Federal Reserve Bulletin, 1949-05

F E D E R AL R E S E R VE TIN MAY 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 WlNFIELD W. RlEFLER 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 Interruption of Monetary Expansion. 465-473 Statement Before the Senate Banking and Currency Committee. 474-479 Movement Toward Balance in International Transactions of the United States, by Lewis N. Dembitz and Albert O. Hirschman. 480-493 Member Bank Earnings, 1948. 494-498 Ownership of Demand Deposits. 499-503 Revised Consumer Credit Series. 504-505 Report of the National Advisory Council on International Monetary and Financial Problems, April 1, 1948—September 30, 1948. 506-521 Law Department 522-524 Current Events and Announcements. 524 National Summary of Business Conditions. . 525-526 Financial, Industrial, Commercial Statistics, U. S. (See p. 527 for list of tables) 527-591 International Financial Statistics (See p. 593 for list of tables) 593-611 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 612 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 613 Federal Reserve Publications. 614-615 Map of Federal Reserve Districts. 616 Subscription Price of BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 35 May 1949 NUMBER 5 INTERRUPTION OF MONETARY EXPANSION Deposits and currency held by businesses BANK DEPOSITS AND CURRENCY and individuals showed a small decline in , 1 - 1948, interrupting a monetary expansion which began ten years ago. The monetary AND CURRENCY / J /" \ - 1 contraction was concentrated in the first quarter of the year when seasonally heavy 1** I J /y U . S. E G X O C V L T U D D IN E G POSITS tax payments drew a substantial volume of - iC V funds from private deposits. In subsequent / _ //r _ quarters deposits and currency increased J' \ somewhat, largely as a result of bank loan *** EMAND DEPOSITS ADJUSTED expansion. The decline for the year as --** r a whole was broadly distributed among riME DEPOSITS ^— — nearly all major economic groups and in CURRENCY OUTSIDE BANKS 1 ^-«-*^ most regions of the country. Application of a large Treasury cash sur- U. S. GOVT DEPOS plus to the retirement of Government securi- Figures are partly estimated. Deposits are for all barms in the United States. Demand deposits adjusted exclude U. S. ties held by the banking system—commercial Government and interbank deposits and items in process of collection. Time deposits include deposits in the Postal Savings banks and Federal Reserve Banks—was the System and in mutual savings banks. Figures are for December 1940; June and December, 1941-42; end of month, 1943-46; primary force operating to reduce the volume last Wednesday of month 1947-49. Figures subsequent to June 1948 are preliminary; latest figures shown are for March. of money last year. Expansion of bank credit to private users continued to be sub- ceipts to the Treasury, although the Treasury stantial, although a marked slackening in surplus was considerably smaller than in the bank lending occurred in the last quarter of same period of 1948. A substantial reduction the year. The inflow of gold, which also in bank loans, particularly to businesses, tended to offset in part the contractive im- tended to augment the contractive impact pact of Treasury operations on the volume of the Treasury cash surplus on the privately of money, continued throughout 1948 al- held volume of deposits and currency. This though on a much smaller scale than in the was in contrast to the situation early in 1948 previous year. when bank loans increased somewhat. In the first quarter of 1949 there was a further decline in the privately held money BOARD ACTION RELAXING CREDIT RESTRAINTS supply. This was again due in part to a sea- In recognition of the change since last fall sonally large flow of tax and other cash re- in the credit situation and in general eco- MAY 1949 465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERRUPTION OF MONETARY EXPANSION nomic conditions, the Board of Governors, contracting an excessive amount of instalbeginning in March, has taken a series of ment debt during the period of inflation. steps to relax restraints on consumer instal- "In relaxing the regulation at this time ment credit, stock market credit, and bank the Board had in mind not only current credit generally. credit developments and current trends in employment and business but also the rela- The Board modified its regulation of contion of the total volume of instalment credit sumer instalment credit effective on March 7 to national income. Any increase in that and again effective on April 27. Through credit to which relaxation of the regulation these two actions the maximum maturity might contribute would not under present under Regulation W became 24 months incircumstances be a significant element in restead of 15 to 18 months on all extensions of viving inflationary pressures. If, however, consumer instalment credit and the minisuch a condition were to arise again, I am mum down payments on furniture, applisure the Board would act promptly to meet ances, etc., were reduced from 20 to 10 per the situation." cent. The one-third down payment on auto- On March 28 margin requirements on mobiles remained unchanged. Furniture, listed stocks were lowered from 75 per cent appliances and other items costing less than to 50 per cent, effective on March 30. $100 were exempted from the regulation, On April 28, the Board reduced reserve compared with the previous exemption of requirements by 2 percentage points on net articles costing less than $50. demand deposits at member banks in cen- In announcing these modifications, Chairtral reserve cities, by 1 percentage point on man McCabe summarized the current situanet demand deposits at all other member tion, with reference to consumer instalment banks, and by l/ percentage point on time 2 credit and its regulation by the Board, as deposits at all member banks. These reducfollows: tions became effective on May 1 for banks "In recommending last summer that Con- outside reserve cities and on May 5 for gress authorize reinstatement of the regula- reserve city and central reserve city banks. tion, the Board stated that the authority Through this action required reserves of would be used flexibly and that the Board banks in central reserve cities were lowered would be ready at all times to tighten or by approximately 500 million dollars, of relax the terms in accordance with the ob- banks in reserve cities by 350 million, and jectives of the authority and with a view to of other banks by 350 million. sound credit conditions. In commenting on the Board's action on "Most of the commodities subject to the reserve requirements, Chairman McCabe regulation are now in supply at prices more stated: favorable to the consumer than prevailed last "Since the first of the year there has year. Although the regulation is of limited been a decline of approximately one and onescope, as it affects only a relatively small half billion dollars in loans at member banks. segment of the credit structure, nevertheless About one billion of this decline has occurred it has made a worthwhile contribution to the at member banks in New York and Chicago maintenance of sound credit conditions and —the central reserve cities. The remainder helped to prevent the consuming public from of the decline was largely at banks in reserve 466 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERRUPTION OF MONETARY EXPANSION cities. In view of this trend of loans and the was also a return from circulation of larger fact that requirements at the New York and denomination bills, which previously had Chicago banks had been increased from 20 to continued to increase somewhat in volume. 26 per cent during 1948 the Board felt that it The flow of currency into and from cirwas appropriate at this time to reduce the re- culation usually has a pronounced seasonal quirements for the central reserve city banks pattern, with currency returning from circusomewhat more than for other member lation early in the year, following the Christbanks. We have frequently stated that credit mas peak, and flowing out again over the regulations are not a one-way street. They rest of the year, with the most pronounced should be tightened or relaxed as general rise in December. Currency movements in economic conditions require." 1948 followed this seasonal pattern, except that the decline in the first months was very DECLINE IN MONEY SUPPLY sharp and considerably larger than the sub- In each year for a decade—over the periods sequent expansion. There was a substantial of defense, war, and postwar readjustment— return flow of currency again early in 1949. total deposits and currency in the hands of Demand deposits, adjusted to exclude interindividuals and businesses showed a sub- bank and United States Government deposits stantial expansion. This series of annual and items in process of collection, were reincreases was broken in 1948 when pri- duced 1.6 billion dollars from the end of vately held deposits and currency declined 1947 to the end of 1948. A large reduction 900 million dollars. In comparison with in- in the first quarter of the year was offset to creases in deposits and currency in other a considerable extent by an increase in the recent years, including an average expansion following three quarters. In the first quarof about 15 billion dollars a year during the ter of both 1946 and 1947, there was a similar war and of nearly 10 billion a year over the deposit decline, but the drop was larger in first two postwar years, the decline in 1948 1948 and the subsequent expansion in the was moderate. There was a growth during following quarters was smaller. Demand most of the year but it was not large enough deposits adjusted showed a further reduction to offset fully the contraction that occurred in the first quarter of 1949, which was only in the early part of the year from the large slightly less than the decline in the same Treasury cash surplus. period of 1948. The peak of demand for currency ante- Time deposits continued to grow in 1948, dated 1948. Following a huge expansion but the increase was 1.1 billion dollars comduring the war, currency in the hands of pared with 2.5 billion in 1947. In the middle the public tended first to level off and then and late war years, time deposits became an to decline slightly in the earlier postwar increasingly popular savings medium, and period. In 1948 this decline continued. after the war they continued to expand For the year as a whole, currency outside although by a gradually tapering amount. banks declined 400 million dollars, which In the last half of 1948 the growth in time was somewhat more than the reduction deposits almost ceased. Increase in time dein 1947. As in previous postwar years a posits was resumed in the first quarter of contraction occurred in bills of $10 and 1949 with an expansion of about 400 million $20 denominations. In 1948, however, there dollars. MAY 1949 467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERRUPTION OF MONETARY EXPANSION FACTORS AFFECTING VOLUME OF MONEY a seasonal bulge in income tax payments IN 1948 enabled the Treasury to drain over 5 billion dollars of deposits and currency from busi- Throughout the period of postwar inflaness and individual holdings. During the tion it was an objective of Federal Reserve next two quarters there was a further excess and Treasury policies to contribute to a better of Treasury cash receipts over expenditures balance between the demand and supply of which resulted in an additional drain on the goods by endeavoring to restrain further exprivately held money supply. Part of these pansion in the volume of money in the hands of businesses and individuals. The moderate funds, however, were returned in the last contraction in the volume of privately held quarter of the year, when Treasury cash paydeposits and currency in 1948 was primarily ments to the public were somewhat greater due to the use of a large Treasury cash sur- than its receipts. plus for this purpose. Treasury operations For the year 1948 taken as a whole, the tended over the full year to drain from cash surplus of the Treasury was the only private deposit accounts 7.7 billion dollars, as major factor tending to reduce the privately is shown in the table. Of this amount, 6.4 held money supply. On the other hand, other billion dollars was applied to retirement of factors offset to a considerable extent the con- Government securities held by the banking tractive effect of the Treasury cash surplus. system, while the remainder was held in Important among these were a further expan- Treasury deposit balances. sion in the volume of commercial bank credit Most of the impact of Treasury operations to private borrowers and an inflow of gold. on the volume of private holdings of money Banks increased further their loans to all was felt in the first quarter of the year when major groups of borrowers in 1948, and for MAJOR FACTORS AFFECTING DEPOSITS AND CURRENCY IN 1948 [In billions of dollars, partly estimated] Total Fourth Third Second First Factor 1948 quarter quarter quarter quarter (Sign indicates effect on deposits and currency) Commercial bank loans +4.4 + .8 + 1.8 +1.1 + .7 Gold inflow + 1.5 + .4 + .3 + .4 + .4 Federal Reserve support purchases from nonbank investors of long-term ,v restricted U. S. Government securities +5.9 + 1.5 +2.6 0) + 1.8 Nonbank investor purchases in the market of short- and medium-term U. S. Government securities from commercial banks and Federal Reserve Banks, net -5.7 - .8 -1.8 -2.7 Treasury cash surplus used to: Retire U. S. Government securities held by: Federal Reserve Banks -5.5 - .4 -1.1 - .1 -3.9 Commercial banks - .9 - .1 - .2 - .2 Increase in Treasury deposits -1.3 2 + .9 - A - .4 -1.4 Other factors, net + .7 + .3 + .6 Change in deposits and currency held by individuals and businesses, total - .9 +2.3 + 1.2 +1.0 -5.3 Demand deposits adjusted -1.6 + 1.7 +1.2 + .5 -4.9 Time deposits 3 + 1.1 + .2 + .5 + .5 Currency outside banks - .4 + .4 + '.1 - .9 1 Less than 50 million dollars. 2 Decrease in Treasury deposits. 3 Includes changes in deposits at mutual savings banks and in the Postal Savings System. NOTE.—Changes are based on figures for Dec. 31, 1947, and Apr. 7, June 30, Sept. 29, and Dec. 31, 1948. The Apr. 7 date is used rather than Mar. 31 because of the large temporary deposit withdrawals made over that month-end to avoid tax assessment in Illinois. Quarterly figures may not add to total for year because of rounding. 468 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERRUPTION OF MONETARY EXPANSION the year as a whole the total loan expansion progressed. The large growth in consumer was 4.4 billion dollars. This growth in loans, on the other hand, was sustained durcredit, while substantial, was nevertheless sig- ing the first three quarters of the year and nificantly smaller than the 7 billion dollar then slackened abruptly following reimposiincrease in 1947. There was a marked slack- tion by the Board of Governors of regulaening in bank loan expansion generally, par- tion of instalment credit terms. ticularly in the latter part of the year. Agricultural loans at banks rose by more The slackening in lending activities of than one billion dollars in 1948. Most of this banks reflected efforts to restrain bank loan credit increase occurred in connection with expansion by the monetary authorities, by the price support activities of the Governthe bank supervisory agencies, and by the ment, particularly for wheat, corn, and cotbankers themselves through their State and ton, which guaranteed through the Comnational organizations. Member bank remodity Credit Corporation the loans to farmserve requirements were raised by the Board ers secured by supported crops. Other agriof Governors at central reserve city banks cultural loans showed a moderate increase in New York and Chicago in February and concentrated in the first half of the year. June, and at all member banks in September Loans for purchasing and carrying securiunder temporary authority granted by the ties were higher at the end of 1948 than at Congress in special session in August 1948. the beginning, due to a sharp expansion in Yields on short-term Government securities loans to dealers in United States Government were permitted to rise somewhat further to securities late in the year. Loans on other make these issues more attractive both to securities were reduced somewhat further in banks and to nonbank investors. Restraints 1948, reflecting in part the continued restrainwere maintained on credit for purchasing ing effect of the Board's policy of maintainand carrying listed stocks, and regulation of ing high margin requirements on listed the terms on consumer instalment credit was stocks during the postwar inflation. reimposed by the Board in September under Gold continued to be received throughout temporary authority also granted by the Congress in August. 1948. Over the entire year the gold inflow amounted to 1.5 billion dollars and tended to Bank lending to businesses was much less offset the contraction in the money supply active during most of 1948 than in previous by a corresponding amount. The inflow of postwar years. Over the last quarter of the gold in 1948 was much smaller than in 1947, year, a period when the credit demands of reflecting the considerable reduction in the business tend to be seasonally strong, there export surplus of the United States from the was little net business loan expansion, as comhigh level of 1947. Foreign countries were pared with a 2 billion dollar growth in the able to finance their reduced purchases from corresponding period of 1947. the United States largely by increased sales Consumers and real estate owners continued to increase sharply the volume of their of their goods and by grant and loan funds bank borrowing in 1948, although the ex- made available by the United States Governpansion over the year as a whole was less ment. This subject is discussed more fully in than in previous years. Growth in real estate an article on pages 480-93 of this BULLETIN. loans at banks tended to diminish as the year In the second half of 1948 the inflow of gold MAY 1949 469 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERRUPTION OF MONETARY EXPANSION was fully compensated by an increase in deposit accounts if attractive short-term issues foreign-held dollar balances. had not been available. From the standpoint During some periods of 1948 the money of the effect on bank reserves, on the other supply was substantially increased or de- hand, the expansionary influence of noncreased through market transactions in Gov- bank sales of long-term Government securierment securities by nonbank investors. ties to the Federal Reserve was practically Throughout much of the year nonbank in- offset by the purchases of short-term issues, vestors, particularly insurance companies, and over the year as a whole the volume of were selling large amounts of long-term funds that banks were in a position to lend Government securities which the Federal was almost unaffected by these transactions. Reserve Banks purchased in support of their market price. Nonbank investors taken as MONEY SUPPLY IN FIRST QUARTER 1949 a group, however, also purchased from the Privately held deposits and currency underbanking system short-term Government se- went another substantial contraction in the curities, on which the yields had increased first quarter of 1949, as has been indicated somewhat after mid-1947. For 1948 as a previously. The decline of 5.1 billion dollars whole, nonbank holders as a group bought was almost the same as the reduction in the almost as large a volume of short-term secu- corresponding period of 1948. The factors rities as they sold of long-term issues. These behind the recent large reduction in the supmarket transactions, therefore, had virtually ply of money held by the public differed, no net effect for the year as a whole on the however, in certain important respects from total volume of money held by the nonbank those operating in the same period last year. public. In the first half of the year, how- In the first quarter of 1949, as in the same ever, they tended to contract the money period last year, the Treasury received more supply while over the second half they in- cash from income taxes, savings bond sales, creased it. and other sources than it paid out for current It should be noted, however, that while expenses. The 2.2 billion dollar cash surplus nonbank purchases and sales of Government this year, however, was much less than half securities, taken together for the full year, the 5.5 billion dollar surplus in the first quaralmost offset each other in their effect on the ter of last year. Treasury receipts were sometotal money supply, sales of Government se- what smaller, reflecting the 1948 reduction curities were an important source of funds to in personal income taxes, and Treasury exsavings institutions for financing many kinds penditures were substantially greater. of private expenditures in 1948. The infla- Bank credit to private borrowers played a tionary impact on the economy of expendi- sharply different role in monetary developtures financed by funds obtained through the ments in early 1949 from that of a year sale of long-term securities to the Reserve ago. In the first quarter of 1949 bank loans Banks was not necessarily offset by the use of were reduced one billion dollars, reflecting funds by other nonbank investors to pur- principally a large decline in the outstandchase short-term Government securities from ing amount of loans to businesses. The banks, since the latter were probably pur- loan decline continued in April. Last year chased in many cases with temporarily idle total bank loans expanded over this season funds that might have been held unused in of usually slack credit demand. Thus, in 470 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERRUPTION OF MONETARY EXPANSION early 1949, reduction in loans at banks from the banking system. These purchases tended to augment the forces contract- totaled about 1.4 billion dollars in 1949 which ing the volume of deposits and currency, was considerably larger than in the same whereas a year ago a loan expansion offset period of 1948. The circumstances, moreover, in part the contractive effect on the money were significantly different in the two years. supply of the Treasury cash surplus. Last year, as pointed out earlier, nonbank Recently the gold inflow has tapered off investors, particularly institutional investors considerably and over the first quarter less such as insurance companies, sold large than 100 million dollars of new funds were amounts of long-term Government securities added to the money stock from this source. which the Reserve Banks bought in support In the same period a year ago, the gold inflow of their market price. Many corporations, was four times as large. associations, and other nonbank investors, however, used idle funds to buy short-term MAJOR FACTORS AFFECTING DEPOSITS AND CURRENCY Government securities on which the interest First Quarter, 1949 and 1948 return had increased somewhat since mid- [In billions of dollars, partly estimated] 1947. On balance in the first quarter of 1948, purchases of short-term Government securi- First quarter Factor ties by nonbank investors taken as a group 1949 1948 exceeded sales by this group of long-term (Signs indicate effect issues, and privately held deposits tended to on deposits and currency) be reduced correspondingly. Gold inflow + .1 + .4 In the first quarter of 1949, on the other Commercial bank loans -1.0 + .7 hand, nonbank investors as a group increased Purchases (+) or sales (—) of Government securities by commercial banks considerably their holdings of long-term and Federal Reserve Banks from or to nonbank investors: Treasury bonds, acquiring securities sold by Short- and medium-term securities, net -2.7 the Reserve Banks, and also purchased a small Long-term restricted securities, net. . -l!l + 1.8 amount of short-term Government securities. Treasury cash surplus used to: Retire U. S. Government securities held by: Federal Reserve Banks -1 .1 -3.9 Commercial banks - .3 - .2 DEPOSIT OWNERSHIP Increase Treasury deposits - .8 -1.4 Other factors, net - .6 Nearly all major categories of deposit hold- Change in deposits and currency held by individuals and businesses, ers shared in the decline in demand deposits total -5.1 -5.3 in 1948. This is shown by the Federal Re- Demand deposits, adjusted -4.6 -4.9 Time deposits l + .4 + .5 Currency outside banks - .9 - .9 serve survey of ownership of demand deposits as of January 31, 1949, discussed in an article 1 Includes changes in deposits at mutual savings banks and in the Postal Savings System. on pages 499-503 of this BULLETIN. Personal NOTE.—Changes are based on figures for Dec. 31, 1947, Apr. 7, deposits, including deposits of farmers, were 1948, Dec. 31, 1948, and Apr. 6, 1949. Figures for the first Wednesday in April are used because of the large temporary deposit withdrawals made over the end of March to avoid tax assessment reduced considerably, as is shown in the in Illinois. Figures for 1949 are preliminary. chart on the next page. Declines also oc- In the first quarter of both 1949 and 1948, curred in the deposit accounts of manufacnonbank investors as a group drew down turing and mining companies, of public utilitheir deposit and currency holdings to pur- ties, and of financial businesses. Although chase in the market Government securities the deposit decreases were marked, particu- MAY 1949 471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERRUPTION OF MONETARY EXPANSION larly by their generalness throughout the particularly large due to soaring prices of economic sectors, there were some special grains and livestock. Throughout both the tendencies that developed. In the business war and the immediate postwar period, decategories, decreases in deposits tended to be posits showed the smallest rate of increase in more rapid for unincorporated firms than the Northeastern States. OWNERSHIP OF DEMAND DEPOSITS PERCENTAGE CHANGE IN PRIVATELY HELD DEPOSITS AT 35 BILLC>NS OF DOLL•AI§ MEMBER BANKS IN SELECTED PERIODS BY FEDERAL RESERVE DISTRICTS 30 PERSON 1947 1945 1939 Federal Reserve district to to to y 1948 1947 1945 25 J/ Boston -2.4 + 11.0 + 99.4 New York -2.4 + 12.3 + 84.2 Philadelphia -0.4 + 13.3 + 90.6 Cleveland +0.7 + 17.4 + 124.9 20 / MA A N N U C> F A M C I T N U IN R G IN8 A R C i h t c l i a h c n a m g ta o o nd - - - 1 0 2 . . . 2 2 1 + + + 1 1 1 3 4 9 . . . 7 1 3 + + + 2 1 1 3 8 5 6 4 2 . . . 2 8 8 St. Louis +0.6 + 18.5 + 163.0 Minneapolis -0.3 +26.3 + 157.9 15 Kansas City +0.9 +20.7 + 199.2 >'/ Dallas +3.4 +22.8 +239.5 , ^ San Francisco -1.3 + 11.3 +215.6 irRADE > All districts -0.9 + 15.2 + 135.7 10 FlNANCIAL BUSINESS. NOTE.—Based on total of time deposits and demand deposits, adjusted to exclude U. S. Government deposits, interbank deposits, 5 and items in process of collection, for end of year. In 1948 declines in privately held deposits 0 at member banks tended to occur primarily 1942 1943 1944 1945 1946 1947 1948 1949 in the East and West Coasts areas, as is shown Estimates, based on Federal Reserve surveys of deposit ownership. Latest figures shown are for Jan. 31, 1949. in the table. In the interior sections member for corporations. Among individual holders bank deposits showed only very small deof deposits, reductions were sharper in de- clines or actually increased somewhat furposits of farmers than in other personal ac- ther, as for example in the Dallas Federal counts. Reserve District. Among classes of banks most of the deposit decline was at banks in REGIONAL CHANGES IN DEPOSITS New York City. Country banks, however, Growth in deposits during the war and the also showed a small reduction in deposits early postwar period was general in all while at reserve city banks deposits rose regions of the country. During the war, somewhat. however, the increase was more rapid in the West and South than in other parts of the OUTLOOK country. This reflected the concentration of In the early part of April the total of military camps and depots in these areas and privately held deposits and currency was a relatively greater expansion in their indus- somewhat below the volume on the corretrial facilities as well as a very large increase sponding date in 1948. Changes during the in the prices of farm products. In 1946 and remainder of 1949 in privately held deposits 1947 deposit growth tended to be more rapid and currency will reflect, of course, many in the Central States where incomes were factors. Among these are gold flows, bank 472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERRUPTION OF MONETARY EXPANSION credit demand, and the Treasury's cash trans- would require new financing from banks actions including new Treasury financing in in 1949, the privately held money supply the market, should this be needed, or debt would tend to be increased accordingly. A retirement. further decline in the money supply dur- If gold movements continue in 1949 at ing the remainder of 1949 could probably the reduced rate prevailing in the first four occur only in case of a large reduction in months of the year, the money supply will be bank loans to businesses, real estate owners, little affected on this account. Over the last and consumers. If the money supply should three quarters of the year the Treasury's cash show some net increase for 1949, this deexpenditures will probably exceed its re- velopment would not necessarily signal a ceipts. Total deposit balances held by the resumption of inflationary conditions. With Treasury, which were 4.4 billion dollars at some general easing in the supply-demand the beginning of April, have already been relationships in the economy as a whole, and reduced and they are likely to be drawn particularly in the credit situation, the effects down further, increasing the deposits held by of an increase in the money supply would be businesses and individuals. If a Treasury offset in part at least by a decline in the rate cash deficit should develop of a size that of its use. MAY 1949 473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CHAIRMAN THOMAS B. McGABE OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE SENATE BANKING AND CURRENCY COMMITTEE, MAY 11, 1949 Mr. Chairman and Members of the Committee: wholesome restraint on the rapid growth of this I deeply appreciate the opportunity to appear volatile credit. At the same time, the Board inbefore you today on behalf of the Board of Gover- creased reserve requirements of all member banks nors of the Federal Reserve System. We share a by two per cent on demand deposits and by V/z great responsibility. You as the representatives of per cent on time deposits. the people have laid down the broad monetary Later in the year the economic situation turned. and banking policies of the nation. We as your In the interim, however, the Treasury and Fedinstrumentality are charged with the administra- eral Reserve System underwent one more severe tion of these policies in such a way as to contribute test of their resolve to maintain stability in the to the maintenance of a high level of employment, market for Government securities. From Septemstable values, and a rising standard of living. That ber 1 to November 1 bonds in the amount of 3% billion dollars were purchased to carry out this is the goal set by the Employment Act of 1946. policy of stability. It is the basic guide for Federal Reserve System policy. In retrospect, I am certain that our action in support of the Government securities market was We are emerging from eight years of mounting the right one. That program was a gigantic operainflationary pressures. During these eight years tion. In the two years 1947 and 1948, the Systhe public's total holdings of liquid assets nearly tem's total transactions in Government securities quadrupled. The physical volume of production, amounted to almost 80 billion dollars. Despite as nearly as it can be measured, expanded by only this huge volume of activity, the net change in about half again as much as the prewar maximum. our total portfolio was relatively small. I am con- It was this great disparity between demand and vinced that we could not have abandoned our supsupply which drove consumers' prices up to 75 per port position during this period without damaging cent above prewar. When I testified before the repercussions on our entire financial mechanism Joint Committee on the Economic Report in midas well as seriously adverse effects on the economy February I said, "Some easing of inflationary presgenerally. sures has been indicated recently by marked de- Since the peak of inflation in November, there clines in prices of various commodities, principally has been a significant readjustment in the economic those that have risen most sharply," and I called situation. You are familiar with the general feaattention to the fact that "over-all consumers' intures of this readjustment, but I should like to comes and holdings of liquid assets, nevertheless, review them briefly. have continued at high levels and are fairly widely With the passing of the inflationary crest we distributed." That is still the case today. acted promptly to relax credit restraints. Four Last August when inflationary pressures were major steps were taken: still mounting, you granted us certain supple- 1. On March 2, the Board announced a relaxamentary powers to help cope with the situation. tion of the consumer instalment credit regulation. After Congress acted at the special session, the 2. On March 28, the Board reduced margin re- Board of Governors put to use the authorities quirements from 75 to 50 per cent. which it had received. Regulation W was re- 3. On April 22, the Board further relaxed Reguissued establishing down payments and terms on lation W, making the maximum maturity 24 inconsumer instalment credit more lenient than stead of 21 months across the board, reducing the those that prevailed when the power lapsed the down payments on all articles of furniture, appreceding November, but sufficient to exercise a pliances, etc., covered by the regulation from 15 474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE to 10 per cent, while retaining the one-third down the hardships or inconveniences imposed on those payment on automobiles. All articles costing less subject to regulations and requirements. than $100 were exempted. Previous exemptions We can all take satisfaction from the fact that had applied to articles costing less than $50. the many banks of the country are on a more secure 4. On April 28, the Board reduced reserve re- foundation now than ever before in our history. quirements for all member banks, the efifect being The bankers themselves, as a result of their volunto release approximately 1*4 billion dollars of tary efforts to restrict loans in the face of strong required reserves. inflationary pressures, deserve a great deal of the It has been of great help to us to have the benefit credit for this condition. At the same time, we of close cooperation with this Committee, and must recognize that our existing banking strength with the Banking and Currency Committee of is in part the product of national economic and the House. financial developments since the mid-thirties. To- Before coming to decisions on all matters of day our commercial banks, with about 50 per cent policy, the Reserve Board has the inestimable ad- of their total loans and investments in Governvantage of being able to communicate with and ment securities largely acquired as a result of obtain factual information, as well as opinions, war finance, enjoy an exceptional unprecedented from the twelve Federal Reserve Banks and their liquidity. Their capital accounts, while not yet twenty-four branches throughout the country, on at a desired level in relation to deposit growth since prewar years, are over 50 per cent greater whose boards are more than 250 directors, drawn than before the war, representing in large part not only from banking but from the widely dia steady plowing back of earnings. versified industrial, commercial, agricultural, and professional pursuits of the nation. The directors, Not only do our many unit banks possess unthe officers, and staffs of the Reserve Banks and usual strength, but the Federal Reserve System, as the Board, the Federal Advisory Council, and the a result of the Banking Act of 1935, is in far member banks comprise the Reserve System which, better position than ever before to assist member as I have often said, is like a vast pyramid, whose banks, and through them all banks. Its greater breadth and strength is in its base. The Board experience enhances its ability to meet the credit has constantly available current information, drawn needs of a time when surpluses rather than scarcities from this great System to supplement the vast prevail and private enterprise requires encouragements rather than restraints. mass of factual and statistical data gathered through other governmental sources. Moreover, the System In his Economic Report to the Congress last sponsors special studies as occasion demands. In January the President pointed out that the moneaddition, we are always at pains to consult with tary authorities should at all times be in a position representative businessmen, the small as well as to carry out their traditional function of exerting the larger ones, with trade associations and, in effective restraint upon excessive credit expansion in an inflationary period and conversely of easing fact, with all who are affected by System operations. credit conditions in a time of deflationary pressures. We try to weigh carefully their views and to dis- He asked that Congress provide continuing autinguish broad national considerations from those thority to the Board to require banks to hold supreflecting narrower interests. I mention these plemental reserves up to the limit we had requested myriad sources of information to emphasize that in August, 10 per cent against demand deposits we do not function in a vacuum. and 4 per cent against time deposits. He stated We do not wish to exaggerate the role which that this authority should not be confined to memmonetary and credit policy has played in the period ber banks, but should be applicable to all insured from which we are now emerging. It is fair to banks. The President asked that the authority say, however, that in the last year of upsurge espefor the regulation of consumer instalment credit cially, it exerted some restraining influence. We be continued in order to exert a stabilizing influthink we may fairly say that we used the powers ence on the economy. The President made these which Congress entrusted to us flexibly, and that requests after a most careful and exhaustive survey we have made an earnest effort to take into account of the situation with the Board and the requests every relevant fact and circumstance, including had the unanimous approval of the Board. MAY 1949 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE That report was prepared and submitted nearly to restrain consumer instalment credit expansion four months ago, four months in which inflationary and to increase reserve requirements. pressures have abruptly abated and the economic You understand, I am sure, that the ability of situation generally has changed in many respects. the Federal Reserve System to influence credit In view of these developments I come here today developments is always subject to limitations, even with somewhat changed recommendations. We when our residual authorities give us much greater now feel that we will have adequate powers for elbow room than we have at present. In large part the period immediately ahead if the Congress will these limitations arise out of the complex organizaextend the two temporarily granted authorities tion of finance in a highly developed country such voted by the special session last August and make as ours. In part they reflect the many different the authority to increase reserve requirements ap- types of financial activities that are carried on plicable to all insured commercial banks. within the Government itself. Elbow room is essential to an institution such As members of this Committee realize, the existas the Federal Reserve System performing central ence of our huge public debt and the need to assure banking functions. Congress has made the System orderly conditions in the Government bond market responsible tor the maintenance of sound credit have greatly complicated the problems faced by conditions in this country in the interest of high- the System in adapting policies to adjust the supply level economic stability. To carry out that re- of money and credit to the needs of a stable, highsponsibility we must always be in a position to employment economy. At the present time our operate flexibly, counteracting trends as they set commercial banks hold about 60 billion dollars in, either toward inflation or deflation. We must of marketable Government debt securities. Nontake into account how much latitude exists to move bank public investors hold an additional 70 billion. in either direction from the position that seems Whenever any security which is a part of this correct for the near future. Viewed in this per- 130 billion is bought by the Federal Reserve there spective, the present powers of the Federal Reserve is an increase in bank reserves, and the reserve so System are ample for our needs during a down- created then becomes the potential basis of a mulward trend. Our powers in the other direction, tiple credit expansion. however, are limited. So long as we have the Of course, the Federal Reserve is not always inhuge Federal debt to support we cannot count on volved. There may be a balance of buyers and use either of the discount rate or operations in sellers in the market and orderly conditions may the open market to exert the same degree of influ- exist without Federal Reserve participation. But ence that they did before the war. To an extent if there are more sellers than buyers at any time, hitherto not contemplated, we are forced to place the Federal Reserve must enter the market. It greater reliance on reserve requirements as a de- thereby makes reserves available to the banking fense against inflationary trends. We are at the system regardless of whether such reserves are moment, however, very close to the limits of that needed for the stability of the economy. If the power. money supply (deposits plus currency) is already We come before you, therefore, to ask you to ample in relation to the goods and services for maintain what we regard as the minimum operat- which it can be exchanged, the further increase ing leeway that is needed in view of our responsi- through bank credit expansion on the basis of the bilities. We do not plan to use those powers now. new bank reserves serves mainly to exert inflationary In fact, reserve requirements may be further re- pressures. The initiative in all such operations duced if present trends continue. But we do want rests with the market and not with the Federal the powers in case an emergency situation should Reserve. Thus the System cannot always control arise. The basic concept underlying the Federal the availability of bank reserves. It should ac- Reserve System is that it should have at all times cordingly be equipped to vary the required amount residual power to deal flexibly with changing situa- of reserves so as to neutralize the indirect effects tions, not that it should come to Congress when- of its Government security transactions. ever an emergency exists. Looking backward at I come now to our most controversial request. the situation, I feel it would have been better for The nature of the problem compels us to plead the economy if we had been in a position earlier that the authority in respect to supplemental re- 476 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE serves be made applicable to all insured commercial however, noncontributors also receive help. This banks, rather than only to members of the Fed- is inequitable, but it is humane and necessary to eral Reserve System. Failure to include all such prevent spreading of the danger to the whole combanks will seriously impair the effectiveness of munity. Nevertheless in the existence and manational monetary policy in a critical period. It jority support of the institution there is great will work to the detriment of our whole banking security for all. structure at a time when the situation calls for We are not asking that nonmember insured consistency and uniformity in national monetary commercial banks be required to become members policy. No category of commercial banking should or to become subject to all of the other requirebe exempt to that call. ments and obligations which member banks have We are not suggesting that the nonmember in- to meet. Membership of State banks in the Federal sured commercial banks carry the same reserves as Reserve System is voluntary and our membership the member banks. In normal periods they would will be endangered if the competitive relationship be unaffected by this legislation. We are proposing is too glaring. only that to the extent supplemental or increased We are aware, as you are, that there is strong reserves may be required under the provisions of opposition to the proposal to include nonmember this act the percentage amounts would be the same insured banks under the supplemental reserve aufor both member and nonmember insured com- thority. It will be said that it is simply the attempt mercial banks. Under our proposal this would mean of another Government agency to grasp for more at the very maximum an increase over existing State power; that it trespasses upon States' rights; and requirements of no more than 4 per cent on de- that it is a step toward ultimate destruction of the mand deposits and IV2 per cent on time deposits. dual banking system. With a huge public debt it would be wholly un- I can only assure you that the Board does not realistic to have no means of steadying or support- seek power for the sake of power; in fact, we would ing the market. We have that means in the Federal prefer, as a matter of personal choice and con- Open Market Committee. Without it no one could venience, to have less formidable responsibilities. be sure of a ready market or of the rates that might At best, the administration of regulatory powers is prevail. a headache. Certainly we would be remiss if we The vital point to bear in mind is that this func- failed to explain to the best of our ability the tion and operation is a protection for all banks of situation as we see it and the way in which we the country—not merely member banks. All com- feel the responsibilities entailed can best be met. mercial banks have in their portfolios relatively I do not feel there is a relevant objection on the large amounts of Government securities. Every score of States' rights. Insured banks are all bank, member or nonmember, can have confidence under the aegis of Federal legislation and for many in its ability to find a market if necessary for those years member and nonmember banks alike have securities without exposure to the risks that would been subject to Federal law providing for stock prevail if there were no residual purchaser. It market margin requirements. should be emphasized as strongly as possible that The dual banking system, which I have long nonmember banks have benefited and profited from upheld and will continue to support vigorously, is all of these operations and actions, yet they have not jeopardized by this proposal. It is specifically not had to bear their proportionate share of the drawn to leave with the State bank supervisory burden. That is why we say it is only fair and officials full discretion and authority to apply and equitable to ask all insured banks to shoulder their enforce. It seems to me the test must be national proportionate share of a load which is imposed for needs and not groundless fears that State charterthe benefit of the entire banking community and ing and supervision arc theatened. Clearly they for the country. are not. Moreover, we contend that what we As I have sometimes put it, to be a member in propose will fortify and strengthen the dual bankthe Federal Reserve System is like being a con- ing system by arming all banking in this country tributing member to a local volunteer fire company. against a danger that would undermine private So long as enough neighbors contribute, the pro- banking. tection will be adequate. In case of a conflagration, A few States have cooperated to the fullest extent MAY 1949 477 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE possible under their laws to parallel or approach the chasing power serves only to bid up prices. In reserve requirements of the System. It would be periods when production and demand approach desirable, of course, if there were greater uni- a balance, such regulation can be relaxed considformity and effectiveness under State reserve re- erably. This the Board has done twice recently in quirements, combined with a disposition by all respect to its present authority, and the Board will State authorities to pursue policies of parallel have no hesitancy in suspending any part or all action. We cannot safely hope, however, for of the regulation should conditions make such separate and parallel action by most of the States. action desirable. The important thing is that the In addition to authority with respect to bank re- power be at hand to exercise restraint when necesserves, we request you to continue authority to sary to maintain sound credit conditions. regulate consumer instalment credit. Regulation W is of course not in itself the answer As you know, this type of credit is associated to the problem of instability which our high standparticularly with the sale of what are known as ard of living presents. The problem is far more consumer durable goods, including automobiles, fundamental. But we are convinced that proper refrigerators, radio and television sets, washing regulation of this volatile type of credit, in conmachines, furniture, and similar articles which junction with other credit restraints, constitutes a have become so much a part of our American substantial contribution to stability. standard of living that very large sections of our In summary, then, we are suggesting extension economy depend on their production and sale. of the authorities which you delegated to us last Because the prospective buyer of these articles can summer but with the application of the reserve exercise so much latitude in both the selection and requirement authority equally to the nonmember intime of his purchase, sales are subject to wide sured banks as well as to the member banks. We fluctuation. The credit related directly or indi- are suggesting the extension of these authorities rectly to their ownership is consequently extremely in the hope that the Congress will in the meanvolatile. time survey the entire framework and functioning The development of consumer instalment financ- of our financial system and of the role of banking ing has come largely during the period since World and Government therein. It is evident from the War I. By the mid-twenties, consumer instalment resolutions which members of this Committee credit outstandings probably did not exceed a billion have sponsored to create a National Monetary Comand a quarter dollars. Today the figure is nearly mission that you are well aware of the need for a 8.5 billion. Since the mid-twenties fluctuations in thorough and painstaking study of this whole comcredit volume have been wide, swelling consumer plicated and difficult subject. We hope that you spending power in expansion periods and reducing will press ahead to authorize such a review and it during contractions. Because instalment credit reappraisal in all its ramifications of the function has become so important a factor in the main dis- of the entire banking system and its role in contribution of durable goods, its wide swings have tributing to national economic stability through contributed to instability in the production and the financing of individuals, business enterprise,, marketing of these goods. We are fully cognizant and Government. of the usefulness of these credits to the durable We in the Federal Reserve System are naturally goods industries, to consumers, and to the entire concerned over the areas of controversy that sureconomy, and we earnestly desire to see this use- round the System's functioning and responsibilities fulness continued and extended. We are naturally as a central banking, monetary, regulatory, and apprehensive, however, lest this credit grow too supervisory authority. We trust that Congress will fast under the pressure of unsound credit practices review its delegation of authority and responsiand terms and thus at some point contribute to bility to the System to be sure that they are comserious instability of markets and purchasing power. mensurate with each other and with the objectives We believe that a further period of trial under more established by Congress. Such a review would innormal conditions for the regulation of this credit clude consideration: (1) of the System's opencan well serve the public interest. market powers and their relation to Federal financ- Appropriate regulation of instalment credit can ing and the administration of the public debt; be especially helpful during times when more pur- (2) of the use of selective credit controls such as 478 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT BEFORE SENATE BANKING AND CURRENCY COMMITTEE those over security loans and consumer instalment becoming much more difficult to do so, and I tell loans and of the proper sphere for the application you, as a businessman, that when our alert and up of such types of control; (3) of the distribution of and coming young men of ideas are unable to get regulatory and supervisory power among the vari- the venture capital to start and grow, then the ous Government agencies; (4) of the need for some American way of life is on its way out. mechanism of policy coordination on the domestic In conclusion, I would like to give the Committee financial front as we have available through the my ideas on the present business situation. Natur- N.A.C. on the international financial front; (5) of ally I am optimistic about the future of American the objectives of central banking and supervisory business, and although many of my business friends policies; and (6) of the relation of the Federal are pessimistic about the present situation, I feel Reserve System as a central banking organization strongly that we are in a healthy readjustment to the banks of the nation, both member and period. There must of necessity have been a trannonmember. sition from inflationary prices to more normal ones In any such review the role and function of reand a transition from the concept of mass producserves will inevitably receive prominent consideration to one of merchandised production. I feel tion. As you know, the System has been conductstrongly that we have let our merchandising skills ing extensive studies of this subject and believes get rusty in the past eight years. The pressure was that a more scientific formula for establishing reon production. First we were engaged in all-out serves can be determined by the Congress. I feel production of the materials and machines of war. confident that solutions to these problems can be Then came these past three lush years when pent-up found without impairment of our long established demand beat on the doors of our factories for institutions, or encroachment upon either State or almost every type of consumer article. There was national prerogatives. Indeed, it is imperative to no need to exercise merchandising skills. The more find solutions that avoid, on the one hand, exurgent deferred demands of consumers have now tremes of centralization which would threaten the been satisfied and most goods are in plentiful supdual banking system, or, on the other hand, jeopardize the effectiveness of national policy by dis- ply. When sales are a little disappointing, as comunity, discrimination, and divided counsels. pared to the abnormal years, there seems to be an inclination to look for excuses rather than get down I hope the Committee will include in its review to fundamentals of product price and quality, and of our financial system an inquiry into the adeconsumer services. It is primarily by that constant quacy of our supply of equity capital. I do not need to remind members of this Committee of the improvement in quality, accompanied by lower fundamental, vital importance of this subject. This prices, that our competitive system has functioned nation grew great and strong on the enterprise of so phenomenally in improving the American standits citizens. It used to be possible for a man with ard of living. I, for one, am glad to see the return a good idea to get capital together, start a business, of the competitive conditions which are so vital a and market that idea. It is still possible, but it is factor in our enterprise system. MAY 1949 479 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MOVEMENT TOWARD BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES by LEWIS N. DEMBITZ AND ALBERT O. HIRSCHMAN X Since 1947 the export surplus of the United States Trade and exchange restrictions introduced or has been sharply reduced, after having reached in reinforced in many countries as a result of the dethat year the highest peacetime level in history. pletion in their gold and dollar resources during The reduction reflected significant progress toward 1947, together with some reduction in United States greater international balance. Although there are aid, were responsible in part for the decline in the still large areas of economic activity in which major United States export surplus. In a more fundaadjustments are needed, the developments of 1948 appear to have provided a real start toward the MEANS OF FINANCING UNITED STATES EXPORTS restoration of healthier economic relationships, both OF GOODS AND SERVICES within the principal countries and in international SEM1ANNUALLY IILL10NS OF DOLLARS 12 trade and finance. The reduction in the export surplus of the United States occurred despite the inauguration of the European Recovery Program. It was due to a substantial decline in exports combined with a notable rise in imports. These changes exerted an antiinflationary influence on the United States economy which during the greater part of the year was still subjected to strong expansionary pressure. To some extent the reduction of the export surplus can be viewed as one of the factors contributing to recent readjustments in the United States. Notwithstanding the reduction, however, the export surplus during 1948 and the first quarter of 1949 was still very large in relation to prewar levels. In the financing of the export surplus, the greatest change from 1947 to 1948 was a large decline in the portion that was financed by liquidation of foreign gold and dollar assets, as is shown by the 1946 1947 1948 t Includes dollars drawn from the International Monetary accompanying chart. This liquidation had been so Fund, disbursements on International Bank loans, private United States donations and investments abroad, liquidation of large in 1947 as to make very serious inroads on other foreign assets in the United States, and errors and many countries' needed reserves. In 1948 a larger omissions. SOURCE.—Based largely upon Department of Commerce data. proportion of this country's export surplus was paid for by United States Government disbursements mental sense, however, the progress toward interwhich were in turn covered by taxation, as opposed national balance was attributable to increased into other means of financing which result in mone- dustrial and agricultural production in many fortary expansion. This change in the financing of eign countries. the export surplus added to such stabilizing effects In large measure, the volume of United States as were exerted by its absolute decline. exports and the export surplus have reflected 1 Mr. Dembitz and Mr. Hirschman are members of the this country's contribution to postwar reconstruc- Board's Division of Research and Statistics. In preparing this tion. As reconstruction proceeded, it was to be article, they incorporated a great deal of factual material and expected that the abnormal dependence of foreign analysis prepared by other members of the Division's staff working on international financial and economic problems. countries on United States production and financial 480 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES assistance would diminish, and that the United UNITED STATES EXPORTS AND IMPORTS States would be able to obtain an increasing amount United States exports of goods and services in of goods and services from abroad. However, 1948 exceeded imports by 6.3 billion dollars, and with prewar levels of output being attained or surthe export surplus during the first quarter of 1949 passed in many foreign countries, further progress continued at around the same annual rate. This toward international equilibrium may well slow down somewhat. Of great importance for balance- rate reflected a sharp reduction from the extremely of-payments developments is a general weakening high figure of 11.3 billion in 1947. Exports of of inflationary pressures. While the readjustment goods and receipts for services rendered to fornow in course in the United States may interfere eigners, amounting in 1948 to 16.8 billion dollars, with further expansion of United States imports, showed a decline of 2.9 billion from the preceding a downward adjustment in the United States price year. Imports, including payments to foreigners level would also result in dollar savings to foreign for services, at 10.5 billion dollars, were 2.0 billion countries. Moreover, the simultaneous progress of higher than in 1947, as is shown in the table. foreign countries toward greater financial stability Of the total reduction of 5.0 billion dollars in tends to have favorable effects on their balances the export surplus between 1947 and 1948, merof payments. chandise trade accounted for 4.3 billion. The FOREIGN TRADE OF THE UNITED STATES AND MEANS OF FINANCING X [In billions of dollars] Item 1948 1947 1946 Net purchases of goods and services from United States by foreign countries: United States exports: Goods 13.4 16.1 11.9 Services 3.4 3.7 3.1 Total 16.8 15. United States imports: Goods 7.7 6.1 5.2 Services 2.8 2.4 2.0 Total 10.5 8.5 7.2 Net purchases from United States by foreign countries 6.3 11.3 7.8 Sources of funds utilized to finance net purchases by foreigners: United States Government (net): Credits 0.9 3.9 2.8 3.8 1.8 2.3 Donations Total. 5.7 United States—private (net): Foreign investment (long- and short-term).... 0.9 0.7 0.3 Donations 0.6 0.6 0.6 Total. 1.5 1.3 International institutions (net): Dollars disbursed by International Bank 0.2 0.3 Dollars drawn from International Monetary Fund.... 0.2 0.5 Total... 0.4 0.8 Foreign countries' own capital assets (net): Sales of gold to United States 1.5 2.8 0.7 Reduction of banking funds in United States. 2-1.0 1.2 0.9 Liquidation of other assets in United States. . 0.3 0.5 0.4 Total. 0.9 4.5 2.0 Total sources of financing. 7.5 12.3 8.0 Errors and omissions -1.1 -1.0 -0.2 1 This table is derived largely from U. S. balance-of-payments data compiled by the Department of Commerce. Gold and dollar transactions between the United States and the International Monetary Fund and the International Bank are omitted while gold and dollar financing provided by the Fund and the Bank are included. ECA disbursements that are ultimately to be placed on a loan basis are treated as credits. Details may not add to totals because of rounding. 2 Increase. MAY 1949 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES remaining 0.7 billion dollars of reduction was DISTRIBUTION OF UNITED STATES MERCHANDISE TRADE almost entirely accounted for by transportation BY COMMODITY CLASSES X services, which yielded 0.4 billion dollars in 1948 [In millions of dollars] as against about 1 billion in 1947. This reduc- Exports Imports tion was due largely to a recovery in the share of Commodity traffic carried by foreign ships, although trans- classes Percen- Percenportation transactions continued to show a net bal- 1948 1947 ch ta a g n e ge 1948 1947 ch ta a g n e ge ance payable to this country in contrast with negative balances before the war. Increases in net tour- Crude materials. . . 1,490 1,602 - 7 2,109 1,743 +21 Crude foodstuffs.. . 1,268 1,350 - 6 1,271 1,017 +25 ist expenditures and in United States Government Manufactured foodstuffs 1,319 1,756 -25 731 656 + 11 disbursements for services abroad were offset in Semimanufactures. 1,368 1,785 -23 1,632 1,245 +31 Finished manufacpart by a net increase in the income received by tures 7,054 8,672 -19 1,296 983 +32 this country on foreign investments. Total 12,498 15,163 -18 7,038 5,643 +25 Merchandise trade. Total goods exports in 1948 amounted to 13.4 billion dollars, a decline of 2.7 1 Data cover only "recorded" exports of U. S. merchandise and imports for consumption. The unrecorded exports consisted billion, or 17 per cent, from 1947. Since this mainly of certain U. S. Government transactions. decline occurred despite a rise in unit value of was accounted for by reduced transfers of merchant about 5 per cent, exports decreased more sharply vessels and cotton manufactures. The former is in volume than in dollar amount. Total goods explained by the fact that the program to sell warimports reached an all-time high of 7.7 billion dol- built ships abroad was almost completed in 1947. lars, an increase of 1.6 billion, or 28 per cent, from The decline in exports of cotton manufactures from the 1947 level. The net result was a 45 per cent the high 1947 level is attributable mainly to greater drop in the merchandise export surplus to 5.7 bil- production in consuming countries and to accelerlion dollars in 1948. The record imports resulted ated export drives by nondollar countries. The defrom both higher unit value and heavier volume. cline in exports of manufactured foodstuffs was for On the export side, expanded foreign production the most part a continuation of a trend begun in and greater availability of goods from nondollar 1947. It included a substantial reduction in exports sources, along with the general dollar stringency, of wheat flour, however, which had been at a high contributed to the sharp reduction. On the im- level in 1947. port side, there were the greater availability of Several important changes occurred within the world supplies, the concerted efforts of several crude materials group. The very large reduction countries to obtain dollars by selling products to in the movement of coal to Europe reflected imthe United States, and the continued high level of proved supply conditions there. Exports of raw production and income in the United States. cotton, the largest item in this group, expanded Despite their expansion, United States imports still considerably during 1948 while tobacco shipments were substantially below the level that would be redeclined by 20 per cent. Among crude foodstuffs, quired to restore the prewar relation between United a large increase in the value of wheat exports was States imports and gross national product. sufficient to offset a sharp decline in the value of Exports. The 1948 decline in exports of United corn shipments. States merchandise, as recorded by the Bureau of Imports. The substantial expansion in United the Census, was shared by all major commodity States imports of merchandise in 1948 was shared categories. Shipments of crude materials and crude generally among the major commodity groups. foodstuffs, however, with a decline of only 7 per The group of manufactured foodstuffs showed cent, were relatively well maintained in comparison the smallest increase, because of the reduction in with exports of manufactured goods, which declined imports of cane sugar that followed the reintroducby more than 20 per cent. Changes for the several tion of quotas in accordance with the Sugar Act commodity groups are given in the accompanying of 1948. table. Of the substantial increase in the crude materials Of the 1.6 billion dollar drop in exports of finished group, petroleum and raw wool imports accounted manufactures between 1947 and 1948, almost half for nearly two-thirds. Imports of numerous other 482 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES crude materials, including undressed furs, hides, billion in 1947, were about 0.9 billion dollars in and skins, were also larger than in 1947. In the 1948. group of semimanufactured products, increases The European Recovery Program was the outwere reported for tin, petroleum products, copper, standing development in United States Governand wood products. ment aid during 1948. Through the provision of Increases in imports of newsprint, agricultural "assistance to those countries of Europe which machinery, and vehicles accounted for about half participate in a joint recovery program based upon the expansion in finished manufactured products. self-help and mutual cooperation," the Program aimed at "the establishment of sound economic FINANCING THE EXPORT SURPLUS conditions, stable international economic relationships, and the achievement by the countries of The large decline from 1947 to 1948 in net Europe of a healthy economy independent of extrapurchases from the United States by foreign counordinary outside assistance." For this purpose, tries was accompanied by greatly reduced liquida- Congress appropriated 4 billion dollars for the petion of foreign gold and dollar balances. Foreign sales of gold in 1948 were largely compensated for UNITED STATES GOVERNMENT FINANCIAL AID TO by new gold production and accumulation of dollar FOREIGN COUNTRIES1 balances with the result that total foreign gold and [Disbursements, in millions of dollars] dollar balances showed little change for the year after having declined by 4.2 billion dollars in 1947. Form of financing 1948 1947 The amount financed by United States Government aid accounted for the bulk of the export U. S. Government loans: surplus in 1948. At the same time, the amount of E E C xp A o r l t o - a I n m s p 2 ort Bank (net) 2 4 3 8 2 6 724 Government loans and grants declined somewhat Surplus property and ship-sale credits 249 274 British loan 300 2,850 from the 1947 level, notwithstanding inauguration Other 21 82 Receipts (other than Export-Import Bank). . . -115 -102 of the European Recovery Program. The re- Total long-term (net) 1,173 3,828 mainder of the export surplus was financed by Short-term (net) -260 73 private investments and donations, and by dollars Total loans (net) 913 3,901 supplied by the International Monetary Fund and U. S. Government grants: the International Bank for Reconstruction and De- UNRRA and Post-UNRRA aid 84 788 velopment. E In u t r e o ri p m ea n a id Recovery Program 2 1,3 5 8 5 1 6 12 United States Government financing. Net United Aid to China 171 Government and relief in occupied areas States Government assistance to foreign countries (Department of the Army) 1,263 980 Aid to Greece and Turkey 349 74 in the form of both loans and grants, amounting Philippine war damage payments, etc 127 96 International Refugee Organization 90 17 to 4.7 billion dollars, was about 1 billion dollars Lend-lease settlements -10 -206 Other -189 51 less than in 1947. However, the assistance thus Total grants (net) 3,822 1,812 provided represented an increased proportion of the Total loans and grants (net) 4,735 5,713 sharply reduced export surplus. The accompanying table shows disbursements under Government loans 1 Largely derived from U. S. balance-of-payments data compiled by the U. S. Department of Commerce. and grants in 1947 and 1948. 2 Of total aid rendered to foreign countries under the European Largely because of the European Recovery Pro- p R l e a c c o ed v er o y n Pr a o g l r o a a m n i b n a s 1 i 9 s. 4 8, T 4 h 8 i 6 s m am ill o io u n n t d o i l s l ar in s c i l s u d u e l d ti m h a e t r e e ly u t n o d b e e r gram, net Government assistance in the form of long-term loans. outright gifts to foreign countries, as distinguished riod from April 1948 to June 1949 with an authorifrom loans, increased from 1.8 billion dollars in zation for an additional 1 billion dollars to be dis- 1947 to 3.8 billion in 1948. Larger expenditures bursed by the Export-Import Bank as loans. In by the Army for imports into Germany and the addition, most of the 577 million dollars authorized expansion of assistance programs for Greece, Tur- by Congress toward the end of 1947 for the interim key, and China in 1948 also played a part in this aid program was expended in 1948. increase. On the other hand, utilizations of loans Expenditures under the ERP in 1948, on both {net of repayments), which had amounted to 3.9 a grant and a loan basis, amounted to about 1.9 MAY 1949 483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES billion dollars or almost 40 per cent of total United amounting to about 600 million dollars in 1948, States Government assistance. However, the ex- reflected no change from 1946 and 1947 levels. penditures did not in their entirety represent ship- Financing by international institutions. Dollar ments from the United States. Almost half assistance to countries by the International Moneof the funds were spent in countries other than the tary Fund and the International Bank for Recon- United States, such as Canada and certain Latin struction and Development declined in 1948 to American countries. The dollars accruing to these about one-half of the 1947 amount. The sharpest countries became available for purchases from the reduction was apparent in dollars supplied by the United States. Fund, which amounted to less than 200 million Although actual expenditure during the first nine in 1948, compared to about 450 million in 1947. months of the European Recovery Program This was a consequence of the Fund's policy of amounted to less than half the 5 billion dollars au- conserving its resources during the period of the thorized, procurement had been authorized as of European Recovery Program by extending no dolthe end of the year for 3.7 billion dollars of goods, lar assistance to participants in the Program except of which 2.3 billion was to be purchased in the in "exceptional and unforeseen cases." Since the United States. Congress has authorized the appro- initiation of this policy, all sales of dollars by the priation of an additional 1.2 billion dollars for the Fund have been to nonparticipants, chiefly India period April-June 1949 and 4.3 billion for the year and South Africa. The largest sale in 1948, howending June 30, 1950. The average monthly rate ever, was that of 60 million dollars to the United of disbursements may be expected to be larger in Kingdom in March, prior to the beginning of the 1949 than in 1948, when it was held down by the European Recovery Program. Total drawings of inevitable lags connected with the launching of dollars upon the Fund from its inception to the the program. end of 1948 did not reach the equivalent of foreign Private financing. New private long-term invest- countries' gold subscriptions, and so in efifect the ment by Americans in foreign countries during entire United States contribution remained unused. 1948 showed an increase of about 250 million dol- Although the International Bank for Reconstruclars over 1947. The new investment consisted pri- tion and Development disbursed only about 200 marily of direct investments by business concerns, million dollars in 1948 compared to almost 300 which amounted to about 650 million dollars net in million in 1947, it has since contracted loans with 1948. This nearly equaled the record volume of Chile, Mexico, Brazil, and Belgium in amounts such investment in 1947 and, like it, consisted prin- totaling 140 million dollars. At the end of 1948, cipally of investment by the petroleum industry. the Bank's dollar resources amounted to about 500 In addition, however, there was a net outflow of million. 100 million in portfolio investments in 1948, in con- Use of foreign gold and dollar balances. Sales of trast with a net repatriation of such investments gold to the United States by foreign countries in 1947. This net outflow resulted from a single totaled 1.5 billion dollars in 1948. About one-third large purchase of Canadian bonds by American of this amount served to finance their deficits with insurance companies. There was also an outflow this country, while the remainder resulted in buildof about 125 million dollars in private short-term ing up official dollar balances. Such official balcredit to foreign borrowers, a smaller amount than ances, which are held by governments, central in 1947. banks, and other official institutions, increased from The 1948 total of private long-term investment, about 1.8 to 2.8 billion dollars. Privately owned while small in comparison with Government assist- foreign dollar balances remained at about 3 billion ance, was the highest annual figure since 1928. dollars. In view of the fact that national income in the The estimated decline during 1948 in the aggre- United States rose by about 170 per cent from 1928 gate gold reserves of all foreign countries (other to 1948, however, the volume of private investment than the U.S.S.R.) was about 1,100 million dolis still far below what might be expected on the lars. This figure is less than the amount of gold basis of pre-1930 relationships. sold to the United States by some 400 million dol- Private remittances to beneficiaries abroad, lars, which represents the estimated net flow of 484 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES newly mined gold into the official holdings of for- During 1948 the aggregate holdings of these couneign countries. Thus, the 500 million dollars used tries were maintained with little change. Italy, to finance deficits with this country was largely off- Switzerland, and Germany, in fact, increased their set by the flow of newly mined gold into foreign dollar holdings appreciably, as is shown in the reserves, leaving aggregate foreign gold and dollar accompanying table. The chart shows holdings of holdings almost unchanged in 1948; a decline in foreign gold reserves and short-term dollar balances these holdings during the first half of the year was for selected countries and groups of countries. largely compensated by a rise in the second half. The country having the largest increase in gold There were, however, some very substantial changes and dollar holdings in 1948 was Canada which, in in the positions of individual countries. ESTIMATED CHANGES IN FOREIGN GOLD RESERVES AND SHORT- FOREIGN GOLD RESERVES TERM DOLLAR BALANCES, 1947-48 1 AND SHORT - TERM DOLLAR BALANCES [In millions of dollars] END OF QUARTER FIGURES Hold- Increase or Holdings decrease (—) ings Area and country at at end of end of 1946 1947 2 1948 2 1948 ERP countries (other than United Kingdom): Belgium-Luxembourg (and dependencies) 963 -180 35 818 France (and dependencies). . . 1,225 -456 23 792 Germany (Western Zones)3... 7 83 89 179 Italy 296 -85 219 430 Netherlands (and dependencies) 984 -322 -104 558 Norway 215 -87 2 130 Sweden... 554 -390 -34 130 Switzerland 1,803 -1 124 1,926 Other ERP countries4 1,247 -310 -121 816 Total . . 7,294 -1,748 233 5,779 Other Continental Europe5. . . . 882 -30 -95 757 United Kingdom (and dependencies) 2,937 -548 -183 2,206 Union of South Africa 986 -178 6 -609 199 Other sterling area7 568 10 -1 577 Canada 1,475 -771 480 1,184 Latin America: Argentina 1,185 -627 -202 356 Brazil.. 528 -69 -18 441 1946 1947 1948 1949 Cuba 379 135 -6 508 Venezuela 289 4 152 445 NOTE.—March 1949 figures are preliminary. Other Latin America 1,275 -217 -58 1,000 Total 3,656 -774 -132 2,750 The 500 million dollars of net financing by gold and dollar balances in 1948 compares with about P R h e i s l t i p o p f i n w e o r R ld epublic 1,1 4 0 4 2 8. -23 4 0 2 1 - 8 1 1 1,0 4 5 8 3 9 4,000 million in 1947. The large drain on for- Total for countries with eign gold and dollar balances in 1947 brought the net gain during year.. . 341 1,381 Total for countries with holdings of many countries to dangerously low net loss during year -4,568 -1,508 levels and led them to take measures to assure Net total 19,348 -4,227 -127 14,994 themselves against further large losses. Sales of 1 Includes estimated gold holdings for countries which do not 1.5 billion of gold to the United States in 1948 fully report their gold holdings (except for U. S. S. R. gold holdings, which are omitted), and also includes both official and privately compare with 2.8 billion in the previous year, and held short-term banking funds. Figures for 1948 are preliminary. the building up of foreign dollar balances in 1948 2 Decreases include foreign gold contributions to International Monetary Fund in the amount of 650 million dollars in 1947 and contrasts with net drawings of 1.2 billion in the 72 million in 1948. 3 Short-term dollar balances only. previous year. 4 Includes gold to be distributed by the Tripartite Commission to European countries (including some non-ERP countries). About half of the net loss of gold and dollars 5 Includes short-term dollar balances only for U. S. S. R. 6 Includes transfer of 322 million dollars of gold to the United by foreign countries during 1947 had represented Kingdom. 7 Includes Egypt and Palestine (and subsequently Israel) losses by countries which subsequently became throughout, although Egypt withdrew from the sterling area in participants in the European Recovery Program. July 1947 and Palestine in February 1948. Excludes Eire and Iceland, which are included under "Other ERP countries." MAY 1949 485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES contrast with a large loss suffered in 1947, gained gross national product that showed a decrease in almost 500 million dollars in 1948. Of this gain, 1948. The decline, however, amounted to less 115 million dollars represented acquisitions of gold than one-fifth of the combined increases in domestic newly mined in Canada, and the remainder was consumption, private investment (including inventhe accumulation of dollar balances. South Africa, tory accumulation), and Government purchases of whose holdings declined by 609 million dollars in goods and services. In fact, the domestic demand 1948, was the only major instance of a country for many export commodities was more than suffishowing a much larger loss than in the preceding cient to absorb the supplies made available as a year. Argentina's loss in 1948, while amounting result of contraction in foreign purchases. The to 202 million dollars, was much less than in the augmented United States imports did not compreceding year, and Venezuela showed an appre- pete with domestic products so much as they perciable gain during 1948. Japan and several other mitted United States production to expand as a Asiatic countries added to their gold and dollar result of a better supply of imported materials. holdings in 1948, while China's dollar balances were relatively unchanged in 1948 after having GROSS NATIONAL PRODUCT, BY TYPE OF EXPENDITURES declined by 202 million in 1947. [In billions of dollars] To a large extent, recent changes in the gold Type of expenditure 1948 1947 Change and dollar holdings of foreign countries reflect transactions of the respective countries with the Private consumption expenditures1. . 177.1 164.2 + 12.9 United States, but in some cases there have been G G r o o v s e s r n p m ri e v n a t t e p d u o rc m h e a s s t e i s c o in f v g e o s o t d m s e n a t n . d . 39.7 30.0 + 9.7 service^ 31.7 26.2 + 5.5 significant transfers arising from transactions be- Net exports 6.3 11.3 - 5.0 tween one foreign country and another. In the Total 254.8 231.7 +23.1 latter category was the loan of 322 million dollars of gold by South Africa to the United Kingdom, 1 Excludes net private remittances to foreign countries. 2 Excludes net grants and other unilateral transfers to foreign which was consummated in February 1948. Part countries. NOTE.—Based on data from U. S. Department of Commerce, of the net decrease in South Africa's gold holdings Office of Business Economics. resulted from this transfer. However, if South Nevertheless, it is possible to view the decline Africa continues to have large balance-of-payments in the export surplus as an important marginal deficits with the United Kingdom, this loan may factor contributing to the change in the domestic be repaid in British goods rather than in gold, and economic situation during recent months. To some the transfer of gold may thus prove to have been, extent the decrease in the export surplus led to in effect, a prepayment for later shipments of Brit- increases in inventories or the filling of backlog ish goods. demands by domestic consumers. Although such United Kingdom sales of gold to the United a development did not change the gross product States during 1948 were considerably greater than total, its economic effect was far from neutral: the amount of gold borrowed from South Africa. it helped to set the stage for a new phase in which Some of the sales were to help in financing Britain's production for inventory accumulation would didollar deficit during the early part of the year before minish and pressure of consumer demand would ECA funds became available, and some were made be eased. later because ECA reimbursements necessarily The considerable change in the method of financlagged behind British expenditures. Toward the ing the export surplus also worked in the direction end of the year this lag diminished and there was of holding down inflationary pressures. As indian increase in British dollar balances. cated above there was a particularly large reduction from 1947 to 1948 in the portion of the export sur- EFFECT ON THE UNITED STATES ECONOMY plus that was financed by foreign liquidation of The decline in United States exports and the gold and dollar holdings, as distinguished from the increase in imports both worked in the direction portion financed by United States Government of restraining domestic inflationary tendencies in grants and loans. Generally speaking, if Govern- 1948. As is shown in the accompanying table, the ment disbursements are being covered by taxation net export surplus was the only component of the or by borrowing from nonbank investors, then the 486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES financing of an export surplus by means of such United States could, by reducing the dollars disbursements is less inflationary than if it were available to foreign countries, handicap their financed through an inflow of gold. The imme- economic recovery. At the present time, however, diate monetary effect of a gold inflow, or of a re- a substantial part of the dollar funds now availduction in foreign deposits at Federal Reserve able to a number of foreign countries consists of Banks, is to increase commercial bank reserves and grants or loans which, once appropriated by the deposits; and, unless effective offsetting action can Congress, are not subject to economic changes in be taken, the subsequent increase in bank loans and the United States to the same extent as are dollar investments may be considerably greater than the earnings of foreign countries. Also, to the extent amount of the gold (and dollar) inflow. In 1948 that imports of certain foreign goods and services the inflow of gold, along with the movement of have been limited by the available supply, the level foreign deposits at Federal Reserve Banks, added of such imports may be sustained even after demand 1.3 billion dollars to bank reserves as against 2.9 in general has eased. Finally, a decline in the billion in 1947. The expansionary influence of the United States price level would result in dollar export surplus on the total money supply in the savings for foreign countries and would help them United States was therefore of much smaller pro- to maintain the volume of their purchases in this portions in 1948 than in 1947. country in the face of reduced proceeds for their exports. OUTLOOK These factors will tend not only to moderate Progress toward a greater degree of balance was the influence of readjustment in the American marked in the international accounts of the United economy on foreign economic conditions but also States in the course of 1948. The export surplus to exert a stabilizing influence on the level of ecowas reduced sharply without unduly restricting nomic activity in the United States. the flow of United States goods needed for economic As will appear from the following section, a recovery and development in other countries. tendency toward internal stabilization is evident While it did not subject the United States economy in an increasing number of foreign countries. to severe readjustment, the reduction in the export This development will undoubtedly create marketsurplus contributed to the meeting of domestic de- ing problems for some foreign producers, but it mands and the leveling off of prices in the United will also help foreign countries to reduce their States. imports and to make goods available for export As foreign production continues to expand, fur- which were hitherto in strong domestic demand. ther economies in imports from the United States On the whole, therefore, an end of the world-wide and further expansion of shipments to this coun- inflation, which characterized the immediate posttry may take place. But in many countries pro- war period, should have favorable results for induction is not likely to rise as rapidly in the coming ternational balance-of-payments equilibrium. This years as it has during the past few recovery years. is on the condition, of course, that the present Increased production abroad from now on will rest readjustment does not deteriorate into serious delargely on improved productivity and enlarged pression and stagnation. This condition, in turn, is capacity. Increased sales to this country will de- largely dependent on the adoption of appropriate pend greatly on price factors and sales promotion. domestic economic policies, particularly in the fis- Under these conditions, further progress of for- cal and monetary areas, but also on the speed and eign countries toward international balance may resoluteness with which the major trading countries well be less rapid than during the past year. Con- succeed in eliminating inefficiencies in production tinuation of United States programs of foreign and unrealistic price situations which still carry •economic aid—on a decreasing scale—is therefore over from the war and early postwar periods. needed to prevent disruption of the recovery UNITED STATES FOREIGN TRADE AND ECONOMIC process. CONDITIONS ABROAD Changes in business conditions in the United States have great influence on international eco- While there was a decline in the over-all export nomic relations. A slackening of demand in the surplus of the United States to the rest of the MAY 1949 487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES world (and, conversely, reductions in the import States in 1948. These four countries are in the surpluses of most foreign countires vis-a-vis the special position of receiving considerable amounts United States), the changes in the United States of aid outside the European Recovery Program trade position with different areas and individual and increased their share in total United States foreign countries were by no means uniform, as exports from 6 per cent in 1947 to 11 per cent in is shown in the table on page 490. 1948. The remaining countries participating in Certain countries, such as Germany, Greece, the program almost halved their trade deficit with Cuba, and South Africa, did not follow the general the United States and reduced their share in United trend, but showed increased trade deficits with States exports from 28 to 23 per cent. the United States in 1948. Of the countries that Helped by a continued flow of American aid, achieved reductions in their import surpluses with the European economy was able to increase its outthe United States, a few succeeded in doing so put and overcome shortages, particularly of coal, primarily by expanding their exports to this coun- that had hampered its recovery. Good harvests try; such countries included primarily Canada, in 1948 followed disastrous losses from freezing and also Chile, the Philippines, and the Nether- and drought in 1947. Progress was made in atlands Indies. In most countries, however, the im- tacking key obstacles to independence from outprovement arose primarily from the reduction of side aid. The United Kingdom substantially reimports from the United States. duced an external deficit which in 1947 had as- For many countries the improvement in the sumed huge proportions. Germany overcame the trade balance with the United States meant a gen- stagnation in output which had marked its econeral advance toward greater balance in their ex- omy since the end of the war. Internal monetary ternal relations. In a few countries, however, stability was consolidated by Italy, and the prosuch as France, the reduction in the deficit with the tracted French inflation appeared to have been United States was achieved primarily by creating checked toward the end of the year. or increasing deficits with other areas, so that little While the gold and dollar reserves of all these over-all improvement occurred. countries had been seriously depleted in previous For some countries, such as the United Kingdom years, the progress made toward greater balance in and Italy, the reduction in import surpluses resulted their external accounts generally kept their 1948 from successful domestic anti-inflationary action deficits within the limits of United States aid. which reduced demand for imported goods and The United Kingdom, after experiencing exalso increased availabilities for export. In other treme imbalance in its international accounts in countries, primarily in South America, the cut- 1947, made remarkable progress toward greater ting of imports by governmental action was necesbalance in 1948. Its trade deficit with the United sary in view of the depletion of gold and dol- States dropped from 898 to 360 million dollars. lar holdings, but the domestic effect was merely to The United Kingdom has now raised its total exeliminate a previously existing offset to inflationary port volume far above, and reduced its import forces, thereby complicating the task of achievvolume far below, prewar levels, an effort necesing stability. sitated by its losses of overseas income. Advances In all important trading countries, developments in production, the maintenance of austere living concerning United States trade were intimately standards, and the policy of effecting "disinflation" related to general balance-of-payments situations through a budget surplus share credit for these and progress toward recovery and stability. These notable achievements. Despite the progress made varying relationships are brought out in the folin 1948 and even after the possible emergence of lowing comments on the principal foreign areas. equilibrium in the United Kingdom's aggregate ERP countries. The trend of United States trade external accounts, narrowing of the remaining dolwith most countries receiving aid under the Eurolar gap will require strenuous efforts. With some pean Recovery Program was not markedly dissigns that production is leveling off, further progsimilar from trade developments in other areas. Germany, Austria, Turkey, and Greece, however, ress is acknowledged to be largely dependent on a showed increased trade deficits with the United continued expansion of exports of the sterling area 488 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES toward the dollar area, and on the maintenance of lands still has a long way to go before reaching rigorous fiscal policies. external balance. The vigorous investment pro- In France, the trade deficit with the United States gram which is being carried out within a framewas reduced by one-third. This reduction was work of stringent direct controls is designed to inmore than offset, however, by increased deficits crease production enough to achieve self-support with other countries, particularly those in the ster- without a drastic cut in Dutch living standards. Inling area. This shift was the outcome of conscious dications that the latent inflationary pressures had redirection of imports as well as of the currency begun to abate during the latter part of 1948 perarrangement (adopted in January and terminated mitted a significant cut in subsidies and brought in October 1948) which involved a greater devalu- the Netherlands a step closer to coordination of ecoation of the franc in relation to "hard" currencies nomic policy with Belgium. than in relation to "soft" currencies. France's fail- The halving of Belgium's trade deficit with the ure to achieve a better balance in its international United States from 1947 to 1948 resulted mainly accounts was no doubt largely determined by con- from a reduction in imports from this country. tinued domestic inflationary pressures resulting Belgium at the same time increased imports from from large investment expenditures, difficulties in other areas (Latin America and Europe). However, applying adequate fiscal and credit controls, and exports to all areas expanded considerably and Belpolitical uncertainties. Shifting part of the deficit gium's total trade deficit was reduced from 631 to from the United States to other areas may facilitate 296 million dollars. This significant improvement improvements in France's international accounts, if occurred during a period when inflationary presthe monetary stabilization which has been achieved sures within Belgium were slackening considerably in recent months is further consolidated. or being reversed, thus increasing the relative at- Italy's exports to the United States in 1948 were tractiveness to Belgian producers of foreign as commore than double those of 1947. This helped to pared with domestic markets. Toward the end of reduce Italy's trade deficit with the United States the year a growing amount of unemployment, parto a level lower than had been anticipated under ticularly in consumer goods industries, began to the first year of the European Recovery Program. cause serious concern in Belgium. This served to As a result Italy was able to accumulate dollar bal- heighten interest in the implementation of a longances. Also, in contrast with France, Italy im- delayed program for capital development and modproved its trade position with other countries to the ernization. Belgium is now within reach of an point where there was probably a surplus in Italy's over-all equilibrium in its balance of payments but nondollar balance of payments. To some extent the financing of its dollar deficit still remains a the improvement in the Italian position may have problem. been temporary since it was largely caused by the The trade deficit of the Scandinavian countries internal readjustment that followed the strong anti- with the United States was only one-fourth as large inflationary action taken toward the end of 1947. in 1948 as in 1947, and exports covered over half The conjunction of internal deflation with the de- of imports. However, this remarkable improvevaluation of November 1947 provided an ideal en- ment resulted almost entirely from a drastic curvironment for the narrowing of the balance-of-pay- tailment of imports. Norway and Denmark made ments gap, although capital formation may have good progress in expanding exports to the United been retarded in the process. States, but there was a sharp drop in Sweden's ex- The Netherlands, whose recovery problem is one ports of woodpulp and newsprint. Exports to the of the most difficult as a result of war losses and rest of the world, however, were considerably indisruption in trade channels, succeeded in reducing creased, so that a substantial improvement also took its trade deficit with the United States by about place in the trade balance of the Scandinavian counone-fourth. This improvement was partly offset by tries with the nondollar area. Economic controls increased merchandise deficits with other European were continued in force in the Scandinavian councountries and with Indonesia. Total exports in- tries and, together with a gradual absorption of creased markedly from 1947 to 1948, but the over- latent inflationary pressures through fiscal policies all trade deficit declined only slightly. The Nether- and increases in output, contributed to the achieve- MAY 1949 489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES ment of a more balanced internal and external Economic Cooperation Administration. Owing to position. the large volume of imports from the United States, In an effort to reduce the lag of Western Ger- Western German trade with the rest of the world many's recovery behind that of other countries of could be kept approximately in balance. The in- Western Europe, the United States in 1948 sent crease in imports in 1948 made an important conmore exports to Germany than to any other tribution to the spectacular recovery of the Western European country. Consequently Germany's 1948 German economy. Production reached a level deficit with the United States showed an increase almost twice as high as in 1947 but still only about of 260 million dollars over the preceding year. This 75 per cent of 1937, after adjustments for changes deficit was financed mainly by funds appropriated in territory. Besides the considerable increase in for United States Army relief in occupied areas and, foreign aid, the currency reform of June 1948 conto a much smaller extent, by allocations from the tributed importantly to the restoration of incentives UNITED STATES MERCHANDISE TRADE, BY REGIONS AND SELECTED COUNTRIES a [In millions of dollars] Exports from U. S. Excess of U. S. (Including re-exports) Imports to U. S. exports Change in foreign Region and country country's Per- Per- trade 1948 1947 centage 1948 1947 centage 1948 1947 balance change change with U. S. Europe 4,285 5,683 -25 1,092 819 +33 3,194 4,864 + 1,671 United Kingdom 644 1,103 -42 285 205 +39 360 898 +539 France 591 817 -28 73 47 +55 518 770 +252 Italy and Trieste 428 500 -14 94 44 + 113 333 455 + 122 Netherlands 313 384 -18 44 27 +65 270 357 +88 Belgium and Luxembourg 310 535 -42 89 59 +52 221. 476 +255 Denmark, Norway, and Sweden 257 623 -59 131 120 +9 126 503 +377 Germany (all occupied zones). . 868 582 +49 31 6 +383 837 575 -262 Greece 239 167 +43 19 17 + 16 220 150 -70 Austria 146 108 +35 9 4 + 100 137 103 -34 Switzerland 171 195 -12 105 83 +26 67 111 +45 ERP countries2 4,191 5,292 -21 956 697 +37 3,235 4,596 +1,361 Poland and Czechoslovakia. . . . 76 157 -51 24 24 -4 53 133 +80 USSR 28 150 -81 79 77 +2 -51 73 +123 Latin America 3. . . 3,356 4,069 -18 2,482 2,253 + 10 874 1,816 +942 Argentina 379 680 -44 180 155 + 17 199 526 +327 Mexico 518 629 -18 247 247 272 382 + 111 Brazil 498 643 -23 514 446 -16 198 +214 Chile 105 125 -16 179 122 +46 -74 3 +77 Colombia 197 219 -10 236 206 + 15 -40 13 +53 Cuba 441 492 -10 374 510 -27 67 -18 -84 Venezuela 516 427 +21 273 174 +57 244 253 +9 Asia 2,094 2,338 -10 1,332 1,049 +27 762 1,289 +527 Philippines 468 440 +6 227 162 +41 240 278 +37 Japan 323 423 -24 63 35 +78 260 388 + 127 Indonesia 92 104 -11 75 34 + 124 17 70 +53 India and Pakistan 315 401 -22 292 254 + 15 23 148 + 125 British Malaya 82 66 +25 270 284 -188 -218 -30 China 240 354 -32 120 116 +4 120 238 + 118 Africa 785 822 -4 407 327 +24 379 494 + 116 Union of South Africa 492 414 + 19 135 112 +21 357 302 -55 Canada and Newfoundland 1,946 2,113 -8 1,593 1,127 +41 353 986 +634 Oceania 153 320 -52 164 156 +5 -11 165 + 175 Australia ... 114 236 -51 129 125 +3 -15 110 + 125 Total 12,618 15,345 -18 7,070 5,732 +23 5,548 9,613 +4,066 1 Computations made prior to rounding of 1947-48 figures. 2 Includes Turkey, but excludes overseas dependencies of ERP countries. 3 Includes Central and South America, the Caribbean area, and Mexico. NOTE.—Totals for regions include countries for which separate figures are not given. 490 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES and improvement in efficiency in production and Brazil, Chile, and Colombia. Cuba, on the other distribution. hand, shifted from a trade surplus to a trade deficit. Eastern Europe. Owing to the sharp reduction Through more stringent control of imports, Arin United States exports to Eastern Europe, espe- gentina reduced its trade deficit with the United cially after the imposition of additional export con- States by more than 325 million dollars in 1948. trols in March 1948, the trade of that area (includ- During 1946 and 1947 Argentina had spent a coning the U.S.S.R.) with the United States was almost siderable part of its gold and convertible foreign exbalanced in 1948, in contrast with the large deficits change in order to sustain a very large volume of of previous years. Imports from the United States imports from the United States. Unable to convert were reduced by 260 million dollars while exports receipts from exports to Europe into dollars and increased slightly. The Soviet Union had an ex- facing also the prospect of lower prices for grain exports, Argentina found it increasingly difficult to port surplus of 51 million dollars in trade with implement an ambitious program of economic dethe United States. Trade of Eastern Europe with velopment, and in 1948 the Argentine Government Western European countries and their overseas curconsequently took steps to check inflation. rency areas expanded in value, due largely to in- Mexico's trade deficit with the United States was creased exports of grain, coal, and timber and wood cut by about 100 million dollars, primarily by products, but was still much below the prewar volapplication of import prohibitions and import liume. On the other hand, trade within Eastern censing. Devaluation of the peso in July 1948 was Europe increased sharply, both as a result of a supporting factor. Despite the apparent stability planned reorientation and because of extraordinary of domestic prices in the second half of 1948, demands for grain from the U.S.S.R. by the satellite Mexico still has the problem of correcting the countries. serious imbalance of its international accounts Latin America. The Latin American republics as which has developed since the war. a group continued in 1948 to have a trade deficit Brazil, Chile, and Colombia all replaced large with the United States, but the magnitude of this 1947 trade deficits with the United States by trade deficit was only half that of 1947. Imports by the surpluses in 1948. All three countries restricted 20 republics fell by 18 per cent and exports inimports from the United States and succeeded in creased by 8 per cent. With few exceptions the obtaining more imports from soft-currency areas. Latin American republics, their wartime accumu- Colombia supplemented import controls by exlations of gold and foreign exchange greatly rechange rate depreciation in December 1948. Some duced, found it necessary during 1948 to take easing of inflationary pressures was noted in Brazil. additional measures to reduce their imports. Sup- Among the United States' major trading partported by high levels of money income and exners in Latin America, only Cuba and Venezuela panded programs of public and private investment, adopted no general measures to reduce imports in the pressure of domestic demand for imports in 1948. These countries had not been subject to the Latin America remained at a high level. To some postwar dollar shortage because their leading export extent the reduction in imports from the United commodities, sugar and petroleum, were excellent States was offset by an increase in imports from dollar earners. Europe, particularly the United Kingdom. Al- Cuba's trade deficit with the United States in though most of the Latin American republics con- 1948 was the result of a precipitous drop in sugar tinued to utilize gold and dollar reserves accuexports to the United States, which resulted partly mulated during the war, the over-all depletion of from the reintroduction of import quotas on sugar these reserves during 1948 was only about one-sixth entering the United States. However, the decline as large as in 1947. in exports to the United States was largely offset Improvement during 1948 of the trade posi- by increased exports to Europe and other areas, fition of Latin America as a whole with the United nanced in dollars. States was due largely to the reduced trade deficits Venezuelan trade with the United States conof Argentina and Mexico, and to the re-emergence tinued to expand and gave rise to a slightly lower of an export surplus with the United States for Venezuelan import surplus in 1948 than in 1947. MAY 1949 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES Since, however, a substantial portion of Venezuelan and copra exported to the United States were suboil is indirectly received in the United States via stantially increased, but lower prices were received Curasao, the data do not fully reflect Venezuelan for rubber than in 1947. The serious political trade relations with the United States. Venezuela disturbances in Java and Sumatra prevented general also obtains dollars from shipments to other areas. economic recovery in the area. Partly because of substantial additions to United Siam, which is more advanced in recovery than States direct investments during 1948, Venezuela ap- most of the countries of Southeast Asia, had trade pears to have accumulated about 130 million dollars surpluses in 1947 with the United States and other in gold and foreign exchange reserves during the countries. Because dollars were earned by shipyear. ments of rice to China and Japan as well as by in- Asia. Most countries in Asia, with the exception creased exports to the United States, Siam achieved of the politically disturbed areas of China, Indo- a substantial surplus in its 1948 dollar balance of China, and Burma, improved their trade positions payments. with the United States during 1948. Some of the Ceylon also reduced its imports from the United countries, however, which formerly showed trade States significantly, and, with funds received for surpluses with the United States, have had deficits exports, became a substantial contributor to the since the end of the war. This group includes, for sterling "dollar pool" in 1948. Ceylon financed various reasons, India, the Philippines, and the its trade deficits with other countries by sales of Netherlands Indies. The deficits in dollar trade, dollars to the United Kingdom, and increased its both of these countries and of others like Japan and sterling balances. China (which did not have surpluses before the In India and Pakistan the trade deficit with war), were reduced in 1948. the United States was greatly reduced in 1948. The trade deficit of the Philippine Republic with This change was due chiefly to tighter licensing of the United States was only moderately smaller in imports from hard-currency sources, undertaken in 1948 than in 1947. United States Government ex- order to keep within the limits agreed in 1948 bependitures in settlement of war-incurred obligations tween the United Kingdom and India and Pakistan continued to provide large amounts of dollars to for conversion of their unblocked sterling into dolthe Philippines, and also contributed to an ex- lars. In consequence of the growing availability of pansion of the internal money supply. Philippine imports from nondollar areas, India and Pakistan imports, which are largely obtained from the had much smaller export surpluses than in 1947 United States, increased further in 1948. Little in their trade with other countries. progress was made toward diversification of Philip- Malaya's total exports in 1947 were already larger pine trade, which still depends heavily on copra, in physical volume than before the war, and Malaya abaca, and sugar exports to the United States. has therefore been a very important contributor to Japan's trade deficit with the United States was the sterling area "dollar pool." In 1948 a 25 per reduced by one-third, principally as the result of cent increase in Malaya's imports from the United import cuts accompanying the growth of Japanese States, accompanied by a slight decline in eximports from nondollar areas. The Japanese Gov- ports to this country, caused its export surplus in ernment budget remained unbalanced, and there trade with the United States to decline moderately. was a substantial further rise in monetary circu- Nevertheless, this export surplus was still nearly 200 lation and prices. Unstable domestic economic million dollars. conditions contributed to Japan's failure to make China's trade deficit with the United States was significant progress in expanding its export trade. curtailed because of depletion of its dollar balances The use of a pricing system equivalent to multiple in previous years and termination of UNRRA asexchange rates was found to be unsatisfactory and sistance. Continued aid was provided for the imhas recently been superseded by the establishment portation of food and essential materials under of a single exchange rate. various aid programs. Indonesia almost eliminated its trade deficit with Other British Commonwealth countries. The greatthe United States in 1948, principally by more than est single contribution to the narrowing of the doubling its exports. The quantities of rubber, tin, United States export surplus in 1948 was made by 492 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BALANCE IN INTERNATIONAL TRANSACTIONS OF THE UNITED STATES Canada, mainly through a spectacular expansion reached record levels in 1948, and led to serious in Canadian exports to the United States from balance-of-payments difficulties in the latter part 1,095 million dollars in 1947 to 1,554 million in of the year. To stop the persistent and accelerating 1948. This expansion, which resulted largely from drain on gold and dollar reserves, the Union in increased United States purchases of cattle, news- November 1948 introduced import controls deprint, and aluminum, accounted for over one- signed to cut the total dollar deficit and to reduce third of the total increase in United States imports. the proportion of consumer and nonessential dollar Along with reducing its import surplus from the imports in favor of capital goods required to sup- United States, Canada reduced its export surplus port a substantial investment program. The lack with the United Kingdom and other areas, so that of balance in South Africa's economy found further a greater degree of bilateral balance was realized in expression in a large current sterling deficit which, Canada's external accounts. The improvement in in spite of a sizable inflow of capital from the trade relations with the United States, and the United Kingdom, led to a sharp reduction in sterfinancing of a part of Canadian shipments to ling holdings in the course of 1948. Europe through ECA funds, made it possible for In Australia and New Zealand, as a result of Canada to recoup part of the gold and United States measures intended to save dollars, imports from the dollar holdings lost in 1947. These developments United States were reduced by more than one-half were greatly assisted by the import controls estabfrom 1947 to 1948. This reduction occurred lished in November 1947 and by the response of despite a substantial rise in total imports; thus, in Canadian banks to the Bank of Canada's recommen- 1948 the United States supplied only 11 per cent of dation, issued in February 1948, that they refrain total Australian imports compared with 25 per cent from financing capital expenditures. As a result of the improved foreign exchange position and the in 1947. The rigorous curtailment was the result easing of heavy postwar investment pressures, both of Australia's desire to assist the United Kingdom import and credit controls were recently relaxed. by keeping to a minimum the dollar drawings from South African imports from the United States the sterling area "dollar pool." MAY 1949 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948J Net current earnings of member banks before against income to provide reserves for possible bad income taxes attained an all-time dollar peak of debt losses on loans, as permitted by the ruling of 1,033 million in 1948, an increase of 104 million the Bureau of Internal Revenue discussed more or 11 per cent over the preceding year.2 With this fully below. increase, which may be contrasted with a decline As compared with 1947, the pattern of current of 5 million dollars in 1947, the ratio of net current earnings and expenses for all member banks was earnings to capital accounts advanced from 11.2 to highlighted by substantially larger earnings on loans 12.0 per cent. which more than offset a comparatively modest de- Notwithstanding this increase in net current cline in earnings on United States Government earnings, reported net profits were somewhat lower securities and a sizable increase in current expenses, than last year. The decline resulted from charges principally in the item of salaries and wages. Income taxes of member banks were slightly 1 This article was prepared by Raymond C. Kolb of the lower in 1948 than in 1947, reflecting lower profits Board's Division of Bank Operations. 2 Net current earnings are gross current operating earnings before taxes. The average tax rate paid was virtuless gross current operating expenses, before adjustments for ally unchanged. Cash dividends increased slightly losses, recoveries, and transfers to and from valuation reserves, but amounted to less than 50 per cent of net profits. and before taxes on net income. MEMBER BANK EARNINGS, SELECTED YEARS, 1929-48 [Dollar amounts in millions! Item 1929 1932 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 Earnings $2,399 $1,554 $1,296 $1,323 $1,417 $1,487 $1,650 $1,874 $2,102 $2,403 $2,579 $2,828 On U. S. Government securi- On t ie o s t h i er securities 473 458 444 431 445 540 766 960 9 1 9 3 7 9 1,0 1 5 4 4 8 9 1 2 4 1 9 8 1 5 5 5 8 On loans 2 1,563 851 560 595 665 649 563 563 588 772 1,044 1,308 Service charges on deposit ac- Oth co er u n e t a s rnings 2 363 245 23 5 7 4 23 59 8 24 6 2 5 23 6 0 8 24 7 5 6 26 8 5 6 29 8 1 7 3 1 2 0 8 0 3 1 4 1 6 9 3 1 6 4 7 1 Expenses 2 1,684 1,143 895 921 988 1,002 1,039 1,127 1,268 1,469 1,650 1,795 Salaries and wages 464 357 388 400 426 461 487 525 580 699 797 876 Interest on time deposits 3. . . . 445 302 159 147 140 128 124 144 183 212 236 250 Interest on interbank and demand deposits 314 132 Taxes other than on net income 2 112 67 85 100 129 81 84 83 83 82 88 90 Other expenses 2 348 262 273 293 331 344 375 422 476 529 579 285 Net current earnings before income taxes2 [ 715 401 402 429 485 611 747 835 934 929 1,033 410 Recoveries and profits 137 327 303 278 188 312 318 454 356 232 190 Losses and charge-ofTs 2 295 113 380 356 318 223 251 232 230 247 251 195 Net additions to valuation re- 778 serves Profits before income taxes... 451 673 833 1,058 1,043 910 854 Taxes on net income 68 115 184 270 285 257 234 Net profits 557 -255 347 349 390 383 557 649 788 758 653 621 Cash dividends declared 5 387 245 207 210 211 203 208 226 246 267 281 294 Number of banks at end of year. . 8,522 6,816 6,362 6,486 6,619 6,679 6,738 6,814 6,884 6,900 6,923 6,918 is included in other expenses. 4 Not rercrted separately; transfers to these reserves were included with losses, and transfers from these reserves were included with recoveries. Such amounts are estimated to have teen relatively small, especially prior to 1947. 5 Includes interest on capital notes and debentures. 494 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948 The remaining 327 million dollars of profits were compared with 6 billion in the previous year. On retained and served to strengthen the capital posi- the other hand, holdings of United States Governtion of the banks. ment securities declined almost 6 billion dollars in Comparative earnings figures for selected years 1948 as compared with 5 billion in 1947. since 1929 are given in the table on page 494. Combined with these important changes in total Earnings. In 1948 the current earnings of all holdings, there have been significant shifts in the member banks continued the upward trend of the composition of the Government security and loan past decade; they reached an all-time peak of portfolios in recent years. For all member banks, 2,828 million dollars, 249 million or 10 per cent holdings of short-term United States Government higher than in 1947. securities—bills, notes, and certificates—rose by The outstanding feature of the current earnings almost 1 billion dollars during 1948; percentagepattern in the postwar years—that is, successive wise, they increased to 26 per cent of total holdings annual declines in earnings on United States Gov- of Governments, 4 percentage points above yearernment securities accompanied by more than off- ago holdings, and only 1 percentage point below setting increases in earnings on loans—continued 1946. The shift toward relatively larger holdings into 1948. The prewar pattern whereby the major of short-term issues accompanied an upward tendportion of current earnings came from loans rather ency in their yields just as the shift toward larger than United States Government securities, which holdings of long-term issues in 1947 stemmed from had continued into the early war years, was re- the search for higher yields. The average yield to established in 1947 and became more pronounced member banks on their total United States Governin 1948. Earnings on loans were up 264 million ment portfolios increased from 1.53 per cent in dollars or 25 per cent, and totaled 1,308 million, 1947 to 1.56 per cent in 1948. while earnings on United States Government securities were down 66 million or 7 per cent, and aggre- MEMBER BANK HOLDINGS OF SHORT- AND LONG-TERM UNITED gated 855 million dollars. STATES GOVERNMENT SECURITIES, DECEMBER 31, 1946-48 These changes in earnings reflect changes in the [Percentage distribution] size and composition of member bank portfolios Item 1948 1947 1946 as well as changes in yields on member bank holdings of Government securities and loans. As isTotal, U. S. Government securities 100.0 100.0 100.0 shown in the accompanying table, the volume of Treasury bills, certificates, and notes. . . 25.7 21.8 26.7 loans increased by 3.5 billion dollars in 1948 as Bonds and guaranteed obligations 74.3 78.2 73.3 MEMBER BANK LOANS AND INVESTMENTS, BY CLASS OF BANK, DECEMBER 31, 1947-48 [In billions of dollars] Central reserve city banks Reserve Country Total city banks banks New York Chicago 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 Total loans and investments... 95.6 97.8 18.8 20.4 4.8 5.1 35.3 36.0 36.7 36.3 Loans2 36 1 32 6 8 0 7 2 1 8 1 8 14 3 13 4 11.9 10 2 Commercial and industrial 17 6 17 1 5 6 5 4 1 4 1 4 7 3 7 1 3 3 3 1 Consumer 5.6 4.7 0.6 0.6 0.2 0.1 2.3 2.0 2.5 2.0 Real estate 8 2 7 2 0 2 0 1 0 1 (i) 3 5 3 2 4 5 3 8 All other 5 0 3 9 1 6 1 2 0 2 0 2 1 3 1.2 1.8 1.3 U. S. Government securities. 52 2 57 9 9 6 12 0 2 6 2 9 18 6 20 2 21 3 22 9 Treasury bills, notes, and certificates 13.4 12.6 2.1 2.2 0.7 0.6 5.3 4.6 5.2 5.2 Bonds and guaranteed obligations 38.8 45.3 7.5 9.8 2.0 2.3 13.2 15.6 16.0 17.7 Other securities 7.4 7.3 1.1 1.2 0.4 0.4 2.5 2.4 3.5 3.3 1 Less than 50 million. 2 Loan totals are net (exclusive of valuation reserves); individual loan items were reported gross in 1948 and were adjusted to a gross basis for 1947. MAY 1949 495 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948 With growing volume of loans in recent years, deposits, resulted in an increase of 14 million there has been a tendency for banks to hold larger dollars in interest paid. The average rate paid proportions in higher yield real-estate and consumer was 0.87 per cent as compared with 0.85 per cent loans; in addition, there has been evidence of a in 1947. hardening of interest rates on loans during the past Reserve accounting. For several years, Federal tax two years. As a result, earnings on loans have in- law has permitted banks and other taxpayers to creased faster than volume. The average yield on set up "reasonable" reserves for bad debt losses out total loan holdings of member banks rose from 3.18 of taxable income, subject to interpretation of the per cent in 1946 to 3.56 in 1947 and to 3.83 in 1948. word "reasonable" in the light of the circumstances surrounding each particular case. In December MEMBER BANK HOLDINGS OF LOANS, DECEMBER 31, 1946-48 1947, a ruling by the Commissioner of Internal [Percentage distribution] Revenue provided a fixed formula, based on a bank's prior experience, for determining allowable Item 1948 1947 1946 deductions from taxable income for the setting up and maintenance of reserves for bad debt losses on Total loans 100.0 100.0 100.0 loans.3 The amounts that may be set up are, with Commercial and industrial 48.4 52.0 49.4 Consumer 15 4 14 3 12 4 certain exceptions, limited to three times the annual Real estate. 22.5 21.9 20.2 All other. . 13.7 11.8 18.0 allowable deduction. This ruling was followed by adoption of the reserve method of accounting for bad debt losses on loans by many, but by no means Expenses. Current expenses of member banks all, member banks. As of the end of 1948, almost continued to increase in 1948 and aggregated 1,795 44 per cent of the 6,918 member banks, for the million dollars, 145 million or 9 per cent higher most part the larger banks, had adopted the than in 1947. method. Comparable percentages for years prior to Salaries and wages, the largest single item of the ruling, if available, would doubtless be quite expense, amounted to 876 million dollars for the small. year, an increase of 79 million or 10 per cent. There While net profits reported by member banks will was an addition of about 10,000 in the average be substantially reduced while such reserves are number of officers and employees and the average being set up, the long-term tendency will be toward salary also increased, as is shown in the accompanyeliminating to some extent the fluctuations in net ing table. profits that result from losses on loans. In other words, through use of the reserve method, reserves AVERAGE NUMBER AND SALARIES OF EMPLOYEES OF are built up during prosperous years to provide for MEMBER BANKS potential losses in other years. Item 1948 The long-term smoothing of net profits through use of a reserve method of providing for losses Av p e l r o a y g e e e s n ( u f m ul b l- e r an o d f p e a m rt - - does not, however, preclude an analysis of losses as time) 195,731260,159 279,463289,939 they occur. For purposes of analysis, losses charged Officers 34,771 41,208 43,736 45,619 Others 160,960 218,951235,727 244,320 against the current year's profits by banks that do Salaries and wages (in mil- not use the reserve method may be combined with lions of dollars) 400 699 797 876 Officers 155 242 269 297 losses that do not directly aflect the current year's Others 245 457 528 578 profits of other banks because they are charged Average salary (in dollars) :* Officers 4,458 5,873 6,151 6,510 against reserve accounts, with the realization, of Others 1,522 2,087 2,240 2,366 course, that the latter losses were provided for by 1 Rough averages derived by dividing aggregate annual salary charges against profits in prior years. payments by average of number of full- and part-time employees The earnings tables presented in this article proat the beginning and end of the year. vide for analysis on this basis; losses sustained An increase of almost a billion dollars in time during 1948 are combined in one figure whether and savings deposits, combined with a small increase in the average rate of interest paid on such 'Mimeograph Coll. 6209, Dec. 8, 1947. 496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948 charged directly to current year's profits or to a decreased the importance of this source of profits. valuation reserve (not to be confused with a con- Losses and charge-offs on securities in 1948 extingency reserve that is merely a segregated portion ceeded recoveries by 52 million dollars, as compared of capital). Likewise, all recoveries are combined with 61 million in the previous year. Recoveries on in one figure; transactions affecting the valuation securities, which have been gradually declining since reserve accounts are summarized in one figure rep- 1945, amounted to 33 million dollars, and losses resenting the net increase in the reserve balances, and charge-offs to 85 million. or the net provision for future losses, during the Losses and charge-offs on loans aggregated 63 year. million dollars as compared with 61 million in 1946. These text tables differ somewhat from the de- In 1947 the reported losses were 103 million doltailed earnings tables set forth on pages 583-91 of lars, and it is probable that all or a considerable this BULLETIN but are condensed therefrom as de- portion of that year's increase consisted of transfers scribed below: to reserves for bad debt losses on loans as author- 1. Recoveries on securities and loans as shown ized by the Bureau of Internal Revenue in Decemherein are obtained by combining the recoveries ber 1947. Recoveries on loans amounted to 43 milcredited to profits and the recoveries credited to lion dollars as compared with 59 million in 1947. valuation reserves which are shown as memoranda Net additions to valuation reserves during 1948 items in the detailed tables. The combined figures aggregated 173 million dollars; 2 million of prorepresent the gross recoveries of member banks tection was provided for future losses on securities during the year regardless of the accounting and 171 million for future losses on loans, the methods of the individual banks. latter primarily by means of tax-free transfers to 2. Likewise, losses on securities and loans shown reserves for bad debts as previously described. in the text tables are the combination of the losses The net amount provided during 1948 for absorbcharged against profits and the losses charged to ing future loan losses was 0.5 per cent of total valuation reserves which are shown as memoranda loans outstanding. Under the Bureau of Internal items in the detailed tables. These totals represent Revenue ruling, it is estimated that approximately the gross losses of member banks during the year 280 million dollars could have been provided if regardless of the accounting methods of the in- all member banks had established tax-free reserves. dividual banks. Net profits, dividends, and income taxes. Net prof- 3. The items of net additions to valuation re- its of all member banks after all expenses, charges, serves on securities and loans represent the com- recoveries, profits, and provisions for future losses bination of four amounts: the sum of the two items were 621 million dollars, a decline of 32 million that increase valuation reserves (transfers to the dollars from 1947, despite higher net current earnreserves reported in the body of the detailed tables ings. They amounted to 7.2 per cent of total capital plus recoveries credited to the reserves reported as accounts as compared with 7.9 per cent in the prememoranda items) less the sum of the two items vious year. As noted above, reported net profits that decrease valuation reserves (transfers from the were materially reduced by provisions for future reserves reported in the body of the detailed tables losses. plus losses charged to the reserves reported as Over 50 per cent of net profits in 1948 was memoranda items). retained by member banks to improve their capital Profits, recoveries, losses, and valuation reserves. positions. Cash dividends amounted to 294 million Profits of member banks on securities sold or dollars, as compared with 281 million in 1947. redeemed declined to 55 million dollars, as com- Taxes on net income declined by 23 million dolpared with 90 million dollars in 1947. This item, lars, 9 per cent from the 1947 figure, and amounted largely profits from United States Government to 234 million dollars for the year. security transactions, provided important additions Earnings by class of bank. All classes of member banks reported increases over 1947 in total curto profits of member banks during the war years. rent earnings, as is shown by the table on page At its peak in 1945 it yielded 239 million dollars. 498. The increases ranged from 5 per cent for Since that year, the retirement rather than the floatcentral reserve city banks in New York to 12 per ing of Government issues in an orderly market has MAY 1949 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948 cent at country banks. For all classes of banks, cesses of losses and additions to valuation reserves particularly country banks, increases in earnings over recoveries and profits amounted to 18 million on loans more than offset declines in earnings from dollars at central reserve city banks, 71 million at United States Government securities. reserve city banks, and 89 million at country banks. The largest dollar and relative increase in ex- Net profits increased 6 million dollars at central penses over 1947, 80 million dollars or 12 per cent, reserve city banks in New York, and declined occurred at country banks. Salaries and wages, the by 7 million, 11 million, and 19 million, respectively, largest single item of expense, increased by 9 million at central reserve city banks in Chicago, at reserve dollars or only 5 per cent at central reserve city city banks, and at country banks. banks in New York and Chicago, by 27 million or Detailed figures of earnings and related items, 9 per cent at reserve city banks, and by 43 million together with selected ratios, will be found on or 14 per cent at country banks. pages 583-91 of this BULLETIN. The usual three Larger increases in earnings than in expenses tables that show earnings and related items of all resulted in higher net current earnings before in- member, national member, and State member come taxes at all classes. banks, by size of bank, are omitted from this Net deductions from income on account of ex- BULLETIN but will appear in a later issue. MEMBER BANK EARNINGS, BY CLASS OF BANK, 1947-48 [Dollar amounts in millions] Central reserve city banks Reserve city Country Total banks banks New York Chicago 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 Earnings $2,828 $2,579 $476 $451 $120 $113 $1,058 $966 $1,174 $1,049 On U. S. Government securities 855 921 154 177 44 46 294 319 363 380 On other securities 158 149 25 25 10 8 53 50 70 65 On loans 1,308 1,044 182 144 46 39 524 424 555 437 All other 508 465 114 105 21 20 187 173 185 167 Expenses 1,795 1,650 284 275 75 70 681 631 755 675 Salaries and wages 876 797 166 160 36 33 330 303 345 302 Interest on deposits 250 236 8 8 10 10 101 94 131 124 All other 669 617 110 107 29 27 250 234 280 249 Net current earnings before income taxes 1,033 929 192 176 45 43 377 335 419 374 Prof ts and recoveries 190 232 37 48 23 18 70 60 78 Recoveries on securities 33 40 3 4 1 6 20 16 9 14 Profits on securities 55 90 16 21 6 5 19 34 14 29 Recoveries on loans 43 59 7 12 6 3 13 24 18 20 All other 58 43 11 11 11 4 18 14 19 15 Losses and charge-offs 195 251 34 44 12 15 67 104 82 88 On securities 85 101 19 12 4 9 27 38 36 42 On loans 63 103 7 22 6 5 22 46 27 30 All other 46 47 10 2 1 18 20 19 16 Net additions to valuation reserves 173 0) 16 0) 15 0) 74 0) 68 C1) O O n n s lo e a c n u s rities 17 2 1 0 0 ) ) - 2 9 5 () 1 2 3 ( C l) 1) 67 7 ( 0 l ) ) 66 2 0 C1 ) ) Profits before income taxes 854 910 178 180 41 46 306 319 330 364 Taxes on net income 234 257 39 47 11 9 91 93 92 107 Net profits 621 653 139 133 30 37 215 226 238 257 Cash dividends declared 2 294 281 80 14 14 110 104 90 83 Ratios (per cent): Net current earnings before income taxes to average total capital accounts 12.0 11.2 8.4 7.9 10.4 10.4 13.1 12.0 13.8 13.1 Net profits to average total capital accounts. 7.2 7.9 6.1 6.0 6.9 7.4 8.1 7.8 9.0 Earnings on U. S. Government securities to average holdings 1.56 1.53 1.44 1.40 1.61 1.57 1.52 1.51 1.65 1.62 Earnings on loans to average holdings 3.83 3.56 2.40 2.15 2.61 2.39 3.83 3.56 4.99 4.80 1 Not reported separately; transfers to these reserves are included with losses, and transfers from these reserves are included with recoveries. Such amounts are estimated to have been relatively s mall. 2 Includes interest on capital notes and debentures. 498 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS1 Demand deposits of individuals, partnerships, and nonfarm individuals and was greater than the and corporations declined by 1.6 billion dollars be- decline in holdings of domestic business firms. tween January 30, 1948 and January 31, 1949, ac- Balances of nonprofit associations rose slightly, cording to estimates based on the Federal Reserve while the balances of trust funds of banks and of System's most recent survey of the ownership of foreign businesses and individuals declined appredemand deposits. This was the first decline in ciably. Contraction in deposits was generally less aggregate demand deposits reported since the pronounced in the central part of the country than inauguration of the System's survey in December on the East and West Coasts. 1941. It was also the first time that a decline was Demand deposits of domestic businesses declined reported in the demand deposit holdings of in- in the aggregate by 500 million dollars during the dividuals. 12-month period ending January 31, 1949. There Nearly every type of business shared in the were reductions in the holdings of manufacturing deposit decline, with holdings of unincorporated and mining companies, trade concerns, public utilifirms declining more sharply than those of corpora- ties, and insurance companies, as is shown in Table tions. The decline in personal deposit balances 1. This general downward movement was in reflected declines in the holdings of both farmers sharp contrast with the change shown by last year's survey, which indicated that deposits of all catexThis article was prepared by Melvin White and Charles Fox of the Board's Division of Research and Statistics. gories of businesses except public utilities in- OWNERSHIP OF DEMAND DEPOSITS INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS LLIONS OF DOLLARS SELECTED DATES BILLIONS OF DOLLARS 00 BR>ADGROlPS 20 24 y 80 TO ALy - - Jf 60 r f 40 / / • NO B N U F S I I N N A ES N S C E If S t L ^^ 12 y / IND1\ IDUALS 20 .,, > FIN ANCIAL BUSH^ESSES -•—•—•• - 0 AND OTHER i 1942 1944 1946 1948 1942 1944 1946 1948 1942 1944 1946 1948 * Includes deposits of trust funds and foreigners. NOTE.—Estimates based on Federal Reserve surveys of deposit ownership. Latest figures are for Jan. 31, 1949. MAY 1949 499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS TABLE 1 the further rise in dollar sales, inventory holdings, and business receivables during the year, it is evi- CHANGES IN OWNERSHIP OF DEMAND DEPOSITS OF dent that business generally experienced a relative INDIVIDUALS, PARTNERSHIP, AND CORPORATIONS as well as an absolute decline in cash position. [Estimates, dollar amounts in 1Dillions] To some extent this relative adjustment may have Amount J C a h n a . n 3 g 0 e , f 1 r 9 o 4 m 8 been a result of positive management policies, particout- Type of holder standing ularly on the part of larger corporations, but it per- Jan. 31, 1949P am Do o l u la n r t? cen P t e a r g - eP haps also reflected the business financing pressures occasioned by the unusually high levels of business Domestic businesses—total $46.6 $-0.5 -1.1 activity. Nonfinancial businesses 39.4 -0.4 -0.9 Deposits of unincorporated firms declined more Manufacturing and mining. . 17.1 -0.3 -1.5 Public utilities 3.9 -0.2 -4.6 rapidly since January 1948 than deposits of corpora- Trade 13.4 -0.3 Other nonfinancial 5.0 +0.1 +2.2 tions, not only in the aggregate but also for nearly Financial businesses 7.2 -0.1 -1.7 every category of business. Exceptions were insur- Insurance companies 2.5 -0.1 -5.3 Other financial 4.7 0) +0.4 ance companies and public utilities, where deposits Individuals 29.1 -1.0 -3.3 of unincorporated firms represent only a small frac- Farmers . • 7.1 -0.4 -5.3 Others 22.0 -0.6 -2.7 tion of total holdings. Concentration of the decline Trust funds 1.6 -0.1 -5.2 of business deposits in accounts of unincorporated Nonprofit associations 2.9 0) + 1.3 Foreigners ^ 0.7 -0.1 -8.0 firms probably reflects the fact that noncorporate Total 80.8 -1.6 -1.9 enterprises include a much heavier representation of small concerns than does the corporate group. *> Preliminary. 1 Less than 50 million dollars. Evidence indicates that the small enterprise has 2 Excludes foreign banks and governments. NOTE.—Detailed figures may not add to totals because of been most acutely affected by the recent business rounding. readjustment, involving the return of a much more creased greatly. There were small increases over TABLE 2 the past year in deposits of financial businesses other than insurance companies, and for the DEMAND DEPOSITS OF CORPORATIONS AND UNINCORPORATED category of other nonfinancial businesses, which BUSINESSES includes service establishments, contractors, and [Estimates, dollar amounts in billions] amusement companies. Change from Jan. 30, 1948 Corporate deposit holdings in the aggregate de- Jan. 31, 1949P clined only slightly, actually less in dollar amount Type of holder a D m o o l u la n r t Percentage than the decline in the holdings of unincorporated e T n a t b e l r e p r 2 is . e s S . inc C e o c m or p p a o r r a a t t i i v o e n s f o ig w u n re t s h e a m re a jo g r i v p e o n r tio in n p C o o r r a - te p N c o o o r r n a - t - e p C o o ra r- te p N c o o o r r n a - - te p C o o ra r- te p N c o o o r r n a - t - e of business deposits, the decline in their holdings Domestic businesses for the period was considerably smaller in per- —total $34.9 $11.7 $-0.1 $-0.4 -0.3 -3.3 centage terms than the decline for unincorporated Nonfinancial. . . . 29.3 10.1 -0.1 -0.3 -0.2 -3.0 Manufacturing firms. This rise in the relative importance of cor- and mining. 15.5 1.6 -0.1 -0.1 -0.8 -7.2 Public utilities 3.7 0.2 -0.2 0) -4.6 -3.1 porations as deposit owners continues a trend that Trade 7.5 5.9 +0.2 +2.1 -3.1 Other nonfinan -0.2 has been evident for the past three years. cial 2.6 2.3 +0.1 C1) +3.6 +0.6 For every business category except public utili- Financial 5.6 1.6 (*) -0.1 -0.6 -5.3 ties and insurance companies, the change in cor- O In th su er r a f n in c a e n . c . i . a . l 3 2 . . 2 4 0 1 . . 1 5 + -0 0. . 1 1 (l) + -5 3 . . 5 5 - -5 0 . . 7 7 -0.1 porate demand deposits over the year ended Jan- ^Preliminary. uary 31, 1949 was in general smaller than the 1 Less than 50 million dollars. changes reported in previous years. Considering NOTE.—Detailed figures may not add to total because of rounding. 500 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS competitive market situation than has prevailed been declining steadily since the end of the war, hitherto in the postwar period. this is the first year that these deposits have actually The percentage decline in demand deposits dur- declined. This decline was smaller in amount than ing the 12-month period ending on January 31, the increase over the previous survey period and, 1949 was larger for insurance companies than for in fact, represents the smallest dollar or percentage any other business category. This is in contrast change reported for individual demand deposits irn to developments in the previous year when the almost five years. relative increase in the holdings of these companies Individual deposits declined somewhat more surpassed considerably the increase reported for rapidly than business deposits during the year endany other business category. The rise of nearly ing January 31, 1949. A similar change in the one-third in the deposit holdings of insurance firms relative importance of individual deposits and in the year ended January 1948 resulted, in all probbusiness deposits occurred in the preceding year, ability, from large-scale selling of United States when individual deposits increased less rapidly than Government securities during late 1947 and early business deposits. However, during the war and 1948. At that time, there was widespread uncerreconversion periods, the growth in demand detainty regarding the prices of Government securiposits held by individuals generally exceeded the ties, and insurance firms sold bonds partly in increase in business deposits. anticipation of a possible decline in the prices of Though individuals reduced their demand dethese issues, and partly in anticipation of their posit holdings in 1948, they continued to increase need for funds for other investment purposes. Contheir holdings of other forms of liquid assets. Time sequently, in January 1948 the deposit balances of deposits, which consist largely of personal accounts, insurance companies were temporarily swollen and rose by more than 1 billion dollars between the could reasonably have been expected to decline end of January 1948 and the end of January 1949. from that high level during the course of the suc- Purchases of United States savings bonds exceeded ceeding months. redemptions by about 1 billion dollars, and in- Financial corporations other than insurance com- vestments in savings and loan shares increased panies showed an increase in demand deposits over substantially. On the other hand, there was some the period covered by the 1949 survey. A sub- decline for the second successive year in the volume stantial portion of this increase may have reflected of currency outside of banks, which is held largely a rise in the cash balances of such institutions as by individuals. investment trusts, credit unions, and savings and Both farmers and other individuals reduced their loan associations, which, in the aggregate, have redemand deposits although the percentage decrease ceived a substantially increased volume of savings in farmers' deposits was somewhat greater than from individuals over the past year. The increase the reduction in the deposits of other individuals. in share accounts of savings and loan associations The decline in farmer-owned deposits may reflect has been particularly marked. Recently, however, in part such factors as an increase in farm invenuse of savings and loan funds for extension of new tories and production expenses. A greater drop residential mortgage credit has slackened noticein farmer-owned demand deposits might have reably, reflecting in part a decline in construction sulted from the change in the demand and supply activity which began at an earlier date in 1948 than situation for farm products over the past year had in any previous postwar year. it not been for the sustaining influence on farm Individuals reduced their demand deposit bal- income of the Government's agricultural price supances by about 1 billion dollars in the 12-month port program. period ended January 31, 1949. Although the rate Demand deposits of nonfarm individuals deof growth in demand deposits of individuals has creased by 600 million dollars over the year covered MAY 1949 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS by the recent survey. This decline undoubtedly A classification of deposits according to size of reflects in part the fact that many individuals drew account indicates that over the year ending January upon their demand deposit balances to purchase 31, 1949 the largest percentage declines occurred consumer durable goods and newly constructed in the smaller accounts, while the smallest deprivate residences. It also reflects a shift on the creases or the largest increases were in the larger part of some persons from checking accounts into TABLE 3 other forms of liquid assets, such as time deposits CHANGES IN DEMAND DEPOSITS OF INDIVIDUALS, PARTNERand savings bonds. SHIPS, AND CORPORATIONS, BY FEDERAL RESERVE DISTRICTS The centrally located Federal Reserve Districts JANUARY 30, 1948 TO JANUARY 31, 1949 of St. Louis, Minneapolis, Kansas City, and Dallas Percentage changes in deposits of reported the smallest decreases in the total of pri- Federal Reserve district vately owned demand deposits for the 12 months gro A u l p l s l Individuals N b o u n s f i i n n e a s n s c e i s al preceding the latest survey. In the St. Louis and Dallas Districts actual increases were reported. In Boston -1.1 +0.3 -1.5 New York. . . -4.3 -4.6 -4.1 both these districts the net rise in total deposits Philadelphia. . -0.9 -1.7 +0.1 reflected increased holdings by almost all business Cleveland -0.2 -2.0 + 1.2 Richmond. . . -3.1 -4.1 -1.4 categories and reduced holdings by individuals. Atlanta -2.8 -7.0 + 1.1 The largest decrease in deposits, in both absolute S C t h . ic L a o g u o is. . . . + -1 0 . . 6 5 - - 4 5 . . 9 5 + + 0 7 . . 7 3 and relative terms, occurred in the New York Fed- Minneapolis. -0.2 -1.2 -0.1 eral Reserve District. Here the decline was widely K D a a n ll s a a s s City. . + -0 2 . . 1 1 - - 1 0. . 2 6 + + 0 4 . . 1 9 distributed among all types of private deposit hold- San Francisco. -2.4 -3.2 -2.3 ers. Figures showing the deposit changes for the All districts -1.9 -3.3 -0.9 12 Federal Reserve districts are presented in Table 3. 1 Includes also changes in deposits of nonprofit associations trust funds, and foreigners. TABLE 4 OWNERSHIP OF DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, SELECTED DATES, 1941-49 [Estimates, in billions of dollars] Type of holder De 1 c 9 . 4 1 31,Ju 1 l 9 y 4 3 3 1,Fe 1 b 9 . 4 4 29,lu 1 l 9 y 4 3 4 1,Ja 1 n 9 . 4 5 31,Ju 1 l 9 y 4 3 5 1,Ja 1 n 9 . 4 6 31,Ju 1 l 9 y 4 3 6 1,Fe 1 b 9 . 4 7 26.Ja 1 n 9 . 4 8 30,Ja 1 n 9 . 4 9 3 P 1, Domestic businesses—total 24.8 36.3 35.9 37.6 40.4 42.4 42.9 44.9 43.8 47.1 46.6 Corporate * * * 29.2 30.6 31.9 31.1 32.8 32.1 35.0 34.9 * * * 8.5 9.9 10.5 11.9 12.1 11.7 12.1 11.7 Noncorporate 20.4 31.6 31.5 33.0 35.3 37.1 37.0 38.3 37.2 39.8 39.4 Nonfinancial businesses—total. . 10.0 16.5 16.3 17.2 17.5 18.4 16.1 16.4 16.0 17.3 17.1 Manufacturing and mining 3.1 3.7 3.7 3.7 3.7 4.0 4.0 4.4 4.2 4.1 3.9 Public utilities 4.6 8.0 8.2 8.8 10.3 10.9 12.6 13.0 12.5 13.4 13.4 Trade .• 2.7 3.4 3.4 3.3 3.7 3.8 4.2 4.5 4.5 4.9 5.0 Other nonfinancial Financial businesses—total 4.4 4.7 4.3 4.6 5.2 5.3 5.9 6.6 6.5 7.4 7.2 Insurance companies 1.9 1.9 1.7 1.7 1.9 1.8 1.8 2.1 2.1 2.7 2.5 2.5 2.8 2.6 3.0 3.3 3.5 4.1 4.5 4.5 4.7 4.7 Other financial 9.6 15.8 17.7 18.4 21.5 23.0 26.4 27.6 28.9 30.1 29.1 Individuals—total... * 3.3 '4.2 '4.2 '5.0 '5.5 '6.3 '6.6 '7.2 '7.5 7.1 Farmers * 12.5 '13.5 '14.2 '16.5 '17.5 '20.1 '21.0 '21.7 '22.6 22.0 Others Trust funds 1.2 1.3 1.3 1.4 1.5 1.6 1.8 1.7 1.6 1.6 Nonprofit associations 1.4 1.5 1.5 1.9 2.0 2.4 2.4 2.7 2.8 2.9 Foreigners—businesses and individuals. . . 0.9 0.8 0.7 0.7 0.7 0.8 0.8 0.8 0.7 0.7 Total 37.6 55.6 57.2 59.6 65.9 69.6 74.1 77.5 77.8 82.4 80.8 P Preliminary. ' Revised. * Not available. NOTE.'—Detailed figures may not add to totals because of rounding. 502 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS accounts. In 7 of the 12 Federal Reserve districts, ness deposits in accounts of more than $25,000 deposits in accounts of less than $10,000 showed increased in most districts. Similarly, in every disthe most rapid declines whereas in the same 7 dis- trict there was a decline in the amount of individtricts there was an absolute increase in the amount uals' demand deposits in accounts of less than of deposits held in accounts of more than $25,000. $10,000 and an increase in half the districts in the For domestic businesses as a group, demand amount of demand deposits of individuals held in deposits held in accounts of less than $10,000 accounts larger than $10,000. The rise in deposits declined in 10 of the 12 districts, and in most held in the larger personal accounts took place districts the percentage decline was greatest in ac- even though in all districts except Boston declines counts of this size. On the other hand, total busi- were reported in total individual deposits. MAY 1949 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES Estimates for several segments of consumer in- The over-all effect of the revision has been to stalment sale credit have been revised for the period raise the level of total instalment sale credit outfrom January 1942 to date. An explanation of the standing by as much as 426 million dollars at the revision is presented below, together with a tabula- end of 1948 and by smaller amounts in earlier years. tion of the revised figures for each segment and The change resulted in large part from correction aggregate affected by the revision. of household appliance store amounts outstanding. Formerly these figures had not properly reflected REVISED ESTIMATES OF INSTALMENT SALE CREDIT the instalment business of new outlets and had un- OUTSTANDING derstated the amount of instalment paper originated The revision in the monthly series on consumer but not held by stores in this kind of business. A instalment sale credit outstanding covers the period less marked upward adjustment was made in estifrom January 1942 to date and results from ad- mates of instalment credit of furniture stores and of justment of several segments to new year-end levels the group called "all other retail stores." The determined through findings of the annual Retail upward adjustment in these three segments was Credit Surveys conducted by the Board of Gover- offset to some extent by a slight reduction in the nors.1 These data have been supplemented in some estimates of jewelry store accounts outstanding. instances by more comprehensive monthly figures REVISED ESTIMATES OF INSTALMENT SALE CREDIT than were available during the war. The segments GRANTED affected by the adjustment are those for furniture Estimates of instalment sale credit granted also stores, household appliance stores, jewelry stores, have been revised for the period from January 1942 and "all other retail stores." Estimates for departto date. The accompanying table shows figures for ment stores and mail-order houses and for autothe revised segments and the total. Tables showing mobile dealers were not revised. all segments by months for the period from January 1 Sale credit is that part of total consumer credit which 1929 to date may be obtained on request from the represents balances originated by dealers in making instal- Division of Research and Statistics of the Board of ment sales to consumers. Instalment paper resulting from Governors. such sales is counted as sale credit whether the paper is held by the dealer or sold to another dealer or financial institu- NOTE.—Revisions in other segments of the consumer credit tion. In the Board's series, instalment credit advanced by series have been described in the following Federal Reserve lending institutions and used for cash purchases at retail BULLETINS: October 1942, pp. 992-94; December 1944, pp. outlets is classified as instalment loans rather than as instal- 1177-80; January 1945, p. 27; April 1946, p. 383; July 1947, ment sale credit outstanding. pp. 830-33; August 1948, pp. 933-34; January 1949, p. 14. REVISEE> ESTIMATES OF CONSUMER CREDIT [In millionv? of dollarsl Consumer credit outstanding, snd of month Consumer instalment sale credit granted Instalment sale credit uj._u_n: ug iiioiiLHit. Year and month s c T c u r o o e m t n d a e - i l t r i c T m n r s o e e t t d a n a i l t l t - Total e T a x u i o c n t t l g o u a - l d- F s t t u u o r r r n e e i s - H a h a p o n o p u c l l s d e i e - - J s e t w or e e l s ry o re A th ta l e l i r l Total e T a x u i o c n t t l g o u a - l d- F s t t u u o r r r n e e i s - H a a h p o n o p u c l l s d e i e - - J s e t w or e e l s ry o re A t t h a l e l i r l mobile2 stores stores mobile2 stores stores 1942—Jan 9,515 5,598 3,521 1,709 596 301 108 269 229 155 48 19 6 40 Feb 9,160 5,351 3,325 1,657 585 299 99 261 222 176 55 28 7 43 Mar 9,002 5,141 3,146 1,633 584 293 95 257 265 227 71 28 11 54 Apr 8,770 4,927 2,976 1,607 583 288 90 253 236 218 71 27 10 52 May.... 8,364 4,665 2,777 1,538 571 276 84 242 205 179 65 22 8 44 June.... 7,932 4,392 2,561 1,441 548 258 78 227 176 144 56 15 8 36 July 7,430 4,118 2,344 1,340 517 245 70 211 166 138 48 19 6 37 Aug 7,140 3,838 2,138 1,264 495 230 66 199 201 162 62 16 9 40 Sept 6,984 3,609 1,976 1,207 477 219 62 190 208 172 61 20 9 41 Oct 6,837 3,374 1,821 1,157 458 206 60 182 225 193 69 18 12 44 Nov 6,597 3,174 1,690 1,117 440 197 59 176 222 185 63 19 13 41 Dec 6,578 3,048 1,617 1,135 440 188 76 179 274 247 84 19 35 48 (For continuation of table and footnotes, see next page.) 504 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED CONSUMER CREDIT SERIES REVISED ESTIMATES OF CONSUMER CREDIT X—Continued [In millions of dollars] Consumer credit outstanding, ;nd of month Consumer instalment sale credit granted Instalment sale credit during month Year and month s c T u c r o o e m t n d a e - i l r t i c T m n r o s e e t t d a n a i l t l t - Total e T a x i u o c n t t l g o a u - l d- F s t t u u o r r r n e e i s - H a h a p o n o p u c l l s d e i e - - J s e t w or e e l s ry r o e A t t h a l e l i r l Total e T a x i u o c n t t l g o u a - l d- F s t t u u o r r r n e e i s - H a h a p o n o p u c l l s d e i e - - J s e t w or e e l s ry o re A t t h a l e l i r l mobile2 stores stores mobile2 stores stores 1943—Jan 6,114 2,785 1,432 1,028 404 174 62 162 132 121 43 13 3 31 Feb 5,889 2,590 1,305 954 380 162 54 150 134 121 44 13 6 30 Mar 5,744 2,447 1,182 895 361 150 49 141 150 135 50 12 7 33 Apr 5,634 2,351 1,129 869 357 140 47 137 186 158 62 13 9 38 May.... 5,462 2,241 1,060 825 343 130 45 130 161 135 53 12 8 33 June.... 5,438 2,171 995 787 332 121 43 124 147 131 51 12 8 33 July. . . . 5,193 2,078 930 734 314 110 40 116 136 112 45 8 7 29 Aug 5,102 2,023 892 702 304 101 39 111 148 123 49 8 8 31 Sept 5,182 1,989 864 678 294 93 38 107 146 122 44 8 8 30 Oct 5,278 1,963 854 673 290 88 39 106 161 140 49 10 10 33 Nov 5,363 1,949 850 673 285 82 42 106 163 143 49 8 13 31 Dec 5,378 2,001 882 707 289 78 57 111 200 180 56 9 29 38 1944—Jan 5,025 1,894 805 636 265 68 47 100 97 69 25 3 3 18 Feb 4,869 1,840 765 598 252 63 44 94 108 87 33 6 5 21 Mar 5,047 1,854 751 584 246 59 44 92 145 120 41 7 11 28 Apr 5,037 1,838 746 575 245 58 40 91 149 118 44 10 5 30 May. . . . 5,148 1,851 757 576 252 55 38 91 161 131 55 7 7 32 June.... 5,218 1,872 764 572 255 53 37 90 165 124 51 8 7 31 July 5,142 1,871 758 554 252 49 35 87 155 113 46 6 7 30 Aug 5,191 1,877 762 552 252 47 35 87 168 127 49 10 7 31 Sept 5,264 1,893 774 564 256 47 35 89 178 140 52 11 8 34r Oct 5,412 1,917 800 590 265 48 36 93 202 171 63 13 9 43 Nov 5,601 1,955 830 622 275 50 38 98 205 171 62 14 11 36 Dec 5,803 2,061 891 691 293 50 56 109 253 216 71 14 30 45 1945—Jan 5,503 1,990 830 638 270 48 48 101 111 94 30 8 5 24 Feb 5,357 1,943 791 605 260 45 43 95 126 101 40 7 5 24 Mar 5,614 1,965 780 596 258 43 39 94 158 134 51 7 6 32 Apr 5,490 1,958 768 584 256 40 38 92 149 119 48 6 7 28 May.... 5,545 1,969 762 578 256 39 38 91 160 129 51 8 9 31 June.... 5,695 1,994 763 575 254 42 38 91 160 132 49 12 9 32 July 5,630 1,994 752 560 250 40 37 88 156 122 48 9 7 31 Aug 5,601 1,988 745 549 246 40 35 86 160 123 45 12 6 32 Sept 5,632 2,012 754 552 247 40 34 87 168 136 51 12 6 34 Oct 5,915 2,087 793 583 259 42 34 92 209 176 67 14 8 41 Nov 6,240 2,193 847 628 274 45 37 99 232 192 72 16 11 41 Dec 6,637 2,364 942 715 296 51 57 113 276 237 76 20 32 48 1946—Jan 6,431 2,366 919 684 285 51 51 108 179 134 48 15 6 33 Feb 6,536 2,407 921 676 287 51 47 107 199 149 59 16 7 34 Mar 6,990 2,505 949 685 292 52 45 108 229 178 67 16 8 40 Apr 7,377 2,653 1,007 718 302 57 46 113 266 204 74 21 11 45 May.... 7,612 2,782 1,054 736 309 59 46 116 266 193 73 19 11 41 June.... 7,915 2,906 ,091 755 314 65 47 119 252 194 69 25 11 42 July 8,046 3,029 ,135 770 315 75 47 121 277 196 66 30 10 44 Aug 8,395 3,178 ,198 804 324 85 47 127 303 221 75 32 11 48 Sept 8,672 3,308 ,259 834 328 93 47 131 301 219 69 32 10 48 Oct 9,052 3,487 ,353 887 339 103 48 140 364 259 83 37 11 55 Nov 9,575 3,678 ,454 949 355 108 52 150 367 272 91 32 15 53 Dec 10,191 4,000 ,648 1,104 386 118 89 174 487 372 105 38 53 68 1947—Jan 10,067 4,089 ,656 1,075 372 115 82 169 299 195 55 28 9 44 Feb 10,083 4,218 ,711 1,080 369 126 77 170 322 209 60 37 9 45 Mar 10,458 4,406 ,804 1,113 376 128 76 175 408 272 82 33 13 59 Apr 10,731 4,633 ,935 1,182 391 141 78 186 443 299 85 43 15 64 May.... 11,047 4,849 2,057 1,241 410 145 82 195 449 306 96 38 18 64 June.... 11,380 5,065 2,192 1,312 427 168 87 207 475 318 92 59 18 68. July. . . .11,473 5,211 2,261 1,339 433 178 88 211 447 282 79 48 15 63 Aug. 11,627 5,366 2,353 1,388 447 190 92 219 461 305 88 51 18 66 Sept 11,898 5,500 2,457 1,453 466 200 96 229 521 349 106 51 19 74 Oct 12,294 5,700 2,590 1,543 491 216 98 243 567 383 111 59 18 79* Nov 12,900 5,995 2,787 1,688 527 231 109 266 634 445 126 61 26 87 Dec 13,673 6,434 3,086 1,935 587 249 144 305 762 557 146 66 59 102 1948—Jan 13,374 6,468 3,064 1,862 559 246 132 293 451 250 55 45 10 59> Feb 13,302 6,548 3,090 L,836 550 246 127 289 456 264 66 42 14 61 Mar 13,805 6,821 3,258 L.891 559 257 124 298 651 381 91 56 16 85 Apr 14,059 7,094 3,440 L ,972 578 282 121 311 665 400 104 70 15 84 May.... 14,311 7,318 3,590 2,054 601 306 121 323 644 417 111 73 19 90 June.... 14,669 7,533 3,720 2,118 621 322 121 334 667 419 114 69 20 90 July 14,723 7,738 3,849 2,160 629 339 120 340 662 402 98 72 18 91 Aug 14,916 7,972 4,018 2,237 652 356 118 352 704 430 112 75 17 91 Sept 15,231 8,190 4,193 2,335 685 377 119 368 734 459 124 78 20 97 Oct 15,518 8,233 4,239 2,350 687 379 117 370 604 389 98 60 17 84 Nov 15,739 8,322 4,310 2,388 696 377 127 376 645 405 105 56 30 80 Dec 16,319 8,600 4,528 2,567 750 387 152 404 795 548 150 65 50 102 1949—Jan 15,749 8,425 4,371 2,406 704 366 141 379 425 211 47 36 9 51 Feb.p. . .15,336 8,340 4,306 2,310 685 353 130 364 484 251 66 37 8 59 Mar.P. . .15,379 8,447 4,371 2,258 675 348 125 356 686 321 84 47 13 72 p Preliminary. 1 Back figures by months beginning January 1929 rray be obtained from Division of Research and Statistics. 2 This total includes, in addition to the segments shown separately, a series for department stores and mail-order houses. MAY 1949 505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS APRIL 1, 1948—SEPTEMBER 30, 1948 The report given below was submitted by the tries, gold and short-term dollar resources of foreign National Advisory Council to the President on countries covering the period July 1, 1945 through March 10, 1949 and transmitted by the President June 30, 1948, and membership and resources of to Congress on March 14, 1949. In addition to the the International Monetary Fund and the Internatext reprinted here, the report contains several charts tional Ban\ for Reconstruction and Development. and appendixes. The appendixes contain detailed Copies of the full report may be obtained from the information on postwar United States Government financial assistance to foreign countries, gold trans- National Advisory Council on International Moneactions between the United States and other coun- tary and Financial Problems, Washington 25, D. C. I. ORGANIZATION OF THE COUNCIL STATUTORY BASIS REPORTS The National Advisory Council on International Since its first meeting on August 21, 1945, the Monetary and Financial Problems was established Council has submitted seven formal reports.2 The by the Congress in the Bretton Woods Agreements present report covers the activities of the Council Act (59 Stat. 512, 22 U. S. C. 286b), approved July from April 1, 1948, to September 30, 1948. 31, 1945. The statute directed the Council to co- MEMBERSHIP ordinate the policies and operations of the representatives of the United States on the International The members of the Council, according to law, Monetary Fund and the International Bank for Re- during the period under review, were the followconstruction and Development, the Export-Import ing: Bank of Washington, and all other agencies of the The Secretary of the Treasury, John W. Snyder, Government "to the extent that they make or par- Chairman. ticipate in the making of foreign loans or engage in The Secretary of State, George C. Marshall. foreign financial, exchange or monetary transac- The Secretary of Commerce, Charles Sawyer. tions." The Council was also directed to advise The Chairman of the Board of Governors of the and consult with the President and the United Federal Reserve System, Thomas B. McCabe. States representatives on the Fund and the Bank on The Chairman of the Board of Directors of the major problems arising in the administration of Export-Import Bank, William McChesney Marthe Fund and the Bank; and to recommend to the tin, Jr. President general policy directives for the guidance The Administrator for Economic Cooperation, Paul of the representatives of the United States on the G. Hoffman. Fund and Bank. The Bretton Woods Agreements Three changes in the membership of the Council Act was amended by Section 106 of the Foreign have occurred since the previous report. Mr. Charles Assistance Act of 1948 (62 Stat. Ch. 169; 22 U. S. C. Sawyer succeeded Mr. W. Averell Harriman as Sec- 286b (a)), approved April 3, 1948, to include the Administrator for Economic Cooperation as a mem- 2 These reports were transmitted by the President to the ber of the Council for the duration of this office. Congress on Mar. 1, 1946 (H. Doc. No. 489, 79th Cong., 2d sess.; subsequently included as Appendix B to H. Doc. The Council was also given certain additional No. 497, 79th Cong., 2d sess.); Mar. 8, 1946 (H. Doc. No. duties under the Foreign Assistance Act. The 497, 79th Cong., 2d sess.); Jan. 13, 1947 (H. Doc. No. 53, relevant portions of the Bretton Woods Agreements 80th Cong., 1st sess.); June 26, 1947 (H. Doc. No. 365, 80th Act and of the Foreign Assistance Act of 1948 are Cong., 1st sess.); Jan. 19, 1948 (H. Doc. No. 501, 80th presented in Appendix A.1 Cong., 2d sess.); May 17, 1948 (H. Doc. No. 656, 80th Cong., 2d sess.); and Aug. 3, 1948 (H. Doc. No. 737, 80th Cong., 2d sess.). [The texts of most of these reports have 1 Appendixes are omitted here but are part of the completebeen published in the Federal Reserve BULLETIN shortly after report submitted to the Congress. their submission to the Congress.] 506 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL retary of Commerce, Mr. Thomas B. McCabe suc- and on the International Bank for Reconstruction ceeded Mr. Marriner S. Eccles as Chairman of the and Development, Eugene R. Black, or their alter- Board of Governors of the Federal Reserve System, nates Henry J. Tasca and John S. Hooker, reand Mr. Paul G. Hoffman, the Administrator for spectively, regularly attended the meetings of the Economic Cooperation became a member of the Council. Council in accordance with the provisions of the PROCEDURE Foreign Assistance Act of 1948. The Council ordinarily meets each week and By agreement, the following served as alternates: holds such special meetings as are required. In dis- Frank A. Southard, Jr., Special Assistant to the Sec- charging its functions, the Council makes use of the retary of the Treasury. services of the personnel of its member agencies. Willard L. Thorp, Assistant Secretary of State for Its Staff Committee consists of technical representa- Economic Affairs. tives of member agencies and a representative of the Thomas C. Blaisdell, Jr., Acting Assistant Secre- Securities and Exchange Commission. The Altertary of Commerce. nate United States Executive Directors on the Inter- M. S. Szymczak, Member of the Board of Govnational Monetary Fund and the International ernors of the Federal Reserve System. Bank generally attend meetings of the Staff Com- Herbert E. Gaston, Vice Chairman of the Board of mittee. The Staff Committee collects and analyzes Directors of the Export-Import Bank. information and prepares reports and recommenda- Wayne C. Taylor, Assistant to the Administrator, tions for the Council. This procedure has enabled Economic Cooperation Administration. the Council to maintain, in the most efficient man- C. Dillon Glendinning is the Acting Secretary ner, the close inter-agency liaison necessary for sucof the Council. cessful performance of its coordinating functions. The United States Executive Directors on the In- Secretariat functions are performed by personnel of ternational Monetary Fund, Andrew N. Overby, the Treasury Department. II. UNITED STATES POSTWAR FOREIGN ASSISTANCE3 The changing pattern of international financial 1948, approximately two-thirds of this sum had developments has required the Council constantly been utilized, leaving an unutilized balance of 9.0 to review and coordinate the policies of the various billion dollars. This latter amount consisted pri- United States Government agencies operating in marily of slightly more than 5.0 billion dollars apthe foreign financial field. Through congressional propriated and authorized for the Economic Coauthorizations and appropriations, the United States operation Administration, 1.3 billion dollars of un- Government made available, from July 1, 1945, to utilized loanable funds of the Export-Import Bank June 30, 1948, a grand total of 26.2 billion dollars of Washington, and 1.5 billion dollars of funds for for the purpose of extending financial assistance to government and relief in occupied areas under the nations throughout the world.4 As of June 30, administration of the National Military Establishment. It was the intent of the Congress that the 3 A detailed breakdown of the statistical information remajor part of these unutilized funds be available ferred to in this section is given in Appendixes C and D [omitted here]. This information has been prepared for for expenditure after June 30, 1948. the Council by the Clearing Office for Foreign Transactions, The rate at which funds for foreign assistance Office of Business Economics, Department of Commerce, in were utilized was fairly steady throughout the consultation with the International Statistics Division of the three-year period, except for a peak of utilized Office of International Finance, Treasury Department. 4 The total available in the period represents the amount grants and credits of 3.6 billion dollars reached utilized in the period plus the unutilized balances at the end during the latter half of fiscal 1947. Assistance on of the period. In general, the term utilized as referred to in a credit or loan basis tended to increase moderately this report is comparable to disbursements, shipments or up to July 1947, and then to decrease during fiscal deliveries, while unutilized balance refers to a congressional authorization or appropriation that has not yet been ex- 1948. After January 1948, aid was preponderantly pended. Thus as of June 30, 1948, part of the unutilized in the form of grants. The changing nature of asfunds were committed or obligated but not expended. Be- sistance rendered may be ascribed to the types of aid cause of variations in the financial reporting procedures of programs in effect. For example, the United States the various government agencies handling foreign aid, the general terms utilized and unutilized have been adopted to contribution to the United Nations Relief and Redesignate a stage of distribution that is somewhat comparable habilitation Administration in the first postwar from agency to agency. For further definitions of these year, fiscal 1946, was entirely on a grant basis. The terms, see the explanatory notes to Appendix C. [Appendix second postwar year, fiscal 1947, witnessed drawomitted here.] MAY 1949 507 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL ings of over 2.0 billion dollars by the United King- is now construed as ERP Europe was provided on dom on the 3.75 billion dollar line of credit ex- a smaller scale, and mainly as a result of relief and tended by the United States. In the third postwar other grants such as the original UNRRA program. year, fiscal 1948, United States aid was increased The total of 4.5 billion dollars in United States through the adoption of such measures as interim aid made available to Asia between July 1945 and aid and the Foreign Assistance Act of 1948, which June 1948 was mainly to Japan and Southern Korea were primarily on a grant basis. under the military program of relief for occupied areas, and to China under post-VJ-Day lend-lease AGENCIES ADMINISTERING POSTWAR FOREIGN AID aid and other grants. There were, however, property credits and loans to Asiatic countries totaling The Congress has designated various agencies for 808 million dollars. Aid to other areas included the administration of»postwar assistance. The 473 million dollars to Latin America, 41 million agencies extending loans and credits have included to Africa, and about 12 million to Australia and the Export-Import Bank, the Office of Foreign New Zealand. Liquidation Commissioner, the Treasury Department, the Reconstruction Finance Corporation, the Table I shows, by country, the utilization of War Assets Administration, and the United States United States Government foreign assistance from Maritime Commission. Some of these agencies July 1, 1945, to June 30, 1948, unutilized commitwere newly created for specific programs, while ments on June 30, 1948, and ECA additional allotothers, under increased authority, carried out func- ments as of September 30, 1948. tions of the type with which they had had previous experience. Thus, the Office of Foreign Liqui- TABLE I dation Commissioner and the War Assets Adminis- UNITED STATES GOVERNMENT FOREIGN ASSISTANCE, JULY 1, tration were especially created to deal with prob- 1945-JUNE 30, 1948, BY MAJOR COUNTRIES IN SPECIFIED lems of surplus property arising from the war effort. AREAS On the other hand, the Export-Import Bank and the Reconstruction Finance Corporation had pre- [In millions of dollars] viously been engaged in activities somewhat similar Unutilized to their postwar operations, and the lending authority of the Export-Import Bank was substantially ECA increased. The Treasury Department's administra- Country Total Utilized C m o i m t- - t a io d n d a i- l tion of the Anglo-American financial agreement ments allotwas directed by statute. Under the Merchant Ship Ju 1 n 9 e 4 3 8 0, S m ep e t n . t 3 s 0, Sales Act of 1946, the United States Maritime Com- 1948 mission was authorized, with certain limitations, to sell war-built vessels to foreign purchasers on ERP EUROPE: United Kingdom 5,958 4,790 159 1,009 credit terms. This authority expired March 1, 1948. France 3,374 2,381 233 760 Germany (Western) .... 2,467 1,264 827 376 Grant assistance was provided through the United Italy 1,868 1,239 194 435 Nations Relief and Rehabilitation Administration, Greece 942 664 148 130 Netherlands 759 327 64 368 and in addition, assistance on terms of repayment to be determined by later peace settlements (classi- Austria 580 342 61 177 Belgium-Luxembourg. . . 356 243 113 fied as grants for purpose of statistical summary), Other ERP 584 148 194 242 was extended by the National Military Establish- OTHER EUROPE: ment as an incident to military occupation. U Po .S la .S nd .R 4 4 6 4 5 3 4 4 6 3 2 9 3 4 In 1948 the Economic Cooperation Administra- Yugoslavia 299 299 tion was established to administer a more general Czechoslovakia 213 213 program of economic assistance. Other Non-ERP 163 141 22 AS i A.- China 1,898 1,474 424 GEOGRAPHICAL DISTRIBUTION OF ASSISTANCE Japan 1,609 1,017 592 Philippines 507 267 240 Of the grand total of 26.2 billion dollars made Korea (Southern) 307 171 136 available for foreign assistance, more than two- Other Asia 218 123 95 thirds was designated for those nations which be- WESTERN HEMISPHERE: came participants in the European recovery pro- Latin America 473 283 190 Canada . .. 300 140 160 gram. Principal beneficiaries were the United Kingdom, France, Western Germany, and Italy. NOTE.—Table does not include ECA funds which were unal- Assistance to European countries outside of what locable by country on Sept. 30, 1948, nor other agency funds unallocable by country on June 30, 1948. 508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL FOREIGN GOLD AND SHORT-TERM DOLLAR RESOURCES TABLE III Tables II and III indicate the changes in gold ESTIMATED GOLD AND SHORT-TERM DOLLAR BALANCES HELD and short-term dollar assets of foreign countries BY ERP COUNTRIES AND THE BRITISH COMMONWEALTH between June 30, 1945 and June 30, 1948, according JUNE 30, 1945 AND JUNE 30, 19481 to geographical areas. Assistance from the United [In millions of dollars] States Government in the postwar period was accompanied by utilization by foreign countries of June 30 Cha a substantial part of their gold and dollar resources. Country or area Practically all major foreign countries, with the ex- 1945 1948 Dollar Per cent ception of Switzerland, suffered declines of vary- Sweden 648 123 -525 -81.0 ing magnitudes in their monetary resources. On France 2,351 784 -1,567 -66.7 June 30, 1945, gold and dollar reserves owned by Netherlands 673 359 -314 -46.7 all foreign countries (excluding the U.S.S.R.), British Commonwealth 2 2,934 1,842 -1,092 -37.2 Canada 1,613 943 -670 -41.6 totaled approximately 20 billion dollars, while three South Africa 884 382 -502 -56.8 Other 437 517 +80 + 18.3 years later on June 30, 1948, these reserves had fallen to 14.6 billion dollars, a decline of slightly Portugal 461 302 -159 -34.5 United Kingdom 2,723 2,267 -456 -16.7 more than 27 per cent. For the countries included Belgium and Luxembourg .. . 925 803 -122 -13.2 in the European recovery program, the relative loss Other ERP 3 821 803 -18 -2.2 was even greater—from 10.6 billion dollars in 1945 Switzerland 1,640 i,855 +215 + 13.1 to 75 billion dollars in 1948. 1 Includes dependencies of ERP countries, except for Indonesia. As a result of this depletion, by June 1948 many 2 Excludes the United Kingdom, for which data are shown separately. of the countries of the world had insufficient gold 3 Includes ERP countries each holding less than 400 million dollars in gold and dollar balances on June 30, 1945, except for and dollars to maintain working balances in foreign Iceland and Ireland, which are included in the British Common exchange and adequate monetary reserves. wealth. TABLE II FOREIGN AID AND THE UNITED STATES BALANCE OF PAYMENTS ESTIMATED GOLD AND SHORT-TERM DOLLAR BALANCES ANNUALLY, 1945-48, BY GEOGRAPHICAL AREA TABLE IV [In millions of dollars] FOREIGN AID IN THE UNITED STATES BALANCE OF PAYMENTS JULY 1, 1945 TO JUNE 30, 1948, BY SEMIANNUAL PERIODS1 June 30 Area [In millions of dollars] 1945 1946 1947 1948 1945 1946 1947 1948 ERP Europe l 7,519 6,889 5,619 5,029 British Commonwealth 2 5,657 5,922 4,952 4,109 Item Latin America 3,677 3,891 3,331 2,876 July- Jan.- July- j£m.- July- Jan.- Asia 3 2,050 2,114 1,680 1,513 Dec.i June Dec. June Dec. June 1 Excludes sterling area countries and Indonesia, but includes Total exports.... 7,200 7,401 7 565 10 093 9 648 8,665 dependencies of ERP countries other than the Netherlands. 2 Includes all sterling area countries. Means of financ- 3 Excludes sterling area countries. ing: Total imports. . 4,143 3,416 3 751 4 171 4 292 5,087 U.S. Govt. aid (net). 3,628 2,681 2 372 3 293 2 419 2,149 As indicated in Table IV, foreign countries had Liquidation of foreign gold a demand for American goods needed for the post- and dollars. . 1 -1,078 816 1 152 2 341 2 173 920 war reconstruction of their economies far in excess Miscellaneous. . 507 488 290 288 764 509 of their ability to pay on the basis of their current 1 The means of financing shown for the period July through sales of goods and services to the American econ- December 1945, exceed exports by 1,078 million dollars, which represents the net foreign acquisition of dollar assets and purchases omy. As previously pointed out, to a considerable of gold from the United States. extent they attempted to meet their deficit on current account by the liquidation of gold and dollar the aid provided by the United States became an balances in the United States. This depletion was important factor in relieving international financial approaching a point at which the financial situation stress and in assisting recovery in levels of producof some countries was critical. At this juncture, tion and in standards of living. MAY 1949 509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL III. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK ments under the European recovery program THE EUROPEAN RECOVERY PROGRAM would total 5 billion dollars for the first 12 to 15 Financial status of the European recovery program. months of operations, the rate of progress in ex- The Congress appropriated on June 28, 1948, a total tending assistance for the half-year was comparaof $6,030,710,228 for foreign assistance (62 Stat. 512, tively close to that envisaged in the Foreign As- 22 U.S.C.A. 1501). The specific appropriations sistance Act of 1948. In view of the time lag bewere as follows: tween procurement authorizations and actual de- Total appropriated $6,030,710,228 livery of goods to recipient countries, the major European recovery program 4,000,000,000 expenditure of appropriated and authorized funds National Military Establishment for assistance during the first ERP period will (government and relief in occu- occur after October 1, 1948. Table V indicates pied areas). 1,300,000,000 that the chief recipients of aid are the United King- Assistance to: dom, France, Italy, Western Germany, and the China . 400,000,000 Netherlands—the allotment totals for these coun- Economic (275,000,000) tries amounting to 3.6 billion dollars out of a total Military (125,000,000) of 4.3 billion dollars. Greece and Turkey (military aid) . 225,000,000 TABLE V International Refugee Organization . . 70,710,228 DISTRIBUTION OF ECA ALLOTMENTS AND PROCUREMENT AU- Children's Emergency Fund 35,000,000 THORIZATIONS, AS OF SEPT. 30, 1948 In addition to the 4.0 billion dollars appropriated [In millions of dollars] to carry out the provisions of the Economic Cooperation Act, there was also made available the Country Total Procurement allotments authorizations sum of one billion dollars to be provided out of public debt transactions for the purpose of making Total 4,346.6 1,930.3 loans and guaranties, of which a maximum of 0.3 United Kingdom 1,235.0 447.9 billion could be used for guaranties. The appro- France 966.0 473.5 Italy 541.0 257.9 priation act provided that the entire amount could be obligated and expended during the period end- W Ne e t s h t e e r r l n a n G d e s rmany 4 4 4 1 0 1. . 0 3 2 1 6 7 0 2 . . 3 8 ing April 2, 1949, if the President, after recom- Austria 216.0 114.6 mendation by the Administrator, deemed such Greece 162.0 91.3 Belgium and Luxembourg 113.0 21.8 action necessary to carry out the purposes of the Denmark 87.0 43.2 Act.5 Thus, the total amount of funds which may Norway 72.0 38.4 be utilized under the Foreign Assistance Act of Ireland 60.0 Trieste 17.0 6^'' 1948 and the related appropriations act is $7,030,- 710,228. This section of the report, however, will Sweden 10.0 Turkey 10.0 deal only with the amounts made available for eco- Iceland 6.3 2^3 nomic recovery in Europe. For the first six months of operations, from April Loans and grants. Under the Economic Cooperathrough September 1948, the Economic Cooperation tion Act of 1948, one billion dollars of total Euro- Administration had allotted assistance to ERP counpean recovery program aid was made available tries totaling 4.3 billion dollars, while actual prosolely for loans and guaranties. The remaining 4 curement authorizations amounted to 1.9 billion dollars (Table V). The allotments represented billion dollars of European aid may be utilized for amounts that the foreign countries had been in- either grants or loans as the Administrator for formed they could use during the period, while Economic Cooperation deems appropriate, acting the authorizations represented the obligations in- in consultation with the Council. Determination curred by ECA for the procurement of supplies and as to whether assistance shall be through grants or services. Since it was contemplated that commit- upon terms of payment "shall depend upon the character and purpose of the assistance and upon 5 On Nov. 26, 1948, the President authorized the Economic whether there is reasonable assurance of repayment Cooperation Administration to use the full amount of its appropriation in the 12 months ending Apr. 2, 1949. considering the capacity of such country to make 510 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL such payments without jeopardizing the accom- TABLE VI plishments of the purposes of this title" (62 Stat. 1054). CONTEMPLATED LOAN PROGRAM UNDER THE ECONOMIC CO- Allocation of loans to specific countries. In allocat- OPERATION ACT OF 1948, AS OF SEPT. 30, 1948 ing funds for loans for the first year's program, it [In millions of dollars] was essential to appraise not only the current positions of the several European countries but also Country Amount their prospects under the recovery program and later. The extent of physical destruction and dis- Total loans. 837.3 turbance of their economic systems as a result of United Kingdom 310.0 France 170.0 the war varied substantially from country to coun- Netherlands (incl. Indonesia). 95.0 try. Moreover, a few countries, such as the United Ireland 60.0 Kingdom and France, had already contracted heavy Belgium and Luxembourg 50.0 Italy 50.0 foreign indebtedness in connection with their reconstruction efforts. It was thus necessary, for the Norway 35.0 Turkey 30.0 first year, to weigh carefully a wide range of factors Denmark. ... 25.0 in arriving at an over-all judgment as to the allo- Sweden. 10.0 cation of loans among the countries. Iceland. . 2.3 For the first year it was determined that only Portugal and Switzerland were in a position to Council took into consideration the terms of lendpay cash for their imports of goods and services lease settlements, war-account settlement arrangeand that Iceland, Ireland, Sweden and Turkey ments, Export-Import Bank loans, the Anglo-Amerishould receive their initial allocations entirely on can financial agreement, Office of Foreign Liquidaa loan basis. In the cases of Austria and Greece, tion Commissioner credits, the Reconstruction Fiit was decided that United States assistance should nance Corporation loan to the Philippines, War be entirely on a grant basis. For most of the re- Assets Administration credits, and loans by the maining countries, it was agreed that, for the first International Bank. Important aspects of terms and year, aid should be primarily on a grant basis but conditions of loans include the interest rate, maturithat some portion of the assistance should be on a ties, a "period of grace" for interest payments loan basis. With respect to the Free Territory of and/or amortization of principal, and the possibility Trieste, it appeared desirable, until the situation of a postponement provision. was clarified, to treat any assistance as a grant. Since the decision on how to allocate aid as be- Finally, it was believed that assistance to Germany tween loans and grants takes account of the differshould be subject to such terms of payment as may ences in the ability of various countries to repay be determined by the peace settlement. loans, the terms of payment have been placed on In accordance with the general principles india uniform basis among the borrowing countries, cated above, the contemplated loan program as of except for some variation in the schedules of amor- September 30, 1948, for the first nine months of tization. the European recovery program, was as shown in The Council was in agreement that the rate of Table VI. interest should be sufficient to cover the cost of Because of the time required to prepare and apmoney to the United States Government. In view prove the bilateral agreements with the participating of the broad purpose of the ECA loans, as part of countries and to negotiate details of the loan agreea program directed toward the long-term economic ments, no loan agreements had been completed as recovery of Europe, the Council considered that of September 30, 1948, with the exception of a loan the loans should have relatively long maturities and to Iceland. However, at that date, tentative agreelow interest rates, so that some portion of the total ment had been reached with various other partici- ECA aid could be placed on a loan basis without pating countries. The terms of the loan of 2.3 milimposing an undue annual burden on the borlion dollars to Iceland were subject to revision in rowers' balances of payments. The Council conthe light of the terms of payment to be negotiated sidered that a 35-year maturity and 2.5 per cent with the other countries. interest rate would be appropriate for loans made Terms of payment on ECA loans. The Adminisduring the first year of the program. trator for Economic Cooperation, in accordance with the Act of 1948, requested the advice of the The Council felt that there should be a period,, Council as to the terms of payment on loans to probably extending beyond the end of the proposed participating countries. In giving its advice, the ERP program, during which no payments on prin- MAY 1949 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL cipal would be required, in order to allow the re- offset by additional borrowing by the government. cipient countries to make adjustments necessary to Such uses of counterpart funds are not substitutes enable them to begin repaying the loans. The for fundamental reforms which may be required Council therefore recommended that there should to achieve lasting stability. be no amortization of principal for a minimum Although the use of counterpart funds for inperiod through June 1952 and a maximum period vestment projects tends generally to offset the imthrough June 30, 1956. The Council further recom- mediate counter-inflationary effect of the deposit, mended that no interest be charged for the period such use in selected fields can nevertheless conthrough June 30, 1952. It also was of the opinion tribute to European recovery where it results in that provision might be made in the loan contracts increased productive capacity and more effective for consultation, between the United States Govern- utilization of the labor force. ment and the individual borrowers during periods The Council has recommended to the Adminisof unusual economic stringency, with a view to pos- trator that counterpart funds be released for debt sible postponement of dollar payment and the ac- retirement and for investment purposes only where ceptance of local currency. the governments concerned have recommended such Local currency accounts. The Foreign Assistance releases in conjunction with a financial program Act requires that all countries receiving assistance aimed at the achievement of internal monetary and in the form of dollar grants make special deposits financial stability. In several instances it has been in local currency commensurate in amount to the necessary for the Council to recommend approval grants received. These funds may be held or of these releases at the outset of a program of reused, by agreement between the participating coun- forms. But it has recommended that subsequent try and the United States, for purposes of internal releases be made contingent upon a demonstration monetary and financial stabilization, stimulation of of effective implementation of the reform measures. productive activity, exploration for and develop- The Council took the position, consistent with the ment of new sources of wealth and for such other Act, that local- currency proceeds might also be used expenditures as may be consistent with the pur- to facilitate intra-European trade and payments poses of the Economic Cooperation Act, including within the arrangements proposed by the parlocal currency administrative expenditures of the ticipating countries, designed to facilitate and ex- United States incident to operations under the Act.6 pand intra-European trade on a multilateral basis. Local currency receipts under the European re- In the period under review the Council took covery program in many countries have been of action with regard to releases of counterpart funds sizeable magnitude relative to government receipts in the following countries. and expenditures and the total money supply. The France. In September 1948, the French Governproper utilization of these funds may contribute to ment requested United States agreement to periodic the achievement of a sound fiscal policy and may releases of the local currency counterpart funds to also finance needed investments. The use of the assist it in undertaking a newly announced ecolocal currency counterpart funds is, however, only nomic and financial program. The Council offered one factor in bringing about improvement in no objection to the Administrator's giving assurance European finances and must be supplemented by that, if the economic and financial program proother fiscal and monetary measures. posed by the French Government were adopted, The sale within any participating country of com- the United States Government would be favorably modities provided under the assistance program has disposed to the release of appropriate amounts of an initial counter-inflationary effect. This counter- counterpart funds in successive installments and inflationary effect may be maintained through the with adequate safeguards. However, it was recomlocal currency counterpart as long as the funds are mended that future releases of such funds should immobilized or are used, under certain circum- depend upon an evaluation of progress in the acstances, for a permanent net retirement of the gov- complishments of the new French financial proernment debt. However, immobilization of local gram. currency counterpart funds or their use for debt During September 1948, agreement was subseretirement are not in themselves sufficient to assure quently reached between the United States and sound fiscal policy. The beneficial effects can be French Governments on the release of 45 billion francs of counterpart funds (approximately 150 6 The appropriation act specifies that not less than 5 per million dollars), to assist in financing a long-term cent of each special local currency account shall be allocated program of investment and re-equipment, chiefly to the use of the U. S. Government for expenditure for for the expansion of public utility and transportastrategic materials where available, or for other local currency requirements of the United States. tion facilities. 512 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL United Kingdom. It has been the policy in the with a surplus on current account were unable United Kingdom to use local currency receipts from or unwilling to extend further credits against payforeign aid to retire the public debt. Since the ment in inconvertible currencies, which could not United Kingdom had recently operated on a readily be used to secure necessary goods. After a balanced budget the Council considered that this limited experiment based entirely upon the use of would be a desirable use of counterpart funds. European currencies, an arrangement which in Greece. In June 1948, the Greek Government, practice proved inadequate, it was proposed that with the concurrence of the United States Mission, the aid provided to Europe by the United States requested permission to use the local currency should be used to facilitate the operation of the counterpart funds for the purpose of meeting a payments mechanism for intra-European trade. serious budgetary deficit and to provide means to The Council considered this proposal and advised undertake programs of reconstruction and rehabili- the Administrator for Economic Cooperation to tation. agree to a mechanism whereby part of the dollar The Council recommended that if the monetary aid made available to Europe would be extended and stabilization undertakings of the Greek Govern- as "conditional aid," i.e., a country receiving this ment were carried out in substance, the Economic aid would make available to other European coun- Cooperation Administration consider favorably the tries an equivalent amount of its own currency release of appropriate portions of the counterpart to finance adverse balances. Total dollar aid to funds for the following purposes: to supplement Western Europe is not increased by this scheme, private Greek capital in financing capital imports; since a portion of the dollars supplied to assist the for a refugee, public health and welfare program; participating countries in covering their dollar and for a reconstruction and rehabilitation program deficits is simply provided on the condition that designed to stabilize the level of incomes and prices. the receivers will make equivalent credits in their However, the Council advised that the amount and own currencies available to other participants. The timing of the expenditures, particularly for the re- Council, in giving its approval to this proposal, construction program, should be determined in the called the attention of the Administrator to certain light of current inflationary developments. conditions which indicated that the proposal would Trieste. The Council expressed the opinion that not of itself be an entirely adequate method of dealthe local currency counterpart should be used in ing with the European trade problem. Thus it connection with a program of expenditures to stimu- emphasized the desirability of funding by the parlate productive activity, particularly in those key ticipating countries of the outstanding clearing industries in the Allied Zone whose economic re- debts and the extension of additional credits to each covery would contribute to the economic recovery other as part of a program of facilitating European of Western Europe. recovery. Moreover, it believed that any plan for Plans to facilitate intra-European trade. Postwar facilitating intra-European trade and payments trade among European countries has been carried should contain provision for making steady progress on in terms of a network of bilateral payments and toward complete self-financing of such trade. clearing agreements, which resulted, in part, from Conversion or exchange rates in the ECA program. the inconvertibility of currencies and the relatively The Administrator requested the Council's advice small amount of dollars and gold available for the on the proper conversion rates to be used for desettlement of international balances. These agree- termining the local currency equivalent of United ments characteristically provided for the clearing of States grants to participating countries and the rates transactions between the central banks of the coun- to be used in administering the guaranty provisions. tries concerned, and for the mutual extension of In accordance with the bilateral agreements, the certain credit lines to cover net balances resulting rates to be used in computing the local currency from transactions. As this system developed, some equivalent of grants were to be determined by the countries found themselves generally in the position United States in agreement with the country conof creditors on payments account, while others were cerned. The Council recommended that these rates consistently debtors. The exhaustion of credit should be the par value of the currency where the margins and the necessity of settlement of accounts country had a par value agreed by the International with dollars or gold has, from time to time, imposed Monetary Fund. For other countries receiving serious strains on the continuance or expansion of grants, special formulae were used, in view of the intra-European trade. complexities of their exchange systems. To deal with this problem various plans were sug- The Administrator for Economic Cooperation is gested and given limited trial. It was found that authorized by Section lll(b)(3) of the Economic one of the basic difficulties was that the countries Cooperation Act to guarantee the conversion into MAY 1949 513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL dollars of the income of approved new investments termined that a recovery program would be approin the participating countries, or of the proceeds of priate, but expressed the opinion that this program the amortization or liquidation of such investments. should be accompanied by measures which would The guaranty to any person, according to the Act, achieve internal economic stability and effectively shall not exceed the amount of dollars invested, enforce the economic controls necessary thereto. with the approval of the Administrator, in the With respect to Korea and the Ryukyu Islands, project. The Council recommended that guaranty the Council, taking note of the especially serious contracts should call for payments only when trans- internal obstacles to recovery within the two areas fers into dollars, through legal channels, were and of the relief character of a substantial portion blocked. Where the country has a unitary system of the commodities to be purchased, offered no obof exchange rates based upon an agreed par value, jection to the requested appropriation, in view of the rate for purposes of the guaranty should be the the special responsibilities of the United States selling rate for United States dollars. In other cases Government in the two areas. the Council recommended formulae which took Consistently with the purposes of the Foreign Asinto consideration the rates applicable to transfers sistance Act of 1948, the Congress appropriated of income and capital at the time prior to blocking. funds for economic rehabilitation programs in It was agreed that in the application of the formulae Japan, South Korea, and the Ryukyu Islands. there should be consultation with the Secretary of EXPORT-IMPORT BANK CREDITS the Treasury and, in appropriate cases, with the National Advisory Council. During the period under review, the Council continued to work closely with the Export-Import Bank ASSISTANCE FOR ASIA to facilitate coordination of the Bank's policies with China. The Foreign Assistance Act of 1948 pro- those of other agencies concerned with foreign lendvides, under title IV, for aid to China. The Act ing. New credits authorized by the Bank during states that the assistance extended shall be subject this period totaled 60.3 million dollars. to the applicable provisions of the Economic Co- Cotton credit to Japan. The Export-Import Bank operation Act of 1948. referred to the Council a proposal for credits to be The Council recommended to the Economic Co- participated in by the Bank and American comoperation Administration, on the basis of a study mercial banks to finance the purchase of United of China's capacity to repay, that all aid to China States cotton for manufacture in Japan. Previously, with the exception of assistance to finance recon- the Department of the Army had requested that the struction projects be on a grant basis, and advised Council consider the terms of this proposed credit. that consideration would be given to the basis for The proposal provided for credits to run for not the extension of aid to finance reconstruction proj- more than 10 months, to mature not later than Deects when the nature of the projects became known. cember 31, 1949, and not to exceed 60 million dol- In view of the rapid inflation in China, the Council lars outstanding at any time. These credits would recommended the use of certain special arrange- be apportioned among the Export-Import Bank ments regarding local currency deposits. and four American commercial banks, a maximum Japan, Korea, and Ryukyu Islands. During the of 29 million dollars to be loaned by the Exportperiod under survey the Council reviewed a re- Import Bank and the remainder by commercial quest for appropriations, prepared by the Depart- banks. Interest charges on such credits would vary ment of the Army, to be used for the economic between 2% per cent and 3l/ per cent and there 2 recovery of Japan, Korea, and the Ryukyu Islands. would be a commission charge of lA of 1 per cent Japan's economic position has changed considerably, of the face amount of letters of credit to be issued viewed against the backdrop of the prewar period. by commercial banks under the proposed plan. Once able to balance its foreign trade, Japan now Ultimate security for the advances would consist has lost its preferred position in markets which of that amount of gold and silver held by the formerly constituted the yen bloc, and no longer Supreme Commander for the Allied Powers, which has access to sources of cheap raw materials and was in excess of gold and silver restitution claims food. Investment income has disappeared with the against Japan. vesting, by allied and other countries, of Japan's The Council offered no objection to consideration external assets; earnings of the merchant marine, by the Export-Import Bank of this credit. Prior reduced to about one-fifth of its peak size, cover but to September 30, 1948, the Export-Import Bank's a small fraction of Japan's huge trade deficit. These participation was reduced to a total of 26 million developments, together with the sharp postwar in- dollars, increasing the commercial banks' participaflation, were considered by the Council, which de- tion to 34 million. 514 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL Aircraft credits to Swedish Airlines. An applica- resources of the Export-Import Bank at that time, tion of Douglas Aircraft Corporation to the Export- the Council approved the introduction of legisla- Import Bank for assistance in financing the export tion in the Congress to increase the lending authorsale of aircraft to the Swedish Airlines was referred to the Council. The Bank was asked to participate TABLE VII to the extent of $2,125,000 with private commercial banks and the Douglas Corporation. It was ex- NET CREDITS AUTHORIZED BY THE EXPORT-IMPORT BANK pected that private banks would participate in the JULY 1, 1945-SEPT. 30, 19481 amount of $675,000 with the Douglas Corporation [In millions of dollars] taking the remaining portion in the amount of $ m 5 i 0 ll 0 io ,0 n 0 0 d . o lla T r h s. e total financing amounted to 3.3 Area and country Total R s t t e i r c o u o n c n - - m v D o e e p e l n - - - t s L L r i e t e e i q o n a u n s d i e s - - ch C p t a o u o s n r t e - - s2 Other The Council had previously approved, in July 1946 and February 1948, consideration by the Total, all areas. . 2,618.6 1,008.6 775.1 655.0 159.0 20.9 Export-Import Bank of credits aggregating not Total, Europe.. . 1,996.3 971.9 251.0 655.0 100.0 18.4 more than 27 million dollars for financing the pur- France 1,200.0 650.0 550.0 chase of United States air transportation equip- Netherlands.... 205.3 3152.2 "3.1 50.0 ment where private credit for that purpose was Belgium 132.0 45.0 3 32.0 55.0 not available. The further increase of $2,125,000 Italy 131.8 101.9 25.0 44.9 Finland 90.2 63.2 17.0 510.0 was approved by the Council in June 1948. Norway 50.2 50 6 0.2 Reconstruction loan to Colombia. During the Inter- Poland 40.0 40.0 American Conference held in Bogota, a serious out- Turkey 35.6 35 6 Czechoslovakia . 22.0 20.0 42.0 break by revolutionary forces caused considerable destruction in the city. The American delegation Denmark 20.0 20.0 Germany 19 0 19 0 in Bogota transmitted to Washington a request that Greece 14.7 14.7 financial aid be extended to Colombia in order to Austria 14 3 13 0 6 1.3 provide for reconstruction. The Council was ad- Sweden 2.2 2 2 Unallotted cotvised of this request and in April 1948 approved ton credits. . . 19.0 19.0 consideration by the Export-Import Bank of a 10 Total, Latin million dollar loan to Colombia for the recon- America 207.0 207.0 struction of Bogota. Brazil 73 6 73 6 Mexico 57.0 57.0 Cotton credit to Finland. The Export-Import Bank Chile 43 7 43 7 brought to the attention of the Council an applica- Colombia 20.0 20.0 tion by the Government of Finland for a 15 month Ecuador 3.5 3.5 Bolivia 3 3 3 3 credit of 5 million dollars with a rate of interest of Venezuela 3.0 3.0 2.5 per cent per annum to finance the purchase of Panama 2.0 2 0 raw cotton in the United States. The Export- Argentina 0.2 0.2 Import Bank, with the approval of the Council, had Miscellaneous. 0 7 0.7 earmarked 100 million dollars for the extension of Total, Asia and cotton credits to European countries. Because the Africa 112.8 36.7 17.1 59.0 proposed credit, in addition to outstanding credits, China 66.7 33.7 33 0 Japan 26.0 3626.0 was within the earmarked 100 million dollars, the Saudi Arabia. . . 10.0 "io!6 Council did not consider that specific action was Egypt 7.1 7.1 necessary on this proposal, and did not object to the Ethiopia 3.0 3.0 contemplated extension of the credit. North America: Proposal to increase lending authority of the Export- Canada 300.0 300.0 Import Bank. Proposals for the creation of an Inter- 1V1 iscellaneous 2.5 2.5 American Bank were considered by the United 1 Cancellations and expirations deducted. Numerous small States Government during the early part of 1948, exporter-importer loans extended by the Bank, July 1, 1945, and these proposals were presented to the Council. through Sept. 30, 1948, excluded. Also excluded are Mexican authorizations of 30 million dollars, and a Peruvian authorization The Council was of the view that existing financial of $400,000 approved prior to June 30, 1945, recorded on Export- Import Bank books subsequent to June 30, 1945. organizations, such as the Export-Import Bank 2 Credits extended by Export-Import Bank under general apand the International Bank, were appropriate to proval of the Council. Hungarian credit of 7 million dollars cancelled Apr. 2, 1947. handle both short- and long-term foreign loan ap- 3 Excludes participation by private banks. 4 For financing tobacco purchases. plications presented by Latin American countries, 6 For financing food purchases. but, in view of the relatively small uncommitted 6 Revolving credit (of 1.3 million dollars shown for Austria, $800,000 is revolving). MAY 1949 515 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL ity of the Export-Import Bank by 500 million dol- It was concluded that the continuance of the lars. Hearings were held, but legislation had not credits would further the objective of European rebeen enacted as of the date of this report. covery. Nevertheless, the War Assets Administration was of the opinion that no new credits to As of September 30, 1948, the resources of the foreign governments should be extended and that Export-Import Bank were distributed as follows it might be advisable in some instances to consider (in millions of dollars): reducing the amounts of existing credit agreements, Total lending authority. 3,500.0 since inventories of surplus property available to Loans outstanding. . 2,100.6 foreign governments after prior domestic claims Undisbursed commitments. ... 566.9 were met had been considerably reduced. The Uncommitted lending authority. 832.5 Council concurred in this view, with the reservation that the door should not be closed entirely on Table VII shows the distribution of net credits War Assets Administration foreign credits since authorized by country and object of financing. there might arise exceptional circumstances under which it would be appropriate to extend small SUNDRY FINANCIAL PROBLEMS credits to particular countries, especially to those Commodity Credit Corporation credits. In June not eligible for assistance under the Foreign Assist- 1948, the Department of Agriculture through the ance Act of 1948. The War Assets Administrator Commodity Credit Corporation submitted for the agreed that under such circumstances small addiconsideration of the Council an agreement with the tional credits might be made to countries outside of Indonesian Government under which the Corpothe European recovery program. ration would make available 25 million dollars for During September 1948, the Administrator rethe purchase of incentive goods (textiles, food, quested the advice of the Council as to the dehousehold articles, etc.) to be used to stimulate the sirability of extending six credit agreements schedproduction and procurement of copra and palm oil uled to expire in the latter part of the year. The for export. The agreement would be effective for Council approved consideration by the agency of a two-year period from the date of execution, and the extension to December 31, 1948 of the credit payments would be made by the Indonesian Govagreements with the governments of Finland, the ernment in amounts of 1.5 million dollars each Philippines, the Netherlands, Haiti, Norway, and month for the last six months of the agreement. Austria. Any balance due at the end of the agreement would be paid in full not later than 90 days after termination of the agreement, while interest would be TABLE VIII at the rate of 3 per cent per annum. Ability to re- WAR ASSETS ADMINISTRATION CREDIT AGREEMENTS WITH pay by the Indonesian Government was based upon FOREIGN GOVERNMENTS, AS OF SEPT. 30, 1948 anticipated export proceeds of copra and palm oil i li n o n 1 9 d 4 o 8 ll a a r t s . the equivalent of 90 million to 100 mil- Country Amount S T e a p o p t t p . a l r 3 o 0 c v , r a e 1 l d 9 s i 4 t 8 U ba n l u an se c d e The Commodity Credit Corporation had extended assistance to Indonesia in 1946 and theTotal $117,255,000 $20,061,886 $97,193,104 amount made available, 9.4 million dollars, was France 50,000,000 5,886,009 44,113,991 Netherlands 15,000,000 1,410,025 13,589,975 used to stimulate the production of copra. This Norway 12,000,000 1,591,450 10,408,540 agreement terminated on December 31, 1947, and Austria 10,000,000 3,823,665 6,176,335 the loan was fully repaid. Finland 10,000,000 5,235,929 4,764,071 Philippines 10,000,000 1,923,952 8,076,048 The Council offered no objection to the extension Pakistan 10,000,000 136,704 9,863,296 of the 25 million dollar credit by the Commodity Haiti 255,000 54,152 200,848 Credit Corporation to the Indonesian Government. War Assets Administration foreign credits. War Certain applications which had been previously Assets Administration credit agreements with for- approved by the Council had not resulted in credit eign governments were inaugurated at a time when agreements as of September 30, 1948. the agency held in its inventory large amounts of Joint Brazil-United States Technical Commission. property which it appeared could not then be Consultation between representatives of the conabsorbed by the national economy. After the stituent agencies of the Council and the United adoption of the Economic Cooperation Act of 1948, States Section of the Joint Brazil-United States the question arose as to whether the War Assets Technical Commission took place during August Administration should continue such credits. 1948. This Commission is a product of discussions 516 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL held between the United States Secretary of the tions relative to measures which might facilitate Treasury and the Brazilian President and Finance economic development in Brazil. Minister during 1947, at which time it was agreed "The Commission should direct its attention tothat a small group of United States technicians ward an analysis of (1) Brazil's natural and capital would be sent to Brazil to work with a similar resources, (2) the supply of labor, particularly group of Brazilians in arriving at determinations as skilled labor, (3) problems in fiscal and banking to the most effective utilization of Brazilian re- fields, (4) problems of domestic and international sources. Terms of reference of the Commission as trade, and (5) the position of Brazil in the world agreed by the two governments are as follows: economy." "The Joint Brazil-United States Technical Com- The United States Section of the Commission left mission should endeavor to analyze the factors in for Brazil on August 27, 1948. Brazil which are tending to promote or to retard United States-Mexican stabilization agreement. the economic development of Brazil. This might During the period under review, Mexico purchased. involve a broad appraisal of the manner, directions, 7 million dollars in exchange for pesos, following and rates of development of the Brazilian economy, purchases of 30 million in the previous six-month looking toward the most effective and balanced period. Out of the total of 50 million dollars under utilization of Brazilian resources. The Commis- the United States-Mexican stabilization agreement of sion should give particular attention to the capacity May 13, 1947, there remained 13 million potentially of Brazil for economic expansion through the maxi- available to Mexico as of September 30, 1948. mum use of its internal resources. The Commis- A heavy loss of reserves forced Mexico to withsion shall not undertake to appraise the merits of draw support from the peso on July 22, 1948. As specific projects or to evaluate the desirability of of September 30, 1948, the Mexican Government obtaining foreign financing. The Commission, had not submitted a new par value to the Interhowever, should consider measures designed to en- national Monetary Fund. Further discussion of courage the flow of private capital to Brazil and Mexico's relations with the Fund is contained in where appropriate, may make broad recommenda- Section IV of this report. IV. ACTIVITIES RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT The National Advisory Council, in accordance At these meetings the application of Siam for with statutory authority, continued to coordinate membership was approved, various by-laws of the the activities of the United States representatives organizations were amended, and the Honduran of the Fund and the Bank with those of other request for a reduction in its Fund quota was agencies of the Government, by consulting and granted. The Boards of Governors received the advising with them on major problems arising in annual reports, the reports on audit, and the 1949 administration of the Fund and the Bank. The administrative budgets. At the closing session, the United States Executive Directors of these institu- Governor of France was elected Chairman for the tions or their Alternates, have attended the Coun- coming year, and the Governors of China, India, cil's meetings regularly, and have participated con- the United Kingdom, and the United States were tinuously in the work of its Staff Committee. elected Vice Chairmen. It was decided to hold the fourth annual meetings in Washington in the THIRD ANNUAL MEETINGS OF THE FUND month of September 1949. AND THE BANK The Boards of Governors of the Fund and the MEMBERSHIP CHANGES IN THE FUND AND THE BANK Bank held their third annual meetings in Wash- In the period under review, one new country, ington, D. C, September 27-October 1, 1948. The Austria, was admitted to membership in the Fund Secretary of the Treasury, John W. Snyder, as and the Bank. The Council favored the approval United States Governor of both institutions, and of the Austrian application. Subsequently, the William L. Clayton, as Alternate Governor, at- Boards of Governors admitted Austria as a memtended. Andrew N. Overby and Frank A. South- ber with a quota in the Fund of 50 million dollars, ard, Jr. were appointed temporary United States and a like amount as a subscription to the Bank. Alternate Governors for the purpose of these meet- Austria formally became the 47th member of the ings. The Executive Directors also participated two organizations on August 27, 1948. in these meetings, as did representatives of the con- On August 6, 1948, the Council advised the stituent agencies of the Council. United States Governor and the United States MAY 1949 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL Executive Directors of the Fund and the Bank that Mexico discussed this matter fully with the officials it favored the approval of the membership appli- of the United States Treasury. Representatives of cation of Siam. At the third annual meetings in the Treasury and representatives of the Fund have September 1948, the Boards of Governors accepted continued discussions with Mexican officials on the the Siamese request for membership, providing for problem. a quota in the Fund of 12.5 million dollars, with a Quotas. At the third annual meeting, the Board like amount as a subscription to the Bank. Mem- of Governors agreed to a request by the Governbership is open to Siam until March 31, 1949. ment of Honduras for a reduction in its Fund At the second annual meeting in London, the quota from $2,500,000 to $500,000. Boards of Governors agreed to increase the quota Exchange restrictions. The Fund has continually of Iran in the Fund from 25 million dollars to 35 advised those of its members engaging in multiple million, conditional upon a proportionate increase exchange practices of its interest in the unification in its subscription to the Bank. The increased of their exchange rate structures, and, during the Bank subscription was received and accepted on period under review, some of these members took June 28, 1948. The new Iranian quota in the steps working towards establishment of a unitary Fund became effective on July 21, 1948, and pay- rate. Because of acute balance of payments deficits, ment was received on August 18, 1948. however, a number of countries have felt obliged to On September 30, 1948, 47 countries were mem- continue their multiple exchange practices as well bers of the Fund and the Bank. as other restrictions on payments and transfers for current account. In many of these latter cases, the THE FUND Fund recommended fiscal and monetary measures The International Monetary Fund provides ma- best suited to promote the establishment of a chinery for international consultation and col- unitary rate at some future date. laboration on international monetary problems. At its meeting of June 11, 1948, the Executive From time to time, during the period under review, Directors of the Fund considered, at the request of member countries have consulted the Fund con- the Government of Colombia, recent revisions in cerning the various factors affecting their balances Colombia's foreign exchange system. The new of payments and exchange rates, and the Fund has regulations provided for taxes on imports, as well given advice to its members in connection with as premia for exports, designed to alleviate the such problems. It has recognized that questions Colombian exchange difficulties. The Fund withof foreign exchange cannot be separated from held its approval of the proposals, despite their those of monetary, trade, and fiscal policy. In temporary nature, since they contained features dithe judgment of the Council, real progress has rectly in conflict with the policies of the Fund. been made in establishing the Fund as a tech- However, further consultations continued between nical advisory and consultative body on inter- representatives of the Fund and the Colombian national exchange problems, and in implementing Government. the purposes of the Articles of Agreement. In con- On September 7, 1948, the Fund announced that formity with its Articles, the Fund also has pro- it had been carrying on a series of discussions vided assistance to its members to help meet their with the Government of Peru regarding measures balance of payments deficits on current account. which that Government proposed to take to re- Par values. On April 23, 1948, the Fund an- store its international payments position. The nounced that it had accepted a par value of one measures proposed included a surcharge on im- United States dollar for the Dominican peso. On ports of nonessential and luxury goods, as well as July 14, 1948, the Fund also announced that it had a higher return on exports. The Fund emphasized agreed to the establishment of an initial par value that such exchange measures can be effective only of 5.40541 cents for the Brazilian cruzeiro. The if they are accompanied by determined efforts of United States Executive Director, acting with the the government to halt inflation, to secure addiapproval of the Council, supported these decisions. tional revenue from sources other than exchange On July 22, 1948, the Bank of Mexico withdrew taxes, and to limit the expansion of bank credit. its support of the 20.6 cent initial par value of the The Fund announced that its consultations with peso agreed with the Fund. The principal reason Peru, conducted in a spirit of complete cooperation, for this action was a continuous heavy drain on were expected to continue until the desired aims Mexico's foreign exchange reserves throughout were realized. the postwar period, and especially during the first Fund exchange transactions. During the six seven months of 1948. In accordance with the months April 1, 1948 through September 30, 1948, United States-Mexican Stabilization Agreement, the Fund sold an equivalent of 39.8 million dollars 518 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL to member countries in exchange for their own Under its Charter, the International Trade Organicurrencies. Of this amount 11.4 million rep- zation will seek agreement with the Fund regardresented the dollar equivalent of Belgian francs ing procedures for consultation on monetary and sold by the Fund to the Netherlands and Norway. related questions. A parallel provision is also con- These latter transactions constituted the first sales tained in the General Agreement on Tariffs and of Belgian francs made by the Fund to date. Table Trade. IX presents a detailed breakdown of all Fund cur- Organizational changes. On June 16, 1948, the rency sales through September 30, 1948. President of the United States, with the advice and consent of the United States Senate, appointed Mr. Henry J. Tasca as United States Alternate Execu- TABLE IX tive Director on the Fund. Mr. Tasca succeeded CURRENCY SALES OF THE INTERNATIONAL MONETARY FUND Mr. George F. Luthringer, whose resignation as MAR. 31, 1947-SEPT. 30, 1948 United States Alternate Executive Director to be- [In millions of United States dollars] come Deputy Director of the Research Department of the Fund became effective July 2, 1948. Six months ending The Fund and the ERP. The resources of the International Monetary Fund are not intended to Country T S o e to p ta t. l Sep 1 t 9 . 4 3 8 0, 1 M 3 9 1 4 a , 8 r. Se 1 p 9 t. 4 7 30, m gr e a e m t t i h s e d e ty si p g e n e o d f t f o i n c a o n v c e i r n . g I w n h i g c e h n e t r h a e l, u E s C e A o f p t r h o e - 30, 1948 resources of the Fund is limited in accordance with U.S. Bel- U.S. U.S. Pounds dol- gian dol- dol- ster- its purposes, to giving temporary assistance in lars francs lars1 lars ling financing balance of payments deficits on current account for monetary stabilization operations. On Total, all countries. 639.9 28.4 11.4 391.1 203.0 6.0 April 20, 1948, the Fund issued a policy statement Total, Europe 564.1 11.9 11.4 356.8 178.0 6.0 on this subject which, in part, stated: United Kingdom. . . 300.0 240.0 60.0 France 125.0 25.0 100.0 "For the first year the attitude of the Fund and N Be e l t g h i e u r m lands 3 7 3 5 . . 0 3 6 8 3 4 3 4 . . 0 5 18.0''6.6'' ERP members should be that such members should request the purchase of U. S. dollars from the Fund Denmark 10.2 3.4 6.8 Norway 9.6 2.5 4 6 2.5 only in exceptional or unforeseen cases. The Fund Czechoslovakia 6.0 6.0 Turkey 5.0 5.6 and members participating in ERP should have as their objective to maintain the resources of the Total, other countries 75.8 16.5 34.3 25.0 Fund at a safe and reasonable level during the India 44.2 16.2 28.0 ERP period in order that at the end of the period Mexico 22.5 22^5 such members will have unencumbered access to Chile 8.8 ' 6.3 2.5 Ethiopia 0.3 ' '6.3 the resources of the Fund." 1 No other currencies were sold by the Fund during this period. The Council agreed substantially with these views. Fund relations with proposed International Trade Organization. In response to an invitation from the THE BANK Economic and Social Council of the United Na- Loans and disbursements. On May 25, 1948, a suptions, the Fund participated in the meetings at plemental loan agreement was entered into between which the International Trade Organization Char- the Bank and the Kingdom of the Netherlands ter was drafted, and also contributed to the formu- providing for certain modifications in the loan lation of practicable arrangements for cooperation agreement of August 7, 1947, by which an amount between the Fund and the International Trade of 195 million dollars was made available to the Organization. Both of these organizations are con- Netherlands. These modifications were in the cerned with the external economic position of mem- form of a new loan of 17 million Swiss francs ber nations. While the Fund approaches the prob- (equivalent to $3,955,788), and cancellation of an lem of achieving and maintaining a sound ex- equal portion of the original loan. The Swiss ternal economic position of members primarily francs were acquired through the sale of Internafrom the financial side, the International Trade Or- tional Bank 2.5 per cent Swiss Franc Serial Bonds ganization approaches this problem from the view- to the Bank for International Settlements at par point of commercial policy. This interdependence and accrued interest. The supplemental loan agreemakes full cooperation between the Fund and ment became effective on June 1, 1948. the International Trade Organization imperative. The serial bonds, maturing in 1953 and 1954, MAY 1949 519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL were the first bonds to be issued by the Bank in ments item outside of exports and imports, a reother than dollar denominations. From a long- vival of prewar earning power in shipping would term viewpoint, it is desirable that the Bank supple- contribute vitally to the improvement of the Nethment its borrowing in the United States through erlands balance of payments position. tapping other sources of capital, since international From May 9, 1947, through September 30, 1948, capital transactions in currencies other than dollars the Bank had made loan commitments aggremay also contribute to the expansion of trade. gating over half a billion dollars. More than ninetenths of this amount had been disbursed by Sep- TABLE X tember 30, 1948, as shown in Table X. STATUS OF INTERNATIONAL BANK LOANS AS OF SEPT. 30, 1948 Legislation. During the period under review the Council agreed to support, by appropriate steps, Borrower co L m o m an it- Disburse- ba U la n n u c s e e d of amendment of the Securities Act of 1933 and the ment commitment Securities Exchange Act of 1934, so as to exempt securities issued or guaranteed by the International Total, all loans $525,000,000 $490,776,505 $34,223 495 Bank from those Acts, and to support the amend- Credit National (France) $250,000,000 $250,000,000 ment of the National Bank Act so as to permit Kingdom of the Netherlands 195,000,000 195,000,000 dealing in these securities by member banks of the Kingdom of Denmark. . 40,000,000 24,987,513 15,012 487 Federal Reserve System (subject to existing limi- Republic of Chile 16.000 000 16,000 000 tations on the total amount of securities of any one Grand Duchy of Luxembourg 12,000,000 8,788,992 3,211 008 obligor that a member bank may hold at any one Du p t a c n h i es s h ( i l p o p an in g g ua c r o a m n- - time). It was the Council's opinion that the Seteed by the Kingdom curities Acts had not been enacted with a view to of the Netherlands). . 12,000,000 12,000,000 regulating the issuance of and dealings in the securities of an international institution such as the On July 29, 1948, agreements were executed pro- Bank. In the Eightieth Congress, Second Session, viding for loans to four of the principal Dutch legislation incorporating these amendments was shipping companies to finance the entire purchase favorably reported by the Senate Committee on price of six merchant vessels, each costing 2 million Banking and Currency and passed by the Senate dollars, for the Dutch merchant marine. Each of subject to a motion to reconsider. This legislation the six loans was secured by a Netherlands ship was also given a hearing by the Committee on mortgage, and was represented by serial mortgage Interstate and Foreign Commerce of the House of notes repayable in 20 equal half-yearly maturities of Representatives but was not reported by that com- $100,000, bearing interest at the rate of 2.5 per cent mittee. per annum. In addition, the borrowers were to Advisory Council. The first annual meeting of pay to the Bank a commission of one per cent per the Bank's Advisory Council was held from July annum and a service charge of 1/16 per cent per 19 to July 23, 1948, at the principal office of the annum. Repayments begin on January 15, 1949, Bank in Washington, D. C. This Council, organwith the last installment due on July 15, 1958. Payized in accordance with Article V Section 6 of the ment of principal, interest, commission, and service Bank's Articles of Agreement, comprises 10 memcharges is fully guaranteed by the Netherlands bers, nine selected by the Board of Governors at Government. On August 6, 1948, a group of 10 United States MEMBERSHIP AND REPRESENTATION ON ADVISORY COUNCIL commercial and savings banks purchased from the OF INTERNATIONAL BANK FOR RECONSTRUCTION International Bank all of the notes maturing in the AND DEVELOPMENT first six years, and part of those maturing in the seventh year. These notes were guaranteed by the Name Nationality Representation International Bank. The remaining 3.9 million dollars of the notes were retained in its portfolio. Sir Arthur Salter United Kingdom Chairman The Council was in agreement with the Bank as Edward E. Brown United States Banking to the desirability of making the loans, since the Herbert C. Hoover United States Commerce R. Dickson Harkness Canada Industry newly acquired vessels may be expected to save or Leon Jouhaux France Labor earn for the Netherlands at least sufficient dollars Michael Kalecki Poland Economics over the period of the amortization to meet the Pedro Beltran Peru Agriculture whole service of the loans, entirely apart from the Sir C. V. Raman India Science Lionel Robbins United Kingdom Economics benefits of returns in other currencies. Inasmuch S. K. Alfred Sze China Other Activities as shipping is the most important balance of pay- 520 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL their second annual meeting, and a tenth selected the Bank reported a net income in excess of 2.3 by subsequent vote of the Governors completed on million dollars, exclusive of over 1.2 million paid April 30, 1948. into its special reserve. Operations for the similar The function of the Advisory Council is to con- period in 1947 resulted in a net loss of $878,000. sult with officials of the Bank on matters com- As of September 30, 1948, the Bank had an earned prehending world-wide economic and financial surplus of over 5.3 million dollars, plus nearly 4.3 problems, particularly those confronting member million in the special reserve. countries. At its first annual meeting, a full ex- Future lending. As of September 30, 1948, the change of views took place with respect to the more Bank had uncommitted loanable funds amounting important policies of the Bank. The Advisory to approximately 475 million dollars, and had Council did not, however, render a formal report. received numerous loan requests which were at Fiscal operations. During the fiscal year ending various stages of investigation and completion. The June 30, 1948, net income of the International Bank Bank is expected to place particular emphasis on its exceeded 4 million dollars, sufficient to eliminate by developmental activities during the next year; and a considerable margin the one million dollar deficit although it will continue to provide a source of existing on June 30, 1947, and, in addition, 3 mil- funds for some of the countries participating in the lion dollars was placed into the special reserve. European recovery program it is not likely that For the three months ending September 30, 1948, such assistance will be on a large scale. MAY 1949 521 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. Reserves tain 15 per cent reserves against its net demand deposits; Amendment to Regulation D Supplement 24 per cent of its net demand deposits if located The Board of Governors, on April 28, 1949, in a central reserve city, except as to any bank amended the Supplement to Regulation D, relocated in an outlying district of a central reserve lating to reserves required to be maintained by city or in territory added to such city by the exmember banks with Federal Reserve Banks, so as tension of the city's corporate limits, which, by to decrease the reserve requirements of member the affirmative vote of five members of the Board banks, effective as to banks in reserve and central of Governors of the Federal Reserve System, is reserve cities at the opening of business on May 5, permitted to maintain 15 per cent or 21 per cent 1949, and as to other member banks at the opening reserves against its net demand deposits. of business on May 1, 1949. There is set forth below the text of the amended Supplement: Margin Requirements Amendments to Regulations T and U SUPPLEMENT TO REGULATION D The Board of Governors of the Federal Reserve Effective as to member banks not in reserve and System, effective May 1, 1949, adopted technical central reserve cities at opening of business on May amendments to Regulation T, "Extension and 1, 1949, and as to member banks in reserve and Maintenance of Credit by Brokers, Dealers, and central reserve cities at opening of business on May Members of National Securities Exchanges," and 5, 1949. Regulation U, "Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a RESERVES REQUIRED TO BE MAINTAINED National Securities Exchange," in order to facilitate BY MEMBER BANKS WITH FEDERAL and simplify operations under these regulations. RESERVE BANKS One change further liberalizes rules on withdrawals and substitutions, while another simplifies the rules Pursuant to the provisions of section 19 of the to be followed by brokers and dealers in connection Federal Reserve Act and section 2(a) of its Reguwith cash accounts. The texts of the amendments lation D, the Board of Governors of the Federal are as follows: Reserve System hereby prescribes the following reserve balances which each member bank of the Federal Reserve System is required to maintain on AMENDMENT NO. 8 TO REGULATION T deposit with the Federal Reserve Bank of its Effective May 1, 1949, Regulation T is hereby district: amended in the following respects: 7 per cent of its time deposits plus— 1. The second paragraph of section 3(b) of Reg- 15 per cent of its net demand deposits if not ulation T is amended to read as follows: in a reserve or central reserve city; A transaction consisting of a withdrawal of 21 per cent of its net demand deposits if in a cash or registered or exempted securities from a reserve city, except as to any bank located in an general account shall be permissible only on conoutlying district of a reserve city or in territory dition that no cash or securities need to be deadded to such city by the extension of the city's posited in the account in connection with a transcorporate limits, which, by the affirmative vote of action on a previous day and that, in addition, five members of the Board of Governors of the the transactions (including such withdrawal) on Federal Reserve System, is permitted to main- the day of such withdrawal would not create an 522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT excess of the adjusted debit balance of the account lateral at such time to be less than the amount of over the maximum loan value of the securities in the loan. In case such maximum loan value has the account or increase any such excess. become less than the amount of the loan, a bank shall not permit withdrawals or substitutions that 2. Section 4(V)(7) of Regulation T is amended would increase the deficiency; but the amount of to read as follows: the loan may be increased if there is provided (7) The 7-day periods specified in this section additional collateral having maximum loan value 4(c) refer to 7 full business days. The 35-day at least equal to the amount of the increase. period and the 90-day period specified herein refer to calendar days, but if the last day of any Consumer Instalment Credit such period is a Saturday, Sunday, or holiday, Amendment to Regulation W such period shall be considered to end on the The Board of Governors, effective April 27, 1949, next full business day. For the purposes of this adopted an amendment to Regulation W—Consection 4(V), a creditor may, at his option, dis- sumer Instalment Credit—making the standard regard any sum due by the customer not exceed- maximum maturity on all extensions of consumer ing $100. instalment credit uniformly 24 months, instead of 3. Section 4(V)(8) of Regulation T is amended 21 months, and reducing minimum down payments by adding the following at the end thereof: on furniture, appliances, etc., from 15 per cent to 10 per cent, while retaining the 33% per cent For the purposes of this section 4(V)(8), the minimum down payment on automobiles. Furnicancellation of a transaction, otherwise than to ture, appliances, and other articles costing less than correct an error, shall be deemed to constitute a $100 are exempted from the scope of the regulation. sale. The creditor may disregard for the pur- Previously, articles costing less than $50 were exposes of this section 4(c)(8) a sale without prior empted. payment provided full cash payment is received The text of the amendment is as follows: within the period described by subdivision (2) of this section 4(V) and the customer has not with- AMENDMENT NO. 4 TO REGULATION W drawn the proceeds of sale on or before the day Regulation W is hereby amended in the followon which such payment (and also final payment ing respects, effective April 27, 1949: of any check received in that connection) is re- 1. By changing "$50.00" in Part 1 of the Suppleceived. The creditor may so disregard a delivery ment to read "$100.00." of a security to another broker or dealer provided 2. By changing "15 per cent" and "85 per cent" such delivery was for deposit into a special cash in Part 1, Group B of the Supplement to read, reaccount which the latter broker or dealer mainspectively, "10 per cent" and "90 per cent." tains for the same customer and in which ac- 3. By changing Part 2 of the Supplement to read count there are already sufficient funds to pay as follows: for the security so purchased; and for the purpose of determining in that connection the status of a Part 2. Maturities.—The maximum maturity customer's account at another broker or dealer, a for all listed articles and for unclassified instalcreditor may rely upon a written statement which ment loans is 24 months. he accepts in good faith from such other broker 4. By changing the figure "24" to "27" in Part 3 or dealer. of the Supplement. "Lay-away" Plans AMENDMENT NO. 9 TO REGULATION U Section 6(e) of Regulation W provides that in Effective May 1, 1949, the third paragraph of secthe case of a bona fide "lay-away" or other similar tion 1 of Regulation U is hereby amended to read plan, the Registrant may treat the extension of as follows: credit in connection therewith as occurring at the While a bank maintains any such loan, when- date of the delivery. It will be seen that if the ever made, the bank shall not at any time permit extension of credit had to be treated as occurring withdrawals or substitutions of collateral that on the earlier date when the lay-away arrangement would cause the maximum loan value of the col- is initiated, there could be no effective lay-away, MAY 1949 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT since it would be necessary to obtain the full down Board's view is that the down payment or maxipayment required by the regulation on such earlier mum loan value must be calculated in accordance date and to have the instalment payments on the with the provisions of the regulation as of the date remaining amount scheduled to begin shortly there- of delivery of the article. The Registrant may, of after. There is, of course, no basis under the regu- course, calculate the maximum maturity for the lation for using the delivery date for some pur- transaction as of the same date under section 6(<?), poses and the earlier date for other purposes in con- or, at his option, use a date not more than fifteen nection with such a transaction. Accordingly, if days subsequent to such date in accordance with the Registrant wishes to use a lay-away plan, the section 6(b). CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings Resignation of Class B Director A meeting of the Presidents of all of the Federal The Federal Reserve Bank of New York on May Reserve Banks was held in Washington on May 2, 12, 1949, accepted the resignation of Mr. Charles 1949. The Board of Governors met with the Presi- E. Adams, Chairman of the Board, Air Reduction dents on May 3. Company, Inc., New York, New York, as a Class In accordance with the requirement of the law B director of the Bank. Mr. Adams had served as that the Federal Open Market Committee meet at a Class B director since January 1, 1945. least four times each year, the third meeting of the Committee during 1949 was held in Washington Admission of State Bank to Membership in the on May 3. Federal Reserve System Election of Class B Director The following State bank was admitted to mem- The Federal Reserve Bank of Cleveland, on May bership in the Federal Reserve System during the 13, 1949, announced the election of Mr. C. L. period March 16, 1949 to April 15, 1949: Austin, Executive Vice President, Jones & Laughlin Steel Corporation, Pittsburgh, Pennsylvania, as a Class B director of the Bank to fill the unexpired Texas portion of the term ending December 31, 1950. Mr. Austin succeeds Mr. L. H. Lund, deceased. Hawkins—The First State Bank 524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled April 25, and released for publication April 27] Industrial output continued to decline in March but output of electric steel declined 5 per cent from and apparently also in April. Value of depart- the February peak rate. During the first three ment store trade remained below the corresponding weeks of April, however, steel production has been period of last year. Prices of industrial com- scheduled about 4 per cent below the March rate. modities generally declined in March and April Lumber production increased in March from the with sharp reductions in metal scrap and nonferrous reduced rate reached in February. metals. Prices of most farm products and foods Output of nondurable goods receded about 3 showed little change. per cent in March, reflecting chiefly marked reductions in activity in the textile, paper, and chemical INDUSTRIAL PRODUCTION industries. Rayon production and deliveries to Industrial production declined further in March, textile mills were sharply curtailed in March, and, and the Board's seasonally adjusted index was 184 according to trade reports, have been reduced conper cent of the 1935-39 average. This compares siderably further in April. Activity in the woolen with 189 in February and with the postwar peak and worsted industry has also declined substantially rate of 195 in October and November 1948. Outfrom the February rate, according to preliminary put of manufactures declined about 2 per cent indications. Paperboard production in March and in March and work stoppages at coal mines for the first half of April was about 6 per cent below two weeks sharply reduced minerals production. the February rate and 15 per cent below the level Although coal output was restored in April, present in the same period a year ago. Output of most indications are that total industrial output has deother nondurable goods in March apparently was clined further. maintained at about the February rate. Activity in the machinery and iron and steel Minerals production during March was reduced fabricating industries showed a substantial addiabout 10 per cent, mainly because of the two-week tional decline in March. In the automobile induswork stoppage at most coal mines, which curtailed try activity was maintained at a high level as coal output for the month by 34 per cent. In reductions in output of trucks and of automotive early April coal production recovered to a level parts were offset by an increase in the number of somewhat above the February rate. Crude petropassenger cars assembled. Production of iron and leum output in March declined 4 per cent more steel and nonferrous metals, on the other hand, inand in early April was reduced further by about creased further in March. Open hearth steel production was up 2 per cent to a new record level, EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION PHYSICAL VO-UME, SEAS ONALL< ADJUSTED. 1 935 - 39 -00 PE 240 r V - 220 / \ - 200 / 200 180 > / r 180 160 - 160 f / 140 140 120 CONSTRUCTION 100 - 1941 I94E 1943 1944 1945 1946 1947 1948 1949 Bureau of Labor Statistics' estimates adjusted for seasonal 1941 1942 1943 1944 1945 1946 1947 1948 1949 variation by Federal Reserve. Proprietors and domestic servants Federal Reserve index. Monthly figures, latest shown are for are not included. Midmonth figures, latest shown are for March. March. MAY 1949 525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS the same percentage, bringing the current rate to COMMODITY PRICES a level 13 per cent below the high rate at the end Prices of scrap metals, which had been at exof 1948. ceptionally high levels in the latter part of 1948 and EMPLOYMENT had declined early this year, showed a further sharp Employment in nonagricultural establishments, drop from the early part of March to the third as reported by the Bureau of Labor Statistics, con- week of April. Prices of nonferrous metals were tinued to decline in March, although a small rise reduced substantially for the first time since before is usual at this season. Manufacturing employment the war and prices of a number of metal products, showed a further marked reduction and was about including some makes of automobiles, were also 720,000, or 4 per cent, less than in March a year ago. reduced. Prices of most other industrial commodities continued to decline moderately; gasoline CONSTRUCTION prices, however, were raised. Value of contracts awarded, as reported by the Meat prices advanced somewhat further from F. W. Dodge Corporation, was one-third larger in mid-March to mid-April, while prices of most other March than in February, owing mainly to seasonal foods and farm products showed little change. increases in most types of private contracts. As Prices of hogs, however, declined again in the third compared with a year ago, total private awards week of April. were 8 per cent smaller, while public awards were The consumers' price index rose slightly in substantially larger. Private residential building March, reflecting chiefly higher meat prices and contracts were 20 per cent smaller in value than in further slight increases in rents and miscellaneous March 1948. items. Retail prices of apparel and housefurnish- DISTRIBUTION ings declined somewhat further. Value of department store sales in March and BANK CREDIT the early part of April remained below year-ago Business loans decreased by nearly 700 million levels, after allowance is made for the later date of dollars at banks in leading cities during March and Easter this year. Sales of appliances and other the first half of April and other loans generally durable goods at department stores continued declined moderately. Banks continued to purchase substantially below the exceptionally high levels Treasury bonds, but they sold short-term securities, reached in the second and third quarters of last and their total portfolio of Government securities year. declined somewhat. Demand deposits of individ- Railroad shipments of coal dropped sharply in uals and businesses contracted about 1 billion dol- March and recovered in early April. Carloadings lars in the six-week period, reflecting the large inof other classes of freight during this period were come tax payments in March and repayments of at an average level about 5 per cent below the seabank loans. sonally adjusted volume of shipments last autumn. The Treasury reduced its deposits at the Reserve WHOLESALE COMMODITY PRICES Banks during the first three weeks of April in order 1926'100 to retire securities and to meet current expenditures in excess of receipts. Banks were supplied with reserves as part of these funds were deposited in private accounts. At the same time reserves were absorbed by Federal Reserve sales of Treasury bonds in response to a market demand. Federal Reserve holdings of Government securities were also reduced through cash retirement of Systemheld bills. SECURITY PRICES Prices of Treasury and other high-grade bonds changed little in the first three weeks of April, 80 1942 1943 1944 1945 1946 1947 1948 1949 while common stock prices declined somewhat near Bureau of Labor Statistics' indexes. Weekly figures, latest shown are for week ending Apr. 26. the end of this period. 526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. 529 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. 530 Federal Reserve Bank statistics. 531-534 Guaranteed war production loans. 535 Deposits and reserves of member banks. 535-536 Money in circulation 537-538 Gold stock; bank debits and deposit turnover. . . 538 Deposits and currency; Postal Savings System; bank suspensions. 539 All banks in the United States, by classes. .. ... 540-541 All insured commercial banks in the United States, by classes. 542-543 Weekly reporting member banks. 544-547 Commercial paper, bankers' acceptances, and brokers' balances. 548 Money rates and bond yields. 549 Security prices and new issues. 550-551 Corporate earnings and dividends. 552 Treasury finance ... 553-555 Government corporations and credit agencies. 556 Business indexes 557-566 Department store statistics. 567-570 Cost of living. 570 Wholesale prices . . 571 Gross national product, national income, and personal income. 572-573 Consumer credit statistics. . . 574-576 Current statistics for Federal Reserve chart books. 577-581 Number of banking offices on Federal Reserve par list and not on par list 582 Member Bank Earnings. 583-591 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. MAY 1949 527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS 1941 1942 1943 1944 1945 1946 1947 1948 1949 TOTAL RESERVE BANK HOLDINGS OF U S. GOVERNMENT SECURITIES 1941 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for Apr. 27. See p. 529. 528 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 dollarsl Reserve Bank credit outstanding Member bank reserve Date v co a D a a n u 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 i d t e i s e rn s m c c B e e a r i n t t l e i t l f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r t o c e u r i a u e u n n r n a r y g t c d - - s y - - M i c n t u o io c l n a i n e r - y - T h c i u r o n a e r l g s a y d h s s - - u F T B p s w r e r o R e y a d e i r s e n t e a v i - d h k t r s e e s s a - - l b m p N e o r e o s m d n it e - ! - - c O s F o e e R a t e u r r c h e a d v n - - e l - e t r s To b t a al lanc c e E e s s x s - 3 and notes Monthly averages of daily figures: 1948-—Jan 224 21,673 3,60818,065 551 22,44722,816 4,559 28,394 1,329 1,130 1,014 56617,390 1,082 Feb 37920,738 5,42715,311 473 21,58922,967 28,096 1,317 1,323 987 55916,834 804 Mar 410 20,582 5,69514,887 454 21,446 23,103 27,941 1,326 1,089 1,069 57517,106 822 1949—Jan 347 22,289 10,62011,669 513 23,150 24,259 4,587 27,850 1,327 1,014 1,211 60319,991 838 Feb 28422,320 10,03212,288 350 22,953 24,283 4,587 27,545 1,321 1,539 1,233 61619,570 710 Mar 30221,615 9,58812,027 353 22,270 24,301 4,588 27,508 1,319 1,009 1,255 65219,417 694 End-of-month figures: 1948—Jan. 31... 32721,925 4,791 17,134 530 22,782 22,935 4,561 28,111 1,305 2,343 1,049 55116,919 768 Feb. 28. .. 43121,024 5,68815,336 655 22,109 23,036 4,561 28,019 1,325 1,591 1,154 55617,062 «762 Mar. 31. . . 43020,887 5,671 15,216 291 23,137 4,559 27,781 1,325 1,972 999 58816,639 655 1949—Jan. 31... 22,109 10,22411,885 349 22,914 24,271 4,589 27,580 1,336 1,514 1,194 61119,540 477 Feb. 28... 25122,342 9,88312,459 262 22,85524,290 4,588 27,557 1,323 1,423 1,194 61819,617 808 Mar. 31. .. 24521,688 9,241 12,447 333 22,26724,314 4,592 27,439 1,309 1,482 1,154 67019,118 686 Wednesday figures: 1948—June 2 . . . 23920,683 6,18314,500 369 21,29223,343 4,562 27,895 1,335 1,567 754 55117,094 941 June 9. . . 31220,349 6,182 14,16 294 20,95523,362 4,560 27,864 1,337 1,144 828 55117,154 908 June 16... 29420,749 6,177 14,572 21,51923,515 4,560 27,808 1,331 984 879 59317,999 1,132 June 23.. . 35321,010 6,17514,835 358 21,72123,523 4,561 27,792 1,31 1,863 827 59817,408 728 June 30. .. 26521,366 6,20615,160 268 21,90023,532 4,565 27,903 1,32 1,928 859 17,389 742 July 7... 39821,535 6,21015,325 22,24323,584 4,562 28,142 1,334 1,841 877 61217,584 1,003 July 14... 31621,521 6,32115,200 302 22,13923,593 4,562 27,959 1,331 1,861 898 61317,631 937 July 21. .. 28521,326 6,44914,877 27: 21,88823,650 4,561 27,864 1,324 1,879 920 17,503 723 July 28... 32 21,209 6,56414,645 is: 21,72323,670 4,563 27,821 1,329 1,822 875 57617,534 759 Aug. 4. .. 28221,378 6,96614,412 21,89 23,679 4,564 27,922 1,330 1,852 860 17,606 730 Aug. 11... 29321,566 7,21514,351 22,064 23,688 4,564 27,966 1,324 1,756 865 57017,834 1,003 Aug. 18. .. 30121,551 7,41014,141 27. 22,12523,708 4,565 27,979 1,32 1,963 965 56617,603 729 Aug. 25. . . 324 21,460 7,58 13,873 21,99323,711 4,564 27,965 1,324 1,902 843 17,668 811 Sept. 1. . . 31821,411 7,79513,616 208 21,93723,725 4,568 28,072 1,323 1,693 855 56417,724 853 Sept. 8. . . 31021,240 7,86413,376 284 21,83423,793 4,571 28,28 ,326 1,331 872 56517,817 926 Sept. 15. .. 28321,205 8,45512,750 21,92123,850 4,571 28,156 ,321 661 875 59218,737 1,647 Sept. 22 . . . 309 21,860 8,94412,916 37622,54523,865 4,570 28,083 ,319 1,436 858 59118,694 979 Sept. 29. .. 35 23,282 9,20214,080 23,95323,872 4,573 28,080 ,324 1,660 864 58619,884 940 Oct. 6... 29623,143 9,48313,660 268 23,70723,888 4,572 28,202 ,324 1,596 86 19,584 607 Oct. 13... 50023,303 9,73613,567 164 23,96723,965 4,572 28,284 ,317 1,551 916 59619,840 929 Oct. 20. .. 28923,192 10,13213,060 388 23,86923,983 4,574 28,157 ,326 1,530 913 59019,910 870 Oct. 27... 30023,242 10,68312,559 23,79723,996 4,575 28,091 ,32: 1,524 888 58319,960 874 Nov. 3. . . 32023,239 11,13 12,102 170 23,72924,007 4,578 28,254 1,317 1,473 886 19,846 858 Nov. 10. .. 32623,144 11,22311,921 45; 23,92924,097 4,579 28,337 1,317 1,553 912 53919,947 922 Nov. 17. .. 28: 22,930 11,15611,774 62: 23,83424,110 4,579 28,215 1,324 1,591 901 53919,953 815 Nov. 24. .. 58222,993 11,16611,82 23,94124,150 4,580 28,305 1,317 1,650 922 54219,934 830 366 Dec. 1. .. 30623,165 11,16811,997 23,78324,165 4,583 28,322 1,338 1,527 927 54119,877 783 Dec. 8... 39923,004 11,11011,894 312 23,72' 24,218 4,585 28,415 1,314 1,540 986 54819,727 660 Dec. 15. .. 26622,993 11,11211,881 23,91924,230 4,585 28,369 1,327 969 994 640 20,435 1,216 Dec. 22... 42622,84^ 11,05711,788 24,22124,234 4,584 28,560 1,326 1,575 1,033 64719,899 662 Dec. 29. . . 25523,34: 11,001 12,346 51224,11324,236 4,585 28,32 1,329 1,283 1,106 65320,238 1,058 1949—Jan. 5. . . 22922,919 10,90712,012 23,72724,249 4,586 28,151 1,322 951 1,167 59720,375 1,131 Jan. 12... 36422,465 10,77211,693 364 23,19324,253 4,586 27,919 1,323 939 1,145 600 20,105 987 Jan. 19... 24122,117 10,60311,514 640 22,999 24,264 4,586 27,717 1,32 804 1,267 60220,133 950 Jan. 26. .. 22,039 10,26511,774 463 22,96024,268 4,587 27,561 1,333 1,135 1,138 20,035 922 Feb. 2 . . . 22,215 10,19112,024 314 22,82724,279 4,588 27,556 1,327 1,284 1,203 19,711 639 Feb. 9. . . 25122,350 10,10512,245 235 22,83624,279 4,587 27,557 1,327 1,430 1,176 19,597 676 Feb. 16. .. 23822,303 9,99312,310 385 22,92624,284 4,586 27,480 1,323 1,754 1,177 61519,447 606 Feb. 23 . . . 30322,358 9,92212,436 22,84724,290 4,586 27,551 1,326 1,591 1,193 62119,441 687 Mar. 2. . . 24121,837 9A 11,969 34322,42224,290 4,587 27,557 1,320 877 1,233 62819,684 812 Mar. 9... 20321,529 9,73711,792 22,00324,295 4,587 27,577 1,320 711 1,223 63119,424 637 Mar. 16. . . 42921,500 9,58811,912 22,34824,305 4,588 27,500 1,324 591 1,227 66319,936 990 Mar. 23. . . 59421,675 9,45812,217 22,51224,307 4,588 27,423 1,327 1,432 1,197 66919,360 705 Mar. 30. .. 29821,828 9,27712,551 252 22,37824,311 4,591 27,403 1,320 1,678 1,190 67119,019 516 Apr. 6. . . 21321,597 9,15112,446 334 22,143 24,317 4,591 27,514 1,329 1,116 1,104 67619,311 832 Apr. 13. . . 23221,491 9,06412,427 333 22,056 24,321 4,592 27,507 1,318 1,028 1,110 67819,327 822 Apr. 20. .. 45321,288 8,98912,299 309 22,050 24,324 4,589 27,408 1,333 1,054 1,094 67819,398 P884 Apr. 27... 26621,208 8,90512,303 21,705 24,329 4,592 27,356 1,330 1,146 1,093 67919,020 P Preliminary. « Corrected. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 3 End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication* MAY 1949 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect April 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank a A d o d v b v a l a n i n g c c a e e t s i s o s n s e e s c c u u a r r n e e d d d b d b y i y s e c l G o ig u o i n v b t e l s e r n p a m a n p e d n er t Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances t b o io a b n n l s i k g s o a t t s i h e o e c n r u s r t e h o d f a n t b h y m e d e U i m r . e b S c e t . r (Sees. 13 and 13a)1 (last par. Sec. 13) Rate Effective Rate Effective Rate Effective Boston Aug. 13.1948 Aug. 13,1948 Jan. 14,1948 New York Aug. 13.1948 Aug. 13,1948 Apr. 6,1946 Philadelphia.. . Aug. 23.1948 Aug. 23,1948 Aug. 23,1948 Cleveland Aug. 13.1948 Aug. 13,1948 Aug. 13,1948 Richmond Aug. 13,1948 Aug. 13,1948 Mar. 16,1946 Atlanta Aug. 13,1948 Aug. 13,1948 Jan. 24,1948 Chicago Aug. 13,1948 Aug. 13,1948 Aug. 13,1948 St. Louis Aug. 19,1948 Aug. 19,1948 Jan. 12,1948 Minneapolis. . . Aug. 13,1948 Aug. 13,1948 Aug. 23,1948 Kansas City... Aug. 16,1948 Aug. 16,1948 Jan. 19,1948 Dallas Aug. 13,1948 Aug. 13,1948 Feb. 14,1948 San Francisco. Aug. 13,1948 Aug. 13,1948 Apr. 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks: 15 days for advances secured by obligations of Federal Farm Mortgage Corporation or 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 and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS RATES ON BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturities not exceeding five years Rate on In effect be- Previous Maturity Apr. 30 ginning— rate [In effect April 30. Per cent per annum] 1- 90 days !Aug. 13, 1948 1H 91-120 days 1*4 lAug. 13, 1948 To industrial or 121-180 days 1% lAug. 13, 1948 c b o u m si m ne e s rc se ia s l To financing institutions 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made by the other Federal Reserve Banks. Back figures.—See Banking On discounts or and Monetary Statistics, Table 117, pp. 443-445. Federal purchases Reserve MEMBER BANK RESERVE REQUIREMENTS Bank On com O m n it- Portion com O m n it- [Per cent of deposits] loans l ments for which Re- ments institu- maining Net demand deposits l tion is portion Time obligated deposits 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 m ba e ( n m a k l b l s e ) r N P B h o e i w s l t a o d Y n e o lp rk hia 2H-5 8 8 Cleveland m June 21, 1917-Aug. 15, 1936. . 13 10 3 Richmond 8 Aug. 16,1936-Feb. 28, 1937. . \9y 15 Atlanta () () Mar. 1, 1937-Apr. 30, 1937.. 2 SM Chicago 234-5 May 1, 1937-Apr. 15,1938.. 22H 17X 14 6 St. Louis O J S A S F M A N u e e e c u p o a n b M p p t g r v y e . . t t . . . . . a y 1 2 1 1 1 2 1 3 7 1 4 - 1 6 0 5 4 , , , 6 , , , , , , - 1 1 1 1 1 1 1 2 1 1 9 9 9 9 9 9 9 4 9 9 4 4 4 4 4 3 , 4 4 4 2 1 8 2 8 8 2 9 9 - - - - - - - 1 A O S O F J 2 S a u 9 e e n e u c c 4 n p b p t d t g . . e 8 t . t . . . - a A 2 3 1 1 1 f 1 t 6 2 0 1 5 9 p 3 e , , , , , , r r , . 1 1 1 1 1 1 1 2 9 9 9 9 9 9 9 4 3 4 4 4 4 4 4 8 0 2 2 8 8 2 1 - . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 4 0 6 2 4 6 2 4 6 2 H 2 2 2 2 2 2 2 2 2 1 0 1 0 0 0 0 2 0 0 7J4 1 1 1 1 1 1 1 1 1 4 4 6 5 2 4 4 4 4 6 6 6 6 6 6 5 I* d S K D M i a s a a 4 2 3 1 n i c n l n R R R I o l s n F n a u a a a a c e r s s n t t t a l e e e a . t u . n p C . d c c r . c c o a i h h i h i n l t t a a s a i e g y r r c s r . g g g o . . l e e . . e o . . d d . . d . . a . n b b s b o o o r r 2 2 2 m r r r 3 3 3 r o o ^ a ^ o 4 w w d - w - - 5 5 e e 5 e e r r r . i l n e b s p u s a t c r o t n i m c o i t m pa t i o t t m i o e e n x n c t w e e r i d t a h t e 1 . f in p a e n r ci c n e g n t in a s b t o it v u e t io t n h s e . 1 Demand deposits subject to reserve requirements, i. e., total * Charge of }4 per cent is made on undisbursed portion of loan. demand deposits minus cash items in process of collection and demand Back figures.—See Banking and Monetary Statistics, Table 118, balances due from domestic banks (also minus war loan and series E pp. 446-447. bond accounts during the period Apr. 13, 1943-June 30, 1947, and all U. 2 S C . h a G n o g v e e s rn ef m fe e c n ti t v e d e S m e a p n t. d 1 a 6 c c a o n u d nt M s a A y p 1 r. at 2 4 c , ou 1 n 91 tr 7 y - A b u a g n . k s 2 ; 3 S , e 1 p 9 t. 3 5 2 ) 4 . MARGIN REQUIREMENTS * and May 5 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, 1935Dec. 31, 1935 Jan. 1, 1936 Regulation T: For extensions of credit by brokers Savings deposits 2 V 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 50 In 90 days to 6 months.... In less than 90 days 1 1 Regulations T and U limit the amount of credit that may be ex- NOTE.—Maximum rates that may be paid by insured nonmember tended on a security by prescribing a maximum loan value, which is a banks as established by the F. D. I. C, effective Feb. 1, 1936, are the specified percentage of its market value at the time of the extension; the same as those in effect for member banks. Under Regulation Q the "margin requirements" shown in this table are the difference between rate payable by a member bank may not in any event exceed the maxi- the market value (100%) and the maximum loan value. mum rate payable by State banks or trust companies on like deposits Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, under the laws of the State in which the member bank is located. and BULLETIN for March 1946, p. 295. 530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1949 1949 1948 Apr. 27 Apr. 20 Apr. 13 Apr. 6 Mar. 30 Mar. 23 Mar. 16 Apr. Mar. Apr. Assets Gold certificates , 2,484,43322464,43222,466,42722,466,43122,466,42922,456,43022,443,42922,494,43122 466,43121,277,170 Redemption fund for F. R. notes 608,282 608,299 607,321 608,684 610,220 612,827 613,773 605,002 610,217 632,396 Total gold certificate reserves. . . .23,092,715 23,072,731 23,073,74823,075,115 23,076,649 23,069,257 23,057,202 23,099,433 23,076,648 21,909,566 Other cash 286,269 283,808 292,367 302,704 340,229 333,888 343,745 285,138 344,146 324,057 Discounts and advances: For member banks... 113,895 301,120 79,864 60,829 145,166 440,925 277,486 151 081 92,748 100,514 For nonmember banks, etc 152,075 152,075 152,075 152,075 152,950 152,950 152,000 152075 152,950 148,000 Total discounts and advances 265,970 453,195 231,939 212,904 298,116 593,875 429,486 303,156 245,698 248,514 Industrial loans 695 717 768 759 761 766 752 682 766 1,394 U. S. Govt. securities: Bills 4,977,222 ,002,379 5,155,871 5,173,871 5,300,319 5,217,793 5,087,353 4,865,986 ,175,899 7,973,501 Certificates: Special Other 6,940,979 ,911,979 6,886,979 6,886,979 6,866,979 6,631,769 6,483,769 6,940 979 .,886,979 4,236,243 Notes 384,600 384,600 384,600 384,600 384,600 367,550 341,050 384 600 384,600 1,962,700 Bonds 8,905,300 ,989,100 9,063,500 9,151,100 9,276,500 9,457,950 9,587,700 8,902 300 ',240,800 6,167,215 Total U. S. Govt. securities 21,208,101 ,288,058 21,490,950 21,596,550 21,828,398 21,675,062 21,499,872 21,093,865 21 688,278 20,339,659 Other Reserve Bank credit outstanding. . . 230,332 307,574 331,927 332,557 250,714 242,690 417,999 339,476 332,076 268,498 Total Reserve Bank credit outstanding21,705,098 22,049,544 22,055,584 22,142,770 22,377,989 22,512,393 22,348,109 21,737,179 22,266,818 20,858,065 Liabilities Federal Reserve notes. . Deposits: 23,265,340 23,298,77523,382,266 23,423,433 23,356,796 23,377,389 23,449,29723,326,64623,382,55523,647,992 Member bank — reserve account 19,020,161 19,397,56619,326,97619,311,32219,018,56319,360,33919,936,08319,075,98819,118,21916,944,223 U. S. Treasurer—general account 1,146,439 1,053,726 1,028,308 1,115,562 1,678,241 1,431,550 591,471 984,161 1,481,952 1,236,405 Foreign 587,708 599,683 593,852 611,440 694,208 707,446 739,789 567,685 657,931 392,819 Other 505,112 494,433 516,053 492,736 496,210 489,056 487,443 675,724 495,581 433,258 Total deposits) 21,259,420 21,545,40821,465,189 21,531,060 21,887,22221,988,39121,754,78621,303,558 21,753,68319,006,705 Ratio of gold certificate reserves to deposit and F. R. note liabilities 51.9 51.; 51.4 51.3 51.0 50.9 51.0 51.8 51.4 combined (per cent)... 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 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y e e a a r rs to 2 5 y e y a e r a s r s toi 5 O y v e e a r rs Discounts and advances: Mar. 30 298,116 139,578 3,300 102,198 53,040 Apr. 6 212,904 52,700 23,965 123,222 13,017 Apr. 13 231,939 72,005 32,157 122,974 4,783 3 17 Apr. 20 453,195 301,642 2,655 143,221 5,657 4 16 Apr. 27 265,970 114,051 94,868 53,805 3,227 4 15 Industrial loans: Mar. 30 761 682 51 7 15 4 Apr. 6 759 673 57 7 16 4 Apr. 13 768 676 64 7 15 4 Apr. 20 717 643 48 7 15 4 Apr. 27 695 627 42 7 15 4 U. S. Government securities: Mar. 30 21,828,398 1,178,269 560,271 1,717,2862,863,4932,621,579 3,328,700 384,6001,935,100 7,239,100 Apr. 6 21,596,550 860,900 571,464 2,756,5534,541,8331,703,700 2 113,300 1,935,100 7,113,700 Apr. 13 21,490,950 957,014 784,358 2,695,7644,275,6141,703,700 2 113,300 1,935, ,026,100 Apr. 20 21,288,058 902,521 864,378 2 3,876,5461,703,700 2 113,300 1,935,100 6,951,700 Apr. 27 21,208,101 ,038,572 932,928 2,878,4933,722,1081,714,700 2 118,300 1,935,100 6,867,900 MAY 1949 531 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago 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 n c - o Assets Gold certificates: Mar. 30 22,466,429 768,625 7,173,180 1,167,623 1,704,001 1,058,7601,030,698 4,228,664 654,938 427,074 796,318 619,221 837,327 Apr. 6 22,466,431 798,853 7,287,195 1,124,412 ,593,4131,040,3631,006,127 4,175,695 686,532 450,552 827,177 648,752 827,360 Apr. 13 22,466,427 794,483 7,288,577 1,105,239 1,570,661 1,018,8981,,001122,,J839 4,,228811,,007777 670,866 430,055 808,533 633,358 851,841 Apr. 20 22,464,432 777,154 7,287,670 1,096,6701,562,695 982,173 972,3114,396,030 679,245 436,263 817,216 637,822 819,183 Apr. 27 22,484,433 771,654 7,252,995 1,110,434 1,574,220 963,0741,014,412 4,379,057 675,834 465,073 822,994 646,595 808,091 Redemption fund for F. R. notes: Mar. 30 610,220 52,839 49,907 58,146 73,808 52,945 43,270 104,729 44,324 22,900 35,789 26,306 45,257 Apr. 6 608,684 52,750 49,550 58,001 73,715 52,391 43,194 104,636 44,299 22,889 35,769 26,282 45,208 Apr. 13 607,321 52,634 49,065 57,812 73,583 52/390 43,098 104,477 44,255 22,874 35,738 26,260 45,135 Apr. 20 608,299 52,631 49,047 57,805 73,577 53,433 43,090 104,477 44,246 22,871 35,734 26,260 45,128 Apr. 27 608,282 52,631 49,047 57,805 73,577 53,433 43,091 104,464 44,246 22,871 35,734 26,254 45,129 Total gold certificate reserves: Mar. 30 23,076,649 821,464 7,223,087 1,225,7691,777,809 1,111,7051,073,968 4,333,393 699,262 449,974 832,107 645,527 ,882,584 Apr. 6 23,075,115 851,603 7,336,745 1,182,4131,667,128 1,092,7541,049,3214,280,331 730,831 473,441 862,946 675,034 ,872,568 Apr. 13...... 23,073,748 847,117 7,337,642 1,163,0511,644,244 1,071,2881,055,9374,385,554 715,121 452,929 844,271 659,618 ,896,976 Apr. 20 23,072,731 829,785 7,336,717 1,154,4751,636,272 1,035,6061,015,4014,500,507 723,491 459,134 852,950 664,082 864,311 Apr. 27 23,092,715 824,285 7,302,042 1,168,2391,647,797 1,016,5071,057,503 4i483,'521 720,080 487,944 858,728 672,849 ,853,220 Other cash: Mar. 30 340,229 33,585 67,815 21,511 31,644 19,878 23,977 45,436 16,365 10,594 12,213 12,091 45,120 Apr. 6 302,704 31,049 62,400 18,107 26,647 17,199 22,869 41,364 13,240 9,584 9,623 10,983 39,639 Apr. 13 292,367 28,608 68,611 13,871 28,212 17,897 20,535 40,354 13,428 8,065 9,468 10,675 32,643 Apr. 20 283,808 26,828 60,138 13,725 25,012 18,845 23,061 39,885 13,120 8,533 9,886 10,661 34,114 Apr. 27 286,269 28,277 57,886 14,318 24,654 19,249 22,829 40,527 14,670 8,466 10,191 11,584 33,618 Discounts & advances: Secured by U. S. Govt. securities: Mar. 30. . 145,166 8,305 52,078 5,510 8,044 18,670 1,014 31,845 1,835 2,250 9,665 4,700 1,250 Apr. 6. . 60,829 6,530 11,103 6,525 6,995 4,145 910 14,805 1,000 1,250 6,115 201 1,250 Apr. 13. . 79,844 7,285 38,688 5,430 11,745 4,430 410 5,480 700 1,000 3,965 261 450 Apr. 20.. 301,050 12,275 182,707 14,695 36,235 6,540 2,560 10,080 5,800 9,450 13,747 1,861 5,100 Apr. 27.. 113,82. 9,245 20,975 7,870 14,558 16,100 4,960 4,475 8,850 2,990 9,097 3,704 11,001 Other: Mar. 30. . 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 Apr. 6. . 152,075 9,581 48,056 12,166 13,991 7,452 6,235 20,986 5,475 3,802 5,475 5,322 13,534 Apr. 13.. 152,095 9,581 48,056 12,166 13,991 7,452 6,235 20,986 5,475 3,802 5,475 5,342 13,534 Apr. 20.. 152,145 9,581 48,056 12,166 13,991 7,452 6,235 21,036 5,475 3,802 5,475 5,342 13,534 Apr. 27.. 152,145 9,581 48,056 12,166 13,991 7,452 6,235 21,036 5,475 3,802 5,475 5,342 13,534 Industrial loans: Mar. 30 761 714 47 Apr. 6 759 705 54 Apr. 13 768 708 60 Apr. 20 71 673 44 Apr. 27 695 657 38 U. S. Govt. securities: Bills: Mar. 30. .. . 5,300,319 339,986 1,256,558 361,045 488,853 340,266 284,163 790,897 286,442 171,587 256,367 229,265 494,890 Apr. 6. . . . 5,173,871 356,935 1,226,157 352,432 477,191 332,149 277,383 772,029 279,609 167,493 250,251 223,795 458,447 Apr. 13. . ., 5,155,871 355,693 1,221,890 351,208 475,531 330,991 276,422 769,344 278,634 166,911 249,379 223,017 456,851 Apr. 20 5,002,379 345,104 1,185,514 340,752 461,374 321,138 268,192 746,440 270,339 161,942 241,955 216,378 443,251 Apr. 27 4,977,222 343,368 1,179,552 339,038 459,054 319,523 266,844 742,686 268,979 161,128 240,738 215,290 441,022 Certificates: Mar. 30. .. . 6,866,979 473,739 1,627,405 467,765 633,348 440,840 368,1591,024,670 371,106 222,305 332,14: 297,031 608,469 Apr. 6. . . . 6,886,979 475,119 1,632,146 469,127 635,193 442,123 369,2311,027,654 372,187 222,952 333,110 297,896 610,241 Apr. 13 6,886,979 475,119 1,632,146 469,127 635,193 442,123 369,2311,027,654 372,187 222,952 333,110 297,896 610,241 Apr. 20.... 6,911,979 476,844 1,638,070 470,831 637,499 443,728 370,5721,031,384 373,537 223,761 334,319 298,978 612,456 Apr. 27 6,940,979 478,844 1,644,943 472,806 640,174 445,590 372,1261,035,713 375,105 224,699 335,72: 300,231 615,026 Notes: Mar. 30 384,600 26,533 91,146 26,198 35,472 24,690 20,620 57,389 20,784 12,451 18,60: 16,636 34,079 Apr. 6. . . . 384,600 26,533 91,146 26,198 35,472 24,690 20,620 57,389 20,784 12,451 18,60: 16,636 34,079 Apr. 13 384,600 26,533 91,146 26,198 35,472 24,690 20,620 57,389 20,784 12,451 18,60: 16,636 34,079 Apr. 20.... 384,600 26,533 91,146 26,198 35,472 24,690 20,620 57,389 20,784 12,451 18,60: 16,636 34,079 Apr. 27. . . . 384,600 26,533 91,146 26,198 35,472 24,690 20,620 57,389 20,784 12,451 18,60: 16,636 34,079 Bonds: Mar. 30. . . . 9,276,500 639,967 2,198,438 631,897 855,581 595,523 497,3411,384,211 501,321 300,308 448,686 401,255 821,972 Apr. 6. . . . 9,151,100 631,316 2,168,719 623,355 844,015 587,474 490,6181,365,500 494,543 296,248 442,620 395,831 810,861 Apr. 13.... 9,063,500 625,273 2,147,958 617,388 835,936 581,850 485,9211,352,428 489,809 293,413 438,383 392,042 803,099 Apr. 20 8,989,100 620,140 2,130,327 612,319 829,074 577,073 481,9331,341,327 485,789 291,004 434,785 388,823 796,506 Apr. 27 8,905,300 614,360 2,110,467 606,611 821,344 571,694 477,4401,328,821 481,260 288,29: 430,73 385,199 789,080 Total U. S. Govt. securities: Mar. 30 21,828,398 1,480,225 5,173,547 1,486,905 2,013,2541,401,3191,170,2833,257,1671,179,653 706,6511,055,79' 944,1871,959,410 Apr. 6 21,596,550 1,489,903 5,118,168 1,471,112 1,991,8711,386,4361,157,,;852 3,222,57: 1,167,123 699,1441,044,583 934,1581,913,628 Apr. 13 21,490,9501,482,618 5,093,140 1,463,921 1,982,1321,379,6541,152,194 3,206,8151,161,414 695,7271,039,474 929,5911,904,270 Apr. 20 21,288,058 1,468,621 5,045,057 1,450,100 1,963,4191,366,6291,141,3173,176,5401,150,449 689,1581,029,661 920,8151,886,292 Apr. 27 21,208,101 1,463,105 5,026,108 1,444,653 1,956,0441,361,4971,137,0303,164,6091,146,128 686,5701,025,794 917,3561,879,207 Total loans and securities: Mar. 30 22,127,275 ,498,166 5,273,957 1,505,365 2,035,3701,427,5311,177,568 3,310,1191,186,994 712,7251,070,968 954,2401,974,272 Apr. 6 21,810,213 ,506,014 5,177,327 1,490,508 2,012,8571,398,0871,164,9973,258,3631,173,598 704,1961,056,173 939,6811,928,412 Apr. 13 21,723,657 ,499,484 5,179,884 1,482,2252,007,8681,391,5961,158,8393,233,2811,167,589 700,5291,048,914 935,1941,918,254 Apr. 20 21,741,970 ,490,47^ 5,275,820 1,477,6342,013,6451,380,6651,150,1123,207,6561,161,724 702,4101,048,883 928,0181,904,926 Apr. 27 21,474,766 ,481,931 5,095,139 1,465,3461,984,5931,385,0871,148,225 3,190,1201,160,45. 693,3621,040,366 926,4021,903,742 Due from foreign banks: Mar. 30 Apr. 6 i 16 Apr. 13 Apr. 20 1 16 Apr. 27...... U6 1 After deducting $33,000 participations of other Federal Reserve Banks on Mar. 30; Apr. 6; Apr. 13; Apr. 20; and Apr. 27. 532 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n o n li e s - Ka C n it s y as Dallas F c r i a sc n- o Federal Reserve notes of other Banks: Mar. 30 119,672 4,124 12,599 3,872 6,221 24,488 15,020 14,766 7,871 4,718 4,963 4,750 16,280 Apr. 6 109,691 4,347 11,458 3,596 6,064 22,655 14,306 14,537 6,575 4,070 5,731 4,043 12,309 Apr. 13 103,482 4,247 11,457 4,167 6,442 20,351 13,596 12,774 7,201 3,076 4,868 4,054 11,249 Apr. 20. 115,931 4,651 13,596 5,271 6,536 21,360 16,312 14,669 6,664 3,675 4,584 4,975 13,638 Apr. 27 119,945 5,731 13,811 4,811 6,950 23,333 11,724 16,469 7,603 3,352 6,274 4,348 15,539 Uncollected items: Mar. 30 2,455,591 190,147 502,068 170,251 230,250 228,566 163,262 372,667 103,895 56,696 117,271 108,860 211,658 Apr. 6 2,391,968 218,511 469,100 163,920 220,506 185,645 167,233 366,902 106,030 58,674 125,851 102,121 207,475 Apr. 13 2,811,103 238,292 544,371 185,139 269,550 217,680 200,080 434,387 128,937 71,671 169,435 126,430 225,131 Apr. 20 2,938,245 230,981 549,210 226,292 275,388 244,095 207,190 472,788 123,816 74,337 154,459 130,649 249,040 Apr. 27 2,379,084 188,888 438,678 165,598 229,632 207,614 176,825 351,519 109,315 58,992 139,980 110,493 201,550 Bank premises: Mar. 30 32,137 1,171 7,997 3,036 4,825 2,536 1,556 3,180 1,930 1,169 2,368 749 1,620 Apr. 6 32,156 1,171 8,023 3,036 4,825 2,535 1,556 3,183 1,930 1,169 2,362 746 1,620 Apr. 13 32,158 1,171 8,023 3,036 4,820 2,535 1,556 3,185 1,930 1,169 2,362 746 1,625 Apr. 20 32,158 1,171 8,024 3,036 4,820 2,535 1,555 3,185 1,930 1,169 2,362 746 1,625 Apr. 27 32,481 1,166 8,024 3,031 4,811 2,528 1,552 3,185 1,929 1,167 2,362 746 1,980 Other assets: Mar. 30 156,823 10,874 37,101 10,309 14,552 10,097 8,362 23,183 8,785 4,999 7,498 6,746 14,317 Apr. 6 157,102 11,035 36,776 10,352 14,689 10,078 8,380 23,217 8,883 5,023 7,485 6,788 14,396 Apr. 13 160,682 11,203 37,887 10,638 14,850 10,313 8,549 23,896 9,126 5,158 7,615 6,814 14,633 Apr. 20 165,618 11,673 38,284 11,077 15,479 10,630 8,831 24,667 9,456 5,368 7,813 7,224 15,116 Apr. 27 170,785 11,977 39,897 11,354 15,937 10,992 9,105 25,534 9,702 5,459 8,101 7,410 15,317 Total aQcptci* Mar. 30 48,308,4252,559,53413,124,6402,940,1174,100,6752,824,8032,463,7158,102,7512,025,1041,240,8762,047,3901,732,9655,145,855 Apr. 6 47,878,9982,623,73313,101,8452,871,9363,952,7202,728,9552,428,6647,987,9042,041,0891,256,1582,070,1731,739,3985,076,423 Apr. 13 48,197,2462,630,12513,187,8912,862,1313,975,9902,731,6622,459,0948,133,4382,043,3341,242,5982,086,9351,743,5335,100,515 Apr. 20 48,350,5102,595,56913,281,8052,891,5143,977,1562,713,7382,422,4648,263,3642,040,2031,254,6272,080,9391,746,3575,082,774 Apr. 27 47,556,0942,542,25812,955,4932,832,7013,914,3782,665,3122,427,7658,110,8822,023,7541,258,7432,066,0041,733,8345,024,970 Liabilities Federal Reserve notes: Mar. 30 23,356,7961,380,686 5,356,3461,614,5392,089,8051,567,6061,287,3874,481,7551,095,678 615,115 918,762 595,8382,353,279 Apr. 6 23,423,4331,388,160 5,368,0871,612,8802,091,4971,568,8761,291,6424,497,1531,097,922 618,312 922,400 597,7462,368,758 Apr. 13 23,382,2661,388,666 5,341,4671,619,5312,089,3801,565,3171,285,9454,496,1161,093,716 616,840 918,589 594,9402,371,759 Apr. 20 23,298,7751,388,928 5,316,4891,607,8962,083,6461,550,9281,283,6434,496,6341,090,785 615,409 915,224 592,9862,356,207 Apr. 27 23,265,3401,380,972 5,307,2591,609,2592,086,9671,549,3841,283,8904,493,6531,084,888 614,235 911,536 591,3252,351,972 Deposits: Member bank —reserve account: Mar. 30. .19,018,563 808,329 6,144,367 925,6801,418,278 811,796 833,3062,865,329 687,452 467,757 876,666 886,6832,292,920 Apr. 6. .19,311,322 855,306 6,321,589 913,7411,422,254 822,463 845,1132,865,664 720,051 477,284 897,905 911,3852,258,567 Apr. 13..19,326,976 838,082 6,283,596 905,1681,420,446 810,209 869,0302,923,836 706,480 469,581 895,761 911,4042,293,383 Apr. 20. .19,397,566 804,596 6,439,446 906,3131,407,360 801,889 831,7192,974,782 699,083 476,020 896,871 903,2582,256,229 Apr. 27..19,020,161 813,130 6,191,536 890,6781,379,144 784,343 842,7152,930,642 695,275 461,584 876,288 888,4162,266,410 U. S. Treasurer-general account: Mar. 30. . 1,678,241 90,476 303,639 128,365 232,800 152,320 107,516 209,359 77,173 63,901 83,624 91,665 137,403 Apr. 6. .1,115,562 95,783 171,105 91,723 99,448 94,290 70,250 104,923 63,495 68,235 72,590 80,158 103,562 Apr. 13..1,028,308 85,403 239,716 61,090 82,652 65,159 52,141 133,194 62,493 52,481 57,174 65,977 70,828 Apr. 20..1,053,726 72,281 163,819 81,279 84,138 59,498 42,961 203,299 68,007 56,955 65,527 70,217 85,745 Apr. 27.. 1,146,439 78,193 192,661 72,995 86,992 62,757 70,208 160,453 78,465 88,393 94,126 93,324 67,872 Foreign: Mar. 30. . 694,208 43,092 1226,305 54,720 62,928 33,516 28,044 94,392 24,624 17,100 24,624 23,940 60,923 Apr. 6. . 611,440 38,140 H97.292 48,432 55,697 29,665 24,821 83,545 21,794 15,135 21,794 21,189 53,936 Apr. 13.. 593,852 36,981 U92,288 46,960 54,004 28,763 24,067 81,006 21,132 14,675 21,132 20,545 52,299 Apr. 20.. 599,683 37,378 1193,791 47,464 54,584 29,072 24,325 81,875 21,359 14,833 21,359 20,766 52,877 Apr. 27.. 587,708 36,282 1193,712 46,072 52,983 28,219 23,612 79,474 20,732 14,398 20,732 20,157 51,335 Other: Mar. 30. . 496,210 2,573 433,996 2,498 5,159 2,069 515 2,262 4,704 2,397 6,905 529 32,603 Apr. 6. . 492,736 2,428 424,133 1,528 6,150 3,512 366 3,380 5,179 1,738 10,035 465 33,822 Apr. 13.. 516,053 4,207 436,744 3,245 7,783 4,028 4,857 3,433 5,556 1,852 8,563 1,089 34,696 Apr. 20.. 494,433 3,181 428,150 1,556 6,104 2,643 1,053 1,814 4,747 1,889 9,080 432 33,784 Apr. 27.. 505,112 1,231 441,259 1,527 6,572 1,710 560 3,501 4,596 1,819 8,412 968 32,957 Total deposits: Mar. 30 21,887,222 944,470 7,108,3071,111,2631,719,165 999,701 969,3813,171,342 793,953 551,155 991,8191,002,8172,523,849 Apr. 6 21,531,060 991,657 7,114,1191,055,4241,583,549 949,930 940,5503,057,512 810,519 562,3921,002,3241,013,1972,449,887 Apr. 13 21,465,189 964,673 7,152,3441,016,4631,564,885 908,159 950,0953,141,469 795,661 538,589 982,630 999,0152,451,206 Apr. 20 21,545,408 917,436 7,225,2061,036,6121,552,186 893,102 900,0583,261,770 793,196 549,697 992,837 994,6732,428,635 Apr. 27 21,259,420 928,836 7,019,1681,011,2721,525,691 877,029 937,0953,174,070 799,068 566,194 999,5581,002,8652,418,574 Deferred availability items: Mar. 30 2,204,926 179,529 404,202 146,669 212,417 212,148 169,064 331,154 101,373 51,239 103,372 102,144 191,615 Apr. 6 2,059,460 188,590 362,496 135,620 197,735 164,443 158,294 314,074 98,251 51,922 111,780 96,022 180,233 Apr. 13 2,479,225 221,076 435,628 157,687 241,550 212,156 184,554 375,753 119,249 63,443 151,707 117,006 199,416 Apr. 20 2,630,720 232,849 480,745 178,230 260,522 223,348 200,002 384,146 121,299 65,644 138,686 125,828 219,421 Apr. 27. . 2,148,801 176,035 367,305 142,962 220,328 192,136 167,648 321,437 104,518 54,223 120,385 106,461 175,363 Other liab. incl. accrued div.: Mar. 30 15,002 866 3,960 890 1,605 806 694 2,432 627 485 624 685 1,328 Apr. 6 14,356 877 3,841 851 1,662 796 667 2,204 610 459 555 678 1,156 Apr. 13 14,390 895 3,831 888 1,348 816 681 2,293 625 462 615 564 1,372 Apr. 20 13,805 1,111 3,472 831 1,455 731 643 2,198 556 442 540 606 1,220 Apr. 27 15,180 866 4,577 873 1,518 771 717 2,278 608 462 614 648 1,248 Total liafoilitips" X U M tA a l r 1 . .1 . d 3 U 0 lxi. LICu • 47,463,9462,505,55112,872,8152,873,3614,022,9922,780,2612,426,5267,986,6831,991,6311,217,9942,014,5771,701,4845,070,071 Apr. 6 47,028,3092,569,28412,848,5432,804,7753,874,4432,684,0452,391,1537,870,9432,007,3021,233,0852,037,0591,707,6435,000,034 Apr. 13 47,341,0702,575,31012,933,2702,794,5693,897,1632,686,4482,421,2758,015,6312,009,2511,219,3342,053,5411,711,5255,023,753 Apr. 20 47,488,7082,540,32413,025,9122,823,5693,897,8092,668,1092,384,3468,144,7482,005,8361,231,1922,047,2871,714,0935,005,483 Apr. 27 46,688,7412,486,70912,698,3092,764,3663,834,5042,619,3202,389,3507,991,4381,989,0821,235,1142,032,0931,701,2994,947,157 i After deducting $467,856,000 participations of other Federal Reserve Banks on Mar. 30; $414,093,000 on Apr. 6; $401,508,000 on Apr. 13; $405,- 817,000 on Apr. 20; and $393,916,000 on Apr. 27. MAY 1949 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Capital Accts.: Capital paid in: Mar. 30 204,250 11,498 69,670 14,869 19,208 8,909 8,044 25,834 6,754 4,530 7,184 8,121 19,629 Apr. 6 204,277 11,506 69,670 14,869 19,212 8,909 8,045 25,834 6,759 4,530 7,189 8,124 19,630 Apr. 13 204,242 11,455 69,675 14,875 19,213 8,909 8,048 25,834 6,759 4,530 7,189 8,124 19,631 Apr. 20.... 204,279 11,454 69,676 14,875 19,217 8,910 8,055 25,834 6,759 4,530 7,191 8,139 19,639 Apr. 27 204,334 11,455 69,682 14,877 19,218 8,912 8,055 25,841 6,760 4,534 7,191 8,167 19,642 Surplus: (section 7): Mar. 30.... 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 Apr. 6.... 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 Apr. 13 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Apr. 20 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Apr. 27.... 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): Mar. 30. ... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 6. ... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 13.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 20.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Apr. 27.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: Mar. 30 145,975 10,127 31,817 10,694 13,501 9,867 8,355 19,963 8,224 5,482 7,484 7,099 13,362 Apr. 6. ... 152,158 10,585 33,294 11,099 14,091 10,235 8,676 20,856 8,533 5,673 7,780 7,370 13,966 Apr. 13.... 157,680 11,002 34,608 11,494 14,640 10,539 8,981 21,702 8,829 5,864 8,060 7,623 14,338 Apr. 20 163,269 11,433 35,879 11,877 15,156 10,953 9,273 22,511 9,113 6,035 8,316 7,864 14,859 Apr. 27.... 168,765 11,736 37,164 12,265 15,682 11,314 9,570 23,332 9,417 6,225 8,575 8,107 15,378 Total liabilities and cap. accts.: Mar. 30.... 48,308,425 2,559,534 13,124,6402,940,1174,100,6752,824,8032,463,7158,102,7512,025,104 1,240,876 2,047,390 1,732,965 5,145,855 Apr. 6. ... 47,878,998 2,623,73313,101,8452,871,9363,952,7202,728,9552,428,6647,987,9042,041,089 1,256,158 2,070,1731,739,398 5,076,423 Apr. 13 48,197,246 2,630,125 13,187,8912,862,1313,975,9902,731,6622,459,0948,133,4382,043,334 1,242,598 2,086,935 1,743,5335,100,515 Apr. 20.... 48,350,510 2,595,569 13,281,8052,891,5143,977,1562,713,7382,422,4648,263,3642,040,203 1,254,627 2,080,939 1,746,357 5,082,774 Apr. 27 47,556,094 2,542,258 12,955,4932,832,7013,914,3782,665,3122,427,7658,110,882 2,023,754 1,258,743 2,066,004 1,733,834 5,024,970 Contingent liability on acceptances purchased for foreign correspondents: Mar. 30... . 4,992 315 U.576 399 459 245 205 689 180 125 180 175 444 Apr. 6. ... 5,266 332 11,664 421 484 258 216 727 190 132 190 184 468 Apr. 13 5,172 326 il,634 414 476 254 212 714 186 129 186 181 460 Apr. 20.... 5,517 348 11,743 441 508 270 226 761 199 138 199 193 491 Apr. 27.... 5,464 344 il,727 437 503 268 224 754 197 136 197 191 486 Commit, to make indus. loans: Mar. 30. ... 2,512 92 1,945 129 244 9 93 Apr. 6.... 3,259 88 2,698 130 244 9 90 Apr. 13. ... 2,749 76 2,208 122 244 9 90 Apr. 20 2,722 76 2,189 114 244 9 90 Apr. 27!!.! 2,525 60 69 1,933 120 244 9 90 i After deducting $3,416,000 participations of other Federal Reserve Banks on Mar. 30; $3,602,000 on Apr. 6; $3,538,000 on Apr. 13; $3,774,000 on Apr. 20;.and $3,737,000 on Apr. 27. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in ol n i e s - Ka C n it s y as Dallas F c r is a c n o - F. R. notes outstanding (issued to Bank): Mar. 30 24,108,174 ,436,8775,503,907 1,666,786 2,169,5041,619,912 1,338,638 4,571,4731,142,763 630,630 942,696 623,731 2,461,257 Apr. 6 24,093,694 1,440,7825,499,118 1,659,274 2,165,370 1,620,863 ,342,1324,573,777 1,137,718 6311,689 942,874 621,312 2,458,785 Apr. 13 24,107,504 1,443,0215,496,519 1,666,601 2,163,787 1,621,854 1,338,922 4,579,3601,134,229 6311,454 ,347 2,468,026 Apr. 20 24,087,479 1,437,4985,480,121 1,667,805 2,162,2601,614,715 342,876 4,584,7241,131,082 630,598 941,786 622,128 2,471,886 Apr. 27 24,050,767 1,439,263 5,468,9861,658,999 2,164,0801,608,611 1,343,565 4,582,5091,124,017 629,288 940,047 621,5372,469,865 Collateral held against notes outstanding: Gold certificates: Mar. 30 13,179,000 440,000 4,670,000 550,000 745,000 625,000 575,000 2,585,000 315,000 210,000 280,000184,000 2,000,000 Apr. 6 13,179,000 440,000 4,670,000 550,000 745,000 625,000 575,000 2,585,000 315,000 210,000 228800,,000000 184,000 2,000,000 Apr. 13 13,179,000 440,000 4,670,000 550,000 745,000 625,000 575,000 2,585,000 315,000 210,000 280,000184,000 2,000,000 Apr. 20 13,299,000 440,000 4,670,000 550,000 745,000 625,000 575,000 2,605,000 315,000 210,000 228800,,000000 184,000 2,100,000 Apr. 27 13,299,000 440,000 4,670,000 550,000 745,000 625,000 575,0002,605,000 315,000 210,000 280,000184,000 2,100,000 Eligible paper: Mar. 30 98,823 8,305 51,338 5,510 18,670 1,835 2,250 9,665 1,250 Apr. 6 37,918 6,530 11,103 6,525 4,145 1,000 1,250 6,115 1,250 Apr. 13 61,098 7,285 37,838 5,430 4,430 700 1,000 3,965 450 Apr. 20 249,914 12,275 182,607 14,695 6,240 5,800 9,450 13,747 5,100 Apr. 27 78,477 9,245 13,325 7,870 16,100 8,850 2,990 9,097 11,000 U. S. Govt. sec: Mar. 30 12,075,000 1,100,000 1,000,000 1,200,000 1,500,000 1,025,000 850,000 2,000,000 950,000 450,000 700,000500,000 800,000 Apr. 6 12,075,0001,100,000 1,000,000 1,200,000 1,500,000 1,025,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 Apr. 13 12,075,000 1,100,000 1,000,000 1,200,000 1,500,000 1,025,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 Apr. 20 12,075,000 1,100,000 1,000,000 1,200,000 1,500,000 1,025,000 850,0002,000,000 950,000 450,000 700,000 500,000 800,000 Apr. 27 12,075,000 1,100,000 ,000,000 1,200,0001,500,000 1,025,000 850,0002,000,000 950,000 450,000 700,000 500,000 800,000 Total collateral: Mar. 30 25,352,823 ,548,3055,721,338 1,755,510 2,245,0001,668,670 1,425,000 4,585,0001,266,835 662,250 989,665 684,0002,801,250 Apr. 6 25,291,918 1,546,530 5,681,103 1,756,525 2,245,000 1,654,145 1,425,000 4,585,0001,266,000 661,250 986,115684,000 2,801,250 Apr. 13 25,315,098 1,547,285 5,707,838 1,755,430 2,245,000 1,654,430 1,425,000 4,585,0001,265,700 661,000 983,965 668844,,0000002,800,450 Apr. 20 25,623,914 1,552,275 5,852,607 1,764,695 2,245,0001,656,240 1,425,000 4,605,0001,270,800 669,450 993,747 668844,,0000002,905,100 Apr. 27 25,452,477 1,549,245 5,683,325 1,757,870 2,245,000 1,666,100 1,425,000 4,605,0001,273,850 662,990 989,097684,000 2,911,000 534 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 All city banks Re- Coun- [Amounts in thousands of dollars] Month, or mem- serve try week ending Wednesday ba b n e k r s1 New Chi- b c a i n ty ks banksi Guaranteed loans Guaranteed Additional York cago 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 a 4 l 8 r — es F e e r b v r e u s a r h y eld: 16,834 1,006 6,646 4,895 N b u e m r - Amount a T m o 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— M M Fe a a b r r r c c u h h ary 1 1 1 9 7 9 , , , 4 1 5 1 0 7 7 6 0 5 5 , , 2 2 3 0 0 4 1 1 1, , , 2 2 0 4 8 6 7 5 3 6 7 7 , , , 5 3 3 1 5 0 4 6 6 4 5 5 , , , 9 6 6 2 6 9 7 1 9 Feb. 23 19,442 5,178 1,274 7,326 5,664 1942—June.. . 565 310,680 81,108 69,674 137,888 Mar. 2 19,636 5,321 1,281 7,344 5,690 Dec... . 2,665 2,688,397 803,720 632,474 1,430,121 Mar. 9 19,532 5,219 1,274 7,333 5,705 Mar. 16 19,560 5,252 1,268 7,372 5,669 1943—June. . . 4,217 4,718,818 1,428,253 1,153,756 2,216,053 Mar. 23 19,384 5,160 1,238 7,291 5,695 Dec.. .. 5,347 6,563,048 1,914,040 1,601,518 3,146,286 Mar. 30 19,120 5,119 1,208 7,222 5,571 Apr. 6 19,215 5,183 1,146 7,274 5,612 1944—June. . . 6.433 8,046,672 2,064,318 1,735,777 3,810,797 Apr. 13 19,308 5,195 1,240 7,265 5,607 Dec.... 7.434 9,310,582 1,735,970 1,482,038 4,453,586 Excess reserves: 1945—June. . . 8,422 10,149,351 1,386,851 1,190,944 3,694,618 1948—February 805 36 7 204 557 Dec.... 8,757 10,339,400 510,270 435,345 966,595 March 822 45 9 205 563 1949—February 710 26 10 159 515 1946—June. . . 8,771 10,344,018 70,267 60,214 142,617 March 694 32 5 156 501 Dec 8,771 10,344,018 18,996 17,454 28,791 Feb. 23 683 25 6 163 489 1947—June... 8,771 10,344,018 3,589 3,218 6,726 Mar. 2 823 107 9 189 518 Dec.. . . 8,771 10,344,018 2,412 2,183 Mar. 9 754 26 5 189 534 Mar. 16 700 11 4 175 510 1948—June. . . 8,771 10,344,018 1,609 1,463 Mar. 23 665 11 4 124 526 8,771 10,344,018 1,300 1,184 Mar. 30 579 22 5 125 427 Apr. 6 802 76 16 221 489 1949—Jan 8,771 10,344,018 1,295 1,181 Apr. 13 828 98 28 216 486 Feb.. .. 8,771 10,344,018 877 805 Mar. . . 8,771 10,344,018 873 801 Borrowings at Federal Reserve Banks: NOTE.—The difference between guaranteed loans authorized and sum 1948—February 244 34 50 114 46 of loans outstanding and additional amounts available to borrowers March 270 43 103 84 40 under guarantee agreements outstanding represents amounts repaid 1949—February 110 23 5 56 27 and authorizations expired or withdrawn. March 148 52 23 48 26 Feb. 23 81 5 1 57 18 Mar. 2 83 1 1 45 36 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS Mar. 9 59 1 39 19 Mar. 16 175 98 13 38 26 [Amounts in thousands of dollars] Mar. 23 181 65 46 52 18 Mar. 30 208 64 41 64 39 W D e a d te n e ( s l d as a t y A a p t p p o p l i r c d o a a v t t i e e o d ns b p u r A o t p v n - e o d t L o o u a t n - s C m om en m ts it- P pa a t r i t o ic n i s - A Ap p r r . . 1 6 3 8 6 2 4 1 1 2 0 3 1 3 3 7 7 3 1 2 4 o o r f la p s e t r i d o a d y ) N b u e m r - Amount ( p am l c e o o t m e u d - n t i ) s ( t a a m n o d u in n g t) 2 ( s a t m a o n u o d t u - i n n t g ) ( s a t m aonu o dt u «i n n t g ) c b R o e e r 1 u s n e W b r t a v r e n y e e k k b s B l a y a a n n n k k f d s i g a o d u r f i r e s e c c s e o o s u u t o i n n f m t t s r a y e t a x e n b c s e d a . s n s a k W d s r v e m e a s e n e a k c r y l v e y e s i n s f f i c g o l o u r u f r d n e e s o a l n s o l m m f m a b e l m o e l r m b a ro m e b w r e o r i b u n a n g b n t s a s k n o s o k f , f s a e l F t l a c e . n m d d e e r m a o l - f 1934. . . 984 49,634 20,966 13,589 8,225 1,296 1935 1,993 124,493 11,548 32,493 27,649 8,778 DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND 1936. . . 2,280 139,829 8,226 25,526 20,959 7,208 SMALL CENTERS1 1937 2,406 150,987 3,369 20,216 12,780 7,238 1938 2,653 175,013 1,946 17,345 14,161 12,722 [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 In places of 15,000 In places of under 1941 3,202 279,860 8,294 10,337 14,597 19,600 and over population 15,000 population 1942 3.423 408,737 4,248 14,126 10,661 17,305 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 Demand Demand 1945 3,511 544,961 320 1,995 1,644 1,086 deposits deposits 1946 3,542 565,913 4,577 554 8,309 2,670 except Time except Time 1947 3,574 586,726 945 1,387 7,434 4,869 inter- deposits inter- deposits bank bank 1948 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 March 1948 '16,042 8,787 n1,992 6,071 May 31... 3.595 606,305 120 916 6,612 3,272 February 1949 16,495 8,757 12,086 6,058 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 March 1949 16,443 8,790 11,944 6,065 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 1,877 844 333 231 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 New York 2,965 2,207 1,032 1,152 Nov. 30... 3,606 614.725 85 1.151 6,099 4,166 Philadelphia 1,221 810 899 896 Dec. 31... 3,607 615,653 335 995 1,643 1,990 Cleveland 1,325 905 1,032 820 1949 Richmond 1,126 404 864 479 Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 Atlanta 1,619 469 698 220 Feb. 28... 3,608 616,340 45 907 1,624 2,042 Chicago 2,220 1,600 1,657 959 Mar. 31... 3,610 620,192 45 906 3,270 3,677 St. Louis 640 338 996 284 1 Includes applications approved conditionally by the Federal Re- Minneapolis 592 301 768 455 serve Banks and under consideration by applicant. Kansas City 567 104 1,617 207 2 Includes industrial loans past due 3 months or more, which are not Dallas 1,040 150 1,542 68 included in industrial loans outstanding in weekly statement of con- San Francisco. . . 1,251 657 506 294 dition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and r Revised. the sum of the following four columns represents repayments of ad- 1 Includes any banks in outlying sections of reserve cities that have vances, and applications for loans and commitments withdrawn or been given permission to carry the same reserves as country banks. expired. MAY 1949 535 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- Reservres with Federal Bormand Reserve Banks row- Net bal- ings Class of bank and de- Time ances at Federal Reserve district Total I b n a t n er k - Other p m o d s a e i n t - s d * po d s e it - s 3 m f d r d e o u o s m - t e ic Total qu R i e r - ed c E e x s - s s F e R e r e r e a d v - l e banks Banks First half of March 1949 All member banks 88,316 10,571 77,745 78,118 29,045 5,007 19,557 18,812 744 100 Central reserve city banks: New York 21,100 3,826 17,274 19,580 1,659 44 5,253 5,215 38 34 Chicago 5,032 1,012 4,020 4,583 1,023 118 1,267 1,268 -1 4 Reserve city banks 32,815 4,876 27,940 28,644 11,517 1,597 7,350 7,166 185 39 Boston 1,877 262 1,616 1,721 187 29 402 393 9 New York 595 28 567 528 287 24 140 138 2 2 Philadelphia 2,181 328 1,853 1,953 231 64 449 447 2 1 Cleveland 4,030 464 3,567 3,586 1,519 147 923 903 20 7 Richmond 2,097 310 I,787 1,830 423 107 452 434 18 3 Atlanta 2,103 457 1,646 1,783 412 128 451 423 28 . . .. Chicago 3,933 421 3,511 3,391 2,007 255 929 897 32 St. Louis 2,046 609 1,437 1,762 339 90 422 413 9 2 Minneapolis 986 245 741 827 184 59 200 196 4 1 Kansas City 2,749 733 2,016 2,282 359 236 547 529 17 11 Dallas 2,468 497 1,970 2,073 386 221 512 485 27 3 San Francisco 7,751 523 7,228 6,908 5,183 238 1,924 1,908 16 6 Country banks 29,369 857 28,512 25,310 14,846 3,248 5,686 5,163 523 23 Boston 2,296 85 2,211 2,023 1,075 159 429 404 25 4 New York 4,096 85 4,011 3,641 3,356 271 899 834 65 8 Philadelphia 2,136 16 2,120 1,876 1,704 198 470 428 42 4 Cleveland 2,383 19 2,363 2,064 1,724 265 520 460 61 1 Richmond 2,112 108 2,004 1,786 882 250 394 352 42 1 Atlanta 2,504 178 2,327 2,089 689 341 428 386 42 Chicago 3,965 63 3,902 3,430 2,558 456 819 741 78 St. Louis 1,694 47 1,646 1,451 621 217 304 279 25 Minneapolis 1,425 56 1,369 1,237 757 159 280 255 26 Kansas City...". 2,266 61 2,205 1,918 312 329 372 330 42 Dallas 2,705 109 2,596 2,245 217 419 423 376 47 San Francisco 1,788 29 1,758 1,550 951 186 347 319 27 Second half of March 1949 All member banks 87,337 10,185 77,151 77,416 29,054 4,777 19,286 18,640 646 193 Central reserve city banks: New York 20,799 3,748 17,051 19,258 1,664 49 5,157 5,132 26 69 Chicago 4,806 978 3,829 4,383 1,016 95 1,227 1,216 11 40 Reserve city banks 32,641 4,639 28,002 28,510 11,510 1,576 7,265 7,136 129 56 Boston 1,902 255 1,647 1,740 188 29 402 397 5 1 New York 589 28 561 524 286 24 139 137 2 1 Philadelphia 2,181 327 1,854 1,948 232 64 449 446 3 1 Cleveland 3,990 442 3,548 3,542 1,519 147 906 893 13 9 Richmond 2,075 290 1,784 1,821 424 94 443 432 10 9 Atlanta 2,080 431 1,649 1,769 414 124 436 420 16 3 Chicago 3,912 395 3,516 3,367 2,010 257 915 891 23 6 St. Louis 1,985 556 1,429 1,709 339 85 407 401 5 6 Minneapolis 974 234 740 827 184 49 198 196 2 1 Kansas City 2,704 691 2,013 2,249 361 233 534 522 13 11 Dallas 2,434 476 1,958 2,039 391 223 496 478 18 5 San Francisco 7,816 514 7,302 6,976 5,163 247 1,941 1,922 19 3 Country banks 29,090 820 28,270 25,264 14,863 3,057 5,637 5,157 480 28 Boston 2,293 85 2,207 2,023 1,075 158 427 404 23 3 New York 4,069 86 3,983 3,637 3,361 262 897 834 63 12 Philadelphia 2,138 17 2,122 1,881 1,708 194 469 429 40 5 Cleveland 2,371 19 2,352 2,068 1,727 250 517 460 56 1 Richmond 2,077 101 1,977 1,768 884 235 384 349 35 2 Atlanta 2,468 160 2,308 2,092 688 309 422 386 36 1 Chicago 3,913 60 3,853 3,416 2,559 425 813 739 75 1 St. Louis 1,671 45 1,625 1,448 623 198 300 278 22 1 Minneapolis , 1,405 54 1,351 1,230 756 149 278 253 24 1 Kansas City , 2,223 58 2,165 1,905 311 301 366 328 37 2 Dallas 2,675 105 2,570 2,238 221 398 417 375 42 San Francisco 1,785 29 1,756 1,558 951 179 346 321 26 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. 1 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 ss in process of collection) of all member banks estimated at 70,200 million dollars in the first half and 69,350 million in the second half of March. 536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion l Total Coin $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 ,360 364 618 125 237 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 ,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 ,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 ,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 ,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 ,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 4,096 837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 26 3 1947—December. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 1948—January.., 28,111 19,369 1,382 984 63 2,017 6,064 8,858 ,745 2,511 5,022 424 771 12 February. 28,019 19,335 1,385 972 63 2,005 6,084 8,826 ,687 2,492 4,996 421 762 12 March. . . 27,781 19,169 1,394 975 62 1,986 6,013 8,738 ,614 2,470 4,962 416 749 11 April 27,716 19,144 1,399 976 61 1,991 6,017 8,700 ,574 2,456 4,951 412 739 10 May 27,812 19,259 1,409 994 62 2,015 6,054 8,724 ,555 2,453 4,943 410 735 10 June 27,903 19,323 1,421 1,000 63 2,017 6,085 8,737 ,581 2,465 4,945 407 749 10 July 27,866 19,309 1,422 994 62 2,010 6,059 8,762 ,559 2,452 4,940 404 748 9 August. . . 28,055 19,450 1,432 1,006 63 2,023 6,099 8,827 ,607 2,464 4,977 403 748 11 September 28,118 19,488 1,442 1,020 63 2,031 6,090 8,844 ,632 2,466 5,011 402 739 10 October. . 28,176 19,531 1,451 1,026 63 2,037 6,087 8,867 ,647 2,467 5,035 401 730 9 November 28,331 19,680 1,464 1,042 64 2,054 6,137 8,918 ,654 2,475 5,048 400 717 9 December. 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 ,698 2,494 5,074 400 707 17 1949—January.. 27,580 19,003 1,441 1,000 62 1,972 5,892 8,636 ,579 2,459 5,020 396 689 10 February. 27,557 19,029 1,441 996 63 1,976 5,929 8,625 ,531 2,444 5,000 394 679 10 March. . . 27,439 18,930 1,445 992 61 1,965 5,913 555 ,510 2,428 4,980 392 696 10 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation 1 Money Total out- held by standing, As security For Federal Mar. 31, against Federal Reserve 1949 gold and Treasury Reserve Banks and Mar. 31, Feb. 28, Mar. 31, silver cash Banks and agents 1949 1949 1948 certificates agents Gold 24 314 23 120 2 \ 194 Gold certificates . . . 23,120 ''20,261'' 2,815 43 43 46 Federal Reserve notes 24,099 50 836 23,213 23,350 23,592 Treasury currency—total 4,592 3 2,265 65 344 4,183 4,164 4,143 Standard silver dollars 493 286 42 3 162 162 154 Silver bullion 1,980 1,980 Silver certificates and Treasury notes of 1890. . 3 2,265 251 2,014 1,995 1,974 Subsidiary silver coin 984 13 40 931 927 899 Minor coin 369 5 12 353 352 341 United States notes . ... 347 3 33 310 311 308 Federal Reserve Bank notes 324 1 4 319 322 365 National Bank notes 95 1 94 94 101 Total—Mar. 31, 1949 CO 25,385 1,309 20,261 3 996 27 439 Feb. 28, 1949 25,343 1,323 20,230 4,082 27,557 Mar. 31, 1948 24,177 1,325 19,063 4,200 27^781 ' rrency held outside the continental limits of the United States; totals 3 To avoid duplication, amount of silver dollars an is not included in total Treasury currency outstanding 4 B f th t f h inst other types, a grand total of all types has no special Less th $500000 as reserves. ooiu ceruncates as iierem useu mciuaes credits witn u Reserve Bank notes and national bank notes are in process of retirement MAY 1949 537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR ANALYSIS OF CHANGES IN GOLD STOCK OF SEASONAL VARIATION UNITED STATES (Outside Treasury and Federal Reserve Banks. In millions of dollars] [In millions of dollars] Date f u o A v n r m a a r s d o i e j a u a u t n s s i o o t t — e n n d al a A d v s j m a e u r a s o i s t a u e o t n d n io t a — n l for s C a e h s d a e a s j r u n o i s e g n t s e a e l » d l i y n Period a s t G to o o e c f l n d k d I in n s c to r g e c o a k l s d e o i r m g N e o p x e l o p d t r o t rt g m o c E r l a d e r a a : k r s - d e e d e- m g p D e o r o o s l - d - tic period cre o a r s e i n (— - ) t d io uc n - 1 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—April 23,169 32.2 234.2 -111.5 5.7 figures: May 23,304 135.2 151.3 -2.8 6.1 June 23.532 228.5 177.7 81.7 5.7 1948—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 February... 24,290 18.3 21.5 -22.2 3.9 March 24,314 24.3 P19.8 -16.7 5.5 1949—January 27,850 27,767 -375 April P24.331 P17.4 February 27,545 27,545 -222 March 27,508 27.591 +46 April 27,462 27,683 +92 P Preliminary. 1 Annual figures through 1947 are estimates of the United States Mint. Figures for 1948 and 1949 are estimates of the American 1 For end of year figures, represents change computed on absolute Bureau of Metal Statistics. amounts in first column. 3 Change includes transfer of 687.5 million dollars gold subscrip- NOTE.—For discussion of seasonal adjustment factors and for back tion to International Monetary Fund. figures on comparable basis see September 1943 BULLETIN, pp. 822-826. * Not yet available. Because of an apparent change in the seasonal pattern around the * Gold held under earmark at the Federal Reserve Banks for foreign year end, adjustment factors have been revised somewhat for dates account, including gold held for the account of international instituaffected, beginning with December 1942; seasonally adjusted figures tions, amounted to 3,837.0 million dollars on Apr. 30, 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 City* centers 1 centers 2 City centers City* cities * City' cities • 1943 792,937 296,368 419,413 77,155 16.5 11 7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462.354 83,970 17.1 10.8 298.902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 19 9 4 4 6 6 — — n o e ld w s s e e ri r e ie s s * 4 1,050,021 417,475 527,336 105,210 19.0 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5 . . 5 2 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—March 107,636 39,587 56,900 11,148 23.4 12.7 38,648 56,372 26 4 19 1 ADril 102,349 37.955 53,685 10,708 23.7 12.5 36,880 52,740 26.5 18.6 Hay .'" 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 March 109,735 39,698 58,631 11,407 24.1 12.8 37,788 56,687 27.2 19.2 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 3 Weekly reporting member bank series. * 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 baen 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. 538 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] End of month c a d o u d b e T u r j a p a u r o t n n o s e s t d i k n s a t d e i s l c t e d s y c a d d o u d b e e T u r j a p a m u o r t n n o s e s t a d i k s n a t d n e i l s c t e d d s y a d d e T j p u o o s t s a te i l t d s a D d d e e j p u m o s a t s e i n t d d s 1 d G e U S m p o n t o v a e i s e t t n e e i r t t s n d s - 2 Total b m a C n e T o k r i m c m s i a - * e l < dep b s M o a a n s v u i k i t t n s s u g a < s l 5 S S P y a s o v t s i e n t m a g l s 6 C o u b u r a t r n s e i k n d s c e y 1929—-June 55,171 26,179 51,532 22,540 381 28,611 19,557 8,905 149 3,639 December 54,713 26,366 51,156 22,809 158 28,189 19,192 8,838 159 3,557 1933—June 41,680 19,172 36,919 14,411 852 21,656 10,849 9,621 1,186 4,761 December 42,548 19,817 37,766 15,035 1,016 21,715 11,019 9,488 1,208 4,782 1941—June 74,153 45,521 65,949 37,317 753 27,879 15,928 10,648 1,303 8,204 December 78,231 48,607 68,616 38,992 1,895 27,729 15,884 10,532 1,313 9,615 1942—June 81,963 52,806 71,027 41,870 1,837 27,320 15,610 10,395 1,315 10,936 December 99,701 62,868 85,755 48,922 8,402 28,431 16,352 10,664 1,415 13,946 1943—June 110,161 71,853 94,347 56,039 8,048 30,260 17,543 11,141 1,576 15,814 December 122,812 79,640 103,975 60,803 10,424 32,748 19,224 11,738 1,786 18,837 1944—June 136,172 80,946 115,291 60,065 19,506 35,720 21,217 12,471 2,032 20,881 December 150,988 90,435 127,483 66,930 20,763 39,790 24,074 13,376 2,340 23,505 1945—June 162,784 94,150 137,687 69,053 24,381 44,253 27,170 14,426 2,657 25,097 December 175,401 102,341 148,911 75,851 24,608 48,452 30,135 15,385 2,932 26,490 1946—June 171,237 105,992 144,721 79,476 13,416 51,829 32,429 16,281 3,119 26,516 December 167,107 110,044 140,377 83,314 3,103 53,960 33,808 16,869 3,283 26,730 1947—June 165,455 108,433 139,156 82,134 1,367 55,655 34,835 17,428 3,392 26,299 December 171,462 113,599 144,986 87,123 1,452 56,411 35,249 17,746 3,416 26,476 1948—March (Mar. 31). 166,400 107,100 140,800 81,500 2,400 56,900 35,500 18,000 3,400 25,600 April (Apr. 28) 167,500 108,100 142,100 82,700 2,500 56,900 35,500 18,000 3,400 25,400 May (May 26) 167,600 108,200 142,200 82,800 2,400 57,000 35,500 18,100 3,400 25,400 June (June 30) 167,875 108,335 142,237 82,697 2,180 57,360 35,788 18,194 3,378 25,638 July (July 28)P 168,600 108,900 143,100 83,400 2,400 57,300 35,700 18,200 3,400 25,500 August (Aug. 25)P 169,100 109,400 143,500 83,800 2,400 57,300 35,700 18,200 3,400 25,600 September (Sept. 29) P 169,700 109,600 144,000 83,900 2,800 57,300 35,700 18,300 3,300 25,700 October (Oct. 27)P 170,300 110,700 144,600 85,000 2,300 57,300 35,700 18,300 3,300 25,700 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 170,900 111,500 145,200 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 March (Mar. 30) P 167,400 106,100 142,300 81,000 3,300 58,000 36,000 18,700 3,300 25,100 p Preliminary. l 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. 3 Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. and mutual savings bank figures include three member mutual savings banks, 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 Assets Total, banks banks all banks Depos- U. S.Government ti N on a a - l State su In re - d in N s o u n re - d End of month i b to a r l- s' i C n a d s e h - securities C r a e s - h ances1 Total posi- serve Number of banks suspended: b t a o n r k y s Total r D e i c - t G a u n a - r- f e u t n c d .2 s, 1934-42 330 20 6 216 88 teed 1943 4 2 2 1944 1 1 1945 0 1940—Dec.. . 1,304 1,348 36 1,224 1,078 146 88 1946 0 1941—Dec. . 1,314 1,396 26 1,274 1,128 146 95 1947 1 1 1942—Dec. . 1,417 1,464 16 1,345 1,220 126 102 1948 0 1943—Dec. . 1,788 1,843 10 1,716 1,716 118 1949—Jan.-Apr 2 2 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—May.. 3,395 3,509 6 3,291 3,291 211 1943 6,223 4,982 1,241 June. . 3,379 3,494 6 3,291 3,291 196 1944 405 405 July. . 3,368 3,483 6 3,275 3,275 202 1945 0 Aug.. . 3,356 3,472 6 3,260 3,260 206 1946 0 Sept.. 3,348 3,464 7 3,260 3,260 198 1947 167 167 Oct.. . 3,342 3,459 7 3,244 3,244 208 1948 0 Nov. . 3,336 3,454 7 3,244 3,244 203 1949—Jan.-Apr 190 "190 Dec.. . 3,330 3,449 7 3,244 3,244 198 1949—Jan. . . 3,334 3,454 7 3,244 3,244 203 1 Represents banks which, during the periods shown, closed tem- Feb.. . P3,333 3,454 7 3,244 3,244 202 porarily or permanently on account of financial difficulties; does not Mar. . P3.327 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. 2 Deposits of member banks and insured nonmember banks sus- 1 Outstanding principal, represented by certificates of deposit. pended are as of dates of suspension, and deposits of noninsured non- 2 Includes working cash with postmasters, 5 per cent reserve fund member banks are based on the latest data available at the time the and miscellaneous working funds with Treasurer of United States, ac- suspensions were reported. crued interest on bond investments, and accounts due from late post- Back figures.—See Banking and Monetary Statistics, pp. 283-292; masters. for description, see pp. 281-282 in the same publication. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. MAY 1949 539 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 Class of bank Cash Total Number and date assets 1 capital of Total Loans G U ov . e S rn . - Other Total 1 b I a n n te k r - i accounts banks Total o m bl e ig n a t - s ri 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. 31 140,22 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 302 . . . 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 Oct. 27 e. . . 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 Mar. 30 «. . . 132,240 48,160 84,080 72,560 11,520 34,910 154,560 10,530 89,290 54,740 12,650 14,692 All commercialbanks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1940—Dec.31 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec.31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec.31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—June 30 2 112,756 33,679 79,077 70,539 8,538 32,704 135,907 11,678 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 Oct. 27* 114,100 41,620 72,480 63,260 9,220 36,720 140,600 11,650 93,140 35,810 10,460 14,180 Nov.24*. . . .114,180 42,280 71,900 62,780 9,120 36,580 140,200 11,560 93,060 35,580 10,480 14,177 Dec. 29* 114,310 42,690 71,620 62,500 9,120 37,480 141,350 11,930 93,710 35,710 10,540 14,175 1949—Jan. 26*. . . .114,410 42,390 72,020 62,970 9,050 36,030 139,880 11,700 92,340 35,840 10,550 14,168 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 Mar.30*. . . .112,440 42,310 70,130 60,880 9,250 34,100 135,870 10,530 89,270 36,070 10,620 14,162 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 16,268 6,475 6,738 1944—Dec. 30 . . . 91,56< 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. . . 95,44< 33,871 61,578 54,139 7,439 30,303 117,452 10,833 77,796 28,823 8,624 6,925 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*. . 95,70 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*. . 94,81 35,614 59,205 51,794 7,411 31,823 117,855 10,364 78,596 28,895 8,845 6,913 Mar. 30«. . 93,955 35,891 58,064 50,536 7,528 30,323 115,282 9,951 76,323 29,008 8,894 6,913 All mutual savings banks: 1939—Dec. 30. . 10,216 4,927 5,289 3,101 2,188 818 10,524 10,521 1,309 551 1940—Dec. 31 . . . 10,248 4,956 5,292 3,215 2,078 966 10,659 10,655 1,292 551 1941—Dec. 31 1O,37( 4,901 5,478 3,704 1,774 793 10,533 10,527 1,241 548 1942—Dec. 31. . . 10,754 4,695 6,059 4,572 1,487 663 10,668 10,662 1,236 546 1943—Dec. 31. . . 11,87 4,484 7,387 6,090 1,297 797 11,738 11,730 1,276 545 1944—Dec. 30. . . 13,93 4,370 9,560 8,328 1,232 584 13,376 13,366 1,378 543 1945—Dec. 31. . . 16,208 4,279 11,928 10,682 1,246 609 15,385 15,371 1,592 542 1946—Dec. 31. . . 17,704 4,526 13,179 11,778 1,400 818 16,869 16,853 1,784 541 1947—June 30 2. 18,339 4,686 13,653 12,140 1,513 839 17,442 17,428 1,842 533 Dec. 31. . . 18,64 4,944 13,696 11,978 1,718 886 17,763 17,745 1,889 533 1948—June 30 19,226 5,234 13,992 11,976 2,016 832 18,211 18,193 1,955 532 Oct. 27". . 19,300 5,520 13,780 11,660 2,120 840 18,290 18,270 1,990 532 Nov. 24«. . 19,28C 5,590 13,690 11,540 2,150 800 18,220 18,200 1,990 532 Dec. 29 «. . 19.35C 5,650 13,700 11,500 2,200 890 18,370 18,350 2,000 532 1949—Jan. 26«. . 19.59C 5,730 13,860 11,610 2,250 800 18,520 18,500 2,000 532 Feb. 23 «. . 19.69C 5,790 13,900 11,620 2,280 790 18,580 18,560 2,010 531 Mar. 30 e. . 19.80C 5,850 13,950 11,680 2,270 810 18,690 18,670 2,030 530 « 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. 540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES •—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b t a e nk Total Loans Total G o m U o b v l . e i e S g n r . a t n - - O r s i e t t c h ie u e s - r a C ss a e s t h s Total I b n a t n er k - m D a e n - d Time a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er tions All Insured commercial banks: 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 04,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 03,382 21,352 82,030 75,875 6,155 29,733 25,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 21,809 25,765 96,043 88,912 7,131 34,292 47,775 13,883 :04,015 29,876 8,671 13,297 1946—Dec. 31 .12,178 30,733 81,445 73,554 7,891 33,694 36,990 12,320 91,144 33,526 9,286 13,354 1947—June 30 10,682 33,250 77,433 69,136 8,297 32,190 [33,659 11,243 87,930 34,486 9,558 13,386 Dec. 31 14,274 37,583 76,691 67,941 8,750 36,926 41,851 12,670 94,300 34,882 9,734 13,398 1948—June 30 11,794 39,372 72,421 63,490 8,931 33,699 35,945 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 ,245 299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 ,298 181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 ,362 130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 ,483 147 1947—June 30* 17,970 5,027 12,943 11,352 1,591 4,013 20 488 638 12,901 6,949 ,566 258 Dec. 31 18,454 5.432 13.021 11,318 1,703 4,659 21,591 629 13,926 7 036 596 261 1948—June 30 18,422 5,997 12,425 10,670 1,755 3,867 20,706 602 13,010 7,093 ,664 7,265 Insured mutual savings banks: 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 808 184 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. M 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 8 June 30, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947. MAY 1949 541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- p L u o rc a h ns a s f i o n r g U. S. Government obligations Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 o e m k p i p l i n u n a e e a g d - r t n - - - - A t c a u u g l r l 2 r - - i- b d a e T r e n o r o a d s k l - - o e T t r h o s - l t R o e a s a e t - e n a s l s C l u o o m a n n e - s r O lo th an er s Total Total Bills C o d c e f e e a r d t b t i e i - n t f s - i - - Notes Bonds G t a e u n e a - d r- S p d s a i t u o i c o a n v a l b t f d i i e l - t - s - O s ri e t t h c ie e u s r per* ers ness sions All insured commercial banks: 1941—Dec. 31. . 49,290 21,259 9,214 1,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,7974,102 3,651 3,333 1943—Dec. 31. . 83,507 18,841 7,777 1,505 1,414 922 4,437 1,868 918 64,666 58,683 4,636 13^218 7,672 30,656 2,501 3,2872,696 1944—Dec. 30. . 103,382 21,352 7,920 1,723 2,2692,265 4,343 1,888 944 82,030 75,875 3,971 15,300 15,77839,848 978 3,4222,733 1945—Dec. 31. . 121,809 25,765 9,461 1,314 3,164 3,6064,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1946—Dec. 31. .112,178 30,733 14,016 1,358 1,517 1,609 7,103 4,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,298 3,592 1947—Dec. 31. .114,274 37,583 18,012 1,610 823 1,190 9,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—June 30. . 111,794 39,372 17,834 1,976 1,183 1,077 10,1016,412 1,119 72,421 63,490 2,327 9,451 5,06946,630 125,4343,497 Dec. 31. . 112,286 41,968 18,761 2,775 1,336 939 10,6666,804 1,095 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 Member banks, total: 1941—Dec. 31. . 43,521 18,021 8,671 972 594 598 3,494 3, >92 25 ,'50019,539 971 3,007 11,7293,8323,0902,871 1943—Dec. 31. . 74,258 16,288 7,421 1,023 1,398 839 3,274 1,484 848 57,970 52,948 4,360 12^071 6,90627,265 2,3452,7292,294 1944—Dec. 30. . 91,569 18,676 7,531 1,198 2,2492,1083,209 1,505 877 72,893 67,685 3,748 13,982 14,12734,927 902 2,8572,350 1945—Dec. 31. . 107,183 22,775 8,949 855 3,133 3,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1946—Dec. 31. . 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5,602 46,219 113,5483,077 1947—Dec. 31. . 97,846 32,628 16,962 1,046 811 1,065 7,1304,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,199 3,105 1948—June 30. . 95,449 33,871 16,734 1,241 1,171 956 7,777 5,249 1,040 61,578 54,139 2,188 7,597 4,104 40,242 84,436 3,003 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 2,922 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 10,337 1 606 629 1946—Dec. 31. . 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1947—Dec. 3i 20,393 7,179 5,361 545 267 111 564 330 13,215 11,972 1,002 640 558 9,771 638 604 1948—June 30. . 19,019 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 96 1,806 1,430 256 153 903 119 182 193 1943—Dec. 31. . 4,554 1,004 763 6 102 52 22 45 14 3,550 3,238 199 ' "877 484 1,602 74 158 155 1944—Dec. 30. . 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31. . 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31. . 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31. . 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—June 30. . 4,742 1,714 1,357 2 61 75 47 156 32 3,028 2,667 160 250 214 2,043 185 176 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: 1041—Dec 31 15,347 7,105 3,456 300 114 194 1,527 11>12 8,243 6,467 295 751 4,248 1,173 956 820 1943—Dec. 31. . 27,521 6,201 3,058 279 217 267 1,420 658 301 21,321 19,682 1,802 4,691 2,497 9,943 749 913 726 I944—Dec. 30. . 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5,730 5,181 11,987 440 1,000 740 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—Dec. 31. . 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—June 30. . 35,065 13,373 6,823 260 126 428 3,3332,158 369 21,692 19,222 783 3,244 1,501 13,692 3 1,446 1,024 Dec. 31. . 35,332 14,285 7,282 437 130 360 3,5032,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 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. . 22,188 4,654 1,084 713 25 197 1,725 528 381 17,534 15,465 1,032 3,094 2,096 8,705 538 1,214 855 1944—Dec. 30. . 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4 ,54416,713 9 1,342 1,067 1946—Dec. 31. . 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—Dec. 31. . 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—June 30. . 36,623 11,234 3,279 979 22 204 4,236 2,318 267 25,389 21,892 552 3,121 1,868 16,345 52,223 1,275 Dec. 31. . 36,726 11,945 3,296 1,356 21 187 4,467 2,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 Insured nonmember commercial banks: 1941—Dec. 31. . 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1943—Dec. 31.. 9,258 2,556 356 482 16 82 1,165 385 70 6,702 5,739 276 1,147 766 3,395 156 560 403 1944—Dec. 30. . 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31. . 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—Dec. 31. . 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—Dec. 31. . 16,444 4,958 1,049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—June 30. . 16,360 5,504 1,101 735 12 121 2,328 1,163 79 10,856 9,362 138 1,855 966 6,399 4 999 494 Dec. 31. . 16,685 5,911 1,131 975 12 105 2,426 1,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498 * 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. 3 Central reserve city banks. 542 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d d f a b te ank F s B s w e e R R e a d r i r v n e e e t v h - - e k r e s a s l v C a i a n u s l h t m b a w a B n d e n i o c a s t k e l - t h - i s s c 4 j p m u D o a d s a d t s e e n e i - - - t d d s 5 m D e I s d n o t e - i t c e p 4 r o b s a i F e t n i s o k g r n - U m G er . o e n n v S - t - . p v s S o i u a t l s i a b n i t o t d d i e c n i s a - s l c C h c O a f e e e e i n t f e c r r f c d t i d s k . - i ' - s, a p v t n s a i p I i d h d n r o o t i u d n r n p c a a i s e s o - - l , r s r - - , I b n a t n e k r- P U m G S e i a o n r a . n o e s n g v d n v S t - s - a t - . l v s S p i a u i s o t c n i b a l a o d i t d l t n e - i s s - p a v n s a i p t I h d d r i n o o t i u d n r p c n a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o t a a u a c p n l - i t - s All insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1943—Dec. 31. . 12,834 1,445 8,445 59,921 9,743 893 9,950 4,352 1,669 58,338 68 124 395 18,561 46 7,453 1944—Dec. 30. . 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 ,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31. . 16,013 2,012 9,481 82,085 10,888 ,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31 .. 17,796 2,145 9,736 85,751 11,236 ,379 1.325 6,692 2,559 83,723 54 HI 826 33,946 61 9,734 1948—Tune 30.. 17,355 .,063 8.238 81 .420 9.628 .357 2.052 7,132 2.020 78.287 50 111 1 .061 34,246 63 9,955 Dec. 31. . 20,404 L.939 8,947 84,211 10,344 ,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 Member banks total: 1941—Dec. 31. . 12,396 L ,087 6,246 33,754 9,714 671 1 ,709 3.066 1 ,009 33,061 140 50 418 11,878 4 5,886 1943—Dec. 31.. 12,835 L, 132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30. . 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1.251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31. . 16,015 1,576 5,936 70,243 10,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—Dec. 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—June 30. . 17,356 1,606 5,419 70,051 9,433 1,353 1,846 5,873 1,873 68.204 47 106 912 27,805 53 8,624 Dec. 31. . 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 New York City:3 1941—Dec. 31. . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1943—Dec. 31. . 3,596 92 61 13,899 2,867 810 3,395 252 710 14,373 4 5 26 816 "'29 1 ,862 1944—Dec. 30. . 3,766 102 76 14,042 3,179 851 6,722 199 361 14,448 11 7 17 977 96 1,966 1945—Dec. 31. . 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1 ,206 195 2,120 1946—Dec. 31. . 4,046 131 87 16,429 3,031 1,195 651 218 942 17.216 20 15 39 1,395 2,205 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 "30 2,259 1948—June 30. . 4,883 122 46 15,592 2.830 1,183 333 272 748 16,306 15 14 41 1,621 26 2,262 Dec. 31. . 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 Chicago:3 1941—Dec. 31. . 1 021 43 298 2.215 1 027 8 127 233 34 2,152 476 288 1943—Dec. 31. . 821 38 158 3,050 972 14 713 174 44 3,097 2 1 505 326 1944—Dec. 30. . 899 43 177 3,041 1,132 16 1,400 167 33 3,100 1 619 354 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1945—Dec. 31.. 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 1947—Dec. 31. . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1948—June 30. . 1,144 28 152 3.505 1.055 22 105 320 47 3.539 1 11 940 436 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 11,127 104 20 243 4,542 1,967 1943—Dec. 31. . 5,116 391 1,758 18,654 4,770 63 3,373 1,448 475 18,790 41 56 151 5,902 2,135 1944—Dec. 30. . 5,687 441 2,005 20,267 5,421 70 6,157 1,509 488 20,371 33 40 154 7,561 2,327 1945—Dec. 31. . 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 " "l 2,566 1946—Dec. 31. . 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 1947—Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2.844 1948—Tune 30.. 6,462 521 1,852 24.316 4.751 140 728 2,442 562 24.198 18 42 496 10,771 3' 2,870 bee. 31. . 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 Country banks: 1941—Dec. 31. . 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1 ,982 1943—Dec. 31. . 3,303 611 3.474 17,039 994 c; 1,962 1 ,727 344 15,561 17 56 149 7,599 10 2,153 1944—Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1 .868 369 18,350 14 57 175 9,650 16 2,321 1945—Dec. 31. . 4,527 796 4,665 23.595 1,199 8 5,465 2,004 435 21.797 17 52 219 12,224 11 2,525 1946—Dec. 31. . 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,757 1947—Dec. 31. . 4,993 929 3,900 2 7.424 1.049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—Tune 30.. 4,866 934 3,369 26.639 798 9 680 2,839 516 24,161 14 49 364 14.473 24 3,056 Dec. 31. . 5,736 858 3,619 2 7,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 Insured nonmember commercial banks: 194 j—Dec 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 959 1943—Dec. 31 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 6 979 1944—Dec. 30. . 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—Dec. 31. . 391 3 ,959 10,537 233 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31. . 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1 ,193 1947—Dec 31 473 3.466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 7 1,271 1948—Tune 30. . 457 2.820 11.368 195 4 207 1,259 147 10,083 4 6 149 6.457 10 1,333 Dec. 31. . 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6,459 8 1,358 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 5 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. MAY 1949 543 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 dollars1 Loans J Investments For purchasing or carrying securities U. S. Government obligations Com- Total mer- Date or month in lo a v n a e n d s s t- Total1 i t c n r i d i a a u l l , s . - a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo to ans Other Total C ti e fi r - - O se th c e u r ments and loans banks loans cates rities t a c u g u r r l a i - - l G U t l i o i o o g . b v a n S - - t s . . O c t s u t i e h e r - s i e - r G t l U o i i o g o b . v S a n - - t . s . O c t s u t i e h e r - i s e - r Total Bills o d n e f e e d b i s - n t s - - Notes Bonds2 Total- Leading Cities 1948—March 63,366 23,472 14,522 437 415 282 479 3,595 232 3,510 39,89435,6001,995 3,918 2,496 27,1914,294 1949—January 62,741 25,069 15,396 701 416 196 4594,079 191 3,918 37,672 33,4922,204 5,577 1,044 24,667 4,180 February.... 62,201 24,975 15,275 744 426 188 4624,084 213 3,87337,22632,9971,851 5,174 1,030 24.942 4,229 IVtarch 61,860 24,757 15,043 737 457 194 4384,084 262 3,83637,10332,7641,771 4,920 992 25,0814,339 1949—Feb 2 62,696 25,244 15,318 859 438 186 4774,079 258 3,918 37,452 33,2681,987 5,364 1,027 24,8904,184 Feb 9 62,170 24,950 15,294 721 434 188 4754,085 177 3,86537,22033,0161,841 5,201 1,039 24,9354,204 Feb. 16 61,991 24,841 15,265 722 410 190 4444,085 154 3,86237,15032,8901,798 5,094 1,032 24,9664,260 Feb. 23 61,946 24,865 15.222 673 423 189 4544,086 261 3,84937,08132,8141,780 5,036 1,022 24,9764,267 Mar. 2 61,976 24,617 15,147 499 448 191 4394,082 266 3,83737,35933,0692,000 5,048 1,029 24,992 4,290 Mar 9 62,046 24,551 15,106 497 426 192 4374,086 278 3,821 37,49533,2062,083 5,060 1,026 25,0374,289 Mar. 16 62,359 24,889 15,095 812 452 189 4384,084 287 3,82637,47033,1122,013 4,992 1,011 25,0964,358 Mar. 23 61,749 24,696 14,962 832 460 193 4414,086 173 3,84337,05332,6801,695 4,874 967 25,1444,373 Mar. 30 61,171 25,034 14,904 1,047 501 205 4334,083 308 3,851 36,13731,7501,063 4,624 927 25,136 4,387 Apr. 6 61,041 24,235 14,627 632 514 197 4304,081 222 3,833 36,80632,397 1,387 4,778 983 25,2494,409 Apr. 13 61,100 23,922 14,543 464 482 195 4324,079 199 3,82837,17832,7671,639 4,775 980 25,3734,411 Apr. 20 61,267 24,144 14,304 801 570 190 4264,078 225 3,851 37,12332,7651,666 4,705 971 25,4234,358 Apr. 27 61,315 24,010 14,162 748 580 199 4184,078 263 3,86337,30532,9511,827 4,712 954 25,4584,354 New York City 1948—March 19,238 7,108 5,164 376 304 45 188 113 150 768 12,130 10,918 923 975 501 8,519 1,212 1949—January 18,305 7,816 5,584 649 300 38 178 215 140 806 10,489 9,458 715 1,335 133 7,275 1 031 February.... 18,093 7.878 5,584 679 310 41 188 217 153 80010,215 9,172 590 1,191 134 7,257 1,043 March . . 18,036 7,831 5,517 672 342 42 169 214 190 77910,205 9,097 595 1,085 120 7,297 1,108 1949—Feb 2 . . 18,366 8,020 5,573 784 319 37 199 214 181 807 10,346 9,331 672 1,276 128 7,255 1,015 Feb. 9 18,015 7,836 5,583 656 317 41 202 217 116 79810,179 9,155 559 1,210 138 7,248 1,024 Feb. 16 17,959 7,802 5,584 666 302 42 170 218 114 80010,157 9,089 539 1,147 139 7,264 1,068 Feb. 23 18,033 7,854 5,595 610 301 42 182 219 203 79610,179 9,114 591 1,130 132 7,261 1,065 Mar. 2 18,050 7,702 5,584 450 326 42 169 217 221 78810,348 9,282 743 1,143 139 7,257 1,066 Mar. 9 18,106 7,688 5,570 460 320 41 169 216 228 77810,418 9,350 792 1,150 134 7,274 1,068 Mar. 16 18,199 7,898 5,534 741 337 41 168 214 180 77710,301 9,163 677 1,060 135 7,291 1,138 Mar. 23 17,914 7,793 5,461 766 347 42 174 212 105 78010,121 8,985 530 1,041 101 7,313 1,136 Mar. 30 17,909 8,072 5,438 942 380 43 167 209 214 775 9,837 8,703 235 1,031 89 7,348 1,134 Apr. 6 17,778 7,586 5,322 586 396 43 166 210 184 77510,192 9,060 338 1,222 119 7,381 1,132 Apr. 13 17,654 7,338 5,293 419 365 42 165 209 167 77410,316 9,195 515 1,173 105 7,402 1,121 Apr. 20 17,868 7,574 5,160 734 418 42 166 205 163 78210,294 9,205 600 1,095 100 7,410 1,089 Apr. 27 17,971 7,496 5,089 704 421 48 158 203 196 77310,475 9,399 780 1,121 93 7,405 1,076 Outside New York City 1948—March 44,128 16,364 9,358 61 111 237 291 3,482 82 2,742 27,764 24,6821,072 2,943 1,995 18,6723,082 1949—January 44,436 17,253 9,812 52 116 158 281 3,864 51 3.112 27,18324,0341,489 4,242 911 17,392 3,149 February.... 44,108 17,097 9.691 65 116 147 2743,867 60 3,07327,01123,8251,261 3,983 896 17,6853,186 March 43,824 16,926 9,526 65 115 152 2693,870 72 3,057 26,898 23,6671,176 3,835 872 17,7843,231 1949—Feb. 2 44,330 17,224 9,745 75 119 149 2783,865 77 3,111 27,106 23,9371,315 4,088 899 17,6353,169 Feb. 9 44,155 17,114 9,711 65 117 147 2733,868 61 3,067 27,04123,8611,282 3,991 901 17,6873,180 Feb. 16 44,032 17,039 9,681 56 108 148 2743,867 40 3,062 26,99323,8011,259 3,947 893 17,7023,192 Feb. 23 43,913 17,011 9,627 63 122 147 2723,867 58 3,05326,902 23,7001,189 3,906 890 17,7153,202 Mar. 2 43,926 16,915 9,563 49 122 149 270 3,865 45 3,04927,01123,7871,257 3,905 890 17,7353,224 Mar. 9 43,940 16,863 9,536 37 106 151 2683,870 50 3,04327,077 23,8561,291 3,910 892 17,7633,221 Mar. 16 44,160 16,991 9,561 71 115 148 2703,870 107 3,04927,16923,9491,336 3,932 876 17,8053,220 Mar. 23 43,835 16,903 9,501 66 113 151 2673,874 68 3,06326,932 23,6951,165 3,833 866 17,8313,237 Mar. 30 43,262 16,962 9,466 105 121 162 2663,874 94 3,076 26,30023,047 828 3,593 838 17,7883,253 Apr. 6 43,263 16,649 9,305 46 118 154 2643,871 38 3,05826,614 23,3371,049 3,556 864 17,8683,277 Apr. 13 43,446 16,584 9,250 45 117 153 2673,870 32 3,05426,862 23,572 1,124 3,602 875 17,9713,290 Apr. 20 43,399 16,570 9,144 67 152 148 2603,873 62 3,06926,829 23,5601,066 3,610 871 18,0133,269 Apr. 27 43,344 16,514 9,073 44 159 151 2603,875 67 3,09026,83023,5521,047 3,591 861 18,0533,278 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. 544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e e a r i r e a d n t v h - l - k e s v C a i a n u s l h t m a a w n d a e i o c n s t e - h k t s i s c p m u o d a s a d s e t n e i - - t d d s 8 s p p u v n h c a o a a i o e n i d l r r p r r d s a t - - - s - , - , S p s d s a i o i t u i c o n a v l a b d n i t i l t - e - s - s c C O c h a f e e e i e n f t e r r f c c d d i t s . - k i ' - s, U m G er . o e n v n S - - t . s p p u v n h c a o a a o i e n i d r l r p r r d s a t - - - s - , - , S p s d s a i i o t u i c n o a v l a b d n 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 S n t - s - - a t . l m D t D i e o c s e - - man e F 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 d i a e te l n b * - k tions tions Total— Leading Cities 1948—March 12 576 758 2,297 46,72446,737 3,318 1 523 1,141 14,236 475 73 8,848 358 35 320 5 871 95 020 14 776 820 2,261 47,57347,798 3, 240 1 302 1,019 14,432 562 85 9,326 489 47 219 6 012 94,115 February.. . 14 286 770 2,04946,46946,513 3,385 1 254 1,64514 418 595 86 8,509 472 42 207 6 029 80,194 March 14 254 761 2,08145,75045,594 3,466 1 286 1 86914 460 598 88 8 431 402 57 363 6 048 94,525 1949—Feb. 2 14 380 726 2,01146,94546 576 3,408 1304 1 47614 419 582 86 8 631 •500 43 279 6 028 22 030 Feb. 9.... 14 322 790 2,00046,55346 164 3 319 1 196 1 559 14 418 599 86 8 522 498 42 137 6 036 19 373 Feb. 16 14 172 748 2,09646,07946 693 3,393 1 287 1 72914 412 600 87 8 635 450 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 8 246 439 42 293 6 029 17 642 Mar. 2.... 14 404 720 2 12946,112 46 014 3 418 1,311 1 70614 452 593 87 8 696 409 58 229 6 048 22 475 Mar. 9.... 14 196 785 2 07146,072 45 725 3 448 1,132 1 64514 480 592 87 8 645 418 57 212 6 042 18 797 Mar. 16 14 606 746 2 23746,182 46 760 3 404 1,368 1 88914 460 598 87 8 802 [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 8 094 374 57 533 6 046 20 986 Mar. 30.... 13 888 785 1 99644,909 44 341 3 588 1,410 2 095 14 458 602 91 7 917 388 59 347 6 058 20 692 Apr. 6.... 14 143 742 2 12544,820 44 395 3 487 1,193 2 026 14 469 592 92 8 4631389 55 173 6 075 22 197 Apr. 13.... 14 107 807 2 24645,237 45 807 3 323 1,108 1 69814 481 607 92 8 522 1402 56 160 6 078 18 946 Apr. 20.... 14 263 775 2 01845,757 45 950 3 422 1,078 1 428 14 483 632 91 8 092 1381 55 421 6 072 21 021 Apr. 27.... 13 919 797 2 00946,17545 737 3 548 1,190 1 18814485 648 93 7 7811,368 54 253 6 084 20 091 New York City 1948—March 4 586 117 62 15,733 16 290 277 835 308 1 385 56 14 2,803 1,200 10 93 2 208 38 648 1949—January.... 5 393 126 3315,331 15 934 202 644 268 1 512 20 14 2,852 1,288 26 155 2,251 38 767 February... 5 142 116 2914,957 15 563 213 635 454 1,482 24 15 2,636 1,264 22 113 2,259 32 226 March.... 5,197 113 4814,870 15 457 224 664 482 1,488 25 16 2,606 1,198 37 212 2,257 37 788 1949—Feb. 2 5,181 111 2815,132 15 626 211 623 414 1,489 23 15 2,701 1,297 22 184 2,260 9,203 Feb. 9... 5,170 119 2614,970 15 485 184 605 430 1,486 25 15 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 15 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 15 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 15 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 15 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 15 2,734 1,219 35 366 2,256 9,736 Mar. 23... 5,207 113 3114,697 15,184 215 610 511 1,479 25 18 2,524 1,176 36 330 2,254 8,202 Mar. 30... 5,032 121 11314,762 15,320 255 782 536 1,507 27 18 2,420 1,188 38 211 2,251 8,343 Apr. 6... 5,180 115 4114,652 15,148 224 595 513 1,484 27 17 2,683 1,185 35 57 2,264 9,425 Apr. 13... 5,176 125 3114,596 15,328 210 551 421 1,475 27 18 2,658 1,201 36 79 2,264 7,598 Apr. 20... 5,339 116 3214,985 15,613 256 486 349 1,471 27 17 2,530 1,177 36 293 2,261 8,273 Apr. 27... 5,075 124 3115,135 15,573 315 584 287 1,483 27 17 2,473 1,159 36 109 2,260 8,225 Outside New York City 1948—March.. . . 7,990 641 2,23530,99130,447 3,041 688 833 12,851 419 59 6,045 158 25 227 3,663 56,372 1949—January... 9,383 694 2,22832,242 31,864 3,038 658 75 12,920 542 7 6,474 201 21 64 3,761 55,348 February.. 9,144 654 2,02031,512 30,950 3,172 619 1,191 12,936 571 71 5,873 208 20 94 3,770 47,968 March.... 9,057 648 2,03330,88030,137 3,242 622 1,387 12,972 573 72 5,825 204 20 151 3,791 56,737 1949—Feb. 2... 9,199 615 1,98331,813 30,950 3,197 681 1,062 12,930 559 7 5,930 203 21 95 3,768 12,827 Feb. 9... 9,152 671 1,97431,58330,679 3,135 591 1,129 12,932 574 7 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 1,326 12,946 572 73 5,647 211 21 169 3,771 10,978 Mar. 2... 9 139 612 2,09831 05930 439 194 649 1,259 12,969 568 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 1,399 12,979 573 72 6,068 201 20 131 3,789 13,123 Mar. 23... 8,972 655 1,93930,776 29,945 3,256 597 1,49 12,972 578 72 5,570 198 21 203 3,792 12,784 Mar. 30... 8,856 664 1,88330,147 29,021 3,333 628 1,559 12,951 575 73 5,497 200 21 136 3,807 12,349 Apr. 6... 8,963 627 2,08430,168 29,247 3,263 598 1,513 12,985 565 7 5,780 204 20 116 3,811 12,772 Apr. 13... 8,93 682 2,21530,64130,479 3,113 557 1,27 13,006 580 74 5,864 20 20 81 3,814 11,348 Apr. 20... 8,924 659 1,98630,772 30,337 3,166 592 1,07 13,012 605 7 5,562 204 19 128 3,81 12,748 Apr. 27... 8,844 673 1,97831,040 30,164 3,233 606 90 13,002 621 76 5,308 209 18 144 3,824 11,866 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. MAY 1949 545 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] Loans * Investments For purchasing U. S. Government obligations or carrying securities Total Comloans merd F i e s d tr e i r c a t l a R nd es e d r a v t e e i m n a v n e e d n s t t s - Total i t a c t n a c u r g i u d n i r a r l a d u a l - i l , - l s- G a U T t l i o i n o o o . g b d v n a S - - s t b . d . r e o O a k c t l u t e i e h e r n r s e s s - r G U l t T o i i o g . b o o S v a - n . - t s o . t O h c t s e u t i e h e r r - s s i e - r e l R o st a e a n a t l s e banks O lo th an er s Total Total Bills o d c C n t f e e a i e e f d b t i s i e r - n - t s - s - - Notes Bonds2 O s i e t t i h c e u e s - r Boston Mar. 30 810 1,070 675 18 13 12 16 133 25 197 1,740 1,616 82 267 45 1,222 124 Apr. 6 766 1,015 653 12 9 11 16 133 2 198 1,751 1,619 81 254 45 1,239 132 Apr. 13 774 1,018 655 13 9 11 16 132 2 199 1,756 1,620 87 245 45 1,243 136 Apr. 20 780 1,027 646 16 9 11 16 132 18 198 1,753 1,615 81 243 41 1,250 138 Apr. 27 785 1,031 649 15 10 11 16 132 22 195 1,754 1,613 73 249 41 1,250 141 New York* Mar. 30 075 8,807 5,776 946 383 49 184 411 218 95111,268 9,940 277 1,131 135 8,3971,328 Apr. 6 937 8,315 5,655 594 400 49 183 411 184 95011,622 0,298 388 1,309 165 8,4361,324 Apr. 13 796 8,062 5,624 428 368 48 182 408 167 94811,734 .0,423 555 1,259 151 8,4581,311 Apr. 20 046 8,298 5,490 744 421 47 183 404 163 95711,748 0,470 668 1,183 146 8,4731,278 Apr. 27 134 8,216 5,419 710 424 54 174 402 196 94811,918 0,652 835 1,208 139 8,4701,266 Philadelphia Mar. 30 517 921 529 1 18 2 7 91 13 270 1,596 1,301 63 145 34 1,059 295 Apr. 6 514 910 525 1 18 2 7 92 8 267 1,604 1,306 65 144 34 1,063 298 Apr. 13 516 904 522 1 18 2 7 92 4 268 1,612 1,313 71 145 34 1,063 299 Apr. 20 505 918 518 1 20 2 7 91 22 267 1,587 1,288 47 144 34 1,063 299 Apr. 27 507 901 509 1 21 4 91 3 275 1,606 1,306 70 126 26 1,084 300 Cleveland Mar. 30 ,305 1,505 912 7 16 28 276 24 238 2,800 2,457 70 263 115 2,009 343 Apr. 6 ,300 1,464 897 7 16 29 275 1 235 2,836 2,492 94 260 113 2,025 344 Apr. 13 ,276 1,462 893 6 17 29 275 1 236 2,814 2,470 77 253 113 2,027 344 Apr. 20 ,261 1,455 881 7 19 30 276 1 237 2,806 2,466 76 250 113 2,027 340 Apr. 27 ,257 1,446 871 17 32 275 1 238 2,811 2,471 98 235 111 2,027 340 Richmond Mar. 30 ,490 851 407 6 13 196 2 215 1,639 1,509 65 183 44 1,217 130 Apr. 6 ,468 845 405 6 13 194 1 214 1,623 1,490 57 173 43 1,217 133 Apr. 13 ,477 846 404 6 13 193 2 216 1,631 1,497 59 176 43 1,219 134 Apr. 20 ,459 840 399 13 192 2 215 1,619 1,488 45 179 43 1,221 131 Apr. 27 ,455 837 394 13 193 216 1,618 1,486 48 171 43 1,224 132 Atlanta Mar. 30 ,286 840 532 17 67 191 1,446 1,258 58 274 38 888 188 Apr. 6 ,275 835 530 15 68 191 1,440 1,251 57 266 37 891 189 Apr. 13 ,279 826 523 15 68 190 1,453 1,263 56 271 37 899 190 Apr. 20 ,276 820 518 15 68 191 1,456 1,268 62 268 37 901 188 Apr. 27 ,254 819 517 1 68 192 1,435 1,246 54 258 37 897 189 Chicago* Mar. 30 ,137 2,64; 1,773 33 337 390 5,492 4,830 225 533 195 3,877 668 Apr. 6 ,309 2,557 1,721 29 336 386 5,752 5,084 375 584 225 3,900 662 Apr. 13 ,450 2,536 1,708 26 337 385 5,914 5,242 406 636 236 3,964 672 Apr. 20 ,425 2,560 1,686 23 337 387 5,865 5,196 332 651 235 3,978 669 Apr. 27 ,454 2,544 1,671 22 337 390 5,910 5,238 319 686 236 3,997 672 St. Louis Mar. 30 ,031 971 579 10 161 210 1,060 924 14 162 48 700 136 Apr. 6 ,036 951 564 10 161 208 1,085 950 23 174 48 705 135 Apr. 13 ,037 939 551 10 161 209 1,098 963 28 175 46 714 135 Apr. 20 ,034 936 54 10 161 210 1,098 963 28 172 46 717 135 Apr. 27 ,031 930 538 10 162 212 1,101 966 34 168 46 718 135 Minneapolis Mar. 30 ,11 440 253 63 115 677 595 7 131 14 443 82 Apr. 6 ,129 437 251 64 115 69: 607 19 131 14 443 85 Apr. 13 ,126 43 246 64 117 691 605 18 130 14 443 86 Apr. 20 ,117 43 24: 64 119 68. 598 10 129 14 445 87 Apr. 27 ,114 428 236 64 120 686 599 14 126 14 445 87 Kansas City Mar. 30 32! 880 56 129 163 1,44: ,234 92 275 71 796 208 Apr. 6 314 86 560 128 162 1,44 ,239 98 274 72 795 208 Apr. 13 333 86: 554 128 163 1,471 ,263 116 276 73 798 208 Apr. 20 334 860 550 129 163 1,474 ,267 120 276 72 799 207 Apr. 27 313 859 549 129 163 1,454 ,247 102 277 72 796 207 Dallas Mar. 30 230 1,079 749 88 190 1,151 ,029 17 259 41 712 122 Apr. 6 206 1,065 741 8 189 1,141 ,01 20 243 40 716 122 Apr. 13 214 1,060 736 87 189 1,154 ,034 28 244 40 722 120 Apr. 20 214 1,053 728 87 190 1,161 ,041 31 250 40 720 120 Apr. 27 218 1,054 729 8 191 1,164 1,04 36 249 40 720 119 San Francisco Mar. 30 ,851 5,025 2,152 28 2,131 721 5,826 5,057 93 1,001 147 3,816 769 Apr. 6 787 4,974 2,125 2,132 718 5,813 5,042 110 966 147 3,819 771 Apr. 13 822 4,97 2,127 2,13 708 5,850 5,074 138 965 148 3,823 776 Apr. 20 816 4,945 2,099 28 2,137 717 5,871 5,105 166 960 150 3,829 766 Apr. 27 793 4,945 2,080 2,138 723 5,848 5,08: 144 959 3,830 766 City of Chicago* Mar. 30 ,908 1,794 1,374 74 208 3,11 2,678 156 221 2,157 436 Apr. 6 ,086 1,711 1,326 7 204 3,375 2,933 31 271 174 2,173 442 Apr. 13 ,210 1,686 1,313 75 20: 3,52. 3,079 335 323 186 2,235 445 Apr. 20 ,196 1,71 1,296 29 7' 205 3,482 3,036 266 340 184 2,246 446 Apr. 27 ,230 1,698 1,281 7. 206 3,532 3,084 262 373 185 2,264 448 * 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. 546 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 n a d t v - h l k - e s v C a i a n u s l h t m b a w a n d e n o i c s t k - e h t ) s ic j m p u a o d s a d e t s n e - i - t d d s 3 s p p u v n c h a o a a o e i n i r d r p l r r d a s t - - - s - , - , S p s d s a i i o t u i c o n a v l b a d n i t i - l t e s - - s c C h c O e a f e e e i t n f e c c r r f d t i d k s . - i ' s - u m G er o e . n v n - s - t . u p p s v n c a h a o a o i e n d l i r r r r d s p a - - - t , - s - p S s d s a i i o u t 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 . n o e s n g v d v n S t - s - a - t . l m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p - n l - ts B d i e t a s b n * - k tions tions Boston Mar. 30 556 55 2,339 2,322 145 41 92 481 265 32 5 321 838 Apr. 6 596 55 2,332 2,299 156 45 85 479 276 31 10 321 854 Apr. 13 572 59 2,327 2,329 168 42 72 479 280 31 9 321 761 Apr. 20 560 59 2,339 2,338 198 30 59 479 265 31 9 322 766 Apr. 27 556 57 2,358 2,290 190 45 49 478 263 30 7 322 870 New York* Mar. 30 5,367 164 19116,21716,571 528 827 6102,346 2,487 ,191 217 2,446 8,826 Apr. 6 5,541 158 11816,07816,406 454 630 582 2,323 2,754 ,188 106 2,46010,148 Apr. 13 5,487 173 11616,02016,642 411 591 4792,314 2,727 ,204 92 2,460 8,111 Apr. 20 5,666 162 11516,480 16,923 497 541 3992,309 2,598 ,180 293 2,457 8,985 Apr. 27 5,413 170 11116,60216,884 537 623 2,321 2,540 ,162 140 2,456 8,706 Philadelphia Mar. 30 544 42 104 2,041 2,079 116 29 405 317 12 20 308 755 Apr. 6 533 40 103 2,029 2,046 137 39 86 408 335 11 6 309 783 Apr. 13 527 46 93 2,017 2,079 123 24 71 409 335 10 9 309 720 Apr. 20 530 42 86 2,020 2,105 106 27 61 406 323 10 14 309 726 Apr. 27 513 43 95 2,045 2,110 108 27 51 406 304 11 13 309 769 Cleveland Mar. 30 854 87 136 2,935 2,990 170 45 1861,341 408 5 5 462 1,117 Apr. 6 865 81 135 2,925 2,927 203 48 1821,340 437 5 6 462 1,174 Apr. 13 855 86 143 2,895 3,022 171 42 1521,339 451 5 31 463 1,095 Apr. 20 859 83 133 2,922 2,991 181 45 1291,340 415 5 39 463 1,211 Apr. 27 826 86 144 2,969 3,028 190 43 1061,340 394 5 9 463 1,071 Richmond Mar. 30 534 63 141 2,006 1,927 198 62 97 568 324 5 17 222 705 Apr. 6 538 63 154 ,989 1,948 187 40 89 570 350 6 2 222 713 Apr. 13 529 66 173 ,993 2,025 159 41 77 580 362 6 3 222 664 Apr. 20 521 65 138 ,9.65 1,968 172 44 65 580 344 6 4 222 669 Apr. 27 509 65 147 ,988 1,960 173 42 52 570 312 6 19 223 681 Atlanta Mar. 30 485 42 159 ,755 1,583 341 23 56 525 453 10 186 682 Apr. 6 490 41 198 ,749 1,599 324 21 55 527 491 10 187 660 Apr. 13 509 44 209 ,780 1,683 318 18 48 528 500 11 187 606 Apr. 20 486 42 187 ,766 1,661 309 21 41 530 467 13 187 716 Apr. 27 495 43 160 ,755 1,635 301 22 34 530 441 13 187 611 Chicago* Mar. 30 1,891 101 264 5,263 578 105 4282,496 ,365 41 701 3,217 Apr. 6 1,892 98 291 5,462 583 94 443 2,518 ,352 51 703 3,156 Apr. 13 1,945 102 355 5,824 564 86 3672,532 ,338 52 702 2,522 Apr. 20 2,007 98 312 5,895 568 93 3142,539 ,286 53 702 2,899 Apr. 27 1,968 101 320 6,000 5,899 583 98 2712,543 ,232 54 702 2,798 St. Louis Mar. 30 426 28 110 1,330 1,375 114 19 79 466 533 2 176 570 Apr. 6 454 27 117 1,329 1,386 111 17 73 467 580 2 176 567 Apr. 13 436 30 124 1,341 1,441 109 15 62 467 572 2 177 537 Apr. 20 429 28 113 1,352 1,430 109 15 52 469 541 2 177 599 Apr. 27 426 29 106 1,362 1,415 110 15 41 470 519 3 177 544 Minneapolis Mar. 30 232 13 67 785 699 174 11 45 250 240 2 99 355 Apr. 6 240 12 74 798 707 184 11 42 250 258 2 99 350 Apr. 13 228 13 87 803 736 178 12 36 250 257 2 99 331 Apr. 20 238 13 74 803 728 178 12 30 250 242 2 99 354 Apr. 27 230 13 75 819 725 181 13 25 250 231 2 99 332 Kansas City Mar. 30 531 31 244 1,802 1,709 268 25 81 380 3 664 1 196 667 Apr. 6 546 28 269 1,779 1,717 252 28 77 380 3 725 1 196 694 Apr. 13 540 31 281 1,797 1,786 241. 26 65 380 3 750 1 197 678 Apr. 20. . . .' 525 29 262 1,810 1,783 242 26 5 380 3 701 1 197 838 Apr. 27 528 32 250 1,816 1,760 250 27 47 380 3 682 1 197 690 Dallas Mar. 30 512 34 235 1,898 1,781 244 37 55 352 64 460 5 198 618 Apr. 6 534 33 272 1,906 1,782 259 30 52 353 64 491 5 200 609 Apr. 13 529 36 313 1,939 1,864 249 27 45 353 64 512 5 200 599 Apr. 20 517 33 266 1,890 1,847 211 29 39 354 87 481 5 200 747 Apr. 27 518 36 248 1,904 1,831 211 30 34 354 87 457 5 201 600 San Francisco Mar. 30 1,956 125 253 6,538 6,176 712 186 2704,848 342 401 82 743 2,342 Apr. 6 1,914 106 298 6,444 6,183 637 190 2604,854 348 414 77 740 2,489 Apr. 13 1,950 121 259 6,501 6,320 632 184 224 4,850 348 438 73 741 2,322 Apr. 20 1,925 121 250 6,515 6,310 651 195 184 4,847 351 429 73 737 2,511 Apr. 27 1,937 122 265 6,55 6,200 714 205 1514,843 353 406 76 748 2,419 City of Chicago* Mar. 30 1,236 36 82 3,088 3,121 256 53 243 ,286 39 1,042 37 469 2,197 Apr. 6 1,253 34 124 3,349 3,400 263 41 278 ,305 34 1,001 47 471 2,213 Apr. 13 1,306 37 3,644 3,799 256 3 228 ,318 34 986 48 471 1,605 Apr. 20 1,399 35 3,744 3,843 256 46 189 ,321 34 947 48 470 1,826 Apr. 27 1,312 35 159 3,785 3,819 270 48 16: ,324 34 912 49 471 1,755 For footnotes see opposite page and preceding table. MAY 1949 547 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 x f 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 t p e p d e o d in t b s e F i t n o w r e e e ig n n States countries 1948—February 301 253 174 79 94 79 168 43 I 24 17 March 311 241 162 70 92 79 151 48 I 23 17 April 275 242 151 71 80 91 143 54 LI 19 22 May 254 256 161 71 90 95 155 57 * 19 21 June 270 253 142 61 81 111 155 56 ! 19 20 July 284 235 134 67 67 102 151 47 19 18 August 309 221 122 60 62 99 143 40 20 17 September 305 214 120 65 55 94 136 37 20 20 October 285 221 125 67 58 96 140 42 20 17 November 287 239 141 71 70 99 152 48 24 15 December 269 259 146 71 76 112 164 57 '. 25 12 1949—January 268 262 137 66 70 126 156 57 1I 25 13 February '268 228 114 65 49 114 134 51 5 23 14 March 257 215 98 58 40 117 127 51 2 22 14 r Revised. 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 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n a v d c e c t s o r t u a m d n e i ts n n g t a in n a v d c e c t s o r t a u m d n e i t n s n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r u a m t d n n e i t e s n n r g t s' a in n a d v I c n c e t o r s a u t f m d i n r i t m n e s g nt I a n c ( c c n o a e u p t n ) it t a s l 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—April «572 3 241 3614 May 3615 3258 3 619 June 619 7 326 332 283 576 145 20 11 291 July 3 608 3 288 3577 August 3573 3 252 3 551 September. . 3 570 3 238 3 550 October 358O 8252 3 540 November. . 3551 8244 3 563 December... 550 10 312 349 257 586 112 28 5 278 1949—January.... »537 3 247 3 573 February .. . 3527 3225 3565 March 3 530 254 3551 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 balances secured by U. S. Government securities was (in millions of dollars): January, 56; February, 58; March, 64. 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. 548 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 mo Y w n e e th a e r k , , or m 4 m p P - c o a r o e t n p i r m o m t e c h r i 6 - e a , s - 1 l a a P b d c n e a r a 9 c r c i n y s m e 0 e ' k s p s e 1 - , t- c S n h l a c e t o r e a l o x e a s a w n - - l c n l g 2 k - e m bi o 3 ll n - s t s 3 h ecu 9 d m c r - o c e e i t f a o t r b o y t t n i t i e n e f t 1 s y i - h d - 2 i - - eld t 3 a i - s s y x s t e a u o a b e r l 5 s e - An 1 n 9 A u a c re l i t a i a e v a s e n : 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 S 0 ,0 i , z 0 0 e 0 0 0 - of $ $ 1 l 2 o 0 0 a 0 0 n ,0 ,0 0 0 0 0 - $ an 20 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 1 1 1 9 9 9 4 4 4 7 6 8 a a a v v v e e e r r r a a a g g g e e e .... 1 1 . . . 4 0 8 4 3 1 1. . . 1 8 6 1 7 1 1 1 1 . . . 5 1 3 5 6 8 1. . . 0 3 6 7 0 4 5 4 3 1. . . 1 8 8 4 2 8 . . . 3 6 1 2 2 6 1 1 1 9 9 9 4 4 4 2 4 3 2 2 2 . . 2 4 6 4 4 4 . . 3 4 4 3 3 3 . . 3 2 4 2 2 2 . . 6 2 5 2 2 2 . . 2 0 4 1945 2 2 4 3 3 2 2 3 2 0 1948—April 1.38 1.06 1.50 .997 .10 .58 1946 2.1 4.2 3.1 2.2 1.7 May 1.38 1.06 1.50 .997 .09 .51 1947 2 1 4 2 3 1 2 5 1 8 June 1.38 1.06 1.50 1948 2.5 4.4 3.5 2.8 2.2 July 1.38 1.06 1.50 ^997 !l0 !56 Quarterly: August... 1.44 1.63 1.053 .15 .65 19 cities: September 1.56 l!l9 1.63 1.090 .18 .69 194g—June 2.47 4.49 3.47 2.70 2.16 October. . 1.56 1.19 1.63 1.120 .23 .71 Sept. . 2 60 4.53 3 58 2 92 2.29 November 1.56 1.19 1.63 1.144 .22 .69 Dec 2.64 4.50 3.58 2.97 2.34 December. 1.56 1.19 1.63 1.154 .21 .64 1949—Mar... 2.70 4.62 3.64 2.89 2.42 1949— A F M J e p a a b r n i r r l u c u a h a r . r y . y . . . . . 1 1 1 1 . . . . 5 5 5 5 6 6 6 6 1 1 1 1 . . . . 1 1 1 1 9 9 9 9 1 1 1 1 . . . . 6 6 6 6 3 3 3 3 1 1 1 1 . . . . 1 1 1 1 6 6 5 6 2 0 5 3 . . . . 2 2 2 2 2 2 2 0 . . . . 5 5 5 5 7 9 3 4 Ne 1 1 w 9 9 4 4 Y 9 8 — o — rk S D M j e u e C a p n c e r t i ty: # 2 2 2 2 . . . . 3 1 4 3 2 2 2 4 4 4 4 4 . . . . 2 2 3 4 2 3 5 0 3 3 3 3 . . . . 4 4 3 1 2 0 5 9 2 2 2 2 . . . . 7 6 6 4 0 6 8 3 2 2 2 1 . . . . 2 1 1 9 5 6 3 4 Week ending: 7 Northern and East- Apr. 2... 13/16 1.160 .23 1.52 ern cities: Apr. 9... 13/16 1.153 .21 1.53 194g—June 2.49 4.42 3.40 2.67 2.27 Apr. 16... 13/36 1.157 1.20 1.54 Sept. . . . 2 60 4.55 3.58 2.91 2.34 Apr. 23... 13/16 1.156 1.20 1.53 Dec 2 68 4 51 3 60 2 97 2 44 Apr. 30... 13/16 1.147 1.19 1.52 1949—Mar. . . 2 68 4.63 3.66 2 89 2.44 11 Southern and Western cities: pe 1 2 r T M c h e o n e 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 e u 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 ly c c h e p a n n r t e , g v e A a i u t l i i g 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 , 1948— S D Ju e e n p c e t. 3 2 3 . . 0 9 0 2 2 1 4 4 4. . . 6 5 6 2 7 0 3 3 3 . . . 6 6 7 8 8 1 2 3 3 . . 1 9 0 4 1 7 2 2 2 . . . 5 5 4 6 7 5 194 3 8 R ; a a te n d o n 1 .6 n 3 ew p e is r s c u e 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 . 1948. 1949—Mar 3.12 4.79 3.75 3.04 2.71 Back figures.—See Banking and Monetary Statistics, Tables 120-121, NOTE.-—For description of series see pp. 228-237 of BULLETIN for pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October March 1949. 1947, pp. 1251-1253. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years o a v n e d r Aaa Aa A Baa 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 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—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 April 1 77 2 38 2 20 2.70 3.00 2.70 2.79 3.05 3.45 2.78 3.27 2.96 Week ending: Apr. 2 1.77 2.38 2.21 2.70 3.00 2.70 2 79 3.05 3.46 2.77 3.27 2.96 Apr. 9 1 76 2 38 2 22 2.71 3.00 2.70 2.79 3.04 3.47 2.78 3.27 2.96 Apr. 16 1.78 2.38 2.20 2.71 3.00 2.70 2.79 3.05 3.46 2.78 3.27 2.96 Apr. 23 1.77 2.38 2.19 2.70 3.00 2.70 2.79 3.05 3.45 2.78 3.27 2.96 Apr 30 1.76 2.38 2.18 2.70 3.00 2.70 2.80 3.05 3.45 2.78 3.27 2.95 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa 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. MAY 1949 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices8 Corporate 4 Common (index, 1935-39=100) V of o t l r u a m d e - Year, month, or week m U G e . e r o n n v S - t - * . g M ( r h i a p u i d g a n e h l ic ) - 1 - H gr i a g d h e - I M nd e u d s iu - m-g R r a a i d l- e Public fe P rr re e - d* Total In tr d ia u l s R ro a a i d l- P ut u i b li l t i y c s i s a n t h n g h a ' d o r u s e ( s - o in ) f Total trial road utility Number of issues, 1-8 15 12 14 15 416 365 31 1946 average 104.77 140.1 198.5 140 143 143 120 1,390 1947 average. 103.76 132.8 103.2 97.5 102.6 88 2 102 8 184.7 123 128 105 103 953 1948 average. 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1948—April 100.84 125.7 99.4 91.4 94.9 83.5 96.7 169.9 125 131 115 96 1,467 May 101.20 127.1 99.9 92.8 96.8 87.2 95.0 171.1 130 137 123 99 1,980 June 101.23 127.8 100.2 94.4 98.2 89.8 95.6 173.4 135 143 126 101 1,406 July 100.82 126.6 99.2 94.6 99.3 89.1 95.6 170.8 132 139 125 100 1,171 August 100.73 124.4 98.3 93.2 98.1 86.9 95.0 166.9 127 134 120 97 684 September 100.70 124.0 98.2 92.9 97.5 86.8 94.6 166.5 126 132 120 97 836 October. .. 100.69 124.5 97.8 91.9 95.7 85.8 94.4 163.8 128 134 121 97 929 November, 100.79 125.0 97.9 91.1 94.5 85.1 93.6 166.2 120 126 109 94 1,375 December. 100.89 127.8 98.9 90.9 94.7 84.5 93.6 168.7 119 126 106 93 1,155 1949—January.. 101.16 129.9 100.5 92.1 96.1 86.4 93.8 171.4 121 127 106 94 833 February., 101.51 128.6 100.5 92.7 97.0 86.6 94.7 173.2 117 123 100 94 850 March 101.67 128.8 100.7 91.9 97.1 83.1 95.5 172.2 118 124 97 95 859 April 101.65 129.1 101.0 91.7 98.0 81.6 95.6 172.2 119 124 97 96 878 Week ending: Apr. 2... 101.71 128.8 100.9 91.5 97.3 81.4 95.7 172.4 120 126 100 96 1.211 Apr. 9... 101.70 128.6 100.8 91.4 97.2 81.4 95.5 172.9 119 125 98 96 895 Apr. 16... 101.64 129.0 100.9 91.6 97.6 81.6 95.6 172.0 119 125 98 97 844 Apr. 23... 101.63 129.2 101.0 91.9 98.6 81.6 95.6 172.4 119 124 97 96 968 Apr. 30... 101.62 129.4 101.2 92.1 98.8 81.8 95.6 171.6 118 123 96 96 802 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Arerage of taxable bonds due or callable in 15 years and over. 3 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. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. * Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic Year or month f ( u i a n r n n n e e g - d d w ) - m T e ( a f i d o o e g n o t s r d n - 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 n r a p o o n o t n d e r d s a s te Stocks e F i o gn r- 2 m ( T d e a f e o i 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 - i - Total Co n B r a o p o n t o n e d r d s a s te Stocks e F ig o n r- 2 1940.. .. 4,803 1,951 1.948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 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.. 39,691 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 <4,992 906 10 1,128 1,127 82 768 277 251 26 1948—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 i 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 March. . . 679 584 584 174 26 383 311 72 96 96 1 55 39 39 550 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 Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds2 proceeds8 Repa o y f ment Other Total P eq la u n ip t m an e d nt W ca o p rk it i a n l g Total Bo n n o d t s e s and Pr s e t f o e c r k red other debt purposes 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 . . . 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 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—March 688 679 560 343 217 84 83 1 30 6 April 636 626 434 334 100 62 62 104 25 May 405 395 356 297 60 1 1 20 18 June 654 642 563 449 114 29 4 26 45 5 July 574 564 424 307 117 8 8 91 40 August 244 238 222 164 58 4 4 11 1 September 473 465 399 293 106 14 10 4 28 24 October 705 697 666 538 128 10 10 18 2 November 509 503 466 353 113 8 8 26 3 December 684 673 635 560 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 March 411 403 319 253 66 37 37 44 3 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—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 i 104 45 39 6 August 30 29 1 75 73 I 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 4 104 102 2 128 39 2 87 32 29 3 March 87 87 179 125 36 18 114 85 29 23 21 1 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e , compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. MAY 1949 551 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 a i y n - - to b A i m u le - 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 o n r c o t n d o t a d - s u l - s s O g d o u b t l h o r e a d e - r s t F b o a o e a b g n v o a e d e d c s r s , c - , o p r r e a o i O i n n n f d i i g d g l n u - c- c In h t c r e d a i m u a ls l s i - - O g d n o u b o t l h o n r e - a d e - r s n c s ic e e e l o e r l v s u a 8 - - s pr N o e f t its1 fe P r r r e e - d C m o o m r Number of companies. 629 47 69 15 68 77 75 49 45 30 80 74 152 152 152 Annual 1939 1.465 146 115 223 102 119 70 151 98 186 134 122 847 90 564 1940 1,818 278 158 242 173 133 88 148 112 194 160 132 1,028 90 669 1941 1,163 325 193 274 227 153 113 159 174 207 187 152 1,137 92 705 1942 L.769 226 159 209 182 138 90 151 152 164 136 161 888 88 552 1943 1,800 204 165 201 180 128 83 162 186 170 149 171 902 86 556 1944 1,896 194 174 222 190 115 88 175 220 187 147 184 970 86 611 1945 .965 189 164 241 207 109 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 84 f 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 42! 20 177 2 866 100 83 105 853 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 1,033 112 105 115 846 59 71 108 160 88 90 80 501 23 283 1948—1 1,023 114 89 129 363 47 65 77 192 90 101 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 3 74 59 78 91 186 103 110 83 610 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 * Electric power 5 Telephone 6 Year or quarter 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 el d D e i n v d i- s O re p v in e e r g n a u t e - I i b n n t e c a c f o x o o m m r 7 e e e inc N o e m t e x d D e i n v d i- s O re p v i e n e r g n a u t- e I i b n n t e c a c f o x o o m m r * e e e inc N o e m t e J d D e i n v d i- s Annual 1939 ... 3,995 126 93 126 2,647 629 535 444 1,067 227 191 173 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 [ 641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,627 273 289 235 3,814 970 647 456 .992 277 200 171 1947 8,685 778 480 236 4,244 961 652 470 2,14Q 192 131 133 1948 9,672 1,148 700 289 4,708 983 661 492 2,541 269 183 181 Quarterly I947—1 2,039 166 89 44 1,075 289 191 115 527 67 44 40 2 2,111 189 121 52 1,028 247 166 115 478 29 21 32 3 . . .. 2,177 184 112 38 1,024 196 135 111 555 38 27 32 4 2,357 239 157 103 1,118 228 160 129 589 58 39 30 1948—1 2,243 144 72 57 1,202 284 186 131 607 64 43 39 2 2,363 286 185 56 1,118 233 156 115 627 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 1 "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 Includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. 3 Partly estimated. 4Class I line-haul railroads, covering about 95 per cent of all railroad operations. 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 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). 552 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues 1 Nonmarketable public issues End of month T g o ro t s a s l i b n T e t a o e r r t i a e n l s g t- Certifi- Treasury Special b in N e t a e o r r n i e n - s g t- g te F u e a u d r l a l i y n n - d d ir e e b c t t d d ir e e b c t t Total » Tr b ea il s l u s ry c in a d te e s b o t- f Tr n e o a t s e u s ryTr b e o a n s d u s ry Total 2 sa U v . i n S g . s t s a a x v i a n n g d s issues d d i e re b c t t b t e e a re ri s n t- g edness bonds notes securities 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—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 Apr 251,530 249,509 155,450 11,542 28,710 3,596 111,440 62,227 56,019 4,488 31,833 2,021 19 1 Including amounts held by Government agencies and trust funds, which aggregated 5,613 million dollars on March 31, 1949. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary, Armed Forces Leave bonds, and 2}A per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING APRIL 30, 1949 [In millions of dollars] On basis of daily statements of United States Treasury. In millions Redempof dollars] Amount Funds received from sales during tions and out- period maturities Issue and coupon rate Amount Issue and coupon rate Amount Month standing at end of All Series Series Series All mntith s eries E F G series Treasury bills » Treasury bonds—Cont. May 5, 1949... 801 June 15, 1951-54 2..2% 1,627 Fiscal year May 12, 1949... 903 Sept. 15, 1951-53 2 7,986 ending: May 19, 1949.. . 802 Sept. 15, 1951-55 2....3 755 June—1941.. 4,314 1,492 203 67 395 148 May 26, 1949.. . 901 Dec. 15, 1951-53 2..2 H 1,118 1942.. 10,188 5,994 3,526 435 2,032 207 June 2, 1949... 907 Dec. 15, 1951-55 2 510 1943. 21,256 11,789 8,271 758 2,759 848 June 9, 1949... 906 Mar. 15, 1952-54...2H 1,024 1944. 34,606 15,498 11,820 802 2,876 2,371 June 16, 1949.. . 903 June 15, 1952-54 2 5,825 1945. 45,586 14,891 11,553 679 2,658 4,298 June 23, 1949.. . 907 June 15, 1952-55... 2 H 1,501 1946. 49,035 9,612 6,739 407 2,465 6,717 June 30, 1949... 903 Dec. 15, 1952-54 2 8,662 1947. 51,367 7,208 4,287 360 2,561 5,545 July 7, 1949... 902 June 15, 1953-55 2.... 2 725 1948. 53,274 6,235 4,026 301 1,907 5,113 J J u u l l y y 2 14 1 , , 1 1 9 9 4 4 9 9 . . . . . . 9 90 0 2 4 J M u a n r e . 1 1 5 5 , , 1 1 9 9 5 5 4 5 - - 5 6 6 0 2 2. . . . 2 2 H H 2,6 6 1 8 1 1 1948—Apr.. . . 53,065 468 320 20 128 452 July 28, 1949... 902 Mar. 15, 1956-58... 2^ 1,449 May... 53,143 432 305 17 110 428 Sept. 15, 1956-59 2.. 2M 982 June.. . 53,274 497 341 19 136 465 Sept. 15, 1956-59.. .2H 3,823 July... 54,607 1,673 379 246 1 048 438 June 15, 1958-63 2..2% 919 Aug 54,704 473 334 18 122 442 C J A F J O J D M e a u u e p e r c n l n a b c t t r y , . r . e . . . . o 1 f 1 1 1 1 1 1 1 5 , , , , , , , , i n 1 1 1 1 1 1 1 1 d 9 9 9 9 9 9 9 9 e 5 5 4 4 4 4 5 5 b 0 0 9 9 9 9 0 0 t . . . . . . . . . . . . . . . . e ' ' . " . . d . . . . . . ' ' . . " n A . . A A ' ' e l . . H H H ' ' h s A A s H H 4 5 6 5 2 1 , , , , , , , 3 9 7 5 6 9 9 0 5 9 8 3 6 9 2 1 3 1 3 3 5 5 2 9 J J J D J D D D M M u u u u e e e e a a n n n n c c c c r r e e e e . . . . . . 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 6 5 6 6 6 6 6 5 6 6 2 9 7 4 5 0 4 9 3 6 - - - - - - - - - - 6 6 7 6 7 6 6 6 7 6 7 2 2 9 0 5 2 9 1 8 3 3 3 3 3 3 2 3 » 3 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 ^ % 3 H M ^ K K H ^ ^ 3 3 3 2 2 3 5 5 7 1 , , , , , , , , , , 1 4 7 4 1 8 4 8 2 9 8 9 6 8 1 3 7 6 3 8 5 7 1 1 8 1 0 7 8 4 1949— A O F S N D M Ja e M e p c o e n a b p t r c v a r . . . t . . . . t . . . u . . . . . . . . . . . r . . . . . . i . tie 5 5 5 5 5 5 5 5 s 6 5 5 4 4 4 5 5 , , , , , , , , a 0 3 6 7 9 8 8 0 n 1 5 7 6 4 6 9 5 d 9 2 6 3 4 0 3 1 stmou 4 4 6 4 4 5 5 5 n 1 4 1 5 1 9 9 4 t 5 7 2 4 9 9 0 0 s outst 3 3 3 3 3 4 3 4 a 0 0 0 8 3 3 9 1 n 4 5 8 6 1 8 9 5 ding Ap 3 2 2 2 1 1 1 1 r 2 9 2 6 4 4 5 9 il 30, 1 1 1 1 1 1 9 9 9 8 8 2 4 0 9 6 5 4 0 2 0 9 4 49 3 4 4 4 4 3 4 3 6 3 4 7 0 0 9 9 9 2 0 6 7 6 3 8 Sept. 15, 1967-72.. .2^ 2,716 Dec. 15, 1967-72 *..2H 11,689 Year of All Series Series Series Series Treasury notes maturity series D E F G Apr. 1, 1950 iy8 3,596 Postal savings bonds 112 1949 590 590 1050 1,002 1,002 Treasurybonds 1951 1,555 438 1,117 J S u e n p e t. 1 1 5 5 , ,1 1 9 9 4 4 9 9 - - 5 5 1 1 . . . . . . 2 2 U 1 , , 0 29 1 2 4 Panama Canal Loan. 3 50 1 1 9 9 5 5 2 3 4 7 , ,0 0 1 3 7 8 4 5 , , 0 73 38 7 200 1,079 D D e e c c . . 1 1 5 5 , ,1 19 9 4 4 9 9 - - 5 5 2 1 2 ... . 2 .3^ 2,0 4 9 9 8 1 Total direct issues 155,450 1 1 9 9 5 5 4 5 9 7 , , 0 89 8 1 4 6 5 , , 5 2 1 1 4 4 5 5 1 5 2 0 2 2 , , 0 1 5 2 7 8 Dec. 15,1949-53 2..2K 1,786 1956 5,797 2,713 627 2,457 Mar. 15,1950-52...2 1,963 1957 5,650 2,918 502 2,230 Sept. 15,1950-52 2..2H 1,186 Guaranteed securities 1958 6,135 3,461 283 2,391 Sept. 15,1950-52...2 4,939 Federal Housing Admin. 1959 3,638 1,235 309 2,093 Dec. 15,1950 IH 2,635 Various 12 1 1 9 96 6 0 1 . 2,9 6 8 6 5 2 48 96 3 2,5 5 0 6 2 6 Unclassified.. -22 1 Sold on discount basis. See table on Open-Market Money Rates, p. 549. 2 Partially tax exempt. Total 56,019 2,030 32,946 3 562 17,504 3 Restricted. 4 Called for redemption on June 15, 1949. MAY 1949 553 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] Gro3s debt Held bybanks Held by nonbank investors Total End of interestmonth bearing Other State U. S. Governsecurities Total Total m b C a e n o r k c m i s a - 1 l R F B e e a d s n e e r k r v a s e l Total vi I d n u d a i- ls I c a n o n s m c u e r - - M s b a a v u n i t n u k g a s s l r c a o a t r i n p o d o n - s l g a o o n c v d a - l and trust funds panies a t s i s o o n c s i a l - m e e rn n - ts S i p ss e u c e ia s l P is u s b u l e i s c 1940—June.. 47,874 48,496 18,566 16, 100 2,466 29,930 10,300 6,500 3 100 2 500 400 4 775 2 305 1941—June.. 54 747 55,332 21,884 19,700 2,184 33,448 11,500 7,100 3 400 2 400 600 6 120 2 375 1942—June.. 76,517 76,991 28.645 26,000 2,645 48,346 18,400 9,200 3 900 5 400 900 7 885 2 737 1943—June.. 139 472 140,796 59,402 52,200 7,202 81,394 31, 700 13,100 5 300 15 500 1 500 10 871 3 451 1944—June.. 201 059 202,626 S3,301 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 s\,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—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 i 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 1 67 900 21,600 11,600 21.400 7,900 31,760 5,645 Feb.. . . 250 626 252,747 84,642 ! 62300 22,342 168,105 68 200 21,500 11,600 21,300 7,900 31,804 5,697 1 Including holdings by banks in territories and insular possessions, which amounted to 400 million dollars on June 30, 1948. * 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 miilions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a d - l - G a t c a r g o i u n e e v d s n s t t - . B s e F R e r a e r a e n d v - l k - - e s b C m c a o 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 n s m c u i e e - r s - Other End of month s T t o i a o u n 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 u a k s l - - s p I c a n a o n n s 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: 1947—June 168,740 5,409 21,872 62,961 11,84523,969 42,684 1947—June.... 11,255 83 251 6,936 374 420 3,191 Dec 165,791 5,261 22,559 61,370 11,552 22,895 42,154 Dec... 14,263 69 1,693 8,244 266 316 3,675 1948—June 160,373 5,402 21.366 57.5OQ11.522 21,705 42,779 1948—June... 13,411 19 2,070 5,922 171 273 4,956 Dec 157,496 5,477 23,333 55,353 10,877 19,81942,637 Dec 10,216 98 861 5,571 232 329 3,125 1949—Jan 156,972 5,519 22,109 55,598 10,971 19,81942,956 1949—Jan 6,682 98 609 4,291 198 267 1,219 Feb 156,778 5,571 22,342 55,131 10,975 19,776 42,983 Feb 6,682 98 609 4,294 207 278 1,196 Treasury bills: 1-5 years: 1947—June 15,775 11 14,496 787 1 1 479 1947—June.... 42,522 469 698 29,917 1,574 2,671 7,193 Dec 15,136 18 11,433 2,052 25 154 1,454 Dec.... 49,948 344 1,377 33,415 1,876 3,046 9,890 1948—June 13,757 15 8,577 2,345 58 112 2,650 1948—June... 46.124 318 2,636 30,580 1,829 2,790 7,971 Dec 12,224 69 5,487 2,794 50 84 3,740 Dec... . 44,053 226 3,258 28,045 1,769 2,501 8,254 1949—Jan 12.133 00 5,038 2,982 44 72 3,907 1949—Tan 44,053 228 3.003 28,227 1,755 2,522 8,318 Feb 12,134 117 5,304 2,800 26 59 3,828 Feb 44,053 248 2,916 28,297 1,692 2,519 8,381 Certificates: 5-10 years: 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 1 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 12,3391 1949—Jan 10,464 314 255 6,543 507 990 1,855 Feb 29,434 28 6,788 9,407 255 690 12,266 ! Feb 10,464 313 248 6,585 480 980 1,858 Treasury notes: i10-20 years: 1947—June... 8,142 7 369 4,855 183 285 2,443 i 1947—June... 40,352 3,374 78 2,587 6.751 15,137 12,425 Dec... 11,375 4 1,477 5,327 98 245 4,224 Dec... 54,757 4,393 834 5,003 8,606 18,211 17,710 1948—June... 11,375 1,968 4,531 98 223 4,555 ! 1948—June... 53,838 4,685 2,921 3.922 8,639 17,129 16,542 Dec 7,131 7 791 3,099 84 166 2,984 Dec 53,838 4,710 7,215 3,541 8,048 15,230 15,094 1949—Jan 3,596 18 426 1,940 70 103 1,039 1949—Jan 53,838 i 4,731 6,783 3,685 8,208 15,225 15,206 Feb 3,596 39 368 1,928 72 107 1,082 Feb 53,838 4,731 6,478 3,732 8,314 15,244 15,339 Treasury bonds: After 20 years: 1947—June 119,323 1 5,306 727 48,756 11,407 23,305 29,822 i 1947—June.... 14,405 1 964 29 2,593 1,649 3,358 5,812 Dec 117,863 5,173 2,853 47,424 11,226 22,213 28,974 Dec 1948—Tune.. 112,462 5,336 6,206 42,146 11,047 20,880 26,847 1948—june Dec 111,440 5,340 10,977 40,371 10,486 18,891 25,375 Dec 1949—jan 111,440 5,352 10,224 40,807 10,599 18,900 25,558 I 1949—Tan.. . . Feb 111,440 5,351 9,883 40,978 10,621 18,91325,694 Feb * 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. 1 Including Postal Savings and prewar bonds and a small amount of guranteed securities, not shown separately below. 554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basisof dailystatements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) income and UULgU " decrease(-) during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t u e u e n d r x e d g - s i e - t s B ( d u + e u r ) f d p ic g l o u i e t s r t c T o e a r t u c u c n - . s 1 t t s c C o i a l n u c e g - n ar 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 e i r a n n a c n l d l e - - Total B s F D e a R e e r n r e e a d v k - p l - e s o 2 si d t i S s t e c a p i p r a i e o n i l - e s s - O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E o n + u x c ) o c t g e m o o ss e r Fiscal year: 1946 40,027 60,703 —20,676 —524 +10,740 — 10,46014,238 14,708 1 .00612,993 708 470 43,839 61,738 —17,899 1947 . .. 40,043 39,289 +754 -1,103 +555 -11,136 -10,930 3,308 3,730 1,202 962 1,565 422 43,591 36,931 +6,659 1948 42,211 36,791 +5,419 +2,706 -507 —5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 45,400 36,496 +8,903 1948—Apr... 2,239 2,541 -302 -r-86 +226 -750 -741 4,612 5,037 1,236 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 ,606 381 2,969 2,507 +462 June.. 4,859 47,O18 -2,159 +2,315 —226 +56 -14 4,932 5,370 t ,928 1,773 1,670 438 4,877 4,129 +748 July. . 2,096 53,558 -1,462 -178 5 +700 +1,082 +141 5,074 5,506 1,755 2,081 L.671 433 2,268 -2,588 r -320 Aug.. . 2,505 2,143 +362 +10 -289 -324 -241 4,832 5,229 1,919 1,741 1,568 397 3,162 r2 ,950 r -(-212 Sept.. 4,543 2,869 + 1,674 -570 +9 -362 +751 5,583 6,020 1,664 2,703 1,653 437 4,667 •'3,197 ••+1,469 Oct... 2,101 2,685 -584 -144 +174 -227 -781 4,802 5,205 1,608 1,976 L ,621 403 2,280 r2,779 r —499 Nov... 2,540 2,815 -275 -30 -158 +46 -417 4,385 4,813 1,601 1,621 L .591 428 3,190 >"3!474 r-283 Dec... 4,014 3,603 +410 -718 -163 +294 -177 4,208 4,630 1,123 1,909 1,599 422 4,106 r4,243 r-137 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 5,555 3,845 + 1,710 Apr.. . 1,340 2,748 -1,408 -465 +213 -111 -1,771 3,995 4,428 1,226 1,563 1,639 433 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Mis- Deduct Individual C a o n r d p o p ra ro ti f o it n s in ta c x o e m s e Es- Excise F o i r s c m al o y n e th ar W he it ld h- Other in n c t e e e o l r l u n a s - al S S r o e i c c ty i u a - l c O e r t i e h p - e t r s6 c T e r o i e p t - a ts l Re o fu f nds e S m S e o c p c u l i o r a i y l t - y c N e r i e e p - t ts W inc it o h m - e taxes Normal E a x n c d ess t a g a n if t d e t m o a i t s n h c d e e r lb p y lo y e e m rs - revenue taxes taxes t m ax e e n s t 7 held Other su a r n t d ax p o r t o h f e it r s taxes la ta n x e e o s us Fiscal year: 1946 9,392 21,493 7,725 1,714 3,915 44,238 2,973 1,238 40,027 9,858 8,847 4,640 7,914 677 7,036 1947 10,013 19,292 8,049 2,039 5,115 44,508 3,006 1,459 40,043 9,842 9,501 6,055 3,622 779 7,285 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1948—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 5,435 156 1,846 2,529 24 105 646 Apr. . .. 562 747 644 81 2 73 2,306 891 75 1,340 DETAILS OF BUDGET EXPENDITURES AND TRUSTACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc Social Security Other F o i r s c m al o y n e th ar Total N de a f t e io ns n e al e I d n st e t e b o r t n - n I i n n a o a a f a n t i n n i e d t - d a c - r l e - t e m r V A r a a i t e n d i n t o - i - s s n ' - a t c A u g t u o i r r l d i e - - T c t o f r r a e t a u u c o r n n s - s t s ts - Other c N e r i e e p - t ts ac m v c I e o n e s u n - t n - ts ts p tu E en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts E F C c E o o o x r n o p e o p i e m e g n r n - i d c it 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 3 607 3 235 1 785 1 509 3,009 1 577 2 476 1948 436,791 11,364 5,211 4,143 6,317 782 4 4 178 4 767 3 918 2 210 1 6404 5 598 850 2 109 1948—Apr 2,541 903 154 338 571 24 71 481 173 —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 31 *3,O77 481 348 553 17443,475 349 432 July 5 3,558 51,155 286 155 5772 -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 1,109 589 505 639 261 1 516 57 88 252 115 12 30 135 Apr 2,748 P945 178 ^444 547 *>190 74 P370 182 -92 235 103 9 403 196 Excess of receipts (+) or expenditures (—), 2 Excluding items in process of collection beginning with July 1947, September 1947, and subsequent issues 1946 MAY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Li i a n b t i e l r it a i g e e s, n c o y th e it r e m th s an Corporation or agency Total Cash L c a r e o b e i a l - v e n - s m m C p s r t a i l i u o o a n i e a p e m d t 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 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 e u t a n D a r r t n d r i r e e b g d e i - d s - e d - s O s a t e h s t - e s r b a t B y F g u n a u o u r t U n e a e n l d l . e s r d y S - d s . d p , e a n b O y o e a t t n b h e - l e s e , r O li i a t t i b h e i e s l r - i U m G n e e r . t o e s n e n v t S r - t - - . o v in w P a e t r t s n e i e t - r e l - y d 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 3,060 316 965 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 2 Agricultural Marketing Act Revolving Fund 1 2 Federal Farm Mortgage Corp 9 66 75 Rural Electrification Administration 1,046 35 998 () 1,046 Commodity Credit Corp 2,070 326 1,284 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 "(I)" 15 378 Public Housing Administration 4.... 1,786 295 1,448 21 1,765 Federal Housing Administration... . 220 21 1 157 50 Federal National Mortgage Association 200 199 4 196 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5. . . . 893 2 628 104 893 Other 1,073 937 98 33 81 992 Export-Import Bank 2,161 2,138 22 122 2,038 Federal Deposit Insurance Corp 1,072 (3) 1,064 () 6 1,066 F T e e d n e n r e a s l s e W e o V rk al s l e A y g A en u c t y hority 2 8 2 2 5 4 ( 1 ) 0 8 2 9 7 1 9 3 3 4 2 2 8 2 1 5 1 All other6 7,295 3,801 3,385 50 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 . . c b m 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 - - C m 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 c m n c a a - l . - H F 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 i r o c o n 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 7 366 371 Total loans receivable (net).. . 66 426 301 1,284 998 250 366 295 515 939 2,138 4,114 11,692 10,573 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its 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. 5 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. 556 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] Year or month Tot I a ( n l p d h 1 u y 9 s s t 3 i r c 5 i a a - D 3 l a l b 9 u v f p l M a r o e r - = c o lu a t d u n m 1 u r u N 0 d e c e - 0 s t u ) o i * r o n - n - M era in ls - To a t w 1 a C 9 l a 2 o c r 3 d n o - e s n R 2 d d t t e t e 5 r i r s n u a a i ( - c l v c = - t t a i s o l 1 u n o 0 e A t 0 ) h 2 l e l r N t a c u g u o r r l a n E - i- l - 1 m 93 p 9 lo F y = m a c 1 e t 0 o n 0 r t y ! 1 r 9 F t o p 1 3 o a l a 0 9 r l c y s y 0 - = « c 1 F a 9 i r r n 3 e l g 1 o 5 i s g 0 a - * 3 d h 0 9 - t D 1 u 9 m s s = ( e t 3 e v a p o e 1 ) l 5 a a e * r n 0 - l e r s 3 - * t 0 t 9 - 1 s p 9 u C r 3 m = i o 5 c n e 1 e - r 3 - 0 s s 9 0 ' W p m c = r 1 s i o h o a 9 c 1 m o l 2 d e 0 e l 6 i s - e 0 t y 8 able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919. 72 84 62 71 63 44 79 103.7 103.9 120 83 123.8 138.6 1920. 75 93 60 83 63 30 90 104.1 124.2 129 99 143.3 154.4 1921. 58 53 57 66 56 44 65 79.7 80.2 110 92 127.7 97.6 1922. 73 81 67 71 79 68 88 88.2 86.0 121 94 119.7 96.7 1923. 88 103 72 98 84 81 86 100.9 109.1 142 105 121.9 100.6 1924. 82 95 69 89 94 95 94 93.7 101.8 139 105 122.2 98.1 1925. 90 107 76 92 122 124 120 97.0 107.3 146 110 125.4 103.5 1926. 96 114 79 100 129 121 135 98.9 110.5 152 113 126.4 100.0 1927. 95 107 83 100 129 117 139 96.7 108.5 147 114 124.0 95.4 1928. 99 117 85 99 135 126 142 96.9 109.8 148 115 122.6 96.7 1929. 110 132 93 107 117 87 142 102.5 103.1 117.1 152 117 122.5 95.3 1930. 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119.4 86.4 1931. 75 67 79 80 63 37 84 87.1 75.8 71.8 105 97 108.7 73.0 1932. 58 41 70 67 28 13 40 77.2 64.4 49.5 78 75 97.6 64.8 1933. 69 54 79 76 25 11 37 77.5 71.3 53.1 82 73 92.4 65.9 1934. 75 65 81 80 32 12 48 84.9 83.2 68.3 89 82 95.7 74.9 1935. 87 83 90 86 37 21 50 88.5 88.7 78.6 92 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. 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 26 102 132.3 151.8 293.4 135 207 128 105.8 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 J>225 P155 190 162 214 149.0 159.9 365.1 138 302 171.2 165.0 1947 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 March 191 188 229 177 142 181 148 208 147.9 160.1 160.3 358.4 130 ••285 166.9 161.4 April 188 186 217 177 147 181 154 202 147.2 157.1 156 347.1 130 306 169 162.8 May 192 192 221 178 162 188 165 206 147.7 156.7 155.5 346.7 141 310 170 163.9 June 192 193 222 179 159 201 177 220 148.8 158.8 158.2 359.0 139 311 171.7 166.2 July 186 187 219 169 153 205 187 219 149.5 159.8 158 360.0 138 315 173.7 168.7 August 191 194 223 177 159 201 177 220 149.6 160.1 161 374.7 142 312 174.5 169.5 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. . , 195 195 229 178 161 189 154 217 150.0 161.2 161.6 379.3 137 287 172.2 164.0 December 192 190 231 173 156 180 145 209 149.4 158.6 159.4 377.6 137 310 171.4 162.3 1949 January.... 191 187 227 175 149 174 133 207 147.8 155.3 154.7 '363.0 131 287 170.9 160.6 February.. . 189 185 226 173 148 169 123 207 146.9P153.5 153.2 357.9 126 274 169.0 158.1 March P181 P168 P134 P126 P212 '145.9P15O.7P150.9 120 270 169.5 158.4 * Average per working day. v Preliminary. r Revised. *For indexes by groups or industries, see pp. 558-561. For points in total index, by major groups, see p. 580. 2 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 565 of this BULLETIN. 3 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 567-570. 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. MAY 1949 557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average== 100] 1948 1949 Industry Mar. Apr. Vlay June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Industrial Production—Total 191 188 192 192 186 191 192 195 195 192 191 189 P184 Manufactures—Total 200 195 197 198 192 197 199 202 201 199 198 196 P193 Durable Manufactures 229 217 221 222 219 223 225 231 229 231 227 226 Iron and Steel 207 177 208 208 201 207 214 221 224 223 228 233 Pig iron 190 151 193 196 186 200 205 209 212 212 218 '220 221 Steel 234 208 236 236 228 235 243 252 255 254 260 '267 266 Open hearth 184 154 183 181 176 179 185 193 194 194 197 199 202 Electric 589 593 608 630 597 635 658 670 685 682 711 '755 720 Machinery .. . 283 275 273 277 269 271 273 277 276 277 268 262 P251 Manufacturing Arsenals and Depots * Transportation EQUtptnent 240 237 218 222 233 230 231 243 238 246 244 242 P241 Automobiles (including parts) 202 197 179 185 202 198 197 209 203 208 209 206 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) 1 Nonferrous Metals and Products , 201 200 196 194 185 186 192 192 187 184 183 186 P186 Smelting and refining 192 203 203 194 188 190 193 191 175 183 186 200 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1 Fabricating , 204 199 194 193 184 185 192 192 192 185 182 180 P176 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * Lumber and Products 151 145 142 140 142 148 143 147 145 143 129 12 3 P129 Lumber 137 132 131 129 135 140 132 135 133 131 117 107 Furniture , 178 169 163 161 157 163 165 170 169 168 154 154 P149 Stone, Clay, and Glass Products 211 211 206 207 200 210 207 P210 P203 P205 P204 P203 P196 Glass products 205 212 201 199 185 207 207 Plate glass 160 165 152 170 123 172 152 Glass containers 219 227 218 208 206 218 226 224 189 '184 '189 184 177 Cement 196 193 187 190 188 186 183 184 195 212 208 222 208 Clay products 176 173 172 176 168 175 169 171 172 173 180 177 Gypsum and plaster products 248 249 241 238 237 247 237 241 241 235 237 224 *>216 Abrasive and asbestos products 248 244 244 249 248 248 251 252 249 246 '239 233 P228 Other stone and clay products l Nondurable Manufactures . 177 177 178 179 169 177 178 179 178 173 175 173 P168 Textiles and Products 175 175 177 174 154 166 168 167 164 156 160 157 P142 Textile fabrics 161 161 163 159 138 152 154 153 148 140 144 142 P131 Cotton consumption 147 147 147 140 115 127 132 129 122 114 123 125 120 Rayon deliveries 303 298 308 313 324 318 322 319 322 317 313 '305 275 Nylon and silk consumption 1 Wool textiles 177 179 179 176 137 168 166 168 162 151 150 143 Carpet wool consumption 216 227 226 220 158 226 226 247 233 206 '225 214 Apparel woo! consumption . . 190 196 191 184 153 178 173 160 143 139 136 130 Wrool and worsted yarn 166 164 163 162 125 150 148 148 144 133 '125 122 Woolen yarn 144 146 145 146 114 139 136 141 140 127 122 119 Worsted yarn 196 190 189 185 140 166 165 159 149 143 130 126 Woolen and worsted cloth 171 171 172 172 137 160 157 157 156 148 149 141 Leather and Products 115 110 108 109 96 113 119 100 108 113 Leather tanning... 102 105 109 107 95 105 108 108 100 103 103 108 Cattle hide leathers . ... 115 119 124 121 109 120 123 '121 110 114 114 122 Calf and kip leathers 69 '77 '81 80 '64 78 '79 82 80 89 88 85 Goat and kid leathers '93 91 91 89 '81 83 90 89 82 85 89 Sheep and lamb leathers 92 91 93 94 84 100 98 95 87 87 93 86 Shoes 123 113 107 110 96 119 126 117 104 97 111 117 Manufactured Food Products 158 157 159 163 160 156 163 161 159 158 r159 162 P163 Wheat flour. 122 134 139 138 139 143 128 130 133 128 135 127 P114 Cane sugar meltings 1 Manufactured dairy products P145 P149 P151 P152 P154 P150 P148 P144 P144 P144 P145 P150 Butter 69 71 72 71 72 75 73 76 75 74 77 80 86 Cheese . . .. 159 170 171 171 168 171 160 161 166 180 192 '190 188 Canned and dried milk 158 175 185 192 195 198 181 167 143 135 126 130 146 Ice cream PPreliminary. ' Revised. 1 Series included in total and group indexes but not available for publication separately. 558 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing 131 125 127 152 135 126 133 141 155 154 152 156 153 Pork and lard . 140 136 145 176 149 128 136 157 177 172 167 172 167 Beef 131 122 116 135 124 125 133 127 135 143 147 154 155 Veal 98 102 104 134 140 147 146 140 144 134 115 112 111 Lamb and mutton 91 83 74 94 89 92 101 112 108 98 92 87 71 Other manufactured foods 167 166 168 169 167 162 172 169 165 164 165 P169 Processed fruits and vegetables 155 147 150 159 142 107 162 152 140 142 138 137 P160 Confectionery . . . 143 138 138 124 117 119 121 124 124 132 131 136 Other food products 174 176 178 179 182 183 184 181 179 175 178 183 PISO Alcoholic Beverages 191 182 167 170 173 179 189 186 217 197 181 177 187 M^alt liQuor 157 153 141 145 155 165 176 156 181 185 168 156 176 Whiskey . . 152 160 157 114 86 73 91 95 112 131 119 118 106 Other distilled spirits 526 383 294 393 402 346 211 244 334 278 328 294 249 Rectified liquors 239 255 245 243 242 274 336 398 443 287 235 283 295 Industrial Alcohol from Bevetage Plants * Tobacco Products 164 183 163 166 148 178 168 174 170 146 159 160 172 Cigars 102 101 105 108 98 113 127 122 130 97 102 100 99 Cigarettes 225 257 222 226 200 242 218 230 224 196 216 220 241 Other tobacco products 67 75 68 68 63 75 78 78 68 63 66 66 68 PaPet and Paper Products ' 169 170 165 150 165 166 172 169 153 163 159 150 Paper and pulp' 160 163 164 160 146 161 160 167 163 150 158 155 147 Pulp 178 180 187 183 172 193 183 195 188 173 188 182 175 Groundwood pulp 90 97 104 106 117 122 116 117 104 105 101 96 95 Soda pulp... . . . 103 108 112 111 96 110 107 111 107 104 107 108 106 Sulphate p*ulp 285 293 309 301 283 328 301 330 317 285 327 309 291 Sulphite pulp. . . . . ... , 153 151 151 146 135 148 145 153 149 137 145 145 141 Paper 157 160 160 156 142 156 156 163 159 146 153 150 143 Paperboard ... . 192 192 191 187 165 184 189 193 195 167 182 174 163 Fine paper' 85 87 86 86 74 83 83 Printing paper 161 166 169 168 150 160 161 172 165 160 157 162 153 Tissue and absorbent paper , 161 171 169 157 160 161 163 170 162 158 161 158 160 Wrapping paper 148 151 150 145 135 153 148 157 150 142 151 148 139 Newsprint3 '86 '93 101 100 100 99 98 99 Paperboard containers (same as Paperboard) Printing and Publishing 150 154 156 157 147 155 154 164 156 154 155 155 152 Newsprint consumption 139 143 143 146 145 149 147 155 148 148 153 149 151 Printing paper (same as shown under Paper) Petroleum and Coal Products , P211 P213 P220 P220 P217 P221 P207 P217 P227 P231 P228 P222 PPJQ Petroleum refining' Gasoline . . . .. 154 164 170 173 170 173 165 170 174 179 174 170 M72 Fuel oil 200 194 196 194 192 194 180 199 200 204 r206 194 P189 Lubricating oil . . .. 164 158 159 155 154 162 157 169 159 162 159 150 Kerosene 210 197 187 196 193 182 184 183 207 200 196 176 Other petroleum products 1 Coke 166 137 174 175 170 178 181 181 183 184 184 185 177 By-product coke . 164 135 166 168 166 170 173 173 175 176 177 176 173 Beehive coke 237 186 421 407 318 447 444 454 460 466 455 '504 317 Chemical Products 250 249 249 256 251 259 257 255 257 257 257 250 P242 Paints 154 150 151 154 161 161 158 156 153 148 149 143 P139 Soap 140 123 124 124 121 126 134 135 135 137 135 133 P130 Rayon .... . . ... 303 305 304 309 312 312 305 304 306 311 309 309 P293 Industrial chemicals 433 439 436 449 433 450 448 446 449 450 447 434 Explosives and ammunition * Other chemical products * Rubber Products 205 200 201 205 200 207 205 205 203 r200 193 188 P184 Minerals—Total 142 147 162 159 153 159 156 158 161 156 149 148 P134 Fuels 146 149 168 164 160 166 162 166 167 164 156 155 P136 Coal 99 103 160 147 134 150 148 145 147 137 133 129 P8S Bituminous coal 97 102 171 157 143 158 156 152 155 145 145 142 Anthracite 108 105 116 105 100 117 119 118 116 103 88 74 P52 Crude petroleum 169 171 172 173 172 174 170 176 177 177 167 168 Metals 118 137 128 128 113 115 119 113 121 110 Pill P124 Metals other than gold and silver 161 193 179 179 155 158 166 157 175 158 149 P183 Iron ore (Copper; Lead; Zinc)1 Gold 58 57 57 55 56 55 54 48 43 39 39 Silver 59 68 67 65 57 61 60 69 60 59 55 p Preliminary. r Revised. x Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. 3 Newsprint production revised beginning January 1948. Revisions not shown above are as follows: Newsprint production, January, 87, February, 87; Paper and pulp, January, 158; Paper and paper products, January, 164. 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. May 1949 559 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- Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Industrial Production—Total 188 186 192 193 187 194 197 199 195 190 187 185 P181 Manufactures—Total 197 193 197 199 193 200 203 205 202 197 195 193 vl90 Durable Manufactures 228 217 222 223 220 224 227 232 229 229 225 224 P221 Iron and Steel 207 177 208 208 201 207 214 221 224 223 228 r232 233 Pig iron 190 151 193 196 186 200 205 209 212 212 218 -•220 221 Steel 234 208 236 236 228 235 243 252 255 254 260 267 266 Open hearth. 184 154 183 181 176 179 185 194 194 197 199 202 Electric 589 593 608 630 597 635 658 670 685 682 711 755 720 Machinery 283 275 273 277 269 271 273 277 276 277 268 262 P251 Manufacturing Arsenals and Depots l Transportation Equipment 240 237 218 222 233 230 231 243 238 246 244 242 v241 Automobiles (including parts) 202 197 179 185 202 198 197 209 203 208 209 206 P206 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products. 201 200 196 193 185 186 192 188 184 183 186 P186 Smelting and refining 193 203 203 193 187 190 193 176 183 186 200 P2O8 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 204 199 193 184 185 192 192 185 182 180 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 144 144 148 151 158 153 154 142 132 118 115 Lumber.. . 125 131 134 141 148 156 147 145 128 113 100 96 Furniture. 178 169 163 161 157 163 165 170 169 168 154 154 Stone, Clay, and Glass Products. 201 208 211 209 201 218 216 v220 P208 P199 P192 P188 p/86 Glass products 205 212 212 197 179 213 210 Plate glass 160 165 152 170 123 172 152 Glass containers 219 227 233 206 198 227 231 230 191 "171 '185 179 177 Cement 160 183 196 203 207 210 213 214 211 193 169 168 171 Clay products 169 168 171 175 168 180 175 180 178 178 '167 168 P166 Gypsum and plaster products... 238 246 243 243 237 248 243 247 246 241 227 213 P2O9 Abrasive and asbestos products. 248 244 244 249 248 248 251 252 249 246 '239 233 Other stone and clay products l. Nondurable Manufactures. 173 174 177 179 171 180 185 183 179 171 170 169 164 Textiles and Products 175 175 177 174 154 166 168 167 164 156 160 157 Textile fabrics 161 162 163 159 138 152 154 153 148 140 144 142 C R o ay tt o o n n d c e o l n iv s e u r m ie p s tion 3 1 0 4 3 7 2 1 9 4 8 7 3 1 0 4 8 7 3 1 1 4 3 0 3 1 2 1 4 5 3 1 1 2 8 7 3 1 2 3 2 2 3 1 1 2 9 9 3 1 2 2 2 2 3 1 1 1 7 4 3 1 1 2 3 3 '3 1 0 2 5 5 2 1 7 2 5 0 Nylon and silk consumption l Wool textiles 177 179 179 176 137 168 166 168 162 151 150 143 Carpet wool consumption 216 227 226 220 158 226 226 247 233 206 •225 214 Apparel wool consumption 190 196 191 184 153 178 173 160 143 139 136 130 Woolen and worsted yarn 166 164 163 162 125 150 148 148 144 133 125 122 Woolen yarn 144 146 145 146 114 139 136 141 140 127 122 119 Worsted yarn 196 190 189. 185 140 166 165 159 149 143 130 126 Woolen and worsted cloth 171 171 172 172 137 160 157 157 156 148 149 141 Leather and Products 114 110 108 108 94 112 118 114 104 99 108 116 Leather tanning 101 105 109 r91 103 106 109 103 102 104 115 Cattle hide leathers 115 119 124 ••116 103 117 121 123 115 114 116 131 Calf and kip leathers 68 74 78 81 64 >-81 78 83 83 88 86 90 Goat and kid leathers ^92 94 89 90 '80 '75 84 90 86 83 85 93 Sheep and lamb leathers 89 89 100 93 79 103 96 95 92 82 87 95 Shoes 123 107 96 119 117 104 97 111 117 113 110 126 Manufactured Food Products. . . 141 143 153 163 172 174 188 173 161 153 148 146 P146 W Ca h n e e a t s u f g lo a u r r meltings l 120 128 134 132 137 141 140 137 134 127 135 128 P112 Manufactured dairy products.. . Pi 19 P155 P201 P224 P223 P198 P158 P122 P95 P92 P92 P104 Butter 63 72 93 98 82 70 65 57 59 64 71 Cheese 143 176 229 242 207 191 163 145 125 129 142 156 169 Canned and dried milk 155 197 257 265 226 204 167 135 103 104 102 117 143 Ice cream P Preliminary. r Revised. 1 Series includedjn total and group indexes but not available for publication separately. 560 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] 1949 Industry- Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Manufactured Food Products—Continued Meat packing 121 116 127 151 126 111 124 142 173 181 179 149 141 Pork and lard 130 124 145 176 132 99 108 147 207 226 219 169 155 Beef 119 115 116 132 125 127 144 138 141 143 150 141 141 Veal 92 100 108 134 140 144 160 160 154 126 106 99 104 Lamb and mutton. 89 80 76 87 86 90 109 116 108 96 98 87 70 Other manufactured foods 149 148 152 160 174 183 207 188 172 161 152 153 Processed fruits and vegetables. . . 85 90 97 122 184 203 317 197 129 111 90 86 Confectionery 133 114 106 92 96 129 156 162 146 134 135 137 Other food products 167 169 175 181 185 187 188 190 188 179 171 174 P173- Alcoholic Beverages. 172 178 173 186 188 184 195 203 212 174 153 159 173 Malt liquor 146 160 161 183 194 189 178 145 139 148 138 141 163 Whiskey 152 160 157 114 86 73 91 95 112 131 119 118 106 Other distilled spirits. 342 230 177 243 233 187 289 631 702 306 213 176 162 Rectified liquors 239 255 245 243 242 274 336 398 443 287 235 283 295 Industrial Alcohol from Beverage Plants l.... Tobacco Products. . . 155 173 163 173 154 184 178 180 173 136 158 153 163 Cigars 102 101 105 108 98 113 127 122 130 97 102 100 99 Cigarettes 209 239 222 237 210 255 233 239 228 181 216 207 224 67 75 68 70 63 73 83 84 70 56 65 64 68 Other tobacco products 167 169 170 165 149 165 166 172 '170 153 163 159 151 Paper and Paper Products. . . 160 163 164 160 145 160 '160 167 163 149 158 155 147 Paper and pulp 3 179 182 188 183 170 191 181 194 189 173 189 183 176 Pulp 96 107 112 107 104 107 103 109 110 107 105 100 102 Groundwood pulp 103 108 112 111 96 110 107 111 107 104 107 108 106 Soda pulp 285 293 309 301 283 328 301 330 317 285 327 309 291 S S u ul l p p h h i a t t e e p p u u l l p p 1 1 5 5 3 7 1 1 5 6 1 0 1 1 5 6 1 0 1 1 4 5 6 6 1 14 3 1 5 r 1 1 4 5 8 6 1 1 4 5 5 6 1 1 5 6 3 3 1 1 4 5 9 9 1 1 3 4 7 6 1 1 4 5 5 3 1 1 5 4 1 5 1 1 4 4 3 1 Paper 192 192 191 187 165 184 189 193 195 167 182 174 163 Paper board 85 87 86 86 74 83 83 Fine paper 2 161 166 169 168 150 160 161 172 165 160 157 162 153 Printing paper 161 173 169 160 153 161 163 172 162 153 159 164 160 Tissue and absorbent paper 148 151 150 145 135 153 148 157 150 142 151 148 139 Wrapping paper '86 100 '95 r99 '98 100 98 99 98 99 Newsprint3 Paperboard containers (same as Paperboard) Printing and Publishing 153 •159 159 137 147 155 167 163 158 '149 154 155 Newsprint consumption 145 151 144 125 134 149 163 161 155 142 157 Printing paper (same as shown under Paper) v213 P220 v220 v217 P207 v217 P227 P231 P228 P219 Petroleum and Coal Products. Petroleum refining 2 154 164 170 173 170 173 165 170 174 179 174 170 P172 Gasoline 200 194 196 194 192 194 180 199 200 204 '206 194 189 Fuel oil 162 164 166 155 152 160 157 169 159 161 154 148 Lubricating oil 214 201 189 184 179 174 182 183 213 206 200 185 Kerosene Other petroleum products l 166 137 174 175 170 178 181 181 183 184 184 185 177 Coke 164 135 166 168 166 170 173 173 175 176 177 176 173 By-product coke 237 186 421 407 318 447 444 454 460 466 455 504 317 Beehive coke Chemical Products 252 251 249 253 247 256 257 258 258 258 256 251 Paints 154 151 156 158 160 159 156 156 151 148 146 Soap 140 120 120 122 120 127 139 142 137 137 132 132 P130 Rayon 303 305 304 309 312 312 305 304 306 311 309 309 *>293 Industrial chemicals 433 439 436 449 433 450 448 446 449 450 447 434 Explosives and ammunition x. . Other chemical products l. . . . Rubber Products 205 200 201 205 200 207 205 205 203 193 188 Minerals—Total. .. 136 145 164 163 158 164 160 161 160 151 143 143 vl29 Fuels 146 149 168 164 160 166 162 166 167 164 156 155 Coal... 99 103 160 147 134 150 148 145 147 137 133 129 P85 Bituminous coal. 97 102 171 157 143 158 156 152 155 145 145 142 P93 Anthracite 108 105 116 105 100 117 119 118 116 103 88 74 P52 Crude petroleum.... 169 171 172 173 172 174 170 176 177 177 167 168 P161 Metals. 82 126 144 153 147 149 148 132 114 77 '68 v75 v89 Metals other than gold and silver. . . . 103 178 210 226 215 213 212 186 160 100 88 101 M25 I ( r C o o n p p or e e r; Lead; Zinc)1 77 228 302 331 325 324 314 254 225 93 74 81 110 Gold 49 Silver 60 P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. 3 Newsprint production revised beginning January 1948. Revisions not shown above are as follows: Newsprint production, January 87, February 87; Paper and pulp, January, 158. 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. MAY 1949 561 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index number of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1948 Feb. Mar. Nov. Dec Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Total 159.5 160.3 161.6 159.4 154.7 153,2 150.9 355.7 354.1 358.4 379,3 377.6 363.0 357.9 Durable £oods 185.8 188.1 188.6 186.5 180.6 177.7 174.4 403.1 393.1 402.0 430.3 430.1 '412.6 403.2 Nondurable goods 138.7 138.4 140.3 138.0 134.2 133.9 132.4 315.3 316.0 315.7 329.5 326.3 '314.5 313.6 Iron and Steel and Products 164.2 164 A 166.8 165.2 161.1 158.8 155.6 341.9 337.6 340.8 373.6 371.4 356.7 348.4 Blast furnaces, steel works, etc 131 133 139 140 140 141 261 258 261 303 305 305 303 Steel castings 226 228 234 234 230 226 465 466 481 528 525 506 497 Tin cans and other tinware 144 140 148 146 141 136 320 302 290 335 340 318 307 Hardware 160 161 152 152 146 143 371 372 374 367 371 350 339 Stoves and heating equipment. 185 178 178 155 130 126 417 408 388 400 350 277 262 Steam, hot-water heating apparatus 206 205 205 202 196 186 425 448 439 467 455 418 401 Stamped and enameled ware 205 203 199 192 180 179 480 471 471 492 481 440 429 Structural and ornamental metal work 178 180 185 185 183 358 353 399 395 Electrical Machinery 225 .4 222.9 215 .1 213.1 201.2 192.4 471.0 465.1 459.1 479.2 474.6 454.3 442.3 Electrical equipment 212 210 201 199 194 190 443 437 432 448 444 427 420 Radios and phonographs 226 222 218 221 213 201 507 496 488 540 551 '507 478 Machinery except Electrical 234.0 233.1 227.9 227.5 223.1 219.1 214.2 473.8 471.9 475.2 486.9 491.6 473.7 463.0 Machinery and machine-shop products 251 250 244 244 240 236 513 514 515 527 533 518 502 Engines and turbines 292 293 281 282 280 276 626 622 632 620 639 610 602 Tractors 198 199 195 197 198 196 354 352 354 358 370 375 367 Agricultural, excluding tractors.. . 262 266 267 270 268 267 535 551 577 592 614 599 608 Machine tools 138 135 130 129 121 118 250 254 249 248 249 224 219 Machine-tool accessories 218 217 211 211 207 201 399 398 389 387 396 384 367 Pumps 303 296 278 279 276 272 642 648 638 626 633 610 620 Refrigerators 232 230 226 226 217 210 479 434 455 486 490 461 450 Transportation Equipment, except Autos 292.6 292.7 285.7 285.3 280.0 278.3 276.2 611.2 593.3 600.4 611. 635.5 608.5 607.9 Aircraft, except aircraft engines... 341 343 377 382 382 381 657 667 676 831 839 808 828 Aircraft engines 280 277 315 321 323 321 483 469 474 601 619 617 605 Shipbuilding and boatbuilding. 184 182 137 134 128 125 417 385 384 289 274 263 262 Automobiles 178.9 195.0 193.9 194.8 193.0 188.5 408.7 357.6 396.5 451.2 455.3 444.7 438.9 Nonferrous Metals and Products 178.5 180.0 176.1 173.6 168.0 372.7 372.9 377.1 391.2 372.2 363.6 Primary smelting and refining. . . . 150 149 147 303 304 307 391.9 342 344 339 Alloying and rolling, except aluminum 137 141 140 141 140 136 273 273 284 298 310 297 277 Aluminum manufactures 192 192 174 173 169 164 371 367 362 360 358 350 341 Lumber and Timber Basic Products. . . . 175.0 178.3 195 .4r186.7 168.4 413.5 417.2 427.6 499.7 '465.6'418.2 395.7 Sawmills and logging camps 189 194 213 '202 '182 181 450 452 466 550 '504 '450 423 Planning and plywood mills 178 180 195 193 184 178 417 422 425 485 '482 '440 426 Furniture and Lumber Products 149.2 147.8 143.1 140.7 134.1 133.2 130.3 352.2 350.2 349.2 349.2 345.4 317.9 315.7 Furniture 150 148 144 143 136 135 355 356 353 357 354 323 321 Stone, Clay, and Glass Products 150.9 153.9 158.9 157.4 152.5 150.0 322.9 321.4 336.6 366.9 366.9 349.5 344.5 Glass and glassware 167 171 171 167 159 156 354 351 370 384 385 372 367 Cement 145 145 153 152 150 150 276 274 279 315 312 308 304 Brick, tile, and terra cotta 130 133 144 143 138 135 304 285 304 357 356 '331 329 Pottery and related products 171 174 182 182 178 179 345 345 361 408 404 387 392 Textile-Mill and Fiber Products 114.2 114.7 108.9 108.0 104.9 104.0 303.0 310.6 315.6 291.9 291.9 276.7 274.8 Cotton goods except small wares. . 126 127 122 121 118 117 379 377 385 349 353 332 333 Silk and rayon goods 94 95 96 95 93 91 272 282 288 299 293 276 267 Woolen and worsted manufactures 114 113 100 100 95 92 292 321 322 269 275 259 246 Hosiery 90 90 85 84 82 83 203 205 213 210 202 192 194 Dyeing and finishing textiles 135 135 130 131 128 129 327 335 332 317 328 309 321 Apparel and Other Finished Textiles. . . 147.7 147.5147.0 145.3 143.0 149.1 149.0 337.0 345.2 343.2 336.8 329.2 327.2 345.8 Men's clothing, n.e.c 126 127 124 123 122 127 290 293 301 276 272 270 286 Shirts, collars and nightwear 100 101 95 90 85 90 247 246 253 235 212 193 212 Women's clothing, n.e.c 170 168 171 170 169 175 375 387 376 381 371 377 392 Millinery 96 95 76 82 85 93 179 206 186 122 '148 '163 206 Leather and Leather Products 115.> 114.1104.5 104.8 105.0 105.8 105.2 258.7 262.5 251.7 224.4 234.3 235.0 239.4 Leather 100 98 93 95 93 92 215 216 206 202 211 205 202 Boots and shoes 112 110 99 101 103 104 258 261 250 212 228 234 240 Food and Kindred Products 135.6 134.5 152.9 146.6 138.3 134.9 134.3 296.6 288.5 285.8 340.7 333.5 '312.1 302.9 Slaughtering and meat packing. . . 148 143 152 162 158 152 323 281 296 336 366 '344 308 Flour 147 145 150 149 149 146 326 318 292 352 347 363 332 Baking 125 127 134 132 128 128 243 257 250 281 280 265 272 Confectionery 139 130 161 148 133 128 324 303 283 389 347 305 291 Malt liquors 183 185 200 193 184 181 320 321 324 377 360 332 332 Canning and preserving 91 90 130 109 88 80 239 240 227 314 280 227 216 Tobacco Manufactures 93.9 93.- 96.. 93. 89., 88.6 89.3 210.5 195.7 204.6 223.5 217.9 200.5 193.5 Cigarettes 122 121 128 124 122 120 260 219 247 264 269 250 240 Cigars 83 83 85 81 76 76 188 189 187 207 192 175 169 ' Revised. NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for March 1949 are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics. 562 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 Feb. Mar. Nov. Dec. Jan. Feb. Mar. Jan. Feb. Mar. Nov. Dec. Jan. Feb. Paper and Allied Products 147 .8 148.0 151.7 151.1 147.5 145.4 328.0 328.9 330.8 362 2 356.5 '341.9335.3 Paper and pulp 147 148 150 150 148 147 330 334 336 365 358 '349 341 Paper goods, n.e.c 164 164 169 168 165 163 355 353 354 393 395 381 381 Paper boxes 139 137 146 144 136 133 309 307 305 345 335 306 297 Printing and Publishing 133.5 132.8 134.7 135.2 132.9 132.1 255.3 254.7 258.5 275.4 280.6 268.8 269.7 Newspaper periodicals 121 122 127 128 126 127 219 225 229 253 259 '243 248 Book and job 147 145 147 148 146 144 296 291 293 308 316 309 307 Chemicals and Allied Products 204.2 203.6 207.8 207.0 206.1 203.9 201.9 426.7 425.6 425.1 461.9 462.3 459.1 454.2 Drugs, medicines, and insecticides 238 237 235 234 238 239 491 489 488 515 514 535 536 Rayon and allied products 132 132 132 134 135 135 269 270 272 300 305 305 304 Chemicals, n.e.c 294 294 301 302 300 293 587 585 584 638 640 639 622 Explosives and safety fuses 350 354 375 375 372 367 669 678 675 749 747 708 730 Ammunition, small arms 182 183 172 168 166 164 381 389 397 404 395 381 385 Cottonseed oil 128 115 178 168 157 141 397 338 316 555 540 476 415 Fertilizers 188 202 152 152 162 180 475 482 540 415 428 450 503 Products of Petroleum and Coal 153.9 155.4 157.7 rl55 .0 153.0 152.1 318.1 315.4 320.0 354.9 345.5 349.6 339.2 Petroleum refining 153 155 155 155 154 154 304 302 307 344 338 346 334 Coke and by-products 140 141 148 148 149 147 310 312 315 347 351 358 351 Rubber Products 172.0 168.9 164.5 161. 157.8 154.1 354.9 337.2 320.6 341.9 332.7 320.6 309.8 Rubber tires and inner tubes 182 178 168 165 163 160 344 315 292 313 300 295 289 Rubber goods, other 167 165 163 159 154 153 368 366 356 379 370 354 347 Miscellaneous Industries 181.9 182.6 184.9 169.4 167 .9 165 .9 388.2 393.9 394.0 420.8r406.8 384.2 381.4 Instruments, scientific 2 AS 245 268 267 270 272 508 487 489 577 579 588 596 Photographic apparatus 221 220 224 224 217 213 418 424 422 455 455 441 432 P"or footnote, see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1948 1949 Group Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total 159.8 160.1 157.1 156.7 158.8 159.8 160.1 163.3 162.8 161.2 158.6 155.3 153.5 P15O.7 Durable 186.4 188.4 185.5 184.1 184.0 185.1 184.9 188.0 188.7 188.5 '•186.4 "•181.1 178.3 P174.7 Nondurable ... 138.7 137.7 134.7 135.1 138.9 139.8 140.6 143.8 142.3 139.6 '136.7 134.9 133.9 P131.8 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 (dollars per hour) Industry group 1948 1948 Feb. Mar. Nov. Dec. Jan. Feb. Mar, Feb. Mar. Nov. Dec Jan. Feb. Mar, All manufacturing.. 40.2 40.4 39. < 40.0 39.4 39.4 38.9 1.28) 1.376 1.381 1.377 1.372 Durable goods.. 40.9 40.4 40.7 40.1 40.0 39.2 1.352 1.352 1.454 1.456 1.459 1.458 1.451 Iron and steel and products 40.4 40.6 40.5 40.5 39.6 39.1 1.409 1.412 1.526 1.528 1.529 1.528 1.528 Electrical machinery 40.4 40.3 40.3 40.3 39.7 39.0 1.348 1.350 1.446 1.446 -•1.446 1.450 1.445 Machinery except electrical 41.4 41.6 40.7 41.1 40.3 39.8 1.417 1.421 1.520 1.525 1.520 1.521 1.522 Transportation equipment, except autos 39.6 40.3 39.3 40.6 39.7 40.0 40.0 1.482 1.472 1.579 1.585 1.578 1.578 1.575 Automobiles 38.1 38.9 38.6 39.4 39.8 40.0 37.5 1.548 1.539 1.693 1.696 .711 1.702 1.653 F N L S u t u o o r m n n n f e b i e , t e r u r r c r o l e a a u n y s a d , n m a d t n i e m d f t i a n b l g i s e s l r a h a s e n b s d d a p s l i p r u c o r m o d p u d b r c u e o r t c d s t u s p c r t o s ducts. 4 4 4 3 1 1 1 9 . . . 2 4 8 4 4 4 4 1 2 1 0 . . . . 3 1 8 4 4 4 4 0 1 0 0 . . . . 8 6 8 1 r 4 4 4 4 1 l 1 0 A . . . 2 6 1 '3 4 4 39 9 0 1 . . . . 8 5 3 4 4 4 3 0 0 9 0 . . . . 3 1 9 0 3 4 3 3 9 9 0 9 . . . . 7 1 4 9 1 1 1 1 . . . . 1 2 3 0 2 5 3 8 7 5 8 0 . . . . 3 2 1 0 6 4 2 7 0 4 6 1 1 1 1 1 . . . . 4 1 1 3 4 6 8 5 0 0 8 4 1 r1 1 1 . . . . 1 3 1 4 3 5 4 8 6 2 4 6 . . . . 1 1 4 3 8 1 4 5 2 9 5 6 1 1 1 1 . . . . 1 1 3 4 8 0 5 4 2 7 6 9 1 1 1 1. . . . 3 4 1 1 5 4 8 1 9 5 2 9 - Nondurable goods 39.9 39.9 39.1 39.3 38.7 38. < 38.5 1.217 .220 1.28 c 1.287 .294 1.289 1.289 Textiles—mill and fiber products 40.2 38.0 38 37 .4 37.6 36. 1.139 .140 1.190 1.189 .189 1.18 1.184 Apparel and other finished products 36.7 35.9 35.4 35.0 35.9 36.0 1.098 .092 1.099 1.101 .124 1.113 1.098 Leather and manufactures 39.0 35.5 37.2 37.2 37.6 37.5 1.102 .106 1.151 1.146 .143 1.143 1.156 Food and kindred products 41.6 41.5 41.8 41.5 41.3 41.1 1.181 .187 1.249 1.264 1.269 1.265 1.268 Tobacco manufactures 36.2 37. 38.1 36.4 35 35.7 .968 .968 1.016 1.018 1.020 1.022 1.030 Paper and allied products 43.1 42.9 42.6 '41.5 41.4 40.9 1.245 .249 1.336 1.330 1.336 1.334 1.328 Printing, publishing and allied industries 39.1 39.1 39.6 38.6 38 38.5 1.604 .621 1.713 1.72: 1.724 1.737 1.759 Chemicals and allied products 41.1 41.2 41.4 41.4 41.0 40.8 40.3 1.315 .315 1.398 1.403 1.413 1.417 1.413 Products of petroleum and coal 40 40 40.4 40.3 41.2 40.1 40.7 1.581 .593 1.763 1.743 1.754 1.747 1.752 Rubber products 38.5 37.8 38.6 38.5 37.9 37.6 37.5 1.421 .408 1.508 1.499 1 .501 1.503 1.495 Miscellaneous industries 40.8 40.6 40.8 40.5 '39.9 39.9 39. 1.230 1.229 1.287 1.30: 1.30 1 .307 1.303 I r Revised. NOTE.—Figures for March 1949 are preliminary. Back figures are available from the Bureau of Labor Statistics. MAY 1949 563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , a a l nd utilities governmentl 1940 32,031 10,780 916 1,294 3,013 7,055 1,419 3,362 4,192 1941 36,164 12,974 947 1,790 3,248 7,567 1,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7.481 1,440 ,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 1,401 ,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—February 44,755 16.208 920 1,945 4,071 9,664 1,698 4,730 5,519 March 44,791 16,246 930 1,941 4,069 9,634 1,697 4,729 5,545 April 44,584 16,045 820 1,972 3,995 9,721 1,696 4,768 5,567 May 44,726 16,018 936 2,032 4,028 9,689 1,699 4,738 5,586 June 45.053 16,172 947 2,110 4,056 9,779 ',,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 4,647 781 October 45,669 16.548 939 2,101 4,095 9,817 1,740 4,641 788 November 45,443 16,420 937 2,120 4,070 9,782 ,737 4,644 733 December '45,252 '16.195 940 2,121 4,084 9,769 •1,739 '4,624 5,780 1949—January '44,763 930 2,095 '4,031 9,697 '1 ,720 4,546 5,790 February 44.483 15,780 928 2,049 4,007 9,656 1,715 4,560 5,788 March 44,184 15,526 921 1,961 3,974 9,709 1,711 4,620 5,762 UNADJUSTED 1948—February 44,279 16,183 914 1,731 4,019 9,520 1,690 4,730 5,492 March 44,600 16,269 924 1,805 4,032 9,598 ,697 4,729 5,546 April 44,299 15,950 817 1,933 3.974 9,576 ,704 4,768 5,577 May 44,616 15,892 935 2,052 4,042 9,617 ,716 4,738 5,624 June 45,009 16,115 950 2,173 4,105 9,670 ,726 4,663 5,607 July 45,098 16,172 922 2,219 4,136 9,646 ,754 4,645 5,604 August 45,478 16,441 952 2,253 4,139 9,660 ,761 4.622 5,650 September 45,889 16,697 948 2.239 4,092 9,733 L.732 4,647 5,801 October 45.877 16,597 941 2,206 4,091 9,889 1,723 4,641 5,789 November 45,739 16,461 938 2,162 4,066 10,034 ,720 4,644 5,714 December r46,088 16,283 939 2,079 4,066 10,381 1,722 '4,624 5,994 1949—January , '44,340 '15,890 924 1,906 '3,977 9,625 r1,711 4,546 5,761 February , 43,997 15,756 922 1,824 3,957 9,513 1,706 4,560 5,759 March 43,848 15,549 915 1,824 3,938 9,529 1,711 4,620 5,762 ' Revised. J 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. March 1949 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p 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 In E m no p n lo a y gr e i d c u l l- In p U l n o e y m ed - l N ab o o t r i n f o t r h c e e Total tural industries agriculture 1940 2 100,230 56,030 55.640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55.540 54,470 45,390 9,080 1,070 39,100 1944 . . 104,480 65,890 54.630 53,960 45,010 8,950 670 38,590 1945 105,370 65.140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1948—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 March 109,290 62,305 60,814 57,647 50,254 7,393 3,167 46,985 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. 564 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] Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o li r c ks Month Factories Commercial Educational Other utilities 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 l^farch 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 May 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 1949 1948 1947 1948 1949 1947 1948 1949 1947 1948 1949 Federal Reserve district Mar. Feb. Mar. January.... 572 615 483 167 197 160 405 419 323 J J F A A S O N M M D u u e e u p c o e l a a n p b t y g r c v y r o e i t u c r e l e e b u h s m m m e t a r b b b r e e y e r r r . . . . . . . . . . 4 5 6 6 6 6 8 6 7 6 7 4 0 9 0 7 6 5 2 2 9 1 2 2 7 5 5 0 0 3 5 3 5 9 9 9 8 6 6 8 6 7 6 7 3 7 8 6 5 7 9 1 7 9 6 5 1 2 3 4 4 0 1 9 4 2 5 7 6 4 8 8 2 2 2 2 2 2 2 1 1 1 9 2 3 0 1 0 2 0 7 4 9 6 6 4 3 8 9 4 7 7 3 3 3 2 3 2 2 2 2 2 2 1 1 3 9 3 4 6 5 3 7 7 8 9 8 8 5 8 2 9 6 6 8 1 9 2 2 5 8 2 2 3 3 4 4 4 4 4 4 6 5 4 4 5 7 5 9 4 5 2 0 1 8 6 8 9 7 2 1 3 5 5 8 4 4 6 5 6 5 6 5 5 5 4 4 9 2 7 3 1 0 7 3 0 1 1 7 8 3 4 7 9 9 8 3 3 6 3 4 1 6 7 6 A N S P C R C D B M K t h l h i e o t a a . i e c l i w i s l n n a l v h c l L t a n s a n o e a m o d a e s Y l g t n s u a a e a o o o n i l p n s p C r d o d k h i l t i i y s a 1 1 8 3 4 4 3 3 8 6 7 0 4 2 3 2 2 4 9 4 2 1 5 9 , , , , , , , , , , , 4 9 4 4 3 3 1 2 5 1 5 4 3 0 6 1 7 3 4 9 8 1 9 5 2 2 3 8 8 2 8 8 4 1 3 4 4 5 2 2 4 2 7 7 1 8 6 6 9 3 9 5 2 2 1 2 , , , , , , , , , , , 2 5 9 4 9 1 7 4 1 3 5 6 4 2 8 3 2 8 6 1 1 0 3 7 9 6 6 0 4 8 4 4 6 1 3 4 5 8 4 2 5 4 8 7 3 1 6 7 3 9 8 8 3 6 3 0 , , , , , , , , , , , 6 5 1 7 6 6 6 0 8 7 2 0 2 1 9 0 6 8 3 2 0 0 1 5 9 4 6 9 4 7 0 4 4 Year 7,7609,430 2,2963,107 5,4646,323 Total (11 districts) 747,619 568,467 689,763 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Year or month Total p m P e r i r e o m r o n t v y p - t e - x - s S h c t t m o i r o o u m n a n c - l e - l l h f ( a - o T m t I u o i D t s i 4 l l e e y - s h R g ( o a T e r I u o n n i D s t u d t i l a n p e l g W h e ( o V V a r T u r a e I i s n t ) t a i - 2 l s n n e ' d g PORTFOLIO [ , In B Y m il C lio L n A s S o S f d O o F ll S a a r I v s N ] - STITUTION Com- Mu- ings Insur- Fed- 1 1 1 1 9 9 9 9 4 4 4 4 2 1 4 3 1 1 , ,1 1 9 8 7 3 3 7 2 7 5 5 2 1 1 4 8 1 4 9 7 4 1 2 1 1 5 1 8 2 2 6 7 4 1 9 7 5 6 1 (» 1 ) 6 3 2 6 53 8 0 1 7 4 3 3 End of month Total b m c a i n e a k r l - s b s i a n a n g v k s - s a a l s a t o s i n a o o d n c n i s - p c a a o n n m c i e e - s a c e g i r e e a s n l 1 - Other8 1945 666 171 219 4 272 1946 755 321 347 3 85 1947 1,787 534 446 808 1936—Dec 365 228 8 56 41 5 27 1948 3,338 614 (8)7 880 1,836 1937—Dec 771 430 27 110 118 32 53 1948—March 272 49 (8) 53 17Q 1938—Dec 1,199 634 38 149 212 77 90 A J J A M u u p u l n a r y g y e i u l st 3 2 2 2 2 2 9 8 7 6 9 2 6 7 5 6 5 5 5 5 3 0 9 1 4 ( ( ( • 8 8 ) ) ) 1 5 5 7 7 7 1 3 2 1 6 1 1 1 1 1 7 6 5 4 9 7 4 8 9 7 1 1 1 1 1 9 9 9 9 9 4 3 4 4 4 0 9 1 3 2 — — — — — D D D D D e e e e e c c c c c. 3 3 3 2 1 , , , , , 1 7 6 6 4 9 0 2 2 0 3 7 9 0 6 1 1 1 1 , , , 1 4 7 9 6 6 6 0 0 6 2 5 5 2 9 2 2 1 1 3 5 7 3 8 6 6 1 0 6 2 2 2 2 1 2 9 5 7 9 4 2 4 6 2 1 1 , , 1 0 3 5 7 3 3 4 4 8 2 4 2 2 9 2 2 2 1 3 0 4 5 7 4 1 5 3 9 1 1 1 1 1 5 3 7 6 5 0 3 9 3 9 O Se c p to te b m er ber.. 3 2 1 7 8 6 4 5 8 2 9 9 8 2 1 1 3 6 6 8 1944—June 3,554 1,669 258 284 1,119 73 150 November. . 272 40 105 127 Dec 3,399 1,590 260 269 1,072 68 140 December. . 298 49 117 131 1945—June 3,324 1,570 265 264 1,047 43 134 1949—January 269 35 128 7 98 Dec 3,156 1,506 263 253 1,000 13 122 February... 279 47 123 108 March 283 45 : 135 102 1946—June 3,102 1,488 260 247 974 11 122 Dec 2,946 1,429 252 233 917 9 106 1 Net proceeds to borrowers. 2 Mortgages insured under War Housing Title VI through April 1946; figures thereafter represent 1947—June 2,860 1,386 245 229 889 8 102 mainly mortgages insured under the Veterans' Housing Title VI Dec 2,871 1,379 244 232 899 7 110 (approved May 22, 1946) but include a few refinanced mortgages originally written under the War Housing Title VI. Beginning with 1948—June 2,988 1,402 251 245 973 7 110 December 1947, figures include mortgages insured in connection with Dec 3,237 1,429 265 269 1,113 9 152 sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 3 Less than $500,000. 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 a lo n a d n s d . o n F o i t g t u a r k e e s a in c c c l o u u d n e t s o o f m p e r i r n e c i i n p s a u l r e r d e p m ay o m rt e g n ag ts e s o , n w p h re ic v h i o a u r s e l y s h i o n w su n r e i d n Un 2 i t I e n d c lu S d ta in te g s m H o o r u tg s a in g g e c C o o m rp p o an ra ie ti s o , n f . inance companies, industrial banks, 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. MAY 1949 565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports 1 Merchandise imports2 Excess of exports Month 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 January 903 798 1,114 1,092 P1,086 332 394 531 545 P589 571 405 583 547 P497 February 887 670 1,146 1,086 n,028 325 318 437 582 P568 561 352 709 504 P460 "March 1,029 815 1,326 Pi, 139 365 385 445 P666 664 431 882 P473 April 1,005 757 1,294 PI.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 Pi,015 360 382 463 P616 508 496 111 P399 July 895 826 1,155 Pi,019 358 431 450 P558 536 395 705 P461 August 738 883 1,145 P990 361 422 400 P600 378 461 745 P390 September. . . 514 643 1,112 P926 339 377 473 P558 175 266 639 P368 October 455 537 1,235 Pl,021 347 394 492 P598 109 142 743 P424 November.... 639 986 1,141 P820 325 478 455 P550 314 508 687 P27O December.... 737 1,097 1,114 Pi,284 298 529 603 P72O 439 567 511 P564 Jan.-Feb 1,790 1,468 2,260 2,178 P2,114 657 711 968 1,127 Pl.157 1,132 757 1,292 1,051 P957 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 CokeGrain 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 5C0 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 1948 *>9,672 P8,67O Pl.002 P700 SEASONALLY ADJUSTED SEASONALLY 1947—December. . . 149 155 191 138 96 158 190 156 74 ADJUSTED 1948—January 144 155 183 131 84 153 156 152 69 1948—January 767 707 60 28 F M e a b rc r h uary.... 1 1 3 3 0 8 1 9 5 8 1 1 16 7 2 8 1 1 0 0 3 9 7 7 9 6 1 14 4 6 0 rl 1 7 7 3 3 1 1 5 4 0 6 » 7 7 1 3 F M e a b r r c u h ary... 7 7 8 6 1 1 7 7 0 1 5 0 5 7 5 1 3 2 8 2 April 130 105 137 123 105 141 213 145 70 April 726 684 42 9 J J M T u u a l n y Jy e 1 1 1 4 3 3 1 9 8 1 1 1 6 4 5 3 4 3 1 1 1 8 8 8 7 5 3 1 1 1 2 4 5 9 4 8 9 8 8 6 6 6 1 1 1 3 5 6 9 0 5 2 1 1 1 9 8 3 1 5 1 1 14 4 4 1 3 0 6 6 6 9 6 4 J J M u u l a n y y e. 8 8 7 1 5 9 6 9 5 7 7 7 0 2 19 1 7 1 9 9 3 4 7 2 1 6 5 02 2 7 August 142 153 194 144 80 162 182 145 66 August.... 842 744 99 65 September. . . 139 149 192 127 85 152 182 144 66 September.. 836 737 99 65 October 140 147 194 150 93 149 178 145 68 October 845 756 89 56 November. . . 137 138 198 155 90 144 178 144 66 November.. 833 752 81 49 December. . . 137 131 192 147 85 139 201 148 62 December. . 811 739 72 40 1949—January 131 130 189 125 79 129 175 141 60 February.... 126 124 187 113 75 112 185 136 61 1949—January 768 703 64 34 March 120 79 174 139 77 117 236 138 60 February. . . 740 688 51 21 UNADJUSTED UNADJUSTED 1947—December. . . 139 155 201 130 92 141 59 147 71 1948—January 133 155 193 131 81 137 39 139 65 1948— F Ja e n b u r a u r a y ry... 7 71 5 6 1 6 7 7 0 6 9 3 4 9 1 1 1 9 8 F M e a b rc r h uary.... 1 1 2 2 2 9 1 9 5 8 1 '1 1 6 8 4 9 1 1 0 0 1 0 6 6 1 2 1 1 4 3 6 5 r5 4 0 3 '1 1 4 3 3 7 6 7 9 3 A M p a r r i c l h 7 7 7 2 7 9 6 7 7 1 6 6 6 5 1 3 3 2 5 7 April. . . . 128 105 134 108 94 141 212 143 70 May 796 706 90 64 J M u a n y e 1 1 4 4 4 3 1 1 6 5 3 3 1 1 8 8 3 3 1 14 1 7 3 8 7 6 4 1 1 4 5 5 6 2 2 7 9 7 6 1 1 4 4 4 4 6 6 9 6 J J u u n ly e 8 84 3 2 8 7 73 1 7 3 1 1 2 0 5 5 9 7 4 6 J A S u e u l p y g t u e s m t ber. .. 1 1 1 5 4 4 0 6 3 1 1 1 4 4 5 9 4 3 1 1 1 8 9 7 7 0 7 1 1 1 4 8 5 2 9 6 1 6 7 1 6 6 3 1 1 16 7 6 4 1 5 2 2 2 9 7 7 6 3 3 1 1 1 4 4 5 2 6 6 6 6 7 3 7 0 A O Se c u p t g t o e u b m s e b t r . e . . . r . . . . . . 8 8 8 4 6 7 5 8 8 7 7 7 5 3 6 2 4 7 1 1 11 1 1 1 1 6 8 8 8 3 6 4 October 151 147 190 150 143 158 240 159 71 November.. 825 741 84 62 November. .. 141 138 198 152 114 141 196 149 68 December. . 807 742 65 50 December. . . 128 131 201 138 82 123 62 139 60 1949—January 120 130 198 125 76 116 44 129 57 1949—January 731 697 33 12 February.... 117 124 198 111 60 107 46 128 58 February... 676 646 30 P5 March 111 79 175 128 61 117 68 131 61 P Preliminary. r Revised. NOTE.—Descriptive material and back figures may be ob- NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for tained from the Division of Research and Statistics. Basic June 1941. Based on daily average loadings. Basic data compiled by Associa- data compiled by the Interstate Commerce Commission. tion of American Railroads. Total index compiled by combining indexes for Annual figures include revisions not available monthly. classes with weights derived from revenue data of the Interstate Commerce Commission. 566 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 Year or month United States 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 - l A a t n - ta c C a hi g - o Lo S u t i . s M ap i o n l n i e s - K C a i n t s y a 1 s Dallas F c S r i a s a n c n o - SALES 2 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—March r285 228 f-235 263 270 303 368 274 318 278 307 T-387 T-338 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 7-278 378 335 February 274 234 229 258 277 299 357 265 310 262 288 358 295 March ?27O P2O7 220 252 265 290 353 254 309 P267 P294 376 320 UNADJUSTED 1948—March .. 285 228 ••235 ••283 284 '318 387 266 318 263 301 T-387 326 April 288 231 237 262 280 295 367 283 326 284 320 399 333 May 300 240 252 287 304 311 375 289 333 294 326 393 339 June 289 242 246 266 288 294 333 290 311 277 301 345 338 July 243 176 181 207 244 235 314 243 277 238 270 331 311 August 259 175 187 217 268 260 354 248 305 261 303 365 338 September 319 260 257 295 320 357 410 305 366 316 343 444 355 October 328 258 280 322 338 359 424 313 362 343 360 427 346 November. 357 285 298 356 366 388 434 345 404 334 374 475 391 December.. . 495 428 414 480 491 575 635 460 517 431 502 648 582 1949—January.. 226 187 194 209 230 224 287 216 238 203 -222 306 271 February. . . 227 180 192 199 227 239 314 212 261 202 250 315 266 March P254 P192 209 249 254 274 339 239 287 P242 P279 353 288 STOCKS 2 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—March -309 240 '248 r262 290 334 370 304 329 343 7-311 420 388 April '308 238 244 264 290 340 379 293 331 363 7-306 422 386 May r296 228 243 257 277 337 368 289 313 333 T-303 417 347 June 284 212 241 248 267 304 343 275 302 325 300 396 335 July '277 204 242 238 258 308 333 264 293 321 T-301 358 328 August '2 71 204 242 236 261 289 330 257 292 310 "299 364 302 September r277 215 243 238 265 297 348 264 302 316 7-300 378 312 October »-284 220 236 251 269 311 362 276 317 310 T-297 370 329 November r302 233 242 264 296 339 402 296 325 325 T-296 402 356 December 7-304 229 236 256 293 335 450 295 329 335 T-296 419 365 1949—January... 285 221 228 240 274 316 360 283 303 311 T-292 384 338 February.. . .... 286 214 224 237 275 304 369 285 313 308 T-282 406 352 March ... P293 226 232 P248 285 316 365 283 323 P311 P287 413 362 UNADJUSTED 1948—March 303 233 254 ••262 287 333 370 294 319 345 T-318 399 360 April 308 233 251 270 295 342 376 293 331 347 315 409 381 May 297 226 247 259 280 330 357 289 313 331 309 396 360 June 278 204 228 235 262 291 346 270 302 315 300 384 341 July 274 198 215 226 257 304 343 258 305 326 295 387 347 August 287 215 242 245 275 325 356 275 318 329 293 411 332 September 304 232 256 262 290 333 383 293 336 341 307 423 352 October 318 249 267 287 305 355 406 309 355 345 317 419 364 November 330 265 278 290 319 360 422 326 347 347 326 431 377 December 262 206 215 218 245 279 366 265 276 294 263 352 299 1949—January.... 250 196 201 208 240 269 324 244 260 283 T-266 345 297 February 265 202 218 '230 255 287 343 260 282 294 276 361 309 March *>287 219 238 P248 282 314 365 275 314 P312 P293 392 337 P Preliminary. r Revised. 1 Stocks indexes revised beginning January 1942; back figures available from Federal Reserve Bank of Kansas City. 2 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—por 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. MAY 1949 567 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 from Ratio of Index numbers a year ago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales=1002 Num- Department r b s e t e p o r o r o e rt s f - Sale p s e r d io u d ring ( S e m t n o o d c . k ) o s f February Sale p s e r d io u d ring Sto o c f k s m o a n t t h end ing Feb. 2 mos. Feb. 1949 1948 1949 1948 1949 1949 1949 Feb. Jan Feb. Feb. Jan. Feb. GRAND TOTAL—entire store 3... 360 -3 -4 3.5 3.5 MAIN STORE—total 360 A -3 3.7 3.7 159 172 166 593 565 618 Piece goods and household textiles 320 -7 -1 -5 3.4 3.4 180 283 193 626 614 663 Piece goods 298 -13 -12 +2 3.0 2.5 271 254 312 813 764 793 Silks, velvets, and synthetics 194 -15 -14 -1 2.8 2.4 249 234 294 697 670 706 Woolen dress goods 168 -15 -13 +20 2.9 2.1 306 292 360 899 943 731 Ho C u o se tt h o o n l d w t a e s x h t i g le o s ods 3 1 1 8 3 8 + -9 1 + -9 6 -10 c 3 4. . 0 0 4 2. . 9 4 2 1 4 3 8 5 2 2 9 3 8 0 2 1 7 3 1 4 5 7 3 4 6 6 5 6 3 9 3 3 6 7 0 7 2 3 Linen and towels 282 +2 +6 -10 4.4 5.1 130 269 128 580 621 647 Domestic—muslins, sheetings 249 +3 +10 -4 3.2 3.4 159 442 155 505 486 518 Blankets, comforters, and spreads 247 -3 -2 -15 4.3 4.8 115 213 119 487 533 597 Small wares 349 + 1 0 -5 3.7 4.0 151 154 149 565 557 598 Laces, trimmings, embroideries, and ribbons... 214 -17 -15 -1 4.1 3.4 169 156 203 687 588 684 Notions 249 -4 -4 0 3.6 3.4 183 195 190 662 644 670 Toilet articles, drug sundries 331 +2 0 -9 3.9 4.3 122 136 120 475 481 523 Silverware and jewelry 323 +6 +4 -4 4.5 5.0 153 139 145 691 657 718 Silverware and clocks 4 210 -2 -4 + 10 5.5 4.9 Costume jewelry 4 274 + 15 + 14 -16 2.8 3.8 A Bo r F B t o i k o n n s o e e k e a d j s n e l a w e d w n e s d l o t r a r y m k t i a o a g n n a e d z r i y w n a e t s ches 4 2 2 1 7 5 4 7 7 1 9 8 + + + + 9 2 2 1 + + + -62 4 1 - - - - 5 2 8 4 3 2 3 8 . . . . 4 1 2 7 3 3 2 9 . . . . 3 9 1 3 1 1 1 6 5 7 3 9 8 2 1 1 0 5 5 7 5 9 1 1 1 5 4 7 9 6 4 3 5 5 0 8 7 1 6 2 5 4 5 3 1 8 5 7 9 5 4 5 3 9 2 8 5 4 Stationery 235 -1 0 -4 3.4 3.5 155 149 157 535 554 569 Women's and misses' apparel and accessories 357 -5 -3 -6 3.0 3.1 162 170 170 487 443 523 Women's and misses' ready-to-wear accessories 357 -6 -6 p 3.4 3.5 151 148 160 515 475 569 Neckwear and scarfs 314 -14 -15 -15 2.6 2.7 198 184 231 519 463 617 Handkerchiefs 287 -4 -1 -17 3.4 3.9 131 115 137 445 435 532 Millinery 173 -2 -2 -17 1.6 1.9 132 108 135 213 162 262 Women's and children's gloves 333 -4 -6 -14 4.7 5.3 109 112 113 518 446 601 Corsets and brassieres 343 -1 -2 -8 3.2 3.4 212 229 213 673 630 739 Women's and children's hosiery 351 -8 -9 -13 2.0 2.1 121 113 132 243 234 278 Un K d n er it w u e n ar d , e s rw lip e s a , r and negligees 3 25 4 9 9 + -5 6 + -4 3 + -3 5 3 3 . . 1 2 3 3 . . 2 2 1 1 7 5 2 5 1 1 9 5 0 7 1 1 6 6 3 3 5 5 3 0 9 2 4 53 7 1 5 5 51 1 7 8 Silk, and muslin underwear, and slips. . . . 293 -11 -9 -1 3.4 3.1 150 157 168 525 511 526 Negligees, robes, and lounging apparel 252 2 -2 -22 2.4 3.1 143 149 146 357 379 457 H In a f n an d t b s a ' g w s e a a n r d small leather goods 3 33 3 7 0 + -7 1 +-51 - - 1 1 2 7 3 2. . 9 4 3 3. . 5 7 1 1 9 2 1 4 1 1 9 0 5 7 2 1 0 2 5 3 6 3 6 6 2 2 5 3 9 2 8 8 4 7 4 6 1 1 Women's and children's shoes 247 -7 -4 5.6 5.4 153 156 164 857 796 904 Children's shoes 4 212 -7 -6 -8 5.8 5.9 Women's shoes 4 224 -7 -7 -2 5.5 5.3 Women's and misses' read-to-wear apparel.... 357 -4 -1 -3 2.6 2.6 174 194 181 459 411 474 Women's and misses' coats and suits 348 -3 +3 +8 2.4 2.2 208 244 215 502 437 466 Coats 4 215 -1 +8 +2 2.2 2.2 Suits4 203 -4 -2 +22 2.4 2.0 Juniors' and girls' wear 318 -6 -2 -8 2.9 2.9 184 177 195 529 449 576 Juniors' coats, suits, and dresses 297 ? +2 -3 2.3 2.3 202 210 208 472 434 490 Girls' wear 320 -10 *7 -11 3.7 3.7 172 149 190 630 501 714 Womens' and misses' dresses 344 -2 -4 2.3 2.3 169 176 174 383 338 405 Inexpensive dresses 4 260 +2 +4 o 1.8 2.0 Better dresses 4 273 -7 -6 +1 2.8 2.6 Blouses, skirts, and sportswear 345 n -6 +1 3.0 2.8 192 210 206 577 513 574 Aprons, housedresses, and uniforms 295 +5 +6 -9 2.3 2.7 164 189 156 377 352 415 Furs 277 -12 -16 -17 4.1 4.3 81 137 92 330 349 387 Men's and boys' wear 334 -7 -3 2 5.1 4.9 122 144 130 622 565 643 Men's clothing 258 -12 -1 +9 5.7 4.6 128 186 145 733 670 681 M M Bo e e y n n s ' ' ' s s w f a u e n r a d n r i b sh o i y n s g ' s s h a o n e d s h a a n t d s slippers 3 3 1 1 0 9 9 4 3 - - - 2 7 6 - - - 3 7 6 - - 1 2 2 n 4 5 7 . . . 2 7 0 4 6 6 . . . 0 8 4 1 1 1 1 2 1 5 1 4 1 1 1 3 2 1 2 4 4 1 1 1 2 2 2 3 2 3 8 5 6 0 0 5 9 8 4 4 5 7 6 3 6 5 9 5 5 8 7 5 4 5 2 5 0 Houseffurnishings 324 -4 -5 +2 4.5 4.3 177 177 185 805 796 803 Fu M rn a it t u tr r e e s s a e n s d , s b p e r d in d g in s g and studio beds 4 2 1 4 6 3 3 + + 4 5 + + 2 5 - + 13 1 4 2. . 1 1 4 2. . 4 1 187 166 180 756 767 754 Upholstered and other furniture 4 167 +3 +2 +4 4.4 4.4 Domestic floor coverings 279 -10 -7 + 13 5.2 4.2 184 192 896 855 803 Rugs and carpets 4 154 -9 -6 +14 5.3 4.2 Linoleum 4 102 -23 -20 -7 5.6 4.7 Draperies, curtains, and upholstery 304 +3 +3 -9 4.5 5.1 155 154 151 702 655 776 Lamps and shades 250 +10 +8 -6 3.4 4.1 174 177 159 607 599 648 China and glassware 251 +5 +1 +17 7.1 6.4 138 137 132 987 958 851 Major household appliances 247 -36 -35 +5 4.8 2.9 168 188 262 808 831 789 G H i o f u t s s e h w o a p r 4 es (including minor appliances) 2 1 6 6 2 3 + - 1 3 1 + -5 7 + -4 1 5 4 . . 2 2 5 4 . . 7 2 205 203 212 853 806 903 Radios, phonographs, television, records, etc.4. 229 +5 +7 -5 3.9 4.3 Radios, phonographs, television 4 186 + 11 + 17 -8 3.7 4.4 Records, sheet music, and instruments 4. . . . 152 -12 -16 -4 4.8 4.4 Miscellaneous merchandise departments. . . 323 -4 -8 3.4 3.6 144 143 150 504 547 537 Toys, games, sporting goods, and cameras .... 297 -7 -12 +2 7.5 6.9 77 59 83 581 561 581 Toys and games 239 +3 -2 +8 7.2 7.0 59 31 57 424 377 404 Sporting goods and cameras 143 -15 -18 -3 7.5 6.6 84 72 99 633 550 661 Luggage 262 +6 +5 -5 4.8 5.3 145 163 137 698 702 736 Candy4 191 -5 -27 1.2 1.6 For footnotes see following page. 568 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Courting SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change from Ratio of Index numbers a year ago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales=100 2 Num- Department r b s e t e p o r o r e r o t s f - Sale p s e ri d o u d ring ( S e m t n o o d c . k ) o s f February Sale p s e ri d o u d ring Sto o c f k s m o at n th end ing F 1 e 9 b 4 . 9 T 1 m 9 w o 4 s o . 9 F 1 e 9 b 4 . 9 1949 1948 Feb. 1949 Jan. F 1 e 9 b 4 . 8 Feb. 1949 Jan. F 1 e 9 b 4 . 8 BASEMENT STORE—total . 203 0 +2 -10 2.7 3.0 152 167 151 403 368 454 Domestics and blankets 4 140 +1 +6 -13 2.8 3.3 Women's and misses' ready-to-wear 198 +1 +3 -9 2.2 2.4 159 167 157 343 304 381 C In o t a im ts a a te n d a p su p i a ts r e4l4 1 1 7 8 3 3 + -8 3 + -1 1 - - 8 2 2 2 . . 1 4 2 2 . . 6 0 Dresses * 175 + 16 + 16 — 7 1.4 1.9 Blouses, skirts, and sportswear 4 155 -6 -15 2.1 2 2 Girls' wear 4 124 -9 -8 -16 3.0 3.3 Infants' wear 4 116 -5 -3 -10 3.1 3.3 Men's and boys' wear 162 -2 -3 -15 3.3 3.8 140 154 144 465 434 556 Men's wear 4 145 -2 -3 -14 3.1 3.6 Men's clothing 4 92 -4 -3 -10 3.2 3.4 Men's furnishings 4 115 -1 -2 -17 3.0 3.6 Boys' wear4 . 119 -5 -4 -20 3.9 4.6 Housef urnishings... 101 +6 +5 -9 3.0 3.4 158 151 148 465 430 512 Shoes 128 0 -3 -4 4.7 4.9 109 121 108 512 465 533 NONMERCHANDISE—total4 177 +3 +3 (5) (5) (5) Barber and beauty shop 4 98 + 12 + 11 (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 tack 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. 567. 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 m ( S t o f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f June 2 2 1 1 8 7 4 . . . . . . . . . . . .. . . . . . . . 2 3 2 2 4 0 5 9 5 0 6 3June 2 1 1 5 9 2 6 . . . . . .. . . . . 3 2 2 3 8 6 0 1 2 2 4 0 Dec. 2 2 1 0 6 7 3 . . . . . .. . . . . . 5 5 3 5 0 7 7 5 8 0 6 8 Dec. 2 1 11 5 4 8 ... . . . . . 5 4 4 5 8 6 7 7 5 4 6 3 July 5... . .208July 3 .265 12... ..228 10... .217 1948 1949 19. ... .217 17 .236 Jan. 3 .204Jan. 1 204 1939 average, 128 344 26... . .213 24 .231 10.... .251 8.... .272 1940 average, 136 353 108 Aug. 2... . .220 31 .235 17 .232 15 .244 1941 average, 156 419 194 9. ... .223Aug. 7.... .261 24 .226 22.... 230 1942 average, 179 599 263 16... . .225 14 .258 31 .233 29.... .218 1943 average, 204 508 530 23... ..243 21 .271 Feb. 7 .240Feb. 5 229 1944 average. 227 534 560 30... . .277 28 .255 14 .238 12... .238 1945 average. 255 563 729 Sept 6. ... .265Sept. 4 .308 21 .. ..240 19 .. . 227 1946 average, 318 714 909 13... . .291 11 .285 28 .. . 248 26 ... .232 1947 average, 336 824 552 20. ... .301 18 .337 Mar. 6 .266 Mar. 5 .. . 244 1948 average. 351 910 466 27... ..316 25 .319 13 .. ..2 79 12 256 Oct. 4... . .326Oct. 2.... .32/ 20... .313 19 .261 1948—March.... '354 '419 11... . .304 9 .336 27 . ..331 26 .. 277 April 331 938 356 18... . .299 16.... .331 Apr. 3... .280Apr. 2 .301 May 339 919 339 25. ... .306 23.... .344 10 .298 9 .320 June 336 859 462 Nov. 1... ..313 30.... .319 17 .294 16 .314 July 268 827 551 8... ..347 Nov. 6 .320 24 .296 23... . .256 August . . . 295 893 545 t5... ..380 13.... .346 May 1 .. ..300 30... ..287 September. 357 944 539 22... ..395 20 .371 8.... . 330May 7 October. . . 387 1 058 507 29... ..367 27 .347 15.... .293 14 November. 411 1 053 379 22 .. ..295 21 December. 594 818 292 29 .297 28.... 1949—January.. 785 388 February. 253 848 378 March. . . P318 P910 P314 NOTE.—Revised series. For description and back figures, see pp. P Preliminary. r Revised. 874-875 of BULLETIN for September 1944. 1 These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics, MAY 1949 569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 M 94 a 9 r. F 19 e 4 b 9 . m 19 o 3 4 s 9 . 1 M 94 a 9 r. Feb. m 3 os. 1 M 94 a 9 r. F 19 e 4 b 9 . i I m 19 o 3 4 s. 9 1 M 94 a 9 r. F 19 e 4 b 9 . m 19 o 4 s 9 . P N C B U A W L Y T P P W N A C R S N S N P U E N R D P S B B B B h l o e n B h p y o o a r r c l e u e a o l k e o i t e i e o r o i w i s o o m e b r n a i i r u i n h r v l w f a n i w l c w o s r w t r t i l c a a f v r t n k d a g e c o g d t e n g e h o t a i k s a a l c c o d a i n t e l o n a r a g n a Y d h n i t Y g d 1 e l h n e d a a o H u r o n e y o n n s s r t n e f k s e e 1 k o s a n e n a o o l s g - n t i t d a p l c t e p e e r A e B m n i r * w e d e p * x v t e k k r l h o F * r c r x a d S a h r t p n e r i e a e * r l o d i C a t s n t l a r a a l n y i . . l e . i . . t e s . t . . e i y » . . . . . . . . s . . . . . 1 . . . . . . . . . P p- - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 - 1 1 1 - 1 1 1 1 1 - 1 1 1 1 2 1 2 — - - 1 1 6 0 2 1 6 7 7 4 8 2 6 2 9 7 5 3 4 1 7 5 4 1 9 4 0 6 0 0 3 j Q 9 + - - - - + + + + 1 + + + + - 1 - - - - - - - - - 2 - - — - - - 1 - - 1 1 5 / 4 5 3 5 7 8 1 1 5 9 6 2 3 5 1 1 1 0 3 2 9 3 5 7 3 1 0 i 5 5 P v - - - - - - 7 1 - - + 1 - - - - - - - - 1 S - - - - - 1 - - - - - - - - - 4 3 9 7 4 6 3 4 4 8 9 7 8 8 8 2 9 8 9 3 1 5 1 7 2 0 2 1 5 \ 0 -2 C R A S N W W A W E P J O T A R R L N C H G B B C C C M R H M M B M a i t l W a i r a y o e o a a u o a r h h o i t i r c a l u e c t h a a o i i o v c i r l l a e m w l n t m l t l l r g g e a a n h k n a a a v m c s e e . b o t h u n s u a e f n c r r u e i s h n s o n m t e m i o e b p i e n m m n t n * m m l l V h i O i g t r o l t s g d i l n e e t l a l n u n o v e n a s i n a b t k i h n o a o b o b s s o o a R n r g a 1 t r i n g a : g l u , t t l v o n u l i m g r n n l g h h o o e - t o l a t e r i d s w o e h N S o d a d a n n u l g e i , l n m n n a , n g , r - e l . . y S l s c . e S e C l * . o . L . l . m . l * . . . C . . . . n . . . C . . . . . . . . t . . . . . - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1 2 1 2 1 - 1 1 2 1 2 1 2 1 1 1 2 1 2 1 1 2 1 1 1 - - - - - 3 9 6 3 7 4 9 2 8 9 4 2 2 2 0 2 1 5 9 5 0 0 8 2 5 1 7 3 0 6 0 0 j + - - - + + + 1 + + + + + + - - - - - 1 - 1 - - - - - - - - - - - - 1 3 2 4 3 7 4 4 6 9 1 7 4 2 6 2 3 6 4 3 5 2 6 3 8 5 6 4 2 5 5 1 0 - - - - - - - - - - - + + 1 + 1 1 - - - 2 1 1 1 1 1 - - 1 1 - - - - - - - - 8 7 8 7 8 6 2 8 3 8 1 1 6 7 0 1 0 6 1 4 0 4 0 6 i 3 0 0 0 ! c ; 1 K S M C S P H F T L F L Q S S S D D F G G L M C P D D E I M M E M t a n h S . u t t t i o p o o a i e e l a h u e v u r r e e u . . . n n d i e i a t i i u e n e u r a r o r r s n i n s i l t t t c a n l m d s t n L i r t c L P t b w n i p e r n c l i s r v u n a a L n e a e n s i a t o n e i M l c o e h i o d a S p n s 1 e W S g e a t o v n s g o s a g y a i r u u r i o h u a h H u a R m t o i g i 1 t v o u n o f p B i l i R n - o . p p a i k l s 1 . i s l i i C a s i s o i 1 o e r y o e a o e * s n L l a t o u l c h A i . i l l n y l e l l i l e p . l o . t n k i . t d i . e s e y s s . e s r i 1 . * u . . . . . . . d . e i . K . . . i . . . . \ l . . . a . s . s . . . . \ . . . . . . . . . . . . . . . . . . . P p - - - - - - - - - - - - - - 1 + 1 1 1 + + 1 1 1 1 1 2 1 - 1 1 - - - - - — - - — - — - - - - - 8 9 7 8 7 9 7 8 6 3 8 7 8 7 8 7 0 0 1 7 5 3 0 1 9 4 1 1 4 1 1 9 9 7 + - - - - - + + + + 1 + 1 1 1 - - - - - 2 - - - - - - - - - - - - 6 2 2 3 3 1 4 1 8 2 3 6 1 1 2 / 1 1 1 2 4 3 8 7 2 4 9 7 0 1 Q : 0 : | P p - - - - - - - - - - - - 1 1 1 + + - - - - 1 2 1 1 1 1 — - - - - - - - - - - - - - 7 8 7 9 6 6 3 4 7 7 7 3 6 8 9 3 5 2 4 4 0 2 7 0 2 2 5 0 0 4 0 1 4 S D K S S S S S V O O S S L L S S T F T F P R C P B D H B a S N N a a c a a a t B a a a h a r h o o o o u u o a o i a k a n a o o a e l n n l o n v n n n c r o s n l r r c l i k e a a k r l l l t u n c s l s e s t t r e a l a n t p s s e g r e p m l e l n e a k s a J a a A F L v A D F r k a h a o s n u a j t a r W t o s o B s m t o e . r n e p o n a o a s s n i B n s o r i n i s R a x p e i l f d 1 k a e d n x m n d a g e n e o e a e n t i g . C o C o r e e 1 d e e n n o y a r n 1 . c l a a n o r s l l t i c t h c n . i t a d e C n a d a h o t 1 s h l . i r y s n C i r . 1 d c s i l i . o l d — . t d 1 x s . c o i . y . . i . . t t o . . n . . . . i y . . l . . . o . . . . \ . . . . . . P P v- - - — - - - - - - — — — - - - - — - 1 1 1 2 1 1 — - 1 1 1 1 1 — 1 - - 1 1 - 2 9 4 6 1 2 2 3 1 0 0 3 7 1 1 2 5 0 0 1 1 3 6 0 9 1 2 Q 0 1 o 7 8 - r - - - - - — + 1 1 + - - 1 — - - 1 1 - - - - 1 — - - — — - 3 4 8 2 3 3 3 4 8 1 9 2 3 3 2 1 0 8 0 0 0 c 9 1 7 9 3 5 P p P - - - - - - - — - - - — - 1 1 1 — - 1 1 1 1 - - - - - 1 1 - - - - 1 1 - - -8 9 6 5 3 7 6 3 7 7 7 1 6 5 2 0 3 1 1 2 8 1 1 0 1 1 0 4 0 1 S T Y C C C p o l o i o e r n l l u i v u e c n n e d i m g g n l o f a s b n i 1 n t e u a o d l s d t w i i ! * n i . 1 . . . . . - - - + - 1 - 1 1 8 9 3 4 0 1 + - — - - 3 4 3 2 0 1 + - - - - - 1 4 8 8 4 2 J N C K M B a r h a n c e i s a o k s r h t t i x s o t d v o v a l i i n i n a l l l n o l e l e o i l ga x. . - - - - 2 2 2 2 - - 3 2 0 1 1 4 - + 1 - - - 5 5 9 0 5 0 — - + 1 1 3 3 4 ; | J W S O T L K o t i o m a . i p n p c n c l a J e h i s o h n o k a i l a t s a n s a e C p i h ty .. . . . . . - + 1 - -6 6 1 2 i c + - - - 5 2 1 4 0 - - + 1 1 - - - 9 9 4 0 0 1 S S T Y E B e p a e v a a o c l k e l t o k i i t r m n m a l e e g n t a a h e t * l x a l x . m . l . . . . . P-9 - - — - — 6 6 2 5 4 - - — 2 1 - - 5 4 7 9 1 Q 4 P - — - - 1 - - 2 9 6 6 4 0 11 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Fuel, elec- House Year or month All items Food Apparel Rent r t e r f i r c i i g t e y r , a a t n io d n furnishings 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—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 1949—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 March 169.5 201.6 193.9 120.1 138.9 193.8 154.4 Back figures.—Bureau of Labor Statistics, Department of Labor. 570 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities Year, month, or week m c t A o i o e m l d s l i - - F p u r a c o r t d m s - Foods Total T p u e r x c o t t d i s l - e li m g F r a i h a u n a t t e d 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 e p u a a r i c n o t d h t d d e s e - s r c C a a p u l l h r s l c o e i e t a d m s d n - i d - H g n f o o i i u n s u o r h g d s - - e s - n c M e e o l i l s u a - - s m R ri a a a t w l e s - M t p u u f r a a c r o c n e t d - s u d - - 1929 95.3 104.9 99.9 91.6 90.4 83.0 100.5 95.4 109.1 94.0 94.3 82.6 97.5 94.5 1930 86.4 88.3 90.5 85.2 80 3 78 s 92 A 89.9 100.0 88.7 92.7 77.7 84.3 88 0 1931. . .. 73 0 64.8 74.6 75.0 66 67 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 64.4 55.1 70.3 1933 65 9 51 4 60.5 71.2 64 8 66 79 8 77 0 80 9 72.1 75 8 62 5 56 5 70 5 1934 74.9 65.3 70.5 78.4 729 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 77.9 709 73.5 86.4 85.3 89.6 79.0 80.6 68.3 77 A 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 85.3 763 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 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 1163 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 H4 1 163 6 199 0 188 0 135.1 144.5 120.5 178 4 159 4 1948—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 1503 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 1502 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 1489 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 1479 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 1469 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 162.3 177.3 170.2 153.0 146 137.0 173.8 202.1 185.3 130.6 148.4 118.5 172.1 157.5 7 1949—January 160 6 172.5 165.8 152.9 146 \ H7 1 175 6 r202 3 184 8 126.3 148.1 117.3 169 3 156 2 February 158.1 168.3 161.5 151.8 1452 135.9 175.5 r2O1.5 182.3 122.8 148.3 115.3 165.8 154.0 March 158.4 171.3 162.9 150.8 143 7 134.4 174.4 200.0 180.4 121.1 148.1 115.7 167.2 154.1 Week ending:1 All other 1949—Mar 2 159 0 171.0 165.8 151.4 144 6 H4 7 175 3 201 5 130 9 9 158.9 172.3 163.4 151.4 1445 134.8 175.2 201.6 130.8 16 158.4 170.6 162.9 151.2 1440 134 S 175.1 200.4 131.1 23 ... 158.2 170.8 163.2 150.8 141.7 134.4 175.1 199.7 131.2 Apr 3 6 0 1 15 5 8 8 .1 0 1 1 7 7 0 1 . . 8 5 1 16 6 4 2 . . 7 9 1 1 4 5 9 0 .7 7 1 1 4 41 1 . . 2 6 13" .4 8 1 17 7 4 4 .6 0 1 19 9 7 9 .7 2 1 13 3 0 1 .3 7 13 157.6 171.1 164.2 149.4 140 2 132.5 173.5 196.5 131.0 20 156.9 171.1 163.4 148.4 1393 131 5 171.5 196 5 130 7 27 156.1 169.4 162.9 147.9 139 3 131.5 170.5 196.5 129.8 1948 1949 1948 1949 Subgroups Subgroups Mar. Dec. Jan. Feb. Mar. Mar. Dec. Jan Feb. Mar. Farm Products: Metals and Metal Products: Grains 218.0 171.1 167.7 157.2 162.6 Agricultural mach. & equip.. . 129.3 143.9 1144.2 144.2 Livestock and poultry 209.4 204.6 194.7 187.2 195.0 Farm mnrbinprv 130 8 14f s 146 6 146.7 146.7 Other farm products 162.2 161.4 159.4 158.9 158.3 Iron and steel. . 147.7 165.4 169 1 169.1 168.4 Foods: Motor vehicles. 161.6 175 7 175 8 175.S 175.2 Dairy products.. . . 179.8 171.2 163.6 159.8 154.8 Nonferrous metals 146.8 172.5 172 5 172.5 168.4 Cereal products... 158.6 149.8 148.0 146.7 146.5 Pinmhintr nnri hpatinor 138 7 7, 156 0 156 1 155 3 Fruits and vegetabes 145.7 139.8 145.3 152.3 151.7 Building Materials: Meats 217.1 220.8 214.2 205.1 214.8 Rrirlr anrl tilp 151 6 16f s 162 s 162 4 162 4 Other foods 144.3 140.9 134.4 127.5 126.6 Cement 127 4 s 134 1 134 3 134 3 Hides and Leather Products: Lumber 303.8 305.5 -299 5 r296.5 294.7 Shoes 193.8 188.0 187.8 187.8 187.8 Paint and paint materials... . 156.7 161.5 166 3 165. £ 162.3 Hides and skins. . . 186.2 197.2 198.7 185.9 181.8 Plumbing and heating 138.7 157.3 156 9 156.1 155.3 Leather . . 185 9 186 5 185 4 183 9 178 9 155 8 178 <s178 <? 178 8 178 8 Other leather product" . . . 143.8 148.6 145.4 145.4 145.6 Other building materials 161.8 17<<,9 179 1 179 A 178.3 Textile Products: Chemicals and Allied Products: Clothing 144 6 148.8 147 7 147 3 147 0 126 8 122 9 119 £ 118 4 Cotton goods 218.3 189.2 186.9 184.8 180.1 Drugs and Pharmaceuticals. . 154.4 151 .4 150 4 148.5 142.4 Hosiery and underwear 105.4 103.7 102.5 101.3 101.2 Fertilizer materials 114.9 17f 1 170 8 120.8 119.6 Silk 46.4 46.4 50.1 50.1 50.1 Mixed fertilizers 103 1 10F 108 7 108 3 108.3 Rayon 40.7 41.8 41.8 41.8 41.8 Oils and fats 211 4 175 4 146 1 131.7 129.3 Woolen and worsted goods... 145.7 159.6 161.6 162.1 161.8 Housefurnishing Goods: Other textile products 174.7 190.0 189.0 186.9 184.9 T^nrni shines 144 7 1S1 6 153 4 154 2 154 0 Fuel and Lighting Materials: Furniture 139.4 141 1 142 8 142.4 142 A Anthracite 124.6 136.4 137.7 138.0 137.9 Miscellaneous: Bituminous coal. . . 177 9 194 9 196 5 196 9 195 5 Antr> tir^o onH t 63 4 66 9 65 s 64 7 64 6 Coke 190.6 219.0 220.5 222 9 222 9 Cattle feed 284 2 1 212 0 190 4 209 2 Electricity 65.7 67.7 67.7 Paper and pulp, 167.0 165.5 168 3 168.C 167.2 Gas 88 7 91.1 r88 1 91 9 Rubber crude 42 3 9 39 S 38 8 40 0 Petroleum products 121.8 122.0 121.3 118.7 115.9 Other miscellaneous 130.2 129.5 128 1 126.4 125.6 r Revised. c Corrected. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. MAY 1949 571 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 .5 .1 .7 .9 -.1 .0 — .4 — .2 — 2 .2 .2 Equals* National income 87.4 & 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 — l — .1 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 10.5 10.6 11.0 10.7 10.3 9.9 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.5 4.4 4.6 4 5 4.5 4 5 4 6 4 6 Dividends 5.8 2.1 3.8 4.5 4.7 5.6 6.9 7.8 7.1 7.4 7.4 7.7 8.3 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal income . 85.1 46.6 72.6 95.3 164.5 178.1 195.2 213.6 203.1 207.0 210 8 216 3 219.6 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.9 21.6 21.0 22.2 23.0 20.6 20.0 20.2 Federal . 1.3 .5 1.2 2.0 17.5 17.2 19.7 18.9 20.2 21.0 18.5 17 9 18.0 State and local 1.4 1.0 1.2 1.3 1.4 1.7 2.0 2.1 2.0 2.1 2.1 2.1 2.2 Equals: Disposable personal income 82.5 45.2 70.2 92.0 145.6 159.2 173 6 192 6 180 9 183 9 190 2 196 2 199 4 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 147.4 164.8 177.7 171.1 172.5 177.3 180.1 181 .0 Equals * Personal saving! 3.7 -1.2 2.7 9.8 34.2 11.8 8.8 14.9 9.7 11.4 12.9 16.1 18.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1947 1933 1939 1941 1944 1946 1947 1948 National income 87.4 39.6 72.5 103.8 182.4 179.3 202.5 224.4 212.8 213.9 222.3 228.2 233.2 Compensation of employees 50.8 29.3 47.8 64.3 121.1 117.3 127.5 139.4 132.2 134.0 136.3 142.4 144.7 Wages and salaries 2 50.2 28.8 45.7 61.7 116.9 111.7 122.2 134 4 127.1 129.1 131.3 137 .4 139.6 Private 45.2 23.7 37.5 51.5 83.3 91.0 104.7 115.6 109.5 111.4 113.2 118.2 119.6 Military .3 .3 .4 1.9 20.7 7.8 3.9 3.5 3.6 3.4 3.5 3.5 3.7 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.6 15.2 14.0 14.2 14.6 15.6 16.2 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.3 5.0 5.0 4.9 5.0 5.1 5.1 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 34.1 41.8 46.0 50.9 48.6 49.9 51.6 50.6 51.4 Business and professional 8.3 2.9 6.8 9.6 15.4 20.4 23.2 25.2 24.7 24.8 25.3 25.2 25.6 Farm 5.7 2.3 4.5 6.9 11.9 14.6 15.6 18.2 16.5 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 — .4 Net interest 6.5 5.0 4.2 4.1 3.1 3.4 4.3 4.9 4.5 4.7 4.8 5.0 5.2 n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, together with annual data for the period 1929-43, and quarterly data for 1939, 1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1943 shown in that issue of the BULLETIN have since been revised. 572 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annua totals Seasonally adjusted annual rates by quarters 1947 1948 1929 1933 1939 1941 1944 1946 1947 1948 4 1 2 3 4 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 254.9 243.8 244.9 251.9 258.1 264.9 Personal consumption expenditures 78.8 46.3 67.5 82.3 111.4 147.4 164.8 177.7 171.1 172.5 177.3 180.1 181.0 Durable goods .. . . . . 9.4 3.5 6.7 9.8 6.9 16.2 21.0 22.7 22.1 21,3 22.8 23.7 22.9 Nondurable goods 37.7 22.3 35.3 44.0 67.5 87.5 96.5 103.6 100.2 101.4 103.7 104.3 105.1 Services 31.7 20.6 25.5 28.5 37.0 43.6 47.3 51.4 48.8 49.8 50.8 52.1 53.0 Gross private domestic investment 15.8 1.3 9.0 17.2 6.4 26.5 30.0 39.7 35.4 38.0 38.0 40.2 42.8 New construction * 7 8 1 i 4 0 5 7 2 3 8 9 11 7 14 6 14 0 14 3 14 4 14 8 14 7 Producers' durable equipment 6.4 1.8 4.6 7.7 5.4 12.8 17.8 21.4 18.9 19.8 21.0 21.9 22.7 Change in business inventories 1.6 — 1.6 .4 3.9 — 1.4 4.8 .6 3.8 2.5 3.9 2.6 3.5 5.3 Net foreign investment .8 .2 .9 1.1 -2.1 4.7 8.9 1.5 8.2 3.9 2.7 -.3 -.4 Government purchases of goods and services 8.5 8.0 13.1 24.7 96.5 30.8 28.0 36.0 29.0 30.5 33.9 38.2 41.5 Federal .. . . 1 3 2 0 5 2 16 9 89 0 20 8 15.6 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 .8 2 88 1 . . 6 6 2 2 1 .2 5 Jl6.9 21.5 16.3 17.9 19.8 22.9 25.4 Less: Government sales J (3) (3) (3) (») 1.2 2.9 1.3 .6 .8 1.2 .7 .2 .2 State and local 7.2 5.9 7.9 7.8 7.5 10.0 12.3 15.1 13.5 13.7 14.8 15.5 16.3 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wage*and salaries Divi- 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 i t s a - l Wag p m e C r o o o a d d m n u it d c - y - sal D ar u i y s t i t v r d i e i b s - bu S r i e s n e r d v m u ic s e e - nts G er o n v - - L b c p s e u o l o s f o t n c o s i y o t i r e r a e n i m l e - s - in O l c a t o b h m o e r r e6 i p n r r e P c a i n o e n ro m t t d o a - l e rs 6 ' i i n n d s p a t c o e e n e o n n r r m d d a e - l s s e t m T p r e f a a e n y n r t - s s - 7 a in g N t c u r o o i r c m n a u - l e l- 1 b m u e r n se ts - d in u g st r i i n e - s in tr d ie u s s- tries ment i a n n su ce r- 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—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 Mav 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 '219.2 136.3 138.6 62.1 39.9 16.6 20.0 2.3 2.1 51.4 '18.3 11.1 195.7 February 216.3 134.7 136.9 61.5 39.0 16.5 19.9 2.2 2.1 49.7 18.3 11.5 194.1 March? 214.3 132.4 134.6 59.3 38.8 16.6 19.9 2.2 2.1 49.0 18.3 12.5 192.6 P Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as for preceding page. MAY 1949 573 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 Noninstalment credit End of year Total or month co c n r s e u d m it e 1 r c i T r m n e o s e d t t a n i a t l t l - * Total i A S u al t e o m cr o e b d i i l t e Other i Loans 2 no c T n m r i o e e n t d n s a i t t l t al- p S l a o i y n a m n g s l e e n 3 - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1929... 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933... 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1938 7,047 3,595 2,313 970 1,343 1,282 3,452 1,442 1,487 523 1939 7,969 4,424 2,792 1,267 1,525 1,632 3,545 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 3,698 1,488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 1,601 1,764 610 1942 6,578 3,048 1,617 482 1,135 1,431 3,530 1,369 1,513 648 1943 5,378 2,001 882 175 707 1,119 3,377 1,192 1,498 687 1944 5,803 2,061 891 200 691 1,170 3,742 1,255 1,758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1,520 1,981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2,263 3,054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1948—February 13,302 6,548 3,090 1,254 1,836 3,458 6,754 2,765 3,061 928 March 13,805 6,821 3,258 1,367 1,891 3,563 6,984 2,783 3,275 926 April 14,059 7,094 3,440 1,468 1,972 3,654 6,965 2,795 3,236 934 Mav 14,311 7,318 3,590 1,536 2,054 3,728 6,993 2,816 3,245 932 Tune 14,669 7,533 3,720 1,602 2,118 3,813 7,136 2,839 3,352 945 July 14,723 7,738 3,849 1,689 2,160 3,889 6,985 2,840 3,185 960 August 14,916 7,972 4,018 1,781 2,237 3,954 6,944 2,847 3,130 967 September 15,231 8,190 4,193 1,858 2,335 3,997 7,041 2,855 3,227 959 October 15,518 8,233 4,239 1,889 2,350 3,994 7,285 2,869 3,457 959 November 15,739 8,322 4,310 1,922 2,388 4,012 7,417 2,892 3,557 968 December 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1949—January 15,749 8,425 4,371 1,965 2,406 4,054 7,324 2,904 3,457 963 February P 15,336 8,340 4,306 1,996 2,310 4,034 6,996 2,864 3,176 956 March? 15,379 8,447 4,371 2,113 2,258 4,076 6,932 2,821 3,141 970 P Preliminary. 1 Revised beginning January 1942 to include new estimates of instalment sale credit outstanding at furniture, household appliance, jewelry, and "all other" retail stores. For description and back figures see pp. 504-505 of this BULLETIN. 2 Includes repair and modernization loans insured by Federal Housing Administration. 3 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institution! (end of period) (during period) Year or month Total m b C a e o n rc m k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n i u a k l s s - 2 p I c n a l t o o r n d i a m i a u n e l s - s - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m i r l n z o e a o a s a p u n d t n i a r e d o s i r e r n 8 n d - m b C a e o n rc m k i s a - * l p S c l a m o o n a m a i n e l - l s b In a tr d n i u a k l s s - 2 p I c n a l t o o r n d a i m i u a n e l s - s - 2 u C n r i e o d n it s 1929 643 43 263 219 23 95 463 413 38 1933... 466 29 246 121 20 50 322 202 32 1938 1,282 312 380 129 95 103 117 146 460 664 238 176 176 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 376 319 577 1948- February . . . 3,458 1,482 709 167 140 230 120 610 221 107 25 25 38 Mar ch 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 ,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 L.701 763 203 154 291 125 717 270 126 32 27 52 September.. 3,997 ,712 771 206 155 300 126 727 254 122 31 26 51 October 3,994 ,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 ,709 817 204 160 312 131 739 251 180 37 31 57 1949—January.... 4,054 L,7O5 812 202 159 309 130 737 236 112 31 26 42 Februaryv . . 4,034 L,695 806 201 159 308 130 735 215 109 28 25 44 MarchP 4,076 ,721 807 203 161 315 130 739 289 142 36 29 58 p Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of March amounted to 100 million dollars and loans made during March were 15 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. 574 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 m e T g x o o c b a l t u i a u l d l e t , o - l - j s o m m t a r o n e a d r n i d e e l t r - s s F t t o u u r r r e n e s i - l s H a t h a o p o n o r p u c l e l s d e s i e - x - J s e to w r e e l s r y l s o r to e A th t r a e l e l i s r l l Year or month Total c P ha u s r r e - e d tai D l l o i a re n c s t c d r h p a e ir a u n t e a s d r- c e il t d , l e o m r t a a n i n o o n iz d d n s a 2 - - 3 i s l m c n o o s e a a n t s n a n a h t l s 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 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 3 3 4 4 4 4 4 4 4 4 4 8 9 0 6 1 7 5 4 2 8 3 2 1 1 1 1 1 1 1 , , , , , , 3 7 , 8 1 1 5 6 9 7 7 5 0 4 2 0 3 6 9 1 0 3 2 2 3 1 4 5 7 1 5 7 5 5 j i I 3 3 4 4 3 8 6 2 1 1 1 7 0 3 6 3 7 7 5 5 9 8 2 7 9 6 7 4 2 8 3 2 0 5 4 5 6 4 2 3 2 5 2 7 3 8 9 1 8 4 8 8 9 9 5 6 5 9 9 9 0 6 7 3 6 0 2 2 3 3 3 2 1 1 0 6 7 1 8 5 4 5 7 8 1 2 6 3 3 7 0 9 1 8 8 8 1 1 1 1 9 5 7 1 5 5 8 2 5 4 7 3 7 0 0 7 6 9 0 2 4 6 2 2 2 2 3 4 1 1 1 1 1 2 7 4 0 8 0 0 1 7 1 7 0 1 6 5 4 4 9 3 4 1 9 1948— A J A O J S N D M M F u u e p u c e o e a a n l p t r g y c b v y r e o i t e u c l r e b e m h u s m e m t a r b r b b e y e e r . . r . r . . . . . . . . . . 3 3 2 2 3 3 3 3 3 3 3 , , , , , , , , , , , 1 4 3 9 5 0 8 5 2 4 5 3 1 1 3 5 2 0 2 8 6 2 7 0 9 1 5 7 4 9 6 3 8 3 4 4 4 4 5 5 5 5 5 5 0 3 6 7 7 0 2 4 6 7 5 2 1 1 3 2 2 9 8 5 0 0 6 6 6 5 6 6 7 7 7 7 7 9 0 6 2 4 2 7 3 1 2 3 1 2 8 8 9 3 0 6 3 3 0 6 6 6 6 6 5 5 7 7 7 7 6 9 2 7 3 4 9 5 6 2 3 1 1 8 8 1 6 8 1 9 5 6 5 6 6 5 5 5 5 5 6 6 5 3 0 3 5 7 8 9 3 1 2 0 1 8 8 5 2 2 2 6 7 0 6 8 8 8 8 8 8 8 8 8 8 8 3 5 6 6 1 6 7 3 8 0 7 2 6 6 6 9 9 0 9 0 7 8 1949—January 3,558 564 737 758 631 868 1948 February?... 3,517 572 737 724 626 858 March? 3,557 597 759 708 631 862 February.. 1.836 624 550 246 127 289 Volume extended dur- A M p a ri r l ch.... 1 1 , , 9 8 7 9 2 1 6 6 8 5 0 3 5 5 7 5 8 9 2 28 5 2 7 1 1 2 2 1 4 3 2 1 9 1 8 i 1 n 9 g 4 8 m — on F t e h b : ruary 398 66 89 90 35 118 J M un ay e 2 2, , 1 0 1 5 8 4 ! ! 7 7 0 2 3 0 6 6 0 2 1 1 3 32 0 2 6 1 1 2 2 1 1 3 33 2 4 3 A M p a r r i c l h 5 52 0 1 4 8 9 9 2 1 1 1 1 6 2 1 1 0 2 2 2 4 5 4 2 1 1 5 4 3 3 A Ju u ly gust. . . . 2 2 , , 1 2 6 3 0 7 7 7 3 5 2 9 6 65 2 2 9 3 3 3 5 9 6 1 1 2 1 0 8 3 3 5 4 2 0 J M u a n y e 4 5 8 2 7 4 8 8 1 7 1 1 0 0 9 9 1 1 1 2 2 6 4 5 8 2 1 1 3 5 7 0 September. 2,335 786 685 377 119 368 July 512 91 115 113 45 148 O N D c o e t c v o e e b m m e b r b . e e r . r . . . 2 2 2 , , , 5 3 3 6 8 5 7 8 0 , ' 8 8 7 7 1 9 4 2 7 6 6 7 9 8 5 6 7 0 3 3 3 7 8 7 7 7 9 1 1 15 1 2 2 7 7 3 3 4 7 7 0 6 0 4 O A Se c u p t g o t u b e s e m t r ber... 5 4 5 3 0 0 3 3 4 9 9 7 0 3 3 1 1 9 1 0 3 6 5 1 1 9 0 2 9 5 2 4 4 4 9 9 8 1 1 1 4 3 2 1 7 0 1949 November.. . 447 76 98 97 49 127 December. . . 468 75 98 110 42 143 January... 2,406 ! 816 704 366 141 379 1949—January 426 68 94 100 32 132 FebruaryP. 2,310 . 778 685 353 130 364 February?... 383 71 90 74 33 115 March?. . . 2,258 j 754 675 348 125 356 March? 516 103 131 93 46 143 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimates. In millions of dollars] Retail instal- Repair Personal Retail instal- Repair Personal ment paper 3 and instalment paper 3 and instal- Year or month Total modern- ment Year or month Total Auto- m iz o a d ti e o r n n- m ca e s n h t m A o u b to il - e Other l i o z a a n ti s o 2 n 3 l c o a a s n h s mobile Other loans 2 3 loans Outstanding at end Outstanding at end of period: of period: 1 1 1 9 9 9 4 4 4 7 6 8 2 2 1 3 8 62 3 6 . . . 7 5 2 2 5 6 7 6 0 . . . 5 6 0 3 4 1 0 3 7 . . . 2 4 8 2 4 5 8 3 1. . . 7 3 3 1 1 8 2 1 9 4 0 . . . 1 5 0 1 1 1 9 9 9 4 4 4 6 7 8 1 1 1 0 7 48 8 7 . . . 2 4 1 3 2 1 8 7 5 . . . 3 1 0 2 1 7 3 7 . . . 4 7 1 5 2 4 . . . 0 2 4 1 8 9 1 3 9 0 . . . 6 8 1 1948— J N J A D A O S M M F u u e p o c e u e l n a a p t y r c v b y r e g o i t e c e l e r b u h m u m m e s a r b b b t r . e y e e . r r . r . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 5 7 6 3 7 4 8 8 8 8 8 3 1 5 4 6 7 2 2 5 5 6 . . . . . . . . . . . 3 1 6 6 7 8 3 3 9 2 5 5 5 6 6 5 6 6 5 6 6 6 0 1 6 4 9 6 7 3 7 6 6 . . . . . . . . . . . 3 4 8 3 0 4 3 1 8 6 8 3 3 3 3 4 4 4 4 4 4 4 5 1 2 8 2 0 3 3 3 4 3 . . . . . . . . . . . 7 4 8 0 1 1 5 3 3 3 4 4 4 4 4 4 4 4 5 5 5 5 4 8 4 6 8 9 9 1 0 1 1 . . . . . . . . . . . 7 8 8 0 3 1 8 7 6 3 6 1 1 1 1 1 1 1 1 1 1 1 0 1 2 1 1 2 2 2 2 2 2 8 4 2 1 9 1 2 4 4 3 4 . . . . . . . . . . . 9 1 3 3 8 3 9 8 0 0 5 1948— J S M A J N A O D M F u u e p c e o u e a l a n p t c r y v r b y g o e t i e c e l e r b u m h u m m e s a b r b b t r e . y e e . r r r . . . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 6 5 6 5 6 7 7 7 7 6 7 8 8 6 4 3 0 1 7 3 1 1 . . . . . . . . . . . 2 0 1 0 6 1 1 8 5 8 8 3 3 3 3 3 2 2 3 3 3 3 4 3 1 1 6 8 8 7 9 7 8 . . . . . . . . . . . 2 9 3 1 9 7 5 9 4 3 3 2 2 2 2 2 2 2 2 2 1 1 0 1 0 1 2 2 3 1 3 9 8 . . . . . . . . . . . 2 1 5 7 7 0 6 7 4 0 0 4 4 4 4 4 4 4 4 4 4 5 . . . . . . . . . . . 5 5 4 2 3 6 6 8 0 9 9 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 0 7 6 3 6 6 7 7 7 0 5 6 . . . . . . . . . . . 2 2 5 7 7 0 6 1 0 0 9 1949— F M J e a a b n r r c u u h a a r P r y y . . . . ? . . .. . . 2 2 28 8 8 2 3 0 . . . 8 4 8 6 6 6 6 7 6 . . . 7 1 0 4 4 4 2 1 1 . . . 6 3 5 5 4 5 9 1 0 . . . 5 0 3 1 1 1 2 2 2 4 4 3 . . . 0 0 0 1949— F M J e a a b n r r u c u a h a r ? r y . y . ? . . . . . . . 1 1 17 7 7 8 6 6 . . . 1 1 0 3 3 3 7 8 8 . . . 9 4 0 2 2 2 3 3 2 . . . 2 4 9 5 4 4 . . . 0 9 8 1 1 1 0 1 1 9 1 0 . . . 5 9 3 Volume extended Vo d l u um rin e g e x m te o n n d t e h d : during month: 1948—February.. . 31.5 8.0 4.4 2.8 16.3 1948—February.. . 26.6 5.3 2.8 0.3 March 41.9 11.2 6.0 3.7 21.0 March 32.1 6.9 3.4 0.4 April 42.0 11.3 6.4 4.4 19.9 April 30.5 6.9 3.8 0.4 19.4 May 40.8 10.1 6.8 4.2 19.7 May 27.7 5 7 3.7 0.4 17.9 June 44.2 10.5 7.4 3.4 22.9 June 30.6 7.1 3.5 0.4 19.6 July 41.4 11.3 6.9 3.1 20.1 July 29.1 6.7 3.3 0.5 18.6 August. . . . 40.1 10.6 6.5 3.6 19.4 August 28.6 6.0 3.6 0.4 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.... 33.1 7.6 4.3 2.3 18.9 1949—January 25.7 4.9 2.7 0.3 17.8 February?.. 31.2 7.6 4.3 2.2 17.1 February? . 25.1 4.8 2.8 0.3 17.2 March P. . . . 41.5 11.3 5.8 2.6 21.8 March?.. . . 31.6 7.0 3.8 0.4 20.4 ? Preliminary. l Revised. For description and back figures see pp. 504-505 of this BULLETIN. 2 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 3 Includes both direct loans and paper purchased. MAY 1949 575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe f r ro c m en t p ag re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o ar u g n e ts month month of preceding Item 1 M 94 a 9 r P . F 19 e 4 b 9 . 1 Ja 9 n 49 . 1 M 94 a 9 r P . F y 19 e e 4 a b r 9 . 1 Ja 94 n 9 . Year or month D s m e to p e r a n e r t s t- s F t t u o u r r r e n e s i- 2 h p H s o l t o l i o d a u r n e s a c s e p e 2 - - J s e t w or e e l s r 2 y D s m e to p e r a n e r t s t- Net sales: 1948 Total + 17 -46 -13 -10 -12 February.... 23 14 17 14 49 Cash sales +7 7 -46 -21 -15 -18 March 27 15 18 15 53 Credit sales: April 25 15 17 15 52 Instalment +23 0 -52 -12 -6 -9 May 24 15 18 15 52 Charge account +10 -2 -39 -13 -9 -18 June 24 16 17 16 52 July 23 14 17 16 51 Accounts receivable, end August 23 14 17 16 51 of month: September... 24 14 16 16 53 Total -2 -4 -6 + 14 +18 +18 October 24 14 16 16 54 Instalment -2 -3 -6 +16 +19 +20 November... 24 14 15 17 55 December. .. 25 14 15 20 53 Collections during month: 1949 Total +7 -12 -1 +3 +3 +6 January 22 12 15 14 52 + 10 -8 -5 +6 +7 + 10 February 22 12 14 13 50 March? 25 14 15 14 56 Inventories, end of month, at retail value. +3 + 1 -4 -7 -6 -1 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. 2 Revised. Back figures beginning January 1940 may be obtained from Division of Research and Statistics. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average =100 Percentage of total sales Accounts receivable Collections during Year or month Sales during month at end of month month Cash Instal- Charge- Instal- Charge Instal- Charge Instal- Charge sales m sa e le n s t ac s c a o le u s nt Total Cash ment account ment account ment account 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—February r167 177 141 162 124 181 160 217 53 7 40 March 226 235 '195 222 129 190 177 207 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 February 162 168 133 162 157 187 195 234 51 7 42 March? 203 208 172 204 151 182 209 226 51 7 42 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 567. 576 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 page1 Mar. Apr. Apr. Apr. Apr. page1 Mar. Apr. Apr. Apr. Apr. 30 27 30 13 WEEKLY FIGURES2 In billions of dollars RESERVE BANK CREDIT, ETC. WEEKLY FIGURES2—Cont. In unit indicated Reserve Bank credit, total.... 2 22.38| 22.14 22.06 22.05 21.71 U. S. Govt. securities, total.. 3 21.83 21.60 21.49 21.29 21.21 BUSINESS CONDITIONS G T M M M R E r x o e e o e e N C C R c q l m m n a d e u h e e o N s e a B B s b w b s i i u u y s s v c r e i o e o e t n e r l a g r o r r r l n t y Y d i t g v s e . e n c r d ) b o e b s s y o k c : s r e a a c a r e c a r k n i n b s s v i r n h k k e a t c e d y C r n u s a v r r * i k l n e c e b e t a s s y d s e s a t 8 e e i r n o r d r t k v v n i e s f e e p i s s c o a ( s w t i e t e s s e . . k . . . l . . . y 2, 2 3 2 2 5 5 5 4 3 4 3 4 2 2 1 1 5 9 3 7 5 7 4 5 7 9 8 1 . . . . . . . . . . . . . 3 0 2 1 2 5 2 2 4 3 0 5 5 0 0 8 2 5 7 1 2 0 1 2 0 2 2 2 1 1 5 9 2 5 7 4 5 7 7 9 8 1 . . . . . . . . . . . . . 1 1 2 4 1 3 6 1 5 2 3 4 8 7 5 7 5 5 2 1 8 1 7 3 1 8 2 2 1 1 9 2 5 5 7 4 5 7 7 8 9 1 . . . . . . . . . . . . . 0 1 2 3 3 2 2 6 2 5 5 3 8 6 6 7 5 2 0 4 1 2 7 1 1 3 P 2 2 1 1 5 8 5 5 2 4 7 7 7 P 1 9 8 . . . . . . . . . . . . . 2 9 1 0 6 3 8 3 3 2 4 4 5 8 2 9 5 0 1 2 0 9 1 1 0 1P 2 2 1 1 5 4 8 5 2 7 7 7 4 1 9 8 . . . . . . . . . . . . . 1 9 2 5 4 9 1 3 0 3 3 4 5 8 1 3 6 8 8 5 3 2 6 3 8 4 Wh S I B n o e a d F O F l T F T W C l I C s e e n e o i o a o o o s t o c c x d h h o ( r o a t t t r t A e m u e a a e d e n l t d c s e o d l l a r s s u s o n t t t ( g p p u ( m r c f c . i 1 a r o r f ( e ( a m o i f c r 9 c m n 1 l c s m e d e 2 t o e 9 n m m s u n 6 s d 3 t c t : p = s o p a i s 9 t t r d e t s 1 i = p p e o e r i 0 e 1 r t e d s i i 0 b r r : 0 e u a ) u s 0 b l c p : s s ) t u o : h s s u : e h n l e ) d l . ) ) . . . . 6 6 6 6 6 6 6 6 6 5 8 7 8 7 5 5 5 7 2 2 2 2 1 1 1 1 1 3 2 7 5 5 3 5 7 5 6 2 5 6 9 6 4 0 8 0 2 . . . . . . . . . . 9 7 0 0 9 1 8 7 1 8 2 2 2 2 1 1 1 1 1 3 2 4 8 5 3 7 6 4 5 2 6 8 5 3 2 4 9 1 8 . . . . . . . . . . 6 5 4 7 7 5 0 8 3 1 2 2 2 2 1 1 1 1 1 3 2 4 8 4 3 6 4 5 7 3 5 8 1 8 0 4 9 7 1 . . . . . . . . . . 4 0 2 1 4 6 1 1 7 0 r r 2 2 2 2 1 1 1 1 1 3 2 4 3 7 3 4 7 5 6 3 2 7 4 3 9 8 1 6 3 . . . . . . . . . . 0 6 1 4 1 9 4 2 3 9 2 2 2 2 1 1 1 1 1 3 3 8 4 2 6 4 6 3 5 3 1 1 4 2 2 7 9 7 6 . . . . . . . . . . 2 9 0 7 9 9 9 4 0 1 MEMBER BANKS IN LEADING CITIES Steers (dollars per 100 All reporting banks: pounds) 68 24.60 24.90 25.18 24.40 Loans and investments 14 61.17 61.04 61.10 61.27 61.32 Hogs (dollars per 100 U. S. Govt. securities, total. 14 31.75 32.40 32.77 32.77 32.95 pounds) 68 20.83 20.24 19.45 18.46 18.13 Bonds 16 25.14 25.25 25.37 25.42 25.46 Butter (cents per pound).. 68 59.6 59.1 58.9 58.9 58.9 Notes and certificates 16 5.55 5.76 5.76 5.68 5.67 Eggs (cents per dozen) ... 68 43. 43.8 43.6 43.5 45.2 Bills 16 1.06 1.39 1.64 1.67 1.83 Production: Other securities 18 4.39 4.41 4.41 4.36 4.35 Steel (% of capacity) 71 99.8 99.2 98.4 97.5 Demand deposits adjusted.. 14 44.91 44.82 45.24 45.76 46.18 Automobile (thous. cars)... 71 113 125 127 134 129 U. S. Govt. deposits 14 2.18 2.12 1.79 1.52 1.28 Crude petroleum (thous, Loans, total 14 25.03 24.24 23.92 24.14 24.01 bbls.) 72 5,072 4,916 4,912 4,915 4,922 Commercial 18 14.90 14.63 14.54 14.30 14.16 Bituminous coal (mill, tons). 72 1.93 1.88 1.91 1.89 1.92 Real estate 18 4.08 4.08 4.08 4.08 4.08 Paperboard (thous. tons)... 73 150 159 166 160 162 For purchasing securities: Meat (mill, pounds) 73 '255 266 258 273 295 Total 18 2.19 1.77 1.57 1.99 1.95 Electric power (mill. kw. hrs.) 75 5,378 5,360 5,343 5,326 5,304 U. S. Govt. securities.. 18 1.25 .83 .66 .99 .95 Freight carloadings (thous. cars) Other securities 18 .93 .94 .91 1.00 1.00 Total 74 726 758 766 769 785 Other 18 3.85 3.83 3.83 3.85 3.86 Miscellaneous 74 349 341 346 342 350 Department store sales Ne L w o a Y n o s r a k n d C i i t n y v e b s a tm n e k n s t : s 15 17.91 17.78 17.65 17.87 17.97 (1935-39 = 100) 75 301 320 314 266 287 IT. S. Govt. securities, total. 15 8.70 9.06 9.20 9.21 9.40 Bonds, total holdings 1 7.35 7.38 7.40 7.41 7.41 Due or callable—5 years.. 1 5.83 5.85 5.86 5.87 5.86 Notes and certificates.... 17 1.12 1.34 1.28 1.20 1.21 De B m il a ls n d deposits adjusted.. 1 1 5 7 14. . 7 2 6 4 14. . 6 34 5 14. . 6 52 0 14. . 9 60 9 15. . 1 7 4 8 Jan. Feb. Mar.3 U. S. Govt. deposits 15 .55 .53 .44 .37 .30 Interbank deposits 15 3.61 3.87 3.86 3.71 3.63 Time deposits 15 1.57 1.55 1.54 1.53 1.55 MONTHLY FIGURES In billions of dollars Loans, total 15 8.07 7.59 7.34 7.57 7.50 Commercial 19 5.44 5.32 5.29 5.16 5.09 DEPOSITS AND CURRENCY For purchasing securities: To brokers: Deposits and currency:' On U. S. Govts.. 19 .94 .59 .42 .73 .70 Total P170.00 P169.10 P167.40 On other securities.. . 19 .38 .40 .37 .42 .42 Excluding U. S. Govt. de- Toothers 19 .21 .21 .21 .21 .21 posits 6 P168.00 P166.10 P164.10 Real estate and other 19 .98 .99 .98 .99 .98 Demand deposits adjusted.. 6 P85.30 PS3.30 P81.00 Time deposits adjusted 6 P57.50 P57.7O P58.OO Ba D L 1 n 7 o e k . N B B a m S s n o i o l . a s o n l t n s e G d u a s d s n o t s a d v d i n t e d . d i p n e s o v c e N s e e c i s r u t e s t t w r i m i f t a i i e Y c d e n a s o j t t , u s r e s t k s o t . e t C . d a . i l . . . . t y 1 1 1 1 : 1 7 5 5 7 7 4 2 3 1 4 3 0 3 7 . . . . . . 4 2 1 0 7 8 3 6 5 5 9 3 4 3 2 1 4 3 0 3 1 7 . . . . . . 0 4 1 2 3 8 5 2 7 6 4 7 4 2 3 1 3 3 4 0 1 7 . . . . . . 1 5 4 4 9 6 2 7 5 8 7 4 4 3 2 1 4 3 0 3 1 8 . . . . . . 0 4 7 4 5 0 7 0 7 8 6 1 4 2 3 1 4 3 3 1 1 8 . . . . . . 0 4 3 5 0 0 5 5 4 5 4 5 Mo $ U C C B n 1 u o i . 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 , 2 r o t 0 $ c . 0 u u 2 d t a b , l s e n a i i a p d d l t l n i o e s o d o s n b i v , t $ e s a 5 t r n o b t k a i s l ll . s . . .. . . 6 6 P 2 P 1 2 8 4 7 5 2 4 . . . . . . 2 5 4 5 0 5 O 8 8 8 0 3 P 2 P 1 2 8 4 7 5 4 3 . . . . . . 1 5 4 5 0 5 O 3 8 6 0 5 P 2 P 1 2 4 8 7 4 5 3 . . . . . . 5 4 4 4 1 3 1 4 7 6 0 0 U. S. Govt. deposits 1.63 1.59 1.35 1.15 .98 Interbank deposits 5.70 5.98 6.07 5.77 5.52 Time deposits 13.55 13.57 13.61 13.64 13.64 Annual rate Loans, total 16.96 16.65 16.58 16.57 16.51 C R F O o o e 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 9 9 9 9 3 3 . . . . 4 8 0 6 7 7 8 5 9 3 3 . . . . 8 3 0 5 7 1 6 8 3 3 9 . . . . 8 2 0 5 7 5 5 8 3 9 3 . . . . 0 8 1 6 7 7 4 3 3 3 9 . . . . 0 8 0 6 7 8 9 1 Tu O N rn e th o w e v r e Y r l o e o a r f k d i d n C e g i m ty c a i n ti d e s deposits:4 8 8 2 1 7 9 . . 4 1 27.1 26.4 MONEY RATES, ETC. Per cent per annum In billions of dollars U. S. Govt. securities: COMMERCIAL BANKS Bills (new issues) 30 1.160 1.153 1.157 1.156 1.147 Certificates 30 1.23 1.21 1.20 1.20 1.19 3-5 years 30 1.52 1.53 1.54 1.53 1.52 Cash assets/ 9 P36.00 P35.90 P34.10 7-9 years 30 1.77 1.76 1.78 1.77 1.76 Loans and investments, total*. 9 P114.50 P113.30 P112.5O 15 years or more 30, 32 2.38 2.38 2.38 2.38 2.38 Loans6 9 P42.40 <*42.00 P42.30 Corporate bonds: U. S. Govt. securities* P63.00 P62.20 P60.90 Aaa 32 2.70 2.70 2.70 2.70 2.70 Other securities« 9 P9.10 P9.30 Baa 32 3.46 3.47 3.46 3.45 3.45 Holdings of U. S. Govt. se- High-grade (Treas. series). 32 2.70 2.71 2.71 2.70 2.70 curities : Bonds: In unit indicated T W o i t t a h l i n 1 year 1 1 0 0 4 4 0 . . 3 8 0 2 4 4 0 . . 2 9 9 8 e41.20 Stock prices (1935-39 =100): 1-5 years 10 26.29 26.37 Total 34 120 119 119 119 118 5-10 years 10 6.54 6.59 Industrial 34 126 125 125 124 123 Over 10 years 10 3.69 3.73 Railroad 34 100 98 98 97 96 Notes and certificates 10 11.79 11.33 PlO.65 Public utility 34 96 96 97 96 96 Bills 10 2.98 2.80 Pl.78 Volume of trading (mill, shares) 34 1.21 .90 .84 .97 Guaranteed securities 10 For footnotes see p. 580. MAY 1949 577 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 1949 book book page 1 Jan. Feb. Mar.J page1 Jan. Feb. Mar.3 MONTHLY FIGURES-Cont. In billions of dollars MONTHLY FIGURES-Cont. In billions of dollars MEMBER BANKS GOVERNMENT FINANCE—Cont. All member banks: Ownership of U. S. Govt. securities—Cont. Loans and investments, total 12 95.82 94.82 93.96 Marketable public issues—Cont. Loans 12 36.02 35.61 35.89 By class of security—Cont. U. S. Govt. securities 12 52.48 51.79 50.54 Bonds—Total outstanding. ... 24 111.60 111.60 111.60 Other securities 12 7.32 7.41 7.53 Nonbank (unrestricted issues Demand deposits adjusted « 12 72.28 70.39 68.53 only), commercial bank, Time deposits 12 '28.87 '28.96 29.07 and F. R. Bank 24 69.58! 69.32 Balances due to banks 12 11.87 10.53 10.37 Commercial bank and F. R. Balances due from banks 12 5.41 4.92 4.89 Bank 24 51.04| 50.87 e50.45 Reserves 12 19.99 19.57 19.42 F. R. Bank 24 10.22 9.88 9.24 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 23.56 23.15 22.62 Within 1 year-Total outstanding 2 5 48.56 48.36 49.21 Loans 12 9.88 9.69 9.88 Commercial bank and F. R. U. S. Govt. securities 12 12.26 11.99 11.19 Bank 25 29.21 29.21 Other securities 12 1.42 1.48 1.55 F. R. Bank 25 12.07 12.70 12.79 Demand deposits adjusted « 12 19.36 18.76 17.84 1-5 years—Total outstanding. 25 44.05 44.05 42.09 Time deposits 12 '2.65 '2.66 2.69 Commercial bank and F. R. Balances due to banks 12 5.16 4.85 4.78 Bank 25 31.23 31.21 e29.81 Reserves 12 6.65 6.51 6.45 F. R. Bank 25 3.00 2.92 2.78 Reserve city banks: 5-10 years—Total outstanding 25 10.46 10.46 10.46 Loans and investments, total 13 35.55 35.08 34.84 Commercial bank and F. R. Loans 13 14.19 14.00 13.97 Bank 25 6.80 6.83 U. S. Govt. securities 13 18.91 18.60 18.33 F. R. Bank 25 .26 .25 .17 Other securities 13 2.45 2.49 2.53 Over 10 years—Total outstand- Demand deposits adjusted « 13 25.38 24.63 24.25 ing 25 53.89 53.89 Time deposits 13 '11.41 '11.46 11.49 Nonbank (unrestricted issues Balances due to banks 13 5.36 4.81 4.7 only), commercial bank, Balances due from banks 13 1.73 1.57 1.59 and F. R. Bank 25 11.86 e11.09 Reserves 13 7.54 7.36 7.31 Commercial bank and F. R. Country banks: Bank 25 10.47 10.21 «9.72 Loans and investments, total 13 36.72 36.59 36.50 F. R. Bank 25 6.78 6.48 5.95 Loans 13 11.95 11.93 12.04 Cash income and outgo: U. S. Govt. securities 13 21.31 21.21 21.01 Cash income 26 3.68 3.89 5.57 Other securities 13 3.45 3.45 3.44 Cash outgo 26 2.83 3.25 3.86 Demand deposits adjusted • 13 27.54 27.00 26.44 Excess of cash income or outgo.... 26 + .85 + .64 + 1.71 Time deposits 13 '14.81 '14.84 14.89 R B e a s la e n rv c e e s s due from banks 1 1 3 3 3 5 . . 5 8 0 0 3 5 . . 1 7 9 0 3 5 . .6 1 6 5 MONEY RATES, ETC. Per cent per annum Treasury bills (new issues) 29 1.160 1.163 1.162 Corporate bonds: Aaa 29 2.71 2.71 2.70 CONSUMER CREDIT* Baa 29 3.46 3.45 3.47 F. R. Bank discount rate 29 1.50 1.50 1.50 Consumer credit, total5 20 15.75 P15.34 P15.38Commercial paper 29 1.56 1.56 1.56 Single-payment loans 20 2.90 P2.86 P2.82Stock yields: Charge accounts 20 3.46 P3. 18 P3. 14 Dividends/price ratio: S In e s r t v a i l c m e e c n re t d c i r t edit, total5 20, 2 2 1 0 8. . 4 9 3 6 P P 8 . . 9 3 6 4 P p 8 . . 9 4 7 5 P C r o e m fe m rr o e n d s s t t o o c c k k 3 3 3 3 6 4 . . 8 0 4 9 4 7 . .1 0 2 4 6 4 . . 8 0 8 7 I I n n s s O A t t a a t u h l l t m m e o r m e e 6 n n o t t b i s l l o a e a l e n s c redit, total5. ... 2 2 2 2 1 1 1 1 4 4 2 1 . . . .9 3 4 0 7 7 1 5 P P P P2 4 4 2 .3 . . . 1 3 0 0 1 3 0 P P P P 2 4 4 2 . . . . 1 3 0 2 1 7 8 6 Margin requirements (per cent) 35 In 7 5 unit ind 7 i 5 cated 6 75 Stock prices (1935-39 =100), total... 35 121 117 118 Stock market credit (mill, dollars) : Customers' debit balances 35, 36 537 527 530 GOVERNMENT FINANCE Money borrowed 36 247 225 254 Customers' free credit balances. ... 36 573 565 551 Gross debt of the U. S. Government: Volume of trading (mill, shares) 35 .83 .85 .86 Total (direct and guaranteed) 22 252.66 252.75 251.67 Bonds (marketable issues) 22 111.60 111.60 111.60 BUSINESS CONDITIONS Notes, certificates, and bills 22 45.36 45.16 44.05 Savings bonds, savings notes. ... 22 59.97 60.30 60.28Personal income (annual rates, bill, Special issues 22 31.76 31.80 31.93 dollars): •4 Guaranteed, noninterest-bearing Total 48 '219.2 216.3 214.3 debt, etc 22 3.97 3.87 3.82 Total salaries and wages 48 136.3 134.7 132.4 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 '69.7 68.0 67.3 Commercial banks • 23 62.90 62.30 P6O.7O Allother 48 13.2 13.6 14.6 Fed. agencies and trust funds... 23 37.40 37.50 37.66Labor force (mill, persons): • F. R. Banks 23 22.11 22.34 21.69 Total 49 61.5 61.9 62.3 Individuals« 23 67.90 68.20 P68.70 Civilian 49 60.1 60.4 60.8 Corporations and associations •. . 23 21.40 21.30 P21.90 Unemployment 49 2.7 3.2 3.2 Insurance companies * 23 21.60 21.50 P21.40 Employment 49 57.4 57.2 57.6 Mutual savings banks • 23 11.60 11.60 Pll.70 Nonagricultural 49 50.7 50.2 50.3 State and local govts.« 23 7.90 7.90 P7.90Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons): •4 By class of security: Total 50 '44.76 44.48 P44.1& Bills—Total outstanding 24 12.13 12.13 11.65 Manufacturing and mining 50 '16.88 16.71 P16.45 Commercial bank and F. R. Construction 50 2.10 2.05 Pi.96 Bank 24 8.02 8.10 P6.96 Transportation and utilities 50 4.03 4.01 P3.97 F. R. Bank 24 5.04 5.30 5.18 Trade 50 9.70 9.66 P9.71 Notes and certificates—Total Government 50 5.79 5.79 P5.76 outstanding 24 33.23 33.03 32.40 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 54.41 54.25 P53.37 Bank 24 18.64 18.49 P17.92 Hourly earnings (dollars) 51 1.381 1.377 Pl.372 F. R. Bank 24 6.85 7.16 7.27 Hours worked (per week) 51 39.4 39.4 P38.9 For footnotes see p. 580. 578 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 1949 Chart book book page* Jan. Feb. Mar.3 page1 Jan. Feb. Mar.s In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES-Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Cont. Industrial production:4 Ratio T s o t t o al sa c l o e m s m (m it o m n e th n s ts ' supply): 63 4.4 4.8 3.8 Total (1935-39 =100). 52 191 189 P184 Stocks 63 3.0 3.4 2.9 Groups (points in total index): Consumers' prices (1935-39=100): Durable manufactures 52 '86.1 85.6 All items 64 170.9 169.0 169.5 Nondurable manufactures 52 81.8 81.1 Food 64 204.8 199.7 201.6 Minerals 52 22.6 22.6 Apparel 64 196.5 195.1 193.9 Manufacturing production Rent 64 119.7 119.9 120.1 (1935-39 =100), total 53 198 196 P193 Miscellaneous 64 154.1 154.1 154.4 Durable 53 227 226 P223 Wholesale prices (1926=100): Nondurable 53 175 173 P168 Total 65 160.6 158.1 158.4 Selected durable manufactures Farm products . 65 172.5 168.3 171.3 (1935-39=100): Food 65 165.8 161.5 162.9 Nonferrous metals 54 186 200 P208 Other commodities 65 152.9 151.8 150.8 Steel 54 260 '267 266 Textile products 66 146.1 145.2 143.7 Cement 54 208 222 208 Hides and leather products 66 184.8 182.3 180.4 Lumber 54 117 107 P119 Chemicals and allied products.. . 66 126.3 '122. 121.1 Transportation equipment 54 244 242 P241 Fuel and lighting materials...... 67 137.1 135.9 134.4 Machinery 54 268 262 P251 Building materials 67 '202.3 '201.5 200.0 Selected nondurable manufactures Metals and metal products 67 175.6 175.5 174.4 (1935-39=100): Miscellaneous 66 117.3 115.3 115.7 Apparel wool consumption 55 136 130 Prices paid and received by farmers Cotton consumption 55 123 125 120 (1910-14=100): N S P h a e o p w e e s s r p b r o i a n r t d consumption 5 5 5 5 5 5 1 1 1 1 5 8 1 3 2 1 1 14 1 7 9 7 4 1 1 6 5 3 1 Ca P R sh a e i c d f e a i r v m ed income (mill, dollars): 6 6 9 9 2 2 4 6 8 8 2 2 4 5 5 8 2 26 4 1 6 Manufactured food products.... 55 '159 162 P163 Total 70 2,383 1,783 1,973 Fuel oil 55 '206 194 P189 Livestock and products 70 1,287 1,079 1,269 Gasoline 55 '174 170 P172 Crops 70 1,080 689 677 Industrial chemicals 55 447 434 P421 Govt. payments 70 16 15 27 Rayon 55 309 309 P293 Orders, sales, and inventories: Sales (bill, dollars): INTERNATIONAL TRADE AND FINANCE Manufacturing, total 56 16.7 16.3 17.7 Exports and imports (mill, dollars): W Re h D N t o a o u l i e l n r a s d a b u l l e r e a ble 5 5 5 5 7 7 6 6 6 9 9 7 . . . . 9 7 4 2 6 9 6 8 . . . . 9 8 4 9 1 1 0 7 0 7 . . . . 1 5 6 5 Sh E E I o m x r x t c p p - e t o o e s r r s r t t m s s o f f o e r x e p ig o n r ts li a o b r i l i i m tie p s o r a t n s d assets 7 7 7 6 6 6 Pl P . P 5 0 4 8 8 9 9 6 7 '1 P P , 4 5 0 6 6 2 8 1 8 P1, P P 1 5 6 5 2 3 O 2 2 Inventories (bill, dollars): reported by banks (bill, dollars): Manufacturing, total 56 32 32.0 37.7 Total liabilities 77 P5.94 P6.03 Durable, total 57 15 15.3 15.2 Official 77 Goods in process 57 5.9 6.0 Invested in U. S. Treasury bills No F G P n i u o d n r o u i c s d r h h s a a e b s i d l n e e d , g p o r t m o o o d c t a a e s t l e s s ri als 5 5 5 5 7 7 7 7 1 2 4 4 6 . . .9 4 4 1 2 4 4 6 . . . 5 7 4 16.5 Fo T re o i P t g a r n l i v e a a a x s t n s c e e d h t a s c n e g r e t if r i a c t a e te s: s 7 7 7 7 7 7 P P 3 l P. . . 0 0 6 1 0 6 P P 3 l P. . . 0 0 7 1 3 3 Purchased materials 57 8.0 7 See p. 609 of this BULLETIN 78, 79 Finished goods 57 6.6 6.5 Wholesale 56 8.5 8.6 8.5 Ne R w e t o a r i d l ers (1939=100): 56 13.5 13.9 14.4 1948 Manufacturing, total 56 '231 230 Durable 56 '275 274 July- Oct.- Jan.- Nondurable 56 '203 204 QUARTERLY FIGURES Sept. Dec. Mar. Construction contracts (3 mo. moving avg., mill, dollars):4 GOVERNMENT FINANCE In billions of dollars Total 58 712 695 717 Residential 58 245 226 238 Budget receipts and expenditures of Re O si t d h e e n r tial construction: 58 '468 469 479 Ex U p . e n S d . it T u 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) :4 National defense 27, 28 2.67 2.90 '3.08 Dw O T 1 e - o t l h l t a i a e n n l r d g s 2 s -f t a a m rt i e l d y d (t w h e o l u li s n . g u s nits)... 5 5 5 5 9 9 9 9 2 1 2 5 5 7 3 2 0 1 2 1 5 6 1 3 2 1 3 6 6 6 1 4 2 7 V A I In n l e t t l t e e e o r r r e t n a h s a n e t t s r i o ' o n A n a d d l e m a b i i t n d i stration 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 5 0 7 4 8 5 1 Value of construction activity (mill, Receipts: T N R o e o d P P s t n o a i u r r d i l l b e * v l e s a l a n i i r c t d t s e i e ) a : n l: t « ial:« 6 6 6 0 0 0 1, 4 2 2 2 8 8 3 4 1 1, 2 4 0 6 5 9 3 0 2 1, 3 4 1 8 0 9 1 9 5 N C A M T In a o l e i d l x t s r i p c o v r r e o t e i e h l d r c f l e a a u u e r t n i n a e p e l d t o i s s i n u n c s ( c o d o i m e m n d t e e u e , r c t e n t a t ) a x c l e s r evenue. . 2 2 2 2 2 2 8 8 7 8 8 8 9 3 2 2 '. . . . . . 8 1 7 0 7 2 7 4 4 9 1 5 8 3 2 2 . . . . . . 6 0 7 2 1 7 5 8 2 4 2 4 1 3 2 7 1 2 . . . . . . 2 0 2 0 4 8 9 1 6 0 0 4 Public 60 4 4 5 Private 60 450 375 400 Freight carloadings:4 Total (1935-39 =100) 61 131 126 MONEY RATES Per cent Per annum Groups (points in total index): Miscellaneous 61 77.3 74.7 75.8 Bank rates on loans to business: Coal 61 27.7 26.4 16.7 All loans: All other 61 26.0 24.4 27.4 19 cities 31 2.60 2.64 2.70 Department stores: New York City 31 2.32 2.34 2.42 Indexes (1935-39 = 100) -A 7 Northern and Eastern cities. ... 31 2.60 2.68 2.68 Sales 62 287 274 270 11 Southern and Western cities. . 31 3.01 3.02 3.12 Stocks 62 285 '286 293 Loans of $1,000-$ 10,000: 296 stores: 19 cities 31 4.53 4.50 4.62 Sales (mill, dollars) 63 264 253 318 New York City 31 4.40 4.23 4.22 Stocks (mill, dollars) 63 785 '848 910 7 Northern and Eastern cities.... 31 4.55 4.51 4.63 Outstanding orders (mill, dollars) 63 388 '378 314 11 Southern and Western cities.. 31 4.57 4.62 4.79 For footnotes see p. 580. MAY 1949 579 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 book book page1 July- Oct.- Jan.- page1 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. Plant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars):* 7 19 cities 31 3.58 3.58 3.64 All business 42 4.8 5.4 4.7 New York City 31 3.35 3.40 3.42 Manufacturing and mining; rail- 7 Northern and Eastern cities... 31 3.58 3.60 3.66 roads and utilities 42 3.3 3.8 3.2 11 Southern and Western cities.. 31 3.71 3.68 3.75 Manufacturing and mining 42 2.3 2.5 2.1 Loans of $100,000-$200,000: 19 cities 31 2.92 2.97 2.89 New York City 31 2.68 2.70 2.66 In billions of dollars 7 Northern and Eastern cities.. . 31 2.91 2.97 2.89 11 Southern and Western cities . . 31 3.07 3.14 3.04 Individual savings: Loans of $200,000 and over: Gross savings 43 + 10.8 + 10.6 19 cities 31 2.29 2.34 2.42 Liquid savings 43 +2.8 + 1.8 New York City 31 2.13 2.16 2.25 Cash 43 +2.1 + 1.2 7 Northern and Eastern cities.... 31 2.34 2.44 2.44 U. S. Govt. securities 43 +0.2 0.0 11 Southern and Western cities.. 31 2.56 2.57 2.71 Other securities 43 +0.3 +0. 7 Insurance 43 + 1.6 +1. 9 Stock yields: Debt liquidation 43 -1.4 _2 0 Earnings/price ratio, common stocks 33 5.47 16.51 Annual rates, GROSS NATIONAL PRODUCT, ETC. in billions of dollars BUSINESS FINANCE In unit indicated Corporate assets and liabilities (bill, ross national product4 44 258.1 264.9 dollars):« Govt. purchases of goods and serv- Current assets, total 37 123.3 123.2 ices 44 38.2 41.5 Cash 37 22.8 22.6 Personal consumption expenditures 44 180.1 181.0 U. S. Goyt. securities 37 13.0 13.5 Durable goods 46 23.7 22.9 Inventories 37 44.6 44.9 Nondurable goods 46 104.3 105.1 Receivables 37 41.3 40.7 Services 46 52.1 53.0 Current liabilities, total 37 57.9 58.4 Private domestic and foreign invest- Notes and accounts payable 37 36.2 10.9 ment 44 39.9 42.4 Federal income tax liabilities.... 37 10.6 10.8 Gross private domestic invest- Net working capital 37 65.4 64.8 ment: Corporate security issues: Producers' durable equipment. 45 21.9 22.7 Total (bill, dollars) • 38 1.27 1.87 1.06 New construction 45 14.8 14.7 New money, total (bill, dollars)«... 38 1.05 1.77 .85 Change in business inventories. 45 3.5 5.3 Type of security (bill, dollars): Net foreign investment 45 -.3 -.4 Bonds 38 .91 1.57 .72 Personal income, consumption, and Preferred stock 38 .06 .07 .05 saving :4 Common stock 38 .08 .11 .08 Personal income 47 216.3 219.6 Use of proceeds (mill, dollars): Disposable income after taxes 47 196.2 199.4 Plant and equipment: Consumption expenditures 47 180.1 181.0 All issuers 39 765 1,451 699 Net personal saving 47 16.1 18.4 Public utility 39 442 898 343 Railroad 39 138 117 174 Industrial 39 185 435 182 1947 1948 Working capital: All issuers 39 280 316 152 Public utility 39 6 4 2 Dec. June Dec. R In a d il u r s o t a r d ia l 3 3 9 9 '204 2 6 3 0 3 SEMIANNUAL FIGURES 31 30 31 Bonds (bill, dollars):« Public 38 .64 .86 Private 38 .47 .81 INSURED COMMERCIAL BANKS In billions of dollars Corporate profits, taxes, and dividends (annual rates, bill, dollars): • Loans: Profits before taxes 40 34.0 Commercial 11 18.01 17.83 18.76 Profits after taxes (dividends and Agricultural 11 1.61 1.97 2.78 undistributed profits) 40 20.8 Real estate 11 9.27 10.10 10.67 Undistributed profits 40 13.1 Consumer. 11 5.65 6.41 6.80 Corporate profits after taxes (quar- For purchasing securities: terly totals): To brokers and dealers 11 .82 1.18 1.34 All corporations (bill, dollars)«. . . . 41 5.2 Toothers 11 1.19 1.08 0.94 Large corporations, total (bill, dol- State and local government securities 11 5.13 5.43 5.51 lars) 41 1.5 1.6 Other securities 11 3.62 3.50 3.42 Manufacturing (mill, dollars): Durable 41 610 698 Nondurable 41 490 511 Electric power and telephone (mill, dollars) 41 187 223 Railroads (mill, dollars) 41 246 19 e Estimated. P Preliminary. r Revised. 1 Page references are to charts in the May issue of the Chart Book. General repagination has been necessary in view of the following changes from earlier issues: A new chart, Yields on Industrial Stocks, has been added to the Money Rates Section, and two additional series have been added to the chart on Stock Prices and Stock Market Credit. A new chart on Individual Savings has been added to the Business Finance Section. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 For charts on pp. 22, 29, and 35 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. 4 Adjusted for seasonal variation. 5 Revised beginning January 1942; for description and back figures see pp. 504-505 of this BULLETIN. 6 Effective Mar. 30 margin requirements were reduced to 50 per cent. 7 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; quarterly average expenditures anticipated by business during the last half of 1949 are (in billions of dollars): All business, 4.4; manufacturing and mining, railroads and utilities, 3.1; manufacturing and mining, 1.9. * 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. 580 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT 1949 1949 Chart Chart book book page1 Jan. Feb.p Mar.? page1 Jan. Feb.P Mar.P In millions of dollars In millions of dollars Consumer credit outstanding, total2. . 3 15,749 15,336 15,379 Consumer instalment sale credit Instalment credit, total2 3, 5 8,425 8,340 8,447 granted, cumulative totals:3 Instalment loans 5 4,054 4,034 4,076 By all other retailers2 425 484 686 Instalment sale credit2 5 4,371 4,306 4,371 By department stores and mail- Charge accounts 3 3,457 3,176 3,141 order houses 365 417 601 Single-payment loans 3 2,904 2,864 2,821 By furniture and household appli- Service credit 3 963 956 970 ance stores2 297 336 496 Consumer credit outstanding, cumu- By automobile dealers 214 233 365 lative totals: 3 Consumer instalment loan credit out- Instalment credit2 4 15,749 15,336 15,379 standing, cumulative totals:3 Charge accounts 4 7,324 6,996 6,932 Commercial and industrial banks. 4,054 4,034 4,076 Single-payment loans 4 3,867 3,820 3,791 Small loan companies 2,147 2,138 2,152 Cons S u e m rv e i r c e i n c s r t e a d lm it ent sale credit out- 4 t963 956 970 C M r i e s d c i e t l l u an n e io o n u s s lenders 1 1 , , 3 0 3 2 5 6 1 1 , ,3 0 3 2 2 4 1 1 , , 3 0 4 3 5 0 standing, cumulative totals:3 Insured repair and modernization All other retailers2 6 4,371 4,306 4,371 loans 737 735 739 Department stores and mail-order houses 6 3,851 3,812 3,890 Furniture and household appliance stores2 6 3,035 3,034 3,136 Automobile dealers 6 1,965 1,996 2,113 P Preliminary. * Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 Revised. See pp. 504-505 of this BULLETIN. 3 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. MAY 1949 581 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 n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks 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 2,133 Dec. 31, 1946 14,043 3,981 11,957 3,654 6,894 2,913 5,063 2,086 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 2.041 Dec. 31, 1948, ... 14,072 4,333 12,061 4,015 6,912 3,197 5,149 2,011 Mar. 31, 1949*... 14,064 4,388 12,068 4,069 6,907 3,243 5,161 1,996 By districts and by States Mar. 31, 1949? District Boston 492 305 492 305 333 226 159 New York , 907 865 907 865 782 802 125 Philadelphia 840 142 840 142 644 105 196 Cleveland 1,131 279 1,131 279 703 240 428 Richmond 1,009 474 800 351 479 229 321 Atlanta 1,184 181 563 145 348 128 215 Chicago 2,488 582 2,434 558 ,003 232 1,431 St. Louis 1,468 136 1,131 77 494 41 637 Minneapolis 1,279 112 622 44 477 26 145 68 Kansas City 1,749 10 1,740 10 760 6 980 Dallas 1,017 42 908 33 619 20 289 San Francisco 500 1,260 500 1 260 265 1,188 235 State Alabama 225 23 124 23 91 23 33 Arizona 10 44 10 44 5 33 5 Arkansas 230 20 108 5 67 1 41 California 194 921 194 921 114 877 80 Colorado 143 1 143 1 92 1 51 Connecticut 114 27 114 27 65 14 49 Delaware 39 14 39 14 17 4 22 District of Columbia 19 40 19 40 16 37 3 Florida 182 3 119 3 73 3 46 Georgia 394 33 100 29 65 28 35 Idaho 45 51 45 51 27 46 18 Illinois 883 3 881 3 505 3 376 Indiana 485 98 485 98 235 42 250 Iowa 666 162 666 162 164 502 Kansas 608 606 214 392 Kentucky 383 39 383 39 112 25 271 Louisiana 161 66 58 43 46 37 12 Maine 63 69 63 69 38 37 25 Maryland. 163 110 163 110 77 74 86 Massachusetts , 181 165 181 165 144 149 37 Michigan 442 218 442 218 230 167 212 Minnesota 680 6 265 6 207 6 58 Mississippi 203 61 39 12 31 5 8 Missouri 594 528 180 348 Montana 112 112 84 28 Nebraska 409 2 409 2 144 2 265 Nevada 8 18 8 18 6 17 2 New Hampshire 74 2 74 2 52 1 22 New Jersey 334 142 334 142 286 127 48 New Mexico 49 12 49 12 34 2 15 New York 646 735 646 735 567 684 79 51 North Carolina 209 185 94 66 54 36 40 30 North Dakota 150 24 61 6 42 19 6 Ohio 665 207 665 207 425 180 240 27 Oklahoma 384 1 376 1 225 1 151 Oregon 68 91 68 91 30 84 38 7 Pennsylvania 977 170 977 170 748 143 229 27 Rhode Island 18 42 18 42 10 31 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 83 200 70 82 55 118 93 13 Texas 897 4 839 4 568 4 271 Utah 55 23 55 23 31 21 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 314 100 309 100 204 53 105 47 Washington 122 125 122 53 69 West Virginia 180 179 108 71 i ! Wisconsin 550 443 101 164 21 279 Wyoming 55 55 41 14 P Preliminary. 1 Excludes mutual savings banks, on a few of which some checks are drawn. 2 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see footnote 3, p. 191 of the BULLETIN for February 1949). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 582 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948 ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All member banks ] nat A io ll nal S A ta l t l e cit C y e n m t e ra m l be re r se b r a v n e ks m Re e c s m i e ty b rv e e r C m b o e a u m n n k b t s r e y r banks banks New York Chicago banks 1946 1947 Year 1948 Earnings 2,102,177 2,402,532 2,578,629 2,828,342 1,894,437 933,905 475,735 120,389] 1,058,045 1,174,173 Interest and dividends on securities: U. S. Government. 996,802 1,053,532 920,821 854,803 576,308 278,495 154,022 43,819 293,634 363,328 Other 139,368 147,586 149,166 157,844 110,694 47,150 25,241 9,799 52,590 70,214 Interest and discount on loans 571,776 760,668 1,028,863 1,289,454 888,243 401,211 177,779 45,165 516,068 550,442 Other charges on loans. . . 16,386 11,717 14,855 18,331 11,744 6,587 4,318 929 8,359 4,725 Service charges on deposits 87,499 99,634 119,254 141,133 97,327 43,806 14,948 1,664 52,379 72,142 Other charges, fees, etc.. . 63,833 67,827 65,803 65,329 42,895 22,434 9,747 9481 23,389 31,245 Trust department 112,134 131,195 135,934 147,513 59,374 88,139 52,179 11,640 53,739 29,955 Other current earnings. . . 114,379 130,373 143,933 153,935 107,852 46,083 37,501 6,425 57,887 52,122 Expenses 1,267,633 1,468,550 1,649,980 1,795,225 ,180,243 614,982 283,984 75,127! 680,870 755,244 Salaries—officers 208,237 242,422 269,456 297,325 196,885 100,440 42,159 10,2601 94,955 149,951 Salaries and wages—others 371,374 457,020 527,525 578,468 366,782 211,686 123,644 25,522 234,685 194,617 Directors' fees, etc 10,757 12,401 13,731 14,910 9,994 4,916 1,407 152, 2,749 10,602 Interest on time deposits. 182,874 211,603 235,948 250,487 174,481 76,006 8,074 10,194 101,394 130,825 Interest on borrowed money 2,286 2,175 2,461 3,133 1,814 1,319 1,193 378 861 701 Taxes other than income. 83,476 81,819 87,946 89,928 61,178 28,750 8,965 4,177! 37,052 39,734 Recurring depreciation. . . 34,004 34,034 34,841 39,376 27,540 11,836 3,536 782 13,837 21,221 Other current expenses . . . 374,625 427,076 478,072 521,598 341,569 180,029 95,006 23,662 195,337 207,593 Net current earnings before income taxes.... 834,544 933,982 928,649 1,033,117 714,194 318,923 191,751 45,262i 377,175 418,929 Recoveries, transfers from reserves, and profits.. 453,785 355,805 232,065 242,523 161,377 81,146 69,805 25,617 80,517 66,584 On securities: T R r e a c n o s v f e e r r i s e s from reserves. 113,221 53,587 40,358 2 2 6 3 , , 4 3 7 6 7 3 1 1 1 9 , , 2 6 9 8 6 0 1 6 2 , , 7 0 9 67 7 1 2 1 , , 6 2 4 72 2 652 4 : ! 1 9 4 , , 0 1 7 76 6 9 3, , 0 0 1 0 1 7 Profits on securities. . . . 238,835 183,010 89,647 54,754 37,474 17,280 15,515 5,750i 19,168 14,321 T R r e a c n o s v f e e r r i s e s from reserves. 55,918 63,742 59,082 3 4 3 5 , , 9 54 0 7 8 2 23 4 , , 9 5 4 4 1 0 2 9 1 , , 3 60 6 6 8 2 4 4 , , 7 7 1 7 1 6 5 2, , 9 5 6 6 3 2 1 9 0 , , 4 5 1 8 7 8 1 7 4 , , 2 2 2 18 0 All other 45,811 55,466 42,978 58,474 44,446 14,028 10,889 10,686 18,092 18,807 Losses, charge-offs, and transfers to reserves. . 229,856 246,962 251,205 421,175 277,076 144,099 83,370 30,195 151,725 155,885 On securities: I L T o ra s n se s s f e a rs n d t o c r h e a s r e g r e v - e o s f . f s . . . . 117,785 115,455 101,342 / \ 3 6 5 8 , , 5 3 2 3 1 4 4 2 6 3, , 5 6 5 0 5 0 2 1 1 1 , , 7 9 3 6 4 6 1 9 1 , , 0 4 8 87 9 3 1 , , 9 8 5 3 2 6 ' ; 2 1 0 6 , , 4 8 4 9 8 8 32 7 , , 4 6 4 9 7 8 On loans: j T Lo ra s n se s s f e a rs n d t o c r h e a s r e g r e v - e o s f . f s . . . . 46,541 61,492 102,653 / 1 24 2 7 3 , , 1 7 7 8 8 4 16 19 0 , , 3 5 7 9 3 4 8 4 6 , , 4 5 1 8 1 4 54, 3 6 6 2 2 0 1 4 8 , , 2 10 0 7 4 i ' 90 5 , , 7 77 6 1 21 8 1 3 3 , , 6 4 8 4 9 7 All other 65,530 70,015 47,210 46,358 26,954 19,404 7,812 2,0961 17,846! 18,604 Profits before income taxes 1,058,473 1,042,825 909,509 854,465 598,495 255,970 178,186 40,684; 305,967 329,628 Taxes on net income 270,062 285,026 256,518 233,556 175,906 57,650 39,482 10,542 91,454 92,078 Federal 250,281 264,512 239,481 218,711 166,235 52,476 34,195 10,5421 86,432j 87,542 State 19,781 20,514 17,037 14,845 9,671 5,174 5,287 5,022 4,536 Net profits 788,411 757,799 652,991 620,909 422,589 198,320 138,704 30,142 214,513 237,550 Cash dividends declared.. 245,934 266,647 280,942 293,818 193,511 100,307 79,967 14,150! 109,913 89,788 On preferred stock 2 8,262 5,873 4,304 3,866 1,301 2,565 31 331 977! 2,825 On common stock 237,672 260,774 276,638 289,952 192,210 97,742 79,936 14,117! 108,936| 86,963 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities (3) (*) (3) 7,017 5,582 1,435 812 ....I 5,7311 474 On loans 9,305 6,519 2,786 2,071 182! 3,738| 3,314 Losses charged to reserves (not included in losses above): On securities 17,079 8,753 8,326 7,335 6,571 3,173 On loans 39,645 30,849 8,796 7,098 2^043 16,484 14,020 Loans 19,815,000 24,258,000 29,326,253 34,186,50922,474,33411,712,175 7,592,201 1,766,211 13,702,021 11,126,076 U. S. Government securities. 71,795,000 71,217,000 60,051,42, 36,539,; 18,196,^ 10,659,729 ,008,809 Other securities 5,566,000 6,384,000 6,958,737 7!38l[518 5,240,815 2,140,703 1,138,448 '380]511 2,439,542 3,423,017 Real estate assets 903,000 868,000 875,696 917,910 604,683 313,227 161,731 16,223 359,664 380,292 Cash assets 26,700,000 29,171,000 30,375,421 32,450,07021,804,36610,645,704 7,272,3591,799,00012,704,225 10,674,486 Total assets.... 125,132,000 132,315,000 128,032,620 130,249,823 87,047,573 43,202,250 27,070,060 6,716,232 48,762,505 47,701,026 Time deposits 21,487,000 25,905,000 27,905,356 28,720,582 19,488,170 9,232,412 1,619,281 954,972 11,393,839 14,752,490 Total deposits 116,983,000 123,453,000 118,710,911 120,447,27980,727,715 39719,56424,200,480 6,244,55745,519,641 44,482,601 Total capital accounts 7,243,000 7,868,000 8,291,278 8,629,770 5,532,977 3,096,793 2,275,737 435,299 2,880,634 3,038,100 Number of officers 39,903 42,512 44,960 46,278 32,430 13,848 3,245 792 12,049 30,192 Number of employees 207,460 230,442 241,011 247,628 159,507 88,121 43,709 9,258 96,657 98,004 Number of banks 6,884 6,900 6,923 6,918 4,991 1,927 35 335 6,535 See footnotes on pp. 584-586. MAY 1949 583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948— Continued ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M a i p n ol n i e s - Ka C n it s y as Dallas Fra S n a c n isco Earnings 145,279 705,170 167,181 232,661 133,990 137,411 396,411 106,703 81,163 124,784 139,551 458,038 Interest and dividends on securities: U. S. Government 43,503 227,264 54.276 75,861 40,904 36,405 146,592 28,967 27,192 35,892 32,979 104,968 Other 5,632 38,940 14,594 17,582 5,433 24,640 7,009 3,659 6,671 6,517 18,279 Interest and discount on loans 63,332 282,534 67,988 98,550 65,201 64,187 158,977 54,827 34,555 61,577 77,437 260,289 Other charges on loans . . . 601 5,865 513 1,064 714 549 3,141 409 416 349 472 4,238 Service charges on deposits 8,570 29,246 6,109 9,795 7,317 8,621 19,747 4,197 4,834 8,169 7,008 27,520 Other charges, fees, etc.. . . 2,739 13,895 2,385 4,144 3,678 6,638 8,099 3,348 4,595 2,945 4,061 8,802 Trust department 11,150 59,767 14,040 12,155 5,695 4,031 17,083 3,376 2,046 2,534 1,999 13,637 Other current earnings.... 9,752 47,659 7,276 13,510 5,048 8,092 18,132 4,570 3,866 6,647 9,078 20,305 Expenses 97,760 445,572 106,611 149,839 82,998 87,122 260,296 66,041 51,903 73,581 83,412 290,090 Salaries—officers 16,465 68,211 17,261 22,080 15,675 15,011 40,595 13,120 10,701 16,995 18,239 42,972 Salaries and wages—others 30,638 169,536 31,759 41,881 24,036 25,063 80,136 18,844 14,229 21,093 23,002 98,251 Directors' fees, etc 958 3,481 1,842 1,362 1,021 725 1,800 752 575 707 811 876 Interest on time deposits.. 12,678 38,644 16,235 26,650 11,885 10,050 45,869 7,815 8,464 5,288 4,716 62,193 Interest on borrowed money 144 1,452 147 184 178 105 507 127 48 119 31 91 Taxes other than income.. 4,234 15,923 5,132 15,260 4,610 5,589 12,989 3,844 1,910 2,890 7,726 9,821 Recurring depreciation... . 2,384 7,910 2,877 3,596 2,330 2,467 4,691 1,465 1,034 1,916 2,385 6,321 Other current expenses.... 30,259 140,415 31,358 38,826 23,263 28,112 73,709 20,074 14,942 24,573 26,502 69,565 Net current earnings before income taxes 47,519 259,598 60,570 82,822 50,992 50,289 136,115 40,662 29,260 51,203 56,139 167,948 Recoveries, transfers from reserves, and profits. . 17,448 91,177 19,297 16,885 6,551 6,717 39,550 7,434 6,632 7,639 6,781 16,412 On securities: Recoveries 1,43 4,170 6,428 1,997 859 317 3,663 1,726 3,115 896 740 1,131 Transfers from reserves. 1,876 12,860 2,742 796 193 405 192 650 156 859 433 2,201 Profits on securities.... 3,994 20,320 2,795 4,665 1,578 1,825 9,805 1,544 738 1,232 1,226 5,032 On loans: Recoveries 2,064 7,721 2,382 2,078 1,264 1,082 7,791 1,521 1,235 1,572 1,913 3,285 Transfers from reserves. 4,603 29,548 764 2,158 684 460 3,544 792 116 509 357 2,012 All other 3,476 16,558 4,186 5,191 1,973 2,628 14,555 1,201 1,272 2,571 2,112 2,751 Losses, charge-offs, and transfers to reserves.. 28,571 117,711 28,353 33,428 16,996 18,352 69,126 15,692 14,409 16,587 21,934 40,016 On securities: Losses and charge-offs. . 3,948 17,236 5,815 5,744 2,836 2,767 13,017 2,811 2,080 3,047 3,252 5,781 Transfers to reserves. . . 2,795 11,479 5,86. 3,992 315 470 3,113 1,038 1,906 1,031 473 3,044 On loans: Losses and charge-offs. . 822 2,352 824 1,081 845 1,421 7,392 790 945 2,219 2,870 2,223 Transfers to reserves.... 17,049 75,771 12,802 18,351 11,345 11,110 38,444 8,985 7,509 7,314 12,918 25,580 All other 3,957 10,873 3,047 4,260 1,655 2,584 7,160 2,068 1,969 2,976 2,421 3,388 Profits before income taxes 36,396 233,064 51,514 66,279 40,547 38,654 106,539 32,404 21,483 42,255 40,986 144 344 Taxes on net income.... 10,511 52,978 13,943 16,570 12,352 12,128 27,729 8,472 6,439 11,994 12,430 48,010 Federal 8,724 46,234 13,943 16,570 12,170 11,652 27,709 8,301 5,601 11,218 12,402 44,187 State 1,787 6,744 182 476 20 171 838 776 28 3,823 Net profits 25,885 180,086 37,571 49,709 28,195 26,526 78,810 23,932 15,044 30,261 28 556 96,334 Cash dividends declared. . 16,537 97,072 20,294 21,200 12,751 10,883 32,883 10,419 6,299 10,306 13,051 42,123 On preferred stock 2 41 2,179 312 388 32 36 342 70 45 11 44 366 On common stock 16,496 94,893 19,982 20,812 12,719 10,847 32,541 10,349 6,254 10,295 13,007 41,757 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities 29 1,217 106 4,470 49 399 58 19 40 630 On loans 471 2,850 156 391 361 825 238 552 326 2,683 Losses charged to reserves (not included in losses above): On securities 350 9,654 360 2,360 152 240 1,071 533 75 433 70 1,781 On loans 2,462 10,020 1,321 1,951 1,406 1,376 4,328 2,196 627 1,254 2,415 10,289 Loans 1,697,120 9,910,7701,661,528 2,569,673 1,510,2671,473,452 4,397,659 1,438,798 816,7131,364,4971,685,324 5,660,708 U. S. Government securities. 2,664,991 14,943,3103,089,237 4,637,2102,542,2072,374,848 9,346,0911,922,6441,714,935 2,493,3812,188,683 6,818,164 Other securities 252,033 1,794,61 610,512 761,698 257,329 401,033 1,236,865 318,999 195,026 375,219 295,739 882,450 Real estate assets 54,282 255,448 66,138 87,197 52,040 52,161 84,547 28,215 18,416 26,518 54,449 138,499 Cash assets 1,430,371 8,942,0841,594,995 2,424,2981,586,0351,683,077 4,851,317 1,364,852 929,2021,887,0932,045,055 3,711,691 Total assets.... 6,145,31936,120,6957,049,60010,502,6935,963,3716,004,87819,971,238 5,084,9813,683,580 6,157,804 6,280,89017,284,774 Time deposits 1,284,927 5,276,4671,923,931 3,159,362 1,299,0591,106,932 5,487,375 947,317 934,490 669,089 581,315 6,050,318 Total deposits 5,569,53232,557,929 6,339955,,225500 9,658,4445,560,659 5,,664422,,99223318,784,006 4771,3593,468,685 5,813,6875,928,08416,296,721 Total capital accounts 503,396 2,918,713 616,333 797,674 372,108 330,285 1,103,254 292,842 198,296 326,246 331,766 838,857 Number of officers 2,441 7,616 3,155 3,729 2,762 2,451 5,901 2,536 2,161 3,435 3,328 6,763 Number of employees 14,547 65,537 14,100 18,799 11,983 11,876 34,197 9,750 7,161 10,468 11,058 38,152 Number of banks 33' 783 645 704 478 346 1,006 495 476 761 618 269 1 Includes figures for all banks that were members of the Federal Reserve System at the end of the year (including those becoming members during the year whose returns may cover operations for only part of the year); and in addition includes appropriate adjustments for member Danks in operation during part of the year but not at the end of the year. 2 Includes interest on capital notes and debentures. 3 Not available. For other footnotes see pp. 585-586. 584 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948—Continued RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 51,992 22,219 59,724 123,245 53,823 56,921 116,203 49,657 25,665 59,275 64,924 374,397 Interest and dividends on securities: U. S. Government 13,528 6,078 16,476 40,817 18,189 14,201 47,619 11,342 7,975 17,834 15,482 84,093 Other 1,483 911 5,506 9,139 1,918 3,531 5,372 3,053 1,006 3,237 2,127 15,307 Interest and discount on loans 22,909 10,670 22,771 48,439 22,716 26,844 44,402 27,214 11,834 28,276 36,171 213,822 Other charges on loans 400 162 263 827 415 428 1,502 275 149 146 170 3,622 Service charges on deposits. . 1.753 1,457 1,688 4,215 3,058 2,786 7,887 1,272 1,099 2,799 1,858 22,507 Other charges, fees, etc 1,268 479 683 2,039 1,530 2,958 2,987 1,477 721 870 1,690 6,687 Trust department 6,053 671 9,238 9,710 3,588 2,381 2,096 2,855 1,569 2,148 1,611 11,819 Other current earnings 4,598 1,791 3,099 8,059 2,409 3,792 4,338 2,169 1,312 3,965 5,815 16,540 Expenses 33,290 16,303 39,479 79,107 35,047 36,936 80,976 30,569 16,681 36,106 39,363 237,013 Salaries—officers 5,299 1,902 5,430 9,327 5,927 5,147 9,617 4,806 2,514 5,680 6,265 33,041 Salaries and wages—others. . 12,259 5,958 15,646 26,056 12,140 11,250 28,210 10,587 6,594 12,166 11,720 82,099 Directors' fees, etc 143 98 233 300 293 212 354 148 91 176 163 538 Interest on time deposits. 1,717 2,257 1,386 11,821 3,202 3,949 14,954 2,676 1,671 2,589 3,137 52,035 Interest on borrowed money. 38 19 71 136 101 72 110 78 39 94 25 78 Taxes other than income 1,394 638 1,695 8,165 2,373 2,867 3,474 1,738 365 1,369 4,543 8,431 Recurring depreciation 682 357 598 1,634 780 899 1,240 516 295 971 977 4,888 Other current expenses 11,758 5,074 14,420 21,668 10,231 12,540 23,017 10,020 5,112 13,061 12,533 55,903 Net current earnings before income taxes 18,702 5,916 20,245 44,138 18,776 19,985 35,227 19,088 8,984 23,169 25,561 137,384 Recoveries, transfers from reserves, and profits 9,705 3,635 13,017 10,852 2,711 3,558 7,160 5,252 3,706 4,881 2,324 13,716 On securities: Recoveries 678 5,379 384 235 1,780 1,458 2,511 677 332 646 Transfers from reserves. . . 1,600 219 2,667 536 112 300 132 531 832 27 2,120 Profits on securities 2,329 559 1,451 3,384 819 1,051 2,299 951 241 926 874 4,284 On loans: Recoveries 663 99 632 1,032 388 448 878 1,071 516 364 506 2,820 Transfers from reserves. . . 3,422 1,561 328 1,813 189 116 198 662 277 68 1,954 All other 1,013 1,189 2,560 3,703 968 1,555 1,873 579 " " 438 1,805 517 1,892 Losses, charge-offs, and transfers to reserves.... 12,186 5,206 14,807 19,039 7,243 8,065 19,324 9,635 7,273 8,752 10,305 29,890 On securities: Losses and charge-offs.... 698 78 1,822 1,403 1,052 1,255 3,843 1,479 987 1,763 4,180 Transfers to reserves 2,066 477 5,393 1,910 223 50 853 840 1,494 987 2,603 On loans: Losses and charge-offs.... 65 65 95 310 204 674 1,777 130 295 425 132 1,599 Transfers to reserves 7,868 4,394 5,912 12,459 4,908 5,308 9,972 5,823 3,867 3,683 7,693 18,875 All other 1,489 192 1,585 2,957 856 778 2,879 1,363 630 1,894 590 2,633 Profits before income taxes. 16,221 4,345 18,455 35,951 14,244 15,478 23,063 14,705 5,417 19,298 17,580 121,210 Taxes on net income 4,075 583 4,673 8,078 4,276 5,012 6,169 4,002 2,118 5,956 6,160 40,352 Federal 3,160 495 4,673 8,078 4,257 4,834 6,169 3,864 1,767 5,567 6,160 37,408 State 915 19 178 138 351 389 2,944 Net profits 12,146 3,762 13,782 27,873 9,968 10,466 16,894 10,703 3,299 13,342 11,420 80,858 Cash dividends declared... 7,833 2,009 9,726 13,319 5,964 5,151 8,051 6,024 2,371 4,917 7,017 37,531 On preferred stock 2 73 374 7 159 12 30 13 309 On common stock ' V,833 1,936 9,726 12,945 5,957 " 5,151 7,892 6,012 2,341 ' 4,917 7,004 37,222 Memoranda items Recoveries credited to reserves (not included in recoveries above) : On securities 124 101 4,431 49 375 2 19 630 On loans 71 22 260 82 376 123 367 2,045 Losses charged to reserves (not included in losses above): On securities 838 149 1,732 133 239 782 479 50 429 1,740 On loans 840 146 348 1,084 660 625 1,263 1,691 219 631 1,462 7,515 Loans 777,563 289,857 727,5921,532,444 637,619 720,0981,212,520 862,213 359,922 794,3801,006,387 4,781,426 U. S. Government securities. . . 877,770 386,4271,025,7072,563,7081,194,293 956,965 3,230,861 808,807 498,4111,281,610 968,468 5,544,317 Other securities 51,264 35,814 225,065 363,654 95,441 153,767 320,930 114,759 54,537 188,775 96,724 738,812 Real estate assets 16,126 10,253 21,564 50,756 25,747 21,811 27,568 12,065 7,034 15,677 35,246 115,817 Cash assets 613,647 216,764 785,6891,488,678 787,808 807,4391,592,720 756,868 1,116,6951,034,925 3,092,491 410,501 Total assets.... 2,373,464 943,4822,806,1536,016,2742,750,2322,672,558 6,405,6582,563,025 3,406,4513,150,67814,339,757 1,334,773 Time deposits 191,957 299,827 243,7671,431,424 430,768 407,7432,041,671 330,035 359,054 368,248 5,108,179 Total deposits 2,118,945 875,3852,548,6525,498,2812,569,7312,551100,,443366 6,007766,,5577332,397,116 1,214861,,146460 3,213,3692,957,187 13,507,526 Total capital accounts 206,849 63,980 234,168 486,694 163,987 142,176 300,894 152,197 77,965 179,604 177,654 694,466 Number of officers 562 231 548 978 668 630 1,090 580 290 741 686 5,045 Number of employees 5,245 2,677 5,616 10,766 5,755 5,131 11,907 5,156 2,846 5,614 5,132 30,812 Number of banks 10 13 29 33 21 74 50 * Not including central reserve city banks. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for the call dates at the beginning, middle, and end of the year except in 1945, when the spring call was included. Averages are distorted in 1945 because the call dates other than the spring call were in or near bond drives, when deposits, loans, and investments were at their peaks for the year. The number of officers, employees, and banks are as of the end of the year. For other footnotes see pp. 584 and 586. MAY 1949 585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948—Continued COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 93,287 207,216 107,457 109,416 80,167 80,490 159,819 57,046 55,498 65,509 74,627 83,641 Interest and dividends on securities: U. S. Government 29,975 67,164 37,800 35,044 22,715 22,204 55,154 17,625 19,217 18,058 17,497 20,875 Other 4,149 12,788 9,088 8,443 3,515 5,357 9,469 3,956 2,653 3,434 4,390 2,972 Interest and discount on loans. 40,423 94,085 45,217 50,111 42,485 37,343 69,410 27,613 22,721 33,301 41,266 46,467 Other charges on loans 201 1,385 250 237 299 121 710 134 267 203 302 616 Service charges on deposits.. . . 6,817 12,841 4,421 5,580 4,259 5,835 10,196 2,925 3,735 5,370 5,150 5,013 Other charges, fees, etc 1,471 3,669 1,702 2,105 2,148 3,680 4,164 1,871 3,874 2,075 2,371 2,115 Trust department 5,097 6,917 4,802 2,445 2,107 1,650 3,347 521 477 386 388 1,818 Other current earnings 5,154 8,367 4,177 5,451 2,639 4,300 7,369 2,401 2,554 2,682 3,263 3,765 Expenses 64,470 145,285 67,132 70,732 47,951 50,186 104,193 35,472 35,222 37,475 44,049 53,077 Salaries—officers 11,166 24,150 11,831 12,753 9,748 9,864 20,718 8,314 8,187 11,315 11,974 9,931 Salaries and wages—others. . . . 18,379 39,934 16,113 15,825 11.896 13,813 26.404 8,257 7,635 8,927 11,282 16,152 Directors' fees, etc 815 1,976 1,609 1,062 728 513 1,294 604 484 531 648 338 Interest on time deposits 10,961 28,313 14,849 14,829 8,683 6,101 20,721 5,139 6,793 2,699 1,579 10,158 Interest on borrowed money... 106 240 76 48 77 33 19 49 9 25 6 13 Taxes other than income 2,840 6,320 3,437 7,095 2,237 2,722 5,338 2,106 1,545 1,521 3,183 1,390 Recurring depreciation 1,702 4,017 2,279 1,962 1,550 1,568 2,669 949 739 945 1,408 1,433 Other current expenses 18,501 40,335 16,938 17,158 13,032 15,572 27,030 10,054 9,830 11,512 13,969 13,662 Net current earnings before income taxes 28,817 61,931 40,325 38,684 32,216 30,304 55,626 21,574 20,276 28,034 30,578 30,564 Recoveries, transfers from reserves, and profits 7,743 17,737 6,280 6,033 3,840 3,159 6,773 2,182 2,926 2,758 4,457 2,696 On securities: Recoveries 757 1,520 1,049 1,613 624 229 1,231 268 604 219 408 485 Transfers from reserves 276 1,369 75 260 81 105 56 119 156 27 406 81 Profits on securities 1,665 4,246 1,344 1,281 759 774 1,756 593 497 306 352 748 On loans: Recoveries 1,401 2,911 1,750 1,046 876 634 1,351 450 719 1,208 1,407 465 Transfers from reserves 1,181 3,211 436 345 495 344 383 130 116 232 289 58 All other 2,463 4,480 1,626 1,488 1,005 1,073 1,996 622 834 766 1,595 859 Losses, charge-offs, and transfers to reserves 16,385 29,135 13,546 14,389 9,753 10,287 19,607 6,057 7,136 7,835 11,629 10,126 On securities: Losses and charge-offs 3,250 5,671 3,993 4,341 1,784 1,512 5,222 1,332 1,093 1,284 1,364 1,601 Transfers to reserves 729 1,913 472 2,082 92 420 424 198 412 44 471 441 On loans: Losses and charge-offs 757 1,925 729 771 641 747 1,411 660 650 1,794 2,738 624 Transfers to reserves 9,181 16,757 6 890 5,892 6,437 5.802 10,365 3,162 3,642 3,631 5,225 6,705 All other 2,468 2,869 1,462 1,303 799 1,806 2,185 705 1,339 1,082 1,831 755 Profits before income taxes. . . 20,175 50,533 33,059 30,328 26,303 23,176 42,792 17,699 16,066 22,957 23,406 23,134 Taxes on net income 6,436 12,913 9,270 8,492 8,076 7,116 11,018 4,470 4,321 6,038 6,270 7,658 Federal 5,564 11,544 9,270 8,492 7,913 6,818 10,998 4,437 3,834 5,651 6,242 6,779 State 872 1,369 163 298 20 33 487 387 28 879 Net profits 13,739 37,620 23,789 21,836 18,227 16,060 31,774 13,229 11,745 16,919 17,136 15,476 Cash dividends declared 8,704 15,096 10,568 7,881 6,787 5,732 10,682 4,395 3,928 5,389 6,034 4,592 On preferred stock 2 41 2,075 312 14 25 36 150 58 15 11 31 57 On common stock 8,663 13,021 10,256 7,867 6,762 5,696 10,532 4,337 3,913 5,378 6,003 4,535 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities 29 281 5 39 24 56 40 On loans 309 708 134 131 272 267 115 99 185 212 Losses charged to reserves (not included in losses above).: On securities 350 1,481 211 628 19 1 289 54 25 4 70 41 On loans 1,622 2,776 973 867 746 751 1,022 505 408 623 953 2,774 Loans 919,5572,028,712 933,936 1,037,230 872,648 753,354[,418,929 576,586 456,790 570,117 678,936 879,281 U. S. Government securities 1,787,220 3,897,154 2,063,5322,073,5021,347,9141,417,883 3,385,4111,113,8371,216,5241,211,7711,220,2141,273,847 Other securities 200,770 620,353 385,447 398,044 161,888 247,266 535,423 204,241 140,489 186,444 199,015 143,637 Real estate assets 38,155 83,464 44,575 36,441 26,292 30,350 40,756 16,150 11,383 10,841 19,203 22,682 Cash assets 816,724 1,452,961 809,306 935,620 798,227 875,6381,459,596 607,985 518,701 770,398 1,010,130 619,200 Total assets 3,771,854 8,107,1524,243,4474,486,420 3,213,140 3,332,320 6,849,3482,521,9572,348,8072,751,3523,130,213 2,945,016 Time deposits 1,092,969 3,357,360 1,680,1651,727,937 868,290 699,1892,490,733 617,282 753,325 310,035 213,067 942,138 Total deposits 3,450,587 7,482,0643,846,598 4,160,163 2,999900,,992266 3,132,4876,462,877 2,374,2442,222,246 2,660000,,3311772,970,8972,789,195 Total capital accounts 296,547 578,996 382,165 310,980 208,120 188,109 367,061 140,645 120,331 146,642 154,112 144,392 Number of officers 1,879 4,140 2,607 2,751 2,094 1,821 4,019 1,956 1,871 2,694 2,642 1,718 Number of employees 9,302 19,151 8,484 8,033 6,228 6,745 13,032 4,594 4,315 4,854 5,926 7,340 Number of banks 738 632 675 445 325 919 474 467 711 580 242 NOTE.—(cont.)—Real estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. For other footnotes see pp. 584-585. 586 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948— Continued RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks n m b a e t a A m i n o l k b l n s e a r l m b S e a A t m n a l k t l b e s er Y N c o e i r t w y k b a m n e k C m s h b i e c r ago m R b e e c a s m i n e ty k b rv s e e r m C b o e a m u n n k b t s e r r y 1945 1946 1947 1948 Year 1948 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 11.5 11.9 11.2 12.0 12.0 10.3 8.4 10.4 13.1 13.8 Profits before income taxes l 14.6 13.3 11.0 9.9 10.8 8.3 7.8 9.3 10.6 10.8 Net profits x 10.9 9.6 7.9 7.2 7.6 6.4 6.1 6.9 7.4 7.8 Cash dividends declared 3.4 3.4 3.4 3.4 3.5 3.2 3.5 3.3 3.8 3.0 Percentage of total assets: Total earnings 1.7 1.8 2.0 2.2 2.2 2.2 1.8 2.2 2.5 Net current earnings before income taxes .7 .7 .7 .8 .8 .7 .7 .8 .9 Net profits 1 .6 .6 .5 .5 .5 .5 .4 .4 .5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 47.4 43.9 35.7 30.2 30.4 29.8 32.4 36.4 27.8 30.9 Other securities 6.6 6.1 5.8 5.6 5.9 5.0 5.3 8.1 5.0 6.0 Earnings on loans 28.0 32.2 40.5 46.2 47.5 43.7 38.3 38.3 49.6 47.3 Service charges on deposits accounts 4.2 4.1 4.6 5.0 5.1 4.7 3.1 1.4 4.9 6.1 Other current earnings 13.8 13.7 13.4 13.0 11.1 16.8 20.9 15.8 12.7 9.7 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 27.6 29.1 30.9 31.0 29.8 33.4 34.9 29.7 31.2 29.4 Interest on time deposits 8.7 8.8 9.2 8.9 9.2 8.2 1.7 8.5 9.6 11.1 Other current expenses 23.2 23.9 24.3 24,2 23.8 24.0 23.6 23.3 23.1 23.6 Total expenses 61.1 64.0 65.9 62.4 64.3 60.3 63.5 62.3 59.7 64.4 Net current earnings before income taxes.. 38.9 36.0 34.1 35.7 Net losses (or recoveries and profits +)1 2. . . + 1 3 0 9 . . 7 7 +4.5 .7 36.5 37.7 6.7 40.3 3.8 35.6 7.6 T N a e x t e p s r o o f n i ts n e x t income l 3 1 7 2 . . 5 9 3 1 1 1 . . 5 9 2 1 5 0 . . 3 0 6 8 . . 3 2 6 9. . 3 1 2 6 1 . . 2 2 2 8. . 3 8 2 8 5 . . 8 0 6 8 . . 7 6 2 7 0 . . 9 2 Rates of earnings on securities and loans: 22.0 22.3 29.2 20.3 Percentage of total securities: Interest and dividends on securities 1.5 1.5 1.6 1.6 1.6 1.6 1.5 1.7 1.6 1.7 Net losses (or recoveries and profits +)2 3. . . + .3 + .2 + .04 .0 .0 .01 + .1 + .02 + .02 .05 Percentage of U. S. Government securities: Interest on U. S. Government securities... . 1.5 1.5 1.6 1.6 1.6 1.5 1.7 Percentage of total loans: Earnings on loans 3.0 3.2 3.6 3.8 4.0 3.5 2.4 2.6 3.8 5.0 Net losses (or recoveries +)12. . . . .... + .05 + .01 .1 .6 .6 .5 .3 .6 .7 Distribution of assets: Percentage of total assets: U. S. Government securities 57.4 53.8 46.9 42.0 42.0 42.1 39.4 40.6 39.7 46.1 Other securities 4.4 4.8 5.4 5.7 6.0 5.0 4.2 5.7 5.0 7.2 Loans 15.8 18.3 22.9 26.2 25.8 27.1 28.0 26.3 28.1 23.3 Cash assets 21.3 22.0 23.7 24.9 25.0 24.6 26.9 26.8 26.1 22.4 Real estate assets .7 .7 .7 .7 .7 .7 .6 .2 .7 Other ratios: Total capital accounts to: Total assets 5.8 5.9 6.5 6.6 6.4 7.2 6.5 6.4 Total assets less Government securities and cash assets 27.2 24.6 22.0 20.0 19.3 21.6 24.9 19.9 17.2 20.2 Total deposits 6.2 6.4 7.0 7.2 6.9 7.8 9.4 7.0 6.3 6.8 Time to total deposits 18.4 21.0 23.5 23.8 24.1 23.2 6.7 15.3 25.0 33.2 Interest on time deposits to time deposits .9 .8 .8 .9 .9 .8 .5 1.1 .9 .9 Number of banks 6,884 6,900 6,923 6,918 4,991 1,927 35 13 335 6,535 1 Ratios for 1948 are not entirely comparable with prior years due to transfers to reserves for bad debt losses on loans; for discussion see pp. 494-498. 2 "Net losses" is the excess of (a) losses, charge-offs, and transfers to reserves over (b) recoveries, transfers from reserves, and profits; "net recoveries and profits" is the reverse. 3 Ratios of less than .005 are shown as .0. NOTE.—The ratios in this and the following three tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the average of individual bank ratios, which will be published in a subsequent issue, in which each bank's figures—regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering about 6,800.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1949 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948—Coutiuued RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i l l i - a a - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S o t u ._ is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 9.4 8.9 9.8 10.4 13.7 15.2 12.3 13.9 14.8 15.7 16.9 20.0 Profits before income taxes 7.2 8.0 8.4 8.3 10.9 11.7 9.7 11.1 10.8 13.0 12.4 17.2 Net profits 5.1 6.2 6.1 6.2 7.6 8.0 7.1 8.2 7.6 9.3 8.6 11.5 Cash dividends declared 3.3 3.3 3.3 2.7 3.4 3.3 3.0 3.6 3.2 3.2 3.9 5.0 Percentage of total assets: Total earnings 2.4 2.0 2.4 2.2 2.2 2.3 2.0 2.1 2.2 2.0 2.2 2.6 Net current earnings before income taxes 1.0 Net profits .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 29.9 32.2 32.5 32.6 30.5 26.5 37.0 27.1 33.5 28.8 23.6 22.9 Other securities 3.9 5.5 8.7 7.6 4.0 6.5 6.2 6.6 4.5 5.3 4.7 4.0 Earnings on loans 44.0 40.9 41.0 42.8 49.2 47.1 40.9 51.8 43.1 49.6 55.8 57.8 Service charges on deposit accounts 5.9 4.2 3.7 4.2 5.5 6.3 5.0 3.9 6.0 6.6 5.0 6.0 Other current earnings 16.3 17.2 14.1 12.8 10.8 13.6 10.9 10.6 12.9 9.7 10.9 9.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 32.4 33.7 29.3 27.5 29.6 29.2 30.5 30.0 30.7 30.5 29.6 30.8 Interest on time deposits 8.7 5.5 9.7 11.5 8.9 7.3 11.6 7.3 10.4 4.3 3.4 13.6 Other current expenses 26.2 24.0 24.8 25.4 23.4 26.9 23.6 24.6 22.8 24.2 26.8 18.9 Total expenses 67.3 63.2 63.8 64.4 61.9 63.4 65.7 61.9 63.9 59.0 59.8 63.3 Net current earnings before income taxes 32.7 36.8 36.2 35.6 38.1 36.6 34.3 38.1 36.1 41.0 40.2 36.7 Net losses (or recoveries and profits +)1 _ 7.7 3.8 5.4 7.1 7.8 8.5 7.4 7.7 9.6 7.2 10.8 5.2 Taxes on net income 7.2 7.5 8.3 7.1 9.2 8.8 7.0 8.0 7.9 9.6 8.9 10.5 Net profits 17.8 25.5 22.5 21.4 21.1 19.3 19.9 22.4 18.6 24.2 20.5 21.0 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities 1.7 1.6 1.9 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.6 1.6 Net losses (or recoveries and profits +) i2 + .02 + .1 + .01 .04 .02 .02 .02 .0 .0 .04 .1 .01 Percentage of If. S. Government securities: Interest on U. S. Government securities 1.5 1.8 1.6 1.6 1.5 1.6 1.5 1.6 1.5 1.5 Percentage of total loans: Karnings on loans 3.8 2.9 4.1 3.9 4.4 4.4 3.7 3.8 4.3 4.5 4.6 4.7 Net losses (or recoveries +)1 .7 .4 .6 .6 .7 .7 .5 .9 .5 .8 .4 Distribution of assets: Percentage of total assets: U. S. Government securities 43.4 41.4 43.8 44.2 42.6 39.5 46.8 37.8 46.6 40.5 34.8 39.4 Other securities 4.1 5.0 8.7 7.3 4.3 6.7 6.2 6.3 5.3 6.1 4.7 5.1 Loans 27.6 27.4 23.6 24.5 25.3 24.5 22.0 28.3 22.2 22.2 26.8 32.7 Cash assets 23.3 24.8 22.6 23.1 26.6 28.0 24.3 26.8 25.2 30.6 32.6 21.5 Real estate assets .9 .7 .9 .9 .9 .4 .6 .5 .4 .9 .8 Other ratios: Total capital accounts to: Total assets 8.2 8.1 8.7 7.6 6.2 5.5 5.5 5.8 5.4 5.3 5.3 Total assets less Government securities and cash assets 24.6 23.9 26.1 23.2 20.3 17.0 19.1 16.3 19.1 18.4 16.2 12.4 Total deposits 9.0 9.0 9.6 8.3 6.7 5.9 5.9 6.1 5.6 5.6 5.1 5.7 Time to total deposits 23.1 16.2 30.1 32.7 23.4 19.6 29.2 19.9 11.5 9.8 37.1 Interest on time deposits to time 26.9 deposits 1.0 .7 .8 .8 .9 .9 .8 .8 1.0 .9 Number of banks 337 783 645 704 478 346 1,006 495 761 618 269 476 1 "Net losses" is the excess of (a) losses, charge-offs and transfers to reserves over (b) recoveries, transfers from reserves, and profits; "net recoveries and profits" is the reverse. 2 Ratios of less than .005 are shown as .0. 588 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948— Continued RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 9.0 9.2 8.6 9.1 11.4 14.1 11.7 12.5 11.5 12.9 14.4 19.8 Profits before income taxes 7.8 6.8 7.9 7.4 8.7 10.9 7.7 9.7 6.9 10.7 9.9 17.5 Net profits 5.9 5.9 5.9 5.7 6.1 7.4 5.6 7.0 4.2 7.4 6.4 11.6 Cash dividends declared 3.8 3.1 4.2 2.7 3.6 3.6 2.7 4.0 3.0 2.7 3.9 5.4 Percentage of total assets: Total earnings 2.4 2.1 2.0 2.1 1.8 1.9 1.9 1.7 2.1 Net current earnings before income taxes 1.0 Net profits .6 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 26.0 27.4 27.6 33.1 33.8 25.0 41.0 22.8 31.1 30.1 23.8 22.5 Other securities 2.9 4.1 9.2 7.4 3.6 6.2 4.6 6.1 3.9 5.5 3.3 4.0 Earnings on loans 44.8 48.7 38.6 40.0 43.0 47.9 39.5 55.4 46.7 47.9 56.0 58.1 Service charges on deposit accounts. 3.4 6.6 2.8 3.4 5.7 4.9 6.8 2.6 4.3 4.7 2.9 6.0 Other current earnings 22.9 13.2 21.8 16.1 13.9 16.0 8.1 13.1 14.0 11.8 14.0 9.4 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 33.7 35.4 35.3 28.7 33.6 28.8 32.5 31.0 35.5 30.1 27.7 30.8 Interest on time deposits 3.3 10.2 2.3 9.6 5.9 6.9 12.9 5.4 6.5 4.4 4.8 13.9 Other current expenses 27.0 27.8 28.5 25.9 25.6 29.2 24.3 25.2 23.0 26.4 28.1 18.6 Total expenses 73.4 66.1 64.2 65.1 64.9 69.7 61.6 65.0 60.6 63.3 Net current earnings before income taxes 36.0 26.6 33.9 35.8 34.9 35.1 38.4 35.0 39.1 39.4 36.7 Net losses (or recoveries and profits +) i 4.8 7.1 3.0 6.6 8.4 7.9 10.5 13.9 6.5 12.3 4.3 Taxes on net income 7.8 2.6 7.8 6.6 8.0 8.8 5.3 8.0 8.2 10.1 9.5 10.8 Net profits 23.4 16.9 23.1 22.6 18.5 18.4 14.5 21.6 12.9 22.5 17.6 21.6 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. 1.6 1.7 1.8 1.7 1.6 1.6 1.5 1.6 1.6 1.4 1.7 1.6 Net losses (or recoveries and profits +)M + .2 + .1 + .2 + .03 .01 + .01 .01 + .1 + .05 .02 .1 .0 Percentage of U. S. Government securities: Interest on U. S. Government securities 1.5 1.6 1.6 1.5 1.5 1.5 1.4 1.4 1.6 1.5 Percentage of total loans: Earnings on loans 3.0 3.7 3.2 3.2 3.6 3.8 3.8 3.2 3.3 3.6 3.6 4.5 Net losses (or recoveries +)1 .5 1.0 .7 .6 .7 .9 .5 1.0 .4 .7 .3 Distribution of assets: Percentage of total assets: U. S. Government securities 37.0 41.0 36.6 42.6 43.4 35.8 50.4 31.6 37.3 37.6 30.7 38.7 Other securities 2.2 3.8 8.0 6.0 3.5 5.8 5.0 4.5 4.1 5.5 3.1 5.2 Loans 32.8 30.7 25.9 25.5 23.2 26.9 18.9 33.6 27.0 23.3 31.9 33.3 Cash assets 25.9 23.0 28.0 24.7 28.6 30.2 24.9 29.5 30.8 32.8 32.8 21.6 Real estate assets .7 1.1 .9 .4 .5 .5 .5 1.1 Other ratios: Total capital accounts to: Total assets 8.7 8.3 6.0 5.8 5.3 5.6 Total assets less Government securities and cash assets 23.5 18.8 23.5 24.8 21.3 15.7 19.0 15.3 18.3 17.8 15.5 12.2 Total deposits 9.8 7.3 9.2 8.9 6.4 5.0 6.3 6.3 5.6 6.0 5.1 5.7 Time to total deposits 9.1 34.3 9.6 26.0 16.8 33.6 14.5 11.2 12.5 37.8 Interest on time deposits to time 16.2 deposits .9 .6 .7 .7 .9 .7 .9 1.0 1.0 Number of banks 10 10 13 29 33 74 21 9 50 38 27 21 * Not including central reserve city banks. 1 "Net losses" is the excess of (a) losses, charge-offs, and transfers to reserves over (b) recoveries, transfers from reserves, and profits; "net recoveries and profits" is the reverse. 2 Ratios of less than .005 are shown as .0. MAY 1949 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1948— Continued RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 9.7 10.7 10.6 12.4 15.5 16.1 15.2 15.3 16.9 19.1 19.8 21.2 Profits before income taxes 6.8 8.7 8.7 9.8 12.6 12.3 11.7 12.6 13.4 15.7 15.2 16.0 Net profits 4.6 6.5 6.2 7.0 8.5 8.7 9.4 9.8 11.5 11.1 10.7 Cash dividends declared 2.9 2.6 2.8 3.3 3.0 2.9 3.1 3.3 3.7 3.9 3.2 Percentage of total assets: Total earnings 2.5 2.6 2.5 2.4 2.5 2.4 2.3 2.3 2.4 2.4 2.8 Net current earnings before income taxes 1.0 1.0 1.0 1.0 1.0 Net profits .6 .5 .6 .5 .5 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities..... 32.1 32.4 35.2 32.0 28.3 27.6 34.5 30.9 34.6 27.6 23.4 25.0 Other securities 4.4 6.2 8.5 7.7 4.4 6.7 5.9 6.9 4.8 5.2 5.9 3.5 Earnings on loans 43.6 46.1 42.3 46.0 53.4 46.5 43.9 48.7 41.4 51.1 55.7 56.3 Service charges on deposit accounts 7.3 6.2 4.1 5.1 5.3 7.2 6.4 5.1 6.7 8.2 6.9 6.0 Other current earnings 12.6 9.1 9.9 9.2 8.6 12.0 9.3 8.4 12.5 7.9 8.1 9.2 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.7 30.9 26.0 26.1 27.0 29.4 29.5 29.1 28.5 31.0 31.2 31.2 Interest on time deposits 11.7 13.7 13.8 13.5 10.8 7.6 13.0 9.0 12.3 4.1 2.1 12.2 Other current expenses 25.7 25.5 22.7 25.0 22.0 25.4 22.7 24.1 22.7 22.1 25.7 20.1 Total expenses 69.1 70.1 62.5 64.6 59.8 62.4 65.2 63.5 57.2 59.0 63.5 Net current earnings before income taxes 30.9 29.9 37.5 35.4 40.2 37.6 34.8 37.8 36.5 42.8 41.0 36.5 Net losses (or recoveries and profits +)1 9.3 5.5 6.8 7.6 7.4 8.0 6.8 7.6 7.8 9.6 8.9 Taxes on net income 6.9 6.2 8.6 7.8 10.1 6.9 7.8 7.8 9.2 8.4 9.1 Net profits 14.7 18.2 22.1 20.0 22.7 20.0 19.9 23.2 21.1 25.8 23.0 18.5 Rates of earnings on securities and loans: Percentage of total securities: Interest and dividends on securities. 1.7 1.8 1.9 1.8 1.7 1.7 1.6 1.6 1.6 1.5 1.5 1.7 Net losses (or recoveries and profits +)1 .1 .01 .1 .1 .03 .05 .1 .04 .02 .1 .05 .05 Percentage of U. S. Government securities: Interest on U. S. Government securities 1.6 1.7 1.8 1.7 1.7 1.6 1.6 1.6 1.6 1.4 1.6 Percentage of total loans: Earnings on loans 4.4 4.7 4.9 4.9 4.9 5.0 4.9 4.8 5.0 5.9 6.1 5.4 Net losses (or recoveries +)1 .6 .6 .5 .7 .7 .7 .6 .7 .9 Distribution of assets: Percentage of total assets: U. S. Government securities 47.4 48.1 48.6 46.2 42.0 42.5 49.4 44.2 51.8 44.0 39.0 43.3 Other securities 5.3 7.7 9.1 8.9 5.0 7.4 7.8 8.1 6.0 6.8 6.4 4.9 Loans 24.4 25.0 22.0 23.1 27.2 22.6 20.7 22.9 19.4 20.7 21.7 29.9 Cash assets 21.7 17.9 19.1 20.9 24.8 26.3 21.3 24.1 22.1 28.0 32.3 21.0 Real estate assets 1.0 1.0 1.1 .9 .6 .6 .5 .4 .6 Other ratios: Total capital accounts to: Total assets 7.1 6.9 6.5 5.6 5.4 5.6 5.3 4.9 Total assets less government securities and cash assets 25.4 21.0 27.9 21.1 19.5 18.1 18.3 17.6 19.6 19.1 17.1 13.7 Total deposits 8.6 7.7 9.9 7.5 7.0 6.0 5.7 5.9 5.4 5.6 5.2 5.2 T In i t m er e e s to t to o t n a l t d im ep e o si d ts eposits to time 31.7 44.9 43.7 41.5 29.0 22.3 38.5 26.0 33.9 11.9 7.2 33.8 deposits 1.0 .9 .9 1.0 .9 .9 .9 .7 1.1 Number of banks 327 738 632 675 445 325 919 474 467 711 580 242 1 "Net losses" is the excess of (a) losses, charge-offs, and transfers to reserves, over (b) recoveries, transfers from reserves, and profits; "net recoveries and profits" is the reverse. 590 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1948 INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1945-1948 [Amounts in thousands of dollars] All insured commercial banks x F B ed an er k a s l n R o e t s m er e v m e b S e y rs s te o m f Items 1946 1947 1945 1946 1948 Earnings 2,482,278 2,862,875 3,097,670 3,403,586 380,435 460,730 519,449 575,682 Interest and dividends on securities: U. S. Government 1,132,977 1,218,517 1,079,535 1,008,138 136,345 165,219 158,960 153,592 Other 167,198 176,620 179,408 189,559 27,872 29,071 30,274 31,749 Interest and discount on loans 707,738 936,554 1,263,788 1,577,633 136,069 175,986 235,039 288,310 Service charges and fees on loans 18,860 14,564 18,386 22,315 2,475 2,848 3,532 3,985 Service charges on deposit accounts 109,789 124,696 147,761 173,791 22,290 25,062 28,507 32,658 Other charges, commissions, fees, etc 90,617 97,995 97,264 97,456 26,791 30,173 31,469 32,134 Trust department 120,317 140,340 144,734 156,678 8,184 9,146 8,802 9,167 Other current earnings 134,782 153,589 166,794 178,016 20,409 23,225 22,866 24,087 Expenses 1,522,778 1,762,634 1,981,787 2,163,514 255,415 294,378 332,120 368,611 Salaries—officers 266,018 309,220 344,845 381,756 57,818 66,836 75,431 84,478 Salaries and wages—others 424,881 521,709 602,266 662,696 53,534 64,721 74,779 84,268 Directors' and committee members' fees, 14,610 16,936 18,954 20,859 3,855 4,537 5,225 5,952 Interest on time deposits 233,321 268,624 298,274 316,570 50,600 57,185 62,482 66,244 Interest on borrowed money 2,448 2,364 2,656 3,432 162 189 195 299 Taxes other than on net income 98,683 96,314 103,516 106,163 15,216 14,505 15,582 16,247 Recurring depreciation on banking house furniture, and fixtures 40,329 40,850 42,276 48,271 6,329 6,821 7,440 8,899 Other current expenses 442,488 506,617 569,000 623,767 67,901 79,584 90,986 102,224 Net current earnings before income taxes 959,500 1,100,241 1,115,883 1,240,072 125,020 166,352 187,329 207,071 Recoveries, transfers from reserves, and profits 509,329 408,608 262,042 266,439 55,601 52,819 29,993 23,925 On securities: T R r e a c n o s v f e e r r i s e s from reserves 122,364 59,515 45 ,360 2 2 9 4 , , 2 1 2 6 1 1 9,149 5,929 5,002 2, 7 7 9 4 8 4 Profits on securities sold or redeemed. 266,764 208,700 100,189 60,025 27,947 25,704 10,555 5,274 On loans: T R r e a c n o s v f e e r r i s e s from reserves 67,014 74,499 67,687 3 4 9 8 , , 7 9 4 3 8 4 11,098 10,758 8,608 3 5 , , 3 8 8 4 7 0 All other 53,187 65,894 48,806 64,350 7,407 10,428 5,828 5,882 Losses, charge-offs, and transfers to reserves 264,122 283,175 294,286 485,753 34,270 36,220 43,109 64,595 On securities: T Lo ra s n se s s f e a rs n d t o c h r a e r s g e e r - v o e f s f s 132,870 132,254 118,498\ I 4 7 0 8 , , 9 5 4 9 1 0 15,086 16,805 17,182 1 5 0 , , 4 2 2 6 0 6 On loans: L T o ra s n se s s f e a rs n d t o c h r a e r s g e e rv -o e f s fs 55,901 71,253 120,370\ / 2 3 7 2 8 , , 3 6 9 6 3 6 9,360 9,761 17,717 31 8 , , 4 6 8 0 9 9 All other 75,351 79,668 55,418 55,163 9,824 9,654 8,210 8,811 Profits before income taxes. 1,204,707 1,225,674 1,083,639 1,020,758 146,351 182,951 174,213 166,401 Taxes on net income. 298,795 323,328 302,242 275,422 28,733 38,302 45,724 41,866 Federal 277,538 301,048 283,046 258,490 27,257 36,536 43,565 39,779 State 21,257 22,280 19,196 16,932 1,476 1 ,766 2,159 2,087 Net profits 905,912 902,346 781,397 745,336 117,618 144,649 128,489 124,535 Cash Dividends declared 274,438 298,983 315,215 331,833 28,504 32,336 34,273 38,015 On preferred stock 2 11,769 8,345 5,981 5,230 3,507 2,472 1 ,677 1,364 On common stock 262,669 290,638 309,234 326,603 24,997 29,864 32,596 36,651 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 7,224 207 On loans 10,844 1,539 Losses charged to reserves (not included in losses above) : On securities 18,031 952 On loans . 46,486 6,842 Loans 23,500,772 27,768,295 33,863,334 39,650,962 2,823,335 3,512,756 4,539,644 5,467,547 U. S. Government securities 82,417,236 81,835,381 70,229,835 64,291,298 9,338,27010,628,66710,189,728 9,566,975 Other securities 6,623,089 7,556,923 8,315,081 8,872,676 998,984 1,174,201 1,357,629 1,492,432 Real estate assets 1,038,834 994,060 1,000,278 1,048,265 141,081 126,475 124,643 130,414 Cash assets 31,236,090 33,286,775 34,279,792 36,247,026 4,080,815 4,118,387 3,906,621 3,798,976 Total assets.... 145,217,438151,896,770148,170,261150,726,51317,416,71319,598,095 20,155,12920,494,523 Time deposits 26,979,470 31,939,078 34,378,653 35,322,398 5,192,631 6,049,512 6,489,350 6,618,112 Total deposits 135,948,387141,829,678137,537,907139,517,46116,306,74818,391,87218,843,04919,086,487 Total capital accounts. 8,334,670 9,010,013 9,527,968 9,951,200 1,058,344 1,143,475 1,238,073 1,322,909 Number of officers. . . . 59,119 62,697 65,740 67,609 19,226 20,195 20,790 21,342 Number of employees. 245,275 271,395 284,072 292,015 37,831 40,974 43,082 44,406 Number of banks 13,302 13,359 13,403 13,419 6,421 6,462 6,483 6,504 1 Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on preceding pages. 2 Includes interest on capital notes and debentures. 3 Not available. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of each year. MAY 1949 591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS FAGS Reported gold reserves of central banks and govemmcoto. . 594 Gold production 595 Gold movements . 595 International capital transactions of the United Stat««. . 596-601 International Monetary Fund and Bank. . 602 Central banks 602-606 Money rates in foreign countries. . 607 Commercial banks 608 Foreign exchange rates. . 609 Price movements: Wholesale prices . 610 Retail food prices and cost of living. 611 Security prices . 611 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 arc 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. MAT 1949 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month U S n ta i t t e e s d t g i A n e r a n - - l g B iu e m l- Brazil Canada8 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 194g—Apr 23,169 229 606 354 330 45 81 279 32 53 548 34 23 304 214 615 354 340s 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 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 43 289 32 548 35 1949—Jan 24,271 633 317 44 32 548 35 Feb 24 290 635 317 44 32 548 35 Mar.... 24,314 641 32 548 End of month India (P I e r r a s n ia) Italy Japan Java * Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru 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 9 75 20 158 367 1 1 9 9 4 4 1 2 — — D D e e c c 2 27 7 4 4 2 34 6 1 14 2 1 4 6 2 2 3 1 5 6 4 39 7 5 50 7 6 5 2 23 3 58 2 25 1 2 1 0 8 3 2 3 6 6 34 6 4 4 2 2 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 5 201 181 265 23 91 24 245 939 111 1947—Dec 274 127 '58 * 180 100 231 23 72 20 193 P215 762 111 1948—Apr 274 127 86 182 23 66 20 181 216 446 111 May 274 127 '58 78 183 23 66 20 179 216 388 111 274 127 71 183 23 66 20 176 217 373 111 July 264 127 r58 43 183 23 66 P20 174 338 111 Aug 264 127 '58 44 172 23 65 P20 172 307 111 Sept 264 124 '58 172 23 65 P20 169 269 111 Oct 264 124 171 23 58 P20 167 234 111 Nov 261 124 r70 170 23 52 P20 163 194 111 Dec 256 124 ^96 166 23 52 158 183 111 1949—jan 251 124 166 23 52 154 187 111 Feb 247 96 166 52 150 Mar 178 166 End of month S d w en e- S la w e n r i - d tz 6 - T k u e r y - 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 vi r o e u s s e 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 50 6 2 5 8 9 8 2 1 9 0 0 0 2 4 9 1 9 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 ed - France g B iu e m l- 1942—Dec 335 824 114 89 68 21 185 1943—Dec 387 «965 161 121 89 45 229 1944—Dec 463 1,158 221 157 130 37 245 1940—-Aug 2 293 1945—Dec 482 1 .342 241 195 202 39 247 Dec 48 292 17 1946—Dec 381 L,430 237 200 215 32 240 1941—-Sept.. . 24 2 151 1947—Dec 105 L.356 170 175 215 30 240 Dec... 25 17 1948— A J J A M u u u p l a n g r y y e . . . . . . . . 9 8 9 8 8 3 5 6 1 1 L L 1 L L , . , 3 3 3 , , 3 3 4 3 2 5 5 5 2 2 2 1 1 1 1 1 1 6 6 6 6 6 8 1 8 4 4 2 2 2 1 1 0 0 0 8 9 3 3 3 7 8 3 2 2 2 3 0 6 0 4 6 4 3 4 3 3 3 3 3 3 3 2 0 1 9 1 2 2 2 2 2 4 4 4 4 4 3 4 4 4 5 1 1 1 1 19 9 9 9 9 4 4 4 4 4 6 2 4 5 3 — — — - - - - - - - D D J D D D u e e e e e n c c c c c e . . . . . . . . . . . . . . . 1 4 7 1 7 1 1 3 7 2 1 2 8 3 3 3 3 2 2 2 2 , , , , 3 3 5 1 4 5 8 9 1 4 7 6 2 45 1 7 4 1 1 1 1 7 7 7 7 O Se c p t t 8 8 1 0 L 1, 3 , 7 3 2 71 1 1 6 6 0 0 1 17 8 2 1 3 30 0 4 4 3 3 8 7 P 2 2 4 4 5 5 1947--Mar... 1 1 6 5 3 1 3 3 2 2 , 3 3 8 4 2 5 Nov 81 1,383 160 166 324 44 P245 S Tli e tlA pt.. . 129 32,341 Dec 81 1,387 162 P164 323 36 P245 Dec... 114 32,035 1949— F j e an b 8 8 0 0 I 1 ,3 3 9 9 4 0 1 16 6 2 2 1 3 3 2 2 3 3 3 4 6 1 P P 2 2 4 4 5 5 1948— J M un a e r . .. . . . 20 7 8 9 3 3 1 2 , , 8 2 8 0 6 0 Mar 80 162 1 P245 Sept.. . 188 31,733 1 P E P s re ti l m im a i t n ed ar y d . ollar va r lu R e e s v i d s e e r d i , ved 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 in 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 af 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.544/ (Special A/c No. 1); U. K.—Exchange Equalipes 8 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 l c g h iu a m ng — e T S r t e a a b s i u l r iz y a . tion • Total gold holdings are not available. Beginning April 1946, the series is new and repre 2 Figure for first of month. sen 4 t F s ig go u l r d e f h o e r l d F e as b r r u e a s r e y r v : e 9 4 (2 1 5 ; b p e e g r in ce n n in t g m M in a im r. u 2 m 9, ) 1 l 9 es 4 s 1 , g g o o ld ld in re f s o e r r e v i e g s n n c o u l r o re n n g c e y r r l e ia p b o i r l t i e ti d e s s . epa do 3 l l G ar r s o s a s s r o e f p fi o c r ia te l d h b o y l d B in r g it s i sh o f G o g v o e ld r nm an e d n t; U to . ta S l . rat 7 8 5 e G F l B y i o e . g l g u d i r n e h n s o i n l a d g r i e n D g fo s e r c o e f f m o l B l b o e a w r nk i 1 n 9 g o 4 f 3 d , E at n i e n g s c l : l a u n 1 d d 9 e 4 s r 2 e g — d o u l J d c a e n h d . o 3 t l o d 1 i ; n n 1 o g 9 s m 4 i o 6 n f — a S l M w am i a s r s o . u 3 G n 1 o t ; v b a e y n r d n g m o 1 l e 9 d n 4 t 7 t , r — an M sf a e r r . s 3 t 1 o . Britisli d S B o t r a N l i l t t a O i e s r s h T s , , E a h . r a — o e s l F d sh i o r n e r o g p w s d o n e r t t ( e i a o n d i f l f s i t c a b i b a r y e l l e g a a b o r n a n d d n i p n k . g s p r 5 i s i 9 v n p 9 a e . t c e t i h ) a e l of i U nt n U e i r . t n e a S d l . Exchange Equalization /Account during 1939. gold transfers affecting the British and French 8 For list of countries ncluded. see BULLETIN for June 1947, p. 755, footnote 7. institutions, see p. 602 , footnote 4, and p. 603, 9 Figure is for Feb. 28, 1941, last official report date, footnote 6. For available back figures, see NOTE.—For gold holdings of International Fund and Bank, see p. 000. For back figures Banking and Monetary Statistics, p. 526, and see Banking and Monetory Statistics, Tables 156-160, pp. 536-555, and for a description oI 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 SJime publication. 1945, p. 190. 594 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Production reported monthly Estimated Y m e o a n r th or p U r o o . w u S d t o . u s S r i c l . d d R t e io .i n m re T o p o n o t t r a h te l l d y A So fr u ic th a d R e h s o ia A - fric A a W fri e c s a t * C B o el n g g ia o n 3 U St n a i t t e e s d 4 C a a d N n a - orth M a i n c e o d x - Sou C th o b l i o A a m m - eric C a hile r N ag ic u a a - 8 Au l s ia tr ' a O - the I r ndia' $1 =15i/n grains of gold 9/w fine; i. e., an ounce of fine gold =$35. 1938 1,142,400 968,320 425,649 28.532 24.670 16,564178,143165,379 32,306 18,225 10,290 1,557 55,721 11,284 1939 1,219,400 ,031,214 448,753 28,009 28,564 18,258196,391178,303 29,426 19,951 11,376 3,506 57,599 11,078 1940 1,311,450 ,106,447 491,628 29,155 32,163 19,413210,109185,890 30,878 22,117 11,999 5,429 57,540 10,126 1941 1,265,600 ,110,379 504,268 27,765 32,414 19,571209 175187,081 27,969 22,961 9,259 7,525 52,384 10,008 1942 1,130,115 982,130 494,439 26,641 29,225 17,992130963169,446 28,018 20,882 6,409 8,623 40,383 9,111 1943 . 880 495 774,086 448,153 23,009 19,740 15,791 48 808127,796 22,081 19,789 6,081 7,715 26,295 8,828 1944. 794,080 <701,534 429,787 20,746 18,445 12,747 35 778102,302 17,793 19,374 7,131 7,865 22,990 6,577 1945 745,430 683,011 427,862 19,888 18,865 12,144 32 511 94,385 17,458 17,734 6,282 6,985 23,002 5,893 1946. 762.195 696,998 417,647 19.061 20,475 11,596 51 182 99.139 14,703 15,301 8,068 6,357 28,857 4,612 1947. »-705,484 392.004 18.296 19.320 10.780 75 786••107,458 16.250 13.406 5,908 7,403 32,818 6.055 1948—Feb 57,211 32,459 1,442 1,820 840 5,489 9,156 1.367 1.302 288 682 1,945 420 Mar 60,861 34,384 1,431 1,820 910 6,372 10.070 1166 809 474 634 2.266 525 Apr 59,564 34,175 1,477 1,855 945 5,650 10,013 879 713 494 652 2,187 525 May 61,213 34,368 1,539 1,855 910 6,078 10,047 324 916 602 611 2,438 525 June 60,173 33,941 1,462 1,925 980 5,719 10,152 915 701 455 592 2,842 490 July '64,591 34,544 1,564 1,995 910 6,180 10,367 342 1,190 407 647 3,782 '665 Aug 62,382 33,720 1,443 2,030 980 7,661 10,689 578 966 392 687 2,642 595 Sept 61,757 33,345 1.462 2,065 945 7,388 10,322 078 999 448 666 2,478 560 Oct 61,291 33,384 1,566 2,030 875 6,540 10,742 363 1,009 920 736 2,565 560 Nov 33,244 1,539 2,065 910 5,306 10,897 1,178 450 625 560 Dec 33,130 1,577 2,030 945 5,047 11,443 826 613 595 1949—Jan 32,881 2,030 1,015 3,864 10,815 1,136 659 595 Feb 31,012 1,960 1,050 3,869 10,762 639 455 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage change irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Estimates of United States Bureau of Mines. r Revised. e Corrected. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. » Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics. 6 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. « Beginning 1948, subject to revision. 7 Monthly figures reported by the American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938* p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Net imports from or net exports (—) to: 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 ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- Canada A t r i g n e a n- Mexico c p A a O L u n m a t b h t e l R i i e r n c e r i s - - p P p u R i h i p b n e i - l - l e i - c t A ra u l s i - a A So fr u ic th a India c o t o r A th i u e l e n l s r - 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 1-133,471 1946.. . 311,494 458 -14 —6 344,130-134,002 3,591 -403 -156 41118,550 -2,613 2-18,083 1947. . .1,866,348 488,433 162,941 327,990 445,353 335,505 -7,110 10,684 -3,508 124410,691 -4,423 3 -337 1948. . .1.680,404 1,095,389 -43 135!54234,409 -29,723 103,280 15,7574-95,780 -2,525 557491,494 5-67,952 1948 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 39,361 -1,136 June... 177,741 177,829 26 — 12,031 1987-27,736 -144 40,764 -1,167 July.... 266,691 178,038 i!437 30,512 6,942 3,904 6,523 -53 4 40,463 -1,078 Aug.. . . 39,078 4,400 698 5,937 9,706 7-35,822 -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 "127 52,036 8-6,581 Nov.... 54,224 27 5,769 8,848 2607-13,895 73 7 57,307 8-4,171 Dec. . . . 88,018 60,876 485 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 21,479 344 353 1,204 192 27 21,134 -1.774 Mar. P .. 19,771 535 326 2,031 -162 21 345 -4,305 P Preliminary. i 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. 6 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. MAY 1949 595 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 funds in U. S. funds of in- in U. S. securities: securities: Inflow in From th J ro a u n g . h 2 — , 1935, Total i t n e s rn ti a tu ti t o io n n a s l b f a u n n k d in s g o R f e U tu . r n S. In f f o lo re w ig n of b b r a o l k a e n r c a e g s e Total Official» 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 1,424.0 1,817.7 805.3 841.1 623.5 100.9 Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Mar. (Apr. 1) 5,219.3 2,820.9 1,068.9 1,752.0 819.7 849.6 624.9 104.3 June 30* 5,636.4 3,217.0 1,352.8 1,864.2 842.3 838.8 632.0 106.2 Sept. 30 5,798.0 3,355.7 1,482.2 1,873.5 858.2 830.5 646.1 107.5 Dec. 31 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Mar. 31 6,292.6 3,788.9 1,868.6 1,920.3 898.7 810.5 685.9 108.6 June 30 6,652.1 4,148.3 2,217.1 1,931.2 896.9 806.8 687.9 112.1 Sept. 30 6,918.7 4,278.0 2,338.3 1,939.7 888.6 929.3 708.1 114.8 Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Mar. 31 7,611.9 5,034.4 3,005.0 2,029.4 868.0 904.1 685.8 119.6 June 30 7,610.4 5,002.5 2,812.2 2,190.3 856.6 929.8 702.4 119.1 Sept. 30 7,576.9 4,807.2 2,644.8 2,162.3 883.5 1,026.2 737.8 122.2 Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019 .,4 911.8 126.3 1945—Mar. 31 8,002.6 5,219.4 2,865.1 2,354.3 848.5 983.7 820.6 130.5 June 30 8,422.8 5,671.0 3,313.2 2,357.9 760.4 1,011.2 848.4 131.8 Sept. 30 8,858.6 6,042.2 3,554.9 2,487.2 865.3 998.2 818.4 134.6 Dec 31 .,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 ,170.7 478.3 150.4 Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 .237.9 464.5 153.7 1947—Mar. 31 .,740.9 4,841.3 1,725.4 3,115.9 2,707.0 341.2 ,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 ,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 ,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 ,276.9 * 367.0 142.4 1948—Jan. 31 8,186.2 4,094.8 1.137.2 2,957.6 2,185.0 118.5 ,287.7 4359.6 140.6 Feb. 29 8,228.1 4,235.0 1,270.7 2,964.3 2,124.6 100.7 ,292.4 * 340.3 135.2 Mar. 31 8,171.7 4,370.6 1,346.4 3,024.2 1,985.3 63.7 ,296. *312.3 143.3 Apr. 30 7,962.0 4,250.1 1,281.8 2,968.3 1,955.2 34.0 ,304, *272.4 146.1 May 31 7,870.0 4,285.9 1,299.0 2,986.9 1,935.1 -15.3 ,304.0 *213.6 146.8 June 30 -7,948.1 4,351.9 1,352.3 2,999.6 1,907.7 35.7 ,306.7 *203.9 142.2 July 31.. •-8,045.7 4,432.9 1,389.3 3,043.6 1,909.1 68.6 ,311.9 * 189.7 133.5 Aug. 31 ••7,931.9 4,522.1 1,513.9 3,008.2 1,898.9 54.0 ,161.2 <166.2 129.6 Sept. 30 •7,984.0 4,570.3 1,547.6 3,022.7 1,895.1 68.7 ,167.5 <157.9 124.5 Oct. 31 •"8,075.6 4,651.7 1,685.0 2,966.7 1,899.5 69.6 ,170.7 *162.6 121.5 Nov. 30 ••8,251.2 ••4,782.3 1,796.9 r2,985.4 1,880.6 103.8 ,178.0 *181.8 124.6 Dec. 31 8,560.6 5,119.5 2,126.0 2,993.6 1,844.3 116.8 ,182.1 * 174.8 123.1 1949—Jan. 31* 8,623.2 5,200.8 2,211.5 2,989.3 1,914.2 139.5 ,186.9 4 63.6 118.2 Feb. 28P 8,690.5 5,292.6 2,289.2 3,003.4 1,892.1 128.4 ,188.2 471.2 118.0 p Preliminary. r Revised. 1 This category made up as follows: through Sept. 21, 1938. funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942, was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. * Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and Development in July 1947. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) < Includes 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 from Jan. 31 through Feb. 28, 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 July 1946, pp. 815-819; and September 1945, pp. 960-974. 596 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, 193&—C—H***i [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec 31 5,980 ? 837.8 625.9 474.0 592.1 48.1 1,030.3 ,608.1 425.1 835 8 932 9 178 3 1943—Dec. 31 7,267 1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1,161.6 201 4 1944—Dec 31 . 7,728 4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976 41,193 7 1 273 6 203 0 1945—Dec. 31 8,802 8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1,338.4 1,784 1 247 5 1946—Dec 31 7,555 7 563.1 384 8 326.4 766.1 287.5 1,246 3 ,574.2 979 71,474 0 1 258 3 269 6 1947—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 »70.2 1948—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 s 85.3 Apr. 30 6,006 8 488.8 97.9 150.0 850.6 205.8 1,072.8 ?,865.8 838.4 1,360.8 892 1 j 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 *49.0 June30 '6,040.4 558.0 59.5 120.1 858.3 210.2 '1,005.5 ,811.6 911.2 1.384.0 897 5 J36 1 July 31 '6,136.6 489.4 51.6 102.1 863.4 238.7 '1,006.7 '2,751.8 938.2 1.381.1 1,009.8 *55.7 Aug. 31 '6,033 0 486.8 56.6 92.8 853.1 270.0 '977.4 ,736.8 816.3 1,420 5 997 9 *61 5 Sept.30 '6,088.8 462.5 44.9 86.6 829.9 307.1 '1,008.1 '2,739.1 849.31,441.0 999.0 »60.4 Oct. 31 '6,176 1 479.5 51.3 76.0 823.8 316.4 '1,021.4 r?,768.3 868 01,464 2 1,001 8 2 73 8 Nov.30 '6,370 500.9 57.7 88.2 818.5 330.3 '1,089.0 '2,884.5 930.3 1,448.5 1,044.1 Dec 31 6,716 659.7 74.2 103.0 846.0 335.9 1,122.2 ^,141.1 947 31,503 6 1056 7 8 67 7 1949—Tan. 6,709.0 676.3 50.9 126.8 852.6 383.1 1,146.6 3,236.3 973.8 1,523.4 990.32 -14.8 Feb. 28 v 6,798 3 668.0 49.1 123.3 858.9 404.7 1,192.8 3,296.9 1,000.11,548.4 958.2 2 -5.3 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 5T8 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 41,414.2 924 9 1,369 1 212 9 1946—Dec 31 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec 31 4,120 3 264 9 87.6 126.7 432 8 132.8 576.6 1,621 4 301.6 1,095 0 877 3 224 9 1948—Mar 31 4,370.6 383.9 107.0 114.5 454.2 167.0 587.3 1,813.8 400.0 1,087.0 842.4 227 5 Apr 30 4,250.1 314.9 94.9 108.2 471.1 184.1 576.1 1,749.4 429.0 1,097.3 783.7 190.7 May 31 4,285.9 279.4 82.6 93.6 515.8 195.5 568.0 1,734 9 462.6 1,085 5 809 6 193 3 June 30 4,351.9 384.4 87.0 96.3 527.1 192.4 498.4 1,785.7 483.6 1,104.0 804.1 174.5 July 31 4,432.9 311 2 82.9 93.9 534.9 216.7 496 5 1,736 1 508.7 1,081.2 914.5 192 3 Aug 31 4,522.1 310.6 87.9 106.1 535.9 251.0 483.9 1,775.3 548.4 1,104.7 894.2 199.5 Sept 30 4,570.3 284.6 79.5 98.4 515.1 285.2 506 1 1,768 9 578.0 1,102 7 924 4 196 3 Oct 31 4,651.7 301.2 86.4 91.2 512.0 295.1 520.0 1,805.9 593.8 1,139.7 904.6 207.8 Nov 30 '4,782.3 318.9 93.8 95.3 '509.2 310.4 551 9 '1,879 6 657.1 1,106.2 940 8 198 6 Dec 31 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949— F j e an b 3 2 i 8 p ? 5 5 , , 2 2 0 9 0 2 . . 8 6 5 5 0 0 0 9 . . 7 2 8 8 9 7. . 7 8 1 1 1 0 1 3 . . 3 8 5 5 3 3 0 4. . 4 3 3 3 6 8 3 7. . 7 9 5 6 9 3 4 6 .4 9 2 2 , , 1 2 9 5 0 9 . 9 1 7 7 3 5 1 5 .0 81 1 , , 1 1 7 9 3 8 .1 3 9 8 1 8 3 3 .3 5 1 1 9 9 1 7 .2 3 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31 791.3 271.2 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 1943—Mar 31 63.7 273 5 —39.4 —32.7 1 7 9 2 168 9 381 2 64.5 —369 3 —2 0 — 10 8 Apr 30 34.0 268.5 -36.9 -41.5 1.9 10.6 161.6 364.2 65.2 -391.6 7.6 -11.4 May 31 -15.3 266.7 -43.6 -40.6 2.2 9.4 163 1 357.1 68.0 -413.7 -15.9 — 10 9 June 30 35.7 270.4 -47.9 -40.7 1.7 6.0 170.4 359.7 66.9 -376.2 -4.4 -10.3 July 31 68.6 270 3 -45 8 —40.3 1 1 10.1 172 9 368 3 68.9 -356.1 -3.2 —9 2 Aug 31 54.0 268.4 -44.1 -56.6 .6 7.4 155.0 330.8 68.2 -343.9 10.0 -11.1 Sept 30 68.7 271.1 -45.3 -50.9 .5 10.3 162.4 348.2 67.3 -325.4 -12.0 -9.4 Oct. 31 69.6 271.1 -43.9 -51.2 .8 9.6 161.5 347.9 63.6 -343.5 11.7 — 10.2 Nov 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 31 116.8 267.5 -39.9 -32 7 1 2 10.8 203.5 410.3 53.0 —348.6 10.3 —8 3 1949—Jan.31P 139.5 267.8 -36.9 -12.8 1.8 6.9 207.8 434.6 52.0 -338.5 .8 -9.4 Feb 28P 128.4 249.7 -37.1 -7.0 1.7 4.7 212.1 424.1 53.5 -341.9 -.8 -6.5 P Preliminary. 'Revised. 1 Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of movement in banking funds of international institutions. 2 See Table 1, footnotes 3 and 4. MAT 1949 597 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.) United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r- ds la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h 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.. 11,276.9 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 -220.9 1948—Mar. 31.. 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.. 304.3 90.7 45.2 -6.2 3.7 26 5 278.4 438.2 467.0 552.9 62.1 -215.8 May 31.. 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.. 306.7 87.7 43.5 -6.7 8 6 26.5 '281.4 '423 .8 472.7 561.9 62.3 -214.1 July 31.. ,311.9 87.5 43.3 -8.1 10.7 26.5 '282.2 '420.6 477.4 565.2 62.4 l-213.8 Aug. 31.. .161.2 87.3 43.2 -8.7 13.9 26.5 r282.8 '417.3 327 7 567.3 62.5 t-213.5 Sept. 30.. ,167.5 86.5 43.2 -8.8 15.2 26.6 '283.3 '415.6 331.8 570.7 62.6 Oct. 31.. ,170.7 86.0 43.0 -8.6 -16.3 26.5 r283.8 '414.5 334.6 571.8 62.6 i 212!8 Nov. 30.. ,178.0 85.6 43.1 -8.7 -17.4 26.5 '284.4 '413.6 338.8 575.4 63.0 l-212.7 Dec. 31.. 182.1 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 L-212.4 1949—Jan. 31 P. 186.9 84.8 42.8 -9.3 -18.7 26.6 288.1 414.3 341.5 580.0 63.2 1—212.1 Feb. 28P. 188.2 82.5 42.9 -9.4 -17.9 26.6 289.0 413.8 341.6 581.5 63.2 1-211.8 TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 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. 3i 798.7 -157.9 81.7 233.5 355.4 2.2 68 0 582.9 - 126.6 81.3 251.3 9,9 1946—Dec. 31 464.5 -194 9 74.9 207.0 337 9 2 1 57 3 484.3 —143.0 87 6 26 8 8 8 1947—Dec. 31 2367.0 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 285.6 1948—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 S85 1 May 31 2213.6 -202.9 -37.0 66.5 304.2 -15.2 45.4 161.0 -142.1 83.9 30.1 2 80 6 June 30 2 203 9 -202.3 -41.3 58.8 297.3 -15.1 44.2 141.6 -132.6 81.7 27.9 2 85 4 July 31 2189 7 — 197 0—46.9 45.7 298 2 -15.1 43 7 128 5 -137.1 83.1 29.2 2 85 9 Aug. 31 2166.2 — 196.2-48.0 41.2 294.8 -15.3 44.3 120.8 -147.2 82.4 24.1 2 86.1 Sept. 30 2 157 9 — 196 3—49 7 38 3 295 9 — 15 6 44 7 117 4 — 147.4 84.7 17.1 2 86.2 Oct. 31 2162.6 -195.5 -51.2 34.5 300.2 -15.3 44.7 117.5 -142.6 83.3 15.9 2 88.4 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 2174 8 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 5.1 2 89.3 1949— F jaenb . 3 2 i 8 P P 2 2 7 6 1 3 .2 6 — -1 9 19 0 4 .4 0— -6 6 0 1 . 9 4 2 2 7 6 .5 8 3 3 1 1 3 6 .8 9 — -1 4 14 .7 7 4 4 5 4 .7 3 1 1 1 2 6 2 .0 9 — -1 6 1 8 71 .7 .0 9 9 7 7 .5 1 5 5 .4 7 2 2 1 1 4 5 . . 9 1 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 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. 31 100.9 16.8 19.9 17.6 13.5 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec 31 104.4 17.4 20.7 17.5 13.7 .2 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec 31 . .. 117 8 18.8 21.5 19.9 19.3 .3 9.2 89.1 17.6 3.8 6.0 1.3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec 31 144 1 19.8 23.4 26.0 30.3 .4 13.6 113.6 19.5 5.9 3.8 1.3 1946—Dec. 31 ... 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4.8 2.0 1947—Dec. 31 142.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 1948—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 A 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 1949—Jan. 31? 118.2 17.0 16.6 9.7 25.3 .4 10.5 79.5 19.6 11.4 7.1 .5 Feb. 28P 3118.0 17.1 16.5 9.5 23.8 .4 10.6 77.9 18.8 13.3 7.2 .7 P Preliminary. rRevised. 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 from Jan. 31 through Feb. 28, 1949, resulting from net purchases of domestic securities by international institutions. 3 Amounts outstanding Feb. 28 (in millions of dollars): foreign brokerage balances in United States, 65.8; United States brokerage balances abroad, 24.7. 598 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 LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollarsl LIABILITIES TO FOREIGNERS Total roreign In- countries l Date t t i e i n o r s n n ti a a - l - Official U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - 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 2,583.01,522.2 1,046 41,549.7 181.8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 2931.8 1,104.81,316.4 232.8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9 193.7 1948—Mar. 31... 2,005.3 5,104.8 2,056.7 445.2 187.1 131.1 467.8 187.3 750.6 2,169.0 507.9 1,208.51,023.0 196.3 Apr. 30... 1,975.1 4,984.2 1,992.1 376.2 175.0 124.8 484.8 204.5 739.4 2,104.6 537.0 1,218.8 964.4 159.5 May 31... 1,955.1 5,020.0 2,009.3 340.7 162.7 110.2 529.4 215.8 731.3 2,090.1 570.6 1,207.0 990.2 162.1 June 30... 1,927.7 5,086.0 2,062.6 445.8 167.2 112.9 540.7 212.7 661.7 2,140.9 591.5 1,225.6 984.7 143.3 July 31... 1,929.0 5,167.0 2,099.6 372.5 163.0 110.5 548.5 237.1 659.8 2,091.4 616.7 1,202.71,095.2 161.1 Aug. 31... 1,918.8 5,256.2 2,224.2 371.9 168.0 122.7 549.5 271.3 647.1 2,130.5 656.4 1,226.21,074.8 168.3 Sept. 30... 1,915.1 5,304.4 2,257.9 346.0 159.6 115.0 528.7 305.5 669.3 2,124.1 686.0 1,224.31,105.0 165.1 Oct. 31... 1,919.5 5,385.9 2,395.3 362.5 166.5 107.8 525.6 315.4 683.2 2,161.1 701.8 1,261.21,085.2 176.6 Nov. 30... 1,900.6 ••5,516.5 2,507.2 380.3 174.0 111.9 '522.8 330.7 715.2 '•2,234.9 765.1 1,227.71,121.5 167.4 Dec. 31.. . 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8 167.4 1949—Tan. 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 1,294.91,094.1 160.1 Feb. 29P.. 1,912.1 6,026.8 2,999.5 570.5 167.8 120.4 548.0 408.0 799.6 2,614.3 862.9 1,319.61,063.9 166.0 LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe 3 Other Bel- Den- Fin- Ger- Luxem- Nor- Portu- Ru- Yugo- All Date Europe gium mark land many4 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—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. 31. .. 738.1 128.7 44.7 19.1 178.9 21.1 16.0 77.7 37.7 7.0 13.6 49.0 21.3 19.9 103.3 1949—Tan. 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 Feb. 28P... 799.6 163.4 49.7 16.9 196.0 24.4 14.1 81.3 39.4 5.9 15.3 54.4 20.3 13.3 105.2 Latin America3 Neth- French er- West lands Other Latin Argen- Bo- Co- Costa Indies Mex- West Pana- Vene- Latin Date 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—Mar. 31. .. 1,208.5 204.4 15.1 124.5 43.9 27.2 9.8 259.7 1.9 132.4 17 A 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. 31. .. 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. 31 P. . 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 Feb. 2SP... 1,319.6 226.9 15.2 119.4 57.0 49.6 10.7 226.0 .9 140.9 25.5 72.8 50.3 129.8 194.7 For footnotes see following page. MAY 1949 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—C*mtim**J (In millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA— Continued Asia and All Other1 Date Asia C M c a h r h n i i a u a n d n - a - 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 e c T k u ey r-O A th si 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 E t a n i g g n a g y y d n l p p o - t - F r r M o e c n o c c - o h A 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 2 149 623 1 4 8 6 8 12 1 11 0 91 8 1943—Dec. 31... 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.1^S 4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31. .. 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Dec. 31... 1,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31... 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—Dec. 31... 1,057.9 229.9 6.5 39.8 62.4 11.0 31.3 69.3 488.6M 6 81 5 193 7 30 6 S 9 25 0 10 1 46 4 75 8 1948—Mar. 31. . . 1,023.0 173.8 4.9 38.8 53.1 13.9 85.4 60.5 476.4M) 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 9 162 121 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 34.7 464.623.1104.3 143.3 18.7 3.6 27.3 8.9 9.3 75.5 July 31. .. 1,095.2 158.2 5.3 49.7 63.5 15.6 79.2 32 9 517 421 1152 3 161 123 8 ^ 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 54.0 508.4 18.0168.9 176.6 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 50.1 502.018.0170.7 167.4 20.2 5.3 30.9 12.2 10.8 87.9 Dec. 31.. . 1,151.8 216.2 7.8 51.1 51 .8 12.9 81.4 41.5 488.317.5183.3 167.4 22.2 5.3 27.7 11.4 15.8 84 9 1949—Jan. 31 P. . 1,094.1 190.1 8.2 57.3 42.4 11.4 91.6 41.0 450.418.9182.9 160.1 17.5 4.3 24.2 11.5 12.6 89.9 Feb. 28*>. . 1,063.9 182.9 8.2 52.7 42.9 10.1 115.6 38.2 401.719.4192.1 166.0 17.5 4.7 25.5 11.2 12.3 94.8 » 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. r Revised. 1 Country breakdown is for "Official and private." 2 Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign Exchange Control Board of Canada for 1946. 3 Breakdown not available for most of these countries until June 30, 1942. 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. CLAIMS ON FOREIGNERS Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1941—Dec. 31... 367.8 20.9 L.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 L.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943— Dec. 31... 257.9 19.9 L.I .4 3.0 .4 52.9 77.6 37.8 112.2 26.3 3.9 1944—Dec. 31... 329.7 25.9 L.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31... 392.8 25.4 L.I 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946— Dec. 31... 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31... 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27 .5 514.3 127.0 31.5 1948—Mar. 31... 1,071.8 18.5 118.5 51.3 6.4 17.4 140.9 352.9 28.4 537.3 131.1 22.1 Apr. 30... 1,101.5 23.5 116.0 60.2 6.2 15.9 148.1 369.9 27.7 559.6 121.5 22.8 May 31... 1,150.8 25.3 122.7 59.2 6.Q 17.2 146.7 377.0 24.9 581.7 145.0 22.3 June 30... 1,099.8 21.6 127.0 59.3 6.5 20.6 139.4 374.4 26.0 544.2 133.5 < 21.7 July 31... 1,066.9 21.7 124.9 58.9 7.0 16.5 136.9 365.9 23.9 524.1 132.3 20.6 Aug. 31... 1,081.5 23.6 123.1 75.3 7.5 19.1 154.8 403.3 24.7 511.9 119.1 22.5 Sept. 30... 1,066.8 20.9 124.3 69.5 7.6 16.3 147.3 385.9 25.6 493.4 141.0 20.8 Oct. 31... 1,065.9 20.9 123.0 69.8 7.4 17.0 148.3 386.2 29.3 511.5 117.3 21.6 Nor. 30... 1,031.7 18.3 124.0 59.1 6.5 18.3 124.9 351.1 40.0 510.4 107.1 23.1 Dec. 31... 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Jan. 31?.. 996.0 24.2 116.0 31.4 6.3 19.7 102.0 299.5 40.9 506.5 128.3 20.8 Feb. 28*. . 1,007.1 42.3 116.1 25.7 6.4 21.9 97.6 310.0 39 A 509.9 129.9 17.9 » 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. 600 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 LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europt * Date E O ur th o e p r e g B iu e m l- m De a n rk - l F a i n n d - m G a e n r- y 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 en e- USSR Y sl u av go ia - o A th l e l r 1942—Dec. 31.. 56.3 .8 8 5.6 34.0 1.1 .2 2.4 3.2 .4 8.4 1943—-Dec. 31.. 52,9 7 7.6 33.9 .6 .2 1.4 3.2 .2 5.0 1 1 9 9 4 4 4 5 — — D D e e c c . . 3 3 1 1 . . . . 7 7 8 4. . 6 3 . . 6 7 8 88 3 3 3 3 . . 9 9 . . 6 7 3 31 5 . . 6 1 . . 8 5 1 1 . . 8 6 . . 9 2 4 5 . . 7 1 1946—Dec. 31.. 82.8 7.5 30.4 12.4 3.3 .0 7.2 4.9 9.4 1947—Dec. 31. . 118.9 15.0 6.2 30.5 10.6 9.2 .1 .9 5.4 35.8 8.0 1948—Mar. 31.. 140.9 24.2 6.6 7.0 30.4 9.6 8.9 .5 () 3.7 3.5 45.4 Apr. 30. . 148.1 20.7 9.9 6.1 30.4 7.2 12.1 .4 (*) 4.6 2.8 52.9 May 31. . 146.7 18.8 8.6 5.6 30.3 6.8 11.5 .1 (') 5.5 4.1 54.3 June 30.. 139.4 18.6 3.5 5.7 30.4 4.7 11.6 .0 (») 3.3 5.2 55.3 July 31. . 136.9 18.5 .7 5.3 30.4 4.6 12.7 .9 (*) 2.5 7.2 54.1 Aug. 31.. 154.8 20.0 .6 4.6 30.4 4.1 .3 17.2 .8 (2) 3.3 5.2 51.2 Sept. 30. . 147.3 17.7 1.0 3.8 29.5 3.3 24.2 .7 (*) 5.4 2.3 48.1 Oct. 31.. 148.3 21.0 1.1 3.4 33.6 3.6 27.3 .7 (2) 5.5 1.6 39.1 Nov. 30.. 124.9 21.3 1.1 3.3 30.4 3.5 14.9 .5 (3) 2.7 1.0 38.5 Dec. 31. . 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 (*) 2.9 1.4 29.7 1949—Tan. 31 P. 102.0 20.4 1.5 3.8 29.6 .9 14.8 .7 (2) 1.2 1.5 27.4 Feb. 28P. 97.6 18.6 1.3 4.2 29.5 14.9 .6 1.8 1.4 24.3 Latin America * French N l e a t n h d e s r- 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 d n u e i d i s e - t s Mexico I W n S a d n u e i d r s e i t - s P m an a a- Peru V zu e e n l e a - • O L A i a m t c h t a i e e n r r ana 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 8.6 .3 .8 1 2 5 1 11 ? 1945—Dec. 31. .... 158.9 21.0 13 24.7 6.6 16.8 1.2 33.3 1 11.0 .5 1.1 1.9 6.1 33 4 1946—Dec. 31 . 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 2 25.5 .8 1.3 3.7 8.7 23.1 1947—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—Mar 31 537 3 57 2 2 3 185.9 24.9 39.3 3.2 109.1 .1 59 9 1 3 4 1 4 1 17 6 28 5 Apr. 30 559.6 50.5 2,2 194.5 21.9 50.5 3.1 124.1 .1 58.3 I 3 4.2 3.8 17.0 28.1 May 31 581 7 52 6 3 1 209.7 20.4 47.9 2.9 110.1 (2) 75.8 1 4 4.4 4 0 19 3 30 1 June 30 544 2 58.7 2.5 187.6 21.6 48.0 2.2 90.5 (2) 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 (2) 72.4 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 72 3 ? 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 /j\ 76.6 4.0 4 2 20 8 35.5 1949— D N Ja e o n c v . . 3 3 3 1 0 1 P 5 5 51 1 0 0 6 6 . . 6 5 4 6 6 7 6 5 2 . . 7 4 8 2 2 2 . . 7 9 4 1 1 17 6 7 9 5 1 . . 4 4 8 1 1 1 5 5 8 . . . 2 4 8 3 3 31 3 2 . . . 2 7 6 2 1 1 . . . 9 5 3 8 8 7 4 3 2 . . . 0 1 5 ( ( 2 2 ) ) 7 7 7 0 0 3 . . 5 8 4 1 . 4 0 S 3 4 4 . . 6 3 9 4 4 4 . . 4 9 2 2 2 1 3 6 8 . . 4 0 2 3 3 2 7 2 9 . . 7 1 1 Feb 28 P 509.9 67.1 2.2 178.7 16.6 29.5 2.1 81.8 66.8 4.4 5.1 24.4 29.9 Asia and All Other * Date Ana C M c a h h n a i u 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 it a - - Japan I n n e d s o ia - i p p P u R p h b e i i n l - l i - e c T k u e r y -O A t s h i e a r *o A th l e l r A t l u r ia a s- - N l Z a e e n a w d - A E E t a g n i g n a g y y d n l p p o t - -F r r M o e c n o c - c o h A U So f n o r u i i f o c th a n Other ria Sudan 1942—Dec. 31 35.3 11.1 9 2.2 .7 .5 1.6 144 1.8 2.0 4.8 1.0 .7 .1 1.7 1.2 1943—Dec. 31. .... 26.3 1.7 8 10 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 1 1 9 9 4 4 5 6 — — D D e e c c . . 3 3 1 1 . 2 99 9 . . 2 9 53 1 . . 9 0 ( 2 ) 5 9 8 1 7 2 . . 5 0 . . 1 2 . . 5 2 1 1 . . 4 0 2 1 0 3 . .8 2 2 1 . . 0 4 2 4 . . 7 4 1 9 7 . . 9 2 3 1 . . 4 7 1. .7 1 . . 3 4 (2) 1 4 0 . . 7 1 2 2 . . 5 2 1947—Dec. 31 127.0 40 8 ? 6 29.6 .9 9 .5 27.417.7 6.3 31.5 9.0 1.5 .1 .5 144 6 0 1948—Mar.31 131.1 38.1 .3 3.7 26.0 .6 5.9 .6 31.115.5 9.4 22.1 4.7 .9 .1 .4 10.1 6.0 Apr. 30 121 5 36 4 2 ~\S 26.1 .6 4 0 s 33.7 7.3 9.3 22.8 4 ^ 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 7 0 8.0 21.7 7 7 7 .1 .2 1? 0 6.5 July 31 132 3 56.7 .4 1 S 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 33.7 ? 0 10.3 22.5 3 6 7 2.2 .2 9 9 5.9 Sept 30 141.0 65.5 .1 5 19.5 1.0 7 6 S 29. S 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 3.9 .6 .3 .2 11.1 5.5 Nov 30 . 107 1 25.2 .3 5 20.2 .5 7 8 4 36. 1.7 11.1 23.1 6 .2 .3 11 7 6.8 Dec. 31 118.8 24.2 .1 3.4 20.4 .4 15.9 1.9 37.3 1.4 13.8 19.7 4.7 .5 .4 .2 7.9 6.1 1949—Jan. 31P 128.3 22.7 .5 S ? 21.3 .6 229 3 7 33.8 1.4 16.7 20.8 5 4 1 1 .5 .2 6 4 7.2 Feb. 28P 129.9 21.6 .2 3.7 20.9 .9 26.7 1.1 34.0 1.6 19.1 17.9 5.2 .5 .4 .4 5.2 6.3 * Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. »Less than $50,000. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. MAY 1949 601 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 927 927 918 909 Unpaid balance of member subscriptions. 1,181 1,183 1,143 1,176 Investment securities (U. S. Govt. obli- O M t e h m er b e a r s s s e u ts bscriptions 8, ( 0 2) 34 8, ( 0 2) 36 7, ( 9 2) 86 7, ( 9 2) 61 Caa gg llll a) s t ii o o) n n s s ) ubscriptions to capital stock 4., 429 5 42 5 0 422 5 412 5 Accumulated net income -2 -1 -1 Loans (incl. undisbursed portions). . . . 5 501 5 501 497 497 Other assets , 5 9 5 3 Bonds outstanding , 254 254 254 250 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 Mar. Feb. Jan. Mar. Capital4 1,667 1,667 1,657 1,645 Accumulated net income , 5 3 -1 C C B h e o l i s g l t e a ia a n n R i f p c r e a a s n n o c s c s olones 1.3 3 8 3 1 . . . 8 3 0 3 8 3 1 . . . 8 3 0 2 1 Q Le u s a s r t t e h r a l n y $ st 5 a 0 t 0 e , m 00 e 0 n . ts on a new fiscal year basis. Czechoslovakian koruny. 6.0 6.0 6.0 3 As of Mar. 31, 1949, the Fund had sold 690.0 million U. S. dollars; Danish kroner 10.2 10.2 10.2 6.8 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 French francs 125.0 125.0 125.0 125.0 received 100 million Belgian francs in June 1948 and an additional M In e d x ia ic n a n ru p p e es e o s s 1 2 0 2 0 . . 5 0 9 2 2 2 . . 5 5 6 2 8 2. . 5 3 2 22 8 . . 5 0 10 4 0 E m x i c l l l u io d n e s i n u n J c u a ly ll e 1 d 9 4 p 8 o . rtions of capital subscriptions, amounting to Netherlands guilders.... 75.4 75.4 75.4 68.5 6,669 million dollars as of Dec. 31, 1948, of which 2,540 million repre- N N i o c r a w r e a g g i u a a n n k c ro o n r e d r obas.... 9.6 9. . 6 5 9.6 5 2.5 sen 5 t E s x th cl e u d su es b s 8 c ri m pt il i l o i n o n o f d o t l h l e a rs U n so it l e d d t S o ta o t t e h s e . rs under the Bank's guar- South African pounds. . . 10.0 10.0 10.0 antee. Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 300.6 300.0 Total. 707.5 700.0 675.8 600.1 CENTRAL BANKS Assets of issue Assets of banking department department Liabilities of banking department Bank of England Note (Fig p u o r u e n s d i s n s m te i r l l l i i n o g n ) s of Gold1 Other N a o n t d es co D u i n s- ts Securi- ci t r io cu n l 3 a- Deposits l O ia t b h i e li r assets 2 coin and ad- ties ties and vances Bankers' Public E.C.A. Other capital 1935—Dec. 25 200.1 260.0 36.2 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 46.8 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.9 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4 .2 580.0 26.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 14.2 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 L,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Apr. 28 .2 1,300.0 63.1 14.5 350.6 1,237.8 307.4 12.6 90.3 17.8 May 26 .2 1,300.0 56.7 9.8 .366.9 1,244.2 311.8 10.7 93.0 18.0 June 30 .2 L,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 1,300.0 72.1 19.3 359.6 1,230.8 307.5 13.1 19.6 93.0 17.8 Nov. 24 .2 1,300.0 70.2 28.9 347.4 1,233.1 302.7 12.3 14.3 99.2 17.9 Dec. 29 .2 i 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 1,300.0 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 1,228.0 295.7 10.9 17.6 90.6 18.4 Mar. 30 .2 1,300.0 53.0 19.9 362.1 1,250.6 294.0 25.6 6.7 90.1 18.6 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, and decreased by 25 million on Jan. 5, 1949. For details on previous changes see BULLETIN for April 1949, p. 450, and February 1948, p. 254. NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 602 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 d S t o e t U a l r l l t a n i e n r i s s g ted S te h r o m r s t 1 - ecuritie O s ther O as t s h e e ts r irc N ul o a t t e ion2 Ch b a a r n te k r s ed D g o o m m v e e i n n r t n io - n Other l c ia O a b a p t i n h i l d i t e t a i r l e 3 s 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Apr. 30. .2 ,124.1 767.8 60.5 ,183.0 558.9 57.9 126.0 26.9 May 31. .5 ,179.7 775.0 51.6 ,195.7 547.3 135.9 95.8 32.0 June 30. .2 ,152.9 790.9 56.8 ,206.5 517.0 138.4 107.2 31.7 July 31. .1 ,145.2 773.6 39.2 ,220.3 502.5 119.0 84.1 32.1 Aug. 31. .1 ,155.2 778.1 50.2 ,226.9 525.1 105.1 90.3 36.2 Sept. 30. .2 ,216.3 757.2 55.3 ,267.7 550.9 87.3 78.2 44.7 Oct. 30. 1.0 ,279.6 741.3 57.7 ,275.1 581.0 110.0 72.2 41.3 Nov. 30. .1 ,222.1 794.0 46.8 ,273.5 579.6 86.5 64.1 59.2 Dec. 31. .4 ,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Jan. 31. () ,188.3 806.9 50.2 ,229.2 545.1 141.8 86.8 42.5 Feb. 28. .4 ,180.5 800.7 54.9 ,221.9 531.0 178.4' 79.6 25.7 Mar. 31. 82.3 1,087.1 812.1 70.6 1,245.3 540.3 62.6 84.8 119.0 Assets Liabilities Bank of France Domestic bills G A o d v v e a r n n c m es e n to t Deposits Other (Figures in Foreign Other Note liabilimillions of francs) Gold « ch e a x n ge m O a p r e k n et7 Special7 Other c F c u o o p r s a t t o s i c o 8 - n Other7 assets9 cir ti c o u n la- G m ov e e n r t n- C.A.R.i° Other ca a t p i n e i d s tal 1938—Dec. 29... 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28... 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26... 84,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31... 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31... 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30... 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28... 75,151 42 47,288 48 18,592 426,000 15,850 35,221 572,510 748 37,855 7,078 1945—Dec. 27... 129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946—Dec. 26... 94,817 7 77,621 3,135 76,254 426,000 67,900 47,577 721,865 765 63,468 7,213 1947—Dec. 31... 65,225 12 137,397 64 117,826 426,000 147,400 121,061 920,831 733 82,479 10,942 1948—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 50 147,288 544 163,109 426,000156,800 104,213 844,894 858 203,467 14,011 Sept. 30... 65,225 60 160,930 4,808 161,571 426,000160,700 138,910 910,633 788 193,031 13,752 Oct. 28... 65,225 35 151,954 9,901 197,297 426,000158,000 113,547 917,757 764 187,657 15,780 Nov. 25... 65,225 36 153,368 10,908 192,428 426,000151,200 110,989 913,234 759 178,090 18,070 Dec. 30... 65,225 30 167,450 8,577 238,576 426,000 150,900 119,659 987,621 806 171,783 16,206 1949—Jan. 27. .. 65,225 34 158,288 4,996 238,795 426,000146,200 115,463 972,604 822 163,513 18,062 Feb. 24... 65,225 53 164,012 4,816 257,345 426,000154,100 109,729 991.334 765 171,921 17,260 Mar. 31. .. 65,225 49 204,914 2,523 233,189 426,000157,500 149,2911,045,053 750 180,103 12,784 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 Less than $50,000. 6 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. In March 1948 the amount of gold pledged as collateral against a loan was increased from 10,052 to 12,408 million francs. For details on previous devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 7 For explanation of this item, see BULLETIN for July 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 9 From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million francs by a payment from the State to the 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. MAY 1949 603 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) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Central Bank of the Argentine National Bank of Costa Rica- Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 434 434 832 Gold 11,543 11,543 11,528 Other gold and foreign exchange. ,846 ,869 ,250 Foreign exchange . 23,663 16,956 27,635 Government securities ,760 750 ,032 Contributions to Int'l. Fund and Rediscounts and loans to banks1. ,230 22,<391 ,361 to Int'l. Bank 30,321 30,321 30,321 Other assets •. 119 115 ,635 Loans and discounts 85,673 85,625 78,046 Currency circulation 2 ,770 7,54 ,522 Securities 23,593 25,193 13,387 Deposits—Member bank 313 Other assets 6,603 6,341 1,541 Government 797 Note circulation 108,954108,282118,286 Nationalized x , 17,250 13 529 Demand deposits 65,746 61,240 37,436 Other sight obligations 517 139 Other liabilities and capital . 6,695 6,456 6,736 Other liabilities and capital 1,545 809 National Bank of Czechoslovakia Commonwealth Bank of Aus- (millions of koruny): tralia (thousands of pounds) : Gold and foreign exchange 8. . 3,476 3,765 4,420 3,899 Gold and foreign exchange 338, 215,231 Loans and discounts 23,962 25,736 26,456 14,268 Checks and bills of other banks.. 2, ,264 Other assets 48,191 48,282 48,176 55,123 Securities (inch Government and Note circulation 67,477 69,188 70,489 58,686 Treasury bills) 351, ,556 Deposits 180 452 562 1,797 Other assets 39, ,209 Other liabilities and capital 7,972 8,144 8,001 12,806 Note circulation 202, 198,643 National Bank of Denmark Deposits of Trading Banks: (millions of kroner): Special 326, ,010 Gold 70 70 70 71 Other 33, ,632 Foreign exchange 187 190 177 123 Other liabilities and capital...... 170, ,976 Contributions to Int'l. Fund and Austrian National Bank (millions to Int'l. Bank 65 65 65 65 of schillings): Clearing accounts (net) -1 Gold 50 50 50 Loans and discounts 21 20 23 17 Foreign exchange 111 92 95 45 Securities 111 123 125 99 Loans and discounts 1,101 ,063 ,129 81 Govt. compensation account.... 4,870 5,008 5,052 5,530 Claim against Government 6,665 ,502 ,256 ,211 Other assets , 220 204 197 195 Other assets 6 4 4 6 Note circulation 1,496 1,494 1,517 1,527 Note circulation 5,833 ,816 ,669 ,994 Deposits—Government 1,843 1,992 2,014 1,852 Deposits—Banks , 362 357 485 755 Other 2,061 2,041 2,028 2,573 Other 602 684 787 698 Other liabilities and capital 143 153 150 148 Blocked 1,136 853 593 ,943 Central Bank of the Dominican National Bank of Belgium * Republic (thousands of dollars): (millions of francs): Gold.....' 4,006 4,002 4,001 5,250 Gold 28,069 817 27,741 25,896 Foreign exchange (net) 10,662 10,219 10,440 13,265 Foreign claims and balances (net) 12,726 482 12,444 Net claim on Int'l. Fund • 1,250 1,250 1,250 Loans and discounts 5,288 959 5,191 Paid-in capital—Int'l. Bank. . . . 40 40 40 Consolidated Government debt. 34,991 997 34,997 Loans and discounts 154 161 136 Government securities 5,283 843 Government securities 5,000 5,000 5,000 3,000 Other assets 3,903 567 466 Other assets 536 740 759 74 Note circulation 83,580 82,810 973 77,442 Note circulation 17,373 7,646 17,404 17,309 Deposits—Demand 4,209 255 Demand deposits 4,092 3,588 4,056 4,130 E. C, A 247 417 Other liabilities and capital 183 177 166 150 Other liabilities and capital. 2,224 083 Central Bank of Ecuador Central Bank of Bolivia—Mone- (thousands of sucres): tary dept. (millions of bolivianos): Gold 278,100277 772277,741275,243 Gold at home and abroad 954 953 Foreign exchange (net) 17,767 41 395 58,358 27,163 Foreign exchange 240 206 Net claim on Int'l. Fund 6 16,881 16 881 16,882 16,881 Loans and discounts 710 340 Credits—Government 178,654165 064 136,489 Government securities 741 787 Other 106,583'108 503111,089 Other assets 32 15 Other assets 105,714101 970 98,726 102,273 Note circulation ,158 ,825 Note circulation 337,716 350 161355,946 303,852 D Ot e h p e o r s i l t i s abilities and capital... . 2 22 9 3 7 2 23 4 1 5 Demand deposits— O Pr t i h v e a r te banks 1 9 2 3 9 , , 5 3 4 0 0 7 6 6 8 1 8 41 6 32 9 , , 6 9 8 2 7 3 V / 243,752 National Bank of Bulgaria « Other liabilities and capital 143,136 123140,731 73,211 Central Bank of Chile (millions National Bank of Egypt (thouof pesos): sands of pounds): Nov.)» Gold 6 ,275 ,176 ,158 Gold 6,376 6,376 Foreign exchange (net) ••65 155 130 Foreign exchange 13,627 16,649 Net claim on Int'l. Fund 8 ••1 1 3 Loans and discounts 8,732 4,807 Discounts for member banks... ,536 ,608 ,120 British, Egyptian, and other Loans to Government ••768 768 805 Government securities 31,042 304,709 Other loans and discounts ,397 ,290 ,374 Other assets 25,357 28,632 Other assets ,356 ,356 ,239 Note circulation 52,332 132,447 Note circulation ,796 ,609 ,277 Deposits—Government 89,006 82,563 Deposits—Bank ,037 998 847 Other 32,386 129,883 Other 165 329 301 Other liabilities and capital 11,409 16,279 Other liabilities and capital... . '399 418 404 lentral Reserve Bank of El Salva- Bank of the Republic of Colombia dor (thousands of colones): (thousands of pesos): Gold 36,123 36,177 36,225 36,695 Gold and foreign exchange7. . . 130,226 167 Foreign exchange (net)... 55.O77J 53,247 42,689 49,816 Net claim on Int'l. Fund «....= 24,367 367 24,367 21 Net claim on Int'l. Fund « 1,564 1,564 1,564 1,564 Paid-in capital—Int'l. Bank 1,370 370 1,370 Loans and discounts 182 1,864 4,576 321 Loans and discounts 177,475 767155,369 Government debt and securities. 5,264 5,304 5,345 5,310 Government loans and securities. 132,307 981 133,741 Other assets 1,665 1,394 1,334 1,527 Other assets 56,763 388 53,640 Note circulation 62,301 64,886 62,591 55,687 Note circulation 311,913 719326,901 Deposits 31,720 28,839 23,210 33,983 Deposits 163,867 234159,673 Other liabilities and capital 5,855 5,824 5,932 5,563 Other liabilities and capital 46,729 552 45,260 r Revised. 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. J By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 1 In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November 1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la Bourse" for Sept. 20, 1948. 4 For last available report (January 1943), see BULLETIN for July 1943, p. 697. * Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 6 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 7 Gold not reported separately beginning May 31, 1948. 8 Gold not reported separately beginning Dec. 31, 1946. • Latest month available. 604 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. State Bank of Ethiopia—Issue Reserve Bank of India—Cont. dept. (thousands of dollars): Banking department:—Cont. Gold 4,941 4 653 2 471 Loans to Government 47 47 Silver s 623 5 413 2 486 Other assets 1 161 1 046 771 Foreign exchange 28 549 27 119 27 709 Deposits 3,446 3,515 4,574 Treasury bills 6 997 6 887 5 832 Other liabilities and capital 279 243 294 Other assets 30 425 30 329 30 660 Central Bank of Ireland (thousands Circulation—Notes 46 012 44 072 39 846 of pounds) : Coin 29 238 29 043 28 704 Gold 2,646 2,646 2,646 2 646 Other liabilities and capital 1 286 1 286 608 Sterling funds . 43,993 43 399 42,706 41 113 Bank of Finland (millions of Note circulation 46,639 46 044 45,352 43 759 markkaa): Bank of Italy (millions of lire): Gold 269 269 268 135 Gold 1 256 1 ?S6 525 Foreign assets (net) 658 655 978 1642 Foreign exchange 31,033 30,428 10 351 Clearings (net) 9,193 — 9 1S0 —2 244 — 9 808 Advances—Treasury 66?,153660 99S 633 950 Loans and discounts 36,211 35 409 34 502 33 855 Other Govt. agencies 16 Securities 892 887 925 406 Loans and discounts 164,314 165*869145 236 Other assets 1 411 893 1 143 1 653 Government securities OS128 90 103134 673 Note circulation 97 ,407 97 3S3 ?S 782 ?6 776 Other assets ,847?S9 S07 8? 454 Deposits 9 309 763 2 174 1 876 Bank of Italy notes sss 888 860 648 737 447 Other liabilities and capita] 7,531 7 839 7 615 6 141 Allied military notes 46,860 48,914 60 474 Bank of the German States * Deposits—Government 91,501 77,761 (millions of German marks) Demand 106,167 103 284 72 054 Foreign exchange 1 113 Other 8? 764173 41311? 7? 3 Loans and discounts 1 460 Other liabilities and capital 33 SS1 34 S40 506 Loans to Government 7 660 Bank of Japan (millions of yen): Other assets 2 381 Cash and bullion 1 030 901 S74 Note circulation 2 125 Advances to Government 8? 072 85 40? SO 828 Deposits—Government 1 413 Loans and discounts 79,510 61 00? OSS Banks 1 4 74 Government securities 63 3S? 190 468 91 349 Other ?30 Reconversion Fin. Bk. bonds. . . 48,544 39 806 49 476 Other liabilities and capital 3 371 Other assets 1S 07? 11 3S7 10 56 S Bank of Greece (billions of drach- Note circulation . . ,449341 57S 775 mae): (Nov }* Deposits—Government ?6 007 1? ?87 1? Gold and foreign exchange (net). 678 614 Other 21,555 22 961 18 240 Loans and discounts 51 20 Other liabilities 12,478 12 203 13 414 Advances—Government 1 295 923!The Java Bank (thousands of Other 1 389 1 239 guilders): Other assets 314 Mil Gold 470 9S6 Note circulation 1 021 888 Foreign bills 58 763 Deposits—Government ?03 13S Loans and discounts . . . 70 019 Reconstruction and Advances to Government 866,971 relief accts 910 100 Other assets .... 99 S46 Other 474 247' Note circulation 747,907 Other liabilities and capital 1 soo 1 566 Deposits 713 816 Bank of Guatemala (thousands of Other liabilities and capital 105,426 quetzales): Bank of Mexico (millions of pesos): Gold 27,229 27 229 27 230 27 228 Monetary reserve * 664 660 675 609 Foreign exchange 19,075 18 689 17,448 23 589 "Authorized" holdings of securi- Gold contribution to Int'l Fund. 1 ?S0 1 ?S0 1 250 1 250 ties etc 1,846 1 831 1 898 1 501 Rediscounts and advances 3 161 9 7S? 4 103 9 6SS Bills and discounts 693 714 668 660 Other assets 1? 228 12 291 695 10 641 Other assets 172 151 195 104 Circulation—Notes 33 988 33 886 34 049 31 SOS Note circulation 1 900 1,93? 1 943 1 678 Coin . . 3,077 3 061 3 052 2 Demand liabilities .... 7S7 708 7S9 Deposits—Government........ 4,125 4,238 4,168 8,169 Other liabilities and capital 718 716 735 437 Banks . ... 11,858 11 910 11 076 13 9S? Netherlands Bank (millions of Other liabilities and capital. . . . 9,895 9,107 9,471 9,506 guilders): National Bank of Hungary (mil- Gold 439 439 439 509 lions of forint): Silver (including subsidiary coin) 5 5 4 3 Gold 412 412 403 Foreign assets (net)8. . .... ?83 239 310 380 Foreign exchange 213 196 195 43 Loans and discounts 146 165 193 175 Discounts 4 9 17 1,687 Govt. debt and securities 3,300 3,300 3,300 3,500 Loans—Treasury 312 334 33S 340 Other assets . . 366 338 308 ?30 Other 6,890 7,042 6,492 Note circulation—Old .. 107 108 109 124 Other assets 225 219 290 252 New 2,983 3,045 3 052 2,948 Note circulation ,755 7S6 9 73S 1 973 Deposits—Government 216 174 ?6S Demand deposits—Government. 1 2 184 Blocked . . 35 43 5 77 Other 4,763 4 6? 5 4,?06 176 E. C. A ?S0 ?S0 714 Other liabilities and capital .... 538 8?0 70S 303 Other 742 661 70S 488 Reserve Bank of India (millions of Other liabilities and capital 205 204 203 240 rupees): Reserve Bank of New Zealand Issue department: (thousands of pounds): Gold at home and abroad. . 400 406 444 Gold ... . 2,816 2,816 2,802 Sterling securities 7,416 7,525 11,353 Sterling exchange reserve 47,088 43,454 69,442 Indian Govt. securities 3,624 3,568 1,028 Advances to State or State un- Rupee coin . ... 425 441 369 dertakings 49,559 49,061 41,742 Note circulation 11 617 11 731 13044 Investments 37,096 37 098 7,868 Banking department: Other assets 7,510 6,966 3,308 Notes of issue department. 219 209 151 Note circulation 49,645 50,401 48,558 Balances abroad . .. 2,246 2,358 3,926 Demand deposits 89,117 83,735 70,834 Bills discounted 53 99 18 5,307 5,260 5,772 1 This statement represents combined figures for the Bank of the German States aindc the eleven Land Central Banks, 2 Excludes currency issued in the Western sector of Berlin, amounting to 407.4 mililoin German marks on Jan. 31, 1949. 33 LLaatteesstt mmoonntthh aavvaaiillaabbllee.. 4 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 6 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. MAY 1949 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1949 1948 1948 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Mar. Feb. Jan. Mar. date of month) Mar. Feb. Jan. Mar. Bank of Norway (millions of kroner): Bank of Sweden (millions of kronor): Gold 233 233 303 Gold 176 177 177 213 Foreign assets (net) 272 248 503 Foreign assets (net) 383 417 470 308 Clearing accounts (net) -70 -61 Swedish Govt. securities and ad- Loans and discounts 76 58 107 vances to National Debt Office6 3,155 ,331 3,130 2,716 Securities 51 53 68 Other domestic bills and advances 132 149 173 141 Occupation account (net) ,813 7,814 ,094 Other assets 370 355 385 355 Other assets 102 103 57 Note circulation 2,953 ,952 2,934 2,730 Note circulation ,027 2,065 ,993 Demand deposits—Government. 641 693 728 632 Deposits—Government ,987 3,910 ,967 Other 160 336 228 103 Banks 978 976 ,282 Other liabilities and capital 462 447 446 268 Blocked 743 747 837Swiss National Bank (millions of Other 172 177 389 francs): Other liabilities and capital 570 573 664 Gold 5,911 ,848 5,834 5,625 Bank of Paraguay—Monetary Foreign exchange 316 276 233 67 dept. (thousands of guaranies): Loans and discounts 156 169 159 235 Gold 627 662 696 721 Other assets 77 72 74 104 Foreign exchange (net) -6,612 ,260 -372 ,696 Note circulation 4,326 ,291 4,307 4,185 Net claim on Int'l. Fund l 2,710 ,710 2,710 ,709 Other sight liabilities 1,666 ,602 1,521 1,148 Paid-in capital—Int'l. Bank -92 -92 -92 -16 Other liabilities and capital 469 473 473 698 Loans and discounts 78,601 ,666 69,625 ,249Central Bank of the Republic of Government loans and securities. 6,778 ,304 7,636 ,362 Turkey (thousands of pounds): Other assets 8,797 ,297 2,732 ,262 Gold ' 454,460 454,459 454,458 478,550 Note and coin issue 68,488 ,143 63,788 ,686 Foreign exchange and foreign Demand deposits 18,658 ,618 16,815 ,366 clearings 125,073117 104,151197,766 Other liabilities and capital 3,663 ,526 2,333 ,932 Loans and discounts 727,183749, 774;248 602,520 Central Reserve Bank of Peru Securities 205,860 206,788 213 188191,559 (thousands of soles): Other assets 46,083 _____ 499 32,953 Gold and foreign exchange 196, ,575 076 Note circulation 919,664 937,064 937 511867,346 Net claim on Int'l. Fund l 20, ,495 496 Deposits—Gold 153,036153 035153035151,802 Contribution to Int'l. Bank 2, 356 356 Other 214,121214 764 229833240,553 Loans and discounts to banks... 131, 115,227 096 Other liabilities and capital 271,837269 731283^165 243,646 Loans to Government 724, 726,283 689 651 Bank of the Republic of Uruguay Other assets 38, 34 962 (thousands of pesos): (Dec.) Note circulation 771, 755, 046 Gold 248,845 304,470 Deposits 279, 265,509 799 Silver 11,842 12,522 Other liabilities and capital 62, 57,983 792 Paid-in capital—Int'l. Bank. .. . 315 314 Central Bank of the Philippines Advances to State and govern- (thousands of pesos): ment bodies 72,119 59,878 Gold 2,721 ,721 2,721 Other loans and discounts 243,926183,517 Foreign exchange 669,666 646,037712,248 Other assets 313,625 271,649 Contribution to Int'l. Fund 30,000 30,000 30,000 Note circulation 271,084253,710 Advances to Government 469 Deposits—Government 59,510 59,126 Other assets 134,157132,718 132,627 Other 257,894269,447 Note circulation 580,377597,472 621,521 Other liabilities and capital 302,184 250,067 Demand deposits— P U e . s S os . dollars2. 1 4 2 0 7 , , 0 3 7 6 3 1 \ / 1122/7 169,351 Ce s n an tr d a s l o B f a b n o k l i o v f a r V es e ) n : ezuela (thou- Other liabilities and capital 89,203 86, 86,724 Gold s 888,521684,054 Bank of Portugal (millions of Foreign exchange (net) 160,246 63,973 escudos): (Dec.)* Other assets 68,438 75,653 Gold 3,827 ,483 Note circulation—Central Bank 759,198 617,532 Foreign exchange (net) 8,665 ,381 National banks 1,568 3,713 Loans and discounts 447 399 Deposits 296,820145,978 Advances to Government 1,276 ,280 Other liabilities and capital 59,619 56,457 Other assets 463 519National Bank of the Kingdom Note circulation 8,696 ,436 of Yugoslavia * Demand deposits—Government. 493 ,314Bank for International Settle- Other 4,579 ,382 ments » (thousands of Swiss gold Other liabilities and capital 911 930 francs): National Bank of Rumania 4 Gold in bars 126,518108,955122,429 South African Reserve Bank Cash on hand and on current (thousands of pounds): account with banks 21720 27,468 42,637 Gold5 45,904 ,695 Sight funds at interest 851 1,207 251 Foreign bills 21,936 ,193 Rediscountable bills and accept- Other bills and loans 95,478 ,721 ances (at cost) 16996 16,867 23,846 Other assets 11,313 ,812 Time funds at interest 30 816 21,865 15,913 Note circulation 66,239 ,682 Sundry bills and investments. .. 187 183188,111 58,414 Deposits 100,7 ,952 Funds invested in Germany 297 201297,201291,160 Other liabilities and capital 7,633 ,788 Other assets 2 476 2,231 1,161 Bank of Spain (millions of pesetas): Demand deposits (gold) 28,210 26,878 17,650 Gold ,219 1,219 ,216 Short-term deposits (various Silver 499 500 500 currencies): Government loans and securities. ,766 15,736 ,834 Central banks for own ac- Other loans and discounts ,798 9,039 ,219 count 173 156,026 48,463 Other assets ,860 3,950 ,845 Other 1,,242 1,075 8,970 Note circulation ,326 25,482 ,275 Long-term deposits: Special ac- Deposits—Government ,378 1,526 ,121 counts ,909228,909 228,909 Other ,924 2,920 ,720 Other liabilities and capital ,493251,017251,819 Other liabilities and capital 516 516 497 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 Account of National Treasury. 3 Latest month available. 4 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. 5 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds. 7 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 8 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government. 9 See BULLETIN for December 1936, p. 1025. 606 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w e e n - S l w a e n r i - d tz- ba C n e k n tr o a f— l R A 3 a p 0 t r e . ef D fec a t t i e ve b C an e k n tr o a f— l R A 3 a p 0 t r e . ef D fec a t t i e ve In effect Dec. 31, Albania... Mar. 21, 1940 Ireland Nov. 23, 1943 1937 Argentina. Mar. 1, 1936 Italy 43J Apr. 9, 1949 May 10, 1938. . Austria. Aug. 3, 1945 Japan 5.11 July 5, 1948 May 13 Belgium. Aug. 27, 1947 Java 3 Jan. 14, 1937 May 30 Bolivia. . Feb. 4, 1948 Latvia 5 Feb. 17, 1940 Sept. 28 Oct. 27 2y Nov. 25 2 Jan. 4, 1939. . Bulgaria Aug. 1, 1948 Lithuania. . . July 15, 1939 Apr. 17 4 Canada Feb. 8, 1944 Mexico June 4, 1942 May 11 3 Chile 3-4 i Dec. 16, 1936 Netherlands . June 27, 1941 J A u u ly g . 2 6 4 2y2 C C o o l s o ta m b R i i a ca... . 3 4 J A u p ly r. 18 1 , , 1 1 9 9 3 3 3 9 N N e o w rw Z ay ealand. J Ju an ly . 2 9 6 , , 1 1 9 9 4 4 6 1 Aug. 29 Czechoslovakia Oct. 28, 1945 Peru Nov. 13, 1947 Sept. 28 Oct. 26 Dec. 15 Jan. 25, 1940. . Denmark. . . Jan. 15, 1946 Portugal.... 2H Jan. 12, 1944 Apr. 9 Ecuador.... June 8, 1943 Rumania. . . . Mar. 25, 1948 M M a a y r. 1 1 7 7 , 1941. . 1% sy 2 E E s l to S n a i l a vador. O Oc c t t . . 1 1 5 , , 1 1 9 9 3 4 5 6 S Sp o a u i t n h Africa. 3 4 J M u a n r e . 1 2 8, , 1 1 9 9 4 4 1 9 May 29 '3" Finland Feb. 1, 1949 Sweden 2H Feb. 9, 1945 June 27 2H\ Jan. 16, 1945. . 1H Jan. 20 Feb. 9 France Oct. 1, 1948 Switzerland.. I* Nov. 26, 1936 Nov. 7,1946.. Germany June 28, 1948 Turkey July 1,1938 Dec. 19 Greece 12 July 12, 1948 United King- Jan. 10, 1947. . Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 India 3 Nov. 28, 1935 U. S. S. R.. . . 4 July 1, 1936 Aug. 27 Yugoslavia. . 1-3 Aug 20, 1948 Oct. 9 June 28, 1948 U-5 Sept. 6 1 The lower rate applies to the Bank Deutscher Laender, and the higher Oct. 1 rate applies to the Land Central banks. In effect Apr. 30, NOTE.—Changes since Mar. 31: Italy—-Apr. 9, down from 53^ to 4^ per cent. 1949 OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw l i a t 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—Feb .83 .78 .73 1.50 1934—Feb .95 .86 .88 1.50 1935—Feb .38 .28 .63 1.50 1936—Feb 1.06 .55 .53 .75 2.37 1937—Feb .78 .55 .53 .75 3.74 1.18 1938—Feb .65 .53 .50 .75 2.57 1.00 1939—Feb .68 .53 .51 .75 1.50 1.00 1940—Feb .75 1.04 1.02 1.00 1.25 1.25 1941—Feb .62 1.03 1.02 1.00 2.00 1.25 1942—Feb .55 1.03 1.00 1.04 1.58 1.25 1943—Feb .51 1.03 1.00 1.10 1.65 1.25 1944—Feb .39 1.03 1.00 1.13 1.69 1.25 1945—Feb .37 1.03 1.00 1.00 1.60 1.25 1946—Feb .36 .53 .51 .63 1.36 1.18 1.00 1.25 1947—Feb .40 .53 .51 .63 1.39 1.72 1.46 .25 1948—Feb .41 .56 .50 .63 2.00 1.38 .78 .50 1948—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 t.33 .94 .50 June. .41 .56 .51 .63 2.02 1.36 .84 .50 July.. .41 .56 .51 .63 2.04 1.56 1.35 .63 Aug.. .41 .56 .51 .63 1.88 1.35 1.06 .63 Sept.. .41 .56 .51 .63 2.84 1.10 .84 .63 Oct... .41 .56 .51 .63 2.09 1.03 .78 .63 Nov.. .41 .56 .51 .63 2.03 1.08 .77 .63 Dec. .41 .56 .52 .63 2.00 1.25 .96 .63 1949—Jan.. .41 .56 .52 .63 1.23 1.13 1.63 Feb.. .42 .56 .52 .63 1.39 .90 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. MAY 1949 607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom » Aseets Liabilities ( b m 1 a 1 i n ll L k io s o s . n n te s d r o F o li n f i n g g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c o n a s l n o h l e t o i a y c r n t e a d t B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 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 1,161 253 1942—December 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 ,307 ,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 ,667 ,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 ,523 ,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 ,560 ,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 ,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—March 472 468 804 ,153 ,486 1,308 507 5,794 3,686 2,108 404 April 478 463 778 ,240 ,482 1,315 509 5,861 3,744 2,117 404 May 488 454 723 ,248 ,477 1,334 547 5,869 3,832 2,037 401 June 492 473 659 ,361 ,478 1,354 530 5,955 3,872 2,083 393 July 489 477 715 ,320 ,478 1,335 487 5,909 3,834 2,075 390 August 499 489 695 ,323 ,474 1,334 477 5,903 3,829 2,074 388 September. 490 490 707 ,345 ,472 1,349 485 5,950 3,844 2,106 387 October 485 497 802 ,313 ,475 1,365 497 6,040 3,927 2,113 393 November. 495 482 793 ,332 ,480 1,355 516 6,057 3,958 2,099 396 December. . 502 485 741 ,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 February. . 481 491 860 989 1,487 1,405 519 5,817 3,810 2,007 414 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 te a r b b le a n i k n d C e a p n o a s d it a s End i o n f m m i o ll n io th n s f o ig f ures a a n b d r o n a e d t Securities Other ci N rc o u t l e a- lia O b t i h li e t r ies Canadian dollars) re C se a r s v h es Se lo c a u n ri s ty l d o i O a s n c t o s h u e a n r n t d s d f u b o e a r e n f i r k g o s n m assets tion 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 ,049 1943—December.. 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—December.. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—December-. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1946—December . 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 ,525 1947—December.. 731 105 ,999 106 3,874 1,159 18 6,412 2,671 3,740 ,544 1948—March 698 65 1,922 106 4,036 1,123 18 6,399 2,472 3,927 ,532 April 710 76 L,930 108 4,072 L,114 18 6,464 2,513 3,951 ,528 May 728 80 1,925 127 4,066 1,107 17 6,456 2,501 3,955 ,561 June , 685 84 1,930 135 4,143 1,129 17 6,528 2,592 3,936 ,561 July 671 77 L.948 128 4,154 1,019 17 6,446 2,487 3,959 ,533 August 712 77 1,958 144 4,209 1,082 17 6,609 2,606 4,003 ,557 September. 734 76 2,023 136 4,185 L,169 17 6,776 2,728 4,049 ,530 October 751 97 2,110 143 4,156 1,067 17 6,798 2,758 4,040 ,510 N D o ec v e e m m b b e e r r . .. . 7 7 8 4 1 9 1 9 0 6 1 2 2 , , 2 1 0 4 2 8 1 1 4 4 0 4 4 4 , , 2 2 1 6 2 8 1 1 , , 1 1 4 6 9 9 1 1 6 6 7 7 , , 0 0 2 2 0 7 2 2 , , 9 9 3 7 5 0 4 4, , 0 0 5 8 7 6 , , 5 54 3 2 7 1949—January . . . 740 90 2,131 131 4,311 1,054 16 6,942 2,824 4,118 ,500 February. . 711 108 2,119 136 4,322 1,070 16 6,957 2,797 4,159 ,494 France Assets Liabilities (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 . a re n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n d te i d s- Loans a O s 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 32,114 419,991 414,629 5,362 26,173 12,076 April 29,808 27,283 269,554 105,112 33,661 423,905 418,077 5,828 26,878 14,634 May 32,885 26,'713 270,399 113,086 35,138 435,436 429,788 ,649 27,104 15,681 June 34,770 27,317 274,098 112,566 38,313 440,776 435,902 ,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 1949—January... 44,404 34,369 345,914 133,550 36,083 548,335 541,420 6,916 30,697 15,287 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. * Represent six-month loans to the Treasury at 1 ^ per cent through Oct. 20, 1945, and at H per cent thereafter. NOTE.—For back figures and figures on German commercial banks, i Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 608 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying ratet 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 u l r a e c o r g t d " s u - - re " p g N u r u c o o t l d n s a - - r" p C i r n o t e r d d r i t u a u a s l c i - n ts Official Free a " n c B o c t o a e u n s n k " t Official Free Official Free (rupee) 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—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 20.000 321.23 2.2807 5.4406 100.000 92.829 Aug... 29.773 25 125 20.000 321.23 2.2830 5.4406 100 000 92.701 Sept... 29.773 25.125 20.000 321.23 2.2844 5.4406 100.000 92.180 Oct. . . 29.773 25.125 20.000 321.23 2.2850 5.4406 100 000 92 898 Nov.. . 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.383 Dec... 29.773 25.125 20.000 321.23 2.2847 5.4406 100.000 92.250 1949—Jan. .. 29.773 25.125 20.000 321.22 2.2844 5.4406 100.000 92.444 130.117 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 82.1000 5.4406 100.000 93.261 30.117 Apr. . . 29.773 25.125 20.000 321.12 2.2752 2.1605 5.4406 100.000 93.566 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 ) - C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr e a o n r n k - e) Officia ( l franc) Free - I ( n ru d p i e a e * ) I (l t i a r l a y ) M (p e e x s i o c ) o ( e g N r u l e i a l t n d h e d - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w ne a ) y R P e ( p h p p i e i u n l s i o b e 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 2.0060 20.876 .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 1 .3240 30.169 18.860 37.668 350.48 20.159 1948—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 Apr.. . 2.0060 20.854 .4671 .3106 30.168 14.303 37.650 399.01 20.158 49.725 United Y m e o a n r t o h r ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o r e t l a t n l l i a t e t r s s - ) (k S d r w o e e n n - a) e ( S f r r w l a a n it n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o a ) y Official Free 1943 398 00 403 50 403 50 65 830 52 855 1944 398 00 403.50 65.830 53.506 1945 399 05 403.50 403.02 65.830 55.159 1946 4.0501 400 50 9.132 25.859 23.363 403.28 65.830 56 280 1947 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1948 4.0183 400 75 9.132 27.824 23.363 403.13 65.830 56.182 58.822 53.191 1948—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 4 9 132 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 23.363 403.13 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 (*) 47.083 27.823 23.363 403.11 65.830 56.180 58.822 53.191 Apr... 4.0326 400.75 (4) 47.166 27.823 23.363 403.00 65.830 56.180 58.822 53.191 1 Based on quotations beginning Jan. 24, 1949. 8 Based on quotations beginning Mar. 22, 1949. 8 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. MAY 1949 609 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 1 n 1 t 9 a 0 2 i 0 t t 6 e e ) d s = C (1 a 9 1 2 n 0 6 0 a ) d = a M (1 1 9 e 3 0 x 9 0 i c ) = i o K ( U i 1 n 1 9 n g 0 3 i 0 d t 0 e ) o d = m F (19 r 1 3 a 0 8 n 0 ) c = e (1 I 9 1 t 3 0 a 8 0 ly ) = ( J 1 a 1 9 0 p 3 0 3 a ) n = ( J J N u u l = n l e a y e t n 1 h 0 1 1 d e 0 9 9 s r ) 3 3 - 8 9 - S (1 w 1 9 e 0 3 0 d 5 ) e = n (J S u w = l l y a i 1 t n z 0 1 d 0 e 9 ) r 1 - 4 1926 100 100 2 124 106 132 150 2 126 144 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 J .712 P5,443 13,915 281 214 233 194g—March 161 147 250 217 1,536 5,318 9,485 279 210 235 April 163 149 249 219 I 555 5 240 9 537 279 213 234 May 164 150 259 220 1,653 5,184 9,634 279 214 233 June 166 152 259 222 L 691 5 142 10 007 280 216 233 July 169 152 260 222 1,698 5,139 14,043 279 215 232 August 170 158 268 221 1,783 5,704 16,916 280 217 231 September 169 158 270 220 1,791 5,769 18,206 279 217 230 October 165 159 273 220 L 887 5,724 19,138 284 217 230 November 164 160 271 221 1,977 5,667 20,615 289 217 232 December 162 160 268 221 L.974 *>5,696 '"20,963 291 217 231 1949—January 161 159 270 221 L,944 21,474 295 217 230 February 158 158 271 221 pL.897 217 229 March 158 221 p1,873 P Preliminary. rRevised. 1 This index is published by the Bank of Mexico and includes prices oi'210 articles in Mexico City. For detailed description of index, see Memoria: Primera Reuni6n de Tecnicos sobre Problemas de Banca Centra1 del Continente Americano, 1946, pp. 475-488; for figures 1940-47, see Banco de Mexico: Vigesimasexta, 1948, pp. 75-78. 8 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above) United States Canada United Kingdom Netherlands (1926=100) (1926=100) (1930=100) (July 1938-June 1939=100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p g a c a w o a t r o u n t d r a l u e y s n - d d F f u a c m g l c h l o a t y i u o e n f d r a u l e s y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d l d u u r s c a - w ts p f r I in o n tr i d d s i u a h u l e c s- d ts 1926 100 100 100 100 100 100 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 .. 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 181 169 135 '133 131 117 165 207 214 328 276 1948 188 179 151 149 156 140 181 242 231 342 283 1948—March 186 174 148 138 147 137 181 239 232 339 280 April 187 177 149 148 150 137 182 241 231 340 280 May 189 177 149 "151 153 137 182 243 230 341 281 June 196 181 150 '155 156 138 184 244 235 342 281 July 195 188 151 154 155 139 184 244 229 340 280 August 191 190 153 151 163 143 183 243 224 341 282 September 190 187 153 150 163 144 181 243 222 340 283 October 184 178 153 149 164 144 180 243 224 343 288 November 181 174 154 150 165 144 181 244 ,238 348 291 December 177 170 153 149 164 144 178 246 241 349 294 1949—January 173 166 153 148 163 143 178 247 240 373 295 F M e a b r r c u h ary 1 1 6 7 8 1 1 16 6 2 3 1 15 5 2 1 145 161 142 1 1 7 7 8 8 2 2 4 4 7 6 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 610 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 (1 C = 9 a 3 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 c 8 e ) ( N 1 l = 9 e a 1 t n 1 h 1 0 d - e 0 s 1 r ) 3 - ( l J 1 a e 9 u r n 1 - n 4 d e Y m e o a n r t o h r ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 -3 s d ) 9 (1 = C 9 a a 3 1 d n 5 0 a - 0 -3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 ) e ( N 1 l = 9 e a 1 1 t n 1 h 0 d - 0 e s 1 ) r 3 - ( l J 1 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 160 140 169 210 1946 139 124 204 fid* 208 1947 . . 194 160 1101 ,043 222 1947 159 136 1101 1,030 217 1948 210 196 108 1,662 230 1948 171 155 108 1,632 224 1948-April 208 187 109 L.524 229 1948-April 169 152 108 ,499 223 May 211 191 108 1,541 229 May 171 153 108 ,511 223 June 214 194 113 L.560 230 June 172 154 110 L,529 224 July 217 201 108 L,559 229 July 174 157 108 L.528 223 August.... 217 203 107 ,716 228 August 175 158 108 1,670 223 September. 215 204 107 L,842 229 September. 175 159 108 ,783 223 October... 212 205 108 L,904 229 October.. . 174 160 108 ,844 223 November. 208 205 108 1,873 235 November. 172 160 109 1,870 226 December. 205 202 108 1,924 232 Decembei. 171 159 109 1,928 225 1949-January.. . 205 202 108 1,932 231 1949-January.. . 171 160 109 1,935 224 February.. 200 200 109 p1,842 229 February.. 169 160 109 p1,857 223 March. . . . 202 P199 March.... 170 *>159 V 781 P Preliminary. r Revised. 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 1 e n n c g i e = t d m e 1 o d 0 b m 0 er ) F (1 r 9 1 3 a 0 8 0 n ) c = e N la e n th d e s r- ' ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 -3 s d ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 a 3 ) 9 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 ( F 9 D 3 r e 8 a c n e = m c 1 e b 0 * e 0 r ) (1 N l 9 a e 3 n t 8 h d = e s 1 r 0 * - 0) Number of issues. . . 12 (2) 87 50 13 416 106 278 «295 37 1940 115.9 95.1 118.3 U14.2 88.1 77.4 70.8 M40 1941 117.8 99.4 123.8 8143.4 80.0 67.5 72.5 8 308 1942 . 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 . 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 . 123.3 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 184 3 1948 . 98.7 105.0 129.9 P117.0 107.1 124.4 112.5 92.0 P\ .256 197.5 1948—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 t ,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 L,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 1,354 179.7 December.... 98.9 104.7 130.4 110.0 106.6 119.4 115.8 91.6 1,366 176.2 1949—January 100.5 104.8 131.0 111.6 106.9 121.0 114.3 91.6 1,332 February.. . . 100.5 104.8 131.0 Pill.9 117.2 108.1 91.7 p1,214 March 100.7 P105.0 118.0 P106.4 88.7 P Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 1 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. * 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. MAY 1949 611 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABI, Chair mum MARRINER S. ECCLES R. M. EVANS M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ERNEST G. DRAPER LAWRENCE CLAYTON ELLIOTT THURSTON, Assistant CHESTER MORHILL, 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 612 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice rresiuenis 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 O. 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 Clereland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle C. R. Shaw 1 Also Federal Reserve Agent. * Cashier. 8 Also Cashier. 4 General Manager. MAY 1949 613 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 No. 6. Housing, Social Security, and Public RATES, AND BUSINESS. Issued monthly. $9.00 per annum, or $1.00 per copy (domestic rates). In Works. quantities of 10 or more copies of a particular No. 7. International Monetary Policies. issue for single shipment, 75 cents each. No. 8. Federal Reserve Policy. BANKING STUDIES. Comprising 17 papers on banking and monetary subjects by members of the The price for the set of eight pamphlets is $1.25; Board's stafT. 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 cents per cloth-bound copy; in quantities of 10 BANKING AND MONETARY STATISTICS. Statistics of 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 pages. 25 cents per copy; in quantities of 10 or PROVISIONS OF STATE LAWS RELATING TO BANK REmore copies for single shipment, 15 cents each. SERVES as of December 31, 1944. 1945. 30 pages. 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. 1554-57 of the Dec. 1948 BULLETIN. with amendments. 614 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS THE PHILIPPINE CENTRAL BANK ACT and Text of (From Federal Reserve Bulletin unless preceded by an asterisk) the Act, by David Grove and John Exter. In part a reprint from the August 1948 BULLETIN. BANKING ASSETS AND THE MONEY SUPPLY SINCE 36 pages. 1929, by Morris A. Copeland and Daniel H. Brill. January 1948. 9 pages. THE BALANCE SHEET OF AGRICULTURE, 1948. September 1948. 16 pages. THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT, by Charles H. Schmidt. BANK CREDIT DEVELOPMENTS. October 1948. 12 April 1948. 9 pages. pages. * STATEMENT ON BEHALF OF THE BOARD OF GOVER- THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL NORS OF THE FEDERAL RESERVE SYSTEM BEFORE RESERVE SYSTEM. Address by Chairman Thomas THE JOINT COMMITTEE ON THE ECONOMIC REPORT. B. McCabe on October 26, 1948 at the annual Presented by Governor Marriner S. Eccles on meeting of the Stockholders of the Federal Re- April 13, 1948. 7 pages. serve Bank of Boston. November 1948. 5 pages. NEW COMMERCIAL BANKING OFFICES, 1936-1947, FINANCIAL POSITION AND BUYING PLANS OF CONby Caroline H. Cagle and Raymond C. Kolb. SUMERS, July 1948. November 1948. 5 pages. May 1948. 12 pages. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS OF PAYMENTS PROBLEMS, by David L. Grove and AND BUSINESSES. June 1948. 2 pages. Gerald M. Alter. November 1948. 11 pages. RECENT DEVELOPMENTS IN BUSINESS FINANCE; with * STATEMENT ON BEHALF OF THE BOARD OF GOV- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING, by Charles H. Schmidt. June 1948. ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE 19 pages. THE JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented by Chairman Thomas B. McCabe on 1948 SURVEY OF CONSUMER FINANCES— February 14, 1949. 7 pages. I. EXPENDITURES FOR DURABLE GOODS. June 1948. 15 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS, by Richard Youngdahl. March 1949. II. THE DISTRIBUTION OF CONSUMER INCOME IN 1947. June 1948. 8 pages. 10 pages. III. CONSUMER OWNERSHIP AND USE OF LIQUID SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, AND NONLIQUID ASSETS. July 1948. 15 pages. by'Charles H. Schmidt. March 1949. 9 pages. IV. CONSUMER SAVING AND THE ALLOCATION OF POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O. DISPOSABLE INCOME. August 1948. 19 pages. Hirschman and Robert V. Rosa. April 1949. V. HOUSING EXPENDITURES AND FINANCE. Sep- 13 pages. tember 1948. 8 pages. RECENT DEVELOPMENTS IN INSTALMENT CREDIT. 1948 SURVEY OF CONSUMER FINANCES. June, July, April 1949. 10 pages. August, and September 1948. 65 pages. REGULATION W—ITS ROLE IN ECONOMIC STABILITY. RETAIL CREDIT SURVEY—1947. From July 1948 Address by Governor R. M. Evans before the BULLETIN with supplementary information for Consumer Instalment Credit Conference, Amernine separate trades. 41 pages. ican Bankers Association, St. Louis, Missouri, on SALES FINANCE COMPANY OPERATIONS IN 1947, by March 30, 1949. April 1949. 5 pages. Milton Moss. July 1948. 6 pages. * STEPS TO RESTORE POWERS OF STATES AND LOCALI- MOVEMENT TOWARD BALANCE IN INTERNATIONAL TIES, by Frederic Solomon. Reprinted from the TRANSACTIONS OF THE UNITED STATES, by Lewis July 1948 issue of the American Bar Association N. Dembitz and Albert O. Hirschman. May Journal. 9 pages. 1949. 14 pages. STATEMENT BEFORE THE HOUSE BANKING AND CUR- STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF RENCY COMMITTEE. Presented by Chairman THE BOARD OF GOVERNORS OF THE FEDERAL RE- Thomas B. McCabe on August 2, 1948. August SERVE SYSTEM BEFORE THE SENATE BANKING AND 1948. 8 pages. CURRENCY COMMITTEE, May 11, 1949. 6 pages. MAY 1949 615 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 T= BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 6 FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRAWCH CITIES OCTOBER 1.194S ve srsrsk. S 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis