Federal Reserve Bulletin, 1949-08

F E D E R AL V BULL AUGUST 1949 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE Construction Markets in Mid-1949. 887- 895 Announcement of Reduction in Reserve Requirements, August 5, 1949. 895 1949 Survey of Consumer Finances—Part IV. Consumer Ownership and Use of Liquid Assets.. 896- 911 Annual Report of the Bank for International Settlements 912- 934 Law Department. 935- 938 Current Events and Announcements 938 National Summary of Business Conditions 939- 940 Financial, Industrial, Commercial Statistics, U. S. (See p. 941 for list of tables) 941-1000 International Financial Statistics (See p. 1001 for list of tables). 1001-1019 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 1020 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1021 Federal Reserve Publications. 1022-1023 Map of Federal Reserve Districts. 1024 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 August 1949 NUMBER 8 CONSTRUCTION MARKETS IN MID-1949 This spring and early summer, while ac- cent months. Considering the exceptionally tivity at factories and mines has declined sub- high levels reached last year, changes so far stantially, the physical volume of new con- have been moderate, and in most lines costs struction has increased more than seasonally during the first half of this year were not from the low winter levels. An increase in much different from a year earlier. Conresidential building, resumption of the rise struction operations have been carried on in construction by public utility companies, this year under conditions of ample supplies and continued moderate expansion of public of both materials and labor and of moderwork have been offset only in part by fur- ately lower prices for building materials in ther declines in the volume of private indus- general, and considerably lower prices for trial and commercial construction. The lumber. Wage rates in construction trades total volume of construction, in both dollar have risen further this spring. With a larger and physical terms, is now about the same labor force, however, labor costs have probas a year ago. The volume of private work ably declined or increased only slightly as is lower and public work makes up a larger overtime work at premium rates has been proportion of the total. reduced and delays caused by shortages of Recent construction contract awards indi- materials have been largely eliminated. cate that construction activity is likely to Reductions in contractors' and builders' continue to expand moderately in the near margins have varied widely by type of future, and that public work will continue project and locality. to account for a relatively large proportion During the winter and early spring, when of total nonresidential construction com- a marked shift in inventory policy took place pared with the earlier postwar period. in other private sectors of the economy, de- Under the recently enacted Housing Act mand for building supplies—especially for of 1949—providing Federal aid to locali- most types of equipment—also decreased ties for new low-income housing, for urban considerably. This reduction in demand was redevelopment, and for farm housing—some reflected in a substantial curtailment of outland acquisition and planning will take place put in many lines and in moderate reductions this year. It is unlikely, however, that any in prices. appreciable amount of construction will be Residential real estate transfers, including done under the Act before next spring. purchases of both old and new houses, have Construction costs, in general, after rising increased seasonally during the spring, but to a peak last autumn, have declined in re- sales of old houses have apparently been AUGUST 1949 887 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION MARKETS IN MID-1949 below earlier high levels, and prices of old started. This decline reflected in part the houses have continued to decline. Prices reduced urgency of demand, growing conpaid for new houses are also somewhat lower, sumer resistance to the prices of new houses, reflecting market resistance and lower costs. and somewhat less favorable financing terms There has been an increase in the proportion than had been available earlier. of smaller houses built. The amount of resi- This spring the number of new units dential mortgage debt outstanding has in- started has risen substantially from the low creased further but much less rapidly than winter level of about 50 thousand a month. in other recent years, reflecting the slower In June, according to preliminary figures turnover of real estate, lower appraisals for of the Bureau of Labor Statistics, 100 thoumortgage lending, and the continued high sand units were started, about the same numrate of repayment of outstanding debt. ber as in the peak months of April and May Relaxation of rent control regulations dur- 1948. In the first half of the year, as is ing the early months of 1949 appears, by and shown in the table, 451 thousand units are large, to have had little effect on the housing estimated to have been started, compared market. Changes in the regulations have with 478 thousand in the first half of 1948 been reflected in some rent increases, but and 454 thousand in the second half. the average level of residential rents in large cities has continued to rise only slowly and PERMANENT NEW NONFARM DWELLING UNITS STARTED is now about 3 per cent higher than a year [In thousands] ago. Private Period Total Public RESIDENTIAL MARKETS AND MORTGAGE DEBT Single- Multi- Total family family During the past few years additions to the Annual totals housing supply, from conversion of existing 1940 603 530 448 82 73 structures as well as from new construction, 1946 671 663 590 72 8 1947 849 846 740 106 3 have been very large. In 1948 the number of 1948 931 914 763 150 17 Semiannual totals dwelling units completed and put on the 1946 market was probably larger than in any pre- First half 340 338 298 40 2 Second half. 330 325 292 32 5 vious year, and the number of new units on 1947 which construction was started was almost First half 355 354 318 36 1 Second half........ 494 492 422 70 2 as large as in 1925, the previous peak year. 1948 First half 478 472 386 86 6 Partly because of these developments, de- Second half. . 454 442 377 65 12 mand for houses has been less urgent than 1949 First half 1 451 431 345 85 20 in other recent years, and weakness which appeared in markets for old houses last year 1 Second quarter preliminary. Second quarter figures for type of structure estimated by Federal Reserve. has continued. Old houses have sold slowly NOTE.—Data from Department of Labor. Only new permanent family dwelling units built in nonfarm areas are represented. since early 1948, and prices have declined Single-person accommodations, conversions, trailers, and all temporary structures are excluded. gradually but steadily from the very high levels reached in 1947. The markets for which building is being Residential building. After the middle of done this year, however, are different from last summer there was a more-than-seasonal last year. The number of single-family decline in the number of new dwelling units houses started in the first half of this year— FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION MARKETS IN MID-1949 largely for sale—was 10 per cent smaller than and VA-guaranteed mortgages of under a year ago, as can be seen from the table, $10,000 made by any lender after April 30, while the number of private multi-family 1948. The maximum amount of such mortunits started, which are principally for rent, gages that the Association was permitted was as large as in the first half of 1948. Pub- to hold under the act was about 1 billion licly financed units increased sharply and dollars until last month when the amount accounted for almost 5 per cent of all units was increased to 1.5 billion. started this year, compared with a little more During the past few months the Associathan 1 per cent in the corresponding period tion has been acquiring a substantial proporof 1948. tion of the insured and guaranteed mort- Factors in market for new houses. The gages on new houses, mainly those bearing rise this spring in the number of private a statutory interest rate of 4 per cent, or single-family houses started appears to re- otherwise unattractive to lenders. Between flect several factors. Early in the year, when the beginning of August 1948 and the end the Board's Survey of Consumer Finances of June 1949, the Association acquired, or was conducted, the number of families who committed itself to acquire, 712 million dolhad plans to buy houses was large, family lars of insured and guaranteed mortgages incomes were relatively high, and liquid on small properties, or the equivalent of 18 assets were widely held. New houses have per cent of such mortgages written after been available at somewhat lower prices this April 30,1948. Of these mortgages, 270 milspring than last summer, and there has been lion dollars were insured by the Federal a shift to the construction of smaller houses. Housing Administration under section 603 The quality of design, equipment, and work- (veterans' emergency housing program) of manship has improved in most areas, and the National Housing Act, and 315 million many potential buyers have become recon- dollars were guaranteed by the Veterans Adciled to the high level of prices. In contrast ministration under section 501 of the Servto the situation last year, when private lend- icemen's Readjustment Act. These amounts ers were asking higher interest rates and represented 24 per cent and 22 per cent, relarger equities than earlier and borrowers spectively, of the amounts written under the were asking for lower rates and larger loans, two sections. During the past three months during the past few months lenders and the Association's takings of loans under borrowers appear to have been reaching more section 501 have increased markedly, at a agreement on middle ground. time when the number of "100 per cent" Also important, however, in the financing GI loans, as well as the total number of of new single-family houses this year has loans made by mortgage companies and been the readiness of the Federal National similar nonholding lenders, has been rising Mortgage Association to purchase mortgage sharply. loans which lenders are unwilling to hold. Residential mortgage debt. Residential Under an act passed in the spring of 1948 mortgage debt outstanding has continued to the Association, a subsidiary of the Recon- increase during the past year as the volume struction Finance Corporation, was author- of new lending has exceeded repayments, ized to purchase not more than one-half and in the middle of 1949 is estimated to have of the dollar amount of the FHA-insured amounted to 34.4 billion dollars. Accord- AUGUST 1949 889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION MARKETS IN MID-1949 ing to revised figures shown in the table, NONFARM MORTGAGE LENDING mortgage debt on 1- to 4-family properties increased during 1948 by 4.8 billion dollars— a somewhat smaller amount than in 1947, but still more than in any earlier year. The amount of new debt written in 1948 was slightly larger than in 1947, but retirement of debt previously contracted also increased, and by a larger amount. In the first half of 1949 the rate of new lending appears to have declined, while the rate of retirement has probably shown little change, and the total amount of debt retired has increased. The net increase in outstanding debt has therefore been considerably smaller than in any comparable period since the end 1939 1940 1945 1946 1947 1948 1949 of the war. For mortgages under $20,000, data on nonfarm mortgages recorded during month from Home Loan Bank Board; for MORTGAGE DEBT ON 1- TO 4-FAMILY HOUSES GI home loans, loans closed under the Servicemen's Readjust- [In millions of dollars] ment Act: October, 1946-date, from Veterans Administration; January-September 1946 estimated by National Housing Agency from records of Veterans Administration; for FHA insured Period ( p L d m e o u r a i a r o d i n n d e s g ) A ( p r m p d e e p u r t e i i a r n o r i r e t n d e s - g ) nt C l s o p ( h t a d a e a n n u r n s i r d g o i o i n e d n u g ) g i t n - s ( p t L e a e o n o n r u d i a d o t n - i d o n s ) f g h o A o f d m m t e h i e n l i o s N a t n r a a t s i t , o io n d n a a . l t a H L o o a n u t e s l s o i t n a g n f i s g A u i c r n e t s s u a r s s e h d o r e w u p n n o d r a t e e r r e d s f e b o c y r t i J o F u n e n s d e e 2 r 1 0 a 9 3 l 4 9 a H . n o d u s 6 i 0 n 3 g National Mortgage Association. On the 1941 3,953 2,953 1,000 19,400 1942 3 201 3,382 — 181 19,219 other hand, loans insured by the Federal 1943 3,252 3,690 -438 18,781 1944 . 3,857 3,860 —3 18,778 Housing Administration, which increased 1945 4,721 4,291 430 19,208 1946 . 9,470 5,109 4,361 23,569 fairly rapidly during the past two years, 1947 10,657 5,656 5,001 28,570 1948* 10,742 5,957 4,785 33,355 declined this spring. Recently, applications 1949 (first half). . 4,700 3,700 1,000 34,355 for FHA insurance of mortgages on single- * Preliminary. family houses have increased sharply, and NOTE.—Data on outstandings and loans made, 1941-48, are revised estimates by Home Loan Bank Board and differ from figures in the second quarter were almost two-fifths shown in the July 1948 BULLETIN; first half of 1949 estimated by Federal Reserve. Apparent retirements derived from these figures. higher than a year earlier. The bulk of this increase has been in applications for insur- The amount of mortgage lending guarance of mortgages on new houses. anteed or insured by the Veterans Administration has increased slightly this spring, fol- Of the 4.7 billion dollars of residential lowing a steady decline which began late in mortgage debt written during the first half 1947, as is shown in the chart. This recent in- of 1949, about 1.7 billion or somewhat over crease appears to reflect, among other things, one-third was insured or guaranteed by the a small decline in interest rates generally— Federal Housing Administration and the making the 4 per cent "GI" rate relatively Veterans Administration. The amount of more attractive—and, perhaps more impor- guaranteed debt outstanding on small resitant, the availability of the Federally financed dential properties now amounts to about 12.7 secondary market provided by the Federal billion dollars, or 37 per cent of the total. 890 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION MARKETS IN MID-1949 Guarantees by the Veterans Administration VALUE OF NEW CONSTRUCTION ACTIVITY cover about 7.5 billion dollars, and FHA in- MILLIONS OF DOLLARS ILLIONS OP DOLLARS surance under sections 203 and 603 of the National Housing Act about 5.2 billion. CONSTRUCTION VOLUME The total physical volume of new construction of all types carried on during the first half of 1949 was about the same as in the first half of 1948 but, taking account of seasonal movements, somewhat smaller than in the last half of the year, when the postwar peak occurred. Private construction was about 5 per cent smaller than a year earlier, while public construction was more than 1945 1947 1949 1945 1947 1949 one-fourth larger. The marked increase Joint estimates of the Departments of Commerce and Labor. from the low winter level in the number of Data adjusted for seasonal variation by Department of Commerce. Total includes miscellaneous types of private connew dwelling units started (discussed in an struction such as farm, religious, recreational, educational, and hospital and institutional construction not shown separately. earlier section) has not yet been fully re- 'Private business" includes commercial, industrial, and public utility construction. Latest figures shown are preliminary flected in the volume of residential construc- estimates for July 1949. tion activity, which is currently somewhat construction is about one-third larger than in lower than a year ago. 1939. Work on sewerage and water facilities Public construction. Dollar volume of is also at a high level, but has increased at a public construction, as is shown in the chart, slower rate in recent months. Highway has risen quite steadily in the past two-and-aconstruction activity also appears to have inhalf years, allowing for usual seasonal movecreased at a less rapid rate this year. Total ments. Although both the dollar and physiwork on highways in the first half of 1949 cal volume of public work are substantially was about 8 per cent higher than in the first larger than a year ago, physical volume is half of 1948, and contracts awarded in recent still about 10 per cent smaller than in 1939 months for highway work are only slightly and constitutes only one-fourth of the total higher than a year ago. A large amount compared with two-fifths before the war. of work is being done in the maintenance A larger proportion of public work than and repair of existing roads. Highway conin the years preceding the war has been fistruction continues to be the largest single nanced with State and local government item of public construction, but the current funds and a smaller proportion with Federal amount of work on highways is apparently funds. less than before the war. The physical volume of construction of The amount of public construction in the schools and hospitals, which has been inpostwar period has not been sufficient to recreasing steadily since 1947, continued to duce deferred demands appreciably, and conincrease somewhat more than seasonally in the first half of 1949 and is now at the high- struction contracts awarded so far this sumest level since the end of the war. Hospital mer indicate that public construction activity. 891 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION MARKETS IN MID-1949 seasonally adjusted, is likely to increase fur- local transit companies have increased markther during the remainder of this year. edly in the past two years, but most of this The amount of public residential building, increase has been for rolling stock and equipfinanced primarily with State and local gov- ment. Construction by these companies has ernment funds, has been rising this year from continued at about the same level since 1947, the low levels of 1947 and 1948. Most of the about two-fifths larger than before the war, public housing is being built in New York and seems likely to change little during the State, but sizable programs are also under rest of this year. way in Massachusetts, Wisconsin, Illinois, The physical volume of industrial construcand Connecticut, and others are planned in tion, which began to decline early in 1947, is New Hampshire, New Jersey, and Pennsyl- now only about half as large as the exceptionvania. Passage of the Housing Act of 1949 ally high volume reached at the peak, but is last month is not likely to add much to such still more than twice as large as before the war. Data on construction contracts awarded programs this year, but will be reflected in a in recent months and on investment plans of substantially increased volume of public resimanufacturing concerns indicate that indusdential building in 1950 and later years. trial construction may continue to decline for Business construction. The dollar volume the rest of this year. For 1949 as a whole, of privately financed construction for busiincreases in some industries, such as petroness purposes has declined somewhat from leum refining and iron and steel, are likely the peak level reached in the last half of 1948, to be more than offset by declines in others. as can be seen from the chart on the preced- Commercial construction has declined this ing page, reflecting substantial declines in year, after allowance for usual seasonal movecommercial and industrial building which ments, reflecting declines in store, warehouse, were offset in part by an increase in conand office building. The volume of construction by public utility and transportation tracts awarded in recent months suggests that companies. there will be little change in commercial con- The physical volume of public utility construction during the summer. Recent destruction during the past year has been mainclines in the volume of construction in this tained at a level almost three times as high as area contrast with 1948 when commercial before the war and, after a larger decline than construction expanded substantially in the usual during the winter, has increased apspring, leveled off during the summer, and preciably this spring. Most of this large then declined, reflecting largely changes in volume of construction has been by electric the volume of retail store construction. Ofand gas companies, reflecting the continued fice and warehouse building increased strong demands of business and other consharply during the spring of 1948, continued sumers in these fields. Construction by comto rise during the summer, and then remunications companies has declined slightly mained unchanged until the early months of in recent months from the high level of last this year. year and seems likely to decline further as expansion of telephone facilities to meet large BUILDING SUPPLIES deferred demands nears completion. By the end of 1948, shortages of building Total capital expenditures of railroads and materials had eased considerably, and during 892 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION MARKETS IN MID-1949 the first half of 1949 supplies of materials and ance for seasonal changes declined considerbuilding labor were adequate to meet all ably beginning last autumn. As a result disdemands. The expanded apprentice train- tributors generally sought to reduce their ing program which has been in operation inventories following a period of accumuladuring the past two years has added many tion, and during the winter and spring skilled construction workers to the labor months stocks held by manufacturers rose force, but in June a somewhat smaller num- substantially further. Stocks of some imber of workers were employed in contract portant items, however, such as lumber and construction than a year ago when there heating equipment, were still below prewar were 2.2 million. Production of most build- levels. ing materials had increased steadily during Production of plumbing and heating 1947 and 1948, in response to increasing equipment, particularly stoves and oil use in construction and for replenishment of burners, and cast iron radiators, boilers, and stocks at various stages of production and dis- soil pipe, has been cut back sharply since the tribution. Output of fabricated building end of last year, and in June the number of equipment, such as stoves, oil burners, and man-hours worked in the heating equipment plumbing supplies, reached exceptionally industry was one-third below the year-ago high levels during 1947 and 1948, owing in level. Stocks of these products held by manupart also to earlier large consumer demands facturers, however, rose rapidly during this for replacement and modernization. period and in June were generally more than When new awards for private construc- twice as large as a year ago when stocks tion declined last autumn and winter, and de- were exceptionally low. mand weakened in some other sectors of the Lumber stocks, which now include the economy, new orders for building materials better grades and qualities, are about 15 per and equipment dropped sharply. Some price cent larger than last autumn. Production of reductions subsequently took place, but most lumber and lumber products has increased adjustments, particularly in the equipment seasonally from the low winter level, followindustries, apparently were made by curtail- ing a sharp and continuous decline from the ing output and employment. In recent end of last summer. In June lumber output months, with the outlook for building activ- was still somewhat lower than a year earlier. ity more favorable, output in some lines Some construction materials, especially has increased again. certain of those in short supply earlier or During the spring of 1949 stocks of build- widely used in heavy construction, continue ing materials and equipment held by manu- to be produced in very large volume. Output facturers were generally larger than at any of such materials as cement, structural steel, previous time since the end of the war, reflect- and steel pipe has been above year-ago levels ing the earlier high rates of production, the in recent months, and such items are curmarked decline during the autumn and rently reported to be generally available winter in the number of new residential throughout the country. units started, and a falling of? of consumer CONSTRUCTION COSTS demands for household equipment. Sales of building supply dealers, as estimated by Most composite measures of construction the Department of Commerce, with allow- costs declined somewhat during the fourth 893 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION MARKETS IN MID-1949 quarter of 1948, for the first time in the post- The July figure for the total index only is war period, and further moderate decreases shown on the chart; subgroup indexes are occurred during the first half of 1949. Most not available beyond June. Since premium of the reductions evident in construction prices have disappeared and concessions have costs have occurred in prices of building sup- been made in various products, prices paid plies, with considerable decreases—ranging by builders have dropped more than quoted from 10 to 30 per cent for some items such as prices. common boards, plywood, lead pipe, and WHOLESALE PRICES OF BUILDING MATERIALS paint. Builders' margins have also gener- 1935-1939-100 ally been reduced. Construction wage rates have risen further since last autumn, but average labor costs have probably shown little further increase, or declined slightly, as efficiency of operations has improved and premium payments have been reduced. Hourly wage rates in most building trades have increased in most areas of the country by amounts varying widely with the type of skill and the locality. In general, wage increases in construction have been more common and somewhat larger i 150 during the past year than in most manufacturing industries. Average hourly earnings J in contract construction are now about 7 per cent higher than a year ago, compared Bureau of Labor Statistics* indexes converted to 1935-39 base by Federal Reserve. Total includes "paint materials" subwith an increase of 5 per cent in manufac- group not shown separately. "Other" subgroup includes chiefly metal building materials except structural steel; asphalt, turing industries. glass, gravel and crushed stone; mill work and prepared roofing. Latest figures shown for subgroups are for June 1949; for total, Prices of building materials and equipment Federal Reserve estimate for July 1949. generally stopped rising in the latter part of The wholesale price index for plumbing 1948 or declined from earlier peak levels, as and heating supplies, which rose substantially is shown in the accompanying chart. De- during 1948, declined only about 2 per cent on creases, however, were largely limited to the average from the end of the year to June lumber products until the spring of this year, despite the considerable accumulation of when there was a sharp reversal in the metal stocks in the hands of manufacturers. Cemarkets and demand for various other indus- ment prices have been at the same level since trial commodities weakened. Some metal last autumn, and brick and tile prices, after building materials, not shown separately on reaching a postwar peak in the first quarter the chart, declined sharply at that time. The of 1949, declined about 1 per cent by June average level of wholesale prices of building to the same level as in the last quarter of materials, as measured by the Bureau of 1948. Paint prices were reduced substan- Labor Statistics' index, was 6 per cent lower tially in July (not shown in the chart) reflectat the end of July than a year ago and 8 ing in part earlier reductions in prices of per cent below the peak reached last autumn. paint materials. The lumber price index 894 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION MARKETS IN MID-1949 has dropped most sharply since last year, Relatively strong demands for construction being down by 10 per cent from the peak. materials and labor during the past few Average mill prices for some basic lumber months of declining industrial activity have items, such as yellow pine and Douglas fir, been an important sustaining factor in the have declined by considerably larger percent- economy. At the same time demands for ages from their postwar peaks. some types of construction have declined, Reductions in building material prices reflecting influences similar to those which from postwar peaks have been limited on have reduced demand for many manufacthe one hand by revival in construction ac- tured products from earlier postwar peaks. tivity after a brief period of easing, and on The course of construction in the period the other by curtailment of output of mate- ahead will be influenced not only by the rials. Prices of some of these materials, many special and general economic factors notably lumber, are still higher relative to affecting various types of private and public prewar levels than most other industrial and construction demand but also by the nature agricultural commodities. of further price and cost adjustments. ANNOUNCEMENT OF REDUCTION IN RESERVE REQUIREMENTS AUGUST 5, 1949 The Board of Governors has reduced the amount On Time Deposits of reserves required to be maintained by member Change (In per cent) Effective date, 1949 banks of the Federal Reserve System, by 2 percent- Central reserve and reserve city banks: age points on net demand deposits and one perfrom 6 to 5 Aug. 11 centage point on time deposits. The reduction, which will amount to approximately 1.8 billion Non-reserve city banks: dollars, will become effective as follows: from 6 to 5 Aug. 16 On Net Demand Deposits The effect of these decreases will be to lower the Change (In per cent) Effective date, 1949 reserve requirements of banks in central reserve Central reserve city banks: cities by approximately 500 million dollars, of banks from 24 to 23 ^ Aug. 11 in reserve cities by approximately 675 million, and from 23/z to 23 Aug. 18 of banks in non-reserve cities by approximately from 23 to 22 V2 Aug. 25 625 million. from 22 ^ to 22 Sept. 1 In announcing this action, Mr. McCabe, Chairman of the Board of Governors of the Federal Reserve city banks: Reserve System, stated that it was taken after full from 20 to 19J4 Aug. 11 discussion by the Board and the Federal Open from \9lA to 19 Aug. 18 Market Committee of the coordination of policies from 19 to W/ Aug. 25 2 with respect to reserve requirements, open market from 18J4 to 18 Sept. 1 operations, and other System credit instruments, Non-reserve city banks: with primary regard to the general credit and busifrom 14 to 13 Aug. 1 ness situation and the maintenance of orderly confrom 13 to 12 Aug. 16 ditions in the Government security market. AUGUST 1949 895 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES1 PART IV. Consumer Ownership and Use of Liquid Assets Aggregate consumer holdings of liquid assets The findings presented in this article provide increased slightly during 1948, completing nearly statistical information based on the 1949 Survey of a decade of substantial growth. According to esti- Consumer Finances regarding distribution of liquid mates compiled by the Board of Governors from assets among the population in early 1949, purposes over-all Treasury and banking statistics, total per- for which they were drawn upon during 1948, and, sonal holdings of liquid assets (i.e., United States by comparison with previous surveys, changes in Government bonds and savings and checking ac- liquid asset distribution among various groups of counts but excluding some 20 billion dollars of the population. This article is the fourth in a series currency) amounted to approximately 132 billion presenting results of the Board's fourth annual Surdollars at the end of 1948, contrasted with an esti- vey of Consumer Finances, conducted for the Board mated 130 billion a year earlier and with only 45 of Governors of the Federal Reserve System by the billion at the beginning of the war period. Survey Research Center of the University of Michigan.2 1This is the fourth in a series of articles presenting the As in the case of previous Surveys of Consumer results of the Board of Governors' Survey of Consumer Finances made for the Board, the present survey Finances in 1949. The first two articles appeared in the June BULLETIN and covered the general financial position covered, on a sample basis, the entire population of and economic outlook of consumers, their durable goods the United States residing in private households expenditures in 1948, and buying plans for 1949. The third article, in the July BULLETIN, analyzed the distribu- during the January-March interview period. The tion of consumer incomes in 1948. A discussion of the following groups were omitted: (1) members of technical aspects of the survey and the statistical limitations the armed forces and civilians living at military of its results was provided in the appendix to the first article. Subsequent issues of the BULLETIN will contain articles on reservations; (2) residents in hospitals and in reconsumer ownership of nonliquid assets and consumer sav- ligious, educational, and penal institutions; and (3) ing patterns during 1948. the floating population, that is, people living in From the Board of Governors, general supervision of the survey has been under the direction of Woodlief Thomas, 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 Board's dwelling and related by blood, marriage, or adopuse, and preparing the special articles reporting survey tion who pooled their incomes for their major items findings that appear in the BULLETIN. From the University of Michigan, Rensis Likert, Director of expense. of the Institute of Social Research, and Angus Campbell, Before discussing the detailed findings of the Director of the Survey Research Center, were in general survey, it should be noted that the definition of charge of the survey. The Survey Research Center is a division of the Institute for Social Research of the University "liquid assets" in this article is an arbitrary one of Michigan. Responsibility for detailed planning and and comparatively narrow in scope. The fact that supervision of the survey, including interviewing, editing, tabulation of survey results, and preparation of Survey Research Center studies was carried by George Katona in 2 Previous surveys were made for the Board of Governors collaboration with Janet A. Fisher and James K. Dent of early in 1948 and 1947 by the Survey Research Center and the Survey Research Center's staff. Charles F. Cannell served the results of those surveys were reported in the June, July, as head of the field staff and Roe Goodman as head of and August issues of the BULLETIN for those years. One the sampling section of the Center. additional article on the 1948 survey appeared in the The present article was prepared by Clarke L. Fauver and September BULLETIN. The first survey was made for the Irving Schweiger of the Consumer Credit and Finances Board of Governors early in 1946 by the Division of Section of the Board's Division of Research and Statistics. Program Surveys, Bureau of Agricultural Economics, U. S. The authors have necessarily maintained a close working Department of Agriculture. The Survey Research Center relationship with the staff of the Survey Research Center staff currently in charge of the survey work was associated at all stagei of their work, and their analysis of survey with the Division of Program Surveys at the time of the tabulations has had the benefit of many suggestions from first survey. Results of that survey were reported in the the Center's staff, particularly George Katona and Janet A. June, July, and August 1946 issues of the BULLETIN under Fisher. the general title National Survey of Liquid Assets. 896 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES some spending units have been found to lack these the higher income groups than in the lower income specific types of assets cannot be taken to indicate groups. About half the units in the lowest fifth that they are without resources of any kind. Most of the income scale (income under $1,500) reported important is the omission of currency, for practi- having such assets in early 1949; in the middle fifth cally all spending units would have some holdings (income between $2,400 and $3,200) the proportion in this form. Many spending units have consider- was 7 of every 10; and in the highest fifth (income able cash vajues in life insurance policies which can of $4,500 or more) better than 9 of every 10 spendbe drawn upon. Further, the equities which many ing units reported having some kind of liquid asset. families have in their houses also provide a sub- There were some indications that a slightly larger stantial financial reserve. Other spending units proportion of spending units in the lower third may have their funds invested in common stocks of the income scale held liquid assets early in 1949 or bonds or other media which could be converted than in early 1948, while the reverse was true for into liquid form if necessary. In summary, then, units in the upper two-thirds of the income scale. the following analysis of the liquid asset position 5. The median amount of liquid assets held by of consumer spending units should be considered all spending units was smaller at the beginning in the light of other assets which the majority of of 1949 than it was a year earlier. The middlethese units have. most of all spending units when arranged in order of the amount of their holdings reported having SUMMARY OF FINDINGS ON LIQUID ASSETS $300 in United States Government bonds or in 1. Approximately 36 million of the 50.4 mil- savings and checking accounts in early 1949. When lion spending units in the United States are esti- only units having liquid assets were considered, mated to have had some type of liquid asset in the the median holding was $790. Comparable figures form of United States Government bonds, of sav- for early 1948 are $350 for all spending units and ings and checking accounts in banks, of postal $820 for those with liquid assets. savings, or of shares in savings and loan associa- 6. It is estimated that nearly 30 million spending tions in early 1949. While it cannot be stated with units had changes in their liquid asset holdings durcertainty that the number of liquid asset holders ing 1948. In roughly one-fifth of the cases the inincreased during 1948, it is apparent from data in crease or decrease in total holdings amounted to successive surveys that the total number of holders $500 or more. tias risen about 1 million in the past three years. 7. About 13 million spending units added to 2. The proportion of all spending units that hold their Government bonds, savings accounts, or checkliquid assets has gradually dropped from 76 per ing accounts during the year; more than 16 milcent in 1946 and 1947 to 71 per cent at the time lion, or about one-third of all spending units, the current survey was made early this year. Ac- reduced their holdings in 1948. These figures folcompanying an increase in the total number of low closely the findings of the preceding survey spending units during the past three years, the with respect to changes during 1947, number without any liquid assets has increased 8. Comparison of data obtained from successive at a somewhat faster rate than the number of asset surveys confirms the conclusion, derived from holders. Treasury and banking statistics and quoted before, 3. The proportion of spending units holding that aggregate personal holdings of liquid assets did ^Government bonds dropped from approximately 48 not change substantially from the beginning of 1948 per cent in early 1948 to 45 per cent at the begin- to the beginning of 1949. This relative stability ning of this year. During the postwar period the in aggregates was, however, the result of both very proportion of bondholders has declined from large withdrawals from and additions to liquid coughly 6 in every 10 spending units to 4/4 in every asset holdings. If only those spending units are 10. The proportions of spending units holding considered who had smaller amounts of liquid assets other specific types of liquid assets showed little at the beginning of 1949 than at the beginning of or no change during 1948. 1948, their aggregates appear to be approximately 4. As in previous surveys, the proportion of 15 billion dollars lower than a year earlier. This •spending units having liquid assets was larger in sum of reductions for 1948 appears to be similar 897 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES to that in 1947 but larger than that in 1946. ning of 1949 than a year earlier (71 per cent com- 9. Roughly 3 million consumer units either ex- pared to 73 per cent), but inasmuch as the total hausted their liquid assets during 1948 or were number of spending units has continued to increase newly formed spending units that had not yet ac- it is probable that the number of units with some quired liquid assets. At the same time, however, liquid assets was at least as large at the beginning there were at least as many units, and perhaps a of this year as at the start of 1948. It is estimated few more, that became liquid asset holders during that approximately 36 million consumer spending the year or were newly formed units that reported units held United States Government bonds or holdings for the first time. had savings accounts or checking accounts at the 10. An emergency, such as sickness, was men- beginning of this year. This is roughly 1 million tioned by nearly half of the spending units that more spending units than had some liquid assets reduced their liquid asset holdings during 1948. in early 1946. The purchase of an automobile or some other As indicated in Table 1, somewhat more than durable good was mentioned by about the same one-fourth of all spending units had no liquid asproportion of these spending units. Expendi- sets in early 1949, one-sixth had less than $200 tures for nondurable consumer goods and services, each, one-fourth had from $200 to $999, and about including general living expenses, were cited as rea- one-third had $1,000 or more. It should again sons by about one-third of all spending units. In be noted that holdings of currency are not included terms of the amounts of liquid assets used, however, in these liquid asset tabluations. funds drawn by individual spending units for investment in a house or other real estate, in securi- TABLE 1 ties, or in a business, and for the purchase of auto- DISTRIBUTION OF SPENDING UNITS, BY SIZE OF LIQUID ASSET mobiles and other durable goods were usually much HOLDINGS, EARLY 1949, 1948, AND 1947 X larger than amounts used for nondurable consumer [Per cent] goods and services. Amount of liquid assets held s 1948 1947 11. Ranking of all spending units either by size of income or by amount of liquid asset holdings None 29 27 24 shows no significant change in the relative propor- $1-$199 16 15 14 $2OO-$499 13 13 12 tions held by each tenth of the spending units $5OO-$999 11 12 14 $l,000-$l,999 11 12 14 early in 1948 and 1949, respectively. While $2,000-$2,999 5 6 7 $3,000-$4,999 7 6 7 similar comparisons with any prewar year are $5,000-$9,999 5 5 5 $10,000 and over 3 4 3 impossible, and notwithstanding some evidence All units 100 100 100 of a slight postwar increase in the share held by the top third of the units, there is reason to believe Median holdings of all units $300 $350 $470 that the current record total of liquid assets is more Median holdings of those with assets. $790 $820 $890 widely distributed than were much smaller aggre- 1 Liquid asset data represent holdings early in the years indicated gate amounts before the war. and are based on interviews during January, February, and early March. 2 Includes all types of U. S. Government bonds, checking ac- DISTRIBUTION OF LIQUID ASSETS IN EARLY 1949 counts, and savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. Excludes currency holdings. Data for 1949 do not include shares in credit The amounts of liquid assets held by individual unions but these are relatively small in the aggregate and not likely to affect totals significantly. spending units varied greatly in early 1949, as would be expected, but the over-all distribution did not The substantial rise since the end of the war differ substantially from the pattern of the two in the number of spending units in the population preceding years. Despite the fact that the propor- has been reflected in an increased number of liquid tion of spending units having no liquid assets ap- asset holders as well as in an increased number pears to have increased somewhat during 1948 of units having no liquid assets. (from 27 per cent to 29 per cent), there is ample In terms of numbers, it can be roughly estimated evidence that liquid asset holdings are still broadly that about 16 million spending units held at least distributed. The proportion of spending units that $1,000 in liquid assets at the beginning of 1949. held liquid assets was slightly smaller at the begin- This was about equal to the number of units having FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES this amount of liquid assets in early 1948 but was into four equal parts. The table shows, for exapproximately 1 million greater than the number ample, that when the survey was made in early in early 1946. The size of the group having less 1949 one-fourth of all spending units with 1948 than $1,000 in liquid assets has remained practically incomes from $3,000 to $3,999 had no holdings unchanged in this three-year period. On the other or total holdings of $10 or less; that one-half of hand, the number of spending units having no the units in this income group had less than liquid assets has grown from somewhat more than $270 in liquid assets and one-half had more than 11 million at the beginning of 1946 to about 14.5 this amount; and that one-fourth of these spending million in early 1949. units had $1,200 or more in liquid assets. In These developments indicate that the record vol- nearly every instance the median and quartile ume of consumer liquid assets at the beginning holdings for each income group were somewhat of 1949 was available to at least as many consumers lower at the beginning of 1949 than at the beginas ever before to reinforce their demands for all ning of 1948. kinds of consumer goods and services, for invest- TABLE 2 ments in business and housing, and as "nest eggs" in case of need. However, in spite of this continued DISPERSION OF LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS, EARLY 1949 widespread ownership of liquid assets, an increasing proportion of the growing potential market for Amount of liquid assets held by goods and services does not possess any liquid spending unit at:1 1948 annual money income assets and therefore may require credit in order before taxes to be able to buy. qu F a ir r s ti t le Median q T ua h r i t r i d le For all spending units, including nonholders as Under $1,000 $ 0 $ 0 $ 200 well as holders, the median amount of liquid as- $l,000-$l,999 0 80 600 $2,000-$2,999 0 150 850 sets held early this year was $300 as compared $3,000-$3,999 10 270 1,200 with $350 at the beginning of 1948 and $400 $ $ 4 5 , , 0 0 0 0 0 0 - - $ $ 4 7 , , 9 4 9 9 9 9 3 1 3 0 0 0 1,3 5 5 0 0 0 3 1 , , 6 92 7 0 0 early in 1946. For the 36 million spending units $7,500 and over 1,600 4,500 10,980 having liquid assets at the beginning of this year, 1 Figures refer to spending units within each income group the median amount held was approximately $790. selected as follows: First quartile—holdings of the spending unit which separates This was about 5 per cent less than at the start the fourth with smallest holdings from the upper three-fourths. Median—holdings of the spending unit which is the mid-point of the preceding year, but about 5 per cent more of the distribution; half of the spending units are below and half above. than in early 1946. Third quartile—holdings of the spending unit which separates It is important to note that the median amount the fourth with largest holdings from the lower three-fourths. For comparable 1948 data, see Federal Reserve BULLETIN, July of liquid assets held by those having such resources 1948, Table 3, p. 768; for 1947 data, see July 1947 BULLETIN, Table 9, p. 798. Similar data as published from the 1946 survey at the present time is still as large as, or even (see BULLETIN for July 1946, Table 5, p. 718) are not strictly comparable since they include liquid asset holdings in the form slightly larger than, it was at the end of the war. of currency. This fact assumes added significance when viewed The share of total liquid assets held by each in the light of a net increase during this period tenth of the nation's spending units, when ranked of roughly 1 million spending units having liquid either by size of income or by size of their liquid assets and also of the record volume of consumer asset holdings, showed relatively little change durspending for all kinds of goods and services—par- ing 1948. As shown in Table 3, it is estimated that ticularly for durable goods and housing. the top 10 per cent of all spending units, when One of the more interesting findings of the ranked according to income, held 44 per cent of the successive surveys in regard to the distribution of liquid assets reported in the survey in 1949. liquid asset holdings is the extent of variation in This was about the same proportion as shown by the amounts held by spending units within the the survey early in 1948. The shares of other insame income bracket. These variations are high- come segments of the nation's spending units were lighted by the data in Table 2, which were ob- likewise about the same as they were a year earlier. tained by arranging all spending units in each The 40 per cent of the consumer units with incomes income group in the order of the amount of their ranging from $2,840 to $6,000 in 1948 accounted liquid asset holdings and then dividing the group for approximately 33 per cent of the liquid assets AUGUST 1949 899 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 3 units. Instead, Treasury and banking statistics that indicate aggregate holdings of about 132 bil- PROPORTION OF LIQUID ASSETS HELD BY EACH TENTH OF THE lion dollars at the end of 1948 may be roughly ad- NATION'S SPENDING UNITS, WHEN RANKED BY SIZE OF INCOME, EARLY 1949, 1948, AND 1947 justed and distributed among the income groupings used in the survey. However, it must be Percentage of liquid assets held: noted that the estimates based on Treasury and Spending units ranked according banking statistics relate to the entire population, to annual money By each tenth Cumulative income before while survey estimates include only those persons taxes 1949 i 1948* 1947 3 1949 1948 1947 living in private households. Further, the two sets of data may differ in their classification of indi- Highest tenth.... 44 43 39 44 43 39 11 14 15 54 57 54 vidual liquid asset holdings as personal or non- Third 9 8 9 64 65 63 personal. Finally, it is necessary to assume that Fourth 8 7 7 71 72 70 Fifth . . 6 5 7 77 77 77 the data based on Treasury and banking sources Sixth 6 6 7 83 83 84 Seventh . . 6 4 5 89 87 89 would be distributed percentagewise among the Eighth 3 4 4 92 91 93 Ninth . . 4 4 4 97 95 97 income tenths in about the same way as data de- Lowest tenth 3 5 3 100 100 100 rived from the survey.8 xFor spending units ranked in order of their 1948 annual in- With these qualifications, and after allowing comes (fourth survey). 2 For spending units ranked in order of their 1947 annual in- approximately 5 billion dollars for holdings of com 3 F es o r ( t s h p ir e d n d s i u n r g v e u y n ) i . ts ranked in order of their 1946 annual in- institutional and floating groups not covered by comes (second survey). the survey, it is possible to present a general indi- NOTE.—Detailed figures may not add to cumulative figures because of rounding. cation of the distribution of the 127 billion dollars of liquid assets estimated to be in the hands of reported in early 1949, and the remaining 50 per consumer spending units at the beginning of this cent of the units held 23 per cent of the total. year. The 5 million spending units making up It should be noted that changes of slight magni- the top 10 per cent of the income receivers (with tude from year to year in the shares of the re- annual incomes of $6,000 or more) held roughly spective income tenths of the spending units can- 55 billion dollars in the form of United States not be presumed to be statistically significant in- Government bonds and savings and checking acasmuch as they could result from sampling varia- counts. The next 20 million spending units maktion alone. It can be said, however, that there is ing up the remainder of the top half of the inlittle evidence in the survey to indicate any change come receivers (incomes between $2,840 and during 1948 in the proportion of total liquid assets $6,000) accounted for approximately 42 billion held by the several income tenths. dollars; and the 25 million consumer units in the In general, the proportion of total liquid assets lower half of the income distribution (incomes held by a group of spending units, as well as the of less than $2,840) held the balance, amounting number of spending units within the group having to nearly 30 billion dollars. liquid assets, increased with the size of income Another way of studying the distribution of of the group. Nevertheless, as has been true in liquid assets is to rank all spending units accordeach survey to date, many consumer units with ing to the amount of their holdings, as is done relatively high incomes had no liquid assets and in Table 15 at the end of this article. On this a sizable number of spending units with low in- basis, at the beginning of 1949 the top 10 per cent comes held substantial amounts of such assets. of all spending units were found to hold roughly In trying to evaluate the potential economic two-thirds of all liquid assets reported in the effects of these consumer reserve funds, it is help- survey—or about the same proportion as the top ful to know the total dollar amount of liquid as- tenth held early in 1948. Almost no change was sets held by the various income groups. Survey recorded in the share of any of the various tenths data are of limited value for this purpose inasmuch of the spending units during the 12-month period. as faulty memory or unwillingness to furnish information about liquid asset holdings resulted in a 8 The Treasury and banking data which were adjusted certain amount of underreporting by spending and distributed for this purpose were published in the Federal Reserve BULLETIN, July 1949, pp. 793-94. 900 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES At the beginning of both 1948 and 1949, about units holding various types of liquid assets, by 4 of every 10 spending units held no liquid assets income quintiles, in early 1948 and 1949. This or at most only nominal amounts of $10 or less. table indicates that for the most part the proportion of liquid asset holders in different income FREQUENCY OF LIQUID ASSET OWNERSHIP quintiles changed relatively little. At the beginning The proportion of consumer spending units of 1949 units with some liquid assets seemed to be within each income group that reported having somewhat more frequent than a year earlier in some liquid assets at the beginning of 1949, as the lowest third of the income scale, and slightly shown in Table 4, repeats the finding of preceding less frequent in the top two-thirds of the distribusurveys that the higher the income the greater tion. the proportion having liquid assets. More than 3 An important development during 1948 was the of every 4 spending units with incomes of $3,000 apparent increase in the frequency of liquid asset or more reported some liquid assets, and only in holdings by consumer spending units in the lower the lowest income group did the ratio fall below 1 income brackets. Inasmuch as the total holdings in every 2 units. The proportions of all liquid asset of liquid assets among these spending units are holders falling within the several income groups small relative to the aggregate the change was not did not vary greatly from the proportions a year sufficient to affect the over-all distribution of total earlier, confirming the conclusion that liquid assets liquid asset holdings. Nevertheless, more frequent are still widely distributed among the population. holding of liquid assets among the lower income The only exceptions were in the income range be- groups would tend to support a broader market tween $2,000 and $4,000, where rather substantial for consumer goods and services. declines were noted. TYPES OF LIQUID ASSETS HELD Care must be exercised in the interpretation of this table because the liquid asset holdings at the Since the end of the war there have been subbeginning of each year are related to the income of stantial shifts in the types of liquid assets held the spending unit in the previous year, and there by consumer spending units, as shown in the chart. has been a steady upward movement in income In general the proportion of spending units holding distribution since the war. The effect of this shift- United States Government securities has declined ing can be compensated to some extent by ranking and the proportion of those having savings and all spending units by income in both 1947 and 1948 checking accounts has increased. Changes during and then studying comparable portions of the 1948 were somewhat less pronounced than in the total population. Table 12 presented at the end earlier postwar years. The proportion that were of this article shows the proportion of spending Government bondholders continued to decline, al- TABLE 4 SPENDING UNITS HOLDING VARIOUS TYPES OF LIQUID ASSETS, BY INCOME GROUPS, EARLY 1949, 1948, AND 1947 1 Percentage of spending units in each income group having Annual money income Any liquid asset2 U. S. Government bonds * Savings accounts 4 Checking accounts before taxes 1949 1948 1947 1949 1948 1947 1949 1948 1947 1949 1948 1947 Under $1,000 44 44 49- 21 22 25 25 22 26 19 24 21 $l,OOO-$l,999 59 59 65 32 34 44 32 34 37 28 24 30 $2,OOO-$2,999 65 73 80 42 49 62 42 43 50 28 33 30 $3,000-$3,999 78 83 89 48 56 69 51 55 60 37 41 39 $4,000-$4,999 87 90 92 58 61 77 52 58 62 48 50 56 $5,000-$7,499. ... 94 97 100 64 69 86 60 67 69 71 69 72 $7,500 and over. . 99 99 100 78 86 91 64 73 69 92 86 89 All units 71 73 76 45 48 56 44 46 47 39 39 37 1 Liquid asset data represent holdings early in the year indicated and are based on interviews during January, February, and early March. For comparable data for 1946, see Federal Reserve BULLETIN for July 1948, Table 2, p. 768. 2 Includes all types of U. S. Government bonds, savings accounts, and checking accounts. * Includes all types of U. S. Government bonds. * Includes savings accounts in banks, postal savings, and shares in savings and loan associations. Data for 1948 and 1947 also include shares in credit unions. AUGUST 1949 901 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES though at a less rapid rate than in the two preceding the two preceding years, according to survey results. years. The proportion of spending units having Nearly half of all spending units continued to have savings accounts also declined slightly for the second some of these securities. Tables 11 and 12 following year in a row, following a sharp increase in these ac- this article show that reductions in holdings were counts from 1946 to 1947. The frequency of check- relatively uniform for larger and smaller holders. ing accounts among spending units remained It should be noted that changes of small magnitude unchanged. cannot be considered statistically significant. The frequency with which consumer spending OWNERSHIP OF LIQUID ASSETS PER CENT OF EARLY 1949, 1948, 1947 PER CENT OF units reported having savings accounts of various 100 I SPENDING UNIIT S100 kinds has declined consistently during the past two years, after increasing sharply from 1946 to 1949 1948 1947 1947. As shown in Table 4, the proportion of ANY LIQUID ASSET units who reported having savings accounts in banks or postal savings, or shares invested in savings and loan associations, was lower in each income group at the beginning of 1948 than early SAVINGS in 1947. With the exception of spending units ACCOUNTS with incomes of less than $1,000, the same was CHECKING ACCOUNTS true from early 1948 to the time of the survey in early 1949. Increases and decreases in the frequency of checking accounts were almost equally divided among the various income groups. In general, slightly larger proportions of units having such accounts were found in the upper income brackets, and slightly smaller proportions at lower income levels. NOTE.—For sources and coverage of data, see Table 4. CHARACTERISTICS OF LIQUID ASSET HOLDERS The most popular single form of liquid asset was still United States Government bonds, although Each survey has revealed characteristics of their margin over savings accounts of various kinds liquid asset holders, through classification of spendwas narrowed still further. Early in 1949, approxi- ing units holding such assets by age, place of resimately 45 per cent of all spending units held dence, and occupation of the head of the spending Government bonds as compared to 44 per cent unit as well as by the size of the unit. Analysis of with some type of savings account and 39 per cent these characteristics is useful in understanding the with checking accounts. It was still true, as shown accumulation and use of these liquid resources. in Table 4, that the percentage of the spending Differences among occupational groups in the units in each income group owning Government amounts of liquid assets held are summarized in bonds was about as great as the percentage owning Table 5. Professional and business people held any other type of liquid asset. relatively large amounts, on the average, and few The distribution of Government bonds and sav- spending units where the principal income earner ings accounts among different income groups con- follows one of these occupations were without tinues to be similar to the distribution of total some liquid assets. Clerical and sales personnel holdings of liquid assets. In each case, the propor- generally had moderate amounts of liquid assets, tion of holders increases gradually as income rises. with the majority holding amounts of less than Checking accounts are much more frequent among $1,000. The proportion of units having some spending units with incomes of $5,000 or more liquid assets among this occupational group was than they are at lower income levels. relatively high—about 5 of every 6. As indicated previously, the decline in propor- The proportion of skilled and semiskilled worktion of spending units that were Government ers with liquid assets was somewhat smaller bondholders was not as sharp during 1948 as in (roughly 2 of every 3) and their holdings were 902 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 5 SIZE OF LIQUID ASSET HOLDINGS WITHIN DIFFERENT OCCUPATIONAL GROUPS, EARLY 1949 AND 1948 x [Per cent] Occupationsil group of head of spending unit Amount of total Managerial Skilled Clerical liqu h id el d a s 2 sets Professional e a m nd p lo s y el e f d - an s d k il s l e ed mi- a p n e d rs o s n a » l e e l s Unskilled op F e a r r a m tor Retired 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 None 9 6 12 11 30 27 16 17 51 53 28 28 30 38 $l-$499 27 23 25 21 32 34 38 32 27 26 23 22 22 17 $500-$l,999 26 28 21 26 23 23 29 31 14 15 24 28 15 19 $2 000-$4,999 19 24 22 18 10 12 10 14 5 5 13 12 19 10 $5,000 and over 19 19 20 24 5 4 7 6 3 1 12 10 14 16 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Median asset holdings. $1,100 $1,350 $1,300 $1,400 $200 $250 $400 $500 0 0 $460 $500 (3) (3) 1 Liquid asset data for early 1949 are based on interviews in January-March 1949 (fourth survey); for 1948 on interviews in January- March 1948 (third survey). 2 Includes all U. S. Government bonds, savings accounts, and checking accounts. 3 Data not available. also smaller than those of the clerical and sales any other occupational group. The unskilled group group. About three-fourths of the farm operators again had the smallest percentage of holders of and roughly two-thirds of the persons who had United States savings bonds, while farm operators retired from active work had some liquid assets, had the smallest percentage of spending units with and holders in these groups had fairly sizable savings accounts. Checking accounts were more amounts. frequent among the professional, managerial, and Changes from early 1948 to early 1949 in the self-employed, and farm operator groups than proportion of spending units within various occu- among other groups. At least two-thirds of the pational groups that held liquid assets were smaller spending units in each of these classifications had than they had been in the preceding 12-month such accounts, compared with two-fifths or less for period. As shown in Table 5, the percentage of the other groups. The type and size of liquid asset spending units that had no assets increased slightly holdings within the different occupational groups in professional and managerial and self-employed is shown in Table 13 following this article. groups, as well as in skilled and semiskilled groups. Variations in the amount and frequency of liquid On the other hand, the proportion of units that held asset holdings according to other characteristics such some liquid resources appeared to have increased as age, place of residence, and size of the spending slightly among clerical and sales personnel, un- unit are set forth in Table 16 on page 911. The skilled workers, and retired persons. The occupa- age of the head of the unit appeared to be an imtional distributions of liquid asset holdings shown portant factor in differences in liquid asset holdings. in this table for both early 1949 and 1948 should The highest proportions of those having some liquid be considered only as rough guides to the true dis- assets were found in the age brackets from 45-64. tribution of these holdings as well as to changes Nonholders were most frequent where the heads in their distribution. The number of sample cases of the units were in either the youngest or oldest for some of the separate occupations is small, and age groups. Age was also an important factor in the possibility of variations arising from the sample the size of liquid asset holding; the older the prindrawn in each year is therefore substantial. cipal income receiver, the larger the reserve of Differences in the types of liquid assets held by liquid assets appeared to be. various occupational groups such as have been noted Spending units in metropolitan areas generally in previous surveys continued in early 1949. Pro- had somewhat larger liquid asset holdings than fessional persons had about as large a group hold- spending units in other urban areas or in rural ing each type of liquid asset as was the case for areas. Thus, the proportion of spending units AUGUST 1949 903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES with holdings of $500 or more was about one-half among the higher income brackets toward somein metropolitan areas compared with roughly two- what greater frequency of both increases and defifths in other areas. Nearly 80 per cent of the creases in liquid asset holdings, partly because a spending units in metropolitan areas had some kind larger proportion of the higher income groups are of liquid asset, compared with approximately 70 liquid asset holders. In every group with incomes per cent of those living in other urban areas and up to $5,000, decreases in assets were somewhat 65 per cent of those in rural areas. more frequent than increases. Only in the income In early 1949 the size of the spending unit was groups below $2,000, however, was the number not closely related to the holding of liquid assets, of declines in holdings substantially higher than except that units with five or more persons reported the number of increases. having no assets more frequently than did smaller The proportions of those spending units owning units. Also, somewhat larger amounts of liquid each type of liquid asset that reported either inassets were held by smaller units than by larger creases or decreases in holdings during 1948 showed units. almost the same pattern as that noted from early 1947 to early 1948. Larger balances in both savings CHANGES IN LIQUID ASSET HOLDINGS DURING 1948 accounts and checking accounts were reported with During 1948, as in the earlier years covered by slightly greater frequency than larger holdings of the surveys, a substantial portion of all individual Government bonds. About one-third of all spendconsumer spending units had important changes ing units with savings accounts and one-fourth of in their liquid asset holdings. It is estimated that those with checking accounts noted increased balnearly 30 million spending units had changes in ances, while slightly more than one-fifth of the their liquid asset positions during 1948. In roughly Government bondholders reported higher total one-fifth of the cases these increases or decreases holdings at the beginning of 1949 than they had a in total holdings amounted to as much as $500 or year earlier. more. On the decrease side, the relative position of As Table 6 indicates, about one-fourth of all units the different types of assets was somewhat reversed. added to their liquid asset holdings in 1948, while Only about one-fourth of the Government bondapproximately one-third reported lower totals at the holders said they had reduced their holdings during beginning of 1949 than they did a year earlier. the year, while about one-third of the spending The remainder said they had no liquid assets in units with checking accounts, and one-half of those either year, or that there had been no change in with savings accounts, indicated they had reduced their holdings. The distribution of the spend- these balances during 1948. As in 1947, the amounts ing units by their 1948 money incomes brings out of increase or decrease were larger in the case of some differences between units in the various in- savings and checking accounts than in the case of come brackets. There was a noticeable tendency Government bonds. TABLE 6 CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN DIFFERENT INCOME GROUPS, 1948 * Percentage distribution of all spending units within income groups 1948 annual money income before taxes Change in liquid asset holdings All spending units Under $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 Increase 26 7 19 24 31 33 38 38 15 14 16 16 13 17 16 19 Decrease 32 26 28 30 36 37 37 34 No liquid assets now or year ago 23 50 34 27 15 10 3 1 Not ascertained 4 3 3 3 5 3 6 8 All units 100 100 100 100 100 100 100 100 Based on liquid asset holdings in early 1949 and a year earlier as reported by spending units during January-March 1949. Includes change in assets due solely to accrual of interest on U. S. Government bonds (Series A-F). 904 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES The survey also provides some information on creases among spending units whose 1948 incomes the spending units that exhausted their liquid assets were smaller than they had been in the preceding during 1948 (or at least had none at the beginning year. Even among spending units whose incomes of 1949) and on those that acquired liquid asset bal- were about the same in both years, or even slightly ances. There were approximately 3 million con- larger in 1948 than in 1947, the proportion having sumer spending units in early 1949 that either had decreases in liquid assets was somewhat larger than exhausted their liquid assets during the year, or the proportion having increases. Where the spendwere newly formed spending units that had not yet ing units reported much larger incomes in 1948 acquired such resources. At the same time, how- than in the preceding year, increases in liquid assets ever, there were at least as many units, and possibly were more frequent than decreases. as many as a half million more units, that reported In survey reports for prior years, it has been "holdings at the beginning of 1949 that did not pointed out that there appears to be a tendency have them a year earlier. These included some for spending units to overstate declines in liquid additional units formed during the year and some asset holdings and to understate increases. The units that did not have such assets at the start data on changes are obtained by asking the heads of 1948. of the spending units about the amount of their Table 7 indicates that roughly three-fourths of all holdings at the time of the interview and a year the spending units that exhausted their liquid assets previous to that time. Memory "error" may play an were in the income range of $1,000 to $3,999, but important part in these calculations. For the first that some cases were found at every income level. time in these surveys, an attempt was made to have Also, three-fourths of those who had no liquid assets respondents check their records. This first attempt early in 1948 but did have some at the beginning was only partly successful because less than oneof this year fell in the income range of $1,000 to fifth of the units actually referred to their records. $3,999. Again, however, the distribution included The memory error, therefore, probably introduces some at the lowest as well as some at the highest considerable bias in the data on changes in holdings. income levels. Furthermore, it is doubtful whether interest credit Increases and decreases in liquid assets during on savings accounts is adequately reflected in the 1948 appeared to bear some relationship to changes increases in liquid assets during the year. Conin income during the same period. Decreases in sequently, both the number and the amount of holdings were substantially more frequent than in- additions to holdings may be understated. TABLE 7 PURPOSES FOR WHICH LIQUID ASSETS WERE USED IN 1948 INCOME DISTRIBUTION OF SPENDING UNITS ACQUIRING OR EXHAUSTING THEIR LIQUID ASSETS DURING 1948 * Each of the surveys has attempted to find out [Per cent] the purposes for which people use funds withdrawn from their liquid assets. This line of in- Spending units that quiry has been limited to those spending units Income group exhausted liquid that had smaller liquid asset holdings at the end assets 2 of the year than they had at the beginning, and Under $1,000. . the group thus queried in 1948 included roughly $l,000-$l,999.. $2,000-$2,999.. 1 in every 3 spending units. Because the general $3,000-$3,999.. nature of the question asked in prior years had $4,000-$4,999.. $5,000-$7,499.. provoked rather general answers, the 1949 survey #7,500 and over Not ascertained included two additional questions. This procedural All units... change makes comparisons with preceding years somewhat difficult, but provides a fuller account 1 Liquid asset data are based on interviews made in January- March 1949. Respondents were asked about their holdings of of the purposes for which such resources were actuliquid assets at the time of the interview and also their holdings a year earlier. These data are based on relatively few cases and ally used in 1948. This was especially true for represent only rough approximations. spending units that drew down liquid asset re- * Includes newly formed spending units having no liquid .assets at beginning of 1949. sources for a number of purposes. * Less than one-half of 1 per cent. AUGUST 1949 905 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 8 that gave several purposes. The discussion which follows, and the data shown in Tables 9 and 10, PURPOSE OF REDUCTION IN LIQUID ASSETS DURING 1948 are based on this regrouping of the spending Percentage units. The footnotes in Table 9 indicate the distribution of spending purposes included under each major classification. Purpose units that Slightly less than half of all spending units reduced liquid assets reporting a net decline in liquid assets from early 1948 to early 1949 used the proceeds exclusively Emergencies and sickness 49 Automobiles and other durable goods 47 for nondurable consumer goods and services (in- Nondurable consumer goods and services l 32 Repairs and additions to house 16 cluding sickness and other emergencies). As Table Luxuries and travel 13 Education, moving, and other miscellaneous ex- 9 shows, about one-tenth said they had used their Bu p y e i n n s g e s of home 1 1 3 1 liquid assets for the purchase of automobiles and Investment in other real estate, securities, or in other durable goods and another tenth pointed to business Farm expenses and farm machinery the purchase of a house or other permanent in- Repair of automobile and other durable goods.... 5 Payment of debts 4 vestments or repayment of debt. Because of the Unclassified purposes 12 more detailed questions this year regarding the All units 2 1 M In o cl r u e d t e h s a n g e 1 n 0 e 0 ra p l e l r i v c i e n n g t b ex ec p a e u n s s e e s. some spending units mentioned TABLE 9 several purposes. PURPOSES OF REDUCTION IN LIQUID ASSETS BY SPENDING UNITS WITHIN VARIOUS INCOME GROUPS, 1948* When consumers are asked why they accumulate assets of this type, the traditional answer is "for a Percentage distribution of rainy day." The reason given most frequently for spending units that re- Net duced liquid assets drawing down liquid asset balances during 1948 retends to bear this out. As shown in Table 8, nearly Purpose d ti u o c n - Income group half of the units that had smaller amounts of liquid c ( e P n e t r ) A in l - l asset holdings early in 1949 than a year earlier gave g c r o o m up e s $ U 2 n ,0 d 0 e 0 r $ $ 2 4 , , 0 9 0 99 0- $ o 5 a v , n 0 e d 0 r 0 sickness or other incidents of an emergency character as one of their explanations. Almost equally Nondurable consumer important, however, was the purchase of an auto- g (i o n o c d lu s din a g n d tax s e e s r ) v 3. i c . e . s . 18 45 66 42 28 mobile or other durable good. Expenditures for Automobiles and other durable goods 7 10 3 12 13 nondurable consumer goods and services (including Houses and investments8 28 9 6 8 14 Several purposes * 47 36 25 38 45 general living costs) were mentioned by about one- All units 100 100 100 100 100 third of all these spending units. Repairs and additions to houses were listed by 1 Only spending units that had smaller amounts of liquid assets at the beginning of 1949 than at the beginning of 1948 are included about one-sixth of the spending units whose liquid in this table. These units were asked the following question: "Now adding all that together I find that you now have in bonds assets were reduced during 1948. This response, and deposits $ less than you did a year ago. You used together with the fact that about one-eighth of the about $ from your savings. Is that about right? What sort of things did you use this money for?" units indicated that their assets were used in con- 2 Includes living expenses, emergencies and sickness, repair of houses, and other nondurable consumption (repairs of automonection with the purchase of a house, indicates biles and other durable goods, purchase of luxury goods, moving travel, amusement, education, and taxes). that housing expenditures were an important out- a Includes purchases of real estate, investment in business or securities, and repayment of debt. let for these liquid funds. Other items of expendi- * The distribution of spending units reducing liquid assets for several purposes is as follows: ture of some significance included education and Per cent moving, and investments in real estate other than Nondurable consumer goods, etc., and durable goods 14 Nondurable consumer goods, etc., and houses and investhouses, in securities, and in different types of busi- ments 3 Durable goods and houses and investments 5 ness. Other combinations 14 To summarize the dollar volume of expenditures Several purposes 36 for these various purposes, it was necessary to con- For comparable data in 1947, see Federal Reserve BULLETIN, July 1948, Table 7, p. 772; for 1946, see June 1947 BULLETIN, sider separately units that gave only one reason for Table 5, p. 654. drawing down their liquid balances and those NOTE.—The purposes shown in this table and in Table 10 were obtained by condensing the various purposes shown in Table 8. 906 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES reasons for reducing liquid asset balances, the ported declines of $500 or more in liquid assets. number of units giving several purposes was con- A substantial portion of the spending units that siderably larger than in previous years. The vari- reduced liquid assets to obtain nondurable conous combinations indicated in the footnote to this sumer goods and services reported decreases of table again emphasize the use of these funds in less than $200. connection with the purchase of automobiles, other TABLE 10 durable goods, houses, and various types of investments, as well as their use for nondurable con- SIZE OF REDUCTION IN LIQUID ASSETS IN 1948, BY PURPOSE sumer goods and services. Percentage distribution of spending units Various income groups used their liquid assets reducing liquid assets for: in 1948 according to a pattern similar to that of p u in r s e g e v d u i o n u t i h t s s e i y w r e i a t l r h i s q . u i n i c d R o o m a u s e g s s h e l t o y s f l t t e w o s o s p - t t u h h r a i c r n d h s a $ s 2 e o ,0 f 0 n 0 th o n e sa d i s u d p r e a th n b e d le y - Reduction p p A o u s l r e l - s g c s o d o e o N u n r d r s v o a u s i n b c m a - e l n e e s d r d m A g o u o a o t r u n b h o a t d i e b d o l r e l s - e s H i m n a o v e n u e n d s s t e t s - s p S p e o u e r s a v r e l - - s consumer goods and services exclusively. Spending units with incomes of $2,000 or more, which $1-$199 28 43 17 10 15 $200-$499 27 31 28 18 24 accounted for a substantial majority of all the $500-$999 19 16 31 11 23 $1,000 and above.. 26 10 24 61 38 spending units that reduced liquid assets and All spending units also for the bulk of the dollar volume involved, reducing liquid tended to stress such purposes as the purchase assets 100 100 100 100 100 of durable goods, or the purchase of houses and other investments. The sizes of the decreases reported among spending units listing several purposes are more com- Any estimate of the amount of money spent for parable to amounts spent for houses and investeach of the various purposes in 1948 has limited ments and for automobiles and other durable value because many spending units gave more goods than for general consumption purposes. than one reason for reducing their liquid asset The amounts shown in Table 10 represent the balances and did not apportion the expenditures. net decline of the spending unit during 1948. An estimated distribution has been calculated from The actual amounts spent at the time of the purthe replies of those who said their funds were used chase may have been larger and have been at for one purpose, or for several purposes, as shown least partly offset by additions to liquid assets durin the first column and footnote 4 of Table 9, but ing other periods of the year. should be considered only a rough approximation. It indicates that about half of the total decrease in Previous survey reports have emphasized that holdings may have been used for the purchase of reduction in liquid asset holdings of a spending houses or for making investments in other real unit during the year does not necessarily imply disestate or in businesses or securities. About one- saving. When liquid assets are used to buy a house or to invest in other real estate, in securities, or in fourth may be explained by expenditures for nona business, the funds are merely transferred from durable consumer goods and services (including one type of asset to another. On the other hand, if sickness and emergencies), and roughly one-fifth liquid assets are used for buying consumer goods for automobiles and other durable goods. and services (which by definition represent expendi- Table 10 provides further information that retures and are not considered assets) the result is lates the size of the decrease in liquid assets to the dissaving unless the amounts so used are offset by purpose for which the funds were used. Threesaving in other forms (insurance, retirement funds, fifths of the spending units reducing liquid assets repayment of debt, or other such transactions).4 for houses and investments used amounts of $1,000 or more. Spending units that had purchased 4A detailed discussion of consumer saving in 1948 will automobiles and other durable goods generally re- appear in a later issue of the BULLETIN. AUGUST 1949 907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 11 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN VARIOUS INCOME GROUPS, EARLY 1949, 1948, AND 1947 x Percentage distribution of spending units within income groups Amount of liquid assets held All spending units Under $1,000 $l,000-$2,999 $3,000-$4,999 $5,000 and aver 1949 1948 1947 1949 1948 1947 1949 1948 1947 1949 1948 1947 1949 1948 1947 Total liquid assets:* None 29 27 24 56 56 51 38 34 27 19 14 10 5 2 0 $l-$499 28 27 26 24 21 27 29 32 31 35 31 24 17 13 10 $500-$l,999 22 24 28 12 14 15 21 23 30 25 30 34 23 24 22 $2 000-$4 999 12 13 14 5 6 5 8 7 9 14 18 24 25 27 27 $5,000 and over 9 9 8 3 3 2 4 4 3 7 7 8 30 34 41 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (Series A-F):» None . 56 53 44 80 79 75 63 60 47 49 43 28 34 25 13 $l-$499 25 26 32 11 17 19 25 28 37 29 32 36 25 20 21 $500-$l,999 13 14 18 6 2 4 9 9 13 16 19 30 21 30 34 $2,000 and over 6 7 6 3 2 2 3 3 3 6 6 6 20 25 32 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts:4 None 59 55 53 77 77 74 65 62 56 53 44 39 42 31 31 $l-$499 19 19 18 11 9 15 18 20 21 23 24 20 15 15 15 $500-$l,999 13 15 18 9 8 8 11 13 17 14 19 25 21 23 18 $2,000 and over 9 11 11 3 6 3 6 5 6 10 13 16 22 31 36 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: None 61 61 63 81 77 79 72 72 70 59 56 56 22 25 21 $l-$499 23 23 21 11 13 14 19 19 19 28 30 26 36 28 26 $500-$l 999 11 11 12 7 8 6 7 7 9 10 10 14 25 29 30 $2,000 and over 5 5 4 1 2 1 2 2 2 3 4 4 17 18 23 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Liquid asset data represent holdings early in the year indicated and are based on interviews during January, February, and early March. For comparable 1946 data, see Federal Reserve BULLETIN, July 1948, Table 16, p. 779. a Includes all types of U. S. Government bonds, savings accounts, and checking accounts. 1 Amounts for 1949 and 1948 are shown at 80 and 79 per cent of maturity value, respectively, except for recent purchases, which are shown at purchase price; amounts for 1947 are shown at purchase price. * Includes savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions. 908 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 12 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN VARIOUS INCOME QUINTILE GROUPS, EARLY 1949 AND 1948 * Percentage distribution of spending units withirI income quintiles All spending Lowest Second Third Fourth Highest Amount of liquid assets held units quintile quintile quintile quintile quintile 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 Total liquid assets:2 None 29 27 51 54 38 37 30 24 17 16 7 4 $l-$499 28 27 25 21 29 34 31 33 35 33 22 17 $500-$l,999 22 24 15 15 22 20 23 28 26 29 23 27 $2,000-$4,999 12 13 6 6 7 5 11 11 14 16 23 25 $5,000 and over 9 9 3 4 4 4 5 4 8 6 25 27 All units . . . .. 100 100 100 100 100 100 100 100 100 100 100 100 U. S. savings bonds (Series A-F):« None 56 53 76 79 63 61 58 51 46 44 36 30 $l-$499 25 26 17 16 26 31 25 29 31 34 27 22 $500-$ 1,999 13 14 5 3 9 5 14 16 16 17 20 28 $2,000 and over 6 7 2 2 2 3 3 4 7 5 17 20 All units 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts:4 None . .. 56 55 73 75 62 65 57 55 47 46 40 33 $l-$499 19 19 13 10 19 19 22 24 25 25 17 17 $500-$l,999 14 15 9 8 13 12 12 15 16 17 20 23 $2,000 and over 11 11 5 7 6 4 9 6 12 12 23 27 All units 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: None 61 61 76 77 74 75 70 65 58 57 29 33 $l-$499 23 23 15 13 18 17 21 23 29 29 35 30 $500-$l,999 11 11 8 8 6 6 7 9 10 10 22 24 $2,000 and over 5 5 1 2 2 2 2 3 3 4 14 13 All units.. ... 100 100 100 100 100 100 100 100 100 100 100 100 1 For each year the size of liquid asset holdings was determined as of the date of interviews in January, February, or early March of the year indicated. Liquid asset holdings as of early 1949 have been related to 1948 incomes, while asset holdings as of early 1948 have been related to 1947 incomes. The approximate income ranges covered by each quintile are as follows: for 1948 incomes, lowest quintile (under $1,500), second quintile ($l,500-$2,399), third quintile ($2,400-$3,199), fourth quintile ($3,200-$4,499), highest quintile ($4,500 and over); for 1947 incomes, lowest quintile (under $1,200), second quintile ($l,200-$2,099), third quintile ($2,100-$2,999), fourth quintile ($3,000-$4,199), highest quintile ($4,200 and over). a Includes all types of U. S. Government bonds, savings accounts, and checking accounts. • Amounts for 1949 and 1948 are shown at 80 and 79 per cent of maturity value, respectively, except for recent purchases, which are shown at purchase price. * Includes savings accounts in banks, postal savings, and shares in savings and loan associations. Data for 1948 also include savings in shares of credit unions. AUGUST 1949 909 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 13 TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN DIFFERENT OCCUPATIONAL GROUPS, EARLY 1949 AND 1948 a [Per cent] Occupational group of head of spending unit Managerial Skilled Clerical Farm Amount of liquid assets held Professional and self- and semi- and sales Unskilled operators Retired employed skilled personnel 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 U. S. savings bonds (Series A-F) :* None 34 29 46 40 55 54 47 43 72 73 61 57 59 63 $l-$499 . 30 30 28 23 28 29 33 32 19 23 22 25 20 18 $500-$l,999 19 24 14 21 13 14 15 19 8 3 10 12 12 9 $2,000 and over 17 17 12 16 4 3 5 6 1 1 7 6 9 10 All units. ... ... 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts (in banks only) :3 None 43 44 54 55 56 55 45 50 71 72 83 83 59 67 $l-$499. 22 23 14 11 20 23 30 26 17 15 4 5 14 6 $500-$l,999 21 17 15 15 15 14 18 17 7 10 5 5 12 13 $2,000 and over 14 16 17 19 9 8 7 7 5 3 8 7 15 14 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: None 32 32 28 31 74 74 58 59 87 87 37 38 62 64 $l-$499 42 39 34 31 20 20 31 29 10 9 29 25 16 14 $500-$l,999 19 22 23 24 5 5 9 9 3 3 22 25 13 13 $2,000 and over 7 7 15 14 1 1 2 3 1 12 12 9 9 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Liquid asset data represent holdings early in the year indicated and are based on interviews in January, February, and early March 2 Valued at 80 per cent of maturity value except for recent purchases, which are valued at purchase price. 3 Excludes other savings accounts, such as postal savings and shares in savings and loan associations and credit unions. 4 Less than one-half of 1 per cent. TABLE 14 TABLE 15 PROPORTION OF LIQUID ASSETS HELD BY SPENDING UNITS AND DISTRIBUTION OF LIQUID ASSETS AMONG SPENDING UNITS FAMILY UNITS AT VARIOUS INCOME LEVELS, EARLY 1949 1 WHEN RANKED (1) BY SIZE OF INCOME AND (2) [Per cent] BY SIZE OF LIQUID ASSET HOLDINGS EARLY 1949 AND 1948 Spending units Family units 1948 annual money Percentage of Percentage of income before Per- Proportion Per Proportion liquid assets Spending units liquid assets taxes centage of liquid centage of liquid Spending units ranked according distri- assets distri- assets ranked according to holdings of bution held bution held to income Early Early liquid assets Early Early 19491 19482 1949 1948 Under $1,000 12 4 11 3 $l,000-$l,999 18 7 15 5 Highest tenth. . . 44 43 Highest tenth... 66 66 $2,000-$2,999 23 14 20 10 Second 11 14 Second 17 17 $3,000-$3,999 20 14 20 13 Third 9 8 Third 9 8 $4,000-$4,999 12 11 12 10 Fourth 8 7 Fourth 5 5 $5,000-$7,499 10 18 14 22 Fifth 6 5 Fifth 2 3 $7,500 and over. . . . 5 32 8 37 Sixth 6 6 Sixth 1 1 Seventh 6 4 Seventh (3) (3) All units 100 100 100 100 Eighth 3 4 Eighth (3) (3) Ninth 4 4 Ninth 0 0 Lowest tenth.... 3 5 Lowest tenth. . . 0 0 1 The 1948 income data and early 1949 liquid assets data are based on interviews in January-March 1949. All tenths 100 100 All tenths 100 100 For comparable spending unit and family unit data in early 1948, see Federal Reserve BULLETIN, July 1948, Table 18, p. 780. For comparable spending unit data in early 1947 and 1946, see 1 For spending units ranked in order of their 1948 annual incomes. BULLETIN, July 1947, Table 14, p. 801. For comparable family 2 For spending units ranked in order of their 1947 annual incomes. unit data, see same BULLETIN, Table 18, p. 802. 3 Less than one-half of 1 per cent. 910 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 16 TYPE AND SIZE OF LIQUID ASSET HOLDINGS, BY SIZE OF SPENDING UNIT, AGE OF HEAD OF SPENDING UNIT, AND PLACE OF RESIDENCE, EARLY 1949 x Percentage1 distribution of spending units with each characteristic Number of persons in spending unit Age of head of spending unit Place of residence Amount of liquid assets held Five 65 Metro- Other One Two Three Four or 18-24 25-34 35-44 45-54 55-64 and politan urban Rural more over area area area Total liquid assets:2 None 28 24 28 26 44 38 30 28 25 24 32 22 29 35 $l-$499 28 25 29 35 29 38 36 31 24 21 18 29 30 27 $500-$ 1 999 26 24 21 19 14 21 23 21 23 21 20 24 20 20 $2,000-$4,999 10 15 12 12 8 3 7 13 15 18 15 15 12 10 $5,000 and over 8 12 10 8 5 (3) 4 7 13 16 15 10 9 8 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 U. S savings bonds (Series A-F) :* None . 56 51 54 57 68 62 64 56 49 49 57 48 56 64 $l-$499 28 24 25 30 22 31 23 27 25 25 22 29 25 22 $500-$ 1 999 13 16 14 8 6 7 11 11 17 15 12 16 13 9 $2,000 and over 3 9 7 5 4 (3) 2 6 9 11 9 7 6 5 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Savings accounts:5 None 52 54 61 64 73 59 56 63 57 59 61 43 62 72 $l-$499 23 18 19 15 16 26 27 16 17 13 10 25 18 12 $500-$l,999 16 17 11 11 7 12 12 13 15 14 14 19 12 9 $2,000 and over 9 11 9 10 4 3 5 8 11 14 15 13 8 7 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Checking accounts: None 71 57 57 55 66 83 64 55 55 57 62 68 59 56 $l-$499 . 17 24 29 27 21 14 28 28 26 20 17 20 26 25 $500-$l,999 9 12 10 12 9 3 6 13 12 15 14 8 11 13 $2,000 and over 3 7 4 6 4 (3) 2 4 7 8 7 4 4 6 All units 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Liquid asset data for early 1949 are based on interviews in January, February, and early March 1949. J Includes all types of U. S. Government bonds, savings accounts, and checking accounts. 8 Less than one-half of 1 per cent. 4 Valued at 80 per cent of maturity value except for recent purchases, which are valued at purchase price. 5 Includes savings accounts in banks, postal savings, and shares in savings and loan associations. AUGUST 1949 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS The Nineteenth Annual Report of the Ban\ for their responsibility for currency changes has often International Settlements, covering the year ending been exaggerated, since the real causes—heavy March 31, 1949, was submitted to the annual gen- budget deficits, too high costs—were largely of a eral meeting at Basle on June 13, 1949 by the Gen- more fundamental nature). One of the reasons eral Manager, M. Roger Auboin. Selections from advanced for the maintenance of exchange control the report, chosen to emphasize the more important after the second world war has been the plea that conclusions and criticisms offered by the Ban\, are control was necessary to prevent a recurrence of given herewith. unmanageable capital movements. Officially, the need for a control of transfers on capital account INTERNATIONAL CAPITAL MOVEMENTS AND GRANTS has been recognised: in the Articles of Agreement IN AID of the International Monetary Fund it is stipulated With exchange control in force in almost all that, subject to certain temporary exceptions, "no countries of the world (the United States and member shall, without the approval of the Fund, Switzerland being the outstanding exceptions) and impose restrictions on the making of payments and with some control of capital issues imposed in al- transfers for current international transactions," most every market, one of the shortcomings of the the emphasis on the word "current" signifying postwar monetary situation has been that, between that there is no prohibition against control as rethe different countries, transfers of capital other gards capital transfers, another article specifically than those officially arranged have been restricted stating that "members may exercise such controls in volume and limited to particular fields. Private as are necessary to regulate international capital investments abroad have been of real importance movements." only when undertaken for special purposes (e.g. to In practice, it has so far proved difficult to frame develop valuable oil resources) or within special and apply a system of exchange control that does monetary areas (strengthening the ties between a not stand in the way of desirable capital move- European country and its overseas territories). ments, one reason being that it is no easy matter to It should be remembered that, not only in the distinguish clearly, in the daily run of business, decade following the first world war, when ex- between capital movements, on the one hand, and change control, as we now conceive it, was un- current transactions, on the other. Sometimes one known, but also in the latter half of the interwar finds a tendency to overestimate the amounts inperiod, capital funds moved from one centre to volved in capital movements: it often happens that another, in search of security (i.e. really to avoid a all purchases of foreign exchange outside the reguloss) or for the sake of speculative gains; the move- lar channels of the Control are referred to as flight ments in question had at times a distinctly disturb- of capital, whereas, when foreign currencies are ing effect on the currency situation (even though bought in parallel markets in order to import commodities for which no license has been granted, this is obviously a transaction relating to foreign NOTE.—The passages reprinted here represent about onesixth of the main text of the report. In order to include the trade and thus falling within the current account portions of the text which are believed to be of the greatest of the balance of payments (there being no question interest, more liberties have been taken than heretofore in of a transfer of capital). The somewhat arbitrary combining numerous widely separated passages. Discussions character of many of the interventions and prohibiof individual countries are in general omitted. The extions imposed by the Foreign Exchange Control cerpts represent every chapter except that dealing with current activities of the Bank. cannot fail to have a cramping effect on such capital Selections from the Bank's first Annual Report were pub- movements as are undoubtedly desirable. For the lished in the Federal Reserve BULLETIN for July 1931 and fact is that hindrance to ordinary capital movethe series was continued through the Twelfth Report—see ments is largely to be found in the circumstance BULLETIN for January 1943, pp. 15-41. A reprint of brief sections of the Thirteenth Report was issued in pamphlet that funds will not readily flow to a country which form by the Board of Governors in November 1944. For does not offer sufficient guarantees of monetary selections from the Fourteenth, Seventeenth, and Eighteenth stability and from which the funds cannot be legally Annual Reports, see BULLETIN for September 1945, pp. 874repatriated when required. Control encounters the 901, October 1947, pp. 1228-50, and October 1948, pp. 1221-39, respectively. same difficulty here as in other fields: at best, ex- 912 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS change control secures what it can actually manage fixed at 4,756 million dollars plus 67 million for to lay its hands on but, operating by prohibitions, administrative and other expenses. The primary it does not attract funds and there will, therefore, distribution of ERP aid was made on the basis of be few voluntary movements by which it can bene- the estimated deficits on the current accounts of fit. Between most markets there has been a failure the balances of payments of the participating counto revive both the so-called equilibrating movements tries in relation to the Western Hemisphere, i.e. the of a short-term character (which used to ease the dollar area. While the amounts thus made availstrain of seasonal and other fluctuations in the sup- able would enable the participating countries to pay ply of foreign exchange) and the long-term capital for their imports from the dollar area, there reinvestments which have in the past been such an mained the problem of intra-European trade. Such important aid in the economic development of the trade had been kept up since the end of the war world as a whole. largely by the granting of reciprocal credit margins On the whole, it may be said that United States as part of bilateral payment agreements, but such aid makes up for the insufficiency of private move- credits, together with the existing monetary rements of capital which for a number of reasons has serves, had for many countries reached exhaustion characterized the postwar period. Much has been point and intra-European trade threatened to conwritten about Marshall aid and the facts and figures tract sharply and thus to counteract the intended are well known also in circles other than those di- effect of the United States aid. rectly concerned with its administration, but it is In order to relieve the situation, an intra-Euroessential to keep the main data firmly in mind pean payments plan was worked out and the because of their importance for the financing of "Agreement for Intra-European Payments and trade as well as from a general point of view. Compensations" was signed in Paris on October 16, The European Recovery Program itself was en- 1948, by the governments of the sixteen participatacted when the President of the United States ing countries and representatives of the Bizone as affixed his signature on April 3, 1948 to the "For- well as the French Zone of Germany and also of eign Assistance Act of 1948," of which Title I the Free Territory of Trieste. Under this arrange- (under the name of "Economic Cooperation Act ment the individual countries, in those cases where of 1948") laid down that assistance should be ex- it was estimated that they would be "creditors" on tended to the sixteen European countries having current account of their balance of payments with signed, on September 22, 1947, the report of the any other participating country, received part of their Committee of European Economic Cooperation, to allotments in dollars as "conditional aid," this part their Overseas Dependencies, to the Allied Zones corresponding to the (estimated) surplus on current of Occupation in Germany and to the Free Terri- account. Each country thus had to establish "drawtory of Trieste. ing rights" in its own currency in favour of other The distribution of ERP aid has passed through countries (according to a schedule included in the two different stages. Agreement), so that a part of the ERP aid received At first, when the Economic Cooperation Admin- in dollars was passed on, via the national curistration, "ECA" (the United States organisation rency, to the final recipients. set up to administer ERP aid, with central offices The accompanying table shows the distribution in Washington and Paris and American Missions of the amount of direct aid, as well as the amounts in each of the participating countries), started work- of net indirect aid received or granted by the indiing in April 1948, there was no time to prepare a vidual countries and, as the result of these two sets detailed programme, nor was the Organisation for of figures, the distribution among the various coun- European Economic Cooperation, "OEEC" (the tries of the net total aid allotted for the period organisation of the participating countries, with an July 1, 1948 to June 30, 1949. While leaving aside office in Paris), yet in a position to do so. But the the interim aid, the table shows separately the aid need for aid was urgent and, in view of this, ECA allocated by ECA for the second quarter of 1948 made a direct distribution of 1,337 million dollars and the aid for the first fiscal year July 1948 to for the April-June quarter of 1948. June 1949, the final column setting out the net ERP In the meantime OEEC was preparing its first aid for the whole period of the first fifteen months annual programme for the fiscal year July 1948 to of the European Recovery Program. June 1949 and by mid-October 1948 it was able to At the request of the Council of OEEC in the submit a preliminary programme together with a autumn of 1948, the Bank for International Settlesuggested allocation of aid which, but for some ments agreed to act as technical Agent under the minor changes, was accepted by ECA. The amount Agreement for Intra-European Payments and Comfor the twelve months beginning July 1, 1948 was pensations, this being in a measure a continuation AUGUST 1949 913 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS FIRST FIFTEEN MONTHS OF ERP AID X gin of error and must, therefore, be taken as indicating mainly "orders of magnitude"; but, even so, a [In millions of dollars] comparison between the Marshall aid allotted to the individual countries and the corresponding national July 1948 to June 1949 Total income throws some light from another point of net Country2 A J 1 1 u 9 9 t p o n 4 4 ri e 8 8 l D a ir i e d ct g in r N d a a i n i e r d t e t e c d t t N o ai t e d a t A J 1 a u 9 t p i o n 4 d r e i 8 l o W vi n e h w t i h l e e t h t i a h m n e p t o i h n r e d ta i p n re u c c e r t e l o y a f i d " t b h f a e a l c a a i n l i i c d t e a - t r e o e s c f- e p i t v a ra y e d d m e e i n n w t s i e " t a h c i a h n s p E c e a u c s t e - , . received 1949 rope, it is really the amount of net aid received (+) which represents what is available to each country for the covering of its own expenditure for various Austria 62 215 +64 279 341 Belgium-Luxemburg*. 20 248 -208 40 60 purposes. Switzerland and Portugal had no direct Denmark 20 109 +7 116 136 or indirect aid allotted to them; Sweden and Bel- France* 335 981 +323 1,304 1,639 Germany :3 gium receive the lowest percentages of net aid in Bizone 109 411 -10 401 510 French Zone. . 20 99 +1 100 120 relation to the national income while the highest Greece 50 145 +67 212 262 percentages go to Greece, Austria and the Nether- Iceland. . 2 5 5 7 Ireland 10 78 78 88 lands. Italy 158 555 -20 535 693 Netherlands* 115 470 +72 541 656 The aggregate "national income" of the partici- Norway 20 83 +32 115 135 Sweden 47 —25 22 22 pating countries comes to about 120 milliard dol- Trieste 4 18 18 22 lars (for a population of 270 million) as compared Turkey 10 40 -12 28 38 United Kingdom*. . . . 400 1,239 -290 949 1,349 with a national income of 230 milliard in the Commodity reserve. . 13 13 13 United States (with a population of 148 million). Total programme. . 1,335 4,756 ±565 4,756 6,091 Thus the United States has a national income which Administrative and other outside ex- is about twice as large as the aggregate money inpenses 2 67 67 69 come (in dollars) of the participating countries in Total ECA funds. . 1,337 4,823 — 4,823 6,160 Europe and, per head, three and a half times as large. It is the size of the real income per head * Including overseas territories. 1 Various modifications in the figures, are given in Ch. VIII of which enables the United States to extend aid to the 2 c P o o m rt p u l g e a t l e a re n p d o S rt w o it f z e th rl e a n B d a n d k i d f o n r o t I n re te c r e n iv a e t io E n R al P S a e i t d tl . ements. so many other countries. Thus, the total aid for 3 The direct aid to Germany remains a charge against the the first fiscal year of the ERP came to little more country, pending eventual settlement, and is, therefore, not necessarily in the nature of a grant. than 2 per cent of the national income in the United States, while the amount of current private of the role the Bank had played as Agent under savings in the United States is estimated to have the First Agreement on Multilateral Monetary been equal to 15 per cent of the national income. Compensations, which was signed in Paris on For the recipient countries in Europe the aid November 18, 1947 by the Governments of Bel- allotted for the period July 1948 to June 1949 corgium (acting also for Luxemburg), France, Italy responds to about 4 per cent of their aggregate and the Netherlands (and which was described on national income. The significance of this figure pages 142-53 of the eighteenth Annual Report). may be judged from the fact that before the first As explained more fully elsewhere in this report, world war a proportion of 10 to 15 per cent of the the intra-European payments scheme adopted as national income was saved in the richer countries part of the ERP operates through a monthly com- and invested at home and abroad—which perpensation of balances held under European pay- mitted a fairly regular growth of nearly 3 per cent ments agreements plus the utilisation of drawing in world production. Thus in 1948-49 Marshall rights. The Bank for International Settlements, aid, on an average, corresponded to about a third acting in a strictly technical capacity, is responsible of the proportion of savings required for normal for carrying out the monthly operations and is thus economic growth; here as elsewhere it is, of course, entrusted with the administration of an essential the marginal contribution that counts most, making element in the working of the European Recovery all the difference, in this case, between a slow and Program. painful increase in production (even assuming that The countries participating in the Marshall Plan social and political disasters could have been have together a population of about 270 million, out avoided) and the fairly rapid recovery which of the 400 million which make up the population of actually took place, almost without exception, in Europe—apart from the U.S.S.R. Estimates of na- the ERP countries in the course of 1948. One of tional income are, especially in times of inflationary the principal problems to be solved as Marshall movements, necessarily subject to a fairly wide mar- aid draws to its close will be how to ensure suffi- 914 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS cient savings in the participating countries to enable conditions for increased international financing them to continue investments at not too low a rate. from the resources of private capital. The attrac- Now that a low rate of production is no longer tion of such capital was, indeed, clearly envisaged the bottleneck of world recovery, other problems— in "Point Four" of President Truman's Inaugural and in the first place monetary problems—can Address (delivered on January 20, 1949), dealing receive increasing attention. Depleted monetary with "the improvement and growth of underdereserves form a very unreliable basis for recovery veloped areas." —thence the necessity for their replenishment. Investment in underdeveloped areas necessarily Strengthening of monetary reserves should be re- means, at the outset, a fairly lengthy period of garded not only as a step towards the general re- waiting for the expected goods to be produced, and establishment of confidence in national currencies the first effect is, therefore, to reduce the resources but also as a means of enabling the various coun- available for other purposes—e.g. an increase in tries to apply, in relation to one another and to the consumption or in the volume of investments of world in general, a less arbitrary commercial policy, the home country. Thus concern with the growth which is possible only if they do not live in con- of production in underdeveloped areas brings no stant fear of a further shrinkage of their too scanty immediate relief to the European countries, and holdings of gold and foreign exchange. But a obviously not in their struggle for an early rereplenishment of monetary reserves will bring establishment of proper equilibrium in their own little lasting benefit if it is not accompanied by balances of payments. But even if it is a fact that the establishment of those internal and external in some respects a programme of helping underconditions upon which the maintenance of balance developed territories (which—it should be rememin the economies of the individual countries de- bered—are not all situated outside Europe) involves pends and without which no monetary standard a momentary burden, there are—as the President can work smoothly; moreover, the measures re- emphasised in his Inaugural Address—a number of quired to bring about the necessary adjustments reasons why an effort should be made to proceed will have to be taken well before the time ap- with well-thought-out development schemes. pointed for the termination of external aid. Such a course of action is undoubtedly to the Marshall aid is by intention and by its very advantage of the territories themselves, since in nature a temporary form of financing on the basis that way their productivity can be increased and of government funds. Just as there was a period their standard of living raised at a rate which they after the war during which provision for "recip- could not achieve unaided, especially since modern rocal credit margins" in bilateral trade agreements methods of production and social welfare can do was justified as a means of giving an initial im- much for the workers in the underdeveloped areas, petus to trade so, on a larger scale, Marshall aid where the income per head of the population is has its justification as a comprehensive measure generally less than one-tenth of the income per head which will afford strength for recovery and time in the United States. But little would be gained if for reorganisation. Already minds are beginning the development of local industries were simply to to busy themselves with the problems of further be in the direction of autarky behind high profinancing after basic recovery has been attained— tective walls. being well aware of the fact that many tasks remain to be tackled. The Bank for International THE END OF THE POSTWAR INFLATION Settlements has, during the past few years, gained Five years will soon have passed since France some experience with regard to short-term financ- and Belgium were liberated in the late summer of ing, having granted credits mostly of an equili- 1944 and four years since the war came to an end brating nature; and it can see further needs aris- on the continent of Europe. It is thus becoming ing, as the official financing through ERP gradually possible to see the situation in longer perspective: decreases. The International Monetary Fund and notwithstanding many difficulties of a technical and the International Bank for Reconstruction and De- political nature and some regrettable setbacks, much velopment will continue to devote their attention progress has undoubtedly been made; in most to their own particular functions of international cases, production has attained or even surpassed financing. But the financing of international trade peacetime proportions, and commodity prices have and foreign investments cannot for long rely prin- ceased to increase as they had been doing under cipally on the provision of government funds or the influence of inflationary issues of money for on the activities of a few specialised international meeting government expenditure and (but to a institutions of an essentially official character. It much lesser extent) private demands for credit. will obviously be necessary to create the proper Comparison with the business trend during the AUGUST 1949 915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS four to five years following the first world war war, instead of a depression in the United States, brings out the absence of anything corresponding boom conditions continued, on the whole, to preto the postwar depression which began to make vail; those who practised inflationary financing, itself felt in the latter half of 1920 and, after bring- moreover, found that, despite all their measures of ing a short but sharp fall in prices, had already control, they could not avoid a disquieting gap run its course by the autumn of 1922. in the balance of payments. It was soon discovered One of the reasons for the difference in the re- that freshly created credits could not serve as a subspective price movements after the first and the sec- stitute for genuine savings or make good a shortage ond world wars is undoubtedly the fact that during of capital, and it became evident that not even a the second world war the resolute application of a controlled economy could dispense with a sound comprehensive wage and price control not only currency; for, without it, income and savings could went a long way towards neutralising fresh issues of not bear witness to the availability of real resources. monetary purchasing power but also, with the aid The year 1947 was important in the history of Euof rationing and other measures, prevented short- ropean economic thinking, for it was then that, ages from being reflected in higher prices. under the influence of a number of setbacks and In the second world war, moreover, it was part disappointments (continuing deficits in the balof the policy of the United States, Great Britain, ances of payments, a gradual exhaustion of mone- Switzerland, Sweden and a number of other coun- tary reserves, the failure of the convertibility of tries to keep down the cost of living through the sterling and, on top of it all, poor harvests), many payment of subsidies, in order to prevent wages a man in a responsible position—to say nothing of from rising too steeply. By the end of the war, the public in general—had to discard economic wages in the countries mentioned had in fact risen dreams for economic realities. It became increasmuch less than between 1914 and 1920; and, since ingly realised that the supply of money had to be the general price level did not fall even when sup- brought into relation with the supply of goods and plies became more normal, no disequilibrium that, by and large, the ordinary physical controls emerged between wage costs and prices and, con- would not work satisfactorily without financial sequently, there was no reason for a general re- order. The Interim Report of OEEC, published duction in wages. On the contrary, as prices went in Paris on December 30, 1948, and approved by on increasing, wages also were generally raised. the nineteen governments participating in the Eu- But the whole of this development must be seen in ropean Recovery Program, lays down the principle relation to the general trend of business, as de- that "the budget must be balanced. For there is termined not merely by the evident need for a universal agreement that inflation cannot be prelarge amount of work to be done after a destruc- vented, in the face of an inappropriate fiscal policy, tive war but also by the combination of such a need by mere multiplication of specific controls over with a redundant volume of purchasing power left particular prices and the use of particular resources." over from the war and often dilated by current There are more and more indications that the financial policy. world economy is passing through a period of During the past few years there has been a dis- transition from concern with the problem of intinct change in the atmosphere of economic think- sufficient supplies to mindfulness of the problem of ing: while the war was still going on and for some maintaining sufficient demand. Typically enough, time after it had come to an end, it was, for instance, measures are already being taken in the United widely believed that before long a postwar depres- States for a relaxation of the cash requirements of sion would set in, especially in the United States, banks and of the restrictions which generally apply and that it would consequently be justifiable to to the granting of instalment credits. But the new bolster up the volume of monetary demand either phase is only in its infancy and has not yet become by budgeting for a deficit or by financing investcharacteristic for all countries. In reviewing the ments through an extension of bank credits. Quite past year the essential task is to analyse the changes apart from any wish to influence a particular busiin supply and demand which have brought the ness trend, it would seem as if the opinion had postwar inflation to an end. gained ground that a fairly abundant volume of monetary demand would be all to the good in that it would secure the continuance of a high level of For the world as a whole, the volume of indusemployment, the system of controls being relied trial production would seem to have been 5 to 10 upon to prevent an inflationary rise in prices and per cent higher in 1948 than in 1947. World the emergence of a deficit in the balance of pay- figures are necessarily somewhat unsure, since estiments. But, during the first four years after the mates have to be made for vast territories regard- 916 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS ing which the information available is rather put into working order, including the reconstiscanty. tution of ocean-going ships, owned and operated by In the United States, the most important indus- European companies, up to the prewar tonnage. trial country in the world, the physical output of This is improving Europe's earning power; and the factories and mines, as measured by the Fed- other invisible items (tourist traffic on a scale exeral Reserve index of industrial production, was 3 ceeding prewar records) are also making their per cent larger in 1948 than in 1947, while the cor- contribution. Neither individual European counresponding increase had been at the rate of 10 per tries nor Europe as a whole can forget what tradcent from 1946 to 1947. The slower pace in 1948 ing in a wide sense (including banking, insurance, was mainly due to the fact that reconversion had etc.) contributed to their earning power. Close been completed; but—especially towards the end of contact in commercial and financial relations often the year—it seems also to have been a sign of some- forms a basis for the rapid adaptation of producthing like a turn in the business trend. tion to what is effectively demanded in different In 1948 the industrial output in the United States parts of the world. was 92 per cent above the 1935-39 average, but in Finally, Europe's own resources in 1948, as in most of those years there were some 9 million un- the previous postwar years, were supplemented by employed and an average volume of production 10 assistance from abroad. Thanks to the better harper cent below the 1929 level. The year 1940 was vest and the rise in industrial production, western one of rearmament, with production 13 to 14 per Europe increased its current income of domestic cent higher than in 1929. It is interesting to note origin by more than 2 per cent from 1947 to 1948 that, even so, the volume of industrial production and, by the end of the latter year, it had a much in 1948 was fully 50 per cent above 1940. better supply of goods and services than a year In Europe as a whole—excluding the U.S.S.R. earlier (as could be perceived without the aid of but including Germany and eastern Europe—the statistics by anyone having visited western Europe volume of production in 1948 did not reach the during the years in question). The assistance re- 1938 level and was probably some 10 per cent ceived from abroad represents a very valuable addibelow the 1937 level. But the drag was mainly tion to the recipient countries' own resources and it Germany: without that country, the production is well understood, and agreed, that the aid must level of 1938 is estimated to have been passed by not be used for current expenditure but for the 13 per cent and it follows that the 1937 level was building-up of net capital assets. probably exceeded by 5 per cent. Hand in hand with the rise in output, the Western Germany recovered very quickly after authorities in most countries have made more inthe currency reform and elsewhere in western Eu- tense and largely successful efforts to curb every rope good, though less spectacular, progress was expansion of monetary purchasing power not warmade. With one or two exceptions, the industrial ranted by increased production, their object being production in this group is above the level for the to arrive at a proper limitation of effective demand. best prewar year. But, as the United States will serve to show, once conversion to peacetime pur- TOWARDS A MORE BALANCED POSITION IN FOREIGN poses has been achieved and most enterprises are TRADE working at full capacity, it is no longer possible to The main facts brought out by the figures for count on such a rapid expansion as in the first postworld trade up to the end of 1948 may be summawar years. rised as follows: As regards agricultural production, the 1947 harvest in Europe was 20 to 25 per cent below the (i) Measured in United States dollars, the turnaverage for the years 1937-38; in 1948 the shortage over of world trade (exports plus imports) has conhad been reduced to between 10 and 15 per cent. tinued to increase without interruption since 1945. Still, Europe remains vulnerable as regards food: its (ii) The increase from 1947 to 1948 in the dollar population has risen by 10 per cent since 1938; in turnover of world trade comes to about 10 per cent, some places the soil has become exhausted; and which is rather more than the rise in prices. There structural changes of diverse kinds and difficulties was thus a slight increase in the volume of world of trading between different parts of Europe have trade in 1948. The Department of Economic Affairs not helped to bring supplies to the markets. In of the United Nations gives figures as regards exthis respect, the receipt of Marshall aid has sup- ports only (since export figures are considered a plied vitally necessary assistance for some of the more reliable measure of the changes in world trade countries in western Europe. than import figures). The transport system of Europe has also been (iii) The fact that for the world as a whole the AUGUST 1949 917 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS volume of trade did not increase appreciably in 1948 was at the same time freed from the obligation of has been due almost exclusively to the continuous paying through its own exports for the surplus of decline in exports from the United States since the goods and services which it received. middle of 1947. Since the war, most European countries and sev- There has thus been a 40 per cent contraction in eral others outside Europe have tried to restore the export surplus, due partly to a smaller volume balance in their foreign trade by way of a curof exports and partly to a larger volume of imports. tailment rather than an expansion, the main feature The increase in the imports of the United States of their control of foreign trade being a cuttingcorresponds, of course, to an increase in the exports down of imports. Considering that for almost of other countries to the United States. every country in Europe the deficit in the balance (iv) The quantum of exports of all countries of payments still persists, there must surely be some other than the United States increased in 1948 by particular reason why the cutting of imports does about 10 per cent but was nevertheless only three- not eliminate the trade deficit as had been hoped. quarters of what it had been in 1937, the failure As a matter of fact, most countries find that the to attain the prewar figure being due mainly to the curtailment of imports leads to a reduction in low level of exports from Germany and Japan. exports. An example (from actual life) may be If these two countries are excluded, the quantum cited to show the connection between imports and of exports is found to have been within 10 per cent exports: in a country whose monetary reserves were of the 1937 figure and almost as large as in 1938. almost exhausted a licence was refused for the import of a machine costing about $50,000; since In 1948 most countries were able to cover a the would-be importer could not do without the greater part of their imports by current exports machine in question (fortunately not a very comthan had been the case in 1947. plicated one), he managed to get it made in his own This improvement has been due to the following country at a cost equivalent to about $70,000. But main causes (which are clearly interconnected): what effect did this have on the home market at (i) the general increase in production (in indus- a time when full employment already prevailed? try as well as agriculture), partly in consequence of It is not likely that the making of the machine led progress in reconstruction and partly thanks to to a reduction in domestic demand; on the contrary, favourable weather for the harvest; the probability is that such demand was increased (ii) the brake put on inflationary financing by because of the additional spending at home to which better balancing of budgets and by increasingly the manufacture of the machine gave rise. More effective credit restrictions, which are somewhat money being spent internally, production for domeseasier to apply now that much imperative invest- tic purposes would surely not be reduced; and, that ment has been completed; being the case, the workers and other factors of (iii) the special arrangements which, thanks to production required to produce the machine must the Marshall aid (including the European payments have been taken from the export industries—with scheme), it has been possible to make for the financ- the net result that exports were reduced and, maybe, ing of foreign trade. It should be remembered by a larger amount than it would have "cost" to that, without this aid, exports from a number of allow the importation of the machine. other extra-European countries besides the United Again and again, instances of a similar process States would have been severely handicapped. will arise as long as imports are being curtailed. What looked like an "economy" designed to "save" While it was at first natural to look at Marshall foreign exchange thus turns out to be an indirect aid primarily as a means of financing trade with the way of reducing exports, and often to a larger ex- Western Hemisphere and—through the payments tent, a vicious spiral being set in motion which can scheme—also inside Europe, the related internal only be arrested by the adoption of a wholly difeffects have not to be forgotten: obviously, western ferent policy. European production as a whole could not possibly Thus it comes about that refusal to import more have increased as much as it did without the receipt of non-essentials than certain minimum quotas can of foreign assistance nor could inflationary financ- easily result in a more than proportionate reduction ing have been so effectively arrested. But it must in exports and to a consequent aggravation of the also be observed that, in so far as the resources trade deficit. The exclusion of non-essentials of provided by Marshall aid have been used in the foreign origin does not, as experience shows, induce separate countries as cover for internal expenditure people to save more; other goods are demanded in —mostly of an investment character—and thus led their place; it is usually found that a host of small to a maintenance of exports to Europe, Europe new industries spring up to satisfy the need for the 918 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS goods which cannot be imported; many of these new part of the national production for export. (The industries involve a sheer waste of effort, since the same applies, of course, to invisible trade: when domestic production is generally on too small a nationals of a particular country go abroad for scale to be economic and is unduly expensive in holidays they reduce the amount spent at home other ways. While in foreign trade the attitude and that helps, inter alia, to set productive power is to look askance at the importation of anything free for exports and, to some extent, helps to but essentials, an exaggerated stimulus is given to diminish imports.) In fact, the home producers the domestic production of luxuries, which are gen- will be once more under compulsion to export. erally not subject to regulation in the same way as The important thing is, on the one hand, to arrest necessities, the price of which is often kept down— internal inflation and, on the other, to reinstate an example of the preposterous contradictions to the stabilising mechanism which resides in the fact which controls may lead. And little knowledge that, once this full monetary balance has been is needed about European economies to realise that established internally, imports lead to exports— for many of them it is of paramount importance and that is the case not only because imports put that the distinction between "essential" and "non- purchasing power at the disposal of the seller counessential" should disappear from the tenets of cur- tries but also because the importing country must rent trade policy. needs export in its turn if goods are not to remain But is it not a fact that, as regards a large num- unsold. The adjustment of production and the ber of products, a more equal distribution of in- building-up of appropriate sales organisations may come after this second world war has greatly re- be no easy task; but, if the necessary adjustments duced demand? That may be so in the case of a are shirked, foreign trade will continue to languish few luxuries perhaps, but it surely does not apply at a low level and the gain obtained from it will to the great mass of goods often styled non-essentials. be lost, to the detriment of the standard of living And it would seem to be for the consumer himself over the whole world. to decide how he wishes to dispose of the income To permit imports of non-essentials as well as left to him after payment of all dues and taxes. essentials must, therefore, be an integral part of Curiously enough, it is apparently sometimes as- a rational export policy (because an exchange of sumed that even in the "free-enterprise countries"— goods and services is an advantage in itself and and that means practically the whole western world the volume of imports and exports affect each —it is the governments which always decide what other); but it has also to be remembered that no should be bought from abroad. But, with the ex- export policy can be isolated from questions of ception of particular instances of "bulk buying" price and exchange rates. It is not through the (strictly limited to a few necessities), it is the con- control of foreign trade or through the negotiation sumer who, in the last instance, decides whether of commercial agreements, however helpful they a thing can be sold; governments may refuse to may be, that the balance of trade is ultimately grant import quotas, but even the granting of assured, but through the budgetary credit and exquotas does not mean that actual trade takes place; change policy of the respective countries as affectwhether the goods will actually be imported and ing prices and the flow of trade. ultimately sold to the consumers will depend on the consumers themselves. PERIOD OF PRICE ADJUSTMENTS It is important to remember this now that, with One of the worst features of continuing inflathe return of the buyers' market, success in the tion is (as we know well by now) that it destroys sale of goods will depend more and more on the the mechanism of economic adjustment and is, extent to which their quality and price meet the therefore, the cause of many distortions. When views of the consumers. Foreign sales generally any kind of enterprise—small or big, commercial demand more effort and cost more than sales on the or industrial—can, however badly managed, behome market. As a rule, it is only when the pro- come a paying proposition, there is no elimination ducers cannot sell any more at home that they of mistaken ventures, no need for particular skill apply themselves seriously to a search for foreign or efficiency, no special attention to the wishes and markets. There is a link between what is im- requirements of the customers and no striving for ported and what must be exported. Imports always intimate knowledge of commodities and markets, absorb a part of the domestic purchasing power since the rise in prices usually wipes out the conand, in a country where there is no inflation (i.e. sequences of any business error. Profits are often no addition to the volume of purchasing power made without justification—that is part of the beyond what the current increase in production re- trouble in an inflation, although it is sometimes a quires), this absorption sets free a corresponding question of profits which are large in appearance 919 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS rather than in reality, the provision for deprecia- threaten to raise the value of the national currency tion charges being often unduly small for a period more than was desired, those being the early days in which rising prices demand ever-increasing sums of the gold exchange standard. Furthermore, there for the replacement of fixed and working capital. was always the possibility of obtaining gold via At the beginning of an inflationary period, issues of sterling (gold being dealt in freely on the London new purchasing power may, under certain circum- market) or via the dollar, which remained constances, produce "forced savings" but, as the inflation vertible into gold, as it had been before the entry proceeds, people become increasingly aware that of the United States into the war. saving in terms of the national currency (e.g. in Since the second world war, the exchange system the form of bank deposits or government bonds) has been of a different kind. "Par rates" have been exposes them to a loss of substance; and a more fixed for most currencies and at those rates current general awareness of this fact, in combination with commercial and other transactions have to be seteasy profits easily spent, is likely to lead to a dis- tled, the settlements taking place largely through sipation of resources. clearing and other bilateral accounts without any Where an overdose of monetary purchasing specific transactions in the open exchange markets. power on the home market is ready to absorb al- Not only capital transfers but current operations, most all the current output, there is no induce- whether commercial or financial, are, in most counment to export—a situation which can only result tries, dependent upon an "allotment of foreign exin a deficit in the balance of payments. change" by the official Control. This being so, Countries which have been under the direct strain there are normally no fluctuations in the official of a terrible war may not exactly rejoice in the rates. Any alterations (beyond such minor modinecessity of encountering all-round competition. fications of a fractional nature as the authorities For them the years of sellers' markets have afforded may decide upon from time to time) are, under a period of respite, with relatively easy sales when- the new system, made on the basis of official deciever goods were available; but, when it is a question sions applicable from certain definite dates (as was of restoring the economic and financial position, the case in July 1946 when the Canadian dollar was with equilibrium in the balance of payments and appreciated by 10 per cent and the Swedish crown independence of extraordinary financial assistance by 16.6 per cent). Thus, the official par rates are from abroad, there is no choice but to become in no immediate way dependent upon quotations in capable of selling in competition with producers actual exchange markets; that being the case, any and traders of other countries. For the authorities foreign currencies required in excess of what the in each country the task will then be one of estab- control authorities obtain from exporters, etc. must lishing, through suitable commercial and monetary be supplied from monetary reserves or from the policy, those general conditions (as regards tariffs, proceeds of foreign loans or grants. exchange rates, etc.) which will enable the pro- The fact that some dealings not within the offiducers and exporters of that country to face the cial range of transactions actually take place acinevitable competition without having to labour counts for the existence of other quotations, deunder any particular handicaps. pendent upon the supply and demand in the particular market in which the dealings are carried FOREIGN EXCHANGE RATES out. There is a great variety of such outside mar- After the first world war, it took more than five kets, some being entirely legal, others rather in years before any European currency was formally the nature of black markets even though they may "stabilised," which at that time meant linked to be officially more or less "tolerated." At the mogold again at the par rate. Before stabilisation ment there is not one currency in the world which took place, the various currencies were subject to has only a single quotation. Even for the relations sometimes rather wild, sometimes quite moderate, between the dollar and the Swiss franc—two of the fluctuations; but for each currency there was not strongest currencies nowadays—quotations differmore than one rate quoted (apart from a slight ent from the official "par" apply to certain transfers, spread between buying and selling rates) and the especially of a financial character. A great divervarious currencies could be bought and sold freely sity of rates has come into being: particular rates for all purposes at the rates thus quoted in the re- for notes—and sometimes different rates for differspective exchange markets. In order to steady ent denominations; official rates which are not the quotations, central banks (and sometimes govern- same for imports as for exports, and so on. A ments also) had at times to support their currencies whole new vocabulary has been formed, rates being by entering the market as purchasers or had to buy variously described as official, free, black-market, up any offer of foreign currencies which might parallel, or grey, or classified as security rates, com- 920 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS pensation rates, etc. There are rigidly fixed rates— In the years since the second world war, the exin or out of touch with reality—fluctuating rates, change rates of most countries have been kept at orderly or disorderly cross rates, multiple rates, officially stable parities. There have been those who tourist rates, etc. There are countries which, thought it premature to adopt a regime of official though members of the International Monetary exchange stability, since cost and price relations Fund, have not yet had "par rates" established— could not possibly have reached a state of balance Austria, China, Finland, Greece, Italy, Poland, after the wartime upheavals and severances. But it Uruguay and Indonesia—while no clear agreement must be pointed out that adjustment was facilitated has so far been reached between France and the by the persistent price rise in the United States, Fund as regards the present French franc regime. which lifted the wholesale price level by more than Fear of flight of capital is the reason why it is 50 per cent between the summer of 1945 and the end often thought necessary to maintain a control over of 1948; this rise undoubtedly helped to restore balcapital movements, even when it is intended that ance to currencies in Europe (and elsewhere) which exchange shall be freely available for current trans- would otherwise have remained overvalued. Now actions. But in the process of deciding what should that prices are beginning to fall in the United constitute "current transactions," some new dis- States, a different situation may take shape; but so tinctions have gradually developed. In the Articles far the state of affairs is that prices of foodstuffs and of Agreement of the International Monetary Fund, raw materials have been reduced in relation to adopted at Bretton Woods in July 1944, current those of manufactured goods, the prices of the payments were defined as comprising "normal latter having kept up fairly well. If such tendencies short-term banking and credit facilities" and "pay- continue, the result will, on the whole, turn out ments of moderate amount for amortization of to the advantage of Europe, which is an importer loans or for depreciation of direct investments." of raw materials and foodstuffs and an exporter The next step would be to conclude that genuine of manufactured goods. foreign investments should be permitted and even Even more than the movements of the general stimulated. That is the rule applied, for instance, price index in the United States, the variations in within the sterling area but, at the same time, the different sections of that index should be closely measures have been taken within that area to pre- watched; in addition, each country in Europe vent what may be regarded as more or less specu- would be well advised to examine—on the basis of lative transfers. Difficulties no doubt arise when all the material it can collect—the competitive price it comes to applying such distinctions in practice, position of its own manufactured goods in relabut recently greater emphasis has been laid on the tion to the corresponding price structure in the fact that certain types of capital movements are United States. Should such an .examination reveal essential for the rebuilding of economic life as well disequilibria which seem likely to be of a permaas for the restoration of a workable exchange nent character, the need will arise of restoring system. equilibrium either by an adjustment in the domes- During the heyday of the gold standard before tic costs and prices or, if that proves impossible, in the beginning of the first world war, exchange rates the exchange position. were kept stable (with movements only within the Though foreign-exchange control may have to be gold points) and, if a country happened to get out maintained as a safeguard against abnormal moveof line as regards its costs and prices, it had to ments of capital, it would be dangerous to allow take suitable steps (through an increase in its rates fear of such undesirable movements to prevent a of interest or otherwise) to eliminate the disequili- return to adequate liberty for normal transactions brium which had arisen. It may, therefore, be said and then to let whatever control is necessary over that, at that time, prices had to be adapted to ex- capital movements interfere unduly with freedom change rates and not vice versa. But it should be in the field of current transactions. What is clearly added that, in the twenty years before 1914, price called for is the re-establishment, with the least adjustments did not, as a rule, subject countries possible delay, of a normal regime in which comto any painful process of adaptation, since world mercial transactions and other current operations prices were gradually rising under the influence of can be effected without excessive formalities and the mounting output of the South African gold with the certainty' that for all current operations mines. It was a different story in the previous the necessary foreign currencies will be obtainable twenty-year period when, with world prices gradu- when required. To fulfill such a condition the ally falling, it had now and then been difficult for exchange regime must obviously aim at being "selfcountries to align their economies to the general sustaining," which means that it will obtain the price movements on the world markets. necessary exchange from the market itself—and a 921 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS market freed from artificial limitations as regards it up, since semi-manufactured or finished articles all current-account operations. (e.g. simple statuettes) represent only another The trend should clearly be towards greater method of furnishing the metal in a form suitable freedom as regards foreign exchange transactions. for private hoards; as a result, the line of demarca- It has to be remembered that the real cost of ex- tion between industrial uses and downright hoardchange control is not to be measured simply by ing is becoming more and more blurred. In all, the expenses of the administration, a heavier item it would seem as if in 1948 the amount of gold being the loss of time and effort—not to speak of taken by the industry or going into hoards had the actual loss of trade—through the cumbersome been of the order of magnitude of 10 million ounces, formalities, the delays and uncertainties which i.e. around 350 million dollars' worth. seem to be inseparably connected with such a vast Higher prices—often the equivalent of more undertaking as the application of effective exchange than $40-50 an ounce—have been paid for gold by control. open or concealed hoarders. At the same time, the world's gold producers, harassed by the infla- PRODUCTION AND MOVEMENTS OF GOLD tionary pressure of high costs of production (which No precise information is available with regard affect marginal mines), the scarcity of labour and to the output of gold in the U.S.S.R. but if, for the difficulty of finding funds for new investments, statistical purposes a figure of 4 million ounces is have looked longingly at such higher prices. In again adopted (and maybe it is not very far from 1948, the gold-mining industries in nearly all goldthe truth) total world production of gold in 1948 producing countries did, in fact, appeal to their would be equal to 27.8 million ounces, as compared governments either for tax reductions or subsidies with 27.3 million ounces in 1947. There has thus or for permission to sell gold on the free market been a slight increase in the yearly output, but this above the official price. The International Moneis still one-third below the peak figure, which was tary Fund in Washington has again and again had reached in 1940. A few producers—in particular, to investigate and take decisions with regard to the the Union of South Africa, Canada and British payment of subsidies in member countries and West Africa—have seen an increase in their pro- the prices at which gold might be sold in domestic duction, while most of the others (although still markets. There is no indication of any early abatewith a question mark for the U.S.S.R.) have shown ment of the discussions and controversies regarda decline. ing these matters. Valued in dollars at $35 an ounce, the world's Movements of gold. The main characteristic of gold production was equal to 975 million dollars the gold movements since the war is that they have in 1948 but it should be observed that an increas- not served for the settlement of seasonal deficits in ing part of the output was being sold at prices the balance of payments but have been used to above those officially fixed in the various coun- secure a transfer of capital required in the countries. Of the newly produced gold, about two- try losing the gold because a deficit in its balance thirds went into monetary reserves and this was, of payments may have been caused by a deficit in in general, paid for at official prices, i.e. at about the current budget or too large a volume of invest- $35 an ounce for fine gold or its equivalent in other ments or heavy repayments of foreign liabilities. currencies. Since the United States was, in these postwar years, In 1948, the gold stock of the United States in- the only country with sufficient resources to sustain creased by 1,490 million dollars i.e. by the total a substantial export of capital, the gold would have output of gold and half as much again. But sev- a tendency to flow to the United States. And, at eral countries other than the United States were a time when the United States was furnishing able to increase their gold stocks too. Two inter- aid (by government loans and grants and private national institutions, the International Monetary investments) to other countries, it necessarily had Fund and the Bank for International Settlements, a surplus in its balance of payments. This surplus increased their holdings by 80 million and 6 million was so large that even the large-scale influx of gold dollars, respectively. These various amounts to- to the United States covered only a minor part of gether came to 400 million dollars, so that, with the the active balance—less than one-tenth in 1946 and increase in the gold stock of the United States, the about one-quarter in 1947 and 1948. total increases registered were about 1,900 million. Gold outside monetary reserves. When gold coins During the year, gold went increasingly into pri- formed part of a country's circulation and were vate hoards in the East and elsewhere. The in- actually utilised as means of payment there could, dustrial consumption of gold has been rising stead- of course, be no question but that such gold had ily but there is often only a pretence of working to be counted as part of the monetary stock (origi- 922 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS nally it was the monetary stock). Now, an actual the United States, where the authorities have recirculation of gold coins freely exchangeable at fused to restore a free market for gold, there have par with the paper currency is nowhere to be found been dealings, however, in unrefined gold which but there are still places where gold coins of various was covered by the regulation that "gold in its kinds and denominations (often of foreign prov- natural state (i.e. gold recovered from natural enance) are not only widely held by the public but sources which has not been melted, smelted, or reactually used to pay for goods and services as well fined or otherwise treated by heating or by a as for the acquisition of capital assets. In such chemical or electrical process) may be acquired, cases, the gold obviously performs monetary func- transported within the United States, imported, or tions as a means of payment and a store of value. held in custody for domestic account without the Hoarded gold is probably looked upon essentially necessity of holding a licence therefor." as a store of value, but only because it is known The selling price of such gold in the United or believed that there will always be somebody else States has been reported to be about $39 per ounce willing to exchange assets against it—and there is of non-refined gold of an assay of 85 per cent, even the additional consideration that it might which corresponds to about $46 per fine ounce. prove especially useful as a means of payment in an Even higher prices have been quoted in some emergency. It is probably a matter of fine distinc- other parts of the world. A distinction has to be tions whether such gold could be regarded as part made, however, between sales against actual dollars of the monetary stock. In statistical analyses it is and sales against various national currencies; in the normally left out, since it is becoming increasingly latter case, conversion at official rates of amounts the practice to exclude all gold outside the cen- paid for gold sometimes gives prices of $90 per tralised monetary reserves, it being clearly impos- fine ounce and even more, but then the gold price sible to specify any marks which can be used for partly reflects a free (or black) market valuation distinguishing different kinds of gold held by the of the national currency in question. public. Refinements in those fields do not serve In the East, where fear of inflation has gone hand much purpose, since it is hard enough to obtain in hand with political uncertainty, very high prices even approximate information about the total have been paid for gold, especially since supplies amounts involved. have been curtailed. In April 1949 the famous free For the International Monetary Fund a difficult gold market in Hong Kong, which had been one of problem arose when in February 1949 the Govern- the most active premium-gold markets in the world, ment of the Union of South Africa, after rejecting acting as a transhipment point for China, was supdevaluation as a way out of the country's financial pressed by a decision of the colony (it being predifficulties, announced that it had contracted to sell sumed that the decision was taken after contact gold for non-monetary purposes to a leading firm with London and in consequence of the principles of London bullion brokers at the rate of 12,500 proclaimed by the International Monetary Fund). ounces of gold weekly for eight weeks and at a The high prices paid for gold by the public in price of $38.20 per ounce, payment to be made in free and clandestine transactions are influenced dollars. After discussions between the South Afri- predominantly by two factors: on the one hand, can Government and the International Monetary the monetary and economic conditions of the coun- Fund, an agreement was reached in May 1949 in try in question, and, on the other hand, the current accordance with which the Union might sell fully supply of gold available for sale to the public. fabricated gold as well as semi-fabricated gold at It may be true that the free and clandestine gold a premium to manufacturers. As long as the markets are often very narrow and, therefore, sub- Union took care that the gold was fully fabricated ject to special influences of supply and demand before export, the Fund would raise no objection but the prices quoted in those markets cannot be to the Union's participation in this trade. As re- wholly overlooked—and there is, therefore, a probgards sale of semi-processed gold, the Union would lem of how to treat them correctly. be entitled to export such gold provided that the Clearly one possibility is to arrange for increased transaction took place exclusively with the manu- supplies of gold in the hope that the price will then facturer and that certain other conditions were ful- fall and people be less keen to buy—as is usually filled (presentation of import licences from the the case in a falling market and as, indeed, hapmanufacturer's country, etc.). pened in France up to the middle of 1947, when The arrangement between the International Mon- gold was to a certain extent being brought in from etary Fund and the South African Government Switzerland where it had been sold to the public thus admits the applicability of special prices to by the Swiss National Bank and by the Finance gold genuinely used for industrial purposes. In Department in Berne. But, at the moment, no AUGUST 1949 923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS single principle is universally applied with regard of course, still necessary—if balance is to be mainto unofficial trading in gold. tained—for investments to be covered by genuine In addition to the particular problems occa- savings through a surplus in the budget, surplus sioned by the special prices quoted for gold, there gains by nationalised enterprises and such volunis, as often pointed out, a wider question of the tary savings as are forthcoming, eked out by aid possible influence that the price of gold may exert from abroad. Since savings involve a reduction in different respects and especially with regard to of current expenditure, strict "austerity" may have the trend of commodity prices—a question on to be imposed to generate the necessary capital which, it should be added, there is a great differ- formation, especially in countries with a relatively ence of opinion. As always in time of war, it was low average income per head. the volume of government expenditure, rather (ii) The United Kingdom, the Netherlands, than variations in the supply of gold and the credit Norway and Sweden form another group, whose policy of the banks, that determined the movement policy has been characterised by the application of of prices up to 1945; and in a number of countries comprehensive investment controls (together with the price trend is still affected by the aftermath the maintenance of foreign trade and exchange conof war financing, with all that this involves with trol) as well as reliance on fiscal policy, which in regard to the relative values of currencies and the the United Kingdom and Sweden has procured inpossibility of attaining a more stable price level all creased savings through a budget surplus. round at a time when government expenditure is (iii) In a third group of countries including Belstill very high and investment needs are great. gium, France, Italy and Germany, investment con- These are obviously the problems claiming first trol is either non-existent or ineffective. Measures attention. It would certainly be a mistake—since had, of course, to be taken to balance the budget it would only involve unnecessary delay—if any but, in addition, reliance was placed mainly on solution that should be arrived at in the field of monetary policy in a narrower sense, i.e. an incurrency values or other similar questions were crease in interest rates, together' with qualitative to be held up in expectation of a general change and quantitative credit restrictions for the purpose in the price of gold. of adapting the monetary purchasing power to the actual level of national production. INTERNAL CREDIT CONDITIONS It is not possible to bring every country into one Great progress towards financial stability was of these groups. Switzerland and the United made in 1948 in practically every country and it is States both had substantial budget surpluses in likely that 1948 will go down in economic history 1947-48, which were helpful in ensuring financial as the year in which postwar inflation came to an stability, but in neither country was there any end. almost everywhere. Not all countries sucapplication of investment control. ceeded in completely closing the gap between their As regards the movement of interest rates, no total spending (for consumption and investment) general tendency can be found in 1948. and the total available resources, as derived from In every country the operations of the Treasury current production and financial assistance from in the handling of government finance have exerted abroad. But even those countries which could not a considerable influence on internal credit condiwholly close the gap were able to move decidedly tions, whether a budget deficit had still to be nearer to a balanced position, especially towards financed, or foreign assistance had to be fitted into the end of the year. In the late autumn of 1948 prices began to decline even in a country such as the credit situation, or the government had actually France, where the year as a whole had still been a surplus for redemption of national debt. one of rapid inflation; and this may well be taken Towards the end of 1948, the turn in general as a sign of a distinct break with the ways of infla- business conditions from super-boom to a less extionary financing. treme but still high level of activity began to make itself felt also as regards credit. In the United Efforts to achieve financial equilibrium. The meth- States and in Switzerland (as the clearest case ods used to achieve financial equilibrium varied among the European countries), the demand for according to the institutional framework within fresh bank accommodation showed signs of subwhich the authorities operated and the financial siding. In the Swiss money and capital markets, practices employed in the individual countries. where flexible conditions had been allowed to pre- Three main groups are distinguishable: vail all through the postwar period, the slackening (i) In countries in eastern Europe, with a fully of demand, together with an influx of funds from planned economy based on state ownership, it is, abroad, led almost automatically to a cheapening 924 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS of credit, including a decided fall in the level of issued by the National Credit Council in France, long-term interest rates. where the opinion is expressed that "internal credit Early in 1949, upon the continuance of the decline need not alone be asked to constitute the basis and in the business turnover, the authorities in the the counterpart of the necessary increase in the United States, anxious to apply a credit policy volume of money but it is desirable that circumdesigned to lessen the tendencies prevailing in the stances should permit a reinforcement of the gold economy itself (whether towards boom or towards and foreign-exchange reserves of the Bank of depression) began to ease, in a number of important France, which would at the same time help to rerespects, the prescribed requirements for the ex- constitute the means available for international settension of credit, etc. While it will clearly not be tlements and a currency circulation provided with possible to avoid all painful adjustments after so an indisputable backing." This statement may be prolonged and intense a boom as the one which, taken as indicating a growing realisation of the dating from the war, lasted well into 1948, there connection between the internal credit policy and is no reason why the necessary adjustments should the outcome of the balance of payments—a mechbe made more difficult than they perforce must be. anism which works both ways. The authorities in the United States are, for vari- Local-currency counterpart funds. Deposits made ous reasons, in a position to adopt an expansionist on the special accounts opened in various European credit policy without running any great risk of countries for "local-currency counterpart funds" occasioning a new bout of inflation. First of all, exceeded the equivalent of 2,200 million dollars by recent estimates show a volume of private savings the end of March 1949; the equivalent of 1,300 of the American people corresponding to 15 per million dollars had been withdrawn and spent in cent of the national income, which is as much as certain approved ways, while the equivalent of 900 or more than the richer European countries ever million dollars remained on the accounts. The size achieved before the first world war (when taxation of these figures brings home the great importance was still moderate), while, with few exceptions, of these "counterpart funds" in the European these countries now only arrive at a proportion of economy during the past year. 5 to 6 per cent for private savings in relation to the "Counterpart funds" in local currencies arise as national income. In the United States it may be- a direct consequence of United States aid to Europe fore long be a case of preventing savings from under the European Recovery Program, as previrunning to waste whereas, with one or perhaps ously under "interim aid." When commodities two exceptions, the European countries will still are received by European governments in the form have insufficient domestic savings at their disposal. of "grants" (or gifts) from the United States, the Secondly, the United States has its large gold recipient governments sell the commodities on their reserves which—even if there were not the export internal markets, and the proceeds in the local cursurplus—would make it unnecessary for that coun- rencies (at a rate of exchange agreed with EC A) try to worry about the emergence of a deficit in the are placed to special accounts known as "counterbalance of payments. The situation of most Euro- part funds." (In practice the local currencies are pean countries is in this respect a very different usually paid into the special accounts of counterone, which greatly limits their freedom of action part funds before the sale of commodities takes in more than one field. place in the local markets.) It is still too early to tell what the business trend The main lines of the administration of counterwill be in the United States under the influence of part funds under ERP are laid down in American the anti-depression policy so promptly applied by legislation concerning ECA and are repeated in the authorities. From a general point of view, it is bilateral agreements made between the United clearly of importance that precisely the country States and the recipient countries. Five per cent which holds so strategic a position in regard to the of the local currency thus deposited is allocated world business trend has shown itself prepared to to the United States while the remaining ninetytake counteracting measures at an early date. As five per cent may be used by the recipient country, regards most countries in Europe, it still seems with the approval of ECA, for purposes including to be incumbent upon them to continue the policy internal monetary and financial stabilisation, the of consolidating their credit position and to rely stimulating of productive activity and the developmore on the ease which will result from an im- ment of new sources of wealth, etc. provement in the balance of payments than on In so far as "aid" is concerned, the real interest relaxation of internal credit conditions. It is of attaches to the ninety-five per cent which may be interest in this connection to quote some words utilised for approved purposes in the domestic from the conclusion of the report for 1948 recently economy. In general, proposals for expenditure of AUGUST 1949 925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS such counterpart funds are first formulated by the pendent of extraordinary outside economic assistrecipient government and discussed with the ECA ance within the period of operation of the ECA. mission in the country concerned. The recom- The effect of accumulation, release and withmendations of the mission are reviewed by ECA, drawal—i.e. the technique of handling the counter- Paris, and ECA, Washington; the latter office part funds—must thus be seen in relation to the formulates a final recommendation after discussion total available resources of domestic origin, investwith other organs of the United States Government ment programmes, etc.; but that is not to say that (State, Treasury and Commerce Departments and the technique in itself is of no importance. The the Federal Reserve Board, all of which are repre- investment programme of a country may clearly sented on the National Advisory Council, and ECA be influenced by the technical decisions taken, i.e. Public Advisory Board). it may, for instance, be cut down if releases should The establishment of internal financial stability not be made for the purposes contemplated. Conis a prerequisite to the accomplishment of the versely, there is perhaps a greater danger that the aims of ERP. Subject to this basic factor, utilisation accumulation and consequent magnitude of the of local-currency counterpart funds is directed counterpart funds may be a temptation to expenditowards the stimulating of productive activity and ture, even though the aid through which the the exploration for, and development of, new counterpart funds came into being had, from an sources of wealth, in order to achieve the maximum economic point of view, already been fully utilised recovery in the participating countries. when the dollar imports arrived, and had at that As regards the release of counterpart funds, it time specifically helped to keep back inflation. should be pointed out that the Act and the bilateral Accumulation as such clearly has its dangers; it agreements specify that each participating country may, therefore, be wise to allow releases as a conshall make appropriate provision for " . .. taking tinuous process, whether for productive purposes financial and monetary measures necessary to or for debt cancellation. Since the ultimate effect stabilise its currency, establish or maintain a valid of any action has to be taken into account, it is rate of exchange, to balance its governmental budget obviously most important to ensure that aid already as soon as practicable, and generally to restore or made full use of is not, via the counterpart mechanmaintain confidence in its monetary system. . . ." ism, spent twice, so to say; for if that happens an The responsibility of ECA, one of whose functions inflationary pressure will be exerted which may it is to assist the participating countries and, in that upset the stability that was to have been attained connection, to release the counterpart funds for and reinforced. approved purposes, is clearly very great. Much thought has naturally been given to the INTRA-EUROPEAN PAYMENTS AND COMPENSATIONS principles involved in the release of counterpart The Agreement for Intra-European Payments funds, and the rule is that, in each country, the and Compensations, which had been preceded by release should be based on an assessment of the months of careful examination of the problems inrole which counterpart funds can play within the volved and by much drafting and redrafting, was economy considered as a whole. Within the general signed in Paris on October 16, 1948, by the minisfield of action determined by the need of promot- ters of sixteen European governments and by repreing financial stability (a need which is very much sentatives of the Military Governors of the Bizone stressed), counterpart funds may be released to and French Zone of Germany and of the Free finance projects which, after examination of total Territory of Trieste—in all, the "nineteen" who investment requirements and possible sources of form the Organisation for European Economic Cointernal financing, are considered to be of first- operation (OEEC). The Organisation itself was rate importance for production. But counterpart set up under a Convention of April 16, 1948, and funds may in no case be expended to postpone during the first six months of its existence it was essential economic and financial reforms. Indeed, able to make the allocation, among the countries the counterpart funds should be used ". . . for concerned, of the American aid received under the the purposes of internal monetary and financial European Recovery Program (ERP) for the year stabilisation, for the stimulation of productive ac- 1948-49 (the scheme of apportionment having been tivity, and the exploration for and development of worked out by agreement between the beneficiaries) new sources of wealth or such other expenditures and also to complete a European agreement which as may be consistent with the Economic Coopera- had the effect of redistributing, inside Europe, part tion Act . . . ." And this Act may be summarised of the American aid so allocated. as having the following main purpose in view: to While the drawing-up of an international treaty aid the participating countries to become inde- between so many participants and the reconciliation 926 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS of the inevitably conflicting local interests was the form of "loans") are available for sale in the necessarily a most complicated task, it is note- recipient countries of Europe, the proceeds in naworthy that the Agreement reposes upon two fairly tional currency, called "counterpart funds," are simple fundamental principles: placed to a special account in the central bank, where they are earmarked for approved purposes. (i) "Western-hemisphere" and "over-all" pay- For the purposes of the payments scheme, it bements deficits were dealt with by a combined operacame necessary to establish a new form of ERP aid, tion. On the one hand, the ERP dollar allocations neither loan nor grant, called "conditional aid," were made in proportion to the estimated deficits the condition being that, on receipt of the dollar of the participating countries vis-a-vis the western aid, the countries concerned place an equivalent hemisphere and, on the other hand, a further subamount of their national currency at the disposal allocation of aid inside Europe was made under the of their debtors on current account of the balance payments scheme in order to meet the estimated of payments. In that way, the creditor countries intra-European deficits, as revealed by the moveare able to obtain dollars against a surplus of exment of the accounts established for the working of ports to the other participants inside Europe, and the bilateral payments agreements. These accounts with these dollars they are able to pay part of their —it should be noted—not only relate to European deficits in relation to the western hemisphere. territories but also comprise the extensive monetary Thus "conditional aid" was a basic element of the areas associated with sterling, the Belgian and plan and the creditors were not lequirtd to make French francs and the Dutch florin, and the "intraavailable more of their currency than was covered European" payments scheme thus extends its influby ECA "firm allotments of conditional aid." (It ence over a large part of the world. may be noted in this connection that it is the coun- The combination of the western-hemisphere try receiving drawing rights which is bound to deficits and the intra-European surpluses and deplace an equivalent amount of its national currency ficits of the participating countries (including their to its special account of "counterpart funds.") monetary areas) was taken to be a sufficient meas- In the practical arrangement of the scheme a high ure of the "over-all" deficits. Certain territories degree of cooperation was demanded, especially were perforce excluded, the most important being from the creditors. The "western-hemisphere" the countries of eastern Europe and the U.S.S.R. deficits and the allocations of dollar aid had been Each of the participating countries received dolagreed upon before the intra-European payments lar aid in proportion to its estimated deficit with plan was drawn up. "Conditional" dollars for the the western hemisphere and it either gave or recreditors were, therefore, not "additional" dollars ceived "indirect aid," in the form of "drawing but part of the original dollar aid they expected rights" inside Europe, according to its European to get in any case. position. In this way, the creditors on current ac- It is evident that, for the system to work smoothly, count of intra-European payments pass on to the the western-hemisphere deficit of any country, debtors the equivalent of part of the aid received which sets the limit of possible "conditional aid" under ERP, the aim being to facilitate the flow of for that country, must be larger than its European intra-European trade, so essential for the proper surplus, otherwise drawing rights granted would working of ERP. be insufficient. The only country for which this (ii) The second general principle observed was condition was (and still is) of particular importance that of the automatic "ofl-setting" of certain debts was Belgium, whose real European surplus was and credits inside Europe. This operation, taking probably greater than its western-hemisphere deficit. the form of so-called "first-category compensations," Before proceeding to describe the working of is a further development of the scheme already the plan it may be useful to give a summary of the adopted in the autumn of 1947, under which bal- Agreement itself. The Agreement for Intra-Euroances on the payments-agreements accounts were pean Payments and Compensations is divided into reported by the central banks of the countries contwo parts, the first dealing with compensations and cerned to the Bank for International Settlements, the second with drawing rights. In summarising acting as their Agent. the Agreement it is convenient to maintain this The payments plan based on these principles had distinction although, in practice, all operations are the active participation of the Economic Coopera- carried out simultaneously on the same value date tion Administration (ECA), the American organisa- each month. tion charged with the application and supervision Compensations. The Agreement of October 16, of ERP. When goods supplied under ERP grants 1948, formally terminated the First Agreement for (as distinct from the part of the aid furnished in Multilateral Monetary Compensations of Novem- AUGUST 1949 927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS bcr 18, 1947, for which the Bank for International are passed directly from the creditor to the debtor Settlements, as indicated above, had acted as Agent. country without any funds' passing even momen- The earlier agreement and the mechanism of the tarily through the books of the Agent. "compensations" were fully described in the eigh- Drawing rights apply to the whole year from teenth Annual Report, pages 142-53, and it is un- July 1, 1948 to June 30, 1949. As, at the time when necessary to go into greater detail here. the Agreement was signed, funds had been voted The principles and mechanism of these compen- by Congress only up to March 31, 1949, not more sations were taken over in the new scheme with than 75 per cent of the drawing rights could be a notable extension of the automaticity of opera- made available before that date. The remaining tions. Under the earlier agreements, Belgium (and 25 per cent became available in April 1949. Luxemburg), France, Italy and the Netherlands The Agreement provides that drawing rights are (which were the signatory countries), plus the to be made available monthly, normally on the basis Bizone of Germany, were "permanent" members of the payments deficit on the month, through and only these accepted automatic "first-category" the adopted mechanism (as described more fully compensations; all other adherents to the agreement, below). Provision was also made for additional viz: Austria, Denmark, Greece, Norway, Portugal, amounts to be drawn in special circumstances, e.g. the United Kingdom, Sweden, Switzerland, Tur- for the repurchase of gold which had been paid in key and the French Zone of Germany were "occa- previous months. Drawing rights as established sional" members, i.e. they retained the right to could be revised only in special circumstances; any reject any of the Agent's propositions for compensa- drawing rights remaining unutilised at the end of tions. Under the new agreement all countries the period were not to be cancelled. participating in the scheme (except Portugal and Forming part of the Agreement are three An- Switzerland, as non-recipients of ERP aid) under- nexes: Annex A deals with balances which may took to accept all "first-category" (or offset) opera- be excluded from the compensations; Annex B tions prescribed automatically by the Agent; to the deals with exchange rates; and Annex C contains extent that these compensations reduce any deficit statistics of the drawing rights established and also on the month, they economise the use of drawing of the so-called "agreed existing resources." It had rights. "Second-category" operations, which imply been expressly agreed that certain existing resources a certain transferability of currencies and entail an should be taken into account before drawing rights increase in the amount of currency balances for one were exercised. of the countries affected, remained optional, as be- In order that the provisions of the Agreement fore, and subject to the general transfer policy of should come into force from October 1, 1948, i.e. the countries concerned. First-category operations without waiting for its ratification by all the parinvolving Portugal and Switzerland also remained ticipating countries, a protocol of provisional apoptional for all countries. plication was adopted at the same time as the Agree- Drawing rights. Each of the signatory countries ment. which was estimated at the beginning of the plan After the signature of the Agreement, on Octo be in surplus on its current balance of payments tober 16, 1948, a number of technical measures with other OEEC countries established "drawing had to be taken with great dispatch to enable the rights" in favour of the countries which were ex- scheme to be put into working order in time for the pected to have the corresponding payments deficits first compensation to be carried out on the basis of (requiring to be financed because means of pay- the accounts as at October 31, 1948. These techment in the shape of existing resources or credit nical measures included authorisations given by margins were not available). The amounts of each of the central banks to all of its partners: (a) drawing rights were "established" in dollars, and to disclose the state of its accounts at the end of they remained denominated in dollars until they each month to the Bank for International Settlehad been "made available"—generally in the cur- ments as Agent of the scheme—this involving to rency of the country granting the drawing rights that extent the lifting of banking secrecy—and (but occasionally in the currency of the partner or (b) to give authority for the instructions of the in a third currency). Bank for International Settlements as Agent to be It should be noted that no "pool" or "fund" has accepted for debiting and crediting the accounts been established, and the Agent is an agent and for the purposes of the payments plan. not a principal. The drawing rights can be "made The Agent circulated an aide-memoire to the available," or drawn, only by the Agent and in ac- central banks, specifying the forms of telegrams to cordance with the provisions of the Agreement and be used and going into the necessary details with of the directive to the Agent; the amounts drawn regard to the reporting and related matters. 928 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS Further, the central banks gave information to the An essential factor in the operation of the pay- Agent on a number of questions, e.g. the currency ments scheme is the monthly reporting by European in which drawing rights would be made available. central banks to the Bank for International Settle- On the part of ECA, it was necessary to set up a ments, acting in its capacity as Agent. mechanism to provide firm allotments of condi- No information has been published regarding tional aid on the successive value dates and to co- the turnover of the compensations on total balances, ordinate the Administration's own activity with but OEEC in Paris has regularly published each that of the central banks and the Agent. On the month a summary of the drawing rights exercised, part of the Agent, a series of internal administra- as shown in the tables. tive measures had to be taken to cope with the Attention has naturally been concentrated on the stream of figures coming in at the end of the actual utilisation of drawing rights as compared month, to sift and reconcile the information re- with the estimates made a year in advance. The ceived, and to handle the resulting data for the tables show how closely the monthly figures have purpose of calculating the compensations and draw- in fact followed the estimates: out of an aggreing rights. gate of 818.4 million dollars established for the INTRA-EUROPEAN PAYMENTS AND COMPENSATIONS: UTILISATION OF DRAWING RIGHTS [In thousands of dollars] DRAWING RIGHTS GRANTED Actually utilised Total Country estab- 1948 1949 Total lished utilised for year m six Oct. Nov. Dec. Jan. Feb. Mar. months Granted by: Austria 3,100 177 146 22 17 362 Belgium 218,500 24,865 23,894 16,716 16,225 30,954 34,814 147,468 Denmark . . . 5,100 3 79 657 303 153 1,195 France 9,700 45 1,150 1,499 1,708 4,402 Germany: Bizone 108,800 5,875 895 9,912 17,707 7,661 14,821 56,871 French Zone 14,800 99 51 55 20 225 Greece . Italy 47,300 3,284 3,575 7,460 1,658 4,791 4,582 25,350 Netherlands . .. 11,300 798 1,363 203 756 1,127 4,247 Norway 16,500 531 1,047 79 1,657 Sweden 34,800 3,787 5,857 7,550 2,039 81 692 20,006 Turkey 28,500 3,363 3,467 6,830 United Kingdom 320,000 28,210 19,908 31,188 27,360 32,807 16,385 155,858 Total 818,400 67,143 56,788 74,455 68,088 81,840 76,157 424,471 DRAWING RIGHTS RECEIVED Actually utilised Total Country estab- 1948 1949 Total lished utilised for year in six Oct. Nov. Dec. Jan. Feb. Mar. months Received by: Austria 66,600 926 154 2,541 15,462 11,049 8,386 38,518 Belgium 11,000 2,762 2,211 1,334 1,658 8,250 Denmark 11,900 3,569 2,120 51 285 637 6,377 France 333,000 27,314 25,196 31,083 190,352 Germany: 32,013 41,248 33,498 Bizone 98,600 1,002 2,025 5,665 20,655 French Zone. . 15,600 447 360 6,126 3,032 5,390 28 3,859 Greece 66,800 5,437 4,138 439 4,134 23,506 Italy 27,000 590 6,722 2,485 N N o et r h w e a r y lands 8 4 3 8 , , 0 3 0 0 0 0 6,661 3 5, , 6 1 5 5 3 4 6,753 9 6, , 2 4 5 5 8 4 20 2 , , 3 3 1 6 5 0 1 2 5 , ,9 9 1 5 3 3 3 6 3 2 , , 4 2 8 5 5 0 Sweden 9,800 6,660 146 9,601 865 4,617 17 5,976 Turkey 16,800 252 79 1,402 7,341 8,743 United Kingdom 30,000 13,263 9,237 22,500 Total 818,400 67,143 56,788 74,455 68,088 81,840 76,157 424,471 AUGUST 1949 929 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS year 1948-49, 424.5 million, i. e. 52 per cent, were As regards the maintenance of trade within Euutilised in the six months ended March 1949; fur- rope, the result of the scheme has been that in the ther, drawing rights utilised for each individual first six months of its operation about half of the month of the half-year were reasonably close to one- intra-European deficits were covered by drawing twelfth of the total estimate (which would work rights which, being an indirect form of grant, leave out at 68.2 million). no problems of indebtedness behind them. While the over-all figures thus show an even At the same time as the Agreement on the payworking of the scheme, there has been great diver- ments scheme was signed, the Council of OEEC sity in the extent to which individual drawing approved certain "trade rules" to be followed by rights have been used. The United Kingdom's the participating countries. How far these rules single drawing right (on Belgium) was utilised up have been observed is difficult to tell, it being easier to 75 per cent in the second month of the opera- to prescribe than to ensure observance; but the tion of the scheme while Italy's drawing rights (on rules can be invoked in case of need. In addition, Austria and the United Kingdom), totalling 27 it may be said that the payments scheme as such million dollars, had not been utilised at all during has been instrumental in securing some progress the first six months. These are the extreme cases; in related fields: the larger drawing rights, particularly those in (a) a number of accounts were opened with favour of France, have been more regularly utilised. countries (such as Greece and Turkey) where there The procedure described in the preceding parahad previously been no direct financial contact and graphs has, in fact, worked smoothly and without trade had hitherto been on a barter or "private delay or incident. Regularly, on the fifteenth compensation" basis; working-day of each month, the drawing rights due (b) new credit margins were established in some have been credited to the current debtors and the cases where none had previously existed; current creditors have received their corresponding (c) a number of consolidations and rearrange- "firm allotments of conditional aid" from ECA. ments of old indebtedness were undertaken to It has invariably been possible, by direct contact, relieve difficult debtor positions; through telephone calls or otherwise, to overcome (d) gold and dollar payments due at the end of any minor difficulties which arose. The Agreeany month as a result of the overstepping of credit ment signed in Paris (including the instructions margins were postponed until the value date of the to the Agent) may be said to have stood the test of next compensation (if, indeed, such payments practical application, in that it provided the techniwere not made unnecessary by the operation of cal machinery necessary for the distribution of the the compensation). indirect aid. The intra-European payments scheme must be This progress in adjacent fields has not been a judged for what it is and what it has been able negligible factor and is likely to become of greater to do and not for what it is not and could not pos- importance as time goes on. In particular, it is sibly do. In particular, it could neither redress a not easy to imagine a fully multilateral system of shaken financial position in any country, nor do trade and of payments on current account without much to right such fundamental disequilibria as some degree of freedom for capital movements, still existed between OEEC countries, nor yet charm at any rate within the group of OEEC countries. away the practice of bilateral trading in Europe. OEEC regarded the payments scheme as one of The payments scheme is a practical technical the first fruits of cooperation but it recognised that mechanism superimposed on existing trade and the scheme as such could be no more than a palliapayments agreements. As such it is open to objec- tive, providing a breathing-space during which the tions (some of which are mentioned below). But underlying causes of disequilibrium in Europe it helped to maintain and develop intra-European should be remedied. The ultimate objective was trade at a time when a serious breakdown was the release of European trade from hampering threatening; it affords an opportunity for curative restrictions and the restoration of a multilateral measures; and in itself it has represented a certain payments system; but, as noted above, "the immeprogress towards multilateral settlements; the basic diate and vital problem was to make European principle of first-category compensation is the auto- trade possible at all." matic repayment by the participating countries of Before the war about one-half of the trade of the debts, whenever they occur, by the utilisation of participating countries was with one another but credit balances, wherever they may exist (one es- by 1947 intra-European trade had fallen to less sential technical requirement being the completion than two-thirds of its prewar level. Before the war of the circuit within the group). the total imports of the participating countries from 930 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS one another had been almost four times as great ter; that it does little to assist in the building-up as their purchases from the United States; but by of central bank reserves, etc. There is some truth 1947 imports from the United States had grown in these strictures but a number of answers suggest so much that they were almost equal to the total themselves. In addition to progress in related fields of imports between the participating countries. (mentioned above) it should be remembered that In the first half of 1948, however, intra-European the Agreement was drawn up in two parts, the first trade began to regain importance, imports between dealing with the European mechanism and the the participating countries being already 50 per second part alone dealing with drawing rights cent above imports from the United States. For a backed by American aid. It may be assumed that, time in 1948, EC A financed part of this intra-Euro- even if the second part lapses, the first part should pean trade by allowing countries to purchase sup- remain in force so that a permanent nucleus of plies from other participants with ERP dollars. a regional nature may continue to exist. Moreover, These were the well-known "oS-shore" purchases, a considerable volume of useful information and a temporary device to meet a pressing problem; it statistics, never before available, are being cenwas this device which was replaced by the intra- tralised and studied for their bearing on the pres- European payments scheme, which invested Euro- ent and future. pean currencies with a minimum degree of trans- When ERP aid first came into effect there was ferability instead of utilising dollars for the trade hardly any other choice than to build on what inside Europe. But at the same time it was recog- existed, i. e. the bilateral payments agreements in nised that "more complete convertibility of cur- Europe. On that basis a scheme was prepared rencies of the participants must await the correc- which has shown itself capable of practical applition of excessive disequilibria. . . ." cation and which has helped to sustain the volume It is hoped, before the period of the Marshall aid of intra-European trade. The detailed description is over, to restore European trade to at least its pre- earlier in this chapter may have given the impreswar volume, although the pattern of trade is likely sion that the scheme is extremely complicated. to be different owing to major changes in the struc- That is not so; in its principles and application ture of western Europe. The circumstance that the plan is really quite simple. But it can never western Germany, with a greatly increased popula- equal in effectiveness the traditional multilateral tion, is now forced to import foodstuffs, previously settlements which worked so smoothly in the past. obtained within its prewar frontiers, introduces a Before they can be resumed, however, it is necesnew factor for the future. The loss of invisible dol- sary that fundamental equilibrium should be relar income by the United Kingdom is another im- stored within the various economies in a measure portant new factor affecting a number of countries; not yet attained and that sufficient monetary refor before the war European countries relied largely serves should be available to cope with normally on their export surplus with the United Kingdom recurring fluctuations and to strengthen the feeling to cover their dollar deficit, this being particularly of confidence. While the restoration of freedom true of Germany and the Benelux countries. On to European payments is thus dependent upon the other hand, trade with the large sterling area progress towards a solution of the major problem forms an economic basis for the use of sterling as of European equilibrium, there are, of course, an important medium for international settlements. technical improvements which can be introduced It will evidently be necessary for western Europe into the current scheme with a view to rendering to obtain an over-all balance in its payments, in- payments more flexible and providing more suitcluding a balance in relation to the dollar area; able incentives. Thus the payments scheme which but, as OEEC emphasises, "the need for balance has taken its place as part of the present European in dollar accounts must not drive western Europe effort to achieve a greater degree of collaboration into unnecessary bilateralism." To secure the req- and unity may, through the experience gathered uisite balance and the expansion of intra-European and the practical machinery which is being develtrade, increased production, not necessarily on tradi- oped, lay the foundation for a more satisfactory tional lines, is one of the necessary requirements, monetary order in the future. and relief may further be obtained through the opening-up of new sources of supply as a result of CONCLUSION action in the form of technical aid to, and invest- The year 1948 has undoubtedly been one of genments in, underdeveloped areas. eral economic and monetary progress, especially in There have been a number of criticisms of the western Europe. The volume of production, both payments scheme: e. g, that it is backed exclusively industrial and agricultural, has reached or exceeded by American aid; that it is too bilateral in charac- prewar levels and the fight against inflationary AUGUST 1949 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS tendencies has been successfully waged in almost internal balance has clearly brought the countries every country in Europe. Essential as these im- to a point where the international aspects of the provements have been for raising standards of different problems involved can receive more atliving and laying the foundation for further ad- tention and individual measures can be considered vances, such is the nature of economic life that the more carefully in relation to the requirements for new stage, reached with so much effort, immedi- general long-term progress. ately brings forth its own set of problems and Unfailing attention to international conditions is, preoccupations, and it may seem as if the new diffi- indeed, indispensable when the countries get to culties are in many respects even greater than those grips with the problem of adjusting their production which have just been overcome. For in the years to the new state of the markets. Throughout the directly following the war the action which had world the keynote today is more production to be taken comprised a number of obvious steps to through greater efficiency—and rightly so. arrest the inflationary trend and push on in almost But it is not only a question of volume or even any line of production, while now the task is to of costs; it is evidently necessary to produce preadjust an increasing volume of output more exactly cisely what is in demand. Almost all the manufacto demand under conditions of growing competi- tured products which Europe itself has for export tion and, in general, to establish a balanced position have to be sold to individual customers all over the which is at the same time durable and self-sustain- world—and there is no doubt that adaptation to ing. a largely new situation of world competition con- The disappearance of the sellers' market has, stitutes a very real test for the viability of Europe. indeed, given rise to some very real difficulties; If the price system is not allowed to play its part since it is no longer possible to find almost every- as an indicator of what is in demand and should where a ready buyer for practically any commodity, be produced, how can the variegated economies of much more attention must now be devoted to ques- the European countries possibly find the right lines tions of price and quality. There is hardly a pro- of output? There is clearly no other way of knowducer or trader who has not begun to be concerned ing to what extent an effective demand exists for about "markets," in which he must be able to sell Europe's output of largely non-essential goods than at a competitive price. It is still too early to tell to feel the pulse of demand in the markets of the whether the change in the complexion of the mar- world today; but the indication which those markets points to a downward turn in the general busi- kets supply will not be of real value unless sufficient ness trend, since the volume of trade and produc- freedom prevails in them—and, even then, it will tion has mostly kept up fairly well and there are be of little avail without sufficient flexibility inside many sustaining factors operating in the markets. the exporting countries. Moreover, the free move- But here again the authorities and the public are ment of goods with the development of multilateral concerned about different problems from those trade, which has been the condition of Europe's which worried them a year ago. prosperity in the past, depends not on European These are clearly fresh developments, but it is action alone: it requires the adoption of appropriate not as if there were no experience, derived from commercial and monetary policies in countries and somewhat similar situations in the past, to serve as areas outside Europe itself. a guide. It is encouraging to observe that in the There must always be a struggle against rigidity last few years a much better insight has been —especially in the modern world, where certain gained into one very important relationship: the technical developments seem to render the economy close connection between the volume and methods less flexible; surely, then, it is not too much to of internal financing (of any remaining budget ask that the authorities, in framing their policies^ deficit or outlay for investments) and the outcome should not add unnecessarily to already existing of the balance of payments, requiring financing rigidities. An increased volume of production is from foreign resources. Important questions arise not automatically followed by larger exports and in this connection in regard to the use of the a better balance on foreign account, since more counterpart in national currencies of Marshall aid production gives rise to higher incomes and con- (questions to which some attention has been given sequently to increased consumption, including dein this report). mands for better housing, which is an indirect de- It is also fortunate that, through the progress mand for more investments. A better balance will recently made, the differences found from country only be attained if more is saved or more accrues to country as regards the balancing of budgets, the to the state in taxes over and above what is necesarresting of inflation, the available* supplies, etc. sary to meet added spending; it is only pro tanto have been much reduced and the approach to that investment expenditure at home will be more 932 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS adequately covered by the flow of domestic re- beginning to make itself felt in its economy. By sources. Production alone, therefore, does not doing that the United States may, indeed, contribute suffice: to be really beneficial, it must be combined to greater steadiness in the trend of business for with a suitable economic and financial policy. If, the whole world. But European countries, with then, a country is in disequilibrium because its only a weak flow of genuine savings and scanty budget expenditure is too high or its investments monetary reserves, are in a different position: only are too ample or costs are maintained at an un- when they can permit ordinary trade and other economic level or the exchange rates have got out current operations in their balance of payments to of line with realities (or there is a combination of be settled without hampering restrictions will they two or more of these factors) with the result that be able to reap the full rewards of freer commeran untoward deficit has arisen in the balance of cial intercourse. It is a point to remember that payments: if, in such a state of affairs, the country certain measures of direct control (and not least concerned obstinately refuses to make any altera- trade and exchange control) tend to intensify the tion either in its budget or credit policy or in its trend towards nationalistic insulation, while the incontrol of prices or exchanges, there is no reason to direct, essentially financial, types of control help to assume that the lack of equilibrium will not con- strengthen the ties of free international intercourse. tinue—and this will mean that the monetary re- In no case must the cooperation between European serves of such a country will be eaten into and the countries take the form of a joint imposition of proceeds of foreign loans and grants wasted simply further restrictions, for then the danger of estabto perpetuate the rigidities which were at the bot- lishing enclosed areas with an autarkic tendency tom of its difficulties. The receipt of foreign re- would be a very real one. sources is of such great value to a country that It would be a mistake, however, to underrate they should not be wastefully put to uses which will the difficulties in the way of an advance towards a simply postpone necessary adjustments. more normal system of foreign payments, with The lines of policy adopted in this year 1949 may greater competition from abroad. Control, with its well prove to be of vital importance. The disap- curtailment of imports, seems to many a necespearance of the sellers' market, together with the sary means of "saving" foreign exchange—but then price reductions that have befallen some producers it is forgotten that expenditure inhibited in one and traders, has led to almost instant demands for direction mostly leads to increased expenditure in remedial measures of one kind or another—but another, to the detriment of exports. Vested interwith little, if any, consideration for the needs of ests have also grown up which are in no way adjustment in the economy as a whole or the urgent anxious to see a dismantling of restrictions. But, need of earning more foreign exchange in order despite all obstacles and hesitations, it will be to get rid of balance-of-payments deficits before necessary to arrive at a situation in which restricthe internal restrictions are taken off. tions are no longer the rule and freedom the excep- It would indeed be a matter for regret if the tion and one in which ordinary trade in merchancountries in Europe which have taken steps to dise, the movements of tourists and the regular balance their budgets and restrict the granting of exchange of services can take their course without credits were to abandon this policy of restraint pre- interference dictated by monetary considerations. maturely. Such a policy has, of course, not been Creditor countries naturally incur little or no risk imposed for its own sake, but because the arrest of in admitting imports more freely but debtor couninternal inflation is usually the only means of tries must also be aware that the practice of keepbringing about an expansion on the foreign ac- ing out non-essential goods, if applied all round, count, with a reconstitution of monetary reserves would soon prevent them, too, from ameliorating and a suppression of arbitrary restrictions with re- their trading position. It is, indeed, becoming gard to currency payments and the exchange regime increasingly clear which will be the countries with generally. An imprudent relaxation of the credit the best chance of standing up to international comrestrictions before decisive results have been ob- petition: it will be the first countries to revert to a tained in the field of foreign exchanges might system of greater freedom by adopting a policy jeopardise the achievements so far realised. in which each set of measures in the fields of The position is in these respects different in the credit, prices, costs and foreign exchanges con- United States. That country, with its high rate of tributes in a harmonious way to the establishment domestic savings and its ample gold reserves, is of a balanced position. When contradictory policies in a position to adopt immediately, and without are pursued, as has happened only too often in reincurring any real risk, a liberalising policy de- cent years, it becomes almost impossible to resigned to lessen the deflationary weight which is establish the credit position without which no AUGUST 1949 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS genuine contribution from savings will be forth- administration having little or no contact with one coming as a durable basis for investments. In these another. This is then mistakenly given the name matters, the general public, even though it may be of "planning," whereas real planning must, first uninformed about many technical details has, after of all, aim at a proper harmony in the lines of all that has happened, acquired a knack of judging official action and, secondly, relate these measures whether the steps taken are likely or not to achieve to the manifold free activities of the people as prothe desired results. ducers, traders, income-earners and consumers, so More is needed of true planning, which consists that their various efforts are fitted into the general less in fixing "targets" than in determining prepicture under conditions conducive to all-round cisely what measures should be taken in different balance. And this kind of planning must, further, fields over (say) the next six or twelve months be undertaken with an eye to what is happening in order to correct unbalanced positions and achieve in other countries and what opportunities are offurther progress. An essential task will be to bring fered for coordinated action on an international back into operation those parts of the mechanism scale. It may well be that no measures would be of adjustment which the modern economy has at more likely to combat any deflationary tendencies its disposal for the purpose of keeping a balance appearing in the various economies than a speedy between supply and demand on the markets, between payments and receipts in the balance of abolition of quantitative and other trade restricpayments, etc., and it is then especially necessary tions, for that might give just the right expanto ensure that no artificial creation of monetary sionist impetus now needed. It is dawning upon purchasing power, beyond what is really earned the peoples that there is no solution in separation; by contributions to production, upsets the balance that those who protect their markets from foreign at home and in relation to other economies. It is influences are liable to be less capable of sustaining neither more nor less planning that is needed but competition and improving their standards of livplanning of the proper kind. All too often un- ing, and that, indeed, a truer harmony and added coordinated—and, what is worse, contradictory— strength are to be found in developing appropriate measures are adopted by separate branches of the forms of international cooperation. 934 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 Banks Dealing in Obligations of Inter- chase by a national bank for its own account: Pronational Bank for Reconstruction and vided, That no association shall hold obligations Development issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and The Act of Congress approved June 29, 1949, for this purpose obligations as to which it is under (Public Law 142—81st Congress) added a new commitment shall be deemed to be held by it) in sentence to paragraph Seventh of Section 5136 of a total amount exceeding at any one time 10 per the Revised Statutes of the United States (referred centum of its capital stock actually paid in and to in the enactment as Section 8 of the National unimpaired and 10 per centum of its unimpaired Bank Act) so as to permit national banks to deal surplus fund". in and underwrite obligations issued by the International Bank for Reconstruction and Develop- SEC. 2. The Bretton Woods Agreements Act, as ment. Such transactions remain subject to the amended (U. S. C, title 22, sees. 286-286k), is limitation of ten per cent of the national bank's amended by adding at the end thereof a new capital and surplus. Subject, of course, to any section to be numbered section 15 and to read as applicable provision of State law, the permission follows: also extends to all State member banks of the Fed- "SEC. 15. (a) Any securities issued by Internaeral Reserve System, as Section 9 of the Federal Re- tional Bank for Reconstruction and Development serve Act makes Section 5136 applicable to State (including any guaranty by the bank, whether or member banks. not limited in scope), and any securities guaranteed The Act also added a new section to the Bretton by the bank as to both principal and interest, shall Woods Agreements Act so as to exempt from the be deemed to be exempted securities within the provisions of the Securities Act of 1933 and the meaning of paragraph (a) (2) of section 3 of the Securities Exchange Act of 1934 securities issued Act of May 27, 1933, as amended (U. S. C, title or guaranteed by the International Bank. 15, sec. 77c), and paragraph (a) (12) of section 3 The text of the Act is as follows: of the Act of June 6, 1934, as amended (U. S. C, title 15, sec. 78c). The bank shall file with the [PUBLIC LAW 142—81ST CONGRESS] Securities and Exchange Commission such annual [CHAPTER 276—1ST SESSION] and other reports with regard to such securities as [H. R. 4332] the Commission shall determine to be appropriate AN ACT in view of the special character of the bank and its To amend the National Bank Act and the Bretton Woods operations and necessary in the public interest or Agreements Act, and for other purposes. for the protection of investors. Be it enacted by the Senate and House of Repre- "(b) The reports of the National Advisory Counsentatives of the "United States of America in Con-cil provided for in section 4 (a) (6) of the Bretton gress assembled, That paragraph Seventh of sec- Woods Agreements Act shall also cover and include tion 8 of the National Bank Act, as amended the effectiveness of the provisions of section 15 (a) (U. S. C, title 12, sec. 24), is amended by adding of this Act and the exemption for securities issued to the end thereof the following new sentence: by the bank provided by section 8 of the National "The limitations and restrictions herein contained Bank Act in facilitating the operations of the bank as to dealing in and underwriting investment securi- and the extent to which the operations of the bank ties shall not apply to obligations issued by the may assist in financing European recovery and International Bank for Reconstruction and De- the reconstruction and development of the economic velopment which are at the time eligible for pur- resources of member countries of the bank and the AUGUST 1949 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT recommendations of the Council as to any modifica- Administrator in which the local public agency tions it may deem desirable in the provisions of agrees to borrow from said Administrator, and this Act." said Administrator agrees to lend to said local pub- SEC. 3. The Securities and Exchange Commission lic agency, prior to the maturity of such obligations (which obligations shall have a maturity of not acting in consultation with the National Advisory more than eighteen months), monies in an amount Council on International Monetary and Financial which (together with any other monies irrevocably Problems is authorized to suspend the provisions committed to the payment of interest on such obof section 15 (a) of the Bretton Woods Agreements ligations) will suffice to pay the principal of such Act at any time as to any or all securities issued obligations with interest to maturity thereon, which or guaranteed by the bank during the period of monies under the terms of said agreement are resuch suspension. The Commission shall include quired to be used for the purpose of paying the in its annual reports to Congress such information principal of and the interest on such obligations at as it shall deem advisable with regard to the operatheir maturity, or such obligations of a public houstions and effect of this Act and in connection thereing agency (as defined in the United States Houswith shall include any views submitted for such ing Act of 1937, as amended) as are secured either purpose by any association of dealers registered (1) by an agreement between the public housing with the Commission. agency and the Public Housing Administration in Approved June 29, 1949. which the public housing agency agrees to borrow from the Public Housing Administration, and the Housing Act of 1949 Public Housing Administration agrees to lend to Bank Loans and Investments the public housing agency, prior to the maturity of such obligations (which obligations shall have The Housing Act of 1949, approved July 15, a maturity of not more than eighteen months), 1949, (Public Law 171—81st Congress) amended monies in an amount which (together with any the Seventh paragraph of Section 5136 of the Revised Statutes of the United States so as to authorize other monies irrevocably committed to the payment national banks to purchase and underwrite obliga- of interest on such obligations) will suffice to pay tions of local public agencies and public housing the principal of such obligations with interest to agencies without regard to the legal restrictions maturity thereon, which monies under the terms limiting transactions to a fixed percentage of the of said agreement are required to be used for the bank's capital and surplus. The permission extends purpose of paying the principal of and the interest to all member banks of the Federal Reserve System on such obligations at their maturity, or (2) by as Section 9 of the Federal Reserve Act makes this a pledge of annual contributions under an annual provision of Section 5136 applicable to State mem- contributions contract between such public housing ber banks. The Act also amended Section 5200 of agency and the Public Housing Administration if the Revised Statutes of the United States by adding such contract shall contain the covenant by the a new provision removing from the limitations Public Housing Administration which is authorized upon the total amount of loans to any one borrower, by subsection (b) of section 22 of the United States obligations of such agencies. The text of these Housing Act of 1937, as amended, and if the maxiamendments, contained in Section 602 of the Hous- mum sum and the maximum period specified in ing Act of 1949, reads as follows: such contract pursuant to said subsection 22 (b) shall not be less than the annual amount and the SEC. 602. (a) The last sentence of paragraph period for payment which are requisite to provide Seventh of section 5136 of the Revised Statutes, as for the payment when due of all installments of amended, is amended by inserting before the colon, principal and interest on such obligations". after the words "obligations of national mortgage (b) Section 5200 of the Revised Statutes, as associations", a comma and the following: "or such amended, is amended by adding at the end thereof obligations of any local public agency (as defined in the following: section 110 (h) of the Housing Act of 1949) as are secured by an agreement between the local "(11) Obligations of a local public agency (as public agency and the Housing and Home Finance defined in section 110 (h) of the Housing Act 936 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT of 1949) or of a public housing agency (as de- distributed" security which is to be distributed fined in the United States Housing Act of 1937, in accordance with a published plan, the period as amended) which have a maturity of not more applicable to the transactions under subdivision than eighteen months shall not be subject under (2) of this section \(c) shall be 7 days after the this section to any limitation, if such obligations date on which the security is so distributed. are secured by an agreement between the obligor 2. Section 4(g) of Regulation T is amended to agency and the Housing and Home Finance Ad- read as follows: ministrator or the Public Housing Administra- (g) Specialist's account—In a special account tion in which the agency agrees to borrow from designated as a specialist's account, a creditor the Administrator or Administration, and the may effect and finance, for any member of a Administrator or Administration agrees to lend national securities exchange who is registered to the agency, prior to the maturity of such and acts as a specialist in securities on the exobligations, monies in an amount which (together change, such member's transactions as a specialist with any other monies irrevocably committed to in such securities, or effect and finance, for any the payment of interest on such obligations) will joint adventure in which the creditor participates, suffice to pay the principal of such obligations any transactions in any securities of an issue with with interest to maturity, which monies under respect to which all participants, or all particithe terms of said agreement are required to be pants other than the creditor, are registered and used for that purpose." act on a national securities exchange as special- Margin Requirements ists. Such specialist's account shall be subject to the same conditions to which it would be subject Amendments to Regulations T and U if it were a general account except that if the The Board of Governors of the Federal Reserve specialist's exchange, in addition to the other re- System, effective July 20, 1949, amended Regulaquirements applicable to specialists, is designated tion T, entitled ' 'Extension and Maintenance of by the Board of Governors of the Federal Reserve Credit by Brokers, Dealers, and Members of Na- System as requiring reports suitable for supplytional Securities Exchanges," and Regulation U, ing current information regarding specialists' use entitled "Loans by Banks for the Purpose of Purof credit pursuant to this section 4(g), the rechasing or Carrying Stocks Registered on a Naquirements of section 6(1?) regarding joint adtional Securities Exchange," so as to remove margin ventures shall not apply to such account and the requirements applicable to credit for financing the maximum loan value of a registered security functions of specialists on an exchange designated in such account shall be as determined by the by the Board. The New York Stock Exchange has creditor in good faith. been so designated, the designation to be effective until further notice. AMENDMENT NO. 11 TO REGULATION U The Board also amended Regulation T so as to Effective July 20, 1949, section 3(o) of Regulaprovide that in the special cash account the 7-day tion U is hereby amended to read as follows: period within which payment must be obtained for a so-called "when distributed" security which is to (o) In the case of a loan to a member of a be distributed in accordance with a published plan national securities exchange who is registered may run from the date when the security is dis- and acts as a specialist in securities on the extributed rather than from the day of agreement to change for the purpose of financing such mempurchase it. ber's transactions as a specialist in such securities, The texts of the amendments are as follows: the maximum loan value of any stock shall be as determined by the bank in good faith provided AMENDMENT NO. 10 TO REGULATION T that the specialist's exchange, in addition to other Effective July 20, 1949, Regulation T is hereby requirements applicable to specialists, is desigamended in the following respects: nated by the Board of Governors of the Federal 1. The last sentence of section 4(VJ(3) of Regula- Reserve System as requiring reports suitable for tion T is amended to read as follows: supplying current information regarding special- If the security when so purchased is a "when ists' use of credit pursuant to this section. AUGUST 1949 937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Transactions in Undermargined Accounts general account may now be treated as a transaction other than a withdrawal, and accordingly the de- In a ruling published at 1948 Federal Reserve posit equal to such cost may be obtained within the BULLETIN, page 397, the Board considered two three-day period specified in Sections 3(£) and 3 (^) questions in connection with the rules applicable of Regulation T. at that time to withdrawals of cash or securities from an undermargined general account under 2. With respect to the case in which a customer Regulation T. wishes to sell a security that is held in the account and to delay delivery by borrowing a security rather One question related to the purchase of an unthan delivering the one held in the account, the registered nonexempted security in the account. present withdrawal rules permit the sale to be The other concerned a case in which a security treated as a short sale against which margin is held in the account was sold, delivery was delayed not required and permit the transaction to be by borrowing a security rather than delivering the treated as completed when the security held in security held in the account, and the security held the account is delivered later to close out the short in the account was used later to settle the short position. Accordingly, it is now permissible for position. an offsetting transaction to take place on the date The conclusions on both points were based on when the delivery is so made. the provisions of the regulation in effect at the This supersedes the ruling referred to above at time regarding withdrawals from such accounts. Those withdrawal provisions were changed by 1948 Federal Reserve BULLETIN, page 397. (That ruling also pointed out that the "good faith loan Amendment No. 8, effective May 1, 1949, and value" specified for an exempted security means the Board has been asked regarding the application the amount which the broker would customarily of the new withdrawal rules to such situations. It lend on the security, and that the figure cannot be has expressed the following views: arbitrarily reduced merely for the purpose of per- 1. Unregistered securities cannot be carried on mitting a later substitution of registered securities margin and accordingly a deposit equal to the full for exempted securities. That principle is still cost of any unregistered securities purchased in correct, but is of limited application in view of the the account must, of course, be obtained. How- provisions now contained in the regulation for ever, a purchase of unregistered securities in the withdrawals and substitutions of securities.) CURRENT EVENTS AND ANNOUNCEMENTS Federal Reserve Meeting Mr. Folsom formerly served as a director of the A meeting of the Federal Open Market Commit- Buffalo Branch of the Federal Reserve Bank of tee was held in Washington on August 5, 1949. New York from April 6, 1938 through Decem- Election of Class B Director ber 31, 1947. The Federal Reserve Bank of New York, on July 15, 1949, announced the election of Mr. Marion Admission of State Bank to Membership in the Federal Reserve System B. Folsom, Treasurer, Eastman Kodak Company, Rochester, New York, as a Class B director of the The following State bank was admitted to mem- Bank for the unexpired portion of the term bership in the Federal Reserve System during the ending December 31, 1950, to succeed Mr. Charles period June 16, 1949 to July 15, 1949: E. Adams, Chairman of the Board, Air Reduction Georgia Company, Inc., New York, New York, who resigned. Atlanta—The Peachtree Trust Company 938 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled July 25, and released for publication July 27] Industrial output declined further in June. De- products remained about 11 per cent below last partment store sales declined somewhat more than year's level. Output of passenger automobiles, usual in this period, while sales of automobiles were which had been reduced in May by a labor dispute maintained in record volume. Construction con- #t the plants of a major producer, increased contract awards increased further. Prices of basic siderably in June and was at a new high rate in commodities showed some recovery from mid-June mid-July. to mid-July; the average level of all wholesale com- Activity in the textile industries increased somemodity prices showed little change. what in June from the very low levels reached in May. Output of apparel wool textiles showed a INDUSTRIAL PRODUCTION further recovery from the April low point. Produc- The Board's seasonally adjusted index of indus- tion of manufactured foods rose slightly in June. trial production in June was 169 per cent of the Newsprint consumption, however, decreased from 1935-39 average—3 per cent lower than in May and the record May rate, and activity at petroleum 13 per cent below the postwar peak level reached refineries and chemical plants also declined somein October and November 1948. The decline in what. June reflected mainly further curtailment of output Minerals production decreased in June reflecting in most durable goods industries and a marked largely a marked reduction in coal output as a result decline in activity in the coal mining industry. Proof a work stoppage and the beginning of the anduction of nondurable goods as a group was mainnual vacation period. Coal output remained at a tained at the reduced levels prevailing in April low level in July with most mines operating three and May. days a week. Production of crude petroleum was Iron and steel production decreased sharply in curtailed slightly in June and somewhat more in June and declined further by mid-July. Output early July. of open hearth steel in June was at 85 per cent of capacity, while electric steel output, following CONSTRUCTION a decline of one-third from the reduced May level, Value of construction contracts awarded in June, was at 39 per cent of capacity. Activity in most according to the F. W. Dodge Corporation, inmachinery industries was curtailed further in June. creased further to 946 million dollars as compared Production of lumber and of stone, clay and glass with 880 million in May and 935 million in June INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED PHYSICAL VOLUME,SEASONALLY ADJUSTED. 1935- 39* 100 1941 Federal Reserve indexes. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for June. Monthly figures, latest shown are for June. AUGUST 1949 939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1948. The increase reflected chiefly a further rise The average level of consumers' prices increased in awards for private residential work and an ex- slightly in June as small advances in prices of foods pansion in awards for public utility construction. were partly offset by further declines in clothing The number of new housing units started in June and housefurnishings. totaled 100,000, according to the Bureau of Labor BANK CREDIT Statistics. This was 5,000 more than in May and Required reserves of all member banks were reequal to the postwar high reached in May 1948. duced by about 800 million dollars on June 30 with the expiration of the temporary reserve re- DISTRIBUTION quirement authority granted to the Board of Gov- Value of department store sales showed some* ernors by Congress in August 1948. Subsequently, what more than the usual seasonal decline in during the first three weeks of July, Government June and -the Board's adjusted index was estimated security holdings at the Reserve Banks declined by to be 284 per cent of the 1935-39 average, as com- about one billion dollars, reflecting sales of bills pared with 292 in May and 307 in June of last and certificates made in response to a strong market year. Sales in the first half of July remained near demand for these securities. the June level, after allowance for the usual sea- Business loans at banks in leading cities were sonal changes. reduced further during June and the first half of July, but the declines were somewhat smaller than Railroad revenue freight shipments decreased in other recent months. Holdings of Government further from May to mid-July. In addition to securities increased by over one billion dollars in marked reductions in the volume of coal loadings, the first half of July. shipments of various other industrial goods were in smaller volume than in earlier months. SECURITY MARKETS Shortly before the reduction in reserve require- COMMODITY PRICES ments, the System announced a change in open Prices of nonferrous metals and some other in- market policy. These developments were reflected dustrial materials advanced from mid-June to in sharp declines in yields on Government securities mid-July, following sharp declines in recent months. early in July. System sales of bills and certificates Steel scrap prices, however, decreased further by checked this decline, but the resulting yields were 5 per cent. Prices of hogs and pork showed marked still substantially below previous levels. seasonal increases in this period, while prices of Prices of other securities—bonds and common worsted fabrics, paints, and some other finished stocks—advanced steadily in the first three weeks products were reduced. of July. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS MEMBER BANK RESERVES AND RELATED ITEMS .LIONS OF DOLLARS J TREASURY CASH AND DEPOSITS Jl 1941 1942 1943 1944 1945 1946 1947 1948 1949 1942 1943 1944 1945 1946 1947 1948 Bureau of Labor Statistics' estimates adjusted for seasonal Wednesday figures, latest shown are for July 27. variation by Federal Reserve. Proprietors and domestic servants are not included. Midmonth figures, latest shown are for June. 940 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 943- 944 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements 944- 945 Federal Reserve Bank statistics 946- 950 Deposits and reserves of member banks; bank suspensions. . 950- 951 Money in circulation. . 952- 953 Bank debits and deposit turnover; Postal Savings System. . 953 All banks and the money supply 954 All banks in the United States, by classes 955- 957 All insured commercial banks in the United States, by classes. . 958- 959 Weekly reporting member banks .... 960- 963 Number of banking offices on Federal Reserve par list and not on par list 964 Commercial paper, bankers' acceptances, and brokers' balances.... 965 Money rates; bank rates on business loans; bond yields. . 966 Security prices and new issues 967- 968 Corporate sales, profits, and dividends. . 969- 970 Treasury finance 971- 973 Government corporations and credit agencies. . 974 Business indexes 975- 984 Department store statistics.. 985- 988 Cost of living 988 Wholesale prices 989 Gross national product, national income, and personal income. 990- 991 Consumer credit statistics 992- 994 Current statistics for Federal Reserve chart books.. 995- 999 July crop report, by Federal Reserve districts 999 Earnings and expenses of Federal Reserve Banks for six-month period ended June 30, 1949. . 1000 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 arc derived from regular reports made to the Board; index numbers of production arc 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 arc 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. AUGUST 1949 941 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BILLIONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OF DOLL TREASURY CASH AND DEPOSITS I ft 1941 1942 1943 1944 1945 1946 1947 1948 1949 30 30 TOTAL RESERVE BANK HOLDINGS 2 5 — • OF U. S. GOVERNMENT SECURITIES - 25 20 15 15 10 10 1941 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for July 27. See page 943. 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 out.standing Member bank reserve balances U. S. s e G cu o r v i e ti r e n s ment Tr u e r a y s- Money Treas- u T p r r o y e s a d it s e s - - Non- O F t e h d e - r Date or period co D a a u n d i n s d - - ts c B er il t l i s fi , - ot A h l e l r1 Total s G to o c ld k s r t o c e a u u n n r t c d - - y - i c n t u io l c a n i - r- h c i u o n a r l g s y d h s - F s w e R e d r i e e v t - h r e al b p m e o r e s m d it e s - - s e R e a r r c e a v - - l e Total qu R ir e e - d2 c E es x s - 2 vances Total Bonds cates, ing Banks counts notes Wednesday figures 1948—July 7. . 398 21,535 6,210 15,325 310 22,24323,584 4,562 28,142 1,334 1,841 877 612 17,584 16,581 1,003 July 14. . 316 21,521 6,321 15,200 302 22,13923,593 4,562 27,959 1,331 1,861 898 613 17,631 16,694 937 July 21. . 285 21,326 6,449 14,877 277 21,88823,650 4,561 27,864 1,324 1,879 920 611 17,503 16,780 723 July 28. . 327 21,209 6,564 14,645 187 21,72323,670 4,563 27,821 1,329 1,822 875 576 17,534 16,775 759 Aug. 4. . 282 21,378 6,966 14,412 237 21,89723,679 4,564 27,922 1,330 1,852 860 569 17,606 16,876 730 Aug. 11. . 293 21,566 7,215 14,351 205 22,06423,688 4,564 27,966 1,324 1,756 865 570 17,834 16,831 1,003 Aug. 18. . 301 21,551 7,410 14,141 273 22,12523,708 4,565 27,979 1,322 1,963 965 566 17,603 16,874 729 Aug. 25. . 324 21,460 7,587 13,873 210 21,99323,711 4,564 27,965 1,324 1,902 843 567 17,668 16,857 811 Sept. 1. . 318 21,411 7,795 13,616 208 21,93723,725 4,568 28,072 1,323 1,693 855 564 17,724 16,871 853 Sept. 8. . 310 21,240 7,864 13,376 284 21,83423,793 4,571 28,287 1,326 1,331 872 565 17,817 16,891 926 Sept. 15. . 283 21,205 8,455 12,750 433 21,92123,850 4,571 28,156 1,321 661 875 592 18,737 17,090 1,647 Sept.22. . 309 21,860 8,944 12,916 376 22,54523,865 4,570 28,083 1,319 1,436 858 591 18,694 17,715 979 Sept.29. . 357 23,282 9,202 14,080 314 23,95323,872 4,573 28,080 1,324 1,660 864 586 19,884 18,944 940 Oct. 6. . 296 23,143 9,483 13,660 268 23,70723,888 4,572 28,202 1,324 1,596 867 596 19,584 18,977 607 Oct. 13. . 500 23,303 9,736 13,567 164 23,96723,965 4,572 28,284 1,317 1,551 916 596 19,840 18,911 929 Oct. 20. . 289 23,192 10,132 13,060 388 23,86923,983 4,574 28,157 1,326 1,530 913 590 19,910 19,040 870 Oct. 27. . 300 23,242 10,68312,559 254 23,79723,996 4,575 28,091 1,322 11,524 888 583 19,960 19,086 874 Nov. 3. . 320 23,239 11,137 12,102 170 23,72924,007 4,578 28,254 1,317 L,473 886 539 19,846 18,988 858 Nov. 10. . 326 23,144 11,22311,921 458 23,92924,097 4,579 28,337 1,317 1,553 912 539 19,947 19,025 922 Nov. 17. . 282 22,930 11,156 11,774 622 23,83424,110 4,579 28,215 1,324 1,591 901 539 19,953 19,138 815 Nov. 24. . 582 22,993 11,16611,827 366 23,94124,150 4,580 28,305 1,317 1,650 922 542 19,934 19,104 830 Dec. 1. . 306 23,165 11,168 11,997 312 23,78324,165 4,583 28,322 1,338 ,527 927 541 19,877 19,094 783 Dec. 8. . 399 23,004 11,110 11,894 324 23,72724,218 4,585 28,415 1,314 1,540 986 548 19,727 19,067 660 Dec. 15.. 266 22,993 11,112 11,881 659 23,91924,230 4,585 28,369 1,327 969 994 640 20,435 19,219 1,216 Dec. 22. . 426 22,845 11,057 11,788 950 24,22124,234 4,584 28,560 1,326 1,575 1,033 647 19,899 19,237 662 Dec. 29. . 255 23,347 11,001 12,346 512 24,11324,236 4,585 28,325 1,329 1,283 1,106 653 20,238 19,180 1,058 1949—Jan. 5. . 229 22,919 10,907 12,012 579 23,72724,249 4,586 28,151 1,322 951 1,167 597 20,375 19,244 1,131 Jan. 12. . 364 22,465 10,772 11,693 364 23,19324,253 4,586 27,919 1,323 939 1,145 600 20,105 19,118 987 Jan. 19. . 241 22,117 10,60311,514 640 22,99924,264 4,586 27,717 1,327 804 1,267 602 20,133 19,183 950 Jan. 26. . 458 22,039 10,26511,774 463 22,96024,268 4,587 27,561 1,333 1,135 1,138 613 20,035 19,113 922 Feb. 2. . 297 22,215 10,19112,024 314 22,82724,279 4,588 27,556 1,327 1,284 1,203 613 19,711 19,072 639 Feb. 9. . 251 22,350 10,10512,245 235 22,83624,279 4 587 27,557 1,327 1,430 1,176 614 19,597 18,921 676 Feb. 16. . 238 22,303 9,993 12,310 385 22,92624,284 4,586 27,480 1,323 1,754 1,177 615 19,447 18,841 606 Feb. 23. . 303 22,358 9,922 12,436 186 22,847 24,290 4,586 27,551 1,326 1,591 1,193 621 19,441 18,754 687 Mar. 2. . 241 21,837 9,868 11,969 343 22,42224,290 4 587 27,557 1,320 877 1,233 628 19,684 18,872 812 Mar. 9. . 203 21,529 9,737 11,792 271 22,00324,295 4,587 27,577 1,320 711 1,223 631 19,424 18,787 637 Mar. 16. . 429 21,500 9,588 11,912 419 22,34824,305 4 588 27,500 1,324 591 1,227 663 19,936 18,946 990 Mar. 23. . 594 21,675 9,458 12,217 244 22,512 24,307 4 588 27,423 1,327 1,432 1,197 669 19,360 18,655 705 Mar. 30. . 298 21,828 9,277 12,551 252 22,37824,311 4 591 27,403 1,320 1,678 1,190 671 19,019 18,503 516 Apr. 6. . 213 21,597 9,151 12,446 334 22,14324,317 4 591 27,514 1,329 1,116 1,104 676 19,311 18,479 832 Apr. 13. . 232 21,491 9,064 12,427 333 22,05624,321 4 592 27,507 1,318 1,028 1,110 678 19,327 18,505 822 Apr. 20. . 453 21,288 8,989 12,299 309 22,05024,324 4 589 27,408 1,333 L.054 1,094 678 19,398 18,519 879 Apr. 27. . 266 21,208 8,905 12,303 231 21,70524,329 4 592 27,356 1,330 1,146 1,093 679 19,020 18,492 528 May 4. . 480 20,839 8,671 12,168 258 21,57624,334 4 592 27,447 1,324 990 1,045 623 19,073 18,161 912 May 11. . 202 20,130 8,581 11,549 226 20,55924,335 4 592 27,452 1,314 913 1,017 625 18,164 17,285 879 May 18. . 773 19,706 8,440 11,266 256 20,73524,338 4 591 27,392 1,313 1,026 1,005 627 18,302 17,248 1,054 May 25.. 171 19,691 8,371 11,320 186 20,04824,339 4 591 27,367 1,312 668 978 627 18,027 17,305 722 June 1.. 158 19,767 8,274 11,493 220 20,14524,342 4 595 27,515 1,321 622 911 637 18,076 17,288 788 June 8.. 157 19,594 8,202 11,392 205 19,95624,381 4 596 27,484 1,315 378 946 639 18,170 17,249 921 June 15. . 139 19,461 8,051 11,410 311 19,91124,423 4 596 27,391 1,309 9 906 708 18,606 17,387 1,219 June22.. 670 19,166 7,932 11,234 277 20,11324,421 4 596 27,345 1,304 508 943 715 18,314 17,348 966 June29.. 150 19,517 7,780 11,737 209 19,87524,466 4 597 27,426 1,324 497 959 719 18,013 17,334 679 July 6.. 114 19,343 7,780 11,563 321 19,77924,471 4 597 27,659 1,306 262 898 741 17,980 16,518 1,462 July 13.. 140 18,842 7,780 11,062 297 19,27924,513 4 596 27,480 1,317 371 973 741 17,506 16,493 1,013 July 20.. 360 18,474 7,780 10,694 262 19,09624,518 4 595 27,366 1,310 449 930 740 17,415 P16.464 P951 July 27.. 417 18,490 7,780 10,710 169 19,07524,520 4 594 27,333 1,307 447 877 740 17,486 P16.547 P939 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. AUGUST 1949 943 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 i d s n c 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 t l e i l t f s s i , , - ot A he ll r* 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 c t 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 T B p s w r e R e r o a y d e r i n s e e v t a i d - 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 R e 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 - 8 and notes End of period: 1929—June 29. 1,037 216 71 145 147 ,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 ,220 4,031 2,286 5,434 264 35 166 346 ,292 1,817 475 1939—June 30. 2,551 911 1,640 23 ,57916,110 2,881 7,047 2,563 944 739 258 ,018 5,878 4,140 Dec. 30. 2,484 1,351 1,133 102 ,59317,644 2,963 7,598 2,409 634 653 251 ,653 6,444 5,209 1941—June 30. 2,184 1,364 820 81 ,26722,624 3,149 9,612 2,275 980 1,831 290 .051 7,841 5,210 Dec. 31. 2,254 1,467 787 104 ,36122,737 3,247 11,160 2,215 867 1,360 291 450 9,365 3,085 1945—June 30. 4621,792 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 94723,315 580 25,09120,065 4,339 28,515 2,287 977 1,308 495 15,91514,457 1,458 1946—June 29. 15723,783 75523,028 51624,456 20,270 4,539 28,245 2,251 833 1,250 561 16,12315,011 1,112 Dec. 31. 16323,350 75322,597 58124,09320,529 4,562 28,952 2,272 393 822 607 16,13915,577 562 1947—June 30. 7021,872 72721,145 22822,170 21,266 4,552 28,297 1,314 756 881 62916,11215,374 738 Dec. 31. 22,559 2,853 19,706 53623,18122,ISA 4,562 28,868 1,336 870 961 56317,89916,400 1,499 1948—June 26521,366 6,20615,160 26821,900 23,532 4,565 27,903 1,327 1,928 859 592 17,38916,647 742 July 31821,325 6,75714,568 39222,03523,679 4,565 27,866 1,323 1,755 1,067 57217,69616,819 877 Aug 32321,577 7,78113,796 20722,10723,725 4,571 28,055 1,321 1,919 864 565 17,67916,842 837 Sept 32523,413 9,260 14,153 33324,07123,872 4,575 28,118 1,321 1,664 843 585 19,98618,948 1,038 Oct 33923,042 10,92512,117 49423,87524,004 4,580 28,176 1,321 1,610 1,074 542 19,73618,994 742 Nov 33' 23,206 11,18112,025 33923,88124,166 4,585 28,331 1,332 1,601 932 541 19,89419,085 809 Dec 22323,333 10,97712,356 54224,09724,244 4,589 28,224 1,325 1,123 1,189 590 20,47919,277 1,202 1949—Jan... 45622,109 10,224 11,885 34922,914 24,271 4,589 27,580 1,336 1,514 1,194 611 19,54019,063 477 Feb.. 25122,342 9,883 12,459 26222,85524,290 4,588 27,557 1,323 1,423 1,194 618 19,61718,809 808 Mar.. 24J 21,688 9,241 12,447 33322,26724,314 4,592 27,439 1,309 1,482 1,154 670 19,11818,432 686 Apr.. 30321,094 8,902 12,192 340 21,73724,332 4,593 27,417 1,324 984 1,243 61819,07618,438 638 May . 24719,704 8,356 11,348 14120,09224,342 4,596 27,507 1,315 628 930 628 18,02417,230 794 June. 10319,343 7,780 11,563 25019,696 24,466 4,597 27,493 1,307 438 941 71317,86716,919 948 Averages of daily figures: 1948—June. 33020,752 6,18314,569 418 21,50123,457 4,561 27,846 ,324 1,487 890 57617,39616,544 852 July.. 32621,340 6,37214,968 355 22,02123,615 4,562 27,955 ,324 1,829 957 60717,52616,709 817 Aug.. 32121,411 7,33414,077 310 22,042 23,700 4,564 27,977 ,323 1,834 912 56817,69016,854 837 Sept.. 38321,632 8,45413,178 39422,409 23,829 4,570 28,152 ,320 1,321 927 57818,50917,626 884 Oct... 35' 23,168 9,99413,174 41223,93723,958 4,574 28,188 ,319 1,598 958 588 19,81819,001 817 Nov.. 35323,028 11,17211,856 449 23,830 24,110 4,580 28,277 ,321 1,563 984 54019,83519,061 773 Dec. 33023,002 11,08511,917 645 23,978 24,218 4,584 28,423 ,319 1,398 1,051 60019,99019.193 797 1949—Jan... 34' 22,289 10,62011,669 513 23,150 24,259 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 1,233 616 19,57018,860 710 Mar.. 30: 21,615 9,58812,027 353 22,270 24,301 4,588 27,508 ,319 1,009 1,255 65219,41718,723 694 Apr.. 24921,361 9,04912,312 40722,01724,322 4,591 27,462 ,318 1,109 1,185 671 19,18518,479 706 May. 30319,974 8,51111,463 298 20,57524,304 4,592 27,438 ,312 914 1,067 593 18,14617,369 777 June. 19,377 8,04611,331 19,896 24,404 4,596 27,432 ,311 421 984 680 18,06817,310 758 For footnotes see preceding page. MARGIN REQUIREMENTS * 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, 1935 Dec. 31, 1935 Jan. 1,1936 Regulation T: For extensions of credit by brokers Savings deposits and dealers on listed securities 100 75 50 Postal Savings deposits For short sales 100 75 50 Other deposits payable: Regulation U: In 6 months or more I" For loans by banks on stocks 100 75 50 In 90 days to 6 months In less than 90 days 1 1 Regulations T and U limit the amount of credit that may be ex- NOTE.—Maximum rates that may be paid by insured nonmember tended on a security by prescribing a maximum loan value, which is a banks as established by the F. D. I. C, effective Feb. 1, 1936, are the specified percentage of its market value at the time of the extension; the same as those in effect for member banks. Under Regulation Q the "margin requirements" shown in this table are the difference between rate payable by a member bank may not in any event exceed the maxi- the market value (100%) and the maximum loan value. mum rate payable by State banks or trust companies on like deposits Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, under the laws of the State in which the member bank is located. and BULLETIN for March 1946, p. 295. 944 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [In effect July 31. Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member Federal Reserve Bank a o d b v li a g n a c t e i ( o S s n e s s e e s c a . u n 1 r d e 3 d d a b i n s y d c o e 1 l u i 3 g n a i t ) b s » le o f p a an p d er Other [ s S e e c c u . r e 1 d 0 ( a b d )] vance; b o a b n l ( i k g l s a a s t s t i e o p c n u a s r r . e o d S f e b t c h y . e 1 d U 3 i ) r . e S ct . Rate Effective Rate Effective Rate Effective Boston Aug. 13, 1948 Aug. 13, 1948 Jan. 14, 1948 New York.... Aug. 13, 1948 Aug. 13, 1948 Apr. 6, 1946 Philadelphia.. Aug. 23, 1948 Aug. 23, 1948 Aug. 23, 1948 Cleveland Aug. 13, 1948 Aug. 13, 1948 Aug. 13, 1948 Richmond Aug. 13, 1948 Aug. 13, 1948 Mar. 16, 1946 Atlanta Aug. 13, 1948 Aug. 13, 1948 Jan. 24, 1948 Chicago Aug. 13, 1948 Aug. 13, 1948 Aug. 13, 1948 St. Louis Aug. 19, 1948 Aug. 19, 1948 Jan. 12, 1948 Minneapolis.. Aug. 13, 1948 Aug. 13, 1948 Aug. 23, 1948 Kansas City.. Aug. 16, 1948 Aug. 16, 1948 Jan. 19, 1948 Dallas Aug. 13, 1948 Aug. 13, 1948 Feb. 14, 1948 San Francisco Aug. 13, 1948 Aug. 13, 1948 Apr. 25, 1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS RATES ON BANKERS' ACCEPTANCES AND COMMITMENTS UNDER SECTION 13b [Per cent per annum] OF THE FEDERAL RESERVE ACT Maturity R Ju a l t y e o 3 n 1 In g i e n f n fe in ct g — be- Pre ra v t i e ous Maturities not exceeding five years 1- 90 days S8 1 Aug. 13, 1948 S [In effect July 31. Per cent per annum] 91-120 days i Aug. 13, 1948 121-180 days i Aug. 13, 1948 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. MEMBER BANK RESERVE REQUIREMENTS R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or [Per cent of deposits] Bank On On Net demand deposits l lo O an n s l co m m e m nt i s t- fo P r o r w ti h on ich Re- commit- Time institu- maining deposits tion is portion Period in effect C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a ( m n a k l b l s e ) r Boston oblig (2 a ) ted New York... Philadelphia. 8 June 21, 1917-Aug. 15, 1936. . 13 10 7 3 Cleveland Aug. 16, 1936-Feb. 28, 1937. . 193^ 15 2 M Ma a y r. 1 1 , , 1 1 9 9 3 3 7 7 - - A A p p r r . . 3 1 0 5 , , 1 1 9 9 3 3 7 8 . . . . 2 26 2M 20 14 4 6 A Ri t c la h n m ta ond ( ( (* 2) ) ) <*> Apr. 16, 1938-Oct. 31, 1941. . 22 M 12 5 Chicago...... 2M-5 Nov. 1, 1941-Aug. 19, 1942. . 26 20 2 14 6 St. Louis 1J4-2 Aug. 20, 1942-Sept. 13, 1942. . 24 20 14 6 Sept. 14, 1942-Oct. 2, 1942 . . 22 20 14 6 Minneapolis. . Oct. 3, 1942-Feb. 26, 1948. . 20 20 14 6 Kansas City. , Feb. 27, 1948-June 10, 1948. . 22 20 14 6 Dallas June 11, 1948-Sept. 15-23,1948 24 20 14 6 San Francisco Sept. 16-24, 1948-Apr. 30- May 4, 1949 2 26 22 16 May 1-5, 1949-June 29-30, 1 Including loans made in participation with financing institutions. 19492 24 21 15 7 2 Rate charged borrower less commitment rate. June 30-July 1, 1949 and after2 24 20 14 6 3 Rate charged borrower. * Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of M Per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118* Dond accounts during the period Apr. is, ivzs .pp. 446-447. U. S. Government demand accounts Apr. 24, * Changes effective Sept. 16, May 1, and July Sept. 24, May 5, and June 30 at other classes. 945 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1949 1949 1948 July 27 July 20 July 13 July 6 June 29 June 22 June 15 July June July Assets Gold certificates 22,714,43122,704,43322,699,43222,666,42922,651,429 22617,430 22,617,429 22712,428 22,656,43121,793,669 Redemption fund for F. R. notes 570,829 584,493 588,354 588,471 588,722 587,722 590,503 572,418 588,722 613,132 Total gold certificate reserves 23,285,260 23,288,926 23,287,786 23,254.900 23,240,15123,205,152 23,207,932 23,284,846 23,245,153 22,406,801 Other cash 307,475 299,953 278,634 253,877 281,591 287,162 270,800 314,764 283,293 288,523 Discounts and advances: For member banks... 316,355 265,966 50,309 25,611 62,715 580,275 48,657 216,433 15,095 85,251 For nonmember banks, etc 100,300 94,300 89,800 88,100 87,600 90,600 90,600 100,300 87,600 232,700 Total discounts and advances 416,655 360,266 140,109 113,711 150,315 670,875 139,257 316,733 102,695 317,951 Industrial loans 519 520 494 496 474 466 515 530 480 802 U. S. Govt. securities: Bills 3,735,695 3,669,195 3,936,112 4,346,460 4,520,129 4,032,129 4,004,443 3,774,495 4,346,460 7,555,931 Certificates: Special Other 6,620,500 6,671,000 6,768,700 6,857,100 6,857,100 6,842,100 7,046,600 6,620,500 6,857,100 5,059,407 Notes 353,600 353,600 357,100 359,100 359,100 359,100 359,100 353,600 359,100 1,953,300 Bonds 7,780,200 7,780,200 7,780,200 7,780,200 7,780,200 7,932,300 8,050,500 7,780,200 7,780,200 6,756,765 Total U. S. Govt. securities 18,489,99518,473,99518,842,11219,342,86019,516,52919,165,62919,460,64318,528,79519,342,860 21,325,403 Other Reserve Bank credit outstanding 168,261 261,247 296,093 321,494 207,842 276,257 310,106 391,550 249,831 390,701 Total Reserve Bank credit outstanding 19,075,43019,096,028 19,278,80819,778,56119,875,160 20,113,22719,910,52119,237,60819,695,866 22,034,857 Liabilities Federal Reserve notes. . 23,243,36123,278,926 23,374,775 23,497,56823,317,41123,236,950 23,270,83623,305,260 23,372,54723,771,287 Deposits: Member bank — reserve account 17,485,92617,415,18417,505,87017,980,11718,012,90518,314,36918,605,96117,436,63017,867,13117,695,901 U. S. Treasurer—general account 446,736 448,756 371,085 262,101 497,109 508,263 8,758 513,556 438,442 1,755,067 Foreign 467,197 526,150 508,230 484,748 507,153 476,755 468,004 429,892 487,518 374,812 Other 409,365 404,053 465,001 413,148 451,371 466,021 438,026 588,181 453,155 692,157 Total deposits 18,809,224 18,794,143 18,850,186 19,140,11419,468,53819,765,40819,520,749 18,968,25919,246,246 20.517,937 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. * 55.4 55.4 55.2 54.5 54.3 55.1 54.5 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to 2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: June 29 ISO 31S 56,167 3 903 80 336 9,896 10 3 July 6 . .... 113,711 17,483 11 532 74 722 9,496 478 July 13 140 109 45,311 5 83 591 6,004 13 July 20 360 248,502 16 948 84 000 9 74S 1 071 July 27 416 6SS 311,626 78 3? 7 11 169 1S 431 10? Industrial loans: June 29 474 420 ?7 4 7 16 July 6 496 439 3 27 4 7 16 July 13 494 438 3 96 4 7 16 July 20 520 469 9/1 /\ 7 16 July 27 519 463 ?8 4 7 17 U. S. Government securities: June 29 19 S?9 3,701,590 474 978 1 ?4S 835 1 949 7?6 1,608 ?00 ? 998 000 2,090 200s,448 000 July 6 19,342,860 951,912 334.878 1,584,9523 324,918 780,3004,827 700 2.090,200 5,448 000 July 13 18 84? 11? 807,729 442.950 1 91830?1 768 4,749 400 2,090,200 s,448 000 July 20 18 473 99 S 652,428 566 777 1 613 696 9 686 494 742 ?00 4 674 ?00 2,090,200 s,448 000 July 27 . . .. 18,489,995 693,428 694 435 1,588,5702 609,462 725,2004,640 700 2,090,200 5,448,000 946 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 o t u . i , s 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 - Assets Gold certificates: 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 July 6 22,666,429 828,276 7,524,8721,137,7351,562,056 994,154 978,0164,413,992 662.564 428,289 808,180 583,2802,745.215 July 13 22,699,432 845.774 7,225,4411.153,7371,612,8971,025,1031,007,4944,493,345 676,048 436.110 831,918 621,4672,770,098 July 20 22,704,433 850,870 7,139,0891,187.6961,628,4611.046,7671,009,6264,423,301 710.331 439,202 850,218 632,7362,786,136 July 27 .. 22,714,431 834,149 7,213,4701,180,1661,618,4651,049,338 997,1704,400,235 695,505 451,948 831,712 657,0142.785,259 Redemption fund for F. R. notes: 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 July 6 588,471 51,719 50,052 57,264 72,445 50.997 42,188 91,272 43,912 22,712 35,504 25,986 44,420 July 13 588,354 51,610 49,582 57,072 72,299 52,210 42,089 91,128 43,878 22,698 35,488 25,945 44,355 July 20 584,493 51.447 48,674 56,728 72,045 50,796 41,892 90,880 43,798 22.675 35,443 25,888 44,227 July 27 570,829 51,273 47,844 46,364 71,799 49,265 41,703 90,880 43,725 22,651 35,365 25,888 44,072 cate reserves: 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 July 6 23,254,900 879,995 7,574,9241,194,9991,634,5011,045.1511,020,2044,505,264 706,276 451,001 843,684 609,2662,789,635 July 13 23,287,786 897,384 7,275,0231,210,8091,685,1961,077,3131,049,5834*584,473 719.926 458.808 867,406 647,4122,814.453 July 20 23,288,926 902,317 7,187,7631,244,4241,700,5061,097,5631,051,5184,514,181 754 129 461,877 885,661 658,6242,830.363 July 27 23,285,260 885,422 7,261,3141,226,5301,690,2641,098,6031,038,8734,491,115 739,2^0 474,599 867,077 682,9022,829.331 v^tner casn. 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 July 6 253,877 22,244 50,029 10,994 28,813 15.873 18,600 38,135 12,806 6,439 10,025 11,119 28,800 July 13 278,634 28,259 53,926 12,910 26,423 17,225 21.501 40,240 14,873 7,934 10,936 10,980 33.427 July 20 299,953 31,675 57,293 13,827 32,126 19,013 21,423 43,264 15,780 6,777 12,029 10,902 35.844 July 27 307,475 32,464 54,781 14,006 29,782 19,145 25,217 43,039 17,121 8,574 13,663 11,064 38,619 x/iwvvuiiio \x ciu vances: Secured by U. S. Govt. securities: 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 July 6. . 25,446 1,130 6,672 1,770 1,585 3,925 1,085 580 3,400 200 2,150 393 2,556 July 13.. 49,294 4,230 24,777 1,213 4,977 6,265 1,283 3,100 725 275 1,000 593 856 July 20.. 264,814 7,820 156,742 6,738 717 10,340 1,608 36.650 9,625 27,225 1,100 3,093 3,156 July 27.. 315,083 1,665 208,349 2,515 13,095 10,708 1,608 50,100 4,840 5,164 3,633 350 13,056 Other* 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 July 6.. 88,265 5,550 27,840 7,048 8,255 4,317 3,612 12,158 3,172 2,203 3,172 3,098 7,840 July 13.. 90,815 5,657 28,377 7,184 8,262 4,400 3,682 12,392 3,233 2,245 4,233 3,158 7,992 July 20.. 95,452 5,941 29,799 7,544 8,676 4,621 4,066 13,013 3,395 2,358 4,270 3,377 8,392 July 27.. 101,572 6,319 31,695 8,024 9,378 4,915 4,312 13,841 3,611 2,508 4,426 3.617 8,926 Xll JJ U uu U ln o y L e ric 2 tl 69 i . U cU . l . b . • 4 4 7 9 4 6 4 4 6 5 9 0 2 2 4 7 July 13 . . 494 468 26 July 20 520 496 24 July 27 519 490 1 28 U. S. Govt. securities: Bills: 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 July 6.... 4,346,460 299,853 1,030,067 296,072 400.878 279,030 233,027 648,566 234,892 140.708 210,230 188,006 385,131 July 13.... 3,936,112 271,544 932,819 268,120 363,032 252,687 211,027 587,335 212,715 127,424 190,382 170,256 348,771 July 20 3.669,195 253,130 869,562 249,938 338,414 235,551 196,717 547,506 198,291 118,783 177,472 158,711 325.120 July 27.... 3.735,695 257,718 885,322 254,468 344,547 239,820 200,282 557,430 201,884 120,937 180,688 161,587 331,012 Certificates: 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 July 6 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 July 13 6,768.700 466,960 1,604,115 461,070 624,283 434,529 362.8911,010,005 365,794 219,123 327.388 292,781 599.761 July 20.... 6,671,000 460,220 1,580,961 454,415 615,272 428,258 357,652 995,427 360,514 215,961 322,662 288,554 591.104 July 27.... 6,620,500 456,736 1,568,993 450,975 610,615 425,016 354,945 987,891 357,785 214,325 320,220 286,370 586,629 Notes: 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 July 6. ... 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 July 13.... 357,100 24,636 84,629 24.325 32,936 22,925 19,145 53,285 19,298 11,561 17,272 15,446 31,642 July 20.... 353,600 24,394 83,800 24,086 32,613 22,700 18,958 52,763 19,109 11.447 17,103 15,295 31,332 July 27 353,600 24,394 83,800 24,086 32,613 22,700 18,958 52,763 19,109 11,447 17,103 15.295 31.332 Bonds: 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 July 6 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 July 13.... 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 July 20.... 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 July 27.... 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 i ouai i_/. o. LTOVL. securities: 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 6 19,342,860 1,334,425 4,584,0641.317,5971,784,0111.241,7541,037,0292,886.2841,045,327 626,186 935.576 836.6751,713,932 July 13 18,842,112 1,299,880 4,465,392 1,283,4871,737,8271,209,6071,010,1822,811,5631.018,265 609,976 911,355 815,0161,669,562 July 20 18,473,995 1,274,484 4,378,1521,258,4111,703,8751,185,975 990,4462,756,634 998,372 598,059 893,550 799,0931,636.944 July 27 18.489,995 1,275,588 4,381,9441,259,5011,705,3511,187,002 991,3042,759,022 999,236 598.577 894,324 799,7851,638.361 AUGUST 1949 947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h 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 r is a c n o - Assets (cont.): Total loans and securities: June 29 19,667,318 1,354,146 4,725,147 1,334,5441,810,9711,266,4041,047,4812,916,246 1,058,213 632,220 946,002 844,4171,731,527 July 6 19,457,067 1,341,105 4,618,5761,326,8841.793,8511.250,0231,041,7262.899,022 1,051,899 628,589 940,898 840,1661,724,328 July 13 18,982,715 1,309,767 4,518,546 1,292,3521,751,0661,220,2981,015.1472,827,055 1,022,223 612,496 916,588 818,7671,678,410 July 20 18,834,781 1,288,245 4,564,6931,273,1891,713,2681,200,960 996,1202,806,297 1,011,392 627,642 898.920 805.5631,648,492 July 27 18,907,169 1,283,572 4,621,9881,270,5301,727,8251,202,653 997,2242,822,9631,007,687 606,249 902,383 803,752 1,660,343 Due from foreign banks: June 29 49 3 M6 4 4 2 2 7 2 1 2 2 4 July 6 49 3 U6 4 4 2 2 7 2 1 2 2 4 July 13 49 3 U6 4 4 2 2 7 2 1 2 2 4 July 20 49 3 i 16 4 4 2 2 7 2 1 2 2 4 July 27 49 3 U6 4 4 2 2 7 2 1 2 2 4 Federal Reserve notes of other Banks: 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 July 6 91,261 3,324 8,449 3,312 5,993 14,986 9,051 13,258 5,890 3,602 6,682 3,455 13,259 July 13 120,685 6,156 16,311 6,466 6,206 15,001 11,311 16,455 8,353 4,898 7,673 4,766 17,089 July 20 127,646 8,409 17,420 7,589 6,999 14,849 11,328 16,019 7,480 7,014 7,954 4,779 17,806 July 27 124,926 8,141 15,738 7,051 6,839 15,490 11,364 14,830 8,925 7,452 9,127 3,826 16,143 Uncollected items: 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 July 6 2,294,329 207,467 455,180 166,432 192,789 188,524 145,262 330,985 125,671 64,097 122,085 102,408 193,429 July 13 2,701,033 214,387 486,775 169,146 229.114 239,469 184,328 424.634 152,349 84,326 148,515 128,815 239,175 July 20 2,580,080 200,609 459,769 176,697 239,973 203,533 162,297 388,314 143,210 80,048 150,637 124.889 250,104 July 27 2,231,003 167,737 393,187 146,964 203,270 184,353 141,311 353,293 134,675 69,043 126,361 114,616 196,193 Bank premises: 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 July 6 32,628 1,157 7,982 3,020 4,783 2,513 1,545 3,176 1,919 1,161 2,345 736 2,291 July 13 32,658 1,157 7,982 3,020 4,778 2,513 1,545 3,179 1,919 1,161 2,345 736 2,323 July 20 32,662 1,157 7,982 3,020 4,779 2,513 1,545 3,181 1,919 1,161 2,345 737 2,323 July 27 32,634 1,152 7,982 3,014 4,771 2,506 1,541 3,181 1,916 1,159 2,345 737 2,330 (V"-Zif J t J Tlx uu Cip ln Xr y e dQ oQ 2 o 6 Cc 9 pLfoc* 1 9 1 5 8 , , 0 51 0 2 8 6 8 , , 7 25 8 2 7 2 2 7 1, , 9 8 7 6 9 1 6 7 , , 1 6 1 7 9 6 1 9 1 , , 4 4 3 5 3 4 5 7 , , 9 5 3 4 9 0 5 6 , ,2 0 8 3 1 1 1 1 7 4 , , 6 2 5 3 2 2 5 7 , , 9 2 9 2 2 3 3 2 , , 6 93 9 7 8 4 5 , , 4 5 0 5 3 0 4 5 , , 0 0 1 8 5 8 1 8 0 , , 1 2 4 3 1 7 July 13 99,684 7,033 23,424 6,390 9,520 6,276 5,261 15,039 6,196 3,096 4,680 4,217 8,552 July 20 104,508 7'332 23,766 6,875 10,121 6,518 5,521 15,954 6,596 3,306 4,896 4,573 9,050 July 27 110,412 7,587 25,395 7,186 10,740 7,004 5,818 16,899 6,876 3,502 5,111 4,778 9,516 | AJfun n1 eQ O2OA9to* 45,779,957 2,460,449 12,509,7562,771,8993,773,2462,597,0402,288,5277,826,8941,918,7231,181,5281,947,0141,607,5614,897,320 July 6 45,479.119 2,462,082 12,737,1352,711.7643,670,1672,523.0112.241.421 7,804,0791,910,4551,157,8271,930.1241,571,1674,759,887 July 13 45.503,244 2,464,146 12,382,0032,701,0973,712,3072,578,0972,288,6787,911,0821,925,8411,172,7201,958,1451.615,6954,793,433 July 20 45,268,605 2,439,747 12,318,7022,725,6253,707,7762,544,9512.249,7547.787,2171,940.5081,187,8261,962,4441,610,0694,793,986 July 27 44,998,928 2,386,078 12,380,4012,675,2853,673,4952,529,7562,221,3507,745,3271,916,4321,170,5791.926,0691,621,6774,752,479 Liabilities Federal Reserve notes: 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 July 6 ?S 497 5681,411,976 5,390 5871 628*4612,094 1731,551,8931 287,2914.507,8931,080,799 612,187 920,095 604,5882,407,625 July 13 23,374,775 1,399,087 5,351.6681,616,8422,086,730 1,543,9351,278,1364,497,779 1,077,174 608,296 917,139 602,0832,395,906 July 20 23 278,926 1,389,108 5,336,5511,608,8192,075,795 1,529,0521,275,7974,493,043 1,073,306 605,577 913,056 598.0642,380,758 July 27 23,243,361 1,384,625 5,340'8521,607,5092,071,637 1,524,3051,277,1954,488,195 1,067,872 601,947 911,442 597,0162,370,766 Deposits: Member bank —reserve account: 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 July 6.. 17,980,117 760,223 6,152,087 817.896 1,266,152 719.754 741,1952.795,439 641,084 436,876 827,837 802,3582,019.216 July 13.. 17,505,870 752,143 5,720,645 802,3281,268,995 726.562 740,7472,811,989 626,028 427,735 819,542 815,7671,993,389 July 20.. 17,415,184 746.575 5,725,998 825,5621,251,096 720,056 718,1442.688,851 638,309 454,473 826,492 813,9592,005,669 July 27.. 17,485,926 724,169 5,868,023 804,2191,268,024 720,058 703,5022,705,193 625,427 441,767 810,055 815,0622,000,427 TV JT • oC. Ti YreMas —S urer-general account: June 29.. 497,109 43,307 82,707 47,111 38,819 f26,640 33,538 57,675 26,150 30,493 32,274 24,158 54,237 July 6. . 262,101 13,153 47,504 16,830 11,822 12,677 22,089 44,744 18,362 18,880 21,280 19,486 15,274 July 13.. 371,085 23,815 74,253 24,264 27,229 14,952 30,393 43,193 24,911 25,591 30,649 23,706 28,129 July 20.. 448,756 20,480 94,103 27,385 37,543 30,064 32,804 63,906 32,094 19,202 30,364 25,268 35,543 July 27.. 446,736 27,254 57,937 23,948 21,022 41,359 40,430 47,119 41,261 28,540 29,337 48,453 40,076 Forcisrn * 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 July 6. . 484,748 29,931 2159,747 38,008 43,709 23,280 19,479 65,564 17,104 11,877 17,104 16,629 42,316 July 13.. 508,230 31,595 2165,163 40,120 46,138 24,574 20.562 69,207 18,054 12,538 18,054 17,552 44,673 July 20.. 526,150 34,020 2156,743 43,200 49,680 26,460 22,140 74,520 19,440 13,500 19,440 18,900 48,107 July 27.. 467,197 28,898 2153,390 36,696 42,201 22,476 18,807 63,301 16,513 11,468 16,513 16,055 40,879 Other* June 29.. 451,371 2f977 390,715 2,079 4,762 1,570 798 2,732 6,180 1,173 4,975 446 32,964 July 6. . 413,148 2,284 343,556 1,198 5,903 3,613 998 6,543 5,605 1,104 5,093 562 36,689 July 13.. 465,001 5,803 391,063 2,725 5,720 4,297 1,763 2,827 6,345 1,545 4,456 581 37,876 July 20.. 404,053 4,660 337,592 1,858 4,863 2,502 1,116 2,957 5,800 1,454 4,694 479 36,078 July 27.. 409,365 4,168 343,822 3,709 3,976 1,913 557 2,774 4,532 2,278 5,393 764 35,479 i After deducting $33,CG0 participations of other Federal Reserve Banks on June 29; July 6; July 13; July 20; and July 27. * After deducting $342,616,000 participations of other Federal Reserve Banks on June 29; $324,969,000 on July 6; $343,026,000 on July 13; $369,- 360,000 on July 20; and $313,751,000 on July 27. 948 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 la le n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . 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 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 July 6.... 19,140,114 805,591 6,702,894 873,932 1,327,586 759,324 783,7612,912,290 682,155 468,737 871,314 839,0352,113,495 July 13.... 18,850,186 813,356 6,351,124 869,437 1,348,082 770,385 793,4652,927,216 675,338 467,409 872,701 857,6062,104,067 July 20.... 18,794,143 805,735 6,314,436 898,005 1,343,182 779,082 774,2042,830,234 695,643 488,629 880,990 858,6062,125,397 July 27.... 18,809,224 784,489 6,423,172 868,572 1,335,223 785,806 763,2962,818,387 687,733 484,053 861,298 880,3342,116,861 Deferred availability items: 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 July 6.... 1,972*884 188,796 385,661 141,136 168,193 165,820 131,916 264,195 112,905 53,246 104,839 94,998 161,179 July 13.... 2,404,989 195,707 419,921 146,255 197,140 217,501 178,385 365,608 138,506 73,177 134,160 123,254 215,375 July 20.... 2,318,882 188,680 407,889 150,022 208,023 190,307 160,856 342,953 136,583 69,549 134,125 120,411 209,484 July 27.... 2,062,791 160,400 353,380 130,049 185,395 172,821 141,681 317,001 125,589 60,495 118,794 111,102 186,084 Other liabilities including accrued dividends: June 29 17,070i 1,019 4,929 1,007 1,790 866 780 2,544 712 509 797 742 1,375 July 6.... 9,966 697 2,552 556 1,279 548 475 1,562 470 334 416 371 706 July 13.... 10,011 609 2,824 558 950 546 468 1,650 436 362 394 377 837 July 20 9,178 603 2,383 465 1,000 470 429 1,514 372 454 356 425 707 July 27 11,187 614 3,960 524 1,078 522 488 1,644 391 324 413 472 757 Total liabilities: June 29.... 44,926,165 2,405,692 12,255,6092,704,4643,694,6982,551,8822,250,8037,709,475 1,884,8531,158,3671,913,9121,575,5794,820,831 July 6.... 44,620,532 2,407,06012,481,6942,644,0853,591,2312,477,5852,203,4437,685,9401,876,3291,134,5041,896,6641,538,9924,683,005 Julv 13 44,639,961 2,408,759 12,125,5372,633,0923,632,9022,532,3672,250,4547,792,2531,891,4541,149,2441,924,3941,583,3204,716,185 July 20.... 44,401,129 2,384,12612,061,2592,657,3113,628,0002,498,9112,211,2867,667,7441,905,9041,164,2091,928,5271,577,5064,716,346 July 27.... 44,126,563 2,330,12812,121,3642,606,6543,593,3332,483,4542,182,6607,625,227 1,881,5851,146,8191,891,947 1,588,9244,674,468 Capital Accts.: Capital paid in: 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 July 6.... 205,690 11,505 70,421 14,907 19,242 9,017 8,107 25,958 6,783 4,545 7,239 8,257 19,709 July 13 205,874 11,512 70,422 14,921 19,288 9,026 8,109 25,974 6,791 4,547 7,247 8,263 19,774 July 20 205,996 11,514 70,430 14,936 19,293 9,062 8,126 25,985 6,794 4,550 7,255 8,269 19,782 July 27.... 206,740 11,521 71,091 14,974 19,293 9,069 8,128 25,988 6,800 4,553 7,254 8,284 19,785 Surplus: (section 7) 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 July 6.... 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 July 13.... 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 July 20 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 July 27.. . 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 (section 13b) 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 July 6 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 13.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Tuly 20 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 July 27.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other cap. accts.: 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 July 6.... 158,643 11,159 34,682 11,579 14,720 10,643 9,081 21,910 8,848 5,908 8,076 7,657 14,380 July 13.... 163,155 11,517 35,706 11,891 15,143 10,938 9,325 22,584 9,101 6,059 8,359 7,851 14,681 July 20 167,226 11,749 36,675 12,185 15,509 11,212 9,552 23,217 9,315 6,197 8,517 8,033 15,065 July 27.... 171,371 12,071 37,608 12,464 15,895 11,467 9,772 23,841 9,552 6,337 8,723 8,208 15,433 Total liabilities and cap. accts.: June 29 45,779,957 2,460,449 12,509,7562,771.8993,773,2462,597,0402,288,5277,826,8941,918,7231,181,5281,947,0141,607,5614,897.320 July 6.... 45,479,119 2,462,082 12,737,1352,711,7643,670,1672,523,0112,241,4217,804,079 1,910,4551,157,8271,930,1241,571,1674,759,887 July 13.... 45,503,244 2,464,146 12,382,0032,701,0973,712,3072,578,0972,288,6787,911,082 1,925,8411,172,7201,958,1451,615,6954,793,433 July 20.... 45,268.605 2,439,747 12,318,7022,725,6253,707,7762,544,9512,249,7547,787,217 1,940,5081,187,8261,962,4441,610,0694,793,986 July 27.... 44,998,928 2,386,078 12,380,4012,675,2853,673,4952,529,7562,221,3507,745,327 1,916,4321,170,5791,926,0691,621,6774,752,479 Contingent liability on acceptances purchased for foreign correspondents: June 29.... 5,175 326 11,636 414 476 254 212 714 186 129 186 181 461 July 6 3,956 249 11,250 317 364 194 162 546 142 99 142 139 352 July 13.... 3,572 225 il,129 286 329 174 146 493 129 89 129 125 318 July 20 3,087 195 i 975 247 284 151 127 426 111 77 111 108 275 July 27.... 2,926 184 *925 234 269 143 120 404 105 73 105 103 261 Commitments to make industrial loans: June 29 2,283 60 105 1,788 15 223 9 83 July 6.... 2,257 60 103 1,781 15 210 8 80 July 13.... 2,277 60 103 1,781 15 210 28 80 July 20... 2,257 60 83 1 781 15 210 28 80 July 27.... 2,276 60 102 1,781 15 210 28 80 i After deducting $3,539,000 participations of other Federal Reserve Banks on June 29; $2,706,000 on July 6; $2,443,000 on July 13; $2,112,000 on July 20; and $2,001,000 on July 27. AUGUST 1949, 949 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 v d e- m Ri o c n h d - la A n t t - a Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a sc n n o - F.R. notes outstanding (issued to Bank): June 29 24,040,510 1,438,306 5,493,9441,669,3632,153,546 1,600,9211,329,896 4,553,8211,113,400 622,477 935,121628,9752,500,740 July 6 24,137,959 1,441,640 5,537,1441,671,6252,159,794 1,602,6141,331,543 4,575,,2277441,112,673 625,969 994444,,447766 631,2872,503,920 July 13 24,148,445 1,443,348 5,538,0721,671,1922,156,422 1,599,0371,336,2014,574,393 1,113,447624,619 941,756 640,3342,509,624 July 20 24,078,854 1,437,8545,509,396 1,664,5632,148,082 1,594,4561,333,080 44,,557755,,5577331,110,196 621,757 938,590 637,6422,507,665 July 27 24,018,828 1,440,2115,504,108 1,656,7272,139,250 1,585,8461,330,8474,563,068 1,108,302620,072 935,793 638,3412,496,263 Collateral held against notes outstanding: Gold certificates: June 29 13,554,000 440,000 4,570,000 550,000 900,000 625,000 575,000 2,805,000 315,000 210,000 280,000184,000 2,100,000 July 6 13,754,000 440,000 4,670,000 550,000 900,000 625,000 675,000 2,805,000 315,000 210,000 280,000184,000 2,,1100,000 July 13 13,754,000 440,000 4,670,000 550,000 900,000 625,000 675,000 2,805,000 315,000210,000 280,000184,000 :2,100,000 July 20 13,754,000 440,000 4,670,000 550,000 900,000 625,000 675,000 2,805,000 315,000210,000 280.000184,000 2,,1100,000 July 27 13,954,000 440,000 4,670,000 750,000 900,000 625,000 675,0002,805,000 315,000210,000 280,000184,000 :2,100,000 Eligible paper: June 29 46,486 7,395 14,217 2,768 13,500 4,400 650 2,500 1,056 July 6 21,803 1,130 6,672 1,770 3,925 3,400 200 2,150 2,556 July 13 39,891 4,230 24,627 1,213 5,965 725 275 2,000 856 July 20 213,121 7,820 146,642 6,738 9,940 9,625 27,225 1,975 3,156 July 27 247,195 1,665 205,399 2,515 10,108 4,840 5,164 4,448 13,056 U. S. Govt. sec- Tune 29 11,625,000 1,100,0001,000,0001,200,0001,300,000 1,025,000 850,0001,800,000! 900,000 450,000 700,000500,000 800,000 July 6 11,475,000 ,100,0001,000,000 1,200,0001,300,0001,025,000 700,000 1,800,000! 900,000 450,000 700,000 500,000 800,000 July 13 11,475,000 ,100,0001,000,0001,200,0001,300,0001,025,000 700,0001,800,000 900,000 450,000 700,000500,000 800,000 July 20 11,475,000 ,100,0001,000,000 1,200,0001,300.0001,025,000 700,0001,800,000 900,000 450,000 700,000500,000 800,000 July 27 11,275,000 ,100,0001,000,0001,000,0001,300,0001,025,000 700,0001,800,000 900,000 450,000 700,000 500,000 800.000 Total collateral: June 29 25,225,486 ,547,3955,584,217 1,752,7682,200,000 1,663,5001,425,000 4,605,0001,219,400 660,650 982,500 684,000 2,901,056 July 6 25,250,803 ,541,130 55,,667766,,667722 1,751,770 2200,000 1,653,9251,375,000 4,605,0001,218,400 660,200 982,150 684,0002,902,556 July 13 25,268,891 ,544,2305,694,627 1,751,2132,200,000 1,655,9651,375,000 4,605,0001,215,725660,275 982,000 684,000 2,900,856 July 20 25,442,121 ,547,820 55,,881166,,6644221,756,738 2200,0001,659,9401,375,000 4,605,0001,224,625687,225 981,975 684,000 2,903,156 July 27 25,476,195 1,541,6655,875,399 1,752,5152,200,000 1,660,1081,375,000 4,605,0001,219,840 665,164 984,448 684,000 2,913,056 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 W D e a d te n e ( s l d as a t y A a p p t p o p l i r c d o a a v t t i e e o d ns b p u r A t o p v n - e o d t L o o u a t n - s C m om en m ts it- o in p f g a f t i i i n o n a n s n t s c i- - week en M di o n n g t h W , e o d r nesday m b A e e m l r l - city banks s c R e i r t e v y - e C t o r u y no o r f la p s e t r i d o a d y ) pl c e o t m ed - 1 s (a ta m n o d u in n g t) 2 ( s a t m an o d u i n n t g ) tu o t u io t- ns banks i Y N o e r w k c C a h g i o - banks banks N b u e m r - Amount (amount) ( s a t m an o d u i n n t g ) Total reserves held: 1948—June 17,396 4,808 1,132 6,534 4,922 1939 2,781 188,222 2,659 13,683 9,220 10,981 1949—May 18,146 4,798 1,160 6,881 5,308 1940 2,908 212,510 13,954 9,152 5,226 6,386 June 18,068 4,849 1,151 6,822 5,247 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 June 22 18,077 4,848 1,138 6,818 5,273 1943 3,471 491,342 926 10,532 9,270 17,930 June 29 17,909 4,817 1,141 6,781 5,169 1944 3,489 525,532 1,295 3,894 4,165 2,705 July 6 17,913 4,942 1,199 6,644 5,129 1945 . ... 3,511 544,961 320 1,995 1,644 1,086 July 13 17,821 4,913 1,253 6,631 5,023 1946 3,542 565,913 4,577 554 8,309 2,670 July 20 17,351 4,722 1,165 6,528 4,936 1947 3,574 586,726 945 1,387 7,434 4,869 July 27 17,274 4,729 1,161 6,496 4,889 1948 Excess reserves: A M M p a a r y r . . 3 3 3 1 1 0 . . . . . . . . . 3 3 3 , , , 5 5 5 8 9 9 7 5 3 6 6 6 0 0 0 0 6 4 , , , 3 3 6 2 0 2 2 5 3 1 4 2 7 5 0 0 3 1 , , 7 3 9 9 8 1 4 5 6 6 6 7 , , , 6 6 7 1 4 0 2 6 0 3 4 5 , , , 2 1 2 7 0 3 2 9 4 1 1 9 9 4 4 8 9— — J M J u u n a n y e e 8 7 7 5 5 7 2 8 7 4 4 6 4 4 9 2 1 1 4 7 8 1 4 0 5 4 5 9 5 5 9 4 6 J J A S O N D u u e u c e o l n p t c y g v e . t . . . . 3 3 3 3 3 3 3 0 0 1 1 1 0 0 . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 3 3 , , , , , , , 6 6 6 5 6 6 6 0 0 9 0 0 0 0 7 0 9 6 6 4 3 6 6 6 6 6 6 6 1 1 1 1 1 1 1 4 4 0 5 1 3 2 , , , , , , , 4 7 9 6 6 8 0 0 2 5 5 9 9 2 2 5 6 3 9 4 0 1,0 3 6 1 4 3 2 4 8 6 8 5 5 0 5 5 5 5 1 1 1 , , , 1 0 1 9 8 8 8 1 1 5 0 9 5 8 6 1 1 2 5 1 3 6 6 6 6 6 6 1 , , , , , , , 4 0 4 2 6 1 0 4 8 1 9 4 8 8 3 2 7 9 6 7 5 4 3 3 3 4 4 1 , , , , , , , 2 3 2 3 1 9 1 9 1 4 3 5 6 5 0 2 6 8 3 6 3 J J J J J J u u u u u u n n l l l l y y y y e e 2 2 2 2 1 9 6 2 7 0 3 1 1 , , P P 6 6 3 3 8 7 4 0 5 1 7 6 1 7 3 3 6 6 1 1 5 5 1 1 7 6 0 7 4 9 3 5 1 4 3 3 2 1 1 1 4 9 0 5 3 5 2 5 0 1 7 7 P P 4 5 6 7 5 7 4 2 3 4 1 98 0 6 9 7 3 Borrowings at Federal 1949 Reserve Banks: Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 1948—June 100 23 37 37 Feb. 28... 3,608 616,340 45 907 1,624 2,042 1949—May 176 81 39 38 Mar. 31... 3,610 620,192 45 906 3,270 3,677 June 100 27 32 39 Apr. 30... 3,613 620,595 152 819 2,399 2,811 May 31... 3,614 620,984 245 753 2,349 2,737 June 22 191 69 49 61 June 30... 3,615 621,297 205 614 2,278 2,619 June 29 130 44 39 46 July 6 29 6 10 13 July 13 39 16 5 18 1 Includes applications approved conditionally by the Federal Re- July 20 96 51 4 18 23 serve Banks and under consideration by applicant. July 27 196 108 33 30 25 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. 950 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve All city t>anks Re- All city banks 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 lalf June 1949 Second half June 1949 Gross demand deposits: Total 86,446 20,802 4,922 31,933 28,789 86,612 21,282 4,874 31,967 28 490 Interbank 10,120 3,688 1,013 4,634 785 10,039 3,739 999 4,530 771 Other 76,326 17,114 3,909 27,299 28,004 76,574 17,543 3 875 27 436 27 719 Net demand deposits 2 . .. 76,317 19,247 4,472 27,822 24,776 76,456 19,569 4,424 27,819 24,643 Demand deoosits adiusted ' 70 100 69,800 Time deposits 4 29,275 1,746 1,048 11,597 14,886 29,299 1,754 1,050 11,625 14,870 Demand balances due from domestic banks... 4,955 45 124 1,614 3,172 4,815 47 117 1,617 3,034 Reserves with Federal Reserve Banks: Total . . . 18,152 4,872 1,160 6,844 5,277 17,985 4,826 1,142 6,800 5,217 Required 17,301 4,742 1,147 6,654 4,758 17,319 4,818 1,135 6,629 4,737 Excess . . 851 130 13 189 518 666 8 7 170 481 Borrowings at Federal Reserve Banks 63 22 41 138 53 6 42 38 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 8 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 1 SMALL CENTERS1 [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 Na- State In- Nontional sured insured 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 88 bank bank 1943 4 2 2 1944 1 1945 0 1948 1946 0 J M u a n y e 1 1 6 6 , , 3 1 2 6 5 3 1 8 8 , , 8 7 1 9 9 6 11,812 6 6 , , 0 0 4 4 6 5 1 1 9 9 4 4 7 8 0 1 1 1949—Jan-July 4 4 1949 May 16,209 8,830 11,622 6,062 Deposits of suspended banks June 16,271 8,817 11,591 6,060 (in thousands of dollars) :2 1934-42 137,362 18,01626,54851,567 41,231 By districts, June 1949 1943 6,223 4,982 1,241 N B C Ph l o e e i w s v l t a o e d Y l n a e o n lp r d k h . i a . . . . . 3 1 1 1 , , , , 2 8 0 2 1 4 8 3 7 9 3 2 2,2 8 9 8 1 2 1 3 0 2 3 8 1 1, , 0 0 3 8 0 3 3 9 4 4 3 5 1,1 8 8 2 5 1 9 3 2 4 6 6 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 7 5 6 4 8 4 1 0 6 5 0 0 0 7 405 167 Richmond.... 1,091 410 823 480 1949—Jan.-July 2,443 2,443 Atlanta 1,543 469 662 219 S C t h . ic L a o g u o is 2,2 6 1 5 7 0 1,6 3 0 4 1 4 1,6 9 2 6 3 6 9 2 5 8 5 4 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not Minneapolis... 596 300 740 451 include banks whose deposit liabilities were assumed by other banks K D Sa a a n n l l s a F a s r s a n C c i i t s y c . o . . . 1 1 , , 0 5 2 1 2 5 2 4 6 6 1 1 5 5 0 3 3 6 1 1 , , 5 4 4 6 6 8 1 0 9 2 29 0 7 4 8 0 a p In t e s 2 n t u h d D r e e a e d t n p i c m o a e s r e e i t C s o a o f s r o c p f o l o o f s r m a i d n t e a i g m t o e n ( b s i n e l o r o s f a o b n s m a u s e n ) s . p k i e n s n s s t a a i n o n d n c , e s i a n n w s d u i t r h d e d e t p h o e n s o a i n t i s d m o o e f f m F n b o e e n d r i e n r b s a a u l n r D e k d s e p n s o u o s s n it - member 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; been given permission to carry the same reserves as country banks. for description, see pp. 281-282 in the same publication. AUGUST 1949 951 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 currency2 Large denomination currency 2 End of vear or in cir- Unasmonth cula- sorted tion1 Total Coin 8$1 $2 $5 $10 $20 Total $50 1100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935. 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937. 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7.598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8 732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 ?,545 3,044 724 1,433 261 556 24 46 4 1942. 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 •>,705 5,580 1,481 ?,912 407 749 9 22 2 1944. 25,307 17,580 1,156 987 81 ?,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 ?,313 6,782 Q,201 7,834 ?,327 4,220 454 801 7 24 2 1946. 28,952 20,437 1,361 1,029 67 ?,173 6,497 9,310 8,518 ?,492 4,771 438 783 8 26 3 1947. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948-—March 27,781 19,169 1,394 975 62 1,986 6,013 8,738 8,614 2,470 4,962 416 749 5 11 1 April 27,716 19,144 1,399 976 61 1,991 6,017 8,700 8,574 2,456 4,951 412 739 5 10 1 May- 27,812 19,259 1,409 994 62 2,015 6,054 8,724 8,555 2,453 4,943 410 735 5 10 2 June 27,903 19,323 1,421 1,000 63 ?,017 6,085 8,737 8,581 ?,465 4,945 407 749 5 10 2 July 27,866 19,309 1,422 994 62 ?,010 6,059 8,762 8,559 ?,452 4,940 404 748 5 9 2 August . 28,055 19,450 1,432 1,006 63 ?,023 6,099 8,827 8,607 ?,464 4,977 403 748 5 11 2 September. .. 28,118 19,488 1,442 1,020 63 2,031 6,090 8,844 8,632 2,466 5,011 402 739 5 10 2 Ortnh^r 28,176 19,531 1,451 1,026 63 ?,037 6,087 8,867 8,647 ?,467 5,035 401 730 5 9 3 November. . . 28,331 19,680 1,464 1,042 64 2,054 6,137 8,918 8,654 2,475 5,048 400 717 5 9 3 December. . . 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949—Tanuarv 27,580 19,003 1,441 1,000 62 1,972 5,892 8,636 8,579 2,459 5,020 396 689 5 10 3 February.... 27,557 19,029 1,441 996 63 1,976 5,929 8,625 8,531 2,444 5,000 394 679 5 10 3 March 27,439 18,930 1,445 992 61 1,965 5,913 8,555 8,510 2,428 4,980 392 696 5 10 1 April 27,417 18,925 1,450 994 60 1,967 5,913 R,541 8,493 ?,421 4,970 390 700 5 9 1 May 27,507 18,993 1,456 1,011 61 1,986 5,934 8,544 8,515 ?,422 4,980 388 712 5 9 1 June 27,493 18,982 1,459 1,008 61 1,971 5,931 8,551 8,513 2,426 4,974 387 712 5 9 2 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. 8 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 * Money Total out- held by standing, As security For Federal June 30, against Federal Reserve 1949 gold and Treasury Reserve Banks and June 30, May 31, June 30, silver cash Banks and agents 1949 1949 1948 certificates agents Gold 24,466 23,288 21,179 Gold certificates . . ... 23,288 20,430 2,815 43 43 45 Federal Reserve notes 24,041 55 776 23,209 23 205 23 600 Treasury currency—total 4,597 *2,267 73 283 4,241 4,259 4,257 Standard silver dollars 493 278 48 3 164 163 156 Silver bullion . 1,989 1,989 Silver certificates and Treasury notes of 1890 3 2,267 205 2,062 2,079 2,062 Subsidiary silver coin. .. 989 15 35 940 938 919 !Minor coin 372 6 11 355 355 346 United States notes 347 2 26 319 318 321 Federal Reserve Bank notes 313 4 309 312 353 National Bank notes 94 (5) 1 93 93 99 Total—June 30, 1949 (4) 25,555 1,307 20,430 3,875 27,493 May 31, 1949 (4) 25,416 1,315 20,301 3,819 27,507 June 30 1948 (4) 24,563 1,327 19,442 3,929 27,903 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals or other end-of-month dates shown in table above, totals by weeks in table on p. 943 and seasonally adjusted figures in table on p. 953. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 1 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. * Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt; (iii) as security for oustanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 952 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in Date f u o n r a s d e j a u s s o te n d al ad s j e u a s s te o d n a f l or s a e d as ju o s n t a e l d ly Depos- U. S. Government variation variation series i 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 4 3 p 0 9 eriod: 8 7 . . 7 5 3 9 2 8 + 1 + . 7 1 4 3 2 4 b t a o n r k y s Total r D e i c - t G t a e u n e a - d r- f e u t n c d .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—July 27,955 28,011 +25 1948—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. . *>3,294 May 27,438 27,631 -52 June. . P3,275 June 27,432 27.570 -61 July 27,472 27,527 -43 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 Cityi centersl centers 2 City centers City 3 cities 8 City 3 cities 1943 792,937 296,368 419,413 77,155 16.5 11.7 258,398 369,396 20.5 17.4 1944 891,910 345,585 462,354 83,970 17.1 10.8 298,902 403,400 22.4 17.3 1 1 1 9 9 9 4 4 4 6 6 5 — — o n l e d w s s e e ri r e ie s s 4 4 |l, 9 0 7 5 4 0 ,1 ,0 0 2 2 1 4 4 0 1 4 7 , ,4 5 7 4 5 3 4 52 7 7 9 , , 3 7 3 6 6 0 1 8 0 9 5 , , 7 2 9 1 9 0 1 1 8 9 . . 3 0 1 9 0 . . 7 0 | 3 3 4 5 7 0 1 4 7 , , , 6 3 9 0 6 4 2 5 6 4 4 5 4 2 1 9 2 2 , , , 4 9 8 1 4 0 4 4 0 2 2 2 4 5 5 . . . 2 2 5 1 1 1 6 6 6 . . . 1 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—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 •"99,290 36,974 52,003 no,313 24.6 12.3 36,444 50,768 28.3 18.5 June 109.071 42.890 55,388 10.794 26.9 12.5 40,617 53,769 29.8 18.7 r 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. AUGUST 1949 953 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 x [Figures partly estimated. In millions of dollars] Assets Capital and Liabilities (other than domestic deposits and currency Bank credit Total outside banks) assets, net— total 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, To U ta . l S. G m o C a v e o n r e m c d r i n a - m l en R F t e e o d s b e e r l r i v a g e l atio O ns ther s O e it t c i h e u e s r r - c l a i i a a n p t n i b e i e d t i t s a 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 b o p n r a e o e n i t s k g it n s, savings Banks net banks 1929—June 29 4,037 2,019 41,082 5,741 5,499 216 26 11,819 64,698 8,922 204 365 1933—June 30 4,031 2,286 21,957 10,328 8,199 1,998 131 9,863 48,465 6,436 264 50 1939—June 30 16,110 2,881 21,310 22,483 18.770 2,551 1,162 9,532 72,316 6,875 2,563 991 Dec. 31 17,644 2,963 22,157 23,105 19,417 2,484 1,204 9,302 75,171 6,812 2,409 1,217 1941—June 30 22,624 3,149 25,305 26,984 23,539 2,184 1,261 9,098 87,160 7,803 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—June 30 20,213 4,145 27,948 118,041 93,655 21,792 2,594 8,003 178,350 10,310 2,279 2,378 Dec. 31 20,065 4,339 30,387 128,417 101,288 24,262 2,867 8,577 191,785 10,979 2,287 2,141 1946—June 29 20,270 4,539 31,570 122,740 95,911 23,783 3,046 9,175 188,294 12,079 2,251 1,894 Dec. 31 20,529 4,562 35,765 113,110 86,558 23,350 3,202 9,491 183,457 11,800 2,272 1,885 1947—June 30 21,266 4,552 38,373 107,873 82,679 21,872 3,322 10,051 182,115 12,882 1,314 1,657 Dec. 31 22,754 4,562 43,023 107,086 81,199 22,559 3,328 10,723 188,148 12,800 1,336 1,682 1948—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. 26P. 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? 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. 30P 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 June 29P 24,500 4,600 47,100 97,400 74,700 19,500 3,200 11,900 185,400 14,000 1.300 1.900 Deposits and Currency Total U. S. Government deposits deposits Total Time deposits adjusted • Date U a . d S ju . s G te o d v , t. a d d e j p u o s s te it d s Demand Currency d c o e u b u p a r a t o r n n s e s d i k n i d t s c e s y , A m s b a t a e a v c n r n i c o n d k i m g 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 e a o r n m c k ia s - l s M b a a v u n i t k n u s g a 4 s l S S P a y o v s s i t n e ta m g l s o b u a t n si k d s e 1929—June 29 55,207 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 41,715 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—June 30 61,887 792 944 60,151 27,355 26,791 15,097 10,433 1,261 6,005 Dec. 31 64,733 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—June 30 75,133 753 980 73,400 37,317 27,879 15,928 10,648 1,303 8,204 Dec. 31 79,098 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—June 30 163,383 24,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec. 31 176,378 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29 172,070 13,416 833 157.821 79,476 51,829 32,429 16,281 3,119 26,516 Dec. 31 167,500 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30 166,263 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 172,330 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30 169,803 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 July 28 170,300 2,400 1,800 166,000 83,300 57,300 35,700 18,200 3,400 25,500 Aug. 25 171,000 2,400 1,900 166,700 83,800 57,300 35,700 18,200 3,400 25,600 Sept. 29 171,300 2,800 1,700 166,900 83,900 57,300 35,700 18,300 3,300 25,700 Oct. 27 172,000 2,300 1,500 168,100 85,100 57,300 35,700 18,300 3,300 25,700 Nov. 24 172,000 2,200 1,700 168,100 85,200 57,000 35,500 18,200 3,300 25,900 Dec. 31 172,693 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Jan. 26P 171,300 2,000 1,100 168,200 85,400 57,600 35,800 18,500 3,300 25,200 Feb. 23P 170,900 3,000 1,600 166,300 83,400 57,800 35,900 18,600 3,300 25,100 Mar. 30P 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 25P 168,300 1,900 700 165,700 82,600 58,200 36,100 18,800 3,300 25,000 June 29? 168,200 2,200 500 165,600 82,200 58,400 36,200 18,900 3,300 25,000 954 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 1 capital of Total Loans G U ov . e S r . n- Other Total i b I a n n te k r - x accounts banks Total ment secu- De- Time obliga- rities mand 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 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 June 29« 133,760 47,250 86,510 74,650 11,860 34,140 155,210 10,640 89,290 55,280 12,770 14,679 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 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 June 29« 113,660 41,200 72,460 63,000 9,460 33,340 136,260 10,640 89,270 36,350 10,710 14,149 All member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 1940—Dec. 31 37,126 15,321 21,805 15,823 5,982 23,963 56,430 10,423 33,829 12,178 5,698 6,486 1941—Dec. 31. . 43,521 18,021 25,500 19,539 5,961 23,123 61,717 10,525 38,846 12,347 5,886 6,619 1942—Dec. 31 59,263 16,088 43,175 37,546 5,629 24,280 78,277 11,000 54,523 12,754 6,101 6,679 1943—Dec. 31 74,258 16,288 57,970 52,948 5,022 23,790 92,262 10,555 66,438 15,268 6,475 6,738 1944—Dec. 30 91,569 18,676 72,893 67,685 5,208 25,860 110,917 11,884 79,774 19,259 6,968 6,814 1945—Dec. 31 107,183 22,775 84,408 78,338 6,070 29,845 129,670 13,640 91,820 24,210 7,589 6,884 1946—Dec. 31 96,362 26,696 69,666 63,042 6,625 29,587 118,170 12,060 78,920 27,190 8,095 6,900 1947—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 Dec. 31 95,616 36,061 59,557 52,154 7,403 34,203 121,362 11,641 80,881 28,840 8,801 6,918 1949—Jan. 26 • 95,824 36,024 59,800 52,478 7,322 31,908 118,817 11,050 78,943 28,824 8,837 6,914 Feb. 23 • 94,819 35,614 59,205 51,794 7,411 31,823 117,855 10,364 78,596 28,895 8,845 6,913 Mar. 30 • 93,955 35,891 58,064 50,536 7,528 30,323 115,282 9,951 76,323 29,008 8,894 6,913 Apr. 27* 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 June 29• 95,247 34,736 60,511 52,812 7,699 29,433 115,628 10,096 76,319 29,213 8,977 6,904 All mutual savings banks: 1939—Dec. 30 10,216 4,927 5,289 3,101 2,188 818 10,524 3 10,521 1,309 551 1940—Dec. 31 10,248 4,956 5,292 3,215 2,078 966 10,659 4 10,655 1,292 551 1 1 9 9 4 4 2 1 — — D o e ec c # . 3 3 1 1. 1 1 0 0 , , 3 75 7 4 9 4 4 , , 9 6 0 9 1 5 5 6 , , 4 0 7 59 8 3 4 , ,5 7 7 0 2 4 1 1 , , 7 48 7 7 4 6 7 6 9 3 3 1 10 0 , 6 5 6 3 8 3 6 6 1 1 0 0 , , 5 6 2 6 7 2 1 1, , 2 2 3 4 6 1 5 5 4 4 8 6 1943—Dec. 31 . 11,871 4 484 7,387 6,090 1 297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 1945—Dec. 31 16,208 4,279 11,928 10,682 1,246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 11,778 1,400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948—June 30 19,226 5,234 13,992 11,976 2,016 832 18,211 17 18,193 1,955 532 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 • 19,590 5,730 13,860 11,610 2,250 800 18,520 20 18,500 2,000 532 Feb. 23 • 19,690 5, 790 13,900 11,620 2,280 790 18 580 20 18,560 2,010 531 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 1 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 June 29* 20,100 6,050 14,050 11,650 2,400 800 18,950 1 20 18,930 2,060 530 e Partly estimated. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise ' all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. 955 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number capital of and date Total Loans G U ov . e S r . n- Other assets* Total i b In a t n e k r - 1 accounts banks Total ment secu- Uc- Time obliga- rities 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 1,559 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 1,002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 24 003 5,760 18,243 17,179 1,066 4,921 26,773 4,041 21, 730 1,002 1,966 37 1945—Dec. 31 26 143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec. 31 20 834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 1,449 2,205 37 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 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. 18 762 8, 104 10 658 9,624 1,034 7,171 23 177 4,069 17,487 1,621 2,306 35 Feb. 23•. . . . . 18 394 7 960 10 434 9,353 1,081 7,017 22 789 3,863 17,324 1,602 2,314 35 Mar. 30 e 18 273 8 179 10 094 8,943 1,151 7,008 22 529 3,644 17,232 1,653 2,307 35 Apr. 27«'.'.'.'.'. 18 314 7 595 10 719 9 626 1,093 6,699 22 364 3,666 17 082 1,616 2,316 35 May 25« 18 668 7 598 11 070 9 993 1,077 6,171 22 225 3,700 16 904 1,621 2,326 35 June 19 071 7 822 11 249 10 116 1,133 6,698 22 970 3,805 17 475 1,690 2,328 35 Chicago: 1939—Dec. 30 2 105 569 1 536 1 203 333 ,446 3 330 888 1 947 495 250 14 1940—Dec. 31 2 377 696 1 681 1 307 375 ,578 3 710 004 2 197 509 270 13 1941—Dec. 31 2 760 954 1 806 1 430 376 ,566 4 057 ,035 2 546 476 288 13 1942—Dec. 31 3 973 832 3 141 2 789 352 L.352 5 040 ,117 3 468 455 304 13 1943—Dec. 31 4 554 1 004 3 550 3 238 312 ,283 5 523 985 4 029 508 326 13 1944—Dec. 30 ... 5 443 1 184 4 258 3 913 345 L ,378 6 468 1,148 4 700 620 354 13 1945—Dec. 31 5,931 1 333 4 598 4 213 385 L.489 7 046 1,312 5 015 719 377 12 1946—Dec. 31 4,765 499 3,266 2 912 355 1,545 5 905 1,153 3 922 829 404 14 1947—Dec. 31 5,088 801 3 287 2 890 397 L ,739 6 402 1,217 4 273 913 426 14 1948—June 30 4,742 714 3,028 2 667 361 1,726 6 039 1,077 4 011 951 436 14 Dec. 31 4,799 783 3 016 2 633 383 1,932 6 293 064 4 227 1,001 444 13 1949—Jan. 26« 4,795 777 3,018 2 634 384 1,885 6,182 1 023 4 143 1,016 440 13 Feb. 23 • 4,759 ,733 3,026 2 632 394 1,847 6,126 '973 4 129 1,024 440 13 Mar. 30« 4,348 ,697 2,651 2 248 403 1,558 5,411 1,074 3 333 1,004 443 13 Apr. 27« 4,669 ,603 3,066 2 651 415 1,715 5,940 959 3,940 1,041 445 13 May 25e 4.832 1,569 3,263 2 831 432 1,639 5,985 981 3,960 1,044 453 13 June 29°'.'.'. . 4,797 1,562 3,235 2,822 413 1,689 6,028 1,008 3,967 1,053 462 13 Reserve city member banks: 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 11993490——DDeecc.. 31 13,013 5,931 7,081 5,204 1,877 8,278 19,844 4,076 11,018 4,750 1,904 348 1941—Dec. 31 15,347 7,105 8,243 6,467 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 Dec. 31. 35,332 14,285 21,047 18,594 2,453 13,317 45,943 5,400 29,153 11,391 2,928 335 1949—Jan. 26« 35,547 14,191 21,356 18,906 2,450 12,167 44,959 5,038 28,527 11,394 2,929 335 Feb. 23e. 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".. . 34,839 13,974 20,865 18,332 2,533 11,608 43,634 4,446 27,717 11,471 2,958 336 Apr. 27« 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" 34,952 13,384 21,568 18,948 2,620 11,344 43,450 4,465 27.428 11,557 2,972 334 June 29". . . . 35,018 13,359 21,659 18,966 2,693 11,253 43,424 4,523 27,303 11,598 2,987 334 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 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. 27« 36,372 12,017 24,355 20,921 3,434 10,038 43,439 763 27,792 14,884 3,195 6,530 May 25e." '. '.'. 36,512 11,919 24,593 21,145 3,448 9,857 43,404 754 27,774 14,876 3,188 6.529 June 29* 36,361 11, 993 24,368 20,908 3,460 9,793 43,206 760 27,574 14,872 3,200 6,521 For other footnotes see preceding and opposite page 956 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 Class of bank Cash Total Number and date Total Loans Total G o U m b o l . v e i g e n S r a t . n - - O s ri e t t c h ie u e s - r assets Total I b n a t n e k r- m D a e n - d Time a c c a c p o i u ta n l ts ba o n f ks tions A11 insured commercial banks: 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 04,094 10,705 74,309 19,081 7,453 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 29,733 25,714 12,074 89,761 23,879 7,989 13,263 1945—Dec, 31 121,809 25,765 96,043 88,912 7,131 34,292 .47,775 13,883 04,015 29,876 8,671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 36,990 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 41,851 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 35,945 11,035 89,491 35,418 9,955 13,415 Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 .40,642 11,900 93,300 35,441 10,158 13,413 National member banks: 1943—Dec. 31 47,499 10,116 37,382 34,065 318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 536 17,570 71,858 8,056 50,900 12,901 4,265 5,025 1945—Dec. 31 69,312 13,925 55,387 51,250 137 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 ,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 8,779 957 .1,893 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 055 1,918 1948—June 30 31,811 11,628 20,183 18,048 2,135 9,888 38,699 3,529 25,875 9,295 091 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 7,299 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 1,298 7,181 1945—Dec. 31. . . 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 1,362 7,130 1946—Dec. 31. . . 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1948—June 30 18,422 5,997 12,425 10,670 1,755 3,867 20,706 602 13,010 7,093 1,664 7,265 Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 Insured mutual savings banks: 1943—Dec. 31 7,525 3,073 4,452 3,844 608 559 7,534 7,527 808 184 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 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 2,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—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. 957 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Loans for U. S. Government obligations Com- purchasing 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 c m m c p k i l i i n u n e a a e e g d - r r l t 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 c d c k a u - r r r it y o i T i t e n h s o g - l t R o e a s a e t - e n a s l s C l u o o m a n n e - s r O lo th an er s Total Total Bills C o d c e f 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 a l b f t d - n i e l - t s s - O s ri e t t h c ie e u s r p p e a r - 2 d e e r a s l- ers n e e d s - s d s i io v n i- s All insured commercial banks: 1941—Dec. 31. . 49,290 21,259 9,214 1 450 614 662 4,773 4, 545 28,031 21,046 988 3,159 12,7974 102 3 651 3,333 1944—Dec. 30. . 103,382 21,352 7,920 1 723 2,2692,2654,343 1,888 944 82,030 75,875 3,971 15,30015,77839,848 978 3 422 2,733 1945—Dec. 31.. 121,809 25,765 9,461 1 314 3,164 3,6064,677 2,3611,181 96,043 88,912 2,455 19,071 16,04551,321 22 3 873 3,258 1946—Dec. 31. . 112,178 30,733 14,016 1 358 1,517 1,6097,1034,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154 298 3,592 1947—Dec. 31. . 114,274 37,583 18,012 1 610 823 1,1909,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145 1293,621 1948—June 30. . 111,794 39,372 17,834 1,976 1,183 1,07710,1016,412 1,119 72,421 63,490 2,327 9,451 5,06946,630 125 434 3,497 Dec. 31. . 112,286 41,968 18,7612,7751,336 939 10,6666,804 1,095 70,318 61,388 2,821 10,065 3,39445,100 85 509 3,420 Member banks, total: 43,521 18,021 8,671 972 594 598 3,494 3, 592 25,500 19,539 971 3,007 11,7293 832 3 090 2,871 11994441——DDeecc.. 3301.. .. 91,569 18,676 7,531 1,1982,2492,1083,209 1,505 877 72,893 67,685 3,748 13,982 14,12734,927 902 2 857 2,350 1945—Dec. 31. . 107,183 22,775 8,949 855 3,133 3,3783,455 1,9001,104 84,408 78,338 2,275 16,98514,27144,792 163 254 2,815 1946—Dec. 31. . 96,362 26,696 13,154 884 1,506 1,4675,3583,3081,020 69,666 63,042 1,167 10,043 5,60246,219 113 548 3,077 1947—Dec. 31. . 97,846 32,628 16,962 1,046 811 1,0657,1304,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104 1993,105 1948—June 30.. 95,449 33,871 16,734 1,2411,171 956 7,7775,2491,040 61,578 54,139 2,188 7,597 4,104 40,242 84,4363,003 Dec. 31. . 95.616 36,060 17,631 1,8001,324 834 8,2445,585 1,006 59,556 52,154 2,588 7,999 2,80038,761 e4,4802,922 1949—Apr. 11.. 93,835 34,905 58,930 51,362 4,6372,931 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 3,325 10,337 1 606 629 1946—Dec. 31. . 20,834 6,368 4,078 1,096 389 99 455 250 14,465 13,308 387 1,725 992 10,202 1 557 601 1947—Dec. 31. . 20,393 7,179 5,361 545 267 111 564 330 13,215 11,972 1,002 640 558 9,771 638 604 1948—June 30. . 19,019 7,550 5,275 963 250 161 616 372 11,469 10,358 693 983 520 8,162 583 528 Dec. 31. . 18,759 8,048 5,642 3 1,102 225 224 643 306 10,712 9,649 589 1,183 365 7,512 563 500 1949—Apr. 11 18,065 7,546 10,519 9,383 658 478 Chicago :z 1941—Dec. 31.. 2,760 954 732 6 48 52 22 9> 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 1,094 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31. . 5,088 1,801 1,418 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 5,653 15,878 t 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 1,342 1,053 1948—June 30. . 35,065 13,373 6,823 260 126 428 3,3332,158 369 21,692 19,222 783 3,244 1,501 13,692 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 11,4211,032 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 ,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 1,5511,285 1947—Dec. 31. . 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,0061,262 1948—June 30. . 36,623 11,234 3,279 979 22 204 4,236 2,318 267 25,389 21,892 552 3,121 1,868 16,345 c2,2231,275 Dec. 31.. 36,726 11,945 3,296 1.356 21 1874,467 2,451 261 24,781 21,278 760 3,340 1,128 16,046 42,2861,217 1949—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 6,991 752 516 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 7,058 931 517 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 6,399 999 494 Dec. 31.. 16,685 5,911 1,131 975 12 1052,426 1,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. * 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. 8 Central reserve city banks. 958 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 w e e R R r d i v e e e t - h e - r s al v C a i a n u s l h t m a w B n d e i o c a s t e l - t h - i s c p m D o a d a d e s e n i - - - t d s In de te p r o b s a i n ts k U G . o v S - . p S o a t li a n t t i d e c s al C a f o e i n f e r f d i t d - i- p v s a i I h d r n t i u d n p a i e s - l , r s - , Inter- U m G er . o e n n v S - t - . S p a o t n a l d i t t e - s p v s a i I h d r n t i u d n p a i e s - l , r s - , r B i o n o w g r s - - c C o t a a u a c p n l - i t - s B se a r n v k e s banks4 justed* m D es o t - ic4 F ei o g r n - m er e n n - t v s i u s b io d n i- s ch c e e e t c c rs k . ' s, a t n p i d o o n r c a s o - r- bank P S a o a n s v d t - al v s i u i s c i b a o d l n i s - an p ti d o o r c n a o s - rings 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 ,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—June 30. . 17,355 2,063 8,238 81,420 9.628 ,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 1,24322,179 4,240 2,450 62,950 64 99 399 23.712 208 7,589 1946—Dec; 31. . 16,015 1,576 5,936 70,24310,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—Dec. 31. . 17,797 1,672 6,270 73,52810,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—June 30. . 17,356 1,606 5,419 70,051 9,433 1,353 1,846 5,873 1,873 68,204 47 106 912 27,805 53 8,624 Dec. 31. . 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 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 1,195 651 218 942 17,216 20 15 39 1,395 2,205 1947—Dec. 31. . 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1948—June 30. . 4,883 122 46 15,592 2,830 1,183 333 272 748 16,306 15 14 41 1,621 26 2,262 Dec 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Apr. 11.. 5,164 140 41 14,875 2,598 1,204 471 235 550 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 1 1 9 9 4 4 7 5 — — D D e e c c . . 3 3 1 1. . . ] 1,0 9 7 2 0 8 2 3 9 0 1 17 7 2 5 3 3 , , 3 7 5 3 6 7 l 1 ! 1 l 1 9 3 6 0 2 2 4 1 15 7 2 2 2 2 2 8 8 5 6 4 3 7 3 3 , , 4 8 9 5 5 3 2 2 9 4 9 8 0 2 2 3 4 4 0 2 4 6 1948—June 30. . 1,144 28 152 3,505 1,055 22 105 320 47 3,539 I 11 940 436 Dec. 31.. 1,325 28 143 3,604 1 038 26 188 284 53 3,702 1 11 989 444 1949—Apr. 11.! l',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—June 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. AUGUST 1949 959 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] Loansl Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total* i t n a r d i n a u d l s , - and dealers To others Real L ba o t n a o k n s s O l t o h a e n r s Total c C t a if e t i e r - - s O s ri e t t h c ie u e s r a t c u g u r r l a i - - l G U t l i o i o o g . b S v a n - - . t s . O c t s u t i e h e r - s e i- r U l j t o i O i g o . b S V a n - - . t s . O c t s u t i e h e r - e s i- r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1948—June. . 62,99323,646 14,223 580 466 278 497 208 39,34735,134 1,995 4,814 2,400 25,925 1949—April 61,181 24,078 14,409 661 537 195 4274,079 227 3,84437,10332,7201,630 4,742 972 25,376 4,383 May 62,03023,792 13,815 862 597 197 424 4,084 246 3,86638,23833,8482,121 4,889 968 25,870 4,390 June.... 62,41423,51' 13,351 819 738 212 4214,106 243 3,92738,89734,3882,168 5,314 958 25,948 4,509 1949—May 4. . . . 61,63524,00 13,976 916 550 198 4214,077 309 3,86137,62833,263 1.836 960 25,7174,365 May 11 62,04923,585 13,908 622 594 197 416 4,086 201 3,86238,464 34,1112,356 970 25,8724,353 May 18 62,15' 23,876 13,747 1,016 644 194 4214,089 190 3,87238,27833,8722,088 967 25,919 4,406 May 25. . . . 62,28123,699 13,628 892 602 200 43'4,083 284 3,87138,58234,1452,203 973 25,9734,437 June 1... 62,33623,811 13,476 1,058 620 199 429 4,092 333 3,90438,52534,0352,105 5,225 971 25,734 4,490 June 8 61,91623,096 13,424 581 600 201 421 178 3,88938,82034,3472,165 5,385 957 25,8404,473 June 15. .. 62,60323,234 13,385 627 652 209 420 206 3,92939,36934,8672,516 5,397 961 25,993 4,502 June 22.... 62,606 23,562 13,292 806 886 209 421 204 3,93139,04434,5152,224 5,279 951 26,0614,529 June 29... 62,60923,; 13,177 1,025 931 241 416 29: 3,98038,72 34,178 1,832 5,284 950 26,112 4,549 July 6. 62,55523,167 13,005 654 883 237 410 164 4,00339,38834,7352,153 5,431 960 26,1914,653 July 13. . 62,85522,901 12,97: 523 674 229 441 223 4,01839,95435,2542,471 5,543 981 26,259 4,700 July 20. . . 63,26422,984 12,875 688 664 227 430 249 4,02240,28035,5072,614 5,575 998 26,320 ,773 July 27. . . 63,45823,031 12,891 718 631 224 4334,141 250 4,04840,42735,5902,610 5,605 1003 26,372 837 New York City 1948—June.. 18,865 7,31 521 345 143 79311,551 10,476 855 1,069 545 8,0071,075 1949—April 17,818 7,499 5,216 611 400 164 207 17 77610,319 9,215 558 1,153 104 7,4001.104 May 18,20: 7,486 4,93: 811 465 166 204 177 77810,715 9,673 802 1,216 100 7,5551,042 June 46 7,393 4,745 760 59: 168 206 168 78711,076 9,976 834 1,390 118 7,6341,100 1949—May 4..., 18,07 7,590 5,017 872 419 161 203 186 78010,481 9,437 711 1,138 97 7,491 1.044 May 11 18,096 7,278 4,975 587 461 15' 208 163 77610.818 9,803 928 1,217 101 7,5571.015 May 18 18,312 7,582 4,896 958 502 164 202 125 78110.730 9.683 799 1,203 102 7,579 1.047 May 25 18,325 7,493 4,841 826 476 181 202 235 77610.832 9,771 769 1,308 100 7,5941,061 June 1.. .. 18,375 7,624 4,798 983 491 17 203 229 78710.751 9,671 728 1,301 103 7,539 .080 June 8. . . . 18,04 7,039 4,781 534 46' 168 210 146 77411,008 9,928 805 1,422 123 7,5781,080 June 15.... 18,53 7,14' 4,776 581 492 16: 206 177 78511,39010,289 1,095 1,425 127 7,6421,101 June 22 18,654 7,435 4,708 755 733 165 207 121 78311.219 10,099 912 1.386 115 7,686 ,120 June 29 18,728 7,71 4,664 947 776 166 206 167 80611.009 9,893 629 1,414 122 7,7281,116 July 6... 18,392 7,223 4,608 59 713 159 201 151 80811,169I 9,987 728 1.414 131 7,714 1,182 July 13. . 18,43' 6,975 4,585 479 533 186 205 198 80511,46410,268 981 1,434 133 7,7201,196 July 20.... 18,59^ 6,987 4,48. 646 516 176 205 173 80611,606'10,387 ,017 1,495 137 7,7381,219 July 21.... 18,58 6,959 4,487 655 498 1 206 153 80511,628 10,371 937 1 ,531 148 7.755 1,257 Outside New York City 1948—June. . . 44,12 16,332 9,106 121 233 3,644 2,86227,79624,658 1,140 3,745 1,855 17,9183,138 1949—April 43,36- 16,579 9,193 137 151 2633,872 3,06826,78 |23,505 1.072 3,589 868 17,9763,279 May 43.82' 16,306 8,883 132 149 258 3,880 3,088 27,523|24,175 1,319 3,673 868 18,3153,348 June 43,94^ 16,124 8,606 146 151 2533,900 3,14027,82 [24,41 1,334 3,924 840 18,3143,409 May 4. 43,564 16,41' 8,959 131 149 2603.874 123 3.08127,14723.826 1,125 3,612 863 18,226 3,321 May 11. 43.95. 16.30' 8,933 133 151 2573,878 38 3,08627,64624,308 1,428 3,696 869 "" "3,338 May 18. 43,84 16,294 8,851 142 146 2573,887 65 3,09127.54824,189 1,289 3,695 865 18,340 3,359 May 25. 43.95 16.206 8,78^ 126 150 25<3,881 4! 3,09527.750[24.374 1,434 3,688 873 18,379 3,376 June 1. 43,96 16.18 8,678 129 146 2553,889 104 3,11 27,774 14,364 1,37 3,924 868 18,1953,410 June 8 43,86r 16.05 8.643 133 148 2533,893 32 3,11527,812[24,419 1,360 3,963 834 18,2623,393 June 15. 44,064 16.085 8,609 160 148 2553,899 29 3,14 27,97' 4,578 1,421 3,972 834 18,3513,401 June 22. 43.95: 16,127 8.584 153 15: 2563,905 83 3,14827,825[24,416 1,312 3,893 836 18,3753,409 June 29. 43,88 16.163 8,513 155 160 2503,915 125 3,17 27,718 24,285 1,203 3,870 828 18,3843,433 July 6 44,16c 15,944 8,397 170 156 25 3,914 12 3,19528,21 24,748|l ,425 4,017 829 18,4773,471 July 13 44,41' 15,92i 8,387 141 150 3,921 25 3,21328.49C 24,986 1,490 4,109 848 18,539 3,504 July 20 44,67 15,99 8,391 148 151 3,929 76 3,21 28,67 25,120 1,597 4,080 861 18,582 3,554 July 27 44,87 16,072 8,404 133 151 25i 3,93: 9 3,24328,79< 25,219 1,673 4,074 85. 18,617 3,580 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. * Including guaranteed obligations. 960 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n t d v - h l k - e s v C a i a u n l s t h b m a w n a d e o i n c s t - e k h t s i s c m p u o d a s a e d t s n - e i - t d d s 3 s p p u v n h c a o a a i o e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o u t i c o n a v b l a n d i t - i l t e - s - s c C c O h a f e e e i e t n f e c r r f c d . t i d s k - i ' - s, U m G er . o e n v n S - - t . s p p u v n h a C o a a i O e n i d r l r p . r d s a t - - s - , - , S p s s d a i o i u t c i n o a b v l a d n i t - i l t e - s - s P U m G S e i a o n r . a o n e n s g v v n d S t - s - a - t . l m D t D e i o s c - e - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n - l ts B d i e t a s b n * - k tions tions Total- Leading Cities 1948—June 12,883 783 2,33146,79246,973 3,442 1,463 1,18214,333 515 79 8,7771,329 30 123 5,916 94,384 1949—April 14,108 780 2,100 45,497 45,472 3,445 1,142 1,58514,480 619 92 8,215 1,385 55 252 6,077 89,756 May 13,453 768 2,08245,98545,640 3.599 1,229 1,06014,496 650 99 8,185 1,331 101 417 6,097 87,212 June 13,378 771 2,12246,383 46,264 3,475 1,309 87714,541 665 106 8,311 1,323 118 290 6,117 94,386 1949—May 4... 13.988 728 2,06245,822 45,151 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 2,13645,92145,853 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 2,08145,816 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 13,243 749 2,09946,364 46,128 3,683 1,543 79014,513 667 103 8,2581,330 115 286 6,118 18,120 13,293 785 2,10146,29545,737 3,545 1,079 57614,521 668 103 8,3971,300 115 119 6,118 20,158 13,649 761 2,29646,844 47,494 3,431 1,365 77014,532 664 104 8,767 1,311 112 106 6,115 20,985 13,475 769 2,02346,31946,154 3,357 1,208 89014,544 662 106 8,0871,334 110 690 6,109 23,008 13,231 792 2,089 46,093 45,805 3,361 1,349 1,35614,596 664 115 8,0471,339 138 250 6,127 22,381 July 6... 13,281 762 2,37745,844 45.744 3,358 1,513 1,14514,584 644 115 9,011 1,344 138 84 6,141 21,148 July 13... 12,828 826 2,40146,03546,586 3,236 1,128 81314,556 641 116 9,0361,353 139 146 6,138 20,445 July 20... 12,785 755 2,174 46,47246,520 3,280 1,654 71414,539 645 117 8,521 1,351 139 420 6,138 21,353 12,938 788 2,06: 46,68346,301 3,379 1,162 92114,535 640 120 8,3001,364 133 484 6,150 19,262 July 27... New York City 4,761 122 15,48416,135 219 781 300 1,497 2,8241,164 64 2,205 38,942 1948—June 5,192 120 14,84215,416 251 554 393 1,478 2,586 1,181 134 2,262 36,887 1949—April 4,89' 117 14,92115,448 257 655 296 1,479 2,548 1,131 260 2,271 36,444 May 4,929 119 15,14015,789 205 704 287 1,517 2,660 1,119 186 2,270 40,617 June 1949— M M a a y y 11 4 . . . . . . 5 4 , , 2 7 1 6 4 2 1 1 2 1 3 4 1 1 4 4 , , 8 92 6 6 4 1 1 5 5 , , 3 4 3 6 7 8 3 25 3 1 7 6 64 6 8 8 2 2 9 7 2 0 1 1 , , 4 4 7 8 9 0 2 2 , , 5 6 7 0 2 7 1 1 , , 1 1 5 4 5 0 42 4 3 4 2 2 , , 2 2 7 7 2 3 9 7 , , 8 9 7 88 5 May 18... 4,92 112 14,81915,426 237 784 314 1,471 2,519 1,126 501 2,270 9,642 May 25... 4,690 122 15,07515,561 204 518 306 1,485 2,492 1,105 74 2,270 7,922 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 14,99515,484 185 520 190 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 July 6... 5,083 125 14,92015,474 231 897 415 1,523 2,957 1,134 28 2,284 9,900 July 13... 4,704 131 14,81215,506 218 547 279 1,491 2,820 1,136 10 2,285 8,493 July 20... 4,749 115 15,09115,698 211 1,055 21' 1,482 2,649 1,133 258 2,283 8,635 July 27... 4,898 124 15,06715,530 248 568 331 1,486 2,608 1,152 343 2,280 7,774 Outside New York City 1948—June 8,122 661 2,29831,308 30,838 3,223 682 88: 12,836 474 65 5,953 165 59 3,711 55,442 1949—April 8,916 660 2,06730,65530,056 3,194 588 1,19213,002 592 5,629 204 118 3,81 52,869 May 8,556 651 2,05031,064 30,192 3,342 574 76413,01 619 5,637 200 15 3,826 50,768 June 8,449 652 2,084 31,24330,475 3,270 605 59013,024 629 5,651 204 104 3,847 53,769 1949—May 4... 8,774 614 2,030 30,896 29,814 3,369 577 76613,013 618 81 5,726 196 15: 3,832 12.527 May 11... 8,434 673 2,104 31,05730,385 3,347 574 73013,024 616 80 5,794 203 107 3,821 11,428 May 18... 8,516 649 2,04830,99730,362 3,261 580 78113,022 615 81 5,602 201 213 3,819 12,978 May 25... 8,499 666 2,01931,308 30,209 3,392 566 78113,012 62 84 5,426 19 156 3,829 11,557 June 1... 8,449 634 2,04631,36930,394 3,474 613 51913,012 631 85 5,630 203 101 3,842 10,677 June 8... 8,47 663 2,06631,300 30,253 3,360 559 38613,018 631 85 5,795 195 109 3,849 11,555 June 15... 8,551 649 2,261 31,48 31,329 3,218 669 54213,019 630 86 5,864 203 84 3,846 12,459 June 22... 8,364 653 1,98931,04630,290 3,142 590 63813,025 628 89 5,499 20 181 3,846 13,199 June 29... 8,40' 662 2,05 31,01130,107 3,157 590 86313,049 625 90 5,469 210 47 3,85. 12,171 July 6... 8,198 637 2,34330,924 30,270 3,127 616 73013,061 612 90 6,054 210 56 3,857 11,248 July 13... 8,124 695 2,36631,22331,080 3,018 581 53413,065 609 91 6,216 21 39 3,853 11,952 July 20... 8,036 640 2,: ,38130,822 3,069 599 49713,057 612 91 5,872 218 162 3 ,85J 12,718 July 27... 8,040 664 2,03231,616 30,771 3,131 594 58613,049 607 94 5,692 212 3,870 11,488 8 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 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. AUGUST 1949 961 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 n e d s d er a v t e e i m n a v e n e n d s t t s - Total1 i t c n r i d i a a u l l , s- a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo to ansOther Total C ti e fi r - - O se t c h u e r t a a c u g u n r r l d a i - - l G U l o i o . g b v a S - - t . . O c s u t e h r - i e - r G l U o i o g . b v S a - - t . .O c s u t e h r - e i- r oans 3anks Total Bills o d n e f e e d b i s - n t s - - Notes Bonds2rities tions ties tions ties Boston June 29 2,836 993 606 11 12 12 15 135 24 197 1,843 1,665 74 285 39 1,267 178 July 6 2,844 976 602 18 11 12 15 135 1 201 1,868 1,687 67 291 39 1,290 181 July 13 2,835 966 602 6 12 12 15 135 1 202 1,869 1,688 72 286 39 1,291 181 July 20 . . 2,846 965 597 6 7 12 16 135 7 204 1,881 1,696 88 276 40 1,292 185 July 27 2,846 974 593 7 6 11 15 135 20 206 1,872 1,686 76 277 40 1,293 186 New York* June 29 . .. 20,893 8,444 4,992 950 782 87 182 409 167 984 12,449 11,130 666 1,529 152 8,783 1,319 July 6 20,575 7,945 4,932 601 719 86 175 404 151 987 12,630 11,243 783 1,529 162 8,769 1,387 July 13 20,607 7,697 4,909 483 537 84 202 410 198 984 12,910 11,511 1,022 1,546 169 8,774 1,399 July 20 20,770 7,714 4,816 648 520 81 192 410 173 984 13,056 11,632 1,060 1,607 173 8,792 1,424 July 27 20,755 7,683 4,813 657 501 79 193 412 154 984 13,072 11,609 978 1,640 184 8,807 1,463 Philadelphia June 29 2,544 879 460 1 28 4 7 93 19 278 1,665 1,366 97 121 31 1,117 299 July 6 2,552 850 454 1 25 2 7 93 3 276 1,702 1,401 122 124 31 1,124 301 July 13 ... 2,578 857 456 1 23 2 8 94 6 278 1,721 1,415 128 124 31 1,132 306 July 20 2,562 862 455 1 24 2 8 94 10 279 1,700 1,392 104 125 31 1,132 308 July 27 2,576 863 457 1 24 2 7 94 8 281 1,713 1,397 112 125 31 1,129 316 Cleveland June 29 4,340 1,458 828 10 18 40 22 279 31 248 2,882 2,533 67 251 97 2,118 349 July 6 4,347 1,409 806 11 21 40 22 279 1 248 2,938 2,586 96 269 97 2,124 352 July 13 4,359 1,419 814 9 25 40 24 280 1 245 2,940 2,583 86 273 97 2,127 357 July 20 4,409 1,439 815 8 23 40 24 280 22 246 2,970 2,609 105 271 97 2,136 361 July 27 4,444 1,448 818 14 17 39 27 281 25 246 2,996 2,639 133 269 97 2,140 357 Richmond June 29 2,461 800 357 7 13 20 194 1 217 1,661 1,524 69 191 40 1,224 137 July 6 2,475 791 350 7 11 19 193 1 219 1,684 1,544 79 195 40 1,230 140 July 13 2,508 791 349 7 11 19 195 1 218 1,717 1,574 86 211 40 1,237 143 July 20 2,519 791 344 7 12 19 195 2 221 1,728 1,584 89 205 41 1,249 144 July 27 2,539 797 351 6 12 19 196 3 219 1,742 1,600 104 203 42 1,251 142 Atlanta June 29 2,236 795 484 9 18 24 70 5 196 1,441 1,244 33 268 36 907 197 July 6 2,258 785 475 8 16 24 67 5 201 1,473 1,274 39 287 37 911 199 July 13 2,277 786 454 9 13 24 68 5 224 1,491 1,290 49 297 37 907 201 July 20. .. 2,282 787 452 9 14 24 69 6 224 1,495 1,292 52 303 36 901 203 July 27 2,302 781 442 8 15 24 68 6 229 1,521 1,319 69 306 39 905 202 Chicago* June 29 8,637 2,495 1,600 47 38 20 56 340 24 401 6,142 5,465 421 784 230 4,030 677 July 6. . 8,667 2,437 1,579 17 56 20 55 341 1 400 6,230 5,546 453 805 230 4,058 684 July 13 8,690 2,420 1,589 7 30 21 55 342 9 399 6,270 5,586 459 826 231 4,070 684 July 20 8,760 2,443 1,591 18 38 20 53 342 12 401 6,317 5,616 485 828 231 4,072 701 July 27 8,863 2,466 1,592 34 35 20 54 343 16 404 6,397 5,693 564 822 231 4,076 704 St. Louis June 29 2,021 851 456 1 5 10 11 165 3 209 1,170 1,029 51 177 45 756 141 July 6 2,051 844 449 2 6 10 11 165 210 1,207 1,059 62 200 40 757 148 July 13 2,082 852 458 1 5 11 11 164 1 210 1,230 1,081 66 194 42 779 149 July 20 2,080 860 461 2 6 10 11 166 1 212 1,220 1,068 59 197 39 773 152 July 27 2,118 868 457 1 5 10 11 168 11 214 1,250 1,079 71 194 40 774 171 Minneapolis June 29 1,166 411 215 3 7 4 65 123 ' 755 656 26 148 20 462 99 July 6 1,183 417 218 3 7 65 125 766 663 28 152 19 464 103 July 13 1,206 418 218 3 7 65 126 788 685 33 168 19 465 103 July 20 1,241 425 223 5 7 65 126 816 710 70 134 29 477 106 July 27 1,218 427 222 3 7 65 ' ' 2 129 791 687 47 142 20 478 104 Kansas City June 29 2,336 825 511 4 11 130 3 166 1 .511 1,291 113 301 71 806 220 July 6 2,349 826 514 4 11 130 1 166 ,523 1,303 128 296 70 809 220 Tuly 13 2,375 827 515 4 11 130 1 166 1,548 1,326 136 310 69 811 222 July 20 2,414 836 519 4 11 130 5 167 L ,578 1,354 156 313 70 815 224 July 27 2,409 840 521 1 11 130 167 1,569 1,346 148 312 69 817 223 Dallas June 29 2,223 1,013 683 7 14 37 88 194 1,210 1,090 42 286 41 721 120 July 6 2 239 1,010 678 6 15 38 88 195 L 229 1 108 57 289 41 721 121 July 13. .. 2,250 1,005 676 6 14 38 88 193 .245 1,120 64 288 43 725 125 July 20 2,289 1,013 682 7 14 38 88 194 1 ]27r 1,153 77 296 42 738 123 July 27 2,289 1,021 683 7 14 38 88 201 1,268 1,147 66 299 44 738 121 San Francisco June 29 10,916 4,918 1,985 c 18 11 272,153 15 767 5,998 5,185 173 943 148 3,921 813 July 6. 11,015 4,877 1,948 4 17 13 282,155 775 6,138 5,321 239 994 154 3,934 817 July 13 11,088 4,863 1,932 16 13 9 292,155 773 6,225 5,395 270 1 020 164 3,941 830 July 20 11,092 4,849 1,920 c 14 10 292,160 11 764 6,243 5,401 269 1,020 169 3,943 842 July 27 11,099 4,863 1,942 14 10 292,161 768 6,236 5,388 242 1,016 166 3,964 848 City of Chicago* June 29 5,354 1,658 1,234 47 33 16 48 74 18 209 3,696 3,249 315 462 182 2,290 447 July 6 5,380 1,604 1,213 17 51 15 47 74 208 3,776 3,321 354 475 182 2,310 455 July 13 5,386 1,592 1,230 25 16 47 1L 8 206 3,794 3,341 345 501 183 2,312 453 July 20 5,422 1,608 1,233 17 33 16 46 74 207 3,814 3,346 352 500 183 2,311 468 July 27 5,503 1,620 1,233 34 30 15 46 75 208 3,883 3,414 416 498 183 2,317 469 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures /or the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. For other footnotes see preceding table. 962 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 dollarsl Demand deposits Time deposits, Interbank except interbank except interbank deposit 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 n e a t d v h - k l - e s C va i a n u sh lt m b a w a n d e n i c o s t e k - h ti s s c j p m u o a d s a d t s e n e i - - t d d s 3 s p p u v n c h a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b n d i e i l t - - s s - c C h c O a e f e e e i n t f e c r r c f d i d t k s . - i ' s - , U m G er . o e n v n S - - t . p u s p n c v a h o a o a e i n l d i r r r r d s p a - - - t , - s - S p s d s a i t i o u i c a o n v l a b t n d i i e l t - - s - s P U m G S e i a o n . r a n o e s g n v d v n t S s - a - - t . l m D ti e o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t u a c a p n - l - ts B d it e a s b n * - k tions tions Boston June 29 529 55 93 2,381 2,321 178 48 49 477 5 265 33 4 321 826 July 6 524 55 102 2,385 2,364 160 45 37 476 5 284 31 10 322 745 July 13 506 59 98 2,359 2,342 172 39 25 483 6 288 32 8 322 817 July 20... 506 55 87 2,372 2,338 173 45 20 483 276 30 9 322 792 July 27.... 495 55 88 2,367 2,311 172 37 28 483 6 270 31 3 322 723 New York* June 29 5,134 175 112 16,562 16,983 457 800 523 2,384 45 34 2,641 1,132 91 205 2,467 10,846 July 6 5,390 170 125 16,396 16,770 484 946 439 2,358 38 34 3,029 1,138 91 61 2,479 10,394 July 13 4,963 179 121 16,259 16,837 421 586 299 2,324 37 34 2,890 1,142 91 110 2,480 9,156 July 20... 5 ,029 159 109 16,554 17,027 420 1,096 236 2,314 39 35 2,716 1,136 91 272 2 478 9,148 July 27 5,177 168 107 16,531 16,836 477 611 353 2,317 38 36 2,675 1,155 90 346 2,475 8,258 Philadelphia June 29 504 42 96 2,050 2,122 81 22 56 412 42 1 327 10 3 310 810 July 6 472 42 99 2,018 2,106 86 24 37 412 43 1 354 11 3 311 678 July 13 461 44 95 2,029 2,113 97 23 27 412 41 1 364 10 10 311 763 July 20 482 41 86 2,025 2,098 97 23 23 411 41 1 352 10 24 311 760 July 27 471 42 83 2,025 2,091 95 24 57 410 40 1 329 11 14 311 770 Cleveland June 29 815 84 137 3,020 3,065 173 42 115 1,335 42 1 401 5 2 10 467 1,191 July 6 758 75 146 2,965 3,008 176 43 100 1,336 42 2 431 5 2 468 1,162 July 13 768 85 156 3,017 3,104 181 42 66 1,333 43 2 445 6 2 '' ii 462 1,055 July 20 743 78 155 3,069 3,096 199 47 52 1,332 43 2 436 7 2 6 467 1,136 July 27 774 81 145 3,116 3,130 199 50 78 1,330 42 2 421 6 2 n 468 1,098 June 29 501 66 153 1,979 1,970 154 42 44 568 30 18 326 5 15 225 680 July 6 469 63 173 1,960 1,981 152 33 34 569 30 18 370 4 i 1 225 667 July 13 476 69 179 2,004 2,049 134 41 29 568 30 18 382 3 l 3 224 657 July 20 474 62 147 1,997 2,013 137 38 27 568 30 18 350 4 l 13 224 754 July 27... 473 66 157 2,045 2,041 143 38 25 567 30 19 335 5 l 12 224 628 Atlanta June 29... 456 42 169 1,729 1,596 286 22 30 536 4 5 417 11 7 188 614 July 6 439 39 213 1,725 1,607 285 23 24 536 5 5 472 11 7 189 604 July 13 439 43 207 1,741 1,657 293 21 18 535 5 5 476 14 8 190 622 July 20 423 40 187 1,758 1,647 282 24 18 534 5 5 426 16 7 189 716 July 27.... 413 43 165 1,769 1,623 293 21 18 538 5 5 410 12 3 189 583 Chicago* June 29.... 1,879 104 320 6,025 5,873 611 92 263 2,556 32 17 1,288 50 1 4 722 2,855 July 6 1,910 101 390 6,006 5,871 614 98 252 2,561 31 16 1,451 50 1 722 2,602 July 13 1,939 105 359 6,091 6,056 593 104 1692,562 31 16 1,472 51 1 2 718 2,646 July 20 1,819 96 342 6,088 5,960 621 99 136 2,564 31 16 1,390 49 1 46 718 2,827 July 27... 1,838 100 329 6,183 6,068 611 89 153 2,562 31 16 1,380 48 1 60 719 2,674 St. Louis June 29 395 29 117 1,342 1,381 116 28 37 474 12 1 514 4 7 178 559 July 6 398 28 133 1,348 1,406 114 20 26 474 12 1 570 4 3 178 509 July 13.... 384 30 127 1,368 1,457 111 16 19 474 12 1 575 3 179 545 July 20 399 28 120 1,380 1,446 114 17 18 474 12 558 3 9 179 599 July 27 382 29 111 1,410 1,438 120 19 28 473 12 532 3 10 179 528 Minneapolis Tune 29 222 13 82 841 742 201 13 20 248 266 2 5 100 335 July 6 220 11 97 846 736 218 13 15 248 293 2 5 " i 100 319 July 13 210 14 93 850 763 213 13 12 248 304 2 5 l 100 372 July 20 240 13 77 853 754 217 13 54 247 278 3 5 30 100 484 July 27 230 13 77 859 754 209 13 46 247 1 273 2 4 5 101 357 Kansas City June 29.... 507 32 260 1,813 1,760 241 25 41 379 2 3 704 1 1 2 200 673 July 6 501 29 288 1,790 1,768 235 25 29 380 2 3 773 1 1 1 199 634 July 13 . 498 33 318 1,823 1,832 234 26 24 380 2 3 803 1 1 1 199 739 July 20 495 30 292 1,870 1,849 245 25 20 381 2 3 765 1 1 1 200 871 July 27.... 495 32 267 1,852 1,813 247 24 25 381 2 3 748 1 1 2 200 745 Dallas June 29.... 483 35 290 1,907 1,820 213 33 30 358 85 7 471 1 202 611 July 6 465 34 314 1,901 1,826 219 29 25 357 76 7 513 1 202 546 July 13 478 36 337 1,943 1,888 218 32 20 357 76 7 527 1 202 592 July 20 474 33 304 1,961 1,890 223 37 19 356 78 7 506 1 2 202 736 July 27 485 35 276 1,953 1,856 224 34 19 356 78 8 499 5 1 203 614 San Francisco June 29 1,806 115 260 6,444 6,172 650 182 1484,869 370 22 427 81 30 747 2,381 July 6 1,735 115 297 6,504 6,301 615 214 127 4,877 365 22 471 82 29 4 746 2,288 July 13 1,706 129 311 6,551 6,488 569 185 105 4,880 364 22 510 84 29 751 2,481 July 20 1,701 120 268 6,545 6,402 552 190 91 4,875 364 22 468 87 30 """8 748 2,530 July 27. .. 1,705 124 257 6,573 6,340 589 202 91 4,871 362 22 428 85 30 21 759 2,284 City of Chicago* June 29 . 1,278 38 159 3,812 3,804 314 43 154 1,336 32 3 964 45 489 1,846 July 6 1,303 40 217 3,793 3,796 312 50 162 1,340 31 3 1,087 45 489 1,805 July 13 1,337 38 189 3,834 3,904 300 49 108 1,341 31 3 1,107 46 "*2 485 1,641 July 20 1,260 33 176 3,854 3,869 306 45 77 1,342 31 3 1,028 44 35 485 1,815 July 27 1,261 36 156 3,893 3,912 305 41 89 1,341 31 3 1,020 43 59 485 1,629 For footnotes see opposite page and preceding table. AUGUST 1949 963 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 Dar list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B nd ra n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s United States total: Dec. 31, 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 June 30, 1949? 14,051 4,460 12,168 4,192 6,897 3,300 5,271 892 1,883 268 By districts and by States June 30, 1949P District Boston 488 312 488 312 332 232 156 80 New York 904 874 904 874 777 808 127 66 Philadelphia 838 145 838 145 642 108 196 37 Cleveland ,126 286 1,126 286 700 246 426 40 Richmond 1,009 486 801 363 479 237 322 126 208 123 Atlanta ,185 187 567 151 348 133 219 18 618 36 Chicago . .. 2,488 588 2,488 588 1,003 236 1,485 352 St. Louis 1,468 138 1,131 79 495 42 636 37 337 59 1,278 110 675 69 477 26 198 43 603 41 Kansas City 1,751 10 1,742 10 758 6 984 4 9 Dallas .016 45 908 36 621 22 287 14 108 9 San Francisco 500 1,279 500 1,279 265 1,204 235 75 State Alabama 226 23 128 23 91 23 37 98 Arizona 10 49 10 49 5 36 5 13 Arkansas 230 21 108 6 67 2 41 4 122 15 California 194 933 194 933 114 889 80 44 Colorado 143 1 143 1 92 1 51 Connecticu t 113 32 113 32 66 17 47 15 Delaware 39 14 39 14 17 4 22 10 District of Columbia 19 41 19 41 16 38 3 3 Florida 182 3 119 3 73 3 46 63 Georgia 394 35 100 31 65 30 35 1 294 4 Idaho 45 51 45 51 27 46 18 5 Illinois 886 3 884 3 506 3 378 2 Indiana 485 99 485 99 235 43 250 56 Iowa 665 163 665 163 163 502 163 Kansas 609 607 214 393 2 Kentucky 382 40 382 40 112 25 270 15 Louisiana 161 67 58 44 46 38 12 6 103 23 [Maine 63 69 63 69 38 37 25 32 Maryland 163 112 163 112 77 76 86 36 Massachusetts 178 169 178 169 142 153 36 16 \f ichisan 441 221 441 221 231 170 210 51 680 6 265 207 6 58 415 Mississippi 203 61 39 12 31 5 8 7 164 49 \tissouri 594 528 180 348 66 Montana 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 Tersev 331 147 331 147 283 132 48 15 New Mexico 50 12 50 12 34 2 16 10 New York 646 738 646 738 565 685 81 53 North Carolina 209 188 95 69 54 37 41 32 114 , 119 North Dakota 150 22 62 6 42 20 6 88 16 Ohio 662 211 662 211 424 184 238 27 Oklahoma 385 1 377 1 225 1 152 8 Oregon 68 93 68 93 30 84 38 9 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 86 200 73 82 57 118 16 93 13 Texas 895 5 838 5 569 5 269 57 Utah 55 23 55 23 31 21 24 2 Vermont 69 11 69 11 40 2 29 9 Virginia 314 105 309 105 204 56 105 49 5 Washington 122 127 122 127 53 120 69 7 West Virginia . .. 179 178 107 71 1 ^^isconsin 550 151 550 151 164 21 386 130 Wyoming 55 55 41 14 P Preliminary. * Excludes mutual savings banks, on a few of which some checks are drawn. 2 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see BULLETIN for February 1949, p. 191, footnote 3). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports 964 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 S m i n t n p a i t o t t o e e r s d ts E U S x f n t r p a o i o t m t e e r s d ts c D h 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—May 254 256 161 71 90 95 155 57 19 21 June 270 253 142 61 81 111 155 56 19 20 July 284 235 134 67 67 102 151 47 19 18 August 309 221 122 60 62 99 143 40 20 17 September 305 214 120 65 55 94 136 37 20 20 October 285 221 125 67 58 96 140 42 20 17 November 287 239 141 71 70 99 152 48 24 15 December 269 259 146 71 76 112 164 57 25 12 1949—January 268 262 137 66 70 126 156 57 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 ••219 195 84 58 27 110 118 44 2 17 12 June 199 198 87 54 33 111 121 47 17 13 r Revised. 1 As reported by dealers; includes some finance company paper sold in open market. 2Less than $500,000. 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 bstlances in millions of dollars] Debit balances Credit balances Debit Debit cre C di u t st 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 ba ( l n a e n t c )i es a in n a v d c e c s t o r t u m a n d e t i n s n t g a in n a v d c e c s t o r t u m a n d e t i n s n t g a b n a d n k i s n borrowed2 Free O (n th e e t) r a i I n n n a v d c e p c s o t a t r r u m a t n d n e t i e n s n r t g s' a in n a v I d c n e c s o t f r t i u m a r n d m e t i s n n t g I a n c ( c c n o a e u p t n ) it t a s l 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 1948— D J e u c n e e m . b .. e . r . . .. .. 6 5 1 7 9 8 7 7 3 3 1 2 5 6 3 33 9 2 3 2 2 4 8 0 3 6 5 1 7 2 6 1 1 4 7 5 6 2 2 3 0 1 1 5 1 2 2 9 7 1 3 July !608 8288 3 577 August 8573 8252 8 551 September. . 8 570 8238 8 550 October 8 580 8 252 8 540 November. . 8 551 8 244 8 563 December... 550 10 312 349 257 586 112 28 5 278 1949—January ... 8 537 8 247 3 573 February .. . 8527 8 225 3565 March 3 530 3 254 3 551 April «626 8 329 3 542 May 3 660 3 355 3 535 June 681 5 419 280 493 528 129 20 9 260 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. of national securities exchanges). ers' debit balances represented by balances secured by U. S. Government securities was (in mmiilllliioonnss ooff ddoollllaarrss^^:: AApprriill.. 668; May 67. NOTE.—For explanation of these figures seeee ""SSttaattiissttiiccss oonn MMaarrggiinn AAcccounts" in BULLETIN for September 1936. The article describes the mmeetthhoodd bbyy wwhhiicchh tthhee ffiigguurreess aarree ddeerriivveedd aanndd rreeppoorrtteedd , ddiissttiinngguuiisshheess tthhee ttaabblle from a "statement of financial condition," and explains that the last cccooollluuummmnnn iiisss nnnooottt tttooo bbbeee tttaaakkkeeennn aaasss rrreeeppprrreeessseeennntttiiinnnggg ttthhheee aaaccctttuuaall nneett ccaappiittaall ooff tthhee rreeppoorrttiinngg ffiirrmmss.. BBka ck figufirSe s.—SeeB Bakni king da nMd MonetarSy 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. AUGUST 1949 965 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 t c h e r k , , or m 4 m p P c - o a r o e t p n i o r m m e t c h 6 r i - e a , s - l 1 a a P b d c n e a r a 9 c r i c n y s m e 0 e ' k s p s e - 1 , t- c S h n l a c e t o r a e o x l a e a w n s - - c l n 2 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 o a t o r b y t t n t i i e n e f 1 t s 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 1 a c r 9 e l i 3 t a 9 a i e v a s e n : r d a g p e e s r : iod l 2 o A . a 1 l n l s $ $ 1 1 4 0 , . 0 4 ,0 0 0 0 0 - $ $ 1 1 3 0 0 S . 0 1 ,0 i , z 0 0 e 0 0 0 o - f $ $ 1 l 2 o 0 2 0 0 a . 0 1 n ,0 ,0 0 0 0 0 -$ a 2 n 1 0 d . 0 8 o ,0 v 0 e 0 r ness 1940 2.1 4.3 3.0 2.0 1.8 1941 2.0 4.3 3.0 1.9 1.8 1 19 9 4 4 7 6 a a v v e e r r a a g g e e L.0 81 3 .8 6 7 1 j L . 1 3 6 8 .6 37 0 5 4 . . 8 8 2 8 1 .3 1 2 6 1 1 1 9 9 9 4 4 4 3 2 4 2 2 2 . . . 2 6 4 4 4 4 . . . 4 3 4 3 3 3 . . . 2 3 4 2 2 2 . . . 6 5 2 2 2 2. . . 2 0 4 1948 average L.44 1.11 .55 1.043 1.14 L.62 1945 2.2 4.3 3.2 2.3 2.0 1948— A Ju u l g y ust 1 L . . 3 4 8 4 1.06 L L. 6 .5 3 0 L.O OO 5 7 3 j L .1 in 5 I L 5 !6 6 5 1 1 1 9 9 9 4 4 4 7 6 8 2 2 2 . . . 1 1 5 4 4 4 . . . 2 2 4 3 3 3 . . . 1 1 5 2 2 2 . . . 2 5 8 2 1 1 . . . 2 7 8 September. L.56 l!l9 1.63 L.090 L.18 L.69 October. . . L.56 1.19 L.63 1.120 L.23 L.71 Quarterly: November . 1.56 1.19 L.63 L.144 L.22 L.69 19 cities: December.. L.56 1.19 1.63 1.154 L.21 L.64 1948—Sept 2.60 4.53 3.58 2.92 2.29 Dec 2.64 4.50 3.58 2.97 2.34 1949—January... L.56 1.19 1.63 L.160 L.22 L.59 1949—Mar 2.70 4.62 3.64 2.89 2.42 February. . L.56 1.19 L.63 L.163 L.22 L.57 June 2.74 4.63 3.70 3.04 2.44 March L.56 1.19 L.63 L.162 L.22 L.54 New York City: J J A M u u p a n l r y y e i l .. 1 L L . . ' 5 5 5 5 6 6 6 6 1 1 1 1 . . . . 1 1 1 0 9 9 9 6 L L L . . . 6 6 6 63 3 3 3 0 1 L . . . 9 1 1 1 5 9 5 5 8 5 0 6 L L L . . 0 1 2 2 4 9 0 0 L L L . 4 2 5 .4 6 9 3 2 1 1 9 9 4 4 8 9 — — D J S M u e e n a p c r e t 2 2 2 2 . . . . 3 4 3 3 2 2 4 5 4 4 4 4 . . . . 2 2 2 4 3 2 2 0 3 3 3 3 . . . . 3 4 4 4 5 2 0 3 2 2 2 2 . . . . 6 6 7 7 8 6 0 8 2 2 2 2 . . . . 1 1 2 1 6 7 5 3 Week ending: 7 Northern and East- July 2.... l3/l6 I i^-l % 1.052 1.16 1.36 ern cities: July 9.... \ i^—i % 0.923 1.04 1.26 1948—Sept 2.60 4.55 3.58 2.91 2.34 J J u u l l y y 2 1 3 6... .iH-iy8 l V V /n l6 \ I i i / ^ ^ — — i l ^ ^ 0 1 . . 9 01 28 7 1 1 . . 0 0 2 3 1 1 . . 2 2 5 6 1949— D M e a c r 2 2 . . 6 6 8 8 4 4 . . 5 6 1 3 3 3. . 6 6 6 0 2 2 . . 9 8 7 9 2 2 . . 4 4 4 4 July 30. ... 1M-Ifc 1.032 1.06 1.27 June 2.86 4.67 3.64 2.98 2.66 11 Southern and Western cities: 2 1 T M h o e n t a h v l e y r a f g ig e u r r e a s t e a r o e n a v 9 e 0 r - a d g a e y s S o t f o c w k e e E k x ly c h p a r n e g v e a il t i i n m g e ra lo te a s n . s was 1.25 1948— D Se e p c t 3 3. . 0 0 2 1 4 4 . . 6 5 2 7 3 3 . .6 7 8 1 3 3 . . 0 1 7 4 2 2. . 5 5 7 6 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 YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's; (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years o a v n e d r Aaa Aa A Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues 1-5 1-8 15 10 120 30 30 30 30 40 40 40 1946 average 1 45 2 19 1.64 2 44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1947 average 1.59 2.25 2.01 2.57 2.86 2.61 2.70 2.87 3.24 2.67 3.11 2.78 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1948_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 Tune 1.66 2.38 2.28 2.72 3 00 2.71 2.78 3.04 3.47 2.78 3.29 2.93 July 1.55 2.27 2.26 2.66 2.98 2.67 2.75 3.03 3.46 2.75 3.29 2.89 Week ending: 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 July 9 .. 1.57 2.27 2.27 2.69 2.99 2.69 2.77 3.04 3.47 2.77 3.31 2.90 July 16 1.55 2.26 2.26 2.66 2.98 2.67 2.76 3.03 3.46 2.75 3.30 2.90 July 23 1.54 2.26 2.26 2.65 2.97 2.65 2.74 3.02 3.44 2.74 3.28 2.89 July 30... 1.54 2.27 2.25 2.64 2.96 2.64 2.73 3.01 3.44 2.73 3.26 2.88 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 966 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices 5 Corporate4 Common (index 1935-39=100) Volume of trad- Year, month, or week U. S. Munic- ing7 (in Gov- ipal Medium-grade Pre- thoum e e rn n - t* g ( r h a i d g e h ) - 3 H gr i a g d h e - Indus- Rail- Public ferred6 Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c SO s dO h .ItI a idn r oC e Of s XI ) T Total trial road utility Number of issues. 1-8 15 12 14 5 5 4 15 416 365 20 31 1946 average 104.77 140.1 198.5 140 143 143 120 1,390 1947 average 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1948 average 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1948—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 88 93 808 July 103.29 127.9 102.0 91.8 98.6 79.9 96.9 176.6 118 124 91 95 938 Week ending: July 2.... 102.25 127.3 101.1 91.3 98.0 79.3 96.5 176.4 113 118 87 93 667 July 9 103.28 127.7 101.5 91.5 98.2 79.7 96.6 175.9 115 121 89 95 893 July 16.... 103.40 127.9 101.9 91.7 98.4 79.9 96.9 176.4 117 123 90 95 912 July 23.... 103.35 127.9 102.2 91.8 98.7 80.0 96.8 176.4 119 125 92 96 1,057 July 30 103.22 128.1 102.3 92.1 99.1 80.1 97.3 177.7 120 126 92 96 923 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. 8 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 BULL ETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] ]For new capital For refunding Total Domestic Domestic Year or month f ( a i u n r n n n e e g - d d w ) - m T e f ( a i o d o e g n o s r 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 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 ( a f i d o o e g n o s r t d n - - a t ) i l c Total S n m a p t i n c a 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 ig o n r- 2 1940 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2,026 1,834 193 1941 5,546 2,854 2,852 518 1,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1 1 9 9 4 4 7 8 . . . 3 9 9 , , 9 6 3 9 3 1 3 8 7 ,5 8 6 0 6 6 8 7 ,2 7 5 9 5 6 2 2 , , 6 2 0 2 4 8 2 29 3 4 9 44 5 , , 7 8 8 9 7 8 4 3 4 , , 5 9 6 9 7 2 1,2 9 1 0 9 6 6 10 8 2 1 , , 1 12 2 8 5 1 1 , , 1 9 2 4 7 8 4 82 4 4 7 2 68 2 1,4 2 8 7 2 7 1,1 2 9 5 9 1 28 26 3 177 1948—June 954 888 888 283 21 584 436 148 66 66 3 34 29 29 J A S O u e c u l p t y g o te u b m e s r t b . e . . . . r 6 9 7 7 6 8 0 7 3 3 6 2 6 9 5 5 8 0 3 7 8 2 2 4 6 9 5 5 0 7 8 2 1 2 8 9 2 2 1 1 3 7 1 1 7 3 8 8 3 6 5 7 4 4 2 5 6 5 5 0 2 3 6 3 8 ^ 3 4 1 5 9 6 9 7 2 6 5 8 6 8 4 1 1 7 9 0 3 2 1 ' 1 8 8 8 7 5 9 1 5 1 8 8 8 7 5 9 1 5 50 2 6 1 1 6 6 5 2 2 8 6 3 2 1 1 2 6 5 9 1 1 1 2 5 3 9 13 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. ••510 '445 ••445 ••200 14 231 225 6 '65 '65 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 '761 r685 ••685 r339 51 295 193 102 76 76 7 38 31 11 20 June 1,629 1,535 1,535 315 24 1,196 1,084 113 94 94 1 62 31 30 r Revised. 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 dcmestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Each figures.—Site hanking and Monetary Siaiislics, Table 137, p. 487. 967 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS fin millions of dollars] Proposed uses of net proceeds Estimated Estimated Year or month gross net New money Retirement of securities proceeds 2 proceeds 3 Repayment of Other Total Plant and Working Total Bonds and Preferred other debt purposes equipment capital notes stock 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—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 O N D o e c c v t e o e m m b b e b e r e r . r ... 6 5 7 8 0 0 4 9 5 6 5 6 9 0 7 7 3 3 6 4 6 6 6 3 6 6 5 3 5 5 6 5 3 0 3 8 1 1 2 1 7 8 3 5 1 8 5 0 1 2 0 8 3 '" 2 2 1 6 1 8 1 3 2 2 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 698 688 553 402 151 1 1 126 7 May ••388 r380 '340 '254 85 18 13 5 15 7 June 1,257 1,244 1,074 958 116 44 40 4 116 9 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Rea estate and financial Yeai 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—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 i<5 5 r100 r92 2 6 39 28 11 June 45 45 916 856 39 20 207 113 4 90 76 60 1 15 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. 8 Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 968 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 s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 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 '31,144 4,099 2,521 1,167 26,015 3,423 2,105 1,000 '5,129 676 416 167 1948 '37 182 r5 315 3 310 1,403 '31,465 4,593 2,860 1,210 '5,717 721 450 192 Quarterly 1947—1 7,020 999 604 246 5,828 843 509 216 1,192 156 95 30 2 ••7,649 978 598 271 6,362 807 495 235 '1,287 171 104 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 194g—i 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 «-9,314 1,331 832 307 7,877 1,146 717 265 '1,437 186 115 43 4 '10,204 1,523 958 499 '8,759 1,339 838 429 '1,445 184 120 70 1949—i '9,389 ••1,342 '824 343 '8,084 1,204 740 302 '1,305 139 '84 41 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter O re p v i e n e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s O re p v i e n e r g n a u t e - P b t e r a o f x o f e i r t s e s P a t r a f o t x e f e i r t s s d D e i n v d i- s r O e p v in e e g r n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r s ts d D e i n v d i- s 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 8,685 111 479 236 4,244 961 652 494 2,149 193 131 134 1948 9,672 1,148 700 289 4,708 983 661 492 2,541 269 183 181 Quarterly 1947—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 I949,—1 % > # . 2,145 120 58 69 1,281 316 206 124 670 62 42 50 «• Revised. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of 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). AUGUST 1949 969 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 Nondurable goods industries Total (94 corps.)1 Sales 8,94011,31313,364 2,639 2,697 2,816 3,161 3,219 3,289 -•3,324 '3,532 '3,237 Profits before taxes 1,426 1,787 2,208 452 408 437 490 546 553 543 565 502 Profits after taxes 908 1,167 1,474 283 264 287 333 356 362 362 394 '326 Dividends 449 551 656 114 132 123 183 133 157 141 225 146 Selected industries: Foods and kind.ed products (28 corps.) Sales 2,715 3,231 3,447 772 753 792 915 835 861 '846 ••904 '796 Profits before taxes 435 421 410 122 86 98 115 96 104 99 111 85 Protk" qfter taxjs 254 259 257 74 52 59 73 61 64 60 71 '52 Dividends 105 128 135 27 29 29 43 29 32 32 42 30 Chcm'cpJs and allied products (26 corps.) Sales 2,550 3,108 3,563 747 754 775 832 848 875 904 936 896 Profits before taxes 463 547 655 149 129 129 140 151 155 166 183 174 Profits after taxes 283 337 408 90 79 80 89 91 95 104 119 105 Dividends 180 215 254 49 54 54 59 53 58 59 85 64 Petroleum refining (14 corps.) Sales 2,080 2,906 3,945 622 686 741 858 947 942 978 1,077 993 Profits before taxes 269 456 721 101 120 147 195 182 171 173 162 Profits after taxes 214 350 548 77 91 118 141 133 132 141 120 Dividends 92 127 172 33 21 51 33 45 29 66 31 Durable goods industries Total (106 corps.)2 Sales 12,623 19,83123,818 4,381 ••4,952 4,878 5,621 5,440 5,714 5,991 6,673 '6,152 Profits before taxes 607 2,312 3,107 547 570 552 643 672 688 788 958 '840 Profits after taxes 295 1,355 1,836 321 334 327 373 395 408 470 564 498 Dividends 494 615 746 132 139 141 203 152 154 166 274 197 Selected industries: Primary metals and products (39 corps.) Sales 5,429 7,545'9,066 1,753 1,884 1,831 2,077 2,060 2,100 2,306 '2,601 '2,430 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 45 71 67 75 83 71 105 72 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 '2,151 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 r Revised. 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—x '31 4 '12 5 '18 9 '6 6 '12 3 1940 9.3 2.9 6.4 4.0 2.4 2 '30.9 '12.3 '18.6 '6.9 '11.7 1941 17.2 7.8 9.4 4 5 4 9 3 '31 3 '12 3 '19 0 '7 1 '11 9 1942 21.1 11.7 9.4 4.3 5 1 4 '32 8 '13 0 '19 8 '7 3 '12 5 1943 '25 1 '14 4 '10 6 4 5 '6 2 1944 24.3 13.5 10.8 4.7 6.1 1948—i '33.0 '12.8 '20.2 '7.6 '12.6 1945 '19.7 '11.2 '8.5 4.7 '3.8 2 '35 0 '13 7 '21 3 '7 7 '13 6 1946 '23.6 '9.6 '13.9 '5.8 '8.1 3 '36.6 '14.4 '22.2 '7.9 '14.3 1947 '31.6 '12 5 '19.1 '7.0 '12 1 4 '34 5 '13 6 '20 9 8 3 '12 6 1948 '34.8 '13.6 '21.2 '7.9 '13.2 1949—i '28.4 '11.2 '17.3 '8.4 8.9 r Revised. Source.—Same as for national income series. 970 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis of daily statements of United States Treasury. In millions of dollars] Marketable public issues * sfonmarketable public issues Total Non- Fully Total interest- interest- guaran~ gross 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—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 252,506 250,39 157,731 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 2G 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 252,770 250,76 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 32,776 2,009 24 July.... 253,877 251,880 154,959 11,531 29,246 3,596 110,426 63,872 56,453 5,705 33,049 1,996 22 1 Including amounts held by Government agencies and trust funds, which aggregated 5,374 million dollars on June 30, 1949. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary, Armed Forces Leave bonds, and iy2 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 JULY 31, 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 Treasurybills Treasury bonds—( series E F G series Aug. 4,1949. 802 June 15, 1951-54 2 1,627 A A S A S S S S O O O e e e e u u e u c c c p p p p p g g t t g t t t t t t . . . . . . . . . . . 2 1 2 1 1 2 2 1 0 3 8 6 1 5 1 8 9 2 5 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 4 4 4 9 9 9 9 9 9 9 9 9 9 9 . . . . . . . 9 9 9 8 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 0 1 0 5 3 5 1 8 3 1 1 2 S S D J D J J M D J M u u u u e e e e e a n n n a n p p c c c r e e e r e t t . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 5 5 5 1 1 3 1 4 2 1 2 2 5 2 - - - - - - - - - - - 5 5 5 5 6 5 5 5 5 5 5 3 5 5 6 0 5 4 4 5 4 3 . . . . . 2 . 2 2 2 * . 7 5 8 1 2 1 1 , , , , , , , 9 8 5 7 1 5 6 6 6 0 7 2 8 5 1 1 0 8 6 2 1 2 5 0 5 1 6 8 1 5 4 1 2 F J e i u s n c n d a e i l n — g y : e 1 1 1 1 1 1 1 1 a 9 9 9 9 9 9 9 9 r 4 4 4 4 4 4 4 4 2 3 6 4 5 7 8 9 . . . . . . . . . . . . . . . . 2 3 4 4 5 5 1 5 1 4 5 1 9 3 0 6 , , , , , , , , 2 6 5 3 0 1 2 2 5 8 0 6 8 3 7 6 6 6 6 7 8 5 4 0 1 1 1 1 5 9 5 4 6 7 7 , , , , , , , , 9 7 4 6 8 2 2 1 9 8 1 9 9 3 0 4 4 9 2 8 1 5 8 1 1 1 3 8 1 1 6 4 4 4 , , , , , , , , 5 2 2 5 7 0 8 2 2 8 7 3 5 2 2 7 6 7 1 9 3 0 6 8 4 8 6 4 3 3 4 7 3 0 0 0 7 6 5 7 5 2 7 1 9 0 8 3 2 2 2 2 2 2 2 1 , , , , , 6 4 9 5 3 0 8 7 3 5 6 0 6 7 9 5 2 6 9 8 5 7 1 0 2 4 6 5 5 5 , , , , , , 7 3 1 0 5 2 8 2 1 1 7 6 4 9 0 4 7 3 1 7 8 5 7 8 Oct. 27,1949 900 S S J M u e e a n p p r e t t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 6 8 6 - - - - 5 6 5 5 9 3 8 9 . . 2 2 3 1 , , 9 8 9 4 8 2 1 4 2 9 3 9 1948— S A J e u u p l g y t . . . . . . . . . . . 5 5 5 4 4 4 , , , 6 7 7 0 7 0 7 6 4 1,6 4 4 7 7 1 3 2 3 3 3 3 3 7 0 4 9 4 24 1 1 6 8 4 1,0 1 4 9 2 4 2 8 4 4 4 0 4 3 7 2 8 C O J J A J D F M e u a u e c p e r n l a n b t t y c r . , r . e . . . . o 1 f 1 1 1 1 1 1 5 1 , , , , , , , , I 1 n 1 1 1 1 1 1 1 9 d 9 9 9 9 9 9 9 5 4 5 5 4 5 5 e 5 0 9 0 0 9 0 0 0 b tedne 1 s 1 l 1 1 1 l s \ M ^ } * M } } ^ J | 1 | i | 5 2 6 5 5 1 , , , , , , 9 6 9 6 0 9 5 5 0 6 2 9 9 1 1 3 3 1 9 2 5 3 9 5 J J J J D D D D M M u u u u e e e e a a n n n n c c c c r r e e e e . . . . . . 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 6 6 6 5 6 6 6 5 6 6 7 5 9 4 2 4 6 9 3 0 - - - - - - - - - - 7 6 7 6 6 6 6 7 6 6 2 2 0 7 9 2 9 1 5 8 3 3 3 3 3 3 3 3 2 3 3 3 3 5 3 2 2 5 7 1 , , , , , , , , , , 4 7 8 1 8 4 1 2 4 9 6 8 3 9 3 8 7 1 8 6 1 1 1 7 8 5 0 8 4 7 1949— O J F A N D M M J u e a e c p o a n a n b c t r v y r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 5 5 4 4 6 6 5 5 5 6 , , , , , , , , , 3 9 8 1 0 6 0 8 2 5 4 6 1 1 6 5 9 6 2 4 0 6 9 3 1 3 0 4 4 4 5 6 5 4 5 4 1 1 4 5 4 9 3 9 8 9 5 7 4 0 9 3 0 5 3 3 3 4 3 4 3 3 3 0 2 0 1 8 9 3 3 5 5 2 8 5 6 9 8 1 9 2 3 2 2 2 1 1 1 1 2 2 9 6 0 4 5 9 8 1 1 1 1 1 1 9 9 8 9 2 0 4 8 0 6 5 2 3 0 4 9 0 7 3 4 4 4 4 3 3 4 4 3 9 4 0 9 7 6 1 5 2 3 0 6 8 6 9 5 1 Sept. 15, 1967-72. 2,716 July... 56,453 511 378 17 115 425 Dec. 15, 1967-72 3 11,689 Maturities and amounts outstanding July 31, 1949 Treasury notes Apr. 1, 1950.. 3,596 Year of All Series Series Series Series Postal savings maturity series D E F G bonds 2 % 111 1949 431 431 Treasurybonds Panama Canal Loan. 3 1950 1,006 1,006 S D e e p c t . . 1 1 5 5 , ,1 1 9 9 4 4 9 9 - - 5 5 1 1 . . . . . . 2 2 U 2 , , 2 0 9 9 2 8 Total direct issues 154,959 1 1 9 95 5 2 1 4 1 , , 0 5 2 6 4 0 439 4 1 , , 0 1 2 2 4 1 D S S D M D e e e e e a p p c c c r t t . . . . . . 1 1 1 1 5 1 5 1 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 4 5 5 5 4 5 0 0 9 9 0 0 - - - - - 5 5 5 5 5 2 2 2 3 2 . . 2 2 . . 2 . . . . . . . . 1 3 2 2 2 2 3 4 2 1 1 1 , , , , , 9 7 1 6 9 4 3 8 8 6 3 9 9 6 6 5 3 1 G F u V e a d a r e r a i r o a n u l t e s H e o d u si S ng ec A u d ri m ti i e n s . 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 7 3 5 4 6 8 6 5 5 8 5 7 , , , , , , 9 7 9 5 9 7 6 2 2 9 8 6 9 9 5 6 0 0 3 5 2 2 5 6 , , , , , , 1 3 8 6 4 6 4 5 2 6 3 5 5 2 4 6 0 8 2 5 6 5 4 2 2 0 4 9 1 7 5 0 3 9 0 9 2 2 2 2 2 1 , , , , , , 1 3 4 2 0 0 0 6 3 0 4 7 7 7 5 9 0 0 1959 4,501 2,128 303 2,069 p. 8 1 9 S 6 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 l t y 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 1 , , 9 0 - 6 1 8 1 7 4 1 7 50 9 2 4 8 8 68 2 4 Called for redemption on Sept. 15, 1949. Total.... 56,453 1,876 33,348 3,588 17,648 AUGUST 1949 971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Gross debt Held by banks Held >y nonbank investors E m n o d n t o h f s i e b n c e I t u e a O r r r L e i i d t n s . i 1 g e t- s Total Total m b C a e n o r m k ci s a - l i R F B e e a d s n e e r k r v a s e l Total v I i n du d a i- ls p I c a n a o n s n m c u ie e r - s - M s b a a v u n i t n u k g a s s l a r c O s a o s a t t o r i n h o p c d e o n i r a - s - S l g e a o t o r n c a n v d a t - e - l a U m nd . e n S t t r . u a G s g t o e v n fu c e i n r e n d s - s tions J ments Special Public issues issues 1940—June... 47,874 48,496 18,566 16,100 2,466 29,930 10,300 6,500 3,100 2,500 400 4,775 2,305 1941—June... 54,747 55,332 21,884 19,700 2,184 33,448 11,500 7,100 3,400 2,400 600 6,120 2,375 1942—June... 76,517 76,991 28,645 26,000 2,645 48,346 18,400 9,200 3,900 5,400 900 7,885 2,737 1943—June... 139,472 140,796 59,402 52,200 7,202 81,394 31,700 13,100 5,300 15,500 1,500 10,871 3,451 1944—June... 201,059 202,626 83,301 68,400 14,901 119,325 46,500 17,300 7,300 25,900 3,200 14,287 4,810 1945—June... 256,766 259,115 105,992 84,200 21,792 153,123 59,800 22,700 9,600 30,900 5,300 18,812 6,128 1946—June... 268,578 269,898 108,183 84,400 23,783 161,715 64,100 25,300 11,500 25,300 6,500 22,332 6,798 Dec.... 257,980 259,487 97,850 74,500 23,350 161,637 64,900 25,300 11,800 22,400 6,300 24,585 6,338 1947—June... 255,197 258,376 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 21,400 7,900 31,714 5,603 1949—Feb.... 250,626 252,747 84,542 62,200 22,342 168,205 68,200 21,500 11,600 21,500 7,900 31,804 5,697 Mar.... 249,593 251,666 82,288 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 May... 249,909 251,912 82,504 62,800 19,704 169,408 68,700 21,000 11,600 22,400 8,100 31,914 5,618 1 Including holdings by banks in territories and insular possessions, which amounted to 350 million dollars on Dec. 31, 1948. 2 Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a - d l - G a t a c g r o u i n e e v d s n s t t - . B s e F R e r a e r a e n d v l - k - - e s b C m c a o 0 i n e a m ) r k l - - s b M s t i a n u a n v g 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 c a r g o u i n e e v d s n s t t - . B s e F R e r a e r a e n d v l - k - - e s b C m c a o 0 i n e a m ) r k l - s - b M t s i a n u a n v g u a k - - s l s p I c a n a o n s n m c u i e e r - - s Other funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 Within 1 year: 1947—June.... 168,740 5,40921,87262,961 11,84523,96942,684 1947—June.... 11,255 83 251 6,936 374 420 3,191 Dec 165,791 5,26122,55961,37011,55222,89542,154 Dec 14,263 69 1,693 8,244 266 316 3,675 1948—June.... 160,373 5,40221,36657,599 11,52221,70542,779 1948—June.... 13,411 19 2,070 5,922 171 273 4,956 Dec 157,496 5,47723,33355,35310,87719,81942,637 Dec 10,216 98 861 5,571 232 329 3,125 1949—Apr 155,462 5,56221,09454,900 11,02419,45343,429 1949—Apr 12,240 87 1,110 7,442 309 462 2,830 May.... 155,464 5,49419,70455,896 11,00319,26244,105 May 12,240 56 1,064 7,527 293 431 2,869 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 1,37733,415 1,876 3,046 9,890 1948—June.... 13,757 15 8,577 2,345 58 112 2,650 1948—June 46,124 318 2,63630,580 1,829 2,790 7,971 Dec 12,224 69 5,487 2,794 50 84 3,740 Dec 44,053 226 3,25828,045 1,769 2,501 8,254 1949—Apr 11,542 93 4,866 2,615 17 81 3,870 1949—Apr 38,494 205 2,39525,311 1,413 2,136 7,034 May 11,544 91 4,232 2,781 14 45 4,381 May 38,494 206 2,22125,600 1,344 2,129 5,994 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 5,645 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—Apr 28,710 24 6,941 8.882 232 608 12,023 1949—Apr 10,464 316 160 6,809 378 958 1,843 May 28,710 24 6,758 9,089 214 601 12,024 May 10,464 282 111 6,988 313 947 L,823 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 8,60618,21117,710 1948—June.. . 11,375 1,968 4,531 98 223 4,555 1948—June 53,838 4,685 2 921 3,922 8,63917,12916,542 Dec 7,131 7 791 3,099 84 166 2,984 Dec 53,838 4,710 215 3,541 8,048 15,23015,094 1949—Apr 3,596 53 385 1,803 61 104 1,190 1949—Apr 53,838 4,802 5 622 3,824 8,67515,20215,713 May 3,596 53 359 1,815 59 104 1,206 May.... 53,838 4,799 5 319 3,895 8,824 15,09715,904 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 2,85347,42411 226 22 213 28,974 Dec 1948—June.... 112,462 5,336 6,20642,14611 047 20 880 26,847 1948—June Dec 111,440 5,34010,97740,37110 486 18 891 25,375 Dec. 1949—Apr 111,440 5,356 8,90241,583 10,71318 654 26,232 1949—Apr May.... 111,440 5,289 8,35642,195 10 714 18 501 26,385 May * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 972 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] (Dn basis of daily statements of United States Treasury Cash operating Increase (+/ ) \or General fund of the Treasury (end of period) income and outgo ° decrease v —t during period Assets y m F e i o a s r n c a t o h l r c N e r i e e p - t ts B p t u e u e n d x r d e g - s i e - t s B ( d u + e u r ) f d p i c g l o u i e t s r 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 s F D e R e e r r e e a d v - p l - e osi d t S s e c p p i i a e o n l - s- O as t s h e e t r s T b t l o i i i a e l t i - s a - l c C o i a n m s - h e o C u a t s g h o i ( E o n + x u c ) c o t g e m o o ss e r Banks2 itaries Fiscal year: 1947 40,043 39,289 +754 -1,103 +555 -11,136 -10,930 3,308 3,730 1,202 962 L ,565 422 43,59136,931 +6,659 1948 42,211 436,791 +5,419 +2,706 -507 —5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 45,40036,496 +8,903 1949 . . 38,246 37,057 + 1,189 -3,495 +366 +478 -1,462 3,470 3,862 438 1,771 L.653 392 41,62840,539 + 1,089 1948—July. . 2,096 53,558 -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 '4,235 '-128 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 '3,259 +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 '3,848 •"+1,707 Apr.. . 1,340 2,748 -1,408 -465 +213 -111 -1,771 3,995 4,428 1,226 1,563 1,639 433 1,430 '3,130 -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 4,798 4,539 +258 July.. 1,946 3,434 -1,488 +30 +218 + 1,107 -133 3,337 3,699 529 1,485 1,684 362 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income F o i r s c m al o y n e th ar b p W y l h o e i y e t l e d h m r - s - Other i r n e n c M v t e e e e l o i r l n s u n a - u - s a e l S S t r a o e i x c c ty e i u a s - l c O e r t i e h p - e ts r 6 c T e r o i e p t - a ts l R t e a o f x u f e n s ds e S t m S m a e o x c p e c e u l n i o s r a t i y 7 l t - y ce N r i e p e - t ts W i h n e c it l o d h m - e O ta t x h e e s r N a s n u o a d r r n t m d a p x a r l ofits E p o r a x t t o n h a c f d x 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 9,842 19,641 8,348 2,487 2,456 42,774 2,838 1,690 38,246 10,056 7,996 11,343 211 797 7,585 1948—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 33 975 2,159 12 53 647 July.... 554 655 653 65 135 2,061 57 58 1,946 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 m r V A r a a i t e n d i n t o - i - s s n ' - a t A c g u t u o i r r l d i e - - T c t o f r r a e t a u u o c 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 tu E e r n x e d - s i- ce R i e p - ts m v I e e n s n - t- ts E F C c E o o o x r n o p e o p i e m 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 6,317 782 "4,178 4,797 3,918 2,210 1,640 *5,598 850 2,109 1949 37,057 11,809 5,339 2,756 6,791 2,661 916 6,785 3,722 1,479 2,252 1,992 832 3,000 1,646 1948—juiy 63,558 61,155 286 155 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 M^ay .. 2,822 950 125 272 584 438 30 423 592 18 233 120 38 282 132 June 4,579 1,159 1,570 268 517 161 19 885 270 392 254 504 385 77 253 July 3,434 Pl,068 322 P352 489 ?29 J>413 P762 489 199 243 100 24 93 Preliminary. r Revised. 1 Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 1 For description, see Treasury Bulletin for September 1947 and subsequent issues. 4 Including 3 billion-dollar transfer to Foreign Economic Cooperation Trust Fund, from which expenditures are made in later months. 6 Change in classification. 6 Including surplus property receipts and receipts from renegotiation of war contracts, which for fifsicsaclal 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. 973 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items l Li i a n b t i e l r it a i g e e s, n c o y th e it r e m th s an Bonds, notes, Corporation or agency Total Cash L c a e r o b e i a l v - n e - * m m C p s r t a l i i u o a o n i e a p e t m d d s l e - s s , i , - - - G U s ri e o t . c i v e I u S m n s t - . . v e e n O s s r ts t i e t - t c h ie u e s - r '' L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e s h t - e s3 r a t F g n u a u u b t r n a e y l e d l r e s y - d p de a O b y e a th n b e - le 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 v n t S r - - t - . o v in w P a e t r t s e n i e t - r e l - y d U. S. All agencies: June 30, 1948 20,120 1,04210,373 251 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 21,718 630 11,692 627 1,854 3,518 3,060 337 965 1,66318,886 166 Mar. 31, 1949 22,324 475 12,228 674 2,077 3,515 3,049 307 884 1,92719,320 170 Classification by agency, Mar. 31, 1949 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 325 261 47 260 18 Federal intermediate credit banks 555 489 494 57 Production credit corporations 97 96 Regional Agricultural Credit Corp 2 (*) 2 Agricultural Marketing Act Revolving Fund 2 1 2 Federal Farm Mortgage Corp ... 70 61 1 67 Rural Electrification Administration 1,110 29 1,066 () 1,110 F F C e a o d r m m er m e a r l o s d C ' i H r ty o o p m C I r e n e s d A u i d r t a m C n i c o n e r i p s C o tr o r a a r t t p i i o o n n 2,4 32 7 3 1 9 3 23 3 1 8 3 7 1, 2 7 5 6 6 4 7 1,221 6 2 1,2 3 4 1 3 9 3 5 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 1 164 49 Federal National Mortgage Association 310 309 6 304 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 893 2 191 625 893 Other 1,088 958 2 1,012 Export-Import Bank 2,160 2,144 2,039 Federal Deposit Insurance Corp . 1,137 1,122 () 1,100 Federal Works Agency . 226 89 134 226 Tennessee Valley Authority ... 835 2 802 821 All other 7 7,304 3,803 3,385 50 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. T T o o a a i i d d h ag o r m ic e u l o t w ur n e ers 75 489 265 1,775 1,067 531 "344 '"(*)'" (4 1 ) 75 331 6 4,2 8 0 5 9 1 3,6 7 3 6 2 8 To aid industry: Railroads 1 139 3 141 140 Other .... 300 36 337 310 To aid financial institutions: Banks (4) (4) 4 5 5 Other 362 367 520 Foreign loans 197 2,152 3,750 6,098 6,102 Other 294 193 101 589 584 Less: Reserve for losses.. 14 4 11 1 275 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. 3 Includes "Deferred and undistributed charges," which wrere previously shown separately. 4 Less than $500,000. 5 Includes Farm Security Administration program, Homes Conversion program, Public War Housing program, Veterans' Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended. 6 Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the Treasury for liquidation purposes in accordance with provisions of Public Law 860, 80th Congress. 7 Figures for one small agency are for a date other than Mar. 31, 1949. NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30, 1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the BuLLETiN^and Banking and Monetary Statistics, Table 152, p. 517. 974 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] I ( n p d h 1 u y 9 s s t 3 i r c 5 i a a - l 3 l 9 v p o r = l o u d m 1 u 0 c e 0 t ) i * o 1 n a 1 w C 9 a 2 o c r 3 d n o - e s n 2 d t t 5 r r u a ( c c v = t t a i s o l 1 u n 0 e 0 )2 E 1 m 9 p 3 l 9 o y = m 1 e 0 n 0 t3 F to a r c y - Freight D m ep e a n r t t- Con- W s h a o le lepay carload- sumers' com- Vear or month Total Du f M a r- 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 a c g u o r l n - i- - Factory 1 r 9 o 1 3 l 9 0 l 0 s3 = 19 i = n 3 g 1 5 0 s - * 3 0 9 19 u s = ( e 3 a v ) 1 l 5 a * e 0 - l s - 4 3 0 9 1 p 9 = r 3 i 1 5 c 0 - e 3 0 s 9 8 p m = r 1 i o 9 c 1 2 d e 0 6 i s 0 t y 3 able dur- tural able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 103.7 103.9 120 83 123.8 138.6 1920 75 93 60 83 63 30 90 104.1 124.2 129 99 143.3 154.4 1921 58 53 57 66 56 44 65 79 7 80 2 110 92 127 7 97 6 1922 73 81 67 71 79 68 88 88.2 86.0 121 94 119.7 96.7 1923 88 103 72 98 84 81 86 100.9 109 1 142 105 121 9 100 6 1924 82 95 69 89 94 95 94 93 7 101 8 139 105 122 2 98 1 1925 90 107 76 92 122 124 120 97.0 107.3 146 110 125.4 103.5 1926 96 114 79 100 129 121 135 98.9 110.5 152 113 126.4 100.0 1927 95 107 83 100 129 117 139 96.7 108 5 147 114 124 0 95 4 1928 99 117 85 99 135 126 142 96 9 109 8 148 115 122 6 96 7 1929. 110 132 93 107 117 87 142 102.5 103.1 117.1 152 117 122.5 95.3 1930 91 98 84 93 92 50 125 96.2 89.8 94.8 131 108 119.4 86.4 1931 75 67 79 80 63 37 84 87 1 75 8 71 8 105 97 108 7 73 o 1932 58 41 70 67 28 13 40 77.2 64.4 49.5 78 75 97.6 64.8 1953 69 54 79 76 25 11 37 77 5 71 3 53 i 82 73 92 4 65 9 1934 75 65 81 80 32 12 48 84 9 83 2 68 3 89 82 95 7 74 9 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 88 98.1 80.0 1936 103 108 100 99 55 37 70 95.1 96.4 91.1 107 100 99.1 80.8 1937 113 122 106 112 59 41 74 101.4 105.8 108 9 111 107 102 7 86 3 1938 89 78 95 97 64 45 80 95 4 90 0 84 7 89 99 100 8 78 6 1939 109 109 109 106 72 60 81 100.0 100.0 100.0 101 106 99.4 77.1 1940 125 139 115 117 81 72 89 105.8 107.5 114.5 109 114 100.2 78.6 1941 162 201 142 125 122 89 149 119.4 132 1 167 5 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131.1 154.0 245.2 138 150 116.5 98 8 1943 239 360 176 132 68 40 92 138 8 177 7 334 4 137 168 123 6 103 1 1944 235 353 171 140 41 16 61 137 0 172.4 345 7 140 187 125 5 104 0 1945 203 274 166 137 68 26 102 132.3 151.8 293 4 135 207 128 4 105 8 1946 170 * 192 165 134 153 143 161 137.0 143.4 269.6 132 264 139 3 121.1 1947 187 220 172 149 157 142 169 145 2 157 3 332 1 143 286 159 2 152 1 1948 J>192 P225 P177 P155 190 162 214 149.0 159.9 365-1 138 302 171.2 '165.1 1947 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 '285 160.3 153.7 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 '281 163.8 158.5 November 192 193 224 179 155 193 163 217 147 3 160.4 160 8 353 4 147 r303 164 9 159 6 December 192 190 230 173 156 197 161 227 147.9 161.1 161.9 365.7 149 '299 167 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 9 February 194 190 226 180 155 187 152 215 147.8 159.8 159.5 354 1 138 293 167.5 '161 0 March 191 188 229 177 142 181 148 208 147 9 160 1 160 3 358 4 130 291 166 9 '161 6 April . 188 186 217 177 147 181 154 202 147.2 157.1 156.1 347.1 130 307 169.3 '163.0 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 '307 171 7 '166 4 July 186 187 219 169 153 205 187 219 149.5 159.8 158.5 360.0 138 311 173.7 '168.8 August 191 194 223 177 159 201 177 220 149.6 160.1 161 7 374 7 142 309 174 5 '169 8 September 192 197 225 178 156 193 165 216 150.7 163.3 164.6 382.2 139 309 174.5 '168.9 October 195 199 231 179 158 184 157 206 150.8 162.8 163 3 382 9 140 r309 173 6 '165 4 November .... 195 195 229 178 161 189 154 217 150 0 161 2 161 6 379 3 137 '290 172 2 164 0 December 192 190 231 173 156 180 145 209 149.4 158.6 159.4 377.6 137 '304 171.4 '162.4 1949 January 191 187 227 175 149 174 133 207 147.8 155.3 154.7 363.1 131 '295 170.9 160.6 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 '349.6 120 277 169.5 158.4 April 179 177 n\2 162 148 176 140 206 145 5 '148 9 148 1 '336 1 127 294 169 7 156 9 May 174 174 201 161 145 180 157 199 144 5 145.8 144.6 329.4 124 '292 169.2 155.7 P169 ?17O *>194 H60 P134 P195 P177 P209P144.6P145.3P144.8 114 284 169.6 154.4 * Average per working day. P Preliminary. ' Revised. 1 For indexes by groups or industries, see pp. 976-979. For points in total index, by major groups, see p. 998. 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. 983. 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. 985-988. 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. 975 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 averages 100] 1948 1949 Industry June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June] Industrial Production—Total 192 186 191 192 195 195 192 191 189 184 179 174 P169 Manufactures—Total 198 192 197 199 202 201 199 198 196 193 rl84 179 P175 Durable Manufactures 222 219 223 225 231 229 231 227 225 223 '212 201 P194 208 201 207 214 221 224 223 228 232 233 219 204 177 Pig iron 196 186 200 205 209 212 212 218 220 221 217 209 189 Steel . .. 236 228 235 243 252 255 254 260 267 264 240 218 182 Open hearth 181 176 179 185 193 194 194 197 199 202 196 187 167 Electric 630 597 635 658 670 685 682 711 755 706 551 438 293 277 269 271 273 277 276 277 268 262 252 240 232 P226 222 233 230 231 243 238 246 244 241 240 '235 220 P239 185 198 197 209 203 208 209 206 204 r203 184 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products 194 185 186 192 192 187 184 183 185 183 167 145 P135 Smelting and refining .. . 194 188 190 193 191 175 183 186 200 210 209 200 P194 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1 Fabricating . . 193 184 185 192 192 192 185 182 180 172 151 122 P109 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 140 142 148 143 147 145 143 129 123 129 126 126 P124 129 135 140 132 135 133 131 117 107 119 118 120 P115 Furniture ... .. 161 157 163 165 170 169 168 154 154 150 144 139 P142 Stone, Clay, and Glass Products 207 200 210 207 210 203 205 204 202 195 189 184 P187 199 185 207 207 212 185 182 183 179 173 172 179 193 Glass containers 208 206 218 226 224 189 184 189 184 178 179 188 207 190 188 186 183 184 195 212 208 222 208 213 196 195 Clay products . ... 176 168 175 169 171 172 173 480 176 171 164 157 P154 Gypsum and plaster products 238 237 247 237 241 241 235 237 219 216 190 177 P174 Abrasive and asbestos products 249 248 248 251 252 249 246 239 231 222 '203 190 P189 Other stone and clay products 1 Nondurable Manufactures 179 169 177 178 179 178 173 175 173 168 162 161 P160 Textiles and Products 174 154 166 168 167 164 156 160 157 142 129 123 P126 Textile fabrics 159 138 152 154 153 148 140 144 142 130 119 114 P117 Cotton consumption . 140 115 127 132 129 122 114 123 125 120 111 103 105 Rayon deliveries . .. 313 324 318 322 319 322 317 313 305 275 240 213 216 Nylon and silk consumption l Wool textiles 176 137 168 166 168 162' 151 150 143 122 112 118 Carpet wool consumption 220 158 226 226 247 233 206 225 214 198 171 163 Apparel wool consumption 184 153 178 173 160 143 139 136 130 107 92 98 Wool and worsted yarn 162 125 150 148 148 144 133 125 121 105 106 Woolen yarn 146 114 139 136 141 140 127 122 118 100 r101 113 Worsted yarn 185 140 166 165 159 149 143 130 126 112 92 98 Woolen and worsted cloth 172 137 160 157 157 156 148 149 141 113 107 116 Leather and Products . . . .... 109 96 113 119 113 102 100 108 113 113 106 101 P!06 Leather tanning 107 95 105 108 108 100 103 103 107 99 96 95 Cattle hide leathers 121 109 120 123 121 110 114 114 122 110 r108 109 Calf and kip leathers .... 80 64 78 79 82 80 89 88 85 80 74 76 Goat and kid leathers 89 81 77 83 90 89 82 85 89 90 80 79 Sheep and lamb leathers 94 84 100 98 95 87 87 93 86 78 76 69 Shoes 110 96 119 126 117 104 97 111 117 123 113 105 J>113 Manufactured Food Products . .. 163 160 156 163 161 159 158 160 162 162 162 162 P164 Wheat flour 138 139 143 128 130 133 128 135 127 113 103 105 P113 Cane sugar meltings 1 .... Manufactured dairy products P152 P152 P154 P150 P148 P144* P144' P144 P145 P150 P154 P153 P151 Butter 71 72 75 73 76 75 74 77 80 86 88 r86 81 Cheese . . . .. 171 168 171 160 161 166 180 192 190 188 199 '189 177 Canned and dried milk 192 195 198 181 167 143 135 126 130 146 161 166 167 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 976 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 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Meat packing 152 135 126 133 141 155 154 152 156 153 145 137 141 176 149 128 136 157 177 172 167 172 167 160 146 150 Beef .. . 135 124 125 133 127 135 143 147 154 155 145 144 144 Veal 134 140 147 146 140 144 134 115 112 111 106 101 114 Lamb and mutton 94 89 92 101 112 108 98 92 87 71 55 58 68 Other manufactured foods 169 167 162 172 169 165 164 166 169 170 171 P172 P173 159 142 107 162 152 140 142 138 136 154 155 156 P163 Confectionery . . . 124 117 119 121 124 124 132 131 136 133 123 179 182 183 184 181 179 175 179 183 181 183 185' P184 Alcoholic Beverages . . . 170 173 179 189 186 217 197 181 177 187 164 174 169 Malt liquor 145 155 165 176 156 181 185 168 156 176 152 163 161 114 86 73 91 95 112 131 119 118 106 91 84 60 Other distilled spirits 393 402 346 211 244 334 278 328 294 249 271 285 277 Rectified liquors . 243 242 274 336 398 443 287 235 283 295 247 270 267 Industrial Alcohol from Beverage Plants 1 166 148 178 168 174 170 146 159 160 172 162 170 172 108 98 113 127 122 130 97 102 100 99 98 98 117 Cigarettes 226 200 242 218 230 224 196 216 220 241 224 236 233 68 63 75 78 78 68 63 66 66 68 65 71 69 Paper and Paper Products 165 150 165 166 172 169 153 163 158 151 146 144 143 Paper and pulp . . . . . 160 146 161 160 167 163 150 158 154 147 141 139 137 Pulp 183 172 193 183 195 188 173 188 183 175 166 165 159 Groundwood pulp. 106 117 122 116 117 104 105 101 96 95 88 90 94 Soda pulp 111 96 110 107 111 107 104 107 108 106 100 97 80 Sulphate pulp 301 283 328 301 330 317 285 327 309 291 274 273 275 Sulphite pulp 146 135 148 145 153 149 137 145 145 142 135 134 122 Paper 156 142 156 156 163 159 146 153 149 143 138 135 134 Paperboard . . 187 165 184 189 193 195 167 182 174 163 162 162 164 Fine paper 2 86 74 83 83 Printing paper 168 150 160 161 172 165 160 157 158 155 151 151 141 Tissue and absorbent paper 157 160 161 163 170 162 158 161 157 160 152 141 139 Wrapping paper 145 135 153 148 157 150 142 151 147 138 123 115 117 Newsprint 98 97 101 98 100 98 100 99 98 99 97 100 99 Paperboard containers (same as Paperboard) Printing and Publishing . .... 157 147 155 154 164 156 154 155 153 153 152 156 149 Newsprint consumption . 146 145 149 147 155 148 148 153 149 151 154 161 156 Printing paper (same as shown under Paper) Petroleum and Coal Products P220 P217 P221 P207 P217 V227 P231 P228 P221 P213 P209 P207 P201 Petroleum refining 2 . . . . Gasoline 173 170 173 165 170 174 179 174 170 169 170 177 P179 Fuel oil 194 192 194 180 199 200 204 206 194 186 169 166 P156 Lubricating oil 155 154 162 157 169 159 162 159 150 138 126 128 Kerosene 196 193 182 184 183 207 200 196 176 167 157 138 Other petroleum products 1. .. . . Coke 175 170 178 181 181 183 184 184 185 178 182 175 159 By-product coke 168 166 170 173 173 175 176 177 176 173 173 169 158 Beehive coke . . . 407 318 447 444 454 460 466 455 504 319 477 ••385 201 Chemical Products 256 251 259 257 255 257 257 257 250 245 237 234 P231 Paints 154 161 161 158 156 153 148 149 143 139 139 135 P134 Soap 124 121 126 134 135 135 137 135 133 132 130 130 P130 Rayon 309 312 312 305 304 306 311 309 309 300 265 259 P258 Industrial chemicals 449 433 450 448 446 449 450 447 435 427 417 406 Rubber Products 205 200 207 205 205 203 200 193 188 182 177 178 P179 Minerals—Total 159 153 159 156 158 161 156 149 149 136 148 145 P134 Fuels 164 160 166 162 166 167 164 156 155 137 148 149 P136 Coal 147 134 150 148 145 147 137 133 129 85 133 136 P99 Bituminous coal 157 143 158 156 152 155 145 145 142 93 144 144 P104 Anthracite . , 105 100 117 119 118 116 103 88 74 52 88 105 p78 Crude petroleum 173 172 174 170 176 177 177 167 168 163 156 155 P154 Metals 128 113 115 119 113 121 110 104 113 129 145 126 P125 179 155 158 166 157 175 158 149 161 184 ••209 176 P174 (Copper* Lead' Zinc)1 Gold 55 56 55 54 48 43 39 39 44 50 53 55 Silver 65 57 61 60 69 60 59 55 58 62 67 p Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 977 AUGUST 1949 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 June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June industrial Production—Total. 193 187 194 197 199 195 190 187 185 181 177 174 P170 ^Manufactures—Total 199 193 200 203 205 202 197 195 193 190 183 179 vl76 Durable Manufactures . .. 223 220 224 227 232 229 229 225 223 221 212 202 P195 Iron and Steel 208 201 207 214 221 224 223 228 232 233 219 204 177 Pig iron 196 186 200 205 209 212 212 218 220 221 217 209 189 Steel 236 228 235 243 252 255 254 260 267 264 240 218 182 Open hearth. 181 176 179 185 193 194 194 197 199 202 196 187 167 Electric 630 597 635 658 670 685 682 711 755 706 551 438 293 Machinery 277 269 271 273 277 276 277 268 262 252 240 232 P226 Manufacturing Arsenals and Depots l Transportation Equipment 222 233 230 231 243 238 246 244 241 240 '235 220 P239 Automobiles (including parts) 185 202 198 197 209 203 208 209 206 204 '203 184 P210 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 ffonferrous Metals and Products. 193 185 186 192 192 188 184 183 185 183 167 145 P135 Smelting and refining 193 187 190 193 191 176 183 200 210 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 193 184 185 192 192 192 185 182 180 172 151 122 P109 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 dumber and Products.. 148 151 158 153 154 142 132 118 115 124 126 129 P131 Lumber.. . 141 148 156 147 145 128 113 100 96 110 116 P125 Furniture. 161 157 163 165 170 169 168 154 154 150 144 139 P142 JStone, Clay, and Glass Products. 209 201 218 216 220 208 199 192 187 185 186 189 P190 Glass products 197 179 213 211 217 187 172 181 175 173 172 189 192 Glass containers 206 198 227 231 230 191 171 185 179 178 ni9 201 205 Cement 203 207 210 213 214 211 193 169 168 171 202 206 209 Clay products 175 168 180 175 180 178 178 166 166 163 160 156 P153 A O G b t y h r p e a s r s u i m s v t e o a n a n e n d d a n p a d l s a b s c e t l e s a t r y o s p p r r p o o r d d o u u d c c u t t c s s t . 1 s . . . . 2 2 4 4 3 9 2 2 4 3 8 7 2 2 4 4 8 8 2 2 5 4 1 3 2 25 4 2 7 2 2 4 4 9 6 2 2 4 4 1 6 2 2 2 3 7 9 2 2 3 0 1 8 2 22 0 2 8 ' 1 2 8 0 7 3 1 19 8 0 0 P • 1 1 8 7 9 9 Nondurable Manufactures.. 179 171 180 185 183 179 171 170 168 164 159 160 ^Textiles and Products. 174 154 166 168 167 164 156 160 157 142 129 123 vl26 Textile fabrics 159 138 152 154 153 148 140 144 142 130 119 114 Cotton consumption 140 115 127 132 129 122 114 123 125 120 111 103 105 Rayon deliveries 313 324 318 322 319 322 317 313 305 275 240 213 216 Nylon and silk consumption 1... Wool textiles 176 137 168 166 168 162 151 150 143 122 112 118 Carpet wool consumption. . 220 158 226 226 247 233 206 225 214 198 171 163 Apparel wool consumption. 184 153 178 173 160 143 139 136 130 107 92 98 Woolen and worsted yarn. . 162 125 150 148 148 144 133 125 121 105 '97 106 Woolen yarn 146 114 139 136 141 140 127 122 118 100 401 113 Worsted yarn 185 140 166 165 159 149 143 130 126 112 92 98 Woolen and worsted cloth. . 172 137 160 157 157 156 148 149 141 113 107 116 feather and Products. 108 94 112 118 114 104 99 108 116 113 106 101 Leather tanning 104 91 103 106 109 103 102 104 115 99 96 95 Cattle hide leathers 116 103 117 121 123 115 114 116 131 110 '108 109 Calf and kip leathers 81 64 81 78 83 83 88 86 89 79 72 73 Goat and kid leathers 90 80 75 84 90 86 83 85 93 89 83 78 Sheep and lamb leathers. 93 79 103 96 95 92 82 87 95 76 75 75 Shoes 110 96 117 104 97 111 117 113 '113 119 126 123 105 Manufactured Food Products. 163 172 173 161 153 148 146 148 174 188 145 156 Wheat flour 132 137 137 134 127 135 128 •108 Cane sugar meltings * 141 140 111 101 Manufactured dairy products. P224 P223 198 158 P122 P95 P92 •104 '124 P160 203 '223 Butter 98 82 70 65 57 59 64 71 78 89 111 112 Cheese 242 207 191 163 145 125 129 142 156 170 207 253 252 Canned and dried milk... 265 226 204 167 135 103 104 102 117 143 182 230 230 Ice cream P Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. 978 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 June July Aug. Sept. Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June Manufactured Food Products—Continued Meat packing 151 126 Ill 124 142 173 181 179 149 141 134 138 139 Pork and lard 176 132 99 108 147 207 226 219 169 155 146 146 150 Beef 132 125 127 144 138 141 143 150 141 141 136 144 142 Veal . 134 140 144 160 160 154 126 106 99 104 104 105 114 Lamb and mutton 87 86 90 109 116 108 96 98 87 70 53 59 63 Other manufactured foods 160 174 183 207 188 172 161 152 153 151 152 P!56 P164 Processed fruits and vegetables 122 184 203 317 197 129 111 90 86 85 94* 102 P126 Confectionery 92 96 129 156 162 146 134 135 137 123 102 Other food products 181 185 187 188 190 188 179 172 174 173 176 181 P186 Alcoholic Beverages 186 188 184 195 203 212 174 153 159 173 163 182 190 !Malt liQuor . 183 194 189 178 145 139 148 138 141 163 160 r186 203 Whiskey 114 86 73 91 95 112 131 119 118 106 91 84 60 Other distilled spirits 243 233 187 289 631 702 306 213 176 162 162 171 172 Rectified liquors .. 243 242 274 336 398 443 287 235 283 295 247 270 267 Industrial Alcohol from Beverage Plants * • Tobacco Products ...173 154 184 178 180 173 136 158 153 163 153 170 179 Cigars . 108 98 113 127 122 130 97 102 100 99 98 98 117 Cigarettes 237 210 255 233 239 228 181 216 207 224 209 236 245 Other tobacco products . 70 63 73 83 84 70 56 65 64 68 65 71 71 Paper and Paper Products... 165 149 165 166 172 170 153 163 158 151 146 144 143 Paper and pulp 160 145 160 160 167 163 149 158 154 148 142 139 138 Pulp . 183 170 191 181 194 189 173 189 183 176 167 166 159 Groundwood pulp 107 104 107 103 109 110 107 105 100 102 97 98 9S Soda pulp 111 96 110 107 111 107 104 107 108 106 100 97 80 Sulphate pulp . . . 301 283 328 301 330 317 285 327 309 291 274 273 275 Sulphite pulp 146 135 148 145 153 149 137 145 145 142 135 134 122 Paper . 156 141 156 156 163 159 146 153 150 143 138 135 134 PaDer board 187 165 184 189 193 195 167 182 174 163 162 162 164 Fine paper' 86 74 83 83 Printing paper . 168 150 160 161 172 165 160 157 158 155 151 151 141 Tissue and absorbent paper 160 153 161 163 172 162 153 159 163 160 153 141 142 Wrapping paper . . . ... 145 135 153 148 157 150 142 151 147 138 123 115 117 Newsprint 99 95 99 98 100 99 98 99 98 99 99 101 100 Frinting and Publishing 156 137 147 155 167 163 158 149 152 156 157 159 148 Newsprint consumption 144 125 134 149 163 161 155 142 146 157 163 168 155 Printing paper (same as shown under Paper) . . . Petroleum and Coal Products... P220 v217 v221 P207 P217 P227 P231 P228 P221 P213 209 P207 P201 Petroleum refining ^ . . Gasoline . . . 173 170 173 165 170 174 179 174 170 169 170 P177 P179 Fuel oil 194 192 194 180 199 200 204 206 194 186 169 P]66 P156 Lubricating oil 155 152 160 157 169 159 161 154 148 136 132 133 Kerosene. ... 184 179 174 182 183 213 206 200 185 170 160 140 Coke 175 170 178 181 181 183 184 184 185 178 182 i 75 159 By-product coke 168 166 170 173 173 175 176 177 176 173 173 169 158 Beehive coke . 407 318 447 444 454 460 466 455 504 319 477 r385 201 Chemical Products. . 253 247 256 257 258 258 258 255 251 *248 239 233 P228 Paints.... 158 160 159 156 156 151 148 146 141 139 140 139 P138 Soap. . . 122 120 127 139 142 137 137 132 132 132 128 126 P\27 Rayon 309 312 312 305 304 306 311 309 309 300 265 259 P258 Industrial chemicals .... 449 433 450 448 446 449 450 447 435 427 417 406 P395 Other chemical products * Rubber Products 205 200 207 205 205 203 200 193 188 182 177 178 P179 Minerals—Total. .. 163 158 164 160 161 160 151 143 143 131 146 148 vl38 Fuels. 164 160 166 162 166 167 164 156 155 137 148 149 P136- Coal 147 134 150 148 145 147 137 133 129 85 133 136 *>99 Bituminous coal. . ... 157 143 158 156 152 155 145 145 142 93 144 144 P104 Anthracite . .... 105 100 117 119 118 116 103 88 74 52 88 105 P78 Crude petroleum... 173 172 174 170 176 177 177 167 168 163 155 155 P154 Metals 153 147 149 148 132 114 77 68 76 93 134 142 P15O Metals other than gold and silver. ... 226 215 213 212 186 160 100 88 101 126 194 207 P22O Iron ore . .... 331 325 324 314 254 225 93 74 81 110 260 302 (Copper; Lead; Zinc)1 ... Gold 52 55 60 62 56 49 40 38 39 44 47 48 Silver . . 63 56 59 61 69 60 59 56 59 64 67 P Preliminary. J 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 tack figures see BULLETIN fcr October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 979 AUGUST 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939=100] Factory employment Factory pay rolls Industry group or industry 1948 1949 1948 1949 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. Apr. May Total 155. 158.2 153.3 151.4 148.1 144.6 144.8 347.1 346.7 359.0 357.8'349.6r336. 329.4 Durable goods 183. 184.5 177.8 175. 171.4 166 165.6 393.4 390.8 401.3 402 390.9 '379.3 367.2 Nondurable goods 133.1 137.5 134 132.7 129.7 127.6 128.4 301.9 303.6 317.6 314.0 '309.2 293.8 292.4 Iron and Steel and Products 161.4 162.4 158.8 155.9 151. 146.2 329.6 334.4 340. 348. 336. 320.1 306.6 Blast furnaces, steel works, etc 133 135 141 141 140 137 253 265 268 304 300 295 283 Steel castings 225 229 226 220 204 191 477 479 495 497 471 417 384 Tin cans and other tinware 135 141 136 134 132 133 275 286 311 307 306 295 303 Hardware 153 148 142 138 132 125 362 344 341 335 324 299 278 Stoves and heating equipment.... 170 169 126 122 117 115 364 371 379 262 261 250 245 Steam, hot-water heating apparatus 198 198 186 178 167 161 415 428 431 401 380 '333 318 Stamped and enameled ware 197 198 179 169 161 154 463 464 463 429 404 380 367 Structural and ornamental metal work 178 177 177 180 359 364 364 395 385 379 392 Electrical Machinery 211.6 211.1 201., 194.9 187.5 180.4 177.2 444.3 431.6 440.0 442.2 424. 401. 386.0 Electrical equipment 202 201 190 186 179 170 421 410 419 420 403 382 360 Radios and phonographs 205 202 201 190 184 182 469 451 459 478 454 424 427 Machinery except Electrical 228.5 230.4 219.1 214.4 206.7 197.7 189.0 463.8 466.4 480. 463.0 448.5 423.4 406.8 Machinery and machine-shop products 245 247 236 230 221 213 512 509 520 502 485 458 443 Engines and turbines 287 280 276 271 264 254 612 618 601 602 579 550 536 Tractors 180 193 196 194 191 190 249 285 356 367 358 343 339 Agricultural, excluding tractors... 264 267 267 267 266 260 572 571 595 608 601 592 578 Machine tools 130 128 118 116 114 111 240 241 243 219 212 205 199 Machine-tool accessories 214 215 201 197 193 183 393 390 384 367 360 341 321 Pumps 288 281 272 267 257 248 630 631 617 620 594 564 548 Refrigerators 235 241 210 207 190 174 450 472 509 450 430 369 362 Transportation Equipment, except Autos 276.0 273.7 278.3 276.6 271.3 265.0 261.5 601.4 566.4 561., 607.5 599.4 573.9 570.2 Aircraft, except aircraft engines... 315 322 380 383 383 368 695 634 649 830 819 796 795 Aircraft engines 282 291 321 322 317 318 481 494 518 605 587 583 581 Shipbuilding and boatbuilding. 168 157 124 121 115 114 374 346 322 262 260 246 239 Automobiles , 190.5 183.6 188.8 188.7 '189.6 176.4 188.9 386.2 362.6 385.7 441.5 415., *430.3 394.5 Nonferrous Metals and Products , 173.7 173.9 164.9 160.7 154.3 149.6 147.8 368.3 362.5 368., 363.6 345.3 327.0 316.1 Primary smelting and refining. 150 152 147 149 150 150 314 322 330 339 344 348 343 Alloying and rolling, except aluminum 136 136 136 126 111 104 272 269 278 277 242 200 192 Aluminum manufactures 182 180 164 164 160 155 357 347 339 341 333 320 307 Lumber and Timber Basic Products. 183.6 190.0 168.9 169.9 170.9 175.6 180.2 433.4 461.1 488.5 395.7 413.9 427.8 452.3 Sawmills and logging camps 200 209 182 184 185 192 471 497 543 423 452 469 502 Planing and plywood mills 182 184 178 174 -•174 172 435 445 456 426 '416 '424 427 Furniture and Lumber Products 139.7 139.8 133.2 130.8 128.8 125.8 126.0 333.0 325.6 326.0 315.7 310.7 299. 296.1 Furniture , 140 139 135 132 129 125 336 329 326 321 314 300 295 Stone, Clay, and Glass Products 154.7 156.0 150.0 147.6 143.9 141.7 141.2 337.9 343.4 347.1 344.5 335.9 323.5 321.5 Glass and glassware 170 169 156 153 151 151 367 364 361 367 356 343 346 Cement , 148 150 150 149 150 150 288 305 314 304 307 312 321 Brick, tile, and terra cotta 137 141 135 133 132 132 313 329 338 329 323 321 322 Pottery and related products 173 175 179 177 173 166 357 360 364 392 385 367 348 Textile-Mill and Fiber Products 113. 113.2 104.0 100.4 96. 95.0 95.0 307.1 303.8 304.6 274.8 260.3 237.6 233.6 Cotton goods except small wares.., 125 126 117 115 Ill 109 375 370 366 333 320 294 279 Silk and rayon goods 95 96 91 86 80 77 288 289 292 267 240 219 215 Woolen and worsted manufactures 110 110 92 82 70 76 309 308 312 246 208 173 190 Hosiery 88 87 83 82 80 79 204 198 200 194 191 183 180 Dyeing and finishing textiles 133 132 129 128 127 125 329 322 321 321 320 306 296 Apparel and Other Finished Textiles. . ., 137.1 138.6 149.5 149. 142.3 134.6 133.0 306.5 297.9 303.6 348.2 344.7 297.3 283.3 Men's clothing, n.e.c 125 127 127 126 124 117 294 289 290 286 289 263 250 Shirts, collars and nightwear , 99 98 91 93 94 94 248 241 234 219 231 225 232 Women's clothing, n.e.c 149 152 176 174 161 149 307 299 311 394 380 308 288 Millinery 70 68 95 '98 78 150 112 116 213 '229 '170 134 Leather and Leather Products 103.3 107 A 106.0 106.0 103.3 98.9 227.1 215.4 233.4 240.1 238.7 222.0 209.6 Leather 95 96 92 90 88 87 198 201 205 202 195 186 189 Boots and shoes 98 103 104 104 101 96 220 203 225 240 240 220 203 Food and Kindred Products 127.7 147.1 134.9 135.2 136.3 139.6 146.6 267.4 281.3 328.3 302.9 302.7 302.8 316.5 Slaughtering and meat packing.... 92 148 152 148 142 144 193 226 329 308 298 285 296 Flour 144 149 146 143 139 139 305 315 340 331 309 296 302 Baking 127 130 128 129 130 131 251 259 271 272 270 276 281 Confectionery 111 116 128 123 121 114 265 236 262 291 286 270 256 Malt liquors 182 206 181 192 184 195 350 333 390 334 363 346 383 Canning and preserving 102 124 80 81 92 96 241 260 315 216 213 243 259 Tobacco Manufactures 90.5 90.6 88.6 88.4 86.5 87.4 89.0 205.7 201.3 205. 193.5 198.8 188.9 196.0 Cigarettes 121 121 120 120 122 124 254 253 263 240 258 255 260 Cigars 78 78 76 76 72 73 183 175 176 169 168 152 163 r Revised. NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for June 1949 are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics. 980 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 May June Feb. Mar. Apr. May June Apr. May June Feb. Mar. Apr. May Paper and Allied Products 146.5 146.9 145.4 143.6 141.4 140.- 139.9 325.7 331.1 337. 335.3 327.6 317.0 316.3 Paper and pulp 149 148 147 145 144 143 333 343 348 341 332 323 321 Paper goods, n.e.c 163 164 163 162 160 159 351 355 358 381 368 360 365 Paper boxes 132 134 133 130 128 127 293 290 305 297 293 280 281 Printing and Publishing 132.0 132.3 132.1 131.6 131.4 131.5 131.4 259.5 262.2 264.9 269.7 273.9 273.1 277.3 Newspaper periodicals 123 124 127 128 129 129 235 237 238 248 255 260 265 Book and job 144 145 144 142 141 140 291 297 299 307 308 302 305 Chemicals and Allied Products 198.- 199.2 203.9 203.3 197.7 190.4 185.4 422.1 422.5 434.9 454.2 449.0 434.9 425.9 Drugs, medicines, and insecticide! 231 231 242 239 241 239 480 482 487 536 530 526 532 Rayon and allied products 131 133 135 132 119 113 275 275 280 304 295 261 256 Chemicals, n.e.c 293 297 293 290 284 276 591 590 614 622 609 597 581 Explosives and safety fuses 352 366 367 364 356 354 648 684 738 730 714 695 721 Ammunition, small arms 182 182 164 159 145 125 399 404 411 385 347 281 294 Cottonseed oil 89 83 140 134 122 107 270 246 228 410 400 '349 312 Fertilizers 171 144 181 206 202 170 530 470 415 507 591 594 519 Products of Petroleum and Coal 157.3 160.3 152.8 152.6 153.2 154.1 316.7 335.8 342.2 339.2 339.4 340.6 343.8 Petroleum refining 157 159 154 154 153 153 311 326 331 334 335 332 335 Coke and by-products 143 146 147 147 148 150 287 321 330 351 347 350 349 Rubber Products 161.1 161.6 154.5 151.0 147.8 144.2 142.3 312.8 318.9 330.2 309. c 298.4 291.4 294.5 Rubber tires and inner tubes 169 169 160 158 158 156 286 306 322 289 288 285 293 Rubber goods, other 158 158 154 149 142 138 347 338 344 348 330 306 303 Miscellaneous Industries 176.6 175.7 167.9 164.8 162.7 158.5 158.1 382.6 384.2 386.7 381.4 '373.5359.5 350.9 Instruments, scientific 243 245 272 275 275 274 494 493 491 596 598 590 594 Photographic apparatus 214 217 213 210 211 203 416 410 439 432 427 415 401 For footnote see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1948 1949 Group May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Total . . . 156.7 158.8 159.8 160.1 163.3 162.8 161.2 158.6 155.3 153 6 151 2 148 9 145 8 P145 3 Durable 184.1 184.0 185.1 184.9 188.0 188.7 188.5 186.4 181.2 178.3 175.5 '•171.7 166.3 P165.1 Nondurable 135.1 138.9 139.8 140.6 143.8 142.3 139.6 136.7 134.9 134.1 132.0 131.0 129.5 P129.7 p Preliminary. r Revised. NOTE.—Back figures for Total group from January 1919, and for Durable and Nondurable groups from January 1923, may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Average hourly earnings (dollars per hour) Industry group 1949 1948 1949 May June Feb. Mar. Apr. May June May June Feb. Mar. Apr. May June AH manufacturing 39.9 40.2 39.3 39.0 38.3 38.5 38.9 1.301 1.316 1.377 1.374 r1.374 1.373 1.380 Durable goods 40.1 40.5 39.9 39.4 39.0 39.0 39.3 1.366 1.385 1.459 '1.455 T1.457 1.457 1.465 Iron and steel and products 40.3 40.3 39.7 '39.1 38.3 38.1 38.3 1.423 1.431 1.529 1.529 1.528 1.524 1.528 Electrical machinery 39.6 40.4 39.7 39.1 38.6 38.7 39.4 1.357 1.372 1.450 1.456 1.452 1.446 1.450 Machinery except electrical 41.2 41.4 40.3 39.8 39.1 39.4 39.4 1.441 1.461 1.523 1.524 1.521 1.517 1.527 Transportation equiprneut, except autqs. 40.0 39.8 40.1 39.7 38.8 39.5 39.2 1.489 1.572 1.571 1.572 1.572 1.576 Automobiles 35.2 37.7 39.8 37.9 r38.8 37.7 39.7 1.624 1.700 1.675 1,681 1.709 1.707 Nonferrous metals and products 40.6 40.8 40.3 39.4 38.8 38.8 38.9 1.369 1.447 1.436 1.441 1.434 1.438 Lumber and timber basic products 42.5 42.8 39.7 r40.5 ^40.9 41.4 41.0 1.131 1.112 1.135 1.156 1.173 1.197 Furniture and finished lumber products.. 40.8 40.7 40.0 39.9 39.1 39.0 39.2 1.145 1.182 1.187 1.186 1.204 1.198 Stone, clay, and glass products 40.7 40.6 39.7 39.5 39.0 39.2 38.8 1.292 1.358 1.356 1.355 1.358 1.362 Nondurable goods 39.6 39. i 38.8 38.6 37.6 38.1 38.4 1.230 1.242 1.289 r1.287 r1.285 1.286 1.291 Textiles—mill and fiber products 39.6 39.5 37.5 37.0 35.5 35.4 36.2 1.142 1.147 1.185 1.180 1.174 1.171 1.175 Apparel and other finished products 35.8 35.6 36.0 36.2 34.2 35.2 34.9 1.040 1.055 1.114 1.098 1.051 1.025 1.027 Leather and manufactures 35.5 37.0 37.6 37.4 35.6 35.0 36.7 1.118 1.118 1.140 rl. 140 1.146 1.151 1.150 Food and kindred products 42.5 42. 41.3 41.0 40.7 41.4 41.7 1.207 1.217 1.265 1.269 1.268 1.274 1.272 Tobacco manufactures 37.7 37.8 35.3 36.1 34.8 35. 37.7 .984 1.003 1.022 1.033 1.042 1.041 1.048 Paper and allied products 42.8 42.8 41.4 41.0 40.3 40.5 40.9 1.269 1.292 1.335 1.331 1.330 1.333 1.346 Printing, publishing, and allied industries 39.1 39.1 38.5 38.5 r38.3 38.6 38.5 1.663 1.676 1.739 1.770 1.779 1.791 1.795 Chemicals and allied products 41.0 41.4 40.8 40.6 40.1 40.5 40.3 1.347 1.369 1.416 1.410 1.419 1.434 1.452 Products of petroleum and coal 41.2 40.7 40.0 40.0 40.0 40.2 40.0 1.631 1.650 1.746 1.745 1.746 1.738 1.753 Rubber products 39.0 39.7 37.5 37.1 36. 37.7 38.3 1.424 1.439 1.502 1.499 1.504 1.512 1.533 Miscellaneous industries 40.3 40.3 39.9 39.8 '38.9 39.1 39.5 1.244 1.262 1.306 1.301 1.300 1.301 1.319 r Revised. NOTE.—Figures for June 1949 are preliminary. Back figures are available from the Bureau of Labor Statistics. AUGUST 1949 981 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- Federcl, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government * 1940 32,031 10,780 916 1,294 3,013 7,055 1 .419 3,362 4,192 1941 36,164 12,974 947 1,790 3,248 7,567 1,462 3,554 4,622 1942 39,697 15,051 983 2,170 3,433 7,481 L.440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 L ,401 3,786 6,049 1944 41,480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945 40,069 15,302 826 1,132 3,872 7,685 1,394 3,891 5,967 1946 41,494 14,515 852 1,661 4,023 8,820 1,586 4,430 5,607 1947 43,970 15,901 911 1,921 4,060 9,450 1,656 4,622 5,449 1948 45,131 16,277 925 2,060 4,065 9,746 L ,719 4,681 5,658 SEASONALLY ADJUSTED 1948—May 44,726 16,018 936 2,032 4,028 9,689 1,699 4,738 5,586 June 45,053 16,172 947 2,110 4,056 9,779 1,700 4,663 5,626 July 45,271 16,302 915 2,093 4,078 9,791 1,737 4,645 5,710 August 45,312 16,278 944 2,106 4,078 9,805 L ,752 4,622 5,727 September 45,654 16,556 945 2,093 4,085 9,806 1,741 4,647 5,781 October 45,669 16,548 939 2,101 4,095 9,817 1,740 4,641 5,788 November 45,443 16,420 937 2,120 4,070 9,782 L ,737 4,644 5,733 December 45,252 16,195 940 2,121 4,084 9,769 ,739 4,624 5,780 1949—January 44,773 15,954 931 2,095 4,032 9,697 ,725 4,549 5,790 February 44,505 15,801 928 2,045 4,006 9,656 ,721 4,560 5,788 March 44,231 15,602 920 1,980 3,948 9,705 ,717 4,597 5,762 April . ... '44,076 '15,425 922 '1,981 3,949 '9,683 ,719 '4,634 5,763 May 43,771 15,152 909 1,996 3,939 9,606 ,723 4,665 5,781 June 43,780 15,116 910 2,020 3,937 9,627 1,727 4,641 5,802 UNADJUSTED 1948—May 44,616 15,892 935 2,052 4,042 9,617 1.716 4,738 5,624 June. 45,009 16,115 950 2,173 4,105 9,670 1,726 4,663 5,607 July 45,098 16,172 922 2,219 4,136 9,646 1,754 4,645 5,604 August. 45,478 16,441 952 2,253 4,139 9,660 1,761 4,622 5,650 September. . .... 45,889 16,697 948 2,239 4,092 9,733 1,732 4,647 5,801 October 45,877 16,597 941 2,206 4,091 9,889 1,723 4,641 5,789 November. 45,739 16,461 938 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. . '43,939 '15,332 919 '1,941 3,929 '9,683 1,728 '4,634 5,773 May 43,666 15,030 908 2,016 3,952 9,535 1,740 4,665 5,820 June 43,736 15,061 913 2,081 3,984 9,520 1,753 4,641 5,783 ' Revised. l 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. June 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 Total non- Total Year or month in p s o t p it u u l t a i t o io n n al l f a o b rc o e r Total In E m no p n lo a y g e ri d c * u • l- In p U l n o e y m ed - l N ab o o t r i n f o t r h c e e Total tural industries agriculture 1940 2 100,230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 . .... 101,370 57,380 55,910 50,350 41,250 9,100 5 560 43 990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39,10G 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 45,55a 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—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 June 109,547 64,866 63,398 59,619 49,924 9,696 3,778 44,685 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. 982 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION (Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b es u i i d ld e i n n t g ial and public Month Factories Commercial Educational Other utilities 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 January 615.2 483.0 238.1 159.1 54.1 43.6 74.5 62.6 58.7 38.1 53.3 77.6 136.6 102.0 February 682.0 568.5 232.3 193.1 71.9 37.8 75.5 58.8 37.8 44.7 87.2 80.6 177.3 153.5 March 689.8 747.6 276.5 251.8 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 970.8 880.3 369.8 346.3 91.9 51.5 103.3 68.5 83.8 76.0 117.0 124.6 205.0 213.5 June 935.2 945.7 355.3 370.8 103.8 45.4 83.1 70.9 63.5 81.4 113.8 138.3 215.7 239.0 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 June May June January 572 615 483 167 197 160 405 419 323 ^February. . . 442 682 568 96 248 252 346 434 317 Boston 53,361 52,468 50,548 March 597 690 748 143 181 282 453 509 466 New York.. . 155,029 168,879 159,845 -AP"1 602 874 843 177 236 319 425 638 524 Philadelphia. 43,489 54,188 64,884 May 675 971 880 234 298 369 441 673 512 Cleveland. . . 87,761 95,247 91,977 June 605 935 226 338 379 597 Richmond. . . 97,524 76,934 97,734 July 660 963 203 335 458 628 Atlanta 121,764 105,207 105,090 August 823 854 218 276 605 579 Chicago. 165,363 142,109 160,249 September. . 650 762 193 259 457 503 St. Louis.... 74,223 51,840 49,008 •October 793 779 209 262 584 517 Minneapolis. 40,737 32,423 30,130 November. . 715 611 224 199 492 413 Kansas City. 40,248 47,273 65,145 December... 625 694 207 278 418 416 Dallas 66,177 53,776 60,588 Year 7,760 9,430 2,296 3,107 5,464 6,323 Total (11 districts). 945,676 880,344 935,198 LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Mortgages on INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Year or month Total P e r r o ty p- S h m om al e l 1 fa - m to i l 4 y - R g a e ro n n d u ta p l W e V a ra r e n a t- n s' d [In millions of dollars] im- con- houses housing housing 1 1 1 9 9 94 4 4 2 3 1 1 1 , , 1 1 9 7 3 3 2 7 5 p m r e o 2 1 n v 4 8 4 t e 9 7 1 - l s t t i r o u n 2 1 c 1 - 5 1 (T I 8 6 2 i D t 7 4 9 le 7 5 1 (T II i ( t ) 3 1 l ) e 6 3 ( V T 2 6 I it ) 8 0 1 l 2 e 4 3 3 End of month Total b C m c a o i n e a m r k l - s - b M s i t a n u a n g v u a k s l - - s a a S l s i a t o n s a i n a o g o v d n c s n - i s - p I c a n a o n s n m c u i e e - r- s a c F e g i e r e e a d s n l - - i Other2 1944 875 114 216 537 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 (3) 446 808 1937—Dec 771 430 27 110 118 32 53 1948 3,338 614 880 1,836 1938—Dec 1,199 634 38 149 212 77 90 1948— J A S O J u u e c u l n p y t g e t o e u b m s e t b r . e . . . . r . . . . . . , 3 2 2 3 2 2 7 8 1 7 9 7 6 8 6 5 5 5 4 5 9 0 1 8 2 ( ( 3 3 ) ) 9 7 9 7 7 2 2 8 1 6 1 1 1 1 1 9 6 4 3 6 7 4 9 6 8 1 1 1 1 1 9 9 9 9 9 3 4 4 4 4 9 1 2 0 3 — — — — — D D D D D e e e e e c c c c c 2 3 3 3 1 , . , , , 1 7 4 6 6 9 0 0 2 2 3 7 9 0 6 1 1 1 1 , , , , 1 4 6 7 9 6 6 6 0 0 2 5 9 5 2 2 2 1 1 3 5 7 3 8 6 6 1 0 6 2 2 2 2 1 2 9 5 7 9 4 2 4 6 2 1 1 , , 0 1 3 5 7 3 3 4 4 8 2 4 2 2 9 2 2 2 1 3 0 4 5 7 4 1 5 3 9 1 1 1 1 1 3 5 7 5 6 3 0 9 9 3 N D o ec v e e m m b b e e r r . . . . 2 2 7 9 2 8 4 4 0 9 1 1 0 1 5 7 1 1 2 3 7 1 1944—June 3.554 1,669 258 284 1,119 73 150 Dec 3,399 1,590 260 269 1,072 68 140 1949—January 269 35 128 7 98 February... 279 47 123 108 1945—June 3,324 1,570 265 264 1,047 43 134 March 283 45 135 102 Dec 3,156 1,506 263 253 1,000 13 122 April 269 34 (3) 127 109 May 279 35 L 130 113 1946—June 3,102 1,488 260 247 974 11 122 June 382 49 (3) 151 181 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—June 2,988 1,402 251 245 973 7 110 originally written under the War Housing Title VI. Beginning with Dec 3,237 1,429 265 269 1,113 9 152 December 1947, figures include mortgages insured in connection with sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 1 The RFC Mortgage Company, the Federal National Mortgage s Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig k u e 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. 983 .AUGUST 1949 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 903 798 1.114 1,092 P\,094 332 394 531 547 *>590 571 405 583 545 P504 February 887 670 1,146 1,086 Pl.032 325 318 437 589 P568 561 352 709 497 P464 March 1,029 815 1,326 1,139 PI.159 365 385 445 675 P632 664 431 882 464 P527 April 1,005 757 1,294 1,121 PI 148 366 406 512 532 P534 639 351 782 589 P614 May 1.135 851 1,414 1.102 Pl,O77 372 393 474 554 P539 764 457 940 548 P538 June 868 878 1,235 PI.015 360 382 463 J>625 508 496 772 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 .11? *926 339 377 473 P560 175 266 639 P365 October 455 537 1,235 Pi 021 347 394 492 P600 109 142 743 P421 November .. 639 986 1,141 P820 325 478 455 P554 314 508 687 P266 December.... 737 1,097 1,114 J>1,285 298 529 603 P72O 439 567 511 P565 Jan.-May .... 4,960 3.891 6,294 5,539 P5,511 1,760 1,895 2,398 2,896 P2.864 3.199 1,996 3,896 2,644 P2,648 P Preliminary. 1 Including both domestic and ioreign merchandise. Beginning January 1948. recorded exports include shipments under the Army Civiliaik Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 Genera' imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Sourer.—Department of Commerce. Back figures—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 43U 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 r s o t d- Ore l c a e n l- e- c d h i a s n e - Annual ucts ous I.C.I. r o r e p a T v e i e o l r w n t a a u t a l i e y n s g e r x a T p i o l e w t n a s a l e y s o r i p a n e N i c l r o w e a m t t a i y e ng in N c e o t me 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 P8.67O Pl,002 70O 1948—February 138 151 178 103 76 140 173 146 71 SEASONALLY A M p a r r i c l h 1 1 3 3 0 0 1 9 0 8 5 1 13 6 7 2 1 12 0 3 9 10 7 5 9 1 14 4 1 6 2 1 0 7 8 3 1 1 4 5 5 0 7 7 3 0 ADJUSTED J M u a n y e ... . 1 1 4 3 2 9 1 1 5 6 3 3 rl 1 8 8 8 6 1 1 2 4 9 4 9 8 6 6 1 15 3 0 9 r1 2 8 0 8 8 1 1 4 4 3 0 r6 6 7 9 1948— M Ap a r y il 7 7 9 2 5 6 6 70 8 1 4 9 4 4 2 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 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 ISO 73 123 21.5 126 59 March. . . . 722 663 59 26 June 114 98 150 156 64 122 182 122 58 April 742 689 53 21 May 737 676 61 UNADJUSTED 1948—February. . . . 129 151 189 101 61 135 43 137 69 UNADJUSTED March 122 98 164 100 62 146 50 1*3 73 1948—April 729 676 53 27 April 128 105 134 108 94 141 206 143 71 May 796 706 90 64 J M Tu a n yJ e 1 14 4 4 3 1 1 6 5 3 3 r1 1 8 8 4 4 1 1 4 1 7 4 •• 8 7 6 5 1 15 4 6 5 '2 2 9 7 1 2 '1 1 4 4 5 4 6 6 9 6 J J u u n ly e 8 8 3 4 8 2 7 7 1 3 3 7 1 1 0 2 5 5 9 7 4 6 July 143 144 177 189 66 165 296 142 63 August. . . 868 752 116 86 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 40 May 125 130 171 132 66 128 267 127 59 May 741 683 58 J>32 June 119 98 147 159 54 127 282 126 57 r Revised. P Preliminary. " NOTE.—For description and back data, see BULLETIN for June 1941, pp. NOTE.—Descriptive'material and back figures may be ob- 529-533. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Total index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission. 984 FEDERAL RESERVE BULLETIN? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average =100] Federal Reserve district Year or month U S n t i a t te e s d Boston Y N o e r w k a P p d h h e i l i l - - a C l l a e n v d e- m R o i n c d h - ] la A n t t - a2 c C a h g i- o Lo S u t i . s M a i p n o n li e s - K C a i n t s y as Dallas c F i S r s a a c n n o - SALES a 1944 187 62 150 167 182 215 244 176 200 164 205 245 224 1945 207 176 169 184 201 236 275 193 227 185 229 275 248 1946 264 221 ••221 235 257 292 345 250 292 247 287 352 311 1947 286 234 239 261 281 304 360 275 314 273 311 374 336 1948 302 239 249 283 303 '322 386 290 335 288 327 404 '352 SEASONALLY ADJUSTED 1948—June ••307 252 262 ••284 306 '320 379 290 346 288 328 401 '362 July 311 255 259 289 313 '324 402 297 355 294 330 414 369 August 309 237 256 ••289 308 '326 393 299 354 290 330 405 366 September 309 252 254 293 316 '333 394 291 362 287 327 419 352 October ••309 232 252 302 319 '337 404 298 338 304 334 410 342 November '290 228 229 268 293 '314 374 278 321 286 323 390 338 December ••304 245 247 284 300 '331 378 295 338 288 320 397 362 1949—January '295 246 243 283 311 '309 378 289 290 265 293 387 341 February 281 234 229 265 284 '306 374 272 310 274 311 393 301 March 277 208 220 272 279 '294 365 266 309 267 301 392 322 April 294 251 242 274 301 '303 389 277 321 292 314 374 339 May 292 243 239 271 295 '315 377 275 335 273 309 384 339 June P284 P239 238 269 281 311 P368 258 314 *266 P309 385 335 UNADJUSTED 194g—june 289 242 r247 266 288 '296 333 290 311 277 '301 345 338 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 '289 Aprl 295 256 237 284 304 309 393 280 327 295 311 377 331 May . .... 287 241 230 277 292 '310 365 277 328 279 306 373 322 June P267 P229 224 256 265 287 P324 258 283 P255 P284 331 313 STOCKS s 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 194g—june »-288 212 241 ••251 267 323 '361 281 302 321 300 400 339 July ••286 204 242 '251 258 325 '365 281 293 314 301 403 337 August ... '286 204 242 ••248 261 322 '360 284 292 327 300 407 333 September '291 215 243 252 265 318 '372 284 302 330 302 415 351 October 290 220 236 249 269 320 '372 284 317 323 297 403 346 November. «"295 233 242 ••253 296 324 '377 286 325 315 297 391 340 December . '288 229 236 248 293 309 '368 282 329 314 296 382 320 1949—January ••278 221 228 '240 274 294 360 271 303 303 291 376 321 February '276 214 224 '234 275 295 '340 268 313 302 282 373 327 March '283 226 232 '238 285 305 '348 264 323 297 287 377 344 April ••280 223 230 244 260 315 '335 266 321 305 283 373 342 May 273 219 224 240 267 304 '336 265 296 301 276 358 321 June P265 207 218 232 249 311 325 257 280 P302 P269 352 314 UNADJUSTED 194g—June 278 204 '227 236 262 291 346 270 302 315 300 384 341 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 250 196 201 208 240 269 324 244 260 283 265 345 297 265 202 218 230 255 287 343 260 282 294 276 361 309 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 277 216 227 245 269 310 332 268 296 302 282 365 333 P256 206 218 244 280 312 247 280 P292 P269 338 315 199 P Preliminary. ' Revised. 1 Sales index revised beginning 1946; back figures available upon request from Federal Reserve Bank of Richmond. 2 Stocks indexes revised beginning 1941; back figures available upon request from Federal Reserve Bank of Atlanta. 3 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. 985 AUGUST 1949 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 ayear ago stocks to without seasonal adjustment (value) sales 1 1941 average monthly sales=100* Department r b s e t e p o r o r r ^ e t f s - Sale p s er i d o u d ring ( S m e t n o o d c . k ) o s f May Sale pe s r d i u o r d ing Sto o c f k s m o a n t t h end ing May 5 mos. May 1949 1948 1949 1948 1949 1949 1949 1949 1948 May Apr. May May Apr. May GRAND TOTAL—entire store» 362 -5 -3 -5 2.9 2.9 MAIN STORE—total 362 -6 -4 -5 3.1 3.1 199 213 213 616 640 651 Piece goods and household textiles 322 -10 -7 -13 3.3 3.4 192 177 214 627 665 717 Piece goods 300 -17 -13 -10 3.0 2.7 244 258 294 721 776 797 Silks, velvets, and synthetics 194 -21 -16 -23 2.6 2.7 202 242 257 532 664 718 Woolen yard goods 171 -34 -12 +12 9.9 5.9 70 178 106 696 757 612 Cotton yard goods 189 -10 -12 -11 2.0 2.0 366 315 408 729 845 821 Household textiles 315 -5 -2 -15 3.4 3.9 168 136 177 587 611 690 Linen and towels 285 . 7 -1 -11 4.2 4.4 149 131 160 630 650 714 Domestic—muslins, sheetings 251 -3 0 -22 2.8 3.4 193 143 200 534 572 678 Blankets, comforters, and spreads 247 -6 -5 -14 3.4 3.7 159 122 169 546 532 631 Small wares 352 -4 -1 -3 3.6 3.6 171 165 178 613 631 629 Laces, trimmings, embroideries, and ribbons... 214 -16 -16 0 3.0 2.4 242 284 288 722 810 712 Notions 248 -2 —5 -3 2.6 2.6 275 246 281 721 762 736 Toilet articles, drug sundries 336 -3 +1 -5 3.7 3.8 135 132 139 502 506 527 Silverware and jewelry 325 +3 +2 -2 3.7 3.9 210 177 205 787 802 793 Silverware and clocks 4 213 -15 -11 +2 5.4 4.5 Costume jewelry * 279 -6 +8 -2 2.7 2.6 Fine jewelry and watches * 80 +73 + 16 —4 3.4 6.3 Art needlework 250 -6 0 -2 5.7 116 126 123 657 673 669 Books and stationery 281 -6 -1 -4 3.9 3^8 145 155 154 560 572 576 Books and magazines 145 -7 +3 —5 3.6 3.5 127 134 137 458 404 485 Stationery 242 -6 -3 -2 4.0 3.8 140 142 149 557 575 570 Women's and misses' apparel and accessories 360 -5 -2 -4 2.2 2.2 209 250 219 470 500 488 Women's and misses' ready-to-wear accessories 360 -6 -3 -6 2.7 2.7 196 239 208 534 560 569 Neckwear and scarfs 314 -9 -9 -8 2.4 2.4 207 294 228 502 535 545 Handkerchiefs 291 -14 -6 -14 3.7 3.7 123 138 143 459 494 527 Millinery 174 -6 +4 * 0 1.1 1.0 145 304 154 155 176 153 Women's and children's gloves 336 -11 -2 -10 4.0 4.0 121 222 135 486 506 543 Corsets and brassieres 346 +1 -1 -3 2.6 2.7 270 277 268 692 703 713 Women's and children's hosiery 354 -13 -8 -15 1.8 1.8 149 171 173 268 284 314 Underwear, slips, and negligees 353 -5 -5 -6 2.3 2.3 237 204 251 551 595 582 Knit underwear 257 +7 +4 0 2.4 2.5 269 230 252 636 679 632 Silk, and muslin underwear, and slips.... 290 -11 -10 -7 2.4 2.3 238 207 269 565 617 608 Negligees, robes, and lounging apparel.... 255 -3 -2 -11 2.0 2.2 211 173 218 431 440 491 Infants' wear 334 -3 -2 -14 3.2 3.6 212 288 218 683 709 793 Handbags and small leather goods 340 -5 +2 -2 2.2 2.2 184 248 193 409 414 417 Women's and children's shoes 251 -5 -3 i 4.0 3.8 219 278 230 877 903 877 Children's shoes 4 215 -14 —4 —3 4.7 4.2 Women's shoes 4 227 —3 -2 o 3.9 3 » Women's and misses' ready-to-wear apparel. . . 360 -2 -1 -1 :1.8 223 261 230 401 437 401 Women's and misses' coats and suits 351 -18 +2 +13 2!o L.4 145 321 177 292 369 259 Coats 4 213 -24 0 +10 1.9 1.3 Suits * 202 -6 +7 +14 2 2 L.8 Juniors' and girls' wear 325 -1 +3 -6 1.8 L.9 250 334 253 453 465 479 Juniors' coats, suits, and dresses 295 -3 +2 0 1.3 L.3 285 342 294 376 404 374 Girls' wear 322 +2 +3 -9 2.6 > 9 219 347 214 562 572 623 Women's and misses' dresses 350 -1 -3 -4 1.2 1.3 292 260 295 356 383 368 Inexpensive dresses 4 266 +1 -\ —5 1.0 n Better dresses 4 279 —4 -7 -5 16 16 Blouses, skirts, and sportswear 348 -3 -3 +5 2.3 2.2 266 266 275 618 648 592 Aprons, housedresses, and uniforms 297 + 14 +5 -9 1.3 1.6 319 224 279 408 445 446 Furs 274 -39 -14 -6 16.1 10.5 20 50 33 323 286 324 Men's and boys* wear 337 -4 -4 -5 4.2 4.2 175 194 183 740 722 781 Men's clothing 258 -7 -7 +3 4.2 3.8 196 192 211 831 827 817 Men's furnishings and hats 323 -1 -3 -9 4.0 4.4 164 167 166 655 632 725 Boys' wear 307 -6 0 o 4.4 4.6 162 272 173 716 713 785 Men's and boys' shoes and slippers 197 -9 -5 -4 5.6 5.3 157 185 172 879 871 925 Housefurnishings 326 -9 -9 -4 3.8 3.6 219 198 240 837 862 884 Furniture and bedding 249 n -4 -7 4.0 4.0 194 173 208 775 814 839 Mattresses, springs and studio beds4 163 —4 — 1 — 10 1.8 1.9 Upholstered and other furniture4 171 -9 -5 — 7 4.6 4 4 Domestic floor coverings 281 -17 -14 + 1 4.4 3.7 197 189 236 874 928 882 Rugs and carpets * 157 -15 — 13 +1 4.4 3.7 Linoleum 4 107 -17 -17 — 15 3.5 Draperies, curtains, and upholstery 305 0 + 1 -9 3^2 3.6 234 205 234 758 743 841 Lamps and shades 254 -8 + 1 -4 3.8 3.6 183 186 198 690 725 713 China and glassware 255 -8 -3 +10 7.4 6.2 140 143 153 1,044 1,087 950 Major household appliances 247 -25 -37 -5 2.6 2.0 284 213 379 734 766 785 Housewares (including minor appliances) 265 -2 c -8 3.2 3.4 296 272 303 941 975 1,043 Gift shop 4 168 — 1 +2 +3 5 0 4.8 Radios, phonographs, television, records, etc.4. 233 +3 +6 -10 4.0 4.6 Radios, phonographs, television 4 186 + 11 + 14 —9 3.4 4.1 Records, sheet music, and instruments4. . . . 153 -18 — 15 — 14 6.2 5.9 Miscellaneous merchandise departments. . . 324 -6 -10 3.1 3.2 182 200 199 568 579 628 Toys, games, sporting goods, and cameras .... 299 -7 -8 -5 5.1 4.9 135 146 145 683 728 727 Toys and games 240 +2 +1 -6 5.2 5.7 104 114 102 547 514 589 Sporting goods and cameras 146 -14 -16 -4 4.9 4.4 145 151 169 705 826 744 Luggage 263 -9 2 -8 3.3 3.3 240 168 263 789 780 850 Candy 4 195 -16 J -11 1.3 1.2 For footnotes see following page. 986 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 1 1941 average monthly sales=100J Num- Department r b s e t e p o r o r o e rt s f - Sale p s e r d io u d ring ( S e m t n o o d c . k ) o s f May Sale p s e r d io u d ring Sto o c f k s m o at n t e h nd ing M 19 a 4 y 9 1 F m 9 i o v 4 s e 9 . M 19 a 4 y 9 1949 1948 May 1949 Apr. M 19 a 4 y 8 May 1949 Apr. M 19 a 4 y 8 BASEMENT STORE—total... 208 +1 +2 -6 2.0 2.1 217 235 214 425 437 450 Domestics and blankets4 139 +2 +2 -11 2.4 2.7 Women's and misses' ready-to-wear 201 +1 +4 -4 1.5 1.6 227 263 225 344 358 355 Intimate apparel4 . . . . 174 +1 +1 -4 1.8 1.9 Coats and suits 4 185 -18 + 1 +7 1.4 1.1 Dresses4 180 +9 +9 + 1 0.9 1.0 Blouses, skirts, and sportswear 4 157 +3 -6 1.8 2.0 Girls' wear 4 . . 129 +3 +4 -8 2.0 2 3 Infants' wear 4 117 +2 +2 -12 2.4 2.8 IVlen's and boys' wear 164 +6 +2 -10 2.4 2.9 218 230 206 540 521 598 Men's wear 4 144 +7 +1 -11 2.4 2.8 Men's clothing 4 . . 95 +8 +1 -6 2.4 2.8 Men's furnishings 4 118 +6 +1 -14 2.3 2.8 Boys' wear* 122 0 +6 -6 2.9 3.1 Housef urnishings 104 +3 +2 -7 2.2 2 4 210 186 205 465 501 499 Shoes 133 -8 -4 -3 3.3 3.1 166 197 179 548 566 559 NONMERCHANDISE—total4.. 183 j +2 (5) (5) (5) Barber and beauty shop 4. . . .... 82 +5 +7 (5) (5) (5) nth by sales during the month and hence indicates the were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 985. 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. * 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 it 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 dleeppartments 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 i [Weeks ending on dates shown. 1935-39 average =100] Amount Without seasonal adjustment (In millions of dollars) 1947 1948 1948 1949 Year or month Sales Out- Sept. 6... ..265 Sept. 4... ..308 Mar. 6... . .266Mar. 5... . .244 (total Stocks standing 13... . .291 11... ..285 13... ..279 12... ..256 for (end of orders 20... ..301 18... ..337 20... ..313 19... ..261 month) month) (end of 27... ..316 25... ..319 27... ..331 26... . .277 month) Oct. 4... ..326 Oct. 2... ..327 Apr. 3... ..280 Apr. 2... ..301 11... ..304 9... . .336 10... . .298 9... ..320 18... . .299 16... ..331 17... ..294 16... . .314 1939 average 128 344 25... ..306 23... ..344 24... ..296 23... ..266 1940 average. 136 353 108 Nov. 1... . .313 30... ..319 May 1... ..300 30... . .286 1941 average 156 419 194 8... ..347 Nov. 6... ..320 8... ..330 May 7... . .334 1942 average... . 179 599 263 15... . .380 13... ..346 15... ..293 14... . .285 1943 average 204 509 530 22... ..395 20... ..371 22... . .295 21... . .280 1944 average.... 227 535 560 29... ..367 27... ..347 29... ..297 28... ..275 1945 average... . 255 563 729 Dec. 6... . .508Dec. 4... ..485 June 5... . .282June 4.... ..259 1946 average.... 318 715 909 13... ..570 11... ..564 12... ..304 11. . ...288 1947 average 337 826 552 20... ..576 18... . .576 19... ..310 18... . .285 1948 average... . 353 917 466 27... ..358 25... ..473 26... . .262 25... . .247 July 3... ..265 July 2... ..238 1948—June '337 866 462 1948 1949 10... ..217 9... . .201 July 270 834 551 Jan. 3... ..204 Jan. 1... . .204 17... ..236 16.. ...213 August .. 298 897 545 10... ..251 8... ..272 24... ..231 23... . .207 September 360 948 539 17... . .232 15... . .244 31... ..235 30 October. . 390 1,062 507 24... ..226 22... . .230Aug. 7... . .261Aug. 6 November 415 1,058 379 31... . .233 29... . .218 14... . .258 13 December. 599 821 292 Feb. 7... . .240Feb. 5... . .229 21... ..271 20 14... . .238 12... . .238 28... . .255 27 1949—January.. 267 790 388 21... . .249 19... ..227 February. 255 852 378 28... ..248 26... ..232 March. . . 320 918 310 April 347 907 236 May 328 894 210 NOTE.—Revised series. For description and back figures, see June P319 P822 *>287 BULLETIN for September 1944, pp. 874-875. P Preliminary. rRevised. 1 These figures are not estimates for all department stores in the United States. Ha< k figures,— Division of Research and Statistics. 987 AUGUST 1949 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] June May June May June May 6 June May 1949 1949 1949 1949 1949 1949 1949 1949 1949 1949 1949 United States.. p-7 c -5 Cleveland-cont. Chicago p-11 -5 -tf Kansas City— B P N C A N W N P N S L D S P A N P U T W B B B R Y S T E P C C C Y R B C S h o e l B p y o r p o h c u a r l l o o e e o e l o e i o a k e i t r o o i s w i o o m i b e e r i a r n r r n u i l h f w i n v w a o s w t n c l l r l w u r c i i a l a r f v v d t o a n u g k e t o e n g g n d e c k h s c a t a i l a c n c o d a e n i n n g m t l o e r a d a n t Y g n g i h * i l d h e a Y e d H g a u o n o a l r e o y n n s t r n e n f o f s e k a e s s o a k e s n b o s n l l a n - i i o g n a p t d t 1 p t n c l e e t e r e r n B A u w e i i d e p r e o v a o k t n l i h d l e i c F k r i s r d x d a a r h w e n t p r r t i e 1 a r d i l l a n i o t e i s C 1 n r a l l y . . i n e a . l 1 e i . s . . 1 . t . 1 . K . . y . . . . . . . . . . . . . . . . - - - - - - - - - - - + 1 1 - + 1 1 - - - - 1 1 1 1 1 1 1 - - - - - - - - - - - - - - - - 5 6 4 4 5 9 4 5 8 4 5 9 3 7 8 6 3 4 4 9 3 0 5 3 0 0 1 1 0 0 0 3 4 0 1 - - - - - + + — 1 - - + 1 1 + 1 1 - - - - - - - - - - - - - - - - - - - - - — - - - 5 4 4 6 4 4 3 9 9 5 1 7 7 3 9 2 3 9 6 2 6 3 7 8 4 1 2 2 6 0 0 4 4 1 6 1 4 + + + - + + - - - - - - — - - - - - - _ - - 1 2 2 3 3 5 2 2 7 7 7 6 7 3 4 5 1 5 1 1 Q 1 7 R A W W W L N A J E P R G O S J N C CC T A N K B H M M M M C M R C H M B M B R B A C i t a a i a y r c l a a oo h o a o o r r u i h i r a e n a a t u c c h t s h a oo o i a a i e i r c v e i h l l l n m l w ll t r g t a m l e n g o a s h k n s k m a s a a c ' e e r bb n n t h uu o e s u f a l m c r h e t t i s u x i h e s n o t e s n m i o 1 s ii b p n t m mm e t n o m l t n m d h i g r t i O ll o v v g v o a s i l e ' a n d l o t n a u v o n ee l s t n i n i b k h a t i n i o bb n o i i s n b o o o a n n t R g r a i n l r g l l a l 1 g u , t o v l n i ii l m n u l o r l n g g l h d x o - h l x t aa e o e e t e r w e i d s e o o h S . o a n g a l , e u W 1 * , 2 l n g m n n a n , r g e N i y a S l s e . e S * . V . l 1 m 1 . 1 . * . . 1 C C . C . a . . . . . . . . . . . . . . . . P p - - - - - - - - - — + + + 1 - 1 + + + 1 - - - - 1 1 - - - - 1 1 - - - - 1 1 - 7 4 6 3 2 3 4 4 8 9 2 7 5 5 2 3 2 0 6 4 2 0 0 9 8 7 3 4 8 3 0 0 0 o Q -i r + + - - - - + + + + 1 - + + + + + + 1 - - - - - - - - - - - - 1 - - - - 1 - - 4 1 6 5 2 3 9 4 2 7 1 3 3 5 1 5 7 9 6 8 5 3 4 0 2 1 4 2 2 5 2 3 5 6 1 0 3 - - - - - - + + + + + 1 + + + + + - - - 1 1 1 - - - - - 1 - - - - - 1 - - - - - 2 3 J 5 4 6 9 6 5 4 1 3 6 7 3 6 4 1 0 2 3 2 3 0 2 2 6 4 6 4 5 5 4 1 2 - 3 J S M K P F T F L G M G F Q C I D L L S S S W J D M S T S E D P H L O E M K M D t n a o . l S o p e t t o e a t t i u o i o i v h a e u r r e m e a i u d u . . . i . n n a p n t e i i r n r o e a r u u r e n s s p l a i i n n t n t c L i i d m t r l t n s c l L w t L n e J n c P t s l a b r p i n n r t a e e u i v n c s h a e i s o M o o n i i e c a o n d h o l g e o n a W s k S s a p a S n e e v h t a s i o l a s u y g v a t o r u u i f u H a u a h s n t h R r m a g 1 i t a o e i B i i t p i a o n R i l i l a p . i k - p e o 1 i n s p l l s i a o s o C s C i . 1 y a o e l l e n r o i a . L t h s u c d e l y n h e i l A l i e p l i i 1 o x k t i t o i s t e s e s y i s y x n . r * u d . l . . . e . 1 . * i i K s . . . . a . s . . . . . . . . . . . . . . . . . . . . . . . . . . , , ) P- + - - - - - - - - - — - — - - - 1 - - + 1 1 - - - 1 1 + 1 1 - - - 1 1 - - 1 1 - 1 - - + - - + - 1 1 4 1 6 8 7 8 1 9 4 9 9 5 4 8 4 6 5 6 0 1 4 6 0 2 5 C 3 0 2 4 0 9 1 2 5 2 2 ^ 7 1 5 + - - - - - + + - - - - - + 1 - - - + - _ 1 - - + - - - - 1 1 - - - + 2 1 — — - 9 2 2 6 3 5 5 8 8 3 1 4 4 9 5 4 6 7 j 9 0 0 0 3 1 2 3 3 4 2 0 0 4 0 1 0 1 7 + - - - - + - - - - - 1 - - - + 1 - - - 1 - - - 1 - - - + - - - - - + — - - - - - - 1 4 2 2 5 5 7 5 3 4 5 1 6 6 3 2 4 6 9 3 5 8 5 4 3 9 8 8 0 6 4 1 5 3 1 2 2 1 6 1 S D O T S F S T C D H L O P F L S S S B R S S S V S P S S T Y B E B a S a c h a N o B N u h r a u a t a a o o a a p e o k o a n a i a a o a o v e a l a o o e n v n r n n c o l r l n c s k n a l o c l r r l k l e i u l a a n t s k e e s n t a c a l l s e p r l t s e t e g t o r k l e a s a p m n i v A l A a e k r t a J s h F D i o t r L a k n u r n W m a t a j l s F . m a o e o s m B e s t o n n o o e r e B s i n p g a n n i n a o i f x p t R s a i r e a l m d n d e l g i i o k a h a d e e J t n e e n e t n a o e C g a l o r e e 1 l o e a n r a l y d a x l n c n r n o x * a l t s m d h c t n t e h i d a c a a n C o l h s r l s C i . i r n d i c i o J s i l d x s . d . i t o * c . . . y i t t . l o . . n i . y . . ] . . . . . . o . . . . . . P p p P P P p P — P p - - - - 1 + + - - - - - — - - + + - + - - — — . - - 1 1 — - — 1 1 P 1 7 2 9 3 1 9 7 1 4 6 1 3 9 7 5 6 8 5 6 1 7 1 4 6 7 0 8 Q 0 - ' - - - - - r - - - - - - - - - - - - - - + + + + 1 + 1 1 + 1 1 - 1 1 1 - 5 7 6 3 7 4 6 5 0 9 3 1 0 2 1 2 2 2 1 4 4 1 6 1 1 4 3 1 7 6 | - - - - - + - - - - - - - - - - - - - + 1 - 1 - - 1 - 1 - - - - 1 - - - 2 3 8 6 9 1 3 0 3 9 6 3 7 9 5 8 7 8 9 6 0 6 6 7 2 3 2 0 1 1 4 7 P Preliminary. r Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district in which the city is located. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Year or month All items Food Apparel Rent r t e F r f i u r c e i i g t l e , y r , e a l a e ti 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 194g—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 June 169.6 204.3 190.3 120.6 135.6 187.3 154.2 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 All Manu- Year, month, or week m c t o i o e m d s i - - F p u r a c o r t m d s - Foods Total T p e u r x c o t t d i s l - e li m F g r a i h a u n a t t e d l e i s l n - g M m p u a r e n e c o t t t d d a a s l - l s B m r i u i a n a i t g l l e d s - - l H e p u a a r i c n o t d h t d d e s e - s r c C a a p u l l h r s l c o i e e a t d m s n d - i d - H g n f o o i i u n s u o r h g s d - - e s - n c M e e o l i l s u a - - s m R ri a a a t w l e s - p t u u f r a c r o c e t d - s d - 1929 95 3 104.9 99.9 91.6 90.4 83 0 100.5 95 4 109 1 94 0 94 3 82 6 97 5 94 5 1930 86.4 88.3 90.5 85.2 80.3 78.5 92.1 89.9 100.0 88.7 92.7 77.7 84.3 88.0 1931 ... 73.0 64.8 74.6 75.0 66.3 67.5 84.5 79.2 86.1 79.3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 54.9 70.3 80.2 71.4 72.9 73.9 75.1 64.4 55.1 70.3 1933 65.9 51.4 60.5 71.2 64.8 66.3 79.8 77.0 80.9 72.1 75.8 62.5 56.5 70.5 1934 74.9 65.3 70.5 78.4 72.9 73.3 86.9 86.2 86.6 75.3 81.5 69.7 68.6 78.2 1935 80 0 78 8 83.7 77.9 70.9 73 5 86.4 85 3 89 6 79 0 80 6 68 3 77 1 82 2 1936 80.8 80.9 82.1 79.6 71.5 76 2 87.0 86.7 95 4 78.7 81.7 70.5 79 9 82 0 1937 86.3 86.4 85.5 85.3 76.3 77.6 95.7 95.2 104.6 82.6 89.7 77.8 84.8 87.2 1938 78.6 68.5 73.6 81.7 66.7 76.5 95.7 90.3 92.8 77.0 86.8 73.3 72.0 82.2 1939 77 1 65.3 70.4 81.3 69.7 1 94 4 90.5 95.6 76.0 86.3 74.8 70 2 80.4 1940 78.6 67.7 71.3 83.0 73.8 71.7 95.8 94.8 100.8 77.0 88.5 77.3 71.9 81.6 1941 87.3 82.4 82.7 89.0 84.8 76.2 99.4 103.2 108.3 84.4 94.3 82.0 83.5 89.1 1942 98.8 105.9 99.6 95.5 96.9 78 s 103 8 110 2 117.7 95 5 102.4 89.7 100 6 98 6 1943 103.1 122.6 106.6 96.9 97.4 80.8 103.8 111.4 117.5 94.9 102.7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 98.4 83.0 103.8 115.5 116.7 95.2 104.3 93.6 113.2 100.8 1945 105 8 128 2 106.2 99.7 100 1 84 0 104 7 117 8 118 1 95.2 104.5 94.7 116 8 101 8 1946 121.1 148.9 130.7 109.5 116.3 90 1 115.5 132.6 137.2 101.4 111.6 100.3 134 7 116 1 1947 152.1 181.2 168.7 135.2 141.7 108 7 145.0 179.7 182.4 127.3 131.1 115.5 165 6 146.0 1948 165.1 188.3 179.1 '151.0 149.8 134 .2 163.6 199.1 188.8 135.7 144.5 120.5 178.4 159.4 1948—June 166.4 196.0 181.4 149.9 151.4 1 158.6 197.4 187.7 137.2 143.2 121.5 182.6 159.7 July . . .. '168 8 195 2 188.3 151.4 '150 8 '135 9 162 2 '200 0 189 2 135 7 144.5 120.3 184 3 '162 7 August 169.8 191.5 189.8 153.3 150.4 136.4 171.0 '203.8 188.4 133.2 145.4 119.7 182.3 164.6 September . 168.9 189.9 186.9 '153.6 149.3 136.9 172.0 '204.1 187.4 134.5 146.6 119.9 181.0 164.0 October '165.4 183.5 178.2 153.4 148 3 172.4 '203.7 185.5 135.5 147.5 119.0 177 0 '160.3 November 164.0 180.8 174.3 153.6 147.4 137 6 173.3 '203.1 186.2 134.4 148.2 119.2 175.2 158.8 December . 162.4 177.3 170.2 153.1 146.7 137.2 173.8 '202.2 185.3 131.1 148.4 118.5 172.2 157.6 1949—January 160.6 172.5 165.8 152.9 146.1 137.1 175.6 202.3 184.8 126.3 148.1 117.3 169.3 156.2 February 158 1 168 3 161 5 151.8 145 2 135 9 175 5 201 5 182 3 122.8 148.3 115.3 165 8 154 0 March 158.4 171.5 162.9 150.7 143.8 174.4 200 0 180.4 121.1 148.0 115.7 '167 3 154.1 April 156.9 170.5 162.9 148.9 142.2 132.0 171.8 196.5 179.9 117.7 147.0 115.6 165.8 153.0 May 155.7 171.2 163.8 146.8 140.5 130.1 168.4 193.9 179.2 118.2 146.2 113.5 165.9 151.5 June.. ... 154.4 168.5 162.4 145.5 139.2 129.9 166.7 191.4 178.8 116.8 145.3 111.3 164.3 150.6 Week ending^ All other May 31 155.8 172.3 165.6 146.1 138.7 130.0 167.5 192.7 128.1 June 7 155.9 172.7 167.0 '145.8 138.4 130.1 167.3 192.2 127.2 June 14 154.6 169.6 163.4 145.6 138.4 130 6 166.2 192.5 127.1 June 21 153.0 165.9 159.6 145.4 138.2 130.6 165.7 191.6 126.9 June 28 152.9 164.0 161.2 145.2 138.2 130.6 165.7 192.3 126.1 July 5 152.7 165.6 161.3 144.5 138.3 130.6 165.6 189.9 124.6 July 12 154.2 168.5 164.2 145.1 138.6 130.6 167.6 190.1 124.8 July 19 154.3 168.4 164.2 145.2 139.0 130.6 167.8 190.4 125.0 July 26 152.8 164.3 161.2 145.1 139.1 130.6 167.9 190.4 124.2 1948 1949 1948 1949 Subgroups Subgroups June Mar. Apr. May June June Mar. Apr May June Farm Products: Metals and Metal Products: Grains 209.2 162.6 163.8 159.9 154.9 Agricultural mach. & equip... 132.2 144.2 144.3 144.3 144.3 Livestock and poultrv 239.2 195.0 189.0 191.5 193 3 Farm machinerv 134 1 146 7 146 7 146 7 146 7 Other farm productg 165.4 158.6 160.0 160.8 156.1 Iron and steel 149.5 168.3 166.2 165.2 164.8 Foods: Motor vehicles 163 9 175 2 175-8 175.C 174.7 Dairy products.... 181.3 154.8 147.2 145.9 145 5 NonFerrous metals 152 1 168 4 156 /| 138 1 128 7 Cereal products . 155 1 146.5 145.3 145 1 145 6 Pliimhincr pnH rieatintr 145 5 155 3'154 0 '154 9 155 0 Fruits and vegetabes 147.7 151.7 158.1 167.3 157.5 Building Materials: Meats 241.3 214.8 216.0 215.2 215 5 Rrick and tile 153 8 162 4 160 8 160 8 160 8 Other foods 148 C) 126 6 127 6 r128 5 127 8 Cement 128 8 134 3 134 134 3 134 3 Hides and Leather Products: Lumber 315 5 294 7 290 6 285 2 280 8 Shoes 185.? 187.8 186.9 184.0 184.1 Paint and paintmaterials.... 158.6 162.3 157 9 157.4 153.6 Hides and skins 215 2 181 8 183 4 188 2 186 0 Plumbing and h 145 5 155 3 '154 0 '154 9 155 0 Leather 186 S 178 9 177 8 177 4 177 1 Structural ct^el 153 3 178 8 178 178 8 178 8 Other leather products .... 150.S 145.6 144.7 144.6 144.4 Other building materials 163.4 178.3 173.8 170.5 168.5 Textile Products: Chemicals and Allied Products: Clothing 146. £ 147.1 146.4 146.0 145 6 Chemicals 127 2 118 4 117 f 116 9 116 9 Cotton goods 213.1 180.1 176.2 172.6 169.7 Drugs and pharmaceuticals. . 153.8 142.4 123.0 123.6 124.3 Hosiery and undenvear .. .. 105.4 101.2 101.2 100.4 99.6 Fertilizer materals 113.9 119.6 119.7 118.5 117.4 Silk 46 4 50 1 50 1 50 1 49 2 Mixed fertilizer5 103 2 108 3 108 108 3 108 3 Rayon . . . 40 7 41 8 41 8 40 8 39 6 Oils anH fats 219 8 129 3 121 i 127 C 116 9 Woolen and worsted goods... 156.4[ 161.8 160.9 159.7 159.7 Housefurnishing Goods: Other textile products 183.1 184.9 180.9 179.1 177.7 Furnishings. . . 146 7 153 9 1S? 4 151.5 151.0 Fuel and Lighting Materials: Furniture 139.9 142.1 141 6 140.3 139.6 Anthracite 127.1 137.9 135.0 133 8 134 3 Bituminous coal 182.7 195.2 190.7 188.9 188.6 Auto tires and tubes 63.5 64.6 64.6 64.= 63.0 Coke 206. t 222.9 222.8 222.7 222.4 Cattle ieed 292.4 209.2 231.9 213.* 199.3 Electricity 65.7 67.9 67.9 . Paper and pulp 167.3 167.2 165.1 163.: 159.6 Gas 90 7 92 8 92 3 90 9 Rubber cm He 47 1 40 0 38 0 37 A 34 5 Petroleum products 122.1 115.9 113.3 110.7 110.4 Other miscellane3OUS 129.8 125.6 124.2 122.^[ 121.9 ' Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. AUGUST 1949 989 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 1929 1933 1939 1941 1944 1946 1947 1948 1 2 3 4 1 Cross national product. 103.8 55.8 '91.3 -126.4 '213.7 '212.6 '235.7 '262.4 251.4 261.6 266.5 270.3 260.0 Less: Capital consumption allowances 8.8 7.2 8.1 9.3 11.9 '11.9 '13.7 '15.7 14.9 15.6 15.9 16.4 16.3 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 '14.1 '17.3 '18.7 '20.3 19.6 20.2 20.6 20.7 20.4 6 7 5 5 5 6 6 6 6 6 6 6 6 Statistical discrepancy — .1 1.2 '1.4 r1.6 '4.0 '4.2 '1.0 ' — .3 .9 .3 -.8 -1.3 -2.2 Plus: Subsidies less current surplus of government enterprises -.1 0) 5 1 7 9 — 1 r 1 -3 — l 2 4 4 Equals: National income 87 4 39.6 72.5 103 8 '183.8 '179 6 '201.7 '226 2 215 1 224 9 230.4 234 3 225.3 Less: Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.0 '18.3 '25.6 '32.6 28.5 33.0 33.3 35.7 30.8 Contributions for social insurance .2 .3 2 1 2 8 5.2 '6 0 5.6 5 1 5 1 5.0 5.2 5.3 5.2 Excess of wage accruals over disbursements. .0 .0 .0 .0 2 .0 .0 .0 .1 -.1 .1 .1 Plus: Government transfer payments .9 1.5 2.5 2.6 31 10.8 11.1 10.5 11.0 10'.8 10.4 9.9 11.1 Net interest paid by government 1 0 1.2 1 2 1.3 2.8 '4 4 4.4 '4 4 4 4 4 4 4.5 4.5 4.5 Dividends 5.8 2.1 3.8 4.5 4.7 '5.8 '7.0 '7.9 7.6 7.7 7.9 8.3 8.4 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 '165.9 '176.9 '193.5 '211 9 205 1 210 3 215 4 216.6 213.7 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 '18.8 r21.5 '21.1 23.2 20.7 20.2 20.4 18.6 Federal 1.3 .5 1.2 2.0 17.5 17.2 '19.6 '19.0 21.1 18.7 18.0 18.2 16.3 State and local 1.4 1.0 1 2 1.3 1.4 1.7 r1.9 2 1 2 0 2.1 2.1 2.2 2.4 Equals: Disposable personal income 82.5 45.2 70.2 92.0 '147.0 '158.1 '172.0 '190.8 181.9 189.6 195.2 196.2 195.1 Less: Personal consumption expenditures 78.8 46.3 67.5 82.3 '111.6 '147.8 '166.9 '178.8 175.2 178.7 180.3 180.9 176.5 Equals: Personal saving 3.7 -1.2 2 7 9.8 '35 4 '10.3 '5.1 '12 0 6 7 10.8 15.0 15.3 18.5 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Annual totals Seasonally adjusted annual rates by quarters 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 1 2 3 4 1 National income 87.4 39.6 72.5 103.8 183.8 179.6 '201.7 '226.2 215.1 224.9 230.4 234.3 225.3 Compensation of employees 50 8 29.3 47.8 64.3 121.2 117.0 127.6 140.3 135.1 137.7 143.3 144.9 142.5 Wages and salaries 2 50.2 28.8 45.7 61.7 116.9 '111 A '122.3 '135.3 130.1 132.8 138.3 139.8 137.5 Private 45.2 23'. 7 37.5 51.5 '83.4 '90.5 104.8 116.1 112.0 114.3 118.6 119.6 117.2 Military .3 .3 .4 1.9 '20.6 '8.0 '4.0 '3.9 3.8 3.8 3.9 4.1 4.1 Government civilian 4 6 4 9 7 8 8 3 12.8 12.9 13.6 15.2 14.3 14.7 15.7 16.1 16.2 Supplements to wages and salaries 6 5 2 t 2 6 4.2 5.6 5.3 5.0 5 0 4.9 5.0 5.0 5.0 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 '35.5 '41.2 '45.1 '49.5 48.0 50.4 49.9 49.7 47.8 Business and professional . . 8 3 2 9 6 8 9 6 '17.2 '20.8 '23.1 '24.5 24.2 24.6 24.5 24.5 24.0 Farm 5.7 2.3 4.5 6.9 11.8 14.2 15.4 18.4 17.1 19.1 18.8 18.5 17.1 Rental income of persons 5.8 2.0 3 5 4.3 '6.5 '6.2 '6.5 '6.6 6.6 6.7 6.6 6.7 6.7 Corporate profits and inventory valuation adjustment 10.3 -2.0 5.8 14.6 24.0 18.3 '25.6 '32.6 28.5 33.0 33.3 35.7 30.8 Corporate profits before tax 9 8 2 6 5 17 2 24.3 '23.6 '31.6 '34 8 33.0 35.0 36.6 34.5 28.4 Corporate profits tax liability 1.4 1.5 7.8 13.5 '9.6 12.5 13.6 12.8 13.7 14.4 13.6 11.2 Corporate profits after tax 8.4 -A 5.0 9.4 10.8 13.9 19.1 '21.2 20.2 21.3 22.2 20.9 17.3 Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.3 '-5.2 '—2 2 -4.5 -2.0 -3.3 1.2 2.3 Net interest 6.5 5.0 4.2 4.1 3.1 '3.0 '3!4 '3.8 3.6 3.7 3.9 4.1 4.2 ' Revised. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1939-48, see Survey of Current Business, July 1949. For a discussion of the revisions, together with annual data for the period 1929-38, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since been revised. 990 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 AnnuaI totals Seasonally b a y d ju q s u t a e r d t e a rs nnual rates 1948 ' 1949 ' 1929 1933 1939 1941 1944 1946 1947 1948 1 2 3 4 i Gross national product 103.8 55.8 '91.3 '126.4 '213.7 '212.6 '235.7 '262.4 251.4 261.6 266.5 270.3 260.01 Personal consumption expenditures 78.8 46.3 67.5 82.3 '111.6 '147.8 '166.9 '178.8 175.2 178.7 180.3 180.9 176.5 Gr D S N o e u o s r r n s v a d i p c b u e l r r e s i a v b g a l o t e o e d g d s o o od m s estic investment 3 3 1 9 1 7 5 . . . 4 7 8 7 2 2 3 0 2 1 . . 5 3 6 3 3 2 '9 5 6 5 . . 9 7 5 3 '1 4 2 9 4 8 8 . . 8 3 0 5 r ' 6 3 ' ' 7 7 7 7 . . 7 1 4 1 ' ' ' 4 1 2 8 4 6 9 6 . . 5 5 5 8 ' ' ' ' 4 9 2 3 8 6 1 2 .0 2 8 1 '1 ' ' ' 0 5 2 4 2 3 3 5 . . 5 0 2 1 1 4 2 5 0 1 1 2 0 . . 7 7 3 2 1 4 5 0 2 4 2 2 3 .8 5 2 4 1 4 5 2 0 3 7 1 4 . . 1 8 7 8 ' • 1 4 5 2 0 4 * 8 3 2 . . 3 . 0 8 9; 2 9 455 9 1 1 . . . 7 25 4 New construction l 7.8 1.1 »-4.9 '6.8 '2.8 '10.3 '13.8 '17.9 16.9 18.1 18.7 17.9 16.8 Producers' durable equipment 6.4 1.8 4.6 7.7 '5.7 '12.5 '17.2 '20.7 19.7 20.8 21.0 21.2 20.3 Change in business inventories 1.6 — 1.6 .4 3 9 '-.8 '6.7 '.1 '6.5 4.1 5 3 7 4 9.0 4.1 Net foreign investment .8 .2 .9 1.1 -2.1 4.7 8.9 '1.9 3.9 2.8 -.1 1.0 .6 Government purchases of goods and services 8.5 8.0 13.1 24.7 96.5 '30.7 '28.8 '36.7 31 5 35.9 39.2 40.3 41.7 Federal . . .. . 1.3 2.0 5.2 16.9 89.0 20.8 '15.7 20.9 17.0 20.4 22.8 23.4 24.7 W No ar nwar } 1.3 2.0 3 1 .3 9 1 3 3 . 2 8 88 1 .6 6 2 2 1 .2 5 } 17.0 21.5 18.1 21.0 23.1 23.8 25.0 Less: Government sales 2 w (3) (3) (3) 1.2 2.9 1.3 .6 1.2 .7 .3 .3 .2 State and local 5.9 7.9 7.8 7.5 '9 9 '13.1 '15.8 14 6 15.5 16.4 16.9 17.0 7.2 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month s P o e n r a - l Wage and salary disbursements L c p e o l s o n s y t r e e i m e - - O la t b h o e r r pr P i a e r n t o d o - rs' d p a e n e n r d d - s T fer ag N r o ic n u - lincome re T c o e t i a p l ts4 T d o is t - al m C o o d m it - y Distrib- Service Gov- bu f t o io r ns income5 in re c n om tal e6 in s t o e n r a e l st m p e a n y t - s7 in t c u o r m al e85 b m u e r n se ts - d p in u ro g s d t r u i i n e c - s - in tr d i u es s- in tr d ie u s s- m er e n n - t i s a n o n s c u c ia e r- l income 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 7 80.7 81.9 39 1 18.0 8 6 16.1 1 2 .7 28.4 9 7 3 2 109.4 1943' 150.3 103.6 105.4 49.0 20.1 9.5 26.8 1.8 .9 32.8 10.0 3.0 135.2 1944' 165.9 114.9 117.1 50.4 22.7 10.5 33.5 2.2 1.3 35.5 10.6 3.6 150.5 1945' 171.9 115.3 117.7 45.9 24.7 11.5 35.6 2.3 1.5 37.5 11.4 6.2 155.7 1946' 176.9 109.4 111.5 46.0 30.8 13.7 20.9 2.0 1.6 41.2 13.2 11.4 158.5- 1947' 193.5 120.2 122.3 54.3 35.2 15.2 17.5 2.1 1.8 45.1 14.8 11.7 173.5 1948' 211.9 133.1 135.2 60.4 39.2 16.6 19.1 2.1 2.0 49.5 16.2 11.1 188.8 1948—May 209.3 130.9 132.9 59.1 38.8 16.5 18.5 2.0 2.0 49.3 15.9 11.2 185.9' June' 213.4 132.5 134.7 60.1 39.1 16.7 18.8 2.2 2.0 51.8 15.9 11.2 188.4 July 214.5 134.6 136.8 60.7 39.8 16.9 19.4 2.2 2.0 50.8 16.0 11.1 190.2 Augustr 215.4 136.5 138.7 61.9 40.2 16.9 19.7 2.2 2.0 49.5 16.3 11.1 192.0 Septemberr. . . 216.3 137.7 139.9 62.8 40.4 16.7 20.0 2.2 2.0 49.4 16.5 10.7 193.3 October ' 216.3 138.1 140.3 62.7 40.4 16.9 20.3 2.2 2.0 49.0 16.8 10.4 192.9 Novemberr. . . 216.6 137.5 139.7 62.7 39.8 16.9 20.3 2.2 2.0 49.8 16.9 10.4 192.8 Decemberr... . 217.0 137.1 139.4 62.3 40.0 16.9 20.2 2.3 2.0 50.3 16.9 10.7 193.6 1949—January 215.7 136.6 138.9 61.4 40.2 17.0 20.3 2.3 2.0 49.0 17.0 11.1 192.6 February r. . . . 212.9 135.0 137.3 60.6 39.5 16.9 20.3 2.3 2.1 47.2 17.1 11.5 191.7 March' 212.4 133.5 135.8 58.9 39.4 17.1 20.4 2.3 2.1 47.3 17.1 12.4 191.4 April' 212.5 134 7 136.8 58.6 40.5 17.1 20.6 2.1 2.1 46.3 17.2 12.2 192.3 Mayr 212.9 134.8 137.0 58.3 40.9 17.3 20.5 2.2 2.1 46.7 17.3 12.0 192.3 ' Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporation. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. AUGUST 1949 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit End of year Total or month co c n r s e u d m it er i c T m n r o s e e t t d a n a i l t l t - Total A Sa u l 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 rg n e ts S c e r r e v d i i c t e 1929 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1938 7,047 3,595 2,313 970 1,343 1,282 3,452 1,442 1,487 523 1939 . . . 7,969 4,424 2,792 1,267 1,525 1,632 3,545 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 3,698 1,488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 1,601 1,764 610 1942 6 578 3,048 1,617 482 1,135 1,431 3,530 1,369 1,513 648 1943 5,378 2,001 882 175 707 1,119 3,377 1,192 1,498 687 1944 5 803 2,061 891 200 691 1,170 3 742 1,255 1,758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1,520 1,981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2,263 3,054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948.. . 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 194g—May 14,311 7,318 3,590 1,536 2,054 3,728 6,993 2,816 3,245 932 June 14 669 7,533 3,720 1,602 2,118 3,813 7,136 2,839 3,352 945 July 14 723 7,738 3,849 1,689 2,160 3,889 6,985 2,840 3,185 960 August 14,916 7,972 4,018 1,781 2,237 3,954 6,944 2,847 3,130 967 September 15,231 8,190 4,193 1,858 2,335 3,997 7,041 2,855 3,227 959 October 15 518 8,233 4,239 1,889 2,350 3,994 7,285 2,869 3,457 959 November 15,739 8,322 4,310 1,922 2,388 4,012 7,417 2,892 3,557 968 December 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1949—January . . 15 749 8,425 4,371 1,965 2,406 4,054 7,324 2,904 3,457 963 February 15,332 8,339 4,306 1,996 2,310 4,033 6,993 2,865 3,176 952 M^arch. ••15,360 ••8,427 '4,362 2,105 ••2,257 4,065 6,933 2,816 3,148 969 April 15,618 8,627 4,514 2,241 2,273 4,113 6,991 2,764 3,258 969 Mayp 15,853 8,890 4,717 2,386 2,331 4,173 6,963 2,739 3,249 975 JuneP 16,141 9,133 4,878 2,507 2,371 4,255 7,008 2,745 3,282 981 P Preliminary. r Revised. 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 I a n tr n d i k u a s l s - * p I a c n l t n o o r d i i m a u a e n l s s - - 2 u C n r i e q d n i s t l M l a e n n is e d c o e e u r l s s - I m i l r n z o e a o s a a p n u d t n i a d e r o s i e r r n 8 n d - m b C a e n o r k c m i s a - * 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 - * p I a c n l t o n o r d i a m 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—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 < ,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 4,113 1,749 815 207 163 323 131 725 278 146 33 29 58 Mayp 4 173 1,788 818 213 165 333 131 725 288 135 35 28 60 June? 4,255 1,837 827 219 167 347 132 726 296 141 37 28 68 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 June amounted to 98 million dollars and loans made during June were 11 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. 992 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 I 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 n d 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 s w to e r l e ry s s o r t e A t o h t r l a e l e i r l s Year or month Total c P ha u s r r e - e d ta D i l l o i a r n ec s t c d r h p a e ir a u n t e a s d r c e i - l t d , l e o m r t a a n i n o o n i d z d n s a - 12 - i l s m c n o o s e a a n t s n n a a h t l s l houses Outstanding at end of 1929 1,197 160 583 265 56 ' 133 p 1 e 9 r 4 i 6 od: 1,591 165 306 275 273 572 1933 663 119 299 119 29 97 1 1 9 9 4 4 7 8 2 3 , , 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—May 3,137 448 649 646 555 839 1939 ... . 1,525 377 536 273 93 246 June 3,229 472 668 661 572 856 1940 1,721 439 599 302 110 271 July 3,319 502 691 678 582 866 1941 1,802 466 619 313 120 284 August 3,410 529 713 698 592 878 1942 1,135 252 440 188 76 179 September... 3,486 550 723 725 608 880 1943 707 172 289 78 57 111 October 3,504 561 723 731 620 869 1944 691 183 293 50 56 109 November... 3,528 565 730 736 631 866 1945 715 198 296 51 57 113 December. . . 3,563 570 736 751 636 870 1946 1,104 337 386 118 89 174 1949—January 3,558 564 737 758 631 868 1947 1,935 650 587 249 144 305 February.... 3,517 572 737 724 626 858 1948 2,567 874 750 387 152 404 March 3,556 598 759 709 630 860 1948 A M p a r y il p 3 3 , , 6 7 2 4 9 0 6 6 3 6 1 4 8 7 1 8 7 5 7 7 1 3 2 6 6 6 3 5 6 0 8 8 6 7 5 3 May 2,054 703 601 306 121 323 June? 3,854 688 844 751 676 895 June 2,118 720 621 322 121 334 Volume extended dur- July . . . 2,160 732 629 339 120 340 ing month: August. . .. 2,237 759 652 356 118 352 1948—May 487 81 109 112 48 137 September. 2,335 786 685 377 119 368 June 524 87 109 126 52 150 October. . . 2,350 797 687 379 117 370 July 512 91 115 113 45 148 November. 2,388 812 696 377 127 376 August 504 93 116 105 49 141 December. 2,567 874 750 387 152 404 September... 503 90 105 122 49 137 October 433 73 93 99 48 120 1949 November... 447 76 98 97 49 127 December. . . 468 75 98 110 42 143 January. . . 2,406 816 704 366 141 379 1949—January 426 68 94 100 32 132 February.. 2,310 778 685 353 130 364 February.... 383 71 90 74 33 115 March '2,257 754 675 »-348 124 356 March 517 105 129 94 45 144 April 2,273 758 683 351 123 358 April 527 113 129 99 48 138 MayP 2,331 770 704 367 123 367 Mayp 568 112 136 124 54 142 JuneP 2,371 771 720 382 125 373 JuneP 585 109 128 124 67 157 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—May 265.1 59.0 38.0 48.3 119.8 1948—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 Jttly 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 April 287.6 70.7 43.1 49.5 124.3 April 180.9 39.4 24.1 4.9 112.5 Mayp 294.7 73.3 45 8 50.0 125.6 Mayp 183.0 40.3 25.9 5.1 111.7 JuneP. 303.2 76.1 51.3 127.1 JuneP 185.6 41.3 26.7 5.3 112.3 Volume extended Volume extended during month: during month: 1948—May 40.8 10.1 6.8 4.2 19.7 1948—May 27.7 5.7 3.7 0.4 17.9 June 44.2 10.5 7.4 3.4 22.9 June 30.6 7.1 3.5 0.4 19.6 July 41.4 11.3 6.9 3.1 20.1 July 29.1 6.7 3.3 0.5 18.6 August. . . 40.1 10.6 6.5 3.6 19.4 August.... 28.6 6.0 3.6 0.4 18.6 S N D O e o e c p c v t t o e e e m b m m e b b b r e e e .. r r r . . . . 3 3 3 3 3 8 5 9 . . . . 5 8 1 0 9 8 7 7 . . . . 1 8 6 9 6 4 4 5 . . . . 6 4 6 9 3 3 3 3 . . . . 5 4 0 5 2 1 1 1 2 8 7 9 . . . . 7 9 5 0 S N O D e o e c p c v t t o e e e m b m m e b b b r e e e .. r r r . . . . 2 2 3 2 8 5 0 7 . . 7 7 6 5 6 5 . . . . 1 0 1 3 3 3 3 3 . . . . 8 4 4 0 0 0 0 0 . . . . 5 5 4 5 2 1 1 1 1 7 7 6 . . . . 7 5 9 8 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 April 41.5 12.0 6.8 2.8 19.9 April 31.4 7.1 4.0 0.4 19.9 Mayp 43.7 11.9 7.8 3.6 20.4 Mayp 32.0 7.3 5.2 0.6 18.9 JuneP 46.5 12.3 8.2 4.5 21.5 JuneP 30.9 6.7 4.8 0.6 18.8 P Preliminary. r Revised. x Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. AUGUST 1949 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Pe fr r o c m en ta p g re e c e c d h i a n n g ge f P ro e m rc e c n o ta rr g e e s p c o h n a d n i g n e g Instalment accounts a C c h co ar u g n e ts month month of preceding Item 1 J 9 u 4 n 9 e P M 19 a 4 y 9 A 19 p 4 r 9 . 1 J 9 u 4 n 9 e P M y 19 e a 4 a y r 9 A 19 p 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 s e 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 -3 +9 +5 -12 -10 -15 May 24 15 18 15 52 C C a re s d h i t s a s l a e l s e s: . . -4 +9 -1 -23 -22 -26 J J u u n ly e 2 2 4 3 1 1 6 4 1 1 7 7 1 1 6 6 5 5 2 1 Instalment -3 +10 +8 -6 -5 -10 August 23 14 17 16 51 Charge account +1 +4 -2 -16 -19 -23 S O e c p to t b em er ber... 2 2 4 4 1 1 4 4 1 1 6 6 1 1 6 6 5 5 3 4 Accounts receivable, end November... 24 14 15 17 55 of month: December. .. 25 14 15 20 53 Total +2 +3 0 +8 +9 + 10 Instalment +2 +2 + 1 + 14 + 13 +15 1949 January 22 12 15 14 52 Collections during February 22 12 14 13 50 month: March 25 14 15 14 56 Total -1 2 -3 -7 -5 0 April 24 13 14 14 53 Instalment -1 -2 -3 -3 -1 + 1 J M un ay e? 2 2 4 4 1 1 3 3 1 1 4 4 1 1 4 4 5 5 3 4 nventories, end of month, at retail value. -6 -5 -1 -13 -11 -9 P Preliminary. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average =100 Percentage of total sales Year or month Sales during month Ac a c t o e u n n d t s o r f e m ce o iv n a t b h le Collec m tio o n n s t h during Instal- Charge- Cash ment account Total Cash 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 co ar 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 6 39 1948 225 236 191 219 142 198 181 222 52 7 41 1948—May 218 '228 '185 '214 134 192 172 214 52 7 41 June 217 '229 179 211 136 192 176 217 52 7 41 July- '173 187 162 159 138 167 169 213 '54 8 '38 August 188 '196 '192 177 144 165 173 184 52 9 39 September r228 231 '214 228 151 188 186 188 50 8 42 October '248 '255 202 250 155 206 196 220 51 7 42 November r263 '272 '215 263 160 219 204 243 51 7 42 December '380 '407 278 370 176 281 212 252 53 6 41 1949—January 173 182 136 171 163 219 212 313 52 7 41 February ••162 '168 '131 162 157 187 195 234 51 7 42 March '203 '208 171 204 151 182 209 226 51 7 42 ••223 '231 188 221 151 191 195 209 51 8 41 May 207 210 182 210 151 192 197 220 50 8 42 June? 200 205 168 201 151 188 194 222 51 7 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. 985. 994 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS • 1949 1949 Chart Chart book book page June July July July July page June July July July July 29 13 27 29 13 20 27 WEEKLY FIGURES i In billions of dollars RESERVE BANK CREDIT, ETC. WEEKLY FIGURES *—Cont. In unit indicated Re U se . r S v . e G B o a v n t. k s c e r c e u d ri i t t i , e t s o , t t a o l tal.. 2 3 1 1 9 9. . 5 8 2 8 1 1 9 9 . . 7 3 8 4 1 1 9 8 . . 2 8 8 4 1 18 9 . . 4 1 7 0 1 1 9 8 . .4 0 9 8 BUSINESS CONDITIONS Bills 3 4.52 4.35 3.94 3.67 3.74 Wholesale prices: Notes and certificates 3 7.22 7.22 7.13 7.02 6.9 Indexes (1926=100): G T M M r o o e e l m n a d e s B b u y s o e t r o r n y i c n d b k c s a c a n i s r h k c u a r l n e a s d t e i o d rv n e e p s o sits.... 2, 2 4 2 2 3 2 2 1 7 4 7 1 8 . . . . . 8 7 4 4 0 8 2 7 3 1 2 2 1 7 4 7 7 1 . . . . . 6 7 4 5 9 6 7 8 8 7 2 2 1 4 7 7 7 1 . . . . . 5 5 4 7 6 1 1 8 8 9 2 2 1 7 4 7 7 1 . . . . . 5 7 3 7 4 2 7 2 8 6 2 2 1 7 4 7 1 7 . . . . . 7 5 7 3 4 8 2 3 9 Ba T O F F si o a o t c h r o t m a e d c l r s o p m c r o m o m d o m u d c o i t t d s i e it s i : es 6 6 6 6 5 5 5 5 1 1 1 1 5 6 4 6 2 1 5 4 . . . . 9 2 2 0 1 1 1 1 5 6 6 4 1 2 5 4 . . . . 3 5 7 6 1 1 1 1 4 6 5 6 5 8 4 4 . . . . 1 5 2 2 1 1 1 1 5 6 6 4 4 4 5 8 . . . . 3 2 2 4 1 1 1 1 5 6 4 6 1 2 5 4 . . . . 2 1 8 3 R E M x e e N c q m e u e a s w i b s v r e e g r r Y d e . ) b s o : r e a r e k r n s v k e e C r v s r i e e e t s y s e rves (weekly 5 4 4 1 4 7 . . . 8 3 6 2 3 8 1 4 1 6 . . . 9 4 52 4 6 1 4 6 1 . . . 9 0 4 1 1 9P1 4 P 6 . . . 7 9 4 5 2 6 1 4 6 . . . 7 5 9 3 5 4 Se T F l I e n o o c d ( o t t A u a e d l d s u s t t g r u f . i a f a r f 1 l m s 9 m 3 p a 9 r t = e o 1 r d i 0 u a 0 c ls ) t : s: 6 6 6 7 7 7 2 2 2 2 0 7 8 7 8 . . . 3 0 0 2 2 2 2 8 0 9 0 6 . . . 6 7 0 2 2 2 8 3 1 2 1 1 . . . 5 7 0 2 2 2 8 3 1 9 5 2 . . . 1 1 7 2 2 21 8 3 3 8 5 . . . 2 7 9 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 6 n ks 5 5 5 5 6 1 . . . 1 7 1 7 8 4 6 5 1 . . . 6 1 2 4 3 0 * 5 6 1 . . . 0 6 2 2 5 3 4 6 1 . . . 5 9 1 3 4 7 4 6 1 . . . 5 8 1 0 9 6 W C C o o h r t e n to a t n ( c ( e ( c c n e e t n s n t t s p s e p p r e e b r r u b p s u o h s u e h n l e ) d l . ) ) . . . . 6 6 6 8 8 8 1 1 3 3 9 2 7 0 . . . 5 5 4 1 1 3 9 3 2 9 9 . . . 1 5 2 2 1 3 0 4 2 0 0 . . . 3 7 9 1 1 3 4 9 1 7 1 . . . 9 5 7 2 1 3 0 3 1 1 9 . . . 6 6 5 MEMBER BANKS IN LEADING CITIES Steers (dollars per 100 All reporting banks: pounds) 68 25.59 25.29 25.11 25.29 24.78 L O U U L D o o . . t e N F O B C R B h a a m S S e o n n i o o e o t T . l . U O r a h r s s a m n l t n s , G G o e e l d . t s a p m d s r h t e t s e o o n S a u o e c s e a v v l d d . r r t u t r n a c t t e a c r G . . s i l h d p i t i n e t e s d a a o o i c v e c l e s e v s u e c i e p s i t n r s u t r . o i s g t r t t s m s i i i i a t e f e t s i e i d s s c e e c n j s u c a u t , r u s t s i t e r t t o i s i e t e t . i d a . e s . . l . s . . . . : 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 4 4 4 8 4 8 8 8 4 6 8 8 8 6 3 2 4 2 6 1 4 4 2 6 3 4 6 3 6 2 1 1 1 3 1 . . . . . . . . . . . . . . . 1 5 2 6 9 2 4 8 0 1 3 8 6 1 1 2 5 3 1 8 9 8 7 7 8 1 1 3 5 8 3 6 4 2 2 1 4 6 2 4 4 2 5 2 4 6 3 3 1 1 . . . . . . . . . . . . . . . 3 6 1 0 5 1 1 1 7 1 8 0 2 2 8 1 6 9 5 2 9 4 7 5 4 8 0 6 9 9 3 2 4 6 2 1 5 4 4 6 6 6 2 4 2 2 2 1 1 . . . . . . . . . . . . . . . 5 1 2 7 2 8 4 0 8 0 9 1 9 9 7 5 2 3 6 6 0 4 9 0 7 0 7 2 3 5 3 2 4 6 2 1 5 4 2 4 6 6 6 2 4 3 2 2 1 . . . . . . . . . . . . . . . 5 0 1 6 0 5 7 3 4 2 9 0 8 8 9 1 1 3 1 2 2 7 7 6 8 7 8 9 3 2 3 4 6 2 2 1 4 2 6 2 4 4 5 6 6 3 1 3 1 2 . . . . . . . . . . . . . . . 6 0 0 1 6 0 5 6 3 0 4 0 8 9 1 1 4 1 5 9 7 4 6 6 3 8 9 4 F P D r r e e A S T o C P E M M B p i d t a l o r u i g a e i e e b H E B t u p u t s t h e r u c a b a o d e c c g t o l u t m t t l p l m m e e r t g r g t s c i ( b o l i t s ( i . o s a % l c o e e ) n m u o a n r p n r b ( o n p a n l i : ( c e t i o u r l o d ( e o d l e t l d c a e s s w o s , r f o n e d ) t o u l c p t o e c n ( ( i l l s s o t r t n a o a e r t h h a e s r g u p p u ( s o o l m s m p a n e s u u ( c ( r d a e p m i s s t i l l r s h d . . e t e l ) i p . y ( o s r o l t c t l ) k o o u h a , z 1 w u s n r o t e 0 . o s n u . s n 0 ) c n h d s ) . ) a , s . r ) . r . . ) . . s . s . . . . . ) ) 7 6 7 6 7 7 7 7 6 7 7 7 1 8 3 8 2 3 5 2 8 4 4 1 2 4 5 5 4 1 , , 7 3 9 2 6 . 3 8 9 4 1 1 . . 2 7 1 . . 1 4 4 1 5 2 2 8 5 6 9 8 4 1 9 0 4 2 4 4 2 , , 1 5 4 6 2 9 6 1 . 9 3 5 2 1 . 4 . 8 3 9 6 . . 6 1 7 9 5 2 5 5 8 8 0 1 2 7 4 5 4 2 5 , 5 2 , 4 7 1 3 6 2 9 . 5 3 7 . 1 7 1 7 2 0 . . 9 1 . 4 4 2 3 2 5 3 5 7 1 8 8 1 2 4 7 4 5 2 , 5 4 , 2 7 1 4 3 9 7 6 2 . 8 . 1 7 1 2 6 . . . 8 1 8 5 7 1 5 1 6 3 4 2 4 2 0 9 4 6 9 4 2 5 4 6 8 , , 2 1 5 6 3 2 8 7 0 1 1 . 1 . 1 2 3 7 2 7 2 6 4 . . . 5 8 6 9 5 3 6 9 1 4 3 0 Ne L w o a Y n o s r a k n d C i i t n y v e b s a tm n e k n s t : s 18.73 18.39 18.44 18.59 18.59 (1935-39=100) 75 238 201 213 207 208 U. S. Govt. securities, total. 9.89 9.99 10.27 10.39 10.37 Bonds, total holdings .... 7.73 7.71 7.72 7.74 7.76 Due or callable—5 years 6.12 6.11 6.11 6.13 6.15 1949 Notes and certificates. . . 1.54 1.55 1.57 1.63 1.68 De B m il a ls nd deposits adjusted.. 15. . 0 6 8 3 14. . 9 7 2 3 14. . 8 9 1 8 15 1. . 0 09 2 15. . 0 9 7 4 Apr. May June2 U. S. Govt. deposits .52 .44 .30 .24 .36 Interbank deposits 3.71 4.09 3.96 3.78 3.76 Time deposits 1.68 1.65 1.61 1.61 1.61 MONTHLY FIGURES In billions of dollars Loans, total __ 7.72 7.22 6.98 6.99 6.96 Commercial 19 4.66 4.60 4.59 4.48 4.49 DEPOSITS AND CURRENCY For purchasing securities: To brokers: Deposits and currency:« On U. S. Govts 19 .95 .60 .48 .65 .66 Total P167.6O P167.60 P167.80 To O o n th o e t r h s e r securities... 1 1 9 9 . . 2 7 5 8 . . 7 2 1 4 . .2 5 7 3 . . 5 2 2 5 . . 5 2 0 5 Ex p c o lu si d t i s ng U. S. Govt. de- P165.50 P165 P165.60 Real estate and other.... 19 1.01 1.01 1.01 1.01 1.01 T D i e m m e a n d d ep d o e s p it o s si a ts d j a u d s j t u e s d t . e . d .. . . . P P 5 8 8 2 . . 1 4 0 0 P P 8 5 2 8 P P 8 5 2 8. . 4 20 0 Ba L U D n o . e k N B B a m S s n o i o . l a s o n l t s n G e d u a s d s o t n s a v d d i n t e d . i d p n e s o v e c N s c e e i u r s t e t s t r w i m i f t a i i c e Y d e a n s j o t u t , e s r s s t k t o e t C d a . l i . . t y 1 1 1 1 1 1 : 5 5 7 5 7 7 3 4 2 1 4 1 3 4 1 8 . . . . . . 7 2 8 0 2 3 0 0 8 1 9 8 3 4 2 1 4 0 4 4 8 1 . . . . . . 8 7 1 9 4 4 5 5 6 2 3 8 3 4 2 1 1 4 4 4 1 8 . . . . . . 9 4 2 9 4 5 2 2 6 9 9 4 3 4 2 1 4 1 5 4 8 1 . . . . . . 1 9 6 3 5 6 2 7 8 4 8 0 3 4 2 1 4 1 5 4 1 8 . . . . . . 2 6 9 6 6 8 : 2 : 3 Mo $ C U C B n 1 o i u . e l 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 a t b l , s n e a i i a p l d t d l n i o e s o d o s n i v b , t $ e s a 5 t r o n b t k a i l s l l . s . . . . . . 7 7 6 7 7 P 2 1 P 2 4 8 7 4 2 4 . . . . . . 4 4 4 4 1 9 7 2 9 5 0 0 P 2 1 P 2 7 4 8 4 5 l P 2 1 2 P 4 5 8 7 4 2 . . . . . . O 2 5 5 4 4 O 0 O 9 1 8 U. S. Govt. deposits 15 .95 .82 .62 .59 .68 Interbank deposits 15 5.68 6.26 6.43 6.09 5.90 Time deposits 15 13.72 13.72 13.72 13.72 13.70 Annual rate Loans, total 15 16.16 15.94 15.93 16.00 16.07 O C R Fo 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 9 9 9 9 3 3 8 . . . . 9 1 5 6 2 7 1 4 3 3 8 . . . . 9 4 2 6 1 0 0 3 3 3 8. . . . 4 9 1 5 1 2 9 9 3 3 8 . . . . 9 2 3 6 3 2 9 0 3 3 8 . . . . 9 2 4 6 4 4 0 0 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 d eposits:' 8 8 2 1 8 8 . . 5 8 2 1 9 9 . . 5 1 2 1 8 8 . . 4 5 MONEY RATES, ETC. Per cent per annum In billions of dollars U. S. Govt. securities: COMMERCIAL BANKS Bills (new issues) 30 1.052 0.923 0.928 1.017 1.032 Certificates 30 1.16 1.04 1.02 1.03 1.06 3-5 years 30 1.36 1.26 125 1.26 1.27 Cash assets* : P34.00 P32.90 P33.30 7-9 years 30 1.60 1.57 155 1.54 1.54 Loans and investments, total8. 9 Pi 12.50 P113.40 P113.70 15 years or more 30, 32 2.34 2.27 226 2.26 2.27 Loanse 9 P41.30 P40.90 P41.20 Corporate bonds: U. S. Govt. securities* 9 P62.00 P63.20 P63.00 Aaa 32 2.70 2.69 267 2.65 2.64 Other securities6 9 P9.20 P9.30 P9.50 Baa 32 3.48 3.47 346 3.44 3.44 Holdings of U. S. Govt. se- High-grade (Treas. series).. 32 2.70 2.69• 266 2.65 2.64 curities: Bonds: Total 10 41.60 42.21 In unit indicated Within 1 year 10 5.65 5.72 «5.25 Stock prices (1935-39=100): 1-5 years 10 25.31 25.60 "26.39 Total 34 113 115 117 119 120 5-10 years 10 6.81 6.99 «6.60 Industrial 34 118 121 123 125 126 Over 10 years 10 3.83 3.90 *3.83 Railroad 34 87 89 90 92 92 Notes and certificates 10 10.68 10.90 «H.36 Vo P lu u m bl e ic o u f t t i r l a i d ty i ng (mill, shares) 3 3 4 4 .6 9 7 3 . 9 8 5 9 . 9 9 5 1 1. 9 0 6 6 9 9 6 2 G Bi u ll a s r anteed securiti . e m s 1 1 0 0 2.62 2.78 «2.82 For footnotes see p. 998. 995 AUGUST 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 Apr. May June2 page Apr. May June : 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 93.99 94.96 95.25 Marketable public issues—Cont. Loans 12 34.86 34.47 34.74 By class of security—Cont. U. S. Govt. securities 12 51.64 52.92 52.81 Bonds—Total outstanding. ... 24 111.60 111.60 110.59 Other securities 12 7.49 7.58 7.70 Nonbank (unrestricted issues Demand deposits adjusted • 12 69.79 69.89 69.59 only), commercial bank, Time deposits 12 29.13 29.22 29.36 and F. R. Bank 24 68.50 68.20 e66.80 Balances due to banks 12 10.10 9.94 10.08 Commercial bank and F. R. Balances due from banks 12 4.80 4.82 4.88 Bank 24 50.50 50.56 «49.85 Reserves 12 19.18 18.15 18.07 F. R. Bank 24 8.90 8.36 7.78 Central reserve city banks: By earliest callable or due date: Loans and investments, total 12 22.98 23.50 23.87 Withinlyear-Total outstanding 25 52.60 52.61 52.30 Loans 12 9.20 9.17 9.38 Commercial bank and F. R. U. S. Govt. securities 12 12.28 12.82 12.94 Bank 25 31.87 31.46 Other securities 12 1.51 1.51 1.55 F. R. Bank* 25 12.92 12.09 12.19 Demand deposits adjusted '....... 12 18.88 18.87 18.87 1-5 years—Total outstanding. 25 38.49 38.46 39.17 Time deposits 12 2.69 2.76 2.83 Commercial bank and F. R. Balances due to banks 12 4.74 4.63 4.72 Bank 25 27.71 27.82 •28.51 Reserves 12 6.38 5.96 6.00 F. R. Bank 25 '•2.39 2.22 2.12 Reserve city banks: 5-10 years—Total outstanding 25 10.46 10.46 4 15.07 Loans and investments, total 13 34.64 34.95 35.02 Commercial bank and F. R. Loans 13 13.64 13.38 13.36 Bank 25 6.97 7.10 «7.19 U. S. Govt. securities 13 18.45 18.95 18.97 F. R. Bank 25 .16 .11 .58 Other securities 13 2.55 2.62 2.69 Over 10 years—Total outstand- Demand deposits adjusted • 13 24.44 24.49 24.33 ing 25 53.89 53.89 48.60 Time deposits 13 11.55 11.57 11.64 Nonbank (unrestricted issues Balances due to banks 13 4.55 4.55 4.58 only), commercial bank, Balances due from banks 13 1.60 1.59 1.62 and F. R. Bank 25 10.79 10.48 Reserves 13 7.22 6.88 6.82 Commercial bank and F. R. Country banks: Bank 25 9.45 9.22 «8.28 Loans and investments, total 13 36.37 36.51 36.36 F. R. Bank 25 5.62 5.32 4.45 Loans 13 12.02 11.92 11.99 ash income and outgo: U. S. Govt. securities 13 20.92 21.15 20.91 Cash income 26 1.43 2.60 4.80 Other securities 13 3.43 3.45 3.46 Cash outgo 26 3.13 3.69 4.54 Demand deposits adjusted • 13 26.47 26.53 26.39 Excess of cash income or outgo.... 26 -1.70 -1.09 + .26 Time deposits 13 14.89 14.89 14.88 R B e a s la e n rv c e e s s due from banks 1 1 3 3 3 5 . . 0 5 3 9 3 5 . .3 0 1 7 3 5 . .2 1 5 0 MONEY RATES, ETC. Per cent per annum Treasury bills (new issues) 29 1.155 1.156 1.158 Corporate bonds: Aaa 29 2.70 2.71 2.71 CONSUMER CREDIT • Baa 29 3.45 3.45 3.47 F. R. Bank discount rate 29 1.50 1.50 1.50 Consumer credit, total 20 15.62 P15.85 P16.14 Commercial paper 29 1.56 1.56 1.56 Single-payment loans 20 2.76 P2.74 P2.7 Stock yields: Charge accounts 20 3.26 P3.25 P3.28 Dividends/price ratio: Service credit 20 .97 P. 98 P. 98 Common stock 33 7.021 7.29 7.22 Instalment credit, total 20, 21 8.63 P8.89 P9.13 Preferred stock 33 4.07 4.04 3.98 Instalment loans 21 4.11 P4.17 P4.26 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 . . 5 2 1 4 P P A 2. . 3 1 9 2 P P2 4 . . 5 8 1 8 In unit indicated Other 21 2.27 r>2 .33 P2.37 Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 =100), total... 35 119 118 112 Stock market credit (mill, dollars): Bank loans 35 427 424 421 GOVERNMENT FINANCE Customers' debit balances 35, 36 626 660 681 Money borrowed 36 329 355 493 Gross debt of the U. S. Government: Customers' free credit balances.... 36 542 535 528 Total (direct and guaranteed) 22 251.55 251.91 252.80 Volume of trading (mill, shares) 35 .88 .82 .81 Bonds (marketable issues) 22 111.60 111.60 110.59 Notes, certificates, and bills 22 43.85 43.85 44.56 BUSINESS CONDITIONS Savings bonds, savings notes. ... 22 60.51 60.81 61.12 Personal income (annual rates, bill, Special issues 22 31.83 31.91 32.78 dollars): • * Guaranteed, noninterest-bearing Total 48 212.5 212.9 P213.5 debt, etc 22 3.76 3.73 3.75 Total salaries and wages 48 134.7 134.8 P134.5 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 r63.5 64.0 Commercial banks • 23 61.90 62.80 P63.20 All other 48 14.3 P14.1 P14.3 Fed. agencies and trust funds... 23 37.52 37.53 38.2 Labor force (mill, persons):8 F. R. Banks 23 21.09 19.70 19.34 Total 49 62.3 63.5 64.9 Individuals • 23 68.40 68.70 P68.80 Civilian 49 60.8 62.0 63.4 Corporations and associations •. . 23 21.70 22.40 P22.60 Unemployment 49 3.0 3.3 3.8 Insurance companies « 23 21.20 21.00 P20.90 Employment 49 57.8 58.7 59.6 Mutual savings banks * 23 11.60 11.60 Pi1.60 Nonagricultural 49 50.0 49.7 49.9 State and local govts. • 23 8.10 8.10 P8.10 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons):8 3 By class of security: Total 50 44.08 43.77 P43.78 Bills—Total outstanding 24 11.54 11.54 11.54 Manufacturing and mining 50 16.35 16.06 P16.03 Commercial bank and F. R. Construction 50 1.98 2.00 P2.02 Bank 24 7.48 7.01 «7.16 Transportation and utilities 50 3.95 3.94 P3.94 F. R. Bank 24 4.87 4.23 4.35 Trade 50 '9.68 9.61 P9.63 Notes and certificates—Total Government 50 5.76 5.78 P5.8O outstanding 24 32.31 32.31 33.02 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 52.62 52.86 P53.68 Bank 24 18.01 18.02 «18.58 Hourly earnings (dollars) 51 1.374 1.373 Pl.380 F. R. Bank 24 7.33 7.12 7.22 Hours worked (per week) 51 38.3 38.5 P38.9 For footnotes see p. 998 996 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 1949 1949 Chart Chart book book page Apr. May June2 page Apr. May June2 In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS Cont. Industrial production:3 Department stores—Cont. Total (1935-39 = 100) 52 179 174 M69 296 stores—Cont. Groups (points in total index): Ratios to sales (months' supply): Durable manufactures 52 ••80.6 76.3 P73. Total commitments 63 3.3 3.4 3.4 Nondurable manufactures 52 75. 75.3 P75. Stocks 63 2.6 2.7 2.6 Minerals 52 22.5 22.1 P20. Consumers' prices (1935-39=100): Manufacturing production All items 64 169.7 169.2 169.6 (1935-39 = 100), total 53 ••184 179 Food 64 202.8 202.4 204.3 Durable 53 r212 201 Apparel 64 192.5 191.3 190.3 Nondurable 53 162 161 P160 Rent 64 120.3 120.4 120.6 Selected durable manufactures Miscellaneous 64 154.6 154.5 154.2 (1935-39-100): Wholesale prices (1926=100): Nonferrous metals 54 209 200 P194 Total 65 156.9 155.7 154.4 Steel 54 240 218 182 Farm products 65 170.5 171.2 168.5 Cement 54 213 196 195 Food 65 162.9 '163.8 162 .4 Lumber 54 118 120 P115 Other commodities 65 •"148.9 '146.8 145.5 Transportation equipment 54 '235 220 ^239 Textile products 66 142.2 140.5 139.2 Machinery 54 240 232 Hides and leather products 66 179.9 '179.2 178.8 Selected nondurable manufactures Chemicals and allied products. . . 66 117.7 118.2 116.8 (1935-39 = 100): Fuel and lighting materials 67 132.0 130.1 129.9 Apparel wool consumption 55 92 98 Building materials 67 196.5 ••193.9 191 .4 Cotton consumption 55 111 103 105 Metals and metal products 67 "•171.8 ••168.4 166.7 Shoes 55 113 105 P113 Miscellaneous 66 115.61 '113.5 111.3 Paperboard 55 162 162 164 Prices paid and received by farmers Newsprint consumption 55 154 161 156 (1910-14=100): Manufactured food products .... 55 162 162 P164 Paid 69 246 245 245 Fuel oil 55 169 166 P156 Received 69 260 256 252 Gasoline 55 170 177 P179 Cash farm income (mill, dollars): Industrial chemicals 55 417 406 P395 Total 70 1 ,850 1,944 P2,118 Rayon 55 265 259 P258 Livestock and products 70 1,231 1,276 Pl.281 Orders, sales, and inventories: Crops 70 592 639 PS20 Sales (bill, dollars): Govt. payments 70 27 29 P17 Manufacturing, total 56 16.8 16.3 P16. Durable 57 7.2 6. P7. INTERNATIONAL TRADE AND FINANCE Nondurable 57 9.5 9.5 P9. Wholesale 56 7.0 7.1 Exports and imports (mill, dollars): Retail 56 11.1 10.8 Exports 76 Pl.148 PI.078 P1,104 Inventories (bill, dollars): Imports 76 P534 P541 P526 Manufacturing, total 56 31.3 30.9 P30. Excess of exports or imports 76 P614 P578 Durable, total 57 15.1 14.9 P14. Short-term liabilities to and claims on Goods in process 57 5.9 5 foreigners reported by banks (bill, Purchased materials 57 4.6 4.4 dollars): Finished goods 57 4.7 4.7 Total liabilities P5.86 P5.68 Nondurable, total 57 16.1 16.0 Official ^2.80 P2.64 Goods in process 57 2.3 2.3 Invested in U. S. Treasury bills Purchased materials 57 7.3 7.0 and certificates 77 Finished goods 57 6.6 6.7 Private 77 P3.06 P3.04 Wholesale 56 8.2 7.9 Claims on foreiggners 77 P.951 P.87 Retail 56 14.3 13.8 Foreii gn exchhange rates: New orders (1939=100): See p. 1017 of this BULLETIN 78, 79 Manufacturing, total 56 K5 203 Durable 56 206 206 1948 1949 Nondurable 56 188 201 Cons a t v ru g c ., t i m on i ll c , o d n o t l r l a a c r t s s ) :3 (3 mo. moving QUARTERLY FIGURES O D c ec t- . J M a a n r - . A Ju p n r e - Total 58 724 739 800 Residential 58 257 288 326 GOVERNMENT FINANCE In billions of dollars Other 58 467 450 473 Residential construction: Budget receipts and expenditures of Contracts awarded (mill, dollars) :3 U. S. Treasury: Total 59 254 296 332 Expenditures, total 27 9.10 9.23 10.15 1- and 2-family dwellings 59 198 203 230 National defense 27, 28 2.90 3.08 3.15 Other 59 55 93 102 Veterans' Administration 28 1.65 1.71 1.65 Dwellings started (thous. units)... 59 86 95 100 International aid 28 1.61 1.58 1.43 Value of construction activity (mill, Interest on debt 28 1 .45 1.05 1 .87 dollars): All other 28 1.41 1.74 1.93 Total* 60 1,378 1,585 1,745 Receipts: Nonresidential:e Net receipts 27 8.65 12.40 8.05 Public 60 367 453 489 Individual income taxes 28 3.08 7.26 3.84 Private 60 552 587 639 Corporate income, etc 28 2.72 3.29 2.83 Residential:* Miscellaneous internal revenue. . 28 2.24 2.01 2.00 Public 60 14 15 17 All other 28 .74 .84 .84 Private 60 445 530 600 Tax refunds (deduct) 28 .12 1.00 1.46 Freight carloadings:3 Total (1935-39 = 100) 61 MONEY RATES Per cent per annum Groups (points in total index): Miscellaneous 61 72.5 68.9 66.9 Bank rates on loans to business: Coal 61 27.5 27.7 20.8 All loans: All other 61 27.0 27. 26.7 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 62 294 284 11 Southern and WTestern cities. . 31 3.02 3.12 3.17 Stocks 62 '280 »-273 265 Loans of $1,000-$ 10,000: 296 stores: 19 cities 31 4.50 4.62 4.63 Sales (mill, dollars) 63 347 328 319 New York City 31 4.23 4.22 4.22 Stocks (mill, dollars) 63 907 ""894 822 7 Northern and Eastern cities. . . 31 4.51 4.63 4.67 Outstanding orders (mill, dollars) 63 236 210 287 11 Southern and Western cities.. 31 4.62 4.79 4.80 For footnotes see p. 998. AUGUST 1949 997' 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 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—Cont. QUARTERLY FIGURES—Cont. MONEY RATES Cont. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. Dlant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars):«5 19 cities 31 3.58 3.64 3.70 All business 42 5.4 '4.5 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 '3.1 ••3.4 11 Southern and Western cities. . 31 3.68 3.75 3.89 Manufacturing and mining 42 2.5 '2.0 "-2.2 Loans of $100,000-$200,000: 19 cities 31 2.97 2.89 3.04 New York City 31 2.70 2.66 2.78 In billions of dollars 7 1 1 N S o o r u th th e e rn rn a a n n d d E W as e t s e t r e n r n c c it i i t e ie s s . . . . . 3 3 1 1 3 2 . . 1 9 4 7 3 2 . . 0 8 4 9 2 3. . 2 9 6 8 nd G i r v o i s d s u a s l a v s i a n v g i s n gs: 43 +10 7 +7.0 Loans of $200,000 and over: Liquid savings 43 '+1 9 +0.6 19 cities 31 2.34 2.42 2.44 Cash 43 '+1 6 -3.3 New York City 31 2.16 2.25 2,17 U. S. Govt. securities 43 r 0 4 + 1.3 7 Northern and Eastern cities. . . 31 2.44 2.44 2.66 Other securities 43 '+0.8 +0.8 11 Southern and Western cities. . 31 2.57 2.71 2.69 Insurance 43 + 1 9 + 1.4 Debt liquidation 43 '-2 1 +0.5 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 rross national product 3 44 '270.3 '260.0 Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars): * ices 44 '40.3 '41.7 Current assets total 37 126.7 125.0 Personal consumption expenditures 44 '180.9 '176.5 Cash 37 24.0 23 A Durable goods 46 22.9 '21.4 U. S. Govt. securities 37 13.9 14.0 Nondurable goods 46 '103.3 '99.7 Inventories 37 48.5 48 Services 46 '54.8 '55.5 Receivables 37 38.7 37.5 Private domestic and foreign invest- Current liabilities, total 37 61.9 59.2 ment 44 '49.0 '41.7 Notes and accounts payable 37 37.1 34.6 Gross private domestic invest- Federal income tax liabilities. ... 37 11.6 11.2 ment: Net working capital 37 64.8 65.8 Producers' durable equipment. 45 '21.2 '20.3 Corporate security issues: New construction 45 '17.9 '16.8 Total (bill, dollars)• 38 1.87 1.06 2.31 Change in business inventories. 45 9.0 '4.1 New money, total (bill, dollars)e... 38 1.77 .85 1.9 Net foreign investment 45 1.0 '0.6 Type of security (bill, dollars): 'ersonal income, consumption, and Bonds 38 1.57 .72 1.58 saving:3 Preferred stock 38 .07 .05 .15 Personal income 47 '216.6 '213.7 Common stock 38 .11 .08 .25 Disposable income 47 '196.2 '195.1 Use of proceeds (mill, dollars): Consumption expenditures 47 '180.9 '176.5 Plant and equipment: Net personal saving 47 '15.3 '18.5 All issuers 39 1,451 699 1,615 Public utility 39 898 343 1,293 R In a d i u lr s o t a r d ia l 3 3 9 9 4 1 3 1 5 7 1 18 7 2 4 1 18 1 2 1 1948 1949 Working capital: All issuers 39 316 152 353 June Dec. June Public utility 39 4 2 30 31 30 Railroad 39 60 SEMIANNUAL FIGURES Industrial 39 233 81 237 Bond P s u b (b li i c ll , dollars):e 38 .86 .58 1.15 INSURED COMMERCIAL BANKS In billions of dollars Private 38 .81 .33 .74 Loans: Co P r r p o ( o f a r i n t a s n t e u b a p e l r f o o r f r a i e t t e s t , s a , t x a b e x i s e l l s , , d a o n l d l a d r i s v ) i : d 6 ends 40 '34.5 '28.4 A C R o e g a m ri l c m e u e s lt r t u a c r t i e a a l l 1 1 1 1 1 1 1 1 1 7 0 . . . 9 8 1 7 3 0 1 1 2 8 0 . . . 7 7 6 8 6 7 U Pr n o u d f n i i d t s s t i r s i t a b r f i u t b e t u r e d te t d a p x r p o e r f s o i t f s i ( t d s i ) v idends and 4 4 0 0 • '1 •2 2 0 . . 6 9 '17.3 F C o o T r n o s p u u b m r r c o e h r 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 : 1 1 1 1 6 1 . . 4 1 1 8 6 1 . .3 8 4 0 Corporate profits after taxes (quar- To others 11 1.08 0.94 All t e c r o ly r p t o o r t a a t l i s o ) n : s (bill, dollars) e. . . . 41 '5.1 4.5 S O t t a h t e e r a s n ec d u l r o it c i a e l s government securities 1 1 1 1 5 3 . . 4 5 3 0 5 3. . 4 5 2 1 Large corporations, total (bill, dollars) 41 1. 1 Manufacturing (mill, dollars): Durable 41 498 Nondurable 41 '326 Electric power and telephone (mill, dollars) 41 223 24; Railroads (mill, dollars) 41 19 58 • Estimated. P Preliminary. ' Revised. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 2 For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables that show those series. Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 3 Adjusted for seasonal variation. 4 Includes a restricted bond issue that became callable within 5-10 years on June 15, 1949. 6 Expenditures anticipated by business during the third quarter of 1949 are (in billions of dollars): All business, 4.6; manufacturing and mining, railroads and utilities, 3.2; manufacturing and mining, 2.0. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly issues at $1.00 each. 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 Apr. Mayp June? page1 Apr. JuneP In millions of dollars In millions of dollars Consumer credit outstanding, total.. . 3 15,618 15,853 16,141 Consumer instalment sale credit Instalment credit, total 3, 5 8,627 8,890 9,133 granted, cumulative totals:2 Instalment loans 5 4,113 4,173 4,255 By all other retailers 745 814 820 Instalment sale credit 5 4,514 4,717 4,878 By department stores and mail- Charge accounts 3 3,258 3,249 3,282 order houses 644 708 712 Single-payment loans 3 2,764 2,739 2,745 By furniture and household appli- Service credit 3 969 975 981 ance stores 519 574 591 Consumer credit outstanding, cumu- By automobile dealers 371 400 421 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 15,618 15,853 16,141 standing, cumulative totals:2 Charge accounts 4 6,991 6,963 7,008 Commercial and industrial banks. 4,113 4,173 4,255 Single-payment loans. 4 3,733 3,714 3,726 Small loan companies 2,157 2,172 2,199 Service credit 4 969 975 981 Credit unions 1,342 1,354 1,372 Consumer instalment sale credit out- Miscellaneous lenders 1,019 1,021 1,025 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 4,514 4,717 4,878 loans 725 725 726 Department stores and mail-order houses 6 4,033 4,227 4,380 Furniture and household appliance stores 6 3,275 3,457 3,609 Automobile dealers 6 2,241 2,386 2,507 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 CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY 1, 1949 [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 July 1, 1949 1948 July 1, 1949 1948 July 1, 1949 1948 July 1, 1949 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 6,295 6,730 New York 32,179 30,531 13,633 12,922 13,501 12,837 132 85 Philadelphia. . ... 58,168 54,759 16,435 18,720 16,435 18,720 Cleveland 269 198 249,959 62,707 64,270 62,707 64,270 Richmond 179,076 178,088 26,259 26,135 26,259 26,135 Atlanta. . 199,109 185,702 7,975 6,997 7,975 6,997 Chicago 1 ,483,210 1,468,484 89,559 90,016 87,609 88,383 1,950 1,633 St. Louis 482,769 427,135 71,293 72,645 71,271 72,625 22 20 Minneapolis 455,941 484,647 297,679 242,788 41,336 25,540 256,343 217,248 Kansas City . . 422,894 374,725 483,050 400,580 477,649 397,914 5,401 2,666 Dallas 55 486 62 657 57,486 110,740 57,486 110,626 114 San Francisco 6,223 6,768 162,330 142,877 127,870 108,048 34,460 34,829 Total 3,650,548 3,530,185 1,288,406 1,188,690 990,098 932,095 298,308 256,595 Oats Tame Hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 July 1, 1949 1948 July 1, 1949 1948 July 1, 1949 1948 July 1, 1949 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,116 5,182 4,059 3,502 39,227 38,389 83,328 68,715 New York 29,630 23,409 6,657 5,033 921 914 44,911 27,584 Philadelphia 18,389 15,207 2,504 2,204 61,275 55,888 22,533 15,344 Cleveland 66,477 61,875 5,535 5,275 157,919 151,912 12,866 10,927 Richmond 27,732 38,016 5,194 5,124 1,070,972 1,118,785 27,291 22,385 Atlanta 30,227 31,949 3,791 3,876 232,864 249,565 12,174 13,818 Chicago 640,036 607,923 15,607 16,289 30,750 29,711 28,286 26,156 St. Louis 74,841 67,671 9,384 8,858 381,323 373,711 8,418 7,275 Minneapolis 417,785 342,602 9,429 9,418 2,349 2,183 46,070 40,214 Kansas City 135,271 120,469 10,355 10,587 4,130 4,371 37,722 31,848 Dallas 18 148 35 528 1,724 1,823 4,888 4,167 San Francisco 28,100 29,841 12,759 12,706 117,363 100,263 Total 1,491,752 1,379,672 86,998 84,695 1,981,730 2,025,429 445,850 368,696 NOTE.—1948 figures for tobacco are as revised in July 1949. AUGUST 1949 999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1949 Total Boston New York Ph p il h a i d a el- Cleveland Richmond Atlanta Chicago St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Current Earnings I)iscounts and advances $2,089,315 $116,198 $820,548 $131,172 $ 169,890 $114, 630 $65,482 $268,943 $72,835 $40,655 $109,893 $56,815 $122,254 U. S. Govt. securities. . 168,303,775 11,491 ,67339, 945,240 11,467,339 15,525,767 10,804,783 9,019,14825,105,533 9,096,194 5,446,360 8,138,239 7,281,732 14,981,767 Industrial loans 17,058 1 S826 1 232 Commitments to make industrial loans 6,691 215 78 4,307 658 558 350 17 508 All other 397,631 5,443 59,942 3,965 121,115 9,540 20,222 34,342 ' "l^675 '"3 ^288 112, 233 " 6,940 12,926 Total current earnings 170,814,470 11,613,52940,825,730 11,618,380 15,821,079 10,930,843 9,105,41025,409 168 9 176 704 5 490 30S 8 S60 SR? 7 345 487 15,117 455 Current Expenses Operating expenses: Salaries: Officers 1.803,319 109,558 359,045 87,168 147,871 117,979 130,716 223,565 117,848 97,749 125,277 114,709 171,834 Employees 25,251,06. 1,642,083 6,263,936 1,501,211 ,118,225 1,609,345 1,146,547 3,924,392 1,473,150 751,007 1,354,325 1,143,207 2,323,637 Retirement System contributions 2,615,521 168,685 630,849 152,548 219,163 394, J 149,964 150,216 122,880 251,847 Legal fees 6,775 69 7 552 2,556 170,498 128,476 600 2,097 75,507 770 2 122 Directors' fees and expenses 140,979 8,476 10,427 9,239 7,609 8,844 11,854 13,504 14,202 18,448 Federal Advisory Council fees and ex- '9,418 " 19,933 9,025 penses 12,881 985 771 855 1,032 1,260 977 1,146 1,106 1,847 Traveling expenses (other than of direc- 530 1,263 1,109 tors and members of Federal Advisory Council) 456,115 24,256 49,403 16,923 38,638 34,810 32,808 71,021 34,489 36,499 33,666 30,872 52,730 Postage and expressage 4,298,110 417,426 660,732 259,362 378,012 365,185 336,501 593,753 232,248 141,092 244,757 214,591 454,451 Telephone and telegraph. 261,776 11,318 51,48: 15,474 24,433 14,676 21,002 17,202 23,260 13,132 20,568 17,034 32,195 Printing, stationery, and supplies 1,974,518 175,319 372,993 109,381 127,763 99,520 122,232 372,891 138,721 53,904 111,197 104,932 185,665 Insurance 341,300 21,678 85,234 14,877 27,052 18,827 15,793 46,400 19,398 15,340 22,579 17,347 36,775 Taxes on real estate 960,910 96,000 240,094 45,718 107,598 43,366 39,573 154,909 39,944 45,633 52,7 22,792 72,495 Depreciation (building) 553,464 27,916 137,031 33,176 87,012 45,334 28,956 43,456 33,103 15,703 38,255 20,975 42,547 Light, heat, power, and water 356,506 24,033 73,820 23,673 48,299 24,508 17,751 47,667 24,774 13,587 15,059 18,436 24,899 Repairs and alterations 372,923 10,805 33,226 6,192 42,751 43,983 10,800 79,469 31,029 19,895 58,555 19,255 16,963 Rent 133,909 630 3,835 606 3,804 9,401 33,405 3,778 608 7,251 5,233 65,358 Furniture and equipment 625,741 56,935 197^199 37,163 46,540 43,486 20,580 103,138 33,758 6,179 35,600 20,346 24,817 All other 1,791,948 116,791 145,614 154,597 257,257 133,454 99,935 295,223 102,629 79,651 111,664 107,241 187,892 Total operating expenses 41,957,760 2,912,963 9,311,863 2,471,944 3,682,417 2,778,723 2,182,267 6,412,083 2,473,021 1,375,620 2,397,177 1,995,160 3,964,522 Less reimbursement for certain fiscal w agency and other expenses 8,019,307 466,498 1,597,705 421,596 612,806 456,612 456,900 1,412,002 486,222 250,152 503,700 894,418 Net operating expenses 33,938,453 2,446,465 7,714,158 2,050,348 3,069,611 2,322,111 1,725,367 5,000,081 1,986,799 1,125,468 1,893,477 1,534,464 3,070,104 Assessment for expenses of Board of Governors 1,787,800 112,400 564,600 143,600 164,600 3,600 73,700 246,100 64,700 44,600 64,500 62,000 158,400 Federal Reserve Currency: Original cost 2,955,224 201,770 675,733 263,134 258,679 221,920 261,557 511,234 166,554 53,316 91,847 62,058 187,422 Cost of redemption 346,262 21,119 57,929 23,043 30,192 27,665 37,110 57,635 18,758 6,713 13,971 16,630 35,497 Total current expenses. . 39,027,739 2,781,754 9,012,420 2,480,125 3,523,082 2,660,296 2,097,734 5,815,050 2,236,811 1,230,097 2,063,795 1,675,152 3,451,423 Current net earnings. ... 131,786,731 8,831,77531,813,310 9,138,255 12,297,997 8,270,547 7,007,67619,594,118 6,939,893 4,260,206 6,296,587 5,670,335 11,666,032 P w 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 1002-1007 Gold production 1007 Reported gold reserves of central banks and governments. . 1008 Gold movements; gold stock of the United States. . 1009 International Monetary Fund and Bank. . 1010 Central banks 1010-1014 Money rates in foreign countries. 1015 Commercial banks 1016 Foreign exchange rates. . 1017 Price movements: Wholesale prices . 1018 Retail food prices and cost of living 1019 Security prices 1019 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. AUGUST 1949 1001 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 Increas f e u n in d s f o i r n e i U gn . S b . anking f t I u e n b n r c n a d r n a e s t k a i o s i o n e f n g i a i n n l - D b in a e n c U r k e . i a n S s g e . se F R c o u e r t r e u i i t g r i n e n s: s D I e n c o f u l m o r w e it s i t o e i s c f : b In ro fl k o e w ra g in e Total Official» Other in i s n t it U ut . i o S n . s a f b u r n o d a s d o f f u n U d . s S * . f f o u r n e d i s g n 2 balances 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. 313 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 I,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 ?,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31 8,802.8 6,144.5 J,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Dec. 31 8,009.5 5,272.3 1,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec. 31 8,335.2 4,120.3 L,121.8 2,998.5 I,242.0 186.5 1,276.9 367.0 142.4 1948—June 30 7,948.1 4,351.9 1,352.3 2,999.6 L.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 L,909.1 68.6 1.311.9 189.7 133.5 Aug. 31 7,931.9 4,522.1 1,513.9 3,008.2 1,898.9 54.0 1,161.2 166.2 129.6 Sept. 30 7,984.0 4,570.3 L.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 L,685.0 2,966.7 L.899.5 69.6 1,170.7 162.6 121.5 Nov. 30 8,251.2 4,782.3 1,796.9 2,985.4 1,880.6 103.8 1,178.0 181.8 124.6 Dec. 31 8,560.6 5,119.5 I,126.0 2,993.6 L.844.3 116.8 1,182.1 174.8 123.1 1949—Jan. 31 8,653.0 5,220.2 >,221.2 2,999.0 L.914.2 139.3 1,186.9 72.2 120.3 Feb. 28 8,715.5 5,298.9 >,294.2 3,004.7 L,892.1 138.4 1,188.2 79.8 118.1 Mar. 31 8,643.0 5,212.7 >,236.6 2,976.1 1,897.3 152.5 1,170.5 87.4 122.6 Apr. 3QP 8,569.6 5,126.4 >,090.9 3,035.5 1,880.5 189.9 1,167.1 86.8 118.9 May 31P 8,491.0 4,945.1 L.933.9 3,011.2 1,874.3 261.4 1,171.3 122.8 116.1 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 r l o n i n n a s - - Total U K d n i o n i m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r 1941—Dec. 31 5,354.1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec 31 5,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec> 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951 0 1,161.6 201.4 1944—Dec 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 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 1,246.3 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 1,100.6 2,975.1 688.6 1,383.4 975.8 244.9 1948—june 30 1,738.3 6,209.9 558.0 59.5 120.1 858.3 210.2 1,005.5 2,811.6 911.2 1,384.0 897.5 205.6 July 31 1 739 76,306.0 489 4 51.6 102.1 863 4 238 7 1,006 7 2,751 8 938 2 1,381.1 1,009.8 225.1 Aug. 31 1,729.5 6,202.4 486.8 56.6 92.8 853.1 270.0 977.4 2,736.8 816.3 1,420.5 997.9 230.8 Sept. 30 1,725.8 6,258.2 462.5 44.9 86.6 829.9 307.1 1,008.1 2,739.1 849.3 1,441.0 999.0 229.8 Oct 31 ... . 1,732 2 6,343.4 479.5 51.3 76.0 823.8 316.4 1,021.4 2,768.3 868 0 1,464.2 1,001.8 241.1 Nov 30 1,713.3 6,537.8 500.9 57.7 88.2 818.5 330.3 1,089.0 2,884.5 930.3 1,448.5 1,044.1 230.5 Dec 31 . .. 1,677 1 6,883.4 659.7 74.2 103.0 846.0 335.9 1,122.2 3,141.1 947.3 1,503.6 1,056.7 234.9 I949— F ja e n b # . 3 2 1 8 1 1 , , 6 6 7 5 2 0 . . 5 5 6 7 , , 9 0 8 6 0 5 . . 5 0 6 68 8 9 2 . . 7 4 5 56 8 . . 6 6 1 1 2 2 7 2. . 9 6 8 8 7 5 1 9 . . 2 9 3 4 8 0 3 3 . . 7 7 1 1 , , 1 1 9 4 2 5 . . 9 8 3 3 , , 3 2 2 6 5 9 . . 9 3 9 9 7 9 0 6 . . 0 4 1 1 , , 5 5 2 4 4 1. . 9 0 9 9 9 6 0 3 . . 6 4 2 23 2 7 6 . . 5 1 Mar 31 1,639 6 7,003.4 620.9 61.1 129.0 883.3 396 8 1,167 9 3,258.9 1,006 4 1,508 3 983 4 246 4 Apr. 30P 1,622.9 6,946.7 554.6 65.3 120.8 920.9 387.2 1,156.8 3,205.7 954.5 1,556.2 986.3 244.2 May 31P 1,643.7 6,847.4 455.7 99.5 121.3 918.0 372.8 1,115.3 3,082.6 943.8 1,613.3 963.6 244.1 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. 1002 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 From th J r a o n u . g 2 h , — 1935, n t I a 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. 31 2 979.6 328 6 416 5 161 0 326 2 -3 .4 538 0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31 3,465.5 493 3 394 5 170 0 166 3 -6 .2 479 8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 . . 4,644.8 939 4 404 1 176 7 192 7 -6 .9 565 3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865 2 804 4 356 6 193 1 221 4 7 0 611 ? ,193.7 818.6 794.7 888.6 169-7 1945—Dec. 31 6,144 5 646.4 229.9 265 0 286 3 50.1 745 8 2,223.41,414.2 924.9 1,369.1 212.9 1946—Dec. 31 . . 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—jjec> 31 ? ?4? 0 4,1?0 264,9 87.6 126 7 432 8 8 576 6 1,621.4 301.61,095.0 877.3 224 9 1948—June 30 1 907 7 4,351 0 384 4 87 0 96 527 1 19? 4 498 4 1,785.7 483.61,104 0 804.1 174 5 July 31 1,909 1 4,432.9 311 2 82 9 93 9 534 9 216.7 496.5 1,736.1 508.71,081.2 914.5 192.3 Aug 31 • 1,898 Q 4,522.1 310 6 87 9 106 1 535 9 251 0 483 9 1,775.3 548.41,104 7 894 2 199 s Sept.30 1,895 1 4,570 3 284.6 79.5 98.4 515 1 285.2 506 1 1,768.9 578.01,102.7 924.4 196.3 Oct. 31 18Q9 4 651 301 ?, 86.4 91.2 512 0 ?Q.S 1 520 0 1,805.9 593.81,139.7 904.6 207 8 Nov. 30 1,880 6 4,782 318.9 93 8 95 3 509 2 310.4 551 9 1,879.6 657.11,106.2 940.8 198.6 1949— D ja e n c > . 3 3 1 1 1 1 , , 8 9 4 1 4 4 5 5 , , 1 2 1 2 9 0 5 4 5 8 0 5 6 .0 8 11 8 2 9 6 8 1 11 0 2 6 1 1 5 5 2 4 5 6 .3 9 3 3 1 6 3 4 .2 4 5 5 7 9 4 4 8 0 2, , 1 2 1 1 7 4 . . 1 0 6 7 6 2 7 7 . . 2 81 1, , 1 1 6 7 5 3 . . 4 9 9 9 7 1 1 3 . . 2 7 1 1 9 9 8 0 8 Feb. 28 1 89? 1 S ?98 q 515 6 87 9 103 1 534 S S 636 1 ,266.7 750.31,194.6 889.2 198 Mar. 31 1,897 5,212 456.0 89.5 1C9.6 551.3 379.3 599 2 2,184.9 763.31,147.8 909.7 207.0 Apr. 30P 1 880 S1?6 4 375 93 7 91 580 5 371 S 583 R ,096.2 709.51,204.6 911.0 205 1 May 31P 1 R74 4,945 288.3 104.1 95.4 569.8 356.5 543.4 1,957.6 690.01,191.7 900.7 205,1 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n o i i n m t g ed - France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31.. 791.3 271.2 76.9 17.6 5.4 25.8 250.5 647.4 62.7 17.7 64.7 -1.2 1942—Dec. 31.. 888.8 279.4 77.8 18.1 6.6 26.2 253.5 661.5 58.6 68.3 93.8 6.6 1943—Dec. 31. 877.6 272.1 77.9 18.3 5.1 26.2 256.8 656.5 55.1 55.7 102.7 7.5 1944—Dec. 31. 805.8 266.1 77.7 18.3 6.8 26.2 231.5 626.6 64.8 37.0 77.7 -.3 1945—Dec. 31.. 742.7 266.6 78.0 -17.7 5.2 26.2 235.1 593.4 39.5 9.1 99.2 1.5 1946—Dec. 31.. 427.2 244.3 73.4 -132.3 -1.7 10.6 226.9 421.3 40.7 -58.8 29.9 -5.8 1947—Dec. 31. 186.5 262.8 55.7 -30.5 1.1 5.5 190.9 485.5 65.4 -346.3 2.0 -20.1 1948—June 30. 35.7 270.4 -47.9 -40.7 1.7 6.0 170.4 359.7 66.9 -376.2 -4.4 -10.3 July 31. 68.6 270.3 -45.8 -40.3 1.1 10.1 172.9 368.3 68.9 -356.1 -3.2 -9.2 Aug. 31. 54.0 268.4 -44.1 -56.6 .6 7.4 155.0 330.8 68.2 -343.9 10.0 -11.1 Sept. 30. 68.7 271.1 -45.3 -50.9 .5 10.3 162.4 348.2 67.3 -325.4 -12.0 -9.4 Oct. 31. 69.6 271.1 -43.9 -51.2 .8 9.6 161.5 347.9 63.6 -343.5 11.7 -10.2 Nov. 30. 103.8 273.7 -44.9 -40.4 1.6 8.2 184.9 383.0 52.9 -342.4 22.0 -11.7 Dec. 31. 116.8 267.5 -39.9 -32.7 1.2 10.8 203.5 410.3 53.0 -348.6 10.3 -8.3 1949—Jan. 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, 152.5 258.2 -36.6 -6.2 .3 5.1 224.3 445.1 53.4 -337.1 -2.4 -6.6 Apr. 30*> 189.9 274.0 -35.3 7.0 1.0 3.4 226.9 477.0 58.7 -337.9 -.9 -7.0 May 31? 261 .4 260.4 -9.0 6.8 1.9 3.5 225.7 489.3 57.8 -265.8 -12.4 -7.6 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From thr o Ja u n gh . — 2, 1935, n tu a in t t i i s o o ti n n - a s l Total U K d n o in i m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1941—Dec. 31.. 855.5 127.6 51.6 31.5 44.3 28.1 238.4 521.3 35.4 221.1 61.2 16.6 1942—Dec. 31.. 848.2 125.4 52.4 31.6 44.9 28.0 244.1 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 31.. 925.9 127.6 50.6 33.0 44.7 27.9 246.6 530.3 41.2 272.3 62.2 19.9 1944—Dec. 31.. 1,019.4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec. 31.. 972.8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec. 31.. 1,237.9 96.8 50.2 26.0 31.2 26.7 260.2 491.2 236.6 448.4 61.1 .7 1947—Dec. 31.. -249.3 1,526.2 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 28.4 1948—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 1,561.2 87.5 43.3 -8.1 -10.7 26.5 282.2 420.6 477.4 565.2 62.4 35.5 Aug. 31.. -249.3 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. 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 1,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 1949—Jan. 31,. -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.. -265.3 1,435.8 82.0 42.9 -9.0 -17.0 26.7 289.5 415.0 336.3 583.4 63.3 37.8 Apr. 30P. -265.3 1,432.4 81.8 42.9 -9.7 -16.4 27.0 290.1 415.7 337.0 577.9 63.8 38.0 May 31P. -265.3 1,436.6 80.9 43.0 -10.1 -15.7 26.9 290.5 415.5 342.1 577.2 63.7 38.1 Preliminary. AUGUST 1949 1003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) Inter- From t h J r a o n u . g h 2 — , 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r it - d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1941—Dec. 31.. 626.7 -70.1 74.9 236.7 336.4 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 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. 31.. 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143 0 87.6 26.8 8.8 1947—Dec. 31.. 74.5 292.4 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139 8 84.2 28.3 11.0 1948—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, 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. 31 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 26.5 317.8 -14.7 44.7 130.5 -168.7 97.5 5.4 7.5 Mar. 31 7.6 79.8 -192.6 -51.6 24.6 324.4 -14.8 44.6 134.7 -165.8 98.7 4.9 7.3 Apr. 30 v 7 6 79.1 -193.2 -52.6 22.3 331 .8 -15.2 44.8 138.0 -170.6 99.6 5.0 7.2 May 31 P 34.7 88.2 -191.1 -55 .1 19.5 338.8 -14.6 44.7 142.2 -166.2 99.6 5.0 7.7 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 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 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—j[)ec 3i 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—£>ec 31 142.4 18.2 19.1 12.7 38.2 3 14.2 102.7 19.6 12.9 6.6 .7 1943—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 r 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— F ja e n b - 3 2 1 8 1 1 2 1 0 8 . . 3 1 1 1 7 7 .0 0 1 1 6 6 . . 8 5 9 9 . . 8 5 2 2 6 3 .8 8 .4 4 1 1 0 0 .7 5 8 7 1 7 . . 3 9 1 1 9 8 . . 6 8 1 1 1 3 . . 7 4 7 7 . . 2 2 . . 5 7 Mar. 31 122.6 17.3 16.8 10.1 24 3 5 10.3 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 May 31P 1116.1 17.2 16.5 9.7 23.1 .5 11.0 78.0 20.1 10.5 6.7 .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 foreign 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 e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r tutions and Official private 1941—Dec. 31... 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31... 4,205.4 2,244.4 554.6 432.3 186.6 184.2 12.1 650.9 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31... 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.7 1,108.8 175.3 1944—DeC- 31 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.3 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 1.216.61,057.9 193.7 1948—June 30... 1,927.7 5,086.0 2,062.6 445.8 167.2 112.9 540.7 212.7 661.7 2,140.9 591.5 1,225.6 984.7 143.3 July 31... 1,929.0 5,167.0 2,099.6 372.5 163.0 110.5 548.5 237.1 659.8 2,091.4 616.7 1,202.71,095.2 161.1 Aug. 31... 1,918.8 5,256.2 2,224.2 371.9 168.0 122.7 549.5 271.3 647.1 2,130.5 656.4 1,226.2 1,074.8 168.3 Sept. 30... 1,915.1 5,304.4 2,257.9 346.0 159.6 115.0 528.7 305.5 669.3 2,124.1 686.0 1,224.31,105.0 165.1 Oct. 31... 1,919.5 5,385.9 2,395.3 362.5 166.5 107.8 525.6 315.4 683.2 2,161.1 701.8 1,261.2 1,085.2 176.6 Nov. 30 . 1,900 6 5,516.5 2,507.2 380.3 174.0 111.9 522.8 330.7 715.2 2,234.9 765.1 1,227.71,121.5 167.4 Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.01,151.8 167.4 1949 Jan. 31... 1,934.1 5,954.3 2,931.5 568.2 169.9 128.7 560.5 384.7 757.3 2,569.3 835.7 1,295.41,094.4 159.6 Feb. 28... 1,912.1 6,033.1 3,004.5 576.9 168.0 119.7 548.1 409.8 799 A 2,621.9 858.2 1,316.11,069.8 167.0 Mar. 31... 1,917.2 5,946.9 2,946.9 517.3 169.7 126.2 564.9 399.6 762.5 2,540.2 871.2 1,269.41,090.3 175.8 Apr. 30P. . 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 1,326.11,091.6 173 9 May 31P. . 1,894.2 5,679.3 2,644.2 349.7 184.3 112.0 583.4 376.8 706.7 2,312.9 797.9 1,313.31,081.3 173.9 P Preliminary. 1 Amounts outstanding May 31 (in millions of dollars): foreign brokerage balances in U. S., 63.6; U. S. brokerage balances abroad, 24.4. 1 Country breakdown is for "Official and private." 1004 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 L b u o x u e r m g - N w o a r y - Po g r a t l u- m R a u n - ia Spain Sweden USSRY sl u a g v o ia - o A th l e l r 1942—Dec. 31 . . 650.9 121.8 17.7 7.9 7.5 39.3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec. 31 .. 728.6 122.9 13.9 7.7 6.5 43.5 18.4 158.9 53.4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31... 774.5 124.3 14.8 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43,4 152.1 16.1 5.7 52.1 1945—Dec. 31 ... 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47.9 9.3 31.7 210.1 28.0 5.7 43 7 1946—Dec. 31 . . . 850.5 159.5 66.5 22.2 7.1 49.3 22.6 123.5 39.0 8.9 16.4 172.6 60.5 12,4 89 9 1947—Dec. 31. . . 739.8 124.9 52.8 30.5 89.5 34.7 21.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 116 5 1948—June 30 . . . 661.7 125.5 39.4 29.3 83.7 34.2 16.8 58.5 35.0 7 5 17.8 38.2 54.1 17.1 104.8 July 31. .. 659.8 121.7 42.8 26.7 72.7 32.3 16.0 58.9 45.3 7.6 17.3 48.1 55.7 11.7 102.9 Aug. 31. .. 647.1 114.2 42,0 25.4 76.8 25.0 15.7 66.0 47.4 7 0 16.1 45.7 44.7 14.6 106.7 Sept. 30. . . 669.3 116.8 41.3 22.1 101.4 22.1 14.8 68.9 39.7 7.2 15.7 48.8 41.4 10.6 118.4 Oct. 31 ... 683.2 117.0 40.7 18.8 125.2 20.4 14.9 71.6 43.7 6.9 16.1 49.3 32.8 19.4 106.4 Nov. 30. .. 715.2 112.6 46.1 17.1 153.2 21.9 16.0 72,7 42.1 7.7 18.2 42.5 28.5 24.8 111.8 Dec. 31... 738.1 128.7 44.7 19.1 178.9 21.1 16.0 77 7 37.7 7.0 13.6 49.0 21.3 19.9 103.3 1949—Jan. 31. .. 757.3 129.0 48 8 17 2 186.2 23.7 14.1 77 5 42.4 6.2 15.5 53.1 22.7 14.9 106.0 Feb. 28. ... 799.4 163.3 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. 31 .. 762.5 143.5 44.3 16.0 188.3 28.7 12.8 83.2 39.5 5.9 14.9 51.5 13.3 12.0 108 6 Apr. 30P.. . 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 Mav 31 P.. . 706.7 142.4 33.7 17.7 159.9 29.8 14.4 72.6 33.4 7.0 13.3 57.0 10.7 6.0 108.8 Latin America Neth- French erte A L m at e in r- A t r i g n e a n- l B iv o ia - Bra Chile l C o b m i o a - C R o ic st a a Cuba I W n a d n e i d s e t s M ic e o x- I l W n a d n e i d s e s t s P m an a a- Peru V zu e e n l e a - O A La t m h ti e e n r r - Gui- and ica ana Surinam 1942—Dec. 31 ... 597.7 67.6 10.8 67.7 34.5 43.4 12 4 100.3 4.9 95. 7 20.7 36.9 17.7 20 9 64.2 1943—Dec. 31. .. 693.7 69 8 12.6 98.7 54.0 67.1 12 2 70.4 2.6 70.4 41.2 57.6 17A 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—June 30. .. 1 225.6 187 3 14.3 115.8 53.0 48.4 10 0 228.8 .9 126.2 18.1 79.7 38.4 110 3 194.3 July 31. .. 1 202.7 189 8 12.1 113.8 60.2 48.7 9 0 225.6 1.1 135.4 18.4 73.1 45.1 76 0 194.5 Aug.31. .. 1 226.2 189 8 13.0 117.4 55.9 46.5 8 6 234.9 1.0 152.6 17.8 70.7 48.4 76 7 192.9 Sept 30 1 7?4 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 l ?,?7 7 210 0 16.2 131.3 52.9 50.5 8 0 217.3 1.2 145 7 22.3 69.8 50 5 77 9 174 2 Dec. 31. .. 1,287.0 215 8 17.1 123.7 55.6 54.0 8 9 219.4 1.2 146.7 24.3 71.8 52.6 121 7 174.0 1949—Jan. 31... 1,295.4 225 7 16.4 120.1 54.5 55.5 9 7 218.8 .9 142 9 24.8 72.2 51.0 122 4 180.6 Feb. 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.31 . . . 1,269.4 224.7 15 0 98.3 52.0 42 4 10 4 224.5 .7 144 9 23.9 78.8 46.0 113 4 194 5 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 Mav 3U'... 1,313.3 227.4 15 4 117 2 54.8 45 7 7 5 167.8 .6 157 5 24.8 73.4 53.0 171 3 196.9 Asia and All Other1 Date Asia C M c a h r h n i i a u n a d n - a - C F I r n h e d i n n o c a - h H K o o n n g g India l M B i a s y r h a i a - t- Japan I n n e d si o a - i p P p R u h p b e i i - l l n - i e c T k u ey r-O A th si e a r 3 o A th l e l r A t l r u ia a s - -N l Z a e e n a w d - A E S E t a n u i g g n a g d y y d n l a p p o n t - -F r M r o e c n o c c - o h A S U f o r o n u i f i c t o a h n Other 1942—Dec. 31 ... 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31... 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. .. 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.0 52.9 3.5 7.3 4.3 8.3 97.6 1945—Dec. 31. . . 1,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31... 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—Dec. 31. . . 1,057.9 229.9 6.5 39.8 62.4 11.0 31.3 69.3 488.637.6 81.5 193.7 30.6 5.9 25.0 10.1 46.4 75.8 1948—June 30... 984.7 142.8 5.2 48.1 73.4 9.6 79.1 34.7 464.623.1 104.3 143.3 18.7 3.6 27.3 8.9 9.3 75.5 July 31... 1,095.2 158.2 5.3 49.7 63.5 15.6 79.2 32.9 517.421.1 152.3 161.1 23.8 3.7 33.2 10.9 15.7 73.7 Aug. 31. .. 1,074.8 146.4 5.9 47.2 50.6 14.7 76.8 36.7 521.722.4 152.5 168.3 22.0 5.5 42.6 11.1 12.4 74.6 Sept. 30. .. 1,105.0 181.7 5.3 49.0 44.8 15.8 74.2 51.9 496.124.4 161.9 165.1 18.7 6.9 36.3 11.0 8.6 83.5 Oct. 31... L.085.2 154.6 6.4 43.3 40.9 13.9 76.8 54.0 508.4 18.0168.9 176.6 19.1 5.3 36.8 11.9 8.8 94.7 Nov. 30. . ,121.5 194.1 5.7 48.7 44.7 9.7 77.9 50.1 502.0 18.0170.7 167.4 20.2 5.3 30.9 12.2 10.8 87.9 Dec. 31. .. 1,151.8 216.2 7.8 51.1 51.8 12.9 81.4 41.5 488.3 17.5183.3 167.4 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 19.5191.2 167.0 17.5 4.7 25.5 11.2 12.3 95.8 Mar. 31. . . ,090.3 179.0 7.7 53.4 52.0 10.5 128.4 34.7 413.620.6 190.5 175.8 17.4 4.6 37.0 11.1 15.1 90.6 Apr. 30P. . . ,091.6 161.6 7.8 52.5 52.6 12.3 119.5 33.4 426.6 17.3208.1 173.9 15.5 4.8 37.9 14.8 10.0 91.1 May 3 1P... 1,081.3 146.7 5.5 55.7 55.5 12.2 132.7 31.5 407.420.2213.9 173.9 21.8 5.7 42.5 14.0 12.3 77.7 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 8 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. AUGUST 1949 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L i m a c t a e in r- Asia o A th l e l r 1941—Dec. 31... 367.8 20.9 1.8 1.1 2.6 1.5 60.5 88.4 33.6 148.3 87.9 9.7 1942—Dec. 31... 246.7 12.6 1.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 31... 257.9 19.9 1.1 .4 3.0 .4 52.9 77.6 37.8 112.2 26.3 3.9 1944—Dec. 31... 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec. 31... 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31... 708.3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99.2 17.2 1947—Dec. 31... 948.9 29.2 23.4 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—June 30... 1,099.8 21.6 127.0 59.3 6.5 20.6 139.4 374.4 26.0 544.2 133.5 21.7 July 31... 1,066.9 21.7 124.9 58.9 7.0 16.5 136.9 365.9 23.9 524.1 132.3 20.6 Aug. 31... 1,081.5 23.6 123.1 75.3 7.5 19.1 154.8 403.3 24.7 511.9 119.1 22.5 Sept. 30... 1,066.8 20.9 124.3 69.5 7.6 16.3 147.3 385.9 25.6 493.4 141.0 20.8 Oct. 31... 1,065.9 20.9 123.0 69.8 7.4 17.0 148.3 386.2 29.3 511.5 117.3 21.6 Nov. 30... 1,031.7 18.3 124.0 59.1 6.5 18.3 124.9 351.1 40.0 510.4 107.1 23.1 Dec. 31... 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—Jan. 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... 983.0 33.8 115.7 24.9 7.8 21.4 85.5 289.1 39.5 505.1 131.4 18.0 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 May 31P. . 874.1 31.6 88.1 11.8 6.2 23.1 84.1 244.8 35.0 433.8 141.4 19.0 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe x Date E O ur t o h p er e g B iu e m l- m De a n rk - l F a i n n d - m G a e n r- y Greece L b u o x u e r m g - N w o a r y - t P u o g r a - l m R a u ni : a Spain S d w e e n - USSR Y sla u v g i o a - ot A h l e l r 1942—Dec. 31. 56.3 .8 5.6 34.0 1.1 .2 2.4 3.2 .4 8.4 1943—Dec. 31. 52.9 .7 7.6 33.9 .6 .2 1.4 3.2 .2 5.0 1944—Dec. 31. 78.3 .7 33.9 .6 35.1 .8 1.8 .2 5.1 1945—Dec. 31. 74.6 .6 33.9 .7 31.6 .5 1.6 .9 4.7 1946—Dec. 31. 82.8 7.5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 9.4 1947—Dec. 31. 118.9 15.0 8.0 30.5 10.6 9.2 1.1 (*) .9 5.4 35.8 1948—June 30. 139.4 18.6 5.7 30.4 4.7 8 11.6 1.0 (*) 3.3 5.2 55.3 July 31. 136.9 18.5 5.3 30.4 4.6 12.7 .9 2.5 7.2 54.1 Aug. 31. 154.8 20.0 4.6 30.4 4.1 .3 17.2 .8 8 3.3 5.2 51.2 Sept. 30. 147.3 17.7 3.8 29.5 3.3 24.2 .7 5.4 2.3 48.1 Oct. 31.. 148.3 21.0 3.4 33.6 3.6 27.3 .7 s 5.5 6 39.1 Nov. 30. 124.9 21.3 3.3 30.4 3.5 <•)' 14.9 .5 () 2.7 0 38.5 Dec. 31. 106.3 21.4 3.4 30.5 1.2 8.4 .7 2.9 4 29.7 1949—Jan. 31. 102.0 20.4 3.8 29.6 .9 14.8 .7 1.2 5 27.4 Feb. 28.. 97.3 18.5 4.2 29.5 .8 14.9 .6 () 1.8 3 24.3 Mar. 31.. 85.5 18.1 3.0 29.8 .9 8.7 .6 1.6 5 19.7 Apr. 30P. 82.9 16.5 3.9 29.6 1.0 8.3 .5 2.8 4 17.4 May 31P 84.1 18.3 4.9 29.8 8.7 .5 4.8 1.4 14.1 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 ia - 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 n e i d a i s e c - t s h Mexico N I l W n S a e a d n t u n e h 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 m t c h t a i e e n r r nam 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 4.8 .3 2.1 2.8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 11.2 .5 1.1 1.4 3.8 8.7 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 8.6 .3 .8 1.2 5.1 11.7 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 33.4 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 23.1 1947—Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 52.2 1.1 4.7 4.3 15.3 31.0 1948—June 30 , 544.2 58.7 2.5 187.6 21.6 48.0 2.2 90.5 8 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 20.7 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 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 8 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 1949— D F J e a e b n c . . . 3 2 3 1 8 1 5 5 5 0 1 1 6 6 3 . . . 7 6 1 6 6 7 5 7 2 . . . 2 7 4 2 2 2. . . 2 9 7 1 1 1 6 7 7 5 8 1 . . . 7 4 4 1 1 1 5 5 6 . . . 2 4 0 3 3 2 1 2 9 . . . 2 6 3 2 2 1. . . 9 3 2 8 8 8 4 3 1 . . . 0 9 1 8 ( (2 2 ) ) 7 7 7 0 3 1 . . . 5 8 8 1 1 1 . . . 5 4 2 4 4 4 . . . 6 3 3 4 4 5 . . . 9 4 1 2 2 2 3 6 4 . . . 4 0 3 2 3 2 9 2 8 . . . 7 4 8 Mar. 31 505.1 62.3 2.6 167.0 15.4 30.0 2.8 84.9 (*) 75.8 1.2 4.3 5.8 23.6 29.4 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 May 31 P 433.8 58.9 2.6 159.5 12.5 37.9 2.6 20.6 69.6 1.3 4.4 6.0 25.7 32.1 » Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Less than $50,000. 1006 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 Egypt Date Asia C M c a r h h n a i i u a n d n - a - F C I r n h e d n in o c a - h H K o o n n g g India B l M a is r y h a i a t - - Japan I n n e d si o a - i p p P u p h b i i n l l i - e c T k u e r y -O A t s h ia er *ot A h l e l r A t l u r ia a s- - N l Z a e n ea w d - A S E t u a n i g n d a g y d n a l p o n - -F r r M o e c n o c c - o h A U So f n o r u i i f o c th n a Other o 1942—Dec. 31 35.3 11.1 .9 2.2 .7 .5 L.6 14.4 1L.8 2.0 4.8 1.0 .7 .1 1.7 1.2 1943—Dec. 31 26 3 1.7 1 0 2.0 .5 .5 1 7 13.9 \ 7 1.8 3.9 s .2 .1 2 4 .7 51.4 1.5 (3) .9 22.3 .1 .5 13.8 8 8.8 11.7 6 .2 .2 (3) 9 7 1.0 1945—Dec. 31 29 9 1.0 (3) 8 7.5 .1 .5 4 13.8 > 0 2.7 9.9 1 7 .7 3 1 4 7 2 5 1946—Dec. 31 99.2 53.9 00 5.9 12.0 .2 .2 L.O 20.2 1.4 4.4 17.2 3.4 1.1 .4 10.1 2.2 1947—Dec. 31. ... . 127.0 40 8 2.6 29.6 .9 .9 .5 27.4 17.7 6.3 31.5 9.0 1.5 .1 .5 14.4 6.0 1948—june 30 133 5 55.5 6 4 6 28.1 1.1 1.1 7 31.7 ? 0 8.0 21.7 .7 1 2 12 0 6 5 July 31 132.3 56.7 .4 3.5 22.2 1.0 1.5 .9 32.4 1.5 11.3 20.6 2.2 .6 .5 .2 11.1 6.0 Aug. 31 119 1 46.2 2 3 9 20.2 .8 2.0 4 33.2 » 0 10.3 22.5 ^ 6 .7 2 2 2 9 9 5 9 Sept. 30 141.0 65.5 .1 3.5 19.5 1.0 7.6 S 29.5 8 11.9 20.8 3 8 1.1 .2 .1 9 7 5 9 Oct. 31 117.3 39.0 .1 3.1 20.0 .4 6.1 34.2 6 12.5 21.6 3 9 .6 .3 .2 11 1 5.5 Nov. 30 107 1 25.2 3 3.5 20.2 .5 7.8 4 36.3 7 11.1 23.1 3 5 .6 .2 3 11 7 6 8 Dec. 31, 118.8 24.2 .1 3.4 20.4 .4 15.9 19 37.3 4 13.8 19.7 4 7 .5 .4 .2 7 9 6.1 1949— F ja e n b # . 3 2 i 8 1 13 2 0 8 .3 6 2 2 2 1 . . 7 6 .5 2 3 5 .2 7 2 2 1 0 . . 3 9 . . 6 9 2 2 2 7 . . 9 7 ) 5.2 1 3 3 3 3 . . 8 8 L. 6 4 1 1 6 9 . . 7 1 2 1 0 7 . . 5 8 5 5 .4 1 1. . 1 5 . . 5 4 . . 2 4 6 5 .4 1 6 6 .9 3 Mar. 31 131.4 19.7 .4 4.3 20.4 .5 34.9 1.1 31.7 L.I 17.2 18.0 5.8 .7 .3 .2 4.1 6.9 Apr. 30 P . ... 130 0 18.2 4 4 8 20 9 .7 34 3 1? 30 5 5 17.7 18 4 8 5 3 4 3 7 0 May 31 P 141.4 18.0 .2 6.4 20.0 .7 37.4 .5 31.9 I 1 23.3 19.0 5.3 .8 .4 .6 5.3 6.6 J» Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 8 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. ' Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated world Africa North and South America Other Year or production Total month U o . u S t . s S i . d R e .i m re o p n or th te l d y A So fr u ic th a d R e h s o ia - A W fr e ic s a t 2 B C e o l n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - * Au l s ia tra- India« $1=15«/n erains of godl 9/iofint; *'. e., at tounce Ojf fine golti =$35. 1941 1,265.6 1,110.4 504.3 27.8 32 A 19.6 209.2 187 A 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 '728 1 405.5 18.0 23.4 11.1 '70.9 123.5 12.9 11 7 5 7 7 8 31 2 6 5 1943—Mav '61.0 34.4 1.5 1.9 .9 '5.9 10.0 1.3 .9 .6 .6 2.4 .5 June r60 0 33 9 1.5 1.9 1.0 r5 5 10.2 .9 .7 .5 6 2 8 5 July '•64.4 34.5 1.6 2.0 .9 '6.0 10.4 2.3 1.2 .4 .6 3.8 .7 Aug. .. . '62 2 33.7 1.4 2.0 1.0 '7.4 10.7 .6 1.0 .4 .7 2 6 6 Sept '61.6 33.3 1.5 2.1 .9 '7.2 10.3 1.1 1.0 .4 .7 2.5 .6 Oct. '61.1 33.4 1.6 2.0 .9 10.7 .4 1.0 .9 .7 2.6 .6 Nov '60 5 33.2 1.5 2.1 .9 '5 1 10.9 1.2 .5 .6 2 7 Dec '60.2 33.1 1.6 2.0 .9 '4.8 11.4 1.0 .8 .4 .6 2 8 .6 ^949— F ja e n b > 5 5 6 8 .4 3 3 3 1 2 . . 0 9 1 1 . . 5 5 2 2 . . 0 0 1 1. .0 1 3 3 . .9 9 1 1 0 0 . . 8 8 1. . 0 7 1 1. . 4 1 . . 7 3 . .7 6 2 2 .4 4 .5 Mar 34.6 1.6 2.0 1.1 5.5 12.0 1.1 .5 .6 33 4 1.9 1.0 5.7 11.4 6 5 May. . 34.3 1.9 1.1 5.6 .6 .6 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. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1948 having been revised by subtracting from each monthly figure $214,952 so that aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 Monthly figures reported by the American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. AUGUST 1949 1007 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 r a y it s e - d S T t o a t t a e l s * t g A i e n r n a - - 2 g B iu el m - Brazil Canada8 Chile lo C m o b - ia Cuba C v z s a e l k o c - i h a o- m D a en rk - Egypt France 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 1,197 716 354 361 82 127 191 61 38 52 1,090 1946—Dec... 20,529 20,706 1,072 735 354 543 65 145 226 61 38 53 796 1947—Dec... 22,754 22,868 322 597 354 294 45 83 279 32 53 548 1948—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 44 289 32 53 548 Apr... 24,332 24,461 647 317 407 43 32 53 548 May. 24,342 24,511 665 317 417 44 32 523 June.. 24,466 24,637 704 428 523 End of month H g u a n r - y India 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 ia a- A So fr u ic th 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 6 201 181 265 23 91 24 245 939 111 1947—Dec... 34 274 127 58 5 180 100 231 23 72 20 193 P21S 762 111 1948—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... 35 247 124 96 178 166 23 52 20 175 96 May. 35 247 112 178 166 24 52 166 June. . 35 247 178 166 P149 Bank End of month S d w e e n - S la w e n r i d - t z e - T k u e r y - U d K n i o i n m t g e 7 - d g U u ru a - y V z e u n e e l - 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 n e n y n r d e - a - l f t S m t o i e e o r e r t n n t n I l a a n t e l s - - - Government g p o r ld e vi r o e u s s e rv fi e g s u 1 re n s ot included in United 1 1 9 9 4 4 3 2 — — D D e e c c . . . . . . 3 38 3 7 5 6 8 9 2 6 4 5 1 16 1 1 4 1 8 2 9 1 6 8 8 9 1 1 3 7 8 2 2 4 1 5 End of month K d i o n m g- France Belgium 1944—Dec... 463 1,158 221 157 130 190 37 1945—Dec... 482 1,342 241 195 202 192 39 1946—Dec... 381 1,430 237 200 215 195 15 32 1942—Dec 17 1947—Dec... 105 1,356 170 175 215 198 1,356 30 1943—Dec 17 1948—July. . 81 1,322 164 198 304 215 1,400 31 1944—Dec 2 2,354 214 17 Aug.., 81 1,332 161 187 304 216 1,403 31 1945—Dec 22,341 457 17 Sept.. 81 1,371 160 181 304 216 1,403 38 1946—June 2 2,196 O N c o t v . . . . . 8 8 0 1 1 1 , , 3 3 7 8 2 3 1 1 6 6 0 0 1 1 7 6 2 6 3 3 0 2 4 4 2 21 1 5 6 1 1 , , 4 4 0 1 3 0 3 4 7 4 Dec 22,587 Dec... 81 1,387 162 164 323 219 1,436 36 1947—Mar 2 2,345 1949—Jan... 80 1,390 162 164 323 222 1,436 36 June.... 2 2,382 F M e a b r . . . . . 8 8 0 0 1 1, , 4 3 0 9 8 4 1 1 6 6 2 2 1 1 6 6 4 4 3 3 2 2 3 3 P 2 2 2 3 6 1 1 1 , , 4 4 3 3 6 6 4 4 1 9 Sept . . 22,341 Apr... 80 1,412 161 164 323 P231 1,436 50 Dec 22,035 May. 71 1,432 161 164 323 P231 55 1948—Mar 22,200 June . 323 P231 55 June.... 21,886 Sept 21,733 *> Preliminary. Dec 21,822 no 1 t I i n n c c l lu u d d e e d s g in o l r d e g in u la E r x s c t h a a ti n s g t e ic s S t o a n b i g li o z l a d t i s o t n o c F k u ( n T d r . e as G u o ry ld g i o n l d a ) c u ti s v e e d p in o r t t h io e n F o e f d e t r h a i l s R F e u s n e d r ve is 1949—Mar 21,874 statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Tr 2 e a E s s u t r i y m a s t t e a d te 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 te e s d 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 a r l 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 F no 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 i o n n ni t n ro g l A B p o r a il r d 1 9 a 4 n 6 d , t M he i n s i e s r t i e e r s o is f n F e i w n a a n n c d e . repre- an 2 d 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 r a y n . d U. S. sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. dollars as reported by British Government; * 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. 1004. Exchange Equalization Account during 1939. NOTE.—For details regarding special internal 8 These countries are: Algeria, Belgian Congo, Bolivia, Bulgaria, Costa Rica, Dominican gold transfers affecting the British and French Republic. Ecuador, Eire, El Salvador, Ethiopia, Finland, Guatemala, Iceland, Nicaragua, institutions, see p. 1010, footnote 4, and p. 1011 Pakistan beginning July 1948, and Thailand. Figures for certain of these countries have footnote 6. For available back figures, see been carried from last official reports. Banking and Monetary Statistics, p. 526, and NOTE.—For back figures, see Banking and Monetary Statistics, Table 160, pp. 544-555, BULLETIN for January 1949, p. 86; November and for a description of figures, including details regarding special internal gold transfers 1947, p. 1433; June 1947, p. 755; February affecting the reported data, see pp. 524-535 in the same publication. 1945, p. 190. 1008 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 e - d 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 I 488 4 162.9 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—june 177.7 | 177.8 — 12 0 1.0 .2 .6 -30.0 Julv 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 8 8 1.0 .3 .6 -16.0 Dec 88.0 60.9 .5 1.0 .3 .6 -20.0 1949__jan 66.2 20.3 3 1.0 .4 .7 -4.0 Feb 21 5 3 4 6 Mar. 19 8 5 1 0 3 6 Apr 13.6 1 .4 3.0 4 6 — l M^ay 9 5 3 2 0 3 4 June? 6.9 i 3 .3 .6 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- Gold valued at approximately $35 a fine ounce Period end of period I in n g cr o t e o ld a t s a e l g p o o N ld rt e i t o m r -g m o c l r a d e r : a k s e d e d e- t p D i r c o o m g d o u e l c s d - - Y m e o a n r th or Am O La t e h t r i i e n c r an t A ra u l s i - a China P p h R i i n e li - e p- A So fr u ic th a c o o A th u l e n l r - T u re r a y s- Total l stook ex (- p ) ort c o r ( r e - ) a in se - tion8 Republics public tries 1942 22,726 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 A .4 .5 1947 22,754 22,868 32,162.1 1,866.3 210.0 75^8 1946 -8.0 -55.8 — .2 118.6 1.3 1948 24,244 24,399 1,530.4 1,680.4 — 159.2 r70.9 1947 -17.1 .1 -14.0 -3.5 410.7 -18.6 1948 7.3 .6 -2.5 491.5 1-63.5 1948—July... 23,679 23,820 78.8 266.7 -188.4 r6.0 Aug.. . 23,725 23,927 107.0 39.1 59.5 r7A 1948—June. . .7 -.1 40.8 -1.2 Sept... 23,872 24,060 133.4 53.3 98.1 '7.2 July... .8 -.1 40.5 -1.1 Oct... 24,004 24,203 143.2 121.6 1.0 r6.3 Aug.. . .5 -.1 60.6 -6.4 Nov.. . 24,166 24,353 149.1 54.2 99.7 '5.1 Sept... .3 -.3 33.5 2 -25.0 Dec. . . 24,244 24,399 46.2 88.0 -45.9 '4.8 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 9.5 37.8 5.6 Feb... .6 .2 21.1 -1.8 June.. 24,466 24,637 126.1 6.9 121 .6 5.5 Mar. . 4 — 2 21 3 —4 3 July.. *>24,520^24,704 P67.2 (4) 5 -19.9 (4) Apr .5 -5.2 -.2 19.4 -5.2 May. . .4 .3 6.3 — .6 June P. .8 — .1 9.5 -4.5 P Preliminary. r Revised. l See footnote 1 on opposite page. 2 Yearly figures are estimates of United States Mint. For explanation of monthly figures see table on p. 1007. 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 3,697.5 million dollars on July 31, 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. AUGUST 1949 1009 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] 1948 International Fund International Bank Apr.i Jan.i Oct.1 May Dec. Sept. Mar. Gold 1,436 1,436 1,403 1,363 Gold Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,341 1,391 1,434 1,450 United States 74 81 89 165 Other members .-•;••• 4,186 4,024 4,014 3,992 Other members 929 927 927 914 Unpaid balance of member subscriptions, 1,069 1,181 1,183 1,171 Investment securities (U. S. Govt. obli- Other assets (2) (2) (2) 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 — 34 2 8,0 - 3 2 4 8,0 - 3 1 6 7,976 L C o a a ll n s s o n (i s n u c b h 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 a k n * d . . 5 5 5 5 inch obligations sold under Bank's guarantee) 559 509 509 497 1949 1948 Other assets 10 5 9 7 Net currency purchased 3 Bonds outstanding 254 254 254 250 (Cumulative—millions of dollars) Liability on obligations sold under guar- June May Apr. June antee 26 8 Loans—undisbursed 51 10 18 94 Other liabilities 5 4 2 2 Belgian francs 33.0 33.0 33.0 33.0 Special reserve 7 6 4 2 Brazilian cruzeiros 15.0 15.0 15.0 Capital* 1,667 1,667 1,667 1,653 Chilean pesos Accumulated net income 10 5 1 Costa Rican colones .4 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 3.0 3.0 2 Less than $500,000. Ethiopian dollars .3 .3 ,3 a As of June 30, 1949, the Fund had sold 725.5 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 100.0 100.0 100.0 44.1 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 75.4 Repurchases amounted to 874,000 dollars. Nicaraguan cordobas.... ,5 ,5 4 Excludes uncalled portions of capital subscriptions, amounting to Norwegian kroner 9.6 9.6 9.6 7.3 6,669 million dollars as of Mar. 31, 1949, of which 2.540 million repre- South African pounds. . . 10.0 10.0 10.0 sents the subscription of the United States. Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 300.0 300.0 Total. 724.6 724.6 725.5 631.3 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss t e h t e s r 2 N c a o o n t i d e n s a v c n o a D d n u i c n s a e - t d s s - Se t c ie u s ri- c t ir i c o u n l 8 a- Bankers' Pub D li e c posi E ts .C.A. Other t c l i O i e a a s p t b h i a i e t l n a i r - l d 1935—Dec. 25 200.1 260.0 36.2 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 46.8 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.9 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 4 .2 580.0 26.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 14.2 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 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 L,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 . 95.5 18.1 1948—July 28 .2 1,300.0 16.1 13.4 400.5 1,285.0 311.0 11.2 89.4 18.3 Aug. 25 .2 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 i 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Jan. 26 .2 1 jL,300.0 79.9 26.0 326.1 1,224.5 294.7 21.4 8.4 89.4 18.3 Feb. 23 .2 1,300.0 76.0 32.1 325.1 1,228.0 295.7 10.9 17.6 90.6 18.4 Mar. 30 .2 1,300.0 53.0 19.9 362.1 1,250.6 294.0 25.6 6.7 90.1 18.6 Apr. 27 .2 L,300.0 24.2 13.7 379.3 1,280.3 289.9 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 June 29 .2 :L,300.0 26.7 27.0 372.0 1,277.9 294.5 8.6 13.5 90.9 18.2 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 6 Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, and decreased by 25 million on Jan. 5, 1949. For details on previous changes see BULLETIN for April 1949, p. 450, and February 1948, p. 254. NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 1010 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 (Fi C gu a r n e a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t n i e n i s t g ed securities a O s t s h e e ts r circ N u o la t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m rt x - Other Ch b a a r n te k r s ed D g o m o m v e e i n n rn t io - n Other capital * 1938—Dec. 31. 185.9 28.4 144.6 40.9 5.2 175.3 200.6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 1,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 1,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 1,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—July 31. .1 1,145.2 773.6 39.2 ,220.3 502.5 119.0 84.1 32.1 Aug. 31. .1 1,155.2 778.1 50.2 ,226.9 525.1 105.1 90.3 36.2 Sept. 30. .2 1,216.3 757.2 55.3 ,267.7 550.9 87.3 78.2 44.7 Oct. 30. 1.0 1,279.6 741.3 57.7 ,275.1 581.0 110.0 72.2 41.3 Nov. 30. .1 1,222.1 794.0 46.8 ,273.5 579.6 86.5 64.1 59.2 Dec. 31. .4 1,233.7 779.1 45.4 ,289.1 547.3 98.1 81.0 43.1 1949—Jan. 31. () 1,188.3 806.9 50.2 ,229.2 545.1 141.8 86.8 42.5 Feb. 28. 1,180.5 800.7 54.9 ,221.9 531.0 178.4 79.6 25.7 Mar. 31. 82^3 1,087.1 812.1 70.6 ,245.3 540.3 62.6 84.8 119.0 Apr. 30. 61.1 1,199.0 822.9 57.9 ,264.7 587.3 115.1 80.8 93.0 May 31. 56.4 1,148.1 836.2 57.5 ,263.8 571.2 101.4 65.2 96.7 June 30. 62.7 1,379.6 636.8 56.9 1,270.0 568.3 112.2 73.7 111.8 Assets Liabilities m B i a ll n ( io F k n i g s o u o f r f e F s f r r i a a n n n c c s e ) Gold F c o h e r a x e n i - g g e n m O a p rk e e n t D 6 om Sp es e t c i i c a l bills Other Cu G A r o r d e v v n e a t r n n c m e O s e n t t h t o e 8 r a O ss t e h t e s r 6 ci N r ti c o o u t n l e a- G m ov e e n r t n- D C e . p A os .R its .' Other l O c ia a t a t i b n h e p i d s e i l t i r a - l 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—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 13.69S May 25. !62,274 74 118,855 1,876 272,698 155,000 560,990 56,729 1,043,180 890 170,018 14,409 June 30. 862,274 7,775 156,208 894 258,294 166,900 560,990 81,046 1,115,608 286 162,969 15,518, 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. * On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 5 Less than $50,000. 6 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 and 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. 1011 AUGUST 1949 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) June May Apr. June date of month) June May Apr. June Central Bank of the Argentine National Bank of Costa Rica— Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 434 434 621 Gold 11,545 11,543 11,670 Other gold and foreign exchange ,684 , 832 083 Foreign exchange 18,777 26,678 20,756 Government securities ,741 , 721 880|! Contributions to Int'l. Fund and Rediscounts and loans to banks1 ,470 ,948 17 170! to Int'l. Bank 30,321 30,321 30,321 Other assets 127 124 2,885 j Loans and discounts , 82,668 79,403 82,909 Currency circulation 5 ,052 5 ,9551! Securities 18,613 22,119 8,990 Deposits—Member bank 579|; Other assets 11,223 6,689 708 Government...... 1,748| Note circulation 104,659106,420102,708 Nationalized 1. . .. < ,803 14,185P Demand deposits 61.120 63,127 46,233 Other sight obligations 658 253| Other liabilities and capital. 7 ,368 7,206 6,414 Other liabilities and capital.,. , 704 918|jNational Bank of Czechoslovakia Commonwealth Bank of Aus- |i (millions of koruny): tralia (thousands of pounds): | Gold and foreign exchange 8. ,922 3,205 3,204 3,736 Gold and foreign exchange. . 397.785 391,731255 ,287| Loans and discounts ^618 22,122 23,382 16,998 Checks and bills of other banks 3 930 4,429 11,752|; Other assets ,141 48,478 48,621 51,749 Securities (incl. Government and ii Note circulation ,380 65,255 66,174 60,238 Treasury bills) 346,695 348,568396,819! I Deposits , . 789 41 660 1,374 Other assets 60, J ,074 43 ,21211 Other liabilities and capital.... . 512 8,508 8,372 10,872 Note circulation . 209,605 212,605196,605J National Bank of Denmark Deposits of Trading Banks: ;' (millions of kroner): Special 390, 380,920 294 ,480J Gold 70 70 Other 26,' 24,882 28,201 i Foreign exchange 120 169 Other liabilities and capital... . 182, 183,396 187 ,785 | Contribution^ to Int'l. Fund and Austrian National Bank (millions to Int'l. BanK 65 65 65 of schillings): Clearing accounts (net) 26 Gold 50 50 50 48 j Loans and discounts " "'22 " '22 19 Foreign exchange 129 144 128 75 Securities 109 115 99 Loans and discounts ,245 191 149 551 Govt. compensation account.. 4,847 ,857 5,229 Claim against Government, . 816 780 759 , 3 ioj! Other assets 213 190 172 Other assets 6 6 6 6jj Note circulation 1,472 ,502 1,477 Note circulation ,797 5,77i66 877 ,474)! Deposits—Governmen 1 ,716 ,773 1,741 Deposits—Banks 363 372 359 730j! Other 2,115 ,068 2,410 Other 563 799 588 4441! Other liabilities and capital.... 144 144 151 Blocked ,523 234 268 847 Central Bank of the Dom'n?can National Bank of Belgium ' Republic (thousands of dollars): (millions of francs): Gold 4,009 4,009 4,000 Gold ,859 29,120 ,362 240 Foreign exchange (net) 10,020 10,245 16,337 Foreign claims and balances (net) ,205 271 , 726 Net claim on Int'l. Fund ...... 1,250 1,250 1,250 Loans and discounts.. . . ,554 770 ,460 ij Paid-in capital—Int'l. Bank. .. . 40 40 Consolidated Government debt ,991 991 ,991 .... | i Loans and discounts . 178 136 Government securities ,800 571 010 j Government securities , . . 4,974 4,974 3,000 Other assets .781 858 ,804 '.'.'.'.u Other assets , 774 833 91 Note circulation ...... ,938 853 , 743 ,365! Note circulation 16,900 17,451 18,697 Deposits—Demand , ,034 2,275 ,241 ' . .j; Demand deposits 4,144 3,845 5,833 E. C. A... ,015 270 . I Other liabilities and capital..... 202 191 148 Other liabilities and capita) ,202 ,098 [ ' ' I (Central Bank of Ecuador Central Bank of Bolivia—Mone- I (thousands of sucres): tary dept. (millions of bolivianos): i! Gold 278 278, 278,264 277,274 Gold at r- me and abroad. 956 954j| Foreign exchange (net) -36 Q 3,125 2.151 Foreign exchange 182 174|j Net claim on Int'l. Fund • 16 6 16,881 16,880 Loans and discounts 690 453! j Credits—Government 236 194 185,149 Government securities 765 765p Other 111 105 102,216 Other assets 41 8j Other assets 115 115 103,415 104,510 Note circulation ,220 ,883!' Note circulation 360 565 345 338,395 321,201 Deposits 193 '227! Demand deposits—Private banks 119 110 111,3 Other liabilities and capital. . 221 244; Other 95 97 95,1 National Bank of Bulgaria * Other liabilities and capital 146 144,165 69,300 Central Bank of Chile (milli^, National Bank of Egypt (thouof pesos): sands of pounds): Gold a ,324 ,345 150j Gold 6,376 6,376 6,376 Foreign exchange (net) 215 221 94 I Foreign exchange 15,616 15,616 15,625 Net claim on Int'l. Fund •. . . 1 1 ! Loans and discounts 3,819 4,956 2,122 Discounts for member banks ,018 996|j British. Egyptian, and other Loans to Government 733 782 Government securities 326,491324,057315,694 Other loans and discounts. . ,964 1 ,508 Other assets 26,614 29,710 19,741 Other assets ,579 1 ,346 Note circulation 146,104151,569133,745 Note circulation ,053 4,414 Deposits—Government 101,325100,503 82,154 Deposits—Bank .222 754 Other 122,911119,366134,483 Other 199 365 ' Other liabilities and capital 8,575 9,276 9,175 Other liabilities and capital. 487 343 Central Reserve Bank of El Salva- Bank of the Republic of Colombo I dor (thousands of colones): (thousands of pesos): I Gold 36,029 36,079 36,560 Gold and foreign exchange 7 152 025 139,750 166 704 1 Foreign exchange (net) 54,416 55,557 42,776 Net claim on Int'l. Fund «... 24 367 367 367 21 867l| Net claim on Int'l. Fund • 1,564 1,564 1,564 Paid-in capital—Int'l. Bank. 1 370 370 370 1 229! I Loans and discounts 191 191 1,282 Loans and discounts 196 523 450 931 146 867Jj Government debt and securities 5,260 5,261 5,248 Government loans and securities. 134 135,143 190127 605[I Other assets 1,648 1,597 1,682 Other assets 54 56,200 46 674); Note circulation 57,176 58,937 52,207 Note circulation 347 286 332,554 313,062301 600| i Deposits 36,005 35,417 31,150 Deposits 172 160,977 [65 502!I Other liabilities and capital... 5,92: 5,894 5,755 Other liabilities and capital 44 491 45,669 45,933 43 845 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 1 In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November 1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la Bourse" for Sept. 20, 1948. 4 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 6 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 6 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 7 Gold not reported separately beginning May 31, 1948. 8 Gold not reported separately beginning Dec. 31, 1946. 1012 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank (Figures as of last report (Figures as of last report date of month) June May Apr. June date of month) June May Apr. June State Bank of Ethiopia—Issue Reserve Bank of India—Cont. dept. (thousands of dollars): Banking department:—Cont. Gold 5,124 4,883 500 | Loans to Government 35 35 () Silver 6,052 , 486 Other assets ,252 1,224 602 F O T C o r i t r e h r c e a e u i s r g l u n a a r t y s i e s o x e b n c t i — s l h l . a s N C ng o o e i t n es 2 3 4 2 9 0 9 8 9 , . , , ,7 2 2 7 3 9 0 4 6 1 5 5 3 7 7 2 3 4 2 9 0 9 8 9 , , , , , 0 3 3 2 6 5 1 6 4 5 5 7 3 0 7 3 6 8 7 1 3 1 4 4 0 2 5 1 1 4 ! Ce o n f t D O G r p a o e t o h p l l u d e o B n r s d a i l s t i n s a ) k : b i o li f t i I e r s e a la n n d d c a ( p th it o a u l sands 2 ,646 , , 9 6 3 5 4 0 4 6 7 3 2. ,0 6 2 7 9 4 8 1 6 4 2 , , 3 6 6 0 2 4 5 6 6 Other liabilities and capital 1 ,367 1,335 930 | Sterling funds 43,610 ,012 44,422 39,832 Bank of Finland (millions of Note circulation 46,256 ,658 47,068 42,478 markkaa): Bank of Italy (millions of lire): Gold , 269 269 269 268 Gold , 549 12 ,56 525 Foreign assets (net) -729 -446 -375 -1821 Foreign exchange ,643 31,194 13,096 Clearings (net) -1,339 -1 ,801 -1,984 ,656 Advances—Treasury ,274 650,227665,937 Loans and discounts 37,225 37,904 37,682 ,627i Other Govt. agencies 15 Securities 858 871 876 365 Loans and discounts 181 173',859117,636 Other assets 1,473 851 1 ,206 876 Government securities......... 201 156147,571 Note circulation 27,934 28,198 27,741 , 2041 Other assets 321,369 311 378121,963 Deposits 1,777 1.475 2.142 ,269 Bank of Italy notes 846, 857 959758,611 Other liabilities and capital 8,046 7,976 7,792 ,826 Allied military notes 43,757 45 267 57,346 B&nk of the German States 1 Deposits—Government 125,011(118.793 17,355 (millions of German marks): Demand 131 523 52,697 Foreign exchange 1 ,346 Other 205 208149,667 Loans and discounts 1,591 Other liabilities and capital 34 32320 31,066 Loans to Government ,5' Bank of Japan (millions of yen): Other assets 2,843 Cash and bullion 1,147 615 Note circulation 6,745 Advances to Government 92,655 71,665 Deposits—Government 1,500 Loans and discounts 74,812 52,296 Banks 1,486 Government securities 121,781 77,844 Other 387 Reconversion Fin. Bk. bonds. . . 73,036 51,417 Other liabilities and capital 4,234 Other assets 41,919 10,419 iBank of Greece (billions of drach- (Nov. Note circulation 315,932230,588 mae): 1948)2 Deposits—Government 45,433 9,317 Gold and foreign exchange (net). 678 645 I Other 25,211 15,735 Loans and discounts 51 18 Other liabilities 18,774 8,617 Advances—Government 1,295 ,018(The Java Bank (thousands of Other 1,389 ,274 guilders): Other assets 314 198| Gold 470,984470,983 470,972 Note circulation 1,021 ,012! Foreign bills 109,602 70,974 76,894 Deposits—Government 203 Loans and discounts 66,489 69,67 68,206 Reconstruction and i Advances to Government 964,003937,242914,661 relief accts 219 Other assets 81,992 80,450 80,577 Other 474 89 Note circulation 858,377818,493774,724 Other liabilities and capital 1 ,809 299 Deposits 746,446718,715744,943 'Bank of Guatemala (thousands of ,626 Other liabilities and capital 5,247 92,117 91,643 quetzales): Bank of Mexico (millions of pesos): Gold 27,230 27,230 ,228 Monetary reserve 4 632 647 598 Foreign exchange 17,502 18,464 ,939 "Authorized" holdings of securi- Gold contribution to Int'l Fund. 1,250 1,250 ,25O|j ties, etc ,853 1,792 1,455 Rediscounts and advances 2,812 3,055 ,899! Bills and discounts 698 708 724 Other assets 12,090 11,992 ,906|| Other assets 130 164 107 Circulation—Notes 32,844 33,537 ,996 Note circulation ,901 1,906 1 ,685 Coin 3,092 3,086 935 Demand liabilities 629 683 709 Deposits—Government 3,978 3,930 ,598 Other liabilities and capital 783 722 491 Banks 11,450 11,725 ,674 Netherlands Bank (millions of Other liabilities and capital 9,519 9,713 017 guilders): National Bank of Hungary (mil- Gold 439 439 439 482 lions of forint): Silver (including subsidiary coin) 8 6 (3) Gold 412| 412 403 Foreign assets (net)* 309 277 243 467 Foreign exchange 2271 226 49 Loans and discounts 150 152 144 150 Discounts 4 4 ,999! Govt. debt and securities ,300 ,300 3,300 3,300 Loans—Treasury 311 311 340 Other assets 507 461 378 329 Other 6,895 7,043 227 Note circulation—Old 78 79 106 120 Other assets 247 263 377 New ,971 ,005 2,957 2,961 Note circulation 2,917 2,929 ,070 Deposits—Government 181 53 128 741 Demand deposits—Government. (3) 1 254 Blocked 62 38 59 81 Other 4,544 4,747 570 E. C. A 379 293 287 Other liabilities and capital 635 581 501 Other 782 908 780 506 Reserve Bank of India (millions of Other liabilities and capital 260 260 194 320 rupees): Reserve Bank of New Zealand Issue department: (thousands of pounds): Gold at home and abroad. . 400 400 444 Gold 2,843 2,802 Sterling securities 7,103 7,203 ,353 Sterling exchange reserve 53,650 79,522 Indian Govt. securities 4,137 3,937 ,278 Advances to State or State un- Rupee coin 470 474 434 dertakings 835 39,968 32,838 Note circulation 11 ,789, 11,814 ,199 Investments 095 34,095 7,868 Banking department: Other assets 190 6,327 4,177 Notes of issue department.. 323 201 311 Note circulation 344 50,834 47,791 Balances abroad ,554 1,808 ,001 Demand deposits 851 80,275 74,575 Bills discounted 98 104 17 Other liabilities and capital 124 5,774 4,841 1 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. - Latest month available. 3 Less than 500,000. * 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. AUGUST 1949 1013 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) June May Apr. June date of month) June May Apr. June Bank of Norway (millions of kroner): Bank of Sweden (millions of kronor): Gold 232 232 302 Gold 157 157 176 188 Foreign assets (net) 198 223 477 Foreign assets (net) 416 362 307 Clearing accounts (net) -64 -54 Swedish Govt. securities and ad- Loans and discounts 87 78 'l07 vances to National Debt Office5 ,360 ,186 3,348 3,247 Securities 48 48 62 Other domestic bills and advances 83 83 95 60= Occupation account (net) ,713 7,813 ,924 Other assets 401 361 380 367 Other assets 92 110 57 Note circulation ,996 ,906 3,019 2,824 Note circulation ,058 2,054 ,021 Demand deposits—Government 748 572 563 732 Deposits—Government ,977 4,095 ,919 Other... 182 230 302 133 Banks 902 853 ,242 Other liabilities and capital.. 491 440 422 342 Blocked 661 714 8JO Swiss National Bank (millions of Other 161 166 274 francs): Other liabilities and capital.... 547 568 663 Gold ,998 6,037 5,948 5,659* Bank of Paraguay—Monetary Foreign exchange 416 365 365 117 dept. (thousands of guaranies): Loans and discounts , 136 138 151 252 Gold 607 621 624 745 Other assets 76 71 81 102 Foreign exchange (net) 2,108 ,214 -3,631 ,360 Note circulation ,319 4,279 4,298 4,221 Net claim on Int'l. Fund"1... 2,710 ,710 2,710 ,709 Other sight liabilities ,781 1 .811 1,726 1,246 Paid-in capital—Int'l. Bank.. -92 -92 -16 Other liabilities and capital . 526 521 520 663- Loans and discounts 91,960 87,272 83,640 ,647Central Bank of the Republic of Government loans and securities 4,182 ,1770 ,694 Turkey (thousands of pounds): Cent O O N D ra t t e o h h l m t e e e R r r a a n e l a n d i s s a d e s b d r e c i e t v l o s i p e t i o i n e B s s i i a s ts a s n n u k d e o c f a p P i e t r a u l.. 8 2 2 5 3 1 , , , , 5 5 1 3 0 1 8 3 6 8 9 9 7 1 2 5 9 , , , , , 7 4 6 4 3 4 8 4 7 2 8 6 , , , , 4 1 2 6 2 5 2 6 5 3 8 6 G F S L o e o o c c r a l e l d u n e i r s a g i • r t n a i i e n n s g d e s x d c i h s a c n o g u e n ts and foreign 4 7 1 1 4 5 8 0 9 1 5 5 , , , , 7 4 3 2 2 0 3 9 7 2 1 9 4 7 1 1 3 2 5 9 8 2 4 1 , , ,3 4 6 0 9 6 6 7 5 4 1 6 1 5 4 7 4 8 8 6 9 , , , , 5 3 6 3 3 4 3 3 2 2 0 8 (thousands of soles): Other assets 47,942 44, 35,292 Gold and foreign exchange. . 180,922 101 667 Note circulation 912, 557 928,774 865,517 Net claim on Int'l. Fund 1.... 20,496 20 496 Deposits—Gold 153,036 153 153,029 Contribution to Int'l. Bank.. 2,238 2.356 Other 205,312 198,680 216,995 Loans and discounts to banks 137,731 99 890 Other liabilities and capital... 268, 796 270,997232,592 Loans to Government 723,127 748 249 Bank of the Republic of Uruguay Other assets 36,598 49 519 (thousands of pesos): Note circulation 787,099 723 256 Gold 248,845 248,845308,258 Deposits , 253,437 226 232 Silver 12,152 12,151 12,387 Other liabilities and capital... . 60,575 72 690 Paid-in capital—Int'l. Bank. . 313 313 314 Central Bank of the Philippines Advances to State and govern- (thousands of pesos): ment bodies 144,409 141,568 63,044 Gold 2,721 721 2,721 Other loans and discounts 252, 324 248,857195,271 Foreign exchange 638,895 679928685,164 Other assets 231, 940 240,506 303,011 Net claim on Int'l. Fund 1 7,501 501 Note circulation 279,35827799,,933 250,513 Domestic securities 9,739 685 1,731 Deposits—Government 76,619 74,089 75,635 Other assets 143,613 300 164,69 3 Other 281,081 275,038268,244 Note circulation 534,426 970580,527 Other liabilities and capital... 252,925263,180287,894 Demand deposits—U.S. dollars2. 40,649 554 40,551 Central Bank of Venezuela (thou- Pesos 135,438 153142,734 sands of bolivares): Ba e n s k c G F O u o o t d h r l o o e d e f i s r g ) : n li P a e b o x i r c l t i h t u i a e g n s a g l e a n ( d ( n m c e a i t l p ) li . i o t . a n . l . s . of 91,957 4 6 1 5 6 8 9 6 5 9 3 0 7 , , , 4 2 8 9 3 5 7 9 9 , ,9 2 3 7 3 6 O F N G o t o o h r l t e d e e i r g c ' n a ir s c e s u x e l t c s a h t a io n n g — e N ( a C n t e i e o n t) n tr a a l l b B a a n n k k s. , , , , , 2 3 5 7 5 2 4 4 6 2 7 9 7 1 1 2 7 4 4 8 4 4 7 1 5 , , , , , 4 4 6 5 8 3 2 7 2 4 0 1 1 9 4 8 2 77 3 2 8 9 2 1 6 8 , , , , , 4 5 5 5 2 4 7 3 2 2 7 0 5 1 8 6 2 7 9 3 1 0 3 8 6 5 0 , , , , , 3 7 4 2 7 7 1 1 6 9 1 6 9 6 3 . Loans and discounts 447 440 406 Deposits ... ,544 9,355335,364310,058. Advances to Government...... 251 1,247 ,282 Other liabilities and capital. ,709118,992 31,586 61,233 Other assets 538 548 510 National Bank of the Kingdom Note circulation 064 8,153 ,438 of Yugoslavia 3 Demand deposits—Government 147 243 ,038 Bank for International Settle- Other 915 3,974 i,018 ments 8 (thousands of Swiss gold Other liabilities and capital.... 962 963 913 francs): National Bank of Rumania * Gold in bars 168,838 169,766153,030 92 ,728. South African Reserve Bank Cash on hand and on current (thousands of pounds): account with banks 30 20,388 19,554 32,426. G Fo o r l e d i < gn bills , ,6 6 4 9 6 9 4 2 2 , , 0 9 7 8 6 3 , ,2 6 5 4 8 0 S R i e g d h i t s c f o un u d n s ta b at l e i n b t i e ll r s e a st nd accept- 4 7,357 1,914 374 Other bills and loans ,406 84,601 ,876 ances (at cost) 20 19,931 19,160 20,345 Other assets ,994 12,657 ,791 Time funds at interest 22 18,644 22,860 33,412 Note circulation ,400 65,699 ,741 Sundry bills and investments. . 152 155,750166,224 100,259 Deposits ,638 69,116 ,255 Funds invested in Germany. . . 297 297,201297,201297,201 Other liabilities and capital ,707 7,501 ,569 Other assets 2, 1,948 1,827 2,575 Bank of Spain (millions of pesetas): Demand deposits (gold) 13 17,299 17,353 19,380* Gold 963 1,047 ,217 Short-term deposits (various Silver 497 497 500 currencies): Government loans and securities. ,948 15,965 ,781 Central banks for own ac- 200 189,637181,883 82,268- Other loans and discounts ,408 8,205 639 count 1327 1,383 1,344 1,371 Other assets ,811 3,985 ,961 Other Note circulation ,898 25,080 644 Long-term deposits: Special ac- Deposits—Government ,473 1,379 885 counts 228. 228,909 228,909 228,909- Other liabil O it t i h es e r and capital ,6 5 9 6 2 4 2,6 5 4 9 1 8 0 5 4 2 5 4 Other liabilities and capital...... 254; 253,755252,281247,390* r Revised. 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 sucb 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. 4 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. 7 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Govern-ment. 8 See BULLETIN for December 1936, p. 1025. 1014 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— Date Central Rate Date Central Rate Date effective U K d n i o i n t m g ed - Francem G a e n r- y g B i e u l m - N la e e n r th - d - s S d w en e- S la w e n r i - t d z- bank of— Ju 31 ly effective bank of— J 3 u 1 ly effective In effect Dec. 31, Albania Mar.21, 1940 Ireland Nov. 23, 1943 1938 Argentina Mar. 1, 1936 Italy Apr. 9, 1949 Jan. 4, 1939. Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 17 Belggiu Aug. 27, 1947 Java 3 Jan. 14, 1937 May 11 Bolliiivia Feb. 4, 1948 Latvia 5 Feb. 17, 1940 July 6 Aug. 24 Aug. 29 Sept. 28 Bulgaria. Aug. 1, 1948 Lithuania. . . July 15, 1939 Oct. 26 Canada.. Feb. 8, 1944 Mexico June 4, 1942 Dec. 15 Chile Dec. 16, 1936 Netherlands . June 27, 1941 Jan. 25, 1940. Colombia July 18, 1933 New Zealand. July 26, 1941 Apr. 9 Costa Rica Apr. 1, 1939 Norway Jan. 9, 1946 May 17 Czechoslovakia Oct. 28, 1945 Peru Nov. 13, 1947 Mar. 17, 1941. May 29 June 27 Jan. 16, 1945. Denmark. .. Jan. 15, 1946 Portugal.... Jan. 12, 1944 Jan. 20 Ecuador. June 8, 1943 Rumania Mar. 25, 1948 Feb. 9 El Salvador. Oct. 15, 1946 South Africa. 3 June 2, 1941 Nov. 7, 1946. Estonia Oct. 1, 1935 Spain 4 Mar. 18, 1949 Dec. 19 Finland July 1, 1949 Sweden. 2H Feb. 9, 1945 Jan. 10, 1947. Aug. 27. ..*... Oct. 9 France... 3 Oct. 1, 1948 Switzerland.. Nov. 26, 1936 June 28, 1948.. 11-5 Germany. 11-4 July 14, 1949 Turkey July 1, 1938 Sept. 6 ^ Gree 12 July 12, 1948 United King- Oct. 1 Hungary. 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 May 27, 1949.. n-4 India.... 3 Nov. 28, 1935 U. S. S. R.... 4 July 1, 1936 July 14 il'-4 Yugoslavia.. 1-3 Aug. 20, 1948 In effect July 31, 1949 iy2 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since June 30: Finland—July 1, down from 6f to 5f percent; Germany—July 14, down from4^ to 4 per cent. OPEN-MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Privat 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—May. .54 1.03 1.00 1.03 1.62 1.25 1943—May. .50 1.03 1.00 1.07 1.66 .25 1944—May. .39 1.03 1.00 1.13 1.61 .25 1945—May. .37 1.03 1.00 1.03 1.38 1.25 1946—May. .39 .53 .51 .63 1.34 1.27 .93 1.25 1947—May. .41 .53 .51 .63 1.46 1.45 1.08 1.25 1948—May. .41 .56 .51 .63 2.12 1.33 .94 1.50 1948—June. .41 .56 .51 .63 2.02 1.36 .84 1.50 July.. .41 .56 .51 .63 2.04 1.56 1.35 1.63 Aug.. .41 .56 .51 .63 1.88 1.35 1.06 1.63 Sept.. .41 .56 .51 .63 2.84 1.10 .84 1.63 Oct... .41 .56 .51 .63 2.09 1.03 .78 1.63 Nov.. .41 .56 .51 .63 2.03 1.08 .77 1.63 Dec. .41 .56 .52 .63 2.00 1.25 .96 1.63 1949—Jan... .41 .56 .52 .63 2.09 1.23 1.13 1.63 Feb.. .42 .56 .52 .63 2.08 1.39 .90 1.63 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 May. .50 .63 .52 .63 1.28 1.03 1.63 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, P. 656-661, and for description of statistics see pp. 571-572 in same publication. AUGUST 1949 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom » Assets Liabilities ( b 1 m a 1 i n ll k L io s o s . n n te s d r o F o li n f i n g g p u c ) o l r e u e a s n r i d i n n s g re C se a r s v h es M c o a s l n h l e o a y r n t a d t B co il u ls n t d e i d s- T r d e r c e e e p a i o s p u s t i r s t y s Securities c L u o s a to n m s e t r o s a O s t s h e e t r s Deposits lia O b a t i n h l d i e ti r es notice Total Demand Time capital 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 ,307 ,154 761 349 4,032 2,712 1,319 245 1944—December 500 199 147 ,667 ,165 772 347 4,545 3,045 1,500 250 1945—December, 536 252 369 ,523 ,234 827 374 4,850 3,262 1,588 265 1946 -December. 499 432 610 ,560 ,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 ,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—June 492 473 659 ,361 ,478 ,354 530 5,955 3,872 2,083 393 July 489 477 715 ,320 ,478 ,335 487 5,909 3,834 2,075 390 August 499 489 695 ,323 ,474 ,334 477 5,903 3,829 2,074 388 September. 490 490 707 ,345 ,472 ,349 485 5,950 3,844 2,106 387 October... 485 497 802 ,313 ,475 ,365 497 6,040 3,927 2,113 393 November. 495 482 793 ,332 ,480 ,355 516 6,057 3,958 2,099 396 December. 502 485 741 ,397 ,478 ,396 621 6,200 4,159 2,041 420 1949—January . . 532 481 795 1,267 ,487 ,383 526 6,057 4,033 2,024 414 February. 481 491 860 989 ,487 ,405 519 5,817 3,810 2,007 414 March.... 474 482 870 956 ,496 ,429 517 5,815 3,803 2,012 409 April 500 481 799 1,025 ,501 1 ,445 540 5,886 3,875 2,011 405 May 487 498 816 1,037 ,502 1,436 501 5,872 3,869 2,004 403 Assets Liabilities Canada E (1 n C 0 d a c i n o n h a f a d m m r i t a i e o l n l r n i e o t d d h n o s l b f l o a a ig f r n u s k ) r s e . s re C se a r s v h E es ntire S l e y lo c a u in n r i s t C y ana l d o d i a O s a c n t o s h u e a n r n t d s d S a f a u b e o n l b e o c a r d r u e a n f o i n r r k n g a i o s s n e t d 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 l t u a o l d s i i n ts g p i D a n y e te m a r b b a l a n e n d i k n d C e a T p 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 ,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December.. 387 31 ,168 231 2,293 657 60 3,657 1,984 1,673 ,049 1943—December.. 471 48 ,156 250 2,940 744 42 4,395 2,447 1,948 ,172 1944—December.. 550 92 ,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—December.. 694 251 ,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1946—December.. 753 136 ,507 132 4,232 1,039 21 6,252 2,783 3,469 ,525 1947—December.. 731 105 ,999 106 3,874 1,159 18 6,412 2,671 3,740 ,544 1948—June 685 84 ,930 135 4,143 1,129 17 6,528 2,592 3,936 ,561 July 671 77 ,948 128 4,154 1,019 17 6,446 2,487 3,959 ,533 August 712 77 ,958 144 4,209 1,082 17 6,609 2,606 4,003 ,557 September. 734 76 2,023 136 4,185 1,169 17 6,776 2,728 4,049 ,530 October 751 97 2,110 143 4,156 1,067 17 6,798 2,758 4,040 ,510 November. 781 96 2,202 140 4,212 1,149 16 7,020 2,935 4,086 ,542 December.. 749 101 2,148 144 4,268 1,169 16 7,027 2,970 4,057 ,537 1949—January .. 740 90 2,131 131 4,311 1,054 16 6,942 2,824 4,118 ,500 February. 711 108 2,119 136 4,322 1,070 16 6,957 2,797 4,159 ,494 March. . . 718 81 2,129 136 4,285 1,077 15 6,927 2,663 4,264 1,484 April 760 90 2,199 149 4,267 987 15 7,029 2,690 4,339 1,408 May 776 74 2,202 154 4,342 1,056 15 7,131 2,792 4,339 1,459 Assets Liabilities France (4 o m f l i a m l r l g i o o e n n t s b h a o n f f i k g s f u r . r a e n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n 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 li d e ti r es 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 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10,151 1946—December 17,943 18,919 195,177 64,933 23,392 291,894 290,004 1,890 15,694 12,777 1947—December. , 22,551 19,410 219,374 86,344 37,291 342,166 338,710 3,457 25,175 17,628 1948—May 32,885 26,713 270,399 113,086 35,138 435,436 429,788 5,649 27,104 15,681 June 34,770 27,317 274,098 112,566 38,313 440,776 435,902 4,874 28,590 17,698 July 34,308 28,539 305,928 110,301 39,267 470,004 465,104 4,900 28,044 20,295 August 35,504 28,465 295,806 113,956 41,028 464,340 459,603 4,737 28,569 21,849 September 35,994 28,232 311,939 111,682 41,525 478,129 473,217 4,912 27,739 23,504 October 40,694 33,035 339,126 116,174 43,542 516,691 510,425 6,267 27,987 27,893 November 40,936 34,493 330,495 127,147 45,913 520.412 514,284 6,128 28,687 29,887 December 45,406 35,534 354,131 125,154 50,780 548,796 542,113 6,683 30,641 31,568 1949—January 44,404 34,369 345,914 133,550 36,083 548,335 541,420 6,916 30,697 15,287 February 44,191 32,048 343,684 141,296 37,362 551,673 544,466 7,207 31,876 15,033 March 38,024 33,720 330,902 135,617 39,720 528,241 520,846 7,394 32,127 17,615 April 39,482 36,469 368,937 129,306 40,846 561,787 554,453 7,333 32,208 21,047 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. 3 Represent six-month loans to the Treasury at 1 ^ per cent through Oct. 20, 1945, and at % per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1016 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Belgium Brazil Canada (peso) (pound) (franc) (cruzeiro) (dollar) Year or Ceylon month "R la e r gu- re " g N u o l n a - r" C in e d rt u a s i - n "Bank (rupee) prod- prod- trial Official Free notes" Official Free Official Free ucts ucts products account 1943 29.773 24.732 322.80 321.50 6.0586 5.1280 90.909 89.978 1944 29 773 25 125 322 80 6 0594 5 1469 90 909 89 853 1945 29.773 25.125 322.80 321.17 2.2860 6.0602 5.1802 90.909 90.485 1946 29.773 25.125 321.34 2.2829 6 0602 95 198 93.288 1947 29.773 25.125 321.00 2.2817 5.4403 100.000 91.999 1948 29.773 25.125 20.000 321.22 2.2816 5.4406 100.000 91.691 1948—Aug... 29.773 25.125 20.000 321.23 2.2830 5.4406 100.000 92.701 Sept... 29.773 25.125 20.000 321.23 2.2844 5.4406 100.000 92.180 Oct . . 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.898 Nov 29 773 25 125 20 000 321 23 2 2850 5 4406 100 000 92 383 Dec... 29.773 25.125 20.000 321.23 2.2847 5.4406 100.000 92.250 1949—Jan. . . 29.773 25.125 20.000 321.22 2.2844 5.4406 100.000 92.444 130.117 Feb . . 29.773 25.125 20 000 321.23 2.2847 5.4406 100.000 92 668 30 117 Mar.. . 29.773 25.125 20.000 321.21 2.2828 22.1000 5.4406 100.000 93.261 30.117 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 Tune.. 29.773 25.125 20.000 321.00 2.2750 2.2211 5.4406 100.000 95.521 30.117 July. . 29.773 25.125 20.000 321.10 2.2750 2.1752 5.4406 100.000 94.545 30.117 France Year or Co b l i o a m- C slo z v ec a h k o ia - m De a n rk - (franc) India * Italy Mexico e N rl e a t n h d - s Ze N al e a w nd Norway P p h i i n li e pmonth (peso) (koruna) (krone) Official Free (rupee) (lira) (peso) (guilder) (pound) (krone) R ( e p p e u io b ) lic 1943 57 265 30.122 20.577 324 20 1944 57 272 30 122 20 581 324 42 1945 57.014 1.9711 30.122 20.581 37.933 323.46 1946 57.020 2.0060 20.876 8409 30.155 .4434 20.581 37.813 322.63 20.176 1947 57.001 2.0060 20.864 8407 30.164 20.577 37.760 322.29 20.160 1948 57.006 2.0060 20.857 .4929 .3240 30.169 18.860 37.668 350.48 20.159 194g—Aug 2.0060 20.855 .4671 .3268 30.169 37.621 353.87 20.158 Sept .. 2.0060 20.854 .4671 .3213 30.168 37.598 399.15 20.158 Oct 2.0060 20.854 .4671 .3193 30.168 14.438 37.602 399.15 20.158 Nov 2 0060 20 854 .4671 .3179 30.168 14.490 37.572 399 15 20 158 Dec 2.0060 20.854 .4671 .3154 30.168 14.527 37.615 399.15 20.158 1949—jan 2.0060 20.854 .4671 .3141 30.168 14.534 37.664 399.14 20 158 1 49.675 Feb 2.0060 20.854 .4671 .3138 30.168 14.360 37.628 399.15 20.158 49.677 Mar 2 0060 20 854 4671 3136 30 168 14 334 37 598 399 12 20 158 49 721 Apr 2 0060 20 854 .4671 .3106 30.168 14 303 37.650 399 01 20.158 49.725 May 2.0060 20.854 .4671 .3038 30.168 12.521 37.609 399.05 20.158 49 724 Tune 2 0060 20 854 4671 3032 30 168 11 911 37 615 398 87 20 158 49 730 Tuiv 2.0060 20.854 .4671 .3025 30.168 11.562 37.611 399.00 20.158 49.738 i United Y m e o a n r t o h r ( P es o g c r a u t l d u o - ) ( A S po o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o r e t l a t n l l a i t e t r s s - ) (k S d r w e o n n e- a) e ( S f r r w l a a n it n c z d ) - K ( i p n o g u d n o d m ) Ur (p u e g s u o) ay Official Free 1943 398.00 403.50 403.50 65.830 52.855 1944 . 398 00 403.50 65.830 53.506 1945 399.05 403.50 403!02 65.830 55.159 1946 4.0501 400.50 9.132 25.859 23.363 403.28 65.830 56.280 1947 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56.239 1948 4.0183 400.75 9.132 27.824 23.363 403.13 65.830 56.182 58.822 53.191 1948—Aug... 4.0327 400.75 9.132 27.824 23.363 403.15 Sept... 4.0319 400.75 9.132 27.823 23.363 403.15 Oct... 4.0312 400.75 9.132 27.823 23.363 403.14 65.830 56.180 58.822 53.191 Nov... 4.0316 400.75 9.132 27.823 23.363 403.15 65.830 56.180 58.822 53.191 Dec... 4.0321 400.75 49.132 27.823 23.363 403.15 65.830 56.180 58.822 53.191 1949—Jan. .. 4.0324 400.75 147.083 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 July. . 4.0328 400.75 47.174 27.823 23.363 402.98 65.830 56.180 58.822 53.191 1 Based on quotations beginning Jan. 24, 1949. 1 Based on quotations beginning Mar. 22, 1949. 1 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. AUGUST 1949 1017 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 t 1 9 a 0 i 2 t t 0 6 e e ) d s = C (1 a 9 1 2 n 0 6 a 0 ) d = a M (19 1 e 3 0 x 9 0 i ) c = o K U ( i 1 n 9 n 1 3 g 0 i 0 0 t d e ) o d = m F (1 r 9 1 3 a 0 8 n 0 ) c = e (1 I 9 1 t 3 0 a 8 0 ly ) - ( J 19 a 1 3 0 p 3 0 a ) n = ( J J N u u l n e l a y e t n h 1 1 d e 9 9 s r 3 3 - 8 9 - S (1 w 1 9 e 0 3 0 d 5 ) e = n (J S u w = l l y a i 1 t n 0 z 1 d 0 e 9 ) 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—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 23 145 295 216 224 May 156 156 284 231 P1,892 ?294 215 221 June 154 285 232 VL 813 P22O P Preliminary. 1 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) (1926=100) (1930=100) (July 1938-June 1939=100) Year or month Raw and Fully and pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts fa m p g c a o a t r o u n t d r l u e y s - d fa c m g c h o a t i o u e n f d r u l e s y - d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l u u r s a c - w ts p f I i r n o n t i r d d s i h u a u e c l s d - ts 1926 100 100 100 100 100 100 1935 79 84 78 64 66 73 87 90 1936 .. 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 . 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 68 71 83 68 75 82 133 138 121 163 126 1941 .. 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 .. 181 169 135 133 131 117 165 207 214 328 276 1948 188 179 151 150 156 140 181 242 231 342 283 1948—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 '192 190 153 151 163 143 183 243 224 341 282 September.. 190 187 rl54 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—January 173 166 153 148 163 143 178 247 240 373 295 February... 168 162 152 145 161 142 178 247 242 371 295 Mi arch 172 163 151 146 162 141 178 246 242 369 293 April 171 163 149 148 161 142 186 '251 243 369 294 May 171 164 147 148 160 142 199 250 June 169 162 146 202 248 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1018 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 (1 C = 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 c 0 8 e ) ( N 1 l = 9 a e 1 n t 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 1 i 0 5 t t e e 0 - s 3 d ) 9 (1 C = 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 = l 9 e a 1 t 1 n 1 h 0 d - e 0 1 s 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 126 119 201 285 208 1945 . . 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 210 1946 139 124 204 645 208 1947 194 160 1101 [ 043 222 1947 159 136 U01 1,030 217 1948 210 196 108 11,662 230 1948 171 155 108 1,632 224 1948-July 217 201 108 ,559 229 1948-July 174 157 108 1,528 223 August 217 203 107 L 716 228 August 175 158 108 1,670 223 September. 215 204 107 L,842 229 September. 175 159 108 1,783 223 October .. 212 205 108 L.904 229 October... 174 160 108 1,844 223 November. 208 205 108 L.873 235 November. 172 160 109 1,870 226 December. 205 202 108 1,924 232 December. 171 159 109 1,928 225 1949-January... 205 202 108 L 932 231 1949 Tanuarv 171 160 109 1,935 224 February. 200 200 109 L 845 229 February 169 160 109 1,857 223 March ... 202 199 108 L 759 228 March 170 159 109 1,781 222 April 203 199 108 1,738 227 April 170 159 109 1,757 221 May . ... 202 200 114 VL 725 227 May 169 160 111 J>1,738 222 June . ... 204 P203 VI 715 *>228 June .. . 170 »161 P1,726 P222 v 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 h a 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 (D 9 U i 2 e n n 1 c g e i = d t m 1 e o 0 d b m 0 e ) r F (1 r 9 1 3 a 0 8 n 0 c ) e - N la e n th d e s r * - ( U 1 S = 9 n t 3 a 1 i 5 t 0 t e e - 0 3 s d ) 9 C (1 a = 9 n 3 1 a 5 0 d 0 - a 3 ) 9 4 ( K 1 U 9 in 2 n 6 g i = d te 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 3 e n 8 th d = s e 1 r 6 0 - 0) Number of issues. . . 12 (2) 87 50 13 416 106 278 «295 37 1940 115.9 95.1 118.3 M14.2 88.1 77.4 70.8 M40 1941 117.8 99.4 123.8 8 143.4 80.0 67.5 72.5 « 308 1942 118.3 100.7 127.3 146.4 69.4 64.2 75.3 479 1943 120.3 102.6 127.8 146.6 91.9 83.5 84.5 540 1944 . 120.9 103.0 127.5 150.5 99.8 83.8 88.6 551 1945 122.1 105.2 128.3 152.1 121.5 99.6 92.4 694 1946 123.3 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947 1103.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 184.3 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92.0 1,256 197.5 1948—July 99.2 104.6 129.3 117.8 105.6 131.9 116.3 91.4 1,217 197.0 August 98.3 104.0 129.7 119.3 106.3 127.1 113.6 91.2 1,208 195.7 September. .. 98.2 104.1 130.1 116.2 106.6 125.7 113.4 90.7 1,285 194.3 October 97.8 103.8 130,5 114.4 107.3 127.8 116.4 90.6 1,464 185.9 November... 97.9 104.5 130.4 113.4 106.6 120.4 117.8 91.6 1,354 179.7 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 March 100.7 105.0 130.8 107.6 103.0 118.0 106.4 88.7 1,114 April 101.0 105.2 130.9 109.0 104.3 118.5 106.4 88.4 1,119 May 101.0 105.2 130.4 P1O7.9 106.3 117.7 105.3 88.9 Pl.042 June 100.9 129.3 112.0 P99.5 85.3 Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stock* in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. • This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. * 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. 1 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures are not comparable with data for previous years shown in earlier BULLETINS. 7 Average based on figures for 5 months; no data available June-December. 8 Average based on figures for 10 months; no data available January-February. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; Jun« 1935, p. 394; and February 1932, p. 121. AUGUST 1949 1019 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 WINFIELD W. RIEFLER, Assistant to the Board to the Board to the Chairman OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director BRAY HAMMOND, Assistant Secretary GEORGE S. SLOAN, Assistant Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director JOHN C. BAUMANN, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWNSEND, Solicitor 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 JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Mar\et HERBERT V. PROCHNOW, Secretary Account 1020 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, i\ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice JriesiueiiLs 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. Brant ley 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. Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco.. . Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York. Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit E. C. Harris San Francisco... Los Angeles WT. N. Ambrose St. Louis Little Rock C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. 8 Also Cashier. 4 General Manager. AUGUST 1949 1021 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 tem). September 1946. 31 pages. of the Federal Reserve System. 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). No. 7. International Monetary Policies. In quantities of 10 or more copies of a particular 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 stafT. 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. 1022 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 Gerald M. Alter. November 1948. 11 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS 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. SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, II. THE DISTRIBUTION OF CONSUMER INCOME IN by Charles H. Schmidt. March 1949. 9 pages. 1947. June 1948. 8 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 1949. 14 pages. 1948 SURVEY OF CONSUMER FINANCES. June, July, August, and September 1948. 65 pages. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF THE BOARD OF GOVERNORS OF THE FEDERAL RE- SALES FINANCE COMPANY OPERATIONS IN 1947, by 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- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION TIES, by Frederic Solomon. Reprinted from the FINANCING IN 1948, by Charles H. Schmidt. July 1948 issue of the American Bar Association June 1949. 8 pages. Journal. 9 pages. NEW SERIES ON QUARTERLY SALES, PROFITS, AND STATEMENT BEFORE THE HOUSE BANKING AND CUR- DIVIDENDS OF 200 LARGE MANUFACTURING COR- RENCY COMMITTEE. Presented by Chairman PORATIONS, by Eleanor J. Stockwell. June 1949. Thomas B. McCabe on August 2, 1948. August 5 pages. 1948. 8 pages. RETAIL CREDIT SURVEY—1948. From June 1949 THE PHILIPPINE CENTRAL BANK ACT and Text of BULLETIN with supplementary information for the Act, by David L. Grove and John Exter. In nine separate trades. 38 pages. (Also, RETAIL part a reprint from the August 1948 BULLETIN. CREDIT SURVEY—1943, 1944, 1945, 1946, 1947 36 pages. from the June 1944, May 1945, June 1946, July 1947, and July 1948 BULLETIN with supple- THE BALANCE SHEET OF AGRICULTURE, 1948. Sep- mentary information.) tember 1948. 16 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS BANK CREDIT DEVELOPMENTS. October 1948. 12 AND BUSINESSES. July 1949. 2 pages. pages. 1949 SURVEY OF CONSUMER FINANCES— THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL I. GENERAL FINANCIAL POSITION AND ECONOMIC RESERVE SYSTEM. Address by Chairman Thomas OUTLOOK OF CONSUMERS. June 1949. 13 pages. B. McCabe on October 26, 1948 at the annual II. DURABLE GOODS EXPENDITURES IN 1948 AND meeting of the Stockholders of the Federal Re- BUYING PLANS FOR 1949. June 1949. 10 pages. serve Bank of Boston. November 1948. 5 pages. III. DISTRIBUTION OF CONSUMER INCOME IN 1948. July 1949. 15 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- IV. CONSUMER OWNERSHIP AND USE OF LIQUID SUMERS, July 1948. November 1948. 5 pages. ASSETS. August 1949. 16 pages. AUGUST 1949 1023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES, OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES w = BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ^ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEU # FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES OCTOBER /. 1*48 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTtti. td t1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis