Federal Reserve Bulletin, 1949-06

E D E R AL E S E BULLETIN JUiNE 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 The Financial Position of Business. 617-625 Industrial Differences in Large Corporation Financing in 1948, by Charles H. Schmidt 626-633 1949 Survey of Consumer Finances': Part I. General Financial Position and Economic Outlook of Consumers. 634-646 Part II. Durable Goods Expenditures in 1948 and Buying Plans for 1949. 647-656 Retail Credit Survey—1948, by Kathryne P. Reil. 657-661 New Series on Quarterly Sales, Profits, and Dividends of 200 Large Manufacturing Corporations, by Eleanor J. Stockwell. . 662-666 Law Department. 667-670 Current Events and Announcements. 670 National Summary of Business Conditions. 671-672 Financial, Industrial, Commercial Statistics, U. S. (See p. 673 for list of tables) 673-735 International Financial Statistics (See p. 737 for list of tables) . 737-755 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 756 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 757 Federal Reserve Publications. 758-761 Map of Federal Reserve Districts. 762 Subscription Price of Bulletin Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 35 June 1949 NUMBER 6 THE FINANCIAL POSITION OF BUSINESS The general downward drift in prices, corporations as a group, however, have reproduction, and sales since the first of the duced their indebtedness to banks by 2 to year has been accompanied by a decline in 2l/ billion dollars, or 10 to 15 per cent, dur- 2 business investment. The rapid growth in ing this period, as compared with a slight dollar volume of business inventories, which seasonal reduction during the comparable had persisted since the end of the war, has months of last year. ceased. Expenditures on new plant and As a result of the changes in business equipment have declined. The decline thus investment and financing during the past far has been largely seasonal, but business- year, the present liquidity and debt position men anticipate a further decline in such ex- of business corporations in the aggregate penditures in the second half of the year, may be less strong than it was a year earlier, which is usually a period of seasonal rise. although it is still strong compared with Completion, or approaching completion, of prewar. The business readjustments required many of the postwar programs of expansion by the recent declines in prices, production, and modernization is a major factor in these and sales, of course, have affected the finanexpectations. cial position of individual companies dif- As is usual in periods of declining prices, ferently. Generally speaking, the distribuproduction, and sales, business profits have tion of business liquidity and financial dropped this year. The volume of profits re- strength is now less widespread than it was tained by business corporations has experi- in the later war years and previous postwar enced an even greater proportionate decline years. than total profits, for dividends, which in- In a period of readjustment like the prescreased much more slowly than profits earlier ent, financial behavior of various types of in the postwar period, have dropped less business concerns differs much more than sharply than profits since the end of 1948. in periods of high-level business activity. Business corporations thus far this year These differences are concealed by aggregate have obtained external funds mainly through business financial data. Thus, fixed capital private placements of new issues with insur- expenditures and security financing by the ance companies and public sales to institu- public utilities will undoubtedly remain tional and other investors. Total security large for some time at least, despite changes financing by corporations during the first in the general business situation. On the half of this year may be only 5 to 10 per cent other hand, if raw material prices continue below the high level of a year ago. Business to decline, companies in industries in which 617 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF BUSINESS inventories are very important—for example, merce estimates shown in the table, as comtobacco food, and textiles—may very well pared with 3.2 billion in the corresponding > be able to finance any further additions to period of 1948. If the figures for the first working capital without relying on external quarter of 1949 were adjusted to take account sources of funds. of the late date of Easter, the increase in in- In a period of continuing adjustments, ventories would probably have been somesome business enterprises are able to increase what smaller. Business inventories declined their liquidity, to pay off some of their considerably during April, according to predebt, and to improve their equity-to-debt liminary figures, and apparently declined position. Other companies, however, ex- further during May and June. perience such operating problems that they MANUFACTURING AND TRADE INVENTORIES become less liquid and their debt increases [In billions ofjdollars] relative to their equity. Changes in On hand 1st quarter BUSINESS INVENTORIES Industry and type of inventory Mar. 31, Mar. 31, Business investment has been declining in 1949 1948 1949 1948 recent months as the postwar growth in Total 54.8 51.2 0.8 3.2 Working capital outlays has ceased and Manufacturing: as total expenditures on new factories, stores, Durable goods industries, total. 15.3 13.6 0.4 0.2 Finished goods 4.6 3.9 0.4 0.3 machinery, and fixtures have decreased, in Purchased materials and goods in process 10.6 9.7 0) -0.1 large part seasonally, from their very high Nondurable goods industries, total 16 5 15 5 —0 4 0 8 Finished goods 6.6 5.2 0.1 0.7 level. The rapid increase in business hold- Purchased materials and goods in process 9.9 10.3 -0.5 0.1 ings of inventories and evidences of customer Trade: Wholesale 8.5 7.9 0.1 0.3 indebtedness—accounts receivable—has been Retail 14.5 14.3 0.6 1.9 one of the most striking features of the post- 1 Less than 50 million dollars. war period, especially in comparison with NOTE.—Department of Commerce data.' These figures, unlike those used in the gross national product tabulations for all business, business operations in past periods of pros- are not adjusted for inventory revaluation. perity. To a great extent it has been this Retail trade concerns accounted for nearly increase in working capital that has led all of the first-quarter-1949 increase in busibusinesses in recent years to seek a huge ness inventories. In part these concerns were volume of funds from such outside sources building up merchandise stocks in anticias banks, insurance companies, and the public pation of Easter buying. There is some evisecurities markets in order to supplement dence, however, of nonseasonal additions the unprecedented amount of funds that to dealers' stocks of household appliances has been available from internal sources. and other consumers' durable goods. Stocks The dollar volume of business inventories of wholesalers also increased moderately was at a record level in March, but the in- through March, while those of manufaccrease in the first quarter of 1949 was mark- turers remained relatively constant. edly less than a year earlier, in part because Stocks of finished products in the hands of price declines. The increase in dollar of manufacturers of nondurable goods and volume of manufacturing and trade inven- distributors of durable goods have increased tories during the first quarter was 0.8 billion substantially during the past year, and rates dollars, according to Department of Com- of inventory turnover have declined gen- 618 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF BUSINESS erally, though slightly, among both manu- of 1949, according to estimates of the Sefacturing and trade concerns. Distributors curities and Exchange Commission and the of nondurable goods, in particular, have Department of Commerce made early in the been extremely cautious in making forward year. Such expenditures, shown on the chart, purchase commitments. As a result, accumu- would exceed those of the first half of lation of nondurable goods inventories dur- 1948 by 5 per cent but would fall 8 per ing the past year has been largely among cent below the seasonally higher volume in manufacturers. the last half of 1948. These Government In the case of durable goods, the inven- agencies estimate further that businesses tory situation varies widely from one indus- anticipate spending 14 per cent less on plant try to another. In some industries, for exam- and equipment in the last half of 1949 than ple, basic metals and household appliances, during the comparable period of 1948. More supply has caught up with, or exceeded, de- and more companies have either completed, mand. In some instances manufacturers or are nearing completion of, their postwar rehave succeeded in shifting inventories of placement and expansion programs for profinished goods to distributors. In other in- ductive facilities, and as a consequence the dustries, such as automobiles, supply still influence of this type of expenditure in the lags behind demand. Inventories of new over-all economy can be expected to diminish. cars do not appear large, but stocks of used Business capital expenditures typically play cars are more difficult to sell in the face of an important, and frequently strategic, role stiffening buyer resistance. Generally speak- in changes in general economic conditions. ing, however, there seems to be a real aware- Expenditures for new plant and equipness on the part of manufacturers, whole- ment in manufacturing and mining indussalers, and retailers of the problems of large tries are expected to decline 10-15 per cent inventories at a time when prices and in- in 1949. Declines in such expenditures have comes are declining, and concerted efforts are being made to reduce stocks. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT The increase in the value of business in- BILLIONS OF DOLLARS BILLIONS OF DOLLARS ventories in the first quarter of 1949 reflected additions to physical quantities to a greater extent than did the increases of the two previous years. A substantial part of the investment in manufacturing and trade inventories during 1947 reflected higher prices. Prices rose somewhat further in early 1948, but since August of that year they have been declining gradually. PLANT AND EQUIPMENT EXPENDITURES 1939 1945 1946 1947 2ND 3RD 4TH 1ST 2ND 2ND HALF 1948 1949 Business expenditures on new plant and ACTUAL ANTICIPATED equipment, which have been exceptionally NOTE.—Securities and Exchange Commission and Department of Commerce estimates except for 1939, which is a Fedlarge throughout the postwar period, may eral Reserve estimate. Figures for 1949 represent expenditures anticipated by business. Commercial and miscellaneous includes trade, service, finance, communications, and transportation other total 9.5 billion dollars during the first half than railroads. JUNE 1949 619 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF BUSINESS already occurred in certain industries among the postwar demand for labor, materials, and large corporations. As is discussed in the manufactured goods of many different types. article, "Industrial Differences in Large Cor- A decline in the level of such expenditures poration Financing in 1948," pages 626-33 would reduce both the demand for goods of this BULLETIN, large corporations in the and services that stem from such expendirubber, chemical, machinery, automobile, tures and also the need of business for funds. and transportation equipment industries spent less on plant and equipment in 1948 INTERNAL FINANCING than in 1947. Internal financing by business—mainly undistributed profits and depreciation charges— While the 1948 total of manufacturers' has declined in dollar volume this year. A expenditures on new plant and equipment decrease in undistributed profits has been was nearly 900 million dollars higher than offset in part by an increase in depreciation that of 1947, this increase was largely charges as a result of continued additions to attributable to the primary metals and petrothe volume of new plant and equipment leum industries. Some further enlargement in use. and modernization of productive capacity Undistributed corporate profits were about in the primary metals industries can be ex- 10 per cent larger in 1948 than in 1947. Since pected, .but probably not on a scale comthe end of 1948, as the chart shows, such parable to that of the recent past. Additional profits have dropped rather sharply to a expenditures may be required in the petrolevel significantly below that of a year ago. leum industry for exploration and develop- This decline in undistributed profits has ment of new oil fields and for new refinery reflected a relatively greater decline in profits capacity needed in the production of higher before taxes than in cash dividend payments. octane gasoline. But even with these out- Corporate profits after taxes in 1948 were lays, industry estimates of plant and equipabout 10 per cent above 1947 and were at the ment expenditures in the latter half of 1949 highest level on record. Almost all of the indicate a reduction from the present level. dollar increase occurred in manufacturing. Early in the year railroads and electric and gas utilities anticipated spending ap- CORPORATE PROFITS, TAXES, AND DIVIDENDS proximately 15 per cent more on plant and POULARS °F QUARTERLY, AT SEASONALLY ADJUSTED ANNUAL RATES ^DOLLARS equipment in 1949 than they did in 1948. Current anticipations may be somewhat below those made earlier, however, for the backlog of freight car orders has dropped sharply and some electric utilities have cut back their capital expansion programs because of a reduction in demand for power. Business expenditures on new plant and equipment in the postwar period have been large relative to those of earlier years, partly because of the need for meeting demands deferred during the war years. Such ex- Department of Commerce estimates except figures for first penditures have contributed significantly to I u d a v r i t s e e r r s o f b a 1 s 9 e 4 d 9 , o w n h i p c r h e l a im re i n e a s r ti y m d at a e t s a . of the Council of Economic 620 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF BUSINESS Moreover, among manufacturing companies of profits before taxes to sales—of large coronly the very largest showed increases in porations in several industries during the profits. Small and medium-sized companies, first quarter of 1949 were below the levels of whose profits had shown the greatest rela- a year ago. These profit margins, however, tive increases during the war and immediate were still high relative to earlier prosperous postwar years, were already experiencing periods, particularly in view of the continusharp drops in profits in 1948. Aggregate ing large volume of sales. Figures for manuprofits after taxes of manufacturing corpora- facturing corporations in the table are based tions with assets of less than five million on a new series published for the first time dollars declined about 20 per cent from 1947 in this issue of the BULLETIN and described to 1948, according to the Quarterly Industrial in the article on pages 662-666, Financial Reports Series published jointly by PROFIT MARGINS OF LARGE CORPORATIONS the Federal Trade Commission and the Se- Ratios of Profits before Income Taxes to Sales or Operating curities and Exchange Commission. Profits Revenues of manufacturers with assets of 5 to 100 [In per cent] million dollars remained virtually un- 1949 changed, while those of manufacturing cor- Selected industry lstQ.1 1st Q. 2nd Q. 3rd Q. 4th Q, porations with assets of 100 million and over increased nearly 50 per cent. Manufacturing, total 14.3 14.1 13.9 14.3 14.9 Primary metals and In the first quarter of 1949 profits of the products 15.2 13.2 14.8 Automobiles and equiplarger manufacturing companies were about ment 14.0 13.2 12.9 14.8 14.8 Machinery 11.0 12.0 12.0 10.4 13.1 15 per cent below those of the last quarter Food and kindred products 10.8 11.5 12.1 11.7 12.1 Chemicals and allied products f9.5 17.8 17.7 18.4 19.6 of 1948 and only about 10 per cent larger Petroleum refining 16.4 20.6 19.3 17.5 16.1 than in the same period of 1948, according Electric utilities. 24.4 23.6 20.8 18.4 20.5 Railroads 5.6 6.4 12.1 15.5 12.9 to data now available in reports to stock- Telephone 9.3 10.5 11.3 10.0 10.4 holders. Among other major industries 1 Partly estimated. profits of large companies in the trade and NOTE.—For numbers of companies represented, data from which ratios are computed, and sources of data, see tables on pages transportation groups have recently been 703 and 704. moderately below the early 1948 levels. Perhaps the most important factor that Profits of electric light and power companies has tended to decrease corporate profits and in the first quarter of 1949, on the other profit margins in recent months has been hand, were above earlier record levels. the decline in sales. In manufacturing, for Diverse factors have been affecting cor- example, approximately one-half of a group porate profits in recent months. On the of 200 large corporations had smaller dollar one hand, increases in fixed costs per unit sales during the first quarter of 1949 than of product, which have resulted from a de- they had during the comparable period of clining level of sales, and the replacement last year. Where the sales declines were fairly of inventory profits with inventory losses large—over 20 per cent—profits declined subas prices declined have each tended to reduce stantially—by at least 50 per cent. Where profits. On the other hand, decreases in unit the sales declines were small or moderate, labor costs and unit material costs have changes in profits were both up and down tended to sustain profits. As the following and varied widely from company to comtable shows, the profit margins—the ratios pany. JUNE 1949 621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF BUSINESS Another factor that has tended to decrease to internal financing this year, because of profits recently has been the replacement of the decline in total business investment and inventory profits with inventory losses. Many the proportionately smaller decline in the of the larger companies are reducing inven- available volume of internal funds. Corporatory losses through new accounting methods tions have acquired substantial amounts of or are absorbing such losses through charges new funds from the securities markets, but to previously accumulated reserves. It is they have made sizable reductions in their indoubtful, however, that many small and debtedness to banks. Security financing not medium-size companies have been able in infrequently has provided the funds to repay such a manner to minimize significantly the bank loans. effect of inventory losses on total profits. Ban\ loans. The outstanding dollar vol- Factors that have tended to maintain ume of the business loans of banks has profits during the current period of declin- dropped sharply during the first five months ing sales have been lower unit labor costs of this year to the lowest level in over a year and unit material costs. Unit labor costs and a half. This drop is in contrast to the of a large number of companies have prob- experience of the previous postwar years ably declined recently because of an increase when the outstanding volume of bank loans in productivity and the disappearance of to business increased continuously except for most overtime wage payments. Unit mate- a slight seasonal decline in the first half of rial costs have declined with the fall in last year. Even in 1948, however, the inraw materials prices, the increase in competi- crease in business loans was slackening. tion among suppliers, the disappearance of The largest annual increases occurred in "gray" markets, and the diminishing im- 1946 and 1947, when business working capiportance of production stoppages caused by tal also experienced its largest annual postmaterials shortages. war increases. The chart shows the course The profits position of many companies, of the outstanding business loans at member particularly some of the public utilities, may banks in leading cities during the past two also have been improved through the use and one-half years. of recently completed plant and equipment. The decline in business loans of banks Such new plant and equipment is techno- has been more widespread during the past logically very efficient even though it is high- six months than was the smaller, seasonal priced. Some companies have also adjusted downturn during the first half of 1948. Thus to smaller demand by closing down less far in 1949 the large banks outside of New efficient factories; in some cases this has York City and Chicago have accounted for made it possible for them to reduce operat- one-half of the decline in the business loans ing costs sufficiently to offset, at least in part, of banks in leading cities as compared with the decline in sales. Finally, profits of roughly one quarter during the comparable utility companies have also benefited from period of 1948. Data on the various kinds of recent rate increases. loans of country banks are not available beyond the end of 1948, but figures for total EXTERNAL FINANCING loans at these banks suggest that their busi- External financing by business has de- ness loans may have declined this year. creased both in dollar volume and relative In the first half of last year, the business 622 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF BUSINESS BUSINESS LOANS OF MEMBER BANKS IN LEADING CITIES the bank debt of all manufacturing corporations outstanding at the end of 1948 will mature after one year as compared with less than 45 per cent late in 1946. This increase in the relative importance of term debt reflects the large volume of term loans made during the postwar period that are still outstanding. Business corporations have taken advantage of the relatively low cost of this type of loan to obtain from commercial banks long-term funds that might otherwise have been obtained from nonbank sources. Security financing. Corporate security is- J F M A M J J sues for new capital during the first quarter Latest figures are for June 1. of the year, as shown in the table, amounted loans of country banks increased at the same to more than one billion dollars. Offerings time that those of larger banks were de- have increased considerably in the second creasing slightly. quarter, and the total for the first half of Recent declines in the outstanding volume 1949 probably will be only 5-10 per cent of business loans of New York City banks below the high 3-billion-dollar total for the have resulted in part from commodity loan first six months of 1948. Current trends in repayments and from loan repayments by security financing reflect largely the cona variety of large corporate borrowers in- tinuing need for funds, particularly by public cluding tobacco, liquor, and sales finance utility companies, to finance expenditures on companies. Repayments have been made in plant and equipment. Issues for financing part out of proceeds from security financing additions to working capital have recently and insurance company loans. Little is known about the decline at other banks, CORPORATE SECURITY ISSUES FOR NEW CAPITAL [In millions of dollars] but it has undoubtedly been due to a number of factors, including usual seasonal fac- 1949 1948 tors, the decline in total business investment, IndustrylstQ. lstQ. 2nd Q. 3rdQ. 4th Q. and a continued fall in prices, as well as some Total 1,034 1,469 1,518 1,212 1,688 refinancing of bank loans. Manufacturing, total 391 576 421 461 503 The proportion of the current volume of Food, beverages, and tobacco 27 91 89 102 70 outstanding business debt due to banks that Metals and metal products. 175 95 64 240 102 Petroleum, chemicals, and is of a demand character—subject to call on rubber 97 261 200 66 301 All other 91 129 68 53 31 short notice—is probably smaller than in any Public utilities, total 560 722 980 640 1,084 Railroads 181 112 146 147 173 previous period. This is true despite a de- Electric and gas 346 437 462 278 414 All other 32 174 373 214 497 cline during the past year or so in the volume Finance 46 115 48 74 39 of new term loans—that is, loans with a Trade 30 55 49 32 18 All other industries 7 1 19 5 44 maturity of over one year—relative to new short-term borrowing. Over 50 per cent of NOTE.—Commercial and Financial Chronicle data. Excludes issues of investment companies. JUNE 1949 623 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF BUSINESS been relatively less important than in 1948. United States Government securities—has All types of public utility companies, in- changed only slightly since early 1947 decluding electric and gas companies, rail- spite a large increase in sales and large exroads, and telephone companies, have ob- penditures on inventories, receivables, plant, tained substantial funds from security financ- and equipment. Interest costs of corporaing during the first half of 1949. In manu- tions are still small, in relation to earnings facturing, metal and metal products, liquor, available to meet such charges, despite the petroleum, and tobacco companies have been large increase in borrowings from banks important issuers of securities thus far this and nonbank investors during the past few year. years. The offerings of new corporate securities The financial position of business corporahave continued to reflect the market prefer- tions at the end of 1948 may be compared ence for bonds as compared with equities. with that of earlier years on the basis of Debt issues during the first five months of ratios shown in the table. Since no single the year accounted for four-fifths of the measure of the financial position of business total amount issued for new capital, as com- is completely satisfactory, four different pared with five-sixths in 1948. Common ratios have been examined. The present stocks, however, have been relatively more levels of these four ratios compare quite important this year, particularly in public favorably with their prewar levels, though utility financing; they accounted for about their recent movements have been somewhat 13 per cent of total issues for new capital diverse. The current ratio—current assets during the first five months of 1949, com- divided by current liabilities—for example, pared with 8 per cent during the year 1948. was 2.1 at the end of 1948, the same as it Large-scale private placements of security was at the end of 1947 and somewhat above issues, particularly those of industrial com- the 1939 level. A more specific liquidity panies, continue to be an important feature ratio—that of liquid assets less accrued inof corporate financing. About two-fifths come taxes divided by sales—is at present of all bonds sold during the period January considerably below the prewar level. It through May were private placements. This may be, however, that at the record volume was a slightly smaller percentage than that of business sales in recent years a smaller of the same period of last year. Life insur- proportion of liquid assets has been required ance companies have acquired the major for operating purposes. portion of the issues sold privately and have also made substantial purchases in the open SELECTED FINANCIAL RATIOS OF BUSINESS CORPORATIONS1 market. Ratio 1948 1947 1945 1939 Current assets to current liabilities FINANCIAL POSITION (times) 2.1 2.1 2.1 1.8 Liquid assets less accrued taxes to The over-all financial position of business sales (per cent) 7 8 14 10 Debt to equity (per cent) 66 65 62 64 Interest paid to profits before taxes corporations is still strong by prewar stand- plus interest (per cent)2 10 10 10 30 ards, even though it has continued to recede slowly from the unusually liquid position 1 Excludes banks and insurance companies. 2 Data pertain to year as a whole. prevailing at the end of the war. The dollar NOTE.—Based primarily on data from the Treasury Department, the Securities and Exchange Commission, and the Department of volume of liquid assets on hand—cash and Commerce. Based on end-of-year data except where otherwise indicated. 624 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF BUSINESS The interest burden of business corpora- and Exchange Commission tabulations, the tions relative to the earnings available to pay cash and United States Government securiinterest—the ratio of interest paid to profits ties of manufacturing corporations with before taxes plus interest—continued low total assets under % million dollars decreased in 1948 and was one-third the prewar bur- 12 per cent in 1948, while the holdings of den. The decline in interest burden since manufacturing corporations with assets of before the war has occurred in part because 100 million and over increased 7 per cent. interest rates have declined and in part be- Business failures, in terms of both number cause corporate profits have increased greatly. of companies and dollar volume of current The interest burden remained low in 1948 liabilities of failed companies, have increased despite a slight rise in the debt-to-equity over the past year, according to data comratio of business corporations in the aggre- piled by Dun and Bradstreet, Inc. However, gate in 1948, which represented the effect of the business failure index—that is, the additions to indebtedness—principally bank number of failures relative to the business and insurance company loans—in excess of population—remains considerably below its the increase in equity—that is, capital stock prewar level. This index, which is expressed and surplus. as an annual rate, averaged 32 failures for The favorable financial position of business each 10,000 concerns in business during the at the end of 1948 is not representative, of first quarter of this year and 79 in the same course, of all industrial groups, of all sizes of quarter of 1939. There were 2,100 business companies, or of individual companies. Small enterprises with current liabilities of 144 companies, many of which had experienced million dollars that failed during the first relatively greater increases in profitability three months of 1949 as compared with 4,091 and liquidity than large companies during companies with liabilities of 53 million dolthe war and early postwar years, have re- lars in the comparable months of 1939. The cently experienced rather sharp declines in increase in the dollar liabilities of failed conprofits and liquid asset holdings. According cerns in 1949 as compared with 1939 reflects to Federal Trade Commission and Securities in part the increase in prices over the period. JUNE 1949 625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1948 by CHARLES H. SCHMIDT Large corporations contributed materially to busi- penditures of large corporations in the remaining ness financial developments discussed in the leading 8 industries as a group decreased by more than onearticle in this BULLETIN. Their importance in the seventh during the past year. over-all business financial picture is indicated by Divergent trends in plant and equipment expendithe fact that during 1948 a group of 300 large tures. The pattern of postwar growth in business corporations in 14 selected industries invested 8 bil- expenditure on new plant and equipment, which lion dollars in plant and equipment, which reached a peak of 19.2 billion dollars in 1948, has amounted to roughly two-fifths of estimated total not been the same for all industries. Capital exbusiness expenditure on new plant and equipment penditures of large corporations in the rubber prodfor the year. High proportions of total busin *ss in- ucts and automobile industries, for example, have vestment in inventories, of funds obtained from sale been declining since 1946, whereas total business of new stocks and bonds, and of funds p. ovided capital expenditures increased roughly 34 per cent from operations were also accounted for by this in 1947 and 19 pei cent in 1948. An additional 4 group of large companies. of the 14 industries selected for analysis—chemicals, In order to obtain more detailed information machinery, transportation equipment other than about variations from one industry to another in the automobiles, and retail trade—also reduced their relative importance of different uses and sources of plant and equipment expenditures during the past funds, data have been compiled for a sample of 300 year, as is shown in the chart. large companies in 10 manufacturing industries, retail trade, and 3 public utility groups.1 Aggregate PERCENTAGE CHANGE IN PLANT AND EQUIPMENT balance sheet, selected income statement, and EXPENDITURES OF LARGE CORPORATIONS 1948 OVER 1947 sources and uses of funds data of these companies, INCREASES covering the period 1946-48, are shown in appended tables.2 Salient facts revealed by these tables, and RAILROADS by reports of individual companies, are summarized ELECTRIC AND GAS UTILITIES in the following paragraphs. PETROLEUM NONFERROUS METALS BUSINESS INVESTMENT COMMUNICATIONS £888888 8828S888J Small increase in total investment. Total funds FOOD expended for investment purposes by this group IRON AND STEEL of 300 large companies increased roughly 6 per TOBACCO cent from 1947 to 1948, as compared with an in- DECREASES crease of 18 per cent from 1946 to 1947. However, CHEMICALS all of the increase was accounted for by large com- MACHINERY panies in 6 of the 14 industries selected for analysis. AUTOMOBILES Of these 6, whose combined investtnent expenditure RETAIL TRADE during 1948 was nearly one-fourth larger than that OTHER TRANSPORTATION EQUIPMENT of the preceding year, all but the tobacco and auto- RUBBER mobile industries reported substantial increases in absolute dollar amounts of funds expended. Ex- -40 -30 -20 -10 0 +10 +20 + 30 +40 +50 PERCENTAGE CHANGE 1The sample is described in the last section of the article. 2 Comparable data for a slightly smaller number of com- Large corporations in some industries, notably panies, covering the period 1945-47, were published pre- petroleum, railroads, electric and gas utilities, and viously. See Charles H. Schmidt, Industrial Differences in communication, continued to invest successively Large Corporation Financing, Federal Reserve BULLETIN, June 1948, pp. 623-33. greater amounts in new plant and equipment in 626 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1948 both 1947 and 1948. The postwar expansion and tries financed a higher proportion of their investmodernization programs of the public utility and ment expenditures from internal sources, primarily transportation industries were initiated at about the profits retained from operations, in 1948 than in same time as those of other industries. However, 1947. As is shown in the chart, growth in the relamaterial shortages, delays in manufacture, and tive importance of internal financing during 1948 normal length of time required for building of was most pronounced in the rubber, chemical, and plant and for construction and installation of equip- communication industries. In part, this resulted ment have prolonged their high level of capital ex- from a somewhat smaller investment by many compenditures. panies in plant and equipment, inventories, and Among industries other than the public utilities, customer financing, which reduced their over-all there is increasing evidence that many large com- requirements for funds. In part, it reflected an panies have passed the current postwar peak of increase of nearly one-third in net profits after their plant and equipment expenditures. Over one- taxes, a decline in the proportion of net profits third of the companies included in the sample spent distributed in the form of cash dividends from 50 less on plant and equipment in 1948 than in 1947. per cent in 1947 to 44 per cent in 1948, and an in- For some industries, such as rubber, this decline crease in depreciation and amortization allowances. was characteristic of all companies; for others, in- As a result of the larger proportionate increase in cluding chemicals, iron and steel, machinery, trans- profits than in dividend payments and of increased depreciation allowances, the aggregate amount of portation equipment, and retail trade, it was true funds derived from operations by these 300 comof half or more of the companies analyzed. panies in 1948 was more than one-third larger than Decreased inventory accumulation and customer in 1947. financing. Large corporations in the majority of industries analyzed spent less on inventories and customer financing (as evidenced by trade notes and PROPORTION OF TOTAL FUNDS OF LARGE CORPORATIONS OBTAINED FROM INTERNAL SOURCES, 1948 AND 1947 accounts receivable) during 1948 than during PER CENT OF TOTALFUNDS 1947. This was true both in absolute dollar terms •••••••••••!_•••••• RUBBER WSSSS& and in relation to total funds used during the period. EQQ 1347 SQQQflflM 1 1• CHEMICALS fSSafSoSSoSSSom^^^^^^^^^^ Thus, large manufacturing and trade corporations in the sample increased their inventory holdings by 1.4 billion dollars, or 12 per cent, in 1948, as com- NONFERROUS METALS HRRRSRffiRSRRHJ^^'''' nui pared with 1.7 billion, or 17 per cent, in 1947. The PETROLEUM only industries in which large corporations invested IRON AND STEEL more in inventories during 1948 were petroleum OTHER TRANSPORTATION EQUIPMENT and iron and steel; additions to the dollar volume of inventories of these industries were nearly double RAILROADS £822221 those of the preceding year. AUTOMOBILES •••••••• MACHINERY Retail trade concerns in the aggregate reduced mmmmmmmmmmm*— their inventories slightly during 1948, while manu- P5CQ5QBQtf5pBwOOMOOPOPOOOppQpPP0t facturers of rubber products and automobiles liqui- E U L T E IL C I T T R IE IC S AND GAS mum dated a portion of their trade receivables. In all COMMUNICATION three cases these reductions accompanied an in- TOBACCO creased dollar volume of sales, which suggests more efficient planning and control of stocks on the part The three principal exceptions to this general of retailers and more satisfactory collection experi- pattern of increased internal financing during 1948 ence on the part of manufacturers of rubber prod- were the food products, railroad, and electric and ucts and automobiles. gas utility industries. In the case of food processors, a decline in volume of funds retained from oper- FINANCING OF INVESTMENT ations was the principal reason for larger borrowing Larger proportion of funds derived from retained from banks and expansion of funded debt during earnings. Large corporations in 9 out of 14 indus- the past year. Railroad companies, as a group, re- JUNE 1949 627 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1948 tained a larger amount of funds from operations somewhat during 1948 as a source of large corporain 1948 than in 1947, but heavier plant and equip- tion funds, both dollarwise and in relation to total ment expenditures accompanied by a substantial re- funds used. For all industries together (excluding duction in funds obtained from other internal railroads, for which data on bank loans are not sources necessitated increased external financing. available) the volume of funds obtained from com- Electric and gas utility companies retained about the mercial banks in 1948 was roughly one-fourth less same amount of funds from operations in 1948 as in than in 1947. Relative to total funds obtained from 1947 but utilized external sources of funds, primarily all sources, bank credit dropped from 5.3 per cent in the form of bond issues, to finance a substantial in 1947 to 3.6 per cent in 1948. increase in their plant and equipment expenditures. Of the 5 industries in which large corporations Reduction in holdings of cash and marketable obtained 45 per cent or more of funds used during securities, an important internal source of funds in 1948 from external sources, food processing was the immediate postwar period, was largely confined the only one to utilize bank credit extensively. As during 1948 to the rubber, chemicals, iron and steel, is shown in the chart, over 42 per cent of total transportation equipment other than automobiles, funds obtained by food processors from external and communication industries. In each of the first sources represented short- and long-term bank borthree industries, the number of companies that re- rowing. Among the remaining 4 industries, bank duced their cash holdings last year was substantially credit was a relatively unimportant external source larger than in 1947. Inasmuch as many companies as compared with funds obtained from the sale of had previously accumulated funds in the form of stocks and bonds. cash or marketable securities for such purposes as Some companies took advantage of larger profits financing postwar plant and equipment expendiin 1948 to retire outstanding bank loans, while tures or paying accrued Federal income and other others refinanced their credit requirements through tax liabilities, the reduction of such liquid asset balpublic sale of new bonds or notes or by borrowing ances does not indicate any widespread lack of from life insurance companies. Large corporations funds from other sources. in a few industries, however, notably food process- Decline in use of bank credit. Bank credit declined ing and petroleum, borrowed substantially more from banks during 1948 than in 1947. Food processors, which obtained from commercial banks PERCENTAGE DISTRIBUTION OF EXTERNAL SOURCES OF FUNDS, roughly 10 per cent of the total funds used in 1947, LARGE CORPORATIONS IN SELECTED INDUSTRIES, 1948 were confronted with larger plant and equipment expenditures and smaller profits in 1948; to meet these contingencies, they increased their bank borrowing by roughly two-thirds, and in so doing, they doubled the proportion of total funds obtained from this source. Petroleum companies likewise borrowed roughly two-thirds more from banks in 1948 than in 1947, but relative to total funds used, funds from this source increased only slightly— from 5 to 6 per cent. On the whole, use of bank credit by large corporations for financing shqrt- and intermediate-term requirements has been fairly extensive, especially in comparison with prewar years. Nearly one-third of 280 companies (the number for which data on bank loans are available) were indebted to commercial banks for a total of slightly more than 2 billion dollars at the end of 1948. In addition, NOTE.—Industries were selected that obtained 45 per cent or more of total funds used during 1948 from external sources. there were some individual companies that bor- Other sources include primarily advances on contracts and increases in accrued income taxes and other current liabilities. rowed substantial amounts from banks during the 628 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1948 year to meet seasonal working capital requirements rent ratios of the majority of large corporations in and repaid such loans prior to preparing their end- the sample were lower than at the end of 1939. of-year financial statements. Generally speaking, the postwar decline in cur- Substantial increase of long-term debt in some in- rent ratios was more pronounced in the case of dustries. Large corporations in the food processing, manufacturers of durable goods, such as iron and tobacco, machinery, railroad and electric and gas steel, nonferrous metals, and machinery, than for utility industries obtained substantially more funds manufacturers of such nondurable goods as food, through long-term borrowing, as evidenced by petroleum, and chemical products. Relatively bonds, notes, and mortgages, during 1948 than greater expansion of short-term debt than of curthey did in 1947. For these industries together, the rent assets has been the primary cause of the deamount of funds obtained from such sources during cline in liquidity. In the case of durable goods 1948 was over three times as large as in 1947; more- manufacturers, growth in the amount of accrued inover, for these industries the proportion of total come tax liability, resulting from increased profits, funds derived from this source in 1948 was 32 per was largely responsible for the increase in shortcent as compared to 16 per cent in 1947. In a num- term debt. In the case of nondurable goods manuber of individual cases, substantial amounts were facturers, principal reasons for the recent decline in advanced by life insurance companies, either in re- current ratio may be summarized as follows: food turn for promissory notes or bonds of the borrowers processors, increased bank borrowing; chemical or through purchases of plants wrhich were in turn companies, larger income tax and miscellaneous leased for long-term periods by the seller. The short-term liabilities; petroleum companies, inlatter form of financing was most often employed creased bank loans, trade debt, and tax liability. by retail trade concerns, though some manufactur- One factor, which is common to the majority ing concerns also availed themselves of this addi- of industries analyzed and which might have imtional source of funds. portant implications in the event of sudden or sharp Little equity capital obtained from sale of stock. price declines, is the extent to which inventories The only industries for which there was any appre- have increased in relation to total current assets. ciable increase during 1948 in the amount of funds Out of 10 manufacturing industries, there are 8 derived from sale of preferred and common stock whose inventories have increased substantially in were electric and gas utilities and communication. relation to total current assets since 1946. In rub- The proportions of total funds derived from this ber, for example, inventories comprised roughly 53 source during 1948 were 15 per cent for electric and per cent of total current assets at the end of 1948, gas utilities and 22 per cent for communication. In as compared with 44 per cent at the end of 1946. each of the other industries the amounts derived from sales of stocks during 1948 were about as DESCRIPTION OF SAMPLE small as, or smaller than, amounts from such sales in 1947, and in every case the funds thus obtained Composition of the large corporation sample inwere negligible in relation to total funds expended. cluded in this year's survey differs slightly from that of last year. A few companies whose reports were FINANCIAL POSITION not available in time to be included in last year's survey were added to this year's sample, while a The over-all liquidity position of large corporafew concerns were dropped, either because their tions, as measured by the ratio of current assets to reports were not yet available or because of mergers current liabilities, declined slightly during 1948 in which destroy the comparability of current data 6 out of 10 manufacturing industries. In each with those of previous years. In the case of electric case this represented the continuation of a postwar and gas utilities, the number of companies included decline in liquidity, though at greatly reduced rates has been increased in an effort to enlarge the sample as compared with 1947. The liquidity position of coverage of that industry. the remaining 4 manufacturing industries and of retail trade, as reflected by large company aggre- Coverage of the sample of manufacturing and gates, remained relatively unchanged or improved trade companies used in last year's survey was slightly during 1948. By the end of 1948 the cur- estimated on the basis of Statistics of Income data 629 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1948 for the year 1941. With end-of-year 1946 data now NOTE.—Manufacturing and trade include only companies available in Statistics of Income, the sample cover- with end-of-year 1948 assets of 10 million dollars and over; coverage estimates based on 1946 total assets and sales of all age of the manufacturing and trade industries has corporations submitting balance sheets, as reported in Stabeen redetermined, as follows: tistics of Income. Railroads include only companies with end-of-year 1948 total assets of 350 million dollars and over; coverage estimates based on 1946 statistics for all Class I steam railways, as com- Sample as percentage piled by the Interstate Commerce Commission. Number of all corporations Electric and gas utilities include only companies with end- Industry of companies Total Net o es f- t y im ea a r t es 1 9 b 4 a 8 se d as s o e n ts 1 o 9 f 4 6 9 0 s ta m ti i s l t l i i c o s n fo d r o ll a a l r l s C a l n as d s o A v e a r n ; d c o B v e e r l a e g c e assets sales tric utilities, as compiled by the Federal Power Commission. The communication industry is represented by consolidated Food 28 33 33 Tobacco 4 70 76 financial statements of the American Telephone and Tele- Rubber 4 69 67 graph Company and its principal subsidiaries, which com- Petroleum 24 61 64 prise the Bell System; coverage estimates based on 1946 Chemicals 33 43 36 Iron and steel 18 50 39 statistics for Class A and B telephone companies, as compiled Nonferrous metals 14 59 129 by the Federal Communications Commission. Machinery, inch elec 46 33 26 Automobiles 12 60 61 Other trans, equip 19 58 70 Retail trade 42 22 23 NOTE.—Composite Sources and Uses of Funds R El a e i c lr . o a a n d d s gas util 3 2 5 0 6 5 6 8 6 59 8 Statements, Balance Sheets, and Selected Income Communication 1 95 95 Statement data for the sample of large corporations discussed in this article are shown on the following 1 Sales missing for 1 company with 1946 total assets of 344 million dollars. three pages. 630 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1948 COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1948 AND 1947 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Manufacturing Account Food Tobacco Rubber Petroleum Chemicals Iro s n te e a l nd No m n e fe ta rr ls ous 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1947 Number of companies 28 28 24 24 33 33 18 18 14 14 Sources of funds—total $370 $480 $178 $196 $130 $232 $3,082 $2,303 $615 $720 $1,041 $868 $300 $238 Net from operations 1 208 222 54 40 134 124 2,319 1,539 422 365 664 505 233 210 Cash -52 -10 2 49 -48 -104 -135 72 -1 12 15 39 -48 Marketable securities 7 88 0 0 -42 51 -36 25 19 -102 76 12 -66 -74 Trade payables -1 20 -3 -2 -7 15 155 226 -2 20 95 85 10 9 Bank loans, short-term 88 50 -34 74 (2) 9 42 -23 -13 24 9 1 1 -2 Bank loans, long-term -2 1 2 -2 18 153 119 9 29 -3 -6 -4 -6 Accrued income taxes -9 7 10 10 6 -37 253 153 33 49 108 168 26 79 Other current liabilities -1 8 4 1 -3 -9 26 43 17 21 16 21 9 30 Mortgages, bonds, other liab 116 64 125 23 137 145 158 38 174 51 55 38 74 Capital stock 4 23 25 50 ? -28 111 192 2 134 14 10 9 -34 Other sources 3 11 0 1 0 0 19 6 17 0 2 4 0 Uses of funds—total $370 $480 $178 $196 $130 $232 ^$3,082 $615 $720 $1,041 $868 $300 $238 Plant and equip, expend 237 212 29 28 75 113 2,254 1,767 495 504 662 610 201 159 Inventories 73 169 144 156 57 102 428 220 88 138 228 121 64 69 Receivables 49 92 4 13 -5 15 229 277 29 64 121 108 32 -1 Other assets 11 7 1 0 2 2 172 39 4 14 29 29 4 7 Other uses 5 0 0 1 1 1 0 0 0 0 0 1 0 0 3 Manufacturing, cont. Utilities Retail Account M e a le c i c n h t c i r n l i . c e a ry l , Automobile O e p t q h o u e r i r t p a m t t r io e a n n n t s- trade Railroads a E n le d c t g r a ic s Co ca m ti m on u s ni- 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 Number of companies 46 46 12 12 19 19 42 42 20 20 35 35 1 1 Sources of funds—total $730 $904 $467 $574 $148 $134 $267 $440 $743 $693 $1,220 $932 $1,497 $1,355 Net from operations 1 486 343 563 408 80 -38 351 321 607 449 358 373 352 257 Cash " -34 -62 11 -15 53 -2 -116 -112 -78 9 -26 71 -9 -16 Marketable securities -54 37 -455 -326 -27 147 -52 133 -18 92 -15 94 84 -153 Trade payables 23 51 98 48 19 -30 -17 33 -35 53 18 46 -15 76 Bank loans, short-term 15 6 4 -12 -12 15 10 -17 24 55 37 40 Bank loans, long-term -80 68 0 6 3 14 (2) 7 () () 18 42 0 0 Accrued income taxes 94 194 144 328 12 10 23 3 76 152 7 n 7-19 34 -20 Other current liabilities 115 156 53 72 -3 -49 15 29 6 3 6 4 15 18 Mortgages, bonds, other liab 163 106 51 62 9 38 47 40 181 -77 606 183 658 903 Capital stock 1 -8 -3 3 14 -16 4 2 0 3 184 84 340 250 Other sources 3 0 14 0 0 45 1 3 9 30 0 1 Uses of funds—total $730 $904 $467 $574 $148 $134 $267 $440 $743 $693 $1,220 $932 $1,497 $1,355 Plant and equip, expend 393 400 297 317 74 93 192 228 741 509 1,104 805 1,460 1,185 Inventories 199 352 189 218 19 41 -19 70 66 72 75 98 -12 42 Receivables 123 95 -58 60 40 -5 77 113 -6 51 21 29 20 40 Other assets 14 58 39 -23 2 5 18 29 -58 61 19 -4 30 87 Other uses 5 1 0 0 2 12 0 0 0 0 0 0 2 0 0 1 Net profit after taxes plus current depreciation accruals and minus cash dividends paid; nonfund and nonrecurring charges and credits to income have been eliminated from net profit. 2 Less than 0.5 million dollars. 3 Proceeds from sale of fixed assets and investments, tax refunds, and extraordinary sources of funds. 4 Includes dry hole costs amounting to 222 million dollars in 1948 and 165 million in 1947. These were treated as deductions from income by the petroleum companies, but are here considered as additional capital expenditures. 5 Prior year tax and renegotiation payments and extraordinary uses of funds. 6 Included with other short- and long-term liabilities. 7 Includes State income and property taxes. NOTE.—Figures were derived from income data and year-to-year changes in balance sheet accounts, as shown in the Composite Balance Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are not shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement. Negative figures in the Sources of Funds section represent uses of funds, while negative figures in the Uses of Funds section represent sources of funds. Details may not add to totals because of rounding. JUNE 1949 631 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ON COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1948, 1947, AND 1946 300 LARGE CORPORATIONS IN SELECTED INDUSTRIES [Dollar amounts in millions] Manufacturing Account Food Tobacco Rubber Petroleum Chemicals Iron and steel Nonferrous metals 1948 1947 1946 1948 1947 1946 1948 1947 1946 1948 1947 1946 1948 1947 1946 1948 1947 1946 1948 1947 1946 Number of companies 28 28 28 4 4 4 4 4 4 24 24 24 33 33 33 18 18 18 14 14 14 Total assets (end of year). . $3,460 $3,149 $2,844 $1,739 $1,567 $1,381 $1,427 $1,362 $1,186 $12,866$10,658 $9,045 $4,676 $4,334 $3,692 $7,168 $6,275 $5,712 $3,312 $3,057 $2,775 Cash 366 314 304 54 53 55 116 165 118 941 825 690 507 579 578 711 722 737 308 347 299 Marketable securities 181 188 275 0 0 0 104 62 113 523 487 512 438 457 356 766 842 854 496 430 356 Receivables (net) 481 432 339 86 81 68 259 263 249 1,161 931 654 452 425 361 681 564 456 242 210 211 Inventories 1,133 1,060 891 1,416 1,273 1,117 539 483 380 1,741 1,317 1,096 957 871 734 1,377 1 150 1,030 620 556 487 Plant and equipment (net of depreciation) 1,163 1,020 898 101 79 58 383 365 305 7,484 6,228 5,262 1,754 1,467 1,131 3,374 2 767 2,433 1,468 1,341 1,251 Other assets * 137 135 136 82 81 83 26 24 21 1,016 871 830 568 535 533 259 229 201 178 173 170 Total liabilities and equity. $3,460 $3,149 $2,844 $1,739 $1,567 $1,381 $1,427 $1,362 $1,186$12,866 $10,658 $9,045 $4,676 $4,334 $3,692 $7,168 $6 275 $5,712 $3,312 $3,057 $2,775 Notes payable to banks (short-term) 180 92 42 236 270 196 11 11 3 50 8 31 20 33 9 10 1 0 6 5 7 Trade notes and accounts payable 200 201 181 14 17 19 96 102 87 971 815 588 206 208 188 583 487 402 142 132 123 Accrued income taxes 248 255 247 91 81 71 99 92 129 722 467 315 388 359 314 549 442 273 239 213 134 Other current liabilities 2... 130 118 110 20 16 15 75 79 88 215 189 146 150 133 112 241 225 205 84 75 44 Notes payable to banks (long-term) 41 44 43 0 2 4 15 18 0 562 384 266 120 111 82 10 14 20 2 5 12 Mortgages, bonds, and other liabilities 3 463 345 279 539 414 391 305 306 169 1,161 1,001 827 441 411 231 772 722 666 198 160 86 Surplus reserves 4 208 185 146 3 2 2 127 107 93 157 151 183 185 194 195 186 208 217 105 98 99 Capital stock 1,027 1,020 986 489 463 434 300 303 313 3,854 3,550 3,399 1,324 1,293 1,183 2,708 2 459 2,444 1 ,119 1,112 1 ,113 Surplus 964 888 809 346 302 249 399 344 305 5,174 4,094 3,291 1,842 1,593 1,378 2,109 1 717 1,485 1,417 1,258 1,158 Income statement: Sales $11,184 $10,731 $7,347 $2,286 $2,170 $1,966 $2,331 $2,301 $2,052 $12,227 $9,136 $6,563 $4,978 $4,494 $3,729 $8,547 $7 030 $5,053 5$2,415 5$2,128 5$1,387 Depreciation, depletion, and amortization 85 73 61 6 5 4 55 46 41 644 542 458 181 131 103 228 210 177 63 56 51 Profit before taxes 6 413 489 435 185 156 131 181 170 228 2,466 1,542 920 855 768 627 1,052 768 386 582 527 253 w Net profit6 253 298 254 114 96 81 116 112 138 1,839 1,193 723 544 491 394 648 480 251 362 326 164 Dividends 146 147 116 67 62 54 41 41 42 553 430 318 310 270 227 227 196 157 200 174 127 en W Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

tn Manufacturing, cont. Utilities Retail trade Account Mac e h le in c e tr r i y c , a l incl. Automobiles O t t i h o e n r e t q ra u n ip sp m o e r n ta t - Railroads Electric and gas Communications 1948 1947 1946 1948 1947 1948 1948 1947 1946 1948 1947 1946 1948 1947 1946 Number of companies '46 46 46 12 12 12 19 19 19 42 42 42 20 20 20 8 35 35 35 1 1 1 Total assets (end of year). . $5,665 $4,945 $4,133 $4,698 $3,934 $3,158 $1,694 $1,627 $1,680 $3,964 $3,613 $3,293 $17,456 $16,914 $16,599 $9,740 $8,998 $8,620 $7,475 $6,392 $5,156 Cash 611 580 518 582 593 578 185 238 23" 646 530 417 705 627 635 289 274 344 86 77 61 Marketable, securities 369 316 353 853 398 72 115 88 235 239 188 321 639 622 714 256 267 362 377 461 308 Receivables (net) 903 781 686 381 438 378 297 258 262 484 408 295 360 367 316 222 201 168 290 271 230 Inventories 1,872 1,676 1,324 1,306 1,117 902 604 592 551 1,467 1,491 1,420 579 513 441 358 284 187 124 136 94 Plant and equipment (net of depreciation) 1,422 1,172' 885 1,253 1,103 920 413 374 312 939 827 696 11,707 11,260 11,028 »8,359 9 7,723 » 7,296 6,097 4,975 4,077 Other assets l 420 368 323 308 189 171 142 3,465 3,526 3,465 255 248 263 501 472 386 488 285 78 77 83 Total liabilities and equity. $4,945 $4,133 $4,698 $3,158 $3,964 $3,613 $3,293 $17,456 $16,914 $16,599 $9,740 $8,998 $8,620 $7,475 $6,392 $5,156 Notes payable to banks $5,665 $3,934 $1,694 $1,627 $1,680 (short-term) 37 30 16 41 31 47 (10) (10) (10) 94 70 16 77 40 0 Trade notes and accounts 52 4 46 58 43 payable 331 308 257 506 408 360 137 352 368 335 500 535 482 159 146 100 282 297 221 A O c th c e ru r e c d u r in re c n o t m l e i a t b a i x li e ti s es 2. .. 4 68 2 1 7 3 5 3 6 6 8 4 1 0 4 9 3 5 3 4 0 5 3 4 2 0 5 1 0 18 7 1 3 1 8 8 5 9 11 7 8 5 1 6 4 9 8 3 2 3 3 2 7 3 2 0 2 9 2 3 1 0 9 5 3 3 4 4 5 0 0 4 2 4 6 4 4 4 1 4 1 0 2 u 306 ii 290 11 309 1 1 8 5 0 1 1 13 4 6 5 1 1 6 1 5 8 Notes payable to banks 188 133 124 120 (long-term) 122 203 135 143 143 137 28 234 61 60 (10) (10) 0 0 0 Mo o r th tg e a r g l e i s a , b ilit b i o es n d 3 s, and 656 493 383 238 187 125 80 26 11 161 114 74 6,257 6,053 6,133 103 85 44 3,443 2,786 1,882 S S C u u a r r p p p i l l t u u a s s l s r t e o s c e k rves 4 1 1 , , 5 6 2 1 2 6 5 2 0 1 1, , 2 5 2 4 0 5 2 6 1 1 1 , , 0 4 2 6 5 6 1 4 2 1,9 9 1 1 2 1 4 4 7 1,5 9 3 2 8 5 2 4 1,2 9 7 2 6 9 6 1 3 6 8 8 5 5 6 8 3 6 5 6 7 7 3 5 4 3 35 3 8 6 8 3 1 1 , , 0 6 3 7 6 7 8 6 1 1 , ,3 0 8 3 9 3 4 2 1 1 , , 0 1 3 5 9 2 8 6 3 5 1 , , , 0 5 2 5 8 6 7 9 4 5 3 1 , , ,2 3 0 5 0 5 5 5 7 3 5 1 , , , 1 2 0 2 5 5 7 1 4 3 4 , , 6 3 8 5 5 7 5 2 6 7 9 3 3 , , 5 7 8 8 9 5 8 4 3 3 , , 5 4 1 6 8 4 9 8 1 2,5 7 3 9 1 4 5 2 2,2 7 6 1 9 3 5 2,0 6 6 6 4 1 4 3 Income statement: 699 815 834 Sales $7,330 $5,928 $3,698 $8,690 $7,035 $3,926 $2,177 $1,679 $1,325'$11,458 $10,425 $8,901 $6,459 $5,836 $5,183 $2,739 $2,505 $2,251 $2,625 $2,225 $2,094 Depreciation., depletion, and amortization 136 107 79 148 126 87 33 29 23 77 70 54 265 244 240 248 249 235 278 237 213 Profit before income taxes 6. 927 704 133 1,196 823 96 165 24 5 786 705 725 709 497 186 548 547 567 323 236 309 Net profit 6 559 426 49 678 458 54 102 -17 -25 482 424 440 441 292 42 364 362 365 2221 161 192 Dividends 213 189 169 298 208 144 58 53 59 210 192 193 183 147 158 266 266 251 203 189 183 1 Includes relatively small amounts of other current assets and intangibles. 2 Includes current instalments of principal repayments on mortgages and bonds, accrued interest and charges, dividends payable, etc. 3 Includes pension reserves and minority interest in capital stock and surplus. Uncluudd es reserves f-o r se.lf--.i nsurance, conti.ngenci.es, pla.n.t replacement, and possible future declines in value of inventories. 5 Sales missing for 1 company with 1948 total assets of 499 million dollars. 6 Excludes nonrecurring charges and credits to income tax refunds and payments of prior year's taxes, gains on sales of assets, and charges and credits to and from surplus reserves. 7 Report for one company, previously prepared on a consolidated basis, was available only on an unconsolidated basis for 1948 (1948 total unconsolidated assets of 46 million dollars and 194>7 total consolidated assets of 37 million). Consequently, the balance sheet and income statement data for 1948 include the unconsolidated statements for this company, while those for 1947 and 1946 include the consolidated statement. As the difference between, the consolidated and unconsolidated total assets in 1947 was only slightly more than 2 million dollars, the resulting discrepancy between the industry totals for 1948 and 1947 would be negligible. Comparable balance sheets were used, however, in computing sources and uses of funds for this company. 8 Data for 1948 include figures of Public Electric and Gas Company of New Jersey; those for 1947 and 1946, figures of Public Service Corporation of New Jersey. Differences between end-of-1947 total assets of these two companies amounted to 187 million dollars, or roughly 2 per cent of 1947 industry aggregate total assets. Comparable balance sheets were used, however, in computing sources and uses of funds for this company. 9 Includes intangibles. i° Included with other short- and long-term liabilities. 11 Includes State income and property taxes. NOTE.—Includes most of the largest companies in each industry group having fiscal years that end on or around Dec. 31 and for which data are available in investment manuals and company reports to stockholders. Manufacturing and trade groups include only companies with end-of-year 1948 total assets of 10 million dollars and over; railroads, Class I roads with total assets of 265 million and over; utilities, Class A and B electric and gas companies with total assets of 90 million and over; communication, American Telephone and Telegraph Company and principal subsidiaries comprising the Bell System. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES1 PART I. General Financial Position and Economic Outlook of Consumers Personal incomes rose substantially during 1948 about as large as buying plans reported early in to a new record level, and there are indications 1948. that in large part the increases were received by con- The above are highlight findings from the fourth sumer spending units whose incomes had been less annual Survey of Consumer Finances sponsored than $4,000. The proportion of consumers who felt by the Board of Governors of the Federal Reserve their financial position was at least as good as, System. This survey, again conducted for the or better than, a year earlier, was larger at the Board by the Survey Research Center, University beginning of 1949 than in any recent year, ac- of Michigan, makes available important informacording to interviews taken on a nation-wide basis tion about consumer attitudes on economic matearly this year. The possibility of lower prices ters, expenditures and buying plans for durable goods, distribution of consumer incomes, ownership was widely viewed as a definitely encouraging prosand use of liquid and nonliquid assets, and conpect. Notwithstanding a slight increase during sumer saving. It is to be emphasized that the the year in the proportion of consumers reporting field work on these surveys was carried out largely no liquid asset holdings, the financial position of in the first two months of this year and that the most consumers was relatively strong, with many survey findings must be interpreted with reference having sizable secondary reserves. Consumer plans to that period. to buy automobiles, other durable goods, and houses at the outset of the year were, on the whole, This article, the first in a BULLETIN series presenting survey findings, is devoted to the general financial position of consumers and to changes in xThis is the first in a series of articles to be published presenting the results of the Board of Governors' Survey of consumer attitudes on economic matters during the Consumer Finances in 1949. A second article is also pub- past year. A second article, which begins on page lished in this BULLETIN and others will appear in succeeding 647, analyzes consumer expenditures during 1948 issues. From the Board of Governors, general supervision of the for major durable goods and houses, and consumer survey has been under the direction of Woodlief Thomas, buying plans for such goods in 1949.2 Subsequent Director, and Ralph A. Young, Associate Director, of the Division of Research and Statistics. The Division of Re- issues of the BULLETIN will contain articles analyzsearch and Statistics has responsibility for planning the over- ing changes in the distribution of incomes, in holdall content of the survey, analyzing survey results for the ings of liquid and nonliquid assets, and in con- Board's use, and preparing the special articles reporting survey findings that appear in the BULLETIN. sumer saving patterns during 1948. A discussion From the University of Michigan, Rensis Likert, Director of of the technical aspects of this fourth survey as well the Institute for Social Research, and Angus Campbell, Director of the Survey Research Center, were in general charge as the statistical limitations of the results obtained o.f the survey. The Survey Research Center is a division of by the survey is provided in the appendix to this the Institute for Social Research of the University of Michiarticle on page 642. gan. Responsibility for detailed planning and supervision of the survey, including interviewing, editing, tabulation of survey results, and preparation of Survey Research Center 2 Previous surveys have been made for the Board of Govstudies was carried by George Katona in collaboration with ernors early in 1948 and 1947 by the Survey Research Janet A. Fisher and James K. Dent of the Survey Research Center and the results of those surveys were reported in the Center's staff. Charles F. Cannell served as head of the field June, July, and August issues of the BULLETIN for those staff and Roe Goodman as head of the sampling section of years. One additional article on the 1948 survey appeared the Center. in the September BULLETIN. The first survey was made The present articles were prepared by Clarke L. Fauver for the Board of Governors early in 1946 by the Division of and Irving Schweiger of the Consumer Credit and Finances Program Surveys, Bureau of Agricultural Economics, U. S. Section of the Board's Division of Research and Statistics. Department of Agriculture. The Survey Research Center The authors have necessarily maintained a close working rela- staff currently in charge of the survey work was associated tionship with the staff of the Survey Research Center at all with the Division of Program Surveys at the time of the stages of their work, and their analysis of survey tabulations first survey. Results of that survey were reported in the has had the benefit of many suggestions from the Center's June, July, and August 1946 issues of the BULLETIN under staff, particularly George Katona and Janet A. Fisher. the general title National Survey of Liquid Assets. 634 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES Interviewing for the survey began during the Instances have occurred of the use of survey data first week of January and continued through the without critical regard for their inherent limitations first week in March. Approximately 3,500 inter- to confirm special points of view as to consumer views were taken in 66 sampling areas distributed income, saving, or expenditure patterns. As in throughout the country. This year for the first the case of other types of economic statistics, approtime an attempt was made to interview again a priate precautions in applying and interpreting data representative sample of persons who had been are necessary to avoid unwarranted inferences. interviewed in last year's survey. These reinter- Changes from year to year in survey findings, views, which were worked into the sample design for example, may result from many factors. Among in such a manner that they did not affect the rep- the most important of these are (1) actual changes resentative character of the basic sample, provide in the basic situation which it is the main obsupplementary insight into survey methodology jective of the survey to measure; and (2) random and a better understanding of the reliability of shifts due principally to the particular samples of survey findings. An explanation of the reinter- persons interviewed (sampling variation). Other viewing techniques is also included in the appendix. factors which affect findings, though important, As in previous surveys, the interview unit was would be equally prevalent whether a complete the consumer spending unit, defined as all persons census of the entire population was made or whether living in the same dwelling and related by blood, the method used was a carefully selected sample. marriage, or adoption, who pooled their incomes These include such factors as reporting errors for their major items of expense.3 Sampling meth- made by those being interviewed, differences in ods also permit tabulation of many survey results the questionnaire from year to year, differences in on a family basis, and some of the results will be interpretation given either by the respondent to presented on this basis in later BULLETIN articles.4 the question asked or by the interviewer to the answer given, and differences in processing the data. SIGNIFICANCE OF SURVEY RESULTS In appraising changes in survey findings, it must In sponsoring the Survey of Consumer Finances be kept in mind that the value of change deterover the past four years, the Board of Governors mined from the survey represents the best availhas frequently emphasized the experimental nature able (i.e., most probable) estimate of the true of this relatively new development in the field of value.5 Generally, if differences are greater than economic research. The methodology and tech- may be attributed to chance variation in the selecniques being used are believed to be among the tion of the particular samples one may assume most adequate known at the present time. Before that a real change has taken place. What concluthis type of research can become of maximum usesions can be justified then if the difference befulness, however, considerable further experience tween two survey data is smaller than might be derived from a number of surveys repeated under due to sampling variation alone? varying economic conditions, together with careful In some cases in the 1949 survey the proportion statistical and analytical testing of results, will be early this year of those intending to buy a certain needed. commodity was slightly smaller than the proportion Continuing studies are in process by the Board's having similar intentions early in 1948. The differstaff and also by the staff of the Survey Research ence was not statistically significant (less than might Center (the latter with university and research founresult from sampling variation), but it does not dation support) to determine limitations of survey follow that there was no difference between the methods and to test the validity of survey results. two proportions. Nor does it follow necessarily 3 If people contributed more than one-half of their income that in 1949 the proportion was smaller than in to the family it was considered that they pooled their in- 1948. What can be said is that the order of magnicome. In addition, the wife of the head of the family or a family member under 18 years of age or earning less tude of the two proportions remained the same, than $10 a week was always considered a member of the main spending unit. * Families are defined as all persons living in the same 5 For a more comprehensive discussion of the technical dwelling unit who are related by blood, marriage, or adop- aspects of the survey and a table of sampling error of differtion. ences, see the appendix to this article on p. 642. 635 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES but the chances are somewhat greater of a decrease portion of spending units reporting year-to-year from 1948 to 1949 than of an increase. increases in income shown by any of the four annual Sample surveys yield information which approxi- surveys to date. In round figures, only 1 spending mates the true order of magnitude of data but do unit in 5 reported having made less money last year not produce exact values. Expressing the results than in 1947. On the other hand, about 1 in 5 in terms of an estimated number of spending units reported increases in incomes amounting to at least or of aggregate dollar amounts may imply an un- 25 per cent. warranted degree of certainty and is justified only 2. There are indications that consumer spending because in this form the results are more easily units whose incomes had been less than $4,000 reinterpreted and understood and therefore more ceived much of the advantage of the increased useful. It must be remembered, however, that incomes. Higher incomes in 1948 were more fresuch figures fall within a relatively large margin quently reported by spending units whose 1947 of error, and that the width of the margin may incomes had been below $4,000; conversely, dehave a bearing on the interpretation to be placed clines were reported more frequently by those on them. with 1947 incomes above that amount. These qualifications, both as to the significance 3. Nearly half (47 per cent) of all spending units of the changes from one survey to the next and as received $3,000 or more last year, as compared with to the aggregate estimates presented, are important 42 per cent during 1947. In terms of numbers, to keep in mind in using the data shown in the roughly 3.5 million more spending units had invarious tables and in appraising the results pre- comes of $3,000 or more in 1948 than a year sented throughout the series of articles. earlier, and about 2.5 million fewer had incomes The survey information represents only one body of less than $2,000. of data indicative of tendencies in consumer in- 4. The number of spending units with some come, spending for durable goods and houses, and liquid assets (i.e., Government bonds and savings saving. In the past half century, this country has and checking accounts) appears to have been at developed a vast wealth of currently available sta- least as large at the beginning of 1949 as it was tistical data reported through various Government, a year earlier. Results of successive surveys indiprivate, and nonprofit organizations, and great cate that the number of liquid asset holders has progress has also been made in knowledge of their risen somewhat in the past three years to a total significance and in methods of summarizing and of almost 36 million in early 1949. There has been, presenting them as an aid to an understanding of of course, an increase in the total number of spendthe changing economic situation. The survey find- ing units during this three-year period, so that at ings are a supplement to these other data. They the same time it has been possible also for the numserve to fill in important gaps in our economic ber of units without any liquid assets to grow— information. At the same time, they need always and at a somewhat faster rate—from 11 million to to be reviewed and assessed against other series of 14.5 million. Consequently, the proportion of units statistical data. Reasonableness of results and pf having liquid assets has declined gradually in the derived estimates as judged by data external to the postwar period. At the beginning of this year, 7 surveys is one of the tests that must constantly be in every 10 consumer units still reported something applkd in interpreting the significance of survey set aside in Government bonds or in savings and findings. checking accounts, compared with somewhat less than 8 in 10 three years ago. PRELIMINARY SUMMARY OF PRINCIPAL 5. The postwar decline in the number of spend- SURVEY RESULTS ing units owning United States savings bonds continued during 1948. The decrease in the number Financial position of consumers in early 1949. of holders, however, was not as marked as in 1947. 1. About 26 million consumer spending units, There was evidently little or no change in the numor slightly more than half of the total number, ber of people with savings or checking accounts. had higher incomes in 1948 than they did during Inasmuch as there was no significant change in 1947. This was by a slight margin the highest pro- the total number of spending units having some 636 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES kind of liquid asset, some consumers may have Roughly 4.5 million units bought both a car and consolidated their holdings into a single kind or one or more of the other goods. fewer types of liquid assets. On the basis of pre- 11. The broadening of the market for durable liminary data, the median holding for those who goods in 1948 was accompanied by somewhat more had any of the various kinds of liquid assets de- frequent use of instalment credit. About 39 per clined somewhat further last year. cent of all automobile buyers reported purchasing 6. Preliminary tabulations indicate that about 3 on credit compared with approximately 35 per cent in every 10 consumer spending units spent more in 1947. Credit was more frequently a factor in than they earned (i.e., dissaved) in 1948. This the purchase of used automobiles than it was in was only slightly higher than for 1947 and it ap- the buying of new ones. Some increase in buying pears that the increase which took place was most on time was also reported by purchasers of selected durable goods other than automobiles. pronounced in income groups receiving less than $2,000 and those receiving $5,000 or more during Consumer views on economic prospects for 1949. 1948. 7. The proportion of spending units owning 12. There was no change from the previous surhomes showed another slight increase during 1948. vey in the proportion of consumer units who ex- A significant fact developed by this year's survey pected "good times" in the coming year, but a larger proportion expressed some reservations. As in prewas that nearly 3 in every 5 home owners (57 per vious surveys, the degree of optimism in the concent) reported having no mortgage on their propsumer outlook tended to rise with income level. erty. Debt-free ownership applied more frequently In general, it would appear that consumers at the to the lowest and highest priced properties than beginning of 1949 viewed the year ahead with a to those in the middle range. more tempered optimism than was present a year 8. In summarizing their financial positions, the earlier. proportion of spending units that felt they were 13. At the time the survey was made—in early better off or at least as well off as a year earlier 1949—consumers were more nearly agreed on what was larger at the beginning of 1949 than in any of would happen to prices during the coming year the three preceding annual surveys. At least onethan at any other time in the postwar period. Three third of all those with incomes of $2,000 or more units in 5 expected prices to decline, but it was in 1948 expressed a feeling of improvement. In earlier years, consumers w7hose incomes had not significant that most of these expected the price adjustments to be moderate. Only 1 unit in 20 changed, or who had even received increases in in the population thought that prices would be "a income, frequently felt that they were worse off lot lower" this year. because of price increases; early in 1949 this opinion 14. Consumer optimism concerning the nearwas much less prevalent. term outlook was associated in many instances with the belief that incomes would remain at, or Spending for durable goods in 1948. rise from, present levels while prices would go 9. In 1948, nearly 1 in every 2 consumer spend- down or remain unchanged. The number of coning units was found to have bought a car or other sumer units expecting increases in income during major durable good. At all income levels more 1949 was substantially larger than the number expeople bought more durable goods than at any pecting declines. The margin, however, was not other time on record. A total of more than 24 so great as in early 1948. million customers for durable goods was indicated —probably the broadest market for such goods in Consumer plans to buy durable goods and houses. the nation's history. 15. Early this year somewhat more consumer 10. Survey estimates show that about 8.5 million units expected to buy automobiles during the comspending units bought cars in 1948 and almost 20 ing 12 months than had expressed similar intenmillion bought other selected durable goods such tions for the year 1948. This was true for both as refrigerators, washing machines, radio and tele- new and used automobiles, and the prices they vision sets, other large appliances, and furniture. expected to pay appeared quite realistic in terms of JUNE 1949 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES actual prices paid last year. For those who were whose incomes had been less than $4,000. Further, not fairly certain that they would buy during 1949 the number of consumer spending units possessing —and these were only slightly more numerous some liquid assets was at least as large as a year than in 1948—the price factor appeared to be the earlier. However, on the negative side, the numdeterrent of greatest importance. ber of units without any liquid assets also grew 16. Somewhat fewer consumer units expected and at a faster rate than the group with assets. to purchase selected durable goods other than tele- The median holding of those units with liquid vision sets than in the early part of 1948. How- assets probably declined somewhat. In addition, ever, the decline was small. In the case of television evidence from other sources indicates that there sets, the number of consumers expecting to buy was a substantial rise in consumer indebtedness during 1949 was roughly double the number that during the year. had actually bought sets in 1948. For durable 2. On balance, it appears that early in 1949 most goods as a whole, consumers were thinking of consumers were in a strong financial position. maintaining such purchases at a high level—one Personal incomes and employment were at high that would be close to the record level of 1948. levels; about 7 in every 10 consumer spending 17. About as many consumer units indicated units owned some liquid assets and these holdings intentions to buy houses during 1949, assuming were widely distributed by income and occupational the availability of dwellings of satisfactory design groups; and a substantial proportion of consumers and price, as had expressed similar intentions at the had sizable secondary financial reserves—unencumbeginning of 1948. On the basis of these responses bered investments in one or a combination of life it is estimated that somewhat over 1 million con- insurance, houses, and various types of securities. sumer spending units were expecting to buy new 3. The postwar period has seen a gradual inhouses in 1949. According to current estimates crease in the proportion of consumer durable this is greater than the number of new units that goods bought on credit, and a decrease in the prowill be completed for owner-occupancy during the portion bought out of current earnings and with year. Survey results also suggest that low and accumulated savings. It is probable that these middle income spending units were in the market tendencies will persist during 1949. Cash buying, for more moderate-priced houses of acceptable however, should continue to be in greater volume quality than seem likely, from available evidence, than credit buying and also of considerably more to be produced during the year. importance than in prewar years. The increasing 18. The majority of those who early in 1949 proportion of consumer units without any liquid thought that they would be in the market for a assets, however, indicates that a growing segment house, an automobile, or other durable goods dur- of the potential market for durable goods may reing the year also expressed the opinion that times quire credit in order to be able to buy. would remain good, that their incomes would be 4. Of considerable interest to business in making the same as or higher than their 1948 incomes, and plans for the balance of 1949 is the extent to which that prices would decline somewhat during 1949. consumers will carry out their intentions, as re- To what extent buying intentions would be modi- ported in January and February, to buy various fied if these other expected developments did not durable goods and houses. There were indications materialize, or to what extent buying may be post- that some buyers would wait for price declines poned pending these expected developments, is not which they expected to occur. Further, from connow known. sumer attitudes on the economic outlook, uncertainty as to jobs and income may be another im- CONCLUSIONS portant undercurrent influencing buying behavior. 1. The financial position of consumers, which However, unless consumer attitudes and incomes was strong at the beginning of 1948, was well main- have changed materially since the beginning of the tained throughout the year. Personal incomes rose year, or should change significantly in the coming further to record levels and, as indicated previously, months, the year's prospects for consumer purchases it appears that the benefits of this development of durable goods and houses are by no means disaccrued in largest part to consumer spending units couraging. 638 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES There is no doubt that the more urgent con- In addition, 35 per cent of all consumer spending sumer demands for durable goods have now been units felt that they were as well of? as they were a rilled and it may be that experience during the year earlier. When the same questions were asked first half of 1949 reflects mainly increased sensitive- in an interim survey in July 1948,6 only 25 per cent ness in the markets to quality, design, and price had noticed an improvement in their position durconsiderations. In the broadest sense of merchan- ing the preceding 12 months and 30 per cent said dising—i.e., producing and selling products of the their positions were about the same; and at the price, style, and quality that consumers are most beginning of 1948, the proportions were 29 per able and willing to buy—the present situation would cent and 28 per cent, respectively. Only 3 spendappear to highlight the need for more aggressive ing units in 10 said in early 1949 they were worse merchandising programs on the part of many of! than a year earlier, which was a smaller group manufacturers, distributors, and retailers to tap than so reported at any point since early 1946. latent consumer demand. The proportion who felt that they were better of! in early 1949 than a year earlier rose with the CONSUMER ATTITUDES AND EXPECTATIONS size of income. It ranged from 1 in 5 among those with incomes of less than $1,000 to nearly 1 in 2 As indicated in the summary of survey findings, for units with incomes of $7,500 or more. two points stand out in the replies of consumers to the questions asked during January and February From 1946 up to the summer of 1948 a substanof this year regarding their financial condition and tial number of consumers explained that receiving general outlook: (1) the extent of the response the same income as a year earlier did not make that consumers were better of? or as well ofl in the their financial situation stable, and receiving a first part of 1949 as they were a year earlier; and higher income than a year earlier did not improve their financial situation. In those years, with a few- (2) the extent to which price declines were anticiexceptions, people were acutely aware of the rising pated and that such declines were associated with cost of living. Early in 1949, however, the situation "good times" expected during 1949. was found to be different. At that date, for the As Table 1 shows, 33 per cent of the consumer first time, the majority of those who earned more spending units reported in early 1949 that they money than a year earlier said that they were better were better of? than they had been a year earlier. off, and the majority of those who earned the same TABLE 1 money as a year ago said that they were in about FINANCIAL SITUATION OF CONSUMERS AT TIME OF SURVEY ' the same financial situation. There was, of course, a close correlation between Percentage distribution of all spending units an optimistic appraisal by the consumers of their Comparison with a year earlier financial position and the fact that they were mak- 1949 1948 1947 1946 ing more money currently than a year earlier. Bearing indirectly on this point is the survey result Attitude toward financial situation 2 that the proportion of those who felt they were Better off . . 33 29 31 20 Same 35 28 30 42 worse off in early 1949—even though they were Worse off 30 39 34 31 Uncertain . 1 2 2 2 making more money than formerly—showed a Not ascertained 1 2 3 5 significant drop. As shown in Table 2, of those All cases ... 100 100 100 100 who were making more money at the beginning Current income 4 of 1948 than 12 months earlier, roughly 1 in 4 felt A M b o o re u t th th a e n s a a m ye e ar ago 3 4 5 2 3 4 3 3 ( ( 3 3 ) ) ( ( 3 3 ) ) that his financial position had deteriorated in spite L N e o s t s a t s h c a e n r t a a i y n e ed ar ago 21 2 21 3 ( ( 3 3 ) ) ( ( 3 3 ) ) of the higher income; this year, in a similar comparison, the proportion dropped to about 1 in 7. All cases 100 100 100 100 1 Based on interviews obtained during January, February, and 9 A special survey conducted by the Survey Research Center early March of the years indicated. 2The question was: "Would you say that you people are better of the University of Michigan. While this survey was not off or worse off financially than you were a year ago?" made for the Board of Governors, the information was 3 4 D Th a e ta q n u o e t s t a io v n a il w ab a l s e : . "Are you making as much money now as comparable to that obtained in the Surveys of Consumer you were a year ago. more or less?" Finances. JUNE 1949 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 2 consumer units received less than $2,000 during 1948 in contrast with 36 per cent in 1947 and 40 RELATION BETWEEN CHANGES IN INCOME AND ATTITUDES OF CONSUMERS TOWARD THEIR FINANCIAL SITUATION1 and 47 per cent for 1946 and 1945, respectively. On the other hand, the proportion with incomes Percentage distribution of spending units of $3,000 or more increased from 30 per cent in having specified changes in income from preceding year 1945 to 47 per cent in 1948. Attitude f t in o a w n a ci r a d l Early 1949 Early 1948 situation TABLE 3 Making About Making Making About Making more the less more the less PERCENTAGE DISTRIBUTION OF SPENDING UNITS now same now now same now BY INCOME GROUP X Better off 56 18 12 48 15 10 No change 29 56 17 25 43 13 Annual money income before taxes 1948 1947 1946 1945 Worse off 14 26 70 24 40 75 N Un ot c e a r s ta c i e n rtained. (2) ( ( 2 2 ) ) (2 1 ) 2 1 1 1 1 1 $ U l n ,0 d 0 e 0 r - $ $ 1 l , , 0 9 0 9 0 9 1 1 2 8 2 1 2 4 2 1 3 7 2 2 0 7 All cases. . . 100 100 100 100 100 100 $2,000-$2,999 23 23 25 23 $3,000-$3,999 20 17 17 15 $4,000-$4.999 12 10 8 7 1 This table presents the relationship between changes in the $5,000-$7.499 10 9 6 5 current level of income and consumer estimates of changes in their $7,500 and over 5 5 4 3 personal financial situation at the time of the surveys as compared with a year earlier. This information was obtained in reply to two All income groups 100 100 100 100 separate questions, complete details for which are shown in Table 1. The above [table does not include the answers of farmers nor of those who did not reply to the question whether they [were 1 Income data for each year are based on interviews during making more or less money. January, February, and early March of the following year. 2 Less than one-half of 1 per cent. An important question is who received these Increases in wage and salary rates appear to have higher incomes during 1948. Complete informacontinued throughout 1948 with about the same tion has not yet been tabulated, but there is reason frequency as they did during 1947. As shown in to believe that income increases last year were more Table 1, about 42 per cent of all spending units frequent among spending units with 1947 inindicated that they were making more currently comes of less than $4,000 than they were among than they had been a year earlier. This was units with incomes of more than that amount. approximately the same ratio reported in surveys Conversely, reported declines in incomes during made both in the early part and at about the 1948 occurred more frequently among units with middle point of last year. Similarly, there was no 1947 incomes of $4,000 or more than among units change in the proportion of spending units that with incomes of less than that amount. These reported they were making less than they were a findings have important implications with regard year earlier. The ratio continued to be roughly 20 to the underlying strength of consumer markets. per cent. Increases in wage and salary rates during 1948, CONSUMER VIEW OF THE ECONOMIC OUTLOOK together with larger incomes from other sources, At the beginning of 1949 consumers generally had a substantial effect on the distribution of in- were optimistic about the economic outlook for comes. Detailed survey findings on the distribution the whole year, partly because of their relatively of consumer incomes before and after taxes and on strong financial condition, partly because of the a family as well as a spending unit basis will be prospect of lower prices, and partly because of impresented in the July issue of the BULLETIN. proved incomes which they expected to maintain. From the estimated percentage distribution of As shown in Table 4, the same proportion of spending units by income classes, which is shown spending units (47 per cent) were of the opinion in Table 3, the general shift in incomes from that times would be good in 1949 as had expressed 1947 to 1948 can be determined. In general the similar sentiments about 1948 a year earlier. There proportion of all spending units receiving less was, however, a significant difference in that many than $2,000 declined further in 1948, while the more persons this year reported some reservations proportion receiving $3,000 or more increased about the prospects. These reservations took the further. It is estimated that 30 per cent of all form of comments such as "if prices come down or 640 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES don't go any higher," or "if too many people year as compared with only 13 per cent in 1948. aren't laid off," or "if wages stay about the same." When income expectations for 1949 were com- At the beginning of 1948 only about one-fourth pared with income received in 1948, it was found of the consumer units qualified their opinions that those expecting increased incomes were fairly about the good times they expected to enjoy during evenly distributed among all income groups. The the year. In January and February of this year, proportion of those expecting lower incomes during however, somewhat more than half of those antici- 1949 was somewhat larger among those with 1948 pating good times hedged their answers. incomes of $4,000 or more than it was among those with incomes of less than that amount, fol- TABLE 4 lowing the pattern described previously for actual CONSUMER ATTITUDES TOWARD PERSONAL INCOME PROSPECTS decreases during 1948. AND THE GENERAL ECONOMIC OUTLOOK X PRICE EXPECTATIONS FOR 1949 Percentage distribution of all spending units Consumer expectations as to price changes in Attitude the coming year have varied widely during the 1949 1948 1947 1946 postwar period, as is clearly evident from Table 5. Own income 2 In January 1948, half of the consumer spending units were expecting still higher prices during the Income will be larger 27 28 23 25 Income will be about the same 46 47 42 34 balance of the year and only one-sixth expected Income will be smaller 17 13 14 23 Uncertain, "it depends" 9 9 19 13 prices to decline. Following the break in com- Not ascertained 1 3 2 5 modity prices in February, expectations of lower All cases 100 100 100 100 prices rose sharply and well over a third of the General economic outlook 3 spending units were looking forward to price G G o o o o d d t t i i m m e e s s a a h h e e a a d d , with reservation.. 2 2 2 5 3 1 6 1 4 1 5 0 }35 declines. These views were changed, however, as Uncertain, n.o change 24 19 21 23 inflationary pressures regained momentum. By Bad times ahead, with reservation. . 16 23 5 } 36 Bad times ahead 9 3 17 midsummer the situation had been reversed—only Not ascertained 4 8 2 6 16 per cent of the spending units expected prices All cases 100 100 100 100 to go down, while 42 per cent thought higher 1 Based on interviews obtained during January, February, and prices were ahead. early March of the years indicated. 2 In 1949, 1948, and 1946 the question was, "Now looking ahead Changing business conditions and the downto your income for the current year, do you think your income will be larger, the same, or smaller than last year?" Data for 1947 are ward trend of food prices during the final quarter not strictly comparable with data for other years because they are of 1948 apparently had a definite effect on conbased on a comparison of what the person expected to be making a year hence compared with the current rate of income. sumer opinions regarding prices. At the begin- 3 The question was: "Now considering the country as a whole, do you think we will have good times or bad times or what during the next 12 months or so?" TABLE 5 The income level of spending units had some CONSUMER PRICE EXPECTATIONS, AS REPORTED AT INTERVALS DURING THE PAST FOUR YEARS bearing on their expectations of good or bad times for the next 12 months. Those with 1948 incomes Percentage distribution of all spending units of less than $2,000 tended to be a bit more pessim inc is o t m ic e s a bo o u f t m bu o s r i e n e t s h s a n c on th d a it t i on a s m o th u a n n t. th S os p e e n w di i n th g Price expectations 1 E 1 a 9 r 4 l 9 y J 1 u 94 ly 8 F M e 1 a b 9 r . 4 . 1 8 5 4 , - J 1 a a 9 n r 4 y u 8 - E 1 a 9 r 4 l 7 y E 1 a 9 r 4 l 6 y units with incomes of $2,000 or more have usually Will go up 8 42 15 50 13 53 been more optimistic concerning the future, and Will remain the this was true again in the early part of 1949. same 20 25 29 22 22 21 Will go down 55 15 39 16 46 8 The proportion of consumer spending units that Conditional answers 15 16 15 10 17 13 expected their own incomes to increase during the Not ascertained . . . 2 2 2 2 2 5 year was about the same early in 1949 as it had All cases 100 100 100 100 100 100 been early in 1948, roughly 27 per cent (Table 4). 1 The question was: "What do you think will happen to the On the other hand, 17 per cent of the spending prices of the things you buy during the next 12 months or year— units thought their incomes would decline this do you think they will go up, or down, or stay about where they are now?" JUNE 1949 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES ning of 1949 people were more convinced than at For a substantial group of consumers, however, any previous point that prices had reached their the converse was apparently the prevailing view peak. Only 8 per cent of the spending units at the time of the survey. About 1 spending unit looked for further price increases while 55 per cent in 4 having definite price and income expectations expected that prices would be lower during 1949. thought that prices would go down during 1949 The amount of price adjustment which con- and that their own incomes would rise in the same sumers anticipated is also significant for the bear- period. Along similar lines of thinking, about 1 ing it may have on their hesitation to carry out spending unit in 3 felt that the economic outlook buying plans while waiting for price declines to for 1949 was good and that prices were at the same materialize. Only 5 per cent of the spending time going down. The explanation for this opinunits expressed the view that prices would be "a ion may lie in the fact that the overwhelming lot lower" during 1949. The great majority of majority of consumers expecting price declines were those expecting prices to go down were looking looking for only minor adjustments—not enough, for only a relatively small decline in the general in other words, to afTect general business conditions price level. adversely and their own chances of continued em- The price expectations of consumers had little ployment and income. relationship to their income levels. There was a Who were the people sharing such "unorthotendency, however, for a slightly larger propordox" views? Analyzing these views by income tion of those with incomes of $3,000 or more to class, by occupation, and by place of residence of expect price declines than of those with incomes those interviewed, the conclusion is reached that of less than this amount. each group in the population was well represented Many consumers who looked forward to lower and about in proportion to its share of the total. prices during 1949 also were expecting good If any distinction were to be drawn among the times for the country as a whole and for themvarious groups, a slightly higher proportion of selves as individuals. This is one of the most professional people, businessmen, and white collar interesting attitudinal aspects of this year's survey. workers, and of persons with incomes of $3,000 Usually, a declining price level is associated with or more, found it reasonable to expect good times deteriorating business conditions, and rising prices and falling prices at the same time. with an improving situation. APPENDIX METHODS OF THE SURVEY OF CONSUMER FINANCES 1 The sample of the fourth annual Survey of Con- selection of dwelling units in such a way that each sumer Finances consisted of 3,510 interviews repre- dwelling unit in the country has a known chance senting a cross-section of the nation's consumer of being drawn in the sample. No choice is left spending units living in private households. Inter- to the interviewer in selecting respondents. The viewing was conducted between January 5 and "sampling error," which is a measure of the pos- March 5, 1949. The three previous annual sur- sible random deviation of survey findings resulting from the selection of a particular sample, can be veys were made during the same periods in 1946, calculated. The fixed question interview insures 1947, and 1948, respectively. The basic methods the asking of identical questions of all respondents. used were the same in all these surveys, namely, The free answer method promotes cooperation by probability sampling and "fixed question-free anrespondents, does not restrict or influence the nature swer" interviewing. Probability sampling involves of answers, and permits the determination of shades 1 Prepared by the staff of the Survey Research Center, of opinions as well as reasons for behavior and University of Michigan. attitudes. 642 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES DIFFERENCES BETWEEN THE 1949 SURVEY AND with a total of approximately 700 spending units. EARLIER SURVEYS The old addresses were selected without regard to whether the present occupants of the dwellings had Specific features of survey methods were conbeen actually interviewed a year ago. All intertinued as described in detail in the appendix to the views made at the old addresses constituted a part first report on the 1948 Survey of Consumer Fiof the 1949 survey sample, but only spending units nances.2 They include the description of the basic that had been interviewed at these addresses in unit of the surveys (the spending unit), overboth years constituted the reinterview sample. The sampling of units living in the higher income reinterview sample, therefore, is representative only areas, repeated calls at designated dwelling units, of urban spending units who did not move during personal training of interviewers, determination of 1948. consumer financial status in conjunction with con- A reasonable balance in the distribution of sample sumer opinions and attitudes, verbatim recordings blocks and the number of interviews per block was of answers to most questions, and "coding" of assured by the procedures used in selecting the two answers in the central office. However, the methurban subsamples. ods of successive surveys are not identical in every detail because in each new survey some new ob- 2. Changes in sampling procedures. The primary jectives are introduced and attempts are made to geographic sampling units of the surveys include improve methods of collection and analysis on the the 12 largest metropolitan areas and 54 other counbasis of previous experience. The 1949 survey dif- ties. The 54 counties, however, were found to confered from the previous ones in four respects: tain on the average a somewhat higher proportion of urban residents than did the counties they were 1. Reinterviews. The sample of the 1949 survey to represent. In 1948 this discrepancy was corcontains a cross section of consumer units included rected through a procedure of weighting after the in the sample of the 1948 survey. This procedure completion of interviewing. In 1949 the discreppermits the study of changes in the financial posiancy was corrected through an adjustment of the tion, behavior, and attitudes of identical families. rates at which interviews were taken within these In former years, the samples used did not contain counties. any of the respondents interviewed in a preceding year. One major objective of surveys of this type As part of a long-range program of revising the is to obtain year-to-year comparisons based on selection of sample points, 7 counties were replaced representative samples of the population as a whole. by 7 new primary areas in 1949. In time it is For this objective it is not essential that the same planned to redefine the primary sampling areas and, people be interviewed in successive surveys. For in this connection, a substantial number of sampling the additional objective of the study of the financial counties will be changed. The shift must be made behavior of the same family over a two-year period, gradually to avoid difficulties in interviewer selechowever, reinterviews are essential. Information tion and training, and so as not to afreet substanof this type will now be available for the first time tially the comparability of successive samples. One on the basis of data collected this year. The sample objective of the proposed shift is to make the 54 of the 1949 survey thus consisted of two parts. One sampling points reflect more closely the segment of part consisted of "old" addresses (interviewed in the population represented by them. For this purearly 1948) and the other of "new" addresses (not pose, sometimes areas larger than single counties interviewed before); each selected in such a way as will be taken as primary sampling points. In to be representative. The entire groups of addresses the selection of the primary areas, emphasis will constituted a random sample inasmuch as it was a be placed upon degree of urbanization and geocombination of two parts, each of which was in graphical location. It may then be possible to deitself a random sample. velop subsamples that will be representative of ma- Reinterviews were conducted only in urban areas, jor geographical regions. Since a listing of dwelling units within sample 2 For a detailed description of specific features of the survey blocks is not prepared every year in all sampling and sampling methods, see pp. 643-46 of the BULLETIN for June 1948. points, special measures were used to guarantee the JUNE 1949 643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES inclusion of newly constructed dwellings in the 1949 books, documents, or notes instead of relying on sample. In approximately one-quarter of those memory regarding certain financial data. sample blocks that were listed in 1948 and used METHOD OF ESTIMATING NATIONAL AGGREGATES again in 1949, the dwellings constructed during FROM SURVEY FINDINGS 1948 were listed and sampled at a rate yielding Survey findings regarding the percentage distriproportionate representation. bution of spending units or families are reported The rating of sample addresses, carried out without adjustment or correction on the basis of for the purpose of oversampling high income conoutside information. However, the findings presumer units, was made in 1947 and 1948 by the sented in terms of millions of units or billions of interviewers prior to interviewing. For the 1949 dollars are calculated by multiplying survey aversurvey it was possible in many instances to assign ages by a factor• (either the number of spending ratings in the central office on the basis of informaunits or family units) which depends upon the estition on file regarding the income of occupants mated number of dwelling units in the nation. of other dwelling units in the same blocks which These estimates of dwelling units were prepared had been obtained during previous surveys. on the basis of Census data, and figures for earlier 3. New subjects of investigation. While certain years represent minor revisions of those published parts of the questionnaire have been identical in in previous issues of the BULLETIN. According successive annual surveys, other parts have been to currently available information, the number of changed because of shifts in interest concerning dwelling units occupied as private households is various aspects of consumer finances. Housing estimated at 41.6 million for February 1, 1949, and housing expenditures, various nonliquid assets, at 40.3 million for February 1, 1948, and at 38.9 and consumer indebtedness were taken up in much million for February 1, 1947. From these figures, on the basis of survey findings, the following greater detail in the 1949 survey than previously. estimates of the numbers of spending units and The methods of ascertaining consumer income, family units are derived: liquid asset holdings, and saving were not changed substantially in 1949. The methods used for obtaining the income of farmers were, however, improved Type of unit 1949 1948 survey survey by adding new questions concerning gross cash receipts. (In m:llions) a. Occupied dwelling units (equal primary 4. Changes in interviewing procedures. Special at- spending units) 41.6 40.3 b. Related secondary spending units 6.6 6.4 tempts were made in the 1949 survey to improve c. Unrelated secondary spending units 2.2 2.2 the accuracy with which financial data were ob- Family units (a plus c) 43.8 42.5 tained and to reduce the rate of nonresponse with Spending units (a plus b plus c) 50.4 48.9 respect to specific items of information. Interviews received were checked in the central office for com- Definitions: A spending unit consists of a group pleteness and consistency. In case of lack of in- of persons (in some instances only one individual) formation concerning items specified or inconsist- living in the same dwelling and related by blood, ency in the information reported, one of the follow- marriage, or adoption, who pool their income for ing procedures was adopted with much greater their major items of expense. frequency than in previous surveys. Either inter- A family unit consists of all persons (one or viewers were requested to visit respondents for a more) living in the same dwelling and related by second interview concerning specific problems, or blood, marriage, or adoption. letters were written to the respondents asking them Each dwelling unit contains at least one family to supply additional or missing information, or—in unit and at least one spending unit; the single the simplest cases—interviewers were asked to spending unit in a dwelling or—if there is more clarify certain questions about the interviews they than one—the spending unit containing the head had taken. Furthermore, interviewers were in- of the household, is the primary spending unit. structed to encourage and, under certain specified Some dwelling units contain more than one conditions, to ask respondents to consult their, family unit; for example, roomers, boarders, serv- 644 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES ants, or other occupants unrelated to the head of error will be required. On the other hand, if the household constitute separate family units. narrower limits than those determined by the These are classified as unrelated secondary spend- sampling error are chosen the degree of certainty ing units. will be less than 95 out of 100. Some family units consist of more than one In this series of articles, and in the table presented spending unit because married and sometimes even on page 646, sampling error is used in the technical single children, or parents or other relatives, even sense described above. For example, the sampling though they live in the same dwelling, do not error of the survey finding that 20 per cent of all necessarily pool their income with that of the head spending units had 1948 incomes of between $3,000 of the family. Such spending units are called and $3,999 is slightly less than 2 percentage points. related secondary spending units. This means that except for nonrandom errors All data presented in the above table refer (errors in reporting, in interpretation of the questo consumers living in private households in the tion or answers, and the like) the chances are 95 continental United States and do not include mem- out of 100 that the true value of this figure is bers of the armed forces or other persons living within the range from 18 to 22 per cent. The user on military reservations, residents in hospitals or may wish to consider a lesser range of error. The other institutions, and the floating population chances are about 68 out of 100 that the true value (residents in hotels and large boarding houses). lies within the limits established by one-half the About 3 to 4 per cent of the population estimated calculating sampling error, that is, within the range at 147 million was not included in the universe of from 19 to 21 per cent. However, the chances are the 1949 survey. about 5 per cent that the true value lies outside the limits first mentioned, that is, either less than RELIABILITY OF SURVEY DATA 18 or more than 22 per cent. Sample interview surveys, if properly conducted, Testing for sampling error is also important in yield information on the order of magnitude of evaluating changes found in the same statistic data, but do not yield exact values. All information developed by two successive surveys or in two derived from the Survey of Consumer Finances different subgroups of the same survey. It is is subject to sampling errors, to reporting errors, necessary to establish the degree of certainty that and to errors due to nonreporting. the differences noted do not result from the mere Reporting errors and nonresponse errors are not random variation of the samples selected rather precisely measurable but are thought to be relatively than from "true" changes in the universe which is constant from year to year. These errors, however, being sampled. If the difference between the permay be as large as or larger than sampling errors. centages shown for a given item in two separate Some approximation of the total effect of these errors surveys is as great as or greater than the value shown as well as of those due to sampling can be obtained in the table of "Sampling Errors of Differences" by comparing survey findings with outside esti- (given near the end of this appendix), the chances mates. Such comparisons will be published at a are at least 95 out of 100 that the differences are later date. not due to sampling variation. Continuing the ex- A statistical technique has been developed for ample used above, the 1948 survey found that about measuring the chance fluctuations in results— 17 per cent of all spending units received incomes "sampling error"—that may occur because a survey of between $3,000 and $3,999, while the 1949 estimate is based on a sample rather than on a survey found that 20 per cent of all units had complete enumeration. While it does not measure incomes in this bracket. Since both of these estithe actual error of a particular sample finding, mates are based on the entire sample of approxisampling error does indicate the range on either mately 3,500 spending units, it can be seen from side of the sample estimate within which the "true" the table that a difference of 2.2 percentage points value can be expected to lie, 95 chances out of 100. or more is statistically significant. The chances are Of course, if one prefers a greater degree of cer- less than 5 out of 100 that the increase in the tainty than 95 out of 100 that the range includes proportion of units in this income bracket resulted the true value, a wider range than the sampling from chance fluctuations in the samples. 645 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES There remains the problem of what conclusions than those for the estimates themselves. Since can be drawn when the difference between two the samples are closely comparable in all years, survey data is smaller than the sampling error of however, the effect on the sampling error is not that difference. The decision is fundamentally one large. of the degree of risk which can be accepted. It In using the table it should be kept in mind was found, for instance, early in 1949 that 5.7 per that the percentages given are rough estimates.3 cent of all spending units expressed an intention to It should also be noted that the BULLETIN articles purchase a refrigerator during 1949, while early do not contain the number of cases upon which in 1948, 6.2 per cent expressed an intention to pur- estimates for subgroups are based. However, the chase a refrigerator during 1948. The difference number of cases for a particular subgroup can be between 5.7 and 6.2 is not statistically significant— approximated by multiplying 3,500 by the approit is less than the sampling error of differences as priate percentage shown in the tables. shown in the table. It does not follow from these 3 For a discussion of the magnitude of sampling errors of findings that there was no difference between the estimated means and medians, see Roe Goodman and Eleanor proportions for the two years. It must be recog- E. Maccoby, "Sampling Methods and Sampling Errors in Surveys of Consumer Finances," International Journal of nized, however, that when nonsignificant differ- Opinion and Attitude Research, Fall 1948. ences are the basis for a conclusion, it can be drawn SAMPLING ERRORS OF DIFFERENCES with less confidence than when more rigid criteria Differences required for significance (95 per cent probability) of differences are observed. in comparisons of percentages derived from successive Surveys of Consumer Finances and from two different sub- The analyst should constantly view differences groups of the same survey. between survey findings within their survey context and not in isolation. In the example just Size of sample or group Size of sample cited, it is worth noting that there were similar or group 200 300 500 700 1,000 3,5OOi findings for many different types of durable goods. The proportions of spending units who expected For percentages from about 30 per cent to 70 per cent to purchase furniture and radio sets, for instance, were likewise found to be somewhat smaller in 200 . 11 1949 than in 1948. (With respect to automobiles, 300 11 9 500 . 10 8 7 however, the reverse finding was obtained.) 700 10 8 6 6 1,000 9 7 6 5 5 The magnitude of a sampling error depends 3,500 8 7 5 5 4 2.9 upon a number of factors, such as the size of the For percentages around 20 per cent sample and the nature of the item under considera- and 80 per cent tion. Most of the survey findings are presented 200 9 in the form of estimated proportions of the entire 300 8 7 500 8 7 6 population sampled, such as the percentage of all 700 7 6 5 5 spending units reporting plans to purchase durable 1,000 7 6 5 5 4 3,500 6 5 4 4 3 2.2 goods. Estimates presented in numbers of units or billions of dollars tend to have larger sampling For percentages around 10 per cent and 90 per cent errors, and larger reporting errors, than estimates of proportions. Estimates of proportions of the 200 7 300 7 6 entire population sampled have smaller sampling 500 6 6 5 700 6 5 4 4 errors than similar estimates based on subgroups, 1,000 6 5 4 3 3 such as occupational groups. Estimated proportions 3,500 5 4 3 3 2 1.6 based on a small subgroup, such as the percent- For percentages around 5 per cent age of units expecting income declines within a and 95 per cent given income and occupational group, have rela- 200 5 tively large sampling errors and cannot be expected 300 4 4 500 4 3 3 to yield reliable values. The sampling error of 700 4 3 3 3 1,000 4 3 3 2 2 differences between two estimates, such as esti- 3,500 3 3 2 2 2 1.2 mated year-to-year differences, tend to be larger 1 The entire sample of each survey. 646 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES1 PART II. Durable Goods Expenditures in 1948 and Buying Plans for 1949 In 1948, record numbers of refrigerators, home More automobiles were produced in 1948 than in freezers, washing machines, television sets, and the preceding year and the market absorbed them kitchen ranges were manufactured while the out- about as fast as they came off the assembly lines. put of automobiles, vacuum cleaners, and radios In all, consumers reported buying 3.1 million new was close to earlier peak levels. The number of cars during the year.2 This was about equal to the housing units completed for owner occupancy also minimum number of new automobiles consumers reached a new high. had planned to buy during 1948, according to the This record output of consumer durable goods survey made early in that year (see Table 1). Apwas absorbed by one of the broadest—if not the proximately 6 per cent of all spending units were broadest—markets ever to exist for such goods. disappointed in their hope of obtaining a new An estimated 24 million consumer spending units automobile, and the reason most frequently given bought an automobile or some other major durable in these cases was that car prices were too high. good, or both, last year. This was roughly 3 mil- Closely related to this factor, and also mentioned lion more purchasers than were found to have with considerable frequency, was a lack of sufficient bought such products in 1947. The number of income to undertake such a purchase. Unavailnew and existing houses bought for owner-occuability of cars was a less frequent factor during pancy during 1948 is estimated from survey find- 1948 than it had been in other postwar years. ings at 2.4 million units compared with 2.2 million in the preceding year. The prices paid for new cars were substantially The aggregate value of all consumer durable higher than consumers had expected to pay at the goods and houses bought in 1948 is believed to beginning of the year. When the survey was made have reached approximately 40 billion dollars on early in 1948 half of those intending to buy a new the basis of purchases reported in the survey. car during the year expected to pay less than $1,800. About half of this total represented housing pur- As it turned out, not quite 1 purchaser in 3 paid chases alone. In 1947, the aggregate value of less than $1,800 for his new automobile, and, as similar purchases was estimated at 30 billion. shown in Table 2, the number of spending units Automobiles. According to survey findings, con- that paid $2,250 or more for their cars was three sumer spending units bought about 8.7 million new times the number that had planned on doing so. and used automobiles last year, aggregating ap- More numerous sales of new cars last year reproximately 11.5 billion dollars in value. This was sulted in an increased turnover of used cars inasa substantial increase from 1947 purchases, in much as three-fourths of the new car buyers either terms of both number and value, as may be seen sold or traded-in older cars. Among those who in Table 1. bought used cars in 1948, about one-half traded-in 1 The Survey of Consumer Finances is conducted for the or sold older cars. Approximately 1.8 used cars Board of Governors by the Survey Research Center of the were sold or traded for every new car sale compared Institute for Social Research, University of Michigan. The present article, which is the second in a series reporting with about 1.6 in 1947 and roughly 2.0 in the preresults of this year's survey, was prepared by Clarke L. war period. Fauver and Irving Schweiger of the Consumer Credit and Finances Section of the Board's Division of Research and On the basis of reports by consumer spending Statistics. The authors have necessarily maintained a close working relationship with the staff of the Survey Research Center at all stages of their work, and their analysis of sur- 2 This figure checks closely with domestic registrations of vey tabulations has had the benefit of suggestions from new cars as reported by R. L. Polk and Company after allowthe Center's staff, particularly George Katona and Janet ance for new cars sold to Government and business organi- A. Fisher. zations. 647 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 1 CONSUMER INTENTIONS TO BUY AND ACTUAL PURCHASES OF SELECTED DURABLE GOODS X s P p e e r n c d e i n n t g a g u e n o it f s E o s f t ( i s m I p n e a n t m e d d i i l n li g n o u n u m s n ) b it e s r exp M en e d d i i t a u n re 2 exp A e v n e d r i a t g u e re 2 E e s x ( t I i p n m e n a b d t i e l i l d t i u o r n t e o s s ) ta 2 l Type of purchase Planned Actual Planned Actual3 Planned Actual Planned Actual Planned Actual purchases purchases purchases purchases purchases purchases purchases purchases purchases purchases Automobiles: New cars— 1949 7 2-10 3 6-5 1 $1,990 $2,060 7 5-10.6 1948 6.5- 9 4 6.1 '3.2- 4 6 3 1 ' 1,800 $2,090 1,860 $2,130 '5.9- 8.5 6.6 1947 7 3-9 7 5 8 3 4-4 S 2 8 1,500 '1,830 1,540 1,950 s 2-7 0 5 7 1946 7.4- 9 3 3.3 3.4- 4 3 1 5 (*) 1,500 1,620 2.3 Used cars— 1949 3.8- 5 6 1.9- 2 8 630 710 1.4- 2.0 1948 2 5-4 1 10 9 '1 2- 2 0 5 6 '600 770 710 880 0 9-14 9 1947 2.7-3 7 9.1 '1.3- 1 7 '4 5 '530 '710 650 780 '0.8- 1.2 3.5 1946 2.2-2 9 7.4 1.0- 1 3 3 5 '540 630 2.3 New and used cars—total 1949 11 0-15 8 5.5- 8 0 1,740 1,600 8 9-12.6 1948 9.0-13 5 17.0 '4.4- 6 6 8 7 '1,630 1,310 1,540 1,330 '6.8- 9.9 11.5 1947 10 0-13 4 14 9 '4 7- 6 i r7 '1,350 r\,210 1,300 1,250 '6 0-8 2 9 1946 9.6-12 2 '10.7 4.4-5 6 5 0 1,150 '830 1,100 920 4.8- 6.2 4.6 Other selected durable goods 1949 20.2-27 1 10.2-13 7 300 340 3.5- 4.7 1948 19 0-24 6 39 2 '9 3-12 0 19 8 240 250 340 370 2-4.1 ""j s 1947 18.1-23.8 35.1 '8.4-11 1 '17 2 200 200 310 310 2.6- 3.4 5.3 1946 25.7-31.3 28.3 11.8-14 4 '13 2 200 180 320 310 3.8- 4.6 4.1 Houses:5 1949 4.0- 5 9 2 0-3 0 7,000 8,200 16.4-24.4 1948 4.0- 6 0 5.2 1.7-2 6 2 4 6,600 7,800 7,400 9,000 12.6-19.3 21.3 1947 5.0-7 5 5.0 2.1-3 2 2 2 5,100 6,000 6,300 7,100 13.3-20.2 15.5 ' Revised. 1 Planned purchases for the year 1949 and actual purchases during 1948 were ascertained from interviews made during the period from Jan. 5 to Mar. 5, 1949. Similar information for previous years was obtained by surveys made early in 1948, 1947, and 1946. In each case where a range is presented the minimum estimate includes those who had purchased in the given year prior to being interviewed, those who said definitely they would buy, and one-half of those who said they would probably buy but might not. The maximum estimate includes those who had purchased in the given year prior to being interviewed, those who said they definitely or probably would buy, and one-half of those who said they were undecided. The distribution of spending units by intention to buy in 1949, 1948, 1947 , and 1946 is shown in Table 8, p. 655. 2 Refers to total expenditures before deduction of value of trade-ins or existing assets sold. 3 In the case of automobiles, figures in this column represent the number of cars bought by spending units during the given year and still in their possession at the time of the interview. Data about actual purchases were limited to these cars. Cars which may have been bought or sold more than once during the year would be reported only once. The survey figure, therefore, does not represent the total number of automobile transactions during each year. 4 Data not available. 5 Includes both new and existing nonfarm houses. Farmers are excluded from the housing figures inasmuch as their purchases of housing are usually incidental to their purchases of farm land. units who bought used cars during 1948 and who than did those with lower incomes. More than twostill owned them at the time of the interview in thirds of all automobile purchases last year were early 1949, it is estimated that 5.6 million used cars made by spending units with incomes of $3,000 or were purchased having a total value of 4.9 billion more, although those income groups contained dollars. Survey experience thus far indicates many slightly less than half of all consumer units. more consumers usually make such purchases dur- Also repeating previous patterns of automobile ing a year than expect to do so at the beginning purchases, consumer units in the upper income of the year. brackets accounted for an even larger proportion of The prices paid for used cars in 1948 were also new car buyers. Slightly more than half of the somewhat higher than had been anticipated early purchasers of new cars bought in 1948 were in the in the year or than had been paid in 1947. Inas- one-seventh of the population having incomes of much as used car prices were declining during the $5,000 or more. Spending units with incomes of latter half of 1948, the higher prices paid probably $3,000 or more accounted for seven-eighths of all reflected the sale of an increased proportion of rela- new car sales. Consumer spending units in the tively high-priced postwar models rather than an lower half of the income ranges bought relatively increase in the price level. few new cars and relied principally on the used car As in previous years, consumers at the higher market to obtain automobiles priced within their income levels bought proportionately more cars means. A more complete description of the char- 648 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 2 PERCENTAGE DISTRIBUTION OF ACTUAL AND PROSPECTIVE BUYERS OF NEW AUTOMOBILES, OTHER DURABLE GOODS, AND HOUSES, BY PRICE CLASS 1949 1948 1947 1946 Type of purchase and price class Prospective Actual Prospective Actual Prospective Actual Prospective New automobiles: Under $1,250 4 1 4 1 21 18 42 $l,250-$l,749 21 22 36 43 50 51 40 $l,750-$2,249 47 37 36 35 16 22 $2,250-$2,749 15 30 9 13 1 6 [ 9 $2,750 and over 9 10 4 8 2 1 Uncertain 4 C1) 11 C1) 10 2 9 All cases 100 100 100 100 100 100 100 Other selected durable goods:2 Under $100 13 20 15 24 12 24 19 $100-$199 . 15 19 18 22 21 24 24 $200-$299 17 17 19 18 26 17 17 $300-$499 21 22 20 17 14 13 14 $500-$999 12 13 10 11 11 11 10 $1,000 or more 4 6 5 5 5 6 5 Uncertain 18 3 13 3 11 5 11 All cases. . 100 100 100 100 100 100 100 Houses:3 Under $5,000 21 28 24 37 $5,000-$7,499 . 26 15 23 21 $7,500-$9,999 17 19 16 18 $10,000 and over . 30 33 24 23 (4) Uncertain 6 5 13 1 (4) All cases. . 100 100 100 100 100 100 100 1 Less than one-half of 1 per cent. 2 Prices refer to the total value of such goods bought by a spending unit. 3 Includes both new and existing nonfarm houses. 4 Comparable data not available. TABLE 3 PERCENTAGE DISTRIBUTION OF ACTUAL AND PROSPECTIVE BUYERS AND OF ALL SPENDING UNITS, BY INCOME GROUP 1 Actual buyers Prospective buyers Type of purchase b A e u r y l s l - $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 3 , , 0 9 0 9 0 9 -$ $ 4 4 , , 0 9 0 9 0 9 - $5 o a , v n 0 e d 0 r 0 b A e u r y l s l - $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 -$ $ 2 2 , , 0 9 0 9 0 9 -$ $ 3 3 , , 0 9 0 9 0 9 -$ $ 4 4 , , 0 9 0 9 0 9 - $5 o a , v n 0 e d 0 r 0 Automobiles:2 1949 100 9 16 22 16 34 1948 100 8 20 24 17 28 100 7 19 20 17 34 1947 100 12 23 20 13 29 100 12 25 25 14 19 1946 100 22 30 19 18 100 20 24 21 12 18 Other selected durable goods: 1949 100 6 11 21 25 15 22 1948 100 14 22 23 15 21 100 4 15 23 22 14 22 1947 100 19 25 19 13 19 100 7 20 29 22 11 11 1946 100 21 28 21 11 11 100 11 25 28 17 9 10 Houses:3 1949 100 3 11 19 29 14 24 1948 100 6 21 25 18 25 100 1 10 22 24 15 28 1947 100 13 22 24 19 18 100 3 23 24 25 10 15 Distribution of All spending $2,000spending units units Under $1,000 $1,000-$1,999 $2,999 $3,000-$3,999 $4,000-$4,999 $5 ,000 and over 1948 100 12 18 23 20 12 15 1947 100 14 22 23 17 10 14 1946 100 17 23 25 17 8 10 1945 100 20 27 23 15 7 8 1 Prospective buyers include spending units who had purchased in the given year prior to being interviewed, those who said definitely they would buy and those who said they probably would do so. Intended purchases for 1949 and actual purchases in 1948 are related to the spending unit's 1948 money income. Data for earlier years are similarly related. 2 Includes both new and used automobiles. 3 Includes both new and existing nonfarm houses. NOTE.—Part of the upward shift in the distribution of buyers may be attributed to the substantial shifts in the distribution of income of spending units between 1945 and 1948 with fewer spending units having incomes below and more having incomes of $3,000 or more. JUNE 1949 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES acteristics of automobile buyers and owners as de- more widely distributed among the several income termined from survey interviews will be presented groups than was the market for automobiles. in a subsequent article. Spending units with incomes of less than $3,000 Other selected durable goods. During 1948 nearly accounted for 41 per cent of the other durable goods 2 in every 5 consumers, or an estimated 20 million customers but only 31 per cent of the automobile spending units, bought one or more items such as purchasers (see Table 3). Consumer units in refrigerators, radios and television sets, furniture, lower income groups bought these various housewashing machines, and other large appliances. hold items less frequently and spent smaller The aggregate value of these purchases can be amounts than did units at higher income levels, as placed roughly at 7 billion dollars. Approximately shown in Table 4. 3 million more consumer spending units bought There were considerable differences in the buying selected durable goods in 1948 than in 1947—the performance of the various age groups. The buyprevious record year—and their total expenditures ers coming from age brackets in which marriages exceeded those of the preceding 12 months by about and births are most frequent, the ages of 25 2 billion dollars. The increase in total expendi- to 44 years, bought consumer durable goods more tures reflected not only more purchasers, but also frequently and spent somewhat more on the avera substantially higher median (middlemost) pur- age than did other age groups. More than half of chase—$250 as compared with $200. The greater the units headed by individuals in the 25-34 age number of television sets purchased in 1948 than category reported at least one durable good purin the preceding year contributed to the increase chase while only about one-sixth of the units headed in the median outlay for these selected durable by persons 65 or over made such purchases (see goods. Table 5). The proportion of spending units that purchased Additional buyers of these durable goods came selected durable goods other than automobiles diffrom nearly all income groups but the largest infered little among occupational groups (see Table creases came from the income level $3,000 or more. 5). Farm operators, who before the war bought The market for these selected durable goods was comparatively few major household appliances, in 1948 bought at about the same rate as other sections TABLE 4 ACTUAL BUYERS OF DURABLE GOODS, BY PURCHASE PRICE TABLE 5 AND INCOME GROUP, 1948 ACTUAL BUYERS OF DURABLE GOODS, BY AGE AND OCCUPATIONAL GROUP, 1948 Buyers as a percentage of all spending units within income group Type of purchase B o u f y a e l r l s s a p s e a n d p in er g c e u n n t i a t g s e and price class All Under $1,000- $2,000- $3,000- $5,000 within group i g n r c o o u m p e s $1,000 $1,999 $2,999 $4,999 o a v n e d r Type of group Other Auto- selected Automobiles:1 mobiles * durable Under $1,000. . 7 4 6 8 10 3 goods $l,000-$l,499.. 3 (2) 1 3 3 4 $l,500-$l,999. . 3 (2) (2) 2 5 8 $2,000 and over 4 (2) (2) 2 4 15 Age of head of spending unit: 18-24 22 35 All cases.... 17 5 8 15 22 30 25-34 24 53 35-44 20 48 Other selected 45-54 15 38 durable goods:3 55-64 . . .. 9 29 Under $100. 8 8 11 8 8 5 65 or over. 5 18 $100-$199.. 7 5 8 10 8 6 $200-$299.. 7 2 6 7 8 6 All cases.. 17 39 $300-$499.. 8 1 3 7 12 14 $5OO-$749.. 4 (2) 1 2 5 10 Occupation of head of spending unit: $750-$999.. 1 0 (2) 1 2 2 Professional . 19 44 $1,000 and over 3 (2) 1 2 2 9 Managerial and self-employed 22 47 Not ascertained 1 (2) 1 1 1 2 Clerical and sales 16 38 Skilled and semiskilled 20 47 All cases.... 39 17 31 38 46 54 Unskilled 14 37 Farm operator 20 40 All others 8 20 1 Includes both new and used automobiles. 2 Less than one-half of 1 per cent. All cases. 17 39 3 Prices refer to the total value of such goods bought by a spending unit. NOTE.—Details may no t add to totals because of rounding. 1 Includes both new and used automobiles. 650 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES of the population. The rise in farm incomes in ment with estimates of new houses completed after recent years, coupled with extension of rural elec- allowance for units awaiting sale and for newly trification, appears to have greatly facilitated farmer built rental units. The estimated median price paid purchases of major consumer appliances. A larger for new houses last year was between $7,500 and proportion of consumer spending units where the $8,500, which represented no substantial change head was classified as a professional or businessman from 1947. It should be borne in mind that this spent over $500 on durable goods other than auto- is a nation-wide estimate covering all nonfarm mobiles than of those in the clerical, farmer, and houses built for year-round occupancy. It is based unskilled worker groups. on data from large cities, small towns, and rural Actual purchases of these selected durable goods areas, and from geographic regions having substanin 1948 were substantially more numerous than tial variation. Furthermore, in some cases, where was shown by data on expressed intentions to buy the labor of the owner and his friends was utilized at the beginning of the year. The probability that on a nonpaying basis, the price paid for the house this would be the case was noted in the analysis would not be fully representative of its market of the 1948 survey. In the postwar period, con- value. While the sample of new houses purchased sumers generally have tended to underestimate does not justify estimates for any subdistributions, their future purchases of furniture and major it is probable that prices paid for houses bought appliances. The only exceptions occurred in 1946 were higher in large cities than in small towns and when pent-up consumer demand and consequently open country. plans to buy exceeded the limited production of The number of existing houses purchased in 1948 most types of appliances. is estimated at 1.6 million, and the median price Some consumers did not carry out their inten- paid was between $7,000 and $8,000. This was a tions to buy a particular durable good during substantial rise in median price from the 1947 1948. In about half the cases, the reason given range between $5,000 and $6,000. However, it was "insufficient income" while "too high prices" probably reflects a tendency toward the purchase of was mentioned by one-fourth of this group. It houses of better quality and higher price rather should be noted, however, that a little more than than a further rise in urban real estate values. half of the group that failed to buy a specific The total number of houses bought in 1948 durable good according to intention actually did was close to the upper limits of plans expressed purchase other durable goods. This no doubt at the beginning of the year. Spending units with reflects a degree of fluidity in consumer buying incomes of $3,000 or more accounted for about plans as well as the necessity of adapting and tim- two-thirds of all house purchases, which was about ing actual purchases in accordance with current the proportion indicated by plans earlier in the year. needs and budget limits. Spending units with incomes of less than $3,000 Houses. The number of spending units who re- typically paid less than $5,000 for the homes they ported buying new or existing houses last year can purchased in 1948. The survey did not ascertain be placed at about 2.4 million, compared with 2.2 the age, structural characteristics, equipment, and million in 1947. Estimated total expenditure for state of repair of the houses that were bought these houses in 1948, as shown in Table 1, was in 1948. approximately 21 billion dollars, or about 6 bil- About one-third of the house buyers in 1948 were lion more than in 1947. This substantial increase veterans of World War II; 7 per cent of veteran in expenditures reflected in part a larger number of spending units bought houses compared with 4.5 houses bought and in part a rise in the average per cent of nonveteran units. The purchasing patpurchase price. Sources other than the survey tern of veterans and nonveterans was more similar indicate that mortgage debt on residential proper- in 1948 than in 1947, however, when 9 per cent of ties rose 4.8 billion dollars during 1948 as compared veteran spending units bought houses compared with an increase of 5.0 billion in the preceding year. with 4 per cent of nonveteran spending units. Survey data indicate that somewhat over 800,000 As might be supposed, houses were bought most newly constructed houses were purchased for owner- frequently by spending units whose heads were occupancy in 1948. This figure is in close agree- between 25 and 44 years of age. This is the same JUNE 1949 651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES age group that most often bought selected durable automobile purchasers indicate that a continued goods other than automobiles, and it is fair to gradual increase in the use of credit to buy cars assume that the two types of purchases were closely may be expected during 1949. associated in a number of instances. The broadening of the market for selected durable goods other than automobiles was likewise METHOD OF PAYMENT FOR DURABLE GOODS accompanied by more frequent use of instalment AND HOUSES credit. About 48 per cent of the buyers of these Credit was utilized in a somewhat larger pro- goods bought on credit in 1948 compared with portion of consumer durable goods purchases in an estimated 42 per cent in 1947. As in previous 1948 than in 1947. Survey results show that 39 per years, spending units with incomes in the $1,000cent of all automobile sales to consumers involved $3,000 range who bought durable goods used inthe use of instalment credit last year compared with stalment credit with greater frequency than did 35 per cent in 1947 (see Table 6). Greater use of units at other income levels. credit was made in both new and used car trans- The proportion of houses bought for cash apactions. As in previous years, the survey found pears to have been slightly larger in 1948 than in that buyers of new cars relied on credit less fre- the preceding year, according to available but quently than did used car buyers. To some extent somewhat limited data.3 More than one-fifth of this may have been due to the fact that three-fourths 3 Information on the method of financing house purchases of the new car buyers had automobiles to trade or is more complete for 1948 than for earlier years, so that the sell while only about half of the used car buyers data are not completely comparable. However, since the data for 1948 probably resulted in the discovery of some were in this position; it doubtless also reflected the cases of credit buying that were not ascertained in earlier higher income levels from which most new car years, this change in method would not controvert the findowners come. The financing plans of prospective ing that there was an increase in cash buying of houses from 1947 to 1948. TABLE 6 ACTUAL AND PLANNED METHODS OF FINANCING PURCHASES OF CONSUMER DURABLE GOODS AND HOUSES Percentage distribution of buyers Type of purchase and method of payment 1949 1948 1947 1946 Plans for Actual Plans for Actual Plans for Actual Plans for financing financing financing financing financing financing financing Automobiles:1 Full cash (including trade-in allowances) 52 59 '54 '65 54 77 Instalment credit (together with down payments— ;;; cash and trade in allowances) 41 39 37 '35 37 21 Uncertain as to method 7 2 9 2 All buyers... 100 100 100 100 100 100 100 Other selected durable goods: Full cash (including trade-in allowances) 45 51 49 r57 56 '64 Instalment credit (together with down payments— cash and trade-in allowances) . . 39 48 42 42 38 35 Uncertain as to method 16 1 9 n 6 '1 All buyers... 100 100 100 100 100 100 100 Houses:* Full cash 17 22 20 16 13 Mortgage 5 61 74 67 84 74 Uncertain as to method 22 4 13 0 13 All buyers 100 100 100 100 100 100 100 r Revised. 1 Includes both new and used automobiles. 2 Data not available. 3 Less than one-half of 1 per cent. 4 Includes both new and existing nonfarm houses. 5 Data from the fourth survey covering financing of house purchases planned in 1949 and financing of actual house purchases in 1948 are not completely comparable with earlier data. The fourth survey obtained, for the first time, information concerning nonmortgage type borrowing to finance the purchase of housing. Cases of such borrowing have been included in the mortgage category. This probably causes some overstatement of the frequency of mortgage financing in relation to the earlier years. 652 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES all houses bought last year were evidently paid for purchases are not infrequently induced by a sudin cash as against one-sixth in the previous year. den need arising out of the breakdown of a pres- Approximately 1 home buyer in 20 made use of ently owned good or occasioned by some special some type of nonmortgage credit to finance the personal or family development not easily foreseen purchase of the house. Where mortgage credit was or planned in advance. used, the amount of the mortgage was more than Finally, economic conditions change and changes 60 per cent of the purchase price of the house in affect various consuming groups and their buying roughly half of the cases and was equal to 80 per plans in different ways. This particular limitation cent or more of the purchase price in almost one- is important to bear in mind in interpreting conthird of the cases. For prospective house purchasers sumer buying intentions expressed in the early part who had some idea of their financing plans early in of this year. Prospective purchases outlined in 1949, the arrangements appeared to be similar to January and February were formulated at a time plans in early 1948. There was a noticeable in- when consumers were for the most part optimistic crease, however, in the number who were uncertain about their future incomes and the general ecoas to their financing plans. nomic outlook. A prospect of lower prices was evident to a majority of consumers, but this pros- CONSUMER INTENTIONS TO BUY IN 1949 pect was not strongly associated with lower in- Information on consumer intentions to buy spe- comes or with anticipation of declining economic cific durable goods and houses during the year activity generally. following the interviews has attracted considerable Since early March, when the survey was cominterest in preceding surveys. It cannot be too pleted, small declines in personal income have strongly emphasized that in this particular area, become more widespread, especially for persons more perhaps than in any other in the survey pro- employed in manufacturing industries. A modergram, the reported estimates are exploratory and ate rise in the number of unemployed has received experimental in character and must be interpreted much attention and substantial price cuts for most with caution. major durable goods have been given wide pub- The volume of consumer purchases in a given licity. It is not known what effect these developyear reflects developments and contingencies not ments may have had upon the buying plans known to buyers at the beginning of a year when reported. At the time of the survey, as stated the surveys are made. For this reason, as observed earlier, many consumers expressed some uncertainty in presenting the results of previous surveys, con- about economic prospects for the year and others sumer plans to buy in any particular year should who anticipated "good times" hedged their answers. not be construed as an indication of total demand Unless downward readjustment in economic acor of the quantities of goods to be purchased dur- tivity and prices should go beyond the extent to ing the year. which it was discounted by consumers early in the In some cases it has worked out that buying plans year, it is possible that consumer buying plans may for the year have been larger than the quantities not be greatly affected. which could reasonably be expected to be produced Taken by themselves, data on consumer purchase in that period. This has been true of such im- plans from a given survey are an indication of the portant items as new automobiles and new houses, disposition of consumers to buy goods at the time the purchases of which would appear to be planned the survey wras made. Comparing the attitudes somewhat further in advance by consumers, prob- expressed in successive surveys, however, indicates ably because of the much higher unit cost. roughly whether consumer inclination toward buy- In other cases it appears that consumers do not ing houses, automobiles, and other major durable effectively plan their purchases for as long a period goods has been increasing or decreasing. Data in ahead as an entire year. This seems to have been Tables 7, 8, and 9 facilitate comparisons of buying true for the buying of relatively inexpensive du- plans in four successive years. rable goods such as table model radios, small wash- At the beginning of 1949, consumers indicated ing machines, or individual pieces of furniture. that they planned to buy more automobiles, tele- In the case of more expensive items, including cars, vision sets, and moderately priced houses and fewer JUNE 1949 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 7 ACTUAL AND PROSPECTIVE BUYERS OF DURABLE GOODS AND HOUSES AS A PERCENTAGE OF ALL SPENDING UNITS WITHIN DIFFERENT INCOME GROUPS 1 Actual buyers Prospective buyers Type of purchase i g n r c A o o u l m l ps e $ U 1 n ,0 d 0 er 0 $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 4 , , 0 9 0 9 0 9 - $5 o a , v n 0 e d 0 r 0 i g n r c A o o u l m l ps e $ U 1 n ,0 d 0 e 0 r $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 2 , , 0 9 0 9 0 9 - $ $ 3 4 , , 0 9 0 9 0 9 - $5 o a , v n 0 e d 0 r 0 Automobiles:2 1 1 9 9 4 4 9 8 • jy- " •••£•" '"is"' " 22* ""36" ' 1 1 3 1 2 4 3 6 1 9 0 1 1 5 5 '2 2 8 7 1 1 9 9 4 4 6 7 1 1 5 1 4 2 9 8 1 1 5 3 1 1 9 1 3 2 0 0 1 1 2 1 3 4 6 8 1 1 2 1 1 1 8 6 2 2 4 6 Other selected durable goods: 1949 23 11 15 21 29 33 1948 39 17 31 38 46 54 22 7 16 21 29 34 1947 35 14 29 39 39 48 21 9 17 24 28 26 1946 28 14 25 32 36 35 28 14 25 32 34 38 Houses:3 1949 5 1 3 4 6 8 1948 5 3 2 5 6 8 5 CO 2 6 8 10 1947 5 1 3 4 7 6 6 1 6 6 9 8 r Revised. 1 Intended purchases for the year 1949 and actual purchases during 1948 were ascertained from interviews made during the period from Jan. 5 to Mar. 5, 1949. Similar information for previous years was obtained by surveys made early in 1948, 1947, and 1946. The distribution of spending units by intentions to buy in 1949, 1948, 1947, and 1946 is shown in Table 8, p. 655. 2 Includes both new and used automobiles. 3 Includes both new and existing nonfarm houses. 4 Less than one-half of 1 per cent. refrigerators, washing machines, and other selected number of prospective purchases may turn out to be durable goods than they had planned at the begin- less than the number of used cars that are actually ning of 1948. There was evidence of a strong bought during 1949. Such a development would underlying consumer demand for these major be important; with the present organization of goods which might make itself felt if goods were the automobile industry a sustained volume of available at prices and qualities considered attractive. used car purchases is an essential condition for a Survey estimates show that from 3.6 million to sustained high level of new car sales. 5.1 million spending units have some intention of Intentions to buy selected durable goods other buying new cars in 1949. This is larger than the than automobiles appeared to be slightly weaker number having such plans early in 1948 and also early in 1949 than early in 1948, except in the case larger than the number that actually bought new of television sets. However, the indicated decline cars last year. The prices consumers said they in demand for these other goods was small. Conexpected to pay were more realistic and more sumers appeared to be planning to maintain purclosely in line with actual prices paid in 1948 than chases of furniture, refrigerators, radios, and washwere the prices indicated in previous surveys. For ing machines at a level not much below the record spending units who were uncertain whether they set in 1948. would buy a car during 1949, price appeared to be Consumer plans to buy television sets reflected the factor of greatest importance. If consumer plans the growing popularity and availability of such to buy new cars this year were realized, the dollar goods. While buying plans for television sets are amount of these purchases would be as much as 1 not available for years prior to 1949, and although billion dollars greater than purchases in 1948. the sample for this year is exceedingly small, the The number of consumer spending units plan- survey data suggest that approximately twice as ning to buy a used car during 1949 exceeded the many spending units reported some intention to number planning such a purchase in any previous buy these sets as actually bought them last year. survey. On the basis of survey experience to date, There was no change from 1948 in the proporused car purchases have generally been well in tion of spending units at each income level that excess of indicated buying plans so that even this intended to buy some selected durable good within 654 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES the next 12 months. As in previous years, it was seen in Table 8. Well over 1 million spending found that the higher the income level, the larger units were estimated to be planning the purchase was the proportion of the group that intended to of newly constructed houses. Whether such plans buy at least one major durable good in 1949 (see will be realizable during the year will depend, of Table 7). course, on the quality, quantity, and pricing of the The survey data thus support a view that over-all construction industry's output. Low and middle demand for consumer durable goods was still income consumers appeared to be in the market strong at the time the survey was taken in early 1949. Some shift in demand was evident but the TABLE 9 buying plans failed to disclose any significant slackening in total consumer demand for durable ACTUAL AND PLANNED PURCHASES OF SELECTED goods—assuming the availability of such goods at DURABLE GOODS X desired styling, quality, and prices—as compared Actual Planned with 1948. purchases 2 purchases Type of durable goods Intentions to buy houses were about as strong 1948 1947 1946 1949 1948 1947 early this year as in the preceding year. However, a greater part of the potential demand indicated Furniture: by the 1949 survey was for new houses, as may be Percentage of spending units 15.3 14.0 13.5 8.4 8.6 7.7 Estimated number of TABLE 8 spending units (in millions) 7.7 6.8 6.3 4.2 4.2 3.7 CONSUMER ATTITUDES TOWARD PURCHASES OF DURABLE Median expenditure $215 $200 $200 $240 $250 $200 GOODS AND HOUSES Radios:3 Percentage of spending units 9.6 10.3 6.6 3.7 4.8 3.6 Percentage distribution Estimated number of of all spending units spending units (in Type of product and attitude millions) 4.8 5.0 3.1 1.9 2.3 1.7 toward purchase Median expenditure $70 $60 $50 $90 $120 $100 1949 1948 1947 1946 Television sets: „ Percentage of spending Automobiles: units 1.3 2.8 Will buy i 9.0 7.3 8.0 Estimated number of 4 Will probably buy 4.0 3.4 3.7 spending units (in () New cars 8.2 7.4 8.2 millions) 0.7 1.4 Used cars 4.3 3.0 3.1 2 Median expenditure $465 0) $340 0) Uncertain, new or used 0.5 0.3 0.4 1 Undecided, "it depends" 5.6 5.5 3.1 2 Refrigerators: Will not buy 81.2 83.6 84.3 84 Percentage of spending Not ascertained 0.2 0.2 0.9 3 units. 10.8 9.7 5.2 5.7 6.2 6.S Estimated number of All cases 100.0 100.0 100.0 100 spending units (in millions) 5.4 4.7 2.4 2.9 3.0 3.3 Other selected durable goods: Median expenditure $260 $240 $190 $240 $240 $200 Will buy i 17.2 16.3 14.5 22 Will probably buy 6.1 5.5 6.6 6 Washing machines: Undecided, "it depends" 7.6 5.6 4.7 5 Percentage of spending Will not buy 69.1 72.3 72.5 63 units 6.0 5.1 2.8 2.7 3.0 2.8 Not ascertained 0.3 1.7 Estimated number of spending units (in All cases 100.0 100.0 100.0 100 millions) 3.0 2.5 1.3 1.4 1.5 1.4 Median expenditure $120 $120 Houses :3 Will buy 1 3.1 3.4 3.8 Will probably buy 1.9 1.2 2.2 1 Planned purchases for the year 1949 and actual purchases New houses 2.6 2.1 2.7 during 1948 were ascertained from interviews made during the Old houses 1.9 1.6 2.3 period from Jan. 5 to Mar. 5, 1949. Similar information for pre- Uncertain, new or old 0.5 0.9 0.9 vious years was obtained by surveys made early in 1948, 1947, Undecided, "it depends" 2.0 2.9 2.7 and 1946. In each case, the percentage of spending units expecting Will not buy 91.9 92.2 89.5 to buy includes those who had purchased in the given year prior Not ascertained 1.1 0.3 1.8 to being interviewed, those who said definitely they would buy, and those who said they probably would do so. All cases 100.0 100.0 100.0 100 2 The fact that the number of spending units who reported buying refrigerators in 1948, 1947, and 1946 was in excess of the number of refrigerators produced in those years is indicative of the 1 Includes all who had purchased in the given year prior to active market for used refrigerators. In the case of washing being interviewed. machines and radios, indicated purchases were less than production 2 Less than one-half of 0.1 per cent. / figures. This may be because a large number of purchases were 3 Includes both new and existing nonfarm houses. made by buyers other than consumer spending units; it is also < Data not available. possible that some purchases of small washing machines and NOTE.—The use of decimals in this table should not be inter- portable and table radios were not reported. preted to mean greater precision than in other tables. The 3 Radio purchases in 1948 and prospective purchases in 1949 decimals are shown here because most of the percentages are under are not completely comparable with earlier data covering radios. 10 and rounding to the nearest full percentage point might result The most recent data show television sets separately from radios in sizable overstatements or understatements of changes shown by whereas the two are combined in the earlier figures. the reported data. 4 Data not available. JUNE 1949 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES for more moderate-priced houses of acceptable mobiles and durable goods than among spending quality than seem likely to be produced. Some units who thought that times would not be good shift in buying plans from a year earlier toward during 1949. Among spending units who thought new houses priced below $10,000 was evident, and that prices would fall, there were relatively more roughly half of all prospective buyers of new houses, prospective buyers of automobiles and durable or an estimated 600,000 spending units, planned to goods than among spending units who thought pay less than $7,000. that prices would not fall. The demand for existing houses also appeared The import of these consumer attitudes is by no to be slightly higher in 1949 than in 1948 although means clear. The two attitudes—expecting prices the difference was not large enough to be significant. to drop and expressing intentions to buy durable The tendency toward a larger proportion of pur- goods—may be independent of each other: some chases of higher priced existing houses that was consumers may feel that there is a downward evident in actual 1948 purchases was continued in trend in prices and may have, without regard to the buying plans reported for 1949. their price expectations, an urgent need for a new Veterans of World War II continued to be car. But consumers may also be of the opinion promising prospects in the housing market. Units that after prices have declined they will be in a containing veterans planned to buy houses at almost better position to buy durable goods. Such attitwice the rate of nonveteran units. tudes may lead to a postponement of purchases, Consumer buying intentions should be evaluated awaiting a drop in prices. It is not possible to say within the framework of the entire situation as con- on the basis of present survey material how fresumers perceived it at the beginning of 1949. As quent such attitudes were. More important, it indicated in Part I, consumers generally were opti- cannot be predicted how consumers may react if mistic about their own income prospects as well as their expectations do not materialize. For instance, about the general economic trend in the country would those consumers who expected to buy durable and expected some decline in prices. A somewhat goods and expected good times actually carry out greater proportion of the nation's spending units their buying intentions if business conditions durwho held such views said they would be in the mar- ing the second half of the year become less favorket for automobiles and durable goods during 1949 able? than was the case for those who had a less opti- Even though it is not possible to answer these mistic view of the general situation. For instance, questions, the basic survey findings must be kept among spending units who thought at the begin- in mind: underlying consumer demand was subning of the year that times would be good, there stantial and the financial position of consumers were relatively more prospective buyers of auto- was strong at the beginning of 1949. 656 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY—19481 bv KATHARYNE P. REIL Credit sales at retail establishments expanded year since before the war when such sales accounted further in 1948 to a total of 38 billion dollars, ap- for roughly two-thirds of the total. Charge-account proximately double the prewar high of 1941, accord- transactions represented 20 cents of the retail dollar ing to estimates based on findings of the annual RETAIL SALES Retail Credit Survey. The growth in credit sales slackened, however, in 1948 and both the dollar amount and the rate of increase in credit sales were smaller than in either of the two preceding years. Instalment sales expanded in 1948 at a more rapid rate than charge-account sales, as had been the case in both 1946 and 1947, and the year's total of 11.4 billion dollars was 61 per cent above the prewar high. Charge-account sales, increasing for the fifth consecutive year, reached a total of 26.6 billion dollars, which was 108 per cent above the 1941 high. Estimates of credit sales based on the annual surveys are shown in Table 1 and the accompanying chart. Cash sales continued to rise moderately in 1948. As in other postwar years, however, the rate of l l l l l l l ll increase was smaller than the rate of growth in credit transactions. During the past year 71 cents of each dollar spent in retail establishments was 1939 1940 1942 1943 1944 1945 1946 1947 1948 on a cash basis, the smallest proportion in any last year, compared with a 1945 low of 16 cents and a prewar level of 23 cents. Instalment sales, the smallest segment, have been subject to the TABLE 1 widest fluctuations during the past decade. From RETAIL SALES BY TYPE OF TRANSACTION a prewar average of 13 cents out of each sales Annual estimates for total retail trade dollar, instalment sales dropped to less than 4 cents Sales(In billions of dollars) Percentage of total sales 1 Miss Elsie T. Nelson has been in charge of the compilation of the various national summaries and in addition has Year Total Cash a C c h c a o r u g n e t I m ns e t n a t l- Cash a C c h c a o r u g n e t I m ns e t n a t l- p in r e t p h a e r e f d in a s l e p v u er b a l l i sh a e n d a ly r s e e p s o rt o f m e th n e ti o i n n e d d iv b id e u lo a w l . tra T d h e e s s i u n r c v l e u y d — ed which is the seventh consecutive annual study of credit- 1939 42.0 27.2 9.9 4.9 65 23 12 granting retail stores conducted by the Board of Governors 1940.... 46 A 29.7 10.9 5.8 64 23 13 of the Federal Reserve System and the Federal Reserve Banks 1941 55.5 35.6 12.8 7.1 64 23 13 —was under the general supervision of Ralph A. Young, 1942.... 57.6 41.9 12.2 3.5 73 21 6 1943.... 63.7 49.4 11.3 3.0 77 18 5 Associate Director of the Board's Division of Research and 1944 69.6 55.0 11.7 2.9 79 17 4 Statistics, and the immediate direction of Clarke L. Fauver 1 1 9 9 4 4 5 6 . . . . . . . . 1 7 0 6 0 . . 6 8 6 7 1 7 . . 1 7 1 1 2 8 . . 6 0 2 5. . 1 9 8 7 0 7 1 1 6 8 4 5 of the Board's staff. The individual store reports were col- 1947.. . 118.3 86.9 22.9 8.5 74 19 7 lected and district data tabulated by the staff of each Re- 1948 130.0 92.0 26.6 11.4 71 20 9 serve Bank. The 1948 survey covers nine trades and is based on data NOTE.—Estimates of total retail sales compiled by the Bureau from 8,973 stores, all of which transacted a part of their of Foreign and Domestic Commerce, United States Department business on credit. Totals include concerns submitting of Commerce. Sales by type of transaction are based on data consolidated reports for multiple units which in some cases from the Census of Business for 1939, projected for subsequent years according to Retail Credit Survey data. could not be classified by Federal Reserve districts. Copies of the 1948 Retail Credit Survey, which contains separate data for nine trades, may be obtained on request from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. JUNE 1949 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1948 in 1945, and in the three following years expanded merchandise in both durable and nondurable lines rapidly to nearly 9 cents of each sales dollar in 1948. appeared on the market. After satisfaction of their Thus, the proportion of total retail sales that are most urgent, war-accumulated demands, consumers on an instalment basis has more than doubled since have been showing a greater awareness of price the war. and quality than at any time since the early forties. The rapid expansion in instalment sales, which SALES EXPERIENCE IN SELECTED TRADES continued throughout most of 1948, was attributable in large part to the wider selection of major durable Changes in retail sales for the nine kinds of goods available at retail establishments. By the credit-granting stores covered by the Retail Credit end of 1947 production of many durable goods had Survey were less marked in 1948 than in either reached a level substantially in excess of prewar of the two preceding years. The largest relative output. Further expansion in production of other increase over the preceding year was 18 per cent, goods, particularly automobiles, stoves, and re- compared with increases up to 55 per cent from frigerators, which had been in relatively short 1946 to 1947 and up to 139 per cent from 1945 supply throughout 1947, permitted retailers to at- to 1946. Percentage changes from 1947 to 1948 tain a fuller volume and better balance of inventory in sales of the credit-granting stores included in 1948 than at any time since 1941. Although in the survey and the percentage distribution of consumers shopped with increasing discrimination such sales by cash and credit are shown in Table 2. as the year progressed, they spent relatively more at Since these data are based on sales of credit-granting durable goods stores than they had in 1947. In stores only, the proportion of sales transacted on making purchases of high unit value, they drew credit is larger than if all firms were covered for relatively less on accumulated savings and re- each kind of business, whether or not they granted sorted to greater use of deferred payment plans. credit. Some softening in most lines of retail trade be- Retail sales of automobile dealers showed the gan in the late months of 1948 and extended into largest percentage increases in 1948, as well as the early part of 1949. Price reductions and special in the two preceding years. Automobile dealers' promotion and clearance sales were widely fea- sales, which increased throughout the twelve tured. An increasing quantity of medium-priced months, showed a gain of 18 per cent for the TABLE 2 RETAIL SALES BY TYPE OF TRANSACTION AND BY KIND OF BUSINESS Stores reporting in 1948 Retail Credit Survey Percentage change, 1947-48 Percentage of total sales, 1948 2 Number Kind of business r o e f p o s r t t o in r g e s * Total Cash a C c h c a o r u g n e t - I m ns e t n a t l- Cash Charge Instalsales sales sales sales account ment Department stores 1,672 +5 (3) + 10 +24 54 36 10 Men's clothing stores... 665 -10 +7 +22 54 39 7 Women's apparel stores. . 613 +2 -3 +7 + 19 46 51 3 Furniture stores 1,378 +2 -13 +3 +8 20 19 61 Household appliance stores... 968 +7 -10 +3 +26 29 29 42 Jewelry stores 519 -5 -14 (3) (3) 36 25 39 Hardware stores 672 +5 -3 +10 +31 45 50 5 Automobile dealers 1,018 + 18 +14 + 16 +40 62 21 417 Automobile tire and accessory stores. . . 1,468 + 1 -12 +38 46 27 27 were more than 500 stores in each trade group, it is believed that even this degree ot coverage affords reliable indication of trends. Related to the sales of credit-granting stores only, sample coverage would be considerably larger. 2 Since the survey is composed of credit-granting stores only, the proportion of total sales transacted on credit is larger than it would be if all stores were included. 3 Less than one-half of 1 per cent. * The proportion of instalment sales reported by automobile dealers is believed to be substantially understated because of the accounting methods used in handling instalment paper sold. See footnote 2 on page 659. 658 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1948 year. Year-to-year comparisons during the twelve —reported at jewelry stores. Cash business exmonths for most other retailing groups were af- ceeded that of the preceding year only at automobile fected to some extent by the leveling off, or in dealers, where demand remained heavy throughout many cases by declines, in sales that occurred in the the year. This gain, however, may reflect to some fourth quarter. At household appliance stores extent their method of handling instalment paper sales for the year as a whole were 7 per cent above sold.2 the 1947 volume, but demand for many of the Although a further increase in use of credit was small appliances and radios showed a marked slack- reported by all nine kinds of business in 1948, the ening during the period. Hardware and furniture importance of credit sales relative to total sales has stores reported sales above those of the preceding not yet reached prewar proportions. At departyear by 5 per cent and 2 per cent, respectively. ment stores, however, the proportion of total sales Among the durable goods outlets covered in the on credit has almost returned to that prevailing survey, only jewelry stores showed a decline in in the early forties. These stores, because of the total dollar volume in 1948. This decline was of wide diversity of merchandise carried, were able about the same magnitude as that reported a year to maintain sales somewhat better during the war earlier, but sales were still more than double the years than most kinds of retail outlet. At the other 1941 volume. At automobile tire and accessory outlets reporting in the survey, particularly durable stores sales remained near the high level of the goods stores, consumer competition for merchandise two preceding years. and a high level of current income, supplemented Credit-granting stores classified as nondurable by war-accumulated savings, have led to a greater transacted about the same volume of business use of cash in purchasing goods of high unit in 1948 as a year earlier. At women's apparel stores value than was the case before the war. sales were well maintained, but at men's clothing The nine trades generally made a greater proporstores, in spite of promotional efforts in the latter tion of their total sales on instalment in 1948 than part of the year, sales declined by 2 per cent. The a year earlier, and most of these trades also showed moderate rise in department store sales was at- some expansion in the charge-account segment. A tributable, in part, to increased activity in women's slight decline in the relative importance of chargeapparel, but also to a further growth in sales of account business at household appliance stores refurniture and bedding, rugs and carpets, and the sulted from a marked upward shift in use of desmaller housefurnishings items. ferred payment plans as more stocks of expensive Instalment sales of eight of the nine kinds of items became available in the latter part of 1947 business covered by the survey increased substan- and the first half of 1948. tially in 1948. The largest gains, as in 1947, were CHARGE-ACCOUNT SALES AND RECEIVABLES shown by the durable goods stores—automobile dealers and automobile tire and accessory stores Charge-account sales of all retail establishments ranking first with increases of about 40 per cent. rose by an estimated 3.7 billion dollars or 16 per cent Charge-account sales expanded generally in 1948, in 1948. The increase, while substantial, did not but the changes were less marked than for in- approach the exceptionally large gains of the two stalment business. The largest increases over 1947 preceding years. Further expansion in chargewere 16 per cent for automobile dealers and 10 per account business was reported by seven lines covcent for hardware and department stores. Auto- ered by the survey, with little deviation from the mobile tire and accessory stores, which reported 1947 volume shown by the other two. The largest one of the largest gains for instalment sales, relative increase was shown by automobile dealers, showed a small decline in their charge-account but charge-account transactions remained in aptransactions. Men's clothing stores maintained a 2 At some stores customarily selling all instalment paper as volume of sales near the high 1947 level through soon as it is written, sales of this type are entered on the books as cash transactions since total payment is received by expanded credit volume on both a charge-account the retailer at the time of the sale. Therefore, cash transand an instalment basis. A smaller volume of cash actions of automobile dealers and perhaps of household apbusiness was reported at seven of the nine kinds pliance stores are probably overstated, with a compensating understatement in the instalment segment. Amounts of inof business, with the largest decline—14 per cent stalment paper sold also may be understated. 659 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1948 proximately the same position relative to their total advantage to the larger stores in expanding business. sales. Charge accounts receivable of all retail outlets Charge-account business for the entire retail at the end of 1948 were higher than at any time trade is estimated at one-fifth of all sales in 1948, a on record and nearly 7 per cent above the amount slightly higher proportion than a year earlier. outstanding on December 31, 1947. At most of Among the nine kinds of business included in the nine trade lines surveyed, the ratio of yearthe survey the greatest changes in the proportion end receivables to charge-account sales for the year of business done on a charge-account basis occurred changed little during the 1947-48 period. However, at those outlets which customarily encourage the accounts were generally repaid somewhat more use of this "convenience" credit. Stores in the gen- slowly during 1948. The average collection period eral merchandise and apparel fields began to rein- was longer than in 1947 by nearly a week at state 90- and 120-day credit plans at the end of 1946 household appliance, jewelry, and furniture stores, when wartime restrictions on open-credit accounts as shown in Table 3. At apparel stores, which were removed. As expenditures for durable goods customarily feature charge-account business and increased and consumer instalment indebtedness report a comparatively long repayment period, acmounted, more and more customers took advantage counts in 1948 were outstanding, on the average, of such plans. By the end of 1948 the use of charge somewhat longer than 60 days, or about the same accounts at department stores had nearly returned period as in 1947. This period was considerably to the prewar pattern and at some of the apparel shorter than the average before the war. Data stores was rapidly approaching it. Little change available for the early months of 1949 indicate a was shown in charge-account sales at those retail further gradual lengthening in repayment periods. outlets which usually extend only a small amount of this type of credit. INSTALMENT SALES AND RECEIVABLES In most retail lines covered by the survey, the Instalment sales of all retail establishments inlarger stores continued to transact a greater pro- creased by an estimated 34 per cent in 1948, about portion of their business on charge account than one-half the rate of expansion in each of the two was the case for the smaller-size stores. Gen- preceding years. Much of the 2.9 billion dollar erally speaking, however, sales increased in 1948 gain in sales of this type was attributable to purabout as much relatively at small stores as at the chases of new passenger cars which continued in larger ones, indicating that in this particular year heavy demand throughout the year. A considcharge accounts appear to have provided little erable part of the gain resulted from sales of major TABLE 3 RETAIL ACCOUNTS RECEIVABLE Stores reporting in 1948 Retail Credit Survey Percentage change in Average collection period for accounts receivable accounts receivable Instalment paper during 1948 sold as Number percentage of Kind of business of stores Charge account Instalment instalment sales reporting (In days) (In months) Charge Instalaccount ment 1948 1947 1948 1947 1948 1947 Department stores 1,606 +8 +27 57 55 12 10 7 3 Men's clothing stores 637 +8 +20 65 64 6 6 C1) C1) Women's apparel stores.... 512 +3 0) 62 62 6 6 C1) 0) Furniture stores 1,211 +8 +23 64 59 11 9 4 2 Household appliance stores. 825 + 12 +50 46 40 10 8 18 15 Jewelry stores 495 +6 +8 58 53 11 9 C1) C1) Hardware stores 632 + 12 +43 53 54 10 9 15 10 Automobile dealers 982 +9 +48 33 35 15 13 46 44 Automobile tire and accessory stores 1,395 +4 +57 46 43 10 9 8 5 1 Less than one-half of 1 per cent. 660 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RETAIL CREDIT SURVEY 1948 household appliances, which are handled not only the average in about six months, as is shown in by household appliance stores but also by furni- Table 3, whereas at all other outlets the liquidation ture and department stores and to a smaller extent periods became noticeably longer. This increase in at other retail outlets. Nearly all types of appli- time required to complete payments came about ances were in good supply by the middle of 1948 through smaller down payment requirements and and, when sales of some models fell off in later longer maturity provisions offered by retailers, months, attempts were made to stimulate purchases particularly for major durable goods. For autothrough price reductions and special sales promo- mobile dealers about 15 months was the average tion. Substantial proportions of the sales of auto- period for repaying instalment indebtedness in mobiles and appliances were made on deferred 1948, 2 months longer than the average for 1947. payment arrangements. The average liquidation period rose by 2 months Instalment sales of both automobile dealers and to around 11 months at furniture and jewelry automobile tire and accessory stores were about stores, while at household appliance, hardware, two-fifths above the 1947 volume, as is shown in and automobile tire and accessory stores it was Table 2. For automobile dealers this represented extended by 1 or 2 months to approximately 10 a smaller increase than in 1946 or 1947. Consumer months. resistance to higher-priced, extra-equipped models INSTALMENT PAPER SOLD of new cars increased as the year progressed. Tie-in sales, with extra accessories sold as a part of the As the proportion of retail sales made on an car, became less frequent, and in the last quarter instalment basis increased, those retail outlets which sales of used cars declined slightly although they transacted a substantial volume of instalment busiremained well above the level of a year earlier. ness sold more of their paper to banks and sales Consumer resistance to higher-priced major ap- finance companies. As shown in Table 3, autopliances also became stronger during the year, mobile dealers reported paper sold in 1948 amountparticularly in the last quarter. Nevertheless, in- ing to nearly half their reported instalment sales stalment sales at household appliance stores rose 26 volume, a slight increase over the proportion sold per cent for the year as a wThole, and sales of the preceding year. These proportions, however, appliances at hardware stores contributed toward an are affected by the accounting methods used by even greater expansion in deferred credit sales of some automobile dealers which result in some these outlets. Appliance sales at department understatement of the amount of both instalment stores, which had been exceptionally large in the sales and instalment paper sold.3 latter part of 1947, probably accounted for little Household appliance stores in 1948 generally of the 1948 gain of nearly one-fourth in instal- reported sales of paper equivalent to nearly onement transactions at such stores. At furniture stores, fifth of their instalment sales, a larger segment where a major proportion of the business is on a than in 1947. Many financial institutions, howdeferred-payment basis, instalment sales were up ever, became more selective in their purchase of only 8 per cent. appliance paper, and as a consequence small house- Promotion of "budget" accounts and special hold appliance stores, which customarily dispose sales resulted in a substantial increase in instalment of a substantial part of their paper, held a larger sales at men's apparel stores but did not offset proportion of the total amount in 1948 than a year lagging business enough to prevent a slight de- earlier. cline in total sales. At women's apparel stores in- The proportion of paper sold by furniture and stalment transactions were 19 per cent larger than department stores doubled from 1947 to 1948, but in 1947 but continued to account for a very small both types of stores continue to finance out of their proportion of the total business. own resources the bulk of their instalment business. Instalment receivables increased relatively more Apparel and jewelry stores still sell a negligible than instalment sales at seven of the nine retail amount of paper. outlets covered by the survey. Apparel stores, the exceptions, continued to collect their accounts on 3 See footnote 2 on page 659. 661 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON QUARTERLY SALES, PROFITS, AND DIVIDENDS OF 200 LARGE MANUFACTURING CORPORATIONS by ELEANOR J. STOCKWELL A new quarterly series of sales, profits before loss. This was usually more serious for certain intaxes, profits after taxes, and dividends of 200 large dividual industries than for the total. Although manufacturing corporations is substituted in the data are not available in published quarterly reports BULLETIN table on page 703 for the former series to eliminate all such bookkeeping transfers and of profits of 629 large industrial companies and extraordinary items from the accounts of the 200 profits and dividends of 152 large industrial com- companies, it is believed that the more significant panies. The new series includes quarterly data be- are clearly identifiable. ginning in 1946, together with retrospective annual A comparison of the new with the old series data beginning in 1939, for 200 manufacturing cor- indicates that, although the new series covers a porations, each with end-of-1946 total assets of much smaller number of companies, profits move- 10 million dollars and over. The data are shown ments in the two series are very similar. This is on page 703 by two size classes—total assets of true not only for the samples as a whole, as is shown 10-50 million dollars and of 50 million and over— in the chart, but also for important industries, and and on page 704 by selected industry groups. it is true both of quarter-to-quarter changes and of Quarterly data for 1946 and retrospective annual longer-term trends. Differences in movements, data by industry groups, which are not included when they occur, reflect largely the inclusion in the on these pages, appear at the end of this article. 629-company series of extraordinary charges or Data are compiled for those companies that publish credits that are eliminated from the 200-company reports promptly after the close of each quarter, and certain adjustments are made in the reported figures, chiefly to exclude nonrecurring charges and QUARTERLY PROFITS AFTER TAXES credits. A more detailed description of the series OF LARGE MANUFACTURING CORPORATIONS appears in a later section of this article. VT QUARTERLY AWRAGE • 100 ADVANTAGES OF NEW SERIES The new 200-company series is more useful for analytical purposes than the former 629-company series. Since the old series provided data only on profits after taxes, it was not possible to relate the reported profits figures to other pertinent data for the same companies. With the new series, changes in profits can be analyzed in terms of changes in sales, or in terms of changes in total costs relative to sales. Changes in both the dollar volume and the proportion of earnings retained by these large manufacturing companies may also be studied from this series. In the new series profits are compiled on a more uniform basis than in the 629-company series. The latter compilation was based on profits exactly as reported by each company. Short-term movements in the old series were sometimes distorted by significant charges or credits to surplus reserves or * Since the new 200-company series includes manufacturing corporations only, figures shown on the chart for the old series, by extraordinary items of nonoperating profit or commonly known as the 629-company series, exclude 74 trade and service companies. 662 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON QUARTERLY SALES, PROFITS, AND DIVIDENDS series. For example, the new series shows a much the increase in sales. Since there has been no sharper increase in profits from 1946 to 1947 than change in Federal income tax rates, profits after the old. During 1946 reported profits of many taxes also increased by about 10 per cent. Dividend companies included a large volume of refunds on payments, however, were 20 per cent larger than wartime excess profits taxes and wartime reserves in the first quarter of 1948, and as a consequence that had been returned to the income account. undistributed profits were about the same in the These items are not included in the 1946 profits two quarters. of the 200-company series. As has been the case in other recent quarters, The new series will also be a useful supplement first-quarter-1949 sales and profits of the very large to the quarterly estimates of aggregate financial companies—those with assets of 50 million doldata for all manufacturing corporations currently lars and over—generally compared more favorably being released by the Federal Trade Commission with those for the first quarter of 1948 than did and the Securities and Exchange Commission, and the sales and profits of the moderately large comto the quarterly profits estimates of all manufactur- panies. A year-to-year increase of 15 per cent in ing corporations released by the Department of profits for the very large companies compared with Commerce as part of the national income series. a decrease of 17 per cent for the moderately large Data for the 200 companies generally become avail- companies. As can be seen from the table on page able more promptly than do estimates for all manu- 703, profits before taxes of the very large comfacturing companies. In addition, the new series panies for the year 1948 were one-third larger than will permit analysis of individual company varia- in 1947, as compared with an increase of only onetions for some leading income items, and such fifteenth for the moderately large companies. variations are often of considerable value in inter- Similar differences occurred in all major induspreting the movements of the aggregate data. trial groups. The new series provides up-to-date information Among the selected industries for which data are for a group of leading manufacturing corporations available, only the metals group continued in the that account for roughly one-fourth of the sales first quarter of 1949 to show substantial year-to-year and profits of all manufacturing corporations. increases in aggregate profits. The major iron and Nevertheless, the coverage of the new series is steel producers account for a very large proportion limited and it cannot be used to estimate the uni- of aggregate profits in this group, and year-to-year verse of manufacturing corporations. Representa- comparisons of both sales and profit margins of tion in a number of nondurable goods industries is these companies reflect in part price increases in the unavoidably light because of the unavailability of summer of 1948. In the chemical and automobile data, and no companies with assets of less than 10 groups, sales and profit margins were somewhat million dollars are included. The recent profits ex- larger in the first quarter of this year than in the perience of the smaller companies and of many same period of 1948, and profits increased modercompanies in some nondurable goods lines has been ately. On the other hand, profit margins in the less favorable than that of the large durable goods petroleum industry were lower than a year earlier, manufacturers with which the 200-company series and for the group as a whole this decline more than is heavily weighted. offset a slight increase in sales. In the foods and kindred products group, small declines in both FIRST QUARTER SALES AND PROFITS sales and margins reduced aggregate profits to Preliminary data are now available for the first a level about 10 per cent below the first quarter quarter of 1949 and indicate that aggregate sales of of 1948. these 200 large manufacturing companies declined Study of individual company variations sheds somewhat from the fourth quarter but were 8 some light on group movements. For example, in per cent above the first quarter of 1948. Average both the chemical and automobile groups aggreprofit margins were slightly wider in the first gate profits before taxes increased about 20 per quarter of this year than they were a year ago, with cent from the first quarter of 1948 to the first the result that aggregate profits before taxes in- quarter of 1949. In the chemical group nearly twocreased by 10 per cent, or somewhat more than thirds of the individual companies also showed year- JUNE 1949 663 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON QUARTERLY SALES, PROFITS, AND DIVIDENDS to-year increases in profits, but in the auto group industries is unavoidably small, due to lack of pubthe increase in aggregate profits was due largely to lished quarterly data for the largest enterprises. a substantial increase in the profits of one company Since the absence of available data is most serious —General Motors Corporation—with more than in certain nondurable lines, such as meatpacking, half of the remaining companies reporting declines tobacco, rubber, and petroleum, the nondurable in earnings. A similar contrast occurred in the groups are a smaller proportion of the 200-company petroleum and the foods and kindred products sample than they are of the universe. groups. In each group aggregate profits before Quarterly data on sales are those reported to the taxes in the first quarter of 1949 were somewhat Securities and Exchange Commission by the inbelow the first-quarter-1948 level. In the foods dividual companies, with the exception noted begroup, a few companies reported substantial de- low. Data on quarterly profits before taxes, Federal clines while more than one-half of the companies re- income taxes, and profits after taxes are taken from ported larger profits than in the first quarter of published company reports to stockholders. Quar- 1948. However, among petroleum companies, de- terly dividend payments on preferred and common clines in petroleum prices adversely affected the stocks are computed from published data on the profits of practically all companies in the group, number of shares outstanding and on dividends per and 11 of the 14 companies reported smaller earn- share. ings than in the first quarter of last year. Sales figures are exclusive of excise taxes paid directly by the company. These taxes occur mainly DESCRIPTION OF DATA in the beverage, tobacco, and petroleum industries. The 200 companies include all except 31 manu- The inclusion of excise taxes would limit the comfacturing companies with end-of-1946 assets of 10 parability of profits-to-sales ratios in these industries million dollars and over, for which the desired sales with similar ratios for other industries. and profits data are available for each quarter since Profits (before and after taxes) and Federal inthe beginning of 1946, and for which the data are come taxes reflect (as nearly as is determinable from currently available promptly after the close of the the information available in quarterly stockholders' quarter. The 31 companies were excluded so that reports) the results of current manufacturing opersamples in the industry-size groups would be more ations only. To this end, reported figures have uniform percentages of the universe of companies been adjusted to exclude from current profits such in the respective industry-size groups. items as: tax credits applicable to prior years; trans- In most industry groups, the sample companies fers to reported profits of reserves previously set accounted in 1941 (the latest year for which pub- aside; nonrecurring profits from the sale of property lished Statistics of Income data are available in suf- and other assets; and intercorporate dividends ficient detail on a peacetime industry basis) for when large, as in the case of the General Motors about 20 per cent of the sales of all manufacturing dividend received by E. I. du Pont de Nemours & companies with assets of 10-50 million dollars. For Co. The reported figures have also been adjusted companies with assets of 50 million dollars and to include as profits such items as: funds set aside over, the ratio of sample to universe is more difficult out of current earnings for surplus reserves (for exto determine, since data for the sample companies ample, contingency, inventory, and special deprecirepresent consolidated reports whereas 1941 Sta- ation); funds deducted for payments of prior year tistics of Income data are principally aggregates of taxes; and other special charges not related to curunconsolidated returns. This means that the vari- rent operations. ous companies in one consolidated group would be A compilation of the individual types of adjustincluded, in the sample, in one industry-size class ments aflords some information useful in interand, in Statistics of Income data, in several differ- preting the various published tabulations of profits ent industries and several different size classes. It after taxes as reported by the corporations. The folis likely, however, that the over-all coverage of very lowing are the main points. (1) Special charges and large companies is of the same order of magnitude credits usually occur in the accounts of only a few as that of the moderately large companies. very large companies. While they are often sub- In both size classes the representation in a few stantial relative to the company's profits, they are 664 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON QUARTERLY SALES, PROFITS, AND DIVIDENDS not large in relation to aggregate figures for broad special credits to income were nominal. Special groups of companies. (2) These special adjust- charges (largely for special depreciation reserves) ments were much larger in 1946 than they have amounted to about 25 million dollars, which combeen since then. In the first quarter of 1949 pares with a 1948 quarterly average of 45 million. QUARTERLY SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, 1946 [In millions of dollars] 1946, by quarters x 1946, by quarters l All industries Selected industries 2 Total (200 corporations) Foods and kindred prod. (28 corps.) Sales 3,878 5,063 5,788 6,833 Sales 586 626 674 828 Profits before taxes 132 421 621 860 Profits before taxes 83 97 113 142 Profits after taxes -4 241 388 578 Profits after taxes 47 56 65 86 Dividends 201 211 222 309 Dividends . . 22 22 25 36 By size (total assets) Chemicals and allied prod. (26 corps.) Sales 574 621 641 714 Assets of 50 million dollars and over Profits before taxes 104 110 118 130 (82 corporations) Profits after taxes 61 67 71 83 Sales 4,127 4,762 5,675 Dividends 34 44 44 59 Profits before taxes 72 311 483 706 Profits after taxes -33 175 303 488 Petroleum refining (14 corps.) Dividends 178 184 184 258 Sales •455 494 538 594 Profits before taxes 55 59 71 85 Assets of 10-50 million dollars Profits after taxes 43 47 55 69 (118 corporations) Dividends 15 23 18 35 Sales 790 937 1,026 1,159 Profits before taxes 60 109 137 154 Primary metals and prod. (39 corps.) Profits after taxes 29 66 86 90 Sales 951 1,301 1,504 1,672 Dividends 23 27 37 51 Profits before taxes -13 96 177 192 Profits after taxes -26 63 113 120 By broad industry groups Dividends 46 47 56 62 Total nondurable goods (94 corps.) Machinery (27 corporations) Sales 1,966 2,133 2,250 2,591 Sales 353 499 624 834 Profits before taxes 290 329 367 439 Profits before taxes -35 2 18 52 Profits after taxes 180 209 230 289 Profits after taxes -42 -11 41 Dividends 83 101 100 165 Dividends 23 23 27 Total durable goods (106 corps.) Automobiles and equipment Sales 1,913 2,930 3,538 4,242 (15 corporations) Profits before taxes .... -159 91 254 420 Sales 372 837 1,108 1,409 Profits after taxes -185 32 159 289 Profits before taxes -118 -32 32 155 Dividends 118 111 122 144 Profits after taxes -119 -35 28 118 Dividends 42 31 30 33 LJi viucixua 1 Quarterly data, beginning 1947, are shown in the tables on pages 703 and 704. 2 Other industries, included in totals but not shown separately, are listed in the table Dn~page 666, footnotes 1 and 3. JUNE 1949 665 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW SERIES ON QUARTERLY SALES, PROFITS, AND DIVIDENDS ANNUAL SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Industry 1939 1940 1947 1948 Nondurable goods industries Total (94 corporations)12 Sales 3,843 4,25 5,485 6,408 7,60 8,263 8,371 8,94011,31313,364 Profits before taxes 476 617 980 1,069 1,293 1,339 1,133 1,426 1,788 2,208 Profits after taxes 400 443 538 438 506 529 555 908 1,16 1,474 Dividends 31 33 37 304 325 35 36: 449 551 656 Selected industries: Foods and kindred products (28 corporations)2 Sales 1,08: 1,135 1,36 1,71 2,054 2,335 2,466 2,715 3,231 3,447 Profits before taxes 148 160 220 258 319 35: 364 435 421 410 Profits after taxes 122 123 134 119 126 121 146 254 259 257 Dividends 96 93 95 79 84 105 128 135 Chemicals and allied products (26 corporations)2 Sales 1,001 1,203 1,711 2,028 2,478 2,474 2,428 2,550 3,108 3,563 Profits before taxes 199 278 430 460 524 507 416 463 54 655 Profits after taxes 164 179 194 157 169 160 17 28. 337 408 Dividends 145 156 164 130 132 147 148 180 21 254 Petroleum refining (14 corporations)2 Sales 1,134 1,161 1,36. 1,481 1,793 2,132 2,153 2,080 2,906 3,945 Profits before taxes 84 95 178 179 260 288 192 269 456 721 Profits after taxes 76 81 133 112 153 190 168 214 350 548 Dividends 55 55 71 63 76 83 85 92 12 172 Durable goods industries Total (106 corporations)3 Sales 6,748 8,75012,80615,36220,63322,085 18,161 12,623 19,1 •3,818 Profits before taxes 734 1,226 2,175 2,326 2,389 2,192 1,288 607 2,312 3,107 Profits after taxes 597 830 782 755 726 574 295 1,355 1,836 Dividends 405 519 571 456 452 496 500 494 615 746 Selected industries: Primary metals and products (39 corporations) Sales 3,021 3,853 5,678 6,765 7,673 7,704 6,653 5,429 7,545 9,067 Profits before taxes 255 477 887 982 829 697 442 451 891 1,174 Profits after taxes 203 355 432 316 309 280 227 270 545 720 Dividends 110 179 206 203 200 194 193 211 247 270 Machinery (27 corporations) Sales 920 1,179 1,825 2,583 3,563 3,915 3,562 2,310 3,963 4,781 Profits before taxes 112 199 380 515 613 548 375 37 443 569 Profits after taxes 91 123 147 123 130 129 129 -9 270 334 Dividends 70 91 96 81 83 86 93 97 113 126 Automobiles and equipment (15 corporations) Sales 2,336 3,034 4,119 4,098 6,403 7,341 5,562 3,725 6,692 8,093 Profits before taxes 305 428 663 567 678 697 310 37 809 1,131 Profits after taxes 253 274 296 259 236 240 148 445 639 Dividends 188 203 212 126 122 170 171 136 195 282 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 2 For certain items, data for years 1939-44 are partly estimated. At most, estimates are for: total nondurable—7 companies; foods—2 companies; chemicals—2 companies; petroleum, textiles, and paper—one company each. 3 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). NOTE.—Annual data for 1939-48, covering the 200 companies in the aggregate and in two asset-size classes, are shown in the table on page 703. 666 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Trust Powers of National Banks actions shall be set aside in a special account and that substitutions or withdrawals may not be made Amendment to Regulation F in the account. No new credit may be granted to The Board of Governors of the Federal Reserve a customer on the preferential terms if such a credit System, effective May 20, 1949, amended Regulation has been outstanding more than nine months with- F, entitled "Trust Powers of National Banks," to out being changed to the 50 per cent basis generally provide that any security which is a direct obligation applicable under the regulations. of the United States may be regarded as a readily The texts of the amendments are as follows: marketable security within the meaning of section 17 which relates to common trust funds. The pur- AMENDMENT NO. 9 TO REGULATION T pose of the amendment was to permit those direct Effective May 16, 1949, Regulation T is hereby obligations of the United States which are redeem- amended by striking out section 6(1) of said regulaable but not salable to be classified as readily market- tion and by adding the following subsection at the able securities. end of section 4 of said regulation: The text of the amendment is as follows: (A) Special subscriptions account—In a special subscriptions account a creditor may effect and AMENDMENT TO REGULATION F finance the acquisition of a registered security for Effective May 20, 1949, footnote numbered 19 in a customer through the exercise of a right to Regulation F is amended to read as follows: acquire such security which is evidenced by a A readily marketable security within the mean- warrant or certificate issued to stockholders and ing of this section means a security which is a expiring within 90 days of issuance, and such direct obligation of the United States or which is special subscriptions account shall be subject to the subject of frequent dealings in ready markets the same conditions to which it would be subject with such frequent quotations of price as to if it were a general account except that— make (a) the price easily and definitely ascertain- (1) Each such acquisition shall be treated able and (b) the security itself easy to realize separately in the account, and prior to initiatupon by sale at any time. ing the transaction the creditor shall obtain a deposit of cash in the account such that the Margin Requirements cash deposited plus the maximum loan value Amendments to Regulations T and U of the securities so acquired equals or exceeds The Board of Governors of the Federal Reserve the subscription price, giving effect to a maxi- System, effective May 16, 1949, amended Regulation mum loan value for the securities so acquired T, entitled "Extension and Maintenance of Credit of 75 per cent of their current market value by Brokers, Dealers, and Members of National Se- as determined by any reasonable method; curities Exchanges," and Regulation U, entitled (2) The creditor shall not permit any with- "Loans by Banks for the Purpose of Purchasing or drawal of cash or securities from the account Carrying Stocks Registered on a National Securities so long as there is a debit balance in the ac- Exchange," so as to increase from 50 to 75 per cent count, except that when the debit connected the loan value for securities acquired through the with a given acquisition of securities in the exercise of subscription rights, whether exercised account has become equal to or less than the by the original holder or by a purchaser of the maximum loan value of such securities as rights. The amendments specify that such trans- prescribed for general accounts, such securi- JUNE 1949 667 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT ties may be transferred to the general account Foreign Exchange Transactions together with any remaining portion of such Treasury Department Regulations debit; and The Treasury Department on April 27, 1949, (3) No security may be acquired in the amended its regulations relating to transactions in account at any time when the account conforeign exchange, transfers of credit, and the export tains any security which has been held therein of coin and currency. This regulation is issued more than nine months without becoming under authority of Executive Order No. 6558 of eligible for transfer to the general account. January 15, 1934, and amends the Treasury De- In order to facilitate the exercise of a right in partment regulations of November 12, 1934, which accordance with the provisions of this section, a were published at pages 77 and 780, respectively, creditor may permit the right to be transferred of the 1934 Federal Reserve BULLETIN. The text from a general account to the special subscrip- of the amended regulation as it appeared at page tions account without regard to any other re- 2063 of the Federal Register for April 27, 1949, quirement of this regulation. reads as follows: AMENDMENT NO. 10 TO REGULATION U TITLE 31—MONEY AND FINANCE: TREASURY Effective May 16, 1949, Regulation U is hereby Chapter I—Monetary Offices, Department of the Treasury amended by changing section 3(p) of said regula- PART 128—TRANSACTIONS IN FOREIGN EXCHANGE, TRANSFERS OF CREDIT, AND EXPORT OF COIN AND CURRENCY tion to read as follows: April 27, 1949. (p) A loan need not comply with the other After consideration of all relevant matter presented purrequirements of this regulation if it is to enable suant to notice of proposed rule making published on April the borrower to acquire a stock by exercising a 2, 1949, 14 F. R. 1520, and for the purpose of providing right to acquire such stock which is evidenced for the reporting of information requested by the Internaby a warrant or certificate issued to stockholders tional Monetary Fund under the Articles of Agreement of the Fund; and of permitting greater latitude in the manner and expiring within 90 days of issuance, provided in which reporting may be required, Part 128 is hereby that (1) each such acquisition under this subamended to read as follows: section shall be treated separately, and the loan SUBPART A REGULATIONS when made shall not exceed 75 per cent of the § 128.1 General license. Licenses may be granted, and a current market value of the stock so acquired general license is hereby granted, to all individuals, partneras determined by any reasonable method, (2) ships, associations, and corporations, authorizing any and all while the borrower has any loan outstanding at transactions in foreign exchange, transfers of credit, and exthe bank under this subsection no withdrawal ports of currency (other than gold certificates) and silver coin. The general license herein granted authorizes transor substitution of stock used to make such loan actions to be carried out which are permitted by the Executive shall be permissible, except that when the loan order of January 15, 1934 (Part 127), under license therehas become equal to or less than the maximum for issued pursuant to such Executive order; but does not loan value of the stock as prescribed for section authorize any transaction to be carried out which, at the time, is prohibited by any other order or by any law, ruling, 1 in the Supplement to this regulation the stock or regulation. and indebtedness may thereafter be treated as § 128.2 Reports. In order to effectuate the purposes of subject to section 1 instead of this subsection, the Executive order of January 15, 1934 (Part 127), and in and (3) no loan shall be made under this sub- order that information requested by the International Monesection at any time when the borrower has any tary Fund under the Articles of Agreement of the Fund may such loan at the bank which has been outstand- be obtained in accordance with section 8 (a) of the Bretton Woods Agreements Act (Sec. 8 (a) 59 Stat. 515; 22 U. S. C. ing more than 9 months without becoming 286f and Executive Order No. 10033, 14 F. R. 561), every eligible to be treated as subject to section 1. In person subject to the jurisdiction of the United States engagorder to facilitate the exercise of a right under ing in any transaction, transfer, export or withdrawal rethis subsection, a bank may permit the right to ferred to in § 127.1 of this chapter shall furnish to the be withdrawn from a loan subject to section 1 Federal Reserve bank of the district in which such person has his principal place of business in the United States inwithout regard to any other requirement of this formation relative thereto, including information relative to regulation. claims and liabilities arising therefrom, and information 668 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT determined to be essential to comply with official requests for § 128.17 Foreign Exchange Form C—2: Claims on "fordata made by the International Monetary Fund, to such extent eigners" and purchases of forward foreign exchange. On and in such manner and at such intervals as is required by this form exporters, importers, industrial and commercial report forms and instructions prescribed by the Secretary of concerns are required to report quarterly to a Federal Reserve the Treasury. In the event that such person has no prin- bank their assets, primarily short-term, which represent cipal place of business within a Federal Reserve district, the claims on "foreigners" and their outstanding forward coninformation shall be furnished directly to the Office of Inter- tracts to purchase foreign exchange, as of the last day of national Finance, Treasury Department, Washington 25, business of the quarter. D. C, or to such agency as the Treasury Department may § 128.18 Foreign Exchange Form S—l/3: Purchase and designate. sales of "long-term" securities by "foreigners" On this form § 128.3 Modification or revocation. The regulations in banks, bankers, brokers, dealers, etc., are required to report this part and the general license herein granted may be monthly to a Federal Reserve bank transactions in long-term modified or revoked at any time. securities executed in the United States for account of "foreigners" and transactions in long-term securities executed SUBPART B- -DESCRIPTION OF FORMS PRESCRIBED abroad for their own account and for the account of their UNDER THIS PART domestic clients. § 128.10 Copies. Copies of the forms described in this § 128.19 Foreign Exchange Form S—4: Foreign debit and subpart with instructions may be obtained from any Federal Reserve bank or the Office of International Finance, Treasury credit balances. On this form brokers, dealers, etc., are re- Department, Washington 25, D. C. quired to report monthly to a Federal Reserve bank the debit and credit balance in their accounts carried by or for § 128.11 Foreign Exchange Form B—l: Liabilities to "foreigners," as of the last day of business of the month. "foreigners." On this form banks, bankers, etc., are required to report monthly to a Federal Reserve Bank liabilities, pri- § 128.20 Form IMF-B: Foreign currency claims. On marily short-term, to "foreigners" or assets held on behalf of this form banks, bankers, etc., are required to report an- "foreigners" which represent claims on institutions or indi- nually, as of April 30th, to a Federal Reserve bank shortviduals in the United States, as of the last day of business of term foreign currency claims against "foreigners." the month. § 128.21 Form IMF-C: Dollar liabilities to "foreigners." § 128.12 Foreign Exchange Form B—l—A: Changes of On this form banks, bankers, etc., are required to report andomicile. On this form banks, bankers, etc., reporting on nually, as of April 30th, to a Federal Reserve bank short- Form B—l are required to report monthly to a Federal Reserve term dollar liabilities to "foreigners." NOTE: The reporting'requirements described in Subpart B of bank data concerning changes of domicile resulting in addi- this part have been approved by the Bureau of the Budget in tions to or eliminations from accounts reported on Form accordance with the Federal Reports Act of 1942. B-l. § 128.13 Foreign Exchange Form B-l-G: Liabilities; "official foreign" accounts. On this form banks, bankers, I. Determination of the National Advisory Council, March etc., are required to report monthly to a Federal Reserve bank 18, 1949, pursuant to section 2 (a) of E. O. 10033. liabilities, primarily short-term, to official foreign institutions The National Advisory Council, having consulted with the or assets held on behalf of official foreign institutions which Director of the Bureau of the Budget, determines that inrepresent claims on institutions or individuals in the United formation with respect to gold holdings, foreign currency- States, as of the last day of business of the month. claims on and dollar liabilities to foreigners of banks, brokers, corporations and others in the United States, including the § 128.14 Foreign Exchange Form B—2: Claims on United States Government, is essential annually in order "foreigners" On this form banks, bankers, etc., are required that the United States Government may comply with the to report monthly to a Federal Reserve bank assets, priofficial request of the International Monetary Fund. marily short-term, owned by the reporter or a domestic client II. Designation of the Treasury Department by the Director which represent claims on "foreigners," as of the last day of the Bureau of the Budget, April 21, 1949, pursuant to of business of the month. section 2 (b) of E. O. 10033. § 128.15 Foreign Exchange Form B~3: Outstanding Collection of information for International Monetary Fund. forward exchange contracts. On this form banks, bankers, The National Advisory Council on International Monetary etc., are required to report monthly to a Federal Reserve bank and Financial Problems having determined, in accordance all outstanding forward contracts for the purchase or sale with section 2 (a) of Executive Order No. 10033, that inof foreign exchange to which they are parties, as of the last formation with respect to gold holdings, foreign currency day of business of the month. claims on and dollar liabilities to foreigners, of banks, § 128.16 Foreign Exchange Form C—l: Liabilities to brokers, corporations, and others in the United States, in- "foreigners" and sales of forward foreign exchange. On this cluding the United States Government, is essential annually form exporters, importers, industrial and commercial con- in order that the United States Government may comply with cerns are required to report quarterly to a Federal Reserve an official request for information which has been made to it bank liabilities, primarily short-term, to "foreigners" which by the International Monetary Fund under Article VIII, represent claims on institutions or individuals in the United section 5, of the Articles of Agreement of the said organiza- States and outstanding forward contracts to sell foreign ex- tion, and after due consultation and consideration as rechange, as of the last day of business of the quarter. quired by section 3 of the said Executive order. JUNE 1949 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT It is hereby determined that the aforesaid information shall C-l and C-2 from commercial and industrial corporations, be collected and made available by the Treasury Department on Treasury Form S-4 from brokers, and on Treasury Forms for transmittal by the National Advisory Council to the IMF-B and IMF-C from banks and bankers, and that in- International Monetary Fund. formation relative to the United States Government will be It is contemplated that the required information will be assembled from appropriate sources within the Government. obtained, in part through the Federal Reserve Banks and in [SEAL] WM. MCC. MARTIN, JR., part directly by the Treasury Department, on Treasury Forms Acting Secretary of the Treasury. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meetings condition statements of all commercial and savings banks, the Federal Reserve Banks, and four United The Federal Advisory Council held meetings in States Government accounts: the gold account, the Washington on May 15-17, 1949, and met with Treasury currency account, the Postal Savings Systhe Board of Governors of the Federal Reserve tem, and the Exchange Stabilization Fund. Statis- System on May 17, 1949. tics on adjusted deposits of all banks and currency Admission of State Bank to Membership in the outside banks, formerly a separate BULLETIN table, Federal Reserve System are now part of the new table. Other changes in BULLETIN tables beginning with The following State bank was admitted to memthis issue are the following: bership in the Federal Reserve System during the Monthly statistics on principal assets and liabiliperiod April 16, 1949 to May 15, 1949: ties of all banks in the United States have been Connecticut expanded to include classes of member banks (page Thompsonville—The Thompsonville Trust Com- Tables on corporate profits (pages 703-04) have pany been changed to include the new series described Changes in Bulletin Tables in the article on pages 658-62, and also a summary Monthly statistics which relate the assets of the table of the Department of Commerce estimates entire banking system to the money supply are of quarterly profits, taxes, and dividends of all included in a new consolidated financial statement corporations. published for the first time on page 688 of this The "Analysis of Changes in the Gold Stock of BULLETIN. This statement, which carries forward the United States," formerly in domestic financial the retrospective consolidated statement of the statistics, is now included (page 745) with tables banking and monetary system presented in the on gold production and movements in the inter- BULLETIN for January 1948 (pages 24-32), marks national financial statistics. "Number of Banking the completion of one step in the Board's project Offices on Federal Reserve Par List and Not on to develop financial statement estimates designed Par List," formerly included at the end of the to reveal money inflows and outflows for the vari- domestic statistics, is now included (page 698) ous sectors of the economy. with other banking tables. The table on war pro- The new table will be published each month. duction loans guaranteed under Regulation V is It contains data representing a consolidation of the discontinued. 670 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled May 24 and released for publication May 26] Industrial output declined further in April and most types of machinery in April declined considerthe early part of May. Prices of industrial com- ably further. Deliveries of nonferrous metals to modities were reduced further, while prices of farm fabricators were sharply reduced, as prices and and food products continued to show little change. private purchases dropped; refinery output of most Construction awards showed a marked seasonal ex- nonferrous metals, however, was maintained at a pansion. Value of department store sales increased high level, reflecting in part Government demands to close to the advanced level prevailing a year ago. for stockpiling. Output of most building materials, after allowance for usual seasonal changes, de- INDUSTRIAL PRODUCTION creased somewhat further. Industrial production, as measured by the Board's Nondurable goods output declined about 4 per seasonally adjusted index, declined further in cent in April reflecting mainly further marked re- April to 179 per cent of the 1935-39 average as ductions in the textile, paper, and chemical induscompared with 184 per cent in March and 195 tries, as a result in part of seasonal influences not per cent in November 1948. Present indications currently allowed for in the Board's adjusted inare that in May manufacturing has continued dexes. Rayon production and deliveries to textile downward and that there has also been some de- mills decreased sharply, and, according to trade cline in output of minerals, which had increased in reports, activity in the wool textile industry was April. reduced further. Cotton consumption declined 8 Open hearth steel production declined 3 per cent per cent in April. Activity at paper mills decreased in April from the record March level and output about 5 per cent, while paperboard production was at electric furnaces, which accounts for only a maintained at the reduced March level. Newssmall part of total steel output, was curtailed by print consumption increased slightly, and output of 23 per cent to the lowest rate since January 1948. manufactured foods was maintained at the March Activity at steel mills has continued to decline in level. May. Assembly of passenger automobiles increased Minerals production advanced about 8 per cent in sharply in April to the highest rate of the post- April, reflecting chiefly the ending of the work war period; a strike at plants of one major producer, stoppages at coal mines. Iron ore production however, has curtailed activity in May. Output of was in exceptionally large volume for this season. INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED M1IL2LI0ON0S O, F DOLL 1 j Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for April. Monthly figures, latest shown are for April. JUNE 1949 671 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS Crude petroleum output, however, was curtailed 23.5 cents per pound to below 18 cents. Prices further by about 4 per cent. of some other industrial materials, however, like burlap, hides, and wool tops, were quite stable in CONSTRUCTION this period. Value of construction contracts awarded in April, The consumers' price index showed little change according to the F. W. Dodge Corporation, was in April as further small advances in rents and in one-eighth larger than in March, reflecting increases prices of meats and miscellaneous items were largely for private residential building and public works offset by declines in prices of most other groups ot and utilities. Private awards continued considerably goods and services. smaller than a year ago, while public awards were BANK CREDIT about one-third larger. The number of permanent residential units started in April, as estimated Required reserves of all member banks were deby the Bureau of Labor Statistics, rose from 62,000 creased by about 1.2 billion dollars in early May to 86,000 but was still considerably below the when the reduction in reserve requirements anpostwar peak of 100,000 units in April and May nounced by the Board of Governors in late April 1948. became effective. Banks used most of the released funds to purchase both short-term and longer-term EMPLOYMENT Government securities. Reserve Bank holdings of Employment in nonagricultural establishments Government securities declined by about 1.5 billion continued to decline in April after allowance for dollars during the first three weeks of May. The seasonal changes, owing mainly to further reduc- market for Treasury bonds continued active and tions in most manufacturing industries. The aver- System sales of these issues amounted to about age work week in manufacturing was also reduced 500 million dollars. further. Construction employment, which had Business loans declined by 1 billion dollars at lagged in March, rose somewhat more than seabanks in leading cities during April and the first sonally in April. Employment in most other nonhalf of May; somewhat over half the decline ocagricultural lines showed little change. curred at banks in New York and Chicago. Real estate and consumer loans showed little change. DISTRIBUTION SECURITY MARKETS Value of department store sales increased more than seasonally in April and the first half of May. Prices of common stocks fluctuated within a nar- Allowing for the later date of Easter this year, row range and high-grade corporate bonds changed sales in this period were only about 3 per cent below little in the first three weeks of May. the high level in the corresponding period last year. Since retail prices were moderately lower than a LOANS AT MEMBER BANKS IN LEADING CITIES year earlier, little change in over-all unit sales at department stores was indicated. Carloadings of railroad freight were in larger volume in April and the early part of May, mainly because of the recovery in coal shipments from the reduced March rate. Loadings of most other classes of freight declined somewhat further, after allowance for seasonal changes. COMMODITY PRICES Prices of agricultural commodities continued to show little change from mid-April to the third week FOR PURCHASING: H of May, while prices of industrial commodities gen- I SECURITIES ^ ^ _J 0 erally declined further. Prices of scrap metals con- Excludes loans to banks. Wednesday figures, latest shown tinued to weaken and refined copper was cut from are for May 25. 672 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. 675-676 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. 676-677 Federal Reserve Bank statistics 678-682 Deposits and reserves of member banks; bank suspensions. 682-683 Money in circulation 684-685 Bank debits and deposit turnover; Postal Savings System. 685 All banks and the money supply 686 All banks in the United States, by classes. 687-689 All banks in the United States and possessions, by States, December 31, 1948 ... 690-691 All insured commercial banks in the United States, by classes. 692-693 Weekly reporting member banks 694-697 Number of banking offices on Federal Reserve par list and not on par list 698 Commercial paper, bankers' acceptances, and brokers' balances. 699 Money rates; bank rates on business loans; bond yields. 700 Security prices and new issues 701-702 Corporate sales, profits, and dividends 703-704 Treasury finance 705-707 Government corporations and credit agencies. 708 Business indexes 709-718 Department store statistics. 719-722 Cost of living. 722 Wholesale prices 723 Gross national product, national income, and personal income. 724-725 Consumer credit statistics 726-728 Current statistics for Federal Reserve chart books. 729-733 Number of banks and branches in operation on December 31, 1948. 734-735 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. JUNE 1949 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OFJ3OLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS 1941 I94E 1943 1944 1945 1946 1947 1948 1949 30 1 3 0 TOTAL RESERVE BANK HOLDINGS 25 OF U. S. GOVERNMENT SECURITIES - 1941 1942 1943 1944 1945 1946 1947 1946 1949 Wednesday figures, latest shown are for May 25. See p. 675. 674 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period c v o a D a a n u n d is c n d - - e ts s T U ot . a S l . s e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n l t e l i t s f s i , , ot A he ll r1 Total s G to o c ld k T s r t o c e u r i a u n e u n r n r a g y t c d - - s y - - M i c n t u i o o l c n a n i e - r y - T h c i u r o n a e r l g s a y d h s s - - u F T B p s w r e R r e o y a d e r i s n e e v t a i d - h k t r s e e s s a - - l b p m N e o r e o s m d n it e - s - - c O s F o e R e a t e r u r c h e a d v - n - e l - e t r s Total I iquired2 Exand notes Wednesday figures: 1948—May 5. 23020,251 6,193 14,058 37420,85623,176 4,561 27,762 1,329 1,114 810 54517,0331 16,216 817 May 12. . 25020,348 6,281 14,067 440 21,03823,225 4,560 27,762 1,319 1,319 792 54417,087 16,203 884 May 19. . 22520,098 6,339 13,759 20,67423,245 4,559 27,690 1,329 1,612 795 54616,50616,212 294 May 26. . 32120,592 6,323 14,269 28721,20123,295 4,561 27,700 1,333 1,788 788 54716,901 16,178 723 June 2. 23920,683 6,183 14,500 369 21,29223,343 4,562 27,895 1,335 1,567 754 55117,09416,153 941 June 9. 31220,349 6,182 14,167 20,95523,362 4,560 27,864 1,337 1,144 828 55117,15416,246 908 June 16. 29420,749 6,177 14,572 476 21,519 23,515 4,560 27,808 1,331 984 879 59317,999 116 1,132 June 23.. 35321,010 6,175 14,835 358 21,72123,523 4,561 27,792 1,317 1,863 827 59817,408 16,680 728 June 30.. 26521,366 6,206 15,160 21,90023,532 4,565 27,903 1,327 1,928 859 59217,389 16,647 742 July 7. 39821,535 6,210 15,325 310 22,243 23,584 4,562 28,142 1,334 1,841 877 61217,584 116,581 1,003 July 14. . 31621,521 6,321 15,200 302 22,139 23,593 4,562 27,959 1,331 1,861 898 613 7,63lill6,694 937 July 21. 28521,326 6,449 14,877 277 21,8 23,650 4,561 27,864 1,324 1,879 920 61117,5O3!il6,78O 723 July 28. , 32721,209 6,564 14,645 21,72323,670 4,563 27,821 1,329 1,822 875 57617,534 (16,775 759 Aug. 4. 28221,378 6,966 14,412 237 21,89723,679 4,564 27,922 1,330 1,852 860 56917,60616,876 730 Aug. 11. 29321,566 7,215 14,351 205 22,06423,688 4,564 27,966 1,324 1,756 865 57017,83416,831 1,003 Aug. 18. 30121,551 7,410 14,141 273 22,12523,708 4,565 27,979 1,322 1,963 965 56617,603 16,874 729 Aug. 25. 32421,460 7,587 13,873 210 21,99323,711 4,564 27,965 1,324 1,902 843 56717,66816,857 11 Sept. 1. 318 21,411 7,795 13,616 208 21,93723,725 4,568 28,072 1,323 1,693 855 56417,72416,871 853 Sept. 8. 310 21,240 7,864 13,376 284 21,83423,793 4,571 28,287 1,326 1,331 872 56517,817 16,891 926 Sept. 15. 283 21,205 8,455 12,750 433 21,92123,850 4,571 28,156 1,321 661 875 59218,737 17,090 1,647 Sept. 22. 309 21,860 8,944 12,916 376 22,54523,865 4,570 28,083 1,319 1,436 858 59118,69417,715 979 Sept. 29. 357 23,282 9,202 14,080 314 23,95323,872 4,573 28,080 1,324 1,660 864 58619,88418,944 940 Oct. 6. 29623,143 9,48313,660 268 23,70723,888 4,572 28,202 1,324 1,596 867 59619,58418,977 607 Oct. 13. 50023,303 9,73613,567 16423,96723,965 4,572 28,284 1,317 1,551 916 59619,84018,911 929 Oct. 20. 28923,192 10,13213,060 38823,86923,983 4,574 28,157 1,326 1,530 913 59019,91019,040 870 Oct. 27 . 30023,242 10,68312,559 23,79723,996 4,575 28,091 1,322 1,524 58319,96019,086 874 Nov. 3. 320 23,239 11,13712,102 23,729 24,007 4,578 28,254 1,317 1,473 53919,84618,988 858 Nov. 10. 326 233,144 11,22311,921 458 24,097 4,579 28,337 1,317 1,553 912 53919,947 19,025 922 Nov. 17. 282I 22,93011,15611,774 622 23,834 24,110 4,579 28,215 1,324 1,591 901 53919,953 19,138 815 Nov. 24. 582> 22,99311,16611,827 23,94124,150 4,580 28,305 1,317 1,650 922 54219,93419,104 830 Dec. 1. 306 23,165 11,16811,997 23,78324,165 4,583 28,322 1,338 1,527 927 54119,877 19,094 783 Dec. 8. 399 23,004 11,11011,894 32423,72724,218 4,585 28,415 1,314 1,540 986 54819,727 19,067 660 Dec. 15. 266 22,993 11,11211,881 659 23,919 24,230 4,585 28,369 ,327 969 994 640 20,435 19,219 1,216 Dec. 22. 426 222,84511,05711,788 950 24,22124,234 4,584 28,560 ,326 1,575 1,033 64719,89919,237 662 Dec. 29. 255S 23,34711,00112,346 24,11324,236 4,585 28,325 ,329 1,283 1,106 65320,238 19,180 1,058 1949—Jan. 5. 22922,919 10,90712,012 579 23,72724,249 4,586 28,151 ,322 951 1,167 ' 20,37519,244 1,131 Jan. 12. 36422,465 10,77211,693 364 23,19324,253 4,586 27,919 ,323 939 1,145 600 20,105 19,118 987 Jan. 19. 24122,117 10,60311,514 22,999 24,264 4,586 27,717 1,327 804 1,267 602I 20,13319,183 950 Jan. 26. . ,03910,26511,774 463 22,96024,268 4,587 27,561 1,333 1,135 1,138 613? 20,03519,113 922 Feb. 2 . . 29722,215 10,19112,024 314 22,827 24,279 4,588 27,556 1,327 1,284 1,203 61319,711 19,072 639 Feb. 9. . 25122,350 10,10512,245 22,836 24,279 4,587 27,557 1,327 1,430 1,176 61419,597 18,921 676 Feb. 16. . 23822,303 9,99312,310 22,92624,284 4,586 27,480 1,323 1,754 1,177 61519,447 18,841 606 Feb. 23. . 30322,358 9,92212,436 18622,84724,290 4,586 27,551 1,326 1,591 1,193 62119,441 18,754 687 Mar. 2. . 24121,83 9,868 11,969 22,42224,290 4,587 27,557 1,320 877 1,233 62819,68418,872 812 Mar. 9.. 20321,529 9,737 11,792 271 22,00324,295 4,587 27,577 1,320 711 1,223 63119,42418,787 637 Mar. 16. . 42921,500 9,588 11,912 22,34824,305 4,588 27,500 1,324 591 1,227 66319,936 18,946 990 Mar. 23. . 59421,675 9,458 12,217 22,51224,307 4,588 27,423 1,327 1,432 1,197 66919,36018,655 705 Mar. 30. . 29821,828 9,277 12,551 252 22,378 24,311 4,591 27,403 1,320 1,678 1,190 67119,019 18,503 516 Apr. 6. . 21321,597 9,151 12,446 22,14324,317 4,591 27,514 1,329 1,116 1,104 67619,311 18,479 832 Apr. 13. . 23221,491 9,064 12,427 333 22,05624,321 4,592 27,507 1,318 1,028 1,110 67819,327 18,505 822 Apr. 20. . 45321,288 8,989 12,299 309 22,05024,324 4,589 27,408 1,333 1,054 1,094 67819,39818,519 879 Apr. 27. . 26621,208 8,905 12,303 21,70524,329 4,592 27,356 1,330 1,146 1,093 67919,02018,492 528 May 4.. 48020,839 8,671 12,168 258 21,57624,334 4,592 27,447 1,324 990 1,045 62319,073 18,161 912 May 11. . 20220,130 8,581 11,549 226 20,55924,335 4,592 27,452 1,314 913 1,017 62518,16417,285 879 May 18. . 77319,706 8,440 11,266 20,73524,338 4,591 27,392 1,313 1,026 1,005 62718,302P17,221 ^1,081 May 25. . 17119,691 8,371 11,320 18620,04824,339 4,591 27,367 1,312 668 978 62718,027 17,264 *>763 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 2 Wednesday figures and end-of-month figures (shown on next page) 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. JUNE 1949 675 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D u is n - ts U. S. s e G cu o r v it e i r e n s ment All s G to o c ld k T r c e r u e u n r a r y c - s y - M i c n u o l c n a i e - r y - T c u r a e r s a y h s- F u T p w r e r o y d e i s e t a i d h t r s e s a - - l b m N er e o m d n e - - - O F e R t e r h e a d - e l - r a a n d d - c B er il t l i s fi , - other* Total st o a u n t d - - tion h i o n l g d s - se R r e v - e posits se a r c v - e Total qu R ir e e - d2 c E es x s - 2 vances Total Bonds cates, ing Banks counts and notes End of period: 1929—June 29. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2.356 2,333 23 1933—June 30. 164 1,998 441 1 ,557 58 2,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—June 30. 5 2,551 911 1,640 23 2,579 16,110 2,881 7,047 2,563 944 739 258 10,018 5,878 4,140 Dec. 30. 7 2,484 1,351 1,133 102 2,593 17,644 2,963 7,598 2,409 634 653 251 11,653 6,444 5,209 1941—June 30. 2 2,184 1,364 820 81 2,267 22,624 3,149 9,612 2,275 980 1,831 290 13,051 7,841 5,210 Dec. 31 . 3 2,254 1,467 787 104 2,361 22,737 3,247 11,160 2,215 867 1,360 291 12,450 9,365 3,085 1945—June 30. . 46 21,792 1,113 20,679 466 22,304 20,213 4,145 26,746 2,279 599 1,668 450 14,920 13,335 1,585 Dec. 31 . 249 24,262 947 23,315 580 25,091 20,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—June 29. 157 23,783 755 23,028 516 24,456 20,270 4,539 28,245 2,251 833 1,250 561 16,123 15,011 1,112 Dec. 31 . 163 23,350 753 22,597 581 24,093 20,529 4,562 28,952 2,272 393 822 607 16,139 15,577 562 1947—June 30. 70 21,872 727 21,145 228 22,170 21,266 4,552 28,297 1,314 756 881 629 16,112 15,374 738 Dec. 31 85 22,559 2,853 19,706 536 23,181 22,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—Apr... 249 20,340 6,167 14,173 269 20,858 23,169 4,562 27,716 1,319 1,236 826 546 16,944 16,207 737 May. 306 20,662 6,319 14,343 608 21,576 23,304 4,562 27,812 1,322 1,684 1,057 546 17,021 16,173 848 June. 265 21,366 6,206 15,160 268 21,900 23,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 July.., 318 21,325 6,757 14,568 392 22,035 23,679 4,565 27,866 1,323 1,755 1,067 572 17,696 16,819 877 Aug.. 323 21,577 7,781 13,796 207 22,107 23,725 4,571 28,055 1,321 1,919 864 565 17,679 16,842 837 Sept.. 325 23,413 9,260 14,153 333 24,071 23,872 4,575 28,118 1,321 1,664 843 585 19,986 18,948 1,038 Oct.... 339 23,042 10,925 12,117 494 23,875 24,004 4,580 28,176 1,321 1,610 1,074 542 19,736 18,994 742 Nov.. 337 23,206 11,181 12,025 339 23,881 24,166 4,585 28,331 1,332 1,601 932 541 19,894 19,085 809 Dec.. . 223 23,333 10,977 12,356 542 24,097 24,244 4,589 28,224 1,325 1,123 1,189 590 20,479 19,277 1,202 1949—Jan... 456 22,109 10,224 11,885 349 22,914 24,271 4,589 27,580 1,336 1,514 1,194 611 19,540 19,063 477 Feb. 251 22 342 9,883 12,459 262 22,855 24,290 4,588 27,557 1,323 1,423 1,194 618 19,617 18,809 808 Mar 245 21,688 9,241 12,447 333 22,267 24,314 4,592 27,439 1,309 1,482 1,154 670 19,118 18,432 686 Apr... 303 21,094 8,902 12,192 340 21,737 24,332- 4,593 27,417 1,324 984 1,243 618 19,076 18,438 638 Averages of daily figures: 1948—Apr 262 20,440 5,868 14,572 401 21,103 23,154 4,558 27,766 1,325 1,225 986 587 16,926 16,115 811 May.... 301 20,315 6,284 14,031 427 21,042 23,243 4,560 27,749 1,323 1,420 874 545 16,933 16,191 743 June. 330 20,752 6,183 14,569 418 21,501 23,457 4,561 27,846 1,324 1,487 890 576 17,396 16,544 852 July.. 326 21,340 6,372 14,968 355 22,021 23,615 4,562 27,955 1,324 1,829 957 607 17,526 16,709 817 Aug.. . 321 21,411 7,334 14,077 310 22,042 23,700 4,564 27,977 1,323 1,834 912 568 17,690 16,854 837 Sept.. . 383 21,632 8,454 13,178 394 22,409 23,829 4,570 28,152 1,320 1,321 927 578 18,509 17,626 884 Oct 357 23,168 9,994 13,174 412 23,937 23,958 4,574 28,188 1,319 1,598 958 588 19,818 19,001 817 Nov 353 23,028 11,172 11,856 449 23,830 24,110 4,580 28,277 1,321 1,563 984 540 19,835 19,061 773 Dec. 330 23,002 11,085 11,917 645 23,97824,218 4,584 28,423 1,319 1,398 1,051 600 19,990 19,193 797 1949—Jan 347 22,289 10,620 11,669 513 23,150 24,259 4,587 27,850 1,327 1,014 1,211 603 19,991 19,153 838 Feb 284 22,320 10,032 12,288 350 22,95324,283 4,587 27,545 1,321 1,539 1,233 616 19,570 18,860 710 Mar 302 21,615 9,588 12,027 353 22,270 24,301 4,588 27,508 1,319 1,009 1 255 652 19 41718,723 694 Apr 249 21,361 9,049 12,312 407 22,017 24,322 4,591 27,462 1,318 1,109 1,185 671 19,185 18,479 706 For footnotes see preceding page. MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS ] Maximum rates that may be paid by member banks as established by [Per cent of market value] the Board of Governors under provisions of Regulation Q [Per cent per annum] Jan. 21, Feb. 1, Effec- Prescribed in accordance with 1946- 1947- tive Nov. 1, 1933-Feb. 1, 1935- Effective Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar. 30, Jan. 31, 1935 Dec. 31, 1935Jan. 1, 1936 1947 1949 1949 Savings deposits Regulation T: Postal Savings deposits For extensions of credit by brokers Other deposits payable: and dealers on listed securities 100 75 50 In 6 months or more For short sales 100 75 50 In 90 days to 6 months.... Regulation U: In less than 90 days 1 For loans by banks on stocks 100 75 50 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the F. D. I. C, effective Feb. 1, 1936, are the 1 Regulations T and U limit the amount of credit that may be exsame as those in effect for member banks. Under Regulation Q the tended on a security by prescribing a maximum loan value, which is a rate payable by a member bank may not in any event exceed the maxi- specified percentage of its market value at the time of the extension; the mum rate payable by State banks or trust companies on like deposits "margin requirements" shown in this table are the difference between under the laws of the State in which the member bank is located. the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1946, p. 295. 676 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect May 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- A ob d l v i a g n a c ti e o s n s s ec a u n r d e d d b is y c o G u o n v ts e r o n f m a e n n d t Other secured advances t b io a n n s k s o t s h e e c r u r t e h d a n b y m d em ire b c e t r Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] obligations of the U. S. (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 the Federal Farm Mortgage Corporation or Home Owners' Loan Corporation guaranteed as to principal and interest by the LTnited States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS RATES ON BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity R M a a t y e o 3 n 1 In g i e n f n fe in ct g — be- Pre ra v t i e ous [In M e a f t fe u c r t i ti M es a y n o 3 t 1 . e xc P e e e r d i c n e g n t f p iv e e r a y n ea n r u s m] 1- 90 days lAug. 13, 1948 91-120 days lAug. 13, 1948 To industrial or 121-180 days *Aug. 13, 1948 commercial To financing institutions businesses 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made by the other Federal Reserve Banks. On discounts or Federal purchases 44 B 3 a -4 ck 4 5. figures.—See Banking and Monetary Statistics, Table 117, pp. Reserve Bank On com O m n it- Portion com O m n it- MEMBER BANK RESERVE REQUIREMENTS loans 1 ments for which Re- ments [Per cent of deposits] institu- maining tion is portion Net demand deposits x obligated Time Period in effect C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e e a p ( m n a o k l s b l s i e ) t r s N P B C h l o e e w s i v l t o a e Y n l d a e o n l r d k phia.... Richmond June 21, 1917-Aug. 15, 1936. . 13 10 7 ¥ Atlanta Aug. 16, 1936-Feb. 28, 1937. . 15 Chicago Mar. 1, 1937-Apr. 30, 1937. . 22M 17J4 12M St. Louis May 1, 1937-Apr. 15, 1938. . 26 20 14 Minneapolis.... A N p o r v . . 1 1 6 , , 1 1 9 9 4 3 1 8 - - A O u ct g . . 1 3 9 1 , , 1 1 9 94 4 2 1 . . . . 2 26 2^ 20 1 1 2 4 5 D K a a l n l s a a s s City.... 8 Aug. 20, 1942-Sept. 13, 1942. . 24 20 14 6 San Francisco.. . *-lH Sept. 14, 1942-Oct. 2, 1942. . 22 20 14 6 O F J S u e e c n p b t. e . t . 2 1 7 3 1 1 , , , 6 - 1 1 1 2 9 9 9 4 4 4 4 , 8 8 2 - - - S 1 J F u 9 e e n p 4 b e t 8 . . - A 2 1 1 6 0 5 p , , - r 2 . 1 1 3 9 9 ,1 3 4 4 9 8 8 0 4 . . - 8 . . 2 2 2 0 2 4 2 2 2 0 0 0 1 1 1 4 4 4 6 6 6 6 2 1 3 R R In a a c t t l e e u d c c i h h n a a g r r g g l e e o d d a n b b s o o r r m r r o o a w w de e e r r . in le s p s a c r o ti m ci m pa i t tm io e n n t w r it a h t e. financing institutions. May 4, 1949 2 26 22 16 4 Rate charged borrower but not to exceed 1 per cent above the May 1-5, 1949 and after 2 24 21 15 dis 6 c C ou h n a t r g r e a t o e f . M Per cent is made on undisbursed portion of loan. 1 Demand deposits subject to reserve requirements, i. e., total Back figures.—See Banking and Monetary Statistics, Table 118, demand deposits minus cash items in process of collection and demand pp. 446-447. balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947. and all U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). 2 Changes effective Sept. 16 and May 1 at country banks; Sept. 24 and May 5 at other classes. 677 JUNE 1949 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 May 25 May 18 May 11 May 4 Apr. 27 Apr. 20 Apr. 13 May April May Assets Gold certificates 22,529, 22,517,429 ,519,431 ,484,433 ,464,43222,466, ,524,42$ 22,494,43121,415,170 Re F d . e R m . p n ti o o t n e s fund for 587, 601,848 603,178 608,282 608,299 607, 591,949 605,002 620,724 Total gold certificate reserves. . . . 23,116,569 23,119,277 23,122,609 23,112,643 23,092,71523,072,73123,073,74823,116,377 23,099,43322,035,894 Other cash 276,866 273,970 266,090 269,783 286,269 283,808 292,367 255,398 285,138 268,262 Discounts and advances: For member banks.. . 63, 640,369 67,285 347,932 113,895 301,120 79, 139,565 151,081 148,604 For nonmember banks, etc 107 : 132,600 135,475 132,075 152,075 152,075 152, 107,600 152,075 157,000 Total discounts and advances 772,969 202,760 480,007 265,970 453,195 247,165 303,156 305,604 Industrial loans 637 646 618 695 717 768 618 t 916 U. S. Govt. securities: Bills 4,213,635 4,189,028 4,455,736 1,882,486 ,977,222 ,002,379 5,871 231,635 4,865,986 8,245,391 Certificates: Special Other 6,747 ,717,800 ,731,379 5,905,979 6^940,979 ,911,979 6,886,979 757,800 6,940,979 4,140,493 Notes 359, 359,100 361,600 380,100 384,600 384,600 384,600 359,100 384,600 1,957,800 Bonds 8,370. ,440,400 ,581,200 3,670,600 ,905,300 ,989,100 9,063,500 355,900 8,902,300 6,318,500 Total U. S. Govt. securities 19,691, 19,706,328 20,129,915 3,839,165 ,208,101 ,288,05821,490,950 ,704,435j21,093,86520,662,184 Other Reserve Bank credit outstanding.. . . 185, 255,132 225,269 256,572 230,332 307,574 331,927 140,281! 339,476 606,841 Total Reserve Bank credit outstanding 20,048,059 20,735,066 20,558,590 21,576,36221,705,098 22,049,54422,055,584 20,092,499 21,737,17921,575,545 Liabilities Federal Reserve notes. . 23,240,920 23,269,89423,329,96123,332,14323,265,34023,298,77523,382,26623,345,562)23,326,64623,675,132 Deposits: Member bank — reserve account 18,026,67018,301,54318,163,97219,072,74919,020,16119,397,56619,326,976 18,024,100(19,075,98817,020,731 U. S. Treasurer—general account....... 667,528 1,025,583 912,717 990,194 1,146,439 053,726 1,028,308 627,658 984,161 1,683,699 Foreign 482,609 494,002 500,435 531,353 587,708 599,683 593,852 471,221 567,685 375,814 Other 495,358 511,289 516,982 514,021 505,112 494,433 516,053 459,108 675,724 681,251 Total deposits 19,672,165 20,332,417 20,094,10621,108,31721,259,42021,545,408 21,465,189 19,582,O87|21,3O3,558 19,761,495 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 53.2 52.0 51.9 51.5 51.4 50.7 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 to 5 O y v e e a r rs Discounts and advances: Apr. 27 265,970 114 051 94.868 53,805 3,227 4 May 4 480,007 343 221 120,213 13,605 2,949 7 May 11 202,760 159 189 32,118 6,043 5,392 13 May 18 772,969 733 353 30,256 4,378 4,966 11 May 25 171,190 83 577 4,999 2,819 79,780 11 Industrial loans: Apr. 27 6951 627 42 May 4 618 553 3 39 7 May 11 646| 575 4 44 7 May 18 637j 569 3 42 7 May 25 627 564 3 37 7 U. S. Government securities: Apr. 27 21,208,101 1,038 572 932,928 878,493 ,722,108 1,714,700 2,118,300 1,935,100 6,867,900 May 4 20,839,165 1,206 628 ,973,675 4509,733 800,829 1,691, ,088,800 1,905,400 6,662,900 May 11 20,129,915 1,380 536 ,800,8364,306,014 538,729 1,589,700 2,015,200 1,903, ,595,300 May 18 19,706,328 2,333 445 956,538 966,867 498,978 1,831,200 2,003,200 1,658,600 6,457,500 May 25 19,691,135 2,333 494 ,034,057 3,867,029 560,855 1,846,21 ,003,200 1,652,000 6,394,300 678 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 [In thousands of dollars] San Total Boston New Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco Assets Gold certificates: Apr. 27 22,484,433 771,654 7,252,9951,110,4341,574,220 963,0741,014,4124,379,057 675,834 465,073 822,994 646,5952,808,091 May 4 22,509,431 760,929 7,225,9151,136,5971,616,981 991,466 1,004,8314,384,296 670,668 409,276 895,337 622,8172,790,318 May 11 22,519,431 825,647 7,136,3051,146,4881,638,6841,022,2511,031,1864,260,608 693,043 453,735 854,642 610,1022,846,740 May 18 22,517,429 816,706 6,899,7861,206,0191,632,3391,031,5071,012,4754,330,107 706,294 441,471 865,498 638,7922,936,435 May 25 22,529,431 803,888 7,091,6321,155,1351,618,9531,009,2501,002,7224,398,412 702,735 451,817 833,476 608,1122,853,299 Redemption fund for F. R. notes: 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 May 4 603,212 52,388 47,934 57,382 73,240 51,529 42,842 104,163 44,148 22,830 35,664 26,183 44,909 May 11 603,178 52,388 47,934 57,382 73,240 51,529 42,842 104,142 44,148 22,830 35,664 26,169 44,910 May 18 601,848 52,225 47,153 57,079 73,027 52,291 42,691 103,930 44,092 22,805 35,624 26,127 44,804 May 25 587,138 52,066 46,494 56,819 72,843 51,294 42,510 91,876 44,045 22,778 35,583 26,123 44,707 Total gold certificate reserves: Apr. 27 23,092,715 824,285 7,302,0421,168,2391,647,7971,016,5071,057,5034,483,521 720,080 487,944 858,728 672,8492,853,220 May 4 23,112,643 813,317 7,273,8491,193,9791,690,2211,042,9951,047,6734,488,459 714,816 432,106 931,001 649,0002,835,227 May 11 23,122,609 878,035 7,184,2391,203,8701,711,9241,073,7801,074,0284,364,750 737,191 476,565 890,306 636,2712,891,650 May 18 23,119,277 868,931 6,946,9391,263,0981,705,3661,083,7981,055,1664,434,037 750,386 464,276 901,122 664,9192,981,239 May 25, , .23,116,569 855,954 7,138,1261,211,9541,691,7961,060,5441,045,2324,490,288 746,780 474,595 869,059 634,2352,898,006 Apr. 2i'. 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 May 4 269,783 27,535 57,809 12,688 26,172 17,963 20,209 38,643 12,764 6,658 9,062 10,883 29,397 May 11 266,090 27,388 57,041 12,844 23,287 17,114 21,600 38,766 12,722 7,069 8,888 10,303 29,068 May 18 273,970 27,343 57,660 14,036 24,271 18,857 22,954 36,971 13,342 7,594 10,393 10,580 29,969 May 25 276,866 26,456 58,298 12,488 27,426 18,563 21,272 37,689 14,497 7,059 11,087 10,868 31,163 Discounts & advances : Secured by U. S. Govt. securities: Apr. 27.. 113,825 9,245 20,975 7,870 14,558 16,100 4,960 4,475 8,850 2,990 9,097 3,704 11,001 May 4. . 347,862 7,145 212,957 5,190 11,779 14,775 9,055• 55,575 3,495 650 4,737 2,204 20,300 May 11.. 67,215 7,215 20,307 4,210 8,943 9,550 4,720 5,065 940 1,000 2,262 203 2,800 May 18.. 640,253 15,935 438,302 7,930 9,350 16,600 8,891 112,330 8,185 4,350 6,627 203 11,550 May 25. . 63,524 6,175 20,567 4,835 6,020 5,695 2,891 2,265 2,515 910 5,852 343 5,456 Other* 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 May 4. . 132,145 8,321 41,736 10,566 12,150 6,472 5,415 18,276 4,755 3,302 4,755 4,642 11,755 May 11. . 135,545 8,535 42,810 10,838 12,464 6,638 5,554 18,746 4,877 3,387 4,877 4,762 12,057 May 18.. 132,716 8,354 41,902 10,608 12,199 6,497 5,486 18,349 4,774 3,315 4,774 4,657 11,801 May 25. . 107,666 6,779 34,002 8,608 9,899 5,272 4,461 14,849 3,874 2,690 3,874 3,782 9,576 Apr. 27 '. 695 657 38 May 4... . 618 583 35 May 11 646 605 41 May 18 637 599 38 May 25 627 594 33 U. S. Govt. securities: Bills: 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 May 4. ... 4,882,486 336,833 1,157,100 332,585 450,317 313,441 261,765 728,550 263,859 158,061 236,156 211,192 432,627 May 11 4,455,736 307,392 1,055,965 303,516 410,957 286,045 238,885 664,872 240,797 144,245 215,515 192,733 ^94,814 May 18.... 4,189,028 288,993 992,758 285,348 386,358 268,923 224,586 625,074 226,384 135,611 202,615 181,197 371,181 May 25 4,213,635 290,690 998,589 287,024 388,628 270,503 225,906 628,746 227,713 136,408 203,805 182,261 373,362 Certificates: Apr. 27 6,940,979 478,844 1,644,943 472,806 640,174 445,590 372,126 1,035,713 375,105 224,699 335,722 300,231 615,026 May 4. ...6,905,979 476,430 1,636,649 470,421 636,945 443,344 370,250 1,030,489 373,213 223,567 334,028 298,718 611,925 May 11 6,731,379 464,385 1,595,270 458,529 620,841 432,134 360,890 1,004,435 363,777 217,916 325,584 291,165 596,453 May 18 6,717,800 463,447 1,592,052 457,603 619,589 431,263 360,162 1,002,409 363,043 217,476 324,926 290,578 595,252 May 25 6,747,800 465,517 1,599,161 459,647 622,356 433,188 361,770 1,006,887 364,665 218,446 326,378 291,876 597,909 Apr'. 27 384,600 26,533 91,146 26,198 35,472 24,690 20,620 57,389 20,784 12,451 18,602 16,636 34,079 May 4. ... 380,100 26,222 90,080 25,892 35,057 24,401 20,378 56,718 20,541 12,305 18,385 16,441 33,680 May 11 361,600 24,946 85,695 24,631 33,351 23,214 19,386 53,957 19,542 11,706 17,490 15,641 32,041 May 18 359,100 24,774 85,103 24,461 33,120 23,053 19,252 53,584 19,407 11,625 17,369 15,533 31,819 May 25.... 359,100 24,774 85,103 24,461 33,120 23,053 19,252 53,584 19,407 11,625 17,369 15,533 31,819 Bonds: Apr. 27.... 8,905,300 614,360 2,110,467 606,611 821,344 571,694 477,4401,328,821 481,260 288,292 430,732 385,199 789,080 May 4. ...8,670,600 598,167 2,054,845 590,624 799,698 556,626 464,857 1,293,801 468,577 280,693 419,380 375,047 768,285 May 11 8,581,200 592,000 2,033,659 584,534 791,453 550,887 460,0641,280,461 463,745 277,799 415,055 371,180 760,363 May 18 8,440,400 582,286 2,000,290 574,944 778,467 541,848 452,515 1,259,452 456,136 273,241 408,246 365,089 747,886 May 25.... 8,370,600 577,471 1,983,749 570,189 772,029 537,368 448,773 1,249,035 452,363 270,982 404,869 362,070 741,702 Total U. S. Govt. securities: Apr. 27 21,208,101 1,463,105 5,026,1081,444,6531,956,0441,361,4971,137,0303,164,6091,146,128 686,570 1,025,794 917,356 1,879,207 May 4 20,839,165 1,437,652 4,938,6741,419,5221,922,0171,337,8121,117,2503,109,5581,126,190 674,626 1,007,949 901,398 1,846,517 May 11 20,129,915 1,388,723 4,770,5891,371,2101,856,6021,292,2801,079,2253,003,7251,087,861 651,666 973,644 870,719 1,783,671 May 18 19,706,328 1,359,500 4,670,2031,342,3561,817,5341,265,0871,056,5152,940,5191,064,970 637,953 953,156 852,397 1,746,138 May 25 19,691,135 1,358,452 4,666,6021,341,3211,816,1331,264,1121,055,7012,938,2521,064,148 637,461 952,421 851,740 1,744,792 JUNE 1949 679 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M a i p n ol n i e s - Ka C n it s y as Dallas F c r i a sc n o - Assets (cont.): Total loans and securities: Apr. 27 21,208,101 1,463,105 5,026,1081,444,6531,956,0441,361,497 1,137,0303,164,6091,146,128 686,5701,025,794 917,3561,879,207 Mav 4 21,319,7901,453,118 5,193,3671,435,861 1,945,9461,359,0941,131,7203,183,4091,134,440 678,5781,017,441 908,2441,878,572 May 11 20,333,3211,404,473 4,833,7061,386,8631,878,0091,308,5091,089,4993,027,5361,093,678 656,053 980,783 875,6841,798,528 May 18. 20,479,9341,383,789 5,150,4071,361,493 1,839,083 1,288,2221,070,8923,071,1981,077,929 645,618 964,557 857,2571,769,489 May 25 19,862,9521,371,406 4,721,1711,355,3581,832,0521,275,1121,063,0532,955,3661,070,537 641,061 962,147 855,8651,759,824 Due from foreign banks : Apr. 27 49 3 M6 4 4 2 2 7 2 1 2 2 4 May 4 49 3 1 16 4 4 2 2 7 2 1 2 2 4 May 11 49 3 1 16 4 4 2 2 7 2 1 2 2 4 May 18 49 3 116 4 4 2 2 7 2 1 2 2 4 May 25 49 3 i 16 4 4 2 2 7 2 1 2 2 4 Federal Reserve notes of other Banks: 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 May 4 104,577 4,036 10,484 4,216 6,243 23,008 13,227 13,813 5,351 2,845 4,120 4,323 12,911 May 11 101,484 3,643 13,835 3,424 5,729 20,792 10,157 12,165 6,977 2,458 4,809 4,836 12,659 May 18 100,670 4,759 12,521 3,583 6,290 17,369 9,933 13,850 7,350 2,977 5,373 4,304 12,361 May 25 98,907 4,550 11,664 4,318 6,356 17,765 8,532 14,181 7,750 2,668 5,139 3,430 12,554 Uncollected items: 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 May 4 2,324,351 185,856 412,520 163,657 214,485 186,534 169,314 360,167 106,264 65,966 137,291 101,305 220,992 May 11 2,418,323 187,999 439,825 163,902 213,223 209,758 176,106 385,395 114,334 67,108 144,640 111,860 204,173 May 18 2,721,702 214,556 528,584 182,071 262,162 227,215 191,368 403,918 127,809 77,332 136,541 137,321 232,825 May 25. 2,312,883 176,406 445,591 149,235 211,761 210,212 164,475 338,014 129,522 62,846 120,026 112,043 192,752 Bank premises: 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 May 4 32,444 1,166 8,004 3,031 4,811 2,528 1,552 3,179 1,926 1,167 2,357 743 1,980 May 11 32,448 1,166 8,004 3,031 4,811 2,528 1,552 3,183 1,926 1,167 2,357 743 1,980 May 18 32,461 1,166 8,012 3,031 4,806 2,528 1,552 3,183 1,926 1,167 2,357 743 1,990 May 25 32,437 1,166 8,013 3,025 4,806 2,520 1,548 3,183 1,925 1,167 2,357 743 1,984 Other assets: 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 May 4 171,518 11,886 39,775 11,474 16,303 10,950 9,226 25,725 9,784 5,494 8,138 7,510 15,253 May 11 174,701 12,040 41,092 11,610 16,156 11,207 9,348 26,222 10,020 5,586 8,273 7,475 15,672 May 18. 178,068 12,255 42,116 11,806 16,562 11,431 9,518 26,563 10,205 5,613 8,402 7,705 15,892 May 25. 181,880 12,509 42,896 12,041 16,936 11,700 9,718 27,214 10,395 5,768 8,597 7,876 16,230 Total assets: 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 May 4 47,335,1552,496,91712,995,8242,824,9103,904,1852,643,0742,392,9238,113,402 1,985,3471,192,8152,109,4121,682,0104 994 336 May 11 46,449,0252,514,74712,577,7582,785,5483,853,1432,643,6902,382,2927,858,0241,976,8501,216,0072,040,0581,647,1744,953,734 May 18 46,906,1312,512,80212,746,2552,839,1223,858,5442,649,4222,361,3857,989,7271,988,9491,204,5782,028,7471,682,8315,043,769 May 25 45,882,5432,448,45012,425,7752,748,4233,791,1372,596,4182,313,8327,865,9421,981,4081,195,1651,978,4141,625,0624,912,517 Liabilities Federal Reserve notes: Apr. 27 23,265,3401,380,972 5,307,259 1,609,2592,086,9671,549,3841,283,8904,493,6531,084,888 614,235 911,536 591,3252,351,972 May 4 23,332,1431,381,385 5,327,6881,609,1772,086,0541,549,341 1,293,7964,498,1801,090,017 616,051 918,520 595,2092,366,725 May 11 23,329,961 1,381,244 5,310,6941,612,5622,093,5251,550,617 1,290,5034,496,912 1,088,956 615,498 916,080 594,0822,379,288 May 18 23,269,8941,377,220 5,311,5951,608,6412,084,5591,544,5451,283,4034,487,289 1,083,923 613,436 912,311 590,6842,372 288 May 25 23,240,9201,374,557 5,316,0491,611,4172,082,5681,540,141 1,278,7274,476,9301,078,433 610,690 908,807 589,2752,373,326 Deposits: Member bank —reserve account: 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 May 4. .19,072,749 791,262 6,281,370 899,2601,385,100 791,088 825,9442,948,939 670,580 436,705 941,646 882,5542,218,301 May 11.. 18,163,972 790,431 5,865,942 863,5981,325,146 775,343 805,7562,722,492 670,621 454,369 863,193 850,3452,176,736 May 18. .18,301,543 766,369 5,943,471 869,6501,320,600 748,148 782,0682,827,851 664,803 443,192 852,811 851,9782,230,602 May 25. .18,026,670 784,431 5,773,602 852,3441,324,008 748,729 782,0222,800,327 668,463 451,798 847,310 839,0822,154,554 U. S. Treasurer-general account: 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 May 4. . 990,194 69,651 160,308 68,023 100,092 56,382 52,725 177,025 67,751 45,864 68,282 58^85 65,206 May 11.. 912,717 80,868 156,418 57,395 107,942 52,321 57,058 120,864 52,667 49,936 65,708 47,136 64,404 May 18. . 1,025,583 81,468 176,250 97,562 89,779 70,687 52,964 123,572 62,595 44,881 73,348 64,841 87,636 May 25. . 667,528 39,884 99,096 47,488 54,057 42,198 38,742 95,529 53,346 39,677 56,829 43,819 56,863 Foreign: Apr. 27.. 587,708 36,282 2 193,712 46,072 52,983 28,219 23,612 79,474 20,732 14,398 20,732 20,157 51,335 May 4.. 531,353 32,659 M76.759 41,472 47,693 25,402 21,254 71,539 18,662 12,960 18,662 18,144 46,147 May 11. . 500,435 31,179 2161,899 39,592 45,531 24,250 20,291 68,296 17,816 12,373 17,816 17,322 44,070 May 18.. 494,002 30,769 2 159,909 39,072 44,933 23,932 20,024 67,399 17,583 12,210 17,583 17,094 43,494 May 25.. 482,609 29,226 2 165,261 37,112 42,679 22,731 19,020 64,018 16,700 11,598 16,700 16,237 41,327 Other* 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 May 4.. 514,021 2,345 442,557 2,148 7,228 2,492 761 2,719 5,212 2,220 10,550 462 35,327 May 11.. 516,982 2,376 445,525 1,898 7,224 4,202 613 1,940 5,230 1,651 11,013 542 34,768 May 18. . 511,289 2,902 437,718 1,580 7,165 1,960 818 3,063 4,857 1,520 17,181 469 32,056 May 25. . 495,358 2,990 435,369 1,499 6,424 1,752 773 2,206 4,943 1,514 6,298 351 31,239 1 After deducting $33,000 participations of other Federal Reserve Banks on Apr. 27; May 4; May 11; May 18; and May 25. 2 After deducting $393,916,000 participations of other Federal Reserve Banks on Apr. 27; $354,585,000 on May 4; $338,511,000 on May 11; $334,065,000 on May 18; and $317,308,000 on May 25. 680 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 New- Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco Liabilities (cont.): Total deposits: 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 May 4. ... 21,108,317 895,917 7,060,9941,010,9031,540,113 875,364 900,6843,200,222 762,205 497,749 1,039,140 960,0452,364,981 May 11 20,094,106 904,854 6,629,784 962,4831,485,843 856,116 883,7182,913,592 746,334 518,329 957,730 915,3452,319,978 May 18. ... 20,332,417 881,508 6,717,3481,007,8641,462,477 844,727 855,8743,021,885 749,838 501,803 960,923 934,3822,393,788 May 25. . . .19,672,165 856,531 6,473,328 938,4431,427,168 815,410 840,5572,962,080 743,452 504,587 927,137 899,4892,283,983 bility items: 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 May 4. ... 2,067,828 166,780 359,228 139,424 201,603 175,119 162,307 301,382 100,851 56,710 119,918 95,882 188,624 May 11 2,193,103 175,492 388,096 144,718 197,200 193,347 171,659 333,143 108,940 59,729 134,102 106,809 179,868 May 18. ... 2,466,619 200,445 466,999 156,502 234,307 216,264 185,526 365,418 122,356 66,246 123,183 126,637 202,736 May 25 2,127,825 163,559 384,918 132,130 203,798 196,753 157,627 310,987 126,354 57,189 109,815 104,867 179,828 Other liabilities including accrued dividends: Apr. 27.... 15,180 866 4,577 873 1,518 771 717 2,278 608 462 614 648 1,248 May 4. ... 12,618 803 3,264 739 1,510 669 567 2,017 515 413 495 629 997 May 11 12,399 750 3,347 753 1,159 686 561 1,986 503 375 553 470 1,256 May 18 12,282 787 3,131 680 1,274 592 523 1,881 441 928 474 520 1,051 May 25 12,878 811 3,557 749 1,420 661 591 1,976 477 364 565 594 1,113 Total liabilities: Apr. 27.... 46,688,741 2,486,70912,698,3092,764,3663,834,5042,619,3202,389,3507,991,4381,989,0821,235,1142,032,0931,701,2994,947,157 May 4 46,520,906 2,444,88512,751,1742,760,2433,829,2802,600,4932,357,3548,001,8011,953,5881,170,9232,078,0731,651,7654,921,327 May 11 45,629,569 2,462,34012,331,9212,720,5163,777,7272,600,7662,346,4417,745,6331,944,7331,193,9312,008,4651,616,7064,880,390 May 18. .. 46,081,212 2,459,96012,499,0732,773,6873,782,6172,606,1282,325,3267,876,4731,956,5581,182,4131,996,8911,652,2234,969,863 May 25... . 45,053,788 2,395,45812,177,8522,682,7393,714,9542,552,9652,277,5027,751,9731,948,7161,172,8301,946,3241,594,2254,838,250 Capital Accts.: Capital paid in: 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 May 4. ... 204,367 11,455 69,685 14,882 19,218 8,912 8,055 25,841 6,762 4,537 7,191 8,182 19,647 May 11 204,386 11,467 69,687 14,874 19,224 8,915 8,055 25,842 6,763 4,538 7,191 8,182 19,648 May 18 204,430 11,467 69,706 14,874 19,232 8,915 8,058 25,848 6,767 4,538 7,193 8,184 19,648 May 25. ... 204,461 11,463 69,706 14,874 19,233 8,915 8,063 25,852 6,767 4,540 7,201 8,198 19,649 Surplus: (section 7): 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 May 4.... 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 May 11 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 May 18. ... 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 May 25 466,711 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): 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 May 4. ... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 11 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 18 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 May 25 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.: 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 May 4. ... 115,628 8,219 24,627 8,592 10,713 7,903 6,724 15,489 6,502 4,485 6,003 5,802 10,569 May 11 120,816 8,582 25,812 8,965 11,218 8,243 7,006 16,278 6,859 4,668 6,257 6,025 10,903 May 18 126,235 9,017 27,138 9,368 11,721 8,613 7,211 17,135 7,129 4,757 6,518 6,163 11,465 May 25. ... 130,040 9,171 27,879 9,617 11,976 8,772 7,477 17,846 7,430 4,925 6,744 6,378 11,825 Total liabilities and cap. accts.: Apr. 27 47,556,094 2,542,25812,955,4932,832,7013,914,3782,665,3122,427,7658,110,8822,023,7541,258,7432,066,0041,733,8345,024,970 May 4 47,335,155 2,496,917 12,995,8242,824,9103,904,1852,643,0742,392,9238,113,4021,985,3471,192,8152,109,4121,682,0104,994,336 May 11 46,449,025 2,514,747 12,577,7582,785,5483,853,1432,643,6902,382,2927,858,0241,976,8501,216,0072,040,0581,647,1744,953,734 May 18 46,906,131 2,512,80212,746,2552,839,1223,858,5442,649,4222,361,3857,989,7271,988,9491,204,5782,028,747 1,682,8315,043,769 May 25 45,882,543 2,448,45012,425,7752,748,4233,791,1372,596,4182,313,8327,865,942 1,981,4081,195,1651,978,4141,625,0624,912,517 Contingent liability on acceptances purchased for foreign correspondents: Apr. 27 5,464 344 il,727 .437 503 268 224 754 197 136 197 191 486 May 4 5,482 345 il,732 439 504 269 225 757 197 137 197 192 488 May 11 5,540 349 11,751 443 510 271 227 765 199 139 199 194 493 May 18 5,756 363 U.818 461 530 282 236 795 207 144 207 201 512 May 25. ... 5,765 363 il,822 461 530 282 236 796 208 144 208 202 513 Commitment to make industrial loans: Apr. 27. ... 2,525 60 69 1,933 120 244 9 90 May 4. ... 2,437 60 123 1*808 112 235 9 90 May 11. ... 2,401 60 100 1,804 106 235 9 87 May 18. ... 2,388 60 98 1^795 104 235 9 87 May 25 2,373 60 94 99 229 9 87 i After deducting $3,737,000 participations of other Federal Reserve Banks on Apr. 27; $3,750,000 on May 4; $3,789,000 on May 11; $3,938,000 on May 18; and $3,943,000 on May 25. JUNE 1949 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk - d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t i . s M ap i o n l n i e s - Ka C n it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank): Apr. 27 24,050,7671,439,263 5,468,9861,658,9992,164,0801,608,6111,343,565 4,582,509 124,017 629,288 940,047 621,537 2,469,865 May 4 24,036,1181,441,560 5,465,4371,658,5812,155,9591,606,0751,342,0574,585,034 ,127,812 628,936 939,184 621,713 2,463,770 May 11 24,042,2541,436,564 5,466,6921,655,2942,168,9821,605,8051,339,465 4,580,231 124,032 629,636 941,298 619,865 2,474,390 May 18 24,004,2591,430,0025,458,639 1,650,2972,163,4991,601,8501,340,2714,571,800 121,459 627,780 936,818 618,623 2:,483,221 May 25 23,962,3981,424,163 5,461,7081,652,7632,155,3011,595,6851,333,6424,562,485 114,676 626,163 933,018 616,8372,485,957 Collateral held against notes outstanding: Gold certificates: Apr. 27 13,299,000 440,000 4,670,000 550,000 745,000 625,000 575,0002,605,000 315,000 210,000 280,000184,0002,100,000 May 4 13,199,000 440,000 4,670,000 550,000 745,000 625,000 557755,,000000 22,,660055,,000000 315,000 210,000 280,000184,0002,000,000 May 11 13,199,000 440,000 4,670,000 550,000 745,000 625,000 575,0002,605,000 315,000 210,000 280,000184,0002,000,000 May 18 13,454,000 440,000 4,670,000 550,000 900,000 625,000 557755,,000000 22,,660055,,000000 315,000210,000 280,000184,0002,100,000 May 25 13,554,000 440,0004,570,000 550,000 900,000 625,000 575,0002,805,000 315,000210,000 280,000184,000 2,100,000 Eligible paper: Apr. 27 78,477 9,245 13,325 7,870 16,100 8,850 2,990 9,097 11,000 May 4 266,439 7,145 210,747 5,190 14,175 3,495 650 4,737 20,300 May 11 47,884 7,215 20,207 4,210 9,250 940 1,000 2,262 2,800 May 18 509,279 15,935 438,102 7,930 16,600 8,185 4,350 6,627 11,550 May 25 50,005 6,175 18,867 4,835 5,395 2,515 910 5,852 5,456 U. S. Govt. sec: Apr. 27 12,075,000 1,100,0001,000,0001,200,0001,500,0001,025,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 May 4 12,075,000 1,100,0001,000,0001,200,0001,500,0001,025,000 850,000 2,000,000 950,000 450,000 700,000 500,000 800,000 May 11 12,075,000 1,100,0001,000,0001,200,0001,500,0001,025,000 850,0002,000,000 950,000 450,000 700,000 500,000 800,000 May 18 11,825,000 1,100,0001,000,0001,200,0001,300,0001,025,000 850,0002,000,000 900,000 450,000 700,000 500,000 800,000 May 25 11,625,000 1,100,0001,000,0001,200,0001,300,0001,025,000 850,0001,800,000 900,000 450,000 700,000 500,000 800,000 Total collateral: Apr. 27 25,452,477 1,549,2455,683,325 1,757,870 2,245,0001,666,1001,425,000 4,605,0001,273,850 662,990 989,097684,000 2,911,000 May 4 25,540,439 1,547,1455,880,747 1,755,190 2,245,0001,664,1751,425,000 4,605,0001,268,495 660,650 984,737684,000 2,820,300 May 11 25,321,884 1,547,2155,690,207 1,754,210 2,245,0001,659,2501,425,000 4,605,0001,265,940 661,000 982,262684,0002,802,800 May 18 25,788,279 1,555,9356,108,102 1,757,930 2,200,0001,666,6001,425,000 4,605,0001,223,185664,350 986,627684,0002,911,550 May 25 25,229,005 1,546,1755,588,867 1,754,835 2,200,0001,655,3951,425,000 4,605,0001,217,515660,910 985,852684,000 2,905,456 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] Partici- Central reserve W o D r e a l d t a e n s t e ( s l d a d a s a y t y A a p t p p o p l i r d c o a a v t t i e e o d ns b p u c r A o o t m p v n - e - o d t st L a o n o u d a t i n - n s g2 C m o ° m en m ts it- i o n p f t g u a f t t i i i i n o o n a n n s n s t s c i- - week end M in o g n t W h, e o d r nesday b m a b A n e e m l k r l s - i N c e i w ty ban C k h s i- b s c a R e i n r e t v y k - e s b C a t o r n u y k n s - 1 of period) pleted i (amount) StanuiiiK out- York cago N b u e m r - Amount (amount) (amount) ( s a t m an o d u i n n t g ) Total reserves held: 1948—April. .. 16,926 4,552 1,017 6,473 4,884 1939 2,781 188,222 2,659 13,683 9,220 10,981 1949—March 19,417 5,204 1,247 7,306 5,661 1940 2 ,908 212 ,510 13,954 9,152 5,226 6 386 April 19,185 5,169 1,211 7,216 5,589 1941. 3,202 279,860 8,294 10,337 14,597 19,600 1942. 3,423 408,737 4,248 14,126 10,661 17,305 Apr. 20 19,185 5,154 1,219 7,207 5,605 1943 3,471 491,342 926 10,532 9,270 17,930 Apr. 27 19,119 5,178 1,229 7,152 5,560 1944. 3,489 525,532 1,295 3,894 4,165 2,705 May 4 19,026 5,151 1,239 7,136 5,500 1945. 3,511 544,961 320 1,995 1,644 1,086 May 11 18,251 4,805 1,146 6,908 5,392 1946 3,542 565,913 4,577 554 8,309 2,670 May 18 17,929 4,695 1,141 6,826 5,267 1947. 3,574 586,726 945 1,387 7,434 4,869 May 25 17,941 4,726 1,148 6,822 5,245 1948 Excess reserves: Mar. 31. .. 3,587 600,322 45 3,785 7,700 5,109 1948—April 811 39 6 231 534 Apr. 30.. . 3,593 604,623 70 1,394 6,646 4,234 1949—March 694 32 5 156 501 May 31... 3,595 606,305 120 916 6,612 3,272 April 706 42 10 184 471 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 Apr. 20 663 16 2 161 484 Aug. 31... 3,603 612,099 65 883 6,187 3,353 Apr. 27 625 24 6 148 447 Sept. 30... 3,604 613,820 45 1,011 6,246 4,212 May 4 742 9 5 147 581 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 May 11 981 106 7 237 631 Nov. 30. .. 3,606 614,725 85 1,151 6,099 4,166 May 18 P688 11 2 144 P53O Dec. 31... 3,607 615,653 335 995 1,643 1,990 May 25 P712 28 3 165 P516 1949 Borrowings at Federal Jan. 31.. . 3,607 615,893 85 1,005 1,677 2,077 Reserve Banks: Feb. 28... 3.608 616,340 45 907 1,624 2,042 1948—April 111 7 14 48 42 Mar. 31. .. 3,610 620,192 45 906 3,270 3,677 1949—March 148 52 23 48 26 Apr. 30... 3,613 620,595 152 819 2,399 2,811 April 98 19 3 39 37 1 Includes applications approved conditionally by the Federal Re- A A p p r r . . 2 2 7 0 1 9 3 0 1 42 9 4 4 5 7 3 43 5 ser 2 v I e n c B lu an d k es s i a n n d d u s u tr n i d al e r l o c a o n n s s p id a e s r t a d ti u o e n 3 b y m o a n p t p h l s i c o a r n t m . ore, which are not M Ma a y y 1 4 1 21 5 4 4 10 2 4 3 1 6 1 2 5 4 3 5 6 included in industrial loans outstanding in weekly statement of con- May 18 387 233 69 51 34 dition of Federal Reserve Banks. May 25 77 15 35 27 NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or P Preliminary. expired. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. 682 FEDERAL RESERVE BULLETIN 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] Central reserve Central reserve m A em ll - city banks s R er e v - e Coun- m A em ll - city banks se R r e v - e Counber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago First half Apri] 1949 SeconcI half April 1949 Gross demand deposits: Total 86,571 20,739 4,672 32,227 28,933 86,590 20,810 4,887 32,136 28,756 Interbank 10,272 3,750 1,067 4,634 821 9,923 3,703 968 4,468 784 Other 76,300 16,989 3,606 27,593 28,112 76,667 17,107 3,919 27,668 27,972 Net demand deposits 2 76,567 19,166 4,248 28,122 25,030 76,643 19,328 4,398 27,937 24,980 Demand deposits adjusted 3 68,200 69,500 Time deposits 4 29,082 1,646 1,026 11,522 14,888 29,138 1,641 1,039 11,561 14,896 Demand balances due from domestic banks. . . 4,897 90 92 1,617 3,098 4,710 44 122 1,589 2,955 Reserves with Federal Reserve Banks: Total 19 258 5,180 1,195 7,267 5,616 19,112 5,159 1 226 7 165 5,562 Required 18,461 5,107 1,181 7,051 5,121 18,497 5,148 1,221 7,013 5,114 Excess 797 73 14 216 495 615 10 5 151 448 Borrowings at Federal Reserve Banks 74 12 1 27 33 122 25 4 51 42 1 Averages of daily dosing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS i SMALL CENTERS i [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks In places of 15,000 In places of under all and over population 15,000 population banks ti N on a- al State su In re - d in N s o u n r - ed Demand Demand d e e i x n p c t o e e s r p i - t t s de T p i o m s e its d e e i x n p c t o e e s r p i - t t s de T p i o m s e its Num 1 b 9 e 3 r 4 o -4 f 2 banks suspended: 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1945 0 1948 1946 0 March 16,042 8,787 11,992 6,071 1947 1 1 April 16,019 8,807 11,869 6,057 1948 ... 0 1949—Jan.-May 3 3 1949 March 16,443 8,790 11,944 6,065 Deposits of suspended banks April 16,289 8,829 11,753 6,063 (in thousands of dollars):2 1934-42 137,362 18,01626,548 51,567 41,231 Bv districts, April 1949 1943 6,223 4,982 1,241 1944 405 405 Boston 1,858 843 333 231 1945 0 New York 2,947 2,209 1,024 1,152 1946 0 P C h le il v a e d la e n lp d hia 1 1 , , 2 3 1 0 1 9 9 8 2 1 4 3 1,0 8 2 9 0 5 8 8 9 1 6 9 1 1 9 9 4 4 7 8 16 0 7 167 1949—Jan.-May 1,436 1,436 Richmond 1,103 408 838 480 Atlanta 1,608 472 688 221 Chicago 2,204 1,602 1,633 958 1 Represents banks which, during the periods shown, closed tem- St. Louis 639 342 982 284 porarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks Minneapolis 585 301 752 454 at the time of closing (in some instances with the aid of Federal Deposit Kansas City 559 105 1,597 207 Insurance Corporation loans). Dallas. . . ._ 1,018 153 1,495 68 2 Deposits of member banks and insured nonmember banks sus- San Francisco . . . 1,248 657 498 293 pended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. r Revised. 1 Includes any banks in outlying sections of reserve cities that have Back figures.—See Banking and Monetary Statistics, pp. 283-292; been given permission to carry the same reserves as country banks. for description, see pp. 281-282 in the same publication. JUNE 1949 683 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 andsmall denomination currency2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion * Total Coin • $1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948—January... 28,111 19,369 1,382 984 63 2,017 6,064 8,858 8,745 2,511 5,022 424 771 5 12 3 February. . 28,019 19,335 1,385 972 63 2,005 6,084 8,826 8,687 2,492 4,996 421 762 5 12 3 March.... 27,781 19,169 1,394 975 62 1,986 6,013 8,738 8,614 2,470 4,962 416 749 5 11 1 April 27,716 19,144 1,399 976 61 1,991 6,017 8,700 8,574 2,456 4,951 412 739 5 10 1 May 27,812 19,259 1,409 994 62 2,015 6,054 8,724 8,555 2,453 4,943 410 735 5 10 2 June 27,903 19,323 1,421 1,000 63 2,017 6,085 8,737 8,581 2,465 4,945 407 749 5 10 2 July 27,866 19,309 1,422 994 62 2,010 6,059 8,762 8,559 2,452 4,940 404 748 5 9 2 August. . . . 28,055 19,450 1,432 1,006 63 2,023 6,099 8,827 8,607 2,464 4,977 403 748 5 11 2 September. 28,118 19,488 1,442 1,020 63 2,031 6,090 8,844 8,632 2,466 5,011 402 739 5 10 2 October. . . 28,176 19,531 1,451 1,026 63 2,037 6,087 8,867 8,647 2,467 5,035 401 730 5 9 3 November. 28,331 19,680 1,464 1,042 64 2,054 6,137 8,918 8,654 2,475 5,048 400 717 5 9 3 December. 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949—January... 27,580 19,003 1,441 1,000 62 1,972 5,892 8,636 8,579 2,459 5,020 396 689 5 10 3 February.. 27,557 19,029 1,441 996 63 1,976 5,929 8,625 8,531 2,444 5,000 394 679 5 10 3 March.... 27,439 18,930 1,445 992 61 1,965 5,913 8,555 8,510 2,428 4,980 392 696 5 10 1 April 27,417 18,925 1,450 994 60 1,967 5,913 8,541 8,493 2,421 4,970 390 700 5 9 1 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation l Money Total out- held by standing, As security For Federal April 30, against Federal Reserve 1949 gold and Treasury Reserve Banks and Apr. 30, Mar. 31, Apr. 30, silver cash Banks and agents 1949 1949 1948 certificates agents Gold 24,332 23,142 21,189 Gold certificates 23,142 20,284 2,815 43 43 46 Federal Reserve notes 24,064 55 863 23,146 23,213 23,489 Treasury currency—total 4,593 3 2,254 80 285 4,228 4,183 4,182 Standard silver dollars 493 271 56 3 162 162 154 Silver bullion 1,983 1,983 Silver certificates and Treasury notes of 1890. . *2,254 200 2^054 2,014 2 *6ii Subsidiary silver coin 986 14 38 934 931 903 M^inor coin 371 6 11 353 353 342 United States notes 347 3 28 315 310 310 Federal Reserve Bank notes . . . 319 (5) 4 315 319 361 National Bank notes 94 (5) 1 93 94 100 Total—Apr. 30, 1949 (4) 25,397 1,324 20,284 3,963 27,417 Mar 31 1949 . (4) 25,385 1,309 20 261 3,996 27^439 Apr. 30, 1948 (4) 24,211 1,319 19,094 4,047 27,716 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals or other end-of-month dates shown in table above, totals by weeks in table on p. 675 and seasonally adjusted figures in table on p. 685. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt; (iii) as security for oustanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 684 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] (Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in Date f u o n r a s d e j a u s s o t n ed al ad s j e u a s s te o d n al for s a e d as j o u n st a e l d ly Depos- U. S. Government variation variation series l 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 End 1 1 o 9 9 f 3 4 p 9 0 eriod: 8 7, , 5 7 9 3 8 2 +1 + ,1 7 3 4 4 2 b t a o n r k y s Total r D e i c - t G t a e u n e a - d r- f e u t n c d ' s, 1941 11,160 +2,428 1942 15,410 +4,250 1943 20,449 +5,039 1940—Dec. . 1,304 1,348 36 1,224 1,078 146 8& 1944 25,307 +4,858 1941—Dec. . 1,314 1,396 26 1,274 1,128 146 95 1945 28,515 +3,208 1942—Dec. . 1,417 1,464 16 1,345 1,220 126 102* 1946 28,952 +437 1943—Dec. . 1,788 1,843 10 1,716 1,716 US 1947 28,868 -84 1944—Dec. . 2,342 2,411 8 2,252 2,252 152" 1948 . 28,224 -644 1945—Dec. . 2,933 3,022 6 2,837 2,837 179* 1946—Dec . . 3,284 3,387 6 3,182 3,182 20O Averages of daily figures: 1947—Dec . . 3,417 3,525 6 3,308 3,308 212 1948—May 27,749 27,945 -45 1948—June. . 3,379 3,494 6 3,291 3,291 196 June 27,846 27,986 +41 July. . 3,368 3,483 6 3,275 3,275 202 July 27,955 28,011 +25 Aug.. . 3,356 3,472 6 3,260 3,260 206 August 27,977 28,118 + 107 Sept.. 3,348 3,464 7 3,260 3,260 198 September 28,152 28,208 +90 Oct.. . 3,342 3,459 7 3,244 3,244 208 October 28,188 28,188 -20 Nov. . 3,336 3,454 7 3,244 3,244 203 November 28,277 28,192 +4 Dec. . 3,330 3,449 7 3,244 3,244 198 December 28,423 28,142 -50 1949—Jan. . . 3,334 3,454 7 3,244 3,244 203 1949—January 27,850 27,767 -375 Feb.. . 3,333 3,454 7 3,244 3,244 202 February 27,545 27,545 -222 Mar.. 3,327 3,447 7 3,254 3,254 186 March 27,508 27,591 +46 Apr P3.313 April 27,462 27,683 +92 May 27,438 27,631 -52 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 1 For end of year figures, represents change computed on absolute 2 Includes working cash with postmasters, 5 per cent reserve fund amounts in first column. and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late post- NOTE.—For discussion of seasonal adjustment factors and for back masters. figures on comparable basis see BULLETIN for September 1943, pp. 822-826. Because of an apparent change in the seasonal pattern Back figures.—See Banking and Monetary Statistics, p. 519; for around the year end, adjustment factors have been revised somewhat description, see p. 508 in the same publication. for dates affected, beginning with December 1942. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total deposit 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 re c p e o n r te ti r n s g C Y i o t r y k 1 ce o n t t h e e r r s l r c e e p n o t r e t r i s n 2 g Y C o it r y k re c p en o t r e ti r n s g C Y i o t r y k * l c e i a t d ie i s n 3 g C Y i o t r y k 8 l c e i a ti d e i s n 8 g 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 19 9 4 4 6 6 — — n ol e d w s e se r r ie ie s s « * ll,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—April 102,349 37,955 53,685 10,708 23.7 12.5 36,880 52,740 26.5 18.6 May 97,603 35,429 51,807 10,367 23.0 12.4 37,060 51,557 27.9 18.7 June 108,639 40,633 56,667 11,339 25.4 13.0 38,942 55,442 28.0 19.1 July 102,940 35,832 55,972 11,136 22.5 12.8 36,350 55,233 26.6 19.1 August 97,940 33,031 54,118 10,791 20.9 12.3 32,540 53,757 23.9 18.5 September 104,754 37,531 55,980 11,243 24.6 13.2 36,354 54,635 27.5 19.4 October 107,141 38,169 57,413 11,559 24.0 12.9 38,014 56,905 27.9 19.3 November 102,887 34,754 56,815 11,318 23.7 13.8 34,988 56,977 27.8 20.8 December 122,277 46,194 63,714 12,368 28.6 14.1 44,861 62,745 32.1 21.0 1949—January 105,187 38,429 55,646 11,112 25.0 12.9 38,767 55,348 29.3 19.3 February 89,846 31,982 48,194 9,669 23.0 12.2 32,226 47,968 27.1 18.6 March 109,735 39,698 58,631 11,407 24.1 12.8 37,788 '56,737 27.2 19.2 April 99,697 35,832 53,368 10,497 22.7 12.2 36,887 52,869 27.6 18.6 T Revised. 1 National series for which bank debit figures are available beginning with 1919. 2 Number of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another city. 3 Weekly reporting member bank series. 4 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. JUNE 1949 685 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS1 [Figures partly estimated. In millions of dollars] Assets Capital and Liabilities (other than, domestic deposits and currency Bank credit a T ss o e ta ts l , outside banks) net— Treas- U. S. Government obligations l t i o ab ta il l - Capital Gold r c e u u n r r c y - y Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other s O e it t c i h e u e s r r - ca i a n p t n i e i e d t t s al, c m o a a u n i c s n d - c ts . , T c u r a e r s a y h s- d F e o b p n r a e o e n i t s k g it n s, savings Banks net banks 1929—June 29 4,037 2,019 41,082 5,741 5,499 216 26 11,819 64,698 8,922 204 365 1933—June 30 4,031 2,286 21,957 10,328 8,199 1,998 131 9,863 48,465 6,436 264 50 1939—June 30 16,110 2,881 21,310 22,483 18,770 2,551 1,162 9,532 72,316 6,875 2,563 991 Dec. 31 17,644 2,963 22,157 23,105 19,417 2,484 1,204 9,302 75,171 6,812 2,409 1,217 1941—June 30 22,624 3,149 25,305 26,984 23,539 2,184 1,261 9,098 87,160 7,796 2,275 1,956 Dec. 31 22,737 3,247 26,605 29,049 25,511 2,254 1,284 8,999 90,637 7,826 2,215 1,498 1945—June 30 20,213 4,145 27,948 118,041 93,655 21,792 2,594 8,003 178,350 10,310 2,279 2,378 Dec. 31 20,065 4,339 30,387 128,417 101,288 24,262 2,867 8,577 191,785 10,979 2,287 2,141 1946—June 29 20,270 4,539 31,570 122,740 95,911 23,783 3,046 9,175 188,294 12,079 2,251 1,894 Dec. 31 20,529 4,562 35,765 113,110 86,558 23,350 3,202 9,491 183,457 11,800 2,272 1,885 1947—June 30 21,266 4,552 38,373 107,873 82,679 21,872 3,322 10,051 182,115 12,882 1,314 1,657 Dec. 31 22,754 4,562 43,023 107,086 81,199 22,559 3,328 10,723 188,148 12,800 1,336 1,682 1948—Apr. 28 23,200 4,600 44,000 102,100 78,300 20,400 3,300 11,200 185,000 13,300 1,300 1,600 May 26 23,300 4,600 44,700 101,800 77,900 20,600 3,300 11,100 185,500 13,300 1,300 1,600 June 30 23,532 4,565 45,299 101,451 76,774 21,366 3,311 11,208 186,055 13,200 1,327 1,727 July 28 23,700 4,600 45,500 101,800 77,300 21,200 3,300 11,300 186,900 13,500 1,300 1,800 Aug. 25 23,700 4,600 46,100 101,800 77,000 21,500 3,300 11,400 187,500 13,500 1,300 1,800 Sept. 29 23,900 4,600 47,100 100,800 74,200 23,300 3,300 11,500 187,900 13,400 1,300 1,800 Oct. 27 24,000 4,600 47,300 101,400 74,900 23,200 3,300 11,300 188,600 13,500 1,300 1,800 Nov. 24 24,200 4,600 48,000 100,600 74,300 23,000 3,300 11,300 188,600 13,400 1,300 1,900 Dec. 31 24,244 4,589 48,341 100,694 74,097 23,333 3,264 11,422 189,290 13,168 1,325 2,104 1949—Jan. 26 P 24,300 4,600 48,200 99,900 74,600 22,000 3,300 11,300 188,200 13,400 1,300 2,200 Feb. 23P 24,300 4,600 47,800 99,500 73,900 22,400 3,300 11,400 187,600 13,200 1,300 2,200 Mar. 30? 24,300 4,600 48,100 97,700 72,600 21,800 3,300 11,500 186,200 13,600 1,300 2,100 Apr. 27*> 24,300 4,600 47,100 98,100 73,600 21,200 3,300 11,600 185,700 13,700 1,300 2,000 Deposits and Currency Total U. S. Government deposits deposits Total Time deposits adjusted 3 adjusted, deposits U. S. Govt. adjusted Demand Currency d c o e u b u p a r a t o r n n s e s d i k n d i s t c e s y , A s m b a t a e v a c n r n i c o n d k i m g a s s l - F R B e e a d A s n e e t r k r v a s e l c o u b u r a a r t n n e s d i n k d c s e y a d d e ju p s o t s e i d ts 2 Total m b C e a o r n m c k ia s - l s M b a a v u n i t k n u s g a 4 s l S S P a y o v s s i t n e ta m g l s o b u a t n si k d s e 1929—June 29 55,207 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 41,715 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—June 30 61,887 792 944 60,151 27,355 26,791 15,097 10,433 1,261 6,005 Dec. 31 64,733 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—June 30 75,133 753 980 73,400 37,317 27,879 15,928 10,648 1,303 8,204 Dec. 31 79,098 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—June 30 163,383 24,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec. 31 176,378 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29 172,070 13,416 833 157,821 79,476 51,829 32,429 16,281 3,119 26,516 Dec. 31 167,500 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30 166,263 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 172,330 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—Apr. 28 168,700 2,500 1,200 165,000 82,700 56,900 35,500 18,000 3,400 25,400 May 26 169,300 2,400 1,800 165,100 82,800 56,900 35,500 18,100 3,400 25,400 June 30 169,803 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 July 28 170,300 2,400 1,800 166,000 83,300 57,300 35,700 18,200 3,400 25,500 Aug. 25 171,000 2,400 1,900 166,700 83,800 57,300 35,700 18,200 3,400 25,600 Sept. 29 171,300 2,800 1,700 166,900 83,900 57,300 35,700 18,300 3,300 25,700 Oct. 27 172,000 2,300 1,500 168,100 85,100 57,300 35,700 18,300 3,300 25,700 Nov. 24 172,000 2,200 1,700 168,110 85,200 57,000 35,500 18,200 3,300 25,900 Dec. 31 172,693 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Jan. 26? 171,300 2,000 1,100 168,200 85,400 57,600 35,800 18,500 3,300 25,200 Feb. 23 P 170,900 3,000 1,600 166,300 83,400 57,800 35,900 18,600 3,300 25,100 Mar. 3QP 169,200 3,400 1,700 164,200 81,100 58,000 36,000 18,700 3,300 25,100 Apr. 27P 168,700 2,100 1,100 165,500 82,400 58,100 36,100 18,700 3,300 24,900 ? Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs 686 FEDERAL RESERVE BULLETIN 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 x capital of Total Loans U. S. Total 1 Inter- accounts banks Total G m ov e e n r t n- O se t c h u e - r bank 1 m D a e n - d Time obliga- rities tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1940—Dec. 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,562 26,499 8,302 14,896 1941—Dec. 31. 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 312 134,924 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 er. . . . 133,420 47,160 86,260 74,920 11,340 37,660 159,010 11,650 93,260 54,100 12,450 14,712 Nov. 24^. ... 133,500 47,910 85,590 74,320 11,270 37,480 158,560 11,540 93,200 53,820 12,470 14,709 Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—Tan. 26 er. 134,060 48,180 85,880 74,580 11,300 36,930 158,560 11,660 92,500 54,400 12,550 14,700 Feb. 23*"- 133,100 47,820 85,280 73,860 11,420 36,820 157,590 10,930 92,110 54,550 12,570 14,690 Mar. 30er. . . . 132,300 48,220 84,080 72,560 11,520 35,050 154,760 10,490 89,470 54,800 12,650 14,692 Apr. 27 «. ... 132,440 47,230 85,210 73,630 11,580 34,770 154,660 10,310 89,420 54,930 12,700 14,692 All commercial banks: 1939—Dec. 30 40,668 17,238 23,430 16,316 7,114 22,474 57,718 9,874 32,513 15,331 6,885 14,484 1940—Dec. 31 43,929 18,800 25,129 17,757 7,372 27,124 65,337 10,934 38,558 15,844 7,010 14,345 1941—Dec. 31 50,746 21,714 29,032 21,808 7,225 26,551 71,283 10,982 44,349 15,952 7,173 14,278 1942—Dec. 31 67,393 19,221 48,172 41,379 6,793 28,039 89,135 11,308 61,431 16,395 7,330 14,136 1943—Dec. 31 85,095 19,117 65,978 59,842 6,136 27,677 105,923 11,003 75,569 19,350 7,719 14,034 1944—Dec. 30 105,530 21,644 83,886 77,557 6,329 30,206 128,072 12,235 91,653 24,184 8,265 13,992 1945—Dec. 31 124,019 26,083 97,936 90,606 7,331 34,806 150,227 14,065 105,921 30,241 8,950 14,011 1946—Dec. 31 113,993 31,122 82,871 74,780 8,091 34,223 139,033 12,656 92,446 33,930 9,577 14,044 1947—Dec. 31 2 116,284 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^. ... 114,120 41,640 72,480 63,260 9,220 36,820 140,720 11,650 93,240 35,830 10,460 14,180 NOV. 24 er. . . . 114,220 42,320 71,900 62,780 9,120 36,680 140,340 11,540 93,180 35,620 10,480 14,177 Dec. 31 114,298 42,488 71,811 62,622 9,189 38,596 142,843 12,269 94,654 35,921 10,480 14,171 1949—Tan. 26^. ... 114,470 42,450 72,020 62,970 9,050 36,130 140,040 11,660 92,480 35,900 10,550 14,168 Feb. 23^ 113,410 42,030 71,380 62,240 9,140 36,030 139,010 10,930 92,090 35,990 10,560 14,159 Mar. 30 e r. . . . 112,500 42,370 70,130 60,880 9,250 34,100 136,070 10,490 89,450 36,130 10,620 14,162 Apr. 27 « 112,510 41,320 71,190 61,950 9,240 34,240 135,910 10,310 89,400 36,200 10,670 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 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,587 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 8,09o 6,900 1947—Dec. 31 97,846 32,628 65,218 57,914 7,304 32,845 122,528 12,403 81,785 28,340 8,464 6,923 1948—June 30 95,449 33,871 61,578 54,139 7,439 30,303 117,452 10,833 77,796 28,823 8,624 6,925 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. 31 95,616 36,061 59,557 52,154 7,403 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Jan. 26 « 95,824 36,024 59,800 52,478 7,322 31,908 118,817 11,050 78,943 28,824 8,837 6,914 Feb. 23 « 94,819 35,614 59,205 51,794 7,411 31,823 117,855 10,364 78,596 28,895 8,845 6,913 Mar. 30 e 93,955 35,891 58,064 50,536 7,528 30,323 115,282 9,951 76,323 29,008 8,894 6,913 Apr. 27 e 93,993 34,855 59,138 51,644 7,494 30,148 115,212 9,765 76,370 29,077 8,948 6,914 All mutual savings 1939—Dec. 30. 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1940—Dec. 31 10,248 4,956 5,292 3,215 2,078 966 10,659 4 10,655 1,292 551 1941—Dec 31 10,379 4,901 5,478 3,704 1,774 793 10,533 6 10,527 1,241 548 1942—Dec. 31 10,754 4,695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 1,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—June 30 19,226 5,234 13,992 11,976 2,016 832 18,211 17 18,193 1,955 532 Oct. 27 e 19,300 5,520 13,780 11,660 2,120 840 18,290 20 18,270 1,990 532 Nov. 24:e. '.'.'.'. 19,280 5,590 13,690 11,540 2,150 800 18,220 20 18,200 1,990 532 Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 1 17 18,387 1,999 532 I949— F T eanb . 2 2 6 3 e e . 1 1 9 9 , , 6 5 9 9 0 0 5 5 , , 7 7 9 3 0 0 1 1 3 3 , , 8 9 6 0 0 0 1 1 1 1 , , 6 6 2 1 0 0 2 2 , , 2 2 5 8 0 0 8 7 0 9 0 0 1 18 8 , , 5 5 8 2 0 0 2 2 0 0 1 1 8 8 , , 5 5 0 6 0 0 2 2 ,0 ,0 0 1 0 0 5 5 3 3 2 1 Mar 30 e 19^800 5^850 13!950 11,680 2,270 810 18,690 20 18,670 2,030 530 Aivi.cpii •r .\j\j 27• »e • • • 19,930 5,910 14,020 11,680 2,340 730 18,750 1 20 18,730 2,030 530 Parrttllyy eessttiimmaatteedd.. RReevviisseedd.. ""AAllll bbankk"s" 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. For other footnotes, see following two pages. JUNE 1949 687 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 Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets1 Total i b In a t n e k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t - r s i e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 6,043 4,772 1,272 6,703 14,509 4,238 9,533 736 1,592 36 1940—Dec. 31 10,910 3,384 7,527 6,044 1,483 8,423 17,744 4,678 12,247 819 1,615 36 1941—Dec. 31 12,896 4,072 8,823 7,265 L,559 6,637 17,932 4,207 12,917 807 1,648 36 1942—Dec. 31 17,957 4,116 13,841 12,547 L.294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec. 31 19,994 4,428 15,565 14,563 1,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec 30 24,003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 31 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 1 1 9 9 4 4 7 8 — — £ Ju > nece 3 3 0 i . . 2 1 0 9 ,0 3 1 9 9 3 7 7, , 1 5 7 5 9 0 1 11 3 , , 4 2 6 1 9 4 1 1 1 0 , , 9 3 7 5 2 8 1 1 , , 2 1 4 1 2 0 6 7 , 7 2 9 6 8 1 2 23 5 , , 3 2 6 1 2 6 4 4, , 0 4 2 6 7 4 1 1 7 9 , , 6 30 5 7 9 1 1 , , 4 6 4 7 5 6 2 2 , ,2 2 6 5 2 9 3 3 7 5 Oct. 27« , 18,649 7,568 11,081 10,005 1,076 7,273 23,396 3,954 17,817 1,625 2,274 35 Nov. 24» 18,585 7,955 10,630 9,608 1,022 7,295 23,140 3,901 17,626 1,613 2,283 35 Dec. 31 18,759 8,048 10,712 9,649 1,063 7,758 24,024 4,213 18,131 1,680 2,306 35 1949—Jan. 26 e 18,762 8,104 10,658 9,624 1,034 7,171 23,177 4,069 17,487 1,621 2,306 35 Feb. 23« 18,394 7,960 10,434 9,353 1,081 7,017 22,789 3,863 17,324 1,602 2,314 35 Mar. 30« 18,273 8,179 10,094 8,943 1,151 7,008 22,529 3,644 17,232 1,653 2,307 35 Apr. 27 r 18,314 7,595 10,719 9,626 1,093 6,699 22,364 3,666 17,082 1,616 2,316 35 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1940—Dec. 31. , . . 2,377 696 1,681 1,307 375 1,578 3,710 1,004 2,197 509 270 13 1 19 9 4 4 2 1 — — D x) eecc . 3 3 i 1 ... 3 2 , ,7 9 6 7 0 3 9 83 5 2 4 3 1 , , 1 80 4 6 1 2 1 , ,4 7 3 8 0 9 3 35 7 2 6 1 1 , , 5 35 6 2 6 4 5 , , 0 0 5 4 7 0 1 1, , 1 0 1 3 7 5 3 2 , , 4 54 6 6 8 4 45 7 5 6 3 2 0 8 4 8 1 1 3 3 1943—Dec. 31 4,554 1,004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec. 30 .... S 443 1,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1 19 9 4 4 7 6 — —j D )e e c c . 3 3 i 1. ...... 4 5 ,0 7 8 6 8 5 1 1 , , 4 8 9 0 9 1 3 3, , 2 2 8 6 7 6 2 2 , , 9 8 1 9 2 0 3 3 5 9 5 7 1 1, , 7 5 3 4 9 5 6 5 , , 4 9 0 0 2 5 1 1, , 2 1 1 5 7 3 3 4 , , 9 2 2 73 2 9 8 1 2 3 9 4 4 0 2 4 6 1 1 4 4 1948—June 30 4,742 1,714 3,028 2,667 361 1,726 6,039 1,077 4,011 951 436 14 Oct. 27 « 4,752 1,780 2,972 2,608 364 1,887 6,194 1,054 4,188 952 438 13 Nov. 24e 4,734 1,813 2,921 2,552 369 1,898 6,171 1,027 4,189 955 440 13 Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Jan. 26" 4,795 1,777 3,018 2,634 384 1,885 6,182 1,023 4,143 1,016 440 13 Feb. 23 e 4,759 1,733 3,026 2,632 394 1,847 6,126 973 4,129 1,024 440 13 Mar. 30 • 4,348 1,697 2,651 2,248 403 1,558 5,411 1,074 3,333 1,004 443 13 Apr. 27 •• 4,669 1,603 3,066 2,651 415 1,715 5,940 959 3,940 1,041 445 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1940—Dec. 31 13,013 5,931 7,081 5,204 L ,877 8,278 19,844 4,076 11,018 4,750 1,904 348 1941—Dec. 31 15,347 7,105 8,243 6,467 ,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1942—Dec. 31 20,915 6,102 14,813 13,038 ,775 9,426 28,700 4,957 18,747 4,995 2,028 354 1943—Dec. 31 27,521 6,201 21,321 19,682 ,639 9,327 35,070 4,874 24,086 6,109 2,135 357 1944—Dec. 30 33,603 6,822 26,781 25,042 ,739 10,238 41,804 5,524 28,525 7,755 2,327 356 1945—Dec. 31 40,108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1 19 9 4 4 7 6 — — D D eecc . 3 3 1 1 3 36 5 , , 0 3 4 5 0 1 1 13 0 , , 4 8 4 2 9 5 2 2 4 2 ,5 5 9 2 1 7 2 2 2 0 , , 2 1 5 9 0 6 2 2 , , 2 3 7 9 6 6 1 1 1 3 , , 6 0 5 6 4 6 4 4 4 6 , , 4 4 7 6 7 7 5 5, , 6 5 4 7 9 0 2 2 8 9 , , 0 3 4 9 9 5 1 1 0 1 , , 8 4 5 2 8 3 2 2 , , 7 8 2 4 8 4 3 3 5 5 5 3 1948—June 30 35,065 13,373 21,692 19,222 2,470 11,729 44,149 4,909 27,930 11,310 2,870 335 Oct. 27 • 35,245 14,132 21,113 18,592 2,521 12,676 45,149 5,133 28,706 11,310 2,932 336 Nov. 24 e 35,367 14,268 21,099 18,624 2,475 12,521 45,050 5,075 28,701 11,274 2,921 335 Dec 31 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—Jan. 26" 35,547 14,191 21,356 18,906 2,450 12,167 44,959 5,038 28,527 11,394 2,929 335 Feb. 23 ' 35,080 13,996 21,084 18,596 2,488 12,280 44,541 4,688 28,409 11,444 2,932 335 Mar. 30 e 34,839 13,974 20,865 18,332 2,533 11,608 43,634 4,446 27,717 11,471 2,958 336 Apr. 27 r 34,638 13,640 20,998 18,446 2,552 11,688 43,469 4,377 27,556 11,536 2,973 336 Country member banks: 1939—Dec. 30 10,224 4,768 5,456 3,159 2,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1940—Dec. 31. 10,826 5,309 5,517 3,269 2,248 5,685 15,132 665 8,368 6,100 1,909 6,089 1941—Dec. 31 12,518 5,890 6,628 4,377 2,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1942—Dec. 31 16,419 5,038 11,380 9,172 2,208 7,638 22,459 980 14,909 6,569 2,042 6,275 1943—Dec. 31 22,188 4,654 17,534 15,465 2,069 7,983 28,414 1,015 19,594 7,804 2,153 6,331 1944—Dec. 30 28,520 4,910 23,610 21,552 2,058 9,323 35,871 1,171 24,818 9,882 2,321 6,408 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1,073 28,810 14,560 2,934 6,519 1948—June 30 36,623 11,234 25,389 21,892 3,497 10,050 43,903 821 28,196 14,886 3,056 6,541 Oct. 27 • 36,806 11,830 24,976 21,475 3,501 10,841 44,790 884 29,045 14,861 3,121 6,536 Nov. 24 « 36,828 11,893 24,935 21,435 3,500 10,825 44,774 915 29,120 14,739 3,134 6,536 Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Jan. 26 e 36,720 11,952 24,768 21,314 3,454 10,685 44,499 920 28,786 14,793 3,162 6,531 Feb. 23 • 36,586 11,925 24,661 21,213 3,448 10,679 44,399 840 28,734 14,825 3,159 6,530 Mar. 30 • 36,495 12,041 24,454 21,013 3,441 10,149 43,708 787 28,041 14,880 3,186 6,529 Apr. 27 r 36,372 12,017 24,355 20,921 3,434 10,046 43,439 763 27,792 14,884 3,214 6,530 2 December 31, 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. For other footnotes see preceding and opposite page. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES '—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Total Number Cla a s n s d o d f a b t a e nk Total Loans Total G U m ov . e e n S r t . n- O se t c h u e - 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 a c p o i u ta n l ts ba o n f ks obliga- rities tions All insured commercial banks: 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 104,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 29,733 125,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13,883 104,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—Dec. 31 114,274 37.583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1948—June 30 111,794 39,372 72,421 63,490 8,931 33,699 135,945 11,035 89,491 35,418 9,955 13,415 Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 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—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 Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4,991 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—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 Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 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—Dec. 31 16,444 4,958 11,486 10,039 1,448 4,083 19,340 266 12,515 6,oS8 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 Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 1,358 6,498 Nonlnsured 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—Dec. 31 2. 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 Dec. 31 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 All nonmember commercial banks: 1943—Dec. 31 10,847 2,832 8,014 6,899 1,115 3,889 13,671 448 9,131 4,092 1,245 7,299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 1,298 7,181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13 926 7,036 1,596 7,261 1948—June 30 18,422 5,997 12,425 10,670 1,755 3,867 20,706 602 13,010 7,093 1,664 7,265 Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 Insured mutual savings banks: 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 ,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 ,173 191 1947—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 Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 ,334 193 Noninsured mutual savings banks: 1943—Dec. 31 4,345 1,411 2,935 2,246 689 238 4,204 4,203 468 361 1944—Dec. 30 4,708 1.260 3,448 2,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 3\ 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—Dec. 31 2 ... 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 Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 For footnotes, see preceding two pages. 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. JUNE 1949 689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, DECEMBER 31, 1948 ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] I Loans 1 Investments Cash, Total i T n o v t e a a s l n t m d lo e a n n t s s Total i o C p i o n e m p c n l a m u m p d e e a r i r n c rk i g a e l t , Rea lo l a e n s s tate O l t o h an e s r Total G o o b v l U i e g . r a n t S i m o . n en s t o s O f u b p S b o l d t i a l g i i v t t a e i i t c s s i a o i a o l n n n s d s se O cu th ri e ti r es b c d r a a e u n s s h e k e s r f i , v r t e o e a m m s n , d s e a R s ss t e a e a t t l e s a O s t s h e e ts r an l d i a a s t b c s o i e a t l t p a i s t l i i — t e a s l United States and possessions 134,386,144 48,452,743 19,055,252 16,703,628 13,331,548 85,933,401 74,462,553 5,753,815 5,717,033 39,635,525 1,232,893 820,868 176,075,430 United States 133,693,045 48,173,804 18,952,429 16,610,581 13,248,386 85,519,241 74,097,499 5,731,261 5,690,481 39,473,617 1,223,767 785,430 175,175,859 Possessions 693,099 278,939 102,823 93,047 83,162 414,160 365,054 22,554 26,552 161,908 9,126 35,438 899,571 State A A A C C r a l o r a i k l l z i b o a f o a r o n n a m r s a d n a a o i s a 10, 3 9 5 8 9 4 5 8 3 4 6 3 4 2 0 , , , , , 2 7 2 9 0 5 1 3 3 8 2 8 5 4 4 5, 3 2 0 2 1 7 0 1 7 7 3 6 9 6 9 , , , , , 0 9 0 9 8 4 1 0 4 6 9 2 1 6 2 1,7 1 4 5 8 7 3 7 9 1 8 3 , , , , , 6 7 8 8 3 8 2 4 5 4 3 5 0 6 0 2,3 5 4 5 7 7 3 9 3 9 0 , , , , , 9 4 0 5 7 7 9 1 3 3 1 3 8 0 4 9 1 1 1 6 4 5 1 4 1 3 7 5 2 , , , , , 8 7 5 7 8 9 8 9 1 9 2 6 7 5 3 5, 5 3 9 5 1 8 7 2 5 6 0 7 1 5 6 , , , , , 6 0 3 9 4 6 4 3 6 4 9 2 3 9 0 5, 3 4 5 1 1 1 6 0 7 4 4 9 9 4 0 , , , , , 4 9 6 7 3 2 3 4 1 3 6 9 0 8 4 5 8 3 5 6 1 1 8 0 5 7 , , , , , 3 6 4 8 1 3 9 8 8 6 1 6 3 8 0 1 2 2 1 7 2 0 8 5 1 , , , , , 6 7 4 3 7 1 8 3 0 0 1 3 6 4 4 2,9 3 3 2 2 9 3 7 6 4 4 2 7 7 , , , , , 1 2 8 3 0 5 2 4 5 9 7 9 6 4 1 12 3 4 3 9 2 , , , , , 7 9 3 4 6 7 9 9 6 5 3 2 9 7 8 6 2 4 3 7 , , , , 4 5 4 5 7 1 7 7 7 4 2 6 0 4 3 14 1 1 , , , 4 8 0 1 3 4 5 7 5 4 8 5 2 4 5 , , , , , 5 8 0 4 1 4 5 3 1 1 2 9 2 5 6 Connecticut 2,603,531 751,126 132,325 496,109 130,803 1,852,405 1,536,355 77,271 238,779 419,883 23,818 15,590 3,062,822 Delaware 474,093 145,944 48,593 63,139 34,560 328,149 235,022 18,243 74,884 103,675 4,432 1,177 583,377 District of Columbia 780,508 270,963 96,831 94,501 81,020 509,545 467,235 3,567 38,743 295,233 16,463 2,066 1,094,270 Florida 1,267,862 351,209 157,634 73,446 122,887 916,653 814,252 80,013 22,388 476,341 18,038 4,366 1,766,607 Georgia 1,246,715 601,230 241,430 130,455 233,038 645,485 575,636 48,011 21,838 536,326 14,811 3,792 1,801,644 Idaho 350,117 134,849 34,431 38,392 63,029 215,268 203,660 10,002 1,606 106,094 3,112 202 459,525 Illinois 9,309,465 2,795,341 1,679,434 422,430 722,002 6,514,124 5,696,186 487,570 330,368 3,238,521 50,405 41,039 12,639,430 Indiana 2,462,395 707,061 197,525 301,170 214,218 1,755,334 1,576,111 109,344 69,879 763,919 17,930 5,823 3,250,067 Iowa 1,861,862 643,232 124,919 197,600 324,227 1,218,630 1,033,638 146,511 38,481 526,040 11,080 2,183 2,401,165 Kansas 1,274,425 470,760 94,741 76,062 301,149 803,665 684,610 89,866 29,189 461,910 6,614 2,041 1,744,990 Kentucky 1,237,229 475,085 161,196 144,008 173,518 762,144 690,753 37,067 34,324 482,190 8,266 2,230 1,729,915 Louisiana 1,229,730 403,528 192,014 77,864 137,908 826,202 691,234 121,089 13,879 549,848 12,213 9,023 1,800,814 Maine 647,136 206,891 55,541 97,347 55,241 440,245 372,358 12,296 55,591 111,376 4,677 1,323 764,512 Maryland 1,663,402 436,850 122,755 188,505 127,977 1,226,552 1,095,421 31,708 99,423 402,076 14,607 12,628 2,092,713 Massachusetts 6,748,778 2,266,905 724,833 1,210,661 363,718 4,481,873 3,948,029 64,226 469,618 1,140,556 52,656 48,694 7,990,684 Michigan 4,103,765 1,299,767 320,160 618,393 368,391 2,803,998 2,439,590 234,171 130,237 1,158,634 32,323 12,839 5,307,561 Minnesota 2,428,532 820,430 260,974 265,254 302,221 1,608,102 1,388,860 106,308 112,934 727,997 15,176 9,281 3,180,986 Mississippi 611,892 203,219 66,282 46,448 91,910 408,673 292,491 109,374 6,808 246,627 5,437 961 864,917 Missouri 3,147,932 1,319,989 542,060 360,226 424,643 1,827,943 1,597,243 127,496 103,204 1,264,098 24,867 10,906 4,447,803 Montana 444,704 135,292 24,357 25,604 86,379 309,412 286,268 14,547 8,597 155,345 2,485 1,139 603,673 Nebraska 996,839 326,838 79,678 39,648 210,752 670,001 590,744 54,353 24,904 369,263 6,054 2,167 1,374,323 Nevada 138,249 53,179 10,449 27,897 14,985 85,070 76,048 8,054 968 34,063 1,154 797 174,263 New Hampshire 526,480 196,717 33,905 137,089 25,928 329,763 261,207 9,218 59,338 68,751 3,970 314 599,515 New Jersey 4,391,767 1,204,266 282,131 639,752 298,009 3,187,501 2,627,795 254,986 304,720 883,078 54,625 17,208 5,346,678 New Mexico 218,870 94,783 30,192 24,580 40,895 124,087 111,996 10,578 1,513 101,261 2,098 223 322,452 New York 35,055,363 13,523,690 6,314,561 4,599,882 ,924,106 21,531,673 19,148,121 896,024 1,487,528 9,669,125 296,501 376,610 45,397,599 North Carolina 1,425,291 548,958 226,130 124,551 203,104 876,333 740,828 76,255 59,250 512,400 11,698 9,054 1,958,443 North Dakota 514,899 108,087 16,250 14,836 77,594 406,812 371,444 24,353 11,015 111,932 1,610 958 629,399 Ohio 6,024,573 1,982,271 641,323 775,529 587,643 4,042,302 3,495,857 321,807 224,638 1,750,526 55,727 17,292 7,848,118 Oklahoma 1,167,178 420,282 176,463 56,440 189,382 746,896 627,720 105,277 13,899 538,126 7,218 3,193 1,715,715 I Oregon 1,084,314 384,661 152,925 102,183 130,100 699,653 597,657 92,429 9,567 325,275 14,146 6,803 1,430,538 Pennsylvania 9,460,166 2,949,635 1,328,488 909,238 743,048 6,510,531 5,167,974 389,176 953,381 2,484,468 120,578 39,284 12,104,496 Rhode Island 948,881 266,725 83,642 140,914 43,984 682,156 581,163 9,016 91,977 143,200 12,985 2,892 1,107,958 South Carolina 516,929 173,187 63,455 41,945 68,902 343,742 294,455 34,230 15,057 204,096 3,631 1,019 725,675 South Dakota 428,001 130,910 18,011 25,234 88,951 297,091 268,194 20,005 8,892 111,281 2,059 1,108 542,449 1 Tennessee 1,465,406 651,572 269,341 114,063 273,273 813,834 676,581 111,577 25,676 581,391 17,867 5,083 2,069,747 Texas 4,470,275 1,933,877 1,004,287 212,956 728,189 2,536,398 2,206,971 264,410 65,017 2,236,126 60,748 15,114 6,782,263 Utah 442,523 187,092 52,227 71,240 64,877 255,431 233,495 18,019 3,917 152,572 3,749 508 599,352 Vermont 318,439 183,412 20,248 124,188 39,839 135,027 106,748 12,262 16,017 43,514 3,719 504 366,176 Virginia 1,434,670 646,436 186,929 231,155 232,812 788,234 705,004 50,050 33,180 486,382 20,159 4,886 1,946,097 5 Washington 1,676,776 678,928 272,087 217,715 193,028 997,848 845,980 119,872 31,996 522,092 11,867 5,139 2,215,874 West Virginia 766,857 261,847 55,790 121,982 86,035 505,010 458,882 28,202 17,926 255,696 8,727 1,947 1,033,227 Wisconsin 2,481,103 714,655 240,798 307,006 175,453 1,766,448 1,549,420 129,981 87,047 644,097 17,884 7,033 3,150,117 Wyoming 187,900 56,355 13,640 16,198 26,775 131,545 119,206 8,889 3,450 82,536 1,294 216 271,946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES AND POSSESSIONS, BY STATES, DECEMBER 31, 1948—Continued ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in thousands of dollars] Deposits Borrowings Total Number Total Interbank Gov U er . n S m . ent S p ta o t l e i s ti c a a n l d an C d er o t f if fi i c e e d rs' Indi a v n id d u a c l o s r , p p o a ra rt t n io e n rs s hips de T m ot a a n l d T ti o m ta e l a li n a d b il o i t t h ie e s r a c c a c p o i u t n al ts ban o k f s 2 Savings subdivisions checks, etc. Demand Time deposits deposits United States and possessions 162,041,389 12,284,780 2,521,184 8,561,696 2,152,234 83,166,726 53,354,769 107,088,509 54,952,880 1,480,238 12,553,803 14,753 United States 161,247,667 12,269,230 2,457,203 8,436,895 2,138,269 82,892,964 53,053,106 106,667,621 54,580,046 1,449,370 12,478,822 14,703 Possessions 793,722 15,550 63,981 124,801 13,965 273,762 301,663 420,888 372,834 30,868 74,981 50 State Alabama 1,256,821 72,366 17,085 139,371 8,239 766,811 252,949 1,001,223 255,598 6,774 81,521 224 Arizona. . . . 423,264 3,858 3,969 57,685 6,770 252,508 98,474 324,309 98,955 4,166 21,112 11 Arkansas 804,472 60,440 8,484 63,193 5,976 571,044 95,335 708,204 96,268 1,583 49,804 230 California 13,188 401 452 762 165 638 917,377 235 699 6,075,976 5,340,949 7,485,896 5,702,505 138,084 727,927 203 Colorado 1,101,524 78,171 18,756 46,849 9,119 727,180 221,449 878,366 223,158 4,419 66,092 146 Connecticut. . . 2,769,787 42,695 26,682 59,948 25,751 903,334 1,711,377 1,054,621 1,715,166 16,318 276,717 188 Delaware 518,481 4,545 27,355 19,360 4,378 316,813 146,030 365,570 152,911 2,611 62,285 41 District of Columbia 1,019,760 52,607 22,512 1,069 17,772 715,812 209,988 806,527 213,233 6,256 68,254 19 Florida 1,652,875 115,970 17,499 195,145 12,894 1,003,253 308,114 1,320,875 332,000 6,511 107,221 189 Georgia. . . 1,673,726 184,698 24,777 124,153 16,711 1,008,768 314,619 1,356,368 317,358 14,471 113,447 394 Idaho 438 473 7 286 4 910 57 815 3 947 270,650 93,865 343,864 94,609 1,012 20,040 47 Illinois 11,814,485 1,178,833 265,420 637,377 98,179 6,774,705 2,859,971 8,782,603 3,031,882 75,942 749,003 887 Indiana. . 3 055 625 109 944 46 338 265 431 32 676 1 699,766 901 470 2,149,344 906,281 10,790 183,652 491 Iowa 2,260,659 106,883 51 943 175,234 30,235 1,367,938 528,426 1,728,911 531,748 3,084 137,422 666 Kansas 1,647,239 87,214 22,786 245,507 14,188 1,119,729 157,815 1,485,968 161,271 3,543 94,208 609 Kentucky 1,613,151 163,836 16,481 104,775 11,801 1,098,029 218,229 1,392,935 220,216 7,285 109,479 386 Louisiana. . . 1 702,286 210,771 16 917 240,982 16,846 943,726 273,044 1,423,380 278,906 11 933 86,595 161 Maine 688,864 7,097 5,840 21,353 4,261 215,240 435,073 250,996 437,868 2,979 72,669 96 Maryland.... 1,918,226 94,694 24 902 90,529 7,085 886,407 814,609 1,098,577 819,649 9,330 165,157 172 Massachusetts 7,170,815 324,065 77,248 196,866 65,558 2,531,724 3,975,354 3,188,817 3,981,998 72,660 747,209 378 Michigan 4,984,256 155,825 127,025 235,886 48,970 2,297,224 2,119,326 2,853,578 2,130,678 28,427 294,878 447 Minnesota... 2 972,298 286 555 39 453 199 765 30,081 1,393,268 1 023,176 1,937,706 1,034,592 16,829 191,859 682 Mississippi 816,921 57,872 7,737 100,769 3,701 513,328 133,514 682,637 134,284 1,973 46,023 205 Missouri , 4,170,354 725,264 70,806 263,491 25,313 2,426,327 659,153 3,503,495 666,859 16,109 261,340 599 Montana 577,472 27,956 6 756 64,764 5,513 376,360 96,123 480,477 96,995 1,304 24,897 112 Nebraska... . 1 290,887 144,808 19,163 59,470 8,666 920,283 138,497 1,152,226 138,661 9,104 74,332 416 Nevada 164,252 971 2,039 19,563 2,473 84,375 54,831 107,269 56,983 1,064 8,947 8 New Hampshire 534 489 6,961 3 948 14,758 4,571 117,678 386,573 147,264 387,225 1,576 63,450 109 New Jersey 4,941,112 46,656 66,046 297,364 50,584 1,970,172 2,510,290 2,416,162 2,524,950 23,372 382,194 361 New Mexico 307,486 11,013 5,738 49,519 3,800 198,387 39,029 266,416 41,070 467 14,499 49 New York 40,695,614 4,632,629 572,090 707,876 824,966 19,639,220 14,318,833 26,057,018 14,638,596 722,154 3,979,831 779 North Carolina 1,827,430 208,148 29 888 200,751 22 340 1,017,458 348,845 1,465,052 362,378 17,614 113,399 227 North Dakota 596,694 12,637 7,469 85,674 3,409 371,484 116,021 432,367 164,327 2,049 30,656 151 Ohio 7,346 038 284,613 155 539 418,421 72,740 3,688,385 2 726 340 4,469,396 2,876,642 35,841 466,239 669 Oklahoma 1,603,942 151,045 29,023 197,361 20,963 1,093,045 112,505 1,486,214 117,728 6,597 105,176 386 Oregon 1,345,361 32,487 15,307 113,964 18,329 775,423 389,851 947,779 397,582 7,785 77,392 72 Pennsylvania 10,882,621 574,519 150,266 374,780 93,199 5,714,660 3 975,197 6,765,760 4,116,861 66,518 1,155,357 991 Rhode Island. . 999,747 13,230 12,071 29,378 7,859 365,322 571,887 426,957 572,790 11,123 97,088 29 South Carolina... .... 685,362 20,828 14,017 72,997 6,336 483,203 87,981 595 053 90 309 2,350 37,963 149 South Dakota 515,111 9,530 8,936 42,504 3,057 366,954 84,130 428,084 87,027 1,199 26,139 170 Tennessee.... 1,940,452 286,181 21,858 157,935 14,619 1,041,180 418,679 1,511,155 429,297 9,654 119,641 295 Texas 6,386,825 788,520 71,568 579,535 128,248 4,308,311 510,643 5 775,671 611,154 29 115 366 323 898 Utah 564,166 41,504 3,773 52,696 4,626 282,341 179,226 384,136 180,030 2,159 33,027 55 Vermont . . . . 328,002 1,339 1,879 8,285 2 183 79,437 234,879 90 877 237,125 2 421 35 753 77 Virginia 1,794,670 138,462 32,211 117,531 26,922 931,510 548,034 1,211,321 583,349 11,556 139,871 314 Washington 2,090,274 77,458 28,694 109,324 17,909 1,134,189 722,700 1,361,094 729,180 7 992 117,608 124 West Virginia 951,931 41,882 25,643 75,025 20,939 528,272 260,170 689,042 262,889 4,091 77,205 181 Wisconsin . . 2,957,929 119,867 59 278 106,236 34,892 1,353,922 1 283 734 1,665,737 1,292,192 8 542 183,646 555 Wyoming 257,037 11,735 3,440 21,254 2,976 171,833 45,799 210,324 46,713 634 14,275 55 1 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 figures prior to June 30, 1948. Total loans continue to be shown net. 2 Includes 17 banks for which asset and liability data are not available. 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- Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e n a e n t d n a s t s t l s - Total1 o c m m c p p k i p l i i n u e n a e e e a a g r d - r r n t - l 2 - , - - - A t c a u u g l r l 2 r - - i- b o d a e s e T r r e n e o r r o a s d s c c k l a u - - r r r it o y T e i t i e r h n o s s g - l t R o e a a s e t - e n a s l s C l u o o m a n n e - s rO lo th an e s r Total Total Bills C o d c n e f e e a r e d t b t i s e i - n t s f D s - i - - ire N c o t tes Bonds G t a e u n e a - d r- S p d s s t a i t g u o i i i c o a n o o v a l a b t f d i n n - i e l - t - s s s - O s r e i t t h c i u e e r s - All insured commercial banks 1941—Dec. 31. . 49,290 21,259 9,214 1,450 614 4,773 4,545 28,031 21,046 988 3,159 ,1023,6513,333 1943—Dec. 31. . 83,507 18,841 7,777 1,505 ,414 922 4,437 ,868 ,666 58,6834,63613,218 7,67230, ,501 2,696 1944—Dec. 30.. 103,382 21,352 7,920 1,723 ,269 2 265 4,343 944 82,030 75,8753,97115,30015,778 39 978 2,733 1945—Dec. 31. . 121,809 25,765 9.461 1,314 ,164 3 606 4,6772,361 1,18196,043 88,9122,455 19,07116,04551 22 3,258 1946—Dec. 31.. 112,178 30,733 14,016 1,358 ,517 609 7,103 4 031 098 81,445 73,554 1,27112,288 6,78053 15 3,592 1947—Dec. 31. . 114,274 37,583 18,012 1,610 823 190 9,266 5 654 028 76,691 67,941 2,124 7,552 5,918 52 14 129 3,621 1948—June 30. .111,794 39,372 17,834 1,976 ,183 07710,1016,412 1,11972,421 63,4902,327 9,451 5,069 46 12 434 3,497 Dec. 31. . 112,286 41,968 18,761 2,775 ,336 93910,666 6,8041,09570,318 61,3882,821 10,065 3,394 45 85,509 3,420 Member banks, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 11,729 3,8323,0902,871 1943—Dec. 31.. 74,258 16,288 7,421 1,023 ,398 839 274 484 848 57.97052,948 ,36012,071 27,2652,3452,729 2,294 1944—Dec. 30. . 91,569 18,676 7,531 1,198 ,249 2 108 209 505 87772,89367,685 ,74813,982 34,927 9022.857 2,350 1945—Dec. 31.. 107,183 22,775 8,949 855 ,133 378 455 900 104 84,40878,338 ,27516,985 44,792 163.254 2,815 1946—Dec. 31. . 96,362 26,696 13,154 884 506 467 358 3 308 020 69,66663,042 ,16710,043 46,219 113, 077 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 ,065 130 4662 65,21857,914 ,987 5,816 45,286 104.199 3,105 1948—June 30. . 95,449 33,871 16,734 1,241 171 956 777 2491,040 61,57854,139 188 7,597 104 40,242 4.436 3,003 Dec. 31.. 95,616 36,060 17,631 ,800 324 8348,2445,5851,006 59,55652,1542,588 7,999 800 38,761 4,480 2,922; New York City* 1941—Dec. 31. . 12,896 4,072 2,807 412 169 123 554 8,823 311 ,623 3,652 1,679 7?9 830 1943—Dec. 31. . 19,994 4,428 2,515 1,054 323 107 252 15315,566 14,563 1,328 3,409 ,829 7,014 984 444 55& 1944—Dec. 30. . 24,003 5,760 2,610 1,742 859 86 253 17918,243 17,179 913 3,740 ,745 8,592 189 468 596 1945—Dec. 31. . 26,143 7,334 3,044 2,453 1,172 80 287 29818,809 17,574 477 3,433 ,32510,337 1 606 629 1946—Dec. 31. . 20,834 6,368 4,078 1,096 389 99 455 25014,465 13,308 387 1,725 99210,202 1 557 601 1947—Dec. 31. . 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 1,102 225 224 643 306 10,712 9,649 589 1,183 365 7,512 563 500 Chicago:1 1941—Dec. 31.. 2,760 954 732 48 52 96 1,806 1,430 256 153 903 119 182 193 1943—Dec. 31. . 4,554 1,004 763 102 52 45 3,550 3,238 199 877 484 1,602 74 158 155 1944—Dec. 30. . 5,443 1,184 738 163 163 45 4,258 3,913 250 1,045 779 1,809 31 160 185 1945—Dec. 31. . 5,931 1,333 760 211 233 51 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31. . 4,765 1.499 1,094 117 101 105 3,266 2,912 60 498 146 2,207 167 187' 1947—Dec. 31. . 5,088 1,801 1,418 73 87 149 3,287 2,890 132 235 248 2,274 213 185; 1948—June 30. . 4,742 1,714 1,357 61 75 156 3,028 2,667 160 250 214 2,043 185 176, Dec. 31.. 4,799 1,783 1.412 71 63 176 3,016 2,633 183 275 217 1,958 210 174 Reserve city banks. 1941—Dec. 31. . 15,347 7,105 3,456 300 114 194 .527 1,512 8,243 6,467 295 751 4,248 ,173 956 820- 1943—Dec. 31. . 27,521 6,201 3,058 279 217 267 .420 658 30121,321 19,682 1,802 4,691 2,497 9,943 749 913 726, 1944—Dec. 30.. 33.603 6,822 3,034 348 311 777 ,379 660 31326,781 25,042 1,704 5,730 5,181 11,987 4401,000 740 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,503 ,459 855 40431,59429,552 1,034 6,982 5,653 15,878 1,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 7042,237 1.436 43524,52722,250 441 3,799 1,99316,013 1,2721,004 1947—Dec. 31. . 36,040 13,449 7.088 225 170 4843.147 1,969 36622,591 20,196 373 2,358 1,90115,560 1,3421,053; 1948—June 30. . 35,065 13,373 6.823 260 126 4283,333 2,158 36921,692 19,222 783 3,244 1,501 13,692 1,4461,024 Dec. 31. . 35,332 14,285 7.282 437 130 360 3,503 2,315 41221,047 18,594 1,056 3,201 1,090 13,247 1,4211,032 Country banks: 1941—Dec. 31. . 12,518 5,890 1,676 659 183 ,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028; 1943—Dec. 31. . 22,188 4,654 1,084 713 197 ,725 528 381 17,53415,465 1,032 3,094 2,096 8,705 5381,214 855 1944—Dec. 30. . 28,520 4,910 1,149 802 310 ,719 547 35123,61021,552 882 3,466 4,422 12,540 2411,230 829* 1945—Dec. 31. . 35,002 5,596 1,484 648 471 ,881 707 36329,40726,999 630 5,102 4,544 16,713 1,342 1,067 1946—Dec. 31. . 35,412 8,004 2,433 681 2732,9701,312 30627,40824,572 279 4,020 2,470 17,797 1,5511,285; 1947—Dec. 31. . 36,324 10,199 3,096 818 227 3,827 1,979 22926,12522,857 480 2,583 2,108 17,681 2,006 1,262* 1948—June 30. . 36,623 11,234 3,279 979 204 4,236 2,318 26725,38921,892 552 3,121 1,868 16,345 2,223 1,275; Dec. 31.. 36,726 11,945 3,2961,356 1874,467 ,451 26124,78121,278 760 3,340 1.128 16,046 2,286 1,217; Insured nonmember commercial banks: 1941—Deg. 31. . 5.776 3,241 543 478 64 ,282 854 2,535 1,509 17 152 1,069 271 563 462> 1943—Dec. 31.. 9,258 2,556 356 432 82 ,165 385 6,702 5,739 276 ,147 766 3,395 156 560 403s 1 1 9 9 4 4 4 5 — — D D e e c c . . 3 31 0 . . . . 1 14 1 , , 6 8 3 2 9 4 2 2 , , 9 6 9 7 2 8 3 5 8 1 9 2 4 5 5 2 9 5 2 1 2 5 8 6 , , 1 2 3 2 6 4 3 4 8 6 3 0 1 9 1 , , 1 6 4 4 6 7 1 8 0 , , 1 5 9 8 7 4 2 1 2 8 3 0 P , 3 0 1 8 9 7 1 1 , , 6 7 5 7 2 4 4 6, , 5 9 3 2 8 8 7 6 6 5 6 6 1 6 9 3 4 8 4 3 3 ; ; 1946—Dec. 31.. 15,831 4,040 862 474 142 ,748 723 11,791 10,524 104 ,247 1,179 6,991 3 752 516, 1947—Dec. 31.. 16,444 4,958 1,049 563 1252,139 992 11,486 10,039 136 .736 1,104 7,058 4 931 517 1948—June 30. . 16,360 5,504 1,101 735 1212,3281,163 10,856 9,362 138 .855 966 6,399 4 999 49* Dec. 31. . 16,685 5,911 1,131 975 1052,4261,220 10,774 9.246 234 ,066 594 6,349 31.030 498; * 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. 3 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. J Central reserve city banks. 692 RESERVE; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F s B s w e e R R e a r d r i v e n e e t v - - h e k r e s a s l v C a i a n u s l h t b m a w B a n d e n o i 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 e s e n e i - - - t d d s 8 m D e I s n d o t - e t ic e p 4 r o b s a i F e n t i s o g k r n - U m G er . o e n n v S - t - . p v s S o i u a t l s a i b n i t o t d i d 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 c r f d i t s d k . - i ' s - , p a v t n s a p i I i h d r d o n o t i u n d r n p c a a s i 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 g s n v d v n S t s - - a - t . l v S s p i a u i s o t c n a i b l a o d i t d l t e n - i s s - p a v n s a p i t I h d r i d n o o t i u d n r p c n a a i e o s s - - l , r r s - - , r B i o n o w g r s - - c C o 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 65,96011,063 948 19,754 4,518 1,354 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31.. 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—June 30.. 17,355 2,063 8,238 81,420 9,628 1,357 2,052 7,132 2,020 78,287 50 111 1,061 34,246 63 9,955 Dec. 31.. 20,404 1,939 8,947 84,21110,344 1,488 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 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1943—Dec. 31. . 12,835 1,132 5,450 52,642 9,603 891 9,444 3,602 1,573 51,820 62 120 327 14,822 39 6,475 1944—Dec. 30.. 14,261 1,271 6,354 57,308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31.. 16,015 1,576 5,936 70,24310,644 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 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—June 30.. 17,356 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:* 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 1,3.95 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 2,152 476 288 194-1 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 1946 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 1940 Tune 30 1,144 28 152 3,505 1,055 22 105 320 47 3,539 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 '2 2,566 1946—Dec. 31.. 6,337 532 1,923 24,221 5,417 127 991 2,077 693 24,288 25 43 235 10,580 4 2,729 1947—Dec. 31. . 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—June 30. . 6,462 521 1,852 24,316 4,751 140 728 2,442 562 24,198 18 42 496 10,771 3 2,870 Dec. 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 5 1,962 1,727 344 15,561 17 56 149 7,599 10 2,153 1944—Dec. 30. . 3,909 684 4,097 19,958 1,149 8 4,230 1,868 369 18,350 14 57 175 9,650 16 2,321 1945—Dec. 31. . 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1946—Dec. 31. . 4,703 883 3,753 26,237 1,067 8 877 2,391 524 24,128 17 55 272 13,727 26 2,757 1947—Dec. 31.. 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—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 bee. 31. . 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 Insured nonmember commercial banks: 1941—Dec 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1943—Dec 31 313 2,996 7,279 141 2 506 750 96 6,518 6 4 68 3,750 979 1944—Dec. 30. . 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 I945—Dec 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 I947—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. 6 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. Back figures.—See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. JUNE 1949 693 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 Investments For purchasing or carrying securities U. 5. Government obligations Total Com- Date or month in lo a v n a e n d s s t- Total1 i t m c n r i i d e a a u r l l - , , s- a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo to ans Other Total C ti e fi r - - O se th c e u r ments and loansbanks cates rities t a c u g u r r l a i - - l G U t l i o i o o . g b v n a S - - t s . . O c t s u t i e h e r - s i e - r G t l U i o i o o g . b v S n a - - t . s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b i s - n t s - - Notes Bonds2 Total- Leading Cities 1948—April 63,030 23,311 14,258 398 435 277 4773,649 250 3,567 39,719 35,398 2,096 3,825 2,401 27,076 4 321 1949—February.... 62,201 24,975 15,275 744 426 188 4624,084 213 3,873 37,226 32,997 1,851 5,174 1,030 24.942 4,229 March 61,860 24,757 15,043 737 457 194 4384,084 262 3,836 37,103 32,764 1,771 4,920 992 25,081 4,339 April 61,181 24,078 14,409 661 537 195 4274,079 227 3,844 37,103 32,720 1,630 4,742 972 25,3764,383 1949—Mar. 2 61,976 24,617 15,147 499 448 191 439 4,082 266 3,837 37,359 33,069 2,000 5,048 1,029 24,992 4,290 Mar. 9 62,046 24,551 15,106 497 426 192 4374,086 278 3,821 37,495 33,206 2,083 5,060 1,026 25,037 4,289 Mar. 16 62,359 24,889 15,095 812 452 189 4384,084 287 3,826 37,470 33,112 2,013 4,992 1,011 25,0964,358 Mar 23 61,749 24,696 14,962 832 460 193 441 4,086 173 3,843 37,053 32,680 1,695 4,874 967 25,1444,373 Mar. 30 61,171 25,034 14,904 1,047 501 205 433 4,083 308 3,851 36,137 31,750 1,063 4,624 927 25,136 4,387 Apr. 6 61,041 24,235 14,627 632 514 197 4304,081 222 3,833 36,806 32,397 1,387 4,778 983 25,2494,409 Apr. 13 61,100 23,922 14,543 464 482 195 4324,079 199 3,828 37,178 32,767 1,639 4,775 980 25,3734,411 Apr. 20 61,267 24,144 14,304 801 570 190 4264,078 225 3,851 37,123 32,765 1,666 4,705 971 25,4234,358 Apr. 27 61,315 24,010 14,162 748 580 199 4184,078 263 3,863 37,305 32,951 1,827 4,712 954 25,4584,354 May 4 '61,635 24,007 13,976 916 550 198 4214,077 309 3,861 37,628 33,263 1,836 4,750 960 25,717 4,365 May 11 62,049 23,585 13,908 622 594 197 4164,086 201 3,862 38,464 34,111 2,356 4,913 970 25,872 4,353 May 18 62,154 23,876 13,747 1,016 644 194 4214,089 190 3,872 38,278 33,872 2,088 4,898 967 25,9194,406 May 25 62,281 23,699 13,628 892 602 200 4374,083 284 3,871 38,582 34,145 2,203 4,996 973 25,9734,437 New York City 194g—April 19,182 7,074 5,087 350 324 49 189 119 180 776 12,108 10,891 1,029 890 495 8,477 1,217 1949—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 April 17,818 7,499 5,216 611 400 44 164 207 177 77610,319 9,215 558 1,153 104 7,400 1,104 1949—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 May 4...'.. 18,071 7,590 5,017 872 419 49 161 203 186 78010,481 9,437 711 1,138 97 7,491 1,044 May 11 18,096 7,278 4,975 587 461 46 159 208 163 77610,818 9,803 928 1,217 101 7,557 1,015 May 18 18,312 7,582 4,896 958 502 48 164 202 125 781 10,730 9,683 799 1 ,203 102 7,579 1,047 May 25.... 18,325 7,493 4,841 826 476 50 181 202 235 776 10,832 9,771 769 1,308 100 7,594 1,061 Outside New York City 1948—April 43,848 16,237 9,171 48 111 228 288 3,530 70 2,79127,611 24,507 1,067 2,935 1,905 18,6003,104 1949—February.... 44,108 17,097 9,691 65 116 147 2743,867 60 3,073 27,011 23,825 1,261 3,983 896 17,6853,186 March 43,824 16,926 9,526 65 115 152 2693,870 72 3,057 26,898 23,667 1,176 3,835 872 17,7843,231 April 43,363 16,579 9,193 50 137 151 2633,872 50 3,068 26,784 23,505 1,072 3,589 868 17,9763,279 1949—Mar. 2 43,926 16,915 9,563 49 122 149 2703,865 45 3,049 27,011 23,787 1,257 3,905 890 17,7353,224 Mar. 9 43,940 16,863 9,536 37 106 151 2683,870 50 3,043 27,077 23,856 1,291 3,910 892 17,7633,221 Mar. 16 44,160 16,991 9,561 71 115 148 2703,870 107 3,049 27,169 23,949 1,336 3,932 876 17,8053,220 Mar. 23 43,835 16,903 9,501 66 113 151 2673,874 68 3,063 26,932 23,695 1,165 3,833 866 17,8313,237 Mar. 30 43,262 16,962 9,466 105 121 162 2663,874 94 3,076 26,300 23,047 828 3,593 838 17,7883,253 Apr. 6 43,263 16,649 9,305 46 118 154 2643,871 38 3,058 26,614 23,337 1,049 3,556 864 17,8683,277 Apr. 13 43,446 16,584 9,250 45 117 153 2673,870 32 3,054 26,862 23,572 1,124 3,602 875 17,9713,290 Apr. 20 43,399 16,570 9,144 67 152 148 2603,873 62 3,069 26,829 23,560 1,066 3,610 871 18,0133,269 Apr. 27 43,344 16,514 9,073 44 159 151 2603,875 67 3,090 26,830 23,552 1,047 3,591 861 18,053 3,278 May 4 43,564 16,417 8,959 44 131 149 2603,874 123 3,081 27,147 23,826 1,125 3,612 863 18,2263,321 May 11 43,953 16,307 8,933 35 133 151 2573,878 38 3,086 27,646 24,308 1,428 3,696 869 18,3153,338 May 18 43,842 16,294 8,851 58 142 146 2573,887 65 3,091 27,548 24,189 1,289 3,695 865 18,3403,359 May 25 43,956 16,206 8,787 66 126 150 2563,881 49 3,095 27,750 24,374 1,434 3,688 873 18,3793,376 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. 694 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e e a r i r e d n a t v - - h l k e s v C a i a n u s l h t m b a w n a d e o i n c s t - e k h t s i s c p m u o a d s a d e s t - n - e it d d s 3 s p p u v n c h a o a a o i e n i d r r r r l d p - - - s a t s - , - , S p s d s a i i o t u i c n o a b v l d a t n i - i l e t - s - s c C c O h f a e e e i n e t f e r r d c f c d t i s . k - i ' - s, U m G e . r o e n v S - n - t . s p p u v n h c a o a a o i e n i d r r r r d l p - - - s a t s - , - , S p s d s a i i o u t i c n o a v b l d a n i t - i l t e - s - s P U m G S e i a o n . r a o n e n v s v g d - S n - - t s a t . l m D t D i e o c s e - - ma F n ei o d g r n - Time r B i o n o w g r- - s c C o i a a t u c a p - n - l ts B d i e a t b s n - 4 k tions tions Total- Leading Cities 1948—April 12,441 780 2,256 46,394 46,416 3,425 1,382 1,30014,232 8,5941,343 29 5,892 89,620 1949—February.. 14,286 770 2,049 46,469 46,513 3,385 1,254 1,64514,418 595 8,5091,472 42 207 6,029 80,194 March.. . . 14,254 761 2,08145,750 45,594 3,466 1,286 1,86914,460 598 8,4311,402 57 363 6,048 94,525 April 14,108 780 2,100 45,49745,472 3,445 1,142 1,58514,480 619 8,2151,385 55 252 6,077 89,756 1949—Mar. 2... 14,404 720 2,129 46,11246,014 3,418 1,311 1,70614,452 593 8,6961,409 58 229 6,048 22,475 Mar. 9... 14,196 785 2,07146,07245,725 3,448 1,132 1,64514,480 592 8,6451,418 57 212 6,042 18,797 Mar. 16... 14,606 746 2,23746,182 46,760 3,404 1,368 1,88914,460 598 8,8021,420 55 497 6,045 22,859 Mar. 23... 14,179 768 1,970 45,473 45,129 3,471 1,207 2,00914,451 603 8,094 ,374 57 533 6,046 20,986 Mar. 30... 13,888 785 1,996 44,909 44,341 3,588 1,410 2,09514,458 602 7,917 ,388 59 34' 6,058 20,692 Apr. 6... 14,143 74: 2,12544,820 44,395 3,487 1,193 2,02614,469 592 8,463 ,389 55 173 6,075 22,197 Apr. 13... 14,107 80 2,246 45,237 45,807 3,323 1,108 1,69814,481 607 8,522 ,402 56 160 6,078 18,946 Apr. 20... 14,263 775 2,018 45,75745,950 3,422 1,078 1,42 14,483 632 8,092 ,381 55 421 6,072 21,021 Apr. 27... 13,919 79 2,00946,1775 45,737 3,548 1,190 1,18814,485 648 7,781 ,368 54 253 6,084 20,091 May 4... 13,988 728 2,06245 822 45,151 3,706 1,245 1,05814,493 645 8,298 ,351 75 575 6,104 22,402 May 11... 13,196 796 2,136 45,92145,853 3,598 1,222 1,00014,503 643 98 8,401 ,343 105 151 6,094 19,416 May 18... 13,438 761 2,08145,81645,788 3,498 1,364 1,09514,493 645 98 8,121 ,327 111 714 6,089 22,620 May 25... 13,189 788 2,04946,38345,770 3,596 1,084 1,08714,497 666 102 7,918 ,302 113 230 6,099 19,479 New York City 1948-—April 4,53. 12 15,57416,067 325 725 347 1,397 2,7771,188 91 2,211 36,880 1949—February.. 5,142 116 14,95715,563 213 635 454 1,482 2,6361,264 113 2,259 32,226 March... . 5,197 113 14,87015,457 224 664 482 1,488 2,6061,198 212 2,257 37,788 April 5,192 120 14,84215,416 251 554 393 1,478 2,5861,181 134 2,262 36,887 1949—Mar. 2... 5,265 108 15,05315,575 224 662 447 1,483 1,203 68 2,262 9,060 Mar. 9... 5,111 116 14,96415,520 201 55. 42 1,489 2,673 1,206 86 2,259 6,916 Mar. 16... 5,370 106 14,87315,687 225 709 490 1,481 2,734 1,219 366 2,256 9,736 Mar. 23... 5,207 113 14,69715,184 215 610 511 1,479 2,524 1,176 330 2,254 8,202 Mar. 30... 5,032 12 14,76215,320 255 782 536 1,507 2,420 1,188 211 2,251 8,343 Apr. 6... 5,180 115 14,65215,148 224 59. 51 1,484 2,683 1,185 57 2,264 9,425 Apr. 13... 5,176 125 14,59615,328 210 551 421 1,475 2,658 1,201 79 2,264 7,598 Apr. 20... 5,339 116 14,98515,613 256 486 349 1,471 2,530 1,177 293 2,261 8,273 Apr. 27... 5,075 124 15,13515,573 315 584 287 1,483 2,473 1,159 109 2,260 8,225 May 4... 5,21 114 14,92615,33 33 668 292 1,480 2,572 1,155 423 2,272 9,875 May 11... 4,762 123 14,86415,468 251 648 270 1,479 2,607 1,140 44 2,273 7,988 May 18... 4,922 112 14,81915,426 23 784 314 1,471 2,519 1,126 501 2,270 9,642 May 25... 4,690 122 15,07515,561 204 518 306 1,485 2,492 1,105 74 2,270 7,922 Outside New York City 1948—April 7,905 656 2,22330,82030,348 3,101 658 95212,83: 44: 5,817 154 106 3,682 52,740 1949—February.. 9,144 654 2,02031,51230,950 3,17: 619 1,19112,936 571 5,873 208 94 3,770 47.968 March.. . . 9,05 648 2,03330,88030,137 3,24: 622 1,38712,97: 57, 5,825 204 151 3,791 56,737 April 8,916 66C 2,06730,65530,056 3,194 588 1,19: 13,00: 592 5,629 204 118 3,815 52,869 1949—Mar. 2... 9,13' 612 2,09831,05930,439 3,194 649 1,259 12,969 568 6,015 206 161 3,786 13,415 Mar. 9... 9,085 669 2,04331, ,205 3,24 57 1,220 12,991 567 5,972 212 126 3,783 11,881 Mar. 16... 9,236 640 2,202 31, ,073 3,179 659 1,399 12,979 573 6,068 201 131 3,789 13,123 Mar. 23... 8,972 655 1,93930,77629,945 3,256 597 1,498 12,972 578 5,570 198 203 3,792 12,784 Mar. 30... 8,856 664 1, 30,14729,021 3,333 628 1,559 12,951 575 5,497 200 136 3,807 12,349 Apr. 6... 8,96c 62 2,08430,16829,247 3,263 598 1,51312,985 565 5,780 204 116 3,811 12,772 Apr. 13... 8,93 682 2,215 30,64130,479 3,113 557 1,27 13,006 580 5,864 201 81 3,814 11,348 Apr. 20... 8,924 65( 1,98630,77230,337 3,166 592 1,07913,012 605 5,562 204 128 3,811 12,748 Apr. 27... 8,844 673 1,97831,04030,164 3,233 606 90113,002 621 5,308 209 144 3,824 11,866 May 4... 8,774 614 2.03C30,89629,814 3,369 577 76613,01. 618 5,726 196 152 12.527 May 11... 8,434 673 2,10' 31,05730,38. 3,347 574 73013,02- 616 5,794 203 10 3,821 11,428 May 18... 8,516 64« 2,04830,99730,362 3,261 580 78113,02: 615 5,602 201 213 3,819 12,978 May 25... 8,499 66i 2,019 31,30830,209 3,392 566 78113,01: 627 5,426 19 156 3,829 11,557 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. 695 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loansl Investments For purchasing U. S. Government obligations or carrying securities Total Comloans merd 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 i m n a v e n e n d s t t s - Total1 i t a t c 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 s u t e i e e h e r r r - s s i e 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 i s e - r e l R o st a e a n a t l s e L ba o t n o a k n1 s S O lo t a h n e s Total Total Bills o d c C n t f e a e i e f e d t b i i s e r - - n t s - s - - Notes Bonds2 O r s i e t t i c h e u e s - r Boston Apr. 27 ,785 1,031 649 15 10 16 132 22 195 1,754 1,613 73 249 41 1,250 141 May 4 ,792 1,037 641 11 11 17 132 38 195 1,755 1,611 65 244 41 1,261 144 May 11 ,780 996 643 11 7 17 130 2 193 1,784 1,639 85 247 42 1,265 145 May 18 ,802 1,009 635 12 7 16 131 20 195 1,793 1,644 78 25S 42 1,266 149 May 25 ,791 992 632 12 7 16 130 6 196 1,799 1,649 79 264 41 1,265 150 New York* Apr. 27 ,134 8,216 5,419 710 424 174 402 196 94811,91810,652 835 1,208 139 8,470 1,266 May 4 ,259 8,305 5,345 876 422 177 403 186 95311,95410,719 787 1,230 143 8,559 1,235 May 11 ,288 7,997 5,304 592 464 175 409 163 94912,29111,083 994 1,311 147 8,631 1,208 May 18 ,534 8,300 5,224 962 505 180 404 125 95512,23410,991 883 1,307 147 8,654 1,243 May 25 ,598 8,210 5,168 830 479 198 402 235 95012,38811,129 904 1,411 8,668 1,259 Philadelphia Apr. 27 507 901 509 21 7 91 3 275 1,606 1,306 70 126 26 1,084 300 May 4 ,514 909 509 19 7 92 13 274 1,605 1,302 59 113 27 1,103 303 May 11 ,525 903 506 19 7 92 10 274 1,622 1,319 72 115 27 1,105 303 May 18 ,510 898 495 21 7 92 13 275 1,612 1,305 60 111 27 1,107 307 May 25 ,515 881 486 21 7 90 7 275 1,634 1,325 85 107 27 1,106 309 Cleveland Apr. 27 ,257 1,446 871 17 21 275 1 238 2,811 2,471 98 235 111 2,027 340 May 4 ,274 1,467 867 17 21 276 21 244 2,807 2,465 73 224 107 2,061 342 May 11 ,286 1,439 862 17 21 277 1 241 2,847 2,506 92 220 107 2,087 341 May 18 ,288 1,432 851 18 21 277 3 241 2,856 2,515 87 227 107 2,094 341 May 25 ,298 1,430 841 17 21 278 5 242 2,1 2,522 79 231 107 2,105 346 Richmond Apr. 27 ,455 837 394 7 20 193 2 216 1,618 1,486 48 171 43 1,224 132 May 4 ,458 831 387 6 20 192 1 220 1,627 1,494 52 174 43 1,225 133 May 11 ,473 828 384 6 20 192 1 220 1,645 1,512 62 178 43 1,229 133 May 18 ,474 829 380 7 20 193 2 222 1,645 1,511 62 181 40 1,228 134 May 25 ,465 817 371 7 20 193 2 1,648 1,514 68 175 1,231 134 Atlanta Apr. 27 ,254 819 517 6 27 68 5 192 1,435 1,246 54 258 37 897 189 May 4 ,267 816 513 7 26 68 5 193 1,451 1,261 64 258 37 902 190 May 11 ,288 818 511 8 26 69 5 195 1,470 1,279 77 261 37 904 191 May 18 279 813 507 7 26 69 5 1,466 1,275 73 258 37 907 191 May 25 ,270 811 514 7 26 67 5 1,459 1,266 63 254 37 912 193 Chicago* Apr. 27 ,454 2,544 1,671 60 57 337 28 5,910 5,238 319 686 236 3,997 672 May 4 ,472 2,507 1,670 37 58 336 10 391 5,965 5,274 301 712 237 4,024 691 May 11 ,645 2,503 1,671 35 57 336 15 6,142 5,451 467 717 236 4,031 691 May 18 ,601 2,505 1,648 44 57 337 6 6,096 5,401 409 717 238 4,037 695 May 25 ,668 2,508 1,648 31 57 337 17 396 6,160 5,466 453 721 4,054 694 St. Louis Apr. 27 ,031 930 538 4 12 162 1 212 1,101 966 34 168 46 718 135 May 4 ,023 922 524 5 12 163 9 208 1,101 965 27 166 49 723 136 May 11 ,035 905 518 5 11 162 1 207 1,130 995 40 173 50 732 135 May 18 ,043 909 517 5 11 163 5 207 1,134 997 36 173 50 738 137 May 25 ,042 896 508 4 11 164 1 207 1,146 1,012 52 171 49 740 134 Minneapolis Apr. 27 ,114 428 236 2 5 64 120 686 599 14 126 14 445 87 May 4 ,168 432 223 2 5 64 117 736 646 52 128 14 452 90 May 11 ,145 408 217 2 4 64 118 737 647 47 128 20 452 90 May 18 ,153 417 217 2 5 65 117 736 644 43 131 19 451 92 May 25 ,140 399 209 2 4 64 119 741 648 45 131 27 445 93 Kansas City Apr. 27 ,313 859 549 4 12 129 163 1,454 1,247 102 277 72 796 207 May 4 ,332 824 514 4 12 128 161 1,508 1,297 146 274 73 804 211 May 11 ,368 823 515 4 12 128 163 1,545 1,333 157 291 69 816 212 May 18 ,386 823 514 4 12 129 163 1,563 1,350 177 286 69 818 213 May 25 ,372 823 512 4 12 128 165 1,549 1,335 155 291 70 819 214 Dallas Apr. 27 ,218 1,054 729 6 38 87 191 1,164 1,045 36 249 40 720 119 May 4 ,211 1,045 718 6 38 87 191 1,166 1,047 36 249 40 722 119 May 11 ,247 1,047 716 7 38 87 194 1,200 1,079 60 256 41 722 121 May 18 ,247 1,043 717 6 38 87 192 1,204 1,085 53 268 41 723 119 May 25 ,243 1,040 715 6 37 87 191 1,203 1,083 53 265 41 724 120 San Francisco Apr. 27 ,793 4,945 2,080 19 292,138 723 5,848 082 144 959 149 3,830 766 May 4 ,865 4,912 2,065 14 282,136 714 5,953 182 174 978 3,881 771 May 11 ,969 4,918 2,061 20 282,140 715 6,051 268 203 1,016 3,898 783 May 18 ,837 4,898 2,042 18 28 ,142 715 5,939 154 127 981 150 3,896 785 May 25 ,879 4,892 2,024 17 282,143 722 5,987 196 167 975 150 3,904 791 City of Chicago* Apr. 27 ,230 1,698 1,281 55 49 74 206 3,532 3,084 262 373 185 2,264 448 May 4 ,233 1,658 1,282 32 49 74 204 3,109 241 409 186 2,273 466 May 11 ,386 1,661 1,289 30 49 74 205 3,260 386 409 189 2,276 465 May 18 ,356 1,665 1,270 39 49 74 205 3,223 341 414 190 2,278 468 May 25 ,388 1,665 1,272 27 49 74 206 3,723 3,256 354 418 190 2,294 467 * 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. 696 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R n e d s e d r a v 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 b m a w n a d e i n o c s t - e k h t s i s c j m p u a o d s a t d e s e n - i - d t d s 5 s p p u n v c h a o a a o i e n i r d r l p r r d a s t - - - s - , - , S p s d s a i i o u t i c o n a v l b a d n i t i - l t e - s - s c C h c O a e f e e e i t n f e c r c r f d t d i k . s i - ' s - u m G er . o e n v n - s - t . u p s p v n a c h a o a o i e n d l i r r r r d s p a - - - t , - s - S p s d s a i i o t u i c o n a v l b a n t i d i - l e t s - - s P U m G S e i a o n a r . n o e s g n v d S v n 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 it a a p l - B d it a e s n b * - k, tions tions Boston Apr. 27 556 57 2,358 2,290 190 45 478 263 30 7 322 870* May 4 544 53 93 2,356 2,297 195 40 38 478 275 31 7 322 857 May 11 542 58 90 2,346 2,297 185 38 40 477 264 31 13 323 766, May 18 530 55 89 2,352 2,321 185 40 42 477 262 31 13 323 794 May 25 546 56 80 2,356 2,304 178 38 42 476 253 31 18 323 759* New York* Apr. 27 ,413 170 11116,60216,884 537 623 3272,321 2,540 1,162 140 2,456 8,706 May 4 ,522 157 10616,41316,629 593 711 328 2,317 2,642 1,158 423 2,468 10,476. May 11 ,114 169 11516,37616,788 542 685 306 2,316 2,675 1,143 80 2,470 8,482- May 18 ,214 156 11816,33516,729 527 827 2,309 2,585 1,129 503 2,466 10,221 May 25 ,038 167 10116,65916,850 560 556 3432,322 2,553 1,108 107 2,467 8,398 Philadelphia Apr. 27 513 43 95 2,045 2,110 108 27 51 406 304 11 13 309 766 May 4 525 40 2,038 2,075 120 22 47 409 329 10 5 310 777 May 11 500 43 2,023 2,096 103 23 46 409 336 11 2 310 674 May 18 513 41 91 2,013 2,092 99 22 50 408 327 10 19 310 776 May 25 495 44 93 2,022 2,079 101 26 51 408 314 10 15 310 742 Cleveland Apr. 27 826 86 144 2,969 3,028 190 43 1061,340 394 5 9 463 1,071 May 4 828 78 140 2,960 2,971 183 46 941,340 419 5 13 464 1,132 May 11 784 85 141 2,931 3,007 177 43 901,339 416 5 26 464 1,010* May 18 786 82 144 2,962 3,051 171 44 931,337 405 5 7 465 1,178 May 25 797 86 140 2,980 3,030 173 43 1,336 402 5 16 466 1,082 Richmond Apr. 27 509 65 1,988 1,960 173 42 52 570 312 6 19 223 681 May 4 522 61 146 1,990 1,964 171 41 39 571 341 5 13 223 699 May 11 511 66 155 2,003 2,011 160 46 37 571 349 5 4 223 688 May 18 493 63 151 1,980 1,952 189 45 43 571 339 5 13 223 773s May 25 492 64 146 1,985 1,972 153 52 41 570 322 5 9 223 693 Atlanta Apr. 27 495 43 160 1,755 1,635 301 22 34 530 441 13 18 611 May 4 482 39 176 1,751 1,612 317 22 27 531 464 9 188 687 May 11 473 43 169 1,752 1,636 309 24 27 538 467 10 188 647 May 18 455 40 178 1,747 1,643 295 22 29 538 444 13 188 693 May 25 459 41 1,756 1,617 307 22 30 538 424 11 189 634 Chicago* Apr. 27 ,968 101 320 6,000 5,899 583 98 2712,543 1,232 54 14 2,798 May 4 ,995 97 314 5,937 5,793 595 86 2,546 1,310 53 66 708 3,020 May 11 ,796 103 327 5,966 5,914 580 92 217 2,550 1,346 54 6 708 2,457 May 18 ,903 98 314 5,939 5,889 572 93 2,551 1,296 54 115 707 3,019. May 25 ,876 100 312 6,085 5,924 624 89 228 2,550 1,272 48 40 711 2,622 St. Louis Apr. 27 426 29 106 1,362 1,415 110 15 41 470 519 3 14 177 544 May 4 408 26 113 1,327 1,397 110 18 32 471 552 2 4 177 572 May 11 411 29 122 1,352 1,433 109 16 31 471 558 2 177 529 May 18 413 28 105 1,353 1,438 108 17 33 471 538 1 10 177 597 May 25 420 29 111 1,388 1,434 119 17 33 472 518 2 7 177 530 Minneapolis Apr. 27 230 13 75 819 725 181 13 25 250 231 2 1 99 332 May 4 195 12 90 811 727 187 13 19 250 277 2 1 99 367 May 11 221 13 87 818 744 178 13 18 249 270 2 5 99 33& May 18 215 13 80 816 754 164 12 21 249 261 2 7 99 383 May 25 222 13 98 827 745 180 12 22 249 267 2 1 99 327 Kansas City Apr. 27 528 32 250 1,816 1,760 250 27 47 380 3 682 1 7 197 690 May 4 565 28 260 1,785 1,730 256 26 42 380 3 781 1 5 197 704 May 11 513 31 283 1,803 1,772 241 25 40 381 3 778 1 1 198 656 May 18 508 29 271 1,835 1,810 240 24 42 381 3 738 1 5 198 813 May 25 512 31 255 1,839 1,774 254 23 42 381 3 711 1 4 198 711 Dallas Apr. 27 518 36 248 1,904 1,831 211 30 34 354 87 457 5 6 201 600 May 4 511 32 268 1,891 1,800 228 29 26 355 87 483 4 2 201 648 May 11 483 35 283 1,898 1,831 227 26 27 355 87 502 4 201 580 May 18 487 33 283 1,910 1,866 214 33 29 354 87 494 4 201 725 May 25 492 34 280 1,922 1,842 216 33 29 354 86 479 5 202 652 San Francisco Apr. 27 ,937 122 265 6,557 6,200 714 205 1514,843 353 406 76 2,419- May 4 ,891 105 268 6,563 6,156 751 191 1314,845 354 425 71 747 2,463 May 11 ,848 121 276 6,653 6,324 787 191 1214,847 351 440 75 733 2,597 May 18 ,921 123 257 6,574 6,243 734 185 128 4,847 351 432 72 732 2,648 May 25 ,840 123 267 6,564 6,199 731 173 1344,841 360 403 74 734 2,329 City of Chicago* Apr. 27 ,312 35 159 3,785 3,819 270 48 162 ,324 34 912 49 471 1,755 May 4 ,362 34 152 3,763 3,751 295 43 150 ,326 30 964 48 475 1,970 May 11 ,190 36 155 3,751 3,814 289 41 135 ,327 30 999 50 475 1,503 May 18 ,286 34 144 3,753 3,826 281 45 141 ,328 30 955 50 475 1,890 May 25 ,253 35 143 3,834 3,827 310 44 134 ,328 30 939 43 479 1,697 For footnotes see opposite page and preceding table. 697 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on oar list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s United States total: Dec. 31, 1945 . ... 14,002 3,947 11,869 3,616 6,877 2,909 4,992 707 2,133 331 Dec 31 1946 14 043 3,981 11,957 3,654 6,894 2,913 5,063 741 2 086 327 Dec. 31, 1947 14,078 4,148 12,037 3,823 6,917 3,051 5,120 772 2,041 325 Dec. 31, 1948, 14,072 4,333 12,061 4.015 6,912 3,197 5,149 818 2,011 318 Apr 30 1949* 14,063 4,405 12,073 4,086 6,907 3,255 5,166 831 1 990 319 By districts and by States Apr. 30, 1949v District Boston .... 492 305 492 305 333 226 159 79 New York 907 866 907 866 782 802 125 64 Philadelphia 839 143 839 143 643 106 196 37 Cleveland 1,131 279 1,131 279 703 240 428 39 Richmond 1,009 479 801 356 479 233 322 123 208 123 Atlanta 1,183 181 567 145 348 128 219 17 616 36 Chicago 2,487 583 2,433 559 1 ,003 232 1,430 327 54 24 St. Louis 1,468 138 1,131 79 494 42 637 37 337 59 ]VI inneapolis 1,279 112 622 44 477 26 145 18 657 68 Kansas City 1,750 10 1,741 10 759 6 982 4 9 Dallas 1,017 44 908 35 620 22 288 13 109 9 San Francisco 501 1,265 501 1265 266 1,192 235 73 State Alabama 225 23 128 23 91 23 37 97 Arizona . 10 46 10 46 5 35 5 11 Arkansas 230 21 108 6 67 2 41 4 122 is California 195 923 195 923 115 879 80 44 143 1 143 1 92 1 51 Connecticut 114 28 114 28 65 14 49 14 Delaware 39 14 39 14 17 4 22 10 District of Columbia 19 40 19 40 16 37 3 3 Florida 182 3 119 3 73 3 46 63 Georgia . 393 33 100 29 65 28 35 1 293 4 Idaho 45 51 45 51 27 46 18 5 Illinois 882 3 880 3 505 3 375 2 Indiana 485 98 485 98 235 42 250 56 Iowa 666 163 666 163 164 502 163 Kansas 609 607 214 393 2 Kentucky 383 40 383 40 112 25 271 15 Louisiana 161 66 58 43 46 37 12 6 103 23 TVlaine 63 69 63 69 38 37 25 32 T^Earyland 163 112 163 112 77 76 86 36 'Massachusetts 181 165 181 165 144 149 37 16 Michigan 442 218 442 218 230 167 212 51 T^I innesota 680 6 265 6 207 6 58 415 "Mississippi 203 61 39 12 31 5 8 7 164 49 594 528 180 348 66 •j^Iontana 112 112 84 28 Nebraska 409 2 409 2 144 2 265 "Nevada . . . . . 8 18 8 18 6 17 2 1 New Hampshire 74 2 74 2 52 1 22 1 T^ew Jersey 334 142 334 142 286 127 48 15 "New Miexico 49 12 49 12 33 2 16 10 New York 646 735 646 735 567 684 79 51 North Carolina 209 187 95 68 54 37 41 31 114 119 North Dakota 150 24 61 6 42 19 6 89 18 Ohio 665 207 665 207 425 180 240 27 Oklahoma 384 1 376 1 225 1 151 8 Oregon 68 92 68 92 30 84 38 8 Pennsylvania 976 171 976 171 747 144 229 27 "Rhode Island 18 42 18 42 10 31 8 11 15outh Carolina 149 39 61 35 32 29 29 6 88 4 •South Dakota 170 48 70 23 62 20 8 3 100 25 Tennessee 293 83 200 70 82 55 118 15 93 13 Texas 897 5 839 5 569 5 270 58 Utah 55 23 55 23 31 21 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 314 101 309 101 204 54 105 47 5 Washington 122 126 122 126 53 119 69 7 "*West Virginia 180 179 108 71 "Wisconsin 550 150 443 101 164 21 279 80 107 49 Wyoming 55 55 41 14 P Preliminary. l 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. 698 FEDERAL RESERVE BULLETIN 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 Bi u l g l h s t Others I U m S i n t n p a i t o t t o e e r s d ts E U S x f n r t p o a i o t m t e e r s d ts c D h e o a x l n l - g ar e U sh n i i p te p p d e o d in t b s e F i t n o w re e i e g n n States countries 1948—March. . . 311 241 162 70 92 79 151 48 2 23 17 April 275 242 151 71 80 91 143 54 4 19 22 May 254 256 161 71 90 95 155 57 3 19 21 June 270 253 142 61 81 111 155 56 2 19 20 July 284 235 134 67 67 102 151 47 1 19 18 August. . . 309 221 122 60 62 99 143 40 1 20 17 September 305 214 120 65 55 94 136 37 1 20 20 October. . 285 221 125 67 58 96 140 42 1 20 17 November 287 239 141 71 70 99 152 48 1 24 15 December. 269 259 146 71 76 112 164 57 1 25 12 1949—January.. 268 262 137 66 70 126 156 57 11 25 13 February. 268 228 114 65 49 114 134 51 6 23 14 March. . . 257 215 98 58 40 117 127 51 2 22 14 April 249 204 59 28 116 119 46 2 20 17 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' Debit Debit credit balances l Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c ) e i s a in n a v d c e c t s o r t u a m d n e t i s n n g t 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 b n a d n k in s 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 n d n e t i e s n n r g t s' a in n a v d I c n e c t s o r f t u i a m r n d m e t i s n n g t I a n c ( c c n o a e u p t n ) it t a s l H940—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—May 3615 3258 8619 June 619 7 326 332 283 576 145 20 11 291 July 3608 3 288 3 577 August 3 573 3252 3551 September. . 3 570 3 238 3 550 October 3 580 3 252 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 .. . 3 527 3225 3565 March 3 530 3 254 3551 April 3 626 3 329 3 542 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of •firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances .-secured by U. S. Government securities was (in millions of dollars): February, 58; March, 64; April, 68. 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. JUNE 1949 699 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 LOAN'S TO BUSINESSES BY BANKS IN SELECTED CITIES u. s Government [Per cent per annum] mo Y w n e e th a ek r , , or m 4 m p P - c o a r o e t n p i r m o m t e c h i r 6 - e a s , - l 1 a a P b d c n e a r a 9 c r c i n y 0 s m e e k ' s p s e 1 - , t- c S h n l a c e o t r a e o l a e x a w n s - l c - n 2 l g k - e m bi o 3 ll n - s t s h 3 ecu 9 d m c r - o c e e i t f a o t b r o y t t n i t i e n e f t 1 s y i h d - 2 - i - - el t d 3 a i - s s y x s t e a o u 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 0 a 0 , n 0 ,0 0 0 0 0 - $ an 20 d 0 o ,0 v 0 e 0 r 1939 2.1 4.4 3.1 2.1 1.8. ness 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 6 7 8 a a a v v v e e e r r r a a a g g g e e e.. . L L . . . 4 0 8 4 3 1 1. . . 1 8 6 7 1 1 1 1 1 . . . 5 1 3 5 6 8 1. . . 0 3 6 4 7 0 3 5 4 1. . . 1 8 8 4 2 8 1 1 1 . . . 6 3 1 2 2 6 1 1 1 9 9 9 4 4 4 3 2 4 2 2 2 . . . 2 4 6 4 4 4. . . 3 4 4 3 3 3 . . . 2 4 3 2 2 2 . . . 5 6 2 2 2 2. . . 0 2 4 - 1945 2.2 4.3 3.2 2.3 2.O 1948—May L.38 1.06 1.50 .997 1.09 1.51 1946 2.1 4.2 3.1 2.2 1.7 June L 38 I 06 1.50 .998 L.09 1.49 1947 2.1 4.2 3.1 2.5 1.8: July L.38 L.06 1.50 .997 L.10 1.56 1948 2.5 4.4 3.5 2.8 2.2 August.... L.44 1.13 1.63 1.053 L.15 1.65 Quarterly: September. L.56 L.19 1.63 1.090 L.18 1.69 19 cities: October. . . L.56 1.19 1.63 1.120 :L.23 1.71 1948—June 2.47 4.49 3.47 2.70 2.16. November . L.56 L.19 1.63 1.144 L.22 1.69 Sept 2.60 4.53 3.58 2.92 2.29s December.. L.56 L.19 1.63 1.154 L.21 1.64 Dec 2.64 4.50 3.58 2.97 2.34 1949—Mar 2.70 4.62 3.64 2.89 2.42 1949—January... .56 1.19 1.63 1.160 L.22 1.59 New York City: F M e a b r r c u h ary. . . . 5 5 6 6 L L. . 1 1 9 9 1 1 . . 6 6 3 3 1 1. . 1 1 6 6 2 3 L L. . 2 2 2 2 1 1 . . 5 5 7 4 1948— S Ju e n p e t 2 2 . . 3 1 2 2 4 4 . . 3 4 5 0 3 3 . . 1 3 9 5 2.43 2 1 . .9 1 4 3 April .56 1.19 1.63 1.155 1.20 1.53 Dec 2.34 4.23 3.40 2.16 May 1.56 1.19 1.63 1.156 1.19 1.49 1949—Mar 2.42 4.22 3.42 2.66 2.2S Week ending: 7 Northern and East- Apr. 30 1^—1 8/£ 13/16 1^~1M 1.147 1.19 1.52 ern cities: May 7 11^—1 % 13/16 1M~1M 1.148 1.19 1.51 1948—June 2.49 4.42 3.40 2.67 2.27 M M a a y y 1 2 4 1. . . .. .. . 1 1 1 J ^ ^ — ~ 1 l % % 1 1 3 3 / / 1 1 6 6 iy2-i% 1 1 . . 1 1 5 5 9 7 1 1 . . 1 1 8 9 1 1 . . 5 4 1 8 S D e e p c t 2 2 . . 6 6 0 8 4 4 . . 5 5 5 1 3 3. . 6 5 0 8 2 2. . 9 9 7 1 2 2 . . 3 4 4 4 May 28 13/16 1.159 1.18 1.47 1949—Mar 2.68 4.63 3.66 2.89 2.44 11 Southern and Western cities: 1 Monthly figures are averages of weekly prevailing rates. 1948—June 2.92 4.60 3.68 2.91 2.45 2 The average rate on 90-day Stock Exchange time loans was 1.25 Sept 3.01 4.57 3.71 3.07 2.56 per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16, Dec 3.02 4.62 3.68 3.14 2.57 1948; and 1.63 per cent beginning Aug. 17, 1948. 1949—Mar 3.12 4.79 3.75 3.04 2.71 8 Rate on new issues offered within period. Back figures.—See Banking and Monetary Statistics, Tables 120-121, NOTE.—For description of series see BULLETIN for March 1949^ pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October pp. 228-237. 1947, pp. 1251-1253. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)* (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 ia u l s- R ro a a i d l- u P t u i b li l t i y c Number of issues 1-5 1-8 15 10 120 30 30 30 30 40 40 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—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 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 May . . 1.72 2.38 2.20 2.71 3.00 2.71 2.78 3.04 3.45 2.78 3.26 2 95 Week ending: 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 May 7 1.75 2.38 2.16 2.71 3.00 2.70 2.78 3.05 3.45 2.78 3.26 2.95 May 14 1.74 2.38 2.16 2.71 3.00 2.70 2.78 3.04 3.45 2.78 3.26 2 95 May 21 1.70 2.38 2.22 2.71 2.99 2.71 2.78 3.03 3.45 2.78 3.26 2.95 May 28 1.70 2.38 2.25 2.72 2.99 2.71 2.78 3.03 3.45 2.78 3.26 2.94 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. 700 FEDERAL RESERVE BULLETINS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices1 Corporate * Common (index, 1935-39=100) Voluma of trad- Year, month, or week U. S. Munic- ing7 (in Gov- ipal Medium-grade Pre- thoum er e n n - t8 g ( r h a i d g e h ) - * H gr i a g d h e - Indus- Rail- Public ferred1 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 s a h n a d r s e s o ) f Total trial road utility Number of issues 1-8 15 15 416 365 20 31 1946 average 104.77 140.1 198.5 140 143 143 120 1,390 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1948 average 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1948—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 1.949—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 May 101.62 129.1 101.0 91.9 98.9 81.2 95.7 173.2 118 124 96 95 819 Week ending: Apr. 30. . 101.62 129.4 101.2 92.1 98.8 81.8 95.6 171.6 118 123 96 96 802 May 7. . 101.61 129.8 101.0 92.0 98.8 81.6 95.7 171.6 119 125 96 96 869 May 14. . 101.59 129.8 101.0 92.0 98.9 81.4 95.6 172.4 118 124 95 95 750 May 21. . 101.66 128.6 100.9 91.9 98.9 81.1 95.7 173.7 118 124 97 96 808 May 28. . 101.64 128.1 100.9 91.8 99.0 80.8 95.7 175.0 116 121 95 95 767 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average 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. 5 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. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—Set Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Vear or month f i u a r n n n e g d d - ) - m e ( a f i d o e g n r s o n d t - - ) ic Total S n m a p t i n a c a u d t l i - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F ig o n r- * m ( e d a f e i o o g n s - r n d t - i ) c Total S n m a p t i n a c a u d t i l - e - a F c e g i e r e e a d s n l - 1 - Total Co B r a p o n o n d r d a s te Stocks e F ig o n r- 2 notes notes 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946.. 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1947 39,691 37,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 9,933 8,806 8,796 2,604 294 45,898 44,992 906 10 1,128 1,127 82 768 277 251 26 1948—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 1 June 954 888 888 283 21 584 436 148 66 66 3 34 29 29 July 772 688 688 118 67 503 492 10 85 85 2 68 15 15 August.. . 706 532 529 237 35 256 195 61 3 175 175 50 123 2 2 September 663 574 572 118 453 366 87 2 89 89 1 62 26 13 13 October .. 983 902 901 273 4628 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 Tanuarv 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 April 949 904 904 190 33 681 514 168 45 45 1 44 1 1 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. JUNE 1949 701 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 dollars] 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 proceeds1 Repayment Other of 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—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 April 677 667 533 377 156 1 1 126 7 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars! Railroad Publicutility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties 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 ,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 ,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 L.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 .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— April 51 32 19 265 233 14 17 269 154 24 91 41 15 5 21 May 24 24 216 209 7 152 120 1 31 4 3 June 83 69 14 403 363 29 11 93 70 23 62 60 2 July 68 68 176 149 27 275 168 3 104 45 39 5 August 30 29 I 75 73 2 123 113 10 10 8 2 September 41 41 262 226 14 23 118 108 10 43 25 19 October 62 62 244 236 7 1 382 361 3 19 9 8 November.. 71 71 228 209 8 11 195 177 17 9 8 r 1 December. . 45 45 479 457 2 21 143 130 2 11 6 3 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 April 17 17 253 247 6 338 217 121 58 51 7 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e , compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. 702 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS MANUFACTURING CORPORATIONS [In millions of dollars] Assets of 10 million dollars and over Assets of 50 million dollars and over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 10,591 1,209 997 722 9,008 1,071 883 656 1,583 139 114 67 1940 13,006 1,844 1,273 856 11,138 1,638 1,127 772 1,869 206 146 83 1941 18,291 3,156 1,519 947 15,691 2,778 1,329 854 2,600 378 190 93 1942 21,771 3,395 1,220 760 18,544 2,876 1,056 672 3,227 519 164 88 1943 28,240 3,683 1,260 777 24,160 3,111 1,097 688 4,080 571 164 88 1944 30,348 3,531 1,255 848 25,851 2,982 1,091 755 4,497 549 164 93 1945 26,531 2,421 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,562 2,033 1,202 943 17,651 1,573 932 804 3,912 460 271 139 1947 31,149 4,099 2,521 1,167 26,015 3,423 2,105 1,000 5,134 676 416 167 1948 37,183 5,314 3,310 1,403 31,470 4,593 2,860 1,210 5,713 721 450 192 Quarterly 1947—1 7,020 999 604 246 5,828 843 509 216 1,192 156 95 30 2 7,654 978 598 271 6,362 807 495 235 1,291 171 104 35 3 7,694 989 614 265 6,412 819 508 226 1,282 170 105 38 4 8,781 1,133 706 386 7,412 954 593 322 1,369 179 112 63 8,660 1,218 751 285 7,270 1,050 649 247 1,390 168 102 38 2 . . 9,003 1,242 770 311 7,559 1,058 657 269 1,445 184 113 42 3 9,313 1,331 832 307 7,877 1,146 717 265 1,435 186 115 43 4 10,207 1,523 958 499 8,764 1,339 838 429 1,443 183 120 70 1949—1 9,381 1,343 825 343 8,092 1,204 740 302 1,289 139 85 41 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter r O e p v i e n e g r n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s O re p v in e e g r n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s O re p v in e e g r n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 ... 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 . 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 . . 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1 1 9 9 4 4 5 6 r7 8 , , 6 9 2 0 8 2 •• 7 2 5 7 6 1 4 2 5 87 0 2 23 4 5 6 '3 3, , 6 S 8 ! 1 5 '9 9 6 0 4 5 '6 5 3 3 8 4 '4 4 5 0 8 7 1 L , . 8 9 0 9 3 2 3 2 9 77 6 2 1 0 7 0 7 1 17 7 1 4 1947 8,685 '777 '479 236 4,244 961 652 '494 2,149 '193 131 '134 1948 9,672 1,148 700 289 4,708 983 661 492 2,541 269 183 181 Quarterly 1947—im m m . .. r2 ,040 '167 ••92 '42 1,075 289 191 115 527 67 44 40 2 T-2,113 190 123 '50 1,028 247 166 115 478 29 21 32 3 r2,178 rl77 '104 '37 1,024 196 135 111 555 38 27 32 4 '•2,354 »-242 160 106 1,118 228 160 129 589 58 39 30 194g—i 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 1949—1 2,145 120 58 69 1,294 316 206 124 670 62 42 50 ' Revised. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of this BULLETIN (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power). JUNE 1949 703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1947 1948 1949 1946 1947 1948 1 2 3 4 1 2 3 4 1 Nondurable goods industries Total (94 corps.)1 Sales 8,940 11,313 13,364 2,639 2,697 816 3 161 3 3 3 37? 3, 534 3 771 Profits before taxes 1,426 1,787 2,208 452 408 437 490 546 553 543 565 502 Profits after taxes . . . .. 908 1,167 1,474 283 264 ?87 3S6 36? 394 377 Dividends 449 551 656 114 132 123 183 133 157 141 225 146 Selected industries: Foods and kindred products (28 corps.) Sales . .. 2,715 3,231 3,447 772 79? 91S 8SS 861 844 906 790 Profits before taxes 435 421 410 122 86 98 115 96 104 99 111 85 Profits after taxes . . . 254 259 257 74 52 S9 61 64 60 71 53 Dividends 105 128 135 27 29 29 43 29 32 32 42 30 Chemicals and allied products (26 corps.) Sales . . 2,550 3,108 3,563 747 754 77S 832 848 87S 904 936 896 Profits before taxes 463 547 655 149 140 1 SI 1SS 166 183 175 Profits after taxes 283 337 408 90 79 80 89 91 95 104 119 105 Dividends 180 215 254 49 54 S9 SS S8 59 64 Petroleum refining (14 corps.) Sales 2,080 2,906 3,945 622 686 741 858 947 942 978 1,077 993 Profits before taxes 269 456 721 88 101 120 147 195 171 173 16? Profits after taxes 214 350 548 64 77 91 118 141 133 n? 141 170 Dividends 92 127 172 21 S1 33 4S 79 66 31 Durable goods industries Total (106 corps.)2 Sales 12,623 19,836 23,818 4,381 4,957 4,878 5,621 5,440 5,714 5,991 6,673 6,160 Profits before taxes . . 607 2,312 3,107 547 570 552 643 672 688 788 9S8 841 Profits after taxes 295 1,355 1,836 321 334 327 373 395 408 470 564 498 Dividends . . 494 615 746 132 139 141 203 152 154 166 274 197 Selected industries: Primary metals and products (39 corps.) Sales 5,429 7,545 9,067 1,753 1,884 1,831 2,077 2,060 2,100 2,306 2,602 2,438 Profits before taxes 451 891 1,174 250 212 201 227 248 237 304 S8S 370 Profits after taxes 270 545 720 122 141 150 14S 18S 740 770 Dividends 211 247 270 51 55 57 84 60 60 60 90 71 Machinery (27 corps.) Sales 2,310 3 963 4,781 819 996 984 1,165 1,091 1,198 1 140 1 1 138 Profits before taxes 37 443 569 77 120 110 136 131 144 118 177 126 Profits after taxes -9 270 334 45 71 67 88 75 83 71 105 72 Dividends 97 113 126 25 26 27 28 ?8 4? 33 Automobiles and equipment (15 corps.) Sales 3,725 6 692 8,093 1,463 1,651 1 653 1,925 865 1 951 ?,056 ,221 ISO Profits before taxes 37 809 1,131 179 195 200 236 247 251 305 327 301 Profits after taxes -8 445 639 100 112 114 118 142 146 175 176 180 Dividends 136 195 282 45 47 47 56 53 51 65 112 79 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 2 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Profits Profits Cash Undis- Profits Profits Cash Undis- Year before Income after divi- tributed Quarter before Income after divi- tributed taxes taxes taxes dends profits taxes taxes taxes dends profits 1939 6.5 1.5 5.0 3.8 1.2 1947—1 28.9 11.4 17.5 6.4 11.1 1940 9.3 2.9 6.4 4.0 2.4 2 28.8 11.3 17.5 6.7 10.8 1941 17.2 7.8 9.4 4.5 4.9 3 29.1 11.4 17.7 6.9 10.8 1942 21.1 11.7 9.4 4.3 5 1 4 32 4 12 7 19 7 7 1 12 6 1943 24.5 14.2 10.4 4.5 5.9 1944 24.3 13.5 10.8 4.7 6.1 1948—i 30.5 11.8 18.7 7.4 11.3 1945 20.4 11.6 8.7 4.7 4.0 2 . . .. 32 1 12 5 19 6 7 4 12 2 1946 21.8 9.0 12.8 5.6 7.2 3 34.0 13.3 20.8 7.7 13.1 1947 29.8 11.7 18.1 6.9 11.2 4 34.7 13.5 21.2 8.3 12.9 1948 32.8 12.8 20.1 7.8 12.4 1949—1 i 28.8 11.6 17.2 8.3 8.9 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 704 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 publicissues 1 Monmarketable public issues Total Non- Fully Total interest- interest- guarangross bearing Certifi- Treasury Special bearing teed in- End of month direct direct Total:2 Treasury cates of Treasury Treasury Total 2 U. S. tax and issues direct terestdebt debt bills indebt- notes bonds savings savings debt bearing 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—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—Tan 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 May 251,889 249,890 155,452 11,544 28,710 3,596 111,440 62,523 56,116 4,692 31,914 2,000 20 1 Including amounts held by Government agencies and trust funds, which aggregated 5,562 million dollars on May 31, 1949. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted servic depositary, Armed Forces Leave bonds, and 2% per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING MAY 31, 1949 [In millions of dollars] IOn basis of daily statements of United States Treasury. In millions of dollars] Redemp- 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 month All Series Series Series All Treasury bills * Treasury bonds—Cont. series E F G series June 2, 1949 907 June 15, 1951-54 2. .2% 1,627 J J J J J A J J J A A u u u u u u u u U U u l l l n n n l n K K y y y g y e e e e . 3 2 2 2 1 1 1 1 0 9 8 4 1 6 4 7 3 1 8 , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 9 9 9 9 9 9 9 9 9 9 9. ... 9 9 9 9 9 9 9 9 9 8 8 0 0 0 0 0 0 0 0 0 0 0 7 0 4 6 2 2 2 3 2 3 3 S J J J S D D J M D M u u u u e e e e e n n n n a a p p c c c r r e e e e t . . . t . . . . 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 1 1 2 1 3 5 4 2 1 2 2 - - - - - - - - - - - 5 5 5 5 5 6 5 5 5 5 5 5 3 4 5 5 0 6 4 5 3 4 2 2 2 2 2 . . . . . . . . . . 2 . 2 2 . 2 2 > J J Y % C 2 2 3 6 i 2 2 2 2 2 7 5 8 1 1 1 , , , , , , , 1 0 5 6 6 8 9 5 6 7 7 1 2 0 6 1 2 8 1 5 8 2 8 4 1 0 5 1 1 2 5 6 5 F J e i u s n c n d a e i l n — g y : e 1 1 1 1 1 1 1 1 a 9 9 9 9 9 9 9 9 r 4 4 4 4 4 4 4 4 2 1 3 5 6 7 4 8 . . . . . . . . . . . . . . . . 4 2 3 4 5 5 1 4 5 9 1 4 3 1 0 , , , , , , , , 3 5 3 0 2 6 2 1 1 8 6 3 5 0 7 8 4 6 7 5 6 6 4 8 1 1 1 1 5 5 9 6 4 1 7 , , , , , , , , 4 9 7 2 6 8 2 4 9 9 1 8 0 3 9 9 2 4 2 9 8 5 8 1 1 1 3 4 8 6 4 1 1 , , , , , , , 2 2 5 7 0 5 8 2 7 8 2 3 2 5 2 0 1 7 3 6 9 6 3 0 3 3 4 6 4 8 7 6 0 0 0 3 7 6 5 0 1 7 2 5 9 7 8 2 2 2 2 2 2 1 , , , , , , , 0 7 8 9 6 5 4 3 3 5 7 0 5 6 6 95 2 9 6 7 8 5 1 2 4 6 5 5 , , , , , 7 3 1 2 5 2 8 1 1 7 1 9 4 0 4 4 7 1 3 7 8 8 5 8 Aug.25, 1949 905 S M e a p r t . .1 1 5 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 8 2 . . . . . 2 2 M Yi 1,4 9 4 8 9 2 1948— J M un a e y . .. . . . 5 5 3 3 , , 2 1 7 4 4 3 4 4 9 3 7 2 3 3 4 0 1 5 1 1 7 9 1 1 1 3 0 6 4 4 6 2 5 8 C J J O e u u c r l n t y t e . .of 1 1 1 , , , i n 1 1 1 d 9 9 9 4 4 4 e 9 9 9 btedne • i 1 s i s M v y % % 4 6 5 , , , 3 5 7 0 3 8 1 5 3 J J J S D D u u u e e e n n n p c c e e e . t . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 6 5 6 5 5 9 2 9 0 8 6 - - - - - 6 6 - 6 6 6 5 2 2 7 5 3 9 2 3 2 3 Z . . . . . . . . . . 2 . . . 2 2 2 2 2 % M M H M j| 3 3 2 5 1 , , , , ,4 1 4 8 2 9 8 1 7 8 2 1 5 8 9 0 4 3 S J A O N D u e e u c o p l c t g v y . . t . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 4 4 4 4 4 5 , , , , , , 6 7 9 7 8 0 0 7 4 0 6 5 7 6 4 4 0 1 1,6 4 4 4 4 5 7 1 1 1 7 4 2 9 5 3 0 3 3 3 3 3 3 3 7 0 3 0 0 9 9 5 4 4 8 9 24 2 1 1 1 1 6 2 8 4 4 5 1,0 1 1 4 9 9 9 2 2 4 5 6 2 0 8 4 4 4 4 3 4 3 4 3 0 0 9 2 2 8 7 6 3 Dec. 15, 1949 AH 519 Dec. 15, 1963-68 3..2M 2,831 J F a e n b . . 1 1 , , 1 1 9 9 5 5 0 0 • . \ i H M 5 1 , ,9 6 9 9 3 5 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 3 3 . . . . 2 2 H H 3 3 , , 7 8 6 3 1 8 1949— F J e a b n . . . . . . . . 5 5 5 5, , 3 6 5 6 2 3 6 5 4 9 7 9 4 3 3 8 8 6 3 2 2 9 1 18 8 2 0 4 3 7 6 6 9 Mar. 1, 1950 . \H 2,922 Mar. 15, 1965-70 3.. 2 Vi 5,197 Mar.... 55,893 590 415 26 149 440 Apr. 1, 1950 1M 963 Mar. 15, 1966-71 3..2H 3,481 Apr.. . . 56,019 454 331 19 104 398 June 15, 1967-72 3..2 H 7,967 May. . . 56,116 433 322 18 93 415 S D e e p c. t.1 1 5 5 , , 1 19 9 6 6 7 7 - - 7 7 2 2 3 .. . . . 2 2 H Y2 1 2 1 , , 7 6 1 8 6 9 Treasury notes Maturities and amounts outstanding May 31, 1949 Apr. 1, 1950 AH 3,596 Postal savings m Y a e t a u r r o it f y se A ri l e l s Se D ries Se E ries Se F ries Se G ries bonds 2\6 112 Treasury bonds 1949 544 544 June 15, 1949-51...2 41,014 Panama Canal Loan. 3 50 1950 1,002 1,002 Sept.15, 1949-51...2 51,292 1951 1,554 437 1,117 Dec. 15, 1949-51...2 2,098 Total direct issues 155,452 1952 4,030 4,030 Dec. 15, 1949-52 2• 3}/% 491 1953 6,983 5,707 201 i,076 Dec. 15, 1949-53 2.• 2 3^ 1,786 1954 9,042 6,479 511 2,052 Mar. 15, 1950-52...2 1,963 1955 7,862 5,194 547 2,121 Sept.15, 1950-52 2.2 }/i 1,186 Guaranteed Securities 1956 .... 5,772 2,696 625 2,451 Sept.15, 1950-52..'.2 4,939 Federal Housing Admin. 1957 5,618 2,894 501 2,222 Dec. 15, 1950 AV2 2,635 Various 12 1958 6,076 3,412 281 2,384 1959 3,904 1,512 307 2,085 p 1 3 . R S 7 o e 0 l s d 0 t r . i o c n t e d d 2 i . s P co ar u t n i * a t C ll b y a a l s l t e i a s d x . f e o S x r e e r e m e d t p a e t b m . le p t o io n n O o p n e J n u - n M e a r 1 k 5 e , t 1 9 M 4 o 9 n . ey Rates, U 1 1 9 9 n 6 6 c 1 0 lassified 2, — 9 7 7 7 1 7 2 9 4 1 8 1 1 4 2,4 6 9 5 6 8 6 Called for redemption on Sept. 15, 1949. Total.... 56,116 1,982 33,041 3,568 17,544 JUNE 1949 705 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] Grass debt Held by banks Held >y nonbank investors Total E m n o d n t o h f i b n e te a r r e in s g t- Other State U. S. Governsecurities Total Total m b C a e n o r k c m i s a - l i R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls I c a n o n s m c u e r - - s M b a a v u n i t n u k g s a s l r c a o a t r i n p o d o n - s l g a o o n c v d a - l a m nd e n t t r u a s g t en fu ci n e d s s panies associa- ern- Special Public tions * ments issues issues 1940—June... 47,874 48,496 18,566 16 100 2,466 29,930 10,300 6,500 3,100 2 500 400 4,775 2,305 1941—June... 54,747 55,332 21,884 19 700 2,184 33,448 11,500 7,100 3,400 2 400 600 6,120 2,375 1942—June... 76,517 76,991 28,645 26 000 2,645 48,346 18,400 9,200 3,900 5 400 900 7,885 2,737 1943—June... 139,472 140,796 59,402 52 200 7,202 81,394 31,700 13,100 5,300 15 500 1,500 10,871 3,451 1944—June... 201,059 202,626 83,301 68 400 14,901 119,325 46,500 17,300 7,300 25 900 3,200 14,287 4,81^ 1945—June... 256,766 259,115 105,992 84 200 21,792 153,123 59,800 22,700 9,600 30 900 5,300 18,812 6,128 1946—June... 268,578 269,898 108,183 84 400 23,783 161,715 64,100 25,300 11,500 25 300 6,500 22,332 6,798 Dec... 257,980 259,487 97,850 74 500 23,350 161,637 64,900 25,300 11,800 22 400 6,300 24,585 6,33& 1947—June... 255,197 '258,376 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—Nov. . . 250,444 252,563 85,806 62 600 23,206 166,757 67,400 21,700 11,500 21 200 7,900 31,400 5,617 Dec 250,630 252 854 85,933 62,600 23,333 166,921 67,600 21,500 11,500 21,200 7,900 31,714 5,603 1949—Jan 250,467 252,656 85,009 62,900 22,109 167,647 67,900 21,600 11,600 21,400 7,900 31,760 5,645 Feb.. .. 250,626 252,747 84,642 62,300 22,342 168,105 68,200 21,500 11,600 21,300 7,900 31,804 5,697 Mar... . 2 49,593 251,666 82,388 60,700 21,688 169,278 68,500 21,400 11,600 22,100 8,000 31,926 5,737 c Corrected. 1 Including holdings by banks in territories and insular possessions, which amounted to 400 million dollars on June 30, 1948. 2 Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country,, NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-besiring public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a d - l - G a t c a r g o i u n e e v d s n s t t - . B s F e R e r a e r a e n d v l - k - - e s b C m c a o 0 i n e a m ) r k l - - s b M s i t a n u a n g u v a k s l - - s p I c a n a o n n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t 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 C i n e a 1 m ) r k l - - s b M s t i a n u a n g v u a k s l - - s p I c a n a o n s n m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 Within 1 year: 1947—June.... 168,740 5,409 21,872 62,961 11,845 23,96942,684 1947—June 11,255 83 251 6,936 374 420 3,191 Dec 165,791 5,261 22,55961,370 11,552 22,89542,154 Dec 14,263 69 1,693 8,244 266 316 3,675 1948—June 160,373 5,402 21,36657,599 11,522 21,70542,779 1948—June... 13,411 19 2,070 5,922 171 273 4,956 Dec 157,496 5,47723,333 55,353 10,877 19,81942,637 Dec 10,216 98 861 5,571 232 329 3,125 1949—Feb 156,778 5,571 22,342 55,131 10,975 19,77642,983 1949—Feb 6,682 98 609 4,294 207 278 1,196 Mar 155,660 5,613 21,688 53,641 11,030 19,64144,047 Mar.. . . 8,644 83 725 5,565 251 389 1,631 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 3,25828,045 1,769 2,501 8,254 1949—Feb 12,134 117 5,304 2,800 26 59 3,828 1949—Feb 44,053 248 2,916 28,297 1,692 2,519 8,381 Mar.. . . 11,648 151 5,176 1,781 18 82 4,440 Mar.. . . 42,090 253 2,779 26,912 1,555 2,317 8,274 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 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—Feb 29,434 28 6,788 9,407 255 690 12,266 1949—Feb 10,464 313 248 6,585 480 980 1,858 Mar 28,803 22 6,887 8,848 241 616 12,189 Mar.. . . 10,464 316 174 6,733 432 974 1,835 Treasury notes: 10-20 years: 1947—June 8,142 7 369 4,855 183 285 2,443 1947—June.... 40,352 3,374 78 2,587 6,751 15,137 12,425 Dec 11,375 4 1,477 5,327 98 245 4,224 Dec 54,757 4,393 834 5,003 8,606 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—Feb 3,596 39 368 1,928 72 107 1,082 1949—Feb 53,838 4,731 6,478 3,732 8,314 15,244 15,339 Mar.. . . 3,596 48 385 1,802 63 105 1,193 Mar 53,838 4,752 5,947 3,786 8,532 15,256 15,565 Treasury bonds: After 20 years: 1947—June.... 119,323 5,306 727 48,756 11,407 23,305 29,822 1947—June.... 14,405 964 29 2,593 1,649 3,358 5,812 Dec 117,863 5,173 2,853 47,424 11,22622,213 28,974 Dec 1948—June.... 112,462 5,336 6,206 42,146 11,047 20,880 26,847 1948—june Dec 111,440 5,340 10,97740,371 10,486 18,89125,375 Dec. 1949—Feb. . 111,440 5,351 9,88340,978 10,621 18,91325,694 1949—Feb Mar 111,440 5,357 9,241 41,194 10,707 18,82926,112 Mar * 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. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 706 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) during period Assets y m e o ar n t o h 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 ( d u + e r f ) p i c l o u it s r 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 R a e e r n r e e a d v k - p l - e s o 2 si d i t S s t e c a p i p r i a 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 + x u c ) c o tg e m s o o s e r Fiscal year: 1946 .. 40,027 60,703 —20,676 —524 +10,740 —10,460 14,238 14,708 1,006 12,993 708 470 43,839 61,738 —17 899 1947 40,043 39,289 +754 -1,103 +555 —11,136 -10,930 3,308 3,730 1,202 962 1,565 422 43,59136,931 +6,659 1948 42 211436,791 +5,419 +2,706 -507 —5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 45,40036 496 +8 903 1948—May.. 2,324 2,222 +103 +378 -144 -3 +334 4,946 5,327 1,714 2,007 1,606 381 2,969 2,507 +462 June.. 4,859 47,O18 -2,159 +2,315 -226 +56 -14 4,932 5,370 1,928 1,773 1,670 438 4,877 4,129 +748 July.. 2,096 «3,558 — 1,462 -178 s+700 +1,082 +141 5,074 5,506 1,755 2,081 1,671 433 2,268 2,588 -320 Aug... 2,505 2,143 +362 +10 -289 -324 -241 4,832 5,229 1,919 1,741 1,568 397 3,162 2,950 +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 1,621 403 2,280 2,779 -499 Nov... 2,540 2,815 -275 -30 -158 +46 -417 4,385 4,813 1,601 1,621 1,591 428 3,190 3,474 -283 Dec.. 4,014 3,603 +410 -718 -163 +294 -177 4,208 4,630 1,123 1,909 1,599 422 4,106 4,243 -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 1,425 3,140 -1,714 May. . 1,945 2,822 -877 +9 -324 +359 -833 3,163 3,526 628 1,313 1,586 363 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income F o i r s c m al o y n e th ar b p W y l h o e i y e t l e d h m r - s - Other i r n e n c M v t e e e e o l i r l n s u n a - u s - a e l S S t r a o e i x c c ty e i u a s - l c O e r t i e h p - e t r s6 c T e r o i e p t - a t l s R t e a o f x u f e n s ds e S t m S m a e o x c p e c u e l n i o s r a t i y l 7 t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N a s n u o a d r r n t m d a p x a r l ofits E p o r a x t t o n h a c f d e x e it s r e s s s t t a a g E a n x i s f t d e e t - s m l E o a t a a x i n t s n x h c e c d i e e o e s s r u l e - s Fiscal year: 1946 9,392 21,493 7,725 1,714 3,915 44,238 2,973 1,238 40,027 9,858 8,847 4,640 7,914 677 7,036 1947 10,013 19,292 8,049 2,039 5,115 44,508 3,006 1,459 40,043 9,842 9,501 6,055 3,622 779 7,285 1948 11,436 19,735 8,301 2,396 4,231 46,099 2,272 1,616 42,211 11,534 9,464 9,852 323 899 7,412 1948—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 81 273 2,306 891 75 1,340 908 286 406 10 63 537 May... 1,119 424 656 410 141 2,751 414 391 1,945 DETAILS OF BUDGET EXPENDITURES AND TRUSTACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc Social Security Other Inter- accounts F o is r c m al o y n e th ar Total N d a e t f i e o n n s a e l e I d n s e t t e b o r t n - n i n a o a a f a n n n i i d - t d a c - l e t e m r V r A 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 s n - s t s ts - Other c N e r i e e p - t ts m v I e e n s n - t- ts p t E u en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts E F C c E o o o x r n o e p o p i e m g e 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 44,178 4,797 3,918 2,210 1,640 45,598 850 2,109 194g—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 *3,077 481 348 553 17443,475 349 432 Tuly . . 63,558 6 1,155 286 155 5 772 —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 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 1,043 178 125 547 189 75 592 182 -92 235 103 9 403 196 May 2,822 Pl.043 125 584 P430 30 P489 592 18 233 120 38 282 132 Preliminary. 1 Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 8 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Including 3 billion-dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months. 6 Change in classification. 6 Including surplus property receipts and receipts from renegotiation of war eontracts. which for fiscal years 1946-1948 amounted to 501, 2,886, and 1,929 million dollars and 1,063, 279, and 161 million, respectively. 7 These are appropriated diroctly to the Federal old-age and survivors insurance trust fund. JUNE 1949 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES fBased on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items l 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 U. S. Pri- Corporation or agency Total Cash L c a r e o b e i a l v - e n - s m m C p s r t a l i i u o o a n i e a e m p t d s d l e s s - , i - , - - G U s ri e o t . c i v I e u S m n t s - . . v e e n O s r t s i s t e t - t i c h e u e s - * r 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 u e t a n D a r r t n d i r r e e b g d e i d - s - e d - s O s a t e h s t - e s 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 y O o e a t t n b h e - l s e e , r O li i a t t i b h e i e s l r - i m G n e e r t o e s e n n v t r - t - - o v in w a e t t s n e e t r e l - 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 21 316 965 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 2 1 2 Federal Farm Mortgage Corp 78 9 66 75 Rural Electrification Administration 1,046 35 998 () 1,046 Commodity Credit Corp 2,070 326 1,284 437 20 1,051 999 Farmers' Home Administration 323 25 250 6 317 Federal Crop Insurance Corp 39 31 7 33 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 821 515 274 415 139 121 147 Federal Savings and Loan Insurance Corp 203 199 5 198 Home Owners' Loan Corp 395 366 12 15 378 Public Housing Administration 4 1,786 295 1,448 21 1,765 Federal Housing Administration.... 220 21 144 1 157 50 Federal National Mortgage Association 200 199 4 196 Reconstruction Finance Corporation: Assets held for U. S. Treasury 5. . .. 893 2 628 104 893 Other 1,073 937 98 2 33 81 992 Export-Import Bank 2,161 2,138 22 122 2,038 Federal Deposit Insurance Corp 1,072 (3) 1,064 () 1,066 Federal Works Agency 225 89 134 225 Tennessee Valley Authority 824 2 793 811 All othe^ 7,295 27 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 c k r s a o s - - m C C C r o o o e d m r d p i i - t . t y t R A r E t i i f u l d o i e r c m n c a a - l . - H F A e a o d r r m s m m ' e . - H C O L e o o o w r m r a s n p ' n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a S g e 1 e p 9 a n t l 4 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 2445 '3,756 6,102 6,079 Other. . . 294 190 100 584 592 Less: Reserve for losses 14 (3) 4 9 1 273 3 1 50 7 7 368 371 Total loans receivable (net)... 66 426 301 1,284 998 250 366 295 515 939 2,138 4,114 11,692 10,573 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. 708 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h 1 u y 9 s s t 3 i r c 5 i a a -3 l l 9 v p o r = o lu d 1 m u 0 c e 0 t ) i * o 1 n aw 19 a 2 c r 3 d o - e n 2 d t 5 r a (v = ct a s 1 lu 0 e 0 )2 E 1 m 9 p 39 lo y = m 1 e 0 n 0 t3 Fac- Depart- Wholetory Freight ment Con- sale Year or month Total D ab u f l M a r e - c a tu n r u N d e - s u o r n - - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g o u r r l n a i - - l - Factory 1 r 9 o p 1 3 l a 0 9 l y s 0 3 = c 1 a 9 i = r n 3 l g 1 5 o s 0 - a * 3 0 d 9 - 1 u 9 s = ( 3 e a v 1 ) l a 5 e * l 0 - - s 4 3 0 9 1 s p 9 u = r 3 m i 5 1 c e 0 - e r 3 s 0 s 9 ' p m c = r 1 o i o 9 c 1 m d 2 e 0 i s 6 - 0 t y 3 able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.7 103.9 120 83 123.8 138.6 1920 75 93 60 83 63 30 90 104.1 124 2 129 99 143 3 154 4 1921 58 53 57 66 56 44 65 79.7 80.2 110 92 127.7 97.6 1922 73 81 67 71 79 68 88 88.2 86.0 121 94 119.7 96.7 1923 88 103 72 98 84 81 86 100.9 109.1 142 105 121.9 100.6 1924 82 95 69 89 94 95 94 93.7 101 8 139 105 122 2 98 1 1925 90 107 76 92 122 124 120 97 0 107 3 146 110 125 4 103 5 1926 . . . 96 114 79 100 129 121 135 98.9 110.5 152 113 126.4 100.0 1927 95 107 83 100 129 117 139 96.7 108.5 147 114 124.0 95.4 1928 99 117 85 99 135 126 142 96.9 109.8 148 115 122.6 96.7 1929 110 132 93 107 117 87 142 102.5 103.1 117.1 152 117 122.5 95.3 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119 4 86.4 1931 75 67 79 80 63 37 84 87.1 75.8 71.8 105 97 108.7 73.0 1932 . . . 58 41 70 67 28 13 40 77.2 64.4 49.5 78 75 97.6 64.8 1933 69 54 79 76 25 11 37 77.5 71.3 53 1 82 73 92 4 65.9 1934 75 65 81 80 32 12 48 84.9 83.2 68.3 89 82 95.7 74.9 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 88 98.1 80.0 1936 103 108 100 99 55 37 70 95.1 96.4 91.1 107 100 99.1 80.8 1937 113 122 106 112 59 41 74 101.4 105.8 108.9 111 107 102.7 86.3 1938 89 78 95 97 64 45 80 95.4 90.0 84 7 89 99 100 8 78 6 1939 109 109 109 106 72 60 81 100 0 100 0 100 0 101 106 99 4 77 1 1940 125 139 115 117 81 72 89 105.8 107.5 114.5 109 114 100.2 78.6 1941 162 201 142 125 122 89 149 119.4 132.1 167.5 130 133 105.2 87.3 1942 199 279 158 129 166 82 235 131.1 154.0 245.2 138 150 116.5 98.8 1943 239 360 176 132 68 40 92 138.8 177.7 334.4 137 168 123.6 103.1 1944 235 353 171 140 41 16 61 137.0 172.4 345 7 140 187 125.5 104 0 1945 203 274 166 137 68 26 102 132.3 151.8 293.4 135 207 128.4 105.8 1946 170 192 165 134 153 143 161 137.0 143.4 269.6 132 264 139.3 121.1 1947 187 220 172 149 157 142 169 145.2 157.3 332.1 143 286 159 2 152.1 1948 *»192 *225 P177 P155 190 162 214 149.0 159.9 365-1 138 302 171.2 165.0 1947 May 185 186 218 170 151 127 110 140 143.5 155.0 153.8 319.3 142 r287 156.0 147.3 June 184 185 219 168 148 136 116 152 144.8 155.2 154.7 327.2 137 '285 157.1 147.7 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 '292 163.8 157.4 October . . .. 191 194 223 176 155 184 170 196 147.1 160.0 160.4 350.1 145 '280 163.8 158.5 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 '300 167.0 163.2 1948 January 193 189 229 178 154 191 152 223 148.6 161.2 160.5 358.7 144 '293 168.8 165.7 February 194 190 226 180 155 187 152 215 147.8 159.8 159.5 354.1 138 "•293 167.5 160.9 Ivtarch 191 188 229 177 142 181 148 208 147.9 160.1 160.3 358.4 130 '291 166 9 161 4 April 188 186 217 177 147 181 154 202 147.2 157.1 156.1 347.1 130 '307 169.3 162.8 May 192 192 221 178 162 188 165 206 147.7 156.7 155.5 346.7 141 '305 170.5 163.9 J une 192 193 222 179 159 201 177 220 148.8 158.8 158.2 359.0 139 '308 171.7 166.2 July- 186 187 219 169 153 205 187 219 149.5 159.8 158.5 360.0 138 '311 173.7 168.7 August 191 194 223 177 159 201 177 220 149.6 160.1 161.7 374.7 142 r309 174.5 169.5 September 192 197 225 178 156 193 165 216 150.7 163.3 164.6 382.2 139 '309 174.5 168.7 October 195 199 231 179 158 184 157 206 150.8 162.8 163.3 382.9 140 '308 173.6 165.2 November 195 195 229 178 161 189 154 217 150.0 161.2 161.6 379 3 137 '289 172 2 164.0 December 192 190 231 173 156 180 145 209 149.4 158.6 159.4 377.6 137 '305 171.4 162.3 1949 January . . 191 187 227 175 149 174 133 207 147.8 155.3 154 7 '363 1 131 '294 170 9 160.6 189 185 226 173 rl49 169 123 207 146.9 '153.6 153.3 r357.S 126 '281 169.0 158.1 M^arch . .. 184 181 223 168 136 175 129 212 146 0 151 1 151 3 349 3 120 '277 169 5 158.4 April . P179 P177 P213 P161 P147 176 140 206 P145.4P148.4P147.5 127 294 169.7 156.9 * Average per working day. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 710-713. For points in total index, by major groups, see p. 732. 2 Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see p. 358 of BULLETIN for July 1931. For monthly data (dollar value) by groups see p. 717. 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. 719-722. 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. JUNE 1949 709 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 Apr. May June July Aug. Sept. Oct. Nov.Dec. Jan. Feb. Mar. Apr. Industrial Production—Total 188 192 192 186 191 192 195 195 192 191 189 184 PJ79 Manufactures—Total 195 197 198 192 197 199 202 201 199 198 196 193 P184 Durable Manufactures 217 221 222 219 223 225 231 229 231 227 226 223 P213 Iron and Steel 177 208 208 201 207 214 221 224 223 228 232 233 219 Pig iron. . 151 193 196 186 200 205 209 212 212 218 220 221 217 Steel 208 236 236 228 235 243 252 255 254 260 267 '264 239 Open hearth . . . . .. 154 183 181 176 179 185 193 194 194 197 199 202 196 Electric 593 608 630 597 635 658 670 685 682 711 755 '706 546 Machinery 275 273 277 269 271 273 277 276 277 268 262 252 Transportation Eouiptnent 237 218 222 233 230 231 243 238 246 244 240 P238 Automobiles (including parts) 197 179 185 202 198 197 209 203 208 209 206 204 P206 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) 1 200 196 194 185 186 192 192 187 184 183 186 183 P174 Smelting and refining 203 203 194 188 190 193 191 175 183 186 200 209 P208 (Copper smelting; Lead refining; Zinc smelting; Aluminum* ^Magnesium* Tin) * Fabricating 199 194 193 184 185 192 192 192 185 182 180 173 P160 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 145 142 140 142 148 143 147 145 143 129 123 129 P125 Lumber 132 131 129 135 140 132 135 133 131 117 107 119 Furniture 169 163 161 157 163 165 170 169 168 154 154 150 P145 Stone Clay and Glass Products 211 206 207 200 210 207 P210 P203 P205 P204 P203 P195 P192 Glass products . . 212 201 199 185 207 207 212 185 182 183 179 172 173 Glass containers 227 218 208 206 218 226 224 189 184 189 184 177 179 Cement 193 187 190 188 186 183 184 195 212 208 222 208 213 Clay products 173 172 176 168 175 169 171 172 173 180 176 171 Gypsum and plaster products 249 241 238 237 247 237 241 241 235 237 224 221 P204 Abrasive and asbestos products 244 244 249 248 248 251 252 249 246 239 233 224 P214 Other stone and clay products * Nondurable Manufactures 177 178 179 169 177 178 179 178 173 175 173 168 P161 Textiles and Products 175 177 174 154 166 168 167 164 156 160 157 142 P128 Textile fabrics 161 163 159 138 152 154 153 148 140 144 142 130 P119 Cotton consumption 147 147 14Q 115 127 132 129 122 114 123 125 120 111 Rayon deliveries 298 308 313 324 318 322 319 322 317 313 305 275 242 Nylon and silk consumption * Wool textiles . . 179 179 176 137 168 166 168 162 151 150 143 122 Carpet wool consumption 227 226 220 158 226 226 247 233 206 225 214 198 Apparel wool consumption 196 191 184 153 178 173 160 143 139 136 130 107 Wool and worsted yarn . .. . . 164 163 162 125 150 148 148 144 133 125 121 104 Woolen yarn 146 145 146 114 139 136 141 140 127 122 118 100 Worsted yarn 190 189 185 140 166 165 159 149 143 130 126 111 Woolen and worsted cloth 171 172 172 137 160 157 157 156 148 149 141 112 Leather and Products 110 108 109 96 113 119 113 102 100 108 113 113 P107 Leather tanning • • 105 109 107 95 105 108 108 100 103 103 107 99 Cattle hide leathers 119 124 121 109 120 123 121 110 114 114 122 110 Calf and kip leathers . 77 81 80 64 78 79 82 80 89 88 85 81 Goat and kid leathers 91 91 89 81 77 83 90 89 82 85 89 90 Sheep and lamb leathers 91 93 94 84 100 98 95 87 87 93 86 79 Shoes . . 113 107 110 96 119 126 117 104 97 111 117 123 P113 Manufactured Food Products 157 159 163 160 156 163 161 159 158 '160 162 162 Pi 63 Wheat flour 134 139 138 139 143 128 130 133 128 135 127 113 P106 Manufactured dairy products . P149 P151 P152 P152 P154 P150 P148 P144 P144 P144 P145 P150 P153 Butter 71 72 71 72 75 73 76 75 74 77 80 86 88 Cheese 170 171 171 168 171 160 161 166 180 192 190 188 196 Canned and dried milk 175 185 192 195 198 181 167 143 135 126 130 146 161 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 710 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 Apr. May June July Aug. Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr. Manufactured Food Products—Continued Meat packing 125 127 152 135 126 133 141 155 154 152 156 153 145 Pork and lard . . 136 145 176 149 128 136 157 177 172 167 172 167 160 Beef 122 116 135 124 125 133 127 135 143 147 154 155 145 Veal 102 104 134 140 147 146 140 144 134 115 112 111 106 Lamb and mutton 83 74 94 89 92 101 112 108 98 92 87 71 55 Other manufactured foods 166 168 169 167 162 172 169 165 164 166 169 170 P171 Processed fruits and vegetables 147 150 159 142 107 162 152 140 142 138 136 154 Confectionery . 138 138 124 117 119 121 124 124 132 131 136 133 Other food products 176 178 179 182 183 184 181 179 175 183 181 ^182 Alcoholic Beverages 182 167 170 173 179 189 186 217 197 181 177 187 164 Malt liquor 153 141 145 155 165 176 156 181 185 168 156 176 152 Whiskey .... 160 157 114 86 73 91 95 112 131 119 118 106 91 Other distilled spirits 383 294 393 402 346 211 244 334 278 328 294 249 271 Rectified liquors 255 245 243 242 274 336 398 443 287 235 283 295 247 Industrial Alcohol from Beverage Plants l Tobacco Products 183 163 166 148 178 168 174 170 146 159 160 172 162 Cigars 101 105 108 98 113 127 122 130 97 102 100 99 98 Cigarettes 257 222 226 200 242 218 230 224 196 216 220 241 224 Other tobacco products 75 68 68 63 75 78 78 68 63 66 66 68 65 Paper and Paper Products 169 170 165 150 165 166 772 169 153 163 r158 150 145 Paper and pulp 163 164 160 146 161 160 167 163 150 158 154 147 141 Pulp 180 187 183 172 193 183 195 188 173 188 183 175 165 Groundwood pulp 97 104 106 117 122 116 117 104 105 101 96 95 88 Soda pulp . . 108 112 111 96 110 107 111 107 104 107 108 106 100 Sulphate pulp 293 309 301 283 328 301 330 317 285 327 309 291 274 Sulphite pulp . 151 151 146 135 148 145 153 149 137 145 145 141 135 Paper 160 160 156 142 156 156 163 159 146 153 143 137 Paperboard 192 191 187 165 184 189 193 195 167 182 174 163 162 Fine paper 3 87 86 86 74 83 83 Printing paper 166 169 168 150 160 161 172 165 160 157 158 153 149 Tissue and absorbent paper 171 169 157 160 161 163 170 162 158 161 157 160 153 Wrapping paper 151 150 145 135 153 148 157 150 142 151 147 139 122 Newsprint 93 99 98 97 101 98 100 98 100 99 98 99 97 Paperboard containers (same as Paperboard) . . Printing and Publishing . 154 156 157 147 155 154 164 156 154 155 153 152 151 Newsprint consumption 143 143 146 145 149 147 155 148 148 153 149 151 154 Printing paper (same as shown under Paper) P etroleum and Coal Products P213 f>220 P220 P217 P221 P207 P217 P227 P231 P221 P214 P210 Petroleum refining 2 Gasoline 164 170 173 170 173 165 170 174 179 174 170 169 P168" Fuel oil . 194 196 194 192 194 180 199 200 204 206 194 186 Lubricating oil . . 158 159 155 154 162 157 169 159 162 159 150 138 O K t e h r e o r s e p n e e troleum products l 197 187 196 193 182 184 183 207 200 196 176 167 Coke 137 174 175 170 178 181 181 183 184 184 185 178 182 By-product coke . . . 135 166 168 166 170 173 173 175 176 177 176 173 173 Beehive coke 186 421 407 318 447 444 454 460 466 455 504 r319 480 Chemical Products 249 249 256 251 259 257 255 257 257 257 250 246 P235 Paints . . 150 151 154 161 161 158 156 153 148 149 143 139 P\39 Soap 123 124 124 121 126 134 135 135 137 135 133 132 P\3\ Rayon . . . . 305 304 309 312 312 305 304 306 311 309 309 300 P268 Industrial chemicals 439 436 449 433 450 448 446 449 450 447 434 428 Explosives and ammunition 1 Other chemical products x Rubber Products 200 201 205 200 207 205 205 203 200 193 '187 181 P176 Minerals—Total 141 162 159 153 159 156 158 161 156 149 rl49 136 P147 Fuels 149 168 164 160 166 162 166 167 164 156 155 137 P148 Coal 103 160 147 134 150 148 145 147 137 133 129 85 Bituminous coal 102 171 157 143 158 156 152 155 145 145 142 93 Pl44 Anthracite 105 116 105 100 117 119 118 116 103 88 74 52 poo Crude petroleum 171 172 173 172 174 170 176 177 177 167 168 163 P156 Metals 137 128 128 113 115 119 113 121 no 104 113 P128 P137 Metals other than gold and silver 193 179 179 155 158 166 157 175 158 149 161 P184 (Copper; Lead; Zinc)1 Gold 57 57 55 56 55 54 48 43 39 39 44 50 Silver 68 67 65 57 61 60 69 60 59 55 58 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. 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. JUNE 1949 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors, 1935-39 average =100] 1948 1949 Industry Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Industrial Production—Total. 186 192 193 187 194 197 199 195 190 187 185 181 "177 Manufactures—Total. ... 193 197 199 193 200 203 205 202 197 195 193 190 P183 Durable Manufactures . . 217 222 223 220 224 227 232 229 229 225 224 221 P213 Iron and Steel... ... 177 208 208 201 207 214 221 224 223 228 232 233 219 Pig iron 151 193 196 186 200 205 209 212 212 218 220 221 217 Steel 208 236 236 228 235 243 252 255 254 260 267 '264 239 Open hearth 154 183 181 176 179 185 193 194 194 197 199 202 196 Electric 593 608 630 597 635 658 670 685 682 711 755 546 275 273 277 269 271 273 277 276 277 268 262 252 P238 Manufacturing Arsenals and Depots x. . Transportation Eouipmcnt 237 218 222 233 230 231 243 238 246 244 r241 240 P238 Automobiles (including parts) . . 197 179 185 202 198 197 209 203 208 209 206 204 P206 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)* . . .. Nonferrous Metals and Products. . 200 196 193 185 186 192 192 188 184 183 186 184 P174 Smelting and refining 203 203 193 187 190 193 191 176 183 186 200 209 P208 (Copper smelting; Lead refining; Zinc smelting; Aluminum* Alagnesium; Tin)1 . . Fabricating . 199 194 193 184 185 192 192 192 185 182 180 173 ^160 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption) * Lumber and Products 144 144 148 •151 158 153 154 142 132 118 115 124 P125 Lumber 131 134 141 148 156 147 145 128 113 100 96 110 P114 Furniture • 169 163 161 157 163 165 170 169 168 154 154 150 P145 Stone, Clay, and Glass Products. 208 211 209 201 218 216 P220 P208 P199 P192 P188 P186 P188 Glass products 212 212 197 179 213 r211 217 187 172 181 175 172 173 Glass containers 227 233 206 198 227 231 230 191 171 185 179 177 179 Cement . • 183 196 203 207 210 213 214 211 193 169 168 171 202 Clav oroducts • • • • • • 168 171 175 168 180 175 180 178 178 166 166 163 P160 Gvpsum and plaster products 246 243 243 237 248 243 247 246 241 227 213 213 P202 Abrasive and asbestos products . . . . 244 244 249 248 248 251 252 249 246 239 233 224 P214 Nondurable Manufactures. 174 177 179 171 180 185 183 179 171 170 '168 164 P159 Textiles and Products 175 177 174 154 166 168 167 164 156 160 157 142 P128 Textile fabrics 162 163 159 138 152 154 153 148 140 144 142 130 P1*19 147 147 140 115 127 132 129 122 114 123 125 120 111 Rayon deliveries 298 308 313 324 318 322 319 322 317 313 305 275 242 Nylon and silk consumption x Wool textiles 179 179 176 137 168 166 168 162 151 150 143 122 Carpet wool consumption 227 226 220 158 226 226 247 233 206 225 214 198 Apparel wool consumption 196 191 184 153 178 173 160 143 139 136 130 107 Woolen and worsted yarn 164 163 162 125 150 148 148 144 133 125 121 104 Woolen yarn 146 145 146 114 139 136 141 140 127 122 118 100 Worsted varn 190 189 185 140 166 165 159 149 143 130 126 111 Woolen and worsted cloth 171 172 172 137 160 157 157 156 148 149 141 112 leather and Products. 110 108 108 94 112 118 114 104 99 108 116 113 P107 Leather tanning 105 109 104 91 103 106 109 103 102 104 115 99 Cattle hide leathers • • 119 124 116 103 117 121 123 115 114 116 131 110 Calf and kip leathers 74 78 81 64 81 78 83 83 88 86 ^89 79 Goat and kid leathers 94 89 90 80 75 84 90 86 83 85 93 89 Sheep and lamb leathers 89 100 93 79 103 96 95 92 82 87 95 77 Shoes 113 107 110 96 119 126 117 104 97 111 117 123 P113 Manufactured Food Products 143 153 163 172 174 188 17 3 161 153 148 146 145 P148 Wheat flour 128 134 132 137 141 140 137 134 127 135 128 111 P104 Manufactured dairy products P155 P201 P224 P223 P198 P158 P122 P95 P92 P92 P104 P124 P159 Butter 72 93 98 88 82 70 65 57 59 64 71 78 90 CheeQe 176 229 242 207 191 163 145 125 129 142 156 170 204 Canned and dried milk 197 257 265 226 204 167 135 103 104 102 117 143 182 Ice cream I""" ! P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =100] 1948 Industry Apr. May Manufactured Food Products—Continued tA. eat Dackinc 116 127 Pork and lard 124 145 Beef . . 115 116 Veal . . . 100 108 Lamb and mutton 80 76 Other manufactured foods . 148 152 Processed fruits and vegetables 90 97 Confectionery 114 106 Other food products 169 175 Alcoholic Beverages 178 173 Malt liquor . . . 160 161 Whiskey 160 157 Other distilled spirits . 230 177 Rectified liquors 255 245 Industrial A Icohol from Beverage Plants * Tobacco Products 173 163 Cigars 101 105 Cigarettes . . 239 222 Other tobacco products 75 68 Paper and Paper Products.... ... 169 170 Paoer and OUID • • • •163 164 Pulp . 182 188 Groundwood pulp 107 Soda pulp . 108 Sulphate pulp 293 Sulphite pulp 151 Paper . . .160 Paper board . 192 Fine oaoer ^ 87 Printing paper 166 Tissue and absorbent oaoer 173 151 Newsprint 95 Printing and Publishing 159 Newsprint consumption 151 Printing paper (same as shown under Paper) Petroleum and Coal Products P213 Petroleum refining2 Gasoline 164 Fuel oil 194 164 Kerosene . 201 Other petroleum products * Coke 137 By-product coke . . 135 Beehive coke 186 Chemical Products... ...251 Paints 151 Soap 120 Rayon . 305 Industrial chemicals 439 Explosives and ammunition 1 Other chemical products 1 Rubber Products 200 Minerals—Total. 145 Fuels 149 Coal . . . 103 Bituminous coal 102 Anthracite . . 105 Crude Detroleum 171 Metals . . 126 Metals other than gold and silver 178 Iron ore . . . . 228 (Copper* Lead; Zinc)1 Gold 51 Silver 68 ot o 1949 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. 151 126 Ill 124 142 173 181 179 149 141 134 176 132 99 108 147 207 226 219 169 155 146 132 125 127 144 138 141 143 150 141 141 136 134 140 144 160 160 154 126 106 99 104 104 87 86 90 109 116 108 96 98 87 70 53 160 174 183 207 188 172 161 152 153 151 P153 122 184 203 317 197 129 111 90 86 85 P96 92 96 129 156 162 146 134 135 137 123 181 185 187 188 190 188 179 172 174 173 P174 186 188 184 195 203 212 174 153 159 173 163 183 194 189 178 145 139 148 138 141 163 160 114 86 73 91 95 112 131 119 118 106 91 243 233 187 289 631 702 306 213 176 162 162 243 242 274 336 398 443 287 235 283 295 247 173 154 184 178 180 173 136 158 153 163 153 108 98 113 127 122 130 97 102 100 99 98 237 210 255 233 239 228 181 216 207 224 209 70 63 73 83 84 70 56 65 64 68 65 165 149 165 166 172 170 153 163 '158 151 146 160 145 160 160 167 163 149 158 154 147 141 183 170 191 181 194 189 173 189 183 176 167 107 104 107 103 109 110 107 105 100 102 97 111 96 110 107 111 107 104 107 108 106 100 309 301 283 328 301 330 317 285 327 309 291 274 151 146 135 148 145 153 149 137 145 145 141 135 160 156 141 156 156 163 159 146 153 150 143 137 191 187 165 184 189 193 195 167 182 174 163 162 86 86 74 83 83 169 168 150 160 161 172 165 160 157 158 153 149 169 160 153 161 163 172 162 153 159 163 160 155 150 145 135 153 148 157 150 142 151 147 139 122 100 99 95 99 98 100 99 98 99 98 99 99 159 156 137 147 155 167 163 158 149 rl52 155 156 149 144 125 134 149 163 161 155 142 146 157 163 P220 P220 P217 P221 P207 P217 P227 P231 P228 P221 P214 v210 170 173 170 173 165 170 174 179 174 170 169 H68 196 194 192 194 180 199 200 204 206 194 186 P179 166 155 152 160 157 169 159 161 154 148 136 189 184 179 174 182 183 213 206 200 185 170 174 175 170 178 181 181 183 184 184 185 178 182 166 168 166 170 173 173 175 176 177 176 173 173 421 407 318 447 444 454 460 466 455 504 '319 480 249 253 247 256 257 258 258 258 r255 251 248 P237 156 158 160 159 156 156 151 148 146 141 139 120 122 120 127 139 142 137 137 132 132 132 P140 304 309 312 312 305 304 306 311 309 309 300 P268 436 449 433 450 448 446 449 450 447 434 428 P415 201 205 200 207 205 205 203 200 193 181 P176 164 163 158 164 160 161 160 151 143 143 131 P145 168 164 160 166 162 166 167 164 156 155 137 P148 160 147 134 150 148 145 147 137 133 129 85 171 157 143 158 156 152 155 145 145 142 93 P144 116 105 100 117 119 118 116 103 88 74 52 172 173 172 174 170 176 177 177 167 168 163 P156 144 153 147 149 148 132 114 77 68 76 P93 210 226 215 213 212 186 160 100 88 101 P126 P183 302 331 325 324 314 254 225 93 74 81 110 P237 50 52 55 60 62 56 49 40 38 39 43 67 63 56 59 61 69 60 59 56 59 p Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940. pp. 753-771 and 825-882. JUNE 1949 713 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1948 1949 1948 1949 I Mar. Apr. Dec, Jan. Feb. Mar. Apr Feb. Mar. Apr. Dec, Jan. Feb. Mar, Total 160.3 156.1 159.4 154.7 153.3 151.3 147.5 354.1 358.4 347.1 377.6 r363.1'357.8 349.3 Durable goods 188.1 185.1 186.5 180.7 177.8 174.9 170.8 393.1 402.0 393.4 430.1 '412.7 402.7 390.1 Nondurable goods 138.4 133.3 138.0 134.2 134.0 132.7 129.2 316.0 315.7 301.9 326.3 '314.7 '314.0 309.5 Iron and Steel and Products 164.8 161. 165.2 161.1 158.8 155.9 150.4 337.6 340.8 329.6 371.4 356.7 348.4 336.7 Blast furnaces, steel works, etc. 133 132 140 140 141 141 258 261 253 305 305 '304 300 Steel castings 228 226 234 230 226 220 466 481 477 525 506 497 471 Tin cans and other tinware 140 132 146 141 136 134 302 290 275 340 318 307 306 Hardware 161 157 152 146 '142 138 372 374 362 371 '347 '335 324 Stoves and heating equipment... . 178 167 155 130 126 122 408 388 364 350 277 262 261 Steam, hot-water heating apparatus 205 195 202 196 186 178 448 439 415 455 418 401 380 Stamped and enameled ware 203 200 192 180 179 169 471 471 463 481 440 429 404 Structural and ornamental metal work 180 185 183 181 177 353 362 359 407 399 395 Electrical Machinery 222.9 217.4 213.1 206.9 201.2 194.9 187.9 465.1 459.1 444.3 474.6 454.3 '442.2 424.1 Electrical equipment 210 206 199 194 190 186 437 432 421 444 427 420 403 Radios and phonographs. 222 212 221 213 201 190 496 469 551 507 478 454 Machinery except Electrical 233.1 227.5 223.1 219.1 214.4 205.0 471.9 475.2 463. < 491.6 473.7 463.0 448.5 Machinery and machine-shop products 250 248 244 240 236 230 514 515 512 533 518 502 485 Engines and turbines 293 289 282 280 276 271 622 632 612 639 610 602 579 Tractors 199 143 197 198 196 194 352 354 249 370 375 367 358 Agricultural, excluding tractors.. . 266 267 270 268 267 267 551 577 572 614 599 608 601 Machine tools 135 130 129 121 118 116 254 249 240 249 224 219 212 Machine-tool accessories 217 215 211 207 201 197 398 389 393 396 384 367 360 Pumps 296 290 279 276 272 267 648 638 630 633 610 620 594 Refrigerators 230 227 226 217 210 207 434 455 450 490 461 450 430 Transportation Equipment, except Autos 292.7 290.9 285.3 280.0 278.3 276.6 269.6 593.3 600.4 601.4 635.5 r610.3'607.5 599.4 Aircraft, except aircraft engines... 343 346 382 '383 383 667 676 695 839 '815 ^830 819 Aircraft engines 277 278 321 323 321 322 469 474 481 619 617 605 587 Shipbuilding and boatbuilding 182 177 134 '127 '124 121 385 384 374 289 '272 '262 260 Automobiles 195 .0 191.9 194.8 193.0 rl88.< 188.7 190.3 357.6 396.5 386.2 451.2 455.3 '441.5 415.7 Nonferrous Metals and Products 180.0 176.9 173.6 168.0 164.9 160.7 155 .3 372.9 377.1 368.3 391.2 372.2 363.6 345.3 Primary smelting and refining. . . . 148 148 149 147 147 149 304 307 314 342 344 339 344 Alloying and rolling, except aluminum 141 138 141 140 136 126 273 284 272 310 297 277 242 Aluminum manufactures 192 188 173 169 164 164 367 362 357 358 350 341 333 Lumber and Timber Basic Products. . . . 178.3 179.4 186.7 rl7l., '168.9 167.3 417.2 427.6 433.4 465.6 418.2 395.7 403.5 Sawmills and logging camps 194 195 202 '183 '182 181 452 466 471 504 '451 423 437 Planing and plywood mills 180 180 193 184 178 174 422 425 435 482 440 426 414 Furniture and Lumber Products 147.8 143.4 140.7 134.1 133.2 130.8 128.9 350.2 349.2 333.0 345.4 317.9 315.7 310.7 Furniture 148 144 143 136 135 132 356 353 336 354 323 321 314 Stone, Clay, and Glass Products 153.9 153.7 157.4 152.5 150.0 147.6 145. 321.4 336.6 337.9 366.9 349.5 344.5 335.9 Glass and glassware 171 171 167 159 156 153 351 370 367 385 372 367 352 Cement 145 146 152 150 150 149 274 279 288 312 308 304 307 Brick, tile, and terra cotta 133 134 143 138 135 133 285 304 313 356 331 329 323 Pottery and related products 174 171 182 178 179 177 345 361 357 404 387 392 385 Textile-Mill and Fiber Products 114.7 113.7 108.0 104.9 104.0 100.4 95.6 310.6 315.6 307.1 291.9 276.7 274. < 260.3 Cotton goods except small wares. . 127 126 121 118 117 115 377 385 375 353 332 333 320 Silk and rayon goods 95 95 95 93 91 86 282 288 288 293 276 267 240 Woolen and worsted manufactures 113 111 100 95 92 81 321 322 309 275 259 246 209 Hosiery 90 89 84 82 83 82 205 213 204 202 192 194 191 Dyeing and finishing textiles 135 134 131 128 129 128 335 332 329 328 309 321 320 Apparel and Other Finished Textiles. . . 147.5 139.8 145.3 143.0 '149.5 149.2 140.7 345.2 343.2 306.5 329.2 r328.6"348.2 344.7 Men's clothing, n.e.c 127 125 123 122 127 126 293 301 294 272 270 286 289 Shirts, collars and nightwear 101 100 90 '86 93 246 253 248 212 '198 '219 231 Women's clothing, n.e.c 168 154 170 169 rl76 174 387 376 307 371 '379 '394 380 Millinery 95 81 82 87 '95 97 206 186 150 148 '168 '213 226 Leather and Leather Products 114.1 107.1 104.8 105.0 r106.0 106.0 101.9 262.5 251.7 227.1 234.3 235.0 r240. 239.6 Leather 98 95 95 93 92 90 216 206 198 211 205 202 195 Boots and shoes 110 102 101 103 104 104 261 250 220 228 234 240 241 Food and Kindred Products 134.5 122.6 146.6 138.3 134.9 135.2 136.8 288.5 285. 267.4 333.5 312.1 302.9 302.7 Slaughtering and meat packing. 143 77 162 158 152 148 281 296 193 366 344 308 298 Flour 145 144 149 149 146 143 318 292 305 347 363 '331 309 Baking 127 126 132 128 128 129 257 250 251 280 '266 272 270 Confectionery 130 121 148 133 128 123 303 283 265 347 305 291 286 Malt liquors 185 191 193 185 181 192 321 324 350 360 '333 '334 363 Canning and preserving 90 94 109 80 81 240 227 241 280 227 216 213 Tobacco Manufactures. 93.4 92.4 93.3 89., 88.6 88.4 87.7 195.7 204.6 205.7 217.9 200.5 193.5 198.8 Cigarettes 121 121 124 122 120 120 219 247 254 269 250 240 258 Cigars 83 81 81 76 76 76 189 187 183 192 175 169 168 ' Revised NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for April 1949 are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics. 714 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 1948 1949 Mar. Apr. Dec. Jan. Feb. Mar. Apr. Feb. Mar. Apr. Dec. Jan. Feb. Mar. Paper and Allied Products.. 148.0 146.8 151.1 147.5 145.4 143.6 328.9 330.8 325.7 356.5 341.9 335.3 327.6 Paper and pulp 148 148 150 148 147 145 334 336 333 358 349 341 332 Paper goods, n.e.c 164 163 168 165 163 162 353 354 351 395 381 381 368 Paper boxes 137 134 144 136 133 130 307 305 293 335 306 297 293 Printing and Publishing.... 132.i 131.8 135.2 132.9 132.1 131.6 131.4 254.7 258.5 259.5 280.6 268.8 269.7 273.9 Newspaper periodicals. 122 122 128 126 127 128 225 229 235 259 243 248 255 Book and job 145 144 148 146 144 142 291 293 291 316 309 307 308 Chemicals and A Hied Products 203.6 201.4 207.0 206.1 20 3.9 203.3 197.9 425.6 425 .1 422.1 462.3 459.1 454.2 449.0 Drugs, medicines, and insecticides. 237 233 234 -•241 '242 239 489 488 480 514 535 536 530 Rayon and allied products 132 131 134 135 135 132 270 272 275 305 305 304 295 Chemicals, n.e.c 294 296 302 300 293 290 585 584 591 640 639 622 609 Explosives and safety fuses 354 351 375 372 367 364 678 675 648 747 708 730 714 Ammunition, small arms 183 183 168 166 164 159 389 397 399 395 381 385 347 Cottonseed oil 115 100 168 '156 140 135 338 316 270 540 -470 '410 402 Fertilizers 202 195 152 162 '181 206 482 540 530 428 '453 '507 591 Products of Petroleum and Coal , 155 .4154.9 155 .0153.0 152.8 152.6 152.6 315.4 320.0 316.7 345.5 349.6 339.2 339.4 Petroleum refining 155 155 155 154 154 154 302 307 311 338 346 334 335 Coke and by-products 141 137 148 149 147 147 312 315 287 351 358 351 347 Rubber Products 168.9 163.8 161.8 157.8 154.1 151.0 146.6 337.2 320.6 312.8 332.7 320.6 309.8 297.8 Rubber tires and inner tubes 178 171 165 163 160 158 315 292 286 300 295 288 Rubber goods, other 165 162 159 154 153 148 366 356 347 370 354 329 Miscellaneous Industries 182.6 178. 177.7 169.4 167.9 164.8 162.9 393.9 394.0 382.6 406.8 384.2 381.4 378.2 Instruments, scientific 245 244 267 270 272 275 487 489 494 579 588 596 598 Photographic apparatus 220 217 224 217 213 210 424 422 416 455 441 432 427 For footnote, see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1948 1949 Group Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Total 160 1 157.1 156.7 158.8 159.8 160.1 163 3 162 8 161 2 158 6 155 3 153 6 151 1 P148.4 Durable 188.4 185.5 184.1 184.0 185.1 184.9 188.0 188.7 188.5 186.4 181.2 178.3 175.2 P171.1 Nondurable 137.7 134.7 135.1 138.9 139.8 140.6 143.8 142.3 139.6 136.7 134.9 134.0 132.0 P130.5 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 1949 1948 1949 Mar. Apr. Dec. Jan. Feb. Ma Apr. Mar. Apr. Dec. Jan. Feb. Mar. Apr. All manufacturing. . . 39.5 Durable goods 40.9 40.5 40.7 40.2 '39.9 '39.4 39.0 1.357 1.456 1.460 1.458 r1.456 1.455 Iron and steel and products 40.6 39.9 40.5 40.0 '39.7 39.1 38.3 .412 1.416 1.528 .530 .529 1.528 1.528 Electrical machinery 40.3 39.9 40.3 39.7 39.7 '-39.1 38.5 .350 1.350 1.446 .446 .450 1.456 1.455 T M r a a c n h s i p n o e r r t y a t e io x n c e e p q t u e i l p e m ct e ri n c t a , l except autos. 4 4 1 0 . . 6 3 4 4 1 0 . . 4 5 4 4 1 0 . . 1 6 3 4 9 0 . . 9 5 " 4 4 0 0 . . 3 1 r3 3 9 9 . . 7 8 3 3 9 9 . . 0 4 . .4 4 7 2 2 1 1 1 . . 4 4 3 7 1 8 1 1 . . 5 5 2 8 5 5 . . 5 57 2 7 1 . . 5 5 2 7 2 2 1 1. . 5 5 7 2 1 4 1 1 . . 5 5 1 5 9 9 Automobiles 38.9 38.6 39.4 39. r39.8 '38.0 39.2 .539 1.533 1.696 .711 .700 1.676 1.685 Nonferrous metals and products 41.1 40.9 41.2 40.5 40.3 39.4 38.7 .344 1.343 1.444 .444 .447 1.436 1.437 Lumber and timber basic products 42.3 42.1 41.4 41. '39.7 '40.3 40.6 .071 1.083 1.136 .121 .112 1.129 1.138 Furniture and finished lumber products.. 41 41.0 41.1 39.8 >"40.0 39.9 39.2 .126 1.131 1.186 .183 .182 1.187 1.185 Stone, clay, and glass products 40.8 40.7 40.6 39.7 r39.8 r39.6 39.0 .260 1.271 1.352 .357 1.356 1.354 1.354 Nondurable goods. . 39.9 39.6 39.3 38.7 '38.7 '38.6 37.6 1.220 1.220 1.287 1.293 1.289 rl. 288 1.287 Textiles—mill and fiber products 40.6 39.9 38.3 37.4 >"37.5r37.O 35.2 1.140 1.138 1.189 1.189 1.185 1.180 1.174 Apparel and other finished products 36 36.2 35.4 35.2 '•36.0 ••36.2 34.2 1.092 1.040 1.101 .123 1.114 1.098 1.050 Leather and manufactures 37 36.2 37.2 37.2 37.6 37.5 34.9 1.106 1.116 1.146 .140 1.140 1.141 1.146 Food and kindred products 41.6 42.4 41.8 41.5 41.3 ^41.0 40.9 1.187 1.201 1.264 .268 1.265 270 1.274 Tobacco manufactures 37.7 38.2 38.1 36.4 35.3 r36. 35.0 .968 .973 1.018 .020 1.022 033 1.042 Paper and allied products 43 42.7 42.6 41.5 41.4 ••41. 40.4 1.249 1.250 1.330 .336 1.335 331 1.326 Printing, publishing, and allied industries 39.5 39.2 39.6 38.6 38.5 r38.6 38.4 1.621 1.646 1.722 .723 1.737 764 1.768 Chemicals and allied products 41 41.0 41.4 40.9 '40.6 40.0 1.315 1.327 1.403 .411 1.416 410 1.427 Products of petroleum and coal 40.6 40.3 40.3 41.2 r40.1 39.9 1.593 1.600 1.743 .752 1.746 746 1.767 Rubber products 37.8 37. 38.5 37.9 ^37.5 T-37.0 36.7 1.408 1.412 1.499 .501 1.504 1.502 1.507 Miscellaneous industries 40.6 40.4 40.5 39.9 39.9 39.8 39.0 1.229 1.228 1.302 1.306 1.306 1.318 1.291 ' Revised. NOTE.—Figures for April 1949 are preliminary. Back figures are available from the Bureau of Labor Statistics. JUNE 1949 715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGfclCtJLTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Manufac- Contract tion and State, and Year or month Total turing Mining construction public Trade Finance Service local utilities government 1 1940 32,031 10,780 916 1,294 3,013 7,055 1,419 3,362 4,192 1941 36,164 12,974 947 1,790 3,248 7,567 1,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 1,440 3,708 5,431 1943 42,042 17,381 917 1.567 3,619 7,322 1,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945 40,069 15,302 826 1,132 3,872 7,685 1,394 3,891 5,967 1946 41,494 14,515 852 1,661 4,023 8,820 1,586 4,430 5,607 1947 43,970 15,901 911 1,921 4,060 9,450 1,656 4,622 5,449 1948 45,131 16,277 925 2,060 4,065 9,746 1,719 4,681 5,658 SEASONALLY ADJUSTED 1948—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 1,700 4,663 5,626 July 45,271 16,302 915 2,093 4,078 9,791 1,737 4,645 5,710 August 45,312 16,278 944 2,106 4,078 9,805 1,752 4,622 5,727 September 45.654 16,556 945 2,093 4,085 9,806 1,741 4,647 781 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 1,737 4,644 733 December 45,252 16.195 940 2,121 4,084 9,769 1,739 4,624 5,780 1949—January '44,773 15,954 '931 2,095 '4,032 9,697 '1,725 '4,549 5,790 February '44,502 '15,798 928 '2,045 '4,006 9,656 '1,721 4,560 5,788 March 44,208 15,574 920 1,976 3,956 9,711 1,718 4,591 5,762 April 44,026 15,357 918 2,005 3,952 9,688 1,717 4,626 5,763 UNADJUSTED 1948—March 44,600 16,269 924 1,805 4,032 9,598 1,697 4,729 5,546 April 44,299 15,950 817 1,933 3,974 9,576 1.704 4,768 5,577 May 44.616 15,892 935 2,052 4,042 9.617 1,716 4,738 5,624 June 45,009 16,115 950 2,173 4,105 9,670 1,726 4,663 5,607 July 45,098 16,172 922 2,219 4,136 9,646 1,754 4,645 5,604 August 45,478 16,441 952 2,253 4,139 9,660 1,761 4,622 5,650 September 45,889 16,697 948 2,239 4,092 9,733 1,732 4,647 5,801 October 45,877 16,597 941 2,206 4,091 9,889 1,723 4,641 5,789 November 45,739 16,461 938 ,162 4,066 10,034 1,720 4,644 5,714 December 46,088 16,283 939 2,079 4,066 10,381 1,722 4,624 5,994 1949—January '44,350 15,890 '925 1,906 '3,978 9,625 '1,716 '4,549 5,761 February '44,016 '15,774 922 1,820 '3,956 9,513 '1,712 4,560 5,759 March 43,871 15,597 914 1,838 3,920 9,531 1,718 4,591 5,762 April 43,890 15,265 915 1,965 3,932 9,688 1,726 4,626 5,773 ' Revised. x Includes Federal Force Account Construction. NOTE.—Estimates include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. April 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 o io n n n a - l T l f a o o b r t c o a e r l Total Total t I u n E r a m n l o p i n l n o a d y g u e r s i d c t r u x i l e - s agric I u n lture U pl n o e y m ed - l N ab o o t r i n f o t r h c e e 1940* 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55.910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 . ... 104,480 65,890 54.630 53.960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1948—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 April 109,373 62,327 60,835 57,819 49,999 7,820 3,016 47,046 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. 716 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 IVIarch 689.8 747.6 276.5 251.8 55.3 66.2 78.5 88.4 50.3 60.4 65.0 112.4 164.3 168.4 April . . .. 873.9 842.6 351.6 303.8 82.2 43.8 88.8 92.0 55.4 68.4 111.2 112.2 184.7 222.4 May 970.8 369.8 91.9 103.3 83.8 117.0 205.0 Jure 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 «217.9 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 1947 1948 1949 1947 1948 1949 1947 1948 1949 Federal Reserve district Apr. Mar. January.... 572 615 483 167 197 160 405 419 323 February.. . 442 682 568 96 248 252 346 434 317 Boston 45,075 39,188 53,912 March 597 690 748 143 181 282 453 509 466 New York 130,629 145,142 133,291 April 602 874 177 236 425 638 Philadelphia 53,351 42,402 60,202 May 675 971 234 298 441 673 Cleveland 78,991 82,298 86,714 June 605 935 226 338 379 597 Richmond 104,545 71,578 93,394 July 660 963 203 335 458 628 Atlanta 80,945 82,449 122,971 August 823 854 218 276 605 579 Chicago 155,892 109,514 142,586 September. . 650 762 193 259 457 503 St. Louis 51,402 43,935 63,845 October 793 779 209 262 584 517 Minneapolis 53,120 32,462 27,907 November. . 715 611 224 199 492 413 Kansas City 32,543 34,338 34,296 December... 625 694 207 278 418 416 Dallas 56,093 64,313 54,764 Year 7,7609,430 2,2963,107 5,4646,323 Total (11 districts). 842,586 747,619 873,882 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgageson INSURED FHA HOME MORTGAGES (TITLE II) HELD IN Year or month Total p m P e r i r e o r m o n t v y p - t e - x - s S h c t t o m i r o o u m n a n c - l e - l l f h ( a - o T m t I u o D it s i 4 l l e e y - s h R g ( o a T e r I u o n n I i s t ) d u t i l a p n e l g W h e ( o V V a T r u a r e I i s n a t ) t i l 2 - n s n e ' d g PORTFOLIO, [ In B Y m il C li L on A s S o S f d O o F ll S a a I rs v N ] - STITUTION 1 1 1 1 9 9 9 9 4 4 4 4 2 4 1 3 .... 1 1 , , 1 1 8 7 3 7 2 7 5 2 1 1 4 8 1 4 9 7 4 1 2 1 1 5 1 8 6 2 2 7 9 4 1 7 1 5 6 1 6 3 7 2 6 5 8 0 3 1 4 3 7 3 End of month Total b C m c a o i n e a m r k l - s - b M s i t a n u a n g v a u k s l - - s a a l s i a t o n s n i a o g o d n c s n i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e r e e a d s n l - x - Other2 1945 666 171 219 4 272 1946 755 321 (3) 347 3 85 1947 1,787 534 446 808 1936—Dec 365 228 8 56 41 5 27 1948 .. . 614 7 880 1,836 1937—Dec 771 430 27 110 118 32 53 1948— J J A S M A u u e u p l a n p y g r y e i t u l . e s m t .. b . . e . r . . . . . 3 2 2 2 2 9 2 7 8 7 2 9 7 6 6 6 5 5 5 5 4 3 9 4 0 1 8 1 1 9 5 5 7 7 7 2 1 3 2 1 6 1 1 1 1 1 1 7 5 9 6 4 3 7 8 7 4 9 6 1 1 1 1 1 1 9 9 9 9 9 9 3 3 4 4 4 4 8 9 0 2 3 1 — — — — — — D D D D D D e e e e e e c c c c c c 2 3 3 3 1 1 , , , , , , 1 1 7 4 6 6 9 9 0 0 2 2 9 3 7 9 0 6 1 1 1 1 , , , , 1 6 4 7 6 9 6 6 6 0 0 3 2 9 5 5 2 4 2 2 1 1 3 3 5 7 3 8 8 6 6 1 0 6 2 2 2 2 1 1 9 2 5 7 9 4 2 4 4 6 2 9 1 1 , , 0 1 3 2 5 7 3 3 4 1 4 8 2 4 2 2 2 9 2 2 2 1 3 0 4 7 7 5 4 1 5 9 7 3 1 1 1 1 1 9 3 7 6 5 5 0 3 9 3 0 9 O N D o e c c v to e e m b m e b b r e e . r r . . . . . . . 3 2 2 7 1 9 2 8 8 4 5 4 0 2 9 1 1 1 1 1 9 0 1 8 5 7 1 1 1 6 2 3 8 7 1 1944— D Ju e n c e 3 3 , , 5 3 5 9 4 9 1 1, , 5 6 9 6 0 9 2 26 5 0 8 2 2 6 8 9 4 1 1, , 0 1 7 1 2 9 6 7 8 3 1 1 5 4 0 0 1949—January 269 35 1 128 7 98 1945—June 3,324 1,570 265 264 1,047 43 134 February... 279 47 1 123 108 Dec 3,156 1,506 263 253 1,000 13 122 March 283 45 1 135 102 April 269 34 127 109 1946—June 3,102 1,488 260 247 974 11 122 Dec 2,946 1,429 252 233 917 9 106 c Corrected 1 Net proceeds to borrowers. 2 Mortgages insured under War 1947—June 2,860 1,386 245 229 889 8 102 Housing Title VI through April 1946; figures thereafter represent Dec 2,871 1,379 244 232 899 7 110 mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages 1948—Tune. . . . 2,988 1,402 251 245 973 7 110 originally written under the War Housing Title VI. Beginning with Dec 3,237 1,429 265 269 1,113 9 152 December 1947, figures include mortgages insured in connection with sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 1 The RFC Mortgage Company, the Federal National Mortgage s Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig ke u r a es c c r o e u p n re t s o e f n t p r g in ro c s i s p a i l n s r u ep ra a n y c m e e w nt r s i t o te n n p d re u v ri i n o g u s t l h y e in p s e u r r io ed d 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, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. JUNE 1949 717 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports* Excess of exports Month 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 January 903 798 1,114 1,092 Pi,090 332 394 531 '547 P590 571 405 583 ••545 P500 February 887 670 1 ,146 1,086 Pi,033 325 318 437 '589 P568 561 352 709 r497 P465 March 1,029 815 1,326 1,139 Pi,154 365 385 445 675 P632 664 431 882 P522 464 April 1,005 757 1,294 Pl.121 366 406 512 P532 639 351 782 P589 May 1,135 851 1,414 Pi,102 372 393 474 P554 764 457 940 P548 June 868 878 1,235 Pl.015 360 382 463 P625 508 496 772 P390 July 895 826 1,155 Pi,019 358 431 450 P563 536 395 705 P456 August 738 •S3 1,145 P990 361 422 400 P606 378 461 745 P385 September. . . 514 643 1,112 P926 339 377 473 P560 175 266 639 P365 October 455 537 1,235 P1,021 347 394 492 P600 109 142 743 P421 November 639 986 1,141 P820 325 478 455 P554 314 508 687 P266 December 737 1,097 1,114 Pi,285 298 529 603 P72O 439 567 511 P565 Jan.-Mar 2,819 2,284 3,586 3,317 PS,277 1,022 1,096 1,412 1,810 Pl,79O 1,797 1,188 2,174 1,506 PI.487 p Preliminary. r Revised. 1 Including both domestic and foreign merchandise. Beginning January 1948. recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 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- Mer- Total Coal CokeGrain s L t i o v c e k - p e ro st d- Ore l c a e n l- e- c d h i a s n e - ra T i o lw ta a l y ra T i o lw ta a l y ra N ilw et ay Net ucts ous I.C.I. operating expenses operating income revenues income Annual 1939 101 98 102 107 96 100 110 101 97 Annual 1940 109 111 137 101 96 114 147 110 96 1939 3,995 3,406 589 93 1941 130 123 168 112 91 139 183 136 100 1940 4,297 3.614 682 189 1942 138 135 181 120 104 155 206 146 69 1941 5,347 4,348 998 500 1943 137 138 186 146 117 141 192 145 63 1942 .... 7,466 5,982 1,485 902 1944 140 143 185 139 124 143 180 147 67 1943 9,055 7,695 1,360 873 1945 135 134 172 151 125 129 169 142 69 1944 9,437 8,331 1,106 667 1946 132 130 146 138 129 143 136 139 78 1945 8,902 8,047 852 450 1947 143 147 182 150 107 153 181 148 75 1946 7,628 7,009 620 289 1948 138 141 183 136 88 149 190 146 68 1947 8,687 7,904 780 490 1948 P9,672 P8.670 PI,002 P700 SEASONALLY ADJUSTED SEASONALLY 1948—January 144 155 183 131 84 153 156 152 69 ADJUSTED F M e a b rc r h uary.... 1 1 3 3 8 0 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 1 1 7 7 3 3 1 1 4 5 6 0 7 7 1 3 1948—February... 781 710 71 38 April 130 105 137 123 105 141 '207 145 70 March 761 705 55 22 A J J S M u u e u a l n p g y y e t u e s m t ber. . . 1 1 1 1 14 3 4 3 3 2 9 1 8 9 1 1 1 1 1 5 4 4 6 5 3 9 4 3 3 1 1 1 1 1 9 9 8 8 8 2 4 7 5 3 1 1 1 1 12 4 5 4 2 7 4 8 4 9 8 9 8 8 8 5 6 6 6 0 1 1 1 1 1 6 5 6 3 5 2 2 5 9 0 2 1 1 1 1 1 8 8 8 9 3 2 2 5 1 1 1 1 1 1 4 4 4 4 4 4 5 1 0 3 6 6 6 6 6 4 6 9 6 6 J A J A M u u* p u • a l n" y r y •* g e il ust.... 8 8 8 7 7 4 1 5 9 2 2 9 6 5 6 6 7 7 7 7 8 2 1 4 0 4 7 9 4 1 1 9 9 9 4 3 4 2 9 2 7 1 6 6 5 0 5 2 7 2 9 October 140 147 194 150 93 149 178 145 68 September.. 836 737 99 65 N D o ec v e e m m b b e e r r . . . .. . 1 1 3 3 7 7 1 13 3 1 8 1 19 9 2 8 1 14 5 7 5 9 8 0 5 1 1 4 3 4 9 2 1 0 7 1 8 1 1 4 4 4 8 6 6 6 2 O N c o t v o e b m e b r. e . r . . . . 8 83 4 3 5 7 75 5 2 6 8 8 1 9 4 5 9 6 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 20 April 127 129 188 138 76 119 219 132 59 March 722 663 59 P28 UNADJUSTED UNADJUSTED 1948— F Ja e n b u r a u r a y ry.... 1 12 3 9 3 1 15 5 1 5 1 18 9 9 3 1 1 0 3 1 1 8 6 1 1 1 1 3 3 7 5 3 4 9 3 1 1 3 3 9 7 6 6 5 9 1948—February... 716 676 39 18 March 122 98 164 100 62 146 50 143 73 March 777 716 61 '37 April 128 105 134 108 94 141 '206 143 •71 April 729 676 53 27 May 143 163 183 113 86 145 277 144 69 May 796 706 90 64 June 144 153 183 147 74 156 296 144 66 June 838 713 125 94 July 143 144 177 189 66 165 296 142 63 July 842 737 105 76 August 146 153 187 156 76 171 273 146 67 August . . 868 752 116 86 September... 150 149 190 142 113 164 273 156 70 September.. 845 734 111 83 October 151 147 190 150 143 158 240 159 71 October. . . 878 767 111 84 November. .. 141 138 198 152 114 141 196 149 68 November.. 825 741 84 62 December. . . 128 131 201 138 82 123 62 139 60 December. . 807 742 65 50 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 5 March 111 79 175 128 61 117 68 131 61 March 739 674 65 P42 April 125 129 184 121 68 119 228 130 60 P Preliminary. »• Revised. r Revised. NOTE.—Descriptive material and back figures may be ob- NOTE.—For description and back data, see BULLETIN for June 1941, pp. tained from the Division of Research and Statistics. Basic 529-533. 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. 718 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average =100] Federal Reserve district United Year or month StatesJ Boston Y N o e r w k p a P h d h e i i a l l - - 2 C l l a e n v d e 2 - m Ri o c n h d - la A nt t a - ; Chi- Lo S u t i . s M a i po n l n i e s - K C a i n t s y a i s Dallas1 F c S i r s a a c n n o - * SALES 3 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 '327 404 353 SEASONALLY ADJUSTED 1948—April '30 7 243 255 278 '305 327 '399 289 343 '293 '334 '419 '366 May '305 242 262 284 '307 318 '386 '286 340 '288 '329 '405 '356 June '308 252 262 283 306 327 '379 '290 346 '288 328 '401 '365 July '311 255 259 288 313 321 '402 '297 355 294 '330 '414 '360 August '309 237 256 289 308 319 '393 '299 354 '290 '330 '405 '366 September '309 252 254 '292 316 338 '394 '291 362 '287 '327 '419 '352 October '308 232 252 '301 '319 330 '404 '298 338 '304 '334 '410 '342 November '289 228 229 '267 293 306 '374 '278 321 '286 '323 390 '338 December '305 245 247 '284 '300 346 '378 '295 338 '288 '320 397 '362 1949—January '294 246 243 '283 '311 301 '378 '289 290 '265 '293 '387 '341 February '281 234 229 '265 '284 299 '374 '272 310 '274 '311 '393 '301 March '277 208 220 '272 '279 290 '365 '266 309 267 '301 '392 '322 April P294 251 242 274 301 P3O7 P389 277 321 P292 P314 374 343 UNADJUSTED 1948—April 288 231 -238 262 280 295 367 283 326 284 '321 '398 '332 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 '302 345 338 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 '304 365 338 September 319 260 257 295 320 357 410 305 366 316 '344 444 355 October 328 258 280 322 338 359 424 313 362 343 '361 427 346 November 357 285 298 356 366 388 434 345 404 334 '375 475 391 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 '223 306 271 February 227 180 192 199 227 239 314 212 261 202 '252 315 266 March 254 194 209 249 254 274 330 239 287 241 280 353 '289 April P295 256 237 283 304 P308 280 327 *>295 377 331 STOCKS 3 1942 180 165 181 167 182 191 178 186 176 171 159 161 190 1943 155 142 143 141 144 175 161 160 152 151 152 159 174 1944 162 147 150 148 151 190 185 161 159 169 157 177 178 1945 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 213 182 195 191 205 250 258 205 225 211 210 250 238 1947 255 202 225 220 243 289 306 246 274 266 259 321 300 1948 291 223 241 251 277 321 366 281 314 326 301 395 347 SEASONALLY ADJUSTED 1948—April '303 238 '245 '266 290 340 379 '285 331 '336 '305 '386 '374 May '294 228 243 257 277 337 368 '286 313 '324 '304 '388 '348 June '286 212 241 248 267 304 343 '281 302 '321 300 '400 '339 July '283 204 242 238 258 308 333 '281 293 '314 301 '403 '337 August '282 204 242 236 261 289 330 '284 292 '327 '300 '407 '333 September '288 215 243 238 265 297 348 '284 302 '330 '302 '415 '351 October '289 220 236 251 269 311 362 '284 317 '323 297 '403 '346 November '298 233 242 264 296 339 402 '286 325 '315 '297 '391 '340 December '294 229 236 256 293 335 450 '282 329 '314 296 '382 '320 1949—January '280 221 228 240 274 316 360 '271 303 '303 '291 '376 '321 February '278 214 224 237 275 304 369 '268 313 '302 282 '373 '327 March '285 226 232 251 285 316 365 '264 323 '297 287 '377 '344 April P282 223 230 251 260 324 355 266 321 P305 P283 373 342 UNADJUSTED 1948—April 308 233 '252 '271 295 342 376 293 331 347 315 '402 381 May 297 226 247 259 280 330 357 289 313 331 '310 396 360 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 '294 411 332 September 304 232 256 262 290 333 383 293 336 341 '308 423 352 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 '327 431 377 December 262 206 215 218 245 279 366 265 276 294 '264 352 299 1949—January 250 196 201 208 240 269 324 244 260 283 '265 345 297 February 265 202 218 230 255 287 343 260 282 294 276 361 309 March 287 219 238 251 282 314 365 275 314 312 293 392 337 April P285 218 237 256 265 326 352 273 321 P310 P292 388 338 P Preliminary. ' Revised. 1 Sales and stocks indexes adjusted to reflect revised seasonal factors; indexes for the United States and the Dallas District and sales indexes for the San Francisco District subject to further adjustment. 2 Sales indexes adjusted to reflect revised seasonal factors. 8 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. JUNE 1949 719 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 1 1941 average monthly sales=100 2 Num- Department r b s e t e p o r o re r o t 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 March Sale p s e r d io u d ring Sto o c f k s m o at n th end ing Mar. 3 mos. Mar. 1949 1948 1949 1949 1949 1949 1949 1948 Mar. Feb Mar. Mar. Feb, Mar. GRAND TOTAL—entire store 3. . . 364 -10 -6 -4 3.0 2.8 MAIN STORE—total 364 -11 -6 -3 3.3 3.0 199 159 223 648 593 669 Piece goods and household textiles 323 -5 -2 -10 3.2 3.4 204 180 214 654 626 727 Piece goods 301 -10 -11 -2 2.4 2.3 328 271 363 813 813 830 Silks, velvets, and synthetics 196 -12 -13 -8 2.3 2.2 383 249 435 877 697 952 W Co o t o to le n n w d a re sh ss g g o o o o d d s s 1 1 9 7 4 0 -7 Q - - 1 9 1 + 18 2 2. . 7 4 2 1 . . 6 9 3 30 6 9 4 3 2 0 4 6 8 3 3 9 3 1 9 8 8 6 3 7 2 8 7 9 4 9 6 8 7 8 1 6 1 Household textiles 317 0 +5 -16 4.1 4.9 143 135 142 586 536 693 Linen and towels 286 +2 +5 -13 4.6 5.4 138 130 134 635 580 725 Domestic—muslins, sheetings 250 0 +8 -17 3.2 3.9 176 159 176 565 505 680 Blankets, comforters, and spreads 253 -1 -19 4.5 5.4 119 115 120 538 487 666 * Small wares 353 -5 -3 3.9 3.8 161 151 170 625 565 641 Laces, trimmings, embroideries, and ribbons.. 215 -24 -19 + 1 3.4 2.5 248 169 326 836 687 817 Notions 253 -5 -4 -2 3.3 3.2 231 183 242 756 662 761 Toilet articles, drug sundries 335 0 0 -8 3.8 4.1 133 122 133 506 475 547 Silverware and jewelry 318 -6 0 i 4.9 4.7 163 153 173 792 691 791 Silverware and clocks 4 213 -10 -6 +8 5.9 4.9 Costume jewelry 4 277 +1 + 9 3.2 3.4 Fine jewelry and watches 4 80 -19 -11 9.4 8.4 Art needlework 251 +7 +4 -3 3.7 4.1 175 178 163 643 572 664 Books and stationery 281 -5 -1 -2 3.6 3.4 156 163 165 562 501 572 Books and magazines 145 +7 +5 -13 2.6 3.1 180 159 168 458 386 491 Stationery 247 -12 -5 0 4.3 3.8 138 155 158 592 535 588 Women's and misses' apparel and accessories 361 -12 -2 2.4 2.1 225 162 257 533 487 544 Women's and misses' ready-to-wear accessorie 361 -18 -11 -4 2.9 2.4 203 151 246 580 515 597 Neckwear and scarfs 317 -22 -18 -8 2.4 2.1 248 198 318 598 519 649 Handkerchiefs 290 -25 -10 -13 4.4 3.9 110 131 146 492 445 557 Millinery 178 -21 -12 + 14 1.0 0.7 239 132 303 251 213 218 Women's and children's gloves 338 -33 -19 -4 3.9 2.7 148 109 221 571 518 588 Corsets and brassieres 348 -7 -3 -8 2.8 2.8 256 212 274 712 673 768 Women's and children's hosiery 355 -18 -13 -10 1.9 1.7 149 121 182 282 243 312 Underwear, slips, and negligees 355 -9 -6 -5 3.2 3.0 185 155 202 583 502 601 Knit underwear 260 +1 +2 0 3.1 3.1 217 172 214 665 539 648 Silk, and muslin underwear, and slips. . . 296 -16 -12 -2 3.4 2.9 184 150 219 620 525 623 Negligees, robes, and lounging apparel... 258 -1 -2 -22 2.5 3.2 164 143 166 415 357 528 Infants' wear 335 -15 -10 -9 2.8 2.6 266 191 313 733 662 804 Handbags and small leather goods 342 -23 -11 -2 2.4 1.9 187 124 242 442 362 448 Women's and children's shoes 261 -20 -13 + 1 4.1 3.2 227 153 284 920 857 908 Children's shoes 4 219 -36 -23 +3 2.5 Women's shoes 4 233 -15 -11 +1 3.4 Women's and misses' read-to-wear apparel. . . 361 -7 -4 0 2.0 1.8 248 174 268 486 459 485 Women's and misses' coats and suits 352 -2 + 1 + 10 1.4 1.3 336 208 342 498 502 451 Coats 4 218 -5 +2 +5 1.4 1.3 Suits4 210 +6 +2 +22 1.4 1.3 Juniors' and girls' wear 294 -15 -8 + 1 1.8 1.4 315 184 369 557 529 550 Juniors' coats, suits, and dresses 296 o -3 + 1 1.4 1.4 329 202 358 487 472 480 Girls' wear 322 -22 -15 +2 2.1 1.6 311 172 397 668 630 652 Womens' and misses' dresses 351 -10 -5 -6 1.8 1.7 225 169 249 402 383 430 Inexpensive dresses 4 267 -7 0 c 1.4 1.4 Better dresses 4 283 -13 -9 -6 2.2 2.1 Blouses, skirts, and sportswear 349 -8 +3 2.7 2.4 242 192 263 653 577 629 Aprons, housedresses, and uniforms 297 +6 +6 -12 2.1 2.6 197 164 186 421 377 478 Furs 281 -14 -10 4.7 4.8 73 81 80 343 330 367 Men's and boys' wear 338 -21 -11 -1 4.6 3.6 156 122 199 714 622 721 Men's clothing 261 -20 -9 +8 4.9 3.6 168 128 210 819 733 761 Men's furnishings and hats 324 -16 -8 4.4 4.0 136 121 162 601 508 650 Boys' wear 308 -31 -20 i 3.9 2.8 196 114 284 774 654 778 Men's and boys' shoes and slippers 199 -21 -12 -2 6.0 4.8 148 115 188 886 809 908 Housef urnishings 327 -5 -5 -3 4.2 4.2 204 177 214 865 805 901 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 8 6 + + 7 2 + + 2 6 - - 1 4 2 4 2. . 1 4 4 2 . . 7 5 182 187 179 806 756 Upholstered and other furniture 4 172 +1 +2 ^ 5.0 5.3 Domestic floor coverings 281 -10 +4 4.8 4.2 195 172 216 943 896 924 Rugs and carpets4 158 -10 +5 4.9 4.2 Linoleum 4 108 -12 -16 -6 3.9 3.7 Draperies, curtains, and upholstery 297 +6 +5 -13 3.8 4.6 203 155 191 765 702 886 Lamps and shades 253 +9 +8 -9 3.6 4.3 191 174 175 683 607 754 China and glassware 255 +3 +2 + 15 7.2 6.4 147 138 142 1,061 987 919 Major household appliances 249 -38 -36 +4 3.6 2.1 237 168 381 842 808 832 Housewares (including minor appliances).... 264 +2 -3 -6 3.7 4.0 262 205 258 968 853 1,048 Gift shop4 169 + 1 +4 0 5.1 5.2 Radios, phonographs, television, records, etc.4 232 + 16 + 10 -12 3.4 4.4 Radios, phonographs, television 4 188 +22 + 19 -13 3.1 4.3 Records, sheet music, and instruments 4. . . 155 -6 -13 -12 4.5 4.9 Miscellaneous merchandise departments. . 326 -16 -11 -5 3.4 3.1 168 144 199 577 504 588 Toys, games, sporting goods, and cameras . . . 297 -17 -14 + 1 6.3 5.2 105 77 127 668 581 670 Toys and games 239 -20 -11 +8 6.1 4.5 86 59 107 525 424 491 Sporting goods and cameras 147 -20 -19 -5 6.4 5.4 109 84 136 702 633 792 Luggage 263 +4 +5 -8 4.9 5.4 155 145 150 754 698 817 Candy * 188 -47 -26 +25 0.8 For footnotes see following page. 720 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change 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 r s t f - Sale p s e ri d o u d ring ( S e m t n o o d c . k ) o s f March Sale p s e r d io u d ring Sto o c f k s m o at n t e h nd ing M 19 a 4 r 9 . T 1 m h 9 o r 4 e s 9 . e M 19 a 4 r 9 . 1949 1948 Mar. 1949 Feb. M 19 a 4 r 8 . Mar. 1949 Feb. M 19 a 4 r 8 . BASEMENT STORE—total 203 -7 -2 -6 2.1 2.1 209 152 225 444 403 474 Domestics and blankets 4 140 +13 +8 -15 2.7 3.6 Women's and misses' ready-to-wear 198 -9 -3 -3 1.6 1.5 228 159 251 372 343 379 C In o t a im ts a a te n d a p s p ui a t r s e 4 l * 1 18 7 5 3 ^ -1 + -6 6 2 1 . . 2 1 0 2 . . 9 2 D B G l r i o e rl u s s s s ' e e w s s * , e a s r k i 4 rts, and sportswear 4 1 1 1 7 5 2 7 6 6 — - + 2 -9 7 1 1 2 + -1— 1 8 0 c 8 + - — 4 5 9 2 1 1 . . 3 8 0 1 1 1 . . 3 3 9 Infants' wear 4 . . . 117 -13 -8 -3 2.3 2.1 Men's and boys' wear 163 -11 -6 -10 2.7 2.7 193 140 217 527 465 586 Men's wear 4 145 -3 -3 -12 2.8 3.1 Men's clothing 4 95 -5 -4 -3 2.7 2.7 Men's furnishings 4 121 -1 -2 -18 2.8 3.4 Boys' wear4 118 -30 -18 2.4 1.7 Housef urnishings... 102 +15 +9 -10 2.6 3.3 195 158 170 503 465 567 Shoes 129 -22 -12 +1 3.7 2.9 152 109 196 570 512 565 NONMERCHANDISE—total4.. 178 +1 +2 (5) (5) (5) Barber and beauty shop 4 98 +3 +8 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. 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. 719. 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. B 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 1948 1949 Year or month ( S t a o l t e a s l Stocks st O a u nd t- ing July 1 5 2 . . . . . . . . . . 2 2 0 2 8 8 July 1 3 0 . .. . . . . . .2 .2 1 6 7 5 Jan. 1 3 0 . .. . . . . . . . 2 2 5 0 1 4Jan. 8 1... . . . 2 2 7 0 2 4 mo fo n r th) m (e o n n d th o ) f ( o e r n d d e r o s f 2 1 6 9 . . . . . . . . . . 2 2 1 1 3 7 2 1 4 7 . . . . . . . . . . 2 2 3 3 6 1 2 1 4 7 . . . . . . . . . . 2 2 3 2 2 6 2 1 2 5... . . . 2 2 4 3 4 0 month) Aug. 2... . .220 31... . .235 31... ..233 29.... .218 9... ..223 Aug. 7... . .261 Feb. 7... . .240Feb. 5 .229 16... . .225 14... . .258 14... ..238 12 .238 1939 average 128 344 23... ..243 21... ..271 21... . .249 19.... .227 1940 average 136 353 108 30... . .277 28... . .255 28... ..248 26.... .232 1941 average 156 419 194 Sept. 6... . .265Sept. 4 . .308 M^r 6... . .266Mar. 5 244 1942 average 179 599 263 13... ..291 11... ..285 13... . .279 12 .256 1943 average 204 508 530 20... . .301 18... . .337 20... ..313 19 .261 1944 average 227 534 560 27... ..316 25... ..319 27... . .331 26.... .277 1945 average 255 563 729 Oct. 4... . .326Oct. 2... ..327 Apr. 3... . .280Apr. 2 .301 1946 average 318 714 909 11... . .304 9... ..336 10... ..298 9 .320 1947 average 336 824 552 18... ..299 16... ..331 17... . .294 16.... .314 1948 average 351 910 466 25... . .306 23... ..344 24... ..296 23.... .266 Nov. 1... ..313 30... . .319 May 1... ..300 30.... 286 1948—April 331 938 356 8... ..347 Nov. 6... ..320 8... ..330 May 7 . 334 May 339 919 339 15... ..380 13... ..346 15... ..293 14 .285 June 336 859 462 22... ..395 20... ..371 22... ..295 21.... .280 July 268 827 551 29... ..367 27... ..347 29... . .297 28.... .274 August 295 893 545 Dec. 6... ..508 Dec. 4... . .485 June 5... ..282 June 4. ... September... 357 944 539 13.. . .570 1-1.... .564 12... . .304 11 October 387 1,058 507 20... ..576 18... ..576 19... ..310 18 November.. . 411 1,053 379 27... ..358 25... . .473 26... ..262 25 December. . . 594 818 292 1949—January 264 '786 388 February.... 253 848 378 March 317 914 310 April P344 P905 P236 NOTE.—Revised series. For description and back figures, see P Preliminary. r Revised. BULLETIN for September 1944, pp. 874-875. 1 These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. JUNE 1949 721 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] tpr. Mar. 4 Apr. Mar. 4 Apr. Mar. 4 Apr. Mar 949 1949 mos. 1949 1949 mos. 1949 1949 mos. 1949 1949 1949 1949 1949 United States.. ™+J_____ -4 Cleveland-cont. Chicago vOr -10 -5 Kansas City— N P B N P A S T W Y N W L P S N B D P U N B R P B B E R S h o e B p o y r h o r a c l o e u l e o i e o r o e i t w i s o o i m b e r n i a r r i n l w i h u f s a o w w t l r c w i c a l a t v r d f n a o k g g t k n c d g e s a h l i a c a o c d a i n n g n t a e r a t g h a Y n i d h l e Y e d H u o n o e a r i n o y s t n r e s f a e e s s k o k e o l n s n a i - g o t d a p t m t p l c e r e n e B e l w A e e p r v k h l o * t 1 e r l c F k r r d t a a h 1 n e r p i r e o a l r d a l i n t e s C n a r x l . y . i a e l . . . e i . . s . . l . t * . . . . . y . . . . . . . . . . . . . . . . . + + + + + + + + + + + + + + + + + + + + + + + + - - - 2 1 1 1 1 1 1 4 5 3 1 / 7 6 6 6 3 6 5 4 9 2 7 2 7 8 1 4 5 6 7 2 2 1 1 0 0 0 - - - - - - - - - - - - - — c - - - - - - - — - 1 1 1 1 1 1 1 — 1 1 1 1 1 1 1 2 1 1 1 1 2 1 - — - - — 5 1 8 4 8 4 5 4 7 5 1 4 3 6 1 2 2 0 0 1 6 9 3 0 1 9 7 9 2 7 7 + + + - - + + + + - — - — - - - - - — — - — — - - - 3 5 3 7 7 2 3 7 6 6 1 3 5 2 5 2 1 6 2 0 0 1 4 2 3 c 5 9 5 R A W W O W R L J A E P H C C G N T A M C M B M R M B R H A C i t a i r y c a l a o h o r o i o u i r a t a c u h h t s o a a i a i o i r c l h l e l m n l l t a e l m r n g h g k a m a c a e s ' e b n n n h t u s u e f l m r c s u i e h n s e o m i n e o s i b p t n t m e m m l i t m i g h t l o v a g l s i e n ' d t o r l i n a u e o v t i n h a b i k t n i o n b s o s b o n o o n g 1 a r i n l l g l u t t v l n i m u l g g g r n d h o * - l a o e t e r i d s h e S . a t o n g , l e w W * , o l m n a , r e N * y n S l n S . e . l V . . . . . 1 1 . m x . . . . C . C . . . . C a . . . . . . . . . . . . . . P v + + + + + + + + + + + + + + + + + + + + + + + + + + — 2 2 2 2 1 1 1 1 7 7 8 5 9 3 6 5 9 3 2 7 9 9 7 4 6 5 5 5 7 1 0 0 3 2 4 1 - - - - - - - - - - - - - - - - — - - - - - - - - 1 1 ( - 2 1 1 1 1 2 1 2 1 - — 1 1 1 2 1 1 2 2 1 1 1 2 - 1 2 2 3 4 6 9 2 0 9 4 8 2 0 0 1 ) 2 2 3 0 2 5 5 5 6 1 0 0 8 2 - 7 2 7 - - - - - - + + + + + + + 1 - + 1 1 1 - — - - - - - - - - 1 1 - - - 4 4 9 2 3 6 5 3 4 7 5 4 8 0 0 2 7 4 0 4 4 2 6 6 2 2 7 0 0 5 5 S M K F T F L F L Q P L S S S D D G M G E S C I M E M M D t a n . S l o e t t o i t p a o e i a h v u e r r e u . . n n . i d i a i e t o u n e r a r u r s r n s i l i n t t a L l d m n s i t t r c L w n L t r e r P i l n p s i t a u n e a n e n i i s o a o e n i M c d e o o a W n p a s a e S n t v s S g i s a i g u y r u o h u u H a h a t u R g i o i v 1 t p o m B f i l i n R - i a p o p k . i s l s l i o o s * i a i s C 1 y e l r o o a e e n L a i l l c u n A e 1 i y t i l i l l l e p k 1 * o s t t . i i . h d e e s . e y s s 1 i . r . u . . . . . . . d . . 1 i e . 1 . . 1 . . i . . . l . . l . s . . a . . s . . . . . . . . . . . . . . . . . . . . . . . . . P P p + + - + + + + + + + + + + + + + + - - - 1 - — + - 1 1 3 1 1 2 3 3 4 6 5 3 8 4 9 2 8 4 1 2 7 0 1 0 1 1 2 1 - - - - - - - - - - - - + + + 1 1 1 - 1 1 - 1 - 1 2 1 1 1 - 1 — — - - - — - - - 9 8 8 7 9 8 6 7 9 8 7 7 1 1 0 0 0 1 4 9 5 3 4 1 1 g 7 7 7 7 - - - + + 1 - - - - - - - + - - - 1 1 - - - — — - - 8 3 4 4 1 4 3 5 3 8 5 5 6 4 4 5 1 8 9 2 0 0 0 0 1 1 Q 2 3 7 S D O S S T T C F P F L L O D H S S S S S S V R B B a S a c N a B h h r o a a a u a t a u o o o a n k i a o a a o l a o o e n v n n n r c o n c s r k l n l l r k l e l i u a n s e s c n t a l s l a e p r s e t e g r l e a n s a e p A v a a A k F J s D h o r t k a n u r j t s W . o o F s m B s e t o a n n o r e o s i B a n i n o i f x R s a p 1 e l i d r m n d 1 e g i n e e T e n e t a n e o a g C o r e e l o n o d a y a n l l c a n n r o 1 l s d c h t n r t e a i d n a a o c l h s t ! r s C i n r . i d h c i * o s i d l d s x l . o i . . . c . . . i t t . . o . n . i y . . 1 . . . . . . . o . . . . . . . . . P P + + + + + + + - — - + + 1 - + - + - - - 9 2 6 1 1 1 1 1 1 8 1 6 1 1 3 8 5 2 8 3 0 0 1 0 1 2 5 r 2 -7 C A le k v r e o l n a n 1 d + + 1 8 3 -1 - 0 7 + -1 1 S B a a v to a n n n R ah ouge 1.. + + 2 1 0 3 -1 — 9 9 +5 2 P D u e e n b v l e o r +6 r - + 11 2 -9 2 P N or a t m la p n a d -6 S C C C C T Y p o l o a i o e r n l n l u i e v u c n t n d e m o i g g o n l n f a b s n i n e i t u 1 a o d l s d t w i l 1 * n * . . l . . . . . . . . + + + + + — 1 8 6 9 5 0 4 - - - + 1 1 1 - — - 6 9 3 4 0 1 8 + + + - - — 4 1 4 2 0 1 7 J N N M C K B a r h a e n c e i w s a o k s r h t t i x s o t d v O o v a l i i n i n a l r l l l n o l e l e e o a i g * n a s l * . . . . + + + + + - - 1 4 1 2 5 6 4 1 1 - — - - 2 2 — _ - 2 3 1 0 2 4 2 1 7 - + + + 1 - - — 6 9 0 4 3 4 5 T W J S L O H K o t o i m a u . n p i p n c t c l J a c e h i s o o h n h k a i l s a t s a n i a e n p C so h i . n t y . . . . . . . . . ' + + - - - + 6 4 4 6 8 1 i - + 1 - - - 6 1 6 1 2 c + — — - - - - 7 8 1 7 2 9 5 T S S S Y E B a e p a v e a l a c o l k e t l t o k i i r t L n m m l e a e g a t n a a h k t l e l a x e l 1 m C i l t . y \ + + + + - — - 3 5 3 8 2 7 1 p Preliminary. «• Revised. c Corrected. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. 2 Data not available. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Year or month All items Food Apparel Rent r t e F r f i u r c i e i g t l e y , r , e a a l t e i n c o d - n fur H ni o s u h s in e gs Miscellaneous 1929 . 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 . 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 t941 . 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 \36.4 t21.3 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 I94g—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 April 169.7 202.8 192.5 120.3 137.4 191.9 154.6 Back figures.—Bureau of LaborStatistics. Department of Labor 722 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 comirodities Year, month, or week m c t A o o ie m l d s l i - - F p u r a c o r t m d s - Foods Total T p e u r x c o t t d i s l - e li m F g r a i h a u n a t t e l 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 - - e H p u a a r i c n o t d h d t 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 g h s d - e - s - n c M e el o is l u a - - s m R ri a a a t l w e s - M t p u u f r a a c r o c n e t - d s u d - - 1929 95.3 104.9 99.9 91 .6 90.4 83.0 100.5 95.4 109.1 94.0 94.3 82.6 97.5 94.5 1930 86.4 88.3 90.5 85.2 80.3 78.5 92.1 89.9 100.0 88.7 92.7 77.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 66.3 67.5 84.5 79.2 86.1 79.3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 54.9 70.3 80.2 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 66.3 79.8 77.0 80.9 72.1 75.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 72.9 73.3 86.9 86 86.6 75.3 81.5 69.7 68.6 78 2 1935 80.0 78.8 83.7 77.9 70.9 73.5 86.4 85. 89.6 79.0 80.6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 71.5 76.2 87.0 86 95.4 78.7 81.7 70.5 79.9 82.0 1937 86.3 86.4 85.5 85.3 76.3 77.6 95.7 95 104.6 82.6 89.7 77.8 84.8 87.2 1938 78.6 68.5 73.6 81.7 66.7 76.5 95.7 90 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 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 .1 148.9 130 109.5 116.3 90.1 115.5 132.6 137.2 101 .4 111.6 100.3 134.7 116.1 1947 152.1 181.2 168 135.2 141.7 108.7 145.0 179.7 182.4 127.3 131.1 115.5 165.6 146.0 1948 165.0 188.3 179.1 150.7 148.6 134.1 163.6 199.0 188.0 135.1 144.5 120.5 178.4 159.4 1948—April 162.8 186.7 176.7 148.7 150.3 131.6 157.2 195.0 186.1 136.2 142.3 121.8 175.5 157.6 May 163.9 189.1 177.4 149.1 150.2 132.6 157.1 196.4 188.4 134.7 142.6 121.5 177.6 158.5 Tune 166.2 196.0 181 149.5 149.6 133.1 158.5 196.8 187.7 135.8 143.2 121 .5 182.6 159.6 July 168.7 195.2 188.3 151.1 149.4 135.7 162.2 199.9 189.2 134.4 144.5 120.3 184.3 162.6 August. . . 169.5 191.0 189.5 153.1 148.9 136.6 170.9 203.6 188.4 132.0 145.4 119.7 182.0 164.6 September 168.7 189.9 186.9 153.3 147.9 136.7 172.0 204.0 187.5 133.3 146.6 119.9 181.0 163 9 October... 165.2 183.5 178.2 153.2 146.9 137.2 172.4 203.5 185.5 134.8 147.5 119.0 177.0 160 2 November 164.0 180.8 174.3 153.5 147.5 137.3 173.3 203.0 186.2 133.9 148.2 119.2 175.2 158.7 December. 162.3 177.3 170.2 153.0 146.7 137.0 173.8 202.1 185.3 130.6 148.4 118.5 172.1 157.5 1949—Tanuary.. 160.6 172.5 165.8 152.9 146.1 137.1 175.6 202.3 184.8 126.3 148.1 117.3 169.3 156.2 February. 158.1 168.3 161 .5 151 .8 145.2 135.9 175.5 201.5 182.3 122.8 148.3 115.3 165.8 154 0 March. . . . 158.4 171.3 162.9 150.8 '143.8 134.4 174.4 200.0 1 80.4 121 .1 -148.0 115.7 1 «i 1 154.1 April 156.9 170.3 162.9 148.8 142.2 132.1 171.4 196.5 179'9 117.7 147.1 115.6 165.8 152.9 Week ending:1 All other 1949_Mar. 30. . 158.1 170.8 162.9 150.7 141.6 134.4 174.6 199.7 131.3 Apr. 6. . 158.0 171.5 164.7 149.7 | 141.2 132.8 174.0 197.2 130.7 Apr. 13. . 157.6 171.1 164.2 149.4 140.2 132.5 173.5 196.5 131.0 Apr. 20. . 156.9 171.1 163.4 148.4 139.3 131 .5 171.5 196.5 130.7 Apr. 27 . . 156.1 169.4 162.9 147.9 139.3 131.5 170.5 196.5 129.8 May 4. . 155.2 168.3 161 .8 147.1 139.1 130.4 169.3 195.4 129.2 May 11.. 155.9 171.6 163 .4 146.9 138.9 130.6 168.1 195.3 129.3 May 18.. 156.0 172.0 163.4 146.8 138.8 130.6 168.0 193.6 129.5 May 25. 156.5 174.5 165.6 146.2 136.1 130.6 167.5 193.4 129.3 1948 1948 Subgroups Subgroups Apr. Jan. Feb. Mar. Apr, Apr. Jan. Feb. Mar. Apr. Farm Products: Metals and Metal Products: Grains 217.9 167.7 157.2 162.6 163. Agricultural mach. & equip.. 129.8 144.1 144.2 144.2 144.2 Livestock and poultry 204.4 194.7 187.2 195.0 189.0 Farm machinery 131.3 146.6 146.7 146.7 146.7 Other farm products 166.4 159.4 158.9 r158.2 159.7 Iron and steel 149.4 169.1 169.1 -168.3 166.2 Foods: Motor vehicles 161.6 175.8 175.8 175.2 174.6 Dairy products 181.0 163.6 159.8 154.8 147.2 Nonferrous metals 149.8 172.5 172.5 168.4 156.4 Cereal products 158.0 148.0 146.7 146.5 145.3 Plumbing and heating 138.7 156.9 156.1 155.3 155.3 Fruits and vegetables 148.6 145.3 152.3 151.7 158.1 Building Materials: Meats 226.0 214.2 205.1 214.8 216.0 Brick and tile 152.5 162.5 162.4 162.4 160.8 Other foods 144.4 134.4 127.5 126.6 127.6 Cement 127.5 134.1 134.3 134.3 134.3 Hides and Leather Products: Lumber 309.2 299.5 296.9 294.7 290.6 Shoes 191.7 187.8 187.8 187.8 186.9 Paint and paint materials... 158.6 166.3 -•165.3 162.3 157.9 Hides and skins 199.3 198.7 185.9 181.8 183.4 Plumbing and heating 138.7 156.9 156.1 155.3 155.3 Leather 183.6 185.4 183.9 178.9 177.8 Structural steel 155.8 178.8 178.8 178.8 178.8 Other leather products 143.3 145.4 145.4 145.6 144.7 Other building materials. . . . 162.2 179.1 179.1 178.3 173.8 Textile Products: 'hemicals and Allied Products: Clothing 145.8 147.7 147.3 146.4 Chemicals 126.8 122.2 '119.5 118.4 117.2 Cotton goods 219.2 186.9 184.8 180.1 176.3 Drugs and Pharmaceuticals. 153.8 150.4 148.9 142.4 123.0 Hosiery and underwear 105.4 102.5 101.3 101.2 101.2 Fertilizer materials 115.2 120.8 120.8 119.6 119.7 Silk 46 A 50.1 50.1 50.1 50.1 Mixed fertilizers 103.1 108.7 108.3 108.3 108.3 Rayon 40.7 41.8 41.8 41.8 41 .8 Oils and fats 212.3 146.1 131.7 129.3 121.2 Woolen and worsted goods.. 147.5 161.6 162.1 161.8 160.9 Housefurnishing Goods: Other textile products 170.0 189.0 186.9 184.9 180.9 Furnishings 145.2 153.4 154.?!'153.9 152.6 Fuel and Lighting Materials: Furniture 139.6 142.8 '142.31 142.1 141.6 Anthracite 124.6 137.7 138.0 137.9 135.0 Miscellaneous: Bituminous coal 178.9 196.5 196.9 195.5 191.1 Auto tires and tubes 63.4 65.5 64.7J 64.6 64.6 Coke 197.5 220.5 222.9 222.9 222.8 Cattle feed 296.9 212.0 190.4 209.2 231.9 Electricity 66.1 67.7 68.5 Paper and pulp 167.5 168.3 168.0 167.2 165.1 Gas 89.1 88.1 91.9 '92^8 Rubber, crude 46.7 39.5 38.8 40.0 138.9 Petroleum products 121.8 121.3 118.7 115.9 Other miscellaneous 130.2 128.1 126.4 125.6 124.1 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data Back figures.—Bureau of Labor Statistics, Department of Labor. JUNE 1949 723 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 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 i 2 3 4 1 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 254.9 244.9 251.9 258.1 264.9 255.9 Less: Capital consumption allowances 8.8 7.2 8.1 9.3 11.9 11.8 13.3 14.4 14.0 14.3 14.6 14.9 15.2 Indirect business tax and related liabilities. 7 0 7.1 9 4 11.3 14.0 17.5 18.5 19.8 19 1 19 7 20 0 20.3 20.0 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 -2.9 -5.2 -5.1 '-6.4 n.a. Plus: Subsidies less current surplus of government enterprises 0) .5 .1 .7 .9 -.1 .0 -.2 -.2 .2 .2 .2 Equals: National income . . . 87^4 39.6 72.5 103.8 182.4 179.3 202.5 224.4 213.9 222.3 228.2 r2S5 6 n.a. Less: Corporate profits and inventory valuation adjustment . 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 29.2 25.3 29.6 30.2 34 3 n.a. Contributions for social insurance 2 .3 2.1 2.8 5.2 5.9 5.6 5.1 5 0 5.0 5 2 5.1 5.2 Excess of wage accruals over disbursements. 0 .0 .0 .0 -.2 .0 .0 .0 .1 .1 — .1 — .1 1 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 10.5 11.0 10.7 10.3 9.9 11.1 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 4.6 4 6 4 6 Dividends 5 8 2.1 3.8 4.5 4.7 5.6 6.9 7.8 7.4 7.4 7.7 8.3 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 95.3 164.5 178.1 195.2 213.6 207.0 210.8 216.3 219.6216 6 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.9 21.6 21.0 23.0 20.6 20.0 20.2 18.8 Federal . .. 1 3 .5 1.2 2.0 17.5 17.2 19.7 18.9 21.0 18.5 17.9 18.0 16 5 State and local 1 4 1 0 1.2 1.3 1.4 1.7 2 0 2 1 2 1 2 1 2 1 2 2 2 3 Equals: Disposable personal income 82 5 45.2 70.2 92.0 145.6 159.2 173.6 192.6 183.9 190.2 196.2 199.4 197 8 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 110.4 147.4 164.8 177.7 172.5 177.3 180.1 181.0 176.6 Equals: Personal saving 3 7 -1.2 2.7 9.8 34.2 11.8 8 8 14.9 11 4 12 9 16.1 18 4 21 2 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1948 1949 1929 1933 1948 National income 87.4 39.6 72.5 103.8 182.4 179.3 202.5 224.4 213.9 222.3 228.2 n.a. Compensation of employees 50.8 29.3 47.8 64.3 121.1 117.3 127.5 139.4 134.0 136.3 142.4 144.7 141.9 Wages and salaries 2 50.2 28.8 45.7 61.7 116.9 111.7 122.2 134.4 129.1 131.3 137.4 139.6 136.8 Private 45.2 23.7 37.5 51.5 83.3 91.0 104.7 115.6 111.4 113.2 118.2 119.6 116.9 Military .3 .3 .4 1.9 20.7 7.8 3.9 3.5 3.4 3.5 3.5 3.7 3.7 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.6 15.2 14.2 14.6 15.6 16.2 16.2 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.3 5.0 4.9 5.0 5.1 5.1 5.1 Proprietors' and rental income 8 19.7 7.2 14.7 20.8 34.1 41.8 46.0 50.9 49.9 51.6 50.6 51.4 50.0 Business and professional 8.3 2.9 6.8 9.6 15.4 20.4 23.2 25.2 24.8 25.3 25.2 25.6 24.9 Farm 5.7 2.3 4.5 6.9 11.9 14.6 15.6 18.2 17.6 18.9 18.1 18.4 17.7 Rental income of persons 5.8 2.0 3.5 4.3 6.7 6.7 7.1 7.4 7.5 7.4 7.4 7.4 7.4 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24 0 16.8 24.7 29.2 25.3 29.6 30.2 34.3 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 24.3 21.8 29.8 32.2 30.5 32.1 34.0 34.7 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.5 9.0 11.7 12.5 11.8 12.5 13.3 13.5 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 10.8 12.8 18.1 19.7 18.7 19.6 20.8 21.2 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.3 -5.0 -5.1 -3.0 -5.3 -2.5 -3.9 -.4 1.9 Net interest 6.5 5.0 4.2 4.1 3.1 3.4 4.3 4.9 4.7 4.8 5.0 5.2 5.3 n.a. Not available. r Revised. 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. 724 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 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 1 2 3 4 1 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 254.9 244.9 251.9 258.1 264.9 255.9 Personal consumption expenditures 78.8 46.3 67.5 82.3 111.4 147.4 164.8 177.7 172.5 177.3 180.1 181.0 176.6 D N u o r n a d b u l r e a b g l o e o d g s oods 3 9 7 . . 4 7 2 3 2 . . 5 3 3 6 5 . . 7 3 4 9 4 . . 8 0 6 6 7 . . 9 5 8 1 7 6 . . 5 2 9 2 6 1 . . 5 0 1 2 0 2 3 . . 7 6 1 2 0 1 1 . . 3 4 1 2 0 2 3 .7 8 1 2 0 3 4 .3 7 1 2 0 2 5 .1 9 1 2 0 1 1 .4 5 Services . . . .. 31 7 20 6 25 5 28 5 37 0 43.6 47 3 51 4 49 8 50 8 52 1 53 0 53 7 Gross private domestic investment 15.8 1.3 9.0 17.2 6.4 26.5 30.0 39.7 38.0 38.0 40.2 42.8 37.7 New construction * 7.8 1.1 4.0 5.7 2.3 8.9 11.7 14.6 14.3 14.4 14.8 14.7 13.5 Producers' durable equipment. 6.4 1.8 4.6 7.7 5.4 12.8 17.8 21.4 19.8 21.0 21.9 22.7 22.0 Change in business inventories 1.6 — 1.6 .4 3.9 -1.4 4.8 .6 3.8 3.9 2.6 3.5 5.3 2.2 Net foreign investment . . .. .8 .2 .9 1.1 -2.1 4.7 8.9 1.5 3.9 2.7 - 3 - 4 1.5 Government purchases of goods and services . . 8.5 8.0 13.1 24.7 96.5 30.8 28.0 36.0 30.5 33.9 38 2 41.5 40.1 Federal 1.3 2 0 5.2 16.9 89 0 20.8 15.6 20 9 16 7 19 1 22 7 25 2 23 5 W No a n r wa . r }l.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 8 1 8. . 6 6 2 2 1 . . 5 2 }l6.9 21.5 17.9 19.8 22.9 25.4 23.7 Less: Government sales 2 (s) 1.2 2.9 1.3 .6 1.2 .7 .2 .2 .2 State and local 7.2 5.9 7.9 7.8 7.5 10.0 12.3 15.1 13.7 14.8 15.5 16.3 16.7 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages 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 b m T u d o e i r s n t s a - e t l s - Wag d p m i e n u C r o o g s o a d t d m n r u i i i d n t e c - y - s - sal D a i r u n i t y r s t d i i t u e v r d i s s e i b - s - bu S r i e s n t e r r d v i m u e ic s s e e - nts m G er o e n v n - - t L b c p i s e u a n o l o s f o t n s n c o s i y u c o t i r e r a e e r n i m - l e - s - in O l c a t o b h m o e r r e5 i p n r r e P c a i n o e r n o m t t d a o - l e rs 6 ' i i n d n s p a t o c e e n e o n n r r d m 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 i a n g N t c u r o o i r c m n a u l - e l- 8 1929 85 1 50 0 50 2 21 5 15 5 8 2 5 0 .1 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-—April 208.6 126.8 128.8 57.3 37.8 15.9 17.8 2.0 2.0 51.2 16.7 11.9 185.3 May. . . 209 2 129.0 131 0 58 5 38 6 15.9 18.0 2.0 2.0 50.4 16 8 11 0 186 6 June 214.4 131.4 133.6 60.4 38.8 16.1 18.3 2.2 2 0 53.0 16.9 11.1 189.7 July 214.8 133.4 135.6 60.9 39.5 16.4 18.8 2.2 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. 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. 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. 50.7 17.8 10 4 195 6 November.... 219.9 138.0 140.1 63.8 39.7 16.6 20.0 2.1 2. 51.4 18.1 10.3 196.3 December 221.0 137.7 139.9 63.6 39.8 16.6 19.9 2.2 2. 52.1 18.4 10.7 197.4 1949—Tannarv 219 2 136 3 138.6 62.1 39 9 16.6 20.0 2.3 2. 51 .4 18 3 11 1 r19S 4 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 214.6 132.7 134.9 59.5 38.9 16.7 19.8 2.2 2.1 49.1 18.3 12.4 193.1 April? 213.7 133.2 135.3 59.1 39.7 16.7 19.8 2.1 2.1 48.0 18.2 12.2 193.2 P Preliminary. T 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. JUNE 1949 725 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 Total E o n r d m o o f n y t e h ar co c n r s e u d m it1 er c i T m r n e o s e d t t a n i a t l t l - * Total i A Sa u l 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 g n l s e e 3 n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 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 L.488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 1,601 L,764 610 1942 6,578 3,048 1,617 482 1,135 1,431 3,530 1,369 L ,513 648 1943 5,378 2,001 882 175 707 1,119 3,377 L.192 4-08 687 1944 5,803 2,061 891 200 691 1,170 3,742 L,255 1,758 729 1945 6,637 2,364 942 227 715 1.422 4,273 .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—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 :L.468 1,972 3,654 6,965 2,795 3,236 934 May 14,311 7,318 3,590 1,536 2,054 3,728 6,993 2,816 3,245 932 June 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 L,922 2,388 4,012 7,417 2,892 3,557 968 December 16,319 8,600 4,528 L,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 15,332 8,339 4,306 1,996 2,310 4,033 6,993 2,865 3,176 952 March? 15,339 8,416 4,344 2,085 2,259 4,072 6,923 2,816 3,148 959 April? 15,626 8,623 4,495 2,231 2,264 4,128 7,003 2,785 3,258 960 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 BULLETIN for May 1949, pp. 504-505. 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) Vear or month Total m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n ia u k l s s - 2 p I c n a l t o o r n d a i m i a u n e l s - s - 2 u C n r i e o d n i s t 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 d e o s i e r r n 8 d n m b C a e o n r m c k i s a - 1 l p S c l a m o o n a m a i n e l - l s b In t a r d n ia u 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 41z 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 L ,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 .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 -March 3,563 1,530 722 173 143 241 121 633 287 139 32 29 48 April 3,654 1 570 727 180 146 252 122 657 269 121 31 27 50 May 3,728 1 597 736 189 147 260 123 676 258 123 31 25 47 June 3,813 1 634 746 194 150 272 124 693 275 127 37 27 54 July 3,889 1 669 757 199 152 282 125 705 277 130 33 26 52 August 3,954 1,701 763 203 154 291 125 717 270 126 32 27 52 September. . 3,997 1,712 771 206 155 300 126 727 254 122 31 26 51 October.... 3,994 1 700 772 204 155 302 126 735 222 116 29 24 44 November. . 4,012 1,701 780 204 156 304 127 740 237 134 31 26 46 December.. . 4,072 1,709 817 204 160 312 131 739 251 180 37 31 57 1949—January. . . . 4,054 1,705 812 202 159 309 130 737 236 112 31 26 42 February . . . 4,033 1,695 806 201 159 308 130 734 215 109 28 25 44 March? 4,072 1,720 807 203 161 315 130 736 287 142 36 30 58 April? 4,128 1,750 815 207 163 323 131 739 280 146 33 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 April amounted to 99 million dollars and loans made during April were 12 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. 726 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 F 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 - 1 - s m o m t a r o n e a d r d i n e e l t r - s s F t t o u u r r r e n e s i - 1 s H a t a h o p o n o r p u c l e l s d e s i e - J - J s e to w r e e l s r x y s o r to e A th t r a l e 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 e a ir a u n t e a s d r c e i - l t d , l e o m r t a a n i n o o n i d z d n s a 2 - - 3 i s l m n c o o a s a e n t s n n a a h s t l 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 1938 1,343 302 485 266 70 220 1948—March 2,931 402 602 591 517 819 1939 1,525 377 536 273 93 246 April 3,057 431 628 628 538 832 1940 1,721 439 599 302 110 271 May 3,137 448 649 646 555 839 1941 1,802 466 619 313 120 284 June 3 229 472 668 661 572 856 1942 1 ,135 252 440 188 76 179 July 3,319 502 691 678 582 866 1943 707 172 289 78 57 111 August 3,410 529 713 698 592 878 1944 691 183 293 50 56 109 September.. . . 3,486 550 723 725 608 880 1945 715 198 296 51 57 113 October 3,504 561 723 731 620 869 1946 1,104 337 386 118 89 174 November... . 3,528 565 730 736 631 866 1947 1,935 650 587 249 144 305 December. . . . 3,563 570 736 751 636 870 1948 2,567 874 750 387 152 404 1949—January 3,558 564 737 758 631 868 February 3,517 572 737 724 626 858 1948 March P 3,556 598 759 709 630 860 April? 3,629 630 786 711 637 865 March.... 1,891 653 559 257 124 298 April 1,972 680 578 282 121 311 Volume extended dur- May 2,054 703 601 306 121 323 ing month: June 2,118 720 621 322 121 334 1948—March 504 89 116 102 44 153 July 2,160 732 629 339 120 340 April 521 92 112 122 52 143 August. . . . 2,237 759 652 356 118 352 May 487 81 109 112 48 137 September. 2,335 786 685 377 119 368 June 524 87 109 126 52 150 October. . . 2,350 797 687 379 117 370 July 512 91 115 113 45 148 November. 2,388 812 696 377 127 376 August 504 93 116 105 49 141 December. 2,567 874 750 387 152 404 September.. . 503 90 105 122 49 137 October 433 73 93 99 48 120 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 February.. 2,310 778 685 353 130 364 February 383 71 90 74 33 115 March?. . . 2,259 754 675 350 124 356 March? 517 105 129 94 45 144 AprilP 2,264 757 674 355 121 357 Aprils 528 112 130 99 49 138 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 I Personal ment paper 3 and instalment paper 3 and instal- Year or month Total modern- ment Year or month Total m A o u b to il - e Other l m i o z a o a n d ti s e o r 2 n n 3 - m l c o a e a s n n h s 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 Outstanding at end Outstanding at end of period: of period: 1946 108.4 15.0 7.4 2.4 83.6 1946 162.7 27.5 17.8 28.3 89.1 1947 148.2 27.1 17 1 4.2 99.8 1948.....!.. '.'.'.'. 2 2 3 86 3 . . 2 5 6 5 6 0 . . 6 0 3 4 0 3 . . 2 4 4 5 3 1 . . 3 7 1 12 1 4 0 . . 5 0 1948 177.1 38.3 23.7 5.0 110.1 1948— N J O A J A S M M u u e o p u c l a n a p y r v t g y r e i t o e c l u e b h m m s e t b . b r e . e . . r r . . . 2 2 2 2 2 2 2 2 2 2 7 5 6 8 4 7 8 8 8 8 1 3 5 6 2 7 2 5 5 6 . . . . . . . . . . 6 3 1 7 3 8 2 3 9 5 5 5 5 6 6 6 6 6 6 6 3 1 9 6 4 7 7 6 6 6 . . . . . . . . . . 4 4 0 8 3 1 8 3 6 8 3 3 3 4 4 4 4 4 4 4 2 5 8 0 2 3 4 3 3 3 . . . . . . . . . . 7 8 0 1 1 3 5 3 3 4 4 4 4 4 4 4 5 5 5 5 9 6 8 4 8 9 0 1 1 1 . . . . . . . . . 7 8 8 1 3 6 3 7 6 8 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 4 1 9 1 4 3 4 2 4 2 . . . . . . . . . . 1 3 8 5 3 0 3 0 8 9 1948— S A N J J O D A M M u u e p o e u c a l n p a r c y v t g y e r t i o e e l e c u m b m m h s e . t b b b . r . e e e . . . r . r r . . . . . . 1 1 1 1 1 1 1 1 1 1 5 6 6 7 7 6 7 7 7 6 8 3 1 0 1 8 7 3 1 6 . . . . . . . . . . 2 1 8 1 8 0 1 5 8 0 3 3 3 3 2 3 3 3 3 3 4 1 1 3 6 9 7 7 8 8 . . . . . . . . . . 2 9 1 9 3 9 5 4 3 3 2 2 2 2 2 2 2 2 2 1 1 1 0 0 1 2 2 3 3 9 . . . . . . . . . . 2 7 1 5 0 7 6 7 4 0 4 4 4 4 4 4 4 4 4 5 . . . . . . . . . . 6 8 3 6 0 9 5 5 4 9 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 6 6 5 6 7 7 7 7 6 0 . . . . . . . . . . 2 2 0 7 0 5 0 6 9 1 December. 1949— A F M J e p a a b r n r i r c l u P u h a a r r y v y . . . . . . . . 2 2 2 2 8 8 8 8 3 2 0 7 . . . . 4 9 8 8 6 6 6 7 6 7 6 1 . . . . 7 1 0 0 4 4 4 4 1 2 1 3 . . . . 3 5 3 6 5 5 4 4 1 9 9 0 . . . . 0 5 4 3 1 1 1 1 2 2 2 2 4 4 3 4 . . . . 1 0 0 1 1949— A F M J e p a a b r n r i r u l c u P h a a r P r y y . . . . . . . 1 1 1 1 7 7 8 7 8 6 0 6 . . . . 1 7 0 1 3 3 3 3 9 8 7 8 . . . . 4 0 9 4 2 2 2 2 3 3 4 2 . . . . 4 2 2 9 5 4 4 4 . . . 0 8 9 8 1 1 1 1 1 0 1 1 1 9 2 0 . . . . 3 3 9 5 Volume extended Volume extended during month: during month: 1948—March 41.9 11.2 6.0 3.7 21.0 1948—March.... 32.1 6.9 3.4 0.4 21.4 April 42.0 11.3 6.4 4.4 19.9 April 30.5 6.9 3.8 0.4 19.4 May 40.8 10.1 6.8 4.2 19.7 May 27.7 5.7 3.7 0.4 17.9 June 44.2 10.5 7.4 3.4 22.9 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 MarchP.. . 41.6 11.3 5.8 2.6 21.9 MarchP. . . 31.8 6.9 3.8 0.4 20.7 AprilP. 41.4 12.1 6.9 2.6 19.8 AprilP 31.3 7.0 4.2 0.3 19.8 P Preliminary. l Revised. For description and back figures see BULLETIN for May 1949, pp. 504-505. 2 Includes not only loans insured by Federal Housing Administration but also noninsured loans. 3 Includes both direct loans and paper purchased. JUNE 1949 727 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 RECEIVABLE1 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 t r a r g e e s p c o h n a d n i g n e g Instalment accounts a C cc h o a u rg n e ts month month of preceding 1 A 9 p 49 r. ? M 19 a 4 r 9 . F 19 e 4 b 9 . 1 A 94 p 9 r * . > M y 19 e a 4 a r r 9 . F 19 e 4 b 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 n e e s i- 2 h H p 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 +6 + 18 -1 -15 -13 -10 March 27 15 18 15 53 Cash sales i +7 -7 -26 -22 -15 April 25 15 17 15 52 Credit sales: May 24 15 18 15 52 Instalment +8 +24 0 -10 -12 -6 June 24 16 17 16 52 Charge account -2 + 10 -2 -23 -13 -9 July 23 14 17 16 51 August 23 14 17 16 51 Accounts receivable, end September... 24 14 16 16 53 of month: October 24 14 16 16 54 Total 0 -4 + 10 + 14 + 18 November... 24 14 15 17 55 Instalment + 1 2 -3 + 15 + 16 + 19 December. . . 25 14 15 20 53 Collections during 1949 month: January 22 12 15 14 52 Total —3 +6 -12 -1 +3 +3 February 22 12 14 13 50 Instalment -3 +9 -8 + 1 +6 + 7 March 25 14 15 14 56 April? 24 13 14 14 53 Inventories, end of month, at retail value. -1 +3 + 1 -9 -7 -6 P Preliminary. 1 Collections during month as percentage of accounts outstanding at v 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- Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales m sa e le n s t ac s c a o le u s nt 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—March 226 235 195 222 129 190 177 207 52 7 41 April 213 r221 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 April? 223 231 188 222 151 191 195 209 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. 719, 728 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS * 1949 1949 Chart Chart book book page Apr. May May May May page Apr. May May May May 25 27 4 1 18 25 WEEKLY FIGURES i In billions of dollars In unit indicated RESERVE BANK CREDIT, ETC. WEEKLY FIGURES i—Cont. Re U se . r S v . e G B o a v n t. k s c e r c e u d ri i t t, i e t s o , t t a o l tal.. 2 2 1 1 . . 7 2 1 1 2 2 0 1. . 5 8 8 4 2 2 0 0 . . 1 5 3 6 2 1 0 9 . .7 7 1 4 2 1 0 9 BUSINESS CONDITIONS Bills 4.98 4.88 4.46 4.19 4 Wholesale prices: Notes and certificates. .. 7.33 7.29 7.09 7.08 7 Indexes (1926=100): T G M M M R E r x o e e e o e N c q l m m a n d e u e s e a B s b b w i u y s s v r e e o t e r g o r r r y n Y i d . e c n d ) b b s k o c s r : e a a c a r e k r i n n s s r v h k k e c e C r u a s v r r i l 6 e n e e t a s y s d s t e e i o d r r v v n e e e p s s o ( s w it e s e . k . l .. y 2, 2 2 5 2 4 4 3 4 2 2 1 1 8 2 5 4 7 9 8 . . . . . . . . 9 1 4 3 0 3 4 5 1 8 8 6 2 3 9 3 2 2 1 1 7 8 2 4 5 9 8 . . . . . . . . 3 6 1 4 3 0 1 9 1 7 5 5 3 7 6 1 2 2 1 1 4 8 2 7 4 8 7 . . . . . . . . 5 2 8 4 1 2 3 8 8 3 0 5 6 9 4 8 P 2 2 1 n 1 4 2 8 7 4 7 8 . . . . . . . . 0 6 4 3 3 2 3 3 8 9 4 9 4 2 4 0 P 2 2 1 1 4 7 8 7 8 1 S B e a F O F F T l T I s e n i o o a o o t c c d h o ( r o t t t A m u e a a d e d c d l l s r s s u o t t g p r u c m f i . a r o f a o m f r m 1 l s m d o 9 m m u d 3 c p o i a 9 t t r d t s i = e o e i 1 t r d s i i : 0 e u a s 0 l c s ) t : s: 6 6 6 6 6 6 6 5 5 7 7 5 7 5 2 2 2 1 1 1 1 8 3 4 6 5 4 6 1 1 4 6 2 7 9 . . . . . . . 2 9 7 1 9 9 4 2 2 2 1 1 1 1 3 8 4 4 6 5 6 2 0 5 7 8 5 1 . . . . . . . 9 7 1 6 3 2 8 2 2 2 1 1 1 1 3 4 8 4 7 6 5 0 3 0 6 1 5 3 . . . . . . . 5 5 6 9 6 9 4 2 2 2 1 1 1 1 2 4 8 4 6 7 5 9 3 2 6 3 2 6 . . . . . . . 7 8 4 8 4 0 0 2 2 2 1 1 1 1 2 8 4 4 6 7 5 5 4 2 6 5 4 6 . . . . . . . 9 4 6 2 6 5 5 C C R h e o s i u c e n a r t v g r e o y c b i a ty n k b s a * n ks 5 5 5 5 7 1 . . . 5 1 2 6 5 3 5 7 1 . . . 5 1 2 0 4 4 6 5 1 . . . 9 3 1 1 9 5 6 5 1 . . . 8 2 1 3 7 4 W C C o o h r t e n to a t n ( c ( e ( c c n e e t n s n t t s p s e p p r e e b r r u b p s u o h s u e h n l e ) d l . ) ) . . . . 6 6 6 8 8 8 2 1 3 2 3 3 2 7 . . . 9 0 0 2 1 3 2 3 3 5 5 . . . 0 5 7 2 1 3 2 3 3 6 8 . . . 0 3 0 2 1 3 2 3 2 3 6 . . . 1 8 9 2 1 3 2 3 2 4 5 . . . 6 4 6 MEMBER BANKS IN LEADING CITIES Steers (dollars per 100 All reporting banks: pounds) 68 24.40 24.88 25.05 25.25 26.03 O L D U L U o o . t . e N F B h B C R a a m S S e o n n i o e o o . l . r a r s s a n m l t s n , G G e l d s a p m d s e t s e o o n o u c s e a v v d d r t u t r n t a t c e a r c . . l i d h i p t i n t e s d a a o i v e c l e e s s c e e i s p i n u r s t o s t g t r i s m i f i a t i t i s e d c s e e n a j s c u t t , s u e s t s r t o . i e t t d i . a e . . l . s . . : 1 1 1 1 1 1 1 1 1 1 1 6 4 4 4 4 4 8 8 6 8 6 3 2 4 6 2 1 5 4 4 2 5 6 1 4 1 1 4 . . . . . . . . . . . 6 3 0 3 9 4 2 1 0 8 1 7 5 8 2 5 6 8 1 8 6 3 3 2 4 2 6 1 4 5 4 5 5 3 4 1 3 1 1 . . . . . . . . . . . 7 0 0 3 1 7 8 2 8 6 9 1 1 2 2 8 7 5 6 4 4 8 3 6 2 4 2 1 4 4 4 2 5 5 3 5 2 3 1 . . . . . . . . . . . 3 1 0 8 3 0 8 9 5 9 1 1 5 9 5 7 2 9 8 6 1 0 3 2 6 2 4 1 3 2 4 2 5 3 4 5 5 3 1 . . . . . . . . . . . 4 0 0 8 1 9 8 8 1 8 7 1 9 5 2 9 7 7 2 8 9 5 Pr S A M o C B P t d a r i u e e b E H t B u u p t e u a b o d c e g l o u m t p l m e t r g g t s i b ( o t s i ( . s o % o e ) n o u m n p r b ( o n a : i ( c e i r u d l ( o d l e t d l c e s s , r f o n e ) o l c t p c n ( ( l l s o t a t o e a t h h a s r p u u p s l o o m n a e p u u ( c r d e p m s s i s r d . . t e ) i y p ( r o l c t t ) l o o , h a z 1 u r n t o e 0 s o n u n s 0 ) n d s ) . ) . s . ) . . . . ) . . . . . . 6 7 6 7 7 7 7 6 7 8 3 8 1 2 3 2 8 1 4 1 4 5 9 , 8 1 5 7 8 2 9 . . 1 1 . . 9 . 9 2 1 6 2 5 2 5 9 3 3 2 2 9 4 1 4 , 5 9 8 1 5 7 8 8 2 . 1 . 1 . . 9 . 9 8 6 2 5 1 3 7 9 7 1 6 5 0 4 1 4 , 5 9 8 1 2 4 8 8 6 . . 1 1 . 7 . 9 . 8 6 6 1 5 9 9 2 4 9 8 7 0 4 1 4 5 9 , 9 1 2 9 9 4 5 . . 1 1 . 5 0 3 8 . . 6 1 1 9 1 6 6 4 3 1 0 4 2 5 4 9 2 , 0 1 8 8 1 4 . 2 1 . . 7 8 9 4 5 0 . . . 9 1 9 7 7 9 4 8 9 Ot T U O he o . t r h t S a e l . r G se o c v u t r . i t s ie e s c urities.. 1 1 1 1 8 8 8 8 3 1 1 . . . . 8 9 0 9 6 5 0 5 3 2 1 . . . . 8 0 1 9 6 9 1 7 3 1 1 . . . . 8 0 8 8 6 1 3 2 2 3 1 1 . . . . 8 2 2 0 7 1 8 7 F D r e e T M E p i o l g a i e t s h r c a c t t t l m e r c l i l e c a a r n n p l t o e o a o s w d t u o e i s r n r e g ( s m s ( a i t l l h l e . o s k u w s. . c h a r r s s . ) ) 7 7 7 4 4 5 5, 3 3 7 5 8 0 0 5 4 5, 3 2 7 3 6 8 7 8 4 5, 3 2 7 3 5 7 8 2 7 5, 3 2 7 3 5 7 6 5 4 5,2 3 7 7 4 8 0 0 5 New York City banks: (1935-39 = 100) 75 286 334 285 280 275 Loans and investments 15 17.97 18.07 18.10 18.31 U. S. Govt. securities, total. 15 9.40 9.44 9.80 9.68 Bo D n u d e s , o t r o t c a a l l l h a o b l l d e i — ng 5 s y . e . a . r . s 1 1 7 7 5 7 . . 8 4 6 1 5 7 . . 8 4 9 9 5 7 . . 9 5 2 6 5 7 . . 9 5 3 8 1949 Notes and certificates.... 17 1.21 1.24 1.32 1.31 De B m il a ls n d deposits adj # u sted.. 1 1 5 7 15. . 1 7 4 8 14. . 9 7 3 1 14. . 8 9 6 3 14. . 8 8 2 0 Feb. Mar. Apr.2 U. S. Govt. deposits 15 .30 .31 .29 .33 Interbank deposits 15 3.63 3.73 3.75 3.65 Time deposits 15 1.55 1.57 1.59 1.60 MONTHLY FIGURES In billions of dollars Loans, total 15 7.50 7.59 7.28 7.58 Commercial 19 5.09 5.02 4.98 4.90 DEPOSITS AND CURRENCY For purchasing securities: To brokers: Deposits and currency:* On U. S. Govts 19 .70 .87 .59 .96 .83 Total 6 P169.30 P167.60 P167.5O Re T al o O e o n s t t h a o e t t e r h s e a r n d se o cu th r e it r i s e s . . .. . . 1 1 1 9 9 9 . . . 4 2 9 2 1 8 . . .2 9 4 1 8 2 . . . 2 4 9 1 6 8 . . . 2 5 9 1 0 8 . . . 2 4 9 3 8 8 T D i e m E m x e p a c o n d lu s d e i d p t i s d o n e s g p i t o s U s a i . t d S s j . u a s G d t j e o u d v s t t . e d d . e . - 6 6 6 P P J 1 - 8 6 5 3 6 7 . . . 4 3 8 0 0 0 P P P 1 5 8 6 8 1 4 .O . .2 1 O 0 0 P P P 1 8 5 6 8 2 5 . . . 1 4 4 O 0 0 Ba L U D n o . e k N B B a m S s n i o o . l a s o n l t s n G e d u a d s s o t n s v a d d i n t e d . i d p n e s o v e c N s c e e i u s t r e s t r t w m i i t a f i e Y i d e c n s j o a u t , s r t s t k e t o s e t C . d a .. . l i . . . t y 1 1 1 1 : 1 1 5 7 5 5 7 7 3 4 2 1 4 3 1 3 1 8 . . . . . . 4 5 0 0 3 0 5 5 4 4 5 5 4 2 3 1 4 3 3 0 8 1 . . . . . . 4 8 5 1 2 9 8 3 6 3 3 0 3 4 2 1 4 3 1 4 8 1 . . . . . . 3 5 9 4 0 3 1 5 7 3 6 2 4 2 3 1 4 3 4 1 8 1 . . . . . . 5 1 2 8 0 3 6 9 4 0 9 4 4 2 3 1 1 3 4 4 8 1 . . . . . . 3 5 9 3 4 3 1 6 6 7 3 8Mo $ U C B C n 1 i . u o l 0 e 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 a t b l , s e n a i i a p l t d d l i n o s e o d o s n b v i , t $ e s a 5 r t n o b t k a i s l l l . s . . . . . . 6 7 7 7 6 7 P 2 P 1 2 8 4 7 5 4 3 . . . . . . 1 5 4 5 5 0 O 3 8 6 5 0 P 2 P 1 2 8 4 7 4 3 5 . . . . . . 5 4 4 4 4 1 1 6 7 4 0 0 J> 2 ^ 1 2 4 8 7 2 4 4 . . . . . 4 4 4 . 4 1 9 9 7 2 5 0 0 U. S. Govt. deposits 15 .98 .85 .81 .86 .86 Interbank deposits 15 5.52 5.92 6.00 5.80 5.62 Time deposits 15 13.64 13.65 13.66 13.66 13.66 Annual rate Loans, total 15 16.51 16.42 16.31 16.29 16.21 C R F O o e o th r a m e l p m r e u s e r t r c a c h t i e a a l s ing securities. 1 1 1 1 9 9 9 9 3 9 3 . . . . 0 8 0 6 7 8 9 1 3 3 8 . . . . 8 9 0 5 7 6 8 8 8 3 3 . . . . 9 8 0 5 3 8 9 8 8 3 3 . . . . 8 8 0 6 5 9 9 0 3 3 8. . . . 7 1 6 9 0 0 Tu O N rn t e h o w e v r e Y r l o e o r a k f d i d n C e g i m ty c a i n ti d e s deposits:3 2 1 7 8 . . 1 6 2 1 6 8 . . 4 8 2 1 8 8 . . 5 8 MONEY RATES, ETC. Per cent per annum In billions of dollars U. S. Govt. securities: COMMERCIAL BANKS Bills (new issues) 30 1.147 1.148 1.157 1.159 1.159 Certificates 30 1.19 1.19 1.18 1.19 1.18 3-5 years 30 1.52 1.51 1.51 1.48 1.47Cash assets* 9 P36.00 P34.20 P34.00 7-9 years 30 1.76 1.75 1.74 1.70 1.70Loans and investments, total*. 9 P113.30 P112.60 P112.5O 15 years or more 30, 32 2.38 2.38 2.38 2.38 2.38 Loans* 9 d42.00 P42 .40 Ml. 30 Corporate bonds: U. S. Govt. securities* 9 P62.20 P60.90 P62.00 Aaa 32 2.70 2.70 2.70 2.71 2.71 Other securities * 9 P9.10 P9.30 P9.20 Baa 32 3.45 3.45 3.45 3.45 3.45 Holdings of U. S. Govt. se- High-grade (Treas. series) . . 32 2.70 2.71 2.71 2.71 2.72 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 . . 2 9 9 8 4 5 1 . . 5 2 8 1 Stock prices (1935-39=100): 1-5 years 10 26.37 25.11 '25.17 Total 34 118 119 118 118 116 5-10 years 10 6.59 6.73 «6.93 Industrial 34 123 125 124 124 121 Over 10 years 10 3.73 3.79 Railroad 34 96 96 95 97 95 Notes and certificates 10 11.33 10.65 lO.68 Public utility 34 96 96 95 96 95 Bills 10 2.80 1.78 «2.62 Volume of trading (mill, shares) 34 .80 .87 .75 .81 .77 Guaranteed securities 10 For footnotes see p. 732. JUNE 1949 729 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 Feb. Mar. Apr. 2 page Feb. Mar. Apr.2 MONTHLY FIGURES—Cent. 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 94.82 93.96 93.99 Marketable public issues—Cont. Loans 12 35.61 35.89 34.86 By class of security—Cont. U. S. Govt. securities 12 51.79 50.54 51.64 Bonds—Total outstanding ... 24 111.60 111.60 1. 6a Other securities 12 7.41 7.53 7.49 Nonbank (unrestricted issues Demand deposits adjusted « 12 70.39 68.53 69.79 only), commercial bank, Time deposits 12 28.96 29.07 29.13 and F. R. Bank 24 69.32 68.83 Balances due to banks 12 10.53 10.37 10.10 Commercial bank and F. R. Balances due from banks 12 4.92 4.89 4.80 Bank 24 50.87 50.45 Reserves 12 19.57 19.42 19.18 F. R. Bank 24 9.88 9.24 8.90 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 23.15 22.62 22.98 Withinlyear—Total outstanding 25 48.36 49.21 52.60 Loans 12 9.69 9.88 9.20 Commercial bank and F. R. U. S. Govt. securities 12 11.99 11.19 12.28 Bank 25 29.21 28.99 "31.89 Other securities 12 1.48 1.55 1.51 F. R. Bank 25 12.70 12.79 12.92 Demand deposits adjusted • 12 18.76 17.84 18.88 1-5 years—Total outstanding. 25 44.05 42.09 38.49 Time deposits 12 2.66 2.69 2.69 Commercial bank and F. R. Balances due to banks 12 4.85 4.78 4.74 Bank 25 31.21 29.69 Reserves 12 6.51 6.45 6.38 F. R. Bank 25 2.92 2.78 2.39 Reserve city banks: 5-10 years—Total outstanding 25 10.46 10.46 10.46 Loans and investments, total 13 35.08 34.84 34.64 Commercial bank and F. R. Loans 13 14.00 13.97 13.64 Bank 25 6.83 6.91 "7.09 U. S. Govt. securities 13 18.60 18.33 18.45 F. R. Bank 25 .25 .17 .16 Other securities 13 2.49 2.53 2.55 Over 10 years—Total outstand- Demand deposits adjusted • 13 24.63 24.25 24.44 ing 25 53.89 53.89 53.89 Time deposits 13 11.46 11.49 11.55 Nonbank (unrestricted issues Balances due to banks 13 4.81 4.75 4.55 only), commercial bank, Balances due from banks 13 1.57 1.59 1.60 and F. R. Bank 25 11.61 11.11 Reserves 13 7.36 7.31 7.22 Commercial bank and F. R. Country banks: Bank 25 10.21 9.73 Loans and investments, total 13 36.59 36.50 36.37 F. R. Bank 25 6.48 5.95 5.62 Loans 13 11.93 12.04 12.02 Cash income and outgo: U. S. Govt. securities 13 21.21 21.01 20.92 Cash income 26 3.89 '5.56 1.43 Other securities 13 3.45 3.44 3.43 Cash outgo 26 3.25 ^3.85 3.14 Demand deposits adjusted • 13 27.00 26.44 26.47 Excess of cash income or outgo. ... 26 + .64 + 1.71 -1.71 Time deposits 13 14.84 14.89 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 . . 1 7 9 0 3 5. . 6 1 6 5 3 5 . . 0 5 3 9 MONEY RATES, ETC. Per cent per attnum Treasury bills (new issues) 29 1.163 1. L62 1.155 Corporate bonds: Aaa 29 2.71 2 70 2.70 CONSUMER CREDIT « Baa 29 3.45 3 47 3.45 F. R. Bank discount rate 29 1.50 1 50 1.50 Consumer credit, total 20 15.33 P15.34 P15 Commercial paper 29 1.56 1 56 1.56 Single-payment loans 20 2.87 P2.82 P2 Stock yields: Charge accounts 20 3.18 P3.15 P3 Dividends/price ratio: Service credit 20 .95 P.96 Common stock 33 7.12 6 88 7.02 Instalment credit, total 20, 21 8.34 P8.42 Preferred stock 33 4.04 4 07 4.07 Instalment loans 21 4.03 P4.07 Ins A ta u l t m om en o t b i s l a e l e credit, total .... 2 2 1 1 4 2 . . 3 0 1 0 P P 4 2. . 0 3 9 4 In unit indicated Other 21 2.31 Margin requirements (per cent) 35 75 4 75 50' Stock prices (1935-39 =100), total. . . 35 117 118 119 Stock market credit (mill, dollars): Customers' debit balances 35, 36 527 530 626 GOVERNMENT FINANCE Money borrowed 36 225 254 329 Customers' free credit balances.... 36 565 551 542 Gross debt of the U. S. Government: Volume of trading (mill, shares) 35 .85 .86 Total (direct and guaranteed) 22 252.75 251.67 251 Bonds (marketable issues) 22 111.60 111.60 111 BUSINESS CONDITIONS Notes, certificates, and bills 22 45.16 44.05 43 Savings bonds, savings notes. ... 22 60.30 60.28 60 Personal income (annual rates, bill, Special issues 22 31.80 31.93 31 dollars): •3 Guaranteed, noninterest-bearing Total 48 216.3 '214.6 213.7 debt, etc 22 3.87 3.82 3.76 Total salaries and wages 48 134.7 '132.7 133.2 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 68.0 '67.4 66.2 Commercial banks • 23 62.30 60.70 P62 Allother 48 13.6 '14.5 14.3 Fed. agencies and trust funds... 23 37.50 37.66 P37 Labor force (mill, persons): • F. R. Banks 23 22.34 21.69 21 Total 49 61.9 62.3 62.3 Individuals e 23 68.20 68.50 P68 Civilian 49 60.4 60.8 60.8 Corporations and associations8. . 23 21.30 22.10 *21 Unemployment 49 3.2 3.2 3.0 Insurance companies « 23 21.50 21.40 P21 Employment 49 57.2 57.6 57.8 Mutual savings banks * 23 11.60 11.60 Pll Nonagricultural 49 50.2 50.3 50.0 State and local govts. • 23 7.90 8.00 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons): •3 By class of security: Total 50 44.50 44.21 P44.03 Bills—Total outstanding 24 11.65 11.54 Manufacturing and mining 50 16.73 16.49 P16.28 Commercial bank and F. R. Construction 50 2.05 1.98 P2.01 Bank 24 8.10 6.96 Transportation and utilities 50 4.01 3.96 P3 .95 F. R. Bank 24 5.30 5.18 Trade 50 9.66 9.71 P9.69 Notes and certificates—Total Government 50 5.79 5.76 vS.16 outstanding 24 33.03 32.40 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 54.12 53.63 PS2.62 Bank 24 18.49 17.92 Hourly earnings (dollars). . 51 1.377 1.375 Pl.374 F. R. Bank 24 7.16 7.27 33 Hours worked (per week) 51 '39.3 39.0 ^38.3 For footnotes see p. 732. 730 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Conrtn«e<* BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart 1949 Chart 1949 book book page Feb. Mar. Apr.2 page Feb. Mar. Apr.2 In unit indicated In unit indicated MONTHLY FIGURES-Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Coilt. BUSINESS CONDITIONS—Cont. Industrial production:3 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 4.8 '3.9 3.3 Total (1935-39-100) 52 189 184 P179 Stocks 63 3.4 2.9 2.6 Groups (points in total index): Consumers' prices (1935-39=100): Durable manufactures 52 85.6 84.4 All items 64 169.0 169.5 169.7 Nondurable manufactures 52 '80.9 78.8 P75.6 Food 64 199.7 201.6 202.8 Minerals 52 22.6 20.7 P22. Apparel 64 195.1 193.9 192.5 Manufacturing production Rent 64 119.9 120.1 120.3 (1935-39 =100), total 53 196 193 P184 Miscellaneous 64 154.1 154.4 154.6 Durable 53 226 223 P213 Wholesale prices (1926=100): Nondurable 53 173 168 Total 65 158.1 158.4 156.9 Selected durable manufactures Farm products 65 168.3 171.3 170.3 (1935-39=100): Food 65 161.5 162.9 162.9 Nonferrous metals 54 200 209 P208 Other commodities 65 151.8 150.8 148.8 Steel 54 267 '264 239 Textile products 66 145.2 '143.8 142.2 Cement 54 222 208 213 Hides and leather products 66 182.3 180.4 179.9 Lumber 54 107 119 P115 Chemicals and allied products... 66 122.8 121.1 117.7 Transportation equipment 54 241 240 P238 Fuel and lighting materials 67 135.9 134.4 132.1 Machinery 54 262 252 P238 Building materials 67 201.5 200.0 196.5 Selected nondurable manufactures Metals and metal products 67 175.5 174.4 171.4 (1935-39=100): Miscellaneous 66 115.3 115.7 115.6 Apparel wool consumption 55 130 107 Prices paid and received by farmers Cotton consumption 55 125 120 111 (1910-14=100): Shoes 55 117 123 Pi 13 Paid 69 245 246 246 Paperboard 55 174 163 162 Received 69 258 261 260 Newsprint consumption 55 149 151 154 Cash farm income (mill, dollars): Manufactured food products.... 55 162 162 P163 Total 70 1,783 1,973 1,850 Fuel oil 55 194 186 P179 Livestock and products 70 1,079 1,269 1,231 Gasoline 55 170 169 P168 Crops 70 689 677 592 Industrial chemicals 55 434 428 P415 Govt. payments 70 15 27 27 Rayon 55 309 300 P268 Orders, sales, and inventories: INTERNATIONAL TRADE AND FINANCE Sales (bill, dollars): Manufacturing, total 56 16.3 18.1 16.9 Exports and imports (mill, dollars): Durable 57 6.9 7.7 7.2 Exports 76 Pl.033 Pl,154 P1,148 Nondurable 57 9.4 10.4 9.7 Imports 76 P568 J>632 P534 Wholesale 56 6.8 7.5 7.0 Excess of exports or imports 76 P465 P522 P614 Retail 56 8.9 10.5 11.1 Short-term foreign liabilities and assets Inventories (bill, dollars): reported by banks (bill, dollars): Manufacturing, total 56 32.0 '31.8 31.4 Total liabilities 77 P6.03 P5.95 Durable, total 57 15.3 15.3 15.1 Official 77 P3. 00 P2.93 Goods in process 57 6.0 5.9 Invested in U. S. Treasury bills Purchased materials 57 4.8 4.7 and certificates 77 P.73 P.79 Finished goods 57 4.5 4.7 Private 77 P3.03 P3. 02 Nondurable, total 57 •"16.8 16.5 Total assets 77 Pl.01 P. 99 Goods in process 57 2.4 2.3 Foreign exchange rates: Purchased materials 57 7.8 7.5 See p. 753 of this BULLETIN 78, 79 Finished goods 57 ••6.6 6,6 Wholesale. 56 8.6 8.4 8.2 Retail 56 13.9 14.5 14.0 1948 1949 New orders (1939-100): Manufacturing, total 56 '220 218 Durable 56 '253 245 July- Oct.- Jan.- Nondurable 56 '201 202 QUARTERLY FIGURES Sept. Dec. Mar. Construction contracts (3 mo. moving avg., mill, dollars):3 GOVERNMENT FINANCE In billions of dollars Total . 58 695 717 724 Residential 58 226 238 257 Budget receipts and expenditures of Re D O C si w o t d O T 1 h n e e - e o t t l n h r r l t a t i a a e n n i l c r a g d t l s s 2 c a s - o f w t a n a a m r s r t t i d e r l u d e y c d t d ( i t ( w o h m n e o i : l u l l l i s , n . d g u s o n ll i a t r s s) ) . \ :3 .. . 5 5 5 5 5 9 8 9 9 9 4 2 1 6 5 6 9 1 3 4 2 1 3 8 6 6 6 1 0 2 4 7 4 2 1 6 5 5 8 9 7 4 5 6 8 Ex V U N A I I p n n l . e e a t t l n t t e e S e i o d r r o . r e n t i a n h T t s a n u a e t t r l s r r i e o ' o e d a s n n A e s , a f u d d l t e r e o m n y a b t s i : a i t e n d l i stration 27, 2 2 2 2 2 2 7 8 8 8 8 8 8 2 1 1 1 . . . . . . 5 6 3 7 1 9 7 7 7 8 5 7 9 2 1 1 1 1 . . . . . . 6 1 6 4 9 4 1 0 5 1 0 5 9 3 1 1 1 1 . . . . . . 7 0 5 2 7 0 1 8 8 3 4 5 Va T N R lu o e o d e P P t s n o a i u r r d l i o l b e v l e • f a s l a n i i r c t d c t s e i ) o e a : n n l: t s i • t a r l u : c • tion activity (mill, 6 6 6 0 0 0 1, 2 5 1 0 4 6 5 0 8 1, 3 5 24 2 1 8 0 8 1, 3 5 3 7 6 4 1 4 9 Re N A C T I M c n a e o e l i d x l i t s r o i p p c v r r t t e o e i s e h l d r : c f l e a a u u e r t n n i 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 7 8 8 8 8 8 9 3 2 2 '. . . . . . 8 1 7 0 7 2 5 4 4 9 1 5 8 3 2 2 . . . . . . 7 6 1 0 7 2 2 5 2 8 4 4 1 3 2 7 1 2 . . . . . . 2 0 2 0 4 8 9 0 6 1 0 4 Public 60 10 14 Private 60 375 400 440 Freight carloadings:3 Total (1935-39 = 100) 61 126 120 127 MONEY RATES Per cent per annum Groups (points in total index): Miscellaneous 61 74.7 75.8 72.5 Bank rates on loans to business: Coal 61 26.4 16.7 27.5 All loans: All other 61 24.4 27.4 27.1 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) :3 7 Northern and Eastern cities.... 31 2.60 2.68 2.68 Sales.... 62 '281 '277 294 11 Southern and Western cities. . 31 3.01 3.02 3.12 296 S t s o t c o k r s e s: 62 '278 '285 282 Lo 1 a 9 n s c i o ti f e s $ 1,000-$ 10,000: 31 4.53 4.50 4.62 Sales (mill, dollars) 63 253 '317 344 New York City 31 4.40 4.23 4.22 Stocks (mill, dollars) 63 848 '914 905 7 Northern and Eastern cities.... 31 4.55 4.51 4.63 Outstanding orders (mill, dollars) 63 378 '310 236 11 Southern and Western cities.. 31 4.57 4.62 4.79 For footnotes see p. 732. JUNE 1949 731 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS —Continued Chart 1948 1949 Chart 1948 1949 book book page July- Oct.- Jan.- page July- Oct.- Jan.- Sept. Dec. Mar. Sept. Dec. Mar. QUARTERLY FIGURES—Cont. Per cent per annum QUARTERLY FIGURES—Gont. In unit indicated MONEY RATES—Cont. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. •lant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars):'e 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: Lo N 1 7 1 a 9 1 n e N w s c S o i o o t r Y i f u t e h o t s $ h e r 2 k r e 0 n r 0 n C a , 0 i n a t 0 d y n 0 d E a W a n s d t e e s o r t v n e e r c n r i : t c i i e ti s e . s . . . . . 3 3 3 3 1 1 1 1 2 2 2 2 . . . . 2 1 5 3 9 3 6 4 2 2 2 2 . . . . 5 1 4 3 7 6 4 4 2 2 2 2 . . . . 2 4 7 4 5 2 1 4 L G i r q O U C I o n u s a . t s s i h s d u S h e s r . r a s a G v a n s v i e c o n i c e v n g u t g s r . s i s ti e e c s urities 4 4 4 4 4 4 3 3 3 3 3 3 + + + + + + 1 2 2 0 0 0 1 . . . . . . 8 8 1 2 3 6 + + + + + 0 1 1 0 1 1 0 . . . 7 8 . . 0 . 2 9 6 Stock yields: Debt liquidation 43 -1 .4 -2.0 Earnings/price ratio, common stocks 33 15.47 16.51 P14.28 Annual rales, GROSS NATIONAL PRODUCT, ETC. in billions of dollars BUSINESS FINANCE In unit indicated Corporate assets and liabilities (bill, rross national product3 44 258.1 264.9 255.9 dollars): • Govt. purchases of goods and serv- Current assets, total 37 123.3 123.2 ices 44 38.2 41.5 40.1 Cash 37 22.8 22.6 Personal consumption expenditures 44 180.1 181.0 176.6 U. S. Goyt. securities 37 13.0 13.5 Durable goods 46 23.7 22.9 21.5 Inventories 37 44.6 44.9 Nondurable goods 46 104.3 105.1 101.4 Receivables 37 41.3 40.7 Services 46 52.1 53.0 53.7 Current liabilities, total 37 57.9 58.4 Private domestic and foreign invest- Notes and accounts payable 37 36.2 36.8 ment 44 39.9 42.4 39.2 Federal income tax liabilities.... 37 10.6 10.9 Gross private domestic invest- Net working capital 37 65.4 64.8 ment: Corporate security issues: Producers' durable equipment. 45 21.9 22.7 22.0 Total (bill, dollars)« 38 1.27 1.87 1.06 New construction 45 14.8 14.7 13.5 New money, total (bill, dollars) *... 38 1.05 1.77 .85 Change in business inventories. 45 3.5 5.3 2.2 Type of security (bill, dollars): Net foreign investment 45 -.3 1.5 Bonds 38 .91 1.57 .72 Personal income, consumption, and Preferred stock 38 .06 .07 .05 saving:3 Common stock 38 .08 .11 .08 Personal income 47 216.3 219.6 216.6 Use of proceeds (mill, dollars): Disp,o s.a.b l.e .in come after taxes 47 196.2 199.4 197.8 Plant and equipment: Consumption expenditures 47 180.1 181.0 176.6 A Pu ll b i l s i s c u u er ti s lity 3 3 9 9 4 7 4 6 2 5 1,4 8 5 9 1 8 3 6 4 9 3 9 Net personal saving 47 16.1 18.4 21,2 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. Railroad 39 60 31 30 31 Industrial.. 204 233 81 SEMIANNUAL FIGURES Bonds (bill, dollars):« Public 38 .64 .86 .58 Private 38 .47 .81 .33 INSURED COMMERCIAL BANKS In billions of dollars Corporate profits, taxes, and dividends (annual rates, bill, dollars): • Loans: Profits before taxes 40 34.0 28.8 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 21.2 17.2 Real estate 11 9.27 10.10 10.67 Undistributed profits 40 13.1 12.9 8.9 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 5.3 To others 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) s 41 1.3 1.4 Other securities 11 3.62 3.50 3.42 Manufacturing (mill, dollars):5 Durable 41 470 564 498 Nondurable 41 362 394 327 Electric power and telephone (mill, dollars) 41 187 223 248 Railroads (mill, dollars) 41 246 197 58 include figures for a more recent date than are shown in this table. 3 5 A N d e j w us s te e d ri e f s o . r s F e o as r o d n e a s l c r v i a p r t i i a o t n i , o n s . e e pp. 662 4 - E 6 f 6 f 6 ec o tiv f e t hi M s a B r U . L 3 L 0 margin requirements were reduced to 50 per cent. 65 ETVTsotxi*7m- acoteriso cf or TATrp^-rr iHl-oJcurni'em +1i9nn4 9 cqatu* anr-tne r f\fa\0r—e f(\fi\fn\ br\i$l lfiVoinics RoTfTT dTo Tl?lTaT"rNsT): 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. 732 FEDEJL\L 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 Chart Chart book book page1 Feb. Mar.? Apr.*7 page1 Feb. Mar.p Apr.p In millions of dollars In millions of dollars Consumer credit outstanding, total2. . 3 15,332 15,339 15,626Consumer instalment sale credit Instalment credit, total2 3, 5 8,339 8,416 8,623 granted, cumulative totals:3 Instalment loans 5 4,033 4,072 4,128 By all other retailers2 485 686 731 Instalment sale credit2 5 4,306 4,344 4,495 By department stores and mail- Charge accounts 3 3,176 3,148 3,258 order houses 418 600 636 Single-payment loans . 3 2,865 2,816 2,785 By furniture and household appli- Service credit 3 952 959 960 ance stores2 337 493 512 Consumer credit outstanding, cumu- By automobile dealers 223 358 371 lative totals: 3 Consumer instalment loan credit out- Instalment credit2 4 15,332 15,339 15,626 standing, cumulative totals:3 Charge accounts 4 6,993 6,923 7,003 Commercial and industrial banks. 4,033 4,072 4,128 Single-payment loans 4 3,817 3,775 3,745 Small loan companies 2,137 2,149 2,171 Service credit 4 952 959 960 Credit unions 1,331 1,342 1,356 Consumer instalment sale credit out- Miscellaneous lenders 1,023 1,027 1,033 standing, cumulative totals:3 Insured repair and modernization All other retailers2 6 4,306 4,344 4,495 loans 734 736 739 Department stores and mail-order houses 6 3,812 3,864 4,017 Furniture and household appliance stores2 6 3,034 3,110 3,260 Automobile dealers 6 1,996 2,085 2,231 P Preliminary. l Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 Revised. See BULLETIN for May 1949, pp. 504-505. 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. JUNE 1949 733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1948 All banks, by class of bank Commercial banks State Total Total United States 14,703 14,171 Alabama 224 224 Arizona 11 11 Arkansas 230 230 California 203 203 Colorado 146 146 Connecticut 188 116 Delaware 41 39 Dist. of Col 19 19 Florida 189 189 Georgia. ... . ... 394 394 Idaho 47 47 Illinois 887 887 Indiana 491 2 487 Iowa 666 666 Kansas 609 609 Kentucky 386 386 Louisiana 161 161 Maine.... 96 64 Maryland 172 163 Massachusetts 378 188 Michigan 447 447 Minnesota 682 681 Mississippi 205 205 Missouri 599 599 Montana 112 112 Nebraska 416 416 Nevada 8 8 New Hampshire 109 75 New Jersey 361 337 New Mexico 49 49 New York 779 648 North Carolina. . 227 North Dakota 151 Ohio 669 Oklahoma 386 Oregon 72 Pennsylvania 991 Rhode Island 29 South Carolina 149 South Dakota 170 Tennessee 295 Texas 898 Utah 55 Vermont . 77 Virginia 314 Washington 124 West Virginia 181 Wisconsin. 555 Wyoming 55 ot n- All banks maintaining branches or additional offices, by class of bankI Commercial banks Mutual sav- Mutual savings 1Danks ings banks Member Nonmember Member Nonmember banks banks banks banks Total Total State Non- Non- State Non- Non- Na- mem- In- in- In- in- Na- mem- In- in- In- intional ber sured sured sured sured tional ber sured sured sured sured 4,991 21,927 6,498 758 193 339 1,268 1,166 298 204 628 36 62 40 69 20 132 3 4 4 3 1 3 2 5 1 7 7 2 1 3 1 51 16 152 11 17 17 1 16 94 21 76 12 40 40 13 9 17 1 77 15 46 8 1 1 1 51 15 32 18 3 69 13 12 6 2 3 1 1 13 4 21 1 2 8 7 3 4 1 9 7 3 14 14 7 5 2 61 12 112 4 3 3 2 1 50 15 253 76 13 13 6 2 3 2 15 12 19 1 7 7 5 1 1 381 123 366 17 3 3 3 125 2H3 236 14 3 1 54 54 11 3 39 1 98 67 441 60 119 119 115 4 174 41 240 154 92 20 248 26 20 20 2 5 13 34 12 114 1 36 36 8 4 24 33 5 16 10 6 26 26 24 5 4 9 6 2 61 16 84 2 2 7 30 27 5 7 14 1 1 2 120 27 33 8 190 80 49 21 17 10 1 31 17 7 8 8 1 2 5 8 1 4 1 5 8 1 9 2 2 4 9 i 61 2 61 2 1 2 1 14 33 3 25 7 169 4 33 33 1 1 31 79 101 390 29 39 45 28 126 18 217 55 2 2 2 5 1 2 5 5 3 1 1 51 1 5 18 34 3 2 1 1 1 211 75 47 4 24 56 52 20 24 8 4 24 10 15 9 9 2 7 386 181 74 7 131 157 106 42 48 14 2 51 46 8 171 2 56 56 8 4 43 1 41 1 103 6 17 17 15 2 666 241 184 228 13 3 44 44 12 15 17 386 200 25 150 11 1 1 1 71 22 11 36 2 1 9 9 2 1 6 984 637 112 218 17 7 65 61 31 13 14 3 4 20 9 2 3 6 9 14 12 3 2 2 5 2 149 24 8 97 20 12 12 3 2 7 170 35 27 108 26 26 4 22 295 71 10 206 8 29 ^29 11 1 17 898 437 130 272 59 5 5 5 55 11 20 24 6 6 2 2 2 70 39 1 29 1 7 9 8 2 6 1 314 131 72 111 50 50 18 7 25 122 37 16 66 3 2 12 11 7 1 3 1 181 76 33 68 4 2551 95 271 378 9 3 1 90 90 4 4 81 1 55 26 15 14 All of the branches and additional offices are located in the same States as their parent banks except that one national bank in New Jersey has a branch in Pennsylvania, and one national bank in California has two branches in Washington and one in Oregon. In the table these branches are shown according to their location, rather than the location of the parent banks. 1 Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U. S. R. S., which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business . .. at which deposits are received, or checks paid, or money lent." Figures include "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. 2 The figures for member (commercial) banks and those for mutual savings (noncommercial) banks both include one mutual savings bank in Indiana and two in Wisconsin. The total for "All banks," however, includes such banks only once; and they are not included in the total for "Commercial banks." 3 Each bank is reported once only—according to the widest area in which it operates branches or additional offices. Back figures.—See Banking and Monetary Statistics, Table 1, pp. 16-17, and Tables 73-79, pp. 297-311, and descriptive text, pp. 14 and 294- 295; and BULLETINS for July 1943, pp. 687-688; June 1944, pp. 612-613; June 1945, pp. 616-617; June 1946, pp. 672-673; June 1947, pp. 752-753; and May 1948, pp. 588-589. 734 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1948— Continued All brancles and additional offices, by classof bank 1 All branches and additional offices except offices at military reservations, by location Commercial banks Mutual Offices Member Nonmember s b a a v n in k g s s Outside head office city military Total Total ti N on a- a b l an m k S s e t m at b e er su In re - d bank in N s s o u n re - d su I r n e - d in N s o u n re - d o h c f e I f i n i t a c y d e I c n o o f u f h i n c e e t a y d c t I o i n g u u c n o o ti u n e s - sc I c n o o u u n n o n t u o t i i s g n e - s - tions United States 4,531 4,349 1,965 1,232 1,084 68 132 50 1,983 1,109 593 776 70 Alabama 23 23 22 1 4 6 4 8 1 Arizona 45 45 32 1 11 1 7 13 15 10 Arkansas 19 19 1 18 16 2 1 California 917 917 735 138 43 1 227 91 130 454 15 Colorado 1 1 1 1 Connecticut 27 26 10 3 3 10 1 7 13 7 Delaware 15 14 4 10 1 4 5 6 Dist of Col 39 39 22 14 3 37 2 Florida 3 3 2 1 1 2 Georgia 31 31 21 5 3 2 13 1 7 7 3 Idaho 48 48 44 1 3 3 3 9 33 Illinois 3 3 3 3 Indiana 97 97 25 16 55 1 41 56 Iowa 162 162 157 5 120 42 Kansas Kentucky 39 39 17 8 14 23 11 2 3 Louisiana 65 65 32 4 29 28 31 4 2 Maine 72 70 8 29 24 9 2 7 35 29 1 Maryland 125 109 18 55 35 1 14 2 69 26 22 7 1 Massachusetts 203 163 85 61 15 2 40 126 71 5 1 Michigan 216 216 76 90 39 11 148 44 13 11 Minnesota 6 6 6 6 Mississippi 58 58 2 1 55 3 6 1 Missouri Montana Nebraska 2 2 2 2 Nevada 18 18 13 4 1 1 3 4 9 1 New Hampshire 3 2 1 1 1 3 New Jersey 148 141 46 80 15 7 98 48 2 New Mexico . . . . . 11 11 2 9 2 5 3' 1 New York 816 734 203 476 52 3 82 682 89 33 4 8 North Carolina 181 181 19 16 144 2 22 45 66 46 2 North Dakota 24 24 22 2 12 12 O O h k i l o ahoma 204 1 204 1 '"'55 1 ' ' * 122 27 140 56 5 3 1 O Pe re n g n o s n ylvania 1 8 8 8 3 1 8 6 8 6 1 8 0 1 0 40 1 2 6 2 4 iY 11 1 4 6 40 6 2 9 6 57 1 2 Rhode Island 53 50 10 20 8 12 3* 20 21 7 5 South Carolina . . 37 37 25 2 10 5 4 6 21 1 South Dakota 48 48 20 28 20 17 11 Tennessee 82 82 42 12 28 42 22 7 8 3 Texas 3 3 3 3 V U e ta r h mont 2 2 2 0 2 1 2 1 1 2 5 5 9 2 9' 2 1 3 1 9 5 11 1 Virginia 96 96 35 '"'13' 48 40 26 15 7 8 Washington 127 124 113 4 7 3 26 15 29 55 2 West Virginia . . . . Wisconsin 150 150 15 6 128 1 18 107 25 Wyoming Nonmember Mutual Member banks commercial banks savings banks Distribution by location of branches with respect to head office Total Non- Non- National State Insured insured Insured insured Banks with branches or additional offices 3 1,268 298 204 628 36 62 40 O In u t h s e id ad e h of e f a ic d e o c ff i i t c y e o c n i l t y y but not beyond head office county. . 3 5 8 6 6 6 13 7 7 9 1 5 1 8 0 39 5 7 2 1 5 8 60 2 1 2 4 Outside head office county but hot beyond contiguous counties 228 31 22 158 11 4 In counties not contiguous to head office county 62 29 12 19 2 At military reservations only 26 22 2 2 Branches and additional offices 4,531 1,965 1,232 1,084 68 132 50 In head office city 1,983 812 853 146 20 121 31 Outside head office city: In head office county 1,109 230 206 629 26 14 In contiguous counties 593 212 107 243 19 5 In noncontiguous counties 776 659 53 61 3 At military reservations 70 52 13 5 For footnotes, see opposite page. 735 JUNE 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PAGE International capital transactions of the United States. . 738-743 Gold production 743 Reported gold reserves of central banks and governments. 744 Gold movements; gold stock of the United States. 745 International Monetary Fund and Bank. 746 Central banks 746-750 Money rates in foreign countries. 751 Commercial banks 752 Foreign exchange rates. . 753 Price movements: Wholesale prices . 754 Retail food prices and cost of living. . 755 Security prices . 755 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. JUNE 1949 737 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 From th r J o a u n g . h 2 — , 1935, Total To I t n a c l reas f e u n i O d n s f f f o i i c r n i e a i U l g n i . S b . ank O in t g her f i t I u n e n i b n s r n c n a t d r i n a e s t U u k t a i o s t . i o i n e f o S n g i n i a . n n s l - D b i a n f a e b u n c U r n r k o e d . i a a n s S d s g . e s o e F R f c f u o u e n r U r t e d u i i t . s g r i n e S 2 n s . : s D I e n f f c o o u f u l m r n o e r d w e i ig t s s i n t e o 2 i s c f : b I b n r a o fl l k o a e n w r c a e g i s n e 1935—Dec. (Tan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—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—Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 31 3 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec. 31 8,335.2 4,120.3 1,121.8 2,998.5 2,242.0 186.5 1,276.9 367.0 142 .4 1948—Apr. 30 7,962.0 4,250.1 1,281.8 2,968.3 1,955.2 34.0 1,304.3 272.4 146.1 May 31 7,870.0 4,285.9 1,299.0 2,986.9 1,935.1 -15.3 1,304.0 213.6 146.8 June 30 7,948.1 4,351.9 1,352.3 2,999.6 1,907.7 35.7 1,306.7 203.9 142.2 July 31 8,045.7 4,432.9 1,389.3 3,043.6 1,909.1 68.6 1,311.9 189.7 133.5 Aug. 31 7,931.9 4,522.1 1,513.9 3,008.2 1,898.9 54.0 1,161.2 166.2 129.6 Sept. 30 7,984.0 4,570.3 1,547.6 3,022.7 1,895.1 68.7 1,167.5 157.9 124.5 Oct. 31 8,075.6 4,651.7 1,685.0 2,966.7 1,899.5 69.6 1,170.7 162.6 121.5 Nov. 30 8,251.2 4,782.3 1,796.9 2,985.4 1,880.6 103.8 1,178.0 181.8 124.6 Dec. 31 8,560.6 5,119.5 2,126.0 2,993.6 1,844.3 116.8 1,182.1 174.8 123.1 1949—Jan. 31 8,653.0 5,220.2 2,221.2 2,999.0 1,914.2 139.3 1,186.9 72.2 120.3 Feb. 28P 8,699 .0 5,292.6 2,289.2 3,003.4 1,892.1 128.4 1,188.2 79.8 118.0 Mar. 31P 8,651.2 5,216.9 2,221.7 2,995.2 1,897.3 150.1 1,176.8 87.6 122.6 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J ro a u n g . h 2 — , 1935, s ti t I o i n t n u te a ti r l o n i n n a s - - Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5i 464.2 539.7 722.3 106.5 1,311. 4,037.0 1,395.7 1,338.4 1,784.1 247.5 1946—Dec. 31 453. 7,555.7 563.1| 384.8 326.4 766.1 287.5 1,246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31 2,067.3 r6,267.9 437.0 234.3 213.8 839.3 150.1 1,100.6 2,975.1 688.6 1,383.4 975.8 '244.9 1948—Apr. 30 1,780.4 r6,181.6 488.8 97.9 150.0 850.6 205.8 1,072. 2,865.8 838.4 1,360.8 892.1 '224.5 May 31 1,760.6 '6,109.4 449.9 64.8 125.2 860.9 216.6 1,066.7 2,784.2 878.7 1,329.5 893.6 '223.5 June 30 1,738.3 '6,209.9 558.0 59.5 120.1 858.3 210.2 1,005.5 2,811.6 911.2 1,384.0 897.5 '205.6 July 31 1,739.7 '•6,306.0 489.4 51.6 102.1 863.4 238.7 1,006.7 2,751.8 938.2 1,381.1 1,009.8 '225.1 Aug. 31 1,729.5 '6,202.4 486.8 56.6 92.8 853.1 270.0 977.4 2,736.8 816.3 1,420.5 997.9 '230.8 Sept. 30 1,725.8 '6,258.2 462.5 44.9 86.6 829.9 307.1 1,008.1 2,739.1 849.3 1,441.0 999.0 '229.8 Oct. 31 1,732.2 ,343.4 479.5 51.3 76.0 823.8 316.4 1,021.4 2,768.3 868.0 1,464.2 1,001.8 '241.1 Nov. 30 1,713.3 ,537. 500.9 57.7 88.2 818.5 330.3 1,089.0 2,884.5 930.3 1,448.5 1,044.1 '230.5 Dec. 31 1,677.1 '•6,883.4 659.7 74.2 103.0 846.0 335.9 1,122.2 3,141.1 947.3 1,503.6 1,056.7 '234.9 1949—Jan. 31 1,672.5 '6,980.5 682.4 58.6 127.6 871.2 383.7 1,145.8 3,269.3 970.0 1,524.0 990.6 '226.7 Feb. 28P 1,650.5 '7,048.5 668.0 56.7 123.3 859.9 404.7 1,192. 3,305.4 1,000.1 1,548.4 958.2 '236.3 Mar. 31P 1,639.7 7,011.6 618.2 61.4 128.8 878.9 388.9 1,173.4 3,249.5 1,011.4 1,510.8 986.5 253.4 P Preliminary. r Revised to exclude international institutions, now shown separately. 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 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 3 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. 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 September 1945, pp. 960-974. For revision of earlier figures to include movement in official Philippine accounts held with U. S. Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, By Countries" 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. 578-591, and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971. 738 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES 1 Inter- From th Ja ro n u . g 2 h , — 1935, n t a u in t t i i s o o ti n n - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31 2,979.6| 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec 31 3,465.5 493.3 394.5 170 0 166 .3 —6 2 479.8 1,697.5 399.5 482 .8 743 .9 141.9 1943—Dec. 31 4,644.8 939.4 404!1 176*7 192.7 -6^9 565.3 2^271*2 704.7 578 .*7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611 .2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31 453'8 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 2,242.0 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—Apr. 30 1,955.2 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 1,935 1 4,285 9 279 4 82 6 93 6 515 8 195 5 568.0 1,734.9 462 .61,085 5 809 6 193 3 June 30 1,907.7 4,351.9 384.4 87.0 96.3 527.1 192.4 498.4 1.785!? 483 ! 6l,104!(J 804 !l 174!5 Julv 31 1,909.1 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 • 1,898.9 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 1,895.1 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 , 1,899 .5 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 1,880.6 4,782.31 318.9 93.8 95.3 509.2 310.4 551.9 1,879.6 657.1 1,106.2 940.8 198.6 Dec. 31 1,844.3 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—Tan. 31 1,914.2 5,220.2 506.8 89.8 112.1 546.9 364.4 594.0 2,214.0 727.8 1,173.9 913.7 190.8 Feb. 28P 1,892.1 5,292.6 509.2 87.7 103.8 534.4 387.7 636.4 2,259.1 755.0 1,198.1 883.3 197.2 Mar. 31 P 1,897.3 5,216.9 451.1 90.0 108.8 551.4 376.0 604.0 2,181.3 762.2 1,148.2 911.3 213.9 TABLE 4—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES United Neth- Switz- From Jan. 2, 1935, through— Total K d i o n m g- France la e n r- ds la e n r- d 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. 31 791.3 271.2 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 !l 55! 7 102! 7 7!5 1944—Dec. 31 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31 . . . 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31... 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—Dec. 31. .. 186.5 262.8 55.7 -30.5 1.1 5.5 190.9 485.5 65.4 -346.3 2.0 -20.1 1948—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 Tune 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. 31 139.3 267.7 -36.9 -12.7 1.3 7.0 207.8 434.2 52.2 -338.7 .8 -9.1 Feb 28? 128 4 249 7 —37.1 — 7.0 1.7 4.7 212.1 424.1 53.5 —341.9 — .8 —6 5 Mar. 31* 150.1 257.5 -36.7 -6.5 .3 .4 224.0 439.1 53.3 -334.9 -.9 -6.5 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From th r J o a u n gh . 2 — , 1935, n t a u in t t i i s o o ti n n - a s l 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 er n it - 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 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 —249.3 rl,526.2 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 ••28.4 1948—Apr. 30 -249.3 '1,553.6 90.7 45.2 -6.2 3.7 26.5 278.4 438.2 467.0 552.9 62.1 ••33.5 May 31 —249 3 '•1,553 3 89 0 44.4 -6 6 -4.8 26.5 278 3 426.8 469.9 559.6 62.2 r34.7 June 30 —249.3 rl, 556.0 87.7 43.5 —6.7 -8.6 26.5 281.4 423.8 472.7 561.9 62.3 •"35.2 July 31 —249 3 '1,561 2 87 5 43 3 -8 1 -10.7 26 5 282 2 420 6 477.4 565 2 62.4 ••35.5 Aug 31 ... —249 3 rl,410.5 87.3 43.2 —8.7 -13.9 26.5 282.8 417.3 327.7 567.3 62.5 '35.8 Sept. 30 -249.3 1,416.8 86.5 43.2 —8.8 -15.2 26.6 283.3 415.6 331.8 570.7 62.6 '36.2 Oct. 31 -249.3 '1,420.0 86.0 43.0 -8.6 -16.3 26.5 283.8 414.5 334.6 571.8 62.6 '36.5 Nov. 30 —249 3 rl,427.3 85.6 43.1 -8.7 -17.4 26.5 284.4 413.6 338.8 575.4 63.0 '36.6 Dec. 31 -249.3 rl,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 '36.9 1945)—jan 31 — 249 3 rl 436 1 84 8 42 8 -9 3 -18 7 26 6 288.1 414.3 341.5 580.0 63.2 '37.1 Feb 28P —249 3 '1,437.5 82.5 42.9 -9.4 -17.9 26.6 289.0 413.8 341 .6 581.5 63.2 '37.4 Mar 31P -265.3 1,442.0 82.0 42.9 -9.0 -17.0 26.7 289.5 415.0 342.6 583.4 63.3 37.8 Preliminary. * Revised to exclude international institutions, now shown separately. JUNE 1949 739 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 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) Inter- From t h J r a o n u . g 2 h— , 1935, n t a u in t t i i s o o t n i n - a s l 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 it - d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 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 }943—Dec. 31 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec 31 911.8 —125.4 77.3 239.0 368.5 1.9 72 4 633 7 —28 1 54 9 240 5 10 7 1945—Dec 31 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec 31 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec. 31 74 5 r292 4 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28 3 II 0 194g—Apr. 30 74.5 r 197 9 -203.6 -24.5 78.0 330.4 -16.2 43.5 207.7 —142.0 90.6 31.0 10.6 May 31 74.8 138.8 -202.9 -37.0 66.5 304.2 —15.2 45.4 161.0 -142.1 83.9 30.1 '5.8 June 30 79 8 r124.1 -202.3 -41.3 58.8 297.3 -15.1 44.2 141.6 -132.6 81.7 27.9 r5 5 July 31 79.9 -197.0 -46.9 45.7 298.2 -15.1 43.7 128.5 -137.1 83.1 29.2 '6.1 Aug. 31 79 9 r86.3 — 196.2-48.0 41.2 294.8 -15.3 44.3 120.8 — 147.2 82.4 24 1 r6 2 Sept. 30 79.9 '77.9 -196.3 -49.7 38.3 295.9 -15.6 44.7 117.4 -147.4 84.7 17.1 Oct 31 82 0 ^80 6 — 195.5—51.2 34.5 300.2 -15 3 44.7 117.5 — 142.6 83.3 15 9 r6 5 Nov. 30 82.0 '99.8 -194.1 -51.0 32.4 312.2 -15.3 45.1 129.3 -137.2 89.7 11.3 r6 6 Dec 31 82 1 r92 7 — 194.7-58 1 29 5 311 0 -15 0 45 7 118 4 — 132 3 94 4 5 1 r7 2 1949— F j e an b . 3 2 i 8P 7 7 .6 6 r ' 6 7 4 2 .1 6 - - 1 1 9 9 4 0 . . 0 4 - - 5 5 3 3 . . 8 3 2 2 7 6 . . 8 5 3 3 1 1 4 7 . . 9 8 - - 1 1 4 4 . . 7 7 4 4 5 4 . . 3 7 1 1 2 3 5 0 . . 5 5 - -1 1 6 7 8 1 . . 7 0 9 9 7 7 . . 1 5 5 5 .4 7 r r 7 7 A 3 Mar 31P 7.6 80.0 -189.8 -51.6 25.4 320.9 -14.7 44.6 134.9 -165.8 98.7 4.9 7.3 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104 4 17.4 20.7 17.5 13.7 .2 8 5 78 1 15.2 4 2 6 0 .9 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—Apr. 30 146.1 18.4 19.2 11.7 43.4 .7 13.1 106.4 19.1 11.7 7.6 1.1 May 31 146 8 17.6 18.4 12.3 43.6 .4 12.0 104.3 20.2 14.1 7.6 .6 June 30 142.2 17.8 18.3 12.4 40.8 .4 11.1 100.8 20.6 12.6 7.6 .6 July 31 133.5 17.5 18.2 10.9 39.9 .5 11.4 98.3 20.2 7.7 6.8 .5 Aug 31 129.6 16.7 17.6 10.9 35.6 .4 11.4 92.6 19.3 10.0 7.3 .5 Sept. 30 124.5 16.5 17.2 9.6 33.6 .5 11.6 89.1 19.6 8.3 7.0 .5 Oct. 31 121.5 16.6 17.0 10.0 27.0 .5 11.4 82.6 18.4 13.0 6.9 .6 Nov. 30 124 6 16 8 16.6 9.5 24 6 .5 10.9 78.9 18.6 19.7 7.0 .4 Dec 31 123.1 17.0 16.7 9.3 27.5 .4 11.0 81.9 19.6 14.0 7.0 .6 I949—jan# 31 120.3 17 0 16 8 9.8 26 8 .4 10 5 81.3 19 6 11.7 7 2 5 Feb. 28*> 118.0 17.1 16.5 9.5 23.8 .4 10.6 77.9 18.8 13.3 7.2 .7 Mar. 31 P . U22.6 17.3 16.8 10.1 23.3 .5 11.2 79.3 19.2 15.4 7.8 8 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total "oreign In- countries 2 Date t t i e i n o r s n n t a i a - l - Official U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - 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 2,584.5 812.6 693.7 1,108.8 175.3 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209 7 239 3 27 3 774 5 2,517.8 926 5 909 31,069.2 174 0 1945—Dec. 31... 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522.2 1,046.4 1,549.7 181.8 1946—Dec. 31... ' '*473!7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.8 1,316.4 232.8 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—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 1,202.7 1,095.2 161.1 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 1,226.2 1,074.8 168.3 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 1,224.3 1,105.0 165.1 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 1,261.2 1,085.2 176.6 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 1,227.7 1,121.5 167.4 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 1,287.0 1,151.8 167.4 1949—Jan. 31... 1,934.1 5,954.3 2,931.5 568.2 169.9 128.7 560.5 384.7 757.3 2,569.3 835.7 1,295.4 1,094.4 159.6 Feb. 28P.. 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 1,319.6 1,063.9 166.0 Mar. 31 P.. 1,917.2 5,951.1 2,932.0 512.5 170.1 125.4 565.0 396.3 767.3 2,536.6 870.1 1,269.7 1,091.9 182.8 v Preliminary. r Revised to exclude international institutions, now shown separately. 1 Amounts outstanding Mar. 31 (in millions of dollars): foreign brokerage balances in U. S., 69.1; U. S. brokerage balances abroad. 23.4. 2 Country breakdown is for "Official and private." 740 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—Co»**Vwerf [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe 1 Date E O ur th o e p r e g B iu e m l- m D a en rk - l F a i n n d - m G a e n r y - 2 Greece L b u o x u e r m g - N w o a r y - Po g r a t l u- m R a u n - ia Spain Sweden USSRY sl u a g v o ia - o A th l e l r 1942—Dec. 31... 650.9 121.8 17.7 7.9 7.5 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec. 31. . . 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31. .. 774.5 124.3 14.8 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec. 31. .. 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43.7 1946—Dec. 31. .. 850.5 159.5 66.5 22.2 7.1 49.3 22.6 123.5 39.0 8.9 16.4 172.6 60.5 12.4 89.9 1947—Dec. 31. . . 739.8 124.9 52.8 30.5 89.5 34.7 21.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 116.5 1948—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—Jan. 31. . . 757.3 129.0 48.8 17.2 186.2 23.7 14.1 77.5 42.4 6.2 15.5 53.1 22.7 14.9 106.0 Feb. 28*... 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 Mar. 31 P .. 767.3 142.4 46.8 16.0 190.8 28.7 12.8 83.1 39.5 5.9 14.9 51.9 14.0 11.9 108.6 Latin America 1 Neth- French er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - C R o ic st a a Cuba I W G n a d n u e i d i s e - t s M ic e o x- I l W n a a d n n e i d d s e s t s P m an a a- Peru V zu e e n l e a - O A La t m h ti e e n r r ana Suri- ica nam 1942—Dec.31. .. 597.7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95. 7 20.7 36.9 17.7 20.9 64 2 1943—Dec.31. .. 693.7 69.8 12.6 98.7 54.0 67. 1 12 2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95 4 1944—Dec.31. .. 909.3 93.9 17.7 140.8 55.0 83.6 7 4 139.3 4.4 83. 1 36.0 69.1 27.7 31.5 119 8 1945—Dec.31. .. 1,046.4 77.3 14.5 195.1 66.3 79.2 6 9 128.3 7.1 116.4 28.2 88.7 43.9 49.7 144 8 1946—Dec.31. .. 1,104.8 112.6 14.0 174.0 50.7 57.8 7 7 153.5 5.4 152.2 16.1 77.2 40.9 74.0 168 7 1947—Dec 31... 1,216.6 236.2 17.8 104.7 46.3 46. 1 7 3 234.7 2.4 139.2 14.9 70.3 41.8 78.0 176 8 1948—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. .. 1,295.4 225.7 16.4 120.1 54.5 55 5 9 7 218.8 .9 142 9 24.8 72.2 51.0 122.4 180 6 Feb. 28P... 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 Mar.31... 1,269. 224 .7 15.0 99.0 52.0 42 4 10 3 224 .3 .7 143 2 23.9 78.8 46.0 114.6 194.6 Asia and All Other i Egypt Date Asia C M c a h r h n i i a u n a 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 i a s y r a h i a t - - Japan I n n e d si o a - i p P p R u h p b e i i - l l n - i e c T k u ey r-O A th si e a r 3 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 S E t a n u i g n a g d y d n l a p o n - -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 1942—Dec. 31. . . 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31... 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31. . . 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1 19 9 4 4 6 5 — — D D eecc#. 3 3 1 1 . . . . . . 1 1 , , 5 3 4 1 9 6 . . 6 4 5 43 8 1 2 . . 9 3 3 2 9 8 . . 9 0 2 44 7 . . 9 4 3 4 3 3 . . 4 5 1 1 7 . . 2 3 1 4 6 . . 1 6 1 1 2 13 7 . . 7 1 6 4 2 4 9 6. . 6 15 54 2 . . 7 5 9 7 3 8 . . 8 0 2 1 3 8 2 1 . . 8 8 4 2 5 8 . . 5 9 4 8. . 0 3 2 1 0 8 . . 8 9 1 1 4 0 . . 9 0 4 6 7 . . 4 2 1 9 1 6 3 . . 4 4 1947—Dec. 31... 1,057.9 229.9 6.5 39.8 62.4 11.0 31.3 69.3 488.637.6 81.5 193.7 30.6 5.9 25.0 10.1 46.4 75.8 1948—Apr. 30... 964.4 150.2 4.8 37.6 41.9 12.3 76.3 51.8 474.225.7 89.6 159.5 19.7 4.6 31.3 8.2 21.0 74.7 May 31. .. 990.2 156.4 5.4 46.1 56.0 10.6 82.4 49.0 474.823.5 85.9 162.1 21.0 5.0 29.2 8.5 26.6 71.9 June 30... 984.7 142.8 5.2 48.1 73.4 9.6 79.1 34.7 464.623.1 104.3 143.3 18.7 3.6 27.3 8.9 9.3 75.S July 31. .. 1,095.2 158.2 5.3 49.7 63.5 15.6 79.2 32.9 517.421.1 152.3 161.1 23.8 3.7 33.2 10.9 15.7 73.7 Aug. 31... 1,074.8 146.4 5.9 47.2 50.6 14.7 76.8 36.7 521.722.4 152.5 168.3 22.0 5.5 42.6 11.1 12.4 74.6 Sept. 30... 1,105.0 181.7 5.3 49.0 44.8 15.8 74.2 51.9 496.124.4 161.9 165.1 18.7 6.9 36.3 11.0 8.6 83.5 Oct. 31... 1,085.2 154.6 6.4 43.3 40.9 13.9 76.8 54.0 508.4 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... 1,094.4 190.1 8.2 57.3 42.4 11.4 91.6 41.0 450.4 18.7183.4 159.6 17.5 4.3 24.2 11.5 12.6 89.4 Feb. 28P. . 1,063.9 182.9 8.2 52.7 42.9 10.1 115.6 38.2 401.7 19.4192.1 166.0 17.5 4.7 25.5 11.2 12.3 94.8 Mar. 31P. . 1,091.9 179.2 8.4 53.3 52.0 10.5 128.7 34.8 414.120.6 190.4 182.8 17.2 4.7 37.0 11.1 20.2 92.6 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 3 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. JUNE 1949 741 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 [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a er n i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e i r n - Asia ot A h l e l r 1941—Dec. 31 367.8 20.9 1.8 1.1 2.6 1.5 60.5 88.4 33.6 148 3 87 9 9.7 1942—Dec 31 246.7 12.6 1.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31 . 257.9 19.9 1.1 .4 3.0 .4 52.9 77 6 37.8 112 2 26 3 3 9 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51 4 11.7 1945—Dec 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226 8 99 2 17.2 1947—Dec 31 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—Apr 30 . . 1,101.5 23.5 116.0 60.2 6 2 15 9 148.1 369 9 27 7 559 6 121 5 22 8 May 31 1,150.8 25.3 122.7 59.2 6.0 17.2 146.7 377.0 24.9 581 7 145 0 22.3 June 30 1,099.8 21.6 127.0 59.3 6.5 20.6 139.4 374.4 26.0 544.2 133.5 21.7 July 31 1,066.9 21.7 124.9 58.9 7.0 16.5 136.9 365 9 23 9 524 1 132 3 20 6 Aug 31 1,081.5 23.6 123.1 75.3 7.5 19.1 154.8 403.3 24.7 511.9 119.1 22.5 Sept 30 1,066.8 20.9 124.3 69.5 7.6 16.3 147.3 385" 9 25 6 493 4 141 0 20 8 Oct 31 1,065.9 20.9 123.0 69.8 7.4 17.0 148.3 386.2 29.3 511.5 117.3 21.6 Nov 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. 3 1. ., ... 996.1 24.3 116.0 31.4 6.8 19.6 102 0 300 0 40 7 506 7 128 3 20 5 Feb. 28P 1,007.1 42.3 116.1 25.7 6.4 21.9 97.6 310.0 39.4 509.9 129.9 17.9 Mar 31 P 985.4 34.5 115.8 25.1 7.8 26.1 85.8 295.0 39.6 502.9 129.9 17.9 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe1 Date E O ur th o e p r e g B iu e m l- m D a en rk - l F a i n n d - m G a e n r- y Greece L b u o x u e r m g - N w o a r y - t P u o g r a - l Ru- Spain S d w e e n - USSR Y sla u v g i o a - ot A h l e l r 1942—Dec. 31. 56.3 .8 34.0 1.1 .2 2.4 3.2 .4 8.4 1943—Dec. 31. 52.9 .7 33.9 .6 .2 1.4 3.2 .2 5.0 1944— Dec. 31. 78.3 .7 33.9 .6 35.1 .8 1.8 .2 5.1 1945—Dec. 31. 74.6 .6 33.9 .7 31.6 .5 1.6 .9 4.7 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 30.5 10.6 9.2 .1 .9 5.4 35.8 1948—Apr. 30. 148.1 '20.7 30.4 7.2 8 12.1 .4 (*) 4.6 2.8 8 52.9 May 31. 146.7 18.8 30.3 6.8 11.5 .1 5.5 4.1 54.3 June 30. 139.4 18.6 30.4 4.7 8 11.6 .0 3.3 5.2 55.3 July 31. 136.9 18.5 30.4 4.6 12.7 .9 2.5 7.2 8 54.1 Aug. 31. 154.8 20.0 30.4 4.1 17.2 .8 3.3 5.2 ( 8 ) 51.2 Sept. 30. 147.3 17.7 29.5 3.3 24.2 .7 3 5.4 2.3 (*) 48.1 Oct. 31. 148.3 21.0 33.6 3.6 27.3 .7 5.5 1.6 39.1 Nov. 30. 124.9 21.3 30.4 3.5 8' 14.9 .5 8 2.7 .0 38.5 1949— D Ja e n c . . 3 31 1 . . 1 1 0 0 6 2 . . 3 0 2 2 0 1 . . 4 4 3 2 0 9 . . 5 6 1. . 2 9 1 8 4 . . 4 8 . . 7 7 ( ( *2) ) 2 1 . . 9 2 . . 4 5 8 ( 2 ) 2 29 7 . . 7 4 M Fe a b r . . 2 3 8 1P P , 9 8 7 5 . . 6 8 1 1 8 8 . . 6 3 2 2 9 9 . . 5 8 . . 8 9 1 8 4 . . 7 9 . . 6 6 1 1 . . 8 6 . . 4 5 ( ( *2) ) 2 1 4 9 . . 3 7 Latin America 1 French Nether- Date A L m i a c t a e i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - C R o i s c t a a Cuba I W G n a a n d n u e d a i i s e - t s Mexico I l W S n a a u n n d e r d d i s e i s t - s P m an a a- Peru V zu e e n l e a - O A L i m a t c h t a e i e n r r nam 1942—Dec 31 99 7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2 8 3.9 14.2 1943—Dec. 3i 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 1 1 9 9 4 4 5 4 — — D D e e c c . 3 3 1 1 1 1 3 5 1 8 . . 0 9 2 3 1 . . 1 0 1 1 . . 8 3 2 2 5 4. . 7 3 9 6 . . 0 6 1 1 5 6 . . 5 8 1 1 . . 2 2 3 4 3 7 . . 3 4 (a) 1 8 1 . . 6 0 . . 3 5 1. . 1 8 1 1 . . 2 9 6 5 . . 1 1 3 1 3 1 . . 4 7 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 (8) 52.2 1.1 4.7 4.3 15.3 31.0 1948—Apr 30 . 559 6 50.5 2.2 194.5 21.9 50.5 3.1 124.1 .1 58.3 1-3 4.2 3 8 17.0 28.1 May 31 581.7 52.6 3.1 209.7 20.4 47.9 2.9 110.1 (8) 75.8 4 4.4 4.0 19.3 30.1 June 30 544 2 58.7 2.5 187.6 21.6 48.0 2.2 90.5 (2) 73 4 4.4 4 1 19 9 29 9 J A S u e u p l g y t . 3 3 3 1 1 0 .... 5 5 49 1 2 3 4 1 . . 1 9 4 6 6 6 2 2 1 . . . 2 2 0 3 3 2 . . . 6 5 0 1 1 1 7 7 7 8 9 3 . . . 1 7 3 1 1 1 8 7 9 . . . 7 5 1 4 4 4 2 5 0. . . 2 5 6 1 1 1 . . . 8 5 3 6 6 7 1 7 8. . . 7 4 6 ( ( ( 2 2 2 ) ) ) 7 7 7 2 6 2 . . . 1 3 4 1 6 4 ? 3 4 4 . . 6 2 1 3 3 4 . . 5 2 9 2 2 1 0 0 8 . . . 7 8 8 3 3 3 2 3 3 .8 2 0 Oct 31 511.5 63.8 2.9 175.0 21.0 39.8 1.1 65.5 (2) 76.6 4.0 4.2 20.8 35.5 1949— D F N j e a e o n b c > v . . 3 2 3 3 1 8 1 0 P 5 5 5 5 0 0 1 1 6 9 6 0 . . . . 7 9 6 4 6 6 6 7 5 7 6 2 . . . . 7 1 8 4 2 2 2 2 . . . . 9 7 4 2 1 1 1 17 7 7 6 8 9 1 5 . . . . 7 8 4 4 1 1 1 1 5 5 6 8 . . . . 2 6 4 8 3 3 3 2 1 2 9 3 . . . . 2 5 7 6 2 2 1 1 . . . . 3 9 1 5 8 8 8 7 1 3 4 2 . . . . 8 1 0 5 ( ( ( ( 2 2 2 2 ) ) ) ) 6 7 7 7 6 0 3 0 . . . . 8 5 8 4 4 0 ? 5 3 4 4 4 . . . . 3 9 6 4 4 4 5 4 . . . . 9 4 2 1 2 2 2 1 3 4 6 8 . . . . 4 4 0 2 3 2 3 2 9 2 7 9 . . 1 9 4 7 Mar. 31P 502.9 62.3 2.6 166.9 15.2 30.0 2.8 84.9 (2) 73.4 1.2 4.4 5.7 23.8 29.6 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Less than $50,000. 742 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 [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Asia and All Other1 Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d n in o c a - h H Ko o n n g g India B l M a is r y a h i a t - - Japan I n n e d si o a - i p p P u R p h b i e i n l - l i - e c T k u e r y -O A th si e a r 2ot A h l e l r A t l r u ia a s - - l N Z a e e n a w d -A E E t a n g i g n a g y y d n l p p o t - -F r r M o e c n o c c - o h A U So f n o r u i i f c o th a n Other Sudan 1942—Dec. 31 35.3 11.1 .9 2.2 .7 .5 1.6 14 4 1 8 2.0 4.8 1 0 7 .1 1.7 1.2 1943—Dec. 31 26.3 1.7 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 .2 .1 2.4 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 19 9 4 4 6 5 — — D D e ec c < . 3 3 i 1 2 99 9 . . 2 9 53 1. .9 0 (3) 5. . 9 8 1 7 2 . . 5 0 . . 1 2 . . 5 2 1 1 . . 4 0 2 1 0 3 . . 2 8 2 1 . . 0 4 2 4 .7 4 1 9 7 . . 9 2 3 1 . . 4 7 1 .7 1 . . 4 3 .1 1 4 0 . . 7 1 2 2 . . 5 2 1947—Dec# 31 127.0 40.8 .3 2.6 29.6 .9 .9 .5 27.4 17.7 6.3 31.5 9.0 1.5 .1 .5 14.4 6.0 194g—Apr. 30 121.5 36.4 .2 3.5 26.1 .6 4.0 .5 33.7 7.3 9.3 22.8 4.3 .7 .2 .3 11.7 5.6 May 31 145.0 51.7 .6 4.5 24.3 1 5 4.2 .6 42 7 6 1 8.7 22.3 3.4 .6 .2 .2 11.8 6.1 June 30 133.5 55.5 .6 4.6 28.1 1.1 1.1 .7 31.7 2.0 8.0 21.7 2.2 .7 .1 .2 12.0 6.5 July 31 132.3 56.7 .4 3.5 22.2 1 0 1.5 .9 32 4 ? S 11.3 20 6 2.2 .6 .5 .2 11.1 6.0 Aug. 31 .... 119.1 46.2 .2 3.9 20.2 .8 2.0 A 33.2 2.0 10.3 22.5 3.6 .7 2.2 .2 9.9 5.9 Sept. 30 141.0 65.5 .1 3.5 19.5 1.0 7.6 .5 29.5 1.8 11.9 20.8 3.8 1.1 .2 .1 9.7 5.9 Oct. 31 117.3 39.0 .1 3.1 20.0 A 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 3.5 20.2 .5 7.8 .4 36.3 1.7 11.1 23.1 3.5 .6 .2 .3 11.7 6.8 1949— D ja e n c > . 3 3 i 1 1 1 2 1 8 8. . 8 3 2 2 2 4 . . 7 2 . . 1 5 3 5. . 2 4 2 2 0 1 . . 4 3 A .6 2 1 2 5 . . 9 9 3 1 . . 2 9 3 3 3 7 . . 8 3 1 1 . . 4 4 1 16 3 . . 7 8 2 1 0 9 . . 5 7 4 5 . . 7 4 1.1 . . 5 4 . . 2 2 7 6 . . 9 4 6 6. . 9 1 Feb. 28? 129.9 21.6 .2 3 7 20.9 .9 26 7 1.1 34 0 1 6 19 1 17.9 5 2 s A .4 5.2 6.3 Mar. 31? 129.9 19.7 .4 4.2 20.5 .6 32.3 1.1 32.8 1.1 17.2 17.9 5.7 .6 .3 .2 4.0 6.9 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. 1 Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated world Africa North and South America Other Year or production Total month U o . u S t . s S i . d R e .1 r m e o p n o t r h te l d y A So fr u ic th a d R e h s o ia - A W fri e c s a t * B Co el n g g i o an 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - ' Au l s ia tra- India' $1=15«/M grains of gold 9110 fint; *. e., a*t ounce ojr fine gola^$35. 1941 1 265 6 1,110.4 504.3 27.8 32 A 19.6 209.2 187.1 28.0 23.0 9.3 7 5 52.4 10.0 1942 1,130.1 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8.6 40.4 9.1 1943 880.5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 794.1 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7.9 23.0 6.6 1945 745.4 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 762.2 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5 9 7 4 32 8 6 1 1948 405.5 18.0 23.4 11.1 73.5 123.5 11 7 5 7 7 8 31 1 6.5 1948—Mar 60.9 34.4 1.4 1.8 .9 6.4 10.1 1.2 .8 .5 .6 2.3 .5 A M p a r y 5 61 9 . . 2 6 3 3 4 4 . . 2 4 1 1 . . 5 5 1 1 .9 9 . . 9 9 5 6 . . 6 1 1 1 0 0 .0 0 1. . 3 9 . . 7 9 .6 5 .6 7 2 2 .4 2 .5 5 J J u u l n y e 6 6 0 4 . . 2 6 3 3 3 4 . . 9 5 1 1 . . 5 6 2 1 . . 0 9 1. . 0 9 6 5 . . 2 7 1 10 0 .4 2 2. . 3 9 1. . 2 7 .4 5 .6 6 3 2 .8 8 .7 5 A Se u p g t 6 6 1 2 .4 8 3 33 3 . . 7 3 1 1. . 5 4 2 2 .0 1 1.0 9 7 7. . 7 4 1 10 0 .7 3 1 .6 l 1 1 .0 0 .4 4 .7 2 2 .6 5 .6 6 Oct. 61.3 33.4 1.6 2.0 .9 6.5 10.7 .4 1.0 .9 .77 2.6 .6 Nov 33.2 1.5 2.1 .9 5.3 10 9 1 2 5 6 2 7 6 Dec 33.1 1.6 2.0 .9 5.0 11.4 .8 A .6 2 8 .6 I949,— F j e an b 3 31 2 .9 0 1.5 2 2 . .0 0 1 1 . . 1 0 3 3. . 9 9 1 1 0 0 . . 8 8 1.1 6 7 .5 6 Mar 34 6 2.0 1.1 5.5 6 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934. 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Estimates of United States Bureau of Mines. 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. * Includes Philippine production received in United States through 1945. Annual figures through 1947 are estimates of United States Mint. Figures for 1948 and 1949 are estimates of American Bureau of Metal Statistics. * Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 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. JUNE 1949 743 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 T U u r n e ry a it s e - d S T t o a t t a es l] t g A i e n r n a - - 2 g B iu el m - Canada* Chile lo C m o b - ia Cuba C v z s a e l k o c - h ia o- m D a en rk - Egypt I France m G a e n r- y Greece 1942—Dec. 22,726 22,739 614 735 115 161 36 25 16 61 44 52 2,000 29 28 1943—Dec. !21,938 21,981 838 734 254 230 54 59 46 61 44 52 2,000 29 28 1944—Dec. 20,619 20,631 992 329 300 79 92 111 61 44 52 1,777 29 28 1945—Dec. 20,065 20,083 1,197 716' 354 361 82 127 191 61 38 52 1,090 1946—Dec. 20,529 20,706 1,072 735 354 543 65 145 226 61 38 53 796 1947—Dec, 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—May. 23,304 23,435 214 615 354 340 46 32 53 548 June. 23,532 23,741 202 622 354 350 46 P65 32 53 548 July. . 23,679 23,820 201 637 354 360 44 P63 32 53 548 Aug.. 23,725 23,927 196 643 354 368 44 32 53 548 Sept.. 23,872 24,060 166 643 317 378 44 289 32 53 548 Oct.. . 24,004 24,203 141 644 317 388 44 289 32 53 548 Nov.. 24,166 24,353 140 634 317 398 289 32 53 548 Dec.. 24,244 24,399 624 317 408 43 289 32 53 548 1949—Jan.. . 24,271 24,448 633 317 416 44 32 53 548 Feb... 24,290 24,464 635 317 415 44 32 53 548 Mar.. 24,314 24,468 641 317 415 44 32 548 Apr... 24,332 24,461 647 548 End of month H g u a n r - y India (P I e r r a si n a) Italy 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 S f o r u i t c h a Spain 1942—Dec... 24 274 34 141 39 506 23 25 203 634 42 1943—Dec... 24 274 92 118 203 500 23 31 260 706 91 1944—Dec... 24 274 128 24 222 500 23 32 267 814 105 1945—Dec... 274 131 24 294 270 23 80 28 269 914 110 1946—Dec... 24 274 127 28 5 201 181 265 23 91 24 245 939 111 1947—Dec... 34 274 127 58 5 180 100 231 23 72 20 193 P215 762 111 1948—May.. 34 274 127 58 183 23 66 20 179 216 388 111 June.. 34 274 127 58 71 183 23 66 20 176 217 373 111 July.. 34 264 127 58 43 183 23 66 174 338 111 Aug... 34 264 127 58 44 172 23 65 172 307 111 Sept.. 34 264 124 58 172 23 65 P20 169 269 111 Oct.. . 34 264 124 60 171 23 58 P20 167 234 111 Nov.. 34 261 124 70 170 23 52 P20 163 194 111 Dec.. 35 256 124 96 166 23 52 158 183 111 1949—Jan.. . 35 251 124 96 166 23 52 154 187 111 Feb... 35 247 96 166 23 52 150 182 111 Mar.. 35 247 178 166 23 52 146 166 Apr... 35 178 Inter- Switz- United 16 national Government gold reserves1 not included in End of month S d w e e n - la e n r- d6 T k u e r y - d K o i m ng 7 - g U u r a u y - V z e u n el e a - c o o th u e n r - M ta o r n y e- B.I.S. previous figures tries 8 Fund United 1 19 9 4 4 3 2 — — D D e e c c . . 3 3 3 8 5 7 6 9 8 6 24 5 1 16 1 1 4 1 8 2 9 1 6 8 8 9 ' 1 1 7 3 2 8 2 4 1 5 End of month K d i o n m g- France Belgium 1944—Dec... 463 1,158 221 157 130 '190 37 1945—Dec. 482 1,342 241 195 202 192 39 1946—Dec. 381 1,430 237 200 215 195 15 32 1947—Dec. 105 1,356 170 175 215 198 1,356 30 1942—Dec.. . . 17 1943—Dec 17 1948—May. 93 1,351 168 203 263 '204 1,363 32 1944—Dec 22,354 214 17 J J u u l n y e . ., . 8 8 5 1 1 1, , 3 3 2 4 2 5 1 1 6 6 4 4 2 1 0 9 3 8 3 2 0 6 4 3 ' '2 2 1 0 5 4 1 1, , 4 3 0 6 0 3 3 3 0 1 1945—Dec 22,341 457 17 Aug.. 81 1,332 161 187 304 '216 1,403 31 1946—June 2 2,196 Sept.. 81 1,371 160 181 304 '216 1,403 38 Dec 22,587 Oct.. . 80 1,372 160 172 304 '216 1,403 37 Nov.. 81 1,383 160 166 324 '215 1,410 44 1947—Mar 2 2,345 Dec... 81 1,387 162 164 323 '219 1,436 36 June.... 22,382 1949—Jan.. . 80 1,390 162 323 '222 1,436 36 Sept 22,341 F M e a b r . . . . . 8 8 0 0 1 1 , , 3 4 9 0 4 8 1 1 6 6 2 2 3 3 2 2 3 3 • 'P P 2 2 2 2 2 2 1 1 , , 4 4 3 3 6 6 4 4 1 9 Dec 22,035 Apr... 80 323 P222 1948—Mar. 2 2,200 June.... 21,886 P Preliminary. r Revised. Sept 21,733 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is Dec 2 1 822 not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Treasury statement "United States Money, Outstanding and in Circulation, by Kinds." 2 Estimated dollar values derived by converting gold at home in amounts up to 1,224.4 1 Reported at infrequent intervals or on demillion pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of layed basis: U. K.—Exchange Equalization 3.5447 pesos per U. S. dollar. Account; France—Exchange Stabilization Fund 4 3 T Fi o g t u al r e g s o a ld s h re o p ld o i r n t g ed s a b r y e n F o o t r e a i v g a n i l E ab x l c e h . ang B e e g C in o n n i t n ro g l A B p o r a il r d 1 9 a 4 n 6 d , t M he i n s i e s r t i e e r s i o s f n F ew in a a n n c d e . repre- and 2 G R ro e s n s t es o ff F ic u i n al d ; h B ol e d l i g n i g u s m — of Tr g e o a l s d u r a y. nd U. S. sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. dollars as reported by British Government; 5 Figures are for following dates: 1942—Jan. 31; 1946—Mar. 31; and 1947—Mar. 31. total British holdings (official and private) of 6 Beginning December 1943, includes gold holdings of Swiss Government. U. S. dollars, as reported by banks in the United 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British States, are shown in table on p. 740. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal 8 These countries are: Algeria, Belgian Congo, Bolivia, Bulgaria, Costa Rica, Dominican gold transfers affecting the British and French Republic, Ecuador, Eire, El Salvador, Ethiopia, Finland, Guatemala, Iceland, Nicaragua, institutions, see p. 746, footnote 4, and p. 747, Pakistan beginning July 1948, and Siam. Figures for certain of these countries have been footnote 6. For available back figures, see carried forward from last official reports. Banking and Monetary Statistics, p. 526, and NOTE.—For back figures, see Banking and Monetary Statistics, Table 160, pp. 544-555, BULLETIN for January 1949, p. 86; November and for a description of figures, including details regarding special internal gold transfers 1947, p. 1433; June 1947, p. 755; February affecting the reported data, see pp. 524-535 in the same publication. 1945, p. 190. 744 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g ed - g B iu e m l- France N la e e n r t d - h s - S d w en e- U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico j Nica- V zu e e n l e a - 1942. . . 315.7 2.0 208.9 .1 10.6 40.0 8.7 4.0 1943. . . 68.9 .1 66.9 -10.8 -3.3 7.5 2.2 1944. . . -845.4 -695.5 46.2 -50.3 -109.7 7.7 -55.3 1945. . . -106.3 .2 53.1 15.1 7.4 -56.1 1946. . . 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947.. . .,866.3 488.4 27.9 445.4 335.5 21.0 -7.1 7.6 1948. . . .,680.4 1,095.4 135.5 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1948—May. . 151.3 157.1 5.5 4.1 4.0 .2 .6 -30.1 June.. 177.7 177.8 -12.0 1.0 .2 .6 -30.0 July... 266.7 178.0 30.5 6.9 5.0 3.9 Aug.. . 39.1 4.4 .7 5.9 3.0 9.7 -40.0 Sept.. . 53.3 1.2 5.2 11.2 .7 23.7 2.0 .1 Oct... . 121.6 40.7 5.7 5.7 .3 20.5 2.0 .3 Nov.. . 54. 5.8 8.8 1.0 .3 -16.0 Dec.. . 8.0 60.9 .5 1.0 .3 -20.0 1949—Jan... . 66.2 20.3 .3 1.0 .4 -4.0 F M e a b r . . . . .. . 2 1 1 9 . . 5 8 . . 3 5 ' i.6 . . 3 4 Apr. P. 13.6 .4 3.0 .4 -.1 NET GOLD IMPORTS TO UNITED STATES ANALYSIS OF CHANGES IN GOLD STOCK OF BY COUNTRIES—Continued UNITED STATES [Net gold exports from United States (—). In millions of dollars [In millions of dollars] Gold valued at approximately $35 a fine ounce Gold stock at Earend ofperiod Increase Net marked Domes- Y m e o a n r th or R A e m O L p t a e u h r t b i i e n l c r i a c n s t A ra u l s i - a China P p p h u R i i b e n l l - i e i p c - A So fr u ic th a c o t o A r th i u e l e n l s r - Period T u re ry as- Total 1 in s g to o to l c d k tal g p e o o x ( l - d r p ) t o i o m rt r -go c c o l r r ( r d e e - : ) a a i n s s d e e - e- t p i t r c i o o d g n u o 2 l c d - 1 1 1 9 9 9 4 4 4 2 3 4 r— > 1 1 " 0 1 6 4 . . 3 8 6 . . 5 2 2 ' — "- 9 11 ^ 5 9 " .3 4 3 . . 1 3 6 r30 8 r. . 8 9 2 1 1 1 9 9 9 4 4 4 2 3 4 2 2 20 2 1 , , , 6 7 9 1 2 3 9 6 8 2 2 2 2 0 1 , , , 7 6 9 3 3 8 9 1 1 -1 - , 7 — 3 5 4 2 7 9 3 . . . 9 8 0 -8 3 4 6 1 5 8 5 . . . 4 7 9 - - — 8 4 4 0 5 5 3 9 8 . . . 6 8 4 1 4 3 2 5 8 5 . . . 8 3 4 1945 r7.0 .1 -134.0 .1 .4 r.5 1945 .... 20,065 20,083 —547.8 — 106.3 —356.7 32.0 1946 r-8.0 -55.8 -.2 118.6 n.3 1946 20,529 20,706 623.1 311.5 465.4 51.2 1947 r—17 1 1 -14.0 -3.5 410 7 '-18.6 1947 22,754 22,868 32,162.1 1,866.3 210.0 75.8 1948 '7.3 .6 -2.5 491.5 n-63.5 1948 24,244 24,399 1,530.4 1,680.4 -159.2 73.5 1948— J M u a n y e . . . . r\ 4 .1 -.2 -j 3 4 9 0. . 8 4 - - 1 1 . . 2 1 1948— J M u a n y e . . . . 2 23 3 , , 5 3 3 0 2 4 2 2 3 3 , ,4 7 3 4 5 1 3 1 0 2 6 8 . . 2 0 1 17 5 7 1 . . 7 3 - 8 2 1 . . 8 7 6 5 . . 1 7 July... r O i 40.5 -1.1 July... 23,679 23,820 78.8 266.7 -188.4 6.2 A O Se u c p g t t . . . . . . . . . . .1 - - - A . . 3 1 3 6 5 3 0 2 . . . 5 6 0 2 2 - - 2 - 6 6 5 .4 . . 6 0 A O Se u c p t g . t . . . . . . . . 2 2 2 3 3 4 , , , 8 7 0 7 2 0 2 5 4 2 2 2 3 4 4 , , , 9 0 2 2 6 0 7 0 3 1 1 1 0 4 3 3 7 3 . . . 2 0 4 1 3 5 2 9 3 1 . . . 1 3 6 9 5 8 9 1. . . 0 1 5 6 7 7 . . . 5 7 4 N D o ec v.. . - 6 i .1 4 5 7 7 . . 1 3 2 - - 3 4 .0 .2 N De o c v . .. . . . 2 2 4 4 , , 1 2 6 4 6 4 2 2 4 4 , , 3 3 9 5 9 3 1 4 4 6 9 . . 2 1 5 8 4 8 . . 2 0 -4 9 5 9 . . 9 7 5 5 . . 0 3 1949—Jan.... r 7 .4 46.7 -.2 1949—Jan... 24,271 24,448 49.5 66.2 -2.7 3.9 F A M e p a r b r . . . P . . . . . . r.6 .5 -5.2 .2 2 2 2 2 1 1 1 9 . . . 3 1 4 - - -5 4 1 . . . 2 3 8 M A Fe p a b r r . . . . . . . . . 2 2 2 4 4 4 , , , 3 3 2 3 1 9 2 4 0 2 2 2 4 4 4 , , , 4 4 4 6 6 6 4 1 8 - 1 6 3 6 . . . 5 6 2 2 1 1 1 3 9 . . . 5 6 8 - - - 1 2 1 7 2 6 . . . 2 7 7 5 3 5 . . . 7 9 5 May. . P24,342 P24.511 P49.5 (0 537.8 (4) P Preliminary. r Revised. 1 Includes $39,190,000 to Switzerland, $10,691,000 to Greece, v Preliminary. $8,347,000 to French Indo-China, and $5,272,000 to other countries. 1 See footnote 1 on opposite page. 2 Includes exports to Switzerland as follows: September, $23,747,000; 2 Figures through 1947 are estimates of U. S. Mint; figures for 1948 October, $6,360,000; November, $3,488,000. and 1949 are estimates of American Bureau of Metal Statistics. NOTE.—For back figures see Banking and Monetary Statistics, 3 Change includes transfer of 687.5 million dollars gold subscrip- Table 158, pp. 539-541, and for description of statistics, see p. 524 tion to International Monetary Fund. in the same publication. ^ Not yet available. 5 Gold held under earmark at the Federal Reserve Banks for foreign account, including gold held for the account of international institutions, amounted to 3,799.2 million dollars on May 31, 1949. Gold under earmark is not included in the gold stock of the United States NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. 745 JUNE 1949 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 1949 1948 International Fund International Bank Jan.1 Oct.1 July1 Feb. Mar. Dec. Sept. Mar. Gold 1,436 1,403 1,400 1,357 Gold 4 Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,391 1,434 1,441 1,559 United States 74 81 89 165 Other members 4,024 4,014 4,000 3,869 Other members 929 927 927 914 Unpaid balance of member subscriptions. 1,181 1,183 1,143 1,176 Investment securities (U. S. Govt. obli- Other assets (2) (2) (2) gations) , 444 429 420 410 Member subscriptions 8,034 8,036 7,986 7,961 Calls on subscriptions to capital stock 4. . 5 5 5 5 Accumulated net income -2 -1 Loans (incl. undisbursed portions and incl. obligations sold under Bank's guarantee) 559 509 509 497 1948 Other assets 10 5 9 7 Currency acquired 3 Bonds outstanding 254 254 254 250 (Cumulative figures in dollars) Liability on obligations sold under guar- Apr. Mar. Feb. Apr. antee 26 8 8 Loans—undisbursed 51 10 18 94 Other liabilities 5 4 2 2 Belgian francs 33.0 33.0 33.0 33.0 Special reserve 7 6 4 2 Brazilian cruzeiros 15.0 Capital4 1,667 1,667 1,667 1,653 Chilean pesos Accumulated net income 10 5 1 Costa Rican colones 1.3 1.3 1.3 Czechoslovakian koruny. 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 1 Quarterly statements on a new fiscal year basis. Egyptian pounds 3.0 2 Less than $500,000. Ethiopian dollars .3 .3 .3 3 As of Apr. 30, 1949, the Fund had sold 708.0 million U. S. dollars; French francs 125.0 125.0 125.0 125.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Indian rupees 100.0 100.0 92.5 28.0 sterling in May 1947 and 300 million Belgian francs in May 1948, and Mexican pesos 22.5 22.5 22.5 22.5 sold to Norway 200 million Belgian francs in June and July 1948. Netherlands guilders 75.4 75.4 75.4 68.5 4 Excludes uncalled portions of capital subscriptions, amounting to Nicaraguan cordobas .5 .5 .5 6,669 million dollars as of Mar. 31, 1949, of which 2,540 million repre- Norwegian kroner 9.6 9.6 9.6 ' 5.6 sents the subscription of the United States. South African pounds. . . 10.0 10.0 10.0 Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 300.0 300.0 Total. 725.5 707.5 700.0 606.0 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i c n s a e - t d s s - Se t c ie u s ri- ci t r io cu n l a 3 - Bankers' Pub D li e c posi E ts .C.A. Other t c l i O i a e a s p t b h i i a t e l a n i r - l d 1935—Dec. 25 200.1 260.0 36.2 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 46.8 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.9 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 * .2 580.0 26.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 14.2 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1.238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—May 26 .2 1,300.0 56.7 9.8 366.9 1,244.2 311.8 10.7 93.0 18.0 June 30 .2 1.300.0 48.7 17.8 383.8 1,252.2 325.4 14.5 92.2 18.2 July 28 .2 1,300.0 16.1 13.4 400.5 1,285.0 311.0 11.2 89.4 18.3 Aug. 25 .2 1,300.0 48.0 5.4 405.8 1,253.3 300.3 16.9 33.4 90.1 18.4 Sept. 29 .2 1,300.0 65.4 25.0 397.3 1,236.4 300.0 22.3 53.6 93.3 18.5 Oct. 27 .2 1,300.0 72.1 19.3 359.6 1,230.8 307.5 13.1 19.6 93.0 17.8 Nov. 24 .2 1 300.0 70.2 28.9 347.4 1,233.1 302.7 12.3 14.3 99.2 '7.9 Dec. 29 .2 8 x,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 • 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 Apr. 27 .2 1,300.0 24.2 13.7 379.3 1,280.3 289.9 16.8 .7 92.0 17.8 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until ept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 Notes issued less amounts held in banking department. * 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. B 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. 746 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 re a s d i i a n n m d i o l l l l io ar n s s ) of Gold an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e ts r irc N ul o a t t e ion2 lia O b a t i n h li d e ti r es dollars Short- Chartered Dominion capital3 term x Other banks govern- Other ment 1938 -Dec. 31. 185,9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939 -Dec. 30 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940--Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941--Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942--Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943 -Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944-Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945 -Dec. 31, 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946--Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947-Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—May 31. .5 1,179.7 775.0 51.6 ,195.7 547.3 135.9 95.8 32.0 June 30, ,2 1,152.9 790.9 56.8 ,206.5 517.0 138.4 107.2 31.7 July 31. .1 1,145.2 773.6 39.2 ,220.3 502.5 119.0 84.1 32.1 Aug. 31, .1 1,155.2 778.1 50.2 ,226.9 525.1 105.1 90.3 36.2 Sept. 30. .2 1,216.3 757.2 55.3 ,267.7 550.9 87.3 78.2 44.7 Oct. 30. 1.0 1,279.6 741.3 57.7 ,275.1 581.0 110.0 72.2 41.3 Nov. 30. .1 1,222.1 794.0 46.8 ,273.5 579.6 86.5 64.1 59.2 Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Jan. 31. 1,188.3 806.9 50.2 ,229.2 545.1 141.8 86.8 42.5 Feb. 28. .4 1,180.5 800.7 54.9 ,221.9 531.0 178.4 79.6 25.7 Mar. 31. 82.3 1,087.1 812.1 70.6 ,245.3 540.3 62.6 84.8 119.0 Apr. 30. 61.1 1,199.0 822.9 57.9 ,264.7 587.3 115.1 80.8 93.0 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 mill ( io F n ig s u o re f s f r i a n ncs) Gold* F c o h e r a e x n i - g g e n Open For oc- I a O ss th e e ts r 9 ci N r ti c o o u t n l e a- Govern- lia a ti b n e i d s limarket Special" Other c c u o p s a t t s i o 8 n Other * ment C.A.R.io Other capital 1938—Dec. 29. 87,265 821 7,422 1,797 7,880 20,627 18,498 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 11,273 2,345 5,149 34,673 20,094 151,322 1,914 14,751 2,925 1940—Dec. 26. 84,616 42 43,194 661 3,646 72,317 63,900 23,179 218,383 984 41,400 27,202 3,586 1941—Dec. 31. 84,598 38 42,115 12 4,517 142,507 69,500 22,121 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31. 84,598 37 43,661 169 5,368 210,965 68,250 21,749 382,774 770 16,857 29,935 4,461 1943—Dec. 30. 84,598 37 44,699 29 7,543 326,973 64,400 21,420 500,386 578 10,724 33,137 4,872 1944—Dec. 28. 75,151 42 47,288 48 18,592 426,000 15,850 35,221 572,510 748 37,855 7,078 1945— Dec. 27. 129,817 68 23,038 303 25,548 426,000 39,122 570,006 12,048 57,755 4,087 1946~Dec. 26. 94,817 7 77,621 3,135 76,254 426,000 67,900 47,577 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 137,397 64 117,826 426.000147,400 121,061 920,831 733 82,479 10,942 1948—May 27. 65,225 22 149,849 27 165,265 426,000121,800 113,938 768,567 812 256,948 15,800 June 24. 65,225 21 141,276 55 165,984 426,000122,800 102 ,405 790,639 738 216,026 16,362 July 29. 65,225 45 148,812 156 169,674 426,000153,200 113,212 836,662 764 225,251 13,646 Aug. 26. 65,225 50 147,288 544 163,109 426,000156,800 104,213 844,894 858 203,467 14,011 Sept. 30. 65,225 60 160,930 4,808 161,571 426,000160,700 138,910 910,633 788 193,031 13,752 Oct. 28. 65,225 35 151,954 9,901 197,297 426,000158,000 113,547 917,757 764 187,657 15,780 Nov. 25. 65,225 36 153,368 10,908 192,428 426,000151,200 110,989 913,234 759 178,090 18,070 Dec. 30. 65,225 30 167,450 8,577 238,576 426,000150,900 119,659 987,621 806 171,783 16,206 1949—Jan. 27. 65,225 34 158,288 4,996 238,795 426,000146,200 115,463 972,604 822 163,513 18,062 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 Apr. 28. 65,225 67 181,192 2,235 290,365 426,000155,300 120,126 ,047,277 440 179,099 13,693 1 Securities maturing in two years or less. 1 Includes notes held by the chartered banks, which constitute an important part of their reserves. 1 Beginning November 1944, includes a certain amount of sterling and United States dollars. *On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 Less than $50,000. 6 Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. In March 1948 the amount of gold pledged as collateral against a loan was increased from 10,052 to 12,408 million francs. For details on previous devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 7 For explanation of this item, see BULLETIN for July 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 9 From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million francs by a payment from the State to the Bank. 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. JUNE 1949 747 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Central Bank of the Argentine National Bank of Costa Rica- Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 434 434 717 Gold 11,543 11,529 Other gold and foreign exchange. 1,892 1,846 .203 Foreign exchange 23,663 32,573 Government securities 1,751 1,760 881 Contributions to Int'l. Fund and Rediscounts and loans to banks1. 23,625 23,230 ,168 to Int'l. Bank 30,321 30,321 Other assets 123 119 ,673 Loans and discounts 85,673 74,393 Currency circulation * 7,818 7,770 ,686 Securities 23,593 16,462 Deposits—Member bank 515 Other assets 6,603 1,010 Government ,578 Note circulation 108,954115,934 Nationalized l 17,807 17,537 ,816 Demand deposits 65,746 43,733 Other sight obligations 588 512 206 Other liabilities and capital 6,695 6,621 Other liabilities and capital 1,611 1,569 842 National Bank of Czechoslovakia Commonwealth Bank of Aus- (millions of koruny): tralia (thousands of pounds): Gold and foreign exchange 8. . . . 476 3,765 3,385 Gold and foreign exchange 391,731377,221364,168244 Loans and discounts 962 25,736 16,591 C Se h c e u c r k i s ti e a s n d (i n b c il l l . s G o o f v o e t r h n e m r e b n a t n a k n s d .. 4,429 3,756 2,808 O N t o h t e e r c a ir s c s u et l s ation 4 1 7 9 7 1 4 6 8 9 , , 2 1 8 8 2 8 5 5 0 8 , , 7 5 9 6 5 6 Treasury bills) 348,568342,082338,103 400 Deposits 180 452 2,368 Other assets 57,074 59,353 43,441 Other liabilities and capital 972 8,144 9,837 Note circulation 212,605206,605 203,605 National Bank of Denmark Deposits of Trading Banks: (millions of kroner): Special 380,920 380,670345,670 287 Gold 70 70 70 70 Other 24,882 23,493 34,933 Foreign exchange 169 187 190 136 Other liabilities and capital 183,396171,643164,311 Contributions to Int'l. Fund and Austrian National Bank (millions to Int'l. Bank 65 65 65 65 of schillings): Clearing accounts (net) 22 Gold 50 50 50 48 Loans and discounts 22 21 20 15 Foreign exchange 128 111 92 50 Securities 115 111 123 95 Loans and discounts ,149 1,101 1,063 83 Govt. compensation account.... 4,857 ,870 5,008 5,480 Claim against Government ,759 6,665 6,502 ,208 Other assets 190 220 204 183 Other assets 6 6 4 5 Note circulation , 1,502 ,496 1,494 1,512 Note circulation ,877 5,833 5,816 ,137 Deposits—Government 1,773 ,843 1,992 1,882 Deposits—Banks 359 362 357 548 Other 2,068 ,061 2,041 2,522 Other 588 602 684 608 Other liabilities and capital 144 143 153 149 Blocked ,268 1,136 853 ,100Central Bank of the Dominican National Bank of Belgium > Republic (thousands of dollars): (millions of francs): Gold 4,009 ,006 4,002 4,000 Cent O G F L G N C D O r o o o o a t o o t e h h r a n l l p v t e d e e e n s o e i r r s B o g r s c n l n i a l a i a i t i r m s d s a n n c c s — a b l k d e u e a t i n t l e l i E d D s a i t d m o t i t . i e s i f s s e G o m c C e s n a o c o B . a n u u a v n A o d r n n e d l i t d r i b t s v i n a e c i m l s a a a — e p n n i c t t M e a s l d o ( e n n b e e t - t . ) . 0 3 9 2 4 8 2 0 7 7 9 4 6 1 7 9 6 0 2 4 1 1 2 0 0 8 0 4 6 3 3 2 8 1 4 3 4 5 5 8 3 2 2 , , , , , , , , , 9 9 2 2 0 2 2 5 2 7 9 4 0 8 6 0 8 2 8 2 7 1 9 3 3 6 0 9 8 4 2 3 8 1 3 2 5 2 2 7 4 2 3 1 , , , , , , , , , , 8 5 8 9 4 9 3 0 4 8 4 6 1 5 7 9 4 8 3 1 3 7 7 2 7 7 9 1 0 8 2 7 6 7 , , 5 8 7 0 7 5 Ce ( n th t N P G O O F L N D r o a o o a o t t e e o u i h h r a t l m v t s d e e e e n a e - c i B r r a s g n i r l c n n a n a n d a l i a d i i m r n s s a m c n c e s k b a d e d u o x e i p n e t l o c f l o d s a i i t p h n t t f s t i i o a a i s s u e o I n s c l E e s c n — n i o g c r t c t e a s u u e ' u I l n r n s . n a ( i ) t d t n : s t d F i ' e e c l o u . s t a r n ) p d B i t a • a n l k.... . 1 1 4 3 1 7 0 , , , , , 8 9 2 4 2 8 1 1 5 4 7 5 4 3 4 9 3 0 5 4 1 5 3 0 1 6 , , , , , 6 0 2 0 3 5 1 1 6 9 5 0 7 3 4 8 5 2 2 0 0 3 6 0 3 4 1 1 3 5 1 0 7 , , , , , 5 0 2 7 6 2 1 1 4 6 8 4 0 1 7 4 5 0 1 0 7 8 9 6 0 0 1 1 3 3 3 1 8 , , , , , 0 2 2 1 2 1 8 5 8 0 3 3 5 1 1 6 8 0 2 0 tary dept. (millions of bolivianos): Gold 278,264 278,100 277,772 276,292 Nati G O O N D G F L o o o n o t o t e o h h r a p l v a t e d e e e n o l e i r r s g s r c a B n i n l a i a t t i r m s a s a n c h e s n b d e u x o e i k n l t c m l d s a i t h t t i o e i a i s s e f o n c e a s n o g c B n a e u u d u r n n i l t a d t g s i b e a c r s r a o i p a a i d t * al , 9 2 6 2 7 2 1 1 9 5 4 2 3 6 9 1 5 6 6 1 7 7 9 2, 9 2 2 7 7 2 1 5 7 0 1 3 2 6 1 4 1 3 3 5 3 8 6 , 9 3 7 2 1 1 8 5 5 7 3 4 6 3 1 5 3 3 9 4 3 7 4 F D N C O N O o r e t e t o e h r h t m t e d e e e i c a r r i g l t c n a n s a l i d i i — r s m a e c s d b x u e O G i e t c o l l s p a o t i h n h t t o v i a i e e s o e I n r s i n r n g t n t s e a ' m — l n . ( e d n O P F n e c r u t t i h a t n v ) p e d a r i t t e • a l . b .. anks 3 1 1 1 1 1 9 3 1 0 8 1 0 4 3 5 8 6 2 5 1 3 4 , , , , , , , , , 1 1 3 8 2 1 3 4 1 2 4 9 8 1 4 4 1 6 5 5 5 1 6 9 4 5 5 3 1 1 1 1 1 9 3 1 1 2 7 0 0 4 3 7 7 6 9 8 5 6 3 , , , , , , , , , 7 5 7 8 3 6 7 5 1 1 6 4 8 0 5 1 3 8 6 7 0 1 7 4 4 6 3 3 1 1 1 1 1 4 5 7 1 3 0 6 0 5 1 0 7 1 6 5 8 1 2 , , , , , , , , , 6 3 1 6 8 0 5 9 1 1 9 6 8 6 8 0 7 2 4 5 1 4 1 3 8 0 3 1 j 3 1 2 0 1 1 7 0 3 5 6 9 1 4 8 , , , , , , 2 6 8 8 3 5 0 2 8 9 9 9 5 2 1 3 4 8 Central Bank of Chile (millions National Bank of Egypt (thouof pesos): sands of pounds): Gold e ,345 1,354 1,275 ,138 Gold 6,376 6,376 6,376 Foreign exchange (net) 221 81 6. 7 Foreign exchange 14,787 14,772 17,332 Net claim on Int'l. Fund 8. .. 1 1 1 Loans and discounts 4,926 5,995 2,707 Discounts for member banks ,018 1,097 1,536 ,125 British, Egyptian, and other Loans to Government 733 768 768 78 Government securities 327,473327, 107,015 Other loans and discounts... ,964 1,841 1,397 ,499 Other assets 24,999 23,375 21,869 Other assets ,579 1,578 1,356 ,249 Note circulation 149,547149,299135,256 Note circulation ,953 4,910 4,796 ,32 Deposits—Government 101,195 99,936 79,290 Deposits—Bank ,222 1,211 1,03 858 Other 119,811120,408132,312 Other 199 188 165 289 Other liabilities and capital ,008 8,351 8,440 Other liabilities and capital 48 409 399 405 Central Reserve Bank of El Salva- Bank of the Republic of Colombia dor (thousands of colones): (thousands of pesos): Gold 36,079 123 36,177 36,659 Gold and foreign exchange7. . .. 122 226151,633164 Foreign exchange (net) 55,557 077 53,247 48,963 Net claim on Int'l. Fund 6 24 367 21 Net claim on Int'l. Fund • 1,564 564 1,564 1,564 Paid-in capital—Int'l. Bank 1 370 1 Loans and discounts 191 182 1,864 259 Loans and discounts 179 177,475167,767144 Government debt and securities. 5,261 264 5,304 5,295 Government loans and securities. 135 132,307131,981110 Other assets 1,597 665 1,394 1,550 Other assets 56 56,763 56,388 46 Note circulation 58,937 301 64,886 54,118 Note circulation 313 311,913321,719289 Deposits 35,417 720 28,839 34,611 Deposits 160 [63,867164,234158 Other liabilities and capital 5,894 855 5,824 5,560 Other liabilities and capital 45 46,729 47,552 41 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 3 In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November 1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la Bourse" for Sept. 20, 1948. 4 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 5 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 6 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 7 Gold not reported separately beginning May 31, 1948. 8 Gold not reported separately beginning Dec. 31, 1946. 748 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. State Bank of Ethiopia—Issue Reserve Bank of India—Cont. dept. (thousands of dollars): Banking department:—Cont. Gold 4,518 4,941 2,150 Loans to Government 47 1 Silver 5,815 5,623 2,486 Other assets 1,161 709 Foreign exchange 29,325 28,549 29,779 Deposits 3,446 4,794 Treasury bills 9,247 6,997 5,832 Other liabilities and capital 279 297 Other assets 30,431 30,425 30,666 Central Bank of Ireland (thousands Circulation—Notes 48,650 46,012 41,591 of pounds): Coin 29,363 29,238 28,704 Gold 2,646 ,646 2,646 2,646 Other liabilities and capital 1,323 1,286 619 Sterling funds 44,422 ,993 43,399 40,587 Bank of Finland (millions of Note circulation 47,068 ,639 46,044 43,233 markkaa): Bank of Italy (millions of lire): Gold 269 269 269 224 Gold 1,,256 ,256 525 Foreign assets (net) -375 658 655 -407 Foreign exchange 31.,250 ,033 12,494 Clearings (net) -1,984 -2,193 -2,159 -3,307 Advances—Treasury 659, ,153671,046 Loans and discounts 37,682 36,211 35,409 37,617 Other Govt. agencies 15 Securities 876 892 887 370 Loans and discounts 165 \ 164^314124,648 Other assets 1,206 1,411 893 1,372 Government securities 201.237 195.,128134,674 Note circulation 27,741 27,407 27,353 27,850 Other assets 291.968 262,847 89,367 Deposits 2,142 2,309 763 1,653 Bank of Italy notes 846. ,888761,625 Other liabilities and capital 7,792 7,531 7,839 6,367 Allied military notes 45. ,860 59,766 Bank of the German States l Deposits—Government 112 ,501 (millions of German marks) Demand 118 ,167 61^822 Foreign exchange 1,205 1,132 Other 194 ,764123,397 Loans and discounts 1,576 1,516 Other liabilities and capital 33 ,551 26,159 Loans to Government 8,413 7,720 Bank of Japan (millions of yen): Other assets 2,599 2,506 Cash and bullion 1 ,030 584 Note circulation 6,604 26,174 Advances to Government 77 ,072 61,681 Deposits—Government 1,499 1,484 Loans and discounts 67 ,510 56,436 Banks 1,471 1,348 Government securities 134 ,352 84,617 Other 224 231 Reconversion Fin. Bk. bonds. . . 70 ,544 43,392 Other liabilities and capital 3,995 3,637 Other assets 52 ,072 11,130 Bank of Greece (billions of drach- Note circulation 312 ,449220,440 mae): (Nov.)3 Deposits—Government 48 ,097 8,972 Gold and foreign exchange (net). 678 615 Other 23 21,555 17,584 Loans and discounts 51 31 Other liabilities 20 ,478 10,843 Advances—Government 1,295 1,023 The Java Bank (thousands of Other 1,389 1,270 guilders): Other assets 314 172 Gold 470,972 470,956 Note circulation 1,021 971 Foreign bills 76,894 763 Deposits—Government 203 135 Loans and discounts 68,206 912 Reconstruction and Advances to Government 914,661 971 relief accts 219 160 Other assets 80,577 546 Other 474 269 Note circulation 774,724 747 907 Other liabilities and capital 1,809 1,576 Deposits 744,943 816 Bank of Guatemala (thousands of Other liabilities and capital 91,643 ,426 quetzales): Bank of Mexico (millions of pesos): Gold 27,229 27,229 27,228 Monetary reserve 4 647 664 660 600 Foreign exchange 19,075 18,689 22,818 "Authorized" holdings of securi- Gold contribution to Int'l Fund. 1,250 1,250 1,250 ties, etc 1,792 ,846 1,831 1,469 Rediscounts and advances 3,161 2,752 2,562 Bills and discounts 708 693 714 674 Other assets 12,228 12,291 10,904 Other assets 164 172 151 98 Circulation—Notes 33,988 33,886 31,053 Note circulation 1,906 ,900 1,932 1,667 Coin 3,077 3,061 2,931 Demand liabilities 683 757 708 731 Deposits—Government 4,125 4,238 6,988 Other liabilities and capital 722 718 716 442 Banks 11,858 11,919 13,919 Netherlands Bank (millions of Other liabilities and capital 9,895 9,107 9,870 guilders): National Bank of Hungary (mil- Gold 439 439 439 481 lions of forint): Silver (including subsidiary coin) 6 5 5 3 Gold 412 412 412 403 Foreign assets (net)5 243 283 239 477 Foreign exchange 226 213 196 60 Loans and discounts 144 146 165 151 Discounts 4 4 9 1,681 Govt. debt and securities 3,300 ,300 ,300 3,500 Loans—Treasury 311 312 334 340 Other assets 378 366 338 290 Other 7,043 6,890 7,042 Note circulation—Old 106 107 108 123 Other assets 263 225 219 "*339 New 2,957 ,983 ,045 2,881 Note circulation 2,929 2,755 2,756 1,995 Deposits—Government 128 216 174 1,040 Demand deposits—Government. 1 1 2 177 Blocked 59 35 43 60 Other 4,747 4,763 4,625 214 E. C. A 287 250 250 Other liabilities and capital 581 538 829 436 Other 780 742 661 483 Reserve Bank of India (millions of Other liabilities and capital 194 205 204 315 rupees): Reserve Bank of New Zealand Issue department: (thousands of pounds): Gold at home and abroad. . 400 400 444 Gold ,843 2,816 2,802 Sterling securities 7,416 7,416 11,353 Sterling exchange reserve ,826 47,088 76,036 Indian Govt. securities 3,674 3,624 1,138 Advances to State or State un- Rupee coin 420 425 427 dertakings ,324 49,559 32,304 Note circulation 11,693 11,647 13,231 Investments 095 37,096 7,868 Banking department: Other assets ,862 7,510 3,387 Notes of issue department.. 218 219 132 Note circulation ,369 49,645 48,312 Balances abroad 2,025 2,246 4,156 Demand deposits ,015 89,117 68,594 Bills discounted 21 53 93 Other liabilities and capital ,566 5,307 5,491 1 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 2 Excludes currency issued in the Western sector of Berlin, amounting to 407.4 million German marks on Feb. 28, 1949. 3 Latest month available. 4 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 5 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. JUNE 1949 749 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) Apr. Mar. Feb. Apr. date of month) Apr. Mar. Feb. Apr. Bank of Norway (millions of kroner): Bank of Sweden (millions of kronor): Gold 232 232 233 303 Gold 176 176 177 213 F C o le r a e r ig in n g a a s c s c et o s u ( n n ts e t) (net) - 2 5 2 4 3 - 2 7 2 0 6 - 2 7 7 0 2 1; 435 S F w or e e d ig is n h a G s o se v t t s . s ( e n c e u t) rities and ad- 307 383 417 205 Loans and discounts 78 85 76 106 vances to National Debt Office6 ,348 ,155 3,331 2,977 Securities 48 51 51 65 Other domestic bills and advances 95 132 149 111 Occupation account (net) 7,813 7,813 ,813 ,094 Other assets 380 370 355 361 Other assets 110 97 102 63 Note circulation ,019 ,953 2,952 2,791 Note circulation 2,054 2,046 ,027 ,987 Demand deposits—Government. 563 641 693 634 Deposits—Government 4,095 4,064 ,987 ,851 Other 302 160 336 172 Banks 853 869 978 ,304 Other liabilities and capital 422 462 447 269 Blocked 714 738 743 832 Swiss National Bankf (millions of Other 166 164 172 417 francs): Other liabilities and capital 568 553 570 675 Gold ,948 ,911 5,848 5,662 Bank of Paraguay—Monetary Foreign exchange 365 316 276 86 dept. (thousands of guaranies): Loans and discounts 151 156 169 329 GGoold 624 627 662 715 Other assets 81 77 72 95 FFioreiggn exchangge (ne(t)) -3,631 -6,612 -1,260 23,877 Note circulation ,298 ,326 4,291 4,179 NNeett ccllaaii m on IItn'lt 'l. FFund * 2,710 2,710 2,710 ,709 Other sight liabilities ,726 ,666 1,602 1,329 Paidd-in capital—Int'l. Bank -92 -92 -92 -16 Other liabilities and capital 520 469 473 663 Loans and discounts 83,640 78,601 666 000 Central Bank of the Republic of Government loans and securities. 5,170 6,778 304 958 Turkey (thousands of pounds): Other assets 9,446 8,797 297 575 Gold6 451,306 454,460 454,459 470,296 Note and coin issue 75,488 68,488 66,143 218 Foreign exchange and foreign Demand deposits 19,642 18,658 972 clearings 122 125,073 117, 562184,501 Other liabilities and capital 2,737 3,663 628 Loans and discounts 738 727,183749,603594,412 Central Reserve Bank of Peru Securities 194, 205,860 206,788 184,326 (thousands of soles): Other assets 44! 46,083 46,183 19,340 Gold and foreign exchange 198,901 196,197 188 Note circulation 928 919,664937,064 879,530 Net claim on Int'l. Fund * 20,496 20 496 Deposits—Gold 153! 153,036 ,035153,021 Contribution to Int'l. Bank 2,356 2,356 356 Other 198, 680 214,121 ,764205,307 Loans and discounts to banks... 143,141 131,527 363 Other liabilities and capital 270 997271,837 ,731215,017 Loans to Government 723,892 724,896 688,162Bank of the Republic of Uruguay Other assets 43,073 38,961 73 884 (thousands of pesos): (Jan.)' Note circulation 777,240 771,895707 006 Gold 248,845308,258 Deposits 287,801279,983 210266 Silver 12,167 12,403 Other liabilities and capital 66,818 62,555 97176 Paid-in capital—Int'l. Bank 315 314 Central Bank of the Philippines Advances to State and govern- (thousands of pesos): ment bodies 80,357 63,151 Gold 2,721 2,721 721 Other loans and discounts 247,671186,496 Foreign exchange 685,164 669,666 646,037 Other assets 336,387277,376 Contribution to Int'l. Fund 30,000 30,000 30 000 Note circulation 265,622250,583 Advances to Government 1,731 469 Deposits—Government 71,884 68,899 Other assets 134,693 134,157 132 718 Other 274,335268,973 Note circulation 580,527 580,377597 472 Other liabilities and capital 313,900259,545 Demand deposits—U Pe . s S o . s dollars2. 1 4 4 0 2 , , 5 7 5 3 1 41 4 2 0 7 , , 0 3 7 6 3 1/ 1 11Z977 139 Ce s n a t n r 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 90,497 89,203 86,865 Golds 888, ,521888,521643,347 Bank of Portugal (millions of Foreign exchange (net) 226 ,203143,250136,620 escudos): Other assets 32, ,242 40,876 75,192 Gold ,597 ,394 Note circulation—Central Bank. 779, ,453751,680 632,557 Foreign exchange (net) ,148 10,198 National banks. 1 ,481 1,522 3,574 Loans and discounts 430 398 Deposits 335; ,334264,769165,664 Advances to Government ,268 ,283 Other liabilities and capital 31, ,698 54,676 53,363 Other assets 464 503 National Bank of the Kingdom Note circulation ,287 ,327 of Yugoslavia 3 Demand deposits—Government. 454 ,256 Bank for International Settle- Other ,249 ,284 ments » (thousands of Swiss gold Other liabilities and capital 918 908 francs): National Bank of Rumania 3 Gold in bars 153,030 150,769126,518120,673 South African Reserve Bank Cash on hand and on current (thousands of pounds): account with banks 19,554 38709 21,720 40,781 Gold ^ 40,786 44,765 109, 541 Sight funds at interest 1,914 494 851 497 Foreign bills 5,431 10 75,063 Rediscountable bills and accept- Other bills and loans 90,720 95,664 86, 287 ances (at cost) 19 17 681 16,996 30,006 Other assets 18,649 12,976 7,474 Time funds at interest 22 860 26 639 30,816 7,695 Note circulation 65,483 65 131 63,844 Sundry bills and investments. .. 166 224189 351 187,183 70,431 Deposits 81,927 91 083 207,632 Funds invested in Germany.... 297, 201 201297,201291,160 Other liabilities and capital 8,176 8 057 889 Other assets 1 827 643 2,476 1,164 Bank of Spain (millions of pesetas): Demand deposits (gold) 17!353 21654 28,210 17,592 Gold 1,111 ,219 ,216 Short-term deposits (various Silver 499 499 500 currencies): Government loans and securities. 15,739 766 ,867 Central banks for own ac- Other loans and discounts 8,460 798 ,002 count 218,876173,904 57,783 Other assets 3,920 860 ,960 Other 1,317 1,242 5,918 Note circulation 25,004 25,326 ,063 Long-term deposits: Special ac- Deposits—Government 1,425 378 ,132 counts 228 909 228,909 228,909 228,909 Other 2,749 924 ,777 Other liabilities and capital 252, 281251,730 251,493252,205 Other liabilities and capital 552 516 574 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 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. 4 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 5 Includes small amount of non-Government bonds. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 7 Latest month available. 8 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government. • See BULLETIN for December 1936, p. 1025. 750 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 ofef D fe a ct t i e ve U K d n i o i n m t g ed - France Ger- g B i e u l m - N la e e n r t - h d - s S d w en e- S l w a e n r i - d tz- ba C n e k n tr o a f— l R M 3 a a 1 t y e ef D fe a ct t i e ve ba C n e k n tr o a f— l R M 3 a a 1 t y e ef D fe a ct t i e ve In effect Dec. 31, Albania... Mar. 21, 1940 Ireland. Nov. 23, 1943 1937 3 Argentina. Mar. 1, 1936 Italy... Apr. 9, 1949 May 10, 1938. . "m Austria. Aug. 3, 1945 Japan.. July 5, 1948 May 13 Belgium. Aug. 27, 1947 Java... Jan. 14, 1937 May 30 Bolivia. . Feb. 4, 1948 Latvia. Feb. 17, 1940 Sept. 28 "z" Oct. 27 Nov. 25 Jan. 4,1939.. Bulgaria. Aug. 1, 1948 Lithuania. . . July 15, 1939 Apr. 17 Canada.. Feb. 8,1944 Mexico June 4, 1942 May 11 Chile. Dec. 16, 1936 Netherlands . June 27, 1941 July 6 Colombia July 18, 1933 New Zealand. July 26, 1941 Aug. 24 Costa Rica.... Apr. 1, 1939 Norway Jan. 9, 1946 Aug. 29 Czechoslovakia Oct. 28, 1945 Peru Nov. 13, 1947 Sept. 28 Oct. 26 Dec. 15 Jan. 25, 1940. . Denmark. .. Jan. 15, 1946 Portugal.... Jan. 12, 1944 Apr. 9 Ecuador. June 8, 1943 Rumania.... Mar. 25, 1948 M M a a y r. 1 1 7 7, 1941. . sy 2 E E l s te S n a i l a vador. O Oc c t t . . 1 1 5 , , 1 1 9 9 4 3 6 5 S Sp o a u i t n h Africa. 3 4 J M u a n r e . 18 2 , , 1 1 9 94 4 1 9 May 29 '3" Finland Feb. 1, 1949 Sweden 2H Feb. 9, 1945 June 27 Jan. 16, 1945.. Jan. 20 Feb. 9 France Oct. 1, 1948 Switzerland.. 1H Nov. 26, 1936 Nov. 7, 1946. . Germany June 28, 1948 Turkey July 1, 1938 Dec. 19 Greece 12 July 12, 1948 United King- 4 Jan. 10, 1947. . Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 2M India 3 Nov. 28, 1935 U. S. S. R.... 4 July 1, 1936 Aug. 27 Yugoslavia.. 1-3 Aug. 20, 1948 Oct. 9 June 28, 1948 11-5 Sept. 6 3H&4 1 The lower rate applies to the Bank Deutscher Laender, and the higher Oct. 1 3 rate applies to the Land Central banks. In effect May 31, NOTE.—Changes since Apr. 30: None. 1949 OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills 3 day up to 3 discount 3 months 3 months 3 months money on deposits money months money months rate 1933—Mai .62 .46 .64 .50 1934—Mai .95 .84 .88 .50 1935—Mai .57 .50 .72 .50 1936—Mai 1.00 .56 .52 .75 .26 1937—Ma .81 .55 .51 .75 3.04 .00 1938—Ma .52 .53 .50 .75 2.29 .00 1939—Mai .66 .63 .70 .75 1.38 .00 1940—Ma: .75 1.03 .02 .99 1.62 .25 1941—Ma .61 1.03 .01 1.00 1.75 .25 1942—Ma .55 1.03 .00 1.03 1.59 .25 1943—Ma: .50 1.03 .00 .90 1.58 .25 1944—Ma .39 1.03 .00 1.13 1.65 .25 1945—Ma .37 1.03 .00 1.00 1.60 .25 1946—Ma: .36 .53 .51 .63 1.34 .05 1.00 .25 1947—Ma: .40 .53 .51 .63 1.41 .65 1.19 .25 1948—Ma .41 .56 .51 .63 2.09 .45 .99 .50 1948—Apr.. .41 .56 .51 .63 2.00 .38 .93 .50 May. 41 .56 .51 .63 2.12 .33 .94 .50 June. .41 .56 .51 .63 2.02 .36 .84 .50 July.. .41 .56 .51 .63 2.04 .56 1.35 .63 Aug.. .41 .56 .51 .63 1.88 .35 1.06 .63 Sept.. .41 .56 .51 .63 2.84 .10 .84 .63 Oct... .41 .56 .51 .63 2.09 03 .78 .63 Nov.. .41 .56 .51 .63 2.03 .08 .77 .63 Dec. .41 .56 .52 .63 2.00 .25 .96 .63 1949—Jan.. .41 .56 .52 .63 2.09 .23 1.13 .63 Feb.. .42 .56 .52 .63 .39 .90 .63 Mar., .42 .56 .52 .63 .38 1.01 .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. JUNE 1949 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom l Assets Liabilities ( b m 1 a 1 i n l L l k io s o s . n n te s d r o F o l n i i f n g g c p u ) l o r e e u a s n r i i d n n s g re C se a r s v h es M c o n a s n l o h l e t o a i y r c 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 * Securities c L u o s a to n m s t e o rs O as t s h e e t r s Total D D e e p m o a si n t d s Time li c a O a b a p t i n h l i d i t e t a r i l es 1941—December 366 141 171 758 999 823 324 3,329 2,168 J .161 253 1942—December....... 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December 422 151 133 1.307 1,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—December . .. 536 252 369 1,523 1,234 827 374 4,850 3,262 ,588 265 194^—December 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 1,483 1,219 567 5,935 3,962 07? 396 194g—April . . . 478 463 778 1,240 ,482 1,315 509 5,861 3,744 2,117 404 May 488 454 723 1,248 ,477 1,334 547 5,869 3,832 2,037 401 June 492 473 659 1,361 ,478 1,354 530 5,955 3,872 2,083 393 July 489 477 715 1,320 ,478 1,335 487 5,909 3,834 2,075 390 August 499 489 695 1,323 ,474 1,334 477 5,903 3,829 2,074 388 September 490 490 707 1,345 ,472 1,349 485 5,950 3,844 2,106 387 October 485 497 802 1,313 ,475 1,365 497 6,040 3,927 2,113 393 November 495 482 793 1,332 ,480 1,355 516 6,057 3,958 2,099 396 December 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—January 532 481 795 1.267 ,487 1,383 526 6,057 4,033 2,024 414 February 481 491 860 989 ,487 1,405 519 5,817 3,810 2,007 414 March 474 482 870 956 1,496 1,429 517 5,815 3,803 2,012 409 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 cu an ri s ty l d o i O a sc n t o s h u e a n r n t d s d f u b o e a r e n f i r k g o s n m assets tion 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 Qtf? 1942—December 387 31 1,168 231 ?,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 i569 26 5,941 3,076 2,865 ,386 1945—December 753 136 1,507 132 4,232 )39 21 6,252 2,783 3 469 525 1947—December 731 105 1,999 106 3,874 1,159 18 6,412 2,671 3,740 ,544 194g—April 710 76 1,930 108 4,072 1,114 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 1,561 July- 671 77 1,948 128 4,154 1,019 17 6,446 2,487 3,959 1,533 August .. ..... 712 77 1,958 144 4,209 1,082 17 6,609 2,606 4,003 1,557 September 734 76 2,023 136 4,185 1,169 17 6,776 2,728 4,049 11,530 October 751 97 2,110 143 4,156 1,067 17 6,798 2,758 4 040 I 510 November 781 96 2,202 140 4,212 1,149 16 7,020 2,935 4,086 1,542 December . . 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4 057 L 537 1949—January .. 740 90 2,131 131 4,311 1,054 16 6,942 2,824 4,118 1,500 February . . 711 108 2,119 136 4,322 1.070 16 6,957 2,797 4,159 .494 March 718 81 2,129 136 4,285 1,077 15 6,927 2,663 4,264 1,484 France Assets Liabilities (4 o m f l i a m l r l g i o o e n n t b s h a o n f f i k g s f u . r r a e n s E c s i n n ) d re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans 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—March 36,687 27,214 260,660 101,565 32,114 419,991 414,629 5,362 26,173 12,076, April 29,808 27,283 269,554 105,112 33,661 423,905 418,077 5,828 26,878 14,634 May 32,885 26,713 270,399 113,086 35,138 435,436 429,788 5,649 27,104 15 681 June 34,770 27,317 274,098 112,566 38,313 440,776 435,902 4,874 28,590 17,698 July 34,308 28,539 305,928 110,301 39,267 470,004 465,104 4,900 28,044 20,295 August 35,504 28,465 295,806 113,956 41,028 464,340 459,603 4,737 28 569 21 849 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 February 44,191 32,048 343,684[ 141,296 37,362 551 673 544,466 7,207 31,876 15,033 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from, bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 114 per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, andi for description of statistics see pp. 566-571 in same publication. 752 FEDERAL RESERVE BULLETIN, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Belgium Brazil Canada (peso) (pound) (franc) (cruzeiro) (dollar) Year or Ceylon month "R la e r g " u- re " g N u o l n a - r" C in e d rt u a s i - n "Bank (rupee) prod- prod- trial Official Free notes" Official Free Official Free ucts ucts products account 1943 29 773 24.732 322 80 321 50 6 0586 5 1280 90 909 89 978 1944 29.773 25.125 322.80 6.0594 5.1469 90.909 89.853 1945 29.773 25.125 322.80 321.17 2.2860 6.0602 5.1802 90.909 90 485 1946 29.773 25.125 321.34 2.2829 6.0602 95.198 93.288 1947 29.773 25.125 321 .00 2.2817 5.4403 100.000 91 999 1948 29 773 25.125 20 000 321 .22 2 2816 5 4406 100 000 91 691 1948—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 2 2.' i666* 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 May .. 29.773 25.125 20.000 321.15 2.2750 2.1791 5.4406 100.000 95.150 30.117 France Year or Co b l i o a m- C slo ze v c a h k o ia - m De a n rk - (franc) India 3 Italy Mexico e N rl e a t n h d - s Ze N a e la w nd Norway P p h i i n li e pmonth (peso) (koruna) (krone) (rupee) (lira) (peso) (guilder) (pound) (krone) Republic Official Free (peso) 1943 57.265 30.122 20.577 324.20 1 1 9 94 4 5 4 5 57 7 .2 0 7 1 2 4 i.9711 3 3 0 0 . . 1 1 2 2 2 2 2 20 0 .5 5 8 8 1 1 37.933 3 32 2 3 4 . 4 42 6 ......... 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 .3240 30.169 18.860 37.668 350 48 20 159 1948—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 i 49 675 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 May 2.0060 20.854 .4671 .3038 30.168 12.521 37.609 399.05 20.158 49.724 United Y m e o a n r t o h r ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n t c h d a ) ( S pe p s a e i t n a) S S ( m d t e o r e t l a t n l l a i e t t r s ) - s (k S d r w o en n e- a) ( e S f r r w l a a 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) ay Official Free 1943 398.00 403.50 403 50 65 830 52 855 1944 398.00 403.50 65.830 53.506 1945 399.05 403.50 403.02 65.830 55.159 1946 4.0501 400.50 9.132 25.859 23.363 40:L28 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—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 40: .14 65.830 56.180 Aug 4 0327 400 75 9 132 27 824 23 363 40:\ 15 Sept. . 4 0319 400.75 9.132 27.823 23.363 4o:L15 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 (4) 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 May . . 4.0327 400.75 (4) 47.208 27.823 23.363 403.04 65.830 56.180 58.822 53.191 1 Based on quotations beginning Jan. 24, 1949. 2 Based on quotations beginning Mar. 22, 1949. s 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 statistiics, 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. JUNE 1949 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES W H O L E S A LE P R I C E S — A LL C O M M O D I T I ES [Index numbers] Year or month U ( S 19 n t 1 26 a i 0 0 t t ) e e s d = C (1 a 9 1 26 n 0 0 a ) da = M (1 1 9 e 3 0 x 9 0 i c ) = i o K U ( i 1 n 1 n 9 g 0 3 i 0 t 0 d e ) o d = m F (1 r 9 1 a 3 0 n 8 0 c ) e = (1 I 9 1 t 3 0 a 0 8 ly ) = ( J 1 a 9 1 3 p 0 3 0 a ) n = ( J J N u u l n l e a y e t n h 1 d 1 e 9 9 s r 3 3 - 8 9 - S (1 w 9 1 3 0 e 5 0 d ) e = n (J S u w = l l y i a t n z d 1 1 e 0 9 0 r ) - 14 = 100) 1926 100 100 » 124 106 132 150 * 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 1,712 5,443 13,909 281 214 233 1948—April .. 163 149 249 219 1,555 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 1,691 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 L.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 1,887 5,724 19,138 284 217 230 November 164 ••159 271 221 1,977 5,667 20,615 289 217 232 December 162 160 268 221 L.974 5,697 '20,894 291 217 231 1949—January 161 159 270 221 1,946 P5,703 n 1,538 295 217 230 February . ... 158 158 271 221 .898 21,936 P295 217 229 March 158 158 275 221 1,872 21,932 P294 216 227 April 157 158 280 227 I p Preliminary. 'Revised. 1 This index is published by the Bank of Mexico and includes prices of 210 articles in Mexico City. For detailed description of index, see Memoria: Primera Reunion de Tecnicos sobre Problemas de Banca Central del Continente Americano, 1946, pp. 475-488; for figures 1940-4 7, see Banco de Mexico: Vigesimasexta, 1948, pp. 75-78. 2 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) 1926=100 ) (1930=100) (July 1938-June 1939=100) Year or month pr F o a d r u m cts Foods co O m i t t m h ies e o r d- pr F o a d r u m cts R fa m p g aw c a o a t r o n u t d a u r s l - y e n d d F f u a c m g l h c l a o y i t o n e u f d u r s a - ly e n d d Foods pr I o n tr d d i u u al s c - ts Foods t p r r I i o n al d d u u r s c - a t w s p fin r I ish o e n t d r d d i u u al c s- 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 '150 156 140 181 242 231 342 283 1948—April 187 177 149 148 150 138 182 241 231 340 280 May 189 177 149 151 153 138 182 243 230 341 281 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 184 178 153 149 164 144 180 243 224 343 288 181 174 154 150 164 144 181 244 238 348 291 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 February 168 162 152 145 161 142 178 247 171 163 151 146 162 141 178 246 April 170 163 149 148 161 142 186 250 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 754 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 n r 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 3 1 a d 5 0 n a 0 - - 3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 l = 9 e a 1 1 t n 1 h 0 d - 0 e s 1 ) r 3 - ( l 1 J a e 9 u n r 1 n - d 4 e = 100) = l©0) = 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 20S 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 64.1 208 1947 194 160 1101 1 043 222 1947 159 136 1101 1,030 217 1948 210 196 108 1,662 230 1948 171 155 108 1,632 224 1948-May 211 191 108 1,541 229 1948-May 171 153 108 1,511 223 June 214 194 113 1,560 230 June 172 154 110 1,529 224 July 217 201 108 1 559 229 July 174 157 108 I 528 223 August.... 217 203 107 1,716 228 August 175 158 108 1,670 223 September. 215 204 107 1,842 229 September. 175 159 108 1,783 223 October... 212 205 108 1,904 229 October... 174 160 108 1,844 223 November. 208 205 108 1,873 235 November. 172 160 109 1,870 226 December. 205 202 108 1,924 232 December. 171 159 109 L.928 225 1949-January... 205 202 108 1.932 231 1949-January... 171 160 109 1,935 224 February 200 200 109 1 845 229 February 169 160 109 857 223 March.... 202 199 1,759 228 March.... 170 159 1,781 222 April 203 199 April . . 170 159 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 (D 9 U i 2 e n n 1 c g i e = t d m 1 e o d 0 b m 0 e ) r F (1 r 1 9 a 3 0 n 0 8 c ) = e N la e n th d e s r * - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 C (1 a = 9 n 3 1 a 5 0 d 0 - a 3 ) 9 * ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 ( F D 9 r 3 e a 8 c n e = m c 1 e 0 b 0 e • ) r (1 N l 9 a e 3 n t 8 h d = s e 1 r • 0 - 0) Number of issues. . . 12 (2) 87 50 13 416 106 278 •295 37 1940 115.9 95.1 118.3 M14.2 88.1 77.4 70.8 M40 1941 117.8 99.4 123.8 8 143.4 80.0 67.5 72.5 »308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123.3 117.2 132.1 144.6 109.0 139.9 115.7 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 V1,256 197.5 1948—May 99.9 104.9 129.1 118.2 107.3 130.2 116.5 94.8 1,127 199.2 June 100.2 104.8 129.5 118.6 108.0 135.1 120.3 93.9 1,086 197.3 July 99.2 104.6 129.3 117.8 105.6 131.9 116.3 91.4 1,217 197.0 August 98.3 104.0 129.7 119.3 106.3 127.1 113.6 91.2 1,208 195.7 September. . . 98.2 104.1 130.1 116.2 106.6 125.7 113.4 90.7 1,285 194.3 October 97.8 103.8 130.5 114.4 107.3 127.8 116.4 90.6 1,464 18S.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 1,332 176.7 February.... 100.5 104.8 131.0 111.9 105.9 117.2 108.1 91.7 1,214 March 100.7 105.0 130.8 107.6 118.0 106.4 88.7 1,114 April 101.0 105.2 130.9 118.5 106.4 88.4 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 stocki 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. 1 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. 1 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; Jun« 1935, p. 394; and February 1932, p. 121. JUNE 1949 755 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES R. M. EVANS M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ERNEST G. DRAPER LAWRENCE CLAYTON ELLIOTT THURSTON, Assistant CHESTER MORRILL, Special Adviser WlNFIELD W. RlEFLER, Assistant to the Board to the Board to the Chairman OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director BRAY HAMMOND, Assistant Secretary GEORGE S. SLOAN, Assistant Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director JOHN C. BAUMANN, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWNSEND, Solicitor FRED A. NELSON, Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES WOODLIEF THOMAS, Director LISTON P. BETHEA, Director RALPH A. YOUNG, Associate Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL OPEN MARKET COMMITTEE 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 MARRINER S. ECCLES SIDNEY B. CONGDON, CLEVELAND DISTRICT R. M. EVANS ROBERT V. FLEMING, RICHMOND DISTRICT RAY M. GIDNEY Second Vice President HUGH LEACH J. T. BROWN, ATLANTA DISTRICT W. S. MCLARIN, JR. M. S. SZYMCZAK EDWARD E. BROWN, CHICAGO DISTRICT President JAMES K. VARDAMAN, JR. W. L. HEMINGWAY, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary HENRY E. ATWOOD, MINNEAPOLIS DISTRICT S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel JAMES M. KEMPER, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist EARLE L. RAUBER, Associate Economist J. E. WOODS, DALLAS DISTRICT DONALD S. THOMPSON, Associate Economist O. P. WHEELER, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT CHARLES W. WILLIAMS, Associate Economist HERBERT V. PROCHNOW, Secretary JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account 756 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, i\ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Vice Presidents Bank of Deputy Chairman First Vice President 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 C. B. Strathy J. B. Woodward, Jr. J. S. Walden, Jr. Claude L. Guthrie3 K. Brantley Watson R. W. Mercer Edw. A. WTayne W. R. Milford Charles W7. Williams 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 CM. Stewart Minneapolis. . . . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS [N CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. 8 Also Cashier. 1 General Manager. JUNE 1949 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from POSTWAR ECONOMIC STUDIES. (8 pamphlets) the Division of Administrative Services, Board of No. 1. Jobs, Production, and Living Standards. Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, No. 2. Agricultural Adjustment and Income. remittance should be made payable to the order No. 3. Public Finance and Full Employment. of the Board of Governors of the Federal Reserve No. 4. Prices, Wages, and Employment. System. No. 5. Private Capital Requirements. No. 6. Housing, Social Security, and Public Works. BOOKS No. 7. International Monetary Policies. BANKING STUDIES. Comprising 17 papers on bank- No. 8. Federal Reserve Policy. ing and monetary subjects by members of the The price for the set of eight pamphlets is $1.25; Board's staff. August 1941; reprinted March 25 cents per pamphlet, or, in quantities of 10 or 1949. 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 shipment, 75 cents each. THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND FUNCTIONS. November 1947. 125 pages. 75 BANKING AND MONETARY STATISTICS. Statistics of cents per cloth-bound copy; in quantities of 10 banking, monetary, and other financial develop- or more copies for single shipment, 50 cents each. ments. November 1943. 979 pages. $1.50 per Paper-bound copies available without charge. copy. No charge for individual sections (un- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, bound). December 31, 1947. July 1948. 122 pages. PROVISIONS OF STATE LAWS RELATING TO BANK RE- REGULATIONS OF THE BOARD OF GOVERNORS OF THE SERVES as of December 31, 1944. 1945. 30 pages. FEDERAL RESERVE SYSTEM. Individual regulations with amendments. MONETARY AND BANKING REFORM IN PARAGUAY. Includes translation of laws, accompanying re- PERIODICAL RELEASES ports, and introduction reviewing the monetary history of Paraguay. July 1946. 170 pages. WEEKLY $1.00 per copy. CONDITION OF THE FEDERAL RESERVE BANKS RULES OF ORGANIZATION AND RULES OF PROCEDURE CONDITION OF WEEKLY REPORTING MEMBER BANKS (Board of Governors of the Federal Reserve Sys- IN CENTRAL RESERVE CITIES tem). September 1946. 31 pages. CONDITION OF WEEKLY REPORTING MEMBER BANKS THE FEDERAL RESERVE ACT, as amended to Novem- IN LEADING CITIES ber 1, 1946, with an Appendix containing pro- DEPARTMENT STORE SALES, BY CITIES visions of certain other statutes afTecting the WEEKLY DEPARTMENT STORE SALES Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. WEEKLY FOREIGN EXCHANGE RATES WEEKLY REVIEW OF PERIODICALS DEBITS AND CLEARINGS STATISTICS, THEIR BACK- SEMIMONTHLY GROUND AND INTERPRETATION. October 1947. 50 pages. 25 cents per copy; in quantities of 10 or DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER more copies for single shipment, 15 cents each. BANKS 758 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS MONTHLY STATE BANK MEMBERS AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FEDERAL FEDERAL RESERVE BULLETIN. Subscription price in RESERVE BANKS (Also annual list) the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, SEMIANNUAL Dominican Republic, Ecuador, Guatemala, Haiti, ALL BANKS IN THE UNITED STATES AND POSSESSIONS Republic of Honduras, Mexico, Newfoundland —PRINCIPAL ASSETS AND LIABILITIES (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Vene- ANNUAL zuela is $2.00 per annum or 20 cents per copy; ANNUAL REPORT OF THE BOARD OF GOVERNORS OF elsewhere, $2.60 per annum or 25 cents per copy. THE FEDERAL RESERVE SYSTEM Group subscriptions in the United States for 10 BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXor more copies to one address, 15 cents per copy CEPT INTERBANK ACCOUNTS per month, or $1.50 for 12 months. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY IRREGULAR RATES, AND BUSINESS. $9.00 per annum, or $1.00 ASSETS AND LIABILITIES OF MEMBER BANKS (Conper copy, (domestic rates). In quantities of 10 densed) or more copies of a particular issue for single MEMBER BANK CALL REPORT (Detailed) shipment, 75 cents each. SURVEYS OF CONSUMER FINANCES ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES AND RELATED DEPOSIT AND CUR- REPRINTS RENCY ITEMS (From Federal Reserve Bulletin unless preceded by an asterisk.) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS BY DISTRICT IN THE UNITED STATES. November 1938. 20 BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- pages. CEPT INTERBANK ACCOUNTS ^PROBLEMS OF BANKING AND BANK SUPERVISION. Ex- BUSINESS INDEXES cerpts from the Board's 1938 Annual Report. CONSUMER CREDIT 33 pages. CONSUMER INSTALMENT CREDITS OF COMMERCIAL MONETARY MEASURES AND OBJECTIVES. September BANKS 1937, April 1939, and May 1939. 8 pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL THE GOLD PROBLEM TODAY, by E. A. Goldenweiser. BANKS January 1940. 4 pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- LOAN COMPANIES SERVE BANKS, by George B. Vest. February 1940. CONSUMER INSTALMENT LOANS 8 pages. DEPARTMENT STORE CREDIT HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RE- DEPARTMENT STORE SALES (Indexes and Compari- SERVE POLICY, by Arthur Hersey. April 1940. sons with Previous Year) 11 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, DEPARTMENTS by E. A. Goldenweiser. May 1940. 5 pages. DEPARTMENT STORE STOCKS GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank FOREIGN EXCHANGE RATES R. Garfield. June 1940. 7 pages. INTERDISTRICT SETTLEMENT FUND GOLD RESERVES OF CENTRAL BANKS AND GOVERN- NATIONAL SUMMARY OF BUSINESS CONDITIONS MENTS. September 1940. 18 pages. OPEN-MARKET MONEY RATES IN NEW YORK CITY MEASUREMENT OF PRODUCTION, by Woodlief Thomas RETAIL FURNITURE REPORT and Maxwell R. Conklin. September 1940. 16 RETAIL INSTALMENT CREDIT pages. SALES FINANCE COMPANIES FEDERAL RESERVE BANK LENDING POWER NOT DE- SELECTED LIST OF ADDITIONS TO THE RESEARCH PENDENT ON MEMBER BANK RESERVE BALANCES. LIBRARY February 1941. 2 pages. JUNE 1949 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS ADJUSTMENT FOR SEASONAL VARIATION, by H. C. BUSINESS LOANS AT MEMBER BANKS, by Richard Barton, Jr. Description of method used by Board Youngdahl; MEMBER BANK LOANS TO SMALL in adjusting economic data for seasonal variation. BUSINESS, by Charles H. Schmidt. March, May, June 1941. 11 pages. June, July, and August 1947. 80 pages. COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- BANKS, April 16-May 15, 1942. August, Septem- MENT FINANCING, by Frieda Baird. March 1947. ber, and November 1942. 32 pages. 6 pages. FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL From August 1940, September 1941, and October SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. 1943 issues of BULLETIN with supplementary data. Young and Duncan McC. Holthausen. March October 1943. 120 pages. 1947. 9 pages. REVISED INDEX OF DEPARTMENT STORE SALES. June METHODS OF RESTRICTING MONETIZATION OF PUBLIC 1944. 20 pages. DEBT BY BANKS. April 1947. 4 pages. BRETTON WOODS AGREEMENTS, by E. A. Golden- REVISION OF WEEKLY STATISTICS FOR MEMBER weiser and Alice Bourneuf. September 1944. BANKS IN LEADING CITIES. June-July 1947. 9 21 pages. pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SURVEY OF CONSUMER FINANCES— SALES. September 1944. 2 pages. I. EXPENDITURES FOR DURABLE GOODS AND INVEST- MONETARY AND CREDIT AGREEMENTS ENTERED INTO MENTS; II. CONSUMER INCOMES AND LIQUID ASSET AT BRETTON WOODS, by Governor M. S. Szym- HOLDINGS; III. CONSUMER SAVING IN 1946 AND czak. April 1945. 7 pages. OWNERSHIP OF SELECTED NONLIQUID ASSETS. June, July, and August 1947. 44 pages. FINANCIAL ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, POSITION AND BUYING PLANS OF CONSUMERS, July by Mary S. Painter. September 1945. 2 pages. 1947. Report of Interim Survey of Consumer SURVEYS OF LIQUID ASSET HOLDINGS. September Finances. October 1947. 4 pages. 1945. 7 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS. TISTICS. September 1947. 12 pages. April 1946. 12 pages. STERLING IN MULTILATERAL TRADE, by J. Burke REVISED INDEX OF DEPARTMENT STORE STOCKS, by Knapp and F. M. Tamagna. September 1947. Richard Youngdahl and John O. Bergelin. June 8 pages. 1946. 25 pages. BANK LOANS TO FARMERS— A NATIONAL SURVEY OF LIQUID ASSETS— COMMERCIAL BANK LOANS TO FARMERS, by Tynan SUMMARY; DISTRIBUTION ACCORDING TO INCOME; Smith and Philip T. Allen; FARM MORTGAGE PROSPECTIVE SPENDING AND SAVING AND SUMMARY LOANS AT COMMERCIAL BANKS, by Philip T. OF SURVEY FINDINGS; LIQUID ASSETS AND EX- Allen; FARM PRODUCTION LOANS AT COMMERCIAL PENDITURE PLANS OF FARM OPERATORS. June, BANKS, by Herman Koenig and Tynan Smith; July, August, and September 1946. 28 pages. THE STRUCTURE OF INTEREST RATES ON COM- INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY MERCIAL BANK LOANS TO FARMERS, by Richard MAJOR DEPARTMENTS. August 1946. 4 pages. Youngdahl. October and December 1947. 36 pages. ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45, by Doris P. Warner and Albert R. Koch. Sep- BANKING ASSETS AND THE MONEY SUPPLY SINCE tember 1946. 8 pages. 1929, by Morris A. Copeland and Daniel H. Brill. January 1948. 9 pages. BUSINESS LOANS OF MEMBER BANKS— SUMMARY, by Albert R. Koch; TERM LENDING THE FEDERAL RESERVE CHART BOOK AS AN AID TO TO BUSINESS BY COMMERCIAL BANKS IN 1946, by BANK MANAGEMENT, by Charles H. Schmidt. Duncan McC. Holthausen; SECURITY PLEDGED ON April 1948. 9 pages. MEMBER BANK LOANS TO BUSINESS, by Tynan * STATEMENT ON BEHALF OF THE BOARD OF GOVER- Smith; THE STRUCTURE OF INTEREST RATES ON NORS OF THE FEDERAL RESERVE SYSTEM BEFORE 760 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS THE JOINT COMMITTEE ON THE ECONOMIC REPORT. # STATEMENT ON BEHALF OF THE BOARD OF GOV- Presented by Governor Marriner S. Eccles on ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE April 13, 1948. 7 pages. THE JOINT COMMITTEE ON THE ECONOMIC REPORT. Presented by Chairman Thomas B. McCabe on NEW COMMERCIAL BANKING OFFICES, 1936-1947, by Caroline H. Cagle and Raymond C. Kolb. February 14, 1949. 7 pages. May 1948. 12 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS, by Richard Youngdahl. March 1949. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS 10 pages. AND BUSINESSES. June 1948. 2 pages. SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, RECENT DEVELOPMENTS IN BUSINESS FINANCE; with by Charles H. Schmidt. March 1949. 9 pages. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O. FINANCING, by Charles H. Schmidt. June 1948. Hirschman and Robert V. Rosa. April 1949. 19 pages. 13 pages. 1948 SURVEY OF CONSUMER FINANCES— RECENT DEVELOPMENTS IN INSTALMENT CREDIT. I. EXPENDITURES FOR DURABLE GOODS; II. THE April 1949. 10 pages. DISTRIBUTION OF CONSUMER INCOME IN 1947; REGULATION W—ITS ROLE IN ECONOMIC STABILITY. III. CONSUMER OWNERSHIP AND USE OF LIQUID Address by Governor R. M. Evans before the AND NONLIQUID ASSETS; IV. CONSUMER SAVING Consumer Instalment Credit Conference, Amer- AND THE ALLOCATION OF DISPOSABLE INCOME; ican Bankers Association, St. Louis, Missouri, on V. HOUSING EXPENDITURES AND FINANCE. June, March 30, 1949. April 1949. 5 pages. July, August, and September 1948. 65 pages. MOVEMENT TOWARD BALANCE IN INTERNATIONAL FINANCIAL POSITION AND BUYING PLANS OF CON- TRANSACTIONS OF THE UNITED STATES, by Lewis SUMERS, July 1948. Report of Special Survey of N. Dembitz and Albert O. Hirschman. May Consumer Finances. November 1948. 5 pages. 1949. 14 pages. SALES FINANCE COMPANY OPERATIONS IN 1947, by STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF Milton Moss. July 1948. 6 pages. THE BOARD OF GOVERNORS OF THE FEDERAL RE- SERVE SYSTEM BEFORE THE SENATE BANKING AND * STEPS TO RESTORE POWERS OF STATES AND LOCALI- TIES, by Frederic Solomon. Reprinted from the CURRENCY COMMITTEE, May 11, 1949. 6 pages. July 1948 issue of the American Bar Association INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1948, by Charles H. Schmidt. Journal. 9 pages. June 1949. 8 pages. STATEMENT BEFORE THE HOUSE BANKING AND CUR- NEWT SERIES ON QUARTERLY SALES, PROFITS, AND RENCY COMMITTEE, by Chairman Thomas B. Mc- DIVIDENDS OF 200 LARGE MANUFACTURING COR- Cabe on August 2, 1948. August 1948. 8 pages. PORATIONS, by Efeanor J. Stockwell. June 1949. THE PHILIPPINE CENTRAL BANK ACT and Text of 5 pages. the Act, by David Grove and John Exter. In RETAIL CREDIT SURVEY—1948. From June 1949 part a reprint from the August 1948 BULLETIN. BULLETIN with supplementary information for 36 pages. nine separate trades. 39 pages. (Also, RETAIL THE BALANCE SHEET OF AGRICULTURE, 1948. Sep- CREDIT SURVEY—1943, 1944, 1945, 1946, 1947 tember 1948. 16 pages. from the June 1944, May 1945, June 1946, July BANK CREDIT DEVELOPMENTS. October 1948. 12 1947, and July 1948 BULLETIN with supplepages. mentary information.) THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL 1949 SURVEY OF CONSUMER FINANCES— RESERVE SYSTEM. Address by Chairman Thomas I. GENERAL FINANCIAL POSITION AND ECONOMIC B. McCabe on October 26, 1948 at the annual OUTLOOK OF CONSUMERS. June 1949. 13 pages. meeting of the Stockholders of the Federal Re- 1949 SURVEY OF CONSUMER FINANCES— serve Bank of Boston. November 1948. 5 pages. II. DURABLE GOODS EXPENDITURES IN 1948 AND LATIN AMERICA'S POSTWAR INFLATION AND BALANCE BUYING PLANS FOR 1949. June 1949. 10 pages. OF PAYMENTS PROBLEMS, by David L. Grove and (Other articles on the 1949 Survey will appear in Gerald M. Alter. November 1948. 11 pages. subsequent issues of the BULLETIN.) JUNE 1949 761 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES == BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 0 FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES ocrois/i 1.1»4$ i BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTttt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis