Federal Reserve Bulletin, 1949-04

F E D E R AL E S E R VE BU ETIN APRIL 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 Recent Developments in Instalment Credit. . 333-342 Regulation W—Its Role in Economic Stability. . 343-347 Postwar Credit Controls in France, by Albert O. Hirschman and Robert V. Rosa. 348-360 Report of Joint Brazil-United States Technical Commission. . 361-373 Law Department: Margin Requirements for Purchasing Securities. . 374 Consumer Instalment Credit. 374 Annual Report of the Bank of Canada. 375-381 Current Events and Announcements. 381 National Summary of Business Conditions. . 382-383 Financial, Industrial, Commercial Statistics, U. S. (See p. 385 for list of tables) 385-440 International Financial Statistics (See p. 441 for list of tables) . 441-459 Board of Governors and StafT; Open Market Committee and Staff; Federal Advisory Council 460 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . 461 Federal Reserve Publications 462-463 Map of Federal Reserve Districts. . 464 Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 35 April 1949 NUMBER 4 RECENT DEVELOPMENTS IN INSTALMENT CREDIT In three and a half years since the war, in production schedules, employment, and instalment obligations of American con- prices in the industries affected. sumers arising out of the purchases of goods The recent abatement of growth in deand cash borrowings have increased approxi- mand for consumer goods and for instalmately fourfold. At present, the aggregate ment credit to finance consumer expendiof these instalment debts amounts to ap- tures is the result of many factors. The proximately 8 billion dollars. After an ex- change has occurred for the most part since ceptionally rapid rise from the abnormally the reimposition of Regulation W last Seplow level reached during the war, the rate tember by the Board of Governors of the of growth has slowed down considerably Federal Reserve System. This regulation in recent months. Seasonal patterns which prescribes minimum down payments and had been largely obscured during the period maximum maturities for financing the sale of rapid growth were again apparent in of specified durable goods and maximum January and February, bringing about the maturities on instalment loans for general first month-to-month declines in total instal- expenditure purposes. In view of the ment balances since 1945. changing situation in the consumer goods Reappearance of seasonal movements in and instalment credit fields, as well as in instalment credit after a lapse of several years the economy generally, the Board modified reflects the fact that important changes have its regulation of consumer instalment credit been taking place in consumer markets for terms effective March 7. The change was durable and other goods. Since the war, in keeping with Board policy of administerproduction of these goods has attained rec- ing Regulation W in a flexible manner, with ord volume in order to satisfy backlog de- the dual purpose of restraining excessive mands built up during the war period as well growth of consumer instalment debt and as those arising currently. During recent maintaining sound conditions in this area months signs began to appear that shortages of financing. in consumer goods lines were moderating. Regulation of instalment credit terms was With more adequate supplies and some first introduced under executive order late abatement of demand, retail sales of many in the preparedness period in 1941 when durable goods as well as other items declined, consumer incomes were rising rapidly. At and growth in consumer instalment credit that time the regulation had the general began to slacken. The emergence of these purpose of limiting the availability of conconsumer market and financing conditions sumer credit as a supplement to cash spendhas been reflected in downward adjustments ing, especially for goods in scarce supply. 333 APRIL 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT During the war years production of many POSTWAR GROWTH IN INSTALMENT CREDIT consumer goods, especially durable items, After the war and until recent months was cut back drastically, and the volume of consumer instalment credit expanded at an instalment credit outstanding, primarily be- exceptionally fast rate, as shown in the chart. cause of shortages of goods but also because The increase in outstanding credit, which of the restraining influence of the regulation, averaged approximately 2 billion dollars a was reduced to almost a fourth of the peak year, more than offset the wartime decrease, level reached in 1941. Throughout most of and the total now surpasses the 1941 peak the war period the regulation applied to by about 2 billion dollars. In the last quarter other forms of consumer credit as well as of 1948, the amounts of increase began to instalment credit. shrink and in early 1949 outstanding bal- Immediately after the war total consumer ances declined for the first time in about demand made effective by accumulated three years. liquid savings and high current incomes was CONSUMER INSTALMENT CREDIT OUTSTANDING more than sufficient, without the support of additional credit, to absorb all the goods that could be produced at advancing price levels. Accordingly, instalment credit regulation was retained with the purpose of exerting some restraint on inflationary pressures in consumer markets. Termination of instalment credit regulation by Congressional resolution on November 1, 1947 coincided with an increased flow of durable and other goods to consumer markets and with mounting pressure on 1929 1931 1933 1935 1937 1939 1941 1943 1945 1947 1949 consumer financial positions as prices rose Estimates. Latest figures shown are for February. further. As terms for credit were gradually Postwar trends for the two major comrelaxed through the play of competitive ponents of instalment credit—sale credit and forces, instalment credit financing gained loan credit—have differed somewhat. Insomewhat in inflationary impetus. In these stalment loan credit—which includes general circumstances and in view of the tight situexpenditure loans as well as those to buy ation prevailing in supplies of labor and durable goods—accounted for most of the materials, last August, upon recommendagrowth in instalment credit balances during tion of the President, Congress enacted legis- 1946 and early 1947. Growth of instalment lation granting to the Board of Governors sale credit has been more closely allied with temporary authority to reimpose instalment the increasing supplies of consumer durable credit regulation. The new regulation, ap- goods. The pattern has varied for each plicable to instalment sales of certain impor- product depending upon the length of time tant durable goods and to certain types of it has taken to build up sufficient production instalment loans, became effective Septem- to meet the over-all demand at prevailing ber 20, 1948. prices. 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT Automobile instalment credit. The pur- cantly, largely as a result of the higher prices chase of automobiles is the most important of automobiles. With the number and aversingle source of demand for consumer in- age value of instalment transactions increasstalment credit. The amount of this credit ing, the volume of new credit extended has currently outstanding is approximately 2.7 grown rapidly. In 1948 about 4.2 billion billion dollars. About 2 billion of this dollars in new credits were extended through amount is classified as instalment sale credit automobile dealers and banks in order to which is originated by dealers. The re- finance the retail sale of new and used mainder is instalment loan credit extended passenger cars. By contrast, the total was as cash loans, principally by commercial 1.5 billion in 1946 and 2.9 billion in 1947. banks. It is estimated that approximately Finally, some of the increase in outstandfive million persons are in debt for the pur- ing instalment credit on automobiles results chase of automobiles—one of the more ex- from a lengthening of the average contract pensive goods bought by consumers. Half maturity within the limits permitted by Regof the nation's families own at least one car, ulation W during the period of its operation. and this widespread ownership has been The current ratio of collections to accounts made easier through the extensive use of receivable suggests an average maturity of instalment credit. roughly 17 months. This compares with an Three years of rapid growth have raised average maturity of about 13 months in 1946 the proportion of total automobile credit and a 1941 average of 18 months. from about 15 per cent of all instalment Other sale credit. In the three and one-half credit in 1945 to more than 33 per cent years since the war, the balance outstanding at the present time. In 1948, when total of instalment credit extended by retail stores instalment credit rose about 2 billion dollars, to customers for the purchase of appliances, half of the increase represented automobile radios, furniture, jewelry, and other comcredit. modities has grown from about 600 million Postwar expansion of automobile instal- dollars to approximately 2.5 billion dollars. ment credit obligations has reflected the in- The increase accelerated as major durable fluence of several important factors. As goods began to flow into retail channels. automobile production has grown year by By 1947 net additions to nonautomotive inyear since the war, the proportion sold on stalment indebtedness averaged nearly 70 credit has risen substantially. In 1946 about million dollars a month, a considerably one-fifth of all car sales were on a time basis. faster growth than was evidenced in any By 1948 the proportion had reached two- prewar year. fifths. The proportion is not yet so high, The rapid rise was due partly to the greater however, as before the war when more than use of instalment financing, not only for three out of five retail sales of automobiles purchases of furniture and major household represented instalment sales. Some of the appliances but also for other consumer items increase in automobile instalment credit re- such as jewelry and clothing. New credits flects a higher average balance on instalment arising from purchases of commodities other contracts as a result of sharp increases in car than automobiles totaled nearly 4.8 billion prices during the postwar period. Finance dollars in 1948, compared with about 2.6 and insurance charges also have risen signifi- billion in 1946. The mounting indebted- APRIL 1949 335 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT ness slowed down somewhat in the late repayment period, resulted in marked gains months of 1948 when new credit granted in outstanding balances. The net amount began to level off. owed to lending agencies by consumers on During the first postwar year, down pay- instalment loans rose from 1.5 billion dollars ments on instalment purchases of major in early 1946 to 4 billion by early 1949. durable goods were unusually large, and In recent months new loan volume has outstanding indebtedness was liquidated been fairly constant, while repayments have more rapidly than at any other time on continued to expand. In line with this, gains record. As prices rose and more goods were in amount outstanding have slowed down purchased on a time-payment plan, a larger considerably. The net addition to balances proportion of the total sales was financed during 1948, for example, was roughly threethrough credit, and a longer period was re- fourths of the 1947 increase. quired to repay the outstanding indebted- RECENT SLACKENING OF INSTALMENT CREDIT ness. A decline in rate of repayment in re- GROWTH cent months—due to slower collections and longer contract maturities—has been ap- The major segments of instalment credit, parent in all trade lines. except automobile credit, showed a smaller Instalment loan credit. Instalment loans increase in 1948 than during the preceding are extended to individuals by lending agen- year largely because of the slackening in the cies, such as banks, credit unions, and loan fourth quarter. In January 1949, as shown companies. The proceeds may be used for in the table, growth in automobile credit a number of purposes, including the pur- almost came to a halt, although a moderate chase of durable goods, repairs and additions increase was reported in February. Other to homes, and more general personal and types of instalment credit declined in Januhousehold needs. Such debt was greatly re- ary and February, largely in accordance with duced during the war years. However, the the prewar seasonal pattern. fact that loans for general expenditure pur- A leveling off of consumer purchases of poses constitute a substantial portion of the durable goods in the latter part of 1948 was total prevented a decline as precipitous as a primary factor in checking the upward that shown by instalment sale credit. trend of instalment credit. Demand for With the general reappearance of con- many durable items had weakened. There sumer goods and building materials follow- was also a moderation of such postwar social ing the war, the volume of instalment loans factors as the spurt in marriages, the higher rose fairly rapidly. There were increases birth rate, and increased family migration, in both the number of loans made and, which contributed to the incurrence of debt because of price rises, the average amount by large numbers of consumers. Of some of loan contract. During 1948 total loans consequence in the last three months of made reached 6.7 billion dollars, roughly 1948 was the reimposition of controls over twice the prewar high in 1941 and over one instalment credit. and one-half times the extensions in 1946. Current demand for automobiles is still The increasing volume of this type of relatively strong, although in the latter half credit during the three years 1946-48, to- of 1948 there was a noticeable weakening gether with a gradual lengthening of the in the extraordinary pressures that have pre- 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT RECENT CHANGES IN CONSUMER INSTALMENT CREDIT OUT- household items, such as refrigerators, wash- STANDING ing machines, and furniture, were in strong [In millions of dollars] demand until the latter part of 1948, and Instalment sale credit for television sets demand was brisk through- Total Instal- Period instal- ment out the year. Despite a slowing down of sales ment Auto- loan credit1 mobile Otheri Total i credit for some of these items mentioned, total sales during 1948 exceeded those in 1947 and were Quarterly far ahead of prewar totals. 1947—First +406 +147 +9 +156 +250 Second +659 +189 +199 +388 +271 Third +435 +124 +141 +265 +170 Changes in the level of consumer buying Fourth +934 +147 +482 +629 +305 are reflected only gradually in the outstand- 1948—First -\-388 +216 -43 +173 +215 Second +716 +235 +231 +466 +250 ing volume of instalment credit. This fol- Third +665 +256 +225 +481 +184 Fourth +418 +103 +240 +343 +75 lows from the fact that changes in the out- Monthly standing amounts of instalment debt rep- 1947—January +89 +37 -29 +8 +81 February + 129 +50 +5 +55 +74 resent not only the volume of new credit 1948—January +34 +51 -73 -22 +56 extensions but also the amount of repay- February +81 +52 -25 +27 +54 ments on the unpaid balances of contracts 1949—January? -180 +4 -164 -160 -20 February? -84 +35 -96 -61 -23 entered into in preceding periods. In ad- Amount outstanding, dition, shifts in the average maturity that end of month: December, 1946 4,000 544 1,104 1,648 2,352 have occurred over a period of time have February, 1949? 8,357 2,000 2,328 4,328 4,029 affected the current volume of repayments P Preliminary. 1 These estimates include preliminary revisions of instalment sale and thereby have influenced the present level credit, excluding automobile credit, and therefore are not identical with instalment credit data shown on pp. 432-33 of this BULLETIN. of outstanding credit. A table showing revised monthly estimates from January 1942 to date will appear in the BULLETIN for May. Total outstanding balances of automobile vailed since the end of the war. This instalment credit originated by dealers and weakening was especially apparent in the banks rose at an average monthly rate of market for used cars and higher-priced new approximately 70 million dollars during 1947 models. and 100 million during most of 1948. This The urgency of demand for some durable meant that the amount of new credit exgoods had moderated somewhat earlier than tended exceeded the repayment of old credit it had in the case of automobiles, principally by these amounts. The average rate of because peak production was reached sooner growth was in part the result of a rising and had been sustained longer. In fact, volume of new credit extensions and in part for most household equipment items pro- of a gradual lengthening of average maduction was built up by 1947 to levels that turities. were considerably above prewar, while the In the latter part of 1948, however, new output of passenger cars lagged and has only credit extensions for automobiles began to recently reached prewar volume. decline, largely because of a decline in sales Demand for radios and vacuum cleaners of used cars. The spread between new exshowed signs of slackening about a year ago. tensions and repayments narrowed, and the Although output and sales of these products rate of growth of outstanding credit dewere still substantially above prewar levels, clined to an average of about 30 million dolthe 1948 dollar volume of sales declined lars a month in the final quarter of the year. somewhat from the peak in 1947. Other In the case of durable goods other than APRIL 1949 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT automobiles, a narrowing of the excess of down payment on furniture and maturities new instalment credits over repayments of 15 months on automobiles. was evident in early 1948. New credit The Board revised the wartime regulation, extended for the year as a whole increased effective December 1, 1946, by dropping conmoderately over 1947, but in the latter part trols over charge accounts and single-payof 1948 the amount extended was less than ment loans and by narrowing the area of that a year earlier. As the growth in new control over instalment credit. Consumer credits moderated and the volume of repay- durables subject to regulation were reduced ments mounted, the net increases in out- from 36 to 12 categories and the repayment standing credit tended to diminish some- period was established at 15 months. The what. Around the year-end customary sea- items remaining included automobiles, masonal changes, which had been largely ob- jor household appliances, radios, phonoscured during the period of rapid growth graphs, sewing machines, furniture, and in outstandings, again became more ap- soft-surfaced floor coverings, with a general parent; balances usually build up to a Christ- exemption for any article costing less than mas peak, followed by declines in January $50. These controls were in effect until and February. November 1, 1947, when Regulation W was For cash instalment loans extended by terminated by Congressional resolution. banks and other lending agencies, there was During the ensuing unregulated period a general leveling off of new credits in 1948. of nearly 11 months, instalment terms were This was evidenced by smaller month-to- relaxed considerably—in some instances to month gains in outstandings during most the most lenient prewar, unregulated armonths of the year compared with cor- rangements. A number of trade associations responding months of 1947. In January of credit grantors attempted to restrict the and February 1949 repayments exceeded new easing of terms as much as possible. Also, credits extended for the first time in about many retailers, particularly the smaller outfour years, and cash loan balances declined. lets, were directly influenced by the reluctance of banks and finance companies to CHANGES IN TERMS ON INSTALMENT discount paper if terms were too "soft." CONTRACTS Nevertheless, competition among credit- During the war years and through Novem- granting agencies together with the pressing ber 1946, Regulation W governed minimum demand on the part of consumers brought down payments and maximum maturities of about considerable softening of typical terms instalment contracts on sales of an extensive by mid-1948. list of durable goods, maximum maturity re- On August 19, 1948, the Board of Goverquirements on instalment loans for general nors acted, under its then recently acquired expenditure purposes, and repayment terms temporary authority, to reimpose regulation for charge accounts and single-payment of instalment credit terms, effective Septemloans. On instalment transactions, down ber 20. Broadly stated, the objective was payment of one-third of sale price was gen- to check inflationary credit spending for erally required and a maximum of 12 consumer durable goods by slowing down months was allowed for repayment. The the rate of expansion of outstanding instalprincipal exceptions were a 20 per cent ment debt. Down payment and maturity re- 338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT quirements were applied to the same 12 of Governors modified instalment terms on types of consumer durables covered when the listed articles, effective March 7. Matuthe regulation was terminated but were rity limitations on all listed durable goods somewhat more lenient than the earlier and on instalment loans were extended to 21 terms. The required down payment on ap- months and down payments on items other pliances and radios was reduced to 20 per than automobiles were lowered to 15 per cent and the repayment period was extended cent. The accompanying table compares from 15 to 18 months on all credits over these requirements with those previously $1,000. Instalment loans to be used to pur- prescribed and also with prewar terms and chase articles specifically listed by the regu- terms prevailing in the unregulated period lation were required to conform with the November 1, 1947 to September 20, 1948. terms applicable to that article. For all other It is too early to appraise the effect of these instalment loans, the maximum maturity recent changes in the regulation. There is could not exceed 15 months, unless the credit evidence, however, that some lenders and involved was in excess of $1,000, in which retailers have not deemed it advisable or case 18 months were allowed for repayment. necessary to adopt down payments as low By the end of February 1949, it became as the minimum, or maturity terms as long clear that consumer buying pressures in the as the maximum, permitted. This emphadurable goods area had moderated signifi- sizes the point, sometimes overlooked, that cantly during the first few months of the the regulation establishes boundary lines benew regulation. Reflecting the change in yond which credit terms are not permitted economic and credit conditions, the Board to go. Within the limits set by the regula- INSTALMENT TERMS ON SELECTED CONSUMER DURABLE GOODS Prewar l S N e o p v te e m m b b e e r r 1 1 9 , , 1 9 1 4 9 7 4 - 8l Durable good December 1, 1946- September 20, 1948- Current2 October 31, 1947 2 March 6, 1949 2 Range Typical Range Typical Down payment (in per cent of sale price) Automobiles: New 20-40 33 H Used: Late models. . 20-40 33 X Older models. 20-40 33 H Major household appliances 0-25 Radios and phonographs3 0-25 Furniture 0-25 ooo (Minimum) (Minimum) (Minimum) 33 X 20-50 33 X 33 X 33 X 33 X 25-50 33 X 33 X 33 X 33 X 25-50 40 33 M 33 X 33 X 0-33 X 10-20 20 15 33)4 0-33 H 10-25 20 15 20 0-33^ 10-20 20 15 Contract maturities (in months) (Maximum) (Maximum) (Maximum) Automobiles: New 12-36 18 15 12-36 18 U5 21 Used: Late models. . 12-24 18 15 12-24 18 4 15 21 Older models. 12-18 12 15 12-24 12 M5 21 Major household appliances., 6-36 18 15 6-36 612, 18 4 15 21 Radios and phonographs 3. . . 6-36 12 15 6-36 12, 18 M5 21 Furniture 12-36 18 15 6-24 12, 18 4 15 21 1 Nonregulated periods. 2 Under Regulation W. 3 Includes television sets. 4 Maximum of 18 months when principal amount of credit extended was more than $1,000, provided monthly payment was not less than $70. 6 Higher-priced models approximately six months longer. APRIL 1949 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT tion, lenders and vendors have discretion or more than one in five, were financial to offer terms which in their judgment are institutions. Dealers, contractors, and other reasonable and in line with sound business businesses making instalment sales to conprinciples. sumers of listed articles numbered almost Throughout the entire period of regula- 114,000. tion of instalment credit there have been NUMBER OF REGISTRANTS AND AMOUNT OF INSTALMENT many transactions in which terms actually RECEIVABLES OWNED applied by the trade were more stringent [Dollar amounts in millions] than those permitted by Regulation W. In- Number of Instalment restalment purchase of older-model used cars, registrants ceivables owned Kind of business for example, has ordinarily not been on as 1948 1941 1948 liberal terms as the regulation permits. At All registrants 146,559 156,815 $9,377 $6,766 present there are indications that many re- Lending agencies, total 32,687 36,731 7,611 5,043 tailers and financial institutions will main- Sales finance companies 2,574 3,237 1,919 2,074 tain more stringent terms for the sale of Commercial banks, trust companies, and industrial banks 12,206 112,586 3,584 U.699 furniture, radios and television sets, and Industrial loan companies. . . 617 *756 167 *23O State-licensed small loan certain household appliances than those per- companies 2,963 2,652 981 496 Credit unions 7,240 8,838 282 192 mitted under the recent modification. Other financial businesses... . 7,087 8,662 678 352 Retailers, total 113,872 120,084 1,766 1,723 INSTALMENT CREDIT AND THE ECONOMY S A t u o t r o e m s: obile dealers 45,707 36,827 199 277 Department and general... 5,152 5,589 527 Instalment credit has become an integral Furniture and housefur- 361 nishings 18,075 15,187 679 Household appliance and 555 part of the economic and financial structure radio 20,060 15,972 123 Hardware and automotive 113 of the economy. The terms of consumer accessory 11,543 15,120 59 Dealers and contractors: 51 credit, as well as the trends and fluctuations Heating, plumbing, and air-conditioning equipin the outstanding volume of such credit, ment 3,119 8,294 7 15 Other construction and reaffect the operations of retailers and financ- pair materials 2,245 10,066 10 38 Electric and gas utility coming agencies, the total of consumer debt, and panies 757 1,031 37 107 Manufacturers 334 1,046 14 62 Other retail businesses the general flow of money through the 6,880 10,952 111 144 economy. 1 Industrial banks are included with industrial loan companies in 1941 registration data. Retailers and financing agencies. The NOTE.—Source of data, Regulation W registration statements. The number of registrants and amount of receivables wide scope of instalment credit within the owned are based on all registration statements received by December 31 for the 1948 registration and by January 15, 1942 economy is indicated by the fact that, even for the 1941 registration. The number of registrants under the current regulation has now reached 152,000, and under the on the limited number of items to which wartime regulation eventually exceeded 200,000. Total instalment receivables shown in this table are some- Regulation W currently applies, about 152,- what higher than published estimates for both registration periods. The excess over published figures may result from 000 lenders and vendors have registered with duplication in reports received from subsidiary as well as parent companies, and also from the probable inclusion, in registration data of types of paper not covered by published series. the various Federal Reserve Banks. When Regulation W was previously in effect and The number of outlets making instalment covered a wider range of listed articles, more sales undoubtedly decreased during the war, than 200,000 individual businesses were but since then their number has increased registered. substantially. As may be seen from the fig- The table shows, by type of business, data ures for selected types of business, the numfor 146,559 firms that were registered by the ber of automobile dealers registered increased end of 1948. Of this total, nearly 33,000, from 37,000 in 1941 to 46,000 in 1948. House- 340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT hold appliance and radio store registrants INSTALMENT AND NONINSTALMENT CONSUMER CREDIT OUTSTANDING increased in number from 16,000 to 20,000. BILLIONS OF DO.LARS JLATIVE TOTALS, END OF MONTH FIGURES BILU0N3 OF DOLLARS Instalment credit and total consumer I 1 credit. Total short-term credit of consumers 16 16 A _ includes noninstalment forms of credit— such as charge accounts, single-payment 12 ) 12 loans, and service credit—as well as instalc3NSU T M 01 E P R A L CREDT ment debt. The two categories of debt differ not only in the manner of repayment, but \ \ I 8 also in the way in which they fluctuate and A 7 Sv in the general purposes for which the debts \Ns — V NS1ALNEN1 CREDIT \ are incurred. 4 rig • • mi 4 At times changes in noninstalment credit 2QQjK«K have been important in the trend of total 88S88 1 8 Q F8 S 8 O 8 BB 8 MfiAfiMONINSTALMENT CREDI1 consumer debt. In the early postwar period, 0 i ii1 i KM mmi I SaBB K S R i 0 1931 1933 19 1937 1939 1941 1943 1945 1947 1949 1945 and 1946, noninstalment forms of Estimates. Total instalment credit includes sale credit and debt, principally charge accounts, expanded loan credit. Noninstalment credit includes charge accounts, single-payment loans, and service credit. Latest figures shown are for February. rapidly and accounted for most of the growth in total consumer debt. Durable ness. In the wartime contraction of congoods which are typically bought with in- sumer credit, instalment credit accounted for stalment credit were still available only in more than 85 per cent of the total decline. limited quantities. Consumers were eager After the war, all forms of consumer into spend, and they used charge accounts and debtedness expanded considerably, but it was single-payment loans to finance expenditures not until 1947 that instalment credit began for a variety of nondurable goods and serv- to account for the major part of the over-all ices. Since 1946 the rate of growth in non- rise. By 1948 instalment credit growth coninstalment credit has diminished substan- stituted more than 80 per cent of the increase tially. in total consumer credit. Instalment credit, however, has accounted Instalment credit and personal income. At for a large proportion of the major fluctua- its present level the amount of instalment tions in total consumer short-term indebted- credit outstanding is equal to about 4 per ness, as the chart shows. Over the years cent of current disposable personal income, the proportion has increased. During the which represents total personal income after sharp 1929-33 decline, instalment credit ac- deduction of personal tax liabilities as esticounted for approximately one-half of the mated by the Department of Commerce. 4-billion-dollar drop in total consumer debt, This relationship is sometimes used as a and in the general upswing from 1933 to rough measure of the ability of consumers 1937, instalment credit expansion contributed to pay their outstanding obligations. The about 70 per cent of the total increase in that level of consumer credit in relation to total period. In both the 1937-38 recession and in disposable personal income is not, however, the 1939-41 upturn, changes in instalment a measure of the inflationary role of this credit were responsible for about 80 per cent credit in particular economic circumstances. of the changes in total consumer indebted- The chart on the following page brings APRIL 1949 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT DEVELOPMENTS IN INSTALMENT CREDIT out the fact that the present ratio is consider- ratio of instalment credit to disposable perably lower than in the years immediately sonal income than the present one may evenpreceding the war, when business activity tually be reached, too sharp an expansion was not at high employment levels and to this level gives a stimulus to current buywhen rapid increases in instalment credit ing that cannot be maintained and is likely helped to stimulate employment. It may be to be followed by a sharp decline. A modnoted, however, that the present level of in- erate rate of growth reduces the element stalment credit is higher in relation to dis- of instability inherent in consumer credit posable personal income than it was in 1929. fluctuations. RELATION OF INSTALMENT CREDIT The Board of Governors believes that TO PERSONAL INCOME regulation of instalment credit can be a help- PER CEN1 PER CENT 8 ful, supplementary tool as a part of a program of credit policy to help maintain a stable, high level of economic activity. The / 6 6 / Board recognizes that the regulation, by itself, is of limited effect and is by no means 4 / \ / 4 a substitute for broader measures to influence the volume of bank credit. However, the \ V / area affected by the regulation is a strategic 2 V.J Z one, and regulation of the volume of credit in the area is feasible without undue hard- ship to consumers or excessive interference 0 0 with business or financing practices. It is 1930 1932 1934 1936 1938 1940 1942 1944 1946 1948 in this light that the Board, in conjunction yea: come with the President and his Council of Eco- Federal Reserve. Data for 1948 are preliminary. nomic Advisers, has recommended legislation to continue the authority of the Board When the amount of instalment credit outstanding increases by about 2 billion to regulate instalment credit. dollars a year, as it did from 1946 to 1948, The general relation of consumer credit new debt is being created at a much faster to stability of the economy is discussed at rate than old debt is being repaid. In an further length in a recent address, reprinted economic situation that is generally in- on pages 343-47 of this BULLETIN, by flationary, as it has been during postwar Governor R. M. Evans of the Board of Govyears, the crowding of purchasing power ernors of the Federal Reserve System before by drawing on the future accentuates in- the Consumer Instalment Credit Conference flationary pressures. Even though a higher of the American Bankers Association. 342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION W—ITS ROLE IN ECONOMIC STABILITY1 I am very glad to be here today to discuss with When an economy reaches the stage where it you consumer instalment credit. A quarter of a has a surplus of production over immediate survival century ago, a member of the Federal Reserve wants, it employs that surplus in the output of Board would not have been invited to discuss this durable goods. In the first instance these goods are subject before a meeting of your Association. In more largely producers' items. When development fact, your Association would probably not have held has reached the point where the stock of produca public meeting to discuss instalment credit. In ers' wealth is reasonably ample, the surplus tends respectable financial circles, consumer instalment to be composed increasingly of consumers' goods. credit was regarded as a threat to the American in- We can generalize this observation by saying that stitution of individual thrift and, therefore, as a advance in the standard of living of the people taboo subject. generally finds more and more expression in the In all likelihood, total consumer instalment possession and enjoyment of durable goods. credit outstanding 25 years ago did not greatly ex- From the standpoint of economic welfare, we ceed one and a quarter billion dollars, and this can all agree that this is a highly desirable trend. represented a very rapid growth from the end of But it is not without its costs to the economy at World War I. A very creditable and pioneering large. Durable goods are capable of a long span study of such financing, made in that period under of service and users can postpone replacement or the auspices of your Association, failed to win purchase for an indefinite period. In addition, their endorsement for publication. About the same time, unit costs are high and instalment credit financing too, the supervisory authorities through their bank is often required for their purchase. Durable goods examiners undertook a spot check of the activities demand tends to be unstable because of changing of banks in the field, with the thought that some employment and credit conditions or because of bankers might be dangerously transgressing the the psychological whims of buyers. This instabibounds of legitimate banking business, as it was lity of durable goods demand transmits itself into then considered, by encouraging credit spending at general instability. We can accept as a virtual the expense of thrift. truism that the richer a nation is in its stock of durable goods, the more unstable its economy is I mention these few facts to remind you that, likely to be. while it is no longer news for the bankers and a These broad observations about the role of dura- Federal Reserve Governor to be discussing the subble goods in economic stability are not without their ject together in open meeting, it is still something relevance to our subject of discussion this morning. of a novelty. We have not done it enough since the The Congress in the Employment Act of 1946 debanks acquired an active interest in consumer credit clared that "it is the continuing policy and responand since the Board itself came to have some recsibility of the Federal Government ... to promote ognized responsibilities for the soundness of credit maximum employment, production, and purchasing conditions in the area. I particularly welcome this power." If this policy is to be carried out, we shall opportunity, therefore, to be here today to talk about have to solve the problem of unstable durable goods a type of financing that has only, in relatively recent demand and output. years, become of concern to commercial bankers Instability in this area, it is true, has not been and to Federal Reserve bankers. widely discussed as a problem since before the *An address by R. M. Evans, Member of the Board of recent war. However, we have been passing Governors of the Federal Reserve System, before the Con- through an abnormal period of war and postwar sumer Instalment Credit Conference, American Bankers Association, St. Louis, Mo., Mar. 30, 1949. prosperity. We would be very foolish indeed if, APRIL 1949 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION W ITS ROLE IN ECONOMIC STABILITY on the basis of so exceptional a period, we should ages competitors to do the same. The competitive discard one of the well-taught lessons of economic relaxation in credit terms fosters an unsound credit history. If we are to make progress towards greater structure in the instalment business as a whole. economic stability, we need to keep firmly in mind Lenders eventually become loaned up or overexthe sources of instability that have been made plain tended. When they get into this situation under to us through painful experience. boom conditions because of easy credit terms, it is This problem of unstable durable goods produc- not healthy for the economy. tion is of vital importance to all of us. We have Another reason for the unstabilizing effects of attained riches unrivaled by any other civilization instalment credit is that individual consumers are the world has ever known. Our vast wealth is tempted to incur debt beyond their means. Easy more widely shared than has been true of any other credit terms prove far from easy to the consumer economy. We have developed mass production of who must forego other essential consumption in consumer durable goods and we have invented and order to meet the discipline of regular and costly developed a financing mechanism—instalment payments. It should be remembered, too, that even credit—for the mass distribution of such goods. a light burden of instalment debt when incomes It can be fairly said, I think, that without instal- are at boom levels may be too heavy when a depresment credit the mass distribution of durable goods sion comes. Instalment credit is a financing mewould not have been possible. It can also be said dium for the masses, and at the present time probin all fairness that, if our mass production economy ably one out of every three lower and middle-income is to sustain its expansive character, we will need families is indebted for instalment payments. A to have concurrent expansion of consumer instal- surfeiting of the market for instalment credit ment financing. I mean this, of course, as a long- through too easy credit terms cannot fail to have, run trend. The instalment credit problem is one of at some point, far-reaching repercussions on susinstability in the short run. tained consumer buying of durable and other goods. I regard the consumer instalment credit problem When total production in the economy is at or in the short run as one of instability because of its close to its maximum limit, consumer instalment relationship to durable goods sales and because that credit is unstabilizing because it contributes to inflais what the record shows. Instalment credit has tionary pressures. This occurs for two reasons. reflected wide swings accompanying business fluc- First, a large part of instalment credit is extended, tuations ever since we have had a fairly good record directly or indirectly, through banks. When bank of its volume. This is not to argue that instalment credit expansion adds to an excessive money supply, credit has been the sole or even the major cause it feeds inflation because more money, in the form of those swings but merely to assert that it has of bank deposits, comes into existence to bid for been an important factor. The use of instalment the same amount of goods. Second, the credit dolfinancing has increased aggregate consumer de- lars paid for consumer durable goods do not stop mand during upswings and decreased aggregate circulating when received by producers of those consumer demand during downswings. These im- goods. They continue to circulate and become inmediate effects, largely in the durable goods area, come and money demand for others. Thus, when have been accompanied by secondary impacts on output is already at maximum levels, expansion of total output and employment in the economy. As a instalment credit cannot call forth more goods. It net result, unregulated consumer instalment financ- can only swell demand in relation to supply. This ing has accentuated general economic instability. inevitably means rising prices, not only of consumer One reason why instalment credit has made for durables but of other consumer goods as well. instability is the tendency in boom times for sellers So much for background comment on consumer to expand their sales by easing down payment and instalment financing. You are all familiar with the contract maturities rather than by reducing prices war and early postwar developments in this field and improving quality and service. This encour- and with the birth, demise, and resurrection- -at 344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION W ITS ROLE IN ECONOMIC STABILITY least to June 30—of Regulation W. I need not when it lapsed about a year earlier. remind you that when the previous Regulation W The coverage and terms of the new Regulation was discontinued by congressional action, there was W were designed to be restrictive enough gradually a fairly widespread feeling in business circles that to eliminate excessive further expansion in instalpostwar conditions of abnormal consumer goods ment credit. It was not the objective, as had been demands had largely run their course, that infla- made clear before congressional committees, to force tionary pressures had been substantially spent, and a contraction in outstanding credit. The Board felt that, in any case, instalment credit lenders in their that under the conditions then prevailing, the aim own interest could be counted on to adhere to con- should be to slow up the growth of instalment servative financing practices. This appraisal of the credit. In adapting the regulation to this end, the economic situation proved to be premature. Within Board consulted extensively with the trade, either a few months after wartime Regulation W expired, directly or through the twelve Reserve Banks and inflationary tendencies again became dominant. A their twenty-four branches. Very careful study was vital factor in the inflationary development was the given to conditions and practices in the durable expansion of all forms of credit, including consumer goods and instalment financing fields as well as to instalment credit. Accompanying these trends conditions in the economy generally. there was a marked liberalization of instalment Since the present program of credit restraint was credit standards. initiated, of which Regulation W is only one part, In the face of these conditions and the threat of there has been an over-all abatement in inflationary continuing inflation sustained by credit expansion, pressures. The slowing down has been general. It the Congress, in the special session last summer, en- cannot be said to be localized in consumer durable acted legislation to permit the Board of Governors goods lines, although the indications are that some of the Federal Reserve System to restore Regulation of these lines have been affected. Instalment credit W and also gave the Board increased authority growth has slackened but has by no means ceased. over the reserve requirements of member banks. These are salutary developments. They are in Armed with this authority, the System was able to part attributable to general credit policies, including broaden its program of credit restraint. That pro- Regulation W, but they are doubtless due also to gram included somewhat higher short-term inter- other economic factors. In any case, it is very deest and discount rates, maintenance of high margin sirable to have a more balanced economic condirequirements on stock trading, reimposition of tion emerge. Our problem has become somewhat Regulation W, and higher reserve requirements for different from what it was last fall. The problem member banks. Regulation W as reintroduced was now is to bring about and then maintain a condimerely one part of a policy of wide scope. This is tion of reasonable balance between forces of inflaimportant to remember because it would be a mis- tion and forces of deflation, in short, to maintain take to regard Regulation W, alone, as a cure-all stability at high levels of economic activity. or a sufficient instrument by itself, to assure sound As you are all aware, Regulation W has recently credit conditions. Considered in this setting, Regu- been modified to take account of the somewhat lation W, as reinstated last September, had the fol- changed economic situation, particularly in the lowing primary and subsidiary purposes: (a) to credit area afTected by the regulation. A regulation restrain inflationary credit spending for consumer of this sort, which applies to one particular type of durable goods; (b) to reduce the threat of exces- credit, has the advantage of being selective. It can sive instalment credit to future stability; (c) to pre- be tightened or relaxed in accordance with condivent financial positions of lenders from becoming tions in this credit sector, without necessarily sigdangerously overextended; and (d) to supplement nifying a judgment as to the broad economic outand reinforce a general program of anti-inflation look. Accordingly, if it turns out later that instalmonetary restraint. The regulation was given the ment credit is again expanding excessively, the same general form that the previous regulation had terms of the Regulation can be made more stringent. APRIL 1949 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION W ITS ROLE IN ECONOMIC STABILITY Conversely, if economic conditions and the trend We should recognize that instalment credit— in the instalment credit area turn in the opposite carried to undesirable extremes—can endanger our direction, the terms can be relaxed. economy and our social system. "Credit" is merely Credit policies are intended to be flexible means a more palatable name for "debt." of contributing to a balanced, stable progress. If Mr. John J. Schumann, Jr., president of one of changes in policies are found to be desirable to meet the large sales financing companies, spoke with proaltered conditions, it is the responsibility of the found wisdom when he stated in 1947: credit authorities to make those changes. Neces- " 'Easy' credit terms are not easy. They are exsarily, decisions as to policy changes have to be pensive. Every instalment buyer or borrower related to the over-all credit and economic situation. should understand that simple basic fact. As we Studies of changing economic conditions are conhave pointed out repeatedly in the past: the tinuously being made by the Reserve System and, cheapest way to buy a car is to pay with one's through the Reserve Banks and branches, the Board own cash. The next cheapest way is to pay down is constantly and closely in touch with shifting as much as possible and pay off the balance as currents of activity in commerce, industry, and agrisoon as possible. The most expensive way is to culture. pay down as little as possible and string out the We are always glad to have the benefit of dis- balance as long as possible. The sound way to cussions with those affected by the regulation. We buy a car on time payments is to buy it on the hope that you will always feel free to consult with most conservative terms one can comfortably us either personally or through your Associations' afford. representatives. Federal Reserve officials are gen- "A person who buys more credit than he needs uinely appreciative of the cooperation and help we is simply throwing money away. A person who have had from your Association and its officers in contracts to pay beyond that which he can comconnection with Regulation W and also, of course, fortably afford is begging for trouble and will in connection with other matters of mutual concern. probably get it." In concluding my comments to you on Regulation W, I should like to emphasize the fact that it Excessive debt means living beyond our means. is not the explicit purpose of Regulation W to The individual whose future income is heavily protect anyone who gives or receives consumer mortgaged loses that spirit of self-reliance which credit or to regulate competitive trade practices. we all recognize as the backbone of our nation. At the same time, the regulation does have certain Instead of the satisfaction and confidence that come desirable by-products. Their tangible effects are with building up a nest-egg of savings, he has the fewer credit losses for business, fewer cases of misery of trying to keep his head above an engulfing family distress because of excessive or improvident ocean of debt. If he loses his job or has sickness consumer indebtedness, and credit competition that in his family, he is without resources. Having accords with sound credit standards. already used up his borrowing power, he has vir- There is the philosophy of rugged individualism tually no place to turn—no place save one: his Govwhich holds that it is not the business of Govern- ernment. Multiply that by several million people ment to protect businesses or individuals against and you have an appalling problem on your hands. their own folly. There is also a contrasting phil- You may say that he should not have overcomosophy that regulation which helps to bring about mitted himself, that he should work out his own greater economic stability is entirely consistent with salvation. True. But we may as well frankly face democratic and capitalistic institutions and with the the fact of what very probably will happen. Since objective of the greatest good for the greatest num- society encouraged the misuse of instalment credit, ber. Such regulation should, of course, impose a society—acting through Government—will find itminimum of governmental interference. I am for self trying to salvage the situation. We saw somesuch regulation—not for regimentation. thing of mortgage moratoriums and Government 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REGULATION W ITS ROLE IN ECONOMIC STABILITY intervention in the 1930's. But with millions over- endorsement, only after extended experience and extended in instalment and other forms of credit, study. We would prefer, as you would, to have no the 1930 experience could be mild by comparison. regulation of instalment credit terms. Certainly, That would not be a pleasant prospect. we do not seek responsibility for the regulation— Please do not misunderstand me. I am not an it is at best an onerous task. We believe, however, alarmist. I am not criticizing the reasonable use that the economic record in support of Regulation of instalment credit. But when we are calmly con- W, flexibly administered for the purpose of presidering the subject together I think we should venting excessive expansion or excessive contraction realize where mass abuse of instalment credit can of instalment credit, is clear. lead. Those who oppose moderate restraints on The Board of Governors is under no illusion as consumer credit, as represented by Regulation W, to the potency of Regulation W in contributing to would do well to consider carefully the responsi- economic stability. By itself, it is not and cannot bility or risk they may be assuming. Regulated be a panacea, a guarantee of economic stability. credit is far better, to my mind, than socialized For that matter, it does not have sufficient impact credit. either to prevent a boom or to prevent a bust. But The Federal Reserve Board of Governors, as you it is unquestionably a useful tool, supplementary to know, has concluded that reasonable regulation of reserve requirements and other available instruconsumer instalment credit on a continuing basis ments, to influence credit conditions in the interest will make for sounder credit conditions and for of economic stability. In recommending legislagreater economic stability. We have made this rec- tion to continue Regulation W, the Board has tried ommendation to the Congress, with the President's to put the legislative issue in this light. APRIL 1949 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE1 by ALBERT O. HIRSCHMAN AND ROBERT V. ROSA Since the outbreak of the Second World War, tempts helped to prevent the runaway inflation that inflation has been more pronounced and persistent repeatedly seemed imminent. Today, inflation fiin France than in any other country of Western nally appears to have been checked, with energetic Europe. The regularity of the inflationary process governmental action and an abundant harvest is strikingly illustrated by the growth of the money sharing in the credit for this achievement. supply, which proceeded at an almost constant rate in war and peace and under conditions of both falling and rising production. THE COURSE OF INFLATION IN FRANCE, 1938-48 During the war, the payment of occupation E ANNUAL AVERAGES, 1938*100 RATI SCALE 2000 costs and the financing of net exports to Germany led to a considerable increase in bank deposits f/ 1000 * s 1000 and currency in circulation. This increase did not 700 700 c p a ro us d e u c a t i p o r n o p d o e r c ti l o in n e a d te s r e i r s i e o u in sl y p , r i c c o e n s t b ro e l c s a u w s o e, r k a e lt d h o w u i g th h 500 TO A T N A D L D C E U P R O R SI E T N S CY .- 7 Z CURREMCY - 500 some success during this period. 300 DEPOSITJ )LESALE PRI;ES 300 After liberation, the French Government re- •£• 200 200 jected the sweeping currency conversions that y several other European countries employed to —» adjust their money supplies to the dimensions of 100 —^ PRODUCTION: 100 their real output at current prices. The inflationary 70 —A6RICULTURE """- 70 / potential that had accumulated between 1939 and 50 NOUS 50 1944 was not alone, however, in feeding the rise • in prices from 1945 on. In far greater measure, the postwar inflation was due to the continuing excess SOURCES.—Currency index computed from yearly averages of of spending for investment and consumption over end-of-month statements of Bank of France. Deposits index includes nonpublic demand deposits at Bank of France, postal available resources. This situation prevailed not- checking deposits, and demand deposits of commercial banks; the latter were partly estimated by doubling amounts held by withstanding a rapid increase in production and four large banks. Indexes of wholesale prices and production in industry and agriculture are from International Financial Stata substantial import surplus. The excess spending istics, International Monetary Fund. found a three-sided expression in the budget deficit, the expansion of bank credit, and the wage-price The expansion of bank credit became an inspiral. creasingly important factor in the postwar infla- A number of determined and often original tion. After 1944, bank deposits increased more attempts were made to stop the inflation. Even rapidly than currency in circulation, as is shown by when unsuccessful in turning its tide, these at- the chart on this page, and bank loans were almost entirely responsible for the expansion in total bank 1This paper is part of a report prepared by Mr. Rosa and assets during the past three years, as appears from Mr. Hirschman after a visit to France under the auspices the chart on page 350. Credit control measures of the Federal Reserve System. Both authors wish to acknowledge their indebtedness to the Bank of France for therefore came to play a crucial part in the fight extensive assistance in their study of French credit institutions and policies. Responsibility for all views expressed against inflation. The institutions and policies rests solely with the authors. Mr. Rosa and Mr. Hirschman devised by the French in this field are described in are economists on the research staffs of the Federal Reserve Bank of New York and Federal Reserve Board respectively. the present article. 348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE CREATION OF THE NATIONAL CREDIT COUNCIL The law of December 2, 1945 was the major of banking or monetary control, even though such postwar effort to reform French credit and banking measures may frequently originate within the Bank conditions by legislation.2 Its principal objective of France. The Council provides a forum in which was the nationalization of the Bank of France and all major policy issues receive the combined and the four largest deposit banks. It developed, how- often mutually inconsistent criticisms of all imever, that nationalization did not noticeably influ- portant sectors of the economic community, and ence the policies, personnel, or performance of the its monthly meetings provide frequent occasions affected institutions. A second provision of the for segregating and considering broad policy queslaw, by which the National Credit Council was tions which might otherwise be buried under the established as the paramount banking and credit daily routine of operations within the Bank itself. agency in France, proved to be the most important While the Council does not seem to possess sufcontribution of the legislation. ficient independent authority to impress its judg- The National Credit Council is empowered (1) ments forcibly upon the Government, its mere to rationalize the banking structure by removing existence and the publication of its periodic reports unnecessary banking offices and locating new may lead to greater recognition of monetary factors offices in areas which are not adequately served, by the Government in formulating its own program. and (2) to formulate a consistent monetary policy The Council also furnishes one kind of answer for all agencies of Government and the entire bank- to the need, apparent in every modern nation, for ing system. To assure general acceptance of the some method of bringing together the many diverse Council's findings, either as they relate to the agencies engaged in granting credit, or in exerbanking structure or to the evolution of monetary cising control over some segment of the creditpolicy, its membership is drawn from all branches granting process. Finally, it offers an interesting of the economy. The Council has a President who approach to the seemingly intractable problem of must be a Minister designated by the Government, constructing an "apparatus" to integrate monetary a Vice President who must be the Governor of the and fiscal policy. Bank of France and to whom all the President's The Council's work in revising the structural powers may be delegated, and 38 other mem- organization of French banking has been carried bers, representing various Government depart- through the stages of preliminary study during ments, public and private financial institutions, the past three years. Despite considerable effort and business, agricultural, labor, and consumer in this portion of the Council's activities, there groups. does not appear to be any important prospective The Council appears to be, in effect, an aug- change in banking organization. The closing mented board of directors for the Bank of France, down of a few banking offices has been ordered, complete with a secretariat to furnish some of the but general criteria for gauging the adequacy of fundamental research and most of the publication banking service, area by area, have not been disfacilities for the Bank's newly-created Credit De- closed. By the very nature of the French postwar partment. The broad membership of the Council situation, the attention of the Council has centered gives it enhanced prestige which is undoubtedly of during the past years on its second area of regreat value in gaining acceptance for new measures sponsibility—the study of credit conditions, and the recommendation of policies and procedures 2 For translation, see Federal Reserve BULLETIN, May 1946, pp. 483-88. for strengthening credit control. QUALITATIVE CREDIT CONTROL BEFORE SEPTEMBER 1948 The Report of the National Credit Council fronting credit control during a period of reconfor 1947 explicitly recognized the paradox con- struction and inflation, and made a clear choice in APRIL 1949 349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE favor of a policy of qualitative rather than quanti- ent belief that commercial paper should enjoy a tative credit control. In its own words, "The privileged position, because it represented the flow National Credit Council recognizes that the risk of goods through the process of production and of an excessive development of credit is grave . . . distribution and hence could not be considered but the Council also recognizes the danger which inflationary, permeated all postwar French attempts would result from an excessive limitation of credit. at credit control until September 1948. Aside from Placing these two opposite risks on the same level the exemption of the commercial bill from the of importance, it has always declared that in its documentation and prior approval requirements to estimation . . . any available resources which it which other forms of credit were subjected, the is physically possible to put into operation—raw Bank of France initiated in January 1947 a system materials, power, labor, transportation, foreign of differential rediscount rates, the lower one apexchange—should not remain unused for lack of plicable only to commercial bills. As a result of bank credit." In devising concrete action to com- these various preferential arrangements, more and bat inflation, the Council therefore first attempted more firms resorted to financing through bills, to rely solely on qualitative controls. In the PRINCIPAL ASSETS OF Council's judgment, the distribution of credit was ALL FRENCH COMMERCIAL BANKS, 1938 AND 1946-48 to be "discriminatory but not systematically re- BILLIONS OF FRANCS strictive." 8 In elaborating a policy of qualitative credit control, the Council acted along two lines: first, it gave the banks general instructions for restricting credit, and second, it referred the approval of large credits to the Bank of France. This policy was established by two decisions of the Council. Under the first, announced in January 1947, the banks were asked to require extensive documentation of all requests for advances over 2 million francs and to submit all requests for advances exceeding 30 million francs (raised in February 1948 to 50 million) to the Bank of France for approval. In October 1947 the National Credit Council issued a far more pressing decision. The banks were told not to grant any credit unless it SOURCES.—Reports of National Credit Council and of Banking was demonstrated that the funds requested were Control Commission; 1948 data estimated from balance sheets of four large commercial banks; Government securities include urgently needed and could not be obtained by bills of National Railway Company and Credit National. speeding up sales, by liquidating extraneous assets, wherever feasible, rather than through advances. or by recourse to the owner's personal resources or In recent years, as is shown in the accompanying to the capital market. Aside from a general veto chart, the ratio of commercial bills to all bank loans against the use of borrowed funds to absorb other increased considerably—from 43 per cent at the end firms, the October circular did not change the of 1945 to 60 per cent at the end of 1948. machinery of qualitative credit restriction formu- QUALITATIVE CREDIT RESTRICTION BY INDIVIDUAL lated in January. BANKS The new controls purposely excluded the com- The Council instructed individual banks to remercial bill from these requirements. The persistquire extensive supporting data for all requests 3 Quotations are from the Second Annual Report of the involving advances (not discounts) over 2 million National Credit Council, as translated in the Federal Refrancs. Such data must include a statement by serve BULLETIN, August 1948, pp. 954-55. 350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE the borrower of "the financial situation of the enter- The experience of relying on individual banks prise, the intended use of the borrowed funds, the for the application of qualitative credit restrictions term of repayment and the resources available for upon smaller loans has not been encouraging. So the purpose, the proportion of the applicant's own far as risk and profitability are concerned, the funds to be involved, the anticipated volume of banks have always maintained rigorous standards; business, and the reason why all or part of the the Council's intervention has not changed this funds cannot be obtained by liquidating surplus practice. The criteria of economic utility and assets or discounting commercial bills." urgent need of funds, if applied, have led to no con- The Bank of France may inquire into any scious change in the credit practices of the indiadvances after they have been made, and may re- vidual banks. The Bank of France has thus far quire presentation of the statements obtained from been fully occupied in the duties of passing upon each borrower. The banks were further advised large credits, and has made little use of the power that, in addition to the usual criteria of security delegated to it by the Council for reviewing smaller and profitability and the requirement that the loans, once such loans had been made by the borrower demonstrate his inability to obtain funds individual banks. in any other way, they must consider the economic utility of the advance. In interpreting this require- PRIOR APPROVAL OF LOANS BY BANK OF FRANCE ment, the banks were instructed to give general All credit requests (other than discounts of compriority to the basic economic activities as defined mercial bills) exceeding 50 million francs, or bringby the Planning Commission. ing the credits obtained by an individual firm above To assist the banks in carrying out the purposes 50 million, are subject to advance approval by the of these instructions, several other steps have been Bank of France. Beyond 50 million, further autaken. For priority needs which entail great risk, thorizations must be requested for every 25 per cent the banks may obtain supplementary guarantees increase of total loans. from the Ministry of Finance, or may obtain assur- Criteria applied by the Bank of France. In principle, ance from the Bank of France that such credits the criteria applied by the Bank of France are the will be accepted for rediscount. To enable the Bank of France to furnish each bank with accurate in- same as those the National Credit Council has asked formation on the extent to which its borrowers the commercial banks to follow in making smaller have obtained advances from other banks, all banks loans, that is (a) the solvency and credit standing are required to submit regular reports indicating of the borrower, (b) the need for funds and the the name of each borrower and the outstanding inability to obtain them elsewhere, and (c) the amount of his indebtedness. The reported data are general economic usefulness of the project to be tabulated by the Service for the Centralization of financed and its conformity with major priorities. Banking Risks, as described later in this article. The difficulties necessarily encountered by com- A different type of protection to the individual mercial banks in applying the latter two criteria banks is furnished by the Banking Control Com- were responsible for the decision to entrust the mission, which instituted in March 1947 a require- screening of the more important credit requests ment that all commercial banks maintain liquid to the Bank of France. assets equal to at least 60 per cent of their demand In principle, the Bank of France does not examine liabilities. Thus depositors are assured that the the solvency of the borrower, the quality of the banks will always be able to meet withdrawals collateral supplied, or other technical credit maton demand, and that no bank will be placed in a ters. These are the affair of the bank which transprecarious position because of a run upon another mits the credit request to the Bank of France. The Bank of France, however, is not prevented from 4 See p. 358 of this article. taking risk factors into account. If in its opinion APRIL 1949 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE nonrepayment appears likely, and would have up- priorities within the French economy, is not represetting consequences for the economy, the Bank sented in the review machinery established at the can refuse approval for a credit even though the Bank of France. commercial bank has passed upon it favorably. In summary, the Bank of France has not suc- The more important investigation at the Bank ceeded in establishing either a clearly defined system of France concerns the borrower's actual need for of qualitative credit control or a "case law" from funds and the "usefulness" of the economic activ- which such a system could slowly emerge. This ity for which he needs them. In this respect, the may have been due in part to the vagueness of the Bank of France has followed an entirely empiri- directives of the National Credit Council. Howcist approach. The only objective standard applied ever, it resulted mainly from the fact that the banks appears to be a reluctance to grant further credit were under very little internal pressure to refuse requests once a firm has credits (including dis- loans because they could readily obtain additional counts) outstanding in an amount equal to one- reserves by rediscounting bills. Nevertheless, the fourth of its total yearly turnover. This rule-of- control of the Bank of France over the larger credit thumb, whatever may be said for or against it, requests has probably eliminated the least justifiable is obviously a carry-over from the period when credit demands. credit requests were examined mainly from the Rejections and approvals. The Bank of France point of view of the borrower's ability to repay. controls 50 to 60 per cent of the total volume of On the other hand, there is no guide to approvals, loans and overdrafts through the prior approval such as an aggregate loan program or ceiling (for procedure. It has rejected only a small proportion a given period) against which each individual of all applications. However, some potential borcredit request can be tested. rowers have no doubt been deterred or dissuaded The Bank of France, no less than the individual from applying for bank credit by the mere existbanks, seems to have found it difficult to apply ence of Bank of France ultimate control. Also, the criterion of economic utility. The priority in some cases the applications submitted for prior sectors of the economy have been well defined by approval covered credits which the commercial the Monnet Plan of Reconstruction and Moderniza- banks did not wish to grant but preferred to have tion. Since, however, in addition to these sectors, the Bank of France assume responsibility for reexport industries and agriculture are also consid- fusing. It may be significant that, from 1947 to ered of paramount importance to economic recovery, 1948, the number and amount of rejections have almost all French economic activity appears to have sharply decreased while the number of requests priority rating. And even with respect to a firm has considerably increased. which does not belong to a priority sector the Na- Administration. Within the Bank of France, tional Credit Council has taken the position that broad credit policy is elaborated by the Credit credit cannot be entirely refused to a firm which Department (Direction du Credit), which was carries on a legal, even though nonessential activity. organized for the new functions devolving on the If a firm is allowed to employ labor and purchase Bank of France in connection with the activities raw materials, why should it not also be permitted of the National Credit Council. This Department, to obtain credit? 5 This argument, however, over- however, does not have the large staff of experilooks the crucial importance of tightening fiscal and enced personnel necessary for the screening of monetary controls once a large part of the "physical" credit requests. For this reason the latter task has controls (allocation of raw materials, direction of been given to the old and established Discount manpower, etc.) have been relinquished. It is also Department (Direction de l'Escompte), which has surprising that the Planning Commission, which accumulated vast experience and detailed knowlis responsible for establishing definite investment edge of the French business community in the handling of rediscount operations. This experi- 5 Cf. Federal Reserve BULLETIN, August 1948, p. 956. 352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE ence, however, has been somewhat of a handicap APPRAISAL OF EFFECTIVENESS to the Discount Department in attempting to adapt On the whole, the system of qualitative credit its thinking and administration to a type of credit controls relied on prior to September 1948 can policy for which credit standing and quality of hardly be considered a success. Throughout 1947, collateral are not the exclusive or ultimate stand- while the system was being placed in operation, ards of creditworthiness. the expansion of bank credit continued unchecked Coordination with the Capital Issues Committee. and was an important factor in the generation of The control of share and bond issues, about which inflationary pressures. During the first nine months more will be said later, is legally a function of the of 1948 this expansion actually became the domi- Ministry of Finance. Actually an interministerial nant factor in the expansion of the money supply. committee, on which the Bank of France is rep- Several reasons account for the ineffectiveness of resented, handles all applications. This coordina- the qualitative credit control measures. First, the tion is important since rejected borrowers are some- exclusion of the commercial bill from any control times advised by the Bank of France to have re- left a wide-open gap in the control machinery since course to the capital market instead of borrowing a large and increasing portion of business borrowing from the banks took the form of discounting comfrom the banks. mercial bills. Secondly, when taken singly, each Reactions of individual banks. In the opinion of loan applicant has appeared to be in pressing need most banks, the prior approval procedure has of funds as a result of the inflation going on about merely meant additional paper work, since the him. It has been impossible for the commercial banks themselves have not altered their traditionbank, and difficult even for the Bank of France, to ally cautious approach. They deplore the loss of relate each single case to the total volume of credit time involved (the processing of an average credit or to the national investment program. Finally, request takes approximately 15 days) and feel that without some quantitative limit to the expansion any credit they endorse vigorously will eventually of total credit, it has proved impossible for the be approved by the Bank of France. Before the commercial banks or the Bank of France to reject reform of September 1948, some bankers seemed less-deserving borrowers who voiced strong arguto feel that quantitative rather than qualitative con- ments for special consideration. The French experitrol would have been more expeditious and effi- ence thus suggests that there are inherent obstacles cacious in curbing credit expansion, and more agree- to the success of any credit control policy that places able to the banker. exclusive reliance on qualitative controls. THE REFORM OF SEPTEMBER 1948 The inadequacies of the credit control machinery ment surplus from exerting a definite anti-inflationbecame particularly marked in the course of 1948. ary influence on the economy. Up to that year, the most obvious causes of the When inflation resumed its course in the summer inflation were huge reconstruction outlays, con- of 1948 under the impact of a renewed Treasury tinued production bottlenecks, inadequate taxation deficit, continued bank credit expansion, and a machinery, and the wage-price spiral. In the first prolonged political crisis, there was little doubt half of 1948, as a result of a series of drastic meas- that a firm control of bank credit must be given ures taken by Finance Minister Rene Meyer, the an important place among the corrective measures Treasury achieved a cash surplus. During this required. The striking success of the Italian credit period, production exceeded the prewar level and restrictions of September 1947 in halting inflation wages were held in check. Bank credit, however, may have helped to orient French thinking in this expanded materially and prevented the Govern- direction. Furthermore, anti-inflationary action by .APRIL 1949 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE the French Government in this as well as in other except when there was a net withdrawal of defields had an important bearing on releases of the posits. The new regulation formalized these agreelocal currency counterpart of aid under the Euro- ments, which had already proved to be fairly effecpean Recovery Program. tive. Since October 1948, all banks have been re- On September 6, 1948, during the period of quired to keep their minimum holdings of Treaspolitical instability arising from a succession of ury paper at 95 per cent of the volume held on governmental crises, the Bank of France decided September 30, 1948; only in case of a decrease of to raise discount rates by one point.6 While under their liabilities below the level reached on that no illusions as to the effectiveness of such an action date can the holdings be diminished, and even then in a period of rapid inflation, the Bank of France only in an amount which does not exceed 80 per decided to use this expedient to focus public atten- cent of the decrease in liabilities. tion on the deterioration of the monetary situation On the other hand, 20 per cent of any new dewhich had been taking place. At the same time, posits (above the level of deposits on September 30, the Bank prepared a series of new measures in 1948) have to be invested in Government securithe field of credit control which were finally ap- ties. This is the first formal reserve requirement, proved on September 29, 1948 by the National of any type, in French banking history. The per- Credit Council, after the new Coalition Govern- centage adopted is moderate and does not impose ment headed by M. Queuille had survived its first a radical change in the use of bank funds. The weeks of power. These measures, consisting of actual "reserve ratio" of Government securities new quantitative and strengthened qualitative con- against deposits held on the initial day amounted,, trols, became an integral part of the stabilization on the average, to 28 per cent. The deposit increase program of the Queuille Government.7 of 256 billion francs during the first nine months of 1948 had been accompanied by an increase of NEW QUANTITATIVE CONTROLS 61 billion francs in public holdings, i.e., slightly- The most important new departure in French more than 20 per cent of the increase in deposits. central banking was the establishment of a system As in the case of similar measures taken in other of reserve requirements and rediscount ceilings European countries, the new reserve of Government which gave monetary control a quantitative form securities will run the risk of being expected to* for the first time. serve two mutually exclusive purposes: first, that Reserve of Government securities. Measures were of combating inflation by sterilizing a part of anytaken to make certain that the banks would not be new funds accruing to particular banks; and second,, able to expand credit by selling Government se- that of channeling these presumably sterilized fundscurities, directly or indirectly, to the Bank of to the Treasury. The first purpose could be made France. The practice of unloading Government consistent with the second only if the Treasurysecurities for the purpose of expanding private did not use the new funds for its current expendicredit had caused considerable difficulty during tures but used them to reduce its advances from* 1946 and 1947 when it, along with other causes, the Bank of France or for similar operations which had led to a need for substantial increases in the would not return them to circulation. The Frencb direct advances of the Bank of France to the Treas- Government has, understandably, made no commitury. To combat this practice, the Bank of France ment as to the intended use of funds obtained from' had attempted to make "gentlemen's agreements" the banks as a result of the new reserve requirewith the commercial banks whereby they would ment. But since the Government has declared its maintain existing holdings of Treasury paper intention of financing all expenditures during 1949' from taxation, long-term borrowing from the public, 6 From 2 Vi and 3 per cent to 3 Vi and 4 per cent respectively. and from the counterpart funds released by the* 7 For text of these measures, see Banque, November 1948, Economic Cooperation Administrator, any permapp. 730-34. 354 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE nent utilization o£ the "reserve" funds for expendi- individual bank ceilings was relatively moderate— tures appears to have no place in the course of action somewhat less, in fact, than the increases which planned by the Government. had actually taken place in each of the first two There is no provision in the regulations, how- quarters of 1948. ever, that additional securities (necessary under the The general significance of the imposition of requirement for reserves against new deposits) these ceilings lies in the recognition that the commust be acquired from the Treasury. Satisfaction mercial bill is no longer to be treated as "selfof the requirement by the purchase of securities liquidating" paper which must be assured maxifrom nonbank investors would not permit auto- mum liquidity under all circumstances. If a bank matic sterilization of the reserve. The funds would has reached its rediscount ceilings a commercial return to the money market and continue to be bill carrying the best of signatures, relating to an available for additional private credits or further actual sale of merchandise, with a maturity of three purchases of Treasury securities. Clearly, in this months or less, may nonetheless be ineligible for eventuality the reserve will fulfill its anti-inflation- rediscount at the Bank of France. This fact alone ary function only if independent action is taken means a radical break with French banking traby the Treasury to retire outstanding debt held by dition. the Bank of France. Three types of bills are exempted from the ceil- Rediscount ceilings. The new measures relating ings and continue to enjoy unrestricted and unto bank holdings of Government securities do not conditional access to the rediscount facilities of in themselves assure prevention of an inflationary the Bank of France: expansion of private credit. They are supplemented, (a) Certain medium-term obligations of the however, by an additional quantitative restriction: Credit National, issued for equipment purthe establishment of rediscount ceilings for all com- poses, which had previously been given a mercial banks. In producing immediate restraint rediscount guaranty in order to induce the upon bank lending to business, this action may well commercial banks to accept them; prove to be the most significant of the series of (b) Bills drawn on the Caisse Nationale du steps taken since the end of the war. Credit Agricole in connection with the financ- The setting of rediscount ceilings was not an ing of the wheat harvest; and entirely new practice for the Bank of France. (c) Bills drawn by the Treasury on individ- Such ceilings have been imposed for some time upon uals and corporations, such as bills drawn many of the smaller banks operating in the Paris on importers for customs duties owed by them. money market, in order to discourage them from Normally the Treasury holds such bills until overextending themselves. Under the regulations maturity but cashes them at the Bank of of September 29, 1948, ceilings were applied to all France when in acute need for funds. banks, with the quite different intention of pre- These exceptions seem justified, and in any event venting a general expansion of bank credit. These are not significant in volume. ceilings were set individually for each bank and The ceilings are likely to restrain bank lending were held in strict confidence. For some banks considerably. A bank receiving new deposits when the ceilings were close to the actual level of re- its rediscounts are not far below its ceiling will discounts; for others, whose rediscounts on Sep- lend cautiously because each additional bill will tember 30, 1948 were considered low for seasonal be an illiquid investment. The rediscount ceiling or other special reasons, the ceilings left consider- can in this way bring strong pressure on the banks able room for further expansion. to keep an increasing percentage of their new The margin between the actual level of redis- deposits in the form of cash or short-term Governcounts outstanding on September 30, 1948 and the ment securities. In this respect, therefore, this aggregate volume of rediscounts permitted by all ceiling may be a more potent restraint on credit APRIL 1949 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE expansion than are reserve requirements, which ment that individual banks obtain extensive sup- (from the individual bank's point of view) tie up porting data for all credits (except discounts) the same proportion of deposits however large their in excess of 2 million francs; and second, prior increase. On the other hand, the restraining effect approval by the Bank of France for loans bringing of the ceilings is not absolute. A bank could ex- the total of any individual borrower's advances and pand its discounts along with its deposits, either overdrafts above 50 million francs. because it was not concerned over a temporary The most important innovation of the Septemdeterioration in its liquidity position or because ber regulations consisted, here again, in bringing it was confident that the Bank of France would in the hitherto exempt commercial bill at least partly due course raise its rediscount ceiling. The Bank under control. Noting the tendency on the part of France might find it difficult to maintain the of business to shift from overdrafts to bills, the ceilings at their original level if faced by continued National Credit Council decided to make the disexpansion of deposits. Strong pressure would be counting of bills subject to the first part of the exerted by both the banks and their customers. qualitative controls hitherto in force. The banks This would seem to be an important drawback were told to stand ready to justify to the Bank of of the "rediscount ceiling" approach to quantitative France any credit, whether advance or discount, credit control. Much greater pressure would be that exceeded a certain amount (2 million francs exerted directly on the Bank of France by private for advances, 5 million francs for discounts). In interest groups than would be likely under a uni- the case of advances, detailed supporting documents form use of cash reserve requirements. This is a must always be submitted by the borrowing enterconsequence of the "personalized" nature of the prise whereas in the case of discounts such data ceilings which, along with the almost certain neces- are required only when a discount raises the total sity for periodic adjustment, will make for fre- of the firm's credits from all sources beyond 500 quent bilateral bargaining between the Bank of million francs. This discrimination leaves some France and the individual commercial banks. More- advantage to the commercial bill over the other over, various real or fancied priority sectors of forms of credit, mainly in the case of smaller firms. the economy will hope to gain exemption for their The commercial bill, furthermore, retains an imbills from the over-all ceilings. Such pressures portant part of its privileged position in that it is were in evidence within a few weeks after the ceil- not subjected to prior approval by the Bank of ings were imposed. France. Such approval continues to be necessary The reason for adopting what may seem to be a only for credits other than discounts bringing a roundabout and unnecessarily rigid procedure was firm's total borrowings of this type beyond 50 milnevertheless a convincing one. The authorities lion francs. Certain special types of commercial wished to restrain directly and immediately any bills ("supplier paper," or "indirect discounts") further large-scale resort to rediscounting of old have, however, been classified with advances and assets. Such rediscounting, of course, could not have been made subject to prior approval. have been prevented by even a 100 per cent cash Some further improvement in the qualitative reserve against new deposits. credit control machinery was achieved through closer integration with the Service for Centraliza- STRENGTHENING OF QUALITATIVE CONTROLS tion of Banking Risks. A system of cross-checking the information obtained by the banker from his In addition to imposing new quantitative limitaclient against the information recorded by the Risk tions on bank credit, the measures of September Service was specifically established. 1948 recodified and strengthened the existing machinery of qualitative controls. As indicated in It remains to be seen whether the revamped an earlier section, the qualitative controls previously qualitative controls will be more effective than in force consisted of two parts: first, the require- those in use during 1947-48. It may well be that 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE the screening procedures which are to be followed less attacks against them in the Paris financial by the banks and the Bank of France will become press. The indignation expressed at the mere possimore meaningful once the banks themselves feel bility of restricting access to banking funds by a need to be more selective in their lending as a subjecting the commercial bill to control is proof result of the new quantitative credit restrictions. enough of the enormous resistance which any comprehensive bank credit policy must overcome in OUTLOOK France. When the measures of September 29, 1948 were It is too early to review the results of the new introduced it was hoped that they would have a experience in credit control. As this is written, significant psychological effect upon the business in March 1949, there are hopeful signs that and banking community. Some concern was even inflation may have spent itself in France. Total felt lest they unloose a deflation on the Italian Government expenditures, including public outpattern. To soothe public opinion when the meas- lays for investment and reconstruction, appear to ures were announced, the Bank of France simul- be covered by tax revenues, counterpart funds, and taneously lowered the discount rate which had the proceeds of a successful Government issue of been raised early in September.8 long-term securities; wages seem stable; and prices These early hopes and fears proved to be un- have begun to decline, largely because of the founded. The attention of the public rapidly cen- abundant harvest. According to many reports, the tered around the coal strike and the grave dis- difficulty in obtaining credit is a factor in the weakorders connected with it. When the strike was ening of a number of commodity markets. Unover, the battle of the annual budget was in prepa- doubtedly there is reason for optimism in the fact ration and dominated the political and financial that the monetary authorities are now equipped outlook through all of December. Nevertheless, with the tools necessary to prevent a resurgence of the effectiveness of the new credit control meas- inflation induced by expansion of bank credit. It ures could already be roughly gauged by the ruth- may thus be hoped that the new monetary controls will contribute toward making the year 1949 a 8 The rates were lowered from 3lA and 4 per cent to the uniform rate of 3 per cent. This marked the end of the turning point in the postwar monetary history of differential rate system, discriminating in favor of com- France. mercial bills, which had been in force for 21 months. OTHER POSTWAR INNOVATIONS IN CREDIT CONTROL In addition to the National Credit Council, sev- member of the National Credit Council, is also, eral other agencies have been established since the under the basic law creating the Banking Control war which are directly concerned with monetary Commission, the President of that body. The controls or perform services which are essential to four other permanent members of the Commission the banks and the monetary authorities in carry- are the President of the Finance Section of the ing out their control responsibilities. These agen- Council of State, the Director of the Treasury in cies are the Banking Control Commission, the the Ministry of Finance, the Director in charge Service for Centralization of Banking Risks, and of credit questions in the Ministry of National Econthe Capital Issues Committee. omy, and a representative of the trade union having the greatest membership among bank employees. THE BANKING CONTROL COMMISSION All four of these men, or their intimate colleagues, While the Banking Control Commission is not also sit on the National Credit Council. strictly a postwar agency, many of its present duties General functions. The Banking Control Comderive from postwar legislation. It was actually mission is the guardian of banking "soundness." created by the law of June 13, 1941. Although It has devised and put into effect a uniform system formally independent of the National Credit Coun- of accounts for bank reports of condition and incil, the Commission is not in a position to run come statements. It collects these basic records from counter to the wishes of the Council. The Gover- all banks, and has compelled all banks to report nor of the Bank of France, who is a dominant (for the first time) as of the same date—thus assur- APRIL 1949 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE ing comparability and permitting accurate tabula- milieu in which the failure or suspension of any tion of aggregate banking data. It polices member- one bank, or a wave of public distrust leading to ship in the banking community, ferreting out insti- widespread withdrawals, would not disorganize tutions which are doing a banking business without essential banking services. having qualified as a deposit bank, a merchant Because the Commission did not want the introbank, or a capital bank; and it makes certain that duction of the liquidity requirement to exert any banks in one class do not reach over into the contractive effect upon bank credit generally, the activities of another, without first having been ratio of liquid assets to demand liabilities was registered in that new capacity. placed at 60 per cent, following study of the con- The Commission also provides liquidators for dition of all banks to ascertain that this standard unlicensed banks, or for banks which must be could readily be satisfied. Recognizing that differclosed for any other reason. It lays down general ences in the character of deposits might warrant supervisory standards, which are largely carried some distinction among banks, with higher ratios into effect by the inspectors of the Bank of France for the banks whose deposits include a high proin their regular auditing surveys, and it appoints portion of large commercial accounts, the Commisprovisional administrators to control the affairs of sion formally reserved the right to raise the ratio recalcitrant banks when repeated violations of su- to 70 per cent for particular banks. Considering pervisory standards occur. When the four largest all banking assets which are short-term in form as deposit banks were nationalized, the Banking Con- liquid, the Commission would feel that its aims trol Commission was given the former stockhold- were satisfied so long as 60 per cent of any increase ers' powers. in demand liabilities were matched by additional short-term paper—either Government paper or com- In view of the traditional caution shown by mercial. Thus the ratio would not serve as a French banks in their lending activities, the Comcheck upon the total volume of credit created, but mission has not been entrusted with detailed powers rather as a requirement that a high proportion of of supervisory control and bank examination. A all additions must take the prescribed form. step in this direction, however, has been taken by a decree of March 28, 1946, which authorizes the Actually, except for overdrafts and unsecured or Commission to impose certain ratios as guides to secured advances (not represented by commercial banking soundness. Since the Commission func- paper) and for nonmarketable securities, virtually tions as an agency for supervision rather than for all of a bank's credits were considered liquid under the direction of credit, it interprets these ratios the terms laid down by the Banking Control Comas precautions in the interest of banking safety mission. Given this definition of liquidity, the and not as instruments for either determining or Commission's object has been well satisfied. carrying out over-all credit policy. Whatever Throughout 1948 the "liquid assets" of the banks measures may be required in the broad interest of amounted to more than 60 per cent of their credit policy are reserved for determination by the deposits. National Credit Council, and are primarily carried It is clear that the usefulness of the liquidity ratio out by the Bank of France, rather than by the as a means of protecting individual banks has been Banking Control Commission. somewhat impaired by the establishment of redis- The "liquidity ratio." The only ratio that has count ceilings which immobilize part of their shortso far been applied by the Commission fixes the term commercial paper. The Commission has nevertheless continued to apply the original definiminimum ratio of liquid assets to demand liabilition of liquid assets in computing liquidity ratios. ties. This liquidity requirement does not represent It has apparently thought that the rediscount ceila French version of the use of short-term obligaings, which have the exclusive function of preventtions as part of the reserve base—a practice which ing an inflationary credit expansion, would be sushas been attempted or considered, in various modipended by the Bank of France in the case of banks fications, by a number of countries as a postwar which had to meet unforeseen demands from their device for strengthening credit control. In France depositors. the liquidity ratio was introduced, in March 1947, as a method of assuring depositors that the banks SERVICE FOR CENTRALIZATION OF BANKING RISKS would always hold sufficient short-term assets to The Service de la Centralisation des Risques Banmeet the shock of any large withdrawals of de- caires, a division of the Discount Department of the posits held at short-term. By compelling all banks Bank of France, pools information on the credits to protect themselves against the risk of panic extended by all French banks to individual and withdrawals, the Commission hoped to create a business borrowers. From this centralization of 358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE data on bank credits, individual banks can learn ceeded the 50 million franc minimum had actually the total amount which each of their customers received Bank of France approval for the outstandhas borrowed from other banking institutions. ing amount. Through the pooling of this information, the Bank Scope of the reports. Reports are now submitted of France and the National Credit Council receive monthly by all banking institutions for all customcurrent data on the volume of bank credit au- ers whose discounts or advances exceed, respectively, thorized and utilized. Since all borrowers are 5 or 2 million francs. The reports contain the classified by industrial groupings, the monetary name and address of the borrower, the industry authorities can also follow closely the changing in- group into which the borrower falls, and the dustrial composition of the credits granted by the amount of credit granted. The amount of credit is banking system. indicated by type of credit instrument (commer- The Service for Banking Risks has been in oper- cial bill, acceptance, medium-term loan, etc.), with ation since the beginning of 1947, collecting data a breakdown in each case by amount authorized quarterly until June 1948, when the system was and amount actually in use. In return, reporting put on a monthly basis. The Service appears to be banks are to receive information regarding the one of the most efficiently organized activities in total amount of all bank credits outstanding for the Bank of France; it has the general approval each of their customers. Duplicate records are held of the banking community. on file at the transmitting branches of the Bank Purposes served by the Service. This system of of France, and at the main office, in order to reporting was introduced initially for two purposes supply information on the total outstanding credits and a third developed later. The first was that of of a given borrower to any bank which is conproviding the banks with a badly needed service. sidering that borrower as an applicant for a new credit line. No information is furnished to any During the distress of the thirties, five of the large agency which is not itself a reporting bank; thus Paris banks had informally banded together, for business creditors do not have access to the ina short time, to exchange information on the information tabulated on the banking credits of debtedness of borrowers. At the end of the war, their debtors. as price rises added to the uncertainty of business prospects, and cautious monetary authorities sought Statistical studies are prepared by the Service for to strengthen the banking system in the event of Banking Risks, as soon as possible after all data a "bust," it was suggested that the impromptu ar- for a given reporting period have been assembled. rangements of the thirties be formalized, and made It is hoped that the introduction of monthly recompulsory for all banks. With complete data on porting, aided by the use of punch cards as the the banking commitments of their borrowers, banks reporting form, will permit over-all studies of the would be able to detect excessive borrowing by results to be made within one month. These studparticular enterprises or industries. The alterna- ies are in the form of tabulations, by industry tive of relying upon balance sheets furnished by groups, of outstanding utilized credit. The detailed the borrowers themselves was not considered satis- subdivision of these groups has reached 146 sepafactory, owing to the great reluctance of French rate classifications. Data are also prepared on the businesses to divulge information to their bankers, proportion of authorizations actually used, and to the infrequency of such reports when available, on the distribution of total banking credit among and to the possible concealment of borrowings the various types of credit instruments. No data through "window dressing" on statement dates. have ever been published on the composition of The second purpose of the Service for Banking credits at individual banks, or on the distribution Risks was to furnish the monetary authorities a de- of credits among the banks. Under the new punchtailed view of the volume and industrial composi- card system such additional tabulations can be made tion of outstanding bank credits. A third function if the National Credit Council wishes to learn developed in 1947 when the Bank of France under- whether particular banks are contributing an untook the prior approval of all large loans, ad- usual proportion to the increase in total credit, vances, and overdraft commitments. One condi- or in credits of any particular type. tion for the success of the prior approval program THE CAPITAL ISSUES COMMITTEE was the assurance that a concern could not evade control by splitting its borrowings among several As in the United Kingdom, the committee to banks. With all but the smallest credits to any review applications for new issues in the securities concern reported through the Service for Banking markets serves in an advisory relationship to the Risks, a ready check could be made to determine Ministry of Finance. Neither group has had a whether borrowers whose total credit lines ex- very substantial volume of applications to process APRIL 1949 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

POSTWAR CREDIT CONTROLS IN FRANCE during the postwar years—in England because of they show a total of barely 39 billion francs in the limitations upon investment resulting from new issues. Of this total, 17 billion are in fixed physical controls, in France because the inflation indebtedness issued by nationalized enterprises. has discouraged saving and made public sale of Although the Committee has endeavored to ennew issues extremely difficult. There are, how- courage issues of share capital, new stock issues ever, some interesting differences in approach. included in this total are less than 15 billion francs. The British Capital Issues Committee reviews bank The light load placed upon it has enabled the loans, if the sums are large and the purpose is Committee to process cases speedily. Its usual outside the normal course of business; in France, review period has been five to seven days. Thus larger bank loans are submitted instead to the far, because the paucity of new savings and fear somewhat detached procedures of the prior ap- of strict standards have discouraged applications, proval program of the Bank of France. The Brit- very few of those received have been rejected. ish Committee also leans heavily upon the screen- The experience of the French Capital Issues ing performed by the ministries which grant neces- Committee does not, because of the limited number sary permits for materials, approve sites and so of applications handled, furnish an adequate basis on; that is, in essence the British Committee merely for judging its effectiveness. Nonetheless, one picks up the loose ends of the physical controls. lesson is clear. In any country which does not al- In France, the Committee must itself study the ready have extensive physical controls, a capital physical resources and expected physical results in issues committee must develop for itself a deconnection with each application, as well as the fitailed analysis of the physical requirements and nancing arrangements. the physical availabilities of the*economy. The All capital issues of 25 million francs or more committee's studies cannot, if its choices among must be presented to the Committee. It has atapplications are to be equitable, be limited to purely tempted, in reviewing applications, to follow a financial (or even investment banking) types of program of priorities and it has been assisted in analysis. An effective and useful capital issues this task by the presence of representatives of the committee must have a broad knowledge of those Planning Commission, the Bank of France, and manpower and raw-materials considerations which, other interested Government departments. While in the United States for instance, were handled the screening by the Committee is thus more comduring the war by the War Production Board and prehensive than the approval procedure for loans other specialized agencies. In addition to this need at the Bank of France, it is supposed to be, at for broad competence on the physical side, a capital least in one respect, less severe than that of the issues committee would normally serve little purpose Bank of France, since the latter occasionally reif it did not review large bank loans and all forms jects loans on the ground that the applicant should of private placement, as well as publicly issued secube able to borrow through the capital market. rities. The task of such a body would therefore The Committee began functioning in 1947. Only data for the first half of that year have been present many difficulties, particularly in a peacetime tabulated and published up to the present time, and economy. 360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION The joint Brazil-United States Technical Com- burdens on an already inadequate transportation mission was created by authority of President Tru- system. man and President Dutra pursuant to the request Progress in economic development is made diffiof Brazil for the assistance of technicians of the cult by a number of other factors. Among these are United States Government to collaborate with tech- the country's inadequate supplies of fuels and nicians of the Brazilian Government in an analysis power; the speculative emphasis in the economy of the factors in Brazil which tend to promote or to and what has been called a "high-unit-profits" retard the economic development of the country. mentality in industry and trade; the strong attrac- The United States delegation arrived in Rio de tion of investment funds into urban real estate at Janeiro on September 7, 1948, whereupon the Com- the expense of other investments more essential to mission was organized into a Central Commission the progressive economy; and the lack of welland a number of subcommissions assigned to study developed capital markets. The continuous rise in special subjects.1 The Central Commission unani- the general price level during the last ten years has mously approved its report to the two Governments aggravated these difficulties. on February 7', 1949. A summary of this report The Commission is unanimously agreed that the was released by the Department of State on economic development of Brazil should be acceler- March 10, and the full report on March 24. The ated by carefully considered programs of governsummary is given below.2 mental expenditures, by policies favoring a balanced development of Brazil's resources by private enter- PART I prise, and by policies directed specifically toward controlling inflation and meeting the balance-of- The need for a broad development program in payments problem. Brazil is indicated by the low productivity and Economic development and the balance-of-payments small incomes of the majority of its people and by position. In considering a development program indications of serious unbalance in its economic structure. One indication of unbalance has been for Brazil it is necessary to consider on the one the persistent tendency toward price inflation which, hand, how such a program may be affected by the of course, was accentuated during the war but has limited availability of foreign exchange and, on the continued in the postwar period. Another is the other hand, how a development program can help difficulty of holding imports within the limits of to solve Brazil's persistent foreign exchange probforeign exchange availabilities. Among the factors lem. contributing to Brazil's difficulties in solving these During the war and for a short time thereafter chronic problems have been the excessive concentra- Brazil was able to find temporary markets abroad tion of exports in a few agricultural crops; the con- for some of its manufactured products. Meanwhile centration of the purchasing power of the wealthy good prices were received for Brazil's exports of and the middle class in two great cities, the growth raw materials. Because of the difficulty of obtainof which has been accelerated by industrialization; ing imports, the value of exports exceeded that of the low productivity and general backwardness of imports by 14 billion cruzeiros from the end of much of Brazil's agriculture; and the exhaustion 1941 to the end of 1946, and Brazil's holdings of of the soil and the progressive movement of agri- gold and foreign exchange increased by 12.5 billion culture farther and farther from the consuming cen- cruzeiros (675 million U. S. dollars).* ters, which has had the effect of throwing additional The growing availability of imports brought a sharp reversal of Brazil's trade position in 1947. 1A list of members of the Commission and of the advisers In that year imports exceeded exports by 1.5 billion to the United States delegation is given at the end of the summary. cruzeiros, while other payments due abroad raised 2 The full report, including appendixes, will be available at a later date through the Superintendent of Documents, # The official exchange rate of 18.50 cruzeiros to the dollar U. S. Government Printing Office- Washington 25, D. C. has been used throughout this summary. APRIL 1949 361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION the total balance-of-payments deficit to 3 billion devaluation would only create additional upward cruzeiros. The most serious aspect of this change pressure on the Brazilian price level and the cost in Brazil's trade position was the difficulty of obtain- of living. ing imports from Europe to balance exports to that Import and foreign exchange controls should be area and the heavy excess of imports from the supplemented by strong efforts (1) to broaden and United States and other "hard-currency" countries improve Brazil's exports, (2) to develop efficient over exports to those countries. As a result Brazil domestic production of a number of industrial had an export surplus of about 5 billion cruzeiros products and additional domestic sources of fuels, with "soft-currency" countries but a deficit of 6 the imports of which now weigh heavily on Brazil's billion cruzeiros with hard-currency countries. international balance of payments, and (3) to at- Among the sources of funds to meet this deficit tract foreign capital and technicians to assist in was a short-term stabilization loan of 1.5 billion these developments. Without the aid of such capicruzeiros (80 million U. S. dollars) from the United tal, the amounts of foreign exchange which will States. However, approximately 1.5 billion cru- be available for the purchase of essential supplies zeiros of payments due to hard-currency countries and equipment are likely to be so limited during remained unpaid at the end of 1947. the next several years as seriously to retard Brazil's industrial and general economic development. This unbalance in Brazil's trade position necessitated the adoption in May 1948 of import controls Financial stability as an aid to economic developto supplement foreign exchange controls. Before ment. The Commission is convinced that balanced the import controls could be imposed, the backlog and rapid economic development, of a kind that of payments due in hard currencies increased to would bring lasting benefits to all the people of about 3 billion cruzeiros. Brazil, cannot be achieved in the face of rapidly or continuously mounting prices. It is not expected A review of the prospects for the near future that Brazil can insulate her price level completely indicates that maintenance of firm controls will be against changes in world markets, but world prices required even if Brazil's exports remain at a high (especially prices in the United States) are showing level, as without such controls hard-currency imsigns of becoming stabilized or even declining someports would undoubtedly tend to run substantially what, and strong efforts must be made to prevent in excess of the availabilities of such currencies. a further rise in prices in Brazil that has no parallel The arrearage of commercial and other payments in world markets. due abroad will need to be cleared up before export proceeds will be at all fully available for the pur- Stabilization of the money supply in 1947-48 chase of equipment and other supplies needed for through avoidance of new Government note issues a development program in addition to other essen- or borrowing from the banks and through restraint tial imports. on extensions of bank credit to other borrowers Brazil still holds a considerable amount of gold was an essential element in checking the longreserves, but there are good reasons for conserving continued rise in the Brazilian price level. A firm a substantial part of these reserves for purposes policy of controlling credit expansion is still necesmore essential to the future welfare of the country sary and will continue to be necessary so long as than to use them to pay for past imports. Possi- stabilization of the price level has not been achieved. bilities of obtaining short- or medium-term credits An enlargement of the Bank of Brazil's loans to abroad to finance part of the 1949 imports of essen- farmers would be helpful in increasing agricultural tial goods should be explored, to permit the use of production, but any substantial expansion of the a larger part of current receipts from exports to Bank's loans to farmers should be balanced by reexpedite the payment of overdue bills. ductions in other parts of the Bank's portfolio. In the absence of clear evidence that Brazil's The success of the Brazilian Government in export production is being restricted by unavoidably achieving a small surplus of receipts over expendihigh costs relative to prices obtainable in world tures in 1947 and the first eleven months of 1948 markets, devaluation of the cruzeiro must be re- has been an important factor in restraining the rise garded as an unnecessary and undesirable alter- of prices. The prospect for 1949 is less certain native or supplement to import and foreign ex- because of a 25 per cent increase in Government change controls, since under these circumstances salary scales. However, firm adherence to the rules 362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION of economy laid down by the President of the prosperity of the large farm population. Brazil's Republic should remove the possibility of expendi- agriculture also needs better transportation (and tures outrunning revenues in 1949. In fact, there storage) facilities, but above all it needs improved should be a moderate amount of funds available for methods, much greater use of fertilizers, and imthe beginning of an economic development pro- proved implements. gram such as that outlined in the SALTE Plan.3 There are limits to the extent to which any one Budgetary and financing policies will of course major sector can prosper if others are lagging seriassume increased importance as the execution of ously. But a well-balanced development will not such a program gets under way. be easy. Some of the most urgent requirements, such as improved and enlarged transportation facili- PART II ties, ample fuel supplies at reasonable prices, and Development programs for various sectors of Braadequate and dependable supplies of electric power, zil's economy. The needs of the various sectors will call for very large investments of capital, the of Brazil's economy are many and varied. They are provision of which will present an imposing probnot mutually exclusive; to a great extent they are lem in view of the poor financial condition of many complementary. For example, there is no point in of the railroads, the limited opportunities for profitdebating whether to promote industrialization or making in some public utilities, and the high costs to promote agricultural development; both are and risks inherent in petroleum exploration and necessary. production. An improved and more productive agriculture The basic requirement underlying any reasonable would promote industrialization by producing more expectation of substantial progress in the economic economically and in larger quantity raw materials development of Brazil and in the attainment of for processing in domestic industries. It would generally better living conditions for its people is, release workers for industrial employment without of course, increased productivity. The list of specific jeopardizing, or increasing the cost of, the food requirements which need to be met in order matesupply of the industrial and other urban popularially to increase the productivity of the country tion. It would provide a larger domestic market and to promote the health and welfare of its people for the products of industry. is so long, and the expenditure involved so great,- The other side of the picture is that expanded and that its complete fulfilment must necessarily be a more efficient industries would mean larger domeslong-term program. The problem of financing a tic markets for agricultural raw materials, and comprehensive development program is a difficult should mean more and better manufactured goods one, not only as to the financing of expenditures at prices that would bring them within the reach abroad for mechanical equipment and supplies, but of larger numbers of the farm population. also as to the financing of domestic expenditures. But further development of industry and agri- And the financing problem is not the only one. culture is not enough; in fact, their possibilities are In view of the fact that there is practically no limited unless other requirements can be met. If unemployment in Brazil and little surplus capacity industrialization is to make substantial progress in for producing the materials that are likely to be Brazil, it must have larger, more dependable, and, needed, the ability of the country to carry out deif possible, cheaper supplies of fuels and power, velopment projects presumably will be largely limmore adequate and efficient transportation, more ited, at the outset, to the supplies of labor and and better equipment, and a larger supply of skilled materials (and financial resources as well) that can labor and of technical and managerial talent. Simibe diverted from less essential activities. This will larly, expansion and improvement of industry alone probably require modest beginnings in undertaking is not enough to assure the greater well-being and a development program. But it is a reasonable ° The SALTE Plan, which was drawn up in the early part expectation that by a real effort to do as much as of 1948, is a five-year program of expenditures to promote possible with the country's own resources, suppleeconomic development. Government appropriations for the first year of the plan are now under consideration in the mented by the equipment and technicians that may Brazilian Congress. The name "SALTE" is formed from be obtainable from abroad with the aid of foreign the first letters of the words "Saude" (health), "Alimencapital, an important start can be made toward the tacao" (food), "Transportes" (transportation) and "Energia" (energy). solution of all of Brazil's major problems which APRIL 1949 363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION will bring appreciable results fairly soon and make The high cost of commercial fertilizers in Brazil, possible an acceleration of progress in subsequent relative to agricultural prices, must be reduced years. sharply before a large increase in their use can be In view of the limited human, material and finan- expected. cial resources which are likely to be available at the The progress already made in introducing hybrid beginning, however, it is of the utmost importance seed corn and selected cotton seed, in upgrading that the initial program be well balanced and that cattle herds with the Zebu breed, in developing a emphasis in each sector be placed on dealing first method of poisoning the coffee "broca," and in with the most urgent needs. producing disease-resistant rubber plants, offer Agriculture. Improved conditions and increased examples of plant and animal improvement and productivity in agriculture must be given an im- insect and disease control in Brazil. portant place in any program for the economic There is urgent need for expanded storage and development of Brazil, since approximately two- warehouse facilities for agricultural and livestock thirds of the inhabitants of the country gain their products to reduce spoilage, to smooth out irregulivelihood from agricultural pursuits. The number larities in the flow of food supplies to consuming of people on the land has been steadily growing, centers, and to allow effective functioning of Braand the total acreage under cultivation increased zil's program of price supports for certain food 12 per cent between 1937-39 and 1946. These crops. trends will probably continue, but it is also likely The provision of adequate, and in many cases that the urban population will continue to grow at supervised, credit for agricultural producers is a a faster rate. Only through increased productivity task of great complexity. The cost will be high, per man in agriculture can an adequate supply of not so much in terms of money, as in terms of the food be provided for the farm and city populations detailed, painstaking work and the practical idealand a surplus of agricultural exports over imports ism required. Any hope that the mere setting up be maintained. of new institutions can by itself solve the rural Among the requirements for material improve- credit problem is bound to be disappointed. Howment in Brazil's agriculture are an expanding agri- ever, expansion, strengthening and decentralizacultural research program and an adequate exten- tion of the Bank of Brazil's Agricultural Credit sion service (closely coordinated with the research Department could improve the credit services availwork) to bring the benefits of research effectively able to large and medium-sized farms. In parto the farms. The Federal Government's limited ticular, longer periods of repayment are needed for activities in the latter field are now supplemented certain types of loans. by State programs in Sao Paulo, Rio Grande do The most complex and challenging task concerns Sul, Bahia, and (very recently) Minas Gerais. All the small holders, "colonos," and share croppers, the States should have the benefit of such service, who can offer no secure basis for credit at present, and this can best be assured by joint Federal and but who are particularly important in the produc- State participation. There is a great need for more tion of food crops. It is suggested that the financing trained agriculturists and home economists to carry of small farmers be tied in directly with the educaon this work. tional work done by the agricultural extension serv- Among the problems for which Brazilian farm- ices. This project should be started on a limited ers and livestock producers need technical assist- scale and gradually extended throughout the counance are (1) mechanization, including the shift try. from hoe culture to the use of simple animal-drawn Fisheries. Brazil is not at present a large proimplements where the use of more complex ma- ducer of fish, when its population is taken into chinery is not feasible, (2) soil and water conser- consideration. A long-range program has been vation, (3) fertilizer use, (4) plant and animal drawn up, with the goal of a three-fold increase in improvement, (5) insect and disease control. the production and distribution of fresh, canned, The need for soil conservation measures is most and salted fish. This program envisages operation evident in the lands of the east-central region over of an expanded fishing fleet, of receiving ports, and which the tide of coffee culture has passed from of refrigerated transportation and marketing facilieast to west. ties, with Government financial aid and supervision. 364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION It includes also technical and educational work to their markets abroad. There are also numerous promote the sound development of the fishing possibilities for new (or increased) production, industry. where justified by considerations of cost and de- Industrial development. Brazilian industrial de- mand, of goods now imported and for the manuvelopment has made substantial progress during facture of which the principal raw materials are the past 50 or 60 years. The First World War now or could be made available locally. If Brazil's greatly stimulated Brazil's industries, particularly best interests are to be served by devoting human, cotton textile manufacturing. In 1939 food proc- material, and financial resources to producing more essing and beverages accounted for about one-quar- of the goods that are now imported, however, care ter of the total production value added by manu- should be taken, in formulating Government polifacturing, and textiles and clothing for another cies affecting industry, not to stimulate inefficient quarter. The commencement of operation of the or costly schemes incapable of producing goods to Volta Redonda steel plant near the end of the Sec- sell at reasonable prices. ond World War marked another major step in Steady progress in industrial development will Brazilian industrial development. Other industries depend on improvements in transportation, comwhich have attained a sizable output include ce- munications, and the supply of electric energy, ment, glass, paper and pulp, pharmaceuticals, cer- fuels, and industrial raw materials. tain chemicals, leather, shoes, matches, and furni- Transportation. Every segment of the Brazilian ture. economy is vitally dependent upon development Productivity per worker is, in many cases, con- of the nation's transportation system. In promoting siderably less than in the leading industrial coun- such development, however, it is essential that the tries. There is a very high percentage of small transportation requirements of Brazil—railways, shops which cannot use modern production engi- roads, airways, rivers, ports, coastal shipping—be neering techniques. Even in some of the larger considered as a whole, rather than only separately. plants, poor factory layout, the use of obsolete and For example, the economic value of a given railway over-age machinery subject to frequent breakdown, may be dependent upon the construction of local the lack of constant-grade raw materials, the ab- roads adequate to service it. On the other hand, sence of standardization of product, and insufficient the construction of a given highway may be posspecialization in plant output, all tend to bring sible only by diverting resources away from the down the average output per worker. Obviously, construction of local roads or of a railway. new equipment is one of the essential requirements The Brazilian railroad system has suffered from for the progress of numerous industries. the overburdening and increasing age of existing The practice of seeking high profits from a lim- rolling stock, due in part to financing problems ited market, rather than greater returns from large during the depression of the 1930's and to the difficompetitive markets, may also tend to retard prog- culty of obtaining equipment abroad during the ress. President Dutra has referred to this "high- war. Other causes of slow and expensive service unit-profit mentality" in the following words: have been the unsatisfactory location and align- "At times, enterprises are set up, without the ment of roadbeds, lack of standardization of prospect of a successful performance in the face of gauges, and failings in management and adminismarket resistance, which aim solely to derive a high tration. The costs of railroad operation have been profit with least possible effort. Present world affected by the rapid rise in the general price level conditions no longer support such a conception of during the last 10 years. The financial position of deriving high profits on small-scale operations. most Brazilian railroads is precarious. Only mass production would stimulate the labor The most pressing need is for reconstruction market and reduce the cost of products to meet and re-equipment of existing lines, in order to insocial and economic needs, in other words, to crease the density of traffic and reduce the costs per achieve a well-balanced level of salaries and cost ton-kilometer. Although expansion of railroads of living." into new areas should generally be avoided at this Increased and more efficient production of Bra- time, encouragement should be given to investment zil's manufactured exports should be possible; this in railway extensions designed to meet specific and would help to assure continuance and expansion of clearly economic requirements, created by existing APRIL 1949 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION or potential developments, as for example in heavy Fuels and power. No country has ever attained industry, in mining, or in livestock slaughtering success as an industrial nation without an ample, and refrigeration. economical, and dependable source of fuel. At Among steps which should be considered, in present, wood accounts for over 80 per cent of order to put existing railroads on a fully remunera- Brazil's energy consumption, the remainder being tive basis, are improvement of management, con- provided by domestic and imported coal, by imsolidation of companies, abandonment of some un- ported petroleum, and by hydro-electric power. economic branches, and continued review and read- Wood is not an efficient fuel and must be brought justment of traffic rates. It would be desirable, also, from increasingly greater distances each year. It to take all feasible steps toward the standardization is evident that steps must be taken to develop alteron one track gauge of all Brazilian railroads. native sources of energy. Highway construction in Brazil is financed in Brazil's coal fields lie at considerable distances considerable part by Federal taxes on petroleum from present industrial centers. The quality is products which accrue to the National Road Fund. poor but could be improved by the use of suitable Allocations to States and "municipios" (counties) cleaning equipment. Production amounted to only are required by the Constitution, and in practice 2 million tons in 1947; it could be increased—and these allocations are predicated upon the construc- costs reduced—by increased mechanization at the tion of such roads and the use of such procedures, mines. It is expected, however, that imported coal as are approved by the National Highway Depart- will continue to be relied on for about half of ment. Brazil's coal requirements. There is a pressing need for the construction of The consumption of petroleum products is likely improved State and local roads. Until Brazil has to be ever-increasing along with—and as a conditaken the measures necessary to make use of its tion of—Brazil's further economic development. petroleum resources, the most important needs for Imports in 1948 wrere about 110 million dollars, of Federal highway construction will be in areas of which more than 70 million required payment in high density of population and production which dollars. It is evident that Brazil's balance-of-payare now inadequately served by railroads or coast- ments difficulties would be substantially relieved wise shipping. Resurfacing of highways that now if it were able to satisfy its own petroleum needs. carry heavy traffic will also continue to be required. There are large areas in Brazil where there are Although air transportation development does promising indications that petroleum exists. Presnot at this time require large development expendi- ent development programs for transportation and tures, it would benefit from administrative re- industry assume the continued and increasing availforms. ability of petroleum supplies. Yet the resources Coastwise shipping is of considerable importance being devoted to exploration work by the Brazilian to Brazil. The principal operating company is now Government are far from sufficient—and even owned by the Brazilian Government. Its fleet of under the SALTE Plan they will continue to be about 100,000 tons is considered too old for further inadequate—for an intensive exploration plan. efficient service. Plans have been drawn up for con- The Report of the (Brazilian) Subcommission on struction of expanded shore facilities which would Fuels emphasizes the need for cooperation of formake possible the building of new vessels in Brazil. eign capital. If coastwise shipping is to be rehabilitated, such "To conclude only contracts with technicians for an expansion of facilities is essential. It may also their specialized services, to obtain capital merely be desirable to purchase foreign-built ships, if avail- in the form of loans and to acquire equipment in able. this and other possible ways, as those who are Some of Brazil's ports require improvements and opposed to cooperation advocate, are not such additional storage facilities. Special requirements simple solutions as might appear at first sight. In will arise in connection with specific developments, reality, these proposals would constitute so many as for example in connection with the handling of additional burdens on the budgets of the Federal ore and coal or the refrigeration and packing of Government, already so overburdened, and in view fish. of the high risks involved in petroleum activities, 366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION they would simply serve to delay further the solu- iron ore and manganese are important examples— tion of this important problem." has thus far proven a serious handicap to their There is an obvious need for the further develop- full development. ment of Brazil's hydro-electric power capacity. The A considerable expansion of exports of highregional distribution of the country's potential grade iron ore is now in progress, but the achievepower resources is not ideal, but even in areas ment within the near future of a very large furwhere there is at present the greatest market for ther growth, of the magnitude recently suggested, electric power the potential is generally far in ex- must be regarded as questionable because of the cess of present installed capacity. Existing facilities large investments that would be required to conare deficient as regards not only prospective indus- struct and equip necessary railway and port facilitrial demands but even existing demands. ties, to provide maritime transport, and to purchase The Joint Technical Commission endorses the the mining equipment that would be needed; and scale of the program of development proposed in because of the uncertainty of sustained demand the SALTE Plan, as modified by the Subcommis- for the ore at a price high enough to justify the sion on Electric Energy. It could not appraise investment. However, the possibility that Brazil the technical merits of the separate projects covered might enter more fully into the world market for by the program, but believes that it has in general foundry pig iron should not be overlooked. been well formulated and that it is within Brazil's The manganese deposits in the State of Minas economic capacity. It would increase the installed Gerais have been extensively worked. Much of hydro-electric capacity over a six-year period from the remaining reserves of high-grade ore will be 1.5 million kilowatts to 2.8 million kilowatts. needed for domestic consumption and, in recogni- More than half of the proposed expansion would tion of that need, every effort should be made to be carried out by the Brazilian Traction, Light and develop other manganese deposits for export. At Power Co. Ltd. and the Cia. Auxiliar de Empresas least two such deposits, apparently containing large Eletricas Brazileiras (American and Foreign reserves, exist in locations which make them more Power Co.). The SALTE Plan is primarily con- suitable for export than for the supplying of domescerned with the remaining 640,000 kilowatts of pro- tic requirements. posed expansion by private, State, and Federally The development of a domestic source of mineral owned enterprises. Successful financing of the phosphate would be important for Brazilian agripower development program will depend on pro- culture. The exploration of phosphate deposits per adjustment of rate schedules to give reason- should have high priority in any development proable assurance of earning power sufficient to jus- gram. tify the investment. The problem of adjusting rate Manpower and public welfare. Under present schedules in a period of rapidly rising costs of conditions, there is full employment in Brazil—in labor, materials, and equipment is a difficult one, the sense that persons seeking employment can find complicated by the fact that the need for a rate it. Therefore, the desired acceleration of Brazil's increase does not always become fully evident until economic evolution will be dependent upon the large-scale expansion is contemplated, when the more effective utilization of current manpower, the questions arise of how to pay interest and amor- improvement of the educational system, the adoptization on the needed funds and of how to attract tion of an appropriate immigration policy, the additional share capital. maintenance of adequate social security services Mining. Brazil has considerable deposits of a and benefits, and the development of a nation-wide number of metals and nonmetallic minerals. Im- health program. mense tracts have had no geologic exploration of The more effective utilization of current manany kind and it is entirely possible that supplies of power would be promoted by (1) the improvement certain elements needed in Brazil's developing in- of agricultural methods and techniques; (2) the dustries, and now imported (copper, for instance), intensification of technical research and training may be found. programs; (3) the employment of personnel rela- The location of minerals that have a world mar- tions experts in individual factories in a conscious ket and of which Brazil has known supplies far in effort to improve employer-employee relationship; excess of her potential requirements—high-grade (4) the further stimulation of individual effort by APRIL 1949 367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION the use of improved factory methods, efficient equip- coordinate policies and activities in the fields of ment, comfortable installations, and incentive pay immigration and naturalization. for greater productivity; (5) the stabilization of Brazil's social security legislation may be conemployer-employee relationship through agreements sidered "advanced," regardless of the criteria apon wages, hours of labor, working conditions, and plied. A thorough examination of the total cost (6) the maintenance of employment exchange serv- of social insurance and welfare programs, and of ices. whether the returns are fully commensurate with In the field of education, the high illiteracy rate the costs, would make possible periodic appraisals in Brazil (56.4 per cent, according to the Census of the laws, the programs and the numerous agenof 1940) and the fact that approximately half of cies involved, and might prove to be a valuable the rural children of school age have available guide in the formulation of labor and social welneither school buildings nor teachers present a chal- fare policies to the end that neither the well-being lenge that must be met before Brazil can begin to of the worker nor the expanding production of the realize its productive potentialities. nation will be sacrificed. In recent years, Brazil has increased the emphasis Present efforts to improve the administration of on vocational and technical education. However, laws in the field of labor standards should be inbecause of locational factors and the economic tensified. With respect to the "stabilization" law, status of the families of many prospective stu- which requires special indemnification payments dents, the 140 vocational and industrial apprentice- to workers discharged after 10 years with the same employer, it is recommended that a study be made ship schools are experiencing difficulty in maintainto determine whether there are real abuses or ining their enrollments at capacity. Regardless of the equities that could be eliminated. type of organization maintained to provide industrial training, there are certain needs basic to any The SALTE Plan paints a shocking picture of successful program: (1) an increase in the number Brazil's health conditions and calls for "an intenand improvement in the quality and training of sive fight to combat the principal diseases which afflict the country." teachers (too many are drawn directly from in- The larger cities have made substantial health dustry, with little or no training as teachers); (2) and sanitation progress, but sewage disposal facilithe determining of the occupations for which trainties are still inadequate. The rural areas need the ing is most needed; (3) the development of effective greatest attention. The present distribution of instructional material; (4) the evolution of a guidsanitation engineers, doctors, and nurses between ance program; and (5) the providing of scholarthe cities and rural areas is extremely uneven. ships for both students and teachers showing un- The Joint Commission agrees with the authors usual aptitudes to make possible their advanced of the SALTE Plan that the situation calls for training in scientific and administrative fields. immediate and decisive action through such meas- The members of the Joint Commission are in ures as the expansion of health education; the trainunanimous agreement regarding the necessity of ing of doctors, nurses, and public health and saniimproving agricultural education in Brazil. As tation technicians; and the improvement and exmuch responsibility as possible should be placed pansion of present hospital and health center faciliupon the State and local government units, because ties. the program will then have a much sounder base. Popular support for public health programs has The importance of immigration as a source of been one of the most encouraging results of the manpower for the achievement of Brazil's economic work carried on by the Servico Especial de Saude maturity would seem to justify: (1) the liberaliza- Publica (SESP) in eight large rural areas. Under tion of existing immigration and naturalization the Brazil-United States Agreement of July 17, 1942, legislation, (2) the adoption of an appropriate imthe Institute of Inter-American Affairs undertook, migrant selection technique, (3) the consideration through SESP, to assist the Brazilian Government of homestead or colonization plans calculated to in several programs of public health and sanitaattract agricultural workers, and (4) the creation tion. The experience and techniques of SESP afof a Central Immigration and Colonization Deford excellent guides for the development of a partment, as foreseen in the new Constitution, to nation-wide public health program. 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION PART III creases on certain imports of relatively low essentiality; (4) increased checking and auditing of tax- Financing economic development. The problem payers' returns and records; (5) an increase in the of financing economic development is partly one capital gains tax on transfers of urban real property. of financing expenditures in foreign currencies, partly one of securing funds for expenditures which There are sizable parts of a Government development program which can most appropriately be will be made within the country. It will be diffifinanced through domestic borrowing. Federal cult to withhold from the proceeds of exports Government bonds, however, have been quoted at enough foreign exchange for the purchase abroad of substantial discounts during the last two years, in equipment and essential supplies, to allow rapid spite of a balanced budget, a low per capita outprogress in the development programs, unless a standing debt, and scrupulous maintenance of the substantial inflow of foreign capital can be atdebt service on the outstanding issues. The weaktracted to Brazil. However, the greater part of the ness of the market may be explained partly by programs must be carried out with Brazilian labor heavy demands for credit and capital, which may and domestic materials, and should, in the main, have caused many holders of Government bonds be financed with domestic funds. Only thus can to sell them in order to secure funds which they an excessive future burden on Brazil's balance of could not obtain from the banks. The traditional payments be avoided. preference of the investing public for real estate Financing from internal sources. To combine an was reinforced during the past decade by the conacceleration in economic development with the tinuous rise in the general price level, but the greatest possible degree of price stability is not an influence of this factor must have been lessened in easy task. It calls for vigorous action on the part 1947-48. One of the chief reasons for the weakness of the Brazilian Government based on courageous of the Government security market seems to be the and wise decisions. The rate of economic developheavy reliance "on forced subscriptions in recent ment depends on the willingness of the Brazilian years. The Joint Commission suggests that the people and Government to redirect the investment present revolving issue of Treasury bills, to which of the nation's savings and the expenditure of its exporters are required to subscribe, be replaced by tax payments from less productive uses into more new issues offered for voluntary subscription. productive ones, and on their willingness to limit There are a number of other steps which can be expenditures on the less essential ones. Plans for taken to promote a more receptive market for Govfinancing development must not rely on the creation ernment obligations. The Brazilian Government's of credit by the banks, supported by new Govsuccess in placing new issues in the next few years ernment issues of paper money or by Central Bank will depend above all on its ability to maintain a credit. fair degree of stability of the price level. Total tax revenues of the Federal and State Gov- A redirection of the investment of Brazilian savernments in 1947 amounted to 19.7 billion cruzeiros ings is the only sound basis on which the financing (1,065 million U. S. dollars). The proportion spent plans for development can be made. Private savfor developmental purposes might be somewhat ings made by individuals and corporations are augmented, but new methods of increasing reve- estimated at about 12 billion cruzeiros (650 million nues must also be found. These should be con- U. S. dollars) annually, of which almost two-thirds sistent with Brazilian and international concepts of went into building construction in 1947. (Much justice and equality of sacrifice, and should not in- of this construction was of office buildings and volve depressing impacts upon industry, agricul- apartment houses in the large cities.) An importure, and commerce. Five measures are suggested tant component of private savings is the 2 billion for consideration by the Federal Government: (1) cruzeiros of collective savings accomplished through changes in the method of determining income tax payments to the social security institutes, insurance liability for the larger agricultural establishments; companies, and capitalization companies. The in- (2) application of surtax rates to dividends on vestment policies of these institutions could be bearer shares; (3) increases in excise taxes on cer- modified by laws and regulations setting lower (or tain commodities produced in Brazil, now taxed new) limits on the percentage of their reserves less than similar imported commodities, and in- allowed to be invested in real estate and mortgage APRIL 1949 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION loans. Appropriate measures can also be taken enterprising persons, both foreign and Brazilian, to redirect the investment operations of the Fed- who have substantial funds available for investeral savings banks, the deposits in which increased ment. by more than 1 billion cruzeiros in 1947. It has been proposed to create certain semigov- The establishment of an efficient Central Ban\— ernmental specialized ban\s. It is of the greatest particularly if the responsibility for its policies can importance that if such banks are to be estabbe placed in a Monetary Council enjoying the full lished, they should be strongly capitalized and that confidence of the public—would facilitate the they should have a continuous source of longformulation and execution of policies designed to term funds, preferably supplied by the Government stabilize the value of the currency. The Monetary from general tax revenues or by the sale of its own Council could also be given certain responsibilities direct obligations. They should not engage in ordifor guiding the investment policies of other finan- nary banking business in competition with the comcial institutions as outlined above. Moreover, the mercial banks, nor accept demand deposits in view Monetary Council and Central Bank could provide of the illiquid character of their assets. Nor should more effective supervision of the commercial bank- they depend upon the Central Bank as a source ing system. One useful measure which might be of funds in view of the inflationary implications undertaken would be to limit the interest rates of such financing. paid by banks to their depositors. Excessive com- Banking bills now under discussion provide for petition among the commercial banks for deposits the early transformation of the Agricultural Credit fulfils no useful economic function. Reduction in Department of the Bank of Brazil into a specialized the interest rates paid by banks would help to re- "Rural Ban\." It would be desirable to make this duce the now excessively high levels of other in- transformation a gradual process, allowing time for terest rates, including those on Government securi- adequate capitalization of the Rural Bank, and for ties. the training of additional personnel. At the same A substantial part of the capital expenditures of time the enlargement and improvement of the Brazilian industry are financed by the ploughing existing agricultural extension services of the Fedback of undistributed earnings. There are certain eral Government and the States should be pushed basic obstacles to the development of active mar- forward energetically so that a supervised loan kets for private corporation securities in Brazil, program to small farmers, tenants, and share cropbut it is to be expected that the emergence of such pers along the lines suggested in Part II can be markets will be hastened by Government policies implemented. of keeping the price level relatively stable, of dis- The Bank of Brazil, if it were relieved of central couraging excessive real estate financing, of taxing banking operations, and if agricultural credit were capital gains on real estate more heavily, and of in the hands of a separate department destined to promoting a revival of the market for Government become an independent institution, might well be securities. Other specific measures to strengthen expected to furnish medium-term loans to industry the private securities markets might include (1) on a more significant scale than at present. The establishment of a body with functions somewhat Bank of Brazil would thus continue its role as a like those of the United States Securities and Ex- mixed commercial and development bank of great change Commission, (2) study and eventual revi- prestige and high achievement. sion of existing company law, (3) removal of cer- Financing foreign currency expenditures. Both tain taxes if it is found that they are interfering governmental and private development programs with the development of the securities market. usually involve expenditures abroad for equipment The creation of private investment ban\s might and other essential supplies, and frequently for the be feasible and desirable when measures have been services of skilled technicians. The proportions of taken to prevent excessive institutional investment domestic and foreign expenditures required vary in real estate, when the Government bond market widely between different types of projects, but has been reconstructed, and when the basis has might average something like two-thirds domestic been laid for the development of a corporate security and one-third foreign. If this estimate is accepted market. The formation and operation of invest- as approximately correct, the importance of expandment banks might offer attractive opportunities to ing and redirecting potential domestic sources of 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION financing is emphasized, but the importance of the There can be no doubt that one of the most problem of obtaining foreign exchange for external effective steps that could be taken to strengthen expenditures is also apparent. Brazil's credit standing abroad, and to instill con- Brazil's gold holdings are still sizable, but hold- fidence in the minds of potential foreign investors, ings of hard currencies have been largely depleted; would be prompt action to end the lag in payments if adequate amounts of gold are to be retained as for imports. reserves for contingencies such as a sharp fall in In addition, consideration should be given to the value of exports, the amounts of funds avail- certain changes in the laws and regulations governable from these sources for the financing of a de- ing remittances of profits and transfers of capital velopment program must be regarded as limited. in order to clarify the treatment that may be ex- Furthermore, even though strong efforts are made pected on foreign investments and thus to offer to improve the balance of payments, it will be greater attraction to such investments. In order some time before substantial amounts of foreign to obtain the full benefit of the liberal policies that exchange can be made available from current ex- are actually in force, the basic law and the regulaport proceeds in view of the accumulated trade tions should be widely publicized both in Brazil debt. and abroad, particularly in the United States. Consequently, the assistance of foreign capital is The Brazilian Subcommission on Investments has needed to supplement the limited foreign currency proposed the principle of granting special induceavailabilities of Brazil in promoting economic de- ments to the more essential ("favored") investvelopment. Without such assistance and the ad- ments, either with respect to transferable earnings vanced techniques and managerial "know-how" or with regard to taxation. All such special priviwhich foreign capital can bring with it, the de- leges, if this proposal were implemented by the velopment of the country will be seriously retarded. Brazilian Government, would be incorporated into For a number of reasons there can be little hope formal agreements in each case. of floating international loans offered for private It might be desirable for the Brazilian and subscription within the near future. United States Governments (or agencies of each) While there have been, and still are, certain to consider the possibility of cooperative arrangegroups in Brazil who are opposed for ideological ments, whereby guarantees might be offered to or other reasons to direct foreign investments at private investors in the United States assuring them least in some fields, there is evidence now of a of their ability to effect prompt transfers of their growing appreciation of the need for such invest- investments from cruzeiros into dollars, should they ments. A Brazilian Subcommission, in a memo- wish to do so. Such guarantees would probably randum on investment policy prepared for the be availed of only infrequently but their existence, Joint Commission, has taken a definite stand in supported by an investment treaty, would offer a favor of a liberal attitude toward direct foreign psychological inducement of great value in eninvestment. As that report points out, the Consti- couraging a greater flow of private capital from tution of 1946 eliminated most of the discrimina- the United States to Brazil. They would constitory provisions of the Constitution adopted in 1937 tute one means of implementing the policy anand although it restricted to Brazilians, or to com- nounced by the President of the United States of panies organized in Brazil, concessions for the de- fostering capital investment in areas needing velopment of minerals and water power, basic development. rights in which are reserved to the nation, it does In addition, consideration might be given in the not preclude foreign participation in or ownership United States to reduction of taxation of income of Brazilian companies in such fields. The Consti- derived from investments in those areas as a furtution also includes guarantees against expropria- ther means of fostering such investments. This tion without adequate compensation. However, as should be supplemented by joint consideration by the Subcommission report also points out, not all the Governments of Brazil and the United States of the laws which are in conflict with the present of the adoption of a convention designed fully to Constitution have been repealed, so that an am- eliminate double taxation of income and of estates. biguous situation prevails in some fields which The interest of international and national lendshould be clarified by revision of the laws. ing agencies in assisting in the economic develop- APRIL 1949 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION ment of Brazil within the limits of fair apportion- provide additional resources for the economic dement of their resources is evident from the commit- velopment program. ments already undertaken by the International The SALTE Plan estimates do not cover certain Bank for Reconstruction and Development and types of Government expenditures, the need for the United States Export-Import Bank. It can which is shown in Part II of this report, including safely be assumed that the success of further loan a great expansion of Federal expenditures for soil applications to these institutions will depend upon conservation, agricultural extension work, and exthe care and realism with which individual proj- pansion of rural credit. ects are planned and the energy with which the The sources of funds for some of the private Government of Brazil pursues a policy of self-help investments in public utilities, estimates for which in promoting the sound financing of the domestic accompanied the SALTE Plan, are still uncertain. costs of the projects. Consideration might be given to the creation of a Private and governmental participation in developsmall centralized organization of the "authority" ment. A broad program for the economic developtype, provided with a reasonable amount of capiment of Brazil will require cooperation between tal by the Government, which would undertake private interests and Government if it is to be sucto assist the smaller power companies not only cessful. Fields such as manufacturing and mining in their financing, but also in obtaining expert can be left largely to private initiative and financengineering advice. Alternatively, such companies ing, although there is much that Government can might find it helpful, both in improving the effido to remove obstacles or to create conditions ciency of their operations and in dealing with pofavorable to an adequate flow of domestic and fortential lenders, to form syndicates within geoeign capital into these fields. There are other fields, graphic areas for the organization of management such as education and health programs, which will companies and for the mutual guarantee of their require almost exclusively Government initiative obligations. and financing, and still others, such as agriculture, Industry and mining are the areas into which transportation, and electric utilities, in which privery sizable amounts of foreign capital are likely vate and Government initiative will both be reto flow if measures to attract such capital are carquired. ried out. This flow, which is not likely to increase In May 1948 the Brazilian Executive Power subat a spectacular rate but can be expected to reach mitted to the National Congress for consideration significant proportions, may partly take the form of a program of Government development expendidirect investment by foreign corporations in their tures to total 17.6 billion cruzeiros (950 million Brazilian branches or into their subsidiaries, and U. S. dollars) over a five-year period. Present partly that of joint Brazilian-foreign undertakings. estimates call for a more gradual start in the In the case of metal mining development the execution of the SALTE Plan than was originally amounts of capital that would have to be invested contemplated. In 1950 a tax program such as that are sizable, and the difficulties in concluding consuggested in this report could be expected lo protractual arrangements are great. But these diffivide additional revenue for an expansion of the culties should not be insurmountable if the probprogram, and it should also become possible for the Government once again to secure funds through lem is approached realistically by everyone connoninflationary borrowing. Moreover, much could cerned. Similar considerations apply to petroleum be done through wise organizational reform to whose speedy exploration is so important to Brazil's reduce the ordinary costs of Government and so further economic development. 372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF JOINT BRAZIL-UNITED STATES TECHNICAL COMMISSION MEMBERSHIP OF THE CENTRAL COMMISSION THE BRAZILIAN DELEGATION Members: Chairman, Brazilian Delegation and Co-Chairman Harry L. Brown, Vice Chancellor of the Regents of the Commission: of the University System of Georgia, Atlanta, Dr. Octavio Gouvea de Bulhoes, Chief, Division Georgia. of Economic and Financial Studies of the Minis- Harold V. Roelse, Vice President, Federal Reter's Cabinet, Ministry of Finance. serve Bank of New York. This Delegation was assisted by the following Members: advisers: Dr. Anibal Alves Bastos, Technical Assistant of Adviser on Agriculture: Carl P. Heisig, Departthe Minister of Agriculture, Ministry of Agriculment of Agriculture. ture. Advisers on Banking: Philip J. W. Glaessner, Mr. Valentim Boucas, Secretary, Technical Coun- Federal Reserve Bank of New York and Arthur cil of Economics and Finances, Ministry of Finance. B. Hersey, Federal Reserve Board. General Anapio Gomes, Director General, Fed- Adviser on Fiscal Affairs: Herbert K. May, Deeral Council for Foreign Commerce. partment of the Treasury. Dr. Mario Bittencourt Sampaio, Director, Ad- Adviser on Manpower: Edward L. Keenan, Fedministrative Department for Public Services. eral Security Agency. Secretary: Adviser on Minerals: William D. Johnston, De- Dr. Aflonso Almiro R. da Costa, Jr., Temporary partment of the Interior. Assistant, Technical Council of Economics and Adviser on Power and Industrial Development: Finances, Ministry of Finance. Thomas E. Hibben, Department of Commerce. Adviser on Transportation: Edwin W. James, THE UNITED STATES DELEGATION Federal Works Agency. Chairman, United States Delegation and Co-Chair- The Secretary of the United States Delegation man of the Commission: was Mr. John C. Cady, Department of State, who John Abbink (with personal rank of Minister), was assisted by the Reporting Secretary, Mr. E. Chairman, McGraw-Hill International Corpora- Taylor Parks, also of the Department of State, and tion, New York, New York. Mrs. Mary E. Herron and Miss Gladys I. Poticher. APRIL 1949 373 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. Margin Requirements for Purchasing tion 3(d) (3) of Regulation T, as margin required Securities for short sales of securities (other than exempted securities) shall be 50 per cent of the current mar- Supplements to Regulations T and U ket value of each such security. The Board of Governors of the Federal Reserve System, effective March 30, 1949, amended the SUPPLEMENT TO REGULATION U Supplement to Regulation T entitled "Extension Effective March 30, 1949 and Maintenance of Credit by Brokers, Dealers, For the purpose of section 1 of Regulation U, and Members of National Securities Exchanges" the maximum loan value of any stock, whether or and amended the Supplement to Regulation U ennot registered on a national securities exchange, titled "Loans by Banks for the Purpose of Purchasshall be 50 per cent of its current market value, ing or Carrying Stocks Registered on a National as determined by any reasonable method. Securities Exchange" so as to reduce the margin requirements for purchasing registered securities from 75 per cent to 50 per cent. These require- Consumer Instalment Credit ments are applicable both to purchases of securities Dual Purpose Passenger Automobiles and to short sales. The texts of the Supplements Passenger automobiles designed for the purpose as thus amended are as follows: of transporting less than 10 passengers are "listed SUPPLEMENT TO REGULATION T articles" under Group A, Part 1, of the Supplement to Regulation W. Whether any such automobile is Effective March 30, 1949 used for that purpose or used or registered com- Maximum loan value for general accounts The mercially or for other purposes is immaterial, as maximum loan value of a registered security (other is also the case even though the vehicle may have than an exempted security) in a general account, certain heavy-duty or truck features or removable subject to section 3 of Regulation T, shall be 50 seats. In view of the foregoing, the Board conper cent of its current market value. siders that the Chevrolet "Carryall Suburban," Margin required for short sales in general accounts. the Willys-Overland " 'Jeep' Utility Wagon," the —The amount to be included in the adjusted debit GMC "Suburban" and other similar automobiles balance of a general account, pursuant to sec- are "listed articles" under Regulation W. 374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA The Annual Report of the Ban\ of Canada for In 1947, as a result of the reduction in exchange the year 1948 was submitted to the Minister of reserves which took place in that year, and conse- Finance, the Honorable D. C. Abbott, by Mr. quent loan repayments by the Foreign Exchange Graham Ford Towers, Governor of the Ban\, on Control Board to the Government, nonbudgetary February 11, 1949. Portions of the text of the transactions produced a surplus in addition to the report are given herewith* budgetary surplus. A large part of the over-all surplus was used to redeem Government securities MONETARY CONDITIONS held by banks and this produced a corresponding reduction in total bank deposits in Canada. One of the most important factors in the mone- During 1948, on the other hand, the Governtary situation has been the over-all financial operament's budgetary surplus was largely absorbed in tions of the Government. In both 1947 and 1948 meeting nonbudgetary cash requirements. The there was a substantial surplus on budgetary acmain factor in the change from 1947 to 1948 was counts. Taken by itself this involved a large net the development of a substantial export balance in transfer of funds from the public to the Govern- Canada's current international transactions, through ment. However, as shown in the following table, restriction of imports as well as increased dollar there were also large nonbudgetary transactions, value of exports. The large export balance was which at times resulted in a transfer of funds from necessary in order to rebuild Canada's exchange the Government back to the public. reserves, and the Government had to advance to the Foreign Exchange Control Board the Canadian GOVERNMENT OF CANADA RECEIPTS (-}-) AND PAYMENTS (—) dollars needed to finance the increase in reserves. [Calendar years, in millions of dollars] This meant that in 1948 the Government's over-all cash surplus available for net debt retirement was Item 1946 1947 1948 small as compared with 1947. Budgetary items: Another factor affecting the monetary situation Ordinary revenue +2.466 +2,620 +2,585 Special revenue +743 +386 + 183 has been the rate at which chartered banks have Budgetary expenditure -3,451 -2,255 -2,128 increased their loans and non-Government invest- Budgetary surplus.. -242 +751 +640 ments. This rate of increase slowed down in 1948. Nonbudgetary items: During 1947 chartered bank loans and investments, Postwar loans to foreign governments (net) -750 -564 -132 excluding Government of Canada securities, had Loans to Foreign Exchange Control Board 1 -90 +740 -370 risen by 777 million dollars. In 1948 the increase Other items (net) + 152 +36 +67 was 257 million, of which 145 million was in loans Over-all surplus available for domestic debt retirement (net). -930 +963 +205 and the remainder in non-Government investments. The increase in loans during 1948 was distributed 1 After adjustment for decreases in Government debt payable in U. S. dollars amounting to 115 million dollars and 30 million widely over the various categories of loans, and dollars in 1946 and 1947, respectively, and an increase amounting to 150 million in 1948. included about 35 million dollars to finance larger grain stocks. * Sections of the report not reprinted here include a A fairly substantial increase in bank loans was current report of the Pay Roll Savings Plan, discussions of the economic situation of the United States and of Western to be expected in the circumstances of 1947 and Europe in 1948, certain changes in the Bank's accounts dur- 1948. There was an increase in the physical volume ing the year, and notes on personnel matters. Appended tables include the profit and loss account for the year, the of business in these two years and a strong upward balance sheet for December 31, 1948, ownership of Govern- influence from other countries on our price level; ment of Canada direct and guaranteed funded debt, and both these factors involved an increase in the curestimated net new issues or retirements of Canadian securities. The text is illustrated by several charts. rent financing requirements of business, which at For previous reports, see BULLETIN for June 1948, April the same time was making large expenditures for 1947, etc. 375 APRIL 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA capital replacement and expansion. I believe that INCREASE (-{-) OR DECREASE (—) IN GENERAL PUBLIC the banks have been fully aware of the need to HOLDINGS OF CERTAIN LIQUID ASSETS X avoid over-financing of their customers, although [Calendar years, in millions of dollars] if there should be a reduction in the present volume Type of holding 1947 1948 of sales there will undoubtedly be many cases where businessmen and their bankers will be faced with Money supply -52 +391 the problem of excessive inventory and receivables. G In o a v c e ti r v n e m e sa n v t in o g f s C d a e n p a o d s a it s direct and guaranteed se- +287 +265 Before 1945, chartered banks seldom financed curities 2 -378 -541 business capital expenditures through medium- or Total -143 + 115 long-term loans. In the postwar period, however, 1 "General public" is here defined as all investors except banks the chartered banks extended a substantial amount and Government of Canada accounts. It includes life insurance companies and all other corporate as well as individual holders. of capital assistance to business through the pur- 2 Includes refundable taxes, which increased by 28 million dollars in 1947 and decreased 85 million in 1948. chase of corporate securities, particularly in 1947. Early in 1948 it became apparent that business in- their holdings of Government bonds from 3.3 biltended to make even larger capital expenditures lion dollars to 10.7 billion, and it was to be exand that this might mean increased pressure on pected that they would sell some of these securiavailable labour and materials. Accordingly, the ties after the war in order to make deferred ex- Bank in February 1948 suggested to the chartered penditures of various kinds and other investments. banks that conditions prevailing at that time made Largely as a result of the decline in general public it undesirable for capital expenditures to be financed holdings, Government securities held by banks inthrough expansion of bank credit. We suggested creased by 443 million dollars in 1948. The increase that it would be preferable for borrowers to ob- was 311 million in the case of the chartered banks tain such funds by the sale of securities to the pub- and 132 million in the case of the Bank of Canada. lic, except in the case of those borrowers, mainly Including changes in Government deposits at small concerns, for whom a public issue would not the chartered banks and "float," total Canadian be an appropriate means of financing. In 1948, deposits with the chartered banks increased by the increase in banks' holdings of corporate securi- 626 million dollars in 1948. Since there was an ties, excluding railway equipment trust certificates, increase of only 18 million in chartered banks' was 17 million dollars as compared with 141 mil-cash reserves, as the result of the various changes lion in 1947. in the Bank of Canada's accounts during the year, The remaining factor affecting the monetary the banks' cash ratio declined from 11.1 per cent situation has been the extent to which the general at December 31, 1947 to 10.4 per cent at December public have altered the distribution of their liquid 31, 1948. On a daily average basis the cash ratio assets. The most important liquid assets are Gov- was 10.9 per cent during 1948, as compared with ernment securities, inactive savings deposits, and 10.8 per cent in 1947. the active categories of bank deposits and currency which make up money supply. Changes in the EFFECT ON CHARTERED BANKS' CASH RESERVES OF CHANGES aggregate of these three items are mathematically IN BANK OF CANADA ACCOUNTS, 1948 determined by the Government's over-all cash sur- [Calendar year, in millions of dollars] plus or deficit,1 and by changes in chartered banks' loans and non-Government investments. Changes Decrease Increase Changes in Bank of Canada accounts in cash in cash in the aggregate and shifts in the distribution of reserves reserves the general public's holdings of the three cate- Increase in holdings of Government of Cangories of liquid assets referred to above are shown ada and provincial government securities. . 133.2 Increase in notes held by the public 7CK9 in the following table, which is based on figures Increase in Government of Canada deposits. 29.6 Increase in other deposits 13.5 given in the table on page 380. Decrease in other assets, less other liabilities. 1.2 During the war years the general public increased 115.2 133.2 Deduct 115.2 1 Including the net revenue of Government investment Increase in chartered banks' cash reserves. . 18.0 accounts such as the Unemployment Insurance Fund. 376 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA SECURITY MARKETS 1947. The output of services, which account for about one-third of total employment, is difficult to Government of Canada bond prices declined in estimate and probably was not much greater than January and February 1948, and the yield obtainin 1947. On the whole, it is likely that the over-all able on the longest-term Victory Loan bonds physical volume of production of goods and serv- (maturing in 1966) increased from 2.60 per cent ices rose between 3 and 4 per cent over the year. at the beginning of January to 2.98 per cent at the end of February. In a public statement made on DEMAND AND PRICES February 27th we said: In 1948, as in the two preceding years, external "This has occurred during a period of very large influences added materially to the pressure of decapital investment and a correspondingly large demand on Canadian resources, and were an immand for money . . . The degree of change in inportant factor raising Canadian prices and costs. terest rates does not appear inappropriate in the Although there was some shifting in the direccircumstances . . . The Bank is not in favour of tion of our exports, as referred to in the next seca drastic increase in interest rates which would be tion of this Report, there continued to be strong likely to create a situation that might hamper, and demand for most of our exportable supplies. This might even prevent, essential forms of capital inwas particularly marked in the case of metals. vestment which Canada needs . . ." Moreover, removal of Canadian export embargoes Towards the end of the year prices of the longeron coarse grains, cattle and beef exposed our agriterm issues strengthened slightly and on Decemcultural supplies and prices more fully to the ber 31 the 3 per cent Victory Loan maturity of influence of the United States price level. For the 1966 was selling on a yield basis of 2.93 per cent. year as a whole, the physical volume of our total Net new issues of corporation bonds and stocks exports was probably no greater than in 1947, but were 240 million dollars in 1948, as compared with in view of the small crops harvested in the autumn 231 million in 1947. However, the amount of new of 1947 this maintenance of export volume placed money raised by corporations is no guide to the a strain on domestic supplies. Our export prices, magnitude of private capital replacement and ex- which are largely determined by conditions in the pansion which took place. Only about one-fifth of United States and overseas markets, averaged about the large private business capital expenditures of 13 per cent higher in the latter part of 1948 than 1948 were financed by new security issues. It would they had a year before. appear that in general the greater part of such During 1948, the Canadian economy was also expenditures was financed out of current depre- subject to the necessity of restricting its imports, ciation allowances and retained current earnings. in order to rebuild exchange reserves. Largely as a result of the emergency exchange conservation EMPLOYMENT AND PRODUCTION IN CANADA measures instituted late in 1947, the physical vol- Between 1947 and 1948 Canada's working force ume of imports declined by nearly one-tenth from rose by about 60,000 through natural increase and 1947 to 1948. Most of this reduction was concenby somewhat less through net immigration, repre- trated in the field of consumers' goods, and insenting together an increase of approximately 2 per creased their relative scarcity in the domestic marcent on the year. The demand for labour was such ket. At the same time, the price of key imports that these additional workers readily obtained jobs. such as coal, oil and steel rose sharply. Import Unemployment remained at minimum levels in prices, which again are largely determined by conmost localities through most of the year, though ditions in the United States and overseas markets, there was a somewhat sharper seasonal increase in averaged about 14 per cent higher in the latter unemployment towards the end of the year than part of 1948 than they had a year before. had occurred in 1947. Changes in imports and exports, and the other With crop conditions better in 1948 than in 1947, categories of expenditure on Canadian resources the physical volume of agricultural production rose are shown in the following table. The estimates by about 4 per cent. Industrial output was ap- of changes from 1947 to 1948 in terms of average proximately 4x/2 per cent higher in 1948 than in price factors and physical volume are very tentative. 377 APRIL 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA ESTIMATED EXPENDITURE ON CANADIAN GOODS AND SERVICES 3 affected more by external influences than by the investment boom. The prices of most nondurable Billions Percentage change, consumers' goods are affected to an important deof dollars 1947 to 1948 gree by the cost of imported goods and materials. Type of expenditure 1947 1948 A f p v a r e c i r t c o a e g r e P v h o y lu s m ic e al A str l u th c o ti u o g n h a th n e d h e a a n v c y il la d r e y m a i n n d d u f s o tr r ie l s a bo h u a r s i n be t e h n e o co n n e factor contributing to the general increase in wage Exports of goods 2.8 3.1 + 11 +0 rates (and thus to the general increase in prices) Investment in inventories .8 .6 Other gross private capital in- it may be doubted that it was a major cause of the vestment 2.0 2.5 + 14 +8 Combined federal, provincial large rise in wage levels which has taken place and municipal purchases of goods and services 1.5 1.7 + 12 +2 since the end of the war. Personal consumption and expenditures 9.0 10.1 + 13 -1 Changes in the principal Canadian price and Total 16.1 18.0 earnings indexes over the past three years are shown Imports of goods 2 -2.6 -2.6 + 12 -9 in the following table. Net international balance on invisible items -.1 Gross national expenditure CANADIAN PRICE AND EARNINGS INDEXES * (gross national product). . . 13.4 15.4 [December 1947 = 100] 1 Based on National Accounts: Income and Expenditure; 1926-47 and 1947-48, published by the Dominion Bureau of Statistics. Index Dec. Dec. Minor adjustments have been made in the Bureau figures in the 1945 1948 process of rounding off, in order to eliminate the residuals arising from errors and omissions. 2 The imported goods content of the expenditure components Wholesale price index: shown in the first part of the table must be deducted in order to All items 72 111 arrive at a figure of expenditure on Canadian resources. Food products 74 111 Raw materials 73 113 Manufactures 71 109 During 1948 there was apparently a slight de- Cost of living index: cline in the volume of consumer purchases of goods All items 82 109 Foods 75 113 and services expressed in physical terms, and there Average earnings:2 was evidence of a somewhat higher aggregate rate Hourly 78 112 Weekly 81 111 of personal saving than in 1947. Combined federal, provincial and municipal government purchases of 1 Official Dominion Bureau of Statistics figures converted to the base December 1947 = 100. goods and services rose slighdy in terms of physi- 2 Covers hourly rated wage-earners in manufacturing establishments with 15 or more employees. cal volume. The only category of expenditure which showed a marked increase in physical terms Prices continued to rise in Canada during 1948 from 1947 to 1948 was private capital investment. after they had levelled off in the United States. In this category the largest absolute increases took Because various controls affecting prices were replace in the case of utilities and housing; new physitained longer in Canada than in the United States, cal investment in manufacturing industry was less our prices were for a time considerably lower than than in 1947. external prices. As Canadian controls were re- As in other countries, wartime deferment of inmoved, the difference between internal and external vestment and high current profits have combined prices was bound to disappear in due course, and to produce a heavy demand for capital replacement price increases in Canada during 1947 and 1948 and development work. The pressure of this de- have reflected this fact. mand has clearly pushed up prices and costs in the investment sector of the economy. Its influence BALANCE OF PAYMENTS AND DIRECTION OF TRADE in raising the cost of living is less easy to assess. As mentioned in preceding sections, Canada's Apart from the field of durable consumers' goods, surplus in her current international transactions inwhich have a relatively small weight in the cost creased substantially during 1948. In terms of of living, there is little direct competition for mate- physical volume, exports were maintained while rials between the consumption dollar and the in- imports were reduced by about one-tenth. Because vestment dollar. The cost of food, which is the of higher prices, the dollar value of total mermain factor in the cost of living, has probably been chandise exports (including re-exports) rose from 378 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA 2,812 million dollars in 1947 to 3,110 million in direction of Canada's trade are shown in the ac- 1948, and merchandise imports increased from 2,574 companying table: million to 2,637 million. The net result was, therefore, that the surplus of exports over imports in- CANADIAN MERCHANDISE TRADE creased by 235 million from 1947 to 1948. Whereas [Calendar years, in millions of dollars] there had been a net deficit of 103 million dollars on nonmerchandise 2 transactions in 1947, it seems United Kingdom Other likely that there was a surplus on these items last Item United States sterlin a g n d area 1 countries year. 1947 1948 1947 1948 1947 1948 There were also changes in the direction of Canadian trade. Chiefly as a result of the restric- Exports to 2.... + 1,057 + 1,523 + 1,046 +894 + 709 +693 Imports from. . -1,975 -1,806 -342 -488 -257 -343 tions adopted in November 1947, imports from the Balance 3. . -918 -283 +704 +406 +452 +350 United States were 169 million dollars lower in value in 1948 than in 1947. On the other hand, 1 Excluding Union of South Africa. 2 Including re-exports. there was an encouraging increase in shipments to 3 Surpluses are designated (+); deficits (—). Canada from the United Kingdom and other sterling area countries, the value of our imports from CAPITAL INVESTMENT IN 1928-29 AND 1947-48 these sources increasing by 110 million dollars and In view of the importance of capital investment 36 million respectively. Although shipments from and the degree of public interest in this subject, it the United Kingdom to Canada set a new record is useful to compare the recent rate of capital inin value in 1948 they were little greater in physi- vestment with that of the last peacetime period cal volume than before the war. They also con- of full employment in the late twenties. Unfortustituted a smaller proportion of total United King- nately all the readily available statistics of aggredom exports, and a much smaller proportion of gate production and expenditure are compiled on total Canadian imports, than prewar. To the ex- the basis of dollar values rather than physical volume. Since prices have risen considerably over the tent that the United Kingdom and sterling area period in question, comparison of statistics of dolcountries need to reduce their balance-of-payments lar value is likely to give a misleading impression deficit with Canada, it is desirable from every of the underlying physical realities. We have therepoint of view that the emphasis should be on sellfore tried to eliminate the price factor, drawing ing more to Canada rather than on buying less upon preliminary research work which is being carfrom Canada. ried on in Government departments. The result- While a smaller proportion of our imports came ing figures are necessarily very rough and are infrom the United States in 1948 than in 1947, a tended only to establish general orders of magnimuch larger proportion of our exports were sold tude. in that market. The value of Canadian exports to Comparing the years 1947 and 1948 taken tothe United States rose by 466 million dollars or gether with the years 1928 and 1929 taken together, by 44 per cent from 1947. The increase was mainly it appears that the increase in the physical volume accounted for by greater shipments and higher of new private capital investment excluding investprices in respect of nonferrous metals, higher prices ment in inventories, was of the order of 35 to 40 for forest products, and the removal of most em- per cent. If allowance is made for the fact that bargoes on the shipment of Canadian agricultural between these two periods Canada's population products to the United States. On the other hand, rose by 28 per cent3 it is clear that there was only our exports to overseas countries, particularly of a small increase in the rate of physical investment manufactured goods, were curtailed by growing per capita. exchange and import restrictions. Changes in the The increase in Canada's over-all output has been on a much more substantial scale. Although 2 Including nonmonetary gold, interest and dividends, and the calculations again are necessarily approximate, tourist transactions. 8 The working population rose by approximately 32 per it seems safe to say that the physical volume of cent between the periods in question. Canada's total production of goods and services was APRIL 1949 379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA MONEY SUPPLY AND RELATED BANK ASSETS [As at December 31, in millions of dollars] MONEY SUPPLY 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Currency outside banks: Notes1 207 247 341 450 633 794 930 992 1,031 1,046 1,115 Coin2 31 34 38 42 49 55 60 63 65 66 70 Total currency. . 238 281 379 492 682 849 990 1,055 1,096 1,112 1,185 Bank deposits: Chartered banks— Demand3 734 853 1,031 1,268 1,499 1,697 1,862 2,063 2,291 2,296 2,544 Active notice4 187 197 203 236 238 294 363 474 614 597 649 Other (excl. Government of Canada)5 42 157 112 97 121 134 153 172 229 233 276 Total 963 1,207 1,346 1,601 1,858 2,125 2,378 2,709 3,134 3,126 3,469 Deduct float6 116 186 172 198 210 266 243 280 328 362 400 Net total. . 847 1,071 1,174 1,403 1,648 1,859 2,135 2,429 2,806 2,764 3,069 Bank of Canada "Other" deposits7 3 18 10 6 19 18 28 30 94 68 81 Total bank deposits 850 1,089 1,184 1,409 1,667 1,877 2,163 2,459 2,900 2,832 3,150 Money supply. . . . 1,088 1,370 1,563 1,901 2,349 2,726 3,153 3,514 3,996 3,944 4,335 RELATED BANK OF CANADA AND CHARTERED BANK ASSETS Government of Canada securities, gold and exchange: Bank of Canada gold and exchange8. 214 290 38 201 1 Banking and securities9 . . 196 425 743 973 1,614 2,093 2,321 1,696 1,476 811 1,138 Other Government of Canada securities10 753 752 737 798 1,180 1,671 2,277 3,652 3,745 3,718 3,834 Total securities, gold and exchange. 1,163 1,467 1,518 1,972 2,794 3,765 4,598 5,348 5,221 4,529 4,972 Deduct Government of Canada deposits11 79 145 32 148 366 597 720 1,002 366 272 320 Net total. . 1,084 1,322 1,486 1,824 2,428 3,168 3,878 4,346 4,855 4,257 4,652 All other loans and investments12 1,628 1,767 1,720 1,719 1,570 1,459 1,593 1,827 2,297 3,084 3,341 Deduct inactive notice deposits1*. . 1,472 1,544 1,438 1,433 1,436 1,654 2,060 2,391 '2,856 3,143 3,408 Total related bank assets. . 1,240 1,545 1,768 2,110 2,562 2,973 3,411 3,782 4,296 4,198 4,585 1 Note circulation of Bank of Canada and chartered banks, excluding notes held by chartered banks. 2 Subsidiary coin issued by the Mint less coin held by Bank of Canada and chartered banks in Canada. 3 Chartered banks' public demand deposits in Canada. 4 Chartered banks' public notice deposits in Canada other than estimated aggregate of minimum quarterly balances in personal savings accounts and nonpersonal notice deposits. 5 Chartered banks' Canadian dollar deposits of provincial governments, and of Canadian, United Kingdom, and foreign banks. 6 Cheques on other banks as shown in chartered bank month-end returns to the Minister of Finance. 7 Other deposits with the Bank of Canada as shown in published month-end statements—i. e. excluding Government of Canada, chartered bank and foreign deposits. 8 Bank of Canada gold and foreign exchange holdings less the amount of its foreign currency deposit liabilities. 9 Bank of Canada and chartered bank holdings of Government of Canada Treasury bills, deposits certificates, Treasury notes and other short-term issues sold direct to Bank of Canada and chartered banks. 10 Bank of Canada and chartered bank holdings of Government of Canada direct and guaranteed securities other than those shown as banking issues, including chartered banks' temporary advances to the public in connection with the purchase of Victory Loan bonds at time of issue. banks' holdings of pr stock. 13 Estimated aggregate of minimum quarterly balances in chartered banks' personal savings deposits in Canada plus nonpersonal notice deposits in Canada. 380 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK OF CANADA more than two-thirds greater in 1947-48 than it December 1948 was $1,289,080,333, up $77,729,947 had been in 1928-29. There can therefore be little from the same date a year before. Of the total doubt that a materially smaller proportion of the amount of our notes outstanding, 1,098.3 million country's physical output was devoted to expanding dollars were held by the public and 190.8 million and improving capital equipment in 1947-48 than by the chartered banks. The increase in notes was the case in 1928-29. held by the public was 70.9 million dollars during I turn now to the major changes which took 1948. place in the Bank of Canada's accounts during 1948, on which it is customary to comment in this BANK RATE Report. Bank rate remained unchanged during 1948 at NOTES IN CIRCULATION 1/4 per cent. As in previous years, banks had The Bank of Canada note issue at the end of little occasion to borrow from us. CURRENT EVENTS AND ANNOUNCEMENTS Designation of Chairman and Federal Reserve Agent phia, Pennsylvania, and has served as a Class C and director of the Federal Reserve Bank of Philadel- Appointments of Deputy Chairman and phia since April 8, 1943. Class C Director Mr. Philip T. Sharpies of Haverford, Pennsyl- The Board of Governors on March 18, 1949, an- vania, was appointed a Class C director of the nounced the following designation and appoint- Federal Reserve Bank of Philadelphia for the unments: expired portion of the term ending December 31, Mr. Warren F. Whittier of Chester Springs, 1951. He is Chairman of the Board of The Pennsylvania, was designated Chairman and Fed- Sharpies Corporation, Philadelphia, Pennsylvania. eral Reserve Agent of the Federal Reserve Bank of Mr. Sharpies was appointed to fill the vacancy Philadelphia for the unexpired portion of the year occasioned by the appointment last year of Mr. 1949. Mr. Whittier is an Agricultural Consultant. Thomas B. McCabe as Chairman of the Board of He has served as a Class C director of the Federal Governors of the Federal Reserve System. Reserve Bank of Philadelphia since December 2, Admission of State Bank to Membership in the 1939, and as Deputy Chairman since July 1, 1941. Federal Reserve System Mr. C. Canby Balderston of Media, Pennsyl- The following State bank was admitted to memvania, was appointed Deputy Chairman of the bership in the Federal Reserve System during the Federal Reserve Bank of Philadelphia for the reperiod February 16, 1949 to March 15, 1949: maining portion of the year 1949. Mr. Balderston is the Dean of the Wharton School of Finance and Michigan Commerce, University of Pennsylvania, Philadel- Detroit—City Bank APRIL 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 23, and released for publication March 25] Output and employment in industry declined Nondurable goods production also declined somesomewhat further in February and were slightly what in February, petroleum refining operations below the levels of a year ago. Value of depart- were reduced, and small declines occurred in activment store sales in February and the early part of ity in the rayon textiles, chemicals, rubber products, March continued substantially below earlier ad- and paper industries. Output at cotton textile mills vanced levels. Wholesale prices of meats and live- and most other nondurable goods industries showed stock advanced moderately from mid-February to little change from January levels. mid-March, while prices of numerous other com- Minerals production declined moderately in Febmodities declined somewhat further. ruary and was sharply reduced in March. Crude petroleum output was lowered further in February INDUSTRIAL PRODUCTION to a rate approximately equal to that in the same Industrial production, according to preliminary month a year ago, and was reduced substantially figures for the Board's seasonally adjusted index, in March. Coal production continued to decline in was 189 per cent of the 1935-39 average in Feb- February and the early part of March, reflecting ruary, down 2 points from January and 6 points large accumulation of stocks and reduced demand, from the peak last autumn. A further decline is and was sharply curtailed beginning March 14 as indicated for March, reflecting sharp curtailment in the result of a work stoppage affecting most mines the output of coal, and also reductions in output of east of the Mississippi. Output at copper mines some other products including petroleum and rayon. increased substantially in February following a set- In February output of durable goods was down tlement of a prolonged strike at the mines of a slightly, reflecting further declines in output of ma- leading producer. chinery—mainly electrical machinery—and of lumber, furniture, and stone, clay and glass products. EMPLOYMENT Steel production, however, advanced further to a Employment in nonagricultural establishments, record rate of 101.2 per cent of capacity and was as reported by the Bureau of Labor Statistics, demaintained at about this rate in March. In the clined more than seasonally in February and was automotive industry, activity declined slightly in 300,000 or one per cent less than in February 1948. February, but with the completion of model change- The decline from January reflected mainly further overs showed a small gain during the first three reductions in manufacturing, construction, and railweeks in March. road transportation. The number of persons un- INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED VOLUME.SEASQNALLY ADJUSTEO, I' Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for February. Monthly figures, latest shown are for February. 382 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS employed increased by 550,000 to 3,200,000 ac- tion in supplies, prices of meats and livestock rose cording to Census Bureau estimates. somewhat, but prices of a wide range of industrial commodities declined. Prices of steel scrap and CONSTRUCTION nonferrous metals scrap showed further marked Value of contract awards in February, according decreases. Refined lead and zinc prices were lowto the F. W. Dodge Corporation, was about oneered and there were reductions also in prices of sixth larger than in January, reflecting increases in various metal products, such as storage batteries and publicly financed construction. Awards for prihousehold appliances. vately financed activity showed little change from The consumers' price index declined 1 per cent in the sharply reduced level reached in January. February reflecting further decreases in retail prices Total awards in January and February were 19 of food, apparel, and housefurnishings. The Febper cent smaller than in the same months last year. ruary level was 169 per cent of the 1935-39 average, as compared with the high point of 174.5 reached DISTRIBUTION last summer. Department store sales declined further in Feb- BANK CREDIT ruary after allowance for usual seasonal changes. The Board's adjusted index was 273 per cent of Federal Reserve holdings of Government secuthe 1935-39 average as compared with 287 in Jan- rities declined sharply during the first half of uary and 286 a year ago. Sales during the first March, reflecting principally sales of Treasury bonds three weeks in March were 11 per cent below the and retirement of certificates held by the Reserve corresponding period of 1948, owing in part to the Banks. The effect of these sales in absorbing bank later date of Easter this year. reserves was largely offset by a substantial decline Shipments of railroad revenue freight in Feb- in Treasury deposits at the Reserve Banks. After ruary and the first half of March declined some- the middle of March, seasonally large income tax what further and were 10 per cent below the level payments caused the shift of a substantial volume of a year ago. Loadings of coal, forest products, of funds from private deposit accounts at commerand merchandise in less than carload lots were cial banks to Treasury balances at the Reserve sharply reduced, as compared with a year ago, and Banks. Federal Reserve sales of bonds continued there were less marked declines in miscellaneous and, although the System purchased large amounts freight and livestock shipments. Loadings of grain, of short-term securities, bank reserves declined. coke, and ore were above year ago levels. Business loans were reduced somewhat further at reporting banks in leading cities during Febru- COMMODITY PRICES ary and the first half of March. Demand deposits The average level of wholesale prices, as meas- of businesses and individuals declined substantially, ured by the all-commodity index of the Bureau of reflecting tax payments, repayment of bank loans, Labor Statistics, was unchanged from mid-February and net purchases by nonbank investors of Govto mid-March. Reflecting in part a seasonal reduc- ernment securities from the banking system. DEPARTMENT STORE SALES AND STOCKS MEMBER BANKS IN LEADING CITIES DOLLAF IOO L 1941 1942 1943 1944" 1945 1946 1947 1948 1949 1942 1943 1944 J945 1946 1947 1948 1949 Federal Reserve indexes. Monthly figures, latest shown are for February. Wednesday figures, latest shown are for March 23. APRIL 1949 383 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. . 387 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . 388 Federal Reserve Bank statistics 389-392 Guaranteed war production loans 393 Deposits and reserves of member banks. 393-394 Money in circulation 395-396 Gold stock; bank debits and deposit turnover 396 Deposits and currency; Postal Savings System; bank suspensions. 397 All banks in the United States, by classes 398-399 All insured commercial banks in the United States, by classes. . 400-401 Weekly reporting member banks. 402-405 Commercial paper, bankers' acceptances, and brokers' balances. 406 Money rates and bond yields 407 Security prices and new issues. ... 408-409 Corporate earnings and dividends. 410 Treasury finance 411-413 Government corporations and credit agencies. . 414 Business indexes 415-424 Department store statistics.. 425-428 Cost of living 428 Wholesale prices 429 Gross national product, national income, and personal income. . 430-431 Consumer credit statistics 432-434 Current statistics for Federal Reserve chart books . . 435-439 Number of banking offices on Federal Reserve par list and not on par list 440 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. 385 APRIL 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES 1941 1942 1943 1944 1945 1946 1947 1948 1949 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES 10 1941 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for March 23. See p. 387. 386 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve Date c v o D a a a u n n i d s c n d - - e ts s T U ot . a l S s . e B G cu o o r n v it d e ie s rn s m c c B e e a r i n t l t e t l i s f s i , , - ot A h l e l ri Total s G to o c ld k T s r t c o e u r i a u e n n u r n a r y c g t d - - s y - - M i c n t u o i o c l n a n i e r - y - T h c i u r o n a e r l s g a y d h s s - - u F T B p s w r e R r e o y a d e r i e s n t e a v - i h k d t r s e s e a s - - lb m p N e o r e o s m n i d t - e s - - c O s F o e R e a t e u r c r e h a d - v n - e l - e t r s To b ta a l lan c c E e e x s s - s * and notes Monthly averages of daily figures: 1947—Dec 26821,905 1,50720,398 685 22,858 22,712 4,556 28,937 330 967 1,016 61417,261 987 1948—Jan 224 21,673 3,60818,065 551 22,816 4,559 28,394 ,329 1,130 1,014 56617,390 1,082 Feb 379 20,738 5,42715,311 473 21,589 22,967 4,558 28,096 ,317 1,323 987 55916,834 804 Dec 330 23,002 11,08511,917 645 24,218 4,584 28,423 ,319 1,398 1,051 60019,990 797 1949—Jan 34722,289 10,62011,669 513 23,150 24,259 4,587 27,850 ,327 1,014 1,211 60319,991 838 Feb 28422,320 10,03212,288 22,95324,283 4,587 27,545 ,321 1,539 1,232 61619,570 710 End-of-month figures: 1947—Dec. 31.. 8522,559 2,85319,706 536 23,18122,754 4,562 28,868 ,336 870 961 56317,899 1,499 1948—Jan. 31.. 32721,925 4,791 17,134 530 22,78222,935 4,561 28,111 ,305 2,343 1,049 55116,919 768 Feb. 28. . 43121,024 5,68815,336 655 22,109 23,036 4,561 28,019 ,325 ,591 1,154 55617,062 1,055 Dec. 31.. 223 23,333 10,97712,356 542 24,09724,244 ,589 28,224 ,325 ,123 1,189 590 20,479 1,202 1949—Jan. 31.. 456 22,109 10,22411,885 349 22,91424,271 ,589 27,580 ,336 ,514 1,194 611 19,540 477 Feb. 28. . 25122,342 9,88312,459 262 22,85524,290 4,588 27,557 ,323 ,423 1,194 61819,617 808 Wednesday figures: 1948—May 5.. 230 20,251 6,193 14,058 374 20,856 23,176 4,561 27,762 ,329 ,114 810 54517,033 817 May 12.. 250 20,348 6,281 14,067 440 '" 23,225 4,560 27,762 ,319 ,319 792 54417,087 884 May 19.. 225 20,098 6,33913,759 351 20,674 23,245 4,559 27,690 ,329 ,612 795 54616,506 294 May 26.. 321 20,592 6,32314,269 287 21,20123,295 4,561 27,700 ,333 ,788 788 54716,901 723 June 2.. 239 20,683 6,183 14,500 369 21,29223,343 4,562 27,895 ,335 ,567 754 55117,094 941 June 9.. 31220,349 6,182 14,167 294 20,95523,362 4,560 27,864 ,337 ,144 828 55117,154 908 June 16.. 29420,749 6,177 14,572 476 21,519 23,515 4,560 27,808 ,331 984 879 59317,999 1,132 June 23.. 35321,010 6,175 14,835 358 -- -• 23,523 4,561 27,792 ,317 ,863 827 59817,408 728 June 30.. 26521,366 6,206 15,160 268 21,900 23,532 4,565 27,903 ,327 ,928 859 59217,389 742 July 7.. 398 21,535 6,210 15,325 310 22,243 23,584 4,562 28,142 ,334 ,841 877 61217,584 1,003 July 14.. 316 21,521 6,321 15,200 302 22,139 23,593 4,562 27,959 ,331 ,861 898 61317,631 937 July 21.. 285 21,326 6,44914,877 277 21,888 23,650 4,561 27,864 ,324 ,879 920 61117,503 723 July 28.. 327 21,209 6,56414,645 187 21,723 23,670 4,563 27,821 ,329 ,822 875 576 17,534 759 Aug. 4.. 282 2.1,378 6,96614,412 237 21,897 23,679 4,564 27,922 ,330 ,852 860 56917,606 730 Aug. 11.. 293 21,566 7,215 14,351 205 22,064 23,688 4,564 27,966 ,324 ,756 865 57017,834 1,003 Aug. 18.. 301 21,551 7,410 14,141 273 22,125 23,708 4,565 27,979 ,322 ,963 965 56617,603 729 Aug. 25.. 324 21,460 7,58713,873 210 21,993 23,711 4,564 27,965 ,324 ,902 843 56717,668 811 Sept. 1.. 318 21,411 7,79513,616 208 21,937 23,725 4,568 28,072 ,323 ,693 855 56417,724 853 Sept. 8.. 310 21,240 7,86413,376 284 21,834 23,793 4,571 28,287 ,326 ,331 872 56517.817 926 Sept. 15.. 283 21,205 8,45512,750 433 23,850 4,571 28,156 ,321 661 875 59218,737 1,647 Sept. 22.. 309 21,860 8,94412,916 376 22,545 23,865 4,570 28,083 ,319 ,436 858 59118,694 979 Sept. 29.. 35723,282 9,20214,080 314 23,953 23,872 4,573 28,080 ,324 ,660 864 58619,884 940 Oct. 6.. 296 23,143 9,48313,660 268 23,70723,888 4,572 28,202 ,324 ,596 867 59619,584 607 Oct. 13.. 500 23,303 9,73613,567 16423,96723,965 4,572 28,284 ,317 ,551 916 59619,840 929 Oct. 20.. 289 23,192 10,13213,060 388 23,869 23,983 4,574 28,157 ,326 ,530 913 59019,910 870 Oct. 27.. 300 23,242 10,68312,559 254 23,79723,996 4,575 28,091 ,322 ,524 888 58319,960 874 Nov. 3.. 320 23,239 11,13712,102 17023,729 24,007 4,578 28,254 ,317 ,473 886 53919,846 858 Nov. 10.. 32623,144 11,22311,921 458 23,929 24,097 4,579 28,337 ,317 ,553 912 53919,947 922 Nov. 17.. 28222,930 11,15611,774 622 23,834 24,110 4,579 28,215 ,324 ,591 901 53919,953 815 Nov. 24.. 58222,993 11,16611,827 366 23,941 24,150 4,580 28,305 ,317 ,650 922 54219,934 830 Dec. 1.. 306 23,165 11,16811,997 312 23,78324,165 4,583 28,322 ,338 ,527 927 54119,877 783 Dec. 8.. 399 23,004 11,110 11,894 324 23,72724,218 4,585 28,415 ,314 ,540 986 548119,727 660 Dec. 15.. 266 22,993 11,11211,881 659 23,919 24,230 4,585 28,369 ,327 969 994 640 20,435 1,216 Dec. 22. . 426 22,845 11,05711,788 950 24,22124,234 4,584 28,560 ,S26 1,575 1,033 '19,899 662 Dec. 29.. 25523,347 11,001 12,346 512 24,11324,236 4,585 28,325 ,329 1,283 1,106 653 20,238 1,058 1949—Jan. 5. . 229 22,919 10,90712,012 579 23,727 24,249 4,586 28,151 ,322 951 1,167 597 20,375 1,131 Jan. 12.. 36422,465 10,77211,693 364 23,193 24,253 4,586 27,919 ,323 939 1,145 600 20,105 987 Jan. 19.. 24122,117 10,60311,514 640 22,999 24,264 4,586 27,717 ,327 804 1,267 602! 20,133 950 Jan. 26.. 45822,039 10,26511,774 463 22,960 24,268 4,587 27,561 ,333 1,135 1,138 613I 20,035 922 Feb. 2. . 29722,215 10,19112,024 314 22,827 24,279 4,588 27,556 ,327 1,284 1,203 61319,711 639 Feb. 9. . 25122,350 10,10512,245 235 22,836 24,279 4,587 27,557 ,327 1,430 1,176 61419,597 676 Feb. 16.. 23822,303 9,99312,310 385 22,926 24,284 4,586 27,480 ,323 1,754 1,177 61519,447 606 Feb. 23.. 30322,358 9,92212,436 22,847 24,290 27,551 ,326 1,591 1,193 62119,441 687 Mar. 2. . 24121,837 9,86811,969 343 22,422 24,290 4,587 27,557 ,320 877 1,233 62819,684 812 Mar. 9. . 20321,529 9,73711,792 271 22,003 24,295 4,587 27,577 ,320 711 1,223 63119,424 637 Mar. 16. . 429 21,500 9,58811,912 22,34824,305 4,588 27,500 ,324 591 1,227 66319,936n,O25 Mar. 23. . 594 21,675 9,45812,217 244 22,51224,307 4,588 27,423 ,32 1,432 1,197 66919,360 ^730 * Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 End of month and Wednesday figures are estimates. Back figures.Set Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. APRIL 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect March 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by tions other than member 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 1*2 Aug. 13, 1948 Aug. 13,1948 Aug. 13,1948 Richmond IK Aug. 13, 1948 Aug. 13,1948 Mar. 16,1946 A Ch tl i a c n ag ta o IX A Au u g g . . 1 1 3 3 , , 1 1 9 9 4 4 8 8 A A u u g g . . 1 13 3 , ,1 1 9 9 4 4 8 8 J A a u n g . . 1 2 3 4 , ,1 19 9 4 4 8 8 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 M Ra a t r e . o 3 n 1 In g i e n f n fe in ct g — be- Pre ra v t i e ous [In effect March 31. Per cent per annum] 1- 90 days 1)4 *Aug. 13, 1948 IM To industrial or 91-120 days lAug. 13, 1948 1H commercial To financing institutions 121-180 days IK !Aug. 13, 1948 IX 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 * 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 P C B h l e o e i w s l v t a o e d Y l n a e o n lp r d k hia Richmond June 21, 1917-Aug. 15, 1936. . 13 10 7 h A Ch tl i a c n ag ta o Aug. 16, 1936-Feb. 28, 1937. . 19^ 15 iox St. Louis Mar. 1, 1937-Apr. 30, 1937. . 22M Minneapolis. . . . A A N M u p o a g r v y . . . 1 2 1 6 1 0 , , , , 1 1 1 1 9 9 9 9 3 4 3 4 7 1 8 2 - - - - A A O Se u p c p t g r . . t . . 1 3 1 1 9 1 3 5 , , , , 1 1 1 1 9 9 9 94 4 4 3 2 2 1 8 . . . . . . . . 2 2 2 2 6 2 6 4 H 20 1 1 1 1 4 2 4 4 6 6 5 D S K a a a n l n l s a F a s r s a n C c it i y sco... Sept. 14, 1942-Oct. 2, 1942.. 22 20 14 6 O F J 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 r2 4 4 4 . 8 8 8 . . . . . . . . 2 2 2 2 0 4 6 2 2 2 2 2 0 0 0 2 1 1 1 1 4 6 4 4 6 6 6 6 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 o e d d d a n b b s b o o o r r m r r r o r o a o w w d w e e e e r r r . i n le b s p s u a t c r o t n i m c o i t m p a t i o t t i m o e n e x n c t w ee r it d a h t e 1 . f in p a e n r c i c n e g n t in a s b t o it v u e t io t n h s e , 7H discount rate. 1 Demand deposits subject to reserve requirements, i. e., total 1 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. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). MARGIN REQUIREMENTS* 1 Change effective Sept. 16 at country banks; Sept. 24 at other classes. [Per cent of market value] MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by Jan. 21, Feb. 1, Effecthe Board of Governors under provisions of Regulation Q Prescribed in accordance with 1946- 1947- tive Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar. 30, [Per cent per annum] 1947 1949 1949 Nov. 1, 1933-Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Regulation T: For extensions of credit by brokers Savings deposits and dealers on listed securities 100 75 50 Postal Savings deposits For short sales 100 75 50 Other deposits payable: Regulation U: In 6 months or more I" For loans by banks on stocks 100 75 In 90 days to 6 months.... In less than 90 days 1 1 Regulations T and U limit the amount of credit that may jbe 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 1946, p. 295. 388 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 1948 Mar. 30 Mar. 23 Mar. 16 Mar, 9 Mar. 2 Feb. 23 Feb. 16 Mar. Feb. Mar. Assets Gold certificates 22,466,429 22,456,430 22,443,42922,433,42822428,434 22,428,43222,418,430 22,466,43122,428,43121,229,170 Redemption fund for F. R. notes 610,220 612,827 613,773 613,774 616,934 617,188 620,477 610,217 616,933 648,841 Total gold certificate reserves 23,076,649 23,069,257 23,057,20223,047,202 23,045,36823,045,620 23,038,907 23,076,648 23,045,364 21,878,011 Other cash 340,229 333,888 343,745 347,004 357,785 355,250 374,244 344,146 354,623 359,555 Discounts and advances: For member banks.. . 145 166 440, 277,486 50,961 68,450 129,807 64,756 92,748 77,910 285,458 For nonmember banks, etc 152 950 152, 152,000 152,000 173,250 173,250 173,250 152,950 173,250 144,500 Total discounts and advances 593,875 429,486 202,961 241,700 303,057 238,006 245,698 251,160 429,958 Industrial loans 766 752 755 765 780 787 766 767 3,785 U. S. Govt. securities: Bills 5,300,319 5,217,793 5,087,353 5,017,503 ,193,910 5,305,910 ,270,417 5,175,899 5,303,910 ,851,101 Certificates: Special Other 6,866 979 6,631,769 6,483,769 6,433,769 6,428,769 6,751,769 ,659,269 6,886,979 6,788,269 4,481,175 Notes 384 600 367,550 341,050 341,050 347,050 379,050 380,550 384,600 367,550 1,883,400 Bonds 9,276 500 9,457,950 9,587,700 9,736,777 9,867,727 9,921,762 ,992,937 9,240,800 9,882,627 5,671,377 Total U. S. Govt. securities 21,828, 21,675,06221,499,87221,529,09921837,456 22,358,49122303,17321,688,27822,342,35620,887,053 Other Reserve Bank credit outstanding. . . 250, 242,690 417,999 270,242 342,235 184,665 384,474 332,076 260,602 286,630 Total Reserve Bank credit outstanding22,377,989 22,512,393 22,348,109 22,003,05722,422,156 22,846,99322,926,440 22,266,81822,854,885 21,607,426 Liabilities Federal Reserve notes. . 23,356,796 23,377,38923,449,29723,527,714 23,523,82323,527,51123,481,21623,382,55523,527,87923,767,642 Deposits: Member bank — reserve account 19,018,56319,360,33919,936,08319,423,74319,684,39319,440,86019,447,00519,118,21919,616,68616,638,719 U. S. Treasurer—general account 1,678 241 1,431 591,471 710,823 876,727 1,591,108 754,494 1,481,952 1,423,346 1,971,606 Foreign 694 208 707 739,789 744,944 750,317 750,266 728,569 657,931 750,591 485,528 Other 496 210 489 487,443 477,616 482,352 443,172 448,554 495,581 443,877 513,773 Total deposits; 21,887,222 21,988,39121,754,78621,357,126 21,793,789 22,225,406 22,378,622 21,753,683 22,234,500 19,609,626 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 51.0 50.9 51.0 51.3 50.9 50.4 50.2 51.1 50.4 50.4 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s days 31 d a to y s 60 days 9 6 1 m da o y n s t h to s 6 to m 1 o y n e t a h r s 1 2 y y e e a a r r t s o 2 5 y y e e a a r r s s to 5 O y v e e a r rs Discounts and advances: Feb. 23 303,057 193,030 3,817 101,330 Mar. 2 241,700 131,790 4,734 3,748 101,428 Mar. 9 202,961 46,489 5,068 17,870 125,267 8,267 Mar. 16 429,486 271,8 6,288 9,270 142,048 Mar. 23 593,875 434,433 4,795 27,836 118,761 8,050 Industrial loans: Feb. 23 780 683 2 4 15 Mar. 2 765 673 2 60 4 15 Mar. 9 755 677 2 50 15 Mar. 16 752 675 2 49 15 Mar. 23 766 685 2 52 16 U. S. Government securities: Feb. 23 22,358,491 ,297,451 ,146,591 1,600,8261,282,3423,518,9322,313,897 379,0501,864,4637,954,939 Mar. 2 21,837,456 ,512,522 ,188,110 1,091,9421,485,0363,518,9322,928,497 347,0501,864,0637,901,304 Mar. 9 21,529,099 ,478,710 786,748 1,230,0922,400,6462,723,9392,933,497 341,0501,864,0637,770,354 Mar. 16 21,499,872 ,659,789 605,071 1,262,9292,438,2572,723,8792,983,497 341,0501,936,6007,548,800 Mar. 23 21,675,062 ,283,010 723,128]1,369,8422,822,8062,621,579 3,131,497 367,5501,935,100 7,420,550 APRIL 1949 389 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 s n c n o - Assets Gold certificates: Feb. 23 22,428,432 786,919 7,115,9451,139,9981,633,082 990,795 974,0204,405,370 661,681 452,771 799,225 648,5192,820,107 Mar. 2 22,428,434 796,300 7,332,0521,092,3131,585,2371,015,947 992,1664,292,556 668,423 429,166 811,957 641,8932,770,424 Mar. 9 22,433,428 738,558 7,340,6511,116,5911,574,5201,033,9001,003,8074,316,781 670,335 410,451 782,483 635,1432,810,208 Mar. 16 22,443,429 750,734 7,456,4881,107,0411,530,7531,000,687 995,8844,348,105 646,309 401,533 800,436 618,4262,786,853 Mar. 23 22,456,430 743,388 7,157,8881,132,2581,633,8711,044,7141,020,8944,377,441 648,787 426,061 808,002 626,1892,836,937 Redemption fund for F. R. notes: 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 Mar. 2 616,934 53,257 51,803 58,894 74,335 54,123 43,673 105,296 44,537 22,984 35,941 26,443 45,648 Mar. 9 613,774 53,090 51,101 58,627 74,140 53,029 43,502 105,094 44,461 22,951 35,876 26,391 45,512 Mar. 16. 613,773 53,090 51,100 58,627 74,140 53,029 43,502 105,094 44,461 22,951 35,876 26,391 45,512 Mar. 23 612,827 52,950 50,447 58,385 73,955 53,944 43,362 104,908 44,377 22,923 35,837 26,353 45,386 Total gold certificate reserves: Feb. 23 23,045,620 840,176 7,167,7481,198,8921,707,4161,044,9181,017,6934,510,869 706,218 475,755 835,166 675,0142,865,755 Mar. 2 23,045,368 849,557 7,383,8551,151,2071,659,5721,070,0701,035,8394,397,852 712,960 452,150 847,898 668,3362,816,072 Mar. 9 23,047,202 791.648 7,391,7521,175,2181,648,6601,086,9291,047,3094,421,875 714,796 433,402 818,359 661,5342,855,720 Mar. 16. 23,057,202 803,824 7,507,5881,165,6681,604,8931,053,8961,039,3864,453,199 690,770 424,484 836,312 644,8172,832,365 Mar 23 21 069 257 796,338 7,208,3351,190,6431,707,8261,098,6581,064,2564,482,349 693,164 448,984 843,839 652,5422,882,323 Other cash: 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 Mar. 2. 357,785 39,179 63,675 22,970 35,110 22,905 21,314 51,839 16,982 13,089 11,642 14,098 44,982 Mar. 9 347,004 37,644 60,852 24,226 31,032 20,973 23,436 51,554 15,325 12,934 11,353 11,986 45,689 Mar. 16 343,745 37,144 61,769 23,910 32,659 20,173 21,341 50,039 15,580 11,404 11,844 12,730 45,152 Mar. 23 333,888 36,127 56,627 23,203 29,556 20,041 26,220 47,368 15,478 11,211 11,711 11,955 44,391 Discounts & advances : Secured by U. S. Govt. securities: Feb. 23. . 129,757 5,040 26,850 14,310 8,485 14,400 5,818 14,324 6,195 3,400 21,185 7,000 2,750 Mar. 2. . 68,400 5,000 10,253 4,595 8,785 5,515 2,318 6,174 3,850 2,550 12,260 1,050 6,050 Mar. 9. . 50,961 2,200 9,528 3,975 6,380 1,115 618 3,375 1,375 1,755 10,050 500 10,090 Mar. 16. . 277,486 3,975 192,978 6,335 17,955 5,770 318 29,800 6,200 525 10,790 950 1,890 Mar. 23. . 440,925 4,935 257,688 5,650 12,004 14,790 17,868 79,775 10,125 9,600 15,390 4,600 8,500 Other: Feb. 23. . 173.300 10,915 54,747 13,860 15,939 8,489 7,103 23,909 6,237 4,331 6,287 6,064 15,419 Mar. 2. . 173,300 10,915 54,747 13,860 15,939 8,489 7,103 23,909 6,237 4,331 6,287 6,064 15,419 Mar. 9. . 152,000 9,576 48,032 12,160 13,984 7,448 6,232 20,976 5,472 3,800 5,472 5,320 13,528 Mar. 16. . 152,000 9,576 48,032 12,160 13,984 7,448 6,232 20,976 5,472 3.800 5,472 5,320 13,528 Mar. 23. . 152,950 9,636 48,332 12,236 14,072 7,495 6,271 21,107 5,506 3,824 5,506 5,353 13,612 Industrial loans: Feb. 23 780 715 65 Mar. 2 765 705 60 Mar. 9 755 709 46 Mar. 16 752 707 45 Mar. 23 766 717 49 U. S. Govt. securities: Bills: 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 Mar. 2 5,193,910 299,294 1,276,000 353,797 479,038 333,435 278,458 775,021 280,690 168,143 251,219 224,661 474,154 Mar. 9 5,017,503 345,280 1,189,534 341.780 462,768 322,109 269,000 748,699 271,157 162,433 242,687 217,031 445,025 Mar. 16 5,087,353 331,863 1,206,088 346,538 469,210 326,594 272,745 759,121 274,932 164,694 246,066 220,052 469,450 Mar. 23 5,217,793 346,281 1,237,001 355,424 481,241 334,968 279,738 778,584 281,982 168,916 252,375 225,695 475,588 Certificates: Feb. 23.... 6,751,769 465,790 1,600,102 459,917 622,723 433,444 361,9831,007,478 364,880 218,575 326,569 292,047 598,261 Mar. 2 6,428,769 443,508 1,523,554 437,914 592,933 412,708 344,665 959,282 347,423 208,119 310,946 278,076 569,641 Mar. 9 6,433,769 443,853 1,524,739 438,256 593,392 413,029 344,934 960,027 347,694 208,280 311,188 278,293 570,084 Mar. 16 6,483,769 447,303 1,536,589 441,661 598,005 416,238 347,614 967,488 350,396 209,898 313,607 280,456 574,514 Mar. 23 6,631,769 457,513 1,571,662 451,742 611,656 425,739 355,550 989,572 358,395 214,690 320,765 286,857 587,628 Notes: 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 Mar. 2.... 347,050 23,942 82,247 23,640 32,009 22,280 18,606 51,786 18,755 11,235 16,786 15,012 30,752 Mar. 9 341,050 23,528 80,825 23,232 31,455 21,894 18,285 50,891 18,431 11,041 16,496 14,752 30,220 Mar. 16 341,050 23,528 80,825 23,232 31,455 21,894 18,285 50,891 18,431 11,041 16,496 14,752 30,220 Mar. 23 367,550 25,356 87,106 25,037 33,899 23,596 19,705 54,845 19,863 11,899 17,778 15,898 32,568 Bonds: Feb. 23 9,921,762 684,483 2,351,358 675,851 915,094 636,947 531,9351,480,496 536,192 321,197 479,896 429,166 879,147 Mar. 2.... 9,867,727 680,755 2,338,553 672,171 910,109 633,478 529,0391,472,432 533,273 319,447 477,283 426,829 874,358 Mar. 9 9,736,777 671,721 2,307,519 663,249 898,034 625,072 522,0171,452,893 526,195 315,209 470,949 421,164 862,755 Mar. 16 9,587,700 661,436 2,272,189 653,095 884,283 615,502 514,0251,430,648 518,138 310,383 463,738 414,716 849,547 Mar. 23 9,457,950 652,485 2,241,440 644,257 872,316 607,172 507,0691,411,287 511,126 306,182 457,462 409,104 838,050 Total U. S. Govt. securities: Feb. 23 22,358,491 1,530,042 5,304,9541,523,0142,062,1451,435,3491,198,7033,336,2681,208,298 723,8121,081,436 967,1151,987,355 Mar. 2 21,837,456 1,447,499 5,220,3541,487,5222,014,0891,401,9011,170,7683,258,5211,180,141 706,9441,056,234 944,5781,948,905 Mar. 9 21,529,099 1,484,382 5,102,6171,466,5171,985,6491,382,1041,154,2363,212,5101,163,477 696,9631,041,320 931,2401,908,084 Mar. 16 21,499,872 1,464,130 5,095,6911,464,5261,982,9531,380,2281,152,6693,208,1481,161,897 696,0161,039,907 929,9761,923,731 Mar. 23 21,675,062 1,481,635 5,137,2091,476,4601,999,1121,391,4751,162,0623,234,2881,171,366 701,6871,048,380 937,5541,933,834 Total loans and securities: Feb. 23 22,662,328 1,545,997 5,386,5511,551,8992,086,5691,458,3031,211,6243,374,5011,220,730 731,5431,108,908 980,1792,005,524 Mar. 2 22,079,921 1,463,414 5,285,3541,506,6822,038,8131,415,9651,180,1893,288,6041,190,228 713,8251,074,781 951,6921,970,374 Mar. 9 21,732,815 1,496,158 5,160,1771,483,3612,006,0131,390,7131,161,0863,236,8611,170,324 702,5181,056,842 937,0601,931,702 Mar. 16 21,930,110 1,477,681 5,336,7011,483,7282,014,8921,393,4911,159,2193,258,9241,173,569 700,3411,056,169 936,2461,939,149 Mar. 23 22,269,703 1,496,206 5,443,2291,495,0632,025,1881,413,8091,186,2013,335,1701,186,997 715,111 1,069,276 947,5071,955,946 Due from foreign banks: Feb. 23 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Mar. 2 49 3 1 16 4 4 2 2 7 2 1 2 2 4 Mar. 9 49 3 1 16 4 4 2 2 7 2 1 2 2 4 Mar. 16 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Mar. 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 Feb. 23; Mar. 2; Mar. 9; Mar. 16; and Mar. 23. 390 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F S c r i a a s n c n - o - Federal Reserve notes of other Banks: 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 Mar. 2 120,505 5,806 13,452 3,490 5,531 30,438 13,046 13,245 6,235 5,712 4,671 4,856 14,023 Mar. 9 119,381 4,711 12,331 3,381 5,086 28,593 18,081 13,630 7,306 5,079 4,216 4,930 12,037 Mar. 16 117,470 4,681 14,088 4,159 5,798 26,753 13,328 13,004 6,920 4,524 5,720 5,317 13,178 Mar. 23 120,212 4,391 12,623 4,216 6,170 25,271 15,203 14,174 9,017 4,802 4,822 4,397 15,126 Uncollected items: 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 Mar. 2 2,691,298 208,009 504,765 199,839 268,707 215,827 189,922 426,895 115,444 66,117 145,314 110,292 240.167 Mar. 9 2,396,736 181,882 413,132 162,253 218,578 215,593 188,947 385,264 109,527 62,066 140,235 110,467 208,792 Mar. 16 3,277,607 240,692 652,627 232,159 335,653 278,182 220,500 506,619 143,049 74,353 155,634 139,919 298,220 Mar. 23 2,683,173 202,130 483,058 179,300 254,603 241,464 211,312 388,031 118,784 73,525 147,572 133,529 249,865 Bank premises: 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 Mar. 2 32,179 1,176 7,991 3,042 4,840 2,542 1,562 3,178 1,933 1,172 2,368 749 1,626 Mar. 9 32,183 1,176 7,996 3,042 4,840 2,542 1,561 3,178 1,933 1,172 2,368 749 1,626 Mar. 16 32,180 1,176 7,997 3,042 4,835 2,542 1,562 3,178 1,933 1,172 2,368 749 1,626 Mar. 23 32,173 1,176 7,997 3,036 4,835 2,542 1,561 3,178 1,933 1,172 2,368 749 1,626 Other assets: 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 Mar. 2 168,857 11,628 39,408 11,107 15,887 11,235 9,047 25,125 9,412 5,351 7,956 7,409 15,292 Mar. 9 172,263 11,974 40,560 11,383 15,693 11,139 9,286 25,797 9,720 5,449 8,216 7,335 15,711 Mar. 16 149,382 10,646 35,195 9,711 13,674 9,609 7,995 22,524 8,324 4,704 7,025 6,360 13,615 Mar. 23 152,367 10,648 35,689 9,988 14,106 9,667 8,184 22,822 8,582 4,868 7,246 6,569 13,998 Total assets: Feb. 23 48,736,3222,634,19013,139,0742,954,1104,086,2062,769,9652,449,2548,315,9012,065,0251,294,3672,089,4791,796,9335,141,818 Mar. 2 48,495,9622,578,77213,298,5162,898,3414,028,4642,768,9842,450,9218,206,7452,053,1961,257,4172,094,6321,757,4345,102,540 Mar. 9 47,847,6332,525,19613,086,8162,862,8683,929,9062,756,4842,449,7088,138,1662,028,9331,222,6212,041,5911,734,0635,071,281 Mar. 16 48,907,7452,575,84713,615,9812,922,3814,012,4082,784,6482,463,3338,307,4942 040 1471,220,9832,075,0741,746,1405,143,309 Mar. 23 48,660,8222,547,01913,247,5742,905,4534,042,2882,811,4542,512,9398,293,0992,033,9571,259,6742,086,8361,757,2505,163,279 LJJCI DIJ1 tlcb Federal Reserve notes: Feb. 23 23,527,511 1,389,594 5,376,6201,636,3642,103,9251,594,4291,284,9104,518,1811,108,413 618,218 920,307 599,4712,377,079 Mar. 2 23,523,8231,384,913 5,381,8731,629,5502,103,2531,589,6191,288,5394,511,7591,109,392 618,635 925,239 601,7532,379,298 Mar. 9 23,527,7141 385 591 5,362,3761,629,0182,108,6201,591,6011,291,3944,511,3071,108,812 620,531 927,694 601,9192,388,851 Mar. 16 23,449,2971,381.599 5,358,8621,624,7902,100,2081,580,9001,289,4154,501,0501,104,244 618,385 921,784 595,9722,372,088 Mar. 23 23,377,3891,380,046 5,353,6191,616,5632,095,8981,569,1391,285,6454,491,0301,098,128 616,645 918,367 594,8642,357,445 Deposits: Member bank —reserve account: Feb. 23. .19,440,860 818 848 6,305,957 896,1711,419,097 825,904 849,8343,000,941 715 935 470,944 914,585 917,0962,305,548 Mar. 2. .19,684,393 844^64 6,462,344 917,9091,458,221 840,779 842,8133,043,338 713]369 473,954 907,396 929,1032,250,503 Mar. 9..19,423,743 820,110 6,291,764 910,8341,422,353 841,240 868,3562,988,629 715,140 467,389 903,011 927,7042,267,213 Mar. 16. .19,936,083 848,083 6,534,492 946,6741,445,876 845,163 866,3423,085,217 725,931 479,242 926,657 939,0392,293,367 Mar. 23. .19,360,339 818,590 6,308,038 918,4251,406,165 828,955 871,8142,934,243 691,903 468,420 890,929 917,5242,305,333 U. S. Treasurer-general account: 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 Mar. 2. . 876,727 63,135 146,237 61,373 64,280 50,706 68,068 73,296 58,978 66,699 65,669 68,157 90,129 Mar. 9.. 710,823 48,114 163,208 61,536 50,059 38.716 48,782 88,271 37,519 38,182 36,594 44,085 55,757 Mar. 16. . 591,471 24,803 307,749 25,467 12,735 24,276 23,402 75,159 13,066 15,051 13,953 19,499 36,311 Mar. 23. . 1,431,550 60,974 276,738 90,274 164,555 102,969 70,019 301,530 61,006 61,361 76,865 61,315 103,944 Foreign: Feb. 23. . 750,266 46,828 *241,789 59,464 68,383 36,422 30,475 102,575 26,759 18,583 26,759 26,016 66,213 Mar. 2. . 750,317 46,973 1240,341 59,648 68,595 36,534 30,570 102,893 26,842 18,640 26,842 26,016 66,423 Mar. 9. . 744,944 46,047 1244,944 58,472 67,243 35:814 29,967 100,864 26,312 18,273 26,312 25,582 65,114 Mar. 16. . 739,789 46,122 1239,017 58,568 67,353 35,873 30,016 101,030 26,356 18,303 26,356 25,624 65,171 Mar. 23. . 707,446 44,251 226,958 56,192 64,621 34,418 28,798 96,931 25,286 17,560 25,286 24,584 62,561 Other: 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 Mar. 2. . 482,352 2,996 399,964 1,814 5,692 3,645 6,246 4,764 7,422 1,396 5,493 3,056 39,864 Mar. 9. . 477,616 2,095 410,330 1,349 5,845 4,810 963 2,279 5,784 1,518 4,663 434 37,546 Mar. 16. . 487,443 2 306 418,505 1,384 5,820 4,198 675 5,665 5 004 1,460 5,430 520 36,476 Mar. 23. . 489,056 2,721 421,726 1,866 5,610 3,300 1,520 3,644 5,090 2,294 5,931 428 34,926 Total deposits: Feb. 23 22,225,4061,004,833 7,129,2521,096,8151,674,742 942,505 962,7733,380,727 830,622 599,5641,027,3881,051,2592,524,926 Mar. 2 21,793,789 957,768 7,248,8861,040,7441,596,788 931,664 947,6973,224,291 806,611 560,6891,005,4001,026,3322,446,919 Mar. 9 21,357,126 916,366 7,110,2461,032,1911,545,500 920,580 948,0683,180,043 784,755 525,362 970,580 997,8052,425,630 Mar. 16 21,754,786 921,314 7,499,7631,032,0931,531,784 909,510 920,4353,267,071 770,357 514,056 972,396 984,6822,431,325 Mar. 23 21,988,391 926,536 7,233,4601,066,7571,640,951 969,642 972,1513,336,348 783,285 549,635 999,0111,003,8512,506,764 Deferred availability items: 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 Mar. 2 2,349,112 183,211 419,210 162,443 251,696 204,173 178,369 356,635 104,701 55,640 132,000 98,429 202,605 Mar. 9 2,126,543 169.748 363,957 135,543 198,711 200,361 173,542 331,705 102,430 54,022 110,916 103,243 182,365 Mar. 16 2,859,657 219,038 505,101 198,989 302,564 249,874 216,457 423,056 132,317 65,700 148,240 134,050 264,271 Mar. 23.. 2,440,532 186,001 403,621 155,082 226,859 227,817 217,676 348,438 118,876 70,260 136,428 126,731 222,743 Other liab. incl. accrued div. Feb. 23 15,303 672 6.196 731 1,392 645 579 2,021 516 389 512 523 1,127 Mar. 2 11,407 670 2.814 668 1,425 652 504 1,778 479 416 452 599 950 Mar. 9 11,832 729 3,035 734 1,195 665 553 1,919 513 456 496 462 1,075 Mar. 16 12,668 768 3,515 679 1,345 664 532 2,189 499 390 478 523 1,086 Mar. 23 16,837 818 6,679 777 1,537 754 643 2,232 563 476 537 620 1,201 Total liabilities: Feb. 23 47,924,2632,582,25312,894,8952,889,6284,011,4652,727,4432,413,7678,204,5062,033,2631,272,4802,058,1661,766,7975,069,600 Mar. 2 47,678,1312,526,56213,052,7832,833,4053,953,1622,726,1082,415,1098,094,4632,021,1831,235,3802,063,0911,727,1135,029,772 Mar. 9 47,023,2152,472,43412,839,6142,797,4863,854,0262,713,2072,413,5578,024,9741,996,5101,200,3712,009,6861,703,4294,997,921 Mar. 16 48,076,4082,522,71913,367,2412,856,5513,935,9012,740,9482,426,8398,193,3662,007,4171,198,5312,042,8981,715,2275,068,770 Mar. 23 47,823,1492,493,40112,997,3792,839,1793,965,2452,767,3522,476,1158,178,0482,000,8521,237,0162,054,3431,726,0665,088,153 1 After deducting $508,417,000 participations of other Federal Reserve Banks on Feb. 23; $509,910,000 on Mar. 2; $499,936,000 on Mar. 9; $500,- 756,000 on Mar. 16; and $480,442,000 on Mar. 23. APRIL 1949 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Capital Accts.: Capital paid in: 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 Mar. 2.... 203,480 11,481 69,648 14,855 19,220 8,887 8,033 25,819 6,747 4,527 7,182 8,110 18,971 Mar. 9 203,540 11,498 69,657 14,865 19,223 8,890 8,040 25,820 6,748 4,528 7,182 8,113 18,976 Mar. 16 204,229 11,498 69,667 14,868 19,240 8,906 8,041 25,816 6,754 4,528 7,183 8,115 19,613 Mar. 23.... 204,221 11,498 69,670 14,868 19,205 8,909 8,041 25,830 6,754 4,530 7,183 8,119 19,614 Surplus: (section 7): 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 Mar. 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 Mar. 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 Mar. 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 Mar. 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): 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 Mar. 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 Mar. 9.... 27,543 3,011 7,319 4,489 1,006 3,394 762 1,429 521 1,073 1,137 1,307 2,140 Mar. 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 Mar. 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.: 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 Mar. 2.... 120,097 8.371 25,747 8,888 11,108 8,223 6,989 16,192 6,771 4,640 6,214 5,950 11,004 Mar. 9.... 126,624 8,906 27,207 9,324 11,683 8,621 7,321 17,101 7,180 4,852 6,578 6,260 11,591 Mar. 16 132,854 9,272 28,735 9,769 12,293 9,028 7,663 18,041 7,481 5,054 6,848 6,537 12,133 Mar. 23 139,198 9,762 30,187 10,213 12,864 9,427 7,993 18,950 7,856 5,258 7,165 6,804 12,719 Total liabilities and cap. accts.: 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 Mar. 2.... 48,495,962 2,578,772 13,298,5162,898,3414,028,4642,768,9842,450,9218,206,745 2,053,196 1,257,4172,094,632 1,757,4345,102,540 Mar. 9 47,847,633 2,525,196 13,086,8162,862,8683,929,9062,756,4842,449,7088,138,166 2,028,933 1,222,6212,041,591 1,734,0635,071,281 Mar. 16 48,907,745 2,575,847 13,615,9812,922,3814,012,4082,784,6482,463,3338,307,494 2,040,147 1,220,9832,075,074 1,746,1405,143,309 Mar. 23.... 48,660,822 2,547,019 13,247,5742,905,4534,042,2882,811,4542,512,9398,293,099 2,033,957 1,259,6742,086,836 1,757,2505,163,279 Contingent liability on acceptances purchased for foreign correspondents: Feb. 23.... 3,508 221 n,ios 281 323 172 144 484 126 88 126 123 312 Mar. 2.... 3,705 233 n,i7i 296 341 182 152 511 133 93 133 130 330 Mar. 9 3,634 229 U,148 291 334 178 149 502 131 91 131 127 323 Mar. 16 4,486 283 U.418 359 413 220 184 619 161 112 161 157 399 Mar. 23.... 4,740 298 *1,499 379 436 232 194 654 171 118 171 166 422 Commit, to make indus. loans: Feb. 23.... 1,643 36 107 956 144 281 22 97 Mar. 2.' .'.' . 1,631 30 113 952 137 281 21 97 Mar. 9.... 2,612 24 109 1,945 139 281 21 93 Mar! 16. . . . 2,'58 7 18 110 L945 131 281 9 93 Mar. 23 2,523 10 89 1,945 133 244 9 93 i After deducting $2,400,000 on Feb. 23; $2,534,000 on Mar. 2; $2,486,000 on Mar. 9; $3,068,000 on Mar. 16; and $3,241,000 on Mar. 23. FEDERAL-RESERVB 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 Lo S u t i . s Mi p n ol n i e s - K C an it s y as Dallas F c S r i a a sc n n o - F. R. notes outstanding (issued to Bank): Feb. 23 24,318,609 1,446,492 534,3861,690,979 2,185,1961,642,3401,342,542 4,621,7101,148,958634,985 942,654 633,857 2,494,510 Mar. 2 24,287,336 1,448,814 ,526,1191,683,9322,184,372 1,638,5601,339,890 4,612,8541,148,614 663344,,336622 947,791 631,214 2,490,814 Mar. 9 24,268,558 1,441,378 ,526,3331,679,500 2,181,802 1,640,4001,344,230 4,599,5251,147,210635,339 949,424 632,518 2,490,899 Mar. 16 24,212,597 1,439,218 ,518,5481,675,8902,174,950 1,632,1071,345,223 4,592,2631,141,213 663344,,228844 945,428 628,196 2,485,277 Mar. 23 24,144,947 1,433,211 ,514,3291,668,3862,174,652 1,623,0051,341,054 4,581,7921,138,496632,425 942,719 625,3412,469,537 Collateral held against notes outstanding: Gold certificates: Feb. 23 13,234,000 440,000 4,670,000 550,000 745,000 625,000 575,000 2,640,000 315,000 210,000 280,000 184,000 2,000,000 Mar. 2 13,194,000 400,000 4,670,000 550,000 745,000 625,000 575,000 2,640,000 315,000 210,000 280,000 184,000 2,000,000 Mar. 9 13,234,000 440,000 4,670,000 550,000 745,000 625,000 575,000 25,<,640,000 315,000 210,000 280,000 184,000 2,000,000 Mar. 16 13,204,000 440,000 4,670,000 550,000 745,000 625,000 575,000 :2,610,000 315,000 210,000 280,000 184,000 2,000,000 Mar. 23 13,204,000 440,000 4,670,000 550,000 745,000 625,000 575,000 2,610,000 315,000 210,000 280,000 184,000 2,000,000 Eligible paper: Feb. 23 90,030 5,040 23,200 14,310 13,900 6,195 3,400 21,235 2,750 Mar. 2 49,923 5,000 10,053 4,595 5,515 3,850 2,550 12,310 6,050 Mar. 9 38,538 2,200 7,978 3,975 1,115 1,375 1,755 10,050 10,090 Mar. 16 228,213 3,975 192,728 6,335 5,770 6,200 525 10,790 1,890 Mar. 23 326,078 4,935 257,688 5,650 14,190 10,125 9,600 15,390 8,500 U. S. Govt. sec: Feb. 23 12,100,000 1,100,0001,000,000 ,200,000 1,500,0001,050,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 Mar. 2 12,100,000 1,100,0001,000,000 ,200,000 1,500,0001,050,000 850,0002,000,000 950,000 450,000 700,000 500,000 800,000 Mar. 9 12,100,000 1,100,0001,000,000 ,200,000 1,500.000 1,050,000 885500,,000000 22,,000000,,000000 950,000 450,000 700,000 500,000 800,000 Mar. 16 12,100,000 1,100,0001,000,000 ,200,000 1,500,0001,050,000 885500,,000000 22.,000000,,000000 950,000 450,000 700,000 500,000 800,000 Mar. 23 12,100,000 1,100,0001,000,000 ,200,000 1,500,0001,050,000 850,0002,000,000 950,000 450,000 700,000 500,000 800,000 Total collateral: Feb. 23 25,424,030 545,040 5,693,200 ,764,310 2,245,0001,688,9001,425,000 4,640,0001,271,195 663,4001,001,235 684,000 2,802,750 Mar. 2 25,343,923 ,505,0005,680,053 ,754.5952,245,000 1,680,515 1,425,000 4,640,0001,268,850 6622,550 310 684,000 2,806,( Mar. 9 25,372,538 ,542,2005,677,978 ,753,9752,245.000 1,676,1151,425,000 4,640,0001,266,375 6611,755 990,005500 668844,,000000 22,,881100,,(090 Mar. 16 25,532,213 ,543,9755,862,728 1,756,3352,245,000 1,680,7701,425,000 4,610,0001,271,200 660,525 990,790 684,000 2,801L,,!890 Mar. 23 25,630,078 ,544,9355,927,688 1,755,650 2,245,0001,689,1901,425,000 4,610,000 1,275,12. 995,390 684,0002,808,500 392 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] week end M in o g n t W h, e d o n r esday ] b m a b A n e e k m l r l s - 2 N c e i w ty ban C k h s i- b s c R a e i r n e t v y k - e s b C a t o r n u y k n s - 2 Guaranteed loans Guaranteed Additional York authorized loans amount to date outstanding available to End of month u b n o d r e r r o w gu e a rs r- To 1 t 9 al 4 8 r — ese Ja rv nu es a ry held: 17,390 4,427 1,025 6,939 4,999 N b u e m r - Amount am To o t u a n l t g P u o te a r e r ti a d o n n - a o n u t t m e s e t e a n a n t g d s r i e n e g - 1949— F F J e a e n b b u r r u u a a a ry r r y y 1 1 1 9 9 6 , , , 9 5 8 9 7 3 1 0 4 4 5 5 , , , 2 2 3 8 3 5 8 0 8 1 1 1 , , , 2 2 0 8 9 0 5 7 6 3 6 5 5 3 4 6 9 6 4 5 5 , , , 8 6 7 9 9 9 5 9 7 Jan. 27 19,847 5,324 1,289 7,476 5,757 1942—June. . . 565 310,680 81,108 69,674 137,888 Feb. 3 19,740 5,298 1,294 7,431 5,718 Dec 2,665 2,688,397 803,720 632,474 1,430,121 Feb. 10 19,631 5,245 1,286 7,382 5,717 Feb. 17 19,527 5,193 1,276 7,355 5,704 1943—June. . . 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Feb. 23 19,442 5,178 1.274 7,326 5,664 Dec.. . . 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Mar. 2 19,636 5,321 1,281 7,344 5,690 Mar. 9 19,532 5,219 1,274 7,333 5,705 1944—June. . . 6,433 8,046,672 2,064,318 1,735,777 3,810,797 Mar. 16 19,560 5,252 1,268 7,372 5,669 Dec.. . . 7,434 9,310,582 1,735,970 1,482,038 4,453,586 Excess reserves: 1945*-Tune.. . 8,422 10,149,351 1,386,851 1,190,944 3,694,618 1948—January 1,082 116 331 627 Dec 8,757 10,339,400 510,270 435,345 966,595 February..... 805 36 204 557 1949—January 838 41 214 578 1946—June. . . 8,771 10,344,018 70,267 60,214 142,617 February 710 26 159 515 Dec.. . . 8,771 10,344,018 18,996 17,454 28,791 Jan. 27 716 12 157 543 1947—June. . . 8,771 10,344,018 3,589 3,218 6,726 Feb. 3 688 11 152 522 Dec.. . . 8,771 10,344,018 2,412 2,183 Feb. 10 697 9 159 526 Feb. 17 678 10 146 519 1948—June. . . 8,771 10,344,018 1,609 1,463 Feb. 23 683 25 163 489 Dec.. . . 8,771 10,344,018 1,300 1,184 Mar. 2 823 107 189 518 Mar. 9 754 26 189 534 1949—Jan 8,771 10,344,018 1,295 1,181 Mar. 16 P700 11 175 P510 Feb.. . . 8,771 10,344,018 877 805 Borrowings at Federal NOTE.—The difference between guaranteed loans authorized and sum Reserve Banks: of loans outstanding and additional amounts available to borrowers 1948—January 143 28 70 37 under guarantee agreements outstanding represents amounts repaid February 244 34 50 114 46 and authorizations expired or withdrawn. 1949—January 169 98 11 32 28 February 110 23 5 56 27 Jan. 27 292 190 24 47 31 Feb. 3 156 67 15 55 19 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Feb. 10 86 5 57 24 Feb. 17 128 41 " "l 55 30 [Amounts in 1thousands of dollars Feb. 23 81 5 1 57 18 Mar. 2 83 1 1 45 36 Applications Mar. 9 59 1 39 19 W o o D r f e a l d t a p e n s e t e r ( i s l d o d a a d s a y ) t y N b u e m r a - t p o p r d o A a v t m e e d ount ( b p a p m u l c r A e o o t o t m p v e u n - d e - n o d * t t ) s ( t a a L m o n o u o d a t u i n - n n s g t) 2 ( C s a t m o m a o m n e u o n d m t u - t i n s n i t t g ) - ( s P a p t m a a ao t r nu o i t d o t i u « c i n n n i s - t g ) f c i o g 2 u P u n W r P e t s r r e y e e w l k i b m e l M a y r n i e n a k f a r f s i . o r g y r a u 1 . r r 6 w e e s e e 1 e s P k t o i r f m i e o n a e r d t x e i c t n s o e . g s s th T W e r h 1 e 7 e u s s e 5 i r e x k s r - d v l d y e a a s y f y i . g o u p 9 f r e 8 e r s a i o l o l d f m b en o e 1 d r m r 3 i o n b w g e r i n F g b e s a b 3 n . o 8 k f 2 s a 3 l , l a 1 n m 9 d e 4 2 m 9 6 o , - f 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 1936 2,280 139,829 8,226 25,526 20,959 7,208 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1937 2,406 150,987 3,369 20,216 12,780 7,238 SMALL CENTERS1 1938 2,653 175,013 1,946 17,345 14,161 12,722 [Averages of daily figures. In millions of dollars] 1939 2,781 188,222 2,659 13,683 9,220 10,981 1940 2,908 212,510 13,954 9,152 5,226 6,386 1941 3,202 279,860 8,294 10,337 14,597 19,600 In places of 15,000 In places of under 1942 3,423 408,737 4,248 14,126 10,661 17,305 and over population 15,000 population 1943 3,471 491,342 926 10,532 9,270 17,930 1944 3 489 525,532 1,295 3,894 4,165 2,705 1945 3,511 544,961 320 1,995 1,644 1,086 Demand Demand 1 19 9 4 4 7 6 3 3 , , 5 5 4 7 2 4 5 58 6 6 5 , , 7 9 2 1 6 3 4,5 9 7 4 7 5 1,3 5 8 5 7 4 8 7 , ,4 3 3 0 4 9 2 4 , , 6 8 7 6 0 9 d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t t s de T p i o m s e its 1948 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 February 1948 15,787 8,535 12,131 6,088 May 31.. . 3,595 606,305 120 916 6,612 3,272 January 1949 r16,726 8,749 12,360 6,043 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 February 1949 16,495 8,757 12,086 6,058 Aug. 31.. . 3,603 612,099 65 883 6,187 3,353 Sept. 30. .. 3,604 613,820 45 1,011 6,246 4,212 Boston 1,889 843 339 232 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 New York 3,007 2,201 1,053 1,150 Nov. 30. .. 3,606 614,725 85 1,151 6,099 4,166 Philadelphia 1,221 806 904 894 Dec. 31.. . 3,607 615,653 335 995 1,643 1,990 Cleveland 1,319 898 1,037 818 1949 Richmond 1,132 403 879 478 Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 Atlanta 1,591 469 696 218 Feb. 28... 3,608 616,340 45 907 1,624 2,042 Chicago 2,231 1,591 1,672 960 St. Louis 635 336 1,012 283 i s d n e i c t r 1 2 i v l o u I I e n n n d c c e B o l d l u u a f n d d i F k e e n s e s s d i i a n a e n n p d r d a d p u u l l s s i u t R c t r n r a i e i d a t a s i l e l e o r r n l l v o o s c e a a o n n a n B s s p s a i p p o d n r a u e o k s r t v s t a s . e t t d a i d o u n n e d c i o 3 b n n y g m d i a o i t n i p n o p t n w h l a i s e c l e l a o y k n r l t y . m b y o s t r a t e h t , e e w m F h e i e n c d h t e r o a a r f l e c R n o o n e t - - S D M K a a a i n l n n l n s a F a e s r s a a p n C o c i l i i t s s y co. . . 1 1 , , 2 0 5 5 6 4 9 6 5 0 7 6 3 6 1 1 5 0 4 0 5 1 9 4 1 1 , , 6 5 5 7 3 6 1 7 5 5 9 6 4 2 2 9 5 6 0 5 6 8 8 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of ad- r Revised. vances, and applications for loans and commitments withdrawn or 1 Includes any banks in outlying sections of reserve cities that have expired. been given permission to carry the same reserves as country banks. APRIL 1949 393 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- 11 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 * 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 February 1949 All member banks .... 88,671 10,620 78,051 78,692 28,924 4,943 19,626 18,922 704 120 Central reserve city banks: New York 21,129 3,910 17,219 19,635 1,635 44 5,243 5,228 16 28 Chicago 5,076 993 4,083 4,633 1,022 117 1,289 1,281 8 7 Reserve city banks 32,950 4,841 28,109 28,920 11,461 1,560 7,374 7,222 152 59 Boston 1,889 263 1,625 1,737 187 31 401 396 5 1 New York 586 28 558 522 287 23 138 136 2 2 Philadelphia 2,164 322 1,842 1,950 238 62 448 447 2 • 1 Cleveland 3,997 454 3,543 3,568 1,511 150 912 898 13 17 Richmond 2,061 307 1,754 1,809 424 99 445 430 15 8 Atlanta 2,049 461 1,588 1,747 409 123 435 415 20 1 Chicago 3,913 408 3,505 3,384 1,997 256 915 894 21 7 St Louis 2,109 647 1,462 1,830 334 91 438 428 10 2 Minneapolis 966 239 727 822 184 51 198 195 3 2 Kansas City 2,718 707 2,011 2,282 358 228 549 529 20 10 Dallas 2,461 501 1,960 2,093 390 206 510 490 20 6 San Francisco • 8,038 504 7,534 7,177 5,140 242 1,984 1,965 20 4 Country banks .. 29,516 876 28,640 25,504 14,807 3,222 5,720 5,191 528 26 Boston 2,314 84 2,230 2,036 1,075 166 434 406 27 4 New York 4 169 92 4,077 3,710 3,350 278 916 845 71 7 Philadelphia 2,140 15 2,125 1,885 1,699 196 469 429 40 4 Cleveland 2 377 21 2,356 2,059 1,714 264 516 458 58 2 Richmond 2,128 110 2,018 1,804 880 248 397 355 42 1 Atlanta 2 466 181 2,285 2,062 686 335 423 381 42 Chicago 3,967 62 3,905 3,444 2,550 446 823 742 80 1 St Lou is 1,703 50 1,652 1,455 619 222 305 279 26 2 Minneapolis 1,435 56 1,379 1,255 757 152 286 258 29 1 Kansas City 2,267 59 2,209 1,935 312 314 372 333 39 1 Dallas 2 722 115 2,608 2,255 217 427 426 377 49 San Francisco 1,827 31 1,796 1,603 949 174 352 328 25 2 Second half of February 1949 All member banks ,.. 88,382 10,428 77,953 78,085 28,959 4,885 19,504 18,788 717 99 Central reserve city banks: New York 21 048 3,805 17,243 19,438 1,635 43 5,214 5,177 37 16 Chicago 5,057 991 4,066 4,583 1,024 115 1,280 1,268 12 2 Reserve city banks 32,915 4,785 28,130 28,670 11,477 1,582 7,335 7,168 167 51 Boston 1,877 258 1,619 1,711 187 31 392 391 2 2 New York 594 28 565 523 287 24 138 137 1 2 Philadelphia 2,162 322 1,840 1,925 233 65 444 441 3 1 Cleveland 4,019 451 3,568 3,544 1,518 151 908 894 15 7 Richmond . 2 076 301 1,776 1,814 424 93 447 431 16 10 Atlanta 2,055 446 1,609 1,743 410 119 434 414 20 3 Chicago 3,909 410 3,499 3,364 2,001 254 917 890 27 4 St Louis 2,072 611 1,461 1,783 336 90 426 418 8 3 M inneapolis 962 243 719 812 184 52 196 193 4 2 Kansas City 2,765 706 2,059 2,292 358 239 549 531 18 13 Dallas 2 491 501 1,990 2,085 390 218 508 488 20 3 San Francisco 7,935 507 7,428 7,074 5,148 247 1,975 1,942 33 2 Country banks 29,362 848 28,514 25,395 14,823 3,145 5,675 5,175 500 29 Boston 2,307 82 2,224 2,026 1,075 162 431 405 26 3 New York 4,127 85 4,043 3,674 3,352 264 900 839 61 12 Philadelphia 2,141 16 2,126 1,885 1,701 193 469 429 40 5 Cleveland 2,376 20 2,355 2,058 1,718 259 514 458 56 1 Richmond 2,108 105 2,003 1,789 881 239 392 352 39 2 Atlanta 2,467 176 2,291 2,071 688 325 418 383 35 Chicago 3,963 62 3,900 3,439 2,553 443 822 742 80 1 St. Louis 1 689 48 1,641 1,451 619 213 304 279 25 2 Minneapolis 1,420 54 1,365 1,245 757 147 283 256 27 1 Kansas City 2,250 59 2,191 1,922 312 309 368 331 37 2 Dallas 2 715 111 2,604 2,253 217 422 430 377 53 San Francisco 1,800 30 1,771 1,581 950 169 346 324 22 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 8 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) of all member banks estimated at 70,900 million dollars in the first half and 70,000 million in the second half of February. 394 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 5 Large denomination currency * End of year or in cir- Unasmonth cula- sorted tion l 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 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6.856 5,147 550 524 34 946 1,611 1.481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1.361 1,029 67 2.173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947—November... 28,766 20,008 1,396 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 1,404 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 1.382 984 63 2,017 6,064 8,858 8,745 2,511 5,022 424 771 5 12 3 February.... 28,019 19,335 1,385 972 63 2,005 6,084 8,826 8,687 2,492 4,996 421 762 5 12 3 March 27,781 19,169 1,394 975 62 1,986 6,013 8,738 8,614 2,470 4,962 416 749 5 11 1 April 27,716 19,144 1,399 976 61 1,991 6,017 8,700 8,574 2,456 4,951 412 739 5 10 1 May 27,812 19,259 1,409 994 62 2,015 6,054 8,724 8,555 2,453 4,943 410 735 5 10 2 June 27,903 19,323 1,421 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 1,422 994 62 2,010 6,059 8,762 8,559 2,452 4,940 404 748 5 9 2 August 28,055 19,450 1,432 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 1,442 1,020 63 2,031 6,090 8,844 8,632 2,466 5,011 402 739 5 10 2 October 28,176 f9,531 1,451 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 1,464 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 5 10 3 February 27,557 19,029 1,441 996 63 1,976 5,929 8,625 8,531 2,444 5,000 394 679 5 10 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation 1 Money Total out- held by standing, As security For Federal Fe 1 b 9 . 4 2 9 8, g a o s g l i d a lv i n e a s r n t d Tr c e a a s s h ury B R F an e e d k se e s r r a v a n e l d B R a a n e g k s e e s n r t a v s n e d Fe 1 b 9 . 4 2 9 8, Ja 1 n 9 . 4 3 9 1, Fe 1 b 9 . 4 2 8 9, certificates agents Gold 24,290 23,089 21,201 Gold certificates 23,089 20,230 2,815 43 44 46 Federal Reserve notes 24,314 53 912 23,350 23,386 23,857 Treasury currency—total 4,588 ' '*2,254" 69 355 4,164 4,150 4,116 Standard silver dollars . . . .... 493 277 51 3 162 162 154 Silver bullion 1,977 1,977 Silver certificates and Treasury notes of 1890. . a 2,254 258 1,995 1,979 1,952 Subsidiary silver coin 980 10 43 927 927 892 Minor coin 368 4 12 352 352 339 United States notes 347 3 32 311 308 307 Federal Reserve Bank notes 327 4 322 326 370 National Bank notes 95 1 94 95 101 Total—Feb 28 1949 ft 25,343 1,323 20,230 4,082 27,557 Jan. 31, 1949 25,318 1,336 20,210 4,367 27,580 Feb 29 1948 w 24,071 1,325 18,961 4,235 28,019 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. 387, and seasonally adjusted figures in table on p. 396. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 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 jterms 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. APRIL 1949 395 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES [Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Date f u o A v n r m a a s r d o i e j a u a u t n s s i o o t t — e n n d al a A d v s j m a e u a r s o i s t a u e o t n d n io t a — f n l or s C a e h s d a e a s j r u n o i s e g n t s a e e l d i l * y n Period a p s G t e t o o r o e i c f l n o d k d d I in n s c to r g e c o a k l s d e o i r m g N ( e o x p - e l ) p o d t o rt rt c g r m e o c o a E r l a r d s e r a e a i : k r n s e - d ( e - d - e ) - m t d g p i D o u e o r o o c n s l - - - d t i i c 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 1,680.4 -159.2 73.5 Monthly averages of daily 1948—March 23,137 100.4 99.9 -63.4 6.4 figures: April 23,169 32.2 234.2 -111.5 5.7 May 23,304 135.2 151.3 -2.8 6.1 1948—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 '88.0 -45.9 5.0 October 28,188 28,188 -20 November 28,277 28,192 +4 1949—January 24,271 27.5 66.2 -2.7 3.9 December 28,423 28,142 -50 F M e a b r r c u h ary... P 2 2 4 4 , . 2 3 9 1 0 4 P 1 2 8 4 . . 3 0 * ( 2 3 1 ) .5 * - - 2 1 2 6 .2 .7 3.9 1949—January 27,850 27,767 -375 (3) February 27,545 27,545 -222 March 27,508 27,591 +46 P Preliminary. r Revised. 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. 2 Change includes transfer of 687.5 million dollars gold subscripf B ig e N c u a O r u e T s s E e o . — o n f F c o o a r m n d p a i a s p r c a p u b a s l r s e e io n b n t a s o c is h f a s s e n e e g a e s S o e n i p n a t e l t m a h d b e j e u s r s e t 1 a m 9 s 4 o e 3 n n a t B l U fa p L c a L t t E o t T e rs I r N n a , n a p d r p o . f u o 8 n r 2 d 2 b - a t 8 h c 2 k e 6. tio 4 8 n G N t o o o l t d I y n h e t e e t l r d a n v a u a t n i i o l d a n e b a r l l e e . M arm on a e r t k a r a y t F th u e n d F . ederal Reserve Banks for foreign 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 3,819.3 million dollars on Mar. 31, 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 Cityi centers l centers 2 City centers City3 cities 3 City3 cities 3 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e ri r e ie s s * * W,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—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 ••105,187 38,429 '55,646 '11,112 25.0 12.9 38,767 55,348 29.3 19.3 February 89,846 31,982 48,194 9,669 23.0 12.2 32,226 47,968 27.1 18.6 ' Revised. 1 National series for which bank debit figures are available beginning with 1919. * Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. » Weekly reporting member bank series. 4 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June 1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. 396 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 deposits8 banks « * banks *« System • 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 ISO 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 L.186 4^761 December 42,548 19,817 37,766 15,035 1 016 21,715 11,019 9,488 ,208 4,782 1941—June . 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 ,303 8', 204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 ,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 ,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 L ,415 13,946 1943—June 110 161 71 853 94,347 56,039 8,048 30,260 17,543 11,141 L 576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 L.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—February (Feb. 25).. 168,900 110,300 143,200 84,600 1,800 56,800 35,500 17,900 3,400 25,700 March (Mar. 31)... 166,400 107,100 140,800 81,500 2,400 56,900 35,500 18,000 3,400 25,600 April (Apr. 28), ... 167,500 108,100 142,100 82,700 2,500 56,900 35,500 18,000 3,400 25,400 May (May 26) 167,600 108,200 142,200 82,800 2,400 57,000 35,500 18.100 3,400 25,400 June (June 30) 167,875 108,335 142,237 82,697 2,180 57,360 35,788 18,194 3,378 25,638 July (July 28) P 168,600 108,900 143,100 83,400 2,400 57,300 35,700 18,200 3,400 25,500 August (Aug. 25)P. . 169,100 109,400 143,500 83,800 2,400 57,300 35,700 18,200 3,400 25,600 September (Sept.29) v 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 February (Feb. 23) P. 169,100 108,400 144,000 83,300 3,000 57,700 35,800 18,600 3,300 25,100 P Preliminary. 1 Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. 2 Beginning with December 1938, includes United States Treasurer's time deposits, open account. •Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. * 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: tory Di- Guar- funds, 1934-42 330 20 6 216 88 banks Total rect an- etc.2 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 1 1 9 9 4 4 1 2 — —D D e e c c . . . . . . 1 1 , , 3 4 1 1 4 7 1 1 , , 3 4 9 6 6 4 2 1 6 6 1 1 , , 3 2 4 7 5 4 1 1 , , 2 1 2 2 0 8 1 12 4 6 6 1 9 0 5 2 1 1 9 9 4 4 7 8 0 1 1 1943—Dec.. . 1,788 1,843 10 1,716 1.716 118 1949—Jan.-Mar 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—Apr.. . 3,415 3,528 6 3,316 3,316 205 1943 6,223 4,982 1,241 May.. 3,395 3,509 6 3,291 3,291 211 1944 405 405 June.. 3,379 3,494 6 3,291 3,291 196 1945 0 July.. 3,368 3,483 6 3,275 3,275 202 1946 . . . 0 Aug... 3,356 3,472 6 3,260 3,260 206 1947 167 167 Sept.. 3,348 3,464 7 3,260 3,260 198 1948 0 Oct... 3,342 3,459 7 3,244 3,244 208 1949—Jan.-Mar 0 Nov. . 3,336 3,454 7 3,244 3,244 203 Dec... 3,330 3,449 7 3,244 3,244 198 1 Represents banks which, during the periods shown, closed tem- 1949—Jan P3,330 porarily or permanently on account of financial difficulties; does not Feb.. . P3.332 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). P Preliminary. 8 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- 3 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. 397 APRIL 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 te ank Total Loans G U ov .S er . n- Other as C s a e s t h s 1 Total* b In an te k r - » a c c T a c p o o i u t t a a n l l ts N b u a o m n f k b s er Total o m bl e ig n a t - r s i e t c ie u s - m D a e n - d Time tions All banks: 1939—Dec. 30 50.884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,562 26,499 8,302 14,896 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96.050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—June 30 »... 131,096 38,365 92,730 82,679 10,051 33,544 153,349 11,679 89,295 52,375 11,721 14,716 Dec. 31 134,924 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 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 54,060 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 Feb. 23 • 133,040 47,760 85,280 73,860 11,420 36,680 157,390 10,970 91,930 54,490 12,570 14,690 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 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—Tan. 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 Feb. 23 • 113,350 41,970 71,380 62,240 9,140 35,890 138,810 10,970 91,910 35.930 10,560 14,159 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 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 Feb. 23 «. . . 94,819 35,614 59,205 51,794 7,411 31,823 117,855 10,364 78,596 28,895 8,845 6,913 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1940— Dec. 31 10,248 4,956 5,292 3,215 2,078 966 10,659 4 10,655 1,292 551 1941—Dec. 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 ,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 ,232 584 13,376 10 13,366 1,378 543 1945—Dec. 31 16,208 4,279 11,928 10,682 ,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 ,400 818 16,869 16 16,853 1,784 541 1947—June 30»... 18,339 4,686 13,653 12,140 ,513 839 17,442 14 17,428 1,842 533 Dec. 31 18,641 4,944 13,696 11,978 ,718 886 17,763 17 17,745 1,889 533 1948—June 30 19,226 234 13,992 11,976 .016 832 18,211 17 18,193 1,955 532 Sept. 29«.. . 19,290 420 13,870 11,770 100 880 18,280 20 18,260 1,980 532 Oct. 27* ... 19,300 520 13,780 11,660 120 840 18,290 20 18,270 1,990 532 Nov. 24« . . . 19,280 590 13,690 11,540 2,150 800 18,220 20 18,200 1,990 532 Dec. 29«. . . 19,350 650 13,700 11,500 2,200 890 18,370 20 18,350 2,000 532 1949—Jan. 26«. . . 19,590 730 13,860 11,610 2,250 800 18,520 20 18,500 2,000 532 Feb. 23*.... 19,690 5,790 13,900 11,620 2,280 790 18,580 20 18,560 2,010 531 • Partly estimated. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 398 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Total Number Class of bank Cash capital of and date U.S. assets Inter- accounts banks Total Loans Total G m ov e e n r t n- O se t c h u e - r Total bank De- Time obliga- rities mand tions All insured commercial banks: 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 104,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 29,733 125,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—June 30 110,682 33,250 77,433 69,136 8,297 32,190 133,659 11,243 87,930 34,486 9,558 13,386 Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1948—June 30 111,794 39,372 72,421 63,490 8,931 33,699 135,945 11,035 89,491 35,418 9,955 13,415 National member banks: 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3,536 17,570 71,858 8,056 50,900 12,901 4,265 5,025 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9,229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—June 30 62,982 18,764 44,218 39,271 4,947 19,342 77,146 7,432 50,694 19,020 5,296 5,012 Dec. 31 65,280 21,428 43,852 38,674 5,178 22,024 82,023 8,410 54,335 19,278 5,409 5,005 1948—June 30 63,638 22,243 41,395 36,091 5,303 20,415 78,753 7,305 51,921 19,528 5,533 4,998 State member banks: 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 7,773 32,302 3,397 23,833 5,072 2,525 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 1,789 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—June 30 31,820 9,891 21,928 19,927 2,001 9,353 38,289 3,609 25,686 8,994 3,019 1,916 Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—June 30 31,811 11,628 20,183 18,048 2,135 9,888 38,699 3,529 25,875 9,295 3,091 1,927 Insured nonmember commercial banks: 1943—Dec. 31 9,258 2,556 6,702 5,739 962 3,395 11,842 149 7,870 3,823 979 6,535 1944—Dec. 30 11,824 2,678 9,146 8,197 949 3,875 14,809 190 9,987 4,632 1,022 6,452 1945—Dec. 31 14,639 2,992 11,647 10,584 1,063 4,448 18,119 244 12,196 5,680 1,083 6,416 1946—Dec. 31 15,831 4,040 11,791 10,524 1,268 4,109 18,836 260 12,225 6,351 1,193 6,457 1947—June 30 15,896 4,597 11,299 9,949 1,350 3,498 18,240 201 11,550 6,488 1,245 6,461 Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,558 1,271 6,478 1948—June 30 16,360 5,504 10,856 9,362 1,494 3,397 18,509 202 11,695 6,611 1,333 6,493 Noninsured nonmember commercial banks: 1943—Dec. 31 1,588 276 1,312 1,160 153 494 1,829 299 1,261 270 267 764 1944—Dec. 30 2,148 292 1,856 1,682 174 473 2,358 161 1,892 305 276 729 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—June 30 » 2,074 430 1,645 1,403 241 514 2,248 436 1,351 461 322 797 Dec. 31 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—June 30 2,062 493 1,569 1,308 261 469 2,197 400 1,315 482 331 772 All nonmember commercial banks: 1943—Dec. 31 10,847 2,832 8,014 6,899 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 Insured mutual savings banks: 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 184 1944— Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 ,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 ,173 191 1947—June 30 12,375 3,370 9,005 8,216 789 658 11,901 11,889 ,218 191 Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 ,252 194 1948—June 30 13,142 3,769 9,373 8,169 1,204 644 12,581 12,566 ,302 193 Noninsured mutual savings banks: 1943—Dec. 31 4,345 1,411 2,935 2,246 689 238 4,204 4,203 468 361 1944—Dec. 30 4,708 1.260 3,448 2,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—June 30 » 5,964 1,316 4,649 3,924 724 181 5,541 5,539 624 342 Dec. 31 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1948—June 30 6,084 1,465 4,619 3,808 811 188 5,630 5,627 653 339 2 June 30, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revilions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947. 399 APRIL 1949 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 Investments5 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 t a e nk m n lo a v e n a e n n d s t s t s - Total1 o c m p i l i n u n a e g d - r n - - - A t c a u u g l r * r l- - i- b s T r e o o c k urit T ie o s R t o e a e a s t a - n e l s l u C o m a o n n er s -O lo t a h n e s r Total Total C c e a r t t e i D f s i irect G a u n a - r p t a i a o o c n t l f a i d e t l ? - O s r e i t t c h i u e e s - r ket ers oth- Bills of in- Notes Bond? teed subpa- and ers debt- diviper' deal- ed- sions ers ness All insured commercial banks: 1941 Dec. 31 49 290 259 9,214 ,450 614 662 4 773 4,545 8,031 1,046 988 3, 159 2,797 4 102 651 333 1943—Dec*. 31'.'. 83',507 8*,841 7,777 ,505 ,414 922 4,437 ,868 918 64,666 8,683 ,636 3,218 7,672 0,656 ',501 ',287 \696 1 1 9 9 4 45 4 — — D D e e c c . . 3 3 1 0 . . . . 0 2 3 1 , , 3 80 8 9 2 5 1 , ,3 7 5 6 2 5 9 7 , ,9 46 2 1 0 , ,3 7 1 2 4 3 3 2 , , 1 2 6 6 4 9 , ,6 2 0 6 6 54 4, , 6 3 7 4 7 3 , ,3 8 6 8 1 8 1,1 9 8 4 1 4 8 9 2 6 , ,0 0 4 3 3 0 5 8 , ,9 8 1 7 2 5 , ,4 9 5 7 5 1 9 5 , , 0 3 7 0 1 0 6 5 , , 0 7 4 7 5 8 9 1 , ,3 8 2 4 1 8 97 2 8 2 , , 4 8 2 7 2 3 f 2 7 5 3 8 3 1946—Dec. 31.. 12,178 0,733 14,016 ,358 ,517 ,609 7,103 4,031 1,098 81,445 3,554 ,271 2,288 6,780 3, 200 15 4,298 592 1947—June 30.. 10,682 3, 250 14,765 ,549 ,517 ,2788,201 4,893 1,047 77,433 9, 136 835 9,441 5,341 3,505 14 4,826 471 Dec. 31.. 14,274 7,583 18,012 ,610 823 ,1909,266 ,6541,028 76,691 7,941 ,124 7,552 5,918 2,334 14 ,129 621 1948—June 30.. 11,794 39,372 17,834 ,976 1,183 ,077 0,1016,412 1,119 72,421 3,490 ,327 9,451 5,069 6,630 12 ,434 ,497 Member banks, total: 1941—Dec. 31. . 43,521 18,021 8 671 972 594 598 3,494 3,692 25,500 19,539 971 3 007 1,729 3,832 3,090 871 1943—Dec. 31.. 74,258 16,288 7 421 1,023 1,398 839 3,274 ,484 848 57,970 52,948 4,360 12*,071 6 906 7,265 2,345 ,729 294 1944—Dec. 30. . 91,569 18,676 7 531 ,1982,2492,108 3,209 1,505 877 72,893 67,685 3,748 13,982 14 127 34,927 902 2,857 350 1945—Dec. 31.. 107,183 22,775 8 949 855 3,133 3,378 3,455 1,900 1,104 84,408 78,338 2,275 16,985 14 271 44,792 163,254 815 1946—Dec. 31.. 96,362 26,696 13 154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5 602 46,219 11 3,548 077 1947—June 30.. 94,802 28,655 13 820 972 1,507 1,154 6,2403,998 965 66 146 59 198 773 7,544 4 369 46,502 103,982 966 Dec. 31. . 97,846 32 628 16 962 ,046 811 1,065 7,130 4,662 952 65 218 57 914 1,987 5,816 4 815 45,286 104,199 105 1948—June 30.. 95,449 33 871 16 734 1,241 1,171 956 7,777 5,249 1,040 61 578 54 139 2,188 7,597 4 104 40.242 84,436 003 Dec. 31.. 95,616 36 060 17 631 1,800 1,324 834 8,2445,585 1,006 59 556 52 154 2,588 7,999 2 800 38,761 54,480 922 New York City.* 1941—Dec. 31.. 12 896 4 072 2 807 8 412 169 123 554 8 823 7 265 311 1 623 3,652 1,679 729 830 1943—Dec. 31. . 19 994 4 428 2 515 24 1,054 323 107 252 153 15 566 14 563 1,328 3*409 1 829 7,014 984 444 558 1944—Dec. 30.. 24 003 5 760 2 610 30 1,742 859 86 253 179 18 243 17 179 913 3 740 3 745 8 592 189 468 596 1945—Dec. 31. 26 143 7 334 3 044 2,453 1,172 80 287 298 18 809 17 574 477 3 433 3 325 0,337 1 606 629 1946—Dec. 31.. 20 834 6 368 4 078 1,096 389 99 455 250 14 465 13 308 387 1 725 992 10,202 1 557 601 1947—June 30.. 20 332 6 548 4 171 1,196 286 104 500 291 13 784 12 571 137 1,103 775 0,555 1 631 582 Dec. 31 .. 20 393 7 179 5 361 545 267 111 564 330 13 214 11 972 1,002 640 558 9,771 638 604 1948—June 30.. 19 01Q 7 550 5 275 963 250 161 616 372 11 469 10.358 693 983 520 8. 162 583 528 Dec. 31. . 18 759 8 048 5 642 3 1,102 225 224 643 306 10 712 9 649 589 1 183 365 7,512 563 500 Chicago:* 1941—Dec. 31.. 2 760 954 732 6 48 52 22 95 1 806 1 430 256 153 903 119 182 193 1943—Dec. 31.. 4 554 004 763 6 102 52 22 45 14 3 550 3 238 199 877 484 1 602 74 158 155 1944—Dec. 30.. 5 443 184 738 17 163 163 24 45 34 4 258 3 913 250 1 045 779 1 809 31 160 185 1945—Dec. 31.. 5 931 333 760 2 211 233 36 51 40 4 598 4 213 133 1 467 749 1 864 181 204 1946—Dec. 31.. 4 765 499 1,094 117 101 51 105 29 3 266 2 912 60 498 146 2 207 167 187 1947—June 30.. 4 802 565 1,178 ] 100 84 42 130 29 3 237 2 890 106 368 132 2 284 175 173 Dec. 31. 5 088 801 1,418 73 87 46 149 26 3 287 2 890 132 235 248 2 274 213 185 1948—Tune 30. 4 742 714 1,357 2 61 75 47 156 32 3 028 2 667 160 250 214 2 043 185 176 Dec. 31. 4 799 1 783 1,412 4 71 63 51 176 27 3 016 2 633 183 275 217 1 958 210 174 Reserve city banks 1941—Dec. 31. 15 347 7,105 3,456 300 114 194 1,527 1,S12 8 243 6 467 295 751 4 248 1,173 956 820 1943—Dec. 31. 27 521 6,201 3,058 279 217 267 1,420 658 301 21,321 19 682 1,802 4 691 2,497 9 943 749 913 726 1944—Dec. 30. 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25 042 1,704 5 730 5,181 11 987 440 1,000 740 1945—Dec. 31. 40 108 8,514 3,661 205 427 1,503 1,459 855 404 31 594 29,552 1,034 6 982 5,653 15 878 1,126 916 1946—Dec. 31. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3 799 1,993 16 013 1,272 I,004 1947—June 30. 34 611 11,441 5,726 197 185 540 2,713 1,675 405 23,170 20 845 334 3 038 1,503 15 967 1,364 962 Dec. 31. 36 040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2 358 1,901 15 560 1,342 I,053 1948—June 30. 35.065 13,373 6,823 260 126 428 3.333 2,158 369 21.692 19,222 783 3 244 1.501 13 692 1,446 .024 Dec. 31. 35 332 14,285 7,282 437 130 360 3,503 2,315 412 21 047 18 594 1,056 3 201 1,090 13 247 ) 1,421 L,032 Country banks: 1941—Dec. 31. 12,518 5,890 1,676 659 20 183 1,823 1, 530 6,628 4,377 110 481 2 926 861 1,222 1,028 1943—Dec. 31. 22,18 4,65 1,084 713 25 197 1,725 528 381 17,534 15,465 1 ,032 3,094 2,096 8 705 538 1,214 855 1944—Dec. 30. 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12 540 241 1,230 829 1945—Dec. 31. 35,00 5,59 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16 713 1,342 1,067 1946—Dec. 31. 35,41 8,00 2,433 68 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 I 1,551 1,285 1947—June 30. 35,05 9,10 2,744 774 26 244 3,381 1,693 240 25,955 22,893 197 3,035 1,960 17,696 1,813 1,250 Dec. 31. 36,32 10,19 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17.681 I 2,006 1,262 1948—June 30. 36,62 11,23: 3,279 979 22 204 4,236 2,318 267 25,389 21,892 552 3,121 1,868 16,345 2,223 1,27.« Dec. 31. 36,72 11,94 3,296 1,356 2 187 4,467 2,451 261 24,78 21,278 760 3,340 1,128 16,046 2,286 1,217 Insured nonmember commercial banks: 1941—Dec. 31. 5,77 3,24 543 478 20 64 1,282 8>4 2,53 1,50 17 152 1,069 27 563 462 1943—Dec. 31. 9,25 2,55 356 48 16 82 1,16. 385 70 6,70 5,73 276 i447 766 3,395 156 560 403 1944—Dec. 30. 11,82 2,67 389 525 2 156 1,136 383 67 9,14 8,19 223 I,319 1,652 4,92 7 566 383 1945—Dec. 31. 14,63 2,99 512 459 3 228 1,224 460 7 11,64 10,58 180 2,08 1,774 6,53 619 443 1946—Dec. 31. 15,83 4,04 862 47 12 142 1,748 723 79 11,79 10,52 104 2,24 1,179 6,99 752 516 1947—June 30. 15,89 4,59 945 57 1 125 1,963 895 8 11,29 9,94 62 1,89 972 7,01 845 505 Dec. 31. 16,44 4,95 1,049 563 13 125 2,139 992 76 11,48 10,03 136 1,736 ,104 7,05 93 517 1948—June 30. 16,36 5,50 1,10 73 12 12 2,328 1,163 79 10,85 9,36 138 1,85 966 6,39 999 494 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 1 Central reserve city banks. 400 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s al s a l n o d f d a b t a e nk F s B s e w e R a R e d i r e e r n e t v - v - r k e h e a s s l v C a a i u s n l h t m b a w B e a n d i a s n o c l t t k e - - h i s s c 4 p m u o D a d s a s e d e t n i - - - e t d d s 6 me D s I o d t n e - i t p c e o 4 r s b i F a e t o i n s g r k - n U m G e . o e r n v n S - - t . p v s o S i l u t a s i b a n i t d t d i o i e c n - s a s l C h c O e a f e e f e r i t n f c r e t c i d s k i d . - ' s - , p a v t a s i n p I i r h d d n o o t i u d r n c n p a i a o e s s l - - r r , s - - , I b n a t n er k - P U m G S e i a o . e o a r n n s v n n v g t d S - s - - a t . l v S p s i a o i u t s l c n b a i a i d t d o t l i e n - - s s p a v a s i n p t I r h d d o i n t i u r d o c n p a i a n o e s l - - s r r , s - - , r B i o o ng w r s - - C C O a a t 1 c in - ts All insured commercial banks: 1941—Dec.31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1077 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 1669 58,338 68 124 395 18,561 46 7453 1944—Dec.30.. 14,260 1,622 9,787 65,96011,063 94819,754 4,518 1354 64,133 64 109 423 23,347 122 7989 1945—Dec.31.. 15,810 1,829 11,075 74,72212,566 124823,740 5,098 2585 72,593 70 103 496 29,277 215 8671 1946—Dec.31.. 16,013 1,012 9,481 82,08510,888 1364 2,930 5,967 2361 79,887 68 119 664 32,742 39 9 286 1947—June 30.. 16,039 1,804 8,498 80,869 9,807 1372 1,247 6,495 2 111 78,077 64 111 771 33,604 60 9 558 Dec. 31. . 17,796 2,145 9,736 85,75111236 1379 1,325 6,692 2 559 83,723 54 111 826 33,946 61 9 734 1948—June 30.. 17,355 2,063 8,238 81,420 9 628 1357 2052 7 132 2020 78,287 50 111 1,061 34,246 63 9955 Member banks total: 1941—Dec.31.. 12396 L.O87 6246 33,754 9 714 671 1709 3066 1,009 33,061 140 50 418 11,878 4 5886 1943—Dec. 31.. 12835 1,132 5450 52,642 9 603 891 9444 3602 1,573 51,820 62 120 327 14,822 39 6475 1944—Dec. 30.. 14261 L ,271 6354 57,30810881 94518509 3 744 1,251 56,270 58 105 347 18,807 111 6968 1945—Dec.31.. 15811 1,438 7 117 64,18412333 1,24322179 4240 2,450 62,950 64 99 399 23,712 208 7589 1946—Dec.31.. 16015 L ,576 5936 70,24310644 1,353 2672 4915 2,207 69,127 62 114 551 26,525 30 8095 1947—June 30.. 16040 1,409 5521 69,595 9612 1,369 1095 5376 1,976 67,933 60 106 649 27259 50 8315 Dec. 31.. 17797 1,672 6270 73,52810978 1,375 1176 5504 2,401 72,704 50 105 693 27,542 54 8464 1948—Tune 30.. 17356 1,606 5419 70051 9433 1,353 1846 5873 1,873 68,204 47 106 912 27,805 53 8624 Dec. 31. 20406 1,486 5674 7215210098 1,480 2 122 5850 1,962 70,947 63 111 927 27,801 45 8801 New York City:* 1941—Dec. 31 5 105 93 141 10761 3 595 607 866 319 450 11,282 6 29 778 1648 1943—Dec. 31. 3 596 92 61 13899 2867 810 3395 252 710 14,373 4 5 26 816"*29 1862 1944—Dec. 30. 3 766 102 76 14042 3 179 851 6 722 199 361 14,448 11 7 17 977 96 1966 1945—Dec. 31. 4015 111 78 15065 3 535 1,105 6940 237 1,338 15712 17 10 20 1206 195 2 120 1946—Dec. 31. 4046 131 87 16429 3031 1,195 651 218 942 17216 20 15 39 1395 . 2205 1947—June 30. 4 166 123 50 16494 2898 1,228 179 260 915 17202 22 14 17 1407 2234 Dec. 31. 4639 151 70 16653 3236 1,217 267 290 1,105 17646 12 12 14 1418 30 2259 1948—June 30. 4883 122 46 15592 2830 1,183 333 272 748 16306 15 14 41 1621 26 2262 Dec. 31. 5643 117 67 15773 2904 1,278 445 241 750 16695 31 14 20 1646 25 2306 Chicago:3 1941—Dec. 31. 1,021 43 298 2215 1,027 8 127 233 34 2,152 476 288 1943—Dec.31. 821 38 158 3 050 972 14 713 174 44 3097 2 1 505 326 1944—Dec. 30'. 899 43 177 3041 1,132 16 1400 167 33 3 100 1 619 354 1945 Dec.31 942 36 200 3 153 1,292 2C 1,552 237 66 3 160 719 377 1946—Dec!3l! 928 29 172 3356 1,130 24 152 228 47 3495 2 4 823 404 1947—June 30. 973 36 162 3 427 1,056 24 181 304 55 3417 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 I 11 940 436 Dec. 31. 1,325 28 143 3 604 1,038 26 188 284 53 3 702 1 11 989 444 Reserve city banks 1941—Dec. 31. 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11127 104 20 243 4542 1,967 1 19 9 4 4 4 3 — — D D e e c c# . 3 3 1 0 . . 5 5 , ,6 1 8 1 7 6 3 4 9 4 2 1, ,0 7 0 5 5 8 2 1 0 8, ,2 6 6 5 7 4 4 5 , ,4 7 2 7 1 0 6 7 3 0 3 6 , , 3 1 7 5 3 7 1 1 , ,5 4 0 4 9 8 4 4 7 8 5 8 2 1 0 8 3 7 7 9 1 0 4 3 1 3 5 4 6 0 1 1 5 5 1 4 5 7 9 5 0 6 2 1 2 2, 1 3 3 27 5 1945—Dec. 31. 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22281 30 38 160 9563 2 2,566 1946—Dec. 31. 6,33 532 1,923 24,221 5,417 127 991 2,077 693 24288 25 43 235 10580 4 2,729 1947—June 30. 6,274 470 1,864 24,166 4,773 109 311 2,301 554 23934 21 41 319 10888 11 2,796 Dec. 31. 7,095 562 2,12 25,714 5,497 131 405 2,282 705 26003 22 45 332 11045 1 2,844 1948—June 30. 6,462 52 1,85 24,316 4,751 140 728 2,442 562 24198 18 42 496 10771 3 2,870 Dec. 31. 7,70 483 1,84 25,072 5,213 168 801 2,401 649 25302 19 46 547 10798 8 2,928 Country banks: 1941—Dec. 31. 2,210 52 3,21 9,66 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1943—Dec.31. 3,303 61 3,47 17,039 994 1,962 1,727 344 15,561 7 56 149 7,599 10 2,153 1944—Dec. 30. 3,90 68 4,09 19,958 1,149 4,230 1,868 369 18,350 £ 57 175 9,650 16 2,321 1945—Dec. 31. 4,52 79 4,66 23,595 1,199 ; 5,465 2,004 435 21,797 7 52 219 12,224 11 2,525 1946—Dec. 31. 4,703 883 3,75 26,23 1,067 < 877 2,391 524 24,128 7 55 272 13,727 26 2,757 1947—June 30. 4,62 780 3,44 25,508 885 424 2,511 451 23,380 7 49 308 14,101 38 2,869 Dec. 31. 4,99 92 3,90 27,424 1,049 7 432 2,647 528 25,203 ' 45 337 14,177 23 2,934 1948—June 30. 4,86 93 3,36 26,639 798 9 680 2,839 516 24,161 49 364 14,473 24 3,056 Dec. 31. 5,73 85 3,61 27,703 943 688 2,925 510 25,248 13 49 350 14,369 12 3,123 Insured nonmember commercial banks: 1941—Dec.31. 27 2,32 4,09 108 53 61 68 3,483 18 8 74 3,276 6 959 1943—Dec# 31. 313 2,99 7,279 141 506 750 96 6,518 / 68 3,750 6 979 1944—Dec.30. 35 3,43 8,652 182 1,245 775 103 7,863 76 4,553 1( 1,022 1945—Dec> 31. 39 3,95 10,53 233 1,560 858 135 9,643 ( 97 5,579 1,083 1946—Dec.31. 43 3,54 11,842 244 1 258 1,052 154 10,761 i 113 6,232 ( 1,193 1947—June30. 395 2,97 11,274 194 152 1,119 135 10,144 5 122 6,361 1( 1,245 1948—J D u ec n . e 3 3 1 0 . . 4 4 7 5 3 3 2 , ,8 4 2 6 0 1 1 1 2 , , 3 2 6 2 8 3 2 1 5 9 8 5 1 t 2 1 0 4 7 9 1 1, , 2 1 5 8 9 8 1 1 5 4 8 1 1 1 0, , 0 0 8 1 3 9 t ' 6 ( 1 1 3 4 2 9 6 6 , ,4 4 5 2 7 0 10 1 1 , , 2 3 7 3 1 3 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. APRIL 1949 401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - To tali i t n a ri d n a u d l s , - and dealers To others e l R o st a e a n a t l s e b L a o t n a o k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie e u s r t a c u g u r r l a i - - l G U t l i o i o o g . b n v a S - - s t . . O c t s u t i e h e r - i s e - rG t l U i o i o o g b .S v n a - - . t s .O c t s u t i e h e r - s i e - r Total Bills o d e f e d b i - n t- - Notes Bonds2 Total- Leading Cities 1948—February. .. 64,40523,460 14,636 378 389 302 485 3,546 235 3,489 40,94536,7542,262 3,250 2,666 28,576 4,191 December... 62,73025,336 15,567 684 478 200 474 4,059 209 3,91237,39433,2272,129 4,655 1,759 24,684 4,167 1949—January. 62,74125,069 15,396 701 416 196 459 4,079 191 3,91837,67233,4922,204 5,577 1,044 24,6674,180 62,20124,975 15,275 744 426 188 4624,084 213 3,87337,22632,9971,851 5,174 1,030 24.942 4,229 February 62,75125,559 15,577 875 456 202 469 4,062 241 3,93037,19232,9871,807 4,742 1,844 24,5944,205 1948—Dec. 29 62,63824,969 15,374 620 438 203 467 4,066 164 3,924 37,66933,4842,197 5,669 1,057 24,5614,185 1949—Jan. 5 62,59625,087 15,415 714 399 199 460 4,083 182 37,50933,3242,157 5,515 1,043 24,609 4,185 Jan. 12 62,87924,949 15,414 581 406 196 4564,081 185 37,93033,7492,425 5,613 1,044 24,667 4,181 Jan. 19 62,85225,270 15,381 890 419 187 4524,084 235 3,909 37,58233,4112,036 5,511 1,034 24,830 4,171 Jan. 26. . .. Feb. 2 62,69625,244 15,318 859 438 186 4774,079 258 3,91837,45233,2681,987 5,364 1,027 24,890 4,184 Feb. 9 62,17024,950 15,294 721 434 188 4754,085 177 3,86537,22033,0161,841 5,201 1,039 24, ,204 Feb. 16 61,99124,841 15,265 722 410 190 4444,085 154 3,86237,15032,8901,798 5,094 1,032 24,966 4,260 Feb. 23 61,94624,865 15,222 673 423 189 4544,086 261 3,849 37,08132,8141,780 5,036 1,022 24,976 4,267 Mar. 2 61,97624,617 15,147 448 191 4394,082 266 3,83737,35933,0692,000 5,048 1,029 24,9924,290 Mar. 9 62,04624,551 15,106 497 426 192 4374,086 278 3,82137,49533,2062,083 5,060 1,026 25,0374,289 Mar. 16 62,35924,889 15,095 812 452 189 4384,084! 287 3,826 37,47033,1122,013 4,992 1,011 25,096 4,358 Mar. 23 61,74924,696 14,962 832 460 193 4414,086 173 3,84337,05332,6801,695 4,874 967 25,144 4,373 New York City 1948—February 19,776 7,135 5,245 309 275 189 109 192 76912,64111,4761,149 615 541 9,1711,165 December... 18,414 7,909 5,594 629 352 186 215 168 81410,505 9,502 753 1,053 304 7,3921,003 1949—January.... 18,305 7,816 5,584 300 178 215 140 80610,489 9,458 715 1,335 133 7,275 ,031 February. .. 18,093 7,878 5,584 679 310 188 217 153 80010,215 9,172 590 1,191 134 7,257 ,043 1948—Dec. 29 18,496 8,114 5,609 802 343 182 213 198 81710,382 9,340 524 1,110 363 7,343 ,042 1949—Jan. 5 18,348 7,730 5,556 563 314 180 213 151 80710,618 9,580 750 1,374 137 7,319 ,038 Jan. 12 18,210 7,810 5,582 659 294 180 216 126 80810,400 9,365 701 1,258 135 7,271 ,035 Jan. 19 18,262 7,726 5,597 543 302 177 217 145 80110,536 9,504 772 1,345 136 7,251 ,032 Jan. 26 18,401 7,997 5,600 830 289 175 216 137 80710,404 9,386 639 1,363 125 7,259 ,018 Feb. 2 18,366 8,020 5,573 784 319 199 214 181 80710,346 9,331 672 1,276 128 7,255 ,015 Feb. 9 18,015 5,583 656 317 202 217 116 79810,179 9,155 559 1,210 138 7,248 ,024 Feb. 16 17,959 5,584 666 302 170 218 114 80010,157 9,089 539 1,147 139 7,264 ,068 Feb. 23 18,033 5,595 610 301 182 219 203 79610,179 9,114 591 1,130 132 7,261 ,065 Mar. 2 18,050 5,584 450 326 169 217 221 78810,348 9,282 743 1,143 139 7,257 ,066 Mar. 9 18,106 5,570 460 320 169 216 228 77810,418 9,350 792 1,150 134 7,274 ,068 Mar. 16 18,199 5,534 741 337 168 214 180 77710,301 9,163 677 1,060 135 7,2911,138 Mar. 23 17,914 7,793 5,461 766 347 174 212 105 78010,121 8,985 530 1,041 101 7,313 1,136 Outside New York City 1948—February 44,629 16,325 9,391 114 255 2963,437 43 2,72028,30425,2781,113 2,635 2,125 19,4053,026 December 44,316 17,427 9,973 126 168 2883,844 41 3,098 26,88923,7251,376 3,602 1,455 17,292 3,164 1949—January 44,43617,253 9,812 116 158 2813,864 51 3.112 27,18324,0341,489 4,242 911 17,3923,149 44,10817,097 9,691 116 147 2743,867 60 3,073 27,01123,825 ,261 3,983 896 17,6853,186 February 44,255 17,445 9,968 113 169 2873,849 43 3.113 26,81023,6471,283 3,632 1,481 17,2513,163 1948—Dec. 29 44,29017,239 9,818 124 163 2873,853 13 3,117 27,05123,9041,447 4,295 920 17,,242 3,147 1949—Jan. 5 44,38617,277 9,833 105 160 280 3,867 56 3.114 27,10923,9591,456 4,257 908 17,338 3,150 Jan. 12 44,617 17,223 9,817 104 158 279 3,864 40 3,116 27,39424,245 1,653 4,268 908 17,416 3,149 Jan. 19 44,451 17,273 9,781 130 150 2773,868 98 3,102 27,17824,025 1,397 4,148 909 17,5713,153 Jan, 26 Feb. 2 44,33017,224 9,745 119 149 278 3,865 77 3,11127,10623,9371,315 4,088 899 17,6353,169 Feb. 9 44,155 17,114 9,711 117 147 $.868 61 3,06727,04123,861 1,282 3,991 901 17,6873,180 Feb. 16 44,03217,039 9,681 108 148 274 3,867 40 3,062 26,99323,801 ,259 3,947 893 17,7023,192 Feb. 23 43,913 17,011 9,627 122 147 272 35,867 58 3,053 26,90223,7001,189 3,906 890 17,7153,202 Mar. 2 43,92616,915 9,563 122 149 270 3,865 45 3,049 27,01123,7871,257 3,905 890 17,7353,224 Mar. 9 43,94016,863 9,536 106 151 268 3,870 50 3,043 27,07723,8561,291 3,910 892 17,763 3,221 Mar. 16 44,16016,991 9,561 115 148 270 3,870 107 3,04927,16923,9491,336 3,932 876 17,8053,220 Mar. 23 43,835 16,903 9,501 113 151 267 3,874 68 3,06326,93223,6951,165 3,833 866 17,8313,237 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. 402 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e n a d t v - h l k - e s v C a i a n u s l h t m b a w n a d e i n o c s t - e k h t s i s c m p u o a d s a d e s t n e - i - t d d s 3 s p p u n v h c a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n d i t i - l t e - s - s c C c O h a f e e e i e t n f e r c r f c d t d i s . k - i ' - s, U m G e . r o e n S v n - - t . s p p u v n c h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o t u i c o n a v l b a n d i t i - l t e - s - s P U m G S e i a o n r . a o n e s n g v d v n S t - s - a - t . l m D t D e i o c s e - - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B i d ts e a * b n - k tions tions Total— Leading Cities 1948—February.. . 12,328 778 2,24747,709 47,873 3,204 1,430 872 14,184 457 76 9,052 1,350 36 320 5,852 80,188 December.. 14,704 884 2,23547,787 48,387 3,255 1,510 1,095U ,306 518 85 9,149 1,459 51 200 6,008107,606 1949—January 14,776 820 2,261 47,57347,798 3,240 1,302 1,019Ut,432 562 85 9,326 1,489 47 219 6,012 94,115 February.. . 14,286 770 2,04946,46946,513 3,385 1,254 1,645U,418 595 86 8,509 1,472 42 207 6,029 80,194 1948—Dec. 29 14,893 919 2,24747,794 48,214 3,282 1,549 1,27414,403 540 85 9,079 1,472 51 200 6,015 22,434 1949—Jan. 5 14,964 812 2,36547,437 47,482 3,268 1,289 1,115 14,451 550 85 9,722 1,458 51 66 6,013 25,157 Jan. 12.... 14,716 862 2,28747,51948,129 3,213 1,219 83514,446 560 85 9,427 1,424 55 257 6,013 20,544 Jan. 19.... 14,713 803 2,262 47,67048,094 3,178 1,292 98714,417 567 85 9,358 1,542 42 143 6,005 21,822 Jan. 26 14,710 803 2.130 47,66547,486 3,301 1,408 1,139 14,412 570 85 8,795 1,531 41 410 6,019 21,968 Feb. 2 14,380 726 2,011 46,94546,576 3,408 1,304 1,47614,419 582 86 8,631 1,500 43 279 6,028 22,030 Feb. 9 14,322 790 2,00046,55346,164 3,319 1,196 1,55914,418 599 86 8,522 1,498 42 137 6,036 19,373 Feb. 16.... 14,172 748 2,09646,079 46,693 3,393 1,287 1,72914,412 600 87 8,635 1,450 41 118 6,025 20,852 Feb. 23 14,271 817 2,08946,29946,620 3,419 1,227 1,817 14,422 597 88 8,246 1,439 42 293 6,029 17,642 Mar. 2.... 14,404 720 2,129 46,112 46,014 3,418 1,311 1,70614,452 593 87 8,696 1,409 58 229 6,048 22,475 Mar. 9.... 14,196 785 2,071 46,072 45,725 3,448 1,132 1,64514,480 592 87 8,645 1,418 57 212 6,042 18,797 Mar. 16.... 14,606 746 2,23746,182 46,760 3,404 1,368 1,8-8914,460 598 87 8,802 1,420 55 497 6,045 22,859 Mar. 23 14,179 768 1,97045,47345,129 3,471 1,207 2,009 14,451 603 90 8,094 1,374 57 533 6,046 20,986 New York City 1948—February.. . 4,277 129 36 16,003 16,562 228 736 240 1L,364 53 12 2,868 1,199 10 112 2,212 32,298 December.. 5,383 145 36 15,491 16,228 226 802 294 ,511 16 14 2,822 1.269 32 122 2,235 44,861 1949—January 5,393 126 3315,331 15,934 202 644 268 11,512 20 14 2,852 1,288 26 155 2,251 38,767 February.. . 5,142 116 2914,957 15,563 213 635 454 L,482 24 15 2,636 1,264 22 113 2,259 32,226 1948—Dec. 29 5,433 147 37 15,509 16,239 231 863 335 L.545 16 14 2,822 1,274 31 161 2,235 9.26S 1949—Jan. 5.... 5,509 133 3415,407 15,957 196 582 321 1,531 18 14 3,019 1,265 31 36 2,250 10,586 Jan. 12.... 5,294 133 3215,202 15,913 208 581 221 L.52O 20 14 2,833 1,231 35 202 2,252 8,368 Jan. 19.... 5,403 118 3215,353 16,020 176 618 253 1,500 20 14 2,832 1,332 20 96 2,251 8,596 Jan. 26.... 5,366 120 3315,360 15,847 228 793 277 1,496 20 14 2,722 1,326 20 286 2,251 9,316 Feb. 2.... 5,181 111 2815,132 15,626 211 623 414 L.489 23 2,701 1,297 22 184 2,260 9,203 Feb. 9 5,170 119 2614,970 15,485 184 605 430 L.486 25 2,612 1,290 22 71 2,262 8,050 Feb. 16 5,047 110 3314,776 15,492 240 673 481 1,475 25 2,634 1,241 21 72 2,258 8,404 Feb. 23.... 5,169 123 3014,950 15,650 215 638 491 1,476 25 2,599 1,228 21 124 2,258 6,664 Mar. 2.... 5,265 108 3115,053 15,575 224 662 447 1,483 25 2,681 1,203 37 68 2,262 9,060 Mar. 9.... 5,111 116 2814,964 15,520 201 555 425 1,489 25 2,673 1,206 36 86 2,259 6,916 Mar. 16 5,370 106 3514,873 15,687 225 709 490 1,481 25 2,734 1,219 35 366 2,256 9,736 Mar. 23 5,207 113 3114,697 15,184 215 610 511 L,479 25 18 2,524 1,176 36 330 2,254 8,202 Outside New York City 1948—February.. . 8,051 649 2,21131,70631,311 2,976 694 632 12,820 404 64 6,184 151 26 208 3,640 47,890 December.. 9,321 739 2,199 32,29632,159 3,029 708 801 12,795 502 71 6,327 190 19 78 3,773 62,745 1949—January 9,383 694 2,22832,242 31,864 3,038 658 75112,920 542 71 6,474 201 21 64 3,761 55,348 February.. . 9,144 654 2,02031,512 30,950 3,172 619 1,19112,936 571 71 5,873 208 20 94 3,770 47,968 1948—Dec. 29 9,460 772 2,210 32,28531,975 3,051 686 939 12,858 524 71 6,257 198 20 39 3,780 13,166 1949—Jan. 5 9,455 679 2,331 32,03031,525 3,072 707 79412,920 532 71 6,703 193 20 30 3,763 14,571 Jan. 12.... 9,422 729 2,25532,317 32,216 3,005 638 614 12,926 540 71 6,594 193 20 55 3,761 12,176 Jan. 19.... 9,310 685 2,23032,31732,074 3,002 674 73412,917 547 71 6,526 210 22 47 3,754 13,226 Jan. 26.... 9,344 683 2,09732,30531,639 3,073 615 862 12,916 550 71 6,073 205 21 124 3,768 12,652 Feb. 2.... 9,199 615 1,98331,813 30,950 3,197 681 1,06212,930 559 71 5,930 203 21 95 3,768 12,827 Feb. 9 9,152 671 1,97431,58330,679 3,135 591 1,12912,932 574 71 5,910 208 20 66 3,774 11,323 Feb. 16.... 9,125 638 2,06331,30331,201 3,153 614 1,248 12,937 575 72 6,001 209 20 46 3,767 12,448 Feb. 23 9,102 694 2,05931,34930,970 3,204 589 1,32612,946 572 73 5,647 211 21 169 3,771 10,978 Mar. 2.... 9,139 612 2,09831,05930,439 3,194 649 1,25912,969 568 72 6,015 206 21 161 3,786 13,415 Mar. 9.... 9,085 669 2,04331,10830,205 3,247 577 1,220 12,991 567 72 5,972 212 21 126 3,783 11,881 Mar. 16.... 9,236 640 2,20231,30931,073 3,179 659 1,39912,979 573 72 6,068 201 20 131 3,789 13,123 Mar. 23.... 8,972 655 1,93930,776 29,945 3,256 597 1,49812,972 578 72 5,570 198 21 203 3,792 12,784 8 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.—Ford escription 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. APRIL 1949 403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loansl Investments For purchasing ^ U. S. Government obligations or carrying securities Com- Total mer- To brokers d F i e it d r e i r c a t l a R n e d a e d r a v t e e in l m o a v n a e e n d n s t s t s - ! Total1 i a t c n a r g i n d i a r a d u l i l , - s- U an . d S . dealers U T . o S . others [ l e R o s a e ta n a t s l e) I b L a t o n o a k n s s ]O lo th an er s ] Total Total Bills o c C t f a i e f t i i e r - n - s - Notes Bonds2 O s ri e t t h c ie e u s r t c u u r l a - l G t l i o i o o g b v n a - - s t. O c t u t i h e r s i e - rG l t o i i o g b o v a - n - t s .O c t s u t i e h e r - e s i- r) d n e e e d b s - t s - Boston Feb. 23 2,757 1,059 691 13 6 16 135 9 196 1,698 1,584 85 247 45 114 Mar. 2 2,761 1,049 690] 13 6 16 132 2 196 1,712 1,596 86 256 45 116 Mar. 9 2,787 1,044 683 7 6 16 133 7 198 1,743 1,625 102 261 45 118 Mar. 16 2,787 1,062 689 11 10 16 133 13 197 1,725 1,604 84, 259 45 121 Mar. 23 2,805 l,066| 681 11 12 16 133 22 198 1,739 1,615 90] 264 45 1,216 124 New York* Feb. 23 120,206 8,593 5,936 619 305 199 422 203 97111,613 0,348 648 1,226 182 8,292 1,265 Mar. 2 20,226 8,4401 5,923 458 330 186 420 223 96211,786 0,527 809 1,242 188 8,288 1,259 Mar. 9 [20,283 8,422 5,907 468 323 186 420 228 95211,861 0,599 853 l,25O[ 183; 8,313 1,262 Mar. 16 20,380 8,625 5,869| 744 340 185 418 180| 95111,7551 0,424 750 1,153 1841 8,337 1,331 Mar. 23 20,092 8,521 5,797 768 350] 191 415 108 95411,571 0,241 588 1,143 150 8,360 1,330 Philadelphia I Feb. 23 2,542 926| 533 16 7 94 275 1,616 1,326 90 145 34 1,057; 290 Mar. 2 2,536 923 530 16 7 92 275 1,613 1,330 91 148 34 1,057 283 Mar. 9 2,534 920 531 16 7 92 273 1,614 1,325 82 153 34 1,056 289 Mar. 16 2,556 939 532 19 7 92 275 1,617 1,327 88 150 34 1,055 290 Mar. 23 2,536 926 528| 20] 91 272 1,610 1,317 72 156 34 1,055 293 Cleveland Feb. 23 4,314 1,478 916 16 21 277 228 2,836 2,496] 107 274 115 2,000 340 Mar. 2 4,348 1,484 921 17 21 277 228 2,864 2,522 121 285 115 2,001 342 Mar. 9 4,343 1,496 928 17 21 277 228 2,847 2,503 101 286 115 2,001 344 Mar. 16 4,385 1,526 935 16[ 21 276 228 2,859 2,514 109 290 115 2,000 345 Mar. 23 4,317 1,484 921 15 21 276 231 2,833 2,491 86 285 2,005 342 Richmond I Feb. 23 2,509 853 408 21 200 211 1,656 1,529) 87 184 1,214 127 Mar. 2 2,512 849 404 21 199 212 1,663 1,534) 91 184 44 1,215 129 Mar. 9 2,527 850 404 20] 200 213 1,677 1,548| 99 187 45 1,217 129 M M a a r r . . 2 1 3 6 2 2 , , 5 5 3 2 3 3 8 85 5 3 2 ] 4 40 1 7 0 6 2 20 0 ] 1 1 9 9 6 7 2 2 1 1 3 6 1 l, , 6 6 7 81 0| 1 1 , , 5 5 5 4 1 0 1 9 0 6 3 1 1 7 8 8 6 4 4 5 5 1 1 , , 2 2 1 2 7 1 1 1 3 3 0 0 Atlanta 6 Feb. 23 2,2901 842 541 5 32 65 187 1,448] 1,265 50] 296 38 881 183 Mar. 2 2,297 840 537 6 31 65 185 1,457 l,260| 48 294 38 880 197 Mar. 9 2,3131 844 538 9 31 65 188 1,469 1,281 66 293 38 884 188 Mar. 16 2,342 846 541 9 31 67 187 1,496 1,310) 78 303 38 891 186 Mar. 23 2,3171 842 535 30| 67 1,475; 1,289) 61 298 38 892 186 Chicago* Feb. 23 8,525 1,823 57 338 387 5,8341 5,185 333 728 230]3,894] 649 Mar. 2 8,529 1,800 57 337 390 5,898 5,243 396 718 230 3,899 655 Mar. 9 8,542 1,798 58 337 383 5,924 5,269 417 715 231 3,9061 655 Mar. 16 8,560] 1,798 58 337 383 5,914 5,260 389, 726 223 3,922 654 Mar. 23 8,471 2,628) 1,786 58 337 384 5,843 5,184 380] 664 218 3,922 659 St. Louis Feb. 23 2,107 996 600] 12 161 214 1,111 977 42 189 55 691 134 Mar. 2 2,104 989 594 12 161 214 1,115 974 36 193 54 691 141 Mar. 9 2,098 979 589 11 161 210 1,119 984 35 205 53 691 135 Mar. 16 2,092 979; 589 11 161 210 1,113 983 38 200 52 693 130 Mar. 23 2,062 976 579 12 161 1,086 950 25 175 48 702 136 Minneapolis Feb. 23 1,124 431 247 5 64 112 693 612 18 135 14 445 81 Mar. 2 1,124 433 249 5 63 112 691 608 22 127 14 445 83 Mar. 9 1,135 437 253 5 64 112 698 615 31 125 14 445 83 Mar. 16 1,153 447 256 5 64 113 706 623 38 127 14 444 83 Mar. 23 1,138 445 2561 5 63 115 693 609 20 130] 14 445 84 Kansas City Feb. 23 2,364 869 566 12 127 159 1,495 1,290 137 284 70 799 205 Mar. 2 2,369 870 570 12 127 156 1,499 1,293 138 287 70 798 206 Mar. 9 2,369 872 567 12 129] 159 1,497 1,291 135 284 71 801 206 Mar. 16 2,386 881 570 12 128 163 1,505 1,299] 138 290 71 800] 206 Mar. 23 2,341 879| 570 12 129] 162 1,462 1,256] 105 282 71 798 206 Dallas Feb. 23 2,279 1,102 774 43 89 185 1,177) 1,057 32 272 41 712 120 Mar. 2 2,277 1,105] 776 42 187 1,172 1,053] 25 269 42 717 119 Mar. 9 2,265 1,093 767 41 184 1,172 1,051 28 265 42 716] 121 Mar. 16 2,269 1,087 757 43 188 1,182 1,062 34 271 42 715 120 Mar. 23 2,255 1,082 751 41 190 1,173 1,052 28 268 41 715 121 San Francisco Feb. 23 10,929 5,025 2,187 292,114 724 5,904 5,145 151 1,056 154]3,784 759 Mar. 2 10,893 5,004 2,153 29 2,121 720 5,889 5,129 137 1,045 155 3,792 760 Mar. 9 10,850 4,976 2,141 29 22,120 721 5,874 5,11 134 1,036] 155 3,790 759 Mar. 16 10,916 4,999 2,149 29 2,124 718 5,917 5,155 164 1,037 148 3,806 762 Mar. 23 10,892 4,994 2,151 282,129 716 5,898 5,136 144 1,031 3,813 762 City of Chicago* Feb. 23 5,326 1,828 1,414 49 75 205 3,498 3,072 271 414 174 2,213 426 Mar. 2 5,323 1,775 1,397 49 75 206 3,548 3,117 328 403 173 2,213 431 Mar. 9 5,317 1,762 1,394 50| 75 203 3,555 3,123 340 396 175 2,212 432 Mar. 16. . . 5,290 1,785 1,391 50 75 203 3,501 3,074 309 382 172 2,211 431 Mar. 23. . . 5,237 1,770 1,380 50 75 203 3,467 3,032 32 33 168 2,202 435 * 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. 404 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e R e a e r i r e a n d t v - h l - k e s v C a i a n u s l h t b m a w a n d e n i o c s t - e k h t s i s c j m p u o d a s a d e s t n e - i - t d d s 3 s u p v n h c a a a i o e i n d l p r r r d s - t - - s , - , S p s d a i t o u c i a n v l b a t d i i - e l t - - s : C c h O a f e e e i n f e c r r f d d i s t k - i ' s - , m G U er . o e n n v S - t - i u p c v n a h a o a i e n i d l p r r r d s - - - t s , - , S p d s a i t o u c i a n v l b a t d i i l - e t - - s P U m G S e a o r . a n o e s n v d v n S t - - a - t . l Do- F ei o g r n - Time r B i o n o w g r s - - : C o i a t a u c a p n - l - ts B d i e t a s b n * - k pora- etc. pora- sions ings tions tions Boston Feb. 23 559 57 91 2,313 2,314 144 75 481 263 32 4 319 650 Mar. 2 579 53 92 2,317 2,311 137 68 481 276 32 13 320 874 Mar. 9 560 56 85 2,332 2,318 136 69 481 273 32 6 316 776 Mar. 16 580 54 100 2,346 2,355 148 79 481 281 30 3 321 846 Mar. 23 561 55 86 2,342 2,328 145 84 481 266 31 4 318 813 New York* Feb. 23 5,526 170 10916,44616,933 500 556 ,314 31 2,668 1,232 133 2,453 7,142 Mar. 2 5,658 148 11316,53316,853 500 702 509 ,322 31 2,751 1,206 130 2,457 9,677 Mar. 9 5,479 162 10516,43716,796 461 594 486 ,328 31 2,743 1,209 133 2,453 7,418 Mar. 16 5,713 149 12616,36317,013 480 752 5652,321 31 2,806 1,222 366 2,451 10,342 Mar. 23 5,530 157 11016,15716,449 472 646 2,318 31 2,593 1,179 330 2,448 8,719 Philadelphia Feb. 23 522 46 98 2,058 2,172 76 20 408 26 310 13 28 307 656 Mar. 2 539 41 97 2,056 2,157 70 27 404 26 339 12 19 308 848 Mar. 9 533 44 89 2,051 2,099 106 22 404 28 332 11 19 308 739 Mar. 16 559 41 94 2,073 2,170 102 31 405 28 354 11 7 307 871 Mar. 23 536 4: 91 2,049 2,095 108 24 404 28 329 11 308 803 Cleveland Feb. 23 868 86 130 2,973 3,066 167 48 1,338 63 414 5 460 1,014 Mar. 2 880 79 138 2,977 3,055 170 64 1551,340 61 463 5 460 1,344 Mar. 9 854 128 2,956 3,004 160 48 1501,339 62 456 6 460 1,029 Mar. 16 866 141 2,986 3,111 164 52 1671,340 61 462 5 460 1,173 Mar. 23 842 124 2,916 2,984 163 54 1,340 61 420 5 461 1,236 Richmond Feb. 23 541 70 155 2,044 2,033 191 42 84 567 10 349 5 220 649 Mar. 2 551 58 154 2,042 2,01 185 41 81 566 9 365 4 220 779 Mar. 9 548 65 173 2,080 2,022 194 48 75 567 9 379 5 221 666 Mar. 16 555 61 165 2,054 2,046 191 49 92 567 9 378 5 222 748 Mar. 23 545 64 153 2,051 1,995 201 50 9 568 9 336 5 222 750 Atlanta Feb. 23 512 46 171 1,764 1,67; 302 21 49 522 5 496 12 185 602 Mar. 2 493 39 176 1,728 1,64: 298 22 48 522 5 528 10 186 706 Mar. 9 518 43 193 1,787 1,63. 342 23 4 523 5 527 12 186 729 Mar. 16 506 41 213 1,81 1,70. 331 25 5: 523 5 528 13 186 748 Mar. 23 520 43 160 1,784 1,63 338 26 56 524 5 474 10 186 726 Chicago* Feb. 23 2,020 107 326 6,007 6,056 566 3592,510 41 1,275 44 694 2,410 Mar. 2 2,031 9' 358 6,008 5,93 605 103 3332,513 40 1,385 44 699 3,163 Mar. 9 2,01 100 313 6,000 5,887 589 88 3242,515 40 1,350 43 699 2,540 Mar. 16 2,080 96 333 5,953 5,98 55 100 3762,513 40 1,372 40 698 3,112 Mar. 23 1,952 97 291 5,767 5,672 57: 2,511 40 1,245 40 699 2,857 St. Louis Feb. 23 447 31 111 1,362 1,442 116 19 464 11 604 2 175 546 Mar. 2 442 26 110 1,340 1,400 117 19 466 11 624 2 175 633 Mar. 9 446 29 118 1,359 1,414 116 18 465 11' 619 2 175 525 Mar. 16 456 27 123 1,36^ 1,460 120 16 466 12 609 2 176 611 Mar. 23 42 28 99 1,325 1,383 120 17 466 12 549 2 176 613 Minneapolis Feb. 23 229 1 79 806 766 141 12 249 246 98 284 Mar. 2 229 11 88 792 742 155 12 250 267 98 381 Mar. 9 231 12 9: 815 749 159 13 250 266 98 325 Mar. 16 235 12 812 770 161 13 250 270 98 361 Mar. 23 233 12 793 727 165 11 250 255 99 384 Kansas City Feb. 23 556 33 278 1,876 1,829 271 26 377 700 195 719 Mar. 2 54 26 27 1,809 1,750 268 49 376 762 196 839 Mar. 9 544 3 255 1,815 1,751 261 27 377 744 195 699 Mar. 16 56; 29 276 1,85 1,836 258 27 37 748 196 788 Mar. 23 53 3C 261 1,799 1,74- 26: 2 379 702 196 822 Dallas Feb. 23 522 35 276 1,951 1,916 219 33 34' 66 518 197 680 Mar. 2 545 3C 251 1,95 1,880 226 29 34' 65 515 197 619 Mar. 9 544 3 252 1,936 1,854 230 29 351 65 522 198 686 Mar. 16 544 32 308 1,970 1,919 220 56 352 66 537 198 710 Mar. 23 532 33 26' 1,925 1,863 224 39 352 70 503 199 761 San Francisco Feb. 23 1,96' 123 26. 6,695 6.42C 726 190 4,845 341 403 726 2,290 Mar. 2 1,91 115 275 6,555 6,273 687 202 4,865 342 421 73: 2,612 Mar. 9 1,92* 124 268 6,50' 6,198 69' 185 2134,880 338 434 73: 2,665 Mar. 16 1,94 12 27i 6,575 6,393 673 202 23<4,865 343 457 732 2,549 Mar. 23 l97 122 25 6,56 = 6,255 701 185 25' 4,858 344 42 734 2,502 City of Chicago* Feb. 23 1,37' 3( 3,857 3,98;: 278 37 20' 1,305 41 935 46J 1,549 Mar, 2 1,36= 3- 18 3,84 3,88: 297 55 19; 1,307 39 1,016 468 2,011 M M a a r r . . 1 9 6 1 1 , , 3 4 5 2 < 2 3 3 < . 144 3 3 , , 8 7 1 5 4 3 3 3 , , 8 8 5 9 < 2 2 7 5 9 6 4 4 0 4 2 1 1 881 1 , , 3 30 0 3 6 3 3 9 9 1, 9 0 9 0 " 9 4 46 6 ' 8 1 1 , , 6 9 3 4 8 3 Mar. 23 1,330 34 3,64' 3,698 252 39 2221,301 39 914 1,822 For footnotes see opposite page and preceding table. APRIL 1949 405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Total O bi w ll n s bo B u il g ls ht Others I U S m i n t n p a i t o t t o e e r s d ts E U S f x n t r p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e U sh n i i p te p p d e o d in t b s F e i t n o w re e i e g n n States countries 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 19 18 August 309 221 122 60 62 99 143 40 20 17 September 305 214 120 65 55 94 136 37 20 20 October 285 221 125 67 58 96 140 42 20 17 November 287 239 141 71 70 99 152 48 24 15 December 269 259 146 71 76 112 164 57 25 12 1949—January 268 262 137 66 70 126 156 57 11 25 13 February 270 228 114 65 49 114 134 51 6 23 14 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 x 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)* an a d c c t o r u a n d t 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 ac ( c n o e u t n ) ts accounts accounts 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—March 3 550 3 229 3 592 April 3 572 3241 3614 May 3615 3 258 3619 June 619 7 326 332 283 576 145 20 11 291 July 3608 3288 3577 August »573 3252 3551 September. . 3 570 3 238 3 550 October 3 580 3 252 3 540 November. . 3 551 3 244 3563 December... 550 10 312 349 257 586 112 28 5 278 1949—January... . 3 537 3 247 3 573 February ... 3527 3225 3 565 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). 8 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): December, 52; January, 56; February, 58. 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. 406 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 [Per cent per annum] U. S. Government Stock security yields Size of loan mo Y w n e e t a h e r k , , 01- m 4 m p P - c o a r o e t p n i r o m m e t c h r i 6 - e a , s - l 1 a a P b d c n e a r a 9 c r i c n y s m 0 e e ' k s p s e - 1 , t- ch n l a c e o r e a l e a x a w n s - l - n 2 l g - e m bi o 3 ll n - s t h 3 9 d c m - o c e e t f a o r b o t t n i t i e n e f t s 1 i d - h - 2 - - t 3 a i - s y x s t e a u o a b e r l 5 s e - An 1 n 9 A u a r c e l i a ti a e v a s n e : r d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 , , 0 0 0 0 0 0 -$ $ 1 2 0 0 0 0 , , 0 0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r ness 1939 2.1 4.4 3.1 2.1 1.8 1940 2 1 4 3 3.0 2 0 1.8 1941 2.0 4.3 3.0 1.9 1.8 1946 average.... .81 .61 1.16 .375 .82 1.16 1942 2.2 4.4 3.2 2.2 2.0 1947 average 1.03 .87 1.38 .604 .88 1.32 1943 2.6 4.4 3.4 2.5 2.4 1948 average.... 1.44 1.11 1.55 1.043 1.14 1.62 1944 2.4 4.3 3.3 2.6 2.2 1945 . 2.2 4 3 3.2 2.3 2.0 1948—March.... 1.38 .06 1.50 .996 1.09 1.60 1946 2.1 4.2 3.1 2.2 1.7 April 1.38 .06 1.50 .997 1.10 1.58 1947 . . 2 1 4.2 3.1 2.5 1.8 May 1.38 .06 1.50 .997 1.09 1.51 1948 2.5 4.4 3.5 2.8 2.2 June 1.38 .06 1.50 .998 1.09 1.49 Quarterly: July 1.38 .06 1.50 .997 1.10 1.56 19 cities: August. . . .13 1.63 1.053 1.15 1.65 1948—June 2.47 4.49 3.47 2.70 2.16 September .19 1.63 1.090 1.18 1.69 Sept 2.60 4.53 3.58 2.92 2.29 N D O o e c c v to e e m b m e b b r e . e r r . . 1.56 . . . 1 1 1 9 9 9 1 1 1 . . . 6 6 6 3 3 3 1 1 1 . . . 1 1 1 5 2 4 4 0 4 1 1 1 . . . 2 2 2 2 3 1 1 1 1 . . . 6 7 6 9 1 4 1949— D M e a c r 2 2. . 7 6 0 4 4 4. . 6 5 2 0 3 3 . . 6 5 4 8 2 2. . 8 9 9 7 2 2. . 4 3 2 4 New York City: 1949— F J e a b n r u u a a r r y y . . . 1 1 . . 5 5 6 6 . .1 1 9 9 1 1 . . 6 6 3 3 1 1. . 1 1 6 6 3 0 1 1 . . 2 2 2 2 1 1 . . 5 5 7 9 1948— S j e u p ne t 2 2 . . 1 3 2 2 4 4 . . 3 4 5 0 3 3. . 3 1 5 9 r2 2 . . 6 4 8 3 2 1 . .9 1 4 3 March 1.56 .19 1.63 1.162 1.22 1.54 Dec 2.34 4.23 3.40 2.70 2.16 1949—Mar 2.42 4 22 3.42 2.66 2.25 Week ending: 7 Northern and East- Feb. 26.. 3/16 1.163 1.22 1.59 ern cities: Mar. 5. . 3/16 1.162 1.22 1.58 1948—jUne 2.49 4.42 3.40 2.67 2.27 Mar. 12.. 3/16 1.162 1.22 1.56 Sept. . . . 2.60 4.55 3.58 2.91 2.34 Mar. 19.. 3/16 1.162 1.23 1.54 Dec 2.68 4.51 3.60 2.97 2.44 Mar. 26.. 3/16 1.162 1.23 1.52 1949—Mar. 2 68 4 63 3.66 2.89 2.44 11 Southern and pe 1 2 r T M c h e o e n n t t a h p v l r e y i r o a f r g i g e t u o r r e a A s t u e a g r o . e n 2 a , v 9 e 1 0 r 9 - a d 4 g a 6 e y ; s 1 s o . t 5 f o 0 c w k e p e e e k r x l c y c h e p a n n r t e , g v e A a i u t l i g i m n . g e 2 , r l a o 1 t a e 9 n s 4 s . 6 - w A a u s g . 1. 1 2 6 5 , 19 W 48 e _ s j t S D U e e r I e 1 n p c e t. cities: 3 3 2 . . 0 9 0 2 2 1 4 4 4 . . . 6 5 6 2 7 0 3 3 3 . . . 7 6 6 1 8 8 3 3 2 . . . 0 1 9 7 4 1 2 2 2 . . . 5 5 4 7 6 5 194 3 8 R ; a a te n d o n 1 .6 n 3 ew p e is r su ce e n s t o b ff e e g re in d n i w n i g t h A in u g p . e r 1 i 7 o , d 1 . 948. 1949—Mar 3.12 4.79 3.75 3.04 2.71 Back figures.-—See Banking and Monetary Statistics, Tables 120-121, r Revised. pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October For description of series see pp. 228-37 of BULLETIN for March 1949. 1947, pp. 1251-1253. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's (taxable) Munic- Corpo- Year, month, or week ipal rate By ratings By groups 15 (high- (high- 7 to 9 years grade)2 grade)3 Total years and Indus- Rail- Public over Aaa Aa A Baa trial road utility Number of issues 1-5 1-8 15 10 120 30 30 30 30 40 40 40 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—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 March 1.80 2.38 2.21 2.71 3.00 2.70 2.79 3.05 3.47 2.78 3.27 2.97 Week ending: 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 Mar. 5. 1 84 2 38 2 23 2 72 3 01 2 71 2 80 3 05 3 47 2.79 3.26 2.98 Mar. 12 1 81 2 38 2 22 2 71 3 01 2 71 2 80 3 05 3 47 2.79 3.26 2.97 Mar. 19 1.79 2.38 2.19 2.71 3.00 2.71 2.79 3.05 3.46 2.78 3.26 2.97 Mar. 26 1.78 2.38 2.19 2.70 3.00 2.70 2.79 3.05 3.46 2.78 3.27 2.96 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. APRIL 1949 407 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) V of o t lu ra m d e ing7 in) Year, month, or week U. S. Munic- thou- Gov- ipal Medium-grade Pre- sands of m er e n n - t8 g ( r h a i d g e h ) - 8 H gr i a g d h e - Total In tr d i u al s- R ro a a il d - 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 88.2 102.8 184.7 123 128 105 103 953 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1948—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 1,171 100.73 124.4 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 March 101.67 128.8 100.7 91.9 97.1 83.1 95.5 172.2 118 124 97 95 859 Week ending: Feb. 26 101.61 128.3 100.6 92.6 97.0 85.7 95.0 172.0 116 121 96 95 779 Mar. 5 101.62 128.4 100.6 92.5 97.1 85.3 95.2 172.0 116 121 97 95 728 Mar. 12 101.65 128.6 100.6 92.1 97.0 84.2 95.3 172.4 118 123 97 96 836 Mar. 19 101.69 129.2 100.6 91.7 97.0 82.5 95.7 171.6 118 124 97 95 721 Mar. 26 . 101.69 129.2 100.8 91.5 97.1 81.8 95.6 172.4 118 124 97 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 Arerage 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. T Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—Set Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN! 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 e d o g n s t o r n d a - t - ) i l c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F i o g r n - 1 m ( T e d a f e i o o o g n s - t r n d t a - i ) l c Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F i o g r n - 1 notes notes 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 5181,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942.... 2 114 1,075 1,075 342 108 624 506 118 1 039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1.772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 89,691 37,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 9,933 8,806 8,796 2,604 294 45,898 44,992 906 10 1,128 1,127 82 768 277 251 26 1948—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 660 599 599 182 35 382 299 82 61 61 8 49 4 3 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 663 574 572 118 453 366 87 2 89 89 1 62 26 13 13 October .. 983 902 901 273 4628 *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 February. 500 436 436 191 14 231 225 6 64 64 4 53 7 7 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. • 1 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.—Set Banking and Monetary Statistics, Table 137, p. 487. 408 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 New money Retirement of securities proceeds* proceeds1 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 a 3 nd Pr s e t f o e c rr k ed R o e th p e a r o y f m de e b n t t pu O r t p h o e s r es 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937.. 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939.. 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941.. 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945.... 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 6,531 6,415 5,566 4,140 1,426 257 203 53 441 151 1948—-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 18 654 642 563 449 114 29 4 26 45 5 July 574 564 424 307 117 8 8 91 40 244 238 222 164 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 684 673 635 560 75 5 2 3 21 12 1949—January '345 ••336 '312 ••274 '38 2 2 7 '16 February . .. 321 318 220 172 48 7 7 25 66 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars} Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936. 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942. 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 \ 56 1946 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3,212 2,188 939 84 2,686 1,974 353 359 286 189 24 73 1948 612 541 56 15 2,950 2,690 127 133 2,394 1,944 59 390 460 391 15 55 1948—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 11 195 177 17 9 8 1 December. . 45 45 479 457 2 21 143 130 2 11 6 3 1 2 1949—January 36 36 '118 '118 '162 '139 2 21 '20 '19 1 February... 54 50 104 102 2 128 39 2 87 32 29 3 ' Revised. 1 Estimates of new issues sold for cash in the United States. 8 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figuresJsee Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. APRIL 1949 409 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 d e n l c M e h r i a y n - - t b o A i m l u e - o s - e p t O m r q t o a i t u e r o h n t i n n e a s p t r - - - f m e p N u a r r e r o c n o t o t d n a d s u - l - s s O g d o b u t o h l r e a d e - r s t F b o a o e a b g v o n a e e d d c s r s c , - , o p r r e a o i i O f n n n d i i g g d n l u - c- c In h t c r d e a i m u a ls l s i - - O g d n o u b t o o h l r n e a d e - - r s n c s ic e e e e o l r l s v u a - » 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 ,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. . . 065 189 164 241 207 109 90 199 224 187 155 202 996 85 628 1946 2,552 282 171 131 129 135 163 357 281 275 302 324 1,144 81 662 1947 3,671 437 334 417 205 198 239 354 480 345 370 293 1,786 88 841 1948 4,612 574 396 610 271 221 290 345 766 419 407 313 2,405 90 1,022 Quarterly 1947—i 871 126 70 94 349 47 51 98 89 88 96 63 421 20 177 2 866 100 83 105 353 46 58 64 110 87 92 71 432 23 192 3 900 100 77 103 3 57 45 59 85 121 81 93 80 432 22 190 4 . .. 1,033 112 105 115 3 46 59 71 108 160 88 90 80 501 23 283 1,023 114 89 129 r363 r65 77 192 r90 101 57 523 22 207 2 1,100 110 92 151 3 69 53 71 ••85 194 98 '99 77 559 22 218 3 1,182 149 •"89 161 59 78 91 186 103 110 r83 610 22 223 4. . . 1,306 201 125 168 3 65 63 76 92 193 128 98 96 713 23 375 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad 4 Electric power 5 Telephone 6 Year or quarter r O e p v i e n e r g n a u t e - I i b n n t e c c a f o x o o m m r 7 e e e inc N o e m t e 1 d D e i n v d i- s O re p v i e n e r g n a u t e - I i b n n t e c c a f o x o o m m r 7 e e e inc N o e m t e 1 d D e i n v d i- s O re p v i e n e r g n a u t e - I i b n n t e c c a f o x o o m m r 7 e e e inc N o e m t e 1 d D e i n v d i- s Annual 1939.... 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944.. . . 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,627 273 289 235 3,814 970 647 456 1,992 277 200 171 1947 8,685 778 480 236 4,244 961 652 470 2,149 192 131 133 1948.... 9,672 1,148 700 289 4,708 983 661 492 2,541 269 183 181 Quarterly 1947—i 2,039 166 89 44 1.075 289 191 115 527 67 44 40 2 2,111 189 121 52 1,028 247 166 115 478 29 21 32 3 2,177 184 112 38 1,024 196 135 111 555 38 27 32 4 2,357 239 157 103 1,118 228 160 129 589 58 39 30 1948—i< 2,243 144 72 57 1,202 284 186 131 607 64 43 39 2 2,363 '286 185 56 .118 233 156 115 627 71 48 44 3 2,555 395 '246 53 1,146 211 143 115 641 64 44 47 4 2,510 323 197 122 1,242 255 176 132 666 69 47 50 r Revised. 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. * 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. 1 Partly estimated. 4 Class I line-haul railroads, covering about 95 per cent of all railroad operations. 8 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 6 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. 7 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). 410 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] End of month d T g d i o r r e o e t b s a c t s l t i b n d T e d t i a o e r e r e r t b i a e c n t l s t g t- Total J T M re b a a i r l s l k u s e r t y abl c C i e e n a d e t d e n p r e t s e u i b f s b o i t s - - l f ic T i r s n e s o u a t e s e u s s r * yTr b e o a n s d u s ry N T o o n t m al a 2 rket s a b a U b o v l . n i e n S d g p s . s ubl T i t s c a r a n e x v o i a s i t a s s n e u n u g s r d e s y s S i p ss e u c e ia s l b in d N e d t i a e e r o r e r b n i e c n t - s t g t- s g t b e e t F u c e e e u a a r u d e r r r l i i a s l i n t y t n 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—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 Mar 251,642 249,573 155,648 11,648 28,803 3,596 111,440 61,999 55,893 4,383 31,926 2,068 20 1 Including amounts held by Government agencies and trust funds, which aggregated 5,571 million dollars on Feb. 28, 1949. s 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 Mures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING MARCH 31, 1949 [In millions of dollars] On basis of daily statements o o f f d U o n ll i a te rs d ] States Treasury. In millions Amount Funds received from sales during t R io e n d s e m an p d out- period maturities Issue and coupon rate Amount Issue and coupon rate Amount Month a s t m t a e o n n n d d t i h n o g f All Series Series Series All series E F G series Treasury bills Treasury bonds—< Apr. 7, 1949. 1,001 June 15, 1951-54 2 1,627 Fiscal year Apr. 14, 1949. 907 Sept. 15, 1951-53. 7,986 ending: Apr. 21, 1949. 905 Sept. 15, 1951-55 2 755 June—1941. . 4,314 1,492 203 67 395 148 Apr. 28, 1949. 903 Dec. 15, 1951-53 2 1,118 1942.. 10,188 5,994 3,526 435 2,032 207 May 5, 1949. 801 Dec. 15, 1951-55. 510 1943.. 21,256 11,789 8,271 758 2,759 848 May 12, 1949. 903 Mar. 15, 1952-54. 1,024 1944.. 34,606 15,498 11,820 802 2,876 2,371 May 19, 1949. 802 June 15, 1952-54. 5,825 1945.. 45,586 14,891 11,553 679 2,658 4,298 May 26, 1949. 901 June 15, 1952-55. 1,501 1946.. 49,035 9,612 6,739 407 2,465 6,717 June 2, 1949. 907 Dec. 15, 1952-54. 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 C J F J O J J A J D J J M e u a u u u u u e c e p r n n l a n n n n b t t c y r r . . , e e e e . e . . . o 3 1 2 1 f 1 1 5 9 1 1 1 1 0 1 3 6 , , , , , , , , i , , , , 1 1 1 1 1 1 n 1 1 1 9 9 9 9 9 1 9 1 1 9 d 9 9 5 4 4 5 4 9 4 9 9 4 4 5 e 9 0 4 0 9 9 4 4 9 9 0 9 b 9 9 9 . t . . . edne 1 1 1 s I I i \ i s M M X X y y y H 8 8 8 6 5 4 5 2 1 1 , , , , , , , 5 9 9 6 3 0 7 5 9 9 9 9 9 3 5 2 0 9 8 1 0 0 0 0 3 5 5 2 1 5 3 9 3 3 6 7 J J J D J S J S J M J S D D D M M M u u u u u u u e e e e e e e a a n n n n a n a n n p p p c c c c r r e e e e r r e e e t t t . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 6 6 6 6 5 5 6 5 6 5 6 6 5 5 5 6 5 5 7 5 4 2 9 4 8 9 3 6 3 0 4 5 6 7 6 6 - - - - - - - - - - - - - - - - - - 7 7 6 6 6 6 6 5 6 6 6 5 7 6 5 7 5 5 2 0 7 9 2 9 2 5 3 5 8 6 1 0 9 2 8 9 . 3 3 3 . 3 2 3 . 3 3 2 2 2 2 2 3 ' 3 3 5 3 3 2 3 5 2 2 2 7 1 1 , , , , , , , , , , , , , , 7 4 1 8 1 6 7 4 9 9 8 8 4 4 6 9 2 7 6 8 3 9 1 1 8 1 4 1 8 2 3 8 6 7 2 8 1 1 1 7 1 6 5 8 9 9 2 1 3 8 5 7 0 4 1 1 9 9 4 4 9 8 — — F J S D A J A O N M M J M a u u M e 1 e c p u o e n a a b n 9 l p a t c r g v a y r . y . 4 e r t . . . t . . . . . . . 8 . . u . . . . . . . . . . . . . . . . . . . . r . . . . . . . . . . . . i . tie 5 5 5 5 5 5 5 5 5 5 5 5 5 5 s 5 4 3 3 4 4 5 4 3 3 5 4 2 5 , , , , , , , , , , , , a , , 3 6 0 2 7 2 8 8 9 1 6 7 9 0 n 5 0 6 7 0 7 6 9 4 6 7 4 8 5 d 2 7 5 4 4 4 0 3 3 3 6 4 8 1 am 6 o 1 , u , 2 6 4 4 4 6 5 4 4 4 5 5 5 4 n 7 3 9 6 4 1 1 3 7 1 9 4 8 9 t 7 s 8 7 5 2 2 3 9 9 0 8 3 0 5 out 4 s , t 0 a 3 3 3 3 3 3 3 3 4 3 3 3 4 2 n 4 2 7 0 0 0 3 0 3 8 8 9 1 1 0 9 4 8 5 4 5 8 6 6 3 9 5 ding M 2 3 a 4 0 2 3 3 2 2 2 1 1 1 1 1 1 6 1 0 2 0 9 2 6 4 9 8 4 5 7 rch 1 3 1 1 , , 0 9 1 1 1 1 1 1 , 1 1 1 0 4 9 9 9 2 4 8 3 8 2 1 2 7 1 4 6 5 2 9 7 8 2 6 0 8 0 0 5 949 5,1 3 3 4 4 4 4 4 4 4 4 4 4 4 1 6 9 4 0 7 3 4 0 6 6 5 2 3 3 9 3 2 6 6 2 0 7 5 2 2 8 8 Dec. 15, 1967-72 3 11,689 Year of All Series Series Series Series maturity series D E F G Treasury notes Apr. 1,1950 iy8 3,596 Postal savings bonds 112 1949 632 632 1050 1,002 1,002 1951 1,556 438 1,118 Treasury 1952 4,045 4,045 June 15, 1,014 Panama Canal Loan. 3 50 1953 7,042 5,760 201 1,081 Sept. 15, 1,292 1954 9,130 6,554 514 2,062 Dec. 15, 2,098 Total direct issues 155,648 1955 7,928 5,244 550 2,135 Dec. 15, 491 1956 5,822 2,730 630 2,462 Dec. 15, 1,786 1957 5,680 2,942 503 2,235 Mar. 15, 1,963 1958 6,202 3,519 285 2,398 Sept. 15, 1,186 Guaranteed securities 1959 3,322 912 311 2,100 Sept. 15, 4,939 Federal Housing Admin. 1960 2,993 484 2,509 Dec. 15, 2,635 Various 12 1961 523 76 447 Unclassified.. 17 iSoId on discount basis. See table on Open-Market Money Rates, p. 407. * Partially tax exempt. Total 55,893 2,072 32,823 3,553 17,428 3 Restricted. APRIL 1949 411 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 >y nonbank investors Total E m n o d n t o h f i b n e te a r r e in s g t- Other State U. S. Governsecurities Total Total m b C a e n o r k c m i s a - l * R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u ie e r - - s M s b a a v u n i t n u k g a s s l a r c s a o s a t o r i n o p c d o n ia - s - l g e a o o r n c n v d a - - l a m nd e n t t r u a s g t e n fu ci n e d s s tions * ments Special Public 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—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 1949—Jan 250,467 252,656 85,009 62,900 22,109 167,647 67,900 21,600 11,600 21,400 7,900 31,760 5,645 1 Including holdings by banks in territories and insular possessions, which amounted to 400 million dollars on June 30, 1948. 1 Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s e F R e r a e r a e n d v l - k - - e s b C m c a o 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 n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s e F R e r a e r a e n v d 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:» 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 2,41-8 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 Dec 157,496 5,47723,33355,35310,87719,81942,637 Dec 10,216 98 861 5,571 232 329 3,125 1949—Jan 156,972 5,51922,10955,59810,97119,81942,956 1949—Jan 6,682 98 609 4,291 198 267 1,219 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 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 1949—Jan 12,133 90 5,038 2,982 44 72 3,907 1949—Jan 44,053 228 3,00328,227 1,755 2,522 8,318 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 Dec 26,525 24 6,078 9,072 256 672 10,423 Dec 10,464 314 434 6,314 520 997 1,885 1949—Jan 229,630 22 6,421 9,852 259 737 12,339 1949—Jan 10,464 314 255 6,543 507 990 1,855 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 Dec 7,131 7 791 3,099 84 166 2,984 Dec 53,838 4,710 7,215 3,541 8,04815,23015,094 1949—Jan 3,596 18 426 1,940 70 103 1,039 1949—Jan 53,838 4,731 6,783 3,685 8,20815,22515,206 Treasury bonds: After 20 years: 1946—June.... 119,323 6,654 755 47,33510,74323,07330,763 1946—June.... 22,372 2,103 57 2,550 2,510 6,325 8,827 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 Dec 111,440 5,34010,97740,37110,48618.89125,375 Dec 1949—Jan 111,440 5,35210,22440,80710,59918,90025,558 1949—Jan * 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 small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. * Including Postal Savings and prewar bonds and a small amount of guranteed securities, not shown separately below. 412 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 of period) during period Assets y m F e i o a s r n c a t o h l r ce N r i e p e - t ts B p t u e u e n d x r d - g es i e - t s ( d u + e r f ) p i c l o u it s r c T o e a r u t c c u n - . s i t t s c C o i a l n u e c g n a - r t1 - G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l - e - Total s F e D R e e r r e e a d v - p l - e osi d t S s e c p i p i a e o n l - s- O as t s h e e t r s T b t l o i i i a e l t i - s a - l c C o i a n m s - h e o C u a t s g h o i ( E o n + x u c ) c t o g e m o o ss e r Banks* itaries Fiscal year: 1946 40 027 60 703 —20 676 —524 +10,740 —10 46014 23814 708 j nort 1? 993 708 470 43 839 61 738 —17 899 1947 40 043 789 +754 -1,103 +555 -11,136 -10,930 3,308 3 730 1,202 96? L.565 422 43 591 36 931 +6,659 1948 4?,211 36 791 +5,419 +2,706 —507 —5,994 +1,624 4,932 5,370 11,928 1 773 1L.670 438 4S 400 36,496 +8,903 1948—Mar. . 5,874 3,086 +2,788 -86 -53 -1,615 +1,035 5,353 5,692 L.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 L.236 2 156 ,645 425 2,402 2,397 +4 May.. 2,324 2,222 +103 +378 -144 -3 +334 4,946 5,327 1,714 2 007 L,606 381 2,969 2,507 +462 June.. 4,859 <7,018 -2,159 +2,315 -226 +56 -14 4,932 5,370 1,928 1 773 ,670 438 4,877 4,179 +748 July.. 2,096 5 3,558 -1,462 -178 5+700 +1,082 +141 5,074 5,506 1,755 081 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 ,664 2 703 ,653 437 4,667 3,229 +1,438 Oct... 7,101 2,685 -584 -144 +174 -227 -781 4,802 5,205 1,608 1 976 ,621 403 2,280 2,796 -516 Nov... 2,540 2,815 -275 -30 -158 +46 -417 4,385 4,813 L.601 1 621 L ,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 3,893 3,252 +641 Mar.. 5,435 3,621 +1,814 -345 +87 -1,080 +476 5,767 6,123 1,482 2 924 1,717 357 DETAILS OF TREASURY RECEIPTS On basis of daily statements ofUnited States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corp<Drationincome 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 ts r 6 c T e r o i e p t - a ts l R t e a o f x u f e n s ds e S t m S m a e o x c p e c e u l n i s o r a t i y 7 l t - y c N e 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 ofitsi E p o r a x t o t n h c a f d e e x it s r e s s s t t a a g E a n x i s f t d e - e t s m l E o a t a a x i n t s n h x c e c d i e e o e s s r u l e - s Fiscal year: 1946 9,39221,493 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 10,01319,292 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 11,43619,735 8,301 2,396 4,231 46,099 2,272 1,61642,211 11,534 9 464 9 852 323 899 7,412 1948—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 1,922 905 292 33 53 596 Mar.. . . 757 4,342 720 170 143 6,133 £672 26 5,435 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United St<ates Treasury Budget expenditures Trust accounts, etc Social Security Other F o i r s c m al o y n e th ar Inter- I i n n o a t n e t a - r l - e V ra e n t- s' A to id T f r e a r n s s- accounts Expendit Total N de a f t e io ns n e al e d s e t b o t n n a a a f n n i i d d - ce t m r A a i t n d i - o is n - a t c u g u r r l e i - - c t o r a t u u c o - n st ts Other c N e r i e e p - t ts m v I e e n s n - t- ts p tu E en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts E F C c o o o r n o e o p i m e g r n i - c Other ation Fiscal year: 1946 60,703 48,870 4,722 727 2,871 -203 1,927 1,788 2,978 1,261 1,656 4,735 2,407 2,912 1947 . ... 39,289 16,766 4,958 4,928 6,442 1,226 1,361 3,605 3,235 1,785 1,509 3,009 1,577 2,476 1948 *36,791 11,364 5,211 4,143 6,317 782 44,178 4,766 3,918 2,210 1,640 * 5,598 850 2,109 1948—Mar 3,086 845 608 600 579 110 17 326 92 51 152 185 28 133 Apr 2,541 903 154 338 571 24 71 463 173 -34 150 162 7 125 May 2,222 930 124 251 530 28 1 358 577 106 142 101 10 43 June 4 7,018 929 1,508 433 559 3143,077 481 348 553 174<3,475 349 432 July 6 3,558 6 1,155 286 155 1772 -43 611 621 455 276 142 362 250 183 145 Aug • • 2,143 800 114 138 530 110 13 438 607 100 186 100 21 192 198 Sept 2,869 715 570 282 481 256 6 559 38 304 140 135 23 196 80 Oct 2,685 931 212 174 482 275 80 530 159 -12 132 128 18 226 67 Nov. 2,815 957 122 206 612 321 6 590 585 144 137 105 20 347 72 Dec 3,603 1,017 1,112 153 554 285 1 482 208 292 158 105 8 499 74 1949—jan 2,968 1,043 319 200 527 269 73 536 139 -42 189 99 22 237 153 Feb 2,646 930 141 276 545 137 2 614 430 11 195 114 24 326 141 Mar 3,621 Pl.137 589 J»337 639 P168 1 *75O 57 88 252 115 12 30 135 v Preliminary. 1 Excess of receipts (+) or expenditures ( —). 2 Excluding items in process of collection beginning with July 1947. «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. • 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. APRIL 1949 413 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items * Liabilities, other than interagency items U. S. Pri- Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m m C p s r t a l i i u o o a n i e a p e m t d d s l e - s s , i - , - - G U r s i e o t . c i v I e u S m n t s - . . v e e n O s r t s i s t e t - t i c h e u e s - r 8 L s t e m u t a q a r r n e u u n e d n i c d s p t - , , - c u f h t e u a n D a r r t n d i r r e e b g d e i - d s - e d - s O s a t e s h t - e s r a t B F g u n a u o u 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 m G n e e r t o e s e n n v t r - t - - o v in w a e t t s n e e t r e l - d y by U.S. All agencies: 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 20,687 75110,573 328 1,811 3,525 2,423 171,258 =1,011 1,23918,225 159 Dec. 31, 1948 21,718 63011,692 627 1,854 3,518 3,060 21 316 38 965 1,66318,886 166 Classification by agency, Dec. 31, 1948 Department of Agriculture: Farm Credit Administration: Banks for cooperatives. . 376 301 70 286 19 Federal intermediate credit banks 514 426 480 30 Production credit corporations. . . 99 29 99 Regional Agricultural Credit Corp. 2 "(I)'" 2 Agricultural Marketing Act Revolving Fund 2 1 2 Federal Farm Mortgage Corp 78 9 66 75 Rural Electrification Administration 1,046 35 998 () 1,046 Commodity Credit Corp 2,070 326 1,284 437 1,051 999 Farmers' Home Administration 323 25 250 6 317 Federal Crop Insurance Corp 39 31 7 33 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 821 515 274 415 139 121 147 Federal Savings and Loan Insurance Corp 203 199 5 198 Home Owners' Loan Corp 395 366 12 15 378 Public Housing Administration 4.... 1,786 295 1,448 21 1,765 Federal Housing Administration 220 21 144 1 157 50 Federal National Mortgage Association 200 199 4 196 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5. . . . 893 2 157 628 104 893 Other 1,073 937 98 2 33 81 992 Export-Import Bank 2,161 2,138 22 122 2,038 Federal Deposit Insurance Corp 1,072 (3) 1,064 () 1,066 Federal Works Agency 225 () 89 134 225 Tennessee Valley Authority 824 10 2 793 811 All others 7,295 3,801 3,385 50 29 7,266 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31, 1948 Purpose of loan M F C F a o e o r r d m r p . t . . b m c i F n r a a e e e t n t e d d d e k r i i . - s - t B f o t o a p i r v n e e k r c s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r m c n c a a - l . - F H A e a o d r r s m m m ' e . - H O C L e o o o w r m s r a 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 s n C t t e a F r i o c n o u i r o - n c c p n e - . - B p p E I o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a S g e 1 e p 9 a n 4 t l . c l 8 i 3 , e 0 s , To aid agriculture 80 426 305 1,293 999 523 (3) 6 3,632 2,660 To aid home owners . .... 369 1 177 221 768 697 To aid industry: Railroads 138 3 140 146 Other 1 272 37 310 275 To aid financial institutions: Banks (3) (3) 4 5 5 Other 515 5 520 491 Foreign loans .. . • • 206 2,145 3,750 6,102 6,079 Other 294 190 100 584 592 Less: Reserve for losses 14 (3) 4 9 1 273 3 1 50 7 7 368 371 Total loans receivable (net)... 66 426 301 1,284 998 250 366 295 515 939 2,138 4,114 11,692 10,573 * Assets are shown on a net basis, i. e., after reserve for losses. « Corrected. 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 subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. 4 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. & Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 6 Figures for one small agency are included for a date other then Dec. 31, 1948. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the BULLETIN and Banking and Monetary Statistics, Table 152, p. 517. 414 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] Construction I ( n p d h u y s s t i r c i a a l l v p o ro lu d m uc e t ) i * on awar c d o e n d t ra ( c v t a s lue)2 E 1 m 9 p 39 lo y = m 1 e 0 n 0 t3 1935-39 = 100 1923-25 = 100 Fac- Depart- Wholetory Freight ment Con- sale pay carload- sumers' com- Manu- rolls 3 ings* sales prices modity Year or month Total Du fa r- ctur N es on- 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 =19 - 3 1 5 0 - 0 39 1 u 9 = ( e 3 v ) 1 5 a * 0 - l * - 3 0 9 19 - 3 1 5 0 - 0 39 p = r 1 i 9 c 1 2 e 0 6 s 0 8 able durable 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 190 162 214 P149.0 P159.9 P365 1 138 302 171 2 165 0 1947 March 190 187 225 175 148 132 129 134 144.2 156.7 157 0 320 9 146 272 156 3 150 0 April 187 185 222 172 143 133 123 142 143.4 156.8 155.9 317.6 137 278 156.2 148 0 May 185 186 218 170 151 127 110 140 143.5 155.0 153.8 319.3 142 290 156.0 147.3 June 184 185 219 168 148 136 116 152 144.8 155.2 154 7 327 2 137 287 157 1 147 7 July 176 178 208 163 140 155 136 170 144.8 154.5 153.3 321.8 135 285 158.4 150.6 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 193 189 229 178 154 191 152 223 148.6 161.2 160.5 358.7 144 286 168.8 165.7 February 194 190 226 180 155 187 152 215 147.8 159.8 159.5 354.1 138 286 167 5 160 9 JVlarch 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 0 139 311 171 7 166 2 July 186 187 219 169 153 205 187 219 149.5 159.8 158.5 360.0 138 315 173.7 168.7 August 191 194 223 177 159 201 177 220 149.6 160.1 161.7 374.7 142 312 174 5 169 5 September 192 197 225 178 156 193 165 216 150.7 163.3 164 6 382 2 139 312 174 5 168 7 October 195 199 231 179 158 184 157 206 150.8 162.8 163.3 382.9 140 306 173.6 165.2 November 195 195 229 178 161 189 154 217 150.0 161.2 161 6 r379 3 137 287 172 2 164 0 December 192 190 231 173 156 180 145 209 149.4 158.6 159.4 ••377.7 137 310 171.4 162.3 1949 January 191 187 227 175 149 174 133 207 147.8 155.3 154.7 363.2 131 287 170.9 160.6 February 189 P185 P226 P173 P148 169 123 207 P153.6 z>153.3 126 *>274 169.0 158.1 * Average per working day. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 416-419. For points in total index, by major groups, see p. 438. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 423 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. 425-428. 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. APRIL 1949 415 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 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Industrial Production—Total 194 191 188 192 192 186 191 192 195 195 201 200 195 197 198 192 197 199 202 201 Durable Manufactures 226 229 217 221 222 219 223 225 231 229 Iron and Steel 203 207 177 208 208 201 207 214 221 224 Pig iron 196 190 151 193 196 186 200 205 209 212 Steel 226 234 208 236 236 228 235 243 252 255 Open hearth 180 184 154 183 181 176 179 185 193 194 Electric 553 589 593 608 630 597 635 658 670 685 Mdschinery 284 283 275 273 277 269 271 273 277 276 h&anufacturini Arsenals and DfPot^^ Transportation Eatiiptnent 232 240 237 218 222 233 230 231 243 238 Automobiles (including parts) 192 202 197 179 185 202 198 197 209 203 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) * • N on ferrous Metals and Products 199 201 200 196 194 185 186 192 192 187 Smelting and refining 190 192 203 203 194 188 190 193 191 175 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1 Fabricating 202 204 199 194 193 184 185 192 192 192 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * Lumber and Products 150 151 145 142 140 142 148 143 147 145 Lumber 135 137 132 131 129 135 140 132 135 133 Furniture 178 178 169 163 161 157 163 165 170 169 Stone Clay and Glass Products 207 211 211 206 207 200 210 207 P210 P203 Glass products 197 205 212 201 199 185 207 207 Plate glass 166 160 165 152 170 123 172 152 Glass containers . 208 219 227 218 208 206 218 226 224 189 Cement 208 196 193 187 190 188 186 183 184 195 Clay products 168 176 173 172 176 168 175 169 171 172 Gypsum and plaster products 246 248 249 241 238 237 247 237 241 241 Abrasive and asbestos products 242 248 244 244 249 248 248 251 252 »-249 Other stone and clay products 1 Nondurable Manufactures 180 177 177 178 179 169 177 178 179 178 Textiles and Products 179 175 175 177 174 154 166 168 167 164 Textile fabrics 166 161 161 163 159 138 152 154 153 148 Cotton consumption 153 147 147 147 140 115 127 132 129 122 Rayon deliveries 296 303 298 308 313 324 318 322 319 322 Nylon and silk consumption * Wool textiles . . 185 177 179 179 176 137 168 166 168 162 Carpet wool consumption 212 216 227 226 220 158 226 226 247 233 Apparel wool consumption 202 190 196 191 184 153 178 173 160 143 Wool and worsted yarn 176 166 164 163 162 125 150 148 148 144 ^^oolen yarn 154 144 146 145 146 114 139 136 141 140 Worsted yarn 206 196 190 189 185 140 166 165 159 149 Woolen and worsted cloth 181 171 171 172 172 137 160 157 157 156 Leather and Products 123 115 110 108 109 96 113 119 114 mi Leather tanning 116 102 105 109 107 95 105 108 108 Cattle hide leathers 133 115 119 124 121 109 120 123 122 Calf and kip leathers 80 69 78 82 80 65 78 80 82 Goat and kid leathers 95 92 91 91 89 80 76 83 90 Sheep and lamb leathers 100 92 91 93 94 84 100 98 95 Shoes 127 123 113 107 110 96 119 126 117 Manufactured Pood Products 160 158 157 159 163 160 156 163 161 Wheat flour 134 122 134 139 138 139 143 128 130 Manufactured dairy products P139 P145 P149 P151 P152 P152 P154 P150 P148 Butter 65 69 71 72 71 72 75 73 76 Cheese 150 159 170 171 171 168 171 160 161 Canned and dried milk 134 158 175 185 192 195 198 181 167 O *H 00 >X oooo 1949 Dec. Jan. Feb. 192 191 P189 199 198 P196 231 227 P226 223 228 231 212 '218 219 254 r260 265 194 197 199 682 '711 739 277 268 P261 '246 244 P241 '208 209 P205 184 183 P187 183 186 P199 185 182 ?182 143 129 P127 131 117 P113 168 154 P153 P205 v206 P204 185 i91 184 212 208 222 173 180 P173 235 237 P231 '246 238 P234 173 175 P173 156 160 P159 140 144 P144 114 123 125 317 r313 306 151 150 206 224 139 136 '133 126 127 122 143 130 148 149 100 108 Pill 103 103 114 114 ••89 88 82 85 87 87 94 104 97 111 pin 159 158 160 P160 133 128 135 P131 P144 P144 P144 P146 75 74 77 80 166 180 rl92 191 143 135 126 130 9 Preliminary. ' Revised. * Series included in total and group indexes but not available for publication separately. 416 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 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactured Food Products—Continued Meat packing 147 131 125 127 152 135 126 133 141 155 154 152 156 Pork and lard . . . ... 161 140 136 145 176 149 128 136 157 177 172 167 172 Beef 141 131 122 116 135 124 125 133 127 135 143 147 154 Veal .... 115 98 102 104 134 140 147 146 140 144 134 115 112 Lamb and mutton 102 91 83 74 94 89 92 101 112 108 98 92 87 Other manufactured foods 168 167 166 168 169 167 162 172 169 165 164 166 P166 Processed fruits and vegetables 144 155 147 150 159 142 107 162 152 140 142 139 P131 Confectionery 149 143 138 138 124 117 119 121 124 124 132 Other food products . .... 177 174 176 178 179 182 183 184 181 179 175 178 P181 A Icoholic Beverages. . .. . 198 191 182 167 170 173 179 189 186 217 197 181 177 Malt liquor ... 171 157 153 141 145 155 165 176 156 181 185 168 156 Whiskey 115 152 160 157 114 86 73 91 95 112 131 119 118 Other distilled spirits 431 526 383 294 393 402 346 211 244 334 278 328 294 Rectified liquors 310 239 255 245 243 242 274 336 398 443 287 235 283 Tobacco Products 155 164 183 163 166 148 178 168 174 170 146 159 160 Cigars 113 102 101 105 108 98 113 127 122 130 97 102 100 Cigarettes 203 225 257 222 226 200 242 218 230 224 196 216 220 Other tobacco products 70 67 75 68 68 63 75 78 78 68 63 66 66 Paper and Paper Products 163 166 168 169 165 150 165 166 172 169 153 163 P161 Paper and pulp . .. 158 160 163 164 159 146 160 160 167 163 150 157 P158 Pulp 177 178 180 187 183 172 193 183 195 188 173 188 Groundwood pulp . 94 90 97 104 106 117 122 116 117 104 105 101 Soda pulp 110 103 108 112 111 96 110 107 111 107 104 107 Sulphate pulp . . . .. 269 285 293 309 301 283 328 301 330 317 285 327 Sulphite pulp 161 153 151 151 146 135 148 145 153 149 137 145 Paper 155 157 160 160 156 142 155 156 162 159 146 153 152 Paperboard 179 192 192 191 187 165 184 189 193 195 167 182 174 Fine paper * . 88 85 87 86 86 74 83 83 Printing paper 170 161 166 169 168 150 160 161 172 165 160 157 161 Tissue and absorbent paper . .. 161 161 171 169 157 160 161 163 170 162 158 161 159 Wrapping paper 150 148 151 150 145 135 153 148 157 150 142 149 155 Newsprint 83 82 89 95 94 93 96 93 96 94 100 99 98 Paperboard containers (same as Paperboard) Printing and Publishing 157 150 154 156 157 147 155 154 164 156 154 155 P155 Newsprint consumption 144 139 143 143 146 145 149 147 155 148 148 153 149 Printing paper (same as shown under Paper) . Petroleum and Coal Products P215 P213 P220 P220 P217 P221 P207 V217 P227 P231 P227 P218 Petroleum refining J Gasoline 155 154 164 170 173 170 173 165 170 174 179 173 P167 Fuel oil 206 200 194 196 194 192 194 180 199 200 204 205 P193 Lubricating oil 164 164 158 159 155 154 162 157 169 159 162 159 Kerosene 213 210 197 187 196 193 182 184 183 207 200 196 Other petroleum products * Coke 179 166 137 174 175 170 178 181 181 183 184 184 185 By-product coke 171 164 135 166 168 166 170 173 173 175 176 177 176 Beehive coke 421 237 186 421 407 318 447 444 454 460 466 455 491 Chemical Products 252 250 249 249 256 251 259 257 255 257 257 257 P252 Paints 158 154 150 151 154 161 161 158 156 153 148 149 P144 Soap 147 140 123 124 124 121 126 134 135 135 137 135 P131 Rayon 301 303 305 304 309 312 312 305 304 306 311 309 P307 Industrial chemicals 434 433 439 436 449 433 450 448 446 449 450 447 Kxplosives and ammunition 1 Other chemical products 1 . Rubber Products 215 205 200 201 205 200 207 205 205 203 '200 193 P188 Minerals—Total 155 142 147 162 159 153 159 156 158 161 156 149 P148 Fuels 161 146 149 168 164 160 166 162 166 167 164 156 P154 Coal 148 99 103 160 147 134 150 148 145 147 137 133 P129 Bituminous coal 155 97 102 171 157 143 158 156 152 155 145 145 j>142 Anthracite 118 108 105 116 105 100 117 119 118 116 103 88 P74 Crude petroleum 167 169 171 172 173 172 174 170 176 177 177 167 P166 no Metals 120 118 137 128 128 113 115 119 113 121 105 Pill Metals other than gold and silver 163 161 193 179 179 155 158 166 157 175 158 P149 (Copper; Lead; Zinc)1 Gold 59 58 57 57 55 56 55 54 48 43 39 39 Silver 64 59 68 67 65 57 61 60 69 60 59 P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. * 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. APRIL 1949 417 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] 1949 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Industrial Production—Total.. 190 188 186 192 193 187 194 197 199 195 190 187 P185 Manufactures—Total 197 197 193 197 199 193 200 203 205 202 197 195 P193 Durable Manufactures . . 224 228 217 222 223 220 224 227 232 229 229 225 P224 Iron and Steel 203 207 177 208 208 201 207 214 221 224 223 228 231 Pig iron 196 190 151 193 196 186 200 205 209 212 212 '218 219 Steel 226 234 208 236 236 228 235 243 252 255 254 '260 265 Open hearth. 180 184 154 183 181 176 179 185 193 194 194 197 199 Electric 553 589 593 608 630 597 635 658 670 682 739 Machinery 284 283 275 273 277 269 271 273 277 276 277 268 P261 Manufacturing Arsenals and Depots l Transportation Equipment 232 240 237 218 222 233 230 231 243 238 r246 244 Automobiles (including parts) 192 202 197 179 185 202 198 197 209 203 '208 209 P205 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 199 201 200 196 193 185 186 192 192 188 184 183 P187 Smelting and refining 190 193 203 203 187 190 193 191 176 183 186 P199 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 202 204 199 194 193 184 185 192 192 192 185 182 P182 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 137 143 144 148 151 158 153 154 142 132 118 P119 Lumber.. . 116 125 131 134 141 148 156 147 145 128 113 100 P102 Furniture. 178 178 169 163 161 157 163 165 170 169 168 154 Stone, Clay, and Glass Products. 193 201 208 211 209 201 218 216 P220 v208 P193 P190 Glass products 193 205 212 212 197 179 213 210 Plate glass 166 160 165 152 170 123 172 152 Glass containers 201 219 227 233 206 198 227 231 230 191 172 188 179 Cement 158 160 183 196 203 207 210 213 214 211 193 169 168 Clay products 160 169 168 171 175 168 180 175 180 178 178 168 Gypsum and plaster products.. . . 235 238 246 243 243 237 248 243 247 246 241 227 P221 Abrasive and asbestos products. . 242 248 244 244 249 248 248 251 252 r249 '246 238 Other stone and clay products l. . Nondurable Manufactures 176 173 174 177 179 171 180 185 183 179 171 170 Textiles and Products 179 175 175 177 174 154 166 168 167 164 156 160 P159 Textile fabrics 166 161 162 163 159 138 152 154 153 148 140 P144 Cotton consumption 153 147 147 147 140 115 127 132 129 122 114 123 125 Rayon deliveries 296 303 298 308 313 324 318 322 319 322 317 313 306 Nylon and silk consumption l Wool textiles 185 177 179 179 176 137 168 166 168 162 151 150 Carpet wool consumption 212 216 227 226 220 158 226 226 247 233 206 224 Apparel wool consumption 202 190 196 191 184 153 178 173 160 143 139 136 Woolen and worsted yarn 176 166 164 163 162 125 150 148 148 144 '133 126 Woolen yarn 154 144 146 145 146 114 139 136 141 140 127 122 Worsted yarn 206 196 190 189 185 140 166 165 159 149 143 130 Woolen and worsted cloth 181 171 171 172 172 137 160 157 157 156 148 149 Leather and Products. 126 114 110 108 108 94 112 118 114 104 99 108 P114 Leather tanning 124 101 105 109 105 90 103 106 109 103 102 104 Cattle hide leathers 144 115 119 124 117 103 117 121 123 115 '114 116 Calf and kip leathers 84 68 74 78 81 64 82 78 83 83 88 86 Goat and kid leathers 99 91 94 89 90 79 74 84 90 86 83 85 Sheep and lamb leathers 110 89 89 100 93 79 103 96 95 92 82 87 Shoes 123 110 96 117 104 97 111 P117 127 113 107 119 126 Manufactured Food Products... 163 172 173 161 153 148 P145 144 143 153 174 188 Wheat flour 120 132 137 137 134 127 135 P132 Cane sugar meltings x 136 128 134 141 140 Manufactured dairy products P155 P201 P223 P198 P158 P122 P92 P92 P104 Butter 58 63 72 93 98 82 70 65 57 59 64 70 Cheese 123 143 176 229 242 207 191 163 145 125 129 '142 156 Canned and dried milk 120 155 197 257 265 226 204 167 135 103 104 102 117 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 418 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =100] 1948 1949 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Manufactured Food Products—Continued Meat packing 141 121 116 127 151 126 111 124 142 173 181 179 149 Pork and lard 158 130 124 145 176 132 99 108 147 207 226 219 169 Beef 130 119 115 116 132 125 127 144 138 141 143 150 141 Veal 101 92 100 108 134 140 144 160 160 154 126 106 99 Lamb and mutton. 103 89 80 76 87 86 90 109 116 108 96 98 87 Other manufactured foods 152 149 148 152 160 174 183 207 188 172 161 152 '151 Processed fruits and vegetables . 91 85 90 97 122 184 203 317 197 129 111 90 Confectionery 151 133 114 106 92 96 129 156 162 146 134 135 Other food products 168 167 169 175 181 185 188 190 188 179 171 187 Alcoholic Beverages. 176 172 178 173 186 188 195 203 212 174 153 159 184 Malt liquor 154 146 160 161 183 194 178 145 139 148 138 141 Whiskey 115 152 160 157 114 86 189 91 95 112 131 119 118 Other distilled spirits 259 342 230 177 243 233 73 289 631 702 306 213 176 Rectified liquors 310 239 255 245 243 242 187 336 398 443 287 235 283 274 Industrial Alcohol from Beverage Plants 1 Tobacco Products. . 147 155 173 163 17 3 154 184 178 180 173 136 158 153 Cigars 113 102 101 105 108 98 113 127 122 130 97 102 100 Cigarettes 190 209 239 222 237 210 255 233 239 228 181 216 207 Other tobacco products 68 67 75 68 70 63 73 83 84 70 56 65 64 Paper and Paper Products. . . 163 167 169 170 165 149 165 165 172 169 153 163 P162 Paper and pulp 159 160 163 164 160 145 160 159 167 163 149 157 Pulp 178 179 182 188 183 170 191 181 194 189 173 189 P158 Groundwood pulp 98 96 107 112 107 104 107 103 109 110 107 105 Soda pulp 110 103 108 112 111 96 110 107 111 107 104 107 Sulphate pulp 269 285 293 309 301 283 328 301 330 317 285 327 Sulphite pulp 161 153 151 151 146 135 148 145 153 149 137 145 Paper 156 157 160 160 156 141 155 156 163 159 146 '153 153 Paper board 179 192 192 191 187 165 184 189 193 195 167 182 174 Fine paper 2 88 85 87 86 86 74 83 83 Printing paper 170 161 166 169 168 150 160 161 172 165 160 157 161 Tissue and absorbent paper 167 161 173 169 160 153 161 163 172 162 153 159 166 Wrapping paper 150 148 151 150 145 135 153 148 157 150 142 149 155 Newsprint 83 82 91 95 95 91 95 93 96 95 98 99 98 Paperboard containers (same as Paperboard). Printing and Publishing 155 153 159 159 156 137 147 155 167 163 158 150 vl53 Newsprint consumption 141 145 151 149 144 125 134 149 163 161 155 142 146 Printing t pa per (same as shown under Paper). Petroleum and Coal Products. .. P215 '220 v220 '217 '207 P217 P227 P231 P227 P218 Petroleum refining 2 Gasoline 155 154 164 170 173 170 173 165 170 174 179 173 P167 Fuel oil 206 200 194 196 194 192 194 180 199 200 204 205 Lubricating oil 163 162 164 166 155 152 160 157 169 159 161 154 Kerosene 224 214 201 189 184 179 174 182 183 213 206 200 Other petroleum products J Coke 179 166 137 174 175 170 178 181 181 183 184 184 185 By-product coke 171 164 135 166 168 166 170 173 173 175 176 177 176 Beehive coke 421 237 186 421 407 318 447 444 454 460 466 455 491 Chemical Products 253 252 251 249 253 247 256 257 258 258 258 256 Paints 157 154 151 156 158 160 159 156 156 151 148 P143 Soap 146 140 120 120 122 120 127 139 142 137 137 132 P129 Rayon 301 303 305 304 309 312 312 305 304 306 311 309 Industrial chemicals 434 433 439 436 449 433 450 448 446 449 450 447 P438 Explosives and ammunition 1. . Other chemical products 1. . . . Rubber Products 215 205 200 201 205 200 207 205 205 203 '200 193 P188 Minerals—Total. .. 149 136 145 164 163 158 164 160 161 160 151 143 P142 Fuels 161 146 149 168 164 160 166 162 166 167 164 156 P154 Coal.. 148 99 103 160 147 134 150 148 145 147 137 133 P129 Bituminous coal. 155 97 102 171 157 143 158 156 152 155 145 145 P142 Anthracite 118 108 105 116 105 100 117 119 118 116 103 88 P74 Crude petroleum. 167 171 172 173 172 174 170 176 177 177 167 P166 Metals. 83 82 126 144 153 147 149 148 132 114 77 69 P74 Metals other than gold and silver. 103 178 210 226 215 213 212 186 160 100 P99 Iron ore 73 77 228 302 331 325 324 314 254 225 93 81 (Copper; Lead; Zinc)1 Gold Silver P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see 'BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1949 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics. 1939=100] Factory employment Factory pay rolls Industry group or industry 1948 1949 1947 1948 1949 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Dec. Jan. Feb. Oct. Nov. Dec. Jan. Total 160.5 159.5 163.3 '161.6 159.4 154.7 153.3 365.7 358.7 354.1 382.9 '379.3 '377.7 363.2 Durable goods 188.2 185.8 188.9 '188.6 186.6 180.7 177.8 411.0 403.1 393.1 435.7 '430.3 '430.3 412.8 Nondurable goods 138.7 138.7 143.0 140.3 138.0 134.2 134.1 321.4 315.3 316.0 331.2 '329.5 '326.2 314.7 Iron and Steel and Products 164.9 164.2 167.1 166.8 165.2 161.1 159.2 345.8 341.9 337.6 376.0 373.6 371.4 356.7 Blast furnaces, steel works, etc 131 131 138 139 140 140 258 261 258 305 '303 '305 305 Steel castings 222 226 234 234 234 230 467 465 466 523 528 525 506 Tin cans and other tinware 149 144 153 148 146 141 337 320 302 352 335 340 318 Hardware ... 157 160 151 152 152 146 364 371 372 363 367 371 350 Stoves and heating equipment 189 185 190 178 155 130 445 417 408 448 400 350 277 Steam, hot-water heating apparatus . 204 206 206 205 202 196 453 425 448 474 467 455 418 Stamped and enameled ware 206 205 197 199 192 180 498 480 471 483 492 481 440 Structural and ornamental metal work 179 178 187 185 185 183 379 358 353 409 406 407 399 Electrical Machinery 227.0 225.4 213.4 215.1 213.1 206.9 196.4 481.2 471.0 465.1 474.4 479.2 474.6 454.3 213 212 201 201 199 194 447 443 437 445 448 444 427 Radios and Dhonocraohs 228 226 212 218 221 213 543 507 496 509 540 551 511 233.0 234.0 228.7 227.9 227.5 223.1 219.1 479.9 473.8 471.9 491.7 486.9 491.6 473.7 Machinery and machine-shop products 250 251 244 244 244 240 519 513 514 532 527 533 518 Engines and turbines 293 292 279 281 282 280 607 626 622 622 620 639 610 Tractors 196 198 191 195 197 198 347 354 352 364 358 370 375 Agricultural, excluding tractors 254 262 266 267 270 268 523 535 551 598 592 614 599 Machine tools 138 138 130 130 129 121 262 250 254 250 248 '249 224 IVXachine-tool accessories 219 218 212 211 211 207 398 399 398 392 387 396 384 Pumps 303 303 277 278 279 276 648 642 648 620 626 633 610 Refrigerators 235 232 230 226 226 217 466 479 434 509 486 490 461 Transportation Equipment, except Autos. 297.3 292.6 282.9 285.7 '285.3 280.0 279.3 600.2 611.2 593.3 613.3 611.8 635.5 608.5 Aircraft, except aircraft engines 340 341 366 377 '382 382 669 657 667 795 831 839 808 Aircraft eneines 284 280 309 315 321 323 504 483 469 600 601 619 617 Shipbuilding and boatbuilding 192 184 141 137 134 128 379 417 385 291 262 289 274 Automobiles 196.0 178.9 194.4 193.9 '194.8 193.0 187.9 427.7 408.7 357.6 451.3 r438.9 '451.2 455.3 Nonferrous Metals and Products 178.4 178.5 176.0 176.1 173.6 168.0 164.7 377.8 372.7 372.9 394.2 391.9 '391.2 372.2 Primary smelting and refining 145 145 149 150 149 147 300 303 304 345 340 342 344 Alloying and rolling, except aluminum 138 137 141 140 141 140 272 273 273 308 298 310 297 Aluminum manufactures 192 192 171 174 173 169 365 371 367 356 360 358 350 Lumber and Timber Basic Products 175.6 175.0 197.7 195.4 187.5 171.3 170.6 431.8 413.5 417.2 519.2 499.7 468.8 421.0 Sawmills and logging camps 191 189 216 213 203 183 473 450 452 575 550 506 452 Planing and plywood mills 178 178 193 195 193 184 421 417 422 492 '485 489 446 Furniture and Lumber Products 149.1 149.2 143.3 143.1 140.7 134.1 132.8 355.7 352.2 350.2 354.9 349.2 345.4 317.9 Furniture 149 150 144 144 143 136 356 355 356 358 357 354 323 Stone, Clay, and Glass Products 151.6 150.9 159.4 158.9 157.4 152.5 151.6 335.7 322.9 321.4 372.1 366.9 366.9 349.5 Glass and glassware 170 167 173 171 167 159 368 354 351 396 384 385 372 Cement. 144 145 152 153 152 150 282 276 274 316 315 312 308 Brick tile, and terra cotta 134 130 144 144 143 138 309 304 285 362 357 356 332 Pottery and related products 170 171 180 182 182 178 362 345 345 400 408 404 387 Textile-Mill and Fiber Products 113.0 114.2 109.2 108.9 108.0 104.9 104.0 302.0 303.0 310.6 291.2 291.9 291.9 276.7 Cotton goods except small wares... 125 126 122 122 121 118 376 379 377 350 349 353 332 Silk and rayon goods 91 94 97 96 95 93 267 272 282 299 299 293 276 Woolen and worsted manufactures. 113 114 101 100 100 95 294 292 321 266 269 '275 259 Hosiery 89 90 84 85 84 82 208 203 205 209 210 202 192 Dyeing and finishing textiles 134 135 130 130 131 128 320 327 335 312 317 328 309 Apparel and Other Finished Textiles 145.3 147.7 148.8 '147.0 rl45.3 143.0 148.1 327.3 337.0 345.2 325.0 r3 36.8 '329.2 327.2 Men's clothing, n.e.c '124 126 129 124 123 122 '287 '290 '293 '281 '276 '272 270 Shirts, collars, and nightwear 100 100 -•96 '95 '90 85 '254 '247 '246 '232 '235 '212 193 Women's clothing, n. e.c. 166 170 171 171 170 169 '356 '375 '387 '351 '381 '371 377 Millinery '90 '96 '88 '76 '82 85 138 179 '206 169 122 147 161 Leather and Leather Products 114.9 115.8 108.3 104.5 104.8 105.0 107.7 259.6 258.7 262.5 236.8 '224.4 234.3 235.0 Leather 100 100 95 93 95 93 218 215 216 206 202 211 205 Boots and shoes 111 112 103 99 101 103 256 258 261 228 '212 '228 234 Food and Kindred Products 139.3 135.6 163.8 152.9 146.6 138.3 135.3 321.9 296.6 288.5 358.2 340.7 333.5 312.8 Slaughtering and meat packing.... 155 148 146 152 162 158 361 323 281 305 336 366 346 Flour 151 147 145 150 149 149 340 326 318 355 352 347 363 Baking . 124 125 136 134 132 128 251 243 257 287 281 280 265 Confectionery 147 139 160 161 148 133 358 324 303 376 389 347 305 Malt liquors 186 183 201 200 193 184 340 320 321 372 377 360 332 Canning and preserving 95 91 192 130 109 88 278 239 240 537 314 280 227 Tobacco Manufactures 93.6 93.9 95.9 96.5 93.3 89.3 88 0 219.8 210.5 195.7 224.3 223.5 217.9 200.5 Cigarettes 123 122 128 128 124 122 268 260 219 279 264 269 250 Cigars 82 83 83 85 81 76 197 188 189 197 207 192 175 ' Revised. NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for February 1949 are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics. 420 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 1948 1949 1947 1948 1949 Jan. Feb. Oct. Nov. Dec Jan. Feb Dec Jan. Feb. Oct Nov Dec Jan. Paper and Allied Products 148.7 147.8 151.0 151.7 151 1 147.5 145.0 334 0 328.0 328.9 357 4 362. 2 356 5 342.6 Paper and pulp 147 147 150 150 150 148 333 330 334 359 365 358 350 Paper goods nee 166 164 168 169 168 165 362 355 353 381 393 395 381 Paper boxes 141 139 144 146 144 136 322 309 307 342 345 335 306 Printing and Publishing. 134.0 133.5 134.8 134.7 135 132 9 131.8 263 J 255.3 254 7 273 6 275 4 280 6 268 8 Newspaper periodicals 121 121 127 127 128 126 230 219 225 252 253 259 242 Book and job . . ... 149 147 148 147 148 146 298 296 291 305 308 316 309 Chemicals and A Hied Products 204.1 204.2 208.1 207.8 207 0 206 1 205. 424 1 426 7 425 6 460 r 461 0 462 459 1 Drugs, medicines, and insecticides. 239 238 234 235 234 238 489 491 489 507 '515 '514 535 Rayon and allied products 131 132 132 132 134 135 266 269 270 297 300 305 305 Chemicals, n.e.c 296 294 300 301 302 300 581 587 585 629 638 640 639 Explosives and safety fuses 348 350 379 375 375 372 652 669 678 764 749 747 708 Ammunition, small arms 179 182 174 172 168 166 412 381 389 409 404 395 381 Cottonseed oil . . 142 128 179 178 168 157 448 397 338 560 555 540 476 Fertilizers 177 188 153 152 152 162 431 475 482 431 415 428 450 Products of Petroleum and Coal 155.0 153.9 152.7 157.7 155 4 153 0 152. 6 313 3 318 1 315.4 344.8 354 0 r345. 349.6 Petroleum refining 154 153 147 155 155 154 300 304 302 325 344 338 346 Coke and by-products.... .... 141 140 148 148 148 149 295 310 312 350 347 r351 358 Rubber Products 173.5 172.0 163 5 164.5 161 8 157 8 154.7 373 6 354 9 337.2 345. 341 0 332 7 320.6 Rubber tires and inner tubes...... 186 182 166 168 165 163 366 344 315 318 313 300 295 Rubber goods, other 167 167 163 163 159 154 380 368 366 383 379 370 354 Miscellaneous Industries 180 9 181 9 187 8 184 9 177 0 169 4 169 4 405 j 388 2 393 9 422 6 420 8 405 0 384.2 245 245 261 '268 '267 270 499 508 487 556 '577 '•579 588 Photographic apparatus 220 221 225 '224 224 217 421 418 424 450 '455 f-455 441 For footnote, see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 =100] 1948 1949 Group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total . 161.2 159.8 160.1 157.1 156.7 158.8 159.8 160.1 163.3 162.8 '161.2 158.6 155.3 P153.6 Durable 188.7 186 4 188.4 185.5 184 1 184 0 185 1 184.9 188 0 188 7 188 5 186 5 181.2 P178.3 Nondurable 139.4 138.7 137.7 134.7 135.1 138.9 139.8 140.6 143.8 142.3 139.6 136.6 134.9 P134.1 P Preliminary. 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 (cents per hour) Industry group 1948 1949 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. All manufacturing 40.5 40.2 40.0 39.8 40.0 39.4 39.4 1.285 1.287 1.366 1.372 1.376 1.381 1.377 Durable goods 40.9 40.5 40.9 40.4 '40.7 40.1 39.8 1.355 1.352 1.454 •1.456 1.459 1.458 Iron and steel and products 40.6 40.8 40.5 40.5 39.9 1.414 1.409 1.525 •1.526 1.528 1.529 1.533 Electrical machinery 40.5 40.2 40.3 40.3 39.8 1.352 1.348 1.448 1.446 1.446 1.444 Machinery except electrical 41.8 41.0 40.7 41.1 40.4 1.415 1.417 1.518 1.520 1.525 .520 U522 Transportation equipment, except autos... 40.3 39.8 39.3 40.6 39.7 1.479 1.482 1.575 1.579 •1.585 .578 Automobiles 39.6 38.1 39.9 '38.6 '39 39.8 39.5 1.538 1.548 1.689 1.693 1.696 .711 1.701 Nonferrous metals and products 41.2 41.2 41.2 40.8 41 40.5 40.1 1.336 1.338 1.440 1.440 "1.444 .444 1.443 L F St u u o r m n n e b i , t e u r c r l e a a n y a d , n a d t n im d fi n b g i e l s r a h s e b s d a p s l r i u c o m d p u b r c o e t r d s u p c r t o s ducts 4 4 4 2 1 0 . . . 4 9 0 3 4 4 9 1 1 . . . 7 8 4 4 4 4 1 1 2 . . . 5 5 0 r4 4 4 0 0 1 . . . 8 1 6 4 4 4 1 1 0 . . 1 6 3 3 4 9 9 1 . . . 8 9 3 3 3 4 9 9 0 . . . 6 6 0 1 1 1 . . . 1 0 2 2 5 5 2 0 3 1 1 1 . . . 1 0 2 2 8 5 7 0 5 1 1 1 . . . 1 1 3 6 8 4 7 4 5 " '1 1 1 . . . 1 3 1 8 5 6 8 4 0 • 1 1 1 . . . 1 3 1 8 5 3 7 2 8 1. . . 3 1 1 5 2 8 6 3 4 1 1 1 . . . 1 1 3 1 6 5 7 6 6 Nondurable goods 40.0 39.9 39.1 r39.1 39.3 38.7 39.0 1.210 1.217 1.271 1.282 1.287 1.294 1.290 Textiles—mill and fiber products 40.5 40.2 37.9 38.0 38.3 37.4 37.7 1.115 1.139 1.187 1.190 •1.189 1.189 1.187 Apparel and other finished products 36.6 36.7 34.8 35.9 35.4 35.0 36.5 1.094 1.098 1.087 '1.099 '1.101 1.124 1.128 Leather and manufactures 39.0 39.0 36.3 35.5 37.2 37.2 38.0 1.095 1.102 1.145 '1.151 1.146 1.143 1.141 Food and kindred products 42.0 41.6 41.8 41.5 41.8 41.5 41.5 1.177 1.181 1.232 '1.249 1.264 1.269 1.261 Tobacco manufactures 38.6 36.2 38.9 37.8 38.1 36.4 36.4 .984 .968 .998 1.016 1.018 1.022 1.016 Paper and allied products 43 43.1 42.9 42.9 "42.6 41.6 41.2 1.235 1.245 1.328 1.336 1.330 1.339 1.340 Printing, publishing and allied industries... 39 39.1 38.9 39.1 --39.6 38.6 38.8 1.579 1.604 1.709 1.713 1.722 1.723 1.725 Chemicals and allied products 41 41.1 41.4 41.4 41.4 41.0 40.7 1.311 1.315 1.390 1.398 1.403 1.412 1.418 Products of petroleum and coal 40 40.8 41.1 40.4 -•40.3 41.2 40.3 1.586 1.581 1.738 1.763 1.742 1.752 1.741 Rubber products 39 38.5 39.3 38.6 38.5 37.9 37.6 1.444 1.421 1.507 1.508 1.501 1.502 1.499 Miscellaneous industries 40.4 40.8 40.6 40.8 40.5 39.8 39.8 1.227 1.230 1.279 1.287 1.302 1.307 1.306 r Revised. NOTE.—Figures for February 1949 are preliminary. Back figures are available from the Bureau of Labor Statistics. APRIL 1949 421 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 governmentx 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 16,277 925 2,060 4,065 9,746 1,719 4,681 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 1,696 768 5,567 May 44,726 16,018 936 2,032 4,028 9,689 1,699 738 ,586 June 45,053 16,172 947 2,110 4,056 9,779 1,700 4,663 5,626 July 45,271 16,302 915 2,093 4,078 9,791 1,737 4,645 5,710 August 45,312 16,278 944 2,106 4,078 9,805 1,752 4,622 5,727 September 45,654 16,556 945 2,093 4,085 9,806 1,741 4,647 5,781 October 45,669 16,548 939 2,101 4,095 9,817 1,740 4,641 5,788 November '45,443 r16,420 937 2,120 4,070 '9,782 1,737 4,644 5,733 December '45,254 '16,196 940 '2,121 '4,084 '9,769 '1,739 '4,625 5,780 1949—January 44,752 15,944 930 2,095 4,032 9,697 1,718 4,546 5,790 44,440 15,771 931 2,015 3,998 9,693 1,726 4,518 5,788 February UNADJUSTED 44,603 16,267 922 1,871 4,020 9,622 1,680 4,723 5,498 1948—January 44,279 16,183 914 731 4,019 9,520 1,690 4,730 5,492 February 44,600 16,269 924 1,805 4,032 9,598 1,697 4,729 5,546 March 44,299 15,950 817 1,933 3,974 9,576 1,704 4,768 5,577 April 44,616 15,892 935 2,052 4,042 9,617 1,716 4,738 5,624 May 45,009 16,115 950 2,173 4,105 9,670 1,726 4,663 5,607 June 45,098 16,172 922 2,219 4,136 9,646 1,754 4,645 5,604 July 45,478 16,441 952 2,253 4,139 9,660 1,761 4,622 5,650 August 45,889 16,697 948 2,239 4,092 9,733 1,732 4,647 5,801 September 45,877 16,597 941 2,206 4,091 9,889 1,723 4,641 5,789 October '45,739 '16,461 938 162 4,066 '10,034 1,720 4,644 5,714 November ••46,090 16,284 939 '2,079 '4,066 '10,381 '1,722 '4,625 5,994 December 1949—January 44,329 15,880 924 1,906 3,978 9,625 1,709 4,546 5,761 February 43,957 15,747 925 1,793 3,948 9,550 1,717 4,518 5,759 ' Revised. * 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. February 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 n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total Total In E m no p n lo a y g e ri d c u 1 l- In U pl n o e y m ed - l N ab o o t r i n fo t r h c e e tural industries agriculture 1940 2 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1948—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 109,117 61,546 60,078 57,414 50,651 6,763 2,664 47,571 February 109,195 61,896 60,388 57,168 50,174 6,993 3,221 47,298 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. 422 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 Month Total R b es u i i d ld e i n n t g ial Factories Commercial Educational Other an u d t il p it u ie b s lic 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 January 615.2 483.0 238.1 159.1 54.1 43.6 74.5 62.6 58.7 38.1 53.3 77.6 136.6 102.0 February 682.0 568.5 232.3 193.1 71.9 37.8 75.5 58.8 37.8 44.7 87.2 80.6 177.3 153.5 March 689.8 276 5 55 3 78 5 50 3 65 0 164 3 April 873.9 351.6 82.2 88.8 55.4 111.2 184.7 M!ay 970 8 369 8 91 9 103 3 83.8 117 0 205 0 June 935.2 355.3 103.8 83.1 63.5 113.8 215.7 July 962 7 349 7 72 9 106 3 103.1 112 8 271 9 August 854.1 337.6 77.7 77.8 55.8 97.4 207.8 September 762.2 279.7 53.6 80.4 54.5 91 3 202 7 October 778.6 296.8 70.7 83.8 48.4 113.5 165.5 November 611.2 264.0 49.6 60.2 47.0 83.5 106.9 December 694.0 256.7 56.3 62.9 66.2 81.1 170.9 Year 9,429 6 3,608 0 839.8 975 0 724 6 1,127 1 2,155 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 1947 1948 1949 1947 1948 1949 1947 1948 1949 Federal Reserve district Feb. Jan January.... 572 615 483 167 197 160 405 419 323 February. . . 442 682 96 248 346 434 Boston 22,468 19,987 March 597 690 143 181 453 509 New York 112.506 87,469 April 602 874 177 236 425 638 Philadelphia 38,986 47,510 J M u a n y e 6 6 0 7 5 5 9 93 7 5 1 2 2 2 3 6 4 2 3 9 3 8 8 3 4 7 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 6 3 , , 5 1 4 2 7 0 6 7 8 0 , , 4 0 0 9 0 8 July 660 963 203 335 458 628 Atlanta 72,929 70,900 August 823 854 218 276 605 579 Chicago 71,314 109,146 September. . 650 762 193 259 457 503 St. Louis 29,784 43,269 October 793 779 209 262 584 517 Minneapolis 46,263 22,843 November. . 715 611 224 199 492 413 Kansas City 29,436 61,580 December.. . 625 694 207 278 418 416 Dallas 45,114 80,765 Year 7,760 9,430 2,296 3,107 5,4646,323 Total (11 districts) 568,467 482,984 681,967 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on Rental Warand INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Year or month Total P e r r o ty p- S ho m m al e l 1 fa - m to i l 4 y - g a ro nd up e V ra e n t- s' PORTFOLIO, BY CLASS OF INSTITUTION p m r i e o m n v - t e 1 - s c t t i r o o u n n c - - h ( o T I u i D s tl e e s h ( o T I u i D 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 5 1 3 1 1 , , 1 1 9 8 6 7 3 7 6 3 2 7 5 6 5 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 1 1 9 4 7 6 9 1 5 «7 1 6 4 3 2 2 5 6 7 3 8 0 1 2 7 4 3 3 End of month Total b C m c a o i n e a m r k l - s - b s M t i a n u a n g v a u k s l - - s a a l s i a t o n s i n a o g o d n c s n i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e e r e a d s n l - J - Other' 1946 755 321 (3) 347 3 85 1 1 9 9 4 4 7 8 3 1 , ,7 3 8 3 7 8 5 61 3 4 4 «7 4 8 4 8 6 0 1,8 8 3 0 6 8 1936—Dec 365 228 8 56 41 5 27 948— A J J A M M F u u p u e a a l n r y b y r g e i c l r u h u s a t r . y .. . . . . . 2 3 2 2 2 2 2 7 9 2 6 2 7 8 2 2 9 5 8 7 6 4 4 6 5 5 5 5 5 9 3 9 4 1 0 $ ( ( ( \ 8 3 ) ) 4 5 5 5 7 7 7 5 3 1 3 2 1 6 1 1 1 1 1 1 1 3 7 7 9 5 4 6 7 7 0 7 8 9 4 1 1 1 1 1 1 1 9 9 9 9 9 9 9 3 3 3 4 4 4 4 7 9 8 0 1 2 3 — — — — — — — D D D D D D D e e e e e e e c c c c c c c 2 3 3 3 1 1 , , , , , . 1 4 6 6 7 1 7 0 0 2 9 2 9 7 7 9 0 6 3 9 1 1 1 1 1 , , . . 1 4 6 7 4 9 6 6 6 6 0 0 3 3 2 5 9 5 2 0 4 2 2 1 1 3 3 2 5 7 3 8 8 6 7 6 1 0 6 2 2 2 2 1 1 1 2 5 9 7 9 4 1 4 4 2 6 2 9 0 1 1 , , 0 1 3 5 2 7 1 3 3 4 4 1 8 1 2 2 4 2 2 9 8 2 2 2 1 3 0 3 4 5 7 7 4 1 2 5 3 7 9 1 1 1 1 1 5 9 7 5 3 5 6 3 0 9 0 3 9 3 September.. 276 48 92 136 O No c v to e b m e b r e .. r . . . . 3 27 1 2 8 4 5 0 2 1 1 1 9 0 8 5 1 1 6 2 8 7 1944— D Ju e n c e 3 3 , ,3 5 9 5 9 4 1 1 , , 5 6 9 6 0 9 2 26 5 0 8 2 26 8 9 4 1 1 , , 0 1 7 1 2 9 6 7 8 3 1 14 5 0 0 December. . 298 49 1 117 131 1945—June 3,324 1,570 265 264 1,047 43 134 1949—January 269 35 1 128 7 98 Dec 3,156 1,506 263 253 1,000 13 122 February... 279 47 1 123 108 1946—June 3,102 1,488 260 247 974 11 122 1 Net proceeds to borrowers. 2 Mortgages insured under War Dec 2,946 1,429 252 233 917 9 106 Housing Title VI through April 1946; figures thereafter represent mainly mortgages insured under the Veterans' Housing Title VI 1947—June 2,860 1,386 245 229 889 8 102 (approved May 22, 1946) but include a few refinanced mortgages Dec 2,871 1,379 244 232 899 7 110 originally written under the War Housing Title VI. Beginning with December 1947, figures include mortgages insured in connection with 1948—June 2,988 1,402 251 245 973 7 110 sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. » Less than $500,000. 1 The RFC Mortgage Company, the Federal National Mortgage NOTE.—Figures represent gross insurance written during the period Association, the Federal Deposit Insurance Corporation, and the and do not take account of principal repayments on previously insured United States Housing Corporation. loans. Figures include some reinsured mortgages, which are shown in 3 Including mortgage companies, finance companies, industrial banks, the month in which they were reported by FHA. Reinsured mortgages endowed institutions, private and State benefit funds, etc. on rental and group housing (Title II) are not necessarily shown in the NOTE.—Figures represent gross amount of mortgages held, excludmonth in which reinsurance took place. ing terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. APRIL 1949 423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of d<ollars] Merchandise exportsJ Merchandise imports* Excess of exports Month 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 January 903 798 1,114 1,092 P1,085 332 394 531 545 P589 571 405 583 547 P496 February 887 670 1,146 Pi,086 325 318 437 P582 561 352 709 P504 !March 1,029 815 1,326 Pi,139 365 385 445 P666 664 431 882 P473 April 1,005 757 1,294 Pl 121 366 406 512 P528 639 351 782 P593 May 1,135 851 1,414 Pi,102 372 393 474 P549 764 457 940 P553 June 868 878 1,235 Pl.015 360 382 463 P616 508 496 772 P399 July 895 826 1,155 Pl.019 358 431 450 P558 536 395 705 P461 August 738 883 1,145 P990 361 422 400 P599 378 461 745 P391 September. . . 514 643 1,112 P926 339 377 473 P558 175 266 639 P369 October 455 537 1,235 Pl.021 347 394 492 P597 109 142 743 P424 November 639 986 1,141 P820 325 478 455 P550 314 508 687 P27O December.. .. 737 1,097 1,114 Pl,284 298 529 603 P722 439 567 511 P562 Jan -Dec 9,806 9,740 14,430 P12.614 4,147 4,909 5,733 P7,O7O 5,659 4,831 8,696 P5.544 p Preliminary. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. * General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS [In millions of dollars] For- Mis- Merest cel- chan- Total Net Total Coal Coke Grain Live- prod- Ore lane- dise railway Total railway Net stock ucts ous l.c.l. operating railway operating income revenues expenses income Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3,614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,695 1,360 873 1945 135 134 172 151 125 129 169 142 69 1944 9,437 8,331 1,106 667 1946 132 130 146 138 129 143 136 139 78 1945 8,902 8,047 852 450 1947 143 147 182 150 107 153 181 148 75 1946 7,628 7,009 620 289 1948 138 141 183 136 88 149 190 146 68 1947 8,687 •7,904 780 ••490 SEASONALLY 1948 P9.672 P8.670 Pl.002 P700 ADJUSTED SEASONALLY 1947—November. . . 147 160 195 145 105 150 163 151 75 ADJUSTED December. . . 149 155 191 138 96 158 190 156 74 1948—January 144 155 183 131 84 153 156 152 69 1947—December., 806 722 83 50 J A A J S O N F M D M u u e e u p c o e a l a n p b t y r g c v y r e o i t r e u c e l e b u m h s m m e a t r r b b b y e e e r r r . . . . . . . . . r1 1 1 1 1 1 1 1 1 1 1 3 4 3 4 3 3 3 3 4 3 3 9 1 7 2 8 7 9 8 0 0 0 ' 1 1 1 1 1 1 1 1 1 1 4 3 3 9 5 4 6 5 0 4 5 9 8 1 8 3 7 3 3 5 4 1 1 1 1 1 1 1 1 1 1 1 1 8 9 9 9 9 8 8 9 6 3 7 3 2 2 8 4 5 7 4 2 7 8 1 1 1 1 1 1 1 1 1 1 1 2 5 5 2 4 2 5 4 0 0 4 7 8 0 9 4 3 4 3 9 5 7 1 8 8 9 9 8 9 8 8 0 7 7 6 5 3 0 6 0 6 5 9 6 5 1 1 1 1 1 1 1 1 1 1 1 6 5 4 4 6 3 3 4 4 5 4 5 2 9 1 2 9 9 6 4 0 0 • 2 2 2 1 1 • 1 1 1 1 1 1 0 1 1 8 7 8 8 9 7 9 7 1 3 3 2 8 5 2 1 8 5 3 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 5 4 4 1 5 4 3 8 4 5 5 0 0 6 6 6 6 6 6 6 6 6 7 7 7 4 6 8 6 2 9 6 6 1 2 0 1948— A J J S F A O N M M J u u e a e p c u o a a l n p n b t r y g v y r e o t u i r u c e l e b u a h m s m e r a t y r b b ry e e . r r . . . , . 8 8 8 8 8 7 8 7 7 7 7 1 3 4 5 6 9 8 3 4 2 6 9 3 2 6 1 5 1 6 5 6 7 6 7 7 7 7 7 7 7 7 7 7 0 8 0 0 2 1 1 3 4 5 5 1 4 5 7 7 0 9 7 4 2 6 , 1 5 6 4 9 9 9 9 8 8 3 7 5 0 2 4 2 9 9 1 9 7 1 1 6 2 3 2 5 4 6 6 5 0 9 2 8 8 2 7 9 5 5 6 2 1949—January 131 130 189 125 79 129 175 141 60 December. 811 739 72 40 February 126 124 187 113 75 112 185 136 61 UNADJUSTED 1949—January... 768 703 64 P32 1947—November. .. 150 160 195 142 133 147 163 158 77 UNADJUSTED December. . . 139 155 201 130 92 141 59 147 71 1948—January 133 155 193 131 81 137 39 139 65 1947—December. 804 728 77 »73 A J F J A O M S N M D u u e e p c u o e a a l n b p t y r g c v y r e o i t r e u c l e e u b h m s m m a e t r r b b b y e e e r r r . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 2 5 4 2 2 4 4 4 5 4 2 8 1 3 2 9 3 6 1 0 4 8 •• 1 1 1 1 1 1 1 1 1 1 9 0 6 5 5 4 4 3 4 3 5 8 5 3 3 3 9 4 8 1 1 7 ' 2 1 1 1 1 1 1 1 1 1 1 0 6 8 8 9 3 9 9 7 8 8 1 3 3 3 0 4 8 0 9 7 7 1 1 1 1 1 1 1 1 1 1 1 0 4 1 0 0 4 8 5 5 5 3 1 7 3 0 8 2 9 2 0 6 8 1 1 1 6 9 6 8 6 1 7 7 8 4 1 1 4 2 6 6 3 3 4 4 6 2 1 1 1 1 1 1 1 1 1 1 1 4 3 4 4 4 5 7 2 6 5 6 1 5 6 5 1 6 3 1 5 8 4 2 2 2 2 2 2 2 1 •• 9 9 5 1 7 7 4 7 6 9 4 6 6 0 2 6 7 2 7 3 3 3 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 4 3 5 4 4 5 3 3 2 2 6 4 6 9 4 9 9 7 6 6 6 7 6 6 6 6 7 7 7 9 9 3 0 6 7 8 0 3 0 1 1948— F A J J O A M S M N J u u a e e p u c o a a l n n p b r y g t v y r e u i t o r c u e l e u a b h m s m r a t e y b r b r y e . e . . r r . . . . 8 8 8 8 7 7 7 7 7 8 8 4 3 5 4 6 1 9 2 7 7 2 2 8 1 5 8 6 6 9 7 8 5 6 6 7 7 7 7 7 7 7 7 7 7 7 1 0 0 1 5 3 4 6 3 6 6 3 9 6 6 2 7 1 7 4 1 1 1 1 1 3 4 6 5 9 8 2 0 1 1 1 9 1 1 3 0 4 5 5 6 1 1 3 2 6 9 8 8 8 6 7 1 1 5 7 4 4 6 3 4 2 6 9 8 1949—January 120 130 198 125 76 116 44 129 57 December. 807 742 65 50 February. ... 117 124 198 111 60 107 46 128 58 1949—January... 731 697 33 r Revised. NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for * Preliminary. ' Revised. June 1941. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by combining indexes for tained from the Division of Research and Statistics. Basic classes with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 424 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 New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Boston York delphia land mond lanta cago Louis apolis City Dallas Fran- SALESi 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—February 286 226 '242 280 284 '308 359 281 307 267 292 368 '326 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 "323 December 310 245 247 287 317 346 405 297 338 281 332 397 368 1949—January 287 246 243 279 303 '301 359 271 290 271 276 '378 '335 February P274 P235 229 258 277 299 357 265 310 P260 P288 358 295 UNADJUSTED 238 174 '203 216 233 '246 316 225 258 206 254 324 '294 1948—February 285 228 234 284 284 317 387 266 318 263 301 384 326 March 288 231 237 262 280 295 367 283 326 284 320 399 333 April 300 240 252 287 304 311 375 289 333 294 326 393 339 May 289 242 246 266 288 294 333 290 311 277 301 345 338 June 243 176 181 207 244 235 314 243 277 238 270 331 311 July 259 175 187 217 268 260 354 248 305 261 303 365 338 August 319 260 257 295 320 357 410 305 366 316 343 444 355 September 328 258 280 322 338 359 424 313 362 343 360 427 346 October 357 285 298 356 366 388 434 345 404 334 374 475 391 November 495 428 414 480 491 575 635 460 517 431 502 648 582 December 1949—January 226 187 194 209 230 '224 287 216 238 203 220 306 '271 February 181 192 199 227 239 314 212 261 P201 P250 315 266 STOCKSi 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—February 303 227 '241 '254 286 339 378 290 331 324 329 424 377 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 "283 220 236 251 "269 311 362 276 317 310 278 370 329 November «303 233 242 264 "296 339 402 296 325 325 305 402 356 December '305 229 236 256 "293 335 450 295 329 335 321 419 365 1949—January 285 '221 228 '240 274 '316 360 283 303 311 305 384 338 February P287 214 224 P239 275 304 369 285 313 P308 *>3O7 406 352 UNADJUSTED 279 214 '234 246 266 320 352 264 298 309 296 377 331 1948—February 303 233 254 261 287 333 370 294 319 345 317 399 360 March 308 233 251 270 295 342 376 293 331 347 315 409 381 April 297 226 247 259 280 330 357 289 313 331 309 396 360 May 278 204 228 235 262 291 346 270 302 315 300 384 341 June 274 198 215 226 257 304 343 258 305 326 295 387 347 July 287 215 242 245 275 325 356 275 318 329 293 411 332 August 304 232 256 262 290 333 383 293 336 341 307 423 352 September 318 249 267 287 305 355 406 309 355 345 317 419 364 October 330 265 278 290 319 360 422 326 347 347 326 431 377 November 262 206 215 218 245 279 366 265 276 294 263 352 299 December 1949—January 250 196 201 '208 240 '269 324 244 260 283 264 345 297 February *>265 202 218 P232 255 287 343 260 282 P294 P276 361 309 P Preliminary. ' Revised. c Corrected. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. APRIL 1949 425 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 ayear ago stocks to without seasonal adjustment (value) sales x 1941 average monthly sales =100 2 Num- Department r b s e t e p o r o r r e o t s f - d p S u e a r r l i i e o n s d g ( S e m t n o o d c . k ) o s f January Sale pe s r d i u o r d ing Sto o c f k m s o a n t t e h nd ing J 1 a 9 n 4 . 9 1 J 9 a 4 n 9 . 1949 1948 1 Ja 9 n 4 . 9 Dec. 1948 Jan. 1 Ja 9 n 4 . 9 Dec. 1948 Jan. GRAND TOTAL—entire store 3 357 -2 0 3.1 3.0 MAIN STORE—total 357 -2 +1 3.3 3.2 172 384 177 565 587 560 Piece goods and household textiles 317 +3 -1 2.2 2.3 283 266 276 614 724 619 Piece goods 294 -10 +2 3.0 2.7 254 232 282 764 746 738 Silks, velvets, and synthetics 197 -12 +2 2.9 2.4 234 235 267 670 685 636 Woolen dress goods 166 -10 +14 3.2 2.5 292 291 324 943 912 775 Cotton wash goods 186 -9 -8 3.0 3.0 230 173 252 693 665 715 Household textiles 310 +9 -4 1.8 2.0 298 274 274 533 677 555 Linens and towels 280 +8 -5 2.3 2.6 269 325 248 621 673 653 Domestic—muslins, sheetings 246 +13 +2 1.1 1.2 442 190 390 486 679 460 Blankets, comforters, and spreads 241 -1 -8 2.4 2.7 213 276 216 533 650 568 Small wares 345 0 -2 3.6 3.7 154 463 155 557 588 567 Laces, trimmings, embroideries, and ribbons 219 -12 0 3.8 3.3 156 330 179 588 704 581 Notions 244 -4 +2 3.3 3.1 195 375 204 644 672 621 Toilet articles, drug sundries 329 -1 -7 3.5 3.8 136 394 137 481 516 518 Silverware and jewelry 319 +1 +1 4.7 4.7 139 570 137 657 690 643 Silverware and clocks 4 207 -6 +17 5.4 4.4 Costume jewelry4 271 +14 -10 2.9 3 7 Fine jewelry and watches 4 76 -14 -3 10.0 8.9 Art needlework 245 +2 +1 2.8 2.9 207 275 203 589 673 577 Books and stationery 266 0 3.3 3.4 155 591 156 517 526 527 Books and magazines 143 0 — 1 2.7 2.8 159 485 158 435 451 437 Stationery 233 +1 -2 3.7 3.8 149 597 148 554 508 549 Women's and misses' apparel and accessories 354 -2 -3 2.6 2.6 170 360 174 443 446 454 Women's and misses' ready-to-wear accessories 354 -5 -5 3.2 3.2 148 421 157 475 492 494 Neckwear and scarfs 313 -16 -11 2.5 2.4 184 645 220 463 458 510 Handkerchiefs 288 +3 -13 3.8 4.4 115 698 112 435 454 487 Millinery 178 -1 -13 1.4 1.7 108 156 108 162 132 186 Women's and children's gloves 334 -8 -11 4.0 4.1 112 465 122 446 484 495 Corsets and brassieres 340 -2 -6 2.8 2.9 229 261 234 630 668 666 Women's and children's hosiery 349 -10 -5 2.1 1.9 113 342 126 234 260 244 Underwear, slips, and negligees 346 -4 +3 3.0 2.8 157 618 164 475 494 458 Knit underwear 259 0 +9 2.8 2.6 190 545 189 531 573 481 Silk and muslin underwear, and slips 289 -7 +5 3.3 2.9 157 610 168 511 488 477 Negligees, robes, and lounging apparel 251 -3 -14 2.5 2.9 149 714 153 379 385 428 Infants' wear 327 3 -11 3.1 3.3 195 492 202 598 655 671 Handbags and small leather goods 337 +2 -12 3.1 3.5 107 464 105 328 348 366 Women's and children's shoes 250 -7 +1 5.1 4.7 156 286 169 796 787 789 Children's shoes 4 210 —6 —6 5.4 5 4 Women's shoes 4 222 -8 +2 5.0 4.5 Women's and misses' ready-to-wear apparel 354 +1 -1 2.1 2.2 194 296 192 411 396 412 Women's and misses' coats and suits 344 +10 +9 1.8 1.8 244 259 222 437 411 402 Coats4 222 +15 +7 1.4 1.5 Suits 4 211 0 +18 2 7 2.3 Juniors' and girls' wear 314 +3 -6 2.5 2.8 177 401 171 449 425 481 Juniors' coats, suits, and dresses 281 +7 +1 2.1 2.2 210 337 196 434 402 433 Girls' wear 313 -3 -13 3.4 3.7 149 494 154 501 469 576 Women's and misses' dresses 345 0 +2 1.9 1.9 176 236 175 338 314 331 Inexpensive dresses 4 260 +7 —2 1.5 1.7 Better dresses 4 268 —6 +7 2.4 2.1 Blouses, skirts, and sportswear 342 -6 +1 2.4 2.3 210 421 223 513 485 505 Aprons, housedresses, and uniforms 292 +8 -10 1.9 2.2 189 258 176 352 361 394 Furs 276 -18 -13 2.5 2.4 137 197 168 349 426 394 Men's and boys' wear 331 +1 +3 3.9 3.9 144 502 143 565 602 553 Men's clothing 251 +9 +15 3.6 3.4 186 299 171 670 711 579 Men's furnishings and hats 317 -3 3.7 3.7 124 662 128 465 503 478 Boys' wear 300 -6 -11 4.7 5.0 114 464 122 539 599 612 Men's and boys' shoes and slippers 192 -6 +3 5.8 5.3 132 421 140 765 795 752 Housefurnishings 318 -5 +7 4.4 4.0 177 290 187 796 805 750 Furniture and bedding 240 ii +10 4.6 4.2 166 187 165 767 791 703 Mattresses, springs and studio beds 4 158 -3 2.2 2.4 Upholstered and other furniture 4 164 4-i +12 5 3 4.7 Domestic floor coverings 275 -4 +18 4.6 3.8 184 224 193 855 901 728 Rugs and carpets 4 * 149 —4 +17 4 6 3.7 Linoleum 4 104 -17 +4 5.9 4.7 Draperies, curtains, and upholstery 300 +4 -3 4.2 4.6 154 245 149 655 709 683 Lamps and shades 247 +6 -1 3.4 3.6 177 404 167 599 674 600 China and glassware 248 -i +19 7.0 5.7 137 344 141 958 981 803 Major household appliances \ 244 -34 +10 4.4 2.7 188 254 283 831 930 773 Housewares (including minor appliances) 254 -7 -1 4.0 3.7 203 450 218 806 855 821 Gift shop 4 160 +2 0 5 3 5.4 Radios, phonographs, television, records, etc.4 227 +9 +1 3.7 4.0 Radios, phonographs, television 4 178 +22 — 1 3.4 4.2 Records, sheet music, and instruments 4 147 —20 •fi 4.8 3.8 Miscellaneous merchandise departments 310 -11 -3 3.8 3.5 143 559 160 547 403 542 Toys, games, sporting goods, and cameras 289 -18 +8 9.5 7.2 59 936 72 561 561 519 Toys and games 232 — 11 +13 12.3 9.8 31 1,227 34 377 454 341 Sporting goods and cameras 140 -22 +1 7.7 5.9 72 768 92 550 998 537 Luggage 259 +5 -2 4.3 4.6 163 525 156 702 708 707 Candy 4 188 -9 -19 1.9 2.1 For footnotes see following page. 426 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 i 1941 average monthly sales =100 2 Number of Sales Stocks Department stores during (end of January Sales during Stocks at end report- period mo.) period of month ing Jan. Jan. 1949 1948 1949 1948 1949 1949 1949 1948 Jan. Dec. Jan. Jan. Dec. Jan. BASEMENT STORE—total 201 +3 -7 2.2 2.4 167 340 163 368 384 392 Domestics and blankets 4 137 +9 -9 1.6 2.0 Women's and misses' ready-to-wear 196 +5 -7 1.8 2.0 167 337 160 304 310 322 Intimate apparel4 . .. . . 171 0 -4 2.2 2.3 Coats and suits 4 181 +6 -4 1.4 1.6 Dresses4 173 +17 -6 1.3 1.6 Blouses skirts and sportswear 4 155 -3 -10 1.7 1.9 Girls' wear4 121 -7 -12 2.6 2.8 Infants' wear4 93 +10 -12 1.6 2.0 Men's and boys' wear 160 -3 -10 2.8 3.0 154 489 159 434 440 478 Men's wear4 . . 143 -3 -9 2.7 2.9 ]Vten's clothing 4 94 -3 -3 2.6 2.6 Men's furnishings 4 114 -3 -13 2.7 3.0 Boys' wear 4 117 _2 -15 3.1 3.6 Housefurnishings. 102 +5 -6 2.9 3.2 151 236 144 430 441 456 Shoes 130 -6 -4 3.8 3.7 121 251 130 465 461 471 NONMERCHANDISE—total4... 175 +2 (5) (5) (5) Barber and beauty shop 4 80 +10 (5) (5) (5) 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. 425. 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 STORES1 [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- May 3... ..279 May 1... . .300Nov. 8... ..347 Nov. 6 .320 Sales Stocks standing 10... ..311 8... ..330 15... ..380 13.... .346 (total (end of orders 17... ..273 15... . .293 22... ..395 20.... .371 for month) (end of 24... ..277 22... ..295 29... ..367 27.... .347 month) month) 31... ..250 29... ..297 Dec. 6... . .508Dec. 4.... .485 June 7... ..293June 5... . .282 13... . .570 11 .564 14... ..300 12... . .304 20... . .576 18 .576 1939 average 128 344 21... ..256 19... ..310 27... ..358 25.... .473 1940 average 136 353 108 28... ..245 26... . .262 1941 average 156 419 194 July 5... ..208 July 3... ..265 1948 1949 1942 average 179 599 263 12... . .228 10... ..217 Jan. 3... . .204Jan. 1 .204 1943 average 204 508 530 19... ..217 17... ..236 10... ..251 8.... .272 1944 average 227 534 560 26... ..213 24... ..231 17... . .232 15.... .244 1945 average 255 563 729 Aug. 2... . .220 31... ..235 24... ..226 22 .230 1946 average 318 714 909 9... ..223 Aug. 7... ..261 31... ..233 29.... .218 1947 average 336 824 552 16... . .225 14... ..258 Feb. 7... . .240Feb. 5.... .229 1948 average 351 910 466 23... ..243 21... ..271 14... ..238 12 .238 30... ..277 28... ..255 21... ..249 19.... .227 1948—February.. '262 878 '573 Sept. 6... ..265 Sept. 4... . .308 28... . .248 26.... .232 March 355 941 420 13... ..291 11... ..285 Mar. 6... ..266 Mar. 5.... .244 April 331 938 356 20... ..301 18... ..337 13... ..279 12 .256 May 339 919 339 27... ..316 25... ..319 20... ..313 19.... .261 June 336 859 462 Oct. 4... ..326 Oct. 2... ..327 27... ..331 26.... .277 July 268 827 551 11... ..304 9... . .336Apr. 3... ..280Apr. 2 August.... 295 893 545 18... ..299 16... ..331 10... . .298 9 September. 357 944 539 25... . .306 23... ..344 17... . .294 16.... October. . . 387 1,058 507 Nov. 1... ..313 30... ..319 24... ..296 23 November. 411 1,053 379 December. 594 818 292 1949—January.. . 264 785 388 February.. P850 P380 NOTE.—Revised series. For description and back figures, see pp. v Preliminary. r Revised. 874-875 of BULLETIN for September 1944. 1 These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. APRIL 1949 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Coif/*#ft<^ SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] F 19 e 4 b 9 . 1 Ja 94 n 9 . T m 19 w o 4 o s 9 . F 19 e 4 b 9 . J 1 a 9 n 49 . m 19 o 4 s 9 . F 19 e 4 b 9 . J 1 a 94 n 9 . m T 19 w o 4 s o 9 . F 19 e 4 b 9 . J 1 a 94 n 9 . T m 19 w o 4 s o 9 . United States. p-5 -4 P—4 Cleveland-cont Chicago p-6 -5 p-6 Kansas City— B N o e s w to n Haven... P 0 0 + -5 4 P+ - 2 3 E Pi r t i t e s * burgh1 + -2 6 + + 8 9 + + 7 4 P C e h o ic ri a a g o 1 1 - - 4 1 -15 0 -8 2 O c k o la n h t. oma City. 0 -25 -13 N P P N A S L Y B D W T P R W P N N P R S U B B E B S e h p B o h y r o a c r l o u e w o l e o o i t i r e o i o i m b r e i a r n n i r u h w f a i s o w c l r w l i c l r a t v f n d a k k g t a c g d n g e h s a i a l c a o c a i n n t e r a g a t a g Y n h d i h d e Y l e d n a u o r o i y o n s t r s n f e s k e o e k e s a e n a n o s o g - i t d t r t p c l e A l e e m n B e i w e r e k p p x t l e l o l r k F r c r r d l a a h t n h p e e r a l o r d i * s a C t i a r l 1 n y a i e l . i e . s . . . t * . K . . . . y . . . . . + - - - - + + + + - + + + + 1 - 1 - — 2 1 - - - - - - - 1 1 1 5 4 5 5 6 2 8 5 1 0 1 1 2 3 5 7 9 3 3 9 5 y 1 + r+ + + + + + + + + + + + + - - - - — - - - - | 2 9 4 5 5 6 3 1 4 8 5 4 8 4 5 4 3 5 4 3 5 1 •! l + - + + + + + + + + + + + - - - - 1 - — - - - - - - 3 3 1 4 5 7 7 6 4 6 8 5 3 5 5 2 4 9 5 4 3 1 0 1 2 1 2 R A W W H W L O A A B N J T R G C C R C M M C M H B M i t a W y a a a o h o h c r o i u l a t i r u h a c o i a o i a c r l e l l l n g h r l a l a m g n s k . e a a c a m b n n t e h u e u f n c r r e h u s i e m s o n n m i o i t n t V m m l m l p m t h i t r g l o l s i g n e e i d t l a v e n o s i n a a k b o t i h a n n o b b s o o s o n a l i t g n 1 l g , u t n t v l i n o u g g m r x h o - a o l t e r d s i w N d e S t o a g n n l e 1 , o l n m a , , n . r e n y S l . S C 1 e . . . 1 . . 1 m . . . l . C C . . . . . . . . . . . . . . . - - + 1 + + + + 1 + - - — - - - - - - - - - - - - 4 / 4 4 2 4 6 6 4 3 7 6 1 3 2 5 8 5 4 5 5 1 0 7 Q 2 r + + - - - - - - + + + + 1 2 1 + + 1 1 + - - 3 - - - - - - - - - - 1 3 6 1 4 4 6 5 3 2 8 6 8 1 2 6 2 4 4 3 9 2 5 2 9 8 1 3 - - - + + + + + + + 1 1 1 - - - + - - - - - - - - - - 3 3 6 9 8 5 2 4 4 5 2 4 8 7 1 3 4 5 4 5 9 2 4 7 0 r 3 S K M F T F L D D G F L L Q S S I G S S M M E D E M M t n . a S i o p t t t o e a l o i v a e u r r n e u . . . d i a i e t i n r n r u r e u a s r s a l i n n t t n d l i t L m i t L r L t P n w e p n s l i n s r n a n u e e e i t s o M n i d c o o a e o a s W g 1 a p n s S a e v n t S u y r v u u u o p s H i f h a a h u R g i o t i i B m i t l i i a n o i l R - s p p . o k i l e s i s l a o l s C l y r e n 1 o a l o l e i i a L u c e d l s n A t y e l e l . l i p k . l . o t h i i e . t s e s s i r y u l . . . . l . 1 1 d e 1 . K . . . . * . x i . . . a . . s , s . . . . . . , , . . , , , , . . . , , . ' P * p - + - - - - - 2 + 1 + + + + - - - 1 1 - + - - - - - 1 - 2 3 7 3 8 6 1 8 4 2 2 3 3 2 1 1 9 7 4 1 7 l 0 0 1 j [ - + - - - - - - - + 1 1 1 1 1 - - 1 - - - 1 3 - - - - - - - - - 1 6 1 3 3 7 1 5 4 9 8 9 9 4 3 0 0 0 0 4 6 0 5 2 0 2 2 p P - - - - - - - + + + - - + 1 - - - - 1 1 1 2 - - - - - 8 5 6 4 2 3 5 9 1 5 5 6 2 1 0 1 1 0 5 9 8 0 1 7 •? D S T S S V S T F L L S S S S S C F P O D H R B a S a N h a t B a a a r a h a o u o o u o a a i a a o n o a e l n n n n v c r s n o l l r n k c r l k e l a u n s c s l e t l a e r p g t s e e r e l p s a n A a J a F k v D a A r k o s a r u n j W a s t F o o s m B s o t e r n s n n e B o i i n o i R s f a x l p e r d l n g 1 i e d o i e e n e a t n e a g o e o C e r e x o a n r y n c a o l l n n * r l s t c d h t n t e i a d h a n a o c 1 h s 1 s r i n d r i . c 1 i l o s l . d l d s . o . * . . c . . . i t . . o . . n i . . . . . . l . . o . . . . . . . . P P P p - - - — - 1 1 9 + + 1 - - - - — - - - - - - - - - 2 2 5 4 2 9 1 8 9 9 3 7 4 8 3 0 7 1 0 0 3 4 ' r - - — - — - - - 1 1 2 1 + + + 1 1 — — - - - - - - - - - 3 7 6 4 9 8 3 7 2 4 1 2 3 4 0 1 1 6 2 3 7 7 0 0 5 5 P P — P P - - - - - - 1 9 + 1 1 1 1 - — - - - - - - — - - - - - 9 0 4 4 8 6 1 3 4 5 4 6 9 0 0 6 1 1 3 5 0 0 4 0 C A C C le k a i v n n r e o c t la o n i n n n x d n * atil. .. — - - 3 4 1 + + - - 2 2 2 2 — -3 0 0 2 J S N R B a a o e a c v w t m k o a s e n n O o n n r R a l h l o ea u n g s e x l . . . . + -1 + + 1 3 3 6 0 2 + + + - - 1 4 2 3 7 6 + + + -9 7 6 7 0 W T D P H u o e u i e p n c t b c e h v l h k i e o t i a r a n son. . , , , + - + 1 - - 1 3 3 1 2 0 - - ( 2 1 - ) 6 6 8 - - 1 + 1 - - 4 8 2 9 2 S P B B N a o o e l r l i a t s l t m i e l L n a a p a g n a k n d h e d a m C i x t . y . l . . P- - - - 1 1 1 1 3 3 9 3 - - - - 1 1 1 2 6 3 5 1 p- - - - 1 1 1 2 4 3 0 4 S C C p l o e r l i v u n e m g l f a b i n e u d l s d l * 1.. . - - 3 3 0 + ± 2 1 + - - 1 5 4 C M Br h e i a s r t t i o t d a l i n an ooga x. . -1 - - 5 9 0 -1 - - 2 4 1 - - 7 6 c S J K o t a . p n l J i s o n a s s e p C h ity.. + - -2 8 7 - - - 2 1 1 7 6 6 -1 -9 0 S S E e p v a o e t k r tl a e e n t l t e l * -2 -8 7 c - - - 2 1 1 6 0 3 - - 2 1 -7 7 1 T Y o o l u e n d g o s t i own 1. + -1 2 0 + -1 3 N K a n s o h x v v i i l l l l e e 1 l +5 5 + + 2 3 4 + - 2 14 O Li m nc a o h l a n , -4 -18 T Y a a c k o i m m a a 1 x -1 -4 4 - - 1 1 7 3 -1 -9 6 l J» Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Year or month All items Food Apparel Rent r t e F r f i u r c i e i g t l e y , r , e a l a t e i n c o d - n fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 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—February . . 167.5 204.7 195.1 116.0 130.0 193.0 146.4 March 166.9 202.3 196.3 116.3 130.3 194.9 146.2 April 169.3 207.9 196 4 116 3 130 7 194 7 147 8 May 170.5 210.9 197.5 116.7 131.8 193 6 147.5 June 171.7 214.1 196.9 117.0 132.6 194.8 147.5 July . . .. 173.7 216.8 197.1 117.3 134 8 195 9 150.8 August 174.5 216.6 199.7 117.7 136.8 196.3 152.4 September 174.5 215.2 201.0 118.5 137.3 198.1 152.7 October 173.6 211.5 201.6 118.7 137 8 198.8 153.7 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 I949—January 170.9 204.8 196.5 119.7 138.2 196.5 154.1 February 169.0 199.7 195.1 119.9 138.8 195.6 154.1 Back figures*—Bureau of Labor Statistics, Department of Labor. 428 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All Manu- Year, month, or week m c t o i o e m d s i - - F p u r a c o r t d m s - Foods Total T p e u r x c o t t d i s l - e li m F g r a i h u a n a t t e d l e i s l n - g M m p u a r e e n c 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 h t d e s e - s r c C a a p u l l h r s l c o e ie t a d m s d n - i d - H g n f o o i i u n s u o r g h s d - - e s - n c M e e o l i l s u a - - s m R ri a a a t l w e s - t p u u f r a c r o c e t d - s d - 1929 95.3 104.9 99.9 91.6 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 "71.4 72.9 73.9 75.1 64 A 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 165.0 188.3 179.1 150.7 148.6 134.1 163.6 199.0 188.0 135.1 144.5 120.5 178.4 159.4 1948—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 164.0 180.8 174.3 153.5 147.5 137.3 173.3 203.0 186.2 133.9 148.2 119.2 175.2 158.7 December. 162.3 177.3 170.2 153.0 146.7 137.0 173.8 202.1 185.3 130.6 148.4 118.5 172.1 157.5 1949—January.. 160.6 172.5 165.8 152.9 146.1 r137.1 '175.6 202.2 184.8 125.7 148.2 117.3 169.3 '156.2 February. 158.1 168.3 161.5 151.8 145.2 135.9 175.5 201.4 182.3 122.3 148.4 115.3 165.8 154.0 Weekending:i All other 1949—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 Mar. 2.. 158.8 170.5 161.3 152.3 142.3 135.9 177.9 201.5 131.5 Mar. 9.. 159.0 171.6 161.1 152.3 142.2 135.9 177.8 201.3 131.5 Mar. 16. . 158.5 169.9 161.0 152.0 141.7 135.6 177.6 200.1 131.5 Mar. 23.. 158.2 170.1 160.8 151.6 139.5 135.5 177.6 199.3 131.8 1948 1949 1948 1949 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec. Jan. Feb. Farm Products: Metals and Metal Products: Grains 220.0 171.1 171.1 167.7 157.2 Agricultural mach. & equip. 128.9 143.5 143.9 144.0 144.1 Livestock and poultry 210.0 213.4 204.6 194.7 187.2 Farm machinery 130.4 146.0 146 146.5 146.6 Other farm products 159.9 162.6 161.4 159.4 158.9 Iron and steel 146.3 165.0 165 169.1 169.1 Foods: Motor vehicles 161.6 175.3 175 175.8 175.8 Dairy products 184.8 170.7 171.2 163.6 159.8 Nonferrous metals 146.8 171.4 172.5 172.5 172.5 Cereal products 160.2 150.5 149.8 148.0 146.7 Plumbing and heating 138.7 157.3 157.3 156.9 156.1 Fruits and vegetables 144.5 139.6 139.8 145.3 152.3 Building Materials: Meats 206.2 227.4 220.8 214.2 205.1 Brick and tile 151.1 160.4 160.5 162.5 162.5 Other foods 146.9 149.4 140.9 134.4 127.5 Cement 127.2 133.7 133.5 134.0 134.2 Hides and Leather Products: Lumber 303.8 310.7 305.5 299.1 296.5 Shoes 194.7 188.1 188.0 187.8 187.8 Paint and paint materials.. 159.6 161.6 161.5 166.3 165.6 Hides and skins 207.2 206.0 198.2 198.7 185.9 Plumbing and heating 138.7 157.3 157.3 156.9 156.1 Leather 199.6 183.8 186.5 185.4 183.9 Structural steel 149.4 178.8 178.8 178.8 178.8 Other leather products 143.8 148.6 148.6 145.4 145.4 Other building materials.. . 159.8 175.6 176.9 179.1 179.1 Textile Products: Chemicals and Allied Products: Clothing 144.7 149.1 148.8 147.7 142.3 Chemicals 126.5 124.8 122.4 121.2 118.6 Cotton goods 214.9 191.7 189.2 186.9 184.8 Drugs and Pharmaceuticals 154.3 151.9 151.4 150.3 148.9 Hosiery and underwear 105.0 104.0 103.7 102.5 101.3 Fertilizer materials 115.1 119.5 120.1 120.8 120.8 Silk 46.4 46.4 46.4 50.1 50.1 Mixed fertilizers 102.8 107.9 108.3 108.7 108.3 Rayon 40.7 41.8 41.8 41.8 41.8 Oils and fats 201.5 195.1 179.4 146.1 131.7 Woolen and worsted goods... 143.0 159.6 159.6 161.6 162.1 Housefurnishing Goods: Other textile products 180.2 190.5 190.0 189.0 186.9 Furnishings 144.4 153.6 153.6 153.7 154.2 Fuel and Lighting Materials: Furniture.. 139.4 142.8 143.1 142.8 142.4 Anthracite 124.5 136.4 136.4 137.7 138.0 Miscellaneous: Bituminous coal 177.9 195.1 194.9 196.3 196.6 Auto tires and tubes 63.4 66.2 66.2 65.5 64.7 Coke... 190.6 219.0 219.0 220.5 222.9 Cattle feed 262.0 217.9 217.1 212.0 190.4 Electricity 66.6 67.3 Paper and pulp 167.4 169.9 169.5 168.3 168.0 Gas 85.8 92.6 '91.1 88.2 Rubber, crude 42.7 40.4 38.9 39.5 38.8 Petroleum products 121.7 122.8 122.0 121.3 118.7 Other miscellaneous 130.8 130.5 129.5 128.1 126.4 »• Revised. • Corrected. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. APRIL 1949 429 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 (i) 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 -.1 -.1 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 10.5 10.6 11.0 10.7 10.3 9.9 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.5 4.4 4.6 4 5 4.5 4 5 4 6 4 6 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 6.9 7.8 7.1 7.4 7.4 7.7 8.3 Business transfer payments .6 .7 .5 .5 .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 1947 1948 1929 1933 1939 1941 1944 1946 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 salaries 2 50.2 28.8 45.7 61.7 116.9 111.7 122.2 134 A 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 16.5 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 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. 8 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period 1929-43, and quarterly data for 1939,1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown in that issue of the BULLETIN have since been revised. 430 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 b a y d j q u u st a e r d te r a s nnual rates 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 * 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 A 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 20.9 15.5 16.7 19.1 22.7 25.2 W No a n r war .... }l.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 8 1 8 . . 6 6 2 2 1 . . 5 2 }l6.9 21.5 16.3 17.9 19.8 22.9 25.4 Less * Government sales * («) (3) (3) (3) 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- Wage and SEilary disbursements Less em- Pro- dends Trans- Non- Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 T d o is ta - l p m C ro o o d d m u it c - y - D u is ti t v ri e b- S i e n r d v u ic s e - G er o n v - - b c p s u o l o f o t n o c i y o t i r r a e n i l e - s in O l c a t o b h m o e r r e5 i p n r r e c a i n o e n m t t d o al e rs 6 ' i i n n s p a t o c e e n o n r r d m a e - l s e t m p e f a e n y r t - s7 i a n g t c u r o i r c m a u l e l- 8 burse- ing in- indus- tries ment insurments dustries tries ance 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 74 0 45 4 45 9 18 4 13 1 6 9 7 5 6 5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72 6 45 1 45 7 17 4 13 3 6 9 8 2 6 5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95 3 60.9 61.7 27 5 16 3 7 8 10 2 8 .6 20.8 9.9 3.1 86.1 1942 122.2 80.5 81.7 39.1 18.0 8.6 16.1 1.2 .7 28.1 9.7 3.2 108.7 1943 149 4 103.5 105.3 48.9 20 1 9 5 26.9 1 8 .9 32.1 10.0 3.0 134.3 1944 164.5 114.8 117.1 50.3 22.7 10.5 33.5 2.2 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—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 IVfay 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 219.5 136.3 138.6 62.1 39.9 16.6 20.0 2.3 2.1 51.4 18.6 11.1 195.7 FebruaryP.... 217.0 135.1 137.3 61.4 39.5 16.5 19.9 2.2 2.1 49.6 18.7 11.5 194.8 P Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 8 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income 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. APRIL 1949 431 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit E o n r d m of o n y t e h ar co c T n r s o e u t d a m i l t er ins T ta o l t m al ent Sale credit Loans1 p S a l i y o n a m g n l e s e n - * t a C cc h o a u rg n e ts S c e r r e v d i i c t e credit Total Automobile Other 1929 7,628 3,158 2,515 1,318 1,197 643 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 776 1,081 467 1938 7,047 3,595 2,313 970 1,343 1,282 1,442 J 4.87 523 1939 7,969 4,424 2,792 1,267 1,525 1,632 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 1,488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 1,601 L.764 610 1942 6,452 2,922 1,491 482 1,009 1,431 1,369 1,513 648 1943 5,310 1,933 814 175 639 1,119 1,192 1L.498 687 1944 5,747 2,005 835 200 635 1,170 1,255 1,758 729 1945 6 598 2 325 903 227 676 1,422 1,520 Q81 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 15,893 8,174 4,102 1,961 2,141 4,072 2,902 3,854 963 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 '14,523 ••7,579 3,625 1,781 1,844 '3,954 2,847 3,130 967 September '14 812 '7 771 3,774 1,858 1,916 '3,997 2,855 3,227 959 October '15,092 '7,807 3,813 1,889 1,924 '3,994 2,869 3,457 959 November '15 305 '7 888 r3,876 1,922 '1,954 '4,012 2,892 3,557 968 December 15,893 8,174 4,102 1,961 2,141 4,072 2,902 3,854 963 1949—January P 15,340 8,020 3,968 ••1,965 2,003 4,052 2,900 3,457 963 FebruaryP 14,931 7,948 3,919 2,000 1,919 4,029 2,853 3,176 954 P Preliminary. r Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. * 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 t a r d n i u a k l s s - 8 p I c n a l t o o r n d i a m i u a 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 r l n z o e o a s a a p u n d t n i a d r e o s i e r r n 3 d n- m b C a e o n r m c k i s - a 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n a l t o o r n d i a m i u a e n l s - s - 2 u C n r i e c d n i s t 1929 643 43 263 219 23 95 463 413 38 1933 466 29 246 121 20 50 322 20? 32 1938 1,282 312 380 129 95 103 117 146 460 664 238 176 176 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 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 If 45 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 1948 4,072 1,709 817 204 160 312 131 739 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 1,597 736 189 147 260 123 676 258 123 31 25 47 June 3,813 1,634 746 194 150 272 124 693 275 127 37 27 54 July 3,889 1,669 757 199 152 282 125 705 277 130 33 26 52 August '3,954 1,701 763 203 154 291 125 '717 270 126 32 27 52 September.. '3,997 1,712 771 206 155 300 126 '727 254 122 31 26 51 October '3,994 1,700 772 204 155 302 126 '735 222 116 29 24 44 November. . '4,012 1,701 780 204 156 304 127 '740 237 134 31 26 46 December.. . 4,072 1,709 817 204 160 312 131 739 251 180 37 31 57 1949—January?.. . 4,052 1,705 812 202 159 309 130 735 235 112 31 26 42 February P . . 4,029 1,694 805 201 159 308 130 732 215 108 28 25 44 P Preliminary. r Revised. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of'other retail direct loans not shown separately. Other retail direct loans outstanding at the end of February amounted to 97 million dollars and loans made during February were 10 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment oans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 8 Includes only loans insured by Federal Housing Administration. 432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a l b t u a u i d l l t e , o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u o u r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - J s e t w o e re lr s y s o r t e A t o h t r a l e l e i r l s Year or month Total c P ha u s r r e - e d tai D l l o i a r n ec s t c d r h p e a i a r u n t e a s d r c e i - l t d , l e o m r t a a n i n o o n iz d d n s a - 1 - 2 i s l m n c o o s a a e n t s n n a a h s l t l houses Outstanding at end of period: 1929 1,197 160 583 265 56 133 1946 . ... 1,591 165 306 275 273 572 1947 2,701 346 536 523 500 796 1933 663 119 299 119 29 97 1948 3,563 570 736 751 636 870 1 1 1 1 1 1 1 9 9 9 9 9 9 9 4 4 4 3 3 4 4 2 4 0 8 9 3 1 L 1 1 L 1 , , , , . 7 0 5 6 6 8 3 2 0 2 3 3 0 4 5 9 1 9 5 2 3 3 4 4 3 2 1 1 0 6 5 3 7 7 8 2 6 2 9 7 2 3 3 4 5 6 2 2 5 9 1 8 7 9 6 3 1 9 5 1 9 9 6 2 3 3 2 1 0 6 1 2 7 3 1 2 6 3 9 3 0 3 1 1 6 9 7 1 2 7 7 6 3 7 0 0 0 0 2 2 2 2 1 1 1 7 8 2 4 0 5 0 1 4 0 6 1 9 0 1948— A J J F M M J u u e a p a a n l n b r y y r e i u r c l u a h a ry ry 3 2 3 3 3 2 2 , , , , , , , 3 1 9 0 2 7 8 3 1 3 5 8 2 2 7 9 1 7 7 9 5 3 3 4 4 4 4 5 0 7 0 5 3 4 7 2 2 2 9 1 8 3 6 6 6 6 5 5 6 0 2 4 6 7 9 5 2 8 9 8 0 1 6 5 5 6 5 6 6 6 6 2 6 4 9 6 7 7 8 9 6 1 1 8 5 5 5 5 5 5 5 1 0 3 7 8 5 0 7 4 8 2 2 5 6 8 8 8 8 8 8 8 3 1 0 0 5 6 3 2 9 1 7 6 6 9 1945 676 198 283 14 74 107 August 3,410 529 713 698 592 878 1946 1,014 337 366 28 123 160 September.... 3,486 550 723 725 608 880 1947 1,688 650 528 52 192 266 October 3,504 561 723 731 620 869 1948 2,141 874 631 82 217 337 November 3,528 565 730 736 631 866 December.... 3,563 570 736 751 636 870 1948 1949—January? 3,558 564 737 758 631 T868 January... L ,615 632 502 52 175 254 February?.... 3,537 573 738 741 626 859 February.. 1,587 624 492 52 169 250 Volume extended dur- March.... 1,625 653 497 54 165 256 ing month: April 1,675 680 511 60 160 264 1948—January 456 70 98 118 36 134 May 1,729 703 528 65 161 272 February 398 66 89 90 35 118 June 1,770 720 541 68 162 279 March 504 89 116 102 44 153 July 1,791 732 545 72 160 282 April 521 92 112 122 52 143 August.... L,844 759 560 76 158 291 May 487 81 109 112 48 137 September. 1,916 786 586 81 161 302 June 524 87 109 126 52 150 October.. . 1,924 797 583 81 160 303 July 512 91 115 113 45 148 N D o e v c e e m m b b e e r r . . 1 2, , 1 9 4 5 1 4 8 8 1 7 2 4 5 6 8 3 8 1 8 8 1 2 '1 2 6 1 5 7 '3 3 0 3 8 7 A O Se u c p t g o t u e b s m e t r ber 4 5 5 3 0 0 3 4 3 9 9 7 3 0 3 1 1 9 0 1 3 5 6 1 1 9 0 2 9 5 2 4 4 4 9 8 9 1 1 1 3 2 4 7 0 1 November.... 447 76 98 97 49 127 1949 December.... 468 75 98 110 42 143 January P. . 2,003 816 593 78 201 315 1949—January? 426 68 94 100 33 131 February?. 1,919 780 577 75 185 302 February?.... 382 70 91 74 33 114 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 ^Persona 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 x 2 loans mobile Other loans * 2 loans Outstanding at end Outstanding at end of period: of period: 1 1 1 9 9 9 4 4 4 6 8 7 2 2 1 8 3 6 6 3 2 . . . 2 7 5 2 5 6 7 6 0 . . . 5 6 0 3 4 1 0 3 7 . . . 2 4 8 2 4 5 8 3 1 . . . 3 7 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 3 2 1 8 7 5 . . . 3 1 0 2 1 7 3 7 . . . 7 4 1 4 2 5 . . . 2 4 0 1 8 9 1 3 9 0 . . . 6 8 1 1948--J J J N D F A A S O M M a u u e e p e o u c n l n a a p b c y r v g t y e u r i t r o e e l u e c u a m b m m s h a r e t b r . y b . b r . y e . e . e . . r . . . r r . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 7 4 5 3 7 3 8 8 6 8 8 8 1 2 3 4 7 6 1 6 2 5 5 5 . . . . . . . . . . . . 6 2 3 3 6 7 8 8 3 9 1 5 4 5 6 6 5 5 5 6 6 6 6 6 1 9 0 4 3 9 6 6 6 7 6 7 . . . . . . . . . . . . 4 0 3 3 4 0 3 6 8 8 8 1 3 3 3 4 3 3 4 4 4 4 4 4 1 2 1 0 5 8 2 3 3 4 3 3 . . . . . . . . . . . . 4 8 7 0 1 0 1 4 5 3 3 3 4 4 4 4 4 4 4 4 5 5 5 5 6 3 8 9 4 4 9 1 8 0 1 1 . . . . . . . . . . . . 7 5 8 1 0 8 8 7 3 6 6 3 1 1 1 1 1 1 1 1 1 1 1 1 2 2 0 2 2 2 0 1 1 2 1 2 1 8 2 2 4 4 8 1 4 4 9 3 . . . . . . . . . . . . 3 9 9 3 0 5 3 3 0 1 8 8 1948— F S J J N M A A D O M J u u e e a p u o e c a n l a p b n c y r g v t r y e t u r i o e u c e e l u a m b h s m m r a t . e y b r b b r y e e e . r . . r r . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 6 6 7 6 6 7 7 7 7 8 1 4 8 6 0 3 1 1 1 3 7 . . . . . . . . . . . . 2 7 6 0 0 1 1 8 8 5 1 8 3 2 2 2 3 3 3 3 3 3 3 3 3 8 8 9 4 6 1 1 8 7 7 8 . . . . . . . . . . . . 3 7 0 9 1 9 2 3 9 4 5 3 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 2 3 0 2 3 0 7 8 9 . . . . . . . . . . . . 2 0 7 6 7 7 1 4 5 7 0 0 4 4 4 4 4 4 4 4 4 4 4 5 . . . . . . . . . . . . 6 2 2 6 4 5 5 8 9 9 3 0 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 7 6 6 7 7 3 1 0 6 6 5 7 . . . . . . . . . . . . 2 2 5 6 7 1 0 9 7 8 0 0 1949— F J e a b n r u u a a ry ry P P .. . 2 2 8 8 3 0 . . 4 8 6 6 6 6 . . 1 0 4 4 2 1 . . 3 5 5 5 1 0 . . 0 3 1 1 2 2 4 3 . . 0 0 1949— F J e a b n r u u a a r r y y ? P .. 1 1 7 7 6 6 . . 0 1 3 3 7 8 . . 9 1 2 2 3 2 . . 2 9 5 4. . 9 0 1 1 0 1 9 0. . 2 9 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 0.3 18 March... . 41.9 11.2 6.0 3.7 21.0 March.... 32.1 6.9 3.4 0.4 21.4 April 42.0 11.3 6.4 4.4 19.9 April 30 6.9 3.8 0.4 19.4 May 40.8 10.1 6.8 4.2 19.7 May 27 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 0.4 18.6 September. 38.8 9.8 6.6 3.5 18.9 September. 28.1 6.1 3.8 0.5 17.7 October... 33.5 7.6 4.9 3.5 17.5 October... 25.4 5.1 3.0 0.5 16.8 November. 35.1 8.1 4.6 3.4 19.0 November. 27.7 6.0 3.4 0.4 17.9 December. 39.0 7.9 5.4 3.0 22.7 December. 30.7 5.3 3.4 0.5 21.5 1949—January P.. 33.1 7.6 4.3 2.3 18.9 1949—January?.. 25.7 4.9 2.7 0.3 17.8 FebruaryP. 31.2 7.6 4.3 2.2 17.1 February? 25.2 4.8 2.9 0.3 17.2 p Preliminary. r Revised. 1 Includes not only loans insured by Federal Housing Administration but also noninsured loans. a Includes both direct loans and paper purchased. APRIL 1949 433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe f r ro c m en ta p g re e c e c d h i a n n g ge m f P ro o e m r n c t e h c n o o ta r f r g e e p s r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C c h co ar u g n e ts month year 1 F 9 e 4 b 9 . P 1 Ja 94 n 9 . D 19 e 4 c 8 . 1 F 9 e 4 b 9 . P J 1 a 9 n 4 . 9 D 19 e 4 c 8 . Year or month D s m e to p e r a n e r t s t- F s t t u u o r r r n e e i s - h p H s o l t o l i o d a u r n s a e c e s p e - - J s e t w or e e lr s y D s m e to p e r a n e r t s t- Net sales: 1948 Total -2 -46 +27 Q -12 -10 January 24 18 36 19 53 C C a re s d h it s a s l a e l s es: -8 -46 +33 -15 -18 -18 F M e a b r r c u h ary.... 2 2 7 3 1 1 7 9 3 3 2 5 1 1 8 9 4 5 9 3 Instalment 0 -52 +29 -6 -9 -7 April 25 19 33 19 52 Charge account -3 -39 +18 -10 -18 -6 J M u a n y e 2 2 4 4 2 1 0 9 3 3 4 3 1 1 9 9 5 5 2 2 Accounts receivable, end July 23 18 34 19 51 of month: August 23 18 33 19 51 Total. .... -4 -6 +6 +18 + 18 '+20 September... 24 17 32 19 53 Instalment -3 -6 +11 +19 +20 +21 October 24 18 31 19 54 November.. . 24 18 30 20 55 Collections during December. . . 25 17 29 24 53 month: Total -12 -1 +3 +3 +6 +5 1949 Instalment -8 -5 +2 +7 + 10 # +4 January 22 16 29 17 52 Inventories, end of FebruaryP... 22 15 28 17 50 month, at retail value. + 1 -4 -11 -6 +6 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average =100 Percentage of total sales Accounts receivable Collections during Year or month Sales during month at end of month month Cash I m ns e t n a t l- a C c h c a o r u g n e t - Instal- Charge Instal- Charge Instal- Charge sales sales sales Total Cash ment account ment account ment account 1941 average 100 100 100 100 100 100 100 100 48 9 43 1942 average 114 131 82 102 78 91 103 110 56 6 38 1943 average 130 165 71 103 46 79 80 107 61 5 34 1944 average 145 188 65 112 38 84 70 112 64 4 32 1945 average 162 211 67 125 37 94 69 127 64 4 32 1946 average ... 202 242 101 176 50 138 91 168 59 4 37 1947 average 214 237 154 200 88 174 133 198 55 6 39 1948 average 225 235 192 219 142 198 181 222 52 7 41 1948—January 174 189 141 164 127 205 174 299 54 7 39 February 167 177 141 162 124 181 160 217 53 7 40 Miarch. 226 235 196 222 129 190 177 207 52 7 41 April 213 220 191 208 131 191 171 211 51 8 41 May 218 228 186 213 134 192 172 214 52 7 41 June 217 228 178 211 136 192 176 217 52 7 41 July 173 187 160 158 138 167 169 213 54 8 38 August 188 196 192 177 144 165 173 184 52 9 39 September 228 230 215 228 151 188 186 188 50 8 42 October ... 248 255 203 250 155 206 196 220 51 7 42 November 263 272 218 262 160 219 204 243 51 7 42 December 381 407 281 370 176 281 212 252 53 6 41 1949—January 173 182 138 171 163 219 212 313 52 7 41 FebruaryP 162 168 133 162 157 187 195 234 51 7 42 * Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 425. 434 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 1949 Chart Chart book book page Feb. Mar. Mar. Mar. Mar. page Feb. Mar. Mar. Mar. Mar. 23 2 9 16 23 23 2 9 16 23 WEEKLY FIGURES i In billions of dollars WEEKLY FIGURES i—Cont. In unit indicated RESERVE BANK CREDIT, ETC. Re U se . r S v . e G B o a v n t. k s c e r c e u d ri i t t i , es to , t t o a t l a .. l . . 2 2 2 2 . . 8 3 5 6 2 2 2 1 . . 4 8 2 4 2 2 2 1 . . 0 5 0 3 2 2 2 1 . . 3 5 5 0 2 2 2 1 . . 5 6 1 8 BUSINESS CONDITIONS Bills 5.31 5.19 5.02 5.09 5.22 Wholesale prices: Notes and certificates... 7.13 6.78 6.77 6.82 7.00 Indexes (1926=100): T G M M r o o e e l m n a d s e B b u y s o e t r o r n y i c n d b c k s a c a i n s r h k c u a r l n e a s d t e i o d rv n e e p s o sits.... 2, 2 2 2 3 4 2 2 1 9 2 4 7 9 . . . . . 9 9 2 5 4 2 2 9 5 4 2 2 1 9 2 4 7 9 . . . . . 8 2 2 5 6 7 0 9 6 8 2 2 1 9 2 4 7 9 . . . . . 7 0 5 3 4 4 3 8 0 2 2 2 1 9 7 4 1 9 . . . . . 5 9 5 3 9 9 0 1 4 2 2 2 1 9 7 2 4 9 . . . . . 4 4 7 3 3 : 6 6 1 6 Ba T F F O si o a o t c h r o t m a e d c l r s o p c m r o o m m d o m u d c o i t t d s i e it s i : es 6 6 6 6 3 3 3 3 1 1 1 1 5 6 6 5 8 2 9 0 . . . . 2 5 6 8 1 1 1 1 5 7 6 5 8 0 1 2 . . . . 8 5 3 3 1 1 1 1 5 5 7 6 9 1 2 1 . . . . 6 0 3 1 1 1 1 1 5 5 6 6 8 2 9 1 . . . . 5 0 9 0 1 1 1 1 5 5 7 6 8 1 0 0 . . . . 2 6 1 8 Required reserves 4 18.75 18.87 18.79 '18.91 '18.63 (Aug. 1939=100): Excess reserves* 4 .69 .81 .64 PI.03 P.73 Total 65 271.6 272.2 270.9 265.1 260.2 Member bank reserves (weekly Foodstuffs 65 289.4 290.9 292.2 286.1 282.8 Ne a w v g Y .) o : rk City 5.18 5.32 5.22 5.25 5.16 Sel I e n c d t u ed st r f i a a r l m m p a r te o r d i u al c s t s: 65 267.0 266.6 264.6 259.5 256.4 C R C h e o s i u c e n a r t g v r o e y c b i a ty n k b s a 6 n ks 5 5 7 1 . . . 6 3 2 6 3 7 5 7 1 . . . 6 3 2 9 4 8 7 5 1 . . . 7 3 2 1 3 7 5 7 1 . . . 3 6 2 7 7 7 5 7 1 . . . 6 2 2 9 9 4 W C C o o h r t e n to a n t ( c ( e ( c c n e e t n s n t t s p s e p p r e e b r r u b p s u o h s u e h n l e d ) l . ) ) . . . . 6 6 6 6 6 6 2 1 3 2 3 2 4 2 . . . 8 5 6 2 1 3 2 3 2 6 6 . . . 7 0 6 2 1 3 2 3 2 4 6 . . . 6 3 3 2 1 3 2 3 2 1 0 . . 1 7 6 2 1 3 2 3 2 2 3 . . . 6 3 8 Steers (dollars per 100 MEMBER BANKS IN LEADING CITIES pounds) 66 24.66 24.63 25.00 24.97 25.10 All reporting banks: Hogs (dollars per 100 L U o . N B a S n o o . s n t e G d a s s o n a v d n t . i d n s v e c e c e s u rt t r i m i f t i i e c e n a s t t , s e t s o . t . a . l . . 1 1 1 1 6 4 4 6 3 6 2 6 2 1 4 . . . . 0 9 9 8 6 5 8 1 3 2 6 6 3 4 1 . . . . 0 0 9 9 8 7 9 8 3 6 2 6 3 2 5 . . . . 0 0 2 0 9 5 1 4 3 6 2 6 3 2 5 . . . . 0 3 1 1 0 1 0 6 3 6 2 5 2 1 5 . . . . 8 6 7 1 4 8 5 4 Prod B E 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 6 4 1 3 2 .0 . . 5 0 0 2 6 4 1 2 1 .5 . . 8 5 0 2 4 6 1 2 0 .3 . . 7 3 6 2 4 5 1 2 9 .2 . . 1 8 9 2 4 6 1 2 0 .4 . . 2 2 1 O D t e h B m e il r a l s n s d e c d u e ri p t o ie s s i ts adjusted.. 1 1 1 4 8 6 4 4 1 6 . . . 2 7 3 7 8 0 4 2 4 6 . . . 0 2 1 0 9 1 4 2 4 6 . . . 0 2 0 8 9 7 4 2 4 6 . . . 0 3 1 1 6 8 4 4 5 1 . . . 3 7 4 7 7 0 S A C t r u e u t e o d l m e ( % o p b e i o l t e r f o c ( l t e a h u p o m a u c s i . t y ( c t ) h a o r u s s ) . ... 6 6 9 9 10 1 0 1 .3 4 10 1 0 1 .5 2 10 1 1 0 .4 9 10 1 2 1 .0 5 1 1 0 1 1 . . 6 1 U Lo . C R a S n o e . s a m G , l m t e o o s e v t t r a t a c . l t i e d a l e posits 1 1 1 1 4 8 4 8 2 1 4 4 1 5 . . . . 8 0 2 9 7 9 2 0 2 1 4 4 1 5 . . . . 6 0 7 1 8 5 2 9 2 1 4 4 1 5 . . . . 0 5 7 1 9 5 1 3 2 1 4 4 1 5 . . . . 9 0 8 1 8 9 7 0 2 1 2 4 4 4 . . . . 1 0 7 9 0 9 0 6 P B M a i e b t p u a b e m t l r s b i . ( n ) o m o a i r u l d l s , c p ( o t o h a u o l n u ( d m s s . ) il t l o , n to s n ) s . ) . . . 7 7 1 1 5, 1 3 2 1 . 4 8 8 6 4 1 2 5 5, 1 1 2 1 . 8 7 9 5 7 1 3 8 5, 1 1 2 1 . 2 7 9 6 3 3 0 3 5,1 2 1 4 4 7 6 5 8 6 7 5,1 2 1 . 3 4 7 7 0 0 2 1 Fo T r o p ta u l r chasing securities: 18 1.74 1.58 1.55 1.89 1.9. Fre E i l g e h c t t r c ic a r p lo o a w d e in r g ( s m ( i t l h l. o k u w s. . c h a r r s s . ) ) 73 5,559 5,552 5,531 5,496 5,404 Ot O U he t . r h S er . G se o c v u t r . i t s ie e s c urities.. 1 1 1 8 8 8 3. . . 8 8 8 6 8 3. . . 8 6 8 4 9 9 3. . . 8 6 8 2 9 6 3 1 . . . 8 0 8 3 0 9 3 1 . . . 8 0 9 ' 3 0 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 72 6 3 8 4 8 3 3 7 4 0 9 6 3 7 4 0 8 9 6 3 0 5 8 0 3 5 4 9 7 6 New York City banks: (1935-39=100) 73 232 244 256 261 277 Loans and investments 18.03 18.05 18.11 18.20 17.9 U. S. Govt. securities, total. 9.11 9.28 9.35 9.16 8.95 Bonds 7.26 7.26 7.27 7.29 7.3 1948 1949 Notes and certificates.... 1.26 1.28 1.28 1.20 1.14 Bills .59 .74 .79 .68 .53 Demand deposits adjusted.. 14.95 15.05 14.96 14.87 14.70 Dec. Jan. Feb 2 U. S. Govt. deposits .51 .46 .44 .51 .53 Interbank deposits 3.8. 3.88 3.88 3.95 3.7< Time deposits 1.5: 1.55 1.55 1.54 1.54 MONTHLY FIGURES In billions of dollars Loans, total 7.85 7.70 7.69 7.90 7.7' Commercial 5.60 5.58 5.5 5.53 5.4. DEPOSITS AND CURRENCY For purchasing securities: To brokers: Deposits and currency :• On U. S. Govts .61 .4. .74 Total. P170.90 P170.00 P169. 10 On other securities.. . .30 .33 .3 .34 .3. Excluding U. S. Govt. de- To others .2 .21 .21 .21 .2: posits P168.80 P168.00 P166.10 Real estate and other 1.02 1.01 .99 .99 .9! Demand deposits adjusted.. P85 .80 P85.30 P83.30 Time deposits adjusted P57.30 P57.5O P57.70 Ba L D U n o . e k N B B a m S s n i o o l . a s l n t o s n e G d u a s d s o n t a s v d d i n t e d . i d p n e s o v c e N s c e e i u s t r e s t t r w m i i a t f i e i d Y e c n j s o a u t , s r t s t e k t o s e t . C d a . . . l i . . . t y 1 1 1 1 1 1 : 7 5 5 5 . 3 4 2 1 4 1 3 3 7 1 . . . . . . 7 8 3 7 9 1 : 0 5 0 1 3 4 2 1 4 1 3 3 1 7 . . . . . . 0 8 7 9 2 7 6 0 9 3 4 6 3 4 2 1 4 1 3 3 1 7 . . . . . . 8 2 1 9 8 7 0 1 4 6 9 6 3 4 2 1 4 1 3 4 1 7 . . . . . . 9 8 1 3 3 8 5 1 6 1 1 4 3 4 2 1 3 0 3 4 7 1 . . . . . . 7 7 7 8 8 1 1 , 1 ' . Mo $ C U B C n 1 u i o . l e 0 i r l S y n s r a e . s o n i , n G n f d c $ o y $ c 1 $ v i 5 , r 2 o t $ 0 c . u 0 u 2 d t a b l s , e n a i i a p d t l d l i n o e s o d o s n i v b , t $ e s a 5 t r o n b t k a i l s ll . s . . . . . . P2 2 v U 5 8 2 8 4 . . . . . . 2 6 7 1 7 9 2 2 0 0 0 1 P 2 P 1 2 8 4 7 4 2 5 . . . . . . 5 4 5 0 5 2 8 8 8 0 3 0 P 2 2 P 1 5 3 4 8 7 4 . . . . . . 4 0 5 5 5 1 8 0 6 3 5 0 U. S. Govt. deposits 15 1.40 1.33 1.29 1.47 1.5 Interbank deposits 15 5.86 6.22 6.18 6.27 5.7 Time deposits 15 13.54 13.56 13.58 13.57 13.5 Annual rate Loans, total 15 17.01 16.92 16.86 16.99 16.91 F O R C o e o th r a m e l p m r e u s e r t r c a c h t i e a a s l ing securities. 1 1 1 1 9 3 9 3 . . . . 6 8 0 6 3 7 5 0 9 3 3 . . . . 0 5 5 5 6 9 9 3 3 . . . . 5 8 0 5 7 4 6 9 3 3 . . . . 5 0 6 6 5 0 3 3 9. . . . 5 8 0 6 i ( Tu O N 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 deposits:3 2 1 6 8 . . 3 6 2 1 7 9 . . 4 1 2 1 7 8 . . 1 6 MONEY RATES, ETC. Per cent per annum In billions of dollars U. S. Govt. securities: COMMERCIAL BANKS Bills (new issues) 3C 1.163 1.162 1.162 1.162 1.16: Certificates 3C 1.22 1.22 1.22 1.23 1.23 3 7 1 - 5 - 5 9 y y y e e e a a a rs r r s s or more 30, 3 3 3 C 2 0 2 1 1 . . . 3 8 5 8 4 9 2 1 1 . . . 5 3 8 8 8 4 2 1 1 . . . 3 5 8 8 6 1 2 1 1 . . . 3 7 5 8 9 4 2 1 1 . . . 3 5 7 8 2 8 L C o a L a sh n o s a a n a s s n s e e d t i s n ' vestments, total*. P P P 1 4 3 1 2 7 4 . . . 7 5 3 0 0 0 1 3 4 1 6 2 4 . . . 0 4 5 0 0 0 P P P 1 3 4 1 5 2 3 . . . 9 3 0 0 0 0 Corporate bonds: U. S. Govt. securities6 P62.50 63.00 P62.20 Aaa 32 2.71 2.71 2.71 2.71 2.70 Other securities« P9.10 9.10 P9.10 Baa 32 3.46 3.47 3.47 3.46 3.46 Holdings of U. S. Govt. se- High-grade (Treas. series) . . 32 2.72 2.72 2.71 2.71 2.70 curities: Bonds: In unit indicated W To i t t a h l i n 1 year H 4 4 0 . . 4 3 0 8 4 4 0 . .8 3 2 0 * e 4 4 0 . . 3 9 1 9 Sto T c o k t a p l rices (1935-39=100): 33 116 116 118 118 5 1 - - 1 5 0 y y e e a a rs rs 2 6 6. . 1 3 3 1 2 6 6 . . 5 2 4 9 *2 e6 6 . . 6 3 2 4 Industrial 33 121 121 123 124 Over 10 years 3.54 3.69 «3.72 Railroad 33 96 97 97 97 Notes and certificates 12.17 11.79 Pll.33 Public utility 33 95 95 96 95 Bills 2.79 2.98 P2.80 Volume of trading (mill, shares) 33 .78 .73 .84 .72 Guaranteed securities For footnotes see p. 438. APRIL 1949 435 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 book book page Dec. Jan. Feb.2 page Dec. Jan. Feb.2 MONTHLY FIGURES-Gont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS GOVERNMENT FINANCE—Cont. All member banks: Loans and investments, total 12 95.71 95.82 94.82jOwnership of U. S. Govt. securities—Cont. Loans 12 36.32 36.02 35.61 Marketable public issues—Cont. U. S. Govt. securities 12 52.01 52.48 51.79| By class of security—Cont. Other securities 12 7.37 7.32 7.41 Bonds—Total outstanding. ... 24 111.60 111.60 Demand deposits adjusted • 12 72.64 72.28 70.39 Nonbank (unrestricted issues Time deposits 12 28.78 28.72 28.78 only), commercial bank, Balances due to banks 12 11.22 11.87 10.53 and F. R. Bank 24 69.87 69.58 "69.30 Balances due from banks 12 5.35 5.41 4.92 Commercial bank and F. R. Reserves 12 19.99 19.99| 19.57 Bank 24 51.36 51.04 "50.87 Central reserve city banks: F. R. Bank 24 10.98 10.22 9.88 Loans and investments, total 12 23.57 23.56 23.15 By earliest callable or due date: Loans 12 10.01 9. 9.69 Withinlyear—Total outstanding 25 49.08 48.56 48.36 U. S. Govt. securities 12 12.13 12.26 11.99 Commercial bank and F. R. Other securities 12 1.44 1.42 Bank 25 29.87 29.21 "29.21 Demand deposits adjustede 12 19.45 19.36 18.76 F. R. Bank 25 12 A3 12.07 12.70 Time deposits 12 2.68 2.62 2.61 1-5 years—Total outstanding. 25 44.05 44.05 44.05 Balances due to banks 12 5.10 5.16 4.85 Commercial bank and F. R. Reserves 12 6.70 6.65 6.51 Bank 25 31.30 31.23 Reserve city banks: F. R. Bank 25 3.26 3.00 2.92 Loans and investments, total 13 35.40 35.55 35.08 5-10 years—Total outstanding 25 10.46 10.46 10.46 Loans 13 14.35 14.19 14.00 Commercial bank and F. R. U. S. Govt. securities 13 18.59 18.91 18.60 Bank 25 6.75 6.80 "6.87 Other securities 13 2.46 2.45 2.49 F. R. Bank 25 .43 .26 .25 Demand deposits adjusted « 13 25.36 25.38 24.63 Over 10 years—Total outstand- Time deposits 13 11.36 11.35 11.40| ing 25 53.89 53.89 53.89 Balances due to banks 13 5.20 5.36 4.81 Nonbank (unrestricted issues Balances due from banks 13 1.71 1.73 1.57 only), commercial bank, Reserves 13 7.51 7.54 7.36 and F. R. Bank 25 12.16 11.86 "11.59 Country banks: Commercial bank and F. R. Loans and investments, total 13 36.73 36.72 36.59| Bank 25 10.76 10.47 "10.20 Loans 13 11.96 11.95 11.93 F. R. Bank 25 7.22 6.78 6.48 U. S. Govt. securities 13 21.29 21.31 21.21[Cash income and outgo: Other securities 13 3.48 3.45 3.45 Cash income 26 4.11 3.68 3.89 Demand deposits adjusted e 13 27.83 27.54 27.00 Cash outgo 26 4.22 2.83 3.25 Time deposits 13 14.74 14.75 14.77 Excess of cash income or outgo.... 26 -.12 + •85 + .64 Balances due from banks 13 3.46 3.50 3.19 Reserves 13 5.78 5.80 5.70 MONEY RATES, ETC. Per cent per annum Treasury bills (new issues) 29 CONSUMER CREDIT « Corporate bonds: Aaa 29 Consumer credit, total 20 15.89 ^15.34 , Baa 29 Single-payment loans 20 2.90 *>2.90 F. R. Bank discount rate 29 Charge accounts 20 3.85 P3.46 Commercial paper 29 Service credit 20 .96 P. 96 Instalment credit, total 20, 21 8.17 P8.02 Instalment loans 21 4.07 P4.05 In unit indicated Instalment sale credit, total 21 4.10 P3.97 Automobile 21 1.96 Pi.97 Other 21 2.14 P2.00I Stock prices (1935-39 =100), total... 34 119 121 117 Stock market credit (mill, dollars): Customers' debit balances 34, 35 55OJ 537 527 Money borrowed 35 257 247 225 Customers' free credit balances.... 35 586 573 565 GOVERNMENT FINANCE Gross debt of the U. S. Government: To B ta o l n d (d s i r ( e m ct a r a k n e d t a g b u le a r i a s n su te e e s d ) ) 2 2 2 2 2 1 5 1 2 1 . . 8 6 5 0 2 1 5 1 2 1 . . 6 6 6 0 1 2 1 5 1 2 1 . . 7 6 5 0 BUSINESS CONDITIONS Notes, certificates, and bills 22 45.88 45.36 45.16 Savings bonds, savings notes. ... 22 59.62 59.97 60.30 Personal income (annual rates, bill, Special issues 22 31.71 31.76 31.80 dollars): •3 Guaranteed, noninterest-bearing Total 46 221.0 '•219.5 217.0 debt, etc 22 4.04 3.97 3.8' Total salaries and wages 46 137.7 136.3 135.1 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 46 70.5 r70.0 68.3 Commercial banks e 23 62.601 62.90 P62.40 Allother 46 13.2 13.6 Fed. agencies and trust funds... 23 37.32 37.40 37.50 Labor force (mill, persons):« F. R. Banks 23 23.33 22.11 22.34 Total 47 62. 61.5 61.9 Individuals • 23 67.60 67.90 P68.20 Civilian 47 61. 60.1 60.4 Corporations and associations «. . 23 21.20 21.40 P21.40: Unemployment 47 1. 2.7 3.2 Insurance companies • 23 21.50 21.60 P21.50 Employment 47 59.4 57.4 57.2 Mutual savings banks • 23 11.50 11.60 Pll.60 Nonagricultural 47 52.1 50.7 50.2 Ma S r t k a e te ta a b n le d p lo u c b a l l i c g i o s v s t u s e . s • : 23 7.90 7.90 P7.90[Emp l l i o s y h m m e e n n t t s i n ( m no il n l, a p gr e i r c s u o l n tu s r ) a :« l 3 estab- By class of security: Total 48 45.25 44.75 P44.44 Bills—Total outstanding 24 12.13 12.13 Manufacturing and mining 48 17.14 16.87 P16.70 Commercial bank and F. R. Construction 48 2.12 2.10 P2.02 Bank 24 8.28 8.02 P8.10 Transportation and utilities 48 4.08 4.03 P4.00 F. R. Bank 24 5.49 5.04 5.30 Trade 48 9.7 9.70 P9.69 Notes and certificates—Total Government 48 5.78 5.79 P5.79 outstanding 24 33.66 33.23 33.03 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 49 '55.03 54.41 P54.25 Bank 24 19.04 18.64 P18.49 Hourly earnings (dollars) 49 1.376 1,381 PI.377 F. R. Bank 24 6.8 6.8 7.16 Hours worked (per week) 49 40.0 39.4 P39A For footnotes see p. 438. 436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart Chart 1948 1949 book book page Dec. Jan. Feb.2 page Dec. Jan. Feb.2 In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Gont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Ratios to sales (months' supply): Industrial production:' Total commitments 61 1.9 4.4 4.9 Total (1935-39 = 100) 50 192 191 P189 Stocks 61 1.4 '3.0 3.4 Groups (points in total index): Consumers' prices (1935-39=100): Durable manufactures 50 '87.4 86.2 P85.6 All items 62 171.4 170.9 169.0 Nondurable manufactures 50 '81.0 81.8 P81.2 Food 62 205.0 204.8 199.7 Minerals 50 23.7 22.6 P22A Apparel 62 200.4 196.5 195.1 Manufacturing production Rent 62 119.5 119.7 119.9 (1935-39 =100), total 51 199 198 P196 Miscellaneous 62 154.0 154.1 154.1 Durable 51 231 227 P226 Wholesale prices (1926=100): Nondurable 51 173 175 P173 Total 63 162.3 160.6 158.1 Selected durable manufactures Farm products 63 177.3 172.5 168.3 (1935-39=100): Food 63 170.2 165.8 161.5 Nonferrous metals 52 183 186 M99 Other commodities 63 153.0 152.9 151.8 Steel 52 254 '260 265 Textile products 64 146.7 '146.1 145.2 Cement 52 212 208 222 Hides and leather products 64 185.3 184.8 182.3 Lumber 52 131 117 P113 Chemicals and allied products... 64 130.6 125.7 122.3 Transportation equipment 52 r-246 244 P241 Fuel and lighting materials 65 137.0 '137.1 135.9 Machinery 52 277 268 P261 Building materials 65 '202.1 '202.2 201.4 Selected nondurable manufactures Metals and metal products 65 173.8 '175.6 175.5 (1935-39=100): Miscellaneous 64 118.5 117.3 115.3 Apparel wool consumption 53 139 136 Prices paid and received by farmers Cotton consumption 53 114 123 125 (1910-14=100): Shoes 53 97 111 P117 Paid 67 248 248 245 N Pa e p w e s r p b r o i a n r t d c onsumption 5 5 3 3 1 1 6 4 7 8 1 1 8 5 2 3 1 1 4 7 9 4 Ca R sh e c f e a i r v m ed income (mill, dollars): 67 268 268 258 Manufactured food products.... 53 158 160 P160 Total 68 2,740 2,383 1,783 Fuel oil 53 204 205 P193 Livestock and products 68 1,421 1,287 1,079 Gasoline 53 179 173 P167 Crops 68 1,309 1,080 689 Industrial chemicals 53 450 447 P438 Govt. payments 68 10 20 15 Rayon 53 311 309 P3O7 Orders, sales, and inventories: INTERNATIONAL TRADE AND FINANCE Sales (bill, dollars): Manufacturing, total 54 18.2 16.7 16.2 Exports and imports (mill, dollars): Durable 55 7.7 6.9 6. Exports 74 1,284 Pl.086 Pl,028 Wh N o o le n s d a u le r able. 5 5 5 4 1 8 0 . . 2 5 9 7 . . 7 2 9 6. . 8 4 I E m xc p e o s r s t s o f exports or imports 7 7 4 4 P72O P P5 4 8 9 9 7 P P 5 4 6 6 8 0 Retail 54 13.2 9.4 8.9 Short-term foreign liabilities and assets Inventories (bill, dollars): reported by banks (bill, dollars): Manufacturing, total 54 31.8 32.1 32.0 Total liabilities 75 P5.83 P5.94 Durable, total 55 14.8 15.1 15.2 Official 75 P2.81 P2.92 Goods in process 55 5.7 5.9 Invested in U. S. Treasury bills No F P n i u d n r u i c s r h h a a e b s d l e e d g , o t m o o d t a a s t l e rials 5 5 5 5 5 5 1 4 4 6 . . . 2 9 9 1 4 4 6 . . 4 9 16.8 To P ta r l i v a a a s t n s e e d t s c ertificates 7 7 7 5 5 5 P P3 l P . . . 0 0 6 2 2 0 P P 3 P l . . . 0 0 6 1 6 0 Goods in process 55 2.4 2.4 Foreign exchange rates: F P i u n r i c s h h a e s d e d g o m od a s te rials 5 5 5 5 6 8. . 1 5 6 8 . . 6 0 See p. 457 of this BULLETIN 76, 77 Wholesale 54 8.3 8.5 8.6 Retail 54 13.9 13.5 13.9 1948 1949 New orders (1939=100): Ma D N n u o u r n f a a d b c u l t r e u a r b in le g , total 5 5 5 4 4 4 2 2 2 7 1 3 6 3 7 2 2 2 8 3 0 5 7 9 QUARTERLY FIGURES J S u e l p y t - . O D c e t c . . - J M an a . r - . Construction contracts (3 mo. moving avg., mill, dollars):* GOVERNMENT FINANCE In billions of dollars Total 56 740 712 695 Residential 56 267 245 226 Budget receipts and expenditures of Re O si t d h e e n r tial construction:4 56 473 467 469 Ex U p . e n S d . i T tu r r e e a s s , u t r o y t : al 27 8.57 9.10 9.23 Contracts awarded (mill, dollars) :3 National defense 27,28 2.67 2.90 3.11 Dw O T 1 e - o t l h t l a i a e n n l r d g s 2 s -f t a a m rte il d y d (t w ho el u l s in . g u s n . i . t s . ). . . 5 5 5 5 7 7 7 7 3 2 2 5 6 5 1 5 6 6 2 1 2 7 5 5 3 1 2 0 2 1 5 8 4 6 1 8 6 3 V A I I n n l e t t l t e e e o r r r n e t a h s a n e t t s r i o o ' n n A a d d l e m a b i i t d n istration 2 2 2 2 8 8 8 8 1 1 1 . . . . 3 1 7 9 7 5 8 7 1 1 1 1 . . . . 6 4 6 4 5 5 1 1 1 1 1 1 . . . . 7 4 8 0 1 1 8 5 Value of construction activity (mill, Receipts: dollars): Net receipts 27 9.14 8.65 12.40 Total« 58 1,391 1,221 1,092 Individual income taxes 28 3.74 3.08 Nonresidential:« Corporate income, etc 28 2.71 2.72 Public 58 308 283 250 Miscellaneous internal revenue. . 28 2.09 2.24 2.01 Re P si r d iv e a n t t e ia l:« 58 530 484 463 A Ta ll x o r t e h f e u r n ds (deduct) 2 2 8 8 . . 2 8 5 5 . .1 7 2 4 i!66 Public 58 3 4 4 Private 58 550 450 375 Freight carloadings :3 MONEY RATES Per cent per annum Total (1935-39 =100) 59 137 131 126 Groups (points in total index): Bank rates on loans to business: Miscellaneous 59 80.9 77.3 74. All loans: Coal 59 27.9 27.7 26.4 19 cities 31 2.60 2.64 2.70 Allotber 59 28.7 26.0 24.4 New York City 31 2.32 2.34 2.42 Department stores: 7 Northern and Eastern cities 31 2.60 2.68 2.68 Indexes (1935-39 = 100) ;3 11 Southern and Western cities. . 31 3.01 3.02 3.12 Sales 60 310 '287 274 Stocks 60 306 '285 287 Loans of $l,000-$10,000: 296 stores: 19 cities 31 4.53 4.50 4.62 Sales (mill, dollars) 61 594 P264 253 New York City 31 4.40 4.23 4.22 Stocks (mill, dollars) 61 818 ••785 850 7 Northern and Eastern cities.... 31 4.55 4.51 4.63 Outstanding orders (mill, dollars) 61 292 '388 380 11 Southern and Western cities.. 31 4.57 4.62 4.79 For footnotes see p. 438. 437 APRIL 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 1949 Chart 1948 1949 book book page July- Oct.- Jan.- page July- Oct.- Jan.- Sept. Dec. Mar. Sept. Dec. Mar. QUARTERLY FIGURES—Cont. Per cent per annum 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 3.58 3.58 3.64 All corporations (bill, dollars)'. . . . 41 5.2 New York City 31 3.35 3.40 3.42 Large corporations, total (bill, dol- 7 Northern and Eastern cities. .. 31 3.58 3.60 3.66 lars) 41 1.5 1.6 11 Southern and Western cities. . 31 3.71 3.68 3.75 Durable manufacturing (mill, dollars) 41 610 698 Loans of $100,000-$200,000: Nondurable manufacturing (mill. 19 cities 31 2.92 2.97 2.89 dollars) 41 490 511 New York City 31 2.70 2.70 2.66 Electric power and telephone 7 Northern and Eastern cities.. . 31 2.91 2.97 2.89 (mill, dollars) 41 187 223 11 Southern and Western cities . . 31 3.07 3.14 3.04 Railroads (mill, dollars) 41 246 197 Loans of $200,000 and over: 19 cities 31 2.29 2.34 2.42 Annual rates, New York City 31 2.13 2.16 2.25 GROSS NATIONAL PRODUCT, ETC. in billions of dollars 7 Northern and Eastern cities.... 31 2.34 2.44 2.44 11 Southern and Western cities.. 31 2.56 2.57 2.71 ross national product 8 42 258.1 264.9 Govt. purchases of goods and serv- In unit indicated ices 42 38.2 41.5 BUSINESS FINANCE Personal consumption expenditures 42 180.1 181.0 Durable goods 44 23.7 22.9 Nondurable goods 44 104.3 105.1 Corporate security issues: Services 44 52.1 53.0 Total (bill, dollars) • 36 1.27 1.87 Private domestic and foreign invest- New money, total (bill, dollars)«... 36 1.05 1.77 ment 42 39.9 42.4 Type of security (bill, dollars): Gross private domestic invest- Bonds 36 .91 1.57 ment: Preferred stock 36 .06 .07 Producers' durable equipment. 43 21.9 22.7 Common stock 36 .08 .11 New construction 43 14.8 14.7 Use of proceeds (mill, dollars): Change in business inventories. 43 3.5 5.3 Plant and equipment: Net foreign investment 43 -.3 -.4 All issuers 37 765 1,451 Personal income, consumption, and Public utility 37 442 898 saving:8 Railroad 37 138 117 Personal income 45 216.3 219.6 Industrial 37 185 435 Disposable income after taxes 45 196.2 199.4 Working capital: Consumption expenditures 45 180.1 181.0 All issuers 37 280 316 Net personal saving 45 16.1 18.4 Public utility 37 6 4 Railroad 37 60 Bonds I ( n b d il u l, s d tr o ia ll l a rs): • 37 '204 233 1947 1948 Public 36 .64 .86 Corpor P at r e i va as te s ets and liabilities (bill, 36 .47 .81 J 3 u 0 ne D 3 e 1 c. J 3 u 0 ne dollars):« Current assets, total 38 123.3 SEMIANNUAL FIGURES Cash 38 22.8 U. S. Goyt. securities 38 13.0 In billions of dollars Inventories 38 44.6 INSURED COMMERCIAL BANKS Receivables 38 41.3 Loans: Current liabilities, total 38 57.9 Commercial 11 14.77 18.01 17.83 Notes and accounts payable 38 36.2 Agricultural 11 1.55 1.61 1.97 Federal income tax liabilities.... 38 10.6 Real estate 11 8.20 9.27 10.10 Net working capital 38 65.4 Consumer 11 4.89 5.65 6.41 Plant ( bil a l n , d d ol e l q ar u s i ) p : m «& ent expenditures Fo T r o p u b r r c o h k a e s r i s n g a n s d e c d u e r a i l t e ie rs s : 11 1.52 .82 1.18 All business 39 '5.4 '4.7 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 '3.8 '3.2 Other securities 11 3.47 3.62 3.50 Manufacturing and mining 39 2.3 '2.1 Corporate profits, taxes, and dividends '2.5 (annual rates, bill, dollars): • Profits before taxes 40 '34.0 Profits after taxes (dividends and undistributed profits) 40 '20.8 Undistributed profits 40 '13.1 • Estimated. v Preliminary. ' Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 For charts on pp. 22, 29, and 34 figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 3 Adjusted for seasonal variation. 4 The chart "Residential Construction Contracts Awarded," shown on p. 57, is replaced in the April issue of the Chart Book by a chart on "Residential Construction." 5 Estimates for April-June 1949 quarter are (in billions of dollars): All business, 4.8; manufacturing and mining, railroads and utilities, 3.3; manufacturing and mining, 2.1. * 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. 438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT 1948 1949 1948 1949 Chart Chart book book page1 Dec. Jan.p Feb.? page1 Dec. Jan.p Feb.? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 15,893 15,340 14,931Consumer instalment sale credit out- Instalment credit, total 3, 5 8,174 8,020 7,948 standing, cumulative totals:2—Cont. Instalment loans 5 4,072 4,052 4,029 Furniture and household appli- Instalment sale credit 5 4,102 3,968 3,919 ance stores 2,141 2,003 1,919 Charge accounts 3 3,854 3,457 3,176 Department stores and mail- Single-payment loans 3 2,902 2,900 2,853 order houses 1,428 1,332 1,267 Service credit 3 963 963 954 All other 554 516 487 Consumer credit outstanding, cumu- Consumer instalment sale credit lative totals:2 granted, cumulative totals:3 Instalment credit 4 15,893 15,340 14,931 Consumer instalment loan credit out- Charge accounts 4 7,719 7,320 6,983 standing, cumulative totals:2 Single-payment loans 4 3,865 3,863 3,807 Commercial and industrial banks. 4,072 4,052 4,029 Service credit 4 963 963 954 Small loan companies 2,159 2,145 2,134 Consumer instalment sale credit out- Credit unions 1,342 1,333 1,329 standing, cumulative totals:2 Miscellaneous lenders 1,030 1,024 1,021 Automobile dealers 6 4,102 3,968 3,919 Insured repair and modernization loans 739 735 732 P Preliminary. 1 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 be available in the BULLETIN for May. APRIL 1949 439 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 Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s United States total: Dec. 31, 1945 14,002 3,947 11,869 3,616 6,877 2,909 4,992 707 2,133 331 Dec. 31. 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 741 2,086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948r.... 14,072 4,333 12,061 4,015 6,912 3,197 5,149 818 2,011 318 Feb. 28, 1949?... 14,061 4,371 12,064 4,053 6,905 3,228 5,159 825 1,997 318 By districts and by States Feb. 28, 1949? District Boston 492 304 492 304 333 225 159 79 New York 907 863 907 863 782 800 125 63 Philadelphia 840 142 840 142 644 105 196 37 Cleveland 1,132 278 1,132 278 704 239 428 39 Richmond 1,009 469 800 347 479 225 321 122 209 122 Atlanta 184 178 562 142 348 125 214 17 622 36 Chicago 487 581 2,433 557 1,001 231 1,432 326 54 24 St. Louis 468 135 1,130 76 494 40 636 36 338 59 Minneapolis 1,278 112 622 44 477 26 145 18 656 68 Kansas City 1,749 9 1,740 9 760 6 980 3 9 Dallas 1,016 41 907 32 618 19 289 13 109 San Francisco 499 1,259 499 1,259 265 1,187 234 72 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' California 193 921 193 921 114 877 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 182 2 119 2 73 2 46 63 Georgia 394 31 100 27 65 26 35 294 Idaho 45 51 45 51 27 46 18 Illinois 882 3 880 3 504 3 376 Indiana 485 98 485 98 235 42 250 56 Iowa 666 162 666 162 164 502 162 Kansas 608 606 214 392 2 Kentucky 383 39 383 39 112 25 271 14 Louisiana 161 66 58 43 46 37 12 6 ioi' 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 6 207 6 58 414 Mississippi 203 61 39 12 31 5 8 164 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 646 733 646 733 567 682 79 51 North Carolina 209 184 94 66 54 36 40 30 115 118 North Dakota 150 24 61 6 42 19 6 89 18 Ohio 665 207 665 207 425 180 240 27 Oklahoma 383 1 375 1 225 1 150 Oregon 68 91 68 91 30 84 38 7 Pennsylvania 977 169 977 169 748 142 229 27 Rhode Island 18 42 18 42 10 31 8 11 South Carolina 149 39 61 35 32 29 29 6 4 South Dakota 170 48 70 23 62 20 3 100 25 Tennessee 293 82 199 69 82 54 117 15 94 13 Texas 896 3 838 3 567 3 271 58 Utah 55 23 55 23 31 21 24 ' 2 Vermont 69 11 69 11 40 2 29 9 Virginia 314 97 309 97 204 50 105 47 Washington 122 124 122 124 53 117 69 West Virginia 181 180 109 71 7 1 Wisconsin 550 150 443 101 164 21 279 107 49 Wyoming 55 55 41 14 80 P Preliminary. r Revised. 1 Excludes mutualjsavings 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. 440 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. .. 442 Gold production . . 443 Gold movements 443 International capital transactions of the United States.... 444-449 International Monetary Fund and Bank. .. 450 Central banks 450-454 Money rates in foreign countries. .. 455 Commercial banks 456 Foreign exchange rates. ., 457 Price movements: Wholesale prices 458 Retail food prices and cost of living. .. 459 Security prices . 459 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. APRIL 1949 441 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 St n a i t t e e s d t g A i 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 D a en rk - Egypt France m G a e n r- y Greece H ga u r n y - 1940—Dec 21,995 416 734 51 144 30 17 1 58 52 52 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—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 44 289 32 53 548 34 Nov.. . . 24,166 140 634 317 289 32 53 548 34 Dec. .. 24,244 624 317 408 43 32 548 35 1949—Jan 24,271 633 317 44 32 548 35 Feb 24,290 635 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 » - 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 *164 235 47 575 23 58 21 182 366 42 1942—Dec 274 34 141 s 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—Mar 274 127 28 87 193 23 66 20 184 215 438 111 Apr. 274 127 28 86 182 23 66 20 181 216 446 111 M^ay 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 P20 167 234 111 Nov 261 124 40 170 23 52 P20 163 194 111 Dec 256 66 166 23 52 183 111 1949—jan 251 66 166 23 52 187 Feb P247 166 End of month S d w e e n - S la w e n r i - d tz 6 - T k u ey r- U K d n o i i n m t g e 7 - d g U u r a u y - V zu e e n l e a - Y sl u av g i o a - B.I.S. O c tr o t i u h e n s e 8 - r Government g p o r ld e v r io e u se s rv f e ig s u 1 re 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 6 5 6 0 5 2 9 8 2 8 1 9 0 0 0 2 4 9 1 5 8 8 2 3 1 1 2 2 1 1 7 6 0 6 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 1940--Aug 2 293 1945—Dec 482 1,342 241 195 202 39 247 Dec 48 292 17 1946—Dec 381 1,430 237 200 215 32 240 1941—-Sept.. . . 24 2 151 1947—Dec 105 1,356 170 175 215 30 240 Dec 25 17 1942--Dec 12 17 1948—Mar 97 1,353 171 200 240 40 242 1943--Dec 43 17 Apr 96 1,352 168 203 243 39 243 1944--Dec 12 32,354 214 17 J M u a n y e . . . . . .. . 9 8 3 5 1 1, , 3 3 4 5 5 1 1 1 6 6 8 4 2 2 0 0 3 3 2 2 6 6 3 3 3 3 2 0 2 2 4 4 4 4 1 1 9 94 4 6 5 - -- - D Ju e n c e... . 7 1 1 8 3 3 2 2 , , 3 1 4 9 1 6 457 17 July 81 1,322 164 198 304 31 244 Dec 177 32,587 Aug 81 1,332 161 187 304 31 245 -Mar.... 163 32,345 O Se c p t t 8 8 1 0 1 1 , , 3 3 7 7 2 1 1 1 6 6 0 0 1 1 1 17 8 2 1 3 3 0 0 4 4 3 3 8 7 P 2 2 4 4 5 5 1947- J S u ep n t e... . 1 12 5 9 1 3 3 2 2 , , 3 3 8 4 2 1 Nov 81 1,383 160 1 166 324 44 P245 Dec 114 32,035 Dec 81 1,387 162 1 P164 323 36 P245 -Mar 79 32,2OO 1949— F Ja e n b , , 8 8 0 0 162 1 1 3 3 2 2 3 3 3 4 6 1 P P 2 2 4 4 5 5 1948- J S u ep n t e.... 2 1 0 8 8 8 3 21 1 ,7 ,8 3 8 3 6 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.' I lay 1 e R d e b p a o s r i t s e : d U . a t S .— inf 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 li ls z at o i 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 3.544 1 (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 re ta a b s i u l r iz y a . tion 1 Total gold holdings are not available. Beginning April 1946, the series is new and repre 2 Figure for first of month. sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. 3 Gross official holdings of gold and U. S. 4 Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported sepa dollars as reported by British Government; total rateiy. British holdings (official and private) of U. S. 6 Figures relate to last official report dates for the respective countries, as follows: Java- dollars, as reported by banks in the United Jan. 31, 1942; Yugoslavia—Feb. 28, 1941. States, are shown in table on p. 447. 6 Beginning December 1943, includes gold holdings of Swiss Government. NOTE.—For details regarding special internal 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to Britisli gold transfers affecting the British and French Exchange Equalization Account during 1939. institutions, seep. 450, footnote 4, and p. 451, 8 For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7. footnote 6. For available back figures, see NOTE.—For gold holdings of International Fund and Bank, see p. 450. 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. 442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Production reported monthly Estimated Year or pro w d o u r c ld tion Total Africa :North and South America Other month outside reported U.S.S.R.i monthly A So fr u ic th a d R e h s o ia - A W fr e ic s a t * B C e o l n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au l s ia t " ra- India7 a erains of gold 9/io fin*'," ».e., an ounce ojf fine golcl=$35. 1938 1,142,400 968 4?S 649 ?fl,532 ?4,670 16,564 178,143 16S 379 32.306 18.225 10 ?90 1,557 55,721 11,?84 1939 1,219,400 1,031,214 448,753 28,009 28,564 18 258 196 391 178 303 29 426 19 951 11,376 3,506 57,599 11,078 1940 1,311,450 1,106 447 491 6?8 ?<i,155 S?,163 19 41 S 109 18S 890 SO878 117 11 999 s 57,540 10 1941 1,265,600 1,110 379 S04 ?68 77,765 32.414 19 S71 ?09 175 187 081 ?7 969 22 961 9 ?S9 7 s?s 52,384 10 008 1942 1,130,115 982 no 494 439 ?f ,641 29,225 17 99? no 963 169 446 ?8 018 ?0 88? 6 409 8 40,383 9* 1943 880,495 774 086 448 153 23.009 19,740 IS 791 48 808 796 081 19 789 6 081 7 71 S 26,295 8 878 1944 794,080 702 5S4 4?9 787 20,746 18,445 747 35 778 10? SO? 17 79 S 19 S74 7,m 7,865 22,990 6 577 1945 745,430 683 011 4? 7 86? 19,888 18,865 1? 144 3? S11 94 S8S 17 4S8 17 7S4 6 6,98S 23,002 S 89S 1946 762,195 696 998 417 647 19,061 20,475 11 S96 si 18? 99 14 70S is S01 8,068 6 28,857 4,61? 1947 705 ,458 004 18.296 19.320 10 780 75 786 107 43? 16 ?S0 IS 406 S 908 7 403 32,818 6 OSS 1948—Jan 60,377 34,775 1,504 1,890 910 6 042 9,568 658 1,124 369 648 2,433 455 Feb 57 3? 459 L,442 1,820 840 s 489 9 1S6 1 S67 1 288 682 1,945 420 Mar 60,861 34,384 1,431 L,820 910 6,372 10,070 1,166 809 474 634 2,266 525 Apr 59 S64 34 175 1,477 1,855 945 s 6 SO 10 on 879 71S 494 652 2,187 S?S May 61,213 34,368 L,539 1,855 910 6,078 10,047 1,324 916 602 611 2,438 525 June 60 m 941 1,462 1,925 980 s 719 10 91S 701 4SS SO? 2,842 490 July 64,486 34,544 1,564 1,995 910 6,180 10,367 2,342 1,190 407 647 3,782 560 Aug 62 3S 7?0 1,443 2.030 980 7 661 10 689 578 966 392 687 2,642 595 Sept 61,757 33,345 L.462 2,065 945 7,388 10,322 1,078 999 448 666 2,478 560 Oct. 33,384 1,566 2,030 875 6,540 10,742 1,009 920 736 560 Nov 33,244 L ,539 2,065 910 5,306 10,897 1,178 450 625 560 rw 33,130 2,030 945 5,047 11,443 826 613 595 1949—Tan. 32 881 2,030 1,015 3,864 659 595 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage 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. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 8 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1947 having been revised by subtracting from each monthly figure $452,705 to that aggregate for the year is equal to the annual estimate compiled by the United States Mint. 6 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 for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: m Y o o e n r a t r h im T n p o e o t t a r l ts U K d n i o i n m t g e - d France g B iu e m l- N la e e n r t d - h s - S d w e e n - 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 e i- - P p R i h i p e n 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 88 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 *-133,47l 1946. . . 311,494 458 -14 -6 344,130 -134,002 3,591 -403 -156 41 118,550 -2,613 2-18,083 1947. . .1,866,348 488,433 162,941 327,990 445,353 335,505 -7,110 10,684 -3,508 124410,691 -4,423 3 -337 1948. . . n, 680,404 rl,095,389 -43 135,542 34,409 -29,723 103,280 15,757 4-95,780 -2,525 557 491,494 5-67,952 1948 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 97 C39,361 '-1,136 June. . . 177,741 177,829 26 -12,031 1987-27,736 -144 40,764 -1,167 July.... 266,691 178,038 "{',437 30,512 6,942 3,904 6,523 -53 4 40,463 -1,078 Aug.. . . 39,078 4,400 698 5,937 9,7067-35,822 -56 60,625 -6,412 Sept 53,290 1,184 -22 5,159 11,212 676 23,730 57 3,068 -272 33,489 8-24,991 Oct 121,571 40,678 -21 5,695 5,746 331 20,519 255 2,905 -119 i27 52,036 8-6,581 Nov.... 54,224 27 5,769 8,848 2607-13,895 73 7 57,307 8-4,171 Dec r88,018 ' "'66',876 485 2917-17,795 -23 89 47,138 -3,042 1949 Jan 66,213 20,294 33 22 279 395 -1,650 369 23 46,693 -243 Feb P 21,479 344 353 1,204 192 27 21,134 -1,774 p Preliminary. r Revised. c Corrected. 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, e 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. APRIL 1949 443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES Increase in foreign banking Increase in Decrease Foreign Domestic From Jan. 2, 1935, funds in U. S. funds of in- in U. S. securities: securities: Inflow in through— Total i t n e s rn ti a tu ti t o io n n al s b f a u n n k d i s ng o R f e U tu . r n S. In f f o l r o e w ig n of b b r a o l k a e n r c a e g s e Total Official i Other in U. S. abroad funds funds 1935—Dec. (Jan. 1, 1936) 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 ,162.0 47.5 1938—Dec. (Jan. 4, 1939) 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 ,219.7 47.6 1939—Mar. 29 4,279.4 1,829.4 393.2 1,436.2 550.5 646.7 ,188.9 63.9 June 28 4,742.0 2,194.6 508.1 1,686.5 607.5 664.5 ,201.4 74.0 Sept. 27 5,118.2 2,562.4 635.0 1,927.3 618.4 676.9 ,177.3 83.1 Dec. (Jan. 3, 1940) 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 ,133.7 80.6 1940—Mar. (Apr. 3) 5,207.8 2,630.9 631.0 1,999.9 631.6 761.6 1,095.0 88.7 June (July 3) 5,531.3 2,920.7 1,012.9 1,907.8 684.1 785.6 1,042.1 98.9 Sept. (Oct. 2).... 5,831.2 3,175.9 1,195.4 1,980.5 773.6 793.1 987.0 101.6 Dec. (Jan. 1, 1941) 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Mar. (Apr. 2) 5,607.4 3,229.7 1,388.6 1,841.0 767.4 812.7 701.8 95.9 June (July 2) 5,660.1 3,278.0 1,459.8 1,818.2 818.6 834.1 631.2 98.2 Sept. (Oct. 1) 5,612.6 3,241.8 ,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 ,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1).... 5,219.3 2,820.9 ,068.9 1,752.0 819.7 849.6 624.9 104.3 June 30 2 5,636.4 3,217.0 ,352.8 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 ,482.2 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 1,557.2 1,908.3 848.2 673.3 104.4 1943—Mar. 31 6,292.6 3,788.9 1,868.6 1,920.3 898.7 810.5 685.9 108.6 June 30 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Mar. 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 June 30 8,422.8 5,671.0 3,313.2 2,357.9 ' 760.4 1,011.2 848.4 131.8 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Mar. 31 8,730.8 6,098.8 3,384.6 2,714.1 70.6 703.6 1,073.0 645.1 139.9 June 30 8,338.2 5,662.7 2,852.0 2,810.7 190.8 624.5 1,103.9 615.0 141.4 Sept. 30 8,250.1 5,681.7 2,834.4 2,847.3 249.1 519.8 1,170.7 478.3 150.4 Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 i947—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 1,230.3 338.8 159.9 Dec. 31 8,335.2 4,120.3 1,121.8 2,998.5 2,242.0 186.5 1,276.9 4367.0 142.4 1948—Jan. 31 8,186.2 4,094.8 1,137.2 2,957.6 ,185.0 118.5 1,287.7 4359.6 140.6 Feb. 29 8,228.1 4,235.0 1,270.7 2,964.3 ,124.6 100.7 1,292.4 4340.3 135.2 Mar. 31 8,171.7 4,370.6 1,346.4 3,024.2 ,985.3 63.7 1,296.4 4312.3 143.3 Apr. 30 7,962.0 4,250.1 1,281.8 2,968.3 ,955.2 34.0 1,304.3 4272.4 146.1 May 31 7,870.0 4,285.9 1,299.0 2,986.9 ,935 -15.3 1,304.0 4213.6 146.8 June 30 7,946.0 4,351.9 1,352.3 2,999.6 ,907 35.7 1,304.5 4203.9 142.2 July 31 8,043.6 4,432.9 1,389.3 3,043.6 ,909 68.6 1,309.8 4189.7 133.5 Aug. 31 7,929.8 4,522.1 1,513.9 3,008.2 ,898 54.0 1,159.1 4166.2 129.6 Sept. 30 7,981.8 4,570.3 1,547.6 3,022.7 ,895 68.7 1,165.4 4157.9 124.5 Oct. 31 8,073.5 4,651.7 1,685.0 2,966.7 ,899 69.6 1,168.5 4162.6 121.5 Nov. 30, 8,237.3 4,770.6 1,796.9 2,973.7 ,880.6 103.8 175.9 4181.8 124.6 Dec. 31P 8,541.6 5,096.8 2,103.4 2,993.5 1,844.3 113.2 1,177.9 M86.2 123.1 1949—Jan. 31 P 8,630.5 5,200.8 2,211.5 2,989.3 1,914.2 139.5 31,182.7 4 75.1 118.2 P Preliminary. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at 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 net inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, 81.6 million from Oct. 31 through Dec. 31, 1948, and 7.2 million for Jan. 31, 1949, 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. 444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES United Neth- Switz- Other Total Can- Latin All From Jan. 2, 1935, through— Total 1 K do in m g- France la e n r d - s la e n r- d Italy Europe Europe ada America Asia other 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 1 I9 9 4 4 4 3 — — D D e e c c 3 3 1 1 7 7, , 7 2 2 6 8 7 .1 4 1 1 ,2 0 5 9 7 0 . 7 0 6 58 3 5 6 .8 7 4 50 8 6 7 .7 2 6 66 2 4 9 .1 3 4 6 8 3 . . 2 1 1 1 , , 1 1 3 72 3 . . 5 3 4 4 , , 1 0 9 8 2 1 . . 8 8 9 7 7 6 6 0 . . 4 3 1,1 9 9 5 3 1 . . 7 0 1 1 , , 2 1 7 6 3 1 .6 6 2 20 0 3 1 .4 0 1945—Dec 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1,338.4 1,784.1 247.5 I945—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 I947—Dec 31 . .. 6,093.1 437.0 234.3 213.8 839.3 150.1 1,100.6 2,975.1 688.6 1,383.4 975.8 2 70.2 1948—Feb 29 6,103 5 523.9 161.8 188.7 840.0 180.7 1,100.8 2,995.9 721.5 1,364.9 931.9 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 1,368.0 938.9 285.3 Apr 30 6,006 8 488.8 97 9 150.0 850.6 205.8 1,072.8 2,865.8 838.4 1,360.8 892.1 2 49.7 May 31 5,934.9 449.9 64.8 125.2 860.9 216.6 1,066.7 2,784.2 878.7 1,329.5 893.6 2 49.0 June 30 . . .. 6,038 2 558 0 59 5 120.1 858.3 210.2 1,003 4 2,809 .4 911.2 1.384.0 897.5 2 36.1 July 31 6,134.5 489.4 51.6 102.1 863.4 238.7 1,004.6 2,749.7 938.2 1,381.1 1,009.8 255.7 A Se u p g t . 3 3 0 1 6 6 ,0 0 8 3 6 0 .7 9 4 4 8 6 6 2 .5 8 5 4 6 4 6 9 9 8 2 6 .6 8 8 8 5 2 3 9 .9 1 2 3 7 0 0 7 .1 0 1, 9 0 7 0 5 6. 0 2 2 2 , , 7 7 3 3 4 6 . . 6 9 8 8 1 4 6 9 . . 3 3 1 1 , , 4 4 2 4 0 1 . . 5 0 9 9 9 9 7 9 .0 9 2 2 6 6 1 0 . . 5 4 Oct. 31 6,173.9 479.5 51.3 76.0 823.8 316.4 1,019.3 2,766.2 868.0 1 ,464.2 1,001.8 2 73.8 N De o c v . 3 3 0 1 P 6 6 , , 3 6 5 9 6 7 .3 7 5 6 0 5 0 3 .6 9 5 8 7 5 .0 7 1 8 0 8 4 .3 2 8 83 1 0 8 . . 2 5 3 3 3 3 0 5 . . 3 9 1 1 , , 0 1 7 1 5 7 . . 1 1 2 3, , 1 8 2 7 6 0 . . 1 6 9 9 3 45 0 . . 1 3 1 1 , , 4 5 4 0 8 3 . . 5 6 1 1, , 0 0 5 4 4 4 . . 9 1 2 2 6 6 7 3 . . 7 1 1949—Jan. 31?. 6,716.3 676.3 62.0 128.0 850.9 383.1 1,142.4 3,242.8 974.6 1,523.4 990.32 -14.8 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through- Total U K d n i o 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 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31. . 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31.. 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31.. 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31.. 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 ,414.2 924.9 ,369.1 212.9 1946—Dec. 31.. 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 ,135.7 263.9 1947—Dec. 31.. 4.120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 ,095.0 877.3 224.9 1948—Feb. 29.. 4,235.0 343.6 124.3 112.3 446.7 163.4 579.5 1,769.9 322.7 ,067.5 840.3 234.5 Mar. 31.. 4,370.6 383.9 107.0 114.5 454.2 167.0 587.3 1,813.8 400.0 ,087.0 842.4 227.5 Apr. 30.. 4,250.1 314.9 94.9 108.2 471.1 184.1 576.1 1,749.4 429.0 ,097.3 783.7 190.7 May 31.. 4,285.9 279.4 82.6 93.6 515.8 195.5 568.0 1,734.9 462.6 ,085.5 809.6 193.3 June 30.. 4,351.9 384.4 87.0 96.3 527.1 192.4 498.4 1,785.7 483.6 ,104.0 804.1 174.5 July 31.. 4,432.9 311.2 82.9 93.9 534.9 216.7 496.5 1,736.1 508.7 ,081.2 914.5 192.3 Aug. 31.. 4,522.1 310.6 87.9 106.1 535.9 251.0 483.9 1,775.3 548.4 ,104.7 894.2 199.5 Sept. 30.. 4,570.3 284.6 79.5 98.4 515.1 285.2 506.1 1,768.9 578.0 ,102.7 924.4 196.3 Oct. 31.. 4,651.7 301.2 86.4 91.2 512.0 295.1 520.0 1,805.9 593.8 ,139.7 904.6 207.8 Nov. 30.. 4,770.6 318.9 93.8 95.3 497.5 310.4 551.9 1,867.9 657.1 ,106.2 940.8 198.6 Dec. 31P. 5,096.8 478.8 114.1 106.1 511.2 313.2 573.9 2,097.4 664.2 ,165.4 971.2 198.6 1949—Jan. 31?.. 5,200.8 500.7 89.8 111.3 530.3 363.9 594.9 2,190.9 731.8 ,173.3 913.5 191.3 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 1943—Dec. 31 877.6 272.1 77.9 18.3 5.1 26.2 256.8 656.5 55.1 55.7 102.7 7.5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—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—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. Nov. 30 103.8 273.7 -44.9 -40.4 1.6 8.2 184.9 383.0 52.9 -342.4 22.0 -11.7 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 1949—Jan. 31 v 139.5 267.8 -36.9 -12.8 6.9 207.8 434.6 52.0 -338.5 -9.4 P Preliminary. 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of movement in banking funds of international institutions. 2 See Table 1, footnotes 3 and 4. APRIL 1949 445 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 e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asia o A th l e l r 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.. 1,276.9 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 1-220.9 1948—Feb. 29.. 1,292.4 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.. 1,296.4 92.0 46.1 -5.9 7.4 26.5 277.8 443.9 458.6 549.3 62.0 217.5 Apr. 30.. 1,304.3 90.7 45.2 -6.2 3.7 26.5 278.4 438.2 467.0 552.9 62.1 1-215.8 May 31.. 1,304.0 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.. 1,304.5 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.. 1,309.8 87.5 43.3 -8.1 -10.7 26.5 280.0 418.5 477.4 565.2 62.4 1-213.8 Aug. 31.. 1,159.1 87.3 43.2 -8.7 -13.9 26.5 280.6 415.1 327.7 567.3 62.5 1-213.5 Sept. 30.. 165.4 86.5 43.2 -8.8 -15.2 26.6 281.1 413.4 331.8 570.7 62.6 1-213.1 Oct. 31.. 168.5 86.0 43.0 -8.6 -16.3 26.5 281.7 412.3 334.6 571.8 62.6 1-212.8 Nov. 30., 175.9 85.6 43.1 -8.7 -17.4 26.5 282.3 411.5 338.8 575.4 63.0 1-212.7 Dec. 31P. 177.9 84.9 42.9 -9.1 -19.0 26.5 283.0 409.2 339.7 578.3 63.2 1-212.4 1949—Jan. 31P. 1,182.7 84.8 42.8 -9.3 -18.7 26.6 284.0 410.2 341.5 580.0 63.2 1-212.1 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C 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. 31 626.7 -70.1 74.9 236.7 336 4 — .1 37 1 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673.3 -77.6 80.5 236.9 360.5 -.1 44.4 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701 1 -100.3 82 7 239 9 367 3 6 55 4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec. 31 798 7 -157.9 81 7 233.5 355 4 2 2 68 0 582.9 -126.6 81.3 251.3 9.9 1946—Dec 3i 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. 3i 2367.0 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 2 85.6 1948—Feb. 29 2 340 3 —203 6 6 6 102 9 343 2 -15 2 43 8 277 6 -142.3 91 0 28 6 2 85.3 Mar 31 2312.3 -204.4 -4.7 96.7 336.7 -16.2 44.0 252.1 -144.3 90.3 28.9 285.4 Apr. 30 . .. 2272.4 -203.6 -24.5 78.0 330.4 -16.2 43.5 207.7 -142.0 90.6 31.0 2 85.1 May 31 2213.6 -202.9 -37.0 66.5 304 2 -15.2 45.4 161.0 -142.1 83.9 30.1 280.6 June 30 2203.9 -202.3 -41.3 58.8 297.3 -15.1 44.2 141.6 -132.6 81.7 27.9 285.4 July 31 2 189 7 — 197 0—46 9 45.7 298 2 -15.1 43 7 128.5 -137.1 83.1 29.2 285.9 Aug. 31 2166.2 -196.2 -48.0 41.2 294.8 -15.3 44.3 120.8 -147.2 82.4 24.1 2 86.1 S O e c p t. t . 3 3 0 1 2 2 1 15 6 7 2 .6 9 — -1 9 1 5 96 .5 3— -5 4 1 9 .2 .7 3 3 8 4 . . 3 5 2 3 9 0 5 0 .2 9 - - 1 1 5 5 . . 6 3 4 44 4 . . 7 7 1 1 1 1 7 7 . . 5 4 — -1 4 1 2 47 .6 .4 8 8 3 4. . 7 3 1 15 7 . . 9 1 2 28 8 8 6 .4 .2 Nov. 30 2 181 8 — 194.1-51.0 32.4 312 2 -15 3 45.1 129.3 -137.2 89.7 11.3 2 88.6 Dec. 31* 2186.2 -194.7 -46.9 30.7 309.3 -15.0 45.7 129.1 -131.5 94.4 5.1 2 89.2 1949—Jan. 31 P 275.1 -194.0 -50.2 29.0 312.2 -14.7 45.3 127.6 -170.2 97.1 5.7 M4.9 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec 31 104 4 17 4 20.7 17.5 13.7 .2 8.5 78.1 15.2 4.2 6.0 .9 I943—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—Feb 29 . . .. 135 2 17.4 18.9 12.2 37.2 .4 13.1 99.3 19.1 9.7 6.6 .6 Mar. 31 143.3 17.8 18.9 13.6 41.1 .5 13.1 105.1 19.2 10.7 7.7 .7 Apr 30 146 1 18.4 19 2 11 7 43.4 .7 13.1 106.4 19.1 11.7 7.6 1.1 May 31 146.8 17.6 18.4 12.3 43.6 .4 12.0 104.3 20.2 14.1 7.6 .6 June 30 142 2 17 8 18 3 12.4 40.8 .4 11.1 100.8 20.6 12.6 7.6 .6 July 31 133.5 17.5 18.2 10.9 39.9 .5 11.4 98.3 20.2 7.7 6.8 .5 Aug. 31 129.6 16.7 17.6 10.9 35.6 .4 11.4 92.6 19.3 10.0 7.3 .5 Sept 30 . .. 124 5 16.5 17.2 9.6 33.6 .5 11.6 89.1 19.6 8.3 7.0 .5 Oct 31 121.5 16.6 17.0 10.0 27.0 .5 11.4 82.6 18.4 13.0 6.9 .6 Nov. 30 124.6 16.8 16.6 9.5 24.6 .5 10.9 78.9 18.6 19.7 7.0 .4 Dec 31*> 123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 I949—jan# 31P 3118.2 17.0 16.6 9.7 25.3 .4 10.5 79.5 19.6 11.4 7.1 .5 v 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 net inflow of 74.5 million dollars from Dec. 31, 1947, through May 31, 1948, 79.5 million from June 30 through Sept. 30, 81.6 million from Oct. 31 through Dec. 31, 1948, and 7.2 million for Jan. 31, 1949, resulting from net purchases of domestic securities by international institutions. 3 Amounts outstanding Jan. 31 (in millions of dollars): foreign brokerage balances in United States, 67.0; United States brokerage balances abroad, 25.7. 446 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 l Date t t i e i n o r s n n t a i a - l - Official U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h 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. 31. 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31. 4,205.4 2,244.4 554.6 432.3 186.6 184.2 12.1 650.9 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31. 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.71,108.8 175.3 1944—Dec. 31. 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.31,069.2 174.0 1945—Dec. 31. 6,883 .1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522.2 ,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. ,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 ,216.61,057.9 193.7 1948—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 ,189.0 ,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 ,208.5 ,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 ,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 ,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 ,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 ,202.7 ,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 ,226.2 ,074.8 168.3 Sept. 30. 1,915.1 5,304.4 2,257.9 346.0 159.6 115.0 528.7 305.5 669.3 2,124.1 686.0 ,224.3 ,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 ,261.2 ,085.2 176.6 Nov. 30.. 1,900.6 5,504.8 2,507.2 380.3 174.0 111.9 511.1 330.7 715.2 2,223.2 765.1 ,227.7 ,121.5 167.4 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 ,287.0 ,151.8 167.4 1949—Jan. 31 P. 1,934.1 5,934.9 2,921.8 562.0 169.9 127.9 544.0 384.2 758.1 2,546.1 839.8 ,294.9 ,094.1 160.1 LIABILITIES—SUPPLEMENTARY DATA Other Europe 3 Other Bel- Den- Fin- Ger- Luxem- Nor- Portu- Ru- Yugo- All Date Europe gium mark land many* Greece bourg way gal mania Spain Sweden USSR slavia other 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—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. 30. .. 715.2 112.6 46.1 17.1 153.2 21.9 16.0 72.7 42.1 7.7 18.2 42.5 28.5 24.8 111.8 Dec. 31P. . 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 1949—Jan. 31 P. . 758.1 129.0 48.8 17.2 186.2 23.7 14.1 77.5 42.4 5.9 16.1 53.1 22.7 14.9 106.5 Latin America3 Neth- French er- West lands Other ^atin Argen- Bo- Co- Costa Indies Mex- West Pana- Vene- Latin uate Amer- tina livia Brazil Chile lom- Rica Cuba and ico Indies ma Peru zuela America bia Gui- and ica ana Surinam 1942—Dec. 31. . . 597 7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95 7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31. .. 693 7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31. . . 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83. 1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31. .. 1,046 4 77.3 14.5 195.1 66.3 79.2 6.9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144.8 1946—Dec. 31. .. 1,104 8 112.6 14.0 174.0 50.7 57.8 7.7 153.5 5.4 152.2 16.1 77.2 40.9 74.0 168.7 1947—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—Feb. 29. .. 1,189 0 213.0 14.3 123.2 41.1 43.4 9.8 225.5 1.8 131.7 18.3 72.9 40.0 75.3 178.7 Mar.31. .. 1,208 5 204.4 15.1 124.5 43.9 27.2 9.8 259.7 1 9 132.4 17.4 78.2 37.8 65.5 190.7 Apr 30. .. 1,218 8 202.4 15.7 112.3 50.5 26.9 10.4 272.6 1 7 119.6 17.2 79.2 33.6 84.5 192.2 May 31. .. 1,207.0 185.2 13.5 125.1 48.6 40.2 12.2 255.3 1 3 134.2 19.3 80.3 39.5 58.8 193.6 June 30. .. 1,225 6 187.3 14.3 115.8 53.0 48.4 10.0 228.8 9 126.2 18.1 79.7 38.4 110.3 194.3 July 31. .. 1,202 7 189.8 12.1 113.8 60.2 48.7 9.0 225.6 1 1 135.4 18.4 73.1 45.1 76.0 194.5 Aug.31. .. 1,226 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. . . 1,224.3 208.2 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. .. 1,261.2 224.8 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. .. 1.,227.7 210.0 16.2 131.3 52.9 50.5 8.0 217.3 1 2 145.7 22.3 69.8 50.5 77.9 174.2 Dec. 31P. . 1,287.0 215.8 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 1949—Jan. 31P. . 1,294.9 225.7 16.4 119.6 54.5 55.5 9.7 218.8 9 142.9 24.8 72.2 51.0 122 .4 180.6 For footnotes see following page. APRIL 1949 447 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 l China Egypt Date Asia M c a r h n i a u a d n - - F C I r n h e d i n n o c a - h H K o o n n g g India l M B a is y r a h i a - t- Japan I n n e d s o ia - i p P p R u h p b e i i - l l n i - c eT k u ey r-O A t s h i e a r 2 o A th l e l r A t l u r ia a s- - N Z la e e n a w d -A E t a n i g n a g y d n l p o - - F r r M o e c n o c c - o h A S U f o r o n 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. . . L.108.8 574 ? 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. .. L.069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Dec. 31. .. L.549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31... 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—Dec. 31... 1,057.9 229.9 6.5 39.8 62.4 11.0 31.3 69.3 488.637.6 81.5 193.7 30.6 5.9 25.0 10.1 46.4 75.8 1948—Feb. 29... L,021.0 188.7 6.3 41.6 57.8 13 1 53.8 57 0 484 734 6 83 4 203 428 5 6 2 42 7 9 2 41 5 75.2 Mar. 31... L,023.0 173.8 4.9 38.8 53.1 13.9 85.4 60.5 476 A30.0 86.3 196.3 24.8 6.1 36.4 8.6 44.8 75.6 Apr. 30... 964.4 150.2 4.8 37.6 41.9 12.3 76.3 51.8 474.225.7 89.6 159.5 19.7 4.6 31.3 8.2 21.0 74.7 May 31. .. 990.2 156.4 5.4 46.1 56.0 10.6 82.4 49.0 474.823.5 85.9 162.1 21.0 5.0 29.2 8.5 26.6 71.9 June 30... 984.7 142.8 5.2 48.1 73.4 9.6 79.1 34.7 464.623.1 104.3 143.3 18.7 3.6 27.3 8.9 9.3 75.5 July 31... L.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. .. 1,121.5 194.1 5.7 48.7 44.7 9.7 77.9 50 1 502 018.0170 7 167 420 2 5.3 30 9 12 2 10 8 87.9 Dec. 31P. . 1,151.8 216.2 7.8 51.1 51.8 12.9 81.4 41.5 488.317.5 183.3 167.4 22.2 5.3 27.7 11.4 15.8 84 9 1949—Jan. 31*. . ,094.1 190.1 8.2 57.3 42.4 11.4 91.6 41.0 450.4 18.9182.9 160.1 17.5 4.3 24.2 11.5 12.6 89.9 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. Footnotes to table on preceding page. P Preliminary. 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. 8 Breakdown not available for most of these countries until June 30, 1942. 4 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. NOTE.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLE- TIN for March 1947, p. 339, and September 1945, pp. 967-970. ASSETS Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia ot A h 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.S 1948—Feb. 29 1,034 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 18.5 118.5 51.3 6.4 17.4 140.9 352.9 28.4 537.3 131.1 22.1 Apr. 30 1,101 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 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 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 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 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 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 20.9 123.0 69.8 7.4 17.0 148.3 386.2 29.3 511.5 117.3 21.6 Nov. 30 1,031 18.3 124.0 59.1 6.5 18.3 124.9 351.1 40.0 510.4 107.1 23.1 Dec. 31P 1,022 24.5 120.8 51.4 6.9 15.8 106.3 325.6 39.8 516.6 120.5 19.7 1949—Jan. 31 P. .. . 996 24.2 116.0 31.4 6.3 19.7 102.0 299.5 40.9 506.5 128.3 20.8 P Preliminary. 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. 448 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 1942—Dec. 31 56.3 .8 5.6 34.0 1.1 .1 .2 2.4 (2) 3.2 .4 « 8.4 1943—Dec. 31 52.9 .7 (2) 7.6 33.9 .6 .1 .2 1.4 (2) 3.2 .2 5 0 1 1 9 9 4 4 4 5 — — D D e e c c . 3 3 1 1 7 74 8 . . 6 3 . . 7 6 (2) 3 3 3 3 . . 9 9 . . 6 7 . . 1 1 3 31 5 . . 6 1 . . 8 5 « 1 1. . 6 8 . . 9 2 5 4 .1 7 1946—Dec 31 82.8 7.5 6.2 30.4 12.4 .1 3.3 1.0 7.2 4.9 8 9.4 1947—Dec. 31 118.9 15.0 2^2 8.0 30.5 10.6 .1 9.2 1.1 .9 5.4 .1 35.8 1948— A J M M F u e p n a a b r r y e . . 3 3 3 3 2 0 1 0 1 9 . . 1 1 1 1 1 4 4 2 3 4 0 6 2 9 8 . . . . 7 5 4 1 9 2 2 1 1 1 4 0 8 1 8 . . . . 7 6 3 8 2 3 3 6 9 8 . . . . . 6 9 2 6 5 6 5 5 7 7 . . . . . 1 0 7 6 6 3 3 3 3 3 0 0 0 0 0 . . . . . 5 4 4 3 4 1 9 6 7 4 0 . . . . 2 8 7 2 6 ( ( ( ( 2 2 2 2 2 ) ) ) ) 1 1 1 1 8 0 1 1 2 . . . . . 9 7 5 6 1 1 1 1 1 1 . . . . 4 2 0 1 5 ( ( ( ( ( 2 2 2 2 2 ) ) ) ) ) 3 3 5 3 4 . . . . 6 5 5 3 7 3 3 2 4 5 . . . . 8 2 7 1 5 / ( 2 2) \ 4 5 4 5 5 0 5 5 2 4 .3 5 4 9 3 J A u u ly g 3 3 1 1 1 15 3 4 6 .9 8 2 1 0 8 . . 0 5 . . 7 6 5 4. . 6 3 3 30 0 .4 4 4 4 . . 1 6 (2) .3 1 1 2 7. . 2 7 . . 9 8 ( ( 2 2 ) ) 2 3 .5 3 5 7 .2 2 17 ft ) 0 5 5 4 1 2 1 S O N e c o p t v t . . 3 3 3 1 0 0 .... 1 1 1 4 4 24 7 8 . . . 9 3 3 2 2 1 1 1 7 . . . 3 0 7 1 1 1. . .0 1 1 3 3 3 . . . 8 3 4 2 3 3 3 9 0 . . . 6 5 4 3 3 3 . . . 3 6 5 C2)' 2 2 1 4 7 4 . . . 2 3 9 . . . 7 7 5 ( ( ( 2 2 2 ) ) ) 5 2 5 . . . 4 7 5 2 1 1 . . . 3 6 0 1 1 7 1 1 .1 5 3 3 4 3 8 8 9 .1 5 1 1949— D ja e n c . 3 3 i 1 p P 1 1 0 0 2 6 . . 0 3 2 2 0 1 . . 4 4 1. . 5 6 3 3 . . 8 4 2 3 9 0 . . 6 5 1. . 2 9 .2 1 8 4 . . 4 8 . . 7 7 ( ( 2 2 ) ) 2 1. . 2 9 1 1. . 5 4 6.0 2 2 7 9 . . 4 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 i s c t a a Cuba I W G n a a d n n u e i d a i s e - t s Mexico I l W n S a a d n n u e i d r d s e i s t - s P m an a a- Peru V zu e e n l e a - O A L i a t m c h t a i e e n r r nam 1942—Dec 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 11.2 .5 1.1 1 4 3 8 8 7 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 (2) 8.6 .3 .8 1.2 5.1 11.7 1945—Dec 31 158 9 21 0 1.3 24.7 6.6 16.8 1.2 33.3 .1 11.0 .5 1 l 1 9 6 1 33 4 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 1.3 3.7 8.7 23.1 1947—Dec 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 52.2 1.1 4 7 4 3 15 3 31 0 1948—Feb 29 517.5 60.3 2.3 175.2 27.1 36.9 3.5 106.4 .1 52.7 1.1 4.2 3 9 16 9 26 8 Mar 31 537.3 57.2 2.3 185.9 24.9 39.3 3.2 109.1 .1 59.9 .3 4.1 4.1 17.6 28.5 Apr 30 559.6 50.5 2.2 194.5 21.9 50.5 3.1 124.1 .1 58.3 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 75.8 .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 73.4 4.4 4 1 19 9 29 9 July 31 524.1 62.2 3.6 179.1 18.7 45.6 1.8 78.7 72.4 L.6 4.2 3.5 20.7 32.0 Aug 31 511.9 61.2 3.0 178.7 17.5 42.5 1.5 67.6 (2) 76.1 4 3 6 4 2 20 8 33 8 Sept 30 493 4 62 0 2.5 173.3 19.1 40 2 1 3 61 4 (2) 72 3 9 4 1 3 9 18 8 33 2 Oct. 31 511.5 63.8 2.9 175.0 21.0 39.8 1.1 65.5 76.6 1.3 4.0 4.2 20.8 35.5 Nov 30 510 4 66 8 2 4 179 8 18 8 33 7 1 5 72.5 (*) 70 4 0 3 9 4 2 18 2 37 1 Dec 31 P 516.6 72.4 2.7 165.4 15.2 32.6 1.9 83.1 73.7 L.6 4.6 4.4 26.0 32.7 1949—Jan. 31P 506.5 65.7 2.9 171.4 15.4 31.2 2.3 84.0 70.5 L.4 4.3 4.9 23.4 29.1 Asia and All Other» Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d n in o c a - h H K o o n n g g India B l M a is r y a h i a t - - Japan I n n e d s o ia - i p p P u R p h b i e i n l - l i - e c T k u e r y -O A th si e a r 3ot A h l e l r A t l u r ia a s- - N l Z a e e n a w d -A S E E t a u g n i g n a d g y y d n a l p p o n t - -F r r M o e c n o c c - o h A U So f n o r u i i f o c th a n Other 1942—Dec 31 35 3 11.1 (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 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 .1 2.4 .7 1944—Dec. 31 51.4 1.5 .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 9.7 1.0 1945—Dec. 31 29.9 1.0 (2) .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 .7 3 1 4 7 2 5 1 1 9 9 4 4 6 7 — — D D e e c c . 3 3 1 1 1 9 2 9 7 .0 2 5 40 3 .9 8 (2) .3 5 2 .6 9 2 1 9 2 . . 6 0 . . 2 9 . . 2 9 1 .5 0 2 2 7 0. . 2 4 1 1 7 . . 4 7 4 6 .3 4 3 1 1 7 . 5 2 9 3 .0 4 1 1. 5 l .1 4 1 1 4 0 .4 1 6 2 .0 2 1948—Feb 29 134.4 37.9 .3 3.9 25.5 .7 5.7 3.1 31.0 18.6 7.7 23.1 6.4 1.1 .1 .5 10.0 5.0 Mar 31 131.1 38.1 .3 3.7 26.0 .6 5.9 .6 31.1 15.5 9.4 22.1 4 7 9 .1 .4 10 1 6 0 Apr 30 121.5 36.4 .2 3.5 26.1 .6 4.0 .5 33.7 7.3 9.3 22.8 4.3 .7 .2 .3 11.7 5.6 May 31 145.0 51.7 .6 4.5 24.3 1.5 4.2 .6 42.7 6.1 8.7 22.3 3.4 .6 .2 2 11 8 6 1 June 30 133.5 55.5 .6 4.6 28.1 1.1 1.1 .7 31.7 2.0 8.0 21.7 2.2 .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 .6 .5 .2 11 1 6 0 Aug. 31 119.1 46.2 .2 3.9 20.2 .8 2.0 .4 33.2 2.0 10.3 22.5 ^ 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 l 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 S 9 .6 .3 .2 11 1 5 5 Nov. 30 107.1 25.2 .3 3.5 20.2 .5 7.8 .4 36.3 1.7 11.1 23.1 1 5 6 .2 .3 11 7 6.8 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 S .4 2 7 9 6 1 1949—jan 3i v 128.3 22.7 .5 5.2 21.3 .6 22.9 3.2 33.8 1.4 16.7 20.8 5.4 1.1 .5 _ 2 6.4 7.2 P Preliminary. 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. APRIL 1949 449 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] 1949 1948 1948 1947 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 909s Unpaid balance of member subscriptions. 1,181 1,183 1,143 1,176 Investment securities (U. S. Govt. obli- A O M c t e h c m e u r m b e a u r s l s a s e t u t e s b d s c n ri e p t t i i n o c n o s me 8, ( 0 » 3 )• 4 8, ( 0 2 - ) 3 1 6 7, ( 9 2) 86 7, ( 9 2) 61 L C o a g l a l a n s t s i o o n ( n i n s s ) u ch b s u c n ri d p i t s i b o u n r s s e to d c p a o p r i t ta io l n s s to ). c k . 4 . . . 5 4 5 2 0 9 5 1 5 4 5 2 0 0 5 1 4 4 2 9 2 7 5 4 4 1 9 2 7 5 -2 Other assets , 5 9 5 3- Bonds outstanding 254 254 254 25Q 1949 1948 Loans—undisbursed 10 18 27 197 Currency acquired 3 Other liabilities 4 2 4 4 (Cumulative figures in dollars) Special reserve 6 4 3 1 Feb. Jan. Dec. Feb. Capital4 1,667 1,667 1,657 1,645 Accumulated net income 5 3 -1 B C C e h o l i s g l t e a ia a n n R i f p c r e a a s n o . c s s colones 33 8 1 . . . 0 8 3 3 8 3 1 . . . 0 8 3 33 8 1 . . . 0 8 3 33.0 2 1 L Q e u s a s rt t e h r a l n y $ st 5 a 0 t 0 e , m 00 e 0 n . ts on a new fiscal year basis. Czechoslo /akian koruny. 6.0 6.0 6.0 s As of Feb. 28, 1949, the Fund had sold 682.5 million U. S. dollars; Danish kroner 10.2 10.2 10.2 3.4 in addition, the Netherlands received 1.5 million pounds sterling in. Ethiopian dollars May 1947 and 300 million Belgian francs in May 1948, and Norway F M In r e e d x n ia i c c n h a n r f u ra p p n e e c s e s o s s 1 9 2 2 2 2 5 . . . 5 5 0 1 2 6 2 2 8 5 . . . 5 3 0 1 6 2 2 2 8 5 . . . 5 3 0 1 2 25 2 ^ .5 6 r 1 e 0 c 4 0 e E i m v x e i c d l l l u io d 1 n e 0 s 0 i n u m n Ju c il a l l y i l o l e 1 n d 9 4 B p 8 e o . l r g t i i a o n n s fr o a f n c c s a p i i n ta l J u s n u e b s 1 cr 9 i 4 pt 8 i o a n n s d , a am n o a u d n d t i i ti n o g n t a o l* * Netherlands guilders 75.4 75.4 75.4 68.5 6,669 million dollars as of Dec. 31, 1948, of which 2,540 million repre- N No ic r a w r e a g g i u a a n n k c r o o r n d e o r bas. . . . 9.6 9.6 9.6 sen s ts E x t c h l e u d su es b s 8 cr i m pt i i ll o i n o n o f d o t l h la e r U s n s i o t l e d d t S o t a o t t e h s e . rs under the Bank's guan- South African pounds. . . 10.0 10.0 10.0 antee. Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 300.0 240.0 Total. 700.0 675.8 675.8 506.2 CENTRAL BANKS A d s e se p t a s r o tm f e is n s t ue Ass d e e ts p a o r f t m ba e n n k t ing 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 Gold1 a O ss t e h t e s r 2 N c a o o n i t d n es a v c n o a D d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r 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 t p b h a i i e t l n i a r d - l f 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. G 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 :L,100.0 12.5 2.5 307.9 L.088.7 234.3 10.3 60.4 17.9' 1944—Dec. 27 .2 L,250.0 13.5 5.1 317.4 L.238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 L,400.0 20.7 8.4 327.0 L.379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278.9 "10.3 57.3 18.1 1947—Dec. 31 .2 ,450.0 100.8 15.2 331.3 L.349.7 315.1 18.6 95.5 18.1 1948—Mar. 31 .2 i 1,300.0 54.8 14.4 367.0 L.245.9 314.3 9.0 94.3 18.6. Apr. 28 .2 L,300.0 63.1 14.5 350.6 1,237.8 307.4 12.6 90.3 17.8 May 26 .2 L,300.0 56.7 9.8 366.9 1,244.2 311.8 10.7 93.0 18.0i 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 L,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 L,300.0 72.1 19.3 359.6 1,230.8 307.5 13.1 19.6 93.0 17.& Nov. 24 .2 L,300.0 70.2 28.9 347.4 1,233.1 302.7 12.3 14.3 99.2 17.9 Dec. 29 .2 6 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 i L,300.0 79.9 26.0 326.1 1,224.5 294.7 21.4 8.4 89.4 18.3 Feb. 23 .2 1,300.0 76.0 32.1 325.1 t,228.0 295.7 10.9 17.6 90.6 18.4- «Corrected. 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939; when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shilling* 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. lif. 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. 450 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 (F C ig a u n r a es d i i a n n m d i o l l li l o ar n s s ) of Gold an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e ts r irc N ul o a t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m r t- l Other Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other capital • 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. () 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Mar. 31. .1 985.2 806.7 62.7 1,180.8 519.2 42.2 86.7 25.9 Apr. 30. .2 1,124.1 767.8 60.5 1,183.0 558.9 57.9 126.0 26.9 May 31. .5 1,179.7 775.0 51.6 1,195.7 547.3 135.9 95.8 32.0 June 30. .2 1,152.9 790.9 56.8 1,206.5 517.0 138.4 107.2 31.7 July 31. .1 1,145.2 773.6 39.2 1,220.3 502.5 119.0 84.1 32.1 Aug. 31. .1 1,155.2 778.1 50.2 1,226.9 525.1 105.1 90.3 36.2 Sept. 30. .2 1,216.3 757.2 55.3 1,267.7 550.9 87.3 78.2 44.7 Oct. 30. 1.0 1,279.6 741.3 57.7 1,275.1 581.0 110.0 72.2 41.3 Nov. 30. .1 1,222.1 794.0 46.8 1,273.5 579.6 86.5 64.1 59.2 Dec. 31. .4 1,233.7 779.1 45.4 1,289.1 547.3 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 Feb. 28. 1,180.5 800.7 54.9 1,221.9 531.0 178.4 79.6 25.7 Assets Liabilities Bank of France Advances to Domestic bills Government Deposits Other (Figures in Foreign Other Note liabilimillions of francs) Gold* ch e a x n ge m O a p rk en et7 Special7 Other c F c u o o p r s a t o t s i c o 8 - n Other 7 assets9 cir ti c o u n la- G m ov e e n r t n- C.A.R.W 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 64 117,826 426,000 147,400 121,061 920,831 733 82,479 10,942 1948—Mar. 25... 65,225 15 157,997 12 147,841 426,000 155,000 108 ,979 773,199 791 271,034 16,045 Apr. 29... 65,225 17 156,424 55 149,341 426,000 129,500 113,590 759,054 790 265,123 15,186 May 27... 65,225 22 149,849 27 165,265 426,000 121,800 113,938 768,567 812 256,948 15,800 June 24... 65,225 21 141,276 55 165,984 426,000122,800 102 ,405 790,639 738 216,026 16,362 July 29... 65,225 45 148,812 156 169,674 426,000 153,200 113,212 836,662 764 225,251 13,646 Aug. 26... 65,225 50 147,288 544 163,109 426,000 156,800 104,213 844,894 858 203,467 14,011 Sept. 30... 65,225 60 160,930 4,808 161,571 426,000 160,700 138,910 910,633 788 193,031 13,752 Oct. 28... 65,225 35 151,954 9,901 197,297 426,000 158,000 113,547 917,757 764 187,657 15,780 Nov. 25... 65,225 36 153,368 10,908 192,428 426,000 151,200 110,989 913,234 759 178,090 18,070 Dec. 30... 65,225 30 167,450 8,577 238,576 426,000 150,900 119,659 987,621 806 171,783 16,206 1949—Jan. 27. .. 65,225 34 158,288 4,996 238,795 426,000 146,200 115,463 972,604 822 163,513 18,062 Feb. 24... 65,225 53 164,012 4,816 257,345 426,000 154,100 109,729 991,334 765 171,921 17,260 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). e Less than $50,000. • Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. In March 1948 the amount of gold pledged as collateral against a loan was increased from 10,052 to 12,408 million francs. For details on previous devaluations and other changes in the gold holdings, of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 7 For explanation of this item, see BULLETIN for July 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 9 From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million francs by a payment from the State to the Bank. 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. 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. APRIL 1949 451 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) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Central Bank of the Argentine iank of the Republic of Colombia Republic (millions of pesos): (thousands of pesos): Gold reported separately 434 434 938 Gold and foreign exchange 7. . . . 151 633 163,345163 079 192,699 Other gold and foreign exchange. 1,869 1,991 2,799 Net claim on Int'l. Fund 6 24 367 ,367 24 367 21,867 Government securities 1.750 1,786 1,032 Paid-in capital—Int'l. Bank.... 1 370 ,370 1 370 1,225 Rediscounts and loans to banks1. 22,691 21,641 14,380 Loans and discounts 167, 767155,369 92 663 111,294 Other assets 115 66 2,575 Government loans and securities. 131 981 133,741131 931 104,932 Currency circulation 2 7,547 7,694 5,379 Other assets 56,388 53,640 48,167 46,212 Deposits—Member bank 528 Note circulation 321, 719326,901361 827 274,534 Government 1,737 Deposits 164,234159,673153 641 163,308 Nationalized 1 17,250 16,334 13,186 Other liabilities and capital 47,552 45,260 46 109 40,387 Other sight obligations 517 402 119 Other liabilities and capital 1,545 1,488 774 National Bank of Costa Rica— Issue dept. (thousands of colones): Commonwealth Bank of Aus- Gold ?.... 11,541 11,528 tralia (thousands of pounds): Foreign exchange 17,415 26,249 Gold and foreign exchange 338,555350,590189,652 Contributions to Int'l. Fund and Checks and bills of other banks.. 2,675 3,628 2,511 to Int'l. Bank 30,321 30,321 Securities (incl. Government and Loans and discounts 85,355 70,572 Treasury bills) 351,405 358,127437,539 Securities 31,845 3,937 Other assets 39,774 39,776 27,804 Other assets 6,257 869 Note circulation 202,105217,605192,643 Note circulation 112,244 96,116 Deposits of Trading Banks: Demand deposits 63,426 40,665 Special 326,420 319,170 273 110 Other liabilities and capital 7,065 6,695 Other 33,383 2"2,296 26,904 Other liabilities and capital 170,502193,051164,849National Bank of Czechoslovakia (millions of koruny): Austrian National Bank (millions Gold and foreign exchange 8. . . . 3,765 4,420 4,186 4,380 of schillings): Loans and discounts 25,736 26,456 30,234 12,291 Gold 50 50 50 48 Other assets 48,282 48,176 48,306 54,861 Foreign exchange 92 95 86 54 Note circulation 69,188 70,489 71,997 57,020 Loans and discounts 1,063 1,129 1,109 84 Deposits 452 562 2,039 2,811 Claim against Government 6,502 6,256 6,192 7,246 Other liabilities and capital 8,144 8,001 8,691 11,702 Other assets 4 4 3 7 Note circulation 5,816 5,669 5,635 3,874National Bank of Denmark Deposits—Banks 357 485 507 619 (millions of kroner): Other 684 787 869 776 Gold 70 70 70 71 Blocked 853 593 428 2,169 Foreign exchange 190 177 175 103 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 3 Gold 27,817 27,741 27,334 25,348 Loans and discounts 20 23 23 14 Foreign claims and balances (net) 13,482 12,444 13,598 Securities 123 125 130 102 Loans and discounts 5,959 5,191 4,720 Govt. compensation account... . 5,008 5,052 5,092 5,532 Consolidated Government debt.. 34,997 34,997 35,000 Other assets 204 197 158 188 Government securities. .* 2,843 3,889 Note circulation 1,494 1,517 1,614 1,540 Other assets 3,567 3,466 Deposits—Government 1,992 2,014 1,858 1,871 Note circulation 82,810 82,973 79,140 Other 2,041 2,028 2,058 2,516 Deposits—Demand 2,477 2,255 2,474 Other liabilities and capital 153 150 160 149 E. C. A 1,041 417 1,701 Other liabilities and capital 2,338 2,083 2,171 Central Bank of the Dominican Republic (thousands of dollars): Central Bank of Bolivia—Mone- Gold 4,002 4,001 4,000 5,250 tary dept. (millions of bolivianos): Foreign exchange (net) 10,219 10,440 10,831 12,982 Gold at home and abroad 954 954 952 Net claim on Int'l. Fund 6 1,250 1,250 1,250 Foreign exchange 240 269 181 Paid-in capital—Int'l. Bank. . . . 40 40 40 Loans and discounts 710 655 332 Loans and discounts 161 136 74 Government securities 741 746 769 Government securities 5,000 5,000 5,000 3,000 Other assets 32 16 13 Other assets 740 759 740 196 Note circulation 2,158 2,169 1,828 Note circulation 17,646 17,404 17,424 16,533 Deposits 297 234 188 Demand deposits 3 ,588 4,056 4,356 4,742 Other liabilities and capital 223 237 230 Other liabilities and capital 177 166 156 153 National Bank of Bulgaria 4 Central Bank of Ecuador (thousands of sucres): Central Bank of Chile (millions Gold. 277,741277,657 275,168 of pesos): Foreign exchange (net) 58,358 68,627 17,043 Gold 5 1,276 1,176 1,169 1,157 Net claim on Int'l. Fund 6 16,882 16,882 16,877 Foreign exchange (net) 109 155 28 161 Credits—Government 136,489121,234 Net claim on Int'l. Fund » 1 1 1 3 Other 111,089120,599 Discounts for member banks.... 1,269 1,608 1,632 1,031 Other assets 98,726107,816 107,234 Loans to Government 768 768 768 805 Note circulation 355,946375,644306,296 O Ot t h h e e r r l a o s a s n et s s and discounts 1 1 , , 3 36 5 3 5 1 1 , , 3 2 5 9 6 0 1 1, , 4 3 1 6 5 0 1 1, , 2 0 0 8 5 7 Demand deposits— O Pr t i h v e a r te banks 1 6 3 9 2 , , 9 6 2 8 3 71 6 4 0 4 , , 1 0 0 4 5 5 245,626 Note circulation 4,537 4,609 4,720 4,012 Other liabilities and capital 140,731133,022 73,463 Deposits—Bank 1,039 998 1,037 790 Other 134 329 246 255 Other liabilities and capital 430 418 371 393 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 ffiiggures are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for Novembber 1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la Bourse" for Sept. 20, 1948. 4 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 5 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 6 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fu. time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. Fund. Until such 7 Gold not reported separately beginning May 31, 1948. 8 Gold not reported separately beginning Dec. 31, 1-946. 452 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan Dec. Feb. National Bank of Egypt (thou- National Bank of Hungary (milsands of pounds): (Nov.)1 lions of forint): Gold 6,376 6,376 Gold 412 412 412 403 Foreign exchange 13,627 15,089 Foreign exchange 196 195 153 60 Loans and discounts 8,732 5,263 Discounts 9 17 50 1,601 British, Egyptian, and other Loans—Treasury 334 335 337 340 Government securities 331,042302,873 Other 7,042 ,492 5,970 Other assets 25,357 29,435 Other assets 219 290 255 '266 Note circulation 152,332 132,982 Note circulation 2,756 ,735 2,817 1,942 Deposits—Government 89,006 88,831 Demand deposits—Government. 2 5 6 149 Other 132,386 121,310 Other 4,625 ,206 3,579 130 Other liabilities and capital 11,409 15,913 Other liabilities and capital 829 795 775 382 Central Reserve Bank of El Salva- Reserve Bank of India (millions of dor (thousands of colones): rupees): Gold 36,177 36,225 36,274 36,741 Issue department: Foreign exchange (net) 53,247 42,689 32,922 46,788 Gold at home and abroad. . 406 414 444 Net claim on Int'l. Fund2 1,564 1,564 1,564 1,564 Sterling securities 7,525 7,689 11,353 Loans and discounts. 1,864 4,576 5,572 2,646 Indian Govt. securities 3,568 3,433 828 Government debt and securities. 5,304 5,345 5,346 5,467 Rupee coin 441 453 368 Other assets 1,394 1,334 1,050 1,588 Note circulation 11,731 11,882 12,868 Note circulation 64,886 62,591 57,002 57,402 Banking department: Deposits 28,839 23,210 19,849 31,907 Notes of issue department.. 209 105 125 Other liabilities and capital 5,824 5,932 5,878 5,485 Balances abroad 2,358 2,563 3,848 Bills discounted 99 22 23 State Bank of Ethiopia—Issue Loans to Government 47 30 3 dept. (thousands of dollars): Other assets 1,046 1,138 927 Gold 4,653 4,331 2,178 Deposits 3,515 3,618 4,926 Silver 5,413 5,383 2,649 Other liabilities and capital. 243 240 294 Foreign exchange 27,119 27,036 27,403 Treasury bills 6,887 5,832 5,832Central Bank of Ireland (thousands Other assets 30,329 30,094 30,380 of pounds): Circulation—Notes 44,072 42,402 39,346 Gold 2,646 2,646 2,646 2,646 Coin 29,043 28,814 28,529 Sterling funds 43,399 42,706 45,299 40,312 Other liabilities and capital 1,286 1,461 567 Note circulation 46,044 45,352 47,945 42,958 Bank of Finland (millions of Bank of Italy (millions of lire): markkaa): Gold 1,256 525 Gold 269 268 268 135 Foreign exchange 30,428 13,267 Foreign assets (net) 655 978 1,098 971 Advances—Treasury 660,225 666,638 608,654 Clearings (net) -2,159 -2,244 -2,199 -2,712 Other Govt. agencies 16 Loans and discounts 35,409 34,502 35,023 32,469 Loans and discounts 165,869 180 657150,170 Securities 887 925 893 376 Government securities 190,193 186 344130,363 Other assets 893 1,143 1,359 507 Other assets 259,597 261 906 74,028 Note circulation 27,353 25,782 27,369 24,448 Bank of Italy notes 869,648 944715,385 Deposits 763 2,174 1,627 1,167 Allied military notes 48,914 069 61,291 Other liabilities and capital 7,839 7,615 7,446 6,131 Deposits—Government 77,761 199 Demand 103,284 900 67,747 Bank of the German States 3 Other 173,413 992108,903 (millions of German marks) Other liabilities and capital 34,549 903 23,696 Foreign exchange 1,113 983 Loans and discounts 1,460 1,629 Bank of Japan (millions of yen): Loans to Government 7,660 7,619 Cash and bullion 865 3,265 Other assets 2,381 2,255 Advances to Government 84,760 59,122 Note circulation 4 6,125 6,319 Loans and discounts 51,901 50,686 Deposits—Government 1,413 1,335 Government securities 217,714 93,108 Banks 1,474 1,573 Reconversion Fin. Bk. bonds. . . 30,005 38,196 Other. 230 225 Other assets 19,821 10,969 Other liabilities and capital 3,371 3,034 Note circulation 355,280 215,319 Deposits—Government 14,002 11,075 Bank of Greece (billions of drach- Other 22,660 17,923 mae): (Nov.)1 Other liabilities 13,123 11,031 Gold and foreign exchange (net). 678 628 Loans and discounts 51 21 Bank of Java 5 Advances—Government 1,295 925 Other 1,389 1,187Bank of Mexico (millions of pesos): Other assets 314 115 Monetary reserve 6 675 669 627 Note circulation 1,021 866 "Authorized" holdings of securi- Deposits—Government 203 112 ties, etc 1,898 1,919 1,458 Reconstruction and Bills and discounts 668 641 655 relief accts 219 121 Other assets 195 178 148 Other 474 234 Note circulation 1,943 2,000 1,690 Other liabilities and capital 1,809 1,544 Demand liabilities 758 676 819 Other liabilities and capital 735 732 380 Bank of Guatemala (thousands of quetzales): Netherlands Bank (millions of Gold 27,229 27,230 27,230 27,229 guilders): Foreign exchange 18,689 17,448 18,173 23,625 Gold 439 439 439 551 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 1,250 Silver (including subsidiary coin) 5 4 5 3 Rediscounts and advances 2,752 4,193 4,611 3,073 Foreign assets (net)7 239 310 458 394 Other assets 12,291 11,695 11,566 10,048 Loans and discounts 165 193 155 161 Circulation—Notes 33,886 34,049 33,783 30,704 Govt. debt and securities 3,300 3,300 3,300 3,500 Coin 3,061 3,052 3,046 2,901 Other assets 338 308 316 210 Deposits—Government 4,238 4,168 4,466 8,138 Note circulation—Old 108 109 111 124 Banks U,919 11,076 11,624 14,013 New 3,045 3,052 3,115 2,897 Other liabilities and capital 9,107 9,471 9,910 9,470 Deposits—Government 174 265 179 1,014 Blocked 43 5 57 80 E. C. A 250 214 188 Other 661 705 702 464 Other liabilities and capital 204 203 320 240 1 Latest month available. 2 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. 4 Excludes currency issued in the Western sector of Berlin, amounting to 407.4 million German marks on Jan. 31, 1949. 5 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. 7 Beginning January 1949, this figure represents a net of the Bank's foreign assets and is not strictly comparable with amounts shown for previous months. APRIL 1949 453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank 1949 (Figures as of last report (Figures as of last report date of month) Feb. Jan. Dec. Feb. date of month) Feb. Jan. Dec. Feb. Reserve Bank of New Zealand Bank of Sweden (millions of kronor): (thousands of pounds): Gold 177 177 178 223 Gold 2,816 2,802 2,802 Foreign assets (net) 417 470 450 373 Sterling exchange reserve 43,454 43,505 73,164 Swedish Govt. securities and ad- Advances to State or State un- vances to National Debt Office4 3,331 ,130 3,499 2,867 dertakings 49,061 48,212 43,756 Other domestic bills and advances 149 173 155 111 Investments 37,098 16,022 7,868 Other assets 355 385 423 364 Other assets 6,966 23,808 2,229 Note circulation 2,952 ,934 3,113 2,736 Note circulation 50,401 53,110 48,694 Demand deposits—Government. 693 728 679 633 Demand deposits 83,735 75,758 76,069 Other 336 228 459 297 Other liabilities and capital 5,260 5,480 5,056 Other liabilities and capital 447 446 453 272 Bank of Norway (millions of kroner): Swiss National Bank3(millions of Gold 233 233 320 francs): Foreign assets (net) 248 242 497 Gold 5,848 5,834 5,821 5,624 Clearing accounts (net) -61 -66 Foreign exchange 276 233 237 101 Loans and discounts 58 72 34 Loans and discounts 169 159 206 185 Securities 53 54 71 Other assets 72 74 119 82 Occupation account (net) ,814 ,924 8,094 Note circulation 4,291 4,307 4,594 4,166 Other assets 103 105 50 Other sight liabilities 1,602 1,521 1,243 1,123 Note circulation ,065 ,191 1,976 Other liabilities and capital 473 473 546 703 Deposits—Government ,910 ,042 3,774 Banks 976 819 1,408 Central Bank of the Republic of Blocked 747 750 841 Turkey (thousands of pounds): Other 177 176 394 Gold* 454,459 454,458454,458477,961 Other liabilities and capital... 573 585 672 Foreign exchange and foreign clearings 117,562104 151 84,279 228,291 Bank of Paraguay—Monetary Loans and discounts 749,603774 248 820,245595,790 dept. (thousands of guaranies): Securities 206,788213 188 213,857 193,983 Gold 696 710 721 Other assets 46,183 57 499 39,857 31,729 Foreign exchange (net) -372 ,334 24,738 Note circulation 937,064937 511 935, 111 873,306 Net claim on Int'l. Fund * ',710 ,710 2,709 Deposits—Gold 153,035153 035 153,035 151,802 Paid-in capital—Int'l. Bank.... -92 -92 -16 Other 214,764 229,833258,590 280,705 Loans and discounts 625 68,737 17,000 Other liabilities and capital 269,731 283,165265,962 221,940 Government loans and securities. 636 ,636 8,776 Other assets 732 622 1,140 Bank of the Republic of Uruguay Note and coin issue 788 ,588 44,049 (thousands of pesos): Demand deposits 815 ,068 8,291 Gold 248,845 304,470 Other liabilities and capital 333 ,000 2,729 Silver 11,842 12,567 Paid-in capital—Int'l. Bank 315 314 Central Reserve Bank of Peru Advances to State and govern- (thousands of soles): ment bodies 72,119 60,049 Gold and foreign exchange 179 575 175 376 110,996 Other loans and discounts 243,926181,062 Net claim on Int'l. Fund l 20 495 20 495 20,496 Other assets 313, ,338 Contribution to Int'l. Bank 2 356 356 2,356 Note circulation 271,084 248,643 Loans and discounts to banks... 115 227 296 133,101 Deposits—Government 59,510 63,915 Loans to Government 726 283 582 699,480 Other 257,894 270,437 Other assets 34 561 252 85,468 Other liabilities and capital 302,184 234,806 Note circulation 755 005 287 697,058 Deposits 265 509 257,928 246,627Central Bank of Venezuela (thou- Other liabilities and capital 57 983 108,212 sands of bolivares): Gold 6 888,521888,521603,077 Bank of Portugal (millions of Foreign exchange (net) 160,246170,077 86,089 escudos): Other assets 68,438 66,364 83,639 Gold ,827 4,555 Note circulation—Central Bank. 759,198767,632594,270 Foreign exchange (net) ,665 10,620 National banks. 1,568 1,662 3,852 Loans and discounts 447 395 Deposits 296,8 252,643145,091 Advances to Government ,276 1,280 Other liabilities and capital 59,619103,024 29,593 Other assets 463 492 Note circulation ,696 8,358National Bank of the Kingdom Demand deposits—Government. 493 1,474 of Yugoslavia 2 Other ,579 6,597 Other liabilities and capital 911 911 Bank for International Settlements 7 (thousands of Swiss gold National Bank of Rumania 2 francs): Gold in bars 126,518108,955110,208108,020 South African Reserve Bank Cash on hand and on current (thousands of pounds): account with banks 21,720 27,468 19,242 20,868 Gold s 904 44.965 110,137 Sight funds at interest 851 1,207 497 250 Foreign bills 936 361 62,344 Rediscountable bills and accept- Other bills and loans 478 947 87.055 ances (at cost) 16,996 16,867 16,662 25,288 Other assets 313 977 14,035 Time funds at interest 30,816 21,865 25,056 17,662 Note circulation 239 414 62,820 Sundry bills and investments. .. 187,183188,111168,842 59,406 Deposits 759 112,895 203,912 Funds invested in Germany 297,201297,201297,201291,160 Other liabilities and capital. 633 6,839 Other assets 2,476 2,231 1,396 256 Demand deposits (gold) 28,210 26,878 15,118 17,650 Bank of Spain (millions of pesetas): Short-term deposits (various Gold ,219 1,215 currencies): Silver 500 500 Central banks for own ac- Government loans and securities. 546 15,908 count 173,904156,026143,531 17,139 Other loans and discounts 981 10,476 Other 1,242 1,075 1,245 9,452 Other assets 922 3,448 Long-term deposits: Special ac- Note circulation ,472 25,781 counts 228,909 228,909 228,909228,909 Deposits—Government 771 1,102 Other liabilities and capital 251,493 251,017250,300 249,761 Other 091 3,898 Other liabilities and capital 834 766 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 8 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 4 Includes small amount of non-Government bonds. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 6 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government. 7 See BULLETIN for December 1936, p. 1025. 454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n o i i n m t g ed - Francem G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S la w e n r i - d tz- ba C n e k n tr o a f— l M R 3 a a 1 t r e . eff D ec a t t i e ve b C an e k n tr o a f— l M R 3 a a 1 t r e . ef D fec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Ireland Nov. 23, 1943 Ma 1 y 9 37 10 1938 2 3 4 2 4 2 2y2 A A u rg s e tr n ia tina * $ y y2 2 A M u a g r . . 3 1 , , 1 1 9 9 4 3 5 6 J It a a p l a y n 5.11 J S u e l p y t . 5 6 , , 1 19 9 4 4 8 7 M M a a y y 3 1 0 3 2V2 3 B B e o l l g iv iu ia m 5 A Fe u b g . . 2 4 7 , , 1 1 9 9 4 4 8 7 J L a a v t a via 3 5 J F a e n b. . 1 1 4 7 , , 1 19 9 3 4 7 0 Sept 28 3 O J N a c o n t v . 2 2 4 5 7 , 1939 2 2 y2 2V2 Bulgaria Aug. 1, 1948 Lithuania. . . 6 July 15, 1939 Apr 17 4 Canada Feb. 8, 1944 Mexico June 4, 1942 May 11 3 Chile Dec. 16, 1936 Netherlands . ±y June 27, 1941 J A u u ly g . 2 6 4 4 2V2 C Co o l s o ta m b R i i a ca... . 3 4 A Ju p ly r. 1 1 8 , , 1 1 9 9 3 3 3 9 N N e o w rw Z ay ealand. 2 J J u an ly . 2 9 6 , , 1 1 9 9 4 4 6 1 A Se u p g t . 2 2 9 8 3 3 Czechoslovakia 2H Oct. 28, 1945 Peru 2y2 Nov. 13, 1947 Oct. 26 2 6 Dec 15 3 J A a p n r 2 9 5 1940 3)4 2 D Kc e u n a m d a o r r k. . . sy 2 J J u an n . e 1 8 5 , , 1 1 9 9 4 4 3 6 P R o u r m tu a g n a ia l. . . . . . . . 2y2 J M an a . r . 2 1 5 2 , , 1 1 9 9 4 4 8 4 May 17 3y2 El Salvador. .. 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Mar. 17, 1941 IX Estonia 4^ Oct. 1, 1935 Spain 4 Mar. 18, 1949 May 29 3 Finland 6M Feb. 1, 1949 Sweden Feb. 9, 1945 June 27 2y2 Jan 16 1945 Jan 20 2y2 F N e o b v 9 7, 1946 I" 2y2 F G r e a r n m c a e ny il 3 -5 J O u c n t e . 28 1 , , 1 1 9 9 4 4 8 8 S T w ur i k tz e e y rland.. J N u o ly v . 26 1 , , 1 1 9 9 3 3 6 8 Dec 19 Greece. 12 July 12, 1948 United King- Jan. 10, 1947 IX Hungary 5 Nov. 1, 1947 dom iy2 Oct. 26, 1939 Aug 27 &2M $y 2 India 3 Nov. 28, 1935 U Y . u S g . o S sl . a R vi .. a . . . . 4 J A u u ly g . 20 1 , , 1 1 9 93 4 6 8 Oct. 9 2^&3 2 June 28, 1948. . U-5 4 Sept 6 3Y2 &4 1 The lower rate applies to the Bank Deutscher Laend1e-r3, and the higher Oct 1 rate applies to the Land Central banks. In 1 e 9 ff 4 e 9 ct Mar. 31, 2 3 il-5 sy 2 2y2 2y2 NOTE.—Changes since Feb. 28: Spain—Mar. 18, down from 4>£ to 4 per cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills 3 day up to 3 discount 3 months 3 months 3 months money on deposits money months money months rate 1933—Jan .87 .76 .73 1.50 1934—Jan 1.01 .90 .86 1.50 1935—Jan .36 .26 .66 1.50 1936—Jan 1.16 .56 .53 .75 2.48 1937—Jan .75 .56 .54 .75 1.84 1.25 1938—Jan .73 .54 .51 .75 2.54 1.00 1939—Jan .69 .55 .53 .75 1.38 .00 1940—Jan .78 1.10 1.09 .02 1.62 .25 1941—Jan .63 1.03 1.01 .00 1.94 .25 1942—Jan .55 1.03 1.01 .04 1.68 .25 1943—Jan .51 1.03 1.01 .08 1.61 .25 1 19 9 4 4 5 4 — — J J a a n ri . .3 4 7 1 1 1 . . 0 0 3 3 1 1 . . 0 0 1 1 . . 0 0 8 0 1 1 . . 6 6 2 5 . . 2 2 5 5 1946—Jan .36 .53 .50 .63 1.27 1.01 1.00 .25 1947—Jan .40 .53 .50 .63 1.48 1.44 .77 .25 1948—Jan .41 .54 .51 .63 2.02 1.28 .57 .50 1948—Feb... .41 .56 .50 .63 2.00 1.38 .78 .50 Mar.. .41 .56 .51 .63 2.09 1.45 .99 .50 Apr.. .41 .56 .51 .63 2.00 1.38 .93 .50 May. 41 .56 .51 .63 2.12 .33 .94 .50 June. .41 .56 .51 .63 2.02 .36 .84 .50 July.. .41 .56 .51 .63 2.04 .56 1.35 .63 Aug.. .41 .56 .51 .63 1.88 .35 1.06 .63 Sept.. .41 .56 .51 .63 2.84 .10 .84 .63 Oct... .41 .56 .51 .63 2.09 .03 .78 .63 Nov.. .41 .56 .51 .63 2.03 .08 .77 .63 Dec. .41 .56 .52 .63 2.00 .25 .96 .63 1949—Jan... .41 .56 .52 .63 1.23 1.13 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. APRIL 1949 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities ( b 1 m a 1 i n l L l k io o s s . n n te s d r o F o l n i 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 y a r c n t e a d t B co il u ls n t d e i d s- T r d e r c e e p e 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 Total D D e e p m o a s n it d s Time li c a O a b a p t i n 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 J .161 253 1942—December 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December . 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—December .. . 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December 499 432 610 1,560 ,427 994 505 5,685 3,823 ,862 342 1947—December 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1.972 396 194g—February 465 442 713 1,157 ,485 1,280 500 5,642 3,700 1,942 400 March 472 468 804 1,153 ,486 1,308 507 5,794 3,686 2,108 404 April 478 463 778 1,240 ,482 1,315 509 5,861 3,744 2,117 404 May 488 454 723 1,248 ,477 1,334 547 5,869 3,832 2,037 401 June 492 473 659 1,361 ,478 1,354 530 5,955 3,872 2,083 393 July 489 477 715 1,320 ,478 1,335 487 5,909 3,834 2,075 390 August 499 489 695 1,323 ,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 1,355 516 6,057 3,958 2,099 396 December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—January . . 532 481 795 1,267 1,487 1,383 526 6,057 4,033 2,024 414 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 t a e b rb 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 k r g o s n m assets tion Total Demand Time ca a p n i d tal 1941—December , , 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December , 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December .... 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 1,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2 865 1 386 1946—December 753 136 L,507 132 4,232 1,039 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—February 679 70 1,933 108 3,968 1,017 18 6,227 2,346 3,881 1,531 March 698 65 1,922 106 4,036 1,123 18 6,399 2,472 3,927 1,532 April 710 76 1,930 108 4,072 L ,114 18 6,464 2,513 3 951 1 528 May 728 80 1,925 127 4,066 1,107 17 6,456 2,501 3,955 1,561 June 685 84 1,930 135 4,143 1,129 17 6,528 2,592 3 936 1 561 July 671 77 1,948 128 4,154 1,019 17 6,446 2,487 3,959 1,533 August 712 77 L.958 144 4,209 L,O82 17 6,609 2,606 4,003 1,557 September 734 76 2,023 136 4,185 1,169 17 6,776 2,728 4,049 1 530 October 751 97 2,110 143 4,156 L,O67 17 6,798 2,758 4,040 1,510 November 781 96 2,202 140 4,212 1,149 16 7,020 2,935 4,086 1 542 December 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 1,537 1949—January 740 90 2,131 131 4,311 ,054 16 6,942 2,824 4,118 1,500 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n t s b 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 2,190 128,758 126,578 2,180 557 6 623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—December 17,943 18,919 195,177 64,933 23,392 291,894 290,004 1,890 15,694 12 777 1947—December . . 22,551 19,410 219,374 86,344 37,291 342,166 338,710 3,457 25,175 17 628 1948—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 414L629 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 December 45,406 35,534 354,131 125,154 50,780 548,796 542,113 6,683 30,641 31,568 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1 ^ per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655. and for description of statistics see pp. 566-571 in same publication. 456 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 Belgium Brazil Canada (peso) (pound) (franc) (cruzeiro) (dollar) Year or Ceylon month " p R l r a e o r g d " u - - re " p g N r u o o l d n a - - r" C in e tr d r i t u a a l s i - n Official Free n "B ot a e n s k " Official Free Official Free (rupee) ucts ucts products account 1943 29.773 24.732 322.80 321.50 6.0586 5.1280 90.909 89.978 1944 29.773 25.125 322 80 6.0594 5.1469 90.909 89.853 1945 29.773 25.125 322.80 321.17 2.2860 6.0602 5.1802 90.909 90.485 1946 29.773 25.125 321.34 2.2829 6.0602 95.198 93.288 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 25.125 20.000 321.22 2.2816 5.4406 100.000 91.691 1948—Mar.. . 29.773 25.125 321.21 2.2793 5.4406 100.000 89.280 Apr. . . 29.773 25.125 321.23 2.2796 5.4406 100.000 90.633 May. . 29.773 25.125 321.21 2.2798 5.4406 100.000 92.273 June.. 29.773 25.125 321.21 2.2805 5.4406 100.000 93.229 July... 29.773 25.125 "26.660 321.23 2.2807 5.4406 100.000 92.829 Aug... 29.773 25.125 20.000 321.23 2.2830 5.4406 100.000 92.701 Sept... 29.773 25.125 20.000 321.23 2.2844 5.4406 100.000 92.180 Oct... 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.898 Nov.. . 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.383 Dec... 29.773 25.125 20.000 321.23 2.2847 5.4406 100.000 92.250 1949—Jan. .. 29.773 25.125 20.000 321.22 2.2844 5.4406 100.000 92.444 130.117 Feb... 29.773 25.125 20.000 321.23 2.2847 5.4406 100.000 92.668 30.117 Mar.. . 29.773 25.125 20.000 321.21 2.2828 22^1000 5.4406 100.000 93.261 30.117 France Y m e o a n r t o h r C ( o p b l e i o s a o m ) - s C ( l k o z o v e r c a u h k na o ia ) - ( m D kr e a o n r n k e - ) Officia ( l franc) Free I (r n u d p i e a e « ) I (l t i a ra ly ) M (p e e x s i o c ) o ( e g N r u l e i a l t d n h e d - r s ) Z (p e N o a e u l w a n n d d ) N (k o r r o w n a e) y R P ( e p h p p i e i u n l s i o e b p ) l - ic 1943 57.265 30.122 20.577 324.20 1944 57 272 30.122 20.581 324.42 1945 57.014 1.9711 30.122 20.581 37.933 323.46 1946 57.020 2!666o 26!876 8409 30.155 .4434 20.581 37.813 322.63 20.176 1947 57.001 2.0060 20.864 8407 30.164 20.577 37.760 322.29 20.160 1948 57.006 2.0060 20.857 . 4929 .3240 30.169 18.860 37.668 350.48 20.159 1948—Mar.... 57.010 2.0060 20.860 .4671 .3270 30.168 20.575 37.750 322.50 20.160 Apr.. . . 57.010 2.0060 20.860 .4671 .3277 30.169 20.578 37.765 322.51 20.160 May.. . 57.010 2.0060 20.860 .4671 .3272 30.169 20.574 37.755 322.49 20.160 June.. . 57.010 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 Mar.. . 2.0060 20.854 .4671 .3136 30.168 14.334 37.598 399.12 20.158 49.721 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 p o o fr u u i n c t d h a ) ( S pe p s a e i t n a) S S ( m d t e o r e t l a t n l l a i e t t r s ) - s (k S d r w o en n e- a) ( e S f r r w l a a i n t n c z ) d - K ( i p n o g u d nd o ) m Ur (p u e g s u o) ay 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 49.132 27.823 23.363 403.15 65.830 56.180 58.822 53.191 1949—Jan. . . 4.0324 400.75 (4) 147.083 27.823 23.363 4Q3.13 65.830 56.180 58.822 53.191 Feb... 4.0327 400.75 (4) 47.083 27.823 23.363 403.14 65.830 56.180 58.822 53.191 Mar.. . 4.0324 400.75 (4) 47.083 27.823 23.363 403.11 65.830 56.180 58.822 53.191 1 Based on quotations beginning Jan. 24, 1949. 2 Based on quotations beginning Mar. 22, 1949. 3 Excludes Pakistan, beginning April 1948. 4 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. APRIL 1949 457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 19 1 n t 2 a 0 i 6 0 t t e e ) = d s C (1 a 9 1 2 n 0 6 0 a ) d = a M (19 1 e 3 0 x 9 0 i ) c = 1 o K U (1 in 9 1 n 3 g 0 i 0 0 t d e ) o = d m F (1 r 9 1 3 a 0 8 n 0 ) c = e (1 I 9 1 t 3 0 a 8 0 l y ) = ( 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 h 1 1 d e 9 9 s r 3 3 - 8 9 - S (1 w 9 1 3 0 e 5 0 d ) e = n (J S u w = l l y a i 1 t n 1 0 z d 9 0 e 1 ) r 4 - = 100) 1926 100 100 M24 106 132 150 M26 144 1935 80 72 89 52 72 103 87 100 90 1936 81 75 94 63 80 110 91 102 96 1937 86 85 109 89 94 133 108 114 111 1938 79 79 101 100 100 140 102 111 107 1939 77 75 103 105 104 155 105 115 111 1940 79 83 103 137 139 121 173 131 146 143 1941 87 90 110 153 171 136 183 150 172 184 1942 99 96 121 159 201 153 197 157 189 210 1943 103 100 146 163 234 209 160 196 218 1944 104 103 179 166 265 233 164 196 223 1945 106 104 199 169 375 308 181 194 221 1946 121 109 229 175 648 1,,599 251 186 215 1947 152 129 242 192 989 5,159 5,103 271 199 224 1948 165 153 260 219 P1,712 13,903 P281 214 233 1948—March 161 147 250 217 1,536 5,318 9,485 279 210 235 April 163 149 249 219 555 ,240 9,537 279 213 234 May 164 150 259 220 653 5,184 9,634 279 214 23S June 166 152 259 222 ,691 5,142 10,007 280 216 233. July 169 152 260 222 ,698 5,139 14,043 279 215 232 August 170 158 268 221 ,783 5,704 16,916 280 217 231 September 169 158 270 220 ,791 5,769 18,206 279 217 230 October 165 159 273 220 ,887 5,724 19,138 284 217 230 November 164 160 271 221 ,977 P5.674 '20,615 289 217 232 December 162 160 268 221 ,971 20,825 P291 217 231 1949—January 161 159 270 221 Pl.947 P295 230 February 158 271 221 P1,897 P229 P Preliminary. r Revised. 1 This index is published by the Bank of Mexico and includes prices of 210 articles in Mexico City. For detailed description of index, see Memoria: Primera Reuni6n de Tecnicos sobre Problemas de Banca Central del Continente Americano, 1946, pp. 475-488; for figures 1940-47, see Banco de Mexico: Vigesimasexta, 1948, pp. 75-78. 2 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 i m t t m h ie e o s r d- pr F o a d r u m cts R fa m p a g c a a o w t r n o u t d u r l a s - e n y d d F f u c m a l g h c l a o i t y n o e u f d u r a l - s e n y d d Foods pr I o t n r d d i u u a s c l t - s Foods t p r r I i o n a d d l u u s c r t - a s w p f r I i o n t n d r d i i u s u a c h s l t e - * d , . 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—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 February 168 162 152 178 247 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U 1 S = 9 t n 3 a 1 i 5 t t 0 - e e 0 3 d s ) 9 (1 C = 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 1 K ( 7 d J , i o u 1 n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 l = 9 e a 1 t n 1 h 1 0 d - e 0 1 s r ) 3 - ( l 1 J a e u 9 r n 1 n - d 4 e Y m e o a n r t o h r ( U 1 S = 9 t n 3 a 1 i 5 t t 0 e e - 0 3 d s ) 9 (1 = C 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 8 c ) e ( N 1 l = 9 e a 1 t n 1 h 1 0 d - e 0 s 1 r ) 3 - ( l 1 J a e 9 u r 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 160 140 169 645 210 1946 139 124 204 645 208 1947 194 160 U01 1,043 222 1947 159 136 UOl 1,030 217 1948 210 196 108 1,662 230 1948 171 155 108 1,650 224 1948-March 202 186 109 1,518 229 1948-March 167 151 106 1,499 223 April 208 187 109 1,524 229 April 169 152 108 1,499 223 May 211 191 108 1,541 229 May 171 153 108 1,511 223 June 214 194 113 1,560 230 June 172 154 110 1,529 224 July 217 201 108 1,559 229 July 174 157 108 1,528 223 August 217 203 10,7 1,716 228 August 175 158 108 1,670 223 September. 215 204 107 1,842 229 September. 175 159 108 1,783 223 October... 212 205 108 1,904 229 October... 174 160 108 1,844 223 November. 208 205 108 1,873 235 November. 172 160 109 1,870 226 December. 205 202 108 1,924 232 December. 171 159 109 1,928 225 1949-January.. . 205 202 108 PI.932 231 1949-January.. . 171 160 109 Pl,935 224 February.. 200 P200 Pl,842 P229 February.. 169 P160 PI.857 P223 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, are 203 for retail food prices and 166 for cost of living. Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month S U g t ( r n 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 9 1 a 3 0 8 n 0 ) c = e N la e n th d e s r s - ( 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 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 ( F D 9 r 3 e a 8 c n e = m c 1 e 0 b 0 e * ) r (1 N l 9 a e 3 n t 8 h d = e s 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 7114.2 88 1 77.4 70.8 7140 1941 117.8 99.4 123.8 8143.4 80.0 67.5 72.5 8 308 1942 . . .... 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120.9 103.0 127 5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 C123.3 117.2 132 1 144.6 109.0 139.9 115.7 96.2 875 1947 U03.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 184.3 1948 98 7 105 0 129 9 117 0 107 1 124 4 112 5 92 0 1 256 1948—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.... 98.9 104.7 130.4 110.0 106.6 119.4 115.8 91.6 1,366 1949—January 100.5 104.8 131.0 Pill.6 121.0 114.3 91.6 P1,333 February.... 100.5 131.0 Pill.9 117.2 P108.1 91.7 P1,214 P Preliminary. c Corrected. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. • This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; 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. APRIL 1949 459 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 HERBERT V. PROCHNOW, Secretary JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account 460 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 PLCS1UC11LS 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 H. H. Kimball H. V. Roelse William I. Myers L. R. Rounds L. W. Knoke Robert G. Rouse Walter S. Logan V. Willis A. Phelan R. B. Wiltse Philadelphia.... Warren F. Whittier Alfred H. Williams Karl R. Bopp E. C. Hill C. Canby Balderston 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 CM. 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. APRIL 1949 461 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 Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, No. 1. Jobs, Production, and Living Standards. 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 copy. Group subscriptions in the United States No. 3. Public Finance and Full Employment. 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 bank- ' ing 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 1 A more complete list, including periodical releases and reprints, appeared on pp. 1554-1557 of the Dec. 1948 BULLETIN. with amendments. 462 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS ing and Currency Committee on August 3, 1948 (From Federal Reserve Bulletin unless preceded by an asterisk) and before the Senate Banking and Currency Committee on July 29 and 30 on S. J. Res. 157. BANKING ASSETS AND THE MONEY SUPPLY SINCE 2 pamphlets. 1929, by Morris A. Copeland and Daniel H. Brill. January 1948. 9 pages. STATEMENT BEFORE THE HOUSE BANKING AND CUR- PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT RENCY COMMITTEE. Presented by Chairman AGAINST THE DEMAND AND TIME DEPOSITS OF Thomas B. McCabe on August 2, 1948. August BANKS, by Governor Marriner S. Eccles. Janu- 1948. 8 pages. ary 1948. 10 pages. REGULATION OF CONSUMER INSTALMENT CREDIT. THE FEDERAL RESERVE CHART BOOK AS AN AID TO Statement by Governor R. M. Evans before the BANK MANAGEMENT, by Charles H. Schmidt. House Banking and Currency Committee on April 1948. 9 pages. August 2, 1948. August 1948. 2 pages. * STATEMENT ON BEHALF OF THE BOARD OF GOVER- THE PHILIPPINE CENTRAL BANK ACT and Text of NORS OF THE FEDERAL RESERVE SYSTEM BEFORE the Act, by David Grove and John Exter. In THE JOINT COMMITTEE ON THE ECONOMIC REPORT. part a reprint from the August 1948 BULLETIN. Presented by Governor Marriner S. Eccles on 36 pages. April 13, 1948. 7 pages. THE BALANCE SHEET OF AGRICULTURE, 1948. Sep- NEW COMMERCIAL BANKING OFFICES, 1936-1947, tember 1948. 16 pages. by Caroline H. Cagle and Raymond C. Kolb. May 1948. 12 pages. BANK CREDIT DEVELOPMENTS. October 1948. 12 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. June 1948. 2 pages. THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM. Address by Chairman Thomas RECENT DEVELOPMENTS IN BUSINESS FINANCE; with B. McCabe on October 26, 1948 at the annual INDUSTRIAL DIFFERENCES IN LARGE CORPORATION 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 * STATEMENT ON BEHALF OF THE BOARD OF GOV- AND NONLIQUID ASSETS. July 1948. 15 pages. ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE IV. CONSUMER SAVING AND THE ALLOCATION OF THE JOINT COMMITTEE ON THE ECONOMIC REPORT. DISPOSABLE INCOME. August 1948. 19 pages. Presented by Chairman Thomas B. McCabe on V. HOUSING EXPENDITURES AND FINANCE. Sep- February 14, 1949. 7 pages. tember 1948. 8 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS 1948 SURVEY OF CONSUMER FINANCES. June, July, LOANS, by Richard Youngdahl. March 1949. August, and September 1948. 65 pages. 10 pages. RETAIL CREDIT SURVEY—1947. From July 1948 BULLETIN with supplementary information for SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, by Charles H. Schmidt. March 1949. 9 pages. nine separate trades. 41 pages. SALES FINANCE COMPANY OPERATIONS IN 1947, by POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O. Milton Moss. July 1948. 6 pages. Hirschman and Robert V. Rosa. April 1949. 13 pages. * STEPS TO RESTORE POWERS OF STATES AND LOCALI- TIES, by Frederic Solomon. Reprinted from the REGULATION W—ITS ROLE IN ECONOMIC STABILITY. July 1948 issue of the American Bar Association Address by Governor R. M. Evans before the Journal. 9 pages. Consumer Instalment Credit Conference, Amer- * MEANS OF COMBATING INFLATION. Statements of ican Bankers Association, St. Louis, Missouri, on Governor Marriner S. Eccles before House Bank- March 30, 1949. April 1949. 5 pages. APRIL 1949 463 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 IC/J FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES OOTOie/t 1.1943 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTttt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis