Federal Reserve Bulletin, 1949-07

F E D E RA E S E RV BULLETIN JULY 1949 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Recent Changes in Production and Prices. . 763-775 Statements on Recent Federal Reserve Policy Actions. . 776 Revision in Bank Examination Procedure. . 776-777 1949 Survey of Consumer Finances—Part III. Distribution of Consumer Income in 1948 778-792 Estimated Liquid Asset Holdings of Individuals and Businesses. 793-794 Third Annual Report of the National Credit Council of France. 795-796 Law Department. 797-798 Current Events and Announcements 798 National Summary of Business Conditions. 799-800 Financial, Industrial, Commercial Statistics, U. S. (See p. 801 for list of tables) 801-862 International Financial Statistics (See p. 863 for list of tables) . 863-881 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 882 Senior Officers of Federal Reserve Banks; Managing Officers of Branches 883 Federal Reserve Publications. 884-885 Map of Federal Reserve Districts 886 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 35 July 1949 NUMBER 7 RECENT CHANGES IN PRODUCTION AND PRICES Last year, as a result of increases in sup- other services. Personal savings out of curplies of both agricultural and industrial rent income increased substantially in the products—and also of the satisfaction of latter part of 1948 and also in the first quarmany deferred demands—price changes be- ter of 1949, despite a decline in the first quarcame much more selective than they had been ter in personal income after taxes. Subseduring the long period of widespread post- quently savings appear to have declined war shortages. Since late last summer, there about as much as income but the savings rate has been a marked decline in demand for in the second quarter apparently was still goods, and prices at wholesale have decreased high relative to most prewar periods. Liquid considerably. Since autumn, production and asset holdings of individuals have continued employment have been materially reduced at at a very high level. factories, at mines, and on railroads, while As a consequence of less urgent consumer elsewhere in the economy they have been demand and also of earlier developments generally maintained at earlier high levels. within the business sector of the economy, The reduction in demand has been mostly business demands have declined sharply this in private domestic demand. Government year. In considerable part, reductions in dedemands quite generally have risen further mand of business enterprises have reflected a and declines in some foreign demands in widespread shift in inventory policy—as this period have been largely offset by in- shortages have disappeared many producers creases in others. and distributors have tried, with considerable Last autumn consumer demand stopped success in recent months, to reduce rather increasing and then declined, particularly than increase inventories. This shift has been for housefurnishings and meats. On the important in the widespread downward adwhole, however, consumer demand for goods justments in industrial activity. In part, also, has continued not far below the peak level the declines in business demand have repof the postwar period. Retail sales of new resented a reduction from earlier high levels passenger automobiles have risen to an ex- in the placing of new orders for plant and ceptionally high level as more cars have be- equipment, especially by manufacturing concome available. Average consumer prices cerns and railroads. Machinery production have shown only small decreases as mod- has been reduced, particularly during the erate declines which have occurred, chiefly second quarter of 1949. There has been a in food, clothing, and housefurnishings, have decline in the volume of new business conbeen offset in part by increases in rents and struction being undertaken. Many postwar JULY 1949 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES expansion programs have been completed Market developments in the early part and some of the incentives for starting new of July included some increases in nonferrous projects have been diminished. Declines in metal prices, which earlier had declined onetakings of final products by producers and third to one-half from exceptionally high consumers, in inventory requirements, and levels at the end of 1948. Steel scrap prices in production for inventory, it may be noted, continued at the reduced level of mid-June, have been partly dependent on each other down more than one-half since the beginning and on developments in the field of prices. of the year. Demands for goods and services on the CHANGES IN TOTAL PRODUCTION AND part of Government agencies—Federal, State, EMPLOYMENT and local—have increased further. The main increases have been in defense and As a result of reductions in output and foreign aid programs and in public construc- transportation of industrial commodities, tion of schools, hospitals, and the like. To and of price declines, the gross national outsome extent Federal price support action has put of goods and services was reduced from held up farm income, and Government pro- a peak annual rate (seasonally adjusted) of grams, principally for unemployment com- 265 billion dollars in the fourth quarter of pensation, have partially offset declines in 1948 to a rate of 256 billion in the first quarter nonfarm income. of 1949, according to the Department of Exports of goods, in considerable part fi- Commerce. It appears that there was a furnanced by the United States Government, ther substantial reduction in the second have remained at a high level. Abroad, quarter, making a total decrease of perhaps however, increases in supplies, together with 15 billion dollars or 6 per cent from the some reductions in demand, have been re- fourth quarter of 1948 to the second quarter ducing inflationary pressures and raising im- of 1949. In physical volume the decline was portant questions concerning the availability less than this. Also, in this period the deof markets, the continuance of current price cline in physical volume of gross national levels, and the maintenance of foreign de- product was less than half as large, percentmand for goods produced in the United agewise, as the decline in industrial produc- States. tion—output at factories and mines. As a consequence of the widespread Industrial production in June was about changes which have occurred in the supply- one-eighth below the peak reached last demand situation, the general average of autumn. Changes in this field are discussed wholesale commodity prices in the United in some detail in the section following this. States at the end of June was down 10 per Activity in the construction field as a cent from the peak of last August. Con- whole has been maintained close to earlier sumer prices of goods and services were levels. In the aggregate, private projects down about 3 per cent. Values in capital have been down from a year ago and public markets have not shown marked changes, al- projects up. Private residential building in though farm land values have decreased recent months has shown a more than seaslightly since last November and there ap- sonal rise from the reduced level of last pears to have been some easing in urban autumn and winter, and by June the number real property values. of new housing units started was up to the 764 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES high level of a year ago. Public utility con- 3.8 million in early June as compared with struction has risen further. Prices of build- 2.2 million a year ago. Claims for unemploying materials have been lowered appreciably ment insurance later in June showed little and the easing of supply conditions for mate- change. rials and labor has made possible additional cost reductions through greater efficiency of DECLINE IN INDUSTRIAL PRODUCTION operation. The physical volume of industrial pro- In agriculture, output of crops this year duction—output at factories and mines—has will be close to the high level of 1948, if declined markedly from the near-capacity average growing conditions prevail during levels which prevailed from the latter part the remainder of the season. Feed supplies of 1947 to the latter part of 1948. The Board's are ample and output of livestock products, seasonally adjusted index in June is estiwhich so far has been slightly above the mated at 169 per cent of the 1935-39 average moderate level of a year ago, is expected to as compared with 195 last November—a reincrease further in the latter part of this year. duction of 13 per cent in 7 months. The Prices of agricultural products at the farm decline was gradual through February and are down 15 per cent from year-ago levels, fairly rapid from March to June, as is shown but for many products the decline has been on the chart. For the period since Novemlimited by Federal price support action. ber, declines in industrial output have been With a reduction in total output of goods, quite general except for the aircraft, autothe volume of freight being transported is mobile, newspaper publishing, and food down from earlier high levels. Most of the industries. decline has been in rail freight traffic. Passenger traffic, except on the airlines, has INDUSTRIAL PRODUCTION also decreased while private auto transporta- PHYSICAL VOLUME. SEASONALLY ADJUSTED. 1935- 39 • tion has continued to increase. The decline in production and transportation has been accompanied by declines in the number employed and reductions in the working hours of many of those employed. Layoffs and shorter hours have occurred chiefly at manufacturing and mining establishments and on railroads. In the construction industry, public utilities, and other nonagricultural lines, employment has continued 1939 1949 near earlier record levels. Total nonagricul- NOTE—Monthly figures. Latest figures shown are estimates for June. For listing of groups included in each of the lines tural employment in the middle of June shown see table on page 766. was below last autumn by about 4 per cent on a seasonally adjusted basis and 5 per cent In some industries, including apparel wool, on an unadjusted basis. The number un- rayon textiles, paperboard, petroleum, and employed, which reflects changes in the labor lumber, marked curtailments earlier have force as well as in all types of employment, been succeeded, beginning in April or May, according to the Census figures was about by little change or some increase. On the JULY 1949 765 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES other hand, output in certain other lines the middle of 1946, the early part of the postwhich showed little reduction or rose during war expansion period. They were still subthe winter has recently declined quite rap- stantially above the levels of any prewar year idly. Steel is a conspicuous example, with except 1941, both in the aggregate and per ingot output rising to a peak of 103 per cent capita. of capacity in March and declining since Estimated June levels relative to the 1935-39 then to a scheduled rate of 78 per cent in average are shown for all the major industry mid-July. groups in the accompanying table. So also The magnitude of the over-all decline in are percentage changes in the various groups industrial output, the length of the period since November and the effects of these over which the reduction has extended, and changes on the total index. the broad incidence of declines throughout industry reflect a marked weakening in INDUSTRIAL PRODUCTION [Adjusted for seasonal variation; 1935-39 = 100] markets for industrial products since the latter part of 1948. This weakening has been Change to June Indexes 1949 from evident also in price reductions for industrial November 1948 goods, and especially for materials. The Industry group In decline in demand has resulted to some de- J 1 u 9 n 4 e 9 N 19 o 4 v 8 . c p I e e n n r t in p in o t d i o n e t t x a s l gree from smaller purchases of finished products by ultimate users and in part from Industrial production 169 195 -13 -25.2 a sharp shift in inventory policies of many Manufactures 176 201 -12 -21.2 distributors and manufacturers. The decline Durable manufactures 194 229 -15 -13.3 in demand from ultimate users has come at N Ir o o n n fe a r n r d o u s s t e m el e 1 tals and products1 1 1 3 7 5 9 2 1 2 8 4 7 - - 2 2 8 0 - - 5 1. . 5 0 Machinery1 226 276 -18 -5.5 different times in different lines—last autumn Lumber and products 124 145 -14 -0.9 Stone, clay and glass products.. 183 203 -10 -0.6 for some consumer goods, last winter for rail- Transportation equipment1. . . . 239 238 0 +0.1 road freight cars—and the significance of Nondurable manufactures2 161 178 -10 -7.9 declines in new orders in many instances Textiles and products1 124 164 -24 -4.4 Paper and products1 144 169 -15 -0.8 has been difficult to appraise promptly be- Rubber products1 '. . 179 203 -12 -0.3 Chemical products 231 257 -10 -1.6 cause of the large volume of unfilled orders P P e ri t n ro ti l n e g u m an a d n d p u c b o l a is l h p in ro g ducts1. . 2 1 0 5 3 5 2 1 2 5 7 6 -1 -1 0 - - 0 0 . . 5 1 Leather and products 102 102 0 0 on hand. Tobacco products 170 170 0 0 Manufactured food products.. . 164 159 +3 +0.5 In June output in industries manufacturing Minerals 134 161 -16 -4.0 nondurable goods was down about 10 per Coal1 99 147 -33 -2.1 Crude petroleum1 155 177 -13 -1.9 cent from the November level; in the durable Metals 121 121 O 0 goods group, 15 per cent; and at mines, 16 1 Seasonally adjusted figures same as unadjusted. per cent. Most of the 10 per cent decline 2 Includes also alcoholic beverages, not shown separately. NOTE.—June 1949 figures largely estimated. in nondurables had occurred by April while half of the decline in durables came after Recent stability in nondurables. Output April. Output of minerals was particularly of nondurable goods apparently has leveled low in June, as it had been in March, as a off in May and June following a large decline result of work stoppages at coal mines. in the preceding five months. Activity in The levels of total industrial production textile, paper, rubber, chemical, and petroand of production in these broad divisions leum products industries, which had been of industry in June were about the same as in substantially curtailed earlier, has shown 766 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES a smaller decline or little change since April, since last November. Output of paperboard and output of most other nondurable goods, and most types of paper fell considerably last mainly foods, has continued at a high level. winter from earlier record rates and, except In a few industries, notably apparel wool for paperboard, production in this group has and rayon textiles, output has shown some since continued downward. Because of inrecovery from the sharply reduced April rate. creased newspaper advertising, newsprint As shown in the table, the production cur- consumption has continued to expand, limittailments in the textile industries accounted ing the decline in the printing and publishing for about half the total decline in nondurable group. manufactures after last November. At that Further mar\ed declines in durables. In time output in the textile industries was al- all groups of durable goods industries except ready almost 10 per cent below the excep- transportation equipment, output in June tionally high levels at the beginning of 1948, was much lower than in November. Durbecause of substantial decreases in some divi- ing the winter activity was reduced in a sions of the cotton and apparel wool indus- number of metal fabricating lines and in the tries. Subsequently, as demand weakened lumber and furniture industries, reflecting further, declines in these industries spread. a slackening in final demand for building Also, beginning in the first quarter of this supplies and many consumer durable goods year, there were substantial cutbacks in ac- together with a shift in inventory policies. tivity in the wool carpet and rayon industries, Output of most other durable goods, howwhere output had increased until last ever, was maintained at high levels during autumn. By April activity at wool and the winter or, as in the case of basic metals, cotton textile mills was 35 per cent below increased. Most of the decline for machinearlier postwar peak levels and not far above ery and nonferrous metals and products and the 1935-39 level. Output of rayon textiles, all of the decline for iron and steel has come although greatly reduced, was still about since March. double the 1935-39 rate. Machinery and transportation equipment. The large decline in chemicals reflected Over-all activity in machinery industries in chiefly abrupt curtailments at rayon fiber June apparently was at a rate about 18 per and yarn mills this spring and smaller de- cent lower than last fall, reflecting decreases creases in production of many other chemicals in output of a wide range of products infor industrial use. Petroleum refining activ- cluding household equipment such as washity declined from the record level at the end ing machines and refrigerators as well as inof 1948 mainly because of smaller demand dustrial equipment such as machine tools for fuel oil for industrial and heating pur- and textile machinery. Output of farm maposes. Gasoline production was somewhat chinery has shown little decline. reduced early this year but has advanced With automobile production increasing again in recent months. In the rubber prod- and aircraft production being maintained, ucts industry, tire production declined last activity in transportation equipment induswinter, mainly because of reduced replace- tries as a group showed little change from ment demand, but in recent months has in- November 1948 to June, despite a substantial creased again; activity in most other rubber decline in shipbuilding and, very recently, consuming lines has declined considerably in railroad equipment production. Al- JULY 1949 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES though few new orders for freight cars were in the steel situation became evident after placed after the end of the year, the backlog the turn of the year when purchases of steel of orders was large and deliveries contin- scrap by steel companies were curtailed and ued at a record rate through April before prices for scrap dropped sharply. Later deshowing any decrease. velopments in markets for finished steel and Output of passenger automobiles, which evidence of spreading reductions in activity had been considerably limited in earlier post- in some important steel consuming induswar years by material shortages when many tries confirmed this indication of a weakenother consumer durable goods were being ing in the steel market, and after the middle produced in record volume, has continued to of March steel output began to be reduced. advance since last November and in June Steel mill operations in June were at 82 was close to an all-time record rate. Pro- per cent of capacity, down about one-fifth duction during the first half of 1949 totaled from the March rate. Output of electric 2.4 million vehicles as compared with 1.8 mil- steel declined most rapidly and in June was lion in the corresponding period of 1948 and three-fifths below the peak level. the earlier record number of 2.8 million cars The course of dollar sales (shipments), produced in the first half of 1929. Output of stocks, and new orders of companies classified small trucks mainly for commercial use has in the iron and steel group, as reported by the been maintained at a high level. Production Department of Commerce, is shown from of heavier trucks, however, and of automo- 1946 to date in the left panel of the chart. bile replacement parts has contracted, and Sales and stocks in the transportation equiptotal activity in the automobile industry has ment and machinery groups and new orders increased only moderately since last autumn. Iron and steel. Steel production, which had SALES AND STOCKS IN METAL INDUSTRIES reached a new high last November, continued to rise during the winter and in March was at the highest rate on record—103 per cent of current capacity of 96 million tons per year. Shipments of finished steel continued at advanced levels to that time, partly because of a sustained high level of output in most steel consuming lines and partly because steel consuming industries and distributors were replenishing and building up their stocks of steel, which they had been unable to do earlier when demand for steel for current use had been in excess of supply. 1946 1947 1948 1946 1947 1948 1949 Premium prices for many steel products per- NOTE.—Department of Commerce data. Stocks (book value of inventories) relate to end of quarter, and sales and new sisted for a time and some consumers could orders are quarterly averages. Latest sales and orders figures shown are preliminary averages for April and May only, while obtain supplies only by costly arrangements stocks data are preliminary for end of May. Sales and stocks for transportation equipment represent Federal Reserve comfor buying ingots produced at one point and binations of "automobiles and equipment" and "transportation equipment, except automobiles" and for the machinery group, having them processed elsewhere. of 'electrical machinery" and "machinery, except electrical." The level of the indexes for new orders compared with 1939, Some easing and then definite weakening and with the corresponding sales and stocks levels, may be altered materially as a result of revisions now under way. 768 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES in the machinery group are shown in the clined 40 per cent to the lowest levels since right panel. Changes shown are affected 1939. In June there was ^ome recovery in by price changes such as the marked increase such shipments. in prices for steel products last summer. The After April refinery output of these decline in sales shown for the iron and steel metals as a group was reduced. Virgin group for the first quarter reflects decreases aluminum production, however, advanced in shipments of fabricated products such as further and in May was at a new postwar heating and plumbing equipment. Slacken- peak rate, 9 per cent higher than last ing in demand for such products was prob- November. ably also reflected in early declines in new Building materials. Output of many buildorders received by companies in such indus- ing materials including fabricated metal tries in the iron and steel group. products showed much more than the usual Nonferrous metals. Output of nonferrous seasonal decline last winter as a result of metals and fabricated products in June was earlier increases in stocks and some reduction about one-fourth below last November, al- in demand, mainly for private residential though at that time output of copper and lead and industrial building. Since the beginwas reduced by strikes and aluminum pro- ning of this year changes in lumber producduction was limited by electric power short- tion have been largely seasonal, with output ages. During the winter, with elimination about 10 per cent below a year ago. Output of these difficulties, production increased of cement and some other building materials considerably, partly in the expectation that has been maintained at advanced levels partly an expanded volume of Government pur- as a result of an expanding volume of highchases for stockpiling would largely offset way and other public construction. the decline in private demands that was Curtailed output at mines. Output of developing. minerals in June was estimated to be at a This spring, buying of copper, lead, and rate about 16 per cent below last autumn's zinc came to a standstill as growing curtail- level. Output was at a particularly low level ment in output of many types of products in June, as in March, because of extended using these metals indicated that prices of work stoppages at coal mines. In other nonferrous metals, some of which had risen months this year, however, coal production to very high levels, would fall. Activity was has been at a level about 10 per cent below being curtailed at both the initial fabricating that of last autumn and curtailed output stages, such as brass mills and foundries, and generally has reflected reduced domestic and at plants making finished products, such as export demand for coal. Crude petroleum electrical machinery, watches, and batteries. production by April was curtailed 12 per cent Although prices of refined nonferrous as demand for petroleum products other metals were reduced beginning in early than gasoline dropped sharply. In May and March, buying continued at a low ebb be- June petroleum output showed little change cause stocks of copper, lead, and zinc held but in early July declined further. Output by fabricators were still sizable and also be- at nonferrous metal mines was curtailed in cause buyers expected further price declines, May and June, but the June level was still which later did materialize. By May ship- above that of last November, when output ments of these metals to fabricators had de- was reduced by work stoppages. Iron ore JULY 1949 769 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES output has been at exceptionally high levels however, most makes of new cars were this spring despite curtailment in pig iron being sold about as rapidly as they could be production. produced. Consumer purchases of other durable goods, chiefly furniture and house- MODERATE REDUCTION IN RETAIL TRADE hold appliances, declined last autumn and During the second quarter of 1949 con- then through June remained substantially sumer purchases of goods were below the below the exceptionally high levels reached postwar peak rates reached in the third quar- in 1948. ter of 1948 by 4 or 5 per cent. The over-all Dollar sales of furniture at department decline in physical volume was smaller than stores during the April-June quarter were this. Consumer expenditures for services about one-eighth below the corresponding continued to rise. period a year ago; floor coverings were off At department stores, according to the about one-fifth in the same period. Sales of Board's seasonally adjusted index shown on refrigerators and other major household apthe chart, sales decreased one-tenth from a pliances during the first quarter of 1949 were level of 310 per cent of the 1935-39 average at a level more than one-third below the last summer to around 280 in February and corresponding period a year ago; during the March, rose to about 294 in April and May, second quarter they increased. In June the and were estimated to be 284 per cent in June. sales of these products were about one-fourth DEPARTMENT STORE SALES AND STOCKS below year-ago levels but still far above pre- DOLLAR VOLUME,SEASONALLY ADJUSTED, 1935-39' 100 war. Total sales of radios, phonographs, and television sets at department stores were above year-ago levels as a further sharp expansion for television sets more than offset 250 declines in other items. Dollar sales of clothing and other semidurable goods, which 200 make up the bulk of department store trade, were generally maintained at close to last year's levels, partly through the offering of better values than before to consumers. 1942 1943 1944 1945 1946 1947 1948. 1949 The failure of consumer outlays for goods NOTE.—Monthly figures, June sales estimated. The latest to increase last autumn as they had earlier figure for stocks is as of the end of May. reflected an important shift in the demand The total value of retail trade decreased situation and in turn contributed to declines to a smaller extent than department store in prices and activity. In some lines, such sales, owing chiefly to relatively slight reces- as household appliances, curtailments in consions in sales at food stores and to a further sumer purchases from earlier exceptionally marked rise in output and sales of new pas- high levels have had important direct effects. senger cars. Demand for new and used cars Reduced consumer purchases of goods have during the autumn and winter showed some also tended to discourage business accumuseasonal decline for the first time in the lation of inventories and expansion of propostwar period. From March through June, ductive capacity. 770 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES winter and spring commitments in many LARGE REDUCTIONS IN BUSINESS PURCHASES lines were being reduced and buying was While consumer purchases of goods have in restricted volume. Distributors specializbeen reduced only moderately and Governing in housefurnishings and construction ment purchases of goods have increased this items, for example, apparently reduced their year, there has been a marked decline in pricommitments considerably. On the other vate business purchases. Distributors and hand, total department store purchases since manufacturers became more concerned by last autumn have been not far below current the prospects of inventory losses as the desales, allowing for seasonal differences. By cline in prices spread and sharp breaks delast November department stores had already veloped in a number of markets. In addition reduced their total commitments sharply the outlook for earnings from current operafrom the high levels prevailing two years tions was being adversely affected by the earlier by cutting down their outstanding; prospect of reduced rates of activity and the orders much more than they increased their development of competitive pressures. inventories. At the end of May total com- The most pronounced curtailment in busimitments of department stores were about ness demand has been evident in manufacthe same in relation to sales as they were in turers' orders for raw and semifinished mathe corresponding month of 1940. terials and in orders for capital equipment Cutbacks in business buying in order to on the part of manufacturing, mining, railreduce commitments have lowered outstandroad, and communication companies. This ing orders—and their counterpart, unfilled downward movement has had a major imorders—very greatly in many lines. Changes pact on the metal industries in recent months. in inventories have been diverse, but be- While the average level of expenditures for ginning in April total business inventories capital goods in the second quarter had fallen have been reduced at a fairly rapid rate. The only moderately from the peak level reached decline in the physical volume as well as the in the latter part of 1948, production of many dollar amount of business inventories during of these goods had occurred in part in an the second quarter appears to have been earlier period and orders had been placed greater than the increase which occurred in even earlier. Marked reductions in manuthe first quarter. facturers' purchases of materials have occurred this year not only for ferrous and RECENT PRICE DECLINES nonferrous metals but also for other materials Since last summer wholesale prices have such as lumber, woodpulp, and textile yarns generally receded from the record high levels, and fabrics. reached at that time, reflecting a marked shift As supplies have become more readily in the over-all demand-supply situation after available and demand has declined from seven years of war and postwar shortages in postwar peak levels, wholesale and retail this country. Last autumn and winter distributors have reduced their purchases, important declines occurred in prices of farm partly because their own sales were being products and of related foods. From Febreduced and partly because they wanted to ruary to May of this year prices of theseshorten their total commitments in the form commodities recovered somewhat, but deof inventories and outstanding orders. Last creases in industrial commodities became JULY 1949 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES widespread and a very rapid decline devel- facturing and marketing costs have not deoped in prices of all scrap metals and of clined as much as material costs, consumer most refined nonferrous metals. In June prices for goods have shown less decline than farm products and foods decreased again prices in wholesale markets. Consumer prices and the general wholesale price index of for services, including rent, have risen somethe Bureau of Labor Statistics at the end what, accounting in part for the limited of the month was 153 per cent of the 1926 extent of the decline in consumer prices as average as compared with nearly 170 last a whole. Price changes since August of last August. The index was thus down 10 per year, since the initial lapse in wartime price cent but it was still higher than in mid-1947 control in June 1946, and since the 1935-39 and about 90 per cent above the 1935-39 period are summarized in the table. average. CHANGES IN PRICES Prices of basic commodities, as measured by the Bureau of Labor Statistics index of Percentage increase or decrease to June 28, 1949 from— 28 items, were down considerably more than Group the average level of all commodities—about Aug. 1948 June 1946 1935-39 30 per cent from last August and 35 per cent Basic commodity prices (28 items) -28 + 16 + 93 from their peak at the end of 1947. Prices General wholesale index: of a number of these basic commodities in Total -10 +35 + 90 June were close to the levels prevailing prior Farm products -14 + 17 + 116 to the elimination of wartime price controls Foods - - 15 5 + +3 4 8 3 + + 10 7 4 9 Other commodities in 1946. Some others were back to prewar Textile products - 7 +27 + 95 Fuel and light - 4 +49 + 73 levels. A few other commodities had shown Metals and products •> +48 + 81 Building materials - 6 +48 + 115 little decline from postwar peaks. For a num- Prices received by farmers.... -14 + 16 + 136 ber of foodstuffs, and also for certain indus- Prices paid by farmers - 2 +30 + 91 trial materials like cotton and turpentine, Consumers' prices. +27 + 69 Foods - 7 +38 + 101 decreases since last summer have been lim- Apparel ej +21 + 90 Rent + 2 + 11 + 21 ited by Federal price support action. NOTE.—Indexes of prices received by farmers and of prices Owing in part to the downward tendencies paid, including interest and taxes, compiled by the Bureau of Agricultural Economics for midmonth periods. Other indexes in domestic demand and increased competi- compiled by the Bureau of Labor Statistics. Consumers' price indexes for June 1949 estimated by Federal Reserve. tion in foreign markets, prices of exports have generally been reduced since last Retail food prices decreased 8 per cent last summer. Prices of imports have shown less autumn and winter, rose somewhat in the uniformity of movement during this period spring, and in June were probably down as some commodities like cocoa, copper, and only 7 per cent from last August, or half rubber have fallen sharply, while prices of as much as wholesale food prices. Retail others such as coffee, sugar, hides, and wool prices of apparel have declined steadily since have shown relatively little change. last October, but in June were only about The decline in demand has been greater 6 per cent below last autumn's peak levels. for materials than for finished products and Declines in prices of housefurnishings were in wholesale markets than in retail markets. also generally small, although prices of some Partly because of the greater decline in de- items like appliances and television sets were mand at wholesale and also because manu- reduced substantially. After some further 772 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES increases in prices of passenger automobiles which for several months had been around last winter, prices of certain makes were $1.45 per bushel at Chicago, fell to a low of lowered. With stocks of fuels built up to high $1.13 on February 8 (as compared with a levels, prices of coal and fuel oil were re- Federal loan level equivalent to about $1.60) duced but gasoline prices were raised. Con- and prices of some other farm products trolled rental rates were raised in some areas, weakened. and average prices of miscellaneous goods A partial recovery soon occurred in prices and services increased slightly. The average of these products as the Government exlevel of consumers' prices declined about panded its actions to prevent further declines 3 per cent from August to February and has and as consumer incomes and demands for shown little change since that time. Mean- food remained close to earlier peak levels. while, since the end of last year consumer In April and May marketings of livestock, incomes have been declining moderately. especially of lambs, were reduced and prices Agricultural prices. Wholesale prices of of meat and livestock advanced until the first farm products and foods at the end of June week of June when they were 11 per cent were about 15 per cent lower than last sum- above the low reached in February and 255 mer when their average levels were raised per cent of the 1935-39 average. During for a time by a substantial advance in prices June, however, prices of meat and livestock of meats and livestock. During the autumn moved downward for a time and in the last prices of meats and livestock declined rap- week of the month were 236 per cent of the idly, as shown in the accompanying chart, 1935-39 average. Prospects of a larger supply and further decreases occurred in January of meats during the second half of the year and the early part of February. Beginning were indicated by the June report that the last autumn, also, marked recessions occurred spring pig crop was 15 per cent greater than in prices of dairy products. Corn prices, in 1948 and by available information on increased supplies of poultry and on excellent WHOLESALE COMMODITY PRICES range conditions for cattle. Consumer expenditures for meat, which a year ago were unusually high in relation to consumer income, have been at a relatively lower level this year. Prices of most farm products and foods other than livestock products have declined since the beginning of the year but decreases have generally been small, owing in part to Federal price support measures, the expanded volume of exports of these goods under foreign-aid grants, and the relatively slow and moderate declines which have occurred in consumer incomes. In the latter part of May cash winter wheat prices declined about 30 cents per bushel to products and toods as grains and cereal products, dairy products, cotton, and sugar as well as "all commodities other than $1.95 at Kansas City, as marketings of the farm products and foods" exclusive of metals and metal products. JULY 1949 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES new crop expanded. During June prices prices of most other commodities had levaveraged 15 cents below the Federal loan eled off or declined, as shown in the chart level despite a relaxation of storage stand- on page 773. During the first half of ards for Government loans and indications 1949, however, there has been a sharp reat harvest time of heavy crop losses. If total versal of developments in the metal markets. wheat production this season is 1,189 million Some unfilled orders have been canceled bushels, as forecast by the Department of and new purchases have been held below Agriculture on the basis of July 1 conditions, the current rate of metal consumption in even with exports in large volume, the do- order to reduce commitments and invenmestic carryover on July 1, 1950 is likely tories; in addition, the rate of metal conto be in excess of the large carryover of sumption has been reduced considerably. 300 million bushels on July 1, 1949. Wheat With the return of competitive conditions, production abroad and stocks of wheat in following a period of marked price advances importing countries last year and this year and of speculative buying, some metal prices have shown marked increases from earlier declined rapidly and the prospect of addilow levels. tional price reductions accentuated the re- Cotton prices during the past year have versal in metal markets. shown only small fluctuations, being close The reduction this spring in demand for to the Federal support level and more than and prices of basic metals was about as rapid three times the 1939 level. Of last year's as any decline on record. Scrap metals fell 14% million-bale crop and % million bales by more than 50 per cent in price from Deof imports, about 7% million is being con- cember to June, as is indicated in the acsumed by domestic mills, 4l/ million ex- companying chart, and refined copper, lead, 2 ported—largely under foreign-aid grants— PRICES OF METALS and the remaining 2l/ million is being 2 MONTHLY AVERAGES DOLLARS PER TON added to stocks in this country. Official estimates indicate that cotton acreage this year has been expanded further by 14 per cent. Accordingly, unless yields are exceptionally low, cotton production will be substantially in excess of disappearance in the 1948-49 season and the carryover may rise further. Industrial commodities. Prices of some industrial commodities had been weakening before last August and declined more later in the year, with most of.the reductions occurring in prices of lumber and nondurable products. The wholesale price index for 1939 1940 1946 1947 1948 1949 1939 I94O 1346 1947 1948 1949 commodities other than farm products and NOTE.—Monthly averages of weekly figures compiled by foods stopped advancing in August and then Federal Reserve. Latest figures shown are for June. Nonferrous metal prices as reported in American Metal Market. beginning early this year declined steadily. Refined and scrap composites are simple arithmetic averages of prices of items listed. Scrap quotations are dealers' buying prices at New York. Iron and steel prices are composites Advances in prices of metals and metal published in Iron Age. Prices of pig iron and steel scrap are reported per gross ton; finished steel prices per pound conproducts had continued during 1948 after verted to 2,000 pound tons. 774 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT CHANGES IN PRODUCTION AND PRICES and zinc declined 30 to 50 per cent. Virgin hides and leather, and fats and oils in June aluminum prices, which at the end of 1948 were also still substantially above their prewere still below prewar levels, were un- war levels but were down considerably from changed in this period, but prices of remelted their postwar peaks. aluminum declined 45 per cent in the first In contrast, wholesale prices of various finhalf of 1949, following sharp advances ished products, such as new automobiles, earlier. Premium prices for pig iron and farm machinery, wool carpets, and paper finished steel were eliminated during these products, were generally down only 5 per months and list prices for some products, cent or less from earlier postwar levels. Reespecially galvanized items, were reduced. ductions in prices of these products in retail Reflecting in part declines in prices of markets have also been small, although in metal products, average prices of building some lines distributors' margins have been materials, according to the Bureau of Labor lowered with the elimination of premium Statistics, have declined 7 per cent since last charges over list and the reintroduction of summer. The largest reduction has been concessions from list. Although wage rates in the lumber price index which has been in manufacturing and distribution have risen about one-tenth below postwar peak levels somewhat further since last summer, overalthough still three times the prewar level. time operations have been largely eliminated Most other building material prices had adand average hourly earnings have shown vanced much less and have been reduced little change. Reductions in material costs more moderately. Average prices of building materials, including lumber, were 212 have been substantial in a number of lines, per cent of the 1935-39 average at the begin- but not important in some others. Except ning of July. where reductions in activity have resulted Prices of various other materials, like in higher overhead costs per unit, operations woodpulp, cotton and rayon gray goods, have generally been on a more efficient basis. JULY 1949 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENTS ON RECENT FEDERAL RESERVE POLICY ACTIONS Press Release of June 28, 1949 lation W, establishing minimum down payments and maximum maturities for consumer instalment The Federal Open Market Committee, after credit, expires June 30, 1949 and the regulation consultation with the Treasury, announced today will not be effective after that date. Notice to that with a view to increasing the supply of funds this effect is being sent to those who, in accordance available in the market to meet the needs of with the regulation's provisions, have filed regiscommerce, business, and agriculture it will be the tration statements with a Federal Reserve Bank. policy of the Committee to direct purchases, sales, The temporary authority granted by Congress and exchanges of Government securities by the for increased reserves likewise expires June 30 and Federal Reserve Banks with primary regard to the Board has accordingly revised the Supplement the general business and credit situation. The to Regulation D, under which the following reserve policy of maintaining orderly conditions in the requirements will be effective with the beginning Government security market, and the confidence of the next reserve period (June 30 for central of investors in Government bonds will be conreserve city and reserve city members banks and tinued. Under present conditions the maintenance July 1 for other member banks): Against net of a relatively fixed pattern of rates has the undedemand deposits—24 per cent for central reserve sirable effect of absorbing reserves from the market city member banks, 20 per cent for reserve city at a time when the availability of credit should member banks, and 14 per cent for other member be increased. banks; against time deposits—6 per cent for Press Release of June 29, 1949 member banks of all classes. The changed re- The authority under which the Board of Gov- quirements will result in a reduction of approximately 800 million dollars in required reserves. ernors of the Federal Reserve System issued Regu- REVISION IN BANK EXAMINATION PROCEDURE Joint Statement of the Comptroller of the Currency, The Federal Deposit Insurance Corporation, The Board of Governors of the Federal Reserve System, and the Executive Committee of the National Association of Supervisors of State Banks1 The Comptroller of the Currency, The Federal 18-months average of market value. Such securities Deposit Insurance Corporation, The Board of Gov- will be appraised at current market value. ernors of the Federal Reserve System, and the There will be no change with respect to evalu- Executive Committee of the National Association ation of U. S. Government and other Group 1 of Supervisors of State Banks have adopted minor (investment quality) securities. This policy is intended to apply to recognized sound investment changes in the bank examination and reporting practices of banks, and is not intended to apply procedure which has been followed by the superto undue concentrations in securities other than visory agencies since July, 1938. U. S. Government issues, nor to other cases where The revision provides for abandonment of the the condition of the portfolio requires special treatuse of Roman numerals II, III and IV in the ment by the supervisory agency or agencies conexaminers' classification of bank assets, and subcerned. stitution of the terms "substandard", "doubtful", The revision involves no fundamental change in and "loss", and for discontinuance of the practice the present procedure nor does it signify any intenof appraising Group 2 securities on the basis of the tion on the part of the supervisory authorities to become more severe in the classification of bank 1 Released for morning papers of July. 15, 1949. assets. Its purpose is clarification and simplification 776 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION IN BANK EXAMINATION PROCEDURE of procedure in the interest of more uniform ap- is no longer of practical significance since the banks plication. It also recognizes the fact that use of of the country have only a nominal investment in the 18-months average price for Group 2 securities such securities. Bank Examination Procedure As Revised July 15, 1949 THE CLASSIFICATION OF ASSETS IN BANK Group I securities are marketable obligations in EXAMINATION which the investment characteristics are not dis- The present captions of the classification units, tinctly or predominantly speculative. This group namely, "I", "II", "III" and "IV" are to be aban- includes general market obligations in the four doned. highest grades and unrated securities of equiva- The classification units hereafter will be desig- lent value. nated as "Substandard", "Doubtful" and "Loss". The securities in Group II will be valued at the The term "Substandard" will be defined as follows: market price and fifty per cent of the net deprecia- Book assets or portions thereof not classified as tion will be deducted in computing the net sound doubtful or loss and which involve more than a capital. normal risk due to the financial condition or un- Group II securities are those in which the infavorable record of the obligor, insufficiency of vestment characteristics are distinctly or presecurity, or other factors noted in the examiner's dominantly speculative. This group includes comments. These assets should be given special general market obligations in grades below the and corrective attention, for example, by obfour highest, and unrated securities of equivataining suitable reductions in amount, additional lent value. security, more complete financial data concerning the obligor's condition, or other such action Present practice will be continued under which as the specific circumstances may require. net depreciation in the securities in Group III and Group IV are classified as loss. Present practice will be continued under which Group III securities: Securities in default. the totals of the three classifications are included in Group IV securities: Stocks. the recapitulation or summary of examiners' classifications. Present practice will be continued under which Fifty per cent of the total of "Doubtful" and all premiums on securities purchased at a premium of "Loss" will be deducted in computing the net must be amortized. sound capital of the bank. Amounts classified Present practice of listing securities and showing "Loss" should be promptly charged off. their book value will be continued. Present practice will be continued under which THE APPRAISAL OF BONDS IN BANK the establishment and maintenance of adequate re- EXAMINATIONS serves, including reserves against the securities ac- Neither appreciation nor depreciation in Group I count, are encouraged. securities will be taken into account in figuring Present practice will be continued under which net sound capital of the bank. However, this speculation in securities is criticized and penalized. policy is intended to apply to recognized sound investment practices of banks, and is not intended THE TREATMENT OF SECURITIES PROFITS IN to apply to undue concentrations in securities other BANK EXAMINATIONS than U. S. Government issues, nor to other cases Until losses have been written ofT and adequate where the condition of the portfolio requires special reserves established, the use of profits from the sale treatment by the supervisory agency or agencies of securities for any purpose other than those, will concerned. not be approved. JULY 1949 777 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES1 PART III. Distribution of Consumer Income in 1948 Total United States output of goods and services This article is the third in a series presenting was higher in 1948 than ever before. A record results of the Board's fourth annual Survey of Connumber of civilians were gainfully employed while sumer Finances, conducted for the Board of Govunemployment was at a postwar low. Reflecting ernors of the Federal Reserve System by the Survey these developments, total consumer money income Research Center of the University of Michigan.2 rose almost 15 billion dollars from 1947 to 1948. The findings presented in this article provide sta- This substantial increase in income was widely dis- tistical information about levels of money income tributed throughout the population. Roughly half in 1948, distribution of the total amount of income of all consumer spending units reported receiving among groups of the population, and the extent to higher incomes in 1948 than in 1947 and there is which various groups participated in the increase in some evidence that units whose incomes were below money income. Estimates of consumer income both $4,000 in 1947 obtained income increases more fre- before and after Federal income taxes are included quently than those who had higher incomes. in the analysis. As in the case of previous Surveys of Consumer xThis is the third in a series of articles presenting the Finances made for the Board, the present survey results of the Board of Governors' Survey of Consumer # Finances in 1949. The first two articles appeared in the covered, on a sample basis, the entire population June BULLETIN and covered the general financial position of the United States residing in private households and economic outlook of consumers, their durable goods expenditures in 1948, and buying plans for 1949. A dis- during the January-March interview period. The cussion of the technical aspects of the survey and the statisti- following groups were omitted: (1) members of cal limitations of its results was provided in the appendix the armed forces and civilians living at military to the first article. Subsequent issues of the BULLETIN will contain articles on consumer ownership and use of liquid reservations; (2) residents in hospitals and in reassets, ownership of nonliquid assets, and consumer saving ligious, educational, and penal institutions; and patterns during 1948. (3) the floating population, that is, people living From the Board of Governors, general supervision of the survey has been under the direction of Woodlief Thomas, in hotels, large boarding houses, and tourist camps. Director, and Ralph A. Young, Associate Director, of the The interview unit was the consumer spending Division of Research and Statistics. The Division of Research unit, defined as all persons living in the same and Statistics has responsibility for planning the over-all content of the survey, analyzing survey results for the dwelling and related by blood, marriage, or adop- Board's use, and preparing the special articles reporting tion who pooled their incomes for their major survey findings that appear in the BULLETIN. From the University of Michigan, Rensis Likert, Director items of expense. of the Institute for Social Research, and Angus Campbell, Director of the Survey Research Center, were in general SUMMARY OF FINDINGS ON CONSUMER INCOME charge of the survey. The Survey Research Center is a division of the Institute for Social Research of the University 1. About 26 million consumer spending units, of Michigan. Responsibility for detailed planning and super- or approximately half of the total number, had vision of the survey, including interviewing, editing, tabulation of survey results, and preparation of Survey Research 2 Previous surveys were made for the Board of Governors Center studies was carried by George Katona in collaboration early in 1948 and 1947 by the Survey Research Center and with Janet A. Fisher and James K. Dent of the Survey the results of those surveys were reported in the June, July, Research Center's staff. Charles F. Cannell served as head and August issues of the BULLETIN for those years. One of the field staff and Roe Goodman as head of the sampling additional article on the 1948 survey appeared in the Sepsection of the Center. tember BULLETIN. The first survey was made for the Board The present article was prepared by Clarke L. Fauver of Governors early in 1946 by the Division of Program and Irving Schweiger of the Consumer Credit and Finances Surveys, Bureau of Agricultural Economics, U. S. Department Section of the Board's Division of Research and Statistics. of Agriculture. The Survey Research Center staff currently The authors have necessarily maintained a close working in charge of the survey work was associated with the relationship with the staff of the Survey Research Center Division of Program Surveys at the time of the first survey. at all stages of their work, and their analysis of survey tabu- Results of that survey were reported in the June, July, and lations has had the benefit of many suggestions from the August 1946 issues of the BULLETIN under the general title Center's staff, particularly George Katona and Janet A. Fisher. National Survey of Liquid Assets. 778 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES higher incomes in 1948 than in 1947. This was of fact, there may have been a slight decrease in by a slight margin the highest number of spend- the proportion of total income going to the top ing units reporting year-to-year increases in incomes three-tenths of the population. In 1948, this group shown by any of the four annual surveys. In round received about 58 per cent of total consumer infigures, only 1 spending unit in 5 reported having come as compared with approximately 60 per cent made less money last year than in 1947. On the in 1947. The proportion of total income received other hand, about 1 in 5 reported increases in by each tenth of the population has not changed incomes amounting to at least 25 per cent. to any substantial extent during the postwar period; 2. There are indications that higher incomes in however, relatively small changes in such propor- 1948 were more frequently obtained by spending tions may be of great economic and social imporunits whose 1947 incomes had been below $4,000; tance. conversely, declines were reported more frequently 7. Consumer units with high incomes had conby those with 1947 incomes above that amount. siderably different characteristics than those with 3. Professional persons and clerical and sales per- low incomes. Units with money incomes of less sonnel reported receiving larger incomes in 1948 than $1,000 tended to be small in size, to live in than in 1947 more frequently than did persons in rural areas, and to be headed by persons who were other occupations. About 3 in every 5 members at least 55 years of age. Farm operators, retired of these groups had increased incomes. Higher persons, and unskilled workers were the most freincomes were also reported by somewhat more quently noted groups in this income bracket. than 1 of every 2 skilled and semiskilled workers, Spending units with incomes of $5,000 or more as well as by 1 of every 2 unskilled workers. Entre- were more frequently larger in size and located preneurial types—farm operators and managerial in metropolitan areas. They tended to be headed and self-employed persons—were found to have by persons between the ages of 35 and 54 who folfewer increases in income and more decreases in lowed a profession, occupied managerial positions, income in 1948 than other occupational groups. or were self-employed. The proportion of these groups receiving increases 8. There was considerable shifting of spending in income, however, was somewhat larger in 1948 units from one income level to another from 1947 than in the preceding year. to 1948. In certain income brackets, only about 4. Nearly half (47 per cent) of all spending units half of the spending units stayed in the same group received $3,000 or more last year, as compared for the two years. with 42 per cent during 1947. In terms of num- 9. It is estimated that about two-thirds of all bers, roughly 3.5 million more spending units had spending units had Federal income tax liabilities incomes of $3,000 or more in 1948 than a year for the year 1948. These tax liabilities amounted earlier, and about 1.8 million fewer had incomes to 10 per cent or more of income before taxes for of less than this amount. approximately 1 in every 5 spending units in the 5. The median, i.e., middlemost, income of all population. Median income for all spending units spending units increased from about $2,500 in 1947 after deducting tax was roughly $2,700, compared to more than $2,800 last year. The 1948 median with $2,800 before tax. The median income after income was about 10 per cent above the 1947 fig- tax for all families was about $3,000, compared ure and nearly 25 per cent higher than in 1946. with $3,300 before tax. Because many families contain more than one spending unit, the median family income is always somewhat larger than the median spending LEVELS OF INCOME IN 1948 unit income. The family median in 1948 is estimated at roughly $3,300, or about one-sixth more The increase over 1947 of almost 15 billion dolthan the spending unit median in 1948 and ap- lars in consumer money income before taxes led proximately $400 more than the family median in to important shifts in the distribution of spending 1947. units by level of income. About 26 million, or 6. The survey results do not indicate any further approximately half, of all spending units reported concentration of income during 1948. As a matter receiving higher incomes in 1948 than in 1947. JULY 1949 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES Roughly one-fifth said their incomes had declined In terms of number of units, roughly 24 million from the previous year.3 consumer spending units received incomes of $3,000 As a result of the changes in consumer incomes, or more in 1948, approximately 3.5 million more nearly half (47 per cent) of all spending units than in 1947. About 1.8 million fewer had inreceived $3,000 or more last year, as compared with comes of less than $3,000 in 1948. Almost 8 million 42 per cent during 1947. The increase in the spending units obtained incomes of $5,000 or more. number of spending units with incomes between This was nearly 1 million more units than in 1947 $3,000 and $4,999 accounted for most of this change, and roughly double the number at this income level as can be seen in Table 1. The proportion of units in 1945. with incomes of $5,000 or more changed only The movement of spending units into higher slightly from 1947 to 1948. This was in contrast income groups as a result of increases in money to the development from 1946 to 1947 when this income during the past two years is shown in the income group increased from 10 to 14 per cent of accompanying chart. This upward movement was all spending units. reflected in a substantial increase in the amount of median income, i.e., the income of the middlemost TABLE 1 unit when all spending units were ranked by size of income. In 1948, the median spending unit DISTRIBUTION OF SPENDING UNITS AND MONEY INCOME RECEIVED, BY INCOME GROUPS, 1948, 1947, AND 1946x income was somewhat above $2,800, which was [Per cent] more than 10 per cent larger than the 1947 figure of about $2,500 and nearly 25 per cent above the 1948 1947 1946 1946 middlemost income of $2,300. The perincome Spend- Total Spend- Total Spend- Total centage increase in median income since 1946 has hpfore taxes ing money ing money ing money been roughly the same as the percentage increase in units income units income units income living costs as measured by the Consumers' Price Under $1,000.. . 12 2 14 2 17 3 Index of the Bureau of Labor Statistics. $1,000-$ 1,999... 18 8 22 10 23 12 ^2,000-$2,999... 23 16 23 17 25 21 Averages covering the entire population tell $ $ 3 4 , , 0 0 0 0 0 0 - - $ $ 3 4 , , 9 9 9 9 9 9 . .. . . . 2 1 0 2 2 1 0 4 1 1 7 0 1 1 3 8 17 8 2 1 0 3 only part of the story, however. They do not -$5,000-$7,499... 10 17 9 16 6 11 reveal which groups in the population received $7,500 and over. 5 23 5 24 4 20 substantial increases in income, which received All income groups... 100 100 100 100 100 100 Median income2. $2,840 $2,530 $2,300 DISTRIBUTION OF SPENDING UNITS BY INCOME GROUPS, 1948, 1947. AND 1946 1 Income data for each year are based on interviews during PER CENT OF PER CENT OF January, February, and early March of the following year. SPENDING UNITS SPENDING UNITS 2 The median amount is that of the middle spending unit 30 30 when all units are ranked by size of income. 8 Total money income before taxes, as reported in this survey, is the sum of the net money earnings from civilian •employment (including wages and salaries and net incomes or losses from farm and nonfarm business and professional self-employment), armed forces pay of civilians not in the services at the time of the interview and of members of the services living in private households, and net money income !g •other than earnings., It does not include income received in kind, such as the value of home-produced food, free meals, or rent-free living quarters. Nor does it include the value of farm inventory changes or farm depreciation charges. Furthermore, it does not include capital gains or losses. Heads of spending units (in some cases other members) were asked by interviewers to report separately the amount •of rnone^ income received by each member of the spending unit from each of a number of specified types of income, such as: wages and salaries; interest, dividends, rents, or royalties; income from professional practice or unincorporated §4,000 $5,000 $7,500 business; various types of allotments, pensions, retirement #4,999 $7,499 AND OVER pay, contributions, and other income of this type; and income INCOME GROUPS from work other than regular employment. NOTE.—Covers money income before taxes. 780 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES small increases, and which experienced declines in and housewives (including widows) each constiincome. Some of these changes are presented in tuted about 10 per cent of this bottom income group. a later section of this article. Only a scattering of persons with other occupations was found at this income level. COMPOSITION OF THE VARIOUS INCOME GROUPS A considerably different type of spending unit It is useful to spell out the characteristics of the was noted at income levels of $5,000 and over. spending units in the various income groups. For About 5 per cent of these spending units contained example, were the spending units that made less only one person, 35 per cent were two-person units, than $1,000 in 1948 mostly single-person units or and about 60 per cent consisted of three or more were they mainly large but poor families? How persons. Approximately 75 per cent of the highold were these people and what were their occupa- income units lived in urban areas and more than tions? The findings of the survey make it possible 40 per cent of them lived in large metropolitan to provide some information, as shown in Table 13 areas. The persons heading spending units with at the end of this article, about the size of the $5,000 or more income were between the ages of spending units at the several income levels and the 35 and 54 in 60 per cent of the cases. Half of the age, education, and other characteristics of the per- units were headed by professional, managerial, and sons who headed these units. self-employed persons; another one-third by skilled and semiskilled workers and clerical and sales per- Differences in the various characteristics of consonnel. Only one-sixth of those with incomes of sumer units are most marked for those with high $5,000 or more were classified as farm operators, and with low incomes. Units with money incomes unskilled workers, retired persons, housewives, of less than $1,000 tended to be small in size, to students, or in other miscellaneous occupations live in rural areas, and to be headed by persons which together made up five-sixths of the bottom who were at least 55 years of age. The groups income group. most frequently noted in this income bracket were farm operators, retired persons, and unskilled The characteristics of spending units in the inworkers. Spending units with incomes of $5,000 come range between $1,000 and $4,999 do not differ or more were more frequently larger in size and as sharply as do the low- and high-income groups. located in metropolitan areas. They tended to be About 60 per cent of the spending units in this headed by persons between the ages of 35 and 54 range were headed by skilled and semiskilled workwho followed a profession, occupied managerial ers, unskilled workers, and by clerical and sales positions, or were self-employed. To some extent personnel. income groups next to the less than $1,000 and $5,000 and over groups had many of the characteris- CHANGES IN INCOME FROM 1947 TO 1948 tics of the lowest and highest income receivers, re- As mentioned earlier, approximately half of all spectively. spending units reported receiving higher incomes More than 40 per cent of the units with incomes in 1948 than in 1947. This was by a small margin •of less than $1,000 were single-person units and the largest number of spending units with year-tothese, together with two-person units, made up year increases in income shown by any of the four 75 per cent of this income group. Half of the annual surveys. About 1 in 5 obtained at least a 25 units in this bracket were located in rural areas. per cent increase in income over 1947. However, However, it should be remembered that only it should also be noted that 1 in 5 spending units money income is being considered here, and many reported a decline in income from the previous year. units in rural areas have considerable amounts of As shown in Table 2, about 60 per cent of prononmoney income. About 60 per cent of the per- fessional persons and about the same proportion sons who headed the spending units at this income of clerical and sales personnel had larger incomes level were 55 years of age or more. On the basis in 1948 than in 1947. In each of the three year- .of occupation, farm operators and retired persons to-year comparisons afforded by the Surveys of each accounted for roughly 20 per cent of the Consumer Finances, these two occupational groups spending units in this group; unskilled workers, have reported the highest frequency of income infor about 16 per cent; and unemployed workers creases. However, the margin of difference be- JULY 1949 781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 2 INCOME CHANGES FROM 1947 TO 1948 AND 1946 TO 1947 AS REPORTED BY SPENDING UNITS IN VARIOUS OCCUPATIONAL GROUPS 3 Percentage distribution of spending unitswithin occupational groups All Managerial Skilled Clerical Change in annual spending Professional and self- and semi- and sales Unskilled Farm money income units employed skilled personnel operators before taxes 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 to to to to to to to to to to to to to to 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 Income larger 50 49 59 62 46 41 54 58 60 62 54 44 45 38 Larger by 25 per cent or more. . 19 18 19 18 22 17 20 20 22 24 20 15 21 14 Somewhat larger 31 31 40 44 24 24 34 38 38 38 34 29 24 24 No substantial change in income. 27 30 23 19 30 35 26 24 25 22 26 35 22 36 Income smaller 19 19 14 18 20 22 16 16 13 14 16 19 27 21 Somewhat smaller 12 11 11 11 14 13 12 9 9 9 11 13 17 13 Smaller by 25 per cent or more. 7 8 3 7 6 9 4 7 4 5 5 6 10 8 Not ascertained. . 4 2 4 1 4 2 4 2 2 2 4 2 6 5 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 tween increases for these two occupations and In three occupational groups—unskilled workers,, other groups was less in 1948 than in 1947 and farm operators, and managerial and self-employed, 1946. Higher 1948 incomes were also obtained persons—the proportion of units that reported by somewhat more than 50 per cent of the skilled income increases was higher from 1947 to 1948 and semiskilled workers and by about the same per- than from 1946 to 1947 (see Table 2). The incentage of unskilled workers. Entrepreneurial crease in frequency with which consumer units types—farm operators and managerial and self- obtained larger incomes was greatest for unskilled employed persons—were found to have fewer in- workers. Last year, 54 per cent of unskilled workcreases in income than other occupational groups, ers had higher incomes than in 1947, while in 1947 and more decreases. about 44 per cent of this occupational group had The explanation most frequently given for larger reported having larger incomes than in 1946. Also, incomes in 1948 was a higher wage or salary scale a slightly smaller proportion of this occupational on the same job. Between one-half and two-thirds group reported a decline in income in 1948 than of the income increases in each occupation were had so reported the previous year. explained on this basis. For persons in salaried Changes in income during 1948 were more diprofessional, managerial, and clerical and sales cate- verse for farm operators than for other occupational gories, the next most important path to a larger groups. This was the only major group that exincome was transfer to a better-paying job. Roughly perienced a higher frequency of both income in- 1 in 5 of those with income increases in these occu- creases and income decreases from 1947 to 1948 pations reported that they had followed this path. than from 1946 to 1947 (see Table 2) and, accord- It was less important in the case of skilled and semi- ingly, the proportion reporting no substantial inskilled workers, and unskilled workers, having been come change declined sharply. However, the promentioned by only about 1 in 10 in these groups. portion of the group having larger incomes in- More important as a means of increasing their creased slightly more rapidly than the proportion incomes was a greater amount of overtime and having smaller incomes. Also the additional units steadier work. However, these factors were men- with higher incomes were all in the group receiving tioned by only about 1 in 5 units with larger 1948 income increases of 25 per cent or more. incomes in these occupations. The managerial and self-employed group was 782 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES the only other group for which income increases Department of Commerce estimates of aggregate were more numerous in 1948 than in 1947. Here, farm income, roughly adjusted to the survey defiagain, the additional increases were all of the mag- nition, indicate very little change during these two nitude of 25 per cent or more. years. It should be noted that in addition to As Table 3 shows, the proportion of spending a median money income in 1948 of $1,800, farm units headed by unskilled workers that reported operators had a substantial amount of nonmoney incomes of $3,000 or more increased significantly income, such as food produced and consumed on in 1948 over 1947, rising from 14 to 24 per cent. the farm. Their reported incomes, which refer The number with incomes of $2,000-$2,999 in- to money income solely, are therefore not directly creased only slightly, while the number with in- comparable with those of other occupational groups. comes of less than $2,000 dropped sharply. The Skilled and semiskilled workers also had a sizable median estimated annual income of this occupa- increase in median income from 1947 to 1948. tional group increased about 20 per cent from Nearly two-thirds of this group reported incomes $1,750 in 1947 to $2,100 in 1948. of $3,000 or more in 1948 compared with one-half Farm operators also showed a substantial rise in 1947. Clerical and sales personnel had a slightly in money income. Income data of this group for higher median income than in 1947, while pro- 1948, however, are not strictly comparable with fessional persons and managerial and self-employed earlier periods because of an improvement in the groups had the same median in both years. Both survey method of ascertaining farm operator in- the professional and the clerical and sales groups come which is believed to have resulted in higher had a somewhat smaller proportion of spending income than would have been obtained by previous units that received incomes of $5,000 or more in methods.4 Median money income of farm operator 1948 than in 1947. spending units, as determined by two successive Changes in income may also be presented accord- Surveys of Consumer Finances, showed an increase ing to the age of the person heading the spending of about 20 per cent from 1947 to 1948, while unit. As in previous years, tabulations on this basis show that spending units headed by young * Methods of determining income were identical during persons received increases in income most frethe past three Surveys of Consumer Finances with the single quently. About two-thirds of the units headed by exception that the 1949 survey included more detailed questions and checks about farm operators' gross cash receipts. persons less than 35 years of age had larger in- TABLE 3 DISTRIBUTION OF SPENDING UNITS WITHIN DIFFERENT OCCUPATIONAL GROUPS, BY SIZE OF INCOME, 1948 AND 1947 * [Per cent] Annual money income Professional M se a l n f- a e g m er p i l a o l y e a d nd S se k m ill i e s d k il a l n ed d sa C le l s e ri p c e al r s a on n n d el Unskilled ope F r a a r t m ors 2 before taxes 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 Under $1,000 3 5 5 4 2 3 3 6 14 18 30 34 $1,000-$ 1,999. . . 10 7 11 12 9 17 18 21 31 39 23 27 $2 000-$2 999 16 15 13 14 26 30 30 25 31 29 17 18 $3 000-$3 999 20 23 11 13 33 26 24 22 17 10 9 7 $4,000-$4,999 17 10 13 12 18 15 14 11 5 4 5 6 $5 000-$7 499 16 21 25 23 11 9 9 11 2 (3) 11 6 $7,500 and over 18 19 22 22 1 2 4 0 5 2 All income groups 100 100 100 100 100 100 100 100 100 100 100 100 ^Median income . . $4,000 $4,000 $4,500 $4,500 $3,300 $3,000 $3,000 $2,900 $2,100 $1,750 $1,800 $1,500 1 Income data for each year are based on interviews during January, February, and March of the following year. Because of the small number of cases in the various occupational groups and also because of some differences in the coding by occupations between the two years, these distributions should be considered as approximations only and as very rough guides to general shifts in the distribution of income between 1947 and 1948. All the occupational groupings are in terms of the occupation of the head of the spending unit. For comparable 1946 income data, see June 1948 Federal Reserve BULLETIN, Table 7, p. 656; for 1945 income data, see July 1947 BULLETIN, Table 2, p. 792. 2 As explained in the text, income distribution for farm operators is not directly comparable with the distribution for other groups because of the large amount of nonmoney income that farmers produce for their own consumption. 3 Less than one-half of 1 per cent. JULY 1949 783 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES comes in 1948 than in the previous year. Where reported more frequently by spending units with persons heading consumer units were between 35 1947 incomes of $4,000 or more. and 54 years of age, income increases were ob- Roughly 60 per cent of all units having incomes tained in about half the cases. Above the age of below $4,000 in 1947 increased their incomes in 54, the frequency of income increases declined con- 1948. The increases reported were sizable, amountsiderably. Only a little more than one-fourth of ing to at least 25 per cent of 1947 income in approxithe units headed by persons 65 years of age or mately 1 of every 3 cases which experienced an older had higher incomes in 1948 than in 1947, increase. In contrast, somewhat less than half but even in this age group, more units received of the spending units with 1947 incomes of $4,000 increases in income than received decreases. or more reported receiving an income increase. It The proportion of units with stable or unchanged also appeared that the more the income exceeded incomes tended to rise with the age of the spending $4,000, the fewer were the income increases. unit head. More than four-tenths of the units The extent of shifting of specific spending units headed by persons 65 or more years of age had from one income level to another from 1947 to stable incomes from 1947 to 1948 while this was 1948 is brought out by Table 6. Here the units true of a little more than one-tenth of those headed in each 1948 income group have been distributed by persons from 18 to 24 years of age. according to their reported level of income in 1947. There was a tendency for decreases in income At certain income levels only about half of the to be more frequent among spending units headed units providing both 1947 and 1948 income data by persons in older age groups, but there was less were in the same bracket in two successive years. of a contrast between the different age groups in Shifting from one income group to another appears the frequency of income decreases than in the to have been more pronounced if incomes were frequency of increased incomes from 1947 to 1948. $1,000 or more than if they were under $1,000. Another way of studying changes in income is This may be because the lowest income group conto relate the increases and decreases to the income tains a high proportion of retired persons, widows, level of the spending unit. For some purposes it is and others whose incomes are more or less fixed, best to relate to the income level before the change; even though, as indicated by Table 4, almost threefor other purposes it may be best to relate to the fifths of this lowest income group did increase income level after the change. In this fourth an- their incomes from 1947 to 1948. It should be nual survey, all respondents were asked for the noted that the percentage of change in total income first time to report their income not only for the required to move into another income group is current year (in this case 1948) but also for the much larger at this level of income than at any preceding year (in this case 1947). This effort other. succeeded to the extent that two-thirds of the In Table 5, income change from 1947 to 1948 is sample did provide data on 1947 as well as on related to 1948 income. More than half of the 1948 incomes. spending units with incomes of $2,000 or more in Income data for 1947, based on two-thirds of 1948 had increased their incomes since the previous the sample, are not as representative as 1948 income year—in a considerable number of cases by subdata based on the full sample. Furthermore, be- stantial amounts. Increases in income were less cause of the memory factor, the data are probably frequent among spending units having 1948 inless reliable for 1947 incomes than for 1948 incomes. comes of $4,000 or more than they were among Therefore, these considerations necessitate a cau- units having similar 1947 incomes. Conversely, for tious appraisal of the significance of the findings. the most part units with incomes below $4,000 in When 1947 income is used as a base, it is found 1948 obtained more increases than had been noted that consumer units whose 1947 incomes were at this level in the previous year. below $4,000 obtained income increases in 1948 It appears from data in Table 5 that when income with consistently greater frequency than units changes from 1947 to 1948 were related to income whose 1947 incomes were above that amount (see levels after change, spending units in the higher Table 4). Conversely, declines in income were brackets had considerably more frequent increases 784 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 4 INCOME CHANGES FROM 1947 TO 1948 RELATED TO INCOMES OF SPENDING UNITS IN YEAR BEFORE CHANGES1 Percentage distribution of spending units within 1947 income groups Change in annual money income before taxes, 1947 to 1948 tinder $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1948 income larger than 1947. . . . 58 62 65 61 50 45 40 Larger by 25 per cent or more. 40 34 28 17 11 15 21 Somewhat larger 18 28 37 44 39 30 19 No substantial change in income. . 26 23 23 22 26 25 31 1948 income smaller than 1947.. .. 16 15 12 17 24 30 29 Somewhat smaller 3 7 8 11 19 18 17 Smaller by 25 per cent or more. 13 6 5 12 12 All units. 100 100 100 100 100 100 100 1 The distribution of income changes within the various income groups is based on reports of two-thirds of the spending units interviewed early in 1949 (fourth survey) concerning 1947 annual incomes and changes in annual incomes from 1947 to 1948. The 1947 income of one-third of all spending units could not be determined in the 1949 survey. TABLE 5 INCOME CHANGES FROM 1947 TO 1948 AND 1946 TO 1947 RELATED TO INCOMES OF SPENDING UNITS IN YEAR AFTER CHANGES1 Percentage distribution of spending units within income groups All spend- Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 Change in annual money ing units $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over income before taxes 1947 1946 1947 1946 1947 1946 1947 1946 1947 1946 1947 |1946 1947 1946 1947 |1946 to to to to to to to to to to to to to to to to 1948 1947 19485 1947 31948 21947 s 194821947 31948 21947 31948 21947 31948 21947 •1948 21947 3 Income larger 51 49 36 45 40 51 57 63 54 60 Larger by 25 per cent or more. . 20 18 14 17 16 20 22 23 27 18 Somewhat larger 31 31 22 28 24 31 35 40 27 42 No substantial change in income. . 27 30 32 29 33 29 24 19 26 24 Income smaller 18 19 26 22 24 16 17 16 14 14 Somewhat smaller 12 11 11 12 12 12 13 9 11 10 Smaller by 25 per cent or more. . 15 10 12 4 4 7 3 4 6 Not ascertained. . . 6 3 2 4 All units. 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Based on changes in amount of annual income received as reported by spending units early in 1949 (fourth survey) and early in 1948 (third survey). 2 Income change from 1947 to 1948 related to 1948 income of spending unit. 8 Income change from 1946 to 1947 related to 1947 income of spending unit. 4 Less than one-half of 1 per cent. TABLE 6 DISTRIBUTION OF SPENDING UNITS WITHIN 1948 INCOME GROUPS BY THEIR INCOMES IN 1947 X Percentage distribution of spending units within 1948 income groups 1947 annual money income before taxes sp u e A n n d i l t l i s ng $ 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 7 , , 0 4 0 9 0 9 - an $ d 7 ,5 o 0 v 0 er Under $1,000 8 46 10 3 1 (2) 1 (2) $1,000-$ 1,999 12 7 40 14 2 1 2 (2) $2,000-$2,999 17 2 5 44 26 7 2 (2) $3 000-$3,999 12 2 5 33 29 4 2 $4,000-$4,999 7 1 6 30 18 $ $ 7 5 , 5 0 0 0 0 0 a $ n 7 d ,4 9 o 9 ver 6 3 (2) 1 2 8 35 2 4 1 0 9 Not ascertained 35 45 41 34 30 25 36 39 All income groups 100 100 100 100 100 100 100 100 1 Based on reports of spending units interviewed early in 1949 (fourth survey) concerning annual incomes in both 1947 and 1948. As shown in the table, the 1947 income of one-third of all spending units could not be determined at the beginning of 1949. 2 Less than one-half of 1 per cent. JULY 1949 785 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES in income and fewer decreases than did units at however, would substantially raise the level of low lower income levels. Income changes in previous incomes. An increase from 9 to 10 per cent of total surveys have been presented on this basis and, income represents an increase of more than 10 per as such, constitute important findings. However, cent in the average income of the spending units in if data in Tables 4 and 6 based on incomes before the lower three-tenths of the income scale. Morechange are considered, it is evident that many over, since total consumer income rose by almost units in higher 1948 income brackets who reported 15 billion dollars from 1947 to 1948, the lower inincome increases had been at lower income levels come groups may have obtained a slightly larger before the change. Conversely, many of the units share of a somewhat larger total income. in lower 1948 income brackets were there as a re- The effect of both factors may be demonstrated sult of declines in their incomes. by comparing the incomes of the spending units at identical points in the 1947 and 1948 income DISTRIBUTION OF INCOME IN 1948 distributions, as is done in Table 7. This shows The proportion of money income received in that the income of the lowest spending unit in each 1948 by each tenth of the nation's spending units tenth from the fifth down to the ninth was roughly when ranked by size of income varied only slightly 15 to 25 per cent larger in 1948 than in 1947, while from that in 1947. The change, however, was in each tenth from the highest to the fourth highin the direction of a larger share for the seven-tenths est the increases were 7 per cent or less. From of the population with lowest incomes, as shown this it appears that incomes for spending units in in Table 7. The proportion of total consumer in- the lower half of the income scale increased more come obtained by this segment of the population from 1947 to 1948 than incomes for those in the rose from 40 per cent in 1947 to 42 per cent in 1948. upper half.5 The lowest three-tenths increased their share of Year-to-year shifts in the proportion of income total consumer income from 9 per cent in 1947 to 10 received by the tenths of the spending units are per cent in 1948. This change appears small when stated as a percentage of total consumer income and ° The influence on this point of the improved method of income reporting for farm operators was checked and found is not significant in a statistical sense. If such a to be of minor importance. This factor was of minor inchange is substantiated by later studies and by other fluence because approximately the same changes between 1947 and 1948 were found for the nonfarm population as for evidence, even a change of this slight magnitude, the entire population, including farm operators. TABLE 7 PROPORTION OF TOTAL MONEY INCOME RECEIVED BY EACH TENTH OF THE NATION'S SPENDING UNITS, WHEN RANKED BY SIZE OF INCOME, 1948, 1947, AND 1946 X Percentage of totalmoney incomebefore taxes Income of lowest spending unit Spending units ranked within group according to size By each tenth Cumulative of income 1948 1947 1946 1948 1947 1946 1948 1947 1946 Highest tenth 32 33 32 32 33 32 $6,000 $5,700 $4,850 Second.. , 15 15 15 46 48 '46 4,500 4,200 3,750 Third 12 12 12 58 60 58 3,750 3,500 3,100 Fourth . .. ... 10 10 10 68 70 69 3,200 3,000 2,700 Fifth 9 9 9 77 '78 2,840 '2,530 2,300 Sixth 7 7 7 84 86 85 2,400 2,100 2,000 Seventh 6 6 6 90 '91 91 2,000 1,700 1,500 Eighth 5 4 5 95 96 95 1,500 1,200 1,150 Ninth. .. . 3 3 3 99 99 99 860 750 700 Lowest tenth 1 1 1 100 100 100 «• Revised. 1 Income data for each year are based on interviews during January, February, and early March of the following year. It is possible that the proportion of income received by the highest tenth of income receivers is underestimated by several percentage points in all years. Samples of approximately 3,000-3,500 spending units having been used in these three surveys, it cannot be expected that a completely representative sample of the highest dollar incomes was obtained. 2 Not available from survey data. NOTE.—Detailed figures may not add to cumulative figures because of rounding. 786 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES generally slight and it is unlikely that a change suf- survey, then, is equivalent to the "family" and ficiently large to be statistically significant in the "individual not in family" definitions of the Bureau technical sense would occur between successive of the Census, United States Department of Comsurveys.6 The actual change in proportions of total merce. consumer income received by the various income There may be more than one spending unit in a groups as found by the surveys represents, of course, family since a spending unit is defined as all perthe most probable direction of change. However, sons living in the same dwelling and belonging to other evidence obtained in the fourth survey also the same family who pool their incomes to meet indicates that there may have been a slight increase their major expenses. For example, a grown son in the proportion of total income going to the who is working and does not pool his income with seven-tenths of the population with the lowest in- his parents' income, even though he may pay somecomes. thing for board and room, constitutes a separate Naturally all survey information on income spending unit if he retains more than half of his changes is interrelated and may be the result of income. Likewise, married children or other relarandom deviation between the samples of two suc- tives who do not pool their incomes with that of the cessive surveys. Nevertheless, the following results head of the family, even though living in the same of the 1949 survey are worth noting: (1) a sta- dwelling, constitute separate spending units. In tistically significant increase in the proportions of tabulating on a family basis, the incomes of all reunskilled workers and farm operators who reported lated persons living in the same dwelling are comincreases in income, and especially increases of 25 bined. per cent or more; (2) a statistically significant in- It is estimated that at the beginning of 1949 there crease in the proportion of spending units with in- were approximately 43.8 million family units and comes between $3,000 and $7,499 together with a 50.4 million spending units. Because some families statistically significant decrease in the proportion of contain more than one spending unit, the same total units with incomes below $2,000, and a practically amount of consumer income is distributed among unchanged proportion of units with incomes above the smaller number of family units. It is therefore $7,500; (3) the smaller income share of the top to be expected that families will have somewhat decile which cannot be ascribed to the chance vari- higher average incomes than spending units. ation of spending units with the highest incomes represented in the two successive samples; (4) the TABLE 8 higher frequency of income increases among units whose 1947 incomes had been below $4,000, and DISTRIBUTION OF FAMILY UNITS AND MONEY INCOME RE- CEIVED, BY INCOME GROUPS, 1948, 1947, AND 1946x the greater frequency of income decreases among units whose 1947 incomes had been $4,000 or more; [Per cent] and (5) the greater rate of increase in incomes of 1948 1947 1946 units in the lower than in the higher income deciles. Annual money FAMILY INCOME IN 1948 bef i o n r c e o m ta e xes F u a n m it i s ly 2 i m T nc o o o n t m a e l y e F u a n m it i s l y 2 i m T nc o o o n t m a e l y e F u a n m it i s l y 2 i m n T c o o o n t m a e l y e The income data reported by spending units in Under $1,000. .. 11 2 13 2 15 2 the Survey of Consumer Finances are tabulated by $l,000-$l,999... 15 6 18 7 20 9 $2,000-$2,999... 20 12 20 13 22 17 family units as well as by spending units since for $3,000-$3,999... 20 18 17 15 18 19 $4,000-$4,999... 12 14 11 13 10 14 some purposes data are needed on a family unit $5,000-$7,499... 14 21 13 20 9 16 $7,500 and over. 8 27 8 30 6 23 basis. A family is defined as all persons living in All income the same dwelling who are related by blood, mar- groups. . . 100 100 100 100 100 100 riage, or adoption. A single person may constitute Median income3. $3,320 $2,920 $2,600 a "family" if he is living by himself or with persons unrelated to him. A family unit as used in the 1 Income data for each year are based on interviews during January, February, and early March of the following year. Family units are defined as all persons living in the same dwelling who are 6A discussion of the problem of statistical significance related by blood, marriage, or adoption. 2 Includes single-person family units. of survey findings is presented in the June 1949 Federal 3 The median amount is that of the middle family unit when all Reserve BULLETIN, p. 645. units are ranked by size of income. JULY 1949 787 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES As shown in Table 8, the median family income liabilities, apart from taxes on capital gains and in 1948 was $3,320, which was roughly one-sixth losses; and that State and local income taxes are greater than the median income for spending units. not included. It was found that 54 per cent of all families had The distribution of spending units by income incomes of $3,000 or more in 1948 compared with after Federal taxes shows, of course, a general 47 per cent of spending units. The grouping of downward shift from the distribution by income more than one spending unit into a family unit in before taxes. The downward shift was most some cases was responsible for the fact that 22 per marked at the upper end of the income distribution, cent of the family units had incomes of $5,000 or as can be seen in Table 9. The number of spendmore as compared with 15 per cent of the spending ing units with incomes of $5,000 or more (before units. The same general shift toward higher in- taxes) was reduced by one-fifth through taxation— come levels in 1948 was apparent in the income from 15 per cent to 12 per cent of the approximately distributions for spending units as well as family 50.4 million spending units. Median income was units. lowered to $2,700 from $2,840. Survey estimates show that about two-thirds of DISPOSABLE INCOME all consumer units had Federal income tax liabil- Thus far this article has been discussing the dis- ities. As Table 10 indicates, these units come tribution of money income before taxes. For some from the bottom as well as from the top of purposes it is more useful to know the distribution the income scale. The proportion of units incurof income after taxes. A beginning step in this ring tax liability increased very sharply from lower direction was made in the 1948 survey in which to higher income groups. It is estimated that less estimates of Federal personal income tax liability than one-tenth of the units with incomes under on 1947 income, apart from tax on capital gains or $1,000 had tax liabilities, while more than ninelosses, were prepared for each spending unit. Fol- tenths of all units with incomes of $4,000 or more lowing a somewhat improved procedure, the data incurred tax liabilities. of the 1949 Survey of Consumer Finances have been utilized to prepare like estimates ^of personal TABLE 9 income tax liability for 1948 incomes. Income after tax, called disposable income in this DISTRIBUTION OF SPENDING UNITS AND TOTAL MONEY INCOME BEFORE AND AFTER FEDERAL INCOME TAX article, was estimated for each spending unit by BY INCOME GROUPS, 1948 deducting computed Federal income tax liability Per cent] from money income before taxes.7 The tax estimates, unlike other survey data, were not based on Spending units Total money income special information concerning tax liabilities obtained during the interview. They were calculated After After o ea n c h th e sp b e a n s d is in o g f u th n e it in a c n o d m t e h , e s n iz u e m , a b n er d o c f o m pe p r o s s o i n ti s o n n o o t f Income group F i B n e c e t d a o f e o x m r r a e e l F p in o e t ( c D a d s o a e x i m b s r i - a l e e l F i B n e c t e d a o f e o x m r r a e e l F p in o e t ( c D a s d o a x e i m b s r 1 - a l e e l living in the dwelling who were dependent on the income) income) members of the spending unit for support. A de- Under $1,000 12 12 2 2 tailed presentation of the estimating procedure is $l,000-$l,999 18 21 8 10 $2,000-$2,999 23 25 16 20 given in the appendix to this article. $3,000-$3,999 20 19 20 21 It should be stressed that these income tax esti- $4,000-$4,999 12 11 14 15 $5,000-$7,499 10 8 17 15 mates are only approximations; that they refer not $7,500 and over 5 4 23 17 to payments but to Federal personal income tax All income groups. . 100 100 100 100 Median income 2 $2,840 $2,700 7 The U. S. Department of Commerce, in estimating disposable income for its national income series, deducts from 1 Money income after deduction of estimated Federal personal income actual Federal personal income tax payments (not income tax liability. See appendix, pp. 790-791, for method of esliabilities), including taxes on capital gains and losses, as timating disposable income. Money income figures exclude capital well as other tax and nontax receipts, chief of which are gains or losses and tax estimates do not make any allowance for such gains or losses. Federal estate and gift taxes and State and local personal 2 The median amount is that of the middle spending unit when tax and nontax receipts. all units are ranked by size of income. 788 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES For roughly 1 spending unit in 5 Federal income greater part of the downward shift in tax liabilities tax amounted to 10 per cent or more of income from 1947 to 1948 that is evident in Table 10 before tax. The number with higher rates of liabil- reflects this revision. However, improved methods ity dropped sharply so that only about 1 unit in 100 of working out survey estimates of 1948 taxes also incurred a tax liability of 20 per cent or more of tended to lower slightly the level of 1948 tax liabiliincome before tax (see Table 11). ties compared with the estimates for 1947. Estimates from the survey data indicate that Despite an increase of almost 15 billion dollars in about three-fifths of the approximately 34 million consumer income before taxes from 1947 to 1948, spending units with tax liabilities had obligations of the downward revision in Federal personal income $200 or more. For almost one-fourth of the units taxes in 1948 was sufficient to drop more than a with tax liabilities, the amounts were $500 or more. million spending units from the tax rolls and to The Revenue Act of 1948 revised Federal per- lower somewhat the level of tax liability of the sonal income taxes in a manner that reduced liabili- remainder. The proportion of units with taxes of ties at all levels of the income distribution. The or more was reduced by about one-fifth and TABLE 10 ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITIES OF SPENDING UNITS WITHIN VARIOUS INCOME GROUPS, 1948 AND 1947 Percentage distribution of spending units within income group before taxes Estimated All income Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 tax liability l groups $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 1948 1947 None . 32 29 94 83 57 48 29 23 15 7 5 2 1 1 (2) o $l-$49 5 5 6 11 8 9 10 6 4 4 3 1 (2) (S) 0 0 $ $ $ 1 2 5 0 0 0 0 0 -$ - - $ $ 9 1 4 9 9 9 9 9 2 1 6 5 8 2 1 7 4 7 (2 0 0 ) 0 0 5 2 ( 1 2 0 5 ) 2 1 1 5 7 2 2 1 3 7 1 3 2 1 6 5 0 2 4 1 3 6 1 6 1 1 7 7 66 9 3 5 (2 4 ) 33 2 1 ( ( 1 2 2 ) 8 ) ( ( o 2 8 ) ) (« 2 1 ) $500-$999 9 12 0 0 (*) 0 0 (2) 1 4 14 40 62 73 29 9 $l,000-$l,999.. . 3 3 0 0 0 0 0 0 0 0 0 0 1 8 46 46 $2,000-$4,999... 1 1 0 0 0 0 0 0 0 0 0 0 0 0 17 28 $5,000 and over. (2) 1 0 0 0 0 0 0 0 0 0 0 0 0 8 14 Not ascertained. 1 0 1 0 0 (2) 0 (2) 0 0 0 0 0 0 0 All units.... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Tax liability apart from capital gains or losses. Money income figures exclude capital gains or losses and tax estimates do not make allowance for such gains or losses. 2 Less than one-half of 1 per cent. NOTE.—The schedule of Federal personal income taxes was revised in 1948 in a manner which would tend to lower liabilities at all levels of the income distribution. For the most part, the downward shift in tax liabilities reflects this revision. However, improved methods of working out the 1948 tax estimates also tended to lower slightly the level of 1948 tax liabilities as compared with those for 1947. TABLE 11 ESTIMATED FEDERAL PERSONAL INCOME TAX LIABILITY AS A PERCENTAGE OF SPENDING UNIT INCOME BEFORE TAXES, BY INCOME GROUPS, 1948 Percentage distribution of spending units ]within 1948 income group Estimated tax liability as a percentage of money income before taxes 1 sp u e A n nd i l t l i s ng $ 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 7 , , 0 4 0 9 0 9 - an $ d 7 ,5 o 0 v 0 er None 32 94 57 29 16 5 2 (2) 1-4 16 5 14 24 25 16 6 1 5-9 30 1 25 26 47 49 40 7 10-14 20 0 4 21 12 30 51 63 15-19 1 0 0 0 0 0 1 20 20 and over (2) 0 0 0 0 0 0 9 Not ascertained 0 0 (2) (2) 0 0 0 All units 100 100 100 100 100 100 100 100 1 1948 tax liability apart from capital gains or losses. Money income figures exclude capital gains or losses and tax estimates do not make allowance for such gains or losses. 2 Less than one-half of 1 per cent. JULY 1949 789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES the proportion of units who had no tax liabilities, posable income compared with the shift that seems or whose obligations were relatively small (less than to have occurred from 1947 to 1948 in the distribu- $200), increased by roughly one-tenth. tion of income before taxes. The cut in liabilities was especially marked at the top and bottom of the income distribution. At TABLE 12 the lowest income level (under $1,000), the pro- PROPORTION OF TOTAL MONEY INCOME RECEIVED BY EACH portion of units with some income tax liability TENTH OF THE NATION'S SPENDING UNITS WHEN RANKED BY dropped by more than half. At the $7,500 and over SIZE OF INCOME, BEFORE AND AFTER FEDERAL INCOME TAX, 1948 AND 1947 income level, only 25 per cent of the spending units incurred a tax liability of $2,000 or more in 1948 Percentage of total income compared with more than 40 per cent in 1947. received by each tenth These differences are due primarily to changes in Spending units t c a o x m p la o w si s t io a n lt h o o f u s g p h e , n t d o in s g o m un e i ts e x m te a n y t, a c ls h o a n h g a e v s e i b n e e t n h e a r to a n s k iz e e d o a f c c in o c rd o i m ng e1 M b i e n o f c o n o r e e m y e F i n e t d c a o x e m ra e l ( F M D e i o d s n e p e r o a y s l a i b i n n l c e c o o m m in e e c o a t m a ft x e e r )2 factor. 1948 1947 1948 1947 As shown in Table 11, the effect of the Federal personal income tax in both 1947 and 1948 was to Highest tenth 32 33 29 31 Second 15 15 15 15 reduce somewhat the proportion of total income re- Third 12 12 12 12 Fourth 10 10 10 10 ceived by the units with the highest incomes. In Fifth 9 9 9 9 Sixth 7 7 8 8 1948, the highest tenth of income receivers before Seventh 6 6 7 6 Eighth 5 4 5 5 tax obtained about 32 per cent of total personal in- Ninth 3 3 4 3 come, while the tenth with the largest disposable Lowest tenth. . . . 1 1 1 1 incomes obtained approximately 29 per cent. Using 1 Units have been ranked by size of money income either before unrounded figures, the difference was 2.4 percent- or after tax, as indicated by the column headings. 2 Money income after deduction of estimated Federal personal age points. Spending units in the lower half of the income tax liability. See appendix, pp. 790-791, for method of income scale had a somewhat larger proportion estimating disposable income. Money income figures exclude capital gains or losses and tax estimates make no allowance for such of income when ranked by size of disposable in- gains or losses. come than when ranked by income before taxes. Estimates of the tax liabilities and disposable in- The evidence in Table 12 indicates that the re- comes of family units have also been prepared and duction in Federal income taxes may have had only these are presented in supplementary Tables 14 and a relatively small effect on the distribution of dis- 15 at the end of this article. APPENDIX METHOD OF ESTIMATING DISPOSABLE INCOME Estimates of disposable personal income, defined In the 1949 survey, but not in the preceding one, infor purposes of the Consumer Finances Surveys as formation was obtained on the number of dependthe total money income of a spending unit less its ents living outside of the dwelling. This improve- Federal income tax liability, were made for the ment in method tended to lower estimated tax liasecond time in the 1949 survey. While no ques- bilities, although only about 5 per cent of the cases tions about Federal income tax payments were were affected. The estimates thus made repreasked in the Interviews, it was possible to estimate sented the Federal tax liabilities on 1948 incomes, a rough tax liability figure for each spending unit not the tax payments of spending units during 1948. by taking into account the number of income re- No estimates were made for State and local taxes. ceivers and dependents in each unit and by making The disposable income figures shown in this certain assumptions about the filing of joint returns, report therefore represent total money income less deduction allowances for contributions, and other estimated Federal tax liabilities. These disposable considerations entering into the tax computations. income figures differ from the disposable personal 790 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES income figures that are a part of the personal in- 4. In all cases of spending units containing a come series of the Department of Commerce in husband and wife, it was assumed that a joint rethat the Commerce series excludes tax payments turn would be filed. (not liabilities) and State and local as well as Fed- 5. If persons other than the head of the spending eral taxes. unit and his wife received income in such amounts Certain information which would have been that filing separate tax returns reduced the tax necessary in order to calculate personal income tax liability of the entire spending unit, separate returns liability with precision was not available. The most were calculated for the additional earners. Deimportant missing item was exact information on pendents were always included on the tax return deductions claimed by spending units. The survey of the main income receiver, unless a different deduction allowance was the Treasury standard de- handling was indicated by the interview. duction on incomes up to $5,000 and 10 per cent of 6. Where more than one tax return was estiincomes of $5,000 or more. Some units undoubt- mated for a given spending unit, the separate tax edly claimed deductions that were larger than the liabilities were computed and added together and amounts estimated for them, and some units with the total was considered to be the tax liability of incomes of $10,000 or more may have claimed less the spending unit. than the estimated deduction. Table 10 shows the 7. Where a family contained more than one amounts of tax liability estimated for spending spending unit, the separate tax liabilities were comunits within various income groups. puted and added together and the total was con- The tax liability for each spending unit was sidered to be the tax liability of the family. estimated by using a standardized procedure of This method of estimating taxes made no procomputation.1 The steps in the calculation were as vision for the following: follows: 1. Special exemption for the blind; 1. A table was prepared giving the amount of 2. Larger deductions than the Treasury standard tax by size of income and by number of depend- deduction on incomes up to $5,000, or larger or ents (including an extra exemption where the head smaller deductions than 10 per cent on incomes of the unit or his wife was over 65 years of age). greater than $5,000; The table provided for the Treasury standard de- 3. Tax-free interest; duction for contributions, medical bills, etc., on in- 4. Taxes on alimony received; comes up to $5,000, and a deduction of 10 per cent 5. Taxes on capital gains and losses; of taxable income (excluding items in (2) below), 6. Carry-over of business and capital losses from for incomes larger than $5,000. previous years; 2. Taxable income was calculated by deducting 7. Allocation of income among the taxpayers in from total income amounts received by individual a spending unit that may differ somewhat from income recipients from social security benefits, sick- the survey allocation; ness and injury benefits, armed forces pay and al- 8. Number of exemptions claimed for dependlowances up to the limit of their special exemption, ents not living in the dwelling that may differ from contributions for support, and other allowable de- the survey figure because no question was asked in ductions. Tax-free interest was not deducted but the survey about the relative size of contributions would be received by only about 1 per cent of the to dependents; and income recipients. 9. State and local income taxes, which amount 3. In the case of spending units containing one to about one-tenth of Federal personal income tax. person only, the tax was taken directly from the For individual spending and family units, taxes prepared table. may have been over- or under-estimated. The limitations of these tax estimates should be recog- Acknowledgment is made of the assistance of members nized in making use of either the tax or disposable of the Division of Tax Research, Treasury Department, in income data. formulating the method of estimate. JULY 1949 791 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 13 DISTRIBUTION OF SPENDING UNITS HAVING SPECIFIED CHARACTERISTICS, BY SIZE OF INCOME, 1948 * [Per cent] Annual money income before taxes Characteristics of spending unit All income Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 groups $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over Number of persons in spending unit: One 100 25 30 27 11 3 3 1 Two 100 12 16 21 20 13 13 5 Three 100 6 12 24 24 15 13 6 Four 100 5 14 17 28 15 11 10 Five or more 100 9 14 23 23 14 11 6 Number of income receivers in spending unit: One 100 13 19 25 20 10 8 5 Two or more 100 8 12 18 21 17 18 6 Age of head of spending unit: 18-24 100 15 31 33 12 7 2 (2) 25-34 100 4 16 25 28 14 10 3 35-44 100 5 12 21 25 16 14 7 45-54 100 8 15 20 21 12 14 10 55-64 100 15 19 25 17 9 9 6 65 and over. 100 43 24 14 7 5 4 3 Place of residence of spending unit: Metropolitan area 3 100 7 14 23 21 14 14 7 Other urban area . . . . 100 11 18 24 21 12 9 5 Rural area 4 100 19 22 22 17 8 8 4 Education of head of spending unit: Grammar school 100 19 23 23 18 9 6 2 High school 100 7 15 26 24 14 11 3 College 100 5 11 16 18 14 18 18 *For comparable 1947 data, see June 1948 Federal Reserve BULLETIN, p. 656; for 1946 data, see July 1947 BULLETIN, p. 793; for 1945 data, see Tables 18, 19, and 20 in Part Two of National Survey of Liquid Asset Holdings, Spending, and Saving, Division of Program SS x uu 7rr t^vv ee vyy j.css i.,, c ciUU , o.. tSS c.. lDD aee upp itaa o rrtt xmm o,ee Ann -tt ' J oo aff n uAA gg &rr >ii \cc J uu ill ltt luu Arr ee d.. i 2 Less than one-half of 1 per cent. 3 The 12 largest cities in the nation and their suburbs. 4 Towns with less than 2,500 population and open country TABLE 14 TABLE 15 DISTRIBUTION OF FAMILY UNITS AND TOTAL MONEY INCOME BEFORE AND AFTER FEDERAL INCOME TAX DISTRIBUTION OF FAMILY UNITS BY ESTIMATED FEDERAL BY INCOME GROUPS, 1948 PERSONAL INCOME TAX LIABILITY, 1948 AND 1947 x [Per cent] [Per cent] Family units x Total money income Income group Before After Federal Before After Federal Estimated tax liability 2 1948 1947 Federal income tax 2 Federal income tax 2 inc ta o x me (D in is c p o o m sa e b ) le inc ta o x me (D in is c p o o m sa e b ) le $ N l o -$ ne 49 32 5 29 5 $50-$99 8 7 $ $ $ $ $ U 3 2 l 5 4 n , , , , , 0 0 0 d O 0 0 0 0 e 0 O 0 r 0 0 0 - - - O $ - $ $ $ $ 1 - 3 2 l $ , , 4 , , 0 9 9 9 7 , 0 9 9 9 9 , 0 4 9 9 9 9 9 9 9 .. . . . . . 2 2 1 1 1 1 0 0 1 4 5 2 2 2 1 1 1 1 2 0 1 7 2 2 2 1 1 1 1 2 6 2 8 4 2 1 1 1 0 2 7 5 6 9 $ $ $ $ $ $ 1 2 5 5 1 2 0 , 0 0 , , 0 0 0 0 0 0 0 0 0 - - - 0 0 $ 0 $ $ - 1 - 4 9 a $ $ 9 9 9 n 4 9 1 9 9 d . , 9 9 o 9 9 v 9 9 e . . r . . 2 1 1 5 3 3 2 1 1 2 1 1 5 2 4 2 5 1 $7,500 and over. . 8 6 27 21 All units... 100 100 All income groups 100 100 100 100 1 Includes single-person families. Median income3.. $3,320 $3,000 2 Tax liability apart from capital gains or losses. Money income figures exclude capital gains or losses and tax estimates 1 Includes single-person families. make no allowance for such gains or losses. 2 Money income after deduction of estimated Federal personal NOTE.—The schedule of Federal personal income taxes was income tax liability. See appendix, pp. 790-791, for method of esti- revised in 1948 in a manner which would tend to lower liabilities mating disposable income. Money income figures exclude capital at all levels of the income distribution. For the most part, the gains or losses and tax estimates make no allowance for such gains downward shift in tax liabilities reflects this revision. However, or losses. improved methods of working out the 1948 tax estimates also 3 The median amount is that of the middle spending unit when tended to lower slightly the level of 1948 tax liabilities as comall units are ranked by size of income. pared with those for 1947. 792 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES1 Liquid asset holdings of individuals increased in their retained profits and allowances for depreciaduring 1948 by an estimated 2.5 billion dollars tion and depletion. while total business holdings decreased by 0.7 Of the increase in assets of personal trust funds billion. The annual gain in individual holdings in 1948, only about half was held in liquid asset was the smallest since before the war and compares forms, primarily United States Government securiwith an increase of 7.1 billion in 1947. In 1948 ties, as compared with about two-thirds in 1947. corporations added to their liquid assets for the Other personal holdings of the two most liquid first time since 1945 while unincorporated busi- types of assets—currency and demand deposits— nesses continued to draw down their liquid funds were reduced in 1948 while holdings of other for the third successive year. liquid asset types—time deposits, savings and loan Estimates of liquid asset holdings of individuals shares, and United States Government securities— and businesses as of December 31, 1948, and for were enlarged. Individuals added more United end-of-year and selected midyear dates from Decem- States Government securities and a smaller amount ber 1939 to December 1948, are presented in the of time deposits to their accumulated liquid savings accompanying table. These estimates cover the than they did in other postwar years. It is noteprincipal assets which are most readily convertible worthy in this connection, however, that according for use and for which there are representative to the fourth Survey of Consumer Finances constatistics of ownership. Currency and demand ducted early this year, the number of spending units deposits are the basic forms of cash ordinarily used, holding United States Government securities and under existing practices time deposits, shares showed a further decline in 1948, although this of savings and loan associations, and United States reduction was considerably smaller than in 1946 Government securities are readily convertible into and 1947.2 cash. The estimates presented in the accompanying Although individuals added a smaller amount table include liquid assets held by individuals (into their store of liquid assets in 1948 than in 1947, cluding farmers), unincorporated businesses, and total personal saving as defined by the Department corporations other than insurance companies. They of Commerce increased substantially. The growth do not include holdings of Federal, State, or local in saving reflected primarily considerably larger * governments, Government agencies, foreigners, investment in housing, farms, nonfarm unincorbanks, savings and loan associations, insurance comporated businesses, and securities of corporations panies, or nonprofit associations. The estimates are and State and local governments. Also, the inapproximations of amounts shown or implied in crease in personal indebtedness was somewhat accounting records of the holders rather than those smaller in 1948 than in the preceding year. reported by banking and Treasury records, although Unincorporated businesses continued to draw they are derived primarily from bank and Treasury upon their accumulated liquid assets to help finance reports. The deposit estimates, therefore, differ their continued high rate of investment in plant, somewhat from the figures reported by banks and equipment, inventories, and consumer receivables. regularly published among banking statistics. The reduction of these assets was greater in 1948 The basic classifications used and method of estithan in 1947 chiefly because of less reliance on credit from corporate businesses and banks. In mate are the same as those employed previously. 1948 corporations increased their holdings of liquid Some small revisions have been made in the assets by 0.5 billion dollars, reversing the decline estimates for December 1947.3 of the two preceding years. In part, this reflected 2 This survey, conducted for the Board by the Survey some reduction in the rate of their investment in Research Center, University of Michigan, provides informainventories and customer receivables and an increase tion on the distribution of holdings of liquid assets by individuals at the beginning of 1949 and their attitudes toward 1 A detailed description of the methods used to obtain spending these assets. The survey data on liquid assets will the estimates, together with the basic worksheets, may be presented in the August issue of the BULLETIN. be secured from the Division of Research and Statistics, 3 See Federal Reserve BULLETINS for June 1945, February Board of Governors of the Federal Reserve System, Wash- 1946, November 1946, September 1947, and June 1948 for ington 25, D. C. previously published estimates. JULY 1949 793 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES [In billions of dollars 1939 1940 1941 1942 1943 1944 1945 1947 1948 Type of holder Dec. Dec. June Dec June Dec. June Dec. June Dec June Dec. June Dec, Dec. Dec.P Total1... 69.0 74.7 78.4 85.4 94.6 116.2 135.9 156.4 175.5 195.9 212.9 227.5 228.5 231.5 '237.0 238.8 Currency 5.8 6.6 7.5 8.9 10.2 13.1 15.0 18.0 20.0 22.6 24.2 25.5 25.5 25.7 25.4 24.7 Demand deposits 2 20.9 24.6 26.5 27.9 30.9 36.8 42.7 47.1 47.9 53.1 56.0 60.2 62.5 64.6 '66.2 64.6 Time deposits. 26.3 26.9 27.1 26.9 26.5 27.7 29.6 32.0 35.0 39.0 43.5 47.7 50.9 53.0 '55.2 56.1 Savings & loan shares 3 4.0 4.2 4.4 4.5 4.6 4.8 5.1 5.4 5.8 6.2 6.7 7.2 7.8 8.4 '9.6 10.8 U. S.Govt. securities 4. . 12.0 12.4 12.9 17.2 22.4 33.8 43.5 53.9 66.8 75.0 82.5 86.9 81.8 79.8 80.6 82.6 Business holdings—total. . . 19.4 22.3 23.6 25.9 29.5 39.4 49.5 55.9 62.9 67.5 72.3 73.0 69.6 66.3 '64.7 64.0 Currency 1.6 1.7 1.9 2.1 2.3 2.8 3.1 3.6 3.9 4.3 4.5 4.7 4.8 4.9 4.8 4.7 Demand deposits 12.5 15.5 16.5 16.6 18.6 21.7 27.5 28.9 29.4 31.3 33.7 33.7 34.7 33.5 '33.9 33.8 Time deposits 2.0 2.0 2.1 2.0 2.0 2.1 2.2 2.3 2.5 2.7 2.9 3.2 3.4 3.5 3.5 Savings & loan shares 0.1 0. 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 U. S. Govt. securities 3.2 3.0 3.0 5.1 6.5 12.7 16.5 20.9 26.9 29.0 31.0 31.3 26.6 24.2 '22.2 21.7 Corporations—total 13.0 15.0 15.7 17.4 19.6 27.1 34.2 38.6 43.1 44.7 47.2 45.1 41.9 38.9 '38.2 38.7 Currency 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 Demand deposits 9.5 11.7 12.3 12.4 13.8 16.0 20.0 20.9 21.4 22.1 24.0 22.1 22.9 21.8 '22.2 22.7 Time deposits 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Savings & loan shares...... 0. 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities 1.9 Y.9 3.5 4".3 *9.6 12.6 16.0 20.0 20.9 21.5 21.3 17.2 15.3 '14.2 14.2 Financial corporations— total 5 1.7 2.2 2.4 2.5 3.1 3.8 4.1 '4.3 4.5 Demand deposits 1.1 1.2 1.3 1.3 1.3 1.2 1.3 1.3 1.3 1.5 1.6 2.0 2.1 2.1 '2.2 2.2 Time deposits 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities. . . 0.5 0.5 0.5 0.8 1.0 1.2 1.4 1.7 2.0 2.2 2.4 2.7 2.5 2.2 2.0 2.2 Nonfinancial corporations —total 11.3 13.2 13.8 15.2 17.2 24.6 31.4 35.5 39.7 40.9 43.1 40.3 37.2 34.5 '33.9 34.2 Currency 0.7 0.7 0.8 0.8 0.8 0.8 0. 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 Demand deposits 8.4 10.5 11.0 11.1 12.5 14.8 18.7 19.6 20.1 20.6 22.4 20.1 20.8 19.7 '20.0 20.5 Time deposits 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Savings & loan shares. . . 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 U. S. Govt. securities. . . i. 4 ' '8*. 4 11.2 14.3 18.0 18.7 19.1 18.6 14.7 13.1 '12.2 12.0 Unincorporated business—total 6.4 7.3 7.9 8.5 9.9 12.3 15.3 17.3 19. 22.8 25.1 27.9 27.7 27.4 '26.5 25.3 Currency 0.9 1.0 1.1 1.3 1.5 2.0 2.3 2.7 3.0 3.4 3.6 3.8 3.8 3.9 3.8 3.7 Demand deposits 3.0 3.8 4.2 4.2 4.8 5.7 7.5 8.0 8.0 9.2 9.7 11.6 11.8 11.7 '11.7 11.1 Time deposits 1.3 1.3 1.4 1.3 1.3 1.4 1.5 1.6 1.8 2.0 2.2 2.4 2.5 2.7 2.8 2.8 Savings & loan shares.... 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 U. S. Govt. securities.... 1.1 1.1 1.1 1.6 2.2 3.1 3.9 4.9 6.9 8.1 9.5 10.0 9.4 8.9 8.0 7.5 Personal holdings—total. . 49.6 52.4 54.8 59.5 65.1 76.8 86.4 100.5 112.6 128.4 140.6 154.5 158.9 165.2 172.3 174.8 Currency 4.2 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 20.8 20.7 20.8 20.6 20.0 Demand deposits 8.4 9.1 10.0 11.3 12.3 15.2 18.2 18.5 21.8 22.3 26.5 27.8 31.1 32.3 30.8 Time deposits 24.3 24.9 25.0 24.9 24.5 27.4 29.7 32.5 36.3 40.6 44.6 47.7 49.6 '51.7 52.6 Savings & loan shares. . 3.9 4.1 4.3 4.4 4.5 4.9 5.2 5.6 6.0 6.5 7.0 7.5 8.1 '9.3 10.5 U. S. Govt. securities. . 8.8 9.4 9.9 12. 15.9 21.1 27.0 33.0 39.9 46.0 51.5 55.6 55.2 55.6 '58.4 60.9 Trust funds—total 6 4.5 4.7 4.8 5.6 6.2 6.9 8.4 10.0 11.7 13.4 14.7 15.9 17.8 19.4 21.6 22.9 Demand deposits 1.2 1.3 1.4 1.4 1.3 1.2 1.2 1.3 1.3 1.4 1.5 1.6 1.8 1.7 1.6 1.6 Time deposits 0.2 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.5 Savings & loan shares 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 U. S. Govt. securities 3.1 3. 3.1 3.9 4.6 5.4 6.9 8.4 10.1 11.7 12.9 14.0 15.6 17.2 19.5 20.6 Other Personal—total7 45.1 47.7 50.0 53.9 58.9 69.9 78.0 90.5 100.9 115.0 125.9 138.6 141.1 145.8 '150.7 151.9 Currency 4.2 4.9 5.6 6.8 7.9 10.3 11.9 14.4 16.1 18.3 19.7 20.8 20.7 20.8 20.6 20.0 Demand deposits 7.2 7.8 8.6 9.9 11.0 13.9 14.0 16.9 17.2 20.4 20.8 24.9 26.0 29.4 30.7 29.2 Time deposits 24.1 24.6 24.7 24.6 24.3 25.4 27.2 29.5 32.3 36.1 40.4 44.4 47.4 49.3 '51.4 52.1 Savings & loan shares 3.9 4.1 4.3 4.4 4.4 4.6 4.8 5.1 5.5 5.9 6.4 6.9 7.4 7.9 '9.1 10.3 U. S. Govt. securities. . . . 5.7 6.3 6.8 8.2 11.3 15.7 20.1 24.6 29.8 34.3 38.6 41.6 39.6 38.4 '38.9 40.3 ' Revised. P Preliminary. 1 Figures for banks, insurance companies, savings and loan associations, nonprofit associations, foreigners, and governmental bodies and agencies are not included in the totals shown. 2 These figures are estimates of demand deposit balances as they would appear on the records of depositors. They differ from figures based on bank records such as given in regular banking statistics. Depositor-record estimates are lower than bank-record estimates; for example, total demand deposits as of Dec. 31, 1948 on a holder-record basis (see table) amounted to 64.6 billion dollars while on a bank-record basis these deposits amount to 77.8 billion. This is because checks are constantly in the mail, i. e., deducted on payor's records and not yet added on payee's records, and because checks are constantly in the process of collection, i. e., added to payee's deposits as per bank records and not yet deducted from payor's deposits as per bank records. 3 Private share capital in all operating savings and loan associations including private repurchasable shares, deposits, and investment certificates. 4 Includes outstanding amounts of excess profits tax refund bonds beginning December 1945, as follows, in millions of dollars: 1128; 58; 29; 12; 7. Armed forces leave bonds are included beginning December 1947, as follows, in millions of dollars: 767; 464. 5 Includes real estate companies, finance and credit companies, insurance agencies (not carriers), investment trusts, security brokers and dealers, holding companies not otherwise classified, etc. 6 Includes only amounts administered by corporate trustees. 7 Includes holdings of farmers and professional persons. 794 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THIRD ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE The formulation and coordination of credit During this phase of reconstruction, credit policy policy in France is the junction of the National could not be expected to become an important Credit Council created by the Banking Law of weapon against price inflation. In this period the December 2, 1945. The Third Annual Report price level was repeatedly driven upward by of the Council reviews the principal changes in advances in the prices of foodstuffs on all markets banking organization since inauguration of the (official, clandestine, or free), and credit plays a Council, gives a detailed account of the develop- relatively minor role in these markets. The price ment of the French economic and monetary situa- increases in turn were regularly consolidated by tion during 194S, and describes the important upward adjustments in wages, exchange rates, the changes in credit policy that were carried out in cost of public services, taxes, industrial prices, and September 1948. The following passage is a profit margins. translation of the conclusion of the report} The ensuing contraction of business working capital, which resulted for the most part because By virtue of the progressive recovery of industry costs generally increased before selling prices, and agriculture, as well as the repeated efforts of inevitably caused a nonspeculative demand for the country and the public authorities to restore credit. It would have been dangerous, and no financial equilibrium, the French economy last doubt impossible, not to satisfy this demand. At year made further progress toward the economic most it was possible to determine the genuineness rehabilitation to which the country has been lookof the needs for credit and to reject applications ing forward since liberation. This rehabilitation that were not well founded. This is what the was aided by a series of measures designed to com- Council did in the earlier stages of reconstruction. bat inflation and required the assistance of the With the considerable economic improvement authorities responsible for bank credit. during 1948, credit policy became a more direct Credit policy, without adhering to any prepart of the national effort to attain monetary conceived system, continued to play its auxiliary equilibrium. In spite of inevitable hostility to role and to be carried out by a variety of measures this more active policy, its necessity is no longer that has characterized the work of the National contested. Credit Council since its creation. Adapting itself The good harvest, which was the most important to the changing needs of the economic situation, factor in the economic improvement, led to a this policy first encouraged economic recovery and decline in certain agricultural prices, insured an reconstruction of plant and equipment by deadequate supply of foodstuffs, and favored stability liberately supplying credit to meet the inadequacy of wages. Nevertheless, it was to be expected that of savings. So long as major shortages prevailed, time would elapse before domestic industrial prices the main objective of this policy was to prevent would decline in response to increased production the insufficiency of funds in certain industries from and declining world prices. aggravating the grave physical deficiencies from For adjustment of the more plentiful but still which the country was still suffering. dear supply of goods to a demand which was not 1 Translated from the Troisieme Rapport Annuel du Con- only less urgent but also restrained by the expectaseil National du Credit, 1948 (Paris, 1949). For excerpts tions of lower prices or by lack of purchasing power, from the Second Annual Report of the Council, see Federal Reserve BULLETIN for August 1948, pp. 950-60. it was necessary that certain profits be partly A translation of the Banking Law of December 2, 1945 sacrificed and even that losses be accepted in some was published in the BULLETIN for May 1946, pp. 483-88. sectors of the economy. For an account of the changes in credit policy carried out in France in September 1948, see Albert O. Hirschman and In the long run, this adjustment could no doubt Robert V. Rosa, "Postwar Credit Controls in France," have taken place of its own accord, without any Federal Reserve BULLETIN, April 1949, pp. 348-60. JULY 1949 795 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THIRD ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE limitation of credit. If such a limitation has ever, the money supply is considerably below the nevertheless been undertaken—and if it has been level that will have to be approached if a high applied with a strictness making the meeting of degree of employment is to be maintained. maturities difficult—this has been done because It cannot be predicted today when this change it was essential to hasten the process of adjust- in the situation will come about. But at that point ment, necessarily painful to producers and traders there would be danger that even the special measalike. The objective of this policy was to neutralize ures already adopted by the Bank of France to as much as possible the first defensive reaction spare the market certain too serious repercussions against marketing difficulties—i. e., recourse to of the global limitation of credit would no longer credit—and to provoke instead other reactions permit normal cash requirements to be satisfied. which were more desirable for the community— The Council holds that the credit ceilings at in particular the reduction of costs and selling present applicable to banks and business enterprises prices, and increased exports. could then be revised to allow for expansion insofar While slowing down of purchases is attributable as it wTould no longer entail excessive risk. The partly to a perceptible return of confidence in the Council is also of the opinion that internal credit currency, this confidence is not yet sufficiently firm should not be called upon to constitute the sole to permit all demands for liquid funds to be met basis and counterpart for the necessary increase unconditionally. Elements of uncertainty and in- in the money supply. It would be desirable that stability still remain—the outcome of the next the gold or foreign exchange reserves of the Bank harvest, the level of tax receipts, the balance of of France be increased to permit the reconstitution payments, etc.—and call for continued vigilance. both of means of international payments and of If confidence in the currency is consolidated, a genuine cover for the domestic currency circuhowever, and if savings leave their present hide-outs lation. to flow into productive investments, this vigilance On a monetary foundation thus consolidated, will shift to other aspects of the monetary problem with the possible help of national savings, credit of which the National Credit Council is keenly policy could shift with more assurance from comaware. The legitimate demand for means of pay- bating inflation toward the development of proment will in time tend to bring the money supply duction and employment, the building up of the to the level called for by the prices and expanding real income of the nation, and the attainment of activity of a rehabilitated economy. Today, how- a better standard of living. 796 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 Termination of Consumer Credit Control the Federal Reserve System, is permitted to mainand Temporary Authority to Increase tain 14 per cent reserves against its net demand Reserve Requirements deposits; 24 per cent of its net demand deposits if located In connection with the expiration on June 30, in a central reserve city, except as to any bank 1949, of the temporary authority of the Board of located in an outlying district of a central reserve Governors of the Federal Reserve System to regucity or in territory added to such city by the exlate consumer instalment credit and to prescribe intension of the city's corporate limits, which, by creased reserves for member banks, there is set the affirmative vote of Rvc members of the Board forth on page 116 of this issue of the Federal of Governors of the Federal Reserve System is Reserve BULLETIN the text of a statement for the permitted to maintain 14 per cent or 20 per cent press issued by the Board on June 29, 1949, regardreserves against its net demand deposits. ing this matter. The text of the revised Supplement to the Board's Regulation D, mentioned in Common Trust Funds the press statement, is as follows: Distribution of Accrued Income SUPPLEMENT TO REGULATION D The Board has recently considered the question Effective as to member banks not in reserve and whether a bank operating a common trust fund central reserve cities at opening of business on may make advances to the fund for use in dis- July 1, 1949, and as to member banks in reserve tributing accrued interest and declared dividends and central reserve cities at opening of business receivable on investments of the fund prior to the on June 30, 1949. receipt of such income where such advances are made from a "general trust account" consisting of RESERVES REQUIRED TO BE commingled uninvested funds of all trusts adminis- MAINTAINED BY MEMBER BANKS tered by the bank. WITH FEDERAL RESERVE BANKS The Board has previously expressed the view that Pursuant to the provisions of section 19 of the the use of uninvested cash in a common trust fund Federal Reserve Act and section 2(a) of its Regu- to distribute accrued interest and dividends relation D, the Board of Governors of the Federal ceivable on investments of the fund prior to receipt Reserve System hereby prescribes the following is not inconsistent with the Board's Regulation F, reserve balances which each member bank of the and has stated that it would not object if uninvested Federal Reserve System is required to maintain on cash in a common trust fund were so used in reasondeposit with the Federal Reserve Bank of its dis- able amounts. trict: The situation is different, however, where the bank operating a common trust fund makes ad- 6 per cent of its time deposits plus— vances to the fund for this purpose. Subject to an 14 per cent of its net demand deposits if not exception which is not pertinent here, subdivision in a reserve or central reserve city; numbered (3) of the fourth paragraph of section 20 per cent of its net demand deposits if in a 11 (a) of Regulation F provides as follows: reserve city, except as to any bank located in an outlying district of a reserve city or in territory (3) A bank administering a Common Trust added to such city by the extension of the city's Fund shall not have any interest in the assets corporate limits, which, by the affirmative vote held in such Common Trust Fund, other than of five members of the Board of Governors of in its capacity as fiduciary, * * *. JULY 1949 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Where a bank operating a common trust fund of the common trust fund which does not differ, advances its own funds to the common trust fund in substance, from the interest which would be in order to distribute accrued but uncollected in- acquired by advances of its own funds, and that, in come of the fund, the bank relies upon the assets any event, this practice is not permissible because of the fund for reimbursement of its advances; and, it violates section 11 (c) of Regulation F which in the Board's opinion, the bank acquires an interest reads as follows: in assets of the common trust fund which is prohibited by the above-quoted provision of Regu- (V) Dealings between trust accounts—A national lation F. bank acting as fiduciary shall not make any advance to any trust from the funds belonging to Where a bank advances uninvested trust funds held in a "general trust account" of the kind re- any other trust, except when the making of such ferred to above, it is the Board's opinion that, in advances to a designated trust is specifically view of the bank's liability to the trusts whose funds authorized by the trust instrument covering the are advanced, the bank acquires an interest in assets trust from which such advances are made. CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meeting until December 7, 1948, when he was appointed Attorney in the newly created Office of the Solicitor. A meeting of the Federal Open Market Committee was held in Washington on June 28, 1949. Admission of State Bank to Membership in the Federal Reserve System Change in Board's Staff The following State bank was admitted to membership in the Federal Reserve System during the Effective June 26, Mr. G. Howland Chase was period May 16, 1949 to June 15, 1949: appointed by the Board as Assistant Solicitor. Mr. Chase became associated with the Board's Legal Michigan Division on May 2, 1932, and served in that division Flat Rock—The State Savings Bank of Flat Rock 798 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled June 24, and released for publication June 28] Production at factories and mines declined fur- Output of passenger cars was temporarily curtailed ther in May and June. Construction activity in- in May as a result of a major work stoppage, but by creased somewhat and employment in most other mid-June increased to new record postwar rates. lines was maintained. Prices of industrial com- Activity in most other industries manufacturing modities continued downward and prices of farm durable goods declined slightly in May. products and foods declined in June following some Activity in the cotton and rayon industries deadvance in May. Department store sales were main- creased further. Output of wool textiles, however, tained at relatively high levels. increased from the exceptionally low April rate, which was about 40 per cent below peak postwar INDUSTRIAL PRODUCTION levels. Cotton consumption in May was at the The Board's seasonally adjusted index of in- lowest rate since 1939. Petroleum refining activity dustrial production declined 5 points in May to showed a slight gain in May, and newsprint con- 174 per cent of the 1935-39 average and, according sumption rose further to a new record rate. to present indications, may show a similar decrease Activity in most other nondurable goods industries in June. The May decline reflected mainly a further showed little change. substantial reduction in activity in industries manu- Minerals output was slightly smaller in May. facturing durable goods. Output of nondurable Activity at nonferrous metal mines was substangoods and of minerals, which earlier had declined tially curtailed and iron ore output, after allowance more than output of durable goods, showed only for seasonal changes, was slightly below the exslight decreases in May. ceptionally high April level. Crude petroleum Activity in the iron and steel, machinery, and production showed little change. Coal output innonferrous metals industries showed marked de- creased somewhat in May, but has been curtailed clines in May, reflecting a reduced volume of sharply in June. orders. Steel production averaged 93 per cent of CONSTRUCTION capacity and since then has declined further to a Value of construction contracts awarded, accordscheduled rate of 84 per cent of capacity during the ing to the F. W. Dodge Corporation, rose slightly week beginning June 20, as compared with the in May reflecting further increases in awards for peak of 103 in March. Machinery production has declined about one-fifth since the end of last year. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS INDUSTRIAL PRODUCTION PER CENT PHVSICAL VOLUME, SEASONALLY ADJUSTED, 135 - 39 • 00 PEF 260 A S 240 r L V N N U D FA M C IN T I U M - 220 / \ / \ 1 200 / / 180 / 1 V vy 180 TRADE ^ 1 GOVERNMENT 160 V 160 9^^ FINANCE AND SERVICE h—H - ~" TRANSPORTATION 1 140 AND UTILITIES 1 CONSTRUCTION ! | 120 . ; i 1941 1942 1943 1944 1945 1946 1947 1948 1949 100 1941 1942 1943 1944 1945 1946 1947 1948 1949 Bureau of Labor Statistics' estimates adjusted for seasonal variation by Federal Reserve. Proprietors and domestic serv- Federal Reserve index. Monthly figures, latest shown are ants are not included. Midmonth figures, latest shown are for May. for May. JULY 1949 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS public construction. Private awards were slightly In May retail prices of most groups of consumers' smaller than in April and continued considerably goods were somewhat lower than in April. The below a year ago. The number of new housing units B.L.S. index for all items, including rents and other started increased further in May and was close to services, was 169.2 as compared with 169.7 in the peak level of 100,000 units a year ago, accord- April and the recent low point of 169.0 in February. ing to estimates of the Department of Labor. BANK CREDIT DISTRIBUTION Business loans at banks in leading cities declined Value of department store sales in May showed substantially during May and by somewhat smaller little change from April, after allowance is made amounts during the first half of June. Real estate for the usual seasonal fluctuation. Sales in the first and consumer loans increased slightly. Banks purchased about 2 billion dollars of Government half of June were 7 per cent below the high level securities of both long and short maturities, in of the corresponding period in 1948, reflecting in part out of reserve funds released by the reduction part lower retail prices for apparel and housein reserve requirements effective in early May. furnishings. Treasury expenditures were considerably greater Shipments of railroad freight declined in May than receipts in the first half of June, and Treasury and early June, reflecting mainly a marked reducdeposits at the Reserve Banks declined substantially. tion in loadings of miscellaneous products. Total This supplied banks with reserve funds and banks carloadings, after allowance for seasonal changes, bought Government securities from the Federal Rehave declined about 12 per cent since last autumn. serve System and increased their excess reserve balances. Subsequently banks lost reserve funds COMMODITY PRICES as Treasury balances at the Reserve Banks were The general level of wholesale commodity prices built up by quarterly income tax payments. Reserve declined 2 per cent from the middle of May to the System holdings of Government bonds declined third week of June. Meat and livestock prices further during June. showed small net change, as decreases in mid-June followed advances in the latter part of May. Cash SECURITY MARKETS wheat prices declined about 10 per cent as market- Common stock prices decreased about 9 per cent, ings of another large crop commenced. Prices of with a moderate volume of trading, in the four industrial commodities, especially textiles, paper, weeks ended June 13 and recovered part of the metals, and building materials, continued down- decline in the following 10 days. Prices of highward from May to June. grade corporate bonds changed little. WHOLESALE COMMODITY PRICES SECURITY MARKETS 1926* IC COMMON STOCK PRICES .......... ^ N \ V .- .^ BOND YIELDS | — u.s.0 T 1942 1943 1944 1945 1946 1947 1948 1949 (943 1944 1945 1946 1947 1948 1949 Common stock prices, Standard and Poor's Corporation; cor- Bureau of Labor Statistics' indexes. "All items" includes porate bond yields, Moody's Investors Service; u. S. Governfuel and housefurnishings groups not shown separately. Mid- ment bond yields, U. S. Treasury Department. Weekly figures, month figures, latest shown are for July 5. latest figures are for June 29. 800 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. 803-804 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. 804-805 Federal Reserve Bank statistics. . . 806-810 Deposits and reserves of member banks; bank suspensions. 810-811 Money in circulation. 812-813 Bank debits and deposit turnover; Postal Savings System. 813 All banks and the money supply 814 All banks in the United States, by classes. . . . 815-817 All insured commercial banks in the United States, by classes. . 818-819 Weekly reporting member banks. . . 820-823 Number of banking offices on Federal Reserve par list and not on par list 824 Commercial paper, bankers' acceptances, and brokers' balances. . 825 Money rates; bank rates on business loans; bond yields. 826 Security prices and new issues. 827-828 Corporate sales, profits, and dividends. 829-830 Treasury finance .... 831-833 Government corporations and credit agencies. 834 Business indexes . . 835-844 Department store statistics. 845-848 Cost of living. 848 Wholesale prices 849 Gross national product, national income, and personal income. 850-851 Consumer credit statistics. 852-854 Current statistics for Federal Reserve chart books. 855-859 Member bank earnings by size of bank, 1948 860-862 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. 801 JULY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS • 10NS0FDOLLARS WEDNESDAY FIGURES BILLIONS OF DOLLARS ^ 1 1941 1942 1943 1944 1946 - 1947 1948 1949 ~i 30 TOTAL RESERVE BANK HOLDINGS, OF U. S. GOVERNMENT SECURITIES - L 20 15 1941 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for June 29. See p. 803. 802 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 D a a a n u n i d s c n d - - e ts s T U o . t 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 h l e l r1 Total s G to o c ld k T s r t o c e r u i a e u n n u r n a r y g c t d - - s y - - M i c n t u o io 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 r w e R e r o y a d e r i s e n 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 e o R e a t e r u r c h e a d v - - n e l - e t r s Total qu R ir e e - d2 c E e x ss - 2 and notes Wednesday figures: 1948—June 2. 23920,683 6,183 14,500 369 21,29223,343 27,895 1,335 1,567 754 55117,094 16,153 941 June 9. 31220,349 6,182 14,167 294 !0,95523,362 27,864 1,337 1,144 828 55117,154 16,246 908 June 16. 29420,749 6,177 14,572 476 21,519 23,515 27,808 1,331 984 879 59317,999 16,867 1,132 June 23. 35321,010 6,175 14,835 358 21,72123,523 27,792 1,317 1,863 827 59817,408 16,680 728 June 30. 26521,366 6,20615,160 26821,90023,532 4,565 27,903 1,327 1,928 859 59217,389 16,647 742 July 7. 39821,535 6,21015,325 22,243 23,584 4,562 28,142 1,334 1,841 877 61217,584 16,581 1,003 July 14. 31621,521 6,321 15,200 302 22,139 23,593 4,562 27,959 1,331 1,861 898 61317,631 16,694 937 July 21. 28521,326 6,44914,877 277 23,650 4,561 27,864 1,324 1,879 920 61117,503 16,780 723 July 28. 21,209 6,56414,645 21,723 23,670 4,563 27,821 1,329 1,822 875 57617,534 16,775 759 Aug. 4. 28221,378 6,96614,412 23' 21,89723,679 4,564 27,922 1,330 1,852 860 56917,606 16,876 730 Aug. 11. 293 21,566 7,21514,351 20522,06423,688 4,564 27,966 1,324 1,756 865 57017,834 16,831 1,003 Aug. 18. 30121,551 7,41014,141 273 22,12523,708 4,565 27,979 1,322 1,963 965 56617,603 16,874 729 Aug. 25. 32421,460 7,58713,873 21021,99323,711 4,564 27,965 1,324 1,902 843 56717,668 16,857 811 Sept. 1. 31821,411 7,795 13,616 208 21,93723,725 4,568 28,072 1,323 1,693 855 56417,724 16,871 853 Sept. 8. 31021,240 7,864 13,376 28421,83423,793 4,571 28,287 1,326 1,331 872 56517,817 16,891 926 Sept. 15. 28321,205 8,455 12,750 43321,92123,850 4,571 28,156 1,321 661 875 59218,737 17,090 1,647 Sept. 22. 30921,860 8,944 12,916 376 22,54523,865 4,570 28,083 1,319 ,436 858 59118,694 17,715 979 Sept. 29. 35: 23,282 9,202 14,080 31423,953 23,872 4,573 28,080 1,324 ,660 864 58619,884 18,944 940 Oct. 6. 29623,143 9,48313,660 26823,70723,888 4,572 28,202 1,324 ,596 867 59619,584 18,977 607 Oct. 13. 50023,303 9,73613,567 16423,96723,965 4,572 28,284 1,317 ,551 916 59619,840 18,911 929 Oct. 20. 28923,19: 10,13213,060 388 23,869 23,983 4,574 28,157 1,326 ,530 913 59019,910 19,040 870 Oct. 27. 30023,242 10,68312,559 25423,79723,996 4,575 28,091 1,322 ,524 58319,960 19,086 874 Nov. 3. 32023,239 11,13712,102 17023,729 24,007 4,578 28,254 1,317 ,473 886 53919,846 18,988 858 Nov. 10. 32i 23,144 11,22311,921 458 23,929 24,097 4,579 28,337 1,317 ,553 912 53919,947 19,025 922 Nov. 17. 28: 22,930 11,15611,774 62: 23,834 24,110 4,579 28,215 1,324 ,591 901 53919,953 19,138 815 Nov. 24. 58: 22,993 11,16611,827 366 23,941 24,150 4,580 28,305 1,317 ,650 922 54219,934 19,104 830 Dec. 1. 30623,165 11,16811,997 312 23,78324,165 4,583 28,322 1,338 ,527 927 54119,877 19,094 783 Dec. 8. 399 23,00411,11011,894 32423,72724,218 4,585 28,415 1,314 ,540 986 54819,727 19,067 660 Dec. 15. 26622,993 11,11211,881 659 23,91924,230 28,369 1,327 969 994 64020,435 19,219 1,216 Dec. 22. 42622,845 11,05711,788 95024,22124,234 28,560 1,326 ,575 1,033 64719,899 19,237 662 Dec. 29. 25523,347 11,00112,346 512 24,113 24,236 4,585 28,325 1,329 ,283 1,106 65320,238 19,180 1,058 1949—Jan. 5. 22922,919 10,90712,012 579 23,727 24,249 4,586 28,151 1,322 951 1,167 59720,375 19,244 1,131 Jan. 12. 364 22,465 10,77211,693 364 23,193 24,253 4,586 27,919 1,323 939 1,145 600 20,105 19,118 987 Jan. 19. 24122,117 10,60311,514 640 22,999 24,264 4,586 27,717 1,327 804 1,267 60220,133 19,183 950 Jan. 26. 458 22,039 10,26511,774 463 22,960 24,268 4,587 27,561 1,333 1,135 1,138 61320,035 19,113 922 Feb. 2. 29 22,215 10,19112,024 31422,82724,279 4,588 27,556 1,327 1,284 1,203 61319,711 19,072 639 Feb. 9. 25 22,350 10,10512,245 23522,83624,279 4,587 27,557 1,327 1,430 1,176 61419,597 18,921 676 Feb. 16. 23822,303 9,99312,310 385 22,92624,284 4,586 27,480 1,323 1,754 1,177 61519,447 18,841 606 Feb. 23. 22,358 9,92 12,436 18622,84724,290 4,586 27,551 1,326 1,591 1,193 62119,441 18,754 687 Mar. 2. 21,837 9,868 11,969 343 22,42224,290 4,587 27,557 1,320 877 1,233 62819,684 18,872 812 Mar. 9. 20321,529 9,737 11,792 271 22,00324,295 4,587 27,577 1,320 711 1,223 63119,424 18,787 637 Mar. 16. 21,500 9,588 11,912 419 22,34824,305 4,588 27,500 1,324 591 1,227 66319,936 18,946 990 Mar. 23. 594 21,675 9,458 12,217 24422,512 24,307 4,588 27,423 1,327 1,432 1,197 66919,360 18,655 705 Mar. 30. 29821,828 9,277 12,551 25: 22,37824,311 4,591 27,403 1,320 1,678 1,190 67119,019 18,503 516 Apr. 6. 21,597 9,151 12,446 22,14324,317 4,591 27,514 1,329 1,116 1,104 67619,311 18,479 832 Apr. 13. 23:21,491 9,064 12,427 33322,05624,321 4,592 27,507 1,318 1,028 1,110 67819,327 18,505 822 Apr. 20. 45;21,288 8,989 12,299 309 22,05024,324 4,589 27,408 1,333 1,054 1,094 67819,398 18,519 879 Apr. 27. 26621,208 8,905 12,303 231 21,70524,329 4,592 27,356 1,330 1,146 1,093 19,020 18,492 528 May 4. 20,839 8,671 12,168 258 21,57624,334 4,592 27,447 ,324 990 1,045 62319,073 18,161 912 May 11. 20:20,130 8,581 11,549 226 20,55924,335 4,592 27,452 ,314 913 1,017 18,164 17,285 879 May 18. 77319,706 8,440 11,266 256 20,73524,338 4,591 27,392 ,313 1,026 1,005 18,302 17,248 1,054 May 25. 19,691 8,371 11,320 20,04824,339 4,591 27,367 ,312 668 978 62718,027 17,305 722 June 1. 15819,76 8,274 11,493 22020,14524,342 4,595 27,515 ,321 622 911 18,076 17,288 788 June 8. 15719,594 8,202 11,392 205 19,95624,381 4,596 27,484 ,315 378 946 63918,170 17,249 921 June 15. 13919,461 8,051 11,410 311 19,91124,423 4,596 27,391 ,309 9 906 70818,606 17,387 '1,219 June 22. 19,166 7,932 11,234 27' 20,113 24,421 4,596 27,345 ,304 508 943 18,314 17,340 P974 June 29. 15019,517 7,780 11,737 209 19,875 24,466 4,597 27,426 1,324 497 959 71918,013 17,375 P638 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. JULY 1949 803 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 c v o D a a a u n n d i c n s d - - e ts s T U o . t 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 t n l e i l t f s s i , , - ot A h l e l r1 Total s G to o c ld k T s r t o c e r u i a n u e u n r n g r a y t c d - - y s - - 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 - - F u B T p s w r e e R r o a y d e r i n s e e v t a d i k - h r t e s e s s a - - l b p m N e o r e o s m d i n t e - s - - c O s F o e e R a t e r u r c h e a v d n - - e l e - t r s Total qu R ir e e - d2 c E es x s - 3 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 .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 ,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 ,018 5,878 4,140 Dec. 30. . 7 2,484 1,351 1,133 102 2,59317,644 2,963 7,598 2,409 634 653 251 ,653 6,444 5,209 1941—June 30. . 2 2,184 1,364 820 81 2,26722,624 3,149 9,612 2,275 980 1,831 290 ,051 7,841 5,210 Dec. 31. . 3 2,254 1,467 787 104 2,36122,737 3,247 11,160 2,215 867 1,360 291 ,450 9,365 3,085 1945—June 30. . 46 21,792 1,113 20,679 46622,30420,213 4,145 26,746 2,279 599 1,668 450 14,92013,335 1,585 Dec. 31. . 24924,262 94723,315 58025,09120,065 4,339 28,515 2,287 977 1,308 49515,91514,457 1,458 1946—June 29. . 15723,783 75523,028 51624,45620,270 4,539 28,245 2,251 833 1,250 56116,12315,011 1,112 Dec. 31. . 16323,350 75322,597 58124,09320,529 4,562 28,952 2,272 393 822 60716,13915,577 562 1947—June 30. . 7021,872 72721,145 22822,17021,266 4,552 28,297 ,314 756 881 62916,11215,374 738 Dec. 31. . 8522,559 2,853 19,706 53623,18122,754 4.562J 28,868 ,336 870 961 56317,89916,400 1,499 1948—May 306 20,662 6,319 14,343 60821,57623,304 4,562 27,812 ,322 1,684 1,057 54617,02116,173 848 June 265 21,366 6,206 15,160 26821,90023,532 4,565 27,903 ,327 1,928 859 59217,38916,647 742 July 318 21,325 6,757 14,568 39222,03523,679 4,565 27,866 ,323 ,755 1,067 57217,69616,819 877 Aug 323 21,577 7,781 13,796 20722,10723,725 4,571 28,055 ,321 ,919 864 56517,67916,842 837 Sept 325 23,413 9,260 14,153 33324,07123,872 4,575 28,118 ,321 ,664 843 58519,98618,948 1,038 Oct 33923,042 10,92512,117 49423,87524,004 4,580 28,176 ,321 ,610 1,074 54219,73618,994 742 Nov , 33723,206 11,18112,025 33923,88124,166 4,585 28,331 ,332 ,601 932 19,89419,085 809 Dec 22323,333 10,97712,356 54224,09724,244 4,589 28,224 ,325 ,123 1,189 590 20,47919,277 1,202 1949—Jan 456 22,109 10,22411,885 22,91424,271 4,589 27,580 ,336 ,514 1,194 61119,54019,063 477 Feb 25122,342 9,88312,459 26222,85524,290 4,588 27,557 ,323 ,423 1,194 61819,61718,809 808 Mar 24521,688 9,241 12,447 33322,26724,314 4,592 27,439 ,309 ,482 1,154 67019,11818,432 686 Apr 30321,094 8,90212,192 340 21,73724,332 4,593 27,417 ,324 984 1,243 61819,07618,438 638 May .... 24719,704 8,35611,348 14120,09224,342 4,596 27,507 ,315 628 930 62818,02417,230 794 Averages of daily figures: 1948—May 30120315 6,28414,031 42721,04223,243 4,560 27,749 1,323 ,420 874 54516,93316,191 743 June.... 330 20752 6,18314,569 41821,50123,457 4,561 27,846 ,324 ,487 890 57617,39616,544 852 July 326 21340 6,37214,968 35522,02123,615 4,562 27,955 ,324 ,829 957 60717,52616,709 817 Aug 411 7,33414,077 310 22,04223,700 4,564 27,977 ,323 ,834 912 56817,69016,854 837 Sept 383 632 8,45413,178 39422,40923,829 4,570 28,152 ,320 ,321 927 57818,50917,626 884 Oct 357 168 9,99413,174 41223,93723,958 4,574 28,188 ,319 ,598 958 58819,81819,001 817 Nov 028 11,17211,856 449 23,83024,110 4,580 28,277 ,321 ,563 984 54019,83519,061 773 Dec 330 23,002.11,08511,917 64523,97824,218 4,584 28,423 ,319 ,398 1,051 60019,99019,193 797 1949—Jan 34722,289 10,62011,669 513 23,150 ,259 4,587 27,850 ,327 1,014 1,211 60319,99119,153 838 Feb 28422,320 10,03212,288 350 22,95324,283 4,587 27,545 ,321 1,539 1,233 61619,57018,860 710 Mar 30221,615 9,58812,027 353 22, ,301 4,588 27,508 ,319 1,009 1,255 65219,41718,723 694 Apr 24921,361 9,04912,312 40722,01724,322 ,591 27,462 ,318 1,109 1,185 67119,18518,479 706 May.... 30319,974 8,51111,463 29820,57524,304 4,592 27,438 1,312 914 1,067 59318,14617,369 777 For footnotes see preceding page. MARGIN REQUIREMENTS 1 MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q Jan. 21, Feb. 1, Effec- [Per cent per annum] Prescribed in accordance with 1946- 1947- tive Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar. 30, 1947 1949 1949 Nov. 1, 1933-Feb. 1, 1935- Effective Jan. 31, 1935Dec. 31, 1935Jan. 1, 1936 Regulation T: For extensions of credit by brokers Savings deposits and dealers on listed securities 100 75 50 Postal Savings deposits For short sales 100 75 50 Other deposits payable: Regulation U: In 6 months or more 2H For loans by banks on stocks 100 75 50 In 90 days to 6 months.... 2 In less than 90 days 1 1 Regulations T and U limit the amount of credit that may be ex- NOTE.—Maximum rates that may be paid by insured nonmember tended on a security by prescribing a maximum loan value, which is a banks as established by the F. D. I. C, effective Feb. 1, 1936, are the specified percentage of its market value at the time of the extension; the same as those in effect for member banks. Under Regulation Q the "margin requirements" shown in this table are the difference between rate payable by a member bank may not in any event exceed the maxi- the market value (100%) and the maximum loan value. mum rate payable by State banks or trust companies on like deposits Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, under the laws of the State in which the member bank is located. and BULLETIN for March 1946, p. 295. 804 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect June 30. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank A a o d d b v v li a a g n n a c c t e i e ( o S s s n e s s s e e e s c c a . u u n 1 r r d e e 3 d d d a b i n b s y d y c o e 1 G l u i 3 n g o a i t v b s ) e 1 le o rn f p m a a e p n n e d r t Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances t b i o o a b n n l ( s i k l g a s o a s t t s t i h e o e p c n r a u s r r t . e h o d S a f e n b t c h y . m e 1 d e 3 U i m ) r . e b S c e t . r Rate Effective Rate Effective Rate Effective Boston IX Aug. 13, 1948 Aug. 13, 1948 2K Jan. 14, 1948 New York IX Aug. 13, 1948 Aug. 13, 1948 Apr. 6, 1946 Philadelphia 1H Aug. 23, 1948 Aug. 23, 1948 2K Aug. 23, 1948 Cleveland IK Aug. 13, 1948 Aug. 13, 1948 2K Aug. 13, 1948 Richmond IK Aug. 13, 1948 Aug. 13, 1948 2K Mar. 16, 1946 Atlanta Aug. 13, 1948 Aug. 13, 1948 2K Jan. 24, 1948 Chicago ix Aug. 13, 1948 Aug. 13, 1948 2M Aug. 13, 1948 St. Louis Aug. 19, 1948 Aug. 19, 1948 2K Jan. 12, 1948 Minneapolis K Aug. 13, 1948 Aug. 13, 1948 Aug. 23, 1948 Kansas City IK Aug. 16, 1948 Aug. 16, 1948 Jan. 19, 1948 Dallas IK Aug. 13, 1948 Aug. 13, 1948 Feb. 14, 1948 San Francisco. . . . IK Aug. 13, 1948 Aug. 13, 1948 Apr. 25, 1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.'—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or •corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS RATES ON BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity J R u a n te e 3 o 0 n In g i e n f n fe in c g t — be- Pre r v at i e ous Maturities not exceeding five years 1- 90 days IK xAug. 13. 1948 1H [In effect June 30. Per cent per annum] 91-120 days 1% lAug. 13, 1948 121-180 davs 1H !Aug. 13, 1948 IK 1 Date on which rate became effective at the Federal Reserve Bank To industrial or of New York. The same rates generally apply to any purchases made commercial To financing institutions by the other Federal Reserve Banks. businesses Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. Federal On discounts or MEMBER BANK RESERVE REQUIREMENTS Reserve purchases [Per cent of deposits] Bank On On On commit- commit- Net demand deposits x loans l ments Re- ments Time maining deposits portion Period in effect C re e c s n i e t t r y r v a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( n m a k l b l s e ) r banks Boston 2K-5 New York. . . . 2K-5 Philadelphia. . 2K-5 June 21, 1917-Aug. 15, 1936. . 13 10 7 3 Cleveland.... 2K-5 4-1% Aug. 16, 1936-Feb. 28, 1937 . . 19K 15 IOK 4K Mar. 1, 1937-Apr. 30, 1937. . 22% 17K 5M Richmond. . . . 2K-5 May 1, 1937-Apr. 15, 1938. . 26 20 14 6 Atlanta 2K-5 () Apr. 16, 1938-Oct. 31, 1941. . 22% 17 X 12 5 Chicago 2K-5 2K-5 Nov. 1, 1941-Aug. 19, 1942. . 26 20 14 6 St. Louis 3 -5 Aug. 20, 1942-Sept. 13, 1942 . . 24 20 14 6 Sept. 14, 1942-Oct. 2, 1942 . . 22 20 14 6 Minneapolis. . 2K-5 Oct. 3, 1942-Feb. 26. 1948. . 20 20 14 6 Kansas City. . 2K-5 Feb. 27, 1948-June 10, 1948. . 22 20 14 6 Dallas 2K-5 June 11, 1948-Sept. 15-23, 1948 24 20 14 6 San Francisco. 2K-5 Sept. 16-24, 1948-Apr. 30- May 4, 1949 2 26 22 16 7K J M un a 1 e y 9 4 3 9 1 0 2 - - 5 J , u ly 1 9 1 4 , 9 1 - 9 J 4 u 9 n e a nd 2 9 a -3 ft 0 e , r2 2 2 4 4 2 2 0 1 1 1 5 4 6 7 2 3 1 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 m r r r o o a w w de e e r r i . n le s p s a c r o ti m ci m pa i t t i m on en t w r it a h t e. financing institutions. 4 Rate charged borrower but not to exceed 1 per cent above the 1 Demand deposits subject to reserve requirements, i. e., total discount rate. demand deposits minus cash items in process of collection and demand 5 Charge of 3^ per cent is made on undisbursed portion of loan. balances due from domestic banks (also minus war loan and series E Back figures.—See Banking and Monetary Statistics, Table 118, bond accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). pp. 446-447. 2 Changes effective Sept. 16, May 1, and July 1 at country banks; Sept. 24, May 5, and June 30 at other classes. JULY 1949 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1949 June 29 June 22 June 15 June 8 June 1 May 25 May 18 June May June Assets Gold certificates 22,651,429 22,617,430 22,617,42922,569,42922,524,43122,529,43122 517,42922,656,431 22 524,42821,642,17a Redemption fund for F. R. notes 588,722 587,722 590,503 588,752 591,698 587,138 601,848 588,722 591,949 615,643 Total gold certificate reserves 23,240,151 23,205,152 23,207,932 23,158,18123,116,12923,116,56923,119,277 23,245,153 23,116,377 22,257,813 Other cash 281,591 287,162 270,800 258,277 250,068 276,866 273,970 283,293 255,398 255,770 Discounts and advances: For member banks.. . 62 715 580,275 48,657 66,443 71,200 63,590 640,369 15,095 139,565 34,632 For nonmember banks, etc 87 600 90,600 90,600 90,600 87,600 107,600 132,600 87,600 107,600 231,000^ Total discounts and advances 150,315 670,875 139,257 157,043 158,800 171,190 772,969 102,695 247,165 265,632 Industrial loans 474 466 515 578 619 627 637 480 618 851 U. S. Govt. securities: Bills 4,520,129 4,032,129 4,004,443 4,202,135 4,279,135 4,213,635 ,189,028 4,346,460 ,231,635 ,576,881 Certificates: Special 220,000 Other 6,857, 6,842,100 6,826,600 6,830,100 6,855,100 6,747,800 ,717,800 6,857, ,757,800 4,616,007 Notes 359, 359,100 359,100 359,100 359,100 3559,100 359,100 359, 359,100 1,967,800^ Bonds 7,780, 7,932,300 8,050,500 8,202,300 8,273,600 370,600 ,440,400 7,780, ,355,900 6,205,681 Total U. S. Govt. securities 19,516,529 19,165,629 19,460,64319,593,63519,766,93519,691,135 ,706,328 19,342,860 ,704,43521,366,369' Ot c h r e e r d it R o e u s t e s r t v a e n di B n a g n . k ... 207, 276,257 310,106 204,463 218,974 185,107 255,132 249 831 140,281 267,109* Total Reserve Bank credit outstanding 19,875,160 20,113,227 19,910,52119,955,71920,145,32820,048,05920,735,066 19,695,866 20,092,499 21,899,961 Liabilities Federal Reserve notes. . 23,317,411 23.236,950 23,270,836 23,338,51623,355,96623,240,920 23,269,894 23,372,547 23,345,56223,751,812- Deposits: Member bank — reserve account 18,012,905 18,314,36918,605,96118,170,43318,076,03418,026,67018,301,543 17,867,131 18,024,10017,389,027 U. S. Treasurer—general account 497, 508,263 8,758 378,461 622,339 667,528 ,025,583 438 627,658 1,927,559- Foreign 507, 476,755 468,004 481,963 453,018 482,609 494,002 487 471,221 405,250* Other 451 466,021 438,026 463,626 458,189 495,358 511,289 453 459,108 454,141 Total deposits 19,468,538 19,765,40819,520,749 19,494,48319,609,580 19,672,165 20,332,417 19,246,246 19,582,08720,175,97r Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 54.3 54.0 54.2 54.1 53.8 53.9 53.0 54.5 53.8 50. T 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 t a o 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: June 1 158,800 69,549 6,451 2,907 79,399 490 4 June 8 157,043 64,943 6,450 2,947 82,209 490 4 June 15 139,257 43,494 3,310 5,739 86,702 9 3 June 22 670,875 574,612 2,289 5,709 87,772 490 3 June 29 150,315 56,167 3,903 80,336 9,896 10 3 Industrial loans: June 1 619 548 44 4 7 June 8 578 517 3 31 4 7 June 15 515 455 3 34 7 June 22 466 409 3 27 4 7 June 29 474 420 27 4 7 U. S. Government securities: June 1 19,766,935 1,421,255 3 469,016 994,329 1,004,535 1,846,200 3,000,000 1,652,000 6,379,600* June 8 19,593,635 1,334,576 3 299,778 784,629 1,393,152 1,846,2002,975,000 1,637,300 6,323,000 June 15 19,460,643 1,560,935 3 152,912 670,378 1,450,218 1,846,200 2,971,500 2,111,400 5,697,100' June 22 19,165,629 3,746,677 570,251 782,155 1,785,046 1,604, ,987,000 2,098,400 5,591,900- June 29 19,516,529 3,701,590 474,9781,245,835 1,949,726 1,608,200 2,998,000 2,090,200 5,448,000' 806 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] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Gold certificates: June 1 22,524,431 777,651 7,173,5411,143,4251,608,3931,017,7051,012,7364,354,964 679,698 445,584 813,809 610,4412,886,484 June 8 22,569,429 808,229 7,250,1211,144,0061,602,5021,033,6301,022,6674,333,287 675,303 439,795 812,090 616,5842,831,215 June 15 22,617,429 808,575 7,369,0161,179,2731,606,9231,006,964 979,0264,339,592 670,864 428,880 810,069 601,3912,816,856 June 22 22,617,430 825,983 7,186,3241,175,3971,639,1711,022,0091,001,3404,412,692 657,943 427,066 805,550 633,2052,830,750 June 29 22,651,429 834,701 7,193,3941,189,9101,634,5691,035,1091,010,4054,379,618 661,957 439,147 815,129 603,6752,853,815 Redemption fund for F. R. notes: June 1 591,698 52,015 51,438 56,812 72,821 51,265 42,496 91,719 44,040 22,765 35,572 26,091 44,664 June 8 588,752 51,852 50,715 56,518 72,634 50,088 42,347 91,700 43,974 22,740 35,547 26,081 44,556 June 15 590,503 51,851 50,715 56,518 72,634 52,088 42,347 91,500 43,974 22,740 35,546 26,034 44,556 June 22 587,722 51,725 50,142 56,285 72,462 51,016 42,202 91,304 43,919 22,719 35,511 25,992 44,445 June 29 588,722 51,725 50,142 57,285 72,462 51,016 42,202 91,304 43,919 22,719 35,511 25,992 44,445 Total gold certificate reserves: June 1 23,116,129 829,666 7,224,9791,200,2371,681,2141,068,9701,055,2324,446,683 723,738 468,349 849,381 636,5322,931,148 June 8 23,158,181 860,081 7,300,8361,200,5241,675,1361,083,7181,065,0144,424,987 719,277 462,535 847,637 642,6652,875,771 June 15 23,207,932 860,426 7,419,7311,235,7911,679,5571,059,0521,021,3734,431,092 714,838 451,620 845,615 627,4252,861,412 June 22 23,205,152 877,708 7,236,4661,231,6821,711,6331,073,0251,043,5424,503,996 701,862 449,785 841,061 659,1972,875,195 June 29 23,240,151 886,426 7,243,5361,247,1951,707,0311,086,1251,052,6074.470,922 705,876 461,866 850,640 629,6672,898,260 Other cash: June 1 250,068 24,479 50,835 10,941 23,525 18,462 19,901 34,510 13,312 7,032 9,464 8,540 29,067 June 8 258,277 25,410 55,789 11,503 26,055 17,997 19,177 37,178 12,035 6,284 8,660 9,293 28,896 June 15 270,800 25,928 54,480 12,038 24,845 18,122 23,182 39,108 13,041 7,502 10,504 11,334 30,716 June 22 287,162 25,467 59,821 14,325 28,737 19,308 22,040 41,976 13,657 6,500 10,617 12,523 32,191 June 29 281,591 26,687 54,602 14,493 26,296 18,563 22,897 40,671 14,361 7,866 11,821 12,259 31,075 Discounts & advances: Secured by U. S. Govt. securities: June 1. . 62,038 6,710 8,237 5,560 7,515 8,430 6,440 6,180 2,315 1,050 8,652 343 606 June 8. . 65,557 2,890 23,372 3,250 2,890 8,955 1,191 11,700 2,115 575 7,570 243 806 June 15. . 47,772 6,315 14,377 3,030 4,395 6,910 1,891 2,925 1,725 975 4,180 243 806 June 22. . 579,445 7,215 418,917 2,668 13,750 20,150 8,391 65,250 14,330 8,825 12,050 393 7,506 June 29. . 62,549 7,395 15,017 2,768 9,650 14,000 1,570 3,150 4,400 650 2,500 393 1,056 Other: June 1. . 96,762 5,519 27,682 8,608 9,899 4,292 4,462 14,849 3,874 2,690 4,009 3,082 7,796 June 8.. 91,486 5,708 28,630 7,248 8,335 4,439 3,764 12,503 3,262 2,265 4,082 3,187 8,063 June 15. . 91,485 5,708 28,630 7,248 8,335 4,439 3,764 12,503 3,262 2,265 4,082 3,186 8,063 June 22. . 91,430 5,708 28,630 7,248 8,335 4,439 3,764 12,503 3,262 2,265 4,027 3,186 8,063 June 29.. 87,766 5,519 27,682 7,008 8,209 4,292 3,592 12,089 3,154 2,190 3,154 3,081 7,796 Industrial loans: June 1 619 578 41 June 8 578 547 31 June 15 515 485 30 June 22 466 439 27 June 29 474 450 24 V. S. Govt. securities: Bills: June 1.... 4,279,135 295,209 1,014,112 291,486 394,669 274,708 229,417 638,520 231,253 138,528 206,973 185,094 379,166 June 8 4,202,135 289,897 995,864 286,241 387,567 269,764 225,289 627,030 227,092 136,036 203,249 181,763 372,343 June 15 4,004,443 276,258 949,013 272,775 369,334 257,073 214,690 597,531 216,408 129,636 193,687 173,212 354,826 June 22 4,032,129 278,168 955,574 274,661 371,887 258,851 216,175 601,662 217,904 130,532 195,026 174,410 357,279 June 29.... 4,520,129 306,660 1,128,451 302,793 409,979 285,364 238,317 663,289 240,224 143,902 215,002 192,274 393,874 Certificates: June 1.... 6,855,100 472,919 1,624,591 466,956 632,253 440,077 367,5231,022,897 370,463 221,921 331,567 296,517 607,416 June 8 6,830,100 471,195 1,618,666 465,253 629,947 438,473 366,182 1,019,166 369,111 221,111 330,358 295,436 605,202 June 15 7,046,600 486,130 1,669,974 480,001 649,915 452,370 377,7901,051,472 380,812 228,120 340,829 304,801 624,386 June 22 6,842,100 472,022 1,621,510 466,070 631,054 439,242 366,8261,020,958 369,761 221,500 330,938 295,954 606,265 June 29.... 6,857,100 473,058 1,625,065 467,092 632,437 440,205 367,6311,023,196 370,570 221,985 331,664 296,603 607,594 NoJtuens e• 1.... 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 June 8 359,100 24,774 85,103 24,461 33,120 23,053 19,252 53,584 19,407 11,625 17,369 15,533 31,819 June 15.... 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 June 22 359,100 24,774 85,103 24,461 33,120 23,053 19,252 53,584 19,407 11,625 17,369 15,533 31,819 June 29 359,100 24,774 85,103 24,461 33,120 23,053 19,252 53,584 19,407 11,625 17,369 15,533 31,819 June 1.... 8,273,600 570,779 1,960,760 563,581 763,082 531,140 443,5731,234,562 447,122 267,841 400,178 357,875 733,107 June 8 8,202,300 565,860 1,943,863 558,724 756,506 526,563 439,7501,223,923 443,269 265,533 396,729 354,791 726,789 June 15.... 8,050,500 555,388 1,907,888 548,383 742,506 516,819 431,6121,201,272 435,065 260,618 389,387 348,224 713,338 June 22 7,932,300 547,234 1,879,876 540,332 731,604 509,230 425,2741,183,634 428,677 256,792 383,670 343,112 702,865 June 29 7,780,200 536,740 1,843,829 529,972 717,576 499,466 417,1191,160,938 420,458 251,868 376,313 336,533 689,388 Total U. S. Govt. securities: June 1 19,766,935 1,363,681 4,684,5661,346,4841,823,1241,268,9781,059,7652,949,5631,068,245 639,915 956,087 855,0191,751,508 June 8 19,593,635 1,351,726 4,643,4961,334,6791,807,1401,257,8531,050,4732,923,7031,058,879 634,305 947,705 847,5231,736,153 June 15 19,460,643 1,342,550 4,611,9781,325,6201,794,8751,249,3151,043,3442,903,8591,051,692 629,999 941,272 841,7701,724,369 June 22 19,165,629 1,322,198 4,542,0631,305,5241,767,6651,230,3761,027,5272,859,8381,035,749 620,449 927,003 829,0091,698,228 June 29 19,516,529 1,341,232 4,682,4481,324,3181,793,1121,248,0881,042,3192,901,0071,050,659 629,380 940,348 840,9431,722,675 JULY 1949 807 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets (cont.): Total loans and securities: June 1 19,926,354 1,375,910 4,720,485 1,361,2301,840,5381,281,7411,070,6672,970,592 1,074,434 643,655 968,748 858,444 1,759,910 June 8 19,751,256 1,360,324 4,695,498 1,345,7241,818,3651,271,2781,055,4282,947,9061,064,256 637,145 959,357 850,9531,745,022 June 15 19,600,415 1,354,573 4,654,985 1,336,3831,807,6051,260,6941,048,9992,919,287 1,056,679 633,239 949,534 845,1991,733,238 June 22 19,836,970 1,335,121 4,989,610 1,315,8791,789,7501,254,9921,039,6822,937,591 1,053,341 631,539 943,080 832,5881,713,797 June 29 19,667,318 1,354,146 4,725,147 1,334,5441,810,9711,266,4041,047,4812,916,246 1,058,213 632,220 946,002 844,417 1,731,527 Due from foreign banks: June 1 49 3 i 16 4 4 2 2 7 2 1 2 2 4 June 8 49 3 i 16 4 4 2 2 7 2 1 2 2 4 June 15 49 3 U6 4 4 2 2 7 2 1 2 2 4 June 22 49 3 i 16 4 4 2 2 7 2 1 2 2 4 June 29 49 3 116 4 4 2 2 7 2 1 2 2 4 Federal Reserve notes of other Banks: June 1 90,845 3,806 10,152 3,597 6,811 17,036 8,030 14,026 5,336 3,116 4,159 3,206 11,570 June 8 100,691 4,004 14,149 4,364 6,011 14,556 8,699 13,270 7,262 4,392 5,356 4,256 14,372 June 15 110,682 4,422 14,513 5,050 7,882 16,042 10,356 14,896 6,148 4,437 6,224 4,973 15,739 June 22 111,767 6,188 13,539 6,193 6,414 16,578 11,012 14,805 7,241 4,483 6,929 4,504 13,881 June 29 108,802 5,284 14,038 4,751 5,890 15,910 11,526 14,934 6,360 4,950 5,654 4,727 14,778 Uncollected items: June 1 2,340,063 201,003 450,860 162,449 225,530 197,975 154,325 344,262 127,754 62,540 118,625 115,711 179,029 June 8 2,325,942 173,647 407,345 142,029 209,859 207,841 171,540 361,822 *31,281 68,997 137,187 117,369 197,025 June 15 3,025,531 239,050 545,240 199,244 304,879 254,130 206,725 464,365 168,622 90,377 149,233 139,129 264,537 June 22 2,703,790 216,409 463,557 180,027 278,318 239,249 179,279 381,450 138,608 78,778 145,156 130,307 272,652 June 29 2,330,939 178,494 436,551 160,216 206,817 199,983 146,188 363,285 124,769 69,766 124,994 110,661 209,215 Bank premises: June 1 32,389 1,162 7,995 3,025 4,796 2,520 1,549 3,182 1,922 1,164 2,351 739 1,984 June 8 32,417 1,162 7,995 3,025 4,796 2,520 1,549 3,182 1,922 1,164 2,351 740 2,011 June 15 32,634 1,162 8,000 3,025 4,791 2,520 1,548 3,182 1,922 1,164 2,351 740 2,229 June 22 32,629 1,162 8,000 3,020 4,792 2,520 1,547 3,182 1,922 1,164 2,351 740 2,229 June 29 32,595 1,157 8,005 3,020 4,783 2,513 1,545 3,177 1,919 1,161 2,351 740 2,224 Other assets: June 1 176,262 12,152 40,936 11,763 16,564 11,401 9,471 26,469 10,056 5,600 8,352 7,795 15,70S June 8 179,021 12,443 41,813 11,779 16,745 11,477 9,619 27,082 10,231 5,736 8,548 7,696 15,852 June 15 116,150 12,591 25,993 7,146 10,457 7,126 5,990 17,108 6,531 3,444 5,299 4,766 9,699- June 22 115,433 8,545 26,511 7,407 10,784 7,380 6,228 17,580 7,002 3,588 5,429 4,993 9,986 June 29 118,512 8,252 27,861 7,676 11,454 7,540 6,281 17,652 7,223 3,698 5,550 5,088 10,237 Total assets: June 1 45,932,159 2,448,181 12,506,2582,753,2463,798,9822,598,1072,319,177 7,839,7311,956,5541,191,4571,961,0821,630,9694,928,415 June 8 45,805,834 2,437,074 12,523,4412,718,9523,756,9712,609,3892,331,0287,815,4341,946,2661,186,2541,969,0981,632,9744,878,953> June 15 46,364,193 2,498,155 12,722,9582,798,6813,840,0202,617,6882,318,1757,889,0451,967,7831,191,7841,968,7621,633,5684,917,574 June 22 46,292,952 2,470,603 12,797,5202,758,5373,830,4322,613,0542,303,332 7,900,5871,923,6351,175,8381,954,6251,644,8544,919,935 June 29 45,779,957 2,460,449 12,509,7562,771,8993,773,2462,597,0402,288,527 7,826,8941,918,7231,181,5281,947,0141,607,5614,897,320- Liabilities Federal Reserve notes: June 1 23,355,966 1,383,815 5,350,8741,615,2192,088,669 1,543,0381,288,8544,487,645 1,082,248 611,861 915,460 596,8362,391,447 June 8.... 23,338,516 1,382,844 5,332,6911,612,9972,084,245 1,545,7981,288,1254,484,061 1,081,043 612,634 917,077 599,8552,397,146 June 15 23,270,836 1,381,288 5,317,1781,619,1582,079,248 1,539,3731,279,4754,472,229 1,077,048 609,001 912,964 596,1232,387,751 June 22 23,236,950 1,379,801 5,314,2151,615,6842,078,594 1,541,4241,275,0034,470,746 1,073,700 607,850 908,680 594,2272,377,026. June 29 23,317,411 1,397,077 5,347,7801,615,3702,080,987 1,549,1521,279,3214,471,136 1,073,839 606,948 912,448 599,1772,384,176 Deposits: Member bank •—reserve account: June 1. . 18,076,034 752,536 5,864,614 847,096 1,325,101 755,372 789,7752,793,696 645,496 451,840 844,045 841,6022,164,861 June 8. . 18,170,433 783,236 5,923,769 847,395 1,326,702 766,624 789,8032,796,408 661,721 452,722 852,873 845,1602,124,020 June 15. .18,605,961 806,611 6,166,389 873,3901,362,495 780,661 779,7882,828,291 670,781 462,346 868,263 860,5662,146,380< June 22.. 18,314,369 770,079 6,151,462 863,395 1,312,972 751,516 767,5142,801,855 646,939 438,564 833,299 846,3022,130,472 June 29.. 18,012,905 758,701 5,866,975 863,0901,333,275 761,784 771,7742,788,799 645,780 444,144 832,586 827,7752,118,222 U. S. Treasurer-general account: June 1. . 622,339 40,834 103,839 37,890 58,885 44,468 33,695 78,542 51,873 39,891 38,151 35,233 59,038. June 8. . 378,461 21,255 93,825 26,082 28,694 26,674 29,594 37,916 21,174 17,088 17,829 28,603 29,727 June 15.. 8,758 548 813 547 554 513 508 505 571 1,671 506 517 1,505 June 22.. 508,263 27,629 109,293 19,455 56,604 38,452 19,316 103,499 17,317 20,242 30,323 32,207 33,926. June 29.. 497,109 43,307 82,707 47,111 38,819 26,640 33,538 57,675 26,150 30,493 32,274 24,158 54,237 Foreign: June 1. . 453,018 29,547 2132,182 37,520 43,148 22,981 19,229 64,722 16,884 11,725 16,884 16,415 41,781 June 8. . 481,963 29,975 2156,461 38,064 43,774 23,314 19,508 65,660 17,129 11,895 17,129 16,653 42,401 June 15. . 468,004 28,986 2153,272 36,808 42,329 22,545 18,864 63,494 16,564 11,503 16,564 16,104 40,971 June 22. . 476,755 29,799 2153,201 37,840 43,516 23,177 19,393 65,274 17,028 11,825 17,028 16,555 42,119 June 29. . 507,153 31,557 2164,509 40,072 46,083 24,544 20,537 69,124 18,032 12,523 18,032 17,532 44,608 Other: June 1. . 458,189 2,607 392,770 1,338 5,059 2,769 1,747 2,484 5,402 1,247 6,949 428 35,389 June 8. . 463,626 3,230 399,106 1,828 5,824 3,411 1,281 1,775 5,449 1,740 6,768 545 32,669 June 15. . 438,026 4,714 365,257 7,924 5,876 2,411 454 3,002 5,610 1,917 6,019 387 34,455 June 22.. 466,021 3,338 404,031 1,538 4,485 1,889 862 3,825 6,261 2,010 3,365 467 33,950- June 29. . 451,371 2,977 390,715 2,079 4,762 1,570 798 2,732 6,180 1,173 4,975 446 32,964 1 After deducting $33,000 participations of other Federal Reserve Banks on June 1; June 8; June 15; June 22; and June 29. 2 After deducting $320,796,000 participations of other Federal Reserve Banks on June 1; $325,447,000 on June 8; $314,709,000 on June 15; $323,- 532,000 on June 22; and $342,616,000 on June 29. FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Liabilities (cont.): Total deposits: June 1.... 19,609,580 825,524 6,493,405 923,844 1,432,193 825,590 844,4462,939,444 719,655 504,703 906,029 893,6782,301,069 June 8 19,494,483 837,696 6,573,161 913,369 1,404,994 820,023 840,1862,901,759 705,473 483,445 894,599 890,9612,228,817 June 15 19,520,749 840,859 6,685,731 918,669 1,411,254 806,130 799,6142,895,292 693,526 477,437 891,352 877,5742,223,311 June 22.... 19,765,408 830,845 6,817,987 922.228 1,417,577 815,034 807,0852,974,453 687,545 472,641 884,015 895,5312,240,467 June 29.... 19,468,538 836,542 6,504,906 952,352 1,422,939 814,538 826,6472,918,330 696,142 488,333 887,867 869,9112,250,031 Deferred availability items: June 1.... 2,121,138 184,736 409,500 147,470 200,008 185,119 148,728 296,419 121,445 52,045 106,765 108,752 160,151 June 8 2,121,528 162,067 363,535 125,435 189,161 198,783 165,224 312,508 126,149 67,122 124,360 110,356 176,828 June 15.... 2,715,474 221,094 464,615 193,401 270,517 227,133 201,346 403,406 163,372 81,840 131,133 127,791 229,826 June 22.... 2,427,582 204,688 408,566 152,728 254,609 211,024 183,133 336,524 128,196 71,777 128,398 122,711 225,228 June 29.... 2,123,146 171,054 397,994 135,735 188,982 187,326 144,055 317,465 114,160 62,577 112,800 105,749 185,249 Other liabilities including accrued dividends: June 1.... 12,659 837 3,314 769 1,517 611 561 1,934 525 378 514 668 1,031 June 8 13,845 866 3,933 853 1,520 724 638 2,088 575 419 611 545 1,073 June 15.... 14,193 883 4,036 795 1,437 632 599 2,294 556 696 608 574 1,083 June 22.... 14,772 928 3,897 847 1,615 774 683 2,255 612 589 681 651 1,240 June 29 17,070 1,019 4,929 1,007 1,790 866 780 2,544 712 509 797 742 1,375 Total liabilities: June 1.... 45,099,343 2,394,912 12,257,0932'687,302 3,722,387 2,554,3582,282,589 7,725,442 1,923,8731,168,9871,928,7681,599,9344,853,698 June 8 44,968,372 2,383,473 12,273,3202,652,6543,679,920 2,565,3282,294,173 7,700,416 1,913,2401,163,6201,936,6471,601,7174,803,864 June 15.... 45,521,252 2,444,124 12,471,5602,732,0233,762,456 2,573,2682,281,034 7,773,221 1,934,5021,168,9741,936,0571,602,0624,841,971 June 22.... 45,444,712 2,416,262 12,544,6652,691,4873,752,395 2,568,2562,265,904 7,783,978 1,890,0531,152,8571,921,7741,613,1204,843,961 June 29.... 44,926,165 2,405,692 12,255,6092,704,4643,694,698 2,551,882 2,250,803 7,709,475 1,884,8531,158,3671,913,9121,575,5794,820,831 Capital Accts.: Capital paid in: June 1.... 204,492 11,474 69,707 14,880 19,227 8,915 8,070 25,853 6,767 4,540 7,203 8,207 19,649 June 8.... 204,509 11,474 69,708 14,890 19,228 8,915 8,070 25,853 6,769 4,540 7,205 8,208 19,649 June 15.... 204,588 11,482 69,706 14,891 19,228 8,920 8,072 25,854 6,770 4,542 7,206 8,219 19,698 June 22.... 204,936 11,493 69,972 14,892 19,233 8,967 8,078 25,863 6,773 4,543 7,211 8,223 19,688 June 29 204,984 11,503 69,962 14,892 19,233 8,978 8,086 25,869 6,773 4,544 7,212 8,234 19,698 Surplus: (section 7): June 1.... 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 June 8 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 June 15.... 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 June 22.... 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 June 29.... 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 13 b) June 1.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 June 8.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 June 15.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 June 22 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 June 29 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts. June 1.... 134,070 9,437 29,120 9,871 12,394 9,068 7,728 18,165 7,419 5,060 6,966 6,567 12,275 June 8.... 138,699 9,769 30,075 10,215 12,849 9,380 7,995 18,894 7,762 5,224 7,101 6,788 12,647 June 15.... 144,099 10,191 31,354 10,574 13,362 9,734 8,279 19,699 8,016 5,398 7,354 7,026 13,112 June 22 149,050 10,490 32,545 10,965 13,830 10,065 8,560 20,475 8,314 5,568 7,495 7,250 13,493 June 29 154,554 10,896 33,847 11,350 14,341 10,414 8,848 21,279 8,602 5,747 7,745 7,487 13,998 X OLcLl HclDHlLlcS and cap. accts. June 1.... 45,932,159 2,448,181 12,506,258 2,753,2463,798,982 2,598,107 2,319,177 7,839,731 1,956,5541,191,4571,961,0821,630,9694,928,415, June 8 45,805,834 2,437,074 12,523,441 2,718,9523,756,971 2,609,389 2,331,0287,815,434 1,946,2661,186,2541,969,0981,632,9744,878,953. June 15. ... 46,364,193 2,498,155 12,722,9582,798,6813,840,0202,617,688 2,318,175 7,889,045 1,967,7831,191,7841,968,7621,633,5684,917,574- June 22 46,292,952 2,470,603 12,797,5202,758,537 3,830,432 2,613,054 2,303,332 7,900,587 1,923,6351,175,8381,954,6251,644,8544,919,935 June 29 45,779,957 2,460,449 12,509,7562,771,8993,773,246 2,597,040 2,288,527 7,826,894 1,918,7231,181,5281,947,0141,607,5614,897,320. ity on acceptances purchased for foreign correspondents June 1.... 5,208 328 11,646 417 479 255 214 719 187 130 187 182 464 June 8.... 4,915 302 !1,635 383 441 235 196 662 173 120 173 168 427 June 15 4,836 305 ^,528 387 445 237 198 667 174 121 174 169 431 June 22.... 5,153 318 n,697 404 465 248 207 697 182 126 182 177 450 June 29.... 5,175 326 n,636 414 476 254 212 714 186 129 186 181 461 Commitments to make industria loans: June 1.... 2,375 60 108 1,788 94 229 9 87 June 8.... 2,326 60 127 1,788 30 229 9 83. June 15.... 2314 6C 130 1*788 15 229 9 83 June 22.... 2,311 60 127 l',788 15 229 9 83 June 29.... 2,283 60 105 1,788 15 223 9 83 1 After deducting $3,562,000 participations of other Federal Reserve Banks on June 1; $3,280,000 on June 8; $3,308,000 on June 15; $3,456,000 on June 22; and $3,539,000 on June 29. JULY 1949 809 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n ve d - m Ri o c n h d - l A a t nt - a Chicago Lo S u t i . s M ap in o n li e s - Ka C n it s y as Dallas F c S r i a a sc n n o - F.R.notesoutstanding (issued to Bank): June 1 24,022,644 ,425,810 5,486,1341,662,4042,154,560 ,594,771 1,331,994 4,562,9221,116,163 626,019 936,859 626,0832,498,925 June 8 24,056,621 ,434,098 5,489,7951,662,7982,152,474 ,600,286 1,335,780 4,564,2751,115,017 626,869 940,800 630,7592,503,670 June 15 24,019,317 ,430,2115,487,865 1,656,6752,149,287 ,594,133 1,332,140 4,562,0861,112,900 625,606 937,301630,1872,500,926 June 22 24,021,630 ,434,7915,490,744 1,664,0832,148,125 ,596,991 1,327,378 4,555,0271,112,366 623,280 932,719 662266,,3344552,509,781 June 29 24,040,510 ,438,306 5,493,9441,669,363 2,153,546 ,600,921 1,329,896 4,553,8211,113,400 622,477 935,121628,9752,500,740 Collateral held against notes outstanding: Gold certificates: June 1 13,554,000 440,000 4,570,000 550,000 900,000 625,000 575,000 2,805,000 315,000 210,000 280,000 184,000 2,100,000 June 8 13,554,000 440,000 4,570,000 550,000 900,000 625,000 575,000 2,805,000 315,000 210,000 280,000 184,000 2,100,000 June 15 13,554,000 440'000 4,570,000 550,000 900,000 625,000 575,000 2,805,000 315,000 210,000 280,000 184,000 2,100,000 June 22 13,554,000 440,000 4,570,000 550,000 900,000 625,000 575,0002,805,000 315,000 210,000 280,000 184,000 2,100,000 June 29 13,554,000 440,000 4,570,000 550,000 900,000 625,000 575,0002,805,000 315,000 210,000 280,000 184,000 2,100,000 Eligible paper: June 1 41,715 6,710 8,037 5,560 7,930 2,315 1,050 9,507 606 June 8 40,053 2,890 13,072 3,250 8,955 2,115 575 8,390 806 June 15 38,013 6,315 13,752 3,030 6,410 1,725 975 5,000 806 June 22 491,426 7,215 418,917 2,668 19,150 14,330 8,825 12,815 7,506 June 29 46,486 7,395 14,217 2,768 13,500 4,400 650 2,500 1,056 U. S. Govt. sec: June 1 11,625,000 1,100,000 ,000,000 1,200,0001,300,0001,025,000 850,0001,800,000 900,000 450,000 700,000 500,000 800,000 June 8 11,625,000 1,100,000 ,000,000 1,200,0001,300,0001,025,000 850,0001,800,000 900,000 450,000 700,000 500,000 800,000 June 15 11,625,000 ,100,000 ,000,000 ,200,0001,300,0001,025,000 850,0001,800,000 900,000 450,000 700,000 500,000 800,000 June 22 11,625,000 1,100,000 ,000,000 1,200,0001,300,0001,025,000 850,0001,800,000 900,000 450,000 700,000 500,000 800,000 June 29 11,625,000 1,100,000 ,000,000 ,200,0001,300,0001,025,000 850,0001,800,000 900,000 450,000 700,000500,000 800,000 Total collateral: June 1 25,220,715 1,546,7105,578,037 1,755,560 2,200,C 1,657,9301,425,000 4,605,0001,217,315661,050 989,507684,0002,900,606 June 8 25,219,053 1,542,8905,583,072 1,753,250 2,200,0001,658,9551,425,000 4,605,0001,217,115660,575 988,390 668844,,000000 2,900,806 June 15 25,217,013 1,546,3155,583,752 1,753,030 2,200,C 1,656,4101,425,000 4,605,0001,216,725660,975 985,000684,0002,900,806 June 22 25,670,426 1,547,2155,988,917 1,752,668 2,200,0001,669,1501,425,000 4,605,0001,229,330668,825 992,815684,000 2,907,506 June 29 25,225,486 1,547,3955,584,217 1,752,768 2,200,0001,663,5001,425,000 4,605,0001,219,400 660,650 982,500 684,0002,901,056 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 Date (last A a p p p p li r c o a v ti e o d ns pr A o p v - ed Loans Commit-o p f a f t i i n o a n n s c- Month, or m A em ll - city banks se R r e v - e Coun- Wednesday to but not out- ments ing insti- week ending Wednesday ber city try or last day com- standing2 out- tutions banks1 New Chi- banks banks* of period) pleted i (amount) standing 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—May 16 933 4 511 1,057 6,496 4,869 1939 2,781 188,222 2,659 13,683 9,220 10,981 1949—April 19 185 5 169 1,211 7,216 5,589 1940 2,908 212,510 13,954 9,152 5,226 6,386 May. 18 146 4 798 1,160 6,881 5,308 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 May 18 17 929 4 695 1,141 6,826 5,267 1943 3,471 491,342 926 10,532 9,270 17,930 May 25 17 941 4 726 1,148 6,822 5,245 1944 3,489 525,532 1,295 3,894 4,165 2,705 June 1 17 922 4 742 1,156 6 816 5,208 1945 3,511 544,961 320 1,995 1,644 1,086 June 8 18 181 4 860 1,168 6,842 5,311 1946 3,542 565,913 4,577 554 8,309 2,670 June 15 18 132 4 880 1,148 6,854 5,249 1947 3,574 586,726 945 1,387 7,434 4,869 June 22 18 077 4 848 1,138 6,818 5,273 1948 Excess reserves: 1948—May 743 18 8 202 514 Mar. 31. .. 3,587 600,322 45 3,785 7,700 5,109 1949—April 706 42 10 184 471 Apr. 30... 3,593 604,623 70 1,394 6,646 4,234 May 777 44 5 174 554 May 31. .. 3,595 606,305 120 916 6,612 3,272 June 30. .. 3,599 610,956 1,045 851 6,482 3,238 May 18 676 11 2 144 519 July 31... 3,600 611,694 620 802 6,417 3,346 May 25 687 28 3 165 491 Aug. 31... 3,603 612,099 65 883 6,187 3,353 June 1 660 29 5 166 461 Sept. 30., . 3,604 613,820 45 1,011 6,246 4,212 June 8 933 140 21 206 566 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 June 15 814 115 5 182 512 Nov. 30. .. 3,606 614,725 85 1,151 6,099 4,166 June 22 P661 10 3 137 P511 Dec. 31... 3,607 615,653 335 995 1,643 1,990 Borrowings at Federal 1949 Reserve Banks: 1948—May 144 50 5 47 42 Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 1949—April 98 19 3 39 37 Feb. 28... 3,608 616,340 45 907 1,624 2,042 May. 176 81 18 39 38 Mar. 31. .. 3,610 620,192 45 906 3,270 3,677 Apr. 30... 3,613 620,595 152 819 2,399 2,811 May 18 387 233 69 51 34 May 31. .. 3,614 620,984 245 753 2,349 2,737 May 25 77 15 35 27 June 1 112 24 6' 32 50 June 8 66 31 35 1 Includes applications approved conditionally by the Federal Re- June 15 60 1 12 47 serve Banks and under consideration by applicant. June22 191 69 12 49 61 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. P Preliminary. NOTE.—The difference between amount of applications approved and 1 Weekly figures of excess reserves of all member banks and of the sum of the following four columns represents repayments of ad- country banks are estimates. Weekly figures of borrowings of all memvances, and applications for loans and commitments withdrawn or ber banks and of country banks may include small amounts of Federal expired. Reserve Bank discounts and advances for nonmember banks, etc. 810 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 Centra reserve All city banks Re- All city 1)anks Remem- serve Coun- mem- serve Counber city try ber city try banks New Chi- banks banks banks New Chi- banks banks York cago York cago First half May 1949 Second half May 1949 Gross demand deposits: Total 86,286 20,690 4,881 32,019 28,697 85,890 20,595 4,910 31,874 28,511 Interbank 10,118 3,692 1,002 4,640 784 9,781 3,588 975 4,460 758 Other 76,168 16,998 3,878 27,378 27,913 76,109 17,007 3,934 27,414 27,753 Net demand deposits 2 76,215 19,127 4,447 27,903 24,738 76,129 19,079 4,468 27,845 24,738 Demand deposits adjusted ' 69,450 69,550 Time deposits ^ . 29,194 1,681 1,042 11,574 14,898 29,225 1,712 1,044 11,582 14,887 Demand balances due from domestic banks. . . 4,901 40 119 1,597 3,146 4,737 42 115 1,579 3,002 Reserves with Federal Reserve Banks: Total 18,356 4,855 1,166 6,945 5,390 17,950 4,744 1,153 6,822 5,231 Required 17,491 4,812 1,165 6,760 4,754 17,255 4,699 1,145 6,658 4,753 Kxcess 865 43 1 185 636 695 45 8 164 478 Borrowings at Federal Reserve Banks 184 89 20 39 36 169 74 16 39 40 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 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 * SMALL CENTERS 1 [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 re - di Demand Demand deposits Time deposits Time Number of banks suspended: e i x n c te e r p - t deposits e i x n c te e r p - t deposits 1934-42 330 20 6 216 bank bank 1943 4 2 2 1944 1 1 1945 0 1948 1946 0 A M p a r y il 1 1 6 6 . , 1 0 6 1 3 9 1 8 8 , , 8 7 0 9 7 6 1 1 1 1 , , 8 8 1 6 2 9 6 6 , , 0 0 5 4 7 6 1 1 9 9 4 4 7 8 0 1 1 1949—Jan -June 4 4 1949 April 16,289 8,829 11,753 6,063 Deposits of suspended banks May 16,209 8,830 11,622 6,062 (in thousands of dollars) :2 1934-42 137,362 18,01626,548 51,567 41,231 By districts, May 1949 1943 6,223 4,982 1,241 N C B Ph l o e e w i s v l t a o e Y d n la e o n l r p d k h . i a . . . . 2 1 1 1 , , , , 9 2 2 8 8 9 0 3 5 4 6 8 2,2 8 9 8 1 1 2 4 0 5 5 1 1 1 , , 0 0 8 3 2 0 8 3 9 9 6 3 1, 2 8 8 1 9 3 1 5 6 6 8 2 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 4 6 7 5 8 4 1 0 6 0 5 0 0 7 405 167 Richmond. . . 1,089 409 825 480 1949—Jan.-June .. 2,443 2,445 Atlanta 1,568 472 672 220 S C t h . ic L a o g u o is 2,2 6 0 4 1 6 1,6 3 0 4 3 4 1,6 9 2 7 4 0 9 2 5 8 6 4 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not Minneapolis.. 583 300 740 452 include banks whose deposit liabilities were assumed by other banks, Kansas City.. 556 105 1,574 207 at the time of closing (in some instances with the aid of Federal Deposit S D a a n l la F s rancisco 1 1, , 2 0 3 1 3 0 6 1 5 5 6 1 1,4 4 7 9 0 0 29 6 2 9 Ins 2 u D ra e n p c o e s it C s or o p f o r m at e i m on b e l r o a b n a s n ). ks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the r Revised. suspensions were reported. 1 Includes any banks in outlying sections of reserve cities that have Back figures.—See Banking and Monetary Statistics, pp. 283-292;; ;en given permission to carry the same reserves as country banks. for description, see pp. 281-282 in the same publication. JULY 1949 811 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion * Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1933 ,519 4,167 442 402 33 719 1,229 ,342 ,360 364 618 125 237 8 10 8 1934 ,536 4,292 452 423 32 771 1,288 ,326 ,254 337 577 112 216 5 7 10 1935 ,882 4,518 478 460 33 815 1,373 ,359 ,369 358 627 122 239 7 16 5 1936 ,543 5,021 517 499 35 906 1,563 ,501 ,530 399 707 135 265 7 18 8 1937 ,550 5,015 537 505 33 905 1,560 ,475 ,542 387 710 139 288 6 12 7 1938 ,856 5,147 550 524 34 946 1,611 1,481 ,714 409 770 160 327 17 32 5 1939 ,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 ,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 112 227 523 30 60 4 1941 ,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 433 261 556 24 46 4 1942 ,410 11,576 880 801 55 1,693 4,051 4,096 3,837 ,019 910 287 586 9 25 3 1943 ,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 912 407 749 9 22 2 1944 ,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 153 555 990 10 24 3 1945 ,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 220 454 801 7 24 2 1946 ,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 ,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—February.... 28,019 19,335 1,385 972 63 2,005 6,084 8,826 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,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 ,493 2,421 4.970 390 700 5 9 1 May 27,507 18,993 1,456 1,011 61 1,986 5,934 8,544 ,515 2,422 4,980 388 712 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 1 Money Total out- held by standing, As security For Federal May 31, against Federal Reserve 1949 gold and Treasury Reserve Banks and May 31, Apr. 30, May 31, silver cash Banks and agents 1949 1949 1948 certificates agents Gold 24,342 23,159 21,183 Gold certificates 23,159 20,301 2,815 43 43 45 Federal Reserve notes 24,003 50 748 23,205 23,146 23,525 Treasury currency—total 4,596 ' ' 3 2', 257' ' 82 255 4,259 4,228 4,242 Standard silver dollars 493 271 56 3 163 162 155 Silver bullion 1,985 1,985 Silver certificates and Treasury notes of 1890. . 32,257 178 2,079 2,054 2,061 Subsidiary silver coin 989 16 35 938 934 910 Minor coin ... 372 6 11 355 353 344 United States notes 347 3 25 318 315 315 Federal Reserve Bank notes 316 (5) 3 312 315 357 National Bank notes 94 (5) 1 93 93 100 Total—May 31, 1949 . . (4) 25,416 1 315 20 301 3 819 27 507 Apr. 30, 1949 (4) 25,397 1,324 20,284 3,963 27,417 May 31, 1948 0) 24,342 1,322 19,220 3,958 27,812 - J. u dvum uupiiLciiiuii, ainuum ui onvci uuiJeiis aiiu _ _ _ 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 ' ~ '" notes of 1890— $156,039,431 in gold bullion; (ii) as secu receipt; (iii) as s Reserve Bank notes and national bank notes are in process of retirement. 812 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] fOutside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in unadjusted adjusted for seasonally Date for seasonal seasonal adjusted Depos- U. S. Government variation variation series 1 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 , , 7 5 3 9 2 8 +1 + .1 7 3 4 4 2 b t a o n r k y s Total r D ec i- t G t a e u n e a - d r- f e u t n c d .2 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 88 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 1,716 118 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 3,182 200 Averages of daily figures 1947—Dec.. . 3,417 3,525 6 3,308 3,308 212 1948—June 27,846 27,986 +41 1948—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.. . 3,314 3,435 7 3,239 3,239 188 April 27,462 27,683 +92 May P3,294 May 27,438 27,631 -52 June 27,432 27,570 -61 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 reporting York other reporting York reporting York leading York leading centers City* centers l centers 2 City centers City 3 cities 8 City 3 cities 3 1943 . ... 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891.910 345.585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — n o e ld w s s e e ri r e ie s s 4 4 1,050,021 417,475 527,336 105,210 19.0 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 5 4 2 4 2 9 , , 9 4 4 1 4 4 2 25 5 . . 2 5 1 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 21.0 12.0 400,468 598,445 24.1 18.0 1948 1,249,630 449,002 667,934 132,695 23.7 12.9 445,221 660,155 27.2 19.2 1948—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 105,192 38,429 '55.651 11,112 25.0 12.9 38,767 55,348 29.3 19.3 February »-89,850 31,982 '48,198 9,669 23.0 * 12.2 32,226 47,968 27.1 18.6 March '109,741 39,698 '58,637 11,407 24.1 12.8 37,788 56,737 27.2 19.2 April '99,703 35,832 '53,374 10,497 22.7 12.2 36,887 52,869 27.6 18.6 May 99,288 36,974 52,003 10,310 24.6 12.3 36,444 50,768 28.3 18.5 ' 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. JULY 1949 813 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 FUNDS 1 [Figures partly estimated. In millions of dollars] Assets Capital and Liabilities (other than domestic deposits and currency Bank credit a T s o se ta ts l , outside banks) net— Date Gold T r c e u r u e n r a r y c - s y - Lo n a e n t s, Tot u al . s. G m o C v a e o n e r m c d r i n a - m l en R F t e e o d se b e r l r v i a g e l ation O s ther s O e it t c i h e u e s r r - c l a t i i a o n a p t n i b e t i e a d t i t s a l l - l, C c m o a a a u p n i c s n i d - c t t a s . l , T c u r a e r s a y h s- d F e o b p n r a o e e n i s t 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 "7,803 2,275 '1,949- 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—Tune 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—Tune 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—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 «2,103 1949—Jan. 26? 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. 23 P 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. 27P 24.300 4,600 47,100 98,100 73,600 21,200 3,300 11,600 185,700 13,700 1,300 2,000 May 25P 24,300 4,600 46,700 97,800 74,900 19,700 3,200 11,700 185,100 13,700 1,300 1,800 Deposits and Currency Total U. S. Government deposits deposits Total Time deposits adjusted 3 adjusted, deposits Date U. S. Govt. adjusted Demand Currency d c o e u b u p r a a t r o 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 a v n c r n i c n o d k i g m a s s l - R F 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 k n d c s e y a d d e ju p s o t s e i d ts 2 Total m b C a e 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—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 ,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 July 28 170,300 2,400 ,800 166,000 83,300 57,300 35,700 18,200 3,400 25,500 Aug. 25 171,000 2,400 .900 166,700 83,800 57,300 35,700 18,200 3,400 25,600 Sept. 29 171,300 2,800 ,700 166,900 83,900 57,300 35,700 18,300 3,300 25,700 Oct. 27 172,000 2,300 ,500 168,100 85,100 57,300 35,700 18,300 3,300 25,700 Nov. 24 172,000 2,200 ,700 168,100 85,200 57,000 35,500 18,200 3,300 25,900 Dec. 31 172,693 2,451 ,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Jan. 26? 171,300 2,000 ,100 168,200 85,400 57,600 35,800 18,500 3,300 25,200 Feb. 23P 170,900 3,000 ,600 166,300 83,400 57,800 35,900 18,600 3,300 25,100 Mar. 30? 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 May 25? 168,300 1,900 700 165,700 82,600 58,200 36,100 18,800 3,300 25,000 814 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 * capital of Total Loans G U ov . e S r . n- Other Total 1 b I a n n te k r - l De- accounts banks Total o m bl e ig n a t - s ri e t c ie u s - mand Time tions All banks: 1939—Dec. 30 50,884 22,165 28,719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1940—Dec 31 54,177 23,756 30,422 20,972 9,449 28,090 75,996 10,934 38,562 26,499 8,302 14,896 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11 003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—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 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—Jan. 26 • 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. 30 • 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 '34,760 154,660 10,310 89,420 54,930 '12,680 14,692 May 25 • 133,450 46,860 86,590 74,880 11,710 33,650 154,560 10,430 89,110 55,020 12,700 14,691 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 Nov. 24 « 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—Jan. 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 • 112,500 42,370 70,130 60,880 9,250 '34,240 136,070 10,490 89,450 36,130 10,620 14,162 Apr. 27 • 112,510 41,320 71,190 61,950 9,240 '34,030 135,910 10,310 89,400 36,200 '10,650 14,162 May 25 • 113,440 40,880 72,560 63,220 9,340 32,920 135,750 10,430 89,090 36,230 10,660 14,161 AH 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 43,52 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,36 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 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 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 e. . . . 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«. . . . 93,95 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 ••30,140 115,212 9,765 76,370 29,077 '8,929 6,914 May 25 «. . . . 94,964 34,470 60,494 52,917 7,577 29,011 115,064 9,900 76,066 29,098 8,939 6,911 All mutual savings banks: 1939—Dec. 30 10,21 4,927 5 289 3,101 2,188 818 10,524 3 10,521 ,309 551 1940—Dec. 31 10,24 4,956 5,292 3,215 2,078 966 10,659 4 10,655 ,292 551 1941—Dec. 31 10,37 4,901 5,478 3,704 1,774 793 10,533 6 10,527 ,241 548 1942—Dec. 31 10,75 4,695 6,059 4,572 1,487 663 10,668 6 10,662 ,236 546 1943—Dec. 31 11,87 4,484 7,387 6,090 1,297 797 11,738 8 11,730 ,276 545 1944—Dec. 30 13,93 4,370 9,560 8,328 1,232 584 13,376 10 13,366 ,378 543 1945—Dec. 31 16,20 4,279 11,928 10,682 1,246 609 15,385 14 15,371 ,592 542 1946—Dec. 31 17,70 4,526 13,179 11,778 1,400 818 16,869 i' 16 16,853 ,784 541 1947—Dec. 312 18,64 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 ,889 533 1948—June 30 19,22 5,234 13,992 11,976 2,016 832 18,211 17 18,193 ,955 532 Nov. 24". ... 19,28 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 i 17 18,387 1,999 532 1949—Jan. 26 • 19,59 5,730 13,860 11,610 2,250 800 18,520 20 18,500 2,000 532 Feb. 23 • 19,69 5,790 13,900 11,620 2,280 790 18,580 20 18,560 2,010 531 Mar. 30 • 19,800 5,850 13,950 11,680 2,270 810 18,690 20 18,670 2,030 530 Apr. 27 e 19,930 5,910 14,020 11,680 2,340 730 18,750 i 20 18,730 2,030 530 May 25 « 20,010 5,980 14,030 11,660 2,370 730 18,810 1 20 18,790 2,040 530 e Partly estimated. r Revised. * "All'banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. JULY 1949 815 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 <ind nvestments Deposits Investments Other Class of bank Cash Total Number and date Total Loans Total G U m ov . e e n S r t . n- O se t c h u e r assets1 Total 1 b In a t n e k r - 1 •JpLi>c- Time a c c a c p o i u ta n l ts ba o n f ks obliga- rities mand 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 1,294 5,864 22,078 3,945 17 399 734 1,727 37 1943—Dec. 31 19,994 4,428 15,565 14,563 L,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 L.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 L.158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 .... 20,393 7,179 13,214 11 972 1,242 7,261 25,216 4,464 19 307 1,445 2,259 37 1948—June 30 19,019 7,550 11,469 10 358 1,110 6,798 23,362 4,027 17 659 1,676 2,262 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" 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 e 18,394 7,960 10,434 9 353 1,081 7,017 22,789 3,863 17 324 1,602 2,314 3S 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. 18,314 7,595 10 719 9 626 L.093 6,699 22,364 3,666 17 082 1,616 2,316 35 May 256 18,668 7,598 11 070 9 993 1,077 6,171 22,225 3,700 16 904 1,621 2,326 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 ,004 2 197 509 270 13 1941—Dec. 31 2,760 954 1 806 1 430 376 1,566 4,057 ,035 2 546 476 288 13 1942—Dec. 31 .... 3,973 832 3 141 2 789 352 1,352 5,040 ,117 3 468 455 304 13 1943—Dec. 31 554 1,004 3 550 3 238 312 1,283 5 523 985 4 029 508 326 13 1944—Dec. 30 5]443 1,184 4 258 3 913 345 1,378 6,468 ,148 4 700 620 354 13 1945—Dec. 31 5,931 1,333 4 598 4 213 385 1,489 7,046 ,312 5 015 719 377 12 1946—Dec. 31 4,765 1,499 3 266 2 912 355 1,545 5,905 1,153 3 922 829 404 14 1947—Dec. 31 5,088 1,801 3 287 2 890 397 1,739 6,402 1,217 4 273 913 426 14 1948—Tune 30 4,742 1,714 3 028 2 667 361 1,726 6,039 1,077 4 011 951 436 14 Nov 24 e. 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 L.016 440 13 Feb. 23«! '. '.'. '. 4 759 1,733 3 026 2 632 394 1,847 6 126 973 4 129 1,024 440 13 Mar. 30 e 4 348 1,697 2 651 2 248 403 1,558 5 411 1,074 3 333 1,004 443 13 Apr. 27e 4 669 1,603 3 066 2 651 415 1 715 5 940 959 3 940 L.041 445 13 May 25«. . '. .. 4 832 1,569 3 263 2 831 432 1 639 5 985 981 3 960 1,044 453 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 1,877 8 278 19 844 4,076 11 018 4,750 1,904 34a, 1941—Dec. 31 15 347 7,105 8 243 6 467 1,776 8 518 22 313 4,460 13 047 4,806 1,967 351 1942—Dec. 31 20 915 6,102 14 813 13 038 1,775 9 426 28 700 4,957 18 747 4,995 2,028 354 1943—Dec. 31 27 521 6,201 21 321 19 682 1,639 9 327 35 070 4,874 24 086 6,109 2,135 357 1944—Dec. 30 33 603 6,822 26 781 25 042 1.739 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* 1946—Dec. 31 35 351 10,825 24 527 22 250 2,276 11 654 44 477 5,570 28 049 10,858 2,728 355 1947—Dec. 31 36 040 13,449 22 591 20 196 2,396 13 066 46 467 5,649 29 395 11,423 2,844 353 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 Nov. 24« 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. 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 e 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. 27e 34 638 13,640 20,998 18,446 2,552 11 688 43 469 4,377 27,556 11,536 2,973 336 May 25 e . 34 952 13,384 21,568 18,948 2,620 11 344 43 450 4,465 27,428 11,557 2,972 334 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 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« 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 c 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. 36,372 12,017 24,355 20,921 3,434 '10,038 43,439 763 27,792 14,884 '3,195 6,530 May 25*.". '.'. 36,512 11,919 24,593 21,145 3,448 9,857 43,404 754 27,774 14,876 3,188 6,529 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. 816 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Cla a s n s d o d f a b te ank Total Loans Total G o U m o b v l . e i e g S n r a t . n - - O s ri e t t c h ie u e s - r a C ss a e sh ts Total I b n a t n e k r- m D a e n - d Time a c c T a c p o o i t u t a a n l l ts N b u a o m n f k b s e 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 41,658 793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—Dec. 31 65,280 21,428 43,852 38,674 178 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 ,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 6,558 1,271 6,478 1948—June 30 16,360 5,504 10,856 9,362 1,494 3,397 18,509 202 11,695 6,611 1,333 6,493 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 Noninsured nonmember commercial banks: 1943—Dec. 31 1,588 276 1,312 1,160 153 494 1,829 299 1,261 270 267 764 1944—Dec. 30 2,148 292 1,856 1,682 174 473 2,358 161 1,892 305 276 729 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—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 ,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 ,181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 130 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 mutua 1 savings banks: 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 808 184 I944—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 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 1,252 194 1948—June 30 13,142 3,769 9,373 8,169 1,204 644 12,581 12,566 1,302 193 Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 1,334 193 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 ,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—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 BULLETIN for July 1947 pp. 870-871. JULY 1949 817 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 t n n d a s t s l t s - Total1' o e m c k p i l i n u e e a e g d t r l n , - - - A t c a u u g l r l 2 r - - i- b o a s e T r r n e o r o s d c c k a u - r r r it y o i T i t e n o h 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 t a h n e s r Total Total Bills C o d c e f a e r t b t i e i n t f D s - i - - ire N c o t tes Bonds G t a e u n e a - d r- S p s t a i g t i u o o c a n o a b a l f t d n - i e - l t s s - O s r e t it h c i u e e r s pa- deal- ers ed- diviper* ers ness sions All insured commercial banks: 1941—Dec. 31. . 49,290 21,259 9,214 1,450 614 662 4,773 4, 545 28,031 21,046 988 3,159 12,7974,1023,6513,333 1944—Dec. 30. . 103,382 21,352 7,920 1,7232,269 2,265 4,343 1,888 944 82,030 75,875 3,971 15,30015,77839,848 978 3,4222,733 1945—Dec. 31. .121,809 25,765 9,461 1,314 3,164 3,6064,677 2,361 1,18196,043 88,912 2,455 19,07116,04551,321 22 3,8733,258 1946—Dec. 31. .112,178 30,733 14,016 1,358 1,517 1,609 7,103 4,031 1,09881,445 73,554 1,271 12,288 6,78053,200 154,2983,592 1947—Dec. 31. .114,274 37,583 18,012 1,610 823 1,190 9,2665,6541,028 76,691 67,941 2,124 7,552 5,91852,334 145,1293,621 1948—June 30. . 111,794 39,372 17,834 1,976 1,1831,077 10,1016,412 1,119 72,421 63,490 2,327 9,451 5,06946,630 125,4343,497 Dec. 31.. 112,286 41,968 18,7612,775 1,336 939 10,6666,8041,095 70,318 61,388 2,821 10,065 3,39445,100 85.5093,420 Member banks, total: 1941—Dec. 31. . 43,521 18,021 8,671 972 594 598 3,494 3, )92 25,500 19,539 971 3,00711,7293,8323,0902,871 1944—Dec. 30. . 91,569 18,676 7,531 1,198 2,249 2,108 3,209 1,505 877 72,893 67,685 3,74813,982 14,12734,927 902 2,8572,350 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,3783,455 1,900 1,10484,408 78,338 2,275 16,98514,27144,792 163,2542,815 1946—Dec. 31. . 96,362 26,696 13,154 884 1,506 1,467 5,3583,3081,02069,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,81545,286 104,1993,105 1948—June 30. . 95,449 33,871 16,734 1,2411,171 956 7,7775,2491,04061,578 54,139 2,188 7,597 4,10440,242 84,4363,003 Dec. 31.. 95,616 36,060 17,631 1,800 1,324 834 8,2445,5851,006 59.556 52,154 2,588 7,999 2,80038,761 54,4802,922 1049—A or 11 93,835 34,905 58,930 51,362 4,6372,931 X .7 * • •* XJ_/X • J- X • > New York City:* 1941—Dec. 31. . 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1 ,623 3,652 1,679 729 830 1944—Dec. 30. . 24,003 5,760 2,610 30 1,742 859 86 253 179 18,243 17,179 913 3', 740 3,745 8,592 189 468 596 1945—Dec. 31. . 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3,433 3,32510,337 1 606 629 1946—Dec. 31. . 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1047 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 1943—June 30. . 19,019 7,550 5,275 963 250 161 616 372 11,469 10,358 693 983 520 8il62 583 528 Dec. 31.. 18,759 8,048 5,642 3 1,102 225 224 643 306 10,712 9.649 589 1.183 365 7,512 563 500 I949—Apr. 11 18,065 7,546 10,519 9,383 658 478 Chicago:3 1941—Dec. 31.. 2,760 954 732 6 48 52 22 9i 1,806 1,430 256 153 903 119 182 193 1944—Dec. 30. . 5,443 1,184 738 17 163 163 24 45 34 4,258 3,913 250 1^045 779 1,809 31 160 185 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1946—Dec. 31. . 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31. . 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—June 30. . 4,742 1,714 1,357 2 61 75 47 156 32 3,028 2,667 160 250 214 2,043 185 176 Dec. 31. . 4,799 1,783 1,412 4 71 63 51 176 27 3.016 2,633 183 275 217 1,958 210 174 1949—Apr 11 4 595 1,617 2,978 2,567 236 176 Reserve city banks: 1941—Dec. 31. . 15,347 7,105 3,456 300 114 194 1,527 1, 512 8,243 6,467 295 751 4,248 1,173 956 820 1944—Dec. 30. . 33,603 6,822 3,034 348 311 777 1,379 660 313 26,781 25,042 1,704 5^730 5,181 11,987 440 1,000 740 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,5031,459 855 404 31,594 29,552 1,034 6,982 5,65315,878 5 1,126 916 1946—Dec. 31. . 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—Dec. 31. . 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—June 30. . 35,065 13,373 6,823 260 126 428 3,333 2,158 369 21,692 19,222 783 3,244 1,501 13,692 3 1,446 1,024 Dec. 31. . 35,332 14,285 7,282 437 130 360 3,5032,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11.421 1,032 1949—Apr. 11. . 34,741 13,740 21,001 18,445 1,471 1,086 Country banks: 1941—Dec. 31. . 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1944—Dec. 30. . 28,520 4,910 1,149 802 32 310 1,719 547 351 23,610 21,552 882 3,466 4,422 12,540 241 1,230 829 1945—Dec. 31. . 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1946—Dec. 31. . 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—Dec. 31. . 36,324 10,199 3,096 818 23 227 3,8271,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—June 30. . 36,623 11,234 3,279 979 22 204 4,2362,318 267 25,389 21,892 552 3,121 1,868 16,345 52,223 1,275 Dec. 31.. 36,726 11,945 3,296 1,356 21 187 4,4672,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 I949—Apr. 11. . 36,434 12,003 24,431 20,967 2,272 1,192 Insured nonmember commercial banks: 1941—Dec. 31. . 5,776 3,241 543 478 20 64 1,282 854 2,535 1,509 17 152 1,069 271 563 462 1944—Dec. 30. . 11,824 2,678 389 525 21 156 1,136 383 67 9,146 8,197 223 1,319 1,652 4,928 76 566 383 1945—Dec. 31. . 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 2,087 1,774 6,538 6 619 443 1946—Dec. 31. . 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—Dec. 31.. 16,444 4,958 1,049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—June 30. . 16,360 5,504 1,101 735 12 121 2,328 1,163 79 10,856 9,362 138 1,855 966 6,399 4 999 494 Dec. 31. . 16,685 5,911 1,131 975 12 105 2,4261,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 3 Central reserve city banks. 818 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l n o d d f a b te ank F s B s w e e R R e a r d r i v n e e e t v h - - e k r e s a s l v C a i a n u s l h t b m a w B a n d e n i a c o s t k l e - t h - i s s c 4 j p m u D o a d s a d t s e e n e i - - - t d d s 8 m D e I s n d o t - i t e c e p 4 r o b s a i F e t n i s o g k r n - U m G er . o e n n v S - t - . p v s S o i u a t l s i b a n i t o t d d i e c n i s - a s l c C h c O a e f e e e i n t f e c r r f c d d t i s k . - i ' s - , p a v t n s a p i I i h d d r n o o t i u d n r n p c a a s i e o s - - l , r r s - - , I b n a t n e k r- P U m G S e i a o n . r a n o e s g n v d n v S t s - - a t - . l v s S p i a u i s o t c n i a b l a o d i t d l t n e - i s s - p a v n s a p i I t h d d r i n o o t i u d r n p c n a a i e s o s - - l , r r s - - , r B i o n o w g r s - - c C o t a a u a c p l n - 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 1944—Dec. 30. 14,260 1,622 9,787 65,960 11,063 948 19,754 4,518 1,354. 64,133 64 109 423 23,347 122 7,989 1945—Dec. 31. . 15,810 1,829 11,075 74,722 12,566 1,24823,740 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—Tune 30. . 17.355 2,063 8.238 81,420 9.628 ,357 2,052 7,132 2,020 78,287 50 111 1 .061 34,246 63 9,955 Dec. 31.. 20,404 1,939 8,947 84,211 10,344 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 1944—Dec. 30. . 14,261 1,271 6,354 57.308 10,881 945 18,509 3,744 1,251 56,270 58 105 347 18,807 111 6,968 1945—Dec. 31. . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31. . 16,015 1,576 5,936 70,243 10,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—Dec. 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 , 105 693 27,542 54 8,464 1948—June 30.. 17,356 1,606 5,419 70,051 9,433 L ,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 L.480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Apr. 11. . 19,186 1,609 5,057 68,972 8,855 1,411 2,563 5,849 1,462 66,766 67 123 1,030 27,885 199 8,949 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 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 ,195 651 218 942 17.216 20 15 39 1,395 2,205 1947—Dec. 31. . 4,639 151 70 16,653 3,236 ,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 2.004 ,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Apr. 11.. 5,164 140 41 14,875 2,598 L,204 471 235 550 15,526 37 18 28 1,555 104 2,324 Chicago:* 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 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 1948—June 30.. 1,144 28 152 3 ,505 1,055 22 105 320 47 3,539 11 940 436 Dec. 31. . 28 143 3,604 26 188 284 53 3,702 1 11 989 444 1949—Apr. 11.. 1 ^255 27 129 3,291 954 48 234 257 30 3,299 2 11 1,022 445 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 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 1949—Apr. 11.. 7,220 521 1,678 24,153 4,508 150 1,017 2,421 455 23,806 17 47 607 10,856 47 2,980 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 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—June 30.. 4,866 934 3,369 26,639 798 9 680 2,839 516 24,161 14 49 364 14,473 24 3,056 Dec. 31. . 5.736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Apr. 11.. 5,547 922 3,208 26,653 796 8 842 2,937 427 24,135 12 56 385 14,453 48 3,200 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 1944—Dec. 30 352 3,434 8,652 182 3 1,245 775 103 7,863 6 4 76 4,553 10 1,022 1945—Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 1947—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. JULY 1949 819 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans l Investments For purchasing or carrying securities U. Government obligations Com- Total mer- Date or month i m n lo a v e n a e n n d s t s t s - Total1 in t c a r d i i n a a u d 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 l s o t e a a a n te l s L ba o t n o a k n s s O lo t a h n e s r Total c C t a i e f t i e r - - s O s ri e t t h c ie u e s - r t a c u g u r r l a i - - l G U t l i o i o o g . b v n a S - - s t . . O c t s u t i e h e r - s i e - r G U l t o i i o g o b . v S a n - - t . s .O c t s u t ie e h r - s i e - r Total Bills o d n e f e e d b i s - n s t- - Notes Bonds2 Total- Leading Cities 1948—May 63,208 23,421 14,218 502 401 279 479 3,722 227 3,59339,787 35,560 2,315 3,835 2,415 26,9954,227 1949—Man 61,860 24,757 15,043 737 457 194 4384,084 262 3,83637,103 32,764 1,771 4,920 992 25,0814,339- April 61,181 24,078 14,409 661 537 195 4274,079 227 3,84437,103 32,720 1,630 4,742 972 25,3764,385 May 62,030 23,792 13,815 862 597 197 424 4,084 246 3,86638,238 33,848 2,121 4,889 968 25,8704,390- 1949—Apr. 6 61,041 24,235 14,627 632 514 197 4304,081 222 3,83336,806 32,397 1,387 4,778 983 25,2494,409- Apr. 13 61,100 23,922 14,543 464 482 195 4324,079 199 3,82837,178 32,767 1,639 4,775 980 25,3734,411 Apr. 20 61,267 24,144 14,304 801 570 190 4264,078 225 3,85137,123 32,765 1,666 4,705 971 25,4234,358 Apr. 27 61,315 24,010 14,162 748 580 199 4184,078 263 3,86337,305 32,951 1,827 4,712 954 25,4584,354 May 4 . . .. 61,635 24,007 13,976 916 550 198 421 4,077 309 3,86137,628 33,263 1,836 4,750 960 25,7174,365 May 11 62,049 23,585 13,908 622 594 197 416 4,086 201 3,86238,464 34,111 2,356 4,913 970 25,8724,353 May 18 62,154 23,876 13,747 1,016 644 194 4214,089 190 3,87238,278 33,872 2,088 4 898 967 25,9194,406 May 25 62,281 23,699 13,628 892 602 200 4374,083 284 3,87138,582 34,145 2,203 4,996 973 25,9734,437 June 1 62,336 23,811 13,476 1,058 620 199 4294,092 333 3,90438,525 34,035 2,105 5 225 971 25 7344 490 June 8 61,916 23,096 13,424 581 600 201 4214,103 178 3,88938,820 34,347 2,165 5 385 957 25,8404 473 June 15 62,603 23,234 13,385 627 652 209 4204,105 206 3,92939,369 34,867 2,516 5,397 961 25,9934 502 June 22 62,606 23,562 13,292 806 886 209 4214,112 204 3,93139 044 34,515 2,224 5 279 951 26,0614 529 June 29 62,609 23,882 13,177 1,025 931 241 416 4,121 292 3,98038 727 34,178 1,832 5 284 950 26,1124 549 New York City 1948—May 19,068 7 110 5,067 445 29f 47 184 129 180 767 11 958 10,872 1,085 876 556 8 355 1 086 1949—March 18,036 7 831 5,517 672 342 42 169 214 190 77910 205 9,097 595 1085 120 7 2971 108 April 17,818 7 499 5 216 611 400 44 164 207 177 77610319 9,215 558 1 153 104 7 4001 104 * May 18,201 7 486 4 932 811 465 48 166 204 177 778 10 715 9,673 802 1 216 100 7 555 1 042 1949—Apr. 6 17,778 7 586 5 322 586 396 43 166 210 184 77510 192 9,060 338 1 222 119 7 3811 132 Apr. 13 17,654 7 338 5 293 419 365 42 165 209 167 77410316 9,195 515 1 173 105 7 4021 121 Apr. 20 17,868 7 574 5 160 734 418 42 166 205 163 78210294 9,205 600 095 100 7 4101089 Apr. 27 17,971 7 496 5 089 704 421 48 158 203 196 77310475 9,399 780 1 121 93 7 4051076 May 4 18,071 7 590 5 017 872 419 49 161 203 186 78010481 9,437 711 1 138 97 7 4911044 M M a a y y 1 1 8 1 ... 1 1 8 8, ,3 0 1 9 2 6 7 2 58 7 2 8 4 4 9 8 7 9 5 6 9 5 5 8 8 7 4 50 6 2 1 4 4 6 8 1 1 6 5 4 9 2 2 0 0 2 8 1 1 6 2 3 5 7 7 8 7 1 6 1 1 0 08 7 1 3 8 0 9 9, ,6 8 8 0 3 3 9 7 2 9 8 9 1 1 2 2 1 0 7 3 1 10 0 2 1 7 7 5 5 7 5 9 71 1 0 0 1 4 5 7 May 25 18,325 7 493 4 841 826 476 50 181 202 235 77610832 9,771 769 1308 100 7 5941061 7 June 1 18 375 7 624 4 798 983 491 53 174 203 229 78710 751 9,671 728 1 301 103 7 5391080 June 8 18047 7 039 4 781 534 467 53 168 210 146 77411008 9,928 805 1 422 123 7 5781080 June 15 18 539 7 149 4 776 581 492 61 165 206 177 78511390 10,289 095 1 425 127 7 6421 101 June 22 18 654 7 435 4 708 755 733 57 165 207 121 78311 219 10,099 912 1 386 115 7 6861 120 June 29 18 728 7 719 4 664 947 776 81 166 206 167 80611009 9,893 629 1 414 122 7 7281 116 Outside New York City 1948—May 44 140 16 311 9 151 57 110 232 295 3,593 47 2 826 27 829 24,688 1 230 2 959 1,859 18 640 3 141 1949—March 43 824 16926 9 526 65 115 152 2693,870 72 3 05726 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 06826 78423,505 072 3,589 868 17 9763 279 May 43 829 16306 8 883 51 132 149 2583,880 69 3 08827 523 24,175 319 3 673 868 183153 348 1949—Apr. 6 43 263 16649 9 305 46 118 154 2643,871 38 3 05826 614 23,337 049 3,556 864 17 8683 277 Apr. 13 43 446 16584 9 250 45 117 153 2673,870 32 3 05426 862 23,572 }124 3,602 875 17 9713,290 Apr. 20 43 399 16 570 9 144 67 152 148 2603,873 62 3 06926 829 23,560 066 3,610 871 18 0133 269 Apr. 27 43 344 16 514 9 073 44 159 151 2603,875 67 3 09026 830 23,552 047 3,591 861 180533 278 May 4 43 564 16,417 8 959 44 131 149 2603,874 123 3 08127 14723,826 125 3,612 863 18 2263 321 May 11 43 953 16,307 8 933 35 133 151 2573,878 38 3 08627 646 24,308 }428 3 696 869 18 3153 338 May 18 43 842 16,294 8 851 58 142 146 2573,887 65 3 09127 548 24,189 289 3 695 865 18 3403 359 May 25 43 956 16,206 8 787 66 126 150 2563,881 49 3 09527 750 24,374 434 3 688 873 18 3793 376 June 1 43 961 16,187 8 678 75 129 146 2553,889 104 3 11727 77424,364 377 3 924 868 18 1953 410 June 8 43 869 16,057 8 643 47 133 148 2533,893 32 3 11527 812 24,419 360 3 963 834 18 2623 393 June 15 44 064 16,085 8 609 46 160 148 2553,899 29 3 14427 979 24,578 421 3 972 834 183513 401 June 22 43,952 6,127 8 584 51 153 152 2563,905 83 3 14827 825 24,416 312 3 893 836 183753,409 June 29 43,881 16,163 8 513 78 155 160 2503,915 125 3 17427 718 24,285 1 203 3 870 828 183843 433 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. 820 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 a n t v - - h l k e s v C a i a u n l s t h b m a w e a n d i s o c n t - t e k h i s s c j m p u a o d s a d e s t - n - e it d d s 3 s p p u v n h c a o a a o i e n i d r r r l r p d - - - 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 c C c O h a f e e e i n t e f e c r r d f c d . i t s k - i ' - s, U m G e . r o e n v - n S - t . s p p u n v h c a o a a o e i n i d r r r r l d 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 g s v d - n - S - t s a t . l m D t D e i o c s - - ema F n e o i d g r- n Time r B i o n o w g r - - s c C o i a a u t c p a n - - l ts B d it e a s b n - < k tions tions Total- Leading Cities 1948—May 12,397 788 2,23746,550 46,555 3,456 1,376 1,422 14,236 503 77 8,515 1,315 174 5,907 88,617 1949—March 14,254 761 2.081 4455,,775500 4455,594 3,466 1,286 1,869 14,460 598 88 8,431 1,402 57 363 6,048 94,525 April 14,108 780 2,100 4455,,497 45,472 3,445 1,142 1,585 14,480 619 92 8,215 1,385 55 252 6,077 89,756 May 13,453 768 2.082 4455,,998855 45,640 3,599 1,229 1,060 14,496 650 99 8,185 1,331 101 417 6,097 87,212 1949--Apr. 6... 14,143 742 2,12544,820 44,395 3,487 1,193 2,026 14,469 592 92 8,463 1,389 55 173 6,075 22,197 Apr. 13... 14,107 807 2,246 45,23745,807 3,323 1,108 1,698 14,481 607 92 8,522 ,402 56 160 6,078 18,946 Apr. 20... 14,263 775 2,018 45,75745,950 3,422 1,078 1,428 14,483 632 91 8,092 1,381 55 421 6,072 21,021 Apr. 27... 13,919 797 2,009 46,175 45,737 3,548 1,190 1,188 14,485 648 93 7,7811,368 54 253 6,084 20,091 May 4... 13,988 728 2,06245,82245,151 3,706 1,245 1,058 14,493 645 98 8,298 1,351 75 575 6,104 22,402 May 11... 13,196 796 2,136 45,92145,853 3,598 1,222 1,000 14,503 643 98 8,401 1,343 105 151 6,094 19,416 May 18... 13,438 761 2,081 45,816 45,,788 3,498 1,364 1,095 14,493 645 98 8,121 1,327 111 714 6,089 22,620 May 25... 13,189 788 2,049 46,383 45,770 3,596 1,084 1,087 14,497 666 102 7,918 1,302 113 230 6,099 19,479 June 1... 13,243 749 2,099 46,364 46,128 3,683 1,543 79014,513 667 103 8,258 1,330 115 286 6,118 18,120 June 8... 13,293 785 46,295 45,737 3,545 1,079 57614,521 668 103 8,397 1,300 115 119 6,118 20,158 June 15... 13,649 761 2,296 46,844 47,494 3,431 1,365 77014,532 664 104 8,767 1,311 112 106 6,115 20,985 June 22.. . 13.475 769 2,023 46,319 46,154 3,357 1,208 89014,544 662 106 8,087 1,334 110 690 6,109 23,008 June 29.. . 13,231 792 2,089 46,093 45,805 3,361 1,349 1,35614,596 664 115 8,047 1,339 138 250 6,127 22,381 New York City 1948—May 4,469 122 15,470 15,994 279 726 377 1,405 2,741 1,157 91 2,208 37,060 1949—March 113 14,87015,457 224 664 482 1,488 2,606 1,198 212 2,257 37,788 April 120 14,84215,416 251 554 393 1,478 2,586 1,181 134 2,262 36,887 4,897 11 14,92115,448 257 655 296 1,479 2,548 1,131 260 2,271 36,444 May 1949—Apr. 6.. 5,180 115 14,65215,148 224 595 513 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.. 5,214 114 14,92615,337 337 668 292 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 14,81915,426 237 784 314 1,471 2,519 1,126 501 2,270 9,642 May 25.. 4,690 12 15,07515,561 204 518 306 1,485 2,492 1,105 74 2,270 7,922 June 1... 4,794 115 14,99515,734 209 930 271 1,501 2,628 1,127 185 2,276 7,443 June 8.. 4,816 122 14,99515,484 185 520 19C 1,503 2,602 1,105 10 2,269 8,603 June 15.. 5,098 112 15,35716,165 213 696 228 1,513 2,903 1,108 22 2,269 8,526 June 22.. . 5,111 116 15,27315,864 215 618 252 1,519 2,588 1,127 509 2,263 9,809 June 29.., 4,824 130 15,08215,698 204 759 493 1,547 2,578 1,129 203 2,272 10,210 Outside New York City 1948—May 7,928 666 2,20631,08030,561 3,177 650 1,04512,831 5,774 83 3,699 51,557 1949—March 9,057 648 2,03330,88030,137 3,242 622 1,38712,972 573 5,825 204 151 3,791 56,737 April 8,916 660 2,06730,65530,056 3,194 588 1,19213,002 592 5,629 204 3,815 52,869 May 8,556 651 2,05031,064 30,192 3,342 574 76413,017 619 5,637 200 157 3,826 50,768 1949—Apr. 6.. 8,963 62 2,084 30,16829,247 3,263 598 1,51 12,985 565 5,780 204 3,811 12,772 Apr. 13.. 8,931 68 2,21 30,64130,479 3,113 557 1,27713,006 580 5,864 201 81 3,814 11,348 Apr. 20.. 8,924 659 1,986 30,772 30,337 3,166 592 1,07913,012 605 5,562 204 128 3,811 12,748 Apr. 27.. 8,844 673 1,978 31,04030,164 3,233 606 90113,002 621 5,308 209 3,824 11,866 May 4.. 8,774 614 2,03030,89629,814 3,369 577 76613,013 618 5,726 196 152 3,832 12,527 May 11.. 8,434 673 2,104 31,05 30,385 3,347 574 73013,024 616 5,794 203 107 3,821 11,428 May 18.. 8,516 649 2,048 30,99730,362 3,261 580 78113,022 615 5,602 201 213 3,819 12,978 May 25.. 8,499 666 2,019 31,30830,209 3,392 566 78113,012 62 5,426 19 156 3,829 11,557 June 1.., 8,449 634 2,04631,36930,394 3,474 613 51913,01 631 5,630 203 101 3,842 10,677 June 8... 8,477 663 2,066 31,30030,253 3,360 559 38613,018 631 5,79. 19J 109 3,849 11,555 June 15.., 8,551 649 2,261 31,48731,329 3,218 669 54213,019 630 5,864 203 84 3,846 12,459 June 22.., 8,364 653 1,98931,04630,290 3,142 590 63813,025 628 5,499 20 181 3,846 13,199 June 29... 8,407 66: 2,05531,01130,107 3,157 590 86313,049 625 5,469 210 47 3,855 12,171 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—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 Montary Statistics, pp. 127-227. JULY 1949 821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans x Investments For purchasing U. S. Government obligations or carrying securities Total Comloans merd F i e s d tr e i r c a t l a R nd es e d r a v t e e i m n a v e n e n d s t t s - Total i a t n c a r g i d n i a r a u d i l l - , s- U a T n o . d S b . d r e o a k l e e r r s s U T . o S . others e l R s o e t a a a n t l s e L ba o t n a o k n ; sO lo th an e s r Total Total Bills o c C t f a i f e t i i e r n - - s - Notes Bonds1 r O s i e t t i c h e u e s - r cul- Govt. Othe; Govt Other debttural l o ig b a - - cun- l o i b ga - - curi- n e e d s - s tions ties tions ties Boston June 1.... ,826 1,013 62. 15 16 130 196 1,813 1,658 300 1,231 155 June 8.... ,786 976 620 10 16 13: 195 1,810 1,653 29' 1,237 157 June 15 ,812 967 61 15 13' 197 1,845 1,68 78 302 1,262 164 June 22 ,827 988 609 12 15 134 15 196 1,83' 1,670 72 294 1,265 169 June 29 ,836 993 606 11 15 135 24 197 1,843 1,665 7' 28, 1,267 178 New York* June 1.... ,666 8,339 5,123 985 49' 191 404 229 96412,327 11,048 876 1,441 8,582 1,279 June 8.... ,332 7,756 5,106 538 470 18. 41 146 951 12,576 11,296 941 1,565 154 8,636 1,280 June 15 ,794 7,872 5,106 585 495 181 408 177 96: 12,922 11,620 1,211 1,55: 8,699 1,302 June 22 .... ,891 8,155 5,035 757 737 181 409 121 96 12,736 11,415 1,02 1,50: 8,742 1,321 June 29 ,893 8,444 4,99: 950 78: 182 409 167 98412,449 11,130 666 1,529 8,783 1,319 Philadelphia June 1. . . . ,500 880 479 1 21 91 275 1,620 1,319 77 118 27 1,097 301 June 8 ,521 864 470 1 24 91 275 1,657 1,359 101 130 2 1,101 298 June 15. . . . ,528 860 46. 1 23 91 27 1,668 1,368 10 123 30 1,108 300 June 22 551 873 468 1 26 93 27 1,678 1,38: 118 12 31 1,108 296 June 29 544 879 460 1 28 93 278 1,665 1,366 97 121 31 1,11 299 Cleveland June 1 313 1,441 841 12 1 21 279 14 243 2,87 2,52 256 9 2,08' 345 June 8 298 1,436 842 18 1 20 280 245 2,862 2,514 75 255 9 2,087 348 J J u u n n e e 2 1 2 5 3 3 6 0 1 3 1 1, , 4 4 5 3 8 4 8 83 3 1 2 1 9 9 1 1 8 2 2 1 2 2 2 8 7 0 9 2 2 5 5 : : 2 2 , ,903 2 2 , , 5 5 5 2 4 0 6: 2 26 5 . 9 9 ' ' 2 2, , 1 1 1 0 6 4 3 3 4 4 9 9 June 29 340 1,458 828 10 18 22 279 248 2,8 2,533 78 251 9' 2,118 349 Richmond 6' June 1 463 809 366 6 20 193 217 1,654 1,518 69 182 40 1,22 136 June 8 468 804 363 6 20 194 215 1,664 1,52 7: 191 40 1,224 137 June 15 473 800 357 19 193 216 1,673 1,536 80 194 41 1,221 137 June 22 464 801 358 20 193 216 1,663 1,525 69 192 42 1,22: 138 June 29 461 800 357 20 194 217 1,661 1,524 69 191 40 1,224 137 Atlanta June 1 266 803 500 14 26 68 194 1,463 1,267 61 263 36 90' 196 June 8 266 805 500 14 26 68 196 1,461 1,265 56 269 38 902 196 June 15 27 800 496 14 26 67 195 1,477 1,273 5. 276 36 906 204 June 22 261 796 488 9 14 25 69 197 1,46. 1,268 49 273 36 910 197 June 29 236 795 484 9 18 24 70 196 1,441 1,244 33 268 36 907 197 Chicago* June 1 ;,653 2,501 1,625 36 21 57 337 397 6,152 5,436 402 776 242 4,016 716 June 8 ;,555 2,45. 1,618 35 21 56 337 394 6,100 5,415 399 764 232 4,020 685 June 15 ,665 2,496 1,618 63 21 57 338 405 6,169 5,49. 469 771 233 4,022 674 June 22 ,574 2,475 1,619 41 21 57 339 401 6,099 5,430 396 778 232 4,024 669 June 29 ,637 2,495 1,600 38 20 56 340 401 6,142 5,465 421 784 230 4,030 677 St. Louis June 1 ,039 885 492 5 10 11 164 205 ,154 1,017 48 179 50 740 137 June 8 ,046 872 484 5 10 11 164 206 ,174 1,037 46 193 51 747 137 June 15 ,048 865 477 5 10 11 164 207 ,183 1,045 48 199 48 750 138 June 22 ,036 854 463 5 10 11 164 207 ,182 1,041 54 188 47 752 141 June 29 021 851 456 5 10 11 165 209 ,170 1,029 51 177 45 756 141 Minneapolis June 1 164 398 203 2 6 5 64 117 766 668 61 137 27 443 98 June 8 158 392 203 2 6 5 64 118 766 669 63 135 19 452 97 June 15 155 393 203 2 6 5 65 118 762 665 48 142 19 456 97 June 22 162 408 207 3 7 5 65 122 754 656 33 147 20 456 98 June 29 166 411 215 3 7 4 65 123 755 656 26 148 20 462 99 Kansas City June 1 365 823 512 4 6 12 129 164 1,542 1,329 148 304 70 807 213 June 8 342 823 512 4 6 11 129 165 1,519 1,307 126 305 70 806 212 June 15 355 823 509 4 6 11 130 167 1,532 1,321 137 307 71 806 211 June 22 352 824 511 4 6 11 130 166 1,528 1,310 130 304 71 805 218 June 29 336 825 511 4 5 11 130 166 1,511 1,291 113 301 71 806 220 Dallas June 1 229 1,036 709 6 13 37 87 194 1,193 1,073 39 270 41 723 120 June 8 238 1,034 705 7 13 38 87 194 1,204 1,082 43 277 39 723 122 June 15 235 1,024 696 6 14 38 87 193 1,211 1,090 48 284 38 720 121 June 22 221 1,014 686 6 14 38 87 193 1,207 1,087 41 285 41 720 120 June 29 223 1,013 683 7 14 37 1,210 1,090 42 286 41 721 120 San Francisco June 1 852 4,883 2,003 15 12 262,146 738 5,969 5,175 152 999 3,874 794 June 8 906 4,879 2,001 16 12 26 ,145 736 6,027 5,223 161 1,007 150 3,905 804 June 15 958 4,900 2,014 15 12 29 ,149 740 6,058 5,253 173 990 151 3,939 805 June 22 906 4,916 2,017 16 13 29 ,149 743 5,990 5,177 159 928 3,941 813 June 29 916 4,918 1,985 18 11 27 ,153 767 5,998 5,185 173 943 148 3,921 813 City of Chicago* June 1 403 1,672 1,258 31 16 74 207 3,731 3,242 317 458 194 2,273 489 June 8 317 1,632 1,256 30 16 74 203 3,685 3,226 321 443 2,278 459 June 15 398 1,663 1,258 58 16 74 210 3,735 288 376 446 185 2,281 447 June 22 316 1,644 1,255 37 16 74 207 3,672 3,232 313 452 184 2,283 440 June 29 354 1,658 1,234 33 16 74 209 3,696 3,249 315 462 182 2,290 447 * 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. 822 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e R e a e r r i e n a d t v h - l k - e s v C a i a n u s l h b m a w a n d e n i c o s t e k - t h i s s c j m p u a o d s a d t s e n e i - - d t d s s p p u n a c v h o a a o n e i i r d p r l r r d a s t - - - s - , - , S p s d s a i i o t u i c o n a v l a b n d i t i l t - e - s - s c C h c O e a f e e e i n t f c e r r f c d i k t d s . - i ' s - , u m G er . o e n v n - s - t . u p s p v n c a h a o o a i e n d l i r r r r d p s a t - - - , - s S p s d s a i i o t u i c o n a v l b a n d i t i l - t e - s - s P m U G S i e a o n a r . n o e s g n v d v n t S s - - a - t . l m D ti e o s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t u a c a n p - l - t! B d it a e s n b * k tions tiom Boston June 1 515 54 2,368 2,33. 178 45 2 476 291 32 321 729 June 8 538 59 2,379 2,32. 179 38 18 476 261 29 322 763 June 15 553 58 112 2,408 2,39. 178 44 27 478 284 30 322 778 June 22 521 57 91 2,376 2,35 172 39 31 478 273 31 322 823 June 29 529 55 93 2,381 2,32 178 48 49 477 265 33 321 826 New York* June 1 5,121 157 16,61817,033 599 983 2932,338 2,69; 1,130 100 190 2,474 7,939 June 8 5,170 169 10616,61116,777 569 561 2082,340 2,6681,108 100 45 2,46 9,120 June 15 5,386 155 11616,91017,505 518 746 2542,349 2,9691,112 97 23 2,466 9,306 June 22 5,414 160 10616,79817,153 508 662 2802,355 2,655 ,130 91 520 2,458 10,405 June 29 5,134 175 16,56: 16,983 457 800 5232,384 2,641 1,13 91 205 2,46 10,846 Philadelphia June 1 49; 41 96 2,012 2,117 31 32 406 33 11 312 643 June 8 485 43 87 2,036 2,08 92 28 23 406 330 10 311 731 June 15 510 43 116 2,039 2,204 92 27 35 405 35 10 311 671 June 22 502 43 91 2,05' 2,127 95 25 42 405 338 9 311 873 June 29 504 42 96 2,050 2,122 81 22 56 41 327 10 310 810 Cleveland June 1 795 80 14: 2,995 3,061 170 46 701,337 420 46' 1,028 June 8 797 83 134 3,004 3,021 181 43 511,335 418 46' 1,014 J J J u u u n n n e e e 2 2 1 2 9 5 8 8 7 2 1 8 . 5 8 8 8 8 4 0 1 1 1 1 3 6 4 3 0 3 3 3 , , , 0 0 0 2 3 3 0 9 3 3 3 3 , , , 0 0 1 9 6 3 : . 6 1 1 17 7 6 5 3 9 4 4 7 7 5 1 6 1 7 6 5 91 1 1 , , , 3 3 3 3 3 3 5 4 4 4 4 4 0 0 3 1 2 0 4 4 4 6 6 6 6 6 1 1 1 , , , 1 1 2 7 9 6 2 1 1 Richmond Tune 1 495 61 153 1,986 2,003 157 35 28 569 337 224 626 June 8 499 65 158 1,995 2,005 152 41 23 569 356 224 682 June 15 519 63 171 2,005 2,040 155 43 33 569 366 225 737 June 22 496 65 150 1,969 1,975 155 43 38 568 326 22 786 June 29 501 66 153 1,979 1,970 154 4: 44 568 326 225 680 Atlanta June 1 471 3 16: 1,753 1,618 311 20 2: 538 435 10 189 604 June 8 466 41 177 1,748 1,626 293 22 18 539 462 10 189 609 June 15 458 39 189 1,760 1,682 293 24 23 538 455 11 188 662 June 22 451 41 157 1,724 1,60 289 23 2 535 426 10 188 720 June 29 456 42 1,729 1,596 286 2: 30 536 417 11 188 614 Chicago* June 1 L ,871 9 327 6,09 5,943 660 108 149 ,553 1,328 49 715 2,535 June 8 L ,868 99 339 6,03 5,851 646 85 101 ,557 1,354 48 720 2,753 St. J J J u u u L n n n o e e e u i 2 s 2 1 9 2 5 1 L : , , , 8 8 8 7 7 6 9 8 1 9 9 0 7 7 4 3 3 2 3 0 5 6 5 6 , , , 0 9 0 2 6 6 5 8 3 5 6 5 , , , 8 8 0 7 3 5 4 9 6 6 6 1 1 3 1 0 0 1 9 9 0 2 6 6 2 1 1 6 5 7 3 1 8 2, , , 5 5 5 5 5 5 6 5 5 1 1 1 , , , 2 2 3 8 6 7 8 4 5 4 5 5 9 0 1 2 2 2 , , , 8 8 8 5 9 9 5 2 3 June 1 39: 28 111 1,358 1,419 114 24 20 474 530 2 177 500 June 8 40' 29 116 1,364 1,43: 107 19 15 474 557 2 177 520 June 15 413 28 116 1,375 1,483 111 18 21 474 550 2 178 567 June 22 398 29 104 1,362 1,41 114 17 26 474 500 3 179 606 June 29 29 117 1,342 1,381 116 28 37 474 514 4 178 559 Minneapolis June 1 227 12 85 840 745 190 16 14 248 278 2 100 300 June 8 225 13 89 833 742 188 13 9 248 288 2 99 353 June 15 232 13 91 835 764 200 13 14 248 284 2 100 372 June 22 222 12 84 823 726 202 12 18 248 273 2 100 391 June 29 222 13 82 841 742 201 13 20 248 266 2 100 335 Kansas City June 1 507 27 254 1,834 1,781 257 24 28 381 2 711 1 198 596 June 8 519 31 269 1,816 1,774 238 24 24 380 2 742 1 199 680 June 15 531 31 279 1,860 1,866 232 27 31 380 2 728 1 199 733 June 22 496 31 260 1,802 1,774 237 24 36 379 2 714 1 200 847 June 29 507 32 260 1,813 1,760 241 25 41 379 2 704 1 200 673 Dallas June 1 , 498 32 268 1,904 1,837 225 33 21 354 86 485 5 201 560 June 8 501 35 267 1,891 1,827 215 29 17 354 86 515 5 202 517 June 15 513 33 298 1,930 1,899 209 39 23 354 86 508 5 202 647 June 22 498 35 285 1,905 1,855 199 38 27 356 86 484 5 203 752 June 29 483 35 290 1,907 1,820 213 33 30 358 85 471 5 202 611 San Franciso June 1 858 123 277 6,238 737 178 894,839 367 413 78 740 2,060 June 8 818 118 275 6,273 685 176 694,843 369 446 75 741 2,416 June 15 833 120 310 6,626 6,461 644 203 924,848 369 461 76 739 2,448 June 22 821 119 251 6,494 6,245 601 182 4,857 369 432 83 737 2,651 June 29 806 115 260 6,444 6,172 650 182 4,869 370 427 81 747 2,381 City of Chicago* June 1 265 37 147 3,885 3,871 350 64 91 ,329 31 977 44 1,646 June 8 257 36 176 3,841 3,783 357 40 57 ,333 31 1,003 44 487 1,877 June 15 243 35 160 3,811 3,893 340 48 80 ,332 32 1,021 46 486 1,851 June 22 274 34 142 3,783 3,778 318 39 90 ,333 32 937 45 487 1,879 June 29 278 38 159 3,812 3,804 314 43 154 ,336 32 964 45 489 1,846 For footnotes see opposite page and preceding table. JULY 1949 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s United States total: 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 May 31, 1949P 14,059 4,432 12,070 4,113 6,904 3,280 5,166 833 1,989 319 By districts and by States May 31, 1949 v District 490 309 490 309 332 230 158 79 New York 907 870 907 870 782 806 125 64 Philadelnhia R38 145 838 145 642 108 196 37 Cleveland 1,127 284 1,127 284 700 244 427 40 Richmond 1,010 481 802 358 480 235 322 123 208 123 Atlanta 1,184 184 567 148 348 131 219 17 617 36 2,489 586 2,435 562 1,004 234 1,431 328 54 24 St. Louis 1,469 138 1,132 79 495 42 637 37 337 59 Minneapolis 1,278 112 622 44 477 26 145 18 656 68 Kansas City 1,750 10 1,741 10 758 6 983 4 9 Dallas 1.016 44 908 35 620 22 288 13 108 9 501 1 269 501 1 269 266 1 196 235 73 State Alabama 226 23 128 23 91 23 37 98 Arizona 10 46 10 46 5 35 5 11 Arkansas 230 21 108 6 67 2 41 4 122 15 California 195 927 195 927 115 883 80 44 Colorado 143 1 143 1 92 1 51 Connecticut 114 30 114 30 66 16 48 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 35 100 31 65 30 35 i 293 4 Idaho 45 51 45 51 27 46 18 5 Illinois 885 3 883 3 506 3 377 2 Indiana 485 99 485 99 235 43 250 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 Maine 63 69 63 69 38 37 25 32 Maryland 163 112 163 112 77 76 86 36 IVf assachu setts 179 168 179 168 142 152 37 16 ^Michigan 442 219 442 219 231 168 211 51 \f innesota 680 6 265 6 207 6 58 415 Mississippi 203 61 39 12 31 5 8 7 164 49 \Iissouri 594 528 180 348 66 M[ontana 111 111 84 27 Nebraska 409 2 409 2 143 2 266 Nevada 8 18 8 18 6 17 2 1 New Hampshire . ... 74 2 74 2 52 1 22 1 New Jersey 334 144 334 144 286 129 48 15 49 12 49 12 33 2 16 10 New York 646 737 646 737 567 686 79 51 North Carolina 209 187 95 68 54 37 41 31 114 119 North Dakota 150 24 62 6 42 20 6 88 18 Ohio 663 209 663 209 424 182 239 27 Oklahoma 384 1 376 1 225 1 151 8 Oregon . . 68 92 68 92 30 84 38 8 Pennsylvania 973 175 973 175 744 147 229 28 Rhode Island 18 42 18 42 10 31 8 11 South Carolina 150 40 62 36 33 30 29 6 88 4 South Dakota 170 48 70 23 62 20 8 3 100 25 Tennessee 293 84 200 71 82 56 118 15 93 13 Texas 896 5 839 5 569 5 270 57 Utah 55 23 55 23 31 21 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 314 102 309 102 204 55 105 47 5 122 126 122 126 53 119 69 7 West Virginia 180 179 108 71 Wisconsin 550 151 443 102 164 21 279 81 107 49 Wyoming 55 55 41 14 - Pj. rieciljiimiiiiinxaiariyy.. 1- EiixAcnluuduecsB mmuuttuuaal l ssaavvings banks, on a few of which some checks are drawn. 2 IInlcdl udesb hb ranches da ndth otherd daidtiditional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see BULLETIN for February 1949, p. 191, footnote 3). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 824 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- ing Total O bi w ll n s bo B u il g ls ht 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 o e 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 o n w re e i e g n n States countries 1948—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 88 59 28 116 119 46 2 20 17 May 218 195 84 58 27 110 118 44 2 17 12 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 Debit Debit cre C d u it s t b o a m la e n r c s e ' s x Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money balances investment investment and in borrowed2 In partners' In firm In capital (net)i an a d c c t o r u ad n i ts ng an a d cc t o ra u d n i t n s g banks Free O (n th et e ) r 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 t i s n n g t ac ( c n o e u t n ) ts 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 3T4 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—June 619 7 326 332 283 576 145 20 11 291 July 3 608 3288 3577 August 3 573 3 252 3551 September. . 3 570 3 238 3 550 October 3 580 3 252 3 540 November. . 3 551 3 244 3 563 December... 550 10 312 349 257 586 112 28 5 278 1949—January.... 3 537 3 247 3 573 February . . . 3 527 3225 3 565 March 3 530 3 254 3551 April 3626 3 329 3 542 May 3 660 3 355 3 535 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): March, 64; April, 68; May, 67. 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. JULY 1949 825 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES [Per cent per annum] U. S. Government mo Y w n e e th e a k r , , or m 4 m p P - c o a r o e t n p i r o m m e t c h r i 6 - e a , s - l 1 a P a b d c n e a r a 9 c r i c n y s m 0 e e ' k s p s e - 1 , t- c S h n l a c e t o r a e o l e a x a s w n - c l - « n l g k - e m bi o 3 ll n - s t s h « ecu 9 d m c r - o c e e i t f a t o r b o y t t n i t i e n e f t s 1 y i - h d - 2 i - - eld t 3 a i - s y s x s t e a o u a b e r 5 l s e - An 1 n 9 A u a c re l i t a i a e v a s n e : r d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 , i 0 , z 0 0 e 0 0 0 o - f $ $ 1 l 2 o 0 0 a 0 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r ness 1939 2.1 4.4 3.1 2.1 1.8 1940 2.1 4.3 3.0 2.0 1.8 1941 2.0 4.3 3.0 1.9 1.8 1 1 1 9 9 9 4 4 4 6 7 8 a a a v v v e e e r r r a a a g g g e e e 1. . . 1 8 6 1 7 1 1. . . 0 3 6 4 7 0 3 5 4 1. . . 1 8 8 4 2 8 1 1 1 . . . 3 6 1 2 2 6 1 1 1 1 9 9 9 9 4 4 4 4 2 5 4 3 2 2 2 2 . . . 6 2 4 2 4 4 4 4 . . 4 3 4 3 3 3 3 3 . . 4 3 2 2 2 2 2 2 . . 5 6 2 3 2 2 2 2 . . 4 2 0 0 1948—• J A JJ u uu u l nn 3 g e ust . . . 0 0 1 6 6 3 . . . 9 9 0 9 9 5 7 8 3 1. . . 0 1 1 9 5 0 1 1 1 . . . 5 4 6 6 9 5 1 1 1 9 9 9 4 4 4 7 8 6 2 2 2 . . . 1 1 5 4 4 4 . . 2 4 2 3 3 3 . . 1 5 1 2 2 2 . . 2 8 5 2 1 1 . . 7 2 8 September. .19 .090 .18 1.69 Quarterly: October. . . .19 .120 .23 1.71 19 cities: November . .19 .144 .22 1.69 1948—Sept 2.60 4.53 3.58 2.92 2.29 December.. .19 .154 .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— F J e a b n r u u a a r r y y . . . . . . . 1 1 9 9 . .1 1 6 6 3 0 . . 2 2 2 2 1 1 . . 5 5 9 7 June 2.74 4.63 3.70 3.04 2.44 March .19 .162 .22 1.54 New York City: April 1.19 .155 .20 1.53 1948—Sept 2.32 4.40 3.35 2.68 2.13 May 1.19 .156 .19 1.49 Dec 2.34 4 23 3 40 2 70 2.16 June 1.19 .158 1.20 1.42 1949—Mar 2.42 4.22 3.42 2.66 2.25 June 2.35 4.22 3.43 2.78' 2.17 Week ending: 7 Northern and East- June 4. . . 18/16 .158 1.21 1.46 ern cities: June 11. .. 13/16 .158 1.20 1.43 1948—Sept 2.60 4.55 3.58 2.91 2.34 June 18. .. 13/16 .158 1.20 1.42 Dec 2.68 4.51 3.60 2.97 2.44 June 25... 13/16 .158 1.21 1.41 1949—Mar 2.68 4.63 3.66 2.89 2.44 July 2 . . . 13/16 .052 1.16 1.36 June 2.86 4.67 3.64 2.98 2.66 11 Southern and Western cities: 1 Monthly figures are averages of weekly prevailing rates. 1948—Sept 3.01 4 57 3 71 3.07 2.56 2 The average rate on 90-day Stock Exchange time loans was 1.25 Dec . . 3 02 4 62 3 68 3 14 2 57 per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16, 1949—Mar 3.12 4.79 3 75 3.04 2.71 1948; and 1.63 per cent beginning Aug. 17, 1948. June 3.17 4.80 3.89 3.26 2.69 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 YIELDS * [Per cent per annum] U. S. Government Corporate Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings ]By groups 7 to 9 years grade)2 grade)3 Total years and Indus- Rail- Public over Aaa Aa A Baa trial road utility Number of issues 1-5 1-8 15 10 120 30 30 30 30 40 40 40 1946 average 1 45 2 19 1 64 2 44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1947 average 1.59 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1948—June 1 89 2 41 2 26 2 73 3 00 2.76 2.85 3.03 3.34 2 80 3.23 2.96 July 1.96 2.44 2.33 2.80 3.04 2.81 2.89 3.07 3.37 2.84 3.26 3.02 August 2.05 2 45 2.45 2.86 3.09 2.84 2.94 3.13 3.44 2.89 3.31 3.07 September 2.04 2.45 2.46 2.85 3.09 2.84 2.93 3.13 3.45 2.88 3.32 3.07 October 2.05 2.45 2.45 2.85 3.11 2.84 2.94 3.15 3.50 2.90 3.35 3.07 November 2.00 2.44 2.42 2.86 3.12 2.84 2.92 3.18 3.53 2.89 3.37 3.09 December . . 1.94 2.44 2.26 2.81 3.09 2.79 2.88 3.16 3.53 2.85 3.36 3.06 1949—January 1.88 2.42 2.15 2.73 3.02 2.71 2.81 3.08 3.46 2.80 3.26 2.99 February . 1 83 2.39 2 23 2 73 3.00 2.71 2.80 3.05 3.45 2 79 3 24 2.99 March 1.80 2.38 2.21 2.71 3.00 2.70 2.79 3.05 3.47 2.78 3.27 2.97 April 1.77 2.38 2.20 2.70 3.00 2.70 2.79 3.05 3.45 2.78 3.27 2.96 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 June . ... ... 1.66 2.38 2.28 2.72 3.00 2.71 2.78 3.04 3.47 2.78 3 29 2.93 Week ending: June 4 1.71 2.39 2.26 2.73 3.00 2.72 2.78 3.03 3.46 2.78 3.27 2.94 June 11 1.69 2.38 2 27 2 72 3.00 2.71 2.78 3.04 3 46 2 78 3 28 2.94 June 18 1.67 2.38 2.29 2.72 3.00 2.71 2.78 3.05 3.47 2.79 3.29 2.93 June 25 . 1.65 2.38 2 29 2 72 3.00 2.71 2.78 3.04 3 48 2 78 3 30 2.93 July 2 1.60 2.34 2.29 2.70 3.00 2.70 2.78 3.04 3.48 2.78 3.31 2.92 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. 826 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices 5 Corporate 4 Common (index, 1935-39=100) V of o l t u ra m d e ing7 (in Year, month, or week U. S. Munic- thoum G e e r o n n v t - - 2 g ( r h i a p i d g a e h l ) - ! H gr i a g d h e - I M nd e u d s iu - m-g R r a a i d l- e Public fe P rr r e e d - 6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues 1-8 15 416 365 20 31 1946 average 104.77 140.1 198.5 140 143 143 120 1,390 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1948 average 100.84 125.3 98.7 92.1 96.3 85* 4 95.2 168.7 124 131 115 96 1,144 1948—June 101.23 127.8 100.2 94.4 98.2 89.8 95.6 173.4 135 143 126 101 1,406 July 100.82 126.6 99.2 94.6 99.3 89.1 95.6 170.8 132 139 125 100 1,171 August 100.73 124.4 98.3 93.2 98.1 86.9 95.0 166.9 127 134 120 97 684 September 100.70 124.0 98.2 92.9 97.5 86.8 94.6 166.5 126 132 120 97 836 October 100.69 124.5 97.8 91.9 95.7 85.8 94.4 163.8 128 134 121 97 929 November 100.79 125.0 97.9 91.1 94.5 85.1 93.6 166.2 120 126 109 94 1,375 December 100.89 127.8 98.9 90.9 94.7 84.5 93.6 168.7 119 126 106 93 1,155 1949—January 101.16 129.9 100.5 92.1 96.1 86.4 93.8 171.4 121 127 106 94 833 February 101.51 128.6 100.5 92.7 97.0 86.6 94.7 173.2 117 123 100 94 850 March 101.67 128.8 100.7 91.9 97.1 83.1 95.5 172.2 118 124 97 95 859 April 101.65 129.1 101.0 91.7 98.0 81.6 95.6 172.2 119 124 97 96 878 May 101.62 129.1 101.0 91.9 98.9 81.2 95.7 173.2 118 124 96 95 819 June 101.72 127.5 100.9 91.7 98.7 80.0 96.3 176.1 112 117 93 808 Week ending: June 4 101.59 127.9 100.9 91.8 99.1 80.7 95.7 175.0 113 118 91 94 936 June 11 101.62 127.7 100.8 91.9 99.1 80.4 96.3 176.8 112 116 89 94 921 June 18 101.66 127.3 100.9 91.9 98.9 80.3 96.5 176.4 111 116 87 92 927 June 25 101.66 127.3 100.9 91.4 98.3 79.5 96.5 175.9 112 117 88 93 681 July 2 102.25 127.3 101.1 91.3 98.0 79.3 96.5 176.4 113 118 87 93 667 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.—See 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 millioris of dollars] Jor new capita! For refunding Total Domestic Domestic (new Year or month f i u a r n n n e g d d - ) - m T e f ( a i o o d e g n r s o t n d - a t - ) i l c Total S n m a p t i n a a c u d l i t - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m T e ( f a i o o d e g n s r o t n d - a t - ) i l c Total S n m a p t i n a c a u d i l t - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o gn r- 5 1940 4 803 1 951 1 948 751 461 736 601 135 2 2 852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 5181,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1 075 1 075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 . . . 2 169 642 640 176 90 374 282 92 2 1 527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1 1 9 9 4 4 7 8 3 9 9 , , 9 6 3 9 3 1 3 8 7 , , 8 5 0 6 6 6 8 7 , , 7 2 9 5 6 5 2 2, , 6 2 0 2 4 8 2 2 3 9 9 4 4 4 5 , , 7 8 8 9 7 8 4 3 4 , , 5 9 6 9 7 2 1,2 9 1 0 9 6 6 1 8 0 2 1 , ,1 1 2 2 8 5 1 1, , 1 9 2 4 7 8 4 8 4 2 4 7 2 6 2 8 1,4 2 8 7 2 7 1,1 2 9 5 9 1 28 2 3 6 177 1948—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 4578 49 1 81 81 6 56 19 19 November 656 583 583 150 433 409 24 73 73 2 56 16 16 December. 831 753 753 126 627 564 64 78 78 3 72 3 2 2 1949—January. . 675 618 618 192 7 419 360 60 57 57 1 55 1 1 February. 500 436 436 191 14 231 225 6 64 64 4 53 7 7 March.... 679 584 584 174 26 383 311 72 96 96 1 55 39 39 April 949 904 904 190 33 681 514 168 45 45 1 44 1 1 May 757 681 681 335 51 295 193 102 76 76 7 38 31 11 20 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. JULY 1949 827 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES » PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollarsJ Proposed uses of net proceeds Year or month Est g i r m os a s ted Esti n m et ated New money Retirement of securities proceeds* proceeds1 Total P eq la u n ip t m an en d t 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 R o e th p e a r o y f m de e b n t t pu O r t p h o e s r es 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 •574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 6,531 6,415 5,566 4,140 1,426 257 203 53 441 151 1948—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 N o vember 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 . '698 "-688 r553 r402 risi 1 1 126 7 May 373 365 325 239 85 18 13 5 15 7 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses4 1934 172 21 120 31 130 11 77 42 62 25 34 2 20 19 1935 120 57 54 10 1,250 30 1,190 30 774 74 550 150 122 46 72 4 1936 774 139 558 77 1,987 63 1,897 27 1,280 439 761 80 390 218 152 20 1937 338 228 110 1 751 89 611 50 1,079 616 373 90 71 57 7 7 1938 54 24 30 1,208 180 943 86 831 469 226 136 16 8 7 1 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 . . 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1 436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3,212 2,188 939 84 2,686 1,974 353 359 286 189 24 73 1948 612 541 56 15 2,950 2,690 127 133 2,394 1,944 59 390 460 391 15 55 1948—May 24 24 216 209 7 152 120 1 31 4 3 June... 83 69 14 403 363 29 11 93 70 23 62 60 2 July 68 68 176 149 27 275 168 3 104 45 39 6 August 30 29 1 75 73 2 123 113 10 10 8 2 September.. 41 41 262 226 14 23 118 108 10 43 25 19 October 62 62 244 236 7 1 382 361 3 19 9 8 1 November 71 71 228 209 8 11 195 177 17 9 8 1 December. . 45 45 479 457 2 21 143 130 2 11 6 3 1 2 1949—January.... 36 36 118 118 162 139 2 21 20 19 1 February... 54 50 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 '276 '270 6 '•336 "215 121 58 51 7 May . . . 49 49 192 171 16 5 85 77 2 6 39 28 11 r Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 828 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 7n 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 1948—1 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 I 289 139 85 41 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter O re p v i e n e r n g a u t e - 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 Op i e n r g at- P b r e o fo fi r t e s P a r f o te fi r 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 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 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5 347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 1 ,992 277 200 171 1947 8,685 in 479 236 4,244 961 652 494 2,149 193 131 134 1948 9,672 700 289 4,708 983 661 492 2,541 269 183 181 1,148 Quarterly 1947—1 2,040 167 92 42 1,075 289 191 115 527 67 44 40 2 2,113 190 123 50 1,028 247 166 115 478 29 21 32 3 2,178 177 104 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 1948—1 ... 2,243 144 72 57 1,202 284 186 131 607 64 43 39 2. . . 2,363 286 185 56 1,118 233 156 115 627 71 48 44 3. . . 2,555 395 246 53 1,146 211 143 115 641 64 44 47 4. ... 2,510 323 197 122 1,242 255 176 132 666 69 47 50 1949—1 . 2,145 120 58 69 '1,281 316 206 124 670 62 42 50 r 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 the BULLETIN for June 1949 (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). 829 JULY 1949 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 8,94011,313 13,364 9 639 9,697 9 816 3,161 3,219 3,289 3 399 3 S34 3 991 Profits before taxes 1 496 1,787 2,208 45? 408 437 490 S46 SS3 S43 56 S S09 Profits after taxes 908 1,167 1,474 283 264 287 333 356 362 362 394 327 Dividends 449 SS1 656 114 H9 193 iss 133 1S7 141 9?S 146 Selected industries: Foods and kindred products (28 corps.) Sales 9 715 231 3 447 77? 753 79? 915 835 861 844 906 790 Profits before taxes 435 421 410 1?? 86 98 11 S 96 104 99 111 8S Profits after taxes ?S4 ?S9 257 74 S? 59 73 61 64 60 71 Dividends 105 128 135 27 29 29 43 29 32 32 42 30 Chemicals and allied products (26 corps.) Sales . . . . .. 9,550 ,108 3,563 747 7S4 77S 839 848 87S 904 936 896 Profits before taxes 46S S47 655 149 1?9 1?9 140 1S1 1SS 166 183 17S Profits after taxes 283 337 408 90 79 80 89 91 9S 104 119 10S Dividends 180 91S 254 49 54 54 S9 S3 S8 S9 8S 64 Petroleum refining (14 corps.) Sales 9,080 9,906 3,945 6?? 686 741 8S8 947 94? 978 1 077 993 Profits before taxes ?69 4S6 721 88 101 1?0 147 19S 18? 171 173 16? Profits after taxes 214 350 548 64 77 91 118 141 133 132 141 120 Dividends 92 1?7 172 ?1 33 21 S1 33 4S ?9 66 31 Durable goods industries Total (106 corps.)2 Sales 19,6?S19 836 23,818 4 381 4 9S7 4,878 s,6?1 s,440 s 714 S 991 6 673 6,160 Profits before taxes 607 2,312 3,107 547 570 552 643 672 688 788 958 841 Profits after taxes . 295 1,355 1,836 391 334 327 373 395 408 470 S64 498 Dividends 494 615 746 n? 139 141 903 IS? 1S4 166 ?74 197 Selected industries: Primary metals and products (39 corps.) Sales s,429 7,S4S 9,067 1,7SS 1,884 1,831 9,077 9,060 9 100 9,306 ?,602 ?,438 Profits before taxes 451 891 1,174 250 212 201 227 248 237 304 385 370 Profits after taxes 270 545 720 153 128 122 141 150 145 185 240 220 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 1,351 1,138 Profits before taxes 37 443 569 77 120 110 136 131 144 118 177 126 Profits after taxes -9 270 334 4S 71 67 88 7S 83 71 10S 79 Dividends . 97 113 126 25 25 26 37 27 28 28 42 33 Automobiles and equipment (15 corps.) Sales 3,725 6,692 8,093 1,463 1,651 1,653 1,925 1,865 1,951 2,056 2,221 2,150 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—1 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 A 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. 830 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 l Nonmarketable 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 Total2 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—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 1948—July 253,374 251,168 159,560 13,266 22,294 11,375 112,462 60,822 54,607 4,386 30,787 2,206 51 Aug 253,049 250,875 159,132 12,838 22,294 11,375 112,462 60,856 54,704 4,340 30,887 2,175 47 Sept 252,687 250,518 158,319 12,628 22,294 11,223 112,011 60,978 54,776 4,404 31,221 2,170 46 Oct 252,460 250,300 157,920 12,607 26,008 7,131 112,011 61,157 54,860 4,517 31,223 2,161 48 Nov, 252,506 250,391 157,731 12,418 26,008 7,131 112,011 61,261 54,944 4,552 31,400 2,115 53 Dec 252,800 250,579 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 31,714 2,220 51 1949—Jan 252,620 250,435 156,960 12,133 29,630 3,596 111,440 61,714 55,352 4,618 31,760 2,186 32 Feb 252,721 250,603 156,766 12,134 29,434 3,596 111,440 62,033 55,663 4,641 31,804 2,118 22 Mar 251,642 249,573 155,648 11,648 28,803 3,596 111,440 61,999 55,893 4,383 31,926 2,068 20 Apr 251,530 249,509 155,450 11,542 28,710 3,596 111,440 62,227 56,019 4,488 31,833 2,021 19 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 June 252,770 250,762 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 32,776 2,009 24 1 Including amounts held by Government agencies and trust funds, which aggregated 5,494 million dollars on May 31, 1949. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary, Aimed Forces Leave bonds, and 2)4, 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 JUNE 30, 1949 [In millions of dollars] [On 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 1 Treasury bonds—Cont. series E F G series July 7, 1949 902 June 15, 1951-54 2..2M 1,627 July 14, 1949 902 Sept. 15, 1951-53 2 7,986 Fiscal year J J u u l l y y 2 2 8 1 , , 1 1 9 9 4 4 9 9 9 90 0 2 4 S D e e p c t . . 1 15 5 , , 1 1 9 9 5 5 1 1 - -5 5 5 3 2 2 .. . 2 .. M .3 1, 7 1 5 1 5 8 J e u n n d e in — g: 1942. . 10,188 5,994 3,526 435 2,032 207 Aug. 4, 1949 802 Dec. 15, 1951-55 2 510 1943.. 21,256 11,789 8,271 758 2,759 848 Aug. 11, 1949 900 Mar. 15, 1952-54... 2M 1,024 1944.. 34,606 15,498 11,820 802 2,876 2,371 Aug. 18, 1949 803 June 15, 1952-54 2 5,825 1945.. 45,586 14,891 11,553 679 2,658 4,298 Aug. 25, 1949 905 June 15, 1952-55... 2M 1,501 1946.. 49,035 9,612 6,739 407 2,465 6,717 S S S S e e e e p p p p t t t t . . . . 2 1 8 2 1 5 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 9 9 9 9 9 9 9 9 0 0 0 0 1 5 3 8 J J D M u u e n n a c r e e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 3 4 5 2 - - - - 5 5 6 5 5 6 0 4 2 2 2 . .. . 2 2 M ^ 2 2 2 8 , , 6 6 6 7 1 6 8 2 1 1 2 5 1 1 1 9 9 9 4 4 4 7 8 9 . . . . . . 5 5 5 1 3 6 , , , 3 2 2 6 7 6 7 4 0 6 7 7 , , , 2 2 1 0 3 4 8 5 1 4 4 4 , , , 2 0 2 8 2 7 7 6 8 3 3 4 6 0 7 0 1 3 2 2 1 , , , 9 5 3 0 6 9 7 1 0 5 5 5 , , , 1 5 0 1 4 6 3 5 7 C J O D S e u e c e r l p t c y t . t , . . o 1 2 f 5 1 1 9 , , , , I n 1 1 1 1 9 9 9 9 d 4 4 4 4 e 9 9 9 9 b tednes \ l l s y ^ U% J , 6 5 , , 5 5 7 9 1 3 0 8 9 1 5 3 J J J S S D D M u u u e e e e n a n n p p c c r e e e t t . . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 5 5 6 5 5 5 5 2 9 9 0 8 6 6 6 - - - - - - - - 6 6 6 6 6 5 5 5 2 7 2 5 3 9 8 9 2 3 2 3 2 3 . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 M M M M | Y2 ? 3 2 5 1 1 , , , , , , 4 1 4 2 8 9 9 4 8 1 7 8 2 8 1 4 5 8 0 4 3 2 9 9 1948— S A J O N D J u u e u c e o n p l t g c v y e t . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 4 4 4 3 5 4 4 , , , , , , , 6 7 9 2 7 0 8 0 0 4 7 7 5 6 7 4 4 6 4 1 0 1,6 4 4 4 4 4 5 7 9 1 7 1 1 4 7 9 3 2 5 0 3 3 3 3 3 3 3 3 7 3 4 0 9 0 0 9 4 1 8 9 5 4 24 2 1 1 1 1 1 6 2 9 8 4 5 4 1,0 1 1 1 4 9 9 9 2 3 2 5 4 6 8 2 6 0 4 4 3 4 4 4 4 4 3 6 0 9 0 3 2 2 5 6 7 8 3 ' Jan. 1, 1950 \}i 5,695 Dec. 15, 1963-68 3..2 ,831 1949—Jan.. . . 55,352 647 438 29 180 476 Feb. 1, 1950 1>J 1,993 June 15, 1964-69 3..2 ,761 Feb.. . . 55,663 599 386 32 182 369 Mar. 1, 1950 lij 2,922 Dec. 15, 1964-69 3.. 2 3,838 Mar.... 55,893 590 415 26 149 440 A Ju p n r e . 1 1 , , 1 1 9 9 5 5 0 0 1 1 M )1 5, 9 0 6 1 3 8 J S M M u e a a n p r r e t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 6 5 7 - - - - 7 7 7 7 2 0 1 2 3 K . 3 . . . . . . . 2 2 2 2 Y H H y2 2 5 3 2 7 , , , , 4 1 9 7 8 6 9 1 1 7 7 6 J A M u p a n r y e .. . . . . . . . . 5 5 5 6 6 6 , , , 0 1 2 1 1 6 9 6 0 4 4 4 5 3 8 4 3 5 3 3 3 3 2 5 1 2 9 2 1 1 0 9 8 1 1 9 0 0 3 4 7 3 4 4 9 1 5 8 5 1 Dec. 15, 1967-72 3..2K 11,689 Treasury notes Maturities and aimounts outstanding June 30, 1949 Apr. 1, 1950 \ 3,596 Year of All Series Series Series Series Postal savings maturity series D E F G bonds 1949 489 489 Treasury bonds Panama Canal Loan.3 50 1950 1,002 1,002 Sept. 15, 1949-51... 2 41,292 1951 1,559 436 1,123 Dec. 15, 1949-51... 2 2,098 Total direct issues 155,147 1952 4,025 4,025 Dec. 15, 1949-52 2..3^ 491 1953 6,951 5,677 201 1,073 Dec. 15, 1949-53 2.. 2 K 1,786 1954 9,011 6,454 511 2,046 Mar. 15, 1950-52... 2 1,963 1955 7,831 5,172 545 2,114 Sept. 15, 1950-52 2.. 2 M 1,186 Guaranteed Securities 1956 5,746 2,679 625 2,443 Sept. 15, 1950-52... 2 4,939 Federal Housing Admin. 1957 5 588 2,871 501 2,215 Dec. 15, 1950 \y2 2,635 Various 13 1958 6,017 3,362 280 2,376 1959 4,212 1,829 305 2,078 p. 3 1 8 2 S R 6 o e . l s d t r o ic n t 2 e d P d i . a s r c t o ia u l n ly t b t a a s x i s e . xe S m e p e t . table on Open-Market Money Rates, U 1 1 9 9 n 6 6 c 0 1 lassified. . 2, - 9 8 3 7 9 3 0 1 4 1 8 33 0 2,4 7 9 5 0 9 4 Called for redemption on Sept. 15, 1949. Total 56,260 1,927 33,191 3,579 17,594 JULY 1949 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Gross debt Held by banks Held by nonbank investors Total E m n o d n t o h f i b n e te a r r e in s g t- Other State U. S. Governsecurities Total Total m b C a e n o r k c m i s a - * l R F B e e a d se n 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 - - M s b a a v u n i t n u k g a s s l r c a o a t r i n o p d o n - s l g a o o n c v d a - l a n n i d ci iL tr u a s g t cu fu u n c d a s panies associa- ern- Special Public tions 2 ments issues issues 1940—June... 47 874 48,496 18,566 16 100 2,466 29,930 10,300 6,500 3,100 2 500 400 4,775 2,305 1941—June... 54 747 55,332 21,884 19 700 2,184 33,448 11,500 7,100 3,400 2 400 600 6,120 2,375 1942—June... 76 517 76,991 28,645 26 000 2,645 48,346 18,400 9,200 3,900 5 400 900 7,885 2,737 1943—June... 139 472 140,796 59,402 52 200 7,202 81,394 31,700 13,100 5,300 15 500 1,500 10,871 3,451 1944—June... 201 059 202,626 83,301 68 400 14,901 119,325 46,500 17,300 7,300 25 900 3,200 14,287 4,810 1945—June... 256 766 259,115 105,992 84 200 21,792 153,123 59,800 22,700 9,600 30 900 5,300 18,812 6,128 1946—June... 268 578 269,898 108,183 84 400 23,783 161,715 64,100 25,300 11,500 25 300 6,500 22,332 6,798 Dec... 257 980 259,487 97,850 74 500 23,350 161,637 64,900 25,300 11,800 22 400 6,300 24,585 6,338 1947—June... 255 197 258,376 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 Dec... 250 630 252 854 '85,833 '62,500 23,333 167 ,021 67,600 21,500 11,500 r21 400 7,900 31,714 5,603 1949—Jan 250,467 252,656 '84,809 '62,700 22,109 '167,847 67,900 21,600 11,600 '21,600 7,900 31,760 5,645 Feb.. . . 250,626 252,747 r84 ,542 '62,200 22,342 '168,205 68,200 21,500 11,600 r21 ,500 7,900 31,804 5,697 Mar.... 249,593 251,666 rg2,288 ^60,600 21,688 '169,378 '68,600 21,400 11,600 22,100 8,000 31,926 5,737 April . . 249,528 251,553 82,994 61,900 21,094 168,559 68,400 21,200 11,600 21,700 8,100 31,833 5,686 r Revised. 1 Including holdings by banks in territories and insular possessions, which amounted to 400 million dollars on June 30, 1948. 2 Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] u. s. U. S. End of month s T t o i a o u n n t t g a d - l - G a t c a r g o i n u e e v d n s 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 End of month s T t o i a o n u n t g t a d - l - G a t a c r g o i n u e e v d n s 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 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 :* Within 1 year: 1947—June 168,740 5,409 21,872 62,961 11,84523,969 42,684 1947—June 11,255 83 251 6,936 374 420 3,191 Dec 165,791 5,261 22,55961,370 11,552 22,89542,154 Dec 14,263 69 1,693 8,244 266 316 3,675 1948—June.... 160,373 5,402 21,366 57,599 11,522 21,70542,779 1948—June 13,411 19 2,070 5,922 171 273 4,956 Dec 157,496 5,47723,33355,353 10,877 19,81942,637 Dec 10,216 98 861 5,571 232 329 3,125 1949—Mar.. . .155,660 5,613 21,688 53,641 11,030 19,641 44,047 1949—Mar.. . . 8,644 83 725 5,565 251 389 1 ,631 Apr 155,462 5,562 21,094 54,900 11,024 19,45343,429 Apr 12,240 87 1,110 7,442 309 462 2,830 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—Mar 11,648 151 5,176 1,781 18 82 4,440 1949—Mar.. . . 42,090 253 2,779 26,912 1,555 2,317 8,274 Apr 11,542 93 4,866 2,615 17 81 3,870 Apr 38,494 205 2,395 25,311 1,413 2,136 7,034 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—Mar.. . . 28,803 22 6,887 8,848 241 616 12,189 1949—Mar 10,464 316 174 6,733 432 974 1,835 Apr 28,710 24 6,941 8,882 232 608 12,023 Apr 10,464 316 160 6,809 378 958 1,843 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—Mar.. . . 3,596 48 385 1,802 63 105 1,193 1949—Mar 53,838 4,752 5,947 3,786 8,532 15,256 15,565 Apr 3,596 S3 385 1,803 61 104 1,190 Apr 53,838 4,802 5,622 3,824 8,675 15,202 15,713 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 11,226 22,213 28,974 Dec 1948—June.... 112,462 5,336 6,20642,146 11,047 20,880 26,847 1948—June Dec 111,440 5,340 10,977 40,371 10,486 18,891 25,375 Dec 1949—Mar 111,440 5,357 9,241 41,194 10,70? 18,829 26,112 1949—Mar Apr 111,440 5,356 8,90241,583 10,713 18,65426,232 Apr.'.'.'..' * 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 nonrcporting 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. 832 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY Ob TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars On basis of dailystatements of United States Treasury Cash operiting income and Increase (+) or Genera1 fund of the Treasury (end of period) during period Assets y m F e i o a s r n c a t o h l r ce N r i e e p - t ts B p t u e u e n d x r d e g - i s e - t s B ( d u + e u r f ) d p i c g l o u i e t r s t c T o e a r t u c u c n - . s i 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 i e r a n n c a n l d e l - - Total B s F D e a R e e r n r e e a d v k - p l - e s o 2 si d 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 ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E o n + x u c ) c o t g e m o s o s e r Fiscal year: 40,043 39,289 +754 --1,103 + 555 -11,136 -10,930 3,308 3,730 1,202 962 1,565 422 43,591 36,931 +6,659 1048 42,211^36,701 4-5,419 +2.706 -507 -5,994 + 1.624 4,932 5.370 1,928 1,773 1.670 438 45,40036,496 +8,903 1949 38 246 37 057 4-1,189 —3,495 +366 +478 — 1,462 3,470 3,862 438 1,771 1,653 392 1948—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 5 3,558 -1,462 -178 * +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 '2,855 '+829 Feb.. . 3,381 2,646 +736 -154 -51 + 101 +631 5,291 5,719 1,423 2,688 1,607 428 3,893 '3,258 '+635 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 '3,854 '+1,700 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 '3,125 '-1,699 May. . 1,945 2,822 -877 +9 -324 +359 -833 3,163 3,526 628 1,313 1,586 363 2,595 3,686 -1,091 June.. 4,767 4,579 + 188 -588 -173 +881 +308 3,470 3,862 438 1,771 1 ,653 392 DETAILS OF TREASURY RECEIPTS On bav sis of daily statements of United States Treasury On basis of reports by collectors of nternal revenue Income taxes Deduct Individual Corporation income F o i r s c m al o y n e th ar b p W y l h o e i y e t l e d h m r - s - Other r in e n c M v t e e e e o l i r l n s u a n - u s - a e l S S t r a o e i x c c ty e i u a s - l c O e r t i e h p - e t r s6 c T e r o i e p t - a ts l R t e a o f x u f e n s ds e S t m S m a e o x c p e c u e l n i o s r a t i y 7 l t - y c N e r i e e p - t ts W he it ld h- Other 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 x d e e it s r e s s s t t a g a E a n x i s f t d e e - t s m l E a o t a a x i n t s n x h c e c d e i e o e s s r u l e - s Fiscal year: 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 1949 9 84219,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 1948—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 1,465 140 232 10 66 645 June. . . 674 3,145 704 139 266 4,928 155 6 4,767 DETAILS OF BUDGET EXPENDITURES AND TRUST ,ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc Social Security Other F o i r s 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 i n n a o a a f a t n n n i i e d t - d a c - r l e - t e r m V A r a a i t e d n i n t o - i - s s n ' - a t A c u g t u o i r r l d i e - - T c t o f r r a e t a u u c o r n s n - s t s ts - Other c N e r i e e p - t ts ac m v c I e o e n s u n - t n - ts ts p 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: 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 78244.178 4,797 3 918 2 210 1 6404 5 508 8S0 2 109 1949 37,057 Pl1,700 5,339 P3,283 6,791 P2,666 P6,361 3,722 1,479 2,252 1,992 832 3,000 1,646 1948—June 47,018 929 1,508 433 559 31 43,O77 481 348 553 174 43,475 349 432 July 83,558 5 1,155 286 155 6 772 —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 Nov 2,815 957 122 206 612 321 6 590 585 144 137 105 20 347 72 Dec 3,603 1,017 1,112 153 554 285 1 482 208 292 158 105 8 499 74 1949—jan 2,968 1,043 319 200 527 269 73 536 139 -42 189 99 22 237 153 Feb 2,646 930 141 276 545 137 2 614 430 11 195 114 24 326 141 Mar 3,621 1,109 589 505 639 261 1 516 57 88 252 115 12 30 135 Apr 2,748 1,043 178 125 547 189 75 592 182 —92 235 103 9 403 196 May 2,822 950 125 272 584 438 30 423 592 18 233 120 38 282 132 June 4,579 1,570 *>796 517 P461 270 392 254 504 385 77 253 p Preliminary. ' Revised. i Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 'For description, see Treasury Bulletin for September 1947 and subsequent issues. * 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 contracts, which for fiscal years 1946-1948 amounted to 501, 2,886, and 1,929 million dollars and 1,063, 279, and 161 million, respectively. 7 These are appropriated directly to the Federal old-age and survivors insurance trust fund. JULY 1949 833 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than inter agency items l Li i a n b t i e l r it a i g es e , n o c t y h e it r e m th s an Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i i u o a o n i a e e p t m d d s l e s s - , i , - - - G U r s i e o t . c i v e I u S m n s t - . . v e e n O s s r t i s t e t t - c h ie u e s - r : L s e t m u a t q a r n r e u u n e d n i c d s p t - , , - O s a t e h s t - e s3 r a t F B g n u a u u b o t r n a e y l e n d l r e s y d - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - i U m G n e e r . t o e s e n n v t S r - t - - . o v in P w a e t r s t e n i e t r - e l - d y U. S. All agencies: June 30, 1948. . 20,120 1,042 10,373 251 1,684 3,531 2,458 782 863 1,18717,875 154 Sept. 30, 1948 . . 20,687 75110,573 328 1,811 3,525 2,423 1,275 1,011 1,23918,225 159 Dec. 31, 1948. . 21,718 63011,692 627 1,854 3,518 3,060 337 965 1,663 18,886 166 Mar. 31, 1949. . 22,324 47512,228 674 2,077 3,515 3,049 307 884 1,927 19,320 170 Classification by agency, Mar. 31, 1949 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 325 261 47 260 Federal intermediate credit banks.. . . 555 489 494 57 Production credit corporations 97 96 Regional Agricultural Credit Corp... . 2 *(4)" 2 Agricultural Marketing Act Revolv Fund 2 1 2 Federal Farm Mortgage Corp 70 61 67 Rural Electrification Administration 1,110 29 1,066 () 1,110 F F C e a o d r m m er m e al r o s d C ' i r H ty o o p m C I r e n e s d A u i r d t a m C n i c o n e r i p s C o tr o r a a r t p t i i o o n n 2, 3 4 2 3 7 1 9 3 1,7 2 6 5 4 6 1,221 2 6 1,2 3 4 1 3 5 9 3 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 804 20 362 419 343 206 103 152 Federal Savings and Loan Insurance Corp 207 202 5 201 Home Owners' Loan Corp 369 344 10 14 353 Public Housing Administration 5 1,771 295 1,430 20 1,750 Federal Housing Administration 225 21 158 1 164 49 Federal National Mortgage Association 310 309 6 304 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 893 2 625 Other 1,088 958 2 76 1,012 Export-Import Bank 2,160 2,144 121 2,039 Federal Deposit Insurance Corp 1,137 (4) 1,122 () 1,100 Federal Works Agency 226 89 134 226 Tennessee Valley Authority 835 2 802 821 All other7 7,304 3,803 "(4)" 3,385 50 28 7,277 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1949 Fed. Rural Home Recon- Ex- Fed. inter- Banks Com- Elec- Farm- Own- Public Fed. struc- port- All Dec. 31, Purpose of loan Farm medi- for co- modity trifica- ers' ers' Hous- home tion Im- All agen- 1948, Mort. ate opera- Credit tion Home Loan ing loan Fi- port other cies all Corp. credit tives Corp. Adm. Adm. Corp. Adm. banks nance Bank agencies banks Corp. To aid agriculture 75 489 265 1,775 1,067 531 (4) 6 4,209 3,632 344 175 331 851 768 To aid industry: Railroads 139 3 141 140 Other 1 300 36 337 310 To aid financial institutions: Banks . (4) (4) 4 5 5 Other 362 5 367 520 Foreign loans 197 2,152 3,750 6,098 6,102 Other 294 193 101 589 584 Less: Reserve for losses 14 (4) 4 11 1 275 1 50 7 6 370 368 Total loans receivable (net)... 61 489 261 1,764 1,066 256 344 295 362 960 2,144 4,225 12,228 11,692 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. 834 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] Construct on I ( n p d h u y s s t i r c i a a l l v p o r l o u d m uc e) ti * o 1 n awa c rd o e n d t r ( a v c a t ue)2 E 1 m 9 p 39 lo y = m 1 e 0 n 0 t8 1935-39 = 100 1923-25 = 100 F to a r c y - Freight D m ep e a n r t t- Con- W s h a o le le- Year or month Total Du f M r a - c a tu n r u N e - s on- M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l n a - i- l - Factory 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 o 5 s 0 - a * 0 3 d 9 - 1 u 9 s = ( e 3 v a 1 ) a l 5 * e 0 l - - s 0 3 4 9 1 s p 9 u = r 3 m i 1 5 c e 0 - e r 3 0 s s 9 8 ' p m c = r 1 i o o 9 c 1 m d 2 e 0 6 i s - 0 t y 3 able durable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 7.2 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 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 O 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 1 1938 89 78 95 97 64 45 80 95.4 90.0 84 7 89 99 100 8 78 & 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 & 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 O 1945 . . . 203 274 166 137 68 26 102 132.3 151.8 293 4 135 207 128 4 105 8 1946 170 192 165 134 153 143 161 137.0 143.4 269.6 132 264 139 3 121 1 1947 187 220 172 149 157 142 169 145.2 157 3 332 1 143 286 159 2 152 1 1948 P192 P225 P177 P155 190 162 214 149.0 159.9 365.1 138 302 171 2 165 0 1947 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 "March 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 . 192 192 221 178 162 188 165 206 147.7 156.7 155.5 346.7 142 305 170.5 164.2 June 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 191 194 223 177 159 201 177 220 149.6 160.1 161.7 374.7 142 309 174.5 169.5 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 February 189 185 »-225 173 149 169 123 207 146.9 153.6 153.3 357.8 126 281 169.0 158.1 March 184 181 223 168 136 175 129 212 146.0 151.2 151.4 >\349. 7 120 277 169.5 158.4 April 179 177 213 162 148 176 140 206 145.5 149.0 148.1 336 5 127 294 169 7 156 9 Mav . .... P174 P174 P201 P161 P146 180 157 199 P144.5 P145.5 *>144.3 124 293 169.2 155.7 * Average per working day. *> Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 836-839. For points in total index, by major groups, see p. 858. 2 Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358. For monthly data (dollar value) by groups see p. 843. 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. 845-848. 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. JULY 1949 835 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Industrial Production—Total 192 192 186 191 192 195 195 192 191 189 184 179 P174 Manufactures—Total 197 198 192 197 199 202 201 199 198 196 193 155 P179 Durable Manufactures. 221 222 219 223 225 231 229 231 227 '225 223 213 P201 Iron and Steel. 208 208 201 207 214 221 224 223 228 232 233 219 204 Pig iron 193 196 186 200 205 209 212 212 218 220 221 217 209 Steel 236 236 228 235 243 252 255 254 260 267 264 '240 218 Open hearth 183 181 176 179 185 193 194 194 197 199 202 196 187 Electric 608 630 597 635 658 670 685 682 711 755 706 '551 438 Machinery . 273 277 269 271 273 277 276 277 268 262 252 240 P230 Manufacturing Arsenals and Depots 1. . . . Transportation Equipment 218 222 233 230 231 243 238 246 244 241 240 238 P221 Automobiles (including parts) 179 185 202 198 197 209 203 208 209 206 204 206 P186 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products.... 196 194 185 186 192 192 187 184 183 '185 '183 167 P145 Smelting and refining 203 194 188 190 193 191 175 183 186 200 '210 209 J>200 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) x Fabricating 194 193 184 185 192 192 192 185 182 180 '172 151 P122 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 142 140 142 148 143 147 145 143 129 123 129 126 P127 L u m b e r . . . .. . . 131 129 135 140 132 135 133 131 117 107 119 118 120 Furniture 163 161 157 163 165 170 169 168 154 154 150 144 P141 Stone, Clay, and Glass Products. 206 207 200 210 207 210 203 205 204 202 195 189 P!86 Glass products ... . 201 199 185 207 207 212 185 182 183 179 '173 '172 179 Glass containers 218 208 206 218 226 224 189 184 189 184 '178 179 188 Cement . . . . . . 187 190 188 186 183 184 195 212 208 222 208 213 196 Clay products 172 176 168 175 169 171 172 173 180 176 171 164 P159 Gypsum and plaster products 241 238 237 247 237 241 241 235 237 '219 '216 190 P183 Abrasive and asbestos products 244 249 248 248 251 252 249 246 239 '231 '222 201 P199 Other stone and clay products l . . . Nondurable Manufactures... 178 179 169 177 178 179 178 173 175 173 168 162 P161 Textiles and Products 177 174 154 166 168 167 164 156 160 157 142 129 P123 Textile fabrics 163 159 138 152 154 153 148 140 144 142 130 119 P115 Cotton consumption 147 140 115 127 132 129 122 114 123 125 120 111 103 Rayon deliveries . . . . . 308 313 324 318 322 319 322 317 313 305 275 '240 213 Nylon and silk consumption 1 . .. Wool textiles 179 176 137 168 166 168 162 151 150 143 122 112 Carpet wool consumption 226 220 158 226 226 247 233 206 225 214 198 171 Apparel wool consumption . . ... 191 184 153 178 173 160 143 139 136 130 107 92 Wool and worsted yarn 163 162 125 150 148 148 144 133 125 121 '105 98 Woolen yarn 145 146 114 139 136 141 140 127 122 118 100 103 Worsted yarn 189 185 140 166 165 159 149 143 130 126 '112 92 W^oolen and worsted cloth 172 172 137 160 157 157 156 148 149 141 '113 107 Leather and Products. . . 108 109 96 113 119 113 102 100 108 113 113 106 P101 109 107 95 105 108 108 100 103 103 107 99 96 Cattle hide leathers . .. ... 124 121 109 120 123 121 110 114 114 122 110 109 Calf and kip leathers 81 80 64 78 79 82 80 89 88 85 '80 74 Goat and kid leathers 91 89 81 77 83 90 89 82 85 89 90 80 Sheep and lamb leathers 93 94 84 100 98 95 87 87 93 86 '78 76 Shoes 107 110 96 119 126 117 104 97 111 117 123 113 P104 Manufactured Food Products. . 159 163 160 156 163 161 159 158 160 162 162 162 P163 Wheat flour 139 138 139 143 128 130 133 128 135 127 113 103 P105 Cane sugar meltings 1 . Manufactured dairy products P152 P152 P154 P150 P144 P144 P145 P150 ^154 P153 Butter 72 71 72 75 73 76 75 74 77 80 86 88 87 Cheese 171 171 168 171 160 161 166 180 192 190 188 '199 193 Canned and dried milk 185 192 195 198 181 167 143 135 126 130 146 161 166 Ice cream . P Preliminary. ' Revised. 1 Series included in total and group indexes but not available for publication separately. 836 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 May June July Aug. Sept Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing 127 152 135 126 133 141 155 154 152 156 153 145 137 Pork and lard 145 176 149 128 136 157 177 172 167 172 167 160 146 Beef 116 135 124 125 133 127 135 143 147 154 155 145 144 Veal 104 134 140 147 146 140 144 134 115 112 111 106 101 Lamb and mutton 74 94 89 92 101 112 10S 98 92 87 71 55 58 Other manufactured foods 168 167 162 172 169 165 164 166 169 170 171 173 Processed fruits and vegetables 150 159 142 107 162 152 140 142 138 136 154 155 Confectionery 138 124 117 119 121 124 124 132 131 136 133 123 155 Other food products 178 179 182 183 184 181 179 175 179 183 181 183 186 Alcoholic Beverages 167 170 173 179 189 186 217 197 181 177 187 164 174 Malt liquor 141 145 155 165 176 156 181 185 168 156 176 152 162 Whiskey 157 114 86 73 91 95 112 131 119 118 106 91 84 Other distilled spirits 294 393 402 346 211 244 334 278 328 294 249 271 285 Rectified liquors 245 243 242 274 336 398 443 287 235 283 295 247 270 Industrial Alcohol from Beverage Plants 1 Tobacco Products. . . 163 166 148 178 168 174 170 146 159 160 172 162 170 Cigars 105 108 98 113 127 122 130 97 102 100 99 98 98 Cigarettes 222 226 200 242 218 230 224 196 216 220 241 224 236 Other tobacco products 68 68 63 75 78 78 68 63 66 66 68 65 71 Paper and Paper Products. . ... 170 165 150 165 166 172 169 153 163 158 151 146 144 Paper and pulp 164 160 146 161 160 167 163 150 158 154 Ul 141 139 Pulp 187 183 172 193 183 195 188 173 188 183 175 166 165 Groundwood pulp 104 106 117 122 116 117 104 105 101 96 95 88 90 Soda pulp 112 111 96 110 107 111 107 104 107 108 106 100 97 Sulphate pulp 309 301 283 328 301 330 317 285 327 309 291 274 273 Sulphite pulp 151 146 135 148 145 153 149 137 145 145 '142 135 134 Paper 160 156 142 156 156 163 159 146 153 149 143 '138 135 Paperboard 191 187 165 184 189 193 195 167 182 174 163 162 162 Fine paper 2 86 86 74 83 83 Printing paper 169 168 150 160 161 172 165 160 158 155 151 151 Tissue and absorbent paper 169 157 160 161 163 158 157 160 152 141 Wrapping paper 150 145 135 153 148 157 150 142 147 138 123 115 Newsprint 99 98 97 101 98 100 98 100 98 99 97 100 Paperboard containers (same as Paperboard) Printing and Publishing 156 147 155 154 164 156 154 153 153 •152 156 Newsprint consumption 143 145 149 147 155 148 148 149 151 154 Printing paper (same as shown under Paper) *220 v220 P217 221 »207 v227 '231 '228 v213 210 v210 Petroleum and Coal Products Petroleum refining 2 170 173 165 170 174 179 174 170 169 170 P175 Gasoline 192 194 180 199 200 204 206 194 186 169 P166 Fuel oil 154 162 157 169 159 162 159 150 138 126 Lubricating oil 193 182 184 183 207 200 196 176 167 157 Kerosene Other petroleum products l 174 175 170 178 181 181 183 184 184 185 178 182 175 Coke 166 168 166 170 173 173 175 176 177 176 173 173 169 By-product coke 421 407 454 460 466 455 504 319 •477 394 Beehive coke ^Chemical Products. 249 256 251 259 257 255 257 257 257 250 '245 P234 Paints 151 154 161 161 158 156 153 148 149 143 139 139 P137 Soap 124 124 121 126 134 135 135 137 135 133 132 130 P127 Rayon 304 309 312 312 305 304 306 311 309 309 300 P255 Industrial chemicals 436 449 433 450 448 446 449 450 447 '427 417 M09 Explosives and ammunition 1 Other chemical products * Rubber Products 201 205 200 207 205 205 203 200 193 •188 '182 177 vl78 Minerals—Total. 162 159 153 159 156 158 161 156 149 149 136 148 P146 Fuels 168 164 160 166 162 166 167 164 156 155 137 148 P149 Coal 160 147 134 150 148 145 147 137 133 129 85 133 P136 Bituminous coal 171 157 143 158 156 152 155 145 145 142 93 Anthracite 116 105 100 117 119 118 116 103 88 74 52 88 Crude petroleum 172 173 172 174 170 176 177 177 167 168 163 156 P156 Metals. 128 128 113 115 119 113 121 110 104 113 129 145 P129 Metals other than gold and silver. . . . 179 179 155 158 166 157 175 158 149 161 184 210 P181 Iron ore (Copper; Lead; Zinc)1 Gold Silver P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1949 837 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 May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Industrial Production—Total. 192 193 187 194 197 199 195 190 187 185 181 177 vl74 Manufactures—Total 197 199 193 200 203 205 202 197 195 193 190 183 P179 Durable Manufactures ... 222 223 220 224 227 232 229 229 225 '223 221 212 P202 Iron and Steel 208 208 201 207 214 221 224 223 228 232 233 219 204 Pig iron 193 196 186 200 205 209 212 212 218 220 221 217 209 Steel 236 236 228 235 243 252 255 254 260 267 264 '240 218 Open hearth. 183 181 176 179 185 193 194 197 199 202 196 187 Electric 608 630 597 635 658 670 685 682 711 755 706 ••551 438 Machinery 273 277 269 271 273 277 276 277 268 262 252 240 P230 Manufacturing Arsenals and Depots l Transportation Equipment 218 222 233 230 231 243 238 246 244 241 240 238 P221 Automobiles (including parts) 179 185 202 198 197 209 203 208 209 206 204 206 P186 (Aircraft; Railroad cars; Locomotives; Shipbuilding Private and Government)1 Nonferrous Metals and Products. 196 193 185 186 192 192 188 184 183 P145 Smelting and refining 203 193 187 190 193 191 176 183 200 -•210 P20O (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 194 193 184 185 192 192 185 182 180 172 151 P122 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 "Lumber and Products... 144 148 151 158 153 154 142 132 118 115 126 P130 Lumber.. . 134 141 148 156 147 145 128 113 100 96 110 116 124 Furniture. 163 161 157 163 165 170 169 168 154 154 150 144 P141 Stone, Clay, and Glass Products 211 209 201 218 216 220 208 199 192 187 185 186 P191 Glass products 212 197 179 213 217 187 172 181 175 '173 nn 189 Ceme G n l t ass containers 2 1 3 9 3 6 2 2 0 0 3 6 2 1 0 9 7 8 2 2 2 1 7 0 2 2 3 1 1 3 2 2 3 1 0 4 2 1 1 9 1 1 1 1 9 7 3 1 1 1 6 8 9 5 1 1 7 6 9 8 ' 1 1 7 7 1 8 2 1 0 7 2 8 2 2 0 0 1 6 Clay products 171 175 168 180 175 180 178 178 166 166 163 160 P158 Gypsum and plaster products... 243 243 237 248 243 247 246 241 227 -208 "208 187 P186 A O b th r e a r s i s v t e o n a e n d a n a d s b c e l s a t y o s p r p o r d o u d c u t c s t 1 s . . 244 249 248 248 251 252 249 246 239 •231 "222 201 P199 Nondurable Manufactures. . 177 179 171 180 185 183 179 171 170 168 164 159 Textiles and Products 177 174 154 166 168 167 164 156 160 157 142 P123 Textile fabrics 163 159 138 152 154 153 148 140 144 142 130 119 P115 Cotton consumption 147 140 115 127 132 129 122 114 123 125 120 111 103 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption l 308 313 324 318 322 319 322 317 313 305 275 '240 213 Wool textiles 179 176 137 168 166 168 162 151 150 143 122 112 Carpet wool consumption 226 220 158 226 226 247 233 206 225 214 198 171 Apparel wool consumption 191 184 153 178 173 160 143 139 136 130 107 92 Woolen and worsted yarn 163 162 125 150 148 148 144 133 125 121 105 98 Woolen yarn 145 146 114 139 136 141 140 127 122 118 100 103 Worsted yarn 189 185 140 166 165 159 149 143 130 126 112 92 Woolen and worsted cloth 172 172 137 160 157 157 156 148 149 141 113 107 Leather and Products. 108 108 94 112 118 114 104 99 108 116 113 PIOI Leather tanning 109 104 91 103 106 109 103 102 104 115 99 96 Cattle hide leathers 124 116 103 117 121 123 115 114 116 131 110 109 Calf and kip leathers 78 81 64 81 78 83 83 88 86 89 79 72 Goat and kid leathers 89 90 80 75 84 90 86 83 85 93 89 83 Sheep and lamb leathers 100 93 79 103 96 95 92 82 87 95 '76 75 Shoes 107 110 96 126 117 104 97 117 123 113 P104 119 111 Manufactured Food Products.... 153 163 172 188 173 161 153 146 145 P156 174 148 W Ca h n e e a t s u f g lo a u r r meltings 1 134 137 141 140 137 134 127 135 128 99 PIOI Manufactured dairy products.. P201 P223 P198 P158 P122 P95 P92 P92 P124 P160 P204 Butter 93 98 82 70 65 57 59 64 71 78 '89 112 Cheese 229 242 207 191 163 145 125 129 142 156 170 '207 258 Canned and dried milk 257 265 226 204 167 135 103 104 102 117 143 182 230 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 838 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =100] 1948 1949 Industry May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May Manufactured Food Products—Continued Meat packing 127 151 126 111 124 142 173 181 179 149 141 134 138 Pork and lard 145 176 132 99 108 147 207 226 219 169 155 146 146 Beef 116 132 125 127 144 138 141 143 150 141 141 136 144 Veal 108 134 140 144 160 160 154 126 106 99 104 104 105 Lamb and mutton. 76 87 86 • 90 109 116 108 96 98 87 70 53 59 Other manufactured foods 152 160 174 183 207 188 172 161 152 153 151 152 Processed fruits and vegetables. 97 122 184 203 317 197 129 111 90 86 85 94 Confectionery 106 92 96 129 156 162 146 134 135 137 123 102 Other food products 175 181 185 187 188 190 188 179 172 174 173 176 Alcoholic Beverages. 173 186 188 184 195 203 212 174 153 159 173 163 182 Malt liquor 161 183 194 189 178 145 139 148 138 141 163 160 184 Whiskey 157 114 86 73 91 95 112 131 119 118 106 91 84 Other distilled spirits. 177 243 233 187 289 631 702 306 213 176 162 162 171 Rectified liquors 245 243 242 274 336 398 443 287 235 283 295 247 270 Industrial Alcohol from Beverage Plants l Tobacco Products 163 173 154 184 178 180 173 136 158 153 163 153 170 Cigars 105 108 98 113 127 130 97 102 100 99 98 98 Cigarettes 222 237 210 255 233 239 228 181 216 207 224 209 236 Other tobacco products. 68 70 63 73 83 84 70 56 65 64 68 65 71 Paper and Paper Products. 170 165 149 165 166 172 170 153 163 158 151 146 144 Paper and pulp 164 160 145 160 160 167 163 149 158 154 '148 -142 139 Pulp 188 183 170 191 181 194 189 173 189 183 176 167 166 Groundwood pulp 112 107 104 107 103 109 110 107 105 100 102 97 98 Soda pulp 112 111 96 110 107 111 107 104 107 108 106 100 97 Sulphate pulp 309 301 283 328 301 330 317 285 327 309 291 274 273 Sulphite pulp 151 146 135 148 145 153 149 137 145 145 '142 135 134 Paper 160 156 141 156 156 163 159 146 153 150 143 -138 135 Paper board 191 187 165 184 189 193 195 167 182 174 163 162 162 Fine paper 2 86 86 74 83 83 Printing paper 169 168 150 160 161 172 165 160 157 158 155 '151 151 Tissue and absorbent paper 169 160 153 161 163 172 162 153 159 163 160 153 141 Wrapping paper 150 145 135 153 148 157 150 142 151 147 138 '123 115 Newsprint 100 99 95 99 98 100 99 98 99 98 99 99 101 Paperboard containers (same as Paperboard). Printing and Publishing. 159 156 137 147 155 167 163 158 149 152 r157 159 Newsprint consumption 149 144 125 134 149 163 155 142 146 157 163 168 Printing paper (same as shown under Paper). . . Petroleum and Coal Products. v220 v220 v217 v221 P207 v217 P227 P231 P228 r>221P213 P210 P210 Petroleum refining 2 Gasoline 170 173 170 173 165 170 174 179 174 170 169 170 Fuel oil 196 194 192 194 180 199 200 204 206 194 186 169 P166 Lubricating oil 166 155 152 160 157 169 159 161 154 148 136 132 Kerosene 189 184 179 174 182 183 213 206 200 185 170 160 Other petroleum products l Coke 174 175 170 178 181 181 183 184 184 185 178 182 175 By-product coke 166 168 166 170 173 173 175 176 177 176 173 173 169 Beehive coke 421 407 318 447 444 454 460 466 455 504 319 r477 394 Chemical Products. 249 253 247 256 257 258 258 258 255 251 '247 239 Paints 156 158 160 159 156 156 151 148 146 141 139 P141 Soap 120 122 120 127 139 142 137 137 132 132 132 ^124 Rayon 304 309 312 312 305 304 306 311 309 309 300 265 P255 Industrial chemicals 436 449 433 446 449 450 447 -427 417 P409 Explosives and ammunition ] Other chemical products x. . . Rubber Products. . . 205 200 205 205 203 200 193 182 P178 Minerals—Total. 164 163 158 164 160 161 160 151 143 143 131 146 vl48 Fuels 168 164 160 166 162 166 167 164 156 155 137 148 >149 Coal 160 147 134 150 148 145 147 137 133 129 85 133 P136 Bituminous coal. 171 157 143 158 156 152 155 145 145 142 93 144 Anthracite 116 105 100 117 119 118 116 103 88 74 52 Crude petroleum...'.. 172 173 172 174 170 176 177 177 167 168 163 156 P156 Metals. 144 153 147 149 148 132 114 77 68 76 93 134 P144 Metals other than gold and silver. 210 226 215 213 212 186 160 100 88 101 126 194 P213 I ( r C o o n p p o e re r; Lead; Zinc)1 302 331 325 324 314 254 225 93 74 81 110 260 Gold Silver p Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. JULY 1949 839 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 1949 1948 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Jan. Feb. Mar. Apr Total 156.1 155.5 154.7 153.3 '151.4 148.1 144.3 358.4 347.1 346. 363.1 357.8 336.5 Durable goods 185.1 183.9 180.7 177.8 '175.2 171.4 166.0 402.0 393.4 390.8 412.7 402.7 '390.9 380.2 Nondurable goods 133.3 133.1 134.2 134.1 132.7 129. 127.3 315. 301.9 303.6 314. 314.0 '309.4 293.8 Iron and Steel and Products 161.7 161.1 158.8 155.9 151.1 145.9 340.8 329.6 334.4 356.7 348.4 336.7 320.1 Blast furnaces, steel works, etc.... 132 133 140 141 141 140 261 253 265 305 304 300 295 Steel castings 226 225 230 226 220 204 481 477 479 506 497 471 417 Tin cans and other tinware 132 135 141 136 134 132 290 275 286 318 307 306 295 Hardware 157 153 146 142 138 132 374 362 344 347 335 324 299 Stoves and heating equipment 167 170 130 126 122 117 388 364 371 277 262 261 250 Steam, hot-water heating apparatus 195 198 196 186 178 166 439 415 428 418 401 380 328 Stamped and enameled ware 200 197 180 179 169 161 471 463 464 440 429 404 380 Structural and ornamental metal work 178 183 177 179 362 359 364 399 395 379 Electrical Machinery 217.4 211.6 206.9 201.2 194.9 187.5 182.6 459.1 444., 431.6 454., 442.2 424.1 401.7 Electrical equipment 206 202 194 190 186 179 432 421 410 427 420 403 382 Radios and phonographs 212 205 213 201 190 184 488 469 451 507 478 454 424 Machinery except Electrical 227.4 228.5 223.1 219.1 214.4 206.7 195.7 475.2 463.8 466. • 473.: 463.0 Machinery and machine-shop products 248 245 240 236 230 221 515 512 509 518 502 485 458 Engines and turbines 289 287 280 276 271 264 632 612 618 610 602 579 550 Tractors 143 180 198 196 194 191 354 249 285 375 367 358 343 Agricultural, excluding tractors... 267 264 268 267 267 266 577 572 571 599 608 601 592 Machine tools 130 130 121 118 116 114 249 240 241 224 219 212 205 Machine-tool accessories 215 214 207 201 197 193 389 393 390 384 367 360 341 Pumps 290 288 276 272 267 257 638 630 631 610 620 594 564 Refrigerators 227 235 217 210 207 190 455 450 472 461 450 430 369 Transportation Equipment, except Autos 290.9 276.0 280.0 278.3 276.6 271.3 600.4 601.4 566.4 610.3 607.5 599.4 573.9 Aircraft, except aircraft engines... 346 315 383 380 383 383 676 695 634 815 830 819 796 Aircraft engines 278 282 323 321 322 317 474 481 494 617 605 587 583 Shipbuilding and boatbuilding.... 177 168 127 124 121 115 384 374 346 272 262 260 246 Automobiles 191.9 190.5 193.0 188.8 188.7 190.0 172.8 396.5 386.2 362.6 455.3 441.5 415.7 436.5 Nonferrous Metals and Products 176.9 173.7 168.0 164.9 160.7 154.3 149.4 377.1 368.3 362.5 372.2 363.6 345.3 327.0 Primary smelting and refining 148 150 147 147 149 150 307 314 322 344 339 344 348 Alloying and rolling, except aluminum 138 136 140 136 126 111 284 272 269 297 277 242 200 Aluminum manufactures 188 182 169 164 164 160 362 357 347 350 341 333 320 Lumber and Timber Basic Products. 179.4 183.6 171.2 168.9 r169.9 170.9 179.1 427.6 433.4 461.1 418.2 395.7 '413.9 427.8 Sawmills and logging camps 195 200 183 182 '184 185 466 471 497 451 423 '452 469 Planing and plywood mills 180 182 184 178 174 173 425 435 445 440 426 414 421 Furniture and Lumber Products 143.4 139.7 134.1 133.2 130.8 128.8 125.7 349.2 333.0 325.6 317.9 315.7 310.7 299.2 Furniture 144 140 136 135 132 129 353 336 329 323 321 314 300 Stone, Clay, and Glass Products 153.7 154.7 152.5 150.0 147.6 143.9 142.2 336.6 337.9 343.4 349.5 344.5 335.9 323.5 Glass and glassware 171 170 159 156 153 151 370 367 364 372 367 '356 343 Cement 146 148 150 150 149 150 279 288 305 308 304 307 312 Brick, tile, and terra cotta 134 137 138 135 133 132 304 313 329 331 329 323 321 Pottery and related products , 171 173 178 179 177 173 361 357 360 387 392 385 367 Textile-Mill and Fiber Products 113.7 113.0 104.9 104.0 100.4 96.1 94.8 315.6 307.1 303. 276.7 274., 260.3 237.6 Cotton goods except small wares. . , 126 125 118 117 115 111 385 375 370 332 333 320 294 Silk and rayon goods 95 95 93 91 86 80 288 288 289 276 267 240 219 Woolen and worsted manufactures 111 110 95 92 -82 70 322 309 308 259 246 '208 173 Hosiery 89 88 82 83 82 80 213 204 198 192 194 191 183 Dyeing and finishing textiles 134 133 128 129 128 127 332 329 322 309 321 320 306 Apparel and Other Finished Textiles. . .. 139.8 137.1 143.0 149. 149.2 142.3 133.6 343.2 306.5 297.9 328.6 348.2 344.7 297.3 Men's clothing, n.e.c , 125 125 122 127 126 124 301 294 289 270 286 289 263 Shirts, collars and nightwear 100 99 86 91 93 94 253 248 241 198 219 231 225 Women's clothing, n.e.c 154 149 169 176 174 161 376 307 299 379 394 380 308 Millinery 81 70 87 95 97 186 150 112 168 213 226 168 Leather and Leather Products 107.1 103.3 105.0 106.0 106.0 103.3 97.2 251.7 227.1 215.4 235.0 240.1 •238.7222.0 Leather 95 95 93 92 90 88 206 198 201 205 202 195 186 Boots and shoes 102 103 104 104 101 250 220 203 234 240 "240 220 Food and Kindred Products 122.6 127.7 138.3 134.9 135.2 136.3 139.9 285.8 267.4 281.3 312.1 302.9 302.7 302.8 Slaughtering and meat packing 77 92 158 152 148 142 296 193 226 344 308 298 285 Flour 144 144 149 146 143 139 292 305 315 363 331 309 296 Baking 126 127 128 128 129 130 250 251 259 266 272 270 276 Confectionery 121 111 133 128 123 121 283 265 236 305 291 286 270 Malt liquors 191 182 185 181 192 184 324 350 333 333 334 363 346 Canning and preserving 94 102 80 81 92 227 241 260 227 216 213 243 Tobacco Manufactures 92.4 90.5 89.3 88.6 88.4 86.5 87.3 204.6 205.7 201.3 200.5 193.5 198.8 188.9 Cigarettes 121 121 122 120 120 122 247 254 253 250 240 258 255 Cigars 81 78 76 76 76 72 187 183 175 175 169 168 152 r Revised. NOTE.'—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for May 1949 are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics. 840 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 Apr. May Jan. Feb. Mar. Apr. May Mar. Apr. May Feb. Mar Apr. Paper and Allied Products 146. < 146.5 147.5 145.4 143.6 141.4 330.8 325.7 331.1 341.9 335.3 327.6 317.0 Paper and pulp 148 149 148 147 145 144 336 333 343 349 341 332 323 Paper goods, n.e.c 163 163 165 163 162 160 354 351 355 381 381 368 360 Paper boxes 134 132 136 133 130 128 305 293 290 306 297 293 280 Printing and Publishing 131A 132.0 132.9 132.1 131.6 131.8 132.0 258.5 259.5 262.2 268.8 269.7 273.9 274.4 Newspaper periodicals 122 123 126 127 128 129 229 235 237 243 248 255 260 Book and job 144 144 146 144 142 141 293 291 297 309 307 308 302 Chemicals and A Hied Products 201.4 198.4 206.1 203.9 203.3 197.7 189.6 425.1 422.1 422.5 459.1 454.2 449.0 434.9 Drugs, medicines, and insecticides 233 231 241 242 239 241 488 480 482 535 536 530 526 Rayon and allied products 131 131 135 135 132 119 272 275 275 305 304 295 261 Chemicals, n.e.c 296 293 300 293 290 284 584 591 590 639 622 609 597 Explosives and safety fuses 351 352 372 367 364 356 675 648 684 708 730 714 695 Ammunition, small arms 183 182 166 164 159 145 397 399 404 381 385 347 281 Cottonseed oil 100 89 156 140 135 121 316 270 246 470 410 402 348 Fertilizers 195 171 162 181 206 202 540 530 470 453 507 591 594 Products of Petroleum and Coal 154.9 157.3 153.0 152.8 152.6 153.2 153.5 320.0 316.7 335. 349.6 339.2 339.4 340.6 Petroleum refining 155 157 154 154 154 153 307 311 326 346 334 335 332 Coke and by-products 137 143 149 147 147 148 315 287 321 358 351 347 350 Rubber Products 163.8 161.1 157.8'154.5151.0 147.8 320.6 312.8 318.9 320.6 309.8r298.4 291.4 Rubber tires and inner tubes 171 169 163 160 158 158 292 286 306 295 289 288 285 Rubber goods, other 162 158 154 154 149 142 356 347 338 354 '348 r330 306 Miscellaneous Industries 178.4 176.6 169.4 167.9 164.8 162.7 159.9 394.0 382.6 384.2 384.2 381.4 378.2 359.5 Instruments, scientific 244 243 270 272 275 275 489 494 493 588 596 598 590 Photographic apparatus 217 214 217 213 210 211 422 416 410 441 432 427 415 For footnote see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1948 1949 Group Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total 157.1 156.7 158.8 159.8 160.1 163.3 162.8 161.2 158.6 155.3 153.6 151.2 149.0 ^145.5 Durable 185.5 184.1 184.0 185.1 184.9 188.0 188.7 188.5 186.4 181.2 178.3 175.5 171.8 P166.1 Nondurable 134.7 135.1 138.9 139.8 140.6 143.8 142.3 139.6 136.7 134.9 134.1 132.0 131.0 P129.2 p Preliminary. r Revised. NOTE.—Back figures for Total group from January 1919, and for Durable and Nondurable groups from January 1923, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (dollars per hour) Industry group 1948 1949 1948 1949 Apr. May Jan. Feb. Mar. Apr. May Apr. May Jan. Feb. Mar. Apr. May All manufacturing.... 1.380 '1.374 Durable goods 40.5 40.1 40.2 39.9 39.4 39.0 39.1 1.357 1.366 1.460 '1.459 1.456 1.456 Iron and steel and products 39.9 40.3 40.0 39.7 r39.2 38.3 38.1 1.416 1.423 1.530 1.529 1.529 .529 1.522 Electrical machinery 39.9 39.6 39.7 39.7 39.1 38.6 38.8 1.350 1.357 1.446 1.450 1.456 .452 1.454 Machinery except electrical 41.4 41.2 40.5 40.3 39.8 39.1 39.0 .431 1.441 1.521 1.523 1.524 .521 1.511 Transportation equipment, except autos. 40.5 40.0 39.9 40.1 39.7 38.8 39.3 .478 1.481 1.577 1.572 1.571 .572 1.573 Automobiles 38.6 35.2 39. 39.8 '37.9 39.3 38. .533 1.548 1.711 1.700 1.675 .685 1.705 Nonferrous metals and products 40.9 40.6 40.5 40.3 39.4 38.8 38.8 .343 1.355 1.444 1.447 1.436 .441 1.437 Lumber and timber basic products 42.1 42.5 41.1 39.7 '40.4 40.8 41.7 .083 1.115 1.121 1.112 1.135 .156 1.189 Furniture and finished lumber products.. 41.0 40.8 39.8 40.0 39.9 39.1 38.8 .131 1.136 1.183 1.182 1.187 .186 1.191 Stone, clay, and glass products 40.7 40.7 39.7 '39.7 -39.5 39.0 39.3 .271 1.286 1.357 1.358 1.355 .354 1.359 Nondurable goods. 39.6 39.6 38.7 -38.8 38.6 37.6 38.0 1.220 1.230 1.293 1.289 1.288 .286 1.289 Textiles—mill and fiber products 39.9 39.6 37 A 37.5 37.0 35.5 35.5 1.138 1.142 1.189 1.185 .180 .174 1.170 Apparel and other finished products 36.2 35.8 35.2 36.0 36.2 34.2 35.1 1.040 1.040 1.123 1.114 .098 .051 1.022 Leather and manufactures 36.2 35.5 37 37.6 -37.4 35.6 34.5 1.116 1.118 1.140 1.140 .140 .146 1.151 Food and kindred products 42.4 42.5 41 41.3 41 .0 40.7 41.5 1.201 1.207 1.268 1.265 .269 .268 1.277 Tobacco manufactures 38 37.7 36.4 35.3 36.1 34.8 36.7 .973 .984 1.020 1.022 .033 .042 1.036 Paper and allied products 42 42.8 41 41.4 -41.0 40.3 40.3 1.250 1.269 1.336 1.335 .331 .330 1.331 Printing, publishing, and allied industries . 39 39.1 38 38.5 -38.5 38.4 38.6 1.646 1.663 1.723 1.739 1.770 .779 1.807 Chemicals and allied products 41.0 41.0 40.9 '40.8 40.6 40.1 40.5 1.327 1.347 1.411 1.416 1.410 .420 1.437 Products of petroleum and coal 40.3 41.2 41.2 40.0 -40.0 40.0 40.5 1.600 1.631 1.752 1.746 1.745 .746 1.742 Rubber products 37.8 39.0 37.9 37.5 -37.1 36.8 37.7 1.412 1.424 1.501 1.502 1.499 .504 1.525 Miscellaneous industries 40.4 40.3 39.9 39.9 39.8 38.3 38.5 1.228 1.244 1.306 1.306 1.318 .318 1.317 r Revised. NOTE.—Figures for May 1949 are preliminary. Back figures are available from the Bureau of Labor Statistics. JULY 1949 841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal. Manufac- Contract tion and State, and Year or month Total turing Mining construction public Trade Finance Service local utilities governmentl 1940 32,031 10,780 916 1,294 3,013 7,055 ,419 3,362 4,192 1941 36,164 12,974 947 1,790 3,248 7,567 ,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 ,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 ,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 ,374 3,795 6,026 1945 40,069 15,302 826 1,132 3,872 7,685 ,394 3,891 5,967 1946 41,494 14,515 852 1,661 4,023 8,820 ,586 4,430 5,607 1947 43,970 15,901 911 1.921 4,060 9,450 ,656 4,622 5,449 1948 45,131 16,277 925 2,060 4,065 9,746 ,719 4,681 5,658 SEASONALLY ADJUSTED 1948—April 44,584 16,045 820 1,972 3,995 9,721 ,696 4,768 5,567 May 44,726 16,018 936 2,032 4,028 9,689 ,699 4,738 5,586 June 45,053 16,172 947 2,110 4,056 9,779 ,700 4,663 5,626 July 45,271 16,302 915 2,093 4,078 9,791 ,737 4.645 5,710 August 45,312 16,278 944 2,106 4,078 9,805 ,752 4,622 5,727 September 45,654 16,556 945 2,093 4,085 9,806 ,741 4,647 5,781 October 45,669 16.548 939 2,101 4,095 9,817 ,740 4,641 5,788 November 45,443 16,420 937 2,120 4,070 9,782 1,737 4,644 5,733 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 '44,505 '15,801 928 2,045 4,006 9,656 1,721 4,560 5,788 March '44,231 '15,602 920 '1,980 '3,948 '9,705 '1,717 '4,597 5,762 April 44,074 15,431 922 1,977 3,949 9,685 1,719 4,628 5,763 May 43,760 15,139 903 1,990 3,946 9,628 1,723 4,650 5,781 UNADJUSTED 1948—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 ,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 2,162 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 '44,019 '15,777 922 1,820 3,956 9,513 1,712 4,560 5,759 March '43,893 '15,625 914 '1,841 '3,912 '9,525 '1,717 '4,597 5,762 April 43,937 15,338 919 1,937 3,929 9,685 1,728 4,628 5,773 May 43,655 15,017 902 2,010 3,959 9,557 1,740 4,650 5,820 ' Revised. 1 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. May 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 In E m no p n lo a y g e ri d c u 1 l- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e Total tural industries agriculture 19402 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101,370 57,380 55,910 50,350 41,250 9,100 5,560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,100 1944 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46,930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45,850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1948—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 May 109,458 63,452 61,983 58,694 49,720 8,974 3,289 46,006 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. 842 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Total R b es u i i d ld e i n n t g ial 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 I^larch 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 June 935.2 355.3 103.8 83.1 63 5 113 8 215 7 July 962.7 349.7 72.9 106.3 103.1 112.8 217.9 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 1948 1947 1948 1949 1947 1948 1949 1947 1948 1949 Federal Reserve district May Apr. May January.. 572 615 483 167 197 160 405 419 323 February. 442 682 568 96 248 252 346 434 317 Boston 52,468 45,075 55,690 March.... 597 690 748 143 181 282 453 509 466 New York.. . 168,879 130,629 170,306 April 602 874 843 177 236 319 425 638 524 Philadelphia. 54,188 53,351 77,809' May 675 971 880 234 298 369 441 673 512 Cleveland. . . 95,247 78,991 77,863 June 605 935 226 338 379 597 Richmon 76,934 104,545 97,943' July 660 963 203 335 458 628 Atlanta 105,207 80,945 102,519' August. . . 823 854 218 276 605 579 Chicago 142,109 155,892 179,866 September 650 762 193 259 457 503 St. Louis 51,840 51,402 44,859 October... 793 779 209 262 584 517 Minneapolis. 32,423 53,120 34,160 November 715 611 224 199 492 413 Kansas City. 47,273 32,543 39,108 December. 625 694 207 278 418 416 Dallas 53,776 56,093 90,666 Year... 7,760 9,430 2,296 3,107 5,464 6,323 Total (11 districts). 880,344 842,586 970,789 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title ILoans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION 1 1 1 9 9 9 Y 4 4 4 2 3 e 1 a .. r or mon .. th .. T 1 1 o , , 1 1 9 t 7 3 a 3 l 2 7 5 p m P e r i r e o r m 2 o 1 n t v 4 y 8 4 p - t e 9 7 1 - * - s S h c t t o m i r o o u m n a 2 n 1 c - l e 1 5 1 - l 1 f h ( a - o T m I u t 8 6 2 D i o s t i 7 4 9 l l e 7 5 1 e y 4 s - h R g ( o a T e r I u o n n i D ( s 3 t d u t 1 ) i l a p n e 3 6 l g W h e ( o V V a T r u a r 2 6 I e i s n ) a t 8 0 t 1 i 2 l - n 4 3 s n 3 e ' d g End of month Total [In b C m m c a o i n e a i m r k l l - l s - ion b s s M t i a n u a o n g v a u f k s l - - s do a l a l l S s i a a o t n s a i n r a o g o s v 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 - Other* 1944 875 114 216 7 537 1945 666 171 219 4 272 1946 755 321 (3) 347 3 85 1936—Dec 365 228 8 56 41 5 27 1947 1,787 534 446 808 1937—Dec 771 430 27 110 118 32 53 1948 3,338 614 7 880 1,836 1938—Dec 1,199 634 38 149 212 77 90 1948— J J A S M u u e u l n a p g y y e t u e s m t ber.. 2 2 2 3 2 7 8 7 2 6 7 6 6 9 5 5 4 5 5 5 1 8 9 0 4 (3) 1 9 5 7 7 7 2 3 2 6 1 1 1 1 1 1 4 3 5 9 6 9 6 8 7 4 1 1 1 1 1 9 9 9 9 9 4 3 4 4 4 2 9 0 3 1 — — — — — D D D D D e e e e e c c c c c 3 3 2 3 1 , , , , , 1 7 6 6 4 9 0 2 2 0 3 7 0 6 9 1 1 1 1 , , , , 1 6 7 4 9 6 6 0 6 0 2 9 5 5 2 2 2 1 1 3 5 3 7 8 6 6 0 1 6 2 2 2 2 1 9 7 2 5 9 2 6 4 4 2 1 1 , , 0 1 3 5 7 3 3 4 4 8 2 4 2 2 9 2 2 2 1 4 3 0 7 5 5 4 1 9 3 1 1 1 1 1 5 3 6 5 7 9 3 3 0 9 O N D c o e t c v o e e b m m er b b e e r r . . . . 3 2 2 7 1 9 2 8 8 5 4 4 2 0 9 1 1 9 0 1 8 5 7 1 1 1 2 6 3 7 8 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 2 6 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 35 128 7 98 1945—June 3,324 1,570 265 264 1,047 43 134 February. . . 279 47 123 108 Dec 3,156 1,506 263 253 1,000 13 122 March 283 45 135 102 April 269 34 127 109 1946—June 3,102 1,488 260 247 974 11 122 May 279 35 1 130 113 Dec 2,946 1,429 252 233 917 9 106 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 3 Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta i k g e u r a es c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d r u ev ri i n o g u s t l h y e in p s e u ri r o e d 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. JULY 1949 843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports * 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 P1,033 325 318 437 589 P568 561 352 709 497 P465 March 1,029 815 1,326 1,139 P1,154 365 385 445 675 P632 664 431 882 464 P522 April 1,005 757 1,294 1,121 366 406 512 532 639 351 782 589 P614 May 1,135 851 1,414 Pl.102 372 393 474 ?554 764 457 940 P548 June 868 878 1,235 Pi,015 360 382 463 P625 508 496 772 P390 July . . 895 826 1,155 Pl.019 358 431 450 P563 536 395 705 P456 August 738 883 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 Pl,021 P1,148 347 394 492 P600 *>534 109 142 743 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.-Apr 3,824 3,040 4,880 4,437 1,389 1,502 1,924 2,342 2,436 1,539 2,956 2,095 P2,100 p Preliminary. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 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, Mp. ,341284; March 1943, p. 261; February 1940,* >p2. ,312543; 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 For- Mis- Mer- [In millions of dollars] 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 ucts ous l.c.l. o r p a T e i o l r w t a a t a l i y ng ra T i o lw ta a l y o r p a N e il r w e a t t a i y ng in N co e m t e Annual revenues expenses income 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 Annual 1942 138 135 181 120 104 155 206 146 69 1939 3,995 3,406 589 93 1943 137 138 186 146 117 141 192 145 63 1940 4,297 3,614 682 189 1944 140 143 185 139 124 143 180 147 67 1941 5,347 4,348 998 500 1945 135 134 172 151 125 129 169 142 69 1942 7 466 5 982 1,485 902 1946 132 130 146 138 129 143 136 139 78 1943 9,055 7,695 1,360 873 1947 143 147 182 150 107 153 181 148 75 1944 9,437 8,331 1,106 667 1948 138 141 183 136 88 149 190 146 68 1945 8,902 8,047 852 450 1946 7,628 7,009 620 289 SEASONALLY 1947 .... 8 687 7,904 780 490 ADJUSTED 1948 P9.672 P8,670 Pl.002 700 1948—January 144 155 183 131 84 153 156 152 69 SEASONALLY February.... 138 151 178 103 76 140 173 146 71 ADJUSTED March 130 98 162 109 79 146 173 150 73 April 130 105 137 123 105 141 '208 145 70 1948—March 761 705 55 22 M^ay. . ... '142 163 186 129 96 139 r208 143 69 April 726 684 42 9 June . 139 153 187 144 86 150 191 140 66 May 795 701 94 62 July 138 144 183 158 86 165 185 141 64 June 856 719 137 102 August 142 153 194 144 80 162 182 145 66 July 819 727 92 57 September. . . 139 149 192 127 85 152 182 144 66 August.... 842 744 99 65 October 140 147 194 150 93 149 178 145 68 September.. 836 737 99 65 November. .. 137 138 198 155 90 144 178 144 66 October... . 845 756 89 56 December. . . 137 131 192 147 85 139 201 148 62 November.. 833 752 81 49 1949—January 131 130 189 125 79 129 175 141 60 December. . 811 739 72 40 February.... 126 124 187 113 75 112 185 136 61 March 120 79 174 139 77 117 236 138 60 1949—January 768 703 64 34 April 127 129 188 138 76 119 '215 132 59 February... 740 688 51 20 May . . 124 130 173 150 73 123 215 126 59 March 722 663 59 26 April 742 689 53 P20 UNADJUSTED 1948—January 133 155 193 131 81 137. 39 139 65 UNADJUSTED February.... 129 151 189 101 61 135 43 137 69 1948—March 777 716 61 '36 March 122 98 164 100 62 146 50 143 73 April 729 676 53 27 J A J M t uu p a a ln j y r r y i e l 1 1 1 1 4 4 2 4 3 4 8 3 1 1 1 1 0 6 4 5 5 3 4 3 1 1 1 1 8 7 3 8 4 7 4 3 1 1 1 1 1 0 8 4 4 8 9 7 9 6 8 7 4 6 6 4 1 1 1 1 4 6 5 4 1 5 6 5 r2 2 2 2 7 0 9 9 2 6 6 6 1 1 1 1 4 4 4 4 2 3 4 4 6 6 6 7 9 6 3 1 J J A M u u u l a n y g y e - ust .... 8 8 8 7 4 3 9 6 6 2 8 8 7 7 7 7 0 5 3 1 6 2 7 3 1 1 1 9 2 0 1 0 5 5 6 6 9 8 7 4 4 6 6 August 146 153 187 156 76 171 273 146 67 September.. 845 734 111 83 September. .. 150 149 190 142 113 164 273 156 70 October 878 767 111 84 October 151 147 190 150 143 158 240 159 71 November.. 825 741 84 62 November. .. 141 138 198 152 114 141 196 149 68 December. . 807 742 65 50 December. . . 128 131 201 138 82 123 62 139 60 1949—January 120 130 198 125 76 116 44 129 57 1949—January 731 697 33 12 February.... 117 124 198 111 60 107 .46 128 58 February... 676 646 30 5 March 111 79 175 128 61 117 68 131 61 March 739 674 65 41 April 125 129 184 121 68 119 228 130 60 April 747 682 65 P40 May 125 130 171 132 66 128 267 127 59 r Revised. P Preliminary. »• Revised. NOTE.—For description and back data, see BULLETIN for June 1941, pp. 529-533. Based on daily average loadings. Basic data compiled by Associa- NOTE.—Descriptive material and back figures may be obtion of American Railroads. Total index compiled by combining indexes for tained from the Division of Research and Statistics. Basic classes with weights derived from revenue data of the Interstate Commerce data compiled by the Interstate Commerce Commission. Commission. Annual figures include revisions not available monthly. 844 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average =100] Federal Reserve district United Year or month States * Boston Y N o e r w k p a P h d h i e i a l l - - x C l l a e n v d e- m R o ic n h d - 1 la A n t t - a c Ch a i g - o L S ou t. is M ap in o n li e s - K C a i n t s y as Dallas c F i S s r a c a n o n- SALES 2 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 '249 283 303 321 386 290 335 288 327 404 353 SEASONALLY ADJUSTED 1948—May 305 242 262 284 307 322 386 286 340 288 329 '404 '357 June 308 252 262 283 306 327 379 290 346 288 328 401 365 July 311 255 259 '289 313 321 402 297 355 294 330 414 360 August 309 237 256 '290 308 319 393 299 354 290 330 405 366 September 309 252 254 '293 316 338 394 291 362 287 327 419 352 October 308 232 252 '302 319 330 404 298 338 304 334 410 342 November 289 228 229 '268 293 306 374 278 321 286 323 390 338 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 294 251 242 274 301 307 389 277 321 292 314 374 '339 May P293 P243 239 271 295 317 377 275 335 P273 P309 384 339 UNADJUSTED 1948—May -299 240 252 287 304 '316 375 289 333 294 326 '392 '331 June 289 242 246 266 288 294 333 290 311 277 302 345 338 July 243 176 181 '208 244 235 314 243 277 238 270 331 311 August.... 259 175 187 217 268 260 354 248 305 261 304 365 338 September. 319 260 257 '296 320 357 410 305 366 316 344 444 355 October. . . 328 258 280 '323 338 359 424 313 362 343 361 427 346 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 254 194 209 249 254 274 339 239 287 241 280 353 '288 April 295 256 237 '284 304 309 393 280 327 295 311 377 331 May P288 P241 230 277 292 311 365 277 328 P279 P306 373 322 STOCKS 2 1944.. 162 147 150 '147 151 190 185 161 159 169 157 177 178 1945.. 166 153 160 150 156 198 188 159 166 165 158 190 183 1946.. 213 182 195 191 205 '248 258 205 225 211 210 250 238 1947.. 255 202 225 220 243 289 306 246 274 266 259 321 300 1948., 291 223 241 251 277 '322 366 281 314 326 301 395 347 SEASONALLY ADJUSTED 1948—May '293 228 '244 '254 277 '325 368 286 313 324 304 388 348 June '285 212 241 '229 267 '323 343 281 302 321 300 400 339 July '285 204 242 '254 258 '325 333 281 293 314 301 403 337 August '285 204 242 '253 261 '322 330 284 292 327 300 407 333 September '290 215 243 '252 265 '318 348 284 302 330 302 415 351 October '290 220 236 '249 269 '320 362 284 317 323 297 403 346 November. . . . '296 233 242 '255 296 '324 402 286 325 315 297 391 340 December '291 229 236 '248 293 '309 450 282 329 314 296 382 320 1949—January '279 221 228 '245 274 '294 360 '271 303 303 291 376 321 February 278 214 224 '239 275 '295 369 '268 313 302 282 373 327 March '284 226 232 '243 285 '305 365 '264 323 297 287 377 344 April 281 223 230 '244 260 '315 355 266 321 305 283 373 342 May P274 219 224 P240 267 304 343 265 296 P301 P276 358 321 UNADJUSTED 1948—May 297 226 '248 259 280 '331 357 289 313 331 310 396 360 June 278 204 228 '236 262 291 346 270 302 315 300 384 341 July 274 198 215 226 257 304 343 258 305 326 295 387 347 August '288 215 242 245 275 325 356 275 318 329 294 411 332 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 '318 419 364 November. . 330 265 278 '291 319 360 422 326 347 347 327 431 377 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 '250 282 314 365 275 314 312 293 392 337 April 285 218 237 '254 265 '329 352 273 321 310 292 388 338 May P277 216 227 P245 269 310 332 268 296 P302 P282 365 333 P Preliminary. ' Revised. 1 Stocks indexes adjusted to reflect revised seasonal factors. 2 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—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. JULY 1949 845 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 x 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 April Sale p s e r d io u d ring Sto o c f k s m o a n t t e h nd ing Apr. 4 mos. Apr. 1949 1948 1949 1948 1949 1949 1949 Apr. Mar. Apr. Apr. Mar. Apr. GRAND TOTAL—entire store 3... 361 +4 -3 -4 2.8 3.0 MAIN STORE—total 361 .+2 A -4 3.0 3.2 213 199 208 640 648 663 Piece goods and household textiles 321 -17 -6 -8 3.8 3.4 177 204 215 665 654 723 Piece goods 300 -17 -12 -4 3.0 2.6 258 328 312 776 813 796 Silks, velvets, and synthetics 191 -19 -15 -11 2.7 2.4 242 383 300 664 877 745 Woolen yard goods 168 -10 +15 4.3 3.6 178 364 184 757 867 633 Cotton yard goods 189 -20 -12 -3 2.7 2.2 315 309 395 845 832 856 Household textiles 314 -18 -1 -12 4.5 4.2 136 143 166 611 586 691 Linen and towels 284 -13 + 1 -9 5.0 4.8 131 138 149 650 635 716 D B o la m nk es e t t i s c , — co m m u f s o l r in te s r , s , s h a e n e d t in s g p s reads 2 2 5 4 0 6 - - 2 1 7 5 0 - -1 1 5 3 4 4. . 4 0 3 4 . . 4 3 1 1 4 2 3 2 1 11 7 9 6 1 1 9 4 5 5 5 5 7 3 2 2 5 5 6 3 5 8 6 6 5 2 3 4 -5 Small wares 350 +1 -1 -3 3.8 4.0 165 161 163 631 625 644 Laces, trimmings, embroideries, and ribbons... 214 -9 -16 + 1 2.8 2.6 284 248 313 810 836 770 Notions 248 -11 -6 0 3.1 2.8 246 231 277 762 756 752 Toilet articles, drug sundries 337 +6 +2 -7 3.8 4.3 132 133 125 506 506 541 Silverware and jewelry 324 +5 +2 i 4.5 4.8 177 163 168 802 792 793 Silverware and clocks 4 212 -19 -10 +7 6.3 4.8 Costume jewelry 4 275 +24 +13 -6 2.9 3.8 Fine jewelry and watches 4 79 + 12 -5 -3 7.1 8.1 Art needlework 250 -8 + 1 -1 5.3 5.0 126 175 137 673 643 680 Books and stationery 280 +6 + 1 -3 3.7 4.1 155 156 145 572 562 589 Books and magazines 146 +6 +5 -3 3.0 3.3 134 180 127 404 458 487 Stationery 244 +7 4.1 4.4 142 138 132 575 592 588 Women's and misses' apparel and accessories. 358 +15 -1 -5 2.0 2.4 250 225 217 500 533 524 Women's and misses' ready-to-wear accessories, 358 +21 -2 -7 2.3 3.1 239 203 197 560 580 595 Neckwear and scarfs 314 + 19 -9 -9 1.8 2.4 294 248 247 535 598 588. Handkerchiefs 288 +20 -3 -15 3.6 5.1 138 110 115 494 492 575 Millinery 174 +61 +6 -6 0.6 1.0 304 239 189 176 251 182 Women's and children's gloves 335 +63 0 -11 2.3 4.2 222 148 137 506 571 571 Corsets and brassieres 344 +6 -6 2.5 2.9 277 256 261 703 712 743 Women's and children's hosiery 352 + 11 -7 -13 1.7 2.1 171 149 154 284 282 324 Underwear, slips, and negligees 352 0 -4 -3 2.9 3.0 204 185 205 595 583 612 Knit underwear 261 +6 +3 +2 2.9 3.1 230 217 217 679 665 655 Silk, and muslin underwear, and slips 293 -4 -9 -3 3.0 3.0 207 184 215 617 620 637 Negligees, robes, and lounging apparel 254 -1 -1 -14 2.5 2.9 173 164 175 440 415 514 Infants' wear 333 +23 —2 -13 2.4 3.4 288 266 234 709 733 816 Handbags and small leather goods 339 +46 +4 — 7 1.7 2.6 248 187 170 414 442 443 Women's and children's shoes 250 +26 -3 3.3 4.2 278 227 220 903 920 922 Children's shoes 4 213 +75 -1 -6 2.6 5.0 Women's shoes 4 226 + 17 -3 -2 3.4 4.1 Wo W m o C e m o n e ' a s n t s a 's 4 n d a n m d i m ss i e s s s ' e r s e ' a c d o - a t t o s - w an e d a r s a u p it p s arel 3 3 2 4 5 1 9 8 4 + + + 1 1 9 0 7 + + 5 4 0 + + -3 5 3 1.1 1 1 1. . . 2 9 3 3 2 2 6 1 1 3 2 3 4 6 8 2 2 7 3 5 8 3 4 6 3 9 7 4 3 4 5 9 2 A W J F B u u p l o J n o S G I B r r n u s m i u o u i e o e n s r n i t e r x l e i t t s s s n o s e s p , ' ' 4 , r s r e w h ' a s s n d ' o n k a e s r c d u i i n a e r v o s r s d t e e g a s s d i e t , m r d s r s l a , e r s 4 i n e s ' s s s d s u s w s e e i e s s t e s s s , p ' a , 4 o r a d a n r r t e n d s s d w s u e e n d s a i r r f e o s r s m es s 3 3 3 2 3 2 2 2 2 1 4 4 9 2 6 9 7 7 2 9 7 6 5 0 4 7 6 8 4 9 + + + + + + - - - 2 6 3 3 4 3 4 5 3 2 8 2 9 + + + + + - - - - 4 4 2 8 4 3 2 9 4 - - + + 1 - - - 1 - - - 6 6 5 4 9 6 3 0 2 7 2 5 1 1 1 1 1 1 . . . . . . . . 2 2 4 8 6 0 1 4 3 2 2 6 2 1 1 1 1 1 . . . . . . . . . . 2 5 2 5 0 8 5 4 1 4 3 3 2 2 2 3 4 4 6 6 5 2 3 7 2 6 0 0 4 4 3 3 2 2 3 1 1 4 2 2 1 9 7 1 2 5 9 5 7 3 2 2 2 2 2 2 4 4 8 5 0 7 4 8 2 1 2 6 0 1 4 3 6 2 4 5 4 4 8 8 4 7 0 6 5 6 3 8 2 4 5 4 3 4 6 4 6 5 2 4 5 0 6 8 5 1 3 3 2 8 7 7 4 4 6 2 4 6 5 3 7 0 9 5 3 1 1 3 2 9 4 0 5 Men's and boys' wear 335 +16 -3 3.7 4.4 194 156 166 722 714 747 Men's clothing 259 -2 -7 +6 4.3 4.0 192 168 195 827 819 780 Men's furnishings and hats 321 + 11 -3 -8 3.8 4.6 167 136 151 632 601 686 Boys' wear 306 +73 +2 -9 2.6 5.0 272 196 158 713 774 787 Men's and boys' shoes and slippers. 201 +23 -3 -5 4.7 6.1 185 148 150 871 925 Housef urnishings 323 -19 -9 -1 4.4 3.6 198 204 244 862 865 882 Furniture and bedding 247 -17 -3 -5 4.7 4.1 173 182 207 814 806 859 Mattresses, springs and studio beds 4 165 -15 0 -10 2.2 2.0 Upholstered and other furniture 4 171 -16 -2 -4 5.3 4.7 Domestic floor coverings 280 24 -13 +4 4.9 3.6 943 914 Rugs and carpets 4 158 -23 -12 +5 5.0 3.7 Linoleum 4 106 -20 -17 -15 4.0 3.7 Draperies, curtains, and upholstery 303 -6 + 1 -9 3.6 3.8 205 203 218 743 765 830 Lamps and shades 254 +4 3.9 3.7 186 191 202 725 683 747 China and glassware 254 -1 + 13 7.6 6.2 143 147 155 ,087 ,061 963 Major household appliances 248 -47 -40 + 10 3.6 1.7 213 237 404 766 842 708 Housewares (including minor appliances) 264 — 12 -6 -5 3.6 3.3 272 262 308 975 968 ,043 Gift shop 4 165 + 1 +4 5.6 5.4 Radios, phonographs, television, records, etc.4. 233 -2 +7 -9 4.1 4.4 Radios, phonographs, television 4 185 +4 + 15 -7 3.7 4.1 Records, sheet music, and instruments 4. . . . 154 -21 -14 -12 5.9 5.3 Miscellaneous merchandise departments. . . 324 +7 -6 -9 2.9 3.4 200 168 186 579 577 629 Toys, games, sporting goods, and cameras 298 +5 -8 -3 5.0 5.4 146 105 139 728 668 758 Toys and games 239 +28 + 1 -2 4.5 5.9 114 86 89 514 525 533 Sporting goods and cameras 144 -13 -17 -4 5.4 5.0 151 109 173 826 702 870 Luggage 262 -9 + 1 -8 4.7 4.6 168 155 184 780 754 833 Candy 4 193 +92 -4 -18 0.7 1.7 For footnotes see following page. 846 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 l 1941 average monthly sales=1002 Num- Department r b s e t e p o r o re o rt s f - Sale p s e r d io u d ring ( S e m t n o o d c . k ) o s f April 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 A 19 p 4 r 9 . F 1 m 9 o o 4 u s 9 r . A 19 p 4 r 9 . 1949 1948 Apr. 1949 Mar. A 19 p 4 r 8 . Apr. 1949 Mar. A 19 p 4 r 8 . BASEMENT STORE—total. 204 +16 +3 -6 1.9 2.3 235 209 204 437 444 464 Domestics and blankets4 .... 140 +16 +2 -8 3.1 2.9 "Women's and misses' ready-to-wear 199 +24 +5 -5 1.4 1.8 263 228 213 358 372 372 C In o t a im ts a a te n d a D su o i a t r s e * l * 1 1 7 8 5 5 + + 3 8 0 + + 1 5 + -5 2 0 2 . . 8 0 2 1 . . 2 0 Dresses* 178 +10 + 10 0 1.1 1.2 Blouses skirts and sportswear * 156 +13 -8 1.8 2.2 128 +85 +4 -11 1.3 2.6 Infants' wear ^ . . 116 +31 +2 -10 1.9 2.7 Men's and boys' wear 163 +21 +1 -11 2.3 3.1 230 193 189 521 527 587 144 +5 -12 2.5 3.0 Men's clothing * . . . .. 94 +8 0 -4 2.4 2.8 Men's furnishings * 117 +3 -1 -16 2.5 3.1 Boys' wear4 . . . 104 +96 +7 -10 1.5 3.3 Housef urnishings 104 -12 +2 -3 2.7 2.4 186 195 211 501 503 521 rShoes 131 +23 -2 2.9 3.6 197 152 160 566 570 571 -2 NONMERCHANDISE—total *... 182 +4 +3 (5) (5) (5) Barber and beauty shop 4 82 +9 +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. 845. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the ^departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES 1 [Weeks ending on dates shown. 1935-39 average =100] Amount Without seasonal adjustment (In millions of dollars) 1947 1948 1948 1949 Year or month m ( S o t f a o o n l t r e t a s h l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O r o n n d n d u d e t t i r o - h n s f ) g Aug. 3 2 1 9 2 3 0 6 . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 7 4 0 3 5 7 3 J A u u l g y . 2 2 3 1 7 1 1 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 6 5 5 7 3 1 8 5 1 5 F M eb a . r. 2 2 1 6 7 1 8 4 . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 3 4 4 4 6 8 8 0 9 6 F M e a b r . . 2 1 1 5 5 2 6 9 . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 4 3 2 2 3 4 2 7 9 8 Sept. 6 .265Sept. 4... . .308 13... ..279 12 .256 13.... .291 11... . .285 20... ..313 19 .261 1939]average 128 344 20 .301 18... ..337 27... ..331 26.... .277 1940 average 136 353 108 27.... .316 25... ..319 Apr. 3... ..280 Apr. 2.... .301 1941 average 156 419 194 Oct. 4 .326Oct. 2... ..327 10... . .298 9 .320 1942 average 179 599 263 11 .304 9... ..336 17... ..294 16 .314 1943 average 204 '509 530 18.... .299 16... ..331 24... . .296 23.... .266 1944 average 227 '535 560 25.... .306 23... ..344 May 1... . .300 30.... .286 1945 average 255 563 729 Nov. 1 .313 30... ..319 8... ..330 May 7 .334 1946 average 318 ••715 909 8.... .347Nov. 6... ..320 15... ..293 14 .285 1947 average ••337 '826 552 15.... .380 13... ..346 22... ..295 21 .280 1948 average ••353 466 22 .395 20... ..371 29... ..297 28.... '275 29.... .367 27... ..347 June 5... . .282June 4 .259 71948—May '341 '926 339 Dec. 6 .508Dec. 4... . .485 12... . .304 11 .288 June '338 '866 462 13 .570 11... ..564 19... ..310 18 .285 July '270 '834 551 20.... .576 18... ..576 26... . .262 25 .247 August r298 '897 545 27.... .358 25... ..473 July 3... . .265July 2.... .238 September '360 "•948 539 10... ..217 9 .201 October. . . '390 '1,062 507 1948 1949 17... . .236 16 November, -415 1,058 379 Jan. 3 .204Jan. 1... . .204 24... ..231 23.... December. '599 '821 292 10.... .251 8... . .272 17 .232 15... ..244 1949—January.. . r267 '790 388 24.... .226 22... . .230 February., ••255 '852 378 31.... .233 29... ..218 March. . . ••320 '918 310 April 347 907 236 May P328 P897 P210 ' Revised. P Preliminary. ' Revised. NOTE.—Revised series. For description and back figures, see 1 These figures are not estimates for all department stores in the BULLETIN for September 1944, pp. 874-875. United States. Back figures.—Division of Research and Statistics. [ULY 1949 847 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] M 19 a 4 y 9 1 A 9 p 4 r 9 . m 19 5 o 4 s 9 . M 19 a 4 v 9 A 19 p 4 r 9 . 19 5 49 M 19 a 4 v 9 A 19 p 4 r 9 . 19 5 49 M 10 a 4 y 9 A 19 n 4 r 9 . United States.. +3 -4 Cleveland-cont. Chicago -5 0 -5 Kansas City— B N P N W Y P S L A U T P R N B S W N D P N P R S E B B B h o e B y p o h r o a c r l e o u o e l t r e e i o o s i w i i o o m e b i r r a n i i r h u l w n f t s w o a l c w w c r i l d a a t o v f n r k g a t c g n e a h d g s k i a l a c c o g d n a i n t e n a r a a t Y n g d h e l Y 1 i H h e d u o n o a e e r s o y r s t n n f s e e k o s k e s n a o l a - p n t i o a t d l p t g c e e e r B e n m e A w o p e i r v l k x t h 1 l e r F c r k r a l r h d a e n p r t i e t a J r d 1 i a o n e C s r a l 1 y . e . i n a l . . i e s . . l t . . . . . . . » y . . . . . . . . . . . . . . . 1 . . . . - - - - - + + 1 + - - - - + 1 - — - - - - 1 - — 1 - - 1 — - _ - - 9 3 2 8 1 4 9 3 5 4 1 4 3 9 9 0 0 2 2 6 5 6 4 4 1 7 7 7 4 + + + + + r + + + c + + + + + + + + + + + + + + - - + + — 2 1 1 1 1 1 1 1 5 3 1 5 9 2 5 9 6 6 4 3 6 2 2 7 7 7 6 5 1 2 0 1 1 7 0 0 4 4 j + + + + + - - - + - - - - - - — - - - — - — - - - - - 3 4 6 3 3 4 2 4 1 2 5 6 3 8 6 7 9 7 5 3 2 3 1 1 0 0 5 4 7 A R A A J O T C M R W L N M M M W R G R B W H C C H E P B C A a t i o l o y a i r c u r t i a i o h o r a a u c a h o a o i s t i a r c i l h l e h m l l n m g l l r a a g n k t e a c m n a h ' b n s n e u h u t e e f s l m c r m u o e s s n i n h e t i o i s e t m m t x n b m p e l m i h i g l o t s r g a n v d ' t e i l n o e n o v l i t u s a a n t k b h n b o o b i * o s i o o g a n g i t n 1 1 r l n g , u t v u n m l i o n l r h x g o d - t a l e g t e r i s d w o e . S a h o n l g e , W 1 , l n m a n , r n e N 1 y l S . . . e S l V . . . . l m . . 1 . * . C C C . . a . . . . . . . . . . . . . . - - + + - - 1 + 1 - + + - - - + + - — - - + - - - 1 1 - - - - - _ 8 1 5 3 1 1 5 1 4 2 9 8 5 3 3 7 6 5 4 4 3 2 2 5 2 2 4 1 0 3 1 7 + + + + + + + + + + + + + + - - + + + + + + - + + + + + + - 2 2 2 2 1 1 1 1 1 1 8 7 9 5 8 9 5 9 9 2 6 5 3 3 5 7 7 7 5 6 4 8 7 0 0 4 2 3 1 - - - - - - + 1 1 - + - - 1 + - - 1 + + - + + — - - — - 1 1 — - — — 8 6 4 4 3 3 5 1 2 4 2 2 2 5 0 0 6 3 6 5 6 3 1 2 0 0 5 6 C 3 7 j I I | K S M D Q M F L L S S S T F L F P E E M C D D G G I M M D t S a n S . t t o e l p o o a i e e a u h v n e i r r e t . . i i d e t u i a u o n n u e r . n r a s r r n n i i s l t a s t L m d i L t r c t L n l p w t i r l e n s i n r v n t a a e P n e n u s i a i o c i M n e o o d o e a p e W S n e s s S a v n g i a s g t y u r u i a o r a H h u a u R m i h g t i u o v o t B f i i l i R . p n o p a p x i k i - s l s i l C i o a i s i s y e o x r a o e o e n L l a t u 1 i c y A i l n h l l e l l l e p l . * t i o i t i d . k e e y s s s e . s r 1 i u 1 . . . . . . d . e 1 . . . . 1 i * 1 * . . . . a . s . s . . . . . . . . . . . . . . . . . . . . . . - + - - + + + 1 + - - - 1 - - — - - - - - 1 - — - - - _ - — 2 4 6 5 4 9 4 8 3 3 9 6 8 7 2 3 0 0 0 5 4 4 3 2 3 0 0 I 2 1 S J . + + + - - + + + + + + + + + + + + + + + - - — 1 - 1 + - - 2 1 3 1 1 2 3 1 3 1 4 8 4 9 6 4 2 5 3 8 5 7 3 2 0 1 1 2 0 1 1 1 1 + - - - - + + 1 - - 1 — - - - - 1 - — - - - - - - - 1 - - - - — 1 6 6 2 5 5 1 2 6 4 4 5 5 1 4 2 3 3 3 1 6 2 3 2 2 0 7 3 4 1 1S D V O S T F L L S S S S S S F S R O T P C D H B B a S a N B c a a a t a r a a h h o o o u u a o i a o n a k o a o a e l o n v n n n c n o r n s l c r l k i e l r k l a u l n s c l s e s t r n a e a p t s g e l r e l n e s p e a k A a a J F v D A a r k a o s h n t u F j t o o r s m B . W t . o a e s n r e n o o B i n s i . a s o i n r R s a x x 1 p e l d d n e m g f e n * a n e e e n t g a o o o C r i e e n x d y n o a c e a n n l o r a s * l r c t h c n e t i l d a a a o n t * h s x d i r s C i r n . d h s . c i : 1 o d 1 . . c 1 d x s o i . . . . . . . . i . t . o t . . . . n . . y i . . . . . . . l . . o . . . . . . . . P p P — - — - - — - 1 - 1 1 — - — - - - - — — - 1 - 1 5 6 9 2 3 2 7 1 4 1 1 1 7 4 0 0 0 3 6 1 6 5 4 4 r + + + + + + — + + + + + + — — — - — - - - 2 1 1 1 1 1 4 9 1 1 1 1 2 8 5 8 3 1 0 0 0 2 1 1 2 1 3 5 8 6 6 ' - — - + + 1 1 - - - - - — - - - — — - — - - 2 9 2 6 2 6 7 8 3 7 1 1 9 1 2 2 0 0 0 1 - 6 5 7 7 Cleveland -4 +8 -1 Savannah +2 + 13 -1 Pueblo -13 -1 -10 Nampa —6 — 12 Akron x -6 + 13 -1 Baton Rouge l.. +3 +20 +5 Hutch inson. . . 0 +6 -2 Portland — 7 -3 -9 Canton * -6 + 10 -1 New Orleans x. . +5 + 11 +4 Topeka + 1 + 1 -4 Salt Lake City i. — 7 +3 -6 C C C l o i e n l v u c e i m n la b n n u a d t s i J 1 1. . . . _ - - 1 4 2 + + + 5 9 6 + - - 4 1 1 J M B a r c e i k s r t i s o d o l i n a n x + - -9 8 6 + + — 1 6 2 1 - + 1 -7 0 4 J W K o a p i n c li h s n a it s a City.. . -1 -7 1 0 + - - 6 4 6 + -9 2 7 S E B e v e a l e l t r i t n e le g tt h l x am l. . . + + + 2 2 1 + - — 3 8 5: -1 - — 9 1 1 Springfield 1. . . . -6 -4 -7 Chattanooga x. . -6 +4 -8 St. Joseph. . . . -9 -1 7 Spokane x +2 +2: -4 Toledo1 -3 + 11 -1 Knoxville i -5 -4 + 1 Lincoln -4 -4 7 Tacoma 1 — 1 — 1 Youngstown 1. . -4 +8 +2 Nashville 1 -10 +5 -7 Omaha +2 +8 0 Yakima J +4 + 7; — 1 P Preliminary. r 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. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Year or month All items Food Apparel Rent r t e F r f i u r c i e i g t l e y , r , e a l a t e i n c o - d n fur H ni o s u h s in e gs Miscellaneous 1929. 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92 4 84 1 87 9 100.7 100.0 84.2 98 4 1940. . 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943. . . 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945. . . . 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1947 159 2 193 8 185.8 111.2 121.2 184.4 139 9 1948 171.2 210.2 198.0 117.4 133.9 195.8 149.9 1948—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 May 169.2 202.4 191.3 120.4 135.4 189.5 154.5 Back figures.—Bureau of Labor Statistics, Department of Labor. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926 = 100] Other commodities Manu- .'ear, 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 d m s - Foods Total T p e r x o t d il - e li F g a h u n t e d i l ng M m a e e n t t d a a l l s B i u n i g ld- l H e a a i n t d h d e e s r c C a a l l h s l e i a e m d n i d - H n f o i u s u r h s - - e- c M el i l s a - - m R ri a a a t l w e s - p tu f r a r o c e - d d ucts mate- prod- mate- prod- prod- ing neous ucts rials ucts rials ucts ucts goods 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 97.7 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 84L9 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 11.1 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 7<.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 72.9 73.3 86.9 86.2 86.6 75.3 81.5 69.7 68.6 78.2 1935 80.0 78.8 83.7 77.9 70.9 73.5 86.4 85.3 89.6 79.0 80.6 68.3 77.1 82.2 1936 80.8 80.9 82.1 79.6 71.5 76.2 87.0 86.7 95.4 78.7 81.7 70.5 79.9 82.0 1937 86.3 86.4 85.5 85.3 76.3 77.6 95.7 95.2 104.6 82.6 85.7 77.8 84.8 87.2 1938.. 78.6 68.5 73.6 81.7 66.7 76.5 95.7 90.3 92.8 77.0 &(..8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 69.7 73.1 94.4 90.5 95.6 76.0 Sf .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 85.5 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 104L3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 100.1 84.0 104.7 117.8 118.1 95.2 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 116.3 90.1 115.5 132.6 137.2 101.4 111.6 100.3 134.7 116.1 1947 152.1 181.2 168.7 135.2 141.7 108.7 145.0 179.7 182.4 127.3 131.1 115.5 165.6 146.0 1948 165.0 188.3 179.1 150.7 148.6 134.1 163.6 199.0 188.0 135.1 144.5 120.5 178.4 159.4 1948—May . P164.2 189.1 177.4 149.5 152.1 132.6 157.1 197.0 188.4 136.3 142.6 121.5 177.6 158.6 1 une 166.2 196.0 181.4 149 5 149.6 133.1 158.5 196.8 187.7 135.8 143.2 121.5 182.6 159.6 July 168 7 195.2 188.3 151.1 149.4 135.7 162.2 199.9 189.2 134.4 144.5 120.3 184.3 162.6 August 169.5 191.0 189.5 153.1 148.9 136.6 170.9 203.6 188.4 132.0 145.4 119.7 182.0 164.6 September 168.7 189.9 186.9 153.3 147.9 136.7 172.0 204.0 187.5 133.3 14<:.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 0 186.2 133.9 145.2 119.2 175.2 158.7 December 162.3 177.3 170.2 153.0 146.7 137.0 173.8 202.1 185.3 130.6 145.4 118.5 172.1 157.5 1949—January 160.6 172.5 165.8 152.9 146.1 137.1 175.6 202.3 184.8 126.3 145.1 117.3 169.3 156.2 February 158.1 168.3 161.5 151.8 145.2 135.9 175.5 201.5 182.3 122.8 145.3 115.3 165.8 154.0 March 158.4 171.5 162.9 150.7 143.8 134.3 174.4 200.0 180.4 121.1 145.0 115.7 167.2 154.1 April 156.9 170.5 162.9 148.8 142.2 132.0 171.4 196.5 179.9 117.7 14/ .0 115.6 165.8 152.9 May 155.7 171.2 163.9 146.7 140.5 130.1 168.0 194.0 179.3 118.2 14e.2 113.6 166.0 151.4 Week endine:1 All other Mav 4 155 2 168.3 161 8 147.1 139 1 130 4 169 3 195.4 129.2 Mav 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 A 129.3 Tune 1 156.1 173.7 165 .9 145 8 135 5 130 5 167 .3 192 .2 128.7 June 8 156.1 173.9 166^9 145^3 135^3 130^5 167^2 19K6 127.6 Tune 15 154.8 170.7 163 .8 145 .2 135 .3 131.0 166.1 191.9 127.5 Tune 2 2 153^2 167 0 159^9 145^0 135 !l 131.0 165 6 190.9 127.4 June 29....... 153.1 165.2 161.6 144.8 135.1 131.0 165^6 191.7 126.5 1948 1949 1948 1949 Subgroups Subgroups May Feb. Mar. Apr. May May Feb. Mar Apr. May Farm Products: Metals and Metal Products: Grains 213 5 157.2 162.6 163 .8 159.9 Agricultural mach & eoiip.. . 130.4 144,2 144.2 144.3 144.3 Livestock and poultry 219.0 187.2 195^0 189^0 19L5 Farm machinery 132.1 146^7 146 7 146.7 146.7 Other farm products 163.3 158.9 158.6 160.0 160.9 Iron and steel. . 148.9 169.1 168 .3 166.2 165.2 Foods: Motor vehicles. 161.7 175.8 175.2 174.6 173.8 Dairy products.. . 176.6 159.8 154.8 147.2 145.9 Nonferrous metals - 150.0 172.5 168.4 156.4 138.1 Cereal products.. 156.3 146.7 146.5 145.3 145.1 eating 143.5 156.1 155.3 155.3 155.2 Fruits and vegetables 147.0 152.3 151.7 158.1 167 .3BuiIding Materials: Meats 233.2 205.1 214.8 216.0 215 .2 Brick and tile 153.3 162 .4 162.4 160.8 160.8 Other foods 144.1 127^5 126^6 127^6 128^6 Cement 128.4 134 3 134.3 134.3 134.3 Hides and Leather Products: Lumber ••315.2 296.9 294. 7 290.6 285.2 Shoes 185 6 187.8 187.8 186.9 184.0 Paint and paint 158.3 165 3 162.3 157.9 157.4 Hides and skins. . . 218.C 185.9 181 .8 183'. 4 188^6 Plumbing and heatinc 143.5 156'.1 155.3 155.3 155.2 Leather . 188 2 183.9 178.9 177.8 177.4 Structural steel 153 3 178.8 178.8 178.8 178.8 Other leather products 150.9 145.4 145.6 144.7 144.6 Other building materials 163.1 179.1 178.3 173.8 170.5 Textile Prod ucis: Chemicals and Allied Products: Clothing 147.4 147.3 147.1 146.4 146.0 Chemicals 126.9 119.5 118.4 117.2 116.9 Cotton goods 217.8 184.8 180.1 176 2 172 6 Drugs and pharmaceutics^ 153.4 148 9 142.4 123.0 123.6 Hosiery and underwear 105.4 101.3 101.2 101.2 100.4 Fertilizer materials 115.0 120.8 119.6 119.7 118.9 Silk 46.4 50.1 50.1 50.1 50.1 Mixed fertilizers 103.2 108.3 108 3 108.3 108.3 Rayon 40 7 41 S 41.8 41.8 40.8 Oi1<? nnri fnt<3 '•213.8 131.7 129.3 121.2 127.0 Woolen and worsted goods.. . 156.4 162.1 161.8 160.9 159.7 HousefurnishinR Goods: Other textile products 174.2 186.9 184.9 180.9 179.1 Furnishings. . . 145.8 154.2 153 9 152.4 152.0 Fuel and Lighting Materials: Furniture 139.6 142.3 142 1 141.6 140.3 Anthra cite 125.5 138.0 137.9 135.0 133.8 Mi Bituminous coal. 181 8 106.9 '195 ? 190.7 188.9 Auto tires and tubes 63.5 64.7 64.6 64. C 64.5 Coke.. 205.4 222 .9 222.9 222.8 222 . 7 Cattle feed 291.1 190.4 209.2 231.5 213.8 EJectri city 65 4 68' 5 67 .9 Paner and pulp 167.4 168 0 167 2 165.1 163.3 Gas 89 3 91 9 92.8 ' 92^3 Rubber crude 47 6 38.8 40!o 38. tJ 37.4 Petroleum products 122.1 118.7 115.9 113.3 110.7 Other miscellaneous... . 129.7 126.4 125.6 124.1 122.6 ' Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. JULY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Seasonally adjusted annual rates Annual totals by quarters 1948 1949 1933 1939 1941 1944 1946 1947 1948 Gross national product 103.8 55.8 90.4 125.3 212.2 209.3 231.6 254.9244.9 251.9 258.1 264.9 255.9 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 -2.9 -5.2 -5.1 -6.4 n.a. Plus: Subsidies less current surplus of government enterprises -.1 .5 .1 .7 .9 .0 -.2 -.2 .2 .2 .2 Equals: National income 87.4 72.5 103.8 182.4 179.3 202.5 225.0 213.9 222.3 228.2 235.6 n.a. Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 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 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. 6 207.0 210.8 216.3 219.6 216.6 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 1929 1933 1939 1941 1944 1946 1947 National income 87.4 39.6 72.5 103.8 182.4 179.3 202.5 225.0 213.9 222.3 228.2 235.6 n.a. Compensation of employees 50.8 29.3 47.8 64.3 121.1 117.3 127.5 139 134.0 136.3 142.4 144.7 141.9 Wages and salaries 2 50.2 28.8 45.7 61.7 116.9 111.7 122.2 134.4 129 131.3 137.4 139 136.8 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 3 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 valua tion adjustment 10.3 -2.0 5.8 14.6 24.0 16.8 24.7 '29.8 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 '32.8 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 m. 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 *20. 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 r Revised. n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department 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 shownin that issue of the BULLETIN have since been revised. 850 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annua totals Seasonally b a y d j q u u st a e r d te r a s nnual rates 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 1 2 3 4 • 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 A 164.8 177.7 172.5 177.3 180.1 181.0 176.6 Durable goods 9 4 3 5 6 7 9 8 6 9 16 2 21 0 22 7 21 3 22 8 23 7 22 9 21 5 Nondurable goods 37.7 22.3 35 3 44.0 67.5 87.5 96.5 103 6 101 4 103 7 104 3 105.1 101 4 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 1 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 war 2.0 3 1 .3 9 1 3 3 .8 2 8 1 8 .6 6 2 2 1 .2 5 }l6.9 21.5 17.9 19.8 22.9 25.4 23.7 Less: Government sales 2. 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 T d o is ta - l Wag p m e C ro o o a d d m n u i d t c - y - sal D a u r i y s ti t v r d i e i b s - bu S r i e s n e r d v m u ic s e e - nts G er o n v - - L b c p s e u o l o s f o t n c s o i y o t i r e r a e n i m l e - s - in O l c a t o b h m o e r r 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 n d s p a t c o e e n e o n n r r d m d a e - l s s e t T m p r f e a a e n y r n t - s s - 7 a in g N t c u r o o i r c m n a u - l e l- 8 b m u e r n se ts - d in u g st r i i n e - s in tr d i u es s- tries ment i a n n su ce r- 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 74 0 45 4 45 9 18.4 13.1 6 9 7.5 .6 .5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72 6 45 1 45 7 17 4 13.3 6.9 8.2 .6 .5 14.7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95 3 60 9 61.7 27.5 16.3 7.8 10.2 .8 .6 20.8 9.9 3.1 86.1 1942 122.2 80.5 81.7 39.1 18.0 8.6 16.1 1.2 .7 28.1 9.7 3.2 108.7 1943 149 4 103 5 105.3 48 9 20.1 9.5 26.9 1.8 .9 32.1 10.0 3.0 134.3 1944 164.5 114.8 117.1 50.3 22.7 10.5 33.5 2.2 1.3 34.1 10.6 3.6 149.0 1945 170.3 115.2 117.5 45.8 24.8 11.5 35.5 2.3 1.6 36.0 11.4 6.2 154.3 1946 178 1 109 8 111 7 46 1 31 2 13 8 20.7 2.0 1.6 41.8 13.5 11.4 159.4 1947 195 2 120.1 122.2 54.6 35.0 15.1 17.4 2.1 1.8 46.0 15.6 11.7 174.9 1948 213.6 132.3 134.4 60.6 38.9 16.1 18.7 2.1 2.0 50.9 17.3 11.1 190.5 1948—April 208.6 126.8 128.8 57.3 37.8 15.9 17.8 2.0 2.0 51.2 16.7 11.9 185.3 May . . .. 209 2 129.0 131.0 58.5 38.6 15.9 18.0 2.0 2.0 50.4 16.8 11.0 186.6 June 214.4 131.4 133.6 60.4 38.8 16.1 18.3 2.2 2.0 53.0 16.9 11.1 189.7 July 214.8 133.4 135.6 60.9 39.5 16.4 18.8 2.2 2.1 51.7 17.0 11.1 191.3 August. . . 216.7 135.9 138.0 62.3 40.0 16.5 19.2 2.1 2.1 50.3 17.3 11.1 193.8 September. . . . 217.3 136.7 138.9 63.0 40.0 16.4 19.5 2.2 2. 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—January 219 2 136.3 138.6 62.1 39.9 16.6 20.0 2.3 2. 51.4 18.3 11.1 195.4 February 216.3 134.7 136.9 61.5 39.0 16.5 19.9 2.2 2. 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. 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. 48.0 18.2 12.2 193.2 p Preliminary. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 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. JULY 1949 851 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 of o n y t e h ar co c n r s e u d m it er i c T m n r s o e e t t d n a a i l t l t - Total A S u al t e o m cr o e b d i i l t e Other Loans1 no c T n m r i o e n e t d n s a i t t l t al- p S a l i y o n m a g n l e e s n 2 - t a C cc h o a u r n ge ts S c e r r e v d i i c t e 1929... 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1938 7,047 3,595 2,313 970 1,343 1,282 3,452 1,442 1,487 523 1939 7,969 4,424 2,792 1,267 1,525 1,632 3,545 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 3,698 1,488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 1,601 1,764 610 1942 6,578 3,048 1,617 482 1,135 1,431 3,530 1,369 1,513 648 1943 5,378 2,001 882 175 707 1,119 3,377 1,192 1,498 687 1944 5,803 2,061 891 200 691 1,170 3,742 1,255 1,758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1,520 1,981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2,263 3,054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1948—April 14,059 7,094 3,440 1,468 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 Tune 14,669 7,533 3,720 1,602 2,118 3,813 7,136 2,839 3,352 945 July 14,723 7,738 3,849 1,689 2,160 3,889 6,985 2,840 3,185 960 August 14,916 7,972 4,018 1,781 2,237 3,954 6,944 2,847 3,130 967 September 15,231 8,190 4,193 1,858 2,335 3,997 7,041 2,855 3,227 959 October 15,518 8,233 4,239 1,889 2,350 3,994 7,285 2,869 3,457 959 November 15,739 8,322 4,310 1,922 2,388 4,012 7,417 2,892 3,557 968 December 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1949—Tanuary 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 15,361 8,428 4,363 2,105 2,258 4,065 6,933 2,816 3,148 969 April? 15,622 8,631 4,516 2,241 2,275 4,115 6,991 2,765 3,258 968 Mayp 15,847 8,884 4,711 2,386 2,325 4,173 6,963 2,745 3,249 969 p Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m ba C e n r o k c m i s a - x l p S c l a m o o n a m a i n e l - l s b In a tr n d i k u al s s - 2 p I a c n t lo o r n d i m a i a u e n l s - s - 2 u C n r i e o d n i s t l M l a e n n is d e c o e e u r l s - s I m i l n r z o e a o s a a p u n d t n i a r d e o s i e r r n 3 n d - 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 I a n tr n d i k u a s l s - 2 p I c a n l t o o n r d i m a i u a e n l s s - - 2 u C n r i e o d n i s t 1929.. 643 43 263 219 23 95 463 413 38 1933.. 466 29 246 121 20 50 322 202 32 1938 1,282 312 380 129 95 103 117 146 460 664 238 176 176 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 2,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 1,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 1,422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2 ,636 1,432 310 282 428: 1948 4,072 1,709 817 204 160 312 131 739 3^069 1,534 376 319 577 1948—April 3,654 1,570 727 180 146 252 122 657 269 121 31 27 501 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 4,065 1,720 807 203 161 315 130 729 287 142 36 30 58 April P 4,115 1,749 815 207 163 323 131 727 278 146 33 29 58 Mayp 4,173 1,788 818 213 165 333 131 725 289 135 34 28 59 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 May amounted to 98 million dollars and loans made during May were 10 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. 852 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n o a d r n t o o h f r in e m T g x o o c a l t b u a u i d l l t e , o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H a s h a t p o o n o p u r c l l s e d e i e s - - Je st w o e re lr s y s o r t e A t o h ta r l e e l i r l s Year or month Total c P ha u s r r e - e d tai D l l o i a re n c s t c d r h p e a i a r n u t e a s d r c e i - l t d , l e o m r t a a n i n o o n iz d d n s a - 12 - i l s 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 1929 1,197 160 583 265 56 133 p 19 e 4 ri 6 od: 1,591 165 306 275 273 572 1933 663 119 299 119 29 97 1 1 9 9 4 4 7 8 3 2 , ,7 5 0 6 1 3 3 5 4 7 6 0 5 7 3 3 6 6 5 7 2 5 3 1 5 63 0 6 0 8 7 7 9 0 6 1938 1,343 302 485 266 70 220 1948—April 3,057 431 628 628 538 832 1939 1,525 377 536 273 93 246 May 3,137 448 649 646 555 839 1940 1,721 439 599 302 110 271 June 3,229 472 668 661 572 856 1941 1,802 466 619 313 120 284 July 3,319 502 691 678 582 866 1942 1,135 252 440 188 76 179 August 3,410 529 713 698 592 878 1943 707 172 289 78 57 111 September... 3,486 550 723 725 608 880 1944 691 183 293 50 56 109 October 3,504 561 723 731 620 869 1945 715 198 296 51 57 113 November... 3,528 565 730 736 631 866 1946 1,104 337 386 118 89 174 December. .. 3,563 570 736 751 636 870 1947 1,935 650 587 249 144 305 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 A M p a r r i c lP h 3 3 , , 5 6 5 2 6 9 5 63 9 1 8 7 78 5 5 9 7 71 0 2 9 6 63 3 6 0 8 86 6 5 0 April 1,972 680 578 282 121 311 Mayp 3,738 665 816 731 652 874 May 2,054 703 601 306 121 323 Volume extended dur- June 2,118 720 621 322 121 334 ing month: July 2,160 732 629 339 120 340 1948—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 A J F M M a e p n a a b r r y u i r c l ? a P u h r a y r . y . . . . 2 2 2 2 2 , , , , , 3 3 4 2 2 1 2 0 5 7 0 5 6 8 5 8 7 7 7 7 1 7 7 5 5 6 1 8 8 4 6 6 6 6 7 8 7 8 9 0 5 5 3 5 4 3 3 3 3 3 5 6 4 5 7 3 6 9 3 0 1 1 1 1 1 2 3 4 2 2 4 0 1 3 3 3 3 3 3 3 6 5 5 7 6 4 6 8 9 6 1949— A F M M Ja e p a a n b r r y i u r c l p u P a h a ry ry 4 3 5 5 5 8 2 2 1 6 3 6 7 7 8 1 1 1 6 0 7 1 1 8 5 1 3 3 1 1 1 9 9 2 2 3 4 0 9 9 8 1 1 9 9 0 7 2 4 9 0 4 1 3 3 4 4 5 2 3 5 8 5 1 1 1 1 1 3 1 4 4 3 2 5 4 1 8 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimates. In millions of dollars] Retail instal- Repair Personal Retail instal- Repair Personal ment paper 2 and instal- ment paper 2 and instal- Year or month Total modern- ment Year or month Total modern- ment Auto- ization cash Auto- ization cash mobile Other loans 12 loans mobile Other loans !2 loans Outstanding at end Outstanding at end of period: of period: 1946 162.7 27.5 17.8 28.3 89.1 1946 108.4 15.0 7.4 2.4 83.6 1947 233.5 50.0 30.2 43.3 110.0 1947 148.2 27.1 17.1 4.2 99.8 1948 286.2 66.6 43.4 51.7 124.5 1948 177.1 38.3 23.7 5.0 110.1 1948—April 253.3 56.8 35.7 46.7 114.1 1948—April 161.8 31.1 20.1 4.4 106.2 May 265.1 59.0 38.0 48.3 119.8 May 163.1 31.9 20.5 4.5 106.2 June 271.6 61.4 40.1 48.8 121.3 June 166.0 33.3 21.2 4.5 107.0 July 277.8 64.3 42.1 49.1 122.3 July 168.0 34.9 21.0 4.6 107.5 August 282.3 66.3 43.3 49.8 122.9 August 170.1 36.2 21.7 4.6 107.6 September . 286.7 67.8 44.3 50.6 124.0 September., 171.8 37.4 22.6 4.8 107.0 October 285.9 67.1 43.5 51.3 124.0 October 171.8 37.5 22.7 4.9 106.7 November. 285.5 66.8 43.3 51.6 123.8 November. 173.5 38.3 23.4 4.9 106.9 December. . 286.2 66.6 43.4 51.7 124.5 December., 177.1 38.3 23.7 5.0 110.1 1949—January... 283.4 66.1 42.3 51.0 124.0 1949—January..., 176.0 37.9 23.2 5.0 109.9 February.. 280.8 66.0 41.5 50.3 123.0 February . , 176.1 38.0 22.9 4.9 110.3 March .... 282.9 67.7 41.6 49.5 124.1 March. 178.1 38.4 23.4 4.8 111.5 Aprils 287.6 70.7 43.1 49.5 124.3 AprilP 180.9 39.4 24.1 4.9 112.5 Mayp 294.7 73.2 45.9 50.0 125.6 Mayp 182.5 39.9 25.9 5.1 111.6 Volume extended Volume extended during month: during month: 1948—April 42.0 11.3 6.4 4.4 19.9 1948—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 18.6 August. . . , 40.1 10.6 6.5 3.6 19.4 August 28.6 6.0 3.6 18.6 September. 38.8 9.8 6.6 3.5 18.9 September. 28.1 6.1 3.8 0.5 17.7 October... 33.5 7.6 4.9 3.5 17.5 October... 25.4 5.1 3.0 0.5 16.8 November. 35.1 8.1 4.6 3.4 19.0 November. 27.7 6.0 3.4 0.4 17.9 December. 39.0 7.9 5.4 3.0 22.7 December. 30.7 5.3 3.4 0.5 21.5 1949—January... 33.1 7.6 4.3 2.3 18.9 1949—January... 25.7 4.9 2.7 0.3 17.8 February.. 31.2 7.6 4.3 2.2 17.1 February. 25.1 4.8 2.8 0.3 17.2 March ,.. . 41.6 11.3 5.8 2.6 21.9 March.... 31.8 6.9 3.8 0.4 20.7 Aprils 41.5 12.0 6.8 2.8 19.9 AprilP 31.4 7.1 4.0 0.4 19.9 M 43.3 11.9 7.8 3.6 20.0 M 31.8 6.9 5.3 0.6 19.0 P Preliminary. x Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. JULY 1949 853 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1 Pe f r ro c m en m t p a o g r n e e t c h e c d h i a n n g ge m f P ro o e m r n c t e h c n o o t y a r f e r g e a p e s r r p e c o c h n e a d d n i i g n n e g g Instalment accounts a C cc h o ar u g n e ts 1 M 94 a 9 y ^ A 19 p 4 r 9 . M 19 a 4 r 9 . 1 M 94 a 9 y ? A 19 p 4 r 9 . M 19 a 4 r 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- h H p s o l t o l i o d a u r n e s a c e s p e - - J s e t w or e e l s ry D s m e to p e r a n e r t s t- Net sales: 1948 Total +9 +5 + 18 -10 -15 -13 April 25 15 17 15 52 C C a re s d h it s a s l a e l s es: +9 -1 +7 -22 -26 -22 J M un a e y 2 2 4 4 1 1 6 5 1 1 7 8 1 1 5 6 5 5 2 2 Instalment + 10 +8 +24 -5 -10 -12 July 23 14 17 16 51 Charge account +4 + 10 -19 -23 -13 A Se u p g t u e s m t ber... 2 2 4 3 1 1 4 4 1 1 7 6 1 1 6 6 5 5 3 1 Accounts receivable, end October 24 14 16 16 54 of month: November... 24 14 15 17 55 Total +3 0 -2 +9 + 10 + 14 December. .. 25 14 15 20 53 Instalment +2 + 1 9 + 13 + 15 + 16 1949 Collections during January 22 12 15 14 52 month: February 22 12 14 13 50 Total -2 -3 +6 -5 0 +3 March 25 14 15 14 56 Instalment 2 +9 -1 + 1 +6 April 24 13 14 14 53 Mayp 24 13 14 14 53 Inventories, end of month, at retail value. -5 +3 -10 -9 -7 P Preliminary. 1 Collections during month as percentage of accounts outstanding at P Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average =100 Percentage of total sales Accounts receivable Collections during Year or month Sales during month at end of month month Cash Instal- Chargement account 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 sales sales Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943.. . 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 65 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 39 1948 225 '236 191 219 142 198 181 222 52 7 41 1948—April 213 '220 191 208 131 191 171 211 51 8 41 May . . . 218 '227 '184 213 134 192 172 214 52 7 41 June 217 228 179 211 136 192 176 217 52 7 41 July 172 186 162 159 138 167 169 213 '53 8 '39 August 188 197 193 177 144 165 173 184 52 9 39 September '229 '231 215 228 151 188 186 188 50 8 42 October '249 '256 '202 250 155 206 196 220 51 7 42 November '264 '273 '216 '263 160 219 204 243 51 7 42 December 381 '409 '278 370 176 281 212 252 53 6 41 1949—January 173 182 136 171 163 219 212 313 52 7 41 February 163 169 132 162 157 187 195 234 51 7 42 March '204 '209 171 204 151 182 209 226 51 7 42 April 224 232 188 221 151 191 195 209 51 8 41 Mayp 208 210 182 210 152 192 197 220 50 8 42 P Preliminary. ' Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 845. 854 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS * 1949 Chart Chart book book page June June June June June page June June June June June 15 22 29 15 WEEKLY FIGURES 1 In billions of dollars RESERVE BANK CREDIT, ETC. WEEKLY FIGURES J—Cont. In unit indicated Reserve Bank credit, total.... 20.15 19.96 19.91 20.11 19.88 U. S. Govt. securities, total.. 19.77 19.59 19.46 19.17 19.52 BUSINESS CONDITIONS Bills 4.28 4.20 4.00 4.03 4.52 Wholesale prices: Notes and certificates.... 7.21 7.19 27.41 7.20 7.22 Indexes (1926=100): Bonds 8.27 8.20 8.05 7.93 7.78 Total 65 156.1 156.1 154.8 153.2 153.1 Gold stock 24.34 24.38 24.42 24.42 24.47 Farm products 65 173.7 173.9 170.7 167.0 165.2 Money in circulation 27.52 27.48 27.39 27.35 27.43 Foods 65 165.9 166.9 163.8 159.9 161.6 Treasury cash and deposits.... 1.94 1.69 1.32 1.81 1.8: Other commodities 65 145.8 145.3 145.2 145.0 144.8 Member bank reserves 2, 18.08 18.17 18.61 18.31 18.01 Basic commodities: Required reserves 17.29 17.25 17.39P17.34^17.38 (Aug. 1939=100): Excess reserves'* .79 .92 1.22 p. 97 P. 64 Total 236.7 233.7 231.4 230.9 228.3 Member bank reserves (weekly Foodstuffs 282.0 280.4 278.2 281.7 278.0 avg.): Industrial materials 217.7 214.4 212.1 209.5 207.0 New York City 4.74 4.86 4.88 4.85 4.82 Selected farm products: C R C 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 e nks 6 5 1 . . .1 8 2 6 2 1 6 5 1 . . .1 3 8 7 1 4 6 5 1 . . .1 8 2 5 5 5 6 5 1 . . . 8 1 2 2 4 7 6 5 1 . . .1 1 7 4 7 8 W C C o o h r t e n to a n t ( c ( e ( c c n e e t n s n t t s p s e p p r e e r b r u b p s u o h s u e h n l e d ) l . ) ) . . . . 1 1 3 3 9 2 1 8 . . . 1 5 8 2 1 3 1 3 2 2 6 . . . 8 3 1 2 1 3 0 3 3 7 6 . . . 2 0 5 1 1 3 9 3 2 7 9 . . . 9 1 5 1 1 3 3 9 2 7 0 . . . 5 5 4 MEMBER BANKS IN LEADING CITIES Steers (dollars per 100 All reporting banks: pounds) 27.00 26.39 25.84 25.89 Loans and investments.... 62.34 61.92 62.60 62.61 62.61 Hogs (dollars per 100 O U U D Lo t . . e N B F R B h C a m S S e o n o i e o o . . l r a r s a n l m t s n , G G e l d s p s d m e t s e o o o u c s a e v v d r t u t r n t a t c e a r c . . d l h i p t i t s e d a a o i e c l e s e s c e i s p i n u r t o s t g r i s i f i a t i t i s d c s e e a j s c u t , u e s t s r t o i . e t t i d a . e . . l s . : 1 1 1 1 1 1 8 8 4 8 3 2 4 2 1 6 2 4 4 4 6 5 3 3 . . . . . . . . . . 2 1 4 0 0 3 7 8 4 8 0 1 9 9 4 9 6 3 1 8 3 2 4 2 1 4 4 6 2 4 5 6 3 3 . . . . . . . . . . 4 3 1 3 8 1 3 1 4 6 7 4 7 5 4 0 0 8 0 2 3 2 4 2 1 6 2 4 4 4 5 6 3 3 . . . . . . . . . . 5 3 8 5 1 9 8 2 3 8 2 6 7 0 1 9 7 4 3 9 3 2 4 2 1 6 2 4 4 4 6 6 3 3 . . . . . . . . . . 2 2 5 1 5 3 0 5 2 9 2 3 2 1 3 2 6 6 9 9 3 4 2 2 1 6 4 4 4 6 6 1 3 1 3 . . . . . . . . . . 4 2 1 5 0 1 1 8 1 7 3 2 5 9 8 1 8 8 Pr A S o M C P B d t a u r i e e b E B t u u p t e u a b o d c g e u l m t p l m t r e g t s i b ( o t s i ( o . % o e n ) u o m n p r b ( o n a : i c e i u r d ( l o l e t d l c e s s r , f n e ) o c t p n ( c ( l s o t t e o a t h h a s u p u p o o l m e p n a u u ( r c e d m s s r i s . . d t ) i y p ( l c o t t l ) o h o a , z u o r t n e o s u n n s ) n s d . ) ) , s ) . . . ) . . . . . . . . 2 4 1 5 4 9 , 1 . 8 1 2 8 2 . 1 9 . . 5 . 8 9 8 3 9 3 8 5 4 2 9 8 5 2 4 5 4 8 2 1 ,8 2 8 3 . 9 1 1 . 1 5 7 9 3 6 . . . 9 6 3 8 1 6 3 0 6 2 4 5 4 8 0 ,8 2 8 5 6 . 1 1 . 8 6 3 7 6 4 . . . 7 8 9 0 7 7 1 7 0 2 4 4 8 5 1 . 1 8 2 4 4 . 8 . 1 1 9 3 8 6 4 7 . . . 8 2 4 1 9 9 0 5 0 2 4 5 4 , 7 1 8 2 9 3 1 1 9 . . 1 1 2 7 5 4 . . . 2 8 9 9 6 3 5 4 1 Ot T U O h o e . t h r 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 2 3 1 1 . . . . 2 0 9 3 6 5 0 1 3 1 1 . . . . 0 8 8 7 2 0 9 8 3 1 1 . . . . 0 9 9 8 7 1 3 4 2 3 1 1 . . . . 3 0 3 9 1 2 2 3 3 2 1 1 . . . . 9 3 2 6 8 5 7 1 F D r e e T E M 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 c e a a n r n p l t o e o a o s w d t u o e i s n r r e g ( s m s ( a i t l l h e l. o s k u w s. . c h a r r s s . ) ) 5,0 3 6 1 0 9 8 2 9 5,3 3 8 0 3 0 0 9 8 5,3 6 3 7 4 3 3 9 3 5,4 8 3 6 0 3 6 3 6 5,4 3 6 1 2 4 0 8 4 Ne L w o a Y ns o r a k n d C i i t n y v e b s a tm nk en s t : s 15 18.38 18.05 18.54 18.65 18.73 (1935-39=100) 259 288 285 247 U. S. Govt. securities, total. 15 9.67 9.93 10.29 10.10 9.89 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 5 7 . . 8 5 9 4 5 7 . . 9 5 4 8 6 7 . . 0 6 8 4 6 7 . . 1 6 2 9 6 7 . . 1 7 2 3 1949 Notes and certificates.... 17 1.40 1.55 1.55 1.50 1.54 De B m il a ls n d deposits ad # j usted.. 1 15 15. . 0 73 0 15. . 0 81 0 1 1 5 . . 1 3 0 6 15. . 2 91 7 15. . 0 6 8 3 Mar. Apr. May3 U. S. Govt. deposits 15 .29 .21 .25 .27 .52 Interbank deposits 15 3.76 3.71 4.01 3.72 3.71 Time deposits 15 1.64 1.64 1.64 1.64 1.68 MONTHLY FIGURES In billions of dollars Loans, total 15 7.62 7.04 7.15 7.44 7.72 Commercial 1 4.80 4.78 4.78 4.71 4.66 DEPOSITS AND CURRENCY Fo T r o p u b r r c o h k a e s r i s n : g securities: Deposits and currency:e On U. S. Govts 19 .98 .53 .58 .76 .95 Total 6 P167.60 P167.6O P167.60 Re T al o O e o s n t t h a o e t t e r h s e a r n d se c o u th ri e t r i s e s . . . . . . 1 1 1 9 9 . . . 4 9 2 9 9 3 . . . 4 2 9 7 2 8 . . . 4 2 9 9 3 9 . . . 2 7 9 2 3 9 1. . . 0 7 2 1 8 5 T D i e m E m x e p a c o n d lu s d e d i 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 d G t j e o u d v s t t . e d d . e . - 6 6 6 P P P 1 5 8 6 8 1 4 .O . . 2 1 O 0 0 P P P 1 8 6 5 2 5 8 . . . 5 4 1 0 0 0 z> P P 1 8 5 6 2 8 5 . . . 6 2 7 0 0 0 Ba L U D n o . e k N B B a m S s n i o o . l a s n l o t s n G e d u a s d s o n t s a v d d i n t e d . d i p n e s o v e c s N c e e i u r s t e t s t r i w m i f t i a i c e e Y d a n s j t o t , u e s r s t s k o te t C a d l . i . . ty 1 1 : 5 5 4 2 3 1 4 3 4 1 1 8 . . . . . . 7 3 9 3 3 2 9 8 6 6 7 0 4 3 2 1 4 3 4 1 1 8 . . . . . . 3 8 4 8 3 2 6 7 2 0 0 6 4 3 2 1 4 4 1 4 1 8 . . . . . . 4 8 0 4 5 3 2 1 6 9 8 5 3 4 2 1 4 4 3 1 1 8 . . . . . . 3 4 7 9 0 3 1 2 3 5 5 8 3 2 4 1 4 1 4 3 1 8 . . . . . . 2 7 2 8 0 3 0 0 9 8 1 8 Mo $ U C C B n 1 u o i . l e 0 i r l S y n s r a . e s o n i , n G n f d c $ o y $ c 1 $ v i 5 , 2 r o t 0 $ c . 0 u u 2 d t a b l , s n e a i i a p d d t ll i n o e s o d o s n b i v , t $ e s a 5 r t n o b k t i a s l l l . s . . . . . . . . . . 6 6 P 2 P 1 2 8 4 7 5 4 3 . . . . . . 1 5 4 4 4 4 O 1 6 4 7 0 P 2 P 1 2 4 8 7 4 2 4 . . . . . . 4 4 4 4 1 9 9 7 2 5 0 0 P P 2 2 1 5 8 4 7 4 l . . . . O . . 5 9 5 4 5 2 0 O 1 8 1 U. S. Govt. deposits .60 .47 .63 .73 .95 Interbank deposits 5.83 5.99 6.07 5.71 5.68 Time deposits 15 13.66 13.67 13.67 13.68 13.72 Annual rate Loans, total 15 16.19 16.06 16.09 16.13 16.16 F O C R o o e th r a m e l p m r e u s e r t r c a c h t i e a a l s ing securities. 1 1 1 1 3 3 8 . . . . 1 6 8 6 2 8 9 1 3 3 8 . . . . 1 8 6 5 2 9 4 8 3 3 8 . . . . 1 6 9 6 4 1 0 1 3 8 3 . . . . 5 9 1 6 8 1 5 1 3 8 3 . . . . 9 1 5 6 2 7 1 Tu O N rn e th o w e v r e Y r l o e o a r f k d i d n C e g i m ty c a i n ti d e s deposits:4 2 1 6 8 . . 4 8 2 1 8 8 . . 5 8 2 1 9 9 . . 5 1 MONEY RATES, ETC. Per cent per annum In billions of dollars U. S. Govt. securities: COMMERCIAL BANKS Bills (new issues) 30 1.158 1.158 1.158 1.158 1.052 Co 3 C 7 1 r - - 5 p e 5 9 o r y t r i y y e a f e e a i t c a e a r a s r r s t s b e o o s r n m ds o : re 30, 3 3 3 3 0 0 0 2 3 2 1 1 1 . . . . 7 4 3 2 1 6 9 1 2 1 1 1 . . . . 6 2 4 3 9 0 3 8 2 1 1 1 . . . . 4 6 2 3 2 7 0 8 2 1 1 1 . . . . 6 4 2 3 5 1 1 8 2 1 1 1 . . . . 6 1 3 3 0 6 6 4 L C o a L U a sh o n . a s S a n a s . s n s * G e d t o s i v * n t v . e s s e t c m u e ri n ti t e s, s * total8. P P P P 1 4 3 6 1 2 4 0 2 . . . . 4 2 6 9 0 0 0 0 P P P P 1 6 4 3 1 2 1 4 2 .O . . . 3 0 5 O 0 0 0 P P P P 1 3 4 1 6 2 0 3 3 . . . . 9 4 9 2 0 0 0 0 Aaa 32 2.72 2.71 2.71 2.71 Other securities* P9.30 P9.20 P9.30 Baa 32 3.46 3.46 3.47 3.48 Holdings of U. S. Govt. se- High-grade (Treas. series). . 32 2.73 2.72 2.72 2.72 curities: Bonds: Total 10 41.21 41.60 42.20 In unit indicated Within 1 year 10 5.58 5.65 5.71 Stock prices (1935-39=100): 1-5 years 1C 25.11 25.31 25.67 Total 34 113 112 111 112 5-10 years 1C 6.73 6.81 6.95 Industrial 3 118 116 116 117 Over 10 years 1C 3.79 3.83 3.87 Railroad . 34 91 89 87 88 Notes and certificates 1C 10.65 10.68 10.90 Public utility 34 94 94 92 93 Bills 10 1.78 2.62 2.78 Volume of trading (mill, shares) 3< .94 .92 .93 .68 Guaranteed securities 10 For footnotes see p. 858. 855 JULY 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued Chart 1949 Chart 1949 book book page Mar. Apr. May 3 page Mar. Apr. May MONTHLY FIGURES-Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars MEMBER BANKS GOVERNMENT FINANCE—Cont. All member banks: Ownership of U. S. Govt. securities—Cont. Loans and investments, total 12 93.96 93.99 94.96 Marketable public issues—Cont. Loans 12 35.89 34.86 34.47 By class of security—Cont. U. S. Govt. securities 12 50.54 51.64 52.92 Bonds—Total outstanding. ... 24 111.60 111.60 Other securities 12 7.53 7.49 7.58 Nonbank (unrestricted issues Demand deposits adjusted' 12 68.53 69.79 69.89 only), commercial bank, Time deposits 12 29.07 29.13 29.22 and F. R. Bank 24 68.83 68.50 "68.20 Balances due to banks 12 10.37 10.10 9.94 Commercial bank and F. R. Balances due from banks 12 4.89 4.80 4.82 Bank 24 50.45 50.50 *50.56 Reserves 12 19.42 19.18 18.15 F. R. Bank 24 9.24 8.90 8.36 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 22.62 22.98 23.50 Withinlyear—Total outstanding 25 49.21 52.60 52.61 Loans 12 9.88 9.20 9.17 Commercial bank and F. R. U. S. Govt. securities 12 11.19 12.28 12.82 Bank 25 28.99 31.87 "31.45 Other securities 12 1.55 1.51 1.51 F. R. Bank 25 12.79 12.92 12.05 Demand deposits adjusted • 12 17.84 18.88 18.87 1-5 years—Total outstanding. 25 42.09 38.49 38.49 Time deposits 12 2.69 2.69 2.76 Commercial bank and F. R. Balances due to banks 12 4.78 4.74 4.63 Bank 25 29.69 27.71 Reserves 12 6.45 6.38 5.96 F. R. Bank 25 2.78 2.40 2.22 Reserve city banks: 5-10 years—Total outstanding 25 10.46 10.46 10.46 Loans and investments, total 13 34.84 34.64 34.95 Commercial bank and F. R. Loans 13 13.97 13.64 13.38 Bank 25 6.91 6.97 U. S. Govt. securities 13 18.33 18.45 18.95 F. R. Bank 25 .17 .16 .11 Other securities 13 2.53 2.55 2.62 Over 10 years—Total outstand- Demand deposits adjusted • 13 24.25 24.44 24.49 ing 25 53.89 53.89 53.89 Time deposits 13 11.49 11.55 11.57 Nonbank (unrestricted issues Balances due to banks 13 4.75 4.55 4.55 only), commercial bank, Balances due from banks 13 1.59 1.60 1.59 and F. R. Bank 25 11.11 10.79 Reserves 13 7.31 7.22 6.88 Commercial bank and F. R. Country banks: Bank 25 9.73 9.45 Loans and investments, total 13 36.50 36.37 36.51 F. R. Bank 25 5.95 5.62 5.32 Loans 13 12.04 12.02 11.92 Cash income and outgo: U. S. Govt. securities 13 21.01 20.92 21.15 Cash income 26 5.56 1.43 2.60 Other securities 13 3.44 3.43 3.45 Cash outgo 26 3.85 "•3.13 3.69 Demand deposits adjusted • 13 26.44 26.47 26.53 Excess of cash income or outgo.... 26 + 1.70'•-1.70 -1.09 Time deposits 13 14.89 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. . 6 1 6 5 5 3 . . 5 0 9 3 3 5. . 3 0 1 ' MONEY RATES, ETC. Per cent per annum Treasury bills (new issues) 29 1.162 1.155 1.156 Corporate bonds: Aaa 29 2.70 2.70 2.71 CONSUMER CREDIT • Baa 29 3.47 3.45 3.45 F. R. Bank discount rate 29 1.50 1.50 1.50 Consumer credit, total 20 15.36 P15.62 ^15.85 Commercial paper 29 1.56 1.56 1.56 Single-payment loans 20 2.82 P2.77 P2.75 Stock yields: Charge accounts 20 3.15 P3.26 P3.25 Dividends /price ratio: Service credit 20 .97 P.97 P.97 Common stock 33 6.88 7.02 7.29 Instalment credit, total 20, 21 8.43 P8.63 PS.88 Preferred stock 33 4.07 4.07 4.04 Instalment loans 21 4.07 P4.12 P4.17 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. . 1 3 1 6 P P 4 2 . . 5 2 2 4 ^ ?> 2 4 .3 .7 9 1 In unit indicated Other 21 2.26 P2.28 P2.33 Margin requirements (per cent) 35 5 75 50 50 Stock prices (1935-39 = 100), total... 35 118 119 118 Stock market credit (mill, dollars): Bank loans 35 438 427 424 GOVERNMENT FINANCE Customers' debit balances 35, 36 530 626 660 Money borrowed 36 254 329 355 Gross debt of the U. S. Government: Customers' free credit balances.... 36 551 542 535 Total (direct and guaranteed) 22 251.67 251.55 251.91 Volume of trading (mill, shares) 35 .86 .82 Bonds (marketable issues) 22 111.60 111.60 111.60 Notes, certificates, and bills 22 44.05 43.85 43.85 BUSINESS CONDITIONS Savings bonds, savings notes. ... 22 60.28 60.51 60.81 Personal income (annual rates, bill, Special issues 22 31.93 31.83 31.91 dollars): •4 Guaranteed, noninterest-bearing Total 48 214.6 213.7 debt, etc 22 3.82 3.76 3.73 Total salaries and wages 48 132.7 133.2 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 67.4 66.2 Commercial banks e. . . 23 '60.60 61.90 P63.00 All other 48 14.5 14.3 Fed. agencies and trust funds... 23 37.66 37.52 37.54 Labor force (mill, persons) :e F. R. Banks 23 21.69 21.09 19.70 Total 49 62.3 62.3 ••63.5 Individuals e 23 r68.60 68.40 P68.60 Civilian 49 60.8 60.8 62.0 Corporations and associations «. . 23 22.10 21.70 P22.30 Unemployment 49 3.2 3.0 3.3 Insurance companies e 23 21.40 21.20 P21.00 Employment 49 57.6 57.8 58.7 S M ta u t t e u a a l n s d a v lo i c n a g l s g b o a v n t k s s . e « 2 2 3 3 1 8 1 . . 0 6 0 0 1 8 1 . . 1 6 0 0 2* P 1 8 1 . . 2 6 0 0 Employ N m o e n n a t g r i i n c n u o lt n u a ra g l r icultural estab- 49 50.3 50.0 49.7 Marketable public issues: lishments (mill, persons) :e 4 By class of security: Total 50 »-44.23 44.07 P43.76 Bills-—Total outstanding 24 11.65 11.54 Manufacturing and mining 50 ••16.52 16.35 P16.04 Commercial bank and F. R. Construction 50 1.98 1.98 PI.99 Bank 24 6.96 7.48 P7 .01 Transportation and utilities 50 r3.95 3.95 P3.95 No F t . e s R . a B n a d n k c ertificates—Total 24 5.18 4.87 4.23 T G r o a v d e e r nment 5 5 0 0 9 5 . . 7 7 1 6 9 5 . . 6 7 9 6 P P 9 5 . . 7 6 8 3 outstanding 24 32.40 32.31 32.31 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 '53.59 52.70 P53.08 Bank '. 24 17.92 18.01 Hourly earnings (dollars) 51 '•1.374 1.376 Pl.375 F. R. Bank 24 7.27 7.33 7!l2 Hours worked (per week) 51 39.0 38.3 P38.6 For footnotes see p. 858. 856 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued Chart 1949 Chart book book page Mar. Apr. May3 page Mar. Apr. May * In unit indicated In unit indicated MONTHLY FIGURES—Gont. MONTHLY FIGURES—Gont. BUSINESS CONDITIONS Cont. BUSINESS CONDITIONS Cont. Industrial production:4 Department stores—Cont. Total (1935-39=100). ..' 52 179 296 stores—Cont. Groups (points in total index): Ratios to sales (months' supply): Durable manufactures 52 84.4 80.7 P76.2 Total commitments 63 '3. 3.3 3.4 Nondurable manufactures 52 '78.9 75.8 P75.4 Stocks 63 2.9 2.6 2.7 Minerals 52 20.7 22.5 P22.9 :onsumers' prices (1935-39=100): Manufacturing production All items 64 169.5 169.7 169.2 (1935-39=100), total 53 193 185 P179 Food 64 201.6 202.8 202.4 Durable 53 223 213 P201 Apparel 64 193.9 192.5 191.3 Nondurable 53 168 162 P161 Rent 64 120.1 120.3 120.4 Selected durable manufactures Miscellaneous 64 154.4 154.6 154.5 (1935-39= ICO): Wholesale prices (1926 =100): Nonferrous metals 54 ••210 209 P200 Total 65 158.4 156.9 155.7 Steel 54 264 ••240 218 Farm products 65 ••171.5 170.5 171.2 Cement 54 208 213 196 Food 65 162.9 162.9 163.9 Lumber 54 119 118 P120 Other commodities 65 '15O.7 148.8 146.7 Transportation equipment 54 240 238 P221 Textile products 66 143.8 142.2 140.5 Machinery 54 252 240 P230 Hides and leather products 66 180.4 179.9 179.3 Selected nondurable manufactures Chemicals and allied products. . . 66 121.1 117.7 118.2 (1935-39=100): Fuel and lighting materials 67 134.3 132.0 130.1 Apparel wool consumption 55 107 92 Building materials 67 200.0 196.5 194.0 Cotton consumption 55 120 111 103 Metals and metal products 67 174.4 171.4 168.0 Shoes 55 123 113 P104 Miscellaneous 66 115.7 115.6 113.6 Paperboard 55 163 163 162 Prices paid and received by farmers Newsprint consumption 55 151 154 161 (1910-14=100): Manufactured food products.... 55 162 162 P163 Paid 69 246 246 245 Fuel oil 55 186 169 P166 Received 69 261 260 256 Gasoline 55 169 170 P175 Cash farm income (mill, dollars): Industrial chemicals 55 427 417 P409 Total 70 1,973 1,850 PI.947 Rayon 55 300 265 Livestock and products 70 1,269 1,231 Pl.287 Orders, sales, and inventories: Crops 70 677 592 P633 Sales (bill, dollars): Govt. payments 70 27 27 P27 Manufacturing, total 56 18.1 16.8 16.1 Durable 57 7.7 7.2 6.8 INTERNATIONAL TRADE AND FINANCE Nondurable 57 10.4 9.5 9.3 Wholesale 56 7.5 7.0 7.1 Exports and imports (mill, dollars): Retail 56 10.5 11.1 10.8 Exports 76 1,154 P1,148 P1,O77 Inventories (bill, dollars): Imports 76 P632 *>534 P539 Manufacturing, total 56 31.8 31.3 30.7 Excess of exports or imports 76 P522 Durable, total 57 15.3 15.1 14.7 Short-term foreign liabilities and assets Goods in process 57 5.9 f 5.9 reported by banks (bill, dollars): Purchased materials 57 4.6 4.6 Total liabilities 77 P5.95 P5.86 Finished goods 57 4.7 4.7 Official 77 P2.93 Nondurable, total 57 16.5 16.1 16.0 Invested in U. S. Treasury bills Goods in process 57 2.4 2.3 and certificates 77 P. 79 P. 75 Purchased materials 57 7.5 7.3 Private 77 P3.02 P3. 06 Whol F e i s n a i l s e h ed goods 5 5 7 6 6 8. . 4 6 6 8 . . 6 2 7.9 Fo T re o i t g a n l e a x ss c e h t a s n ge rates: 77 P 99 P.95 Retail 56 14.5 14.3 13. See p. 879 of this BULLETIN 78, 79 New orders (1939 = 100) : 1948 1949 Manufacturing, total 56 215 196 Constru N D c o u ti n r o a d n b u l r c e a o b n l t e r acts (3 mo. moving 5 5 6 6 2 1 4 9 3 9 2 1 0 8 9 7 QUARTERLY FIGURES O D c e t c . . - J M a a n r . . - J Ap u r n . e avg., mill, dollars):4 Total 58 717 724 739 GOVERNMENT FINANCE In billions of dollars Residential 58 238 257 288 Other 58 480 467 450 Budget receipts and expenditures of Residential construction: U. S. Treasury: Contracts awarded (mill, dollars) :4 Expenditures, total 27 9.10 9.23 10.15 Total 59 231 254 296 National defense 27, 28 2.90 3.08 P3.04 1- and 2-family dwellings 59 167 198 203 Veterans' Administration 28 1.65 1.71 1.65 Other 59 64 55 93 International aid 28 1.61 1.58 Pl.95 Dwellings started (thous. units)... 59 69 86 95 Interest on debt 28 1.45 1.05 1.87 Value of construction activity (mill, All other 28 1.41 1.74 Pl.51 dollars): Receipts: T N o o t n a r l* es idential:e 60 1,267 1,378 ,584 N In e d t i v r i e d c u e a ip l ts in come taxes 2 2 7 8 3 8. . 6 0 5 8 1 7 2 . . 2 4 6 0 8.05 Public 60 306 367 452 Corporate income, etc 28 2.72 3.29 Re P s r id iv e a n t t e i al:6 60 531 552 587 A M l i l s o ce th ll e a r n eous internal revenue. . 2 2 8 8 2. . 2 7 4 4 2. . 0 8 1 4 2.66 Public 60 10 14 15 Tax refunds (deduct) 28 .12 1.00 Private 60 420 445 530 Freight carloadings:4 Total (1935-39 = 100) 61 127 124 MONEY RATES Per cent per annum Groups (points in total index): Miscellaneous 61 75.8 72.5 68.9 Bank rates on loans to business: Coal 61 16.7 27.5 27.7 All loans: All other 61 27.4 '27.0 27.7 19 cities 31 2.64 2.70 2.74 Department stores: New York City 31 2.34 2.42 2.35 Indexes (1935-39 =100) :* 7 Northern and Eastern cities... 31 2.68 2.68 2.86 Sales 62 277 294 293 11 Southern and Western cities. . 31 3.02 3.12 3.17 Stocks 62 '284 '281 274 Loans of $l,000-$10,000: 296 stores: 19 cities 31 4.50 4.62 4.63 Sales (mill, dollars) 63 ••320 ••347 328 New York City 31 4.23 4.22 4.22 Stocks (mill, dollars) 63 ••918 ••907 897 7 Northern and Eastern cities. . . 31 4.51 4.63 4.67 Outstanding orders (mill, dollars) 63 310 236 210 11 Southern and Western cities.. 31 4.62 4.79 4.80 For footnotes see p. 858. JULY 1949 857 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 1948 1949 1948 Chart Chart book book page Oct.- Jan- Apr.- page Oct.- Jan.- Apr.- Dec. Mar. June Dec. Mar. June Per cent per annum In unit indicated QUARTERLY FIGURES—Gont. QUARTERLY FIGURES—Gont. MONEY RATES Cont. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. Plant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars) :«6 19 cities 31 3.58 3.64 3.70 All business 42 5.4 4.7 4.8 New York City 31 3.40 3.42 3.43 Manufacturing and mining; rail- 7 Northern and Eastern cities. . . 31 3.60 3.66 3.64 roads and utilities 42 3.8 3.2 3.3 11 Southern and Western cities. . 31 3.68 3.75 3.89 Manufacturing and mining 42 2.5 2.1 2.1 Loans of $100,000-$200,000: 19 cities 31 2.97 2.89 3.04 In billions of dollars New York City 31 2.70 2.66 2.78 7 Northern and Eastern cities... 31 2.97 2.89 2.98 Individual savings: 11 Southern and Western cities . . 31 3.14 3.04 3.26 Gross savings 43 + 10.6 Loans of $200,000 and over: Liquid savings 43 + 1 8 19 cities 31 2.34 2.42 2.44 Cash 43 + 1 7 New York City 31 2.16 2.25 2,17 U. S. Govt. securities 43 0 0 7 Northern and Eastern cities... 31 2.44 2.44 2.66 Other securities 43 +0 7 11 Southern and Western cities. . 31 2.57 2.71 2.69 Insurance 43 9 Debt liquidation 43 -2 .0 Stock yields: Earnings /price ratio, common stocks 33 16.51 P14.28 Annual rates, in billions of dollars GROSS NATIONAL PRODUCT, ETC. BUSINESS FINANCE In unit indicated Gross national product4 44 264.9 255.9 Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars):e ices 44 41.5 40.1 Current assets total 37 '126.7 125.0 Personal consumption expenditures 44 181.0 176.6 Cash 37 '24.0 23.4 Durable goods 46 22.9 21.5 U. S. Govt. securities 37 r13.9 14.0 Nondurable goods 46 105.1 101.4 Inventories 37 '48.5 48.5 Services 46 53.0 53.7 Receivables 37 '38.7 37.5 Private domestic and foreign invest- Current liabilities, total 37 '61.9 59.2 ment 44 42.4 39.2 Notes and accounts payable 37 '37.1 34.6 Gross private domestic invest- Federal income tax liabilities.... 37 '11.9 11.2 ment: Net working capital 37 '64.8 65.8 Producers' durable equipment. 45 22.7 22.0 Corporate security issues: New construction 45 14.7 13.5 Total (bill, dollars) e 38 1.87 1.06 Change in business inventories. 45 5.3 2.2 New money, total (bill, dollars) e... 38 1.77 .85 Net foreign investment 45 -.4 1.5 Type of security (bill, dollars): Personal income, consumption, and Bonds 38 1.57 .72 saving:4 Preferred stock 38 .07 .05 Personal income 47 219.6 216.6 Common stock 38 .11 .08 Disposable income after taxes 47 199.4 197.8 Use of proceeds (mill, dollars): Consumption expenditures 47 181.0 176.6 Plant and equipment: Net personal saving 47 18.4 21.2 All issuers 39 1,451 699 Public utility 39 898 343 Railroad 39 117 174 1949 Industrial 39 435 182 Working capital: All issuers 39 316 152 June Dec. June Public utility 39 4 2 30 31 30 Railroad 39 60 SEMIANNUAL FIGURES Bond P s u I b ( n b li d i c l u l , s t d r o ia ll l ars):e 3 3 9 8 2 . 3 8 3 6 . 8 5 1 8 INSURED COMMERCIAL BANKS In billions of dollars Private 38 .81 .33 Loans: Corp ( o a r n a n te u a p l r o r f a i t t e s, s , t a b x il e l s , , d a o n l d la d rs i ) v i :e dends Commercial 11 17.83 18.76 P P r r o o f f i i t t s s b a e f f t o er r e t t a a x x e e s s (dividends and 40 34.7 28.8 A Re g a r l i c e u s l t t a u t r e a l 1 1 1 1 1 1 0 . . 9 1 7 0 1 2 0 . . 7 6 8 7 undistributed profits) 40 21.2 17.2 Consumer 11 6.41 6.80 Co U rp n o d r i a st te ri b p u r t o e f d i ts p ro a f f i t t e s r taxes (quar- 40 12.9 8.9 Fo T r o p u b r r c o h k a e s r i s n g a n s d e c d u e r a i l t e ie rs s : 11 1.18 1.34 A La ll t r e g c r e o l y r c p o t o o r r t p a a o t l i r s o a ) n t : i s o n (b s, i ll t , o d ta o l l la ( r b s i ) l l e , . d . o . l - . 41 5.3 S O t t a h t e e T r a o s n e o d c t u h l r o e it r c i s a e l s government securities 1 1 1 1 1 1 3 5 1 . . . 5 0 4 0 8 3 0 3 5 . . . 4 9 5 2 4 1 lars) 41 1.4 1.1 Manufacturing (mill, dollars): Durable 41 564 498 Nondurable 41 394 327 Electric power and telephone (mill, dollars) 41 223 248 Railroads (mill, dollars) 41 197 58 858 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT 1949 1949 Chart Chart book book page1 Mar. Apr.p May? page1 Mar. Apr.p May? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 15,361 15,622 15,847 Consumer instalment sale credit Instalment credit, total 3,5 8,428 8,631 8,884 granted, cumulative totals:2 Instalment loans 5 4,065 4,115 4,173 By all other retailers 685 746 811 Instalment sale credit 5 4,363 4,516 4,711 By department stores and mail- Charge accounts 3 3,148 3,258 3,249 order houses 600 645 706 Single-payment loans 3 2,816 2,765 2,745 By furniture and household appli- Service credit 3 969 968 969 ance stores 493 520 571 Consumer credit outstanding, cumu- By automobile dealers 358 371 403 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 15,361 15,622 15,847 standing, cumulative totals:2 Charge accounts 4 6,933 6,991 6,963 Commercial and industrial banks. 065 4,115 4,173 Single-payment loans 4 3,785 3,733 3,714 Small loan companies 142 2,159 2,172 Service credit 4 969 968 969 Credit unions 335 1,344 1,354 Consumer instalment sale credit out- Miscellaneous lenders 020 1,021 1,021 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 4,363 4,516 4,711 loans 729 727 725 Department stores and mail-order houses 6 3,883 4,035 4,222 Furniture and household appliance stores 6 3,129 3,277 3,451 Automobile dealers . 6 2,105 2,241 2,386 P Preliminary. 1 Annual figures for charts on pp. 9-19, inclusive, are published as they become available. 2 The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. JULY 1949 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1948 ALL MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 2,816,827 11,000 58,213 214,079 233,208 310,204 231,728 215,678 1,542,717 Interest and dividends on securities: U. S. Government 851,942 2,931 16,833 65,892 71,110 95,686 69,999 64,987 464,504 Other 157,348 518 3,172 13,559 15,165 18,597 13,209 10,219 82,909 Interest and discount on loans. 1,285,650 6,160 30,978 106,679 112,887 142,501 103,658 92,071 690,716 Other charges on loans 18,273 42 157 689 1,110 1,435 1,400 1,061 12,379 Service charges on deposits. . . . 140,730 637 3,362 13,020 15,572 21,028 15,694 12,038 59,379 Other charges, fees, etc 65,155 426 2,129 6,975 6,380 7,864 5,293 4,779 31,309 Trust department 144,102 25 56 1,036 2,909 8,608 9,183 18,246 104,039 Other current earnings 153,627 261 1,526 6,229 8,075 14,485 13,292 12,277 97,482 Expenses 1,786,873 6,889 35,723 132,796 147,941 203,030 155,096 145,192 960,206 Salaries—officers 295,697 2,503 11,026 34,129 31,435 36,319 25,073 22,369 132,843 Salaries and wages—others.... 576,116 868 5,510 25,951 35,054 56,152 47,797 47,828 356,956 Directors' fees, etc 14,842 165 871 2,960 2,486 2,520 1,319 1,040 3,481 Interest on time deposits 249,421 841 5,803 24,173 27,429 36,006 23,302 18,194 113,673 Interest on borrowed money.. . 3,129 9 64 130 131 177 168 186 2,264 Taxes other than income 89,664 361 1,864 7,102 7,574 10,498 7,870 7,332 47,063 Recurring depreciation 39,256 192 1,040 3,871 4,057 5,575 3,886 3,972 16,663 Other current expenses 518,748 1,950 9,545 34,480 39,775 55,783 45,681 44,271 287,263 Net current earnings before income taxes 1,029,954 4,111 22,490 81,283 85,267 107,174 76,632 70,486 582,511 Recoveries, transfers from reserves, and profits 240,297 446 1,982 8,466 11,221 17,566 14,244 15,758 170,614 On securities: Recoveries 25,595 25 238 1,025 2,132 3,158 1,270 1,651 16,096 Transfers from reserves 23,273 115 520 777 570 1,114 20,172 Profits on securities 54,329 104 470 2,027 2,470 3,461 3,046 3,780 38,971 On loans: Recoveries 33,824 238 828 2,873 2,890 3,717 2,620 1,953 18,705 Transfers from reserves 45,516 8 55 439 793 1,398 2,489 2,258 38,076 All other 57,760 71 386 1,987 2,416 5,055 4,249 5,002 38,594 Losses, charge-offs, and transfers to reserves 419,027 938 5,077 22,107 29,490 40,760 36,591 37,36: 246,702 On securities: Losses and charge-offs 67,446 16' 1,120 5,431 7,407 7,245 6,347 7,446 32,283 Transfers to reserves 35,494 16 257 1,090 1,167 1,763 2,004 1,820 27,377 On loans: Losses and charge-offs 23,599 436 1,355 3,626 2,975 2,63 1,813 2,095 8,664 Transfers to reserves 246,757 205 1,731 8,793 14,650 24,124 22,440 21,058 153,756 All other 45,731 114 614 3,16" 3,291 4,993 3,987 4,943 24,622 Profits before income taxes 851,224 3,619 19,395 67,642 66,998 83,980 54,285 48,882 506,423 Taxes on net income.. 232,697 636 3,77' 15,782 19,453 26,003 16,943 14,871 135,232 Federal 217,908 600 3,558 15,008 18,620 24,883 16,285 14,144 124,810 State 14,789 36 219 774 833 1,120 658 727 10,422 Net profits. 618,527 2,983 15,618 51,860 47,545 57,97 37,342 34,011 371,191 Ca O sh n d pr i e v f i e d r e re n d d s s t d oc e k c l z ared 29 3 2 , , 8 8 6 98 6 94 1 7 3 4,5 3 4 3 9 16,3 1 8 7 6 3 16, 3 9 9 4 4 2 23,0 54 6 5 3 17, 3 2 9 1 5 6 16, 9 1 6 7 7 5 197 1 , ,3 6 4 2 6 0 On common stock 289,032 934 4,516 16,213 16,548 22,518 16,821 15,208 196,274 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities 7,01 19 107 80 125 316 6,363 On loans 9,270 10 86 401 663 946 828 754 5,582 Losses charged to reserves (not included in losses above): On securities 16,993 287 362 521 1,14- 1,355 13,235 On loans 39,61 359 1,664 2,590 3,613 2,972 2,948 25,422 Loans 36,031,875 106,583 584,543 2,150,90' 2,332,908 3,112,153 2,440,29. 2,370,86222,933,625 U. S. Government securities 52,097,233 149,752 898,360 3,689,57' 4,090,328 5,720,002 4,333,398 4,152,67229,063,144 Other securities 7,398,19' 21,85^ 133,360 634,338 769,329 956,919 708,912 530,066 3,643,416 Real estate assets 941,99' 2,455 12,280 53,397 66,22 109,903 88,189 90,616 518,936 Cash assets 34,168,85. 106,225 545,96< 2,029,31' 2,197,239 3,041,832 2,507,87. 2,580,29821,160,105 Total assets. 131,267,10: 387,147 2,175,89: 8,564,33 9,467,55412,964,57010,108,535 9,760,56: 77,838,507 Time deposits 28,883,814 86,81 594,45< 2,562,99= 3,085,318 4,256,182 2,808,77: 2,267,15< 13,222,109 Total deposits 121,259,34. 350,904 2,003,82: 7,961,94' 8,833,92412,095,63 9,444,95' 9,116,53< 71,451,625 Total capital accounts. . 8,779,87. 35,318 166,66< 585,003 607,15 816,58 608,35. 586,49 5,374,294 Number of officers 46,12 1,06. 3,61 8,76i 6,32 5,85: 3,46 2,79C 14,244 Number of employees.. 246,99C 754 3.93C 14,97' 17,81 27.26J 22,32: 21,94 137,985 Number of banks 6,89 46; 1,33: 2,46 1,26. 79. 12' 171 1 Totals are for all banks that submitted reports covering the entire year, except two trust companies having no deposits. 2 Includes interest on capital notes and debentures. For other footnote see following page. 860 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1948— Continued NATIONAL BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 1,887,974 7,816 39,980 159,250 171,934 221,409 153,063 136,600 997,922 Interest and dividends on securities: U. S. Government 574,371 2,139 11,699 50,317 53,506 70,883 48,048 42,998 294,781 Other 110,265 412 2,347 10,835 11,707 13,541 9,088 6,969 55,366 Interest and discount on loans. 885,153 4,285 20,915 77,502 81,718 100,017 66,874 59,914 473,928 Other charges on loans 11,688 26 106 498 807 749 912 866 7,724 Service charges on deposits.. . . 96,997 453 2,355 9,668 11,483 15,142 10,603 8,128 39,165 Other charges, fees, etc 42,777 281 1,453 5,083 4,758 5,471 3,947 3,345 18,439 Trust department 59,108 23 36 634 1,888 5,228 4,549 5,635 41,115 Other current earnings 107,615 197 1,069 4,713 6,067 10,378 9,042 8,745 67,404 Expenses ,175,613 4,859 24,465 98,436 107,958 142,642 100,904 91,293 605,056 Salaries—officers 196,044 1,750 7,499 25,087 22,965 25,771 16,341 14,225 82,406 Salaries and wages—others.... 365,563 617 3,859 19,429 25,473 39,371 30,992 28,800 217,022 Directors' fees, etc 9,948 119 615 2,275 1,824 1,798 854 592 1,871 Interest on time deposits 173,622 615 3,920 17,765 19,746 24,793 14,159 11,788 80,836 Interest on borrowed money.. . 1,810 9 41 103 95 96 119 112 1,235 Taxes other than income 61,007 245 1,215 5,245 5,521 7,599 5,141 4,905 31,136 Recurring depreciation 27,437 137 759 2,954 2,967 4,025 2,521 2,638 11,436 Other current expenses 340,182 1,367 6,557 25,578 29,367 39,189 30,777 28,233 179,114 Net current earnings before income taxes 712,361 2,957 15,515 60,814 63,976 78,767 52,159 45,307 392,866 Recoveries, transfers from reserves, and profits 159,682 326 1,417 6,374 8,186 11,097 9,615 9,922 112,745 On securities: Recoveries 19,110 23 170 908 1,643 2,102 983 982 12,299 Transfers from reserves 11,206 81 471 425 368 438 9,423 Profits on securities 37,083 76 349 1,600 1,805 2,420 2,189 2,701 25,943 On loans: Recoveries 24,467 169 620 2,222 2,183 2,554 2,055 1,357 13,307 Transfers from reserves 23,910 4 21 198 288 275 816 270 22,038 All other 43,906 54 257 1,365 1,796 3,321 3,204 4,174 29,735 Losses, charge-offs, and transfers to reserves 275,642 669 3,611 16,691 22,763 28,914 25,572 25,183 152,239 On securities: Losses and charge-offs 45,841 132 903 4,500 6,176 5,196 5,099 5,511 18,324 Transfers to reserves 23,530 15 210 847 909 1,121 1,244 771 18,413 On loans: Losses and charge-offs 19,267 310 944 2,740 2,303 1,964 1,638 1,600 7,768 Transfers to reserves 160,176 141 1,158 6,476 10,882 17,421 14,733 14,485 94,880 All other 26,828 71 396 2,128 2,493 3,212 2,858 2,816 12,854 Profits before income taxes 596,401 2,614 13,321 50,497 49,399 60,950 36,202 30,046 353,372 Taxes on net income 175,375 471 2,631 11,821 14,864 19,283 12,249 10,450 103,606 Federal 165,719 441 2,464 11,205 14,242 18,463 11,859 10,031 97,014 State 9,656 30 167 616 622 820 390 419 6,592 Net profits 421,026 2,143 10,690 38,676 34,535 41,667 23,953 19,596 249,766 Gash dividends declared 193,147 713 3,302 12,510 13,098 16,695 11,173 9,979 125,677 On preferred stock , 1,301 8 16 77 249 265 66 344 276 On common stock 191,846 705 3,286 12,433 12,849 16,430 11,107 9,635 125,401 Memoranda items Recoveries credited to reserves (not included in recoveries above) : On securities 5,582 15 99 41 39 60 5,327 On loans 6,484 330 480 556 528 508 4,001 Losses charged to reserves (not included in losses above): On securities 8,667 71 271 250 186 517 208 7,159 On loans 30,815 256 1,209 1,969 2,717 1,961 1,937 20,737 Loans 23,730,855 73,943 391,503 1,557,739 1,685,272 2,165,688 1,579,644 1,573,607 14,703,459 U. S. Government securities 34,810,562 107,794 616,598 2,787,217 3,051,657 4,227,285 3,014,188 2,772,893 18,232,930 Other securities 5,237,353 16,833 94,918 497,597 586,080 712,111 489,591 386,779 2,453,444 Real estate assets 623,061 1,755 9,197 40,527 47,787 77,341 55,626 56,779 334,049 Cash assets 22,951,060 73,773 373,004 1,523,338 1,642,413 2,261,005 1,787,414 1,832,090 13,458,023 Total assets 87,788,702 274,308 1,486,218 6,411,302 7,021,630 9,459,814 6,944,672 6,643,407 49,547,351 Time deposits 19,575,575 61,323 393,259 1,883,317 2,212,301 2,969,043 1,793,372 1,455,031 8,807,929 Total deposits 81,322,737 246,876 1,362,659 5,949,996 6,550,956 8,845,068 6,512,056 6,236,372 45,618,754 Total capital accounts 5,650,619 26,662 120,032 448,665 452,902 580,641 394,812 374,623 3,252,282 Number of officers 32,362 756 2,442 6,520 4,699 4,238 2,241 1,794 9,672 Number of employees 159,301 525 2,726 11,239 12,928 19,194 14,630 13,439 84,620 Number of banks 4,972 330 899 1,829 940 190 86 112 NOTE.—The figures for assets, deposits, capital accounts, number of officers and employees, and number of banks are as of the end of the year. Real estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. Tables showing member bank earnings and ratios by class of banks and by District for 1948 were published in the May BULLETIN, pp. 583-90. For other footnotes see preceding page. JULY 1949 861 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS BY SIZE OF BANK, 1948— Continued STATE MEMBER BANKS [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i 1,000 and 1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 Earnings 928,853 3,184 18,233 54,829 61,274 88,795 78,665 79,078 544,795 Interest and dividends on securities: U. S. Government 277,571 792 5,134 15,575 17,604 24,803 21,951 21,989 169,723 Other 47,083 106 825 2,724 3,458 5,056 4,121 3,250 27,543 Interest and discount on loans. 400,497 1,875 10,063 29,177 31,169 42,484 36,784 32,157 216,788 Other charges on loans 6,585 16 51 191 303 686 488 195 4,655 Service charges on deposits.. . . 43,733 184 1,007 3,352 4,089 5,886 5,091 3,910 20,214 Other charges, fees, etc 22,378 145 676 1,892 1,622 2,393 1,346 1,434 12,870 Trust department 84,994 2 20 402 1,021 3,380 4,634 12,611 62,924 Other current earnings 46,012 64 457 1,516 2,008 4,107 4,250 3,532 30,078 Expenses 611,260 2,030 11,258 34,360 39,983 60,388 54,192 53,899 355,150 Salaries—officers 99,653 753 3,527 9,042 8,470 10,548 8,732 8,144 50,437 Salaries and wages—others.... 210,553 251 1,651 6,522 9,581 16,781 16,805 19,028 139,934 Directors' fees, etc 4,894 46 256 685 662 722 465 448 1,610 Interest on time deposits 75,799 226 1,883 6,408 7,683 11,213 9,143 6,406 32,837 Interest on borrowed money.. . 1,319 23 27 36 81 49 74 1,029 Taxes other than income 28,657 116 649 1,857 2,053 2,899 2,729 2,427 15,927 Recurring depreciation 11,819 55 281 917 1,090 1,550 1,365 1,334 5,227 Other current expenses 178,566 583 2,988 8,902 10,408 16,594 14,904 16,038 108,149 Net current earnings before income taxes 317,593 1,154 6,975 20,469 21,291 28,407 24,473 25,179 189,645 Recoveries, transfers from reserves, and profits 80,615 120 565 2,092 3,035 6,469 4,629 5,836 57,869 On securities: Recoveries 6,485 2 68 117 489 1,056 287 669 3,797 Transfers from reserves 12,067 5 34 49 352 202 676 10,749 Profits on securities 17,246 28 121 427 665 1,041 857 1,079 13,028 On loans: Recoveries 9,357 208 651 707 1,163 565 596 5,398 Transfers from reserves 21,606 34 241 505 1,123 1,673 1,988 16,038 All other 13,854 129 622 620 1,734 1,045 828 8,859 Losses, charge-offs, and transfers to reserves 143,385 269 1,466 5,416 6,727 11,846 11,019 12,179 94,463 On securities: Losses and charge-offs 21,605 35 217 931 1,231 2,049 1,248 1,935 13,959 Transfers to reserves 11,964 1 47 243 258 642 760 1,049 8,964 On loans: Losses and charge-offs 4,332 126 411 672 671 175 495 896 Transfers to reserves 86,581 64 573 2,317 3,768 6,703 7,707 6,573 58,876 All other 18,903 43 218 1,039 798 1,781 1,129 2,127 11,768 Profits before income taxes.... 254,823 1,005 6,074 17,145 17,599 23,030 18,083 18,836 153,051 Taxes on net income 57,322 165 1,146 3,961 4,589 6,720 4,694 4,421 31,626 Federal 52,189 159 1,094 3,803 4,378 6,420 4,426 4,113 27,796 State 5,133 6 52 158 211 300 268 308 3,830 Net profits 197,501 840 4,928 13,184 13,010 16,310 13,389 14,415 121,425 Cash dividends declared 99,751 234 1,247 3,876 3,844 6,368 6,043 6,196 71,943 On preferred stock 2 2,565 5 17 96 145 280 329 623 1,070 On common stock 97,186 229 1,230 3,780 3,699 ,6,088 5,714 5,573 70,873 Memoranda items Recoveries credited to reserves (not included in recoveries above): On securities 1,435 39 86 256 1,036 On loans 2,786 183 390 300 246 1,581 Losses charged to reserves (not included in losses above): On securities 8,326 13 16 112 335 627 1,147 6,076 On loans 8,796 14 103 455 621 896 1,011 1,011 4,685 Loans 12,301,020 32,640 193,040 593,168 647,636 946,465 860,650 797,255 8,230,166 U. S. Government securities 17,286,671 41,958 281,762 902,360 1,038,671 1,492,717 1,319,210 1,379,77910,830,214 Other securities 2,160,844 5,024 38,442 136,741 183,249 244,808 219,321 143,287 1,189,972 Real estate assets 318,936 700 3,083 12,870 18,434 32,562 32,563 33,837 184,887 Cash assets 11,217,795 32,452 172,965 505,976 554,826 780,827 720,459 748,208 7,702,082 Total assets 43,478,400 112,839 689,673 2,153,035 2,445,924 3,504,756 3,163,863 3,117,15428,291,156 Time deposits 9,308,239 25,494 201,200 679,678 873,017 1,015,406 812,125 4,414,180 Total deposits 39,936,608 104,028 641,163 2,011,953 2,282,968 2,932,898 2,880,16425,832,871 Total capital accounts 3,129,254 8,656 46,637 136,338 154,255 213,542 211,874 2,122,012 Number of officers 13,759 307 1,172 2,246 1,626 1,226 996 4,572 Number of employees 87,689 229 1,204 3,735 4,885 7,692 8,505 53,365 Number of banks 1,919 138 433 632 324 43 59 For footnotes see preceding two pages. 862 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 864-869 Gold production . 869 Reported gold reserves of central banks and governments. . 870 Gold movements; gold stock of the United States. . 871 International Monetary Fund and Bank. . 872 Central banks . 872-876 Money rates in foreign countries. . 877 Commercial banks 878 Foreign exchange rates.. 879 Price movements: Wholesale prices . 880 Retail food prices and cost of living. . 881 Security prices . 881 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. JULY 1949 863 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 ta n l creas f e u n i O n ds 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 t a d r i n a e s t U u t a k i o t s . i o i n e f o S n g i n a i . n n s l - D b i a n f a e b u n c r U 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 t r 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 i i e g t s s i n t e o * 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. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 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 « 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—May 31 7,870.0 4,285.9 1,299.0 2,986.9 1,935.1 -15.3 L,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 L.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 L.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 L,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 L.186.9 72.2 120.3 Feb. 28 8,715.5 5,298.9 2,294.2 3,004.7 1,892.1 138.4 1,188.2 79.8 118.1 Mar. 31 v 8,651.2 5,216.9 2,221.7 2,995.2 1,897.3 150.1 L,176.8 87.6 122.6 Apr. 30*> 8,576.1 5,126.4 2,090.9 3,035.5 1,880.5 189.9 ,173.4 86.9 118.9 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, s ti t I o i n t n u te a ti l r 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 r t o a p l e C ad an a - Am La e t r i i n ca Asia ot A h l e l r 1941—Dec. 3i 5,354.1 674 1 639.9 464.4 725 7 50.5 L,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 L.133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31 . 8,802 8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1,338 4 1,784.1 247 5 1946—Dec. 31 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 L.246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31 . 2,067 3 6,267 9 437.0 234.3 213.8 839.3 150.1 L.100.6 2,975.1 688.6 1,383.4 975.8 244.9 1948—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 L.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 L.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 L,008.1 2,739.1 849.3 1,441.0 999.0 229.8 Oct. 31 1,732.2 6,343.4 479.5 51.3 76.0 823.8 316.4 L.021.4 2,768.3 868.0 1,464.2 1,001.8 241.1 Nov. 30 1,713 3 6,537.8 500.9 57.7 88.2 818.5 330.3 L,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 L,122 2 3,141 1 947 3 1,503 6 1,056 7 234 9 1949—jan. 3i 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. 28 1,650.5 7,065.0 689.7 56.6 122.9 859.9 403.7 L,192.9 3,325.9 996.4 1,541 9 963 4 237 5 Mar. 31P 1,639.6 7,011.6 618.2 61.4 128.8 878.9 388.9 L.173.4 3,249.5 1,011.4 1,510.8 986.5 253.4 Apr. 30P 1,622.9 6,953.2 557.4 65.3 121.6 917.4 387.4 L,156.8 3,205.8 960.7 1,556.2 986.3 244.2 P Preliminary. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 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. 8 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. 864 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 Inter- From th Ja ro 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 i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1941—Dec. 31... 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 A 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—May 31.. ,935.1 4,285.9 279.4 82.6 93.6 515.8 195.5 568.0 1,734.9 462.6 ,085.5 809.6 193.3 June 30.. ,907.7 4,351.9 384.4 87.0 96.3 527.1 192.4 498.4 1,785.7 483.6 ,104.0 804.1 174.5 July 31.. ,909.1 4,432.9 311.2 82.9 93.9 534.9 216.7 496.5 1,736.1 508.7 ,081.2 914.5 192.3 Aug. 31.. ,898.9 4,522.1 310.6 87.9 106.1 535.9 251.0 483.9 1,775.3 548.4 ,104.7 894.2 199.5 Sept. 30.. 895.1 4,570 284.6 79.5 98.4 515.1 285.2 506.1 ,768.9 578.0 ,102.7 924.4 196.3 Oct. 31.. ,899.5 4,651.7 301.2 86.4 91.2 512.0 295.1 520.0 ,805.9 593.8 ,139.7 904.6 207.8 Nov. 30.. ,880.6 4,782.3 318.9 93.8 95.3 509.2 310.4 551.9 ,879.6 657.1 ,106.2 940.8 198.6 Dec. 31.. ,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 ,165.4 971.2 198.6 1949—Jan. 31.. ,914.2 5,220.2 506.8 89.8 112.1 546.9 364.4 594.0 2,214.0 727.8 ,173.9 913.7 190.8 Feb. 28.. ,892.1 5,298.9 515.6 87.9 103.1 534.5 389.5 636.1 2,266.7 750.3 ,194.6 889.2 198.2 Mar. 31P. ,897.3 5,216.9 451.1 90.0 108.8 551.4 376.0 604.0 2,181.3 762.2 ,148.2 911.3 213.9 Apr. 30*>. 1,880.5 5,126.4 375.3 93.7 91.3 580.5 371.5 583.8 2,096.2 709.5 ,204.6 911.0 205.1 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C 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 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. 55.1 55.7 102.7 7.5 1944—Dec. 31.. 805.8 266.1 77.7 6.8 26.2 231.5 64.8 37.0 77.7 -.3 1945—Dec. 31.. 742.7 266.6 78.0 -17 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 -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—May 31. -15.3 266.7 -43.6 -40.6 2.2 9.4 163.1 357.1 68.0 -413.7 -15.9 -10.9 June 30. 35.7 270.4 -47.9 -40.7 1.7 6.0 170.4 359.7 66.9 -376.2 -4.4 -10.3 July 31. 68.6 270.3 -45.8 -40.3 1.1 10.1 172.9 368.3 68.9 -356.1 -3.2 -9.2 Aug. 31. 54.0 268.4 -44.1 -56.6 .6 7.4 155.0 330.8 68.2 -343.9 10.0 -11.1 Sept. 30., 68.7 271.1 -45.3 -50.9 10.3 162 A 348.2 67.3 -325.4 -12.0 -9.4 Oct. 31., 69.6 271.1 -43.9 -51.2 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 A 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. 138.4 265.0 -37.3 -6.8 1.7 1.9 212.5 437.0 54.4 -345.1 -1.5 -6.4 Mar. 31 P 150.1 257.5 -36.7 -6.5 .3 .4 224.0 439.1 53.3 -334.9 -.9 -6.5 Apr. 30P 189.9 274.0 -35.3 7.0 1.0 3.4 226.9 477.0 58.7 -337.9 -.9 -7.0 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 g . h 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 n i m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th H er 1941—Dec 3i 855.5 127 6 51 6 31 5 44 3 28.1 238.4 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31 848.2 125 4 52 4 31 6 44.9 28.0 244 1 526.3 —3.0 245.4 61.5 18.0 1 19 9 4 4 4 3 — — D D e e c c 3 3 1 1 ... 1,0 9 1 2 9 5 . . 4 9 1 12 2 6 7 .6 5 5 50 1 . 0 6 3 33 3 . . 6 0 4 4 4 4 . . 7 5 2 2 7 7 . . 6 9 2 24 4 6 6 . . 9 6 5 53 3 0 0 . . 1 3 1 4 0 1 4 . . 2 9 3 2 0 7 2 2 . . 0 3 6 6 2 1 . . 2 3 2 1 1 9. . 9 0 1945—Dec 31 079 R 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 L.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—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 34.7 June 30 -249.3 1,556.0 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 L,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 1,410.5 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 1,427 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 . 431 3 84 9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 1949—jan> 311 -249.3 1,436.1 84.8 42.8 -9.3 -18.7 26.6 288.1 414.3 341.5 580.0 63.2 37.1 Feb 28 —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. 31 P —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 Apr. 30? -265.3 1,438.7 81.8 42.9 -9.7 -16.4 27.0 290.1 415.7 343.2 577.9 63.8 38.0 P Preliminary. JULY 1949 865 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) From t h J r a o n u . g 2 h , — 1935, n t a I u i n n t t i i t s o o e t n i r 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. 3i 626.7 -70.1 74.9 236.7 336.4 _ t 37 1 615.0 —44.7 28.1 17.5 10.9 1942—Dec 31 673.3 -77.6 80.5 236.9 360.5 -.1 44.4 644 7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701.1 — 100 3 82 7 239 9 367 3 .6 55 4 645 7 —58.2 40.5 62.5 10.6 1944—Dec 31 911.8 -125.4 77.3 239 0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec. 31 798.7 -157 9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 3i 464.5 -194.9 74.9 207 0 337.9 2.1 57.3 484.3 -143 0 87.6 26.8 8.8 1947—Dec. 3i 74.5 292.4 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139 8 84.2 28.3 11.0 1948—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 8 124.1 -202.3 -41.3 58.8 297.3 -15.1 44.2 141.6 -132.6 81.7 27.9 5.5 July 31 79.9 109.8 -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 86.3 — 196.2—48.0 41.2 294.8 -15.3 44.3 120.8 -147.2 82.4 24.1 6.2 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 6.2 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 6.5 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 6.6 Dec. 31 82 1 92.7 — 194 7—58 1 29 5 311 0 — 15 0 45.7 118.4 — 132.3 94.4 5.1 7.2 1949—Jan. 3i 7.6 64.6 -194.0 -53.8 27.8 314.9 — 14.7 45.3 125.5 -171.0 97.1 5.7 7.3 Feb. 28. 7.6 72.2 -190.4 -53.3 26.5 3t7.8 -14.7 44.7 130.5 -168.7 97.5 5.4 7.5 Mar. 31 P 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 Apr. 30? 7.6 79.3 -190.4 -52.6 23.1 328.3 -15.0 44.8 138.1 -170.6 99.6 5.0 7.2 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 .... 104.4 17.4 20.7 17.5 13.7 .2 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31 117 8 18.8 21.5 19 9 19.3 .3 9.2 89.1 17.6 3.8 6.0 1.3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 .3 10 4 97.7 16.2 5.1 5,6 1.8 1945—Dec. 31 144 1 19 8 23 4 26 0 30 3 .4 13 6 113.6 19.5 5.9 3.8 1.3 1946—Dec. 31 153.7 19.2 20.5 17.5 39.6 .4 14.7 112.0 21.5 13.4 4.8 2.0 1947—Dec. 31 142.4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 1948—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 1949—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. 28 118.1 17.0 16 5 9 5 23 8 .4 10.7 77.9 18.8 13.4 7.2 .7 Mar. 31 v 122.6 17.3 16.8 10.1 23.3 .5 11.2 79.3 19.2 15.4 7.8 .8 Apr. 30P !118.9 16.8 16.6 9.9 24.0 .5 11.1 78.8 19.9 11.9 7.4 .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 ioreign 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 2,584.5 812^6 693^71,108^8 175^3 1944—Dec. 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.3 1,069.2 174.0 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 41,549.7 181 8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104^81,316.4 232^8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 1948—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 L,207.0 990.2 162.1 June 30... 1,927.7 5,086.0 2,062.6 445.8 167.2 112.9 540.7 212.7 661.7 2,140.9 591.5 ,225.6 984.7 143.3 July 31... 1,929.0 5,167.0 2,099.6 372.5 163.0 110.5 548.5 237.1 659.8 2,091.4 616.7 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 L.226.21,074.8 168.3 Sept. 30... 1,915.1 5,304.4 2,257.9 346.0 159.6 115.0 528.7 305.5 669.3 2,124.1 686.0 L.224.31,105.0 165.1 Oct. 31... 1,919.5 5,385.9 2,395.3 362.5 166.5 107.8 525.6 315.4 683.2 2,161.1 701.8 L,261.21,085.2 176.6 Nov. 30... 1,900.6 5,516.5 2,507.2 380.3 174.0 111.9 522.8 330.7 715.2 2,234.9 765.1 L,227.71,121.5 167.4 Dec. 31.. . 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 L,287.01,151.8 167.4 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 L.295.41,094.4 159.6 Feb. 28... 1,912.1 6,033.1 3,004.5 576.9 168.0 119.7 548.1 409.8 799.4 2,621.9 858.2 L,316.11,069.8 167.0 Mar. 31P.. 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 L.269.71,091.9 182.8 Apr. 30*.. 1,900.5 5,860.6 2,801.2 436.6 173.9 108.0 594.1 391.8 747.1 2,451.5 817.4 L,326.11,091.6 173.9 P Preliminary. Amounts outstanding Apr. 30 (in millions of dollars): foreign brokerage balances in U. S., 66.9; U. S. brokerage balances abroad, 24.8. 1 Country breakdown is for "Official and private." 866 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] LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA Other Europe x 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 I t o u u xe rg m- 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. .. 9C9 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—May 31. .. 731 3 i 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. .. (61.7 I 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 1 1217 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—Ian. 33 ... 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. 28.7.'. 799.4 163 3 49 8 16 9 196 1 24 4 14 1 81 2 39.4 5.9 14.7 54 5 20.2 13.3 105.7 Mar. 31P . 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 Apr. 30*.. . 747.1 147.6 40.4 17.3 180 1 30.1 14.3 77 4 39.1 5.4 12.8 49 7 13.6 7.3 111.9 Latin America x 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 L i a t m c h t a i e e n r r ana Surinam 1942—Dec. 31. . . 597.7 67.6 10.8 67.7 34 5 43 4 12.4 100.3 4.9 95 7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31. . . 693.7 69.8 12.6 98.7 54 0 67 1 12.2 70 4 2.6 70 4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31. . . 909.3 93.9 17.7 140.8 55 0 83 6 7.4 139 3 4.4 83 1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31. . . 1,046.4 77.3 14.5 195.1 66 3 79 2 6.9 128.3 7.1 116 4 28.2 88.7 43.9 49.7 144.8 1946—Dec. 31. .. 1,104.8 112.6 14.0 174.0 50 7 57 8 7.7 153 5 5.4 152.2 16.1 77.2 40.9 74.0 168.7 1947—Dec. 31. . . 1,216.6 236.2 17.8 104.7 46 3 46 1 7.3 234 7 2.4 139 2 14.9 70.3 41.8 78.0 176.8 1948—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 June30. .. 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 *949—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. 28.... 1,316 1 226.9 15.3 118.9 56.0 49 1 10.6 226 0 .9 138.6 25.5 72.8 50.4 129.6 195.7 Mar. 31P .. 1,269 7 224.7 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 Apr. 30P... 1,326 1 223.5 14.6 126.2 62.1 39 2 10.7 229.2 .7 138.3 24.6 76.9 50.3 134.9 195.0 Asia and All Other * Date Asia C M c a h r h n i a i u a n d n - a - F C I r n h e d i n n o c a - h H K o o n n g g India l M B a is y r a h i a - t- Japan I n n e d s o ia - i p P p u h p b i i l l n - ic eT k u ey r-O A t s h i e a r 3 o A th l e l r A t l r u ia a s - -N Z la 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 S U f o r o n u i f i c t o a h n Othei Sudan 1942—Dec. 31. .. 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160 4 254.729.9 36.2 149 6 23. 1 4 8 6.8 12 1 11 0 91.8 1943—Dec. 31. .. L.108.8 574.2 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 . . L,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110 5 365.823.7 64 2 174 0 52 9 3 5 7 3 4 3 g 3 97 6 1945—Dec. 31. .. t,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113 7 629.1 52.5 78 0 181 8 28.9 4 3 18^9 10 0 6 4 113.4 1 19 9 4 4 7 6 — — D D eecc. 3 3 1 1 . . . . . . L 1, ,3 0 1 5 6 7 .9 4 2 4 2 31 9 . . 9 9 3 6 9 . . 5 9 3 4 9 4 . . 8 9 4 62 3. .4 5 1 1 7 1 . . 3 0 3 1 1 6. . 6 3 1 6 2 9 7 3 1 4 4 8 4 8 6 . . 6 6 3 5 7 4 . . 6 7 8 9 1 3 . . 5 8 2 1 3 9 2 3 8 73 4 0 5 . .5 6 5 8 0 9 2 20 5 .0 8 1 1 4 0 9 1 4 4 7 6 4 2 9 7 6 5 .8 4 1948—May 31. .. 990.2 156.4 5.4 46.1 56.0 10.6 82.4 49 0 474.823.5 85 9 162 1 21.0 5 0 29.2 8 5 26 6 71.9 June 30. .. 984.7 142.8 5.2 48.1 73.4 9.6 79.1 34 7 464.623.1 104.3 143 3 18.7 3 6 27.3 8 9 9 3 75.5 July 31. . . 1,095.2 158.2 5.3 49.7 63.5 15.6 79.2 32 9 517.421.1 152 3 161 123.8 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 12 4 74.6 Sept 30. .. L.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. .. U085.2 154.6 6.4 43.3 40.9 13.9 76.8 54 0 508.4 18.0 168.9 176 6 19.1 5 3 36.8 11 9 8 8 94.7 Nov 30. . ,121.5 194.1 5.7 48.7 44.7 9.7 77.9 50 1 502.0 18.0 170 7 167.4 20.2 5 3 30.9 12 2 10 g 87.9 Dec. 31.. . ,151.8 216.2 7.8 51.1 51.8 12.9 81.4 41 5 488.3 17.5 183 3 167 4 22.2 5 3 27.7 11 4 15 8 84.9 1949— Jan. 31. . . ,094.4 190.1 8.2 57.3 42.4 11.4 91.6 41 0 450.4 18.7 183 4 159 6 17.5 4 3 24.2 11 5 12 6 89.4 Feb. 28. .. ,069.8 182.2 8.3 52.9 42.8 10.1 121.6 38 8 402.5 19.5 191 2 167 0 17.5 4 7 25.5 11 2 12 3 95.8 Mar. 31P. . 1,091.9 179.2 8.4 53.3 52.0 10.5 128.7 34 8 414.1 20.6 190 4 182 8 17.2 4 7 37.0 11 1 20 2 92.6 Apr.30?.. . 1,091.6 161.6 7.8 52.5 52.6 12.3 119.5 33 4 426.6 17.3 208 1 173 9 15.5 4 8 37.9 14 8 10 0 91.1 . authorities for foreign trade purppsss.. ided with India. JULY 1949 867 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned 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 o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1941—Dec. 31.. 367.8 20.9 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—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.. ,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.. ,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.. ,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.. ,066. 20.9 124.3 69.5 7.6 16.3 147.3 385.9 25.6 493.4 141.0 20.8 Oct. 31.. ,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. 31. . 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. 28. . 997.1 27.0 116.4 25.4 6.4 24.7 97.3 297.2 38.5 513.1 130.6 17.8 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 Apr. 30P. 945.6 18.0 114.4 11.7 7.1 23.1 82.9 257.2 34.2 505.9 130.0 18.4 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe 1 Date E O ur th o e p r e g B iu el m - m De a n rk - l F a i n n d - m G a e n r- y Greece L b u o x u e r m g - N w o ay r- t P u o g r a - l m R a u n - ia Spain S d w e e n - TTQQP Y sla u v g i o a - o A th l e l r 1942—Dec. 31. 56.3 ,8 (2) 5.6 34.0 1.1 .2 2.4 8 3.2 .4 (') 8.4 1943—Dec. 31. 52.9 ,7 (2) 7.6 339 .6 .2 1.4 3.2 .2 8 (2) 5.0 1 1 9 9 4 4 4 5 — — D D e e c c . . 3 3 1 1 . . 7 74 8 . . 6 3 . . 7 6 ( ( 2 2 ) ) ( ( * J) ) 3 3 3 3 . . 9 9 . . 6 7 3 31 5 . . 6 1 . . 8 5 ( s ) 1 1 . . 8 6 . . 9 2 ( (* 2) ) 4 5 . . 7 1 1946—Dec. 31. 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 A 7.2 4.9 o 9.4 1947—Dec. 31. 118.9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 (') .9 5.4 .i 35.8 1948—May 31. 146.7 18.8 8 6 5.6 30.3 6.8 (*) 11 5 1.1 (2) 5.5 4.1 (i) 54.3 J A S O J u u e u c l n p t y g e . t . . 3 3 3 3 3 1 1 0 0 1 . . . . . . . . . 1 1 1 1 1 3 3 5 4 4 9 6 4 7 8 . . . . . 4 9 8 3 3 2 2 1 1 1 0 1 8 8 7 . . . . . 0 0 5 6 7 3 L . . . . 5 . 7 6 0 I 5 3 5 4 3 . . . . . 8 4 6 3 7 3 3 3 3 2 0 0 0 3 9 . . . . . 4 4 4 6 5 4 4 4 3 3 . . . . . 6 7 6 1 3 (J . . ) 1 3 2 2 1 1 1 4 7 7 2 1 . . . . . 2 2 7 3 6 1. . . . . 0 9 8 7 7 ( ( 1( ( 2 2 2 ) ) )2 ) ' 3 3 5 5 2 . . . . . 3 4 5 3 5 5 7 2 5 1 . . . . . 2 3 2 2 6 l ( ( ( ( j j * * ) ) ) ) i 1 1 1 8 7 1 1 . . . 0 1 3 5 5 3 5 4 1 4 9 5 8 . . . . . 2 1 1 3 1 Nov. 30. . 124.9 21.3 L.I 3.3 30.4 3.5 (2) 14.9 .5 2.7 1.0 7.5 38.5 Dec. 31. . 106.3 21.4 .6 3.4 30.5 1.2 (2) 8.4 .7 2.9 1.4 6.0 29.7 — A F M Ja e p a b n r r . . . . 3 2 3 3 0 8 1 1 P . P . . . . 1 9 8 8 0 7 5 2 2 . . . . 3 8 9 0 2 1 1 1 0 8 6 8 . . . . 4 5 5 3 L i L L .3 . . . 5 7 4 3 4 3 3 . . . . 8 2 0 9 2 2 2 2 9 9 9 9 . . . . 6 5 6 8 1. . . . 9 0 8 9 ( ( 2 2 ) ) . . 2 1 1 1 8 8 4 4 . . . . 7 3 9 8 . . . . 6 6 7 5 8 2 1 1 1 . . . . 8 2 6 8 1 1 1 1 . . . . 5 5 3 4 i ( 8 ( 2 2 ) ) 2 2 1 1 7 4 9 7 . . . . 4 3 7 4 Latin America 1 Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - C R o ic st a a Cuba F I W G n r a a e d n n u e n i d a i s e c - t s h Mexico N I l W n S n e a a a d t n u n e h m i d r d s e e i s t - s r- P m an a a- Peru V zu e e n l e a - O A L i a t m c h t a i e e n r r - 1942—Dec. 31. 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2.8 3 9 14.2 1943—Dec. 31. 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 11.2 .5 1.1 1.4 3.8 1944—Dec. 31. 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 8.6 .3 .8 1.2 5.1 1945—Dec. 31. 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 11.0 .5 1.1 1.9 6.1 1946—Dec. 31. 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 25.5 .8 1.3 3.7 8.7 1947—Dec. 31. 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 52.2 1.1 4.7 4.3 15.3 31.0 1948—May 31. 581.7 52.6 3.1 209.7 20.4 47.9 2.9 110.1 75.8 1.4 4.4 4.0 19.3 30.1 June 30. 544.2 58.7 2.5 187.6 21.6 48.0 2.2 90.5 73.4 1.3 4.4 4.1 19.9 29.9 July 31. 524.1 62.2 3.6 179.1 18.7 45.6 1.8 78.7 72.4 1.6 4.2 3.5 2.€7 32.0 Aug. 31. 511.9 61.2 3.0 178.7 17.5 42.5 1.5 67.6 8 76.1 1.4 3.6 4.2 20.8 33.8 Sept. 30. 493.4 62.0 2.5 173.3 19.1 40.2 1.3 61.4 72.3 1.2 4.1 3.9 18.8 33.2 Oct. 31. 511.5 63.8 2.9 175.0 21.0 39.8 1.1 65.5 s 76.6 1.3 4.0 4.2 20.8 35.5 Nov. 30. 510.4 66.8 2.4 179.8 18.8 33.7 1.5 72.5 70.4 1.0 3.9 4.2 18.2 37.1 Dec. 31. 516.6 72.4 2.7 165.4 15.2 32.6 1.9 83.1 73.8 1.5 4.6 4.4 26.0 32.7 1949—Jan. 31. 506.7 65.7 2.9 171.4 15.4 31.2 2.3 84.0 () 70.5 1.4 4.3 4.9 23.4 29.4 Feb. 28. 513.1 67.2 2.2 178.7 16.0 29.3 2.2 81.9 (*) 71.8 1.2 4.3 5.1 24.3 28.8 Mar. 31* 502.9 62.3 2.6 166.9 15.2 30.0 2.8 84.9 (a) 73.4 1.2 4.4 5.7 23.8 29.6 Apr. 30 P 505.9 58.0 2.5 175.3 15.0 32.0 2.9 79.3 74.7 1.3 4.4 5.5 24.7 30.3 v Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. lLess than $50,000. 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 h r h n i a i u a d n n - a - F C I r n h e d n in o c a - h H K o o n n g g India B l M i a s r y a i h t a - - Japan I n n e d si o a - i p p P u R p h b e i i - n l l i - e c T k u ey r-O A t s h i e a r 2o A th l e l r A t l u r ia a s- - N l Z a e e n a w d - A E E t a n g i g n a g y y n d l p p o t - -F r r M o e c o n c - c o h A U So f n o r u i i f o c th a n Other Sudan 1 1942—Dec 31 35.3 11.1 .9 2.2 .7 .5 .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 .7 13 9 3.2 3.9 .5 .2 ,1 2 4 .7 1944- Dec 31 51.4 1.5 9 22.3 .1 .5 1.5 13.8 1.8 8'.8 11.7 .6 .2 ,2 9.7 1.0 1045-- Dec 31 29.9 1.0 .8 7.5 .1 .5 4 13.8 2.0 2.7 9.9 1.7 .7 .3 .1 4.7 2.5 1946—Dec. 31 ........ 99.2 53.9 5 9 12.0 2 .2 0 20 2 1 4 4 4 17 2 3 4 1 1 4 (3) 10 1 2 2 t<M7—Dec 31 127 0 40 8 .3 2.6 29.6 .9 .9 .5 27.4 17.7 6.? 31.5 9.0 1.5 ,1 .5 14.4 6.0 1948—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 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 |:S July 31 132.3 56.7 .4 3.5 22.2 1.0 1.5 .9 32.4 2.5 11.3 20.6 2.2 .6 .5 .2 11.1 Aug. 31 119.1 46.2 .2 3.9 20.2 8 2 0 4 33 2 2 0 10 3 22 5 3 6 7 2 2 2 9 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 50 .Q9 Oct 31 . . 117.3 39.0 .1 3.1 20.0 .4 6.1 .3 34.2 1.6 12.5 21.6 3.9 .6 .3 .2 11.1 5.9 N De o c v . 3 31 0 , 1 11 0 8 7 . . 8 1 2 2 5 4 . . 2 2 .3 1 3 3 .5 4 2 2 0 0. . 2 4 .5 4 1 7 5 . 8 9 Q 4 3 31 6 .3 3 1 1. 7 4 1 1 3 1 .1 8 2 1 3 9 .1 7 3 4 .5 7 .6 5 .2 4 .3 2 1 7 1 .7 9 JS-8 I949—jan# 31 m m t m 128.3 22.7 .5 5.2 21.3 .6 22.9 3 2 33 8 1 4 16 7 20 5 5.4 1 l 5 2 6 4 6 i Feb 28 130.6 21 .6 .2 3.7 20.9 .9 27.7 .1 33.8 1.6 19.1 17.8 5.1 .5 .4 .4 5.1 Mar. 31 v 129.9 19.7 .4 4 2 20.5 .6 32 3 1 32 8 1 1 17 2 17 9 5 7 6 3 2 4 0 6 r\ Apr. 30P 130.0 18.2 .4 4.8 20.9 34.3 L.2 30.5 1.5 17.7 18.4 5.5 .8 .5 .3 4.3 70 J> Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously incLluded with India. 8 Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or pro w d o u rl c d t ^ ion Total Africa North and South America ' Other month U o . u S t . s S i . d R e .1 r m ep o o n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t ' C B o el n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co bi l a om- Chile r N ag ic u a a - * Au li s a tra- India8 15*/* erains of gold »/io fin?; i. e., ati ounce of fine goli =$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 730.6 405.5 18.0 23.4 11.1 73.5 123.5 12.9 11.7 5 7 7.8 r31 2 6.5 1948—Apr 59.6 34.2 1.5 1.9 .9 5.6 10.0 .9 .7 .5 .7 2.2 .5 May 61.2 34.4 1.5 1.9 .9 6.1 10.0 1.3 .9 .6 .6 2.4 .5 June 60 2 33 9 1.5 1.9 1.0 5 7 10 2 9 .7 .5 6 2 8 5 July . ... 64.6 34.5 1.6 2.0 .9 6.2 10.4 2.3 1.2 .4 .6 3.8 .7 Aug 62.4 33.7 4 2.0 1.0 7.7 10.7 .6 1.0 .4 .7 2 6 .6 Sept 61.8 33.3 5 2.1 .9 7.4 10.3 1.1 1.0 .4 .7 2.5 .6 Oct 61.3 33.4 6 2.0 .9 6.5 10.7 .4 1.0 .9 .7 2.6 .6 Nov 60.7 33.2 s 2.1 .9 5.3 10 9 1 2 1.2 .5 .6 2 7 .6 Dec 60.4 33.1 6 2.0 .9 5.0 11.4 1.0 .8 .4 .6 2.8 .6 1949 Jan 32 9 s 2 0 1 0 3 9 10 8 1 1 7 7 2 4 6 Feb 31.0 •> 2.0 1.1 3.9 10 8 .6 2 4 5 Mar 34 6 6 2 0 1 1 5 5 12 0 6 Apr 33.4 1.9 5.7 11.4 .6 .5 r Revised. 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. 3 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. 5 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.—por 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. JULY 1949 869 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 re n ry a it s e - d S T t o a t t a e l s i t g A i e n r n a - - 2 g B iu el m - Brazil Canada3 Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m D a en rk - Egypt France Ger- 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 1,197 354 361 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—June., 23,532 23,741 202 622 354 350 46 P65 289 32 53 548 July. . 23,679 23,820 201 637 354 360 44 289 32 53 548 Aug.., 23,725 23,927 196 643 354 368 44 289 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 43 289 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 44 289 32 53 548 Feb... 24,290 24,464 635 317 415 44 289 32 53 548 Mar.. 24,314 24,468 641 317 415 44 32 53 548 Apr... 24,332 24,461 647 317 43 32 53 548 May. 24,342 24,511 665 317 44 32 523 End of month H ga u r n y - India Iran 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 4 - Ru n m i a a - A S f o r u i t c h a Spain 1942—Dec 24 274 34 141 5 216 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 s 180 100 231 23 72 20 193 ^215* 762 111 1948—June.... 34 274 127 58 71 183 23 66 20 176 217 373 111 July.... 34 264 127 58 43 183 23 66 20 174 338 111 Aug 34 264 127 58 44 172 23 65 20 172 307 111 Sept.. . . 34 264 124 58 172 23 65 20 169 269 111 Oct 34 264 124 60 171 23 58 20 167 234 111 Nov.. . . 34 261 124 70 170 23 52 20 163 194 111 Dec 35 256 124 96 166 23 52 20 158 183 111 1949—Jan 35 251 124 96 166 23 52 20 154 187 111 Feb 35 247 124 96 166 23 52 20 150 182 111 Mar 35 247 124 96 178 166 23 52 20 146 166 101 Apr 35 247 96 178 166 23 52 20 175 96 May.... 35 112 178 166 52 166 Bank End of month S d w e e n - S la w e n r i - d tz 6 - T k u ey r- U d K n o i i n m t g e 7 d - g Ur u u a - y V z e u n el e- a t c o r o t i 1 h e u 6 s e n r - 8 n M a I F t n t a u o i t o r e n n y n r d e - a - l f t S t o i e e o r r t n n t I l a a n e l - - - Government g p o r ld ev i r o e u s s e rv fi e g s u 1 re n s ot included in ments United 1942—Dec... 335 824 114 89 68 138 21 End of month King- France Belgium 1943—Dec... 387 965 161 121 89 172 45 dom 1944—Dec... 463 ,158 221 157 130 190 37 1945—Dec... 482 ,342 241 195 202 192 39 1946—Dec... 381 ,430 237 200 215 195 15 32 1947—Dec... 105 ,356 170 175 215 198 1,356 30 1942—Dec. 17 1943—£>ec 17 1948r—June.. 85 ,345 164 203 263 204 1,363 30 1944—Dec 22,354 214 17 July. . 81 ,322 164 198 304 215 1,400 31 Aug... 81 ,332 161 187 304 216 1,403 31 1945—Dec 2 2,341 457 17 Sept.. 81 ,371 160 181 304 216 1,403 38 1946—June 22,196 Oct.. . 80 ,372 160 172 304 216 1,403 37 Dec 22,587 N D o ec v . . . . . 8 8 1 1 , , 3 3 8 8 7 3 1 16 6 2 0 1 1 6 6 6 4 3 32 2 3 4 2 2 1 1 5 9 1 1 , , 4 4 1 3 0 6 4 3 4 6 1947—Mar 22,345 1949—Jan... 80 ,390 162 164 323 222 1,436 36 June.... 22,382 Feb... 80 ,394 162 164 323 226 1,436 41 Sept 2 2,341 Mar.. 80 1,408 162 164 323 P226 1,436 49 Apr... 80 1,412 161 323 P226 50 Dec 2 2,035 May.. 71 1,432 161 55 1948—Mar 2 2,200 June 21,886 p Preliminary. Sept 21,733 1 Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is Dec 21,822 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 Tr 2 e a E s s u t r im y a s t t e a d t , e m do e l n la t r " v U a n lu it e e s d d S er t i a v t e e d s M by o n c e o y n , v O er u ti t n s g ta n g d o i ld n g a t a n h d o m in e C in ir c a u m la o t u io n n ts , b u y p K to i n 1 d ,2 s 2 ." 4.4 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 te g d 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 ri a l 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 o is f n F e i w n a a n n c d e . repre- and 2 G R ro e s n s t es o ff F ic u ia n l 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 ry an . d U. S. sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. dollars as reported by British Government; 6 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. 866. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal 8 The.se 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. 872, footnote 4, and p. 873, Pakistan beginning July 1948, and Siam. Figures for certain of these countries have been footnote 6. For available back figures, see carried fwwatfdb from last official reports. Banking and Monetary Statistics, p. 526, and NQT;B,—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. 870- 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 el m - France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942.. 315.7 2.0 11.3 208.9 .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.. 1,866.3 488.4 28.0 27.9 445.4 335.5 21.0 -7.1 7.6 -.8 1948.. 1,680.4 1,095.4 135.5 34.4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1948—May. 151.3 157.1 5.5 -29.6 4.1 4.0 .2 .6 -30.1 June. 177, 177.8 -12.0 1.0 .2 .6 -30.0 July.. 266.7 178.0 1.4 30.5 6.9 5.0 3.9 .7 Aug.. 39.1 4.4 .7 5.9 3.0 9.7 .6 -40.0 Sept.. 53.3 1.2 5.2 11.2 .7 23.7 2.0 .1 .8 Oct... 121.6 40.7 5.7 5.7 .3 20.5 2.0 .3 .7 Nov.. 54.2 5.8 1.0 .3 .6 -16.0 Dec. 88.0 60.9 1.0 .3 .6 -20.0 1949—Jan... 66.2 20.3 1.0 .4 .7 -4.0 Feb.. 21.5 .4 .6 Mar.. 19.8 1.0 .3 .6 Apr.. 13.6 3.0 .4 .6 May P 9.5 2.0 .3 .4 NET GOLD IMPORTS TO UNITED STATES ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES BY COUNTRIES—Continued [In millions of dollars] [Net gold exports from United States (—). In millions of dollars] Gold stock at Ear- Y m e o a n r t h or Gold A m O L va a t e h l t r u i i e n c r e a d n at t A r a a u p l s i p - a roxi C m h a i t n e a ly $3 P 5 p h R i a i e n l i - e f p i - ne o A S u o f n r u c ic e th a c o o A th u l e n l r - Period T e u r n e r d a y s o - f p T e o ri t o a d l i I in n s g c to r o t e o l c d a k t s a e l g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r ( a r d e e - r ) : i a a k n s s e d - e e d e- t p D i t r c o i o o m g d n o u e % l c s d - - Republics public tries 1942 22,12b 22,739 —23.0 315.7 —458.4 125.4 1943 21,938 21,981 — 757.9 68.9 —803 .6 48.3 1942 16.3 .5 .3 4.1 8.9 1944 20,619 20,631 — 1,349.8—845.4 —459.8 35.8 1943 14 6 .2 -9.5 .3 .8 1945 20,065 20,083 —547.8 — 106.3 —356.7 32.0 1944 — 10.8 .2 -11.9 3.6 30.2 1946 20,529 20,706 623.1 311.5 465.4 51.2 1945 7.0 .1 -134.0 .1 .4 .5 1947 22,754 22,868 32,162.1 1,866.3 210.0 75.8 1946 —8.0 -55.8 118.6 1,3 1948 24,244 24,399 1,530.4 1,680.4 — 159.2 73,5 1947 -17.1 .1 -14.0 -3.5 410.7 -18.6 1948 7 3 .6 -2.5 491.5 1— 63.5 1948—June. . 23,532 23,741 306.2 177.7 81.7 5.7 July... 23,679 23,820 78.8 266.7 -188.4 6.2 1948—May. . 1.4 .1 -.2 39.4 -1.1 Aug.. . 23,725 23,927 107.0 39.1 59.5 7.7 June.. .7 -.1 40.8 -1.2 Sept... 23,872 24,060 133.4 53.3 98.1 7.4 July... .8 -.1 40.5 -1.1 Oct. . . 24,004 24,203 143.2 121.6 1.0 6.5 Aug.. . .5 -.1 60.6 -6.4 Nov.. . 24,166 24,353 149.1 54.2 99.7 5.3 Sept... .3 -.3 33.5 2 -25.0 Dec. . . 24,244 24,399 46.2 88.0 -45.9 5.0 Oct.... .2 .1 -.1 52.0 2 -6.6 1949—Jan. .. 24,271 24,448 49.5 66.2 -2.7 3.9 Nov.. . .5 .1 57.3 2 -4.2 Feb... 24,290 24,464 16.2 21.5 -22.2 3.9 Dec.. . .6 .1 47.1 -3.0 Mar... 24,314 24,468 3.6 19.8 -16.7 5.5 Apr... 24,332 24,461 -6.5 13.6 -17.7 5.7 1949—Jan.... .7 .4 46.7 -.2 May. . 24,342 24,511 49 7 P9.5 37.8 5.6 Feb 6 .2 21 1 — 1 8 June.. P24,466 ^24,637 P125.7 (4) 6121.6 (4) Mar.. . .4 2 21.3 -4.3 Apr .5 -5.2 — .2 19.4 -5.2 May?. .4 .3 6.3 -.6 P Preliminary. 1 See footnote 1 on opposite page. 2 Figures through 1947 are estimates of U. S. Mint; figures for 1948 and 1949 are estimates of American Bureau of Metal Statistics. P Preliminary. 3 Change includes transfer of 687.5 million dollars gold subscrip- 1 Includes $39,190,000 to Switzerland, $10,691,000 to Greece, tion to International Monetary Fund. $8,347,000 to French Indo-China, and $5,272,000 to other countries. 4 Not yet available. 2 Includes exports to Switzerland as follows: September, $23,747,000; 5 Gold held under earmark at the Federal Reserve Banks for foreign October, $6,360,000; November, $3,488,000. account, including gold held for the account of international institu- NOTE.—For back figures see Banking and Monetary Statistics, tions, amounted to 3 ,677.6 million dollars on June 30, 1949. Gold Table 158, pp. 539-541, and for description of statistics, see p. 524 under earmark is not included in the gold stock of the United States. in the same publication. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. JULY 1949 871 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 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) (J) gations) 444 429 420 410 A M c e c m um be u r l a s t u e b d s c n r e ip t t i i n o c n o s me 8,0 - 3 2 4 8,0 - 3 1 6 7,9 - 8 1 6 7,961 L C o al a l n s s o n (i s n u c b l. s c u r n ip d t i i s o b n u s r s to ed c a p p o it r a t l i o s n to s c k a n 4. d . 5 5 5 5 incl. obligations sold under Bank's guarantee) 559 509 509 497 1949 1948 Other assets 10 5 9 7 Currency acquired z Bonds outstanding 254 254 254 250 (Cumulative figures in dollars) Liability on obligations sold under guar- Apr. Mar. Feb. Apr. antee 26 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 Capital 4 1,667 1,667 1,667 1,653 Chilean pesos 8.8 8.8 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 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 Goldi a O ss t e h t e s r 2 N c a o o n t i d n es a c v n o a D d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r i c o u n la ' - Bankers' Pub D li e c posi E ts .C.A. Other t c l i O i e a a s p t b h i a i 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. S> 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 L,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—June 30 .2 1,300.0 48.7 17.8 383.8 L.252.2 325.4 14.5 92.2 18.2' July 28 .2 1,300.0 16.1 13.4 400.5 L,285.0 311.0 11.2 89.4 18.3- Aug. 25 .2 L,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 L-300.0 70.2 28.9 347.4 1,233.1 302.7 12.3 14.3 99.2 17.9' Dec. 29 .2 s L,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 s 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 L,300.0 76.0 32.1 325.1 L,228.0 295.7 10.9 17.6 90.6 18.4 Mar. 30 .2 L,300.0 53.0 19.9 362.1 L,250.6 294.0 25.6 6.7 90.1 18.6 Apr. 27 .2 1,300.0 24.2 13.7 379.3 L.280.3 289.9 16.8 .7 92.0 17.8 May 25 .2 1,300.0 36.3 25.9 381.4 1,267.9 299.9 12.0 23.3 90.4 17.9 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. I, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, and decreased by 25 million on Jan. 5, 1949. For details on previous changes see BULLETIN for April 1949, p. 450, and February 1948, p. 254. NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in samepublication. 872 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (Figures in millions of Sterling securities Other Canadian dollars) Gold and d S o t U a ll t a n e r s i s ted S te h r o m r t- l Other a O s t s h e e t r s circ N u o la t t e ion2 Ch b a a r n te k r s ed D g o o m m v e i e n n r t n io - n Other l c ia a b a p i n i l t i d a ti l e 8 s 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31 . 1.0 1,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—June 30. .2 1,152.9 790.9 56.8 1,206.5 517.0 138.4 107.2 31.7 July 31. .1 1,145.2 773.6 39.2 1,220.3 502.5 119.0 84.1 32.1 Aug. 31. .1 1,155.2 778.1 50.2 1,226.9 525.1 105.1 90.3 36.2 Sept. 30. .2 1,216.3 757.2 55.3 1,267.7 550.9 87.3 78.2 44.7 Oct. 30. 1.0 1,279.6 741.3 57.7 1,275.1 581.0 110.0 72.2 41.3 Nov. 30. .1 1,222.1 794.0 46.8 1,273.5 579.6 86.5 64.1 59.2 Dec. 31. .4 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Jan. 31. () 1,188.3 806.9 50.2 1,229.2 545.1 141.8 86.8 42.5 Feb. 28. .4 1,180.5 800.7 54.9 1,221.9 531.0 178.4 79.6 25.7 Mar. 31 . 82.3 1,087.1 812.1 70.6 1,245.3 540.3 62.6 84.8 119.0 Apr. 30. 61.1 1,199.0 822.9 57.9 1,264.7 587.3 115.1 80.8 93.0 May 31. 56.4 1,148.1 836.2 57.5 1,263.8 571.2 101.4 65.2 96.7 Assets Liabilities Bank of France mill ( io F n ig s u o r f e s f r i a n ncs) Gold Fo e r x ei - gn Domestic bills G A o d v v e a r n n c m es e n t t o 6 Other ci N rc o u t l e a- Deposits l O ia t t i b h e i s e li r change m O a p rk e e n t6 Special Other Current Other assets 6 tion G m ov e e n r t n- C.A.R.7 Other ca a p n i d tal 1938—Dec. 29.. . 87,265 821 1,892 1,797 7,880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26.. . 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 41,400 27,202 3,586 1941—Dec. 31.. . 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31.. . 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 16,857 29,935 4,461 1943—Dec. 30... 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 10,724 33,137 4,872 1944—Dec. 28.. . 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27.. . 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26.. . 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31.. . 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—June 24.. . 65,225 21 71,274 55 165,984 122,800 558,039 40,368 790,639 738 216,026 16,362 July 29... 65,225 45 78,809 156 169,674 153,200 558,039 51,175 836,662 764 225,251 13,646 Aug. 26... 65,225 50 77,286 544 163,109 156,800 558,039 42,176 844,894 858 203,467 14,011 Sept. 30.. . 65,225 60 90,928 4,808 161,571 160,700 558,039 76,873 910,633 788 193,031 13,752 Oct. 28... 65,225 35 81,952 9,901 197,297 158,000 558,039 51,510 917,757 764 187,657 15,780 Nov. 25.. . 65,225 36 83,365 10,908 192,428 151,200 558,039 48,952 913,234 759 178,090 18,070 Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Jan. 27... 65,225 34 88,286 4,996 238,795 146,200 558,039 53,426 972,604 822 163,513 18,062 Feb. 24... 65,225 53 94,010 4,816 257,345 154,100 558,039 47,692 991,334 765 171,921 17,260 Mar. 31... 65,225 49 134,911 2,523 233,189 157,500 558,039 87,254 1,045,053 750 180,103 12,784 Apr. 28.. . 65,225 67 111,190 2,235 290,365 155,300 558,039 58,089 1,047,277 440 179,099 13,693 May 25... 862,274 74 118,855 1,876 272,698 155,000 560,990 56,729 1,043,180 890 170,018 14,409 1 Securities maturing in two years or less. [see BULLETIN for o Less than $50,000. 6 Composition of these items has been changed: Open market henceforth shows only open market portfolio proper and excludes 65 billion francs advanced to the Treasury arid 5 billion francs advanced to Caisse Autonome. Current advances represents working fund advances previously shown as "Other advances." Other advances includes advances for occupation costs and a number of perpetual and term loans to the Government. Other assets were reduced through the transfer to "Other advances" of several loans to Government. 7 Central Administration of the Reichskreditkassen. 8 Includes 9,293 million francs of gold earmarked as collateral against a loan. For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 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. JULY 1949 873 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) May Apr. Mar. May date of month) May Apr. Mar. May Central Bank of the Argentine National Bank of Costa Rica— Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 434 434 667 Gold 11,543 11,543 11,663 Other gold and foreign exchange. ,832 1,892 2,173 Foreign exchange 26,678 29,121 36,591 Government securities ,721 1,751 881 Contributions to Int'l. Fund and Rediscounts and loans to banks1. ,948 23,625 16,814 to Int'l. Bank 30,321 30,320 30,321 Other assets 124 123 2,747 Loans and discounts 79,403 82,027 66,770 Currency circulation * ,894 7,818 5,787 Securities 22,119 20,443 8,039 Deposits—Member bank 739 Other assets 6,689 6,703 1,032 Government 1,716 Note circulation 106,420108,762102,204 Nationalized * 17,807 13,955 Demand deposits 63,127 64,454 45,064 Other sight obligations 588 217 Other liabilities and capital..... 7,206 6,943 7,149 Other liabilities and capital 1,611 868National Bank of Czechoslovakia Commonwealth Bank of Aus- (millions of koruny): tralia (thousands of pounds): Gold and foreign exchange 8. . .. ,205 3,204 3,476 3,705 Gold and foreign exchange 391,,731377,221247,574 Loans and discounts ,122 23,382 23,962 16,753 Checks and bills of other banks.. 4,,429 3,756 3,054 Other assets ,478 48,621 48,191 51,610 Securities (incl. Government and Note circulation ,255 66,174 67,477 59,479 Treasury bills) 348,,568342,082405,569 Deposits 41 660 180 1,597 Other assets 57.,074 59,353 28,020 Other liabilities and capital ,508 8,372 7,972 10,991 Note circulation 212.,605206,605194,893 National Bank of Denmark Deposits of Trading Banks: (millions of kroner): Special * 380,920 380,670 288,930 Gold 70 70 70 70 Other 24,882 23,493 24,899 Foreign exchange 120 169 187 105 Other liabilities and capital 183,396171,643175,495 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 22 21 16 Foreign exchange 144 128 111 65 Securities 109 115 111 104 Loans and discounts 1,191 ,149 1,101 154 Govt. compensation account ,847 4,857 4,870 5,405 Claim against Government 6,780 ,759 6,665 7,317 Other assets 213 190 220 174 Other assets 6 6 6 6 Note circulation ,472 1,502 1,496 1,486 Note circulation 5,766 ,877 5,833 4,265 Deposits—Government ,716 1,773 1,843 1,754 Deposits—Banks 372 359 362 552 Other ,115 2,068 2,061 2,572 Other 799 588 602 618 Other liabilities and capital 144 144 143 149 Blocked 1,234 ,268 1,136 2,155Central Bank of the Dominican National Bank of Belgium > Republic (thousands of dollars): (millions of francs): Gold 009 4,009 4,006 4,000 Gold 29,120 362 28,069 26,939 Foreign exchange (net) 020 10,245 10,662 15,111 Foreign claims and balances (net) 12,271 726 12,726 Net claim on Int'l. Fund • 250 1,250 1,250 1,250 Loans and discounts 4,770 460 5,288 Paid-in capital—Int'l. Bank.... 40 40 40 Consolidated Government debt.. 34,991 991 34,991 Loans and discounts 178 136 154 Government securities 2,571 010 5,283 Government securities 974 4,974 5,000 3,000 Other assets 3,858 804 3,903 Other assets 774 833 536 82 Note circulation 82,853 743 83,580 77,856 Note circulation 900 17.451 17,373 18,170 Deposits—Demand 2,275 241 4,209 Demand deposits 144 3,845 4,092 5,123 E. C. A 288 270 247 Other liabilities and capital 202 191 183 150 Other liabilities and capital 2,165 098 2,224 Central Bank of Ecuador Central Bank of Bolivia—Mone- (thousands of sucres): tary dept. (millions of bolivianos): Gold 278,419 278,264 278,100 276,774 Gold at home and abroad 956 956 954 Foreign exchange (net) -9 295 3,125 17,767 11,828 Foreign exchange 182 211 158 Net claim on Int'l. Fund • 16881 16,881 16,881 16,880 Loans and discounts 690 695 354 Credits—Government 194 185,149 Government securities 765 767 771 Other 105 225 102,216 Other assets 41 37 16 Other assets 115 103,415 95,932 Note circulation ,220 2,199 1,844 Note circulation 345 337 315,179 O D t e h p e o r s i l t i s abilities and capital 2 1 2 9 1 3 2 22 4 1 6 2 1 4 6 1 7 Demand deposits— O Pr t i h v e a r te banks 1 9 1 7 0 ,504 95,145 227,531 National Bank of Bulgaria * Other liabilities and capital 146 143 74,094 Central Bank of Chile (millions National Bank of Egypt (thouof pesos): sands of pounds): Gold * 1,324 ,345 1,354 1,139 Gold 6,376 6,376 6,376 Foreign exchange (net) 215 221 81 159 Foreign exchange 15,616 14,787 17,624 Net claim on Int'l. Fund • 1 1 1 3 Loans and discounts 4,956 4,926 2,077 Discounts for member banks.... 1,294 ,018 1,097 1,132 British, Egyptian, and other Loans to Government 737 733 768 787 Government securities 324,057 327,473310,345 Other loans and discounts 2,120 ,964 1,841 1,536 Other assets 29,710 24,999 20,247 Other assets 1,523 ,579 1,578 1,251 Note circulation 151,569149,547137,510 Note circulation 5,129 ,953 4,910 4,363 Deposits—Government 100,503101,195 80,302 Deposits—Bank 1,357 ,222 1,211 846 Other 119,366119,811130,220 Other 199 188 332 Other liabilities and capital 9,276 8,008 8,636 Other liabilities and capital 487 409 465Central Reserve Bank of El Salva- Bank of the Republic of Colombia dor (thousands of colones): (thousands of pesos): Gold 029 36,079 36,123 36,608 Gold and foreign exchangeT. . .. 139,750 915130,226162,555 Foreign exchange (net) 416 55,557 55,077 45,633 Net claim on Int'l. Fund • 24,367 367 24, 367 21,871 Net claim on Int'l. Fund • 564 1,564 1,564 1,563 Paid-in capital—Int'l. Bank 1,370 370 1,370 1,225 Loans and discounts 191 191 182 223 Loans and discounts , 186,450 931 475141,416 Government debt and securities. 260 5,261 5,264 5,243 Government loans and securities 135,143 190 307118,679 Other assets 648 1,597 1,665 1,548 Other assets 56,154 200 763 48,303 Note circulation 176 58,937 62,301 53,282 Note circulation 332,554 313,062 913291,645 Deposits 005 35,417 31,720 31,938 Deposits 165,012160. 867160,205 Other liabilities and capital 928 5,894 5,855 5,598 Other liabilities and capital 45,669 45,933 729 42,200 i Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 1 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. aret 1948 i. _ Bourse" for Sept. 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. Untifsuch 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. 874 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May State Bank of Ethiopia—Issue Reserve Bank of India—Cont. dept. (thousands of dollars): Banking department:—Cont. Gold 4,883 4,518 2,157 Loans to Government 35 2 Silver 5,845 5,815 2,486 Other assets ,224 590 Foreign exchange 29,055 29,325 31,671 Deposits ,078 4,689 Treasury bills 9,247 9,247 5,832 Other liabilities and capital. 291 293 Other assets 30,317 30,431 29.303Central Bank of Ireland (thousands Circulation—Notes 48,650 48,650 42,091 of pounds): Coin., 29,363 29,363 28,704 Gold 2,646 2,646 ,646 2,646 Other liabilities and capital 1,335 1,323 655 Sterling funds 44,012 44,422 ,993 40,393 Bank of Finland (millions of Note circulation 46,658 47,068 46,639 43,039 markkaa): Bank of Italy (millions of lire): Gold 269 269 269 268 Gold 1,549 1,256 525 Foreign assets (net) -446 -375 658 -352 Foreign exchange 23,643 31 250 11,992 Clearings (net) -1,801 -1,984 -2,193 -3,065 Advances—Treasury 657,274 650,227659 541686,560 Loans and discounts 37,904 37,682 36,211 37,119 Other Govt. agencies 15 Securities 871 876 892 366 Loans and discounts 181,619 173,859165,071108,050 Other assets 851 1,206 1,411 1,164 Government securities 201,156 201 ,156201 237142,683 Note circulation 28,198 27,741 27,407 27,112 Other assets 321,369 311,378291 968 96,926 Deposits 1,475 2,142 2,309 1,233 Bank of Italy notes 846,994857 945755,882 Other liabilities and capital 7,976 7,792 7,531 7,155 Allied military notes 43,757 45 153 58,579 Bank of the German States l Deposits—Government 125,011118 639 9,540 (millions of German marks): Demand 131.153123 244 50,072 Foreign exchange 1,346 1,205 Other 205,552191 ,175145,290 Loans and discounts 1,591 1,576 Other liabilities and capital 34,143 32 320 166 27,387 Loans to Government 8,572 8,413 Bank of Japan (millions of yen): Other assets 2,843 2,599 Cash and bullion 1 147 ,131 590 Note circulation 6,745 6,604 Advances to Government 92 ,655 67,565 Deposits:—Government 1,500 1,499 Loans and discounts 74 812 943 52,768 Banks 1,486 1,471 Government securities 121 781 894 81,746 Other 387 224 Reconversion Fin. Bk. bonds. . . 73036 ,305 49,562 Other liabilities and capital 4,234 3,995 Other assets. 41 182 10,940 Bank of Greece (billions of drach- (Nov. Note circulation 315 547223,499 mae): 1948)2 Deposits-—Government 45 349 10,902 Gold and foreign exchange (net). 678 608 Other 25 23072 16,603 Loans and discounts 51 24 Other liabilities. 18 143 t2,166 Advances—Government 1,295 988The Java Bank (thousands of Other 1,389 1,285 guilders): Other assets 314 187 Gold 470,983470,972470,956 Note circulation 1,021 956 Foreign bills 70,974 76894 58,763 Deposits—Government 203 130 Loans and discounts 69,677 68 206 70.912 Reconstruction and Advances to Government 937,242914,661866 971 relief accts 219 65 Other assets 80,450 80 577 54^ Other 474 341 Note circulation 818,493774 724 ,907 Other liabilities and capital 1,809 1,600 Deposits 718,715744,943 ,816 Bank of Guatemala (thousands of Other liabilities and capital 92,117 91,643 ,426 quetzales): Bank of Vtexico (millions of pesos): Gold 27,230 27,230 27,229 27,228 Monetary reserve *. . 632 647 664 594 Foreign exchange... 17,502 18,464 19,075 22.244 "Authorized" holdings of securi- Gold contribution to Int'l Fund 1,250 1,250 1,250 1,250 ties, etc. 1,853 ,792 ,846 1,447 Rediscounts and advances 2,812 3,055 3,161 2,142 Bills and discounts 698 708 693 693 Other assets 12,090 11,992 12,228 11,626 Other assets 130 164 172 129' Circulation—Notes 32,844 33,537 33,988 30,805 Note circulation 1,901 ,906 ,900 1,676 Coin 3,092 3,086 3,077 2,912 Demand liabilities 629 683 757 701 Deposits—Government 3,978 3,930 4,125 6,583 Other liabilities and capital 783 722 718 487 Banks 11,450 11,725 11,858 14.237 Netherlands Bank (millions of Other liabilities and capital 9,519 9,713 9,895 9,953 guilders): National Bank of Hungary (mil- Gold. 439 439 439 482" lions of forint): Silver (including subsidiary coin) 7 6 5 2 Gold 412 412 412 403 Foreign assets (net)6 277 243 283 470' Foreign exchange 227 226 213 57 Loans and discounts 152 144 146 164 Discounts 4 4 4 1,928 Govt. debt and securities 3,300 ,300 ,300 3,300 Loans—Treasury 311 311 312 340 Other assets 461 378 366 322 Other 6,895 7,043 6,890 208 Note circulation—Old 79 106 107 122 Other assets 247 263 225 342 New 3,005 ,957 ,983 2,947 Note circulation 2,917 2,929 2,755 2,015 Deposits—Government 53 128 216 779- Demand deposits—Government (3) 1 1 244 Blocked 38 59 35 71 Other 4,544 4,747 4,763 568 E. C. A 293 287 250 Other liabilities and capital 635 581 538 452 Other 908 780 742 "503 Reserve Bank of India (millions of Other liabilities and capital 260 194 205 317 rupees): Reserve Bank of New Zealand Issue department: (thousands of pounds): Gold at home and abroad. . 400 400 444 Gold 843 ,843 2,802 Sterling securities . ...... 7,203 7,416 11,353 Sterling exchange reserve ,826 78,162' Indian Govt. securities 3,937 3,674 1,278 Advances to State or State un- Rupee coin , 474 420 429 dertakings ,324 30,735 Note circulation 11,814 11,693 13,289 Investments 095 ,095 7,868 Banking department: Other assets 327 ,862 3,486 Notes of issue department.. 201 218 216 Note circulation 834 ,369 48,383 Balances abroad 1,808 2,025 4,155 Demand deposits ,015 69,623 Bills discounted 104 21 19 Other liabilities and capital 774 ,566 5.048 c Corrected. 1 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 2 Latest month available. 3 Less than 500.000 forint. 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. JULY 1949 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank 1948 (Figures as of last report (Figures as of last report date of month) May Apr. Mar. May date of month) May Apr. Mar. May Bank of Norway (millions of kroner): Bank of Sweden(millions of kronor): Gold 232 232 232 302 Gold 157 176 176 205 Foreign assets (net) 198 223 226 492 Foreign assets (net) 362 307 383 181 Clearing accounts (net) -64 -54 -70 Swedish Govt. securities and ad- Loans and discounts 87 78 85 ' " 109 vances to National Debt Office5 ,186 3,348 3,155 3,129 Securities 48 48 51 65 Other domestic bills and advances 83 95 132 99 Occupation account (net) 7,713 ,813 7,813 7,924 Other assets 361 380 370 347 Other assets 92 110 97 67 Note circulation ,906 3,019 2,953 2,734 Note circulation 2,058 ,054 2,046 1,984 Demand deposits—Government. 572 563 641 602 Deposits—Government 3,977 ,095 4,064 3,952 Other 230 302 160 334 Banks 902 853 869 1,258 Other liabilities and capital..... 440 422 462 292 Blocked 661 714 738 826 Swiss National Bank (millions of Other 161 166 164 268 francs): Other liabilities and capital 547 568 553 671 Gold ,037 ,948 5,911 5,672 Bank of Paraguay—Monetary Foreign exchange 365 365 316 107 dept. (thousands of guaranies): Loans and discounts 138 151 156 247 Gold 621 624 627 745 Other asset3 71 81 77 92 Foreign exchange (net) 3,214 ,631 -6,612 22,107 Note circulation ,279 ,298 4,326 4,158 Net claim on Int'l. Fund l 2,710 ,710 2,710 2,709 Other sight liabilities ,811 ,726 1,666 1,298 Paid-in capital—Int'l. Bank -92 -92 -92 -16 Other liabilities and capital..... 521 520 469 663 Loans and discounts , 87,272 ,640 78,601 27,240 Central Bank of the Republic of Government loans and securities. 4,572 ,170 6,778 7,059 Turkey (thousands of pounds): Other assets 4.674 ,446 8,797 1,703 Gold 6 449,727 451,306 454,460 470,296 Note and coin issue 77,788 .488 68,488 51,078 Foreign exchange and foreign Demand deposits 22,375 ,642 18,658 7,411 clearings 105 122,465 125, 073170,296 Other liabilities and capital 2,807 ,737 3,663 3,058 Loans and discounts 751 738,697 727, 183630,241 Central Reserve Bank of Peru Securities 185 194,872 860178,539 (thousands of soles): Other assets 47 083 30,694 Gold and foreign exchange 180 198 901108,513 Note circulation 912 928,774 919,664881,567 Net claim on Int'l. Fund l..... . 20 20 496 20,496 Deposits—Gold 153 036 036153,021 Contribution to Int'l. Bank 2 2 356 2,356 Other 205 312198,680214, 121224,732 Loans and discounts to banks... 137 143 141101,486 Other liabilities and capital 268 796270,997 271,837220,746 Loans to Government 723 723 892747,999 Bank of the Republic of Uruguay Other assets 36 43 073 62,468 (thousands of pesos): (Feb.)7 Note circulation 787 777,240 717,302 Gold 248,845308,258 Deposits 253 287 240,122 Silver 11,932 12,342 Other liabilities and capital 60 85,894 Paid-in capital—Int'l. Bank. ... 315 314 Central Bank of the Philippines Advances to State and govern- (thousands of pesos): ment bodies 142,249 63,783 Gold 2. 2,721 Other loans and discounts 244,044192,838 Foreign exchange 685, 669,666 Other assets 248,932292,161 Contribution to Int'l. Fund 30. 30,000 Note circulation 281,774250,759 Advances to Government 1 469 Deposits—Government 66,252 76,465 Other assets 134 134,157 Other 282,754265,668 Note circulation 580 580,377 Other liabilities and capital 265,537276,804 Demand deposits—U. S. dollars2. 40 40,073 Central Bank of Venezuela (thou- Pesos 142, 127,361 sands of bolivares): Other liabilities and capital 90, 89,203 Gold* 888,521 521705,510 Bank of Portugal (millions of Foreign exchange (net) 226,535 203 39,389 escudos): Other assets 32,570 242 84,607 Gold 3,496 4,345 Note circulation—Central Bank. 779,228 763 453637,783 Foreign exchange (net) 7,870 10,139 National banks 1,447 481 3,406 Loans and discounts 439 405 Deposits 335,364 334171,446 Advances to Government 1,265 1,283 Other liabilities and capital 31,586 698 16,870 Other assets 500 496 National Bank of the Kingdom Note circulation 8,269 8,310 of Yugoslavia 3 Demand deposits—Government. 238 1,240 Bank for International Settle- Other 4,108 6,209 ments » (thousands of Swiss gold Other liabilities and capital.., 955 910 francs): National Bank of Rumania 3 Gold in bars 169,766 153,030 150,769 99,241 South African Reserve Bank Cash on hand and on current (thousands of pounds): account with banks 20 388 19,554 38,709 35,286 Gold* 40,699 ,983 40,786 95,323 Sight funds at interest 7 357 1,914 494 374 Foreign bills 1,646 ,076 5,431 81,235 Rediscountable bills and accept- Other bills and loans 77,406 ,601 90,720 86,154 ances (at cost) 19931 19,160 17,681 31,323 Other assets 13,994 ,657 18,649 11,934 Time funds at interest 18 644 22,860 26,639 9,478 Note circulation 66,400 ,699 65,483 64,906 Sundry bills and investments. . 155 750166,224189,351 83,857 Deposits 60,638 ,116 81,927203,269 Funds invested in Germany. . . 297 201297,201297,201297,197 Other liabilities and capital 6,707 ,501 8,176 6,469 Other assets 1948 1,827 1,643 2,893 Sank of Spain (millions of pesetas): Demand deposits (gold)...... 17299 17,353 21,654 17,585 Gold ,047 1,111 1,216 Short-term deposits (various Silver 497 499 500 currencies): Government loans and securities. ,965 15,739 15,857 Central banks for own ac- Other loans and discounts... ,205 8,460 9,748 count ,637 181,883 218,876 49,076 Other assets ,985 3,920 2,874 Other ,383 1,344 1,317 4,270 Note circulation ,080 25,004 24,825 Long-term deposits: Special ac- Deposits—Government ,379 1,425 1,112 counts 228, 909 228,909 228,909 228,909 Other ,641 2,749 3,681 Other liabilities and capital 253, 755 252,281251,730 259,808 Other liabilities and capital.. 598 552 575 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. 8 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. • Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 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. 3 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. 9 See BULLETIN for December 1936, p. 1025. .876 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n m t g ed - France Ger- g B i e u l m - N la e e n r t - d h s - S d w e e n - S la w e n r i - d tz- ba C n e k n tr o a f— l J R u 3 a n 0 t e e ef D fec a t t i e ve ba C n e k n tr o a f— l J R u 3 a n 0 t e e ef D fec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Ireland Nov. 23, 1943 Jan 1 . 9 38 4, 1939. . A Au rg en ' tina. ¥ A M u a g r . . 3 1 , , 1 1 9 9 4 3 5 6 J I a ta p l a y n 5.11 J A u p ly r. 9 5 , , 1 1 9 9 4 4 8 9 Apr. 17 Belgium. . Aug. 27. 1947 Java 3 Jan. 14, 1937 May 11 Bolivia. .. Feb. 4, 1948 Latvia 5 Feb. 17, 1940 July 6 Aug. 24 Aug. 29 Sept. 28 Bulgaria. 33 Aug. 1, 1948 Lithuania. . , 6 July 15, 1939 Oct. 26 Canada.. Feb. 8, 1944 Mexico June 4, 1942 Dec. 15 Chilt 3-4 > Dec. 16, 1936 Netherlands . June 27, 1941 Jan. 25, 1940.. Colombia 4 July 18, 1933 New Zealand. July 26, 1941 Apr. 9 sy Costa Rica 3 Apr. 1, 1939 Norway I" Jan. 9, 1946 May 17 2 Czechoslovakia Oct. 28, 1945 Peru Nov. 13, 1947 Mar. 17, 1941. . May 29 June 27 Jan. 16, 1945. . Denmark 334 Tan. 15, 1946 Portugal.... Jan. 12, 1944 Jan. 20 Ecuador June 8, 1943 Rumania. . . Mar. 25, 1948 Feb. 9 2V2 El Salvador... 4 Oct. 15, 1946 South Africa. June 2, 1941 Nov. 7, 1946. . w Estonia Oct. 1, 1935 Spain Mar. 18, 1949 Dec. 19 2 Finland Feb. 1, 1949 Sweden Feb. 9, 1945 Jan. 10, 1947. . &2M Aug. 27 sy Oct. 9 2H &3 2 France Oct. 1, 1948 Switzerland.. \y Nov. 26, 1936 June 28. 1948 . . Germany May 27, 1949 Turkey 2 July 1, 1938 Sept. 6 3y &4 Greece July 12, 1948 United King- Oct. 1 3 Hungary Nov. 1, 1947 dom 2 Oct. 26, 1939 May 27, 1949. . India Nov. 28, 1935 U. S. S. R.. . . 4 July 1, 1936 In effect June 30, Yugoslavia. . 1-3 Aug. 20, 1948 1949 iy2 iy2 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since May 31: None. 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- Loana 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 1942—Apr.. .54 1.03 1.01 1.00 1.74 1.25 1943—Apr.. .50 1.03 1.01 1.03 .66 1.25 1944—Apr.. .39 1.03 1.01 1.13 .73 1.25 1945—Apr.. .37 1.03 1.01 1.00 .47 1.25 1946—Apr.. .37 .53 .51 .63 .25 .90 .50 .25 1947—Apr.. .41 .53 .51 .63 .41 1.59 1.11 .25 1948—Apr.. 41 56 51 .63 2.00 1.38 93 .50 1948—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 2.08 .39 .90 .63 Mar. .42 .56 .52 .63 2.10 1.38 1.01 1.63 Apr.. .49 .58 .51 .63 2.12 1.29 1.24 1.63 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. JULY 1949 877 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom » ( b 1 m a 1 n i l k L li s o o s . n n te s d r o l F o i n f i n g g p c u ) l o r e e u a s n r i d i n n s g re C se a r s v h es M c o n a s l n o h l e t o i a y r c n t e 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 s Securities c L u o s a to n m s e to rs 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 li c a O a b a p t i n h l i i d t e t a i r e l s, 1941—December .... 366 141 171 758 999 823 324 3,329 2,168 1.161 253 1942—December 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943 —December .... 422 151 133 1.307 ,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—December .. . 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December .. . 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1.972 396 1948—^/[ay 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 L.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 L.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 .496 1.429 517 5,815 3,803 2,012 409 April 500 481 799 1,025 1,501 1,445 540 5,886 3,875 2,011 405 Assets Liabilities Canada E 1 n C 0 d a c n i o n h a f a d m m r i t a i e o l n l r n i e o d t d h n o s l b f l o a a ig f n r u s k ) r s e . s re C se a r s v h E e n s tire S ly e l o c i a u n n r i s t C y ana l d o d i O a s a c n t o s h u e a n r n t d s d S a a f u b e n o l b e o c a d r r e u a n o f i n r r k n g a i o s s e d n t m y t Securities a O s t s h e e ts r ci N r ti c o o u t n l e a- e D T x e o c p t lu a o l d s i i n ts g p D i a n y e te a m r b b a le n a d n i k n d C e a p T n o i a m s d i e t a s 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 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 ,049 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 ,172: 1944—December 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 ,289. 1945—December 694 251 1,274 227 4.038 869 26 5,941 3,076 2,865 ,386, 1946—December 753 136 1,507 132 ,232 1,039 21 6,252 2,783 3,469 ,525 1947—December 731 105 1,999 106 ,874 1,159 18 6,412 2,671 3,740 ,544 1948 —May 728 80 1,925 127 ,066 1,107 17 6,456 2,501 3,955 11,561 June 685 84 1,930 135 ,143 1,129 17 6,528 2,592 3 936 I 561 July 671 77 1,948 128 ,154 1,019 17 6,446 2,487 3,959 11,533 August 712 77 1,958 144 ,209 1,082 17 6,609 2,606 4 003 1,557 September .... 734 76 2,023 136 ,185 1,169 17 6,776 2,728 4,049 1L.530 October 751 97 2,110 143 ,156 1,067 17 6,798 2,758 4,040 1,510 November... . 781 96 2,202 140 ,212 1,149 16 7,020 2,935 4,086 1,542 December 749 101 2,148 144 ,268 1,169 16 7,027 2,970 4,057 1,537 1949—January 740 90 2,131 131 ,311 1,054 16 6,942 2,824 4,118 1,500 February 711 108 2,119 136 ,322 1,070 16 6,957 2,797 4,159 1,494 March 718 81 2,129 136 \t,285 1,077 15 6,927 2,663 4,264 L,484 April 760 90 2,199 149 4,267 987 15 7,029 2,690 4,339 1,408 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 c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n d te i d s- Loans a O s t s h e e t r s Deposits ac O c w ep n t- lia O b a t i n h l d i e t r ies Total Demand Time ances capital 1941—December 6,589 3,476 61,897 8,265 2,040 76 656 75.744 912 413 5,199 1942—December 7,810 3,458 73,917 10,625 2,622 91. 549 911,225 324 462 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 21 .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 U? 166 338,710 3,457 25,175 17,628 1948—April 29,808 27,283 269,554 105,112 33,661 423,905 418,077 5,828 26,878 14,634 May 32,885 26,713 270,395 113,086 35,138 435,436 429.788 5,649 27,104 15,681 June 34,770 27,317 274,098 112,566 38,313 440,776 435,902 4,874 28,590 17,698 July 34,308 28,539 305,928 110,301 39,267 470,004 465.104 4,900 28,044 20,295 August 35,504 28,465 295,80(5 113,956 41,028 464,340 459 603 4,737 28,569 21,849 September 35,994 28,232 311,935 111,682 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 34,493 330,49= 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 March 38,024 33,720 330,902 135,617 39,720 528 241 520,846 7,394 32,127 17,615 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. * Represent six-month loans to the Treasury at 1 H 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 Stattsttcs, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 878 FEDERAL RESERVE BULLETIN, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Belgium Brazil Canada (peso) (pound) (franc) (cruzeiro) (dollar) Year or Ceylon month " p R l r a e o r g d " u - - re " p g N r u o o l d n a - - r" C in e tr d r i t u a a l s i - n Official Free n "B ot a e n s k " Official Free Official Free (rupee) ucts ucts products account 1943 29.773 24 732 322 80 321 50 6 0586 5 1280 90 909 89 978 1944 29.773 25.125 322 80 6 0594 5 1469 90 909 89 853 1945 29.773 25.125 322.80 321.17 2.2860 6 0602 5.1802 90 909 90 485 1946 29.773 25 125 321 34 2 2829 6 C60^ 95 198 93 288 1947 29.773 25.125 321 00 2.2817 s 4403 100 000 91 999 1948 29.773 25 125 20 000 321.22 2 2816 s 100 000 91 691 1948—July... 29.773 25.125 20.000 321.23 2.2807 s 4406 100.000 92.829 Aug... 29.773 25 125 20.000 321-23 2.2830 s 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 s 4406 100 000 92 898 Nov... 29.773 25.125 20.000 321.23 2.2850 s 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 s 4406 100 000 92 668 30 117 Mar... 29.773 25.125 20.000 321.21 2.2828 2 2.1000 5.4406 100.000 93.261 30.117 Apr... 29.773 25.125 20.000 321.12 2.2752 2.1605 5.4406 100.000 93.566 30.117 May .. 29.773 25.125 20.000 321.15 2.2750 2.1791 5.4406 100.000 95.150 30.117 June.. 29.773 25.125 20.000 321.00 2.2750 2.2211 5.4406 100.000 95.521 30.117 Year or Co b l i o a m- C sl z o e v c a h k o ia - m De a n rk - F (f r r a a n nc c ) e India » 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) Official Free (rupee) (lira) (peso) (guilder) (pound) (krone) Re (p p e u so b ) lic 1943 57.265 30.122 20 S77 324.20 1944 57.272 j- 30.122 20.581 324.42 1945 57 014 9711 30.122 20 581 37 933 323 46 1946 57.020 2 0060 20.876 8409 30.155 .4434 20 S81 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—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 14490 37 572 399.15 20.158 Dec ... 2 0060 20.854 .4671 3154 30.168 14 S?7 37 615 399.15 20.158 1949—jan m m 2.0060 20.854 .4671 3141 30.168 14 S34 37 664 399.14 20.158 149.675 Feb 2.0060 20.854 .4671 3138 30.168 14.360 37 628 399.15 20.158 49.677 Mar. 2 0060 20 854 .4671 3136 30.168 14 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 49.723 2 0060 20 854 .4671 3038 30.168 12 521 37 609 399 05 20 158 49 724 June . 2.0060 20.854 .4671 3032 30.168 11.911 37.615 398.87 20.158 49.730 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 - ) ( S A p o o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d t e o r e t a l t n l l i a t e t r s s - ) (k S d r w o e e n n - a) e ( S f r r w l a a n it n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o a ) y Official Free 1943 398 00 403.50 403.50 65.830 52.855 1944 398 00 403.50 65.830 53.506 1945 399 05 403.50 403.02 65.830 55.159 1946 4 0501 400 50 9.132 25 859 23.363 403.28 65 830 56.280 1947 4 0273 400 74 9 132 27 824 23.363 i 8<s 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—July... 4.0329 400.75 9.132 27 824 23.363 403.14 65.830 56.180 Aug . 4 0327 400 75 9.132 27 824 23.363 403.15 Sept... 4.0319 400.75 9.132 27 823 23.363 403.15 Oct. .. 4.0312 400.75 9.132 27 823 23.363 403.14 65.830 56.180 58.822 53.191 Nov.. . 4.0316 400.75 9.132 27 823 23.363 403.15 65.830 56.180 58.822 53.191 Dec... 4.0321 400.75 <9.132 27 823 23.363 403.15 65.830 56.180 58.822 53.191 1949—Jan. .. 4.0324 400.75 147.083 27 823 23.363 403.13 65.830 56.180 58.822 53.191 Feb 4 0327 400 75 47 083 27 823 23.363 403.14 65.830 56 180 58 822 53 191 Mar... 4.0324 400.75 47.083 27.823 23.363 403.11 65.830 56.180 58.822 53.191 Apr... 4.0326 400.75 47.166 27.823 23.363 403.00 65.830 56.180 58.822 53.191 May .. 4.0327 400.75 47.208 27.823 23.363 403.04 65.830 56.180 58.822 53.191 June.. 4.0327 400.75 47.186 27.823 23.363 402.85 65.830 56.180 58.822 53.191 1 Based on quotations beginning Jan. 24, 1949. s Based on quotations beginning Mar. 22, 1949. * Excludes Pakistan, beginning April 1948. 4 Quotations not available after Dec. 17, 1948. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. JULY 1949 879 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Year or month U ( S 1 n 9 1 ta 2 0 i 6 0 t t e e ) d = s C (1 a 1 9 n 0 2 0 a 6 ) d = a M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n 9 1 n g 3 0 i 0 0 d te ) o = d m F (1 r 1 9 a 0 3 n 0 8 ) c = e (1 I 9 1 t 3 0 a 8 0 l y ) = ( J 1 a 1 93 0 p 3 0 a ) n = ( J J N u u l n l e a y e t n h 1 1 d e 9 9 s r 3 3 - 8 9 - S (1 w 1 9 0 e 3 0 d 5 ) e = n (J S u w = l l y a i 1 t n 1 0 z d 9 0 e 1 ) r 4 - = 100) 1926. 100 100 U24 106 132 150 U26 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-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 1,783 5,704 16,916 280 217 231 September. 169 158 270 220 1,791 5,769 18,206 279 217 230 October 165 159 273 220 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 1,974 5,697 '20,894 291 217 231 1949—January.. 161 159 270 221 1,946 '5,698 '21,538 295 217 230 February. 158 158 271 221 1,898 5,656 21,936 295 217 229 March... . 158 158 275 221 1,872 21,932 294 216 227 April 157 158 280 227 1,847 295 224 May 156 156 231 Pi,892 221 P Preliminary. ' Revised. i Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for June 1949, p. 754; 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) :i926=100 (1930=100) (July 1938-June 1939=100) Year or month pr F o a d r uc m ts Foods co O i m t t m h ie e o s r d- pr F o a d r uc m ts R f m a p a g c a a o w t r n o u t a d u r l n s - e y d d F f u c m a l g h c l a o i t y n o e u f d u r a l s - e n y d d Foods pr I t o n r d d i u u a s c l t - s Foods t p r r I i o n a d d l u u s c r t - a s w p f r I i o t n n r d d i i u u a s c s l h t - e s d 1926 100 100 100 100 100 100 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 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—May 189 177 '150 151 153 138 182 243 230 341 281 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 November 181 174 154 150 164 144 181 244 238 348 291 December 177 170 153 149 164 144 178 246 241 349 294 1949—Janu ary 173 166 153 148 163 143 178 247 240 373 295 February . . 168 162 152 145 161 142 178 247 242 371 295 March '172 163 151 146 162 141 178 246 242 369 293 April . . '171 163 149 148 161 142 186 250 243 369 294 May 171 164 147 148 160 142 199 250 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 880 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 i 5 1 t t e e - 0 3 s d 0 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 1 h 0 d - e 0 s 1 r ) 3 - ( l 1 J a e u 9 n r 1 n - d 4 e Y m e o a n r t o h r ( U 1 S 9 n t = 3 a i 5 1 t t e e 0 -3 s d 0 9 ) (1 = C 9 a 3 1 a d 5 0 n a 0 - - 3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 l = 9 e a 1 1 t n 1 h 0 d - 0 e s 1 ) r 3 - ( l 1 J a e 9 u n r 1 n - d 4 e = 100) = 100) 100) -100) 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 139 124 204 645 208 1947 194 160 1 101 1,043 222 1947 159 136 UOl 1,030 217 1948 210 196 108 1,662 230 1948 171 155 108 1,632 224 1948-June 214 194 113 1,560 230 1948-June 172 154 110 1,529 224 July 217 201 108 1,559 229 July 174 157 108 1,528 223 August 217 203 107 1,716 228 August.... 175 158 108 ,670 223 September. 215 204 107 1,842 229 September. 175 159 108 ,783 223 October... 212 205 108 1,904 229 October... 174 160 108 ,844 223 November. 208 205 108 1,873 235 November. 172 160 109 ,870 226 December. 205 202 108 1,924 232 December. 171 159 109 ,928 225 1949-January... 205 202 108 1,932 231 1949-January... 171 160 109 ,935 224 February.. 200 200 109 1,845 229 February.. 169 160 109 ,857 223 March.... 202 199 108 1,759 228 March 170 159 109 ,781 222 April 203 199 108 1,738 227 April 170 159 109 ,757 221 May 202 200 '1,725 227 May 169 160 ,738 222 P Preliminary. 1 This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 166 for retail food prices and 203 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 a 3 ) 9 2 1 K ( 9 D U 2 i e n 1 n c g i e = t d m e 1 o d 0 b m 0 er ) F (1 r 1 9 a 0 n 3 0 c 8 ) 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 - 01 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 '109.6 139.9 115.7 96.2 875 1947 i103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 184.3 1948 98.7 105.0 129.9 P117.0 107.1 124.4 112.5 92.0 1,256 197.5 1948—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 98.3 104.0 129.7 119.3 106.3 127.1 113.6 91.2 1,208 195.7 September. .. 98.2 104.1 130.1 116.2 106.6 125.7 113.4 90.7 1,285 194.3 October 97.8 103.8 130.5 114.4 107.3 127.8 116 4 90.6 1,464 185.9 November. .. 97.9 104.5 130.4 113.4 106.6 120.4 117.8 91.6 1,354 179.7 December.... 98.9 104.7 130.4 110.0 106.6 119.4 115.8 «91.4 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 1,214 172.6 100.7 105.0 130.8 107.6 103.0 118.0 106.4 88.7 1,114 April 101.0 105.2 130.9 109.0 118.5 106.4 88.4 1,119 May 101.0 105.2 130.4 117.7 105.3 88.9 P Preliminary. • Corrected 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocka 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. *This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 6 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. • 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. 1 Average based on figures for 5 months; no data available June-December. • 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; Junt 1935, p. 394; and February 1932, p. 121. JULY 1949 881 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 T. LEONARD TOWNSEND, Solicitor DIVISION OF PERSONNEL ADMINISTRATION G. HOWLAND CHASE, Assistant Solicitor FRED A. NELSON, Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES WOODLIEF THOMAS, Director LISTON P. BETHEA, Director RALPH A. YOUNG, Associate Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL THOMAS B. MCCABE, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman First Vice President LAWRENCE CLAYTON W. RANDOLPH BURGESS, NEW YORK DISTRICT ERNEST G. DRAPER C. E. EARHART FREDERIC A. POTTS, PHILADELPHIA DISTRICT 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 S. R. CARPENTER, Assistant Secretary HENRY E. ATWOOD, MINNEAPOLIS DISTRICT 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 IOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Mar\et HERBERT V. PROCHNOW, Secretary Account 882 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, \ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS A Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President vice Jrresidents 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. Wayne W. R. Milford Charles W. 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 C. M. Stewart Minneapolis.... Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandv2 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. Iron H. R. DeMoss L. G. Pondrom8 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. * Also Cashier. 4 General Manager. JULY 1949 883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS 1 The material listed below may be obtained from history of Paraguay. July 1946. 170 pages. the Division of Administrative Services, Board of $1.00 per copy. Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made RULES OF ORGANIZATION AND RULES OF PROCEDURE (Board of Governors of the Federal Reserve Syspayable to the order of the Board of Governors of the Federal Reserve System. tem). September 1946. 31 pages. THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing pro- FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- visions of certain other statutes affecting the sessions, Bolivia, Canada, Chile, Colombia, Costa Federal Reserve System. 372 pages. 50 cents per Rica, Cuba, Dominican Republic, Ecuador, paper-bound copy; $1.00 per cloth-bound copy. Guatemala, Haiti, Republic of Honduras, Mexico, POSTWAR ECONOMIC STUDIES. (8 pamphlets) Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, No. 1. Jobs, Production, and Living Standards. and Venezuela is $2.00 per annum or 20 cents No. 2. Agricultural Adjustment and Income. per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United No. 3. Public Finance and Full Employment. States for 10 or more copies to one address, 15 No. 4. Prices, Wages, and Employment. cents per copy per month, or $1.50 for 12 months. No. 5. Private Capital Requirements. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 6. Housing, Social Security, and Public RATES, AND BUSINESS. Issued monthly. $9.00 Works. per annum, or $1.00 per copy (domestic rates). In quantities of 10 or more copies of a particular No. 7. International Monetary Policies. issue for single shipment, 75 cents each. No. 8. Federal Reserve Policy. BANKING STUDIES. Comprising 17 papers on bank- The price for the set of eight pamphlets is $1.25; ing and monetary subjects by members of the 25 cents per pamphlet, or, in quantities of 10 or Board's staff. August 1941; reprinted March more for single shipment, 15 cents per pamphlet. 1948. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single ship- THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND ment, 75 cents each. FUNCTIONS. November 1947. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 BANKING AND MONETARY STATISTICS. Statistics of or more copies for single shipment, 50 cents each. banking, monetary, and other financial develop- Paper-bound copies available without charge. ments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (un- DEBITS AND CLEARINGS STATISTICS, THEIR BACKbound). GROUND AND INTERPRETATION. October 1947. 50 pages. 25 cents per copy; in quantities of 10 or PROVISIONS OF STATE LAWS RELATING TO BANK REmore copies for single shipment, 15 cents each. SERVES as of December 31, 1944. 1945. 30 pages. MONETARY AND BANKING REFORM IN PARAGUAY. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, Includes translation of laws, accompanying re- December 31, 1947. July 1948. 122 pages. ports, and introduction reviewing the monetary REGULATIONS OF THE BOARD OF GOVERNORS OF THE *A more complete list, including periodical releases and re- FEDERAL RESERVE SYSTEM. Individual regulations prints, appeared on pp. 758-61 of the June 1949 BULLETIN. with amendments. FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS LATIN AMERICA'S POSTWAR INFLATION AND BALANCE (From Federal Reserve Bulletin unless preceded by an asterisk) OF PAYMENTS PROBLEMS, by David L. Grove and ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS Gerald M. Alter. November 1948. 11 pages. AND BUSINESSES. June 1948. 2 pages. * STATEMENT ON BEHALF OF THE BOARD OF GOV- ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE RECENT DEVELOPMENTS IN BUSINESS FINANCE; with THE JOINT COMMITTEE ON THE ECONOMIC REPORT. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION Presented by Chairman Thomas B. McCabe on FINANCING, by Charles H. Schmidt. June 1948. February 14, 1949. 7 pages. 19 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS 1948 SURVEY OF CONSUMER FINANCES— LOANS, by Richard Youngdahl. March 1949. I. EXPENDITURES FOR DURABLE GOODS. June 1948. 10 pages. 15 pages. II. THE DISTRIBUTION OF CONSUMER INCOME IN SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, 1947. June 1948. 8 pages. by Charles H. Schmidt. March 1949. 9 pages. III. CONSUMER OWNERSHIP AND USE OF LIQUID POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O. AND NONLIQUID ASSETS. July 1948. 15 pages. Hirschman and Robert V. Rosa. April 1949. IV. CONSUMER SAVING AND THE ALLOCATION OF 13 pages. DISPOSABLE INCOME. August 1948. 19 pages. MOVEMENT TOWARD BALANCE IN INTERNATIONAL V. HOUSING EXPENDITURES AND FINANCE. Sep- TRANSACTIONS OF THE UNITED STATES, by Lewis tember 1948. 8 pages. N. Dembitz and Albert O. Hirschman. May 1948 SURVEY OF CONSUMER FINANCES. June, July, 1949. 14 pages. August, and September 1948. 65 pages. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF SALES FINANCE COMPANY OPERATIONS IN 1947, by THE BOARD OF GOVERNORS OF THE FEDERAL RE- Milton Moss. July 1948. 6 pages. SERVE SYSTEM BEFORE THE SENATE BANKING AND CURRENCY COMMITTEE, May 11, 1949. 6 pages. * STEPS TO RESTORE POWERS OF STATES AND LOCALI- TIES, by Frederic Solomon. Reprinted from the INDUSTRIAL DIFFERENCES IN LARGE CORPORATION July 1948 issue of the American Bar Association FINANCING IN 1948, by Charles H. Schmidt. Journal. 9 pages. June 1949. 8 pages. STATEMENT BEFORE THE HOUSE BANKING AND CUR- NEW SERIES ON QUARTERLY SALES, PROFITS, AND RENCY COMMITTEE. Presented by Chairman DIVIDENDS OF 200 LARGE MANUFACTURING COR- Thomas B. McCabe on August 2, 1948. August PORATIONS, by Eleanor J. Stockwell. June 1949. 1948. 8 pages. 5 pages. THE PHILIPPINE CENTRAL BANK ACT and Text of RETAIL CREDIT SURVEY—1948. From June 1949 the Act, by David L. Grove and John Exter. In BULLETIN with supplementary information for part a reprint from the August 1948 BULLETIN. nine separate trades. 38 pages. (Also, RETAIL 36 pages. CREDIT SURVEY—1943, 1944, 1945, 1946, 1947 from the June 1944, May 1945, June 1946, July THE BALANCE SHEET OF AGRICULTURE, 1948. Sep- 1947, and July 1948 BULLETIN with suppletember 1948. 16 pages. mentary information.) BANK CREDIT DEVELOPMENTS. October 1948. 12 1949 SURVEY OF CONSUMER FINANCES— pages. I. GENERAL FINANCIAL POSITION AND ECONOMIC THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL OUTLOOK OF CONSUMERS. June 1949. 13 pages. RESERVE SYSTEM. Address by Chairman Thomas II. DURABLE GOODS EXPENDITURES IN 1948 AND B. McCabe on October 26, 1948 at the annual BUYING PLANS FOR 1949. June 1949. 10 pages. meeting of the Stockholders of the Federal Re- III. DISTRIBUTION OF CONSUMER INCOME IN 1948. serve Bank of Boston. November 1948. 5 pages. July 1949. 15 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS SUMERS, July 1948. November 1948. 5 pages. AND BUSINESSES. July 1949. 2 pages. JULY 1949 885 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo CO O FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I rltant ^v \ j== BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES if BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 6 FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES OCTOBER 1.1948 srsrrit P w Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis