federal laws regulating the type and relative stock in most States. In recent years, however, amount of their investments. Finally, savings in- some States have modified their statutes to permit stitutions, like all other investors, are confronted life insurance companies to invest in rental housing with problems of liquidity, safety of principal, and projects and certain types of commercial and indusinvestment yields. trial property to the extent of 10 to 20 per cent Life insurance companies, mutual savings banks, of their total assets.1 and savings and loan associations accept and invest, Life insurance companies enjoy greater latitude as insurers or depositories, the savings of indi- in their investment activities than do many of the viduals. However, the investment problems and other savings institutions. The majority of their policies of a company that insures persons against obligations are represented by long-term contracts loss of life or earning power are different from those of an association engaged exclusively in home financing. Within the limits prescribed by statute, these differences in functions are reflected in the MARCH 1949 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS with policyholders. Moreover, their principal proportion and confined almost entirely to the liquidity requirements are definitely determinable highest-grade corporate bonds. for some time in advance on the basis of their Savings and loan associations. There are approxicontractual obligations and their mortality experi- mately 6,000 savings and loan associations, with ence. As a consequence, they can and do operate combined assets at the end of 1948 of more than in the investment market on a longer-term basis 13 billion dollars. They are mutual societies operthan would be feasible for mutual savings banks. ating under State or Federal charter and are sub- Thus, as is shown by the percentage distribution ject to the supervision and statutory requirements of their assets in Table 1, the primary fole of life of the charter authority. The old building and insurance companies in the capital market is that loan associations, forerunners of the present-day of supplying long-term credit to business through savings and loan associations, were organized under purchase of securities. They also have an impor- State charter for the primary purpose of cooperative home financing, but at an early date they also tant role in supplying mortgage money and funds provided a major service as depositories of small borrowed by governments, especially the Federal savings. Since the establishment of the Federal Government. Home Loan Bank System in 1932 and of the Fed- Mutual savings banks. The majority of mutual eral Savings and Loan Insurance Corporation in savings banks, of which there are approximately 1934, with provision for federally chartered as- 530 with combined assets in excess of 20 billion sociations and for insurance of share accounts up dollars, are located in the New England and to $5,000, the savings depository function of savings Middle Atlantic States. They operate under State and loan associations has assumed even greater charter and function exclusively as depositories importance. At the present time, these associafor savings. In other parts of the country their tions are primarily savings institutions with financfunction is performed by other types of institutions. ing of home purchases or construction as their Investment portfolios of mutual savings banks remajor investment activity. flect their liquidity requirements as well as statutory In the case of all Federal and the majority of limitations on investments. Government securities State associations, investments are limited to first and real-estate mortgages account for the greater mortgage loans on houses and small apartments part of mutual savings bank investment, while in the vicinity of the association, and to United business security holdings are a relatively small States Government obligations. As a consequence, savings and loan associations have virtually no role TABLE 1 in business financing.2 PERCENTAGE DISTRIBUTION OF ASSETS OF SELECTED SAVINGS INSTITUTIONS, DECEMBER 31, 1948 GROWTH OF SAVINGS INSTITUTIONS Growth of savings institutions, as reflected by Life Savings insur- Mutual and their total asset holdings, is largely dependent upon Type of assets Total ance savings loan com- banks associ- the volume and disposition of individual savings. panies ations In periods of prosperity the amount of savings Government securities—total.. . 36.0 34.3 56.6 11.3 lodged with such institutions rises, along with United States 33.3 30.1 56.3 11.0 State and local 1.1 1.6 0.3 0.3 increases in individual holdings of cash and de- Foreign 1.6 2.6 0) .0 mand deposits, security purchases, and direct in- Business securities—total 25.3 36.8 10.4 (0 vestment in homes, farms, and unincorporated Bonds and notes 23.5 34.2 9.6 0) Stocks 1.8 2.6 0.8 C1) businesses. In periods of depression additions to Mortgages 30.1 19.6 27.1 78.6 savings deposits and purchases of savings and loan Other loans 2.5 3.7 0.5 0.5 Cash 2.8 1.6 4.4 5.3 association shares generally decline, and may even Other assets 3.3 3.9 1.0 4.3 become negative as a result of withdrawals. In the Total 100.0 100.0 100.0 100.0 case of life insurance premiums, however, there is Total assets (in billions) $89.1 $55.4 $20.4 $13.3 2 For a more detailed discussion of savings and loan associa- 1 Less than 0.5 per cent. tion activities during the past 20 years see Norman Strunk, NOTE.—Details may not add to totals because of rounding. "The Improved Position of Savings and Loan Associations," SOURCE.—See appendix table. Journal of Finance, October 1947, pp. 1-21. 240 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS expansion during periods of prosperity but rela- determinable from these data, but the fact that tively little contraction in periods of depression. additions to private insurance reserves were a very Individuals increase their commitments on life in- large proportion of net,individual savings emphasurance and annuity policies when times are good, sizes the relative constancy of saving through purand are reluctant to reduce or cancel such contrac- chase of insurance. tual obligations when their incomes decline. Rather During the defense and war period, individual than cancel their life insurance, they draw upon income and saving increased sharply. Since the other savings to maintain premium payments. greater part of this saving reflected deferred demand Though policyholders may borrow on the cash sur- —most types of consumer durable goods and many render values of policies, or defer premium payments temporarily, the liquidity requirements TABLE 2 which such borrowing entails are usually small rela- DISPOSITION OF INDIVIDUAL SAVINGS, SELECTED PERTODS, tive to the total resources of life insurance com- 1933-48 panies. As a result, the growth of life insurance [In billions of dollars] company resources is more sustained than that of most institutional investors, and their capital mar- Form of saving 1946-481 1940-45 1933-39 ket activities are more persistent. Individual savings—total 35.2 129.6 13.7 Individual saving and its disposition. The volume Additions to cash and demand deand disposition of individual saving at different posits 3 3 49 7 7 4 levels and under different conditions of economic Additions to security holdings—total. . 9.9 51.8 -2.6 activity are indicated by data covering the period U. S. Government 5.2 54.7 2.5 State and local government 1.3 -1.4 -3.1 1933-48. For purposes of analysis, these data have Corporate 3.4 -1.5 -2.0 been grouped by periods, as follows: prewar, 1933- Institutional savings—total 22.8 40.8 11.6 Time deposits—commercial banks . 5.5 14.9 1.6 39; defense and war, 1940-45; and postwar, 1946-48. Mutual savings bank deposits.... 3.0 4.9 0.6 Savings and loan association shares. 3.3 3.3 -1.1 Though not particularly suitable for the purpose Private insurance reserves 10.6 16.0 10.1 Postal savings deposits 0.4 1.7 0.4 of comparing savings patterns in periods of expan- Direct investment—total -5.5 1.6 -3.2 sion with those of periods of contraction, this Housing -3.1 -2.2 -3.8 Farming. -4.0 2.7 -2.4 grouping permits some analysis of individual saving Other unincorporated business. 3.6 1.1 3.0 in different economic climates. Debt retirement. -9.0 0.9 -3.2 As is shown in Table 2, the rate of individual 1 Total individual savings as estimated by Department of Comsavings in the prewar period was low relative to merce. Additions to cash and demand deposits, private insurance reserves, security holdings, and debt retirement estimated from that of the war and postwar periods—14 billion Securities and Exchange Commission data for 1946-47 and first three quarters of 1948. Additions to commercial bank time dollars in 1933-39, as compared with 130 billion deposits, mutual savings bank and postal savings deposits, and in 1940-45 and an estimated 35 billion in 1946-48. savings and loan association shares, as reported in Federal Reserve BULLETIN and as estimated by Home Loan Bank Board. Total Comparable annual rates of savingj are 2.0 billion direct investment and its components estimated from Securities and Exchange Commission and Department of Commerce data during 1933-39, 21.6 billion during 1940-45, and for 1946-47; these estimates are highly tentative and subject to a substantial margin of error. 11.7 billion during 1946-48. Data for other periods were published by sources given above in describing 1946-48 estimates. During the prewar period 1933-39, individuals reduced their holdings of State and local govern- nondurable consumer goods were not available durment and corporate securities and savings and loan ing the war—individuals held these savings in the association shares, and their equities in farm and forms of currency, demand deposits, and Federal residential property, as is shown in Table 2. How- Government securities. Over 104 billion dollars ever, individual savings represented by private in- of savings were accumulated in these forms, as surance reserves increased by 10 billion dollars, compared with 41 billion placed with savings instiwhile 7.4 billion were added to cash and demand tutions. So far as direct investment was concerned, deposits, 2.5 billion to holdings of Federal Govern- a wartime decrease of individual equity in urban homes offset in part an additional investment of ment securities, and 3.0 billion to individual equity 3.8 billion in farm property and unincorporated in unincorporated business enterprises. Whether businesses. Insurance companies, along with muother forms of saving were reduced in order to tual savings banks and savings and loan associamaintain life insurance premium payments is not 241 MARCH 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS tions, added substantially to their resources during companies and mutual savings banks nearly the defense and war period. The average annual doubled, while those of savings and loan associaincrease of nearly 2.7 billion dollars in private in- tions more than doubled. surance reserves was almost twice that of the prewar period, and part of the increase represented TABLE 3 new life insurance policies which would be con- TOTAL ASSETS OF SAVINGS INSTITUTIONS, SELECTED YEARS, tinued long after the war had ended. DECEMBER 31, 1921-48 In the postwar period, the net total of individual [In billions of dollars] savings declined to an average of 11.7 billion dol- Group 1921 1929 1939 1948 lars per year, as compared with the wartime average of 21.6 billion. As would be expected, pur- Total 16.5 35.0 46.3 89.1 chases of Federal Government securities by indi- Life insurance companies 7.9 17.5 29.2 55.4 Mutual savings banks 6.2 10.1 11.9 20.4 viduals were sharply curtailed once the period of Savings and loan associations l 22.4 7.4 5.2 13.3 war financing was ended. However, the average amount of savings lodged with savings institutions 1 Total assets, less mortgage-pledged shares. 2 Estimated. increased after the war—in the case of savings and SOURCE.—Institute of Life Insurance; Home Loan Bank Board; Federal Reserve BULLETIN; Annual Reports of the Comptroller of loan associations, from roughly 0.6 billion dollars the Currency. per year to 1.1 billion; in the case of insurance com- Of these savings institutions, life insurance companies, from 2.7 billion to 3.5 billion. One other panies have, because of their larger resources, the characteristic of the postwar period is worth noting greatest influence in the capital markets. Their —it was the only one of the three periods in which total assets exceeded 55 billion dollars at the end individuals added to their holdings of corporate of 1948—about three-fifths of the total for all savsecurities. The amount of such increase was small, ings institutions. however, in comparison with other forms of individual saving. It was only 3 billion dollars as com- CAPITAL MARKETS ACTIVITIES OF SAVINGS pared with an increase totaling 17 billion in mutual INSTITUTIONS savings bank deposits, savings and loan association shares, and private insurance reserves. The 1.3 Life insurance companies, mutual savings banks, billion dollar increase in holdings of State and local and savings and loan associations have had a major government securities appears small in view of the role in the investment of individual saving for incentives which high Federal income taxes pro- some time, but their recent capital markets activivide for investment in tax-exempt securities, and ties are of particular interest. For purposes of evaluthe greatly increased volume of financing by State ating these activities, net changes in their various and local governments. asset holdings have been computed for the periods Growth in assets of savings institutions. The 1934-39, 1940-45, and 1946-48. While net changes steadily increasing flow of individual savings into in assets do not measure the total volume of funds life insurance contracts, savings bank deposits, and flowing into and out of various types of investsavings and loan shares is reflected in the growth ments, they serve to indicate the relative importance of savings institution assets. Over the period of various capital market activities of savings in- 1922-48 the combined assets of savings institutions, stitutions. as is shown in Table 3, increased from 17 to 89 Public versus private financing. During the billion dollars—an expansion of 440 per cent from period 1934-39 the volume of corporate bonds and their 1921 level. Life insurance company assets notes issued for new money (that is, total issues grew steadily throughout the entire period, even less refunding issues) was relatively small, totaling during the depression of the thirties; resources of 3.3 billion dollars. During this same period outmutual savings banks, on the other hand, increased standing real-estate mortgage debt declined by 2.6 relatively little during the thirties, while those of billion dollars, while the marketable public debt savings and loan associations declined. During the of the Federal Government increased by 11.7 bilwar and postwar periods, resources of life insurance lion. Savings institutions, having experienced sub- 242 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS stantial depreciation in the market value of their tions to resources of savings institutions increased investments during the depression, were extremely substantially as a result of higher wartime incomes cautious in their acquisition of business securities and a curtailed flow of consumer goods. With and mortgages. This caution, together with a public financing requirements greatly in excess of relatively small private demand for borrowed funds, private capital demand, savings institutions inled savings institutions to invest much more heavily vested the greater part of their newly acquired in Government securities than in corporate securities resources in securities of the Federal Government. and real-estate mortgages during the period 1934-39. Consequently, these securities accounted for 25 bil- In this period, as is shown in Table 4, 7.2 billion lion of the 30 billion dollar net addition to assets of dollars was invested in United States Government savings institutions during the period 1940-45. securities and an additional 0.4 billion in State and The postwar period has witnessed the revival of local government securities, as compared with a private capital demands on a greatly enlarged net increase in business security holdings of 2.3 scale and a sharp curtailment of public financial billion. requirements in excess of current revenues. Since the end of 1945, outstanding marketable debt TABLE 4 of the Federal Government has declined by roughly USES AND SOURCES OF SAVINGS INSTITUTION FUNDS, 41 billion dollars, while mortgage debt has in- SELECTED PERIODS, 1934-48 creased by an estimated 23 billion and corporate [In billions of dollars] bond and note issues for new money have totaled more than 10 billion. Savings institutions, with Item 1946-48 1940-45 1934-39 substantial resources at their disposal and a desire Uses of funds—total 22.8 29.9 11.3 for higher rates of return on their investments, Private financing—total 21.0 4.3 2.3 responded to private capital demands by increasing Business * 10.3 2.3 2.3 their holdings of business securities and mortgages Real-estate mortgages 10.6 2.0 0.0 Other2 0.1 0.0 0.0 to the extent of 21 billion dollars. Public financing—total 0.4 25.6 7.7 Sources of investment funds. The greater part United States Government 0.0 25.1 7.2 State and local governments.. . . 0.1 0.0 0.4 of the funds invested by savings institutions during Foreign governments 0.3 0.5 0.1 the period 1934-48 represented new saving, that Others 1.4 0.0 1.3 is, premium receipts, deposits, and undistributed Sources of funds—total 22.8 29.9 11.3 earnings on investments. Some funds, however, Reduction of investment holdings — total 4.1 1.6 2.6 have been obtained through sale of previously ac- U St n a i t t e e d a n S d t a l t o e c s a l G g ov o e v r e n r m nm en e t nts.... 0 4 . . 0 1 0 1 . . 0 6 0 0 . . 0 0 quired investments and other assets, as is shown Real-estate mortgages 0.0 0.0 2.6 in Table 4. Thus, during the prewar period 1934- Other3 0.0 4.2 0.0 39, real-estate mortgage holdings of savings insti- New savings * 18.7 24.1 8.7 tutions declined by 2.6 billion dollars. While a 1 Corporate bonds, notes, and stocks. large part of this decrease resulted from write-offs 2 Policy loans and premium notes of life insurance companies; other loans of mutual savings banks and savings and loan associa- rather than cash collections, part of it represented tions. 3 Cash, real estate, and other miscellaneous assets. repayments of principal and proceeds from sales 4 Net increase in total assets. which provided funds for reinvestment in other NOTE.—Data in this table derived from net changes in asset holdings of life insurance companies, mutual savings banks, and securities. During the defense and war period savings and loan associations. They reflect net, rather than gross, sources and uses of funds with no allowance made for write- 1940-45, approximately 1.6 billion dollars was obups and write-downs of investment values. Details may not add to totals because of rounding. tained from the sale or maturity of State and local SOURCES.—Institute of Life Insurance; Life Insurance Association of America; Federal Reserve BULLETIN; National Asso- government securities, and roughly 4.2 billion from ciation of Mutual Savings Banks; Home Loan Bank Board; appendix table. repayment of policy loans and premium notes, reduction of cash balances, and sales of miscellaneous During the defense and war period 1940-45, the assets. As some of these miscellaneous assets, such Federal Government debt expanded greatly, as company-used buildings and equipment, were corporate financing increased moderately, and there written down in value rather than sold, the figure was a slight reduction in the total volume of mort- of 4.2 billion dollars is only a rough approximation gage debt outstanding. During this period, addi- of the funds obtained from reduction of other assets. MARCH 1949 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS Postwar liquidation of investment in Government Sales, rather than redemptions at maturity, acsecurities. During the postwar period reduction counted for the major part of the decline.3 in holdings of United States Government securi- Over the period July 1946-December 1948 disties has provided a substantial volume of funds investment from Government securities by mutual for investment. The funds have been reinvested in savings banks and savings and loan associations higher-yield and higher-risk business securities and was small relative to that of life insurance commortgages. Especially in the case of the insurance panies, and for the most part represented maturicompanies the shift of investment from Government ties rather than sales. Nevertheless, during the securities to private securities and mortgages re- two and one-half years the combined sales and sults from an effort to improve the average return maturities of Government securities held by savon total investments, which has declined persist- ings institutions amounted to some 6 billion ently since the late twenties. dollars. During the period 1946-48, as is shown in Importance of financing by savings institutions. Table 4, savings institutions supplemented new The importance of savings institution activities savings with a net amount of 4.1 billion dollars in the capital markets is indicated in approximate obtained from the maturity and sale of Govern- terms by Table 6. In this table net changes in ment securities in excess of purchases. During their principal investment holdings are compared the first half of 1946, savings institutions contin- with corresponding net changes in three major ued to purchase substantial amounts of Govern- types of outstanding debt. During the period ment securities. Around the middle of 1946, how- 1934-39 the net increase of 7.2 billion dollars in ever, savings and loan associations began to decrease their holdings of Government securities, as 3 These figures do not reflect with complete accuracy the total volume of life insurance company funds flowing into and out is shown in Table 5. In 1947 life insurance com- of Government securities during this period. For one thing, they represent changes in par rather than book value of secupanies followed and, by the end of 1948, their rity holdings. For another, decreases in bills, notes, and certificates are assumed to have resulted from maturities rather holdings had been reduced by 5.3 billion dollars. than sales. TABLE 5 CHANGES IN HOLDINGS OF UNITED STATES GOVERNMENT MARKETABLE SECURITIES, SELECTED PERIODS, 1945-48 [In billions of dollars! 1946 1947 1948 Dec. 1944- July 1946- Holders June 1946 July- Jan.- July- Jan.- July- Dec. 1948 Dec. June Dec. June Dec. All groups—net change 28.0 -13.0 -7.9 -2.9 -5.4 -2.9 -32.1 Life insurance companies, net change l 5.1 (2) -0.5 -1.4 -1.3 -2.0 -5.3 Net increase resulting from purchase or exchange 7.3 0.5 0.2 0.2 (2) 0.1 1.0 Net decrease resulting from: Sales 1.9 0.4 0.3 1.3 1.2 2.1 5.3 Maturity or conversion 0.3 0.1 0.4 0.3 0.1 (2) 0.9 Mutual savings banks, net change 3 3.0 0.3 0.3 -0.3 (2) -0.6 -0.3 Net increase resulting from purchase or exchange 5.6 0.7 0.6 0.4 0.4 0.4 2.5 Net decrease resulting from: Sales 2.4 0.4 0.2 0.6 0.3 0.9 2.4 Maturity or conversion 0.2 (2) (2) 0.1 0.2 0.1 0.4 Savings and loan associations. . 0.5 -0.2 -0.1 -0.2 -0.1 -0.1 -0.7 Other holders4 19.2 -13.0 -7.6 -1.0 -4.0 -0.2 -25.8 1 Changes in holdings of approximately 310 life insurance companies. 2 Less than SO million dollars. 3 Changes in holdings of approximately 540 mutual savings banks. 4 Includes all other nonbank and bank holders. NOTE.—Figures, except those for savings and loan associations, represent changes in par value of marketable U. S. Government security holdings. Bond maturities estimated from date of first call or maturity of individual issues. Decreases in holdings of bills, notes, and certificates assumed to be result of maturity or call; to this extent data overstate maturities and understate sales. Details may not add to totals because of rounding. SOURCES.—Except for savings and loan associations, computed from data published in Treasury Bulletin. Savings and loan association data from Home Loan Bank Board. 244 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS savings institution holdings of United States Gov- Wartime additions to savings institution holdernment securities amounted to approximately ings of United States Government securities three-fifths of the increase in marketable public amounted to 25 billion dollars—somewhat less than debt of the Federal Government. The increase in one-sixth of the growth in marketable public debt. their holdings of corporate bonds and notes During this period their additions to business seamounted to 2.2 billion dollars, as compared with curity holdings amounted to 1.8 billion, as coman estimated decrease of 3.3 billion in total long- pared with an estimated decrease of 5.9 billion in term corporate debt, exclusive of corporate mort- long-term corporate debt. Their mortgage holdings gage debt, outstanding. The decrease in their increased by nearly 2 billion dollars in the face of mortgage holdings equaled the decline in estimated a continued decline in total outstanding mortgage mortgage debt outstanding. debt. During the postwar period 1946-48 savings institutions played a major part in meeting the exter- TABLE 6 nal financing requirements of business. The net COMPARISON OF CHANGES IN INVESTMENTS OF SAVINGS increase in their holdings of business securities ex- INSTITUTIONS WITH CHANGES IN OUTSTANDING U. S. GOVERNMENT SECURITIES, CORPORATE BONDS ceeded the estimated increase in long-term corporate AND NOTES, AND REAL-ESTATE MORTGAGES debt. At the same time, their holdings of mort- [In billions of dollarsl gages increased roughly two-fifths as much as the estimated growth in total mortgage debt. Their Item 1946-48 1940-45 1934-39 reduction of Government security holdings, on the U. S. Government marketable public other hand, was equal to about 10 per cent of the securities, changes in: Total outstanding -41.3 +164.1 + 11.7 decline in outstanding marketable debt of the Savings institution holdings -4.1 +25.1 +7.2 Federal Government. Corporate bonds and notes, changes As a result of their wartime and postwar invest- Total outstanding +9.1 -5.9 -3.3 ment activities, the importance of savings institu- Savings institution holdings +9.8 + 1.8 +2.2 tions as suppliers of private credit in the form of Real-estate mortgages, changes in: Total outstanding +23.0 -0.5 -2.6 business bonds and notes and real-estate mortgages Savings institution holdings +10.6 +2.0 -2.6 has increased substantially. At the present time, NOTE.—Figures for savings institutions represent changes in combined mortgage and corporate bond holdings par value of holdings; corporate bonds and notes, changes in of life insurance companies, mutual savings banks, estimated long-term corporate debt, net of mortgage debt; realestate mortgages, changes in estimated total farm and nonfarm and savings and loan associations represent nearly mortgage debt. Change in total of corporate bonds and notes and of real-estate mortgage debt outstanding during 1946-48 one-half of total mortgage and long-term corporate partly estimated. SOURCES.—Treasury Bulletin; Department of Commerce; Home debt outstanding, as compared with a prewar Loan Bank Board; Spectator Life Insurance Year Book; Federal Reserve BULLETIN; appendix table. 1929-39 average of less than one-third. NOTE.—End-of-year assets of the savings institutions discussed in this article are summarized for the period 1939-48 in the following appendix table. 245 MARCH 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS APPENDIX TABLE ASSETS OF SELECTED SAVINGS INSTITUTIONS, DECEMBER 31, 1939-48 [In billions of dollars] 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Life Insurance Companies l Total 2299..22 30.8 32.7 34.9 37.8 41.1 44.8 48.2 51.7 55.4 Government securities, total 7.7 8.4 9.3 11.6 14.8 18.5 22.5 23.5 21.9 19.1 United States 5.4 5.9 6.7 9.2 12.4 16.4 20.6 21.6 20.0 16.7 State and local2 1.7 1.9 1.9 1.7 1.5 1.1 0.7 0.6 0.6 0.9 Foreign 2 0.6 0.6 0.7 0.7 0.9 1.0 1.2 1.3 1.3 1.5 Business securities, total 8.5 9.2 10.2 10.3 10.5 10.7 11.1 13.1 16.2 20.4 Railroad bonds 2.8 2.9 2.9 2.8 2.8 2.8 3.1 2.9 2.9 3.0 Public utility bonds 3.8 4.3 4.9 5.2 5.2 5.3 5.3 5.6 6.9 8.7 Industrial and misc. bonds 3. 1.4 1.5 1.9 1.9 1.9 1.9 1.9 3.4 4.9 7.2 Stocks 0.5 0.6 0.6 0.6 0.6 0.7 1.0 1.2 1.4 1.5 Real-estate mortgages, total. 5.7 6.0 6.4 6.7 6.7 6.7 6.6 7.2 8.7 10.9 Farm 0.9 0.9 0.9 0.9 0.8 0.8 0.8 0.8 0.9 1.0 Other 4.8 5.1 5.5 5.8 5.9 5.9 5.9 6.4 7.8 9.8 Real-estate holdings 2.1 2.1 1.9 1.7 1.4 1.1 0.9 0.7 0.9 1.1 Policy loans and premium notes. 3.2 3.1 2.9 2.7 2.4 2.1 2.0 1.9 1.9 2.1 Cash4 0.9 1.0 0.9 0.7 0.9 0.7 0.9 0.7 1.0 0.9 Other assets 1.1 1.1 1.1 1.2 1.2 1.2 0.9 1.1 1.1 1.1 Mutual Savings Banks 5 Total 11.9 12.0 11.8 11.9 13.0 14.8 17.0 18.7 19.7 20.4 Government securities, total. 3.7 3.8 ' 4.1 4.9 6.3 8.4 10.8 11.9 12.1 11.6 United States 3.1 3.2 3.7 4.6 6.1 8.3 10.7 11.8 12.0 11.5 State and local 6 0.6 0.6 0.4 0.3 0.2 0.1 0.1 0.1 0.1 0.1 Business securities 6 1.6 1.5 1.3 1.2 1.1 1.1 1.2 1.3 1.6 2.2 Real-estate mortgages.... 4.8 4.9 4.8 4.6 4.4 4.3 4.2 4.5 4.9 5.5 Other loans 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Cash 0.8 1.0 0.8 0.7 0.8 0.6 0.6 0.8 0.9 0.9 Other assets 0.8 0.8 0.6 0.5 0.4 0.3 0.2 0.2 0.2 0.2 Savings and Loan Associations 7 Total 5.2 5.4 5.8 5.9 6.4 7.3 8.6 10.1 11.7 13.3 U. S. Government securities. 0.1 0.1 0.2 0.4 0.9 1.7 2.4 2.0 1.7 1.5 Real-estate mortgages 3.8 4.1 4.6 4.6 4.6 4.8 5.4 7.1 8.9 10.4 Other loans and investments 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1.0 0.1 0.1 Real-estate holdings 0.7 0.5 0.3 0.2 0.1 (8) (8) (8) (8) (8) Cash 0.3 0.3 0.3 0.4 0.5 0.4 0.5 0.5 0.6 0.7 Other assets 0.3 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.6 1 Unless otherwise noted, data are from Institute of Life Insurance, Life Insurance Fact Book, 1948. 2 Data for years 1939-41 inclusive estimated from reports of 49 life insurance companies compiled by Life Insurance Association of America; data for other years supplied by the Institute of Life Insurance. 3 Figures for recent years include small amounts of World Bank bonds. 4 Data from Spectator Life Insurance Year Book, 1948, and Institute of Life Insurance. 5 Major items from Federal Reserve BULLETIN; others from Federal Reserve Board, National Association of Mutual Savings Banks, and Annual Reports of the Comptroller of the Currency. 6 Estimated on basis of data published by National Association of Mutual Savings Banks and in Annual Reports of the Comptroller of the Currency. 7 Major items from Home Loan Bank Board, Statistical Summary, 1948; other items supplied by Home Loan Bank Board. 8 Less than 50 million dollars. NOTE.—Details may not add to totals because of rounding. 246 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. Commodity Credit Corporation Paper In the event notes which evidence loans made pursuant to a commodity loan program of the Amendment to Regulation A Commodity Credit Corporation and which com- The Board of Governors of the Federal Reserve ply with the maturity requirements of subsec- System, effective February 17, 1949, amended Regution (a) of section 1 of this regulation have been lation A relating to discounts for and advances to deposited in a pool of notes operated by the member banks by Federal Reserve Banks, so as Commodity Credit Corporation, the certificate of to provide that the requirement that a note be negointerest issued by the Commodity Credit Cortiable in order to be discounted shall not apply to poration which evidences the deposit of such any note evidencing a loan which is made pursuant notes may be accepted as security for an advance to a commodity loan program of the Commodity made to a member bank under this subsection. Credit Corporation and which is subject to a commitment to purchase by the Commodity Credit Consumer Instalment Credit Corporation. The regulation was further amended to provide for the use of certificates of interest such Amendment to Regulation W as are issued by the Commodity Credit Corporation The Board of Governors, effective March 7, 1949, under its cotton loan program as security for adadopted an amendment to Regulation W—Convances made to member banks. Also, the provision sumer Instalment Credit—making the standard of the regulation waiving the requirement of negomaximum maturity on all extensions of consumer tiability in the case of any note evidencing a loan instalment credit uniformly 21 months, instead of which is the subject of a guarantee or commitment 15 to 18 months, and reducing minimum down made pursuant to Executive Order No. 9112 or payments on furniture, appliances, etc., from 20 the Contract Settlement Act of 1944 has been elimper cent to 15 per cent, while retaining the 33^ inated because it is now obsolete. The text of the per cent minimum down payment on automobiles. amendment to Regulation A is as follows: The amendment also contains two minor modifications of a technical nature. AMENDMENT TO REGULATION A The text of the amendment is as follows: Effective February 17, 1949, Regulation A is amended in the following respects: AMENDMENT NO. 3 TO REGULATION W 1. The last sentence * of subsection (h) of sec- Regulation W is hereby amended in the followtion 1 is amended to read as follows: ing respects, effective March 7, 1949: The requirement of this section that a note be 1. By inserting the following immediately after negotiable shall not be applicable with respect to the words "structure or" and immediately before any note evidencing a loan which is made pur- the number "(2)" in section 7(g) of the regulasuant to a commodity loan program of the Com- tion: modity Credit Corporation and which is subject other entire unit designed for residential occuto a commitment to purchase by the Commodity pancy, or Credit Corporation. 2. By changing "20 per cent" and "80 per cent" 2. Subsection (a) of section 2 is amended by in Part 1, Group B of the Supplement to read, adding thereto a new sentence reading as follows: respectively, "15 per cent" and "85 per cent." 3. By changing Part 2 of the Supplement to read * This sentence was added to the regulation in 1942 and constitutes the third sentence of subsection (h) of section 1. as follows: MARCH 1949 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Part 2. Maturities.—The maximum maturity third person of the unpaid balance of an instalment for all listed articles and for unclassified instal- credit following repossession of a listed article, the ment loans is 21 months. effect of which would release the original obligor or purchaser or substitute a new obligor or pur- 4. By changing the figure "20" to "24" in Part chaser, would be subject to the above views. 3 of the Supplement. While the foregoing is believed to be clear under Resale of Repossessed Article the regulation, it was considered desirable in this manner to remove any misunderstanding that may The fact that an automobile or other listed have arisen with respect thereto. article has been repossessed does not, in the Board's view, in any way authorize the resale of the article Sale of Demonstrator Automobile on terms different from those otherwise applicable The Board is of the view that the sale of an under Regulation W. It is immaterial that the automobile which has been used and driven as a repossession and sale to a new purchaser follow a "demonstrator" by an automobile dealer or sales- "bona fide collection effort," referred to in section man constitutes the sale of a used automobile for 5(V)(1) of the regulation, rather than an ordinary the purposes of Regulation W. This view applies repossession of the car. The "obligation" referred even though the automobile has not been sold to in both sections 5(<r)(l) and 5(c)(2) is the previously, and regardless of whether the sale of obligation of the original obligor, and not the the demonstrator occurred before or after the next obligation of a new purchaser or obligor. Thus, successive model change for the make of automoany instalment credit arising from the subsequent bile in question. In such a case, Part 4 of the Supsale of a repossessed automobile or other listed plement to the regulation requires that the down article should comply with the down payment or payment or maximum loan value be calculated on maximum loan value, and instalment payment and the basis of the specified percentage of the "apmaturity requirements of the regulation. Any trans- praisal guide value" where such value is lower than fer by a finance company or other Registrant to a the "cash price." 248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Chairman; Allan Sproul, Vice Chairman; Marriner S. Eccles; James K. Vardaman, Jr.; and Hugh The Federal Advisory Council met in Washing- Leach. ton on February 13-15. The annual organization Change in Board's Staff meeting of the Council was held on February 13, at which Edward E. Brown, Chairman of The Mr. Frank A. Southard, Jr., resigned as Asso- First National Bank of Chicago, was re-elected ciate Director of the Board's Division of Research President; C. E. Spencer, Jr., Chairman of The and Statistics effective February 28, 1949, to accept First National Bank of Boston, was re-elected the appointment as United States Executive Di- First Vice President; Robert V. Fleming, Presi- rector of the International Monetary Fund. Mr. dent and Chairman of The Riggs National Bank, Southard became associated with the Board on was re-elected Second Vice President; and Herbert August 16, 1948, having previously served as Di- V. Prochnow was reappointed Secretary. The rector of the Office of International Finance of the Council met with the Board of Governors of the Treasury Department. Federal Reserve System on February 15. Death of Director A meeting of the Presidents of the Federal Re- Mr. L. H. Lund, Vice President and Treasurer, serve Banks was held in Washington on February Westinghouse Electric Corporation, Pittsburgh, 25 and 26, and on February 28 the Presidents met Pennsylvania, who had served as a Class B director with the Board of Governors. of the Federal Reserve Bank of Cleveland since On February 28 and March 1 meetings of the January 1, 1948, died on March 14, 1949. Federal Open Market Committee were held. At the meeting on March 1, Thomas B. McCabe was Admissions of State Banks to Membership in the Federal Reserve System re-elected as Chairman of the Committee and Allan Sproul as Vice Chairman. The representative The following State banks were admitted to members of the Committee elected by the Federal membership in the Federal Reserve System during Reserve Banks for the period of one year beginning the period January 16, 1949 to February 15, 1949: March 1, 1949, are Allan Sproul, Hugh Leach, Ohio Ray M. Gidney, W. S. McLarin, Jr., and C. E. Rock Creek—The Citizens Banking Company Earhart, Presidents of the Federal Reserve Banks of Rock Creek, Ohio of New York, Richmond, Cleveland, Atlanta, and San Francisco, respectively. The members of the Virginia executive committee are Thomas B. McCabe, Tappahannock—Southside Bank MARCH 1949 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled February 24, and released for publication February 26] Industrial production showed little change in Lumber production showed a substantial decline, January, continuing somewhat below the peak of in part because of unfavorable weather conditions last October and November. Employment in in the Northwest, and activity in the furniture manufacturing showed a marked decline. Value industry declined 6 per cent. Output of most other of department store sales showed a larger decline durable goods was maintained at about the Dethan usual in January and the first three weeks of cember level. February. Prices of agricultural commodities de- According to preliminary indications, output of creased further but recovered part of their declines nondurable goods showed a slight increase in in mid-February. Prices of some industrial prod- January. Activity at cotton textile, paper, and ucts were reduced further. paperboard mills was above the reduced December rate. Newsprint consumption showed less than INDUSTRIAL PRODUCTION the usual seasonal decline. Activity in the pe- The Board's seasonally adjusted index of indus- troleum refining, chemicals, and rubber products trial production was 191 per cent of the 1935-39 industries, on the other hand, was reduced someaverage in January, as compared with 192 in De- what. Output of manufactured food products cember, 195 in November, and 193 in January 1948. showed the usual large seasonal decline. Activity in durable manufacturing industries de- Crude petroleum production declined 3/4 per creased slightly in January, while nondurable goods cent in January and was curtailed further in the production was somewhat above the December rate. early part of February, as stocks of crude and Output of minerals declined 3 per cent. refined products continued to rise. Anthracite pro- Steel production rose 2 per cent in January to duction was curtailed sharply in the latter part of capacity levels and was at the highest rate on record. January and early February, mainly because of un- Activity in the automobile industry also expanded, usually mild winter weather in the East. Output reflecting mainly increased production of trucks and of bituminous coal and of metals was maintained of parts for new model passenger cars. Output in in January at the reduced level of the preceding the steel and automobile industries has been main- month. tained at the advanced January rate in February. EMPLOYMENT Activity in machinery industries decreased about Employment in nonagricultural establishments 4 per cent in January, reflecting reductions in indus- showed more than the usual large seasonal decline trial equipment as well as household appliance lines. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION —Tzo PE - - - - \\ 180 160 r 140 - 120 120 100 100 1941 1942 1943 1944 1945 1946 1947 1948 1949 Bureau of Labor Statistics' estimates adjusted for seasonal 1941 1942 1943 1944 1945 1946 1947 1948 1949 variation by Federal Reserve. Proprietors and domestic serv- Federal Reserve index. Monthly figures, latest shown are ants are excluded. Midmonth figures, latest shown are for for January. January- 250 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS in January and was 250,000 less than in January farm products and foods dropped further in the 1948, reflecting mainly reduced employment in most early part of February but in mid-February returned manufacturing industries. The number of persons to the levels prevailing at the beginning of the unemployed increased by 700,000 in January and month. Prices of some industrial commodities was substantially above the level of a year ago. including scrap metals, alcohol, and rayon and petroleum products, were reduced further in Febru- CONSTRUCTION ary, while prices of most other industrial items Value of construction contract awards, according continued to show little change. to reports of the F. W. Dodge Corporation, dropped Retail food prices continued to decline from sharply in January, with marked declines in most mid-January to mid-February, reflecting mainly classes of construction. The number of new dwell- further sharp decreases in meat prices. In the ing units started in January, as estimated by the latter part of February wholesale prices of meats Bureau of Labor Statistics, was 50,000 units as showed some advance from the earlier low points compared with 56,000 in December and 53,000 in which were one-fourth below the record levels pre- January 1948. vailing last summer. DISTRIBUTION BANK CREDIT Value of merchandise sold at department stores, despite a large number of special sales, showed Seasonally large Treasury tax receipts increased more than the usual seasonal decline in January. Treasury deposits at the Reserve Banks in the latter The Board's adjusted index was 290 per cent of part of January and the first half of February. the 1935-39 average, as compared with 309 in De- This reduced deposits and reserves of commercial cember and 286 in January 1948. Sales during the banks, and banks sold short-term Government first three weeks of February were 4 per cent smaller securities and drew down their excess reserves. than in the corresponding period last year. Reserve Bank holdings of Government securities Carloadings of railroad freight generally declined increased as purchases of short-term securities exfurther in January and the early part of February ceeded further sales of bonds. and were about 10 per cent below a year ago. De- Business loans at banks in leading cities declined clines in rail freight from the levels of a year ago somewhat during the last half of January and the have resulted in part from diversion of shipments first half of February. Holdings of Government to other forms of transportation. securities were reduced, reflecting sales of shortterm securities. Banks outside New York City COMMODITY PRICES increased considerably their portfolios of Treasury Following marked declines in January, prices of bonds. CONSUMERS' PRICES LOANS AT MEMBER BANKS IN LEADING CITIES 1942 1943 1944 1945 1946 1947 Bureau of Labor Statistics' indexes. "All items" includes fuel and housefurnishings groups not shown separately. Mid- Excludes loans to banks. Wednesday figures, latest shown month figures, latest shown are for January. are for February 23. MARCH 1949 251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items 255 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements 256 Federal Reserve Bank statistics 257-260 Guaranteed war production loans 261 Deposits and reserves of member banks. . . 261-262 Money in circulation 263-264 Gold stock; bank debits and deposit turnover 264 Deposits and currency; Postal Savings System; bank suspensions. . 265 All banks in the United States, by classes 266-267 All insured commercial banks in the United States, by classes. . 268-269 Weekly reporting member banks. . .... 270-273 Commercial paper, bankers' acceptances, and brokers' balances. . 274 Money rates and bond yields = = = = , , 275 Security prices and new issues 276-277 Corporate earnings and dividends. . 278 Treasury finance 279-281 Government corporations and credit agencies.. 282 Business indexes 283-292 Department store statistics.... 293-296 Cost of living. . 296 Wholesale prices ... 297 Gross national product, national income, and personal income. . 298-299 Consumer credit statistics 300-302 Current statistics for Federal Reserve chart books . 303-307 Number of banking offices on Federal Reserve par list and not on par list 308 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. MARCH 1949 253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLL TREASURY CASH AND DEPOSITS I y^/\ 1941 1942 1943 1944 1945 1946 1947 1948 1949 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES L 1941 1942 1943 1944 1945 1946 194? 1948 1949 Wednesday figures, latest shown are for Feb. 23. See page 255. 254 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve U. S Government Treas- u T r r y e a d s e - - Other balances securities ury Money Treas- posits Non- Fed- Dis- Gold cur- in cir- ury with mem- eral Date co a a u n d n d - ts c B er il t l i s fi , - ot A h l e l r1 Total stock s r t o e a n u n c t d - y - c t u io la n - h c i o n a l s g d h s - F s e R e d r e e v - r e alb p e o r s d it e s - se R a r c e v - - e Total Exvances Total Bonds cates, ing Banks counts cess 2 and notes Monthly averages of daily figures: 1947—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—Jan 224 21,673 3,608 18,065 551 22,44722,816 4,559 28,394 L ,329 1,130 1,014 566 17,390 1,082 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 L,319 1,398 1,051 600 19,990 797 1949—Jan 347 22,289 10,620 11,669 513 23,15024,259 4,587 27,850 1,327 1,014 1,211 603 19,991 838 End-of-month figures: 1947—Nov. 29. ... 331 22,209 971 21,238 435 22,97522,614 4,557 28,766 L.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—Jan. 31. ... 327 21,925 4,791 17,134 530 22,78222,935 4,561 28,111 1,305 2,343 1,049 551 16,919 768 Nov. 30 337 23,206 11,181 12,025 339 23,88124,166 4,585 28,331 L.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 1949—Jan. 31 .... 456 22,109 10,224 11,885 349 22,91424,271 #,589 27,580 L,336 1,514 1,194 611 19,540 477 Wednesday figures: 1948—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 L.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 1,327 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 1,331 1,861 898 613 17,631 937 July 21 285 21,326 6,449 14,877 277 21,88823,650 4,561 27,864 L.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 1,330 1,852 860 569 17,606 730 Aug. 11 293 21,566 7,215 14,351 205 22,06423,688 4,564 27,966 1,324 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 1,322 1,963 965 566 17,603 729 Aug. 25.... 324 21,460 7,587 13,873 210 21,99323,711 4,564 27,965 1,324 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 1,326 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 1,324 1,660 864 586 19,884 940 Oct. 6.... 296 23,143 9,483 13,660 268 23,70723,888 4,572 28,202 1,324 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 1,317 1,473 886 539 19,846 858 Nov. 10 326 23,144 11,223 11,921 458 23,92924,097 4,579 28,337 1,317 1,553 912 539 19,947 922 Nov. 17 282 22,930 11,156 11,774 622 23,83424,110 4,579 28,215 1,324 1,591 901 539 19,953 815 Nov. 24 582 22,993 11,166 11,827 366 23,94124,150 4,580 28,305 1,317 1,650 922 542 19,934 830 Dec. 1.... 306 23,165 11,168 11,997 312 23,78324,165 4,583 28,322 L,338 1,527 927 541 19,877 783 Dec. 8 399 23,004 11,110 11,894 324 23,727 24,218 4,585 28,415 1,314 1,540 986 548 19,727 660 Dec. 15. ... 266 22,993 11,112 11,881 659 23,91924,230 4,585 28,369 L ,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 L,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 1,329 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 1,322 951 1,167 597 20,375 1 ,131 Jan. 12.... 364 22,465 10,772 11,693 364 23,19324,253 4,586 27,919 1,323 939 1,145 600 20,105 987 Jan. 19 241 22,117 10,603 11,514 640 22,99924,264 4,586 27,717 1,327 804 1,267 602 20,133 950 Jan. 26.... 458 22,039 10,265 11,774 463 22,96024,268 4,587 27,561 1,333 1,135 1,138 613 20,035 922 Feb. 2 297 22,215 10,191 12,024 314 22,82724,279 4,588 27,556 1,327 1,284 1,203 613 19,711 639 Feb. 9 251 22.350 10,105 12,245 235 22,83624,279 4,587 27,557 1,327 1,430 1,176 614 19.597 676 Feb. 16. . . 238 22,303 9,993 12,310 385 22,92624,284 4,586 27,480 1,323 1,754 1,177 615 19,447 P535 Feb. 23 . . . 303 22,358 9,922 12,436 186 22,84724,290 4,586 27,551 1,326 1 ,591 1,193 621 19,441 P62O P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 255 MARCH 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect February 28. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member Government obligations and Other secured advances banks secured by direct Federal Reserve Bank discounts of and advances [Sec. 10(b)] obligations of the U. S. secured by eligible paper (last par. Sec. 13) (Sees. 13 and 13a)1 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 Maturity R Fe a b te . 2 o 8 n In g i e n f n fe in ct g — be- Pre ra v t i e ous [In effect February 28. Per cent per annum] 1- 90 days. . iAug. 13, 1948 To industrial or 91-120 days. . lAug. 13, 1948 commercial To financing institutions 121-180 days. . !Aug. 13, 1948 businesses 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made On discounts or by the other Federal Reserve Banks. Federal purchases Back figures.—See Banking and Monetary Statistics, Table 117, Reserve pp. 443-445. Bank On com O m n it- Portion com O m n it- MEMBER BANK RESERVE REQUIREMENTS loans 1 ments for which Re- ments institu- maining [Per cent of deposits] tion is portion obligated Net demand deposits l 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 B P C h l o e e w s i v l t o a e Y l n d a e o n l r d k phia.... 2 2 2 2 3 3 ^ 3 4 4 4 - - - 5 - 5 5 5 ^- Richmond ¥ Atlanta 2*1-5 June 21, 1917-Aug. 15, 1936. . 13 10 7 Chicago 234-5 A M u a g r . . 1 1 6 , , 1 1 9 9 3 3 7 6 - - A Fe p b r. . 2 3 8 0 , , 1 1 9 9 3 3 7 7 . . . . 2 1 2 93 M 4 1 17 5 34 1 1 0 2 3 3 4 4 S M t. i n L n o e u a is polis.... 134-2 2%5 May 1, 1937-Apr. 15, 1938. . 26 20 14 Kansas City A A N u p o g r v . . . 1 2 6 1 0 , , , 1 1 1 9 9 9 4 3 4 1 8 2 - - - A O Se u c p t g . t . . 3 1 1 1 9 3 , , , 1 1 1 9 9 9 4 4 4 2 2 1 . . . . . . 2 2 2 6 4 2M 2 2 1 0 0 7^ 1 1 1 2 4 4 5 6 S D a a n l la F s rancisco... 2y 2 s (2) Sept. 14, 1942-Oct. 2, 1942. . 22 20 14 6 J O F S u e e c n b p t e . . t . 2 1 1 7 3 1 6 , , , - 2 1 1 1 4 9 9 9 , 4 4 4 1 8 8 2 9 - - - S 4 J F u 8 e e n p b a e t . n . d 2 1 1 6 0 5 a , , , f t 1 1 1 e 9 9 9 r* 4 4 4 . 8 8 8 . . . . . . . . 2 2 2 2 0 2 4 6 2 2 2 2 0 0 0 2 1 1 1 1 4 6 4 4 6 6 6 6 7K 4 2 3 1 R R R In a a a c t t t l e e e u d c c c i h h h n a a a g r r r g g g l e e e o d d d a n b b s b o o o r r m r r r r o o a o w w d w e e e e r r r . i n le b s p u s a t c r o t n i m c o i t m pa t i o t t i m o e n e x n c t w e e r i d t a h t e 1 f . in p a e n r ci c n e g n t in a s b t o it v u e t io th n e s. discount rate. 1 Demand deposits subject to reserve requirements, i. e., total 6 Charge of 34 per cent is made on undisbursed portion of loan. demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E Back figures.—See Banking and Monetary Statistics, Table 118, bond accounts during the period Apr. 13, 1943-June 30, 1947, and all pp. 446-447. U. 2 S C . h a G n o g v e e e r f n f m ec e ti n v t e d S e e m pt a . n 1 d 6 a a t c c co o u u n n t t s r y A b p a r n . k s 2 ; 4 S , e 1 p 9 t. 1 2 7 4 -A at u g o . t h 2 e 3 r , c l 1 a 9 s 3 se 5 s ) . . MARGIN REQUIREMENTS » [Per cent of market value] MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by July 5, Jan. 21, Effecthe Board of Governors under provisions of Regulation Q Prescribed in accordance with 1945- 1946- tive Securities Exchange Act of 1934 Jan. 20, Jan. 31, Feb. 1, [Per cent per annum] 1946 1947 1947 Nov. 1, 1933-Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 Regulation T: For extensions of credit by brokers Savings deposits and dealers on listed securities 75 100 75 Postal Savings deposits For short sales 75 100 75 Other deposits payable: Regulation U: In 6 months or more For loans by banks on stocks 75 100 75 In 90 days to 6 months 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. 256 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 1949 1949 1948 Feb. 23 Feb. 16 Feb. 9 Feb. 2 Jan. 26 Jan. 19 Jan. 12 Feb. Jan. Feb. Assets Gold certificates 22,428,432 222,418,430 22,418,431 22,418,431 22,388,432 22,368,430 22,363,43122,428,43122,398,428 21,096,170 Redemption fund for F. R. notes 617,188 620,477 623,379 623,514 626,738 627,186 629,665 616,933 626,739 680,050 Total gold certificate reserves 23,045,620 23,038,907 23,041,810 23,041,945 23,015,170 22,995,616 22,993,096 23,045,36423,025,167 21,776,220 Other cash 355,250 374,244 357,061 370,406 371,422 357,447 325,636 354,623 366,892 386,715 Discounts and advances: For member banks... 129,807 64,756 77,905 123,827 282,051 65,257 187,946 77,910 283,178 288,953 For nonmember banks, etc 173,250 173,250 173,250 173,250 176,250 176,250 176,250 173,250 173,250 141,800 Total discounts and advances 303,057 238,006 251,155 297,077 458,301 241,507 364,196 251,160 456,428 430,753 Industrial loans 780 787 804 854 859 817 840 767 847 4,906 U. S. Govt. securities: Bills 5,305,910 5,270,417 5,287,041 5,220,126 4,978,912 4,710,580 4,851,939 5,303,910 5,038,026 9,210,661 Certificates: Special Other 6,751,769 6,659,269 6,568,269 6,389,919 6,338,269 6,304,769 6,317,769 6,788,269 6,421,269 4,390,783 Notes 379,050 380,550 389,550 414,250 457,250 499,250 523,300 367,550 426,250 1,734,350 Bonds 9,921,762 9,992,937 10,105,125 10,191,054 10,264,754 10,602,867 10,772,357 9,882,627 10,223,854 5,687,914 Total U. S. Govt. securities 22,358,491 22,303,17322,349,985 22,215,349 ,039,185 22,117,466 22,465,365 22,342,356 222,109,399 21,023,708 Other Reserve Bank credit outstanding. . . 184,665 384,474 234,104 313,261 462,099 639,125 362,587 260,602 347,613 650,050 Total Reserve Bank credit outstanding 22,846,993 22,926,440 22,836,048 22,826,541 22,960,444 22,998,915 23,192,988 22,854,885 22,914,287 22,109,417 Liabilities Federal Reserve notes. . 23,527,511 23,481,216 23,558,722 23,577,539 23,590,219 23,736,640 23,903,260 23,527,879 23,608,76124,044,717 Deposits: Member bank — reserve account 19,440,860 19,447,005 19,596,912 19,711,20820,035,393 20,132,51120,105,47219,616,68619,540,18117,061,817 U. S. Treasurer—general account 1,591,108 1,754,494 1,430,430 1,283,897 1,135,457 803,796 939,451 1,423,346 1,513,653 1,591,225 Foreign 750,266 728,569 718,226 731,331 679,789 714,985 671,178 750,591 714,671 463,799 Other 443,172 448,554 457,415 471,571 458,448 551,836 473,382 443,877 479,598 690,117 Total deposits.' 22,225,406 22,378,62222,202,983 22,198,007 22,309,087 22,203,128 22,189,483 22,234,500 22,248,103 19,806,958 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).., 50.4 50.2 50.4 50.3 50.1 50.1 49.9 50.4 49.7 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Within 16 to 30 31 to 60 61 to 90 91days to 6 months 1 year to 2 years to Over 15 days days days days 6months to 1 year 2 years 5 years 5 years Discounts and advances: Jan 26 458,301 287,822 92,360 75,269 2,850 Feb. 2 297,077 127,761 153 700 12,622 2,994 Feb 9 251,155 168,414 76,265 5,019 1,457 Feb. 16 238,006 220,440 11 4,917 1,414 Feb 73 303,057 193,030 4,880 3,817 101,330 Industrial loans: Jan ?fi 859 764 70 1S 8 Feb. 2 854 759 2 4 70 15 4 Feb 9 804 707 2 4 79 1 s 4 Feb 16 787 687 2 4 7S 1S 4 Feb. 780 683 2 4 7? 1S 4 U. S. Government securities: Jan ?fi 22,039,185 996,492 826 68 S?,726,284 1,404,001 ^ S97 07? 1,966 647 457 ?so 1,979 51? 8,?8S ,242 Feb 2 22,215,349 1,149,919 1,834 73? 7,185,158 992,017 40? 07? 2,046 147 414 1 97? 01? 8 04? Feb. 9 22,349,985 1,293,817 1,827 ,643 1,988,039 1,177,342 3 414 57? 2,153 897 389 5 SO1 966 8 138 SO? Feb 16 22,303,173 2,351,409 990 048 ,799,981 1,144,779 ^ 518 93? 897 380 SSO1,864 46S 8 0?6 ,114 Feb. 23 22,358,491 2,297,451 1,146,591 1,600,826 1,282,342 3, 518 932 2,313 897 379 050 1,864 463 7,954,939 257 MARCH 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - Assets Gold certificates: Jan. 26 22,388,432 759,198 7,143,679 1,113,031 1,546,608 980,944 991,9104,398,405 668,194 439,714 824,457 667,6432,854,649 Feb. 2 22,418,431 780,517 7,196,505 1,080,331 1,537,085 999,735 1,008,7544,357,754 699,576 462,649 818,864 666,6402,810,021 Feb. 9 22,418,431 779,861 7,190,966 1,089,465 1,557,125 987,207 992,2344,349,552 676,579 471,686 797,130 656,9012,869,725 Feb. 16 22,418,430 790,615 7,127,891 1,098,939 1,606,498 996,119 987,6724,339,253 687,116 456,580 783,701 662,2942,881,752 Feb. 23 22,428,432 786,919 7,115,945 1,139,998 1,633,082 990,795 974,0204,405,370 661,681 452,771 799,225 648,5192,820,107 Redemption fund for F. R. notes: 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 Feb. 2 623,514 53,575 53,209 59,446 74,756 56,521 43,981 105,775 44,678 23,051 36,047 26,555 45,920 Feb. 9 623,379 53,569 53,179 59,439 74,746 56,509 43,970 105,755 44,670 23,047 36,039 26,548 45,908 Feb. 16 620,477 53,426 52,555 59,182 74,578 55,387 43,845 105,560 44,622 23,022 35,997 26,500 45,803 Feb. 23. 617,188 53,257 51,803 58,894 74,334 54,123 43,673 105,499 44,537 22,984 35,941 26,495 45,648 Total gold certific Ja a n t . e re 2 s 6 erves: 23,015,170 812,935 7,197,566 1,172,739 1,621,562 1,038,680 1,036,0444,504,412 712,935 462,790 860,551 694,2482,900,708 Feb. 2 23,041,945 834,092 7,249,714 1,139,777 1,611,841 1,056,256 1,052,7354,463,529 744,254 485,700 854,911 693,1952,855,941 Feb. 9 23,041,810 833,430 7,244,145 1,148,9041,631,871 1,043,716 1,036,2044,455,307 721,249 494,733 833,169 683,4492,915,633 Feb. 16 23,038,907 844,041 7,180,446 1,158,121 1,681,076 1,051,506 1,031,5174,444,813 731,738 479,602 819,698 688,7942,927,555 Feb. 23 23,045,620 840,176 7,167 7481,198,892 1,707,416 1 044,9181,017,6934,510,869 706,218 475,755 835,166 675,0142,865,755 Other cash: Tan. 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 Feb. 2 370,406 39,480 63,011 24,107 32,540 26,400 26,348 50,701 19,538 14,015 14,187 16,280 43,799 Feb. 9 357,061 38,866 59,956 23,747 28,041 25,855 27,771 51,822 18,294 15,034 12,014 13,811 41,850 Feb. 16 374,244 39,259 64,303 24,015 34,975 24,855 25,645 55,232 18,817 14,003 13,244 14,485 45,411 Feb. 23 355,250 36,875 62,805 23,396 31,473 22,744 24,716 51,274 18,934 14,679 12,321 14,246 41,787 Discounts & advances: Secured by U. S. Govt. sec J F u a e r n b i . . t ie 2 s 6 : 2 . . . . 2 1 8 2 1 3 , , 9 7 5 2 0 6 3 1 , ,4 2 4 4 4 5 1 4 8 3 4 , , 2 3 5 0 5 5 3 4 , , 3 0 3 0 5 5 1 1 1 7 , , 2 9 2 2 0 0 3 8, , 0 7 6 0 5 0 9, 7 6 3 35 5 42 6 , , 7 0 2 2 5 5 1 5 2, , 6 4 0 0 0 0 1,567 1 5 6 , ,0 8 6 3 0 5 2 5 , , 0 5 0 0 0 0 1 5 1, , 5 5 5 5 0 0 Feb. 9. . 77,856 3,594 11,555 5,090 21,655 10,365 520 6,475 1,875 1,317 9,160 4,000 2,250 Feb. 16.. 64,707 2,890 16,985 4,590 10,495 7,875 320 6,425 3,000 767 9,860 1,000 500 Feb. 23. . 129,758 5,040 26,850 14,310 8,485 14,400 5,818 14,325 6,195 3,400 21,185 7,000 2,750 Other I : an. 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 Feb. 2. . 173,351 10,915 54,747 13,860 15,939 8,489 7,155 23,908 6,237 4,331 6,287 6,064 15,419 Feb. 9. . 173,299 10,915 54,747 13,860 15,939 8,489 7,103 23,908 6,237 4,331 6,287 6,064 15,419 Feb. 16.. 173,299 10,915 54,747 13,860 15,939 8,489 7,103 23,908 6,237 4,331 6,287 6,064 15,419 Feb 23.. 173,299 10,915 54,747 13,860 15,939 8,489 7,103 23,908 6,237 4,331 6,287 6,064 15,419 Industrial loans: Jan. 26 859 796 63 Feb. 2 854 791 63 Feb. 9 804 739 65 Feb. 16 787 719 68 Feb! 23.'.'.'.'.'. 780 715 65 U. S. Govt. securities: Bills: 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 Feb. 2 5,220,126 290,832 1,252,388 355,584 481,456 335,117 279,865 778,931 282,106 168,992 252,488 225,796 516,571 Feb. 9.... 5,287,041 320,233 1,268,247 360,142 487,628 339,413 283,451 788,917 285,723 171,158 255,724 228,690 497,715 Feb. 16 5,270,417 331,393 1,264,308 359,009 486,095 338,346 282,560 786,436 284,824 170,620 254,920 227,971 483,935 Feb. 23.... 5,305,910 353,619 1,263,663 361,426 489,368 340,624 284,463 791,733 286,742 171,769 256,637 229,506 476,360 Certificates: 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 Feb. 2.... 6,389,919 440,829 1,514,347 435,269 589,348 410,213 342,583 953,484 345,324 206,860 309,068 276,396 566,198 Feb. 9.... 6,568,269 453,132 1,556,614 447,418 605,797 421,663 352,145 980,097 354,963 212,635 317,693 284,111 582,001 Feb. 16 6,659,269 459,410 1,578,180 453,616 614,191 427,505 357,024 993,676 359,880 215,580 322,096 288,046 590,065 Feb. 23 6,751,769 465,790 1,600,102 459,917 622,723 433,444 361,983 1,007,478 364,880 218,575 326,569 292,047 598,261 Notes: 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 Feb. 2.... 414,250 28,578 98,173 28,218 38,207 26,594 22,209 61,813 22,387 13,411 20,036 17,918 36,706 Feb. 9.... 389,550 26,874 92,319 26,535 35,929 25,008 20,885 58,128 21,052 12,611 18,842 16,850 34,517 Feb. 16.... 380,550 26,253 90,187 25,922 35,098 24,430 20,402 56,785 20,566 12,320 18,406 16,461 33,720 Feb. 23.... 379,050 26,150 89,831 25,820 34,960 24,334 20,322 56,561 20,484 12,271 18,334 16,396 33,587 Bonds: Jan. 26.... 10,264,754 708,145 2,432,644 699,214 946,729 658,966 550,3241,531,676 554,728 332,301 496,486 444,002 909,539 Feb. 2.... 10,191,054 703,060 2,415,178 694,194 939,931 654,235 546,3731,520,679 550,745 329,915 492,921 440,814 903,009 Feb. 9....10,105,125 697,132 2,394.814 688,341 932,006 648,719 541,7661,507,856 546,101 327,133 488,765 437,097 895,395 Feb. 16.... 9,992,937 689,393 2,368,226 680,699 921,659 641,517 535,751 1,491,116 540,038 323,501 483,338 432,245 885,454 Feb. 23.... 9,921,762 684,483 2.351,358 675,851 915,094 636,947 531,935 1,480,496 536,192 321,197 479,896 429,166 879,147 Total U. S. Govt. securities: Jan. 26 22,039,185 1,489,899 5,238,337 1,501,2662,032,695 1,414,850 1,181,5863,288,621 1,191,041 713,4751,065,991 953,3041,968,120 Feb. 2 22,215,349 1,463,299 5,280,086 1,513,2652,048,942 1,426,159 1,191,0303,314,907 1,200,562 719,1781,074,513 960,9242,022,484 Feb. 9. 22,349,985 1,497,371 5,311,994 1,522,4362,061,360 1,434,803 1,198,2473,334,998 1,207,839 723,5371,081,024 966,7482,009,628 Feb 16 . .22 303 173 1,506 449 5,300,901 1,519,2462,057,043 1,431,798 1,195,7373,328,013 1,205 308 722,021 1,078,760 964,723 1,993,174 Feb. 23 22,358,491 1,530,042 5,304,954 1,523,0142,062,145 1,435,349 1,198,7033,336,268 1,208,298 723;8121,081,436 967,115 1,987,355 Total loans and securities: Jan. 26 22,498,345 1,504,248 5,478,337 1,519,4972,066,8301,427,249 1,189,5993,355,668 1,209,986 717,881 1,078,221 961,473 1,989,356 Feb. 2 22,513,280 1,475,658 5,378,088 1,531,921 2,076,101 1,442,776 1,207,8203,344,840 1,212,199 725,0761,096,860 972,4882,049,453 Feb. 9 22,601,944 1,511,880 5,378,296 1,542,1252,098,9541,453,722 1,205,8703,365,381 1,215,951 729,185 1,096,471 976,8122,027,297 Feb. 16 22,541,966 1,520,254 5,372,633 1,538,4152,083,477 1,448,2301,203,1603,358,346 1,214,545 727,1191.094,907 971,7872,009,093 Feb. 23 22,662,328 1,545,997 5,386,551 1,551,8992,086,569 1,458,303 1,211,6243,374,501 1,220,730 731,5431,108,908 980,1792,005,524 Due from foreign banks: Jan. 26 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Feb. 2 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Feb. 9 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Feb. 16 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Feb. 23 49 3 1 16 4 4 2 2 7 2 1 2 2 4 1 After deducting $33,000 participations of other Federal Reserve Banks on Jan. 26; Feb. 2; Feb. 9; Feb. 16; and Feb. 23. 258 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 dollarsl 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 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 - Federal Reserve notes of other Banks: 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 Feb. 2 149,313 6,504 14,253 4,031 6,609 44,126 13,820 17,634 5,380 9,011 6,535 6,109 15,301 Feb. 9 141,054 6,099 13,396 4,001 6,282 42,690 15,468 15,731 6,327 5,853 4,779 5,338 15,090 Feb. 16 135,241 7,211 13,302 5,606 6,225 37,057 13,624 14,382 6,467 6,306 4,876 6,047 14,138 Feb. 23 125,449 7,577 9,750 4,265 7,267 32,965 14,220 12,607 6,564 6,544 5,004 3,971 14,715 Uncollected items: 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 Feb. 2 2,622,696 212,292 473,296 163,895 268,338 215,057 184,742 410,772 112,070 72,775 142,102 118,669 248,688 Feb. 9 2,332,329 180,464 402,617 157,410 218,638 211,683 177,871 358,807 109,017 62,137 125,795 114,775 213,115 Feb. 16 3,133,535 231,609 552.978 204,108 330,384 246,437 226,195 540,255 131,029 82,644 149,055 162,691 276,150 Feb. 23 2,340,659 190,380 463,020 161,162 232,402 197,131 170,088 337,585 100,910 59,109 117,387 114,981 196,504 Bank premises: 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 Feb. 2 32,258 1,180 8,005 3,047 4,853 2,549 1,568 3,185 1,938 1,174 2,374 753 1,632 Feb. 9 32,261 1,180 8,005 3,047 4,853 2,549 1,568 3,185 1,938 1,174 2,374 756 1,632 Feb. 16 32,254 1,180 8,005 3,047 4,849 2,549 1 568 3,185 1,938 1,174 2,374 753 1,632 Feb. 23 32,235 1,180 8,005 3,042 4,849 2,542 1^567 3,185 1,938 1,174 2,374 753 1,626 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 Feb. 2 158,976 10,988 36,978 10,587 15,056 10,243 8,529 23,558 8,921 5,118 7,546 6,985 14,467 Feb. 9 164,338 11,370 38,580 10,934 15,149 10,650 8,830 24,307 9,268 5,279 7,859 7,070 15,042 Feb. 16 169,566 11,837 39,765 11,165 15,793 10,948 91086 25,124 9,485 5,404 8,096 7,377 15,486 Feb. 23 174,732 12,002 41,179 11,450 16,226 11,360 9,344 25,873 9,729 5,562 8,317 7,787 15,903 Jan. 26.. 49,007,397 2,583,484 13,288,2902,903,8454,027,0542,788,129 2,476,2868,389,160 2,100,699 1,287,399 2,119,019 1,828,0505,215,982 Feb. 2 48,888,923 2,580,197 13,223,361 2,877,3694,015,342 2,797,409 2,495,5648,314,226 2,104,302 1,312,8702,124,517 1,814,481 5,229,285 Feb. 9 48,670,846 2,583,292 13,145,011 2,890,1724,003,792 2,790,867 2^473,5848 274 547 1,313,3962,082,463 1,802,013 5,229,663 Feb. 16 49,425,762 2,655,394 13,231,4482,944,481 4,156,783 2,821,5842 510 797 2^114^021 1,316,253 2,092,252 1,851,9365,289,469 Feb. 23 48,736,322 2,634,190 13,139,0742,954,1104,086,206 2,769,965 2]449',2548i315i9012,065,025 1,294,3672,089,479 1,796,9335,141,818 Liabilities Federal Reserve notes: Jan. 26 23,590,219 1,383,170 5,400,533 1,627,526 2,107,626 1,610,142 1,294,6334,520,481 1,118,047 620,033 924,578 605,2702,378,180 Feb. 2 23,577,539 1,384,903 5 400,9661,628,631 2,101,129 1,606,706 1,296^2994,516,756 1,117,831 619,189 926,149 605,1022,373,878 Feb. 9 23,558,722 1,386,819 5,376,179 1,627,372 2,105,188 1,603,229 1 [296^3604.515^803 1,114.959 620,200 925,259 603,9042,383,450 Feb. 16 23,481,216 1,380,865 5,364,982 1,627,681 2,099,282 1,591,735 4,508,387 1,110.383 618,062 920,560 598,5662,374,315 Feb. 23 23,527,511 1,389,594 5,376,620 1,636,3642,103,925 1,594.429 l]284]91(l4^518481 1,108413 618,218 920,307 599,4712,377,079 Deposits: Member bank •—reserve account: Jan. 26. .20,035,393 848,940 6,504,135 941,188 1,441,251 828,755 844,7783,132,327 747,078 478,133 933,916 951,4342,383,458 Feb. 2. .19,711,208 841,849 6,327,044 906,435 1,434,073 839,973 850,0653,055,297 739,938 486,246 932,524 923,6562,374,108 Feb. 9. .19,596,912 820,827 6,321,662 914,008 1,424,307 840,774 858,191 3,001.479 738,700 482,032 907,199 932,6392,355,094 Feb. 16. .19,447,005 825,931 6,164,847 893,821 1,422,604 837,804 852721 3!oi9.16O 736,904 475,411 900,863 943,4742,373,465 Feb. 23.. 19,440,860 818,848 6,305,957 896,171 1,419,097 825,904 849,8343,000,941 715,935 470,944 914,585 917,0962,305,548 U. S. Treasurer-general acc J o a u n n . t : 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 Feb. 2. . 1,283,897 70,332 216,643 77,682 101,032 76,752 99,298 159,938 73.323 107,813 86,714 117,690 96,680 Feb. 9. .1,430,430 105,282 235,615 88,534 123,165 66,090 80^322 234,458 63,596 117,188 81,439 98,472 136,269 Feb. 16..1,754,494 132,505 345,768 130,018 195 550 84,131 83 470 253,799 79 058 115,464 83,051 107,313 144,367 Feb. 23. . 1,591,108 135,962 200,317 138,597 181,756 78,462 80^503 274,024 82,717 108,315 85,851 107,718 116,886 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 Feb. 2. . 731,331 45,637 1235,810 57,952 66,645 35,496 29,700 99,967 26,078 18,110 26,078 25,354 64,504 Feb. 9.. 718,226 44,906 1230,639 57,024 65.578 34,927 29,225 98,366 25,661 17,820 25,661 24,948 63,471 Feb. 16.. 728,569 45,581 1233,661 57,880 66,562 35,452 29,664 99,843 26,046 18,088 26,046 25,323 64,423 Feb. 23. . 750,266 46,828 1241,789 59,464 68,383 36,422 30,475 102,575 26,759 18,583 26,759 26,016 66,213 Other* 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 Feb. 2. . 471,571 1,285 396,092 2,114 7,292 4,718 2,517 2,591 10,396 1,284 3,706 1,165 38,411 Feb. 9. . 457,415 3,007 386,215 1,653 7,029 3,999 2,274 2,765 6,384 1,565 3,807 372 38,345 Feb. 16. . 448,554 3,110 381,392 1,538 5,828 4,134 1,648 4,259 5,082 1,791 3,230 534 36,008 Feb. 23. . 443,172 3,195 381,189 2,583 5,506 1,717 1,961 3,187 5,211 1,722 193 429 36,279 Total deposits: Jan. 26 22,309,087 966,310 7,252,614 1,070,910 1,622,645 923,936 954,2283,416,912 843,061 584,388 1,046,092 1,070,9882,557,003 Feb. 2 22,198,007 959,103 7,175,589 1,044,183 1,609,042 956,939 981,5803,317,793 849,735 613,453 1,049,022 1,067,865 2,573,703 Feb. 9 22,202,983 974,022 7,174,131 1,061,219 1,620,079 945,790 970,0123,337,068 834,341 618,605 1,018,106 1,056,431 2,593,179 Feb. 16 22,378,622 1,007,127 7,125,668 1,083,257 1,690,544 961,521 967,5033,377,061 847,090 610,7541,013,190 1,076,6442,618,263 Feb. 23 22,225,406 1,004,833 7,129,252 1,096,815 1,674,742 942,505 962,7733,380,727 830,622 599,5641,027,388 1,051,2592,524,926 Deferred availability items: 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 Feb. 2 2,309,484 185,044 404,268 140,715 230,732 191,877 182,744 369,306 105,561 58,600 118,540 111,827 210,270- Feb. 9 2,098,274 170,780 350,403 137,249 203,759 199,457 171,869 310,365 101,151 52,725 107,885 111,754 180,877 Feb. 16 2,749,110 215,314 495,103 168,820 291,537 225,578 221,240 443,652 124,685 65,406 127,034 146,472 224,269 Feb. 23 2,156,043 187,154 382,827 155,718 231,406 189,864 165,505 303,577 93,712 54,309 109,959 115,544 166,468 Other liab. incl. accrued div.: Jan. 26 12,282 578 3,758 639 1,320 725 564 1,947 521 375 480 533 842 Feb. 2. 10,715 565 2,439 617 1,384 567 459 1,635 462 363 456 540 1,228 Feb. 9 10,802 571 2,842 691 1,143 624 520 1,762 491 399 492 417 850 Feb. 16 11,021 638 2,852 655 1,275 620 492 1,760 445 351 450 461 1,022 Feb. 23 15,303 672 6,196 731 1,392 645 579 2,021 516 389 512 523 1,127 Total liabilities: Jan. 26 48,219,772 2,533,155 13,049,7762,841,0583,954,5402,747,2102,442,1568.281,391 2,070,268 1,266,315 2,088,902 1,799,1655,145,836 Feb. 2 48,095,745 2,529,615 12,983,2622,814,1463,942,287 2,756,089 2,461,0828,205,490 2,073,589 1,291,605 2,094,167 1,785,3345,159,079 Feb. 9 47,870,781 2,532,192 12,903,5552,826,531 3,930,169 2,749,1002,438,761 8,164,998 2,050,942 1,291,9292,051,742 1,772,5065,158,356 Feb. 16 48,619,969 2,603,944 12,988,6052,880,4134,082,638 2,779,4542,475,6338,330,860 2,082,603 1,294,5732,061,234 1,822,143 5,217,869 Feb. 23 47,924,263 2,582,253 12,894,8952,889,6284,011,465 2,727,443 2,413,7678,204,506 2,033,263 1,272,4802,058,166 1,766,7975,069,600 1 After deducting $463,546,000 participations of other Federal Reserve Banks on Jan. 26; $495,489,000 on Feb. 2; $487,555,000 on Feb. 9; $494,- 874,000 on Feb. 16; and $508,417,000 on Feb. 23. MARCH 1949 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Capital Accts.: Capital paid in: 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 Feb. 2 202,757 11,467 69,623 14,805 19,242 8,831 7,974 25,649 6,719 4,512 7,133 7,910 18,892 Feb. 9 202,991 11,476 69,631 14,819 19,259 8,848 7,999 25,677 6,721 4,513 7,153 8,004 18,891 Feb. 16.... 203,082 11,477 69,638 14,829 19,199 8,869 8,017 25,706 6,738 4,524 7,168 8,023 18,894 Feb. 23.... 203,339 11,480 69,639 14,840 19,200 8,883 8,022 25,765 6,745 4,526 7,174 8,108 18,957 Surplus: (section 7): 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 Feb. 2.... 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 Feb. 9 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Feb. 16 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Feb. 23.... 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): 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 Feb. 2.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 9 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 16.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Feb. 23.... 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.: 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 Feb. 2 96,167 6,757 20,138 7,225 8,839 6,723 5,718 12,816 5,499 3,883 5,072 4,976 8,521 Feb. 9.... 102,820 7,266 21,487 7,629 9,390 7,153 6,034 13,601 5,888 4,084 5,423 5,242 9,623 Feb. 16 108,457 7,615 22,867 8,046 9,972 7,495 6,357 14,507 6,185 4,286 5,705 5,509 9,913 Feb. 23 114,466 8,099 24,202 8,449 10,567 7,873 6,675 15,359 6,522 4,491 5,994 5,767 10,468 Total liabilities and cap. accts.: Jan. 26.... 49,007,397 2,583,484 13,288,2902,903,8454,027,0542,788,1292,476,2868,389,160 2,100,699 1,287,3992,119,019 1,828,0505,215,982 Feb. 2.... 48,888,923 2,580,197 13,223,3612,877,3694,015,342 2,797,4092,495,5648,314,2262,104,302 1,312,8702,124,517 1,814,4815,229,285 Feb. 9 48,670,846 2,583,292 13,145,0112,890,1724,003,792 2,790,8672,473,5848,274,547 2,082,046 1,313,3962,082,463 1,802,0135,229,663 Feb. 16.... 49,425,762 2,655,394 13,231,4482,944,4814,156,7832,821,5842,510,7978,441,344 2,114,021 1,316,2532,092,252 1,851,9365,289,469 Feb. 23 48,736,322 2,634,190 13,139,0742,954,1104,086,2062,769,9652,449,2548,315,901 2,065,025 1,294,3672,089,479 1,796,9335,141,818 V_-On[.lllgclJX llclDJJ. ity on acceptances purchased for foreign correspondents: Tan. 26 3,273 206 11,034 262 301 160 134 452 118 82 118 115 291 Feb. 2.... 3,332 210 U.053 267 306 163 137 460 120 83 120 117 296 Feb. 9 3,356 211 H,060 268 309 164 138 463 121 84 121 118 299 Feb. 16 3,615 228 U.142 289 333 177 148 499 130 90 130 127 322 Feb. 23 3,508 221 ii.ios 281 323 172 144 484 126 88 126 123 312 Commit, to make indus. loans: Jan. 26.... 1,686 70 115 966 126 281 28 100 Feb 2 1,667 70 107 956 126 281 27 100 Feb. 9 1,736 55 159 956 153 294 22 97 Feb. 16 1,728 44 179 956 142 288 22 97 Feb. 23.... 1,643 36 107 956 144 281 22 97 1 After deducting $2,239,000 participations of other Federal Reserve Banks on Jan. 26; $2,279,000 on Feb. 2; $2,296,000 on Feb. 9; $2,473,000 on Feb. 16; and $2,400,000 on Feb. 23. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - Ka C n it s y as Dallas F c S r is a a c n n o - F.R. notes outstanding (issued to Bank): Jan. 26 24,688,025 1,473,2465,618,155 1,711,318 2,206,768 ,681,9001,365,270 4,688,9241,1(5 ,604 953,169 645,7992,538,334 Feb. 2 24,572,5041,464,226 5,604,5201,702,899 2198,262 ,668,1681,352,827 1,160,989 639,298 948,422639,774 2,525,127 Feb. 9 24,491,253 1,461,9255,574,751 1,697,580 2193,480 1,660,289 1,351,687 4,649,9031,157,992 637,505 948,695 640,0422,517,404 Feb. 16 24,375,171 1,,452,652 5,556,5781,688,455 2.189,285 ,649,7201,343,7334,636,516 1,152,791636,037 946,129 633,2202,490,055 Feb. 23 24,318,609 1,446,4925,534,386 1,690,979 2.185,1961,642,3401,342,5424,621,710 1,148,958 634,985 942,654 633,8572,494,510 Collateral held against notes outstanding: Gold certificates: Jan. 26 13,549,000 460,000 4,770,000 550,000 745,000 625,000 575,000 2,735,000 315,000 210,000 280,000184,000 2,100,000 Feb. 2 13,494,000 440,000 4,770,000 550,000 745,000 625,000 575,000 2,700,000 315,000 210,000 280,000184,000 2,.100,000 Feb. 9 13,364,000 440,000 4,770,000 550,000 745,000 625,000 575,000 2,670,000 315,000210,000 280,000184,000 2,000,000 Feb. 16 13,364,000 440,000 4,770,000 550,000 745,000 625,000 575,000 2,670,000 315,000 210,000 280,000184,000 2,000,000 Feb. 23 13,234,000 440,000 4,670,000 550,000 745,000 625,000 575,0002,640,000 315,000 210,000 280,000184,000 2,000,000 Eligible paper: Jan. 26 218,470 3,245 184,155 3,335 3,700 12,600 5,885 5,550 Feb. 2 90,896 1,444 43,255 4,005 7,565 5,400 1,567 16,110 11,550 Feb. 9 44,656 3,594 11,455 5,090 9,865 1,875 1,317 9,210 2,250 Feb. 16 46,167 2,890 16,635 4,590 7,875 3,000 767 9,910 500 Feb. 23 90,030 5,040 23,200 14,310 13,900 6,195 3,400 21,235 2,750 U. S. Govt. sec: Jan. 26 12,150,0001,100,0001,000,0001,200,000 ,500,0001,100,000 850,0002,000,000 950,000 450,000 700,000500,000 800,000 Feb. 2 12,150,0001,100,0001,000,0001,200,000 ,500,0001,100,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 Feb. 9 12,150,0001,100,0001,000,0001,200,000 ,500,0001,100,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 Feb. 16 12,100,0001,100,0001,000,0001,200,000 ,500,0001,050,000 850,0002,000,000 950,000 450,000 700,000 500,000 800,000 Feb. 23 12,100,0001,100,0001,000,0001,200,000 ,500,0001,050,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 Total collateral: Jan. 26 25,917,4701,563,2455,954,155 1,753,3352,245,000 1,728,7001,425,000 4,735,000 1,277,600 660,000 985,885 684,000 2,905,550 Feb. 2 25,734,896 1,541,4445,813,255 1,754,0052,245,000 1,732,5651,425,000 4,700,000 1,270,400 661,567 996,110 684,000 2,911,550 Feb. 9 25,558,656 ,543,594 5,781,4551,755,090 2245,000 1,734,8651,425,000 4,670,000 1,266,875 661,317 989,210 684,000 2,802,250 Feb. 16 25,510,167 1,542,890 5,786,6351,754,5902,245,000 1,682,8751,425,000 4,670,000 1,268,000 660,767 989,910 684,000 2,800,500 Feb. 23 25,424,0301,545,040 5,693,2001,764,310 2,245,000 1,688,9001,425,000 4,640,000 1,271,195 663,4001,001,235 684,000 2,802,750 260 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 [Averages of daily figures. In millions of dollars] COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V Central reserve [Amounts in thousands of dollars] Month, or m A e l m l - city banks s R er e v - e Coun- Gua a r u a t n h t o e r e i d z e l d oans Gua lo r a a n n s teed A a d m di o ti u o n n t al week ending Thursday ba b n e k r s » New Chi- b c a i n ty ks ba t n r k y s> to date outstanding available to York cago borrowers End of month under guar- N b u e m r - Amount am To o t u a n l t g P u o t a e r r e ti a d o n n - a o n u t t e m s e t e a a n n g t d r s e in e- g To 1 1 t 9 9 a 4 4 l 7 8 r — — es D D J e a r e e n v c c u e e e a s m m ry b b h e e e r r ld: 1 1 1 7 7 9 , , , 2 3 9 6 9 9 1 0 0 4 4 5 , , , 4 4 4 2 0 0 7 8 4 1 1 1 , , , 0 0 2 2 2 9 5 4 4 6 6 7 , , , 8 9 5 6 1 3 1 1 9 4 4 5 , , , 9 9 7 7 9 7 2 9 7 1949—January 19,991 5,358 1,297 7,539 5,797 1942— D Ju e n c e . . . . . . 2,6 5 6 6 5 5 2,6 3 8 1 8 0 , , 3 6 9 8 7 0 8 8 0 1 3 , , 1 7 0 2 8 0 6 6 3 9 2 , , 6 47 7 4 4 1,4 1 3 3 0 7 , , 1 8 2 8 1 8 1 1 9 9 4 4 8 9 — — D Ja e n c . . 30 6 2 1 0 9 , , 3 9 6 7 6 9 5 5, , 5 3 8 9 1 8 1 1, , 3 2 2 8 1 0 7 7 , , 6 5 4 3 7 2 5 5 , , 8 7 1 6 7 9 1943— D Ju e n c. e . . . . . . 4 5 , , 2 3 1 4 7 7 6 4 , , 5 71 6 8 3 , , 8 0 1 4 8 8 1 1 , , 4 9 2 1 8 4 , , 2 0 5 4 3 0 1 1, , 6 1 0 5 1 3 , , 5 7 1 5 8 6 3 2 , , 1 2 4 1 6 6 , , 2 05 8 3 6 J J J a a a n n n . . . 2 2 1 0 7 3 2 1 1 0 9 9 , , , 9 0 8 5 4 3 5 7 4 5 5 5 , , , 3 3 3 1 0 2 6 0 4 1 1 1 , , , 2 2 3 9 8 0 3 9 7 7 7 7 , , , 5 4 5 4 7 5 0 6 8 5 5 5 , , , 8 7 8 2 5 5 2 7 4 1944— D Ju e n c. e . . . . . . 6 7 , , 4 4 3 3 3 4 8 9, , 3 0 1 4 0 6 , , 5 6 8 7 2 2 2 1 , , 0 7 6 3 4 5 , , 3 9 1 7 8 0 1 1 , , 7 4 3 8 5 2 , , 7 0 7 3 7 8 3 4 , , 8 4 1 5 0 3 , , 7 5 9 8 7 6 F F F e e e b b b . . . 1 1 3 0 7 1 1 1 9 9 9 , , , 6 5 7 3 2 4 1 7 0 5 5 5 , , , 2 1 2 4 9 9 5 3 8 1 1 1 , , , 2 2 2 7 8 9 6 6 4 7 7 7 , , , 4 3 3 3 8 5 1 2 5 5 5 5 , , , 7 7 7 1 1 0 7 8 4 1945—June.. 8,422 10,149,351 1,386,851 1,190,944 3,694,618 Dec... 8,757 10,339,400 510,270 435,345 966,595 Ex 1 c 9 e 4 ss 7 — re D se e r ce v m es b : er 987 105 13 271 597 1946—June... 8,771 10,344,018 70,267 60,214 142,617 1948—January 1,082 116 8 331 627 Dec.... 8,771 10,344,018 18,996 17,454 28,791 1949— D Ja e n c u e a m ry ber 8 7 3 9 8 7 5 4 6 1 2 4 2 1 1 9 4 8 5 5 4 7 1 8 1947—June... 8,771 10,344,018 3,589 3,218 6,726 M Dec.... 8.771 10,344,018 2,412 2,183 1948—Dec. 30 782 38 -6 211 539 1949—Jan. 6 1,112 170 23 327 592 1948—June... 8,771 10,344,018 1,609 1,463 Jan. 13 833 12 3 219 599 July... 8,771 10,344,018 1,605 1,460 Jan. 20 872 34 6 204 628 Aug 8,771 10,344,018 1,414 1,282 Tan. 27 716 12 4 157 543 Sept.. . 8,771 10,344,018 1,332 1,208 Feb. 3 688 11 3 152 522 Oct.... 8,771 10,344,018 1,331 1,207 Feb. 10 697 9 3 159 526 Nov 8,771 10,344,018 1,301 1,186 Feb. 17 P676 10 3 146 Dec... 8,771 10,344,018 1,300 1,184 Borrowings at Federal 1949—Jan 8,771 10,344,018 1,295 1,181 Reserve Banks: 1947—December 224 38 123 57 1948—January 143 28 70 37 NOTE.—The difference between guaranteed loans authorized and sum December 134 50 41 34 of loans outstanding and additional amounts available to borrowers 1949—January 169 98 32 28 under guarantee agreements outstanding represents amounts repaid and authorizations expired or withdrawn. 1948—Dec. 30 139 56 41 37 1949—Jan. 6 44 14 13 17 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS J J a a n n . . 2 1 0 3 28 5 2 9 19 9 7 24 3 2 2 2 2 2 9 8 Jan. 27 292 190 24 47 31 [Amounts in thousands of dollars] Feb. 3 156 67 15 55 19 Feb. 10 86 5 57 24 Applications Ap- Feb. 17 128 41 55 30 Date (last approved proved Loans Commit- Partici- Wednesday to date but not out- ments pations or last day com- standing2 out- out- P Preliminary. of period) pleted 1 (amount) standing standing 1 Weekly figures of excess reserves of all member banks and of Num- Amount (amount) (amount) (amount) country banks are estimates. Weekly figures of borrowings of all member ber banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 1934 984 49,634 20,966 13,589 8,225 1,296 1935 1,993 124,493 11,548 32,493 27,649 8,778 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 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 SMALL CENTERSi 1938 2,653 175,013 1,946 17,345 14,161 12,722 1939 . 2,781 188,222 2,659 13,683 9,220 10,981 [Averages of daily figure3. In millions of dollars] 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 1942 3,423 408,737 4,248 14,126 10,661 17,305 In places of 15,000 In places of under 1943 3,471 491,342 926 10,532 9,270 17,930 and over population 15,000 population 1944 . . 3,489 525,532 1,295 3.894 4,165 2,706 1945 3,511 544,961 320 1,995 1,644 1,086 1946 3,542 565,913 4,577 554 8,309 2,670 Demand Demand 1947 .... 3,574 586,726 945 1,387 7,434 4,869 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 1948 inter- deposits inter- deposits Jan. 31. .. 3,576 589,986 1,025 1,972 7,077 5,213 bank bank 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 Apr. 30. .. 3,593 604,623 70 1,394 6,646 4,234 January 1948 16,060 8,508 12,438 6,079 May 31. .. 3,595 606,305 120 916 6,612 3,272 December 1948 16,850 8,678 12,413 6,011 June 30... 3,599 610,956 1,045 851 6,482 3,238 July 31... 3,600 611,694 620 802 6,417 3,346 January 1949 16,741 8,749 12,346 6,043 A Se u p g t . . 3 3 1 0. . . . . . 3 3 , , 6 6 0 0 3 4 6 6 1 1 2 3 , ,8 0 2 9 0 9 6 4 5 5 1,0 8 1 8 1 3 6 6 , , 1 2 8 4 7 6 3 4 , ,2 3 1 5 2 3 Boston 1,920 849 348 231 Oct. 30. .. 3,606 614,402 185 1,116 6,085 4,153 New York 3,016 2,195 1,063 1,152 Nov. 30... 3,606 614,725 85 1,151 6,099 4,166 Philadelphia 1,246 805 917 890 Dec. 31... 3,607 615,653 ' 335 995 1,643 1,990 Cleveland 1,331 895 1,049 815 1949 Richmond 1,147 401 899 475 Jan. 31.... 3,607 615,893 85 1,005 1,677 2,077 Atlanta 1,591 472 692 215 Chicago 2,256 1,587 1,704 961 St. Louis 667 337 1,025 281 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. Minneapolis 613 300 803 456 * Includes industrial loans past due 3 months or more, which are not Kansas City 573 104 1,685 207 included in industrial loans outstanding in weekly statement of con- Dallas 1,067 150 1,618 67 dition of Federal Reserve Banks San Francisco. . . 1,312 654 542 295 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. MARCH 1949 261 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 * 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 January 1949 All member banks 91,174 11,697 79,478 79,829 28,911 5,585 20,134 19,176 958 159 Central reserve city banks: New York 21,700 4,152 17,547 20,028 1,687 52 5,406 5,334 72 98 Chicago 5,204 1,091 4,112 4,686 1,005 133 1,312 1,294 19 11 Reserve city banks 34,056 5,479 28,577 29,394 11,429 1,791 7,587 7,324 263 23 Boston 1,918 276 1,642 1,737 188 39 408 396 12 New York 591 29 562 518 291 27 140 136 4 Philadelphia 2,197 350 1,847 1,947 239 69 457 446 10 Cleveland 4,097 476 3,621 3,627 1,487 155 940 909 31 Richmond 2,129 343 1,785 1,840 424 110 459 437 22 Atlanta 2,100 495 1,605 1,758 408 136 444 417 27 Chicago 3,998 444 3,555 3,420 1,989 274 932 902 30 St. Louis 2,180 708 1,472 1,860 332 103 455 434 21 Minneapolis 1,037 275 763 862 184 60 206 203 3 Kansas City 2,873 823 2,050 2,344 357 274 572 542 29 Dallas 2,634 685 1,949 2,151 391 282 538 503 35 San Francisco 8,303 575 7,727 7,331 5,140 262 2,036 1,998 38 Country banks 30,214 973 29,241 25,721 14,791 3,609 5,828 5,225 603 27 Boston 2,369 93 2,277 2,060 1,080 185 448 411 38 3 New York 4,179 96 4,083 3,698 3,347 289 926 843 83 13 Philadelphia 2,203 16 2,187 1,935 1,695 204 484 437 48 4 Cleveland 2,408 21 2,387 2,071 1,709 277 523 459 63 3 Richmond 2,173 119 2,054 1,813 874 271 403 356 47 1 Atlanta 2,478 189 2,289 2,045 686 356 425 379 46 Chicago 4,054 70 3,984 3,470 2,547 494 838 746 91 i St. Louis 1,759 56 1,703 1,476 618 253 313 282 31 1 Minneapolis 1,498 66 1,431 1,282 757 181 293 262 31 Kansas City 2,351 76 2,276 1,954 311 376 378 336 42 Dallas 2,836 139 2,697 2,275 217 514 436 380 56 San Francisco 1,906 32 1,875 1,643 950 207 361 334 27 Second half of January 1949 All member banks 90,291 11,264 79,027 79,647 28,872 5,246 19,858 19,132 726 178 Central reserve city banks: New York 21,541 4,054 17,486 19,910 1,642 44 5,312 5,300 12 99 Chicago 5,132 1,036 4,095 4,677 1,014 121 1,282 1,292 -9 10 Reserve city banks 33,748 5,244 28,504 29,408 11,423 1,682 7,494 7,326 168 39 Boston 1,929 271 1,658 1,763 188 31 409 402 7 1 New York 592 30 562 520 289 26 139 136 3 1 Philadelphia 2,188 335 1,853 1,948 238 66 451 446 4 1 Cleveland 4,102 468 3,635 3,630 1,489 154 932 910 21 7 Richmond 2,090 325 1,766 1,825 424 98 445 433 12 2 Atlanta 2,076 468 1,608 1,754 408 128 438 417 22 1 Chicago 4,008 439 3,569 3,443 1,989 268 932 907 25 4 St. Louis 2,170 687 1,483 1,869 333 93 441 436 5 6 Minneapolis 1,003 265 738 852 184 53 202 201 1 3 Kansas City 2,841 778 2,063 2,351 357 255 562 544 18 7 Dallas 2,592 634 1,957 2,138 390 266 527 500 28 4 San Francisco 8,159 545 7,614 7,314 5,135 244 2,016 1,994 22 2 Country banks 29,870 929 28,941 25,652 14,793 3,399 5,769 5,214 555 29 Boston 2,348 88 2,260 2,051 1,080 180 441 409 32 3 New York 4,167 91 4,076 3,700 3,345 278 916 843 73 13 Philadelphia 2,157 15 2,142 1,897 1,696 198 473 431 42 5 Cleveland 2,396 22 2,374 2,067 1,711 272 520 459 60 1 Richmond 2,156 117 2,039 1,813 876 259 397 356 41 1 Atlanta 2,465 187 2,278 2,049 688 344 423 379 43 Chicago 4,005 67 3,938 3,467 2,547 463 829 746 83 St. Louis 1,734 53 1,681 1,471 618 237 310 282 29 Minneapolis 1,464 61 1,402 1,273 755 165 290 260 29 Kansas City 2,309 67 2,242 1,955 311 336 377 336 40 Dallas 2,803 130 2,673 2,280 216 480 438 381 57 San Francisco 1,867 32 1,835 1,630 948 189 357 332 25 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 72,300 million dollars in the first half and 72,100 million in the second half of January. 262 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 * Large denomination currency > End of year or in cir- Unasmonth cula- sorted tion1 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 8 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 ,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 ,129 2,021 1,800 2,489 538 112 227 523 30 60 4 1941 11,160 8,120 751 695 44 ,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 ,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 ,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 8 26 3 1947—October. ., 28,552 19,833 ,385 1,011 63 2,078 6,233 9,064 8,721 2,499 4,986 427 793 5 11 3 November, 28,766 20,008 ,396 1,020 64 2,102 6,303 9,123 8,760 2,513 5,023 426 782 5 11 3 December. 28,868 20,020 ,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948—January... 28,111 19,369 ,382 984 63 2,017 6,064 8,858 8,745 2,511 5,022 424 771 5 12 3 February., 28,019 19,335 ,385 972 63 2,005 6,084 8,826 8,687 2,492 4,996 421 762 5 12 3 March 27,781 19,169 ,394 975 62 1,986 6,013 8,738 8,614 2,470 4,962 416 749 5 11 1. April 27,716 19,144 ,399 976 61 1,991 6.017 8,700 8,574 2,456 4,951 412 739 5 10 1 May 27,812 19,259 ,409 994 62 2,015 6,054 8,724 8,555 2,453 4,943 410 735 5 10 2 June 27,903 19,323 ,421 1,000 63 2,017 6,085 8,737 8,581 2,465 4,945 407 749 5 10 2 July 27,866 19,309 ,422 994 62 2,010 6,059 8,762 8 559 2,452 4,940 404 748 5 9 2 August 28,055 19,450 ,432 1,006 63 2,023 6,099 8,827 8,607 2,464 4,977 403 748 5 11 2 September 28,118 19,488 ,442 1,020 63 2,031 6,090 8,844 8,632 2,466 5,011 402 739 5 10 2 October... 28,176 19,531 ,451 1,026 63 2,037 6,087 8,867 8,647 2,467 5,035 401 730 5 9 3 November, 28,331 19,680 ,464 1,042 64 2,054 6,137 8,918 8,654 2,475 5,048 400 717 5 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 5 17 3 1949—January. . . 27,580 19,003 1,441 1,000 62 1,972 5,892 8,636 8,579 2,459 5,020 396 689 10 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 Ja 1 n 9 . 4 3 9 1, g a o g ld a in an st d Tr c e a a s s h ury R Fe e d se e r r v a e l B R an es k e s rv a e nd Ja 1 n 9 . 4 3 9 1, De 1 c 9 . 4 3 8 1, Ja 1 n 9 . 4 3 8 1, silver Banks and agents certificates agents Gold 24,271 23,069 2 1,203 Gold certificates . 23,069 20^210 44* ' •44" 46' ' Federal Reserve notes 24,632 61 1,185 23,386 23,918 23,953 Treasury currency—total. . 4,589 s2,249 72 367 4,150 4,262 4,111 Standard silver dollars. 493 274 54 3 162 162 153 Silver bullion 1,975 1,975 Silver certificates and Treasury notes of 1890. . * 2,249 269 1^979 2,060 1,948 Subsidiary silver coin 979 8 43 927 946 890 Minor coin 368 4 12 352 356 339 United States notes 347 5 34 308 312 303 Federal Reserve Bank notes . .. 331 1 4 326 330 375 National Bank notes 96 (6) 1 95 95 102 Total—Jan. 31, 1949. . . (4) 25,318 1,336 20,210 4,367 27,580 Dec. 31, 1948 (4) 25,290 1,325 20,151 4,261 28,224 Jan. 31, 1948 (4) 23,988 1,305 18,886 4,405 28! iil 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. 255, and seasonally adjusted figures in table on p. 264. 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. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt; (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted 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. MARCH 1949 263 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 A o 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 r a s o i s t a u e o t n d n io t a — n l for s C a e h s d a e a s j r u n o i s g e n t s e a e l d l * i y n Period a p s G t e t o o r o e i f c l o n d k d d I in n s c to r g e c o a k s ld 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 r l a r d s e r a e a : k i r s n - e d e ( - d e - - ) m t d g p i D o e u o r o o n s c ld - t - - i ic End of year figures: 1939 7,598 +742 1940 8,732 +1.134 1940 21,995 4,351.2 4,744.5 -644.7 170.2 1941 11,160 +2,428 1941 22,737 741.8 982.4 -407.7 169.1 1942 15,410 +4,250 1942 22,726 -10.3 315.7 -458.4 125.4 1943 20,449 +5,039 1943 .. 21,938 -788.5 68.9 -803.6 48.3 1944 25,307 +4,858 1944 20,619 -1,319.0 -845.4 -459.8 35.8 1945 28,515 +3,208 1945 .. 20,065 -553.9 -106.3 -356.7 32.0 1946 28,952 +437 1946 20,529 464.0 311.5 465.4 51.2 1947 28,868 -84 1947 . 22,754 22,224.9 1,866.3 210.0 75.8 1948 28,224 -644 1948 24,244 1,490.0 1,700.7 -159.2 73.5 Monthly averages of daily 1948—February... 23,036 101.5 159.4 -72.2 5.5 figures: March 23.137 100.4 99.9 -63.4 6.4 April 23,169 32.2 234.2 -111.5 5.7 1948—February 28,096 28,096 -213 May 23,304 135.2 151.3 -2.8 6.1 March 27,941 28,025 -71 June 23,532 228.5 177.7 81.7 5.7 April 27,766 27,990 -35 July 23,679 146.4 266.7 -188.4 6.2 May 27,749 27,945 -45 August 23,725 46.2 39.1 59.5 7.7 June 27,846 27,986 +41 September.. 23,872 147.2 53.3 98.1 7.4 July 27,955 28,011 +25 October 24,004 131.9 121.6 1.0 6.5 August 27,977 28,118 +107 November.. 24,166 161.4 54.2 99.7 5.3 September 28,152 28,208 +90 December.. 24,244 78.3 108.3 -45.9 5.0 October 28,188 28,188 -20 November 28,277 28,192 +4 1949—January 24,271 27.5 P45.9 -2.7 3.9 December 28,423 28,142 -50 February... P24.290 P18.2 (3) 4 -22.2 (3) 1949—January 27,850 27,767 -375 February 27,545 27,545 -222 P Preliminary. 1 Annual figures through 1947 are estimates of the United States Mint. Figures for 1948 and 1949 are estimates of the American 1 For end of year figures, represents change computed on absolute Bureau of Metal Statistics. amounts in first column. * Change includes transfer of 687.5 million dollars gold subscrip- NOTE.—For discussion of seasonal adjustment factors and for back tion to International Monetary Fund. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. * Not yet available. Because of an apparent change in the seasonal pattern around the * Gold held under earmark at the Federal Reserve Banks for foreign year end, adjustment factors have been revised somewhat for dates account, including gold held for the account of international instituaffected, beginning with December 1942; seasonally adjusted figures tions, amounted to 3,802.5 million dollars on Feb. 28, 1949. Gold for money in circulation, as shown in Banking and Monetary Statistics, under earmark is not included in the gold stock of the United States. Table 111, p. 414, and described on p. 405, are based on an older series NOTE.—For back figures, see Banking and Monetary Statistics, Table of adjustment factors. 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 City1 centers l centers 2 City centers City* cities * City' cities« 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 * * |l,050,021 417,475 527,336 105,210 19.0 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 25 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 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 1949—January 105,269 38,429 55,736 11,103 25.0 12.9 38,767 55,348 29.3 19.3 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. * Weekly reporting member bank series. • 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 reparted 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. 264 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 * banks 3 * banks 4 5 System 8 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—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8.402 28,431 16,352 10,664 1,415 13,946 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—June 165,455 108,433 139,156 82,134 1,367 55,655 34,835 17,428 3.392 26,299 December 171,462 113,599 144,986 87,123 1,452 56,411 35,249 17,746 3.416 26,476 1948—January (Jan. 28)... 170,200 112,400 144,400 86.600 1,300 56.500 35,200 17,900 3.400 25,800 February (Feb. 25).. 168.900 110,300 143,200 84.600 800 56,800 35,500 17,900 3,400 25,700 March (Mar. 31)... 166,400 107,100 140,800 81.500 400 56.900 35,500 18,000 3.400 25,600 April (Apr. 28) 167,500 108,100 142,100 82.700 500 56,900 35,500 18,000 3,400 25,400 May (May 26) 167,600 108.200 142,200 82,800 2,400 57.000 35.500 18,100 3,400 25,400 June (June 30) 167,875 108,335 142,237 82,697 2,180 57,360 35,788 18,194 3,378 25,638 July (July 28) P 168,600 108,900 143.100 83,400 2,400 57,300 35,700 18,200 3,400 25,500 August (Aug. 25)P.. 169,100 109,400 143.500 83,800 2,400 57,300 35,700 18,200 3,400 25,600 September (Sept.29) P 169,700 109,600 144,000 83,900 2,800 57,300 35,700 18,300 3,300 25.700 October (Oct. 27)P.. 170,300 110,700 144,600 85.000 2,300 57,300 35.700 18,300 3,300 25,700 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 1949— January (Jan. 26)P. . 170,000 110,500 144,800 85,300 2,000 57,500 35,700 18,500 3,300 25,200 » Preliminary. x 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. •Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. * Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. * 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 SUSPENSIONSl [In millions of dollars] Member Nonmember 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 r k y s Total r D ec i- 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 1940—Dec.. . 1,304 1,348 36 1,224 1.078 146 88 1946 0 1941—Dec... 1,314 1,396 26 1,274 1,128 146 95 1947 . 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—Jan.-Feb 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 18,01626,54851,567 41,231 1948—Mar. . 3.435 3,546 6 3,346 3,346 194 1943 6,223 4,982 1,241 Apr.. . 3,415 3,528 6 3,316 3,316 205 1944 405 405 May.. 3,395 3,509 6 3,291 3,291 211 1945 0 June.. 3,379 3,494 6 3,291 3,291 196 1946 . .. 0 July.. 3,368 3,483 6 3,275 3,275 202 1947 167 167 Aug... 3,356 3,472 6 3,260 3,260 206 1948 0 Sept.. 3,348 3,464 7 3,260 3,260 198 1949—Jan.-Feb 0 Oct... 3,342 3,459 7 3,244 3.244 208 Nov. . 3,336 3,454 7 3,244 3,244 203 Dec P3.326 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not 1949—Jan... P3.330 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). * Preliminary. 2 Deposits of member banks and insured nonmember banks sus- 1 Outstanding principal, represented by certificates of deposit. pended are as of dates of suspension, and deposits of noninsured non- 2 Includes working cash with postmasters, 5 per cent reserve fund member banks are based on the latest data available at the time the and miscellaneous working funds with Treasurer of United States, ac- suspensions were reported. crued interest on bond investments, and accounts due from late post- Back figures.—See Banking and Monetary Statistics, pp. 283-292; masters. for description, see pp. 281-282 in the same publication. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. 265 MARCH 1949 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 t a e nk Total Loans G U ov . e S r . n- Other a C ss a e s t h s » Total* b In an te k r 1 - a c c T a c p o 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 - mand Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,562 26,499 8,302 14,896 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—June 30 s 131,096 38,365 92,730 82,679 10,051 33,544 153,349 11,679 89,295 52,375 11,721 14,716 Dec. 31 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 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 Aug. 25« 134,440 46,000 88,440 77,020 11,420 33,850 156,340 11,220 91,140 53,980 12,360 14,719 Sept. 29« 132,890 47,140 85,750 74,230 11,520 36,880 157,520 11,280 92,150 54,090 12,400 14,720 Oct. 27« 133,400 47,140 86,260 74,920 11,340 37,560 158,890 11,650 93,160 54,080 12,450 14,712 Nov. 24« 133,460 47,870 85,590 74,320 11,270 37,380 158,420 11,560 93,080 53,780 12,470 14,709 Dec. 29« 133,660 48,340 85,320 74,000 11,320 38,370 159,720 11,930 93,730 r54,060 12,540 '14,707 1949—Jan. 26' 134,000 48,120 85,880 74,580 11,300 36,830 158,400 11,700 92,360 54,340 12,550 14,700 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1940—Dec. 31 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—June 30 » 112,756 33,679 79,077 70,539 8,538 32,704 135,907 11,679 89,281 34,947 9,880 14.183 Dec. 31. 116,284 38,057 78,226 69,221 9,006 37,502 144,103 13,032 95,711 35,360 10,059 14,181 1948—June 30 113,855 39,865 73,990 64,798 9,192 34,168 138,142 11,435 90,806 35,900 10,287 14,187 Aug. 25 • 115,100 40,630 74,470 65,100 9,370 33,110 138,110 11,220 91,120 35,770 10,390 14,187 Sept. 29« 113,600 41,720 71,880 62,460 9,420 36,000 139,240 11,280 92,130 35,830 10,420 14,188 Oct. 27« 114,100 41,620 72,480 63,260 9,220 36,720 140,600 11,650 93,140 35,810 10,460 14,180 Nov. 24« 114,180 42,280 71,900 62,780 9,120 36,580 140,200 11,560 93,060 35,580 10,480 14,177 Dec. 29« 114,310 42,690 71,620 62,500 9,120 37,480 141,350 11,930 93,710 35,710 10,540 '14,175 1949—Jan. 26 • 114,410 42,390 72,020 62,970 9,050 36,030 139,880 11,700 92,340 35,840 10,550 14,168 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 23,963 56,430 10,423 33,829 12,178 5,698 6,486 1941—Dec. 31 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944— Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—June 30 94,802 28.655 66,146 59,198 6,948 28,694 115,435 11,041 76,380 28,014 8,315 6,928 Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12.403 81,785 28.340 8,464 6,923 1948—June 30 95,449 33,871 61,578 54,139 7,439 30,303 117,452 10,833 77,796 28,823 8,624 6.925 Aug. 25« 96,475 34,495 61,980 54,371 7,609 29,300 117,274 10,624 77,937 28,713 8,698 6,919 Sept. 29« 94,895 35,453 59,442 51,789 7.653 32,021 118,191 10,669 78,776 28,746 8.724 6,923 Oct. 27« 95,452 35,310 60,142 52,680 7,462 32,677 119,529 11,025 79,756 28,748 8,765 6,920 Nov. 24« 95,514 35,929 59,585 52,219 7,366 32,539 119,135 10,918 79,636 28,581 8,778 6,919 Dec. 29« 95,707 36,321 59,386 52,012 7,374 33,252 120,190 11,227 80,187 28,776 8,828 6,919 1949—Jan. 26« 95,824 36,024 59,800 52,478 7,322 31,908 118,817 11,050 78,943 28,824 8,837 6,914 All mutual savings banks: 1939—Dec. 30 10,216 1,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1940—Dec. 31 10,248 it,956 5,292 3,215 2,078 966 10,659 4 10,655 1.29? 551 1941—Dec. 31 10,379 i1,901 5,478 3,704 1,774 793 10,533 6 10,527 L 241 548 1942—Dec. 31 10,754 i1,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 .... 11,871 t\ 484 7,387 6,090 1,297 797 11,738 8 11 730 L 276 545 1944—Dec. 30 13,931 i1,370 9,560 8,328 1,232 584 13,376 10 13,366 I 378 543 1945—Dec. 31 16,208 t1,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 1,526 13,179 11,778 1,400 818 16,869 1 16 16,853 L.784 541 1947—June 30 » 18,339 4,686 13,653 12,140 1,513 839 17,442 1 14 17,428 ,842 533 Dec. 31 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 .889 533 1948—June 30 19,226 5 23-i 13,992 11,976 2 016 832 18 211 17 18 193 955 532 Aug. 25« 19,340 5,370 13,970 11,920 2,050 740 18,230 20 18,210 ,970 532 Sept 29«.. 19,290 5,420 13,870 11,770 2,100 880 18,280 20 18 260 osn 532 Oct. 27« ... 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 1949—Jan. 26« 19,590 5,730 13,860 11,610 2,250 800 18,520 20 18,500 2,000 532 e Partly estimated. r Revised. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 266 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans G U ov . e S rn . - Other a C ss a e s t h s Total I b n a t n e k r- a c c T a c p o 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 insured commercial banks: 1 19 9 4 4 4 3 — — D D eecc . 3 3 1 0 1 8 0 3 3 , , 5 3 0 8 7 2 2 1 1 8 , , 3 8 5 4 2 1 6 8 4 2 , , 6 0 6 3 6 0 5 7 8 5 , , 6 8 8 7 3 5 6 5 , , 1 9 5 8 5 3 2 2 7 9 , , 1 7 8 3 3 3 1 12 0 5 4 , , 7 0 1 9 4 4 1 1 0 2 , , 7 0 0 7 5 4 8 7 9 4 , , 7 3 6 0 1 9 2 1 3 9 , , 8 0 7 8 9 1 7 7, , 9 4 8 5 9 3 1 1 3 3 ,2 2 6 7 3 0 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 I947—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: I943—Dec. 31 47,499 10,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3,536 17,570 71,858 8,056 50,900 12,901 4,265 5 025 I945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 I947—june 30 62,982 18,764 44,218 39,271 4,947 19,342 77,146 7,432 50,694 19,020 5,296 5,012 Dec 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5 409 5 005 1948—June 30. . . . 63,638 22,243 41,395 36,091 5,303 20,415 78,753 7,305 51,921 19,528 5,533 4,998 State member banks: 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 J.698 I944—Dec. 30 . . 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 L ,789 I945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1L,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 I 893 I947—june 30 .... 31,820 9,891 21,928 19,927 2,001 9,353 38,289 3,609 25,686 8,994 3,019 L ,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 .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 11,083 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: I943—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 1 19 9 4 4 7 6 — — J D u e n c e . 3 3 1 0 » 2 1 , ,8 0 1 7 5 4 3 4 8 3 9 0 1 1, , 6 4 4 2 5 6 1 1 , , 2 4 2 0 6 3 2 24 00 1 5 51 30 4 2 2 , , 2 0 4 4 8 3 3 4 3 3 6 6 1L L, t 3 3 5 0 1 2 4 46 04 1 3 2 2 90 2 6 7 9 9 0 7 Dec. 31 2,009 474 1 535 1,280 255 576 2 251 363 L.411 478 325 783 1948—June 30 2,062 493 1,569 L.308 261 469 2,197 400 L.315 482 331 772 All nonmember commercial banks: I943—Dec. 31 10,847 2,832 8,014 6,899 1.115 3,889 13,671 448 9,131 4,092 1.245 7,299 1944—Dec. 30 ... 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 1,298 7,181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—June 30 » 17,970 5,027 12,943 11,352 1,591 4,013 20,488 638 12,901 6,949 1,566 7,258 Dec. 31 18,454 5 432 13 021 11.318 1.703 4.659 21,591 629 13,926 7 036 1,596 7,261 1948—June 30. 18,422 5,997 12,425 10,670 1,755 3,867 20,706 602 13,010 7,093 1,664 7,265 Ensured mutual savings banks: I943—Dec 31 7,525 3,073 4,452 3,844 60S 559 7,534 7 7,527 808 184 1944—Dec 30 9 223 3 110 6 113 5 509 604 400 8,910 8 8,902 899 192 1945 Dec 31 10 846 3 081 7 765 7 160 606 429 10 363 12 10,351 L 034 192 1946—Dec. 31 ll!891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 L.173 191 I947—june 30 12,375 3,370 9,005 8,216 789 658 11,901 1 12 11,889 1,218 191 Dec. 31 12,683 3,560 9.123 8,165 958 675 12,207 1 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: I943—Dec 31 4 345 J di1 2 935 2 246 689 238 4,204 1 4,203 468 361 1944—Dec 30 4,708 .260 3,448 2,819 629 184 4,466 2 4,464 485 351 1945 Dec ^1 5 361 198 4 163 3 522 641 180 5,022 2 5,020 558 350 1946—Dec 31 5 813 I 275 4 538 3 833 705 206 5,442 3 5,439 611 350 1947—June 30 « 5,964 1,316 4,649 3,924 724 181 5,541 2 5,539 624 342 Dec 31 5 957 I 384 4 573 3 813 760 211 5,556 3 5,553 637 339 1948—June 30 6,084 L 465 4,619 3,808 811 188 5,630 2 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. MARCH 1949 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Total cial, or carrying tions Cla c s a s l a l o n d f d a b te ank i m n l a o v e n a e n d n s t s t s - Total* o c m p i k p p l i n u e n a e e a g r d - r t - n * - - - A t c a u u g l r l r ' - - i- b d a e e s T r e n e o r r o a d s s c k l u - - rit o T i t e h o s - l R t o e a e a s t a - e n l s 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 n e f e a e r e d t b t i s e i - n t s D f s - i - - ire N c o t tes Bonds g t a e u n e a - d r- S p s d s a t i i u o o i a o n c v b l t f a n d i e i - t l - s s - O r s i e t t c h ie u e s - r All insured commercial banks: 1941—Dec. 31. . 49,29021,259 9,214 ,450 614 662 4,773 4,545 28,031 21,046 988 3,15912,797 4,102 3,6513,333 1943—Dec. 31.. 83,50718,841 7,777 ,505 ,414 922 4,437 ,868 918 64,666 58,6834,63613,218 7,67230,656 2,5013,2872,696 1944—Dec. 30.. 103,38221,352 7,920 ,723 ,2692,265 4,343 1,888 94482,030 75,8753,97115,30015,77839,848 9"7"8 33,4222,733 1945—Dec. 31.. 121,80925,765 9,461 ,314 3,164 606 4,6772,361 1,18196,04388,9122,45519,07116,04551,321 223,873 3,258 1946—Dec. 31.. 112,17830,73314,016 ,358 ,517 7,103 4,031 1,098 81,44573,5541,27112,288 6,78053,200 154,2983,592 1947_ D ju e n c e . 3 3 0 1 .. .. 1 1 1 1 0 4 , , 6 2 8 7 2 4 3 37 3 . , 5 2 8 5 3 01 1 4 8 , . 7 0 6 1 5 2 , ,6 5 1 4 0 9 ,5 8 1 2 7 3 190 8 9 , , 2 2 0 6 1 6 4 5 , , 8 65 93 4 1,028 7 76 7 , , 6 4 9 3 1 36 67 9 , , 9 1 4 3 1 6 2, 8 1 3 2 5 4 9 7 , , 4 5 4 5 1 2 5 5 , , 3 9 4 1 1 8 5 5 3 2 , , 5 3 0 3 5 4 1 1 4 4 4 5 , ,1 8 2 2 9 6 3 3 , , 6 4 2 7 1 1 1948—June 30.. 111,79439,37217,834 ,976 ,183 07710,1016,412 1,119 72,42163,4902,327 9,451 5,069 46,630 125,434 3,497 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711.729 3,832 3,090 2,871 1943—Dec. 31.. 74,25816,288 7,421 ,0231,398 839 3,274 84857,97052,9484,36012,071 6,906 2\7265 2,345 2,7292,294 1944—Dec. 30.. 91,569 18,676 7,531 ,1982,2492,108 3,209 87772,89367,6853,74813,98214,12734,927 902 2,8572,350 1945—Dec. 31.. 107,18322,775 8,949 8553,133 3,3783,4551,9001,10484,40878,3382,27516,98514,27144,792 16 3,2542,815 1946—Dec. 31.. 96,36226,69613,154 8841,5061,4675,358 3,3081,020 69,66663,04: ,16710,043 5,60246,219 113,5483,077 1 1 9 9 4 4 7 8 — — D J Ju u e n n c e e . 3 3 3 1 0 0 . .. 9 9 9 5 7 4 , , , 4 8 8 4 4 0 9 6 2 3 2 3 3 8 2 , , , 8 6 6 7 5 2 1 5 8 1 1 1 6 3 6 . , , 9 8 7 6 2 3 2 0 41 1 , . 9 2 0 7 4 4 2 1 6 1 1 , , 8 1 5 1 7 0 1 1 71 1, , 9 0 1 5 6 5 6 5 4 7 7 6 , , , 1 7 2 3 7 4 0 7 0 5 4 , , , 2 9 6 4 6 9 9 2 8 1, 9 9 0 6 5 4 5 2 0 6 6 6 5 6 1 , , , 2 1 5 1 4 7 8 6 85 5 5 4 9 7 , , , 1 1 9 3 9 1 9 8 4 2, , 1 7 9 8 7 8 3 8 7 5 7 7 , , , 5 8 5 9 1 4 7 6 4 4 4 4 , , , 1 3 8 0 6 1 4 9 5 4 4 4 5 0 6 , , , 2 5 2 8 0 4 6 2 2 1 1 8 0 0 4 3 4 , , , 4 9 1 3 9 8 6 9 2 3 3 2 , , , 1 0 9 0 0 6 5 3 6 New York City.* 1941—Dec. 31..12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,6521,679 729 830 1943—Dec. 31..19,994 4,428 2,515 241,054 323 107 252 15315,56614,5631,328 3,409 1,829 7,014 984 444 558 1944—Dec. 30. 24,003 5,760 2,610 301,742 859 86 253 17918,24317,179 913 ,740 3,745 8,592 189 468 596 1945—Dec. 31. 26,143 7,334 3,044 2,453 ,172 80 287 29818,80917,574 477 ,433 3,32510,337 1 606 629 1946—Dec. 31..20,834 6,368 4,078 1,096 389 99 455 250 14,46513,308 387 ,725 99210,202 1 557 601 1947—June 30.. 20,332 6,548 4,171 1,196 286 104 500 29113,78412,571 137 ,103 77510,555 1 631 582 Dec. 31 20.393 7,179 5.361 545 267 111 564 33013,21411,9721,002 640 558 9,771 638 604 1948—June 30.. 19,019 7,550 5,275 963 250 161 616 37211,46910,358 693 983 520 8,162 583 528 Chicago:3 1941—Dec. 31.. 2,760 954 732 6 48 52 22 96 1,806 1,430 256 153 903 119 182 193 1943—Dec. 31.. 4,554 1,004 763 6 102 52 22 45 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 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 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 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 3,23 2,890 106 368 132 2,284 175 173 Dec. 31.. 5.088 1,801 1,418 3 73 87 46 149 3,287 2,890 132 235 248 2,274 213 185 1948—June 30.. 4,742 1,714 1,357 2 61 75 47 156 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 1941,527 1,512 8,243 6,467 295 751 4,248 ,173 956 820 1943—Dec. 31.. 27,521 6,201 3,058 279 217 2671,420 658 21,321 19,6821,802 4,691 2,497 9,943 749 913 726 1944—Dec. 30. . 33,603 6,822 3,034 348 311 7771,379 660 313 26,78125,0421,704 5,730 5,181 11,987 440 ,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 4271,5031,459 855 404 31,59429,5521,034 6,982 5,653 15,878 5 ,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 704 2,237 ,436 435 24,52722,250 441 3,799 1,993 16,013 4 ,2721,004 1947—June 30.. 34,611 11,441 5,726 197 185 540 2,713 ,675 23,17020,845 334 3,038 1,503 15,967 3 ,364 962 Dec. 31.. 36,040 13,449 7.088 225 170 484 3,147 ,969 22,59120,196 373 2,358 1,901 15,560 3 ,3421,053 1948—June 30.. 35,065 13,373 6,823 260 126 4283,333 ,158 369 21,692 19,222 783 3,244 1,501 13,692 3 ,4461,024 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 1831,823 1,530 6,628 4,377 110 481 2,926 861 ,2221,028 1943—Dec. 31.. 22,188 4,654 1,084 713 25 1971,725 528 38117,53415,4651,032 3,094 2,096 8,705 538 ,214 855 1944—Dec. 30.. 28,520 4,910 1,149 802 32 3101,719 547 35123,61021,552 88: 3,466 4,42212,540 ,230 829 1945—Dec. 31.. 35,002 5,596 1,484 648 42 4711,881 707 36329,40726,999 630 5,102 4,54416,713 ,3421,067 1946—Dec. 31.. 35,412 8,004 2,433 681 29 2732,970 ,312 30627,40824,572 279 4,020 2,47017,797 ,5511,285 1947—June 30.. 35,057 9,102 2,744 774 26 244 3,381 ,693 24025,95522,893 197 3,035 1,96017,696 ,8131,250 Dec. 31.. 36,32 10.199 3,096 818 23 2273,827 ,979 22926,12522,857 480 2,583 2,10817,681 6 2,0061,262 1948—June 30.. 36,623 11,23 3,279 979 22 204 4,236 2,318 26!25,38921,892 552 3,121 1,86816,345 "2,2231,275 Insured nonmember commercial banks: 1941—Dec. 31.. 5,77t 3,241 543 478 641,282 854 2,535 1,509 1 152 1,069 271 563 462 1943—Dec. 31.. 9,25? 2,556 356 48: 8:1,165 385 6,702 5,73" 276 1,147 766 3.39J 156 560 403 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 8 7 4 5 6 — — — — — J J D D D D u u e e e e n n c c c c e e . . . . 3 3 3 3 3 3 0 0 1 0 1 1 . . . . . . . . 1 1 1 1 1 1 6 6 5 1 4 5 , , , , , , 3 8 4 8 6 8 6 2 4 9 3 3 C - 4 * ' 2 5 2 4 4 4 , , , , , , 9 5 0 5 6 9 9 4 9 7 0 5 2 0 7 8 8 4 1 1 , , 1 0 5 9 3 8 4 0 4 6 1 8 9 1 5 2 9 5 4 4 5 5 7 2 5 6 3 7 7 5 9 3 5 6 4 2 1 1 1 1 1 4 2 2 2 2 5 : 1 8 5 5 6 2 2 1 1 1 1 , , , , , , 1 3 2 7 9 1 3 2 4 6 2 3 6 4 8 3 8 9 1, 9 3 4 8 1 7 9 8 6 9 6 2 2 3 5 3 0 3 1 1 1 1 1 9 1 0 1 1 1 , , , , , , 1 7 8 4 2 6 4 9 5 8 9 4 6 1 6 6 9 71 1 1 9 8 9 0 0 0 , , , , , , 1 3 9 0 5 5 9 6 4 3 2 8 7 2 ' ' 2 1 1 1 1 2 6 3 3 8 0 3 8 6 0 : 2 2 1 1 1 1 , , , , , , 0 3 8 7 2 8 1 5 3 9 8 4 9 5 6 7 7 7 1 1 1 1 , , , , 9 9 6 1 7 1 6 5 7 7 7 0 6 2 2 9 4 4 4 6 6 6 7 7 , , , , , , 9 9 5 3 0 0 9 2 1 3 9 5 1 8 3 8 9 8 7 6 3 4 4 4 6 6 9 5 9 8 7 1 9 3 6 4 5 9 9 1 6 5 2 3 4 4 5 5 5 8 4 1 0 9 1 3 3 6 5 4 7 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 1 Central reserve city banks. 268 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time (deposits Class a n o d f bank F s w e e R d r i v e e th e - r s al C i a n sh a w B n i c a t e l h - s m D d a e e n - - d In d t e e p r o b s a i n ts k U. S. States C f e ie rt d i- vi I d n u d a i- ls, U G er . o n v S - - . S a t n a d tes vi I d n u d a i- ls, r B o o w r- - C t a a p l icall date Re- vault do- posits Gov- and and partner- Inter- ment polit- partner- ings ac- B se a r n v k e s b m a e n s k ti s c 4 j m u s a t d ed - 5 Do- For- m er e n n - t p s o u li b t d ic i a - l c O e f r fi s - ' an sh d i p co s, r- bank P a o n s d tal su ic b a d l i-an sh d i p co s, r- counts mestic3 eign visions checks, pora- Sav- visions poraetc. tions ings tions 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 65,96011,063 948 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31. . 16,013 ,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—June 30.. 16,039 1,804 8,498 80,869 9,807 1,372 1,247 6,495 2,111 78,077 64 111 771 33,604 60 9,558 Dec. 31. . 17,796 ,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 ,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: 1941—Dec. 31. . 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 1943—Dec. 31. . 12,835 :,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30. . 14,261 ,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31.. 15,811 ,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 ,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—June 30.. 16,040 ,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 ,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—June 30. . 17,356 ,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:5 1 19 9 4 4 3 1 — — D £) eecc#. 3 3 1 1 . . . . 3 5, , 1 5 0 9 5 6 9 92 3 1 6 4 1 1 1 1 3 0 , , 8 7 9 6 9 1 3 2, , 8 5 6 9 7 5 6 8 0 1 7 0 3,3 8 9 6 5 6 3 25 1 2 9 4 7 5 1 0 0 1 1 4 1 , ,2 3 8 7 2 3 4 6 5 2 2 9 6 8 7 1 7 6 8 29 1 1 , , 8 6 6 4 2 8 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31.. 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1946—Dec. 31. . 4,046 131 87 16,429 3,031 1,195 651 218 942 17.216 20 15 39 1 395 2,205 1947—June 30. . 4,166 123 50 16,494 2,898 1,228 179 260 915 17,202 22 14 17 1,407 1 2,234 Dec. 31.. 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1948—June 30. . 4,883 122 46 15,592 2,830 1,183 333 272 748 16,306 15 14 41 1,621 26 2,226 Chicago:3 1 19 9 4 4 3 1 — — D D eecc. . 3 3 i 1 . . . . 1,0 8 2 2 1 1 4 3 3 8 2 1 9 5 8 8 3 2 , ,2 0 1 5 5 0 1,0 9 2 7 7 2 14 8 7 1 1 2 3 7 2 1 3 7 3 4 3 4 4 4 3 2 , ,1 0 5 9 2 7 2 1 4 5 7 0 6 5 2 32 8 6 8 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—Dec. 31. . 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 1947—june 30. . 973 36 162 3,427 1,056 24 181 304 55 3,417 2 6 864 416 Dec. 31. . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1948—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 1 19 9 4 4 3 4 — — £ D > eecc<. 3 3 0 i. . . . 5 5 , , 1 6 1 8 6 7 3 4 9 4 1 1 2 1 , , 0 75 0 8 5 2 1 0 8 , , 2 6 6 5 7 4 4 5, , 4 7 2 7 1 0 6 7 3 0 3 6, , 1 3 5 7 7 3 1 1 , , 5 4 0 4 9 8 4 4 8 7 8 5 2 1 0 8 , , 3 7 7 9 1 0 4 33 1 4 5 0 6 1 1 5 5 4 1 5 7 , , 9 56 0 1 2 2 2 , , 3 1 2 3 7 5 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—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—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—£>ec 3i 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. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MARCH 1949 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * Investments For purchasing or carrying securities U. S. Government obligations Date or month i T n l a o v o n a e t d n s a s t l - Total1 i C t m c n r o i i d e a a m u r l l , - s , - - a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo to ans Other Total C tif e i r - - O se th c e u r ments and loans banks loans cates rities t a c u g u r r l a i - - l G U t l i o i o o . g b 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 o i i o o g b . v S n a - - t s . .O c t s u t i e h e r - s e i- r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1948—January 65,178 23,315 14,704 219 432 333 502 3,497 163 3,465 41,863 37,610 2,164 3,390 2,790 29,266 4,253 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 24,809 4,197 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 24,684 4,167 1949—Tanuarv 62,741 25,069 15,396 701 416 196 459 4,079 191 3 ,91837,672 33,492 2,204 5,577 1,044 24,667 4,180 194g—Dec i 62,330 25,092 15,542 507 467 198 4754,044 218 3,893 37,238 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 3,915 37,581 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 15,577 875 456 202 469 4,062 241 3 93037,192 32,987 1,807 4,742 1,844 24,594 4,205 1949—Jan. 5 62,638 24,969 15,374 620 438 203 4674,066 164 3,924 37,669 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 3,922 37,509 33,324 2,157 5,515 1,043 24,609 4,185 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 24,830 4,171 Feb 2 62,696 25,244 15,318 859 438 186 4774,079 258 3,918 37,452 33,268 1,987 5,364 1,027 24,8904,184 Feb. 9 62,170 24,950 15,294 721 434 188 4754,085 177 3,865 37,220 33,016 1,841 5,201 1,039 24,935 4,204 Feb. 16 61,991 24,841 15,265 722 410 190 4444,085 154 3,862 37,150 32,890 1,798 5,094 1,032 24,966 4,260 Feb 23 61,946 24,865 15,222 673 423 189 4544,086 261 3,849 37,081 32,814 1,780 5,036 1,022 24,9764,267 New York City 1948—January 20,001 7,045 5,329 162 308 51 199 106 129 761 12,956 11,747 1,157 626 512 9,452 1,209 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 1949—January 18,305 7,816 5,584 649 300 38 178 215 140 806 10,489 9,458 715 1,335 133 7,275 1,031 1948—Dec. 1 18,178 7,717 5,599 467 332 31 184 209 168 81310,461 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 80710,618 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 Jan 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 37 175 216 137 807 10,404 9,386 639 1,363 125 7,259 1,018 Feb. 2 18,366 8,020 5,573 784 319 37 199 214 181 80710,346 9,331 672 1,276 128 7,255 1,015 Feb. 9 18,015 7,836 5,583 656 317 41 202 217 116 79810,179 9,155 559 1,210 138 7,248 1,024 Feb. 16 17,959 7,802 5,584 666 302 42 170 218 114 80010,157 9,089 539 1,147 139 7,264 1,068 Feb. 23 18,033 7,854 5,595 610 301 42 182 219 203 79610,179 9,114 591 1,130 132 7,261 1,065 Outside New York City 1948—January 45,177 16,270 9,375 57 124 282 303 3,391 34 2,704 28,907 25,863 1,007 2,764 2,278 19,8143,044 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 3,098 26,889 23,725 1,376 3,602 1,455 17,2923,164 1949—January..... 44,436 17,253 9,812 52 116 158 281 3,864 51 3,112 27,183 24,034 1,489 4,242 911 17,3923,149> 1948—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', 09726,944 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 17,242 3,147 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 Feb. 2 44,330 17,224 9,745 75 119 149 2783,865 77 3,111 27,106 23,937 1,315 4,088 899 17,6353,169 Feb. 9 44,155 17,114 9,711 65 117 147 2733,868 61 3,067 27,041 23,861 1,282 3,991 901 17,687 3,180 Feb. 16 44,032 17,039 9,681 56 108 148 2743,867 40 3,062 26,993 23,801 1,259 3,947 893 17,702 3,192 Feb. 23 43,913 17,011 9,627 63 122 147 2723,867 58 3,053 26,902 23,700 1,189 3,906 890 17,7153,202- 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to. the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 Including guaranteed obligations. 270 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 F w e R e a e r r i e n a d t v - h l k - e ; v C a i a n u s l h t m b a w d a n e o i n c s t - e k h ti s s c j p m u o a d s a e d t s n - e i - t d d s 3 s p p u v n h c a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o u t i c o n a v b l a n d i t - i l t e - s - s c C c O h a f e e e i t e n f e c r r f c d . d t i s k - i ' - s, U m G er . o e n v n S - - t . s p p u v n h c a o a a o i e n i r d r p l r r d a s t - - - s - , - , S p s d s a i i o u t i c o n a v b l a n d i - t i l t e - s - s P U m G S e i a o n r a . n o e s g n v d v n S t s - - a - t . l m D t D e i o s c - - ema F nd or- Time r B i o n o w g r s - - c C o i a a t u c a p - n - l ts B i d t e s a b 4 n - k tions tions Total- Leading Cities 1948—January.. . .12,753 815 2,445 48,843 49,073 3,251 1,465 592 14,159 370 9,9551,344 138 5,830 94,188 November . 14,590 826 2,229 46,936 47,748 3,204 1,361 1,46414,309 522 9,1941,416 248 5,995 91,965 December.. 14,704 2,235 47,787 48,387 3,255 1,510 1,09514,306 518 9,1491,459 200 6,008107,606 1949—January.. . .14,776 2,26147,573 47,798 3,240 1,302 1,01914,432 562 9,3261,489 219 6,012 94,115 1948—Dec. 1.... 14,574 812 2,185 47,34147,840 3,292 1,625 1,26414,238 505 9,0051,415 149 6,016 20,623 Dec. 8.... 14,418 880 2,103 47,584 47,,635 3,230 1,259 90014,282 509 9,0021,426 261 6,009 20,906 Dec. 15.... 15,044 891 2,406 48,290 49,,803 3,221 1,629 94414,281 514 9,5181,482 100 6,001 24,978 Dec. 22.... 14,593 916 2,234 47,928 48,446 3,250 1,489 1,09214,324 522 9,1401,499 289 6,002 25,101 Dec. 29.... 14,893 919 2,24747,79448,214 3,282 1,549 1,27414,403 540 9,0791,472 200 6,015 22,434 1949—•.Jan. 5.... 14,964 812 2,36547,43747,482 3,268 1,289 1,11514,451 550 9,7221,458 66 6,013 25,157 Jan. 12.... 14,716 862 2,28747,519 48,129 3,213 1,219 83514,446 560 9,4271,424 257 6,013 20,544 Jan. 19 14,713 803 2,26247,670 48,094 3,178 1,292 987 14,417 567 9,3581,542 143 6,005 21,822 Fan. 26.... 14,710 803 2.130 47,66547,486 3,301 1,408 1,13914.412 570 8,7951,531 410 6,019 21,968 Feb. 2.... 14,380 726 2,01146,9455 46,576 3,408 1,304 1,47614,419 582 8,6311,500 279 6,028 22,030 Feb. 9 14,322 790 2,,0000 46,553 46,164 3,319 1,196 1,55914,418 599 8,5221,498 137 6,036 19,373 Feb. 16.... 14,172 748 2,,0096 46,079 46,693 3,393 1,287 1,72914,412 600 8,6351,450 118 6,025 20,852 Feb. 23.... 14,271 817 2,089 46,299 46,620 3,419 1,227 1,81714,422 597 8,2461,439 293 6,029 17,642 New York City 1948—January 4,439 132 16,39916,844 339 732 1,350 3,1081,192 2,207 38,286 November . 5,296 138 15,09315,741 307 681 453 1,480 14 2,7771,229 147 2,232 34,988 December.. 5,383 145 15,49116,228 226 802 294 1,511 2,8221,269 122 2,235 44,861 1949—January 5,393 126 15,331 ,15934 202 644 268 1,512 2,8521,288 155 2,251 38,767 1948—Dec. 1... 5,380 129 15,36316,106 274 888 360 1,482 2,8121,231 31 2,240 8,287 Dec. 8... 5,193 143 15,40415,923 241 587 246 1,496 2,684 ,241 180 2,231 8,400 Dec. 15.... 5,553 148 15,63116,633 206 881 249 1,508 2,986 1,296 36 2,236 11,133 Dec. 22... 5,356 159 15,54616,237 177 794 283 1,524 2,806 1,303 201 2,232 10,169 Dec. 29... 5,433 147 15,50916,239 231 863 335 1,545 2,822 1,274 161 2,235 9,268 1949—Jan. 5.... 5,509 133 15,40715,957 196 582 321 1,531 3,019 1,265 36 2,250 10,586 Jan. 12... 5,294 133 15,20215,913 208 581 221 1,520 14 2,833 1,231 202 2,252 8,368 Jan. 19... 5,403 118 15,35316,020 176 618 253 1,500 2,832 1,332 96 2,251 8,596 Jan. 26... 5,366 120 15,36015,847 228 793 277 1,496 2,722 1,326 286 2,251 9,316 Feb. 2. . . 5,181 111 15,13215,626 211 623 414 1,489 2,701 1,297 184 2,260 9,203 Feb. 9... 5,170 119 14,97015,485 184 605 430 1,486 2,612 1,290 71 2,262 8,050 Feb. 16 5,047 110 14,77615,492 240 673 481 1,475 2,634 1,241 72 2,258 8,404 Feb. 23.... 5,169 123 14,95015,650 215 638 491 1,476 2,599 1,228 124 2,258 6,664 Outside New York City 1948—January.. . 8,314 683 2 ,405 32 ,44432,229 2,912 733 42012,809 357 6,847 152 27 109 3,623 55,902 November . 9,294 688 2,194 31,84332,007 2,897 680 1,01112,829 502 6,417 187 101 3,763 56,977 December. 9,321 739 2,199 32,29632,159 3,029 708 801 12,795 502 6,327 190 78 3,773 62,745 1949—January.. . 9,383 694 2,22832,24231,864 3,038 658 75112,920 542 6,474 64 3,761 55,348 1948—Dec. 1... 9,194 683 2,148 31,97831,734 3,018 737 90412,756 488 6,193 184 118 3,776 12,336 Dec. 8... 9,225 737 2,072 32,180 31,712 2,989 672 65412,786 492 6,318 185 81 3,778 12,506 Dec. 15... 9,491 743 2,368 32,659 33,170 3,015 748 69512,773 498 6,532 186 64 3,765 13,845 Dec. 22... 9,237 757 2,196 32,38232,209 3,073 695 80912,800 506 6,334 196 88 3,770 14,932 Dec. 29... 9,460 772 2,210 32,28531,975 3.051 686 93912,858 524 6,257 198 39 3,780 13,166 1949—Jan. 5... 9,455 679 2,33132,030 31,525 3,072 707 79412,920 532 6,703 193 30 3,763 14,571 Jan. 12... 9,422 729 2,,255 32,31732,216 3,005 638 61412,926 540 6,594 193 55 3,761 12,176 Jan. 19... 9,310 685 2,230 32,31732,074 3,002 674 73412,917 547 6,526 210 47 3,754 13,226 Jan. 26... 9,344 683 2,097 32,30531,639 3,073 615 86212,916 550 6,073 205 124 3,768 12,652 Feb. 2... 9,199 615 1,983 3181330,950 3,197 681 1,06212,930 559 5,930 203 95 3,768 12,827 Feb. 9... 9,152 671 1,974 31 58330,679 3,135 591 1,12912,932 574 5,910 208 66 3,774 11,323 Feb. 16 9,125 638 2,063 31 30331,201 3,153 614 1,24812,937 575 6,001 209 46 3,767 12,448 Feb. 23 . . . . 9,102 694 2,059 31,349 30,970 3,204 589 1,32612,946 572 5,64 211 169 3,771 10,978 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. MARCH 1949 271 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] Loans1 Investments For purchasing U. 5. Government obligations or carryingsecurities Com- Total mer- To brokers 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 l a o n a d ns Total* i c n i d a u l, s- and dealers To others Real LoansOther C ti e fi r - - Other i m nv e e n s t t s - t a ta c u r g u ni r r ad l a i - l - 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 l U t o i i o g o b .S v a n - - . t s .O c t s u t i e h e r - s i e - r e lo s a ta n t s e ba t n o ks loans Total Total Bills o d c n f e a e e d t b i s e - n t s s - - Notes Bonds2 r s i e t c ie u s - Boston Jan. 26 2,824 1,070 688 11 11 12 17 137 10 202 1,754 1,654 146 302 47 1,159 100 Feb. 2 2,824 1,058 687 9 7 11 16 136 5 205 1,766 1,665 126 301 46 1,192 101 Feb. 9 2,787 1,054 691 9 11 11 16 136 2 196 1,733 1,626 99 283 46 1,198 107 Feb. 16 2,754 1,049 691 7 9 11 16 135 1 197 1,705 1,595 83 267 46 1,199 110 Feb. 23 2,757 1,059 691 13 6 11 16 135 9 196 1,698 1,584 85 247 45 1,207 114 New York* 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 Feb. 2 20,573 8,766 5,923 790 322 43 217 417 181 982 11,807 10,592 760 1,368 178 8,286 1,215 Feb. 9 20,211 8,577 5,929 661 321 46 219 420 117 973 11,634 10,410 642 1,301 188 8,279 1,224 Feb. 16 20,164 8,548 5,933 673 306 47 187 421 114 976 11,616 10,348 623 1,241 189 8,295 1,268 Feb. 23 20,206 8,593 5,93$ 619 305 47 199 422 203 971 11,613 10,348 648 1,226 182 8,292 1,265 Philadelphia Jan. 26 2,533 917 512 1 17 3 7 96 13 277 1,616 1,335 101 148 34 1,052 281 Feb. 2 2,549 920 512 1 16 4 7 95 16 279 1,629 1,349 117 146 34 1,052 280 Feb. 9 2,542 915 515 1 17 4 7 95 11 275 1,627 1,343 112 143 34 1,054 284 Feb. 16 2,536 921 523 1 16 4 7 94 10 276 1,615 1,332 103 142 34 1,053 283 Feb. 23 2,542 926 533 16 4 7 94 7 275 1,616 1,326 90 145 34 1,057 290 Cleveland Jan. 26 4,355 1,509 917 12 15 26 21 276 28 230 2,846 2,503 111 290 116 1,986 343 Feb. 2 4,369 1,521 916 18 17 26 21 276 30 233 2,848 2,509 121 284 115 1,989 339 Feb. 9 4,336 1,490 920 9 16 26 21 277 9 228 2,846 2,508 111 286 116 1,995 338 Feb. 16 4,307 1,485 922 9 14 27 21 277 230 2,822 2,482 103 255 115 1,999 340 Feb. 23 4,314 1,478 916 9 16 27 21 277 1 228 2,836 2,496 107 274 115 2,000 340 Richmond Jan. 26 2,518 859 412 6 15 20 201 2 211 1,659 1,535 86 195 44 1,210 124 Feb. 2 2,504 856 409 1 6 13 22 199 2 212 1,648 1,524 75 195 44 1,210 124 Feb. 9 2,523 856 411 5 13 21 203 2 209 1,667 1,543 96 190 44 1,213 124 Feb. 16 2,525 856 412 6 13 21 200 2 210 1,669 1,542 101 184 44 1,213 127 Feb. 23 2,509 853 408 6 13 21 200 2 211 1,656 1,529 87 184 44 1,214 127 Atlanta Jan. 26 2,289 851 542 5 15 35 66 5 192 1,438 1,255 33 318 41 863 183 Feb. 2 2,278 848 539 4 16 34 67 5 192 1,430 1,249 29 311 44 865 181 Feb. 9 2,291 844 540 5 16 33 66 5 188 1,447 1,266 48 299 43 876 181 Feb. 16 2,291 842 541 4 16 33 65 5 187 1,449 1,267 48 299 38 882 182 Feb. 23 2,290 842 541 5 16 32 65 5 187 1,448 1,265 50 296 38 881 183 Chicago* 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 Feb. 2 8,603 2,722 ,854 36 38 21 58 339 1 405 5,881 5,234 375 756 232 3,871 647 Feb. 9 8,562 2,720 ,847 38 31 20 58 338 21 397 5,842 5,196 343 731 231 3,891 646 Feb. 16 8,514 2,679 ,832 29 30 22 58 338 11 389 5,835 5,183 345 720 232 3,886 652 Feb. 23 8,525 2,691 ,823 29 43 20 57 338 24 387 5,834 5,185 333 728 230 3,894 649 St. Louis Jan. 26 2,180 1,015 620 5 10 11 161 2 214 1,165 1,031 63 215 54 699 134 Feb. 2 2,144 1,013 618 5 10 12 161 1 214 1,131 995 49 203 54 689 136 Feb. 9 2,143 1,006 612 5 10 12 161 2 212 1,137 1,001 56 201 58 686 136 Feb. 16 2,141 1,005 611 4 10 12 161 1 214 1,136 1,001 55 201 55 690 135 Feb. 23. 2,107 996 600 4 10 12 161 3 214 1,111 977 42 189 55 691 134 Minneapolis Jan. 26 1,161 440 250 2 8 5 63 2 115 721 642 28 151 14 449 79 Feb. 2 1,144 435 249 2 8 5 63 113 709 628 20 145 14 449 81 Feb. 9 1,130 433 248 1 8 5 63 113 697 616 18 139 14 445 81 Feb. 16 1,135 435 251 1 7 5 64 112 700 619 17 143 14 445 81 Feb. 23 1,124 431 247 1 7 5 64 112 693 612 18 135 14 445 81 Kansas City Jan. 26 2,407 891 578 3 6 12 128 5 163 1,516 1,313 144 308 71 790 203 Feb. 2 2,359 887 578 3 6 12 128 2 162 1,472 1,269 113 290 70 796 203 Feb. 9 2,363 881 575 3 6 12 127 3 159 1,482 1,278 126 283 70 799 204 Feb. 16 2,403 880 571 3 6 12 127 7 159 1,523 1,318 150 299 70 799 205 Feb. 23 2,364 869 566 3 6 12 127 1 159 1,495 1,290 137 284 70 799 205 Dallas Jan. 26 2,316 1,115 785 7 14 44 89 185 1,201 1,083 51 282 42 708 118 Feb. 2 2,297 1,113 785 5 14 44 89 185 1,184 1,065 39 277 42 707 119 Feb. 9 2,286 1,112 783 6 14 43 89 186 1,174 1,054 26 274 42 712 120 Feb. 16 2,284 1,106 778 5 13 43 89 187 1,178 1,056 30 270 42 714 122 Feb. 23 2,279 1,102 774 5 15 43 89 185 1,177 1,057 32 272 41 712 120 San Francisco 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 Feb. 2 11,052 5,105 2,248 3 13 14 29 2,109 15 736 5,947 5,189 163 1,088 154 3,784 758 Feb. 9 10,996 5,062 2,223 2 13 14 28 2,110 5 729 5,934 5,175 164 1,071 153 3,787 759 Feb. 16 10,937 5,035 2,200 2 12 14 29 2,114 2 725 5,902 5,147 140 1,063 153 3,791 755 Feb. 23 10,929 5,025 2,187 2 13 13 29 2,114 6 724 5,904 5,145 151 1,056 154 3,784 759 City of Chicago* Jan. 26 5,360 1,872 L,457 28 37 15 51 75 8 222 3,488 3,073 278 430 183 2,182 415 Feb. 2 5,366 1,856 L.443 36 35 16 50 75 222 3,510 3,083 286 427 172 2,198 427 Feb. 9 5,349 1,859 L,440 38 28 16 49 75 "26 214 3,490 3,064 266 421 171 2,206 426 Feb. 16 5,306 1,818 L ,427 29 27 15 49 75 10 207 3,488 3,059 269 407 175 2,208 429 Feb. 23 5,326 1,828 L,414 29 39 15 49 75 23 205 3,498 3,072 271 414 174 2,213 426 * 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. 272 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 n e d s e d r a v te e B s w F e R e a e r i r e n a t d v - h l k - e s v C a i a n u s l h t m b a w a n d e i n o c s t - e k h t s i s c m p u o a d s a e d t s e n - i - d t d s 3!s p p u v n h c a o a a o i e n i d r l p r r r d s a t - - - s , - - , S p s s d a i t i o u i c a n o v l b a d t n i - i e l t - s - s c C h c O a e f e e e i n t f e c r c r f d i t k s d . - i ' s - , m G U er o e . n v S n - - . t s p u p v c h n a o a o a i n e i d r p l r r r d s a - - - t s , - - , S p s d s a i t i o u i c a o n v l b a t n d i i - l e t - s - s P U m G S e i a o n . r a o n e s g n v d n v S t s - - a t - . l m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d i e a t b s n 4 - k tions tions! Boston Jan. 26 576 58| 93 2,404 2,376 154 42 45 486 283 30 2 321 820 Feb. 2 571 52 95 2,391 2,366] 154 45 55 481 286] 30 2 319 813 Feb. 9 557 56 86 2,341 2,317 147 39| 60 481 275 29 3 319 761 Feb. 16 561 54 100 2,313 2,332 139 38 71 481 272 32 3 318 807 Feb. 23 559| 57 91 2,313 2,314 144 45 75 481 263 32 4 319 650 New York* Jan. 26 ,703 166 11416,87217,162 486| 834 321 ,335 2,7951,329 286 2,446 9,813 Feb. 2 ,517 152 11116,64516,919 498 667 469 ,328 2,7781,300 188 2,455 9,741 Feb. 9 ,512 165 10916,48416,765 480| 640 489 ,325 2,6861,293 73 2,457 8,540 Feb. 16 ,370 153 12416,28416,786 542 715 543 ,313 2,7061,244 75 2,453 9,000 Feb. 23 ,526 170 109!16,44616,933 5001 5562,314 2,6681,232 133 2,453 7,142 Philadelphia Jan. 26 544 44 97 2,098 2,177 81 28 55 414 332 12 306 754 Feb. 2 525 41 92 2,078 2,171 68 45 68 412 331 11 307 789 Feb. 9 527 45 86 2,066 2,122 82 20] 74 410| 324 12 307 694 Feb. 16 515 41 97 2,0301 2,159 77 23 85 409 343 12 307 732 Feb. 23 522 46 98 2,058 2,172 76 20] 4081 310 13 307 656 Cleveland Jan. 26 874 90 132 3,07013,164 161 44 1,322 453 6 458 1,145 Feb. 2 853 81 126 3,011 3,0561 166 62 1331,337 447 5 459 1,251 Feb. 9 861 86 128 2,976 3,004 167 54 1441,337 437 5 459, 1,018 Feb. 16 858 83 132 2,916 3,069 165 49 1561,338 461 5 460] 1,182 Feb. 23 868 86] 130 2,973 3,066 167 48 1671,338 414 5 460 1,014 Richmond Jan. 26 535 67 156 2,062 2,029 186 47 53 567 376 6 219 732 Feb. 2 544 59 155 2,038 1,993 197 441 64 565 372 5 219 714 Feb. 9 549j 65 151 2,058 2,013 187 47 65 566 375 5 220 668 Feb. 16 551 61 147 2,050 2,037 184 50 73 566 371 5 220 714 Feb. 23 541 70 2,044 2,033 191 42 84 567 349 5 220 649 Atlanta Jan. 26 499 44 180 1,757 1,637 296 22 32 526 517 10] 184 752 Feb. 2 502 38 168 1,715 1,608 295 23 38 525 519 10] 185 700 Feb. 9 506 44 181 1,748 1,627 3001 21 42 521 530| 11 184| 619 Feb. 16 498 40 186 1,744 1,669] 298 24 45 522 523 11 185 689 Feb. 23 512 46 171 1,764 1,673 302 21 49 522 496 12 185 602 Chicago* Jan. 26 !,134 103 348 6,306 6,251 551 99 2452,493 1,343 39 693 2,905 Feb. 2 !,04 95 319 6,150 6,025 597 l00| 3022,505 1,324 38 696 3,148 Feb. 9 !,004 103 314 6,081 5,963 559 91 3132,505 1,313 44 697 2,519 Feb. 16 !,017 9 321 5,976 6,045 564, 95 3472,509] 1,350! 44 693 2,896 Feb. 23 1,020 107 326 6,007 6,056 566J 83 359|2,510| 1,275 44 2,410 St. Louis Jan. 26 477 30 104 1,420 1,470 123 20] 461 674 174 645 Feb. 2 468 2 104 1,378 1,439 122 21 462 657 174 626 Feb. 9 467 30 111 1,386 1,434 120! 18 463 651 175 540 Feb. 16 465 2 117 1,387 1,463 127 16 463 649 175 567 Feb. 23 447 31 111 1,362 1,442 116] 19 464 604 175 546 Minneapolis Jan. 26 231 13 79 829 763 154 11 249 269 99 327 Feb. 2 238 11 78 815 756 152 11 249 261 98 327 Feb. 9 239 12 7 811 757 142 12 249 257 99 316 Feb. 16 228 12 76 801 772 141 12 249 257 99 339 Feb. 23 229 1 79 806 766 141 12 249) 246 98 284 Kansas City Jan. 26 567 30 271 ,891 1,823 258 24 375 3 761 194 789 Feb. 2 563 25 248 ,845 1,766 274 23 375 3 714 194 691 Feb. 9 549 31 262 ,837 1,756 273 24 376 3 733 195 666 Feb. 16 540 28 267 ,879 1,837 265 24 376 3 721 195 701 Feb. 23 556 33 278 ,876 1,829 271 26 377 3 700 195 719 Dallas Jan. 26 549 35 289 ,991 1,933 213 401 346 72 570 196 817 Feb. 2 533 30 251 ,945 1,861 219 38 346 71 531 196 687 Feb. 9 546 34 234 ,932 1,840 234 30\ 346 71 530 198 584 Feb. 16 544 32 261 1,938 1,910 231 34 347 71 544 196 645 Feb. 23 522 35 276 1,951 1,916 219 33 347 66 518 197 680 San Francisco Jan. 26 ,021 123 26' 6,965 6,701 638 197 132|4,838 332 422 729 2,469 Feb. 2 ,021 115 264 6,934 6,616 666 225 162(4,834 332 411 726 2,543 Feb. 9 ,005 119 263 6,833 6,566 628 200) 178|4,839 342 411 726 2,448 Feb. 16 ,025 120 268 6,761 6,614 660 207 1984,839 340 438 724 2,580 Feb. 23 .969 123 265 6,699 6,420 726 190 4,845 341 403 726 2,290 City of Chicago* Jan. 26 ,482 36 15 4,024 4,078 266 44 127 1,298 40 990 1,815 Feb. 2 ,413 35 150 3,964 3,972 296 4, 170|1,303 40 976| 468 1,965 Feb. 9 ,367 38 152 3,914 3,928 283 43 1,301 40 973 468 1,627 Feb. 16 ,383 35 150 3,838 3,99; 283 41 197 1,305 41 997 1,807 Feb. 23 ,379 39 148 3,857 3,983 278 37 207 1,30' 41 935 50 465 1,549 For footnotes see opposite page and preceding table. 273 MARCH 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollair acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Im in p t o o rts E f x r p o o m rts Dollar shipp p e o d int b s e i t n ween Total O bi w ll n s bo B u il g ls ht Others U S n ta i t t e e s d U S n ta i t t e e s d ch e a x n - ge United Foreign States countries 1947—December. . 287 261 197 88 109 64 159 63 3 25 11 1948—January 290 262 188 85 103 74 168 53 1 27 13 February 301 253 174 79 94 79 168 43 2 24 17 March 311 241 162 70 92 79 151 48 2 23 17 April 275 242 151 71 80 91 143 54 4 19 22 May 254 256 161 71 90 95 155 57 3 19 21 June 270 253 142 61 81 111 155 56 2 19 20 July 284 235 134 67 67 102 151 47 1 19 18 August 309 221 122 60 62 99 143 40 1 20 17 September 305 214 120 65 55 94 136 37 1 20 20 October 285 221 125 67 58 96 140 42 1 20 17 November 287 239 141 71 70 99 152 48 1 24 15 December 269 259 146 71 76 112 164 57 1 25 12 1949—January 268 262 137 66 70 126 156 57 11 25 13 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances l Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm In capital (net)i an a d c c t o r u ad nt i s ng an a d c c t o r u a n d t i s ng banks Free O (n th et e ) r a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t accounts accounts accounts (net) 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—February. . . 3 537 3 208 3 596 March 3 550 3 229 3592 April 3 572 3 241 3614 May 3615 3 258 3619 June 619 7 326 332 283 576 145 20 ""' ii 291 July 3 608 3 288 3577 August..... 3573 3252 3551 September. . 3 570 3238 3 550 October 3 580 3 252 3 540 November. 3551 3244 3563 December... 550 10 312 349 257 586 "112' '28 ' 5 '278' 1949—January.... 3 537 3 247 3 573 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 balance secured by U. S. Government securities was (in millions of dollars): November, 49; December, 52; January, 56. 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. 274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES U. S. Government [Per cent per annum] mo Y w n e e t a e h r k , , or m m 4 p P - c o a e r o t n p r i o m m c t e h i r - a 6 e s , - l 1 a a P b d c n e a r c a 9 i c r n y e m 0 s e k p s ' s e 1 - t , - c S h n l a c e t o r a e o l x e a a w n s - - l c n 2 l g k - e m bi o 3 ll n - s t s h » ecu 9 d c m r - o c e e i f t t a o r b y o t t n t i i e e f n t s y 1 i h d - - 2 i - - eld 3 ta - s i y s x t s e a o u a b e r 5 l s e - Area and period lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 S , , 0 i 0 z 0 0 e 0 0 - of $ $ 1 2 lo 0 0 0 a 0 n , , 0 0 0 0 0 0 - $ an 2 d 00 o ,0 v 0 e 0 r ness Annual averages: 19 cities: 1939 2.1 4.4 3.1 2.1 1.8 1946 average.... .61 1.16 .375 .82 1.16 1940 2.1 4.3 3.0 2.0 1.8 1947 average.. .. .87 1.38 .604 .88 1.32 1941 2.0 4.3 3.0 1.9 1.8 1948 average.. .. 1.11 1.55 1,043 1.14 1.62 1942 2.2 4.4 3.2 2.2 2.0 1943 2.6 4.4 3.4 2.5 2.4 1948—February . 1.06 1.50 .996 .10 1.63 1944 2.4 4.3 3.3 2.6 2.2 March.... 1.06 1.50 .996 .09 1.60 1945 2.2 4.3 3.2 2.3 2.0 April 1.06 1.50 .997 .10 1.58 1946 2.1 4.2 3.1 2.2 1.7 May 1.06 1.50 .997 .09 1.51 1947 2.1 4.2 3.1 2.5 1.8 June 1.06 1.50 .998 .09 1.49 1948 2.5 4.4 3.5 2.8 2.2 July 1.06 1.50 .997 .10 1.56 August... 1.13 1.63 1.053 .15 1.65 Quarterly: September 1.19 1.63 1.090 .18 1.69 19 cities: October. . 1.19 1.63 1.120 .23 1.71 1948—June 2.47 4.49 3.47 2.70 2.16 November 1.19 1.63 1.144 .22 1.69 Sept 2.60 4.53 3.58 2.92 2.29 December. 1.19 1.63 1.154 .21 1.64 Dec 2.64 4.50 3.58 2.97 2.34 1949—January. .. 1.19 1.63 1.160 .22 1.59 New York City: February.. 1.19 1.63 1.163 .22 1.57 1948—June 2.12 4.35 3.19 2.43 1.94 Sept 2.32 4.40 3.35 2.70 2.13 Week ending: Dec 2.34 4.23 3.40 2.70 2.16 J F F a e e b b n . . . 1 2 5 2 9 . . . . . . . . . . . I IV V 1 " 6 1 1 1 . . . 1 1 1 6 6 6 3 1 3 7 No e r r th n e c rn it i a e n s: d East- F Fe e b b . .1 2 9 6 . . . . . . . . I I V V 1 " ' 1 1 . . 1 1 6 6 4 3 1 1. . 5 5 9 8 1948— S D Ju e e n p c e t 2 2 2 . . . 4 6 6 9 0 8 4 4 4 . . .4 5 5 1 5 2 3 3 3 . . . 5 6 4 8 0 0 2 2 2 . . . 6 9 9 7 7 1 2 2 2 . . . 2 3 4 7 4 4 11 Southern and 1 Monthly figures are averages of weekly prevailing rates. Western cities: 2 The average rate on 90-day stock exchange time loans was 1.25 1948—June 2.92 4.60 3.68 2.91 2.45 per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16, Sept 3.01 4.57 3.71 3.07 2.56 194 8 8 R ; a a te n d o n 1 . n 6 e 3 w p e is r s c u e e n s t o b ff e e g re in d n i w ng it h A in u g pe . r 1 i 7 od , . 1948. Dec 3.02 4.62 3.68 3.14 2.57 Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October For description of series, see Richard Youngdahl, "New Statistics 1947, pp. 1251-1253. of Interest Rates on Business Loans," pp. 228-37 of this BULLETIN. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)* (taxable) Munic- Corpoipal rate By ratings By groups Year, month, or week 15 (high- (high- 7 to 9 years grade)* grade)3 Total years and Aaa Aa Baa In tr d i u a s l - R ro a a il d - P ut 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 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—February. 2.08 2.45 2.55 2.84 3.12 2.85 2.93 3.17 3.53 2.90 3.43 3.03 March. .. 2.03 2.44 2.52 2.81 3.10 2.83 2.90 3.13 3.53 2.89 3.40 3.01 April 1.99 2.44 2.38 2.77 3.05 2.78 2.87 3.08 3.47 2.85 3.34 2.97 May 1.89 2.42 2.31 2.74 3.02 2.76 2.86 3.06 3.38 2.82 3.27 2.95 June 1.89 2.41 2.26 2.73 3.00 2.76 2.85 3.03 3.34 2.80 3.23 2.96 July 1.96 2.44 2.33 2.80 3.04 2.81 2.89 3.07 3.37 2.84 3.26 3.02 August... 2.05 2.45 2.45 2.86 3.09 2.84 2.94 3.13 3.44 2.89 3.31 3.07 September 2.04 2.45 2.46 2.85 3.09 2.84 2.93 3.13 3.45 2.88 3.32 3.07 October. . 2.05 2.45 2.45 2.85 3.11 2.84 2.94 3.15 3 50 2.90 3.35 3.07 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 February. . 1.83 2.39 2.23 2.73 3.00 2.71 2.80 3.05 3.45 2.79 3.24 2.99 Week ending: 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 Feb. 5. . 1.84 2.41 2.20 2.73 3.00 2.71 2.81 3.05 3.44 2.79 3.22 2.99 Feb. 12. 1.83 2.40 2.22 2.73 3.00 2.71 2.80 3.06 3.44 2.79 3.23 2.99 Feb. 19. 1.83 2.38 2.24 2.73 3.01 2.71 2.81 3.06 3.46 2.79 3.25 2.99 Feb. 26. 1 .84 2.38 2.24 2.72 3.01 2.71 2.80 3.05 3.46 2.79 3.25 2.98 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 BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253 MARCH 1949 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices8 Corporate4 Common (index 1935-39=100) o V f 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 ) - 3 H gr i a g d h e - Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c 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) Number of issues 1-8 15 12 14 5 5 4 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 194g—Febru ary 100 70 122 6 98 1 90 5 94 3 82 2 96 0 167 5 114 119 102 93 857 March 100 78 123.1 98.5 90.7 94.5 82.2 96.3 170.1 116 122 105 93 974 April 100.84 125.7 99.4 91.4 94.9 83.5 96.7 169.9 125 131 115 96 1,467 May . . . .. 101 20 127 1 99 9 92.8 96 8 87.2 95.0 171.1 130 137 123 99 1,980 June 101.23 127.8 100.2 94.4 98.2 89.8 95.6 173.4 135 143 126 101 1,406 July 100 82 126 6 99 2 94 6 99 3 89.1 95 6 170 8 132 139 125 100 1,171 August 100 73 124.4 98.3 93.2 98.1 86.9 95.0 166.9 127 134 120 97 684 September 100 70 124 0 98 2 92 9 97 5 86 8 94 6 166 5 126 132 120 97 836 October 100 69 124.5 97.8 91.9 95.7 85.8 94.4 163.8 128 134 121 97 929 November 100.79 125.0 97.9 91.1 94.5 85.1 93.6 166.2 120 126 109 94 1,375 December . . 100 89 127 8 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 February 101.51 128.6 100.5 92.7 97.0 86.6 94.7 173.2 117 123 100 94 850 Week ending: Jan 29 . .. 101 27 129.9 100 6 92 8 96 9 87 6 93.9 173 7 121 127 105 95 867 Feb. 5 101.33 129.0 100.5 92.8 96.9 87.4 94.2 174.6 121 127 104 95 868 Feb 12 101 46 128 6 100 5 92 9 97 0 87 3 94 5 173 3 117 122 100 94 1,007 Feb 19 101 61 128.3 100 5 92 7 97.1 86.1 94.9 172 9 116 122 99 94 724 Feb. 26 101.61 128.3 100.6 92.6 97.0 85.7 95.0 172.0 116 121 96 95 779 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. * Standard and Poor's Corporation. • Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( i u a n r n n n e e g d - d w ) - m T e ( a f i o d e o g n s o t r d n a - t - ) i l c Total S n m a p t i n a a c u d l t i - e - a F c e g i e r e e a d 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 d a f e i o o o n g s t r - d n t a - #i ) l c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co n B r a o p o n t o n d e r d s a s te Stocks e F i o g r n - 2 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 39,691 37,566 7,255 2,228 239 4,787 3,567 1,219 C68 2,125 1,948 44 422 1 482 1 199 283 177 1948 '9,933 '8,806 '•8,796 2,604 294 '5,898 '4,992 906 10 1,128 1,127 82 768 277 251 26 1948—January.. '549 '502 '502 114 16 '372 '329 '43 46 46 2 42 3 3 February. '839 '784 '783 217 39 '528 '350 178 1 56 56 3 39 14 13 1 March. . . 1,384 ••1,232 '1,230 630 31 '569 '541 29 2 152 152 1 54 97 87 10 April 936 '770 768 156 50 '563 432 131 2 166 166 1 114 50 50 May '660 r599 '599 182 35 '382 '299 '82 61 61 8 49 4 3 1 June 954 888 888 283 21 584 436 '148 66 66 3 34 29 29 July '772 '688 '688 118 67 '503 '492 10 85 85 2 68 15 15 August. . . 706 '532 '529 237 35 256 '195 61 3 175 175 50 123 2 2 September r663 "-574 '572 118 '453 '366 87 2 89 89 1 62 26 13 13 October .. '983 '902 '901 273 *'628 i'578 '49 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 1949—January. . 675 618 618 192 7 419 360 60 57 57 1 55 1 1 »• Revised. « Corrected. 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. 4 Includes the Shell Caribbean 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. 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollarsJ Proposed uses of net proceeds Estimated Estimated Year or month gross net Mew money Retirement of securities proceeds2 proceeds8 Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1 1 9 9 4 4 7 8 r6 6 , , 5 5 3 7 1 7 r6 6 , , 4 4 1 6 5 6 » 4 -5 ,5 ,5 9 6 1 6 r4 3 , , 1 4 4 0 0 9 1 1 , , 1 4 8 2 2 6 1,3 2 5 5 2 7 1,1 2 5 0 5 3 1 5 9 3 6 r4 3 4 5 1 6 168 1943—January 346 340 294 193 101 6 6 26 14 February 613 594 546 309 237 26 14 12 22 1 March 688 679 560 343 217 84 83 1 30 6 April 636 626 434 334 100 62 62 104 25 May 405 395 356 297 60 1 1 20 18 June 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 October 705 697 666 538 128 10 10 18 2 November 509 503 466 353 113 8 8 26 3 December ••684 r673 '635 '560 75 5 2 3 '21 12 949—January 315 306 283 256 27 2 2 7 15 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars) Railroad Publicutility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses* ceeds ties 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 n, 950 r2,690 127 133 r2,394 1,944 59 r390 460 391 15 55 1948—January 23 23 164 149 6 9 95 70 25 57 52 5 February 34 34 119 106 12 1 425 390 14 21 16 15 1 March 80 42 37 320 281 34 5 123 83 13 27 157 153 3 April 51 32 19 265 233 14 17 269 154 24 91 41 15 5 21 May 24 24 216 209 7 152 120 1 31 4 3 June 83 69 14 403 363 29 11 93 70 23 62 60 2 July 68 68 176 149 27 275 168 3 104 45 39 6 August 30 29 1 75 73 2 123 113 10 10 8 2 September.. 41 41 262 226 14 23 118 108 10 43 25 19 October 62 62 244 236 7 1 382 361 3 19 9 8 1 November 71 71 228 209 8 11 195 f 177 17 9 8 1 December . 45 45 r479 r457 2 ••21 143 130 2 11 6 3 1 2 1949—January 36 36 115 115 136 114 2 21 19 18 1 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 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. 277 MARCH 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 P d r i o v f i i d ts e n a d n s d Manufacturing and mining Dividends Year or quarter Mis- Total s I a t r n e o e d 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 r e o h n t i n n e p a s 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 b u t o h l r e a d e - r s t F b o a o e a b g v n o a e e d d c s r c s , - , o p r r a e o i O in n f n d i i g g d n l u - c- c In h t c r d e a i m u a ls l s i - - O g d n o b u t o h o l r n e a d e - - r s n c s ic e e e l r o e l v u s a 8 - - 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 . J . 465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 L ,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 ?,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 ,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944. . .. ,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945. QfiS 189 164 241 207 109 90 199 224 187 155 202 996 85 628 1946 32,552 282 1 171 131 129 135 1 163 357 281 275 302 324 *1,144 81 662 1947 3,671 437 334 417 205 198 239 354 480 345 370 293 1,786 88 841 Quarterly 1946—i 340 22 -3 -34 « -5 20 13 65 56 63 61 82 116 20 146 2 586 67 31 22 < 50 26 35 74 62 66 73 81 250 20 154 3 705 96 33 43 <40 40 41 95 77 67 77 95 312 20 149 4 '855 97 «62 100 444 49 •56 124 86 79 91 66 «417 21 213 1947_1 871 126 70 94 4 49 47 51 98 89 88 96 63 421 20 177 2 866 100 83 105 <53 46 58 64 110 87 92 71 432 23 192 3 900 100 77 103 «57 45 59 85 121 81 93 80 432 22 190 4 1,033 112 105 115 «46 59 71 108 160 88 90 80 501 23 283 1948—1 1,023 114 89 129 4 64 46 64 77 192 91 101 57 523 22 207 2 I .101 110 92 151 *69 53 71 86 194 98 100 77 559 22 218 3 1,178 150 93 163 «68 59 78 91 186 103 107 80 610 22 223 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad * Electric power • Telephone 7 Year or quarter r O e p v in e e r n g a u t e - I i b n n t e c c a f o x o o m m r 8 e e e inc N o e m t e l d D e i n v d i- s O re p v in e e g r n a u t e - I i b n n t e c a c f o x o o m m r s e e e inc N o e m t ex d D e i n v d i- s O re p v in e 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 " e e e inc N o e m t ex 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 [,803 396 177 174 1946 7,627 273 289 235 3,814 970 647 456 .QQ2 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 QQft 229 157 130 519 62 49 42 1947—1 2,039 166 89 44 ,0/5 289 191 115 527 67 44 40 2 2,111 189 121 52 1,028 247 166 115 478 29 21 32 3 2,177 184 112 38 1,024 196 135 111 555 38 27 32 4 2,357 239 157 103 1,118 228 160 129 589 58 39 30 194g_l 2,243 144 72 57 ,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 L 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). 278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues 1 Nonmarketable public issues Fully End of month d T g d i r o r e o t e b a s c t s l t i b n d T e d t i a o r e e r t e r b i a c e n t l t s g t- Total 2 Tr b ea il s l u s ry c i C e n a d e t d r n e e t s e b i f s o t i s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total 2 s b a U o v . n i n d S g . s s T t s a r a n e x v o a i t s a n e u n g s r d s y 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 r b e n i e c n t - s t g t- s g t e b t e u c e e e u a a r d r r e r a i i s i t n n t n i - g e - - s 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,549 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec 230,630 228.891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56 915 48,183 8,235 20,000 2,421 553 1946—June 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 467 Dec. 259,149 257,649 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 331 1947—June 258,286 255,113 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 83 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—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 Feb 252,721 '250,603 156,766 12,134 29,434 3,596 111,440 62,033 55,663 4,641 31,804 2,118 22 1 Including amounts held by Government agencies and trust funds, which aggregated 5,519 million dollars on Jan. 31, 1949. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary, Armed Forces Leave bonds, and 2*^ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING FEBRUARY 28, 1949 [In millions of dollars] IOn basis of daily statements o o f f U do n l i l t a e r d s ] States Treasury. In millions Am ou o t u - nt Funds receive p d e r fr io o d m sales during m t R i a o e t n d u s e r m a it n i p e d - s Issue and coupon rate Amount Issue and coupon rate Amount Month standing at m e o n n d t h of se A ri l e l s Se E ries Se F ries Se G ries se A ri l e l s Treasury bills l Treasury bonds—Cont. Mar. 3, 1949 901 June 15, 1951-542 •2% 1 ,627 Fiscal year Mar. 10, 1949 905 Sept. 15, 1951-53. . . .2 7,986 ending: Mar. 17, 1949 1,103 Sept. 15, 1951-55 2 . . .3 755 June—1941. . 4,314 1,492 203 67 395 148 Mar. 24, 1949 1,001 Dec. 15, 1951-53 2 • 2H 1,118 1942.. 10,188 5,994 3,526 435 2,032 207 Mar. 31, 1949 1,102 Dec. 15, 1951-55. 510 1943.. 21,256 11,789 8,271 758 2,759 848 Apr. 7, 1949 1,001 Mar. 15, 1952-54. '.2H 1,024 1944.. 34,606 15,498 11,820 802 2,876 2,371 Apr. 14, 1949 907 June 15, 1952-54. . . .2 5,825 1945.. 45,586 14,891 11,553 679 2,658 4,298 Apr. 21, 1949 905 June 15, 1952-55. .214 1,501 1946.. 49,035 9,612 6,739 407 2,465 6,717 Apr. 28, 1949... 903 Dec. 15, 1952-54. . . .2 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 May 5, 1949 801 June 15, 1953-55 2 . . .2 725 1948.. 53,274 6,235 4.026 301 1,907 5.113 May 12, 1949 903 June 15, 1954-56 2 • 2H 681 1948—Feb... . 52,793 607 367 40 201 364 M M a a y y 2 1 6 9 , , 1 19 9 4 4 9 9. . 9 8 0 0 1 2 M M a a r r . . 1 1 5 5 , , 1 1 9 9 5 5 5 6 - - 6 5 0 8 . 2 . • 2 V 2 2 V% 2 1 , ,4 6 4 1 9 1 A M p a r r .. . . . . . . 5 5 3 2 , , 0 9 6 8 5 8 4 5 6 8 8 8 3 3 2 8 0 3 3 2 0 0 1 1 2 7 8 5 4 4 6 5 2 2 Sept. 15, 1956-59 2 .2% 982 May.. . 53,143 432 305 17 110 428 Sept. 15, 1956-59. .2% 3,823 June... 53,274 497 341 19 136 465 June 15, 1958-63 2• 2M 919 July... 54,607 1,673 379 246 1 .048 438 Cert, of indebtedness June 15, 1959-62 3 .2\i 5,284 Aug.... 54,704 473 334 18 122 442 Mar. 1, 1949 A, /s 3,553 Dec. 15, 1959-62 3 .2'M 3,470 Sept 54,776 412 304 14 94 407 Apr. 1, 1949 1/% 1,055 Dec. 15, 1960-65 2 .2% 1,485 Oct.. . . 54,860 415 305 14 96 393 June 1, 1949 ^1/% 4,301 June 15, 1962-67 3 • 2H 2,118 Nov 54,944 419 308 15 95 406 July 1, 1949 /% 5,783 Dec. 15, 1963-68 3 • 2M 2,831 Dec.... 55,051 540 399 22 120 432 O D c e t c . . 15 1 , , 1 1 9 9 4 4 9 9 6,5 5 3 19 5 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 3 s • .2 * 2 4 <A 3 3 , , 7 8 6 3 1 8 1949—Jan 55,352 647 438 29 180 476 J F a e n b . . 1 1 , , 1 1 9 9 4 4 9 9 4 5 1 , , 6 9 9 9 5 3 M M a a r r . . 1 1 5 5 , , 1 1 9 9 6 6 5 6 - - 7 7 0 1 3 3 • • 2 2 V Vz 2 3 5 , ,1 4 9 8 7 1 Feb.. . . 55,663 599 386 32 182 369 June 15, 1967-72 3 .2% 7,967 Maturities and amounts outstanding February 28, 1949 Treasury notes S D e e p c t . . 1 1 5 5 , , 1 19 9 6 6 7 7 - - 7 7 2 2 . 3 . • 2 V 2 2 V2 1 2 1 , , 7 6 1 8 6 9 m Y a e t a u r r i o t f y se A r l i l es Ser D ies Se E ries Se F ries Se G ries Apr. 1, 1950 • IK 3,596 Postal savings 1949 686 686 bonds. • 2V2 112 1050 1,001 1,001 Treasury bonds 1951 1,559 438 1,121 June 15, 1949-51. ..2 1,014 1952 4,056 4,056 S D e e p c t . . 1 1 5 5 , , 1 1 9 9 4 4 9 9 - - 5 5 1 1 . . . .. . 2 2 2 1 , , 0 29 9 2 8 Panama Ganal Loan. 3 50 1 1 9 9 5 5 3 4 9 7 , , 1 0 8 6 1 7 5 6 , , 7 5 8 9 2 9 2 5 0 1 1 5 2 1 . , 0 08 6 4 8 D D M e e a c c r . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 4 4 5 9 9 0 - - - 5 5 5 2 3 2 . 2 2 .. • 2 2V2 1 1 , , 7 9 4 8 6 9 6 3 1 Totsil direct issues 156,766 1 1 1 9 9 9 5 5 5 5 7 6 5 5 7 , , ,9 8 7 7 5 1 1 1 5 2 5 2 , , , 9 7 2 6 8 5 9 0 0 6 5 5 3 5 0 2 0 5 2 2 2 , , , 1 4 2 4 6 4 1 9 0 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 5 5 0 0 - - 5 5 2 2 2 ... • 2 2V2 4 \ , , 9 1 3 8 9 6 Guaranteed securities 1 1 9 9 5 5 9 8 6 2 , ,9 2 1 8 1 0 3,5 4 8 9 8 1 3 2 1 8 2 6 2 2, , 1 4 0 0 8 6 Dec. 15, 1950 AM 2,635 Federal Housing Admin. 1960 3,000 485 2,515 Various 12 1961 341 48 293 Unclassified. . 45 p. 2 1 7 S 5 o . ld on * P d a is r c t o ia u l n ly t t b a a x si s e . x em S p ee t. table on Open-Market Money Rates, Total . . 55,663 2,125 32,635 3,535 17.324 8 Restricted. MARCH 1949 279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Gross debt Held by banks Held 3y nonbank investors Total End of interest- U. S. Governmonth s b ec e u a r r i i t n i g es Total Total m b C a e o n r m c k ia s - l l R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls I c a n o n s r c u n e r - - s M b a a v u n i t n u k g a s s l r c O a o a t t r i n h o p d e o n r - s S l g a o t o n a c v d a te - l a m nd e n t t r u a s g t e n fu ci n e d s s panies associa- ern- Special Public tions 2 ments issues issues 1940—June... 47,874 48,496 18,566 16,100 2,466 29,930 10,300 6,500 3,100 2 500 400 4,775 2,305 1941—June... 54,747 55,332 21,884 19,700 2,184 33,448 11,500 7,100 3,400 2 400 600 6, 120 2,375 1942—June... 76,517 76,991 28,645 26,000 2,645 48,346 18,400 9,200 3,900 5 400 900 7,885 2,737 1943—June... 139,472 140,796 59,402 52,200 7,202 81,394 31,700 13,100 5,300 15 500 1 500 10,871 3,451 1944—June... 201,059 202,626 83,301 68,400 14,901 119,325 46,500 17,300 7,300 25 900 3 200 14,287 4,810 1945—June... 256,766 259,115 105,992 84,200 21,792 153,123 59,800 22,700 9,600 30 900 5 300 18,812 6,128 1946—June... 268,578 269,898 108,183 84,400 23,783 161,715 64,100 25,300 11,500 25 300 6 500 22,332 6,798 Dec... 257,980 259,487 97,850 74,500 23,350 161,637 64,900 25,300 11,800 22 400 6 300 24,585 6,338 1947—June... 255,197 258,358 91,872 70,000 21,872 166,486 67,100 25,000 12,100 22 300 7 100 27,366 5,445 Dec... 254,281 256.981 91,259 68,700 22,559 165,722 66,600 24,300 12,000 21 200 7 300 28,955 5,397 1948—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 1948—Aug.... 250,921 253,101 86,477 64,900 21,577 166,624 67,300 22,600 11,900 20 500 8 000 30,887 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 Dec... 250,630 252,854 85,933 62,600 23,333 166,921 67,600 21,500 11,500 21 200 7,900 31, 714 5,603 1 Including holdings by banks in territories and insular possessions, 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 c a 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 C i n e a 1 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 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 funds funds Type of Treasury bonds security: and notes, due or callable: Total:8 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 5,40921,87262,96111,84523,96942,684 1947—June.... 11,255 83 251 6,936 374 420 3,191 Dec 165,791 5,26122,55961,37011,55222,89542,154 Dec 14,263 69 1,693 8,244 266 316 3,675 1948—June 160,373 5,40221,36657,59911,52221,70542,779 1948—June 13,411 19 2,070 5,922 171 273 4,956 1948—Nov 157,745 5,49223,20655,34110,90720,03542,764 1948—Nov 6,413 19 556 2,826 160 170 2,682 Dec 157,497 5,47723,33355,35310,87719,82042,637 Dec 10,216 98 861 5,571 232 329 3,125 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 1,37733,415 1,876 3,046 9,890 1948—June.... 13,757 15 8,577 2,345 58 112 2,650 1948—June.... 46,124 318 2,63630,580 1,829 2,790 7,971 1948—Nov 12,418 85 5,176 2,883 66 223 3,985 1948—Nov 48,428 323 3,66231,065 1,855 2,674 8,849 Dec 12,224 69 5,487 2,794 50 84 3,740 Dec 44,053 226 3,25828,045 1,769 2,501 8,254 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—Nov 26,008 24 6,051 8,714 290 693 10,236 1948—Nov 10,464 314 489 6,277 546 977 1,861 Dec 26,525 24 6,078 9,072 256 672 10,423 Dec 10,464 314 434 6,314 520 997 1,885 Treasury notes: 10-20 years: 1946—June.... 18,261 9 1,748 11,396 227 623 4,258 1946—June 37,189 3,400 83 3,308 6,02612,54711,825 1947—June 8,142 7 369 4,855 183 285 2,443 1947—June.... 40,352 3,374 78 2,587 6,751 15,13712,425 Dec 11,375 4 1,477 5,327 98 245 4,224 Dec 54,757 4,393 834 5,003 8,60618,21117,710 1948—June.... 11,375 1,968 4,531 98 223 4,555 1948—June.... 53,838 4,685 2,921 3,922 8,63917,12916,542 1948—Nov 7,131 5 798 2,970 87 173 3,098 1948—Nov 53,838 4,691 7,272 3,558 7,99015,29115,036 Dec 7,131 7 791 3,099 84 166 2,984 Dec 53,838 4,710 7,215 3,541 8,04815,23015,094 Treasury bonds: After 20 years: 1946—June 119,323 6,654 755 47,3.3510,74323,07330,763 1946—June.... 22,372 2,103 57 2,550 2,510 6,325 8,827 1947—June.... 119,323 5,306 727 48,75611,40723,30529,822 1947—June 14,405 964 29 2,593 1,649 3,358 5,812 Dec 117,863 5,173 2,85347,42411,22622,21328,974 Dec. 1948—June 112,462 5,336 6,20642,14611,04720,88026,847 1948—June 1948—Nov 112,011 5,34211,18140,75510,46418,94025,329 1948—Nov Dec 111,440 5,34010,97740,37110,48618,89125,375 Dec * 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 nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively s mall 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. 280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+/ ) \or General fund of the Treasury (end ef period) outgo ° during period Assets y m e o ar n t o h r c N e r i e e p - t ts B p t e u u e n d r x e d g - s i e - t s B ( d u + u e r ) f d p i g c l o u i e t s r t c T o e a r t u c c u n - . s i t t s c C o i a l n u c e g n - ar t - 1 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 F e D R e r e e a d - p l - 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 u a tg sh o i ( E o n + u x c ) t c o g e m o o s e s r Banks2 itaries Fiscal year: 1946 40,027 60,703 -20,676 -524 +10,740 -10,460 14,238 14,708 1,006 12,993 708 470 43,839 61,738 — 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 43,591 36 931 +6 659 1948 42,211 36,791 +5,419 +2,706 -507 —5,994 + 1,624 4,932 5,370 1,928 1,773 1,670 438 45 40036 496 r+8 903 1948—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 1,645 425 2,402 2,397 +4 May.. 2,324 2,222 + 103 +378 -144 -i +334 4,946 5,327 1,714 2,007 1,606 381 2,969 2,507 +462 June. . 4,859 47,018 -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 53,558 — 1,462 -178 5+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 1,514 1,735 1,793 383 3,683 2,834 +849 Feb.. . 3,381 2,646 +736 -154 -51 + 101 +631 5,291 5,719 1,423 2,688 1,607 428 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income F o i r s 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 n a - u s - a e l S S t r a o e i x c c ty e i u a s - l c O e r t i e h p - e t r s6 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 u e l n i o s r a t i y l 7 t - y ce N r i e e p - t ts 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 a p x a r l ofits E p o " r x a t t o h a c n f e x e d it s r e s s s t t a a g E a n x i s t f 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 e i 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 1,23840,027 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 1,45940,043 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 1,61642,211 11,534 9,464 9,852 323 899 7,412 1948—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 3,579 640 1,913 391 19 64 547 Feb.... 1,276 1,414 654 438 152 3,935 273 280 3,381 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc. Social Security Other F o is r c m al o y n e th ar Total e I d n s e t t e b o r t n - N de a f t e io ns n e al t e m r V r A a a i t e n d i n t o - i - s s n ' - I n i n n a o a a f a n t n n i i e d t d - c a - r e l - a t A c u g t u o i r r l d e i - - T c t o f r r a e t a u u c o r n s n - s t s ts - Other c N e r i e e p - t ts ac m v c I e o n e s u n - t n - t t s s p tu E en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts E F C c E o o o x r n o e p o p i e m e g n r n i - d c it Other 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 •1,226 1,361 3,605 3,235 1,785 1,509 3,009 1,577 2,476 1948 436,791 5,211 11,364 6,317 4,143 '782 44,178 4,766 3,918 2,210 1,64045,598 850 2,109 1948—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 2 541 154 903 571 338 ••24 71 463 173 -34 150 162 7 125 J M u a n y e .. 4 2 7 , , 2 0 2 1 2 8 1.5 1 0 24 8 9 9 2 3 9 0 5 5 3 5 0 9 2 4 5 3 1 3 3 2 1 8 *3,O77 1 3 48 5 1 8 3 57 4 7 8 5 1 5 0 3 6 1 1 4 7 2 4 43,4 1 7 0 5 1 34 1 9 0 43 4 2 3 July 53,558 286 5 1,155 5 772 155 -43 611 621 455 276 142 362 250 183 145 AUK . • 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 1,043 527 200 269 73 536 139 -42 189 99 22 237 153 Feb 2,646 141 ^1,080 545 P165 PU7 2 P566 430 11 195 114 24 326 141 'Revised. * Preliminary. 1 Excess of receipts (+) or expenditures ( —). 2 Excluding items in process of collection beginning with July 1947. 3 For description, see Treasury Bulletin for September 1947, and subsequent issues. 4 Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months. 5 Change in classification. 6 Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1946-1948 amounted to 501, 2,886, and 1,929 million dollars and 1,063, 279, and 161 million, respectively. 7 These are appropriated directly to the Federal old-age and survivors insurance trust fund. 281 MARCH 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES * [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items l Liabilities, other than interagency items Corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s t a l i u o o a n i e e m p t d d s e s - , i - - , - G U se o . c v I u S m n t - . . v e e n s O r t s i s t e t - t i c h e u e s - r 2 L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - c u f h u e t a n D r a r t n d i r r e e b d g e i d - - s d e - s O s a t e h s t - s er a t B F g u n a u u o r t n e e a n l d l s e r d y - 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 U m G n e e r . t o e s e n n v t S r - t - - . o v in P w a e t t r s n e e i t - r e l - y d rials rities by U.S. All agencies: Sept. 30, 1947 31,037 1,556 9,212 1,093 1,725 3,55312,662 283 953 667 2,14428,005 138 Dec. 31. 1947 30,966 1,481 9,714 822 1,685 3,53912,600 247 879 689 2,03728,015 143 Mar. 31, 1948 31,107 1,36910,134 570 1,845 3,52612,535 245 882 781 1,86828,233 150 Mar. 31, 1948 19,912 64610,134 462 1,845 3,524 2,723 101 479 781 1,14217,764 150 June 30, 1948 20,120 1,04210,373 251 1,684 3,531 2,458 11 771 863 1,18717,875 154 Sept. 30, 1948 3 20,687 75110,573 328 1,811 3,525 2,423 171,258 1,063 1,23918,225 159 Classification by agency, Sept. 30, 1948 * Department of Agriculture: Farm Credit Administration: Banks for cooperatives 337 273 51 268 17 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 26 486 252 417 120 142 Federal Savings and Loan Insurance Corp 198 194 4 194 Home Owners' Loan Corp. 424 393 12 16 405 Public Housing Administration 6 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.8 2,068 103 1,031 110 1,958 927 Export-Import Bank 2,116 141 1,975 Federal Deposit Insurance Corp 1,066 W 2,100 i,054 () 35 1,031 Federal Works Agency 222 131 (4) 222 Tennessee Valley Authority 813 89 783 14 799 Allother7 7,298 2 3,385 52 27 7,271 3,801 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Sept. 30, 1948 « Purpose of loan M F C F a o e o r r d m r p . t . . b c m i F n r a a e e e t n t e d d e d 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 - - C m C C r o o o e d r m 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 m s m ' e . - H O C 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 - J a u g 1 e n 9 a n e 8 4 l c l 8 3 ie , 0 s , To aid agriculture. . 88 512 275 314 923 542 (4) 7 2,660 2.386 395 1 179 122 697 633 To aid industry: 143 3 146 147 Other 1 240 34 275 260 To aid financial institutions: Banks . . (4) (4) 4 5 5 Other 486 5 491 481 221 ' 2', i08 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 10,373 * 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. 3 Excluding U. S. Maritime Commission. Latest available figures for this agency, which are included in the totals for earlier quarterly dates shown above, are as of Mar. 31, 1947. Inclusion of current data for the Commission will be resumed when available. 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. 282 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 e c 0 ) ti * o 1 n aw 1 C 9 a 2 o r c 3 d n o - e s n 2 d t t 5 r r u a ( = c v c t t a i s l o 1 u n 0 e 0 )2 K 1 m 93 p 9 l o = y m 1 e 0 n 0 t3 F to a r c y - Freight D m ep e a n r t t- Con- W s h a o le lepay carload- store sumers' com- Manu- rolls 3 ings* sales prices modity Year or month Total D ab u f l a r e - ctur N d es u o r n - - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l n a - i- l - Factory 19 1 3 0 9 0 = 1 — 93 1 5 0 -3 0 9 1 = u 9 ( e v 3 1 ) a 5 * 0 l - - 0 * 39 1 — 93 1 5 0 -3 0 9 p = r 1 i 1 9 c 0 2 e 0 6 s 3 able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.7 103.9 120 83 123.8 138.6 1920 75 93 60 83 63 30 90 104.1 124.2 129 99 143.3 154.4 1921 58 53 57 66 56 44 65 79.7 80.2 110 92 127.7 97.6 1922 73 81 67 71 79 68 88 88.2 86.0 121 94 119.7 96.7 1923 88 103 72 98 84 81 86 100.9 109 1 142 105 121 9 100 6 1924 82 95 69 89 94 95 94 93.7 101.8 139 105 122.2 98.1 1925 90 107 76 92 122 124 120 97.0 107.3 146 110 125.4 103.5 1926 96 114 79 100 129 121 135 98.9 110.5 152 113 126.4 100.0 1927 95 107 83 100 129 117 139 96.7 108.5 147 114 124.0 95.4 1928 99 117 85 99 135 126 142 96.9 109 8 148 115 122 6 96 7 1929 110 132 93 107 117 87 142 102.5 103.1 117.1 152 117 122.5 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 88 98.1 80.0 1936 103 108 100 99 55 37 70 95.1 96.4 91.1 107 100 99.1 80.8 1937 113 122 106 112 59 41 74 101.4 105.8 108.9 111 107 102.7 86.3 1938 89 78 95 97 64 45 80 95.4 90.0 84.7 89 99 100 8 78 6 1939 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 99.4 77.1 1940 125 139 115 117 81 72 89 105.8 107.5 114.5 109 114 100.2 78.6 1941 . . .. 162 201 142 125 122 89 149 119.4 132.1 167 5 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131.1 154.0 245.2 138 150 116.5 98.8 1943 . . . 239 360 176 132 68 40 92 138.8 177.7 334.4 137 168 123 6 103 1 1944 235 353 171 140 41 16 61 137.0 172.4 345.7 140 187 125.5 104.0 1945 . . . 203 274 166 137 68 26 102 132.3 151.8 293.4 135 207 128.4 105.8 1946 170 192 165 134 153 143 161 137.0 143.4 269.6 132 264 139 3 121 1 1947 187 220 172 149 157 142 169 145.2 157.3 332.1 143 286 159.2 152.1 1948 P192 P225 P177 P155 190 162 214P149.0 P159.9 P365.1 138 302 171.2 165.0 1947 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 mi 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 r290 156 0 147 3 June 184 185 219 168 148 136 116 152 144.8 155.2 154.7 327.2 137 '287 157.1 147.7 July 176 178 208 163 140 155 136 170 144.8 154.5 153.3 321.8 135 r285 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 193 189 229 178 154 191 152 223 148.6 161.2 160.5 358.7 rl44 286 168 8 165 7 February 194 190 226 180 155 187 152 215 147.8 159.8 159.5 354.1 139 286 167.5 160.9 March 191 188 229 177 142 181 148 208 147.9 160.1 160.3 358.4 130 284 166.9 161.4 April 188 186 217 177 147 181 154 202 147.2 157.1 156.1 347.1 130 306 169.3 162 8 May 192 192 221 178 162 188 165 206 147.7 156.7 155.5 346.7 141 '310 170.5 163.9 June 192 193 222 179 159 201 177 220 148.8 158.8 158.2 359.0 139 r311 171.7 166 2 July 186 187 219 169 153 205 187 219 149.5 159.8 158.5 360.0 138 r315 173 7 168 7 August 191 194 223 177 159 201 177 220 149.6 160.1 161.7 374.7 142 312 174.5 169.5 O Se c p to te b m er ber 1 1 9 9 5 2 r1 1 9 9 9 7 r2 2 3 2 1 5 1 17 7 9 8 1 15 5 8 6 1 1 9 84 3 1 15 6 7 5 2 20 1 6 6 1 1 5 5 0 0 . . 7 8 1 16 6 2 3 . . 8 3 1 1 6 6 4 3 . . 6 3 r3 3 8 8 2 2 . . 9 2 1 1 4 3 0 9 3 3 1 06 2 1 17 7 3 4 .5 6 1 16 6 5 8 .7 2 November 195 195 229 178 161 189 154 217 150.0 161.1 161.5 '379.0 137 287 172.2 163.9 December P192 190 231 173 156 180 145 209 149.4 158.5 159.4 377.8 137 r310 171.4 162.2 1949 Ta.nua.rv P191 P187 P229 P174 P151 174 133 207 P147.8P155.2 P154.6 131 P288 170.9 160.6 * Average per working day. P Preliminary. ' Revised. 1 1 F B o a r s e i d n d o e n x e F s . b W y . go D ro o u d p„ g s e o C r o in r d p u o s ra tr t i i e o s n , s d e a e t a p„ ; p f . o 2 r 8 d 4 e - s 2 c 8 r 7 ip . tio F n o , r s e p e o i p n . t s 3 5 in 8 t o o f t a B l U i L n L d E e T x, I N b y fo m r a J j u o l r y g 1 r 9 o 3 u 1 p ; s , b s y e e g r p o . u p 3 s 0 , 6 s . ee p. 291 of this BULLETIN. * The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 293-296. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for department store sales, June 1944, pp. 549-561. 283 MARCH 1949 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] 1948 1949 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Industrial Production—Total 193 194 191 188 192 192 186 191 192 195 195 192 P191 Manufactures—Total 201 201 200 195 197 198 192 197 199 202 201 199 P198 Durable Manufactures 229 226 229 217 221 222 219 223 225 '231 229 231 P229 Iron and Steel 203 203 207 177 208 208 201 207 214 221 228 Pig iron 197 196 190 151 193 196 186 200 205 209 212 212 217 Steel 225 226 234 208 236 236 228 235 243 252 r255 '254 259 Ooen hearth 182 180 184 154 183 181 176 179 185 193 194 194 197 Electric 527 553 589 593 608 630 597 635 658 670 r685 701 Machinery 285 284 283 275 273 277 269 271 273 277 r276 277 P267 Manufacturing Arsenals and Depots * Transportation Eoui-dment 244 232 240 237 218 222 233 230 231 '243 248 P252 Automobiles (including parts) 206 192 202 197 179 185 202 198 197 ••209 '203 212 P215 (Aircraft; Railroad cars; Locomotives; Shipbuilding— 195 199 201 200 196 194 185 186 192 192 187 184 P183 Smeltincr and refinins 188 190 192 203 203 194 188 190 193 191 175 183 (Copper smelting; Lead refining; Zinc smelting; Aluminum * JVIagnesium; Tin) * Fabricating 198 202 204 199 194 193 184 185 192 192 192 185 P182 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 155 150 151 145 142 140 142 148 143 147 145 143 P135 Lumber 143 135 137 132 131 129 135 140 132 135 133 131 P123 Furniture . . . 179 178 178 169 163 161 157 163 165 170 169 168 P158 Stone Clay, and Glass Products . . . . 202 207 211 211 206 207 200 210 207 P210 P203 P205 P203 Glass products . .. 187 197 205 212 201 199 185 207 207 Plate class 149 166 160 165 152 170 123 172 152 Glass containers 200 208 219 227 218 208 206 218 226 224 r189 185 Cement 199 208 196 193 187 190 188 186 183 184 195 212 208 Clay products . . 179 168 176 173 172 176 168 175 169 171 172 173 Gvosum and Dlaster oroducts 246 246 248 249 241 238 237 247 237 241 241 235 P23S Abrasive and asbestos products 215 242 248 244 244 249 248 248 251 252 248 248 P232 Other stone and clay products 1 Nondurable Manufactures 178 180 177 177 178 179 169 177 178 179 178 173 P!74 Textiles and Products 179 179 175 175 777 174 154 166 168 167 164 156 P162 Textile fabrics 165 166 161 161 163 159 138 152 154 153 148 140 Cotton consumption 153 153 147 147 147 140 115 127 132 129 122 114 123 Rayon deliveries 300 296 303 298 308 313 '324 318 '322 319 322 317 316 Nylon and silk consumption 1 Wool textiles 181 185 177 179 179 176 137 168 166 168 162 151 Carpet wool consumption 212 212 216 227 226 220 158 226 226 247 233 206 Apparel wool consumption 192 202 190 196 191 184 153 178 173 160 143 139 ^Vool and worsted yarn 172 176 166 164 163 162 125 150 148 148 144 134 152 154 144 146 145 146 114 139 136 141 r140 127 Worsted yarn 200 206 196 190 189 185 140 166 165 159 143 Woolen and worsted cloth 175 181 171 171 172 172 137 160 157 157 156 148 Leather and Products 120 123 115 110 108 109 96 113 119 114 103 100 P107 Leather tanning 116 116 102 105 109 107 95 105 108 108 100 103 Cattle hide leathers 132 133 115 119 124 121 109 120 123 122 110 115 Calf and kip leathers ... 85 80 69 78 82 80 65 78 80 82 80 90 Goat and kid leathers 96 95 92 91 91 89 80 76 83 90 89 82 Sheep and lamb leathers 101 100 92 91 93 94 84 100 98 95 87 87 Shoes 122 127 123 113 107 110 96 119 126 117 104 97 P109 Manufactured Food Products 158 160 158 157 159 163 160 156 163 161 159 158 P158 W Ca h n e e a t s u f g lo a u r r meltings J 140 134 122 134 139 138 139 143 128 130 133 128 P\2S Manufactured dairy products ... P139 P139 P149 P151 P152 P152 P154 P150 P148 P144 P144 P144 Butter 67 65 69 71 72 71 72 75 73 76 75 74 77 Cheese 156 150 159 170 171 171 168 171 160 161 166 '180 194 Canned and dried milk 127 134 158 175 185 192 195 198 181 167 143 135 126 Ice cream P Preliminary. f Revised. 1 Series included in total and group indexes but not available for publication separately. 284 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] 1948 1949 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued Meat packing 150 147 131 125 127 152 135 126 133 141 155 154 152 Pork and lard 156 161 140 136 145 176 149 128 136 157 177 172 167 Beef 154 141 131 122 116 135 124 125 133 127 135 143 147 Veal 128 115 98 102 104 134 140 147 146 140 144 134 115 Lamb and mutton. 98 102 91 83 74 94 89 92 101 112 108 98 92 Other manufactured foods 165 168 167 166 168 169 167 162 172 169 165 164 P164 Processed fruits and vegetables 141 144 155 147 150 159 142 107 162 '152 140 142 Confectionery 144 149 143 138 138 124 117 119 121 124 124 132 Other food products 174 177 174 176 178 179 182 183 184 181 179 175 Alcoholic Beverages. 167 198 191 182 167 170 173 179 189 186 217 197 181 Malt liquor 169 171 157 153 141 145 155 165 176 156 181 185 168 Whiskey 37 115 152 160 157 114 86 73 91 95 112 131 119 Other distilled spirits. 220 431 526 383 294 393 402 346 211 244 334 278 328 Rectified liquors 264 310 239 255 245 243 242 274 336 398 443 287 235 Industrial Alcohol from Beverage Plants1. Tobacco Products 153 155 164 183 163 166 148 178 168 174 170 146 159 Cigars 104 113 102 101 105 108 98 113 127 122 130 97 102 Cigarettes 204 203 225 257 222 226 200 242 218 230 224 196 216 Other tobacco products. 69 70 67 75 68 68 63 75 78 78 68 63 66 Paper and Paper Products. 163 163 166 168 169 165 150 165 166 172 169 153 P160 Paper and pulp 157 158 160 163 164 159 146 160 160 167 163 150 Pulp 174 177 178 180 187 183 172 193 183 195 188 173 P154 Groundwood pulp 88 94 90 97 104 106 117 122 116 117 104 105 Soda pulp 109 110 103 108 112 111 96 110 107 111 107 104 Sulphate pulp 276 269 285 293 309 301 283 328 301 330 317 285 Sulphite pulp 151 161 153 151 151 146 135 148 145 153 149 137 Paper 155 155 157 160 160 156 142 155 156 162 159 146 151 Paperboard 187 179 192 192 191 187 165 184 189 193 195 167 182 Fine paper * 86 88 85 87 86 86 74 83 83 Printing paper 162 170 161 166 169 168 150 160 161 172 165 160 159 Tissue and absorbent paper 163 161 161 171 169 157 160 161 163 170 162 158 155 Wrapping paper 145 150 148 151 150 145 135 153 148 157 150 142 145 Newsprint 82 83 82 89 95 94 93 96 93 96 94 100 99 Paperboard containers (same as Paperboard). Printing and Publishing. 148 157 150 154 156 157 147 155 154 164 156 154 P156 Newsprint consumption 134 144 139 143 143 146 145 149 147 155 148 148 153 Printing paper (same as shown under Paper). Petroleum and Coal Products. V214 P215 P211 P213 P220 P220 P217 P221 P207 P217 >227 P230 P227 Petroleum refining 2 Gasoline 159 155 154 164 170 173 170 173 165 170 174 179 P175 Fuel oil 201 206 200 194 196 194 192 194 180 199 200 204 Lubricating oil 163 164 164 158 159 155 154 162 157 169 159 162 Kerosene 199 210 197 187 196 193 182 184 183 207 200 Other petroleum products 1 Coke 178 179 166 137 174 175 170 178 181 181 183 184 184 By-product coke 171 171 164 135 166 168 166 170 173 173 175 176 177 Beehive coke 442 421 237 186 421 407 318 447 444 454 460 466 455 Chemical Products. 255 252 250 249 249 256 251 259 257 255 '257 257 P252 Paints 158 158 154 150 151 154 161 161 158 156 153 US, P146 Soap 151 147 140 123 124 124 121 126 134 135 135 137 P139 Rayon 298 301 303 305 304 309 312 312 305 304 r306 311 P304 Industrial chemicals 437 434 433 439 436 433 450 448 446 '449 450 Explosives and ammunition * Other chemical products x. . . Rubber Products... 223 215 205 200 201 205 200 207 205 205 203 199 P193 Minerals—Total. 154 155 142 147 162 159 153 159 156 158 161 156 P151 Fuels 160 161 146 149 168 164 160 166 162 166 167 164 P!59 Coal 152 148 99 103 160 147 134 150 148 145 147 137 P133 Bituminous coal... 161 155 97 102 171 157 143 158 156 152 155 145 P145 Crud A e n p t e h t r r a o c le it u e m 1 16 1 5 2 1 1 1 6 8 7 1 1 0 6 8 9 1 17 0 1 5 1 17 1 2 6 1 1 0 7 5 3 1 1 0 7 0 2 1 1 7 1 4 7 1 1 1 7 9 0 1 1 7 1 6 8 1 1 1 7 6 7 1 1 0 7 3 7 P88 n71 Metals. 117 120 118 137 128 128 113 115 119 121 110 P105 Metals other than gold and silver. 159 163 161 193 179 179 155 158 166 157 175 P158 I (C ro o n p p o e re r; Lead; Zinc)1 150 Gold 39 Silver 69 p Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. MARCH 1949 285 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] Annual 1948 1949 Industry 1948 1947 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Industrial Production—Total.. 192 187 189 190 188 186 192 193 187 194 197 rl99 195 190 P187 Manufactures—Total 198 194 197 197 197 193 197 199 193 200 203 205 202 197 P195 Durable Manufactures.... 225 220 226 224 228 217 222 223 220 224 227 232 229 229 P226 Iron and Steel. . - - 208 195 203 203 207 177 208 208 201 207 214 221 224 '223 228 Pig iron 196 191 197 196 190 151 193 196 186 200 205 209 212 212 217 Steel 236 '214 225 226 234 208 236 236 228 235 243 252 '255 r254 259 Open hearth.. 183 177 182 180 184 154 183 181 176 179 185 193 194 '194 197 Electric 620 '472 527 553 589 593 608 630 597 635 658 670 "685 '682 701 Machinery 277 '276 285 284 283 275 273 277 269 271 273 277 '276 277 P267 Manufacturing Arsenals and Depots * Transportation Equipment 235 230 244 232 240 237 218 222 233 230 231 '243 r238 248 P252 Automobiles (including parts) 199 206 192 197 179 185 202 198 197 '209 '203 212 P215 (Aircraft; Railroad cars; Locomotives; Shipbuilding—Private and Government)1. Nonferrous Metals and Products... 193 187 195 199 200 196 193 185 186 192 192 188 184 P183 Smelting and refining 191 186 188 190 193 203 203 193 187 190 193 191 176 183 P187 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 193 188 202 204 194 193 185 192 192 185 P182 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1. Lumber and Products 145 143 138 143 144 144 148 151 158 153 154 142 132 >120 Lumber... 134 132 117 116 125 131 134 141 148 156 147 145 128 113 •100 Furniture. 168 165 179 178 178 169 163 161 157 163 165 170 169 168 '158 Stone, Clay, and Glass Products... 206 190 193 201 208 211 209 201 218 216 P220 P208 Glass products P202 222 184 193 205 212 212 197 179 213 210 Plate glass 150 149 166 160 165 152 170 123 172 152 Glass containers 2\2 247 196 201 219 227 233 206 198 227 231 230 191 172 Cement 193 175 161 158 160 183 196 203 207 210 213 214 211 '193 169 Clay products 173 163 166 160 169 168 171 175 168 180 175 180 179 178 168 Gypsum and plaster products... 242 225 236 235 238 246 243 243 237 248 243 247 246 241 '229 O A t b h r e a r s iv st e o n a e n d a n a d sb c e l s a t y o s p p ro ro du d c u t c s t s l. . 244 '240 215 242 248 244 244 249 248 248 251 252 248 248 '232 Nondurable Manufactures... 177 172 173 176 173 174 177 179 171 180 185 183 179 171 169 Textiles and Products. 170 163 179 175 175 177 174 154 168 167 164 156 Textile fabrics 155 151 165 166 161 162 163 159 138 152 154 153 148 140 •146 Cotton consumption 136 143 153 153 147 147 147 140 115 127 132 129 122 114 123 N R y ay lo o n n a d n e d li v s e il r k ie c s onsumption x 312 272 300 296 303 298 308 313 '324 318 '322 319 322 317 316 Wool textiles 169 163 181 185 177 179 179 176 137 168 166 168 162 151 Carpet wool consumption 217 179 212 212 216 227 226 220 158 226 226 247 233 206 Apparel wool consumption 175 -•187 192 202 190 196 191 184 153 178 173 160 143 139 Woolen and worsted yarn 154 154 172 176 166 164 163 162 125 150 148 148 144 134 Woolen yarn 140 137 152 154 144 146 145 146 114 139 136 141 140 127 Worsted yarn 174 178 200 206 196 190 189 185 140 166 165 159 149 143 Woolen and worsted cloth 163 160 175 181 171 171 172 172 137 160 157 157 156 148 Leather and Products 111 116 120 126 114 110 108 108 94 112 118 114 104 99 107 Leather tanning 106 117 117 124 101 105 109 105 90 103 106 109 103 103 Cattle hide leathers 121 133 135 144 115 119 124 117 103 117 121 123 115 115 Calf and kip leathers 79 94 83 84 68 74 78 81 64 82 78 83 83 88 Goat and kid leathers 88 87 96 99 91 94 89 90 79 74 84 90 86 83 Sheep and lamb leathers 94 101 94 110 89 89 100 93 79 103 96 95 92 82 Shoes 116 122 127 123 113 110 96 119 126 117 104 97 109 114 107 Manufactured Food Products.. . 157 146 144 141 143 163 172 174 188 173 153 146 159 153 W Ca h n e e a t s u f g lo ar u r meltings l 134 147 140 136 120 128 134 132 137 141 140 137 134 127 125 Manufactured dairy products 148 150 P119 155 P201 '224 •223' •198 158 122 P95 P92 P92 Butter 72 78 55 58 63 72 93 98 82 70 65 57 59 64 Cheese 166 182 116 123 143 176 229 242 207 191 163 145 125 129 143 Canned and dried milk 170 163 103 120 155 197 257 265 226 204 167 135 103 104 102 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 286 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] Annual 1948 1949 Industry 1948 1947 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Manufactured Food Products—Continued IVleat packing 141 154 175 141 121 116 127 151 126 Ill 124 142 173 181 179 Pork and lard 155 160 204 158 130 124 145 176 132 99 108 147 207 226 219 Beef 133 156 157 130 119 115 116 132 125 127 144 138 141 143 150 Veal 129 147 119 101 92 100 108 134 140 144 160 160 154 126 106 Lamb and mutton . . . 96 103 103 103 89 80 76 87 86 90 109 116 108 96 98 Other manufactured foods 166 160 152 152 149 148 152 160 174 183 207 188 172 161 P151 Processed fruits and vegetables 143 '140 92 91 85 90 97 122 184 203 317 197 129 111 P90 Confectionery . . 131 137 148 151 133 114 106 92 96 129 156 162 146 134 Other food products 179 169 167 168 167 169 175 181 185 187 188 190 r188 179 P169 Alcoholic Beverages. . 182 190 142 176 172 178 173 186 188 184 195 203 212 174 153 Malt liquor 162 169 139 154 146 160 161 183 194 189 178 145 139 148 138 Whiskey 111 92 37 115 152 160 157 114 86 73 91 95 112 131 119 Other distilled spirits 312 327 143 259 342 230 177 243 233 187 289 631 702 306 213 Rectified liquors 295 328 264 310 239 255 245 243 242 274 336 398 443 287 235 Industrial Alcohol from Beverage Plants *• Tobacco Products. 164 160 153 147 155 173 163 173 154 184 178 180 173 136 158 Cigars 110 107 104 113 102 101 105 108 98 113 127 122 130 97 102 Cigarettes 222 214 204 190 209 239 222 237 210 255 233 239 228 181 216 Other tobacco products 70 70 67 68 67 75 68 70 63 73 83 84 70 56 65 Paper and Paper Products. 164 158 163 163 167 169 170 165 149 165 165 172 169 153 P160 Paper and pulp 159 152 157 159 160 163 164 160 145 160 159 167 163 149 P154 Pulp 182 172 174 178 179 182 188 183 170 191 181 194 189 173 Groundwood pulp 105 102 91 98 96 107 112 107 104 107 103 109 110 107 Soda pulp ... 108 109 109 110 103 108 112 111 96 110 107 111 107 104 Sulphate pulp 299 265 276 269 285 293 309 301 283 328 301 330 317 285 Sulphite pulp 149 C149 151 161 153 151 151 146 135 148 145 153 149 137 Paper 155 149 155 156 157 160 160 156 141 155 156 163 159 146 151 Paper board 186 179 187 179 192 192 191 187 165 184 189 193 195 167 182 Fine paper ^ 83 86 86 88 85 87 86 86 74 83 83 Printing paper 164 159 162 170 161 166 169 168 150 160 161 172 165 160 159 Tissue and absorbent paper 163 149 161 167 161 173 169 160 153 161 163 172 162 153 153 Wrapping paper 148 138 145 150 148 151 150 145 135 153 148 157 150 142 145 Newsprint 92 91 82 83 82 91 95 95 91 95 93 96 95 98 99 Paoerboard containers (same as PaDerboard) Printing and Publishing ...154 144 144 155 153 159 159 156 137 147 155 167 163 158 150 Newsprint consumption 145 129 125 141 145 151 149 144 125 134 149 163 161 155 142 Printing paper (same as shown under Paper) Petroleum and Coal Products. . . ...218 193 P214 P215 P211 P213 P220 P220 v217 P221 P2O7 P217 P227 P230 P227 Petroleum refinins 2 Gasoline 168 152 159 155 154 164 170 173 170 173 165 170 174 179 P175 Fuel oil 197 177 201 206 200 194 196 194 192 194 180 199 200 204 P201 Lubricating oil ... . . . 161 162 158 163 162 164 166 155 152 160 157 169 159 161 Kerosene 196 178 203 224 214 201 189 184 179 174 182 183 213 206 Other petroleum products 1 Coke 174 171 178 179 166 137 174 175 170 178 181 181 183 184 184 By-product coke 168 164 171 171 164 135 166 168 166 170 173 173 175 176 177 Beehive coke 393 M07 442 421 237 186 421 407 318 447 444 454 460 466 455 Chemical Products. . 254 251 253 253 252 251 249 253 247 25 6 257 258 r258 258 P251 Paints . . 155 154 155 157 154 151 156 158 160 159 156 156 151 148 P143 Soap 133 138 148 146 140 120 120 122 120 127 139 142 137 137 P136 Rayon 306 '286 298 301 303 305 304 309 312 312 305 304 r306 311 P304 Industrial chemicals . 442 432 437 434 433 439 436 449 433 450 448 446 '•449 450 P438 Explosives and ammunition x Other chemical productsl Rubber Products 206 226 223 215 205 200 201 205 200 207 205 205 203 199 P193 Minerals—Total. 155 149 149 149 136 145 164 163 158 164 160 161 160 151 P146 Fuels 161 155 160 161 146 149 168 164 160 166 162 166 167 164 P159 Coal.... . 139 146 152 148 99 103 160 147 134 150 148 145 147 137 •P133 Bituminous coal 147 155 161 155 97 102 171 157 143 158 156 152 155 145 P145 Anthracite 112 112 112 118 108 105 116 105 100 117 119 118 116 103 P88 Crude petroleum ... 172 159 165 167 169 171 172 173 172 174 170 176 177 177 Pi 71 Metals 120 r118 81 83 82 126 144 153 147 149 148 r132 114 77 P69 noo Metals other than gold and silver... 167 161 97 103 103 178 210 226 215 213 212 186 160 P88 Iron ore 219 202 70 73 77 228 302 331 325 324 314 254 225 93 74 CCoDoer* Lead* Zinc)1 Gold 53 58 56 53 51 51 50 52 55 60 62 56 49 40 Silver r63 68 65 61 68 67 63 56 59 61 69 60 P Preliminary. r Revised. c Corrected. x 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 10, pp. 753-771 and 825-882. 287 MARCH 1949 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 oFthe Bureau of Labor Statistics, 1939 = 100] Factory employment Factory pay rolls Industry group or industry Annual 1948 Annual 1947 1948 1947 1948 l Jan. Oct. Nov. Dec. Jan. 1947 19481 Dec. Jan. Oct. Nov. Dec. Total 159.9 160.5 163.3 161.5 159.4 154.6 332.1 365.1 365.7 358.7 382.9 379.0 377.8 Durable goods 186.6 188.2 188.9 188.5 186.5 181.2 371.9 410.5 411.0 403.1 435.7 429.9 430.9 Nondurable goods. 138.9 138.7 '143.0 140.3 138.0 133.7 293.1 320.7 321.4 315.3 331.2 329.3 326.0 Iron and Steel and Products 164.2 164.9 167.1 166 A 165.2 160.9 314.9 350.7 345.8 341.9 376.0 373.6 371.4 Blast furnaces, steel works, etc 135.1 131 138 139 140 237.7 279.0 258 261 305 305 306 Steel castings 228.5 222 234 234 234 422.6 492.2 467 465 523 528 525 Tin cans and other tinware 140.0 145.8 149 153 148 146 288.8 326.7 337 320 352 335 340 Hardware 148.1 152.9 157 151 152 152 324.2 357.2 364 371 363 367 371 Stoves and heating equipment 185.0 176.3 189 190 178 155 388.9 395.0 445 417 448 400 350 Steam, hot-water heating apparatus 210.2 200.4 204 206 205 202 424.1 439.9 453 425 '474 •467 455 Stamped and enameled ware 201.7 198.3 206 197 199 192 442.6 470.1 498 480 483 492 481 Structural and ornamental metal work 175.6 180.7 179 187 185 185 373.7 379 358 406 407 Electrical Machinery 226.7 215.2 227.0 213.4 215.1 213.1 207.0 440.4 458.0 481.2 471.0 474.4 479.2 474.6 Electrical equipment 211.6 203.7 213 201 201 199 409. 432.9 447 443 445 448 444 Radios and phonographs. 235.7 211. 228 212 218 221 497.5 490.4 543 507 509 540 551 Machinery except Electrical 228.7 229.6 233.0 228.7 227.9 227.5 439.9 478.5 479t9 473.8 491.7 486.9 491.6 Machinery and machine-shop products 249.1 245.9 250 244 244 244 482.7 518.7 519 513 532 527 533 Engines and turbines 290.8 283.6 293 279 281 282 586.0 612. 607 626 622 620 639 Tractors , 181.1 189.1 196 191 195 197 307.9 345.1 347 354 364 358 370 Agricultural, excluding tractors 229.5 262.9 254 266 267 270 453.8 576.3 523 535 598 592 614 Machine tools 148.8 131.4 138 130 130 129 263 246.5 262 250 250 248 248 Machine-tool accessories , 230. 213.2 219 212 211 211 394 390.0 398 399 392 387 396 Pumps 307.9 285.2 303 277 278 279 628 625.7 648 642 620 626 633 Refrigerators 215. 232.4 235 230 226 226 405.0 479.6 466 479 509 486 490 Transportation Equipment, except Autos 285.6 282.0 297.3 282.9 285.7 284.4 275.8 551.6 589.7 600.2 611.2 613.3 611.8 635.5 Aircraft, except aircraft engines... 342.6 345. 340 366 377 379 648.9 712. 669 657 795 831 839 Aircraft engines 305.6 289.0 284 309 315 321 493.6 524.6 504 483 600 601 619 Shipbuilding and boatbuilding.... 175.7 158.7 192 141 137 134 340.1 328.9 379 417 291 262 289 Automobiles 188.2 191.6 196.0 rl94.4r193.0 194.4 195.8 363.5 409.1 427.7 408.7 r451.3 '436.5 455.6 Nonferrous Metals and Products 181.2 175.2 178.4 176.0 176. 173.6 169.6 356.6 377.0 377.8 372.7 394.2 391.9 390.2 Primary smelting and refining 145. 148.6 145 149 150 149 291.2 327. 300 303 345 340 342 Alloying and rolling, except aluminum 148.0 138.1 138 141 140 141 278. .5 287.9 272 273 308 298 310 Aluminum manufactures 193.6 178.3 192 171 174 173 349.8 349.3 365 371 r356 -"360 358 Lumber and Timber Basic Products 169.2 188.4 175.6 197 7 195.4 187.5 173.5 389.0 474.5 431.8 413.5 519.2 499. 468.8 Sawmills and logging camps 184.8 205.6 191 216 213 203 430.8 521.9 473 450 575 550 506 Planing and plywood mills 166.3 186.4 178 193 195 193 367.8 457. 421 417 492 486 489 Furniture and Lumber Products 141.3 143.0 149.1 143.3 143.1 140. 135.3 316.9 340. 355. 352.2 354.9 349.2 345.4 Furniture 139 143. 149 144 144 143 312.3 343.4 356 355 358 357 354 Stone, Clay, and Glass Products 151. 155.4 151.6 159. 158.9 157. 152.0 310.1 347.5 335. 322.9 372. 366.9 366.9 Glass and glassware 168. 168.9 170 173 171 167 337.6 367.7 368 354 396 384 385 Cement 137. 148.8 144 152 153 152 251.9 302.6 282 276 316 315 312 Brick, tile, and terra cotta 126. 139 134 144 144 143 276. 332.9 309 304 362 357 356 Pottery and related products 165. 175.1 170 180 182 182 324.3 370.6 362 345 400 408 404 Textile-Mill and Fiber Products 108. 111.5 113.0 109 2 108 S 108. C 104 J 265.0 299.9 302.0 303.0 291.2 291. 291.9 Cotton goods except small wares. . 121. 124.2 125 122 122 121 327.0 363.1 376 379 350 349 353 Silk and rayon goods 94 91 97 96 95 234. 289.7 267 272 299 299 293 Woolen and worsted manufactures 108.0 107.6 113 101 100 99 264.5 295.7 294 292 266 '269 271 Hosiery 84.6 86.3 89 84 85 84 178. 202.5 208 203 209 210 202 Dyeing and finishing textiles 128.0 131. 134 130 130 131 285. 320.0 320 327 312 317 328 Apparel and Other Finished Textiles. . . 134.3 145.3 148.8 146 A 145.0 141.4 291.9 326.3 327.3 337.0 325.0 335.4 327.4 Men's clothing, n.e.c 127.3 135.5 134 139 134 132 281.2 311.0 310 313 302 '298 293 Shirts, collars, and nightwear.... 102.2 106. 110 106 105 100 239 A 260.0 281 273 256 259 233 Women's clothing, n.e.c 150.4 163.5 166 171 171 170 314.6 354. 356 375 351 380 370 Millinery 90.5 93.0 103 101 87 93 160.0 173.6 157 204 193 139 168 Leather and Leather Products 110.8 109.0 114.i 108.3 104.5 104. 105.7 238.4 239. 259.6 258.7 236.8 223.3 234.3 Leather 98.4 96. 100 95 93 95 202.5 206.5 218 215 206 202 211 Boots and shoes 105.7 104. 111 103 99 101 234. 232.9 256 258 228 211 227 Food and Kindred Products 146. 148.0 139.3 163.8 152A 146. 137.5 300.4 322.8 321.9 296.6 358.2 340.7 333.5 Slaughtering and meat packing. 141. 138. 155 146 152 162 286.3 297.8 361 323 305 336 366 Flour 145. 148.2 151 145 150 149 324. 337.2 340 326 355 352 347 Baking 123. 129.8 124 136 134 132 233. 267.3 251 243 287 281 280 Confectionery 130. 135.C 147 160 161 148 277.6 306.8 358 324 376 r389 347 Malt liquors 185. 197.5 186 201 200 193 333. 368.3 340 320 372 377 360 Canning and preserving 146. 95 192 130 109 368. 373.6 278 239 r314 280 Tobacco Manufactures 92.5 92.$ 93. 96.5 93. 91. 201.1 210.7 219.8 210.5 224. 223.5 217.9 Cigarettes 121.3 123. 123 128 128 124 241. 261.3 268 260 279 264 269 Cigars 80 80.6 82 83 85 81 184. 186.2 197 188 197 207 192 r• xRse-evviisseedu.. l Annual indexes for 1948 were computed by the Board of Governors and are preliminary. NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for January 1949) are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics. 288 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 Annual 1949 Annual 1947 1948 1947 1948 i Jan. Oct. Nov. Dec. Jan. 1947 1948 > Dec. Jan. Oct. Nov. Dec. Paper and Allied Products 147.2 148.6 148.7151.0 151.7 151.1 146.9 306.8 342.3 334.0 328.0 357.4 362.2 356.5 Paper and pulp 144.1 148.9 147 150 150 150 306.5 349.2 333 330 359 365 358 Paper goods, n.e.c 163.5 164.9 166 168 169 168 328.4 365.6 362 355 381 393 395 Paper boxes 142.6 138.2 141 144 146 144 293.1 314.4 322 309 342 345 335 Printing and Publishing 132.2 133.1 134.0 134.8 134.7 135.2 133.5 241.3 265.3 263.1 255.3 273.6 275.4 280.6 Newspaper periodicals 119.3 124.2 121 127 127 128 209.6 239.7 230 219 252 253 259 Book and job 145.7 145.7 149 148 147 148 273.3 299.5 298 296 305 308 316 Chemicals and Allied Products 200.0 203.4 204.1 208.1 '207.8207.0 203.6 393.6 440.6 424.1 426.7 460.1 '461.9 462.3 Drugs, medicines, and insecticidi 246.6 234.0 239 234 235 234 470.3 492.0 489 491 507 512 512 Rayon and allied products 126.2 132.3 131 132 132 134 248.2 286.0 266 269 297 300 305 Chemicals, n.e.c 293.9 297 296 300 r301 302 548.8 610.6 581 587 629 '638 640 Explosives and safety fuses.... 312.9 365 348 379 375 375 558.5 725.6 652 669 764 749 747 Ammunition, small arms 157.4 177.5 179 174 172 168 350.1 402.0 412 381 409 404 395 Cottonseed oil 117.0 125. < 142 179 178 168 310.0 366.9 448 397 '560 -•555 540 Fertilizers 164.0 163.* 177 153 152 152 424.7 452.3 431 475 431 415 428 Products of Petroleum and Coal , 152.9 156.9 155.0'152.7 '157.7155.4 151.7 288.4 337.6 313.3 318.1 '344.8r354.9 346.4 Petroleum refining , 152.2 155.3 154 -•147 r155 155 277.2 325.3 300 304 '325 '344 338 Coke and by-products 132.8 144.8 141 148 148 149 271.1 329.8 295 310 350 347 353 Rubber Products 176.1 164.3 173.5 163.5 164.5 161. 157.0 353.6 334.7 373.6 354.9 345.5 341.9 332.7 Rubber tires and inner tubes 196.7 171.5 186 166 168 165 361.5 316.2 366 344 318 313 300 Rubber goods, other , 162.5 160.9 167 163 163 159 342.6 359.2 380 368 383 379 370 Miscellaneous Industries , 183.0 180.3 180.9 187.8 184.9 177.0 169.7 374.2 396.9 405.1 388.2 422.6 420.8 405.0 Instruments, scientific , 247.1 250.8 245 261 265 264 463.1 515.5 499 508 556 572 574 Photographic apparatus , 211.5 221.0 220 225 225 224 385.5 435.9 421 418 450 457 456 For footnote, see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] 1947 1948 1949 Group Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Total 161.1 161.2 159.8 160.1 157.1 156.7 158.8 159.8 160.1 163.3 162.8 161.1 158.5 P155.2 Durable . . 188 6 188 7 186 4 188 4 185 5 184 1 184 0 185 1 184 9 188 0 188.7 188.4 186.4 P181.7 Nondurable 139.3 139.4 138.7 137.7 134.7 135.1 138.9 139.8 140.6 143.8 142.3 139.6 136.6 P134.3 P Prel'minary. r Revised. NOTE.—Back figures for Total group from January 1919, and for Durable and Nondurable groups 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 1948 Nov. Dec, Aug. Sept. Oct. Nov. Dec. Nov. Dec. Aug. Sept. Oct. Nov. Dec. All manufacturing 40.1 39.8 '40.0 39.8 40.0 1.268 1.278 1.349 1.362 r1.366 1.371 1.376 Durable goods 40.7 41.7 40.7 40.0 r40.9 •40.4 40.8 1.346 1.354 1.431 1.448 '1.452 1.454 1.457 Iron and steel and products 40.5 41.2 40.3 39.7 40.8 40.5 40.5 1.404 1.412 1.501 1.528 1.525 1.525 1.528 T A L F N S E M t u u r l u o o a e a r m t n c n c n n o f h t e b s m i e r , t i p e i r n u o c r r c o e r o a b l r e a r l a u i t y n l y a s m a e d , t s n e i m a a d o x t c n i n c e h m d f e t i i a e p n b n g l q t i s e e l s u r a r e h a y i s l e p n b e s d d m a c p t s l r e r i p u i c o n c r m d t o a p , u l d b r e c o u e x t r d c s c t u p s e c r p t o t s d a u u ct t s os... 4 4 3 3 4 4 4 4 0 1 1 0 8 9 2 1 . . . . . . 2 2 6 6 8 1 4 4 4 4 4 4 4 4 1 2 3 2 1 0 1 1 . . . . . . . . 2 2 1 7 0 8 4 8 4 4 3 4 3 4 4 4 9 0 0 1 0 1 8 3 . . . . . . . . 7 7 0 9 0 0 9 1 4 4 3 3 4 4 4 4 0 0 9 0 7 0 0 1 . . . . . . . . 2 6 0 0 4 8 8 8 M 4 4 3 4 4 4 0 9 1 1 2 1 l! . . . . . . 2 8 5 0 5 0 2 M M ' ' 4 4 4 3 3 0 0 1 8 9 0 0 . . . . . . . 7 8 6 8 3 7 3 4 4 4 4 4 4 4 4 0 1 1 0 1 0 1 0 . . . . . . . . ; 2 5 6 3 1 6 1 1 1 1 1 1 1 1 . . . . . . . . 4 4 3 0 5 3 2 1 6 0 4 3 7 0 4 2 2 4 7 9 4 8 0 0 1 1 1 1 1 1 1 1 . . . . . . . . 3 5 4 1 4 0 2 3 2 1 6 6 5 4 1 4 7 7 5 3 6 5 3 6 1 1 1 1 1 1 1 1 . . . . . . . . 5 4 3 4 6 4 1 1 2 2 2 9 3 7 6 6 7 2 4 8 9 5 4 3 1 1 1 1 1 1 1 1 . . . . . . . . 5 6 5 4 4 1 1 3 5 7 1 4 3 7 8 4 6 6 0 3 8 8 1 4 1 1 1 1 1 1 1 1 . . . . . . . 6 . 4 3 5 4 5 1 1 8 4 4 7 4 1 6 8 9 0 5 5 8 8 7 4 1 1 1 1 1 1 1 1 . . . . . . . . 4 1 6 1 3 4 5 5 4 6 8 8 5 4 7 2 Q 2 8 8 3 6 9 0 1 1 1 1 1 1 1 1 . . . . . . . . 5 4 5 3 6 4 1 1 8 4 5 2 4 8 9 4 8 6 2 4 2 7 1 0 Nondurable goods 40.1 40.8 39.5 39.6 39.1 39.3 1.185 1.196 1.262 1.272 r1.271 1.282 1.286 Textiles—mill and fiber products 40.1 41.0 38.5 38.0 37.9 38.0 38.3 1.090 1.100 1.170 1.188 1.187 1.190 1.188 Apparel and other finished products 36.4 37.1 36.4 36.1 35.9 35.4 1.019 1.052 1.106 1.117 1.087 1.098 1.100 Leather and manufactures 38.3 39.1 37.9 37.3 35.5 37 1.095 1.092 1.128 1.143 1.145 1.149 1.146 Food and kindred products 42.5 43.3 41.0 42.6 41.8 Ml. 5 41.8 1.173 1.175 1.214 1.216 1.232 1.250 1.264 Tobacco manufactures 39.4 39.9 39.0 38.0 38.9 37. 38 .956 .983 1.008 1.000 .998 1.016 1.018 Paper and allied products 43.2 43.8 43.1 42.7 42.9 42.9 42 1.222 1.226 1.320 1.334 1.328 1.336 1.330 Printing, publishing and allied industries... 40.0 40.4 39.2 39.4 38.9 39.1 39 1.556 1.568 1.683 1.712 1.709 1.712 1.720 Chemicals and allied products 41.3 41.5 41.0 41.3 41.4 Ml. 4 41.4 1.287 1.293 1.407 1.410 1.390 1.398 1.402 Products of petroleum and coal 41.2 40.8 41.2 39.3 Ml.l r4() 4 40.5 1.518 1.551 1.716 1.748 1.738 1.763 1.740 Rubber products 39.9 40.9 40.3 39.4 39.3 38^6 38.5 1.454 1.454 1.500 1.504 1.507 1.508 1.501 Miscellaneous industries 40.7 41.2 40.3 40.3 40.6 40.8 40 1.20 1.219 1.271 1.280 1.279 1.287 1.303 NOTE.—Preliminary January 1949 figures for average weekly hours and hourly earnings are: All manufacturing, 39.6 and 1.384; Durable, 40.5 and 1.463; Nondurable, 38.6 and 1.296, respectively. Back figures are available from the Bureau of ..Labor Statistics. 289 MARCH 1949 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 governmentl 1940 32,031 10,780 916 1,294 3,013 7,055 1,419 3,362 4,192 1941 36,164 12,974 947 1,790 3,248 7,567 1,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 1,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 1,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945 40,069 15,302 826 1,132 3,872 7,685 1,394 3,891 5,967 1946 41,494 14,515 852 1,661 ' 4,023 8,820 1,586 4,430 5,607 1947 43,970 15,901 911 1,921 4,060 9,450 1,656 4,622 5,449 1948 45,131 16,276 925 2,060 4,065 9,746 1,719 4,682 5,658 SEASONALLY ADJUSTED 1948—January 45,019 16,332 927 2,056 4,075 9,694 1,688 4,723 5,524 February 44,755 16,208 920 1,945 4,071 9,664 1,698 4,730 5,519 March 44,791 16,246 930 1,941 4,069 9,634 1,697 4,729 5,545 April 44,584 16,045 820 1,972 3,995 9,721 696 4,768 567 May 44,726 16,018 936 2,032 4,028 9,689 699 4,738 586 June 45,053 16,172 947 2,110 4,056 9,779 700 4,663 5,626 July 45,271 16,302 915 2,093 4,078 9,791 737 4,645 5,710 August 45,312 16,278 944 2,106 4,078 9,805 752 4,622 5,727 September 45,654 16,556 945 2,093 4,085 9.806 741 4,647 5,781 October '45,669 16,548 939 2,101 '4,095 9,817 740 '4,641 5,788 November '45,439 16,414 '937 '2,120 4,070 '9,784 737 '4,644 5,733 December 45,251 16,190 940 2,120 4,085 9,768 740 4,628 5,780 1949—January 44,765 15,938 932 2,067 4,051 9,696 1,727 4,564 5,790 UNADJUSTED 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 1,697 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 5,624 June 45,009 16,115 950 2,173 4,105 9,670 1,726 4,663 5,607 July 45,098 16,172 922 2,219 4,136 9,646 1,754 4,645 5,604 August 45,478 16,441 952 2,253 4,139 9,660 1,761 4,622 5,650 September 45,889 16,697 948 2,239 4,092 9,733 1,732 4,647 5,801 October '45,877 16,597 941 2,206 '4,091 9,889 1,723 '4,641 5,789 November 45,735 16,455 '938 '2,162 4,066 10,036 1,720 '4,644 5,714 December 46,087 16,278 939 2,078 4,067 10,380 1,723 4,628 5,994 1949—January 44,346 15,875 926 1,881 3,997 9,624 1,718 4,564 5,761 ' Revised. x 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. January 1949 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 p T 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 In E m no p n lo a y g e ri d c u l l- In 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 Total tural industries agriculture 1940 2 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55.250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 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 1949—January 10 ,117 61,546 60,078 57,414 50,651 6,763 2,664 47,571 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. 290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b es u i i d ld e i n n t g ial and public Month Factories Commercial Educational Other utilities 1947 1948 1947 1948 1947 1948 1948 1947 1948 1947 1948 1947 1948 January.. . 571.6 615.2 257.4 238.1 54.1 38.3 74.5 19.7 58.7 55.9 113.9 136.6 February.. 442.2 682.0 208.4 232.3 71.9 46.4 75.5 13.5 37.8 9.4 90.5 177.3 March 596.8 689.8 282.9 276.5 55.3 52.6 78.5 21.4 50.3 35.8 122.0 164.3 April 602.3 873.9 256.7 351.6 82.2 66.3 88.8 22.7 55.4 29.6 161.4 184.7 May 674.7 970.8 254.1 369.8 91.9 59.2 103.3 47.7 83.8 57.7 184 205.0 June 605.1 935.2 209.5 355.3 103.8 58.4 83.1 40.1 63.5 44.7 185 215.7 July 660.3 962.7 240.9 349.7 72.9 81.6 106.3 38.5 103.1 51.2 165.9 217.9 August... . 823.2 854.1 308.9 337.6 77.7 77.2 77.8 45.6 55.8 80.0 223 207.8 September. 650.0 762.2 268.5 279.7 53.6 75.9 80.4 42.8 54.5 47.4 141.5 202.7 October. . . 793.3 778.6 349.5 296.8 70.7 80.0 83.8 41.1 48.4 61.3 165.9 165.5 November. 715.1 611.2 290.2 264.0 49.6 84.3 60.2 27.2 47.0 59.8 181.5 106.9 December. 625.4 694.0 226.8 256.7 56.3 65.3 62.9 31.5 66.2 64.1 154.1 170.9 Year.. 7,759.99,429.6 3,153.8 3,608.0 941.4 839.8 785.5 975.0 391.9 724.6 596.9 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 1949 1948 1947 1948 1949 1947 1948 1949 1947 1948 1949 Federal Reserve district Jan. Dec. Jan. January.... 572 615 483 167 197 160 405 419 323 February. .. 442 682 96 248 346 434 Boston 25,713 32,872 26,136 March 597 690 143 181 453 509 New York 77,841 118,864 137,145 April 602 874 177 236 425 638 Philadelphia 34,745 64,862 36,880 J M u a n y e . 6 60 7 5 5 9 9 7 3 1 5 2 2 2 3 6 4 * 2 3 9 3 8 8 4 37 4 9 1 " 6 5 7 9 3 7 R C i l c ev h e m la o n n d d 4 5 4 0, , 9 3 7 7 3 0 6 5 6 6, , 8 5 4 5 1 7 4 7 0 0 , , 8 0 1 7 9 2 July 660 963 203 335 458 628 Atlanta . 60,736 68,499 68,899 August 823 854 218 276 605 579 Chicago 78,852 111,536 90,041 September. . 650 762 193 259 457 503 St. Louis 31,680 42,519 46,320 October 793 779 209 262 584 517 Minneapolis 18,214 21,674 15,977 November. . 715 611 224 199 492 413 Kansas City 15,511 28,334 27,226 December.. . 625 694 207 278 418 416 Dallas 44,349 81,465 55,691 Year 7,7609,430 2,2963,107 5,4646,323 Total (11 districts) 482,984 694,023 615,206 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on Year or month Total P e r r o ty p- S h m om al e l 1 fa - m to i ly 4- R g a r e o n n u d ta p l W e V r a a r e n a t- n s' d INSURED P O F R H T A F O H L O IO M , E B M Y O C R L T A G S A S G O E F S I ( N T S I T T I L T E U T II I ) O N HELD IN p m r i e o m n v - t e - l s c t t i r o o u n n c - - h ( o T I u D i s tl e e s h ( o T I u D i s t i l n e g h ( o V T u I i s ) t i 2 l n e g [In millions of dollars] Sav- 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 2 4 1 3 5 1 1 , , 1 1 9 8 6 7 3 7 3 6 2 7 5 5 6 2 1 1 1 4 8 1 4 7 9 7 4 1 1 2 1 1 5 1 8 6 2 2 2 7 4 1 9 1 7 5 6 1 9 (3 1 ) 6 4 3 2 6 5 2 3 7 8 0 1 7 2 4 3 3 End of month Total b C m c a o i n e a m r k l - s - b M s t i a n u a n g v u a k s l - - s a a l s i a o t n s n i a o g o d n c s n i s - p I c a n a o n s n m c u i e e - r- s a c F e g i e r e e a d s n l - x - Other2 1946 755 321 347 3 85 1 1 9 9 4 4 7 8 3 1 , , 3 78 3 7 8 5 6 3 1 4 4 «7 4 8 4 8 6 0 1 , 8 8 0 3 8 6 1936—Dec 365 228 8 56 41 5 27 1948— F A J J M M J u u a e p a a n l n b r y y r e i u r c l a u h r a y r . y . . . . . . 2 2 2 2 3 2 2 7 9 2 2 2 6 8 2 2 4 8 9 5 6 4 4 6 5 5 5 5 9 5 3 6 9 0 4 ( ( ( ( ( (* 3 3 3 3 3 ) ) ) ) ) ) 1 4 4 5 5 5 7 7 5 8 3 3 1 2 1 1 1 1 1 1 1 1 3 7 2 7 5 9 6 7 7 0 0 8 7 4 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 4 4 4 4 3 8 7 0 3 1 2 9 — — — — — — — D D D D D D D e e e e e e e c c c c c c c 3 2 3 3 1 1 , , , , , , 1 7 1 4 6 6 7 9 9 0 0 2 2 7 3 9 7 9 6 0 1 1 1 1 1 , , , , 1 7 6 4 9 6 4 6 0 6 6 0 3 3 2 5 9 5 2 4 0 2 2 1 1 2 3 3 5 7 3 8 7 8 6 6 1 0 6 2 2 2 2 1 1 1 9 2 7 5 4 9 1 2 4 6 4 9 2 0 1 1 , , 0 1 3 2 5 1 7 3 3 4 1 4 1 8 2 4 2 2 2 8 9 2 2 2 1 3 0 7 4 3 5 7 2 1 7 5 4 3 9 1 1 1 1 1 9 5 3 5 7 6 5 0 3 3 0 9 3 9 O N A D Se u o e c p g c v t t o e u e e m s b m m t e b b b r e e e . r r . r . . . . . . . . C 3 2 2 2 2 1 7 7 9 7 8 2 7 8 6 4 5 4 4 5 8 2 0 9 1 I i 1 1 9 9 7 0 1 2 8 6 5 7 1 1 1 1 1 4 3 6 2 3 9 6 8 7 1 1 1 9 9 4 4 4 5 — — D D j J u u e e n n c c e e 3 3 3 3, , , , 1 3 5 3 5 9 5 2 6 9 4 4 1 1 1 1 , , , , 6 5 5 5 6 9 0 7 9 0 6 0 2 2 2 2 6 6 6 5 0 5 3 8 2 2 2 2 6 8 5 6 9 4 3 4 1 1 1 1 , , , , 0 1 0 0 7 4 1 0 2 7 9 0 6 4 7 1 8 3 3 3 1 1 1 1 2 3 5 4 2 4 0 0 1949—January.... 269 35 l 128 7 98 1946—June 3,102 1,488 260 247 974 11 122 Dec 2,946 1,429 252 233 917 9 106 1947—June 2,860 1,386 245 229 889 8 102 Dec 2,871 1,379 244 232 899 7 110 1948—June. . . . 2,988 1,402 251 245 973 7 110 1 The RFC Mortgage Company, the Federal National Mortgage t $, Association, the Federal Deposit Insurance Corporation, and the N d O d T E.— t F tk ig ures c r c e t p res f e nt i g c r i o p s l s in e sura Un 2 it I e n d c lu S d ta in te g s m H o o r u tg s a in g g e c C o o m rp p o an ra ie ti s o , n f . inance companies, industrial banks, endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 291 MARCH 1949 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 imports2 Excess of exports Month 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 1944 1945 1946 1947 1948 January 1,124 903 798 1,114 '1,092 301 332 394 531 P545 823 571 405 583 P547 February 1,107 887 670 1,146 '1,086 314 325 318 437 P582 793 561 352 709 P504 March 1,197 1,029 815 1,326 '1,139 358 365 385 445 P666 839 664 431 882 P473 April 1,231 1,005 757 1,294 '1,121 361 366 406 512 P528 870 639 351 782 P593 May 1,455 1,135 851 1,414 '1,102 386 372 393 474 P549 1,069 764 457 940 P553 June 1,296 868 878 1,235 '1,015 332 360 382 463 P615 965 508 496 772 P399 July 1,197 895 826 1,155 3'1.019 294 358 431 450 P558 903 536 395 705 P461 August 1,191 738 883 1,145 P990 304 361 422 400 P599 887 378 461 745 P391 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 P1,021 329 347 394 492 P597 815 109 142 743 P424 November.... 1,185 639 986 1,141 P82O 323 325 478 455 P55O 862 314 508 687 P27O December. . . . 938 737 1,097 1,114 Pi,284 336 298 529 603 P721 602 439 567 511 Jan.-Dec 14,259 9,806 9,740 14,430 P12.614 3,919 4,147 4,909 5,733 P7,O7O 10,339 5,659 4,831 8,696 P5,544 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, nd 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 expenses income Annual 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 Annual 1941 130 123 168 112 91 139 183 136 100 1939 3,995 3,406 589 93 1942 138 135 181 120 104 155 206 146 69 1940 4,297 3,614 682 189 1943 . . 137 138 186 146 117 141 192 145 63 1941 5,347 4,348 998 500 1944 140 143 185 139 124 143 180 147 67 1942 7,466 5,982 1,485 902 1945 135 134 172 151 125 129 169 142 69 1943 9,055 7,695 1,360 873 1946 132 130 146 138 129 143 136 139 78 1944 9,437 8,331 1,106 667 1947 143 147 182 150 107 153 181 148 75 1945 8,902 8,047 852 450 1948 138 141 183 136 88 149 190 146 68 1946 7,628 7,009 620 289 1947 8,687 7,906 780 498 SE A A D S J O U N S A TE L D LY 1948 P9.672 P8,669 PI.002 P711 1947—October 145 156 192 152 104 147 163 149 75 SEASONALLY November. . . 147 160 195 145 105 150 163 151 75 ADJUSTED December. . . 149 155 191 138 96 158 190 156 74 1948— F Ja e n b u r a u r a y ry.... 1 1 4 3 4 9 1 1 5 5 5 0 1 17 8 8 3 1 1 3 0 1 3 8 7 4 6 1 1 5 4 3 0 1 1 5 9 6 5 1 1 5 4 2 6 '6 7 9 1 1947— D N e o c v e e m m b b e e r r . . 8 7 0 8 6 6 7 72 0 2 8 8 7 3 8 4 5 7 0 A J J A S O N M M D u u e u p c o ^ e a l n p a t y r g c v e r o y i t u e c l e e b h s m m m e t r b b b e e e r r r . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 4 3 3 3 3 3 3 3 4 4 2 8 7 7 9 9 0 0 0 1 1 1 1 1 1 1 1 1 1 9 4 3 6 5 3 4 4 0 5 8 4 8 3 3 1 9 7 5 3 1 1 1 1 1 1 1 1 1 1 6 9 9 3 8 8 8 9 9 9 2 2 2 7 7 3 5 4 8 4 1 1 1 1 1 1 1 1 1 1 2 5 2 4 5 4 4 5 0 2 9 8 7 7 5 4 4 0 9 3 1 9 8 8 9 9 8 8 8 0 7 6 6 5 3 0 6 0 5 5 9 1 1 1 1 1 1 1 1 1 1 6 5 3 4 6 4 3 4 5 4 2 2 9 6 5 1 9 9 0 4 2 2 2 1 1 1 1 1 1 1 1 1 0 8 8 9 8 9 7 7 3 3 1 2 2 5 5 1 8 8 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 5 4 4 4 4 3 5 5 4 5 0 0 8 4 1 6 6 6 6 6 6 6 6 7 7 9 6 6 8 6 4 6 2 2 0 1948— F A J J S M A O M J u u e e p u a c a n a l p b r y g n t y e r i t o r u u l e c u b s m a h a t e r . r b y - r y e . . . . . . . r . . . . . , 8 8 8 8 8 7 7 7 7 7 4 5 1 4 3 8 6 9 2 6 2 6 9 5 6 1 1 5 6 7 6 7 7 7 7 7 7 7 7 7 8 0 1 0 3 0 1 2 5 4 4 1 9 7 7 5 0 7 6 4 1 6 5 4 9 9 9 9 8 7 3 0 5 2 4 2 9 9 9 1 7 1 3 2 2 6 5 6 6 5 0 9 8 2 8 2 7 5 5 6 2 1949—January 131 130 189 125 79 129 175 141 60 November. 833 752 81 49 UNADJUSTED December. 811 739 72 P39 1947—October 156 156 188 152 161 155 235 163 78 UNADJUSTED November. . . 150 160 195 142 133 147 163 158 77 December. . . 139 155 201 130 92 141 59 147 71 1947—November. 756 690 66 1948—January 133 155 193 131 81 137 '39 139 65 December. r804 »728 •77 60 J J A S O F A N M D M u u e e u c o e p a l n a p t y b g c v y r r e o t u e c i r e e b l h m u s m m e . t a . r b b b . r : e e e y r r r . . . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 4 4 2 5 4 5 4 2 2 2 4 3 6 2 0 4 1 1 9 8 8 3 1 1 1 1 1 1 1 1 1 1 9 0 4 5 4 6 5 5 4 3 3 8 5 4 0 7 3 3 3 9 8 1 2 1 1 1 1 1 1 1 1 1 1 7 0 8 8 6 3 9 8 8 9 9 7 1 8 7 3 4 0 3 3 8 0 1 1 1 1 1 1 1 1 1 1 1 5 4 4 0 5 0 0 8 1 5 3 2 7 2 0 6 8 1 9 3 0 8 1 1 1 6 6 9 8 6 8 7 7 1 4 1 2 1 4 6 6 2 4 6 3 3 4 1 1 1 1 1 1 1 1 1 1 1 4 3 4 6 4 7 4 5 6 5 2 6 5 5 5 1 1 1 6 4 8 3 2 2 2 2 2 2 2 1 1 7 9 7 4 5 9 7 4 6 9 2 7 6 3 9 7 6 3 0 2 6 1 1 1 1 1 1 1 1 1 1 1 4 3 4 4 4 5 4 4 3 5 4 2 7 2 4 6 6 3 4 9 9 9 6 6 6 6 6 7 6 6 7 7 7 9 9 6 3 7 3 8 0 0 0 1 1948— J F J A A O M M S N u u J e e p u o c a n l a a p b y r v n t g y e r i t o r e u e u l c u b m m a h s a e t r . r b b . y . r y e e . . . . . . . r r . . . . . . . 8 8 7 8 8 8 8 7 7 7 7 4 5 3 4 2 1 6 7 9 2 7 2 1 8 5 5 6 8 8 6 9 7 6 6 7 7 7 7 7 7 7 7 7 7 7 1 0 0 4 5 1 3 6 3 6 6 3 9 6 1 2 6 7 7 4 1 1 1 1 1 3 4 6 9 5 8 2 0 1 1 1 9 1 1 0 3 4 5 5 1 1 6 3 2 9 6 8 8 6 8 7 1 1 5 7 4 4 6 3 2 4 6 9 8 1949—January 120 130 198 125 76 116 44 129 57 December. 807 742 65 P58 r Revised. P Preliminary. r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for NOTE.—Descriptive material and back figures may be ob- June 1941. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Total index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission. 292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average=100] Federal Reserve district United Year or month States Boston Y N o e r w k* d P e h l i p l h a- ia C l l a e n v d e 2 - m Ri o c n h d - l A a t nt - a 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 c S i r s a a c n n o - SALES' 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 302 239 248 283 303 321 386 290 335 288 325 404 353 SEASONALLY ADJUSTED 1948—January 286 224 '241 272 284 '292 355 271 291 '285 '307 390 '347 February 286 226 241 280 284 307 359 281 307 267 292 368 327 March 284 228 '234 263 270 303 368 274 318 278 307 384 339 April 306 243 255 278 295 327 390 289 343 283 337 448 362 May '310 242 '262 284 320 318 394 289 340 306 336 418 365 June '311 252 '262 283 306 327 397 299 346 291 328 406 372 July ••315 255 '259 288 313 321 392 312 355 294 322 436 365 August 312 237 256 289 308 319 402 295 354 292 336 419 383 September 312 252 '254 295 316 338 402 299 362 291 329 423 355 October 306 232 '252 307 316 330 396 292 338 311 343 388 336 November 287 228 229 269 293 306 362 283 321 279 320 390 363 December 310 245 '247 '287 317 346 405 297 338 281 332 397 '368 1949—January J>288 P246 243 279 303 304 359 271 290 P271 P280 377 333 UNADJUSTED 1948—January 225 170 '193 204 216 '217 284 217 239 '213 '246 316 '280 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 495 428 414 '480 491 575 635 460 517 431 502 648 '582 1949—January P227 PI 87 194 209 230 226 287 216 238 P2O3 P224 306 270 STOCKS 3 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 291 223 241 251 277 321 366 281 314 326 301 395 347 SEASONALLY ADJUSTED 1948—January 289 224 233 243 277 332 345 274 309 310 '3O7 385 360 February 303 227 240 253 286 339 378 290 331 324 329 424 377 March '311 240 247 261 '290 334 370 304 329 343 353 420 388 April '309 238 244 264 '290 340 379 293 331 363 325 422 386 May 297 228 243 257 277 337 368 289 313 333 315 417 347 June ••284 212 241 248 '267 304 343 275 302 325 300 396 335 July 275 204 242 238 '258 308 333 264 293 321 265 358 328 August '269 204 242 236 '261 289 330 257 292 310 262 364 302 September '276 215 243 238 '265 297 348 264 302 316 274 378 312 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 306 229 236 256 295 335 450 295 329 335 321 419 365 1949—January P2S6 218 228 235 P274 318 360 283 303 P310 384 338 UNADJUSTED 1948—January 253 199 205 '212 243 283 311 236 265 282 '265 346 317 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 262 206 215 218 245 279 366 265 276 294 263 352 299 1949—January P25O 196 201 205 P240 271 324 244 260 P282 P275 345 297 « figures tor sales are the average per trading day, while those for stocks are as or the end oi 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 line 1946. nn. 588-612. MARCH 1949 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales x 1941 average monthly sales =100 J Num- Department r b s e t e p o r o r e o rt s f - Sale p s e r d io u d ring ( S e m t n o o d c . k ) o s f December Sale p s e r d io u d ring Sto o c f k m s o at n t e h nd ing 1948 1947 1948 1947 D 19 e 4 c 8 . Y 19 e 4 a 8 r D 19 e 4 c 8 . 1948 1947 Dec. Nov. Dec. Dec. Nov. Dec. GRAND TOTAL—entire store > 360 +2 +4 +6 1 4 1 4 MAIN STORE—total 360 + 1 +3 +7 1.5 1.4 384 260 381 587 738 548 Piece goods and household textiles 316 4-3 4-5 2 7 2 5 266 232 273 724 734 691 Piece goods 296 —6 4-5 +4 3 2 2 9 232 285 246 746 763 717 Silks, velvets, and synthetics 188 -5 +2 +6 2.9 2.6 235 272 247 685 706 610 W Co o t o to le n n w d a re sh ss g g o o o o d d s s 1 18 6 2 3 — -8 8 +4-84 + -2 7 3 3 .8 1 3 2 .6 7 2 1 9 7 1 3 4 1 0 8 6 8 3 1 1 8 6 7 9 6 1 6 2 5 6 8 2 1 1 5 6 7 8 2 9 7 Ho L u i s n e e h n o s l d a n t d e x t t o il w es els 3 2 1 8 1 0 + 1 1 + 1 + 4-5 1 2 2 .1 4 2 2 .1 3 3 2 2 7 5 4 2 2 1 0 7 4 3 2 2 7 1 7 6 6 7 7 7 3 7 7 4 0 3 9 6 66 4 1 3 Domestics—muslins sheetings 241 —3 +3 + 19 3.6 2.9 190 171 196 679 631 563 Blankets, comforters, and spreads 242 -3 -2 0 2.3 2.3 276 217 285 650 716 625 Small wares 348 4-1 4-1 -2 1 3 1 3 463 249 457 588 804 594 Laces, trimmings, embroideries, and ribbons 207 0 +4 + 1 2.1 2.1 330 267 331 704 851 669 Notions 243 +9 +8 +3 1 8 1 9 375 257 343 672 810 639 Toilet articles, drug sundries 332 -3 -1 —9 1.3 L4 394 176 408 516 726 563 Sil S v i e l r v w er a w re a r a e n d a n j d e w cl e o l c ry ks* 3 2 2 0 5 6 +2 0 + + 1 2 0 1 1 . 2 7 1 1. 2 6 570 282 558 690 947 664 Costume jewelry* .. . 259 +5o -4 -10 0.7 0.9 Fine jewelry and watches* 75 2 —9 1 8 2 0 Art needlework 245 4-7 +2 2 4 2 4 275 245 269 673 704 633 Books and stationery 276 4-7 o —3 0 9 0 9 591 331 580 526 836 534 Books and magazines 136 — 1 -4 0 9 10 485 260 469 451 668 542 Stationery 232 +1 0 -4 0.9 0.9 597 338 589 508 842 469 Women's and misses' apparel and accessories. 357 +1 +5 +3 1.2 1.2 360 253 355 446 595 430 Women's and misses' ready-to-wear accessories.. 357 +1 0 +3 1.2 1.1 421 246 418 492 703 477- Neckwear and scarfs 313 12 —6 — 9 0 7 0 7 645 342 735 458 739 485 Handkerchiefs 287 7 — 6 0 6 0 7 698 265 719 454 882 489 Millinery 177 4-1 — 8 0 9 0 9 156 184 151 132 178 144 Women's and children's gloves 338 —3 -6 -7 1.0 1.1 465 230 478 484 783 521 Corsets and brassieres 342 o — 1 — 1 2 6 2 6 261 221 262 668 710 668 Women's and children's hosiery 354 — 1 4-2 +20 0 8 0 6 342 194 345 260 449 214 Underwear, slips and negligees 349 +5 +3 +9 0.8 0^8 618 293 591 494 825 455 Knit underwear 254 4-7 +9 1 0 1 i 545 311 467 573 859 519 Silk and muslin underwear and slips 287 i_9 + 15 0 8 0 7 610 282 598 488 800 436 Negligees, robes, and lounging apparel 250 -3 -9 0.5 0.6 714 298 724 385 813 434 Infants' wear . .. 332 +2 — 2 — 2 1 3 1 4 492 348 482 655 886 661 Handbags and small leather goods 340 -j-4 4-3 — 1 0 8 0 8 464 228 447 348 581 349 Women's and children's shoes 252 o 1 +6 2 7 2 6 286 214 285 787 931 736 Children's shoes* 208 4_2 2 0 2 2 Women's shoes* . . .. 222 —3 +8 3 0 2 7 Women's and misses' ready-to-wear apparel 357 +3 +9 +3 1.3 1.3 296 260 288 396 479 386 Women's and misses' coats and suits 347 + 10 + 17 + 19 1.6 1.4 259 354 236 411 446 345 Coats* 218 + 12 -j-72 +26 1 4 1 2 Jun J S u i u o n it r i s s o * ' r a s' n c d o g a i t r s l , s' s u w it e s a , r and dresses 2 2 2 1 9 9 2 2 2 + + — 7 7 1 4 + - + 1 1 6 4 1 + 4 + - 8 0 1 7 1 1 . 7 S 1 2 1 1 .1 3 ? 3 4 3 0 7 1 3 31 2 2 6 3 3 1 7 5 4 4 4 0 2 2 5 5 45 7 3 8 3 4 7 2 8 2 Girls' wear 318 -|-7 +8 — 6 1 0 1 i 494 353 460 469 741 492 Women's and misses' dresses 348 o +8 +3 1 3 1 3 236 203 235 314 354 304 Inexpensive dresses* 258 4-4 + 1? 1 0 1 i Better dresses* 265 +7 1 6 1 4 Blouses, skirts, and sportswear 346 +4 4-17 +2 1 1 1 > 421 276 404 485 600 473 Aprons, housedresses, and uniforms . . . 294 4-8 — 8 1 4 1 6 258 163 253 361 421 379 Furs 276 — M — 17 — 10 2 2 1 9 197 168 248 426 552 469 Men's and boys' wear 334 + 13 1 2 1 i 502 263 478 602 872 531 Men's clothing . . . 250 4-s — 1 +34 7 4 1 o 299 242 284 711 897 537 Men's furnishings and hats 316 +4 0 +4 0*8 0.8 662 280 636 503 837 484 Boys' wear 301 +8 -fl 1 3 1 4 464 277 430 599 878 594 Men's and boys' shoes and slippers 192 +3 — 1 +5 1 9 1 9 421 208 409 795 1,000 749 Housef urnishings 321 + 15 2 8 2 3 290 263 305 805 899 702 Furniture and bedding 245 _2 +9 + 19 4.2 3.4 187 213 191 791 791 659 ]VIattresses springs and studio beds4 154 s 4-11 + 13 3 1 2 6 Upholstered and other furniture* 161 0 + 10 +20 4.3 3.6 Domestic floor coverings 275 — 8 4-8 +32 4 0 "> 8 224 275' 243 901 902 667 Rugs and carpets* 151 + 10 +31 3 9 7 8 Linoleum* 103 — 8 __ 7 5 4 3 9 Draperies, curtains, and upholstery 302 4-9 +2 4-1 2 9 2 9 245 271 239 709 785 692 Lamps and shades . . . .. 245 +1 +7 +6 1.7 1 .6 404 326 398 674 814 614 C M h a i j n o a r a h n o d u s g e l h a o s l s d w a a r p e pliances 2 24 4 5 8 —+ 357 4-8 1 + +2 2 6 0 3 2 . 7 9 2 1 .8 4 3 2 4 5 4 4 2 2 5 3 5 2 4 3 0 2 6 8 9 9 8 3 1 0 1,0 9 9 2 1 2 8 7 0 1 8 5 Housewares (including minor appliances) 254 0 +3 +3 1 .9 1.9 450 309 448 855 1,026 833 Gift shop* 159 + 7 + 10 — 6 1.4 1.6 Radios, phonographs,records, and instruments4.. 227 -8 -1 + 13 1.4 1.2 Radios and phonographs* 170 -11 0 + 11 1.4 1 .1 Records, sheet music, and instruments4 138 — 5 +9 1.6 1.4 Miscellaneous merchandise departments...... 319 +4 0 -4 0.7 0.8 559 315 538 403 702 420 Toys, games, sporting goods, and cameras 295 +5 + 1, +9 0.6 0.6 936 504 892 561 1,139 517 Toys and games 228 +6 + 1 +24 0.4 0.3 1,227 684 1,162 454 1,217 347 Sporting goods and cameras . . .. 138 +2 + 2 1.3 1.4 768 401 751 998 1,664 1,014 Luggage 259 — 1 + 2 1 4 1 3 525 231 538 708 962 688 Candy* 188 0 -8 -17 0.4 0.4 For footnotes see following page. 294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change Ratio of Index numbers from a year ago stocks to without seasonal adjustment (value) sales x 1941 average monthly sales—100 2 Department b N st e o u r r m e o s - f Sale p s e r d io u d ring ( S e m t n o o d c . k ) o s f December Sale p s e r d io u d ring Sto o c f k m s o a n t t e h nd reporting 1948 1947 1948 1947 D 19 e 4 c 8 . Y 19 e 4 a 8 r D 19 e 4 c 8 . 1948 1947 Dec. Nov. Dec. Dec. Nov. Dec. BASEMENT STORE—total . . . .. 201 +7 + 10 -1 1.1 1.2 340 251 317 384 506 384 Domestics and blankets4 . .. . 136 +2 +3 +2 2 1 2 1 Wo I m nt e i n m 's a t a e n d a p m p i a ss re es l ' 4 . ready-to-wear . .. 1 1 9 6 7 8 + +9 9 + + 13 13 + +4 1 0 1 . . 9 0 1 1. . 0 0 337 255 310 310 433 307 Coats and suits4 178 +9 + 18 +9 1 2 1 2 Dresses4 . . 171 + 14 + 17 -3 0.8 0.9 Blouses, skirts, and sportswear3 152 +8 + 15 — 9 0.8 1.0 Girls' wear4 120 + 11 + 11 0.8 0.9 Infants' wear4 112 +7 +8 +2 1.0 1.0 Men's and boys' wear 161 +9 +9 -5 0 9 1.0 489 287 449 440 649 462 Men's wear4 138 +8 +9 -4 0.9 1.0 M M e e n n ' ' s s c fu lo r t n h i i s n h g in 4 gs4 1 9 1 1 0 + +9 11 ++182 + -8 2 0 1 . . 7 5 0 1 . . 8 6 Boys' wear4 . ... 114 + 12 +8 -9 0.8 1.0 Housef urnishings 104 2 +4 -2 1.9 1.9 236 257 240 .41 519 417 Shoes 132 +6 +5 +2 1.8 1.9 251 171 235 461 595 454 NONMERGHANDISE—total4 176 +14 +8 Barber and beauty shop4 81 + 13 +8 « « « . 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 293. 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. 5 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES \ [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- Apr. 5... . .319Apr. 3 .280 Oct. 4... . .326Oct. 2... ..327 Sales Stocks standing 12... . .265 10.... .298 11... ..304 9... ..336 (total (end of orders 19... . .271 17 .294 18... . .299 16... . .331 for month) (end of 26... ..267 24.... .296 25... ..306 23... ..344 month) month) May 3... . .279May 1 .300 Nov. 1... . .313 30... ..319 10... . .311 8 .330 8... . .347Nov. 6... . .320 17... . .273 15 .293 15... ..380 13... . .346 1939 average 128 344 24... ..277 22.... .295 22... . .395 20... ..371 1940 average 136 353 108 31... . .250 29 .297 29... . .367 27... . .347 1941 average 156 419 194 June 7... . .293June 5 .282 Dec. 6... . . 508Dec. 4... ..485 1942 average 179 599 263 14... ..300 12.... .304 13... ..570 11... ..564 1943 average 204 508 530 21... . .256 19 .310 20... . .576 18... . .576 1944 average 227 534 560 28... ..245 26.... .262 27... ..358 25... ..473 1945 average 255 563 729 July 5.'.. . .208July 3.... .265 1946 average 318 714 909 12... . .228 10.... .217 1948 1949 1947 average 336 824 552 19... ..217 17 .236 Jan. 3... . .204Jan. 1. . ...204 1948 average 351 910 466 26... . .213 24.... .231 10... . .251 8... ..272 Aug. 2... . .220 31 .235 17... . .232 15... ..244 1948—January '269 '78O '629 9... . .223Aug. 7 .261 24... . .226 22. .. . .230 February 263 878 575 16... . .225 14.... .258 31... ..233 29... .'218 March 355 941 420 23... ..243 21.... .271 Feb. 7... . .240Feb. 5... . .229 April 331 938 356 30... ..277 28 .255 14... ..238 12... . .238 May 339 919 339 Sept. 6... ..265 Sept. 4.... .308 21... . .249 19... ..227 June 336 859 462 13... ..291 11 .285 28... . .248 26... . .232 July 268 827 551 20 . .301 18 337 Mar. 6 . .266Mar. 5 August 295 893 545 27.'!!'. !316 25!!!. ^319 13..! . .279 12... September... . 357 944 539 20... ..313 19... October 387 1,058 507 27... ..331 26. November.. .. 411 1,053 379 December.... 594 818 292 1949—January ^266 P78O P390 r Revised. P Preliminary. r Revised. NOTE.—Revised series. For description and back figures, see pp. 1 These figures are not estimates for all department stores in the 874-875 of BULLETIN for September 1944. United States. Back figures.—Division of Research and Statistics. MARCH 1949 295 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] Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year Jan. Dec. Year 1949 1948 1948 1949 1948 1948 1949 1948 1948 1949 1948 United States.. P-4 r+2 +6 Cleveland-cont. Chicago v-5 +1 +6 Kansas City— B N P C N P W A B D S N P B B N P S A B E N R W L Y S U T P T Y S R C C C C e o h l B p o r y o p h o e c l a u l w o r r e o o l i k i a e o t o e i o e o s o i m i b r e i r w e a r i n r u n f i h n s w o w l c n w l r a l r v l u i t d r c i t v l f a v e a n g t k k a u n g o o g c s e h c n i l c a t a d e a n o g a c d i n n e r a t t a n e o g Y a m h d n H g e Y l n h i e d l d n i g a e u o r o o y o l i t r n s n n a s f s k o f s n e k e e a a e p n a o n s 1 s b o a i - d t i t t r n n 1 c e l l n e g e n m l t e e B o A e w v u e r * k 1 p p o e t d l x a 1 k r l F d c r r r s d x e a d a h n h t p r w t e t a l o n l r d i i e C * s * i l n x a l r x . . a n y i a l . e . i e . s . . . . t . . x 1 . . y . . . . . . . . . . . . l . . . . . . 1 . . . . . . . . . . . P + + + + + + + + + + + + - - - + + + + - - - - - + + - - + + - - - - - 2 2 3 6 1 4 1 3 5 3 5 5 1 9 6 4 4 3 5 5 5 3 5 2 8 8 4 4 2 5 5 2 8 4 0 1 5 + + + + + + + + + + + + + + + + + + + + + + + - + + + + + + + 1 1 1 3 3 5 5 3 3 3 6 8 2 6 6 2 5 9 6 3 3 1 3 3 3 3 1 1 0 0 1 1 1 0 0 1 0 0 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + - + + + + + 1 1 1 1 1 1 1 1 1 3 7 9 2 6 6 3 9 9 4 6 9 7 8 9 7 7 6 8 4 3 2 6 2 2 3 1 0 1 2 1 1 2 0 0 0 R A W W W L N J P R G A A E B H C C R C O T J S H N N R B M M K C M M M C B B a i a w t i y a a a o h r a h o i r i u c r o o t a r h u a n e a l c h a i o t o c a e i c r e l l v i i a l n l m w r l a a g n h t t g l m o s a . n k a s m s k a a b c e r e n t e h u e f o u s a r n c r h e s u t i h x i t s m t m 1 n i o o n e i s e n p t b m n m l l y m m o t n d h i t i g r l O o v t v s g i e n o e d l l a t a v e n o n u l s a n i n k i b a h o t a i n o b s n i i s o o b o x n R r a i a g t n g r n l x , l g a x u t t n v l n i l o n m u r l g o l h o a - o i x h l t o e g e e t d r i s e N w d e h S o o o a n g n a 1 l u e 1 , n x l m n , a g , n n r g . e 1 S y S a l s . . e C l e x . . . . x x . . x . l x m . C . . . . . . . . C . . . . . . . . . . . . . P P + + - - - + + - - - + + + + + + + + + 1 + - — - - - + 1 + 1 2 - — - - 1 - - - - - 1 2 1 2 4 8 6 6 1 4 2 4 2 1 2 3 1 4 6 4 1 2 5 9 9 8 9 2 2 8 7 3 3 6 3 4 1 c 4 3 1 6 + + + + + - + + + + + + + + + + + + + + - 1 + + - + - + - - - - 2 6 2 1 4 6 1 1 3 1 0 1 1 2 7 3 5 2 5 9 3 2 3 3 6 3 5 4 2 0 0 0 0 0 2 3 4 2 9 1 1 8 + + r + + + + + + + + + + + + + + + + + + + + + + + + + + — + + + + - 2 1 1 1 1 1 1 1 1 6 1 1 1 9 8 3 6 5 6 6 6 7 2 6 5 8 4 7 7 3 5 2 7 7 2 1 1 0 1 0 7 1 8 2 3 0 1 1 S M K F T F L P D D G G F L L Q C I M M S S S S J E E M T W O M D D P H S L K t n . o a i S p o e t t o e t a o l i u h v t a o r e u i r e n m . . u . e u a i a d e i t i . n p o r n n r e i u r a u s r s i e a l i p n t t n n d n n c L i t l m i t t r L c L c t w r l e n P n s l p J i r n a s b n a c e n u e e i h e v i i s s o a t n M o i o d o o c a o e h n a g W S a l a p s n s l h a k S e v a n t u g i e y l o u i r s o u v p f H s t a u h a u h R a m g i i n s a o o x i r t t B i i a e i n o a n R l i s i - x p . p k o i e l s i s a l o l s i l 1 p C y C l s e n r o a l o e a i l L t u c d s h o h n e A i e y l e l l p i l k i x . . . o t i . . i e t n s t . e . s s i r y u y . . . 1 d . e i . . . l K . 1 . . i . x . . . l a . . . . . s s . . . . . . . . . . . . , , . . , . p P P P p p P P - P - - - + - - - - - - - - - - - ( 1 - - - 1 1 1 1 + 1 - - - - 1 1 - - - 1 2 2 - - 2 3 1 1 - - - 1 - 3 9 2 5 6 1 1 3 7 3 1 4 8 9 ) 4 3 5 5 6 2 0 6 4 0 0 0 0 8 6 7 6 6 8 0 Q 2 9 0 + + + - + + 1 + + + + + + + + + + + + + + - + + + + - - - - + + - - - - - 1 2 4 1 4 3 1 1 4 6 1 2 9 0 6 4 6 4 2 1 2 4 7 3 9 6 2 7 7 4 4 4 3 0 0 2 0 1 1 1 1 3 1 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + 1 + - 1 1 1 3 1 1 1 1 8 7 9 1 9 2 7 7 6 6 6 6 7 2 3 8 5 9 8 5 4 4 6 5 4 4 7 9 5 7 7 3 0 0 8 3 0 0 S D O S F T T S D H P F L O S C L S S S S V R S S S B P S E T Y B B a a S c N N h a o B h r a a u t n a a a u a e o o p o o a k i a a a o a o v e l a a o e n n n n o v l r l s c o a n r c l k n o r l l c l k r i l e u a a a k t e n t s e c s l s l l e t a r t p n s g e e t m o k l s r e p s a i a A r i n e l J F v a t D k a A L r h o a r n u n k m a a t m j l t s a e o o s W B s m e t r o n e p a . n n B s o o a i i g e n n n t o i f R s a x F a p a e a i l d n g k x e n m d i e h d t l x e e e n a t n g o 1 o e r o e C e e r e d l o l a a n l a n a c a o x x . l l n r y l s r m c d h t n t a e i n d C a n 1 a o t h x s s . r i c n C d h r . 1 c i i 1 . 1 o i x d 1 1 t d s o . s . . . i . . y . . . c i t . t . . . . . . i n . o y . . 1 K . . . . . o . . . . . . . . . . . . P P P P P P P P p P - - - - - - - - - - - - - - - - - - -9 + 1 1 1 1 1 1 + 1 - - + 2 2 - - - - 2 - - - 2 1 1 - 1 1 1 1 1 8 6 9 7 7 3 7 2 4 4 3 5 4 0 5 2 5 5 2 1 6 3 2 6 3 9 6 3 0 4 3 0 0 + - - - + + + + + + + + + + + + + 2 1 + + 1 - - - - + - - - 7 1 1 2 1 1 6 2 1 0 2 3 4 6 9 2 5 2 3 5 6 3 6 6 6 2 4 0 0 0 0 0 0 0 1 + + + + - - + + + + + + + + + + + + + + + + + + + + 2 - + + 1 - + - + - 1 1 1 1 1 4 4 2 0 6 5 7 4 0 9 6 5 6 2 5 3 6 3 9 7 5 4 6 4 2 1 7 3 2 3 7 2 1 P Preliminary. »• Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. 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 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933.... 92.4 84.1 87.9 100.7 100.0 84.2 98.4 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 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 ]Viarch 166 9 202.3 196 3 116.3 130 3 194.9 146.2 April 169.3 207.9 196.4 116.3 130.7 194.7 147.8 May 170.5 210.9 197.5 116.7 131.8 193.6 147.5 June 171.7 214.1 196.9 117.0 132.6 194.8 147.5 July 173.7 216.8 197.1 117.3 134.8 195.9 150.8 August 174 5 216.6 199.7 117.7 136 8 196.3 152.4 September 174.5 215.2 201.0 118.5 137.3 198.1 152.7 October 173.6 211.5 201.6 118.7 137.8 198.8 153.7 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 1949—January 170.9 204.8 196.5 119.7 138.2 196.5 154.1 Back figures.—Bureau of Labor Statistics, Department of Labor. 296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week m c t A o i o e m d l s l i - - F p u r a c o r t m d s - Foods Total T p u e r x c o t t d i s l - e li m g F r a i h a u n a t t e l d i e n s l - g M m p u a r e e c n o t t t d d a a s - l l s B m r i u i a n a i t g l l e d s - - l H p e u a r a i c n o d t d t h d e s e - s r c C a a p h u l l r s e l c o i m t e a d s d n - i- d H g n f o o i i u n s u o g r h d s - - e s - n c M e el o i l s u a - - s m R ri a a a t w l e s - M t p u u f r a a c r o c n e t - d s u d - - 1929 95.3 104.9 99.9 91.6 90.4 83.0 100.5 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 78.5 92.1 89.9 100.0 88.7 92.7 77.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 66.3 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 75.1 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 73.5 86.4 85.3 89.6 79.0 80.6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 71.5 76.2 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 76.3 77.6 95.7 95.2 104.6 82.6 89.7 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 86.8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 69.7 73.1 94.4 90.5 95.6 76.0 86.3 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 88.5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 84.8 76.2 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 78.5 103.8 110.2 117.7 95.5 102.4 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 94.9 102.7 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 95.2 104.3 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 95.2 104.5 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 152.1 181.2 168.7 135.2 141.7 108.7 145.0 179.7 182.4 127.3 131.1 115.5 165.6 146.0 1948 165.0 188.3 179.1 150.7 148.6 134.1 163.6 199.0 188.0 135.1 144.5 120.5 178.4 150.4 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 February. 160.9 185.3 172.4 147.6 148.9 130.8 155.3 192.7 192.8 134.6 141.8 120.1 174.9 154.5 March.... 161.4 186.0 173.8 147.7 149.8 130.9 155.9 193.1 185.4 136.1 142.0 120.8 174.7 155.8 April 162.8 186.7 176.7 148.7 150.3 131.6 157.2 195.0 186.1 136.2 142.3 121.8 175.5 157.6 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 166.2 196.0 181.4 149.5 149.6 133.1 158.5 196.8 187.7 135.8 143.2 121.5 182.6 159.6 July 168.7 195.2 188.3 151.1 149.4 135.7 162.2 199.9 189.2 134.4 144.5 120.3 184.3 162.6 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 '164.0 180.8 174.3 '153.5 '147.5 137.3 173.3 203.0 186.2 r133.9 148.2 119.2 175.2 158.7 December. 162.3 177.3 170.2 153.0 146.7 137.0 173.8 202.1 185.3 n30.6 148.4 118.5 172.1 157.5 1949—January... 160.6 172.5 165.8 152.9 146.0 137.0 175.9 202.2 184.8 125.7 148.2 117.3 169.3 156.3 Week ending:1 All other 1949—Jan. 4... 161.3 175.5 168.1 152.6 145.1 137.1 175.2 198.7 132.8 Jan. 11... 160.5 174.3 164.4 152.9 144.3 137.1 175.3 200.9 133.5 Jan. 18... 159.3 170.1 161.9 153.0 144.2 137.1 175.3 201.8 133.6 Jan. 25... 158.8 167.9 159.2 153.6 143.6 138.0 177.9 200.8 133.5 Feb. 2... 158.8 168.9 158.6 153.5 143.5 138.0 178.3 200.8 132.9 Feb. 9... 156.9 162.5 156.9 152.9 143.1 138.0 178.3 200.4 131.4 Feb. 16... 158.5 168.9 159.0 152.9 143.0 138.0 178.1 201.3 131.0 Feb. 23... 158.5 169.6 160.8 152.2 142.2 135.9 178.1 201.3 131.2 Annual 1948 1949 Annual 1948 1949 Subgroups Subgroups 1947 1948 Jan. Dec. Jan. 1947 1948 Jan. Dec. Jm. Farm Products: Metals and Metal Products: Grains 210.8 199.2 256.3 171.1 167.7 Agricultural mach. & equip. 121.1 134.9 128.6 144.1 144.0 Livestock and poultry 210.4 225.1 232.9 204.6 194.7 Farm machinery 122.5 136.9 130.0 146.5 146.5 Other farm products 154.6 162.1 162.4 161.4 159.4 Iron and steel 133.7 155.2 144.6 165.4 169.1 Foods: Motor vehicles 153.6 168.0 161.6 175.6 176.8 Dairy products 161.0 179.3 183.9 '171.2 163.6 Nonferrous metals 140.3 157.5 145.5 172.5 172.5 Cereal products 155.8 155.7 170.1 149.8 148.0 Plumbing and heating 125.4 147.8 138.8 157.3 156.9 Fruits and vegetables 136.8 143.4 140.7 139.8 145.3 Building Materials: Meats 213.2 236.5 222.3 220.8 214.2 Brick and tile 140.0 156.3 150.9 160.5 162.4 Other foods 148.1 147.6 155.0 140.9 134.4 Cement 115.7 130.5 126.5 133.5 134.0 Hides and Leather Products: Lumber 277.6 312.2 307.3 '305.5 299.1 Shoes 177.4 189.7 194.3 188.0 187.8 Paint and paint materials.. 162.6 159.8 163.2 161.5 166.3 Hides and skins 209.8 209.8 238.9 197.2 198.7 Plumbing and heating 125.4 147.8 138.8 157.3 156.9 Leather 190.9 188.2 209.4 186.5 185.4 Structural steel 134.5 163.7 143.0 178.8 178.8 Other leather products 139.3 149.5 143.8 148.6 145.4 Other building materials. . . 147.4 167.6 157.9 176.9 179.1 Textile Products: Chemicals and Allied Products: Clothing 135.6 147.5 143.4 148.8 147.7 Chemicals 118.7 126.1 125.8 rl22.4 121.2 Cotton goods 200.6 207.1 214.8 189.2 186.9 Drugs and Pharmaceuticals 159.1 153.3 154.4 151.4 150.3 Hosiery and underwear 100.6 104.7 104.4 '103.7 102.5 Fertilizer materials 105.6 116.1 115.7 120.1 120.8 Silk 73.3 46.4 46.4 46.4 Mixed fertilizers 97.5 105.0 102.4 108.3 108.7 Rayon 37.0 41.2 40.7 41.8 41 Oils and fats 187.9 205.0 236.7 179.4 146.1 Woolen and worsted goods.. 130.5 147.7 141.9 '159.6 161.6 Housefurnishing Goods: Other textile products 174.3 182.9 181.2 190.0 189.0 Furnishings 137.6 148.3 143.8 153.6 153.6 Fuel and Lighting Materials: Furniture 130.5 140.8 139.1 143.1 142.7 Anthracite 117.6 130.3 124.2 136.4 137.7 Miscellaneous: Bituminous coal 157.6 187.0 176.8 194.9 195.6 Auto tires and tubes 63.6 64.8 63.4 66.2 65.5 Coke 166.6 207.1 190.6 219.0 220.5 Cattle feed 249.9 253.6 336.0 217.1 212.0 Electricity 65.0 66.4 Paper and pulp 155.1 168.5 168.1 169.5 168.3 Gas 85.0 84.5 91.0 Rubber, crude 44-2 44.9 44.7 38.9 39.5 Petroleum products 90.2 122.1 120.7 122.0 121.3 Other miscellaneous 123.9 130.6 130.7 129.5 128.1 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. 297 MARCH 1949 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 4 1 2 3 4 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 8.8 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 -4.4 -3.3 -2.9 -5.2 -5.1 4.0 Plus: Subsidies less current surplus of government enterprises -.1 (x) .5 .1 .7 .9 -.1 .0 -.4 -.2 -.2 .2 .2 Equals: National income . . 87.4 39.6 72.5 103.8 182.4 179.3 202.5 224 4 212.8 213.9 222.3 228.2 233.2 Less: Corporate profits and inventory valuation adjustment 10.3 —2.0 5.8 14.6 24.0 16.8 24.7 29 2 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 — i 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 Seasonally adjusted annual rates Annual totals by quarters 1948 1929 1933 1939 1946 1947 1948 National income 87.4 39.6 72.5 103.8 182.4 179.3 202.5 224.4 212.8 213.9 222.3 228.2 233.2 Compensation of employees 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 Wages and salaries2 50.2 28.8 45.7 61 116.9 111.7 122.2 134.4 127.1 129.1 131.3 137.4 139.6 Private 45.2 23.7 37.5 51.5 83.3 91.0 104.7 115.6 109.5 111.4 113.2 118.2 119.6 Military .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 8.3 12.8 12.9 13.6 15.2 14.0 14.2 14.6 15.6 16.2 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.3 5.0 5.0 4.9 5.0 5.1 5.1 Proprietors' and rental income 3 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 Business and professional 8.3 2.9 6.8 9.6 15.4 20.4 23.2 25.2 24.7 24.8 25.3 25.2 25.6 Farm 5.7 2.3 4.5 6.9 11.9 14.6 15.6 18.2 16 17.6 18.9 18.1 18.4 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.7 7.1 7.4 7.4 7.5 7.4 7.4 7.4 Corporate profits and inventory valua tion adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 29.2 27.5 25.3 29.6 30.2 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 24.3 21.8 29.8 32.2 32.4 30.5 32.1 34.0 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.5 9.0 11.7 12.5 12.7 11.8 12.5 13.3 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 10.8 12.8 18.1 19.7 19.7 18.7 19.6 20.8 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.3 -5.0 -5.1 -3.0 -4.9 -5.3 -2.5 -3.9 -.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 n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period 1929-43, and quarterly data for 1939,1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown in that issue of the BULLETIN have since been revised. 298 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 Annua totals Seasonally adjusted annual rates by quarters 1947 1948 1929 1933 1939 1941 1944 1946 1947 1948 4 1 2 3 4 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 82.3 111.4 147.4 164.8 177.7 171.1 172.5 177.3 180.1 181.0 Durable goods 9.4 3.5 6.7 9.8 6.9 16.2 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 87.5 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 15.5 C25.2 W No a n r war }l.3 2.0 3 1 .3 9 1 3 3 .8 2 8 1 8 .6 6 2 2 1 .2 5 }l6.9 -21.5 16.3 ^19.8 *22.9 '25.4 Less: Government sales 2 f3) 1.2 2.9 J 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 ts4 b m T u d o e i r s n t s a - e t l s - Wag d p m in e u C ro g o s o a d t d m n r u i i i n t d - e c y - s - sal D a i u r n t i y r s t d i i t u e v r d i s s e i b - s - bu S r i e s n t e r r d v i m 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 o n l o s f o t n s n o c s i y u c o t i r r a e e e r n i - l e m - s - in O l c a t o b h m o e r r e5 i p n r r P e c a i n o e n ro t m t d o a - e l rs 6 ' i i n d n s p a t e o c e n e o n n r r d m d a e - l s s e t T m p r f e a a e n y n r t - s s - 7 a in g N t c u r o o i r c n m a u - l e l- 1 1929.. 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15.4 10.3 2.4 66 5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72.6 45.1 45.7 17.4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60.9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 122.2 80.5 81.7 39.1 18.0 8.6 16.1 1.2 .7 28.1 9.7 3.2 108.7 1943 149.4 103.5 105.3 48.9 20.1 9.5 26.9 1.8 .9 32.1 10.0 3.0 134.3 1944 164.5 114.8 117.1 50.3 22.7 10.5 33.5 2.2 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 '190.5 1948—January 208.8 127.4 129.6 58.9 37.5 15.5 17.7 2.2 1.9 51.8 16.5 11.2 184.3 February 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 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 April 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 June 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 August 216.7 135.9 138.0 62.3 40.0 16.5 19.2 2.1 2.1 50.3 17.3 11.1 193.8 September. . . . 217.3 136.7 138.9 63.0 40.0 16.4 19.5 2.2 2.1 50.4 17.5 10.6 195.0 October 218.5 137.5 139.6 63.0 40.2 16.6 19.8 2.1 2.1 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 2.1 51.4 18.1 10.3 196.3 December 221.0 137.7 139.9 63.6 39.8 16.6 19.9 2.2 2.1 52.1 18.4 10.7 197.4 1949—January^ 220.8 136.0 138.3 62.4 39.4 16.5 20.0 2.3 2.1 53.0 18.6 11.1 195.7 P Preliminary. c Corrected. 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. 8 Less than 50 million dollars. aluation 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. 299 MARCH 1949 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 Total Single- E o n r d m of o n y t e h ar co c n r s e u d m it er ins T ta o l t m al ent Sale credit Loansl pa lo y a m n e s n 2 t a C cc h o a u r n ge ts S c e r r e v d i i c t e credit Total Automobile Other 1929 7,628 3,158 2,515 1,318 1,197 643 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 776 1,081 467 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 ,632 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 L ,967 1,488 L.650 560 1941 9,862 5,887 3,744 1,942 1,802 ',143 1,601 1,764 610 1942 6,452 2,922 1,491 482 1,009 L.431 1,369 1,513 648 1943 5 310 1,933 814 175 639 1,119 1,192 L 498 687 1944 5,747 2,005 835 200 635 1,170 1,255 L.758 729 1945 6,598 2,325 903 227 676 .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* 15,924 8,196 4,095 1,961 2,134 4,101 2,902 3,854 972 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 '15,102 7,817 3,813 1,889 1,924 4,004 »\2,869 3,457 959 November 15,335 7,918 3,886 1,922 1,964 4,032 2,892 3,557 968 December P. ..... 15,924 8,196 4,095 1,961 2,134 4,101 2,902 3,854 972 1949—January? 15,376 8,051 3,967 1,975 1,992 4,084 2,907 3,450 968 P Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. s Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In a tr n d i k a u l s s * - p I c n l a t o o r n d a i m a i u n e l - s s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s - s I m i n r l z o e a o a s a p u n d t n a i r e d o i s e r r n 3 d n- m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n l a t o o r n d a i m i a u n e l s - s - 2 u C n r i e o d n i s t 1929 643 43 263 210 23 95 463 41 38 1933 466 29 246 121 20 50 322 202 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 2,143 784 531 134 107 200 102 285 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 1,170 357 384 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 1,432 310 282 428 19489 4,101 1,709 817 204 160 312 131 768 3,069 1,534 376 319 577 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 L,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 L.700 772 204 155 302 126 745 222 116 29 24 44 November. . 4,032 1,701 780 204 156 304 127 760 237 134 31 26 46 December*.. 4,101 1,709 817 204 160 312 131 768 251 180 37 31 57 1949—JanuaryP... 4,084 ,705 812 202 159 312 130 764 235 112 31 26 42 P Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct : llooaannss sshhoowwnn oonn tthhee ffooululovwvaiingg ppaaggee, , aaimnd aa. ssmmaanll aammoouunntt of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of January amounted to 100 million dollars and loans made during January were 10 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 300 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] y E m e n o a d r n t o o h f r in e m T g x o o c a b t lu a u il d l t e , o - - D h s m o m e o t a r o p u n a e d r a i d s n e e l e r t - r s t 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 - - J s e t w o e re lr s y s o r t e A t o t h r a l e l e i r l s Year or month Total c A P ha u u s r t r e - o e d m ta o i D l l b o i i a r l e n e c s t c d O r h p e a i t r a t u n h e a s d r e c i e - l r t d , l e R o m r t a e a n i n o o p n i d z d n a s a - 1 i 2 r - i s l m n c P o o a s e a e n t s n r n a a h - s t l l - Outstanding at end of 1929 1,197 160 583 265 56 133 period: 1946 1,591 165 306 275 273 572 1933 663 119 299 119 29 97 1947 2,701 346 536 523 500 796 1948? 3,563 570 736 751 636 870 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 4 4 4 3 4 4 4 3 4 4 4 2 5 4 8 0 1 6 9 7 3 8? 2 1 1 1 1 1 1 1 , , , , , , , , 8 0 7 5 0 1 6 3 6 6 6 0 0 2 2 1 8 4 3 3 7 3 2 9 1 5 4 8 3 4 5 6 9 3 4 3 3 4 2 8 6 1 1 1 5 6 0 7 3 3 7 5 7 9 8 2 6 2 7 7 9 4 0 2 8 3 3 2 3 4 5 5 6 2 2 6 5 9 6 6 1 8 7 3 9 8 3 2 1 6 9 9 5 1 6 9 3 1 8 3 3 2 2 1 0 1 8 7 6 2 2 5 3 1 1 2 3 4 3 6 9 8 2 0 3 4 2 1 1 1 1 0 9 6 7 2 9 1 7 7 7 2 9 3 6 4 0 2 0 0 7 0 3 3 2 2 2 2 2 1 1 1 1 1 3 8 7 6 2 4 0 5 6 0 0 6 4 1 6 0 6 7 9 0 0 1 1948— A J A F J O S N M M J u u e a e p u c o a l a n b n p t r y g y v r e o i u r t u c l e u b e a h s m e a r m t y r ry b b e e r r . . . . . . . . 2 3 3 3 3 2 3 3 3 3 2 , , , , , , , , , , , 3 4 1 9 2 0 4 7 5 5 8 3 1 1 3 5 2 8 8 2 2 0 7 9 0 1 7 9 7 6 8 5 4 3 4 4 4 5 3 4 5 5 5 5 0 0 7 4 3 2 7 6 5 5 6 2 2 2 8 1 9 3 5 9 0 1 6 5 6 6 6 5 6 7 7 7 7 0 9 4 2 7 5 6 3 1 2 2 2 1 9 8 0 6 8 0 3 3 3 5 5 5 6 6 6 6 6 7 7 7 9 6 2 7 9 6 4 6 2 3 3 1 7 8 8 8 9 6 1 5 1 6 5 5 5 5 6 5 5 5 5 6 6 1 0 3 9 0 7 8 3 5 0 2 7 6 8 2 4 2 2 1 5 8 0 8 8 8 8 8 8 8 8 8 8 8 1 3 0 0 3 5 6 6 8 7 6 9 2 7 1 9 6 6 9 0 8 6 December?. . . 3,563 570 736 751 636 870 1948 1949—January? 3,559 563 737 760 631 868 January... 1,615 632 502 52 175 254 February.. 1,587 624 492 52 169 250 Volume extended dur- N J O A J A S D M M u u e o p e c u a a l n p c r y v t g y r e t i o e e c l e u m h b m m s e b t b b . r e . e e . . r . r r . . . . ? 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 9 9 9 7 7 6 1 7 8 6 1 2 2 2 6 7 9 4 7 3 6 4 9 5 4 0 1 4 5 4 6 8 8 6 7 7 7 7 7 7 1 9 5 7 3 8 8 5 2 0 2 7 3 4 2 0 6 9 0 3 4 5 5 5 5 5 5 5 5 6 9 4 8 2 4 3 8 8 6 1 7 5 6 8 1 1 8 3 0 1 6 6 6 8 8 8 8 5 7 7 8 0 5 1 1 1 4 4 2 6 2 1 1 1 1 1 1 1 1 1 0 6 6 6 6 6 6 5 7 6 9 2 0 1 1 5 0 8 4 0 2 3 3 2 2 2 2 2 3 3 0 8 7 7 0 5 0 6 9 3 2 2 2 9 3 6 9 4 1 6 i 1 n 9 g 4 8 m — o A F J J O A S M M n J u u e e a t p c u a a l n h p b n t r y g y r e o : i t u r u c l e u b a h s m e a r t y r r b y er 3 4 5 4 5 5 4 5 5 5 1 8 9 5 3 2 2 0 0 0 2 7 8 6 3 4 1 3 4 4 9 8 9 9 9 6 8 8 7 7 2 7 1 3 0 6 9 1 0 3 1 1 1 1 1 1 1 9 9 8 1 0 0 1 1 0 1 8 3 9 2 9 9 5 6 5 6 1 1 1 1 1 1 1 1 9 2 9 1 0 1 2 1 0 2 0 2 9 8 2 2 6 3 5 2 3 5 4 3 4 5 4 4 4 4 6 2 5 5 4 2 8 9 8 9 1 1 1 1 1 1 1 1 1 1 4 5 3 3 5 3 4 4 1 2 8 0 7 7 3 4 1 3 8 0 November 447 76 98 97 49 127 December?. . . 468 75 98 110 42 143 1949 January P. . 1,992 813 593 79 193 314 1949—January? 426 68 94 100 33 131 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT BANKS, 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 instalment paper 2 and instal- Year or month Total modern- ment Year or month Total modern- ment Auto- ization cash Auto- ization cash mobile Other loans !2 loans mobile Other loans 12 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 . . . 2 7 5 2 5 6 7 0 6 . . . 5 0 6 3 4 1 0 3 7 . . . 2 4 8 2 4 5 8 3 1. . . 7 3 3 1 1 8 2 1 9 4 0 . . . 1 5 0 1 1 1 9 9 9 4 4 4 6 7 8? 1 1 1 4 0 7 8 8 7 . . . 2 4 1 2 3 1 7 8 5 . . . 1 3 0 2 1 7 3 7 . . . 4 7 1 4 2 5 . . . 2 0 4 1 9 8 1 9 3 0 . . . 8 6 1 1948— N J J D A A S O F M M J u u e e a e o p c u n l a a p b n c t y r v g y r o e t i u r e c e e u l b u m a h m m s e a r t b y r r b . b y e e e . . r r . r ? . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 7 6 3 8 8 3 7 5 8 8 4 8 1 5 1 5 6 4 7 6 3 5 2 2 . . . . . . . . . . . . 6 1 8 9 7 2 6 8 5 3 3 3 6 6 6 4 5 5 6 6 6 6 5 5 1 7 4 9 6 6 7 6 6 9 3 0 . . . . . . . . . . . . 4 8 0 3 6 8 1 3 8 0 4 3 3 3 4 4 4 3 3 3 4 4 4 4 3 8 5 4 0 2 1 3 3 3 2 1 . . . . . . . . . . . . 5 0 7 3 1 1 4 4 3 3 8 0 4 4 4 4 4 5 5 5 5 4 4 4 8 8 9 1 0 1 6 1 9 3 4 4 . . . . . . . . . . . . 8 7 3 6 6 1 7 3 8 5 0 8 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 1 2 2 2 0 2 1 0 1 4 4 1 9 2 4 3 8 2 4 8 1 . . . . . . . . . . . . 0 0 3 8 5 8 3 9 9 1 3 3 1948— F S J N J A O D A M M J u u e e e c u o p a n l a a p b c t y g n r v r y o e t r i e u c u e e l u b m h m m s a e a t . r b r r b b y e y e e . r . . r r . ? . . . , , , . . 1 1 1 1 1 1 1 1 1 1 1 1 7 7 6 6 5 7 6 7 7 5 5 6 1 8 3 6 8 4 1 3 0 7 1 1 . . . . . . . . . . . . 2 8 5 0 0 6 7 8 1 1 1 8 3 3 3 3 3 3 3 3 3 2 2 2 7 6 8 1 4 7 3 8 8 1 9 8 . . . . . . . . . . . . 2 5 7 3 9 9 4 3 3 9 1 0 2 2 2 2 2 2 2 2 2 1 1 1 1 2 1 3 1 2 3 0 0 7 8 9 . . . . . . . . . . . . 2 7 7 7 4 0 6 5 1 7 0 0 4 4 4 4 4 4 4 4 4 4 4 5 . . . . . . . . . . . . 9 5 5 6 6 0 9 2 2 8 4 3 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 1 0 0 0 0 0 6 6 7 7 7 6 6 7 0 3 5 1 . . . . . . . . . . . . 7 2 5 0 2 6 9 0 7 1 0 8 1949—January P.. . 283.4 66.1 42.3 51.0 124.0 1949—January?.. . 176.3 38.0 23.1 4.9 110.3 Volume extended Volume extended during month: during month: 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 18.2 March 41.9 11.2 6.0 3.7 21.0 March. 32.1 6.9 3.4 0 21.4 April 42.0 11.3 6.4 4.4 19.9 April , 30.5 6.9 3.8 0.4 19.4 May 40.8 10.1 6.8 4.2 19.7 May , 27.7 5.7 3.7 0.4 17.9 June 44.2 10.5 7.4 3.4 22.9 June 30.6 7.1 3.5 0.4 19.6 July 41.4 11.3 6.9 3.1 20.1 July 29.1 6.7 3.3 0.5 18.6 August. . . . 40.1 10.6 6.5 3.6 19.4 August 28.6 6.0 3.6 0 18.6 September.. 38.8 9.8 6.6 3.5 18.9 September. 6.1 3.8 0 17.7 October 33.5 7.6 4.9 3.5 17.5 October... , 5.1 3.0 0 16.8 November.. 35.1 8.1 4.6 3.4 19.0 November. 6.0 3.4 0.4 17.9 December?. 39.0 7.9 5.4 3.0 22.7 December? 30.7 5.3 3.4 0.5 21.5 1949—January?... 33.1 7.6 4.3 2.3 18.9 1949—January?.., 25.8 5.0 2.6 0.3 17.9 ? Preliminary. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 3 Includes both direct loans and paper purchased. MARCH 1949 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o c m en 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 J 9 a 4 n 9 . P D 19 e 4 c 8 . N 19 o 4 v 8 . 1 J 9 a 4 n 9 . ? D 19 e 4 c 8 . N 19 o 4 v 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 e a 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 -47 +27 +8 -12 -10 -12 December 29 20 39 31 54 Cash, sales -47 +33 +11 -18 -18 -16 Credit sales: 1948 Instalment -52 +29 +9 -9 -7 -11 January 24 18 36 19 53 Charge account -39 + 18 +4 -17 -6 -4 February 23 17 32 18 49 March 27 19 35 19 53 Accounts receivable, end April 25 19 33 19 52 of month: May 24 19 34 19 52 Total -7 +6 + 1 + 18 +20 +30 June 24 20 33 19 52 Instalment -6 + 11 + 1 +20 +21 +30 J A u u ly gust 2 2 3 3 1 1 8 8 3 3 4 3 1 1 9 9 5 5 1 1 Collections during September 24 17 32 19 53 month: October 24 18 31 19 54 Total -1 +3 -1 +6 +5 +7 November 24 18 '30 '20 55 Instalment -4 +2 -1 + 10 +4 + 11 December 25 17 29 24 53 Inventories, end of 1949 month, at retail value. -4 -11 + 1 0 + 6 + 15 January P 22 27 18 52 Preliminary. P Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 Percentage of total sales Year or month Sales during month Ac a c t o u e n n t d s o r f e c m e o iv n a t b h le Collec m tio o n n s t h during Instal- Charge- Cash ment account Total Cash Instal- Charge Instal- a C c h c a o r u g n e t I m ns e t n a t l- Charge sales sales sales 1941 average. . . . 100 100 100 100 100 100 100 100 48 43 1942 average. . . . 114 131 82 102 78 91 103 110 56 38 1943 average. . .. 130 165 71 103 46 79 80 107 61 34 1944 average. . .. 145 188 65 112 38 84 70 112 64 32 1945 average. . . . 162 211 67 125 37 94 69 127 64 32 1946 average. . . . 202 242 101 176 50 138 91 168 59 37 1947 average. . . . 214 237 154 200 88 174 133 198 55 39 1948 average 225 235 192 219 142 198 181 222 52 41 1947—December. 373 408 280 351 136 263 170 235 39 1948—January.. 175 189 142 164 127 205 174 299 54 39 February.. 168 177 142 162 124 181 160 217 53 40 March.... 226 235 196 222 129 190 177 207 52 41 April 213 220 191 208 131 191 171 211 51 41 May 218 228 186 213 134 192 172 214 52 41 June 217 228 178 211 136 192 176 217 52 41 July 173 187 160 158 138 167 169 213 54 38 August. . . 188 196 192 177 144 165 173 184 52 39 September 228 230 215 228 151 188 186 188 50 42 October... 248 255 203 250 155 206 196 220 51 42 November, 263 272 218 262 160 219 204 243 51 42 December. 381 407 281 370 176 281 212 252 53 41 1949—JanuaryP. 173 181 136 171 163 219 212 313 52 41 P Preliminary. «• Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 293. 302 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 * 1949 Chart Chart book book page Jan. Feb. Feb. Feb. Feb. page Jan. Feb. Feb. Feb. Feb. 26 2 9 16 23 26 2 9 16 23 WEEKLY FIGURES i In billions of dollars WEEKLY FIGURES^—Cont. In unit indicated RESERVE BANK CREDIT, ETC. BUSINESS CONDITIONS R T M G M R E M r e x e o o e U e e s c q l m n m a d e e . u N e s r B B s S b i b v y u s s r i o o e e . t e e r l o r r r l n t y G i d s e e n c d B b b s o s k c s r a a a c e a v e a n i n n r s t s r n v . k h k k e c d s e r u a c v e r r s l n c e e r c e e a e s s e d u s t e e d i r r o d r r i t i v v t t i n e i , f e e e p i s t s s c o o , a ( t s t w a t i o e l t e t s s e a . . k . l . . . l . . . . y 2, 2 2 3 3 4 2 2 4 4 3 3 2 2 2 2 2 1 1 6 4 2 2 2 4 7 0 0 9 . . . . . . . . . . . 8 4 9 2 0 5 2 0 1 9 0 7 6 7 4 6 7 4 1 2 2 2 2 2 1 1 1 6 5 2 2 2 7 4 0 9 9 . . . . . . . . . . . 2 8 2 6 8 5 2 1 0 7 6 2 0 2 1 3 6 8 9 7 1 4 2 2 2 2 1 1 1 6 5 2 2 2 7 4 0 8 9 . . . . . . . . . . . 9 2 3 7 8 5 2 9 1 6 6 6 9 5 6 4 6 8 2 1 0 8 P 2 2 2 2 1 1 9 3 5 2 7 2 4 7 P 9 8 . . . . . . . . . . . 2 9 0 0 9 3 5 2 4 4 9 7 9 4 8 4 3 0 8 8 5 1 • 2 2 2 2 1 1 2 2 5 9 2 7 7 4 P 9 8 . . . . . . . . . . . 9 3 9 1 8 3 5 2 6 4 8 2 1 2 3 5 6 5 9 2 4 2 Wh S I B n o e a d F T F O F T l l I s e e n e i o o a o o s t c c x d ( h o r o a t t t A m e u a e a l d e d c e s l d l s r s u s o t t g p p ( m u r c f . 1 i r a r o f a o m i f r 9 m 1 c l s m d 2 o e 9 m u m 6 s d 3 c : p = o i a 9 t t r d s t 1 i = o e e i 0 1 t r d s i 0 i : 0 e u a ) s 0 l c : s ) t : s: 6 6 6 6 6 6 6 3 3 5 3 5 5 3 3 2 1 2 1 1 1 0 7 8 5 6 5 5 2 7 3 8 7 9 3 . . . . . . . 2 9 6 5 3 3 3 2 2 1 1 1 1 0 7 8 6 5 5 5 6 2 8 8 2 3 8 . . . . . . . 2 9 0 8 5 6 4 2 2 2 1 1 1 1 7 7 6 6 5 5 5 6 1 2 6 9 6 2 . . . . . . . 6 5 9 6 9 9 4 2 2 2 1 1 1 1 8 6 7 5 6 5 5 8 9 2 8 8 2 9 . . . . . . . 5 5 9 9 9 9 0 2 2 2 1 1 1 1 7 6 8 5 6 6 5 1 8 9 7 9 0 2 . . . . . . . 5 6 6 0 8 2 4 N R C C e e h 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 t a y C n i k b ty s a e n ks 5 5 5 5 5 7 5 1 . . . . 3 4 7 2 2 8 6 9 5 5 7 1 . . . . 3 7 4 2 0 2 3 9 5 5 7 1 . . . . 7 2 3 2 2 5 8 9 5 5 7 1 . . . . 1 7 3 2 9 0 5 8 5 5 7 1 . . . . 6 1 3 2 6 8 3 7 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 d s 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 p b r r e u b p r s u o h s u 1 e h n 0 l e d 0 ) l ) . ) . . . . 6 6 6 6 6 6 6 6 2 2 1 3 1 5 3 2 9 . 8 . . 1 . 9 6 0 6 2 2 1 3 1 3 3 9 2 . 2 . . . 8 1 7 2 0 2 2 1 3 1 1 2 2 2 . 0 . . 6 . 2 5 8 3 2 2 1 3 1 3 2 2 . 9 9 . 9 . . 6 5 4 5 2 2 1 3 4 2 3 2 . 4 2 6 . . . 8 6 5 6 Hogs (dollars per 100 M A E l L U l M o r . B a e S E n p . R s o G r B a o t A n i v d N n t K g . i n S s b v e I c e a N u s n t r L k m i E t s i A e : e n D s t , I s N t G o ta C l I . T I 1 E 1 S 4 4 3 6 3 2 . . 4 8 1 5 3 6 3 2 . . 2 7 7 0 3 6 3 2 . . 0 1 2 7 3 6 2 1 . . 8 9 9 9 3 6 2 1 . . 8 9 1 5 Prod E B uc g u p t g t i o t s o e u n r ( n : c d ( e c s n e ) t n s t s p p er e r d p o o z u e n n d ) ) .. . . . 6 6 6 6 6 6 2 4 0 6 1 . 1 . 8 . 5 5 6 2 6 4 0 1 1 . . . 6 8 0 0 1 4 6 9 0 2 . . . 8 1 5 8 20 4 6 . 0 3 9 . . 3 5 9 2 4 6 1 2 3 .0 . . 5 0 0 N B Bi o o l n l t s e d s s and certificates.... 1 1 1 6 6 6 2 6 2 4 . . . 5 0 8 5 4 3 2 6 4 1 . . . 3 9 9 9 2 6 4 1 . . . 2 8 9 4 4 4 2 6 4 1 . . . 1 9 8 3 7 0 2 6 4 1 . . . 0 7 9 6 8 8 A S C t u r e u t e o d l m e ( % o p b e i o l t e r f o c ( l t a e h p u o m a u c s i . t y ( c t ) h a o r u s s ) . ... 6 6 9 9 101 1 . 1 1 5 100 9 . 9 9 100 1 . 0 1 6 100 10 . 9 0 10 1 0 1 .3 4 O U D Lo . t e C R h a m S e n o e . r a s a m , n G l s m d e t e o o c s e v d t u t r t a e a c r . l i p t i t e d a o i l e e s s p i t o s s i a t d s justed.. 1 1 1 1 1 1 4 4 8 4 8 8 4 2 1 4 4 7 5 1 5 . . . . . . 1 0 2 6 2 3 7 8 7 2 7 8 4 2 1 4 4 6 5 1 5 . . . . . . 1 0 5 9 2 3 8 8 5 4 2 6 4 2 1 4 4 6 4 1 5 . . . . . . 0 2 6 5 9 2 9 0 5 5 4 9 4 2 1 4 4 6 4 1 5 . . . . . . 2 8 0 0 8 2 6 9 2 4 7 8 4 2 1 4 4 6 4 1 5 . . . . . . 2 0 9 2 8 3 7 9 : 7 0 0 Fre P E B M i a l i g e e b t p h u c a b e t m t t l r r s c b i i ( . c a ) n o m r o a p l i o u r l o d l a s w , d c p e ( i o t r n o h a g u ( l o s m n u ( ( d m i s t l s h . l ) i . o l t l k u o , w s n t . o . s c n h ) a s . r r . ) s s . . . ) ) 7 7 7 7 7 1 0 1 0 3 5 5 , , 1 3 4 8 . 1 2 3 7 1 8 1 9 5 1 0 5 5 , , 1 3 3 7 . 1 5 0 7 9 8 7 1 8 0 0 5 5 , , 1 7 3 2 . 1 9 2 9 3 7 1 3 2 0 7 . 5 5 , 1 , 3 2 . 1 6 6 8 8 7 5 1 1 1 6 0 5 5, , 1 5 3 2 1 .8 5 4 8 6 9 0 4 2 5 Fo T U r o . p t S a u l r . c G ha o s v i t n . g s e s c e u c r u i r ti i e ti s e . s . : 1 1 8 8 1 1 . . 9 0 5 8 1 1 . . 9 0 6 5 1. . 8 9 2 1 1. . 7 9 7 1 1. . 7 8 4 6 De T M p o a i t s r a c t l m e ll e a n n t e o st u o s r e sales 7 7 2 2 3 6 3 7 3 9 3 6 2 8 9 2 6 33 9 9 9 3 6 4 9 4 7 3 6 4 8 3 8 Ot O he t r h er securities 1 1 8 8 3. . 9 8 1 7 3. . 9 9 2 2 3. . 8 9 7 1 3. . 8 8 6 5 3. . 8 8 . 8 (1935-39 = 100) 73 218 229 238 227 232 New York City banks: Loans and investments 1 18.40 18.37 18.02 17.96 18.03 1948 1949 U. S. Govt. securities, total. 1 9.39 9.33 9.16 9.09 9.11 Bonds 1 7.26 7.26 7.25 7.26 7.26 Notes and certificates.... 1 1.49 1.40 1.35 1.29 1.26 Nov Dec. Jan.* Bills 1 .64 .67 .56 .54 .59 Demand deposits adjusted.. 1 15.36 15.13 14.97 14.78 14.95 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 4. . 0 2 5 9 4. . 0 4 0 3 3. . 9 4 0 5 3. . 8 5 8 0 3. . 8 5 3 1 MONTHLY FIGURES In billions of dollars Time deposits 1 1.54 1.53 1.53 1.52 1.52 DEPOSITS AND CURRENCY Loans, total 1 8.00 8.02 7.84 7.80 7.85 Commercial 1 5.60 5.57 5.58 5.58 5.60 Deposits and currency: • For purchasing securities: Total P170.10 P17O.9O Pi70.00 To brokers: Excluding'U. S. Govt. de- On U. S. Govts 1 .78 .66 .67 .61 posits 6 P167.90 P168.80 P168.00 On other securities.. . 1 .29 .32 .32 .30 .30 Demand deposits adjusted.. 6 P85.00 P85.80 P85.30 Toothers 1 .21 .24 .24 .21 .22 Time deposits adjusted 6 P57.OO P57.30 P57.5O Real estate and other. ... 1 l.o: 1.02 1.02 1.02 1.02 Currency outside banks.... 6 P25.90 P25.7O P25.20 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 n t a s v d i n t d . i d n e s v e c N c e e u s r e t t r w m i it 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 : 4 2 1 5 4 4 7 . . . . 0 4 5 0 6 5 3 4 2 1 4 4 3 7 . . . . 9 3 9 6 9 3 4 4 4 2 1 4 4 3 7 . . . . 8 8 1 6 9 6 9 6 4 2 1 4 4 3 7 . . . . 8 0 8 7 4 0 0 4 2 1 4 3 3 7 . . . . 8 9 7 7 0 1 0 2 Mo $ U C B n 1 o i . l e 0 i l S y n s a . s o i n , G n f d $ o c $ 1 $ v i 5 , r 2 t $ 0 c . 0 u 2 d a b l , e n a i a p l t d l i n o s o o d s n i v , t $ e s 5 t r o b ta i l lls... 6 2 P 1 8 4 8 5 2 . . . . . 6 6 3 0 2 5 2 3 6 0 2 P 1 8 4 8 4 2 . . . . . 7 2 6 1 9 0 2 2 0 1 2 P 1 8 4 7 4 2 . . . . . 5 4 5 0 5 8 8 8 0 3 Bills 1 1.40 1.32 1.28 1.26 1.19 Demand deposits adjusted. . 1 32.31 31.81 31.58 31.30 31.35 U. S. Govt. deposits 1 .93 1.13 1.20 1.3 1.40 Annual rate Interbank deposits 1 6.28 6.13 6.12 6.21 5.86 T Lo im R C an e o e 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 1 1 9 3 7 3 . . . . 8 7 2 4 7 8 9 1 1 3 9 7 3 . . . . 7 2 5 5 2 1 1 1 3 9 7 3 . . . . 8 7 1 5 7 1 1 3 1 1 9 3 7 3 . . . . 6 0 5 8 4 3 1 1 9 3 7 3 . . . . 8 6 5 0 7 3 1 Tu N O rn e th 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 d eposits:8 8 8 2 20 8 . . 0 1 ' • 2 •1 6 8 . . 3 6 2 1 7 9 . . 4 1 For purchasing securities. 1 .62 .62 .60 .59 .60 Other 1 3.10 3.11 3.07 3.06 3.05 In billions of dollars MONEY RATES, ETC. Per cent per annum COMMERCIAL BANKS U. S. Govt. securities: Bills (new issues) 30 1.161 1163 1 .163 1 .164 1.163 Cash assets« P36.60 P37.5O P36.00 Certificates 30 1.22 1.22 1.22 1.22 1.22 Loans and investments, totale. P114.20 P114.30 P114.50 3-5 years 30 1.58 1.57 1.57 1.58 1.59 Loans* P42.30 P42.70 P42.40 7-9 years 30 1.86 1.84 1.83 1.83 1.84 U. S. Govt. securitiese P62.80 P62.50 P63.00 15 years or more 30, 3 2.41 2.41 2.40 2.38 2.38 Other securities • P9.10 P9.10 P9.10 Corporate bonds: Holdings of U. S. Govt. se- Aaa 32 2.70 2.71 2.71 2.71 2.71 curities: Baa 32 3.43 3.44 3.44 3.46 3.46 Bonds: High-grade (Treas. series). . 32 2.73 2.73 2.73 2.73 2.72 W To i t t a h l i n 1 year 1 1 0 0 40 1 . .7 77 7 4 4 0 . . 4 3 0 8 « e 4 4 0 . . 4 7 4 9 In unit indicated 5 1 - - 1 5 0 y y e e a a rs r s 1 1 0 0 2 6 9. . 1 2 6 8 2 6 6 . .1 3 3 1 "2 * 6 6 . . 3 3 3 9 Stock prices (1935-39=100): Over 10 years 10 3.56 3.54 «3.62 Total 33 121 121 117 116 116 Notes, certificates, and bills: Industrial 33 127 127 122 122 121 Total 10 14.57 14.97 P14.77 Railroad 33 105 104 100 99 96 Notes and certificates.... 10 11.68 12.17 Pll.79 Public utility 33 95 95 94 94 95 Bills 10 2.88 2.79 P2.98 Volume of trading (mill, shares) 33 .87 .87 1.01 .72 .78 Guaranteed securities 10 .01 For footnotes see p. 306. MARCH 1949 303 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 1949 book book page Nov. Dec. Jan.2 page Nov. Dec. Jan.2 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 95.51 95.71 95.82 Ownership of U. S. Govt. securities—Cont. Loans 12 35.93 36.32 36.02 Marketable public issues—Cont. U. S. Govt. securities 12 52.22 52.01 52.48 By class of security—Cont. Other securities 12 7.37 7.37 7.32 Bonds—Total outstanding. ... 24 112.17 111.60 111.60 Demand deposits adjusted <* 12 72.01 72.64 72.28 Nonbank (unrestricted issues Time deposits 12 28.63 28.78 28.72 only), commercial bank, Balances due to banks 12 11.23 11.22 11.87 and F. R. Bank 24 70.53 69.87 "69.60 Balances due from banks 12 5.42 5.35 5.41 Commercial bank and F. R. Reserves 12 19.83 19.99 19.99 Bank 24 51.95 51.36 «51.02 Central reserve city banks: F. R. Bank 24 11.18 10.98 10.22 Loans and investments, total 12 23.32 23.57 23.56 By earliest callable or due date: Loans 12 9.77 10.01 9.88 Withinlyear—Total outstanding 25 44.95 49.08 48.56 U. S. Govt. securities 12 12.16 12.13 12.26 Commercial bank and F. R. Other securities 12 1.39 1.44 1.42 Bank 25 26.22 29.87 «29.34 Demand deposits adjusted e 12 19.20 19.45 19.36 F. R. Bank 25 11.78 12.43 12.07 Time deposits. ". 12 2.58 2.68 2.62 1-5 years—Total outstanding. 25 48.43 44.05 44.05 Balances due to banks 12 5.04 5.10 5.16 Commercial bank and F. R. Reserves 12 6.59 6.70 6.65 Bank 25 34.73 31.30 «31.28 Reserve city banks: F. R. Bank 25 3.66 3.26 3.00 Loans and investments, total 13 35.37 35.40 35.55 5-10 years—Total outstanding 25 10.46 10.46 10.46 Loans 13 14.27 14.35 14.19 Commercial bank and F. R. U. S. Govt. securities 13 18.62 18.59 18.91 Bank 25 6.77 6.75 «6.65 Other securities 13 2.48 2.46 2.45 F. R. Bank 25 .49 .43 .26 Demand deposits adjusted e 13 25.12 25.36 25.38 Over 10 years—Total outstand- Time deposits 13 11.29 11.36 11.35 ing 25 53.89 53.89 53.89 Balances due to banks 13 5.27 5.20 5.36 Nonbank (unrestricted issues Balances due from banks 13 1.71 1.71 1.73 only), commercial bank, Reserves 13 7.47 7.51 7.54 andF. R. Bank 25 12.24 12.16 •11.8 Country banks: Commercial bank and F. R. Loans and investments, total 13 36.83 36.73 36.7 Bank 25 10.83 10.76 '10.41 Loans 13 11.89 11.96 11.95 F. R. Bank 25 7.27 7.22 6.78 U. S. Govt. securities 13 21.44 21.29 21.31 Cash income and outgo: Other securities 13 3.50 3.48 3.4: Cash income 26 3.19 4.11 Demand deposits adjustede 13 27.69 27.83 27.54 Cash outgo 26 3.47 4.22 Time deposits 13 14.76 14.74 14.75 Excess of cash income or outgo.... 26 -.28 -.12 Balances due from banks 13 3.54 3.46 3.50 Reserves 13 5.77 5.78 5.80 MONEY RATES, ETC. Per cent per annum Treasury bills (new issues) 29 1.144 1.154 1.160 CONSUMER CREDIT* Corporate bonds: Aaa 29 2.84 2.79 2.71 Consumer credit, total 20 15.34 P15.92 P15.38 Baa 29 3.53 3.53 3.46 Single-payment loans 20 2.89 P2.90 P2.91 F. R. Bank discount rate 29 1.50 1.50 1.50 Charge accounts 20 3.56 P3.85 P3. 45 Commercial paper 29 1.56 1.56 1.56 Service credit 20 .97 P.97 P.9 Instalment credit, total 20, 21 7.92 P8.20 P8.O5 Instalment loans 21 4.03 P4.10 P4.08 In unit indicated Instalment sale credit, total 21 3.89 ^4.10 P3.9 Automobile 21 1.92 PI. 96 Pl.98 Other 21 1.96 P2.13 Pl.99 Stock prices (1935-39 =100), total... 34 120 119 121 Stock market credit (mill, dollars): Customers' debit balances 34, 35 551 550 537 Money borrowed 35 244 257 247 Customers' free credit balances.... 35 563 586 573 GOVERNMENT FINANCE Gross debt of the U. S. Government: Total (direct and guaranteed) 22 252.56 252.85 252.66 Bonds (marketable issues) 22 112.17 111.60 111.60 BUSINESS CONDITIONS Notes, certificates, and bills 22 45.56 45.88 45.36 Savings bonds, savings notes. ... 22 59.50 59.62 59.97 Personal income (annual rates, bill, Special issues 22 31.40 31.71 31.76 dollars): •3 Guaranteed, noninterest-bearing Total 46 219.9 221.0 P220.8 debt, etc 22 3.94 4.04 3.97 Total salaries and wages 46 138.0 137.7 P136.0 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 46 69.5 70.5 P71.6 Commercial banks« 23 62.60 62.60 P62.90 Allother 46 12.4 12.8 P13.2 Fed. agencies and trust funds... 23 37.02 37.32 37.40 Labor force (mill, persons): • F. R. Banks 23 23.21 23.33 22.11 Total 47 63.1 62.8 61.5 Individuals« 23 67.40 67.60 P67.80 Civilian 47 61.7 61.4 60.1 Corporations and associations *. . 23 21.20 21.50 P21.50 Unemployment 47 1.8 1.9 2.7 Insurance companies • 23 21.70 21.50 P21.50 Employment 47 59.9 59.4 57.4 Mutual savings banks « 23 11.50 11.50 Pll.60 Nonagricultural 47 51.9 52.1 50.7 State and local govts. • 23 7.90 7.90 P7.90 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons): •3 By class of security: Total 48 45.4 45.3 P44.8 Bills—Total outstanding 24 12.42 12.22 12.13 Manufacturing and mining 48 '17.4 17.1 P16.9 Commercial bank and F. R. Trade 48 9.8 9.8 P9.7 Bank 24 8.06 8.28 P8.02 Government 48 5.7 5.8 P5.8 F. R. Bank 24 5.18 5.49 5.04 Transportation and utilities 48 4.1 4.1 P4.1 Notes and certificates—Total Construction 48 2.1 2.1 P2.1 outstanding 24 33.14 33.66 33.2. Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 49 '54.57 55.10 P54.77 Bank 24 18.53 19.04 P18.64 Hourly earnings (dollars) 49 1.371 1.376 Pl.384 F. R. Bank 24 6.85 6.87 6.85 Hours worked (per week) 49 '39.8 40.0 P39.6 For footnotes see p. 306. 304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart 1948 1949 Chart 1948 1949 book book page Nov. Dec Jan.2 page Nov. Dec. Jan.2 In unit indicated In unit indicated MONTHLY FIGURES-Cont. MONTHLY FIGURES-Gont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:3 Total (1935-39 =100) 50 195 192 P191 :onsumers' prices (1935-39=100): Groups (points in total index): All items 62 172.2 171.4 170.9 Durable manufactures 50 '87.0 87.6 P86.8 Food 62 207.5 205.0 204.8 Nondurable manufactures 50 83.2 80.9 P81.4 Apparel 62 201.4 200.4 196.5 Minerals 50 24.4 23.7 P23.0 Rent 62 118.8 119.5 119.7 Manufacturing production Miscellaneous 62 153.9 154.0 154.1 (1935-39=100), total 51 201 199 P198 Wholesale prices (1926=100): Durable 51 229 231 P229 Total 63 '164.0 162.3 160.6 Nondurable 51 178 173 P174 Farm products 63 180.8 177.3 172.5 Selected durable manufactures Food 63 174.3 170.2 165.8 (1935-39=100): Other commodities 63 '153.5 '153.0 152.9 Nonferrous metals 52 175 183 P183 Textile products 64 '147.5 '146.7 146.0 Steel 52 ••255 254 259 Hides and leather products..... 64 186.2 185.3 184.8 Cement 52 195 212 208 Chemicals and allied products... 64 '133.9 '130.6 125.7 Lumber 52 133 131 P123 Fuel and lighting materials 65 137.3 137.0 137.0 Transportation equipment 52 '238 248 P252 Building materials 65 '203.0 202.0 '202.1 Machinery 52 '276 277 P267 Metals and metal products 65 173.3 173.8 175.9 Selected nondurable manufactures Miscellaneous 64 119.2 118.5 117.3 (1935-39=100): Prices paid and received by farmers Apparel wool consumption 53 ••143 139 (1910-14=100): Cotton consumption 53 122 114 123 Paid 67 248 248 248 Shoes 53 104 97 P109 Received 67 271 268 268 Paperboard 53 195 167 182 Cash farm income (mill, dollars): Newsprint consumption 53 148 148 153 Total 68 3,314 2,740 P2,544 Manufactured food products.... 53 159 158 P158 Livestock and products 68 1,579 1,421 P1,281 Fuel oil 53 200 204 P201 Crops 68 1,725 1,309 Pl,243 Gasoline 53 174 179 P175 Govt. payments 68 10 10 P20 Industrial chemicals 53 r449 450 P438 Rayon 53 ••306 311 P304 INTERNATIONAL TRADE AND FINANCE Orders, sales, and inventories: Sales (bill, dollars): Exports and imports (mill, dollars): Manufacturing, total 54 18.0 18.3 17.1 Exports 74 P820 Pl,284 Durable 55 7.5 7.7 7.2 Imports 74 P550 P721 Nondurable 55 10.5 10.6 9.9 Excess of exports or imports 74 P27O P562 Wholesale 54 8.2 8.2 7.2Short-term foreign liabilities and assets Retail 54 11.0 13.2 9.4 reported by banks (bill, dollars): Inventories (bill, dollars): Total liabilities 75 P5.50 P5.83 Manufacturing, total 54 31.2 31.7 32.2 Official 75 P2.49 P2.81 Durable, total 55 14.6 14.8 14.9 Invested in U. S. Treasury bills Goods in process 55 5 5.7 and certificates 75 P.57 P. 60 Purchased materials 55 4 4.9 Private 75 P3.01 P3.02 Finished goods 55 '4.1 4 2 Total assets 75 Pl.02 Pl.02 No G n o d o u d r s a b i l n e , p r t o o c ta e l s s 5 5 5 5 '1 '2 6 . . 4 6 1 2 6. 9 4 17.3Fo S re ee ig n p . e 3 x 2 c 5 h a o n f g t e h i r s a t B e U s: LLETIN 76, 77 Purchased materials 55 '8.1 8.0 Finished goods 55 '6.2 6 6 Wholesale 54 8.5 8.3 8.5 1948 Retail 54 15.7 13.9 13.6 New orders (1939 =100): Manufacturing, total 54 '254 243 Apr.- July- Oct.- Durable 54 277 290 QUARTERLY FIGURES June Sept. Dec. Nondurable 54 '240 214 Construction contracts (3 mo. moving avg., mill, dollars):3 GOVERNMENT FINANCE In billions of dollars Total 56 775 740 712 Residential 56 284 267 245 Other 56 491 473 467 Budget receipts and expenditures of Residential contracts (mill, dollars) :3 U. S. Treasury: Total 57 283 321 223 Expenditures, total 27 8.78 8.57 9.10 Public 57 32 27 14 National defense 27, 28 2.76 2.67 2.90 Private, total 57 251 294 209 Veterans' Administration 28 1.66 1.78 1.65 1- and 2-family dwellings 57 218 254 170 International aid 28 1.02 4 1.15 1.61 Other . 57 33 40 39 Interest on debt 28 1.79 .97 1.45 Value of construction activity (mill, Allother 28 1.40 1.37 1.41 dollars): Receipts: Total • 58 1,552 1,391 1,261 Net receipts 27 9.42 9.14 8.65 Nonresidential:e Individual income taxes 28 4.77 3.74 3.08 Public 58 371 308 283 Corporate income, etc 28 2.57 2.71 2.72 Private 58 578 530 484 Miscellaneous internal revenue. . 28 2.03 2.09 2.24 Residential:e All other 28 1.21 .85 .74 Public 58 3 3 4 Tax refunds (deduct) 28 1.16 .25 Private 58 600 550 490 Freight carloadings :3 Total (1935-39 =100) 59 137 137 131 MONEY RATES Per cent per annum Gr M ou i p sc s el ( l p a o n i e n o ts u s i n total index): 59 78.7 80.9 77.3Bank rates on loans to business:5 Coal 59 29.3 27.9 27.7 All loans: All other 59 29.3 28.7 26.0 19 cities 31 2.47 2.60 2.64 De I p n a d r e t x m es e n ( t 1 9 st 3 o 5 r - e 3 s 9 : = 100) ;3 N 7 e N w o r Y th o e r r k n C an it d y Eastern cit # i es.... 3 3 1 1 2 2 . . 1 4 2 9 2 2 . . 3 6 2 0 2 2 . . 3 6 4 8 Sales 60 287 ••310 288 11 Southern and Western cities. . 31 2.92 3.01 3.02 Stocks 60 304 306 286 296 stores: Loans of $ 1,000-$ 10,000: Sales (mill, dollars) 61 411 594 266 19 cities 31 4.49 4.53 4.50 Stocks (mill, dollars) 61 1,053 '818 780 New York City 31 4.35 4.40 4.23 Outstanding orders (mill, dollars) 61 379 292 390 7 Northern and Eastern cities 31 4.42 4.55 4.51 Ratios to sales (months' supply) 11 Southern and Western cities.. 31 4.60 4.57 4.62 Total commitments 61 3.4 1.9 4.4 Stocks 61 2.6 1.4 2.9 For footnotes see p. 306. 305 MARCH 1949 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—Gont. Per cent per annu m QUARTERLY FIGURES—Cont. In unit indicated MONEY RATES—Cont. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. Corporate profits after taxes (quar- Loans of $10,000-$100,000: terly totals): 19 cities 31 3A7 3.58 3.58 All corporations (bill, dollars) «. . . . 41 4.9 '5.2 New York City 31 3.19 3.35 3.40 Large corporations, total (bill, dol- 7 Northern and Eastern cities. . . 31 3.40 3.58 3.60 lars) 41 1.4 1.5 11 Southern and Western cities. . 31 3.68 3.71 3.68 Durable manufacturing (mill, dollars) . 41 546 611 Loans of $100,000-$200,000: Nondurable manufacturing (mill. 19 cities 31 2.70 2.92 2.97 dollars) 41 478 487 New York City 31 2.43 2.70 2.70 Electric power and telephone 7 Northern and Eastern cities... 31 2.67 2.91 2.97 (mill, dollars) 41 204 187 11 Southern and Western cities . . 31 2.91 3.07 3.14 Railroads (mill, dollars) 41 185 245 Loans of $200,000 and over: 19 cities 31 2.16 2.29 2.34 Annual rates, New York City 31 1.94 2.13 2.16 GROSS NATIONAL PRODUCT, ETC. in billions of dollars 7 Northern and Eastern cities.... 31 2.27 2.34 2.44 11 Southern and Western cities. . 31 2.45 2.56 2.57 ross national product3 42 251.9 258.1 264.9 Govt. purchases of goods and serv- In unit indicated 42 33.9 38.2 41.5 BUSINESS FINANCE Pe D rs u o r n a a b l le c o g n o s o u d m s ption expenditures 4 4 2 4 1 2 77 2 . . 3 8 1 2 80 3 . . 1 7 1 2 8 2 1 . . 9 0 Nondurable goods 44 103.7 104.3 105.1 Corporate security issues: Services 44 50.8 52.1 53.0 Total (bill, dollars) • 36 1.66 1.27 1.87 Private domestic and foreign invest- Ne T w y p m e o o n f e y s , e c to u t r a i l t y ( b ( i b ll i , l l d , o d l o l l a l r a s r ) s « ): ... 36 1.35 1.05 1.77 Gr m os e s n t private domestic invest- 42 40.7 39.9 42.4 Bonds 36 1.07 .91 1.57 ment: Preferred stock 36 .18 .06 .07 Producers' durable equipment. 43 21.0 21.9 22.7 Common stock 36 .10 .08 .11 New construction 43 14.4 14.8 14.7 Use of proceeds (mill, dollars): Change in business inventories. 43 2.6 3.5 5.3 Plant and equipment: Net foreign investment 43 2.7 -.3 -.4 A Pu ll b i l s ic s u u e t r i s l ity 3 3 7 7 1,0 8 7 0 9 3 4 7 4 6 2 5 1,4 • 5 •8 1 98 Perso s n av al i ng in :3 come, consumption, and Railroad 37 126 138 117 Personal income 45 210.8 216.3 219.6 Industrial 37 149 185 -435 Disposable income after taxes 45 190.2 196.2 199.4 Working capital: Consumption expenditures 45 177.3 180.1 181.0 All issuers 37 274 280 316 Net personal saving 45 12.9 16.1 18.4 Public utility 37 2 6 4 Railroad 37 60 Bonds I ( n b d il u l, s d tr o ia ll l a rs): • 37 195 204 233 1947 1948 Public 36 .88 .64 .86 Private . 36 .45 .47 .81 Corporate assets and liabilities (bill, June Dec. June dollars): • SEMIANNUAL FIGURES 30 31 30 Current assets, total 38 118.4 1-23.3 Cash 38 22.5 22.8 U. S. Goyt. securities 38 12.6 13.0 INSURED COMMERCIAL BANKS In billions of dollars Inventories 38 42.9 44.6 Receivables 38 38.7 41.3 Loans: Current liabilities, total 38 54.5 57.9 Commercial 11 14.77 18.01 17.83 Notes and accounts payable 38 33.8 36.2 Agricultural 11 1.55 1.61 1.97 Federal income tax liabilities.... 38 10.2 10.6 Real estate 11 8.20 9.27 10.10 Net working capital 38 63.9 65.4 Consumer 11 4.89 5.65 6.41 Plant and equipment expenditures For purchasing securities: (bill, dollars): •6 To brokers and dealers 11 1.52 .82 1.18 All business . 39 4.8 4.8 5.0 To others 11 1.29 1.19 1.08 Manufacturing and mining; rail- State and local government securities 11 4.83 5.13 5.43 roads and utilities 39 3.3 3.3 3.5 Other securities 11 3.47 3.62 3.50 Manufacturing and mining. 39 2.3 2.3 2.3 Corporate profits, taxes, and dividends (annual rates, bill, dollars):e Profits before taxes 40 "•32.1 '34.0 Profits after taxes (dividends and undistributed profits) 40 19.6 '20.8 Undistributed profits 40 12.2 13.1 « Estimated. P Preliminary. r 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 Beginning with July 1948 includes expenditures from Foreign Economic Cooperation Trust Fund. 5 The chart "Rates Charg„e d on Customers' Loans b_y„ Banks_ „in _ P^ri—nc^ipr—al Cities-,." pvr-e viouslsyly shown on p. 31, is replaced in the March issue of the Chart Book by a chart on "Rates Charged by Banks on Short-term Loans to Business." For description of the data shown on the new chart, see "New Statistics of Interest Rates on Business Loans," p. 228-37 of this BULLETIN. 6 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. * 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. 306 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 1949 1948 Chart Chart book book page1 Nov. Dec? Jan.P page1 Nov. Dec? Jan.P In millions of dollars In millions of dollars Consumer credit outstanding, total.. . 3 15,335 15,924 15,376 Consumer instalment sale credit out- Instalment credit, total 3, 5 7,918 8,196 8,051 standing, cumulative totals:2—Cont. Instalment loans 5 4,032 4,101 4,084 Furniture and household appli- Instalment sale credit 5 3,886 4,095 3,967 ance stores 1,964 2,134 1,992 Charge accounts 3 3,557 3,854 3,450 Department stores and mail- Single-payment loans 3 2,892 2,902 2,907 order houses 1,295 1,419 1,320 Service credit 3 968 972 968 All other 483 545 507 Consumer credit outstanding, cumu- onsumer instalment sale credit lative totals:2 granted, cumulative totals:3 Instalment credit 4 15,335 15,924 15,376 onsumer instalment loan credit out- Charge accounts 4 7,417 7,728 7,325 standing, cumulative totals:2 Single-payment loans 4 3,860 3,874 3,875 Commercial and industrial banks. 4,032 4,101 4,084 Service credit 4 968 972 968 Small loan companies 2,127 2,188 2,177 Consumer instalment sale credit out- Credit unions 1,347 1,371 1,365 standing, cumulative totals:2 Miscellaneous lenders 1,043 1,059 1,053 Automobile dealers 6 3,886 4,095 3,967 Insured repair and modernization loans 760 768 764 P Preliminary. * Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 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. 3 Figures for this series are in process of revision and will not be available for several months. MARCH 1949 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (Nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Branches Branches Branches Branches Branches Banks* and offices2 Banks and offices Banks and offices Banks and offices Banks and offices 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 14,043 981 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 14,074 4,333 12,063 4,015 6,912 3,197 5,151 818 2,011 318 Jan. 31,. 1949*.... 14,069 4,351 12,072 4,035 6,908 3,213 5,164 822 1,997 316 By districts and by States Jan. 31, 1949? District Boston 493 303 493 303 334 224 159 79 New York 908 861 908 861 782 798 126 63 Philadelphia 840 141 840 141 644 104 196 37 Cleveland 1,133 275 1,133 275 703 237 430 38 Richmond 1,009 466 800 345 478 222 322 123 209 121 Atlanta 1,184 176 564 140 349 123 215 17 620 36 Chicago 2,488 580 2,434 556 1,003 230 1,431 326 54 24 St. Louis 1,469 134 1,130 76 494 40 636 36 339 58 Minneapolis 1,279 112 623 44 476 26 147 18 656 68 Kansas City 1,749 9 ,740 9 760 6 980 3 9 Dallas 1,015 41 906 32 618 19 288 13 109 San Francisco 502 1,253 501 1,253 267 1,184 234 69 1 State Alabama 225 23 124 23 91 23 33 101 Arizona 10 44 10 44 5 33 5 11 Arkansas 230 20 108 5 67 1 41 4 122 15 California 193 919 193 919 114 875 79 44 Colorado 143 1 143 1 92 1 51 Connecticut , 114 27 114 27 65 14 49 13 Delaware 39 14 39 14 17 4 22 10 District of Columbia 19 39 19 39 16 36 3 3 Florida , 181 2 119 2 73 2 46 62 Georgia 394 31 100 27 65 26 35 294 Idaho 47 49 47 49 27 46 20 Illinois 882 3 880 3 504 3 376 Indiana 486 97 486 97 236 41 250 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 66 58 43 46 37 12 6 103' 23 Maine 63 69 63 69 38 37 25 32 Maryland 163 110 163 110 77 74 86 36 Massachusetts 181 164 181 164 144 148 37 16 Michigan 442 217 442 217 229 166 213 51 Minnesota 679 6 265 6 206 6 59 414 Mississippi 205 58 40 10 32 3 8 165 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 334 142 334 142 286 127 48 15 New Mexico 49 11 49 11 34 2 15 9 New York 647 731 647 731 567 680 80 51 North Carolina 209 183 94 66 54 36 40 30 115 117 North Dakota 150 24 61 6 42 19 6 89 18 Ohio 665 205 665 205 424 " 178" 241 27 Oklahoma 383 1 375 1 225 1 150 Oregon 69 89 69 89 32 83 37 6 Pennsylvania 978 167 978 167 748 141 230 26 Rhode Island 19 41 19 41 11 30 8 11 South Carolina 149 38 61 34 32 28 29 6 4 South Dakota 170 48 70 23 62 20 3 100 25 Tennessee 293 82 200 69 82 54 118 15 93 13 Texas 895 3 837 3 567 3 270 58 Utah 55 23 55 23 31 21 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 314 96 309 96 203 48 106 48 Washington 122 124 121 124 53 68 1 W W i e s s c t o V ns i i r n ginia 5 1 5 8 1 1 150' 4 1 4 8 4 0 ioi' 1 1 0 6 9 4 28 7 0 1 7 107 1 49 Wyoming 55 55 41 14 *80' 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, p. 191 of the BULLETIN for February 1949. Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Reported gold reserves of central banks and governments. .. 310 Gold production .. 311 Gold movements 311 International capital transactions of the United States.... 312-317 International Monetary Fund and Bank. .. 318 Central banks 318-322 Money rates in foreign countries... 323 Commercial banks , 324 Foreign exchange rates... 325 Price movements: Wholesale prices . 326 Retail food prices and cost of living. .. 327 Security prices . 327 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. MARCH 1949 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g i A e n r n a - - 1 g B iu el m - Brazil Canada2 Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m De a n rk - Egypt France m G a e n r- y Greece H ga u r n y - 1940—Dec... 21,995 416 734 51 144 30 17 1 58 52 52 2,000 29 28 24 1941—Dec... 22,737 497 734 70 141 31 16 1 61 44 52 2,000 29 28 24 1942—Dec... 22,726 614 735 115 161 36 25 16 61 44 52 2,000 29 28 24 1943—Dec... 21,938 838 734 254 230 54 59 46 61 44 52 2,000 29 28 24 1944—Dec... 20,619 992 329 300 79 92 111 61 44 52 1,777 29 28 24 1945—Dec... 20,065 1,197 716 354 361 82 127 191 61 38 52 1,090 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—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 P69 32 53 548 34 June.. 23,532 202 622 354 46 P65 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 53 548 34 Dec... 24,244 624 43 32 548 35 1949—Jan... 24,271 633 32 548 35 End of month India P I e r r a s n ia) Italy Japan Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o ay r- 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.. 274 26 120 164 140 47 617 23 75 20 158 367 1941—Dec.. 274 26 124 4 164 235 47 575 23 58 21 182 366 42 1942—Dec.. 274 34 141 216 39 506 23 25 203 634 42 1943—Dec.. 274 92 118 203 500 23 31 260 706 91 1944—Dec.. 274 128 24 222 500 23 32 267 814 105 1945—Dec.. 274 131 24 294 270 23 80 28 269 914 110 1946—Dec.. 274 127 28 181 265 23 91 24 245 939 111 1947—Dec.. 274 127 28 100 231 23 72 20 193 P215 762 111 1948—F M e a b r . . . . 2 2 7 7 4 4 1 12 2 7 7 2 2 8 8 8 8 6 7 2 1 0 9 9 3 2 2 3 3 6 6 9 6 2 2 0 0 1 1 8 8 9 4 P 2 2 1 15 5 4 43 4 8 8 1 1 1 1 1 1 Apr.. 274 127 28 86 182 23 66 20 181 216 446 111 May. 274 127 28 78 183 23 66 20 179 216 388 111 June. 274 127 28 71 183 23 66 20 176 217 373 111 July. 264 127 28 43 183 23 66 P20 174 338 111 Aug.. 264 127 28 44 172 23 65 P20 172 307 111 Sept.. 264 124 28 172 23 65 P20 169 269 111 Oct... 264 124 30 171 23 58 167 234 111 Nov.. 261 124 40 170 23 52 163 194 111 Dec. 256 66 166 23 52 183 1949—Jan. . 52 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 i n m t g e 7 - d g U u r a u y - V z e u n el e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e 8 - r Government g p o r l e d v i r o e u s s e rv fi 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 6 0 6 2 5 92 1 9 0 0 0 2 4 9 1 5 8 8 2 3 1 1 2 2 1 16 7 6 0 End of month U St n a i t t e e s d U K d n i o i n m t g e - d France g B iu el m - 1942—Dec.. 335 824 114 89 68 21 185 1943—Dec.. 387 6 965 161 121 89 45 229 1944—Dec.. 463 1,158 221 157 130 37 245 1040—Aue 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 1942—Dec 12 17 1948—Feb.. 101 1.353 171 200 230 35 242 1943—Dec 43 17 A J A O J S N D M M c e u p u u o a e a p t l r g n v r c y t . y . . e . . . . . . . . . . . . . . . 9 8 8 8 9 9 8 8 8 8 3 1 1 1 7 6 5 1 0 1 1 1 1 1 1 1 1 1 1 1 , , , , , , , , , , 3 3 3 3 3 3 3 3 3 3 5 2 3 7 8 5 4 8 7 5 2 2 2 2 7 1 5 3 1 3 1 1 1 1 1 1 1 1 1 1 6 6 7 6 6 6 6 6 6 6 8 2 1 1 0 0 0 8 4 4 2 2 2 2 1 1 1 1 0 0 0 0 8 8 7 9 3 3 3 0 7 1 2 8 3 3 3 2 2 2 2 3 3 3 2 4 6 6 0 4 0 2 0 0 3 3 3 3 4 0 4 4 4 4 3 3 3 4 3 3 3 3 4 3 9 2 1 0 0 8 7 1 4 6 P P P 2 2 2 2 2 2 2 2 2 2 4 4 4 4 4 4 4 4 4 4 2 5 3 5 4 4 4 5 5 5 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 4 6 8 7 — — — — — J D S J D D D J M M u u u e e e e e n n a n p a c c c c e r e r e t 2 1 1 1 1 1 0 7 2 7 7 6 1 5 1 1 8 7 9 1 9 3 4 1 8 2 3 3 3 3 3 3 3 3 3 3 2 1 2 2 2 2 2 2 2 2 , , , , , , , 3 8 , , , 5 3 3 3 3 0 1 2 8 8 8 4 4 5 4 3 9 0 2 6 7 5 1 4 1 5 6 0 4 2 5 1 7 4 1 1 7 7 1949—Jan... 80 162 36 P245 Sept 188 2lf733 1 P E P s r t e i l m im at i e n d a ry d . ollar values derived by converting gold at home in amounts up to 1,224.4 lay 1 e R d e b p a o s r i t s e : d U . a t S . i — nf E re x q c u h e a n n t g e i n S t t e a r b v i a l l i s z a o ti r o n o n F u d n e d million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447 (Special A/c No. 1); U. K.—Exchange Equalipes 2 o F s i g p u e r r e s U . a s S . r e d p o o l r la te r d . by Foreign Exchange Control Board and Minister of Finance. z F a u t n io d n a A nd c c R ou en n t t e ; s F F ra u n n c d e ; — B E e x lg c i h u a m ng — e T S r t e a a b s i u l r iz y a . tion «Total gold holdings are not available. Beginning April 1946, the series is new and repre- 2 Figure for first of month. sen 4 t F s ig g u ol r d e f h o e r l d F e as b r r u e a se ry rv e 1 9 ( 4 2 1 5 ; b p e er g i c n e n n in t g m M in a im r. u 2 m 9 ) , 1 le 9 s 4 s 1 , g o g l o d l d i n r e f s o e r r e v i e g s n n c o u r lo re n n g c e y r r li e a p b o i r li t t e i d e s s . epa- do 3 l la G r r s o a ss s r o e f p fi o c r i t a e l d h b o y l d B in r g it s i sh o f G o g v o e ld rn m an e d n t; U to . ta S l . rat 6 e F ly i . gures relate to last official report dates for the respective countries, as follows: Java— d B o r l i l t a is r h s, h a o s l di r n e g p s o rt ( e o d ff ic b ia y l a b n a d n ks p ri i v n a te th ) e of U U ni . t e S d . Jan 8 . B 3 e 1 g , i n 1 n 9 i 4 n 2 g ; D Y e u c g e o m sl b a e v r i a 1 — 94 F 3 e , b i . n c 2 l 8 u , d 1 es 9 4 g L old holdings of Swiss Government. States, are shown in table on p. 315. 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British NOTE.—For details regarding special internal Exchange Equalization Account during 1939. gold transfers affecting the British and French 8 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. institutions, see p. 318, footnote 4, and p. 319, footnote 6. For available back figures, see NOTE.—For gold holdings of International Fund and Bank, see p. 318. For back figures, Banking and Monetary Statistics, p. 526, and see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of BULLETIN for January 1949, p. 86; November figures, including details regarding special internal gold transfers affecting the reported data, 1947, p. 1433; June 1947, p. 755; February see pp. 524-535 in the same publication. 1945, p. 190. 310 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! 1 Production reported monthly Y m e o a n r th or p U r o o . w u S d o t . u s S r i c l . d d t R i e o .i n r m e 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 fr e ic s a t 2 C B o el n g g ia o n 3 U St n a i t t e e s d 4 C a a d 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 - * Au l s ia tr 6 a O - the I r ndia' 3i = 'n grains of god*/io fine; i. e., atv ounce of fine goli =$35. 1938 1,142,400 968 3?0 425,649 28,532 24.670 16,564 178,143 165,379 32f306 18.225 10,290 1, 557 55,721 11,784 1939 1,219,400 1,031 ?14 448,753 28,009 28.564 18 ?58 196,391 178,303 ?9 4? 6 19 951 11 376 3 S06 57,599 11 078 1940 1,311,450 1,106,447 491,628 29,155 32,163 19 413210,109 185,890 30 878 22,117 11999 5,429 57,540 10,126 1941 1,265,600 1,110,379 504,268 27,765 32.414 19 S71209,175 187,081 ?7 969 ?? 961 9 ?S9 7 s?s 52,384 10008 1942 1,130,115 982,130 494,439 26,641 29,225 17992130,963 169,446 28 018 20,882 6 409 8,623 40,383 9,111 1943 880,495 774,086 448,153 23,009 19,740 15 791 48,808 127,796 22,081 19,789 6 081 7,715 26,295 8,828 1944 794,080 702,534 429,787 20,746 18,445 12,747 35,778 102,302 17,793 19,374 7 131 7,865 22,990 6,577 1945 745,430 683,011 427,862 19,888 18,865 1? 144 32,511 94,385 17 458 17,734 6 ?8? 6 985 23,002 5891 1946 762,195 696,998 417,647 19,061 20,475 11,596 51,182 99,139 14,703 15,301 8 068 6,357 28,857 4,612 1947 705 458 392,004 18,296 19 320 10 780 75,786 107.432 16 ?50 13,406 5908 7 403 32,818 6 OSS 1947—rjec 60 434 34,025 J .4-89 1,750 770 6,828 9,614 778 680 5?9 67? 2,809 490 1948—Jan 60,377 34,775 L.504 1,890 910 6,042 9,568 658 1,124 369 648 2,433 455 57,211 32,459 1,442 1,820 840 5,489 9,156 I 367 1,30? 788 68? 1,945 420 Mar 60,861 34,384 1,431 ,820 910 6,372 10.070 1,166 809 474 634 2,266 525 Apr 59,564 34,175 L ,477 1,855 945 5,650 10,013 879 713 494 6S? 2,187 5?5 May 61,213 34,368 1,539 1,855 910 6,078 10,047 1,324 916 602 611 2,438 525 June 60,173 33,941 L,462 1,925 980 5,719 10,152 915 701 455 592 2,842 490 July r64 486 34,544 .564 .995 910 6,180 10,367 ? 34? 1 190 407 647 r3,782 560 Aug 33,720 1,443 2,030 980 7,661 10,689 578 966 687 r2,642 595 Sept 33,345 1,462 2,065 94S 7,388 r10,322 1 078 999 666 2,478 560 Oct 33,384 =1,566 2,030 875 6,540 no,742 1,009 736 56© Nov. 33,244 2 - 065 910 5,306 10,897 1 178 6?S 56O> Dec 33,130 1,030 945 5,047 11,443 613 59S 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 change 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. c Corrected. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1947 having been revised by subtracting from each monthly figure $452,705 «o that aggregate for the year is equal to the annual estimate compiled by the United States Mint. 5 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 Beginning 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 fo? 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: Year Total mo o n r th im n p e o t rts U K d n i o i n m t g e - d Fran g B iu e m l- N la e e n r t d - h s - S d w en e- Canada A t r i g n e a n- Mexico c A O a L n m a t h t e R i e r n r i e - - P p R i h i p n e i - - l e - t A ra u l s i - a A So fr u ic th a India c o o A th u l e n l r publics public tries 1943 . . 68,938 66,920 -10,817 -3,287 24,306 152 307 -8,731 1944. . -845,392 -695,483 46,210 -50,268 -109,694 -58,292 199 3,572 18,365 1945.. -106,250 160 53,148 -5 15,094 -41,743 103 106 357 133,471 1946.. 311,494 458 -14 -6 344,130 -134,002 3,591 -403 -156 41118,550 -2,613 2-18,083 1947.. 1,866,348 488,433 162,941 327,990 445,353 335,505 -7,110 10,684 -3,508 124 410,691 -4,423 -337 1948.. 1,700,683 1,115,668 -43 135,542 34,409 -29,723 103,280 15,7574-95,780 -2,525 557 491,494 5-67,952 1948 Feb... 159,388 104,264 31,301 289 211 1,102 -289 227 23,674 -1,390 Mar... 99,943 20,274 61,931 -19,660 271 2,673 -1,279 6 40,888 -5,161 Apr. . . 234,156 167,906 20,023 6,132 -10,693 29,998 242 4,871 -208 22,756 6-6,871 May. . 151,326 157,131 5,523 -29,635 4,145 1617-24,092 -228 39,331 -1,106 June.. 177,741 177,829 26 -12,031 1987-27,736 -144 40,764 -1,167 July... 266,691 178,038 30,512 6', 942 3,904 6,523 -53 40,463 -1,078 S A e u p g t . . . . . . 3 53 9 , , 2 0 9 7 0 8 4 1 , ,1 4 8 0 4 0 5,159 11,212 6 6 7 9 6 8 2 5 3 , , 9 7 3 30 7 9,70 5 6 7 -35 3 , , 8 0 2 6 2 8 -2 -5 7 6 2 3 6 3 0 , ,6 4 2 8 5 9 8- - 2 6 4 , , 4 9 1 9 2 1 Oct. . . 121,571 40,678 5,695 5,746 331 20,519 255 2,905 -119 127 52,036 8-6,581 Nov.. 54,224 27 5,769 8,848 2607-13,895 73 7 57,307 8-4,171 Dec. . . 108,297 81,155 485 2917-17,795 -23 89 47,138 -3,042 1949 Jan.P. . 45,934 15 33 22 279 395 -1,650 369 23 46,693 -243 P Preliminary. l Includes $133,980,000 to China and $509,000 from other countries. 2 Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries. 3 Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries. 4 Includes $136,053,000 to Venezuela, $25,118,000 from Colombia, $7,850,000 from Nicaragua, and $7,306,000 from other countries. 5 Includes $39,190,000 to Switzerland, $10,691,000 to Greece, $8,347,000 to French Indo-China, and $9,723,000 to other countries. 6 Includes $4,491,000 to U. S. S. R. and $2,380,000 to other countries. 7 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. 8 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. MARCH 1949 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Increase in Decrease Foreign Domestic From th r J o a u n g . h 2 — , 1935, Total funds in U. S. f i t n u e n s rn t d i a s tu t i o t o i f o n i n a n l s - b in f a u n U n k d . i n s S g . s o e R f c e u U t r u i . t r i n e S s . : s I e n f c f o l u o re r w i ig t i n e o s f : b I b n r a f o l l k o a e w n r c a e g i s n e Total Official i Other in U. S. abroad funds funds 1935—Dec. (Jan. 1, 1936) .,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 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 ,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,531.3 2,920.7 1,012.9 ,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2).... 5,831.2 3,175.9 1,195.4 ,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 ,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 ,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 3,278.0 1,459.8 ,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1).... 5,612.6 3,241.8 1,424.0 ,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 ,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 1,068.9 ,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636.4 3,217.0 1,352.8 ,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 1,482.2 ,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 1,557.2 ,908.3 848.2 673.3 104.4 1943—Mar. 31 6,292.6 3,788.9 1,1868.6 ,920.3 898.7 810.5 685.9 108.6 June 30 6,652.1 4,148.3 2,217.1 ,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,918.7 4,278.0 2,338.3 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 .,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 8,338.2 662 2,852.0 2,810.7 190.8 624.5 1,103.9 615.0 141.4 Sept. 30 8,250.1 681 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 '9,740.9 4,841.3 1,725.4 3,115.9 2,707.0 '341.2 1,282.6 414.3 154.5 June 30 '9,447.7 4,591.9 1,447.2 3,144.7 2,694.3 '209.3 1,398.0 393.4 160.8 Sept. 30 '9,030.6 4,456.0 1,298.5 3,157.5 2,655.4 '190.3 31,230.3 338.8 159.9 Dec. 31 '8,335.2 4,120.3 1,121.8 2,998.5 2,242.0 '186.5 31,276.9 4367.0 142.4 1948—Jan. 31 '8,186.2 4,094.8 1,137.2 2,957.6 2,185.0 '118.5 31,287.7 4359.6 140.6 Feb. 29 '8,228.1 4,235.0 1,270.7 2,964.3 2,124.6 '100.7 31,292.4 4340.3 135.2 Mar. 31 '8,171.7 4,370.6 1,346.4 3,024.2 1,985.3 '63.7 31,296.4 4312.3 143.3 Apr. 30 '7,962.0 4,250.1 1,281.8 2,968.3 1,955.2 '34.0 31,304.3 4272.4 146.1 May 31 '7,870.0 4,285.9 1,299.0 2,986.9 1,935.1 '-15.3 31,304.0 4213.6 146.8 June 30 '7,946.0 4,351.9 1,352.3 2,999.6 1,907.7 '35.7 31,304.5 4203.9 142.2 July 31 '8,043.6 4,432.9 1,389.3 3,043.6 1,909.1 '68.6 3l,309.8 4 189.7 133.5 Aug. 31 '7,929.8 4,522.1 1,513.9 3,008.2 1,898.9 '54.0 »1,159.1 4166.2 129.6 Sept. 30 '7,981.8 '4,570.3 '1,547.6 '3,022.7 '1,895.1 '68.7 31,165.4 4157.9 124.5 Oct. 31 8,073.5 4,651.7 1,685.0 2,966.7 1,899.5 69.6 31,168.5 4162.6 121.5 Nov. 30P 8,243.6 4,769.1 1,783.3 2,985.8 1,880.6 114.3 31,175.8 4177.8 125.9 Dec. 31P 8,537.6 5,096.8 2,103.4 2,993.5 1,844.3 113.2 31,177.8 4182.3 123.1 p Preliminary. r Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. 3 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.) 4 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 Dec. 31, 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. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for December 1945, pp. 960-974. 312 FEDERAL RESERVE BUIXETIN 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 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 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 1,193.7 1,273.6 203.0 1945—Dec. 31.. 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.71,338.4 1,784.1 247.5 1946—Dec. 31.. 7,555.7 563.1 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31.. r6,093.1 437.0 234.3 213.8 839.3 150.1 1,100.6 '2,975.1 688.6 1,383.4 975.8 2 70.2 1948—Jan. 31., '6,001.2 451.4 153.1 189.2 836.2 160.1 1,113.2 '2,903.1 727.8 ,338.2 946.3 285.9 Feb. 29., '6,103.5 523.9 161.8 188.7 840.0 180.7 1,100.8 '2,995.9 721.5 ,364.9 931.9 2 89.3 Mar. 31., '6,186.3 562.8 127.8 186.2 841.2 187.0 1,091.1 '2,996.1 798.0 ,368.0 938.9 285.3 Apr. 30., '6,006.8 488.8 97.9 150.0 850.6 205.8 '1,072.8 '2,865.8 838.4 ,360.8 892.1 249.7 May 31., r5,934.9 449.9 64.8 125.2 860.9 216.6 '1,066.7 '2,784.2 878.7 ,329.5 893.6 2 49.0 June 30., '6,038.2 558.0 59.5 120.1 858.3 210.2 pl,003.4 '2 ,809.4 911.2 .384.0 897.5 236.1 July 31. '6,134.5 489.4 51.6 102.1 863.4 238.7 '1,004.6 '2 ,749.7 938.2 ,381.1 1,009.8 *55.7 Aug. 31., '6,030.9 486.8 56.6 92.8 853.1 270.0 '975.2 '2,734.6 816.3 ,420.5 997.9 «61.5 Sept. 30., '6,086 462.5 ••44.9 86.6 829.9 307.1 '1,006.0 '2,736.9 849.3 ,441.0 999.0 260.4 Oct. 31., 6,173.9 479.5 51.3 76.0 823.8 316.4 1,019.3 2,766.2 868.0 ,464.2 1,001.8 2 73.8 Nov. 30P 6,363.0 501.4 64.7 89.8 814.7 335.3 1,073.2 2,879.0 932.4 ,443.0 1,044.8 8 63.8 Dec. 31 P 6,693.3 653.5 85.0 104.3 826.4 335.9 1,117.1 3,122.3 945.1 ,503.3 1,054.9 2 67.7 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O 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 1941—Dec 31 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 11,766.9 273.1 296.7 541.4 101.6 1942—Dec 31 3,465.5 493.3 394 5 170 0 166.3 -6.2 479 8 .697.5 399 5 482.8 743 9 141 9 1943—Dec 31*. 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2.223.4 1,414.2 924.9 1,369 1 212 9 1946—Dec 31 . . . . 5,272.3 397.6 165 8 208.2 359.0 247.6 687.2 5,065.5 823.9 983.3 1,135.7 263.9 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 194g—Tan 3i 4,094.8 274.9 88.6 107.5 435.7 143.1 586.0 ,635.8 327.0 1,047.8 846.3 238.0 Feb. 29 4,235.0 343.6 124.3 112.3 446.7 163.4 579.5 ,769.9 322.7 1,067 5 840 3 234 5 Mar. 31 4,370.6 383.9 107.0 114.5 454.2 167.0 587.3 ,813.8 400.01,087.0 842.4 227.5 Apr 30 4,250.1 314.9 94.9 108 2 471 1 184.1 576.1 1,749.4 429 01,097 3 783 7 190 7 May 31 4,285.9 279.4 82.6 93.6 515.8 195.5 568.0 1,734.9 462.6 1,085.5 809 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 1,104.0 804.1 174.5 July 31 4,432.9 311.2 82.9 93.9 534.9 216.7 496.5 1,736.1 508.7 1,081.2 914.5 192.3 Aug 31 4,522.1 310.6 87.9 106.1 535.9 251.0 483.9 1,775.3 548.4 1,104.7 894.2 199.5 Sept 30 '4,570.3 284.6 '79.5 98.4 515.1 285.2 '506 1 1,768.9 578.0 1,102.7 924 4 196.3 Oct. 31 4,651.7 301.2 86.4 91.2 512.0 295.1 520.0 L,805.9 593.8 1,139.7 904.6 207.8 Nov 30P . 4,769.1 319.2 94.0 95.2 495.0 313.5 552.4 L,869.3 658.1 1,101 2 941 6 198 9 Dec. 31P 5,096.8 478.8 114.1 106.1 511.2 313.2 573.9 2,097.4 664.2 1,165.4 971.2 198.6 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 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 I943—Dec 31 877.6 272.1 77.9 18.3 5.1 26.2 256.8 656.5 55.1 55 7 102.7 7.5 1944—Dec 31 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec 31 742.7 266.6 78.0 — 17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec 31 427 2 244 3 73 4 — 132.3 — 1 7 10 6 226.9 421.3 40.7 -58.8 29 9 —5.8 I947—Dec 31 '186.5 262.8 55.7 -30.5 1.1 5.5 '190.9 '485.5 65.4 -346.3 2.0 —20.1 1948—Jan. 31 .. '118.5 269.5 -18.7 -32.5 1.8 5.4 '192.5 '417.9 67.7 -351.3 2.4 -18.3 Feb 29 '100 7 273 1 —34 6 —33.7 2 1 5.6 '187 3 '399.8 67.5 -349.5 —5.4 -11.7 Mar. 31 '63.7 273.5 -39.4 -32.7 1.7 9.2 '168.9 '381.2 64.5 —369.3 —2.0 -10.8 Apr 30 '34 0 268 5 -36.9 —41.5 1.9 10.6 '161.6 '364.2 65.2 -391.6 7.6 — 11.4 May 31 '-15.3 266.7 -43.6 -40.6 2.2 9.4 '163.1 '357.1 68.0 -413.7 -15.9 -10.9 June 30 '35 7 270 4 -47.9 —40 7 1 7 6.0 '170.4 '359.7 66.9 -376.2 -4.4 -10.3 July 31 '68.6 270.3 -45.8 -40.3 1.1 10.1 '172.9 '368.3 68.9 -356.1 -3.2 -9.2 Aug. 31 '54.0 268.4 -44.1 -56.6 .6 7.4 '155.0 '330.8 68.2 -343.9 10.0 — 11.1 Sept 30 '68 7 271 1 '-45.3 -50.9 .5 10.3 '162.4 '348.2 67.3 -325.4 — 12.0 —9.4 Oct. 31 69.6 271.1 -43.9 -51.2 .8 9.6 161.5 347.9 63.6 -343.5 11.7 — 10.2 Nov. 30P 114.3 273.8 -38.0 -38.6 3.9 10.1 182.5 393.7 54.1 -343.9 21.9 -11.4 Dec 31P 113.2 267.5 -41.7 -32.7 1.2 10.8 203.5 408.5 53.0 -348.6 8.5 -8.3 P Preliminary. r Revised. 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of movement in banking funds of international institutions. 1 See Table 1, footnotes 3 and 4. MARCH 1949 313 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 o in i m t g ed - France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31., 855.5 127.6 51.6 31.5 44.3 28.1 238.4 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31.. 848.2 125.4 52.4 31.6 44.9 28.0 244.1 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31., 925.9 127.6 50.6 33.0 44.7 27.9 246.6 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31., 1,019.4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31.. 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec. 31.. 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Dec. 31.. il,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. 31.. 11,287.7 93.2 46.8 -4.4 13.7 26.4 276.7 452.5 451.3 542.1 61.7 219.8 Feb. 29.. 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 62.0 217.5 Apr. 30.. 11,304.3 90.7 45.2 -6.2 3.7 26.5 278.4 438.2 467.0 552.9 62.1 215.8 May 31.. 11,304.0 89.0 44.4 -6.6 -4.8 26.5 278.3 426.8 469.9 559.6 62.2 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 62.4 213.8 Aug. 31.. 11,159.1 87.3 43.2 -8.7 -13.9 26.5 280.6 415.1 327.7 567.3 62.5 213.5 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.. il,168.5 86.0 43.0 -8.6 -16.3 26.5 281.7 412.3 334.6 571.8 62.6 •212.8 Nov. 30? 11,175.8 85.6 43.1 -8.7 -17.4 26.5 282.3 411.4 338.8 575.4 63.0 1-212.7 Dec. 31P 11,177.8 84.9 42.9 -9.1 -19.1 26.5 283.0 409.1 339.7 578.3 63.2 1-212.4 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 o i i n m t g ed - France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot Al he l r 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 ?40.5 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. J367.0 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 *85.6 1948—Jan. 31. 2 359.6 -203.7 17.3 106.2 347.2 -15.3 44.1 295.7 -137.8 87.8 28.5 285.4 Feb. 29. 1340.3 -203.6 6.6 102.9 343.2 -15.2 43.8 277.6 -142.3 91.0 28.6 285.3 Mar. 31. '312.3 -204.4 -4.7 96.7 336.7 -16.2 44.0 252.1 -144.3 90.3 28.9 285.4 Apr. 30. 2272.4 -203.6 -24.5 78.0 330.4 -16.2 43.5 207.7 -142.0 90.6 31.0 285.1 May 31. 2213.6 -202.9 -37.0 66.5 304.2 -15.2 45.4 161.0 -142.1 83.9 30.1 *80.6 June 30. *203.9 -202.3 -41.3 58.8 297.3 -15.1 44.2 141.6 -132.6 81.7 27.9 *85.4 July 31. 2189.7 -197.0 -46.9 45.7 298.2 -15.1 43.7 128.5 -137.1 83.1 29.2 J 85.9 Aug. 31. * 166.2 -196.2 -48.0 41.2 294.8 -15.3 44.3 120.8 -147.2 82.4 24.1 286.1 Sept. 30. 1157.9 -196.3 -49.7 38.3 295.9 -15.6 44.7 117.4 -147.4 84.7 17.1 286.2 Oct. 31. 2162.6 -195.5 -51.2 34.5 300.2 -15.3 44.7 117.5 -142.6 83.3 15.9 288.4 Nov. 30P 2177.8 -194.1 -51.0 32.4 308.5 -15.3 45.1 125.7 -137.2 89.4 11.3 2 88.6 Dec. 31P 2182.3 -194.7 -46.9 30.7 305.6 -15.0 45.7 125.4 -131.5 94.2 5.1 289.2 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increasesin Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokersand Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— 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 it - 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 1941—Dec. 3i 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 23.1 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 31 140.6 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 i 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 30? 125.9 16.8 16.6 9.5 24.6 .5 10.9 79.0 18.6 20.9 7.0 .4 Dec 31P ... 3123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 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 Dec. 31, 1948, resulting from net purchases of domestic securities by international institutions. 3 Amounts outstanding Dec. 31 (in millions of dollars): foreign brokerage balances in United States, 69.8; United States brokerage balances abroad, 23.6. 314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES Total foreign In- countries 1 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 Asia o A th l e l r tutions and Official private 1941—Dec# 3i 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec 31 4,205 4 2,244 4 554.6 432.3 186.6 184.2 12.1 650.9 2,020.7 507.4 597.7 930.0 149 6 1943—Dec# 31 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728! 6 2,584.5 812.6 693.71,108!8 175!3 1944—Dec 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27 3 774.5 2,517.8 926.5 ono 31,069.2 174.0 1945—Dec> 3i 6,883 1 4,179 3 707 7 310 0 281 6 304 2 70 4 909.1 2,583.0 1 522 2 1,046 41,549!7 181 8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 2 931.8 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 1,208.51,023.0 196.3 Apr. 30... 1,975.1 4,984.2 1,992.1 376.2 175.0 124.8 484.8 204.5 739.4 2,104.6 537.0 1,218.8 964.4 159.5 May 31... 1,955.1 5,020.0 2,009.3 340.7 162.7 110.2 529.4 215.8 731.3 2,090.1 570.6 1,207.0 990.2 162.1 June 30... 1,927.7 5,086.0 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 L.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... n, 915.1 »-5,304.4'2,257.9 346.0 159.6 115.0 528.7 305.5 '669.3 '2,124.1 686.0 1,224.31,105.0 165.1 Oct. 31... 1,919.5 5,385.9 2,395.3 362.5 166.5 107.8 525.6 315.4 683.2 2,161.1 701.8 1,261.21,085.2 176.6 Nov. 30*> . 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 Dec. 31P.. 1,864.3 5,831.0 2,813.7 540.2 194.3 122.8 524.8 333.5 737.1 2,452.7 772.2 1,287.01,151.8 167.4 LIABILITIES—SUPPLEMENTARY DATA Other Europe 3 Date E O ur th o e p r e g B iu el m - m De a n rk - l F a i n n d - m G a e n r y - 4 Greece L b u o x u e r m g - N w o a r y - Po g r a t l u- m R a u n - ia Spain SwedenUSSR Y sl u a g v o ia - o A th l e l r 1942—Dec. 31... 650.9 121.8 17.7 7.9 7.5 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec. 31. .. 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31... 774.5 124.3 14.8 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec. 31... 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—Dec. 31... 850.5 159.5 66.5 22.2 7.1 49.3 22.6 123.5 39.0 8.9 16.4 172.6 60.5 12.4 89.9 1947—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... '669.3 116.8 41.3 22.1 101.4 22.1 14.8 68.9 39.7 7.2 15.7 48.8 '41.4 10.6 118.4 Oct. 31. .. 683.2 117.0 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 Dec. 31 P. . 737.1 128.7 44.7 19.1 178.9 21.1 16.0 76.7 37.7 7.0 13.6 49.0 21.3 19.9 103.4 Latin America3 Neth- French er- Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - C R o ic st a a Cuba I W n G a a d n n u e a i d i s e - t s M ic e o x- I l W S n a a u d n n e r i d a s i e - s t s P m an a a- Peru V zu e e n l e a - O A L i a m t c h t a i e e n r r nam 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 1.8 131.7 18.3 72.9 40.0 75.3 178.7 Mar. 31... 1,208.5 204.4 15.1 124.5 43.9 27.2 9.8 259.7 1.9 132.4 17.4 78.2 37.8 65.5 190.7 Apr. 30... L.218.8 202.4 15.7 112.3 50.5 26.9 10.4 272.6 1.7 119.6 17.2 79.2 33.6 84.5 192.2 May 31... 1,207.0 185.2 13.5 125.1 48.6 40.2 12.2 255.3 1.3 134.2 19.3 80.3 39.5 58.8 193.6 June 30... 1,225.6 187.3 14.3 115.8 53.0 48.4 10.0 228.8 .9 126.2 18.1 79.7 38.4 110.3 194.3 July 31... 1,202.7 189.8 12.1 113.8 60.2 48.7 9.0 225.6 1.1 135.4 18.4 73.1 45.1 76.0 194.5 Aug. 31.. . L.226.2 189.8 13.0 117.4 55.9 46.5 8.6 234.9 1.0 152.6 17.8 70.7 48.4 76.7 192.9 Sept. 30.. . ,224.3 208.2 12.5 115.7 '51.5 ••38.9 7.2 231.2 .8 150.7 21.5 67.7 50.4 88.7 179.3 Oct. 31.... ,261.2 224.8 14.4 122.3 58.3 46.2 6.9 221.4 .8 148.9 23.3 71.0 52.1 97.5 173.3 Nov. 30* .. .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 Dec. 31P.. ,287.0 215.8 17.1 123.7 55.6 54.0 8.9 219.4 1.2 146.7 24.3 71.8 52.6 121.7 174.0 For footnotes see following page. MARCH 1949 315 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 * China Egypt Date Asia M c a h n a u d n - - F C I r n h e d i n n o c a - h 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 si o a - i p P p R u h p b e i i - l l n i - c eT k u e r y -O A th si e a r 2 o A th l e l r A t l u r ia a s- - N l Z a e e n w a d - - A E t a n i g n a g y d n l p o - - F r r M o e c n o c - c o h A S U f o r n o u i f i c t o a h n Other Sudan 1942—Dec. 31. .. 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31. . . 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 1 1 9 9 4 4 6 5 — — D £) eecc . 3 31 1... 1 1 , , 5 3 4 1 9 6 .4 6 5 43 8 1 2 . . 9 3 2 3 8 9 .9 0 2 44 7 . . 9 4 3 4 3 3 .5 4 1 1 7 . . 2 3 1 4 6 .6 1 1 1 1 2 3 7 .1 7 6 4 2 4 9 6 .6 15 5 2 4 .7 5 9 7 3 8 . 8 0 2 1 3 8 2 1 . . 8 8 4 2 5 8 . . 5 9 4 8 . . 3 0 2 1 0 8 ^ 9 8 1 1 0 4 .9 0 47 6 ^ 2 4 1 9 1 6 3 ^ 4 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 60.5 476.430.0 86.3 196.3 24.8 6.1 36.4 8.6 44.8 75.6 Apr. 30... 964 4 150.2 4 8 37.6 41.9 12.3 76.3 51 8 474 225 7 89 6 159.5 19.7 4.6 31 3 8 2 21 0 74.7 May 31... 990.2 156.4 5.4 46.1 56.0 10.6 82.4 49.0 474.823.5 85.9 162.1 21.0 5.0 29^2 8^5 26.6 71.9 June 30... 984.7 142.8 5.2 48.1 73.4 9.6 79.1 34.7 464.623.1 104.3 143.3 18.7 3.6 27.3 8.9 9.3 75.5 July 31... 1,095.2 158.2 5.3 49.7 63.5 15.6 79.2 32.9 517.421.1 152.3 161.1 23.8 3.7 33.2 10.9 15.7 73.7 Aug. 31. .. 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. 31. . . 1,085.2 154.6 6.4 43.3 40.9 13.9 76.8 54.0 508.418.0168.9 176.6 19.1 5.3 36.8 11.9 8.8 94.7 Nov. 30?. . 1,122.2 193.3 5.7 48.8 44.9 9.5 80.9 49.9 500.917.9170.4 167.7 20.4 5.4 30.9 12.2 10.8 88.1 Dec. 31*. . 1,151.8 216.2 7.8 51.1 51.8 12.9 81.4 41.5 488.317.5183.3 167.4 22.2 5.3 27.7 11.4 15.8 84.9 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. Footn tes to table on preceding page. P Preliminary. r Revised. 1 Country breakdown is for "Official and private.' 2 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. 3 Breakdown not available for most of these countries until June 30, 1942. * 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 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 o A th l e l r 1941—Dec. 31.. 367.8 20.9 1.8 1.1 2.6 1.5 60.5 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31.. 246.7 12.6 1.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31.. 257.9 19.9 1.1 .4 3.0 .4 52.9 77.6 37.8 112.2 26.3 3.9 1944—Dec. 31.. 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31.. 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31.. 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31.. '948.9 29.2 23.4 49.1 7.0 21.1 118.9 '248.6 27.5 514.3 127.0 31.5 1948—Jan. 31.. 1,017.0 22.5 97.8 51.1 6.3 21.2 117.2 '316.2 25.2 519.3 126.6 29.7 Feb. 29.. 1,034.8 18.9 113.7 52.3 6.0 20.9 122.5 '334.4 25.4 517.5 134.4 23.1 Mar. 31.. 1,071.8 18.5 118.5 51.3 6.4 17 A 140.9 '352.9 28.4 537.3 131.1 22.1 Apr. 30.. 1,101.5 23.5 116.0 60.2 6.2 15.9 148.1 '369.9 27.7 559.6 121.5 22.8 May 31.. 1,150.8 25.3 122.7 59.2 6.0 17.2 146.7 '377.0 24.9 581.7 145.0 22.3 June 30.. 1,099.8 21.6 127.0 59.3 6.5 20.6 139.4 '374.4 26.0 544.2 133.5 21.7 July 31.. 1,066.9 21.7 124.9 58.9 7.0 16.5 136.9 '365.9 23.9 524.1 132.3 20.6 Aug. 31.. 1,081.5 23.6 123.1 75.3 7.5 19.1 154.8 '403.3 24.7 511.9 119.1 22.5 Sept. 30.. 1,066.8 20.9 '124.3 69.5 7.6 16.3 147.3 '385.9 25.6 493.4 141.0 20.8 Oct. 31.. 1,065.9 20.9 123.0 69.8 7.4 17.0 148.3 386.2 29.3 511.5 117.3 21.6 Nov. 30P. 1,021.1 18.2 117.1 57.2 4.2 16.5 127.3 340.5 38.8 511.9 107.2 22.8 Dec. 31P. 1,022.3 24.5 120.8 51.4 6.9 15.8 106.3 325.6 39.8 516.6 120.5 19.7 Preliminary. p Revised. 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. 316 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 el m - 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 m R a u n - ia Spain S d w e e n - USSR Y sla u v g i o a - o A th l e l r 1 1 9 9 4 4 2 3 — — D D e e c c . 3 3 1 1 5 52 6 .3 9 . . 7 8 (2) 5 7 . 6 6 3 33 4 .0 9 1. . 1 6 .1 1 . . 2 2 2 1 . 4 4 <•> 3 3 .2 2 . . 4 2 8 5 .4 0 1944—Dec 31 78.3 .7 33.9 .6 .1 35.1 .8 1.8 .2 5.1 1945—Dec. 31 74 6 .6 33 9 7 .1 31.6 5 1 1 6 .9 4.7 1946—Dec 31 82.8 7.5 .5 6.2 30.4 12.4 .1 3.3 L.O .1 7.2 4.9 9.4 1947—Dec. 31 118.9 15.0 2.2 8.0 30.5 10.6 .1 9.2 l.l .9 5.4 .1 35.8 s r(2) 1948—jan> 3i 117.2 12.7 1 5 8 3 30 6 10 1 (2)2 11.3 ? 1 5 4 0 .1 35 8 Feb 29 .... 122.5 11.3 3.2 7.6 30.5 10.2 ( ) 10.7 L.2 rr((22)) 3.5 3.7 (2) 40.5 A M p a r r . 3 3 0 1 1 1 4 4 8 0. . 9 1 2 2 4 0 . . 2 7 6 9 . . 6 9 6 7 . . 1 0 3 3 0 0 . . 4 4 9 7 . . 6 2 1 8 2 . . 9 1 L L . . 5 4 $ 3 4 . . 7 6 3 2 . . 5 8 (2) 5 4 2 5 . . 9 4 May 31 146.7 18.8 8.6 5.6 30.3 6.8 11 5 1 r(2) 5.5 4 1 54 3 June 30 139.4 18.6 3.5 5.7 30.4 4.7 11.6 n 3.3 5.2 55.3 J A u u ly g 3 3 1 1 . . 1 1 3 5 6 4 .8 9 2 1 0 8 . . 0 5 . . 7 6 5 4 . . 3 6 3 3 0 0 . . 4 4 4 4 . . 6 1 .3 1 1 2 7. 2 7 . . 9 8 ' r r « ( ( 2 2 ) ) 2 3 .3 5 5 7 . 2 2 (2) 1(7 2).0 5 5 4 1 .2 1 Sept. 30 147 3 17.7 1.0 3.8 29.5 3.3 24 2 .7 r(2) 5 4 2 3 (2) 11 3 48 1 O N c o t v . . 3 3 1 0P 1 12 4 7 8 .3 3 2 21 1 .0 2 3 1. . 1 1 3 3 .4 3 3 3 3 0 . 6 4 3 3 . 6 5 .1 2 1 7 5 . 3 0 .7 5 5 2 .5 7 1 1 . 6 0 (|) 1 7 1 .1 5 3 39 9 .1 0 Dec 31P 106.3 21.4 .6 3.4 30.5 1.2 (2) 8.4 .7 2.9 1.4 (2) 6.0 29.7 Latin America 1 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 ic st a a Cuba I W G n a d n u e i d i s e - t s Mexico I l W n a a d n n e i d d s e s t s P m an a a- Peru V zu e e n l e a - O A L i a m t c h t a i e e n r r ana Surinam 1942—Dec. 31 ... 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (2) 11.2 .5 1.1 1.4 3.8 8 7 1 1 9 9 4 4 4 5 — — D D e e c c . . 3 3 1 1 1 15 3 8 1 .0 9 2 3 1 . 1 0 1 1 . 8 3 2 2 5 4. . 7 3 9 6 .0 6 1 16 5 .5 8 1 1 . . 2 2 3 4 3 7 .4 3 (2) 1 8 1 . 6 0 .3 5 1 .8 l 1 1 . 2 9 5 6 .1 1 3 1 3 1 .7 4 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 1.3 3.7 8.7 23 1 1947—Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 (2) 52.2 1.1 4.7 4.3 15.3 31.0 194g—jan< 31 519 3 60 0 2 4 169.8 29.3 35.7 3.3 113.4 .1 51 8 .8 4 8 4.1 14 2 29 6 Feb. 29 517.5 60.3 2.3 175.2 27.1 36.9 3.5 106.4 .1 52.7 L.I 4.2 3.9 16.9 26.8 Mar.31 537.3 57 2 2 3 185.9 24.9 39.3 3.2 109.1 .1 59.9 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 .1 58.3 1.3 4.2 3.8 17.0 28.1 May 31 581.7 52.6 3.1 209.7 20.4 47.9 2.9 110.1 (2) 75.8 L.4 4.4 4.0 19.3 30.1 June 30 544 2 58 7 2 5 187 6 21 6 48 0 2 2 90 5 (2) 73 4 1 3 4 4 4 1 19 9 29 9 A Ju u l g y . 3 3 1 1 5 51 2 1 4 .1 9 6 6 2 1 . . 2 2 3 3 .6 0 1 17 7 8 9 .1 7 1 1 8 7 . 7 5 4 42 5 . . 5 6 1 1 . . 8 5 6 7 7 8 . . 6 7 ( ( 2 2 ) ) 7 7 2 6 . . 4 1 1 1 . 6 4 3 4 .2 6 3 4 . 5 2 2 20 0 .7 8 3 33 2 .0 8 O Se c p t t. 3 30 1 . 4 51 9 1 3 .4 5 6 6 3 2 . . 8 0 2 2 .5 9 1 17 7 5 3 .3 0 2 1 1 9 .1 0 3 4 9 0 .2 8 1 1. 3 1 6 6 5 1 . . 5 4 ( ( 2 2) ) 7 7 6 2 .3 6 1 1. 2 3 4 4 .1 0 3 4 .9 2 2 1 0 8 .8 8 3 35 3 .2 5 D N e o c v . . 3 3 1 0P P . . 5 5 1 1 6 1. . 9 6 6 7 6 2 . . 8 4 2 2 . . 7 4 1 16 8 5 0 . . 4 0 1 1 5 8 . . 2 7 3 3 2 3 . . 6 7 1 1 . . 9 5 8 7 3 2 . . 1 4 ( ( 2 2 ) ) 7 7 3 2 . . 7 7 1 1 . . 6 0 3 4 . . 8 6 4 4 . . 2 4 2 1 6 8 . . 0 1 3 3 2 6 . . 7 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 on n g g India B l M a is r y a h 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 3o 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 (2) .9 2.2 .7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 .1 (2) 1.7 1.2 1943—Dec. 31 26.3 1.7 (2) 1.0 2.0 .5 .5 1.7 13 9 3.2 1.8 3.9 .5 2 .1 (2) 2 4 7 1 1 1 9 9 9 4 4 4 5 6 4 — — — D D D e e e c c c . 3 3 3 1 1 1 5 2 9 1 9 9 . . 4 9 2 5 1 3 1 . . . 5 0 9 ( ( ( 2 2 2 ) ) ) 5 . . 9 8 9 2 1 7 2 2 . . . 5 3 0 . . . 1 1 2 . . . 5 5 2 1 1 1 . . . 4 5 0 2 1 1 0 3 3 . . 8 8 2 2 1 1 . . . 0 4 8 8 2 4 . . . 8 7 4 1 1 9 7 1 . . . 9 2 7 3 1 . . . 4 7 6 1 . . 2 7 l . . . 2 3 4 ( (2 2) ) .1 1 9 4 0 . . 7 7 1 2 2 1 . . 0 5 2 1947—Dec 31 127.0 40.8 .3 2.6 29.6 .9 .9 .5 27.417 7 6.3 31.5 9.0 1 5 .1 .5 14.4 6.0 1948—jan 3i 126.6 37.1 .2 2.9 27.0 .7 4.0 .4 29.3 17 6 7.4 29.7 8.5 1.4 .1 .3 14 3 5.0 Feb 29 134.4 37.9 .3 3.9 25.5 .7 5.7 3.1 31.0 18.6 7.7 23.1 6.4 1.1 .1 .5 10.0 5.0 Mar 31 131 1 38.1 .3 3 7 26.0 .6 5.9 .6 31 1IS 5 9.4 22.1 4.7 9 .1 .4 10 1 6.0 Apr. 30 121.5 36.4 .2 3.5 26.1 .6 4.0 .5 33.7 7.3 9.3 22.8 4.3 .7 .2 .3 11.7 5.6 May 31 145 0 51 7 6 4 5 24 3 1 5 4 2 .6 42 7 6 1 8 7 22 3 3.4 .6 2 .2 11 8 6 1 June 30 133.5 55.5 .6 4.6 28.1 1.1 1.1 .7 31.7 ? 0 8.0 21.7 2.2 7 .1 .2 12.0 6.5 July 31 132.3 56.7 .4 3.5 22.2 1.0 1.5 .9 32.4 2.5 11.3 20.6 2.2 .6 .5 .2 11.1 6.0 Aug 31 119.1 46.2 .2 3.9 20.2 .8 2.0 .4 33.2 ? 0 10.3 22.5 3.6 7 2.2 .2 9.9 5.9 Sept. 30 141.0 65.5 .1 3.5 19.5 1.0 7.6 .5 29.5 1 8 11.9 20.8 3 8 1 1 .2 .1 9.7 5.9 Oct 31 117 3 39 0 .1 3 1 20 0 4 6.1 .3 34 2 1 6 12 5 21.6 3.9 .6 .3 .2 11 1 5.5 Nov. 30P 107.2 25.9 .3 3.5 20.2 .5 7.4 .4 36.2 1 7 11.1 22.8 3.5 6 .2 .3 11.6 6.6 Dec. 31P 120.5 26.0 .1 3.4 20.4 .4 15.9 1.9 37.3 1.4 13.8 19.7 4.7 .5 .4 .2 7.9 6.1 P Preliminary. r Revised. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Less than $50,000. 3 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. MARCH 1949 317 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] International Fund International Bank Jan.1 Oct.1 July1 Feb Dec. Sept. June Dec. Gold 1,436 1,403 1,400 1,357 Gold Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,391 1,434 1,441 1,559 United States 81 89 102 267 Other members 4,024 4,014 4,000 3,869 Other members 927 927 918 909 Unpaid balance of member subscriptions. 1,181 1,183 1,143 1,176 Investment securities (U. S. Govt. obli- Other assets (2) (2) (2) (2) gations) 429 420 422 412 Member subscriptions 8,034 8,036 7,986 7,961 Calls on subscriptions to capital stock 4.. 5 5 5 5 Accumulated net income -2 -1 -1 Loans (incl. undisbursed portions) 5 501 5 501 497 497 Other assets 5: 9 5 3 Bonds outstanding 254 254 254 250 1948 Loans—undisbursed 10 18 27 197 Currency acquired 3 Other liabilities 4i 2 4 4 (Cumulative figures in dollars) Special reserve 6j 4 3 1 Jan. Dec. Nov. Jan. A C c a c p u it m al u 4 lated net income 1,667 1,667 5 1,657 3 1,6 - 4 1 5 B C e h l i g le ia a n n f p r e a s n o c s s 3 8 3 . . 8 0 3 8 3 . . 8 0 3 8 3 . . 8 0 22.0 1 Quarterly statements on a new fiscal year basis. Costa Rican colones 1.3 1.3 .5 2 Less than $500,000. Czechoslovakian koruny. 6.0 6.0 6.0 3 As of Jan. 31, 1949, the Fund had sold 658.4 million U. S. dollars; Danish kroner 10.2 10.2 10.2 3 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 French francs 125.0 125.0 125.0 125 received 100 million Belgian francs in June 1948 and an additional M In e d x ia ic n a n ru p p e es e o s s 6 22 8 . . 5 3 2 6 2 8 . . 5 3 2 5 2 2. . 2 5 10 4 0 E m x i c l l l u io d n e s i n u n J c u a ly ll e 1 d 9 4 p 8 o . rtions of capital subscriptions, amounting to Netherlands guilders.... 75.4 75.4 75.4 6,669 million dollars as of Dec. 31, 1948, of which 2,540 million repre- N N i o c r a w r e a g g i u a a n n k c ro o n r e d r obas.... 9.6 9. . 6 5 9. . 6 5 sen 5 ts E x t c h l e u d su es b s 8 cr i m pt il i l o i n o n o d f o t l h la e r s U n so it l e d d t S o ta o t t e h s e . rs under the Bank's guar- South African pounds. . . 10.0 10.0 antee. Turkish liras 5.0 5.0 "5.6 5 Pounds sterling 300.0 300.0 300.0 240 Total. 675.8 675.8 648.9 478.7 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 te i r l l l i i n o g n ) s of Goldi a O ss t e h t e s r 2 N c a o o n t i d n es a c v n o a D d n u i c n s a e - t d s s - Se t c ie u s ri- ci t r i c o u n l 3 a- Bankers' Pub D li e c posi E ts .C.A. Other t c l i O i e a a s p t b h i i a e t l n a i r - l d 1935—Dec. 25 200.1 260.0 36.2 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 46.8 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.9 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4 .2 580.0 26.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 14.2 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10 3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.4 57.3 18.1 1947—Dec. 31 ; .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Feb. 25 .2 s 1,350.0 118.9 11.3 284.3 1,231.6 290.6 12.1 93.3 18.4 Mar. 31 .2 5 1,300.0 54.8 14.4 367.0 1,245.9 314.3 9.0 94.3 18.6 Apr. 28 .2 1,300.0 63.1 14.5 350.6 1,237.8 307.4 12.6 90.3 17.8 May 26 .2 1,300.0 56.7 9.8 366.9 1,244.2 311.8 10.7 93.0 18.0 June 30 .2 1,300.0 48.7 17.8 383.8 1,252.2 325.4 14.5 92.2 18.2 July 28 .2 1,300.0 16.1 13.4 400.5 1,285.0 311.0 11.2 89.4 18.3 Aug. 25 .2 1,300.0 48.0 5.4 405.8 1,253.3 300.3 16.9 "33'.4'" 90.1 18.4 Sept. 29 .2 1,300.0 65.4 25.0 397.3 1,236.4 300.0 22.3 53.6 93.3 18.5 Oct. 27 .2 1,300.0 72.1 19.3 359.6 1,230.8 307.5 13.1 19.6 93.0 17.8 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 5 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Jan. 26 .2 61,300.0 79.9 26.0 326.1 1,224.5 294.7 21.4 8.4 89.4 18.3 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, and Mar. 3, 1948, increased by 25 million pounds on Dec. 22, 1948, and decreased by 25 million pounds on Jan. 5, 1949. 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. 318 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 1 - Other a O s t s h e e ts r circ N ul o a t t e ion2 Ch b a a r n te k r s ed D g o o m m v e e i n n rn t io - n Other l c ia a b a p i n i l t i d t a i l e 8 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 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211 A 536.2 68.8 67.5 42.4 1948—Feb. 28. .6 974.4 825.7 47.2 ,156.3 531.8 60.8 75.0 24.0 Mar. 31. .1 985.2 806.7 62.7 ,180.8 519.2 42.2 86.7 25.9 A M p a r y . 3 3 1 0 . . . . 2 5 1 1, , 1 1 7 2 9 4 . . 7 1 7 77 6 5 7 . . 0 8 6 5 0 1 . . 5 6 r , 1 1 8 9 3 5 . . 0 7 5 5 5 4 8 7 . . 9 3 1 5 3 7 5 . . 9 9 1 9 2 5 6 . . 8 0 2 3 6 2 . . 9 0 June 30. .2 1,152.9 790.9 56.8 ,206.5 517.0 138.4 107 31.7 July 31. .1 1,145.2 773.6 39.2 ,220.3 502.5 119.0 84.1 32.1 Aug. 31. .1 1,155.2 778.1 50.2 ,226.9 525.1 105.1 90.3 36.2 Sept. 30. .2 1,216.3 757.2 55.3 ,267.7 550.9 87.3 78.2 44.7 Oct. 30. 1.0 1,279.6 741.3 57.7 ,275.1 581.0 110.0 72.2 41.3 Nov. 30. .1 1,222.1 794.0 46.8 ,273.5 579.6 86.5 64.1 59.2 Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Jan. 31. 1,188.3 806.9 50.2 1,229.2 545.1 141.8 86.8 42.5 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 Other Note liabilimillions of francs) Golds ch e a x n - ge m O a p rk en et7 Special' Other c F c u o o p r s a t o t s i c o 8 - n Other assets 9 cir ti c o u n la- G m ov e e n r t n- C.A.R.i Other ca a t p i n e i d s tal 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". 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 1949—Jan. 27.. 65,225 34 158,288 4,996 238,795 426,000146,200 115,463 972,604 822 163,513 18,062 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 Less than $50,000. 6 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. 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 Bar?k. Beginning April 1947, 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. 10 Central Administration of the Reichskreditkassen. 11 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. MARCH 1949 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1949 1948 1949 1948 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Central Bank of the Argentine Bank of the Republic of Colombia Republic (millions of pesos): (thousands of pesos): Gold reported separately 433 999 Gold and foreign exchange 8. . .. 163 345 163,079144,241205,266 Other gold and foreign exchange. ,429 2,672 Net claim on Int'l. Fund 7 24 367 868 21,867 Government securities 866 1,032 Paid-in capital—Int'l. Bank 1370 230 1,225 Rediscounts and loans to banks1. ,862 13,833 Loans and discounts 155 369192,663177,664 102,722 Other assets ,643 2,613 Government loans and securities. 133 741 131,931 104,349 Currency circulation 2 ,990 5,257 Other assets 53 640 48,167 44,234 Deposits—Member bank 458 Note circulation 326 901 315,416 276,517 Government 394 1,629 Deposits 159 673153,641170 164,311 Nationalized * ,244 12,963 Other liabilities and capital 45 260 46,109 46 38,835 Other 283 96 Other liabilities and capital ,322 747 National Bank of Costa Rica— Issue dept. (thousands of colones): Commonwealth Bank of Aus- Gold 11,541 11,538 11,498 tralia (thousands of pounds): Foreign exchange 17,415 7,852 20,593 Gold and foreign exchange 350,590 329,388 180,046 Contributions to Int'l. Fund and Checks and bills of other banks.. 3,628 3,357 2,533 to Int'l. Bank 30,321 30,321 30,321 Securities (incl. Government and Loans and discounts 85,355 82,208 69,675 Treasury bills) 358,127 357,385 440,237 Securities 31,845 27,651 3,943 Other assets 39,776 30,246 23,323 Other assets 6,257 6,378 783 Note circulation 217,605 199,355 193,643 Note circulation 112,244102,861 87,653 Deposits of Trading Banks: Demand deposits 63,426 55,166 42,438 Special 319,170 295,270 269,610 Other liabilities and capital 7,065 7,922 6,723 Other 22,296 39,062 23,297 Other liabilities and capital 193,051 186,688 159,590 National Bank of Czechoslovakia (millions of koruny): Austrian National Bank (millions Gold and foreign exchange 9. . .. 4,420 4,186 4,259 5,156 of schillings): Loans and discounts 26,456 30,234 25,114 12,793 Gold 50 50 49 47 Other assets 48,176 48,306 48,452 54,917 Foreign exchange 95 86 83 55 Note circulation 70,489 71,997 68,466 56,009 Loans and discounts 1,129 1,109 736 107 Deposits 562 2,039 984 4,998 Claim against Government 6,256 6,192 7,503 7,547 Other liabilities and capital 8,001 8,691 8,375 11,858 Other assets 4 3 2 8 Note circulation 5,669 5,635 5,388 3,687National Bank of Denmark Deposits—Banks 485 507 580 1,143 (millions of kroner): Other 787 869 558 900 Gold 70 70 70 71 Blocked 593 428 1,846 2,034 Foreign exchange 177 175 138 100 Contributions to Int'l. Fund and National Bank of Belgium * to Int'l. Bank 65 65 65 65 (millions of francs): Clearing accounts (net) -24 -23 -14 Gold 27,741 27,334 27,782 25,980 Loans and discounts 23 23 20 20 Foreign claims and balances (net) 12,444 13,598 12,074 Securities 125 130 121 113 Loans and discounts 5,191 4,720 3,132 Govt. compensation account.... 5,052 5,092 5,107 5,571 Consolidated Government debt.. 34,997 35,000 35,000 Other assets 197 158 170 192 Government securities 3,889 4,636 4,622 Note circulation 1,517 1,614 1,520 1,571 Other assets 3,466 4,233 3,118 Deposits—Government 2,014 1,858 1,826 1,873 Note circulation 82,973 83,176 81,376 79,736 Other 2,028 2,058 2,165 2,527 Deposits—Demand 2,255 2,474 2,052 Other liabilities and capital 150 160 157 145 E. C. A 417 1,701 365 Other liabilities and capital 2,083 2,171 1,935 Central Bank of the Dominican Republic (thousands of dollars): Central Bank of Bolivia—Mone- Gold 4,001 4,000 4,000 5,250 tary dept. (millions of bolivianos): (Oct.)' Foreign exchange (net) 10,440 10,831 11,419 11,877 Gold at home and abroad 954 951 Net claim on Int'l. Fund 7 1,250 1,250 1,250 Foreign exchange 237 178 Paid-in capital—Int'l. Bank... . 40 40 40 Loans and discounts 577 298 Loans and discounts 136 74 78 Government securities 750 800 Government securities 5,000 5,000 5,000 Other assets 20 28 Other assets 759 740 730 83 Note circulation 2,045 1,820 Note circulation 17,404 17,424 16,957 14,241 Deposits 222 207 Demand deposits 4,056 4,356 5,393 2,851 Other liabilities and capital 272 228 Other liabilities and capital 166 156 168 118 National Bank of Bulgaria 5 Central Bank of Ecuador (thousands of sucres): Central Bank of Chile (millions Gold 277,657 277,616 275,084 of pesos): Foreign exchange (net) 68,627 50 305 22,884 Gold e 1,169 1,164 Net claim on Int'l. Fund 7 16,882 16,,882 16,877 F N o e r t e c ig la n i m ex o ch n a I n n g t e ' l. ( n F e u t n ) d 7 28 10 3 3 Credits— O G t o h v e e r rnment 1 12 2 0 1 , , 5 2 9 3 9 4 1 1 2 1 4 8 ,, 4 3 2 8 2 4 Discounts for member banks 1,632 1,031 Other assets 107,816109,446 103,744 Loans to Government 768 805 Note circulation 375,644 373 965313,142 O O t t h h e e r r l a o s a s n e s ts and discounts 1 1 , ,4 3 1 6 5 0 1 1 , , 1 2 7 1 1 4 Demand deposits— O Pr t i h v e a r te banks 1 6 4 0 4 , , 1 0 0 4 5 5 6 7 2 7 7 0 233,070 Note circulation 4,720 3,947 Other liabilities and capital... 133,022 693 84,247 Deposits—Bank 1,037 751 Other 246 435 Other liabilities and capital 371 358 r Revised. 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. * 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 Latest month available. 5 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 6 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 7 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. 8 Gold not reported separately beginning May 31, 1948. 9 Gold not reported separately beginning Dec. 31, 1946. 320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank 1948 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. National Bank of Egypt (thou- National Bank of Hungary (milsands of pounds): lions of forint): Gold 6,376 6,376 Gold 412 412 403 403 Foreign exchange 13,627 13,480 Foreign exchange 195 153 139 104 Loans and discounts 8,732 6,681 Discounts 17 50 69 1,624 British, Egyptian, and other Loans—Treasury 335 337 340 340 Government securities 331,042306,083 Other 6,492 5,970 5,664 Other assets 25,357 28,701 Other assets 290 255 190 184 Note circulation 152,332133,530 Note circulation 2,735 2,817 2,544 1,962 Deposits—Government 89,006 89,684 Demand deposits—Government. 5 6 12 122 Other 132,386120,787 Other 4,206 3,579 3,527 194 Other liabilities and capital 11,409 17,321 Other liabilities and capital 795 775 722 376 Central Reserve Bank of £1 Salva- Reserve Bank of India (millions of dor (thousands of colones): rupees): Gold 36,225 36,274 36,328 36,786 Issue department: Foreign exchange (net) 42,689 32,922 27,959 39,969 Gold at home and abroad. . 414 422 444 Net claim on Int'l. Fund x 1,564 1,564 1,564 1,564 Sterling securities 7,689 7,862 11,353 Loans and discounts 4,576 5,572 3,995 4,975 Indian Govt. securities 3,433 3,501 578 Government debt and securities. 5,345 5,346 5,312 5,462 Rupee coin 453 466 369 Other assets 1,334 1,050 1,418 1,707 Note circulation 11,882 11,976 12,622 Note circulation 62,591 57,002 50,436 57,259 Banking department: Deposits 23,210 19,849 20,218 27,623 Notes of issue department.. 105 275 123 Other liabilities and capital 5,932 5,878 5,922 5,581 Balances abroad 2,563 2,764 3,717 Bills discounted 22 23 34 State Bank of Ethiopia—Issue Loans to Government 30 36 2 dept. (thousands of dollars): Other assets 1,138 957 1,119 Gold 3,967 1,832 Deposits 3,618 3,822 4,738 Silver 3,994 2,321 Other liabilities and capital. 240 234 256 Foreign exchange 27,063 27,464 Treasury bills 5,832 5,832Central Bank of Ireland (thousands Other assets 29,681 30,298 of pounds): Circulation—Notes 40,823 38,799 2,646 2,646 2,646 2,646 Coin 28,704 28,380 Sterling funds 42,706 45,299 43,289 40,813 Other liabilities and capital 1,010 567 Note circulation. 45,352 47,945 45,935 43,459 Bank of Finland (millions of Bank of Italy (millions of lire): markkaa): Gold.... . ,256 768 525 Gold 268 268 268 91 Foreign exchange ,204 ,228 12,712 Foreign assets (net) 978 1,098 585 560 Advances—Treasury ,638 647,123608,856 Clearings (net) -2,244 -2,199 -2,218 -2,587 Other Govt. agencies 16 Loans and discounts 34,502 35,023 35,826 31,843 Loans and discounts 180,657164 162,601 Securities 925 893 899 378 Government securities 186,344176 127,364 Other assets 1,143 1,359 916 779 Other assets 261,906 200 68,864 Note circulation 25,782 27,369 27,400 23,258 Bank of Italy notes 911,9944825,709 719,714 Deposits 2,174 1,627 1,434 1,288 Allied military notes 51,069 365 63,372 Other liabilities and capital 7,615 7,446 7,441 6,518 Deposits—Government 58,199 154 Demand 85,900 054 73,653 Bank of the German States 2 Other 163,992 517100,745 (millions of German marks) Other liabilities and capital 42,903 33 659 23,456 Foreign exchange 983 843 Loans and discounts 1,629 1,327 Bank of Japan (millions of yen): Loans to Government 7,619 7,781 Cash and bullion 865 833 3,264 Other assets 2,255 1,779 Advances to Government. . . . 84,760 862 55,522 Note circulation 3 6,319 6,017 Loans and discounts 51,901 435 38,749 Deposits—Government 1,335 1,572 Government securities 217,714 ,437122,762 Banks 1,573 1,493 Reconversion Fin. Bk. bonds. 30,005 ,559 35,955 Other 225 248 Other assets 19,821 ,998 8,832 Other liabilities and capital 3,034 2,398 Note circulation. 355,280 294,744 218,049 Deposits—Government. 14,002 10,008 Bank of Greece (billions of drach- Other 22,660 25,269 mae): Other liabilities 13,123 11,758 Gold and foreign exchange (net). 678 632 Loans and discounts 51 18Bank of Java * Advances—Government 1,295 977 Other 1,389 1,177Bank of Mexico (millions of pesos): Other assets 314 108 Monetary reserve 5 675 669 635 628 Note circulation 1,021 893 "Authorized" holdings of securi- Deposits—Government 203 100 ties, etc 1,898 1,919 1,792 1,516 Reconstruction and Bills and discounts 668 641 642 654 relief accts 219 211 Other assets 195 178 207 128 Other 474 215 Note circulation 1,943 2,000 1,856 1,696 Other liabilities and capital 1,809 1,492 Demand liabilities 758 676 686 817 Other liabilities and capital 735 732 735 413 Bank of Guatemala (thousands of quetzales) : Netherlands Bank (millions of Gold 27,230 27,230 27,229 guilders): Foreign exchange 18,173 16,233 22,769 Gold 439 439 449 582 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 Silver (including subsidiary coin) 4 5 4 3 Rediscounts and advances 4,611 4,768 3,182 Foreign assets (net)6 310 458 458 335 Other assets 11,566 11,761 9,708 Loans and discounts 193 155 151 153 Circulation—Notes 33,783 32,461 30,236 Govt. debt and securities 3,300 3,300 3,300 3,500 Coin 3,046 3,023 2,899 Other assets 308 316 340 195 Deposits—Government 4,466 5,178 8,233 Note circulation—Old 109 111 112 125 Banks 11,624 10,399 13,112 New 3,052 3,115 3,088 2,911 Other liabilities and capital 9,910 10,181 9,659 Deposits—Government 265 179 330 857 Blocked 5 57 60 138 E. C. A 214 188 189 Other 705 702 585 509 Other liabilities and capital 203 320 338 227 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. 3 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. 8 Excludes currency issued in the Western sector of Berlin, amounting to 407.4 million German marks on Dec. 31, 1948. 4 For last available report (January 1942), see BULLETIN for March 1943, p. 278. 6 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities, e Beginning January 1949, this figure represents a net of the Bank's foreignL assets andd iis not strictly comparable with amounts shown for ^previous months. JMARCH 1949 321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) Jan. Dec. Nov. Jan. date of month) Jan. Dec. Nov. Jan. Reserve Bank of New Zealand Bank of Sweden (millions of kronor): (thousands of pounds): Gold 177 178 178 229 Gold 2,802 2,802 2,802 Foreign assets (net) 470 450 339 404 Sterling exchange reserve , 43,505 41,537 66,133 Swedish Govt. securities and ad- Advances to State or State un- vances to National Debt Office4 3,130 3,499 ,297 2,702 dertakings 48,212 40,305 43,902 Other domestic bills and advances 173 155 128 116 Investments 16,022 16,124 7,868 Other assets 385 423 726 335 Other assets 23,808 24,865 1,558 Note circulation 2,934 3,113 ,924 2,734 Note circulation 53,110 48,957 49,345 Demand deposits—Government. 728 679 721 613 Demand deposits 75,758 71,619 67,932 Other 228 459 255 163 Other liabilities and capital. 5,480 5,058 4,986 Other liabilities and capital 446 453 768 276. Bank of Norway (millions of kroner): Swiss National Bank'(millions of Gold 233 324 francs): Foreign assets (net) 304 482 Gold 5,834 5,821 5,803 5,605 Clearing accounts (net) -77 Foreign exchange 233 237 207 131 Loans and discounts 51 ""76 Loans and discounts 159 206 139 236, Securities 54 72 Other assets 74 119 85 86 Occupation account (net) 7,924 8,094 Note circulation 4,307 4,594 4,345 4,150 Other assets 116 47 Other sight liabilities 1,521 1,243 1,343 1,200 Note circulation 2,060 2,008 Other liabilities and capital 473 546 546 707 Deposits—Government 4,005 3,846 Banks 1,005 1,365 Central Bank of the Republic of Blocked 754 844 Turkey (thousands of pounds): Other 180 329 Gold* 454,458454,458 448,588 477,932 Other liabilities and capital... 601 703 Foreign exchange and foreign clearings 104,151 84,279 82,966 254,807 Bank of Paraguay—Monetary Loans and discounts 774,248820,245 801,332 597,580 dept. (thousands of guaranies): Securities 213,188213,857 198,109 196,381 Gold 696 710 724 721 Other assets 57,499 39,857 43,839 37,232 Foreign exchange (net) -372 1,334 4,618 23,736 Note circulation 937,511935,111 944,215 860,840 Net claim on Int'l. Fund * 2,710 2,710 2,710 2,709 Deposits—Gold 153,035153,035 153,035 151,802 Paid-in capital—Int'l. Bank. .. . -92 -92 -14 -16 Other 229,833258,590 212,697 312,981 Loans and discounts 69,625 68,737 60,784 16,000 Other liabilities and capital 283,165265,962 264,888 238,309, Government loans and securities 7,636 7,636 5,099 8,968 Other assets 2,732 622 2,961 1,014 Bank of the Republic of Uruguay Note and coin issue 63,788 64,588 58,378 42,591 (thousands of pesos): (Oct.)6 Demand deposits 16,815 15,068 13,329 8,092 Gold 261,032 287,803 Other liabilities and capital 2,333 2,000 5,175 2,449 Silver 12,290 12,628 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 54,737 Gold and foreign exchange 175,376 947107,149 Other loans and discounts 236,496 183,113 Net claim on Int'l. Fund * 20,495 495 20,496 Other assets 284,848 261,358 Contribution to Int'l. Bank 2,356 356 2,480 Note circulation 242,416 237,099 Loans and discounts to banks.. 116,296 109124,863 Deposits—Government 65,757 64,224 Loans to Government 733,582 637708,129 Other 252,309 267,290 Other assets 56,252 378 87,562 Other liabilities and capital 297,396 231,339 Note circulation 761,287 505 696,098 Deposits 257,928 247 244,431 Central Bank of Venezuela (thou- Other liabilities and capital. 85,141 110,150 sands of bolivares): Gold 7 888,521 892,197 557,408 Bank of Portugal (millions of Foreign exchange (net) 170,077 10,276 108,399 escudos): Other assets 66,364 77,532 77,297 Gold 3,937 4,618 Note circulation—Central Bank. 767,632 651,934 590,006 Foreign exchange (net) 9,047 10,715 National banks. 1,662 2,749 3,893 Loans and discounts 431 397 Deposits 252,643 305,615 117,514 Advances to Government 1,277 1,280 Other liabilities and capital 103,024 19,708 31,691 Other assets 533 491 Note circulation 8,554 8,454National Bank of the Kingdom Demand deposits—Government. 815 1,699 of Yugoslavia 2 Other 4,858 6,443 Other liabilities and capital 997 905 Bank for International Settlements 8 (thousands of Swiss gold National Bank of Rumania s francs): Gold in bars 110,208 134,011 101,510 South African Reserve Bank Cash on hand and on current (thousands of pounds): account with banks 27,468 19,242 15,866 23,486 Gold « 44,965 47,641187,751 Sight funds at interest 1,207 497 496 496 Foreign bills 32,361 43,756 53,094 Rediscountable bills and accept- Other bills and loans 102,947102,534 7,454 ances (at cost) 16,867 16,662 16,697 27,739 Other assets 9,977 8,385 15,573 Time funds at interest 21,865 25,056 29,132 15,506 Note circulation 68,414 66,593 63,099 Sundry bills and investments. . .188,111168,842 146,773 60,509 Deposits 112,895127,974194,184 Funds invested in Germany 297,201297,201 297,201 291,160 Other liabilities and capital. 8,940 7,750 6,588 Other assets 2,231 1,396 2,124 210 Demand deposits (gold) 26,878 15,118 22,371 17,665 Bank of Spain (millions of pesetas): Short-term deposits (various Gold 1,219 1,215 currencies): Silver 500 500 Central banks for own ac- Government loans and securities. 15,782 15,752 count 156,026143,531 139,557 16,354 Other loans and discounts 10,025 9,677 Other 1,075 1,245 1,126 9,290 Other assets 3,793 3,566 Long-term deposits: Special ac- Note circulation 25,487 25,294 counts 228,909228,909 228,909 228,909 Deposits—Government 503 1,104 Other liabilities and capital 251,017250,300 250,336 248,400 Other 4,703 3,567 Other liabilities and capital 623 746 1 This ffiiggure 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 thei F1 und eng„.a.g„es in op erations in this currency, .t.h..e "net claim" will _e,q ual the country_'s gold contribution. 2 For last available report r from the central bank of Rumania (June 1944), see BULLETIN fo o r March 1945, p. 286; and of Yugoslavia (Feb* ruary 1941), see BULLETIN for March 1942, p. 282. 3 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 4 Includes small amount of non-Government bonds. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 6 Latest month available. 7 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Govern*. ment. 8 See BULLETIN for December 1936, p. 1025. 322 FEDERAL RESERVE BULLETIN, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n 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 F 2 e a 8 b te . ef D fec a t t i e ve b C an e k n t o r f a — l R F 2 e a 8 b te . eff D ec a t t i e ve In effect Dec. 31 Albania... Mar. 21, 1940 Ireland. Nov. 23, 1943 1937 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 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 Dec. 16, 1936 Netherlands . June 27, 1941 July 6 Colombia July 18, 1933 New Zealand. July 26, 1941 Aug. 24 Costa Rica.. . . Apr. 1, 1939 Norway Jan. 9, 1946 Aug. 29 Czechoslovakia Oct. 28, 1945 Peru \ Nov. 13, 1947 Sept. 28 Oct. 26 Dec. 15 Jan. 25, 1940. . •enma.:rk. Jan. 15, 1946 Portugal. . . . Jan. 12, 1944 Apr. 9 Ecuador.... June 8, 1943 Rumania Mar. 25, 1948 May 17 El Salvador. Oct. 15, 1946 South Africa. June 2, 1941 Mar. 17, 1941. . Estonia Oct. 1, 1935 Spain Oct. 27, 1947 May 29 Finland Feb. 1, 1949 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 Greece. . . 12 July 12, 1948 United King- Jan. 10, 1947 . . Hungary.. 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 India 3 Nov. 28, 1935 U, S. S. R.... 4 July 1, 1936 Aug. 27 Yugoslavia. . 1-3 Aug. 20, 1948 Oct. 9 iy2 &3 June 28, 1948. . O Se c p t. t . 6 1 3y2 &4 rat i e T a h p e p l l i o e w s e t r o r th at e e L a a p n p d l ie C s e n to tr a t l h b e a B nk a s n . k Deutscher Laender, and the higher In effect Feb. 28 NOTE.—Changes since Jan. 31: Finland—Feb. 1, down from 1% to 6M 1949 per cent. OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land 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—Dec 1.02 1.04 .81 1.50 1933—Dec 1.06 1.15 .77 1.50 1934—Dec .57 .47 .70 1.50 1935—Dec 1.25 .71 .68 .75 2.50 1936—Dec .75 .83 .84 .78 1.25 1937—Dec .76 .75 .75 .75 2.44 1.00 1938—Dec .67 .96 .93 .80 1.49 1.00 1939—Dec .81 1.23 1.24 1.03 1.50 1.25 1940—Dec .63 1.03 1.01 1.00 1.94 1.25 1941—Dec .55 1.03 1.01 1.03 1.50 1.25 1942—Dec .52 1.03 1.01 1.00 1.42 1.25 1943—Dec .42 1.03 1.01 1.00 1.65 1.25 1944—Dec .37 1.03 1.00 1.02 1.53 1.25 1945—Dec .36 .53 .50 .63 1.33 1.25 1946—Dec .40 .53 .50 .63 1.19 1.21 .78 1.25 1947—Dec .41 .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 2.03 1.08 .77 1.63 Dec.. , .41 .56 .52 .63 1.25 .96 1.63 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941 see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. MARCH 1949 323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom 1 Assets Liabilities ( b m 1 a 1 i n ll L k io s o s . n n t e s d r o F l o i 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 n a s l n o h l e t o i a y r c n t e 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 r s t y 2 Securities c L u o s a to n m s e to rs O as t s h e e t r s Tota D D e e p m o a s n it d s Time li c a O a b a p t i n h l i d i t e t a r i l es 1941—December 366 141 171 758 999 823 324 3,329 2,168 1.161 253 1942—December . . 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—D ecem ber 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—December . 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—December 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—D ecember 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December . 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—January 476 460 800 1,217 ,480 1,231 513 5,776 3,821 1,955 401 February 465 442 713 1,157 ,485 1,280 500 5,642 3,700 400 March 472 468 804 1,153 ,486 1,308 507 5,794 3,686 2,108 404 April 478 463 778 1,240 ,482 1,315 509 5,861 3,744 2,117 404 May 488 454 723 1,248 ,477 1,334 547 5,869 3,832 2,037 401 June 492 473 659 1,361 ,478 1,354 530 5,955 3,872 2,083 393 July . . 489 477 715 1,320 ,478 1,335 487 5,909 3,834 2,075 390 August 499 489 695 1,323 ,474 1,334 477 5,903 3,829 2,074 388 September 490 490 707 1,345 ,472 1,349 485 5,950 3,844 2,106 387 October 485 497 802 1,313 ,475 1,365 497 6,040 3,927 2,113 393 November 495 482 793 1,332 ,480 L ,355 516 6,057 3,958 2,099 396 December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 Assets Liabilities Canada (10 chartered banks. Entirely in Canada Se lo 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 End i o n f m m i o ll n io th n s f o ig f ures a a n b d r o n a e d t Securities Other ci N rc o u t l e a- lia O b t i h li e t r ies Canadian dollars) re C se a r s v h es Se lo c a u n ri s ty l d o i O a sc n t o s h u e a n r n t d s d f u b o e a r e n f i r k g o s n m assets tion Tota Demand Time ca a p n i d tal 1941—December .... 356 32 1.169 168 1,759 653 71 3,105 1,436 1,669 Qrt? 1942—December 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December . 471 48 1,156 250 ,940 744 42 4,395 2,447 1,948 L 172 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2 865 I 386 1946—December 753 136 1,507 132 4,232 11,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 1,544 1948—January 698 77 1,953 97 3,972 1,029 18 6,281 2,457 3,824 1,526 February . ... 679 70 1,933 108 ,968 1,017 18 6,227 2,346 3,881 I 531 March 698 65 1,922 106 4,036 1,123 18 6,395 2,472 3,927 1,532 April 710 76 1,930 108 4,072 1,114 18 6,464 2,513 3,951 L 528 May 728 80 1,925 127 4,066 1,107 17 6,45£> 2,501 3,955 1,561 June 685 84 1,930 135 4,143 1,129 17 6,52? 2,592 3,936 1,561 July 671 77 1,948 128 4,154 1,019 17 > 2,487 3,959 I 533 August 712 77 1.958 144 4,209 1,082 17 6,605 2,606 4,003 1,557 September 734 76 2,023 136 4,185 L.169 17 6,77( 2,728 4,049 1,530 October 751 97 2,110 143 4,156 1,067 17 6,79E\ 2,758 4,040 1,510 November 781 96 2,202 140 4,212 L,149 16 7,020 2,935 4,086 1,542 December 749 101 2,148 144 4,268 L,169 16 7,027 2,970 4,057 1,537 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n t b s h a o n f f i k g s f u r . r a e n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans O as t s h e e t r s Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i d i t e t a r i l es 1941—December .... 6,589 3,476 61,897 8,265 2,040 76,656 75.744 912 413 5,199 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December .. . 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7 506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 \?(>,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—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 k629 5,362 26,173 12 076 April 29,808 27,283 269,554 105,112 33,661 423,905 418,077 5,828 26,878 14,634 May . . 32,885 26,713 270,399 113,086 35,138 435,436 429,788 5,649 27,104 15 681 June 34,770 27,317 274,098 112,566 38,313 440,776 435,902 4,874 28,590 17,698 July 34,308 28,539 305,928 110,301 39,267 470,004 465,104 4,900 28 044 20 295 August 35,504 28,465 295,806 113,956 41,028 464,340 459,603 4,737 28,569 21 849 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 November 40,936 34,493 330,495 127,147 45,913 520,412 514,284 6,128 28,687 29,887 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.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 324 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) Y m e o a n r t o h r "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 f B r i a u e n l m - c) C (r e u y p l e o e n ) C ( o p b l e i o s a o m ) 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—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 26.666 321.23 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—Tan. . . 29.773 25.125 20.000 321.22 2.2844 5.4406 100.000 92.444 130.117 Feb... 29.773 25.125 20.000 321.23 2.2847 5.4406 100.000 92.668 30.117 France Philip- Year or month C s ( l k z o o e v r c u a h n k o a ia ) - ( m D kr e a o n r n k - e) (franc) I (r n u d p i e a e 2 ) I ( t li a ra ly ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h e d - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R ( e p p p e i u n so b e ) lic Official Free 1943 30 122 20 577 324 20 1944 30 122 20 581 324 42 1945 1.9711 30.122 20.581 37.933 323.46 1946 2.0060 20.876 .8409 30.155 .4434 20.581 37.813 322.63 20.176 1947 2.0060 20.864 .8407 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—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 Feb 2.0060 20.854 .4671 .3138 30.168 14.360 37.628 399.15 20.158 49.677 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 en n e- a) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d m ) Ur (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—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 8 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 Feb... 4.0327 400.75 (3) 47.083 27.823 23.363 403.14 65.830 56.180 58.822 53.191 1 Based on quotations beginning Jan. 24, 1949. 2 Excludes Pakistan, beginning April 1948. * 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. MARCH 1949 325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 19 1 n t 2 a 0 6 i 0 t t e e ) = d s C (1 a 1 9 n 0 2 0 a 6 ) d = a M (1 1 9 e 0 2 x 0 9 i ) c = o K U ( i 1 n 1 9 n g 0 3 i 0 t d 0 e ) o = d m F (19 r 1 3 a 0 8 0 n ) 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 n 1 h 1 0 1 d e 9 0 9 s r 3 ) 3 - 9 8- S (1 w 1 9 0 e 3 0 d 5 ) 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 Pl.711 P281 233 1948—February 161 147 304 217 1,537 5,352 9,288 279 209 234 March 161 147 303 217 1,536 5,318 9,485 279 210 235 April . 163 149 303 219 1,555 5,240 9,537 279 213 234 May 164 150 313 220 1,653 5,184 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 5,724 19,138 284 217 230 November 164 160 329 221 1,974 ^5,674 20,499 P289 217 232 December 162 160 321 221 Pi,971 P291 231 1949—January 161 159 322 221 Pl,947 P230 P Preliminary. 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 w a o a t r o u 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 o u n f d r a u l e s y n - 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 l d r u u a s c w - ts p fi I r n n o tr i d d s i h a u u e l 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—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 '154 144 165 144 181 244 238 348 291 December 177 170 153 143 164 144 178 246 1949—January 173 166 153 142 163 143 178 247 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 326 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- United Can- King- Nether- er- United Can- King- Nether- er- Y m e o a n r t o h r (1 S = 9 t 3 a 1 5 t 0 - e 0 3 s ) 9 (1 = 9 a 3 1 d 5 0 a - 0 3 ) 9 17 ( d J ,1 o u 9 m n 4 e 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) (1 l = 9 a 1 n 1 1 0 d - 0 s 1 ) 3 ( l 1 J a u 9 n 1 n d 4 e Y m e o a n r t o h r (1 S = 9 t 3 a 1 5 t 0 e - 0 3 s ) 9 (1 = 9 a 3 1 d 5 0 a - 0 3 ) 9 1 ( 7 d J , o 1 u m 9 n 4 e 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e (1 l = 9 a 1 n 1 1 0 d - 0 s 1 ) 3 ( l 1 J a 9 u n 1 n d 4 e = 100) = 100) = 100) = 100) 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 64-5 210 1946 . . 139 124 204 64-5 208 1947 194 160 H01 1,043 222 1947 159 136 HOI 1,030 217 1948 . . 210 196 108 pL,662 230 1948 171 155 108 p1,633 224 1948-February.. 205 186 108 1,541 230 1948-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 L.499 223 May 211 191 108 1,541 229 May 171 153 108 1,511 223 June 214 194 113 L.560 230 June 172 154 110 1,529 224 July 217 201 108 L.559 229 July 174 157 108 1,528 223 August 217 203 107 L ,716 228 August 175 158 108 1,670 223 September. 215 204 107 1,842 229 September. 175 159 108 L.783 223 October... 212 205 108 1,904 229 October... 174 160 108 1,844 223 November. 208 205 108 1,873 235 November. 172 160 109 1,870 226 December. 205 202 108 P1,924 232 December. 171 159 109 p1,928 225 1949-January... 205 202 pL,932 P231 1949-January... 171 160 1,935 P224 V P Preliminary. 1 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, 2 203 for retail food prices and 166 for cost of living. Sources.-— See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g t ( n r a h a i i t d g t e e e h s d ) i C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 2 1 K ( 9 D U 2 i e n 1 n c g i e = t d m e 1 o d 0 b m 0 e ) r F (1 r 1 9 a 0 3 0 n 8 ) c = e N la e n th d e s r 3 - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e 0 e -3 d s ) 9 C (1 a = 9 n 3 1 a 5 0 d 0 -3 a ) 9 * ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 ( F D 9 r 3 e a 8 c n e = m c 1 e 0 b 0 * e ) r (1 N l 9 a e 3 n t 8 h d = s e 1 r 6 0 - 0) Number of issues. . . 12 (2) 87 50 13 416 106 278 «295 37 1940 115.9 95.1 118.3 M14.2 88.1 77.4 70.8 7 140 1941 117.8 99.4 123.8 M43.4 80.0 67.5 72.5 8 308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123.4 117.2 132.1 144.6 109.6 139.9 115.7 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 P117.0 107.1 124.4 112.5 92.0 Pl,256 1948—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 1,464 185.9 November. . . 97.9 104.5 130.4 113.4 106.6 120.4 117.8 91.6 1,354 December 98.9 104.7 130.4 PIIO.O 106.6 119.4 115.8 91.6 Pl.366 1949—January 100.5 104.8 Pill.6 121.0 114.3 p'1,333 P Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average 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. 8 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; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 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. 7 Average based on figures for 5 months; no data available June-December. 8 Average based on figures for 10 months; no data available January-February. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. MARCH 1949 327 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 DIVISION OF ADMINISTRATIVE SERVICES WOODLIEF THOMAS, Director LISTON P. BETHEA, Director RALPH A. YOUNG, 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 First Vice President LAWRENCE CLAYTON W. RANDOLPH BURGESS, NEW YORK DISTRICT ERNEST G. DRAPER FREDERIC A. POTTS, PHILADELPHIA DISTRICT C. E. EARHART SIDNEY B. CONGDON, CLEVELAND DISTRICT MARRINER S. ECCLES R. M. EVANS ROBERT V. FLEMING, RICHMOND DISTRICT Second Vice President RAY M. GIDNEY HUGH LEACH J. T. BROWN, ATLANTA DISTRICT W. S. MCLARIN, JR. EDWARD E. BROWN, CHICAGO DISTRICT M. S. SZYMCZAK President JAMES K. VARDAMAN, JR. W. L. HEMINGWAY, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary HENRY E. ATWOOD, MINNEAPOLIS DISTRICT S. R. CARPENTER, Assistant Secretary JAMES M. KEMPER, KANSAS CITY DISTRICT GEORGE B. VEST, General Counsel WOODLIEF THOMAS, Economist J. E. WOODS, DALLAS DISTRICT EARLE L. RAUBER, Associate Economist DONALD S. THOMPSON, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT O. P. WHEELER, Associate Economist JOHN H. WILLIAMS, Associate Economist HERBERT V. PROCHNOW, Secretary ROBERT G. ROUSE, Manager of System Open Market Account 328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, i\ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice Jrresiuencs 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 A. H. Laning3 A. Z. Baker Wm. H. Fletcher W. D. Fulton Martin Morrison J. W. Kossin Paul C. Stetzelberger Donald S. Thompson Richmond Charles P. McCormick Hugh Leach R. L. Cherry W. R. Milford J.B. Woodward, Jr. J. S. Walden, Jr. Claude L. Guthrie3 C. B. Strathy R. W. Mercer Edw. A. Wayne Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. Rufus C. Harris L. M. Clark V. K. Bowman T. A. Lanford J. E. Denmark E. P. Paris S. P. Schuessler 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 C. M. Stewart Minneapolis.... Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis.... Helena R. E. Towle Cleveland Cincinnati W. D. Fulton 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. MARCH 1949 329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS1 The material listed below may be obtained from history of Paraguay. July 1946. 170 pages. the Division of Administrative Services, Board of $1.00 per copy. Governors of the Federal Reserve System, Wash- RULES OF ORGANIZATION AND RULES OF PROCEDURE ington 25, D. C. Remittance should be made pay- (Board of Governors of the Federal Reserve Sysable to the order of the Board of Governors of the tem). September 1946. 31 pages. Federal Reserve System. THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing pro- FEDERAL RESERVE BULLETIN. Issued monthly. Subvisions of certain other statutes affecting the scription price in the United States and its posses- Federal Reserve System. 372 pages. 50 cents per sions, Bolivia, Canada, Chile, Colombia, Costa paper-bound copy; $1.00 per cloth-bound copy. Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, New- POSTWAR ECONOMIC STUDIES. (8 pamphlets) foundland (including Laborador), Nicaragua, No. 1. Jobs, Production, and Living Standards. Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per No. 2. Agricultural Adjustment and Income. copy; elsewhere, $2.60 per annum or 25 cents per No. 3. Public Finance and Full Employment. copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per No. 4. Prices, Wages, and Employment. copy per month, or $1.50 for 12 months. No. 5. Private Capital Requirements. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. $9.00 per No. 6. Housing, Social Security, and Public annum, or $1.00 per copy. In quantities of 10 or Works. more copies of a particular issue for single ship- No. 7. International Monetary Policies. ment, 75 cents each. No. 8. Federal Reserve Policy. BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the The price for the set of eight pamphlets is $1.25; Board's staff. August 1941; reprinted March 25 cents per pamphlet, or, in quantities of 10 or 1948. 496 pages. Paper cover. $1.00 per copy; more for single shipment, 15 cents per pamphlet. in quantities of 10 or more copies for single ship- THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND ment, 75 cents each. FUNCTIONS. November 1947. 125 pages. 75 BANKING AND MONETARY STATISTICS. Statistics of cents per cloth-bound copy; in quantities of 10 banking, monetary, and other financial develop- or more copies for single shipment, 50 cents each. ments. November 1943. 979 pages. $1.50 per Paper-bound copies available without charge. copy. No charge for individual sections (un- DEBITS AND CLEARINGS STATISTICS, THEIR BACKbound). GROUND AND INTERPRETATION. October 1947. 50 PROVISIONS OF STATE LAWS RELATING TO BANK RE- pages. 25 cents per copy; in quantities of 10 or SERVES as of December 31, 1944. 1945. 30 pages. more copies for single shipment, 15 cents each. MONETARY AND BANKING REFORM IN PARAGUAY. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, Includes translation of laws, accompanying re- December 31, 1947. July 1948. 122 pages. ports, and introduction reviewing the monetary REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations 1A more complete list, including periodical releases and reprints, appeared on pp. 1554-1557 of the Dec. 1948 BULLETIN. with amendments. 330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS SALES FINANCE COMPANY OPERATIONS IN 1947, by (From Federal Reserve Bulletin unless preceded by an asterisk) 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 BANK LOANS TO FARMERS. October and December July 1948 issue of the American Bar Association 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. Copelanc! 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. THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RECENT DEVELOPMENTS IN BUSINESS FINANCE; with 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— FINANCIAL POSITION AND BUYING PLANS OF CON- I. EXPENDITURES FOR DURABLE GOODS. June 1948. SUMERS, July 1948. November 1948. 5 pages. 15 pages. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE II. THE DISTRIBUTION OF CONSUMER INCOME IN OF PAYMENTS PROBLEMS, by David L. Grove and 1947. June 1948. 8 pages. Gerald M. Alter. November 1948. 11 pages. III. CONSUMER OWNERSHIP AND USE OF LIQUID 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. Presented by Chairman Thomas B. McCabe on V. HOUSING EXPENDITURES AND FINANCE. September 1948. 8 pages. February 14, 1949. 7 pages. 1948 SURVEY OF CONSUMER FINANCES. June, July, NEW STATISTICS OF INTEREST RATES ON BUSINESS August, and September 1948. 65 pages. LOANS, by Richard Youngdahl. March 1949. 10 pages. RETAIL CREDIT SURVEY—1947. From July 1948 BULLETIN with supplementary information for SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, nine separate trades. 41 pages. by Charles H. Schmidt. March 1949. 9 pages. MARCH 1949 331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES > BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM I FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OCTOBER 1.1948 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEU Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis