Federal Reserve Bulletin, 1949-09

F E D E R AL E S E RV BUL IN SEPTEMBER 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 Supplies and Prices of Agricultural Commodities. 1025-1036 1949 Survey of Consumer Finances—Part V. Home Ownership and Expenditures for Housing.. 1037-1052 The Balance Sheet of Agriculture, 1949. 1053-1063 Report of the National Advisory Council on International Monetary and Financial Problems, October 1, 1948-March 31, 1949. . 1064-1080 Current Events and Announcements. 1080 Law Department. 1081-1082 United States Government Organization Manual. 1082 National Summary of Business Conditions. 1083-1084 Financial, Industrial, Commercial Statistics, U. S. (See p. 1085 for list of tables) 1085-1144 International Financial Statistics (See p. 1145 for list of tables) . 1145-1163 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. . 1164 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1165 Federal Reserve Publications.. 1166-1167 Map of Federal Reserve Districts. 1168 Subscription Price of Bulletin $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 35 September 1949 NUMBER 9 SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES Agricultural prices and incomes in the growing importance in the market as prices United States this year have been generally of supported commodities have receded from below the exceptionally high levels reached earlier peak levels. Since midsummer, alin 1948, as marked declines in prices during though prices of many industrial materials the latter part of 1948 have been followed have advanced, accompanying a rise in deby further declines in 1949. Cash farm in- mand and in industrial production, prices of come so far this year has been down 10 agricultural commodities have not increased. per cent and for the year is expected to total Farm real estate values declined about 3 27 or 28 billion dollars as compared with 30.8 per cent from last November to July, after a billion in 1948 and an average of 8.5 billion long period of advance which carried values in 1935-39. Costs of farm operation have to more than twice the prewar level. This declined less proportionally than cash income slight decline in farm property values, howbut at present levels of income farmers are ever, was probably less than the decline in still more favorably situated in relation to urban property values over the same period. the rest of the economy than before the war. Farm mortgage debts, up more than 10 per In August prices received by farmers were cent since the end of the war, are still at a about 20 per cent below peaks reached early very low level. The postwar rise in shortin 1948 and in midsummer. This reduction term debts, which was marked up to the bein agricultural prices, following nine years of ginning of 1949, has been slowing down. advance, has reflected two consecutive years Changes in the whole financial position of of very large crops and a recent small in- farmers are discussed in "The Balance Sheet crease in output of livestock products; some of Agriculture, 1949" which appears on pages decline in domestic consumer demand, as 1053 to 1063 of this BULLETIN. for meats; and a reduction in inventory hold- The shift from shortages of many crops ings by processors and distributors. With in 1947 to ample supplies in 1948 was an imagricultural production abroad still below portant factor in reducing inflationary presthe prewar level, and with foreign purchases sures and in initiating price declines. Agrifacilitated by the foreign aid program, export cultural developments in 1949 have generally demand for agricultural products so far has operated toward some further downward continued in large volume. The decline in adjustments in prices, particularly of farm farm prices has been lessened by Federal price products and their manufactures. Reflectsupport action, which has been a factor of ing increases in supplies of farm products, SEPTEMBER 1949 1025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES and also some reduction in consumer de- in 1949, although probably not quite as large mands, retail prices of food and apparel in as last year, are likely to be in excess of the August were about 6 per cent lower than a amounts used in this country or exported. year ago. Chiefly as a result of this, and of a For the most part the carryovers built up comparable price decline in homefurnishings, have come into Federal ownership and Govthe index of consumer prices was probably ernment stocks are likely to increase further down somewhat more than 3 per cent. The this year. In recent months, with the imreduction, though small, was in contrast to portance of Government price support operincreases in earlier postwar years. Cost of ations increasing, and with a program proliving issues have been less in the forefront viding less support scheduled to go into in wage negotiations this year than before. effect on 1950 production, consideration has Although agricultural developments have been given to a variety of proposals to change tended toward lower prices, they have existing legislation. The main subjects conexerted less downward pressure than in some sidered have been the commodities to be other periods of adjustment. Agricultural supported; the general level of support; the prices have declined less rapidly, farm in- relative levels of support for different comcomes have been relatively well sustained, modities; the degree of flexibility in support and purchases of goods by farmers have levels; and the methods of support for nonheld at a high level. Farmers' purchases storable commodities, with reference both of machinery have been in large volume and to the prices at which such commodities output of farm machinery in recent months, would be made available to consumers and while not as large as a year ago, has been the channels through which farmers would down less than the 20 per cent indicated for realize returns for their products in line machinery production as a whole. Farmers' with support levels. Meanwhile, acreage alexpenditures for goods other than machinery lotments have been made for the 1949-50 apparently have been reduced little, if any, wheat crop and prospects are that efforts more than expenditures by other consumers will also be made to reduce output of other and reductions in expenditures have reflected major crops in order to prevent continued for the most part lower prices. accumulation of inventories. One of the outstanding developments in FURTHER EXPANSION IN SUPPLIES OF agriculture in the last two years has been FARM PRODUCTS a rapid increase in crop inventories. At the start of the 1948 season stocks were at Notwithstanding some reduction in crop a low level, following marked reductions prospects during the early summer, total in earlier postwar years, but the inventory farm production in this country in 1949 is situation changed quickly with the record likely to be close to the record of last year. crop harvest of 1948. Domestic use and Crop output, according to September 1 indiexports of grains expanded somewhat and cations, will be 5 per cent below last year's an increase in cotton exports more than exceptionally large harvest. Livestock prooffset reduced mill consumption in this duction has been increasing from last year's country, but total disappearance of these moderate level and for the year may be up crops was substantially less than production, 3 per cent. and carryovers increased markedly. Harvests If these expectations are realized, total 1026 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES farm production this year will be nearly two- increased use of fertilizer have been imporfifths above the 1935-39 average, as indicated tant factors. The use of new insecticides in the chart, and output per capita will be has contributed to an increase of two-thirds about one-fifth higher. Domestic consump- in potato yields. In most postwar years more tion of agricultural products per capita is favorable weather conditions have played a higher than at that time and so are exports, part in raising yields for such crops as wheat but not enough higher to prevent inventory and corn. accumulation. Corn and other feed grains. The corn harvest is expected to be 3,526 million bush- AGRICULTURAL PRODUCTION AND PRICES 19)5-1939 • 100 els, only 3 per cent below the very large crop of last year. Acreage planted was again \ about 10 per cent below the 1935-39 aver- I l- age, as is shown in the chart on page 1029, 1 H and the unusually large output expected is traceable to yields almost as high as last / PRICES RECEIVEO season. / 1 1 BYFAFIMERS / Production of feed grains other than corn f 1 / is expected to show considerable decline and / r 1 • /" ^\ total feed grain production may be 7 per t i \Vy \ ? cent below last year. Even so, feed grain t> > ^^ ; production will be considerably in excess 3DUCTI0N FOR SALE AND HOMEUSE of the amount fed or exported, with the result that carryovers, already large, will increase further. Carryovers at the beginning of this season are large in part because 1 1 I I lilt I I 1 1 1 1 1 > (111 i i i i Ml. 1915 1925 1930 1935 1940 1945 the record 1948 crops resulted in only a mod- U. S. Department of Agriculture annual data. The dot indicates the average level of prices in the first eight months of erate expansion in the use of feedstuflfs. 1949. The production index relates to production for sale and for use in the farm home. The figure for 1949 is based on Feeding was heavier but livestock numbers, July 1 indications but there has been little change in prospects since then. which had been reduced prior to 1948, could not be increased rapidly. In the coming sea- CROPS CLOSE TO RECORD son, total feed grain supplies including carry- Total crop acreage planted this season, as overs will be by some margin the largest the chart on page 1029 shows, was only 2 of record in comparison with livestock per cent larger than in the 1935-39 period, numbers. and the increase of over 30 per cent in crop For corn, the carryover this October, at production over this interval was due mainly the beginning of the new season, is expected to larger output per acre planted, reflecting to be at least 800 million bushels, and the in large part a variety of improvements in farming techniques and a rapid increase in carryover in October 1950 is likely to be conthe use of machinery. In corn, for which siderably larger. Figures on carryover, proincreases in yields have been spectacular, the duction, and use in recent years are shown in widespread introduction of hybrid seed and the table on the following page. SEPTEMBER 1949 1027 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES Cotton. The cotton crop this year is ex- for domestic use and export—was very large, pected to approximate last year's harvest of and a considerable volume of cotton was 14.6 million bales, more than 2 million bales exported. Accumulation of stocks during of which were added to stocks. The current this past season occurred in spite of a large volume of exports and resulted in consider- SUPPLIES OF THREE MAJOR FARM CROPS able part from a decline in domestic mill [Crop years l] consumption, which this summer was down to about the 1935-39 level. To some extent 1949 1948 1947 1946 1935-39 average this low level of mill consumption reflected temporary influences such as inventory liq- Corn (million bushels) uidation, and to some extent more perma- Beginning stocks 800 125 286 173 250 Production 3,526 3,651 2,384 3,250 2,316 nent influences, particularly the competition Imports. 1 1 26 of synthetic fibers and the resumption of Total supplies . . . 3,776 2,671 3,424 2,592 textile production abroad. Domestic use 2,356 2,536 3,015 2,173 Exports 120 10 123 44 Since 1946, as shown in the chart, the acre- Total use 2,976 2,546 3,138 2,217 age planted to cotton has expanded about Ending stocks 800 125 286 375 45 per cent—from 18 million to 26 million Cotton (million bales2) acres—reflecting in part a shift from other Beginning stocks 5.3 3.1 2.5 7.4 8.3 crops such as feeds and peanuts. Cotton Production 14.6 14.6 11.6 8.5 12.9 Imports .2 .4 .1 .2 yields have fluctuated widely around a level Total supplies. ... 17.9 14.5 16.0 21.4 considerably higher than before the war. Domestic use 7.8 9.4 10.0 7.1 Exports 4.8 2.0 3.5 5.3 Yields are expected to be lower this year Total use 12 6 11 4 13 5 12.4 than last, offsetting a 14 per cent increase in Ending stocks 5 3 3.1 2.5 9.0 acreage. Wheat Wheat. Wheat production this season, (million bushels) Beginning stocks 293 196 84 100 154 estimated at 1,129 million bushels, may be Production 1,129 1,288 1,367 1,153 759 Imports 2 14 about balanced by consumption, if the ex- Total supplies 1 486 1 451 1 253 927 pected heavy volume of exports materializes, Domestic use 691 764 748 686 and in consequence there may be very little Exports 502 491 421 56 change in the large carryover of about 290 Total use 1,193 1,255 1,169 742 Ending stocks 293 196 84 185 million bushels built up in the two preceding seasons. The total acreage planted to 1 Crop years, which begin with the harvest, are as follows: Corn, Octoter-S«ptemter; cotton, August-July; wheat, July-June. wheat last autumn and this spring was 7 per 8 Running bales which are slightly larger than 500 lb. bales. NOTE.—U. S* Department of Agriculture figures, with some cent larger than in the preceding season, figures for 1949 and 1948 estimated. Latest production figures are based on Sept. 1 conditions. and before the crop deteriorated by about 200 million bushels in June and July it apcarryover of 5.3 million bales is substantial peared that the harvest would be about as but only about half of the very large carrylarge as in the two years preceding. over at the end of the war and two-thirds In the main the increased output of wheat of the high 1935-39 average. Stocks were during the postwar period has reflected liquidated rapidly in the first two seasons higher yields per acre, although in recent after the war when crops were very small, years there has been a rise in acreage, as output of cotton goods in the United States— shown in the chart. Increased yields have 1028 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES resulted from improved production tech- at prices substantially below the domestic niques as well as generally more favorable market by means of direct Federal subsidies weather, both of which have also been fac- on wheat exports, currently ranging from tors, along with price and cost relationships, about 35 to 40 cents per bushel. in the increase in acreage. Restrictions calculated to reduce acreage planted to wheat this fall and next spring PRODUCTION, ACREAGE, AND YIELD OF CROPS are now in effect. A producer will be able 1935-39 • 100 ANNUAL DATA to obtain Commodity Credit Corporation loans at support prices on the crop harvested only by limiting his planted acreage to the amount allotted. In total, allotments will be 15 per cent below the acreage planted last year. Other crops. Production of vegetables and truck crops will be lower than last year and only about 20 per cent above the 1935-39 average. Potato production is down about 20 per cent from 1948, with acreage reduced 10 per cent to meet Federal acreage allotments and yields also down 10 per cent. In comparison with prewar, potato acreage is down one-third while yields are higher by 60 Uv 60 two-thirds. Total fruit production has shown 1941 1943 1945 1947 1949 1941 1943 1945 1947 1949 U. S. Department of Agriculture annual data. Production little change from last year. and yield estimates for 1949 are based on Sept. 1 conditions. Output of oil-bearing seeds, including Throughout the postwar period exports of cottonseed, will be about 10 per cent smaller wheat have ranged from 400 to 500 million in 1949 than in 1948 but about double the bushels a year, as compared with about 50 prewar average. Tobacco production is exmillion in prewar years, and it is this large pected to be about the same as last year, alexport volume which has permitted a general though allotted acreages were a little larger. level of wheat production about 60 per cent SMALL INCREASE IN LIVESTOCK higher than before the war without rapid inventory accumulation. The continuing heavy Supplies of livestock products reaching volume of exports has been in considerable market so far in 1949 have been larger part Federally financed. During the past than last year, thus ending the decline which year exports to occupied areas amounted to started in 1945. The increase so far has been 170 million bushels and exports to EGA coun- small, however, and has been chiefly in tries have been facilitated by the foreign aid poultry. Some increases have occurred in program. This season such exports are con- cattle slaughter and in marketings of milk. tinuing in large volume. With an inter- Later in the year and in 1950 hog slaughter is national wheat agreement in operation likely to increase markedly. Estimates of beginning August 1, export commitments 1949 output of various livestock products for covering 168 million bushels are being met sale and use in the farm home are shown in SEPTEMBER 1949 1029 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES the table below. Figures on the number of crop this fall, to be marketed next spring, is livestock on farms are given in the second expected to be about 10 per cent larger than table on this page. the crop a year ago. Abundant feed supplies and favorable feed OUTPUT OF LIVESTOCK PRODUCTS prices have led also to some increase in market supplies of milk and of beef. These in- 1943-461935-39 Product 1949 1948 1947 average average creases, however, reflect only heavier feed- Milk (billion pounds).. 120.3 118.3 121.9 122.1 106.5 ing and have been small in comparison with Meat (billion pounds).. 22.0 21.6 23.4 24.1 16.2 the increases in poultry. Large feed sup- Beef and veal 10.7 10.6 12.0 10.8 8.0 plies apparently encouraged a reversal in the Pork 10 7 10.2 10.6 12.2 7.3 Lamb and mutton... .6 .8 .8 1.0 .9 downward trend in the numbers of beef Po M ul e tr a y t : (billion pounds) 4.6 3.8 4.1 4.5 2.7 cattle on farms, beginning last year, but cur- Eggs (billion dozens) 5.2 5.1 5.1 5.1 3.3 rent increases in herds will be reflected in Total food livestock production (index, increased market supplies only in some later 1935-39=100) 135 131 138 141 100 period—in fact, market supplies of cattle this NOTE.—U. S. Department of Agriculture data on output for year have been below those in 1945 and 1947 sale and consumption in the farm home. Figures for 1949 are preliminary estimates. when herds were being sharply reduced. Recent and prospective increases in sup- LIVESTOCK ON FARMS, JANUARY 1 plies of livestock products reflect the under- [In millions] lying influence of abundant feed supplies and favorable feed prices. Prices favorable 1949 1948 1 a 9 v 4 e 3 ra - g 4 e 61 a 9 v 3 e 5 ra - g 3 e 9 to feeding have already had important ef- Cattle: fects in expanding market supplies of poul- Milk cows. . 24.5 25.0 26.1 27.3 25.0 Other cattle 54.0 53.1 55.1 56.3 41.8 try, for which the production cycle is very Hogs 57.1 55.0 56.9 69.6 43.9 Sheep 32.0 34.8 37.8 48.7 51.2 short, and of hogs, for which the production Chickens 448.8 461.6 474.4 542.7 405.1 w_ cycle is fairly short. Hatchings of chicks in- NOTE.—U. S. Department of Agriculture data. creased greatly, starting last fall, and the number of broilers raised this year has been AGRICULTURAL EXPORTS AT HIGH LEVEL about 30 per cent above last year. The 1948- Exports of farm products from this counfall pig crop was about 8 per cent larger than try in the year ending in June were higher that of 1947 and this resulted in somewhat than in any corresponding 12-month period larger marketings of hogs this spring. The since the end of the war. As compared with 1949 spring pig crop was 15 per cent over last year, export values were up 10 per cent the previous year's crop and this began to be and quantities 20 per cent. While the value reflected in larger marketings in the latter of agricultural exports was increasing by 10 part of August. Despite abundant feed sup- per cent the value of other exports was deplies the weight of butcher hogs marketed clining by 15 per cent, and in 1948-49 agriin recent months has been a little less than cultural exports represented 30 per cent of last year. In recent weeks farmers have total exports, which was somewhat larger marketed some of the spring crop early to than the share in the 1935-39 period. take advantage of the prevailing general The impact of heavy agricultural exports level of hog prices and marketings have on farm prices over the past year has been been substantially above last year. The pig considerably less than earlier in the postwar 1030 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES period because production of most export EXPORTS OF FARM COMMODITIES [Year ending June 30] commodities has increased considerably and prices have been at or below Federal support Commodity 1949 1948 1947 1 a 9 v 3 e 5 ra - g 3 e 9 levels. Larger exports have facilitated maintenance of support prices but have not led Value (million dollars) to price advances. Total 3,817 3,506 3,609 748 Grains 1,704 1,748 1,341 95 The continuation of a large volume of agri- Other foods 850 1,078 1,230 178 Cotton . . 815 341 594 318 cultural exports for four years after the end Tobacco 225 206 326 128 Other commodities 223 133 118 29 of the war—a much longer period than after Physical quantity the first world war—has reflected numerous (indexes, 1935-39 = 100) Total1 192 158 176 100 important influences, including continued Wheat 908 869 657 100 unstable international conditions; a slow, ir- Other grains . . 302 200 308 100 Cotton 88 38 73 100 Tobacco 108 97 143 100 regular recovery of agriculture in Europe; the increasing needs of growing populations; i Includes some items not shown separately. NOTE.—U. S. Department of Agriculture data. Index numbers and the financial assistance provided to many converted to 1935-39 base by Federal Reserve. "Farm commodities" include some processed products, notably flour, meats, countries by the United States to supple- and canned fruits and vegetables. Value figures for 1935-39 are for calendar years. Exports under the Army Civilian Supply ment their dollar earnings and limit the use program are included, beginning January 1947. of their gold and dollar assets. Exports of Exports of grains, fats and oils, and tobacco agricultural commodities to the occupied also increased in the 1948-49 period while exareas reached a new high level in 1948-49. ports of most other commodities, including On the supply side, the amount of foods fruits, vegetables, and egg products, declined. and fibers available for export from this Exports of fats and oils increased this spring country was larger last year than in earlier owing in part to the removal of export conpostwar years while in other exporting countrols. tries supplies were more limited. Larger shipments of grains from the Value and quantity data for selected agri- United States and Canada to Europe in cultural exports are shown for recent years 1948-49, which largely offset reduced shipin the table. The most important increase ments from Argentina, and much larger in 1948-49 over the preceding year was in European harvests than in 1947 made possicotton exports which more than doubled in ble a considerable improvement in diets both value and quantity, but which in quan- from the earlier low level. Bread rationing tity terms were not up to the 1935-39 average. was removed in a number of countries. The increase in cotton exports reflected in- Diets, however, still consist to an unusual creased mill activity abroad and also earlier extent of cereals. Rebuilding of European depletion of stocks held by other exporting livestock herds has progressed slowly but is countries and by importing countries as well. now being facilitated by increased output of Continuation of large cotton exports in the feed crops and by larger shipments of feed current year will depend in part on the mar- grains from this country. kets which importing countries are able to The bread grain harvest in Europe this find for cotton products; textile markets gen- year is estimated to be only slightly below erally throughout the world have become last year, when the weather was especially more competitive than in the early postwar favorable, but below prewar by 10 per cent years. in total and nearly 20 per cent per capita. SEPTEMBER 1949 1031 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES In major wheat exporting countries outside modities affected. Early in 1948 the over-all the United States, crop prospects are not average of prices received dropped more yet well established, except in Canada where rapidly than at any other time in this period, a crop equal to last year's crop of 390 million as indicated in the chart. Declines at that bushels is now expected. In Canada, Argen- time were general and for some commodities, tina, and Australia wheat stocks on July 1, especially grains, were abrupt. This sharp de- 1949, were little changed from a year ago cline was followed by considerable recovery while in the United States stocks on hand for many products and, with prices of meat at the beginning of this season were larger animals rising to new peaks in the summer, than a year ago. the over-all average returned almost to the The volume of agricultural commodities January level. Starting in September, howpurchased from this country in the period ever, there were sharp declines in prices of ahead will be influenced by the availability meat animals accompanied by some declines of dollar exchange as well as by a variety of in prices of dairy products and crops, and factors relating to the supply and use abroad the total index declined rapidly until Februnot only of agricultural products but also of ary. From February to August prices of liveother products. Earnings by foreign coun- stock and products held fairly steady, crop tries from sales of goods and services to this prices decreased by 9 per cent, and the total country, which in 1948 provided financing index showed a further decline. Altogether for about two-thirds of total exports from this crop prices by August had come down 25 country, have recently been lower than they PRICES RECEIVED BY FARMERS were a year ago, owing in part to influences 1935 . 39 • 100 MID- MONTH DATA of a temporary nature. Financing of foreign purchases by the United States Government has been continuing with little change, making up the bulk of the other one-third of the financing of exports. DECLINES IN PRICES OF FARM PRODUCTS Prices received by farmers this year have been considerably below the exceptionally high levels reached in 1948 and in August were down to a level lower than at any other time since the end of price control in mid-1946. They were about 15 per cent above the level prevailing in the first half of 1946 and 130 per cent above the 1935-39 average. The course of the price decline for agricul- 1946 1947 1948 tural commodities from the peak at the be- U. S. Department of Agriculture midmonth data with indexes for feed and food grains and also for fruit and truck ginning of 1948 has varied considerably from crops combined by Federal Reserve. Tobacco, hay, potatoes, sweet potatoes, dry edible beans, and wool, not included in time to time as to speed of decline and com- subgroups, are included in the index for all farm products. Latest figures shown are for Aug. 15. 1032 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES per cent from their January 1948 peak and sharp declines occurred early in 1948 and prices of livestock products had come down again around midyear. Since last October 20 per cent from the postwar peak which grain prices have moved downward graduthey reached in the summer of 1948. ally and in August they were 10 to 15 per While the important turn in farm prices cent below Federal support levels and little was occurring last year, industrial prices, more than half their postwar peak. Oil seeds which had risen considerably less since pre- showed further sharp declines in the first war, advanced further for a time and then, seven months of this year but in August adafter August, held steady. During the first vanced considerably, owing in part to anhalf of this year marked declines occurred nouncement of a support program for cottonin prices of some industrial materials and, seed. despite recent increases, prices .of most of Cotton prices this year have been lower these materials are still considerably lower than last year despite increased exports, as than at the beginning of the year. Prices increased supplies and reduced domestic conof many finished products, however, have sumption have held prices down to supshown little or no decline and price reduc- port levels. The decline in cotton prices, tions for industrial commodities on the aver- however, has not been large compared with age have not been large. many other declines and cotton prices re- The most important reductions since a cently have been about three times prewar year ago in prices paid by farmers have been while prices of other crops have been about declines of 17 per cent in feeds and 6 to 8 double prewar. per cent in building materials, clothing, and Prices of fruit and truck crops have genfood. Machinery prices and taxes are higher, erally been somewhat higher in 1949 than and altogether prices paid by farmers have in 1948 but in August were down more than come down only 3 per cent from the peak a seasonally to a level slightly lower than at year ago. Because prices paid by farmers for any other time in the postwar period. Togoods and services have declined consider- bacco prices this year have continued to be ably less than prices received by farmers, the somewhat more than double the prewar aver- "parity" index has dropped from 118 per cent age. Domestic demand for tobacco has reof the 1910-14 average in the summer months mained large this year and exports have inlast year to 101 in August this year, the lowest creased. Production has been controlled by level since December 1941. In the 1935-39 Federal acreage allotments and marketing period the index ranged from a high of 98 quotas. per cent in March 1937 to a low of 73 per Livestock prices. Prices of meat animals, cent in August 1939; for the five years the which rose much more than prices of dairy average was 84 per cent. and poultry products in the postwar period, Prices of crops. Price movements in the reached a peak in the summer of 1948 and postwar period have varied considerably for declined very rapidly in the fall and winter different crops, as is shown in the chart. The months when marketings were increasing most spectacular increases and subsequent seasonally and when demand did not show declines have been in grains and oil-bearing the usual seasonal increase. Prices rose someseeds. At the start of 1948 these prices aver- what in March this year but showed little aged about three and one-half times prewar; further change in the next few months SEPTEMBER 1949 1033 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES when marketings were smaller. In July about the same as a year ago but this autumn and August of 1949 prices declined again. is expected to be larger. Hog prices, the only meat animal prices at present subject to direct support operations, FARM PRICE SUPPORT PROGRAM have been above support levels thus far, as The Federal program of price support has shown in the chart on this page, although been a factor of growing importance in the the margin has been steadily reduced in the level of farm commodity prices in the last last year. Cattle prices over the year have 12 months and additional Federal actions declined about as much as hog prices. have been initiated to support prices. Be- Prices of dairy products advanced after fore this period, because of the generally the war only about half as much as prices limited supplies and urgent demands, most of meat animals, and at the peak were 2J4 farm prices had been considerably above suptimes rather than 3l/ 2 times the prewar aver- port levels. After it became evident in 1948 age. After August 1948 they declined and that major crops were going to be large in in August this year, despite some recent relation to requirements, prices of these seasonal strengthening, were down one-fifth crops declined rapidly, as the chart shows. As from a year ago. Prices received by farmers grains were harvested their prices went apfor milk sold for fluid consumption, which in major markets are established under FARM PRICES AND SUPPORT LEVELS Federal marketing agreements, have been CORN Ml 0-MONTH DATA WHEAT reduced much less than prices of milk sold for other purposes. Total marketings of milk in the first eight months of 1949 were somewhat above last year, and this additional output has been used in the production of butter and some other dairy products, tending to lower prices for these products. Federal purchases to support prices of butter and cheese, as well as some other dairy products, have been made this year. With lower prices consumption of butter this year has increased substantially from a year ago while margarine consumption has declined somewhat. Poultry prices declined sharply in May 1946 1947 1948 1949 1946 1947 1948 1949 U. S. Department of Agriculture data. Latest price figures and June as supplies showed an increase and shown are for Aug. IS. The 1949 support level for corn is estimated on the basis of the Aug. 15 index of prices paid byin July and August prices were about one- farmers for commodities, interest, and taxes; the actual support level will be based on the Sept. 15 index. Support levels for fourth below the peak level reached a year hogs beginning with October 1946 have been varied weekly to take account of usual seasonal price changes; the levels shown earlier. Egg prices have been about the same are for the week nearest the middle of the month. as last year as larger price support operations preciably below support levels, owing in part have offset the effect on prices of greatly to lack of adequate storage facilities. With reduced private storage operations this spring. prospects of further increases in supplies this Egg production so far this year has been year, there has been a further gradual de- 1034 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES cline in grain prices although this summer million bushel corn crop, and the bulk of the Government has modified storage regu- the corn covered seems likely to become lations and taken steps to enlarge storage Government-owned as commitments mature capacity. The loan program for cotton has this autumn. Government expenditures for been effective in keeping prices at support stocks of these three commodities taken over levels and recent declines have resulted in may be about 2.0 billion dollars. Outlays part from the lowering of the support level. have also been made for purchases of pota- For two crops—potatoes and flaxseed—sup- toes, in the amount of about 225 million dolport levels have been sharply reduced this lars for the 1948-49 production, and for flaxseason and for cotton the support level is seed and linseed oil in about that amount. down 5 per cent, but for the most part Purchases and loans on peanuts amounted changes in supports have been very small. to about 175 million dollars and there were Declines in prices of livestock products some smaller outlays for eggs and other since the summer of 1948 have brought most products. All of these figures on Commodity of these prices from far above support levels Credit Corporation activities, it should be down to, or nearly to, support levels. Hog noted, are preliminary and subject to minor prices, which in August a year ago were 50 changes. per cent above support levels, have declined Stocks owned by the Government under persistently, after allowance for seasonal inthe present law may be sold in the domestic fluences, and in August this year were only market at the lowest of three prices: (1) 90 10 per cent above support levels. Governper cent of parity, (2) a price halfway bement purchases of butter and some other tween the support price and parity, or (3) dairy products have been initiated or ina price reasonably calculated to return the creased during the past year and substantial cost. These restrictions do not apply to sales purchases of eggs have again been made; the outside of this country. For a few commodimarket demand for dairy and poultry prodties, such as potatoes, only a small return ucts, in contrast to the demand for meat, has from disposition can be realized. Ultimate not been great enough to maintain prices disposition of most of the commodities acabove support levels. quired in the past year and likely to be ac- Because increasing support operations have quired in the year ahead will depend on been required, Government outlays on the future production and utilization in this program have been on an increased scale. country and abroad and on price support and Of the 1,288 million bushel wheat crop of stockpiling policies in effect. last year 368 million bushels were at one In view of the changed grain supply situatime under loan or agreement to purchase tion, acreage allotments have been announced and 266 million bushels were acquired by for next year's wheat crop, and it is possible the Government when the commitments that acreage allotments and marketing quotas matured this spring. On cotton, 5.3 million will be in effect for the 1950 cotton and corn bales of the 14.6 million bale crop were under loan at one time, and 3.8 million bales crops. An acreage allotment denies direct came into Government ownership on Au- Government price support assistance to a progust 1. Loans and agreements have been ducer who fails to reduce his acreage in acmade on 556 million bushels of the 3,651 cordance with the program. Marketing SEPTEMBER 1949 1035 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUPPLIES AND PRICES OF AGRICULTURAL COMMODITIES quotas, which are subject to approval by two- per cent of the parity calculated by the new thirds of the participating farmer voters, method. This spring the Secretary of Agrifurther penalize a producer who does not culture recommended substitution for Title comply with the restriction by charging a II of a broad program which would make penalty on his excess production at a rate support of most products mandatory; would of one-half the loan value of the commodity. set up a new method for calculating sup- The farm price support program now in port levels relating price supports to farm effect is essentially the program developed income levels and individual commodity during the war, with support levels generally prices of the past decade; and would provide at 90 per cent of parity and many more com- for sale of nonstorable commodities by promodities subject to support than before the ducers at market prices and for supplemenwar. This program originally was to termi- tary payments to such producers if market nate on December 31, 1948. By Title I of prices were below support prices. the Agricultural Act of 1948 the program At this time it is not evident what price was generally extended for another year, to support program will be operative for 1950 December 31, 1949, although earlier sharp farm production. The House of Reprereductions in supports for a few products sentatives has passed a bill to extend the pressuch as potatoes and flaxseed were author- ent program of 90 per cent support for anized. other year and to repeal Title II of the Act By Title II of the same act, a different of 1948. The Senate Committee on Agriplan of price support was provided to be- culture and Forestry has reported a bill which come operative with crops harvested in 1950 for 1950 would provide support at 90 per and livestock marketed in 1950. A new cent of parity as calculated under a new method of computing parity was provided definition resulting in parity prices for crops which would result in generally lower parity slightly lower, and for livestock products levels for crops and higher levels for live- higher, than those provided in the House stock. Fewer crops were to be subject to bill. For later years provisions in the bill mandatory support and crop support levels under consideration in the Senate resemble could be set by the Secretary of Agriculture in some respects those of Title II of the 1948 within a considerable range to take account Act but support levels would be higher and of supplies and requirements. For live- flexibility as to level would be within a stock products, support could be provided, smaller range. Also, supports would be prosubject to limitations relating mainly to the vided for more livestock products than under availability of funds, at any level up to 90 Title II of the 1948 Act. 1036 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES1 PART V. Home Ownership and Expenditures for Housing For many Americans the equities which they This article analyzes the distribution and ownerhave in a house or in an automobile are their most ship of homes as revealed by the 1949 Survey of important financial assets. To these should be Consumer Finances conducted early this year for added the cash surrender value of life insurance the Board of Governors of the Federal Reserve policies, holdings of stocks and bonds, interests in System by the Survey Research Center of the Uniprivate business ventures, and investments in other versity of Michigan. Special attention was given kinds of real estate. Together they make up the in the 1949 survey to housing because of its stranonliquid assets of consumers which bulk large tegic importance in our economy. Data include among personal resources. the distinguishing characteristics of renting and home-owning nonfarm families, indications of how 1 This is the fifth in a series of articles presenting the long families have lived in their present quarters, results of the Board of Governors' Survey of Consumer and estimates of their total expenditures for hous- Finances in 1949. The first two articles appeared in the ing. Additional details are available for home- June BULLETIN and covered the general financial position and economic outlook of consumers, their durable goods owning families, including the owners' estimates of expenditures in 1948, and buying plans for 1949. The the value of the property at the time of the survey, third article, in the July BULLETIN, analyzed the distribuoutstanding mortgage indebtedness, and, for those tion of consumer incomes in 1948. Part IV, in the August BULLETIN, discussed consumer ownership and use of liquid who have bought their homes during the postwar assets. A discussion of the technical aspects of the survey period, some clues as to their previous housing and the statistical limitations of its results was provided in the appendix to the first article. Subsequent issues of the arrangements.2 BULLETIN will contain articles on consumer ownership of The information here presented from the 1949 automobiles and other nonliquid assets and consumer saving Survey of Consumer Finances is based on the repatterns during 1948. sults of about 3,500 interviews taken in 66 sampling From the Board of Governors, general supervision of the survey has been under the direction of Woodlief Thomas, points throughout the nation. The sample is rep- Director, and Ralph A. Young, Associate Director, of the resentative of the entire population of the United Division of Research and Statistics. The Division of Research and Statistics has responsibility for planning the over-all States residing in private households. The intercontent of the survey, analyzing survey results for the Board's view unit of the survey is the spending unit, defined use, and preparing the special articles reporting survey findas all persons living in the same dwelling and ings that appear in the BULLETIN. From the University of Michigan, Rensis Likert, Director belonging to the same family who pooled their of the Institute for Social Research, and Angus Campbell, incomes to meet major expenses. Inasmuch as Director of the Survey Research Center, were in general housing facilities are commonly provided under charge of the survey. The Survey Research Center is a division of the Institute for Social Research of the University some family arrangement, the tables relating to of Michigan. Responsibility for detailed planning and super- this subject are shown on a family unit basis. A vision of the survey, including interviewing, editing, tabulation of survey results, and preparation of Survey Research family, by survey definition, includes all persons Center studies, was carried by George Katona in collaboration with Kent E. Winter of the Survey Research Center's staff. 2 Nonfarm families as used throughout the series of articles Charles F. Cannell served as head of the field staff and Roe on the survey includes all families not classified as farm Goodman as head of the sampling section of the Center. operators. This latter classification includes all families who The present article was prepared by Clarke L. Fauver and receive more than 50 per cent of their total money incomes Irving Schweiger of the Consumer Credit and Finances from the operation of farms. Nonfarm families, therefore, Section of the Board's Division of Research and Statistics. include farm laborers, as well as other families who may re- The authors have necessarily maintained a close working ceive only a small proportion of their incomes from farms. relationship with the staff of the Survey Research Center Owners of cooperative apartments and other families who at all stages of their work, and their analysis of survey share joint ownership of properties are classified as "hometabulations has had the benefit of many suggestions from owning" families in Table 1. Tables 2-13 include only the Center's staff, particularly George Katona and Janet A. families that own either single-family or at most two-family Fisher. houses. SEPTEMBER 1949 1037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES living in the same dwelling who are related by the living quarters of another family by "doubling blood, marriage, or adoption. Some family units up." consist of a single person while some contain two 5. As an experiment, each home owner in the or more spending units. 1949 survey was asked to give the approximate current market value of his dwelling. The figures SUMMARY OF FINDINGS have many limitations but they may be indicative of the general price range of owner-occupied 1. Roughly 20 million nonfarm families owned houses. On the basis of the owners' estimates, their homes at the beginning of 1949—representing approximately one-half the homes were valued at an increase of 1.5 to 2.0 million over the number of over $8,000 and one-half at less than that amount. home owners in early 1948. It is estimated from In round numbers, of every 10 home owners, 2 the reports that somewhat less than 18 million placed the value of their properties at less than families were paying rent, and about 2 million $5,000; 4 said they were in the $5,000 to $10,000 neither owned homes nor paid rent. The proporrange; and 4 indicated a value of $10,000 or more. tion of all nonfarm families who were home own- 6. Somewhat more than half (55 per cent) of ers—51 per cent—appeared to be slightly higher all home-owning nonfarm families reported that than a year earlier, but the difference is too small to their homes were free of mortgage debt. The meet a test for statistical significance. longer the homes had been owned the more likely 2. Data on the characteristics of families who they were to be free of debt. Better than 7 of owned their homes and those who rented conevery 10 owners of houses bought prior to 1940 firmed a number of important findings which had said they had no mortgage at the time of the been obtained for the first time in the preceding survey; about half of those who had bought dursurvey: Among families with incomes of less than ing the 1940-45 period were free of debt; and 3 $3,000 about 4 of every 10 were home owners; in of every 10 postwar buyers reported no mortgage. the income range from $3,000 to $3,999, about half The proportion of debt-free homes was noticeably the families owned their homes; and the proporlarger among properties valued at less than $7,500 tion increased gradually to roughly 7 of every 10 than it was among higher priced properties. among families with incomes of $7,500 or more. Further, the proportion of families owning their 7. On the basis of the valuations of the properhomes increased with the age of the head of the ties as estimated by the home owners, less any family, with the gains particularly noticeable in outstanding indebtedness, it can be roughly estithe groups from 25-34 and 35-44 years of age in mated that the median owner had an equity of 1949. Finally, the proportion of families owning between $6,500 and $7,000 in his house at the homes was substantially higher in the smaller cities beginning of this year. In roughly 4 of every 10 and rural areas than it was in cities of 50,000 or cases the home owner's equity was estimated at more population. less than $5,000, in 3 of every 10 it was in the 3. Of every 10 houses which were owner-occu- range from $5,000 to $10,000, and in another 3 of pied at the beginning of this year, 3 had been every 10 it amounted to $10,000 or more. It is bought since the end of the war, another 3 during apparent that these equities constituted a substanthe 1940-45 period, 2 during the thirties, and 2 in tial portion of the assets of home-owning families,, the years prior to 1930. Roughly half of all families particularly among families in the lower and middle owning their homes at the time of the survey had income groups. bought them since Pearl Harbor. 8. Of the 45 per cent of home owners who 4. Of the estimated 6 million families who reported having mortgages on their properties,, bought their present homes during the postwar roughly half indicated payments (either principal period, it was indicated that nearly 2 million had or interest) on these obligations of less than $500 also owned their previous homes, and about 3 million had moved from rented quarters. Most of the during the year. The average amount paid was remaining million had been living with someone slightly larger than this amount. else. This group included newly formed family 9. Survey results indicate that 1948 was another units as well as families who had previously shared record year for home improvements. Nearly 2 of 1038 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES every 3 home owners reported expenditures for in the early postwar years, were veterans re-estabmaintaining or improving their properties while lishing homes following demobilization. slightly less than one-half of the owners had made 13. Indications of the basic urge for home ownersuch expenditures in the preceding year. The aver- ship and of substantial continued support for the age (mean) amount reported by those making present housing market were evident from the fact such expenditures in 1948 was close to $500. that current consumer intentions showed a poten- 10. Total housing expenditures of home owners tial demand for houses during the five-year period beginning with 1949 of roughly 7 million units. during 1948 can be estimated roughly on the basis This figure includes prospective purchases of both of survey data. Payments on mortgages, including previously occupied and newly constructed houses. interest, principal, and taxes (where a part of the Age of the head of the spending unit and the inmortgage payment), were estimated at 4.5 billion come of the spending unit were the two most imdollars. Real estate taxes on homes amounted to portant factors underlying prospective plans for nearly 2 billion. Expenditures for additions, rebuying houses. pairs, and upkeep aggregated over 6 billion. After allowance for duplication in tax payments which COMPARISON OF HOME-OWNING AND RENT-PAYING were included as part of the regular mortgage pay- FAMILIES ment, the total outlay of home owners in connection with their properties was in excess of 12 While data on purchases and intentions to buy billion dollars—about 13 per cent of their incomes. houses have been included in the Surveys of Con- 11. The nearly 18 million rent-paying nonfarm sumer Finances from their inception, the collection families reported total rent payments in excess of 7 of more detailed information about housing began billion dollars during 1948—or a little more than experimentally in the survey made early in 1948. 12 per cent of their total family income. This was The initial results were presented in the BULLETIN approximately the same rent-to-income relation- a year ago. In the 1949 survey additional informaship observed in the preceding survey. The ma- tion was obtained to broaden the scope of this jority of rent-paying families indicated no change study. In certain respects the results of the 1949 in their rent bills during 1948. Increases in rent survey help to confirm the general conclusions drawn last year. With respect to the new material, payments were reported in about 26 per cent of the the findings must be treated as preliminary, subject cases, while lower rent payments were noted by 8 to confirmation either by later studies or by other per cent of the families. The median rent payment available data. was estimated at $33 per month, or substantially The limitations of survey data outlined in the the same as in the preceding year. 12. The mobility of the population during the June 1949 BULLETIN are especially applicable to the housing information obtained early in 1949. Surpostwar period is indicated by the fact that 56 per vey findings yield information which approximates cent of the rent-paying families and 30 per cent of the true order of magnitude of data but does not prothe home-owning families said they had moved into duce exact values. Variations from the true values their present quarters since the beginning of 1946. may be introduced by chance fluctuations in the In other words, approximately 4 of every 10 nonparticular sample of interviews, by errors in refarm families throughout the country moved at porting on the part of those interviewed, by differleast once in the three-year period ending with Deences in interpretation by either respondents or incember 1948. Moreover, approximately 33 per cent terviewers, and by methods used in processing data. of the rent-paying families and 12 per cent of the Only the first of these—sampling error—can be home-owning families moved into their present measured statistically. It should be kept in mind quarters during 1948, so that on the average about that the other sources of error may be of equal 2 of every 10 nonfarm families moved at least once importance to the accuracy of survey results. in 1948. Some of these families, of course, had Of the nonfarm families included in the survey moved more than once in these periods. Others at the beginning of 1949 approximately half (51 were newly formed family units establishing a per cent) indicated that they owned their homes home for the first time and still others, especially outright or were in the process of buying them, SEPTEMBER 1949 1039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES and 44 per cent indicated they were paying rent. their homes today is probably as large as or larger An additional 5 per cent of the families said they than in any other period for which there are neither owned nor paid rent for the dwellings in records. which they were living. In most instances, this Home ownership and the rental of living quarsmall group included older persons, domestic serv- ters are related to some of the more important charants, farm laborers, and other people who received acteristics of nonfarm families in Table 1. The rent-free quarters. Many of them were single per- level of the family income and the age of the head sons and had relatively low money incomes. of the family, which in themselves are closely re- The distribution of home-owning and rent-pay- lated, appear to be the most important determinants ing families in early 1949 is comparable to the dis- of ownership. As observed in the preceding survey, tribution indicated by the preceding survey. The the proportion of families owning homes rose sigslight increase in the proportion of home owners nificantly at the upper end of the income scale— from early 1948 to early 1949 is too small to meet approximately 7 of every 10 families with 1948 ina test of statistical significance, but the data con- comes of $7,500 or more owned their homes. Howfirm the fact that the proportion of families owning ever, it should be noted that even among families with incomes of less than $3,000 roughly 4 of every TABLE 1 10 were home owners. The somewhat surprising COMPARISON OF SIGNIFICANT CHARACTERISTICS OF HOME- degree of home ownership among families with in- OWNING AND RENT-PAYING NONFARM FAMILIES1 comes of less than $1,000, as well as the substantial [Percentage distribution of nonfarm family units with specified characteristic] percentage of these families that neither own homes nor pay rent, may be explained by the known o H w o n m in e g - p R a e y n in t- g Neither characteristics of this group. A large proportion of Family characteristic these families consist of older persons, among whom 1949 19481949 19481949 1948 the percentage of home ownership is relatively high; on the other hand, a sizable proportion con- All nonfarm families 51 49 44 45 sist of single-person families, generally young peo- Family income in preceding year (before tax): ple, many of whom have rent-free quarters in some Under $1,000 19 $1,000-$!,999 7 way connected with their work. $2,000-$2.999 6 $3,000-$3,999 2 The higher average income among home-owning $4.000-$4,999 3 $5,000-$7,499 2 families is also demonstrated by the fact that al- $7,500 and over 1 though these families made up only 51 per cent of Occupation of head of family: all nonfarm families they accounted for 60 per cent Professional 10 Managerial and self-employed.. 2 of the total money income received by nonfarm Clerical and sales 8 Skilled and semiskilled 4 families. On the other hand, rent-paying families, Unskilled 17 Retired 5 who constituted 45 per cent of all nonfarm families, Age of head of family: accounted for approximately 36 per cent of the 18-24 income. (See Table 12 on page 1048 and Table 25-34 35-44 15 on page 1050.) 45-54 55-64 65 and over The consistency of the survey findings in the two years is demonstrated in the distribution of home- Type of community: Metropolitan area owning and rent-paying families when they are Other city, 50,000 and over.. .. Small city or rural area classified by the age of the head of the family. Veteran status:s Growth in home ownership is significant in each No veteran in family One or more veterans in family. of the age brackets below 55 years of age and is greatest in the 25-44 age groups. The proportion 1 In this and subsequent tables, families include single-person units. of home owners showed almost no change in the 2 Includes only family units where the head of the unit was under 45 years of age. Higher age brackets, in which the propor- 55-64 and over 65 age groups, indicating that in tion of home ownership was considerably larger than in the lower these age brackets purchases of homes by some age brackets, and the proportion of veterans considerably smaller, were excluded to increase comparability of veteran and nonveteran families are for the most part offset by sales by other groups. Families, the heads of which are 44 years of age or younger, constitute 50 per cent of all nonfarm families. families. 8 Data not available. 1040 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES It has long been recognized that home owner- Of every 10 home-owning nonfarm families, ship is relatively more frequent in small towns and roughly 3 said they had bought their present homes rural areas than it is in the larger communities. in the postwar years, 3 more said they had bought According to the survey, approximately 6 of every during the 1940-45 period, 2 gave a date in the 10 families in the small cities and rural areas owned thirties, and 2 reported a date prior to 1930. Data their living quarters, as compared with about 4 of on the length of home ownership are shown in every 10 families in cities of 50,000 or more popu- Table 2 and also in the accompanying chart. lation. According to these reports, approximately half of As indicated above, income is a primary deter- the nonfarm families that owned their homes at minant of whether a family owns a home or pays the beginning of 1949 had bought them after the rent. Basic differences in occupational incomes start of World War II. (which were discussed in Part III of the survey TIME OF PURCHASE OF HOMES OWNED findings presented in the July BULLETIN) probably BY NONFARM FAMILIES IN EARLY 1949 explain variations in home ownership based on the occupation of the head of the family. The propor- 1 1 1 fiiijiiijijilijlil^l^liiili tion of home ownership was largest among managerial and self-employed business men and among iiiiillili those who had retired. It was lowest among the families of unskilled workers. Because of the considerable interest in the housing problems of veterans of World War II, re- 1930-39 !§§§§§ porting families were also classified on the basis of whether they contained a veteran. Inasmuch as home ownership is much more frequent where 1920-29 88&8&S heads of families are in the older age brackets (which are less likely to contain World War II SjXXXX! BEFORE 1920 J&XXXX veterans), this tabulation was limited to cases in which the head of the unit was under 45 years of age. While this procedure reduced the size of NOT ASCERTAINED 58XJ the sample and hence increased the margin of error, 1 1 it did not invalidate the general conclusions. It NOTE.—Chart shows percentage distribution of the 51 per cent of all nonfarm families who reported owning their homes appears that the proportion of home ownership was early in 1949. For the most part the homes were single-family dwelling. Date of purchase is not identical with date of somewhat higher for nonveteran families than it construction. was among families which contained at least one To find out something about the previous living veteran of World War II. Roughly 39 per cent of arrangements of families that purchased homes veteran families owned their homes at the beginsome time during 1946-48, they were asked the ning of 1949 compared to about 44 per cent of the question, "Before buying this place, did you own nonveteran families. your home, or rent it, or live with someone else?" NEW DATA ABOUT HOME-OWNING FAMILIES About 3 of every 10 of these postwar buyers indi- As indicated previously, an attempt was made in cated they had owned their previous homes, and the 1949 survey to fill additional gaps in basic in- roughly 5 of every 10 said they had been renting formation about the structure of home ownership before moving into their present homes. As shown throughout the country. How long; have families by Table 3, a substantial majority of the remainder lived in the homes they own? What proportion of these families reported they had been living with of these houses are mortgaged and to what extent? someone else. This group most likely includes How much equity have home-owning families families which had been "doubling up" in the early acquired in their properties? What are the special part of the postwar period and also newly formed characteristics, if any, of the postwar home buyers? families. The 1949 survey makes possible at least some gen- It can be roughly estimated that 6 million of the eral answer to each of these questions. families that bought homes during 1946-48 were SEPTEMBER 1949 1041 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 2 TABLE 3 YEAR OF PURCHASE OF HOMES OWNED BY NONFARM PREVIOUS HOUSING ARRANGEMENTS OF POSTWAR FAMILIES IN EARLY 1949 BUYERS OF HOMES1 Year of purchase1 P of e rc fa e m nt i a li g e e s Previous status P of e r p ce o n st t w ag a e r buyers 1949 (2) 1946-48 30 Owned house 31 1940-45 28 Rented . ... 51 1930-39 17 Lived with someone else 14 1920-29 13 Owned trailer . 1 Before 1920 9 Other arrangements 3 Not ascertained . . . 3 All cases . . 100 All cases . 100 1 This table is based on the 30 per cent of all home-owning non- 1 Includes also acquisition by other means. farm families in early 1949 who reported buying their homes 8 Less than one-half of 1 per cent. during 1946-48. still living in these homes at the beginning of 1949. and nonmortgaged homes during this eight-year An undetermined number of families may have period, differences in definition make it necessary bought more than one house in these years and to use caution in directly comparing survey and other families may have bought and sold a house Census data. during the period, and been renting at the time of Another survey result that parallels the findings the survey. of the Census of Housing is that the larger the Another subject of inquiry was whether the community in which the house is located, the more home-owning families had outstanding indebted- likely the house is to be mortgaged. On the basis ness on the property. As indicated in the summary of data reported in the survey, shown in Table 4, of findings in Table 4, approximately 55 per cent it is estimated that 56 per cent of the ownerof all nonfarm families owning homes at the time occupied homes in metropolitan areas were mortthe survey was made early in 1949 reported that gaged. The ratio dropped to 47 per cent in cities they owned their properties free of any mortgage of 50,000 or more population outside metropolitan debt. This corresponds closely with the proportion areas, and to 36 per cent in small cities and rural of debt-free homes at the time of the Census of areas. Housing in 1940. While it may be true that there Table 4 and the chart on page 1043 also show a has been no change in the proportion of mortgaged clear-cut relationship between mortgage status and TABLE 4 MORTGAGE INDEBTEDNESS ON OWNER-OCCUPIED HOMES, EARLY 1949 [Percentage distribution of home-owning nonfarm families within specified groups] All Families purchasing in: Families residing in: Mortgage status and size of homemortgage n f o a o w m n n f i a l i i n r e m g s U946-48-I 1940-45 1930-39 B 1 e 9 f 3 o 0 re p M o a e l r i t e t r a a o n - O an t 5 h d 0 e , r 0 o 0 c v 0 i e t r y. S o m r a a r r ll e u a r c a i l ty Not mortgaged 55 30 51 75 83 44 53 64 Mortgaged 45 70 49 25 17 56 47 36 Size of mortgage: $l-$999 6 4 10 3 4 7 $1,000-$ 1,999. . . 7 8 8 11 9 11 $2,000-$2,999. . . 6 7 9 4 7 7 $3,000-$4,999. . . 10 17 13 5 14 12 $5,000-$7,499. . . 7 16 4 9 4 $7,500-$9,999. . . 3 9 1 0) 7 1 $10,000 and over 2 5 1 0 3 1 Not ascertained., 4 4 3 1 3 5 All cases 100 100 100 100 100 100 100 100 1 Less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. 1042 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES duration of ownership: the longer the ownership this amount of indebtedness account for approxithe more likely it was to be free of debt. Thus mately 27 per cent of all mortgaged owner-occuabout 3 of every 10 families who bought during the pied properties. postwar years had no indebtedness on their proper- The median amount of mortgage indebtedness ties, and 5 of every 10 of the 1940-45 group of buy- declined with the length of time the properties ers. Of the families who purchased their homes had been held. For houses bought during the during the thirties, about 7 of every 10 owned them postwar years, the median mortgage was almost outright, and of those who bought before 1930 $5,000; for houses purchased in the 1940-45 period, roughly 8 of every 10 had no mortgage. the median was less than $3,000. Houses bought during or prior to the thirties had a median mort- MORTGAGE STATUS OF HOMES gage of less than $2,000. The larger mortgage OWNED BY NONFARM FAMILIES IN EARLY 1949 for the postwar buyers may be explained in part by higher prices and also by the shorter period during which repayments had been made. HOME OWNERS' EQUITIES IN THEIR HOUSES For many home-owning families the largest single financial asset is an equity in a home. By equity we mean the current value of an asset minus any outstanding indebtedness. To obtain the amount of equity, it was first necessary to get some estimate of the value of the property, and the only practical method available was to ask each home owner what he thought his property was worth. The question used was: "Could you tell me what the present value of this NOTE.—Chart shows percentage distribution of the 51 per house is? I mean, about what would it bring if cent of all nonfarm families who reported owning their homes you sold it today?" It was recognized from the in early 1949 and who indicated whether their properties were mortgaged. For the most part the homes were single-family outset that the results of this approach would be dwellings. primarily of experimental value because home Comparing the results of the survey with the owners have widely varying ideas about the cur- 1940 Census leaves no doubt that mortgages out- rent market value of their houses. To some extent standing are considerably larger today than they these variations were probably compensating. Some were immediately prior to the war. The median persons may not have been aware of recent downof the mortgages reported in the survey was just ward shifts in market values from the postwar over $3,000. The average size (mean) of all mort- peaks and so may have overestimated the value of gages was approximately $3,700. The median out- their properties, others may not have appreciated standing indebtedness for 1-family nonfarm prop- the full extent of the war and postwar rise in such erties derived from the Census was just under real estate prices and so may have underestimated $2,000, and the average was slightly more than the value of their properties. $2,300. In April 1940, when the Housing Census It is impossible to determine the extent to which was made, 26 per cent of the owner-occupied non- such factors may be compensating, and in view of farm properties had an outstanding indebtedness this there may be important limitations on these of less than $1,000; according to the Survey of data as a reflection of the current market value of Consumer Finances made during January and Feb- owner-occupied properties. Nevertheless, they ruary of this year, only about 15 per cent had make possible some general conclusions as to price mortgages in this size classification. At the other ranges and rough calculations of home owners' end of the distribution, in 1940 less than 10 per equities. Only 6 per cent of the home owners were cent of the mortgaged houses had mortgages of unable or refused to give some indication of the $5,000 or more; at the present time, houses with value of their houses. Some of these estimates were SEPTEMBER 1949 1043 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 5 OWNERS' ESTIMATES OF CURRENT VALUE OF HOMES, EARLY 1949 [Percentage distribution of home-owning nonfarm families within specified groups] All Families purchasing in: Families residing in: home- Value n f o a o w m n n f i a l i i n r e m g s 1946-49 1940-45 1930-39 B 1 e 9 f 3 o 0 re p M o a e l r i t e t r a a o n - O a t n 5 h d 0 e , r 0 o 0 v c 0 i e t r y, S o m r a a r r l e l u a r c a i l ty Under $5,000.... 23 27 21 21 23 7 19 32 $5,000-$7,499.. . 19 17 21 18 21 13 21 22 $7,500-$9,999. . . 16 20 14 17 15 17 24 14 $10,000-$12,499. 17 15 19 19 15 24 15 13 $12,500-$ 19,999. 13 12 14 14 11 25 12 7 $20,000 and over 6 6 5 5 7 8 4 5 Not ascertained. 6 3 6 6 6 5 7 All cases 100 100 100 only rough guesses and only about one-fifth of the The distribution of house valuations by year of home owners indicated that they were certain how purchase, also presented in Table 5, shows striking much their houses were worth. Owners of higher similarity in each of the various classifications. priced houses seemed to be somewhat more certain It should not be overlooked that year of purchase of the value of their homes than owners of lower is not the same thing as year of construction; the priced houses. However, a home owner's "cer- inclusion of both newly built and existing structainty" as to his estimate may not necessarily be a tures in each group may have the effect of smoothgood index of its accuracy. The survey did not ing out differences that might appear if the tabulaattempt to take into account differences in the size, tion were on the basis of the age of the house. It age, quality, location, or condition of the houses ex- is a well-known fact, however, that the spread cept to the extent these elements were reflected in between prices of new houses and existing houses the owners' valuations. has been small in recent years. Considering the size A distribution of the house valuations as reported of the sample in each of these groups it is difficult by the home-owning families at the beginning of to point to any statistically significant differences in 1949, with an analysis both by date of house pur- the distribution of house valuations by year of chase and by size of community, is given in purchase. Table 5. For those cases in which a value was The relation of the mortgage debt to the owner's given, the median figure was approximately $8,300. valuation of the house is shown in Table 6. This The size of the community was a far more in- ratio of debt to value was less than one-third in fluential factor in the distribution of prices than was the year of house purchase. In the metropoli- TABLE 6 tan areas, the median house valuation was approxi- RELATION OF MORTGAGE DEBT TO OWNER'S VALUATION mately $11,000, with only 7 per cent falling below OF HOME $5,000 and 33 per cent in the price ranges above $12,500. In the middle-sized cities, 19 per cent of Mortgage as a percentage of value o P f e f r a c m en il t i a e g s e l the houses were valued at less than $5,000 and only 16 per cent in the brackets of $12,500 or more. Under 20 24 20-29 17 The median valuation for these communities was 30-39 13 40-49... . . .. 13 estimated at about equal to the national figure of 50-59 12 60-69 7 $8,300. In the small cities and rural areas, nearly 70-79 6 a third (32 per cent) of the houses were valued at 80 and over 8 less than $5,000 and 12 per cent at $12,500 or more. All cases 100 The median valuation in these smaller places was 1 Based on 86 per cent of the mortgaged properties for which roughly $6,500. both the amount of the mortgage and the owner's valuation of the home were obtained. 1044 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES about 4 cases in every 10; between one-third and cent of the cases; and $10,000 or more in the two-thirds in a little less than 4 cases in every 10; remaining 26 per cent. and more than two-thirds in slightly more than Although the primary purpose of the survey is to 2 cases in 10. From this it may be seen that over yield distribution of data rather than aggregate half of the home owners having mortgages had dollar amounts, it is nonetheless valuable to study equities of 50 per cent or more in their homes in the totals obtained by the survey method and to early 1949. check them against external evidence where avail- If the property was not mortgaged, the owner's able. It is estimated that there are approximately equity was assumed to be the price at which he 20 million home-owning nonfarm families and that valued the property. If there was an outstanding according to the estimates of value made by the mortgage, the balance due was subtracted from the owners, the average (mean) value of these propowner's valuation and the remainder considered as erties was approximately $9,100. Therefore, acequity. The resulting figures represent only paper cording to owners' estimates the current value of equities and would vary materially with any fluc- owned homes was roughly 180 billion dollars. The tuations in the estimated price of the property and average debt reported on the 45 per cent of these with fluctuations in the current market value. To properties mortgaged was $3,700; thus the total the extent that property values were overestimated, mortgage debt on owner-occupied homes was apequities were overstated, and the reverse was true in proximately 32 billion dollars. The difference becases where the worth of the house was under- tween the reported current value of the properties estimated. For the 55 per cent of the home-owning and outstanding debt indicated that equities in ownnonfarm families who had no mortgage debt, these er-occupied homes were thought to amount to about equities represented an asset which could be either 148 billion dollars at the beginning of 1949. sold or pledged as security for whatever purpose Only one of these figures—the amount of mortfunds might be needed. Even in a substantial por- gage debt outstanding—can be checked with outside tion of the mortgaged properties it appears that the data. At the end of 1948 the Home Loan Bank relationship of debt to value was low enough to Board estimated that the total mortgage debt on all permit further borrowing. 1-4 family nonfarm homes (both owner and renter The distribution of home owners' equities is pre- occupied) was in excess of 33 billion dollars. After sented in Table 7, from which it can be deduced allowance for differences in coverage between the that the median (middlemost) amount of equity two aggregates, it appears that the two estimates based on valuations at the beginning of the year are roughly of the same magnitude. was slightly more than $6,000. The equities were less than $5,000 in about 39 per cent of the cases; HOUSING EXPENDITURES OF HOME-OWNING FAMILIES in the range of $5,000 to $10,000 in roughly 35 per Total expenditures in 1948 by home owners in connection with the operation of their home properties amounted to slightly over 12 billion dollars. TABLE 7 This sum includes gross payments on mortgages NET EQUITY OF HOME-OWNING NONFARM FAMILIES of approximately 4.5 billion, tax payments aggre- EARLY 1949 gating nearly 2 billion, and more than 6 billion spent for additions and maintenance. Percentage Net equity of families l Survey data on the total housing expenditures of home owners were also improved in 1949 by refin- Under $2,500 16 $2,5OO-$4,999 23 ing the questions regarding mortgage payments, $5,000-$7,499 22 $7,5OO-$9,999 13 adding a separate question for real estate tax liabili- $10,000-$! 2,499 13 $12,500-$14,999 4 ties, and revising the technique for recording funds $15,000-$19,999 5 expended for additions and maintenance. $20,000 and over 4 As shown in Table 8, about 7 per cent of the All cases. . 100 home owners having mortgages said they made 1 Based on 91 per cent of all home-owning nonfarm families in early 1949 for whom net equity could be calculated by using the no payment of either principal or interest on these owner's valuation of the property and subtracting the amount of obligations during the year. For those making paydebt outstanding, if any. SEPTEMBER 1949 1045 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 8 This year for the first time a special question was included to determine the amount of real estate MORTGAGE STATUS AND PAYMENTS OF HOME-OWNING taxes paid on owner-occupied homes each year. Data NONFARM FAMILIES, 1948 obtained from all but a few respondents indicate [Percentage distribution of families within each income group] that the total bill for such real estate taxes amounted All Families with 1948 income to nearly 2 billion dollars in 1948. In about 5 per home- after taxes of: Mortgage status and owning cent of the cases the families reported they paid no amount of payment nonfarm Under $2,000- $5,000 taxes on their property and in a like proportion the families $2,000 $4,999 and over amount of the tax payment could not be obtained. Not mortgaged 55 76 48 49 The greatest concentration of these tax payments Mortgaged 45 24 52 51 fell in the range of $50 to $200, with nearly half of Payment on mortgage:1 all families reporting tax payments within these Nothing paid 3 2 4 3 $l-$99 2 2 2 2 limits on the homes they owned. The median pay- $100-$299 9 10 10 5 $300-$499 13 5 17 11 ment was somewhat below $100, with the average $500-$999 13 1 14 21 $1,000-$l,499 2 1 1 4 slightly larger than that amount. As shown in $1,500 and over 2 1 1 4 Amount of payment (if Table 10, in only about 1 case in 10 did the tax any) not ascertained. payments on an owner-occupied home exceed $200, All cases 100 100 100 100 and in only 1 in 100 was the amount more than $500. Rather widespread acceptance of the prac- 1 Includes interest, principal, and also, in about 40 per cent of the cases, taxes. tice of accumulating funds to pay real estate taxes by adding a specified sum to regular mortgage payments, the median amount paid was slightly less ments is indicated by the fact that 35 per cent of than $500, including interest, principal, and taxes the families with mortgages on their homes rewhere these items could not be separated from total ported that their mortgage payments included an mortgage payments. accrual to meet these obligations. Payments on mortgage principal alone are shown in Table 9. Approximately 10 per cent of the TABLE 10 families with mortgages reported they had made no such payments during the year. Of those mak- REAL ESTATE TAXES PAID BY NONFARM FAMILIES ON THEIR HOMES, 1948 ing some payments, it is estimated that in about 8 cases in every 10 the reductions of mortgage prin- Percentage cipal amounted to less than $500 in 1948. The Payment for real estate taxes of home-owning families l median payment was calculated at slightly below the $300 mark, or about $25 a month. No taxes 5 $l-$24 16 $25-$49 13 $50-$99 26 TABLE 9 $100-$199 23 $200-$499 10 PAYMENT ON MORTGAGE PRINCIPAL BY HOME-OWNING $500 and over 1 Amount paid not ascertained 6 NONFARM FAMILIES, 1948 All cases 100 Payment on principal o P f e f r a c m en il t i a e g s e l 1 Based on the 51 per cent of all nonfarm families who wer home owners in early 1949. Nothing paid.... 10 About 6 billion dollars was spent in 1948 for Paid: $l-$99 repairs and additions to owner-occupied houses. $100-$299 33 $300-$499 18 Nearly 2 of every 3 home owners reported expendi- $500-$999 10 $l,000-$l,499 2 tures to improve their properties during 1948—a $1,500 and over 1 17 significantly larger proportion than so reported a Amount paid not ascertained. year earlier. The median expenditure was approxi- Amount (if any) not ascertained mately $200, but the average amount was con- 100 All cases siderably higher, reflecting the substantial size of 1 Based on the 45 per cent of all home-owning nonfarm families many of the individual expenditures. In many whose properties were mortgaged in early 1949. 1046 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES cases it was difficult to determine whether a specific they were among those living in middle-sized cities, improvement should be classified as an addition or in the small cities and rural areas. or as part of normal maintenance and repairs, but On the basis of the separate estimates for mortfor those instances in which the distinction was gage payments, taxes, and amounts spent for reclear-cut, the median addition was calculated at pairs and additions, it is possible to present a more more than $300, while the median amount spent comprehensive summary of the aggregate expendifor maintenance and repairs involved an expendi- tures of home owners in connection with their ture of approximately $150. living quarters than was possible a year ago. As The aggregate expenditure for property im- previously indicated, such expenditures aggregated provements by home-owning families in 1948 was more than 12 billion dollars. In relation to income approximately one-fifth larger than the dollar before allowance for Federal income taxes, this amount indicated for 1947 by the preceding survey. was equal to approximately 13 per cent of the an- This increase is explained by the greater propor- nual incomes of these families. tion of home owners making such repairs and addi- This ratio is slightly higher than the rent extions in 1948. The average expenditure for main- penditure-income ratio for all rent-paying families, tenance and repairs and for additions was slightly as will be seen in the following section of this smaller than in 1947. article. However, there are important differences TABLE 11 EXPENDITURES OF HOME-OWNING NONFARM FAMILIES FOR REPAIRS AND ADDITIONS, 1948 [Percentage distribution of families within specified groups] All in F c a o m m i e l ie a s f te w r it t h a x 1 e 9 s 4 8 of: Families purchasing home in: Families residing in: homeowning Amount spent for additions non- Other Small and repairs f f i a a li r m e m s - $ U 2 n ,0 d 0 e 0 r $ $ 2 4 , , 0 9 0 9 0 9 - $ o 5 a v , n 0 e d 0 r 0 19 4 4 9 6- 19 4 4 5 0- 19 3 3 9 0- B 1 e 9 fo 3 r 0 e p M o a e l r i t e t r a a o n - 5 c 0 a i , n t 0 y d 0 , 0 r c u o i r t r a y l over area No expenditure. ... 36 44 35 31 37 31 36 40 27 32 41 Some expenditure 64 56 65 69 63 69 64 60 73 68 59 Amount of expenditure: $l-$99 14 21 13 12 14 15 16 15 14 17 14 $100-$299 19 17 19 18 15 20 19 19 22 19 16 $300-$499 10 8 11 12 11 11 9 8 13 12 9 $500-$999 12 7 13 14 12 13 10 10 12 14 11 $1,000 and over 9 3 8 12 10 8 10 7 10 6 8 Not ascertained C1) C1) 1 1 1 2 0) 1 2 0) 1 All cases 100 100 100 100 100 100 100 100 100 100 100 1 Less than one-half of 1 per cent. Further details concerning these outlays are pre- between the payment of rent by tenants and the sented in Table 11. Apparently repairs and addi- money spent by a home owner. Rents paid do not tions are made with about the same frequency by add to the aggregate resources of the spender in families that have only recently acquired a property any way. Some repair costs of a home owner are as they are by those that have owned their homes similar in nature, but they do have the effect of for a period of roughly 10 or more years. The helping to preserve the home owner's investment proportion of families who reported expenditures in the property. Interest paid on mortgage debt for additions and maintenance was about the same is also similar in its economic significance to the for those who bought their homes during 1946-48 payment of rent, as is the payment of taxes by a as for those who acquired their homes before 1940. home owner. On the other hand, permanent im- As observed in the report on the 1948 survey, ex- provements and additions represent an investment penditures for repairs and additions were more fre- which may be recovered in part at a later date, exquent among families in metropolitan areas than cept for normal depreciation and obsolescence. Re- SEPTEMBER 1949 1047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES payment of mortgage principal reduces the long- TABLE 12 term debt of the home owner and increases his RELATION OF FAMILY INCOME TO TOTAL HOUSING EXPENDIequity in the property except to the extent that it TURES OF HOME-OWNING NONFARM FAMILIES, 1948 may be offset by gradual depreciation. Consequently, some downward adjustment in the 13 Percentage distribution of totals ho T u o s t i a n l g per cent figure for the relation of expenditures to own r i e n l g a t n in o g n f t a o r m h om fa e m - ilies e t x u p re e s n d a i s income is necessary to take into account those ex- in 1 c 9 o 4 m 8 e fa b m ef i o ly re p a e g r e c en o t f penditures which add to the nonliquid assets of taxes Payments family the home owner. N of u l m i f e a b s m 1 e i r - Income 2 o im m n p e r n h o o ts v m e 3 - e r in e g s c r p o o e m u c p e t s i v o e f At the same time, it cannot be overlooked that the home owner also assumes a risk of fluctuating Under $2,000. . . . 17 4 7 21 values in the real estate market. Finally, an ac- $2,000-$4,999 54 39 48 17 $5,000 and over. . 29 57 45 11 counting of the economic cost of the home owner All cases 100 100 100 13 would not be complete without adding to his expenses some charge for a return on the equity which 1 All home-owning families, 100 per cent in this column, represent 51 per cent of all nonfarm families. he has invested in the property. 2 The total income of all home-owning families, 100 per cent in this column, represents 60 per cent of the total nonfarm income. Table 12 shows the relation of home owners' 3 Total 1948 expenditures for repairs, improvements, and additions to owned homes are taken as 100. expenditures to family incomes (before Federal income taxes) for various income groups and indito this purpose. The proportions of income spent cates that the proportion of income devoted to for housing among home-owning families are maintaining living quarters is smaller among the roughly similar to those of rent-paying families, higher income families than it is among lower inas shown in Table 15 on page 1050. come families. Nonfarm families with money Housing expenditures of home-owning families incomes of $5,000 or more during 1948 spent approximately 11 per cent of their incomes for housing are related to factors such as disposable income, accommodations. In the $2,000 to $5,000 income year of house purchase, and place of residence in range, the proportion of money income used Table 13. The extent of variation among indifor expenditures on housing amounted to 17 per vidual families is indicated by the fact that while cent. Families with incomes of less than $2,000 2 home-owning families in 10 reported total annual devoted about 21 per cent of their money incomes expenditures of about $100 there were also about TABLE 13 HOUSING EXPENDITURES OF HOME-OWNING NONFARM FAMILIES, 1948 [Percentage distribution of families within specified groups] Families with 1948 All income after taxes of: Families purchasing home in: Fami ies residing in: homeowning Amount of expenditure non- Other Small f f i a a li r m e m s - $ U 2 n ,0 d 0 e 0 r $ $ 2 4 , , 0 9 0 9 0 9 - $ o 5 a v , n 0 e d 0 r 0 19 4 4 9 6- 19 4 4 5 0- 19 3 3 9 0- B 1 e 9 f 3 o 0 re p M o a e l r i t e t r a a o n - 5 c 0 a i , n t 0 y d 0 , 0 r c u o i r t r a y l over area No expenditure 3 2 4 1 7 1 1 1 2 3 3 Some expenditure ... 97 98 96 99 93 99 99 99 98 97 97 Amount of expenditure:1 Under $100 19 37 16 9 14 14 27 27 5 11 28 $100-$299 .. 20 25 18 17 11 18 22 29 18 19 20 $300-$499 14 15 15 11 11 17 13 13 15 19 12 $500-$999 23 11 26 28 29 26 18 16 28 27 20 $1,000-$ 1,499 11 3 10 18 14 12 9 7 15 9 9 $1,500 and over 7 2 7 13 11 7 7 3 12 7 5 Not ascertained 3 5 4 3 3 5 3 4 5 5 3 All cases 100 100 100 100 100 100 100 100 100 100 100 1 Includes payments by home owners on mortgages, amounts spent for additions and repairs, and taxes. 1048 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES 2 in 10 that had annual expenditures of f 1,000 or lies said their monthly rental payments had inmore. The median annual housing expenditure creased during 1948 as had so reported in the for home-owning nonfarm families based on survey preceding survey. Roughly one-fourth (26 per data appeared to be approximately $450. cent) of the tenants said their current rents were The fact that home owners who had acquired higher than they were at the beginning of 1948. their properties since 1940 had larger annual hous- In part this may have been due to increases pering expenditures than did home owners who had missible under the rent control laws and in part it bought prior to that date is probably explained by was probably due to moving to different quarters the higher proportion of debt-free homes among during the year. A substantial majority (almost 66 the latter group. Whether the home-owning family per cent) of all rent-paying families indicated no lived in a metropolitan area or in a small com- change in the amount of rent they paid and 8 per munity also had a considerable influence on the cent said their rents were lower currently than amount of its annual housing cost. Only 38 per they had been a year earlier. cent of those living in metropolitan areas had an- Table 14 presents the distribution of rents paid nual expenditures of less than $500, while in the by tenants at the beginning of 1948 and 1949, and small cities and rural areas it was found that 60 for the current survey also shows the differences per cent of the families spent less than this amount. in rents reported by families at various income It should be remembered that a substantially larger levels. The latter reveals the rather consistent patproportion of the owner-occupied homes in metro- tern between family income and amount of rent politan areas are mortgaged than in the other cities paid. The median rent moved upward gradually and rural areas. in each income group from about $25 a month for families with incomes of less than $2,000 to approxi- HOUSING EXPENDITURES OF RENT-PAYING FAMILIES mately $50 a month for families with incomes of On the basis of rents paid early in 1949, landlords $5,000 or more. received approximately 7 billion dollars in gross an- The results of the 1949 survey on the relation nual rent payments from the 17.5 million nonfarm of rent payments to family income are shown in families in the population covered by the survey Table 15. They confirm the finding of last year that were renting their living quarters at the time that about one-eighth of the average American the survey was made. The median monthly rental family's income is currently being used to pay payment estimated from the survey data was ap- rent. The ratio of rent to income varied considerproximately $33, or about the same as the cor- ably by income groups. For low income families, responding figure for early 1948. defined as those with annual incomes of less than About the same proportion of rent-paying fami- $2,000, monthly rent payments were equal to TABLE 14 MONTHLY RENT PAID BY NONFARM FAMILIES WITHIN DIFFERENT INCOME GROUPS, EARLY 1949 AND 1948 [Percentage distribution of families within specified groups] All rent-paying nonfarm families Families with 1948 income after taxes oi. i Monthly rent Early Early Under $2,000- $3,000- $4,000- $5,000 1949 1948 $2,000 $2,999 $3,999 $4,999 and over Under $20 . . . 19 21 36 20 12 6 2 $20-$29 21 22 30 27 17 11 6 $30-$39 .... 23 22 17 24 28 23 22 $40-$49 15 16 9 13 17 26 17 $5O-$74 16 12 5 11 22 28 26 $75-$99 3 3 1 3 2 2 12 $100 and over 2 2 1 (2) (2) 3 12 Not ascertained 1 2 1 2 2 1 3 All cases 100 ICO 100 100 100 100 100 1 Monthly rent paid by nonfarm families in early 1949 related to family income in 1948. Comparable data for rent paid in early 1948 are not available. 2 Less than one-half of 1 per cent. SEPTEMBER 1949 1049 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 15 RELATION OF FAMILY INCOME TO RENT PAYMENTS OF NONFARM FAMILIES, EARLY 1949 AND 1948 Percentage distribution of totals relating to rent-paying nonfarm families Total rent payments as percentage of family income of 1948 family income before taxes Number of families * Total income 2 Total rent payments 3 respective groups 1948 1947 1948 1947 1948 1947 1948 1947 Under $2 000 25 27 9 10 17 17 23 21 $2,000-$4,999 59 54 55 50 57 54 13 13 $5,000 and over 16 19 36 40 26 29 9 9 All cases 100 100 100 100 100 100 12 12 1 All rent-paying nonfarm families, 100 per cent in this column, represent 44 per cent of all nonfarm families in early 1949 and 45 per cent in early 1948. * Total income of all rent-paying families, 100 per cent in this column, represents 36 per cent of total nonfarm income in 1948 and 40 per cent in 1947. 3 For the purposes of this table, monthly rents paid at the beginning of 1948 and 1949, respectively, were multiplied by 12. i slightly more than one-fifth of total income. High families reported rent increases during 1948. . income families, those with incomes of $5,000 or Neither is it representative of the relationship of more, spent only about one-tenth of total income rent to income at the beginning of 1949 inasmuch for rent. as many families reported income changes during These expenditures for rent may be compared 1948. with the estimates of total housing expenditures of As in the case of home owners, rent-paying famihome-owning families shown in Table 12. The lies were also asked how long they had been living proportions are similar in the aggregate, but, as in their present quarters. The results indicated, noted in the discussion on pages 1047-48, some ad- as might be expected, a higher turnover of tenants justments must be made in the home owners' pay- in rental properties than in owner-occupied units. ments to make them fully comparable with the Table 16 presents the data on duration of tenancy expenditures of rent-paying families. A word of and shows, for example, that roughly 3 of every caution is necessary about the rent-to-income rela- 10 nonfarm families paying rent at the time of the tionship inasmuch as it was derived by comparing interviews had moved into their current dwellings the monthly rent paid at the time of the inter- since the beginning of 1948. Nearly 6 of every 10 view (early 1949) with the total family income families had moved into their present quarters for 1948. The result is not identical with the actual since the end of the war. share of 1948 income used for rent in that year It is significant that the mobility of renters because, as indicated above, about one-fourth of the appears greater in points outside the metropolitan TABLE 16 DURATION OF TENANCY FOR ALL RENT-PAYING NONFARM FAMILIES, EARLY 1949 [Percentage distribution of rent-paying nonfarm families with specified characteristic] Beginning of present tenancy All rent- Family characteristic paying nonfarm 1948 or Before Not families early 1949 1947 1946 1946 ascertained All rent-pay ing nonfarm families 100 33 12 43 Place of residence: Metropolitan area 100 21 12 55 Other city, 50,000 and over . 100 40 8 42 Small city or rural area 100 41 15 11 32 Family income (after taxes): Under $1,000 100 28 7 10 55 $l,000-$l,999. 100 37 12 7 42 $2,000-$2,999 100 39 12 13 34 $3,000-$3,999 100 35 13 12 39 $4,000-$4,999 100 22 14 11 52 $5,000 and over 100 20 12 11 55 1050 FEDERAL RESERVE BULLETIN: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES areas than it does within those limits. Less than and half of those who said they probably would be half of the renters in metropolitan areas said they in the market in the next five years. An estimated had moved into their present quarters since the maximum limit, determined by adding together all beginning of 1946, whereas in the small cities and those who said they would or probably would buy rural areas about two-thirds of the families had plus one-half of those who said they might be in moved. Families with incomes of $4,000 or more the market, is nearly 12 million houses. This had been in their present homes for longer periods means that roughly 1 spending unit in every 4 is than had families with incomes of less than that interested in buying a home in the period 1949-53. amount, with the exception of families with annual These currently held consumer plans would be conincomes of less than $1,000. This was partly due tingent on the continuation of favorable economic to the greater mobility of comparatively young conditions and the availability of suitable houses families, especially those containing veterans, whose at acceptable prices and on favorable financing incomes would be mainly in the $1,000 to $4,000 terms. range. TABLE 17 The larger proportion of renters shown in Table FIVE-YEAR HOUSE PURCHASE PLANS OF NONFARM SPENDING 16 to have begun their tenancies in 1948 should UNITS, EARLY 1949 not be interpreted to indicate a higher rate of mobility in that year than in 1946 or 1947. The Percentage survey provides no information on the turnover Prospective plan of spending units of the tenants for years other than 1948 because no question was asked to determine the total num- Will be in the market: 10 Will buy or build in 1949 3 ber of families moving each year. Respondents Will buy or build, 1950-53 7 were asked only how long they had lived in their Probably will be in the market: 12 Probably will buy or build in 1949 2 present quarters. Probably will buy or build, 1950-53 10 Undecided, "it depends" 14 PROSPECTIVE PLANS FOR HOME BUYING, 1949-53 Probably will not be in the market 6 Definitely will not be in the market 53 This year for the first time the survey attempted Not ascertained . . 5 to find out how many consumer units might be in All cases . . .. 100 the market for houses during the ensuing five-year period. Estimates of those who planned to buy or It should not be overlooked that these plans inbuild during the current year were presented in clude the purchase of existing as well as new houses Part II of the survey reports published in the June and so do not represent the number of houses BULLETIN. The following discussion supplements which might be built during this period. Even these findings.3 after allowing for excessive optimism, these plans, The aggregate demand for houses in the five as shown in Table 17, indicate that there is conyears beginning with 1949 is estimated at approxisiderable underlying strength in the housing marmately 7 million houses. This estimate, made withket in the years immediately ahead. out allowing for the formation of additional fami- Table 18 relates prospective housing plans of lies during the five-year period, is based on all those nonfarm spending units to the age of the head of who said they definitely planned to buy or build the spending unit and also to its annual income in 8 In this section, plans to buy houses during 1949 have 1948. From the earlier discussion it is apparent been combined with expressed intentions to buy during the that these two closely related characteristics of home period 1950-53. The somewhat higher annual rate of purchase for 1949 than for succeeding years no doubt reflects owners are probably the most important influencing the fact that plans for the current year are more firm than factors in determining whether a spending unit is those for succeeding years. The data do not necessarily reflect a slackening of demand in 1950-53; rather, they likely to be in the housing market. It is evident probably indicate that consumer plans so far in advance from the table that units in the higher income have not crystallized as fully and are subject to change. Prosbrackets and younger age groups are the most pective house purchase plans are presented on a spendingunit basis rather than on a family-unit basis, as this gives promising housing prospects. Approximately 3 of some recognition to potential housing demands of those who every 10 spending units with incomes of more than are not yet separate families (related secondary spending $3,000 in 1948 reported they would or wrould probunits). SEPTEMBER 1949 1051 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES ably be in the housing market in the five-year period Among the factors which would determine 1949-53. Below this income level, less than 2 in whether these buying plans would be carried 10 expressed such intentions. It has already been through, income prospects and the price of the pointed out that most families who acquire homes house available were given most frequently by the of their own make such purchases when the age spending units interviewed. Next in importance of the head of the unit is between 25 and 44 years. was some potential change in the composition of A substantially larger proportion of the spending the spending unit, that is, whether there would be units in which the head was under 45 years of age either an increase or a decrease in the number of had plans for buying a home than did those families persons in the unit, or a prospective marriage. where the head of the unit was this age or older. Since some units did not outline what factors would The largest proportion (nearly 4 of every 10 units) influence their decision to buy or not to buy, the was found in the 25-34 age bracket, and the next identifiable reasons outlined above, although logilargest (roughly 3 of every 10) in the 18-24 year cal, may not be representative of the feelings of the bracket. entire group of prospective purchasers. TABLE 18 FIVE-YEAR PURCHASE PLANS OF NONFARM SPENDING UNITS WITHIN DIFFERENT INCOME AND AGE GROUPS, EARLY 1949 [Percentage distribution of nonfarm spending units within specified groups] 1948 income after taxes Age of head of spendingunit All Prospective plan nonfarm spending Under $1,000- $2,000- $3,000- $4,000- $5,000 18- 25- 35- 45- 55- 65 and units $1,000 $1,999 $2,999 $3,999 $4,999 and over 24 34 44 54 64 over Wiirbuy or build in 1949 1 5 2 3 5 8 10 9 6 10 7 5 3 2 Willjbe in market, 1950-53 7 2 3 6 10 12 11 11 13 7 4 3 1 Will probably be in market, 1950-53 . . . 10 5 9 8 13 11 11 15 14 13 7 4 1 Undecided, "it depends" 14 9 12 17 16 16 14 21 17 18 13 10 4 Probably will not be in market 6 5 7 7 7 8 3 8 6 6 6 6 4 Definitely will not be in market 53 74 60 53 44 41 51 33 38 46 61 70 85 Not ascertained 5 3 6 4 2 2 1 6 2 3 4 4 3 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Includes also those who will probably buy or build in 1949. 1052 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 The major factual portions of the fifth in a series H. C. Larsen, H. T. Lingard, and L. A. Jones. of annual reports on the financial condition of Data relating to the inventories of real estate, agriculture, issued by the United States Depart- livestock, crops, machinery, and household equipment of Agriculture, are given below.1 The full ment were prepared under the direction of the report, including analysis of current financial trends following persons: Real estate—M. M. Regan, in agriculture, will be published later as a Miscel- W. H. Scofield; livestock—A. V. Nordquist; crops laneous Publication of the Department of Agri- —C. E. Bur\head, T. /. Kuzel\a, J. J. Morgan, culture. John F. Marsh; machinery—E. W. Grove, Mar- The study was prepared under the direction of garet F. Cannon; household equipment—M. Or- Norman J. Wall, Head, Division of Agricultural shans\y. Finance, Bureau of Agricultural Economics, by Data relating to farm income and expenditures F. L. Garloc\, A. S. Tostlebe, R. J. Burroughs, were compiled under the direction of E. W. Grove. As 1949 began, the physical assets of agriculture In 1948 total net income from agriculture reached were valued at about 105 billion dollars and thean all-time high of 22 billion dollars. This is 4 per financial assets were almost 22 billion. Total cent higher than net income in 1947 and nearly assets of more than 127 billion dollars were 5 per three and one-half times that of 1940. The discent above a year earlier and more than two and tribution of this income in 1948, however, differs in a third times the prewar figure for 1940. some respects from that of the year before, with The substantial increases in farm asset values somewhat more going to hired labor, mortgagees, and equities in recent years have come directly and and farm operators, and somewhat less to landindirectly from record increases in farm income. lords. BALANCE SHEET CHANGES DURING 1948 Total assets of agriculture were valued at more gether, physical assets increased nearly 6 per cent than 127 billion dollars on January 1, 1949, nearly during the year. 5 per cent more than a year earlier, as indicated in Table 1. The increase is explained largely by higher prices. Values of farm real estate rose ASSETS AND INDEBTEDNESS OF U.S. AGRICULTURE,JAN. I, 1940-49 from 63 to 65 billion dollars, as shown in the accompanying chart. Although the number of ( D B O IL L L L IO A N R S S ) - ASSETS livestock on farms was the lowest in a decade, the value of livestock was nearly 15 billion dollars, 60 - 10 per cent above the year before and a new high / record. In the face of constantly rising prices, 50 - Real esfa'e *Sv farmers added to their machinery and equipment during the year. By 1949 the value of this item was 40 : .—"- 11 billion dollars, or 23 per cent higher than on Other physical •»• January 1, 1948. Crops in storage represented an 30 " 1 exception to the upward trend of values. Although such stocks were much larger than a year earlier, 20 ****** values were down 4 per cent to about 8.5 billion dol- lars. Household equipment is estimated to have 10 " Financiai been worth about 6 billion dollars—11 per cent more 0 than a year before. Increases in both prices and quantities contributed to this change. Taken to- 20 - \t DEBTEDNES Real (zstaie 1 - Non real- - J L i 1 For the second, third, and fourth reports in this series, see T i — respectively the Federal Reserve BULLETIN for September 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1946, pp. 974-94, November 1947, pp. 1357-72, and September 1948, pp. 1067-82. SEPTEMBER 1949 1053 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 TABLE 1 COMPARATIVE BALANCE SHEET OF AGRICULTURE, UNITED STATES, JANUARY 1, 1940, 1945, 1948, AND 19491 [Dollar amounts in millions] Net change 1940 1945 1948 1949 1940-49 1948-49 Amount Per cent Amount Per cent ASSETS Physical assets: Real estate $33,642 $46,389 $62,813 $65,168 $31,526 +94 $2,355 +4 Non-real-estate: Livestock 5,133 9,012 2 13,384 14,697 9,564 +186 1,313 + 10 Machinery and equipment 23,118 26,114 2 9,069 11,114 7,996 +256 2,045 +23 Crops, stored on and off farms 3 2,645 2 6,396 2 8,789 8,475 5,830 +220 -314 -4 Household equipment4 4,275 4,232 5,415 6,000 1,725 +40 585 +11 Financial assets: Deposits and currency 3,900 10,800 2 15,300 14,800 10,900 +279 -500 -3 United States savings bonds 249 23,714 24,781 5,024 4,775 +1,918 243 +5 Investment in cooperatives 826 1,264 2 1,858 2,036 1,210 +146 178 + 10 Total 2$53,788 2$87,921 2$121,409 $127,314 $73,526 +137 $5,905 +5 CLAIMS Liabilities: Real estate debt $6,586 . $4,933 $4,882 $5,108 -$1,478 -22 $226 +5 Non-real-estate debt: To principal institutions: Excluding loans held or guaranteed by Commodity Credit Corporation. 21,504 2 1,622 2,302 2,724 1,220 +81 422 + 18 Loans held or guaranteed by Commodity Credit Corporation 445 683 2 84 1,152 707 +159 1,068 +1,271 To others 6 1,455 1,132 1,800 2,200 745 +51 400 +22 Total 2$9,990 2$8,370 2$9,068 $11,184 $1,194 +12 $2,116 +23 Proprietors' equities 2$43,798 2$79,551 2$112,341 $116,130 $72,332 +165 $3,789 +3 Total 2$53,788 2$87,921 2$121,409 $127,314 $73,526 +137 $5,905 +5 1 The margin of error of the estimates varies with the items. 2 Revised. 3 Includes all crops held on farms and crops held in bonded warehouses as security for Commodity Credit Corporation loans. The latter on Jan. 1, 1949 totaled 804.2 million dollars. 4 Estimated valuation for 1940 plus purchases minus depreciation. 5 Tentative. Includes individuals, merchants, dealers, and other miscellaneous lenders. Total financial assets owned by farm people on nearly 5 billion dollars, but the rate of increase in January 1, 1949, were virtually unchanged from a 1949 appears to be considerably lower. year earlier at approximately 22 billion dollars. Equities of proprietors of agriculture were about Deposits and currency decreased about 3 per cent, 116 billion dollars at the beginning of 1949. This but holdings of United States savings bonds in- is a 3 per cent increase over 1948 and 165 per cent creased 5 per cent and investments in cooperatives over 1940. Owner- and tenant-operators and nonincreased 10 per cent. The total of financial assets operating landlords all share in the equities although on January 1, 1949, was more than four times that their respective claims have not been separately for 1940. estimated. The rate of increase in equities was The total liabilities associated with agriculture much less during the last year than during the years increased 23 per cent during 1948 to more than 11 immediately preceding. The increase of about billion dollars on January 1, 1949. About half of 6 billion dollars in assets was coupled with an inthis increase was in the form of nonrecourse price- crease of about 2 billion in debts so that equities support loans made or guaranteed by the Com- gained about 4 billion. The major causes of this modity Credit Corporation. These loans totaled increase of equities were the write-up of land values more than a billion dollars on January 1, 1949. and the increase of farm machinery. Real estate debt increased nearly 5 per cent to more than 5 billion dollars. This is 9 per cent above BALANCE SHEET IN 1940 PRICES that of 1946 when mortgage debt was the lowest The balance sheet for 1949 would have been since 1913. The non-real-estate debt, excluding quite different had prices remained at the 1940 CCC loans, increased about a fifth during 1948 to level. In that case, only changes in physical 1054 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 amounts of inventory items and variations in the TABLE 2 amount of financial assets and liabilities would have BALANCE SHEET OF AGRICULTURE WITH PHYSICAL ASSETS been reflected. Valued at 1940 prices, the in- VALUED AT 1940 PRICES, JANUARY 1, 1940, 1948, AND 1949 crease in physical assets since 1940 is only 10 per [In millions of dollars] cent, as shown in Table 2. This is in marked contrast to an increase of 116 per cent when expressed Item 1940 1948 1949 in current prices of the respective years. The main real increases in physical inventories in comparison ASSETS with 1940 are those of machinery, farm and house- Physical assets (1940 prices): hold equipment, and stored crops. Livestock num- Real estate 33,642 133,642 133,642 Non-real-estate: bers are smaller. Real estate is treated as though Livestock 5,133 24,913 4,847 it remained constant. M Cr a o c p h s i , n s e t r o y r e a d n o d n e q a u n i d p m of e f n f t arms 2 2 3 , , 6 1 4 18 5 2 22 5 ,4 ,0 8 2 2 2 3 5 , , 3 7 9 4 9 9 The proprietary equities of such a balance sheet Household equipment3 4,275 5,415 6,000 Financial assets (actual value): expressed in 1940 prices would show an increase Deposits and currency 3,900215,300 14,800 United States savings bonds 249 24,781 5,024 since 1940 resulting from an increase in physical and Investments in cooperatives 826 2 1,858 2,036 financial assets. With the price factor removed, the Total 2 53,788273,413 75,497 increase in equities would be only 47 per cent as compared with 165 per cent at current prices of the CLAIMS respective years. Liabilities (outstanding amount): • Real estate debt 6,586 4,882 5,108 This review of the general financial situation of Non-real-estate debt: To principal institutions: agriculture indicates that agriculture as an industry Excluding loans held or guaranis improving its technology and increasing its real teed by Commodity Credit Corporation 2 1,504 2,302 2,724 capital. Furthermore, the industry has large re- Loans held or guaranteed by Commodity Credit Corporaserves of financial assets and large inventories of tion . 445 2 84 1,152 crops. However, as the result of lower prices in Equi T ti o e s o t ( h re e s r i s dual balance) 243 1 , , 7 4 9 5 8 5 2 6 1 4 , , 3 8 4 0 5 0 6 2 4 , ,3 2 1 0 3 0 1949, the value of many assets and the resulting Total 2 53,7882 73,413 75,497 equity are being contracted. Within the industry, the financial circumstances 1 Farm real estate is treated as though it remained constant of individual farm operators or individual land- although changes undoubtedly occurred both in the acreage and condition of the land in farms and in the number, character, and lords vary widely. The same economic and political condition of farm structures. There are at present no dependable measures of the net effects of such changes on the physical quantity factors that influence the industry as a whole affect and condition of farm real estate. Many of the factor;* causing individuals in varying degrees. Although agri- change are known to be offsetting, such as soil-building practices on some farms which offset soil depletion on others, and additions culture in general is financially sound, many indi- or improvements to structures on some farms which offset depreciation of structures on other farms. vidual farm families remain in a weak financial 2 Revised. position. 3 Not deflated. Estimated valuation for 1940 plus purchases minus depreciation. AGRICULTURAL INCOME The net income from agriculture reached a rec- 1948 would be 4 per cent less than that for 1947. ord high in 1948. However, the 10 per cent de- Total net income was 39 per cent more in 1948 than cline in cash receipts from marketings and Govern- in 1945 when the war ended, and 247 per cent ment payments during the first seven months of more than in 1940 before the war began. 1949 suggests that net income will be somewhat The distribution of net income was somewhat lower in 1949. different in 1948 than in 1947. In 1948 wage pay- Total net income earned by the agricultural ments were 8 per cent more than in the preceding segment of the national economy, together with Government payments, amounted to 22 billion 2 The inventory adjustment is the market value, in terms of dollars in 1948, as shown in Table 3. This was prices at the end of the year, of the increase or decrease during the year in the physical quantities of crops for sale on an increase of 4 per cent over that of 1947 and farms or of numbers of livestock whether or not for sale. an all-time high. This figure represents cash re- Data for "stored crops for sale" do not include crops under ceipts and other elements of gross income less loan to Commodity Credit Corporation or feed and forage, nonlabor production costs and it reflects adjust- etc., that are not for sale. In these respects the crop item ments for changes in inventory.2 If measured of the income statement differs from the crop item of the balance sheet. The proceeds of loans made or guaranteed by before inventory adjustment, the net income for the CCC are included with cash receipts from marketings. SEPTEMBER 1949 1055 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 TABLE 3 year, rent payments 2 per cent less, interest charges on mortgages 3 per cent more, and the residual COMPARATIVE INCOME STATEMENT FOR AGRICULTURE, UNITED STATES, 1940, 1947, AND 1948 returns to farm operators 4 per cent more.3 From [In millions of dollars] 1940 through 1948 wage payments nearly tripled, rent payments increased two and a third times, Item 1940 1947 1948 interest charges dropped about a fifth, and returns HOW NET INCOME WAS OBTAINED to operators increased about two and three-fourths times. During the same period the relative share Gross income from agriculture: Cash receipts from farm market- of income paid to wage earners declined from 16 ings 18,364 130,014 30,545 Value of products retained on to 14 per cent and the share of operators increased farms for home consumption. . 1,254 13,095 3,155 Rental value of farm homes 1625 U,22O 1,342 from 73 to 79 per cent. The share belonging to mortgagees for interest decreased from 5 to 1 per Total. . 110,243 134,329 35,042 cent. The share of landlords remained at 7 per Nonlabor production costs 2 1 -4,738i -12,316 -13,823 Adjustment for changes in inven- cent throughout the period. tory 3 4-96 i -1,059 +639 In the first seven months of 1949 agricultural Total net income from agri- income was lower than in the comparable period culture 15,601 120,954 21,858 of 1948. Prices averaged about 11 per cent below Government payments 4-766 4-314 +257 the corresponding period of 1948 but, because of Total net income from agri- disposal of a slightly larger physical volume, receipts culture and Government payments 16,367 121,268 22,115 from marketings were about 10 per cent less. On the contrary, production expenses declined only HOW NET INCOME WAS DISTRIBUTED slightly. Wages to hired labor (cash and In the first five months of 1949 cash receipts were perquisites) M ,023 12,837 3,062 Net rent and Government pay- lower than in the corresponding period of last ments to landlords not living on farms 4 1430 il,474 1,442 year in the Northeast, Lake States, Corn Belt, Great In g te ag re e s s t to holders of farm mort- 293 222 229 Plains, Texas-Oklahoma, and Mountain States.4 Returns to operators 6 14,621 116,735 17,382 Increases occurred in the Appalachian, Southeast, Total net income from agri- Delta, and Pacific States. To some extent these difculture and Government payments 16,367 121,268 22,115 ferences were associated with variations in the time commodities were sold or put under CCC loans 1 Revised. 2 Feed, livestock, fertilizer and lime purchased, operation of as well as with changes in the prices at which motor vehicles, miscellaneous current operating expenses, depreciation of buildings and machinery, and property taxes. products could be sold. 3 Market value, in terms of prices at the end of the year, of the increase or decrease in the pysical quantities of crops for sale on farms or of numbers of livestock whether or not for sale. 3 The realized net income of farm operators before ad- 4 After subtraction of estimated payments for taxes, mortgage justment for inventory changes was about 6 per cent below interest, and other expenses paid by such landlords. Includes 1947. Government payments to nonoperating landlords. 5 Realized net income adjusted for change in inventory. 4 State data are now available for only five months of 1949. THE BALANCE SHEET IN DETAIL The foregoing pages have provided a summary billion dollars in 1940, had increased to 65.2 billion analysis of the balance sheet in general terms and by January 1, 1949. This boosted farmers' equities an account of the income position of agriculture. and it is one of the main reasons for their remark- In what follows, each item that appears in the ably high net worth. However, after reaching a balance sheet is treated in detail. high of 177 (1912-14=100) last November, the United States index of average value per acre had declined to 175 by March 1949, and on July 1 ASSETS it was 172. The assets fall into two general classes: (1) Physi- Between November 1948 and March 1949, the cal assets, both real estate and tangible personalty; period when the United States index first turned and (2) financial assets, which include cash, bank downward, values remained unchanged in eight deposits, United States savings bonds, and farmers' States and increased in half the States. Declines in investments in cooperative associations. 16 States, however, most of which were in the west- Farm real estate. The movement of land prices ern third of the country, were more than enough has been a dominant influence in the balance sheet to oflset the increases elsewhere. The number of of agriculture. The value of farm real estate, 33.6 farm sales continued to drop, and for the year 1056 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 ended March 1949 they were 17 per cent fewer less in boom times and declined less in depression than for the previous year and nearly a third than in many other parts of the country. In Florbelow the peak year ended March 1947. During ida and California the highest levels of land the four-month period from March to July 1949, values were reached in 1947. Since 1947 the slackland-value declines were more widespread, occur- ening demand for citrus fruits, dried fruits, and ring in 37 States. Very moderate increases of 1 some of the specialty crops has had a dampening per cent took place in six States, whereas five States effect on the farm real estate market. Compared showed no change. with pre-World War I levels, however, values in Basic forces inducing the readjustment in land both of these States are still high. In the northern values have been the downward drift in the general Great Plains, the lag in values of land is associated economy and actual and prospective declines in agri- with the severity of the drought and depression of cultural prices. Substantial declines occurred in the 1930's, which slowed recovery and depressed the most of the Mountain and Pacific States and in farm real estate market as late as 1941. The pre- Texas. Declines in prices of livestock appear to dominance of dairying, which did not prosper as have been the major influences in the Mountain much during the war as did some other types of region; in some sections the severe winter may have farming, is perhaps the principal cause of the modercontributed to the decline. On the West Coast, ate rise in land values in parts of the Lake States the weakening of prices for specialty crops and the region. freeze damage to groves in January and February Peak levels in the volume of farm sales were contributed to the decline in land values. The reached during the postwar years 1945 and 1946, decline in farm values in Texas appears to reflect the when 5.7 and 5.8 per cent of the number of all extensive drought of last year and lower prices for farms were transferred through voluntary sale. meat animals and wheat. The rate of sales activity declined to 4.9 per cent in 1947 and 4.1 per cent in 1948. However, sales Increases in land values from prewar to Novemvolume is still high relative to prewar levels. The ber 1948 are shown by States in the accompanying downward trend in sales activity is associated with chart. The larger gains in values over prewar levels such factors as weakening farm values, the uncerwere in the South, the Corn Belt, the Northwest, tain outlook for agriculture, more conservative and some of the Mountain States. Very favorable lending on farm real estate, the increased use of farm incomes account mainly for the increase of savings for buying consumer goods, and the fact land values in most of these areas. Other factors, that many who have been in the market for farms, such as the demand for rural homes by nonfarm especially those in the veteran and tenant groups, people, also tended to raise values in various parts already have made their purchases. of the country—the Southeast and Pacific Coast States, for example. Perhaps area variations in the A relatively large volume of farm sales was one volume of building improvements indirectly influ- of the chief characteristics of the land boom enced differential trends in farm values. throughout the entire war period. In the 10 years ended March 15, 1949, the number of voluntary sales and trades was equal to 46.4 per cent of all INCREASE IN DOLLAR VALUE OF FARM LAND* farms, or an average of 4.6 per cent per year. The 1935-39 to Nov. 1948 corresponding annual average for the five years 1935-39 was only 2.7 per cent. During the four postwar years ended in March 1949, farm values were very high and on the average 5.1 per cent of the total number of farms were transferred each year. Livestock on farms. On January 1, 1949, the value of livestock on farms reached a new record high of 14.7 billion dollars, as shown in Table 4. This was 10 per cent above their value on January \ 1948—yet livestock numbers were the lowest f since the beginning of 1939. This situation reflects During the war period, land values increased the highest January 1 values per head on record less than the United States average in the North- for beef cattle, milk cows, sheep, chickens, and east, Florida, the Northern Plains States, part of the turkeys. Prices of hogs were the second highest Lake and Mountain States, and California. In recent on record. Values were down only for horses and decades, farm income in the Northeast has increased mules. 1057 SEPTEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 TABLE 4 NUMBER AND VALUE OF LIVESTOCK ON FARMS, UNITED STATES, JANUARY 1, 1940, 1945, 1948, AND 1949 [Number in thousands and value in millions of dollars] 1940 1945 1948 1 1949 Class Number Value Number Value Number Value Number Value Cattle 68,309 2,770 85,573 5,722 78,126 9,094 78,495 10,587 Milk cows . . .. . . .. 24,940 1,428 27,770 2,761 25,039 4,103 24,450 4,723 Hogs 61,165 476 59,331 1,224 55,028 2,356 57,139 2,184 Horses 10,444 808 8,715 565 6,589 366 5,921 310 Mules ... . 4,034 467 3,235 434 2,541 337 2,353 274 All sheep 2 52,107 329 46,520 399 34,827 535 31,963 549 Stock sheep 46,266 294 39,609 335 29,976 449 27,818 473 Chickens 438,288 265 516,497 626 461,550 665 448,838 746 Turkevs . . 8,569 18 7,203 42 4,450 31 5,493 47 Total.. 5,133 9,012 13,384 14,697 1 Revised. 2 Includes sheep and lambs on feed for market. Since January 1, 1949, prices of livestock have ing garden tractors, brought the number of tractors declined materially and prices of feed even more, on farms January 1, 1949, to an estimated 3,250,000. making the feed-animal price ratio in many cases This increase in number of tractors was accommore favorable for production of livestock than it panied by a substantial increase in numbers of was during most of last year. With record supplies other farm machinery, particularly supplementary of feed again in prospect there is considerable incen- equipment. The value of farm machinery other tive for a general increase in livestock numbers. than automobiles, motor trucks, and tractors in- The June 1949 pig crop report, for instance, indi- creased by nearly a billion dollars in 1948. Purcates the third largest spring pig crop in history. chases of such machinery totaled more than 1.5 While supplies are increasing there is evidence billion dollars during the year. also that the demand for meat has fallen off from The value of automobiles on farms January 1, the inflationary level of mid-1948. The propor- 1949, is estimated at 1.8 billion dollars as compared tion of consumer income spent for meat dropped with nearly 1.4 billion dollars at the beginning of 1948. During the year, farmers bought over 600 considerably in the last quarter of 1948 and the million dollars worth of new cars. These purchases first quarter of 1949, although it was still above the brought the total number of automobiles on farms immediate prewar level. on January 1, 1949 to 5.3 million units, which is Machinery on farms. In 1948, farmers again made about 28 per cent more than the number on farms substantial gains in mechanizing their farms. The January 1, 1945. Farmers also bought over 300 value of farm machinery and motor vehicles on million dollars worth of motor trucks, which farms January 1, 1949, is estimated at 11.1 bilbrought the value of motor trucks on farms Janulion dollars, a net gain of 2.0 billion dollars over ary 1, 1949, up to 1.1 billion dollars. The estimated a year earlier. New purchases during the year are number of motor trucks on farms totaled 2.1 million estimated to have totaled nearly 3.4 billion dollars. units, 40 per cent above the number on farms Jan- Tractors are still in wide demand by farmers but uary 1, 1945. some types continue to be in relatively short sup- A combination of circumstances helps to explain ply. The value of tractors on farms at the beginthe record purchases of farm machinery since the ning of 1949 is estimated at slightly less than 2.3 end of World War II. These include excellent billion dollars, as shown by Table 5. This was about prospects for profitable operations, accumulated 560 million dollars more than at the beginning deficiencies during the war, a tight labor supply of 1948. Purchases by farmers during the year and high farm wages, the high cost of feed for amounted to around 800 million dollars. Approxi- horses and mules, and technical improvements in mately 435,000 new wheel tractors were sold on machinery itself. The general shortage of farm the domestic market in 1948. Of these nearly 96 machinery also caused many farmers to buy some per cent were sold for farm use. Production of machines as soon as they were available even though wheel tractors was 22 per cent greater than in they were not needed until later. Several of these 1947 and nearly three times that in 1939. The net factors have already changed or they are likely to addition, including track-laying tractors but exclud- change materially in 1949 and 1950. 1058 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 TABLE 5 A combination of circumstances in 1948 led to record stocks of grains stored on farms on January VALUE OF MACHINERY AND MOTOR VEHICLES ON FARMS, 1, 1949. Although the disappearance of grain for UNITED STATES, JANUARY 1, 1940-491 feeding was high—despite low livestock numbers— [In millions of dollars] a record crop plus a moderate carryover brought Other total supplies to an extremely high level. Record Year T t r o a r c s - m A o u b t i o le - s M tru o c t k o s r f m ar a m - Total* crops in 1948 resulted from unusually favorable chinery weather, improved varieties including greater use of hybrid seed, increased mechanization, and rela- 1940 501 900 301 1,358 3,118 tively large acreage. Market prices in relation to 1941 557 967 340 1,447 3,369 1942 ... 720 1,125 426 1,656 3,988 Commodity Credit Corporation loan and purchase- 1943 880 1,126 581 2,013 4,669 1944 871 1,055 672 2,173 4,846 agreement prices, moreover, were such that farmers had little to gain by selling grain that could be 1945 1 ,014 887 701 3,432 6,114 1946 1,070 718 644 3,562 6,073 stored. Prices fell of! materially during 1948. The 1947 . . . . 1,234 880 683 3,831 6,706 1948 1,716 1,394 954 4,923 9,069 value of the inventory of grain on farms was nearly 1949 . 2,276 1 ,782 t ,117 5,858 11 ,114 a fifth lower on January 1, 1949, than a year before. 1 1940-48 revised series. The average farm price of corn on December 15, 2 Includes harness and saddlery. 1948 was only about 52 per cent of the comparable figure a year earlier; the price of wheat only about Crop inventory. Value of crops stored on farms 73 per cent; of oats, 64 per cent; of barley, 55 per on January 1, 1949, is estimated at 7,671 million cent; and of rye, 59 per cent. dollars, 12 per cent below the 8,732 million dollars In addition to crops stored on farms, many shown in Table 6 for the preceding year. The drop farmers own crops stored ofl the farm in public in value this year was caused by the lower prices elevators and warehouses. Data are available only at which the crops were valued, as record quantities for those stored under CCC loan. On January 1, of corn and other feed grains were on farms.5 In 1949, the total value of these crops was 804 million addition to crops stored on farms, farmers owned dollars compared with only 57 million dollars on substantial quantities of crops stored ofl farms in January 1, 1948. In the previous peak year of 1945, elevators and warehouses. the value of such stored commodities totaled 618 million dollars. TABLE 6 Household furnishings and equipment. On January 1, 1949 farm households were using furnishings VALUE OF CROPS STORED ON FARMS, UNITED STATES, and household equipment having an estimated JANUARY 1, 1940, 1948, AND 1949 1 value of about 6 billion dollars, compared with 5.4 fin thousands of dollars] billion a year earlier. Farmers' purchases accounted Class 1940 1948 2 1949 for most of the increase during 1948. Prices of furniture in general reached postwar highs during Grain 3 1,444,910 5,964,676 4,894,928 1948 but changes were small and by the end of the Corn 944,385 3,562,582 3,094,019 Wheat 187,777 1,198,024 775,072 year prices were easing downward slightly. This Other 312,748 1,204,070 1,025,837 Hay and forage 4 665,883 1,610,889 1,643,612 gradual decline also characterized the first half of Oil crops 5 33,746 382,050 337,832 Soybeans 36 186,774 176,652 1949. Other 33,710 195,276 161,180 Currency, bank deposits, and United States savings Vegetables 6 72,281 215,387 206,995 Tobacco 84,216 218,225 195,415 bonds. The total amount of currency, bank de- Miscellaneous 7 37,605 340,984 392,441 posits, and savings bonds owned by farmers de- Total 2,338,641 8,732,211 7,671,223 clined during 1948. This decline amounted to only 1 Includes crops sealed under Commodity Credit Corporation 300 million dollars, or 1.5 per cent. It was brought loan programs. Excludes all stocks held off the farm in public about by decreases in only two items—currency and storage. 2 Revised. demand deposits. As shown in Table 7, farmers 8 Corn, wheat, oats, barley, rye, buckwheat, rice, sorghum for grain, dry edible beans, and dry field peas. continued to increase their holdings of United 4 6 A So ll y h be a a y n , s c , o f r l n a x s s i e la e g d e , p a e n a d n f u o t r s a , g a e n , d a n c d o t s to or n g s h e u ed m . silage and forage. States savings bonds during 1948 and maintained 8 Irish potatoes, cabbage, and onions. their time deposits at about the same level as a 7 Broomcorn, cotton, and hayseed. Hayseed includes red clover, alfalfa, lespedeza, alsike clover, timothy, and sweetclover. year earlier. The reduction in the total of these liquid financial assets held by farmers is too small 6 Included in the value of crops stored on farms is the value to indicate any significant change during 1948 in of crops sealed on farms under the Commodity Credit Corthe financial condition of farmers as a whole. poration loan program. SEPTEMBER 1949 1059 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 TABLE 7 farmers with those of all individuals and businesses for the years 1940-48. The strong upward surge LIQUID FINANCIAL ASSETS OWNED BY FARMERS, UNITED STATES, JANUARY 1, 1940-49 of farm income during the period 1940-47 was not [In billions of dollars] an independent development but rather a phase of the increase in national income which resulted from Deposits United increased production and from monetary and price Year Cur- States Total inflation. Similarly, the growth of farmers' holdrency savings Demand1 Time bonds ings of liquid financial assets was a phase of the growth of such holdings by all individuals and busi- 1940 1.0 1.5 1.4 0.2 4.1 nesses in the United States. However, farm income 1941 1.1 1.7 1.5 0.4 4.7 1942.... 1.5 2.2 1.6 0.5 5.8 rose more rapidly than did national income during 1943. .. 2.0 3.2 1.8 1.1 8.1 this period and farmers' holdings of liquid financial 1944 2.7 4.0 2.0 2.3 11.0 assets increased at a faster rate than did the hold- 1945. .. 3.3 5.0 2.5 3.7 14.5 1946.... 4.0 6.2 3.3 4.5 18.0 ings of all individuals and businesses. The greater 1947 4.0 7.3 3.6 4.5 19.4 gain in the farm sector of the economy was due 1948 3.9 7.6 3.8 4.8 20.1 1949 3.8 7.2 3.8 5.0 19.8 mainly to the fact that prices of farm products rose 1 Revised series. Federal Reserve estimates, adjusted to a more quickly and further than wages, salaries, and Jan. 1 basis, are used for the period 1944-49. prices of manufactured goods. During 1948, national income continued to in- The downturn in farmers' holdings of liquid crease but the total of the currency, bank deposits, financial assets during 1948 was foreshadowed by a and United States bonds held by all individuals reduced rate of increase during both 1946 and and businesses remained virtually unchanged. Real- 1947. The increase during 1947 was only 700 milized net income of farm operators and farmers' lion dollars and that for 1946 only 1,400 million holdings of these liquid financial assets dropped dollars, as compared with increases of 3,500 milslightly. This was the first year since 1940, and lion in both 1944 and 1945. As the realized net possibly earlier, that the ratio of farmer-owned to income of farm operators was higher during the total liquid financial assets failed to increase. years 1946, 1947, and 1948 than ever before, the slowing down of accumulations of liquid assets by farmers during the first two of these years and TABLE 8 the downturn in 1948 can hardly be attributed to INCOME AND LIQUID FINANCIAL ASSETS OF FARMERS COMPARED the income situation. On the contrary, they resulted WITH TOTAL NATIONAL INCOME AND LIQUID ASSET HOLDINGS OF ALL BUSINESSES AND INDIVIDUALS, 1940-48 primarily from greatly enlarged expenditures by farmers for a variety of things, such as farm land, [Dollar items in billions] farm machinery, automobiles, motor trucks, and Income Liquid financial assets at home equipment; and the construction, moderniduring year end of year * zation, and repair of farm buildings. To a considerable extent these expenditures were Farmers 3 All Farmers necessary to make good the depreciation in the Year busifarm plant that had occurred as a result of low ti N on a a - l2 As per- a n n e d s s i e n s - As percentage Amount centage divid- Amount of all busiincome during the 1930's and the scarcity of mate- of na- uals 4 nesses and intional dividuals rials and replacements during the war. But, in many cases, farmers' expenditures for machinery, 1940... $78.1 $4.5 5.8 $75.8 $4.7 6.2 equipment, buildings, fences, and other installa- 1941... 95.2 6.4 6.7 87.2 5.8 6.7 1942... 123.2 9.1 7.4 119.2 8.1 6.8 tions were greater than was necessary simply to 1943... 152.5 12.1 7.9 159.8 11.0 6.9 restore their properties. Extensive additions and 1944... 164.4 12.5 7.6 197.7 14.5 7.3 betterments have been made. Moreover, most 1945... 164.1 12.8 7.8 230.4 18.0 7.8 1946... 168.3 15.0 8.9 235.2 19.4 8.2 farmers have raised their levels of living and many 1947... 189.3 17.8 9.4 241.6 20.1 8.3 have reduced or retired their debts. In addition, 1948... 210.3 16.7 7.9 241.2 19.8 8.2 many tenants have bought farms and many owners 1 Currency, demand and time bank deposits, and U. S. securities. have added to their land holdings. The tenancy 2 BAE se ies; based on Department of Commerce data with adjustments to improve comparability with farmers' income. rate dropped from 38.7 per cent in 1940 to 27.4 3 Net realized income of farm operators, including Government per cent in 1948, when it reached the lowest level payments. 4 Excludes holdings of banks, insurance companies, savings and since 1880. loan associations, nonprofit associations, foreigners, and governmental bodies and agencies. Source: Board of Governors of the Table 8 compares farmers' income with national Federal Reserve System. Demand deposits included in total are income and the liquid financial asset holdings of figured on a bank-record basis to make them comparable with estimates of farmer-owned deposits. 1060 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 Net worth of farmers' cooperatives. The net worth rose because repayments were smaller again in of farmers' cooperative associations continued to 1948 even though net income remained high. Payincrease during 1948 and on January 1, 1949, it ments on debts have declined because of the heavy totaled more than 2 billion dollars. This compares expenditures made by farmers for equipment and with a net worth of 1,858 million a year earlier and improvements and because of higher living costs. only 826 million dollars on January 1, 1940. This Although forced transfers increased during 1948 large net worth is not as readily available to farmers for the first time since 1932, the number was still for expenditure as are their holdings of cash and very small and it was unimportant as a factor in bonds. Some of it represents investment in plant, debt reduction. equipment, inventories, and receivables. Some is The volume of mortgages recorded was very little in the form of cash funds held by cooperatives for smaller during 1948 than during the two preceding expansion or as reserves. years. In those years, it equaled the 1929 level Half the net worth of these cooperatives is in and exceeded that of any subsequent year except marketing and purchasing associations. The growth 1934 when many mortgages were refinanced but in net worth of purchasing associations from 74 relatively few of those recorded represented new to 460 million dollars between 1940 and 1949 is loans. Recordings remained high in 1948, even especially noteworthy. This has resulted from an though farm transfers dropped noticeably for the expansion of facilities and an increased volume of second consecutive year. Voluntary sales were business at a high price level. Credit and insurance approximately a sixth fewer in 1948 than in 1947 cooperatives, reflecting good collections and few and almost a third fewer than in the peak year losses, also have increased their net worth since 1946. 1940. The loan volume of production credit asso- The greatest percentage increase in farm real ciations more than doubled during that time. The estate debt during 1948—approximately 10 per cent net worth of the relatively young rural electrifica- —occurred in the West, with the Mountain States tion cooperatives increased 17 million dollars dur- reporting an increase of 12 per cent and the Pacific ing 1948. Data to indicate the trend in net worth States about 8 per cent. The South also noticeably of irrigation and telephone associations are not increased its farm-mortgage debt, with 7 per cent available. more loans outstanding on January 1, 1949, than at the beginning of 1948. In the South, the 11 CLAIMS per cent gain in the Southeastern States was largest The claims against farmers are of two general followed by the Delta States with 8 per cent. Texasclasses: (1) Liabilities, which are divided into real Oklahoma had the smallest increase—4 per cent. estate and non-real-estate debt; and (2) equities, The Northeast had about the same percentage which represent the value of the residual rights in increase in farm-mortgage debt during 1948 as the agricultural assets belonging to the proprietors, country as a whole. In the North Central States namely, owner-operators, tenants, and landlords. the increase was considerably smaller. However, Included among these proprietors are individuals, it was the first increase in several decades. The financial institutions and other corporations, and Corn Belt States in this region showed an increase Federal, State, and local government agencies. of only a little more than 2 per cent but this com- Farm real estate debt. Mortgage debt on the Na- pares with a decline of 4 per cent in 1947. Only tion's farms increased further during 1948. This the Great Plains showed a further decline in 1948, was the third successive annual increase since the but it was negligible compared with a decline of low point was reached at the beginning of 1946, nearly 9 per cent in the preceding year. and it was more than twice as large as that of either Between January 1, 1946, and the beginning of of the two preceding years. The total mortgage 1949, farm real estate debt increased 30 per cent in debt outstanding on January 1, 1949, amounting to the West, 24 per cent in the South, and 16 per cent 5.1 billion dollars, was nearly 5 per cent higher than in the Northeast, but in the North Central region a year earlier and 9 per cent higher than at the be- it declined nearly 6 per cent. Within these areas ginning of 1946. However, it was still 22 per cent the Mountain and Southeastern States experienced below 1940. increases of 39 per cent, and the Delta, Appala- The several factors that have contributed to the chian, and Pacific States had increases of 25 per cent recent rise in farm real estate debt are expected or more. But two groups of States—the Great also to be important in the immediate future, al- Plains and the Corn Belt—continued to show a though not necessarily of the same intensity. The drop in debt for this period. volume of mortgage loans recorded in 1948 was In spite of recent increases, farm-mortgage debt slightly smaller than that recorded in 1947, but debt is still well below the 1940 level in most regions. SEPTEMBER 1949 1061 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 In the Great Plains it is still only about half of loans made by this organization have shown a what it was in 1940 and in three other regions it reduction during both of the last two years chiefly is at least a fifth less. In the Delta and South- because of a reduction in funds appropriated for eastern States, however, it is 15 per cent greater, farm ownership and development loans. In addithe increase in the latter region reflecting chiefly a tion, the Farmers Home Administration has ausubstantial rise in Florida. Generally speaking, thority under the Housing Act of 1949 to extend these Southern States have had relatively large financial assistance to farm owners for construcincreases in farm real estate values since 1940. tion, improvements, alterations, repairs, and replace- During 1948, farm-mortgage holdings of the ments. Loans insured by the Farmers Home Ad- Federally sponsored agencies continued to decline ministration, of which 2.9 million dollars were and those of the private lender groups to increase. outstanding on January 1, 1949, are included among Outstanding loans of the Federal land banks were the loans of other lenders. down a little more than 2 per cent and, as shown During the last several years, the private lender in Table 9, on January 1, 1949, they represented groups have increased their farm-mortgage holdonly about a sixth of all farm-mortgage loans. ings. They held 78 per cent of all farm-mortgage In each of the two preceding years, however, they loans outstanding on January 1, 1949, compared declined around 9 per cent. Nevertheless, new with 68 per cent at the beginning of 1946. Life loans made by these banks have increased in the insurance companies have shown a progressively last several years. Because of reduced payments larger percentage increase in their farm-mortgage and increased lending, the outstanding loans of investments each year since 1946, and at the beginthese banks increased during the first half of 1949 ning of 1949 they again held more than a billion for the first time since 1936. The Federal Farm dollars of these loans. Mortgage Corporation, whose loans largely supple- Commercial banks added to their outstanding mented those of the Federal land banks, reported a farm-mortgage loans during 1948 but not to the sharp reduction in its outstanding loans during extent that they did during the two preceding 1948 that was about equal percentagewise to that years. The 1948 increase amounted to only 7 per in 1947. This agency has had no authority to make cent compared with 16 per cent in 1947 and 35 per new loans since July 1, 1947. cent in 1946. Although during the last two years Mortgage loans held by the Farmers Home Ad- these banks have recorded fewer mortgages, the ministration declined moderately during 1948. New volume has remained relatively high. TABLE 9 FARM-MORTGAGE DEBT HELD BY PRINCIPAL LENDER GROUPS, UNITED STATES, JANUARY 1, 1940-49 WITH PERCENTAGE CHANGE 1940-49 AND 1948-49 [Dollar amounts in thousands] Year b F a e l n a d n e k d r s a 1 l Co M r F p F o e o r a d r t r e a g m r t a i a g o l e n12 is F A t H a r d a r o m m t m io i e n e n r - s 8 co in m s L u p r a if a n e n ie c s e x co I m b n a m s n u e k r r e s c d ial a In n l d d a i n v m e i o d i u s u c s a e l l s - o T u o ts t t a a l nd d i e n b g t 1940 . $2,009,820 $713,290 $31,927 $984,290 $534,170 $2,312,902 $6,586,399 1941 1,957,184 685,149 65,294 1,016,479 543,408 2,223,921 6,491,435 1942 1,880,784 634,885 114,533 1,063,166 535,212 2,143,697 6,372,277 1943 1,718,240 543,895 157,463 1,042,939 476,676 2,011,762 5,950,975 1944 1,452,886 429,751 171,763 986,661 448,433 1,899,586 5,389,080 1945 1,209,676 347,307 193,377 933,723 449,582 1,799,277 4,932,942 1946 1,078,952 239,365 181,861 884,312 507,298 1,789,932 4,681,720 1947 ... . 976,748 146,621 189,300 890,161 683,229 1,891,296 4,777,355 1948 888,933 107,066 195,069 936,730 793,476 1,960,470 4,881,744 1949 868,156 77,920 188,893 1,035,719 847,841 2,089,654 5,108,183 Percentage change 1940-49 -56.8 -89.1 491.6 5.2 58.7 -9.7 -22.4 1948-49 -2.3 -27.2 -3.2 10.6 6.9 6.6 4.6 1 Includes regular mortgages, purchase-money mortgages, and sales contracts. 2 Loans held by Corporation were made on its behalf by Land Bank Commissioner. Authority to make new loans expired July 1, 1947. 8 Successor to Farm Security Administration. Data for 1940-41 include tenant-purchase loans. Thereafter, data include farmdevelopment (special real estate) loans beginning 1942; farm-enlargement loans beginning 1944; and project-liquidation loans beginning 1945. Data also include similar loans from State Corporation trust funds. 1062 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1949 Individuals and miscellaneous lenders, who hold TABLE 10 approximately two-fifths of all outstanding farmmortgage loans, increased their loan holdings dur- FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES, JANUARY 1, 1940-49 ing 1948 by about the same percentage as banks, and they now account for more than 2 billion dol- [In millions of dollars] lars of such loans. The percentage increase was Price-support Other loans s m o o m re ew t h h a a t n g i r n ea 1 te 9 r 4 6 th . an M o i r n tg a 1 g 9 e 4 s 7 r b ec u o t r d o e n d ly b s y li g i h n t d l i y - Year l b o g y a u n a C s r o a m m n a t m d e e e o d o d- r a b n c y d i a c F l o e b m d a e m n r k a e s l r l - y b L o b o o y k a n m c s i r a s e - n d d its Total viduals and miscellaneous lenders have continued C i o ty r p C or r a e t d i i o t n s a p g o e n n s c o i r e e s d c l e e l n la d n e e r o s u l s in substantial volume in spite of a decline in farm transfers, suggesting that this group is extending 1940.. . . 445 1,504 1,500 3,449 a considerable amount of credit for general farm 1941. 629 1,648 1,700 3,977 1942. 610 1,784 1,700 4,094 purposes. 1943. 773 1,673 1,500 3,946 1944. 589 1,688 1,200 3,477 Non-real-estate debt. Farmers' non-real-estate or 1945. 683 1,622 1,100 3,405 "short-term" debt continued its postwar increase 1946. 277 1,671 1.200 3,148 during 1948 to a total of more than 6 billion dollars, 1947. 65 1,955 1^00 3,520 1948.... 84 2,302 1,800 4,186 as shown in Table 10. Excluding price-support 1949 1,152 2,724 2,200 6,076 loans, which are not liabilities in the usual sense, 1 Estimated on basis of fragmentary data. farmers' short-term debt increased from January 1, 1948, to January 1, 1949, by about 20 per cent, ap- In addition to loans obtained from commercial proximately the same as during the preceding year. banks and Federally sponsored agricultural credit Including price-support loans, the increase during agencies, farmers receive a large volume of loans 1948 was about 45 per cent as compared with an and book credits from merchants, dealers, finance increase of about 20 per cent during 1947. companies, private lenders, and other sources. These Non-real-estate loans to farmers by commercial loans and credits are believed to have increased banks and the Federally sponsored agencies, excludfrom about 1,800 million dollars on January 1, ing price-support loans made or guaranteed by the 1948, to about 2,200 million on January 1, 1949. Commodity Credit Corporation, rose from about The most noteworthy increase in farmers* short- 2,300 million dollars on January 1, 1948, to 2,700 term debt during 1948 occurred in the price-support million on January 1, 1949, as shown in the Chart. loans made or guaranteed by the Commodity Credit This was an increase of 18 per cent—approximately Corporation. These loans rose from about 84 the same as the year before. During the first half million dollars on January 1, 1948, to more than of 1949, these loans continued to show an upward 1,150 million on January 1, 1949, accounting for trend. But, on July 1, 1949, they were only 11 more than half of the total increase in farmers' per cent above the level of July 1, 1948, whereas short-term debts during 1948. the increase from July 1, 1947, to July 1, 1948, was The postwar (January 1, 1946-49) increase in 21 per cent. farmers' short-term debts, excluding price-support loans, is estimated at about 70 per cent. It occurred during a period when the net realized income of NON-REAL-ESTATE LOANS TO FARMERS BY PRINCIPAL LENDING AGENCIES, UNITED STATES, JAN. 1 AND JULY 1,1910-49 farm operators rose from less than 13 billion dollars (EXCLUDES NONRECOURSE COMMODITY LOANS HELD OR GUARANTEED BY CCC) (in 1945) to about 17 billion dollars (in 1947 and DOLLARS i MILLIONS) 1948) and it is believed to have resulted mainly i 3.500 • k f ^ ^ 3 r ri Produc c t r i e o d n i t c b re a d n i k t d as is s c o o c u ia n t t i s o n f s ro a m n d ot F h e e d r e l r e a n l d i e n r t s ermediate from greatly increased expenditures of farmers for iJ El Active ommercial tanks - livestock, machinery, trucks, automobiles, farm 3.000 Illii improvements, and additional land. Loans for 2.500 current production and living purposes also have Illll - probably increased substantially in the postwar 2,000 |i||i|i|Hi|||||||||I|| \m period. This can be explained in part by rising »,500 •sill IllljiliiiiiiIllll pj|- production and living costs. However, it seems (.000 ^^ probable that much, if not most, of the increase 1111 Illlii!iiiilililii lillili iiiili Ml in loans for production and living expenses occurred 500 iiiilHiiiiiii III IllliiIlllilliippflp Illll because borrowers had used such a large part of ililiiil o . their incomes and their liquid reserves for capital expansion and improvements. SEPTEMBER 1949 1063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS OCTOBER 1, 1948—MARCH 31, 1949 The report given below was transmitted by the through June 30, 1948, gold and short-term dollar President to Congress on July 5, 1949. In addition resources of foreign countries, and membership and to the text reprinted here, the report contains severalresources of the International Monetary Fund and charts and appendixes. The appendixes contain the International Ban\ for Reconstruction and Dedetailed information on postwar United States Gov- velopment. Copies of the full report may be obernment financial assistance to foreign countries, tained from the National Advisory Council on gold transactions between the United States and International Monetary and Financial Problems, other countries covering the period July 1, 1945 Washington 25, D. C. I. ORGANIZATION OF THE COUNCIL STATUTORY BASIS REPORTS The National Advisory Council on International Since its first meeting on August 21, 1945, the Monetary and Financial Problems was established Council has submitted eight formal reports.2 The by the Congress in the Bretton Woods Agreements present report covers the activities of the Council Act (59 Stat. 512, 22 U. S. C. 286b), approved July from October 1, 1948, to March 31, 1949. 31, 1945. The statute directed the Council to co- MEMBERSHIP ordinate the policies and operations of the representatives of the United States on the International The members of the Council, according to law, Monetary Fund and the International Bank for during the period under review, were the follow- Reconstruction and Development, the Export-Im- ing: port Bank of Washington, and all other agencies The Secretary of the Treasury, John W. Snyder, of the Government "to the extent that they make Chairman. or participate in the making of foreign loans or The Secretary of State, Dean Acheson. engage in foreign financial, exchange or monetary The Secretary of Commerce, Charles Sawyer. transactions." The Council was also directed to The Chairman of the Board of Governors of the advise and consult with the President and the Federal Reserve System, Thomas B. McCabe. United States representatives on the Fund and the The Chairman of the Board of Directors of the Bank on major problems arising in the administra- Export-Import Bank, Herbert E. Gaston. tion of the Fund and the Bank; and to recommend The Administrator for Economic Cooperation, Paul to the President general policy directives for the G. Hoflman. guidance of the representatives of the United States on the Fund and Bank. The Bretton Woods Agree- Two changes in the membership of the Council ments Act was amended by Section 106 of the have occurred since the previous report. Mr. Dean Foreign Assistance Act of 1948 (62 Stat. Ch. 169, Acheson succeeded Mr. George C. Marshall as 22 U. S. C. 286b (a)), approved April 3, 1948, to 2 These reports were transmitted by the President to the include the Administrator for Economic Coopera- Congress on Mar. 1, 1946 (H. Doc. No. 489, 79th Cong., 2d tion as a member of the Council for the duration sess.; subsequently included as Appendix B to H. Doc. No. of this office. The Council was also given certain 497, 79th Cong., 2d sess.); Mar. 8, 1946 (H. Doc. No. 497, 79th Cong., 2d sess.); Jan. 13, 1947 (H. Doc. No. 53, 80th additional duties under the Foreign Assistance Act. Cong., 1st sess.); June 26, 1947 (H. Doc. No. 365, 80th The relevant portions of the Bretton Woods Agree- Cong., 1st sess.); Jan. 19, 1948 (H. Doc. No. 501, 80th ments Act and of the Foreign Assistance Act of Cong., 2d sess.); May 17, 1948 (H. Doc. No. 656, 80th 1948 are presented in Appendix A.1 Cong., 2d sess.); Aug. 3, 1948 (H. Doc. No. 717, 80th Cong., 2d sess.); and Mar. 14, 1949 (H. Doc. No. 120, 81st Cong., 1st sess.). ("The texts of most of these reports have been pub- 1 Appendixes are omitted here but are part of the complete lished in the Federal Reserve BULLETIN shortly after subreport submitted to Congress. mittal to Congress.] 1064 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL Secretary of State, and Mr. Herbert E. Gaston Hawthorne Arey, Vice Chairman of the Board of succeeded Mr. William McChesney Martin, Jr., Directors of the Export-Import Bank. as Chairman of the Board of Directors of the Ex- Wayne C. Taylor, Assistant to the Administrator, port-Import Bank. Economic Cooperation Administration. By agreement, the following served as alternates: C. Dillon Glendinning is the Secretary of the Council. William McChesney Martin, Jr., Assistant Secretary of the Treasury. The United States Executive Directors on the Willard L. Thorp, Assistant Secretary of State for International Monetary Fund, Frank A. Southard, Economic Affairs. Jr., and on the International Bank for Reconstruc- Thomas C. Blaisdell, Jr., Assistant Secretary of tion and Development, Eugene R. Black, or their Commerce. alternates, Henry J. Tasca and John S. Hooker, M. S. Szymczak, Member of the Board of Gover- respectively, regularly attended the meetings of nors of the Federal Reserve System. the Council. II. UNITED STATES POSTWAR FOREIGN ASSISTANCE3 Throughout the year 1948 the United States con- totaled about 1.1 billion dollars. Export-Import tinued to provide foreign countries with substantial Bank credits utilized were approximately 430 milassistance both to relieve immediate economic dis- lion dollars of this total, and the remainder was tress and to aid in longer run reconstruction efforts. made up, for the most part, of programs that for all The year was marked by the inauguration of the practical purposes ended in 1948. The United King- European Recovery Program, in which United dom made its final drawings of credit authorized States assistance became part of a joint program under the Anglo-American financial agreement of of cooperation with participating European coun- 1945, and by the end of the year, utilizations under tries. By the end of the year, aid rendered under the various property credit programs such as surplus that program, mainly in the form of grants, totaled property, lend-lease, and merchant ship disposals about 1.9 billion dollars of the 5.5 billion of aid were coming to a close. rendered by all agencies to foreign countries in 1948. During the postwar period, July 1, 1945, through In order to meet certain emergency needs prior December 31, 1948, the United States Government to the establishment of the European Recovery made available 26.5 billion dollars for foreign Program, assistance to France, Italy, and Austria assistance of which 20.1 billion dollars was utilized had been provided under an interim aid program. or expended, and 6.4 billion dollars remained as This program, starting in December 1947, involved an unutilized balance on December 31, 1948. about 550 million dollars of aid in the form of About one-half of all unutilized funds at the end of grants, concentrated in the first half of 1948. The 1948 were ECA funds, principally earmarked either major relief-type program of the United States for specific purposes or for the aid of specific Government, continuing from previous years, was countries and largely already committed under conthat of furnishing civilian supplies to areas occupied tracts for approved purchases. Somewhat less by our armed forces. Initiated in the war period than a billion dollars represented uncommitted to prevent civilian disease and unrest prejudicial lending authority of the Export-Import Bank. The to our forces abroad, it accounted for about 1.2 amount of aid utilized in 1948 (5.5 billion dollars) billion dollars of aid utilized in 1948. Other aid was approximately equal to that extended in 1946, rendered on a grant basis totaled about 835 mil- but somewhat less than the 1947 total of 6.4 billion lion dollars, and included the program started in dollars. The increasing momentum of the European 1948 for economic and military assistance to China, Recovery Program during the latter part of 1948 as well as programs continued from the previous resulted in increasing the total aid rendered in the year, such as those for Greek-Turkish assistance, final quarter of 1948 to the average quarterly rate Philippine rehabilitation, the International Refugee prevailing in 1947. Organization, post-UNRRA, and the International The year 1948 was marked by a larger share Children's Emergency Fund. of assistance rendered in the form of grants, in- Aid on a loan basis in 1948, other than that ex- cluding (for statistical purposes) aid for which tended under the European Recovery Program, terms of repayment had not been determined, as compared with loans and other credits which call 3 A detailed breakdown of the statistical information re- for the repayment of principal and interest to the ferred to in this section appears in Appendixes B and C United States. This situation also holds true in the [omitted here]. SEPTEMBER 1949 1065 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL foreign aid totals for the entire postwar period, covery Program was initiated largely on a grant during which funds made available through Con- basis. gressional authorization for grants were 14.5 billion FOREIGN AID DURING THE LAST HALF OF 1948 dollars, compared to 12.0 billion dollars for credits. Aggregate grant and credit availabilities from July 1, During the last six months of 1948 actual utili- 1945, through December 31, 1948, distributed by zation of United States Government foreign aid geographical areas, are presented in the accompany- was slightly less than 3 billion dollars. Funds ing table. for more than three-fifths of this 3 billion dollars were supplied through the Economic Cooperation TABLE I Administration, with another fifth through the UNITED STATES GOVERNMENT FOREIGN AID, SUM OF UTIL- defense agencies, and the balance primarily through IZED, JULY 1, 1945 TO DECEMBER 31, 1948, PLUS UNUTILIZED the State Department (for Greek-Turkish aid), the As OF DECEMBER 31, 1948, BY GEOGRAPHIC AREA Export-Import Bank, and the Philippine War Damage Commission. The share of aid going to the [In millions ofdollars] ERP participants in this period constituted almost Area Total Grants Credits 80 per cent of the total, with the United Kingdom, western Germany, France, Italy, and Greece the Total, all areas... 26,522 14,507 12,015 chief recipients. Asiatic countries received slightly Total, Europe 19,453 10,052 9,401 less than one-fifth of the total, about the same per- ERP participants 17,859 8,944 8,915 centage that they received for the entire postwar Other Europe. . . . 1,594 1,108 486 period. Latin America . ... 515 33 482 Asia 4,498 3,746 752 Miscellaneous . . 2,056 676 1,380 GEOGRAPHICAL DISTRIBUTION OF AID Approximately two out of every three dollars of expenditures for United States foreign aid during the entire postwar period were for countries that PROGRAMS OF POSTWAR ASSISTANCE are currently participating in the European Re- The changes over the period July 1945 to Decem- covery Program, and these countries were also ber 1948 reflect the shifting importance of loans scheduled to receive about three-fourths of all unand grants in the various postwar programs of utilized funds that had been allocated as of Decemforeign assistance. For example, during the six ber 31, 1948. Among the larger European recipients months ending December 1945 grants were the of utilized aid, credits exceeded grants for the dominant factor as a result of the aid furnished United Kingdom, France, the Netherlands, and through direct lend-lease. In the following year, Belgium. Other countries, such as Italy, Greece, grant assistance was supplied chiefly through the and Austria, relied very heavily on grants. Assist- United Nations Relief and Rehabilitation Admin- ance to other European countries resulted chiefly istration, followed in importance by civilian sup- from the extension of grant assistance through plies provided by military agencies to occupied UNRRA. areas. However, credits became the predominant Table II shows a breakdown of utilized as well factor in the foreign financial program in 1946 as as unutilized postwar United States Government a result of the increased activity of the Export- foreign grants and credits for each geographical Import Bank, surplus property disposals, and the area and recipient country. initial drawings under the Anglo-American finan- Total credits utilized by all ERP countries in cial agreement. In 1947 the bulk of the 3.75 billion the postwar period exceeded grants, while total dollar loan to the United Kingdom was utilized. grants utilized by the Asiatic countries were more This utilization not only was responsible for the than four times their total credits. China rehigh level of foreign assistance rendered during ceived 1.6 billion dollars and Japan 1.2 billion that year, but also had the effect of enlarging the dollars of the 3.6 billion dollars of total postwar credit portion of the foreign aid program. By 1948 assistance rendered by the United States to Asia, only a small portion of the loan to the United with the Philippines and Korea receiving most Kingdom remained available for expenditure, with of the remainder. the consequent drop in the proportion of loans as well as in the total of grants and loans extended. FOREIGN AID AND THE UNITED STATES POSTWAR In addition, Export-Import Bank credit utilizations BALANCE OF PAYMENTS decreased significantly from the preceding two Total exports of goods and services of the United years, while at the same time the European Re- States amounted to 58.7 billion dollars between 1066 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL July 1945 and December 1948. The United States lars in net United States Government aid. Other received 30.3 billion dollars in foreign goods and elements included assistance from international services, leaving a difference of 28.4 billion dol- financial institutions and private financing. lars to be financed from other sources. To cover TABLE III TABLE II FOREIGN AID IN THE UNITED STATES BALANCE OF PAYMENTS UTILIZED AND UNUTILIZED FOREIGN GRANTS AND CREDITS JULY 1, 1945-DECEMBER 31, 1948 OF THE UNITED STATES GOVERNMENT BY SEMIANNUAL PERIODS JULY 1, 1945-DECEMBER 31, 1948 [In millions of dollars] BY AREA OR COUNTRY [In millions of dollars] Means of financing Utilized, July 1, Unutilized, 1945-Dec. 31, 1948 Dec. 31, 1948 U. S. Liqui- Area or country Period Total Gov- dation Total GrantsCredits Total GrantsCredits exports im To p t o a r l ts m er e n n - t of a n g d old Other aid dollar (net)i assets 2 Total, all areas.... 20,139 10,471 9,668 6,383 4,036 2,347 Total, ERP par- Total, 3% years. 58,698 30,254 19,051 6,260 3,133 ticipants 13,845 5,774 8,071 4,014 3,171 843 1945—July-December. 7,200 4,143 3,628 3-l,O78 507 United Kingdom.. 5,378 773 4,605 578 466 112 France 2,785 699 2,086 695 584 111 1946—January-June. . 7,401 3,416 2,681 816 488 Germany (western) 1,781 1,556 225 707 688 19 July-December. 7,565 3,751 2,372 1,152 290 Italy 1,423 1,071 352 477 405 73 1947—January-June. . 10,093 4,171 3,293 2,340 289 Greece 841 730 111 258 234 25 July-December. 9,648 4,292 2,419 2,173 764 Netherlands 446 117 330 359 286 73 Austria 441 421 19 151 134 17 1948—January-June. . 8,644 5,057 2,130 891 566 Be e lg m iu b m ou a rg nd Lux- 299 108 191 143 103 40 July-December. 8,147 5,424 2,528 -34 229 Other ERP 286 134 152 413 220 192 1 Data on U. S. Government foreign aid (net) presented in this Unallocated ERP. 164 U64 233 51 182 table differ from those in the statistical appendix for the following reasons: Other Europe 1,562 1,108 454 32 32 (a) Aid shown in the above table is net of unilateral transfers to the United States, repayments, etc. Total, Asia 3,629 2,957 672 869 789 80 (b) Pensions, annuities, claims of individuals, etc., are included in this calculation of net aid. China 1,643 1,416 227 249 232 17 (c) Included in the calculation of net aid are lend-lease ship- Japan 1,242 1 ,026 216 331 312 19 ments and merchant ship deliveries. Philippines 365 285 79 169 160 9 2 Figures in this table differ from those which could be derived Korea (southern). 214 189 25 86 86 from Table IV principally because this table includes gold sold out of current production, as well as liquidation of existing hold- Other Asia 165 41 124 35 35 ings. 3 The means of financing shown for the period July through International or- December 1945 exceed exports by 1,078 million dollars, which repreganizations 2. . 520 517 3 131 68 62 sents the net foreign acquisition of dollar assets and purchases of gold from the United States. Latin America.... 317 29 288 199 5 194 Source: International Economics Division, Office of Business Miscellaneous and Economics, Department of Commerce. unallocated.. . 267 88 180 1,139 33 1,136 From Table III it may be observed that United 1 Principally shipments to France, Germany, and the Low Countries under joint military-civilian supply operations with States exports increased from the latter part ot the 2 R U e n p it r e e d s e K nt i s n g U d . o m S. a G nd o v C er a n n m a e d n a t . contributions to UNRRA (not 1945 through the first half of 1947. There followed allocated by country), and a loan to the United Nations. U. S. a moderate decline from the high level of exports Government payments to the International Bank and the International Monetary Fund are not included in this table. reached during the first half of 1947 while imports 3 Includes 967 million dollars representing the uncommitted lending authority of the Export-Import Bank, and 150 million rose. Exports have increased both in value and representing the uncommitted commodity-program credit authority physical terms in comparison with the prewar of the Department of the Army on Dec. 31, 1948. period. NOTE.— (a) Components will not necessarily add to totals because of Changes in the United States balance of payrounding. (&) A detailed analysis of data appearing in this table, as well ments during 1948, compared with 1946 and 1947, as a definition of terms, may be found in Appendix C [omitted here]. were the result of two major developments. The (c) Grants to ERP participants include conditional aid. first of these was the continued progress of recovery Source: Clearing Office for Foreign Transactions, Office of and production in foreign countries which enabled Business Economics, Department of Commerce. them to supply a larger portion of their own needs their deficit with the United States in the three and to increase their exports to the United States. and one-half year period, foreign countries drew A second major factor in reducing the United a total of 6.3 billion dollars from their gold and States export surplus was the increasing difficulty dollar assets, and received about 19.0 billion dol- of countries in making dollar payments. This diffi- SEPTEMBER 1949 1067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL culty appeared acute during 1947 and has continued, spread. The reserves of most countries, furtherwith varying degrees of intensity in different coun- more, were at levels so low as seriously to impair tries, throughout 1948. their ability to meet contingencies in international payments. The reserves of many countries were CHANCES IN FOREIGN GOLD AND DOLLAR RESERVES far below the levels that would be requisite to the Countries which had borne the brunt of the war re-establishment of multilateral trade and the relaxaeffort and had not accumulated large reserves have tion of foreign exchange controls. had difficulty since the end of the war in financing A decline in total foreign gold 4 and short-term their import requirements. By 1948 most of the dollar balances of about 4.5 billion dollars between countries which had built up their reserves during June 30, 1945, and December 31, 1947, is reflected the war had used the bulk of such accumulations, in Table IV. In 1948 the decline amounted to only and the shortage of gold and dollars became wide- about 273 million dollars for the year. The over-all decline of 4.8 billion dollars between July 1945 and TABLE IV December 1948 was accounted for chiefly by a reduction in the balances of ERP countries of 2.7 billion ESTIMATED FOREIGN GOLD AND SHORT-TERM DOLLAR BALANCES, JUNE 30, 1945-DECEMBER 31, 19481 dollars and a decline in Latin-American balances [In millions of dollars] of about 0.9 billion. It should be noted that these figures represent net declines after taking into con- Dec. 31— sideration foreign gold production 4 in the neigh- Area Ju 1 n 9 e 4 3 5 0, borhood of 2.5 billion dollars during the three and 1946 1947 1948 one-half year period. The ERP countries, in particular, suffered losses Total, all areas 19,684 19,292 15,136 14,863 in their monetary reserves during the early post- ERP countries and de- war years in their efforts to meet the over-all deficit pendencies 10,473 9,967 7,762 7,804 Other Europe 2 1,029 1,104 1,043 840 in their balance of payments. The dollar needs of Asia and Oceania 1,980 1,994 1,832 1,969 the recipient countries have been greatly in excess of Latin America 3,625 3,642 2,877 2,744 the goods and services supplied by these countries All other ? 577 2,585 1,622 1,506 to the United States. Direct United States aid has 1 Excludes holdings of the International Monetary Fund, the made possible European dollar payments to other International Bank, and other international organizations; also areas of the world, as well as purchases from the excludes U. S. S. R. gold holdings. 2 Includes gold held by Tripartite Commission for the Restitu- United States. tion of Monetary Gold. Source: Treasury Department and Board of Governors of the Federal Reserve System. ' Excluding U. S. S. R. III. ACTIVITIES OTHER THAN THOSE RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK EUROPEAN RECOVERY PROGRAM and authorization had been allotted by the end of the first year of operation. In general, distribution The first year of ERP. Many of the participating of funds between recipient countries, and detercountries made substantial progress during the first mination of the type of assistance, was based upon year of the recovery program in accomplishing some such factors as the recovery needs of individual naof the initial objectives of expanding production and tions, prospective balance of payments, deficits with facilitating trade and in attaining internal financial the Western Hemisphere, and relative ability to stability. Notable signs of financial improvement service loans. The conditional aid indicated in colwere reflected in balanced budgets and fairly stable umn (4) of the table was extended to those counprice levels in a number of countries. tries which anticipated export surpluses in their In conformity with the Economic Cooperation trade with other participants. (Conditional aid Act of 1948, the Council worked closely with EC A is discussed more fully later in this report.) on the financial problems of the recovery program, and made recommendations on the division of aid Appropriation request for second year program of by type, i. e., grants (direct or conditional) and ERP. The Council concurred in the ECA approloans. Table V summarizes the allotments by priation request for the April-June quarter of 1949, country and type of aid for the first year of the and for the fiscal year 1949-50. After review by program. the Congress, funds were authorized in the follow- As shown by this table, practically the entire ing amounts (Public Law 47, ch. 77, 81st Cong., amount of the 5 billion dollar ECA appropriation 1st sess.): 1068 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL Millions of dollars to the anticipated program for the next fiscal April-June 1949 1,150 period. In particular, problems relating to the Fiscal year 1949-50 4,280 future loan policy of ECA, the use of local cur- Guaranties 150 rency counterpart funds, ECA guaranties, exchange rates, gold and dollar requirements, and blocked Total ECA funds authorized 5,580 assets were considered. In its consideration of these problems, the Coun- The authorization for guaranties is made under cil recognized the changes taking place in the Section 6 (6) of Public Law 47— internal financial situations of the recipient coun- 'less any amount allocated prior to April 3, 1949, tries. Inflationary rises in prices had been checked for such purpose, until all liabilities arising under in several countries and the monetary authorities of the various governments were in process of carry- TABLE V ing out programs of credit restriction. The governments had, to a considerable extent, reduced ECA ALLOTMENTS TO PARTICIPATING COUNTRIES the rate of inflationary borrowing from the cen- APRIL 1948-MARCH 1949, BY TYPE OF AID1 tral banks or from other sources by bringing their fin millions of dollars] budgets closer to balance. Furthermore, the fact that there was a greater availability of goods also Grants Total had the efTect of arresting price increases. Diffi- Country m al e lo n t t - s Loans Con- culties in the future, however, might be faced by Direct ditional those countries which were experiencing "supaid pressed" inflation—i. e., countries in which ex- All ERP countries. . 4,953.0 972.3 3,449.4 531.3 pendable income had increased more than proportionately to the supply of goods but in which United Kingdom 1,316.0 313.0 773.8 229.2 France 1,061.6 172.0 882.5 7.1 price rises had been prevented or minimized by such Italy 585.9 67.0 490.8 28.1 devices as price controls, rationing, and subsidies. Germany (western).. . 507.0 437.8 69.2 In some instances budgets had been balanced, or Netherlands 473.9 146.7 323.1 4.1 Austria 228.7 228.7 budgetary surpluses achieved, but in other cases Belgium-Luxembourg. 206.7 57.4 3.0 146.3 where budgetary deficits were causing inflationary Greece 176.8 176.8 difficulties more effort was needed, in the Coun- Denmark. 103.0 ' 31.6'' 68.2 3.8 cil's opinion, to increase domestic revenues and to Ireland 88.3 88.3 Norway 82.8 35.0 37.0 10.8 eliminate unnecessary expenditures. Turkey 46.7 38.0 8.7 Sweden 40.4 21.6 18.8 Exchange rates. The Council has given continual Trieste 13.8 13.8 attention to the problem of the exchange rates Iceland 10.0 2.3 2.5 5.2 of the participating countries. It concluded that in 1 Represents, together with 27.7 million dollars set aside for 1948 a general revaluation of the European exguaranties, complete assignment to countries of loan funds avail- change rates was inadvisable in view of the possible able from the 1 billion dollar public debt transaction. Source: Hearings on Foreign Aid Appropriation Bill for 1950, be- internal repercussions of devaluation on the parfore subcommittee of Committee on Appropriations, House of Rep- ticipating countries in a period when their econoresentatives, 81st Cong., 1st sess., p. 638. mies still exhibited serious inflationary tendencies, guaranties made pursuant to this authorization have while their levels of production were not adequate expired or been discharged." to maintain an expanded volume of international trade. In many of the participating countries these Prior to April 3, 1949, 27.7 million dollars had conditions no longer obtain, since substantial progbeen allocated to guaranties. ress has been made toward recovery in their levels Pending the passage of legislation appropriating of production. The Council recognizes that if funds to the ECA for the fiscal year 1950, the Reconviability of the European economies is to be atstruction Finance Corporation was authorized and tained by 1952, greater progress must be made by directed to make advances not to exceed in the the European countries in redressing their balanceaggregate 1 billion dollars to carry out the proviof-payments position with respect to the Western sions of the Economic Cooperation Act. Hemisphere, and in attracting private foreign in- Financial aspects of European recovery. During vestment. It is the Council's opinion that in some November and December 1948, the Council took cases the revaluation of currencies may constitute occasion to review the financial problems raised by an important means of bringing about the desired ERP during the year and related these problems expansion of exports to the dollar area which, along SEPTEMBER 1949 1069 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL with other appropriate measures, will contribute Blocked assets. In conjunction with the initial to more normal methods of financing after 1952. presentation of the European Recovery Program to While fully aware of the difficulties involved in the Congress, the Council outlined a program to exchange rate adjustments, the Council believes provide to recipient countries information which that the problem should be explored with some of would enable them to secure control over the the European countries. Where adjustments of blocked dollar assets of their citizens. (See Report exchange rates are indicated, it is expected that of Council activities for the period October 1947member countries will make appropriate proposals March 1948.) Accordingly, a census was taken to the International Monetary Fund. of all assets which remained blocked in this country as of June 1948. By the end of December appro- Loan policy. Certain European countries have priate information disclosed by the census with accumulated a substantial indebtedness to the respect to property worth approximately one-half United States, including debts arising from war billion dollars was placed in the hands of the account settlements, postwar credits, and loans ex- countries to which the United States was extending tended by ECA during its first year of operations. assistance. In this way, detailed information con- A further large mortgage upon future dollar receipts cerning a considerable portion of the assets was would in all probability be a deterrent to the objec- made available to the appropriate governments for tives of the recovery program. The imposition of the first time. On October 1, 1948, jurisdiction further claims against European dollar earnings by over assets remaining blocked was transferred to the United States Government would lead to a the Office of Alien Property in the Department of smaller margin of flexibility in the international Justice from Foreign Funds Control of the Treasury accounts of the debtor countries, thereby necessitat- Department. ing disproportionate adjustments in vital imports Local currency funds. The Economic Cooperation as earnings fluctuate. The probable effect would Act and the bilateral agreements negotiated under be to reduce to a corresponding extent the capacity the Economic Cooperation Act provide that 95 per of participating countries to service additional financing which they may require and to pay earn- TABLE VI ings on direct investments. Therefore, any sub- STATUS OF EUROPEAN LOCAL CURRENCY COUNTERPART stantial increases in dollar service charges resulting ACCOUNTS UNDER FOREIGN ASSISTANCE ACT from the assumption of increased obligations to OF 1948, AS OF APRIL 2, 1949 the United States Government would be scrutinized [Dollar equivalents of the local currency, in millions of dollars *J with particular concern by international lending agencies and private investors. For use by recipient country (95 per cent) A i m ze d i T n d m h e , i e n i w n i C s h t o e r c u a n o t n o n c a r s i i u l d f l o c ta o r f t o n i E o r s c e n o q t h n u w e o e n m i f t t i h l i s y c c a t C r h l e o e c y o o e p C m a e r o m r a u 1 t e n i 9 n o c 4 d i n 9 l e , - d b 5 t e 0 o t h a s a u d h t t e o h t t u o e h l r r e d - - Countr g y r an re ts ceiving po T re c s d o n u i e t t c r e - a - y d l pr p A f o r o v p o r - e - d d W ra i w th a - ls o a n B n c a d e l e - s - U u S ( c 5 s F t n e e a i n o p t t r t b e e e ) d s y r : gram posit be on a loan basis and in what amount. Prudent use use of this discretionary power would keep the field open for long-range investment prospects for pri- All ERP countries. t,733.2 1,318.4 828.1 818.5 86.6 vate capital, for Export-Import Bank financing, and France 540.7 288.7 288.7 225.0 27.0 United Kingdom.... 484.4 435.0 433.2 27.0 24.2 for International Bank loans. Italy 163.9 2434.8 155.7 8.2' Foreign gold and dollar balances. Prior to the start A Bi u z s o t n ri e a (Germany) 1 10 4 3 3 . . 2 8 12.5 12.5 1 9 2 7 4 . . 2 1 5 7 . .2 2' of ERP, many nations throughout western Europe Netherlands 94.7 90.0 4.7 had drawn down their gold and dollar reserves Greece 88.4 Mil.5 63.9 20.1 4.4 in order to purchase essential goods from the United F N r o e r n w ch a y Zone (Germany) 4 2 5 5 . . 0 5 22.2 22.2 2 24 0 . . 2 6 2 1 . . 2 3 " States. When the recovery program began, con- Denmark. 32.8 () 31.2 1.6 sideration was given to the problem of whether Trieste. . . 7.8 6.8 .6 .4 Belgium. . 3.0 2.8 .2 further reduction in such reserves should be made a requisite to receiving continued United States 1 Dollar equivalents are computed at the actual rates which wereassistance. The Council considered that such de- used by the respective governments in agreement with the Economic Cooperation Administration in making commensurate depletion of reserves should not be required, but that posits of local currency. 2 Includes programs approved in advance of deposits of counter- ECA allocations should not be made for the specific part funds. 3 Less than $50,000. purpose of building up foreign-exchange reserves. Source: Economic Cooperation Administration. 1070 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL cent of the local currency counterpart funds result- on the foreign government. The status of these ing from United States assistance furnished on a funds as of April 2, 1949, is shown by country in grant basis shall be held or used in agreement with Table VII. the United States Government. The policies in- Neither the Council nor ECA considered that volved in the use of these funds have been formu- a policy of uniform treatment of the local currency lated by the ECA in consultation with the Council. accounts was advisable in view of the great differ- In accordance with the terms of the act, local cur- ences in progress made by individual countries, rency funds are available for the reduction of public differences in financial structure, and differences in debt, expenditures for capital reconstruction, and economic policy. Therefore, the Council has acted for other purposes conducive to attaining the pur- on a country by country basis in its review of the poses of the act. The status of counterpart funds use of local currency counterpart funds for the under the Foreign Assistance Act of 1948 as of various participating countries. April 2, 1949, is shown in Table VI. The previous Report of the Council dealt with re- Five per cent of the counterpart funds deposited leases of counterpart funds in France, the United by the European Recovery Program participants Kingdom, Greece, and Trieste. In general, these is allotted to the use of the United States within releases were made for purposes of financing inthe foreign country for the procurement of strategic vestment and re-equipment of public utilities; to materials and the payment of local currency ex- stimulate economic activities in industrial and penses of the United States Government, particu- agricultural enterprises and so contribute to the larly administrative expenses in connection with economic recovery of western Europe; for refugee, the program. These allotted funds are subsequently public health and welfare programs; and to retire transferred from the deposits of the foreign country the public debt where the country receiving such to a separate United States account. The differ- aid had progressed toward budgetary equilibrium. ence between the funds transferred to the United During the period under review, the Council con- States account and 5 per cent of the grants reported sidered questions of policy concerning the release represents a claim of the United States Government of counterpart funds in Austria, Italy, and Norway. TABLE VII Austria. The Council advised the ECA that it had no objection to the release of 330.5 million STATUS OF UNITED STATES PORTION (5 PER CENT) OF COUNTERPART FUNDS UNDER FOREIGN ASSISTANCE schillings from the Austrian counterpart funds to ACT OF 1948, BY COUNTRY, AS OF finance expenditures in the last half of 1948 de- APRIL 2, 1949 signed to stimulate productive activity through the [Dollar equivalents of the local currency, in thousands of dollars J] rehabilitation of basic Austrian utilities. The Council further advised that additional releases be con Five Expenditures sidered only after review of the Austrian financial per cent Trans- Bal- Countr g y r an r t e s ceiving f a p o c o r d o t e e s u f i - i g a ts n l U c S fe o t n a r a t u i c r o t t n e - e e d t s d s t o r A a a t n h t d i d e - v r e t S t e m e r t g i r a a a i - c l - s U c S a o t n a n a u i c i n c t n t - e e e t s d s e t s o i f t f u A o a a r c t t s h i s o e ie h n c v o a e n d a d f n b i d n e r e e a n q n r u e c m c e ia e s a l i t d p s e t f t o a b r b o y i f l t i h t t h y e e e v . i r A d e e l u e n a s c t s e r e i a n o th f a G t c o o v a u e d n r e t n e q m r u p e a a n t r e t t country penses funds from ECA and other sources, including All ERP countries 86,659 32,789 6,639 16,758 9,392 GARIOA (Government and Relief in Occupied Areas), was also reviewed by the Council, pro- France 27,034 3,984 2 2,150 3 139 1,695 United Kingdom . . . 24,220 17,212 272 16,619 321 viding for 1,450 million schillings to retire govern- Italy 8,196 8,196 2,627 5,569 ment debt held by the central bank, 50 million Austria 7,190 1,200 471 729 schillings for housing and 7.58 million schillings Bizone (Germany).. 5,160 135 93 42 Netherlands 4,734 254 93 161 for other purposes. The additional program was Greece 4,419 1,000 685 315 recommended after extensive review of the new in- N D o e r n w m a a y rk 2 1 ,6 2 3 5 8 1 1 17 3 2 0 1 6 1 9 0 6 6 1 2 dustrial restoration program undertaken by the Austrian Government. French Zone (Germany) 1,275 52 52 Trieste 392 392 12 380 Italy. The Council advised that it had no objec- Belgium 150 62 57 5 tion to the Italian Government's proceeding with 1 See footnote 1, table VI. plans for a broad development program involving 2 Includes $1,566,000 for expenses of the Office of Special Rep- the use of counterpart funds up to 250 billion lire. resentative. 3 Represents advance for the development of mining facilities The Council recommended that the Italian Governin French Africa to be repaid by the delivery of lead and zinc. ment be advised that approval by the United States Source: Economic Cooperation Administration. SEPTEMBER 1949 1071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL of actual releases from counterpart funds would be was reduced by 150 million dollars under Public decided upon after review of the program and of Law 47, Eighty-first Congress, which amended the the degree of financial and monetary stability at- Economic Cooperation Act. During the first year tained. It was anticipated that the use of the of its operations, 27.7 million dollars was allocated funds would be directed toward agricultural re- to the ECA guaranty program, and actual guarhabilitation, public works construction, expansion anties authorized amounted to $3,587,814. of the merchant marine, and improvements to the By arrangement with the Administrator for Ecotransportation system. nomic Cooperation, the Export-Import Bank acts as his agent for the issuance of industrial guaranties, Norway. The Council advised ECA that the while the informational media guaranties are issued local currency counterpart of ECA assistance durby the Administrator. ing the first year of the program might appropriately be used by the Norwegian Government ASSISTANCE FOR ASIA for the reduction of debt to the Bank of Norway. Norway's primary problem has been one of sup- China. Since the date of the last Council report, pressed inflation. Steps have been taken to offset further deterioration in the economic and political inflationary pressures through direct controls and situation of China necessitated adjustment in the gradually to work of! excess purchasing power United States Government's program of assistance through fiscal measures. In view of this program, to that country. During November 1948, therethe use of counterpart funds for the purpose indi- fore, ECA requested the advice of the Council on cated above appeared wholly consistent with the the use of local currency counterpart funds for ECA Act. emergency purposes consistent with the objectives of the China Aid Act of 1948, and the Council Conditional aid. ECA allots funds to certain saw no objection to the extension of discretionary countries on the condition that they grant to other authority to the Chief of the ECA China Mission to participating countries equivalent amounts in their agree with the Chinese Government regarding the own currencies (called drawing rights). These use of these funds. allotments are called conditional aid. During the first year of ERP, conditional aid amounting to Japan. The Japanese postwar economy has been $531,300,000 was allotted to correspond to drawing characterized by acute inflationary conditions which rights established by participating countries within made difficult effective economic control, and rethe intra-European payments plan. In general, the sulted in budgetary imbalance and a low level of United Kingdom and Belgium received the larger trade, both domestic and foreign. The United portion of conditional aid while France received States authorities recognized the need for more a large portion of the corresponding drawing rights. adequate internal stabilization in Japan, and in In the operation of this program, the Council July 1948, urged upon the Japanese Government a recommended to ECA that no deposit to the special program of more effective controls which was local currency account be required from the country adopted only in part. receiving the conditional aid, but that the country Early in December 1948, an appropriation rereceiving the drawing rights make a commensurate quest for economic rehabilitation, prepared by the deposit in a special local currency account to be Department of the Army, was submitted to the administered under Section 115 (b) (6) of the Council for consideration. The Council offered no Foreign Assistance Act of 1948, 5 per cent of which objection to the proposed appropriation, on the would be allotted to the United States for its use basis of assurances from the State Department and under the terms of Title I of the Foreign Aid Ap- the Department of the Army that economic stabilipropriations Act of 1949. Since a country utiliz- zation in Japan would be expedited. ing drawing rights in effect obtains assistance in- On December 17, 1948, a directive was issued by directly from the United States, it is reasonable to SCAP to the Japanese Government to carry out an require that deposits be made on the same condi- effective economic stabilization program calculated tions as apply to local currency deposits made to achieve fiscal, monetary, price, and wag;e stability against direct grants. in Japan as rapidly as possible, as well as to maximize production for export. The specific objectives ECA guaranty program. The Economic Cooperaof the program were listed as: tion Act of 1948 provided •. statutory limit of 300 million dollars for guaranties of industrial and (1) Balancing the budget at the earliest posinformational media investments in connection with sible date by stringent curtailing of expendiprojects approved by the Administrator. This limit tures and maximum expansion in revenues. 1072 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL (2) Strengthening the program of tax col- relief purposes from United States appropriated lection. funds. (3) Limiting credit extension to projects Korea. The United States authorities in Korea contributing to economic recovery. have been confronted, since the end of the war, (4) Stabilizing wages. with difficulties by reason of currency inflation, (5) Strengthening price controls. the excess of expenses over incomes, tax-collection (6) Improving foreign trade and foreignproblems, and disruption of normal economic relaexchange controls. tions between North Korea and South Korea. An (7) Improving the allocation and rationing EC A appropriation request for the fiscal year 1950 system. was presented to the Council for consideration, and (8) Increasing production. the Council gave favorable consideration to this (9) Improving efficiency of the food-collecrequest in view of the special responsibilities of tion program. the United States Government in South Korea. In conjunction with the announcement of the This program will continue and extend programs program, it was stated that— previously administered by the Department of the Army. "Improvements in the Japanese standard of living will be contingent on the degree to which the Jap- EXPORT-IMPORT BANK CREDITS anese give wholehearted support to the achievement During the period under review the Council of economic stabilization and recovery. Their per- continued to work closely with the Export-Import formance in carrying out their program will be Bank to facilitate coordination of the Bank's operaweighed in connection with future requests for tions with those of other agencies concerned with appropriated funds for Japan." foreign lending. New credits authorized by the During 1948, a United States mission conducted Bank during this period totaled $148,390,560. a survey of the exchange-rate situation in Japan, Wood processing industry in Finland. The Counand recommended that a single rate for the yen cil approved consideration by the Export-Import be established as soon as practicable. The De- Bank of a loan to Finland in an amount not to cember directive, referred to above, also indicated exceed 10 million dollars for the import of essential that the program would be developed to pave the equipment and raw materials for the wood-workway for the early establishment of such a rate. ing industry in order to promote a substantial in- In March 1949 the Supreme Commander for the crease in the export of pulp, paper, and other Allied Powers requested authorization to estabessential wood products to the Western Hemisphere lish a general commercial exchange rate for the and to ERP countries. The credit, unconditionally Japanese yen on April 1, 1949, or as soon thereguaranteed by the Government of Finland, was after as practicable. The Council concurred in established in favor of the Bank of Finland, which the proposal and recommended that consideration be given to fixing a rate up to 360 yen per dollar.5 undertook to control and supervise the allocation of credits among Finnish firms to assure that they Ryukyu Islands. The Council gave favorable would be used for the specific purpose of bringing consideration to the Department of the Army's about further recovery in Finnish exports of wood appropriation request for the Ryukyu Islands for products. This credit is available until December the fiscal year 1950. This program is designed to 31, 1949, bears interest at 3Y per cent per annum, assist in restoring war-damaged industry, to achieve 2 and is to be repaid in six years after January 1, more efficient utilization of indigenous resources, 1953. and to improve existing facilities for power and transportation, and thereby to reduce the amount of Power development in Brazil. The Council apfunds which would otherwise be required for proved consideration by the Export-Import Bank 5 On Apr. 22, 1949, the Supreme Commander for the of a loan of $8,278,000 to 12 of the operating sub- Allied Powers in Tokyo fixed the official exchange rate at 360 sidiaries of the American & Foreign Power Co. Japanese yen to the dollar, effective Apr. 25. The rate under guaranty of the Brazilian Electric Power Co., applied to all permissible foreign trade and exchange transits Brazilian holding company, to finance the exactions, including those for which the military conversion rate had been applicable. Exchange rates of the yen with pansion of power production and related distribuother currencies were based on the official parities of those tion facilities in Brazil. The obligation is evidenced currencies with the dollar agreed with the International by notes bearing interest at 4/4 per cent per annum Monetary Fund. The action did not change existing restricand maturing in 20 semiannual instalments betions on conversion of yen to foreign currencies or on the holding of foreign currencies. ginning in March 1950. The companies had in- SEPTEMBER 1949 1073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL vested 25 million dollars in the construction of Economic development of Israel. The Council new facilities during the period 1945-47 and the approved consideration by the Export-Import Bank current loan was designed to cover a portion of of credits of 100 million dollars to the State of the external costs of that part of an additional pro- Israel to finance projects contributing to the balgram of expansion which would be completed in anced economic development of the country. In 1949. The Brazilian borrowing companies had January 1949 the Export-Import Bank announced demonstrated high earning capacity as a group, and the authorization of a credit of 35 million dollars had secured from the Brazilian exchange control to assist in the financing of agricultural projects, authority a registration for priority of the exchange and the earmarking of 65 million, to be available required for the service of the credit. until December 31, 1949, for credits to finance Another expansion program in Brazil, that of projects in the fields of transportation and comthe Brazilian Traction Light & Power Co., Ltd., munication, manufacturing, housing, and public for a credit of 75 million dollars to expand power works. These various projects are part of the production and telephone facilities, is discussed in over-all program of the State of Israel designed to the section of this report dealing with the Interna- establish a self-sustaining economy. The State of tional Bank. Israel expects to finance this total investment program in large part from local savings, Jewish con- Agricultural development in Haiti. The Council tributions from various parts of the world, and priapproved consideration by the Export-Import Bank vate foreign capital investment. of a credit not to exceed 4 million dollars to the During March 1949 the Export-Import Bank Republic of Haiti for financing the development announced allocations from the 65 million dollars of the Artibonite Valley. Terms of the credit proof 16 million for buses and trucks, materials and vide for repayment in 30 approximately equal equipment for developing low-cost housing, and semiannual instalments, commencing three years telecommunications equipment. after the date of the first advance of funds for the The Israeli credits carry a rate of interest of 3% project. per cent per annum and are to be amortized over a The funds obtained from this loan will be used period of 15 years. to assist in financing the construction of flood- Highway construction in Bolivia. The Council control, irrigation and drainage works, as well as approved consideration by the Export-Import Bank settlement and agricultural development of the of a credit to Bolivia not to exceed 16 million dolapproximately 62,500 acres of lands to be irrigated. lars with a maturity of about 20 years and an The credits will be used to finance the purchase of interest rate of not more than 4 per cent per United States equipment, materials and services annum to assist in financing the completion of the required for construction in an amount not in Cochabamba-Santa Cruz highway. The proposed excess of $3,200,000, and to finance the purchase credit would be supplementary to an earlier credit of up to $800,000 of other United States equip- of 10 million dollars extended in March 1942. ment required in the settlement and development Other credits. In addition to the credits specified of the irrigated area. above, the Export-Import Bank, during the period Steel expansion in Chile. The Council approved under review, extended other credits in small consideration by the Export-Import Bank of a credit amounts, including credits for certain projects in of 20 million dollars, with a maturity of 20 years, the Latin American Republics and for the developto Corporacion de Fomento de la Produccion of ment of iron-ore deposits in Canada. Chile, to supplement the existing credit of the Bank The Export-Import Bank also acts as the loan for financing construction of an integrated steel administering agency for loan agreements negotiated on behalf of ECA under the Foreign Assistmill at Concepcion, Chile. The initial credit of 28 ance Act of 1948. Loans to participants in the million dollars was established by the Bank in European Recovery Program have been considered September 1945. earlier in this report. A rise in prices and necessary modifications in As of March 31, 1949, the resources of the Explans since the project was first submitted resulted port-Import Bank were distributed as follows: in a substantial upward revision in estimated total cost, from 56 million to about 83 million dollars. Millions of dollars Of this total 48 million will be covered by Export- Loans outstanding . 2,144.7 Import Bank financing, 4 million by credits ob- Undisbursed commitments 425.9 tained from United States suppliers, and the balance Uncommitted lending authority 929.4 of 31 million will be supplied by Chile. Total lending authority. 3,500.0 1074 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL TABLE VIII Table VIII shows the distribution of net credits authorized by country and object of financing. NET CREDITS AUTHORIZED BY THE EXPORT-IMPORT BANK1 Actual utilization of Export-Import Bank credits JULY 1, 1945, TO MARCH 31, 1949 by country, through December 31, 1948, may be [In millions of dollars found in Appendix C.6 A c r o e u a n t a r n y d Total R s t t e i r c o u o n c n - - v m D e e l e o n - p t - r s L L e i e t e q i n a o u s d n i e - - sch C p t a o u o s n r t e - - s2 Other War Ass S e U t N s D R A Y d F m IN in A i N s C tr I a A t L io n P RO f B o L re E i M g S n credits. As indicated in the previous Report of the Council, War Assets Administration credit agreements with Total, all areas. . 2,597.3 1,008.6 754.6 655.0 159.0 20.1 foreign governments were originally inaugurated Total, Europe. . . 2,005.5 971.9 261.0 655.0 100.0 17.6 at a time when the agency held in its inventory France 1,200.0 650.0 550.0 large amounts of property which it appeared could Netherlands . . 205 3 3152 2 3 1 50 0 Belgium 132.0 45.0 332.0 55.0 not then be absorbed by the national economy. Italy 131.8 101.9 25.0 44.9 Thereafter, when certain of the credit agreements Finland 100.2 73.2 17.0 5 10.0 were scheduled to expire, the Administrator of Norway 50.2 50.0 .2 WAA requested the advice of the Council as to Poland 40.0 40.0 Turkey 35.6 35.6 the desirability of extending them and the Coun- Czechoslovakia . 22.0 20.0 4 2.0 cil approved consideration of their extension until Denmark 20.0 20.0 December 31, 1948. Germany 19 0 19 0 Greece 14.7 14.7 In December 1948, War Assets Administration Austria 13 5 13 0 .5 brought to the attention of the Council the fact Sweden 2.2 2 2 that certain credit agreements would expire before Unallotted cotton credits. . . 19.0 19.0 February 28, 1949, the scheduled date for the liqui- Total, Latin dation of WAA, and requested the advice of the America 231.5 231.5 Council as to the desirability of renewing until Brazil 73 6 73 6 this date these credit agreements upon applica- Mexico 57 0 57.0 Chile 63 7 63 7 tion. Since there was no material change in factors considered at the time of the earlier requests, the Colombia 20.1 20.1 Haiti 4 0 4 0 Council approved consideration by WAA of the Ecuador 3.8 3.8 renewal to February 28, 1949, of credit agreements Bolivia 3 3 3 3 with the Governments of Finland, the Philippines, Venezuela 3.0 3.0 Panama 2.0 2 0 the Netherlands, Haiti, Norway, Austria, and Argentina .2 2 France upon receipt of applications from these Uruguay 1 .1 governments. Other Latin America 7 .7 0 Omitted here. Total, Asia and Africa 212.8 36.7 117.1 59.0 TABLE IX Israel 100.0 100.0 China 66.7 33^7 33 0 WAR ASSETS ADMINISTRATION CREDIT AGREEMENTS WITH Japan 26 0 3 626.0 FOREIGN GOVERNMENTS, AS OF FEBRUARY 28, 1949 Saudi Arabia. . . 10.0 10.0 Egypt 7.1 7 1 Total Credit Unused Ethiopia 3.0 3.0 Country credit approvals balances agreements Feb. 28, Feb. 28, Canada 145.0 145.0 1949 1949 Other 2.5 2.5 Total. . $117,255,000 $19,849,383 $97,405,616 1 Cancellations and expirations deducted. Numerous small ex- France 50,000,000 6,972,390 43,027,609 porter-importer loans extended by the Bank, July 1, 1945, through Netherlands 15,000,000 969,997 14,030,003 Mar. 31, 1949, excluded. Also excluded are Mexican authoriza- Norway. . . . 12,000,000 631,443 11,368,557 tions of 30 million dollars and a Peruvian authorization of $400,000 Austria 10,000,000 3,346,778 6,653,222 approved prior to June 30, 1945, but recorded on the Bank's books subsequent to June 30, 1945. Finland. . . . 10,000,000 6,565,756 3,434,244 2 Credits extended by the Export-Import Bank under general Philippines. 10,000,000 1,074,633 8,925,367 approval of the Council. Hungarian credit of 7 million dollars Pakistan... . 10,000,000 M36.464 9,863,536 canceled Apr. 2, 1947. Haiti 255,000 151,922 103,078 3 Excludes participation by private banks. * For financing tobacco purchases. 5 For financing food purchases. 1 Paid in full with interest on Nov. 10, 1948. 6 Revolving credits. NOTE.—The purchasing period under the Pakistan agreement Source: Export-Import Bank. expired on Apr. 14, 1949. No further purchases have been made under the agreement. The purchasing period under the other agreements expired on Feb. 28, 1949. Source: War Assets Administration. 1075 SEPTEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL President's program for underdeveloped areas. In guaranties to investors against certain risks, and his inaugural address before the Congress on Janu- (3) tax incentives, have received attention during ary 20, 1949, the President stated that— this initial stage of exploration into the possibilities of implementing the program. The President's "We must embark on a bold new program for Committee for Financing Foreign Trade, under making the benefits of our scientific advances and the chairmanship of Mr. Winthrop W. Aldrich, industrial progress available for the improvement has consulted with the Council on those aspects and growth of underdeveloped areas." of the program in which there is mutual interest. The Point IV program, outlined by the President, Financial aspects of military assistance. In March called for United States Government participation 1949 the Council reviewed, with particular reference in the form of technical assistance, development to the possible impact on the European Recovery loans by United States Government and interna- Program, certain of the financial aspects of the tional lending agencies, and the fostering of United military-assistance program which was under con- States private investment abroad. sideration by the Executive Branch of the United The Point IV program is broadly economic in States Government. nature. It recognizes that the greatest contribution to the economic development of underdeveloped Joint Brazil-United States Technical Commission. areas will have to come from within such territories. As indicated in the previous Report of the Council, By sharing their knowledge and skills, the nations the Joint Brazil-United States Technical Commisengaged in this joint effort would promote and sion was created under the authority of President encourage foreign investments and international Truman and President Dutra pursuant to the trade. request of Brazil that technicians of the United The financial problems relative to the Point IV States Government collaborate with technicians of program have been under consideration by the the Brazilian Government in an analysis of the fac- Council. In particular, the relationship between tors in Brazil which tended to promote or to retard the capital-investment aspects of this program and the economic development of the country. The methods of developing technical cooperation be- Commission, engaged in this task since September tween nations have been studied. Proposals de- 1948, completed and submitted its report to the two signed to encourage the flow of private investment Governments in February 1949. The report was capital abroad, particularly relating to (1) the nego- subsequently made public. Terms of reference to tiation of treaty provisions covering protection of guide the Commission in its study were cited in United States foreign investment, (2) Government the preceding Report of the Council. IV. ACTIVITIES RELATING TO THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT The National Advisory Council, in accordance subscription to the Bank. As of March 31, 1949, with statutory authority, continued to coordinate Liberia had not yet accepted membership in either the activities of the United States .representatives the Fund or the Bank. of the Fund and the Bank with those of other On March 31, 1949, 47 countries were members agencies of the Government, by consulting and of the Fund and the Bank. The members, with advising with them on major problems arising their quotas and capital subscriptions as of March in administration of the Fund and the Bank. The 31, 1949, are listed in Appendix D.7 United States Executive Directors of these institutions, or their Alternates, have attended the Coun- ORGANIZATIONAL CHANGES cil's meetings regularly, and have participated con- On October 30, 1948, the Fund announced the tinuously in the work of its Staff Committee. appointment of Mr. Andrew N. Overby to the position of Deputy Managing Director of the Fund. MEMBERSHIP CHANGES IN THE FUND AND THE BANK Mr. Overby subsequently resigned as United States During the period under review no new coun- Executive Director, and assumed his new duties tries were admitted to membership in the Fund or on February 9, 1949. On February 8, 1949, the the Bank. In October 1948 the Governors of both President of the United States, with the advice institutions considered the membership application and consent of the United States Senate, appointed of Liberia and, without meeting, voted to accept Mr. Frank A. Southard, Jr., as United States Executhe Liberian application, providing for a quota in the Fund of $500,000 and a like amount as a 7 Omitted here. 1076 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL tive Director of the Fund. Mr. Southard took problem and to remove some of the features of the office on March 1, 1949. existing system considered to be in conflict with Fund policies. The new measures provided, among THE FUND other things, for the abolition of exchange premia During the period under review, the Fund not for certain major exports, for reducing the exchange only provided assistance to its members in appro- surcharges on two of the three categories of pripriate instances to meet balance~of-payments deficits vate imports, for the provision of exchange for offion current account, but also utilized extensively cial imports at the parity rate, and for the maintethe technical skills of its personnel in the solution nance of exchange licensing and certain quantitative of complex exchange problems. Thus, further import controls. Colombia and the Fund have conprogress was made in establishing the Fund as the tinued consultations with a view to the adoption international organization for technical consultation of measures in the financial and monetary field and advice on foreign-exchange problems. designed to lead toward further unification, simplification, and strengthening of the Colombian ex- Par values. On December 17, 1948, the Fund change system. announced a change in the par value of the Colombian peso from approximately 1.75 pesos to the Peru. On December 10, 1948, the Fund approved further changes in Peru's exchange system United States dollar, to approximately 1.95 pesos which were intended to encourage exports and to the United States dollar. On March 22, 1949, reduce import demand so as to achieve a better the Fund also announced that it had concurred in balance in Peru's international payments. At the a proposal by the Government of France to change same time, the Fund urged Peru to study policies the par value of the currency of French Somaliland looking toward greater unification of its exchange from 126 Djibouti francs per United States dollar, to 214.392 Djibouti francs per United States dollar.8 system. The United States Executive Director, acting with Union of South Africa. In order to meet a serithe approval of the Council, supported these deous drain on its convertible exchange reserves, the cisions. Union of South Africa, in November 1948, put into Exchange restrictions—France. On October 16, force restrictions on exchange for imports from 1948, the Fund reported the results of consultations countries outside the sterling area. In January 1949, with the French Government relating to changes after considering the substance of the measures and in the French exchange system in order to reduce the circumstances of the member, the Fund agreed the multiplicity of exchange rates and to unify the to approve the imposition of the restrictions and procedure applicable to commercial transactions. authorized their maintenance and adaptation to Under the agreed proposals, exchange rates for trade changing circumstances as long as the Fund remains transactions are based on the effective rate for the satisfied that they are necessary to safeguard South Africa's external financial position. In its action dollar, with cross rates for currencies of other the Fund gave particular attention to certain dismembers conforming closely to the accepted Fund criminatory aspects involved in the South African parities. Differential rates continue only for nonmeasures, and is keeping the questions under contrade transactions in dollars, Swiss francs, and stant review. In respect to the South African imescudos. port restrictions imposed in November 1948, the Colombia. The change in par value of the Co- Fund has been in consultation with the Contracting lombian peso in December 1948, was accompanied Parties under the General Agreement on Tariffs by certain modifications in the country's existing and Trade (GATT). multiple-currency system. These measures were concurred in by the Fund, which stated that they Gold sales at premium prices. I n February 1949, were an improvement upon the system which the Government of South Africa announced that Colombia introduced in June 1948, and should it had contracted to sell abroad 100,000 ounces of have the effect of curbing imports, thereby tending semiprocessed gold for industrial purposes at a to lessen the drain on Colombia's foreign exchange price in excess of $35 an ounce. The Fund's policy resources. The measures were designed to assist in on such transactions has been that external sales the solution of Colombia's balance-of-payments are allowable only if adequate safeguards exist to ensure that the gold is, in fact, used for bona fide 8 The par value initially agreed with the Fund of 70 and customary artistic, industrial, or professional Djibouti francs per United States dollar had been changed to purposes, and not for speculation and hoarding, 126 francs to the dollar when the Government of France and that it is imported in accordance with the gold instituted its new exchange system on Jan. 25, 1948. SEPTEMBER 1949 1077 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL or exchange laws of the countries concerned. The with the Fund's policy, and the Fund was in- Fund emphasized that there had been no change formed in October 1948 that Southern Rhodesia in this established policy. would undertake to modify its legislation to con- The Fund noted that it had advised South Africa form with the Fund's principles. in October 1948 of the desirability of instituting During the period under review, various other safeguards on external gold sales, similar to those members consulted with the Fund regarding steps employed by the United States and the United which might be taken internally to alleviate the Kingdom. The United States regulations, for ex- difficulties faced by gold producers, without infringample, require that the exporter furnish complete ing upon the basic policy respecting international information on the bona fide disposition of the transactions in gold at premium prices. gold, and further, that the proposed importation and payment are in conformity with the laws of Fund exchange transactions. During the six months the importing country. October 1, 1948 through March 31, 1949, the Fund During the remainder of the period under review, sold 73.7 million dollars to five of its member coundiscussions continued between the Fund and South tries. Of the aggregate amount, 6.1 million repre- African officials in an attempt to work out a mutu- sented a sale to Norway of United States dollars for ally satisfactory solution to this problem. gold. This was the first time a member country During the past year, the Fund also consulted had used the Fund's facilities for the purpose of exwith the United Kingdom, which has accepted changing gold for another member's currency. the Fund Agreement in respect of Southern Rho- Table X presents a detailed breakdown of all desia, regarding a gold-subsidy arrangement which Fund currency sales through March 31, 1949. has been established by the territorial government. THE BANK It was agreed that the arrangement was inconsistent In furtherance of its primary function of facilitat- TABLE X ing the flow of international investment funds, the International Bank has done much, during the CURRENCY SALES OF THE INTERNATIONAL MONETARY FUND MARCH 31, 1947-MARCH 31, 1949 period under review, to assist members to draw up practical long-range programs adapted to their [In millions of United States dollars] needs, as well as to suggest measures for improving Total Six-month period ending— their credit standing and financial stability. to Country M 1 3 9 1 a 4 , r 9 . M 31 a , r. S 3 e 0 p , t. M 31 a , r. S 3 e 0 p , t. the L o B an an s k a n g d ra n d t i e sb d u r t s w em o e l n o t a s. n s O to n ta l J in an g u a 3 r 4 y . 1 6 m , 1 il 9 li 4 o 9 n , 1949 1948 1948 1947 dollars for electric power development in Mexico. Total, all countries . 713.6 73.7 39.8 391.1 209.0 The joint borrowers in each case where the Comision Federal de Electricidad (Federal Electricity Total, Europe 570.2 6.1 23.3 356.8 184.0 Commission) and Nacional Financiera, and both United Kingdom. . . 300.0 240.0 60.0 France 125 0 25 0 100 0 loans were guaranteed by the Mexican Government. Netherlands 75.3 16.8 44.5 224.0 The larger loan of 24.1 million dollars, to be used Belgium 33.0 33.0 directly by the Federal Electricity Commission, is N D o en rw m a a y rk 1 1 5 0 . 7 2 '6.1 n 3 .i .4 6 2 . . 8 5 for a term of 25 years at an interest rate of 3l/ 2 per Czechoslovakia 6.0 6.0 cent, plus a 1 per cent annual commission charge Xurkey 5 0 5 0 to be set aside in the Bank's special reserve fund Total, other countries 143.4 67.6 16.5 34.3 25.0 in accordance with its Articles of Agreement. India 100.1 55.9 16.2 28.0 Amortization payments, calculated to retire the Mexico 22 5 22.5 loan by maturity, will begin in the fifth year. The Union of South Africa 10.0 10.0 smaller loan, 10 million dollars, was to be relent Chile 8 8 6.3 2.5 to the Mexican Light & Power Co., Ltd. Due to Ethiopia 3 3 an impending reorganization of the Light & Power Costa Rica 1.2 1.2 Nicaragua .5 .5 Co., this loan is expected to cover expenditures for company expansion plans only to December 31, 1 Sale of Belgian francs. 1949, and is due for repayment on that date. As 2 Includes 6 million dollars of pounds sterling. 3 United States dollars sold for an equivalent in gold. in the case of the larger loan, it carries an interest 4 Includes 4.6 million dollars of Belgian francs. rate of 3% per cent, plus the usual 1 per cent com- NOTE.—Except where otherwise indicated, all sales were of United States dollars in exchange for the currency of the purchasing mission charge. The Bank stated that, should the country. reorganization be satisfactorily completed in 1949, Source: International Monetary Fund. 1078 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL and other conditions warrant, it would consider pects to disburse these sums for purchases made negotiating a long-term loan to finance the remain- by the Company in Canada and the United Kingder of the foreign-exchange costs of the program dom, respectively. The Brazilian Traction loan and refunding the short-term credit. became effective on May 9, 1949, subsequent to On January 27, 1949, the Bank announced a ratification by the Brazilian Government. loan of 75 million dollars to the Brazilian Traction, On February 28, 1949, the Bank granted a loan Light & Power Co., Ltd., a Canadian corporation, to of 16 million dollars to the Kingdom of Belgium assist in financing the expansion of hydroelectric for the purchase of steel and electric-power equippower and telephone facilities in Brazil. The total ment. This loan will be used to finance the foreigncost of the expansion program is estimated at about exchange costs for the construction of steel-mill the equivalent of 195 million dollars over the facilities and the erection of a power plant in the next four or five years, of which it is anticipated Liege industrial district. The loan is for a term that approximately 120 million dollars, principally of 20 years, and carries an interest rate of 3% per local currency costs, will be financed from the cent, plus 1 per cent commission. Amortization company's own resources. The loan, guaranteed by payments, calculated to retire the loan by maturity, start in the fifth year. The Bank pointed out that the extension of this loan was in conformity with TABLE XI its policy of supplementing the European Recovery STATUS OF INTERNATIONAL BANK LOANS, MARCH 31, 1949 Program by financing permanent additions to Eu- Borrower com L m o i a tm n ent Di m sb e u n r t se- ba U la n n u c s e e d of a ro ff p o e r a d n in g p r r o e d a u s c o t n iv ab e l e ca p p r a o c s i p ty ec ts r ef o le f c te re d p ay in m e p n r t o . jects commitment From May 9, 1947, when the Bank made its first Total, all loans. . .$650,100,000 $508,342,928$141,757,072 loan, through March 31, 1949, loan commitments Credit National of the International Bank aggregated slightly over (France) 250,000,000 250,000,000 650 million dollars. As shown in Table XI, more Kingdom of the Netherlands 195,000,000 195,000,000 than two-thirds of this amount had been disbursed Brazilian Traction, by March 31, 1949. Light & Power Co., Ltd.* 75,000,000 75,000,000 Sales of guaranteed obligations. In January 1949, Kingdom of Denmark. 40,000,000 40,000,000 Financiera and Comi- the Bank announced the private sale with its sion (Mexico)2 34,100,000 1,832,818 32,267,182 guaranty of 2.2 million dollars in 2*/2 per cent Kingdom of Belgium. . 16,000,000 16,000,000 serial mortgage notes which had been held in its Corporacion de Fomento (Republic of portfolio since August 1948, when a 12 million Chile)3 16,000,000 16,000,000 dollar loan was made to four Netherlands shipping Grand Duchy of Luxembourg 12,000,000 9,510,110 2,489,890 companies. Of the latter amount, 8.1 million of Netherlands shipping companies 4 12,000,000 12,000,000 guaranteed notes had been purchased from the Bank immediately by a group of 10 United States 1 Loan guaranteed by the United States of Brazil, and effective commercial and savings banks. A similar trans- May 9, 1949, after ratification by the Brazilian Government. 2 Loans guaranteed by the Government of Mexico. Nacional action occurred on March 28, 1949, when the Financiera and Comision Federal de Electricidad are joint borrowers. Bank guaranteed and sold to private investors the 3 Effective Apr. 7, 1949, after ratification by the Chilean Gov- 16 million dollars of 3 per cent bonds of the ernment. 4 Loans guaranteed by the Kingdom of the Netherlands. Kingdom of Belgium, which it had received in Source: International Bank for Reconstruction and Develop- connection with the loan to Belgium. In accordment. ance with the articles of agreement, all of these the United States of Brazil, is for a term of 25 guaranteed obligations were sold in the United years, and carries an interest rate of 3/4 per cent, States only after obtaining the consent of the United plus a commission of 1 per cent. Amortization of States Government. principal will begin on July 1, 1953, and is calcu- In view of the fact that the 12 million dollar lated to retire the loan by maturity. In connection loan to the Netherlands shipping companies was with this loan, the Canadian Government gave made out of the 18 per cent United States capital its consent to the use of an amount not exceeding subscription, a further United States consent was 8 million Canadian dollars out of Canada's sub- required. In response to a request from the Bank, scription to the Bank's capital, and the Government the United States Government informed the Bank of the United Kingdom gave its consent to the use that it would interpose no objection to the use by of an amount not exceeding £500,000 out of the the Bank in making loans with all or any part United Kingdom's subscription. The Bank ex- of the proceeds of the guaranteed securities arising SEPTEMBER 1949 1079 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE NATIONAL ADVISORY COUNCIL from this transaction. The United States, however, one obligor that a member bank may hold at any expressed its desire to be consulted in the future one time). Bills to accomplish this purpose were before the Bank relends any of the funds originally introduced in the Eighty-first Congress. derived from the 18 per cent subscription of the Fiscal operations. For the nine months' period United States and recovered by the Bank through ending March 31, 1949, the Bank reported a net the sale of other securities. income of approximately 7.4 million dollars plus 3.7 million placed into the special reserve. Dur- Repayments. On January 15, 1949, four Nethering the comparable period ending March 31, lands shipping companies made a payment of 1948, the Bank's net income was 2.2 million dol- $600,000 to the banks holding the 2/ per cent 2 lars exclusive of 2 million set aside in the special guaranteed serial mortgage notes which had been reserve. As of March 31, 1949, the Bank had received by the International Bank in connection an earned surplus of over 10.4 million dollars, with the loans made to these companies, and which and nearly 6.8 million in its special reserve. were subsequently sold with the Bank's guaranty. This represents the first repayment of principal Future lending. As of March 31, 1949, the Bank by a borrower under one of the Bank's loan con- had uncommitted loanable dollar funds amounting tracts. to approximately 385 million dollars, and had on hand numerous loan requests at various stages of Legislation. As previously reported, the Council investigation and completion. As evidenced by its agreed to support, by appropriate steps, amendactivities during the period under review, the Bank ment of the Securities Act of 1933 and the Se- now has progressed well into the developmental curities Exchange Act of 1934, so as to exempt phase of its lending program. Additional use also securities issued or guaranteed by the International has been made of the Bank's guaranty power, Bank from those acts, and to support the amend- which serves the same purpose as would an increase ment of the National Bank Act so as to permit in available loan funds. The Bank may be exdealing in these securities by member banks of pected, in the future, to assume an increasingly the Federal Reserve System (subject to existing greater share of the financial burden of worldlimitations on the total amount of securities of any wide developmental and modernization programs. CURRENT EVENTS AND ANNOUNCEMENTS Admission of State Bank to Membership in the period July 16, 1949 to August 15, 1949: Federal Reserve System Texas The following State bank was admitted to membership in the Federal Reserve System during the Kilgore—Citizens State Bank & Trust Company 1080 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Reserves city's corporate limits, which, by the affirmative vote of five members of the Board of Governors Revision of Regulation D Supplement of the Federal Reserve System, is permitted to The Board of Governors of the Federal Reserve maintain the reserves specified in paragraph 1 System on August 5, 1949, issued a revised Suppleabove)— ment to Regulation D reducing the percentages of reserves required to be maintained by member (a) 6 per cent of its time deposits until the banks with Federal Reserve Banks. A press state- opening of business on August 11, 1949, and ment issued by the Board in connection with this 5 per cent of its time deposits thereafter, plus action was published in the August 1949 Federal (b) 20 per cent of its net demand deposits Reserve BULLETIN at page 895. There is set forth until the opening of business on August 11, below the text of the revised Supplement: 1949, 19% per cent of its net demand deposits from August 11 to August 17, 1949, inclusive, SUPPLEMENT TO REGULATION D 19 per cent of its net demand deposits from August 18 to August 24, 1949, inclusive, W/ Issued by the Board of Governors of the Federal 2 per cent of its net demand deposits from Reserve System on August 5, 1949 August 25 to August 31, 1949, inclusive, and RESERVES REQUIRED TO BE 18 per cent of its net demand deposits there- MAINTAINED BY MEMBER BANKS after. WITH FEDERAL RESERVE BANKS 3. If in a central reserve city (except as to any Pursuant to the provisions of Section 19 of the bank located in an outlying district of a central Federal Reserve Act and Section 2(a) of its Regu- reserve city or in territory added to such city by lation D, the Board of Governors of the Federal the extension of the city's corporate limits, which, Reserve System hereby prescribes the following by the affirmative vote of five members of the reserve balances which each member bank of the Board of Governors of the Federal Reserve Sys- Federal Reserve System is required to maintain on tem, is permitted to maintain the reserves specideposit with the Federal Reserve Bank of its dis- fied in paragraph 1 or 2 above)— trict: (a) 6 per cent of its time deposits until the 1. If not in a reserve or central reserve city— opening of business on August 11, 1949, and 5 per cent of its time deposits thereafter, plus (a) 6 per cent of its time deposits until the opening of business on August 16, 1949, and (b) 24 per cent of its net demand deposits 5 per cent of its time deposits thereafter, plus until the opening of business on August 11, 1949, 23% per cent of its net demand deposits (b) 13 per cent of its net demand deposits from August 11 to August 17, 1949, inclusive, from August 1 to August 15, 1949, inclusive, 23 per cent of its net demand deposits from and 12 per cent of its net demand deposits August 18 to August 24, 1949, inclusive, 221/ thereafter. 2 per cent of its net demand deposits from 2. If in a reserve city (except as to any bank lo- August 25 to August 31, 1949, inclusive, and cated in an outlying district of a reserve city or in 22 per cent of its net demand deposits thereterritory added to such city by the extension of the after. SEPTEMBER 1949 1081 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Margin Requirements In response to inquiries with respect to the ap- International Bank Securities plicability of the margin requirements of Regula- Section 2 of the Act of June 29, 1949 (Public tion T to securities issued or guaranteed by the Law 142—81st Congress), amended the Bretton International Bank for Reconstruction and Develop- Woods Agreements Act by adding a new section ment, the Board has replied that, as a result of this numbered 15 providing, in part, that "Any securi- enactment, securities issued by the Bank are now ties issued by International Bank for Reconstruction classified as exempted securities under Section 2(e) and Development (including any guaranty by the of Regulation T. Such securities are now in the bank, whether or not limited in scope), and any same category under this regulation as are United securities guaranteed by the bank as to both prin- States Government, State, and municipal bonds. cipal and interest, shall be deemed to be exempted securities within the meaning of # # # paragraph Accordingly, the specific percentage limitations pre- (a)(12) of Section 3 of the [Securities Exchange] scribed by the regulation with respect to maximum Act of June 6, 1934, as amended (U. S. C, title 15, loan value and margin requirements are no longer sec. 78c). * * *." applicable thereto. UNITED STATES GOVERNMENT ORGANIZATION MANUAL Following is an announcement regarding the ments, United States Government Printing Office, United States Government Organization Manual Washington 25, D. C. The Manual, an official which is printed in the BULLETIN by request: handbook edited by the Division of the Federal The 1949 Edition of the United States Govern- Register, describes the organization and functions ment Organization Manual is now on sale at one of the legislative, executive, and judicial branches dollar per copy by the Superintendent of Docu- of the Government. 1082 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 26, and released for publication August 30] Industrial production declined further in July advanced. Automobile production in July and but increased in the early part of August. Prices during most of August has been at an exceptionally of basic commodities advanced, while the average high level, exceeding earlier record rates reached of all wholesale commodity prices showed little in 1929. change. Department store sales declined in July Among nondurable goods activity was reduced and early August. Construction activity continued at cotton textile, paper, and paperboard mills durat a high level. ing July, but appears to have increased in August. Deliveries of rayon to textile mills showed a large INDUSTRIAL PRODUCTION further gain in July, and petroleum refining activ- The Board's seasonally adjusted index of indus- ity increased slightly. trial production declined in July to 162 per cent Minerals output was reduced considerably further of the 1935-39 average. This compares with 169 in July, reflecting substantially curtailed operations in June and with 186 in July 1948. The July at coal mines, and smaller volume of output of decline reflected in part the effects of plant-wide crude petroleum and metals. In the early part of vacations, mainly in nondurable lines, which are August coal production increased somewhat. not currently allowed for in the Board's index. According to preliminary indications, industrial pro- EMPLOYMENT duction in August may be close to the June rate. Employment in nonagricultural establishments Activity in durable goods industries showed a in July was slightly below the level of the preceding further substantial decline in July, mainly because two months, after allowance for the usual seasonal of another sharp cut in steel output, a further changes, and 1.6 million below the high level of decline in activity in machinery industries, and July 1948. a reduction in lumber output. In August, steel CONSTRUCTION production has been scheduled at about 83 per cent Value of construction contracts awarded in July, of capacity as compared with the actual rates of according to the F. W. Dodge Corporation, was 71 per cent in July and 82 per cent in June. While the same as in June and slightly below the value refinery output of most nonferrous metals was in July 1948. Further increases in awards for pubreduced further in July, shipments to fabricators lic construction from June to July offset declines INDUSTRIAL PRODUCTION CONSTRUCTION CONTRACTS AWARDED . VOLUME, 1941 1942 1943 1944 1945 1946 1947 1948 1949 1949 1945 Federal Reserve index. Monthly figures, latest shown are F. W. Dodge Corporation data for 37 Eastern States. for July. Monthly figures, latest shown are for July. SEPTEMBER 1949 1083 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS in private building awards. The number of new The average level of consumers' prices decreased housing units started in July, as estimated by the .6 per cent in July as a result mainly of a reduction in food prices and further slight declines in apparel Bureau of Labor Statistics, was 96,000, compared and housefurnishings. with 100,000 in June and 95,000 in July 1948. AGRICULTURE DISTRIBUTION Total crop production, according to the August Value of department store sales declined slightly 1 official forecast, is expected to be 5 per cent below in July, after allowance for usual seasonal changes. last year's record volume but above any earlier The Board's adjusted index is estimated at 280 year. The wheat harvest was indicated to be 12 per cent of the 1935-39 average, as compared with per cent smaller, mainly because of crop deteriora- 285 in June and 311 in July 1948. Owing in part tion in June and July, while fractionally smaller to the effects of exceptionally hot weather, sales corn and cotton crops were forecast. during the first two weeks of August showed much Marketings of meat animals in July and August less than the usual seasonal rise, but in the third have been substantially above the reduced level of week sales rose considerably. last year. Rail shipments of most classes of freight declined BANK CREDIT further in July and continued in August substan- On August 5 the Board of Governors announced tially below the levels of other recent years. Grain a schedule of reductions in member bank reserve shipments in July, however, were the largest on requirements extending through September 1 which record. will release a total of approximately 1.8 billion COMMODITY PRICES dollars of member bank reserves. During the Prices of basic commodities advanced from the first three weeks of August, banks used a large early part of July to mid-August. The principal in- part of the funds released to purchase short-term creases over this period were for cottonseed oil, Government securities from the Federal Reserve, cocoa, and numerous industrial materials including continuing a trend noted in July. Excess reserves nonferrous metals, steel scrap, and cotton cloth. of member banks also increased. Prices of agricultural products generally declined Business loans at member banks in leading cities and prices of worsted fabrics and some other finincreased slightly in the first half of August. This ished manufactured goods were reduced over this rise followed a moderate decline in July which period. brought the total contraction in business loans since the first of the year to nearly 2.7 billion dollars. WHOLESALE COMMODITY PRICES Treasury deposits at banks increased substan- 1926' 100 tially in August, reflecting large sales of savings notes and additions to weekly offerings of Treasury bills. Other deposits, which had increased in July, declined somewhat in the first half of August. SECURITY MARKETS Prices of Treasury bonds moved within a narrow range in the first three weeks of August. On August 22 the Treasury announced the offering of \l/s per cent one-year certificates to refund the 2 per cent bonds called for September 15. Prices of corporate bonds advanced further while 80 60 1942 1943 1944 1945 1946 1947 1948 1949 prices of common stocks fluctuated within a nar- Bureau of Labor Statistics' indexes. Weekly figures, latest row range. shown are for week ending Aug. 23. 1084 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. . 1087-1088 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. . 1088-1089 Federal Reserve Bank statistics 1090-1094 Deposits and reserves of member banks; bank suspensions. 1094-1095 Money in circulation. 1096-1097 Bank debits and deposit turnover; Postal Savings System. . 1097 All banks and the money supply . . . 1098 All banks in the United States, by classes. . . . 1099-1101 All insured commercial banks in the United States, by classes. 1102-1103 Weekly reporting member banks. 1104-1107 Number of banking offices on Federal Reserve par list and not on par list 1108 Commercial paper, bankers' acceptances, and brokers' balances. 1109 Money rates; bank rates on business loans; bond yields. 1110 Security prices and new issues . . Ill 1-1112 Corporate sales, profits, and dividends. 1113-1114 Treasury finance 1115-1117 Government corporations and credit agencies. 1118 Business indexes . .. 1119-1128 Department store statistics. 1129-1132 Cost of living. . 1132 Wholesale prices . . 1133 Gross national product, national income, and personal income 1134-1135 Consumer credit statistics 1136-1138 Current statistics for Federal Reserve chart books. . 1139-1143 August crop report, by Federal Reserve districts. 1143 Changes in number of banking offices in the United States 1144 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation. Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. 1085 SEPTEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS 30 20 10 1942 1943 1944 1945 1946 1947 1948 1949 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES —= 194! 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for August 24. See page 1087. 1086 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D a a u n d i n s d - - ts U. S. s e G cu o r v it e i r e n s m c B e e r i n l t l i t s fi , - ot A h l e l r1 Total s G to o c ld k T s r t o c e r u a u e n u r n a r y c t d - - s y - - M i c n t u o io l c n a n i e - r y - T h c i u r o n a e r l g s a y d h s s - - F u T p s w r e e R r o y d e r i s e e v t a d i h - r t e s e s a - - l b p m N e o r e o s m n d it - e s - - O s F e R e a t e r r c h e a d v - e - l - e r Total qu R ir e e - d2 c E es x s - 2 vances Total Bonds cates, ing Banks counts and notes Wednesday figures: 1948—July 7. . 398 21,535 6,210 15,325 310 22,243 23,584 4,562 28,142 1,334 1,841 877 612 17,584 16,581 1003 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 21,723 23,670 4,563 27,821 1,329 L,822 875 576 17,534 16,775 759 Aug. 4.. 282 21,378 6,966 14,412 237 21,897 23,679 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 22,064 23,688 4,564 27,966 1,324 L ,756 865 570 17,834 16,831 1 003 Aug. 18. . 301 21,551 7,410 14,141 273 22,125 23,708 4,565 27,979 1,322 11,963 965 566 17,603 16,874 729 Aug. 25. . 324 21,460 7,587 13,873 210 21,993 23,711 4,564 27,965 1,324 L,902 843 567 17,668 16,857 811 Sept. 1. . 318 21,411 7,795 13,616 208 21,937 23,725 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 21,834 23,793 4,571 28,287 1,326 L,331 872 565 17,817 16,891 926 Sept. 15.. 283 21,205 8,455 12,750 433 21,921 23,850 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 22,545 23,865 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 23,953 23,872 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 23,707 23,888 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 23,967 23,965 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 23,869 23,983 4,574 28,157 1,326 1,530 913 590 19,910 19,040 870 Oct. 27. . 300 23,242 10,683 12,559 254 23,797 23,996 4,575 28,091 1,322 1,524 888 583 19,960 19,086 874 Nov. 3. . 320 23,239 11,137 12,102 170 23,729 24,007 4,578 28,254 1,317 1,473 886 539 19,846 18,988 858 Nov. 10. . 326 23,144 11,223 11,921 458 23,929 24,097 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 23,834 24,110 4,579 28,215 1,324 1,591 901 539 19,953 19,138 815 Nov. 24. . 582 22,993 11,166 11,827 366 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 1,527 927 541 19,877 19,094 783 Dec. 8. . 399 23,004 11,110 11,894 324 23,727 24,218 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 23,919 24,230 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 24,113 24,236 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 23,727 24,249 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 ,145 600 20,105 19,118 987 Jan. 19. . 241 22,117 10,603 11,514 640 22,999 24,264 4,586 27,717 1,327 804 1,267 602 20,133 19,183 950 Jan. 26.. 458 22,039 10,265 11,774 463 22,960 24,268 4,587 27,561 1,333 1,135 1,138 613 20,035 19,113 922 Feb. 2. . 297 22,215 10,191 12,024 314 22,827 24,279 4,588 27,556 1,327 1,284 1,203 613 19,711 19,072 639 Feb. 9.. 251 22,350 10,105 12,245 235 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 22,926 24,284 4,586 27,480 1,323 1,754 L ,177 615 19,447 18,841 606 Feb. 23.. 303 22,358 9,922 12,436 186 22,847 24,290 4,586 27,55* 1,326 1,591 1,193 621 19,441 18,754 687 Mar. 2. . 241 21,837 9,868 11,969 343 22,422 24,290 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 22,348 24,305 4,588 27,500 1,324 591 L,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 L.104 676 19,311 18,479 832 Apr. 13. . 232 21,491 9,064 12,427 333 22,056 24,321 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 22,050 24,324 4,589 27,408 1,333 1,054 1,094 678 19,398 18,519 879 Apr. 27. . 266 21,208 8,905 12,303 231 21,705 24,329 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 21,576 24,334 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 20,559 24,335 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 20,735 24,338 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 20,048 24,339 4,591 27,367 1,312 668 978 627 18,027 17,305 722 June 1. . 158 19,767 8,274 11,493 220 20,145 24,342 4,595 27,515 1,321 622 911 637 18,076 17,288 788 June 8.. 157 19,594 8,202 11,392 205 19,956 24,381 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 June 22.. 670 19,166 7,932 11,234 277 20,113 24,421 4,596 27,345 1,304 508 943 715 18,314 17,348 966 June 29.. 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 19,779 24,471 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 19,279 24,513 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 19,096 24,518 4,595 27,366 1,310 449 930 740 17,415 16,522 893 July 27.. 417 18,490 7,780 10,710 169 19,075 24,520 4,594 27,333 1,307 447 877 740 17,486 16,586 900 Aug. 3. . 298 18,693 7,780 10,913 222 19,213 24,562 4,593 27,419 1,312 411 918 689 17,619 16,490 1,129 Aug. 10. . 137 18,606 7,775 10,831 181 18,924 24,568 4,592 27,409 1,314 370 956 691 17,347 16,513 834 Aug. 17. . 240 18,226 7,775 10,451 228 18,69424,608 4,592 27,383 1,313 444 970 688 17,096 P!5 ,712 p\ ,384 Aug. 24. . 115 17,803 7,775 10,028 163 18,08124,610 4,591 27,328 1,321 485 948 691 16,509 P!5 ,511 *>998 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. SEPTEMBER 1949 1087 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 U. S. s e G cu o r v it e i r e n s ment T c r u u e r r a y - s- Money T u re r a y s- u T p r o r y e s a i d t s e s - - Non- O F e t e r h a d e l - r Date or period v co a D a a n u n d is c n d - - e ts s Total Bonds c c B e a r i t t l e i l f s s i , , - ot A h l e l r1 Total s G to o c ld k s r t o e i a n u n n g t c d - y - i c n t u i o l c a n i - r- h c i o n a l g s d h s - F B s w e R e a d r i n e e v t - k h r e s al b p m e o r e s m d it e s - - c s o R e a u r c e v - n - e ts Total qu R ir e e - d2 Exand notes End of period 1929—June 29.. 1,037 216 71 145 147 1,400 4,037 2,019 4,459 204 36 28 374 2,333 23 1933—June 30. . 164 1,998 441 1,557 58 2,220 4,031 ,286 5,434 264 35 166 346 1,817 475 1939—Dec. 30. . 7 2,484 1,351 1,133 102 2,59317,644 ,963 7,598 2,409 634 653 251 6,444 5,209 1941—June 30. . 2 2,184 1,364 820 81 2,26722,624 3,149 9,612 2,275 980 1,831 290 7,841 5,210 Dec. 31. . 3 2,254 1,467 787 104 2,36122,737 3,247 11,160 2,215 867 1,360 291 12,450 9,365 3,085 1945—June 30. . 4621,792 1,11320,679 46622,30420,213 4,145 26,746 2,279 599 1,668 45014,920 13,335 1,585 Dec. 31. . 24924,262 94723,315 58025,09120,065 4,339 28,515 2,287 977 1,308 495 15,915 14,457 1,458 1946—June 29. . 15723,783 75523,028 51624,456"10,270. 4,539 28,245 2,251 833 1,250 561 16,123 15,011 1,112 Dec. 31. . 16323,350 75322,597 58124,09320,529 4,562 28,952 2,272 393 822 607 16,139 15,577 562 1947—June 30. , 7021,872 72721,145 22822,17021,266 4,552 28,297 1,314 756 881 629 16,112 15,374 738 Dec. 31. . 8522,559 2,85319,706 53623,18122,754 4,562 28,868 1,336 870 961 563 17,899 16,400 1,499 1948—June 30 . 26521,366 6,20615,160 26821,90023,532 4,565 27,903 1,327 1,928 859 592 17,389 16,647 742 1948—July 318 21,325 6,75714,568 39222,03523,679 4,565 27,866 1,323 1,755 1,067 572 17,696 16,819 877 Aug 32321,577 7,78113,796 20722,10723,725 4,571 28,055 1,321 1,919 864 56517,679 16,842 837 Sept 325 23,413 9,26014,153 33324,07123,872 4,575 28,118 1,321 1,664 843 585 19,986 18,948 1,038 Oct 33923,042 10,92512,117 49423,87524,004 4,580 28,176 1,321 1,610 1,074 542 19,736 18,994 742 Nov 33723,206 11,18112,025 33923,88124,166 4,585 28,331 1,332 ,601 932 541 19,894 19,085 809 Dec 22323,333 10,97712,356 54224,09724,244 4,589 28,224 1,325 ,123 1,189 590 20,479 19,277 1,202 1949—jan 45622,109 10,224 11,885 34922,91424,271 4,589 27,580 1,336 ,514 1,194 19,54019,063 477 Feb 25122,342 9,883 12,459 26222,85524,290 4,588 27,557 1,323 ,423 1,194 618 19,617 18,809 808 Mar 24521,688 9,241 12,447 33322,26724,314 4,592 27,439 1,309 ,482 1,154 670 19,11818,432 686 Apr 30321,094 8,902 12,192 34021,73724,332 4,593 27,417 1,324 984 1,243 19,076 18,438 638 May .... 247 19,704 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 25019,69624,466 4,597 27,493 1,307 438 941 71317,867 16,919 948 July 316 18,529 7,780 10,749 393 19,238 24,520 4,593 27,394 1,298 514 1,018 17,437 16,685 752 Averages of daily figures: 1948—July 326 21,340 6,37214,968 35522,02123,615 4,562 27,955 1,324 1,829 957 60717,526 16,709 817 Aug 321 21,411 7,33414,077 310 22,04223,700 4,564 27,977 1,323 1,834 912 568 17,69016,854 837 Sept 38321,632 8,45413,178 39422,40923,829 4,570 28,152 1,320 1,321 927 57818,509 17,626 884 Oct 357 23,168 9,99413,174 41223,93723,958 4,574 28,188 1,319 1,598 958 58819,81819,001 817 Nov 353 23,028 11,17211,856 44923,83024,110 4,580 28,277 1,321 ,563 984 540 19,835 19,061 773 Dec 33023,002 11,08511,917 64523,97824,218 4,584 28,423 1,319 ,398 1,051 600 19,990 19,193 797 1949—Jan 34722,289 10,62011,669 51323,15024,259 4,587 27,850 1,327 ,014 1,211 603 19,991 19,153 838 Feb 28422,320 10,03212,288 35022,95324,283 4,587 27,545 1,321 ,539 1,233 616 19,57018,860 710 Mar 30221,615 9,58812,027 35322,270 24,301 ,588 27,508 1,319 ,009 1,255 652 19,417 18,723 694 Apr 24921,361 9,04912,312 40722,01724,322 ,591 27,462 1,318 ,109 1,185 671 19,185 18,479 706 May .. . 303 19,974 8,51111,463 298 575 24,304 27,438 1,312 914 1,067 593 18,146 17,369 777 June 19119,37 8,04611,331 328 ,896 24,404 4,596 27,432 1,311 421 984 68018,068 17,310 758 July 202 18,797 7,78011,017 19,34224,502 4,595 27,472 1,306 391 977 73617,558 16,539 1,019 For footnotes see preceding page. MARGIN REQUIREMENTS3 MAXIMUM RATES ON TIME DEPOSITS [Per cent of market valuel 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 For loans by banks on stocks 100 75 50 In 90 days to 6 months.... In less than 90 days 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. 1088 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [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 obligations and discounts of and Other secured advances banks secured by direct advances (S s e e e c s u . r 1 e 3 d a b n y d e 1 li 3 g a ib )i le paper [Sec. 10(b)] obl ( i l g a a s t t i o p n a s r . o S f e t c h . e 1 3 U ) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning— rate Aug. 31 beginning— rate Boston Aug. 13,1948 Aug. 13,1948 Jan. 14,1948 New York.... Aug. 13,1948 Aug. 13,1948 Oct. 30,1942 Philadelphia. . Aug. 23, 1948 Aug. 23,1948 Aug. 23,1948 Cleveland Aug. 13,1948 Aug. 13,1948 Aug. 13,1948 2 Richmond. . . . Aug. 13,1948 Aug. 13,1948 Oct. 28,1942 24 Atlanta Aug. 13,1948 Aug. 13,1948 Jan. 24,1948 2 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 1M Aug. 23,1948 Kansas City. . Aug. 16,1948 Aug. 16,1948 1M Jan. 19,1948 Dallas Aug. 13,1948 Aug. 13,1948 Feb. 14,1948 2 San Francisco Aug. 13,1948 Aug. 13,1948 Oct. 28,1942 24 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Excluding certain special rates that were in effect during the wartime period. 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 MEMBER BANK RESERVE REQUIREMENTS RATES ON BANKERS' ACCEPTANCES [Per cent per annum] [Per cent of deposits] Maturity A R u a g te . o 3 n 1 In g i e n f n fe in c g t — be- Pre ra v t i e ous Net demand deposits 1 Time deposits 1 9 2 1 1 1 - - - 1 1 2 9 8 0 0 0 d d d a a a y y y s s s 1 1 1 A A A u u u g g g . . . 1 1 1 3 3 3 , , , 1 1 1 9 9 9 4 4 4 8 8 8 Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( m n a k l b l s e ) r 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made 1917—June 21 13 10 7 3 by the other Federal Reserve Banks. 1936—August 16 193^ 15 443 B - a 4 c 4 k 5 . figures.—See Banking and Monetary Statistics, Table 117, pp. 1937— M M a a y rc h 1 1 2 2 2 6 M 2 1 0 7^ 12M 6 534 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1938—April 16 22^ 17^ 1 1 4 2 5 AND COMMITMENTS UNDER SECTION 13b 1941—November 1 26 20 14 6 OF THE FEDERAL RESERVE ACT 1942—August 20 24 Maturities not exceeding five years September 14 22 [In effect August 31. Per cent per annum] October 3 20 To industrial or 1948—February 27 22 c b o u m si m ne e s rc se ia s l To financing institutions S J S u e e n p p e t t e e m m 11 b b e e r r 2 1 4 6 2 2 4 6 "16 '"*7 3 y 7 2 V " 2 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 1949— J M M un a a y y e 3 1 5 0 24 2 2 1 0 15 3 2 3 6 7 7 Bank lo O an n s l co m m O e m n n t i s t- fo P in r o s w r t t i h i t o u ic n - h ma R in e- ing co m m O e m n n t i s t- A A A Tu u u u l g g g y u u u s s s 1 t t t 1 1 11 6.. 23V2 193-12 1 1 1 3 4 2 2 3 2 6 5 5 tion is portion August 18 23 19 obligated August 25 223^ 183^ September 1 22 18 N Bo ew st o Y n ork 2 2 3 % 4 - - S 5 In effect Sept. 1, 1949 22 18 12 5 Philadelphia 2H-5 () A C C R h l i t e c i l v c h a a e m n g la o o t n n a d d ........ 2 2 \ > S— |-5 K 23^ () -5 ( (* ) ) d d u ep 1 e o D s fr e i o t m s m a m n i d d n o u d m s e p e c s o a t s s i i c h t s i b t s e a u m n b k j s e s c i n t ( a t p o l r s o o re c e s m e ss r i v n o e u f s r c e o q w l u l a e i r r c e ti l m o o n a e n n a t n s a d , n i d . d e e ., s m e to a ri n t e a d s l b d E a e l m a b n a o c n n e d d s St. Louis 3 -5 accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. M K D a a i n l n l s n a a s e s a p C ol i i t s y . . . . . . . . 2 2 2 3 3 H 4 ^ - - - 5 5 5 %2 (2) Go 2 3 v R R e e e rn q q m u u i i e r r e e n m m t e d e n n e t m t b a b e n e c c d a a m m ac e e c o e e f u f f f n e e c t c s t t i i v A v e e p a r a . t t 2 c 4 c o e , u n n 1 t t 9 r r a 1 y l 7 b - r A a e n u se k g r s . v . 1 e 3, a n 1 d 9 35 re ). serve city San Francisco.. . 2K-5 banks. 1 Including loans made in participation with financing institutions. 2 Rate charged borrower less commitment rate. 3 Rate charged borrower. 4 Rate charged borrower but not to exceed 1 per cent above the discount rate. 5 Charge of 34 Per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118 pp. 446-447. 1089 SEPTEMBER 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 ----- 1949 1949 1948 Aug. 31 Aug. 24 Aug. 17 Aug. 10 Aug. 3 July 27 July 20 Aug. July Aug. Assets Gold certificates 22,797,430 22,790,429 22,790,431 22,757,429 22,747,429 22,714,431 22,704,433 22,797,430 22,712,428 21,852,671 Redemption fund for F. R. notes 564,567 566,591 569,880 568,273 572,419 570,829 584,493 564,567 572,418 611,922 Total gold certificate reserves.... 23,361,997 23,357,020 23,360,311 23,325,702 23,319,848 23,285,260 23,288,926 23,361,997 23,284,846 22,464,593 Other cash 292,153 297 983 296 742 291 165 298 793 307 475 299 953 292 153 314 764 265 725 Discounts and advances: For member banks. . . 445,685 30,532 137,707 36,094 198,044 316,355 265,966 445,685 216,433 63,371 For nonmember banks, etc 85,300 84,800 102,300 101,800 100,300 100,300 94,300 85,300 100,300 259,700 Total discounts and advances 530,985 115,332 240,007 137,894 298,344 -416,655 360,266 530,985 316,733 323,071 Industrial loans 1,537 527 518 526 540 519 520 537 530 883 U. S. Govt. securities: Bills 3,485,312 3,675,618 3,843,295 4,089,195 3,932,795 3,735,695 3,669,195 3,485,312 3,774,495 7,029,257 Certificates: Special Other 5,958,400 6,047,900 6,256,900 6,389,000 6,626,500 6,620,500 6,671,000 5,958,400 6,620,500 4,958,339 Notes 304,600 304 600 350 600 352 600 35? 600 353 600 353 600 304 600 353 600 1 808 300 Bonds 7,775,200 7,775,200 7,775,200 7,775,200 7,780,200 7,780,200 7,780,200 7,775,200 7,780,200 7,781,027 Total U. S. Govt. securities 17,523,512 17,803,318 18,225,995 18,605,995 18,693,095 18,489,995 18,473,995 17,523,512 18,528,795 21,576,923 Other Reserve Bank credit outstanding.... 170,324 162,144 227,421 180,045 221,498 168,261 261,247 170,324 391,550 205,927 Total Reserve Bank credit outstanding 18,225,358 18,081,321 18,693,941 18,924,460 19,213,477 19,075,430 19,096,028 18,225,358 19,237,608 22,106,804 Liabilities Federal Reserve notes. . 23,272,661 23,220,464 23,276,919 23,289,138 23,310,971 23,243,361 23,278,926 23,272,661 23,305,260 23,935,390 Deposits: Member bank — reserve account 16,511,619 16,509,313 17,095,578 17,346,662 17,619,238 17,485,926 17,415,184 16,511,619 17,436,630 17,678,660 U. S. Treasurer—general account 610,345 485,240 443,782 369,506 411,186 446,736 448,756 610,345 513,556 1,919,155 Foreign 439,165 463,862 492,553 494,422 493,563 467,197 526,150 439,165 429,892 425,879 Other 475,203 484,216 476,999 461,399 424,453 409,365 404,053 475,203 588,181 438,172 Total deposits 18,036,332 17,942,631 18,508,912 18,671,989 18,948,440 18,809,224 18,794,143 18,036,332 18,968,259 20,461,866 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. . 56.6 56.7 55.9 55.6 55.2 55.4 55.4 56.6 55.1 50.6 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total 1 W 5 it d h a i y n s 16 d a t y o s 30 31 d a to y s 60 61 d t a o y s 90 9 6 1 m d o a n y t s h t s o 6 to m 1 o y n e th ar s 1 2 y y ea e r a r t s o 2 5 y e y a e r a s rs to 5 O y v e e a r rs Discounts and advances: July 27 416,655 311,626 78,327 11,169 15,431 102 Aug. 3 298,344 190,181 81,619 10,966 15,470 108 Aug. 10 137,894 104,283 9,891 3,926 18,216 1,578 Aug. 17 240,007 208,067 8,142 9,413 14,285 100 Aug. 24 115,332 23,821 9,550 9,430 12,458 60,073 Industrial loans: July 27 519 463 28 4 Aug. 3 540 488 3 4 Aug. 10 526 476 3 4 Aug. 17 518 491 3 4 Aug. 24 527 499 3 4 U. S. Government securities: July 27 18,489,995 693,428 694,4351,588,5702,609,462 725,200 4,640,700 2,090,200 5,448,000 Aug. 3 18,693,095 833,127 806,5753,119,5621,029,731 820,800 4,545,100 2,090,200 5,448,000 Aug. 10 18,605,995 986,735 714,"9"8"3 3,139,4151,055,762 780,300 4,390,600 2,090,200 5,448,000 Aug. 17 18,225,995 1,129,252 807,4212,858,394 830,4281,034, ,291,500 1,826, ,448,000 Aug. 24 17,803,318 1,109,441 918,8872,766,362 663,1281,025,400 4,046,000 1,826,100 5,448,000 1090 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 e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a a s n c n- o Assets Gold certificates: 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 Aug. 3 22,747,429 812,786 7,229,2321,174,0471,601,9091,047,3551,004,9824,515,137 711,041 424,849 827,839 641,0232,757,229 Aug. 10 22,757,429 797,449 7,303,5231,166,3401,620,4041,061,4671,006,1984,423,666 688,733 438,786 830,098 623,9392,796,826 Aug. 17 22,790,431 799,522 7,504,5011,171,3691,614,0701,031,625 984,6514,439,473 683,636 428,057 823,055 614,6582,695,814 Aug. 24 22,790,429 824,482 7,283,4681,204,6891,637,2451,080,365 967,5614,499,822 693,993 449,794 832,584 639,5962,676,830, Redemption fund for F. R. notes: 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 Aug. 3 572,419 51,274 47,844 46,364 71,799 51,265 41,704 90,639 43,725 22,651 35,365 25,717 44,072 Aug. 10 568,273 51,056 46,863 45,938 71,465 49,767 41,498 90,574 43,613 22,609 35,297 25,709 43,884 Aug. 17 569,880 51,052 46,852 45,934 71,456 51,761 41,493 90,295 43,608 22,606 35,292 25,655 43,876 Aug. 24 566,591 50,902 46,174 45,639 71,237 50,572 41,321 90,072 43,545 22,578 35,239 25,596 43,716 Total gold certificate reserves: July 27 23,285,260 885,422 7,261,3141,226,5301,690,2641,098,6031,038,8734,491,115 739,230 474,599 867,077 682,9022,829,331 Aug. 3 23,319,848 864,060 7 277,0761,220,4111 673 7081,098,6201,046,6864,605,776 754,766 447,500 863,204 666,7402,801,301 Aug. 10 23,325,702 848,505 7,350,3861,212,2781,'691^8691,111,2341,047,6964,514,240 732,346 461,395 865,395 649,6482,840,710 Aug. 17 23,360,311 850,574 7,551,3531,217,3031,685,5261,083,3861,026,1444,529,768 727,244 450,663 858,347 640,3132,739,690 Aug. 24 23,357,020 875,384 7,329,6421,250,3281,708,4821,130,9371,008,8824,589,894 737,538 472,372 867,823 665,1922,720,546 Other cash: 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 Aug. 3 298,793 32,068 54,916 14,342 32,880 17,682 22,084 39,480 15,385 7,167 12,137 10,848 39,804 Aug. 10 291,165 36,291 52,148, 13,235 27,760 17,461 23,446 38,917 14,441 7,463 12,167 10,152 37,684 Aug. 17 296,742 36,497 51,176 13,989 31,627 19,166 22,781 37,424 15,053 6,449 13,003 10,247 39,330 Aug. 24 297,983 36,606 48,482 14,916 28,777 19,631 25,037 36,806 16,036 7,963 12,275 10,863 40,591 T~}isrnnnt^ R? arlvances: Secured by U. S. Govt. securities: 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 Aug. 3. . 196,767 1,565 145,814 825 5,675 8,163 2,198 9,950 4,425 2,325 5,518 350 9,959 Aug. 10. . 35,078 3,365 3,775 598 10,000 6,128 1,362 1,550 1,835 464 1,418 350 4,233 Aug. 17. . 136,674 2,380 109,285 388 675 8,773 1,290 3,950 1,225 2,175 5,080 300 1,153 Aug. 24. . 29,448 150 6,045 1,038 2,675 5,523 1,090 3,050 2,075 299 4,080 220 3,203 Other* 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 Aug. 3. . 101,577 6,319 31,695 8,024 9,378 4,915 4,212 13,841 3,671 2,508 4,468 3,620 8,926 Aug. 10. . 102,816 6,413 32,169 8,144 9,366 4,988 4,174 14,048 3,725 2,545 4,512 3,672 9,060 Aug. 17. . 103,333 6,445 32,327 8,184 9,412 5,013 4,194 14,117 3,743 2,558 4,455 3,781 9,104 Aug. 24. . 85,884 5,342 26,797 6,784 7,802 4,155 3,477 11,702 3,173 2,120 3,817 3,168 7,547 Industrial loans: July 27 519 490 28 Aug. 3 540 515 1 24 Aug. 10 526 502 1 23 Aug. 17 518 496 1 21 Aug. 24 527 500 1 26 U. S. Govt. securities: Bills: 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 Aug. 3.... 3,932,795 271,316 932,033 267,894 362,726 252,474 210,849 586,840 212,536 127,316 190,221 170,113 348,477 Aug. 10. .. 4,089,195 282,105 969,098 278 548 377,151 262,514 219 234 610 178 220,988 132,380 197,786 176,878 362,335 Aug. 17. . . 3.,843,295 265,141 910,822 261798 354^471 246728 2O6,'O51 573^485 207,699 124,419 185,892 166,242 340,547 Aug. 24. . . 3.,675,618 253,573 871,085 250,376 339,006 235,963 197,061 548,465 198,638 118,991 177,782 158,989 325,689 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 Aug. 3. ...6,626,500 457,149 1,570,415 451,384 611,168 425,401 355,267 988,786 358,109 214,520 320,511 286,629 587,161 Aug. 10 6,389,000 440,765 1,514,129 435,206 589,264 410,154 342,533 953,347 345,275 206,830 309,024 276,356 566,117 Aug. 17. . ..6,256,900 431,652 1,482,823 426,207 577,081 401,674 335,450 933,635 338,136 202,554 302,634 270,643 554,411 Aug. 24 6,047,900 417,233 1,433,291 411,970 557,804 388,258 324,245 902,450 326,841 195,788 292,525 261,603 535,892 * 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 Aug. 3.... 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 Aug. 10 352,600 24,325 83,563 24,018 32,521 22,636 18,904 52,614 19,055 11,415 17,054 15,252 31,243 Aug. 17.... 350,600 24,187 83,089 23,882 32,336 22,507 18,797 52,316 18,947 11,350 16,958 15,165 31,066 Aug. 24. .. . 304,600 21,014 72,187 20,749 28,094 19,554 16,331 45,451 16,461 9,861 14,733 13,175 26,990 Bonds: 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 Aug. 3.... 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 Aug. 10 7,775,200 536,395 1,842,645 529,631 717,114 499,145 416,8521,160,192 420,187 251 707 376 071 336,316 688,945 Aug. 17.... 7,775,200 536,395 1,842,645 529,631 717,114 499J45 416,8521,160,192 420,187 251,707 376,071 336,316 688,945 Aug. 24. ... 7,775,200 536,395 1,842,645 529,631 717,114 499,145 416,8521,160,192 420,187 251,707 376,071 336,316 688,945 T1o Otla.clH TLTJ •^ %O . CV^JnOxVrLt. Julseyc ur2i7ties 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 Aug. 3 18,693,095 1,289,599 4,430,0771,273,3361,724,0831,200,0411,002,1932,789,3271,010,212 605,151 904,148 808,5701,656,358 Aug. 10 18,605,995 1,283,590 4,409,4351,267,4031,716,0501,194,449 997,5232,776,3311,005,505 602,332 899,935 804,8021,648,640 Aug. 17 18,225,995 1,257,375 4,319,3791,241,5181,681,0021,170,054 977,1502,719,628 984,969 590,030 881,555 788,3661,614,969 Aug. 24 17,803,318 1,228,215 4,219,2081,212,7261,642,0181,142,920 954,4892,656,558 962,127 576,347 861,111 770,0831,577,516 SEPTEMBER 1949 1091 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: July 27 18,907,169 1,283,572 4,621,9881,270,5301,727,8251,202,653 997,2242,822,963 1,007,687 606,249 902,383 803,752 1,660.343 Aug. 3 18,991,979 1,297,483 4,607,586 1,282,7001,739,1371,213,1431,008,6032,813,1181,018,308 609,984 914,134 812,5401,675,243 Aug. 10 18,744,415 1,293,368 4,445,379 1,276,6471,735,4171,205,5881,003,0592,791,929 1,011,065 605,341 905,865 808,8241,661,933 Aug. 17 18,466,520 1,266,200 4,460,991 1,250,5861,691,0901,183,861 982,6342,737,695 989,937 594,763 891,090 792,447 1,625,226 Aug. 24 17,919,177 1,233,707 4,252,050 1,221,0481,652,4961,152,624 959,0562,671,310 967,375 578,766 869,008 773,471 1,588.266 Due from foreign banks: July 27 49 3 U6 4 4 2 2 7 2 2 2 4 Aug. 3 49 3 i 16 4 4 2 2 7 2 2 2 4 Aug. 10 49 3 i 16 4 4 2 2 7 2 2 2 4 Aug. 17 49 3 i 16 4 4 2 2 7 2 2 2 4 Aug. 24 48 3 US 4 4 2 2 7 2 2 2 4 Federal Reserve notes of other Banks: 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 Aug. 3 116,683 8,801 14,581 8,453 6,330 14,477 10,183 14,499 6,124 8,063 6,556 4,297 14,319 Aug. 10 110,496 6,627 15,239 8,166 5,520 11,899 9,333 13,100 7,711 7,657 6,849 4,420 13,975 Aug. 17 123,727 9,816 18,563 10,000 6,674 10,559 9,152 14,992 6,701 8,454 9,174 3,512 16,130 Aug. 24 117,241 5,522 16,336 10,497 7,167 11,396 9,700 14,925 5,813 8,821 6,889 3,423 16,752 Uncollected items: 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 Aug. 3 2,250,590 170,484 392,847 145,239 200,283 191,152 148,070 362,932 132,530 71,891 132,868 99,512 202,782 Aug. 10 2,238,502 165,742 392,869 147,785 189,347 198,186 150,592 372,422 121,590 73,472 122,449 105,410 198,638 Aug. 17 2,676,790 204,921 503,604 178,116 232,187 225,974 181,260 406,440 154,999 83,139 143,855 134,243 228,052 Aug. 24 2,196,326 170,985 391,521 144,112 190,155 191,859 145,004 344,624 128,846 70,697 127,503 109,904 181,116 Bank premises: 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 Aug. 3 32,597 1,152 7,964 3,014 4,770 2,506 1,541 3,175 1,914 1,159 2,339 733 2,330 Aug. 10 32,694 1,152 7,964 3,014 4,770 2,506 1,541 3,175 1,915 1,159 2,339 733 2,426 Aug. 17 32,696 1,152 7,964 3,014 4,769 2,506 1,541 3,180 1,913 1,159 2,339 733 2,426 Aug. 24 32,692 1,152 7,964 3,009 4,769 2,506 1,540 3,180 1,915 1,159 2,339 733 2,426 Other assets: 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 Aug. 3 115,718 7,935 26,327 7,568 11,383 7,349 6,131 17,652 7,185 3,652 5,402 5,060 10,074 Aug. 10 119,565 8,217 27,616 7,824 11,398 7,641 6,337 18,130 7,444 3,745 5,678 5,028 10,507 Aug. 17 124,369 8,668 28,571 8,108 11,947 7,952 6,598 18,926 7,693 3,895 5,848 5,309 10,854 Aug. 24 127,764 8,798 29,521 8,326 12,265 8,120 6,757 19,441 7,860 4,034 6,023 5,442 11,177 1 OLdl dohcLS • 44,998,928 2,386,07812,380,4012,675,2853,673,4952,529,7562,221,3507,745,3271,916,4321,170,5791,926,0691,621,6774,752,479 July 27 Aug. 3 45,126,257 2,381,986 12,381,3132,681,7313,668,4952,544,9312,243,3007,856,6391,936,2141,149,4171,936,6421,599,7324,745,857 Aug. 10 44,862,588 2,359,905 12,291,6172,668,9533,666,0852,554,5172,242,0067,751,9201,896,5141,160,2331,920,7441,584,2174,765,877 Aug. 17 45,081,204 2,377,831 12,622,2382,681,1203,663,8242,533,4062,230,112 7,748,4321,903,5421,148,5231,923,6581,586,8064,661,712 Aug. 24 44,048,251 2,332,157 12,075,5312,652,2403,604,1152,517,0752,155,9787,680,1871,865,3851,143,8131,891,8621.569,0304,560,878 Liabilities Federal Reserve notes: July 27 23,243,361 1,384,625 5,340,852 1,607,5092,071,637 1,524,3051,277,1954,483,195 1,067,872 601,947 911,442 597,0162,370,766 Aug. 3 23,310,971 1,383,451 5,349,252 1,610,9892.069,629 1,536,0251,286,9724,499,307 1,072,056 60^,788 918,824 604,2202,376,458 Aug. 10 23,289,138 1,379,704 5,331,7601,608,6592,068,259 1,536,8111,284,6194,499,901 1,070,145 603.635 918,149 604,7682,382,728 Aug. 17 23,276,919 1,374,863 5,338,5421,606,7532,066,906 1,543,2161,279,3934,500,129 1,069,011 605,330 915,556 603,4132,373,807 Aug. 24 23,220,464 1,372,100 5,321,5081,604,1812,064,219 1,545,7051,269,0074,493,915 1,065,052 604,893 911,925 602.4612,365,498 Deposits: Member bank —reserve account: Tuly 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 Aug. 3. . 17,619,238 733,573 5,845,440 819,7381,273,362 733,539 736,7592,762,243 649,656 422,534 808,945 829,3562,004,093 Aug. 10. . 17,346,662 711,745 5,723,442 799,2201,276,822 726,106 719,3412,695,904 633,864 424,805 813,669 809,9972,011,747 Aug. 17. .17,095,578 693,849 5,899,973 779,3141,228,483 674,622 680,1492,643,694 607,480 412,912 801,940 781,867 1,891,295 Aug. 24. . 16,509,313 670,955 5,512,249 763,8751,205,550 686,562 654,7102,626,777 594,987 400,558 769,367 781,1561,842,567 U. S. Treasurer-general account: 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 Aug. 3. . 411,186 18,004 78,018 17,742 19,866 32,635 22,214 84,056 26,010 23,307 31,824 22,499 35,011 Aug. 10. . 369,506 20,651 70,949 20 .WS 21,915 34 052 32,271 39,608 24,230 30,242 20,601 18,770 35,912 Aug. 17.. 443,782 30,986 110,888 31,497 32,132 34,452 33,845 37,994 28,824 21,032 22,182 23,236 36,714 Aug. 24. . 485,240 38,624 64,364 52,997 32,985 31,963 31,624 59,187 28,824 38,162 37,271 32,293 36,946 X1 OlC A J l u g u l l g y l . . 2 3 7 . . . . 4 4 9 67 3 , , 1 5 9 6 7 3 3 2 0 8 , . 7 8 1 9 3 8 2 2 1 1 6 5 0 3 , , 0 3 5 9 0 0 3 3 9 6 , , 0 6 0 9 0 6 4 4 4 2 , , 8 2 5 0 0 1 2 2 2 3 , , 4 8 7 8 6 8 1 1 8 9 , , 8 9 0 8 7 8 6 6 3 7 , , 3 2 0 7 1 5 1 17 6 , , 5 5 5 1 0 3 1 1 1 2 , , 4 1 6 8 8 8 1 17 6 , , 5 5 5 1 0 3 1 1 6 7 , , 0 0 5 6 5 3 4 4 3 0 , , 4 87 4 9 8 Aug. 10. . 494,422 30,820 2159,741 39,136 45,007 23,971 20,057 67,510 17,611 12,230 17,611 17,122 43,606 Aug. 17.. 492,553 30,574 2160,582 38,824 44,648 23,780 19,897 66,971 17,471 12,133 17,471 16,986 43,216 Aug. 24. . 463,862 28,854 2150,579 36,640 42,136 22,442 18,778 63,204 16,488 11,450 16,488 16,030 40,773 Other' 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 Aug. 3. . 424,453 3,986 349,610 1,277 4,832 2,066 564 2,212 16,426 1,606 6,912 487 34,475 Aug. 10.. 461,399 4,462 395,320 2,185 5,227 2,553 501 2,608 5,598 1,717 6,117 509 34,602 Aug. 17.. 476,99Q 3,720 409,513 2,020 5,451 3,052 1,388 4,486 5,146 1,551 4,862 487 35,323 Aug. 24. . 484,216 3,633 421.423 1.802 5,035 3,238 454 2,805 5,666 2,587 4,525 527 32,571 1 After deducting $33,000 participations of other Federal Reserve Banks on July 27; Aug. 3; Aug. 10; Aug. 17; and Aug. 24. 2 After deducting $313,751,000 participations of other Federal Reserve Banks on July 27; $333,450,000 on Aug. 3; $334,613,000 on Aug. 10; $331,945,000 on Aug. 17; and $313,272,000 on Aug. 24. 1092 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Liabilities (cont.): Total deposits: July 27.... 18,809,224 784,489 6,423,172 868,5721,335,223 785,806 763,2962,818,387 687,733 484,053 861,298 880,3342,116,861 Aug. 3.... 18,948,440 786,276 6,433,118 877,757 1,342,910 792,128 779,5252,915,786 709,642 459,635 865,231 869,4052,117,027 Aug. 10. . . .18,671,989 767,678 6,349,452 860,8461,348,971 786,682 772,1702,805,630 681,303 468,994 857,998 846,3982,125,867 Aug. 17. . . .18,508,912 759,129 6,580,956 851,6551,310,714 735,906 735,2792,753,145 658,921 447,628 846,455 822,5762,006,548 Aug. 24 17,942,631 742,066 6,148,615 855,3141,285,706 744,205 705,5662,751,973 645,965 452,757 827,651 830,0061,952,807 Deferred availability items: Tulv 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 Aug. 3.... 2,029,141 158,778 347,706 126,900 178,779 172,864 140,050 326,480 121.681 63,354 120,220 94,764 177,565 Aug. 10.... 2,058,506 158,623 357,895 132,972 171,503 186,743 148,170 330,499 111,900 64,796 111,874 101,639 181,892 Aug. 17.... 2,449,418 189,716 449,570 156,055 208,431 209,862 178.231 378,911 142,315 72,558 128,861 129,194 205,714 Aug. 24 2,034,230 163,479 351,098 125,771 175,932 182,391 143,914 317,327 120,801 63,093 119,248 104,708 166,468 Ov_f'/Vllilfcilr lIIiCdJ D"Kilill l L+l I"ObG cinrucleudd ing diavci-- j dends: Tulv 27.... 11,187 614 3,960 524 1,078 522 488 1,644 391 324 413 472 757 Aug. 3.... 8,957 642 2,240 474 1,130 439 405 1,437 383 312 382 479 634 Aug. 10 9,552 641 2,488 546 890 535 463 1,613 415 336 438 359 828 Aug. 17. . . . 8,597 661 2,191 442 925 416 405 1,360 359 401 361 396 680 Aug. 24. . . . 9,151 702 2,345 449 1,004 486 456 1,460 362 323 377 442 745 Total liabilities: Tuly 27 44,126,563 2,330,128 12,121,3642,606,6543,593,3332,483,4542,182,6607,625,2271,881,5851,146,8191,891,9471,588,9244,674,468 Aug. 3.... 44,297,509 2,329,147 12,132,3162,616,1203,592,4482,501,4562,206,952 7,743,0101,903,7621,127,0891,904,6571,568,8684,671,684 Aug. 10. . . .44,029,185 2,306,646 12,041,5952,603,0233,589,6232,510,7712,205,422 7,637,6431,863,7631,137,7611,888,4591,553,1644,691,315 Aug. 17. . . .44,243,846 2,324,369 12,371,2592 614 9053,586,9762,489,4002,193,3087,633,5451 S7fl KHi^1.125,9171 891 2331,555,5794,586,749 Aug. 24 43,206,476 2^278,347ll)823)S662,585,7153,526,8612,472,7872]ll8!943 7,564,675 i)832)l80 1,121,066i!859',2011,537,6174,485,518 Capital Accts.: Capita] paid in: | July 27.... 206,740 11,521 71,091 14,974 19,293 9.069 8,128 25,988 6,800i 4,553 7,254 8,284 19,785 Aug. 3 206,773 11,523 71,091 14,984 19,295 9,069 8,131 25,990 6.804 4,554 7,255 8,292 19,785 Aug. 10. . . . 206,803 11,522 71,097 14,996 19,295 9,069 8,131 25,996 6,809 4,554 7,256 8,294 19,784 Aug. 17. . . . 206,906 11,523 71,105 15,001 19,321 9,070 8.132 25,999 6,811 4,554 7,256 8,296 19,838 Aug. 24 206,933I 11,523 71,108 15,003 19,326 9,072 8,134 • 26,002 6,811 i 4,554 7,258 8,304 19,838 Surplus: (section 7) Tuly 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 Aug. 3.... 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 Aug. 10 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Aug. 17 466,711 29,347 143,019 36,704 43,968 22,417 20.028 68,842 17,974 11,797 17,008 14,954 40,653 Aug. 24. . . . 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) Tuly 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 Aug. 3.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 571 1,073 1,137 1,307 2,140 Aug. 10. . . . 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 i 1,073 1,137 1,307 2,140 Aug. 17. ... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Aug. 24. . . . 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.: 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 Aug. 3.... 127,721 8,958 27,568 9,434 11,778 8,640 7,427 17,368 7.153 4,904 6,585 6,311 11,595 Aug. 10 132,346i 9,379 28,587 9,741 12,193 8,911 7,663 18,010 7,447 5,048 6,884 6,498 11,985 Aug. 17. . . . 136,198 9,581 29,536 10,021 12.553 9,170 7,882 IS,617 7,630 5,182 7,024 6,670 12,332 Aug. 24 140,588 9,929 30,519 10,329 12,954 9,450 8,111 19,239 7.899 5,323 7,258 6,848 12,729 Total liabilities and cap. accts.: 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 Aug. 3. ... 45,126,257 ? 381,98612,381,3132,681,7313,668,4952,544,931 2,243,3007,856,6391,936,2141,149,4171,936,6421,599,7324,745,857 Aug. 10 44,862,588 2,359,90512,291,6172,668,9533,666,0852,554,5172,242,0067,751,9201,896,5141,160,2331,920,7441,584,2174,765,877 Aug. 17.... 45,081,204 2,377,831 12,622,2382,681,1203,663,8242,533,406 2,230,112 7,748,4321,903,5421,148,5231,923,6581,586,8064,661,712 Aug. 24. . . .44,048,251 2,332,157 12,075,5312,652,2403,604,1152,517,0752,155,9787,680,187 1,865,3851,143,8131,891,8621,569,0304,560,878 Contingent liability on acceptances purchased for foreign correspondents: July 27.... 2,926 184 1925 234 269 143 120 404 105i 73 105 103 261 Aug. 3.... 3,743 236 11,183 299 344 183 153 517 135 94 135 131 333 Aug. 10 3,272 206 11,034 262 301 160 134 451 118 82 118 115 291 Aug. 17.... 3,279 207 11,036 262 302 161 134 452 118 82 118 115 292 Aug. 24 3,293 207 11,041 264 303 161 135 454 119 82 119 115 293 Commitments to make industrial loans: July 27 2,276 60 102 1,781 15 210 28 80 Aug. 3.... 2,255 60 83 1,779 15 210 2?, 80 Aug. 10. ... 2,049 60 95 1^774 15 28 77 Aug. 17.... 2,067 60 113 1,774 15 28 77 Aug! 2.4. '.'. . 2^066 60 112 l)774 15 28 77 1 After deducting $2,001,000 participations of other Federal Reserve Banks on July 27; $2,560,000 on Aug. 3; $2,238,000 on Aug. 10; $2,243,000 on Aug. 17; and $2,252,000 on Aug. 24. SEPTEMBER 1949 1093 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 L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S r i a a sc n n o - F.R. notes outstanding (issued to Bank): July 27 24,018,828 1,440,2115,504,108 1,656,7272,139,2501,585,8461,330,8474,563,068 1,108,302 620,072 935.793 638,3412,496,263 Aug. 3 24,006,568 1,433,8145,499,214 1,656,7872,139,5721,586,1861,329,6454,568,762 1,105,040 617,851 940,875 635,6362,493,186 Aug. 10 24,013,609 1,435,686 5,497,6411,658,7732,135,3441,582,8261,328,689 4,575,9481,115,105 616,640 943.794 637,5632,485,600 Aug. 17 23,976,888 1,430,3045,489,326 1,652,5292,132,2811,593,4531,321,634 4,572>,2891,108,930 617,186 940,162636,323 2,482,471 Aug. 24 23,967,006 1,430,258 5,483,8081,650,2682,133,3031,592,9061,320,879 4t, 577,4441,105,267616,944 939,183 635,3902,481,356 Collateral held against notes outstanding: Gold certificates: July 27 13,954,000 440,000 4,670,000 750,000 900,000 625,000 675,000 2,805,000 315,000 210,000 280,000184,0002,100,000 Aug. 3 13,954,000 440,000 4,670,000 750,000 900,000 625,000 675,000 2,805,000 315,000 210,000 280,000184,0002,100,000 Aug. 10 13,954,000 440,000 4,670,000 750,000 900,000 625,000 675,000 2,805,000 315,000210,000 280,000184,0002,100,000 Aug. 17 13,854,000 440,000 4,670,000 750,000 900,000 625,000 675,000 2,805,000 331155,,000000 221100,,000000 280,000184,0002,000,000 24 13,879,000 440,000 4,670,000 750,000 900,000 625,000 675,0002,805,000 340,000210,000 280,000184,0002,000,000 Eligible paper: July 27. 247,195 1,665 205,399 2,515 10,108 4,840 5,164 4,448 13,056 Aug. 3 179,211 1,565 145,814 825 7,863 4,485 2,325 6,375 9,959 Aug. 10 22,223 3,365 3,775 598 5,628 1,895 464 2,265 4,233 Aug. 17 131,291 2,380 109,285 388 8,773 1,285 2,175 5,852 1,153 Aug. 24 22,898 150 5,645 1,038 5,523 2,195 299 4,845 3,203 U. S. Govt. sec: July 27 11,275,000 ,100,0001,000,0001,000,0001,300,0001,025,000 700,000 1,800,000 900,000 450,000 700,000500,000 800,000 Aug. 3 11,250,000 ,100,0001,000,0001,000,0001,300,0001,000,000 700,000 1,800,000 900,000 450,000 700,000 500,000 800,000 Aug. 10 11,250,000 ,100,0001,000,0001,000,0001,300,0001,000,000 700,000 1,800,000 900,000 450,000 700,000 500,000 800,000 Aug. 17 11,250,000 ,100,0001,000,0001,000,0001,300,0001,000,000 700,000 1,800,000 900,000 450,000 700,000 500,000 800,000 Aug„.. 24 11,200,000 ,100,0001,000,0001,000,0001,300,0001,000,000 700,000 1,800,000 850,000 450,000 700,000 500,000 800,000 Total collateral: July 27 25,476,195 541,6655,875,399 1,752,5152,200,000 1,660,1081,375,000 4,605,0001,219,840 665,164 984,448 684,000 2,913,056 Aug. 3 25,383,211 ,541,5655,815,814 1,750,8252,200,000 1,632,8631,375,000 4,605,0001,219,485662,325 986,375684,000 2,909,959 Aug. 10 25,226,223 ,543,3655,673,775 1,750,5982,200,000 1,630,6281,375,000 4,605,0001,216,895660,464 982,265684,000 2,904,233 Aug. 17 25,235,291 ,542,3805,779,285 1,750,3882,200,000 1,633,7731,375,000 4,605,000 2,175 985,852 684,0002,801,153 Aug. 24 25,101,898 ,540,1505,675,645 1,751,0382,200,000 1,630,5231,375,000 4,605,000l,: 984,845684,0002,803,203 1,192,195 660,299 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] Partici- Central reserve W o D r a e l d t a e n s t e ( d s l d a a s a y t y A a p p t p o p li r c o a v ti e o d ns b p u c r A o o t p m v n - e - o d t st L a o n o u d a t i n - n s g2 C m o o m e u n t m - ts it- o in p t f g u a f t t i i i i n o o n a n n s n s t s c i- - week en M di o n n g t h W , o e r dnesday b m a b A n e e l m k r l s - 1 N c e i w ty ban C k h s i- b s c R a e i r n e t v - y k e s ba t n ry ksl of period) pleted 1 (amount) standing out- York cago N b u e m r - Amount (amount) (amount) ( s a t m an o d u i n n t g ) Total reserves held : 1948—July 17,526 4,861 1,163 6,567 4,935 1939 2,781 188,222 2,659 13,683 9,220 10,981 1949—Tune 18,068 4,849 1,151 6,822 5,247 1940 2,908 212,510 13,954 9,152 5,226 6,386 17,558 4,822 1,192 6,564 4,980 1941 3,202 279,860 8,294 10,337 14,597 19,600 July 1942 3,423 408,737 4,248 14,126 10,661 17,305 July 20 17,351 4,722 1,165 6,528 4,936 1943 3,471 491,342 926 10,532 9,270 17,930 July 27 17,274 4,729 1,161 6,496 4,889 1944 3,489 525,532 1,295 3,894 4,165 2,705 Aug. 3 17,464 4,818 1,182 6,530 4,933 1945 3,511 544,961 320 1,995 1,644 1,086 Aug. 10 17,464 4,788 1,187 6,596 4,894 1946 3,542 565,913 4,577 554 8,309 2,670 Aug. 17 16,973 4,728 1,159 6,384 4,702 1947 3,574 586,726 945 1,387 7,434 4,869 Aug. 24 16,601 4,674 1,164 6,282 4,480 1948 Excess reserves: A M p a r y . 3 3 0 1. . . . . . 3 3 , , 5 5 9 9 3 5 6 6 0 0 4 6, , 3 6 0 2 5 3 12 7 0 0 1,3 9 9 1 4 6 6 6 , , 6 6 1 4 2 6 4 3, , 2 2 7 3 2 4 1 1 9 9 4 4 8 9 — — J J J u u u l l n y y e 1,0 8 7 1 1 5 9 7 8 6 2 7 9 2 2 3 1 1 0 5 2 2 1 2 5 8 9 3 0 4 6 5 9 6 6 9 3 0 June 30. .. 3,599 610,956 1,045 851 6,482 3,238 July 31... 3,600 611,694 620 802 6,417 3,346 July 20 833 8 4 200 621 Aug. 31... 3,603 612,099 65 883 6,187 3,353 July 27 742 9 3 157 573 Sept. 30. .. 3,604 613,820 45 1,011 6,246 4,212 Aug. 3 874 7 3 155 709 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 Aug. 10 996 18 2 183 793 Nov. 30. .. 3,606 614,725 85 1,151 6,099 4,166 Aug. 17 P955 10 186 P759 Dec. 31. .. 3,607 615,653 335 995 1,643 1,990 Aug. 24 Pi,080 42 12 201 1949 Borrowings at Federal Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 Reserve Banks: F M e a b. r . 2 3 8 1 . . . . . . 3 3, , 6 6 1 0 0 8 6 6 2 1 0 6 , , 1 3 9 4 2 0 4 4 5 5 9 9 0 0 7 6 3 1 , , 2 62 7 4 0 3 2 , , 6 0 7 4 7 2 1 1 9 9 4 4 8 9 — — J J u u l n y e 1 9 0 5 0 3 2 1 7 . . „ 3 3 6 2 3 2 ) 7 Apr. 30... 3,613 620,595 152 819 2,399 2,811 July 109 59 10 18 22 May 31... 3,614 620,984 245 753 2,349 2,737 June 30. .. 3,615 621,297 205 614 2,278 2,619 July 20. 96 51 4 18 23 Julv 30... 3,617 621,601 220 660 2,263 2,563 July 27... 196 108 33 30 25 Aug. 3... 199 132 10 28 29 Aug. 10... 56 28 12 16 1 Includes applications approved conditionally by the Federal Re- Aug. 17.. 72 35 17 20 serve Banks and under consideration by applicant. Aug. 24. 32 12 8 12 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. 1094 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 banks 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 half July 1949 Second half Jul>' 1949 Gross demand deposits: Total 87,157 21,221 5,046 32,224 28,668 86,661 20,777 5,015 32,354 28,516 10,661 3,908 1,094 4,845 814 10,301 3,745 1 ,056 4,711 790 Other 76,497 17,312 3,952 27,379 27,854 76,360 17,033 3,959 27,643 27,726 Net demand deoosits ' 76,313 19,415 4,569 27,886 24,443 76,573 19,307 4,577 28,231 24,459 Dpmatid denosits adjusted * 69,600 70,100 Time denosits * 29,340 1 ,740 1,059 11,655 14,887 29,303 1,719 1,060 11,635 14,889 Demand balances due from domestic banks. .. 5,325 57 150 1,744 3,374 43 118 1,649 3,285 5,095 Reserves with Federal Reserve Banks: To R ta e l quired 1 1 6 7 , , 5 8 1 0 6 8 4 4 , , 9 7 1 6 4 4 1 1 , , 2 1 2 6 3 0 6 6 , , 6 2 1 7 8 7 5 4, , 3 0 1 5 5 3 1167,,536214 4 4, , 7 7 3 3 7 6 1 1 , , 1 1 6 6 2 4 6 6 , , 5 3 1 4 3 4 4 4 , , 3 9 1 1 8 0 1 ,292 150 63 342 738 763 2 169 593 Borrowings at Federal Reserve Banks 41 14 8 19 172 101 19 28 24 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes seme interbank and U. S. Government time deposits; the arrcurts en call rrre*"* dates are ?1 CV n in the Men her Fctik Call Rcfcrl DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS * 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 1 1945 0 1948 1946 0 June 16,325 8,819 11,818 6,045 1947 1 1 July '16.312 8,814 11,972 6,059 1948 0 1949—Jan.-Aug 4 4 1949 J Ju u l n y e 1 1 6 6 , , 1 2 4 7 9 1 8 8 , , 8 8 1 1 8 7 1 1 1 1 , , 6 5 3 9 9 1 6 6, , 0 0 7 6 0 0 De ( p in o s t i h ts o u o s f a s n u d s s p o e f n d d e o d l la b r a s) n : k 2 s 1934-42 137,362 18,01626,54851,567 41,231 By districts, July 1949 1943 6,223 4,982 1,241 Boston 1,857 837 342 234 1 1 9 9 4 4 5 4 40 0 5 405 New York 2,922 2,209 1,050 1,155 1946 0 C Ph le i v la e d la e n lp d hia 1 1, , 2 2 9 1 0 3 9 8 2 1 1 4 1,0 9 0 0 8 1 8 8 9 1 9 5 1 1 9 9 4 4 7 8 16 0 7 167 Richmond 1,085 410 824 481 1949—Jan.-Aug 2, US 2,443 Atlanta 1,526 466 653 220 S C t h . ic L a o g u o is 2,2 6 1 5 5 1 1,6 3 0 4 1 4 1,6 9 3 6 5 8 9 2 5 8 7 5 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not Minneapolis 604 300 743 450 include banks whose deposit liabilities were assumed by other banks Kansas City 562 106 1,575 208 at the time of closing (in some instances with the aid of Federal Deposit Dallas 1,006 156 1,455 71 Insurance Corporation loans). San Francisco 1,219 655 486 294 * Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the r Revised. suspensions were reported. 1 Includes any banks in outlying sections of reserve cities that have Back figures.—See Banking and Monetary Statistics, pp. 283-292; been given permission to carry the same reserves as country banks. for description, see pp. 281-282 in the same publication. SEPTEMBER 1949 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin andsmall denomination currency2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion 1 Total Coin »$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 4 1942 15,410 11,576 880 801 55 1,693 4,051 4,096 3,837 1,019 1,910 287 586 9 25 3 1943 20,449 14,871 1,019 909 70 1,973 5,194 5,705 5,580 1,481 2,912 407 749 9 22 2 1944 25,307 17,580 1,156 987 81 2,150 5,983 7,224 7,730 1,996 4,153 555 990 10 24 3 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 2 1946 28,952 20,437 1,361 1,029 67 2,173 6,497 9,310 8,518 2,492 4,771 438 783 8 26 3 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 3 1948—April... 27,716 19,144 1,399 976 61 1,991 6,017 8,700 8,574 2,456 4,951 412 739 5 10 1 May... 27,812 19,259 1,409 994 62 2,015 6,054 8,724 8,555 2,453 4,943 410 735 5 10 2 June... 27,903 19,323 1,421 1,000 63 2,017 6,085 8,737 8,581 2,465 4,945 407 749 5 10 2 July... 27,866 19,309 1,422 994 62 2,010 6,059 8,762 8,559 2,452 4,940 404 748 5 9 2 August. 28,055 19,450 1,432 1,006 63 2,023 6,099 8,827 8,607 2,464 4,977 403 748 5 11 2 September... 28,118 19,488 1,442 1,020 63 2,031 6,090 8,844 8,632 2,466 5,011 402 739 5 10 2 October 28,176 19,531 1,451 1,026 63 2,037 6,087 8,867 8,647 2,467 5,035 401 730 5 9 3 November. . . :28,331 19,680 1,464 1,042 64 2,054 6,137 8,918 8,654 2,475 5,048 400 717 5 9 3 December. . . 28,224 19,529 1,464 1,049 64 2,047 6,060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949—January 27,580 19,003 1,441 1,000 62 1,972 5,892 8,636 8,579 2,459 5,020 396 689 5 10 3 February.... 27,557 19,029 1,441 996 63 1,976 5,929 8,625 8,531 2,444 5,000 394 679 5 10 3 March. 27,439 18,930 1,445 992 61 1,965 5,913 8,555 8,510 2,428 4,980 392 696 5 10 1 April.. . 27,417 18,925 1,450 994 60 1,967 5,913 8,541 8,493 2,421 4,970 390 700 5 9 1 May... 27,507 18,993 1,456 1,011 61 1,986 5,934 8,544 8,515 2,422 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 July... 27,394 18,908 1,457 1,001 60 1,959 5,901 8,529 8,488 2,410 4,964 385 717 4 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 a8 destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation x Money Total out- held by standing, As security For Federal Ju 1 ly 94 3 9 1, g a o s g l i d a l v in a er s n t d Tre ca a s s h ury B R F a e n e d s k e e s r r v a a n e l d B R a a n e g k s e e s n r t a v s n e d Ju 1 ly 9 4 3 9 1, Ju 1 n 9 e 4 3 9 0, Ju 1 l 9 y 4 3 8 1, certificates agents Gold 24,520 23,327 21,193 Gold certificates . 23,327 20,469'' 2,815* ' 43 43 45 Federal Reserve notes 24,025 49 846 23,130 23,209 23,588 Treasury currency—total 4,593 ' '^2,282" 56 315 4,222 4,241 4,233 Standard silver dollars 493 292 33 3 165 164 157 Silver bullion 1,989 1,989 Silver certificates and Treasury notes of 1890. . 3 2,282 230 2,052 2,062 2,046 Subsidiary silver coin 989 15 38 937 940 917 Minor coin 372 6 10 356 355 348 United States notes 347 2 29 316 319 318 Federal Reserve Bank notes 310 (*) 4 306 309 349 National Bank notes 93 (5) 1 92 93 98 Total—July 31, 1949 (4) 25,609 1,298 20,469 3,976 27,394 June 30, 1949 . . (4) 25,555 1,307 20,430 3,875 27,493 July 31, 1948 (4) 24,717 1,323 19,591 4,028 27,866 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. 1087 and seasonally adjusted figures in table on p. 1097. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. » To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt; (iii) as security for oustanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 1096 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] [Outride Treasury and Federal Reserve Banks. In millions of dollars^ Amount— Amount— Change in unadjusted adjusted for seasonally Depos- End of peri D od a : te fo v r ar s i e a a t s i o on nal v s a e r a i s a o t n io a n l a s d e j r u i s e t s e d 1 End of month a i n b to c a e r l s - s ' l Total d b C e t a o p i a n n o r s k y s h s i- G s U m e o ti c v e . e u s e n S r r 2 t i . n - - r f e C u e s n t a e c d s r . h v s 3 , e 1939 7,598 +742 1940 8,732 +1,134 1941 11,160 +2,428 1943—December 1,788 1 ,843 1,716 118 1942 15,410 +4,250 1944—December 2,342 2,411 2,252 152 1943 20,449 +5,039 1945—December 2 ,933 3,022 2,837 179 1944 25,307 +4,858 1946—December.. . . 3,284 3,387 3,182 200 1945 28,515 +3,208 1947—December.. . . 3,417 3,525 3,308 212 1946 28,952 +437 1947 28,868 -84 1948—February 3,441 3,551 3,336 209 1948 28,224 -644 March 3,435 3,546 ,346 194 April 3,415 3,528 ,316 205 Averages of daily figures May 3,395 3,509 3,291 211 June 3,379 3,494 3,291 196 1948—August 27,977 28,118 +107 July 3,368 3,483 3,275 202 September... 28,152 28,208 +90 August 3,356 3,472 3,260 206 October 28,188 28,188 -20 September. . . 3,348 3,464 3,260 198 November... 28,277 28,192 +4 October 3,342 3,459 3,244 208 December. .. 28,423 28,142 -50 November.. . . 3,336 3,454 3,244 203 December.. . . 3,330 3,449 3,244 198 1949—January 27,850 27,767 -375 February.... 27,545 27,545 -222 1949—January 3,334 3,454 3,244 203 March 27,508 27,591 +46 February.... 3,333 3,454 3,244 202 April 27,462 27,683 +92 March 3,327 3,447 3,254 186 May 27,438 27,631 -52 April 3,314 3,435 3,239 188 June 27,432 27,570 -61 May ^ 294 3,418 3,212 198 July 27,472 27,527 -43 June *>3,275 August 27,397 27,535 +8 July P3,260 am 1 o F u o n r t s e i n n d - f o ir f s -y t e c a o r l u f m ig n u . res, represents change computed on absolute 2 1 v S O P y u r s e t t s e l t i m a m n i d h n i a a n s r g y h . p el r d in c o i n p l a y l , d r i e re p c r t e s o e b n l t i e g d a ti b o y n s c e s r i t n if c i e c a J t u es n e o 1 f 9 d 4 e 3 p . osit. NOTE.—For discussion of seasonal adjustment factors and for back 3 Includes working cash with postmasters, 5 per cent reserve fund figures on comparable basis see BULLETIN for September 1943, pp. and miscellaneous working funds with Treasurer of United States, ac- 822-826. Because of an apparent change in the seasonal pattern crued interest on bond investments, and accounts due from late postaround the year end, adjustment factors have been revised somewhat masters. for dates affected, beginning with December 1942. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of Debits to demand Annual rate of Debits to total 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 City1 centers x centers 2 City centers City a 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 1945 974,102 404,543 479,760 89,799 18.3 9.7 351,602 412,800 24.2 16.1 1 1 9 9 4 4 6 6 — — o n l e d w s s e e ri r e ie s s 4 4 |l,050,021 417,475 527,336 105,210 19.0 10.0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 5 4 2 4 2 9 , ,4 9 1 4 4 4 2 2 5 5 . . 5 2 1 1 6 6. . 5 9 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—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 r99,288 36,974 52,003 r10,311 24.6 12.3 36,444 50,768 28.3 18.5 June 109,067 42,890 '55,386 10,792 26.9 12.5 40,617 53,769 29.8 18.7 July 98,490 36,467 51,893 10,130 23.7 12.2 37,129 51,276 28.7 18.5 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. SEPTEMBER 1949 1097 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 * [Figures partly estimated. In millions of dollars] Assets Liabilities and Caoital Bank credit Total assets, net Gold T re c u r n e u r a c y r- s y - Total Lo n a e n t s, U. S. Go m C v e e o r r m c n i m a - l ent F e o d b e l r i a g l ations s O e t c h u e r r - c l a T i i a p a t o n i b i e t t d i a s a l l - l, c d u e T r a p o r n o e t d s a n i l c ts y c C m o a a a u p n i c n s - i d c t t a s . , l Total and Reserve Other ities net net savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1 ,998 131 9,863 48,465 42,029 6,436 1939—Dec. 31 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—June 30 22,624 3,149 61,387 25,305 26,984 23,539 2,184 1,261 9,098 87,160 79,357 7,803 Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—June 30 20,213 4,145 153,992 27,948 118,041 93,655 21,792 2,594 8,003 178,350 168,040 10,310 Dec. 31 20,065 4,339 167,381 30.387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—June 29 20,270 4,539 163,485 31,570 122,740 95,911 23,783 3,046 9,175 188,294 176,215 12,079 Dec. 31 20,529 4,562 158,366 35,765 113,110 86,558 23,350 3,202 9,491 183,457 171,657 11,800 1947_jUne 30 21,266 4,552 156,297 38,373 107,873 82,679 21,872 3,322 10,051 182,115 169,234 12,882 Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1948—June 30 23,532 4,565 157,958 45,299 101,451 76,774 21,366 3,311 11,208 186,055 172,857 13,200 1948—July 28 23,700 4,600 158,600 45,500 101,800 77,300 21,200 3,300 11,300 186,900 173,400 13,500 Aug. 25 23.700 4,600 159,200 46,100 101,800 77,000 21,500 3,300 11,400 187,500 174,000 13,503 Sept. 29 23,900 4,600 159,500 47,100 100,800 74,200 23,300 3,300 11,500 187,900 174,500 13,400 Oct. 27 24,000 4,600 160,000 47,300 101,400 74,900 23,200 3,300 11,300 188,600 175,100 13,500 Nov. 24 24,200 4,600 159,900 48,000 100,600 74,300 23,000 3,300 11,300 188,600 175,200 13,400 Dec. 31 24,244 4,589 160,457 48,341 100,694 74,097 23,333 3,264 11,422 189,290 176,121 13,168 1949—Jan. 26? 24,300 4,600 159,400 48,200 99,900 74,600 22,000 3,300 11,300 188,200 174,900 13,400 Feb. 23P 24,300 4,600 158,700 47,800 99,500 73,900 22,400 3,300 11,400 187,600 174,400 13,200 Mar. 30P 24,300 4,600 157,300 48,100 97,700 72,600 21,800 3,300 11,500 186,200 172,600 13,600 Apr. 27P 24,300 4,600 156,800 47,100 89,100 73,600 21,200 3,300 11,600 185,700 172,000 13,700 May 25P 24,300 4,600 156,200 46,700 97,800 74,900 19,700 3,200 11,700 185,100 171,400 13,700 June 29P 24,500 4,600 156,300 47,100 97,400 74,700 19,500 3,200 11,900 185,400 171,400 14,000 July 27P 24,500 4,600 156,600 46,500 97,900 76,200 18,500 3,200 12,300 185,700 171,600 14,100 Deposits and Currency U. S. Governmentbalances Adjusted deposits and currency Foreign Time deposits * Total de b p n a o e n t s k its, T c u r a e r s a y h s- A s m b a t a e v a c n r n i c n o d k i g m a s s l - R F B e e a A d s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C e a o r n m c k ia s - l M s 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 r u C e a t n u n s c i r k d y - s e 1929—June 29 55,776 365 204 381 36 54,790 22,540 28,611 19,557 8,905 149 3,639 1933—June 30 42,029 50 264 852 35 40,828 14,411 21,656 10,849 9,621 1,186 4,761 1939—Dec. 31 68,359 1,217 2,409 846 634 63,253 29,793 27,059 15,258 10,523 1,278 6,401 1941—June 30 79,357 1,949 2,275 753 980 73,400 37,317 27,879 15,928 10,648 1,303 8,204 Dec. 31 82,811 1,498 2,215 1,895 867 76,336 38,992 27,729 15,884 10,532 1,313 9,615 1945—June 30 168,040 2,378 2,279 24,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec 31 180,806 2,141 2,287 24,608 977 150,793 75,851 48,452 30,135 15,385 2,932 26,490 1946—June 29 176,215 1,894 2,251 13,416 833 157,821 79,476 51,829 32,429 16,281 3,119 26,516 Dec 31 171,657 1 ,885 2,272 3,103 393 164,004 83,314 53,960 33,808 16,869 3,283 26,730 1947—June 30 169,234 1,657 1,314 1,367 756 164,140 82,186 55,655 34,835 17,428 3,392 26,299 Dec. 31 175,348 1,682 1,336 1,452 870 170,008 87,121 56,411 35,249 17,746 3,416 26,476 1948—June 30 172,857 1,727 1,327 2,180 1,928 165,695 82,697 57,360 35,788 18,194 3,378 25,638 194g—juiy 28 173,400 1,800 1,300 2,400 1,800 166,000 83,300 57,300 35,700 18,200 3,400 25,500 Aug 25 174,000 1,800 1,300 2,400 1,900 166,700 83,800 57,300 35,700 18,200 3,400 25,600 Sept. 29 174,500 1,800 1,300 2,800 1,700 166,900 83,900 57,300 35,700 18,300 3,300 25,700 Oct. 27 175,100 1,800 1,300 2,300 1,500 168,100 85,100 57,300 35,700 18,300 3,300 25,700 Nov. 24 175,200 1,900 1,300 2,200 1,700 168,100 85,200 57,000 35,500 18,200 3,300 25,900 Dec 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—jan 26 P 174,900 2,200 1,300 2,000 1,100 168,200 85,400 57,600 35,800 18,500 3,300 25,200 Feb. 23P 174,400 2,200 1,300 3,000 1,600 166,300 83,400 57,800 35,900 18,600 3,300 25,100 Mar. 30P 172,600 2,100 1,300 3,400 1,700 164,200 81,100 58,000 36,000 18,700 3,300 25,100 Apr. 27P 172,000 2,000 1,300 2,100 1,100 165,500 82,400 58,100 36,100 18,700 3,300 24,900 May 25P 171,400 1,800 1,300 1,900 700 165,700 82,600 58,200 36,100 18,800 3,300 25,000 June 29P 171,400 1,900 1,300 2,200 500 165,600 82,200 58,400 36,200 18,900 3,300 25,000 July 27P 171,600 1,700 1.300 1,500 400 166,700 83,300 58,500 36,200 19,100 3,300 24,900 P Preliminary. 1 Treasury funds included are the gold account, Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article, stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1098 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 l capital of Total Loans G U ov . e S r . n- Other Total 1 b I a n n te k r - 1 De- accounts banks Total o m bl e ig n a t - s ri e t c ie u s - mand Time tions All banks: 1939—Dec. 30 50,884 22,165 28.719 19.417 9,302 23,292 68,242 9,874 32,516 25,852 8/t 194 15,035 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 11,479 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 July 27* 135,010 46,580 88,430 76,170 12,260 33,630 155,780 10,930 89,420 55,430 12,840 14,683 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 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 r 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 July 27 e 114,740 40,410 74,330 64,540 9,790 32,800 136,650 10,930 89,400 36,320 10,760 14,153 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 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 July 27« 96,266 33,933 62,333 54,319 8,014 28,862 115,916 10,378 76,381 29,157 9,018 6,902 AH mutual savings banks: 1 1 9 9 3 4 9 1 — — j j ) je ec c # 3 3 1 0 1 1 0 0 . ,3 2 7 1 9 6 4 4 , , 9 9 0 2 1 7 5 5 , , 4 28 7 9 8 3 3 , ,1 7 0 0 1 4 2 1 , ,7 1 7 8 4 8 8 7 1 9 8 3 1 1 0 0 , , 5 5 2 3 4 3 3 6 1 1 0 0 , , 5 5 2 2 7 1 L , 3 ,2 0 4 9 1 5 5 5 4 1 8 1942—Dec. 31 10,754 4! 695 6,059 4,572 1,487 663 10,668 6 10,662 1,236 546 1943—Dec 31 11,871 4 484 7,387 6 090 1,297 797 11 738 g 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 1 19 9 4 4 6 5 — — D D eecc#. 3 3 1 1 1 17 6 , , 7 2 0 0 4 8 4 4, , 5 2 2 7 6 9 1 1 3 1, , 9 1 2 7 8 9 1 1 0 1 , , 6 7 8 7 2 8 1 1, , 4 2 0 4 0 6 6 8 0 1 9 8 1 1 5 6 , , 3 8 8 6 5 9 1 1 1 6 4 1 1 5 6 , , 3 8 7 5 1 3 1 1, , 7 5 8 9 4 2 5 5 4 4 2 1 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 r 17 18,387 ,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 « 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 July 27« 20,270 6,170 14,100 11,630 2,470 830 19,130 1 20 19,110 2,080 530 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. SEPTEMBER 1949 1099 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 Numbeir and date Total Loans G U ov . e S r . n- Other assetsx Total i b In a t n e k r - i a c c a c p o i u ta n l ts ba o n f ks Total o m bl e ig n a t^ - s ri e t c ie u s - m D a e n - d Time tions Central reserve city member banks: New York City: 1939—Dec 30 9,339 3,296 6,043 4,772 L.272 6,703 14,509 4,238 9,533 736 1,592 36, 1941—Dec. 31 12,896 4,072 8,823 7,265 L.559 6,637 17,932 4,207 12,917 807 1 648 36 1942—Dec. 31 17,957 4,116 13,841 12,547 1,294 5,864 22,078 3,945 17,399 734 1,727 37 1943—Dec 3i 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 L.066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 3i 26,143 7,334 18,809 17,574 1,235 6,439 30,121 4,657 24,227 1.236 2,120 37 1945—Dec 3i 20,834 6,368 14,465 13,308 1,158 6,238 24,723 4,246 19,028 11,449 2 205 37 1947—Dec. 3i 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 L,110 6,798 23,362 4,027 17,659 1,676 2,262 35 Dec 31 18,759 8,048 10,712 9,649 L,063 7.758 24,024 4,213 18,131 L,680 2 306 35 1949—Jan. 26 • 18,762 8,104 10,658 9,624 1,034 M71 23,177 4,069 17,487 1,621 2,306 35, Feb. 23 •. 18,394 7,960 10,434 9,353 1,081 r,oi7 22,789 3,863 17,324 1,602 2,314 35 Mar. 30« 18,273 8,179 10,094 8,943 L,151 r.oos 22,529 3,644 17,232 1,653 2,307 35 Apr. 27 • 18,314 7,595 10,719 9,626 1,093 (3,699 22,364 3,666 17,082 1,616 2,316 35 May 25« 18,668 7,598 11,070 9,993 1,077 (3,171 22,225 3,700 16,904 1,621 2,326 35 June 29« 19,071 7,822 11,249 10,116 1,133 (3,698 22,970 3,805 17,475 1,690 2,328 35: July 27« 18,926 7,060 11,866 10,589 1,277 (3,448 22,466 3,856 16,983 1,627 2,336 35; Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 L,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 L,566 4,057 1,035 2,546 476 288 13 1942—Dec 31 3,973 832 3,141 2,789 352 1,352 5,040 1,117 3,468 455 304 13 1943—Dec. 31 4,554 1,004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 1944—Dec 30 5,443 L ,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 5,931 L,333 4,598 4,213 385 ,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 4,765 L.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 1,739 6,402 1,217 4,273 913 426 14 194g—June 30 . . 4,742 1,714 3,028 2,667 361 L ,726 6,039 1,077 4,011 951 436 14 Dec. 31 4,799 1,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Tan. 26« , 4,795 L ,777 3,018 2,634 384 L,885 6,182 1,023 4,143 1,016 440 13 Feb. 23« 4,759 1,733 3,026 2,632 394 L,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 L.603 3,066 2,651 415 1,715 5,940 959 3,940 1,041 445 13 May 25* 4,832 L.569 3,263 2,831 432 1,639 5,985 981 3,960 1,044 453 13 Tune 29« 4,797 L,562 3,235 2,822 413 1,689 6,028 1,008 3,967 1,053 462 13 July 27« 4,942 ,523 3,419 2,985 434 1,687 6,116 1,061 3,995 1,060 459 13* Reserve city member banks: 1939—Dec. 30 .. 12,272 5.329 6,944 5,194 1,749 t3.785 17,741 3,686 9,439 4,616 1,828 346 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 35& 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. 23 • 35,080 13,996 21,084 18,596 2,488 12,280 44,541 4,688 28,409 11,444 2,932 33& 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 29e..... 35,018 13,359 21,659 18,966 2,693 11,253 43,424 4,523 27,303 11,598 2,987 334 July 27« 35,817 13,328 22,489 19,680 2,809 10,951 43,908 4,686 27,650 11,572 3,004 334. 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, 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 6,40& 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—Tan. 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 25 « 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 July 27" 36,581 12,022 24,559 21,065 3,494 9,776 43,426 775 27,753 14,898 3,219 6,520- 2 December 31, 1947 figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947? by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmembercommercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 1100 FEDERAL RESERVE BULLETIN; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY GLASSES *—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 o b v l . e i e g 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 All insured commercial banks: 1943—Dec. 31 83,507 18,841 64,666 58,683 5,983 27,183 104,094 10 705 74,309 19,081 7,453 13,270 1944—Dec. 30 103,382 21,352 82,030 75,875 6,155 29,733 125,714 12,074 89,761 23,879 7,989 13,263 1945—Dec. 31 121,809 25,765 96,043 88,912 7,131 34,292 147,775 13 883 104 015 29,876 8 671 13,297 1946—Dec. 31 112,178 30,733 81,445 73,554 7,891 33,694 136,990 12,320 91,144 33,526 9,286 13,354 1947—Dec. 31 114,274 37,583 76,691 67,941 8,750 36,926 141,851 12,670 94,300 34,882 9,734 13,398 1948—June 30 111,794 39,372 72,421 63,490 8,931 33,699 135,945 11 035 89,491 35,418 9,955 13,415 Dec. 31 112,286 41,968 70,318 61,388 8,929 38,087 140,642 11,900 93,300 35,441 10,158 13,413 {National member banks : 1943—Dec. 31 47,499 10,116 37,382 34,065 3,318 16,017 59,961 7,159 42,605 10,196 3,950 5,040 1944—Dec. 30 58,308 11,480 46,828 43,292 3,536 17,570 71,858 8,056 50,900 12,901 4,265 5,025 1945—Dec. 31 69,312 13,925 55,387 51,250 4,137 20,114 84,939 9 229 59,486 16,224 4,644 5,017 1946—Dec. 31 63,723 17,272 46,451 41,658 4,793 20,012 78,775 8,169 52,194 18,412 5,138 5,007 1947—Dec 31 65 280 21,428 43,852 38,674 5,178 22,024 82,023 8 410 54,335 19,278 5 409 5,005 1948—June 30 63,638 22,243 41,395 36,091 5,303 20,415 78,753 7,305 51,921 19,528 5,533 4,998 Dec. 31 63,845 23,752 40,093 34,852 5,241 22,974 81,407 7,842 54,020 19,545 5,657 4.991 State member banks: 1943—Dec. 31 26,759 6,171 20,588 18,883 1,705 7,773 32,302 3 397 23,833 5,072 2,525 1,698 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 L ,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 L ,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—Dec 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—June 30 . 31,811 11,628 20,183 18,048 2,135 9,888 38,699 3 529 25,875 9,295 3,091 L ,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 L.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 tS. 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 fNIbninsured 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 L.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 L.493 1,234 259 509 2,201 368 1,353 479 322 758 /\11 nonmember commercial banks: 1 1 9 9 4 4 3 4 — — D D e e c c . 3 3 1 0 . . 1 13 0 , , 9 8 7 4 2 7 2 2, ,8 9 3 71 2 1 8 1 , , 0 0 1 0 4 2 9 6 , , 8 8 8 9 0 9 1 1 , , 1 12 1 2 5 3 4 , , 8 3 8 4 9 8 1 1 3 7 , , 6 1 7 6 1 8 4 3 4 5 8 1 1 9 1 , , 1 8 3 7 1 9 4 4 , , 0 9 9 3 2 8 ) L , 9 2 4 9 S 8 •7 7, , 1 2 8 9 1 9 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 A .30 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 L,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 7,527 808 184 1944—Dec. 30 . . 9,223 3,110 6,113 5,509 604 400 8,910 8 8 902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1948—June 30 . . 13,142 3,769 9,373 8,169 1,204 644 12,581 15 12,566 1,302 193 Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 jNoninsured mutual savings banks: 1943—Dec 31 4,345 1,411 2,935 2,246 689 238 4,204 1 4,203 468 361 1944—Dec. 30 .... 4,708 1,260 3,448 2,819 629 184 4,466 2 4,464 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1946—Dec 31 5,813 1,275 4,538 3,833 705 206 5,442 3 5,439 611 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1948—June 30 6,084 1,465 4,619 3,808 811 188 5,630 2 5,627 653 339 Dec 31 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for dtscription, 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. SEPTEMBER 1949 1101 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] Loansi Investments Cla c s a s l a l o n d d f a b te ank i m T n l a o v o e n a e t n n d a s t s l t s - Total1 o C e m c p i l o i n u e e a m g d r n l - , - - - A c t a u u g l r l 2 r - - i- b o p L s T r r u e o o o r c c k c a a u - h n r r s a r i y t s f i T i i o e n n o s r g g l t R o e a a s e t - e n a s l s C l u o o m a n n e - s rO lo th an er s Total Total U. S. Go C v c e e a r r t t e i n f D s m i- i e re n c t t obligations G a u n a - r- S p O t a i g t i o o c a n o b a l a f t d - n i l e l t i s s - - O s ri e t t h c ie e u s r - "et" ers oth- Bills of in- Notes Bonds teed suband debtpa- deal- ers ed- diviper* ers ness sions All insured commercial banks: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 4,773 4, 545 28,031 21,046 988 3,159 12,797 4,102 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,314 3,164 3,6064,677 2,361 1,181 96,043 88,912 2,455 19,071 16,04551,321 22 3,8733,258 1946—Dec. 31.. 112,178 30,733 14,016 1,358 1,517 1,609 7,103 4,031 1,098 81,445 73,554 1,271 12,288 6,78053,200 154,2983,592 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 9,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—June 30.. 111,794 39,372 17,834 1,976 1,183 1,077 10,1016,412 1,119 72,421 63,490 2,327 9,451 5,06946,630 125,4343,497 Dec. 31.. 112,286 41,968 18,7612,775 1,336 939 10,6666,804 1,095 70,318 61,388 2,821 10,065 3,39445,100 85,5093,420 1949—June 30.. 111,746 40,524 16,292 2,734 1,972 901 10,8877,170 1,022 71,222 61,970 2,846 10,437 2,045 46,636 65,7633,489 Member banks, total: 1941—Dec 31. 43,521 18,021 8,671 972 594 598 3,494 3, 592 25,500 19,539 971 3,007 11,7293,8323,0902,871 1A ^9^ 4JL 5—•*—D' V-e^- •c .*• *3 • 1•.. 107,183 22,775 8,949 855 3,133 3,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163,2542,815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,815 45,286 104,1993,105 1948—June 30. . 95,449 33,871 16,734 1,241 1,171 956 7,7775,249 1,040 61,578 54,139 2,188 7,597 4,104 40,242 84,436 3,003 Dec. 31.. 95,616 36,060 17,631 1,800 1,324 834 8,2445,585 1,006 59,556 52,154 2,588 7,999 2,800 38,761 54,480 2,922 1949—Apr. 11.. 93,835 34,905 58,930 51,362 4,637 2,931 June 30. . 95,315 34,456 \5',2\31,704 i ,958 ' 8038',3835 ',859' '93560,859 53,132 2,651 8,469 i',63940,369 44,7103,016 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 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—A or 11 18,065 7,546 10,519 9,383 658 478 June 30.. 19,103 7,689 4,710 11,701 248 209 650 268 11,413 10,278 777 1,472 132 7,897 611 525 Chicago:* 1941—Dec. 31.. 2,760 954 732 6 48 52 22 9) 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.. 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1^467 749 1,864 181 204 1946—Dec. 31.. 4,765 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—June 30.. 4,742 1,714 1,357 2 61 75 47 156 32 3,028 2,667 160 250 214 2,043 185 176 Dec. 31.. 4,799 1,783 1,412 4 71 63 51 176 27 3,016 2,633 183 275 217 1,958 210 174 1949—Apr. 11.. 4,595 1,617 2,978 2,567 236 176 June 30.. 4,841 1,537 1,178 6 83 60 48 156 26 3,303 2,888 369 343 125 2,051 235 180 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 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,594 29,552 1,034 6,982 5,653 15,878 5 1,126 916 1946—Dec. 31.. 35,351 10,825 5,548 201 264 704 2,237 1,436 435 24,527 22,250 441 3,799 1,993 16,013 4 1,272 1,004 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1948—June 30. . 35,065 13,373 6,823 260 126 428 3,3332,158 369 21,692 19,222 783 3,244 1,501 13,692 3 1,446 1,024 Dec. 31. . 35,332 14,285 7,282 437 130 360 3,5032,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—Apr. 11. . 34,741 13,740 21,001 18,445 1,471 1,086 June 30. . 35,034 13,261 6,227 378 "156 "321 3J5592! 408 "385 21,772 19,076 "875 '3',367 603 ii',236 1,559 1,137 Country banks: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 1,823 1, 530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 16,713 9 1,342 1,067 1946—Dec. 31. . 35,412 8,004 2,433 681 29 273 2,970 1,312 306 27,408 24,572 279 4,020 2,470 17,797 6 1,551 1,285 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 1,262 1948—June 30. . 36,623 11,234 3,279 979 22 204 4,236 2,318 267 25,389 21,892 552 3,121 1,868 16,345 52,223 1,275 Dec. 31.. 36,726 11,945 3,296 1,356 21 1874,467 2,451 261 24,781 21,278 760 3,340 1,128 16,046 42,286 1,217 1949—Apr. 11. . 36,434 12,003 24,431 20,967 2,272 1,192 June 30. . 36,338 11,968 3,098 1,319 23 1754,567 2,644 256 24,370 20,889 630 3,286 778 16,192 42,306 1,174 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 1945—Dec. 31.. 14,639 2,992 512 459 31 228 1,224 460 77 11,647 10,584 180 '2',087 1,774 6,538 6 619 443 1946— Dec. 31.. 15,831 4,040 862 474 12 142 1,748 723 79 11,791 10,524 104 2,247 1,179 6,991 3 752 516 1947—Dec. 31.. 16,444 4,958 1,049 563 13 125 2,139 992 76 11,486 10,039 136 1,736 1,104 7,058 4 931 517 1948—June 30.. 16,360 5,504 1,101 735 12 121 2,328 1,163 79 10,856 9,362 138 1,855 966 6,399 4 999 494 Dec. 31.. 16,685 5,911 1,131 975 12 1052,426 1,220 89 10,774 9,246 234 2,066 594 6,349 3 1,030 498 1949—June 30. . 16,447 6,071 1,079 1,030 14 97 2,508 1,311 87 10,376 8,849 196 1,968 406 6,277 2 1,054 473 * 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." * 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. J During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 3 Central reserve city banks. 1102 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b t a e nk F s B i w e e e R R a d r r i v n e e e t v h - - e k r e s a s l v C a i a n u s l h t b m a w B a n d e n i a o c s t k l t e - h - i s s c * j p m u D a o d s a t d s e e e n i - - - d t d s " m D e I s d n o t e - i t c e p 4 r o b s a i F e t n i s o g k r n - U m G er . e o n n v S - t - . p v s S o i u a t s l b i a n i t o t d i d c e n i a s - s l c C h c a e f o e e e i n t f e c r r f c d i t d s k . - i ' s - , p a v t s n a i p I i d h r o d n o u i t n d r p n c a a s i o s e - l - , r r s, - - I b n a t n er k - P U m G S e i a n o r a . n o e s g n v n v d t S s - - a - t . l v s S p i a u i s o t c n i b a l a o d i t d l t n e - i s s - p a v n s a p i t I h d r i d n o o t i u r d n p n c a a i o e s s - l - , r r s - - , r B in o o w g r s - - c C o t a a u a c p n l - i t - s All insured commercial banks: 1941—Dec. 31.. 12.396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31. . 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—June 30.. 17,355 2,063 8,238 81,420 9,628 1,357 2,052 7,132 2,020 78,287 50 111 1,061 34,246 63 9,955 Dec, 31.. 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—June 30. . 17,807 2,036 7,777 80,613 9,058 1,374 2,135 7,337 2,352 77,005 146 163 1,243 34,560 27 10,452 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 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31. . 16,015 1,576 5,936 70,243 10,644 1,353 2,672 4,915 2,207 69,127 62 114 551 26,525 30 8,095 1947—Dec. 31. . 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1948—June 30. . 17,356 1,606 5,419 70,051 9,433 1,353 1,846 5,873 1,873 68,204 47 106 912 27,805 53 8,624 Dec. 31. . 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 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 June 30. . 17,808 1,568 5,065 69,397 8,864 1,369 1,980 5,983 2,222 67,157 141 157 1,069 28,038 21 9,022 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 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 June 30.. 4,726 130 56 15,254 2,680 1,150 562 254 1 ,201 15,986 90 25 33 1,637 2,340 Chicago:* 1 1 9 9 4 4 5 1 — — D D eecc<. 3 3 i i . _ 1,0 9 2 4 1 2 3 4 6 3 2 2 9 0 8 0 3 2 , ,2 1 1 5 5 3 1 1 , , 0 2 2 9 7 2 20 8 1,5 1 5 2 2 7 2 23 3 7 3 6 3 6 4 2 3 , , 1 1 5 6 2 0 4 7 7 1 6 9 2 3 8 7 8 7 1945—Dec. 31.. 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 1947—Dec> 31.. 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1948—June 30. 1,144 28 152 3,505 1,055 22 105 320 47 3,539 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 1,255 27 129 3,291 954 48 234 257 30 3,299 2 11 1,022 445 June 30.. 1.174 25 149 3,470 962 46 197 307 41 3,475 3 12 1,044 462 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 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 2,72* 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 June 30.. 6,781 500 1,744 24,271 4,460 166 701 2,413 518 23,928 39 62 642 10,923 1 3,005 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 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 2,75? 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 3,656 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 June 30.. 5,127 913 3,117 26,402 762 8 520 3,009 462 23,767 12 67 383 14,433 21 3,21S Insured nonmember commercial banks: 1941—Dec. 31.. 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 5 959 I945—Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 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 1949—June 30. . 468 2,713 11,216 194 4 155 1,354 130 9,848 6 6 174 6,539 5 1,431 * 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. • 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. SEPTEMBER 1949 1103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans x 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 - Total1 in t a r d i n a u d l s , - and dealers To others e R l s o t e a a a n te l s L ba o t n a o k n s s O l t o h an e s r Total c C t a if e t i e r - - s O s r e i 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 n v a - - . s t. O c t t u i h n e e - s rG U l t o o i . i b v g o S a - t n . - . s O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Note Bonds2 Total— Leading Cities 4948—July. . 62,93023,917 14,469 547 489 503 3,842 293 3,744 39,01334,709 1,848 4,478 2,449 25,9344,304 4949—May 62,03023,792 13,815 862 597 197 424 4,084 246 3,866 38,23833,8482,121 4,889 968 870 4,390 June 62,41423,517 43,349 819 738 212 '422 4,106 243 r3,928 38,89734,3882,168 5,314 958 ,509 July 63,033 23,021 12,929 646 713 229 430 4,129 4,028 40,01235,2722,462 5,539 986 285 4,740 4 949—June 1 62,33623,811 13,476 1,058 620 199 429 4,092 333 3,904 38,52534,0352,105 5,225 971 25,734 4,490 June 8... . 61,91623,096 13,424 581 600 201 4214,103 178 3,889 38,82034,3472,165 5,385 957 25,840 4,473 June 15.... 62,603 23,234 13,385 627 652 209 420 4,105 206 3,929 39,36934,8672,516 5,397 961 25,993 ,502 June 22 62,606 23,562 13,292 806 886 209 4214,112 204 39,04434,5152,224 5,279 951 26,0614,529 June 29.... 62,60923,882 "13,170 1,025 931 241 418 4,121 292 "3,985 38,72734,178 1,832 5,284 950 26,112 4,549 July 6.... 62,555 23,167 12,996 654 883 237 '4124,115 164 4,010 39,38834,7352,153 5,431 960 26,1914,653 July 13.... 62,855 22,901 12,964 523 674 229 443 4,126 223 '4,024 39,95435,2542,471 5,543 981 26,259 ,700 July 20 63,26422,984 12,870 688 664 227 '4314,134 249 4,026 40,28035,5072,614 5,575 998 26.320 4,773 July 27.... 63,45823,031 12,1 718 631 224 435 4,141 250 '4,051 40,42735,5902,610 5,605 1003 26,372 4,837 Aug. 3 . . . . 63,79623,159 12,826 837 683 226 4374,143 264 ,63735,7732,603 5,716 1,060 26,3944,864 Aug. 10 64,20723,178 12,906 808 609 223 458 4,161 272 046 41,02936,1442,563 6,042 1,087 26,4524,885 Aug. 17 64,69323,261 12,939 816 599 216 4414,166 348 4,04141,43236,4852,772 6,136 1,074 26,5034,947 65,12123,058 12,942 681 619 215 4424,181 4,050 42,06337,1143,128 6,359 1,118 26, i 949 Aug. 24 •New York City 18,648 7,412 5,190 479 363 200 158 236 82611,236 10,108 892 509 7,9361,128 #948—July 18,201 7,486 4,932 811 465 166 204 177 77810,715 9,673 802 ,216 100 7,5551,042 rl 949—May 18,469 7,393 4,745 760 592 168 206 168 78711,076 9,976 834 ,390 118 7,6341,100 June 18,503 7,036 4,541 594 565 175 204 169 80611,467 10,253 916 ,468 137 7,7321,214 £949— J J J J J J u u u u u u l n n n n n y e e e e e 2 2 1 8 9 1 2 5 .. .. 1 1 1 1 1 8 8 8 8 8 , , , , , 5 3 6 0 7 7 3 4 5 2 5 9 7 4 8 7 7 7 7 7 , , , , , 7 1 4 6 0 1 4 3 2 3 9 9 5 4 9 4 4 4 4 4 , , , , , 7 6 7 7 7 7 6 0 8 9 6 4 8 1 8 9 5 5 9 7 8 8 4 3 5 1 3 7 4 5 4 4 4 7 7 9 9 6 3 7 2 1 7 3 6 1 1 1 1 1 6 6 6 6 7 5 5 6 8 4 2 2 2 2 2 0 0 0 0 1 3 7 6 6 0 2 1 1 1 1 2 2 6 4 7 9 1 7 6 7 8 7 7 7 7 0 8 8 8 7 6 3 5 7 41 1 1 1 1 1 1 1 0 1 , , , , , 7 2 0 0 3 5 1 0 0 9 1 9 9 8 0 1 1 9 9 9 0 0 , , , , , 8 6 9 0 2 9 7 2 8 9 3 1 8 9 9 1, 9 6 8 7 0 1 2 0 2 9 2 9 5 8 5 , , , , , 3 4 4 3 4 2 8 1 0 2 2 6 4 1 5 1 1 1 1 1 2 2 0 2 1 7 2 3 3 5 7 7 7 7 7 , , , , , 6 6 7 5 5 4 8 2 7 3 2 6 8 8 9 1 1 , , , , , 0 0 1 1 1 8 8 2 0 1 0 0 0 1 6 July 6 18,392 7,223 597 713 159 201 151 80811,169 9,987 728 ,414 131 7,714 ,182 July 13 18,439 6,975 479 533 186 205 198 80511,46410,268 981 ,434 133 7,720 ,196 July 20 18,593 6,987 646 516 176 205 173 80611,606 10,387 1,017 ,495 137 7,738 ,219 July 27 18,587 6,959 4,487 655 498 177 206 153 80511,628 10,371 937 ,531 148 7,755 ,257 Aug. 3 . . . . 18,722 7,102 4,485 767 527 178 206 148 80811,62010,356 838 1,595 171 7,752 ,264 Aug. 10 18,860 7,092 4,523 744 487 194 213 136 81111,768 10,508 753 1,817 183 7,755 ,260 Aug. 17 18,785 7,106 4,547 744 475 179 210 169 80311,679 10,378 687 1,759 177 7,7551,301 Aug. 24 19,056 7,050 4,540 641 491 179 208 216 79712,006 10,704 874 1,874 219 7,7371,302 Outside *N.€W York City ti948—July 44,282 16,505 9,279 126 3,684 2,91827,77724,601 1,077 3,586 1,940 17,9983,176 rl 949—May 43,829 16,306 8,883 132 149 2583,880 69 3,088 27,52324,175 ,319 3,673 868 18,3153,348 June 43,945 16,124 '8,604 146 151 3,900 75 '3,14127,821 24,412 ,334 3,924 840 18,3143,409 July 44,530 15,985 8,388 148 152 3,925 53 3,22228,54525,019 ,546 4,071 849 18,553 526 |i949—June 1 43,961 16,187 8,678 129 146 255 889 104 3,117 27,77424,364 ,377 3,924 868 18,1953,410 June 8 43,869 16,057 8,643 133 148 253 893 32 3,115 27,81224,419 ,360 3,963 834 18,2623,393 June 15.... 44,064 16,085 8,609 160 148 255 899 29 3,144 27,97924,578 ,421 3,972 834 18,3513,401 June 22 43,952 16,12 8,584 153 152 256 905 83 27,82524,416 ,312 3,893 836 18,3753,409 June 29 43,881 16,163 '8,506 155 160 '252 915 125 '3,179 27,71824,285 ,203 3,870 828 18,3843,433 July 6 44,163 15,944 '8,388 170 156 '253 914 13 '3,202 28,21924,748 ,425 4,017 829 18,4773,471 July 13 44,416 15,926 '8,379 141 150 '257 921 25 3,219 28,49024,986 ,490 4,109 848 18,539 3,504 July 20 44,671 15,997 '8,386 148 151 '255 929 76'3,220 28,67425,120 ,597 4,080 861 18,5823,554 July 27 44,871 16,072 '8,399 133 151 '2583,935 97 '3,246 28,79925,219 ,673 4,074 855 18,6173,580 Aug. 3 45,074 16,057 8,341 156 147 3,937 116 3,24129,01725,417 ,765 4,121 18,6423,600 Aug. 10 . . . . 45,347 16,086 8,383 122 143 3,948 136 3,23529,261 25,636 ,810 4,225 904 18,6973,625 Aug. 17 45,908 16,155 8,392 124 141 3,956 179 3,23829,75326,1072,085 4,377 897 18,7483,646 Aug. 24 40,065 16,008 8,402 128 141 2633,973 17 3,25330,05726,4102,254 4,485 899 18,7723,647 I r Revised. 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total which is shown net. 2 Including guaranteed obligations. 1104 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 r i e a n d t v - h l k - e s v C a i a u n s lt h m b a w a n d e o n i c s t - e k h t s i s c j p u m o s a d a t e d s e n - i - d t d s * s p p u n v c h a o a a o i e n i r d r l p r r d 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 O c h a f e e e i t e n f e c r r f c d . d i t s k - i ' - s, U m G er . o e n v n S - - t . s p p u n c h v a o a a o n e i i r r d p l r r d a s t - - - s - , - , p S s s d a i i o u t c i o n a b v l a n d i - t i l t e s - - s P m U G S e i a o n r a . n o e s g n v d n v S t s - - a t - . l m D t D e i o s c - - ema F n ei d 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 b s n - * k tions tions Total- Leading Cities 1948—July 12,989 2,299 46,559 46,831 3,333 1,390 1,20214,352 8,9201,371 230 5,908 91,585 1949—May 13,453 768 2,08245,98545,640 3,599 1,229 14,496 650 99 8,185 ,331 101 417 6,097 87,212 June 13,378 771 122 46,38346,264 3,475 1 ,309 14.541 665 106 8,311 ,323 118 290 6,117 94,386 July 12,958 783 253 46,258 46,288 3,313 1,364 14,553 643 117 8,717 ,353 137 284 6,142 88,405: 1949—June 1... 13,243 749 2,099 46,36446,128 3,683 1,543 79014,513 66/ 103 8,258 ,330 115 286 6,118 18,120 June 8... 13,293 785 2,10146,29545,737 3,545 1,079 57614,521 668 103 8,397 ,300 115 119 6,118 20,158 June 15... 13,649 761 2,2296 46,84447,494 3,431 1,365 77014,532 664 104 8,767 ,311 112 106 6,115 20,985 June 22... 13,475 769 2,,0023 46,31946,154 3,357 1,208 89014,544 662 106 8,087 ,334 110 690 6,109 23,008 June 29... 13,231 792 2,089 46,09345,805 3,361 1,349 1,35614,596 664 115 8,047 ,339 138 250 6,127 22,381 July 6... 13,281 762 2,377 45,84445,744 3,358 1,513 1,14514,584 644 115 9,0111,344 138 84 6,141 21,148 July 13... 12,828 826 2,401 46,035 46,586 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 8,5211,351 139 420 6,138 21,352 July 27... 12,938 788 2,06246,68346,301 3,379 1,162 92114,535 640 120 8,3001,364 133 484 6,150 19,262 Aug. 3... 13,034 720 2,063 46,282 45,685 3,432 1,199 1,59114,520 641 121 8,5331,364 135 380 6,166 20,853- Aug. 10... 12,868 762 2,141 46,2«68 45,998 3,291 1,283 1,96114,514 642 120 8,6911,358 133 228 6,169 18,191 Aug. 17... 12,759 728 2,215 46,050 46,232 3,240 1,204 2,24414,499 645 118 8,9071,354 131 398 6,164 20,440- Aug. 24... 12,341 761 2, 316 45,947 3,257 1,013 2,37714,493 646 119 8,6981,356 139 163 6,172 18,512 New York City 1948—July 4,856 15,20715,813 246 718 319 1,532 2,8231,197 154 2,210 36,350) 1949—May 4,897 117 14,92115,448 257 655 296 1,479 2,548 1,131 260 2,271 36,444 June 4.929 119 15,14015,789 205 704 287 1,517 2,660 1,119 186 2,270 40,617 July 4,859 124 14,97315,552 227 767 312 1,496 2,758 1,139 184 2,283 37,129 1949—June 1... 4,794 115 14,99515,734 209 930 271 1,501 2,628 127 185 2,276 7,443 June 8... 4,816 122 14,99515,484 185 520 190 1,503 2,602 105 10 2,269 8,603t June 15... 5,098 112 15,35716,165 213 696 228 1,513 2,903 108 22 2,269 8,526, June 22... 5,111 116 15,27315,864 215 618 252 1,519 2,588 127 509 2,263 9,805* June 29... 4,824 130 15,08215,698 204 759 493 1,547 2,5781,129 203 2,272 10,210 5,083 125 14,92015,474 231 897 415 1,523 2,957 1,134 28 2,284 9,900 4,704 131 14,81215,506 218 547 279 1,491 2,820 1,136 107 2,285 8,493 4,749 115 15,09115,698 211 1,055 217 1,482 2,649 1,133 258 2,283 8,635 124 15,06715,530 248 568 335 1,486 2,608 ,152 343 2,280 7,774 4,847 111 14,79515,185 211 619 734 1,469 2,617 1,154 297 2,292 8,613* 4,779 118 14,72815,276 180 691 968 1,465 2,654 1,145 177 2,293 7,589, 4,977 111 14,59015,190 210 613 1,034 1,450 2,698 1,138 352 2,289 7,97O» 4,584 114 14,77315,211 224 480 1,069 1,453 2,654 1,138 38 2,290 7,277; Outside New York City 1948—July 8,133 686 2,265 31,35231,018 3,087 672 88312,820 502 6,097 76 3,698 55,233 1949—May. . . 8,556 651 2,050 ,06430,192 3,342 574 13,017 619 5,637 200 157 3,826 50,768 Tune.... 8,449 652 2,08431,243 30,475 3,270 605 59013,024 629 5,651 204 104 3,847 53,769 July.... 8,099 659 2,22131,28530,736 3,086 597 586 13,057 611 5,959 214 100 3,859 51,276; 1949—-.June 1., 8,449 634 2,046 31,36930,394 3,474 613 51913,012 631 5,630 203 101 3,842 10,677- June 8.. 8,477 663 2,066 31,30030,253 3,360 559 38^ 13,018 631 5,795 195 109 3,849 11,555; June 15.. 8,551 649 2,261 31,48731,329 3,218 669 54213,019 630 5,864 203 84 3,846 12,459- June 22.. 8,364 653 1,98931,04630,290 3,142 590 13,025 628 5,499 207 181 3,846 13,199. June 29.. 8,407 662 2,055 31,01130,107 3,157 590 86313,049 625 5,469 210 47 3,855 12,171 July 6.. 8,198 637 2,343 30,92430,270 3,127 616 73013,061 612 6,054 210 56 3,857 11.24& July 13.. 8,124 695 2,36631,22331,080 3,018 581 13,065 609 6,216 217 39 3,853 11,952 July 20.. 8,036 640 2,14431,38130,822 3,069 599 49713,057 612 5,872 218 162 3,855 12,718- July 27.. 8,040 664 2,03231,616 30,771 3,131 594 58613,049 607 5,692 212 141 3,870 11,488 Aug. 3. 8,187 609 2,033 31,48730,500 3,221 580 85713,051 607 5,916 210 83 3,874 12,24O> Aug. 10. 8,089 644 2,11131,54030,722 3,111 592 99313,049 609 6,037 213 51 3,876 10,602* Aug. 17. 7,782 617 2,18231,460 31,042 3,030 591 ,21013,049 613 6,209 216 46 3,875 12,47a Aug. 24. 7,757 647 2,120 31,54330,736 3,033 533 13,040 614 6,044 218 125 3,882 11,235; 3 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. SEPTEMBER 1949 1105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loansl Investments For purchasing U. S. Government obligations or carrying securities Total Comloans merd F i e s d t e ri r c al t R an es d e r d ve ate 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 - s O e t c h u e r a a c g u n r l d i - - G U o . v S t . . Other G U o . v S. t. Other loans banks Total Bills o d c f e a b t i e n t s - - Notes Bonds2rities tural ob- se- ob- se- edliga- curi- liga- curi- ness tions ties tions ties Boston July 27 2,846 974 »-588 7 6 11 17 135 20 ••209 1,872 1,686 76 277 40 1,293 186 Aug. 3 2,868 978 582 8 8 11 17 135 26 210 1,890 1,702 76 285 42 1,299 188 Aug. 10 2,902 967 582 6 6 11 17 135 19 210 1,935 1,745 95 305 42 1,303 190 Aug. 17 2,923 980 588 11 6 11 17 136 20 210 1,943 1,754 99 311 42 1,302 189 Aug. 24 2,944 955 583 5 6 11 17 140 2 210 1,989 1,801 123 332 43 1,303 188 New York* 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 Aug. 3 20,895 7,821 4,809 767 530 85 194 412 148 987 13,074 11,603 892 1,705 207 8,799 1,471 Aug. 10 21 078 7,815 4,848 746 490 85 210 420 136 991 13 263 11,798 835 1 930 218 8 8151 465 Aug. 17 20,999 7,836 4,870 748 478 80 195 418 175 983 13,163 11,658 757 1,874 213 8,814 1 505 Aug. 24 21 284 7,780 4,864 648 494 79 195 417 216 978 13,504 11,997 957 1 991 255 8,794 1 507 Philadelphia July 27 2,576 863 457 1 24 2 7 94 8 281 1,713 1,397 112 125 31 1,129 316 Aug. 3 2,574 866 458 1 25 2 8 93 8 282 1,708 1,388 106 122 30 1,130 320 Aug. 10 2,602 874 466 1 23 2 8 94 9 282 1,728 1,404 120 123 30 1,131 324 Aug. 17 2,631 880 471 1 22 2 8 96 9 282 1,751 1,427 141 125 30 1,131 324 Aug. 24 2,630 878 473 1 22 2 8 97 3 283 1,752 1,433 142 127 31 1,133 319 Cleveland July 27 4,444 1,448 818 14 17 39 27 281 25 246 2,996 2,639 133 269 97 2,140 357 Aug. 3 4,480 1,429 813 14 18 35 27 281 10 250 3,051 2,694 144 295 98 2,157 357 Aug. 10 4,479 1,405 806 9 16 33 33 282 2 243 3,074 2,711 138 299 99 2,175 363 Aug. 17 4,533 1,435 803 9 17 33 33 283 32 244 3,098 2,735 141 308 99 2,187 363 Aug. 24 4,549 1,408 806 9 16 33 33 284 2 244 3,141 2,776 164 320 99 2,193 365 Richmond July 27 2,539 797 351 6 12 19 196 3 219 1,742 1,600 104 203 42 1,251 142 Aug. 3 . . 2 566 805 351 6 12 19 197 11 218 1,761 1,619 108 210 41 1 260 142 Aug. 10 2,578 808 354 6 12 19 199 8 219 1,770 1,627 117 211 41 1,258 143 Aug. 17 2,601 809 359 6 12 19 199 4 219 1,792 1,648 134 215 41 1,258 144 Aug. 24 2,609 810 360 6 12 19 201 3 218 1,799 1,654 145 208 42 1,259 145 Atlanta July 27 2,302 781 442 8 15 24 68 6 229 1,521 1,319 69 306 39 905 202 Aug. 3 2,294 772 439 9 14 25 69 7 220 1,522 1,319 77 307 36 899 203 Aug. 10 2 322 766 440 7 13 25 69 5 218 1,556 1,351 99 325 37 890 205 Aug. 17 2,355 765 439 7 13 24 69 5 219 1,590 1,385 104 349 39 893 205 Aug. 24. . 2,367 769 439 7 13 24 72 4 221 1,598 1,391 105 356 38 892 207 Chicago* 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 Aug. 3. . 8,935 2,491 1,590 43 52 19 54 342 16 407 6,444 5,734 595 822 240 4,077 710 Aug. 10 9,017 2,543 1,595 41 29 19 54 343 82 412 6,474 5,756 578 855 239 4,084 718 A A u u g g . . 2 1 4 7 9 9 ,1 1 7 2 8 8 2 2, ,5 43 3 8 3 1 1 , , 5 5 9 9 0 0 4 1 1 3 3 2 3 9 2 1 0 9 5 5 4 5 3 3 4 4 4 5 77 4 4 1 1 1 4 6 6 , , 5 7 9 4 5 0 6 5 , , 0 8 1 7 8 2 6 7 2 2 7 2 9 8 4 9 1 8 2 2 4 3 0 9 4 4, , 1 1 1 0 5 8 772223 St. Louis July 27 2 118 868 457 1 5 10 11 168 11 214 1,250 1,079 71 194 40 774 171 Aug. 3 2 097 840 445 1 6 10 11 169 5 202 1,257 1,096 83 201 40 772 161 Aug. 10 2 116 839 446 2 5 10 11 171 1 202 1,277 1,119 88 215 46 770 158 Aug. 17 2 145 856 450 1 5 10 11 172 11 205 1,289 1,131 82 231 41 777 158 Aug. 24 2,156 851 451 2 5 10 10 174 2 206 1,305 1,146 86 240 42 778 159 Minneapolis July 27 1,218 427 222 3 7 5 65 2 129 791 687 47 142 20 478 104 Aug 3 1 215 438 223 3 8 5 65 10 130 777 672 44 132 17 479 105 Aug. 10 1 211 435 227 3 9 5 65 3 129 776 673 46 130 17 480 103 Aug. 17 1,237 437 230 3 7 5 65 4 129 800 695 65 134 19 477 105 Aug. 24 1,244 438 231 3 6 5 66 133 806 702 72 134 19 477 104 JCansas City July 27 2,409 840 521 1 5 5 11 130 5 167 1,569 ,346 148 312 69 817 223 Aug. 3 2 397 844 522 4 6 11 130 7 169 1,553 ,329 130 314 70 815 224 Aug. 10 2,405 859 542 4 5 11 130 3 169 1,546 ,322 122 317 67 816 224 Aug. 17 2 468 868 547 4 5 11 131 7 168 1,600 ,375 157 331 66 821 225 Aug. 24 2,476 869 554 4 5 11 130 1 169 1,607 [,380 167 331 65 817 227 Pallas July 27. 2 289 1,021 683 7 14 38 88 201 1,268 1,147 66 299 44 738 121 Aug. 3 2,292 1,005 670 7 14 38 88 198 1,287 L,165 82 301 44 738 122 Aug. 10 2,311 1,005 674 7 14 37 89 194 1,306 1,184 90 304 44 746 122 Aug. 17. 2 325 1,000 672 6 14 36 89 193 1,325 L ,202 108 306 44 744 123 Aug. 24 2,323 1,001 672 7 13 37 89 193 1,322 L.200 100 311 44 745 122 San Francisco July 27 11,099 4,863 1,942 3 14 10 292,161 768 6,236 5,388 242 1,016 166 3,964 848 Aug. 3 11,183 4,870 1,924 3 15 10 282,162 16 776 6,313 5,452 266 1,022 195 3,969 861 Aug. 10 11 186 4,862 1,926 3 13 10 282,164 4 777 6,324 5,454 235 1,028 207 3,984 870 Aug. 17 11,348 4,862 1,920 5 16 10 28 2,164 4 778 6,486 5,603 357 1,054 201 3,991 883 Aug. 24 11,361 4,861 1,919 3 16 11 282,166 781 6,500 5,616 345 1,068 200 4,003 884 City of Chicago* July 27 5,503 1,620 1,233 34 30 15 46 75 208 3,883 3,414 416 498 183 2,317 469 Aug. 3 5,547 1,652 1,223 43 48 15 46 74" 14 210 3,895 3,420 415 499 187 2,319 475 Aug. 10 5 592 1,682 1,229 41 25 15 46 75 62 210 3,910 3,426 402 519 186 2,319 484 Aug. 17 5,638 1,682 1,225 40 25 15 46 75 65 212 3,956 3,469 409 551 185 2,324 487 Aug. 24 5,679 1,598 1,226 13 29 15 46 76 214 4,081 3,596 494 594 187 2,321 485 r Revised. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. For other footnotes see preceding table. 1106 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd es e d r a v t e e B s w F e R e a e r i r n e a d t 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 t s i 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 h c a o a a o i e n i r d r l p r r d a s t - - - s - , - , S p s d s 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 f c d i d s t k . - 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 n a e i 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 o a n v l a b t n d i i e l t - - s - s P m U G S i e a o n a r . n o e s n g v v d 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 July 27 495 55 88 2,367 2,311 172 37 28 483 6 270 31 3 322 723 Aug. 3 495 52 87 2,376 2,334 170 37 33 483 6 277 31 1 323 747 Aug. 10 483 50 84 2,376 2,322 171 32 49 483 6 274 32 3 323 650 Aug. 17 466 48 92 2,360 2,339 163 38 67 482 6 282 32 4 324 747 Aug. 24 458 50 90 2,356 2,312 162 31 89 481 6 272 31 10 324 718 New York* July 27 5,177 168 10716,531 16,836 477 611 3532,317 38 36 2,675 1,155 90 346 2,475 8,258 Aug. 3 5,145 154 11516,280 16,475 460 669 7602,300 39 36 2,687 1,158 90 300 2,488 9,135 Aug. 10. 5,037 163 11716,219 16,574 457 730 9992,295 38 35 2,724 1,149 90 178 2,489 8,061 Aug. 17 5 243 153 11716,071 16,487 458 670 1,075 2,280 37 35 2,769 1,142 88 352 2,485 8 560 Aug. 24 4,859 158 10316,238 16,488 467 517 1,111 2,282 37 36 2,721 1,142 95 71 2,486 7,746 Philadelphia July 27 471 42 83 2,025 2,091 95 24 57 410 40 1 329 11 14 311 770 Aug. 3 483 40 83 2,028 2,079 93 21 60 410 41 1 343 11 2 312 711 Aug. 10. 472 43 89 2,032 2,080 96 22 66 410 41 1 352 10 9 313 620 Aug. 17 465 40 95 2,024 2,105 91 23 78 410 41 1 373 10 10 313 751 Aug. 24 464 42 85 2,017 2,076 86 24 92 410 41 1 347 10 18 313 679 Cleveland %&> July 27 774 81 145 3,116 3,130 199 50 781,330 42 2 421 6 2 11 468 1 098 Aug. 3 779 75 135 3,073 3,041 206 47 1371,331 41 2 433 6 2 8 468 1,184 Aug. 10 789 76 140 3,060 3,036 208 52 1521,330 41 2 432 6 2 23 469 931 Aug. 17 .. 752 76 138 3,058 3,086 199 46 1721,329 40 2 448 6 2 7 469 1,100 Aug. 24 749 78 135 3,082 3,084 197 38 1741,327 40 2 433 7 2 8 470 951 Richmond July 27 473 66 157 2,045 2,041 143 38 25 567 30 19 335 5 1 12 224 628 Aug. 3 482 59 150 2,054 2,039 154 39 28 568 29 19 356 4 1 4 226 703 Aug. 10... 478 65 170 2,063 2,075 139 39 35 568 29 19 375 4 1 2 225 671 Aug. 17 439 61 169 2,026 2,057 141 42 44 568 29 19 378 5 1 5 225 766 Aug. 24 459 65 156 2,038 2,055 145 35 50 567 28 19 374 4 1 13 225 675 Atlanta July 27 413 43 165 1,769 1,623 293 21 18 538 5 5 410 12 3 189 583 Aug. 3.. . . 435 38 183 1,760 1,629 293 21 18 538 4 6 444 11 4 190 646 Aug. 10 429 41 192 1,764 1,662 270 21 33 537 5 6 460 11 3 190 591 Aug. 17 409 38 192 1,751 1,672 265 21 37 536 5 6 481 10 3 191 686 Aug. 24 397 40 175 1,756 1,650 264 19 41 536 4 6 457 11 3 192 605 'Chicago* July 27 1,838 100 329 6,183 6,068 611 89 1532,562 31 16 1,380 48 1 60 719 2,674 Aug. 3 1,892 95 308 6,130 5,905 654 97 3062,559 31 16 1,410 46 1 37 722 3,049 Aug. 10 1,837 101 327 6,147 5,963 637 98 3422,558 31 16 1,445 48 1 1 722 2,345 Aug. 17 1,814 94 335 6,137 5,997 664 92 3912,556 31 16 1,492 48 1 6 722 2,847 Aug. 24... 1,834 99 347 6,195 5,984 660 89 4282,553 31 16 1,464 49 1 28 723 2,592 ..St. Louis July 27 . 382 29 111 1,410 1,438 120 19 28 473 12 1 532 3 10 179 528 Aug. 3 408 26 118 1,380 1,417 124 17 27 474 12 1 572 3 8 179 551 Aug. 10 403 29 123 1,401 1,439 122 16 33 473 12 1 575 3 2 179 480 Aug. 17 382 27 119 1,399 1,466 118 17 39 474 12 1 570 5 2 179 551 Aug. 24. . 377 29 116 1,419 1,453 118 16 44 473 12 1 548 3 6 180 525 Minneapolis July 27 230 13 77 859 754 209 13 46 247 1 273 2 4 5 101 357 Aug. 3 . . 215 12 81 844 750 200 12 32 247 1 289 2 4 2 101 400 Aug. 10 217 12 92 843 758 190 15 34 247 1 299 2 4 101 324 Aug. 17. . 210 12 91 836 767 184 14 44 247 1 312 2 4 3 101 408 Aug. 24 206 13 96 841 763 183 15 44 247 1 319 2 4 100 381 .Kansas City July 27. 495 32 267 1,852 1,813 247 24 25 381 2 3 748 1 1 2 200 745 Aug. 3 489 29 273 1,819 1,790 240 24 27 381 2 3 762 1 1 5 200 705 Aug. 10 508 32 273 1,844 1,821 229 26 31 381 2 3 768 1 1 1 199 656 Aug. 17 492 30 297 1,880 1,882 227 25 45 382 2 3 783 1 1 4 199 787 Aug 24 479 31 277 1,880 1,842 237 24 45 382 2 3 760 1 1 3 200 751 Dallas July 27 . 485 35 276 1,953 1,856 224 34 19 356 78 8 499 5 1 203 614 Aug. 3 495 32 271 1,943 1,843 229 30 18 356 77 8 516 5 1 202 574 Aug 10 488 35 278 1,949 1,861 228 32 23 356 78 8 524 6 1 203 541 Aug. 17.. 468 33 306 1,940 1,908 199 29 29 356 93 6 535 6 1 203 664 Aug. 24 476 35 301 1,939 1,880 197 31 30 356 96 6 533 7 1 204 652 San Francisco July 27 . . 1,705 124 257 6,573 6,340 589 202 914,871 362 22 428 85 30 21 759 2,284 Aug. 3 1,716 108 259 6,595 6,383 609 185 145 4,873 365 22 444 86 31 13 755 2,448 Aug. 10 1,727 115 256 6,570 6,407 544 200 1644,876 365 22 463 86 30 9 756 2,321 Aug. 17 1,619 116 264 6,568 6,466 531 187 2234,879 355 22 484 87 30 5 753 2,573 Aug. 24 1,583 121 269 6,555 6,360 541 174 2294,879 355 22 470 89 31 6 755 2,237 - City of Chicago* July 27 1,261 36 156 3,893 3,912 305 41 891,341 31 3 1,020 43 59 485 1,629 Aug. 3 1,298 34 150 3,891 3,817 351 48 1751,343 31 3 1,035 42 35 487 1,862 Aug 10 1,245 36 162 3,895 3,853 328 47 1881,342 31 3 1,058 43 487 1,457 Aug. 17 1,224 33 171 3,877 3,891 331 41 2111,341 31 3 1,082 43 3 487 1,730 Aug. 24 1,266 35 181 3,932 3,881 335 40 2511,338 31 3 1,067 44 20 488 1,668 For footnotes see opposite page and preceding table. ^SEPTEMBER 1949 1107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on oar list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks1 a B nd ra n of c f h ic e e s s2 Banks a B n r d a n o c ff h ic e e s s Banks a B 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 July 31, 1949P 14,055 4,475 12,176 4,207 6,896 3,314 5,280 893 1,879 268 By districts and by States July 31, 1949P District Boston 487 312 487 312 331 232 156 80 New York 903 876 903 876 776 809 127 67 838 145 838 145 642 108 196 37 Cleveland 1,125 286 1,125 286 700 247 425 39 Richmond 1,012 489 804 366 479 239 325 127 208 123 Atlanta 1,185 190 569 154 349 136 220 18 616 36 Chicago 2,490 588 2,490 588 1,003 236 1,487 352 St. Louis 1,468 138 1,132 79 495 42 637 37 336 59 Minneapolis 1,278 110 676 69 477 26 199 43 602 41 Kansas City 1,750 10 1,741 10 757 6 984 4 9 Dallas .018 46 910 37 622 23 288 14 108 9 San Francisco • • 501 1,285 501 1,285 265 1,210 236 75 State Alabama 225 23 128 23 91 23 37 97 Arizona 10 49 10 49 5 36 5 13 Arkansas . . . 230 21 108 6 67 2 41 4 122 15 California 195 935 195 935 115 891 80 44 Colorado 143 1 143 1 92 1 51 Connecticut 112 32 112 32 65 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. 395 36 102 32 66 31 36 1 293 4 Idaho 44 52 44 52 26 47 18 5 Illinois 887 3 885 3 506 3 379 2 Indiana 486 99 486 99 235 43 251 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 69 58 46 46 40 12 6 103 23 M^ine 63 69 63 69 38 37 25 32 Maryland . ... 163 113 163 113 77 77 86 36 Ivlassachusetts 178 169 178 169 142 153 36 16 Michigan 441 221 441 221 231 170 210 51 680 6 266 6 207 6 59 414 1VI ississippi 203 61 40 12 31 5 9 7 163 49 594 528 180 348 66 Montana 111 111 84 27 Nebraska 409 2 409 2 143 2 266 Nevada 8 18 8 18 6 17 2 1 74 2 74 2 52 1 22 1 New Tersev 331 148 331 148 283 133 48 15 50 12 50 12 34 2 16 10 New York 645 739 645 739 564 685 81 54 North Carolina 210 189 96 70 54 37 42 33 114 119 North Dakota 150 22 62 6 42 20 6 88 16 Ohio 661 211 661 211 424 185 237 26 385 1 377 1 225 1 152 8 Oregon 69 94 69 94 30 85 39 9 Pennsylvania . . 973 175 973 175 744 147 229 28 Rhode Island 18 42 18 42 10 31 8 11 South Carolina 151 40 63 36 33 30 30 6 88 4 South Dakota 170 48 70 23 62 20 8 3 100 25 Tennessee 293 87 200 74 82 58 118 16 93 13 Texas 897 5 840 5 570 5 270 57 Utah 55 23 55 23 31 21 24 2 69 11 69 11 40 2 29 9 Virginia 314 106 309 106 204 57 105 49 5 Wash inert on 122 129 122 129 53 122 69 7 180 179 107 72 1 550 151 550 151 164 21 386 130 ^fvominc 54 54 40 14 p Preliminary. l Excludes mutual savings banks, on a few of which some checks are drawn. 2 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see BULLETIN for February 1949, p. 191, footnote 3). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55 and Annual Reports. 1108 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Based on Commercial End of month paper Total Accepting banks Goods stored in or sta o n u d t i - ng1 sta o n u d t i - ng Total O bi w ll n s bo 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 d s ts E U S f x n r t p a o i o t m t e e r s d ts c D h e o a x l n l - g ar e U sh n i i p te p p d e o d in t b s e F i t o n w re e i e g n n States countries 1948—June 270 253 142 61 81 111 155 56 I 19 20 July 284 235 134 67 67 102 151 47 19 18 August 309 221 122 60 62 99 143 40 20 17 September 305 214 120 65 55 94 136 37 20 20 October 285 221 125 67 58 96 140 42 20 17 November 287 239 141 71 70 99 152 48 24 15 December 269 259 146 71 76 112 164 57 25 12 1949—January 268 262 137 66 70 126 156 57 1I 25 13 February 268 228 114 65 49 114 134 51 (5 23 14 March 257 215 98 58 40 117 127 51 I 22 14 April 249 204 88 59 28 116 119 46 20 17 May 219 195 84 58 27 110 118 44 i 17 12 June 199 198 87 54 33 111 121 47 C2) 17 13 July 211 194 90 57 33 104 117 44 (2) 19 13 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 balances in millions of dollars] Debit balances Credit balances Customers' Other credit balances Debit Debit credit balances l End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )* es a in n a v d c e c t s o r t u a m n d e t i s n n g t a in n a v d c e c t s o r t a u m d n e i t n n s g t 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 p e c t a s o r t r a u m t d n n e i t e n s n r g s t ' a in n a v I d c n e c t s o r f t i u a m r d n m e t i n n s t g I a n c ( c c n o a e u p t n i ) t 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 4942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 August 3 573 3 252 3551 September. . 3 570 3 238 3 550 October 3580 3 252 3 540 November, . 3 551 3 244 3563 December... 550 10 312 349 257 586 112 28 5 278 1949—January ... 3 537 247 3 573 February .. . *527 3 225 3 565 March 3 530 3 254 3 551 April 3 626 3 329 3 542 May 3 660 33SS 3 535 June 681 5 419 280 493 528 129 20 9 260 July 3690 3 399 3 530 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and u) of €rms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these repoi ts the part of total customers' debit balances represented by balances •secured by U. S. Government securities was (in millions of dollars): April, 68; May, 67; June, 80. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. SEPTEMBER 1949 1109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES [Per cent per annum] U. S Government Stock security yields Size of loan mo Y w n e e t a h e r , k , or m 4 m p P - c o a r e o t n p i r o m m t c e h 6 i - r e a , s - l 1 a a P b d c n e a r a 9 c r c i n y s m 0 e e ' k s p s e - 1 , t- c n h l a c e o r e a l e a x a w s n - l ' - n l g - e m bi o 3 ll n - s t h » 9 d m c - o c e e t f a o r b o t t n i t i e n e f t s 1 i h - d - 2 - - t 3 a i - s y x s t e a o u a b e r l 5 s e - An 1 n 9 A u a c r l e i t a i a e v a s e n : r d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 0 ,0 ,0 0 0 0 0 -$ $ 1 2 0 0 0 0 ,0 ,0 0 0 0 0 -$ an 2 d 0 0 o ,0 v 0 e 0 r 1939 2.1 4.4 3.1 2.1 1.8: ness 1940 2.1 4.3 3.0 2.0 1.8 1941 2.0 4.3 3.0 1.9 1.8 1 1 1 9 9 9 4 4 4 6 7 8 a a a v v v e e e r r r a a a g g g e e e ... 1 1 . . 0 8 4 3 1 .4 1. . . 1 6 8 1 7 1 1 1 1 . . 3 5 1 8 5 6 J . . 0 3 6 4 7 0 5 4 3 ) . . 8 8 1 2 8 4 1 L L . . 3 6 1 2 2 6 1 1 1 1 9 9 9 9 4 4 4 4 2 5 3 4 2 2 2 2 . . . . 6 2 2 4 4 4 4 4 . . . 4 4 3 3 3 3 3 3 . . . 2 2 4 3 2 2 2 2 . . . 5 3 2 6 2 2 2 2 . . . 4 0 0 2 1948—August L.44 1.13 L.63 L.O53 . L.15 L.65 1 1 9 9 4 4 7 6 2 2 . . 1 1 4 4 .2 2 3 3. . 1 1 2 2 .2 5 1 1 .7 8 September. 1.56 1.19 L.63 1.090 L.18 L.69 1948 2.5 4.4 3.5 2.8 2.2 October. . . 1.56 1.19 1.63 L.120 L.23 L.71 November. 1.56 1.19 L.63 L.144 L.22 1.69 Quarterly: December.. L.56 1.19 L.63 L.154 L.21 L.64 19 cities: 1948—Sept 2.60 4.53 3.58 2.92 2.29^ 1949—January... 1.56 1.19 L.63 L.160 L.22 L.59 Dec 2.64 4 50 3 58 2 97 2 34 February. . L.56 1.19 L.63 L.163 L.22 L.57 1949—Mar 2.70 4.62 3.64 2.89 2.42 March L.56 1.19 1.63 .162 L.22 1.54 June 2.74 4.63 3.70 3.04 2.44 A A J J M u u p u a l n y r g y e i u l st. . . . 1 L . . . 4 5 5 5 4 6 6 5 6 6 1 1 1 1 1 . . . . . 0 0 1 1 1 6 6 9 9 9 L L . . . . 6 6 6 6 6 3 3 3 3 3 0 1 1 1 . . . . 0 1 1 9 1 2 5 5 9 « 7 8 6 ? 0 5> L L . . . . 0 1 0 2 2 7 9 4 0 0 L L L . . . . . 2 2 4 4 5 6 6 2 9 3 Ne 1 1 w 9 9 4 4 Y 8 9 — o — rk D J S M u e e C a n p c r e t ity . : ... 2 2 2 2 . . . . 4 3 3 3 2 2 4 5 4 4 4 4 . . . . 2 2 2 4 2 2 3 0 3 3 3 3 . . . . 4 3 4 4 2 5 0 3 2 2 2 2 . . . . 6 7 6 7 6 8 8 0 2 2 2 2 . . . . 1 2 1 1 7 5 3 6, Week ending: 7 Northern and East- July 30. .. 17ie .032 .06 .27 ern cities: Aug. 6... 1 %—\ % i^-i M .007 .05 L .28 1948—Sept .... 2.60 4.55 3.58 2.91 2.34 A A u u g g . . 2 1 0 3 . . . . . . l 1 i % N$ l I V 1/* l6 * iy2-i% . . 0 0 1 3 7 1 1. . 0 06 6 . .2 2 5 4 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 Aug. 27. .. 1V16 ,054 1.08 1.26 June . 2.86 4.67 3.64 2.98 2.66 11 Southern and Western cities: 1 Monthly figures are averages of weekly prevailing rates. 1948—Sept 3.01 4.57 3.71 3.07 2.56 8 The average rate on 90-day Stock Exchange time loans was 1.25 Dec .. 3.02 4.62 3.68 3.14 2.57 per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16, 1949—Mar 3.12 4.79 3.75 3.04 2.71 1948; and 1.63 per cent beginning Aug. 17, 1948. June 3.17 4.80 3.89 3.26 2.69 1 Rate on new issues offered within period. Back figures.—See Banking and Monetary Statistics, Tables 120-121, NOTE.—For description of series see BULLETIN for March 1949, pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October pp. 228-237. 1947, pp. 1251-1253. BOND YIELDS.1 [Per cent per annum] U. S. Government Corporate (MoodyV (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—August 2.05 2.45 2.45 2.86 3.09 2.84 2.94 3.13 3.44 2.89 3.31 3.07 September 2.04 2.45 2.46 2.85 3.09 2.84 2.93 3.13 3.45 2.88 3.32 3.07 October 2 05 2 45 2.45 2.85 3.11 2.84 2.94 3.15 3.50 2.90 3.35 3.07 November . 2.00 2.44 2.42 2.86 3.12 2.84 2.92 3.18 3.53 2.89 3.37 3.09- December 1.94 2.44 2.26 2.81 3.09 2.79 2.88 3.16 3.53 2.85 3.36 3.06. 1949—January 1 88 2.42 2.15 2.73 3.02 2.71 2.81 3.08 3.46 2.80 3.26 2.99- February 1.83 2.39 2.23 2.73 3.00 2.71 2.80 3.05 3.45 2.79 3.24 2.99 < March 1.80 2.38 2.21 2.71 3.00 2.70 2.79 3.05 3.47 2.78 3.27 2.97 April 1.77 2.38 2.20 2.70 3.00 2.70 2.79 3.05 3.45 2.78 3.27 2.96, May 1.72 2.38 2.20 2.71 3.00 2.71 2.78 3.04 3.45 2.78 3.26 2.95 June 1.66 2.38 2.28 2.72 3.00 2.71 2.78 3.04 3.47 2.78 3.29 2.93 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- August 1.49 2.24 2.20 2.60 2.92 2.62 2.71 2.96 3.40 2.70 3.21 2.86 Week ending: 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 Aug. 6 1.54 2.27 2.25 2.64 2.95 2.64 2.73 3.00 3.44 2.73 3.25 2.88 Aug 13 1 48 2.23 2.20 2.60 2.92 2.62 2.71 2.97 3.40 2.70 3.21 2.86 Aug 1.48 2.23 2.17 2.59 2.92 2.61 2.70 2.96 3.39 2.69 3.20 2.86 Aug. 27 1.48 2.24 2.17 2.59 2.91 2.61 2.70 2.95 3.38 2.68 3.19 2.86 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 8 Standard and Poor's Corporation. * 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. 1110 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS1 Bond prices Stock prices 5 Corporate 4 Common (index, 1935-39=100) V of o l t u ra m d e - Year, month, or week U. S. Munic- in th g o 7 u ( - in m G e e r o n n v - t - * g ( r h i a p i d g a e h l ) - 3 H gr i a g d h e - Total I M n tr d e i u a d l s iu - m-g R ro r a a a i d d l- e u P t u i b li l t i y c fe P r r r e e - d6 Total In tr d i u al s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f 'Number of issues 1-8 15 12 14 15 416 365 20 31 1946 average 104.77 140.1 498.5 140 143 143 120 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—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 August 103.63 129.1 103.0 92.6 98.2 81.9 97.7 179.5 122 128 94 99 947 Week ending: July 30. 103.22 128.1 102.3 92.1 99.1 80.1 97.3 177.7 120 126 92 96 923 Aug. 6 103.29 128.1 102.4 92.2 98.6 80.6 97.4 178.1 120 127 92 97 1,056 Aug. 13 103.76 129.0 102.9 92.5 98.3 81.6 97.5 178.6 123 129 97 99 1,175 Aug. 20 103.73 129.6 103.1 92.8 98.0 82.4 97.9 179.5 123 130 96 100 1,004 Aug. 27 103.69 129.6 103.2 92.8 98.0 82.6 97.9 180.4 121 127 93 99 732 1 Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. 2 Average of taxable bonds due or callable in 15 years and over. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134. and 136. pp. 475, 479, 482, and 486, respectively, and BULLETIN rfor May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] "or new capita! For refunding Total Domestic Domestic Yeai- or month f ( i a u n r n n n e e g - d d w ) - m T e f ( a i o o d e g n o r s t n d - a t - ) i l c Total S n m a p t i n a a c u d l i t - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m T e ( a f i d o 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 l i 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- 1 1940. 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2 026 1,834 193 1941. 5,546 2,854 2,852 5181,272 1 062 889 173 1 2,693 2,689 435 698 1557 1,430 126 4 1942. 2,114 1,075 1075 342 108 6?4 506 118 1,039 1,039 181 440 418 407 11 1943. 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944. 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2 466 2,178 288 15 1945. 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4 937 4,281 656 61 1946. 8,645 4,645 4,635 952 127 3 556 2,084 1,472 10 4,000 3,895 208 734 2 953 2,352 601 105 1947. 39,691 37,566 7,255 2,228 239 4 787 3,567 1,219 68 2,125 1,948 44 422 1482 1,199 283 177 1948. 9,933 8,806 8,796 2,604 294 45 898 44,992 906 10 1,128 1,127 82 768 277 251 26 1948--July 772 688 688 118 67 503 492 10 85 85 2 68 15 15 August. . . 706 532 529 237 35 256 195 61 3 175 175 50 123 2 2 September 663 574 57? 118 453 366 87 2 89 89 1 62 ?6 13 13 October .. 983 902 901 273 *6?8 4578 49 1 81 81 6 56 19 19 November 656 583 583 150 433 409 24 73 73 2 56 16 16 December. 831 753 753 126 6?7 564 64 78 78 3 72 2 2 1949—Tanuarv.. 675 618 618 192 7 419 360 60 57 57 1 55 1 1 February. 510 445 445 200 14 ?31 225 6 65 65 4 53 7 7 March 679 584 584 174 26 383 311 72 96 96 55 39 39 April 949 904 904 190 33 681 514 168 45 45 1 44 1 May 761 685 685 339 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 July 765 685 684 244 9 431 382 49 2 79 79 1 56 22 22 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. 8 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. 4 Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle. Source.-—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Lankmg and Monetary Statistics, Table 137, p. 487. SEPTEMBER 1949 mi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NEW CORPORATE SECURITY ISSUES * PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds 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—July 574 564 424 307 117 8 8 91 40 August 244 238 222 164 58 4 4 11 September 473 465 399 293 106 14 10 4 28 24 October 705 697 666 538 128 10 10 18 2 November 509 503 466 353 113 8 8 26 3 December 684 673 635 560 75 5 2 3 21 12 1949—January 345 336 312 274 38 2 2 7 16 February 321 318 220 172 48 7 7 25 66 March 411 403 319 253 66 37 37 44 3 April 698 688 553 402 151 1 1 126 7 May 388 380 340 254 85 18 13 5 15 7 Tune 1,257 1,244 1,074 958 116 44 40 4 116 9 July 475 468 430 393 37 18 18 1 12 8 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars Railroad Public utility Industrial Real estate and finaiicial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties poses* 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 1 1 9 9 4 3 0 9 3 1 1 8 9 2 1 8 1 5 5 1 9 8 7 6 ""is' 1 1 , , 1 2 8 4 0 6 24 4 5 3 1,1 9 5 2 7 2 4 1 7 3 9 5 6 8 1 4 1 1 6 8 7 8 3 7 5 3 3 8 4 5 3 6 1 1 0 5 2 5 42 9 88 9 104 5 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—July 68 68 176 149 27 275 168 3 104 45 39 6 August 30 29 1 75 73 2 123 113 10 10 8 2 September. 41 41 262 226 14 23 118 108 10 43 25 19 October.. . . 62 62 244 236 7 1 382 361 3 19 9 8 1 November.. 71 71 228 209 8 11 195 177 17 9 8 1 December. . 45 45 479 457 2 21 143 130 2 11 6 3 1 2 1949—January... . 36 36 118 118 162 139 2 21 20 19 1 February... 54 50 4 104 102 2 128 39 2 87 32 29 3 March 87 87 179 125 36 18 114 85 29 23 21 1 April 17 17 276 270 6 336 215 121 58 51 7 May 49 49 192 171 16 5 100 92 2 6 39 28 11 June 45 45 916 856 39 20 207 113 4 90 76 60 1 15 July 51 51 136 134 1 1 249 236 1 12 33 9 16 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 1112 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 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 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 s ts 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 L.129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,562 2,033 90? 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 5,315 3,310 1,403 31,465 4,593 2,860 1,210 <? 717 721 450 192 Quarterly 1947—i 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 8,781 706 386 7,412 954 593 322 1,369 179 112 63 1948—i 8,660 ,218 751 285 7,270 1,050 649 247 1,390 168 102 38 2 . . 9,003 ,242 770 311 7,559 1,058 657 269 1,445 184 113 42 3 9,314 ,331 832 307 7,877 1,146 717 265 1,437 186 115 43 4 10,204 ,523 958 499 8,759 1,339 838 429 1,445 184 120 70 1949__1 '•9,398 1 ,341 '823 343 '8,086 1,202 '739 '303 r1,312 139 84 r40 2 9,449 ,222 751 355 8,202 1,100 675 312 L ,247 122 76 43 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter O re p v i e n e r n g a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s O re p v in e 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 e r 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 8,685 777 479 236 4,244 961 652 494 2,149 193 131 134 1948 9,672 1,148 700 289 4.70R 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 1949—1 2,145 120 58 69 1,307 316 206 124 670 62 42 50 2. 2,224 185 116 54 L 212 272 180 136 695 75 50 51 r Revised. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power). SEPTEMBER 1949 1113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1947 1948 1949 1946 1947 1948 1 2 Nondurable goods industries Total (94 corps.)1 Sales 8,94011,31313,364 2,697 2,816 3,161 3,219 3,289 3,324 3,532 '3,245 3,047 Profits before taxes 1,426 1,787 2,208 408 437 490 546 553 543 565 '501 401 Profits after taxes 908 1,167 1,474 264 287 333 356 362 362 394 r325 260 Dividends 449 551 656 132 123 183 133 157 141 225 167 elected industries: Foods and kindred products (28 corps.) Sales 2,715 3,231 3,447 753 792 915 835 861 846 904 '804 790 Profits before taxes 435 421 410 86 98 115 96 104 99 111 85 89 Profits after taxes 254 259 257 52 59 73 61 64 60 71 52 54 Dividends 105 128 135 29 29 43 29 32 32 42 30 31 Chemicals and allied products (26 corps.) Sales 2,550 3,108 3,563 754 775 832 848 875 904 936 896 857 Profits before taxes 463 547 655 129 129 140 151 155 166 183 174 146. Profits after taxes 283 337 408 79 80 89 91 95 104 119 105 Dividends 180 215 254 54 54 59 53 58 59 85 64 66. Petroleum refining (14 corps.) Sales 2,080 2,906 3,945 686 741 858 947 942 978 1,077 993 934 Profits before taxes 269 456 721 101 120 147 195 182 171 173 119 Profits after taxes 214 350 548 77 91 118 141 133 132 141 92 Dividends 92 127 172 33 21 51 33 45 29 66 47 Durable goods industries Total (106 corps.)2 Sales 12,623 19,83123,818 4,952 4,878 5,621 5,440 5,714 5,991 6,673 6,153 6,402: Profits before taxes 607 2,312 3,107 570 552 643 672 688 788 958 840 821 Profits after taxes 295 1,355 1,836 334 327 373 395 408 470 564 498 491 Dividends 494 615 746 139 141 203 152 154 166 274 196 188. Selected industries: Primary metals and products (39 corps.) Sales 5,429 7,545 9,066 1,884 1,831 2,077 2,060 2,100 2,306 2,601 2,431 2,185 Profits before taxes 451 891 1,174 212 201 227 248 237 304 385 370 271 Profits after taxes 270 545 720 128 122 141 150 145 185 240 220 163* Dividends 211 247 270 55 57 84 60 60 60 90 71 64 Machinery (27 corps.) Sales 2,310 3,963 4,781 996 984 1,165 1,091 1,198 1,140 1,351 1,138 1,187 Profits before taxes 37 443 569 120 110 136 131 144 118 177 126 114 Profits after taxes -9 270 334 71 67 75 83 71 105 72 71 Dividends 97 113 126 25 26 37 27 28 28 42 33 32. Automobiles and equipment (15 corps.) Sales 3,725 6,692 8,093 1,651 1,653 1,925 1,865 1,951 2,056 2,221 2,151 2,601'. Profits before taxes 37 809 1,131 195 200 236 247 251 305 327 301 387 Profits after taxes -8 445 639 112 114 118 142 146 175 176 18C 229 Dividends 136 195 282 47 47 56 53 51 65 112 75 76> ' 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). '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 (Estimat t i 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—2 30.9 12.3 18.6 6.9 11.7 1940 9.3 2.9 6.4 4.0 2.4 3 31.3 12.3 19.0 7.1 11.9 1941 17.2 7.8 9.4 4 5 4 9 4 32 8 13 0 19 8 7.3 12 5 1942... 21.1 11.7 9.4 4.3 5.1 1943 25.1 14.4 10.6 4 5 6 2 33 0 12 8 20 2 7 6 12 6 1944 24 3 13 5 10 8 4 7 6 1 2 35 0 13 7 21 3 7 7 13 6 1945 19.7 11.2 8.5 4.7 3.8 3 36.6 14^4 22.2 7.9 14.3 1946 23.6 '9.6 13.9 5.8 8.1 4 34.5 13.6 20.9 8.3 12.6. 1947 31.6 12.5 19.1 7.0 12.1 1948 34.8 13.6 21.2 7.9 13.2 1949—i 28.4 11.2 17.3 8.4 8.9 21 24.8 9.7 15.1 8.5 6.6 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 1114 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 l Nonmarketable public issues End of month d T g d i r o e r o e t b s a c t s l t i b n d T e d t i a o e r e r e r t b i a e c n t l s t g t- Total2 Tre b a il s l u s ry c i C e n a d e t d e n r e t s e i b f s o i t s - - f Tr n e o a t s e u s ry T b re o a n s d u s ry Total2 s b a U o v . n i n S d g s . s T t s a r a n e x v o a i t s a n e u n g s r d s y S i p ss e u c e ia s l b in d N e d t i a e r e o r e r b n i e c n t - s t g t- s g t b e e t F u e e c e a u r a u d e r r l r a l i s i i y n t t n n i - g - e - s 1942—June 72,422 71,968 50,573 2,508 3,096 6,689 38,085 13,510 10,188 3,015 7,885 454 4,549 Dec 108,170 107,308 76,488 6,627 10,534 9,863 49,268 21,788 15,050 6,384 9,032 862 4,283 1943—June 136,696 135,380 95,310 11,864 16,561 9,168 57,520 29,200 21,256 7,495 10,871 1,316 4,092 Dec 165,877 164,508 115,230 13,072 22,843 11,175 67,944 36,574 27,363 8,586 12,703 1,370 4,225 1944—June.... 201,003 199,543 140,401 14,734 28,822 17,405 79,244 44,855 34,606 9,557 14,287 1,460 1,516 Dec 230,630 228,891 161,648 16,428 30,401 23,039 91,585 50,917 40,361 9,843 16,326 1,739 1,470 1945—June.... 258,682 256,357 181,319 17,041 34,136 23,497 106,448 56,226 45,586 10,136 18,812 2,326 409 Dec 278,115 275,694 198,778 17,037 38,155 22,967 120,423 56,915 48,183 8,235 20,000 2,421 553 1946—June 269,422 268,111 189,606 17,039 34,804 18,261 119,323 56,173 49,035 6,711 22,332 1,311 467 Dec 259,149 257,649 176,613 17,033 29,987 10,090 119,323 56,451 49,776 5,725 24,585 1,500 331 1947—June 258,286 255,113 168,702 15,775 25,296 8,142 119,323 59,045 51,367 5,560 27,366 3,173 85 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—Sept 252,687 250,518 158,319 12,628 22,294 11,223 112,011 60,978 54,776 4,404 31,221 2,170 46 Oct 252,460 250,300 157,920 12,607 26,008 7,131 112,011 61,157 54,860 4,517 31,223 2,161 48 Nov 252,506 250,391 157,731 12,418 26,008 7,131 112,011 61,261 54,944 4,552 31,400 2,115 53 Dec 252,800 250,579 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 31,714 2,220 51 1949—Jan 252,620 250,435 156,960 12,133 29,630 3,596 111,440 61,714 55,352 4,618 31,760 2,186 32 Feb 252,721 250,603 156,766 12,134 29,434 3,596 111,440 62,033 55,663 4,641 31,804 2,118 22 Mar 251,642 249,573 155,648 11,648 28,803 3,596 111,440 61,999 55,893 4,383 31,926 2,068 20 Apr 251,530 249,509 155,450 11,542 28,710 3,596 111,440 62,227 56,019 4,488 31,833 2,021 19 May 251,889 249,890 155,452 11,544 28,710 3,596 111,440 62,523 56,116 4,692 31,914 2,000 20 June 252,770 250,762 155,147 11,536 29,427 3,596 110,426 62,839 56,260 4,860 32,776 2,009 24 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 Aug 255,852 253,921 155,552 12,124 29,246 3,596 110,426 65,011 56,537 6,768 33,358 1,931 24 sted service UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING AUGUST 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 AH Treasury bills * Treasury bonds—Cont. series E F G series Sept. 1, 1949 901 June 15, 1951-54 *.. 2% 1,627 Sept. 8, 1949 905 Sept. 15, 1951-53 2 7,986 Fiscal year S O S S O O O N N N e e e c c c c o o o p p p t t t t v v v t t t . . . . . . . . . . 2 2 2 1 1 1 2 1 7 0 2 6 3 3 7 5 0 9 , , , , , , , , , , 1 1 1 1 1 1 1 1 1 9 9 1 9 9 9 9 9 9 9 4 4 9 4 4 4 4 4 4 4 9 4 9 9 9 9 9 9 9 9 9 1 1 1 , , , 0 0 0 9 9 9 9 9 9 9 0 0 0 0 0 0 0 0 0 0 2 0 1 8 3 1 2 1 1 0 I J S J D D M J J D M u u u u e e e e n a n n n a p c c c r e e r e e t . . . . . . 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 5 5 5 5 5 5 5 5 5 5 2 1 1 1 4 5 3 2 2 2 - - - - - - - - - - 5 5 5 5 5 5 6 5 5 5 4 5 5 3 6 5 0 4 4 5 4 . 4 4 * . * . . . . . . . . . . . . 2 . . 2 2 2 . . i M M M . y . p 2 3 2 2 2 2 i 5 8 1 1 2 1 , , , , , , 5 8 5 7 1 6 0 6 6 7 0 2 1 5 1 1 2 8 6 2 1 5 5 0 8 1 1 4 2 5 J e u n n d e in — g: 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 4 4 4 4 4 4 4 4 2 3 4 7 5 6 8 9 . . . . . . . . . . . . . . . . 2 3 4 4 5 5 5 1 1 4 5 9 1 3 6 0 , , , , , , , , 2 6 5 3 0 2 1 2 5 0 6 8 3 8 7 6 6 6 7 6 5 8 4 0 1 1 1 5 1 4 9 5 6 7 7 , , , , , , , , 9 7 2 8 6 4 2 1 9 1 8 3 9 9 0 4 4 2 9 5 1 8 8 1 1 1 3 8 1 6 4 1 4 4 , , , , , , , , 5 2 2 5 7 8 0 2 2 8 7 3 5 2 2 7 6 7 1 9 3 0 6 8 4 8 6 4 3 3 7 4 0 0 3 0 7 6 5 7 2 7 5 1 9 0 8 3 2 2 2 2 2 2 2 1 , , , , , , , , 0 7 6 4 8 5 9 3 3 5 5 6 7 0 6 9 2 9 8 5 6 7 1 0 4 6 2 5 5 5 , , , , , , 7 1 3 5 2 0 2 8 1 1 7 4 6 9 0 4 7 3 1 7 5 8 7 8 C J J J A O D F e M N u u a r o e p c e l n n a t b v y t c r . r . e , . . . . . o 1 2 1 f 1 1 1 1 1 1 5 5 , , , , i , , , , n 1 1 1 1 1 1 1 1 d 9 9 9 9 9 9 1 9 9 5 4 e 5 5 5 4 9 5 5 0 9 0 b 0 0 9 4 0 0 t 9 . . e . . . . dnes 1 1 1 1 s } } v \ / / i. 5 2 5 5 6 1 1 , , , , , , , 0 6 0 9 9 6 5 9 5 0 1 9 0 2 9 3 6 1 0 9 3 1 2 5 5 3 9 J J S J J J D M M M S D D D u u u u u e e e e e e n a a n a n n n p p c c c c r r r e e e e e t t . . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 5 5 5 5 5 5 , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 6 6 6 6 6 5 6 6 5 5 6 5 5 5 7 4 6 5 9 4 2 9 3 6 0 8 6 6 - - - - - - - - - - - - - - 7 6 6 7 6 6 7 6 6 6 5 6 5 5 2 2 9 1 7 9 0 2 8 5 9 3 8 9 5 5 5 4 5 « 5 5 K 4 . . s . i . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 2 2 M M % H H ^ M H M y H K y H 2 2 3 3 3 3 3 2 2 5 5 7 1 1 , , , , , , , , , , , , 7 4 8 8 8 1 4 9 9 9 1 2 4 4 6 8 3 2 9 6 3 8 4 1 8 7 1 8 1 1 1 3 7 2 7 9 8 9 5 0 8 4 1 19 9 4 4 9 8 — — S A J J O N F D M M J A u u a e e c o e p n a a u p n l b t c v r y r y g t . . . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 5 5 5 5 4 4 4 4 6 6 5 5 5 5 6 6 , , , , , , , , , , , , 7 7 3 9 8 1 0 6 8 0 4 2 5 0 7 4 6 1 1 6 9 5 5 6 2 4 6 4 0 6 9 3 3 1 3 0 4 4 4 4 4 5 6 5 5 4 4 5 1 7 5 1 1 4 4 9 3 8 9 1 2 3 4 9 5 7 0 9 3 5 0 1 3 3 3 3 3 3 4 3 3 4 3 3 3 0 0 0 2 9 1 3 8 3 7 5 4 5 4 8 2 9 5 1 6 8 8 9 2 3 2 2 1 1 1 1 2 1 1 1 2 2 6 9 8 5 4 4 0 9 8 7 1 1 1 1 1 1 1 1 9 9 9 2 2 9 8 8 4 0 0 1 5 4 6 2 0 3 0 2 9 4 7 5 4 3 4 4 4 4 3 3 4 4 4 4 4 3 0 7 9 0 6 9 4 1 5 2 2 2 7 6 3 6 9 8 0 5 1 5 Sept. 15, 196 7-72... 2 K 2,716 Aug.. . . 56,537 449 329 16 104 439 Dec. 15, 1967-72 5..2% 11,689 Maturities and amounts outstanding August 31, 1949 Treasury notes Apr. 1, 1950.... 3,596 Year of All Series Series Series Series Po b s o ta n l d s Savings 111 maturity series D E F G 1949 367 367 T S D r e e e p a c t s . . u 1 1 r 5 5 y , , 2 3 1 2 , , 2 0 9 9 2 8 Pa T n o a t m al a d C ire a c n t a i l s s L u o es an. 3 155,5 5 52 0 1 1 1 9 9 9 5 5 5 0 2 1 4 1 1 , , , 5 0 0 5 0 1 9 6 3 1,0 4 0 4 6 1 4 1 , ,1 0 1 1 9 3 Dec. 15, 3491 1953 6,899 5,630 ' "266' ' "i;668* Dec. 15, 31,786 1954 8,938 6,395 509 2,034 Mar. 15, n,963 1955 7,754 5,112 541 2,101 Sept. 15, 1,186 Guaranteed securities 1956 5,700 2,650 623 2,427 Sept. 15, 4,939 Federal Housing Admin. 1957 . . 5,528 2,828 497 2,203 Dec. 15, 2,635 Various 13 1958 5,918 3,281 277 2,360 1959 4,798 2,434 302 2,062 p. 3 1 1 C S 11 o a l 0 l d l . e d o n f o 2 d r i C s r c a e o l d l u e e d n m t f p o b t r a i o s r n i e s d . o e n m S D e p e t e i c o t . a n b 1 o l 5 e n , o 1 S n 9 e 4 p O 9 t . . p e 1 n 5 - , M 19 a 4 rk 9. et Money Rates, U 1 1 9 9 n 6 6 c 0 1 la ssifi . e . d. . . 2 1 , , - 1 9 4 4 5 4 8 3 4 1 7 6 7 8 2,4 9 7 8 6 0 4 Partially tax exempt. 5 Restricted. Total 56,537 1,813 33,462 3,594 17,712 SEPTEMBER 1949 1115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Gross debt Held by banks Held by nonbank investors Total m En o d n t o h f i b n e te a r r e in s g t- Other State U. S. Governsecurities Total Total m b C a e n o r k m ci s a - * l R F B e e a d s n e e r k r v a s e l Total v I id n u d a i- ls p I c a n a o n s n m c u ie e r - s - s M b a a v u n i t n u k g a s s l a r c s a o a s t o r i n o p c d o n ia - s - l g e a o o r n c n v d a - - l a m nd e n t t r u a s g t e n fu c n ie d s s tions * ments Special Public issues issues 1940—June... 47,874 48,496 18,566 16,100 2,466 29,930 10,300 6,500 3,100 2,500 400 4,775 2,305 1941—June... 54,747 55,332 21,884 19,700 2,184 33,448 11,500 7,100 3,400 2,400 600 6,120 2,375 1942—June... 76,517 76,991 28,645 26,000 2,645 48,346 18,400 9,200 3,900 5,400 900 7,885 2,737 1943—June... 139,472 140,796 59,402 52,200 7,202 81,394 31,700 13,100 5,300 15,500 1,500 10,871 3,451 1944—June... 201,059 202,626 83,301 68,400 14,901 119,325 46,500 17,300 7,300 25,900 3,200 14,287 4,810 1945—June... 256,766 259,115 105,992 84,200 21,792 153,123 59,800 22,700 9,600 30,900 5,300 18,812 6,128 1946—June... 268,578 269,898 108,183 84,400 23,783 161,715 64,100 25,300 11,500 25,300 6,500 22,332 6,798 Dec... 257,980 259,487 97,850 74,500 23,350 161,637 64,900 25,300 11,800 22,400 6,300 24,585 6,338 1947—June... 255,197 258,376 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—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 June... 250,785 252,798 82,543 63,200 19,343 170,255 68,800 20,900 11,600 22,500 8,200 32,776 5,498 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 c a r g o u i n e e v s d n s t t - . B s e F R e r a e r a e n d v l - k - - e s b C m c a o C i n e a 1 m ) r k l - s - b M s t i a n u a n g v a u k l s - - s p I c a n a o n s n m c u i e e r - - s Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s e F R e r a e r a e n d v l - k - - e s b C m c a o C i n e a 1 m ) r k l - s - b M s t i a n u a n g v a u k s l - - s p I a c 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:1 Within 1 year: 1947—June.... 168,740 5,40921,87262,96111,84523,96942,684 1947—June... 11,255 83 251 6,936 374 420 3,191 Dec 165,791 5,26122,55961,37011,55222,89542,154 Dec... 14,263 69 1,693 8,244 266 316 3,675 1948—June.... 160,373 5,40221,36657,59911,52221,70542,779 1948—June 13,411 19 2,070 5,922 171 273 4,956 Dec 157,496 5,47723,33355,35310,87719,81942,637 Dec 10,216 98 861 5,571 232 329 3,125 1949—May.... 155,464 5,49419,70455,89611,00319,26244,105 1949—May 12,240 56 1,064 7,527 293 431 2,869 June.... 155,160 5,37419,34356,237 11,02919,09044,087 June. . . . 11,226 49 982 7,021 236 385 2,553 Treasury bills: 1-5 years: 1947—June.... 15,775 11 14,496 787 1 1 479 1947—June... 42,522 469 698 29,917 1,574 2,671 7,193 Dec 15,136 18 11,433 2,052 25 154 1,454 Dec... 49,948 344 1,377 33,415 1,876 3,046 9,890 1948—June.... 13,757 15 8,577 2,345 58 112 2,650 1948—June 46,124 318 2,63630,580 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—May.... 11,544 91 4,232 2,781 14 45 4,381 1949—May 38,494 206 2,22125,600 1,344 2,129 6,994 June.... 11,536 63 4,346 2,817 13 60 4,237 June.. .. 39,175 212 2,12126,304 1,279 2,124 7,135 Certificates: 5-10 years: 1947—June.... 25,296 48 6,280 8,536 249 362 9,821 1947—June.... 18,932 423 40 11,577 1,245 2,002 3,645 Dec 21,220 30 6,797 6,538 200 269 7,386 Dec 10,270 370 426 6,090 576 880 1,928 1948—June.... 22,588 14 4,616 8,552 317 479 8,610 1948—June.... 10,464 314 546 6,251 506 911 1,936 Dec 26,525 24 6,078 9,072 256 672 10,423 Dec 10,464 314 434 6,314 520 997 1,885 1949—May 28,710 24 6,758 9,089 214 601 12,024 1949—May.... 10,464 282 111 6,988 313 947 1,823 June 29,427 26 6,857 9,561 207 602 12,174 June. . . . 15,067 532 584 6,587 2,002 1,732 3,630 Treasury notes: lu—zu years: 1947—June.... 8,142 7 369 4,855 183 285 2,443 1947—June.. 40,352 3,374 78 2,587 6,751 15,13712,425 Dec 11,375 4 1,477 5,327 98 245 4,224 Dec... 54,757 4,393 834 5,003 8,60618,21117,710 1948— D Ju e n c e 1 7 1 , , 1 3 3 7 1 5 7 1,9 7 6 9 8 1 4 3 , , 5 0 3 9 1 9 9 8 8 4 2 1 2 6 3 6 2 4 , , 9 5 8 5 4 5 1948— D jUe n c e. 5 5 3 3 , , 8 8 3 3 8 8 4 4 , , 6 7 8 1 5 0 2 7 , , 9 2 2 1 1 5 3 3, ,9 5 2 41 2 8 8 , , 6 0 3 4 9 8 1 1 7 5 , , 1 2 2 3 9 0 1 1 6 5 , , 5 0 4 9 2 4 1949—May 3,596 53 359 1,815 59 104 1,206 1949—May 53,838 4,799 5,319 3,895 8,82415,09715,904 June.... 3,596 47 359 •1,801 41 104 1,244 June. . . . 48,554 4,455 4,452 3,933 7,29314,17914,242 Treasury bonds: After 20 years: 1947—June.... 119,323 5,306 727 48,75611,40723,30529,822 1947—June.... 14,405 964 29 2,593 1,649 3,358 5,812 Dec 117,863 5,173 2,85347,424 11,22622,21328,974 Dec. 1948—june 112,462 5,336 6,20642,14611,04720,88026,847 1948—June Dec 111,440 5,34010,97740,37110,48618,89125,375 Dec. . 1949—May 111,440 5,289 8,35642,195 10,71418,50126,385 1949—May June 110,426 5,201 7,78042,042 10,76818,31526,320 June. . . . * 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. 1116 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 Stat2s Treasury Cash operating Increase (+/ ) \or General fund of the Treasury (end of period) income and oucgo» decrease v —j 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 e u u e n d x r d e g - s i e - t s B ( d u + u e r ) f d p i c g l o u i e t r s t c T o e a r t u c c u n . - s * t t s c C o i a l n u e c g n - ar t1 - G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n e i r a n n a c n l d l e - - Total B s F D e a R e e r n r e e a d v k p - l - e s o 2 si d i t S t s e c a p p i r i a e o n i l - e s s - O as t s h e e ts r T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E o n + x u c ) c o t g e m o s o s e r Fiscal year: 1947 40,043 39,289 +754 -1,103 +555 -11,136 -10,930 3,308 3,730 1,202 962 1,565 422 43,59136,931 +6,659* 1948.. 42,211436,791 +5,419 +2,706 -507 —5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 45,40036,496 +8,903 1949 38,246 37,057 + 1,189 —3 495 +366 +478 -1,462 3,470 3,862 438 1,771 1,653 392 41,62840,539 +1.0891 1948—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 ,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 ,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 2,081 2,965 -884 Aug... 2,479 3,585 -1,106 +345 -133 +1,975 + 1,081 4,418 4,767 610 2,513 1,644 349 DETAILS OF TREASURY RECEIPTS On basis of daily statements of UnitedStates Treasury On beisis of reports by collectors ofinternal revenue Income taxes Deduct Individual Corporation income F o i r s c m al o y n e th ar b p W y l h o e i y e t l e d h m r - s - Other i r n e n c M v t e e e e o l i r l n s u n a - u s - a e l S S t r a o e i x c c ty e i u a s - l c O e r t i e h p - e ts r 5 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 l 6 t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N a s n u o a d r r n t m d a p x a r l ofits E p o r a x t t o n h a c f d e x e it s r e s s s t t a a g E a n x i s f t d e e t - s m l E 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 1,45940,043 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 1,61642,211 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 1,69038,246 10,056 7,996 11,343 211 797 7,585 1948—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 1,946 828 167 485 8 48 587 Aug.. . . 1,161 407 749 404 196 2,917 57 381 2,479 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On >asis 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 n t n n i i e d t d - a c - r l e - t e m r V r A a a i t e n d i n t o - i - s s n ' - a t c A u g t u o i r r l d i e - - T c t o f r r a e t a u u c o r n s n - s t s ts - Other c N e r i e e p - t ts ac m v c I e o e n s u n - t n - ts ts p tu E en r x e d - s i- ce R i e p - ts m v I e e n s n - t- ts E F C c E o o o x r n o e p o p i e m g e n r n i d - c it Other ation Fiscal year: 1947 39,289 16,766 4,958 4,928 6,442 1,226 1,361 3,607 3,235 1,785 1,509 3,009 1,577 2,476 1948 * 36,791 11,364 5.211 4,143 6,317 78244,178 4,797 3,918 2,210 1,640 * 5,598 850 2,109 1949 37,057 11,809 5,339 r3,011 6,791 2,661 916 r6,530 3,722 1,479 2,252 1,992 832 3,000 1,646 1948—Aug 2,143 800 114 138 530 110 13 438 607 100 186 100 21 192 198 Sept 2,869 715 570 282 481 256 6 559 38 304 140 135 23 196 80 Oct 2,685 931 212 174 482 275 80 530 159 — 12 132 128 18 226 67 Nov 2,815 957 122 206 612 321 6 590 585 144 137 105 20 347 72 Dec 3,603 1,017 1,112 153 554 285 1 482 208 292 158 105 8 499 74 1949—jan# 2,968 1,043 319 200 527 269 73 536 139 —42 189 99 22 237 153 Feb 2,646 930 141 276 545 137 2 614 430 11 195 114 24 326 141 Mar 3,621 1,109 589 505 639 261 1 516 57 88 252 115 12 30 135 Apr. . 2,748 1,043 178 125 547 189 75 592 182 -92 235 103 9 403 196 May 2,822 950 125 272 584 438 30 423 592 18 233 120 38 282 132 June 4,579 1,159 1,570 r524 517 161 19 '630 270 392 254 504 385 77 253 July 3 434 987 322 478 489 64 413 681 489 199 243 100 24 93 Aug 3,585 «995 125 "436 518 «317 "330 *865 637 46 262 395 265 114 « Estimated. r Revised. 1 Excess of receipts (+) or expenditures (—). 2 Excluding items in process of collection beginning with July 1947. 3 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 month?. 5 Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1946-1948 amounted to 501, 2,886, and 1,929 million dollars and 1,063, 279, and 161 million, respectively. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. SEPTEMBER 1949 1117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items 1 Liabilities, other than interagency items Corporation or agency Total Cash L c a e r o b e i a l v - e n - s m m C p s r t a l i i u o a o n i e a p e m t d s d l e s - s , i , - - - G U s ri e o t . c i S v I e u m n . s t - . v e e n O s s t r s t i e t - t c h i u e e - s r 2 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 B F g u n a u u b o r t n e a y l e n d l e r s d y - d s d p , e a n O b y o e a t t h n b e - e l s e r , O li i a t t i h b e i e s l r - i U m G e n e r . t o e s n e v n S t r - - t - . o v in P w a e t r t s n e e i 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 1,187 17,875 154 Sept. 30, 1948 20,687 75110,573 328 1,811 3,525 2,423 1,275 1,011 1,239 18,225 159 Dec. 31, 1948 21,718 63011,692 627 1,854 3,518 3,060 337 965 1,663 18,886 166 Mar. 31, 1949 22,324 47512,228 674 2,077 3,515 3,049 307 884 1,927 19,320 170 Classification by agency, Mar. 31, 1949 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 325 18 261 47 260 18 Federal intermediate credit banks 555 14 489 494 57 Production credit corporations 97 3 28 96 Regional Agricultural Credit Corp 2 1 2 Agricultural Marketing Act Revolving Fund 2 1 2 Federal Farm Mortgage Corp , 70 (\ 61 67 Rural Electrification Administration 1,110 29 1,066 () 1,110 F F C e a o d r m m er m e 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 r d t a m C nc i 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, 3 4 2 7 3 1 9 3 2 3 3 1 3 8 7 1, 2 7 5 6 6 4 452 1,22 2 6 1 1, 3 2 3 1 4 3 9 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 21 158 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 76 1,012 Export-Import Bank 2,160 2,144 121 2,039 Federal Deposit Insurance Corp 1,137 1,122 () 36 1,100 Federal Works Agency 226 89 134 226 Tennessee Valley Authority 835 2 802 14 821 Allother? 7,304 3,803 3,385 50 28 7,277 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1949 Dec. 31, Purpose of loan M F C F a o e o r r d r m p . t . . b c m i F n r a a e e e t n t e d d e d k r i i . - s - t B f o t o a p i r v n e e k c r s a o s - - C m C C r o o o e d m r d p i i - t . t y t R A r E t i i f u d l o i e r c m n c a a - l . - F A H e a d o r r s m m m ' . e - H C O L e o o o w r m s r a n p ' n e - . P H A u i o d n b u m g l s i . c - b h F l a o o e n m a d k n . e s R s n C t t e a F i r o c n o u i r o - n c c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - ag 1 e 9 a n 4 l c l 8 i , es To aid agriculture 75 489 265 1,775 1,067 531 (4) 6 4,209 3,632 To aid home owners 344 (4) 175 331 851 768 To aid industry: Railroads 139 3 141 140 Other 1 300 36 337 310 To aid financial institutions: Banks . (4) 4 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) 4 11 1 275 1 50 7 6 370 368 Total loans receivable (net)... 61 489 261 1,764 1,066 256 344 295 362 960 2,144 4,225 12,228 11,692 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 8 Includes "Deferred and undistributed charges," which were 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. 1118 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction I ( n p d h 1 u y 9 s s t 3 i r c 5 i a a - l 3 l 9 v p o r = l o u d m 1 u 0 c e 0 t ) i * o 1 n aw 19 a 2 r c 3 d o - e n 2 d t 5 r a ( c = v t a s l 1 u 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 le- Year 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 p 1 3 l a 0 l 9 y s 0 » = c 1 a 9 i = r n 3 l g 1 o 5 0 s a - * 3 0 d 9 - 1 u 9 s = ( 3 e a v 1 ) l 5 a e * 0 - l s - * 3 0 9 1 s p 9 u = r 3 m i 1 5 c 0 e - e 3 0 r s s 9 * ' p m c = r 1 i o o 9 c 1 m d 2 e 0 6 i s - 0 t y 8 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 73.0 1932 58 41 70 67 28 13 40 77.2 64.4 49 5 78 75 97 6 64 8 1933 69 54 79 76 25 11 37 77 5 71 3 53 1 82 73 92 4 65 9 1934 75 65 81 80 32 12 48 84.9 83.2 68 3 89 82 95 7 74 9 1935 87 83 90 86 37 21 50 88.5 88.7 78.6 92 88 98.1 80.0 1936 103 108 100 99 55 37 70 95.1 96.4 91.1 107 100 99 1 80 8 1937 113 122 106 112 59 41 74 101 4 105 8 108 9 111 107 102 7 86 3 1938 89 78 95 97 64 45 80 95.4 90.0 84.7 89 99 100.8 78.6 1939 109 109 109 106 72 60 81 100.0 100.0 100 0 101 106 99 4 77 1 1940 125 139 115 117 81 72 89 105 8 107 5 114 5 109 114 100 2 78 6 1941 162 201 142 125 122 89 149 119.4 132.1 167 5 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131 1 154 0 245 2 138 150 116 5 98 8 1943 239 360 176 132 68 40 92 138 8 177.7 334 4 137 168 123 6 103 1 1944 235 353 171 140 41 16 61 137.0 172.4 345 7 140 187 125 5 104 0 1945 203 274 166 137 68 26 102 132 3 151 8 293 4 135 207 128 4 105 8 1946 170 192 165 134 153 143 161 137 0 143 4 269 6 132 264 139 3 121 1 1947 187 220 172 149 157 142 169 145 2 157.3 332 1 143 286 159 2 152 1 1948 J>192 P225 P177 *>155 190 162 214 149.0 159.9 365-1 138 302 171 2 165 1 1947 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 4 147 303 164 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 r165 9 194 190 226 180 155 187 152 215 147.8 159.8 159.5 354.1 138 293 167 5 r161 0 March 191 188 229 177 142 181 148 208 147 9 160.1 160 3 358 4 130 291 166 9 r161 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 r166 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 r169 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 195 199 231 179 158 184 157 206 150.8 162.8 163.3 382.9 140 309 173.6 '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 191 187 227 175 149 174 133 207 147.8 155.3 154.7 363.1 131 295 170.9 160.6 189 185 225 173 149 169 123 207 146 9 153 6 153 3 357 8 126 281 169 0 158 1 March 184 181 223 168 136 175 129 212 146.0 151.2 151.4 349.6 120 277 169.5 158.4 179 177 212 162 148 176 140 206 145 5 148 9 148 1 336 1 127 294 169 7 156 9 May 174 174 201 161 145 180 157 199 144.5 145.8 144.6 329.4 124 292 169.2 155.7 169 170 194 160 134 194 174 210P144 5P145 3P144 8 r115 r285 169 6 154 4 July P162 *164 *>186 P155 P124 P204 P188 P216P144.2 P144.6P143.5 110 280 168.5 153.4 * Average per working day. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1120-1123. For points in total index, by major groups, see p. 1142. 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. 1127. 8 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. 1129-1132. 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. SEPTEMBER 1949 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average-100] 1948 1949 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Tune July Industrial Production—Total 186 191 192 195 195 192 191 189 184 179 174 169 P162 Manufactures—Total 192 197 199 202 201 199 198 196 193 184 179 175 P169 Durable Manufactures 219 223 225 231 229 231 227 225 223 212 201 194 P186 Iron and Steel 201 207 214 221 224 223 228 232 233 219 204 777 156 Pig iron 186 200 205 209 212 212 218 220 221 217 209 189 158 Steel 228 235 243 252 255 254 260 267 264 240 218 182 162 Open hearth 176 179 185 193 194 194 197 199 202 196 187 167 148 Electric 597 635 658 670 685 682 711 755 706 551 438 293 259 269 271 273 277 276 277 268 262 252 240 232 P226 P219 Manufacturing Arsenals and Depots * .... Transportation EQuiptnent . . 233 230 231 243 238 246 244 241 240 235 220 P239 v245 Automobiles (including parts) .... 202 198 197 209 203 208 209 206 204 203 184 P210 P217 (Aircraft: Railroad cars; Locomotives; Shipbuilding— 185 186 192 192 187 184 183 185 183 167 145 133 P131 Smel ting and refining 188 190 193 191 175 183 186 200 210 209 200 193 PlSO (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) l Fabricating 184 185 192 192 192 185 182 180 172 151 123 108 Pill (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin 142 148 143 147 145 143 129 123 129 126 126 P124 P116 Lumber . 135 140 132 135 133 131 117 107 119 118 120 114 P104 157 163 165 170 169 168 154 154 150 144 139 P142 P141 200 210 207 210 203 205 204 202 195 189 184 P187 P188 185 207 207 212 185 182 183 179 173 172 179 193 203 206 218 226 224 189 184 189 184 178 179 '189 '206 223 Cement . 188 186 183 184 195 212 208 222 208 213 196 195 190 168 175 169 171 172 173 180 176 171 164 157 P154 P150 Gypsum and plaster products 237 247 237 241 241 235 237 219 216 190 177 P174 P176 Abrasive and asbestos products 248 248 251 252 249 246 239 231 222 203 190 P189 P184 Other stone and clay products l Nondurable Manufactures.... 169 177 178 179 178 173 175 173 168 162 161 160 P155 Textiles and Products 154 166 168 167 164 156 160 157 142 129 123 127 P122 Textile fabrics 138 152 154 153 148 140 144 142 130 119 114 116 115 127 132 129 122 114 123 125 120 111 103 105 87 Rayon deliveries 324 318 322 319 322 317 313 305 275 240 '214 216 239 Nylon and silk consumption 1.. Wool textiles 137 168 166 168 162 151 150 143 122 112 118 124 Carpet wool consumption 158 226 226 247 233 206 225 214 198 171 163 145 153 178 173 160 143 139 136 130 107 92 '99 110 Wool and worsted yarn 125 150 148 148 144 133 125 121 105 97 106 116 Woolen yarn 114 139 136 141 140 127 122 118 100 101 '112 119 Worsted yarn 140 166 165 159 149 143 130 126 112 92 98 111 Woolen and worsted cloth 137 160 157 157 156 148 149 141 113 107 116 126 96 113 119 113 102 100 108 113 113 106 101 105 vlOl Leather tanning . 95 105 108 108 100 103 103 107 99 96 95 97 Cattle hide leathers 109 120 123 121 110 114 114 122 110 108 109 110 Calf and kip leathers 64 78 79 82 80 89 88 85 80 74 76 75 Goat and kid leathers 81 77 83 90 89 82 85 89 90 80 79 80 84 100 98 95 87 87 93 86 78 76 69 79 Shoes 96 119 126 117 104 97 111 117 123 113 105 111 P106 160 156 163 161 159 158 160 162 162 162 164 vl64 Wheat flour 139 143 128 130 133 128 135 127 113 103 105 120 P125 Cane sugar meltings 1 P152 P154 P150 P148 P144 P144 P144 P145 P150 P154 Pl 53 P151 P151 Butter 72 75 73 76 75 74 77 80 86 88 86 81 78 Cheese 168 171 160 161 166 180 192 190 188 199 189 '176 169 Canned and dried milk 195 198 181 167 143 135 126 130 146 161 166 167 173 Ice cream v Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 1120 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 Be>ard of Governors. 1935-39 average =100] 1948 1949 Industry July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued 135 126 133 141 155 154 152 156 153 145 137 141 150 Pork and lard 149 128 136 157 177 172 167 172 167 160 146 150 164 Beef 124 125 133 127 135 143 147 154 155 145 144 144 147 Veal 140 147 146 140 144 134 115 112 111 106 101 114 127 Lamb and mutton . . 89 92 101 112 108 98 92 87 71 55 58 68 77 Other manufactured foods 167 162 172 169 165 164 166 169 170 171 173 P174 P171 Processed fru i ts and vegetables 142 107 162 152 140 142 138 136 154 155 156 P163 P141 Confectionery 117 119 121 124 124 132 131 136 133 123 126 Other food products 182 183 184 181 179 175 179 183 181 183 185 P184 P187 Alcoholic Beverages 173 179 189 186 217 197 181 177 187 164 174 169 165 Malt liquor 155 165 176 156 181 185 168 156 176 152 163 161 171 Whiskey 86 73 91 95 112 131 119 118 106 91 84 60 42 Other distilled spirits 402 346 211 244 334 278 328 294 249 271 285 277 200 Rectified liquors , 242 274 336 398 443 287 235 283 295 247 270 267 246 Industrial Alcohol from Beverage Plants l Tobacco Products 148 178 168 174 170 146 159 160 172 162 170 172 146 Cigars » 98 113 127 122 130 97 102 100 99 98 98 117 101 Cigarettes 200 242 218 230 224 196 216 220 241 224 236 233 196 Other tobacco products . . 63 75 78 78 68 63 66 66 68 65 71 69 61 Paper and Paper Products . . 150 165 166 172 169 153 163 158 151 146 144 143 P!28 Paper and pulp . 146 161 160 167 163 150 158 154 147 141 139 137 P124 Pulp 172 193 183 195 188 173 188 183 175 166 165 159 Groundwood pulp . . .. 117 122 116 117 104 105 101 96 95 88 90 94 Soda pulp 96 110 107 111 107 104 107 108 106 100 97 80 Sulphate pulp 283 328 301 330 317 285 327 309 291 274 273 275 Sulphite pulp . . 135 148 145 153 149 137 145 145 142 135 '135 122 Paper 142 156 156 163 159 146 153 149 143 138 135 134 121 Paperboard 165 184 189 193 195 167 182 174 163 162 162 164 142 74 83 83 Printing paper 150 160 161 172 165 160 157 158 155 151 '149 141 126 160 161 163 170 162 158 161 157 160 152 '142 139 136 Wrapping paper 135 153 148 157 150 142 151 147 138 123 115 117 111 Newsprint 97 101 98 100 98 100 99 98 99 97 100 99 97 Paperboard containers (same as Paperboard) Printing and Publishing 147 155 154 164 156 154 155 153 153 152 *155 149 P141 145 149 147 155 148 148 153 149 151 154 161 156 156 Printing paper (same as shown under Paper) Petroleum and Coal Products v217 P221 P207 P217 P227 P231 P228 P221 P213 P209 P207 P203 P205 Petroleum refining2 Gasoline . . . 170 173 165 170 174 179 174 170 169 170 177 177 P179 Fuel oil 192 194 180 199 200 204 206 194 186 169 166 154 P155 Lubricating oil 154 162 157 169 159 162 159 150 138 126 128 145 Kerosene 193 182 184 183 207 200 196 176 167 157 138 140 Other petroleum products l Coke 170 178 181 181 183 184 184 185 178 182 175 159 166 170 173 173 175 176 177 176 173 173 169 158 Beehive coke 318 447 444 454 460 466 455 504 319 477 385 201 347 Chemical Products 251 259 257 255 257 257 257 250 245 237 234 P231 P226 Paints 161 161 158 156 153 148 149 143 139 139 135 P134 P138 Soap 121 126 134 135 135 137 135 133 132 130 130 P130 P127 Rayon 312 312 305 304 306 311 309 309 300 265 259 P258 P256 Industrial chemicals 433 450 448 446 449 450 447 435 427 417 406 P395 P3 82 Explosives and ammunition 1 Other chemical products l Rubber Products 200 207 205 205 203 200 193 188 182 177 178 P179 vl79 Minerals—Total 153 159 156 158 161 156 149 149 136 148 145 134 P124 Fuels 160 166 162 166 167 164 156 155 137 148 149 135 P125 Coal 134 150 148 145 147 137 133 129 85 133 136 99 *83 Bituminous coal 143 158 156 152 155 145 145 142 93 144 144 104 P80 Anthracite 100 117 119 118 116 103 88 74 52 88 105 78 P93 Crude petroleum 172 174 170 176 177 177 167 168 163 156 155 153 P146 Metals 113 115 119 113 121 110 104 113 129 145 126 P125 vll4 Metals other than gold and silver 155 158 166 157 175 158 149 161 184 209 176 174 i»156 Iron ore . . . (Copper; Lead; Zinc)1 . . Gold 56 55 54 48 43 39 39 44 50 53 55 Silver 57 61 60 69 60 59 55 58 62 67 68 p Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 8 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. SEPTEMBER 1949 1121 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Industrial Production—Total 187 194 197 199 195 190 187 185 181 177 174 170 vl64 Manufactures—Total 193 200 203 205 202 197 195 193 190 183 179 176 P170 Durable Manufactures 220 224 227 232 229 229 225 223 221 212 202 195 P187 Iron and Steel 201 207 214 221 224 223 228 232 233 219 204 177 156 Pig iron 186 200 205 209 212 212 218 220 221 111 209 189 158 Steel 228 235 243 252 255 254 260 267 264 240 218 182 162 Open hearth 176 179 185 193 194 194 197 199 202 196 187 167 148 Electric 597 635 658 670 685 682 711 755 706 551 438 293 259 Machinery 269 271 273 277 276 277 268 262 252 240 232 P226 P219 Manufacturing Arsenals and Depots l 233 230 231 243 238 246 244 241 240 235 220 P239 P245 Automobiles (including parts) 202 198 197 209 203 208 209 206 204 203 184 PllO Pill (Aircraft; Railroad cars; Locomotives; Shipbuilding— Nonferrous Metals and Products 185 186 192 192 188 184 183 185 183 167 145 133 P130 Smelting and refining 187 190 193 191 176 183 186 200 210 209 200 192 P179 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating 184 185 192 192 192 185 182 180 172 151 '123 108 Pill (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 151 158 153 154 142 132 118 115 124 126 129 P130 P122 Lumber 148 156 147 145 128 113 100 96 110 116 124 124 P113 Furniture 157 163 165 170 169 168 154 154 150 144 139 P142 P141 Stone, Clay, and Glass Products 201 218 216 220 208 199 192 187 185 186 r190 P189 P189 Glass products 179 213 211 111 187 172 181 175 173 111 189 '191 197 Glass containers 198 227 231 230 191 171 185 179 178 179 '202 '204 214 Cement 207 210 213 214 211 193 169 168 171 202 206 209 209 Clay products . ... 168 180 175 180 178 178 166 166 163 160 156 153 Gypsum and plaster products 237 248 243 247 246 241 227 208 208 187 180 179 P176 Abrasive and asbestos products . . 248 248 251 252 249 246 239 231 222 203 190 189 P184 Other stone and clay products x Nondurable Manufactures 171 180 185 183 179 171 170 168 164 159 160 161 P157 Textiles and Products 154 166 168 167 164 156 160 157 142 129 123 127 vl22 Textile fabrics 138 152 154 153 148 140 144 142 130 119 114 116 PllO Cotton consumption 115 127 132 129 122 114 123 125 120 111 103 105 87 Rayon deliveries 324 318 322 319 322 317 313 305 275 240 '214 216 239 Nylon and silk consumption x Wool textiles 137 168 166 168 162 151 150 143 122 112 118 124 Carpet wool consumption 158 226 226 247 233 206 225 214 198 171 163 145 Apparel wool consumption 153 178 173 160 143 139 136 130 lt)7 92 '99 110 Woolen and worsted yarn 125 150 148 148 144 133 125 121 105 97 106 116 Woolen yarn 114 139 136 141 140 127 122 118 100 101 '112 119 Worsted yarn 140 166 165 159 149 143 130 126 112 92 98 111 Woolen and worsted cloth 137 160 157 157 156 148 149 141 113 107 116 126 Leather and Products 94 112 118 114 104 99 108 116 113 106 101 104 P99 Leather tanning 91 103 106 109 103 102 104 115 99 96 95 95 Cattle hide leathers 103 117 121 123 115 114 116 131 110 108 109 105 Calf and kip leathers 64 81 78 83 83 88 86 89 79 72 73 76 Goat and kid leathers 80 75 84 90 86 83 85 93 89 83 78 81 Sheep and lamb leathers 79 103 96 95 92 82 87 95 76 75 75 78 Shoes 96 119 126 117 104 97 111 117 123 113 105 111 P106 Manufactured Food Products 172 174 188 173 161 153 148 146 145 148 156 165 P175 Wheat flour. .-. 137 141 140 137 134 127 135 128 111 99 101 115 P124 Cane sugar meltings l Manufactured dairy products P223 P158 P122 P95 P92 P92 P104 P124 P160 P203 P221 Butter 88 82 70 65 57 59 64 71 78 89 111 112 95 Cheese 207 191 163 145 125 129 142 156 170 207 253 252 208 Canned and dried milk 226 204 167 135 103 104 102 117 143 182 230 230 201 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 1122 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 July Aug. Sept. Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Manufactured Food Products—Continued Meat packing . 126 Ill 124 142 173 181 179 149 141 134 138 139 140 Pork and lard 132 99 108 147 207 226 219 169 155 146 146 150 144 Beef 125 127 144 138 141 143 150 141 141 136 144 142 149 Veal . 140 144 160 160 154 126 106 99 104 104 105 114 127 Lamb and mutton 86 90 109 116 108 96 98 87 70 53 59 63 74 Other manufactured foods 174 183 207 188 172 161 152 153 151 152 157 P165 P178 Processed fruits and vegetables 184 203 317 197 129 111 90 86 85 94 102 P126 P183 Confectionery 96 129 156 162 146 134 135 137 123 102 97 Other food products 185 187 188 190 188 179 172 174 173 176 181 P186 P190 A Icoholic Beverages . . .188 184 195 203 212 174 153 159 173 163 182 190 188 Malt liquor 194 189 178 145 139 148 138 141 163 160 186 203 213 Whiskey . . 86 73 91 95 112 131 119 118 106 91 84 60 42 Other distilled spirits . . 233 187 289 631 702 306 213 176 162 162 171 172 116 Rectified liquors 242 274 336 398 443 287 235 283 295 247 270 267 246 Industrial Alcohol from Beverage Plants * Tobacco Products 154 184 178 180 173 136 158 153 163 153 170 179 152 Cigars ... . 98 113 127 122 130 97 102 100 99 98 98 117 101 Cigarettes 210 255 233 239 228 181 216 207 224 209 236 245 206 Other tobacco products 63 73 83 84 70 56 65 64 68 65 71 71 61 Paper and Paper Products 149 165 166 172 170 153 163 158 151 146 144 143 P128 Paper and pulp 145 160 160 167 163 149 158 154 148 142 139 138 P124 Pulp 170 191 181 194 189 173 189 183 176 167 166 159 Groundwood pulp 104 107 103 109 110 107 105 100 102 97 98 95 Soda pulp 96 110 107 111 107 104 107 108 106 100 97 80 Sulphate pulp 283 328 301 330 317 285 327 309 291 274 273 275 Sulphite pulp . 135 148 145 153 149 137 145 145 142 135 122 Paper , 141 156 156 163 159 146 153 150 143 138 135 134 120 Paper board 165 184 189 193 195 167 182 174 163 162 162 164 142 Fine paper ^ 74 83 83 Printing paper . . . .... 150 160 161 172 165 160 157 158 155 151 r149 141 126 Tissue and absorbent paper 153 161 163 172 162 153 159 163 160 153 '142 142 130 Wrapping paper . 135 153 148 157 150 142 151 147 138 123 115 117 111 Newsprint . 95 99 98 100 99 98 99 98 99 99 101 100 95 Printing and Publishing 137 147 155 167 163 158 149 152 156 157 r158 148 P130 Newsprint consumption 125 134 149 163 161 155 142 146 157 163 168 155 134 Petroleum and Coal Products . ... P217 P221 P207 P217 P227 P231 P228 P221 P213 P209 P207 P203 P205 Petroleum refining ^ . . .. Gasoline 170 173 165 170 174 179 174 170 169 170 177 177 P179 Fuel oil 192 194 180 199 200 204 206 194 186 169 166 1S4 P155 Lubricating oil 152 160 157 169 159 161 154 148 136 132 133 145 Kerosene 179 174 182 183 213 206 200 185 170 160 140 132 Other petroleum products 1 Coke 170 178 181 181 183 184 184 185 178 182 175 159 By-product coke . . . 166 170 173 173 175 176 177 176 173 173 169 158 Beehive coke . . 318 447 444 454 460 466 455 504 319 477 385 201 347 Chemical Products 247 256 257 258 258 258 255 251 248 239 233 P228 P222 Paints . ... 160 159 156 156 151 148 146 141 139 140 139 P138 P136 Soap 120 127 139 142 137 137 132 132 132 128 126 P!27 P125 Ravon 312 312 305 304 306 311 309 309 300 265 259 P258 P256 Industrial chemicals 433 450 448 446 449 450 447 435 427 417 406 P395 P382 Explosives and ammunition x Rubber Products .... .... 200 207 205 205 203 200 193 188 182 177 178 P179 P179 Minerals—Total 158 164 160 161 160 151 143 143 131 146 148 137 P128 Fuels 160 166 162 166 167 164 156 155 137 148 149 135 P125 Coal . 134 150 148 145 147 137 133 129 85 133 136 99 P83 Bituminous coal 143 158 156 152 155 145 145 142 93 144 144 104 P80 Anthracite 100 117 119 118 116 103 88 74 52 88 105 78 Crude petroleum 172 174 170 176 177 177 167 168 163 156 155 153 P146 Metals . ... 147 149 148 132 114 77 68 76 93 134 142 151 P149 l^letals other than gold and silver 215 213 212 186 160 100 88 101 126 194 207 221 P216 Iron ore . .. . .. 325 324 314 254 225 93 74 81 110 260 302 340 P341 (Copper; Lead; Zinc)1 Gold 55 60 62 56 49 40 38 39 44 47 48 Silver . 56 59 61 69 60 59 56 59 64 67 68 P Preliminary. r Revised. x Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 1123 SEPTEMBER 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 1948 1949 June July Mar. Apr. May June July May June July Mar. Apr. May June Total 158.2 158.5 151.4 148.1 144.6 144.8 143.5 346.7 359.0 360.0 349.6 336.1 329.4 Durable goods 184.5 185.0 175.2 171.4 166.2 165 6 162.4 390.8 401 3 403.0 390.9 379.3 367.2 Nondurable goods , 137.5 137.7 132.7 129.7 127.6 128.4 128.6 303.6 317.6 318 0 309.2 293.8 292.4 Iron and Steel and Products 162.4 161.4 155.9 151.1 146.2 143.4 139.1 334.4 340.5 336.9 336.7 320.1 306.6 Blast furnaces, steel works, etc 135 136 141 140 137 265 268 270 300 295 283 Steel castings 229 224 220 204 191 479 495 464 471 417 384 Tin cans and other tinware 141 149 134 132 133 286 311 353 306 295 303 Hardware 148 146 138 132 125 344 341 325 324 299 278 Stoves and heating equipment 169 166 122 117 115 371 379 371 261 250 245 Steam, hot-water heating apparatus 198 186 178 167 161 428 431 415 380 333 318 Stamped and enameled ware 198 196 169 161 154 464 463 452 404 380 367 Structural and ornamental metal work 177 176 177 179 180 364 364 347 385 379 392 Electrical Machinery 211.1 206.6 194.9 187.5 180.4 177.2 173.9 431.6 440.0 436.3 424.1 401.7 386.0 Electrical equipment 201 198 186 179 170 410 419 418 403 382 360 Radios and phonographs 202 195 190 184 182 451 459 457 454 424 427 Machinery except Electrical 230.4 228.8 214.4 206.7 197.7 189.0 183.5 466.4 480.7 473.6 448.5 423.4 406.8 Machinery and machine-shop products 247 244 230 221 213 509 520 508 485 458 443 Engines and turbines 280 281 271 264 254 618 601 585 579 550 536 Tractors 193 195 194 191 190 285 356 369 358 343 339 Agricultural, excluding tractors... 267 263 267 266 260 571 595 574 601 592 578 Machine tools 128 128 116 114 111 241 243 239 212 205 199 Machine-tool accessories 215 201 197 193 183 390 384 362 360 341 321 Pumps 281 276 267 257 248 631 617 605 594 564 548 Refrigerators 241 240 207 190 174 472 509 486 430 369 362 Transportation Equipment, except Autos 273.7 270.6 276.6 271.3 265.0 261.5 259.6 566.4 561.2 552.4 599.4 573.9 570.2 Aircraft, except aircraft engines... 322 329 383 383 368 634 649 661 819 796 795 Aircraft engines 291 287 322 317 318 494 518 533 587 583 581 Shipbuilding and boatbuilding 157 149 121 115 114 346 322 305 260 246 239 Automobiles 183.6 195.5 188.7 189.6 176.4 188.9 193.5 362.6 385.7 423.3 415.7 430.3 394.5 Nonferrous Metals and Products 173.9 169.2 160.7 154.3 149.6 147.8 141.7 362.5 368.2 360.6 345.3 327.0 316.1 Primary smelting and refining 152 152 149 150 150 322 330 339 344 348 343 Alloying and rolling, except aluminum 136 134 126 111 104 269 278 284 242 200 192 Aluminum manufactures 180 167 164 160 155 347 339 317 333 320 307 Lumber and Timber Basic Products.... 190.0 197.3 169.9 170.9 175.6 180.2 174.5 461.1 488.5 502.9 413.9 427.8 452.3 Sawmills and logging camps 209 217 184 185 192 497 543 563 452 469 502 Planing and plywood mills 184 188 174 174 172 445 456 455 416 424 427 Furniture and Lumber Products 139.8 137.8 130.8 128.8 125.8 126.0 123.9 325.6 326.0 320.4 310.7 299.2 296.1 Furniture 139 137 132 129 125 329 326 318 314 300 295 Stone, Clay, and Glass Products 156.0 153.2 147.6 143.9 141.7 139.2 343.4 347.1 334.2 335.9 323.5 321.5 Glass and glassware 169 161 153 151 151 364 361 328 356 343 346 Cement 150 152 149 150 150 305 314 319 307 312 321 Brick, tile, and terra cotta 141 141 133 132 132 329 338 336 323 321 322 Pottery and related products 175 169 177 173 166 360 364 345 385 367 348 Textile-Mill and Fiber Products 113.2 108.7 100.4 96. 95.0 95.0 91.3 303.8 304.6 285.4 260.3 237.6 233.6 Cotton goods except small wares.. 126 122 115 Ill 109 370 366 342 320 294 279 Silk and rayon goods 96 92 86 80 77 289 292 277 240 219 215 Woolen and worsted manufactures 110 106 82 70 76 308 312 296 208 173 190 Hosiery 87 81 82 80 79 198 200 184 191 183 180 Dyeing and finishing textiles 132 129 128 127 125 322 321 300 320 306 296 Apparel and Other Finished Textiles. .. 138.6 135.6 149.2 142.3 134.6 133.0 134.5 297.9 303.6 303.6 344.7 297.3 283.3 Men's clothing, n.e.c 127 120 126 124 117 289 290 273 289 263 250 Shirts, collars and nightwear 98 93 93 94 94 241 234 222 231 225 232 Women's clothing, n.e.c 152 153 174 161 149 299 311 327 380 308 288 Millinery 68 76 98 88 78 112 116 145 229 170 134 Leather and Leather Products 107.4 108.1 106.0 103.3 98.9 101.0 102.6 215.4 233.4 236.5 238.7 222.0 209.6 Leather 96 94 90 88 87 201 205 204 195 186 189 Boots and shoes 103 104 104 101 96 203 225 231 240 220 203 Food and Kindred Products 147.1 159.7 135.2 136.3 139.6 146.6 154.4 281.3 328.3 352.2 302.7 302.8 316.5 Slaughtering and meat packing... 148 149 148 142 144 226 329 319 298 285 296 Flour 149 154 143 139 139 315 340 368 309 296 302 Baking 130 131 12') 130 131 259 271 274 270 276 281 Confectionery 116 113 123 121 114 236 262 255 286 270 256 Malt liquors 206 218 192 184 195 333 390 436 363 346 383 Canning and preserving 124 183 81 92 96 260 315 469 213 243 259 Tobacco Manufactures 90.6 88.8 88.4 86.5 87.4 89.0 87.9 201.3 205.8 205.5 198.8 188.9 196.0 Cigarettes 121 122 120 122 124 253 263 270 258 255 260 Cigars 78 75 76 72 73 175 176 171 168 152 163 NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for June and July 1949 are preliminary. Employment indexes for individual industries and pay roll data not available for June, pending revision by the Bureau of Labor Statistics of its manufacturing series. Revised data will be published in the BULLETIN for October, 1949. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics. 1124 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 June July Mar. Apr. May June July May June July Mar. Apr. May June Paper and Allied Products 146.9 146.1 143.6 141.4 140.4 139.9 138.1 331.1 337.8 341.7 327.6 317.0 316.3 Paper and pulp 148 149 145 144 143 343 348 358 332 323 321 Paper goods, n.e.c 164 160 162 160 159 355 358 355 368 360 365 Paper boxes 134 131 130 128 127 290 305 295 293 280 281 Printing and Publishing 132.3 131.1 131.6 131.4 131.5 131.4 130.1 262.2 264.9 260.1 273.9 273.8 277.3 Newspaper periodicals 124 124 128 129 129 237 238 236 255 260 265 Book and job 145 143 142 141 140 297 299 296 308 302 305 Chemicals and Allied Products 199.2 196.6 203.3 197.7 190.4 185.4 181.0 422.5 434.9 432.7 449.0 434.9 425.9 Drugs, medicines, and insecticides 231 230 239 241 239 482 487 481 530 526 532 Rayon and allied products 133 133 132 119 113 275 280 290 295 261 256 Chemicals, n.e.c 297 289 290 284 276 590 614 600 609 597 581 Explosives and safety fuses 366 376 364 356 354 684 738 760 714 695 721 Ammunition, small arms 182 180 159 145 125 404 411 421 347 281 294 Cottonseed oil 83 82 134 122 107 246 228 230 400 349 312 Fertilizers 144 136 206 202 170 470 415 397 591 594 519 Products of Petroleum and Coal 160.3 160.7 152.6 153.2 154.1 155.1 154.2 335.8 342.2 353.4 339.4 340.6 343.8 Petroleum refining 159 160 154 153 153 326 331 345 335 332 335 Coke and by-products 146 147 147 148 150 321 330 330 347 350 349 Rubber Products 161.6 157.7 151.0 147.8 144.2 142.3 140.0 318.9 330.2 329.7 298.4 291.4 Rubber tires and inner tubes 169 168 158 158 156 306 322 330 288 285 293 Rubber goods, other 158 153 149 142 138 338 344 332 330 306 303 Miscellaneous Industries 175.7 173.9 164.8 162.7 158.5 158.1 155.3 384.2 386.7 375.0 359.5 350.9 Instruments, scientific 245 247 275 275 274 493 491 487 598 590 594 Photographic apparatus 217 221 210 211 203 410 439 444 427 415 401 For footnote see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939=100] 1948 1949 Group June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total 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 P144.6 Durable 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 P162.5 Nondurable 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 P130.5 P Preliminary. 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 June July Mar. Apr. May June July June July Mar. Apr. May June July All manufacturing 40.2 39.0 38.3 38.5 38.9 38.8 1.316 1.332 1.374 1.374 1.373 1.380 1.383 Durable goods 40.5 40.0 39.4 39.0 39.0 39.3 39.0 1.385 1.407 1.455 1.457 1.457 1.465 1.467 Iron and steel and products 40.3 39.6 39.1 38.3 38.1 38.3 37.8 1.431 1.457 1.529 1.528 1.524 1.528 1.522 Electrical machinery 40.4 39.4 39.1 38.6 38.7 39.4 38.2 1.372 1.407 1.456 1.452 1.446 1.450 1.453 Machinery except electrical 41.4 40.6 39.8 39.1 39.4 39.4 39.5 1.461 1.473 1.524 1.521 1.517 1.527 1.524 Transportation equipment, except autos. . 39.8 39.2 39.7 38.8 39.5 39.2 39.4 1.489 1.503 1.571 1.572 1.572 1.576 1.584 Automobiles 37.7 38.5 37.9 38.8 37.7 39.7 40.2 1.624 1.649 1.675 1.681 1.709 1.707 1.714 Nonferrous metals and products 40.8 40.1 39.4 38.8 38.8 38.9 38.8 1.369 1.404 1.436 1.441 1.434 1.438 1.438 Lumber and timber basic products 42.8 41.9 40.5 40.9 41.4 41.0 39.7 1.131 1.149 1.135 1.156 1.173 1.197 1.172 Furniture and finished lumber products.. 40.7 40.3 39.9 39.1 39.0 39.2 39.3 1.145 1.149 1.187 1.186 1.204 1.198 1.211 Stone, clay, and glass products 40.6 39.4 39.5 39.0 39.2 38.8 38.3 1.292 1.307 1.356 1.355 1.358 1.362 1.377 Nondurable goods 39.8 39.5 38.6 37.6 38.1 38.4 38.7 1.242 1.252 1.287 1.285 1.286 1.291 1.300 Textiles—mill and fiber products 39.5 38.6 37.0 35.5 35.4 36.2 36.6 1.147 1.145 1.180 1.174 1.171 1.175 1.171 Apparel and other finished products 35.6 35.8 36.2 34.2 35.2 34.9 35.3 1.055 1.081 1.098 1.051 1.025 1.027 1.083 Leather and manufactures 37.0 37.4 37.4 35.6 35.0 36.7 37.2 1.118 1.114 1.140 1.146 1.151 1.150 1.131 Food and kindred products 42.8 42.6 41.0 40.7 41.4 41.7 42.2 1.217 1.215 1.269 1.268 1.274 1.272 1.272 Tobacco manufactures 37.8 38.0 36.1 34.8 35.8 37.7 37 1.003 1.014 1.033 1.042 1.041 1.048 1.049 Paper and allied products 42.8 42.5 41.0 40.3 40.5 40.9 41.3 1.292 1.317 1.331 1.330 1.333 1.346 1.362 Printing, publishing, and allied industries 39.1 38.9 38.5 38.3 38.6 38.5 38.4 1.676 1.675 1.770 1.779 1.791 1.795 1.809 Chemicals and allied products 41.4 41. 40.6 40.1 40.5 40.3 40.1 1.369 1.390 1.410 1.419 1.434 1.452 1.466 Products of petroleum and coal 40.7 40.8 40.0 40.0 40.2 40.0 40.4 1.650 1.703 1.745 1.746 1.738 1.753 1.782 Rubber products 39.7 39.7 37.1 36.8 37.7 38.3 38.7 1.439 1.472 1.499 1.504 1.512 1.533 1.525 Miscellaneous industries 40.3 39.4 39.8 38.9 39.1 39.5 38.0 1.262 1.269 1.301 1.300 1.301 1.319 1.308 NOTE.—Figures for June and July 1949 are preliminary. Back figures are available from the Bureau of Labor Statistics. SEPTEMBER 1949 1125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta l t o e c , al and 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 1,440 3,708 5,431 1943 42,042 17,381 917 1,567 3,619 7,322 1,401 3,786 6,049 1944 41.480 17,111 883 1,094 3,798 7,399 1,374 3,795 6,026 1945 40,069 15,302 826 1,132 3,872 7,685 1,394 3.891 5,967 1946 41,494 14,515 852 1,661 4,023 8,820 1,586 4,430 5,607 1947 43,970 15,901 911 1,921 4,060 9,450 1,656 4,622 5,449 1948 . . 45,131 16,277 925 2,060 4,065 9,746 1,719 4,681 5,658 SEASONALLY ADJUSTED 1948—June 45,053 16,172 947 2,110 4,056 9,779 1,700 4,663 5,626 July 45,271 16,302 915 2,093 4,078 9,791 1,737 4,645 5,710 August 45,312 16,278 944 2,106 4,078 9,805 1,752 4,622 5,727 September 45,654 16.556 945 2,093 4,085 9,806 1,741 4,647 5,781 October 45,669 16.548 939 2,101 4,095 9,817 1,740 4,641 5,788 November 45,443 16,420 937 2,120 4,070 9,782 1,737 4,644 5,733 December.. 45,252 16,195 940 2,121 4,084 9,769 1,739 4,624 5,780 1949—January 44,773 15,954 931 2,095 4,032 9,697 1,725 4,549 5,790 February 44,505 15,801 928 2,045 4,006 9,656 1,721 4,560 5,788 March 44,231 15,602 920 1,980 3,948 9,705 1,717 4,597 5,762 April 44,076 15,425 922 1,981 3,949 9,683 1,719 4,634 5,763 May '43,775 15,152 909 '2,000 3,939 9,606 1,723 4,665 5,781 June '43,777 15,116 910 '2,017 3,937 9,627 1,727 4,641 5,802 July. .. 43,681 15,074 882 2,027 3,914 9,563 1,738 4,623 5,860 UNADJUSTED 1948—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 '43,670 15,030 908 '2,020 3,952 9,535 1,740 4,665 5,820 June '43,733 15,061 913 '2,078 3,984 9,520 1,753 4,641 5.783 July 43,509 14,951 889 2,149 3,970 9,421 1,755 4,623 5,751 r 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. Figures for June and July 1949 are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p s o o t p t i a t u u l l t a n i t o i o o n n n a - l T l f a o o b r t c o a e r l Total Total In E m no p n lo a y g e ri d c u l l- In p U l n o e y m ed - l N ab o o t r i n f o t r h c e e tural industries agriculture 1940 * 100.230 56,030 55,640 47,520 37,980 9,540 8,120 44,200 1941 101.370 57,380 55.910 50,350 41,250 9,100 5.560 43,990 1942 102,460 60,230 56,410 53,750 44,500 9,250 2,660 42,230 1943 103,510 64,410 55,540 54,470 45,390 9,080 1,070 39.100 1944 . ... 104,480 65,890 54,630 53,960 45,010 8,950 670 38,590 1945 105,370 65,140 53,860 52,820 44,240 8,580 1,040 40,230 1946 106,370 60,820 57,520 55,250 46.930 8,320 2,270 45,550 1947 107,458 61,608 60,168 58,027 49,761 8,266 2,142 45.850 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1948—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 44.683 July 109,664 65,278 63,815 59,720 50,073 9,647 4,095 44,385 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. 1126 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Total R b es u i i d ld e i n n t g ial P a u n b d li c p u w b o l r ic ks Month Factories Commercial Educational Other utilities 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 January 615.2 483.0 238.1 159.1 54.1 43.6 74.5 62.6 58.7 38.1 53.3 77.6 136.6 102.0 February 682.0 568.5 232.3 193.1 71.9 37.8 75.5 58.8 37.8 44.7 87.2 80.6 177.3 153.5 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 1948 1947 1948 19491947 1948 1949 1947 1948 1949 Federal Reserve district July June July January 572 615 483 197 160 405 419 323 February... 442 568 248 252 346 434 317 Boston 53,361 83,910 March 597 748 181 282 453 509 466 New York. . . 155,029 152,811 April 602 843 236 319 425 638 524 Philadelphia. 43,489 67,756 May 675 880 298 369 441 673 512 Cleveland. . . 87,761 102,783 June 605 946 338 375 379 597 570 Richmond. . . 97,524 89,692 July 660 944 335 410 458 628 533 Atlanta 121,764 91 ,352 August 823 276 605 579 Chicago. 165,363 169,359 September. . 650 259 457 503 St. Louis. . . . 74,223 86,808 October 793 262 584 517 Minneapolis. 40,737 33,099 November. . 715 199 492 413 Kansas City. 40,248 12,118 December... 625 278 418 416 Dallas 66,177 72,997 Year. 7,760 9,430 2,296 3,107 5,464 6,323 Total (11 districts). 945,676 962,685 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 1 19 9 Y 4 4 2 1 e ar . o . r month T 1 1 o , , 1 1 t 7 3 a 2 l 7 p m P e r i r e o m r 2 o 1 n t v 4 y 4 p - t e 9 1 - - l s S h c t t o m i r o o u m n a 2 n 1 c - l 1 e 5 - l l f h ( a - o T m t I u 8 6 D o it s i 7 9 4 l l e 7 1 e y - s h R g ( o a T r e I u o n n D i s t u d t 1 i l a n p e 3 6 l g W h e ( o V V T a r u a r 2 I e i s n ) t a 8 t 1 i 2 l - s 4 n n e 3 ' d g End of month Total [In b C m m c a o i n e a i m r k l l - l s - ion b s M s t i a n u a o n g v a u f k s l - - s do a ll S l s i a a o n s a n r a o g v s d n c s ] - i- p I c a n a o n n s m c u i e e - r s - a c F e g i e e r e a d s n l - 1 - Other2 1943 935 87 1 245 (3) 603 ations 1944 875 114 216 7 537 1945 666 171 219 4 272 1946 755 321 (3) 347 3 85 1936—Dec 365 228 8 56 41 5 11 1947 1,787 534 (3) 446 808 1937—Dec 771 430 27 110 118 32 53 1948 3,338 614 7 880 1,836 1938—Dec ,199 634 38 149 212 77 90 1948— O A S N T e c u o u p ] t g v v o t u e e b s m m e t r b b e . e r . r . . . . . . 2 2 3 2 2 7 7 8 1 7 7 2 6 8 6 5 4 5 4 5 1 8 2 0 0 (3) 1 1 1 9 9 7 0 7 2 8 6 5 1 1 1 1 1 1 2 6 3 4 6 7 4 6 9 8 1 1 1 1 1 9 9 9 9 9 3 4 4 4 4 9 0 1 3 2 — — — — — D D D D D e e e e e c c c c c . . . 3, , . . , 7 4 6 1 6 0 9 0 2 2 7 3 9 0 6 1 1 1 1 , , , , 9 4 1 6 7 0 6 6 6 0 2 5 2 9 5 2 2 1 1 3 5 7 8 3 6 6 1 6 0 2 2 2 2 1 9 5 7 2 9 2 4 6 4 2 1 1 , , 0 1 3 5 7 3 3 4 4 8 2 4 2 2 9 2 2 2 1 4 0 3 5 7 5 1 4 3 9 1 1 1 1 1 3 7 5 5 6 3 9 0 9 3 December. . 298 49 1 117 131 1944—June 3,554 1 ,669 258 ,119 73 150 1949—January 269 35 1 128 7 98 Dec 3,399 1,590 260 269 1,072 68 140 February... 279 47 1 123 108 March 283 45 1 135 102 1945—June 3,324 1,570 265 264 ,047 43 134 April 269 34 (3) 127 109 Dec 3,156 1,506 263 253 ,000 13 122 May 279 35 130 113 June 382 49 (3) 151 181 1946—June 3,102 ,488 260 247 974 11 122 July 317 40 143 134 Dec 2,946 ,429 252 233 917 9 106 1 Net proceeds to borrowers. 2 Mortgages insured under War 1947—June 2,860 ,386 245 229 889 8 102 Housing Title VI through April 1946; figures thereafter represent Dec 2,871 ,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 .402 251 245 973 7 110 originally written under the W7ar Housing Title VI. Beginning with Dec 3,237 ,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 » 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 e a s 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 n r ts it t 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 berefit 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. SEPTEMBER 1949 1127 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 2 Excess of exports Month 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 January 903 798 1,114 1,092 PL,095 332 394 531 547 P590 571 405 583 545 P5O5 February 887 670 1,146 L.085 VL,O32 325 318 437 589 P568 561 352 709 '495 P464 March 1,029 815 1.326 L.139 V1,159 365 385 445 675 P632 664 431 882 464 P527 April 1,005 757 1,294 1,121 pL,149 366 406 512 532 P534 639 351 782 '590 P615 May 1,135 851 1,414 L.102 V1,078 372 393 474 554 P541 764 457 940 '549 P538 June . .... 868 878 L.235 1.013 pL.104 360 382 463 625 P526 508 496 772 388 P578 July . . . 895 826 1,155 Pl.020 358 431 450 P563 536 395 705 P456 August 738 883 1,145 P992 361 422 400 P606 378 461 745 P387 September. . . . 514 643 L ,112 P925 339 377 473 P560 175 266 639 P365 October 455 537 L ,235 P1,023 347 394 492 P600 109 142 743 P423 November 639 986 1,141 P823 325 478 455 P554 314 508 687 P269 December 737 1,097 1,114 n,317 298 529 603 P72O 439 567 511 P597 Jan.-June 5,828 4,769 7,529 6,551 P6.617 2,120 2,277 2,861 3,520 P3,391 3,707 2,492 4,668 3,031 P3, 226 P Preliminary. ' Revised. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 General Imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS For- Mis- Mer- [In millions of dollars] Total Coal Coke Grain s L t i o v c e k - p e ro st d- Ore l c a e n l- e- c d h i a s n e ucts ous I.C.I. Total Net railway Total railway Net operating railway operating income Annual revenues expenses income 1939 101 98 102 107 96 100 110 101 97 1940 109 111 137 101 96 114 147 110 96 1941 130 123 168 112 91 139 183 136 100 Annual 1942 138 135 181 120 104 155 206 146 69 1939 3,995 3,406 589 93 1943 137 138 186 146 117 141 192 145 63 1940 4,297 3,614 682 189 1944 140 143 185 139 124 143 180 147 67 1941 5,347 4,348 998 500 1945 135 134 172 151 125 129 169 142 69 1942 7,466 5,982 1,485 902 1946 132 130 146 138 129 143 136 139 78 1943 9,055 7 695 1,360 873 1947 143 147 182 150 107 153 181 148 75 1944 9,437 8,331 1,106 667 1948 138 141 183 136 88 149 190 146 68 1945 8,902 8,047 852 450 1946 7,628 7,009 620 289 SEASONALLY 1947 8,687 7,904 780 490 ADJUSTED 1948 .... P9.672 P8.670 Pi,002 P700 1948—March 130 98 162 109 79 146 173 150 73 SEASONALLY A M p a r y il 1 14 3 2 0 1 16 0 3 5 1 1 3 8 7 6 1 1 2 2 3 9 1 9 0 6 5 1 1 4 3 1 9 2 2 0 0 8 8 1 1 4 4 3 5 6 7 9 0 ADJUSTED June 139 153 188 144 86 150 188 140 67 1948—May 795 701 94 62 J A S u e u l p y g t u e s m t ber. .. 1 1 1 4 3 3 2 8 9 1 1 1 4 5 4 4 3 9 1 1 1 9 8 9 2 3 4 1 1 12 4 5 7 4 8 8 8 8 6 0 5 1 1 1 6 5 6 2 2 5 1 1 1 8 8 8 2 2 2 1 1 1 4 4 4 1 4 5 6 6 6 4 6 6 J A J u u u l n y g e u st. . . . . . . 8 8 8 4 1 5 2 9 6 7 7 7 1 2 4 9 7 4 1 9 9 3 9 2 7 10 5 6 2 7 5 October 140 147 194 150 93 149 178 145 68 September.. 836 737 99 65 November. . . 137 138 198 155 90 144 178 144 66 October.... 845 756 89 56 December. . . 137 131 192 147 85 139 201 148 62 November.. 833 752 81 49 1949—January 131 130 189 125 79 129 175 141 60 December.. 811 739 72 40 February.... 126 124 187 113 75 112 185 136 61 March .... 120 79 174 139 77 117 236 138 60 1949—January 768 703 64 34 April 127 129 188 138 76 119 215 132 59 February.. . 740 688 51 20 May 124 130 173 150 73 123 215 126 59 March 722 663 59 26 June rl 15 98 150 156 '70 122 182 122 58 April 742 689 53 21 July 110 79 118 177 70 117 177 120 55 May 737 676 61 29 June .. . 748 677 71 P40 UNADJUSTED 1948—March 122 98 164 100 62 146 50 143 73 UNADJUSTED J J A A S M u u e u p l n a p y g r y e i t u l e s m t b . e . r. . . 1 1 1 1 1 1 4 4 4 5 4 2 3 6 3 0 4 8 1 1 1 1 1 1 4 6 5 4 0 5 4 3 3 9 5 3 r! 1 1 1 1 1 7 8 3 8 8 9 8 7 4 4 4 0 1 1 1 1 1 1 4 0 5 1 4 8 7 8 6 4 2 9 1 8 9 6 7 1 7 6 4 6 5 3 6 1 1 1 1 1 1 4 4 7 5 6 6 5 1 1 6 5 4 2 2 2 2 2 2 7 9 0 9 7 7 2 1 6 1 3 3 1 1 1 1 1 1 4 4 4 4 4 5 2 4 3 5 6 6 '6 6 6 6 7 7 4 9 6 7 1 0 1948— J J A S O M u u e u c l a n p y t g y e o t u e b s m e t. r b . e . . r . . . . 8 7 8 8 8 8 4 4 9 3 6 7 2 5 6 8 8 8 7 7 7 7 7 7 0 1 5 3 6 3 6 3 2 7 7 4 1 1 1 1 1 9 2 0 1 1 1 0 5 5 1 6 1 6 9 8 8 8 7 4 4 4 6 3 6 O N D c o e t c v o e e b m m er b b e e r r . . . . . . 1 1 1 5 4 2 1 1 8 1 1 1 3 4 3 1 7 8 2 1 1 0 9 9 1 8 0 1 1 1 5 5 3 2 0 8 1 1 8 1 4 2 4 3 1 1 t2 5 4 3 8 1 2 1 4 6 9 0 2 6 1 1 1 5 4 3 9 9 9 6 6 7 0 8 1 N D o ec v e e m m b b e e r r . . . . 8 80 2 7 5 7 74 4 2 1 8 6 4 5 6 5 2 0 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 32 June 119 98 147 159 54 127 282 126 57 June 735 674 61 P43 July 115 79 115 212 60 117 284 121 55 P Preliminary. ' Revised. 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. 1128 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 i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i p n o n l e i - s K C a i n t s y as Dallas F c S i r s a a c n n o - SALESi 1944 187 162 150 167 182 215 244 176 200 164 205 245 224 1945 207 176 169 184 201 236 275 193 227 185 229 275 248 1946 264 221 221 235 257 292 345 250 292 247 287 352 311 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—July 311 255 259 289 313 324 402 297 355 294 330 ••412 '358 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 294 251 242 274 301 303 389 277 321 292 314 374 339 292 243 239 271 295 315 377 275 335 273 309 384 339 June 285 242 238 269 281 311 368 ••262 314 266 309 385 r336 July »280 P224 222 261 274 326 377 258 324 P262 P3O5 387 324 UNADJUSTED 194g—Tuiv 243 176 181 208 244 235 314 243 277 238 270 '330 '310 August . .... 259 175 187 217 268 260 354 248 305 261 304 365 33S 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— Tanuarv 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 Apr 1 295 256 237 284 304 309 393 280 327 295 311 377 331 May 287 241 230 277 292 310 365 277 328 279 306 373 322 June 268 232 224 256 265 287 324 ••262 283 255 284 331 '314 July P21S P155 155 188 ?14 246 294 212 253 P212 P25O 310 280 STOCKS i 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 «362 281 314 326 301 r393 347 SEASONALLY ADJUSTED 1948—July 286 204 '243 251 258 325 365 281 293 C318 301 403 337 August . . . . 286 204 242 248 261 322 360 284 292 '332 300 407 333 September '292 215 243 252 265 318 372 284 302 '336 302 415 351 October 290 220 236 249 269 320 372 284 317 '328 297 403 346 295 233 242 253 296 324 377 286 325 '319 297 391 340 December 288 229 236 248 293 309 368 282 329 '318 296 382 320 1949—— Tanuar v 278 221 228 240 274 294 360 271 303 "307 291 376 321 February 276 214 224 234 275 295 340 268 313 «306 282 373 327 March 283 226 232 238 285 305 348 264 323 '300 287 377 344 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 p356 321 June 265 207 218 232 249 311 325 257 280 301 268 '350 314 July P256 193 213 224 228 302 319 253 267 P284 P263 347 302 UNADJUSTED 1948 Julv 274 198 ••216 226 257 304 343 258 305 326 295 387 347 August 288 215 242 245 275 325 356 275 318 329 294 411 332 304 232 256 262 290 333 383 293 336 341 308 423 352 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 e260 206 215 218 245 279 «320 265 276 294 264 352 299 1949—Tanuarv 250 196 201 208 240 269 324 244 260 283 265 345 297 February 265 202 218 230 255 287 343 260 282 294 276 361 309 March 287 219 238 250 282 314 365 275 314 312 293 392 337 April . 285 218 237 254 265 329 352 273 321 310 292 388 338 May 277 216 227 245 269 310 332 268 296 302 ••281 '363 333 256 199 206 218 244 280 312 247 280 291 268 '336 315 July P245 188 189 202 228 282 300 233 277 P291 P257 333 311 p Preliminary. ' Revised. c Corrected. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 1129 SEPTEMBER 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 i 1941 average monthly sales = 100 s Num- Department r b s e e t p o r o r r e t o s - f Sale pe s r d i u o r d ing ( S m e t n o o d c . k ) o s f June Sal p e e s r i d o u d ring Sto o c f k s m o a n t t h end ing J 1 u 94 n 9 e 6 1 m 9 o 49 s. J 1 u 9 n 4 e 9 1949 1948 June 1949 May J 1 u 9 n 4 e 8 June 1949 May J 1 u 9 n 4 e 8 GRAND TOTAL—entire store a 364 -8 -4 -7 2.7 2.7 MAIN STORE—total 364 -9 -5 7 2.9 2.9 192 199 210 558 616 601 Piece goods and household textiles 323 -15 -8 -15 3.3 3.3 179 192 210 586 627 686 Piece goods 301 -19 -14 -11 3.2 2.9 205 244 254 661 721 738 Silks, velvets, and synthetics 194 -21 -17 -17 3.3 3.1 155 202 197 511 532 610 Woolen yard goods 172 -39 -13 +3 14.0 8.3 58 70 94 805 696 795 Cotton yard goods 200 -16 -13 -13 2.0 1.9 326 366 388 645 729 725 Household textiles 316 -12 —3 -18 3.3 3.5 165 168 188 541 587 661 Linen and towels 286 -12 -3 -14 3.8 3.9 163 149 185 617 630 717 Domestic—muslins, sheetings 253 -13 -2 -29 2.6 3.3 177 193 202 469 534 652 Blankets, comforters, and spreads 252 -11 -6 -13 3.3 3.3 156 159 175 506 546 582 Small wares. 353 -6 -2 4 3.4 3.3 169 171 179 574 613 594 Laces, trimmings, embroideries, and ribbons... 215 -20 -17 -2 3.0 2.4 222 242 278 665 722 673 T N o o i t l i e o t n a s r ticles, drug sundr#ies 3 2 3 4 6 9 -6 0 -6 0 - —3 6 3 2 . . 4 6 3 2 . . 6 5 2 1 6 4 5 1 2 1 7 3 5 5 2 1 8 4 3 2 6 47 9 5 2 5 7 0 2 2 1 5 7 0 0 3 4 Silverware and jewelry 327 -4 + 1 3 3.7 3.6 198 210 207 725 787 736 Silverware and clocks 4 212 -12 -11 o 4.2 3 7 Costume jewelry 4 280 -5 +6 —2 2.7 2.6 Fine jewelry and watches * 79 +11 + 15 —6 5 0 5 9 Art needlework 249 -10 -1 -2 5.4 5.0 112 116 126 618 657 634 Books and stationery 275 -5 -1 -6 3.4 3.4 149 145 156 510 560 537 Books and magazines 146 j +1 -6 3.3 3.3 128 127 138 425 458 448 Stationery 247 -3 -3 -5 3.4 3.5 151 140 156 520 557 546 Women's and misses' apparel and accessories 361 -7 -3 -6 2.2 2.2 188 209 203 415 470 438 Women's and misses' ready-to-wear accessories 361 -7 -4 -7 2.7 2.7 178 196 192 482 534 519 Neckwear and scarfs 316 -4 -8 -8 2.4 2.6 169 207 176 417 502 460 Handkerchiefs 290 -14 IJ -15 3.5 3.5 118 123 137 414 459 482 Millinery 175 -10 +3 -8 1.1 1.1 109 145 121 119 155 128 Women's and children's gloves 337 Q -3 -10 4.9 5.0 92 121 100 453 486 503 Corsets and brassieres 347 2 -1 -2 2.4 2.4 273 270 278 649 692 658 Women's and children's hosiery 355 -11 -9 -23 1.9 2.2 130 149 146 249 268 324 Underwear, slips, and negligees 354 -6 -5 -6 2.3 2.3 222 237 235 501 551 529 Knit underwear 259 +6 +5 0 2.2 2.3 262 269 248 566 636 563 Silk, and muslin underwear, and slips. . . . 297 -11 -10 y 2.4 2.3 216 238 242 510 565 550 Negligees, robes, and lounging apparel.... 260 Q -3 -11 2.1 2.2 178 211 192 371 431 417 Infants' wear 335 -10 -3 -15 3.1 3.3 199 212 221 627 683 737 Handbags and small leather goods 341 -4 + 1 -3 2.0 2.0 171 184 178 351 409 359 Women's and children's shoes 252 -8 -4 + 1 3.9 3.5 200 219 218 778 877 770 Children's shoes * 215 -12 -5 0 4.2 3 7 Women's shoes 4 230 -8 -4 +1 3.8 3.5 Women's and misses' ready-to-wear apparel. . . 361 -7 -2 -3 1.7 1.7 "l97' "223' "213* ''343' ' ioi' 352 Women's and misses' coats and suits 352 -29 -1 +1 3.3 2.3 74 145 105 245 292 247 Coats 4 212 —39 -3 +2 3.6 2.2 Suits4 213 — 16 +5 — 2 2.9 2.5 Juniors' and girls' wear 325 -6 + 1 -6 1.7 l!7 228 250 242 380 453 404 Juniors' coats, suits, and dresses 294 -7 +1 0 1.2 1.1 257 285 276 314 376 314 Girls' wear 333 -5 +2 -10 2.4 2.5 203 219 213 479 562 537 Women's and misses' dresses 350 -6 -4 -1 1.1 1.1 263 292 280 292 356 294 Inexpensive dresses 4 269 —5 —2 o 0.9 0.8 Better dresses 4 287 —9 — 7 —4 14 1.4 Blouses, skirts, and sportswear 349 -4 -4 +4 1.7 1.6 287 266 298 502 618 482* Aprons, housedresses, and uniforms 297 -1 +4 -7 1.2 1.3 300 319 303 363 408 385 Furs 277 -33 -15 -18 25.8 20.9 12 20 19 320 323 371 Men's and boys' wear 337 -4 -4 -7 2.9 3.0 224 175 233 646 740 695 Men's clothing 258 7 -7 -4 3.4 3.2 212 196 227 712 831 753 Men's furnishings and hats 323 -1 -2 -9 2.3 2.4 253 164 255 572 655 623 Boys' wear 307 -9 -1 -9 4.0 4.0 158 162 175 636 716 701 Men's and boys' shoes and slippers 198 -6 -5 -5 3.9 3.9 201 157 213 790 879 833 Housef urnishings 325 -14 -10 n 3.9 3.6 203 219 234 785 837 856 Furniture and bedding 249 -13 -6 -10 4.0 3.9 182 194 209 735 775 819 Mattresses, springs and studio beds 4 166 —8 —2 Q 1.8 1.8 Upholstered and other furniture 4 178 -14 —6 — 11 4.8 4.6 Domestic floor coverings 282 -23 -15 -6 5.0 4.1 164 197 212 819 874 894 Rugs and carpets 4 157 —22 — 14 —6 5.1 4.2 Linoleum 4 118 —24 — 19 — 16 4 0 3 6 Draperies, curtains, and upholstery 307 -7 -1 -9 3^7 3^8 194 234 209 718 758 790 Lamps and shades 255 -14 -2 -4 3.9 3.5 162 183 189 640 690 670 China and glassware 256 -9 -4 +8 6.9 5.8 157 140 172 1,084 1,044 1,015 Major household appliances 250 -26 -35 -12 2.3 1.9 268 284 363 607 734 712 Housewares (including minor appliances) 266 -5 c -9 3.1 3.2 280 296 296 863 941 968 Gift shop * 170 -7 0 +2 4.4 4.1 Radios, phonographs, television, records, etc.4. 233 —9 +3 — 11 4.0 4.1 Radios, phonographs, television 4 188 — 12 +9 —9 3.6 3.5 Records, sheet music, and instruments4. . . . 157 0 — 13 — 16 5.0 6.0 Miscellaneous merchandise departments 326 -8 rj -13 2.6 2.8 179 182 195 470 568 536 Toys, games, sporting goods, and cameras .... 300 -3 -7 -8 3.8 4.0 174 135 181 664 683 734 Toys and games 243 -1 + 1 -10 4.4 4.9 119 104 120 526 547 585 Sporting goods and cameras 149 -9 -14 -7 3.4 3.3 200 145 218 671 705 720 Luggage 264 -13 -5 -8 2.5 2.4 293 240 337 740 789 793 Candy4 193 -11 -7 -14 1.3 1.4 For footnotes see following page. 1130 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change from Ratio of Index numbers a year ago stocks to without seasonal adjustment (value) sales l 1941 average monthly sales=100J Num- Department b st e o r re o s f Sales during ( S e t n o d c k o s f June Sales during Stocks at end report- period mo.) period of month ing J 1 u 94 n 9 e 1 m 9 o 6 4 s. 9 J 1 u 9 n 4 e 9 1949 1948 June 1949 May J 1 u 9 n 4 e 8 June 1949 May J 1 u 94 n 8 e BASEMENT STORE—total... 207 -2 +1 -6 1.8 1.9 216 217 221 388 425 411 Domestics and blankets4 . 138 -8 0 -12 2.4 2.5 Women's and misses' ready-to-wear 200 -4 +2 -4 1.4 1.4 215 227 223 312 344 322 Intimate apparel * 174 -3 +1 -5 1.8 1.8 Coats and suits ^ 186 -35 -2 -7 2.6 1.8 Dresses4 178 0 +7 +6 0.8 0.8 Blouses skirts and sportswear ^ 158 +2 2 -3 1.4 1.4 Girls' wear * 128 -2 +3 -4 1.8 1.8 Infants' wear * 119 -8 0 Q 2.4 2.4 ]Vf en's and boys' wear 165 +7 +3 -10 1.7 2.0 277 218 260 474 540 525 ]VIen's wear * 144 +8 +3 -12 1.6 1.9 Men's clothing 4 94 +9 +3 -9 1.8 2.2 Men's furnishings * 119 +8 +3 -14 1.4 1.7 Boys' wear4 . . . . 118 -2 +5 2 2.6 2.6 Housef urnishings... 105 -8 0 -8 2.6 2.6 175 210 189 459 465 497 Shoes . .. . . 130 -7 A -1 2.8 2.7 175 166 187 498 548 501 NONMERCHANDISE—total4.. 182 -2 + 1 (5) (5) (5) Barber and beauty shop 4 83 +6 +7 (5) (5) (5) 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 1129. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 5 Data not available. NOTE.— Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [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- Oct. 4... ..326 Oct. 2... ..327 Apr. 3... ..280 Apr. 2 .301 (total Stocks standing 11... ..304 9... ..336 10... ..298 9.... .320 for (end of orders 18... . .299 16... ..331 17... ..294 16 .314 month) month) (end of 25... ..306 23... ..344 24... ..296 23.... .266 month) Nov. 1... ..313 30... ..319 May 1... . .300 30.... .286 8... ..347 Nov. 6... ..320 8... ..330 May 7 .334 15... ..380 13... ..346 15... . .293 14.... .285 1939 average 128 344 22... ..395 20... ..371 22... ..295 21.... .280 1940 average. 136 353 108 29... ..367 27... ..347 29... ..297 28.... .275 1941 average 156 419 194 Dec. 6... ..508 Dec. 4... ..485 June 5... ..282 June 4 .259 1942 average 179 599 263 13... ..570 11... ..564 12... ..304 11 .288 1943 average. 204 509 530 20... ..576 18... . .576 19... ..310 18 .285 1944 average 227 535 560 27... ..358 25... ..473 26... ..262 25 .247 1945 average. 255 563 729 July 3... ..265 July 2 .238 1946 average 318 715 909 1948 1949 10... ..217 9.... .201 1947 average 337 826 552 Jan. 3... ..204 Jan. 1... ..204 17... ..236 16 .213 1948 average 353 917 466 10... . .251 8... . .272 24. ....231 23 .207 17... ..232 15... ..244 31... ..235 30 .209 1948—July 270 834 551 24... ..226 22... ..230 Aug. 7... ..261 Aug. 6 .228 August 298 897 545 31... ..233 29... ..218 14... ..258 13 .218 September 360 948 539 Feb. 7... . .240Feb. 5... ..229 21... ..271 20 .252 October. .. 390 1,062 507 14... ..238 12... ..238 28... ..255 27 .252 November. 415 1,058 379 21... . .249 19... . .227 Sept. 4... . .308Sept. 3 December. 599 821 292 28... ..248 26... . .232 11... . .285 10.... Mar. 6... . .266Mar, 5... . .244 18... ..337 17 1949—January... 267 790 388 13... ..279 12... ..256 25... ..319 24 February.. 255 852 378 20... ..313 19... ..261 March 320 918 310 27... ..331 26... ..277 April 347 907 236 May 328 894 210 June 318 824 286 NOTE.—Revised series. For description and back figures, see July ^238 P774 BULLETIN for September 1944, pp. 874-875. p Preliminary. 'These figures are not estimates for all department stores in the United States. Back figures,—Division of Research and Statistics. SEPTEMBER 1949 1131 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] J 1 u 94 ly 9 J 1 u 94 n 9 e 19 7 49 1 Ju 94 ly 9 June 1949 J 1 u 94 ly 9 J 1 u 9 n 49 e m 19 o 7 4 s 9 . 1 T 9 u 4 l 9 v J 1 u 9 n 49 e m 19 o 7 4 s 9 . United States.. P-14 —7 -6 Cleveland-cont. Chicago P-16 -10 -7 Kansas City— Boston.... p-16 —4 -3 Erie l -17 -8 Chicago i -16 -10 -6 cont. New Haven -22 0 -5 Pittsburgh *.... -14 -8 Peoria : -5 -8 -5 Oklahoma City. -11 -8 -9 Portland... -13 -9 -7 Wheeling i -18 -13 Fort Wayne *.. -11 -15 -10 Tulsa -14 '-8 -9 N P L A W Y S W N N P P N S T P B D U R B E B B R S e h p B o y h r a r c u l o e w o o r i i e t e l o i o i o m e r n a i n i r i u f h w b a s l w c r l o w i c l d r a f v n k k g a g c g t d n e h a a a a c i s c g o a i n t e a a d h h r i g n d Y e l n e 1 t d o u n e r o n s s a r t Y a e f k s e o e s k n y a e s o o p g - . t i t m l o t l c e e A n e B e » n e . r p o w e p r e i t J . r k l i . F r c . r t . k 1 r . a h d r . h a n p . . . o e t a e l r . . l d i i C s n a a r l a y i e l i e . s . t . * * y . . . . . . . . l . . . . . - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 - 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 1 2 1 1 2 3 8 7 4 4 1 9 3 5 3 7 1 7 8 8 8 9 2 2 2 3 3 1 7 6 3 - - - - - - + + — — - - - - 1 1 - 1 1 1 - - - - - 1 - _ - - 5 9 3 4 5 4 4 6 3 3 4 3 5 5 1 1 3 3 0 p 4 7 4 4 1 c - + - - - - - - - - - - - - - 1 - - - - - - - - 5 7 4 5 5 9 4 9 8 2 8 5 4 3 5 7 9 3 8 8 1 1 2 0 0 y A R A J O C A W G N T M C M M C L W M A R H B R B H C a t i o a y u r o h o r t i a i l a s c c h u a a o o i i a l a r l c e m l h l n g l r a l n h k a c a ' a g b m n n s e u e u h t f n l e r c u s s o m n n h i m i o p i s e t n m t m l m v i m h t t l o g s n g d e ' a i t i l r e v n a o t i a i k t n o b n h n b o b o o s s 1 l a o o i g n x , l g t u v * n l u i n t m g l r n h e o a - l o t s e i r d d e , t S . a o g l n e w W , o l m n , a N r e y n S l S n . e . * . V . . l . l 1 m . . . . C C . C . . a . . . . . . . . . . . . . . P - - + - - - - - - - - - 1 2 1 - — 1 1 1 - - 1 1 - - 1 1 - - + - - - 1 - — 0 4 6 4 1 2 4 6 3 2 9 4 8 2 1 6 5 5 6 3 3 3 3 9 2 0 5 3 - - - 1 - 1 - — - + - - + + 1 - - - - - - - - - 4 7 2 8 4 6 9 5 8 8 4 3 7 2 6 2 2 7 9 8 0 0 3 0 y ^ - - - - 1 - + 1 - - - - + 1 + 1 - - + - + - - - - - 7 4 6 5 4 4 7 3 2 8 9 6 6 4 2 3 1 5 3 7 2 0 I ^ 5 M K S S Q S S S F L L D L E M E M F G G T D D M M I t a . S n t p t t o o l i a i a e u v r . r u . e . e i e n n i i a t d r u n u r e s a r s i n n l t t a l i m d t L t i n L p n r P s w e r l i s n n t u n n a e e s i a o n c i e d o o g e a p M L e s S t n a v n S s y i r s u u f a h o u a h t H o u R g a i v i t i B m i - o l n i p p o R u i . l e p k s s l l i s a 1 C o r e i o l i o a o e l L i a d s u n c i l y A e l l t i l l . l . * p . o . i t t i e h k e i s e y . s s r * i . u . 1 . s . 1 . d e . . . . . . 1 * i . . . . . K . a . . s s . . . . . . . . . . . . . . . . . . . ., P P P - - - - - - - - - - - - - - - - - - - 1 1 2 1 1 1 1 1 1 1 1 - - 1 1 1 - - 1 - 1 1 - - 1 2 1 4 5 2 3 8 2 6 9 9 1 7 2 2 7 2 1 3 4 3 5 4 4 2 4 0 + - - - - - - - - + + 1 1 - - - 1 1 - - - - - - 1 - - - - 1 1 1 - - 1 5 4 8 4 9 9 4 6 7 8 8 9 1 6 t 2 2 5 3 0 6 4 1 9 2 2 f + - - - + 1 - - - - - 1 - - - - - - - - - 1 - - - - - - - i 5 1 4 7 4 7 7 9 4 2 5 3 4 5 8 6 6 3 8 3 t 2 5 5 o 2 f S D O S S S S L S S V T F L S P S F R B C D H a S a N a a a a B t a a r h o o h o n u o a a a i a o l o a e n n n n v c n l r n o r s c k l k l r e a u a n c s t l e r l e p t s e g e r e l p s n s A a k a A a J v F a D r k o n u r j t s a o o B m s t W s e o n n r o e s n B i n o i i f s R a F p x * n l e d t e d i 1 g i e n e e e o n a e o o g C r r o e e 1 n a y l a l n n n c l r a o r s l h d c t t n e i i d a a n a t o * o s r h 1 c s r n h d i . c i l i d l . s s d . l l . o . . . i c t . . . . . n i o . . . l . . . . . . . o . . . P P P - - - - - - - - - - - - — - 1 1 1 1 1 - 1 1 - - - 1 2 1 1 1 - - - - 1 9 9 9 8 3 5 4 3 5 7 3 7 1 1 6 0 2 5 1 2 2 0 0 - - - - + + + + 1 - - - 1 1 + - - + - - - 1 - - - - 3 5 5 3 8 1 7 6 9 6 4 7 1 0 7 1 3 1 1 6 9 1 i - - - - 1 1 1 - - 1 - + - - - - - - - - - - - - - - 1 2 2 4 2 7 9 7 8 6 6 7 2 4 1 1 8 6 1 3 0 1 Rome -18 -10 -13 Denver -12 -5 -6 Boise and C A l k e r v o e n l a l nd - - 1 1 6 4 -1 -8 0 - - 4 4 S B a a v to a n n n R ah ouge l.. + -9 4 + +4 3 +3 0 P H u u e t b ch lo inson (2 - ) 3 r_ -7 Q 3 - _ 3 9 P N or a t m la n p d a p- - 1 1 7 7 -1 -6 8 -1 -9 4 Canton * -21 -10 -5 New Orleans x. . -7 +8 +3 Topeka -6 -2 -4 Salt Lake City». -8 -7 -6 Cincinnati1. . . . -16 -10 -7 Jackson l 0 0 +3 Wichita -11 + 1 0 Bellingham x. . . -18 -11 -11 Cleveland l -16 -6 -4 Meridian -26 -14 -13 Kansas City... -14 -10 -10 Everettl P-13 7 -11 Columbus l -14 -7 -2 Bristol -12 -5 -7 Joplin -22 -14 -10 Seattle l -2 -2 -2 Springfield * -11 -10 Q Chattanooga 1.. -12 -10 -9 St. Joseph.... -16 -10 -9 Spokanel -10 -4 -5 Toledo * -13 -8 -4 Knoxville l -8 -10 -2 Lincoln -17 -3 -8 Tacoma l -11 -6 -7 Youngstown 1. . -19 -10 -2 Nashville1 -13 -12 -8 Omaha + 1 +5 +1 Yakima x -16 -8 -5 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. 2 Data not available. 3 six months 1949. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average =100] Year or month All items Food Apparel Rent r t e F r f i u r c i e i g t l e y , r , e a l a e t n i c o - d n fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1940 100.2 96.6 101.7 104.6 99.7 100 5 101.1 1941 105.2 105.5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105 4 122 2 110 9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944 125.5 136 1 138.8 108.2 109 8 136 4 121 3 1945 128.4 139.1 145.9 108.3 110 3 145 8 124.1 1946 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1947 159.2 193.8 185.8 111 2 121 2 184 4 139 9 1948 171.2 210.2 198.0 117.4 133 9 195.8 149.9 1948—juiy 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 9 171.4 205.0 200.4 119.5 137.8 198.6 154.0 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 5 201.6 193.9 120.1 138.9 193.8 154.4 169.7 202 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 July 168.5 201.7 188.5 120.7 135.6 186.8 154.3 Back figures.—Bureau of Labor Statistics, Department of Labor. 1132 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities Manu- Year, month, or week m c t A o o ie m l d s l i - - F p u r a c o r t m d s - Foods Total T p u e 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 e n c o t t d t d a a s l - l s B m r i u i a n a i t g l l e d s - - l H p e u a a r i n c o d t c t h d e s e - s r c C a a p u l l h r s l c o e ie t a d m s d n - i d - H g n f o o i i u n s u o r g h s d - - e s - n c M e e l o i l s u a - - s m R ri a a a t w l e s - t p u u f r a c r o c e t d - s d - 1929.. 95.3 104.9 99.9 91.6 90.4 83.0 100.5 95.4 109 1 94 0 94.3 82.6 97 5 94.5 1930.. 86.4 88.3 90.5 85.2 80 3 78. 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 73.1 94.4 90.5 95 6 76 0 86.3 74.8 70.2 80.4 1940.. 78.6 67.7 71.3 83.0 73.8 71.7 95.8 94.8 100 8 77 0 88.5 77.3 71.9 81.6 1941.. 87.3 82.4 82.7 89.0 84.8 76.2 99.4 103.2 108 3 84 4 94.3 82.0 83.5 89.1 1942. . 98.8 105.9 99.6 95.5 96 9 78.5 103.8 110.2 117 7 95 5 102.4 89.7 100.6 98.6 1943.. 103.1 122.6 106.6 96 9 97 4 80.8 103.8 111.4 117 5 94 9 102.7 92.2 112.1 100.1 1944. . 104.0 123.3 104.9 98.5 98.4 83.0 103.8 115.5 116 7 95 2 104.3 93.6 113.2 100.8 1945.. 105.8 128 2 106.2 99.7 100.1 84.0 104.7 117.8 118 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—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 3 137 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 7 143.8 134.3 174.4 200.0 180 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 Tune 154.4 168.5 162 4 145.4 139.2 129 9 r166.6 191.4 178 8 116 8 r145.1 111.3 164.3 150.5 July 153.4 165.8 161.3 145.0 138.2 129.9 167.4 189.1 177.6 118.1 143.2 110.2 163.0 149.7 Week ending:1 All other 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 Aug. 2. 152.6 164.3 160.6 144.9 139.5 130.2 167.9 190.0 124.0 Aug. 9.. 152.7 163.8 161.4 145.0 138.9 130.3 167.9 189.9 124.3 Aug. 16.. 151.9 160.1 161.0 144.9 139.0 130 0 167.9 190.1 124.1 Aug. 23.. 151.9 159.8 161.3 144.9 139.7 130.0 167.9 189.6 124.0 1949 Subgroups Subgroups July Apr. May June July July Apr. May June July Farm Products: Metals and Metal Products: Grains 190.6 163.8 159.9 154.9 154.1 Agricultural mach. & equip, 134.1 144.3 144.3 144.3 144.2 Livestock and poultry 250.8 189.0 191 .5 193.3 188.4 Farm machinery 136.3 146.7 146.7 146.7 146.7 Other farm products 161.9 160.0 160.8 156.1 154.4 Iron and steel 153.2 166.2 "165 1 •164.7 164.2 Foods: Motor vehicles 168.2 175.8 175.0 174.7 176.0 Dairy products 182.9 147.2 145.9 145 5 149.2 Nonferrous metals 153.7 156 4 •128.8 132.1 Cereal products 154.5 145.3 145.1 145 6 146 1 Plumbing and heating 145.5 154.9 •154.7 154.7 Fruits and vegetables 151.2 158 1 167.3 157 5 145.3 Building Materials: Meats 263 216.0 215.2 215.5 212.2 Brick and tile 158.5 160.8 160.8 160.8 161.5 Other foods 148.4 127.6 128.5 127.8 130.5 Cement 132.1 134.3 134 3 134.3 133.6 Hides and Leather Products: Lumber 318.5 290 6 285 2 280 8 277.6 Shoes 186.3 186.9 184.0 184.1 183.8 Paint and paint materials. 157.7 157 9 157.4 153.6 145.2 Hides and skins 220.3 183.4 188.2 186.0 182.4 Plumbing and heating 145.5 154.9 '154.8 154.7 Leather 189.2 177.8 177.4 177.1 175.4 Structural steel 159.6 178.8 178 8 178^ 178.8 Other leather products 149.9 144.7 144 6 144.4 144.4 Other building materials.., 167.1 173.8 170.5 168.5 168.8 Textile Products: Chemicals and Allied Products: Clothing 148.2 146.4 146.0 145 6 144.8 Chemicals 128. 117.2 116.9 116 9 118.1 Cotton goods 209.3 176.2 172.6 169.7 167.8 Drugs and Pharmaceuticals 153.7 123 0 123.6 124.3 124.7 Hosiery and underwear 104 101.2 100.4 99 6 98 Fertilizer materials 115.0 119.7 118.9 P117.5 120.7 Silk 46.4 50 1 50.1 49.2 49.2 Mixed fertilizers 104.4 108.3 108.3 108.3 108.3 Rayon 40.7 41 8 40 8 39.6 39.6 Oils and fats 199.7 121.2 127.0 116.9 118.5 Woolen and worsted goods.. 156.4 160 9 159.7 159.7 157.9Housefumishing Goods: Other textile products 184.5 180 9 179.1 177.7 178.8 Furnishings 148.6 152.4 151.9 150. 149.1 Fuel and Lighting Materials: Furniture , 140.4 141.6 140.3 '139.3 137.1 Anthracite 131 .6 135.0'133.7 '134.2 135 4 Bituminous coal 193.1 190 7 188.9 188.6 188.9 Auto tires and tubes 66.2 64 6 64 5 60.6 Coke 212.3 222 8 222 7 222.4 222.0 Cattle feed 239.6 231.9 213 8 199^3 204.7 Electricity 66 A 67 9 68.2 Paper and pulp 166.8 165.1 163 3 159.6 156.8 Gas 90.4 92 3 90.9 Rubber, crude 49.6 38.9 37 4 34.5 35.1 Petroleum products 122.1 113.3 110.7 Other miscellaneous 130.0 124.2 122 4 121.9 121.5 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. SEPTEMBER 1949 1133 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 2 3 4 1 2 Gross national product 103.8 55.8 91.3 126.4 213.7 212.6 235.7 262.4 261.6 266.5 270.3 -262.5 256.1 Less* Capital consumption allowances 8.8 7.2 8.1 9.3 11.9 11.9 13.7 15.7 15.6 15.9 16.4 '16.4 16.9 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 14.1 17.3 18.7 20.3 20.2 20.6 20.7 '20.4 21.1 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 6 .6 .6 Statistical discrepancy -.1 1.2 1.4 1.6 4.0 4.2 1.0 -.3 .3 o -1.3 '.1 n.a. Plus: Subsidies less current surplus of government enterprises . -.1 0) 5 1 7 9 — i 1 — 1 2 4 ' 3 1 Equals: National income 87.4 39.6 72.5 103.8 183.8 179.6 201.7 226.2 224.9 230.4 234.3 225.3 n.a. Less: Corporate profits and inventory valuation adjustment.. 10.3 —2 0 5.8 14 6 24 0 18 3 25 6 32 6 33 0 33 3 35 7 30.8 n.a. Contributions for social insurance .2 .3 2.1 2.8 5.2 6.0 5.6 5.1 5.0 5.2 5 3 5.2 5.2 Excess of wage accruals over disbursements. 0 0 0 0 — 2 o 0 0 1 — 1 1 .1 — .3 Plus: Government transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 10.5 10.8 10.4 9.9 11.1 11.5 Net interest paid by government 1 0 1 2 1 2 1 3 2 8 4 4 4 4 4 4 4 4 4 5 4 5 4 5 4 6 Dividends 5.8 2.1 3.8 4.5 4 7 5 8 7.0 7 9 7 7 7.9 8 3 8.4 8.5 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 9 210 3 215.4 216 6 213.7 212.9 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.8 21.5 21.1 20.7 20.2 20.4 '18.7 18.7 Federal 1.3 .5 1.2 2.0 17 5 17 2 19 6 19 0 18 7 18 0 18 2 '16 4 16.3 State and local 1.4 1.0 1.2 1.3 1.4 1.7 1.9 2.1 2.1 2.1 2.2 '2.3 2.4 Equals: Disposable personal income 82.5 45.2 70.2 92.0 147.0 158.1 172.0 190.8 189.6 195.2 196.2 '195 0 194.2 Less: Personal consumption expenditures 78.8 46.3s 67.5 82.3 111.6 147.8 166.9 178.8 178.7 180.3 180.9 '177.9 178.2 Equals: Personal saving 3 7 -1.2 2 7 9 8 35 4 10 3 5 1 12.0 10.8 15.0 15.3 '17.1 16.0 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1948 1949 1933 1939 1944 1946 1947 National income 87.4 39.6 72.5 103.8 183.8 179.6 201.7 226.2 224.9 230.4 234.3 225.3 n.a. Compensation of employees 50.8 29.3 47.8 64.3 121.2 117.0 127.6 140.3 137.7 143.3 144.9 142.5 141.7 Wages and salaries 2 50.2 28.8 45.7 61.7 116.9 111 .4 122.3 135.3 132.8 138.3 139.8 137.5 136.6 Private 45.2 23.7 37.5 51.5 83.4 90.5 104.8 116.1 114.3 118.6 119,6 117.2 116.0 Military .3 .3 .4 1.9 20.6 8.0 4.0 3.9 3.8 3.9 4.1 4.1 4.0 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.6 15.2 14.7 15.7 16.1 16.2 16.5 Supplements to wages and salaries .6 .5 2.1 2.6 4.2 5.6 5.3 5.0 4.9 5.0 5.0 5.0 5.1 Proprietors' and rental income 3 19.7 7.2 14.7 20.8 35.5 41.2 45.1 49.5 49.9 49.7 47.8 46.7 Business and professional 8.3 2.9 6.8 9.6 17.2 20.8 23.1 24.5 24.5 24.5 24.0 24.1 Farm 5.7 2.3 4.5 6.9 11.8 14.2 15.4 18.4 18.8 18.5 17.1 15.9 Rental income of persons 5.8 2.0 3.5 4.3 6.5 6.2 6.5 6.6 6.7 6.6 6.7 6.7 6.7 Corporate profits and inventory valua tion adjustment 10.3 -2.0 5.8 14.6 24.0 18.3 25.6 32.6 33.0 33.3 35.7 30.8 n.a. Corporate profits before tax 9.8 .2 6.5 17.2 24.3 23.6 31.6 34 35.0 36.6 34.5 28.4 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.5 9.6 12.5 13.6 13.7 14.4 13.6 11 .2 n.a. Corporate profits after tax 8.4 -.4 5.0 9.4 10.8 13.9 19.1 21.2 21.3 22.2 20.9 17.3 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.3 -5.2 -6.0 -2.2 -2.0 -3.3 1.2 2.3 4.7 Net interest 6.5 5.0 4.2 4.1 3.1 3.0 3.4 3.8 3.7 3.9 4.1 4.2 4.3 ' Revised. n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 3 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-38, 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. 1134 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued [Estimates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annua totals Seasonally adjusted annual rates by quarters 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 2 3 4 \r 2 Gross national product 103.8 55.8 91.3 126.4 213.7 212.6 235.7 262.4 261.6 266.5 270.3 262.5 256.1 Personal consumption expenditures 78.8 46.3 67.5 82.3 111.6 147.8 166.9 178 8 178.7 180.3 180.9 177.9 178.2 Durable goods 9.4 3.5 6.7 9 8 7.1 16.5 22.0 23.5 23.8 24.8 22.9 22 5 23.6 Nondurable goods . 37.7 22.3 35.3 44.0 67.1 86.8 96.2 102.2 102.4 101.8 103.3 99.9 98.7 Services . . 31.7 20.6 25.5 28.5 37.4 44.5 48.8 53.1 52.5 53.7 54.8 55.4 55.9 Gross private domestic investment 15.8 1.3 9.9 18.3 7.7 29.5 31.1 45 0 44 2 47.1 48.0 41.9 34.0 New construction * 7.8 1.1 4.9 6.8 2.8 10.3 13.8 17.9 18.1 18.7 17.9 16.8 16.5 Producers' durable equipment 6.4 1.8 4.6 7.7 5.7 12.5 17.2 20.7 20 8 21 0 21 2 21 0 20 3 Change in business inventories 1.6 -1.6 .4 3.9 -.8 6.7 .1 6.5 5.3 7.4 9.0 4.1 -2.8 Net foreign investment .8 2 .9 1.1 -2.1 4.7 8 9 1.9 2 8 — 1 1 0 7 $ Government purchases of goods and services. . 8 5 8 0 13.1 24.7 96.5 30 7 28 8 36 7 35 9 39 2 40 3 42 1 43 1 Federal : 1.3 2.0 5.2 16.9 89.0 20.8 15.7 20.9 20.4 22.8 23.4 25.1 25 5 W No ar nwar } us 2.0 3 1 . . 9 3 1 3 3 . . 2 8 88 1. .6 6 2 2 1 . . 5 2 } 17.0 21.5 21.0 23.1 23.8 25.3 25.7 Le^s* Go vernment sales ' (3) (3) (3) 1.2 2.9 J 1.3 .6 .7 .3 .3 .2 .2 State and local 7.2 5.9 7.9 7.8 7.5 9.9 13.1 15.8 15.5 16.4 16.9 17.0 17.7 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Wage and salary disbursements Less em- Pro- dends Year or month in s P o c e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e r i n s t s a - e t l s - d p m in u C ro o g s o d t d m r i u i i n t e - c y - s - D i u n i tr s t d i i t u e v r s i s e b - - S in t e r d r i v u es i s c - e m G er o e n v n - - t b c p i s u a o n l o f o t n s n c o i y u c o t i r a r e e r n i - l e - s in O l c a t o b h m o e r r e5 p in r r e c i a e o n n t m t d o a r l e s 6 ' i i n n s p a t c o e n e o n r r d m a e - l s e t T m p r e f a a e n y n r t - s s - 7 i a n g N t c u r o o i r c m n a u l - e l- 8 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8.2 2.1 43.0 1937 74.0 45.4 45.9 18 4 13 1 6.9 7 5 .6 .5 15.4 10.3 2.4 66.5 1938 68 3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72 6 45 1 45.7 17 4 13 3 6 9 8 2 6 5 14 7 9 2 3 0 66.3 1940 78 3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95 3 60 9 61.7 27 5 16 3 7 8 10 2 8 6 20 8 9 9 3 1 86 1 1942 122.7 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—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 August 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 September. . . . 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 November. . . . 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 December 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 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 May 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 June? 213.5 134.5 136.8 58.4 40.8 17.1 20.5 2.3 2.2 47.2 17.5 12.1 192.3 P Preliminary. r Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 3 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 8 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal inccrne exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. SEPTEMBER 1949 1135 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 E o n r d m o o f n y t e h ar co c T n r s o e u d ta m i l t er i c T m n r o s e e t t d a n a i l t l t - Total A S u al t e o m cr o e b d i i l t e Other Loans1 no c T m n r i o e e n 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 j n«i 467 1938 7,047 3,595 2,313 970 1,343 1,282 3,452 1,442 L.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 L.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 L,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 L 758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1.520 L.981 772 1946 10 191 4,000 1,648 544 1,104 2,352 6,191 2,263 3 054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1948—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 March 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 May 15,856 8,887 4,717 2,386 2,331 4,170 6,969 2,739 3,249 981 Junei> 16,122 9,114 4,867 2,499 2,368 4,247 7,008 2,752 3,282 974 JulyP 16,185 9,322 5,012 2,614 2,398 4,310 6,863 2,768 3,130 965 P Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m ba C e n r o k c m i s a - l * p S c l a m o o n a m a i n e l - l s b In a tr n d i k u a s l s - 2 p I a c n t l n r o o d i i m a u a e n l s s - - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m i l n r z o e a o s a a p n u d t n i a d r e o s i e r r n 8 d n- m b C a e o n r m c k i s a - i l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t o o n 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 43 263 210 23 95 463 413 38 1933 466 29 246 121 20 50 322 202 32 19 8 1.282 312 380 129 95 103 117 146 460 664 238 176 176 1Q39 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 >,143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 [ ,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 .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—June 3,813 1,634 746 194 150 272 124 693 275 127 37 27 54 July 3.889 1,669 757 199 152 282 125 705 277 130 33 26 52 August 3.954 1,701 763 203 154 291 125 717 270 126 32 27 52 September. 3,997 1,712 771 206 155 300 126 727 254 122 31 26 51 October. . . . 3,994 1,700 772 204 155 302 126 735 222 116 29 24 44 November. 4,012 1,701 780 204 156 304 127 740 237 134 31 26 46 December... 4,072 1,709 817 204 160 312 131 739 251 180 37 31 57 1949—January. . . . 4.054 1,705 812 202 159 309 130 737 236 112 31 26 42 February. . . 4,033 1,695 806 201 159 308 130 734 215 109 28 25 44 March 4.065 1,720 807 203 161 315 130 729 287 142 36 30 58 April 4.113 1.749 815 207 163 323 131 725 278 146 33 29 58 May 4,170 1 .788 81« 213 165 333 131 722 288 135 35 28 60 JuneP 4,247 1,836 827 219 167 346 132 720 303 140 38 28 68 July? 4,310 1,865 843 224 169 357 133 719 283 155 35 28 59 P Preliminary. 1 Figures include only personal instalment cash Joans 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 July amounted to 96 million dollars and loans made during July were 12 million 2 Figures include only persona! 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. 1136 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] I Estimates. In millions of dollars] Depart- Automobile O'her Repair Pery E m e n a o d r n t o o h f r in e m T g x o o c a l t b u a u i d l l t , e o - - s o m m t a r o n a e d r i d n e e l t r - s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - Je st w o e re lr s y s o r t e A t o t h r a l e e l i r l s Year or month Total ch P a u s r r e - e d tai D l l o i a re n c s t c d r h e p a ir a t n u e a s d r c i e - l t d , l e o m r t a a n i n o o n iz d d n s a - 12 - i s l m c n o o s e a a n t s n a n a h t l s l houses Outstanding at end of period: 1929 1,197 160 583 265 56 133 1946 1,591 165 306 275 273 572 1947 2,701 346 536 523 500 796 1933 663 119 299 119 29 97 1948 3,563 570 736 751 636 870 1938 1,343 302 485 266 70 220 1948—June 3,229 472 668 661 572 856 1939 1,525 377 536 273 93 246 July 3.319 502 691 678 582 866 1940 1,721 439 599 302 110 271 August 3,410 529 713 698 592 878 1941 1,802 466 619 313 120 284 September.. . . 3,486 550 723 725 608 880 1942 1,135 252 440 188 76 179 October 3,504 561 723 731 620 869 1943 707 172 289 78 57 111 November.. . . 3,528 565 730 736 631 866 1944 691 183 293 50 56 109 December 3,563 570 736 751 636 870 1 1 9 9 4 4 5 6 1,1 7 0 1 4 5 3 1 3 9 7 8 3 2 8 9 6 6 11 5 8 1 8 5 9 7 1 1 7 1 4 3 1949— F J e a b nu ru a a ry ry 3 3 , , 5 5 1 5 7 8 5 57 6 2 4 7 7 3 3 7 7 7 7 2 5 4 8 6 6 3 2 1 6 8 8 6 5 8 8 1947 1,935 650 587 249 144 305 March 3,556 598 759 709 630 860 1948 2,567 874 750 387 152 404 April 3,629 631 785 712 636 865 May 3,740 664 817 736 650 873 1948 June? 3.852 688 843 750 676 895 June 2,118 720 621 322 121 334 Julyp 3,934 719 762 684 901 July 2,160 732 629 339 120 340 Volume extended dur- August.. . . 2,237 759 652 356 118 352 ing month: September. 2,335 786 685 377 119 368 1948—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 May 2,331 770 704 367 123 367 May 568 112 136 124 54 142 JuneP 2,368 771 718 382 124 373 June? 592 109 135 124 67 157 July? 2,398 763 728 406 123 378 July? 543 112 129 109 51 142 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 m A o u b to il - e Other i l z o a a t n io s n 12 lo ca a s n h s m A o u b to il - e Other l i o z a a n ti s o n 12 l c o a a s n h s 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—June 271.6 61.4 40.1 48.8 121.3 1948—June 166.0 33.3 21.2 4.5 107 0 July 277.8 64.3 42.1 49.1 122.3 July 168.0 34 9 21.0 4 6 107 5 August. . . 282.3 66.3 43.3 49.8 122.9 August. . . 170.1 36 2 21.7 4 6 107 6 September 286.7 67.8 44.3 50.6 124.0 September. 171.8 37 4 22.6 4 8 107 0 October... 285.9 67.1 43.5 51.3 124.0 October. .. 171 8 37 5 22.7 4.9 106.7 November. 285.5 66.8 43.3 51.6 123.8 November. 173.5 38 3 23 4 4 9 106 9 December. 286.2 66.6 43.4 51.7 124.5 December. 177.1 38.3 23.7 5 0 110.1 1949--January... 283.4 66.1 42.3 51.0 124.0 1949—January... 176.0 37 9 23 2 5.0 109.9 February.. 280.8 66.0 41.5 50.3 123.0 February . , 176.1 38 0 22 9 4.9 110.3 March.... 282.9 67.7 41.6 49.5 124.1 March.... 178.1 38 4 23 4 4 8 111.5 April 287.6 70.7 43.1 49.5 124.3 April 180 9 39.4 24.1 4 9 112.5 May 294.7 73.3 45.8 50.0 125.6 May 183 0 40 3 25.9 5 1 111 7 June?.... 303.4 76.1 48.7 51.2 127.4 JuneP 185.7 41.2 26.7 5.3 112.5 Jl 309.0 78.8 50.1 51.4 128.7 July? 187.8 41.6 28.6 5.4 112.2 Volume extended Volume extended during month: during month: 1948—June 44.2 10.5 7.4 3.4 22.9 1948—June 30.6 7.1 3.5 19.6 July 41.4 11.3 6.9 3.1 20.1 July 29.1 6.7 3.3 18.6 August 40.1 10.6 6.5 3.6 19.4 August 28.6 6 0 3.6 18.6 September , 38.8 9.8 6.6 3.5 18.9 September. 28.1 6 1 3 8 17.7 October 33.5 7.6 4.9 3.5 17.5 October... 25.4 5 1 3.0 16.8 November.. 35.1 8.1 4.6 3.4 19.0 November. 27.7 6 0 3.4 17.9 December.. 39.0 7.9 5.4 3.0 22.7 December. 30.7 5.3 3.4 0.5 21.5 1949—January... 33.1 7.6 4.3 2.3 18.9 1949—January 25.7 4.9 2.7 0.3 17.8 February.. . 31.2 7.6 4.3 2.2 17.1 February. 25 1 4.8 2.8 0.3 17 2 March 41.6 11.3 5.8 2.6 21.9 March 31 8 6.9 3.8 0.4 20 7 April 41.5 12.0 6.8 2.8 19.9 April 31.4 7.1 4 0 0 4 19.9 May 43.7 11.9 7.8 3.6 20.4 May , 32 0 7 3 5 2 0.6 18 9 June? 47.0 12.3 8.2 4.4 22.1 JuneP 31.1 6.7 4.8 0.6 19.0 July? 41.9 11.3 7.5 3.2 19.9 Julyp 30.9 6.6 5.3 0.5 18.5 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. * Includes both direct loans and paper purchased. SEPTEMBER 1949 1137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE' Pe 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 Instalmeni. accounts a C c h co ar u g n e ts month month of preceding Item 1 J 9 u 4 l 9 y P J 1 u 9 n 4 e 9 M 19 a 4 y 9 1 J 9 u 4 l 9 v ? J y 1 u 9 e n 4 a e r 9 M 19 a 4 y 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 l o 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 -12 -5 +9 -14 -12 -10 June 24 16 17 16 52 C C a re s d h i t s a s l a e l s es: -15 -5 +9 -26 -23 -22 J A u u ly gust 2 23 3 1 1 4 4 1 1 7 7 1 1 6 6 5 5 1 1 Instalment -10 A + 10 -7 Q -5 September . .... 24 14 16 16 53 Charge account -15 0 +4 -23 -17 -19 O N c o t v o e b m er ber 2 24 4 1 14 4 1 15 6 1 17 6 5 5 5 4 Accounts receivable, end December . . . 25 14 15 20 53 of month: Total 0 +2 +3 +8 +8 +9 1949 Instalment +1 +2 +2 + 12 + 13 + 13 January 22 12 15 14 52 February 22 12 14 13 50 Collections during March. . 25 14 15 14 56 month: April 24 13 14 14 53 Total -3 -2 -2 -10 -8 -5 May 24 13 14 14 53 Instalment -4 -2 -7 -4 -1 June 24 12 14 14 54 22 12 13 13 50 Inventories, end of month, at retail value. ^ -6 -5 -17 -13 -11 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 Accounts receivable Collections during Year or month Sales during month at end of month month Total Cash I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t Averages of monthly data: 1941 100 100 100 100 100 100 100 100 1942 114 131 82 102 78 91 103 110 1943 130 165 71 103 46 79 80 107 1944 145 188 65 112 38 84 70 112 1945. . . 162 211 67 125 37 94 69 127 1946 202 242 101 176 50 138 91 168 1947 214 237 154 200 88 174 133 198 1948 225 236 191 219 142 198 181 222 1948—June 217 229 179 211 136 192 176 217 July 173 187 r163 159 138 167 169 213 August 188 196 192 177 144 165 173 184 September. . 228 231 214 228 151 188 186 188 October 248 255 202 250 155 206 196 220 November 263 272 215 263 160 219 204 243 December. 380 407 278 370 176 281 212 252 1949—January 173 182 136 171 163 219 212 313 February.. 162 168 131 162 157 187 195 234 March 203 208 171 204 151 182 209 226 April 223 231 188 221 151 191 195 209 207 210 182 210 151 192 197 220 June 200 205 168 201 151 188 195 July? 149 157 147 . 141 148 164 179 CN CN CNO CN CN Percentage of total sales Cash Instal- Chargement account sales sales sales 48 9 43 56 6 38 61 5 34 64 4 32 64 4 32 59 4 37 55 6 39 52 7 41 52 7 41 54 8 38 52 9 39 50 8 42 51 7 42 51 7 42 53 41 52 7 41 51 7 42 51 7 42 51 8 41 50 8 42 51 7 42 52 9 39 P Preliminary. r Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1129. 1138 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 July Aug. Aug. Aug. Aug. page July Aug. Aug. Aug. Aug. 27 3 17 24i 27 10 17 24 WEEKLY FIGURES 2 In billions of dollars RESERVE BANK CREDIT, ETC. WEEKLY FIGURES i—Cont. In unit indicated Reserve Bank credit, total.... 19.08 19.21 18.92 18.69 18.08 U. S. Govt. securities, total.. 18.49 18.69 18.61 18.23 17.80 BUSINESS CONDITIONS Bills 3 3.74 3.93 4.09 3.84 3.68 Wholesale prices: Notes and certificates 3 6.97 6.98 6 74 6.61 6.3.c Indexes (1926=100): T M M G r o e o e l m n a d s e B b u y s e o t r o r n y i n c d b c k s a c a n i s r h k c u a r l n e a s d t e i o r d v n e e p s, o t s o it ta s l . ... 2 4 2 2 3 2 2 1 4 7 7 1 7 . . . . . 7 5 7 3 4 5 8 2 3 9 2 2 1 7 7 4 1 7 . . . . . 7 7 4 6 5 2 8 2 2 6 2 2 1 4 7 7 1 7 . . . . . 6 7 5 4 3 8 8 1 7 5 2 2 1 4 7 7 1 7 . . . . . 7 6 7 3 1 6 1 8 8 0 2 2 1 4 7 7 1 6 . . . . . 8 7 6 3 5 1 8 1 3 1 Ba F O T F s o i 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 4 6 6 5 5 1 4 2 . . . . 1 3 2 8 1 1 1 1 6 5 6 4 4 2 0 4 . . . . 3 6 6 9 1 1 1 1 5 6 6 4 2 3 1 5 . . . . 7 8 4 0 1 1 1 1 5 6 4 6 1 1 4 0 . . . . 9 0 1 9 1 1 1 1 5 5 4 6 9 1 4 1 . . . . 8 9 9 3 New York City 5 4.73 4.82 4.79 4.73 4.67 (Aug. 1939=100): Re C R C qu h e o s i i u r c e n e a r d t v g r e o y r e c b s i a e ty r n v k b e s a s nks 5 5 4 5 1 4 6 1 6 . . . . 1 8 5 5 6 9 0 9 1 4 6 1 6 . . . . 5 1 9 4 3 8 3 9 1 4 6 1 6 . . . . 1 8 6 5 9 9 0 1P1 4 6 1 5 . . . . 1 3 7 7 6 8 0 1 P1 4 6 1 5 . . . . 1 2 4 5 6 8 8 1 Se T F l I e n o o c d o t t u e a d d l s s t t r u f i a f a f r l s m m p a r te o r d i u al c s t s: 6 6 6 7 7 7 2 2 2 1 8 3 3 8 5 . . . 2 7 9 2 2 2 1 3 9 4 9 6 . . A 1 4 2 3 2 0 4 1 0 1 4 . . . 1 7 8 2 2 2 1 4 9 8 3 5 . . . 6 2 8 2 2 2 2 4 9 2 7 9 . . . 0 0 1 Ex N C R ce h e e s w s i s c e a r r Y g v e o e s o e r c r k v i t e y C s , i b ty t a o n t k a s l* 5 5 4 5 , . . 1 9 0 6 0 1 1. . . 1 1 0 3 5 1 . . . 1 8 0 8 3 2 Pl. . . 3 1 0 9 1 8 Pl. . . . 0 0 2 0 - 0 0 1 W S C C t o o e h r t e e n t r o a s t n ( c ( ( e ( c d c n e o e t n s l n l t t a s p s r e s p p r e e p b r r e u b p r s u o h s 1 u e h 0 n l e 0 d ) l . ) ) . . . . 6 6 6 8 8 8 2 1 3 0 3 1 1 9 . . . 6 6 5 2 1 3 0 3 2 1 9 . . . 1 4 0 2 1 3 0 3 1 2 0 . . . 3 6 2 2 1 3 0 2 1 1 3 . . . 3 0 4 2 1 3 0 2 0 3 7 . . . 8 6 9 Country bankse 5 .57 .71 .79 P. 76 P.83 pounds) 68 24.78 24.76 25.18 25.00 25.06 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 All reporting banks: pounds) 68 22.39 22.88 22. 20.90 21.25 Loans and investments 14 63.46 63.80 64.21 64.69 65.12 Butter (cents per pound).. 68 60.6 61.9 61.8 61.8 62.0 O L U D U o . t . e N F C R B B h a m S S o e n i o e o o . l . r a r s a m n l t , s n G G l e d s p m d s e t s e o o u o c s e a v v d r t u t r n a t c t a e c r . . l h d i p t i e t d s a a o i e c l s e e s c e i s p i n u r t o s t g r i s i f a i t i t s i d c s e e a j s c u t , u e s t r s t o i . e t t i d . a e . . l s . . . : 1 1 1 1 1 1 1 1 1 1 6 4 4 4 8 8 4 8 6 6 4 2 3 2 1 2 4 4 6 6 3 1 5 6 2 . . . . . . . . . . 0 6 8 1 6 6 8 3 0 5 4 1 4 4 1 8 9 7 3 9 4 2 3 2 1 4 4 6 2 3 6 1 5 6 2 . . . . . . . . . . 7 1 8 7 6 1 2 3 7 8 1 4 6 8 0 6 8 9 7 3 2 3 4 2 1 4 2 2 4 3 6 7 6 6 2 . . . . . . . . . . 1 0 8 5 1 1 2 9 1 4 6 8 9 6 3 8 7 1 4 5 4 2 3 2 1 4 2 4 2 3 6 6 7 6 2 . . . . . . . . . . 1 7 2 9 3 2 0 9 4 5 7 7 1 5 6 6 5 4 9 0 4 2 3 2 1 4 3 4 2 6 3 6 7 7 2 . . . . . . . . . . 1 1 9 5 3 0 4 5 9 1 8 3 5 0 2 6 8 1 4 1 F P r r e A o P M S C E B i d t a l r u i g e e e b E t u p u t h e u a c b o d e c g l t t m t l m e r t g r s c i b ( i s i ( . o c a % o ) n o m n r p b ( o a p l : i c e i o r u l o o l e t d l a e s w , r f n d o c p t e c ( ( i l s o r n t t o e a h h a g u u p p ( l o o s m m n a e u u ( ( c d r i m t s s i l s h d . . t l ) i . y ( o o l t c t k ) l u o h , z a w s o n t e r . o . u s s n c n h s ) ) ) a . s r . . . r . s . ) . s . . . . . ) ) 7 7 6 7 7 7 7 7 3 1 8 2 5 3 2 1 5 4 , 8 4 , 1 5 1 8 2 . 6 1 1 1 2 7 . . 6 7 4 8 3 1 5 5 3 0 7 5 4 , 4 8 , 1 2 7 1 4 . 6 1 1 2 7 . . 7 6 4 7 6 2 3 3 1 3 6 0 4 5 , 4 8 , 1 2 2 7 7 . 5 1 1 3 . 8 2 . 8 3 4 3 3 2 4 1 3 2 0 4 5 , 4 8 , 1 3 7 7 2 5 . 1 1 2 . . 8 2 7 3 8 6 5 9 7 8 3 8 8 5 4 4 8 , , 1 5 7 2 . 7 1 1 4 3 1 2 9 8 4 . . 2 5 7 8 3 0 5 3 Ot T O U he o . t r h t S a e l r . G se o c v u t r . i t s ie e s c urities.. 1 1 1 1 8 8 8 8 1 4 2 . . . 0 . 0 0 9 7 4 5 1 2 4 1 1 . . . . 1 0 0 1 2 6 5 8 2 4 1 1 . . . . 0 0 0 1 7 3 5 0 4 2 1 1 . . . .0 0 0 0 4 3 7 4 4 1 1 . . . . 9 0 0 9 6 6 5 0 De T M ( p 1 o a i 9 t s r a 3 c t l m 5 e l - l e 3 a n 9 n t = e o s 1 t u 0 o s 0 r e ) sales 7 7 7 5 4 4 ' 3 7 •2 2 2 0 9 4 9 3 2 7 2 2 1 9 8 7 3 2 7 1 3 2 8 4 8 3 2 7 4 5 3 6 2 1 3 7 5 4 6 7 New York City banks: Loans and investments 15 18.59 18.72 18.86 18.79 19.06 1949 U. S. Govt. securities, total. 15 10.37 10.36 10.51 10.38 10.70 Bonds, total holdings .... 17 7.76 7.75 7.76 7.76 7.74 No D te u s e a o n r d c a c l e la r b ti l f e i — ca 5 t e y s e . a .. r . s 1 1 7 7 6 1 . .6 1 8 5 6 1 . . 1 77 5 2 6 . .1 0 6 0 6 1 . . 1 9 7 4 2 6 . . 0 1 9 May June Julyi Bills 17 .94 .84 .75 .69 .87 U D . e m S. a G nd o v d t e . p d o e s p i o ts s i a ts d justed.. 1 1 5 5 15. . 0 36 7 14. . 8 76 0 14. . 7 99 3 1 1 4 . . 0 5 6 9 1 1 4 . . 1 7 0 7 MONTHLY FIGURES In billions of dollars Interbank deposits 15 3.76 3.77 3.80 3.84 3.79 Time deposits 15 1.61 1.59 1.59 1.57 1.58 DEPOSITS AND CURRENCY Lo F C a o n o r s m , p m t u o e r t r c a c h l i a a s l ing securities: 1 1 5 9 4 6 . .9 4 6 9 4 7 . . 4 1 9 0 4 7 . . 5 0 2 9 4 7 . . 5 1 5 1 4 7 . . 5 0 4 5 De T p o o t s a i l t s and currency:* 6 P167.60 P167.8O P168.20 To brokers: Excluding U. S. Govt. de- Ba L U n o . k N R B a S s n e o o . T s a n o t G e l o d u a O O s e s o n t o n n s a v s d t t i n h t a o U . d i d e t t n e e s r . h v s e c e S N a c e e r . n u s r e t d s r t G w m i i e t f o c i o e i e Y v u c t n s h t a r o t , s e s i t r t t r e k i o s e t . s C a . . . l . . i . . t y 1 1 1 1 1 1 1 1 : 5 9 7 9 5 9 9 7 4 2 1 4 4 5 1 8 . . . . . . . . 0 9 8 2 6 5 2 6 1 0 5 6 3 7 2 2 2 4 1 5 5 5 1 8 . . . . . . . . 0 0 4 0 6 5 7 2 1 1 3 7 6 2 7 4 4 2 1 5 5 5 1 8 . . . . . . . . 0 1 3 6 7 7 2 4 2 7 9 3 5 4 4 0 4 2 1 5 5 6 1 8 . . . . . . . . 2 9 1 0 7 2 7 4 7 1 1 5 4 8 5 1 4 2 1 5 6 6 1 8 . . . . . . . . 0 3 0 4 7 4 6 2 1 8 7 1 7 9 4 5 Mo T U $ D C C B n 1 i o i u . e m e l 0 i r l m S y n s r e a e . p s a o i n , n o n d G n f d c s $ d e o y i c $ p 1 t $ v i d s 5 , o r 2 o t e $ s 0 c . 0 u p i u 2 t d a t o b s l , s e n a s i i a p l a t d d i l i n t o d e s o s o d s j n u b v i a , t $ s e d s a t 5 r t j e n o u d b k t s i a t s l e l l . . s d . . . . . . . . . . . 6 7 7 6 6 6 7 7 6 P P P P 1 2 P 1 5 8 6 2 8 4 7 8 2 4 5 5 l. . . . . . . . . 2 5 6 9 5 4 5 7 0 O 2 O 0 1 8 1 0 0 P P P P 1 2 P 1 5 2 8 6 8 4 7 4 8 5 2 5 2 . . . . . . . . . 5 5 4 4 2 4 0 2 6 1 0 8 0 0 0 0 9 0 P P P P 1 2 P 1 2 5 8 6 4 8 7 4 i 4 8 6 3 . . . . . . . . . 4 4 3 4 5 6 7 9 3 9 8 9 3 0 0 0 0 0 Bills _ 17 1.67 1.77 1.81 2.09 2.25 Demand deposits adjusted. . 15 31.62 31.49 31.54 31.46 31.54 U. S. Govt. deposits 15 .68 .95 1.09 1.30 1.40 Annual rate Interbank deposits 15 5.90 6.13 6.25 6.43 6.26 T L i o m C R an o e e s a m , d l m e t e o p s e o t t r a a s c l i t i e t a s l 1 1 1 1 5 5 9 9 1 1 3 8 6 3 . . . . 9 4 0 7 4 0 7 0 1 1 3 8 6 3 . . . . 3 9 0 7 4 4 6 1 1 1 3 8 6 3 . . . . 3 9 0 7 8 5 9 0 1 1 3 8 3 6 . . . . 3 9 7 1 9 6 1 6 1 1 3 8 3 6 . . . . 9 4 7 0 7 0 0 1 Tu N O rn e th o w e v r e Y r l o e o a rk f d i d n C e g i m ty c a i n ti d e s deposits:4 8 8 2 1 9 9 . . 5 1 2 1 8 8 . . 4 5 2 1 9 8 . . 0 9 For purchasing securities. 19 '.61 .63 .59 .60 .57 Other 19 r3.25 3.24 3.24 3.24 3.25 In billions of dollars MONEY RATES, ETC. Per cent per annum COMMERCIAL BANKS U. S. Govt. securities: 3 C B 7 1 - - 5 i e 5 9 l r l y t s y i y e f e e ( a i n c a a rs a e r r s s t w e o s r i s m su o e r s e ) 30, 3 3 3 3 3 0 0 0 0 2 1 2 1 1 . 1 0 . . . . 2 3 5 0 2 7 2 4 6 7 1 2 1 1 1 .0 . . . . 0 5 2 2 0 5 4 8 7 7 1 2 1 1 1 .0 . . . . 2 4 0 2 1 4 8 6 3 7 1 2 1 1 1 0 . . . . 4 2 0 2 3 8 5 6 3 1 1 2 1 1 1 .0 . . . . 2 4 0 5 2 6 8 8 4 4 L C o a L U O a sh o n . t h s a S a n e a . s r s n s * G s e d e o t c i s v n u ' t v r . i e t s s i e e t c m s u * e r i n ti t e s, s * t otal*. 9 9 9 9 P P P P 1 P 4 6 3 1 9 0 3 2 3 . . . . . 3 9 9 4 2 0 0 0 0 0 J> P P P 1 P 3 6 4 1 3 3 9 1 3 . . . . 3 . 2 0 5 7 0 0 0 0 0 P P P P 1 P 6 4 3 1 4 0 9 2 4 . . . . . 4 7 5 8 8 0 0 0 0 0 Co A B H rp a a ig a o a h ra -g te r a b d o e n ( d T s: reas. series).. 3 3 3 2 2 2 3 2 2 . . . 4 6 6 4 4 4 3 2 2 . . . 4 6 6 4 4 4 3 2 2 . . . 4 6 6 0 2 0 3 2 2 . . . 5 6 3 9 1 9 2 3 2 . . . 5 3 6 9 8 1 Ho B ld o T c i n n u o d g r t s i s a t : l i e o s f : U. S. Govt. se- 10 42.21 42.06 '42.33 Within 1 year 10 5.72 5.23 e5.25 In unit indicated 1-5 years 10 25.60 26.30 *26.38 S V t o o T R P I l c n u u o a k d m b i t l u a l p r e l i s o c r t o i a r c u f d i e a t t s l i r l a i ( d t 1 y i 9 n 3 e 5 f - m 39 il = l 1 s 0 ha 0 r ) * : »«) 3 3 3 3 3 4 4 4 4 4 1 1 .9 9 9 2 2 2 6 2 6 0 1. 1 1 0 9 9 2 2 6 2 7 0 7 1. 1 1 1 9 9 2 2 8 9 7 3 9 1 1 1 . 1 0 9 0 3 2 0 6 0 0 3 1 1 .7 9 9 2 2 3 9 3 7 1 G N Bi u o l O 5 l a t s - e v r 1 s a e 0 n r a t y n e 1 e d e 0 a d c r y s e s e r e a t c i r f s u i r c i a t t i e e s s 1 1 1 1 1 0 0 0 0 0 1 3 2 6 0 . . . . 7 9 9 9 8 0 9 0 1 3 2 6 1 . . . . 8 9 5 3 2 4 9 6 P P l « « 3 l 4 6 . . . . 8 6 0 6 6 2 4 6 For footnotes see p. 1142. SEPTEMBER 1949 1139 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 book Chart page book May June July page May June July MONTHLY FIGURES—Gont. In billions of dollars MONTHLY FIGURES—Gont. In billions of dollars MEMBER BANKS GOVERNMENT FINANCE—Cont. Ownership of U. S. Govt. securities—Cont. All member banks: Marketable public issues—Cont. Loans and investments, total 12 94.96 95.25 96.27 By class of security—Cont. Loans 12 34.47 34 74 33.93 Bonds—Total outstanding.... 24 111.60 110.59 110.59 U. S. Govt. securities 12 52.92 52 81 54.32 Nonbank (unrestricted issues Other securities 12 7.58 7.70 8.01 only), commercial bank, Demand deposits adjusted« 12 69.89 69.59 70.52 and F. R. Bank 24 68.20 66.83 *66.83 Time deposits 12 29.22 29.36 29.30 Commercial bank and F. R. Balances due to banks 12 9.94 10.08 10.48 Bank 24 50.56 49.84 Balances due from banks 12 4.82 4. 5.21 F. R. Bank 24 8.36 7.78 7.78 Reserves 12 18.15 18.07 17.56 By earliest callable or due date: Central reserve city banks: Withinl year-Total outstanding 25 52.61 52.30 52.11 Loans and investments, total 12 23 50 23.87 23.87 Commercial bank and F. R. Loans 12 9.17 9 38 8.58 Bank 25 31.46 31.59 "32.10 U. S. Govt. securities 12 12.82 12 94 13.57 F. R. Bank 25 12.05 12.19 11.37 Other securities 12 1 51 1.55 1.71 1-5 years—Total outstanding. 25 38.49 39.17 39.17 Demand deposits adjusted" 12 18.87 18.87 18.91 Commercial bank and F. R. Time deposits 12 2 76 2.83 2.78 Bank 25 27.82 28.42 «28.5O Balances due to banks 12 4.63 4.72 4.90 F. R. Bank 25 2.22 2.12 2.12 Reserves 12 5.96 6.00 6.01 5-10 years—Total outstanding 25 10.46 s15.07 15.07 Reserve city banks: Nonbank (unrestricted issues Loans and investments, total 13 34.95 35.02 35.82 only) commercial bank, 10.46 10.38 «10.38 Loans 13 13 38 13 36 13.33 and F. R. Bank 25 7.10 7.17 «7.25 U. S. Govt. securities 13 18.95 18.97 19.68 F. R. Bank 25 .11 .58 .58 Other securities. 13 2.62 2.69 2.81 Over 10 years—Total outstand- Demand deposits adjusted* 13 24.49 24 33 24.84 ing 25 53.89 48.60 48.60 Time deposits 13 11.57 11 64 11.61 Nonbank (unrestricted issues Balances due to banks 13 4.55 4.58 4.78 only), commercial bank, Balances due from banks 13 1.59 1.62 1.69 and F. R. Bank 25 10.48 9.53 e9.53 Reserves 13 6.88 6.82 6.56 Commercial bank and F. R. Country banks: Bank 25 9.22 8.39 «8.49 Loans and investments, total 13 36.51 36 36 36.58 F. R. Bank 25 5.32 4.45 4.45 Loans 13 11.92 11.99 12.02 Cash income and outgo: U. S. Govt. securities 13 21.15 20.91 21 07 Cash income 26 2.60 4.80 2.08 Other securities 13 3.45 3.46 3.49 Cash outgo 26 3.69 4.54 2.97 Demand deposits adjusted* 13 26.53 26.39 26.76 Excess of cash income or outgo.... 26 -1.09 + .26 Time deposits 13 14.89 14.88 14.91 B R a es la e n rv c e e s s due from banks 1 1 3 3 3 5 . .3 0 1 7 3 5 . .2 1 5 0 3 4 . . 3 9 3 8 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.156 1.158 0.990 Corporate bonds: Aaa 29 2.71 2.71 2.67 CONSUMER CREDIT* Baa 29 3.45 3.47 3.46 F. R. Bank discount rate 29 1.50 1.50 1.50 Consumer credit, total 20 15.86 P16.12 P16.19Commercial paper 29 1.56 1.56 1.56 Single-payment loans 20 2.74 P2.75 vl.llStock yields: Charge accounts 20 3.25 P3.28 P3. 13 Dividends/price ratio: Service credit 20 .98 P.97 P.97 Common stock . 33 7.29 7.22 6.78 Instalment credit, total 20, 21 8.89 P9.11 P9.32 Preferred stock . 33 4.04 3.98 3.97 Instalment loans 21 4.17 P4.25 P4.31 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 . . 7 3 2 9 P P2 4 . . 5 8 O 7 P P 2 5 . . 6 0 1 1 In unit indicated Other 21 2.33 P2.37 P2.40 Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 = 100), total. . . 35 118 112 118 Stock market credit (mill, dollars): Bank loans 35 424 421 429 GOVERNMENT FINANCE Customers' debit balances 35, 36 660 681 690 Money borrowed 36 355 493 399 Gross debt of the U. S. Government: Customers' free credit balances. ... 36 535 528 530 Total (direct and guaranteed) 22 251.91 252.80 253.90 Volume of trading (mill, shares) 35 .82 .81 .94 Bonds (marketable issues) 22 111.60 110.59 110.59 Notes, certificates, and bills 22 43.85 44.56 44.37 BUSINESS CONDITIONS Savings bonds, savings notes.... 22 60.81 61 12 62.16 Personal income (annual rates, bill G Sp u e a c r ia a l n t i e s e s d u , e s n oni ; n terest-bearing 22 31.91 32.78 33.05 To d ta o l l lars):e * 48 ••213.1 P209.7 debt, etc 22 3.73 3.75 3.74 Total salaries and wages 48 '135.0 134.0 P133.7 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 64.0 64.1 P61.8 Commercial banks* 23 62.80 63.20 P64.90 All other 48 14.1 14.3 P14.2 Fed. agencies and trust funds... 23 37.53 38.27 38.52Labor force (mill, persons):e F. R. Banks 23 19.70 19.34 18.53 Total 49 63.5 64.9 65.3 Individuals* 23 68.70 68.80 P69.00 Civilian 49 62.0 63.4 63.8 Corporations and associations *.. 23 22.40 22.50 P22.60 Unemployment 49 3.3 3.8 4.1 Insurance companies* 23 21.00 20.90 P20.60 Employment 49 58.7 59.6 59.7 Mutual savings banks* 23 11.60 11.60 Pll.60 Nonagricultural 49 49.7 49.9 50.1 State and local govts.* 23 8.10 8.20 P8. 20Employment in nonagricultural estab- Marketable public issues: ishments (mill, persons): e 4 By class of security: Total ; 50 ••43.78 P43.78 P43.68 Bills—Total outstanding 24 11.54 11.54 11.53 Manufacturing and mining 50 16.06 P16.03 P15.96 Commercial bank and F. R. Construction 50 2.00 P2.02 P2.03 Bank 24 7.01 7.16 P7.39 Transportation and utilities 50 3.94 P3. 94 P3.91 F. R. Bank 24 4.23 4.35 3.77 Trade 50 9.61 P9.63 P9.56 Notes and certificates—Total Government 50 5.78 P5.80 P5.86 outstanding 24 32.31 33.02 32.84Hours and earnings at factories: I Commercial bank and F. R. Weekly earnings (dollars) 51 52.86 P53.86 *»53.66 Bank 24 18.02 18.58 P18.84 Hourly earnings (dollars) 51 1.373 PI.380 Pl.383 F. R. Bank 24 7.12 7.22 6.97 Hours worked (per week) 51 38.5 P38.9 P38.8 For footnotes see p. 1142. 1140 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued Chart 1949 Chart 1949 book book page May June July page May June July* In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production:4 Department stores—Cont. Total (1935-39=100) 52 174 169 P162 296 stores—Cont. Groups (point? in total index): Ratios to sales (months' supply): Durable manufactures 52 73.5 P70.4 Total commitments 63 3.4 3.4 4.9 Nondurable manufactures 52 75.3 75.2 P72.8 Stocks 63 2.7 2 6 3.3 Minerals 52 20 3 P18.8 Consumers' prices (1935-39=100): Manufacturing production All items 64 169.2 169.6 168.5 (1935-39=100), total 53 179 175 P169 Food 64 202.4 204.3 201.7 Durable 53 201 194 P186 Apparel 64 191 3 190 3 188.5 Nondurable 53 161 160 P155 Rent 64 120.4 120.6 120.7 Selected durable manufactures Miscellaneous 64 154.5 154.2 154.3 (1935-39 = 100): Wholesale prices (1926=100): Nonferrous metals 54 200 193 P180 Total 65 155.7 154.4 153.4 Steel 54 218 182 162 Farm products 65 171 2 168.5 165.8 Cement 54 196 195 190 Food 65 163.8 162.4 161.3 Lumber 54 120 114 P104 Other commodities 65 146.8 '145 4 145.0 Transportation equipment 54 220 P239 P245 Textile products 66 140.5 139.2 138.2 Machinery 54 232 J>226 P219 Hides and leather products 66 179 2 178.8 177.6 Selected nondurable manufactures Chemicals and allied products... 66 118.2 116.8 118.1 (1935-39=100): Fuel and lighting materials 67 130.1 129.9 129.9 Apparel wool consumption 55 '99 110 Building materials 67 193 9 191.4 189 1 Cotton consumption 55 103 105 87 Metals and metal products 67 168.4 166.6 167.4 Shoes 55 105 111 P106 Miscellaneous 66 113.5 '111.0 110.2 Paperboard 55 162 164 142 rices paid and received by farmers Newsprint conrumption 55 161 156 156 (1910-14 = 100): Manufactured food products 55 •"163 164 P164 Paid 69 245 245 244 Fuel oil 55 166 154 P155 Received 69 256 252 249 Gasoline 55 177 177 P179 Cash farm income (mill, dollars): Industrial chemicals 55 406 P395 P382 Total 70 1,944 2,053 P2A77 Rayon 55 259 P258 P256 Livestock and products 70 1,276 1,279 Pl.196 Orders, sales, and inventories: Crops 70 639 757 P972 Sales (bill, dollars): Govt. payments 70 29 17 P9 Manufacturing, total 56 16.3 16.5 15.0 Durable 57 6.8 7.1 6.3 INTERNATIONAL TRADE AND FINANCE Nondurable 57 9.5 9.4 Wholesale 56 7.1 7.1 6.6Exports and imports (mill, dollars): Retail 56 10.8 10.8 10.2 Exports 76 '1,079 Pl.104 P897 Inventories (bill, dollars): Imports 76 P540 P527 P456 Manufacturing, total 56 30.9 30.3 29.8 Excess of exports or imports 76 P539 P578 P441 Durable, total 57 14.9 14.5 14.1 Short-term liabilities to and claims on Goods in process 57 5.8 5.5 foreigners reported by banks (bill, Purchased materials 57 4.4 4.3 dollars): Finished goods 57 4.7 4.6 Total liabilities 77 P5.68 P5.74 Nondurable, total 57 16.0 15.8 15. Official 77 P2.64 P2.72 Goods in process 57 2.3 2.3 Invested in U. S. Treasury bills Purchased materials 57 7.0 6.7 and certificates 77 P.75 P. 75 Finished goods 57 6.7 6.7 Private 77 P3.04 P3.02 Wholesale 56 7.9 7.8 7.8 Claims on foreigners 77 P.87 P. 85 Retail 56 13.8 13.4 Foreign exchange rates: New orders (1939=100): See p. 1161 of this BULLETIN 78, 79 Manufacturing, total 56 203 208 Durable 56 206 215 Nondurable 56 201 204 1948 Co T n o s a t t v a ru l g c ti m on il l c , o d n o t l r l a a c rs ts ) :4 (3 mo. moving 58 739 796 P836 QUARTERLY FIGURES O D c e t c - . J M an a . r - . A Ju p n r e .- O R t e h s e id r ential 5 5 8 8 2 4 8 5 8 0 3 4 2 7 0 6 P P 3 4 4 8 7 9 GOVERNMENT FINANCE In billions of dollars Residential construction: Budget receipts and expenditures of Contracts awarded (mill, dollars):4 U. S Treasury: Total 59 296 332 319 Expenditures, total 27 9.10 9.23 10.15 1- and 2-family dwellings 59 203 230 213 National defense 27, 28 2 90 3.08 3 15 Other 59 93 102 106 Veterans' Administration 28 1.65 1.71 1 65 Dwellings started (thous. units) ... 59 95 100 96 Internationa] aid 28 1.61 1.58 1.68 Value of construction activity (mill, Interest on debt 28 1.45 1.05 1.87 dollars): All other 28 1.41 1.74 1.67 Total • 60 1,585 1,745 1,853 Receipts: Nonresidential: * Net receipts 27 8.65 12.40 8.05 Public 60 453 489 525 Individual income taxes 28 3.08 7.26 3.84 Private 60 587 639 659 Corporate income, etc 28 2.72 3.29 2 83 Residential:6 Miscellaneous internal revenue. . 28 2.24 2.01 2.00 Public 60 15 17 19 All other 28 .74 .84 84 Private 60 530 600 650 Tax refunds (deduct) 28 .12 1.00 1.46 Freight carloadings:4 Total (1935-39 =100) 61 124 110 MONEY RATES Per cent per annum Groups (points in total index): Misce^aneous 61 68.9 66 9 65. Bank rates on loans to business: Coil 61 27.7 20.8 16. All loans: All other 61 27.7 ••26.8 27. 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 62 292 '285 280 11 Southern and Western cities. . 31 3.02 3.12 3.17 Stocks 62 273 265 256 Loans of $1,000-$ 10,000: 296 stores: 19 cities 31 4.50 4.62 4.63 Sales (mill, dollars) 63 328 ••318 238 New York City 31 4.23 4.22 4.22 Stocks (mill, dollars) 63 894 '824 774 7 Northern and Eastern cities. . . 31 4.51 4.63 4 67 Outstanding orders (mill, dollars) 63 210 '286 401 11 Southern and Western cities.. 31 4.62 4.79 4.80 For footnotes see p. 1142. SEPTEMBER 1949 1141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued 1948 1949 1948 1949 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—Gont. MONEY RATES—Cont. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont Plant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars):*6 19 cities 31 3.58 3.64 3.70 All business 42 5 4 4 5 4 8 New York Citv 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: N 19 e w ci t Y ie o s rk City 3 3 1 1 2 2 . .9 7 7 0 2 2 . .6 8 6 9 3 2 . . 0 7 4 8 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 rn 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 Ind G i r v o i s d s u a s l a v s i a n v g i s ngs: 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 Citv 31 2.16 2.25 2.17 U. S. Govt. securities 43 —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 WTestern 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 14.28 P13.80 Annual rates. in bilions of dollars GROSS NATIONAL PRODUCT, ETC BUSINESS FINANCE In hnit indicated Gross national product4 44 270 3 »-262 5 256.1 Corporate assets and liabilities (bill Govt. purchases of goods and servdollars) :• ices 44 40.3 "•42.1 43.1 Current assets total 37 126.7 125.0 Personal consumption expenditures 44 180.9 ••177.9 178.2 Cash 37 24.0 23.4 Durable goods 46 22 9 r22 5 23 6 U. S. Govt. securities 37 13.9 14.0 Nondurable goods. . 46 103.3 "•99.9 98.7 Inventories 37 48.5 48.5 Services 46 54 8 r55 4 55 9 Receivables 37 38.7 37.5 Private domestic and foreign invest- Current liabilities total 37 61.9 59.2 ment 44 49 0 r42 6 34 8 Note^ 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 "21.0 20.3 Corporate security issues: New construction 45 17.9 16.8 16.5 Total fbill. dollars) e 38 1.87 1.06 2.31 Change in business inventories 45 9.0 4.1 -2.8 New money, total (bill, dollars) e.. 38 1.77 .85 1.97 Net foreign investment 45 1.0 '0.7 0.8 Type of security (bill, dollars): Personal income, consumption, anc Bonds 38 1.57 .72 1.58 saving:4 Preferred stock 38 .07 .05 .15 Personal income 47 216 6 213 7 212 9 Common stock 38 .11 .08 .25 Disposable income 47 196 2 '195 0 194 1 Use of proceeds (mill, dollars): Consumption expenditures 47 180 9 '177.9 178.2 Plant and equipment: Net personal saving 47 15.3 17.1 16.0 All issuers 39 1,451 699 1,615 Public utility 39 898 343 1,293 Railroad 39 117 174 111 A O 1949 Industrial 39 435 182 182 Working capital: AH issuers 39 316 152 353 June Dec. June Public utility 39 4 2 4 30 31 30 Railroad 39 60 SEMIANNUAL FIGURES 39 233 81 237 Bond P s u b (b li i c ll, dollars) :• 38 .86 .58 1.15 INSURED COMMERCIAL BANKS In billions of dollars Private 38 .81 .33 .74 Loans: Corp ( o a r n a n te u a p l r o r f a i t t e s, s , t a b x i e ll s , , d a o n l d la d rs i ) v i : d e end 3 A Co g m ric m u e lt r u c r ia a l l 1 1 1 1 1 1 7 8 9 3 7 1 2 8 7 7 8 6 1 2 6 . 7 2 3 9 Profits before taxes 40 34.5 28.4 24.8 Real estate 11 10 10 10 67 10 89 Profits after taxes (dividends and Consumer 11 6 41 6 80 7 17 undistributed profits) 40 20.9 17.3 15.1 For purchasing securities: Undistributed profits 40 12.6 8.9 6.6 11 1 18 1 34 1 97 Corporate profits after taxes (quar- To others 11 1 08 0 94 0 90 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 e d c u l r o it c i a e l s government securities3 1 1 1 1 3 5 .4 5 3 0 3 5 .5 4 1 2 3 5 .7 4 6 9 Large corporations, total (bill, dollars) . 41 1.4 1.1 1.1 Manufacturing (mill, dollars): Durable 41 564 498 491 Nondurable 41 394 r325 260 Electric power and telephone (mill dollars) 41 223 248 230 Railroads (mill, dollars) 41 197 58 116 « Estimated. P Preliminary. r Revised. 1 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. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Less than 5 million dollars. 4 Adjusted for seasonal variation. 6 Includes a restricted bond issue that became callable within 5-10 years on June 15, 1949. 8 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. 1142 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 May June? July? page1 May June? July? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 15,856 16,122 16,185 Consumer instalment sale credit Instalment credit, total 3, 5 8,887 9,114 9,322 granted, cumulative totals:2 Instalment loans 5 4,170 4,247 4,310 By all other retailers 812 783 766 Instalment sale credit 5 4,717 4,867 5,012 By department stores and mail- Charge accounts 3 3,249 3,282 3,130 order houses 707 680 664 Single-payment loans 3 2,739 2,752 2,768 By furniture and household appli- Service credit 3 981 974 965 ance stores 574 560 555 Consumer credit outstanding, cumu- By automobile dealers 400 392 388 lative totals:2 Consumer instalment loan credit out- Instalment credit 4 15,856 16,122 16,185 standing, cumulative totals:2 Charge accounts 4 6,969 7,008 6,863 Commercial and industrial banks. 4,170 4,247 4,310 Single-payment loans 4 3,720 3,726 3,733 Small loan companies 2,169 2,192 2,221 Service credit 4 981 974 965 Credit unions 1,351 1,365 1,378 Consumer instalment sale credit out- Miscellaneous lenders 1,018 1,019 1,021 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 4,717 4,867 5,012 loans 722 720 719 Department stores and mail-order houses 6 4,227 4,370 4,511 Furniture and household appliance stores 6 3,457 3,599 3,748 Automobile dealers 6 2,386 2,499 2,614 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. AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF AUGUST 1, 1949 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 Aug. 1, 1949 1948 Aug. 1, 1949 1948 Aug. 1, 1949 1948 Aug. 1, 1949 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 6,295 6,547 New York 32,179 30,616 13,501 i3,235 132 90 Philadelphia 58,168 56,517 16,435 18,576 Cleveland 269,198 256,595 62,707 64,307 Richmond 1,573 1,320 179,076 180,096 26,259 25,514 Atlanta 2,833 2,189 199,109 191,836 7,975 6,997 Chicago . . .. 1,483,210 1,459,191 87,609 88,155 1,950 1,565 St. Louis 14,824 23,895 482,769 439,577 71,271 71,757 22 21 Minneapolis 455,941 454,204 41,336 25,540 256,343 199,237 Kansas City 310 340 422,894 393,469 477,649 368,214 ^5,314 6,108 Dallas 4,065 5,356 55,486 62,756 57,486 106,885 87 121 San Francisco 1,263 1,705 6,223 6,853 127,870 105,694 34,460 29,814 Total . . 14,868 14,805 3,650,548 3,538,257 990,098 894,874 298,308 236,956 Oats Tame Hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 Aug. 1, 1949 1948 Aug. 1, 1949 1948 Aug. 1, 1949 1948 Aug. 1, 1949 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston 5,116 5,374 4,059 3,398 39,227 38,173 83,328 67,824 New York 29,630 22,804 6,657 5,014 921 910 44,911 27,301 Philadelphia 18,389 15,236 2,504 2,191 61,275 57,775 22,533 15,823 Cleveland 66,477 55,588 5,535 5,430 157,919 149,701 12,866 10,896 Richmond 27,732 37,564 5,194 5,170 1,070,972 1,119,565 27,291 22,717 Atlanta . 30,227 31,606 3,791 4,012 232,864 248,045 12,174 13,754 Chicago 640,036 582,773 15,607 16,849 30,750 30,267 28,286 26,199 St. Louis 74,841 64,544 9,384 9,176 381,323 367,607 8,418 7,163 Minneapolis. . . . 417,785 319,652 9,429 9,479 2,349 2,193 46,070 38,953 Kansas City 135,271 107,638 10,355 10,174 4,130 4,361 37,722 29,886 Dallas 18,148 35,565 1,724 1,809 4,888 4,136 San Francisco . .... 28,100 30,264 12,759 12,569 117,363 97,882 Total . . . 1,491,752 1,308,608 86,998 85,271 1,981,730 2,018,597 445,850 362,534 c Corrected. 1 Includes 15.CC0 bales grown in miscellaneous territory. 2 Includes 17,000 bales grown in miscellaneous territory. NOTE.—1948 figures for cotton are as revised in August 1949. SEPTEMBER 1949 1143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES [Figures for last date shown are preliminary] Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Member banks Nonmember banks banks Total Total i ti N on a- al m S e t m a b te er1 Total su I r n e - d 2 in N su o r n e - d 2 su I r n e - d * in N su o r n e - d Banks (Head Offices) Dec 31 1933 . . . .. 15,029 14,450 6,011 5,154 857 8,439 8, 139 519 Dec 31 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec 31 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec 31 1945 14,553 14,011 6,884 5,017 1,867 7,130 6,416 714 192 350 Dec 31 1946 14,585 14,044 6,900 5,007 1,893 7,147 6,457 690 191 350 Dec 31 1947 3 . .. 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec 31 1948 14,703 14,171 6,918 4,991 1,927 7,256 6,498 758 193 339 Tune 30 1949 14,680 14,150 6,903 4,987 1,916 7,250 6,517 733 191 339 Branches and Additional Offices 4 Dec 31 1933 2,911 2,786 2,081 1,121 960 705 12 Dec 31 1934 . 3,133 3,007 2,224 1,243 981 783 *1?6 Dec 31 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec 31 1945 4,090 3,947 2,909 1,811 1,098 1,038 981 57 101 42 Dec 31 1946 4,138 3,981 2,913 1,781 1,132 1,068 1,006 62 115 42 Dec 31 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec. 31 1948 4,531 4,349 3,197 1,965 1,232 1,152 1,084 68 132 50 Tune 30 1949 4,666 4,474 3,298 2,037 1,261 1,176 1,110 66 141 51 Bank Changes Jan. 1-June 30, 1949 New banks" +28 +28 +8 +6 +2 +20 +11 +9 Suspensions -4 -4 —4 -4 Consolidations and absorptions: Banks converted into branches -32 -31 -22 -13 -9 -9 -9 — 1 Other -8 -7 •? -2 -1 -4 -4 — 1 Voluntarv liouidations ' -6 -6 -6 -1 -5 Unclassified . .... — 1 — I —1 — 1 Interclass changes: Conversions— State into national +3 +5 -2 -3 -2 -1 Federal Reserve membership: 8 Admission of State banks +6 +6 -6 -4 2 Fede W ral i t d h e d p ra o w sit a l i s n s o u f r S an ta c t e e : 9 banks *r +7 +7 Admission of State banks +22 —22 Withdrawals of State banks -1 +1 Net increase or decrease -23 -21 -15 -4 -11 -6 +19 -25 -2 Number of banks, June 30, 1949 14,680 14,150 6,903 4,987 1,916 7,250 6,517 733 191 339 Branch and Additional Office Changes Jan. 1-June 30, 1949 De novo branches .... +110 +101 +82 +56 +26 +19 +19 +8 +1 Banks converted into branches +33 +32 +23 +16 +7 +9 +7 +2 +1 Branches and offices discontinued -8 -8 -3 -3 -2 -3 Interclass branch changes: National to State member . . -1 +1 State member to national +1 -1 State member to nonmember —2 -2 +2 +2 Nonmember to State member + 1 +1 -1 Noninsured to insured +1 -1 Net increase or decrease + 135 +125 +101 +72 +29 +24 +26 -2 +9 +1 Number on June 30, 1949: Branches . 4,578 4,386 3,216 1,969 1,247 1,170 1,104 66 141 51 Banking facilities at military reservations. 88 88 82 68 14 6 6 1 The State member bank figures and the insured mutual savings bank figures both include three member mutual savings banks that became members of the Federal Reserve System during 1941. These banks are not included in the total for "commercial banks" and are included only once in "all banks." 2 Federal deposit insurance did not become operative until Jan. 1, 1934. 3 As of June 30, 1947, the series was revised to conform (except that it excludes possessions) with the number of banks in the revised all bank series announced in November 1947 by the Federal bank supervisory authorities. The revision resulted in a net addition of 115 banks and 9 branches. 4 Covers all branches and other additional offices at which deposits are received, checks paid, or money lent. Offices at military reservations (shown separately below) consist mostly of "banking facilities" provided through arrangements made by the Treasury Department with banks designated as depositaries and financial agents of the Government. Two of these banking facilities are in each case operated by two national banks, each bank having separate teller windows; each of these facilities is counted as one banking office only. 5 Separate figures not available for branches of insured and noninsured banks. 6 Exclusive of new banks organized to succeed operating banks. 7 Exclusive of liquidations incident to succession, conversion, and absorption of banks. 8 Exclusive of conversions of national banks into State bank members, or vice versa. Such changes do not affect Federal Reserve membership; they are included under "conversions." 9 Exclusive of insured nonmember banks converted into national banks or admitted to Federal Reserve membership, or vice versa. Such changes do not affect Federal Deposit Insurance Corporation membership; they are included in the appropriate groups under "interclass bank changes." Back figures.—See Banking and Monetary Statistics, Tables 1 and 14, pp. 16-17 and 52-53, and descriptive text, pp. 13-14. 1144 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 1146-1151 Gold production . 1151 Reported gold reserves of central banks and governments. . 1152 Gold movements; gold stock of the United States. 1153 International Monetary Fund and Bank. . 1154 Central banks . 1154-1158 Money rates in foreign countries. . 1159 Commercial banks 1160 Foreign exchange rates.. 1161 Price movements: Wholesale prices . 1162 Retail food prices and cost of living. . 1163 Security prices . 1163 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. SEPTEMBER 1949 1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From th r J o a u n g . h 2 — , 1935, Total To I t n al creas f e u n i O n ds f f f o i i c r n i e a i l U g * n . S b . ank O in t g her f i t I u n e n i b n s r n c n a t d r i n a e s t U u t k a i o t s . i o i n e f o n S g i n a i . n n s l - D b i a n f a e b u n c r U n r k o e d . i a a n s S d s g e . s o e F R f c f u o u e n r U t r e d u i i t s . g r i n e 2 S n s . : s D I e n f f c o o u f u l m r n o e r d w i e i t g s s i n e t 2 o i s c f : b I b n r a o fl l k o a e w n r c a e g i s n e 1935—Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec. 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 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 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec. 31 8,802.8 6,144.5 3,469.0 2,675.5 742.7 972.8 798.7 144.1 1946—Dec. 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec. 31 8,335.2 4,120.3 1,121.8 2,998.5 2,242.0 186.5 L.276.9 367.0 142.4 1948—July 31 8,045.7 4,432.9 1,389.3 3,043.6 1,909.1 68.6 1,311.9 189.7 133.5 Aug. 31 7,931.9 4,522.1 1,513.9 3,008.2 1,898.9 54.0 L,161.2 166.2 129.6 Sept. 30 7,984.0 4,570.3 1,547.6 3,022.7 1,895.1 68.7 1,167.5 157.9 124.5 Oct. 31 8,075.6 4,651.7 1,685.0 2,966.7 1,899.5 69.6 1,170.7 162.6 121.5 Nov. 30 8,251.2 4,782.3 1,796.9 2,985.4 1,880.6 103.8 1,178.0 181.8 124.6 Dec. 31 8,560.6 5,119.5 2,126.0 2,993.6 1,844.3 116.8 L,182.1 174.8 123.1 1949—Jan. 31 8,653.0 5,220.2 2,221.2 2,999.0 1,914.2 139.3 1,186.9 72.2 120.3 Feb. 28 8,715.5 5,298.9 2,294.2 3,004.7 1,892.1 138.4 1,188.2 79.8 118.1 Mar. 31 8,643.0 5,212.7 2,236.6 2,976.1 1,897.3 152.5 1,170.5 87.4 122.6 Apr. 30 8,605.7 5,150.8 2,126.9 3,023.8 1,880.2 190.0 1,176.1 89.7 118.9 May 31P 8,502.9 4,945.1 1,933.9 3,011.2 1,874.3 261.4 1,180.3 125.7 116.1 June 30P 8,600.2 5,004.3 2,006.5 2,997.9 1,874.7 285.6 L, 183.1 134.5 118.0 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 t a e ti l r o n i n n a s - - Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o 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 ,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 ,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 ,172.5 4,081.8 976.4 ,193.7 1,273.6 203.0 1945—Dec. 31. 8,802.8 892.5 464.2 539.7 722.3 106.5 ,311.8 4,037.0 1,395.7 ,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 ,246.3 3,574.2 979.7 ,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 ,100.6 2,975.1 688.6 ,383.4 975.8 244.9 1948—July 31 1,739.7 6,306.0 489.4 51.6 102.1 863.4 238.7 ,006.7 2,751.8 938.2 ,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 ,420.5 997.9 230.8 Sept. 30 1,725.8 6,258.2 462.5 44.9 86.6 829.9 307.1 ,008.1 2,739.1 849.3 ,441.0 999.0 229.8 Oct. 31 1,732.2 6,343.4 479.5 51.3 76.0 823.8 316.4 ,021.4 2,768.3 868.0 ,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 ,089.0 2,884.5 930.3 ,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 ,122.2 3,141.1 947.3 ,503.6 1,056.7 234.9 1949—Jan. 31 1,672.5 6,980.5 682.4 58.6 127.6 871.2 383.7 ,145.8 3,269.3 970.0 ,524.0 990.6 226.7 Feb. 28 1,650.5 7.065.0 689.7 56.6 122.9 859.9 403.7 ,192.9 3,325.9 996.4 ,541.9 963.4 237.5 Mar. 31 1,639.6 7.003.4 620.9 61.1 129.0 883.3 396.8 ,167.9 3,258.9 1,006.4 .508.3 983.4 246.4 Apr. 30 1,622.6 6,983.1 558.7] 72.4 120.9 925.5 389.5 1,163.8 3,230. 953.3 ,573 2 996.4 229.5 May 3\P 1,643.7 6,859.3 458.61 99.5 121 .3 918.0 372.9 1,115.3 3,085.5 943.8 ,622.3 963.6 244.1 June 30P 1,644.1 6,956.1 527.6] 115.8 134.8 913.5 376.5 1,092.3 3,160.5 928.2 ,658.1 954.7 254.7 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. 1146 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 o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e ti r n ica Asia o A th l e l r 1941—Dec. 31 2,9791 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 3,465 493.3 394.5 170.0 166.3 -6 2 479 8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—D»c. 31 6 144 5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31 2 242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.61,095.0 877.3 224.9 1943—July 31 1,909.1 4,432.9 311.2 82.9 93.9 534.9 216.7 496.5 1,736.1 508.7 1,081.2 914.5 192.3 Aug. 31 1,893.9 4 1 310.6 87.9 106.1 535.9 251 0 483.9 1,775 3 548.4 1,104.7 894.2 199.5 Sept. 30 1,895.1 4,570.3 284.6 79.5 98.4 515.1 285.2 506.1 1,768.9 578.0 1.102.7 924.4 196.3 Oct. 31 , 1,899.5 4,651.7 301.2 86.4 91.2 512.0 295.1 520.0 1,805.9 593.8 1.139.7 904.6 207.8 Nov. 30 1,880.6 4,78? 3 318 9 93.8 95 3 509.2 310.4 551.9 1,879.6 657.1 1,106.2 940.8 198.6 Dec. 31 1,8t4.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 1,165.4 971.2 198.6 1949 —Jan. 31 1,914.2 5,??0 ? 506 8 89 8 112 1 546 9 364 4 594 0 2,214.0 727.81,173 9 913.7 190 8 Feb. 28 1,892.1 s,798 Q 515.6 87.9 103.1 534.5 389.5 636.1 2,266.7 750.31,194.6 889.2 198.2 Mar. 31 1,897.3 S ?1? 7 456.0 89.5 109.6 551.3 379.3 599.2 2,184.9 763.31,147.8 909.7 207.0 A.or. 30 I,88'"). 2 5,150.8 376.4 100.7 91.3 585.1 373.8 590.9 2,118.3 708.31,212.6 921.1 190.4 May 31P 1,874.3 4 Q451 288.3 104.1 95.4 569 8 356.5 543.4 1,957.6 690.0 1,191.7 900.7 205. 1 June 30P 1,874.7 5,004.3 343.4 116.3 104.3 559.1 364.0 518.5 2,005.6 671.81,215.7 896.7 214.6 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31.. 791.3 271.2 76.9 17.6 5.4 25.8 250.5 647.4 62.7 17.7 64.7 -1.2 1942—Dec. 31.. 888.8 279.4 77.8 18.1 6.6 26.2 253.5 661.5 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—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. 190.0 274.0 -35.3 7.1 1.0 3.4 226.8 477.0 58.7 -337.9 -.9 -7.0 May 31P 261.4 260.4 -9.0 6.8 1.9 3.5 225.7 489.3 57.8 -265.8 -12.4 -7.6 June 30v 285.6 275.0 -8.3 13.9 1.8 -.5 226.2 508.1 59.0 -256.2 -18.0 -7.4 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From th ro Ja u n gh . — 2, 1935, n t a u in t t i i s o o ti n n - a s l Total U K d n i o 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... 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... ,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 ,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—July 31... -249.3 ,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 ,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 ,416.8 86.5 43.2 -8.8 -15.2 26.6 283.3 415.6 331.8 570.7 62.6 36.2 Oct. 31... -249.3 ,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 ,427.3 85.6 43.1 -8.7 -17.4 26.5 284.4 413.6 338.8 575.4 63.0 36.6 Dec. 31.. -249.3 ,431.3 84.9 42.9 -9.1 -19.0 26.5 287.2 413.3 339.7 578.3 63.2 36.9 1949—Jan. 31... -249.3 ,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 ,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 ,435.8 82.0 42.9 -9.0 -17.0 26.7 289.5 415.0 336.3 583.4 63.3 37.8 A Dr. 30.. -265.3 ,441.4 81.8 42.9 -9.7 -16.4 27.0 290.1 415.7 337.0 586.9 63.8 38.0 May 31*. -265.3 ,445.6 80.9 43.0 -10.1 -15.7 26.9 290.5 415.5 342.1 586.2 63.7 38.1 June 30?. -265.3 1,448.3 80.8 43.0 -10.0 -15.4 27.0 291.2 416.5 341.3 588.3 63.9 38.4 Preliminary. SEPTEMBER 1949 1147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) From th J ro a u n g . h 2 — , 1935, na I i n n ti t s o e t n i r - - al Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r tutions 1941—Dec. 31 626.7 -70.1 74.9 236.7 336.4 -.1 37.1 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31 673 3 —77 6 80 5 236 9 360 5 — .1 44.4 644 7 -45.1 35.2 27.7 10.9 1943—Dec. 31 701 1 -100 3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec. 31 798 7 — 157 9 81 7 233 5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 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—July 31 79.9 109.8 -197.0 -46.9 45.7 298.2 -15.1 43.7 128.5 -137.1 83.1 29.2 6.1 Aug. 31 .... 79 9 86 3 — 196 2—48 0 41 2 294 8 -15.3 44.3 120 8 -147.2 82.4 24.1 6.2 Sept. 30 79.9 77.9 -196.3 -49.7 38.3 295.9 -15.6 44.7 117.4 -147 .4 84.7 17.1 6.2 Oct. 31 82 0 80 6 — 195 5—51 2 34 5 300 2 — 15 3 44 7 117 5 — 142 6 83.3 15.9 6.5 Nov. 30 82 0 99 8 — 194 1-51 0 32.4 312.2 -15 3 45.1 129 3 -137.2 89.7 11.3 6.6 Dec. 31 82.1 92.7 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 5.1 7.2 I949— F ja e n b . . 3 2 1 8 7 7 .6 6 6 7 4 2 .2 6 — -1 9 1 0 94 .4 0— -5 5 3 3 . 3 8 2 2 7 6 .5 8 3 3 1 1 4 7 .8 9 — -1 4 1 . 4 7 .7 4 44 5 . . 7 3 1 1 2 3 5 0 . . 5 5 - — 1 6 1 8 7 . 1 7 .0 9 9 7 7 . . 5 1 5 5. . 7 4 7 7 . . 3 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 7 6 82.0 -190.3 -52.6 22 3 331.8 -15.2 44.8 140.9 -170.6 99.6 5.0 7.2 May 31P 34.7 91.1 -188.2 -55.1 19.5 338.8 -14.6 44.7 145.1 -166.2 99.6 5.0 7.7 June 30P. 34.7 99.8 -188.7 -51.6 16.5 342.8 -14.4 45.4 149.9 -162.8 99.7 4.7 8.3 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. 1nd of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C ad an a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31 100.9 16.8 19.9 17.6 13.5 .2 7.7 75.7 14.1 3.9 6.3 .8 1942—Dec. 31 104 4 17 4 20 7 17 5 13 7 2 8 5 78 1 15 2 4 2 6.0 .9 1943—Dec. 31 117.8 18.8 21.5 19.9 19.3 .3 9.2 89.1 17.6 3.8 6.0 1.3 1944—Dec. 31 126.3 18.5 23.1 22.3 23.0 .3 10.4 97.7 16.2 5.1 5.6 1.8 1945—Dec. 31 144 1 19 8 23 4 26 0 30 3 4 13 6 113 6 19.5 5.9 3.8 1.3 1946—Dec. 31. 153 7 19 2 20 5 17 5 39 6 4 14 7 112 0 21 5 13 4 4 8 2 0 1947—Dec. 31 142 .4 18.2 19.1 12.7 38.2 .3 14.2 102.7 19.6 12.9 6.6 .7 1948—July 31 133.5 17.5 18.2 10.9 39.9 .5 11.4 98.3 20.2 7.7 6.8 .5 Aug. 31 129.6 16.7 17.6 10.9 35.6 .4 11.4 92.6 19.3 10.0 7.3 .5 Sept. 30 124.5 16.5 17.2 9.6 33.6 .5 11.6 89.1 19.6 8.3 7.0 .5 Oct. 31 121 5 16 6 17 0 10 0 27 0 5 11 4 82 6 18 4 13 0 6.9 .6 Nov. 30 124.6 16.8 16.6 9.5 24.6 .5 10.9 78.9 18.6 19.7 7.0 .4 Dec. 31 123 1 17 0 16 7 9 3 27 5 4 11 0 81 9 19 6 14 0 7.0 .6 1949— F M ja e n a b # r . . 3 3 2 1 1 8 1 1 1 1 2 2 8 0 2 . . 3 6 1 1 1 1 7 7 7 . . 0 3 0 1 1 1 6 6 6 . . 8 8 5 1 9 9 0 . . 8 5 1 2 2 2 6 4 3 . . 8 3 8 . . 4 5 4 1 1 1 0 00 . . 5 37 8 7 7 1 7 9 . . 3 3 9 1 1 19 9 8 . . 2 6 8 1 1 1 3 1 5 . . 7 4 4 7 7 7 . . . 2 2 8 . . .8 7 5 Apr. 30 118.9 16.8 16.6 9.9 24.0 .5 11.1 78.8 19.9 11.9 7.4 8 May 31? 116.1 17.2 16.5 9.7 23.1 .5 11.0 78.0 20.1 10.5 6.7 .8 June 30? uis.o 17.2 16.4 10.0 25.2 .5 11.1 80.4 18.9 10.5 7.4 8 SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [Amounts outstanding, in millions of dollars] LIABILITIES TO FOREIGNERS Total foreign In- countries 2 Date t t i e i n o r s n n t a a i- - 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 th ro 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 6 113 728 6 2,584 5 812 6 693 .71,108 8 175 3 I944—Dec. 31... 5,596.8 3,335.2 865.7 401^2 209 '.7 239.3 27^3 774^5 2,517^8 926! 5 909^31,069^2 174.0 1945—Dec. 31 6,883.1 4,179.3 707 7 310 0 281 6 304 2 70 4 909 1 2,583.0 1,522.2 1,046 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 2A2Q.1 '93l!8 l]lO4!8 1^316.4 232.' 8 1947—Dec. 31... 2,262.0 4,854.4 1,882.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 1948—July 31... 1,929.0 5,167.0 2,099.6 372.5 163.0 110.5 548.5 237.1 659.8 2,091.4 616.7 1,202.7 1,095.2 161.1 Aug. 31... 1,918.8 5,256.2 2,224.2 371.9 168.0 122.7 549.5 271.3 647.1 2,130.5 656.4 1,226.2 1,074.8 168.3 Sept. 30... 1,915.1 5,304.4 2,257.9 346.0 159.6 115.0 528.7 305.5 669.3 2,124.1 686.0 1,224.3 1,105.0 165.1 Oct. 31... 1,919.5 5,385.9 2,395.3 362.5 166.5 107.8 525.6 315.4 683.2 2,161.1 701.8 1,261.2 1,085.2 176.6 Nov. 30... 1,900.6 5,516.5 2,507.2 380.3 174.0 111.9 522.8 330.7 715.2 2,234.9 765.1 1,227.7 1,121.5 167.4 Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8 167.4 1949—Jan. 31... 1,934.1 5,954.3 2,931.5 568.2 169.9 128.7 560.5 384.7 757.3 2,569.3 835.7 1,295.4 1,094.4 159.6 Feb. 28... 1,912.1 6,033.1 3,004.5 576.9 168.0 119.7 548.1 409.8 799.4 2,621.9 858.2 1,316.1 1,069.8 167.0 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 1,269.4 1,090.3 175.8 Apr. 30... 1,900.2 5,884.9 2,837.2 437.8 180.9 107.9 598.7 394.1 754.2 2,473.6 816.2 1,334.2 1,101.8 159.2 May 31*.. 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 1,313.3 1,081.3 173.9 June 30*.. 1,894.6 5,738.5 2,716.8 404.7 196.4 120.9 572.7 384.3 681.8 2,360.8 779.7 1,337.2 1,077.4 183.4 Preliminaryy. 1 AAmounts outstanding June 30 (in millions of dollars): foreign'brokerage balances in U. S., 65.0; U. S. brokerage balances abroad, 23.9. 2 Country breakdown is for "Official and privivataet."" 1148 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 * Date E O u t r h 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 USSR Y sl u a g v o ia - ot A h 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 \ 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—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 til 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. 30.... 754 2 148.1 40 6 17.4 180 1 30.3 14.3 83 0 39.3 5.4 12.8 49.9 13.7 73 112.0 May 31P... 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 June 30P. . 681.8 124.0 32.8 18.2 160 0 28.5 14.2 69.0 33.0 6.9 9.8 55.8 12.4 6.8 110.3 Latin America * Neth- French er- Date A L m i a c t a e i r n - A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - C R o i s c t 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 an d e d i s e t s s P m an a a- Peru V zu e e n l e a - O A L m t a h t e e in 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 17.4 24.2 95.4 1944—Dec. 31... 909 3 93 9 17.7 140.8 55 0 83.6 7.4 139.3 4.4 83. 1 36.0 69. 1 27.7 31.5 119.8 1945—Dec. 31... 1,046 4 77 3 14.5 195.1 66 3 79.2 6.9 128.3 7.1 116.4 28.2 88. 7 43.9 49.7 144.8 1946—Dec. 31... 1 104 8 112.6 14.0 174.0 50 7 57.g 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—July 31... 1,202 7 189 8 12.1 113.8 60.2 48.7 9.0 225.6 1.1 135.4 18.4 73.1 45.1 76.0 194.5 Aug. 31... 1,226.2 189 8 13.0 117.4 55 9 46.5 8.6 234.9 1.0 152.6 17.8 70.7 48.4 76.7 192.9 Sept.30. . . 1,224 3 208 2 12.5 115.7 51 5 38.9 7.2 231.2 .8 150.7 21.5 67. 7 50.4 88.7 179.3 Oct. 31. .. 1,261 2 224 8 14.4 122.3 58 3 46 2 6.9 221.4 .8 148.9 23.3 71 0 52.1 97.5 173.3 Nov. 30... 1,227 7 210 0 16.2 131.3 52 9 50 5 8.0 217.3 1.2 145.7 22.3 69.8 50.5 77.9 174.2 Dec. 31.. . 1,287 0 215 8 17.1 123.7 55 6 54 0 8.9 219.4 1.2 146.7 24.3 71 8 52.6 121.7 174.0 1949—Jan. 31... 1,295 4 225.7 16.4 120 1 54 5 55 5 9 7 218.8 .9 142 9 24 8 72 2 51 0 122 4 180 6 Feb. 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.30 1,334 2 225.0 14.8 126.9 62 6 39 4 10.7 229.9 .7 138 4 24.8 77 1 50.6 137.1 196 2 May 31P... 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 June 30P. . 1,337'.2 229.8 14.8 114.7 56.3 51 9 6.6 167.7 .6 162 6 24.1 70 0 52.9 187.5 197.8 Asia and All Other1 China Egypt Date Asia M c a r h n i a u a d n - - F C I r n h e d i n n o c a - h K H 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 s o ia - i p P p u h p b i i l l n - i e c T k u ey r-O A th si e a r 3 o A th l e l r A t l u r ia a s - -N l Z a e e n a w d - A E t a n i g n a g y d n l p o - -F r r M o e c n o c c - o h A S U f o r o n u i f c i t o a h n Other Sudan 1942—Dec. 31. .. 930.0 360.9 27.4 41.6 13.1 1 0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6 8 12.1 11 0 91.8 1943—Dec. 31. .. 1,108.8 574.2 27.4 23.9 18.2 9 4.1 110.1 259.135.4 55.5 175.3 25.3 5.1 6 1 10.3 4.5 124.1 1944—Dec. 31. .. 1,069.2 427.3 27.4 22.9 22.1 1 3 4.0 110.5 365.823.7 64.2 174.0 52 9 3.5 7 3 4.3 8 3 97.6 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—July 31. . . 1,095.2 158.2 5.3 49.7 63.5 15 6 79.2 32.9 517.421.1 152.3 161.1 23.8 3.7 33 2 10.9 15 7 73.7 Aug.31.. . 1,074.8 146.4 5.9 47.2 50.6 14 7 76.8 36.7 521.722.4 152.5 168.3 22.0 5.5 42.6 11.1 12 4 74.6 Sept.30. . . 1,105.0 181.7 5.3 49.0 44.8 15 8 74.2 51.9 496.124.4 161.9 165.1 18.7 6.9 36 3 11.0 8 6 83.5 Oct. 31. . . 1,085.2 154.6 6.4 43.3 40.9 13 9 76.8 54.0 508.4 18.0168.9 176.6 19.1 5.3 36 8 11.9 8 8 94.7 Nov.30.. . 1,121.5 194.1 5.7 48.7 44.7 9 7 77.9 50.1 502.018.0 170.7 167.4 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 17.5 183.3 167.4 22.2 5.3 27 7 11.4 15 8 84 9 1949—Jan. 31... 1,094.4 190.1 8.2 57.3 42.4 11 4 91.6 41.0 450.4 18.7 183.4 159.6 17.5 4.3 24 2 11.5 12 6 89.4 Feb. 28... 1,069.8 182.2 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. .. 1,090 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.30.... 1,101.8 161.9 8.0 52.6 51.6 12 3 123.2 33.5 426.8 17.2214.8 159.2 15 4 5.3 37 9 12.0 10 0 78.7 May 31 P.. . 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 June 30PV '. 1,077.4 119.2 6.1 67.7 60.9 12.5 141.6 36.1 383.7 15.3234.3 183.4 19.711.6 54 1 11.9 10.0 76.1 * Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. * Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 1 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. 1149 SEPTEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Con tinned SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L i m a c t a e in r- Asia ot A h l e l r 1941—Dec. 31 367.8 20.9 1.8 1.1 2.6 1.5 60.5 88.4 33.6 148.3 87.9 9.7 1942—Dec 31 246.7 12.6 1.3 .5 1.5 .4 56.3 72.6 34.3 99.7 35.3 4.8 1943—Dec. 3i 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—juiy 3i 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—jaru 3i 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. 30 945 5 18 0 114.4 11 5 7.1 23 1 82 9 257.1 34 2 SO* 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 June 3QP 849.9 17.0 87.3 4.7 6.3 27.1 83.6 226.0 33.9 424.1 147.0 18.8 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe 1 Date E O ur th o e p r e g B iu e m l- m De a n rk - l F a i n n d - Ger- Greece L b u o x u e r m g - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- USSR Y sl u av g i o a - o A th 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 30.4 12.4 3.3 1.0 7.2 4.9 9.4 1947—Dec. 31. 118.9 15.0 6.2 30.5 10.6 9.2 1.1 .9 5.4 35.8 8.0 1948—July 31. . 136.9 18.5 .7 5.3 30.4 4.6 12.7 .9 2.5 7.2 54.1 Aug. 31.. 154.8 20.0 .6 4.6 30.4 4.1 17.2 .8 3.3 5.2 51.2 Sept. 30. . 147.3 17.7 1.0 3.8 29.5 3.3 24.2 .7 5.4 2.3 48.1 Oct. 31.. 148.3 21.0 1.1 3.4 33.6 3.6 27.3 .7 5.5 .6 39.1 Nov. 30. . 124.9 21.3 1.1 3.3 30.4 3.5 14.9 .5 2.7 .0 38.5 Dec. 31.. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 .4 29.7 1949—Jan. 31. . 102.0 20.4 1.5 3.8 29.6 .9 14.8 .7 1.2 .5 27.4 Feb. 28.. 97.3 18.5 1.3 4.2 29.5 .8 14.9 .6 1.8 .3 24.3 Mar. 31.. 85.5 18.1 1.7 3.0 29.8 .9 8.7 .6 1.6 .5 19.7 Apr. 30. . 82.9 16.5 1.4 3.9 29.6 1.0 8.3 .5 2.8 .4 17.5 May 31 P. 84.1 18.3 .9 4.9 29.8 .8 8.7 .5 4.8 .4 14.1 June 30P 83.6 18.9 1.1 4.8 29.8 1.0 8.6 .5 4.2 .5 13.2 Latin America * Date A L i m a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - C R o i s c t a a Cuba F I W G r n a e d n u e n i d s i e c - t s h Mexico N I l W n S e a a d t n u n e h i d d r 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 m t a c h t a e e in r r ana 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—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 .5 67.6 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 .3 61.4 72.3 1.2 4.1 3.9 18.8 33.2 Oct. 31 511.5 63.8 2.9 175.0 21.0 39.8 .1 65.5 76.6 1.3 4.0 4.2 20.8 35.5 Nov. 30 510.4 66.8 2.4 179.8 18.8 33.7 .5 72.5 70.4 1.0 3.9 4.2 18.2 37.1 Dec. 31 516.6 72.4 2.7 165.4 15.2 32.6 .9 83.1 73.8 1.5 4.6 4.4 26.0 32.7 1949—Jan. 31 506.7 65.7 2.9 171.4 15.4 31.2 2.3 84.0 70.5 1.4 4.3 4.9 23.4 29.4 Feb. 28 513.1 67.2 2.2 178.7 16.0 29.3 2.2 81.9 71.8 1.2 4.3 5.1 24.3 28.8 Mar. 31 505.1 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. 30 505.9 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 June 30P 424.1 57.6 3.0 155.0 12.2 37.7 2.5 21.0 68.3 1.1 4.5 7.1 23.7 30.4 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Less than $50,000. 1150 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 Other 1 Date Asia C M c a r h h n i a i u a d n n - a - F C I r n h e d i n n o c a - h H Ko o n n g g India B l M a is r y a h i a t - - Japan I n n e d si o a - i p p P u R p h b e i i n l - l i - e c T k u ey r-O A th si e a r 'ot A h l e l r A t l u r ia a s- - l N Z an e e a w d - A S E E t a u g n i g n d a g y y d n a l p p o n t - -F r r M o e c o n c - c o h A U So f n o r u i i f c o th a n Other 1942—Dec. 31 35.3 11.1 (8) .9 2.2 .7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 .1 («) 1.7 1.2 1 1 9 9 4 4 3 4 — — D D e e c c . . 3 3 i 1 2 5 6 1 .4 3 1 1 . . 7 5 ( ( 3 3) ) 1 .9 0 2 2 2 . . 0 3 . . 5 1 . . 5 5 1 1 . . 7 5 1 1 3 3 .8 9 * 1. 8 ? 8 1 . . 8 8 1 3 1 .7 9 .6 . . 2 2 . . 1 2 8 9 2 .7 4 1. . 0 7 1945—Dec. 31 .. 29 9 1.0 (8) 8 7.5 .1 .5 1.4 13 8 } O 2 7 9 9 1 7 7 .3 4 7 2 5 1 1 9 9 4 4 7 6 — — D D e e c c . . 3 3 1 1 1 9 2 9 7 . . 2 0 5 40 3 .9 8 (») 5 2 . . 9 6 2 1 9 2 . . 6 0 . . 9 2 . . 2 9 1. . 0 5 2 20 7 . . 2 4 1 1 7 . .7 4 4 6. . 3 4 3 1 1 7 . . 5 2 3 9 . . 4 0 1 1. . 5 1 . . 4 1 W.s 1 14 0 . . 4 1 2 6 . . 2 0 .3 1948—July 31 132 3 56.7 3 5 22.2 1.0 1.5 .9 32.4 25 11.3 20.6 ? ? .6 .5 .2 11.1 6.0 Aug. 31. 119.1 46.2 ..42 3.9 20.2 .8 2.0 .4 33.2 1.0 10.3 22.5 3.6 .7 2.2 .2 9.9 5.9 Sept. 30 141.0 65.5 .1 3 5 19.5 1.0 7.6 .5 29.5 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 .3 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 S .6 .2 .3 11.7 6.8 Dec. 31 118.8 24.2 .1 3.4 20.4 .4 15.9 1.9 37.3 4 13.8 19.7 4 7 .5 .4 .2 7.9 6.1 1949—Jan. 3i 128 3 22.7 5 5 2 21.3 .6 22 9 3 2 33 8 4 16 7 20.5 5 4 1 l 5 .2 6 4 6.9 Feb. 28 130.6 21.6 .2 3 7 20.9 .9 27.7 1.1 33.8 1 6 19.1 17.8 S 1 .5 .4 .4 5.1 6.3 Mar. 31 131.4 19.7 .4 4.3 20.4 .5 34.9 1.1 31.7 1.1 17.2 18.0 5.8 .7 .3 .2 4.1 6.9 Apr. 30 130.0 18.2 .4 4.8 20.9 .7 34.3 1.2 30.5 1.5 17.7 18.4 5.5 .8 .5 .3 4.3 7.0 May 31 P. .. 141.4 18.0 .2 6.4 20.0 .7 37.4 1.5 31.9 2.1 23.3 19.0 5.3 .8 .4 .6 5.3 6.6 June 30 P . 147.0 18.4 (3) 3.2 21.0 6 39 4 1.1 30 2 Q 32 4 18 8 5 4 1 0 4 2 4 6 7 2 * Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 1 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 .1 m re o p n o t r h te ly d A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 C B o el n g g ia o n 3 U St n a i t t e e s d * C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au l s ia tra- India6 $1=1 5«/n erains of gold'/wfint; i. c, ati ounce Ofj fine golcI ~$35. 1941 1,265.6 1,110.4 504.3 27.8 32 A 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52.4 10.0 1942 1,125 7 982.1 494.4 26.6 29.2 18.0 131.0 169.4 28.0 20.9 6.4 8 6 40 4 9 1 1943 '867.7 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 r782 0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19.4 7.1 7 9 23 0 6 6 1945 '739.0 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 '754.1 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 763 9 705.5 392.0 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 1948—june 60.0 33.9 1.5 1.9 1.0 5.5 10.2 .9 .7 .5 6 2 8 5 July 64 4 34.5 6 2.0 .9 6 0 10.4 2.3 1 2 4 6 3 8 7 Aug 62.2 33.7 L.4 2.0 1.0 7.4 10.7 .6 1.0 .4 .7 2.6 .6 Sept. . . 61 6 33.3 S 2.1 .9 7.2 10.3 1.1 1.0 4 7 2 5 Oct 61.1 33.4 L.6 2.0 .9 6.3 10.7 .4 1.0 .9 .7 2.6 .6 Nov 60.5 33.2 S 2.1 .9 5.1 10.9 1.2 1.2 .5 .6 2 7 Dec. . 60 2 33.1 6 2.0 .9 4.8 11.4 1 0 8 4 6 2 8 5 1949— F j e an b 5 56 8 . . 4 3 3 3 2 1 . . 9 0 L.5 S 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 2 2 .4 4 .6 5 Mar 34.6 6 2.0 1.1 5.5 12.0 1.1 .5 .6 2.3 Apr 33 4 1 7 1 9 1 0 5 7 11 4 1 i 4 5 2 4 5 May 34.3 1.9 1.1 5.6 11.6 .6 6 June 34 8 5.5 6 ' 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. 1 Reported by American Bureau of Metal Statistics. 4 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. 6 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 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; and 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. SEPTEMBER 1949 1151 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 i 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 - h ia o- m De a n rk - Egypt France m G a e n r- y Greece 1942—Dec 22,726 22,739 614 735 115 161 36 25 16 61 44 52 2,000 29 28 1943—Dec 21,938 21,981 838 734 254 230 54 59 46 61 44 52 2,000 29 28 1944—Dec 20,619 20,631 992 329 300 79 92 111 61 44 52 1,777 29 28 1945—Dec 20,065 20,083 1,197 716 354 361 82 127 191 61 38 52 1,090 1946—Dec 20,529 20,706 1,072 735 354 543 65 145 226 61 38 53 796 1947—Dec 22.754 22,868 322 597 354 294 45 83 279 32 53 548 1948—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— F j e an b 2 2 4 4 , , 2 27 9 1 0 2 24 4 , , 4 4 6 4 4 8 6 6 3 3 5 3 3 3 1 1 7 7 4 4 1 1 5 6 4 4 4 4 2 2 8 8 9 9 3 3 2 2 5 5 3 3 5 5 4 4 8 8 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 53 523 June... 24,466 24,637 704 317 428 44 32 523 July.... 24,520 24,705 720 44 32 523 End of month H ga u r n y - India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru P g o a rt l4 u- 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 *3 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 * 180 100 231 23 72 20 193 J>215 762 111 1948—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 20 166 88 June 35 247 122 178 166 52 149 July.... 36 178 166 Bank End of month S d w e e n - S la w e n r i - d tz 8 - T k u e r y - U d K n o i m i n t g e 7 - d g U u r a u- y V z e u n el e- a t c o r o t i 1 h e u 6 s e n r - 8 n M a I F t n t a u o i t o r e n n y n r d e - a - l f S t t o i e e o r r t n n t I l a n a e l - - - Government g p o r ld e v r io e u se s rv fi e g s u 1 re n s ot included in ments United 1 1 9 9 4 4 3 2 — — D D e e c c . . . . . . 3 3 3 8 5 7 8 8 9 2 6 4 5 1 16 1 1 4 1 8 2 9 1 6 8 8 9 1 17 3 2 8 2 4 1 5 End of month K d i o n m g- France Belgium 1944—Dec... 463 ,158 221 157 130 190 37 1945—Dec... 482 ,342 241 195 202 192 39 1946—Dec... 381 ,430 237 200 215 195 15 32 1942—Dec.. . . 17 1947—Dec... 105 ,356 170 175 215 198 1,356 30 1943—Dec 17 1948—Aug.., 81 ,332 161 187 304 216 1,403 31 1944—Dec 22,354 214 17 Sept.. 81 ,371 160 181 304 216 1,403 38 1945—Dec 22,341 457 17 Oct... 80 ,372 160 172 304 216 1,403 37 1946—June 22,196 N De o c v . . . . . 8 8 1 1 , ,3 3 8 8 7 3 1 16 6 2 0 1 1 6 6 6 4 3 32 2 3 4 2 2 1 1 5 9 1 1 , , 4 4 1 3 0 6 4 3 4 6 Dec 22,587 1949—Jan... 80 ,390 162 164 323 222 1,436 36 1947—Mar 22,345 Feb... 80 ,394 162 164 323 226 1,436 41 June.... 22,382 A M p a r r . . . . . 8 8 0 0 , . 4 41 0 2 8 1 16 6 1 2 1 1 6 6 4 4 3 3 2 2 3 3 P 2 2 3 3 1 1 1 1 , , 4 4 3 3 6 6 4 5 9 0 Sept 22,341 May. 71 ,432 161 164 323 J>231 1,440 55 Dec 22,035 J J u ul n y e . . . 7 7 1 1 1,419 160 3 3 2 2 3 3 P P 2 2 3 3 1 1 1 1 , , 4 4 4 4 8 0 6 5 0 5 1948— J M u a n r e.... 2 2 2 1 , , 2 8 0 8 0 6 Sept 21,733 ' Preliminary. Dec 21,822 no 1 t I i n n c c l l u u d d e e s d 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 v i e s 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 t e e d s M by o n c e o y n , v O er u ti t n s g ta n g d o i ld n g a t a n h d o m in e C in i rc a u m la o t u io n n ts , b u y p t K o in 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 * T Fi o g t u al r e g s o a ld s h re o p ld o i r n t g ed s a b r y e n F o o t r e a i v g a n i l E ab x l c e h . ang B e e g C in o n n i t n ro g l A B p o r a il r d 1 9 a 4 n 6 d , t M he i n s i e s r t i e e r s i o s f n F e i w n a a n n c d e . repre- and 2 G R ro e s n s t es o ff F ic u ia n l d ; h B ol e d l i g n i g u s m — of Tr g e o a l s d u ry an . d U. S. sents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities. dollars as reported by British Government; 6 Figures are for following dates: 1942—Jan. 31; 1946—Mar. 31; and 1947—Mar. 31. total British holdings (official and private) of 8 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. 1148. 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. 1154, footnote 4, and p. 1155, Pakistan beginning July 1948, and Thailand. Figures for certain of these countries have footnote 8. For available back figures, see been carried forward from last official reports. Banking and Monetary Statistics, p. 526, and NOTE.—For back figures, see Banking and Monetary Statistics, Table 160, pp. 544-555, BULLETIN for January 1949, p. 86; November and for a description of figures, including details regarding special internal gold transfers 1947, p. 1433; June 1947, p. 755; and February affecting the reported data, see pp. 524-535 in the same publication. 1945, p. 190. 1152 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g ed - g B iu el m - France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942 315.7 2.0 11.3 208.9 .1 10.6 40.0 8.7 4.0 1943 68.9 .1 66 9 — 10 8 -3.3 7.5 2.2 1944 -845.4 -695.5 46 2 —50 3 -109.7 7.7 -55.3 1945 -106.3 .2 53.1 15.1 7.4 -56.1 1946 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947 1,866.3 488.4 162.9 28.0 27.9 445.4 335.5 21.0 -7.1 7.6 -.8 1948 1,680.4 1,095.4 *i35.5' 34 4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1948—July 266.7 178.0 1.4 30.5 6.9 5.0 3.9 .7 Aug 39.1 4.4 .7 5.9 3 0 9.7 .6 -40.0 Sept 53.3 1.2 5.2 11 2 .7 23.7 2.0 .1 .8 Oct 121.6 40.7 5.7 5.7 .3 20.5 2.0 .3 .7 Nov 54 2 5 8 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 -.1 May 9.5 .3 2.0 .3 .4 June 6.9 -.1 .3 .4 .6 July* 131.1 121.8 9 .2 .7 -.1 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 end of period Increase Net marked Domesin total gold im-gold: de- tic gold Period gold port or crease produc- Y m e o a n r t h 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 e n l - i 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 i stock ex (- p ) ort c o r ( r e - ) a in se - tion* 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 .1 .4 .5 1947 22,754 22,868 82,162.1 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 70.9 1947 —17.1 ..... i. -14.0 —3.5 410 7 -18.6 1948 7.3 .6 -2.5 491.5 !-63.5 1948—Aug.. . 23,725 23,927 107.0 39.1 59.5 7.4 Sept... 23,872 24,060 133.4 53.3 98.1 7.2 1948—July... .8 -.1 40.5 -1.1 Oct.. 24,004 24,203 143.2 121.6 1.0 6.3 Aug.. . .5 __ -i 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 24,705 67.3 P131.1 -19.9 5.7 Apr.... .5 -5.2 — .2 19.4 -5.2 Aug.. . *>24,607*>24,77l *66.0 (4) 5 -208.5 0) May. 4 3 6 3 — 6 June.. .8 -.1 9.5 -4.5 July P.. .6 -3.5 -.2 12.7 -2.1 P Preliminary. 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. 1151. P Preliminary. a 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 3,906.1 million dollars on Aug. 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. SEPTEMBER 1949 1153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1949 1949 1948 International Fund International Bank July Apr. Jan. July June Mar, Dec. June Gold ; 1,448 1,436 1,436 1,400 Gold Member currencies (balances with de- Member currencies (balances with depositories and securities payable on positories and securities payable on demand): demand): United States 1,340 1,341 1,391 1,441 United States 59 74 81 102 Other members 4,185 4,186 4,024 4,000 Other members , 928 929 927 918 Unpaid balance of member subscriptions. 1,070 1,069 1,181 1,143 Investment securities (U. S. Govt. obli- Other assets (9 0) (x) 0) gations) 453 444 429 422 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 - 4 3 7 8,0 - 3 2 4 8,0 - 3 2 4 7,9 - 8 1 6 L C o a i a l n l n s c s h o n ( o i s n b u c l b i l g . s c a u t r i n i o p d n t i i s s o b n u s s o r s t l o d ed c u a p n p o d it r e a t r l i o s n t B o s a c n k a k n 3 ' d . s . 5 5 5 5 guarantee) 650 559 509 497 1949 1948 Other assets 6 10 5 5 Net currency purchased 2 Bonds outstanding 254 254 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- July June May July antee 27 26 8 Loans—undisbursed 124 51 10 27 Other liabilities 4 5 4 4 Belgian francs 33.0 33.0 33.0 33.0 Special reserve 8 7 6 3 Brazilian cruzeiros 15.0 15.0 15.0 Capital 1,670 1,667 1,667 1,657 Chilean pesos Accumulated net income 14 10 3 Costa Rican colones .4 .4 1.3 Czechoslovakian koruny. 6.0 6.0 6.0 Danish kroner 10.2 10.2 10.2 10.2 1 Less than $500,000. Egyptian pounds .0 3.0 3.0 2 As of July 31, 1949, the Fund had sold 725.5 million U. S. dollars; Ethiopian dollars .3 .3 .3 in addition, the Fund sold to the Netherlands 1.5 million pounds French francs 125.0 125.0 125.0 125.0 sterling in May 1947 and 300 million Belgian francs in Mary 1948, and Indian rupees 100.0 100.0 100.0 44.1 sold to Norway 200 million Belgian francs in June and July 1948. Mexican pesos 22.5 22.5 22.5 22.5 Repurchases amounted to 874,000 dollars. Netherlands guilders.... 75.4 75.4 75.4 75.4 3 Excludes uncalled portions of capital subscriptions, amounting to Nicaraguan cordobas .5 6,679 million dollars as of June 30, 1949, of which 2,540 million repre- Norwegian kroner 9.6 9.6 9.6 9.6 sents the subscription of the United States. South African pounds. . . 10.0 10.0 10.0 Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 300.0 300.0 Total. 724.6 724.6 725.5 633.6 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 n es a v c n o a D d n u i c n s a e - t d s s - Se t c ie u s ri- ci t r io cu n l a * - Bankers' Pub D li e c posi E ts .C.A. Other t c l i O i e a a s p t b h i a i t e l 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 1935—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 193g—Dec 28 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 * .2 580.0 26.6 4 3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec 25 .2 630.0 14 2 4 0 199 1 616.9 135.7 12.5 51.2 17.9 1941—Dec 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950 0 27.7 3 5 267.9 923.4 223.4 9.0 43.8 17.9 1943—Dec 29 .2 1,100 0 12 5 2 5 307 9 1,088.7 234.3 10.3.. 60.4 17.9 1944—Dec 27 .2 L,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec 26 .2 1,400 0 20.7 8 4 327 0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 194g—Aue 25 .2 1,300.0 48.0 5.4 405.8 1,253.3 300.3 16.9 33.4 90.1 18.4 Sept 29 .2 1,300.0 65.4 25.0 397.3 1,236.4 300.0 22.3 53.6 93.3 18.5 Oct. 27 .2 1,300.0 72.1 19.3 359.6 1,230.8 307.5 13.1 19.6 93.0 17 8 Nov 24 .2 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 1L,325.0 36.1 16.7 401.1 11,293.1 314.5 11.7 17.4 92.1 18.1 1949—jan, 26 .2 i ,300.0 79.9 26.0 326.1 1,224.5 294.7 21.4 8.4 89.4 18.3 Feb. 23 .2 ,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 .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 1,300.0 26.7 27.0 372.0 L,277.9 294.5 8.6 13.5 90.9 18.2 July 27 .2 51,350.0 49.9 15.3 381.6 L.305 1 294.0 11.2 32.4 91.0 18.3 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, decreased by 25 million on Jan. 5, 1949, and increased by 50 million pounds on July 6, 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. 1154 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Dom cia in l io g n o v a e n r d n m p e ro n v t in- Deposits (Figures i i n a 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 c dollars S te h r o m r t- l Other Ch b a a r n te k r s ed D g o o m ve in rn io - n Other capital« ment 1938—Dec. 31 185.9 28.4 144.6 40.9 5.2 175.3 200 6 16.7 3.1 9.3 1939—Dec. 30. 225.7 64 3 181 9 49.9 5.5 8 0 46.3 17 9 13 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. . S 807 7 209.2 31.3 693 6 7S9 9 51.6 19.1 74 0 1943—Dec. 31 6 787 6 472.8 47.3 874 4 340 20 5 17 8 4 1944—Dec. 30. . 172 3 906 9 573.9 34.3 1 036 0 401 7 12.9 27.7 209 1 1945—Dec. 31. . 156 8 1 157 3 688.3 29.5 1 1 571 7 153.3 29.8 198.5 1946—Dec. 31. . 1 0 1 197 4 708.2 42.1 1 186 S6S s 60 5 93 8 4? 7 1947—Dec. 31. . 2 0 1 07? 0 858.5 43.7 1 4 536 68.8 67.5 47 4 1948—Aug.31 .1 1,155.2 778.1 50.2 ,226.9 525.1 105.1 90.3 36 2 Sept.30 ? 1 , 3 757.2 55.3 767 7 SSO9 87 3 78 2 44 7 Oct. 30. . 1 0 1 779 6 741.3 57.7 775 1 S81 0 110.0 72.2 41 3 Nov. 30 1 1 1 794.0 46 8 ?73 s 579 6 86 5 64 1 59 Dec. 31. . 4 1 733 7 779.1 45.4 ,289. 1 547.3 98.1 81.0 43 1 1949—Jan. 31. .. (5) 1 188 3 806.9 50.2 1,229.2 S4S 1 141.8 86.8 47 s Feb. 28 A 1 180 s 800.7 54 9 1,221 9 S31 o 178 4 79 6 ?S 7 Mar.31. . 82 3 1 087.1 812.1 70.6 1 745 3 S40 3 62 6 84.8 119 n Apr. 30. . 61 1 1 199 0 822.9 57.9 1 764 7 587 3 115.1 80.8 93 0 May 31. . 56 4 1 148.1 836.2 57.5 1 763 8 571 101 4 65 2 96 7 June 30... 62 7 1 379 6 636.8 56.9 1 770 0 S68 3 112.2 73.7 111 8 July 30 52.9 1,499.2 499.5 45.1 1,271. 0 566.9 94.3 73.8 90 6 Assets Liabilities Bank of France Advances to mill ( io F n ig s u o r f e s f r i a n ncs) 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 S e p s e t c i i c a l bills Other Cu G rr o e v n e t rnm O e t n h t 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 o . s R its 7 Other l O c ia a t a t i b n p h e i d s i e l t i r a - l 1938—Dec. 29.. . 87,265 821 1,892 1,797 7,880 30,627 14 0?8 110 93S S 061 ?S 595 ? 718 1939—Dec. 28... 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1914 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\ko6 27 202 3 586 1941—Dec. 31... 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1517 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 . 7S,151 42 1?,170 48 18,592 15,850 475,447 ?0 89? S7? S10 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 ,865 765 63 468 7 1947—Dec. 31... 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82 479 10942 1948—Aug. 26... 65,225 50 77,286 544 163,109 156,800 558,039 42,176 844,894 858 203 467 14011 Sept.30 . 6S,225 60 90,928 4,808 161,571 160,700 558,039 76 873 910 633 788 193031 13 75? Oct. 28 6S 225 35 81 952 Q,901 197 297 158,000 558,039 S1,510 917 7S7 764 187 657 is 780 Nov.25. . 65 ,225 36 83 ,365 10,908 197 ,428 151,200 558,039 48 9S? 913 734 759 178 090 18 070 Dec. 30... 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16206 1949—Jan. 27.. . 65,225 34 88,286 4,996 ,795 146,200 558,039 S3,426 97?,604 822 163 513 1806? Feb. 24 65 ,225 53 94 010 4,816 ?S7 ,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 13693 25 ,274 74 118 855 1,876 ,698 155,000 560,990 S6 7?9 1,043,180 890 170 018 409 June 30... 8 62,274 7,775 156,208 894 258,294 166,900 560,990 81,046 1,115,608 286 162 969 15518 July 28... 8 62,274 14,380 137,189 4,486 296,228 162,700 560,990 9 69,764 1,134,440 195 157 714 15661 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 3 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 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. 9 Includes advance to Stabilization Fund, amounting to 8.5 billion francs on July 28. NOTE.—For tack fgures en 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. SEPTEMBER 1949 1155 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) July June May July date of month) July June May July Central Bank of the Argentine National Bank of Costa Rica— Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 506 434 620 Gold 11,545 11,684 Other gold and foreign exchange.! 1,590 1,684 1,898 Foreign exchange 18,777 14,102 Government securities 1,749 1,741 873 Contributions to Intl. Fund and Rediscounts and loans to banks 1. 25,525 24,470 17,459 to Intl. Bank 30,321 30,321 30,321 Other assets 173 127 3,012 Loans and discounts 85,939 82,668 84,650 Currency circulation2 8,184 8,052 6,077 Securities 18,612 18,613 16,490 Deposits—Member bank 518 Other assets 10,857 11,223 1,745 Government 1,765 Note circulation 103,410 104,659 104,366 Nationalized1 18,931 18,007 14,267 Demand deposits 63,128 61,120 47,632 Other sight obligations 600 626 305 Other liabilities and capital 6,687 7,368 6,993 Other liabilities and capital 1,827 1,772 931 National Bank of Czechoslovakia Commonwealth Bank of Aus- (millions of koruny): tralia (thousands of pounds): Gold and foreign exchange * 3,084 3,205 3,403 Gold and foreign exchange 391,980 397,785 263,709 Loans and discounts 24,522 22,122 19,349 Checks and bills of other banks.. 7,032 3,930 3,083 Other assets 48,383 48,478 50,736 Securities (incl. Government and Note circulation 65,171 65,255 61,518 Treasury bills) 339,785346,695 376,869 Deposits 474 41 1,773 Other assets 60,685 60,148 47,720 Other liabilities and capital 10,344 8,508 10,197 Note circulation 212, i 09,605 196,605 National Bank of Denmark Deposits of Trading Banks: (millions of kroner): Special 369,520390,120 281,980 Gold 70 70 70 70 Other 24,162 26,032 22,699 Foreign exchange 231 130 120 101 Other liabilities and capital 192,945 182,800 190,096 Contributions to Intl. Fund and Austrian National Bank (millions to Intl. Bank 65 65 65 65 of schillings): Clearing accounts (net) 12 Gold 50 50 50 48 Loans and discounts 29 29 22 16 Foreign exchange 151 129 144 98 Securities 94 100 109 87 Loans and discounts 1,319 1,245 1,191 251 Govt. compensation account. . . . 4,813 ,814 4,847 5,202 Claim against Government 7,034 6,816 6,780 7,324 Other assets 140 226 213 178 Other assets 11 6 6 5 Note circulation 1,450 ,478 1,472 1,446 Note circulation 5,996 5,797 5,766 4,737 Deposits—Government 1,762 ,728 1,716 1,805 Deposits—Banks 243 363 372 610 Other 2,083 ,083 2,115 2,326 Other 773 563 799 409 Other liabilities and capital 148 146 144 154 Blocked 1,553 1,523 1,234 1,971 Central Bank of the Dominican National Bank of Belgium 3 Republic (thousands of dollars) (millions of francs): 4,009 009 4,009 4,000 Gold 31,551 30,859 29,120 27,922 Foreign exchange (net) 11,252 499 10,020 16,055 Foreign claims and balances (net) 12,339 12,205 12,271 Net claim on Intl. Fund s 1,250 250 1,250 1,250 Loans and discounts 3,175 4,554 4,770 Paid-in capital—Intl. Bank 40 40 40 40 Consolidated Government debt.. 34,991 34,991 34,991 Loans and discounts 210 171 178 Government securities 6,058 4,800 2,571 Government securities 4,974 974 4,974 "3!666 Other assets 2,771 3,781 3,858 Other assets 771 746 774 104 Note circulation 85,794 84,938 82,853 81,112 Note circulation 18,010 203 16,900 18,883 Deposits—Demand 2,189 3,034 2,275 Demand deposits 4,274 276 4,144 5,422 E. C. A 561 1,015 288 Other liabilities and capital 222 211 202 146 Other liabilities and capital 2,340 2,202 2,165 Central Bank of Ecuador Central Bank of Bolivia—Mone- (thousands of sucres): tary dept. (millions of bolivianos) Gold 278, 331278,419 277,330 Gold at home and abroad 956 954 Foreign exchange (net) -36 561 -9,295 -1,954 Foreign exchange 183 248 Net claim on Intl. Fund6 16 881 16,881 16,882 Loans and discounts 722 448 Credits—Government 236 107194,047 Government securities 761 730 Other 111 026105,225 Other assets 47 9 Other assets 115,428115,242 104,357 Note circulation 2,232 1,921 Note circulation 360 565345,620 325,801 O D t e h p e o r s i l t i s abilities and capital 2 22 1 2 5 2 2 3 3 4 4 Demand deposits— O Pr t i h v e a r te banks 1 9 1 5 9 0 43 5 6 4 1 9 1 7 0 , , 5 7 0 0 4 7 1242,074 National Bank of Bulgaria 4 Other liabilities and capital.... 146 158146,688 70,311 Central Bank of Chile (millions National Bank of Egypt (thouof pesos): sands of pounds): Gold & 1,318 1,317 1,324 1,152 Gold 6,376 6,376 Foreign exchange (net) 186 101 215 107 Foreign exchange 15,616 13,773 Net claim on Intl. Fund 6 1 1 1 1 Loans and discounts 3,819 1,920 Discounts for member banks. . . . 1,146 1,320 1,294 1,151 British, Egyptian, and other Loans to Government 732 732 737 782 Government securities 326,491 310,802 Other loans and discounts 2,260 2,239 2,120 1,345 Other assets 26,614 20,464 Other assets 1,448 1,434 1,523 1,350 Note circulation 146,104 130,681 Note circulation 5,066 5,163 5,129 4,293 Deposits—Government 101,325 79,142 Deposits—Bank 1,411 1,326 1,357 877 Other 122,911 134,100 Other 195 258 219 340 Other liabilities and capital.... 8,575 9,412 Other liabilities and capital 419 396 509 378 Central Reserve Bank of El Salva- Bank of the Republic of Colombia dor (thousands of colones): (thousands of pesos): Gold 35,933 977 36,029 36,510 Gold and foreign exchange 7 169,860 152, 025139,750 162,260 Foreign exchange (net) 52,178 463 54,416 39,820 Net claim on Intl. Fund 6 24,367 24 367 24,367 21,868 Net claim on Intl. Fund 6 1,564 564 1,564 1,564 Paid-in capital—Intl. Bank 1,370 1 370 1,370 1,230 Loans and discounts 299 354 191 1,190 Loans and discounts 170,231 196 523186,450 151,983 Government debt and securities. . 5,239 259 5,260 5,123 Government loans and securities. 135,057 134 722135,143 126,831 Other assets 1,489 634 1,648 1,596 Other assets 57,707 54 899 56,154 54,375 Note circulation 55,754 981 57,176 50,855 Note circulation 343,871347 286332,554 309,390 Deposits 34,786 ,313 36,005 29,188 Deposits 171,004 172 130165,012 166,218 Other liabilities and capital 6,164 ,958 5,928 5,759 Other liabilities and capital 43,718 44 491 45,669 42,939 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. * 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. * For last available report (January 1943). see BULLETIN for July 1943, p. 697. 5 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. - • 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 asrthe Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. T Gold not reported separately beginning May 31, 1948. » Gold not reported separately beginning Dec. 31, 1946. 1156 FEDERAL RESERVE BULLETIN 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) July June May July date of month) July June May July State Bank of Ethiopia—Issue Reserve Bank of India—Cont. dept. (thousands of dollars): Banking department:—Cont. Gold 4,393 891 Silver 6 271 ,052 9 632 Loans to Government 105 35 1 Foreign exchange 29,974 28,795 35,786 Other assets . .. 1,178 1 252 501 Treasury bills 9 247 9 247 2 832 Deposits 9,756 954 94? Other assets 30,381 30,717 29,243 Other liabilities and capital.... 297 307 192 Circulation—Notes 49,205 49,205 43,749 Central Bank of Ireland (thousands Coin 29,363 29,363 28,704 of pounds): Other liabilities and capital 1 698 1 Q3f> Gold 2 646 ,646 646 646 Bank of Finland (millions of Sterling funds 44,073 43,610 44,012 40,228 markkaa): Note circulation 46,719 46,256 46,658 42,874 Gold . 269 269 269 268 Bank of Italy (millions of lire): Foreicn assets (net} — ^09 —729 — 999 Gold 1,752 1 ,549 S75 Clearings (net) -2 ,047 -1,339 -1 ,801 -4 ,060 Foreign exchange . ... 17,841 23,643 14,216 Loans and discounts 39,766 37,225 37,904 38,071 Advances to Treasury 663,403657,274687 402 Securities 880 858 871 902 Loans and discounts . .. 185 915181 619 441 Other assets 1,594 1,473 851 887 Government securities 701 079 156 154 696 Note circulation 28,252 27,934 28,198 27,371 Other assets 347,877321,369126 707 Deposits 3,368 1,777 1,475 1,601 Bank of Italy notes 853 677846 994791 030 Other liabilities and capital.... 8,451 8,046 7,976 6,873 Allied military notes 42,841 43,757 55 715 Bank of German States l Deposits—Government 137,451 125 011 7 283 (millions of German marks): Demand 126,717 131,153 60 731 Foreign exchange 1,338 1,449 Other 747?05 55?165 146 Loans and discounts . ... 1,273 1 37? Other liabilities and capital.... 43 484 34 143 31 08? Loans to Government 8,527 8,553 Bank of Japan (millions of yen): Other assets . . .. 1,853 ,116 Cash and bullion 1 193 620 Note circulation 6 918 ,753 Advances to Government 10? 655 70 953 Deposits—Government 1,294 1,43? Loans and discounts 60 103 48 871 Banks 1 301 1 486 Government securities 130 976 96 031 Other 361 369 Reconversion Fin. Bk. bonds . . 66 983 49 856 Other liabilities and canital 3 117 450 Other assets 555 9 996 Bank of Greece (billions of drach- Note circulation . 305 938 741 365 mae) : Deposits—Government 44 433 8 007 Gold and foreign exchange (net). 310 641 Other 21 641 18042 Loans and discounts 61 16 Other liabilities 1? 403 5 914 Advances—Government 2,101 I,108 The Java Bank (thousands of Other 1,506 1,306 guilders): Other assets 5S7 Gold 470 984 470 984 470 983 Note circulation 1,219 1,046 Foreign bills 100 109 60? 70 974 Deposits—Government 375 190 Loans and discounts 69,318 66,489 69 677 Reconstruction and Advances to Government 1,000,751964,003937 242 relief accts. .. 345 96 Other assets 69 480 81,99? 80 450 Other 508 261 Note circulation 869,174858,377818 493 Other liabilities and capital 2,089 M,790 Deposits 771 341 746 446 718 715 Bank of Guatemala (thousands of Other liabilities and capital 70,290 88,247 92 117 quetzales): Bank of Mexico (millions of pesos): Gold 27,230 27,229 27,230 27,228 Monetary reserve 3 656 669 632 607 Foreign exchange 14,451 15,928 17 50? 18,839 "Authorized" holdings of secu- Gold contribution to Int'l Fund. 1,250 1,250 1,250 1,250 rities, etc. ... 2,477 2,037 1 853 1 545 Rediscounts and advances 3,393 2,537 81? 9,668 Bills and discounts 199 66? 698 747 Other assets 13 098 12 494 1? 090 11 749 Other assets . . 17Q 186 130 776 Circulation—Notes 33,373 32,899 3? 844 30,506 Note circulation 1 9S9 1 917 1 901 1 714 Coin 3 060 3 083 ,092 9 941 Demand liabilities . . 667 7S9 679 714 Deposits—Government 3,009 4,099 3,978 5 Other liabilities and capital.... 886 878 783 697 Banks 9 939 9,732 11,450 1?]527 Netherlands Bank (millions of Other liabilities and capital.... 10,040 9,626 9,519 9,948 guilders): National Bank of Hungary (mil- Gold 439 439 439 482 lions of forint): Silver (including subsidiary coin) 8 8 7 1 Gold 426 412 412 403 Foreign assets (net)4 43S 309 277 458 Foreisn exchance 175 207 227 50 Loans and discounts 164 150 152 181 Discounts 3 3 4 1 731 Govt. debt and securities 3,300 3,300 3 300 3,300 Loans—Treasury 309 310 311 340 Other assets 534 507 461 334 Other . 7,331 7,147 ,895 789 Note circulation—Old 76 78 79 118 Other assets 1S7 171 747 447 New 7,976 7,971 3 005 2,996 Note circulation 3,094 3,007 2,917 2,224 Deposits—Government 488 181 53 765 Demand deposits—Government 1 1 227 Blocked 47 62 38 51 Other 4 717 4 624 4 544 «725 E. C. A. 703 379 793 Other liabilities and capital.... 588 618 635 *583 Other 818 782 908 520 Reserve Bank of India (millions of Other liabilities and capital.... 271 260 260 305 rupees): Reserve Bank of New Zealand Issue department: (thousands of pounds): Gold at home and abroad 400 400 427 Gold 7 898 7,80? Sterling securities 6,953 7,103 10,808 Sterling exchange reserve 58,300 77.288 Indian Govt. securities 4,137 4,137 1,141 Advances to State or State un- Rupee coin 472 470 438 dertakings . ... 37,835 31,611 Note circulation 11 545 11 789 1? 340 Investments 3409 S 11 73? Banking department" Other assets 6,190 4,580 Notes of issue department 418 3?3 475 Note circulation 50,344 47,953 Balances abroad 1 328 1 554 3 120 Demand deposits 83 851 75,194 Bills discounted 25 98 37 Other liabilities and capital.... 5,124 4,865 r Revised. e Corrected. 1 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 2 Less than 500,000. 3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 4 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. 1157 SEPTEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1948 Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) July June May July date of month) July June May July Bank of Norway (millions of kroner): Bank of Sweden (millions of kronor): Gold 232 23: Gold 156 157 157 178 Foreign assets (net) , 150 198 Foreign assets (net) 465 416 362 188 Clearing accounts (net) -7. -64 Swedish Govt. securities and ad- Loans and discounts 81 76 vances to National Debt Office8 ,208 3,360 3,186 3,041 Securities 48 48 60 Other domestic bills and advances 82 83 83 150 Occupation account (net) , ,713 7,713 ,924 Other assets 370 401 361 463 Other assets 91 9 5 Note circulation ,928 2,996 2,906 2,784 Note circulation ,144 2,058 ,066 Demand deposits—Government.. 608 748 572 645 Deposits—Government , ,878 3,977 ,87 Other 244 182 230 119 Banks 841 90: ,193 Other liabilities and capital 502 491 440 472 Blocked 639 661 771 Swiss National Bank (millions of Other 165 161 292 francs): Other liabilities and capital. . . . 574 54 65 Gold ,160 5,998 6,037 ,560 Bank of Paraguay—Monetary dept. Foreign exchange 362 416 365 124 (thousands of guaranies): Loans and discounts 112 136 138 204 Gold 60: 607 621 738 Other assets 70 76 71 93 Foreign exchange (net) 904 ,108 3,214 158 Note circulation ,323 4,319 4,279 ,233 Net claim on Int'l. Fund 1 2,710 ,710 2,710 709 Other sight liabilities ,892 1,781 1,811 ,202 Paid-in capital—Int'l. Bank -92 -92 -9. -16 Other liabilities and capital 489 526 521 546 Loans and discounts 94,478 ,960 87,272 808 Central Bank of the Republic of Government loans and securities. 3,906 ,182 4,572 493 Turkey (thousands of pounds): Other assets 7,461 ,539 4,674 568 Gold 448,152 449,727 458,542 Note and coin issue 82,643 ,388 77,788 628 Foreign exchange and foreign Demand deposits. . .• 23,516 ,116 22,37 76 clearings 118,893 105,299 119,668 Other liabilities and capital 3,810 ,509 2,807 063 Loans and discounts 752, 751,331 688,213 Central Reserve Bank of Peru Securities 89,806 185,402 210,394 (thousands of soles): Other assets 59,071 47,942 36,180 Gold and foreign exchange 194,578 124 041 Note circulation 892,275 912,557 886,119 Net claim on Int'l. Fund * 20,495 20 496 Deposits—Gold 153,036 153,036 153,029 Contribution to Int'l. Bank 2,238 2 356 Other 237,983205,312 245,214 Loans and discounts to banks. . . 138,500 93 654 Other liabilities and capital 185,247268,796 228,635 Loans to Government 722,250 748 952 Bank of the Republic of Uruguay Other assets 60,833 59 163 (thousands of pesos): Note circulation 806,467 744 414 Gold 248,845 300,640 Deposits 247,457 221 463 Silver 12,152 12,344 Other liabilities and capital 84,969 82 784 Paid-in capital—Int'l. Bank 313 314 Central Bank of the Philippines Advances to State and govern- (thousands of pesos): ment bodies 144,409 64,299 Gold 2,721 2,721 2,721 Other loans and discounts 252,324 203,695 Foreign exchange 570,310 638,895 679,928 Other assets 231,940 289,256 Net claim on Int'l. Fund * 7,501 501 7,501 Note circulation 279,358 246,452 Domestic securities 10,354 739 3,685 Deposits—Government 76,619 79,377 Other assets 136,933 613135,300 Other 281,081 263,078 Note circulation 505,180 426544,970 Other liabilities and capital 252,925 281,642 Demand deposits—U. S. dollars2. 11,637 649 40,554 Central Bank of Venezuela (thou- Pesos 116,269 438152,153 sands of bolivares): Other liabilities and capital 94,734 957 91,459 Gold i 888 521888,521888,521 829,625 Bank of Portugal (millions of Foreign exchange (net) 253 228 277,547244,471 72,346 escudos): Other assets 51 529 42,761 44,629 78,528 Gold 146 3,185 Note circulation—Central Bank. 748, 188768,227 787,844 628,815 Foreign exchange (net) 594 7,666 National banks.. 1346 1,349 1,430 3,248 Loans and discounts 456 447 Deposits 331 003383,544 269,355 308,092 Advances to Government 249 1,251 Other liabilities and capital 112 739 55,709 118,992 40,343 Other assets 503 538 National Bank of the Kingdom Note circulation 147 8,064 of Yugoslavia 3 Demand deposits—Government.. 74 147 Bank for International Settle- Other 806 3,915 ments 1 (thousands of Swiss gold Other liabilities and capital 920 962 francs): National Bank of Rumania 3 Gold in bars 182,828 168,838 169,766 95,974 South African Reserve Bank Cash on hand and on current (thousands of pounds) : account with banks ,159 30,385 20,388 30,153 Gold* 593 40,699 83,039 Sight funds at interest ,024 4,334 7,357 497 Foreign bills 986 1,646 57,557 Rediscountable bills and accept- Other bills and loans 632 77,406 86,695 ances (at cost) 20 20,862 19,931 20,079 Other assets 280 13,994 7,,824 Time funds at interest 30;023 22,409 18,644 33,260 Note circulation 090 66,400 65!,290 Sundry bills and investments... . 164, 968152,705 155,750 127,439 Deposits 559 60,638 162,,798 Funds invested in Germany 297, 201297,201297,201 297,201 Other liabilities and capital 841 6,707 7,,026 Other assets 1.968 2,034 1,948 1,259 Bank of Spain (millions of pesetas): Demand deposits (gold) 13 373 13,418 17,299 18,045 Gold 963 1,,217 Short-term deposits (various Silver 497 500 currencies): Government loans and securities. 15,948 16,,019 Central banks for own ac- Other loans and discounts 8,408 9,695 count 229 710 200,956189,637 109,568 Other assets 3,811 3,,067 Other 1,329 1,327 1,383 1,435 Note circulation 24,898 24,,972 Long-term deposits: Special ac- Deposits—Government 1,473 812 counts 228, 909 228,909228,909 228,909 Other 2,692 ,132 Other liabilities and capital 254, 254,157 253,755 247,904 Other liabilities and capital 564 582 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 Account of National Treasury. 3 For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282. 4 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 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 Government. 8 See BULLETIN for December 1936, p. 1025. 1158 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fec a t t i e ve U K d n i o i n m t g ed - France m G a e n r- y g B i e u l m - N la e e n r t - d h s - S d w en e- S la w e n r i - d tz- ba C n e k n t o ra f— l A R 3 a u 1 t g e . ef D fe a ct t i e ve ba C n e k n tr o a f— l A R 3 u a 1 t g e . eff D ec a t t i e ve In effect Dec. 31, Albania 5K Mar. 21, 1940 Ireland 2K Nov. 23, 1943 1938 2 4 2K 2 2K IK Argentina 3K Mar. 1, 1936 Italy 4K Apr. 9, 1949 Jan. 4, 1939. . Austria 3K Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 17 4 Belgium 3K Aug. 27, 1947 Java 3 Jan. 14, 1937 May 11 3 Bolivia Feb. 4, 1948 Latvia...... 5 Feb. 17, 1940 July 6 2V2 Aug. 24 4 Aug. 29 3 Sept. 28 3 Bulgaria 3K Aug. 1, 1948 Lithuania. . . 6 July 15, 1939 Oct. 26 2 Canada IK Feb. 8, 1944 Mexico 4K June 4, 1942 Dec. 15 3 Chile 3-4K Dec. 16, 1936 Netherlands . June 27, 1941 Jan. 25, 1940 Colombia 4 July 18, 1933 New Zealand. ¥ July 26, 1941 Apr. 9 3K Costa Rica... . 3 Apr. 1, 1939 Norway Jan. 9, 1946 May 17 3K Czechoslovakia 2K Oct. 28, 1945 Peru Nov. 13, 1947 Mar. 17, 1941. May 29 3 June 27 2K Jan. 16, 1945. IK Denmark 3K Jan. 15, 1946 Portugal. . . . Jan. 12, 1944 Jan. 20 Ecuador 7 June 8, 1943 Rumania. . . . Mar. 25, 1948 Feb. 9 2K El Salvador. . . 4 Oct. 15, 1946 South Africa. 3 June 2, 1941 Nov. 7, 1946 2K Estonia 4K Oct. 1, 1935 Spain 4 Mar. 18, 1949 J D a e n c . . 1 1 0 9 , 1947. . 3 Finland 5M July 1, 1949 Sweden 2K Feb. 9, 1945 &2M Aug. 27. .. O J S u e c n p t e . t . 2 9 8 6 , . 1 .. 9 4 . 8. . 2 3 Y K 2 & & 3 4 1 i-5 F G G r r e a e r n e m c c e e a ny . il_ 1 4 3 2 O J J u u c l l t y y . 1 1 4 2 1 , , , 1 1 1 9 9 9 4 4 4 9 8 8 S T U w u n r i i k t t e z e d e y r K la i n n d g . - . 4 IK J N u o ly v . 26 1 , , 1 1 9 9 3 3 8 6 Oct. 1 3 Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 May 27, 1949. . '1-4K India 3 Nov. 28, 1935 U. S. S. R.. . . 4 July 1, 1936 July 14 I i_4 Yugoslavia. . 1-3 Aug. 20, 1948 In effect Aug. 31, 1949 2 3 I i_4 2K 2K IK 1 The lower rate applies to the Bank Deutscher Laender, iind the higher rate applies to the Land Central banks. NOTE.—Changes since July 31: None. OPEN-MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month Treasury Bankers' Treasury Day-to- Bankers' Day-to- Treasury Day-to- Loans Private bills acceptances bills day allowance day bills 3 day up to 3 discount 3 months 3 months 3 months money on deposits money months money months rate 1942—June .54 1.03 1.00 1.00 1.58 3-5 1.25 1943—June .50 1.03 1.00 1.06 1.67 3-5 1.25 1944—June .39 1.03 1.00 1.13 1.58 3-5 1.25 1945—June .36 1.03 1.00 1.13 .74 1.25 1946—June .39 .53 .50 .63 1.32 1.42 1.00 1.25 1947—June .41 .53 .51 .63 1.45 1.46 .86 1.25 1948—June .41 .56 .51 .63 2.02 1.36 .84 2K-4K 1.50 1948—July .41 .56 .51 .63 2.04 1.56 1.35 2K-4K 1.63 Aug .41 .56 .51 .63 1.88 1.35 1.06 2K-4K 1.63 Sept .41 .56 .51 .63 2.84 1.10 .84 2K-4K 1.63 Oct .41 .56 .51 .63 2.09 1.03 .78 2K~4K 1.63 N De o c v . . 4 4 1 1 . . 5 5 6 6 . .5 5 2 1 . . 6 6 3 3 2 2. . 0 0 0 3 1 1 . . 0 2 8 5 . . 7 9 7 6 2 2 K K - - 4 4 K K 1 1 . . 6 6 3 3 1949—Jan .41 .56 .52 .63 1.23 1.13 2K-4K 1.63 Feb .42 .56 .52 .63 1.39 .90 2K-4K 1.63 Mar .42 .56 .52 .63 1.38 1.01 2K-4K 1.63 Apr .49 .58 .51 .63 1.29 1.24 1.63 May .50 .63 .52 .63 2.43 1.28 1.03 2K-4i| 1.63 June .51 .63 .52 .63 1.32 .83 2K-4K 1.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. SEPTEMBER 1949 1159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom * Assets Liabilities ( m 1 b 1 a il n li L k o s o n s . n t s e d r o F l o i n n i f g g u c p ) r l o e e u a s r n i i d n n s g re C se a r s v h es M c n a s o l o h n l t o e i a c r y n t e d at B co il u ls n t d e i d s- T re d r c e e e p a i o s p u s t i s r t y 2 Securities Loans to a O s t s h e e ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 1,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 1,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 1,667 1,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—July 489 477 715 1,320 ,478 1,335 487 5,909 3,834 2,075 390 August. . . 499 489 695 1,323 ,474 1,334 477 5,903 3,829 2,074 388 September 490 490 707 1,345 ,472 1,349 485 5,950 3,844 2,106 387 October... 485 497 802 1,313 ,475 1,365 497 6,040 3,927 2,113 393 November. 495 482 793 1,332 ,480 1,355 516 6,057 3,958 2,099 396 December. 502 485 741 1,397 ,478 1,396 621 6,200 4,159 2,041 420 1949—January... 532 481 795 1,267 ,487 1,383 526 6,057 4,033 2,024 414 February. 481 491 860 989 ,487 1,405 519 5,817 3,810 2,007 414 March.... 474 482 870 956 ,496 1,429 517 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 June 481 500 786 1,142 1,502 1,461 562 6,025 3,961 2,064 410 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i n c n o h a f d a m r i m a t i e l n o l r i n o e d t d n h o s l b l f o a a ig f r n s u k ) r s e . s re C se a r s v E h e n s tire S ly e lo c a i u n n r i s t C y an l d a o i d O a s a c n t o h s u e a n r n t d s d a a f u n b o l b e o d a r r e a n o f i n r k g n a o s s n d e m t Securities O as t s h e e ts r ci N r ti c o o u t n l e a- e T x o cl t u a d l ing D in e te m rb a a n n d k de T p i o m si e ts li c a O a b a p t i n h l i i d t e t a i r e l s 1941—December. 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December. 387 31 1,168 231 2,293 657 60 3,657 1,984 673 ,049 1943—December. 471 48 1,156 250 2,940 744 42 4,395 2,447 948 ,172 1944—December. 550 92 1,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—December. 694 251 1,274 227 4,038 869 26 5,941 3,076 865 ,386 1946—December. 753 136 1,507 132 4,232 ,039 21 6,252 2,783 469 ,525 1947—December. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 1,544 1948—July 671 77 1,948 128 4,154 ,019 17 6,446 2,487 3,959 ,533 August. . . 712 77 1,958 144 4,209 ,082 17 6,609 2,606 4,003 ,557 September 734 76 2,023 136 4,185 ,169 17 6,776 2,728 4,049 ,530 October... 751 97 2,110 143 4,156 ,067 17 6,798 2,758 4,040 ,510 November. 781 96 2,202 140 4,212 ,149 16 7,020 2,935 4,086 ,542 December. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—January.. 740 90 2,131 131 4,311 ,054 16 6,942 2,824 4,118 1,500 February.. 711 108 2,119 136 4,322 ,070 16 6,957 2,797 4,159 1,494 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 June 734 72 2,195 141 4,396 1,130 15 7,183 2,853 4,330 1,471 Assets Liabilities France (4 o m f l i a l m l r i g o o e n n s t b h o a f n f i k g f u s r . r a e n s c E s i n ) n d re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans a O ss t e h t e s r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a p t i n h l i i d t e t a i r e l s 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 ,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 ,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 .037 2,898 10,151 1946—December 17,943 18,919 195,177 64,933 23,392 291,894 290,004 ,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—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 May 42,636 36,346 346,974 137,906 44,346 551,958 544,870 7,088 33,376 22,874 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month, except in June and December, when the statements give end-of-month data. 2 Represent six-month loans to the Treasury at 1K 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. 1160 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages3 of certified noon buying rates in New York for cabletransfers. In cents per unit of foreign currency] Argentina Australia Belgium Brazil Canada (peso) (pound) (franc) (cruzeiro) (dollar) Year or Ceylon month "Regu- "Non- Certain "Bank (rupee) p u l r a c o r t d " s - re p g u r u c o t l d s a - r" p i r n o tr d d i u a u s l c - ts Official Free a n c o c t o e u s n " t Official Free Official Free 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 5.4t403 100.000 91.999 1948 29.773 25.125 20.000 321.22 2.2816 5.4L406 100.000 91.691 1948—Sept... 29.773 25.125 20.000 321.23 2.2844 5.4L406 100.000 92.180 Oct... 29.773 25.125 20.000 321.23 2.2850 5.4L406 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 5.4t406 100.000 92.668 30.117 Mar... 29.773 25.125 20.000 321.21 2.2828 '22.1666' 5.4t406 100.000 93.261 30.117 Apr... 29.773 25.125 20.000 321.12 2.2752 2.1605 5.4t406 100.000 93.566 30.117 May. . 29.773 25.125 20.000 321.15 2.2750 2.1791 5.41406 100.000 95.150 30.117 June.. 29.773 25.125 20.000 321.00 2.2750 2.2211 5.41406 100.000 95.521 30.117 July... 29.773 25.125 20.000 321.10 2.2750 2.1752 5.41406 100.000 94.545 30.117 Aug... 29.773 25.125 20.000 321.03 2.2750 2.1909 5.41406 100.000 95.248 30.117 France Philip- Y m e o a n r t o h r C ( o p b l e i o s a o m ) - C s ( l k z o o e v r c u a h n k o a ia - ) ( m D kr e a o n r n k e - ) (franc) - I ( n ru d p i e a e 3 ) I ( t li a r l a y ) M (p e e x s i o c ) o ( e g N r u l e a il t n d h e d - r s ) Z (p e N o a e u la w n n d d ) N (k o r r o w n a e) y R ( e p p p i e u n so b e ) lic Official Free 1943 57.265 30.122 20.577 324.20 1944 57.272 30.122 20.581 324.42 1945 57.014 i.07ii 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 1948—gept 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—Tan. . . 2.0060 20.854 .4671 .3141 30.168 14.534 37.664 399.14 20.158 149.675 Feb 2.0060 20.854 .4671 .3138 30.168 14.360 37.628 399.15 20.158 49.677 Mar 2.0060 20.854 .4671 .3136 30.168 14.334 37.598 399.12 20.158 49.721 Apr. . . 2.0060 20.854 .4671 .3106 30.168 14.303 37.650 399.01 20.158 49.725 May 2.0060 20.854 .4671 .3038 30.168 12.521 37.609 399.05 20.158 49.724 June... 2.0060 20.854 .4671 .3032 30.168 11.911 37.615 398.87 20.158 49.730 July 2.0060 20.854 .4671 .3025 30.168 11.562 37.611 399.00 20.158 49.738 Aug... . 2.0060 20.854 .4671 .3025 30.168 11.569 37.607 398.90 20.158 49.740 United Y m e o a n r t o h r ( P es o g c r a u t l d u o - ) ( A S p o o fr u u i n c th d a ) ( S pe p s a e i t n a) S S ( m d e t o e r t l a t n l l a i t e t r s s - ) (k S d r w o e e n n - a) e S (f r w r l a a i n t 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—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 1 47.083 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 Aug... 4.0169 400.75 46.869 27.823 23.363 402.89 65.830 56.180 58.822 53.191 1 Based on quotations beginning Jan. 24, 1949. 2 Based on quotations beginning Mar. 22, 1949. 3 Excludes Pakistan, beginning April 1948. 4 Quotations not available after Dec. 17, 1948. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. SEPTEMBER 1949 1161 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 1 n t 9 a 0 2 i 0 t t 6 e e ) = s d C (1 a 1 9 n 0 2 0 a 6 ) d = a M (1 1 9 e 0 3 x 0 9 i ) c = o K ( U i 1 n 9 1 n g 3 0 i 0 0 t d e ) o d = m F (1 r 9 1 a 3 0 n 8 0 ) c = e (1 I 9 1 t 3 0 a 8 0 ly ) = ( J 1 a 1 9 0 p 3 0 3 a ) n = ( J J N u u l = n e l a y t e n 1 h 0 1 d 1 e 0 9 s 9 r ) 3 3 - 8 9 - S (1 w 9 1 e 0 3 d 0 5 ) e = n (J S u w = l l y a i 1 t n 1 z 0 d 9 0 e 1 ) r 4 - 1926 100 100 U24 106 132 150 1126 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—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 No vem ber 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 5,557 21,932 294 216 227 April 157 158 280 227 r23 172 295 216 224 May 156 156 284 231 r\1 ,g84906 23,851 294 215 221 June 154 156 285 232 1,813 294 216 220 July 153 157 289 229 *1,856 P221 P Preliminary. r Revised. i Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for June 1949, p. 754; June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] United States Canada United Kingdom Netherlands (1926=100) [1926=100) (1930=100) (July 1938-June 1939=100) Year or month pr F o a d r u m cts Foods co O m it t i m h e e s o r d- pr F o a d r u m cts R fa m p a c a w t a r u n t r a l u e y n - d d F f u a c m l c h l t a y i u e n f r a u l e y n - d d Foods p I r n t o r d d ia u u l s c - ts Foods t p r I r i n o a d d l u u r s a c - t w s p f I i r n n t o r i d d s i h u u a e l s c d - ts goods goods 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 194g—juiy mm mm 195 188 151 154 155 139 184 244 229 340 280 August 192 190 153 151 163 143 183 243 224 341 282 September 190 187 154 150 163 144 181 243 222 340 283 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 March 172 163 151 146 162 141 178 246 242 369 293 April 171 163 149 148 161 142 186 251 243 369 294 May 171 164 147 148 160 142 199 250 240 367 294 June 169 162 "145 150 160 142 202 248 233 367 296 July 166 161 145 151 161 142 202 244 «• Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1162 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U 1 S = 9 n t 3 a i 1 5 t t 0 e - e 0 3 d s ) 9 (1 C = 9 a 3 a d 1 5 n a 0 - - 0 3 ) 9 1 K ( d 7 J , o i u 1 n m 9 n g 4 e - 7 F = ( r 1 a 93 1 n 8 0 c 0) e ( N = 1 l e 9 1 a t 3 n 0 h 8 0 d e -3 s ) r i 9 - ( l 1 J a e u 9 r n 1 - n d 4 e Y m e o a n r t o h r ( U 1 S - 9 n 1 t 3 a 0 i 5 0 t t ) e e -3 d s 9 (1 = C 9 a 3 1 a d 0 5 n a 0 - - 3 ) 9 1 K ( 7 d J , i o u 1 n m 9 n g 4 e - 7 F = ( r 1 a 9 1 3 n 0 8 0 c ) e ( N = 1 l 9 e 1 a 3 t n 0 h 8 0 d - e s ) 3 r i 9 - ( l 1 J a e 9 u n r 1 n - d 4 e = 100) = 100) = 100) = 100) 1940 97 106 164 129 146 1940 100 106 184 129 151 1941 106 116 168 149 175 1941 105 112 199 150 174 1942 124 127 161 174 200 1942 117 117 200 175 193 1943 138 131 166 224 211 1943 124 118 199 224 203 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 160 140 169 645 193 210 1946 139 124 204 645 192 208 1947 194 160 2 101 1,043 211 222 1947 159 136 2101 1,030 199 217 1948 210 196 108 1,662 228 230 1948 171 155 108 1.632 206 224 1948-July 217 201 108 1,559 231 229 1948-July 174 157 108 1,528 207 223 August.... 217 203 107 1,716 222 228 August.... 175 158 108 1,670 203 223 September 215 204 107 1,842 229 229 September. 175 159 108 1,783 206 223 October.. 212 205 108 1,904 228 229 October... 174 160 108 L.844 205 223 November. 208 205 108 1,873 234 235 November. 172 160 109 1,870 208 226 December. 205 202 108 1,924 242 232 December. 171 159 109 1,928 214 225 1949-January... 205 202 108 1,932 243 231 1949-January... 171 160 109 1,935 215 224 February. • 200 200 109 1,845 246 229 February.. 169 160 109 1,857 216 223 March 202 199 108 1,759 247 228 March.... 170 159 109 1,781 217 222 April 203 199 108 1,738 227 April 170 159 109 1,757 221 May 202 200 114 L.725 227 May 169 160 111 1,738 222 June 204 203 115 ,715 228 June 170 161 111 1,726 222 July 202 207 VL 704 July 169 162 P1 .715 P221 Preliminary, 1 This index replaces, but is not comparable with, that previously shown. It is a weighted consumer price index for six cities, based on the pattern of consumption in 1935-36 of workers' families with an annual income of less than 1,800 guilders. For a detailed description of this index see Maandschrift van het Centraal Bureau voor de Statistiek, March 1947, pp. 171-172. 2 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 a 1 5 d 0 - 0 a 3 ) 9 2 1 K ( 9 D U 2 i 1 e n n c g i e = t d m 1 e o d 0 b m 0 er ) F (1 r 9 1 3 0 a 8 0 n ) ce - N la e n th d e s r » - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 -3 d s ) 9 C (1 a = 9 n 3 a 1 5 d 0 - 0 a 3 ) 9 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 ( F D 9 r 3 e a 8 c n e = m c 1 e 0 b 0 e 5 r ) (1 N l 9 a e 3 n t 8 h d = e s 1 r 6 0 - 0) Number of issues... 12 (2) 87 50 13 416 106 278 5 295 37 1941 117.8 99.4 123.8 7143.4 80.0 67.5 72.5 7 308 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 1 19 9 4 4 7 6 11 1 0 2 3 3 . . 2 3 1 1 1 1 7 8 . . 2 5 1 1 3 3 2 0 . . 1 8 1 1 3 4 2 4. . 6 0 1 10 0 5 9 . . 6 0 1 1 3 2 9 3 . . 9 0 1 1 1 0 5 6 . . 7 0 9 9 4 6 . . 6 2 ,1 R 4 7 9 S 184.3 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92.0 L.256 197.5 1948—August 98.3 104.0 129.7 119.3 106.3 127.1 113.6 91.2 ,208 195.7 September... 98.2 104.1 130.1 116.2 106.6 125.7 113.4 90.7 1,283 194.3 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 L.332 176.7 February.... 100.5 '•105.0 131.0 111.9 105.9 117.2 108.1 91.7 1,214 172.6 March 100.7 105.6 130.8 107.6 103.0 118.0 106.4 88.7 L ,114 170.5 April 101.0 105.9 130.9 109.0 104.3 118.5 106.4 88.4 1,119 175.9 May 101.0 105.9 130.4 106.3 117.7 105.3 88.9 June 100.9 105.9 129.3 ""i07!9" 107.3 112.0 99.6 85.3 1,042 July 102.0 106.6 127.1 P1O7.3 117.8 104.2 84.0 Pl,122 P Preliminary. r Revised. 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 eeries for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 8 This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial bonds. The average yield in the base period (January-March 1937) was 3.39 per cent. 4 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 6 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946. p. 424. 6 This is an 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 10 months; no data available January-February. Sources.—See BULLETIN for June 1948, p. 747; March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. SEPTEMBER 1949 1163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES R. M. EVANS M. S. SzYMCZAK. JAMES K. VARDAMAN, JR, ERNEST G. DRAPER LAWRENCE CLAYTON ELLIOTT THURSTON, Assistant CHESTER MORRILL, Special Adviser WlNFIELD W. RlEFLER, Assistant to the Board to the Board to the Chairman OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director BRAY HAMMOND, Assistant Secretary GEORGE S. SLOAN, Assistant Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director JOHN C. BAUMANN, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR J. LEONARD TOWNSEND, Solicitor DIVISION OF PERSONNEL ADMINISTRATION G. HOWLAND CHASE, Assistant Solicitor FRED A. NELSON, Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES WOODLIEF THOMAS, Director LISTON P. BETHEA, Director RALPH A. YOUNG, Associate Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL B. Chairman THOMAS MCCABE, CHAS. E. SPENCER, JR., BOSTON DISTRICT Vice Chairman ALLAN SPROUL, 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 HERBERT V. PROCHNOW, Secretary ROBERT G. ROUSE, Manager of System Open Mar\et Account 1164 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President Bank of Deputy Chairman First Vice President Vice r residents 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. Poor man3 Cleveland George C. Brainard Ray M. Gidney Roger R. Clouse A. H. Laning3 A. Z. Baker Wm. H. Fletcher W. D. Fulton Martin Morrison J. W. Kossin Paul C. Stetzelberger Donald S. Thompson Richmond Charles P. McCormick Hugh Leach R. L. Cherry C. B. Strathy J. B. Woodward, Jr. J. S. Walden, Jr. Claude L. Guthrie3 K. Brantley Watson R. W. Mercer Edw. A. Wayne W. R. Milford Charles W. Williams Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. Rufus C. Harris L. M. Clark V. K. Bowman T. A. Lanford J. E. Denmark E. P. Paris S. P. Schuessler Chicago C. S. Young Allan M. Black2 John K. Langum Franklin J. Lunding Charles B. Dunn Neil B. Dawes 0. J. Netterstrom W. R. Diercks A. L. Olson E. C. Harris Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery Paul E. Schroeder Wm. H. Bryce F. Guy Hitt Wm. E. Peterson William H. Stead C. A. Schacht C. M. Stewart Minneapolis... . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS [N CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis. . . . Helena R. E. Towle Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit E. C. Harris San Francisco... Los Angeles W. N. Ambrose St. Louis Little Rock C. M. Stewart Portland D. L. Davis Louisville C. A. Schacht Salt Lake City W. L. Partner Memphis Paul E. Schroeder Seattle C. R. Shaw 1 Also Federal Reserve Agent. 2 Cashier. * Also Cashier. 4 General Manager. 1165 SEPTEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS 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 payable to the order of the Board of Governors (Board of Governors of the Federal Reserve Sysof the Federal Reserve System. tem). September 1946. 31 pages. THE FEDERAL RESERVE ACT, as amended to Novem- FEDERAL RESERVE BULLETIN. Issued monthly. Sub- ber 1, 1946, with an Appendix containing proscription 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 staff. August 1941; reprinted March more for single shipment, 15 cents per pamphlet. 1948. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single ship- THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND ment, 75 cents each. FUNCTIONS. November 1947. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 BANKING AND MONETARY STATISTICS. Statistics of or more copies for single shipment, 50 cents each. banking, monetary, and other financial develop- Paper-bound copies available without charge. ments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (un- DEBITS AND CLEARINGS STATISTICS, THEIR BACKbound). GROUND AND INTERPRETATION. October 1947. 50 pages. 25 cents per copy; in quantities of 10 or PROVISIONS OF STATE LAWS RELATING TO BANK REmore copies for single shipment, 15 cents each. SERVES as of December 31, 1944. 1945. 30 pages. MONETARY AND BANKING REFORM IN PARAGUAY. DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, Includes translation of laws, accompanying re- December 31, 1947. July 1948. 122 pages. ports, and introduction reviewing the monetary REGULATIONS OF THE BOARD OF GOVERNORS OF THE *A more complete list, including periodical releases and re- FEDERAL RESERVE SYSTEM. Individual regulations prints, appeared on pp. 758-61 of the June 1949 BULLETIN. with amendments. 1166 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REPRINTS (From Federal Reserve Bulletin unless preceded by an asterisk) SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, by Charles H. Schmidt. March 1949. 9 pages. 1948 SURVEY OF CONSUMER FINANCES— I. EXPENDITURES FOR DURABLE GOODS. June 1948. POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O. 15 pages. Hirschman and Robert V. Rosa. April 1949. II. THE DISTRIBUTION OF CONSUMER INCOME IN 13 pages. 1947. June 1948. 8 pages. MOVEMENT TOWARD BALANCE IN INTERNATIONAL III. CONSUMER OWNERSHIP AND USE OF LIQUID TRANSACTIONS OF THE UNITED STATES, by Lewis AND NONLIQUID ASSETS. July 1948. 15 pages. N. Dembitz and Albert O. Hirschman. May IV. CONSUMER SAVING AND THE ALLOCATION OF 1949. 14 pages. DISPOSABLE INCOME. August 1948. 19 pages. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF V. HOUSING EXPENDITURES AND FINANCE. Sep- THE BOARD OF GOVERNORS OF THE FEDERAL REtember 1948. 8 pages. SERVE SYSTEM BEFORE THE SENATE BANKING AND 1948 SURVEY OF CONSUMER FINANCES. June, July, CURRENCY COMMITTEE, May 11, 1949. 6 pages. August, and September 1948. 65 pages. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION SALES FINANCE COMPANY OPERATIONS IN 1947, by FINANCING IN 1948, by Charles H. Schmidt. Milton Moss. July 1948. 6 pages. June 1949. 8 pages. * STEPS TO RESTORE POWERS OF STATES AND LOCALI- NEW SERIES ON QUARTERLY SALES, PROFITS, AND TIES, by Frederic Solomon. Reprinted from the DIVIDENDS OF 200 LARGE MANUFACTURING COR- July 1948 issue of the American Bar Association PORATIONS, by Eleanor J. Stockwell. June 1949. Journal. 9 pages. 5 pages. STATEMENT BEFORE THE HOUSE BANKING AND CUR- RETAIL CREDIT SURVEY—1948. From June 1949 RENCY COMMITTEE. Presented by Chairman BULLETIN with supplementary information for Thomas B. McCabe on August 2, 1948. August nine separate trades. 38 pages. (Also, RETAIL 1948. 8 pages. CREDIT SURVEY—1943, 1944, 1945, 1946, 1947 from the June 1944, May 1945, June 1946, July THE PHILIPPINE CENTRAL BANK ACT and Text of 1947, and July 1948 BULLETIN with supplethe Act, by David L. Grove and John Exter. In mentary information.) part a reprint from the August 1948 BULLETIN. 36 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. July 1949. 2 pages. BANK CREDIT DEVELOPMENTS. October 1948. 12 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 BUYING PLANS FOR 1949. June 1949. 10 pages. meeting of the Stockholders of the Federal Re- III. DISTRIBUTION OF CONSUMER INCOME IN 1948. serve Bank of Boston. November 1948. 5 pages. July 1949. 15 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- IV. CONSUMER OWNERSHIP AND USE OF LIQUID SUMERS, July 1948. November 1948. 5 pages. ASSETS. August 1949. 16 pages. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE V. HOME OWNERSHIP AND EXPENDITURES FOR HOUSING. September 1949. 16 pages. OF PAYMENTS PROBLEMS, by David L. Grove and Gerald M. Alter. November 1948. 11 pages. THE BALANCE SHEET OF AGRICULTURE, 1949. September 1949. 11 pages. * STATEMENT ON BEHALF OF THE BOARD OF GOV- ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE # THE EQUITY CAPITAL SITUATION. A personal THE JOINT COMMITTEE ON THE ECONOMIC REPORT. statement by Thomas B. McCabe, Chairman of Presented by Chairman Thomas B. McCabe on the Board of Governors of the Federal Reserve February 14, 1949. 7 pages. System, prepared at the request of a Subcommittee NEW STATISTICS OF INTEREST RATES ON BUSINESS of the Committee on Banking and Currency of LOANS, by Richard Youngdahl. March 1949. the United States Senate. Submitted August 5, 10 pages. 1949. 7 pages. SEPTEMBER 1949 1167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1 FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES ccroie/t /. i»4$ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEH. W c! P 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis