Federal Reserve Bulletin, 1949-10

F E D E R AL E S E RV BULLETIN OCTOBER 1949 .****?.**„ BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER RALPH A. YOUNG 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 Readjustment of Foreign Currency Values 1169-1181 1949 Survey of Consumer Finances—Part VI. Ownership of Automobiles, Stocks and Bonds, and Other Liquid Assets. 1182-1197 Financial Position and Buying Plans of Consumers, July 1949. 1198-1207 Revision of Employment Series 1208 Current Events and Announcements 1209 National Summary of Business Conditions 1210-1211 Financial, Industrial, Commercial Statistics, U. S. (See p. 1213 for list of tables) 1213-1274 International Financial Statistics (See p. 1275 for list of tables) 1275-1293 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 1294 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1295 Federal Reserve Publications 1296-1297 Map of Federal Reserve Districts. 1298 Subscription Price of Bulletin A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOLUME 35 October 1949 NUMBER 10 READJUSTMENT OF FOREIGN CURRENCY VALUES Devaluation of the pound sterling by materials were marked up sharply and im- 30.5 per cent in terms of the dollar, an- portant advances also occurred in such prices nounced on September 18, 1949, initiated of other items. In the field of services, a realignment of foreign exchange values on shipping companies raised passenger rates in a scale unprecedented for a short period of devalued foreign currencies to the dollar time. By October 18, twenty-eight countries level, but ocean freight rates were generally adjusted downward the dollar values of their not advanced. The immediate effects of currencies. These included countries in the devaluation on markets for commodities and sterling area and most Western European services can be regarded only as an initial renations, as well as Finland, Canada, Argen- sponse to new conditions; the ultimate tina, and Uruguay. Most of them devalued outcome in terms of changed relations reto approximately the same extent as the specting prices and costs—and imports and United Kingdom, thereby retaining exist- exports—cannot be foreseen at so early a ing exchange values in terms of the pound stage. sterling, but a few devaluing countries in- Widespread realignment of currency valcreased the values of their currencies in ues in terms of the dollar was effected priterms of sterling. This widespread and rapid marily in order to correct persisting interreadjustment of the world's exchange rate national distortions in prices, costs, producstructure—undertaken in consultation with tion, and trade and to lessen the strains of the International Monetary Fund—is in con- altered debtor-creditor relations, particularly trast to the successive depreciations of many in the case of the United Kingdom and the currencies which occurred during the half sterling area. These distortions, growing decade following the First World War. out of war and postwar conditions, would Immediate effects of devaluation on mar- probably have been less responsive to corkets for commodities and services throughout rective policies of this type at an earlier time, the world varied. Dollar prices of a num- because of low levels of production and disber of materials imported into the United organized channels of trade. With the con- States declined moderately, although the ex- siderable progress by the end of 1948 in tent of the declines differed considerably. recovery and reconstruction from the dis- Price movements for imported finished goods couraging economic plight of many countries were more diverse, with little change in dol- immediately after the war, a stage of developlar prices of some items and sizable reduc- ment was reached where, if further progress tions in others. Meanwhile, foreign cur- was to be made, determined measures to deal rency prices for many internationally traded with basic distortions appeared necessary. OCTOBER 1949 1169 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES The immediate occasion for the exchange Cooperative action by European countries rate readjustments was heavy losses in the to remove or reduce trade and payments monetary reserves of the United Kingdom. barriers and discriminations among them- These losses reflected an interplay of tem- selves would be a further helpful step. porary adversities, including a decline in It will also be essential that the productivity United States purchases from the sterling of industry and the effectiveness of selling area, together with such longer-term in- organization in devaluing countries continue fluences as the shift of the United Kingdom to improve in order that exports may be to a debtor country status and the persistence expanded and satisfactory standards of living of inflationary pressures on its domestic maintained at home. At the same time it will economy. The external setback impelled be important that the United States, as the the United Kingdom to undertake a vigor- world's most important creditor nation, purous action to curb dollar imports. Confidence sue policies which will not hinder foreign of international markets in the stability of adjustments and which will contribute to sterling was shaken, and the developing the maintenance of a high level of consump- British crisis itself became a factor of un- tion at home without inflationary pressures settlement in world financial markets. or the persistence of unbalanced price rela- Devaluation, by raising local prices of im- tionships. ports in devaluing countries, will tend to curb foreign demand for United States prod- EXCHANGE RATE CHANGES ucts. At the same time, it will tend to reduce On September 16, 1949, the United Kingforeign costs of production in dollar terms, dom Government submitted to the Interthereby providing foreign producers with national Monetary Fund a proposed change some additional margin above costs to meet in the par value of the pound sterling from any further downward drift that might oc- 3.58134 to 2.48828 grams of fine gold, or from cur in the dollar prices of their exports. $4.03 to $2.80 in terms of the dollar, and pro- Such changes should contribute to a reduc- portional changes for the currencies of its tion of the United States export surplus, dependencies with the exception of British sustained in substantial measure during post- Honduras. With concurrence of the Fund, war years by Government grants and foreign this change went into effect on September 18. aid, and thereby facilitate the development The devaluation of the pound sterling was of a more balanced trade between the dollar accompanied or immediately followed by area and the rest of the world. It is not similar actions by the members of the sterling possible at the present time to estimate the area (except Pakistan) and by most countries extent to which adjustment may be effected of Western Europe and a few others. Most by a reduction in United States exports and of these countries maintained their sterling to what extent by an increase in this coun- exchange rates unchanged by devaluing their try's imports. currencies in terms of the dollar by 30.5 per To obtain the full benefits of the adjust- cent, as shown in the table. A group of counments in exchange rates, it is essential that tries (France, Belgium-Luxembourg, Portuinflationary price increases in the countries gal, Italy, Western Germany, Canada, Uruconcerned be prevented from developing guay, and Thailand) depreciated their curas a result of devaluation or other factors. rencies to a lesser degree in terms of the 1170 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES dollar, thus appreciating them in terms of France and Italy, which, although memsterling. Two countries (Greece and Israel) bers of the Fund, do not have established par devalued their currencies in terms of the dol- values for their currency units, made their lar and the pound to different extents, but adjustments by allowing their own currencies brought their exchange rates into an orderly to move on the open or "free" market to relation with the dollar and the pound. new levels in terms of the dollar. France eliminated its previously existing system of CHANGES IN CURRENCY VALUES multiple exchange rates by applying the [As of October 18, 1949] "free" market dollar rate to all transactions, Currency value: Reduc- Country M ta o r n y e- U. S o . f c e c n ur ts re p n e c r y unit ti i o n n and pegging to it the franc value of sterling unit value and other currencies on the basis of their (per Old New cent) official dollar rates. Argentina, in devaluing Sterling area: its currency in line with sterling, retained United Kingdom1 Pound 403.00 280.00 30.5 Ireland Pound 403.00 280.00 30.5 a multiple rate structure and introduced Iceland Kron 15.41 10.71 30.5 Iraq Dinar 403.00 280.00 30.5 additional differential rates. Some of these India Rupee 30.23 21.00 30.5 Burma Rupee 30.23 21.00 30.5 differential rates were actually based on the Ceylon Rupee 30.23 21.00 30.5 Australia Pound 322.40 224.00 30.5 pre-existing dollar-peso relationship and rep- New Zealand Pound 403.00 280.00 30.5 South Africa Pound 403.00 280.00 30.5 resented therefore an appreciation of the Canada Dollar 100.00 90.91 9.1 peso relative to sterling. Free market rates Egypt Pound 413.30 287.16 30.5 Israel Pound I E m x p p o o r r t t s s *3 4 0 0 0 3 . . 0 0 0 0 / \ 280.00 \ / 3 9 0 . . 3 5 for the peso, applicable to nontrade trans- Jordan.... Pound 403.00 280.00 30.5 actions, were depreciated with respect to Thailand. . Baht 10.08 8.00 20.6 Argentina 2 Peso both sterling and the dollar. Uruguay, while Imports 26.80 18.62 Exports 25.12 17.46 30.5 retaining a multiple rate structure and the Uruguay3.. . Peso Imports 52.63 40.82 22.4 pre-existing dollar rates for many basic ex- Exports 65.83 56.18 14.7 ports and for most imports, reduced the Europe: Denmark Krone 20.84 14.48 30.5 Netherlands 4 Guilder 37.70 26.32 30.2 dollar rates for the peso applicable to over Finland Markka .625 .4348 30.4 France 5 Franc one-half of its exports. A free market rate Com- F m r e e r e cial * * . . 3 3 O 67 2 6 2 > *.2857 2 5 2 . . 5 3 was maintained for nontrade transactions. Italy Lira *.1739 *.1580 9.1 The readjustments of currency values ex- Norway Krone 20.15 14.00 30.5 S B w el e g d i e u n m-Luxembourg 6 F K r r a o n n c a 2 2 7 . . 2 7 8 8 1 2 9 . . 0 3 0 1 3 1 0 2 . . 5 3 tended over the sterling area, most of West- Greece Drachma *.01 .0067 33.3 Portugal Escudo 4.00 3.48 13.0 ern Europe, and several other countries, but Western Germany. . . . Deutsche mark 30.00 23.81 20. left unchanged the dollar rates of most East- * These rates do not represent official exchange rates, but are ern European, Latin American, and Near quotations based wholly or in part on current quotations for the dollar in a "free" market. Eastern currencies. A number of govern- 1 All local currencies of British dependencies, except British Honduras, have been devalued by 30.5 per cent. ments—including Switzerland, Pakistan, and 2 These rate changes apply to specified commodity transactions. With respect to other export and import transactions, rates for Brazil—have announced their decision to some have been maintained unchanged while rates for others have been devalued by 30.5 per cent or less. The "free" market rate, maintain the existing exchange value of their for nontrade transactions, declined by approximately 46 per cent. 3 These rate changes apply to specified commodity transactions. currencies in relation to the dollar. With respect to other export and import transactions, rates for some have been maintained unchanged while rates for others have been devalued by 27.7 per cent or less. 4 The Indonesia guilder remains at par with the Netherlands POSTWAR EUROPEAN EXCHANGE RATES guilder, but the Surinam guilder retains the old dollar parity of 53 cents. 5 All local currencies of French dependencies are pegged to the From the end of the war through the French franc, except: (1) the rupee of the French possessions in India, which is kept at par with the Indian rupee; and (2) the early part of 1947, the pressing problems in Djibouti franc, which retains its old dollar parity of .47 cent. 6 The Belgian Congo franc remains at par with the Belgian Western Europe were relief and reconstrucfranc. OCTOBER 1949 1171 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES tion. Inflationary conditions prevailed problem was not overlooked, however, durthroughout the world and, because of the ing the formulation of the European Rewidespread demand for all kinds of goods, covery Program. The Economic Cooperaproducers in European countries and else- tion Act of 1948 directed the Secretary of where met with no serious obstacle in the State to conclude bilateral agreements disposal of their goods in domestic or foreign whereby the countries receiving aid would markets. Hampered by inadequate and dis- agree, among other things, to "establish or rupted transportation, by the lack of raw maintain a valid rate of exchange." materials and power, and by uncertainties Extension of aid under the Marshall Plan as to long-run political stability, production in the early part of 1948 led to a rapid rein Europe rose slowly. There was also sumption of European recovery. Industrial great concern lest unstable and depreciating production rose to levels generally above preexchange values might lead or add to dis- war; prices and currency inflation subsided; orderly inflationary increases in costs of re- and foreign trade expanded both within Euconstruction and in consumer prices, and to rope and between Europe and the rest of the heightened social unrest. Hence the Inter- world. A gradual movement toward innational Monetary Fund and member gov- ternal financial stability took place in many ernments agreed in December 1946 to main- countries, and in a number of them symptain the existing exchange rates as the initial toms of relaxed inflationary pressures made par values of the currencies, although recog- their appearance in the latter part of 1948. nizing that widespread adjustments might A few countries, such as the United Kingbe required at a later stage. This policy dom, Belgium, Sweden, and Italy, apwas further justified by the general unavail- proached in the course of 1948 an over-all ability of exportable surpluses in Europe and balance in their foreign transactions, in part the dependence of European countries on through a reduction of the dollar deficit and the United States for essential supplies and in part through the attainment of a softfinancial assistance. currency surplus. Largely as a reflection of The considerations that militated against Western Europe's improved international an immediate and general adjustment of ex- economic position, the United States surplus change rates were reinforced by the relapse on current account was substantially reduced in European recovery during 1947. The set- from 11.3 billion dollars in 1947 to 6.3 billion backs in industrial and agricultural produc- in 1948. With this adjustment toward a bettion carried the threat that new social unrest ter balance in the international transactions and political disturbances might interfere of the United States, pressure on foreign with further reconstruction and recovery. monetary reserves was relieved. In contrast This danger brought forward the need for with net losses of 1.2 billion dollars in 1946, extension of American assistance on a 4 billion in 1947, and about one-half billion more systematic basis than had previously in the first six months of 1948 in gold and been the case and for directing this assist- dollar holdings of foreign countries (excludance toward as rapid an increase of European ing U.S.S.R.), a gain of some 400 million production as possible in order to establish dollars occurred in the six months October sustainable conditions of financial and eco- 1948-March 1949. nomic independence. The exchange rate Despite these favorable signs, the situation 1172 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES contained disturbing elements. The Eco- two years. Even more serious, the propornomic Commission for Europe stressed in its tion of these imports to total United States report for 1948 that European export prices imports, which had risen steadily from a expressed in dollars had increased much more postwar low of 11.4 per cent in the second than United States prices for the same type quarter of 1947 to 14.7 per cent in the fourth of goods. Independent calculations of quarter of 1948, fell back to 11.9 per cent. theoretical exchange values for export prices The major portion of the decline in the as of mid-1949, using 1937-38 as 100, sug- second quarter of 1949 was accounted for by gested that European currencies were pos- the heavy reductions in imports from the sibly overvalued in terms of the dollar by United Kingdom, Belgium-Luxembourg, 15 to 40 per cent, with most of them within Italy, France, and Sweden. an intermediate range of 25 to 30 per cent. These discrepancies had developed not only UNITED STATES IMPORTS FROM EUROPEAN RECOVERY PROGRAM COUNTRIES as a result of general inflationary conditions [Dollars in. millions] within the countries but also in response to insistent foreign buying pressures exerted Imports from ERP countries by high-priced, soft-currency countries Total Total against a limited productive capacity. High- Period im U p . o S r . ts United F I r t a a n ly ce , , All other Percent- King- Belgium, ERP priced markets were naturally a considerable Amount age of dom and countries total U.S. Sweden attraction for the individual exporter whose imports direct interest is his own domestic currency Quarterly proceeds of foreign sales. Widespread average 1938.... $490 $120 24.5 $30 $46 $45 "black" or "free" markets, in which Euro- 1946.... 1,227 170 13.8 39 64 67 1947 1,433 174 12.2 51 61 62 pean currencies were traded for the dollar 1948 1,781 242 13.6 73 88 81 or for import goods at considerable discounts Quarterly from official rates, were in part a reflection 1948—1 1,810 235 13.0 73 85 78 2 1,710 232 13.6 75 89 68 3 1,729 228 13.2 70 80 77 of the distorted relations between currency 4 1,874 275 14.7 76 98 101 values and commodity prices. 1949—1 1,791 250 14.0 68 87 95 2 1,601 190 11.9 44 58 89 The unbalanced conditions made European U. S. Department of Commerce data. exports particularly vulnerable when the world-wide inflation subsided toward the As a result of both a contraction of imend of 1948 and in the first half of 1949. The ports and an expansion of exports, the United accompanying reduction of inflationary pres- States surplus on current account rose from sures in the United States and the adjustment 6.3 billion dollars in 1948 to annual rates of of domestic price and business patterns to 6.6 billion in the first quarter and 7.6 billion more competitive market conditions resulted in the second quarter of 1949. Most contiin a sharp contraction of United States im- nental European countries were able to mainports. In the second quarter of 1949, such tain their dollar position unchanged, since imports from European Recovery Program their dollar earnings were only one-fifth of countries amounted only to 190 million dol- their dollar expenditures, and a substantial lars, as shown in the table; this compared curtailment in earnings was offset by a relawith 275 million in the last quarter of 1948 tively smaller decline in the value of their and was the lowest quarterly figure in almost imports from the United States. The United OCTOBER 1949 1173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES Kingdom and sterling area, on the other in foreign countries had resulted in the achand, proved far more vulnerable to a de- cumulation of large liabilities in the form of cline in their dollar export earnings, because sterling balances due to foreign countries. these earnings had been covering about As many of these countries, particularly Intwo-thirds of their dollar expenditures. The dia, required foreign supplies from both sharp decline in United States imports from dollar and sterling areas for relief and reconthe sterling area in 1949 widened the dollar struction needs as well as for developmental deficit of the area, as shown in the chart. programs, the United Kingdom was under pressure to make releases from sterling bal- U. S. TRADE WITH STERLING AREA ances as a means of financing the import sur- BILLIONS OF DOLLARS BILLIONS OF DOLLARS pluses of the countries holding them. As these balances were liquidated, the United Kingdom was called upon to supply either goods or dollars. Further, the international responsibilities of the United Kingdom made more difficult the balancing of its international accounts; fulfillment of such responsibilities involved heavy governmental expenditures abroad, extension of foreign credits, and other forms of foreign assistance in addition to releases of sterling balances. Despite long-term changes of an adverse UNITED KINGDOM nature, the United Kingdom in recent years has made some noteworthy progress toward balancing its international position. There were other difficulties to be overcome, however, arising directly out of the postwar 1946 1947 1948 situation. First, a large deficit persisted in U "& . J S UL . Y D AT e Q p UA a R r T t E m RL e Y n R t A TE o . f Commerce data. its current account with the Western Hemisphere; this could not be financed by the PROBLEMS OF THE UNITED KINGDOM surplus achieved in trade with soft-currency The United Kingdom, which had been tra- countries, which also had current deficits on ditionally a creditor nation on balance, dollar account. Second, while Britain's diemerged from the war as an international rect exports to the United States had exdebtor nation, with critical problems arising panded during 1948, a large portion of the from a balance-of-payments deficit. Adap- rise occurred in such products as automobiles, tations of a long-term character were re- farm machinery, and scrap metals, which quired in the pattern of its trade, since could not be expected to retain indefinitely earnings on shipping and from foreign in- the same relative position in the American vestments were no longer adequate to meet market as was attained in 1948, when such the traditional merchandise deficit. goods were in short supply relative to current In addition, Britain's wartime expenditures demands. Third, exports financed by re- 1174 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES leases of foreign-held sterling balances pro- and costs of British industry to increasing vided the British industry with markets competition in world markets. ready to absorb its goods at high prices, but Against the background of these weakcould not yield a return flow of imports. nesses in Britain's economic position, the un- This factor helped to maintain domestic expectedly rapid reduction of gold and offimoney incomes at high levels and encour- cial and private dollar balances in the second aged postponement of British cost and price quarter of 1949, as shown in the chart, was adjustments. highly disturbing. A decline of 262 million Internal developments have further ham- dollars during this quarter brought the pered adjustment of costs and prices in the United Kingdom gold and official dollar United Kingdom to more competitive condi- balances on June 30 down to only 1,636 tions. Like the rest of the world, the British million and these reserves reached a low of economy has experienced in the postwar pe- 1,330 million on the eve of devaluation. riod the pressure of an excess of demands Several short-run factors contributed to for consumption goods and for capital de- the drain on monetary reserves, which velopments, over available supplies. These greatly exceeded the decline in direct dollar demands were based upon wartime accumu- exports. Among these, in addition to the lation of liquid assets, deferred purchases previously mentioned decline in United of unavailable goods, and the maintenance States imports from sterling area countries, of high levels of employment and income. During 1948 a strong effort was made, FOREIGN GOLD RESERVES AND SHORT- TERM DOLLAR BALANCES through the achievement of a large budget END OF QUARTER surplus and some curbing of investment, to overcome the conditions of repressed inflation which had characterized the British internal financial situation since the war. In 1949 the United Kingdom Government directed its attention toward consolidating the gains which had been achieved in the effort of the previous year. The 1949-50 budget, announced on April 6, continued government expenditures and taxation at high levels, but allowed for a reduction of the revenue surplus from 684 million pounds in 1948-49 to 492 million in 1949-50. Price stability was preserved with the aid of rationing, price controls, and budget subsidies, but the supply of money continued to edge upward, largely as a result of an expansion of bank advances to commercial enterprises. Thus, while British production experienced an additional rise, Short-term dollar balances include both official and private holdings. Figures exclude Eastern Europe, U.S.S.R., and countries in Africa and Asia not members of the sterling area. Desymptoms of inflationary pressures continued pendencies are included with metropolitan areas. Latest figures, which are preliminary, are end of September for the United and tended to delay adjustment of the prices Kingdom and end of August for other countries. OCTOBER 1949 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES were increases in purchases of American ish purchases in the dollar area by about 25 foodstuffs and equipment by the sterling area per cent. Shortly thereafter, the Commonand also speculative transactions. Some dol- wealth Finance Ministers agreed to recomlar proceeds from sterling area exports, for mend to their governments "action comparexample, were diverted from official to pri- able in its results" to that taken by the United vate or non-British hands through commod- Kingdom. A total reduction by about 800 ity arbitrage operations involving financing million dollars was implied in the proposed with so-called "cheap" sterling obtained at curtailment of dollar purchases for the currates below parity. Also, rumors of currency rent year by the sterling area countries. devaluation encouraged traders to take speculative positions against the pound through NATURE OF THE CURRENCY CRISIS purely short-term adjustments in inventories The decision of the United Kingdom to of sterling area products and in their pound devalue the pound sterling was precipitated or dollar balances. by the rapid loss of its gold and dollar re- The decline in reserves and the trade diffi- serves. From this point of view, there would culties in the second and third quarters of seem to exist a certain parallel in the earlier the year reversed the considerable progress crisis of 1947—in both circumstances the made by the United Kingdom in 1948 British Government was obliged to take toward over-all balance in its international prompt and vigorous measures to protect payments. As shown in the table, the United the pound. Such parallel, however, ends Kingdom had actually achieved a net over- there. Because of the fundamental economic all surplus on current account in the second changes in intervening years, the two experihalf of 1948. ences differ profoundly. As an emergency measure to stem the drain The critical situation of 1947 arose from a on reserves, the United Kingdom Govern- combination of economic and financial facment announced in July a direct cut of Brit- tors related to world recovery after the war. On the one hand, the level of production then UNITED KINGDOM BALANCE OF PAYMENTS ON CURRENT attained was inadequate to meet urgent re- ACCOUNT, BY AREAS construction needs and the rest of the world [In millions of dollars] depended heavily on the United States as the July- Area and item 1946 1947 1948 Dec. sole source of essential supplies. On the other 1948 hand, pressure was exerted on sterling by Western Hemisphere: the establishment of convertibility in July Trade balance -1,636 -2,192 -1.229 -528 Invisibles (net) + 185 -448 -141 -36 1947. An additional adverse factor was the Current account balance. . . -1,451 -2,640 -1,370 -564 Sterling area: exhaustion of funds which had been made Trade balance + 141 +234 +330 +278 Invisibles (net) -302 -12 +576 +367 available immediately after the war by the Current account balance. . . -161 +222 +906 +645 ERP countries: Trade balance +544 + 141 +230 + 133 United States for foreign assistance through Invisibles (net) -363 -242 +93 +48 Current account balance. . . +181 -101 +323 +181 the loan to the United Kingdom of 3.75 Other countries: Trade balance +113 +40 -210 -93 billion dollars, the contribution of 2.7 billion Invisibles (net) -214 -60 -133 -48 Current account balance. . . -101 -20 -343 -141 to the United Nations Relief and Rehabilita- Total, all areas: Trade balance -838 -1,777 -879 -210 tion Administration, and other loans and Invisibles (net) -693 -762 +395 +331 Current account balance. . . -1,531 -2,539 -484 +121 grants. At that juncture, the basic international problem was one of production, United Kingdom Treasury data. 1176 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES rather than trade, and there is reason for and particularly against United States probelieving that depreciation of currency val- ducers, in world markets. There was the ues in 1947 would have failed to help and further prospect that at somewhat lower dolmight in fact have hindered the rest of the lar prices foreign producers might tap a world over the short run. The crisis of 1947 considerable latent demand in dollar markets. led to the adoption of the Marshall Plan, Moreover, a rise in the domestic prices of and this new type of assistance programmed imported goods (especially of United States on a comparatively long-term basis enabled goods) in leading foreign markets would Western Europe to sustain a progressive im- tend to reduce internal demands in these provement in production and trade until the countries and contribute further to a decline first half of this year. in balance-of-payments deficits. The critical developments of 1949, which The sharp worsening of the British gold occurred at a time when a continuing flow and dollar position had the effect of directof United States assistance to foreign coun- ing world attention to the urgent need of tries was assured, followed increases of pro- attacking basic dislocations. It is for this duction in most leading countries to levels reason that the outcome of the 1949 crisis above prewar. It was characterized by a was a widespread adjustment of foreign slowing doWn and then a contraction of ex- currencies in terms of the dollar as one measports after a long period of expansion. In ure in the right direction, rather than a coneffect, the 1949 situation may be described sideration of further United States financial as a crisis of trade and payments. assistance. The fact that the governments With the tapering off of the world's most of Western Europe and the British Commonurgent requirements for relief and recon- wealth were able to take independent and struction, it had become increasingly neces- positive action to reduce the dollar prices of sary for goods to find markets at competitive their export products, while at the same time prices and on the basis of terms favorable to increasing domestic prices of dollar imports, buyers. In these circumstances, any addi- instead of relying on further aid from the tional financial assistance from the United United States, reflects the considerable prog- States might only have postponed much ress made by the rest of the world in meeting needed readjustments without providing a domestic needs and in competing for larger lasting solution of basic problems. Nor could sales in foreign markets. the further recourse to bilateral arrangements and restrictions by foreign countries, in order MEETING THE PROBLEM to bring about a balance in their trade and Despite the progress made in world propayments position, have contributed to the duction and trade, by the end of 1948 it besolution of the fundamental problem of pro- came increasingly clear on both sides of the viding expanding markets for exportable Atlantic that expansion of exports to the surpluses. Rather, the restoration of a finan- dollar area was not proceeding fast enough cial balance in trade and payments between to make the economies of Europe and the the rest of the world and the United States rest of the world self-sustaining within a foreappeared to depend on a downward adjust- seeable future—that is, by 1952 in terms of ment by foreign producers of their dollar the Economic Recovery Program. prices in order to compete more effectively, The Organization for European Economic OCTOBER 1949 1177 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES Cooperation, in discussing the trade outlook port for the period October 1, 1948—March in its Interim Report on the European Re- 31, 1949 (released in July 1949), recognized covery Program (released in December 1948), that "if viability of the European economies pointed out that "the export prices of many is to be obtained by 1952, greater progress OEEC countries are by no means competi- must be made in redressing the balance of tive with those of the United States," and payments position with respect to the Westthat Europe must cut the prices of its export ern Hemisphere" and added that "in some products in order to approach a trade balance cases the revaluation of currencies may conby 1952. It stated explicitly that "the great- stitute an important means of bringing about est opportunity for the expansion of Europe's the desired expansion of exports to the dollar very high quality products is to be found in area which, along with other appropriate the United States market." measures, would contribute to more normal In similar terms, the Economic Commis- methods of financing after 1952." sion for Europe in its report for 1948 (re- These views received further support from leased in April 1949) made the statement the International Monetary Fund, which in that "European currencies in general are its report for 1948-49 (released on Septemovervalued in relation to the dollar, or ber 13,1949, but available to member governrather, since the United States has a large ments more than a month earlier) stated: export surplus with the rest of the world "The gradual disappearance of the sellers' and not only with Europe, . . . the dollar is market, particularly in the Western Hemiconsiderably undervalued in relation to all sphere, now emphasizes the immediate imother currencies," and expressed the view that portance of having such adjustments in world "it might inevitably be necessary in the com- trade as will conform to competitive price ing years to bring about a much closer re- and cost conditions and thus contribute to alignment between European and American meeting the widespread payments difficulprices for manufactured goods." ties," and noted that "where a price reduc- The Bank for International Settlements, in tion . .. is necessary to expand exports, it its report for the year ending March 31, 1949 would in many cases seem possible only (submitted to the annual general meeting through an adjustment of the exchange rate." held in June 1949), advised "each country in General accord on the urgency of establish- Europe to examine the competitive price ing better trade and payments relations beposition of its own manufactured goods in tween the dollar and other currency areas relation to the corresponding price structure led to consideration of exchange readjustin the United States. Should such an exami- ment as an inescapable step, but there was nation reveal disequilibria which seem likely frank realization, by governmental and interto be of a permanent character, the need will governmental authorities, that currencv readarise of restoring equilibrium either by an justment was only one part of the solution. adjustment in the domestic costs and prices It was recognized that the trade and payor, if that proves impossible, in the exchange ments problems involved a multiplicity of position." aspects, the solution of which depended on Along similar lines, the United States a combination of short- and long-term meas- National Advisory Council on International ures and on the full cooperation of both Monetary and Financial Policies, in its re- creditor and debtor countries. 1178 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES It was within this general view of problems private investment funds from the United and framework of opinions that representa- States to the sterling area and attention was tives of the United States, Canada, and the given to the necessity of providing capital United Kingdom held talks in London in goods in undeveloped areas. These prob- July and in Washington in August-Septem- lems were discussed in the light of the existber 1949, covering a wide range of possible ence and uses of sterling balances owed by actions, some of which were considered in the United Kingdom to other countries. the light of their immediate results while It was recognized, however, that these and others could only prove effective in the long other suggested administrative measures run. could not, by themselves, restore "the feeling Growing out of these talks was the action of confidence on the part of the sterling area exporters" and enhance the competitive posito provide immediate relief to the dollar tion of sterling area products. The devaluaposition of the United Kingdom. It intion of the pound sterling, undertaken on volved a broadening by the United States British initiative in accordance with a deci- Government of the use of funds allocated by sion reached before the September tripartite the Economic Cooperation Administration discussions, and the adjustment of the values to the United Kingdom, without any inof other currencies are steps that will assist in crease as to amount, so as to permit a wider correcting the fundamental maladjustment range of dollar expenditures both within between the United States and the rest of the and outside the United States. Under this world and will enable the leading trading arrangement the United Kingdom was aucountries to move toward the resumption of thorized in September to use 175 million dolmore normal trade arrangements. lars in payment for Canadian wheat already The devaluations of foreign currencies, under contract and about 35 million for shiphowever, cannot by themselves assure interping expenses in United States ports. national stability. In the long run the ability Some hopes for additional dollar earnings of foreign countries to maintain desirable to the sterling area were found in commodity levels of consumption, while achieving a balarrangements, especially with respect to natance in their international payments without ural rubber, and in the United States and recourse to discriminatory practices, will de- Canadian programs of stockpiling of strapend upon general conditions of internal tegic materials. It was also recognized that stability and progressively higher levels of the United Kingdom might improve its production. These purposes will require competitive position by widening the area the adoption by the devaluing countries of of trade through a liberalization of regula- financial and economic policies designed to tions on imports from nondollar areas. The prevent inflationary increases in costs and United States and Canadian Governments prices. * further agreed to take steps to remove administrative obstacles to trade arising from cus- IMPACTS ON UNITED STATES ECONOMY toms procedures. As long as the dollar was substantially The three governments noted that a con- underpriced in terms of most foreign curstructive way of bridging the dollar gap in rencies, it was to be expected that foreign the long run would be a substantial flow of countries would attempt to conserve dollars OCTOBER 1949 1179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES by direct controls involving discrimination part to larger offerings from abroad. Price against United States products and by con- movements for imported finished goods also tinuing inconvertibility of their currencies varied, with little change in prices of into dollars. The adjustments in exchange whiskey and with marked reductions in rates have sharply raised the price of the prices of automobiles, and textiles. dollar in terms of other leading currencies, The higher prices in foreign currencies, and should facilitate the development of a resulting from their new value in terms of more balanced trade between the dollar area the dollar, will offer profit incentives to forand the rest of the world, with less need for eign producers to sell their goods to the direct forms of discrimination against dollar United States rather than to other devaluing products. To some extent, therefore, devalu- countries. The declines in dollar prices, ation might have the effect of substituting which have occurred thus far, have not corthe price mechanism for discriminatory acresponded in general to the degree of detions by foreign authorities in limiting the valuation, and as a result they have been volume of imports from and payments to accompanied by increases in foreign curthe United States. It may be noted, howrency prices. Such increases tend to restrict ever, that the price factor is only one of the consumption and to expand output abroad elements determining international moveof goods in demand in the United States. ments of goods and services, which are At the same time, a decline in dollar prices largely regulated by administrative measures of foreign products will tend to increase and greatly influenced by many nonmonetary United States imports of these products and considerations. to lower prices of competitive American World-wide downward readjustment of products. It may be expected, therefore, that currency values will have varying effects United States products at present dollar prices on conditions in the United States as a rewill be in less demand in the devaluing counsult of the changed relationship between tries and will encounter stiffer competition foreign and United States domestic price in other markets. levels and the adjustments brought about These price effects of devaluation would by these changes. It is difficult to gauge the tend to reduce the United States export surinitial effects of devaluation on internationplus, which has been largely financed ally traded goods, because of various other through various forms of temporary aid by developments influencing price trends in the the United States Government. This surplus United States market in recent weeks. had declined substantially from 1947 to 1948, Trading has been limited and quotations but increased again in the first half of 1949. have been largely nominal with respect to The reduction of the export surplus must be some commodities. For a number of imresumed if the United States is to reduce ported materials, including' rubber, cocoa progressively its foreign aid outlays, as is and tin, however, prices declined from 5 to contemplated under present plans. 10 per cent from mid-September to early October. Declines were greater for some Another effect of the devaluation will be other commodities, such as wool and tea, to raise the price of gold in terms of foreign but smaller for still others. Prices of cer- currencies and, therefore, to provide some tain nonferrous metals weakened, owing in stimulus to gold production abroad. While 1180 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

READJUSTMENT OF FOREIGN CURRENCY VALUES this would tend to increase foreign sales of been to promote in the long run a healthy gold to the United States, any tendencies and expanding world economy. in this direction may be offset by efforts If foreign countries are to make progress of foreign monetary authorities to accumu- toward independence from extraordinary late gold in order to strengthen their de- United States assistance, adjustments in their pleted reserves. foreign trade positions are clearly required. In considering the domestic effects of wide- In part, these will be adjustments affecting spread currency revaluation, emphasis should United States exports, which were abnorbe placed on the fact that these effects on mally expanded by war and postwar demands the United States economy will work them- in the rest of the world. A constructive conselves out through a readjustment of prices, tribution to greater balance in international production, and trade over a more or less ex- economic relations would come through tended period of time, so that the ultimate larger purchases abroad by the United States. impact must be assessed in the light of the To the extent that United States imports are other elements operating in the economy over stimulated by lower prices of foreign goods, this same period. The support given to total they will contribute to maintaining a demand for United States goods and services higher volume of United States exports withby foreign aid has been only a minor ele- out need for extraordinary assistance. As ment in sustaining levels of production and the world's greatest creditor nation, this employment in the United States, if com- country has an unavoidable responsibility pared with domestic demand. The primary to encourage trade in goods and services as purpose of foreign aid outlays—which are the fundamental basis of international finanexpected to continue for some time yet—has cial and economic stability. Reprints of this article are available upon request from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. A list of other available reprints appears on page 1297. OCTOBER 1949 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES1 PART VI. Ownership of Automobiles, Stocks and Bonds, and Other Nonliquid Assets The high levels of consumer income and saving The information here presented from the 1949 in the war and postwar periods are reflected in the survey is based on the results of about 3,500 intercurrent record volume of consumer holdings of vari- views taken in 66 sampling areas throughout the ous liquid and nonliquid assets. How these assets nation. The sample is representative of the entire are distributed and the attitudes of consumers con- population of the United States residing in private cerning the disposition of savings in the future are households. The interview unit of the survey is questions that are explored by the Surveys of Con- the spending unit, defined as all persons living in sumer Finances. Greater eflort than in previous the same dwelling and belonging to the same family surveys was devoted to obtaining a more complete who pooled their incomes to meet their major expicture of the major assets and liabilities of con- penses. Some distributions are also shown on a sumers in the 1949 Survey of Consumer Finances family unit basis. A family, by survey definition, conducted early this year for the Board of Gov- includes all persons living in the same dwelling ernors of the Federal Reserve System by the Survey who are related by blood, marriage, or adoption. Research Center of the University of Michigan. Some family units consist of a single person and This article analyzes the 1949 survey data cover- some contain two or more spending units. ing the distribution of automobiles, stocks and The limitations of survey data outlined in the bonds, life insurance, real estate other than owner- June 1949 BULLETIN are applicable to the informaoccupied homes and farms, and proprietary inter- tion presented in this article. Survey findings yield ests in nonfarm businesses, and also touches on the information which approximates the true order of question of consumer liabilities. A more detailed magnitude of data but does not produce exact discussion of consumer indebtedness will be pre- values. Variations from the true values may be insented in a subsequent article. Previous articles in troduced by chance fluctuations in the particular this series have analyzed the distribution of liquid sample of interviews, by errors in reporting on the assets and housing. part of those interviewed, by differences in interpretation by either respondents or interviewers, and 1 This is the sixth in a series of articles presenting the by methods used in processing data. Only the first results of the 1949 Survey of Consumer Finances sponsored of these—sampling error—can be measured statisby the Board of Governors of the Federal Reserve System and conducted by the Survey Research Center of the Uni- tically. It should be kept in mind that the other versity of Michigan. The first two articles appeared in the sources of error may be of equal importance to the June BULLETIN and covered the general financial position accuracy of survey results. and economic outlook of consumers, their durable goods expenditures in 1948, and buying plans for 1949. The third article, in the July BULLETIN, analyzed the distribution of SUMMARY OF FINDINGS consumer incomes in 1948. Part IV, in the August BULLE- TIN, discussed consumer ownership and use of liquid assets, 1. Almost all consumer spending units covered and Part V, in the September BULLETIN, covered home by the survey owned some assets early in 1949 ownership and expenditures for housing. A discussion of the technical aspects of the survey and the statistical limita- and roughly 8 units in every 10 reported ownership tions of its results was provided in the appendix to the first of at least one liquid or nonliquid asset2 having a article. A subsequent issue of the BULLETIN will contain an article on consumer saving patterns during 1948 and 2 Assets covered in these tabulations as having a gross consumer indebtedness. value of approximately $500 or more include any one of The present article was prepared by Clarke L. Fauver the following: An owner-occupied home or farm; other real and Irving Schweiger of the Consumer Credit and Finances estate; $500 or more in stocks; $500 or more in liquid Section of the Board's Division of Research and Statistics. assets; full or part interest in a nonfarm business; life insur- For the Survey Research Center, primary responsibility for ance policies on which navments of $100 or more in prethis material was carried by George Katona, James K. Dent, miums were made in 1948; or a 1940-49 model automobile. and Janet A. Fisher. This definition does not take into account any other types 1182 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES gross value of approximately $500 or more. Own- estimated their stockholdings to be worth $5,000 ership of one or more assets of such size was noted or more. for at least 6 in 10 units in every income and 8. The frequency of stock ownership varied occupational group. considerably at different income levels. There was 2. While these data are some indication of wide- a strong tendency for consumers at higher income spread distribution of wealth on a purely quantita- levels to own corporate stocks more frequently, to tive basis, at the same time the 2 in 10 who do not invest larger amounts, and to hold stock in a possess any of the specified assets make up a total greater number of corporations. of approximately 10 million spending units. Over 9. Many more consumers at every income level 80 per cent of these units had annual incomes of less chose to place their funds in liquid assets (bank than $3,000 and many were headed by younger per- deposits and United States Government securities) sons who had not yet had time to acquire such assets. rather than to invest them in corporate securities. Even among those units that did own some cor- Automobiles. porate stock, a majority reported they held larger 3. Nearly 26 million, or about one-half of all amounts in liquid assets than in corporate seconsumer spending units, owned more than 27 milcurities. lion automobiles in early 1949. Life insurance. 4. On a family unit basis, about 24.5 of the 43.8 10. Life insurance was the most widely distribmillion families in the population represented by uted type of nonliquid asset. About 3 of every 4 the survey owned at least one automobile and spending units reported that at least one member roughly 2 million of these families owned more carried life insurance. than one car. The proportion of car owning families in the population was at a high for the postwar Interest in a business. period, having risen to 56 per cent in early 1949 11. A full or part interest in a nonfarm uninfrom 54 per cent in early 1948. There is some evi- corporated business or privately held corporation dence that the proportion at the beginning of 1949 was reported by the members of roughly 4.5 milwas approximately equal to that attained in 1941. lion spending units, or about 9 per cent of all units. 5. Automobile ownership was closely related to Other real estate. size of income. Each higher income group of 12. Approximately 1 of every 6 of the nation's consumers owned cars more frequently than the consumer spending units owned some real estate group immediately below it. other than the home or farm on which it was liv- Corporate stocks. ing at the time of interview in early 1949. Most frequently this other real estate was a lot, an extra 6. At the beginning of 1949 approximately 4 milfarm or farm land, or a one or two family house. lion spending units, about 8 per cent of the total, 13. The owners of other real estate reported a owned stock in corporations open to investment by mortgage on the property in only about 1 case in 5. the general public. This does not include a much Mortgages were reported somewhat more frequently smaller number of units that owned stock in only by owners of the more substantial types of real privately held corporations. estate, such as a one or two family house, an apart- 7. Half of the units investing in open corporament house, or commercial or rental property, but tions valued their stock at less than $1,000 and even in these categories only about 1 unit in 4 reabout one-fifth of the stock owning consumer units ported a mortgage on the property. (about 2 per cent of all units in the population) EXTENT OF ASSET OWNERSHIP of assets, such as currency, jewelry, and household goods, or any debts owed by the spending units. Units that owned As mentioned earlier, the 1949 Survey of Cononly one asset of the above types, say, a 1940 automobile, sumer Finances attempted to obtain a more combut had a loan against it, are included. On the other hand, plete picture of the major assets and liabilities of units that owned large amounts of currency or were farm tenants with considerable investments in livestock and equip- consumers than did earlier surveys. But despite ment, but did not have a sufficient amount of any of the the addition of much new information, the picture types of assets included in the above definition, are not included. Also, units that reported slightly less than the re- of consumer wealth as furnished by the survey is quired amount of each of several of the included assets— still incomplete. No information was requested say, $400 in bank accounts, a 1939 model automobile, and $80 in life insurance premiums—are not included. for certain major assets, such as currency, house- OCTOBER 1949 1183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES hold possessions, interest in estates and trust ac- holders with incomes below $1,000 reported owncounts, paid up annuities, investment in livestock, ing two types on the average. Units at the highest machinery, and crops by farm owners and tenants, income level ($7,500 or more) reported owning an and loans to others. Also, data on value were not average of more than four different types of assets obtained for certain other important assets. covered by the survey (see Table 1). Value information was obtained for only three Many spending units owned more than one asset types of assets—liquid assets (bank deposits and of the types included in the survey and having a United States Government securities), owner-occu- gross value of approximately $500 or more. The pied nonfarm homes, and corporate stocks. No average (mean) number of assets of this value value data were obtained for life insurance, auto- owned by the four-fifths of all units having at least mobiles, other real estate, and interest in a business one such asset was found to be somewhat more or farm. It is possible, however, to make certain than two. This ranged from an average of apassumptions concerning the value of these latter proximately one and one-half in the under $1,000 assets which permit a rough division of spending income group to about four for the group with inunits into those that do and those that do not comes of $7,500 or more (see Table 16 following possess assets of the types covered by the survey in this article for details). an amount sufficient to be considered economically At least 6 in 10 units of every income and occusignificant. pational group possessed one or more assets valued The data obtained early this year indicate that at $500 or more, as is shown in Table 2. There almost all consumer spending units possessed some were hardly any units with incomes of $4,000 or assets early in 1949 and that roughly 8 units in 10 more that could not qualify as holders of at least possessed at least one asset having a gross value of one such asset. Unskilled and unemployed workapproximately $500 or more. On the other hand, ers had the lowest proportion of these holders but about half of all spending units reported the exist- as many as 60 per cent of the units in each of these ence of some indebtedness in the form of charge groups possessed at least one asset of this size. accounts, instalment debt, personal loans, and mort- Very young spending units (where the age of gages on homes, farms, or other real estate. In all, the head was between 18 and 24) that had not yet about 1 unit in 4 in the population reported having had the opportunity to accumulate much in the a total indebtedness of $500 or more at the begin- way of worldly goods were far below all other age ning of 1949. groups in regard to the frequency of such asset A majority of spending units in each income holdings. Only 5 of every 10 units at the youngest group possessed some assets, although in a number age level could be so classified compared with a of cases the items were of nominal value. Fre- range of roughly 8 in 10 to 9 in 10 units for all quently more than one asset was reported. Asset other age groups. TABLE 1 SPENDING UNITS OWNING VARIOUS TYPES OF ASSETS AS A PERCENTAGE OF ALL SPENDING UNITS IN SPECIFIED INCOME GROUPS EARLY 1949 1948 annual money Life Liquid Auto- Home Other real Busi- Corporate income before taxes insurance assets l mobile or farm 2 estate 3 ness * stock 5 Under $1,000 50 44 23 46 10 3 3 $1,000-$ 1,999 64 59 31 30 12 5 3 $2,000-$2,999.... 78 65 43 36 11 5 5 $3,000-^3,999 85 78 59 46 14 6 6 $4,000-$4,999.... 87 87 69 54 17 9 9 $5,OOO-$7,499.... 92 94 77 59 28 23 15 $7,500 and over.. 92 99 87 70 44 43 36 All cases.... 77 71 51 45 16 9 1 Bank deposits, savings and loan shares, and U. S. Government securities owned at time of interview in early 1949; excludes currency. 2 Owner-occupied home or farm. 3 Real estate other than home or farm on which owner is living. Includes lots, one or two family houses, apartment houses, summer or week-end homes, commercial or rental property, farms owned by nonfarmers and additional farms and land owned by farmers, and other types. 4 Full or part interest in a nonfarm unincorporated business or privately held corporation. 5 Common and preferred stock of corporations open to investment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. 1184 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES Of the approximately one-fifth of all spending assets more frequently than did the lower income units that did not report ownership of at least one groups. But there were certain types of assets for asset within the described limits, it was found that which the differences between the upper and the 83 per cent had incomes of less than $3,000 and lower income groups were relatively small and that almost none had incomes of $5,000 or more. others for which the differences were relatively large. In the first category were life insurance poli- TABLE 2 cies, liquid assets, homes, and—to a lesser extent— CHARACTERISTICS OF SPENDING UNITS OWNING AT LEAST ONE automobiles. The greatest differences between the ASSET VALUED AT $500 OR MORE, EARLY 1949 a patterns of asset ownership of low and high in- [Percentage distribution of spending units with specified characteristic] come groups were found with respect to ownership of businesses and corporate stock. Assets valued at approximately There is considerable evidence that not only did $500 or more Characteristic of spending unit All the frequency of asset ownership increase with inunits Own at Do not come, but also the size of the assets held. As was least one own to be expected, age was also found to be an important factor affecting the amount and frequency of All spending units 100 81 19 owned assets. Assets are accumulated over most 1948 annual money income before taxes: of a lifetime and then are frequently reduced sub- Under $1,000 100 58 42 $l,000-$l,999 100 61 39 sequent to retirement and the general lowering of $2,000-$2,999 100 75 25 $3,000-$3,999 100 87 13 incomes that accompanies advanced age. $ $ 4 5 , , 0 0 0 0 0 0 - - $ $ 4 7 , , 9 4 9 9 9 9 1 1 0 0 0 0 9 9 5 8 5 2 Attitudes toward various assets. What are the $7,500 and over 100 99 1 causes for the large differences in the frequency Occupation of head of unit: with which consumers hold different kinds of Professional 100 90 10 Managerial and self-employed. 100 96 4 assets? One of the factors determining or influenc- Clerical and sales 100 77 23 Skilled and semiskilled 100 82 18 ing the selection of assets is undoubtedly the amount Unskilled 100 61 39 Farm operator 100 78 22 available for investment. If the entire wealth of a Unemployed 100 62 38 spending unit amounts to a few hundred dollars, Retired 100 80 20 it is exceedingly difficult for that consumer unit Age of head of unit: 18-24 100 52 48 to invest in a home, other real estate, a farm or 25-34 100 77 23 35-44 100 83 17 business, and it is very probable that its assets 45-54 100 16 55-64 100 12 will be held in a form which requires only a small 65 and over 100 9 amount of capital—savings bonds, currency, life 1 Assets included in this tabulation are: an owner-occupied home insurance, or an automobile. However, there are or farm; other real estate; $500 or more in stocks; $500 or more in also differences in attitudes that play a role in the liquid assets (sum of U. S. Government securities, bank deposits, and savings and loan shares); a full or part interest in a nonfarm disposition of consumer resources. An attempt was business; insurance policies on which premiums ot $100 or more were paid in 1948; and a 1940-49 model automobile. made in the survey to ascertain some of the pre- Ownership of various types of assets. There were vailing attitudes which enter into the choices congreat differences in the frequency with which spend- sumer units may make. In presenting alternative ing units reported owning various types of assets possibilities for investments to the respondents, no early in 1949. As shown in Table 1, which records mention was made of life insurance, home owneronly the frequency of asset holdings without any ship, and automobiles because it was thought that distinctions as to their size, the most widely held with few exceptions American families were favortypes of assets were life insurance and liquid assets ably disposed toward these assets. The question (United States Government bonds and all types of inquired as to what people thought would be the bank deposits). Investments in each of these types wisest thing to do with money which a man has of assets were reported by approximately 3 of every and does not need for his expenses; whether he 4 consumer spending units. Ownership of an auto- should put such money in a savings or checking acmobile or a home or farm was likewise frequent, count, in savings bonds, in real estate, or in comwhile investment in a business or in corporate stock mon stock.3 The main purpose of the question was reported by less than 1 in 10 spending units. was to introduce a further question. The respond- The upper income groups owned all types of 3 For exact wording of the question, see Table 3, note 1. OCTOBER 1949 1185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES cnts were asked why they made their choices, and as the proportion of unfavorable comment. The more specifically they were asked what they thought most frequent adverse opinion regarding savings of each of the five types of assets mentioned. accounts was that the return was too low. A sur- As seen from Table 3, it was not possible to prisingly large proportion of people said they induce every respondent to express an opinion about would not put money into checking accounts beeach of the five types of assets. But among those cause the ease of withdrawal provided too great a who expressed an opinion, only savings bonds met temptation to spend. with overwhelmingly favorable comment. Two Only relatively few people commented favorably features of savings bonds were favorably commented about real estate and common stock, and many more upon by large groups of people—their safety and commented unfavorably. The main reason for the rate of return obtained on them. Those few adverse comment on investing in real estate was people who commented adversely on savings bonds that its price was too high and therefore by buying said their return was not high enough or that they it now one would probably lose money. With were not liquid enough. respect to common stock, lack of familiarity was The proportion of favorable comment regarding frequently emphasized. Many people stated that savings and checking accounts was about the same successful investment in common stock required intimate knowledge of financial problems or ac- TABLE 3 quaintance with financial experts. Others said REASONS FOR AND AGAINST HOLDING VARIOUS TYPES OF investing in common stock was risky under all ASSETS, EARLY 19491 [Percentage distribution of spending units with incomes of circumstances, and some even called it a gamble. $3,000 and over] The opinions presented in Table 3 are those of spending units with incomes of $3,000 or more. Type of asset The opinions of spending units with incomes of Reason Sav- Check- Sav- Com- $5,000 or more showed substantially the same pati a n c g - s i a n c g - b i o ng n s d e R st e a a t l e s m to o c n k tern, although this group put greater stress on the count count risks of common stock investment than on lack of For holding... 92 14 familiarity with this investment medium. Safe 14 48 5 AUTOMOBILES High rate of return 6 34 8 Liquid 16 3 0 On the basis of survey data, it is estimated that Familiar with (3) () 1 0 Help country 0 0 5 0 nearly 26 million or about one-half of all consumer Convenient 4 12 0 0 Not liquid, favorable 1 0 2 0 spending units owned one or more automobiles H Ca e p d i g t e a l a g g a a i i n n s e t x i p n e f c la te ti d on. . . 0 0 0 0 0 0 1 1 when interviewed in early 1949. Approximately 1.5 million, or about 3 per cent of all units, had Against holding 63 69 more than one car so that the total number of cars Not safe 4 17 28 Low rate of return 30 2 1 owned by consumers came to more than 27 million.4 Not liquid 2 1 1 Not familiar with 1 6 34 When this information is converted to a family Takes lots of money to buy. 0 7 3 Too liquid, unfavorable.. . 2 0 0 unit basis, more than 24 million of the 43.8 million No protection against inflation () ) 0 0 families in the population represented by the survey Capital loss expected 0 0 0 30 3 owned at least one automobile. Approximately No reason given 4 34 67 24 31 31 2 million of these, or 5 per cent of all families, reported having more than one car. 1 The questions were: "Suppose a man has some money over and above what he need? for his expenses. What do you think In early 1949, the proportion of families that would be the wisest thing for him to do with his money nowadays— put it in a savings account or in a checking account, buy Govern- owned automobiles was at a high for the postwar ment sayings bonds with it, invest in real estate, or buy common stock with it? Why do you make that choice? You didn't dis- period, having risen to 56 per cent from 54 per cent cuss . . . What do you think of . . . ?" 8 When respondent gave more than one reason for or against holding a specific type of asset, each reason was tabulated. Con- 4 Data include passenger cars and station wagons owned sequently, the totals exceed 100. In this respect, data are not by members of the spending units in the population repcomparable with similar data for 1948 survey. Also, the 1948 data apply to spending units with incomes of $2,000 or more while resented by the survey. Trucks, tractors, motorcycles, and the 1949 data apply to spending units with incomes of $3,000 or taxicabs arc excluded, as are all vehicles owned by groups more. not covered in the survey (Governmental- agencies, busi- « Less than one-half of 1 per cent. * Some respondents did not discuss each one of the four types nesses, institutions, persons living on military reservations, of assets. and the "floating population," that is, people living in hotels, NOTE.-—Details may not add to totals because of rounding. large boarding houses, and tourist camps). 1186 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES as of a year earlier. There is some evidence that According to the earlier survey, 58 per cent of all this postwar peak was very close to the level of families reported owning cars in 1941; this compares 1941, which was probably the highest point reached with 56 per cent in early 1949. The data thus before the war. appear to indicate that approximately the same Aggregate data indicate that from 1941 to the proportion of families owned automobiles in 1941 end of 1948 the number of registered private pas- and early 1949. senger cars5 and the number of cars in use6 in- Some evidence from the later survey indicates a creased at the same or a slightly slower rate than probable increase in 1949 in the number of units the total number of families in the nation.7 This owning automobiles. Nearly 3 of every 10 persons comparison has certain limitations but they are not who expected to buy a car in 1949 did not own a considered sufficient to affect the major point.8 car at the beginning of the year. This was as high Additional evidence on the frequency of automobile a proportion as at the beginning of 1948. ownership in 1941 is available in a survey con- Characteristics of owners and nonowners of cars in ducted jointly in 1942 by the Bureau of Labor 1949. Automobile ownership was closely related to Statistics, United States Department of Labor, and the amount of a consumer's income, as is shown the Bureau of Human Nutrition and Home Fxo- in Table 4. The proportion of units owning cars nomics, United States Department of Agriculture.9 was progressively greater at each higher level of Again, there are certain limitations in the figures income beginning with the lowest. At the income that are being compared which necessitate a cau- level of under $1,000 roughly 2 spending units tious use of the material.10 in 10 owned a car at the beginning of 1949. This ratio was about 6 in 10 at the $>3,000-$3,999 income 6 As estimated by the U. S. Public Roads Administration. eAs estimated by R. L. Polk and Company, adjusted from level and rose to about 9 in 10 for units with inmidyear to end-of-year dates. comes of $7,500 or more. The largest jump in car 7 As estimated by the U. S. Bureau of the Census. 8 The comparison is not clean-cut because the data on 10 The earlier survey reported the proportion of all family numbers of cars include vehicles owned by businesses and units who owned a car for some period during 1941. The institutions. However, cars owned by these groups are current survey reported the proportion of families owning thought to constitute only a small part of the total. Further, a car at the time of interview in early 1949. This difference there is no a priori reason to believe that the number of busi- in definitions would have the effect of raising the ownership ness and institutional cars increased at a less rapid rate than figure in 1941 relative to that of 1949. The surveys covering the number owned by families in the period from 1941 to 1941 and 1949 also differed somewhat in their definitions 1948. of the family unit, in the universe covered, as well as in 9Family Spending and Saving During Wartime (Bureau sampling methods. The figures from these two surveys canof Labor Statistics Bulletin No. 822), April 1945, Table 11, not be used to measure precise changes in automobile ownerp. 86. ship. TABLE 4 AUTOMOBILE OWNERSHIP BY SPENDING AND FAMILY UNITS WITHIN VARIOUS INCOME GROUPS, EARLY 1949x Percentage distribution of units with specified 1948annual moneyincome before taxes All income Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 Ownership groups $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over status Spend- Fam- Spend- Fam- Spend- Fam- Spend- Fam- Spend- Fam- Spend- Fam- Spend- Fam- Spend- Faming ily ing ily ing ily ing ily ing ily ing ily ing ily ing ily units units units units units units units units units units units units units units units units Own no automobile 49 44 77 76 69 65 57 53 41 38 31 31 23 23 13 15 Own automobile. 51 56 23 24 31 35 43 47 59 62 69 69 77 77 87 85 Automobiles owned: One . . 48 51 22 24 31 34 42 46 57 60 67 66 70 65 69 63 Two or more 3 5 (2) (2) (2) (2) 1 1 2 2 2 3 7 12 18 22 All cases.. 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Includes owners of passenger cars or station wagons at the time of interview in January-March 1949; excludes trucks, tractors, motorcycles, and taxicabs. a Less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. OCTOBER 1949 1187 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES ownership was apparent between units immediately TABLE 5 above and below the $3,000 point. CHARACTERISTICS OF SPENDING UNITS OWNING AUTOMOBILES Only a small percentage of spending units with EARLY 19491 [Percentage distribution of spending units with specified incomes of less than $5,000 owned more than one characteristic] automobile. Above this point the frequency of multi-car owners increased rapidly. About 1 unit Number of automobiles owned in 20 with incomes of $5,000-$7,499 reported owning Characteristic of All spending unit groups more than one car and the figure was approximately One Two None One or 4 in 20 for units with 1948 incomes of $7,500 or more more. As might have been expected, consumer spending All spending units. . . 100 49 51 48 units with the largest amounts of liquid assets Liquid asset holdings:2 None 100 65 35 (bank deposits and United States Government $1-$199 100 51 49 $2OO-$499 100 50 50 securities) owned automobiles most frequently $500-$999 100 45 55 $l,000-$l,999 100 46 54 early in 1949. However, possession of liquid assets $2,000-$2,999 100 40 60 () $3,000-$4,999 100 34 66 did not appear to be as closely related to ownership $5,000-$9,999 100 30 70 (3) $10,000 and over 100 18 82 () of a car as was income. The frequency of car ownership varied only Occupation of head of unit: Professional 100 35 65 slightly within broad ranges of asset holdings. For Managerial and selfemployed 100 32 68 61 instance, cars were owned by 49 per cent of the Clerical and sales 100 59 41 39 Skilled and semiskilled. 100 42 58 56 spending units with liquid assets of less than $200 Unskilled 100 64 36 35 Farm operator 100 34 66 61 and by 54 per cent of the units with assets of All other < 100 70 30 29 $1,000-51,999. Place of residence: The relationship between liquid asset holding O M t e h t e r r o p c o i l t i y t , a n 5 0 ar ,0 e 0 a 0 5 .. a . n . d 100 58 40 and car ownership was most definitely apparent over 100 59 41 39 Town, 2,500 to 50,000. . 100 46 54 52 at the lower extreme of asset holdings. Spending Town, under 2,500 100 44 56 54 Open country 100 35 65 59 units with no liquid assets of the types listed above Age of head of unit: owned cars with considerably less frequency than 18-24 100 68 32 32 25-34 100 44 56 54 those with only small amounts (less than $200). 35-44 100 40 60 57 45-54 100 42 58 53 As seen in Table 5, the proportions were 35 and 55-64 100 54 46 42 49 per cent, respectively. However, it is possible 65 and over 100 67 33 31 that other factors which are closely associated with 1 Includes owners of passenger cars and station wagons at time liquid asset ownership, such as income and age, of interview in January-March 1949; excludes trucks, tractors, motorcycles, and taxicabs. may have been responsible for much of this varia- 2 Includes bank deposits, savings and loan shares, and U. S. Government securities owned at time of interview in early 1949; tion in car ownership. excludes currency. 3 Data not available. It is interesting that as many as 35 per cent of * Includes unemployed and retired persons, students, housewives, and persons engaged in police, fire, and other protective the spending units with no liquid assets owned services. an automobile and that this group constituted one- 6 The 12 largest cities in the United States and their suburbs. fifth of all the spending units who owned a car of cars held no liquid assets. Some of this group early this year. For the most part, units in this undoubtedly had other assets which could be group would need credit to replace present cars drawn on toward the purchase of a car, if desired, with newer models, as would also a substantial but most of them would probably find difficulty number of the 27 per cent of car owners with in meeting a substantial down payment. liquid assets of less than $500. A considerable portion, nearly one-fourth, of As shown in Table 20 at the end of this article, the nonowning units had $1,000 or more in liquid about 40 per cent of all spending units owning cars assets and another tenth held between $500 and early in 1949 held $1,000 or more in liquid assets. $999. Together, they amounted to about one-sixth This group would probably have little financial of all spending units in the population. Many memdifficulty, on the whole, in replacing their present bers of these groups may be well able to finance cars. the purchase of an automobile, if they choose to Somewhat more than one-third of all nonowners make the purchase. 1188 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES Consumer spending units living in small towns OTHER REAL ESTATE and open country owned automobiles most fre- Approximately 1 of every 6 of the nation's conquently; those living in large cities and metropolitan sumer spending units owned real estate other than areas least frequently. This pattern illustrates the the home or farm on which it was living at the influence of factors other than income upon car time of interview in early 1949. Most frequently ownership because consumers living in the larger this other real estate was a lot, a farm or extra farm urban centers tend to have substantially higher land, or a one or two family house. Also reported incomes than those living in small towns and open were commercial or rental property, a summer or country. In this case, it is probable that the need week-end home, an apartment house, and other for private transportation is greater outside of the types of real estate. Approximately 1 unit in 10 larger cities and the inconveniences and difficulties of those owning other real estate reported holding of ownership, such as traffic congestion and lack more than one type of such property. of parking facilities, are much less. It should also As shown in Table 6, consumers who owned the be noted that the same money income in urban nonfarm home they were occupying were the most and rural areas is not directly comparable. frequent owners of other real estate, with more The age of the head of the spending unit is than 2 in 10 reporting such ownership. Spending related to the frequency of automobile ownership. units who rented their living quarters reported The highest rate of ownership (60 per cent) was owning other real estate in more than 1 in 10 cases reported by spending units in the 35 to 44 age group. and units who neither rented nor owned their liv- Units headed by persons that were very young (18 ing quarters (mostly domestics, farm laborers, and to 24) or very old (65 and over) had the lowest others whose remuneration included the use of frequency of ownership—about 1 unit in 3. living quarters) in less than 1 in 10 cases. Automobiles were owned most frequently by As with other types of nonliquid assets, the proconsumer spending units whose heads were self- portion of spending units owning such property employed or farm operators, or who occupied tended to increase with the level of income. From managerial positions or followed a profession. about 1 spending unit in 10 at the lowest income Nearly 7 of every 10 of these units owned at level (under $1,000) the proportion rose to more least one car. Skilled and semiskilled workers than 4 in 10 among units with incomes of $7,500 also had a high rate of ownership, with nearly or more. At this highest level of income, the most 6 in 10 reporting a car. Only 4 in 10 or fewer frequently reported item was commercial or rental in the remaining occupations owned cars. property, followed by ownership of a one or two TABLE 6 SPENDING UNITS OWNING REAL ESTATE OTHER THAN HOMES AS PERCENTAGE OF ALL SPENDING UNITS IN COMMUNITY AND HOUSING GROUPS, EARLY 1949 Type of community Housing status Type of real estate l p M a o r e l e i t a t r a o 2 n - 5 C o 0 a v , i n 0 t e d y 0 r , 0 T 5 2 0 o , t , 5 w o 0 0 0 n 0 0 , T u 2 o n ,5 w d 0 e n 0 r , co O u p n e t n ry O h f n a o w o r m n m n - e s R h f n a o e o r m n n m t - e s o N w h r e n e o i s n m t h t n s e e o r r F o a p a t r o e m r r - None 3 85 82 78 84 77 92 85 One or two family house (other than owneroccupied) 2 3 4 3 Apartment house (4) 1 (4) Summer or week-end home 1 1 1 0 Commercial or rental property 2 3 I 2 Farm or farm land (other than owner-occupied) 6 3 3 6 Lot 5 5 4 Other 2 1 1 Several types 3 4 (0 1 Type not specified 1 0) () 1 All cases 100 100 100 100 100 100 100 100 1 Real estate other than home or farm on which owner is living. 2 The 12 largest cities in the United States and their suburbs. 3 Includes a few spending units for which no information concerning ownership was obtained. 4 Less than one-half of 1 per cent. OCTOBER 1949 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 7 SPENDING UNITS OWNING REAL ESTATE OTHER THAN HOMES AS A PERCENTAGE OF ALL SPENDING UNITS WITHIN SPECIFIED INCOME GROUPS, EARLY 1949 1948 annual money income before taxes All Type of real estate x income groups Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over None 2 84 90 88 89 86 83 72 56 One or two family house (other than owner-occupied) 3 2 2 2 4 4 4 6 Apartment house (3) 0 0 (3) (8) 1 1 3 Summer or week-end home 1 (3) <*) (•) 1 1 3 4 Commercial or rental property 2 1 1 1 (3) 3 10 Farm or farm land (other than owner-occupied) 3 1 2 3 3 2 5 5 Lot 4 2 3 3 5 6 7 6 Other . .. ... 1 2 2 1 (8) 1 1 1 Several types 2 2 2 1 (s) 1 4 8 Type not specified (3) (3) (3) 0 0 1 (*) 1 All cases 100 100 100 100 100 100 100 100 1 Real estate other than home or farm on which owner is living. 2 Includes a few spending units for which no information concerning ownership was obtained. 1 Less than one-half of 1 per cent. family house, a lot, and a farm or farm land. At erties that were unencumbered (at least 70 per lower levels of income, ownership of a lot was cent of each type of other real estate) the total usually reported most frequently and title to a one value of these properties was quite large. It would or two family house or a farm or farm land next appear that other real estate, which had a relamost frequently (see Table 7). tively broad distribution of ownership, constituted Consumer units living in rural areas and cities one of the more important forms of consumer inwith populations of under 50,000 were somewhat vestment. more prone to invest in forms of other real estate STOCKS AND BONDS than were units living in large cities. As might As compared with other forms of investment, have been expected, the most frequently reported such as homes and other real estate, life insurance, type of property investment in rural areas, apart and United States Government securities, a relafrom owner-occupied houses, was a farm owned tively small number of consumer units have any of by nonfarmers or extra farm land owned by farmtheir resources invested in the common and preers. In the cities, lots were reported most freferred stock of corporations. Early in 1949 approxiquently, followed closely by investment in a one mately 4 million spending units, about 8 per cent or two family house. of all units, owned some stock in so-called "open" Owners of other real estate generally held debtcorporations (open to investment by the general free titles to their properties. In only about 1 case public). A small proportion of the units in this in 5 was a mortgage reported for this type of asset. group also owned shares of so-called "privately The more substantial types of properties, such as held" corporations (companies not open to investapartment houses, commercial and rental properment by the public). In addition, roughly a half ties, and one or two family houses, were mortgaged million consumer units owned only stock of priat a somewhat more frequent rate, or about 1 time vately held corporations. In all, about 4.5 million in 4. Extra farm land or farms were mortgaged consumer spending units owned corporate stock in about 1 of every 6 cases, while lots were re- early in 1949, including both privately held comported obligated in only 1 case in 14. panies and those open to investment by the public. No direct information was obtained on the value Frequently, more than one person in a spending of other real estate owned by consumer spending unit owns some stock. On the basis of previous units. Some indication of value, however, may be surveys, it may be stated that on the average roughly obtained from the size of mortgage on encumbered one and one-third individuals own stock in each properties. As indicated by the data in Table 15 consumer unit that reports holding stock. Thereat the end of this article, many mortgages were of fore, it can be estimated that as of the early part large size. Since there were so many more prop- of 1949 about 6 million individuals in 4.5 million 1190 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES spending units owned some corporate stock. As owned by consumer spending units was held by has been stated in reporting the findings of earlier the relatively small number of stock owning units surveys, this should be considered a rough estimate. whose holdings were valued at $25,000 or more. It is probably a minimum estimate inasmuch as In view of the great difficulty of obtaining the value stock ownership is largely concentrated in a small of holdings through field surveys, these data—espeproportion of the population, particularly in high cially for the larger amounts—should be considered income groups, and also because residents of hotels rough estimates. and other transients were omitted from the survey. Approximately 3 of every 4 spending units own- Information was also obtained on ownership of ing stock of corporations open to investment by the bonds of corporations and State, local, and for- the general public valued these stockholdings at eign governments. Fewer units (about 1 per cent less than $5,000. Only about 1 spending unit in of all spending units) held this type of asset than 15 holding such stock said they owned as much as any of the other nonliquid assets covered by the $25,000 worth. This is shown in Table 9. Somesurvey. what more than half of the stock-owning spending Number of corporations. For the first time in the units put a value of less than $1,000 on their shares Consumer Finances Surveys, information was ob- and more than one-third placed the value at less tained about the number of open corporations in than $500.12 which each individual unit owned stock. As with TABLE 9 all survey data that are obtained for the first time, RELATION OF AMOUNT OF STOCK HELD TO DIVERSIFICATION the findings must be considered preliminary, to be IN HOLDINGS, EARLY 1949x confirmed either by later studies or by other avail- [Percentage distribution of stockholding spending units] able data. Roughly half of the spending units who re- Number of corporations in which ported owning such stock stated that they had in- All stock was held Amount of stock held stockvested in only one corporation; approximately one- holders Two or third held stock in from 2 to 10 corporations; and One more less than one-tenth owned shares in 11 or more corporations (see Table 8 for details). These find- Under $500 38 54 19 $5OO-$999 15 17 12 ings are roughly similar to those based on tax- $1 000-$4 999 22 19 26 $5,000-$24,999 16 6 28 return data for 1936.11 $25 000-$99 999 5 (2) 10 $100,000 and over . 1 0 3 Value of stock. The survey findings indicate that Not ascertained 3 4 2 the majority of individual stockholders own small All cases 100 100 100 amounts of corporate stocks. The data also appear to indicate that well over half of the total 1 Includes common and preferred stock of corporations open to investment by the general public. Excludes stock of privately amount of stock of open corporations that was held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. Differs from value data in the 1948 survey inasmuch as the 1948 survey includes stocks of privately held corporations and State, local, and foreign governments. TABLE 8 2 Less than one-half of 1 per cent. EXTENT OF DIVERSIFICATION IN STOCKHOLDINGS OF SPENDING 11 Data from a sample of 5,000 Federal income tax returns UNITS, EARLY 1949 for 1936 (on which dividends from individual corporations were listed) indicated that 62 per cent of the dividend Percentage receivers obtained dividends from one corporation and 3.7 distribution per cent from 10 or more corporations. See The Distribution Number of corporations in which stock was held i of stockholding spending of Ownership in the 200 Largest Nonfinancial Corporations, units (Temporary National Economic Committee Monograph No. 29), p. 12. 1 54 Many persons also held stocks on which there were no 2-5 29 dividends to declare. If this is taken into account the income 6-10 7 tax' figures are even closer to the survey findings. 1 N 1 o t a n a d sc e o r v t e a r ined 3 7 12 These data are not directly comparable with the figures on security ownership published in the Federal Reserve All cases .... 100 BULLETIN for July 1948. The value figures in this article refer only to stock in open corporations whereas the figures 1 Includes common and preferred stock of corporations open to in the earlier article refer to stock in both open and privately investment by the general public. Excludes stock of privately held corporations and to bonds of corporations and State, held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. local, and foreign governments. OCTOBER 1949 1191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES The groups of spending units which owned cor- semiskilled, and unskilled workers were valued at porate stock most frequently also tended to invest less than $1,000. Consumer spending units living larger sums in this form of asset. As shown in in metropolitan areas and in open country were Table 10, consumer spending units at the higher found to own corporate stock more frequently than levels of income tended to hold stock more fre- units in the smaller cities and towns. quently and in larger amounts than those at lower Spending units headed by persons 45 or more levels. Only about 1 unit in 30 with incomes of years of age owned stock more frequently than less than $2,000 owned stock in one or more open those headed by younger persons. It is noteworthy, corporations and two-thirds of these holdings were however, that the greatest increases in frequency valued at less than $1,000. By way of contrast, of ownership appear to have taken place among about 2 in 5 units with incomes of $7,500 or more units in the 25 to 44 age groups. The rate owned stock at the beginning of 1949 and less than of increase in the frequency of stock ownership one-third of these holdings were valued at under slowed down in the 45 to 54 age group, and in $1,000. higher age groups the proportion of spending units As in previous years, spending units headed by holding some corporate stock showed no change. persons in the professional, managerial, and self- However, the value of stockholdings tended to be employed groups were found to be the most fre- larger in the older age groups. It would seem quent owners of corporate stock. About 1 unit that, for the most part, the first acquisitions of in 6 of these groups held some stock and in one- stock by spending units are made when the heads third of these cases the stockholdings were valued of these units are between 25 and 44 years of at $5,000 or more (see Table 17). The rate of age, and that initial investments are small. More stock ownership of units headed by clerical and than two-thirds of the units whose heads were sales personnel or by retired persons was 1 in 11 under 45 years of age valued their stockholdings or about half that of the above groups. Among at less than $1,000, whereas more than half of the workers (skilled, semiskilled, and unskilled) the units whose heads were 45 or older held shares frequency of stock ownership was only 1 in 25. worth $1,000 or more. About one-third of the The stockholdings of retired persons were fairly latter group valued their stocks at $5,000 or more. large, being valued at $5,000 or more by one-third The largest liquid asset holders also tended to be of the holders and at $1,000 or more by two-thirds the most frequent and largest holders of corporate of the units owning some stock. Units headed by stock. About 1 in 3 units with $5,000 in liquid clerical and sales personnel held somewhat smaller assets owned corporate stock and in about two-fifths amounts and the bulk of the holdings of skilled, of the cases their holdings were valued at $5,000 TABLE 10 SIZE OF STOCKHOLDINGS OF SPENDING UNITS WITHIN VARIOUS INCOME GROUPS, EARLY 1949 Percentage distribution of spending units within income groups Amount of stock held l All L948 annualmoney income before taxes income groups Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over None 92 97 97 95 94 91 85 63 Under $500. . . .. 3 1 1 3 3 4 7 6 $500-$999 1 1 1 1 1 4 $1 000-$4 999 2 1 1 2 4 9 $5,000-$24,999 1 1 2 2 9 $25,000-$99,999 1 5 $100,000 and over 2 Not ascertained (*) 1 All cases 100 100 100 100 100 100 100 100 1 Includes common and preferred stock of corporations open to investment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. Differs from value data in the 1948 survey inasmuch as the 1948 survey includes stocks of privately held corporations and bonds of corporations and State, local, and foreign governments. 2 Less than one-half of 1 per cent. 1192 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 11 who did own stock, roughly three-fifths owned less than $5,000 of corporate stocks—an amount which RELATION OF STOCK HELD TO TOTAL LIQUID ASSET HOLDINGS EARLY 1949 was less than their holdings of liquid assets. The same tendency is apparent in the other liquid asset Percentage distribution of spending units size groups. However, it should be pointed out within liquid asset groups that a small proportion (roughly 2 per cent) of Amount of Liquid asset holdings 2 all spending units had more resources invested in stock held * All liquid corporate stock than in liquid assets. g a r s o s u e p t s None $ $ 4 1 9 - 9 $ $ 1 5 , 0 9 0 9 - 9 $ $ 2 4 , , 0 9 0 9 0 9 - $5 o a v , n 0 e d 0 r 0 no T l h a e c s k e o d f a t f a u n i d n s d i p ca o t t e e n t t h ia a l t l y e a a r v ly a il i a n b l 1 e 9 f 4 o 9 r t c h o e n r s e u m w e a r s investment in corporate equities either among in- None 92 99 96 90 87 66 Under $500 3 1 3 5 4 7 dividuals who owned no corporate stock at that $500-$999 1 (3) (3) 2 2 5 $l,000-$4,999 2 0 (3) 2 4 8 time or among those who were already participating $5,000-$24,999.... 1 0 (3) 1 2 9 $25,000-$99,999.. . (3) 0 0 (3) (3) 4 directly in the capital markets. $ N 1 o 0 t 0 a ,0 s 0 c 0 e r a ta n i d n e o d v . e . r . . ( ( 3 3 ) ) (3 0 ) (3 0 ) 0 0 0 1 0 1 As shown in Table 3, the chief reasons given against investing in common stock were lack of All cases 100 100 100 100 100 100 familiarity and desire for safety. Only a negligible 1 Includes common and preferred stock of corporations open to number took a negative attitude toward stocks beinvestment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of cause they felt the rate of return was too low. corporations and State, local, and foreign governments. 2 Includes bank deposits, savings and loan shares, and U. S. In fact, a high return on one's investment was Government securities owned at time of interview in early 1949; excludes currency. the most frequent reason given for investment 3 Less than one-half of 1 per cent. in stock. or more. Only 1 spending unit in 100 with no As in past surveys, high income consumer units liquid assets possessed corporate stock. ($5,000 or more) stressed the element of risk in It is important to note that many more units pre- common stock investment while units at lower ferred to hold their resources in the form of liquid levels of income cited lack of familiarity with assets than chose to invest in corporate stock. stocks as the chief deterrent to investment. Even units who owned corporate stock tended to have more resources in liquid assets than in stock. LIFE INSURANCE These data are shown in Table 11. As of the early Life insurance is the most widely distributed type part of 1949, about two-thirds of the consumer of nonliquid asset. Even at the lowest income spending units with $5,000 or more in liquid assets level (under $1,000) 1 of every 2 spending units owned no corporate stock. Of the minority (one- contained at least one member who carried some third) of this group of large liquid asset holders life insurance; this proportion rose with income TABLE 12 AMOUNT OF LIFE INSURANCE PREMIUMS PAID BY SPENDING UNITS WITHIN VARIOUS INCOME GROUPS, 1948 Percentage distribution of spending units within income groups Premium paid 1948 annual money income before taxes All income groups Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over None 1 . .. 27 55 39 26 17 15 10 11 $l-$49 21 28 32 28 19 12 7 2 $50-$99 19 10 19 23 20 23 22 9 $100~$199 . . .. 19 5 7 17 31 31 31 14 $200-$499 9 1 2 4 10 15 21 34 $500-$999 2 (2) 0 (2) 2 2 6 14 $1,000 and over 1 0 0 (2) 6 (2) 1 10 Not ascertained 2 1 1 2 2 2 6 i All cases . . . 100 100 100 100 100 100 100 100 1 Includes 4 per cent of all spending units who carried life insurance but paid no premium during 1948. 2 Less than one-half of 1 per cent. OCTOBER 1949 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES level. It was found that more than 9 of every 10 siderably. At the highest income level ($7,500 or spending units with incomes of $5,000 or more more), approximately one-third of those reporting reported some of this kind of insurance. For the a business interest stated that the business was a nation as a whole, about 3 of every 4 consumer privately held corporation. The business interests spending units carried some life insurance. of other income groups took the corporate form The amount of the premium payment tended to much less frequently. increase with the income level of the spending unit. INTERRELATIONSHIP OF LIQUID ASSETS, NET EQUITY As is shown in Table 12, approximately 4 of every 5 IN HOMES, AND CORPORATE STOCK units with incomes of less than $2,000 that reported making a premium payment in 1948 stated that By combining values of separate assets (and also liabilities), a somewhat more complete picture is the amount was less than $100. At the $7,500 or obtained of consumers' total wealth. The 1949 more income level, only about 1 in 8 paid so small survey obtained approximate value data for three an amount while more than 1 in every 4 paid at types of assets—total liquid assets, net equities in least $500 in premiums. Some low premium poliowner-occupied nonfarm homes, and holdings of cies may be industrial or burial policies with little corporate stock. or no cash value. Each of these estimates is subject to a certain INTEREST IN A BUSINESS amount of error and the addition of these data may A full or part interest in a nonfarm unincor- augment the errors. Owners of homes were asked porated business or privately held corporation was to give an estimate of the value of their properties reported at the beginning of 1949 by roughly 4.5 but, as stated in Part V of these reports, in many million spending units, or about 9 per cent of all instances they did nothing more than furnish units. Approximately 1 million units were inter- guesses that were reported as indications of their ested in private corporations and about 3.5 million attitudes toward the value of their homes. Reportin unincorporated businesses. No information was ing and sampling errors also affect the holdings of obtained as to the amount invested in the business liquid assets and of securities. The latter are also or the value of the interest. subject to difficulties in the concepts used. Relatively few units in income groups below When liquid assets and equities in owner- $5,000 reported an interest in a business but about occupied nonfarm homes are considered together, 1 in 5 in the $5,000-$7,499 group and about 2 in it is found that the proportion of units lacking both 5 of those with higher incomes reported owning of these assets was considerably smaller than the such an interest (see Table 13 for details). The proportion lacking each one of them considered seplegal form of the business interest also varied con- arately. The survey indicates that about 20 per cent of all nonfarm units had neither an equity in a TABLE 13 home nor a liquid asset compared with 56 per cent without the former and 29 per cent without the SPENDING UNITS WITH FULL OR PART OWNERSHIP OF A latter. Approximately 14 per cent of all nonfarm NONFARM BUSINESS AS A PERCENTAGE OF ALL SPENDING UNITS WITHIN SPECIFIED INCOME GROUPS, EARLY 1949 x spending units gave estimates of owning $10,000 or more of housing equities and liquid assets com- Any type Unincor- Privately bined, compared with 11 per cent holding that 1948 annual money income of porated held corbefore taxes business business poration amount of housing equities alone and 3 per cent holding as much in liquid assets alone. Under $1,000... 3 3 $l,000-$l,999. . 5 4 At the beginning of 1949, roughly 28 per cent $2,OOO-$2,999. . 5 5 $3,000-$3,999. . 6 5 1 (an estimated 12 million) of all nonfarm spending $ $ 4 5 , , 0 0 0 0 0 0 - - $ $ 4 7 , , 9 4 9 9 9 9 . . . . 23 9 19 7 4 2 units held liquid assets or had an equity based on $7,500 and over 43 27 14 their own estimate of the value of their home (or All cases 9 7 a combination of the two) in the amount of $5,000 or more. At least 50 per cent (about 23 million 1 The question was: "Do you own a business or have part interest in a business?" If the answer was "Yes, an interest in an units) had assets of these types that together could incorporated business," the question was asked, "Is that corporation's stock privately held or is the stock sold to the general be estimated to total $1,000 or more. public?" 3 Less than one-half of 1 per cent. Spending units that owned stock of open cor- 1194 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES porations, even those that owned less than $1,000 larger amounts than units that did not own corworth, reported owning both liquid assets and porate stock. Resources of $5,000 or more in liquid housing equities more frequently and in much assets and housing equities combined were reported by 1 in every 4 units having no corporate stock, by TABLE 14 more than 2 in every 4 of the units with less than $1,000 of corporate stock, and by more than 3 of SUM OF ESTIMATE OF EQUITY IN HOMES AND LIQUID ASSETS every 4 of those with $1,000 or more of corporate OF NONFARM SPENDING UNITS, ACCORDING TO SIZE OF STOCK OWNERSHIP, EARLY 1949x stock (see Table 14 for details). Percentage distribution of nonfarm spending units within specified groups TABLE 15 eq S u um i l t i y q o u i f i n d e h s a t o s i s m m e e t a s s t e 2 a o n f d non A f l a l rm Amo s u to nt c k o f o w co n r e p d orate SIZE OF MO O R T TG H A E G R E TH O A N N V H A O RI M OU ES S , T E Y AR PE L S Y O 1 F 9 49 REAL ESTATE spending units None $ U 1 n ,0 d 0 e 0 r o $ r 1 m ,0 o 00 re Per o c w en n t i a n g g e s d pe is c t i r f i ie b d u ti t o y n p e o f o f s p re e a n l d i e n s g t at u e nits Size of mortgage None 20 21 3 0 All Apartment house, One or Farm $ $l l , - 0 $ 0 9 0 9 - 9 $4,999 2 2 3 2 2 2 3 4 1 1 7 6 1 4 2 o t f y p r e e s al re c n o t m al m e p r r c o i p al e r o ty r , fa t m w i o ly fa o r r m Lot $5,000-$9,999 14 14 20 21 estate * several types house land $10,000-$l 4,999 7 7 15 13 $15,000-$19,999 3 2 11 9 $20,000 and over 4 2 10 35 None 2 82 71 77 82 93 Not ascertained 7 7 8 6 $1-S499 2 1 2 3 3 $500-$999 1 1 2 3 1 All cases 100 100 100 100 $l,000-$4,999.... 8 13 12 7 2 $5,000-$9,999.... 3 3 6 2 (*) $10,000 and over. 2 8 0 1 0 Net equity in owner-occupied nonfarm homes equals owner's Not ascertained. . 2 3 1 2 1 estimate of the value of the property at time of interview in early 1949 less the amount of mortgage debt outstanding, if any; liquid All cases 100 100 100 100 100 assets equal owner's report of savings and checking accounts, savings and loan shares, and U. S. Government securities held at time of interview; common and preferred stock of corporations 1 Real estate other than home or farm on which owner is living. open to investment by the general public equals owner's estimate Includes lots, one or two family houses, apartment houses, summer of value at time of interview. Excludes stock of privately held or week-end homes, commercial or rental property, farms owned corporations, U. S. Government securities, and bonds of corpora- by nonfarmers and additional farms and land owned by farmers, tions and State, local, and foreign governments. and other types. 2 Sum of estimate of net equity in owner-occupied nonfarm 2 Includes a few spending units owning such real estate for which homes and liquid assets held by nonfarm spending units at time no information regarding mortgages was obtained. of interview in January-March 1949. 8 Less than one-half of 1 per cent. TABLE 16 SPENDING UNITS OWNING VARIOUS TYPES OF ASSETS HAVING A VALUE OF $500 OR MORE AS A PERCENTAGE OF ALL SPENDING UNITS WITHIN SPECIFIED INCOME GROUPS, EARLY 1949 1948 an b n e u f a o l re m o ta n x e e y s income a $ p 5 A p v 0 r 0 a n o l y u x o e i r a m d s s m a a e t t t o e r ly e $ ( 1 P 0 i r n 0 e s m o L u r r i i f a u e m n m c o e r o e f )1 ( L m $ a 5 i s o q 0 s r u e 0 e t i ) s d o 2 r ( m 1 m A 9 o o u 4 d b t 0 e o i - l l - 4 e )3 9 f H a o r o m m r e 4 e O s r t t e a h a t e e l r 5 n B e u s s s i f - i C ( o m $ s r 5 t o p 0 o r o 0 c e r k ) a o 7 t r e Under $1,000.. . 58 6 20 6 46 10 3 2 $1,000-$ 1,999. . 61 9 29 9 30 12 5 2 $2,000-$2,999. . 75 21 37 19 36 11 5 2 $3,000-$3,999. . 86 42 43 27 46 14 6 3 $4,000-$4,999. . 94 48 52 42 54 17 9 5 $5,000-$7,499. . 98 59 71 57 59 28 23 9 $7,500 and over 99 72 91 75 70 44 43 30 All cases. . . 81 31 43 27 45 16 1 Policies on which premium payments in 1948 totaled less than $100 are not included. 2 Includes bank deposits, savings and loan shares, and U. S. Government securities owned at time of interview in early 1949; excludes currency. 8 Models of 1939 or earlier are not included. * Owner-occupied home or farm. 1 Real estate other than home or farm on which owner is living. Includes lots, one or two family houses, apartment houses, summer or week-end homes, commercial or rental property, farms owned by nonfarmers and additional farms and land owned by farmers, and other types. All such items are assumed to be worth approximately $500 or more in the absence of any value data. It is probable that a number of these parcels of real estate, especially many of the lots, may have only token value. • Full or part interest in a nonfarm unincorporated business or privately held corporation. T Common and preferred stock of corporations open to investment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. OCTOBER 1949 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 17 SIZE OF STOCKHOLDINGS OF SPENDING UNITS WITHIN OCCUPATIONAL AND OTHER GROUPS, EARLY 1949 Percentage distribution of spending units within each group Occupation of head of spending unit Residence of head of spending unit Age of head of spending unit Amount of stock held * s P i f o e r s n o - - al p M g l s a e e o e a m n r y l n i d f e a - a - d l - C s a i a c l n l e a e d r l s - a S s s n s k k k d e i i i m l l l l l u l e e e i n d - d d - , , t R ir e e - d F o a p a t r e o m r r - M p a t r r o a o e e n l - t i a - - 2 5 O c 0 o a i t v . n t h 0 e y d e 0 r , r 0 5 T 2 0 , o t , 5 o 0 w 0 0 0 n 0 , T u 2 n , o 5 d w 0 e 0 n r , c O o t p r u y e n n - 1 2 8 4 - 2 3 5 4 - 3 4 5 4 - 4 5 5 4 - 5 6 5 4 - o a 6 v n 5 e d r None 85 85 91 96 91 86 90 92 95 94 90 98 95 91 89 90 90 Under $500 3 2 4 2 1 10 3 4 1 2 6 1 2 5 4 2 2 $500-$999 1 3 1 1 2 2 2 1 1 1 1 1 I 1 2 2 2 $l,000-$4,999 4 4 2 1 3 1 2 1 2 2 1 0 1 2 2 3 2 $5,000-$24,999. . . 4 4 1 (3) 2 1 2 1 1 1 1 0 (3) 1 2 2 2 $25,000-$99,999... 1 1 (3) (3) 1 (3) 1 (3) (3) (3) (3) 0 (3) 1 1 1 $100,000 and over. 1 (3) (3) (3) 0 (3) (3) (3) 0 0 0 0 0 (3) (3) (3) Not ascertained. .. 1 1 1 (3) (3) 0 (3) 1 (3) (3) (3) 0 (3) (3) (3) (3) 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1 Includes common and preferred stock of corporations open to investment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. Differs from value data in the 1948 survey inasmuch as the 1948 survey includes stock of privately held corporations and bonds of corporations and State, local, and foreign governments. 2 The 12 largest cities in the United States and their suburbs. 3 Less than one-half of 1 per cent. TABLE 18 INCOME DISTRIBUTION OF SPENDING AND FAMILY UNITS OWNING AUTOMOBILES, EARLY 19491 [Per cent] Number of automobiles owned 1948 annual money income None One or more One Two or more before taxes Spending Family Spending Family Spending Family Spending Family units units units units units units units units Under $1,000 19 18 5 5 6 5 2 1 $1,000-$ 1,999 25 22 11 10 11 10 1 1 $2,000-$2,999 26 23 19 20 20 17 10 6 $3 000-$3 999 17 18 24 24 24 24 14 10 $4,000-$4,999 7 9 16 15 16 16 9 10 $5 000-$7 499 5 7 16 17 15 18 28 35 $7,500 and over 1 3 9 9 8 10 36 37 All cases . 100 100 100 100 100 100 100 100 1 Includes owners of passenger cars or station wagons at the time of interview in January-March 1949; excludes trucks, tractors, motorcycles, and taxicabs. TABLE 19 DIVERSIFICATION OF STOCKHOLDINGS OF SPENDING UNITS WITHIN SPECIFIED INCOME GROUPS, EARLY 1949 Percentage distribution of all spending units within income groups Number of corporations in 1948 annual money income before taxes which stock was held 1 All income groups Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over None . ... ... 92 97 97 95 94 91 84 64 1 4 2 2 3 4 5 9 12 2-5 2 1 1 2 1 3 4 13 6-10 1 0 0 0 1 1 4 11 and over 1 0 0 1 8 Not ascertained 0 (2) (2) (2) 1 (2) All cases 100 100 100 100 100 100 100 100 1 Common and preferred stock of corporations open to investment by the general public. Excludes stock of privately held corporations, U. S. Government securities, and bonds of corporations and State, local, and foreign governments. 2 Less than one-half of 1 per cent. NOTE.—Details may not add to 100 because of rounding. 1196 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1949 SURVEY OF CONSUMER FINANCES TABLE 20 TABLE 21 OCCUPATIONAL AND OTHER GROUPINGS OF AUTOMOBILE SPENDING UNITS OWNING VARIOUS TYPES OF ASSETS AS A OWNERS X PERCENTAGE OF ALL SPENDING UNITS WITHIN SPECIFIED AGE [Percentage distribution of spending units] GROUPS, EARLY 1949 Grouping Number of automobiles owned A sp g e e n o d f i n h g e a u d n i o t f i a n L n s i u c fe e r- a L s i s q e u ts i d x m A o u b to il - e f H a o r o m m r e 2 s p t C o o r o c a r k t - e s None One or One Two or more more 18-24 75 62 32 9 2 25-34 82 70 56 30 5 Liquid asset holdings:2 35-44 83 72 60 48 9 None 38 20 45-54 82 75 58 57 11 $1-$199 16 15 1 55-64 74 76 46 59 10 $200-$499 13 12 65 and over 54 68 33 59 10 $500-$999 10 11 $1,000-11,999 10 12 All cases.... 77 71 51 45 8 $2,000-$2,999 5 7 $3,000-$4,999 4 9 $5,000-$9.999 3 8 1 Bank deposits, savings and loan shares, and U. S. Government $10,000 and over 1 6 (3) securities owned at time of interview in early 1949; excludes currency. All cases 100 100 100 100 2 Owner-occupied home or farm. 3 Common and preferred stock of corporations open to invest- Occupation of head of unit: ment by the general public. Excludes stock of privately held Professional 5 9 9 11 corporations, U. S. Government securities, and bonds of corpora- Managerial and self-em- tions and State, local, and foreign governments. ployed 8 16 15 32 Clerical and sales 17 12 12 9 Skilled and semiskilled. . 23 32 33 19 Unskilled 19 10 10 6 Farm operator 7 12 12 16 Allother* 21 9 9 7 Correction All cases 100 100 100 100 Place of residence: The following corrected figures should be substi- Metropolitan area 5 37 27 27 24 Other city, 50,000 and tuted for those shown in the 1949 columns of the over 17 12 12 9 Town, 2,500 to 50,000... 21 23 24 18 "savings accounts" section of Table 11 in Part IV Town, under 2,500 13 16 16 12 of the 1949 Survey of Consumer Finances, appear- Open country 12 22 21 37 ing on page 908 of the August 1949 issue of the All cases 100 100 100 100 BULLETIN: Age of head of unit: 18-24 15 7 7 0 25-34 19 24 24 12 35-44 17 26 26 26 45-54 17 22 22 33 Percentage distribution of spending 55-64 16 13 13 20 units within income groups 65 and over 16 8 8 9 Amount of liquid assets held All cases 100 100 100 100 All $5,000 spend- Under $1,000- $3,000- and ing $1,000 $2,999 $4,999 over 1 Includes owners of passenger cars or station wagons at the units time of interview in January-March 1949; excludes trucks, tractors, motorcycles, and taxicabs. 2 Includes bank deposits, savings and loan shares, and U. S. Savings accounts: Government securities owned at time of interview in early 1949; None 56 75 62 49 39 excludes currency. $l-$499 19 12 19 24 14 3 Data not available. $500-$l,999 14 9 12 15 22 4 Includes unemployed and retired persons, students, house- $2,000 and over 11 4 7 12 25 wives, and persons engaged in police, fire, and other protective services. All units . . 100 100 100 100 100 5 The 12 largest cities in the United States and their suburbs. OCTOBER 1949 1197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949! Plans of American consumers to buy automobiles appraisal of future economic conditions and indiand other durable goods apparently were not sub- cated greater uncertainty as to their own prospects, stantially changed as a consequence of the readjust- was significantly larger than it had been at the ment in business activity during the first half of beginning of the year. Roughly 1 consumer unit 1949. In July more than half of the spending units in 10 could be characterized as having been seriously at every income level felt their financial positions affected, financially speaking. were at least as good as they had been a year earlier. Even though most individual consumer spend- The proportion of consumers that felt times cur- ing units had not been seriously affected by the adrently were good was more than twice as large as justments throughout the economy, the instances the proportion that said times were bad. Consumer of a neighbor, relative, or friend being so affected were sufficiently numerous during the first half of expectations regarding personal incomes and over- 1949 to bring about a marked awareness of an interall business conditions continued to be generally ruption in the postwar boom. Newspaper and radio optimistic. reports also contributed to the feeling of uncertainty. Nevertheless, it is clear that some consumers faced Notwithstanding these developments, widespread serious financial problems as a result of the ecoemployment and the continued high level of pernomic readjustment in the first half of the year. sonal incomes, bolstered by record holdings of For the first time since 1946 more declines than invarious liquid and nonliquid assets, have sustained creases in income were reported. Also, the number a large potential demand for consumer goods. The of spending units that thought their personal finanstated intentions of the public to buy automobiles, cial positions had worsened, or that qualified their houses, and other durable goods in the period from 1 This article summarizes the results of a special midyear July 1949 to June 1950 indicated no marked decline Survey of Consumer Finances conducted in July 1949 for in sales of these goods. the Board of Governors of the Federal Reserve System by the The midyear Survey of Consumer Finances, from Survey Research Center, University of Michigan. The information is comparable in many respects to that obtained in which these conclusions are drawn, was conducted the annual surveys. for the Board of Governors of the Federal Reserve From the Board of Governors, general supervision of the System by the Survey Research Center of the survey has been under Woodlief Thomas, Economic Adviser to the Board, Ralph A. Young, Director of the Division of University of Michigan on the basis of sampling Research and Statistics, and Homer Jones, Chief of the Con- and interviewing methods similar to those used in sumer Credit and Finances Section. The Division of Research and Statistics has responsibility for planning the over- the Board's annual Surveys of Consumer Finances. all content of the survey, analyzing survey results for the The interview sample was about half as large in Board's use, and preparing the special articles reporting surthe midyear survey as in the annual survey. The vey findings that appear in the BULLETIN. From the University of Michigan, Rensis Likert, Director of the Institute 1,850 spending units interviewed may be confor Social Research, and Angus Campbell, Director of the sidered, however, as representative of all consumers Survey Research Center, were in general charge of the survey. The Survey Research Center is a division of the Institute living in private households.2 for Social Research of the University of Michigan. Respon- One of the primary objectives of the midyear sibility for detailed planning and supervision of the survey, Consumer Finances Survey was to determine the including interviewing, editing, tabulation of survey results, and preparation of Survey Research Center studies, was car- extent of change in the attitudes of American ried by George Katona in collaboration with Stephen B. consumers during the first six months of this year Withey. This article was prepared by Clarke L. Fauver of the Consumer Credit and Finances Section of the Board's in the light of the evident downward drift of prices, Division of Research and Statistics. production, and employment. Special efforts were The summer survey was planned as a supplement to the made to find out which portions of the population annual Surveys of Consumer Finances sponsored by the Board which have been conducted during January, February, and 2 A consumer spending unit is defined as all persons living March of the past four years. Comparable data for July 1947 in the same dwelling and related by blood, marriage, or and July 1948 are also available as a result of similar studies adoption who pooled their incomes for their major items of made by the Survey Research Center. expense. 1198 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949 had been affected and to what extent. Most of income declines reported in any of the Consumer the questions were directed toward consumer opin- Finances Surveys to date. It compares with 4 in 20 ions on general economic conditions, on price ex- who reported in January 1949 that they were earnpectations, and on buying intentions. The report ing less than 12 months earlier. did not cover many phases of consumer finances in- Durable goods expenditures and buying plans. cluded in the annual study, such as the distribution of income and liquid assets and the analysis of 4. The number of consumers who reported pursaving and dissaving patterns. Despite these omis- chases of automobiles during the first half of 1949 sions, the results are useful in understanding the was somewhat above the figure indicated for the attitudes and buying plans of consumers with whom same period in 1948 and the number reporting business will deal at the retail level during the purchases of other selected durable goods, as a remainder of 1949 and early 1950. whole, appeared to be about equal in both periods. The limitations of survey data set forth in the 5. In July 1949 at least as many consumers June 1949 BULLETIN with regard to the annual planned to buy new and used automobiles within surveys are equally applicable to the results of the the coming year as had planned to do so at the midyear survey conducted during July. Survey beginning of 1949. There were only scattered infindings yield information which approximates the dications of any weakening in purchase plans for true order of magnitude of data but does not pro- new automobiles. However, the majority of produce exact values. Variations from true values spective automobile purchasers reported they would may be introduced by chance fluctuations in the postpone their purchases until the first half of 1950. sample of the interviews, by errors in reporting This was presumably due in part to the anticipation on the part of those interviewed, by differences in of price declines and also to the imminence of new interpretation by either respondents or interviewers, models and to other seasonal factors. and by methods used in processing data. Only the 6. Approximately as many consumers reported first of these—sampling error—can be measured intentions to buy durable goods other than autostatistically. It should be kept in mind that the mobiles during the next 12 months as had indicated other sources of error may be of equal importance such intentions early in 1949. Potential plans for to the accuracy of survey results. buying certain types of goods such as television sets and furniture appeared to be somewhat stronger while for other types of goods the number of pro- HIGHLIGHTS OF THE SUMMER SURVEY spective buyers was unchanged or somewhat smaller Current position of consumers. than at the beginning of 1949. Consumer attitudes toward the economic situation. 1. Approximately 56 per cent of all spending units expected their incomes to be larger for the 7. In general, consumers believed that the ecoentire year 1949 than they had been in 1948. This nomic situation, while still good at midyear, was was a slightly larger proportion than actually re- not quite as good as it had been at the beginported increases in income in surveys covering the ning of the year. Approximately 6 spending units periods 1946-47 and 1947-48. in 10 felt that times had worsened during the 2. The proportion of consumers who felt that first six months, another 3 in 10 thought things their financial positions had deteriorated during the were just about the same, and the remaining past year was larger than at the beginning of 1949 1 in 10 said things were better. Despite the prevaand returned to approximately the level reported lent feeling that the business situation was not as in all surveys prior to the first quarter of this year. good as it had been at the beginning of the year, 3. The small decline in national income in the 46 per cent of all spending units believed that we first half of 1949, the first such decline since 1945, were having "good times" in July. An additional was reflected in a sharp rise in the frequency with 32 per cent felt that the situation was mixed—with which consumer spending units reported declines many factors tending to make for good times and in incomes. In July 1949, approximately 7 con- others pulling in the opposite direction. There sumer units in 20 reported making less money than were 19 per cent who thought we were having a year earlier. This was the highest frequency of "bad times." OCTOBER 1949 1199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949 8. Consumers were not quite as sanguine about 1949 expected prices to decline and a somewhat the general economic outlook in July as they were larger number expected prices to remain unchanged. at the beginning of the year, but the proportion of optimists still exceeded the proportion of pessimists FINANCIAL POSITION OF CONSUMERS by a comfortable margin. The proportion of those At the outset of each interview made in connecexpecting good times to continue has declined tion with either the annual Surveys of Consumer from the beginning of the year to midyear in each Finances or the summer interim surveys, consumers of the past three years. Consumer attitudes on have been asked questions to determine whether economic prospects were roughly comparable to their financial situations were better, the same, or those prevailing a year ago although the proporworse than they were a year earlier. The answers tion of those interviewed who were uncertain as to these questions, and the reasons given by respondto the future outlook was slightly higher than in ents, over the period of the past two years have mid-1948. provided important clues to shifts in basic atti- 9. The principal shift since the beginning of 1949 tudes which apparently are closely related to conin consumer thinking about the prospects for their sumer behavior. Consumers who felt their financial own incomes was an increase in the proportion who situations had improved generally tended to be were uncertain whether they would be earning more optimistic regarding the future and to have more or less money or about the same amount larger buying plans than those whose positions in the coming months. The number of consumers had deteriorated. who thought they would be making less money Numerous factors affect the views of respondents a year hence was equal to the number who were toward their financial situations. Some are directly expecting to make more money. In each of the related to circumstances peculiar to the individual preceding four surveys more spending units had consumer unit—a family emergency brought on by been looking for increases than for decreases in sickness, accident, or death has frequently been income. the basis for indicating a worsened financial situa- 10. The reaction of the man-on-the-street to the tion. Such situations are recurrent regardless of present employment situation is indicated by the business trends and probably tend to be of about fact that 6 of every 10 felt that if they lost their jobs the same frequency in each survey. during the next few months it would be difficult or Two other important factors that influence conalmost impossible to find other work at the same sumers' appraisals of their financial situations are pay, and about 1 in 10 thought he would not be directly related to and tend to vary with changes able to find any work even at less pay than his in economic conditions. These are changes in present position. About 1 worker in 10 in the money income received and changes in prices or wage-earning group felt sure that he could get anin the purchasing power of the incomes. All inother job that paid about the same. Another 2 in quiries previous to those made in July 1949 related 10 thought they probably could do so. No into periods in which prices in general were advancferences should, of course, be drawn from these ing. The answers to the question about being better findings concerning people's expectations to keep or worse off showed, then, the joint effect of income or to lose their jobs. changes and price changes. For example, despite 11. Approximately half of all consumer units the fact that incomes were also generally increasing reported that prices of things they buy had gone in periods of rising prices, many people tended down in the first half of 1949 but almost all of to feel worse off because their money would not these stated that the declines had been small. Only stretch as far as it previously had. Conversely, in 1 unit in 10 thought prices had risen, and 4 in 10 a period when prices were tending to stabilize or thought prices had remained about the same or even fall slightly, as during the latter part of 1948, that some prices had risen while others had fallen. and when incomes were continuing to increase, Roughly half of all units expected prices to de- there was a rise in the proportion of spending units cline during the balance of 1949, and for the most that felt their financial situations had improved. part only small declines were expected. However, When the survey was made in July 1949, the somewhat fewer units than at the beginning of inquiry referred to a time period in which the 1200 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949 general price level declined slightly, and it was $2,000; in July, those who said their financial situafound that the subjective evaluation of changes in tions were not as good as a year earlier exceeded financial situations was similar to opinions about those who noted an improvement at every income income changes. About 24 per cent of the spending level. Every occupational group showed a smaller units reported an improved financial position proportion noting an improvement and a larger compared with a year earlier, 36 per cent said proportion noting a worsening in their financial there had been no change, and 39 per cent indicated situations than had so reported in the survey made they were worse off. earlier this year. The only occupations in which As shown in Table 1, with the exception of early those who were better off exceeded those who were 1949, about three-fifths of the spending units in worse off were those in which the spending units each of the surveys since mid-1947 said they were were headed by persons following some profession better or at least as well off as they had been a year or by clerical and sales personnel. earlier. About two-fifths felt their positions had The most important single factor influencing deteriorated in the period preceding the survey. consumers' opinions as to their financial situations The general attitude of consumers toward their is the change in current income of a spending financial situations in July of this year, therefore, unit. Declines in consumer income during the was about the same as it had been throughout most first half of 1949 were evident from many sources of this period. of information, and survey findings are further confirmation of this fact. The survey shows how TABLE 1 general these declines were at different income FINANCIAL SITUATION OF CONSUMERS AT TIME OF SURVEY levels and among the various occupational groups. As indicated in Table 1, there was a sharp decline Percentage distribution of all in the proportion of spending units reporting spending units Comparison with that their current incomes were higher than they a year earlier July Early July Early July Early were a year earlier. In the preceding four surveys 1949 1949 1948 1948 1947 1947 roughly two-fifths of all spending units had reported current incomes larger than a year previously, Attitude toward their own financial situation: but in July this group dropped to roughly one- Better off 24 33- 25 29 26 31 Same 36 35 30 28 31 30 fourth of the total. At the same time the number Worse off 39 30 42 39 41 34 Uncertain C1) 1 1 2 1 2 who said they were making less than they had Not ascertained 1 2 2 1 3 been a year earlier increased sharply and was sub- All cases. 100 100 100 100 100 100 stantially larger than in any of the preceding Current income: surveys. More than a year ago. . 24 42 41 43 36 (2) A Le b s o s u t t h t a h n e a s a y m e e ar ago, . . 3 3 9 6 3 2 5 1 3 2 4 2 3 2 3 1 3 2 4 7 ( ( 2 2 ) ) The proportion of spending units reporting de- Not ascertained 1 2 3 3 3 (2) clines in current income was larger at every in- All cases 100 100 100 100 100 100 come level than it had been in the survey made earlier this year. It varied from 30 to 40 per cent 1 Less than one-half of 1 per cent. 2 Data not available. of the units in each bracket, and there was no particular relationship to income level, that is, units Apparently the beginning of 1949 marked a high with 1948 annual incomes of $5,000 or more reported point in consumer optimism in this regard, howdeclines in current incomes with about the same ever, and the shift in attitudes from the first quarter frequency as those in the under $2,000 and $2,000to midyear was somewhat more marked than it was $4,999 groups. Spending units headed by farmers in the similar periods of 1947 and 1948. There were the only group in which more than half of was evidence that the deterioration in the financial those reporting indicated they were making less position of consumers—though not serious in most than they were a year earlier. Those headed by instances—was relatively widespread and not limited businessmen, by skilled or unskilled workers, or to particular income or occupational groups. Early by retired persons also showed a significant inin the year the number reporting that they were crease in the proportion reporting lower current better off exceeded the number reporting that incomes. Spending units in which the head folthey were worse off in all income groups above lowed some profession or held a clerical or sales OCTOBER 1949 1201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949 TABLE 2 not been affected incomewise to a sufficient extent INCOME CHANGE FROM 1948 TO 1949 AS ESTIMATED BY to alter their over-all consumption patterns. SPENDING UNITS, COMPARED WITH REPORTED CHANGES FROM 1946 TO 1947 AND 1947 TO 1948 How CONSUMERS WERE AFFECTED BY ECONOMIC [Percentage distribution of all spending units] DEVELOPMENTS IN THE FIRST HALF OF 1949 1948 1947 1946 As indicated earlier, one of the specific objectives Change in annual money income to to to 1949 i 1948 2 1947 3 of the summer survey this year was to determine how consumers had been affected by economic de- Income larger . .. 56 50 49 No substantial change .. . ... 18 27 30 velopments in the first half of 1949. Shorter work- Income smaller 22 19 19 Not ascertained 4 4 2 ing hours, temporary layoffs, and reductions in labor All cases 100 100 100 force were reported in the press during most of the first and second quarters of the year. How wide- 1 The question was: "Do you expect that your income for all of spread was the incidence of these developments and 1949 will be the same, larger, or smaller than your 1948 income?" 2 Based on changes in amount of annual income received as what was their effect on consumers were questions reported by spending units early in 1949. In obtaining data on changes from 1947 to 1948, the amount of income in 1947 was to which answers were sought. Because such asobtained in about two-thirds of all cases and the percentage changes were then calculated. If the respondent could not supply pects of employment affect primarily wage earners, an amount for 1947 income, he was then asked, "Was your income in 1948 larger, the same, or smaller than in 1947?" the questions were asked only of those spending 3 Data for changes from 1946 to 1947 were obtained early in 1948 in response to the question, "Was your income in 1946 about units containing wage earners—in all about 45 per the same as in 1947 or was it larger or smaller than in 1947?" cent of the spending units. Of the spending units containing wage earners, position appeared to be the least affected in this approximately 1 in 4 reported a shortening of hours regard. of work—either fewer hours per day or less days One of the difficulties in appraising the signifi- per week—during the first half of the year. As to cance of these reported income declines is the fact time lost either by temporary layoffs, managementthat the summer survey does not provide a direct labor disputes, or unemployment, about 1 in 5 of answer to the question of how substantial these the spending units in the wage-earning group said declines in income may have been. However, he had been so affected. those interviewed were asked the question whether Taking account of the effect of these employment they thought their total incomes in 1949 would be conditions, and of changes in financial status and larger, about the same, or smaller than they had current incomes reported by spending units not inbeen in 1948. Over half of all spending units—56 cluded in the wage-earner classifications, it is posper cent—said their 1949 incomes would exceed sible to summarize the current status of all spending their 1948 totals and 18 per cent said their incomes units in the survey by classifying them into one of for the two years would be about the same. There three categories: (1) Those that had been affected were 22 per cent who looked for an over-all decline adversely during the first half of 1949; (2) those and 4 per cent who did not know or from whom whose status had remained about the same; and the information could not be obtained. As shown (3) those whose status had improved in that period. in Table 2, this distribution of responses is not too When this was done, it was found that 36 per cent dissimilar from the actual experience of spending had been affected adversely, 45 per cent appeared units in the two preceding years. Data on the to have maintained about the same economic posichanges in income from 1946-47 and 1947-48 are tion, and 17 per cent had improved their status based on reports after the years had been completed, since the beginning of 1949. while the current year data include an estimate for Important, but extremely difficult to measure preincomes during the last half of the year. In spite cisely, was how seriously affected were the 36 per of this limitation, the data indicate that for the year cent of the spending units included in the first as a whole consumer incomes will probably com- group listed above. There is some room for differpare quite favorably with the two preceding years. ence of opinion in any process of evaluation, but to It is possible that these midyear estimates may prove the extent that a dividing line could reasonably be to be somewhat optimistic but they do tend to em- drawn between being seriously affected and not phasize the fact that on the whole consumers have seriously affected, it appeared that roughly 2 spend- 1202 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949 ing units were in the former category for every 3 with incomes of more than this amount. On the spending units in the latter. In relation to all spend- other hand, the distribution among income groups ing units, then, it could be roughly estimated that of those not seriously affected was roughly in the about 1 unit in every 10 was "seriously affected" same proportion as each income group bore to the by economic developments in the first half of the entire population. year.3 In summary, although as many as one-third of Among the various income groups, only slight all consumer spending units may have been affected differences were noted in the frequency of units adversely during the first half of 1949, the conselisted as being affected to some extent. About 40 quences were serious in only a relatively small proper cent of those with 1948 incomes of less than portion of the cases. In many instances, such spend- $2,000 were so classified compared to 36 per cent ing units were already low in the income and conin the f 2,000-$4,999 income group, and 35 per cent sumption scales and so their influence on general of those with incomes of $5,000 or more. economic activity would be slight. TABLE 3 CONSUMER PURCHASES OF DURABLE GOODS AND EFFECT OF ECONOMIC CONDITIONS ON CONSUMERS DURING FUTURE BUYING PLANS THE FIRST HALF OF 1949 x [Percentage distribution of spending units within specified groups] In addition to finding out how consumers were affected during the first half of 1949, the summer 1948 annual money All income survey provided an opportunity to check on actual Effect stated by consumer spend- purchases of consumer durable goods during this ing units $ U 2 n ,0 d 0 e 0 r $ $ 2 4 , , 0 99 0 9 0- $5 a , n 0 d 00 period and buying plans for the 12-month period over beginning with July. Durable goods purchases were at a high level during the first half of 1949 and in Have been affected adversely:.. 36 40 36 35 spite of these large purchases, intentions to buy Seriously 8 11 8 4 Not seriously 14 12 15 16 durable goods were of substantially the same order Degree of seriousness not ascertained 17 13 15 of magnitude in July 1949 as at the beginning of Have not been affected in any the year. way 45 47 44 44 Have improved economically.. . 17 11 20 20 As shown in Table 4, there has not been any Not ascertained 2 2 1 statistically significant change during the past two All cases 100 and a half years in the proportion of consumer 1 This table is based on evaluation by the Survey Research Center staff of the answers of all respondents in the survey to a TABLE 4 series of questions relative to changes in their financial situations, current income, and employment. 2 Less than one-half of 1 per cent. CONSUMER INTENTIONS TO BUY AUTOMOBILES AND OTHER SELECTED DURABLE GOODS DURING FOLLOWING 12 MONTHS As shown in Table 3, the proportion of those [Percentage distribution of all spending units] spending units in the under $2,000 income group which were affected seriously was somewhat larger Type of purchase J 1 u 94 ly 9 E 1 a 9 r 4 l 9 y J 1 u 9 l 4 y 8 E 1 a 9 r 4 l 8 y J 1 u 94 ly 7 E 1 a 9 r 4 l 7 y than the proportion of the total population accounted for by this group, while the proportions in Automobiles: Will buy 11 9 9 7 10 8 the income groups of $2,000-$4,999 and $5,000 or Will probably buy 4 4 6 4 3 4 Undecided 5 6 5 5 4 3 more were somewhat less than the proportion of Will not buy 79 81 80 84 82 84 these groups in the total population. Thus it ap- Not ascertained 1 0) C1) 1 1 pears that those with incomes of less than $2,000 All cases 100 100 100 100 100 100 Other selected durable were hit somewhat harder than the spending units goods: Will buy 16 17 15 16 17 14 Will probably buy 6 6 5 5 5 7 3 The "seriously affected" group were those who in their Undecided 5 8 5 6 6 5 i a n n c s o w m e e rs m to e n q t u io e n st e i d o n t s h a o t n th em ey p l h o a y d m b en ee t, n fi h n i a t n h ci a a r l d , s i o tu r a t t h io a n t , t a h n e d y W No il t l a n s o c t e r b t u a y ined 7 C1 3 ) 6 0 9 ) 74 1 7 C1 3 ) C 7 1 2 ) 7 2 2 were having trouble making ends meet at the time of the All cases 100 100 100 100 100 100 survey when they previously had not had such trouble, or that they had had serious dislocations in their financial situation. 1 Less than one-half of 1 per cent. OCTOBER 1949 1203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949 spending units expecting to buy either automobiles every 5 people who expressed an intention to puror other durable goods. Intentions to buy certain chase cars, refrigerators, television sets, and various durable goods such as radios, washing machines, other household goods said his prospective purand stoves have shown a slight decline, but this has chase was contingent upon price declines—he would been offset at least to some extent by an increase in buy only if, as expected, prices declined. This plans to buy television sets. opinion warrants some caution in interpreting the Consumer plans for purchasing automobiles ap- findings presented in Table 4. peared to be slightly more extensive in July 1949 Spending units that were making more than they than at the beginning of the year, as indicated were a year earlier were inclined to be in the market by those who said they would, or probably would, for automobiles and other consumer durable goods buy an automobile within the next 12 months. The somewhat more frequently than those whose inincrease occurred in the planned purchases of both comes had remained about the same or had declined. new and used models; its size is so small, however, This appeared to be more true with regard to the relative to the size of the sample and possible sam- purchase of a new automobile than of a used one. pling error, that it cannot be considered significant. Likewise, a slightly larger proportion of units that The results will support a conclusion that consumer reported they were better of! than they were a year intentions to buy automobiles in all likelihood did earlier appeared to be in the market than was the not decline from the beginning of 1949 through case of those whose financial status was about the the period of the summer survey. same or somewhat worse than a year earlier. One finding has a bearing on the prospects for As far as could be determined from the experiautomobile sales during the balance of 1949. When mental attempt to classify spending units on the asked whether they would be buying in 1949 or in basis of the extent to which they had been affected the first half of 1950, roughly 3 of every 4 spending by economic developments in the first half of this units intending to make such a purchase said it year, unless a spending unit had been "seriously" would be in the later period. This could mean affected there did not appear to be any significant that purchasing intentions were not too firm or it difference in the buying plans of those units which could be a reflection of seasonal influences, a desire were and those which were not affected. Units to wait for new models, or delay in anticipation of which were classified as having improved their ecopossible price declines. There was no similar post- nomic status during the first half of the year seemed ponement indicated for carrying out intentions to to have somewhat more frequent intentions to buy buy other durable goods. These were about equally automobiles and other durable goods than these distributed between the last half of this year and the other two groups. first half of next. In addition to future buying plans, information As indicated in the discussion of consumer views was also collected in the summer survey on actual on prices later in this article, the great majority of purchases of consumer durable goods during the spending units thought that prices of automobiles first half of the year. Approximately 1 of every as well as other durable goods would be going down 10 spending units bought either a new or used autoduring the second half of 1949. The question arises mobile in this period and about 1 in every 4 reas to whether these opinions influence people's in- ported the purchase of some other selected durable tentions to buy those goods. The survey included good. The proportion of spending units buying an inquiry about that problem, the results of which automobiles was slightly larger in the first half of may be summarized as follows: Much of the antici- 1949 than in the corresponding period of 1948, but pated demand for automobiles as well as other dur- the ratio of new to used automobiles bought was able goods is quite independent of price develop- substantially changed. The increase in the number ments in the sense that people need such goods and of automobiles purchased appears to have been due planned to buy them even if the expected, rela- entirely to an increase in the sale of new models. tively small, price declines did not materialize. Some To evaluate the significance of consumer buying of these people expressed that opinion clearly by plans expressed in the July survey, it may be helpful saying they would buy an automobile or a refrig- to study briefly what effect, if any, changes in ecoerator or a television set unless prices on these com- nomic conditions or in consumer attitudes during modities go up. On the other hand, about 1 of the first half of the year had on consumer purchas- 1204 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949 ing. It is only logical to assume that those who of the union economically speaking. There seemed were making more money than they were a year to be general consensus that although the economic earlier, who felt that they were better off, or who situation was not as good as it had been at the thought that economic conditions were good, should beginning of the year, times were still "good." have been somewhat better prospects for buying As shown in Table 5, about 6 of every 10 spenddurable goods than those who were making less ing units thought times were worse in July than money or who held pessimistic views about their they had been at the beginning of the year, alown or the general business situation. The ques- though about 1 in 10 believed conditions had imtion is how great are the differences between these proved and 3 in 10 said they were about the same. In general, the higher the income of the groups It appears that the differences in the actual pur- spending unit, the greater was the frequency of chases of those with favorable income developments those who thought that business conditions had and those with unfavorable ones are not pronounced. worsened. Conversely, the proportion of those People whose incomes had increased bought auto- who thought that conditions had improved or had mobiles only somewhat more frequently than those remained about the same was somewhat smaller whose incomes had declined. It is possible, of among the groups with incomes of $5,000 or more course, that some of these purchases took place at than it was among the groups with annual incomes the beginning of the year while the change in in- of less than that amount. Changes in the income come occurred later during the year. The differ- of the spending unit also appeared to have a bearences in the purchases among groups with varying ing on opinions as to the change in economic conattitudes toward their own financial situation or ditions. The proportion of consumers who thought business conditions are somewhat greater: Those that times had become worse was higher among who felt their financial situation had improved or those whose incomes had decreased than among that times were good bought automobiles more fre- those whose incomes were about the same as or quently than did those who held the opposite views. higher than at the beginning of the year. Among Even among those people who suffered an income spending units headed by businessmen the propordecline or entertained pessimistic opinions, how- tion of those who thought conditions were worse ever, the frequency of intentions to buy automobiles in July than at the beginning of the year was was by no means insignificant. significantly higher than among spending units From these statistics it appears that the propor- headed by persons with other occupations. tion of consumers who were seriously affected as a result of economic developments in the first TABLE 5 half of the year was not of sufficient magnitude to CONSUMER EVALUATION OF CHANGES IN ECONOMIC CONDITIONS affect the current levels of demand to any great DURING FIRST HALF OF 1949 x extent. If this is true, it seems fair to conclude that [Percentage distribution of all spending units] adjustments in production of consumer durable goods in the first and second quarters of the year Opinion J 19 u 4 l Q y were due more to a working off of inventory accumulations and the fact that distribution pipe lines T T i i m m e e s s b b e e t t t t e e r r n n o o w w. with reservations 7 1 had been filled than to any substantial decline in Times about the same 30 Times worse now, with reservations 44 consumer purchasing. Times worse now 14 Don't know; not ascertained 4 All cases CONSUMER APPRAISAL OF THE CURRENT ECONOMIC SITUATION 1 The question was: "Now considering the country as a whole, would you say that times now are better, about the same, or worse than they were six months ago? Why is that?" For the first time during these surveys consumers were asked to indicate the direction in which, in Apparently the shifts that took place on the their opinion, economic conditions had moved in downward side during the first half of the year the six-month period preceding the interviews. were not sufficient to change the opinion of the This question was asked in addition to the usual majority of consumers that on the whole times inquiry requesting an appraisal of the current state could still be characterized as "good" at midyear. OCTOBER 1949 1205 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949 Many more consumers added some qualification ECONOMIC OUTLOOK OF CONSUMERS to their statements regarding good times than did Consumers generally were still optimistic about so at the beginning of the year, as is evident in the coming months both with regard to the pros- Table 6. There was also a substantial increase pects of their own incomes and for business condiin the proportion of those whose opinions were tions as a whole, although there were many more mixed concerning current economic conditions— expressions of uncertainty than had been voiced that is, they saw elements of both good and bad at the beginning of the year. times in the present situation. At the same time Compared with results of the survey made in the proportion of those who thought times were January-March 1949, there were smaller propor- "bad" increased only slightly as compared with tions of spending units who thought they would the survey taken in early 1949, and was substantially be making more, or about the same, money a year smaller than the group which thought times were hence than they were at present, and larger probad early in 1948. It should be noted, however, portions of those who were uncertain as to their that at the beginning of 1948 the most frequent income prospects or thought they would be making reasons for believing that times were bad were "inless. The general pattern of income expectations flation" and "rising prices," while in July 1949 is shown in Table 7. The number of persons who they were "unemployment" and, less frequently, expected to be making more money a year from "prevailing high prices." the time of the survey still exceeded the number who were looking for declines in income—a rela- TABLE 6 tionship which has existed throughout the period CONSUMER ATTITUDES TOWARD CURRENT ECONOMIC of the surveys. CONDITIONS X [Percentage distribution of all spending units] TABLE 7 CONSUMER ATTITUDES TOWARD PERSONAL INCOME PROSPECTS Attitude J 1 u 9 l 4 y 9 E 1 a 9 r 4 l 9 y E 1 a 9 r 4 l 8 y AND THE GENERAL ECONOMIC OUTLOOK [Percentage distribution of all spending units] Good times 7 30 39 M Go id o d d le ti m po e s s i , t i w on ith reservations 3 4 2 0 2 2 6 0 1 1 5 3 Attitude 1 Ju 94 ly 9 E 1 a 9 r 4 l 9 y 1 Ju 94 ly 8 E 1 a 9 r 4 l 8 y 1 Ju 94 ly 7 E 1 a 94 r 7 ly Bad times, with reservations 14 9 6 Bad times 5 7 19 Don't know; not ascertained 2 8 8 Own income All cases . .. 100 100 100 Income will be larger 23 27 26 27 23 23 Income will be about the 1 The question was: "Would you say we are having good or bad Inc sa o m m e e will b . e s . m alle . r ... 4 1 1 8 4 1 6 7 42 8 3 1 8 0 49 8 4 1 2 4 times now or what? Why do you say so?" Uncertain, it depends 17 9 22 23 18 19 Not ascertained 1 1 2 2 2 2 Consumers' appraisals of current economic con- All cases . . .. 100 100 100 100 100 100 ditions varied somewhat in relation to the level of General economic outlook 41 income of the spending unit. In general, the Good times ahead 7 22 i 36 45 higher the income of the spending unit the more Good times ahead, with reservations 31 25 11 !- 10 likely it was to be grouped with those thinking that M Ba i d d d ti le m e p s o s a i h ti e o a n d, with reser- 15 14 10 6 U3 X21 times were good. This was also true at the begin- Ba v d a t t i i o m n e s s ahead 2 9 2 1 9 6 }30 2 3 3 }* 17 5 ning of the year, and has tended to be true in Uncertain, no change 14 10 16 13 C1) (0 each of the surveys made. Spending units headed Not ascertained 2 4 3 8 3 All cases . . . 100 100 100 100 100 100 by farmers had the largest proportion of those who thought that times currently were good, followed 1 Middle position on the 1947 surveys is interpreted to include by those headed by professional persons and busi- "uncertain, no change." nessmen. The smallest proportions of spending A larger proportion of spending units in which units who felt this way were headed by skilled the head of the unit either followed a profession or unskilled workers. With the exception of spend- or was engaged in a clerical or sales position tended ing units headed by farmers, the proportion of to look forward to higher incomes than was the case those believing times were good declined regardless among spending units headed by members of other of the occupation of the head of the spending unit. occupational groups. This was also true in the 1206 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL POSITION AND BUYING PLANS OF CONSUMERS, JULY 1949 survey made earlier this year. Spending units on those who were looking for higher prices, but, as the pessimistic side with respect to their incomes shown in Table 8, a larger proportion thought that in the coming year were more frequent among things would level off about where they were. In those headed by farmers, businessmen, and skilled general, the higher the income of the spending and unskilled workers than they were among those unit, the more frequent was the response that prices headed by persons engaged in other occupations. would be coming down in the last half of 1949. Table 7 also presents consumers5 appraisals of Not all spending units indicated the extent to which the outlook for general business conditions during they expected prices to come down, but for those the coming months. These must be viewed with which did it was clear that declines of less than reference to the economic climate prevailing at 10 per cent were anticipated. the time the survey was made and they do not take into account the increase in optimism which, ac- TABLE 8 cording to newspaper reports, appears to have taken CONSUMER EXPECTATIONS CONCERNING PRICES 1 place during the third quarter. [Percentage distribution of all spending units] In July a significantly smaller proportion of the spending units looked for good times ahead (and Expectation J 1 u 94 ly 9 E 1 a 9 r 4 l 9 y J 1 u 94 ly 8 E 1 a 9 r 4 l 8 y J 1 u 9 l 4 y 7 E 1 a 9 r 4 l 7 y most of those who did expressed some reservations about their predictions) than had been the case Will go up 7 8 42 33 32 13 Will remain the same 34 20 25 24 29 22 at the beginning of this year. At the same time, Will go down 48 55 15 28 29 46 Conditional answers 10 15 16 12 9 17 the proportion of those expecting bad times in Not ascertained ... 1 2 2 3 1 2 the months ahead had increased. It should be All cases 100 100 100 100 100 100 noted, however, that a similar change took place in consumer attitudes on the business outlook 1 In the July surveys the question was: "What do you think will happen to the prices of things you buy between now and the during the first half of 1948, and that on the whole end of the year?" For the winter surveys (early 1949 etc.) the question was: "What do you think will happen to the prices of the attitudes expressed in the survey this summer the things you buy during 1949—«do you think they will go up, or down, or stay about where they are now?" were quite similar to those expressed in the summer of 1948. As has been the case in each survey, Consumers apparently differentiate sharply their spending units with larger incomes have tended expectations for prices in general and for prices of to be somewhat more optimistic than those with consumer durable goods in particular. The prolower incomes. portion of spending units looking for prices in general to decline was only about 5 in every 10, but roughly 7 in every 10 were expecting prices of auto- CONSUMERS' VIEWS ON PRICES mobiles and of other consumer durable goods to About half of all consumer spending units were decline in the last half of 1949. This was particuof the opinion that prices of the things they buy larly true, for example, in the case of automobiles. were lower in July than they had been at the be- Roughly two-thirds of those who thought that ginning of the year, although in most instances prices in general might stay about the same during it was indicated that they thought the declines had the last half of 1949 felt that automobile prices been relatively small. About 10 per cent said that would be coming down. Although, as indicated prices had increased, and 26 per cent replied that above, only a small proportion of the spending units prices were about the same. Most of the remaining were expecting prices in general to rise in the next gave "mixed" answers to the effect that some prices few months, about half of these spending units were were higher while others were lower. nevertheless expecting that automobile prices would When asked about their price expectations for be lower by the end of the year. This attitude on the remainder of the year, the proportion looking the part of consumers * may have some implicafor price declines was not quite as large as it had tions regarding the execution of the buying plans been for those answering a similar question at the for durable goods which are discussed earlier in this beginning of the year. There was no increase in article. OCTOBER 1949 1207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF EMPLOYMENT SERIES Basic data on factory employment and the hours many differences between the new and the old and earnings of factory employees (covering pro- classifications, the manufacturing series from Janduction workers only) and on employment in uary 1947 on—except for all manufacturing indusnonagricultural establishments, by industry divi- tries combined—are generally not comparable with sion (covering all employees) have been revised the series now available through 1946. by the Bureau of Labor Statistics and the new data (2) Reclassification of reporting establishments released to the public in September 1949. Accord- on the basis of major postwar product or activity. ingly, the seasonally adjusted employment series, In the previous series classification was on the which are compiled by the Board of Governors basis of major product in 1939. of the Federal Reserve System, have been revised (3) Adjustment of employment series to 1947 to incorporate changes made in the unadjusted and, in some cases 1948, bench-mark data. These series and to take account of postwar experience. data indicated significant overstatement of employ- In manufacturing, seasonally adjusted figures are ment in many of the old manufacturing series for now available for all major groups rather than for 1947 and later years. Consequently, levels of these only the two major divisions, durable and non- series for this period have been revised downward durable goods industries. The new series are considerably. On the other hand, a few series shown in the tables on pages 1252-53 of this BULLE- were revised upward on the basis of the new TIN. bench-mark data. The new series incorporate several major changes The indexes of production-worker employment which result in important differences between the and payrolls for all manufacturing industries comnew and the old data, mainly for manufacturing. bined (1939=100) are being continued and are These changes are: shown on page 1247. Corresponding indexes for- (1) Introduction of new industry classifications merly compiled by the Bureau of Labor Statistics for manufacturing beginning with January 1947. for individual manufacturing industries and groups The Standard Industrial Classification coding have been discontinued. The only data now pubstructure has been adopted, and this redefines a lished by the Bureau for these categories are those number of industries and provides new industrial on actual numbers of persons employed and on groupings. Moreover, consolidation of many series actual hours and dollar earnings. for smaller industries has reduced from 153 to 108 A detailed description of the revision of the sethe number of individual industries for which sepa- ries unadjusted for seasonal variation, including rate employment series are published. (The number explanatory material on the differences between of industries for which hours and earnings data the new and the old series, may be obtained from are published has been increased.) Because of the the Bureau of Labor Statistics. 1208 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS Changes in the Board's Staff Historical Supplement to Federal Reserve Charts on Bank Credit, Money Rates, and Business Mr. Woodlief Thomas, who had been Director of The Board of Governors now has available for the Board's Division of Research and Statistics distribution an historical supplement to the monthly since February 1945, was appointed to the newly Federal Reserve Chart Book on Bank Credit, Money created position of Economic Adviser to the Board, Rates, and Business. A large proportion of the effective October 1, 1949. With the exception of a charts show all information available as of October period during 1929 and 1930 when Mr. Thomas 10, 1949, and space is provided for keeping them served with the Transfer Commission (Office for up to date through 1951; the remainder end with Reparations Payments) in Berlin, Germany, he 1948 but in these cases charts in the monthly book has been engaged in research wrork for the Federal give more recent information. Reserve System since 1920, serving at various times The supplement is of the same general format as with the Federal Reserve Bank of Philadelphia, the monthly book and contains about 70 pages of the Federal Reserve Bank of New York, and the charts on bank reserves and Reserve Bank credit, Board of Governors. bank and other credit, money rates and security Mr. Ralph A. Young was appointed to succeed markets, business finance, business conditions, and Mr. Thomas as Director of the Division of Research international trade and finance. Data on most of and Statistics. Mr. Young, who had been Associthe charts go back at least to 1919; on several the ate Director of the Division since December 1947, data cover longer periods. joined the Board's stafl as Assistant Director of The historical supplement will be distributed free the Division of Research and Statistics in March of charge to all those regularly receiving the 1946, prior to which he had served for a number monthly chart book. Single copies of the suppleof years as Director of the Financial Research Pro- ment may be purchased for $1.00 each; in quangram of the National Bureau of Economic Research tities of 10 or more copies for single shipment, and concurrently as Professor of Economics at the there is a special price of 75 cents per copy. Orders Wharton School of Business and Finance of the for the supplement should be sent to the Division University of Pennsylvania. of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Federal Reserve Meetings Admissions of State Banks to Membership in the The Federal Advisory Council held meetings Federal Reserve System in Washington on September 18-20, 1949, and met The following State banks were admitted to with the Board of Governors of the Federal Reserve membership in the Federal Reserve System during System on September 20, 1949. the period August 16, 1949 to September 15, 1949: California Appointment of Branch Director Los Angeles (San Pedro)—Fishermen and Mer- On October 1, 1949, the Federal Reserve Bank chants Bank. of St. Louis appointed Mr. Noel Rush, President, Richmond—Central Valley Bank of California. Lincoln Bank and Trust Company, Louisville, Richmond—First State Bank of Richmond. Kentucky, a director of the Louisville Branch for (Merged on same date with Central the unexpired portion of the term ending Decem- Valley Bank of California, above.) ber 31, 1950, to succeed Mr. Wallace M. Davis, Vice President, Citizens Fidelity Bank and Trust New Yor\ Company, Louisville, Kentucky, who resigned. Philadelphia—Bank of Philadelphia. OCTOBER 1949 1209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled September 28 and released for publication September 30] Industrial production and employment increased ery industries was maintained at the July level in in August and early September. Construction activ- August, as increased output of refrigerators and ity was maintained at advanced levels. Wholesale other consumers' electrical appliances offset further commodity prices rose slightly from mid-August to declines in industries making producers' equipment. mid-September but subsequently declined. Depart- Nondurable goods production advanced in August ment store sales increased somewhat after mid- to the highest level since March. There were large August. increases in output of cotton and rayon textiles, shoes, paper, paperboard, and tobacco products. INDUSTRIAL PRODUCTION Production of meat, seasonally adjusted, was main- The Board's seasonally adjusted index of indus- tained in August and early September and was at a trial production advanced in August to 170 per cent level substantially above that of a year ago. Output of the 1935-39 average, which was slightly above the of most other nondurable goods showed little June rate. According to present indications the change in August. index may show a small further rise in September Minerals output increased in August, reflecting despite a work stoppage at coal mines after the mainly a somewhat larger volume of coal producmiddle of the month. tion. Coal output in August, however, was one- Production of durable goods rose 5 per cent in third below a year ago. Crude petroleum produc- August, mainly because of substantial gains in activ- tion showed little change in August and advanced ity in the iron and steel, nonferrous metals, and 2 per cent in early September. Iron ore production lumber industries. Steel output in August was at declined more than seasonally in August and early a rate of 82 per cent of capacity, the same as in June, September. as compared with 71 per cent in July. In Septem- EMPLOYMENT ber steel production has been scheduled at about 85 per cent of capacity. Assembly of passenger auto- Employment in nonagricultural establishments mobiles continued at record rates in August and showed somewhat more than the usual seasonal rise early September, while truck assemblies declined, in August. Gains were mainly in manufacturing partly as a result of work stoppages at plants of a and State and local government employment. The leading producer. Over-all activity in the machin- number of persons unemployed declined from 4.1 million in early July to 3.7 million in early August. INDUSTRIAL PRODUCTION MEMBER BANKS IN LEADING CITIES BILLIONS Of DOLLARS W 50 1942 J943 1944 1945 1946 1947 1948 1949 Federal Reserve indexes. Monthly figures, latest shown are for August. Wednesday figures, latest shown are for Sept. 28. 1210 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS CONSTRUCTION livestock and meat prices. Following devaluation Value of construction contract awards in August, of British and many other foreign currencies, genaccording to the F. W. Dodge Corporation, declined erally by about 30 per cent, dollar prices of tin, rubslightly from the high July level, but early reports ber, and some other imported materials declined indicate that awards in September regained the July from 5 to 8 per cent. Prices of most nonferrous level. The August decrease reflected substantial metals, following moderate advances in July, declines for most types of nonresidential construc- showed little change during August and most of tion, which more than offset a 15 per cent increase September. Prices of steel scrap and of cotton and in residential contracts. The number of new hous- rayon cloth continued to increase. ing units started in August, as estimated by the BANK CREDIT Bureau of Labor Statistics, totaled 98,000 compared Business loans at banks in leading cities increased with 96,000 in July and 87,000 in August 1948. moderately during August and the first three weeks DISTRIBUTION of September. Portfolios of municipal and corpo- Value of department store sales increased some- rate securities also were expanded somewhat. Holdwhat more than seasonally in August and the first ings of Government securities increased over 2 bilhalf of September. The Board's adjusted index for lion dollars, reflecting in large part the use of the August is estimated at 282 per cent of the 1935-39 funds released by the reductions in reserve requireaverage, compared with 279 in July and an average ments in August and early September to acquire of 286 for the first eight months of the year. Sales additional bills offered by the Treasury and to purof major household appliances have increased in chase short-term Government securities from the recent months and have not been as far below year Federal Reserve Banks. ago levels as they were earlier. A reduction in Treasury balances at the Reserve Railroad freight shipments in August and early Banks early in September supplied reserve funds to September were above the July level, reflecting member banks. In the third week of the month mainly gains in coal and numerous manufactured Treasury balances were rebuilt through quarterly goods, but they subsequently declined again as a income tax receipts, and excess reserves of banks result of sharply curtailed coal shipments. Total were reduced sharply. carloadings in August were 19 per cent below the SECURITY MARKETS same period a year ago. Prices of Government and high-grade corporate COMMODITY PRICES bonds showed relatively little change in the first The general wholesale price index advanced three weeks of September. After rising in the secsomewhat from mid-August to the middle of Sep- ond week of September to the highest level in nearly tember but subsequently declined again. These a year, common stock prices moved irregularly. changes reflected to a large extent fluctuations in SECURITY MARKETS WHOLESALE COMMODITY PRICES COMKON STOCK PRICES • N ' / V r : -.w—„ BOND YIELDS k CORPORATE: —«^. -.—~~ - .-^— Common stock prices, Standard and Poor's Corporation; cor- 1943 1944 1948 1949 porate bond yields, Moody's Investors Service; U. S. Govern- Bureau of Labor Statistics' indexes. Weekly figures, latest ment bond yields, U. S. Treasury Department. Weekly figures, shown are for week ending Oct. 4. latest figures are for Sept. 28. OCTOBER 1949 1211 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 1215-1216 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements. ... 1216-1217 Federal Reserve Bank statistics 1218-1222 Deposits and reserves of member banks; bank suspensions. . 1222-1223 Money in circulation. 1224-1225 Bank debits and deposit turnover; Postal Savings System.. 1225 All banks and the money supply 1226 All banks in the United States, by classes 1227-1229 All insured commercial banks in the United States, by classes. . 1230-1231 Weekly reporting member banks .... 1232-1235 Number of banking offices on Federal Reserve par list and not on par list 1236 Commercial paper, bankers' acceptances, and brokers' balances. . 1237 Money rates; bank rates on business loans; bond yields. . 1238 Security prices and new issues 1239-1240 Corporate sales, profits, and dividends. . 1241-1242 Treasury finance 1243-1245 Government corporations and credit agencies. 1246 Business indexes . 1247-1256 Department store statistics. . 1257-1260 Cost of living 1260 Wholesale prices ... . . 1261 Gross national product, national income, and personal income. 1262-1263 Consumer credit statistics 1264-1266 Current statistics for Federal Reserve chart books. . 1267-1271 September crop report, by Federal Reserve districts. . 1271 Member bank operating ratios, 1948 1272-1274 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. 1213 OCTOBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BTLLIONS OF DOLLARS WEDNESDAY FIGURES TREASURY CASH AND DEPOSITS ft &Jj*^^ \l ^ v 1942 1943 1944 1945 1946 1947 1948 1949 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURLThES 15 1941 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for Sept. 28. See page 1215. 1214 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 Treas- Date or period co D a a u n d is n 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 u n r n a r y c t d - - s y - - M i c n t u i o o c l 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 p s w r e R e o y d r i s e e v t d i h - t r e e s a - lb m p N e o r e o s m d n 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 I e I iS x S - 2 vances Total Bonds cates, ing Banks counts and notes Wednesday figures: 1948—Aug. 4. . 28221,378 6,966 14,412 237 21,89723,679 4,564 27,922 1,330 1,852 860 569 17,606 16,876 730 Aug. 11. . 293 21,566 7,215 14,351 205 22,06423,688 4,564 27,966 1,324 1,756 865 570 17,834 16,831 1,003 Aug. 18. . 301 21,551 7,410 14,141 273 22,12523,708 4,565 27,979 1,322 1,963 965 566 17,603 16,874 729 Aug. 25. . 324 21,460 7,587 13,873 210 21,99323,711 4,564 27,965 1,324 1,902 843 567 17,668 16,857 811 Sept. 1. . 318 21,411 7,795 13,616 208 21,937 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 21,83423,793 4,571 28,287 1,326 1,331 872 565 17,817 16,891 926 Sept. 15. . 283 21,205 8,455 12,750 433 21,92123,850 4,571 28,156 1,321 661 875 592 18,737 17,090 1,647 Sept.22. . 309 21,860 8,944 12,916 376 22,54523,865 4,570 28,083 1,319 1,436 858 591 18,694 17,715 979 Sept. 29. . 357 23,282 9,202 14,080 314 23,95323,872 4,573 28,080 1,324 1,660 864 586 19,884 18,944 940 Oct. 6. . 296 23,143 9,483 13,660 268 23,70723,888 4,572 28,202 1,324 1,596 867 596 19,584 18,977 607 Oct. 13. . 500 23,303 9,736 13,567 164 23,96723,965 4,572 28,284 1,317 1,551 916 596 19,840 18,911 929 Oct. 20. . 289 23,192 10,132 13,060 388 23,86923,983 4,574 28,157 1,326 1,530 913 590 19,910 19,040 870 Oct. 27.. 300 23,242 10,68312,559 254 23,79723,996 4,575 28,091 1,322 1,524 888 583 19,960 19,086 874 Nov. 3. . 320 23,239 11,137 12,102 170 23,72924,007 4,578 28,254 1,317 1,473 886 539 19,846 18,988 858 Nov. 10. . 326 23,144 11,223 11,921 458 23,92924,097 4,579 28,337 1,317 1,553 912 539 19,947 19,025 922 Nov. 17. . 282 22,930 11,156 11,774 622 23,83424,110 4,579 28,215 1,324 1,591 901 539 19,953 19,138 815 Nov. 24. . 582 22,993 11,166 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 23,72724,218 4,585 28,415 1,314 1,540 986 548 19,727 19,067 660 Dec. 15. . 266 22,993 11,112 11,881 659 23,91924,230 4,585 28,369 1,327 969 994 640 20,435 19,219 1,216 Dec. 22. . 426 22,845 11,057 11,788 950 24,22124,234 4,584 28,560 1,326 1,575 1,033 647 19,899 19,237 662 Dec. 29. . 255 23,347 11,00112,346 512 24,11324,236 4,585 28,325 1,329 1,283 1 106 653 20,238 19,180 1,058 1949—Jan. 5. . 229 22,919 10,907 12,012 579 23,72724,249 4,586 28,151 1,322 951 1,167 597 20,375 19,244 1,131 Jan. 12. . 364 22,465 10,772 11,693 364 23,19324,253 4,586 27,919 1,323 939 1 145 600 20,105 19,118 987 Jan. 19. . 241 22,117 10,60311,514 640 22,99924,264 4,586 27,717 1,327 804 1 267 602 20,133 19,183 950 Jan. 26. . 458 22,039 10,265 11,774 463 22,96024,268 4,587 27,561 1,333 1,135 1,138 613 20,035 19,113 922 Feb. 2. . 297 22,215 10,19112,024 314 22,82724,279 4,588 27,556 1,327 1,284 1,203 613 19,711 19,072 639 Feb. 9. . 251 22,350 10,105 12,245 235 22,83624,279 4,587 27,557 1,327 1L.430 1,176 614 19,597 18,921 676 Feb. 16. . 238 22,303 9,993 12,310 385 22,92624,284 4,586 27,480 1,323 1,754 1,177 615 19,447 18,841 606 Feb. 23. . 303 22,358 9,922 12,436 186 22,84724,290 4,586 27,551 1,326 1,591 1,193 621 19,441 18,754 687 Mar. 2. . 241 21,837 9,868 11,969 343 22,422 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 22,34824,305 4,588 27,500 1,324 591 1,227 663 19,936 18,946 990 Mar. 23. . 594 21,675 9,458 12,217 244 22,512 24,307 4,588 27,423 1,327 L,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 ,678 1,190 671 19,019 18,503 516 Apr. 6. . 213 21,597 9,151 12,446 334 22,14324,317 4,591 27,514 1,329 1,116 1,104 676 19,311 18,479 832 Apr. 13. . 232 21,491 9,064 12,427 333 22,05624,321 4,592 27,507 1,318 L.028 1,110 678 19,327 18,505 822 Apr. 20. . 453 21,288 8,989 12,299 309 22,05024,324 4,589 27,408 1,333 ,054 1,094 678 19,398 18,519 879 Apr. 27.. 266 21,208 8,905 12,303 231 21,70524,329 4,592 27,356 1,330 1,146 1,093 679 19,020 18,492 528 May 4. . 480 20,839 8,671 12,168 258 21,57624,334 4,592 27,447 1,324 990 1,045 623 19,073 18,161 912 May 11. . 202 20,130 8,581 11,549 226 20,55924,335 4,592 27,452 1,314 913 1,017 625 18,164 17,285 879 May 18. . 773 19,706 8,440 11,266 256 20,73524,338 4,591 27,392 1,313 11,026 1,005 627 18,302 17,248 1,054 May 25. . 171 19,691 8,371 11,320 186 20,04824,339 4,591 27,367 1,312 668 978 627 18,027 17,305 722 June 1.. 158 19,767 8,274 11,493 220 20,14524,342 4,595 27,515 1,321 622 911 637 18,076 17,288 788 June 8.. 157 19,594 8,202 11,392 205 19,95624,381 4,596 27,484 1,315 378 946 639 18,170 17,249 921 June 15.. 139 19,461 8,051 11,410 311 19,91124,423 4,596 27,391 1,309 9 906 708 18,606 17,387 1,219 June 22.. 670 19,166 7,932 11,234 277 20,11324,421 4,596 27,345 1,304 508 943 715 18,314 17,348 966 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 19,77924,471 4,597 27,659 1,306 262 898 741 17,980 16,518 1,462 July 13. . 140 18,842 7,780 11,062 297 19,27924,513 4,596 27,480 1,317 371 973 741 17,506 16,493 1,013 July 20.. 360 18,474 7,780 10,694 262 19,09624,518 4,595 27,366 1,310 449 930 740 17,415 16,522 893 July 27. . 417 18,490 7,780 10,710 169 19,07524,520 4,594 27,333 1,307 447 877 740 17,486 16,586 900 Aug. 3.. 298 18,693 7,78010,913 222 19,21324,562 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 18,92424,568 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 15,799 1,297 Aug. 24.. 115 17,803 7,775 10,028 163 18,08124,610 4,591 27,328 1,321 485 948 691 16,509 15,596 913 Aug. 31.. 531 17,524 7,775 9,749 171 18,225 24,607 4,593 27,389 1,310 610 914 690 16,512 15,337 1,175 Sept. 7. . 115 17,413 7,775 9,638 251 17,78024,647 4,592 27,589 1,317 472 955 691 15,995 15,064 931 Sept.14. . 123 17,250 7,775 9,475 431 17,80424,649 4,592 27,454 1,312 334 931 691 16,322 15,207 1,115 Sept.21. . 146 17,154 7,538 9,616 333 17,63324,691 4,591 27,365 1,314 801 962 713 15,760 P15.214 P546 Sept.28. . 300 17,852 7,538 10,314 245 18,39724,602 4,590 27,348 1,311 1,170 1,029 715 16,016 P15,109 P907 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. OCTOBER 1949 1215 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 Treas- Date or period c v o D a a a u n n d is n c d - - e ts s T U o . t a S l . s e G c B u o o r v n it e d i r e s n s m c c B e a e r i t n l t e l i t s f s i , , - ot A h l e l r1 Total s G to o c ld k s T r t o c e u i r a n u u n e r n g r y a t c d - - y s - - M i c n t u i o o l c n a n i e - r y - T h c i u r o n a e r l g s a y d h s s - - F u B p s w r e e R o a y d r i s n e e v t i d - h k r t e e s s a - l b p m N e o r e o s m d i n t e - s - - c O s F o e R e a t e r u r c h e a v d - n - e l e - t r s Total qu R ir e e - d2 c E es x s - 2 and notes End of period: 1929—June 29. . 1,037 216 71 145 147 ,400 4,037 2,019 4,459 204 36 28 374 2.356 2,333 23 1933—June 30. . 164 1,998 441 1,557 58 ,220 4,031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30. . 7 2,484 1,351 1,133 102 ,59317,644 2,963 7,598 2,409 634 653 25111,653 6,444 5,209 1941—June 30.. 2 2,184 1,364 820 81 ,26722,624 3,149 9,612 2,275 980 1,831 29013,051 7,841 5,210 Dec. 31.. 3 2,254 ,467 787 104 ,36122,737 3,247 11,160 2,215 867 1,360 29112,450 9,365 3,085 1945—June 30. . 46 21,792 ,111133 20,679 466 22,30420,213 4,145 26,746 2,279 599 1,668 45014,92013,335 1,585 Dec. 31. . 24924,262 94723,315 580 25,09120,065 339 28,515 2,287 977 1,308 49515,915 14,457 1,458 1946—June 29. . 15723,783 775555 23,028 516 24,45620,270 539 28,245 2,251 833 1,250 56116,123 15,011 1,112 Dec. 31. . 16323,350 753 22,597 58124,09320,529 562 28,952 2,272 393 822 60716,139 15,577 562 1947—June 30. . 70 21,872 72721,145 228 22,17021,266 4,552 28,297 1,314 756 881 62916,112 15,374 738 Dec. 31. . 8522,559 2,85319,706 536 23,18122,754 4,562 28,868 1,336 870 961 56317,899 16,400 1,499 1948—June 30.. 26521,366 6,20615,160 26821,90023,532 4,565 27,903 1,327 1,928 859 59217,38916,647 742 1948—Aug.. 32321,577 7,78113,796 20722,10723,725 4,571 28,055 1,321 ,919 864 56517,679 16,842 837 Sept.. 32523,413 9,26014,153 33324,07123,872 4,575 28,118 1,321 ,664 843 58519,986 18,948 1,038 Oct... 339 23,042 10,92512,117 49423,87524,004 4,580 28,176 1,321 ,610 1,074 542 9,73618,994 742 Nov.. 33723,206 11,18112,025 33923,88124,166 ,585 28,331 1,332 ,601 932 54119,89419,085 809 Dec. 22323,333 10,97712,356 54224,09724,244 4,589 28,224 1,325 ,123 1,189 59020,479 19,277 1,202 1949—Jan 45622,109 10,224 11,885 349 22,91424,271 4,589 27,580 1,336 ,514 1,194 61119,540 19,063 477 Feb 25122,342 9,883 12,459 26222,85524,290 4,588 27,557 1,323 ,423 1,194 61819,617 18,809 808 Mar.... 24521,688 9,241 12,447 33322,26724,314 4,592 27,439 1,309 ,482 1,154 67019,11818,432 686 Apr 30321,094 8,902 12,192 340 21,73724,332 4,593 27,417 1,324 984 1,243 61819,076 18,438 638 May . .. 24719,704 8,356 11,348 14120,09224,342 4,596 27,507 1,315 628 930 62818,02417,230 794 June 10319,343 7,780 11,563 25019,69624,466 4,597 27,493 1,307 438 941 71317,867 16,919 948 July.... 31618,529 7,780 10,749 19,23824,520 4,593 27,394 1,298 514 1,018 690 7,43716,685 752 Aug.. . . 53117,524 7,775 9,749 17118,22524,608 4,593 27,393 1,308 610 914 69016,512 15,337 1,175 Averages of daily figures: 1948—Aug.. 32121,411 7,33414,077 31022,04223,700 4,564 27,977 1,323 1,834 912 568 7,690 16,854 837 Sept.. 38321,632 8,45413,178 39422,40923,829 4,570 28,152 1,320 .3211 927 578 8,509 17,626 884 Oct... 35723,168 9,99413,174 41223,93723,958 4,574 28,188 ,319 ,598 958 588 9,818 19,001 817 Nov.. 35323,028 11,17211,856 44923,83024,110 4,580 28,277 ,321 ,563 984 540 9,835 19,061 773 Dec.. . 33023,002 11,08511,917 64523,97824,218 4,584 28,423 ,319 ,398 1,051 600 9,990 19,193 797 1949—Jan 34722,289 10,62011,669 51323,15024,259 4,587 27,850 ,327 ,014 1,211 603 9,991 19,153 838 Feb 28422,320 10,03212,288 35022,95324,283 4,587 27,545 ,321 ,539 1,233 616 9,570 18,860 710 Mar 30221,615 9,58812,027 35322,27024,301 4,588 27,508 ,319 ,009 1,255 652 9,417 18,723 694 Apr 24921,361 9,04912,312 40722,01724,322 4,591 27,462 ,318 ,109 1,185 671 9,185 18,479 706 May 303 19,974 8,51111,463 29820,57524,304 4,592 27,438 ,312 914 1,067 593 8,146 17,369 777 June , 19119,377 8,04611,331 32819,89624,404 4,596 27,432 ,311 421 984 680 8,068 17,310 758 July 20218,797 7,78011,017 34319,34224,502 4,595 27,472 ,306 391 977 736 7,558 16,539 1,019 Aug 19018,147 7,77710,370 18,58324,588 4,592 27,397 ,312 521 970 690 6,873 15,918 955 For footnotes see preceding page. MARGIN REQUIREMENTS ' MAXIMUM RATES ON TIME DEPOSITS [Per cent of market value] Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q Jan. 21, Feb. 1, Effec- [Per cent per annum] Prescribed in accordance with 1946- 1947- tive Securities Exchange Act of 1934 Jan. 31, Mar. 29, Mar. 30, 1947 1949 1949 Nov. 1, 1933-Feb. 1, 1935- Effective Jan. 31, 1935Dec. 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. 1216 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 corporations other than member Federal Reserve Bank A o d b v l a i n g c a e ti s o n s s e c a u n r d e d d i b sc y o u G n o ts v e o r f n a m n e d nt Other secured advances b o a b n li k g s a t s i e o c n u s r e o d f b th y e d U ir . e S ct . advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)* Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Sept. 30 beginning— rate Sept. 30 beginning— rate Sept. 30 beginning- rate Boston Aug. 13, 1948 Aug. 13,1948 Tan. 14, 1948 New York Aug. 13, 1948 Aug. 13,1948 2 Oct. 30, 1942 Philadelphia. . Aug. 23, 1948 Aug. 23,1948 Aug.23, 1948 Cleveland Aug. 13, 1948 Aug. 13,1948 Aug. 13, 1948 Richmond Aug. 13, 1948 Aug. 13,1948 2 Oct. 28, 1942 Atlanta Aug. 13, 1948 Aug. 13,1948 Jan. 24, 1948 Chicago Aug. 13, 1948 Aug. 13,1948 Aug. 13, 1948 St. Louis Aug. 19, 1948 Aug. 19,1948 Jan. 12, 1948 Minneapolis. . Aug. 13, 1948 Aug. 13,1948 Aug.23, 1948 Kansas City. . Aug. 16, 1948 Aug. 16,1948 Jan. 19, 1948 Dallas Aug. 13, 1948 Aug. 13,1948 Feb. 14, 1948 San Francisco Aug. 13, 1948 Aug. 13,1948 2 Oct. 28, 1942 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 2 Certain special rates to nonmember banks 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 theTedera- 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 S R e a p te t. o 3 n 0 In g i e n f n fe in ct g — be- Pre ra v t i e ous Net demand deposits 1 Time 1 9 2 1 1 1 - - - 1 1 2 8 9 0 0 0 d d d a a a y y y s s s . . . !8 i » i 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 Eff o e f c t c i h v a e ng d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry d m b e e a p ( m n a o k l s b l s i e ) ts 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—Aug. 16 193-£ 15 434 443 B - a 4 c 4 k 5 . figures.—See Banking and Monetary Statistics, Table 117, pp. 1937— M M a a y r i 1 2 26 2M 1 1 2 4 M 6 4 1938—Apr. 16 22H 1734 12 5 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b 1941—Nov. 1 26 20 14 6 OF THE FEDERAL RESERVE ACT 1942—Aug. 20 24 Maturities not exceeding five years Sept. 14 22 [In effect September 30. Per cent per annum] Oct. 3 20 To industrial or 1948—Feb. 27 22 commercial To financing institutions June 11 24 businesses Sept. 16 16 2 71/ Sept. 24 26 22 } 71/ R F B e e d s a e e n r r k v a e l lo O an n s * co m m O e m n n t i s t- fo i P n r O o s w r n t t i i h p t d o u i u c n i - r s h c c h o a u m s n e t a s R s i n e o - i r ng co m m O e m n n t i s t- 1949— J J A M M u u u l a n a v g y y e . 30 1 5 1 1 . 24 2 2 1 0 1 1 1 5 4 3 2 5 6 7 7 tion is portion Aug. 11 2334 1934 »5 obligated Aug. 16 12 2 .5 Aug. 18 23 19 Boston 234-5 Aug. 25 2234 New York 2^5 Sept. 1 22 18 Philadelphia () Cleveland (*) In effect Oct. 1, 1949 22 18 12 5 Richmond 234-5 (») Atlanta 234"5 (8) Chicago 234-5 234-5 1 Demand deposits subject to reserve requirements, i.e., total demand St. Louis 3 -5 deposits minus cash items in process of collection and demand balances Minneapolis. . . . 2 V4—5 (8) due from domestic banks (also minus war loan and series E bond Kansas City.... 234-5 accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. Dallas 234-5 Government demand accounts Apr. 24, 1917-Aug. 13, 1935). San Francisco... 234-5 2 Requirement became effective at country banks. 3 Requirement became effective at central reserve and reserve city 1 Including loans made in participation with financing institutions. banks. 2 Rate charged borrower less commitment rate. 8 Rate charged borrower. < 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. OCTOBER 1949 1217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month Item 1949 1948 Sept. 28 Sept. 21 Sept. 14 Sept. 7 Aug. 31 Aug. 24 Aug. 17 Sept. Aug. Sept. Assets Gold certificates 22,799,42822,889,43122,851,430 22842,42922,797,430 22,790,42922,790,43122,799,43222,797,430 21,982,671 Redemption fund for F. R. notes 550,560 550,597 552,180 551,389 564,567 566,591 569,880 550,559 564,567 620,529 Total gold certificate reserves 23,349,9 23,440,028 23,403,610 23,393,81823,361,997 23,357,020 23,360,31123,349,99123,361,99722,603,200 Other cash 277,194 278,659 266,167 246,314 292,153 297,983 296,742 273,193 292,153 276,128 Discounts and advances: For member banks... 208,338 56,170 35,766 28,279 445,685 30,532 137,707 17,075 445,685 77,733 For nonmember banks, etc 91,500 90,000 87,300 87,300 85,300 84,800 102,300 92,000 85,300 247,150 Total discounts and advances 299,838 146,170 123,066 115,579 530,985 115,332 240,007 109,075 530,985 324,883 Industrial loans 673 585 601 538 537 527 518 898 537 1,011 U. S. Govt. securities: Bills 4,215,774 3,532,374 3,576,510 3,526,510 3,485,312 3,675,618 3,843,295 4,341,504 3,485,312 7,023,625 Certificates: Special Other 5,799,900 5,785,400 5,600,100 5,812,000 5,958,400 6,047,900 6,256,900 5,831,900 5,958,400 5,175,569 Notes 298,100 298,100 298,100 299,600 304,600 304,600 350,600 298,100 304,600 1,953,500 Bonds 7,538,200 7,538,200 7,775,200 7,775,200 7,775,200 7,775,200 7,775,200 7,538,200 7,775,200 9,260,342 Total U. S. Govt. securities 17,851,97417,154,07417,249,91017,413,31017,523,51217,803,31818,225,99518,009,70417,523,51223,413,036 Other Reserve Bank 244,269 332,055 430,276 250,371 170,324 162,144 227,421 295,506 170,324 331,848 credit outstanding.... Total Reserve Bank credit outstanding 18,396,75417,632,884 17,803,85317,779,79818,225,35818,081,32118,693,94118,415,18318,225,358 24,070,778 Liabilities Federal Reserve notes. . 23,225,540 23,248,420 23,324,163 23,411,06923,272,66123,220,464 23,276,919 23,278,37223,272,66124,024,390 Deposits: Member bank — reserve account 16,015,62815,759,802 16,321,90515,995,15616,511,61916,509,31317,095,57815,947,08016,511,61919,986,140 U. S. Treasurer—general account 1,170,359 801,350 334,116 472,271 610,345 485,240 443,782 1,175,608 610,345 1,664,184 Foreign 517,341 434,507 421,930 462,515 439,165 463,862 492,553 533,373 439,165 400,141 Other 511,715 527,440 509,281 492,720 475,203 484,216 476,999 517,127 475,203 443,068 Total deposits 18,215,04317,523,09917,587,23217,422,66218,036,33217,942,63118,508,912 18,173,18818,036,33222,493,533 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent)... 57.5 57.2 57.3 56.6 56.7 55.9 56.3 56.6 48.6 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 to y s 30 31 d a to ys 60 61 d t a o y s 90 9 6 1 m da o y n s t h t s o 6 to m 1 o y n e t a h r s 1 2 y y ea e r a r t s o 2 5 y e y a e r a s r t s o 5 O y v e e a r rs Discounts and advances: Aug. 31 530,985 443,156 5,734 15 66,645 57 Sept. 7. . . 11 S579 26 790 5 667 14 906 68,203 13 Sept.14 123,066 33,482 6,858 14453 68,269 4 Sept.21 146,170 52,295 8,887 12 799 71,186 1 003 Sept 28 9QQ 838 206 990 12 452 66 310 14 064 90 9 Industrial loans: Aug. 31 537 509 3 4 8 13 Sept. 7 538 488 3 4 30 13 Sept. 14 . 601 551 3 4 30 13 Sept.21 S8S 545 3 4 90 13 Sept.28 673 552 3 4 36 13 65 U. S. Government securities: Aug. 31 17 593 S19 1,319 640 766 941 2,695 631 486,000 1,025 4003 956 500 1 896 1005 448 000 Sept 7 17 413,310 1,230,8532,256,5281,178 969 643,067 1,604 300 3 9?6 900 1 896 100 5,448 000 Sept.14 .... 17 949 910 1,282,0962,165 1,002 698 908,833 1,602 300 3 014 800 1 896 100 5 448 000 Sept.21 17 154 074 2,659 560 559 834 858 878 1,263,402 1,338 900 3 900 100 1 896 100 S448 000 Sept.28 17,851,974 2,590,562 651,9781,019 700 1,762,834 1,356 200 3 196 600 1,826 1005,448,000 1218 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. is M a i p n o n li 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: Aug. 31 22,797,430 834,755 7,083,1981,190,1871,634,9741,095,551 981,8454,571,798 693,696 478,951 901,593 640,3662,690,516 Sept. 7 22,842,429 853,723 7,177,0471,186,5371,670,2171,111,317 975,2584,516,336 700,658 456,759 868,069 631,7902,694,718 Sept. 14 22,851,430 837,324 7,330,0581,174,7321,624,5801,112,224 982,1954,437,551 709,790 466,163 832,531 627,9272,716,355 Sept. 21 22,889,431 868,932 7,185,1661,202,6901,646,0991,127,426 980,8314,569,801 700,778 445,238 799,274 652,4102,710,786 Sept. 28 22,799,428 867,229 7,221,8801,215,8571,702,1161,105,757 980,0764,507,350 672,212 452,274 785,145 618,4752,671,057 Redemption fund for F. R. notes: Aug. 31 564,567 50,901 46,174 46,639 71,237 52,572 41,320 85,059 43,545 22,578 35,240 25,586 43,716 Sept. 7 551,389 50,747 45,504 46,336 61,009 51,406 41,164 84,829 43,477 22,557 35,190 25,542 43,628 Sept. 14 552,180 50,729 45,445 46,318 60,988 51,383 41,144 84,829 43,462 22,557 35,181 26,542 43,602 Sept. 21. 550,597 50,572 44,671 46,024 60,742 52,096 40,971 84,576 43,385 22,519 35,116 26,484 43,441 Sept. 28 550,560 50,572 44,671 46,024 60,742 52,096 40,971 84,544 43,385 22,519 35,116 26,479 43,441 Total gold certificate reserves: Aug. 31 23,361,997 885,656 7,129,3721,236,8261,706,2111,148,1231,023,1654,656,857 737,241 501,529 936,833 665,9522,734,232 Sept. 7 23,393,818 904,470 7,222,5511,232,8731,731,2261,162,7231,016,4224,601,165 744,135 479,316 903,259 657,3322,738,346 Sept. 14 23,403,610 888,053 7,375,5031,221,0501,685,5681,163,6071,023,3394 S?? 380 753,252 488,720 867,712 654,4692,759,957 Sept. 21 23,440,028 919,504 7,229,8371,248,7141,706,8411,179,5221,021,8024,654,377 744,163 467,757 834,390 678,8942,754,227 Sept. 28 23,349,988 917,801 7,266,5511,261,8811,762,8581,157,8531,021,0474,591,894 715,597 474,793 820,261 644,9542,714,498 Aug. 31'. 292,153 35,141 48,460 14,750 30,730 19,430 21,669 36,007 15,196 7,280 12,727 10,289 40,474 Sept. 7 246,314 31,879 41,911 11,887 24,781 17,617 17,404 32,163 11,541 6,732 11,430 8,199 30,770 Sept. 14 266,167 32,782 47,917 11,867 26,952 19,067 21,087 32,163 11,719 6,681 12,139 10,753 33,040 Sept. 21 278,659 36,950 46,070 12,728 23,795 19,354 22,285 34,769 12,455 7,131 12,670 13,433 37,019 Sept. 28 277,194 33,740 49,251 12,084 25,691 18,687 19,912 35,403 12,065 6,654 13,070 13,701 36,936 Discounts & adxy iov<uv uainictoe six:. cxvi Secured by U. S. Govt. securities: Aug. 31. . 444,609 1,777 362,880 815 7,775 5,555 980 38,100 18,675 299 4,830 320 2,603 Sept. 7. . 27,241 4,175 5,625 495 7,250 3,355 978 2,700 475 60 755 320 1,053 Sept. 14. . 34,748 1,002 17,550 745 4,250 2,260 978 4,150 595 285 810 420 1,703 Sept. 21. . 55,182 302 2,915 325 14,550 4,480 5,524 2,550 2,475 2,760 12,458 440 6,403 Sept. 28. . 208,039 4,652 89,900 3,460 8,450 10,080 10,624 55,520 11,055 6,700 6,358 440 800 Other: Aug. 31.. 86,376 5,374 26,955 6,824 7,848 4,180 3,497 11,771 3,191 2,133 3,820 3,192 7,591 Sept. 7. . 88,338 5,500 27,587 6,984 8,032 4,278 3,579 12,047 3,261 2,183 3,857 3,261 7,769 Sept. 14. . 88,318 5,500 27,587 6,984 8,032 4,278 3,579 12,047 3,251 2,183 3,847 3,261 7,769 Sept. 21.. 90,988 5,670 28,440 7,200 8,280 4,410 3,690 12,420 3,329 2,250 3,936 3,353 8,010 Sept. 28.. 91,799 5,765 28,914 7,320 8,418 4,484 3,752 12,651 3,367 2,288 3,294 3,403 8,143 Industrial loans: Aug. 31 537 504 1 32 Sept. 7 ... 538 514 1 23 Sept. 14 601 578 1 22 Sept. 21 585 571 1 13 Sept. 28 673 578 1 94 U. S. Govt. securities: Bills: Aug. 31.... 3,485,312 235,112 884,966 232,147 314,324 218,784 182,714 508,533 184,176 110,327 164,839 147,413 301,977 Sept. 7.... 3,526,510 243,287 835,748%240,219 325,253 226,391 189,067 526,215 190,580 114,164 170,570 152,539 312,477 Sept. 14 3,576,510 246,736 847,597 243,625 329,865 229,601 191,748 533,676 193,282 115,782 172,989 154,702 316,907 Sept. 21 3,532,374 243,691 837,137 240,618 325,794 226,768 189,381 527,090 190,897 114,354 170,854 152,793 312,997 Sept. 28.... 4,215,774 288,879 1,020,766 285,235 386,205 268,816 224,498 624,827 226,295 135,557 202,536 181,125 371,03 Aug. 31.'. ..5,958,400 411,058 1,412,081 405,874 549,550 382,511 319,447 889,095 322,004 192,891 288,195 257,732 527,962 Sept. 7.... 5,812,000 400,958 1,377,385 395,902 536,048 373,112 311,598 867,250 314,092 188,151 281,115 251,399 514,990 Sept. 14. . . .5,600,100 386,341 1,327,167 381,467 516,503 359,510 300,237 835,630 302,641 181,292 270,865 242,233 496,214 Setp. 21.... 5,785,400 399,124 1,371,082 394,090 533,593 371,405 310,173 863,280 312,655 187,291 279,827 250,248 512,632 Sept. 28.... 5,799,900 400,124 1,374,518 395,078 534,931 372,337 310,950 865,443 313,438 187,761 280,528 250,875 513,917 Notes: Aug. 31. .. 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 Sept. 7... 299,600 20,669 71,002 20,408 27,632 19,234 16,063 44,705 16,191 9,699 14,491 12,959 26,547 Sept. 14... 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Sept. 21... 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Sept. 28. .. 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Aug.' 31... 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 Sept. 7... 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 Sept. 14. .. 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 Sept. 21. .. 7,538,200 520,045 1,786,478 513,487 695,256 483,930 404,1451,124,828 407,379 244,034 364,608 326,065 667,945 Sept. 28. .. 7,538,200 520,045 1,786,478 513,487 695,256 483,930 404,1451,124,828 407,379 244,034 364,608 326,065 667,945 Total U. S. Govt. securities: Aug. 31 17,523,512 1,203,579 4,211,8791,188,4011,609,0821,119,994 935,3442,603,271 942,828 564,786 843,838 754,6361,545,874 Sept. 7 17,413,3101,201,309 4,126,7801,186,1601,606,0471,117,882 933,5802,598,362 941,050 563,721 842,247 753,2131,542,959 Sept. 14 17,249,9101,190,037 4,088,0561,175,0291,590,9761,107,393 924,8192,573,980 932,220 558,431 834,344 746,1451,528,480 Sept. 21 17,154,0741,183,425 4,065,3441,168,5011,582,1371,101,240 919,6812,559,680 927,041 555,329 829,708 742,0001,519,988 Sept. 28 17,851,9741,229,613 4,252,4091,214,1061,643,8861,144,220 955,5752,659,580 963,222 577,002 862,091 770,9591,579,311 OCTOBER 1949 1219 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 - Assets (cont.): Total loans and securities: Aug. 31 18,055,034 1,210,730 4,601,714 1,196,5441,624,7061,129,761 939,8212,653,142 964,694 567,218 852,488 758,1481,556,068 Sept. 7 17,529,427 1,210,984 4,159,992 1,194,1531,621,3301,125,538 938,1372,613,109 944,786 565,964 846,859 756,7941,551,781 Sept. 14 17,373,577 1,196,539 4,133,1931,183,3361,603,2591,113,953 929 3762,590,177 936,066 560,899 839,001 749,8261,537,952 Sept. 21 17,300,829 1,189,397 4,096,699 1,176,5971,604,9681,110,143 928,8952,574,650 932,845 560,339 846,102 745,7931,534,401 Sept. 28 18,152,485 1,240,030 4,371,223 1,225,4641,660,7551,158,878 969,9512,727,751 977,644 585,990 871,743 774,802 1,588,254 Due from foreign banks: Aug. 31 48 q M5 4 4 2 2 7 2 1 2 2 4 Sept. 7. 48 i 15 4 4 2 2 2 1 2 2 4 Sept. 14. 48 i 15 4 4 2 2 2 1 2 2 4 Sept. 21 48 i 15 4 4 2 2 2 1 2 2 4 Sept. 28. 48 3 M5 4 4 2 2 2 1 2 2 4 Federal Reserve notes of other Banks: Aug. 31 119,332 7,249 14,555 9,084 5,686 11,042 10,319 16,098 6,510 9,205 7,672 4,308 17,604 Sept. 7 104,256 7,085 14,140 3,788 5,865 9,639 8,092 15,308 5,665 9,472 7,220 3,248 14,734 Sept. 14 128,481 8,857 18,938 6,159 6,377 11,058 11,392 18,619 6,983 7,554 7,940 4,141 20,463 Sept. 21 132,640 8,203 18,660 5,039 7,412 13,645 11,568 19,496 6,872 8,102 8,119 5,493 20,031 Sept. 28. . 131,250 10,277 18,492 5,632 7,165 11,815 9,336 18,367 6,975 8,298 9,450 5,048 20,395 Uncollected items: Aug. 31 2,198,685 165,233 427,731 133,477 189,269 194,031 141,307 349,069 128,954 72,016 120,650 97,263 179,685 Sept. 7 2,196,860 168,984 409,306 141,521 182,754 193,352 155,285 333,817 125,959 71,864 122,814 100,068 191,136 Sept. 14 3,205,301 255,815 581,083 199,185 302,304 284,804 206,590 517,719 171,216 100,255 166,873 140,601 278,856 Sept. 21 3,092,213 240,533 562,320 189,886 303,516 272,566 191,063 474,210 169,515 90,560 167,127 150,915 280,002 Sept. 28 2,460,200 184,707 437,028 167,293 221,299 202,876 148,259 406,570 133,494 76,226 138,313 119,216 224,919 Bank premises: Aug. 31 32,627 1,148 7,945 3,009 4,759 2,499 1,538 3,174 1,910 1,156 2,339 730 2,420 Sept. 7 32,625 1,148 7,946 3,009 4,759 2,499 1,538 3,177 1,910 1,156 2,333 730 2,420 Sept. 14 32,865 1,148 7,946 3,009 4,754 2,499 1,538 3,177 1,910 1,156 2,354 730 2,644 Sept. 21. 32,872 1,148 7,946 3,009 4,754 2,499 1,538 3,177 1,910 1,156 2,360 730 2,645 Sept. 28 32,828 1,143 7,946 3,003 4,747 2,491 1,534 3,173 1,909 1,153 2,360 730 2,639 Other assets: Aug. 31 131,741 9,149 30,118 8,687 12,821 8,374 6,998 19,953 8,132 4,165 6,240 5,563 11,541 Sept. 7 136,106 9,446 31,261 8,920 13,041 8,589 7,245 20,728 8,383 4,325 6,465 5,720 11,983 Sept. 14 140,697 9,669 32,699 9,238 13,182 9,141 7,451 21,410 8,613 4,436 6,721 5,860 12,277 Sept. 21 122,130 8,592 27,741 7,994 11,625 7,701 6,495 18,719 7,653 3,823 5,815 5,294 10,678 Sept. 28 126,593 8,753 29,242 8,293 11,974 8,100 6,700 19,293 7,894 3,978 5,917 5,494 10,955 Total assets: Aug. 31 44,191,617 2,314,309 12,259,9102,602,3813,574,1862,513,2622,144,8197,734,3071,862,6391,162,5701,938,9511,542,2554,542,028 Sept. 7 43,639,454 2,333,999 11,887,1222,596,1553,583,7602,519,9592,144,1257,619,4741,842,3811,138,8301,900,3821,532,0934,541,174 Sept. 14 44,550,746 2,392,86612,197,2942,633,8483,642,4002,604,1312,200,7757,705,6521,889,7611,169,7021,902,7421,566,3824,645,193 Sept. 21 44,399,419 2,404,330 11,989,2882,643,9713,662,9152,605,4322,183,6487,779,4051,875,4151,138,8691,876,5851,600,5544,639,007 Sept. 28 44,530,586 2,396,454 12,179,7482,683,6543,694,4932,560,7022,176,7417,802,4581,855,5801,157,0931,861,1161,563,9474,598,600 Liabilities Federal Reserve notes: Aug. 31 23,272,661 1,374,043 5,340,1001,601,1602,061,0961,561 ?S11,275,1924,495,642 1 065,217 606,049 913,891 609,4512,369,589 Sept. 7 23,411,069 1,384,741 5,358,5901,605,2312,071,971 1,569,2811,285,0184,512,269 1,071,762 612,345 920,933 616,8342,402,094 Sept. 14 23,324,163 1,377,240 5,334,3091,598,4802,063,410 1,574,3121,275,8094,501,3631,070,219 610,373 914,371 613,5082,390,769 Sept. 21 23,248,420 1,373,718 5,322,5441,594,5892,056,867 1,569,6391,270,6134,489,794 1,067,972 609,731 909,342 612,3022,371,309 Sept. 28 23,225,540 1,369,909 5,323,0621,592,8292,047,167 1,571,6131,271,5164,477,638 1,068,259 608,599 908,845 615,8302,370,273 Deposits: Member bank —reserve account: Aug. 31. . 16,511,619 666,287 5,679,778 742,7351,167,931 667,040 644,6042,604,668 588,619 397,844 763,373 756,8041,831,936 Sept. 7. .15,995,156 675,905 5,256,115 715,3371,170,422 668,043 634,8422,580,810 573,707 401,196 764,131 748,4611,806,187 Sept. 14. . 16,321,905 696,196 5,504,116 745,8921,189,030 662,650 642,3132,554,153 579,120 408,602 758,089 751,457 1,830,287 Sept. 21. .15,759,802 679,614 5,196,836 732,0121,153,149 659,367 615,3622,466,445 566,881 385,292 733,172 745,3731,826,299 Sept. 28. . 16,015,628 658,944 5,391,079 743,4951,166,145 645,851 632,1802,566,072 562,402 398,025 727,904 711,2181,812,313 U. S. Treasurer-general dcc A o u ii g n . c • 31.. 610,345 31,262 45,415 36,283 45,577 34,085 28,042 141,308 33,982 55,155 97,913 34,507 26,816 Sept. 7. . 472,271 29,493 72,893 42,276 57,096 35,941 30,997 68,615 26,229 27,785 49,452 24,870 6,624 Sept. 14. . 334,116 20,487 35,534 20,000 28,304 32,648 23,698 33,992 33,709 26,260 23,024 23,096 33,364 Sept. 21. . 801,350 39,457 125,214 50,132 51,103 58,383 41,936 244,435 27,977 27,135 22,825 58,253 54,500 Sept. 28. . 1,170,359 100,537 198,128 96,384 161,243 79,683 64,858 204,806 40,747 43,168 48,480 74,703 57,622 Foreign: Aug. 31. . 439,165 27,178 2144,069 34,512 39,689 21,139 17,687 59,533 15,530 10,785 15,530 15,099 38,414 Sept. 7. . 462,515 28,401 2154,148 36,064 41,474 22,089 18,483 62,210 16,229 11,270 16,229 15,778 40,140 Sept. 14. . 421,930 26,246 2136,956 33,328 38,327 20,413 17,081 57,491 14,998 10,415 14,998 14,581 37,096 Sept. 21. . 434,507 27,115 2140,095 34,432 39,597 21,090 17,646 59,395 15,494 10,760 15,494 15,064 38,325 Sept. 28. . 517,341 32,067 2169,166 40,720 46,828 24,941 20,869 70,242 18,324 12,725 18,324 17,815 45,320 Other: Aug. 31. . 475,203 3,368 414,282 1,839 4,806 2,128 685 2,636 5,569 1,559 3,581 875 33,875 Sept. 7.. 492,720 3,264 432,211 1,484 4,946 2,949 493 2,437 6,306 1,311 2,905 743 33,671 Sept. 14. . 509,281 4,216 444,563 1,718 4,795 4,001 710 3,172 6,516 1,046 2,243 512 35,789 Sept. 21.. 527,440 3,884 460,615 1,648 4,822 2,692 499 3,876 10,116 854 1,233 441 36,760 Sept. 28.. 511,715 4,298 452,437 1,771 5,034 2,387 711 2,386 5,472 2,165 158 536 34,360 1 After deducting $33,000 participations of other Federal Reserve Banks on Aug. 31; Sept. 7; Sept. 14; Sept. 21; and Sept. 28. 2 After deducting $295,078,000 participations of other Federal Reserve Banks on Aug. 31; $308,347,000 on Sept. 7; $284,954,000 on Sept. 14; $294,394,000 on Sept. 21; and $348,156,000 on Sept. 28. 1220 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 S ra an ncisco Liabilities (cont.): Total deposits: Aug. 31 18,036,332 728,095 6,283,544 815,369 1,258,003 724,392 691,0182,808,145 643,700 465,343 880,397 807,285 1,931,041 Sept. 7.... 17,422,662 737,063 5,915,367 795,1611,273,938 729,022 684,8152,714,072 622,471 441,562 832,717 789,852 1,886,622 Sept. 14 17,587,232 747,145 6,121,169 800,938 1,260,456 719,712 683,8022,648,808 634,343 446,323 798,354 789,646 ,936,536 Sept. 21 17,523,099 750,070 5,922,760 818,224 1,248,671 741,532 675,4432,774,151 620,468 424,041 772,724 819,131 1,955,884 Sept. 28 18,215,043 795,846 6,210,810 882,3701,379,250 752,862 718,6182,843,506 626,945 456,083 794,866 804,272 1,949,615 Deferred availability items: Aug. 31... . 2,028,409 157,512 380,922 118,615 176,422 182,708 140,962 313,134 119,980 67,905 111,556 93,634 165,059 Sept. 7 1,946,537 157,193 356,719 128,171 158,641 176,361 136,374 275,025 114,127 61,587 113,396 93,319 175,624 Sept. 14.. .. 2,775,073 213,187 484,111 166,480 239,102 264,504 203,000 436,395 150,908 89,490 156,396 130,917 240,583 Sept. 21 2,760,206 224,955 485,575 162,997 277,458 248,473 199,229 395,913 152,532 81,453 160,786 136,591 234,244 Sept. 28. ... 2,215,979 174,971 385,840 139,880 187,587 190,057 147,906 360,869 125,576 68,357 123,324 111,028 200,584 Other liabilities including accrued dividends: Aug. 31. ... 8,525 685 2,311 433 1,035 383 370 1,271 383 394 363 292 605 Sept. 7 9,193 674 2,450 506 1,205 476 425 1,406 388 313 337 330 683 Sept. 14 10,433 695 2,896 580 1,073 540 461 1,797 446 356 366 383 840 Sept. 21. ... 10,033 680 2,737 532 1,200 469 451 1,681 388 353 360 437 745 Sept. 28. ... 12,515 660 3,468 687 1,409 599 586 2,019 540 636 493 556 862 Total liabilities: Aug. 31. . . .43,345,927 2,260,33512,006,8772,535,5773,496,5562,468,7142,107,5427,618,1921,829,2801,139,6911,906,2071,510,6624,466,294 Sept. 7 42,789,461 2,279,67111,633,1262,529,0693,505,7552,475,1402,106,6327,502,7721,808,7481,115,8071,867,3831,500,3354,465,023 Sept. 14. . . .43,696,901 2,338,26711,942,4852,566,4783,564,0412,559,0682,163,0727,588,3631,855,9161,146,5421,869,4871,534,4544,568,728 Sept. 21. ... 43,541,758 2,349,42311,733,6162,576,3423,584,1962,560,1132,145,7367,661,5391,841,3601,115,5781,843,2121,568,4614 562,182 Sept. 28 43,669,077 2,341,38611,923,1802,615,7663,615,4132,515,1312,138,6267,684,032 1,821,3201,133,6751,827,5281,531,6864,521,334 Capital Accts.: Capital paid in: Aug. 31 206,926 11,537 71,109 15,004 19,330 9,072 8,135 26,002 6,812 4,557 7,223 8,307 19,838 Sept. 7 206,987 11,537 71,109 15,010 19,331 9,080 8,135 26,008 6,812 4,560 7,223 8,307 19,875 Sept. 14 206,885 11,537 70,992 15,016 19,335 9,083 8,135 26,009 6,812 4,563 7,223 8,310 19,870 Sept. 21 206,968 11,537 70,993 15,016 19,342 9,098 8,137 26,017 6,830 4,568 7,223 8,319 19,888 Sept. 28. . . . 207,013 11,538 71,000 15,016 19,344 9,114 8,138 26,018 6,830 4,569 7,223 8,331 19,892 Surplus: (section 7): Aug. 31. .. . 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 Sept. 7 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Sept. 14 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Sept. 21 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Sept. 28. . . . 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): Aug. 31 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 7 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 14 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 21. .. . 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Sept. 28.... 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. Aug. 31 144,510 10,079 31,586 10,607 13,326 9,710 8,352 19,842 8,052 5,452 7,376 7,025 13,103 Sept. 7.... 148,752 10,433 32,549 10,883 13,700 9,973 8,568 20,423 8,326 5,593 7,631 7,190 13,483 Sept. 14 152,706 10,704 33,479 11,161 14,050 10,214 8,778 21,009 8,538 5,727 7,887 7,357 13,802 Sept. 21. .. . 156,439 11,012 34,341 11,420 14,403 10,455 8,985 21,578 8,730 5,853 8,005 7,513 14,144 Sept. 28 160,242 11,172 35,230 11,679 14,762 10,691 9,187 22,137 8,935 5,979 8,220 7,669 14,581 Total liabilities and cap. accts. Aug. 31. . . .44,191,617 2,314,30912,259,9102,602,3813,574,1862,513,2622,144,8197,734 3071,862 6391,162,5701,938,9511,542,2554,542 028 Sept. 7.... 43,639,454 2,333,99911,887,1222,596,1553,583,7602,519,9592,144,1257,619,4741,842,3811,138,8301,900,3821,532,0934,541,174 Sept. 14 44,550,746 2,392,86612,197,2942,633,8483,642,4002,604,1312,200,7757,705,6521,889,7611,169,7021,902,7421,566,3824,645,193 Sept. 21 44 399 419 2,404 33011,989,2882,643,9713,662,9152,605,4322,183,6487,779,4051,875,4151,138,8691,876,5851,600,5544,639,007 Sept. 28 44,530,586 2,396,45412,179,7482,683,6543,694,4932,560,7022,176,7417,802,4581,855,5801,157,0931,861,1161,563,9474,598,600 Contingent liability on acceptances purchased for foreign correspondents Aug. 31 2,941 185 !929 235 271 144 121 406 106 73 106 103 262 Sept. 7.... 2,522 152 1868 193 223 118 99 334 87 61 87 85 215 Sept. 14... . 2,116 133 1669 169 195 104 87 292 76 53 76 74 188 Sept. 21 3,311 202 11,119 256 295 157 131 442 116 80 116 112 285 Sept. 28 3,691 233 11,168 295 339 181 151 509 133 92 133 129 328 Commitments to make industria loans: Aug. 31 2,072 60 118 1,774 15 28 77 Sept. 7..'.'. 2^039 6( 106 1^758 15 27 73 Sept. 14. 1,339 60 107 1,057 15 27 73 Sept. 21. '.. '. 1,148 6( 110 863 is 27 73 Sept. 28.... l]l82 60 144 863 27 73 i After deducting $2,012,000 participations of other Federal Reserve Banks on Aug. 31; $1,654,000 on Sept. 7; $1,447,000 on Sept. 14; $2,192,000 on Sept. 21; and $2,523,000 on Sept. 28. 1221 OCTOBER 1949 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 is a a c n n o - F.R. notes outstanding (issued to Bank): Aug. 31 23,972,264 1,427,4575,486,0991,653,7712,128,484 ,608,6741,321,9384,573,8931,103,035616,003 938,942 636,9322,477,036 Sept. 7 24,049,612 1,430,686 55,,550033,,8800991,648,300 2,,129,0521,613,2391,330,2584,591,4141,107,463 622,203 941,731 642,0512,489,406 Sept. 14 24,059,005 1,427,0265,499,0751,642,3272,133,2781,621,7301,327,700 4,591,6421,104,664 622,754 940,815 641,7722,506,222 Sept. 21 24,003,108 1,429,860 55,,447799,,3333221,635,0342,125,6941,617,3041,321,3324,584,4911,110,194 622,291 936,006 644,1622,497,408 Sept. 28 23,986,273 1,426,5225,478,3821,641,036 2,121,1281,618,1591,322,2624,576,4401,110,967620,179 936,509 646,5812,488,108 Collateral held against notes outstanding: Gold certificates: Aug. 31 13,999,000 440,000 4,670,000 750,000 900,000 650,000 675,000 2,900,000 340,000 210,000 280,000184,0002,000,000 Sept. 7 14,099,000 440,000 4,670,000 750,0001,000,000 650,000 675,000 2,900,000 340,000 210,000 280,000184,000 2,000,000 Sept. 14 14,219,000 440,000 4,670,000 750,0001,000,000 650,000 675,000 3,020,000 340,000 210,000 280,000184,000 2,000,000 Sept. 21 14,279,000 440,000 4,670,000 750,0001,000,000 650,000 675,000 3,020,000 400,000 210,000 280,000184,000 2,000,000 Sept. 28 14,279,000 440,000 4,670,000 750,0001,000,000 650,000 675,000 3,020,000 400,000 210,000 280,000184,000 2,000,000 Eligible paper: Aug. 31 398,304 1,777 362,880 815 5,555 18,795 299 5,580 2,603 Sept. 7 16,701 4,175 5,500 495 3,355 593 60 1,470 1,053 Sept. 14 21,863 1,002 13,650 745 2,260 703 285 1,515 1,703 Sept. 21 32,853 302 2,865 325 4,480 2,564 2,760 13,154 6,403 Sept. 28 132,678 4,652 89,500 3,460 10,080 11,128 6,700 6,358 800 U. S. Govt. sec: Aug. 31 11,100,000 1,100,0001,000,000 1,000,0001,300,0001,000,000 700,000 1,700,000 850,000 450,000 700,000 500,000 800,000 Sept. 7 10,950,000 1,100,000 1,000,000 ,000,0001,150,0001,000,000 700,0001,700,000 850,000 450,000 700,000 500,000 800,000 Sept. 14 10,850,000 1,100,0001,000,000 1,000,0001,150,0001,000,000 700,0001,600,000 850,000 450,000 700,000 500,000 800,000 Sept. 21 10,800,000 1,100,0001,000,0001,000,000 1,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Sept. 28 10,800,000 1,100,000 1,000,0001,000,000 1,150,0001,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Total collateral: Aug. 31 25,497,304 1,541,777 6,032,8801,750,815 2,200,0001,655,5551,375,000 4,600,000 1,208,795 660,299 985,580 684,000 2,802,603 Sept. 7 25,065,701 1,544,175 5,675,,J5001,750,495 2,150,0001,653,3551,375,000 4,600,0001,190,593 660,060 981,470 684,000 2,801,053 Sept. 14 25,090,863 1,541,0025,683,6501,750,745 2,150,0001,652,2601,375,000 4,620,0001,190,703 660,285 981,515 684,000 2,801,703 Sept. 21 25,111,853 1,540,302 5,672,8651,750,325 2,150,0001,654,4801,375,000 4,620,0001,202,564 662,760 993,154 684,000 2,806,403 Sept. 28 25,211,678 1,544,652 5,759,500 1,753,460 2,150,0001,660,0801,375,000 4,620,0001,211,128 666,700 986,358 684,000 2,800,800 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS MEMBER BANK RESERVES AND BORROWINGS [Amounts in thousands of dollars] [Averages of daily figures. In millions of dollars] W o D o r f e a l d t a p e n s e t e r ( i s l d o a d a d s a y ) t y Nu A m a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt ( b p a p m u l c r e o o t o t m v e n u e d - o n d t t i ) s ( t a a L m o n o u o d a t u i n - n n s g t) 2 ( C s a t m o m a o m n e u o n d m t u - t i n s n i t t g ) - o i s n P p t f t u g a a a o f t t r n i u i i n i t o d o n i t a - c n i n s n n i s t s - c i g - - week en M di o n n g t h W , o ed r nesday b m a b A n e e m l k r l s - 1 C Y N e c o e n i r w t t k r y a l b r a e n c C s k a e h s g r i- v o e b s c R a e i r n e t v - y k e s b C a t o n r u y k n s - * ber (amount) Total reserves held: 1 1 1 9 9 9 3 4 4 9 0 1 3 2 2 , , , 2 7 9 0 8 0 2 1 8 2 2 1 1 7 8 2 9 8 , , , 5 8 22 1 6 2 0 0 1 2 8 3 , , , 6 2 9 5 9 5 9 4 4 1 1 9 0 3 , , , 1 3 6 5 3 8 2 7 3 1 9 5 4 , , , 2 2 5 2 2 9 0 7 6 1 1 6 0 9 , , , 3 9 6 8 8 0 6 1 0 1 1 9 9 4 4 8 9 — — A A Ju u u l g y g u u s s t t 1 1 1 7 7 6 , , , 6 5 8 9 7 5 0 2 8 4 4 4 , , , 8 9 7 2 0 0 2 9 9 • 1 L 1 , , , 1 1 1 8 6 9 6 4 2 6 6 6 , , ,3 6 5 6 2 6 1 6 4 4 4 4 , , , 9 9 6 7 8 3 0 0 8 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 5 2 3 4 6 3 3 3 3 3 , , , , , 4 4 4 5 5 7 8 2 1 4 1 9 3 1 2 4 4 5 5 5 0 9 2 6 4 8 1 5 5 4 , , , , , 7 3 5 9 9 3 4 3 6 1 7 2 2 1 3 4 4 1 , , , 2 2 5 9 3 9 4 7 2 2 5 8 7 6 0 1 1 3 1 0 4 , , , , 9 8 5 1 5 9 9 3 2 5 5 2 4 6 4 1 9 4 8 1 0 , , , , , 2 6 1 3 6 4 6 7 0 6 4 5 0 9 1 1 1 2 2 1 7 7 , , , , , 0 7 6 3 9 8 0 7 0 3 6 5 5 0 0 A A A S S e e u u u p p g g g t t . . . . . 3 2 1 1 1 4 7 7 4 1 1 1 1 1 6 6 6 6 6 , , , , , 1 9 1 1 6 7 7 1 2 0 2 3 9 8 1 4 4 4 4 4 , , , , , 6 7 4 4 5 7 2 6 8 7 4 8 8 6 0 • 1 L L L L , . . . . 1 1 1 1 1 5 2 6 3 2 9 3 4 4 4 6 6 6 6 6 , , , , , 2 1 3 0 0 2 8 8 5 4 1 2 4 2 9 4 4 4 4 4 , , , , , 7 4 4 3 4 0 8 4 6 7 2 0 7 9 6 1947 3,574 586,726 945 1,387 7,434 4,869 Sept. 21 16,307 4,620 1,133 6,065 4,489 1948 Excess reserves: Apr. 30... 3,593 604,623 70 1,394 6,646 4,234 1948—August 837 46 6 222 562 May 31... 3,595 606,305 120 916 6,612 3,272 1949—July 1,019 72 31 253 663 June 30... 3,599 610,956 1,045 851 6,482 3,238 August 954 24 4 178 748 July 31... 3,600 611,694 620 802 6,417 3,346 Aug. 31... 3,603 612,099 65 883 6,187 3,353 Aug. 17 922 10 186 726 Sept. 30... 3,604 613,820 45 1,011 6,246 4,212 Aug. 24 1,032 42 12 201 777 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 Aug. 31 830 9 -2 163 660 Nov. 30... 3,606 614,725 85 1,151 6,099 4,166 Sept. 7 1,069 46 6 245 772 Dec. 31... 3,607 615,653 335 995 1,643 1,990 Sept. 14 1,003 25 -1 202 777 Sept. 21 Pi,040 95^ 7 177 P761 1949 Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 Borrowing at Federal Feb. 28... 3,608 616,340 45 907 1,624 2,042 Reserve Banks: Mar. 31... 3,610 620,192 45 906 3,270 3,677 1948—August 87 17 9 33 28 Apr. 30... 3,613 620,, 595 152 819 2,399 2,811 1949—July 109 59 10 18 22 May 31... 3,614 620,984 245 753 2,349 2,737 August 94 58 5 14 17 J J A u u u l n y g e . 3 3 3 1 0 0 . . . . . . . . . 3 3 3 , . , 6 6 6 1 1 2 7 5 3 6 6 6 2 2 2 1 1 2 , , , 2 3 6 9 2 0 7 7 1 2 2 5 0 4 2 5 5 0 6 6 6 1 6 6 4 0 2 2 2 2 , , , 2 0 2 7 7 6 8 2 3 2 2 1 , , , 6 9 5 2 1 6 6 9 3 A Au u g g . . 2 1 4 7 3 7 2 2 3 1 5 2 1 8 7 2 1 0 2 Aug. 31 178 127 "17' 16 18 Sept. 7 32 4 15 13 1 Includes applications approved conditionally by the Federal Re- Sept. 14 53 23 14 16 serve Banks and under consideration by applicant. Sept. 21 30 2 16 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. 1222 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 of August 1949 Second half of August 1949 Gross demand deposits: Total 87,510 20,980 5,116 32,603 28,812 88,252 21,180 5,234 32,968 28,869 Interbank . 10,451 3,743 1,065 4,835 808 10,573 3,758 1,089 4,921 806 Other 77,059 17,237 4,051 27,768 28,003 77,679 17,422 4,146 28,047 28,063 Net demand deposits 2 77,473 19,578 4,682 28,609 24,604 78,215 19,816 4,787 28,986 24,625 Demand deposits adjusted * 70,200 70,300 29,286 1,702 1,061 11,628 14,895 29,268 1,692 1,058 11,630 14,887 Demand balances due from domestic banks... 5,195 41 120 1,601 3,433 5,311 40 123 1,637 3,511 Reserves with Federal Reserve Banks: Total 17,301 4,752 1,181 6,520 4,848 16,470 4,668 1,149 6,212 4,440 Required 16,364 4,763 1,176 6,333 4,092 15,501 4,611 1,146 6,044 3,699 Excess 937 — 11 5 187 756 969 57 2 169 741 81 44 2 15 19 106 71 7 13 15 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required arc based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in Member Bank Call Report. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS * SMALL CENTERS^ [Averages of daily figures. In millions of dollars] Member Nonmember banks banks Total, 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 J A u u ly gust r1 1 6 6 , , 3 3 6 1 3 2 8 8 , , 8 7 1 9 4 9 1 1 2 1 , , 1 9 3 7 2 2 6 6 , , 0 0 7 5 0 9 1 1 9 9 4 4 7 8 0 1 1 1949—Jan.-Sept 4 4 1949 J A u u ly gust 1 1 6 6 , , 1 3 4 0 9 6 8 8, , 8 8 1 1 6 8 1 1 1 1 , , 7 63 2 9 8 6 6 , , 0 0 7 7 0 5 De ( p in o s t i h ts o u o s f a n su d s s p o en f d d e o d l la b r a s) n k :2 s By districts, 1934-42 137,362 18,01626,54851,567 41,231 August 1949 1943 6,223 4,982 1,241 N B P C h l o e e i w s l v t a o e d Y l n a e o n lp r d k hia 2 1 1 1 , , , , 8 3 2 9 6 4 3 4 5 0 8 5 2, 9 2 8 8 0 1 3 1 5 8 6 4 1 1, , 0 0 3 9 0 7 5 1 7 3 1 1 1,1 2 9 8 5 3 0 1 9 4 0 5 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 7 6 5 4 8 . . .. 4 1 0 6 0 0 0 5 7 405 167 Richmond 1,100 410 828 482 1949—Jan.-Sept 2,443 2,443 Atlanta 1,516 465 640 219 S C t h . ic L a o g u o is 2,2 6 4 5 7 7 1, 3 60 4 5 4 1,6 9 5 6 5 4 9 2 6 8 0 5 po 1 r a R ri e ly p re o s r e n p t e s r m b a a n n e k n s tl w y h o ic n h , a c d c u o r u in n g t o t f h e f in p a e n ri c o ia d l s d s i h ff o i w cu n lt , ie c s l ; o s d e o d e s t e n m o - t K M D Sa a a i n n n ll n s a F a e s r s a a p n C o c i l i t i s y s co 1, 6 9 2 5 2 9 6 1 2 9 5 4 3 6 1 1 5 0 0 5 7 0 6 7 1 1 , , 4 5 4 7 7 8 8 5 6 6 4 3 4 2 2 0 5 6 9 9 1 8 3 i a p I n n t e c s 2 n t l u h d u D r e e d a e d e n t p i c m o a b e s r a e i e n t C s o k a o f s s r o c p f o w l o o f h r s m a i o d n t e s a i g e m o t e n ( b s d i e n e l o r o p s f a o o b n s s m a u s it ) n e s . p k l i i e s n a n s b s t a i a i l n o n i d t n c i e , e s s i a n n w w s d u i e r t r h e d e d e t p h a o s n e s s o u a i n t i m s d m e o o e d f m f n F b b o y e e n d r i o e n r b t s h a a u l e n r r D e k d s b e p a n s o n u o s k s n i s - t member banks are based on the latest data available at the time the r Revised. suspensions were reported. 1 Includes any banks in outlying sections of reserve cities that have Back figures.—See Banking and Monetary Statistics, pp. 283-292; been given permission to carry the same reserves as country banks. for description, see pp. 281-282 in the same publication. OCTOBER 1949 1223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin and small denomination currency * Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion1 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 ,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 ,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 ,373 1,359 1,369 358 627 122 239 7 16 5 1936 6,543 5,021 517 499 35 906 ,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 ,560 1,475 1,542 387 710 139 288 6 12 7 1938 6,856 5,147 550 524 34 946 ,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 ,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—May 27,812 19,259 1,409 994 62 2,015 6,054 8,724 ,555 2,453 4,943 410 735 5 10 2 June 27,903 19,323 1,421 1,000 63 2,017 6,085 8,737 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 ,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 ,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 ,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 ,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 ,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 ,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 ,959 5,901 8,529 8,488 2,410 4,964 385 717 4 9 2 August 27,393 18,901 1,462 1,003 61 ,958 5', 9008,517 8,494 2,406 4,980 383 712 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 as destroyed. 3 Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Money in circulation * Money Total out- held by standing, As security For Federal Au 1 g 9 . 4 3 9 1, g a o s g l i d a l v in e a r 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 v a s n e d Au 1 g 9 . 4 3 9 1, Ju 1 ly 9 4 3 9 1, Au 1 g 9 . 4 8 31, certificates agents Gold 24,608 23,404 2 1,204 Gold certificates 23,404 '20,547 ' 2,815 42 43 45 Federal Reserve notes • 23,972 47 819 23,106 23 ,130 23,760 Treasury currency—total 4,593 3'<2,28 3 57 292 4,244 4,222 4,250 Standard silver dollars 493 291 33 3 166 165 159 Silver bullion 1,992 1,992 Silver certificates and Treasury notes of 1890. . 3 2,283 211 2,072 2,052 2,055 Subsidiary silver coin 990 14 37 938 937 924 Minor coin 373 6 9 357 356 350 United States notes 347 3 27 317 316 321 Federal Reserve Bank notes 307 1 4 302 306 345 National Bank notes. 92 (5) 1 91 92 98 Total—Aug. 31, 1949 (4) 25,688 1,308 20,547 3,927 27,393 July 31 1949 (4) 25,609 1,298 20,469 3,976 27^394 Aug. 31, 1948 (4) 24,767 1,321 19,649 3,911 28,055 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. 1215 and seasonally adjusted figures in table on p. 1225. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 3 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 6 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt; (iii) as security for oustanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. 1224 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY IN CIRCULATION WITH ADJUSTMENT FOR POSTAL SAVINGS SYSTEM SEASONAL VARIATION [In millions of dollars] [Outside Treasury and Federal Reserve Banks. In millions of dollars] Assets Amount— Amount— Change in 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 o n n al 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 l d End of month a i n b to c a e r l- s s ' 1 Total d b C e t a o p i a n n r o s k y s h s i- G s U m e t o i 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 10 1,716 118 1942 15,410 +4,250 1944—December.. . . 2,342 2,411 8 2,252 152 1943 20,449 +5,039 1945—December 2,933 3,022 6 2,837 179 1944 25,307 +4,858 1946—December 3,284 3,387 6 3,182 200 1945 28,515 +3,208 1947—December 3,417 3,525 6 3,308 212 1946 28,952 +437 1947 28,868 -84 1948—March 3,435 3,546 6 3,346 194 1948 28,224 -644 April 3,415 3,528 6 3,316 205 May 3,395 3,509 6 3,291 211 Averages of daily figures: June 3,379 3,494 6 3,291 196 July 3,368 3,483 6 3,275 202 1948—September... 28,152 28,208 +90 August 3,356 3,472 6 3,260 206 October 28,188 28,188 -20 September. . . 3,348 3,464 7 3,260 198 November... 28,277 28,192 +4 October 3,342 3,459 7 3,244 208 December. .. 28,423 28,142 -50 November.. . . 3,336 3,454 7 3,244 203 December.. . . 3,330 3,449 7 3,244 198 1949—January 27,850 27,767 -375 February 27,545 27,545 -222 1949—January 3,334 3,454 7 3,244 203 March 27,508 27,591 +46 February.... 3,333 3,454 7 3,244 202 April 27,462 27,683 +92 March 3,327 3,447 7 3,254 186 May 27,438 27,631 -52 April 3,314 3,435 7 3,239 188 June 27,432 27,570 -61 May 3 294 3,418 7 3,212 198 July 27,472 27,527 -43 June 3.277 3,403 7 3,188 209 August 27.397 27,535 +8 July P3 260 September. . . 27,451 27,506 -29 August P3.250 1 For end-of-year figures, represents change computed on absolute amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back 4 Includes working cash witn postmasters, i> per cent reserve tuna 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 1 centers 2 City centers City3 cities 3 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 19 9 4 4 6 6 — — n o e ld w s s e e r r ie ie s s 4 4 j1,050,021 417,475 527,336 105,210 19.0 10 0 | 3 4 7 0 4 7 , , 3 9 6 4 5 6 5 4 2 4 2 9 , , 9 4 4 1 4 4 2 2 5 5 . . 5 2 1 16 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—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 r99,280 36,974 '51,995 10,311 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 '98,500 36,467 '•51,886 10,147 23.7 12.2 37,129 51,276 28.7 18.5 August 99,055 36,070 52,466 10,518 21.9 11.4 34,940 51,421 25.5 17.1 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 194/; 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. OCTOBER 1949 1225 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 Capital Bank credit Total assets, Treas- U. S. Government obligations l T ia o b t i a l l - Capital Total and Date Gold re c n u c r- y Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other s O i e t t c i h e u e s r r - ca a n p n e it d t al, c d u e a r p r n o e d s n i c ts y c m o n a u i c e n s - t c ts . , savings Banks banks 1 1 9 9 2 3 9 3 — — J jU u n ne e 3 2 0 9 4 4 , , 0 0 3 31 7 2 2 , ,0 2 1 8 9 6 4 5 2 8, , 6 1 4 4 2 8 4 2 1 1 , , 0 9 8 5 2 7 10 5, , 7 3 4 2 1 8 5 8, , 1 4 9 9 9 9 1,9 2 9 1 8 6 1 2 3 6 1 1 9 1 , , 8 8 6 19 3 6 4 4 8 , , 6 4 9 6 8 5 5 4 5 2 , , 7 0 7 2 6 9 8 6 , , 9 4 2 3 2 6 1939—Dec. 31 17,644 2,963 54,564 22,157 73,105 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 76,984 23,539 2,184 1,261 9,098 87,160 79 357 7,803 Dec. 31 22,737 3,247 64,653 26,605 79,049 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 ,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1946—june 29 20,270 4,539 163,485 31,570 177,740 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—Aug 25 23,700 4,600 159,200 46,100 101,800 77,000 21,500 3,300 11,400 187,500 174,000 13,500 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. 23 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. 30 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. 27 . . . 24,300 4,600 156,800 47,100 98,100 73,600 21,200 3,300 11,600 185,700 172,000 13,700 May 25 24,300 4,600 156,200 46,700 97,800 74,800 19,700 3,200 11,700 185,100 171,300 13,800 June 30 24,466 4,597 156,491 47,148 97,428 74,877 19,343 3,208 11,915 185,554 171,602 13,952 July 27P . ... 24,500 4,600 156,500 46,500 97,800 76,100 18,500 3,200 12,300 185,700 171,500 14,200 Aug. 31 P 24,600 4,600 158,700 47,200 99,100 78,300 17,500 3,200 12,500 187,900 173,800 14,200 Deposits and Currency U. S. Government balances Adjusted deposits and currency Date Total d F e b o p n r a o e e n s i t k g it n s, T c u r a e r s a y h s- A m s b a t a e a v c n r n i c o n d k i m g a s s l - R F B e e a d A s n e e t r k r v a s e l Total d D e e p m os a i n ts d 2 Total m b C T e a i o r n m m c k i e a s - l dep M s b o a a s v u n i i t t k n u s s g 3 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 n u s c i k r 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 1948—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 L,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 ,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 ,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 L ,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 I949—jan 26 174,900 2,200 1,300 2,000 1,100 168,200 85,400 57,600 35,800 18,500 3,300 25,200 Feb. 23 174,400 2,200 1,300 3,000 1,600 166,300 83,400 57,800 35,900 18,600 3,300 25,100 Mar. 30 172,600 2,100 1,300 3,400 L.700 164,200 81,100 58,000 36,000 18,700 3,300 25,100 Apr 27 172,000 2,000 1,300 2,100 1,100 165,500 82,400 58,100 36,100 18 700 3,300 24 900 May 25 171,300 1,800 1,300 1,900 700 165,600 82,500 58,200 36,100 18,800 3,300 25.000 June 30 171,602 1,927 1,307 2,304 438 165,626 81,877 58,483 36,292 18,932 3,259 25,266 July 27*> 171,500 1,900 1,300 1,500 400 166,300 83,100 58,400 36,200 19,000 3,300 24,900 Aug. 31P 173,800 1,900 1,300 3,100 600 166,900 83,400 58,400 36,100 19,000 3,200 25,100 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. 1226 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date assets 1 capital of Total Loans U. S. Total i Inter- accounts banks Total G m ov e e n r t n- O se t c h u e - r bank i m D a e n - d Time obliga- rities tions All banks: 1939—Dec. 30 50,884 22,165 28.719 19,417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 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 1?,479 14,703 1949—Feb. 23 «. 133,1001 47,820 85,280 73,860 11,420 36,820 157,590 10,930 92,110 54,550 12,570 14,690 Mar. 30 e 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 46,910 86,540 74,830 11,710 33,550 154,460 10,430 89,010 55,020 12,700 14,691 June 30 133,868 47,076 86,792 74,877 11,915 34,966 156,470 10,938 90,145 55,386 12,845 14,680 July 27" 134,960 46,610 88,350 76,080 12,270 33,370 155,470 10,960 89,220 55,290 12,830 14,684 Aug. 31• 138,170 47,360 90,810 78,340 12,470 32,700 157,860 11,260 91,290 55,310 12,920 14,687 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. 312 116,284 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—Feb. 23* 113,410 42,030 71,380 62,240 9,140 36,030 139,010 10,930 92,090 35,990 10,560 14,159 Mar. 30 *, 112,500 42,370 70,130 60,880 9,250 34,240 136,070 10,490 89,450 36,130 10,620 14,162 Apr. 27 * 112,510 41,320 71,190 61,950 9,240 34,030 135,910 10,310 89,400 36,200 10,650 14,162 May 25" 113,440 40,930 72,510 63,170 9,340 32,820 135,650 10,430 88,990 36,230 10,660 14,161 June 30 113,773 41,025 72,748 63,220 9,528 34,166 137,520 10,938 90,128 36,455 10,780 14,150 July 27" 114,770 40,510 74,260 64,440 9,820 32,600 136,480 10,960 89,200 36,320 10,760 14,154 Aug. 31« 117,930 41,190 76,740 66,710 10,030 31,920 138,830 11,260 91,270 36,300 10,830 14,157 AH member banks: 1939—Dec. 30 33,941 13,962 19,979 14,328 5,651 19,782 49,340 9,410 28,231 11,699 5,522 6,362 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—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 e 93,993 34,855 59,138 51,644 7,494 30,140 115,212 9,765 76,370 29,077 8,929 6,914 May 25 e 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 30 95,315 34,456 60,859 53,132 7,727 30,423 116,980 10,374 77,342 29,264 9,022 6,903 July 27 e 96,266 33,933 62,333 54,319 8,014 28,862 115,916 10,378 76,381 29,157 9,018 6,902 Aug. 31 • 99,179 34,519 64,660 56,462 8,198 28,218 118,046 10,686 78,248 29,112 9,072 6,901 All mutual savings banks: 1939—Dec 30 10.216 4,927 5,289 3,101 818 10,524 3 10.521 1,309 551 1941—Dec. 31 10^379 4^901 5^478 3,' 704 L *774 793 10,533 6 10,527 J .241 548 1942—Dec. 31 . 10,754 4,695 6,059 4,572 ,487 663 10,668 6 10,662 1,236 546 1943—Dec. 31 11,871 4,484 7,387 6,090 ,297 797 11,738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 ,232 584 13,376 10 13,366 1,378 543 1945—Dec 31 16,208 4,279 11,928 10 682 246 609 15,385 14 15,371 1,592 542 1946—Dec. 31 17,704 4,526 13,179 ll|778 U400 818 16,869 1 16 16,853 1,784 541 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 1 17 17,745 1,889 533 1948— D jUe n c e . 3 3 0 1 ... . 1 1 9 9 , , 3 2 9 2 5 6 5 5 , , 6 2 8 3 6 4 1 1 3 3 , , 7 9 0 9 9 2 1 1 1 1 , , 4 9 7 7 6 6 2 2 , , 2 0 3 1 3 6 8 8 7 3 8 2 1 1 8 8 , , 4 2 0 1 5 1 1 1 1 7 7 1 1 8 8 , , 3 1 8 9 7 3 1 . ,9 9 5 9 5 9 5 5 3 3 2 2 1949—peb 23 e 19,690 5,790 13 900 11,620 2,280 790 18,580 20 18,560 2,010 531 Mar. 30 *! 19,800 5,850 13^950 11,680 2^270 810 18,690 20 18,670 2,030 530 Apr. 27 e 19,930 5,910 14,020 11,680 2,340 730 18,750 i 20 18,730 2,030 530 May 25 « 20,010 5,980 14,030 11,660 2,370 730 18,810 I 20 18,790 2,040 530 June 30 20,094 6,050 14,044 11,657 2,387 800 18,949 l 17 18,932 2,065 530 July 27"-. . . 20,190 6,100 14,090 11,640 2,450 770 18,990 I 20 18,970 2,070 530 Aug. 31e 20,240 6,170 14,070 11,630 2,440 780 19,030 I 20 19,010 2,090 530 « Partly estimated. r Revised. * "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. For other footnotes see following two pages. 1227 OCTOBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets! Total 1 b In a t n e k r - 1 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 1,272 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 ,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 1,066 4,921 26,773 4,041 21,730 1,002 1,966 37 1945—Dec. 31 26,143 7,334 18,809 17,574 L ,235 6,439 30,121 4,657 24,227 1,236 2,120 37 1946—Dec 31 20,834 6,368 14,465 13,308 L.158 6,238 24,723 4,246 19,028 1,449 2,205 37 1947—Dec. 31 ... 20,393 7,179 13,214 11,972 ,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—jUI1e 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 1,680 2,306 35 1949—Feb. 23« 18,394 7,960 10,434 9,353 1,081 7,017 22,789 3,863 17,324 1,602 2,314 35 Mar. 30 • 18,273 8,179 10,094 8,943 1,151 7,008 22,529 3,644 17,232 1,653 2,307 35 Apr. 27 • 18,314 7,595 10,719 9,626 1,093 6,699 22,364 3,666 17,082 1,616 2,316 35 May 25« 18,668 7,598 11,070 9,993 1,077 6,171 22,225 3,700 16,904 1,621 2,326 35 June 30 19,103 7,689 11,413 10,278 1,135 7,109 23,619 3,920 18,004 1,695 2,340 35 July 27« 18,926 7,060 11,866 10,589 1,277 6,448 22,466 3,856 16,983 1,627 2,336 35 Aug. 31« 19,652 7,421 12,231 10,891 1,340 6,526 23,107 3,856 17,631 1,620 2,357 35 Chicago: 1939—Dec. 30 2,105 569 1,536 1,203 333 1,446 3,330 888 1,947 495 250 14 1941—Dec. 31 2,760 954 1,806 1,430 376 1,566 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 1,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 I945—Dec. 31 5,931 1,333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 4,765 1,499 3,266 2,912 355 1,545 5,905 1,153 3,922 829 404 14 I947—Dec. 31 5,088 1,801 3,287 2,890 397 1,739 6,402 1 217 4,273 913 426 14 1948—june 30 4,742 1,714 3,028 2,667 361 1,726 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—Feb. 23 • 4,759 1,733 3,026 2,632 394 1,847 6,126 973 4,129 1,024 440 13 Mar. 30« 4,348 1,697 2,651 2,248 403 1,558 5,411 1,074 3,333 1,004 443 13 Apr. 27•, 4,669 1,603 3,066 2,651 415 1,715 5,940 959 3,940 1,041 445 13 May 25*. 4,832 1,569 3,263 2,831 432 1,639 5,985 981 3,960 1,044 453 13 June 30 4,841 1,537 3,303 2,888 415 1,702 6,087 1,008 4,020 1,059 462 13 Tuly 27« 4,942 1,523 3,419 2,985 434 1,687 6,116 1,061 3,995 1,060 459 13 Aug. 31 e 5,184 1,526 3,658 3,211 447 1,654 6,322 1,085 4,180 1,057 464 13 Reserve city member banks: 1939—Dec. 30 12,272 5,329 6,944 5,194 1,749 6,785 17,741 3,686 9,439 4,616 1,828 346 1941—Dec. 31. 15,347 7,105 8,243 6,467 1,776 8,518 22,313 4,460 13,047 4,806 1,967 351 1942—Dec 31 20,915 6,102 14,813 13,038 1,775 9,426 28,700 4,957 18,747 4,995 2,028 354 1943—Dec 31 27,521 6,201 21,321 19,682 1,639 9,327 35,070 4 874 24,086 6,109 2,135 357 1944—Dec. 30. 33,603 6,822 26,781 25,042 1,739 10,238 41,804 5,524 28,525 7,755 2,327 356 1945—Dec. 31 . 40 108 8,514 31,594 29,552 2,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31. 35,351 10,825 24,527 22,250 2,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 . . 36,040 13,449 22,591 20,196 2,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—June 30 35,065 13,373 21,692 19,222 2,470 11,729 44,149 4,909 27,930 11,310 2,870 335 Dec. 31...... 35,332 14,285 21,047 18,594 2,453 13,317 45.943 5,400 29,153 11,391 2,928 335 1949—Feb. 23 • 35,080 13,996 21,084 18,596 2,488 12,280 44,541 4,688 28,409 11,444 2,932 335 Mar. 30 •. 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 30 35,034 13,261 21,772 19,076 2,696 11,618 43,852 4,665 27,560 11,627 3,005 336 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 Aug. 31«. 37,005 13,423 23,582 20,706 2,876 10,541 44,705 4,943 28,194 11,568 3,031 333 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 I943—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 I944—Dec. 30 . . 28,520 4,910 23,610 21,552 2,058 9,323 35,871 1,171 24,818 9,882 2,321 6,408 1945—Dec. 31 35,002 5,596 29,407 26,999 2,408 10,632 43,418 1,223 29,700 12,494 2,525 6,476 1946—Dec. 31 35,412 8,004 27,408 24,572 2,836 10,151 43,066 1,091 27,921 14,053 2,757 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 3,268 10,778 44,443 1 073 28,810 14,560 2,934 6,519 1948—jUne 30 36,623 11,234 25,389 21,892 3,497 10,050 43,903 821 28,196 14,886 3,056 6,541 Dec. 31 36,726 11,945 24,782 21,278 3,504 11,196 45,102 964 29,370 14,768 3,123 6,535 1949—Feb. 2 3« 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 30 36,338 11,968 24,370 20,889 3,481 9,994 43,422 781 27,758 14,883 3,215 6,519 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 Aug. 31 e 37,338 12,149 25,189 21,654 3,535 9,497 43,912 802 28,243 14,867 3,220 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 nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual savings to nonmember commercial banks. For other footnotes see preceding and opposite page. 1228 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Investments Other Class of bank Cash Total Number and date U.S. assets Inter- a c c a c p o i u ta n l ts ba o n f ks Total Loans Total G o m o b v l e i e g n r a t n - - O s ri e t t c h ie u e s - r Total bank m D a e n - d Time tions All insured commercial banks: 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 1949—June 30 . ... 111,746 40,524 71,222 61,970 9,252 33,720 135,375 10,578 88,830 35,966 10,452 13,417 National member banks: 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 1949—June 30 63,517 22,505 41,012 35,487 5,525 20,324 78,219 6,945 51,420 19,854 5,814 4,987 State member banks: 1944—Dec. 30 33,261 7,196 26,065 24,393 1,672 8,290 39,059 3,827 28,874 6,357 2,703 1,789 1945—Dec. 31 37,871 8,850 29,021 27,089 1,933 9,731 44,730 4,411 32,334 7,986 2,945 1,867 1946—Dec. 31 32,639 9,424 23,216 21,384 1,832 9,575 39,395 3,890 26,726 8,779 2,957 1,893 1947—Dec. 31 32,566 11,200 21,365 19,240 2,125 10,822 40,505 3,993 27,449 9,062 3,055 1,918 1948—June 30 31,811 11,628 20,183 18,048 2,135 9,888 38,699 3,529 25,875 9,295 3,091 1,927 Dec. 31 31,771 12,308 19,463 17,301 2,161 11,228 39,955 3,799 26,862 9,295 3,144 1,927 1949—June 30 31,798 11,951 19,847 17,645 2,202 10,099 38,761 3,429 25,922 9,410 3,208 1,916 Insured nonmember commercial banks: 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 1949—June 30 16,447 6,071 10,376 8,849 1.527 3,299 18,410 204 11,488 6,718 1,431 6,517 Noninsured nonmember commercial banks: 1944—Dec. 30 2,148 292 1,856 1,682 174 473 2,358 161 1,892 305 276 729 1945—Dec. 31 2,211 318 1,893 1,693 200 514 2,452 181 1,905 365 279 714 1946—Dec. 31 1,815 389 1,426 1,226 200 530 2,043 336 1,302 404 290 690 1947—Dec. 31 2 2,009 474 1,535 1,280 255 576 2,251 363 1,411 478 325 783 1948—June 30 2,062 493 1,569 1,308 261 469 2,197 400 1,315 482 331 772 Dec. 31 2,013 520 1,493 1,234 259 509 2,201 368 1,353 479 322 758 1949—June 30 2,027 502 1,526 1,250 276 446 2,146 359 1,298 488 329 733 All nonmember commercial banks: 1944—Dec. 30 13,972 2,971 11,002 9,880 1,122 4,348 17,168 351 11,879 4,938 ,298 7,181 1945—Dec. 31 16,849 3,310 13,539 12,277 1,262 4,962 20,571 425 14,101 6,045 ,362 7,130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 ,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 ,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 ,664 7,265 Dec. 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 ,680 7,256 1949—June 30 18,474 6,573 11,901 10,098 1,803 3,745 20,556 563 12,786 7,207 ,760 7,250 Insured mutual savings banks: 1944—Dec. 30 9,223 3,110 6,113 5,509 604 400 8,910 8,902 892 192 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 10,351 ,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 11,415 ,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 12,192 ,252 194 1948—June 30 13,142 3,769 9,373 8,169 1,204 644 12,581 12,566 ,302 193 Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 12,757 ,334 193 1949—June 30 13,880 4,397 9,484 7,940 1,544 629 13,241 13,226 ,381 191 Noninsured mutual savings banks: 1944—Dec. 30 4,708 1,260 3,448 2,819 629 184 4,466 4,464 485 351 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 5,020 558 350 1946—Dec. 31 5,813 1,275 4,538 3,833 705 206 5,442 5,439 611 350 1947—Dec. 31 2 5,957 1,384 4,573 3,813 760 211 5,556 5,553 637 339 1948—June 30 6,084 1,465 4,619 3,808 811 188 5,630 5,627 653 339 Dec. 31 6,083 1,577 4,506 3,680 826 194 5,633 5,631 665 339 1949—June 30 6,214 1,654 4,560 3,718 843 171 5,709 5,705 683 339 For footnotes see preceding two pages. Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp 5-15 in the same publication. For revisions in series prior to June 30, 1947, see BULLETIN for July 1947 pp. 870-871. OCTOBER 1949 1229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES* LOANS AND INVESTMENTS [In millions of dollars] Loans1 Investments Com- p L u o rc a h ns a s f i o n r g U. S. Government obligations Obli- Total mer- or carrying ga- Class of bank loans cial, securities Direct tions cal a l n d d ate i m n a v e n e n d s t t s - Total1 e i l i n u n g d - - A t c u u g r l r - - i- To t R e a s e t - e al s C u o m n e - r O lo th an er s Total Certifi- Guar- S a t o a n f t d esO se th c e u r o m p k p p e a e a e r r - t n 2 - - al* b d a e e r e n o r r a s s d k l - - o T e t r h o s - loans loans Total Bills o d c n f e a e e d t b i s e - n t s s - - Notes Bonds t a e n e - d p d s s i o u i i c o v l a b i n i l - t - s - rities All insured commercial banks: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 4,773 4,5*5 28,031 21,046 988 3,159 12,7974,102 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 6,78053,200 154,298 3,592 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 9,2665,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—June 30.. 111,794 39,372 17,834 1,976 1,183 1,077 10,1016,412 1,119 72,421 63,490 2,327 9,451 5,06946,630 125,4343,497 Dec. 31.. 112,286 41,968 18,7612,775 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 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,3783,455 1,900 1,104 84,408 78,338 2,275 16,985 14,27144,792 163 [2542^815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,506 1,467 5,3583,308 1,020 69,666 63,042 1,167 10,043 5,60246,219 113,5483,077 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 45,286 104,199 3,105 1948—June 30. . 95,449 33,871 16,734 1,241 1,171 956 7,777 5,249 1,040 61,578 54,139 2,188 7,597 4,104 40,242 84,4363,003 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 15,213 1,704 1,958 803 8,3835,859 935 60,859 53,132 2,651 8,469 1,639 40,369 44,710 3,016 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 194g—June 30. . 19,019 7,550 5,275 963 250 161 616 372 11,469 10,358 693 983 520 8,162 583 528 Dec. 31.. 18,759 8,048 5,642 3 1,102 225 224 643 306 10,712 9,649 589 1,183 365 7,512 563 500 1949—Apr. 11.. 18,065 7,546 10,519 9,383 658 478 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 95 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 L.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 L,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 L,714 1,357 2 61 75 47 156 32 3,028 2,667 160 250 214 2,043 185 176 Dec. 31.. 4,799 L,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 L ,617 2,978 2,567 236 176 June 30.. 4,841 L ,537'i',178 6 '"83 "*60 "'48 "l56 '"26 3,303 2,888 369 "343 "i25 "l ',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 3,333 2,158 369 21,692 19,222 783 3,244 1,501 13,692 3 1,446 1,024 Dec. 31. . 35,332 14,285 7,282 437 130 360 3,5032,315 412 21,047 18,594 1,056 3,201 1,090 13,247 11,421 1,032 1949—Apr. 11.. 34,741 13,740 21,001 18,445 1,471 1 086 June 30.. 35,034 13,261 6,227 378 150 321 3,5592,408 385 21,772 19,076 875 3,367 603 14,230 1,559 1,137 Country banks: 1941—Dec. 31. . 12,518 5,890 1,676 659 20 183 1,823 1, 330 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 21 187 4,467 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', 098i',319 "'23 "l75 4',5672,644 "256 24,370 20,889 630 3,286 "'778 i6,i92 42,306 1,174 Insured nonmember commercial banks: 1941—Dec. 31. . 5,776 3,241 543 478 20 64 1,282 8>4 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 12 105 2,426 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." 1 Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 31, 1945, these items may not be entirely comparable with prior figures. 3 Central reserve city banks. 1230 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 Re- Cla c s a s l a l o n d f d a b te ank F s B s w e e R e a d r r i n v e e t v h k e - r e s a s l v C a i a n u s l h t b m a w a B n d e n i c a o s k t e l t - h - s i , s c * j p u m D a o s d a t d s e e e n i - - - t d d s 5 m D e I s n d o ti e t - c e p * r o b s a F e i n t i o s g k r n - m U G er . e o n n v S - t - . p v s S o i u a t l s b i a n i t o t d i d e c n i s a - s l c C h c e a f o e e e i t n f e c r r c f d d i s t k . - i ' s - , p a v t n s a p i I i h d d r o n o t i u n d r n p c a a s i e o s - - l , r r s - - , I b n a t n e k r- P U m G S i e a o n a r n . o e g s n v d v n S t s - - a - t . l v s p S i u a i s o t c n i b a l a o i d t d l t n e i - s s -a p v n s a p t i I h i d d r n o o t i u d r n p c n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o t a a u a c p n l - i t - s All Insured commercial banks: 1941—Dec. 31. . 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31.. 16,013 2,012 9,481 82,08510,888 L.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 85,75111,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—June 30.. 17,355 2,063 8,238 81,420 9,628 1,357 2,052 7,132 2,020 78,287 50 111 1,061 34,246 63 9,955 Dec, 31.. 20,404 1,939 8,947 84,21110,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 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 L.24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1946—Dec. 31.. 16,015 1,576 5,936 70,243 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 L.480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Apr. 11.. 19,186 1,609 5,057 68,972 8,855 1,411 2,563 5,849 1,462 66,766 67 123 1,030 27,885 199 8,949 June 30.. 17,808 1,568 5,065 69,397 8,864 L.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 L,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 L.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 L.204 471 235 550 15,526 37 18 28 1,555 104 2,324 June 30.. 4,726 130 56 15,254 2,680 L.150 562 254 1,201 15,986 90 25 33 1,637 2,340 Chicago:* 1941—Dec. 31. . 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31. . 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1946—Dec. 31. . 928 29 172 3,356 1,130 24 152 228 47 3,495 2 4 823 404 1 1 9 9 4 4 7 8 — — D ju e n Ce- 3 3 1 0. . . . 1 1, , 1 0 4 7 4 0 3 2 0 8 1 15 7 2 5 3 3 , , 7 5 3 0 7 5 1 1, , 0 1 5 9 5 6 2 22 1 1 7 0 2 5 3 2 2 8 0 5 6 47 3 3 3 , ,5 8 3 5 9 3 2 1 1 9 1 9 9 0 4 2 0 4 4 2 3 6 6 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 2,729 1947—Dec. 31.. 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1948—June 30.. 6,462 521 1,852 24,316 4,751 140 728 2,442 562 24,198 18 42 496 10,771 3 2,870 Dec. 31.. 7,701 483 1,845 25,072 5,213 168 801 2,401 649 25,302 19 46 547 10,798 8 2,928 1949—Apr. 11.. 7,220 521 1,678 24,153 4,508 150 1,017 2,421 455 23,806 17 47 607 10,856 47 2,980 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 2,757 1947—Dec. 31. . 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1948—June 30.. 4,866 934 3,369 26,639 798 9 680 2,839 516 24,161 14 49 364 14,473 24 3,056 Dec. 31. . 5,736 858 3,619 27,703 943 8 688 2,925 510 25,248 13 49 350 14,369 12 3,123 1949—Apr. 11.. 5,547 922 3,208 26,653 796 8 842 2,937 427 24,135 12 56 385 14,453 48 3,200 June 30.. 5,127 913 3,117 26,402 762 8 520 3,009 462 23,767 12 67 383 14,433 21 3,215 Insured nonmember commercial banks: 1 1 9 9 4 4 5 1 — — D £) e e c c < 3 3 i i 2 3 7 9 1 1 3 2 , , 9 3 5 2 9 5 1 4 0 , , 0 5 9 3 2 7 2 1 3 0 3 8 2 5 1,56 5 0 3 6 8 1 5 1 8 1 6 3 8 5 3 9 , , 4 6 8 4 3 3 18 6 8 4 9 7 7 4 3 5 , , 2 5 7 7 6 9 6 7 1,0 9 8 5 3 9 1946—Dec. 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1,193 1 19 9 4 4 8 7 — — J D unece 3 3 0 i 4 45 7 7 3 3 2, , 8 4 2 6 0 6 1 1 1 2 , , 3 2 6 2 8 3 2 1 5 9 8 5 4 4 2 1 0 4 7 9 1 1 , , 2 1 5 8 9 8 1 14 5 7 8 1 1 0 1 , , 0 0 8 1 3 9 4 4 6 6 1 1 3 4 2 9 6 6, , 4 4 5 2 7 0 1 7 0 1 1 , , 3 2 3 7 3 1 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 4 Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 8 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. 1231 OCTOBER 1949 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 1 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 - TotaP in t a r d i n a u d l s , - and dealers To others l R o e a a n l s L ba o n a k n s s O lo t a h n e s r Total c C t a if e t i e r - - s O s ri e t t h c ie u e s r t a c u g u r r l a i - - l G U t l i i o o o g . b n a v S - - s t . . O c t s u t i e h e r - s e i- r S l U t o i i o g o b .S v a n - - t . s .O c t s u t i e h e r - s i e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds2 Total- Leading Cities 1948—August 63,211 24,013 14,790 291 467 251 5003,891 284 3,78139,19834,8222,222 4,225 2,546 25,829 4,376 1949—June 62,41423,517 13,349 819 738 212 4224,106 243 3,92838,89734,388 ,168 5,314 958 25,948 4,509 July 63,03323,021 12,929 646 713 229 430 4,129 222 4,02840,01235,272 ,462 5,539 986 26,2854,740 August 64,71923,229 12,915 825 627 220 4454,167 278 4,05841,49036,565 ,865 6,129 1,092 26,479 4,925 1949—July 6 62,55523,167 12,996 654 883 237 4124,115 164 4,010 39,38834,735 ,153 5,431 960 26,1914.653 July 13 62,85. 22,901 12,964 523 674 229 443 4,126 223 4,024 39,95435,254 ,471 5,543 981 26,259 .700 July 20 63,26422,984 12,870 688 664 227 4314,134 249 4,026 40,28035,507 .614 5,575 998 26.320 4.773 July 27.... 63,45823,031 12,886 718 631 224 435 4,141 250 4,051 40,42735,590 ,610 5,605 1,003 26,3724,837 Aug. 3 63,79623,159 12,826 837 683 226 437 143 264 4,04940,63735,773 ,603 5,716 1,060 26,394 4,864 Aug. 10 64,20723,178 12,906 808 609 223 458 4161 272 4,046 41,02936,144 ,563 6,042 1,087 26,4524,885 Aug. 17 64,69323,261 12,939 816 599 216 441 166 348 4,04141,43236,4852,772 6,136 1,074 26,503 4,947 Aug. 24 65,12123,058 12,942 681 619 215 442 181 233 4,050 42,06337,1143,128 6,359 1,118 26, ,949 Aug. 31 65,77923,491 12,965 985 624 220 445 185 273 4,10242,28837,3073,260 6,392 1,119 26,536 4,981 Sept. 7 65,68923,343 13,007 859 671 218 4424,186 147 4,119 42,34637,3783,217 6,476 1,133 26,552 4,968 Sept. 14 66,29423,662 13,171 857 646 215 488 4,202 248 4,140 42,63237,5943,229 6,633 1,129 26,6035,038 Sept. 21 66,463 23,527 13,289 716 660 196 4444,211 187 42,93637,8743,400 7,227 1,123 26,1245,062 66,06223,998 13,384 991 677 195 4434,207 233 4,178 42,06437,0042,608 7,181 1,124 26,0915,060 Sept. 28 New York City 18,621 7,285 5,336 249 325 199 235 82111,336 10,1841,040 821 499 7,8241,152 1948—August 18,469 7,393 4,745 760 592 168 206 168 78711,076 9,976 834 ,390 118 7,6341,100 1949—June 18,503 7,036 4,541 594 565 175 204 169 80611,467 10,253 916 ,468 137 7,7321,214 July 18,946 7,132 4,531 761 496 183 210 166 80411,81410,524 808 ,778 194 7,7441,290 1949— J J J A J u u u u u l l l l y y y g y u s 2 2 1 t 0 7 6 3 1 1 1 1 8 8 8 8 , , , , 5 3 4 5 9 9 3 8 3 2 9 7 6 6 6 7 , , , , 9 9 9 22 8 7 5 3 7 5 9 4 4 4 4 , , , , 5 6 4 4 8 8 0 8 5 7 8 4 5 4 6 65 9 7 4 5 7 9 6 5 5 4 7 1 3 9 1 6 3 8 3 1 1 1 1 5 7 8 7 9 6 6 7 2 2 2 2 0 0 0 0 1 5 5 6 1 1 1 1 5 7 5 9 1 3 3 8 8 8 8 8 0 0 0 0 5 8 5 61 1 1 1 1 1 1 1 . , , , 1 6 6 4 6 0 2 6 9 6 8 41 1 1 9 0 0 0 , , , , 9 3 2 3 7 8 6 8 1 7 8 7 1, 9 0 9 7 1 8 3 2 7 1 7 8 , , , , 4 5 4 4 3 9 1 3 1 5 4 4 1 1 1 1 3 3 3 4 1 3 7 8 7 7 7 7 , . . . 7 7 7 7 1 5 2 3 4 5 0 8 1 1 1 1 . . , , 1 1 2 2 8 5 9 1 2 7 6 9 Aug. 3 18,722 7,102 4,485 767 527 178 206 148 80811,62010,356 838 ,595 171 7,7521,264 Aug. 10 18,860 7,092 4,523 744 487 194 213 136 81111,76810,508 753 ,817 183 7,7551,260 Aug. 17 18,78. 7,106 4,547 744 475 179 210 169 80311,679 10,378 687 ,759 177 7,7551,301 Aug. 24 19,056 7,050 4,540 641 491 179 208 216 79712,006 10,704 874 ,874 219 7,7371,302 Aug. 31 19,306 7,311 4,560 911 502 183 211 162 80211,995 10,675 890 ,845 218 7,7221,320 Sept. 7. . . . 19,148 7,234 4,598 771 537 181 214 130 82311,91410,593 798 1,856 229 7,710 1,321 Sept. 14 19,375 7,390 4,646 787 518 226 217 190 82711,985 10,611 772 1,919 232 7,688 1,374 Sept. 21 19,489 7,220 4,715 654 532 180 216 147 81512,269 10,920 1,011 2,067 229 7,613 1,349 Sept. 28 19,326 7,541 4,765 932 546 181 213 127 81611,785 10,441 546 2,063 238 7,594 1,344 Outside New York City 1948—August 44,590 16,728 9,454 217 3,720 49 2,960 27,86224,638 1,182 3,404 2,047 18,0053,224 1949—June 43,945 16,124 8,604 146 151 2543,900 75 3,14127,82124,412 1,334 3,924 840 18.3143,409 July 44,530 15,985 8,388 148 152 2553,925 53 3,222 28,54525,019 1,546 4,071 849 18,5533,526 August 45,773 16,097 8,384 131 143 2623,957 112 3,25429,67626,0412,057 4,351 898 18,7353,635 1949—July 6 44,163 15.944 8,388 170 156 2533,914 13 3.20228,21924,748 1,425 4,017 829 18.4773,471 July 13 44,416 15,926 8,379 141 150 2573,921 25 3,21928,49024,986 1,490 4,109 848 18,539 3,504 July 20 44,671 15,997 8,386 148 151 2553,929 76 3,220 28,67425,120 1,597 4,080 861 18.5823,554 July 27 44,871 16,072 8,399 133 151 2583,935 97 3,246 28,79925,219 1,673 4,074 855 18,6173,580 Aug. 3 . .. . 45,074 16,057 8,341 156 147 259 3,937 3,24129,01725,417 1,765 4,121 889 18,6423,600 Aug. 10 45,347 16,086 8,383 122 143 264 3,948 136 3,23529,261 25,636 1,810 4,225 904 18,6973,625 Aug. 17.... 45,908 16,155 8,392 124 141 3,956 179 3,238 29,75326,1072,085 4,377 897 18,7483,646 Aug. 24 46,065 16,008 8,402 128 141 2633,973 17 3,25330,05726,4102,254 4,485 899 18,7723,647 Aug. 31 46,473 16,180 8,405 122 143 2623,974 111 3,30030,29326,6322,370 4,547 901 18,814 3,661 Sept. 7 46,541 16,109 8,409 134 141 2613,972 17 3,29630,43226,7852,419 4,620 904 18,8423,647 Sept. 14 46,919 16,272 8,525 128 139 262 3,985 58 3,31 30,64726,9832,457 4,714 897 18,91 3,664 Sept. 21 46,974 16,307 8,574 128 137 264 •" ~ 40 3,31830,66726,9542,389 5,160 894 18,5113,713 Sept. 28 46,736 16,457 8,619 131 136 262 3,994 106 3,36230,27926,5632,062 5,118 18,4973,716 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. 1232 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 oi Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s w F e R e a e r i r e a n t d v - h l k - e s v C a i a u n s lt h m b a w a n d e o n i c s t - e k h ti s s c j m p u o d a s a e d s t n - e i - t d d s 8 s p p u v n c h a o a a o i e n i d r r l p r r d s a t - - - s - , - , S p s d s a i i o u t c i o n a v b l a n i d t - i l t e - s - s c C c O h f a e e e i t e n f e c r r f c d . t d i s k - i ' - s, U m G e . e o r v n n S - - t . 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 d s a i o u t c i n a b v l a d i t - i l t e - - s P U m G S e i a o . o e r a n n s v n n v g d t S - - - s t a . l m D t D e i o s c - e - man F e d i o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n - l ts ! | B d i e t a s b n - < k tions tions Total- Leading Cities 1948-—August. . . 13,072 778 2,226 46,82246,881 3,305 1,214 1,355 14,293 544 83 8,8401,386 45 187 5,932 86,297 1949—June 13,378 771 2,122 46,383 46,264 3,475 1,309 87714,541 665 106 8,311 ,323 118 290 6,117 94,386 July 12,958 783 2,253 46,258 46,288 3,313 1,364 89814,553 643 117 8,717 ,353 137 284 6,142 88,405 August. . . 12,683 741 2,129 46,33446,056 3,317 1,190 2,07414,505 644 120 8,685 ,358 136 362 6,173 86,361 1949—July 6... 13,281 762 2,377 45,84445,744 3,358 1,513 1,145 14,584 644 115 9,011 ,344 138 6,141 21,148 July 13... 12,828 826 2,40146,03546,586 3,236 1,128 81314,556 641 116 9,036 ,353 139 6,138 20,445 July 20... 12,785 755 2, 174 46,47246,520 3,280 1,654 71414,539 645 117 8,521 ,351 139 420 6,138 21,353 July 27... 12,938 788 2,062 46,68346,301 3,379 1,162 92114,535 640 120 8,300 ,364 133 484 6,150 19,262 Aug. 3... 13,034 720 2,063 46,28245,685 3,432 1,199 1,591 14,520 641 121 8,5331,364 135 380 6,166 20,853 Aug. 10... 12,868 762 2,14146,268 45,998 3,291 1,283 1,961 14,514 642 120 8,691 1,358 133 228 6,169 18,191 Aug. 17... 12,759 728 2,215 46,050 46,232 3,240 1,204 2,24414,499 645 118 8,907 1,354 131 398 6,164 20,440 Aug. 24... 12,341 761 2,150 46,316 455,947 3,257 1,013 2,37714,493 646 119 8,698 1,356 139 163 6,172 18,512 Aug. 31... 12,413 733 2,07646,753 46,416 3,367 1,251 2,196 14,502 647 121 8,5971,358 140 640 6,194 18,791 Sept. 7... 11,823 771 2,230 46,410 46,288 3,239 1,949 14,500 640 126 9,268 1,365 139 75 6,188 16,923 Sept. 14...12,096 817 2,34746,930 47,963 3,170 2,186 14,485 640 126 9,471 1,335 146 188 6,174 20,445 Sept. 21... 11,627 776 2,15546,436 46,761 3,080 2,50814,493 637 122 9,065 1,289 147 140 6,182 23,397 Sept. 28... 12,00. 803 2,043 46,45746,465 3,165 1,078 2,636 14,501 632 122 8,6341,284 147 359 6,196 20,135 New York City 1948—August. . . 4,838 118 15,28615,761 252 569 368 1,498 2,741 82 2,218 32,540 1949—June 4,929 119 15,14015,789 205 704 287 1,517 2,660 1,119 95 186 2,270 40,617 July 4,859 124 14,97315,552 227 767 312 1,496 2,758 1,139 90 184 2,283 37,129 August. . . 4,806 114 14,76815,267 210 614 951 1,463 2,648 1,143 90 274 2,293 34,940 1949—July 6... 5,083 125 14,920 15,474 231 897 415 1,523 2,957 1,134 90 28 2,284 9,900 July 13... 4,704 131 14,81215,506 218 547 279 1,491 2,820 1,136 90 107 2,285 8,493 July 20... 4,749 115 15,09115,698 211 1,055 217 1,482 2,649 1,133 90 258 2,283 8,635 July 27... 4,898 124 15,06715,530 248 568 335 1,486 2,608 1,152 89 343 2,280 7,774 Aug. 3... 4,847 111 14,79515,185 211 619 734 1,469 2,617 1,154 89 297 2,292 8,613 Aug. 10... 4,779 118 14,72815,276 180 691 968 1,465 2,654 1,145 88 177 2,293 589 Aug. 17... 4,977 111 14,590 15,190 210 613 1,034 1,450 2,698 1,138 87 352 2,289 970 Aug. 24... 4,584 114 14,77315,211 224 480 1,069 1,453 2,654 1,138 94 38 2,290 277 Aug. 31... 4,844 113 14,95215,472 224 666 951 1,477 2,615 1,141 95 508 2,300 797 Sept. 7... 4,321 121 14,76715,331 199 675 823 1,470 2,749 1,158 94 17 2,289 7,137 Sept. 14... 4,576 128 15,08815,866 246 626 882 1,468 2,780 1,129 101 108 2,283 8,195 Sept. 21... 4,29: 116 14,90915,462 212 603 992 1,472 2,729 1,094 102 27 2,285 9,436 Sept. 28... 4,546 127 14,90915,443 224 489 1,032 1,488 2,608 1,092 102 225 2,281 8,067 Outside New York City 1948—August. . . 8,234 31,53631,120 3,053 645 98712,795 6,099 177 105 3,714 53,757 1949—June 8,449 652 2,08431,24330,475 3,270 605 59013,024 629 5,651 204 3,847 53,769 July 8,099 659 2,221 31,: ,736 3,086 597 58613,057 611 5,959 214 3,859 51,276 August. . 7,877 627 2,098 31,56630,789 3,107 576 1,123 13,042 611 6,037 215 3,880 51,421 1949—July 6.. 8,198 637 2,343 30,924 30,270 3,127 616 73013,061 612 6,054 210 56 3,857 11,248 July 13.. 8,124 695 2,36631, ,080 3,018 581 53413,065 609 6,216 217 39 3,853 11,952 July 20.. 8,036 640 2,144 31,38130,822 3,069 599 49713,057 612 5,872 218 162 3,855 12,718 July 27.. 8,040 664 2,03231,61630,771 3,131 594 58613,049 607 5,692 212 141 3,870 11,488 Aug. 3. 8,18 609 2,03331,48730,500 3,221 580 85713,051 60 95 5,916 210 83 3,874 12,240 Aug. 10. ,089 644 2,11131,54030,722 3,111 592 99313,049 609 94 6,037 213 51 3,876 10,602 Aug. 17. 617 2,18231,46031,042 3,030 591 1,210 13,049 613 92 6,209 216 46 3,875 12,470 Aug. 24. 64 2,12031,54330,736 3,033 533 1,308 13,040 614 93 6,044 218 125 3,882 11,235 Aug. 31. 620 2,044 31,80130,944 3,143 585 1,245 13,025 615 95 5,982 217 132 3,894 10,994 Sept. 7. 650 2,199 31,64330,95 3,040 592 1,126 13,030 609 100 6,519 207 58 3,899 9,786 Sept. 14. 689 2,311 31,84: 32,09 2,924 629 1,304 13,017 608 99 6,691 206 80 3,891 12,250 Sept. 21. 7,335 660 2,120 31,52 31,299 2,868 63 1,516 13,021 605 95 6,336 195 11 3,897 13,961 Sept. 28. 7,459 676 2,01331,54831,022 2,941 589 1,604 13,013 601 96 6,026 192 134 3,915 12,068 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Montary Statistics, pp. 127-227. OCTOBER 1949 1233 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] Loans1 Investments For purchasing U. S. Government obligations or carrying securities Total Comloans merd F i e s d tr e i r c a t l a R n e d s e d r a v t e e i m n a v e n e n d s t t s - Total1 i t a t c n a c u r g i u d n i r a r l a d u a l i - l , - l s- G U a T l o i n o o . g b d v a S - - t b . . d r e o O a c k l u t e e h r r r i e s s - r G l U T o i o g . b o S v a - . - t. ot O h c e u th r n s e - r e l R o st a e a n a t l s e L ba o t n o a k n s sO lo th an er s Total Total Bills o d c n C t f e e a i e d f e b t s i i e r - n - t s - s - - Notes Bonds r O s i e t t c i h e u e s - r tions ties tions ties Boston Aug. 31 ,943 968 579 9 11 17 140 16 211 1,975 1,786 104 332 43 1,30 189 Sept. 7 ,946 954 581 6 11 16 140 2 211 1,992 1,805 105 34 51 1,302 187 Sept. 14 ,993 979 598 6 11 17 141 1 211 2,014 1,826 122 350 43 1,311 188 Sept. 21 ,996 982 604 8 11 17 141 1 213 2,014 1,826 116 403 43 1,264 188 Sept. 28 ,981 1,006 606 8 11 18 141 17 21 1,975 1,792 94 397 43 1,258 183 New York* Aug. 31 ,572 8,056 4,889 915 505 82 199 421 173 98413,51611,9901,003 1,963 254 8,770 1,526 Sept. 7 ,384 7,974 4,926 778 539 82 197 424 1301,01013,41011,884 888 1,989 265 8,742 1,526 Sept. 14 ,630 8,128 4,975 790 521 81 242 427 1901,01313,50211,922 879 2,055 268 8,720 1,580 Sept. 21 ,761 7,958 5,043 658 535 63 196 427 1471,00113,80312,2471,134 2,230 265 8,618 1,556 Sept. 28 ,595 8,283 5,097 935 549 63 197 424 1271,00413,31 11,761 663 2,227 274 8,597 1,551 Philadelphia Aug. 31 ,634 885 470 1 21 2 98 10 286 1,749 1,429 137 127 30 1,135 320 Sept. 7 ,649 88 471 1 21 2 99 4 287 1,767 1,452 162 127 30 1,133 315 Sept. 14 ,672 895 477 1 21 2 100 8 289 1,777 1,459 159 129 31 1,140 318 Sept. 21 ,725 897 473 1 21 2 99 13 291 1,828 1,50, 191 169 30 1,113 325 Sept. 28 ,694 901 475 1 20 2 100 14 293 1,793 1,466 154 168 30 1,114 327 Cleveland Aug. 31 ,642 1,439 801 16 16 33 33 284 26 249 3,203 2,838 214 330 2,195 365 Sept. 7 ,611 1,412 802 15 17 33 34 283 2 245 3,199 2,837 193 330 2,221 362 Sept. 14 ,631 1,422 806 14 16 32 32 284 2 255 3,209 2,846 182 330 2,239 363 Sept. 21 ,645 1,417 804 14 17 32 33 284 2 250 3,228 2,859 187 371 2,207 369 Sept. 28 ,596 1,431 807 17 17 31 32 285 11 251 3,165 2,796 134 363 2,204 369 Richmond Aug. 31 ,623 81 364 6 12 19 202 3 220 1,806 1,660 143 216 1,258 146 Sept. 7 ,641 821 368 6 12 19 202 2 221 ,820 1,674 152 218 1,261 146 Sept. 14 ,676 831 375 6 11 20 203 2 223 ,845 1,699 161 235 1,260 146 Sept. 21 ,64. 838 381 6 11 19 204 2 224 ,807 1,658 125 252 1,239 149 Sept. 28 ,624 840 383 11 20 199 2 227 ,784 1,642 94 259 1,247 142 Atlanta Aug. 31 368 77, 444 14 23 68 5 224 ,593 1,385 95 359 38 893 208 Sept. 7 383 775 445 14 23 69 4 223 ,608 1,400 105 365 39 891 208 Sept. 14 393 781 459 13 22 70 4 215 ,612 1,404 107 367 39 891 208 Sept. 21 367 785 463 13 22 70 5 216 ,582 1,373 81 385 37 870 209 Sept. 28 344 792 466 13 22 70 5 220 ,552 1,342 70 370 37 865 210 Chicago* Aug. 31 275 2,476 1,586 21 54 345 13 419 6,799 6,079 752 959 240 4,128 720 Sept. 7 283 2,477 1,582 21 54 345 415 6,806 6,085 756 979 231 4,119 721 Sept. 14 349 2,515 1,598 22 54 347 "38 419 6,834 6,115 752 984 4,148 719 Sept. 21 378 2,488 1,602 21 54 347 12 419 6,890 6,163 764 1,116 4,052 727 Sept. 28 ,311 2,499 1,597 21 54 349 24 427 6,812 6,080 669 1,117 231 4,063 732 St. Louis Aug. 31 ,169 852 446 10 11 175 2 211 1,317 1,157 91 241 41 784 160 Sept. 7 ,186 863 455 10 10 175 2 213 1,323 1,164 90 240 45 789 159 Sept. 14 ,197 876 463 10 11 178 2 215 1,321 1,162 86 250 45 781 159 Sept. 21 ,174 886 471 10 11 179 4 215 1,288 1,125 53 249 45 778 163 Sept. 28 ,184 904 488 10 11 180 3 214 1,280 1,116 57 243 41 775 164 Minneapolis Aug. 31 ,277 457 231 6 5 66 137 820 716 80 138 19 479 104 Sept. 7 ,279 431 226 6 5 66 131 848 746 94 141 21 490 102 Sept. 14 ,300 431 227 6 5 66 131 869 767 106 146 21 494 102 Sept. 21 ,269 429 224 6 5 66 132 840 736 79 155 22 480 104 Sept. 28 ,272 437 223 6 5 67 133 835 730 72 158 21 479 105 Kansas City Aug. 31 492 885 559 5 11 131 171 1,607 1,378 164 332 66 816 229 Sept. 7 488 859 541 5 11 131 170 1,629 1,403 176 337 66 824 226 Sept. 14 518 865 545 5 11 132 172 1,653 1,425 189 340 66 830 228 Sept. 21 536 872 552 5 11 132 172 1,664 1,434 192 360 67 815 230 Sept. 28 510 878 557 5 10 132 173 1,632 1,402 163 357 67 815 230 Dallas Aug. 31 350 1,009 676 13 37 199 1,341 1,218 113 314 45 746 123 Sept. 7 370 1,011 682 12 37 196 1,359 1,237 127 317 46 747 122 Sept. 14 400 1,024 693 12 37 89 196 1,376 1,253 126 330 46 751 123 Sept. 21 397 1,038 704 12 39 89 197 1,359 1,235 112 345 46 732 124 Sept. 28 403 1,053 712 12 39 89 204 1,350 1,225 116 336 44 729 125 San Francisco Aug. 31 434 4,872 1,920 11 28 ,167 791 6,562 5,671 364 1,081 201 4,025 891 Sept. 7 469 4,884 1,928 10 28 ,164 797 6,585 5,691 369 1,086 203 4,033 894 Sept. 14 535 4,915 1,955 10 29 ,165 801 6,620 5,716 360 1,117 201 4,038 904 Sept. 21 570 4,937 1,968 10 29 ,173 803 6,633 5,715 366 1,192 201 3,956 918 Sept. 28 548 4,974 1,973 10 28 ,171 22 815 6,574 5,652 322 1,186 199 3,945 922 City of Chicago* Aug. 31 754 1,625 1,222 16 46 75 214 4,129 3,647 517 608 186 2,336 482 Sept. 7 787 1,634 1,217 16 46 75 214 4,153 3,670 540 626 178 2,326 483 Sept. 14 816 1,651 1,231 17 46 76 214 4,165 3,684 523 634 178 2,349 481 Sept. 21 827 1,636 1,232 17 46 76 215 4,191 3,704 505 703 178 2,318 487 Sept. 28 756 1,624 1,232 16 46 76 216 4,132 3,640 438 708 178 2,316 492 * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. For other footnotes see preceding table. 1234 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R nd e se d r a v t e e B s w F e R e a e r i r n e a t d v h - k l - e s C va i a n u sh lt m b a w n a d e n i c o s t e - k h t s i s c j m p u o a d s a d t s e n e i - - t d d s 3 s p p u n v c h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s t a i i o a u i c o n v l t a b d n i e i l t - - s s - c C h c O a f e e e e i n t f e c r r f c d d i s t k . - i ' s - , u m G er . o e n n v - s t - . u p s p n v c a h a o o a e i n d l i r r r r d s p a - - - t , - s - S p s d s a i t i o u i c a o n v l a b t n i d i e l t - - s - s P U m G S e i a o n r . a n o e s g n v d n v 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 Aug. 31 455 48 85 2,360 2,336 164 34 83 481 6 271 32 3 324 677 Sept. 7 463 52 87 2,378 2,343 162 38 78 480 6 275 30 7 324 608 Sept. 14 463 53 102 2,413 2,419 160 40 89 480 6 296 30 6 325 776 Sept. 21 468 52 94 2,416 2,402 154 43 100 479 6 283 29 1 325 862 Sept. 28 456 52 2,399 2,366 157 38 103 479 6 268 24 4 325 796 New York* Aug. 31 ,069 154 10516,43816,766 484 705 990 2,306 35 2,682 ,145 96 509 2,497 8,244 Sept. 7 ,593 166 10716,25716,636 450 717 8612,299 36 2,820 1,162 95 33 2,486 7,549 Sept. 14 ,834 176 12716,60517,229 488 673 9282,295 36 2,852 1,132 102 114 2,480 8,764 Sept. 21 :,545 162 10916,39116,775 441 647 1,0462,299 36 2,803 ,098 103 46 2,482 10,039 Sept. 28 ,776 173 10216,38416,750 455 532 1,0862,313 36 2,678 1,095 103 2,478 8,566 Philadelphia Aug. 31 445 39 92 2,016 2,076 28 89 409 1 347 12 314 674 Sept. 7 419 43 98 2,001 2,075 83 20 81 409 1 371 11 314 550 Sept. 14 442 43 101 2,021 2,135 85 25 91 404 1 391 11 313 717 Sept. 21 435 42 100 2,050 2,132 92 27 122 403 1 378 12 313 841 Sept. 28 448 44 94 2,049 2,108 89 26 125 403 1 351 11 313 732 Cleveland Aug. 31 710 76 137 3,137 3,128 208 42 173 ,326 2 438 6 470 1,017 Sept. 7 722 78 140 3,109 3,096 194 43 154 ,327 2 462 5 471 810 Sept. 14 734 83 149 3,125 3,199 188 45 173 ,327 2 483 6 470 1,115 Sept. 21 707 81 129 3,081 3,129 184 45 192 ,327 2 452 6 471 1,243 Sept. 28 729 83 139 3,076 3,106 189 40 ,325 2 431 7 471 1,095 Richmond Aug. 31 437 60 157 2,021 2,043 140 41 567 20 383 4 226 673 Sept. 7 435 66 175 2,025 2,058 135 36 568 20 430 5 226 605 Sept. 14 433 69 183 2,045 2,118 131 42 60 567 20 441 4 226 749 Sept. 21 435 69 154 2,002 2,044 137 49 68 567 20 401 5 227 838 Sept. 28 432 68 159 2,006 2,030 147 44 71 566 20 384 5 227 754 Atlanta Aug. 31 387 38 173 1,752 1,651 273 20 40 536 6 449 11 193 605 Sept. 7 383 41 192 1,756 1,661 259 18 42 536 6 474 12 193 532 Sept. 14 385 43 189 1,747 1,709 256 24 51 536 6 484 10 193 672 Sept. 21 368 41 171 1,704 1,641 246 23 54 536 6 455 11 193 754 Sept. 28 388 42 147 1,699 1,608 254 22 58 535 6 427 10 194 616 Chicago* Aug. 31 ,822 97 305 6,259 6,048 663 93 3932,549 18 1,434 47 725 2,623 Sept. 7 ,758 102 324 6,183 6,000 656 89 340 2,546 18 1,607 48 726 2,289 Sept. 14 ,749 106 338 6,188 6,213 638 96 383 2,542 18 1,603 47 722 2,811 Sept. 21 ,672 100 333 6,148 6,052 621 100 466 2,542 18 1,511 41 722 3,125 Sept. 28 ,792 102 6,196 6,077 632 93 478 2,541 18 1,435 41 724 2,758 St. Louis Aug. 31 374 27 112 1,433 1,453 125 19 472 1 531 5 180 509 Sept. 7 359 30 117 1,404 1,460 116 16 472 1 582 5 180 439 Sept. 14 361 31 125 1,421 1,519 113 20 473 1 584 3 180 567 Sept. 21 354 30 111 1,373 1,457 110 18 472 1 570 3 180 687 Sept. 28 351 31 112 1,399 1,457 110 23 472 1 552 3 181 572 Minneapolis Aug. 31 202 12 89 855 777 187 16 247 1 330 2 100 380 Sept. 7 207 12 107 843 782 180 14 247 1 369 2 101 371 Sept. 14 208 13 100 845 812 176 16 247 1 379 3 101 440 Sept. 21 196 13 97 825 779 172 15 247 1 341 2 101 482 Sept. 28 209 13 90 823 778 159 14 247 1 334 2 101 390 Kansas City Aug. 31 477 28 269 1,899 1,843 242 24 382 2 3 745 1 200 646 Sept. 7 475 31 303 1,857 1,844 231 24 382 2 3 823 1 200 577 Sept. 14 468 32 318 1,878 1,918 212 27 382 2 3 827 1 200 757 Sept. 21 440 30 296 1,848 1,872 211 26 383 2 3 804 1 201 922 Sept. 28 449 32 262 1,854 1,831 222 26 383 2 3 755 1 201 727 Dallas Aug. 31 460 33 301 1,950 1,878 217 36 357 94 6 531 203 569 Sept. 7 456 34 312 1,932 1,878 210 30 359 93 6 576 204 495 Sept. 14 451 37 337 1,963 1,947 203 40 359 93 6 592 204 654 Sept. 21 444 36 296 1,926 1,912 185 51 359 92 6 568 205 797 Sept. 28 423 37 276 1,908 1,859 199 30 358 92 6 550 205 649 San Francisco Aug. 31 ,575 121 251 6,633 6,417 576 193 224 4,870 359 22 456 762 2,174 Sept. 7 ,553 116 268 6,665 6,455 563 222 200 4,875 353 26 479 763 2,098 Sept. 14 ,568 131 278 6,679 6,745 520 207 232 4,873 352 26 539 760 2,423 Sept. 21 ,563 120 265 6,672 6,566 527 196 259 4,879 351 22 499 762 2,807 Sept. 28 ,552 126 262 6,664 6,495 552 190 2814,879 346 22 469 776 2,480 City of Chicago* Aug. 31 ,260 34 147 3,972 3,925 343 46 2241,335 31 4 1,043 490 1,618 Sept. 7 ,209 37 162 3,927 3,876 358 46 1891,332 31 4 1,192 490 1,525 Sept. 14 ,204 37 163 3,917 4,009 355 43 2111,330 31 4 1,175 486 1,789 Sept. 21 ,156 35 163 3,926 3,926 341 43 2581,330 31 4 1,112 486 1,930 Sept. 28 ,246 36 3,922 3,931 340 44 2681,329 31 4 1,050 487 1,664 For footnotes see opposite page and preceding table. OCTOBER 1949 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve branches and offices Total Member Nonmember district or State Banks1 a B nd ra n o c ff h ic e e s s2 Banks a B n r d a n o c ff h ic e e s s Banks a B 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 Aug. 31, 1949* 14,057 4,485 12,178 4,217 6,895 3,323 5,283 894 1,879 268 By districts and by States Aug. 31, 1949* District Boston • 488 312 488 312 331 232 157 80 New York 902 876 902 876 775 809 127 67 Philadelphia 838 145 838 145 642 108 196 37 Cleveland 1,125 286 1,125 286 700 247 425 39 Richmond 1,013 491 805 368 479 240 326 128 208 123 Atlanta 1,186 191 570 155 349 137 221 18 616 36 Chicago 2,492 589 2,492 589 1 004 237 1,488 352 St. Louis 1,469 138 1,133 79 496 42 637 37 336 59 1,278 110 676 69 477 26 199 43 602 41 Kansas City 1,748 10 1,739 10 756 6 983 4 9 Dallas 1,018 46 910 37 622 23 288 14 108 9 500 1,291 500 1,291 264 1,216 236 75 State Alabama 225 23 128 23 91 23 37 97 Arizona 10 49 10 49 5 36 5 13 Arkansas 231 21 109 6 68 2 41 4 122 15 California 196 937 196 937 116 893 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 396 36 103 32 66 31 37 1 293 4 Idaho 43 53 43 53 25 48 18 5 Illinois 887 3 885 3 506 3 379 2 Indiana 487 99 487 99 236 43 251 56 Iowa 666 163 666 163 163 503 163 Kansas 609 607 214 393 2 Kentucky 382 40 382 40 112 25 270 15 Louisiana 161 70 58 47 46 41 12 6 103 23 Maine 63 69 63 69 38 37 25 32 Maryland 164 113 164 113 77 77 87 36 Massachusetts 178 169 178 169 142 153 36 16 Michigan 441 222 441 222 231 171 210 51 M innesota 680 6 266 6 207 59 414 Mississippi 203 61 40 12 31 5 9 7 163 49 Missouri 593 527 180 347 66 Montana 111 111 84 27 Nebraska . 409 2 409 2 143 2 266 Nevada 8 18 8 18 6 17 2 1 New Hampshire 75 2 75 2 52 1 23 1 New Jersey 330 149 330 149 282 134 48 15 New Mexico 49 12 49 12 33 2 16 10 New York 645 738 645 738 564 684 81 54 North Carolina 211 190 97 71 54 37 43 34 114 119 North Dakota 150 22 62 6 42 20 6 88 16 Ohio 661 211 661 211 424 185 237 26 Oklahoma 385 1 377 1 225 152 8 Oregon 68 96 68 96 29 87 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 Vermont 69 11 69 11 40 2 29 9 Virginia 313 107 308 107 204 58 104 49 5 Washington 122 130 122 130 53 123 69 7 West Virginia 180 179 107 72 Wisconsin 550 151 550 151 164 21 386 130 54 54 40 14 *» Preliminary. » Excludes mutual savings banks, on a few of which some checks are drawn. 2 Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities*' at military reservations (see BULLETIN for February 1949, p. 191, footnote 3). Back figures.—See Banking and Monetary Statistics, Table 15, pp. 54-55 and Annual Reports. 1236 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 m S i n t n p a i t o t t o e e r d s ts E U S x f n r t p o a i o m t t e e r d t s s c D h e o a x l n l - g ar e U sh n i i p te p p d e o d in t b s e F i t n o w re e i e g n n States countries 1948—July 284 235 134 67 67 102 151 47 19 18 August... 309 221 122 60 62 99 143 40 20 17 September 305 214 120 65 55 94 136 37 20 20 October. . 285 221 125 67 58 96 140 42 20 17 November 287 239 141 71 70 99 152 48 24 15 December. 269 259 146 71 76 112 164 57 25 12 1949—January.. 268 262 137 66 70 126 156 57 11 25 13 February. 268 228 114 65 49 114 134 51 6 23 14 March. . . 257 215 98 58 40 117 127 51 2 22 14 April 249 204 88 59 28 116 119 46 2 20 17 May 219 195 84 58 27 110 118 44 2 17 12 June 199 198 87 54 33 111 121 47 17 13 July 211 194 90 57 33 104 117 44 19 13 August. . . 230 189 85 53 32 104 117 37 18 16 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 1 End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t c )i es a in n v d e t s r t a m d e in n g t a in n v d e t s r t a m d e in n g t a b n a d n k i s n borrowed2 Free Other I in n v p e a st r m tn e e n r t s' inv In e s f t i m rm ent I a n c c c o a u p n it t a s l accounts accounts (net) and trading and trading (net) accounts accounts 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945 —June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 1948—September. . 3 570 3 238 3 550 October 3580 3252 3 540 November. . 3551 8 244 3 563 December... 550 10 312 349 257 586 112 28 5 278 1949—January ... 3 537 247 3 573 February .. . a 527 3225 3 565 March 3 530 3254 3 551 April 3 626 3 329 3 542 May 3 660 3355 3 535 June 681 5 419 280 493 528 129 20 9 260 July 3690 3399 3 530 August 3 699 3404 3548 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges), 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): June, 80; July, 77; August, 75, 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. OCTOBER 1949 1237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK CITY BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES [Per cent per annum] U. S Government mo Y w n e e t 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 c t e h i r 6 - e a , s - l 1 a a P b d c n e a r a 9 c r i c n y s m e 0 e ' k s p s e - 1 t , - c S h n l a c e t o r e a l o a e s x a w n - l c - n 2 l g k - e m bi o 3 ll n - s t s h » ecu 9 d m c r - o c e e i t f a o t r b o y t t n i t i e n e f t s 1 y i - h d - 2 i - - el t d 3 a i - s s y x s t e a o u a b e r l 5 s e - An 1 n 9 A u a c re l i t a i a e v a s e n : r d a g p e e s r : iod lo A a l n l s $ $ 1 1 0 ,0 ,0 0 0 0 0 - $ $ 1 1 0 0 S 0 ,0 i , z 0 0 e 0 0 0 - of $ $ 1 l 2 o 0 0 0 a 0 n ,0 ,0 0 0 0 0 - $ a 2 n 0 d 0 o ,0 v 0 e 0 r ness 1939 2.1 4.4 3.1 2.1 1.8 1940 2.1 4.3 3.0 2.0 1.8 1941 2.0 4.3 3.0 1.9 1.8 1946 average .81 .61 1.16 .375 .82 L.16 1942 2.2 4.4 3.2 2.2 2.0 1947 average .. 1.03 87 L.38 .604 .88 L.32 1943 2.6 4.4 3.4 2.5 2.4 1948 average 1 44 1.11 L.55 1.043 114 L.62 1944 2 4 4 3 3.3 2 6 2.2 1945 2.2 4.3 3.2 2.3 2.0 1948—September. 1.56 1.19 L.63 L.090 1.18 L.69 1946 2.1 4.2 3.1 2.2 1.7 October. . . 1.56 1.19 L.63 L.120 L.23 L.71 1947 2.1 4.2 3.1 2.5 1.8 November. L.56 1.19 L.63 L.144 L.22 1.69 1948 2.5 4.4 3.5 2.8 2.2 December.. L.56 1.19 L.63 L.154 L.21 L.64 Quarterly: 1949—January... 1.56 1.19 L.63 1.160 1.22 L.59 19 cities: F M e a b r r c u h ary. . L 1. . 5 5 6 6 1 1 . . 1 1 9 9 L L. . 6 6 3 3 L L. . 1 1 6 6 2 3 L L . . 2 2 2 2 1 L . . 5 5 7 4 1 19 9 4 4 9 8 — — M De a c r. . . . 2 2 . . 6 7 4 0 4 4. . 6 5 2 0 3 3 . . 6 5 4 8 2 2 . . 8 9 9 7 2 2 . . 4 3 2 4 April L.56 1.19 L.63 L.155 L.20 L.53 June 2.74 4.63 3.70 3.04 2.44 May L.56 1.19 L.63 .156 1.19 L.49 Sept. 2.63 4.62 3.64 2.98 2.31 June L.56 1.19 .63 .158 1.20 L.42 New York City: July.. .56 1.06 .63 ) 990 04 76 1948—Dec 2 34 4.23 3 40 2.70 2.16 August. . . . .44 1.06 .63 .027 .07 1.26 1949—Mar 2.42 4.22 3.42 2.66 2.25 September. .38 1.06 .63 .062 .08 1.34 June 2.35 4.22 3.43 2.78 2.17 Sept 2.32 4.23 3.41 2.74 2.13 Week ending: 7 Northern and East- Sept. 3... % lVn ij^-i % .055 .08 1.25 ern cities: Sept. 10... lVw .058 .08 1.24 1948—Dec 2.68 4.51 3.60 2.97 2.44 Sept. 17. .. l1/w 1.062 .08 U.37 1949_Mar 2.68 4.63 3.66 2.89 2.44 Sept. 24... 1 !H$ lVit 1.076 .08 1.38 June 2 86 4.67 3.64 2.98 2.66 Oct. 1... IK lVit IH-IM 1.059 .09 1.39 Sept 2.64 4.71 3.63 2.93 2.39 11 Southern and 1 Monthly figures are averages of weekly prevailing rates. Western cities: 2 The average rate on 90-day Stock Exchange time loans was 1.25 1948—Dec 3.02 4.62 3.68 3.14 2.57 per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16, 1949—Mar 3 12 4 79 3.75 3 04 2.71 1948; and 1.63 per cent beginning Aug. 17, 1948. June 3 17 4 80 3.89 3.26 2.69 8 Rate on new issues offered within period. Sept 3.07 4.74 3.79 3.18 2.58 4 Beginning Sept. 15 includes the following bond issues: 2 per cent December 1952-54, and 2^ per cent, March 1956-58. NOTE.—For description of series see BULLETIN for March 1949, Back figures.—See Banking and Monetary Statistics, Tables 120-121, pp. 228-237. pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. BOND YIELDS * [Per cent per annum] U. S. Government Corporate (Moody's)* (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)3 Total years o a v n e d r Aaa Aa A Baa In tr d i u al s- R ro a a i d l- u P t u i b li l t i y c Number of issues 1-5 1-8 15 10 120 30 30 30 30 40 40 40 1946 average 1.45 2.19 1.64 2.44 2.74 2.53 2.62 2.75 3.05 2.60 2.91 2.71 1947 average 1 59 2 25 2 01 2 57 2 86 2 61 2.70 2.87 3.24 2.67 3.11 2.78 1948 average 2.00 2.44 2.40 2.81 3.08 2.82 2.90 3.12 3.47 2.87 3.34 3.03 1948—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 September 1.65 2.22 2.22 2.59 2.90 2.60 2.69 2.95 3.37 2.68 3.19 2.84 Week ending: Sept. 3 1.48 2.23 2.19 2.58 2.91 2.61 2.70 2.95 3.38 2.68 3.20 2.85 Sept. 10 1 48 2 22 2 19 2 57 2 91 2 60 2 69 2 95 3 38 2 67 3 20 2 85 Sept. 17 5 1.72 2.23 2.22 2.58 2.90 2.61 2.69 2.95 3.36 2.68 3.19 2.84 Sept. 24 1 72 2 22 2 23 2 60 2 90 2 60 2 69 2 94 3 37 2 68 3 19 2 84 Oct. 1 1.73 2.23 2.24 2.59 2.90 2.61 2.69 2.94 3.37 2.68 3.20 2.84 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Standard and Poor's Corporation. 3 U. S. Treasury Department. « Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. 5 Beginning Sept. 15 includes the following bond issues: 2Ji per cent, September 1956-59, and 2)4 per cent, June 1959-62. 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. 1238 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices 5 Corporate 4 Common (index, 1935-39=100) V of o l t u ra m d e ing7 (in Year, month, or week U.S. Munic- thoum G e e r o n n v - t - 2 g ( r h i a p i d g a e h l ) - 3 H gr i a g d h e - I M nd e u d s i - um-g R r a a i d l- e Public fe P r r r e e - d6 Total In tr d i u a s l - R r a o i a l d - P ut u i b li l t i y c s s a h n a d r s e s o ) f Total trial road utility Number of issues.. 15 12 14 15 416 365 20 31 1946 average. 104.77 140.1 198.5 140 143 143 120 1,390 1947 average. 103.76 132.8 103.2 97.5 102.6 88.2 102.8 184.7 123 128 105 103 953 1948 average. 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1948—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. 120 126 109 94 1,375 December. 100.89 127.8 98.9 90.9 94.7 84.5 93.6 168. 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 September.. 103.86 128.6 103.1 93.3 99.0 82.1 98.8 182.1 124 130 95 100 1,135 Week ending: Sept. 3. . 103.79 129.2 103.3 93.0 98.3 82.6 98.2 180.9 121 128 93 99 707 Sept. 10.. 103.95 129.2 103.3 93.0 98.5 82.1 98.5 182.3 123 129 94 100 800 Sept. 17. . 103.74 128.6 103.1 93.1 98.5 82.0 98.9 183.3 125 132 96 100 1,362 Sept. 24. . 103.94 128.4 103.0 93.4 99.4 82.0 98.9 181.4 123 129 94 100 1,273 Oct. 1. . 103.82 128.3 102.9 93.6 99.7 81.9 99.0 181.4 124 131 96 100 1,144 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. * Prices derived from average yields, as computed by Standard and Poor's Corporation. 5 Standard and Poor's Corporation. 6 Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars] For new capital For refunding Total Domestic Domestic (new Total Total Year or month f i a u r n n n e g - d d ) - m e f ( a i d o e g n o r s n d - - t ) ic Total S n m a p t i n a c a u d i l t - - e a F c e g i e r e e a d s n l - 1 - Total Co n B 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 e f ( a i d o e g n o s r n d - - t ) ic Total S n m a p t i n c a a u d i l t - - e a F c e g i e r e e a d s n l - 1 - Total Co B n r a o p o n t o n d e r d s a s te Stocks e F i o gn 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 1 557 1 430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4,937 4,281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2 953 2 352 601 105 1947 39,691 37,566 7,255 2,228 239 4,787 3,567 1,219 68 2,125 1,948 44 422 1,482 1,199 283 177 1948 9,933 8,806 8,796 2,604 294 45,898 44,992 906 10 1,128 1,127 82 768 277 251 26 1948—August.. . 706 532 529 237 35 256 195 61 3 175 175 50 123 2 2 September 663 574 572 118 453 366 87 2 89 89 1 62 26 13 13 October .. 983 902 901 273 4628 49 1 81 81 6 56 19 19 November 656 583 583 150 433 409 24 73 73 2 56 16 16 December. 831 753 753 126 627 564 64 78 78 3 72 3 2 2 1949—January 675 618 618 192 7 419 360 60 57 57 1 55 1 1 February. 510 445 445 200 14 231 225 6 65 65 4 53 7 7 March 679 584 584 174 26 383 311 72 96 96 1 55 39 39 April 949 904 904 190 33 681 514 168 45 45 1 44 1 1 May 761 685 685 339 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 August... 613 309 291 174 117 63 54 18 304 204 1 195 8 8 1 101 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 Banking and Monetary Statistics, Table 137, p. 487. OCTOBER 1949 1239 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 7i 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 '7,113 r6,994 '5,964 r4,242 1,722 r307 '240 '67 '488 '234 1948—August . . . '252 '246 '232 rl78 '54 '2 '2 11 1 September ••484 ••475 ••398 '278 121 16 12 4 '34 '27 October r791 ••782 '734 '559 175 '23 '23 '22 '3 November '507 '501 '463 '314 149 8 8 26 '4 December '783 •771 '677 '586 '91 10 '7 3 '70 14 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 August 173 168 140 119 21 7 7 17 4 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses* 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 1939 182 85 97 1,246 43 1,157 47 584 188 353 43 102 9 88 5 1940 319 115 186 18 1,180 245 922 13 961 167 738 56 155 42 9 104 1941 361 253 108 1,340 317 993 30 828 244 463 121 94 55 18 21 1942 47 32 15 464 145 292 27 527 293 89 146 4 4 1943 . 160 46 114 469 22 423 25 497 228 199 71 21 13 4 4 1944 602 102 500 1,400 40 1,343 17 1,033 454 504 76 107 61 42 3 1945 1,436 115 1,320 2,291 69 2,159 63 1,969 811 1,010 148 206 85 65 56 1946 . 704 129 571 3 2,129 785 1,252 93 3,601 2,201 981 419 323 164 64 95 1947 283 240 35 8 3 212 2,188 939 84 2,686 1,974 353 359 286 189 24 73 1948 '617 '546 56 15 '3,039 '2,744 146 149 '2,751 '2,189 '75 '486 '587 '485 '30 '72 1948—August 30 29 1 '78 '77 127 118 1 '9 11 8 1 '2 September.. 41 41 '250 '212 15 '24 136 117 '2 17 '48 '28 '20 October '64 '64 '268 '246 '21 1 '406 '383 3 '21 '45 '42 '3 November. '73 '73 228 209 8 11 164 145 19 r36 '35 1 December.. 45 45 '489 '461 2 '25 '228 166 '6 '56 '9 '5 1 '3 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 45 45 916 856 39 20 207 113 4 90 76 60 1 IS July 51 51 136 134 1 1 249 236 1 12 33 9 16 7 August 20 13 7 97 93 1 3 46 28 18 6 5 ' Revised. 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. » Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. * 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. 1240 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 s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s 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 1,129 861 22,278 1,976 964 764 4,253 445 165 98 1946 21,562 2,033 1,202 943 17,651 1,573 932 804 3,912 460 271 139 1947 31,144 4,099 2,521 1,167 26,015 3,423 2,105 1,000 5,129 676 416 167 1948 37,182 5,315 3,310 1,403 31,465 4,593 2,860 1,210 5,717 721 450 192 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 1,133 706 386 7,412 954 593 322 1,369 179 112 63 1948—i 8,660 1,218 751 285 7,270 1,050 649 247 1,390 168 102 38 2 9,003 1,242 770 311 7,559 1,058 657 269 1,445 184 113 42 3 9,314 1,331 832 307 7,877 1,146 717 265 1,437 186 115 43 4 10,204 1,523 958 499 8,759 1,339 838 429 1,445 184 120 70 1949—i 9,398 1,341 823 343 8,086 1,202 739 303 1,312 139 84 40 2 9,449 1,222 751 355 8,202 1,100 675 312 1,247 122 76 43 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter Operat- Profits Profits Divi- Operat- Profits Profits Divi- Operat- Profits Profits Divirev in en g ue b t e a f x o e r s e t a a f x te e r s dends rev in e g nue b t e a f x o e r s e a ta ft x e e r s dends rev in e g nue b t e a f x o e r s e t a a f x te e r s dends 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 4,708 983 661 492 2,541 269 183 181 Quarterly 1947—1 2,040 167 92 42 1,075 289 191 115 527 67 44 40 2 2,113 190 123 50 1,028 247 166 115 478 29 21 32 3 2,178 177 104 37 1,024 196 135 111 555 38 27 32 4 2,354 242 160 106 1,118 228 160 129 589 58 39 30 1948—1 2,243 144 72 57 1,202 284 186 131 607 64 43 39 2. 2,363 286 185 56 1,118 233 156 115 627 71 48 44 3 2.555 395 246 53 1,146 211 143 115 641 64 44 47 4 2,510 323 197 122 1,242 255 176 132 666 69 47 50 1949—i 2,145 120 58 69 1,307 316 206 124 670 62 42 50 2 2,224 184 115 '55 1,219 272 180 136 695 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 seriei 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). OCTOBER 1949 1241 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY [In millions of dollars] Annual Quarterly Industry 1947 1948 1949 1946 1947 1948 Nondurable goods industries Total (94 corps.)1 Sales 8,94011,31313,364 2,697 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 1,474 264 287 333 356 362 362 394 325 260 Dividends 449 551 656 132 123 183 133 157 141 225 146 167 Selected 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 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 269 456 721 101 120 147 195 182 171 173 161 119 Profits after taxes 214 350 548 77 91 118 141 133 132 141 119 92 Dividends 92 127 172 33 21 51 33 45 29 66 31 47 Durable goods industries Total (106 corps.)2 Sales 2,623 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 445 639 112 114 118 142 146 175 176 180 229 Dividends 136 195 282 47 47 56 53 51 65 112 79 76 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products (15); and miscellaneous (1). 2 Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment other than automobile (6); and miscellaneous (7). CORPORATE PROFITS, TAXES, AND DIVIDENDS (Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates) [In billions of dollars] Profits Profits Cash Undis- Profits Profits Cash Undis- Year before Income after divi- tributed Quarter before Income after divi- tributed taxes taxes taxes dends profits taxes taxes taxes dends profits 1939 6 5 1.5 5.0 3 8 1.2 1947—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 1948—1 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 r9.6 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 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. 1242 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] End of month d T g d i r o e r o e t b s a c t s l t b in d T e d t i a o e e r r e r t b i a e c n t l s t g t- Total2 T M re b a a il r s l k u s e ry tab c l i C e e n a d e t d p e n r e t s u e i b f s b o t i s - - l f ic T is r n s e u o a e t s e s u s x ry T b re o a n s d u s ry N T o o n t m al a 2 rket s a b a U b o v l . e n i n S d p g s . u s bl T i t s c a r a n e x i v o s a i s t a s n e u u n g s e r d s 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 c e e e a u u a r d e r r r l 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 83 Dec 256,900 254,205 165,758 15,136 21,220 11,375 117,863 59,492 52,053 5,384 28,955 2,695 76 1948—June 252,292 250,063 160,346 13,757 22,588 11,375 112,462 59,506 53,274 4,394 30,211 2,229 69 1948—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 Sept.. . . 256,680 254,756 155,647 12,315 30,441 3,596 109,133 65,195 56,600 6,897 33,914 1,923 26 1 Including amounts held by Government agencies and trust funds, which aggregated 5,370 million dollars on Aug. 31, 1949. 2 Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service depositary bonds, Armed Forces Leave bonds, and 2^ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING SEPTEMBER 30, 1949 [In millions of dollars] [On basis of daily statements of United States Treasury. In millions of dollars] Redemp- Amount Funds received from sales during tions and out- period maturities Issue and coupon rate Amount Issue and coupon rate Amount Month standing at end of month All Series Series Series All Treasury bills 1 Treasury bonds—Cont. series E F G series Oct. 6, 1949... 901 June 15, 1951-54 3..2M 1,627 O Oc c t t . . 2 1 0 3 , , 1 1 9 9 4 4 9 9 . . . . . . 9 90 0 2 1 S S e e p p t t . . 1 1 5 5 , , 1 1 9 9 5 5 1 1 - - 5 5 3 5 3 2 3 7, 7 9 5 8 5 6 F e is n c d a i l n g y : ear N N N O o o o ct v v v , . . . 2 1 1 7 3 7 0 , , , , 1 1 1 1 9 9 9 9 4 4 4 4 9 9 9 9 . . . . . . . . . . . . 1 1 1 , , , 0 0 0 9 0 0 0 0 2 0 1 0 D J D M u e e a n c c r e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 1 2 1 2 - - - - 5 5 5 5 5 4 3 4 3 .. . . . 2 2 M y 2 22 5 1 1 , , , 1 5 0 8 1 2 1 2 8 4 0 5 June—1 1 1 1 9 9 9 9 4 4 4 4 3 2 4 5 . . . . . . . . 2 3 4 1 1 4 5 0 , , , , 2 6 5 1 5 0 8 8 6 6 6 8 1 1 1 1 4 5 5 , , , , 7 9 4 8 8 9 9 9 9 4 8 1 1 1 3 8 1 1 , , , , 5 2 5 8 7 2 5 2 1 6 3 0 4 8 6 7 3 0 7 5 5 2 9 8 2 2 2 2 , , , , 0 8 7 6 3 7 5 5 2 6 9 8 2 4 , , 3 2 2 8 7 9 0 4 1 8 7 8 N D D D D e e e e o c c c c v . . . . . 2 2 1 1 2 8 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 4 4 4 4 4 9 9 9 9 9 . . . . . . . . . . . . . . . 1 1 1 , , , 0 0 0 9 9 0 0 0 0 0 2 1 0 5 1 J D J J M u u u e a n n n c r e e e . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 5 2 3 4 2 - - - - - 6 5 5 5 5 0 5 4 6 5 . 3 3 3 .. . . . . . . 2 2 2 . M M . K 2 2 8 2 1 , , , 6 5 6 6 7 0 1 8 6 2 1 1 1 5 2 1 1 1 1 9 9 9 9 4 4 4 4 7 6 8 9 . . . . . . . . 4 5 5 5 9 1 3 6 , , , , 0 3 2 2 3 6 7 6 5 7 4 0 9 6 7 7 , , , , 6 2 2 1 1 0 3 4 2 8 5 1 4 6 4 4 , , , , 2 0 7 2 8 2 3 7 7 6 9 8 4 3 3 4 0 0 6 7 7 1 0 3 2 2 2 1 , , , , 9 4 5 3 0 6 6 9 7 5 1 0 6 5 5 5 , , , , 7 1 5 0 1 1 4 6 7 3 5 7 C D e e r c t, . o 2 f 9 , i n 1 d 94 eb 9. t . e . dness 902 S J J M S u u e e a n n p p r e e t t . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 9 8 6 6 6 - - - - - 6 6 5 5 5 2 3 9 8 9 3 * 4 . . . . . . . . . . . . 2 2 2 2 2 % M % y M 2 3 5 1 , , , 4 9 9 8 2 4 8 1 2 8 9 2 9 3 4 1948— O N D S c o e e t p c v t . . . . . . . . . . . . 5 5 5 5 4 4 4 5 , , , , 9 7 8 0 4 7 6 5 4 6 0 1 4 4 4 5 1 1 1 4 2 9 5 0 3 3 3 3 0 0 0 9 5 4 8 9 2 1 1 1 2 4 5 4 1 9 9 9 2 5 4 6 0 3 4 4 4 3 9 0 0 2 3 7 6 J J A J S O D F M u e a p u e a c e l p n r n b r t c t y . . . . e . . . 1 1 5 5 1 , , i , 1 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 9 4 5 5 5 5 5 5 4 5 9 0 0 0 0 0 0 9 0 . . . . . . .... 13 2 6 5 5 5 1 1 , , , , , , , 1 0 6 9 9 6 5 9 5 9 9 1 0 2 9 3 6 1 5 3 9 1 2 5 5 3 9 J J S J D D M D M D u u u e e e e e a a n n n p c c c c r r e 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 6 6 6 6 6 6 6 5 6 6 7 4 4 2 5 6 0 9 3 7 - - - - - - - - - - 7 6 6 6 7 6 7 6 6 7 2 7 9 9 0 2 1 5 8 2 4 4 4 4 4 3 4 . 4 4 . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 ^ M M M H H H ^ H ^ 3 3 3 2 3 5 2 2 7 1 , , , , , , , , , , 7 4 8 7 1 1 4 8 4 9 6 8 3 1 9 8 1 3 6 7 1 1 1 6 7 5 8 8 7 0 1949— J A S F J A M M J u u a e e u p n a a n p b l g r r y y . t . e . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 5 5 5 5 5 5 6 6 5 5 5 6 6 6 6 . , , , , , , , , 3 1 0 6 5 8 6 4 2 5 3 1 1 6 9 0 5 6 2 7 6 9 3 3 0 3 0 5 5 4 4 3 6 4 4 5 4 5 9 9 4 9 8 3 1 9 4 8 9 7 0 5 3 1 4 3 4 3 3 3 3 3 2 2 2 1 3 3 8 5 7 9 2 9 5 8 1 6 9 8 9 2 3 2 2 1 1 1 1 1 9 2 6 0 6 9 8 3 7 1 1 1 1 1 1 1 9 8 8 0 4 8 0 0 1 3 2 0 4 9 6 4 7 5 4 3 4 3 4 4 4 4 4 7 6 4 9 3 1 2 1 5 6 9 0 8 9 5 5 1 1 Dec. 15, 1967-72 4..2H 11,689 Maturities and amounts outstanding September 30, 1949 Treasury notes Apr. 1, 1950.. 3,596 Postal Savings m Y a e t a u r r i o t f y se A ri l e l s Se D ries Se E ries Se F ries Se G ries bonds 111 Panama Canal Loan. 3 50 1 1 9 9 5 4 0 9 1,0 3 0 2 6 4 1,0 3 0 2 6 4 T D D D S M r e e e e e a p a c c c r t . . s . . . u 1 1 1 1 1 r 5 5 5 5 5 y , , , , , 1 1 1 1 b 1 9 9 9 9 9 o 4 4 5 4 5 n 9 9 0 9 0 d - - - - - 5 5 s 5 5 5 2 2 3 1 2 . . 3 3 s . . . . . . . . . . 2 2 2 3 2 K K H 2 2 2 1 1 1 , , , , 2 1 9 0 7 4 8 6 9 8 9 6 3 8 6 1 Gu T a o r ta a l n d te ir e e d c t s is e s c u u es rities 155,647 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 2 1 5 3 6 4 4 6 8 1 5 7 , , , , , 0 8 8 7 6 5 0 1 8 7 9 5 4 6 3 6 4 7 441 6 2 4 5 5 1 , , , , , , 1 6 3 0 0 6 1 1 5 0 8 3 6 7 4 1 7 4 2 5 5 6 0 4 0 2 0 8 1 0 2 2 2 1 , , , , 0 4 0 0 6 2 2 9 6 2 9 4 Sept. 15, 1950-52... 2 4,939 Federal Housing Admin. 1957 5,501 2,807 496 2,198 Dec. 15, 1950 lM 2,635 Various 1958 5,873 3,245 276 2,352 1959 5,014 2,658 301 2,055 ]Sold on discount basis. See table on Open-Market Money Rates, 1 1 9 9 6 6 0 1 2 1 , ,2 9 4 4 3 6 4 1 7 8 6 0 2 1 , ,0 4 6 7 3 0 p. 2 1 2 C 3 a 8 ll . ed for redemption on Dec. 15, 1949. Unclassified. . -35 3 Partially tax exempt. 4 Restricted. Total.... 56,600 1,771 33,520 3,596 17,749 OCTOBER 1949 1243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in millions of dollars] Gross debt Held by banks Held by nonbank investors Total E m n o d n t o h f s i b e n c e t u e a r r r e i i n t s i g e t- s Total Total m b C a e r« o r i c m « i » a - l 1 R F B e e a d s n e e r k r v a s e l Total v I i n du d a i- ls p I c a n a o n s n m c u ie e r - s - s M b a a v u n i t n k u s g a t s l a r c O s a o s a t t o r i n h o p c d e o n ia r - s - S l g e a o t o r n c a n v d a t - e - l S a U m n p d e . e c n S t i t a r . u l a G s g t o e P n v f u u c e i n b r e n d l s i - s c tions * ments issues issues 1940—June... 47 874 48,496 18,566 16 100 2,466 29,930 10,300 6,500 3 100 2 500 400 4,775 2 305 1941—June... 54 747 55,332 21,884 19 700 2,184 33,448 11,500 7,100 3 400 2 400 600 6,120 2 375 1942—June... 76 517 76,991 28,645 26 000 2,645 48,346 18,400 9,200 3 900 5 400 900 7,885 2 737 1943—June... 139 472 140,796 59,402 52 200 7,202 81,394 31,700 13,100 5 300 15 500 1,500 10,871 3 451 1944—June... 201 059 202,626 83,301 68 400 14,901 119,325 46,500 17,300 7 300 25 900 3,200 14,287 4 810 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—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 July... 251,903 253,902 83,429 64,900 18,529 170,473 68,900 20,700 11,600 22,600 8,200 33,049 5,471 1 Including holdings by banks in territories and insular possessions, which amounted to 350 million dollars on Dec. 31, 1948. J Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U. S. End of month s T t o i a o n u n t g t a d - l - G a t a c 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 V i n e a m ) r k l - s - b M s i t a n u a n g v a u k s l - - s J I c a D n o c n L s m c t u l e lC - r S - Other End of month s T t o i a o n u n g t t a d - l - G a t c a r g o u i n e e v d s n s t t - . B s e F R e r a e r a e n d v l - k - - e s b C m c a C o i n e a m r k 1 l - ) s - b M s t i a n u a n g v a u k s l - - s p I c a n a o n s n m c u i e e - r s - Other funds' funds Type of Treasury bonds security: and notes, due or callable: Total:8 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 5,26122,55961,370 11,55222,89542,154 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 5,47723,33355.35310.877 19,81942.637 Dec 10,216 98 861 5,571 232 329 3,125 1949—June 155,160 5,37419,34356,237 11,02919,09044,087 1949—June.... 11.226 49 982 7,021 236 385 2,553 July. . . .154,972 5,34718,52957,80910,99118,88643,410 July. ... 11,226 47 976 7,129 235 354 2,485 Treasury bills: 1-5 years: 1947—June.... 15,775 11 14,496 787 1 1 479 1947—June..., 42,522 469 698 29,917 1,574 2,671 7,193 Dec 15,136 18 11,433 2,052 25 154 1,454 Dec 49,948 344 1,37733,415 1,876 3,046 9,890 1948—June.... 13,757 15 8,577 2,345 58 112 2,650 1948—June.... 46.124 318 2,63630,580 1,829 2,790 7,971 Dec 12,224 69 5,487 2,794 50 84 3,740 Dec 44,053 226 3,25828,045 1,769 2,501 8,254 1949—June 11,536 63 4,346 2,817 13 60 4.237 1949—June 39,175 212 2,12126,304 1,279 2,124 7,135 July.... 11,531 41 3,774 3,617 16 42 4,041 July.... 39,175 212 2,12126,414 1,259 2,104 7,065 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—June.... 29,427 26 6,857 9,561 207 602 12,174 1949—June.... 15,067 532 584 6,587 2,002 1,732 3,630 July.... 29,246 24 6,62110,023 193 598 11,787 July.... 15,067 532 584 6,650 2,010 1,742 3,549 Treasury notes: 10-20 years: 1947—June.... 8,142 7 369 4,855 183 285 2,443 1947—June.... 40,352 3,374 78 2,587 6,751 15,137 12,425 Dec 11,375 4 1,477 5,327 98 245 4,224 Dec 54,757 4,393 834 5,003 8,60618,21117,710 1948—June.... 11,375 1,968 4,531 98 223 4,555 1948—June.... 53.838 4,685 2,921 3,922 8,63917,12916,542 Dec 7,131 7 791 3,099 84 166 2,984 Dec 53,838 4,710 7,215 3,541 8,04815,23015,094 1949—June.... 3,596 47 359 1,801 41 104 1,244 1949—June.... 48,554 4,455 4,452 3,933 7,29314,17914,242 July.... 3,596 44 354 1,841 40 101 1,216 July.... 48,554 4,455 4,452 3,957 7,27714,03814,375 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 2,85347,42411,22622,21328,974 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—June 110,426 5,201 7,78042,042 10,76818,31526,320 1949—June July.... 110,426 5,202 7,78042,30910,74118,13626,258 July.... * 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. * Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 1244 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] <3n basis of daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) mco during period Assets y m e o ar n t o h r c N e r i e e p - t ts B p t u e u e n d x re d g - s i e - t s ( d u + e r f ) p i c l o u it s r c T o e a r t u u c c n - . s 1 t t s c C o i a l n u c e g n - ar t1 - G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n i e r a n n a c n l d l e - - Total F D e R e r e e a d p - l - oss d it S e c s p p i i a e o n l - 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 + u x c ) o c tg e m o o s e s r B s a e n rv k e s2 itaries 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 I 670 438 45 40036 496 +8 903 1949 ... 38.246 37.057 +1,189 -3 495 +366 +478 -1,462 3,470 3,862 438 1,771 L.653 392 41 628 '40 542r+l 087 1948—Sept.. 4,543 2,869 +1,674 -570 +9 -362 +751 5,583 6,020 1,664 2,703 [,653 437 4,667 3,197 + 1,469 Oct... 2,101 2,685 —584 -144 +174 -227 -781 4,802 5,205 ,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 ,591 428 3,190 3,474 -283 Dec... 4,014 3,603 +410 -718 -163 +294 -177 4,208 4,630 1,123 1,909 1,599 422 4,106 4,235 -128 1949—Jan... 3,579 2,968 +611 -321 +340 -179 +451 4,659 5,042 1,514 1,735 1,793 383 3,683 2,855 +829 Feb.. . 3,381 2,646 +736 -154 -51 +101 +631 5,291 5,719 ,423 2,688 ,607 428 3,893 3,259 +635 Mar.. 5,435 3,621 +1,814 -345 +87 -1,080 +476 5,767 6,123 ,482 2,924 ,717 357 5,555 '3,850 r +1,704 Apr... 1,340 2,748 -1,408 -465 +213 -111 -1,771 3,995 4,428 1,226 1,563 ,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 ,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 ,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 ,644 349 3,150 3,727 -577 Sept.. 4,832 3,995 +837 -404 +20 +828 + 1,281 5,699 6,080 1,176 3,226 1,679 381 DETAILS OF TREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Incometaxes 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 ld e m h r - s - Other i r n e n c M v t e e e e o l i r l n s u a n - u - s a e l S S t r a o e i x c c ty e i u a s - l c O e r t i e h p - e ts r 8 c T e r o i e p t - a t l s R t e a o f x u f e n s ds e S t m S m a e o x c p e c 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 a h c f x d e e it s e r s s s t t a g a E a n x i s t f 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 i e 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—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 Tune. . . 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 1,556 99 270 7 61 713 Sept 657 3,237 714 147 131 4,885 45 7 4,832 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc Social Security Other F o is r c m al o y n e th ar Total N d a e t f i e o n n s a e l e I d n s e t t e b o r t n - n i n a o a a f n a n n i i d t d - a c - l e t e r m V r A a a i t e n d i n t o - i - s s n ' - a t A c u g t u o i r r l d i e - - T c t o f r r a e t a u u c o r n s n - s t s ts - Other c N e r i e e p - t ts m v I e e n s n - t- 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 6,317 782 «4,178 4,797 3,918 2,210 1,640* 5,598 850 2,109 1949 37,057 11,809 5,339 3,011 6,791 2,661 916 6,530 3,722 1,479 2,252 1.992 832 3,000 1,646 194g—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 1,570 524 517 161 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 1,134 125 421 518 327 330 730 637 46 262 395 265 114 Sept 3,995 • 1,150 544 440 418 37 151 265 513 425 113 « 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 months. 6 Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1946-1948 amounted to 501, 2,886, and 1,929 million dollars and 1,063, 279, and 161 million, respectively. 6 These are appropriated directly to the Federal old-age and survivors insurance trust fund. OCTOBER 1949 1245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Assets, other than interagency items l 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 C p s t a l i u o o n i e p e m d d s s - , i , - - G U o .S v I m n . t. v e e n O s ts t t - her L s e tu a t q a r n r u u n e d i c d s p - , , - O s a t e s h t - e s3 r t F B g u a u u o r n a l e n d l r s y d - s d p , e a n b y o e a t n b e - l s e , O li i a t t i b h e i e s l r - i U m G n e e r t . o e s e n n v t S r - t - - . o v in P w a e t r t s e n i e t - r e l - y d m ri a a t l e s - s ri e t c ie u s - s ri e t c ie u s - 2 ment an b te y ed Other U. S. All agencies: June 30, 1948 20,120 1,04210,373 251 1,684 3,531 2,458 782 863 1,18717,875 154 Sept. 30, 1948 20,687 75110,573 328 1,811 3,525 2,423 1,275 1,011 1,23918,225 159 Dec. 31, 1948 21,718 63011,692 627 1,854 3,518 3,060 337 965 1,66318,886 166 Mar. 31, 1949 22,324 47512,228 674 2,077 3,515 3,049 307 884 1,92719,320 170 Classification by agency, Mar. 31, 1949 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 325 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 (4) 1,110 Commodity Credit Corporation 2,473 238 1,764 452 1,221 1,245 Farmers' Home Administration 321 17 256 319 Federal Crop Insurance Corp 39 33 33 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 (4) 1,122 () 36 1,100 Federal Works Agency 226 89 134 (4) 226 T Al e l n n ot e h s e se r e * Valley Authority 7, 8 3 3 0 5 4 3,80 2 3 3,385 80 5 2 0 14 7, 8 2 2 7 1 7 28 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Mar. 31, 1949 Purpose of loan M F C F a o e o r r d m r p . t. . b c m i F n r a a e e e t n t e d d d e k r i i . - s - t B f o t o a i p r v n e e k r c s a o s - - m C C C r o o o e d m r d p i i t - . t y t R A r E t i i f u 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 - c n c p n e - . - B p p I E o a m o x r n r t - - t k - o A th l e l r a c g A i e e l n l s - a D g 1 e e 9 c a n . 4 l c l 8 3 i , e 1 s , 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) 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. * 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. 1246 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 3 t i r c 5 i a a -3 l l 9 v p o r = o lu d m 1 u 0 c e 0 t ) i * o 1 n aw 19 a 2 c r 3 d o - e n 2 d t 5 r a (v = c a t s l 1 u 0 e 0 )2 E 1 m 93 p 9 lo y = m 1 e 0 n 0 t' F to a r c y - Freight D m ep e a n r t t- Con- W s h a o le lepay carload- store sumers' com- Manu- rolls» ings* sales prices8 modity Year or month Total Du fa r- ctur N es on- M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l n a i - - l - Factory 19 1 3 0 9 0 =19 = 3 1 5 0 - 0 39 1 u 9 = ( 3 e v 1 a ) 5 * l 0 - - * 3 0 9 19 = 3 1 5 0 -3 0 9p = r 1 i 9 c 1 2 e 0 6 s 0 8 able durable Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 88 6 103.7 103 9 120 83 123 8 138 6 1920 75 93 60 83 63 30 90 89.4 104.1 124.2 129 99 143.3 154.4 1921 58 53 57 66 56 44 65 79 7 79 7 80 2 110 92 127 7 97 6 1922 73 81 67 71 79 68 88 84 4 88.2 86 0 121 94 119 7 96 7 1923 88 103 72 98 84 81 86 92.9 100.9 109.1 142 105 121 9 100 6 1924 82 95 69 89 94 95 94 91 7 93.7 101 8 139 105 122 2 98 1 1925 90 107 76 92 122 124 120 94.1 97.0 107.3 146 110 125.4 103.5 1926 96 114 79 100 129 121 135 97.5 98.9 110.5 152 113 126 4 100 0 1927 95 107 83 100 129 117 139 98 0 96.7 108 5 147 114 124 0 95 4 1928 99 117 85 99 135 126 142 98 1 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 73 5 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 89 105.8 107.5 113.6 109 114 100 2 78 6 1941 162 201 142 125 122 89 149 119.4 132.8 164.9 130 133 105 2 87 3 1942 199 279 158 129 166 82 235 131 1 156.9 '241 5 138 150 116 5 98 8 1943 239 360 176 132 68 40 92 138 8 183.3 r33l.l 137 168 123 6 103 1 1944 235 353 171 140 41 16 61 137.0 178.3 '343.7 140 187 125 5 104 0 1945 203 274 166 137 68 26 102 132 3 157.0 r293 5 135 207 128 4 105 8 1946 170 192 165 134 153 143 161 '•136.7 147.8 '271.1 132 264 139.3 121.1 1947 187 220 172 149 157 142 169 143.2 156.2 '326.9 143 286 159 2 152 1 1948 P192 «»225 «>177 *155 190 162 214 145 9 155 2 r351 4 138 302 171 2 165 1 1947 September 186 190 216 172 153 183 168 195 144.0 155.7 158.2 '339.6 142 292 163 8 157 4 October 191 194 223 176 155 184 170 196 144.4 156.3 158.3 '342.5 145 281 163.8 158.5 November 192 193 224 179 155 193 163 217 144.6 157.1 158.3 '345.6 147 303 164.9 159.6 December 192 190 230 173 156 197 161 227 145.0 157.4 159.0 '355.8 149 299 167 0 163.2 1948 January 193 189 229 178 154 191 152 223 145 4 157.5 157.4 r348 1 144 '294 168 8 165 9 February 194 190 226 180 155 187 152 215 145.0 156.4 156.3 r343.8 138 '294 167.5 161.0 March 191 188 229 177 142 181 148 208 145 2 156 7 156 5 r346 6 130 291 166 9 161 6 April 188 186 217 177 147 181 154 202 144.5 153.7 152.3 '334.9 130 307 169.3 163.0 May 192 192 221 178 162 188 165 206 145.3 153.8 151 3 '334 4 142 305 170 5 164 2 June 192 193 222 179 159 201 177 220 145 9 154.8 153 3 '345 6 139 307 171 7 166 4 July 186 187 219 169 153 205 187 219 146.4 155.6 153.5 '346.5 138 311 173.7 168.8 August 191 194 223 177 159 201 177 220 146.8 155.6 156.3 r360 1 142 309 174 5 169 8 September 192 197 225 178 156 193 165 216 147.0 156.1 158.9 '366.8 139 309 174.5 168.9 October 195 199 231 179 158 184 157 206 146.8 155.5 157.6 '366.7 140 309 173.6 165.4 November 195 195 229 178 161 189 154 217 146 6 154 8 155 9 '362 8 137 290 172 2 164 0 December 192 190 231 173 156 180 145 209 146.2 152.1 153.5 '360.7 137 '303 171.4 162.4 1949 January 191 187 227 175 149 174 133 207 144 8 149 1 148 9 '345 9 131 295 170 9 160 6 February 189 185 225 173 149 169 123 207 144.1 147.5 147.4 '340.4 126 '282 169.0 158.1 March 184 181 223 168 136 175 129 212 143 4 145.5 145 3 '332.8 120 '278 169.5 158 4 April 179 177 212 162 148 176 140 206 142.8 143.2 141.8 '319.2 127 294 169.7 156.9 May 174 174 201 161 145 180 157 199 142.0 140.6 138.2 '312.8 124 292 169.2 155.7 169 170 194 ••161 134 194 174 210 141.5 139.8 138.4 '315.8 115 285 169.6 154.5 July 162 163 185 155 123 208 198 217 141 0 138.7 136.8 '312.9 110 279 168.5 153 6 August P170 P173 P194 P164 P128 P222 *>217 P227 *141.9P140.1P140.9 115 283 168.8 153.0 * Average per working day. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1248-1251. For points in total index, by major groups, see p. 1270. 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. 1255. 3 The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 1257-1260. 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. OCTOBER 1949 1247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) fTndex numbers of the Board of Governors. 1935-39 average=»100] 1948 1949 Industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total.... . .. 191 192 195 195 192 191 189 184 179 174 169 162 P!70 Manufactures—Total 197 199 202 201 199 198 196 193 184 179 175 168 P!77 Durable Manufactures 223 225 231 229 231 227 225 223 212 201 194 185 P194 Iron and Steel 207 214 221 224 223 228 232 233 219 204 177 156 178 200 205 209 212 212 218 220 221 217 209 189 158 170 Steel 235 243 252 255 254 260 267 264 240 218 182 162 191 Open hearth 179 185 193 194 194 197 199 202 196 187 167 148 165 Electric 635 658 670 685 682 711 755 706 551 438 293 259 376 271 273 277 276 277 268 262 252 240 232 P225 P216 P216 Manufacturing Arsenals and Depots * 231 243 238 246 244 241 240 235 220 P241 P248 P245 Automobiles (including parts) 198 197 209 203 208 209 206 204 203 184 P212 P223 P223 (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government)1 Nonferrous Metals and Products 186 192 192 187 184 183 185 183 167 145 133 128 P142 Smelting and refining 190 193 191 175 183 186 200 210 209 200 193 180 P180 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) l Fabricating . 185 192 192 192* 185' 182 180 172 151 123 108 106 P127 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products 148 143 147 145 143 129 123 129 126 126 P123 P115 P128 Lumber 140 132 135 133 131 117 107 119 118 120 114 104 163 165 170 169 168 154 154 150 144 139 P139 P136 P148 Stone, Clay, and Glass Products 210 207 210 203 205 204 202 195 189 r185 P185 P189 207 207 212 185 182 183 179 173 172 ••181 193 203 Glass containers 218 226 224 189 184 189 184 178 179 189 206 223 186 183 184 195 212 208 222 208 213 196 195 190 183 Clay products 175 169 171 172 173 180 176 171 164 157 P152 Gypsum and plaster products 247 237 241 241 235 237 219 216 190 177 P174 P176 Abrasive and asbestos products 248 251 252 249 246 239 231 222 203 190 P189 P184 Other stone and clay products x ... Nondurable Manufactures... .... 177 178 179 178 173 175 173 168 162 161 160 155 T>164 Textiles and Products 166 168 167 164 156 160 157 142 129 123 127 121 P139 Textile fabrics 152 154 153 148 140 144 142 130 119 114 r117 108 P126 Cotton consumption 127 132 129 122 114 123 125 120 111 103 105 87 111 R N a y y lo o n n a d n e d li v s e il r k ie s consumption l 318 322 319 322 317 313 305 275 240 214 r217 r238 258 Wool textiles 168 166 168 162 151 150 143 122 112 iis 124 111 Carpet wool consumption 226 226 247 233 206 225 214 198 171 163 145 91 Apparel wool consumption 178 173 160 143 139 136 130 107 92 99 110 109 Wool and worsted yarn . .... 150 148 148 144 133 125 121 105 97 106 116 108 Woolen yarn 139 136 141 140 127 122 118 100 101 112 119 113 Worsted yarn 166 165 159 149 143 130 126 112 92 98 111 102 Woolen and worsted cloth 160 157 157 156 148 149 141 113 107 116 126 126 113 119 113 102 100 108 113 113 106 101 105 96 P112 Leather tanning 105 108 108 100 103 103 107 99 96 95 97 84 Cattle hide leathers 120 123 121 110 114 114 122 110 108 109 110 98 Calf and kip leathers 78 79 82 80 89 88 85 80 74 76 75 55 Goat and kid leathers 77 83 90 89 82 85 89 90 80 79 80 71 Sheep and lamb leathers 100 98 95 87 87 93 86 78 76 69 79 70 Shoes 119 126 117 104 97 111 117 123 113 105 110 104 P122 156 163 161 159 158 160 162 162 162 163 '165 162 P163 Wheat flour 143 128 130 133 128 135 127 113 103 105 120 112 P104 Cane sugar meltings * Manufactured dairy products P150 P148 P144 P144 P144 »145 P150 P154 P153 M51 P151 P152 Butter 75 73 76 75 74 77 80 86 88 86 81 78 82 Cheese 171 160 161 166 180 192 190 188 199 189 176 171 170 Canned and dried milk 198 181 167 143 135 126 130 146 161 166 167 173 172 v Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 1248 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average=100] 1948 1949 Industry Aug. Sept. Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. Manufactured Food Products—Continued Mi eat packing 126 133 141 155 154 152 156 153 145 137 141 150 153 Pork and lard . .. 128 136 157 177 172 167 172 167 160 146 150 164 168 Beef 125 133 127 135 143 147 154 155 145 144 144 147 148 Veal 147 146 140 144 134 115 112 111 106 101 114 127 139 Lamb and mutton ,. .... 92 101 112 108 98 92 87 71 55 58 68 77 80 Other manufactured foods . .... 162 172 169 165 164 166 169 170 171 173 P175 P169 P170 Processed fruits and vegetables. 107 162 152 140 142 138 136 154 155 156 P173 P139 P145 119 121 124 124 132 131 136 133 123 126 116 Other food products.. . . . 183 184 181 179 175 179 183 181 183 185 P185 P185 P185 A. Icoholic Beveras.es . .. 179 189 186 217 197 181 177 187 164 174 169 165 172 165 176 156 181 185 168 156 176 152 163 161 171 169 Whiskey 73 91 95 112 131 119 118 106 91 84 60 42 44 346 211 244 334 278 328 294 249 271 285 277 200 292 Rectified liouors . . .... 274 336 398 443 287 235 283 295 247 270 267 246 257 Industrial Alcohol from Beverage Plants * . . Tobacco Products 178 168 174 170 146 159 160 172 162 170 172 146 178 113 127 122 130 97 102 100 99 98 98 117 101 111 Cisarettes . . 242 218 230 224 196 216 220 241 224 236 233 196 242 75 78 78 68 63 66 66 68 65 71 69 61 78 Paper and Paper Products 165 166 172 169 153 163 158 151 146 144 143 129 P157 Paper and pulp . . . . 161 160 167 163 150 158 154 147 141 139 137 126 P150 Pulp 193 183 195 188 173 188 183 175 166 165 159 147 Groundwood pulp 122 116 117 104 105 101 96 95 88 90 94 99 Soda pulp 110 107 111 107 104 107 108 106 100 97 80 87 Sulphate pulp 328 301 330 317 285 327 309 291 274 273 275 257 SulDhite pulp .. . ..... 148 145 153 149 137 145 145 142 135 135 122 104 Paper 156 156 163 159 146 153 149 143 138 135 134 r122 Paperboard 184 189 193 195 167 182 174 163 162 162 164 142 184 Fine paper ' 83 83 Printing paper 160 161 172 165 160 157 158 155 151 149* Tissue and absorbent paper . 161 163 170 162 158 161 157 160 152 142 139 -•142 Wrapping paper 153 148 157 150 142 151 147 138 123 115 117 r110 Newsprint . . ... 101 98 100 98 100 99 98 99 97 100 99 97 97 Paperboard containers (same as Paperboard) Printing and Publishing 155 154 164 156 154 155 153 153 152 155 149 145 P149 Newsprint consumption ... 149 147 155 148 148 153 149 151 154 161 156 156 151 Printing paper (same as shown under Paper) Pettoleum and Coal Products P221 P207 P217 P227 P231 P228 P221 P213 P209 P207 P202 vl97 P200 Petroleum refining 2 Gasoline . . 173 165 170 174 179 174 170 i<59 170 111 111 178 Pill Fuel oil 194 180 199 200 204 206 194 186 169 166 154 159 P161 Lubricating oil .... . 162 157 169 159 162 159 150 138 126 128 145 132 Kerosene 182 184 183 207 200 196 176 167 157 138 140 142 Other petroleum products l Coke 178 181 181 183 184 184 185 178 182 175 159 139 146 By-product coke 170 173 173 175 176 177 176 173 173 169 158 143 150 Beehive coke . . 447 444 454 460 466 455 504 319 477 385 r202 rig 33 Chemical Products 259 257 255 257 257 257 250 245 237 234 P231 P226 P226 Paints . . 161 158 156 153 148 149 143 139 139 135 P134 Soap 126 134 135 135 137 135 133 132 130 130 P130 P\21 Rayon .... . . 312 305 304 306 311 309 309 300 265 259 P258 Industrial chemicals 450 448 446 449 450 447 435 427 417 406 P395 P382 Explosives and ammunition x Other chemical products l Rubber Products 207 205 205 203 200 193 188 182 177 178 P178 P175 P181 Minerals—Total 159 156 158 161 156 149 149 136 148 145 134 123 P128 Fuels 166 162 166 167 164 156 155 137 148 149 135 126 P133 Coal 150 148 145 147 137 133 129 85 133 136 99 83 P102 158 156 152 155 145 145 142 93 144 144 104 80 P108 Anthracite . . . 117 119 118 116 103 88 74 52 88 105 78 93 Crude petroleum 174 170 176 177 177 167 168 163 156 155 153 147 P148 Metals 115 119 113 121 110 104 113 129 145 126 124 106 P99 Metals other than gold and silver 158 166 157 175 158 149 161 184 209 176 175 144 P131 Gold 55 54 48 43 39 39 44 50 53 55 52 51 Silver 61 60 69 60 59 55 58 62 67 68 66 v Preliminary. r Revised. * Series included in total and group indexes but not available for publication separately. * 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. 1249 OCTOBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average =100] 1948 1949 Industry Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Industrial Production—Total. 194 197 199 195 190 187 185 181 177 174 170 163 P173 Manufactures—Total 200 203 205 202 197 195 193 190 183 179 176 169 P180 Durable Manufactures ... 224 227 232 229 229 225 223 221 212 202 195 186 P195 Iron and Steel 207 214 221 224 223 228 232 233 219 204 177 156 178 Pig iron 200 205 209 212 212 218 220 221 217 209 189 158 170 Steel 235 243 252 255 254 260 267 264 240 218 182 162 191 Open hearth. 179 185 193 194 194 197 199 202 196 187 167 148 165 Electric 635 658 670 685 682 711 755 706 551 438 293 259 376 Machinery 271 275 277 276 277 268 262 252 240 232 P225 P216 v216 Manufacturing Arsenals and Depots x Transportation Equipment 230 231 243 238 246 244 241 240 235 220 P241 P248 P245 Automobiles (including parts) 198 197 209 203 208 209 206 204 203 184 P212 '223 (Aircraft; Railroad cars; Locomotives; Shipbuilding Private and Government)1 Nonferrous Metals and Products. 186 192 192 188 184 183 185 183 167 145 133 127 P142 Smelting and refining 190 193 191 176 183 186 200 210 209 200 179 *>180 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)1 Fabricating , 185 192 192 192 185 182 180 172 151 123 108 106 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products. 158 153 154 142 132 118 115 124 126 129 P121 P136 Lumber.. . 156 147 145 128 113 100 96 110 116 124 124 P\\3 P131 Furniture. 165 170 169 168 154 154 150 144 139 P139 Stone, Clay, and Glass Products. 218 216 220 208 199 192 187 185 186 190 P188 187 >197 Glass products 213 211 217 187 172 181 175 173 172 190 191 196 Glass containers 227 231 230 191 171 185 179 178 179 202 204 214 Cement 210 213 214 211 193 169 168 171 202 206 209 209 207 Clay products 180 175 180 178 178 166 166 163 160 156 P151 P140 147 Gypsum and plaster products... 248 243 247 246 241 227 208 208 187 180 P179 *>176 Abrasive and asbestos products. 248 251 252 249 246 239 231 222 203 190 P189 P184 Other stone and clay products x. Nondurable Manufactures.. 180 185 183 179 171 170 168 164 159 160 161 156 P168 Textiles and Products. 166 168 167 164 156 160 157 142 129 123 127 121 P139 Textile fabrics 152 154 153 148 140 144 142 130 119 114 117 108 Cotton consumption 127 132 129 122 114 123 125 120 111 103 105 87 111 N Ra y y lo o n n a d n e d li v s e il r k ie c s onsumption x... 318 322 319 322 317 313 305 275 240 214 •217 r238 258 Wool textiles 168 166 168 162 151 150 143 122 112 118 124 111 Carpet wool consumption. . 226 226 247 233 206 225 214 198 171 163 145 91 Apparel wool consumption. 178 173 160 143 139 136 130 107 92 99 110 109 Woolen and worsted yarn. . 150 148 148 144 133 125 121 105 97 106 116 108 Woolen yarn 139 136 141 140 127 122 118 100 101 112 119 113 Worsted yarn 166 165 159 149 143 130 126 112 92 98 111 102 Woolen and worsted cloth.. 160 157 157 156 148 149 141 113 107 116 126 126 Leather and Products. 112 118 114 104 99 108 116 113 106 101 104 P94 Pill Leather tanning 103 106 109 103 102 104 115 99 96 95 95 80 Cattle hide leathers 117 121 123 115 114 116 131 110 108 109 105 92 Calf and kip leathers 81 78 83 83 88 86 89 79 72 73 76 55 Goat and kid leathers 75 84 90 86 83 85 93 89 83 78 81 70 Sheep and lamb leathers. 103 96 95 92 82 87 95 76 75 75 78 65 Shoes 119 126 117 104 97 111 117 113 105 104 123 '110 Manufactured Food Products. 174 188 173 161 153 148 146 148 156 173 P184 145 165 Wheat flour 141 140 137 134 127 135 128 99 101 111 P103 Cane sugar meltings 1 111 115 Manufactured dairy products. P198 P158 P122 P95 J>92 P92 P104 P124 P160 '203 '223 P196 Butter 82 70 65 57 59 64 71 78 89 111 112 '96 90 Cheese 191 163 145 125 129 142 156 170 207 253 250 210 190 Canned and dried milk... 204 167 135 103 104 102 117 143 182 230 230 201 177 Ice cream P Preliminary. r Revised. 1 Series included in total and group indexes but not available for publication separately. 1250 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 Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Apr. May June July Aug. Manufactured Food Products—Continued M!eat packing Ill 124 142 173 181 179 149 141 134 138 139 140 134 Pork and lard 99 108 147 207 226 219 169 155 146 146 150 144 129 Beef . . 127 144 138 141 143 150 141 141 136 144 142 149 149 Veal 144 160 160 154 126 106 99 104 104 105 114 127 136 Lamb and mutton . 90 109 116 108 96 98 87 70 53 59 63 74 78 Other manufactured foods . . . 183 207 188 172 161 152 153 151 152 157 P165 P197 Processed fruits and vegetables 203 317 197 129 111 90 86 85 94 102 P133 P180 P275 Confectionery . 129 156 162 146 134 135 137 123 102 97 86 Other food products 187 188 190 188 179 172 174 173 176 181 P187 P189 Alcoholic Beverages 184 195 203 212 174 153 159 173 163 182 190 188 179 Malt liquor 189 178 145 139 148 138 141 163 160 186 203 213 192 Whiskey 73 91 95 112 131 119 118 106 91 84 60 42 44 Other distilled spirits . 187 289 631 702 306 213 176 162 162 171 172 116 158 Rectified liquors 274 336 398 443 287 235 283 295 247 270 267 246 257 Tobacco Products . 184 178 180 173 136 158 153 163 153 170 179 152 184 Cigars 113 127 111 130 97 102 100 99 98 98 117 101 111 Cigarettes ... 255 233 239 228 181 216 207 224 209 236 245 206 254 Other tobacco products 73 83 84 70 56 65 64 68 65 71 71 61 75 Paper and Paper Products 165 166 172 170 153 163 158 151 146 144 143 128 P157 Paper and pulp 160 160 167 163 149 158 154 148 142 139 138 125 Pulp 191 181 194 189 173 189 183 176 167 166 159 145 Groundwood pulp 107 103 109 110 107 105 100 102 97 98 95 88 Soda pulp 110 107 111 107 104 107 108 106 100 97 80 87 Sulphate pulp 328 301 330 317 285 327 309 291 274 273 275 257 Sulphite pulp 148 145 153 149 137 145 145 142 135 135 122 104 Paper . 156 156 163 159 146 153 150 143 138 135 134 122 Paper board 184 189 193 195 167 182 174 163 162 162 164 142 184 Fine paper' 83 83 Printing paper 160 161 172 165 160 157 158 155 151 149 142 134 Tissue and absorbent paper 161 163 172 162 153 159 163 160 153 142 141 136 ^f rapping paper . 153 148 157 150 142 151 147 138 123 115 117 110 Newsprint 99 98 100 99 98 99 98 99 99 101 100 95 96 Printing and Publishing 147 155 167 163 158 149 152 156 157 158 148 134 P142 Newsprint consumption . ..... 134 149 163 161 155 142 146 157 163 168 155 134 136 Petroleum and Coal Products P221 P207 P217 P227 P231 P228 P221 P213 P209 P207 P202 P197 P200 Gasoline . 173 165 170 174 179 174 170 169 170 177 177 178 P177 Fuel oil 194 180 199 200 204 206 194 186 169 166 154 159 P161 Lubricating oil 160 157 169 159 161 154 148 136 132 133 145 131 Kerosene 174 182 183 213 206 200 185 170 160 140 132 132 Other petroleum products * Coke 178 181 181 183 184 184 185 178 182 175 159 139 146 By-product coke .. . 170 173 173 175 176 177 176 173 173 169 158 143 150 Beehive coke 447 444 454 460 466 455 504 319 477 385 '202 18 33 Chemical Products 256 257 258 258 258 255 251 248 239 233 P228 P222 P224 Paints 159 156 156 151 148 146 141 139 140 139 P138 Soap 127 139 142 137 137 132 132 132 128 126 P127 P\25 Rayon . 312 305 304 306 311 309 309 300 265 259 ?256 Industrial chemicals 450 448 446 449 450 447 435 427 417 406 P395 Explosives and ammunition l Rubber Products 207 205 205 203 200 193 188 182 177 178 P178 175 P181 Minerals—Total 164 160 161 160 151 143 143 131 146 148 137 128 P133 Fuels 166 162 166 167 164 156 155 137 148 149 135 126 P133 Coal 150 148 145 147 137 133 129 85 133 136 99 83 Bituminous coal 158 156 152 155 145 145 142 93 144 144 104 80 P108 Anthracite 117 119 118 116 103 88 74 52 88 105 78 93 Crude petroleum 174 170 176 177 177 167 168 163 156 155 153 147 P148 Metals 149 148 132 114 77 68 76 93 134 142 r150 140 P132 Metals other than gold and silver 113 111 186 160 100 88 101 126 194 207 111 204 P187 Iron ore . . 324 314 254 225 93 74 81 110 260 302 340 324 287 (Copper; Lead; Zinc)1 Gold 60 62 56 49 40 38 39 44 47 48 49 50 Silver . . 59 61 69 60 59 56 59 64 67 68 63 P Preliminary. r Revised. l Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. NOTE.—For description and back figures see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. -OCTOBER 1949 1251 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1948 Industry group or industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total.... 12,745 12,788 12,73612,678 12,461 12,21212,084 11,923 11,734 11,521 11,454 11,359 11,474 Durable goods 6,898 6,927 6,933 6,908 6,784 6,626 6,508 6,392 6,260 6,092 6,040 5,973 5,982 Primary metal industries 1,087 1,091 1,091 1,094 1,090 1,085 1,072 1,057 1,028 1,001 976 947 931 Fabricated metal products 817 819 816 812 789 759 745 722 702 690 686 689 694 Machinery except electrical 1,200 1,199 1,196 1,193 1,173 1,149 1,127 1,102 1,061 1,009 972 945 932 Electrical machinery 645 645 641 640 633 617 601 579 560 543 521 520 520 Transportation equipment 1,004 1,019 1,041 1,046 1,042 1,038 1,021 1,017 1,009 958 1,000 1,010 1,025 Lumber and wood products 771 774 765 754 724 677 668 666 666 672 678 670 678 Furniture and fixtures 299 304 304 300 294 281 275 271 269 264 260 259 265 Stone, clay, and glass products 451 453 456 455 449 438 431 423 416 416 407 408 410 Ordnance and accessories 24 24 24 24 24 24 23 23 23 21 21 19 19 Instruments and related products 200 200 199 196 192 190 184 182 181 178 177 177 173 Miscellaneous manufacturing industries 400 399 400 394 374 368 361 350 345 340 342 329 335 Nondurable goods. . . .. 5,847 5,861 5,803 5,770 5,677 5,586 5,576 5,531 5,474 5,429 5,414 5,386 5,492 Textile-mill products 1,300 1,274 1,249 1,233 1,218 1,188 1,172 1,133 1,095 1,092 1,083 1,094 1,129 Apparel and other finished textiles 1,050 1,051 1,041 1,053 1,020 1,005 1,024 1,020 1,029 1,001 998 994 1,023 Leather and leather products 372 368 367 355 350 350 352 351 346 342 348 352 351 Food and kindred products 1,196 1,234 1,225 1,208 1,183 1,161 1,166 1,175 1,170 1,177 1,183 1,160 1,205 Tobacco manufactures 93 92 92 92 91 90 88 88 86 89 88 87 Paper and allied products 409 410 409 408 403 394 387 382 377 376 372 372 371 Printing, publishing and allied industries 501 503 503 503 501 498 495 496 497 496 496 490 490 Chemicals and allied products 527 530 527 521 518 511 505 503 493 481 474 467 469 Products of petroleum and coal 192 192 184 192 191 190 191 190 191 188 187 185 186 Rubber products 207 207 206 205 202 199 196 193 190 188 184 184 181 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total.... 12,804 13,017 12,91312,775 12,578 12,201 12,074 11,904 11,61611,32411,335 11,206 11,542 Durable goods 6,856 6,940 6,969 6,942 6,845 6,640 6,523 6,417 6,262 6,057 6,021 5,891 5,946 Primary Metal Industries 1,082 1,091 1,096 1,099 1,101 1,090 1,077 1,062 1.028 991 971 933 926 Blast furnaces, steel works and rolling mills 547 545 545 * 547 551 550 553 552 545 534 523 506 Nonferrous smelting and refining, primary 47 46 46 47 46 46 46 47 47 45 45 42 Nonferrous rolling, drawing and alloying. 85 85 86 86 85 82 78 71 67 64 62 Fabricated Metal Products 805 819 820 816 801 767 752 729 706 683 679 672 684 Cutlery, hand tools and hardware 128 131 132 134 135 131 128 125 121 117 114 109 Heating apparatus and plumbers' supplies 136 139 143 140 131 117 112 108 103 97 94 92 Fabricated structural metal products.... 168 171 171 170 169 165 163 160 157 156 156 155 Machinery except Electrical 1,188 1,193 1,190 1,187 1,179 1,155 1,133 1,108 1,066 1,014 977 936 923 Agricultural machinery and tractors 150 148 152 154 155 155 154 153 151 148 145 138 Metalworking machinery 187 187 186 185 185 179 175 171 167 161 156 149 Special—Industry machinery 158 157 156 155 154 152 149 146 140 135 129 124 Service—Industry and household machines 156 156 154 152 147 140 137 135 127 108 105 98 Electrical Machinery 632 642 647 650 643 623 607 585 560 538 518 504 510 Electrical apparatus (generating, etc.). . . 247 247 245 245 240 234 233 227 220 209 200 195 Communication equipment 211 216 222 226 226 217 207 196 189 185 181 176 Transportation Equipment 991 1,026 1,045 1,046 1,048 1,038 1,021 1,017 1,012 955 996 1,010 1,011 Motor vehicles and equipment 642 661 672 669 670 665 649 646 649 601 647 667 Aircraft and parts 162 169 177 183 186 190 190 192 192 187 187 192 Ship and boat building and repairing.... 112 111 111 108 106 102 100 93 92 85 Lumber and Wood Products 790 782 769 754 720 667 655 659 659 672 685 677 Sawmills and planing mills 470 465 452 443 420 387 380 385 389 399 410 408 Millwork, plywood, etc 106 106 106 105 104 98 95 94 94 92 94 92 Furniture and Fixtures 298 304 307 305 297 284 278 274 268 259 257 253 264 Household furniture 214 219 222 220 213 202 198 195 191 183 181 179 Stone, Clay, and Glass Products 453 455 458 457 451 436 429 423 416 414 409 402 412 Glass and glass products 118 121 122 120 117 112 110 107 105 106 105 102 Structural clay products 79 79 79 79 79 76 75 73 73 73 73 72 Ordnance and Accessories 24 19 24 24 24 24 24 23 23 23 21 21 19 Instruments and Related Products 199 172 201 201 198 196 190 185 183 181 177 175 171 Miscellaneous Manufacturing Industries 394 330 403 412 406 385 366 363 354 343 33. 33. 314 NOTE.—Factory employment covers production (and related) workers only; data shown include all such workers employed full- and parttime during the pay period ending nearest the 15th of the month. Group and industry data on numbers of production workers, without seasonal adjustment, shown for the first time in this BULLETIN, are the revised figures released by the Bureau of Labor Statistics in September 1949. Seasonally adjusted figures are available only for groups and are subject to revision. The revised series for groups and industries are available beginning January 1947; except for total manufacturing, these data are generally not comparable with series available for earlier periods, mainly because of changes in industry classifications. Employment and pay roll indexes are no longer compiled by the Bureau of Labor Statistics, except for total manufacturing (see p. 1247). Pay roll figures for individua 1 industries or groups may be computed by multiplying average weekly earnings by the corresponding number of production workers employed. Figures for August 1949 are preliminary. A description of the revision, together with back data and data for industries not shown, without seasonal adjustment, may be obtained from the Bureau of Labor Statistics. Back data, seasonally adjusted, for groups and the total may be obtained from the Division of Research and Statistics. 1252 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES—Continued [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] 1948 1949 Industry group or industry Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Nondurable goods... 5,948 6,077 5,944 5,833 5,733 5,561 5,551 5,487 5,354 5,267 5,314 5,315 5,596 Textile-mill Products 1,274 1,261 1,249 1,245 1,236 1,200 1,190 1,150 1,100 1,087 1,083 1,056 1,106 Yarn and thread mills 169 164 159 157 158 153 150 144 134 133 132 127 Broad-woven fabric mills 618 615 610 610 607 590 582 558 530 526 525 517 Knitting mills 229 226 226 225 220 212 214 211 207 202 203 200 Apparel and Other Finished Textiles 1,061 1,072 1,072 1,058 1,040 1,015 1,055 1,051 1,008 956 958 944 1,033 Mens' and boys' suits, coats and overcoats 144 144 142 135 135 135 139 137 134 118 122 118 Mens' and boys' furnishings 248 250 249 246 236 225 241 242 241 239 236 221 Womens' and misses outerwear 316 321 316 315 315 314 324 318 289 257 257 262 Leather and Leather Products 372 370 369 357 354 354 359 358 348 332 339 343 351 Footwear (except rubber) 239 235 233 224 228 233 235 234 228 216 223 227 Food and Kindred Products 1,328 1,438 1,311 1,226 1,171 1,097 1,073 1,069 1,071 1,095 1,153 1,224 1,337 Meat products 225 223 226 235 247 240 231 226 217 221 226 227 Dairy products 121 115 108 104 100 • 99 100 103 108 115 122 122 Canning and preserving 297 408 258 173 147 118 108 110 125 131 168 219 Bakery products 198 199 203 197 196 190 189 185 186 188 192 191 Beverage industries 169 170 167 167 15 146 145 149 140 148 153 169 Tobacco Manufactures 96 99 100 97 93 90 88 85 82 82 84 82 90 Paper and Allied Products 405 408 411 412 409 398 391 386 377 372 368 363 367 Pulp, paper and paperboard mills 213 212 211 211 210 208 204 201 196 194 191 187 Printing, Publishing and Allied Industries. . . . 496 500 508 508 509 500 497 496 495 494 494 483 485 Newspapers 134 136 137 138 139 136 137 139 140 141 142 140 Commercial printing 163 164 168 167 170 169 166 164 163 162 163 161 Chemicals and Allied Products 514 527 532 529 526 519 513 511 495 476 465 453 457 Industrial inorganic chemicals 55 5 56 56 56 56 55 55 53 53 52 51 Industrial organic chemicals 166 166 165 166 165 163 162 157 148 142 139 136 Drugs and medicines 60 60 60 60 60 62 62 61 61 60 60 59 Products of Petroleum and Coal 197 195 184 19, 189 187 188 187 188 188 189 189 191 Petroleum refining 153 151 140 149 149 149 150 149 149 149 150 150 Rubber Products 205 207 208 209 206 201 194 190 185 178 179 Tires and inner tubes 95 94 93 94 93 91 89 89 87 82 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by the Bureau of Labor Statistics] Average weekly earnings Average hours worked Average hourly earning (dollars) (per week) (dollars) Industry group 1948 1949 1948 1949 1948 1949 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Manufacturing—Total. . , 55.06 54.55 54.67 54.60 40.1 38.8 38.8 39.0 1.373 1.406 1.409 1.400 Durable goods 58.50 57.86 57.35 57.63 40.6 39.2 38.8 39.1 1.441 1.476 1.478 1.474 Primary metal industries 62.84 60.02 58.63 60.26 40.1 37.7 36.9 37.9 1.567 1.592 1.589 1.590 Fabricated metal products 57.83 57.35 57.61 57.52 40.5 39.2 39.3 39.1 1.428 1.463 1.466 1.471 Machinery except electrical 61.42 59.90 59.63 59.48 41.0 39.2 39.0 39.0 1.498 1.528 1.529 1.525 Electrical machinery 56.94 56.16 56.00 56.84 39.9 39.0 38.7 39.2 1.427 1.440 1.447 1.450 Transportation equipment 63.43 65.70 66.19 65.33 39.3 39.6 39.8 39.4 1.614 1.659 1.663 1.658 Lumber and wood products 54.78 52.95 51.37 52.30 42.5 40.7 39.7 40.2 1.289 1.301 1.294 1.301 Furniture and fixtures 48.64 48.44 48.15 49.93 40.6 39.0 38.8 40.3 1.198 1.242 1.241 1.239 Stone, clay, and glass products 54.98 53.58 52.80 54.29 41.4 39.4 38.6 39.6 1.328 1.360 1.368 1.371 Ordnance and accessories 57.44 58.72 59.56 60.83 41.5 39.7 40.3 41.3 1.384 1.479 1.478 1.473 Instruments and related products 54.24 54.57 54.41 53.44 40.0 39.2 39.0 38.5 1.356 1.392 1.395 1.388 Miscellaneous manufacturing industries. 49.94 49.72 48.33 47.68 40.7 39.4 38.6 38.7 1.227 1.262 1.252 1.232 Nondurable goods. 51.07 51.01 51.68 51.35 39.5 38.5 38.8 38.9 1.293 1.325 1.332 1.320 Textile-mill products , 45.36 43.02 43.45 44.71 38.6 36.3 36.7 37.7 1.175 1.185 1.184 1.186 Apparel and other finished textiles 43.98 40.07 40.88 41.77 36.5 35.4 35.3 35.7 1.205 1.132 1.158 1.170 Leather and leather products , 42.71 41.46 41.66 41.85 38.0 36.5 37.0 37.2 1.124 1.136 1.126 1.125 Food and kindred products 50.88 53.75 54.69 52.71 41.2 41.7 42.2 41.5 1.235 1.289 1.296 1.270 Tobacco manufactures , 37.65 38.57 38.29 37.17 39.1 38.0 37.5 37.7 .963 1.015 1.021 .986 Paper and allied products , 56.76 54.50 55.66 55.82 43.1 40.4 41.2 41.5 1.317 1.349 1.351 1.345 Printing, publishing and allied industries, 67.15 70.59 70.97 71.61 39.2 38.7 38.8 38.9 1.713 1.824 1.829 1.841 Chemicals and allied products , 57.39 59.31 59.40 58.64 41.2 40.9 40.6 40. 1.393 1.450 1.463 1.448 Products of petroleum and coal 72.42 71.80 73.59 73.08 41.5 40.2 40.7 40, 1.745 1.786 1.808 1.809 Rubber products , 60.33 58.29 58.41 59.04 40.3 38.2 38.3 39.1 1.497 1.526 1.525 1.510 NOTE.—Data are for production and related workers. Revised figures shown here were released by the Bureau of Labor Statistics in September 1949; revised back data are available from that agency. Figures for August 1949 are preliminary. OCTOBER 1949 1253 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 fa g c- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade i Finance Service1 Sta l t o e c , al and utilities government 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 41,412 14,461 852 1,661 4,023 8,815 1,586 4 408 5,607 1947 43,371 15,247 943 1,982 4,122 9,196 1,641 4,786 5,454 1948 44,201 15,286 981 2,165 4,151 9,491 1,716 4,799 5,613 SEASONALLY ADJUSTED 1948—August 44,456 15,364 998 2,207 4,166 9,577 1,725 4,802 5,617 September.. 44,512 15,378 1,002 2,214 4,168 9,566 1,734 4,801 5,649 October 44,472 15,324 998 2,223 4,195 9,533 1,737 4,787 5,675 November 44,412 15,259 998 2,242 4,170 9,500 1,738 4,782 5,723 December 44,267 15,046 1,003 2,245 4,158 9,537 1,741 4,781 5,756 1949—January 43,861 14,796 997 2,215 4,090 9,479 1,740 4,771 5,773 February 43,646 14,660 995 2,164 4,059 9,465 1,744 4,784 5,775 March. 43,422 14,478 987 2,140 4,008 9,497 1,749 4,792 5,771 April 43,239 14,292 987 2,121 4,008 9,516 1,748 4,792 5,775 IVIay 43,022 14,090 975 2,116 4,024 9,475 1,754 4,804 5,784 June 42,849 14,006 966 2,100 4,002 9,447 1,756 4,781 5,791 July 42,702 13,947 942 2,130 3,974 9,367 1,755 4,773 5,814 August 42,983 14,039 960 2,160 3,955 9,419 1,762 4,783 5,905 UNADJUSTED 1948—August 44,494 15,400 1,006 2,384 4,213 9,366 1,742 4,850 5,533 September 44,946 15,617 1,007 2,369 4,189 9,522 1,725 4,849 5,668 October 44,915 15,514 1,000 2,334 4,188 9,654 1,720 4,811 5,694 November 44,815 15,368 999 2,287 4,166 9,807 1,721 4,782 5,685 December 45,282 15,174 1,002 2,200 4,158 10,273 1,724 4,757 5,994 1949—January 43,449 14,782 991 2,016 4,054 9,388 1,731 4,723 5,764 February 43,061 14,649 986 1,926 4,024 9,292 1,735 4,712 5,737 March 42,918 14,475 981 1,947 3,975 9,310 1,749 4,720 5,761 April 42,966 14,177 984 2,036 3,991 9,478 1,757 4,768 5,775 May 42,731 13,877 974 2,137 4,021 9,342 1,763 4,804 5,813 June 42,792 13,885 970 2,205 4,030 9,327 1,774 4,829 5,772 July 42,535 13,755 949 2,279 4,014 9,205 1,781 4,845 5,707 August 43,027 14,088 968 2,333 4,000 9,212 1,780 4,831 5,815 the trade and service divisions, beginning with January 11994477,, aarree nnoott entirely comparable with data shown for the earlier period shift of automotive repair serrvviicceess ((223300,,000000 eemmppllooyyeeeess iinn JJTaaannnuuiiaaarrryyv 111990444777"))! ffrroomm ttrraaHdep tton sseprrvviicrepss,- NOTE.—Data include all full- and parrtt-time wage and salary workers in nonagricultural establishments employe h f h h Proprietors, self-employed persons, domestic servants, and personnel of the ar k unadjusted data are available from the Bureau of Labor Statistics; seasonall 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 a t 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 t I u n E r a m n l o p i n l n o a d g y u r e s i d c t r u x i l e - s agric I u n lture U pl n o e y m ed - l N ab o o t r i n f o t r h c e e 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 194g—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 J une 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 August 109,760 65,105 63,637 59,947 51,441 8,507 3,689 44,655 1 Includes self-employed, unpaid family, and domestic service workers. 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. 1254 FEDERAL RESERVE BULLETIN, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Nonresidential building Public works Total R b es u i i d ld e i n n t g ial an u d t il p it u ie b s lic Month Factories Commercial Educational Other 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 962.7 943.6 349.7 340.6 72.9 41.5 106.3 73.4 103.1 91.2 112.8 144.2 217.9 252.7 August 854.1 905.7 337.6 393.4 77.7 41.1 77.8 64.4 55.8 72.9 97.4 99.6 207.8 234.3 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 1949 Month 1947 1948 1949 1947 1948 1949 1947 1948 1949 Federal Reserve district Aug. July January... 572 615 483 167 197 160 405 419 323 February. . 442 682 568 96 248 252 346 434 •317 Boston 52,414 55,814 58,144 March 597 690 748 143 181 282 453 509 466 New York. . . 129,882 178,971 106,262 April 602 874 843 177 236 319 425 638 524 Philadelphia. 55,245 58,983 36,761 May 675 971 880 234 298 369 441 673 512 Cleveland. . . 87,734 80,101 111,041 June 605 935 946 226 338 375 379 597 570 Richmond. . . 108,709 88,742 80,737 July 660 963 944 203 335 410 458 628 533 Atlanta 85,765 85,332 99,363 August.... 823 854 218 276 605 579 Chica 155,092 166,114 166,037 September. 650 762 193 259 457 503 St. Louis 87,751 62,647 56,022 October 793 779 209 262 584 517 Minneapolis. 30,983 32,564 33,280 November. 715 611 224 199 492 413 Kansas City. 44,296 38,512 35,298 December.. 625 694 207 278 418 416 Dallas 67,877 95,780 71,146 Year.... 7,760 9,430 2,296 3,107 5,464 6,323 Total (11 districts). 905,748 943,560 854,091 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 1 1 9 9 9 Y 4 4 4 e 3 1 2 a . . . . . . r or month T 1 1 o , , 1 1 9 t 7 3 a 3 2 l 7 5 p m P e r i r e o r m 2 o 1 n t v y 8 4 4 p - t e 7 9 1 - x - s S h c t t o m i r o o u m n a 2 n 1 c - l e 1 5 1 - l 1 h f ( a - o T m I u t 8 6 2 I i o ) s t i 9 7 4 l l e e 4 y 1 7 5 s - h R g ( o a T e r I u o n n i D s t d u t i l a n p e l g W h e (T o V V a T r u a r i 2 6 i I e s t n a 8 0 t 1 l i - n s e n 4 3 3 ' d g End of month Total [In b C m m a c 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 l a l S l s i a a t o n s a i n r a o g o s v d n c s ] n - i s - p I c a n a o n n s m c u i e e - r s - a c F e g i e r e e a d s n l - l - Others 1944.. 875 114 216 537 1945.. 666 171 219 272 1946.. 755 321 '(I)' 347 85 1936—Dec 365 228 8 56 41 5 27 1947.. 1,787 534 446 808 1937—Dec 771 430 27 110 118 32 53 1948.. 3,338 614 (3) 880 1,836 1938—Dec 1,199 634 38 149 212 77 90 1948— O S N D A e c e o u p t c g v o t e u e e b m s m m e t r b b b e e e r r r . . . . . . 2 3 2 2 2 7 7 1 9 7 2 7 8 8 6 4 4 5 4 5 0 8 2 9 1 1 1 9 9 7 0 1 2 8 6 5 7 1 1 1 1 13 3 4 2 6 1 6 9 7 8 1 1 1 1 1 9 9 9 9 9 3 4 4 4 4 9 3 2 0 1 — — — — — D D D D D e e e e e c c c c c 3 2 3 3 1 , , , , , 1 7 6 4 6 9 0 2 0 2 3 7 9 0 6 1 1 1 1 , , , , 1 6 4 7 9 6 6 6 0 0 2 9 5 5 2 2 2 1 1 5 3 8 7 3 6 6 6 1 0 2 2 2 2 1 5 9 2 7 9 4 2 4 6 2 1 1 , , 0 1 3 5 7 3 3 4 4 8 2 4 2 2 9 2 2 2 1 3 0 4 5 T 4 1 5 3 9 1 1 1 1 1 3 5 7 5 6 3 0 9 9 3 1949—January 269 35 128 98 1944—June 3,554 1,669 258 284 1 ,119 73 150 February... 279 47 123 108 Dec 3,399 1,590 260 269 1,072 68 140 March 283 45 135 102 April 269 34 127 109 1945—June 3,324 1,570 265 264 1,047 43 134 May 279 35 130 113 Dec 3,156 1,506 263 253 1,000 13 122 June 382 49 151 181 July 317 40 143 134 1946—June 3,102 1,488 260 247 974 11 122 August 356 55 172 126 Dec 2,946 1,429 252 233 917 9 106 1 Net proceeds to borrowers. 2 Mortgages insured under War 1947—June 2,860 1,386 245 229 889 8 102 Housing Title VI through April 1946; figures thereafter represent Dec 2,871 1,379 244 232 899 7 110 mainly mortgages insured under the Veterans' Housing Title VI (approved May 22, 1946) but include a few refinanced mortgages 1948—June 2,988 1,402 251 245 973 7 110 originally written under the War Housing Title VI. Beginning with Dec. 3,237 1,429 265 269 1,113 9 152 December 1947, figures include mortgages insured in connection with sale of Government owned war housing, and beginning with February 1948 include insured loans to finance the manufacture of housing. 1 The RFC Mortgage Company, the Federal National Mortgage 3 Less than $500,000. Association, the Federal Deposit Insurance Corporation, and the and N O do T E n . o — t F ta ig ke u r a es c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d re u v ri i n o g u s t l h y e in p s e u ri r o e d d Un 2 i t I e n d c lu S d ta in te g s m H o o r u tg s a in g g e c C o o m rp p o an ra ie ti s o , n f . inance companies, industrial banks, loans. Figures include some reinsured mortgages, which are shown in endowed institutions, private and State benefit funds, etc. the month in which they were reported by FHA. Reinsured mortgages NOTE.—Figures represent gross amount of mortgages held, excludon rental and group housing (Title II) are not necessarily shown in the ing terminated mortgages and cases in transit to or being audited at the month in which reinsurance took place. Federal Housing Administration. OCTOBER 1949 1255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports 2 Exec>ss 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 »505 February 887 670 1,146 1,085 Pl.032 325 318 437 589 P568 561 352 709 495 »464 March 1,029 815 1.326 1,139 PI.159 365 385 445 675 P632 664 431 882 464 *527 April 1,005 757 1,294 1,121 Pl.149 366 406 512 532 P534 639 351 782 590 May 1,135 851 L ,414 1,102 PI.079 372 393 474 554 P540 764 457 940 549 *539 June 868 878 1,235 1,013 Pl.104 360 382 463 625 P527 508 496 772 388 P578 July 895 826 1,155 1,020 P897 358 431 450 563 P456 536 395 705 456 P441 August 738 883 L,145 P992 361 422 400 P606 378 461 745 P387 September.... 514 643 1,112 P925 339 377 473 P560 175 266 639 P365 October . . 455 537 t ,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 .114 P1,317 298 529 603 P72O 439 567 511 P597 Jan.-July 6,722 5,594 8,684 7,571 P7.515 2,478 2,707 3,311 4,084 P3.847 4,244 2,887 5,373 3,487 P3,668 P Preliminary. 3 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 Poor- Mis- Mer- [In millions of dollars] Total Coal Coke Grain s L t i o v c e k - p e r s o t d- Ore l c a e n l- e- c d h i a s n e ucts ous l.c.l. 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 P8.67O Pl.002 P700 1948—April 130 105 137 123 105 141 208 145 70 May 142 163 186 129 96 139 208 143 69 SEASONALLY June 139 153 188 144 86 150 188 140 67 ADJUSTED July 138 144 183 158 86 165 182 141 64 August 142 153 '196 144 80 162 179 145 66 1948—June 856 719 137 102 September. .. 139 149 192 127 85 152 182 144 66 July 819 727 92 57 October 140 147 194 150 93 149 178 145 68 August. . . . 842 744 99 65 November. . . 137 138 198 155 90 144 178 144 66 September.. 836 737 99 65 December. . . 137 131 192 147 85 139 201 148 62 October... . 845 756 89 56 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 115 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 August 115 95 123 138 77 125 160 127 57 June 748 677 71 40 UNADJUSTED July 701 650 51 P20 1948—April 128 105 134 108 94 141 206 143 71 UNADJUSTED May 143 163 184 114 86 145 272 144 69 June 144 153 184 147 75 156 291 145 66 1948—June 838 713 125 94 July 143 144 178 189 66 165 291 142 64 July 842 737 105 76 August. . . . 146 153 -•188 156 76 171 »-268 146 67 August. . . . 868 752 116 86 September. . . 150 149 190 142 113 164 273 156 70 September.. 845 734 111 83 October 151 147 190 150 143 158 240 159 71 October... . 878 767 111 84 November. . . 141 138 198 152 114 141 196 149 68 November.. 825 741 84 62 December. . . 128 131 201 138 82 123 62 139 60 December.. 807 742 65 50 1949—January 120 130 198 125 76 116 44 129 57 1949—January 731 697 33 12 February.... 117 124 198 111 60 107 46 128 58 February... 676 646 30 5 March. . . . 111 79 175 128 61 117 68 131 61 March 739 674 65 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 43 July 115 79 115 212 60 117 284 121 55 July 701 650 50 P27 August 119 95 119 149 73 131 240 128 57 r Revised. P Preliminary. NOTE.—For description and back data, see BULLETIN for June 1941, pp. NOTE.—Descriptive material and back figures may be ob- 529-533. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Total index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission. 1256 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 f Index numbers, 1935-39 average =100] Federal Reserve district Year or month United States 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 r i a s a c n n o - x SALES 2 1944 187 162 150 167 182 215 244 176 200 164 205 245 224 1945 207 176 169 184 201 236 275 193 227 185 229 275 248 1946 264 221 221 235 257 292 '344 250 292 247 287 352 311 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—August 309 237 '257 '291 308 '327 393 '297 354 290 330 405 '361 September . 309 252 254 293 316 333 394 291 362 287 327 419 '350 October 309 232 252 302 319 337 404 298 338 304 334 410 '345 290 228 229 268 293 314 374 278 321 286 323 390 '343 December '303 245 247 284 300 331 378 295 338 288 320 397 '358 1949—January 295 246 243 283 311 309 378 289 290 265 293 387 '343 '282 234 229 265 284 306 374 272 310 274 311 393 '308 March '278 208 220 272 279 294 365 266 309 267 301 392 '325 April 294 251 242 274 301 303 389 277 321 292 314 374 33* May . 292 243 239 271 295 315 '376 275 335 273 309 384 '340 June 285 242 238 269 281 311 368 262 314 266 309 385 336 Tuly 279 227 222 261 274 326 377 258 '325 261 305 387 '323 August P283 P230 234 268 269 305 360 275 326 P269 P299 366 335 UNADJUSTED 1943—August 259 175 '188 '218 268 '261 354 248 305 261 304 '364 338 September 319 260 257 296 320 357 410 305 366 316 344 444 355 October 328 258 280 323 338 359 424 313 362 343 361 427 346 November . . 357 285 298 356 366 388 434 345 404 334 375 475 391 December 495 428 414 480 491 575 635 460 517 431 502 648 582 1949—January 226 187 194 209 230 224 287 216 238 203 223 306 271 227 180 192 199 227 239 314 212 261 202 252 315 266 March 254 194 209 249 254 274 339 239 287 241 280 353 '288 Apr'l 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 Tu'y 218 155 155 188 214 '236 294 212 '254 211 250 310 280 August J>238 P\70 171 201 234 244 324 228 280 P275 333 313 STOCKS 2 1944 162 147 150 147 151 190 185 161 159 169 157 177 178 1945 166 153 160 150 156 198 188 159 166 165 158 190 183 1946 213 182 195 191 205 248 258 205 225 211 210 250 238 1947 255 202 225 220 243 289 306 246 274 266 259 321 300 1948 291 223 241 251 277 322 362 281 314 326 301 393 '346 SEASONALLY ADJUSTED 1948—August 286 204 '243 248 261 322 360 284 292 332 300 '395 333 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 November 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 '321 1949—January 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 '342 223 230 244 260 315 335 266 321 305 283 373 '331 May 273 219 224 240 267 304 336 265 296 301 276 3*56 '320 265 207 218 232 249 311 325 257 280 301 268 350 '313 July 256 193 213 224 228 302 319 253 267 283 262 347 302 August P253 183 204 216 229 295 319 250 264 P290 P262 342 309 UNADJUSTED 1948—August '287 215 ^243 '246 275 325 356 275 318 329 294 '399 332 September . . 304 232 256 262 290 333 383 293 336 341 308 423 '351 October '319 249 267 287 305 355 406 309 355 345 318 419 '367 November 330 265 278 291 319 360 422 326 347 347 327 431 377 December '259 206 215 218 245 279 320 265 276 294 264 352 '292 1949—January '249 196 201 208 240 269 324 244 260 283 265 345 '293 February 265 202 218 230 255 287 343 260 282 294 276 361 '307 March 287 219 238 250 282 314 365 275 314 312 293 392 '335 April 285 218 237 254 265 329 352 273 321 310 292 388 '337 May 277 216 227 245 269 310 332 268 296 302 281 363 '331 June .... . . 256 199 206 218 244 280 312 247 280 291 268 336 315 July 245 188 189 202 228 282 300 233 '278 290 257 333 311 August 192 204 212 242 298 316 242 287 P287 P257 346 308 P Preliminary. ' Revised. 1 Sales and stocks indexes revised; back figures available upon request from Federal Reserve Bank of San Francisco. 2 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 1257 OCTOBER 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 si year ago stocks to without seasonal adjustment (value) sales ! 1941 average monthly s<lies = 100» 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 July Sale pe s r d i u o r d ing Sto o c f k s m o a n t t h end ing J 1 u 9 l 4 y 9 7 1 m 9 o 49 s. J 1 u 9 l 4 y 9 1949 1948 1949 1948 1949 1948 July June July July June July GRAND TOTAL—entire store« 362 -14 -5 -9 3.4 3.3 MAIN STORE—total 362 -14 -6 -10 3.7 3.5 141 192 164 522 558 579 Piece goods and household textiles 322 -17 -9 -15 3.9 3.8 142 179 170 547 586 648 Piece goods 299 -25 -15 -14 4.3 3.8 147 205 196 634 661 735 Silks, velvets, and synthetics 200 -26 -17 -20 4.3 4.0 128 155 173 550 511 679 Woolen yard goods 173 -32 -15 -6 10.2 7.3 93 58 137 947 805 1,008 Cotton yard goods 191 -20 -14 -16 2.4 2.3 218 326 273 539 645 631 Household textiles 315 -12 -4 -17 3.6 3.8 143 165 161 507 541 617 Linen and towels 285 -12 -4 -13 4.3 4.3 130 163 148 553 617 630 Domestic—muslins, sheetings 252 -10 -3 -27 2.4 3.0 179 177 199 436 469 599 Blankets, comforters, and spreads 246 -14 -7 -13 4.3 4.3 114 156 132 494 506 580 Small wares 351 -11 -3 A 4.3 4.0 124 169 138 535 574 554 Laces, trimmings, embroideries, and ribbons... 212 -23 -17 -3 4.0 3.2 143 222 186 578 665 598 Notions 249 -12 -6 -1 3.4 3.0 193 265 219 656 692 655 Toilet articles, drug sundries 333 -6 0 -6 3.8 3.8 115 141 123 442 475 469 Silverware and jewelry 325 -14 -3 5.7 5.1 119 198 138 676 725 695 Silverware and clocks * 213 — 16 — 12 0 6.5 5.5 Costume jewelry 4 278 -12 +4 —2 3.7 3.3 Fine jewelry and watches 4 102 — 14 +11 o 9.2 8.6 Art needlework 248 -13 -2 0 5.6 4.9 102 112 116 571 618 571 Books and stationery 281 -6 -2 -7 4.3 4.3 113 149 121 488 510 525 Books and magazines 146 -6 +1 -6 3.4 3.4 108 128 115 376 425 403 Stationery 243 -6 -3 -7 4.7 4.8 103 151 109 486 520 526 Women's and misses' apparel and accessories 359 -16 -4 -9 2.9 2.7 133 188 158 390 415 430 Women's and misses' ready-to-wear accessories 359 -14 -5 o 3.5 3.3 127 178 147 449 482 491 Neckwear and scarfs 317 -9 -8 -14 2.8 3.0 126 169 138 352 417 408 Handkerchiefs 289 -17 -8 -15 4.4 4.4 91 118 109 403 414 474 Millinery 174 -17 +1 -13 2.2 2.0 59 109 72 127 119 146 Women's and children's gloves 336 -19 -4 -12 9.6 8.9 46 92 57 444 453 510 Corsets and brassieres 345 -10 2 — \ 3.0 2.8 198 273 219 603 649 607 Women's and children's hosiery 355 -20 -10 -22 2.5 2.6 92 130 115 231 249 296 Underwear, slips, and negligees 352 -11 -6 -7 2.4 2.4 179 222 202 443 501 476 Knit underwear 264 -4 +3 -1 2.3 2.2 217 262 226 492 566 501 Silk and muslin underwear, and slips .... 293 -14 -11 -8 2.7 2.4 170 216 198 452 510 491 Negligees, robes, and lounging apparel 259 -14 -5 -14 2.2 2.2 142 178 165 314 371 366 Infants' wear , 332 -13 -4 -18 3.6 3.8 165 199 189 593 627 728 Handbags and small leather goods , 339 -16 -1 -4 3.2 2.8 97 171 116 313 351 327 Women's and children's shoes , 250 -16 -5 +1 5.9 4.9 126 200 151 746 778 739 Children's shoes * , 213 -15 —6 — 1 5.8 5.0 Women's shoes 4 227 — 17 —5 +2 6.0 4 9 Women's and misses' ready-to-wear apparel.. . 359 -18 -4 -10 2.4 2.2 139 197 168 327 343 365 Women's and misses' coats and suits , 350 -30 -3 -8 4.2 3.2 79 74 113 336 245 368 Coats4 222 -34 —6 — 2 4.7 3.2 Suits4 210 — 26 +3 — 17 3 6 3.2 Juniors' and girls' wear 301 -18 -1 -13 2.5 2.4 147 228 179 373 380 432 Juniors' coats, suits, and dresses 295 -19 -1 -12 1.8 1.7 163 257 201 297 314 337 Girls' wear 321 -16 0 -14 3.6 3.5 132 203 156 471 479 553 Women's and misses' dresses 348 -16 -11 1.3 1.2 155 263 185 197 292 222 Inexpensive dresses 4 271 -17 —4 —5 1.0 0.9 Better dresses 4 283 — 16 —8 — 16 1.7 1.7 Blouses, skirts, and sportswear 347 -12 -5 -2 2.0 1.8 212 287 241 423 502 433 Aprons, housedresses, and uniforms 296 -13 + 1 -6 1.4 1.3 206 300 235 278 363 296 Furs 273 -32 -17 -21 11.9 10.1 40 12 59 473 320 575 Men's and boys' wear 336 -6 -4 -9 4.4 4.5 132 224 140 581 646 639 Men's clothing 259 -11 -7 -6 5.1 4.8 128 212 144 650 712 707 Men's furnishings and hats 319 + 1 -2 -10 3.4 3.8 148 253 146 501 572 556 Boys' wear 306 -14 -3 -12 6.3 6.2 97 158 112 611 636 697 Men's and boys' shoes and slippers 198 -13 -6 -5 6.0 5.4 119 201 137 712 790 760 Housef urnishings 323 -16 -11 -10 4.4 4.1 166 203 197 727 785 824 Furniture and bedding 245 -15 -7 -12 4.4 4.4 152 182 178 681 735 790 Mattresses, springs and studio beds 4 167 —6 —3 — 13 1.9 2.0 Upholstered and other furniture 4 177 — 17 —8 — 12 5 4 5 1 Domestic floor coverings 280 -26 -16 -11 6.0 5.0 "125' 164 170 757 819 880 Rugs and carpets4 163 —26 — 16 — 11 6.3 5 2 Linoleum 4 113 -25 —20 — 19 4 6 4.2 Draperies, curtains, and upholstery 304 -11 -2 -8 4.7 4.6 138 194 156 656 718 714 Lamps and shades 253 -13 -3 -6 4.8 4.4 118 162 137 568 640 624 China and glassware 252 -14 -5 +4 9.8 8.0 108 157 126 1,055 1,084 1,012 Major household appliances 250 -28 -34 -21 2.1 1.9 303 268 421 634 607 830 Housewares (including minor appliances) 265 -6 -5 -11 3.4 3.6 226 280 241 767 863 880 Gift shop4 172 — 10 — 1 +3 6.1 5.3 Radios, phonographs, television, records, etc.4. . 234 4.3 +3 — 14 4.1 4.9 Radios, phonographs, television4 192 +7 +9 — 12 3.5 4.3 Records, sheet music, and instruments 4 154 -1 — 12 -18 5.7 6.9 Miscellaneous merchandise departments 324 -12 -7 -14 3.1 3.2 147 179 167 460 470 530 Toys, games, sporting goods, and cameras 298 -10 -7 -11 4.7 4.7 143 174 158 672 664 758 Toys and games 241 7 -1 -15 5.0 5.4 103 119 111 515 526 599 Sporting goods and cameras 149 -13 -14 -8 4.2 4.0 158 200 182 671 671 734 Luggage 262 -17 1-7 -7 3.1 2.8 214 293 259 669 740 715 Candy4 191 -15 -8 -9 1.4 1.3 For footnotes see following page. 1258 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued Per cent change from Ratio of Index numbers a year ago stocks to without seasonal adjustment (value) sales i 1941 average monthly sales=100J Num- Department r b s e t e p o r o r e o rt s f - Sale p s e r d io u d ring ( S e m t n o o d c . k ) o s f July Sale p s e r d io u d ring Sto o c f k s m o a n t t e h nd ing 1 J 9 u 4 ly 9 1 m 9 7 o 4 s 9 . 1 Ju 94 ly 9 1949 1948 July 1949 June J 1 u 9 l 4 y 8 July 1949 June J 1 u 9 l 4 y 8 BASEMENT STORE—total 206 -11 0 -7 2.4 2.3 149 216 168 355 388 381 Domestics and blankets * 137 -9 -1 -12 2.5 2.6 W I o n m ti e m n a 's te a a n p d p a m re i l s * ses* ready-to-wear 1 17 9 2 9 - -1 1 0 3 +1•» - - 6 4 2 1 . . 1 9 2 1 . . 0 7 151 215 173 283 312 299 D C r o e a s t s s e s a * nd suits ^ 1 1 7 8 7 5 - -3 1 3 2 + -4 4 - + 13 7 4 0. . 9 0 3 0. . 8 1 159 -10 -2 1.5 1.4 Girls' wear * 129 -14 +1 -9 2.8 2.6 116 -12 -13 3.1 3.1 Men's and boys' wear 163 -5 +2 -11 2.6 2.8 167 277 175 434 474 491 Men's wear * 140 -4 +2 -13 2.4 2.6 !Men's clothing * 96 -4 +2 -10 2.8 3.0 lien's furnishings * 117 -2 +2 -15 2.1 2.4 Boys' wear* 120 -10 +3 -5 3.8 3.6 Housef urnishings. 104 -15 -1 -8 3.4 3.2 119 175 140 408 459 440 Shoes 129 -16 -6 -1 4.0 3.4 111 175 133 444 498 443 NONMERCHANDISE—total4 181 -8 0 (5) (5) (5) Barber and beauty shop * 82 -4 +5 (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. 8 For movements of total department store sales and stocks see the indexes for the United States on p. 1257. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. « Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks 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 m ( S o t f a o o n l t r e t a h s l ) m ( S e t o n o n d c t k h o s ) f s m ( t o e a O r o n n d n d u d e t t i r o h - n s f ) g Nov. 2 2 1 8 2 9 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 8 4 6 1 9 0 7 7 3 5 O N c o t v . . 3 2 2 1 0 6 7 0 3 . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 4 7 4 2 1 7 1 6 0 9 May 2 2 1 8 2 9 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 2 3 2 3 9 9 0 9 0 5 3 0 7 A M p a r y . 3 2 2 1 0 1 8 7 4 . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 3 8 7 8 8 3 6 5 5 0 4 Dec. 6... ..508 Dec. 4.... .485 June 5... ..282 June 4.... ..259 13... ..570 11 .564 12... ..304 11... ..288 1939 average 128 344 20... ..576 18.... .576 19... ..310 18... ..285 1940 average 136 353 108 27... ..358 25.... .473 26... ..262 25... ..247 1941 average 156 419 194 July 3... ..265 July 2... ..238 1942 average 179 599 263 1948 1949 10... ..217 9... ..201 1943 average 204 509 530 Jan. 3... ..204 Jan. 1 .204 17... ..236 16... ..213 1944 average 227 535 560 10... ..251 8.... .272 24... ..231 23... ..207 1945 average 255 563 729 17... ..232 15.... .244 31... ..235 30... ..209 1946 average 318 715 909 24... ..226 22.... .230 Aug. 7... ..261 Aug. 6... ..228 1947 average 337 826 552 31... ..233 29.... .218 14... ..258 13... ..218 1948 average 353 917 466 Feb. 7... . .240Feb. 5.... .229 21... ..271 20... ..252 14... ..238 12.... .238 28... ..255 27... ..252 1948—August ••297 '900 545 21... . .249 19.... .227 Sept. 4... ..308 Sept. 3... ..295 September 360 948 539 28... . .248 26.... .232 11... ..285 10... ..273 October. .. 390 1,062 507 Mar. 6... ..266 Mar. 5.... .244 18... ..337 17... ..315 November. 415 1,058 379 13... ..279 12.... .256 25... ..319 24... ..292 December. 599 821 292 20... ..313 19 .261 Oct. 2... ..327 Oct. 1... ..301 27... ..331 26.... .277 9... ..336 8... 1949—January... 267 790 388 Apr. 3... ..280 Apr. 2.... .301 16... ..331 15... February.. 255 852 378 10... ..298 9 .320 23... . .344 22 March 320 918 310 17... ..294 16.... .314 April 347 907 236 24... . .296 23.... .266 May 328 894 210 June 318 824 286 July 238 775 399 NOTE.—Revised series. For description and back figures, see August... *»289 P818 P418 BULLETIN for September 1944, pp. 874-875. P Preliminary. r Revised. i These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. OCTOBER 1949 1259 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] Aug. July Aug. Tulv 8 Aug. Tulv 8 Aug. July 1949 1949 1949 1949 1949 1949 1949 1949 1949 1949 1949 1949 United States.. p-5 14 -6 Cleveland-cont. \ Chicago P-7 -16 -7 Kansas City— B N P N P N A P S W N B D S L W N U T P Y P R B B E S B R o h e B p o r y h o c a l r u o l e r e i o i e e o t o s o w o i m i b n r e a i i r r n h i u w f o w w s a l w c t l i d c r l v a r t f a n g g a t o n c k g e d s a h i l a c k a g o c a i n n t a h r t a d Y g a n n h e Y i d l e d 1 e u o n o e a H r y o n t r n s a f e e s k s e k o e s o p n s a n o i g t d m l t - c l A e e a t n e r e w o i p e r 1 p B e J t l e k l F r c k v r t r J d r h a h r n p o e a t e J a 1 e d i i n s C a r a a * l n y i r l . e i e . s . . t . 1 . K . . . y . . . . . . . . 1 . . p - - + + + + + + + 1 1 - - - - - - - - - - - - - - - - - 4 6 4 6 8 4 9 8 6 3 2 4 6 4 4 4 6 0 1 3 4 3 4 1 0 0 1 1 Q - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1 2 1 2 1 1 1 1 2 2 1 1 1 1 1 1 1 1 1 1 1 1 - 1 2 1 1 8 8 3 2 2 7 1 6 8 8 9 3 3 3 3 8 7 7 9 4 4 1 1 5 3 6 2 3 2 - - - + - 1 + - - - - - - - - - - - - - - - - - - - 2 4 5 8 3 5 6 8 4 4 9 9 9 4 8 7 5 5 9 4 5 7 0 2 0 2 i R A W E P W W A L N J O T A H R C G C R H M C M B M M A B C a i t i y a r a o h i o a c o r i r u t l s a u c h t o a i a o h i c r a i l e l l m n t h l l h r a l n g g k a m a ' s a e c e b n n h s t u e e u f n l e c r s i u m h s m n o i n e 1 b o s i p n m t m e t l m m v h g i t t l o g s i ' e n d i r l t u a n v l a e o t i o n h k b i a t n n o b i s s o b o o o l 1 g i a r n n x g 1 n l t u t l v n i m g g u r n J e h o - a l o g t e r d d i s e S , . h t o a n g l e w 1 W , o l m n a , N r e l n . S y S l n . x e . . V . . . . 1 . l * m . . . C . C . . . a . . . C . . . . . . . . . . . | . p - - - - - - - - - - 1 1 + + + 1 + + + 2 1 1 1 1 - - 1 1 - - — - - - — 3 3 7 3 6 3 7 1 1 3 1 0 5 4 0 0 1 2 4 4 6 6 ^ 1 5 Q 3 • 7 7 « + - - - - - - - - - - - - - - 1 1 1 + 1 1 1 1 1 2 - 1 1 1 1 1 - - - - - - - - - - - 1 0 3 9 4 2 4 6 3 6 2 4 4 5 7 4 8 6 3 5 3 2 3 5 1 3 6 9 0 2 Q - - - - - + + + + + - 1 - - - - - 1 1 1 - 1 - - - - - - 4 2 6 3 6 4 4 3 6 4 5 9 7 2 0 3 0 1 3 2 2 7 5 0 2 5 5 y ? c S M C P F T F L Q D G F L L S S S D G S I M M E E M M D t n S e p . l o t t o t a o e i h v a i u e r r e . u . . i d i a e t i n o r n u e r a r u r s i s a n l i n t t L i d m l i t c r L t L r n w t e P n n l s p i n n r t a u n e i e a i s n i M c o o d o e o a g s W S e a n p s a S e n v t i g y r u v u i o u f H a h u a u h R a m g J i o t i B t o i R i i l n a i - i p . p o p k 1 i e l s l l s o a s s i i l 1 y e a l r l o o e o a L t n u c d e l A h n J y e l . l p l k o . t e i i i e e 1 s 1 i s r s u . s * . 1 . d e . i . 1 i l . . . i . . . l . . . a . s . . s . . . . . , . . . . . . , . . , . . , P p + - - - - - + - - + - - + 1 1 - - - - 1 1 - - - - - - - 6 - - - - 1 4 5 7 3 9 6 6 8 5 3 5 2 6 3 2 4 3 4 3 0 0 1 9 4 1 0 2 1 r- - - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 - 1 1 2 1 1 1 2 1 1 1 1 1 1 - - - 1 1 - - - - 2 5 1 5 6 9 1 3 8 9 2 0 6 2 1 4 5 5 4 2 0 3 7 4 4 3 2 1 7 + - - - - - + 1 1 1 - - 1 - - - - - 1 - - - - - - - - - - - 1 5 5 3 2 8 6 7 5 3 5 4 7 6 1 6 3 7 7 4 0 2 4 0 2 0 2 c S D O T T S F S F L L O S S S P S S V R C D H S B a S a c N B a a r t a a h a o u a o o u h o i k a a a a o n o a e o n n v l n n c n o s c n r l l k r e r l l k u l a n s c l s t n r e a l p s a e t g e r l e e n s A a A p a a k a J F D F r h k o a n u t s v j t s o r o W B s m t . o a r n n e o B o n n i s i r s o e i R s a x 1 e l i d e 1 n d g m a t f e e e n e a p n g o o C o r i e e 1 n n a y n l a c n e o l o a n l s r c h t c a e i d n l a a i r l o t h x s r i d o s C n r t d h . s c i J 1 d . * d s . c o . i . . . i l i t . t o . . . . . . n i . x y . . . . . . . . . . . . . o . . . . . . . P - - - - + 2 4 + - 1 - - - - - - - - 1 - - - - - - 9 7 8 4 2 9 1 1 4 5 7 1 2 2 8 2 0 0 3 3 2 0 0 i - - - - - - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 2 1 1 1 1 1 1 - - 1 1 1 1 - - - 0 4 8 5 9 9 3 7 1 1 0 6 0 2 2 5 1 2 2 3 7 4 0 7 n - 2 - - - - 1 + - - - 1 1 1 - - - - - - - - - - - - - 7 8 4 7 6 9 6 7 8 5 2 1 2 9 6 2 0 4 0 2 1 n • i a Rome -12 -18 -13 Kansas City. . -11 -12 -7 Boise and C T A S Y C C C C l p o l k a o e i o e r n l n v r u l i v e o n c e u t n e d o n g i l g m l a n n o f a s 1 i n 1 n b n t e 1 o d a d l u d w t s 1 i 1 * n l. . . . . . * . . . . . . . . . - - 1 1 - - - 5 0 9 3 0 - - - - - - - - - 1 1 1 1 1 1 1 1 2 6 6 9 6 1 3 4 4 1 - - - - - - - 4 3 7 3 7 7 5 * J N S N C K B B a M a e h a r n a c v i w t a e s o k s o a r h t t x s i n o t n O d v o a v n l i n n i i R r a a l l l o n l l r h e o e e o a u 1 ! g n g s a e 1 l * . . . . . . P - - + 1 1 - - - — - -1 9 2 6 6 3 0 3 5 - - - - + 1 1 2 1 - - - 9 7 8 2 2 6 3 4 0 - + + + 1 - - - - 8 9 8 2 3 3 3 0 1 J T W L S D P H K o t u i o e a u . n p i e p n n c t c l J b c e h i v s o o n l h k a i e o l s t s a n i r a e n p s C h o i n ty . . . . , , , , + - - - - 1 - - - 1 6 8 5 8 9 4 3 0 2 - - - - - - 1 + 1 1 1 1 2 - - 3 6 7 4 1 7 6 2 1 - - - 1 + 1 1 - - - - 4 4 1 9 0 0 0 2 o S S T Y P S B E N a p e o a e v a l a o c r l k a e t l t t o k m i i r l t L n m m a a l e e g p a n n t a a a k h t e d * 1 x e a 1 x m C i 1 t . y . . \ P - - - ( 1 + 1 1 - - - 2 4 2 9 5 0 3 ) 3 Q - - - - - - - 1 1 1 1 1 1 - 1 2 7 7 8 3 6 1 0 Q 3 - - - 1 - 1 1 - - - _ 4 5 9 6 4 1 1 7 2 Omaha 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 Seven 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 t e i n c o d - n fur H ni o s u h s in e gs Miscellaneous 1929 122.5 132.5 115.3 141.4 112.5 111.7 104.6 1933 92.4 84.1 87.9 100.7 100.0 84.2 98.4 1940 100.2 96.6 101.7 104.6 99.7 100.5 101.1 1941 . . 105 2 105 5 106.3 106.2 102.2 107.3 104.0 1942 116.5 123.9 124.2 108.5 105.4 122.2 110.9 1943 123.6 138.0 129.7 108.0 107.7 125.6 115.8 1944... 125.5 136.1 138.8 108.2 109.8 136.4 121.3 1945 128.4 139.1 145.9 108.3 110.3 145.8 124.1 1946. ... 139.3 159.6 160.2 108.6 112.4 159.2 128.8 1947 159.2 193.8 185.8 111.2 121.2 184.4 139.9 1948 171.2 210.2 198.0 117.4 133.9 195.8 149.9 1948—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 173.6 211.5 201.6 118.7 137.8 198.8 153.7 172.2 207.5 201.4 118.8 137.9 198.7 153.9 December 171.4 205.0 200.4 119.5 137.8 198.6 154.0 1949—January 170.9 204.8 196.5 119.7 138.2 196.5 154.1 February 169.0 199.7 195.1 119.9 138.8 195.6 154.1 March 169.5 201.6 193.9 120.1 138.9 193.8 154.4 April. . . . 169.7 202.8 192.5 120.3 137.4 191.9 154.6 169.2 202.4 191.3 120.4 135.4 189.5 154.5 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 August 168.8 202.6 187.4 120.8 135.8 184.8 154.8 Back figures.—Bureau of Labor Statistics, Department of Labor. 1260 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities Year, month, or week m c t A o i o e m l d s l i - - F p u r a c o r t m d s - Foods Total T p u e r x c o t t d s il - e li m F g r a i h a u n a t t e d l i e s l n - g M m p u a r e e n c o t t t d d a a s l - l s B m r i u i n a a i t g l l e d s - - l H e p u a a r i c n o t d h t d d e s e - s r c C a a p u l l h r s l c o e i a t e d m s n d - i d - H g n f o o i i u n s u o r g h s d - - e s - n c M e el o i l s u a - - s m R ri a a a t l w e s - M t p u u f r a a c r o n c t e d - s u d - - 1929 95.3 104.9 99.9 91.6 90.4 83.0 100.5 95.4 109.1 94.0 94.3 82.6 97.5 94.5 1930 86.4 88.3 90.5 85.2 80.3 78.5 92.1 89.9 100.0 88.7 92.7 77.7 84.3 88.0 1931 73.0 64.8 74.6 75.0 66.3 67.5 84.5 79.2 86.1 79.3 84.9 69.8 65.6 77.0 1932 64.8 48.2 61.0 70.2 54.9 70.3 80.2 71.4 72.9 73.9 75.1 64.4 55.1 70.3 1933 65.9 51.4 60.5 71.2 64.8 66 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 o 88 s 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 95 102 4 89.7 100 6 98 6 1943 103.1 122.6 106.6 96.9 97.4 80.8 103.8 111.4 117.5 94.9 102 7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 98.4 83.0 103.8 115.5 116.7 95.2 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 100.1 84.0 104.7 117.8 118.1 95.2 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 116. 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 194g—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 1474 6 173 3 203 1 186 2 134 4 148 119.2 175 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. 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 1438 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 June 154.5 168.8 162.4 145 6 139 129 9 167 5 191 4 178 8 116 8 14S 1 111.0 164 5 150.7 July 153.6 166.2 161.3 145.1 138. 1 129.9 168.3 189.0 177.8 118.1 143.1 110.2 163.2 149.7 August 153.0 162.3 160.6 145.1 137.9 129.7 168.7 188.2 179.0 119.7 143.0 109.8 161.3 149.5 Week ending:1 All other Aug. 2 152.6 164.3 160.6 144 9 139 s 130 167 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 no0 167 9 189 6 124 0 Aug 30 152.4 161.6 161.9 144.9 140.1 130.0 167.9 188.8 124.2 Sept. 6 152.7 162.5 161.6 145 3 1406 130 1 168 9 188 8 124 4 Sept 13 154.6 165.6 166.3 145.9 141.3 130.7 168.9 190.2 125.1 Sept. 20 154.1 162.4 166.3 145 9 141 1 1310 169 3 190 2 124 7 Sept. 27 152.4 158.9 162.1 145.5 140.0 131.4 168.9 190.2 123.9 1948 1949 1948 1949 Subgroups Subgroups Aug. May June July Aug. Aug. May June July Aug. Farm Products: Metals and Metal Products: Grains 179.2 159.9 154.9 154.1 150.4 Agricultural mach. & equip... 135.5 144.3 144 3 144.2 144.1 Livestock and poultry 250.0 191.5 193.3 188 5 186 3 TTarm mar-ViiriAt-vr 137 6 146 7 146 7 146 7 146 6 Other farm products 158.7 160.8 156.7 155.0 150.1 Iron and steel . 163 2 165 1 164 7 164.2 163.8 Foods: Motor vehicles 174 1 175 0177 1 178 4 178.4 Dairy products.... 185.1 145.9 145.5 149.2 152.7 Nonferrous metals 165 9 138 2 128 8 132 1 135 9 Cereal products... 154.0 145.1 145 6 146 1 142 8 Pinmhinor nnrl Vieatinff 153 9 154 8 154 7 154 7 154 7 Fruits and vegetabes . . 140.5 167.3 157.5 145.4 130.3 Building Materials: Meats 273.7 215.2 215 5 212.2 210 7 159 2 160 8 160 8 161 5 161 4 Other foods 148.2 128.5 127.8 130.5 136.5 Cement . .. 133 0 134.3 H4 133. £ 133.6 Hides and Leather Products: Lumber 319 9 285 2 7r277 4 277 A Shoes 189.4 184.0 184.1 183.8 183.8 Paint and paint materials 158.4 157.4 153 6 145.2 143.8 Hides and skins . 212.1 188.2 186.0 184.7 194.5 Plumbing and heating 153.9 154.8 154 7 154.7 154.7 Leather 186.0 177.4 177 1 175 4 173 7 Sfnirhirai «5f*>**1 178 8 178 8 178 178 $ 178 8 Other leather prodnets.... 148.6 144.6 144.4 144.2 141.9 Other building materials 173.4 170.5 168 5 168.5 167.3 Textile Products: Chemicals and Allied Products: Clothing 148.7 146.0 145 6 144 8 144 8 127 2 116 9 116 0 118 1 118 0 Cotton goods .... 205.3 172.6 169.7 167.8 169.5 Drugs and Pharmaceuticals. . 153.4 123.6 124.3 124/ 125.0 Hosiery and underwear.... 104.7 100.4 99.6 98.5 98.5 Fertilizer materials 114.9 118.9 117 S 120/r 121.8 Silk 46.4 50.1 49.2 49 2 49 2 M^ixed fertilizer? 105 9 108 3 108 3 108 :\ 107 9 Rayon 41 6 40 8 39 6 39 6 39 6 Otic and fnfo 185 1 127 0 116 ° 118 •> 130 3 Woolen and worsted goods. 158.4 159.7 159.7 157.6 152.6 Housefurnishing Goods: Other textile products 186.6 179.1 177.7 178.8 180 9 T^nrnisViincrs 149 3 151 9 150 Q 149 :5 149 2 Fuel and Lighting Materials: Fnrnitnrp . . . 141.6 140.3 no 136.S) 136.6 Anthracite .. 136.0 133.7 134.2 135.4 135.9 Miscellaneous: Bituminous coal... 194 6 188 9 188 6 188 9 188 8 ubes 66 2 64 5 62 1 60 () 60 6 Coke 217.4 222.7 222.4 222 0 222 0 Cattle feed 198 4 213 8 199 204 *r 197 9 Electricity 65.5 68.2 68.9 Paper and pulp 169 0 163.3 1S9 6 156 I5 156.8 Gas 86.9 90.9 90.1 89 5 Rubber crude 48 1 37 4 34 s 35 35 6 Petroleum products 122.1 110.7 110.4 110.2 109.7 Other miscellan£OUS 132.2 122.4 121.9 121..> 121.1 r Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data. Back figures.—Bureau of Labor Statistics, Department of Labor. OCTOBER 1949 1261 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 __ * 1.2 1.4 1.6 4.0 4.2 1.0 -.3 .3 -.8 -1.3 .1 n.a. Plus: Subsidies less current surplus of government enterprises -.1 0) 5 1 7 9 — i 1 _ i 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 .0 .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 4.5 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 46.3 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 Annual totals Seasonally b a y d j q us u t a e r d t er a s nnual rates 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 2 3 4 1 2 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 ^ 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 income8 19.7 7.2 14.7 20.8 35.5 41.2 45.1 49.5 50.4 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 24.6 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 19.1 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 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. Corporate profits before tax 9.8 .2 6.5 17.2 24.3 23.6 31.6 34.8 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 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 Z.9 4.1 4.2 4.3 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. 1262 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 annualrates by quarters 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 2 3 4 1 2 Gross national product 1C3 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 l 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 18 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 l —2 1 4 7 8 9 1 9 2 8 1 0 7 g 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 a n r war } ,.3 2.0 3 1 .3 9 1 3 3 .8 2 88 1 .6 6 2 2 1 .2 5 ] 17.0 21.5 21 0 23.1 23.8 25.3 25.7 Less* Government sales 2 1.2 2.9 1.3 6 .7 .3 .3 .2 .2 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 Diviige and salary disbursements Less em- Pro- dends Year or month in s P c o o e n r m a - l e re T c o e t i a p l ts4 b m T u d o e i r s n t s - a e t l s - d p m in u C ro o g s o d t d m r u i i i n t e c - y - s - D i u n t i r s t d i i t e u v ri s s e b - - S in t e r d r i v e u s 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 e6 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 a in 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 10.2 8 6 20 8 9 9 3 1 86 1 1942 122.7 80.7 81.9 39.1 18.0 87..68 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 11.1 188.8 214 5 134.6 136.8 60.7 39.8 16.9 19.4 2 2 2 0 50 8 16 0 111 190 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 r213.1 135.0 137.2 58.3 '41.1 17.3 20.5 2.2 2.1 46.7 17.3 12.0 192.6 June 212.4 134.0 136.3 58.3 40.4 17.1 20.5 2.3 2.2 46.8 17.3 12.1 191.8 Julyp 209.7 133.7 135.9 58.1 40.2 17.0 20.6 2.2 2.1 44.5 17.3 12.1 191.1 P Preliminary. f Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 1 Consists of sales abroad and domestic sales of surplus consumption goods and materials. * 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. 6 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a'noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net nterest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. OCTOBER 1949 1263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS fEstimated amounts outstanding. In millions of dollarsl Instalment credit Noninstalment credit E o n r d m of o n y t e h ar co c T n r s o e u d t m a 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 n m r i o e n e t d n s a i t t l t al- p S a l y i o n m a g n l e e s n 8 - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1929 7.628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933 3.912 1,588 1 ,122 459 663 466 2,324 776 1,081 467 1938 7,047 3,595 2,313 970 1,343 1,282 3,452 1,442 1,487 523 1939 7,969 4,424 2,792 1,267 1,525 1,632 3,545 1,468 1,544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 3,698 1.488 1,650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 1 601 1,764 610 1942 6,578 3,048 1,617 482 1,135 1.431 3,530 1,369 1,513 648 1943 ... 5,378 2,001 882 175 707 1,119 3,377 1,192 1,498 687 1944 5,803 2,061 891 200 691 1.170 3,742 1,255 1,758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1,520 1,981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2 263 3 054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 ... 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 194g—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 '15,748 '•8,424 -•4,370 1,965 ••2,405 4,054 7,324 2,904 3,457 963 February '•15,325 8,339 4,306 1,996 2,310 4,033 '6,986 2,865 '3.169 952 March '15,335 '8,429 '4,364 2,105 '2,259 4,065 '6,906 2,816 '3,121 969 April... . '15,595 '8,630 '•4,517 2,241 '2,276 4,113 '6,965 2,764 '3 232 969 May '•15.843 '8,888 '4,718 2,386 '2,332 4,170 '6,955 2,739 '3,235 981 June 16,122 9,122 4,869 2,499 2,370 4,253 7,000 2,752 3,274 974 TUIVP 16.187 9,331 5.009 2,610 2,399 4,322 6.856 2.768 3.123 965 August P 16,452 9,613 5,229 2,767 2,462 4,384 6,839 2,798 3,064 977 P Preliminary. ' Revised. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding (end of period) Year or month Total m ba C e n r o c k m i s a - l 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 o o r d i i m a a u e n l s s - - * 1929 643 43 263 219 1933 466 29 246 121 1938 1,282 312 380 129 1939 1,632 523 448 131 1940 1,967 692 498 132 1941 2,143 784 531 134 1942 1 ,431 426 417 89 1943 1,119 316 364 67 1944 1,170 357 384 68 194S 1,422 477 439 76 1946 2,352 956 597 117 1947 3,348 1,435 701 166 1948 4,072 1,709 817 204 1948—July 3,889 1,669 757 199 August 3,954 1,701 763 September. . 3,997 1,712 771 October 3.994 1,700 772 November. . 4,012 1,701 780 December... 4,072 1,709 817 1949—January.. .. 4.054 1,705 812 February. .. 4,033 U695 806 March.. 4,065 1,720 807 April 4,113 1,749 815 May . . 4,170 1,788 818 June 4,253 1,836 827 July* 4,322 1,866 843 August P .... 4,384 1,897 851 ototototot ot ot oi Loans made by principal lending institutions (during period) Insured 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 - m i l r z o e a o a a p n d t n i a d e o s i r n r n ! - m b C a e n o r k m ci s a - l 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 n o o r d i i a m u a e n l s s - - J u C n r i e o d n i ? t 23 95 463 413 38 20 50 322 202 32 95 103 117 146 460 664 238 176 176 99 135 96 200 680 827 261 194 237 104 174 99 268 1,017 912 255 198 297 107 200 102 285 1,198 975 255 203 344 72 130 91 206 792 784 182 146 236 59 104 86 123 639 800 151 128 201 60 100 88 113 749 869 155 139 198 70 103 93 164 942 956 166 151 199 98 153 109 322 1,793 1,231 231 210 286 134 225 119 568 2,636 1,432 310 282 428 160 312 131 739 3,069 1,534 376 319 577 152 282 125 705 277 130 33 26 52 154 291 125 717 270 126 32 27 52 155 300 126 727 254 122 31 26 51 155 302 126 735 222 116 29 24 44 156 304 127 740 237 134 31 26 46 160 312 131 739 251 180 37 31 57 159 309 130 737 236 112 31 26 42 159 308 130 734 215 109 28 25 44 161 315 130 729 287 142 36 30 58 207 163 323 131 725 278 146 33 29 58 213 165 333 131 722 288 135 35 28 60 219 167 346 132 726 303 140 38 28 68 225 169 357 133 729 282 155 35 28 59 229 171 368 134 734 295 143 37 29 67 P Preliminary. 1 Figures include only personal instalment cash loans and retail automobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of August amounted to 96 million dollars and loans made during August were 12 million. » Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. » Includes only loans insured by Federal Housing Administration. 1264 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING CONSUMER INSTALMENT CREDITS OF COMMERCIAL AUTOMOBILE CREDIT BANKS, BY TYPE OF CREDIT [Estimated amounts outstanding. In millions of dollars] [Estimates. In millions of dollars] Depart- Automobile Other Repair Pery E m e n a o d r n t o o h f r in e m T g x o o c a l b t 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 e d e i e s - - J s e t w o e re lr s y s o r t e A t o h t r a l e e l i r l s Year or month Total c P ha u s r r e - e d ta D i l l o i a re n c s t c d r h p a e ir a n u t 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 - 1 - 2 i l s m n c o o a s a e n t s n n a a h s t l l houses Outstanding at end of 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—July 3,319 502 691 678 582 866 1939 1,525 377 536 273 93 246 August 3,410 529 713 698 592 878 1940 1,721 439 599 302 110 271 September.... 3,486 550 723 725 608 880 1941 1,802 466 619 313 120 284 October 3,504 561 723 731 620 869 1942 1,135 252 440 188 76 179 November.... 3,528 565 730 736 631 866 1943 707 172 289 78 57 111 December 3,563 570 736 751 636 870 1944 691 183 293 50 56 109 1949—January 3,558 564 737 758 631 868 1945 715 198 296 51 57 113 February 3,517 572 737 724 626 858 1946 1,104 337 386 118 89 174 March 3,556 598 759 709 630 860 1947 1,935 650 587 249 144 305 April 3,629 631 785 712 636 865 1948 2,567 874 750 387 152 404 May 3,740 664 817 736 650 873 June 3,852 688 843 750 676 895 1948 July? 3,933 718 869 761 684 901 AugustP 4,044 754 890 778 711 911 July 2,160 732 629 339 120 340 August.... 2,237 759 652 356 118 352 Volume extended dur- September. 2,335 786 685 377 119 368 ing month: October. . . 2,350 797 687 379 117 370 1948—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. . . '2,405 '815 704 366 141 379 1949—January 426 68 94 100 32 132 February.. 2,310 778 685 353 130 364 February 383 71 90 74 33 115 March.... '2,259 '756 675 348 124 356 March 517 105 129 94 45 144 April '2,276 '760 683 351 123 '359 April 527 113 129 99 48 138 May '2,332 '771 704 367 123 367 May 568 112 136 124 54 142 June 2,370 773 718 382 124 373 June 592 109 135 124 67 157 J A u u ly g p ustP... 2 2 , , 4 3 6 9 2 9 7 7 6 8 6 1 7 7 3 5 0 4 4 4 1 0 7 4 1 12 2 2 1 3 3 7 8 8 8 J A u u ly g p ustP 5 5 4 9 1 9 1 1 1 2 2 7 1 13 2 4 9 1 1 0 1 9 4 5 7 0 5 1 1 4 4 1 9 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 3 and instal- ment paper s 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 a n J 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—July 277.8 64.3 42.1 49.1 122.3 1948—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 A June 185.7 41.2 26.7 5.3 112.5 July? 309.4 78.8 50.3 51.4 128.9 July? 187.9 41.6 28.5 5.3 112.5 August?. . 317.4 82.9 52.3 52.9 129.3 August?. . 190.0 42.3 29.5 5.8 112.4 Volume extended Volume extended during month: during month: 1948—July 41.4 11.3 6.9 3.1 20.1 1948—July 29.1 6.7 3.3 0.5 18.6 August 40.1 10.6 6.5 3.6 19.4 August 28.6 6.0 3.6 0.4 18.6 September 38.8 9.8 6.6 3.5 18.9 September. 28.1 6.1 3.8 0.5 17.7 October 33.5 7.6 4.9 3.5 17.5 October... 25.4 5.1 3.0 0.5 16.8 November. 35.1 8.1 4.6 3.4 19.0 November. 27.7 6.0 3.4 0.4 17.9 December.. 39.0 7.9 5.4 3.0 22.7 December. 30.7 5.3 3.4 0.5 21.5 1949—January. . . 33.1 7.6 4.3 2.3 18.9 1949—January... 25.7 4.9 2.7 0.3 17.8 February.., 31.2 7.6 4.3 2.2 17.1 February. 25.1 4.8 2.8 0.3 17.2 March 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 June 31.1 6.7 4.8 0.6 19.0 July? 41.9 11.3 7.5 3.2 19.9 Julyp 30.8 6.7 5.2 0.5 18.4 August?. . . 47.7 14.1 8.2 4.7 20.7 August?. . . 31.0 6.6 4.6 0.8 19.0 p Preliminary. r Revised. l Includes not only loans insured by Federal Housing Administration but also noninsured loans. 1 Includes both direct loans and paper purchased. OCTOBER 1949 1265 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 Instalment accounts a C cc h o a u rg n e ts month month of preceding Item 1 A 9 u 4 g 9 . ? J 1 u 94 ly 9 J 1 u 9 n 4 e 9 1 A 9 u 4 g 9 . ? y J 1 u e 94 a ly r 9 J 1 u 9 n 4 e 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 i s - h H p s o l t o l i o d a u r n e a s 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 +15 -9 -5 -9 -13 -12 July 23 14 17 16 51 Credit sales: + 15 -14 -5 -18 -27 -23 A Se u p g t u e s m t ber... 2 2 3 4 1 1 4 4 1 1 7 6 1 1 6 6 5 5 3 1 Instalment +18 -6 -4 0 -5 -8 October 24 14 16 16 54 Charge account +13 -14 0 -17 -24 -17 N De o c v e e m m b b e e r. r . . . . . 2 2 4 5 1 1 4 4 1 1 5 5 2 1 0 7 5 5 5 3 Accounts receivable, end of month: 1949 Total +3 +1 +2 +8 +8 +8 January 22 12 15 14 52 Instalment . . +3 +1 +2 +13 +12 +13 F M e a b r r c u h ary 2 2 5 2 1 1 2 4 1 1 4 5 1 1 4 3 5 5 6 0 Collections during April 24 13 14 14 '54 month: May 24 13 14 14 •"54 Total +1 -3 -2 -7 -11 Q June 24 12 14 14 54 Instalment +5 -4 -1 -1 -7 -4 J A u u ly gust? 2 2 2 3 1 1 2 2 1 1 3 4 1 1 3 4 5 5 2 0 Inventories, end of month, at retail value. -1 -6 -6 -19 -17 -13 p Preliminary. ' Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, withoutseasonal adjustment, 1941 average =100 Percentage of total sales Sales during month Accounts receivable Collections during Year or month at end of month month Cash Instal- Charge- Total Cash I m ns e t n al t - a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t I m ns e t n a t l- a C c h c a o r u g n e t sales sales ac s c a o le u s nt Averages of monthly data: 1941 100 100 100 100 100 100 100 100 48 9 43 1942 114 131 82 102 78 91 103 110 56 6 38 1943 130 165 71 103 46 79 80 107 61 5 34 1944 145 188 65 112 38 84 70 112 64 4 32 1945 162 211 67 125 37 94 69 127 64 4 32 1946 202 242 101 176 50 138 91 168 59 4 37 1947 214 237 154 200 88 174 133 198 55 6 39 1948 225 236 191 219 142 198 181 222 52 7 41 194g—juiy 173 187 163 159 138 167 169 213 54 8 38 August •. .... 188 196 '193 177 144 165 173 184 52 9 39 September 228 231 214 228 151 188 186 188 50 8 42 October 248 255 202 250 155 206 196 220 51 7 42 263 272 215 263 160 219 204 243 51 7 42 December 380 407 278 370 176 281 212 252 53 6 41 173 182 136 171 163 219 212 '314 52 7 41 162 168 131 162 157 187 '194 '235 51 7 42 203 208 171 204 '152 '180 '210 '227 51 7 42 April «.......• 223 231 188 221 '152 '190 '196 209 51 8 41 May 207 210 182 210 '153 '191 '196 220 50 8 42 June . . 200 205 168 201 '152 '187 '194 222 51 7 42 July 149 157 147 141 150 163 178 202 52 9 39 August? 179 181 195 173 155 161 188 184 50 10 40 P Preliminary. p Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1257. 1266 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 Aug. Sept. Sept. Sept. Sept. page Aug. Sept. Sept. Sept. Sept. 14 21 28 i 31 14 21 28i WEEKLY FIGURES' In billions of dollars RESERVE BANK CREDIT, ETC. WEEKLY FIGURES 2—Cont. In unit indicated Reserve Bank credit, total 2 18.23 17.78 17.80 17.63 18.40 U. S. Govt. securities, total.. 3 17.52 17.41 17.25 17.15 17.85 BUSINESS CONDITIONS Bills 3 3.49 3.53 3.58 3.53 4.22 Wholesale prices: Notes and certificates.... 3 6.26 6.11 5.90 6.08 6.10 Indexes (1926=100): Bonds 7.78 7.78 7.78 7.54 7.54 Total 65 152.4 152.7 154.6 154.1 152.4 Gold stock 2 24.61 24.65 24.65 24.69 24.60 Farm products 65 161.6 162.5 165.6 162.4 158.9 Money in circulation 2 27.39 27.59 27.45 27.37 27.35 Foods 65 161.9 161.6 166.3 166.3 162.1 Treasury cash and deposits.... 1.92 1.79 1.65 2.12 2.48 Other commodities 65 144.9 145.3 145.9 145.9 145.5 Member bank reserves, total .2, 16.51 16.00 16.32 15.76 16.02 Basic commodities: New York City 4.57 4.49 4.47 4.62 4.46 (Aug. 1939 = 100): Chicago 1.13 1.12 1.12 1.13 1.11 Total 67 249.0 251.3 253.5 248.5 246.5 Reserve city banks 6.12 6.05 6.05 6.07 5.94 Foodstuffs 67 298.3 301.7 304.0 293.0 290.1 Country banks 4.35 4.47 4.48 4.49 4.30 Industrial materials 67 225.5 228.9 230.7 229.2 228.6 Required reserves 4 15.34 15.06 15.21P15.17P15.11 Selected farm products: Excess reserves, total* 4 1.18 .93 1.12 .60 .91 Wheat (cents per bushel). 68 209.4 212.0 213.8 212.9 219.3 New York City 5 .01 .05 .02 .09 .01 Corn (cents per bushel)... 68 131.6 132.7 132.4 129.4 131.2 Chicago 5 (3) .01 (3) .01 (3) Cotton (cents per pound). 68 30.4 30.1 30.3 29.8 29.7 Reserve city banks 5 .16 .25 .20 .18 .11 Steers (dollars per 100 Country banks' 5 .66 .75 .75 P.76 P.60 pounds) 68 25.72 26.18 27.61 26.63 26.80 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 All reporting banks: pounds) 68 21.52 22.06 21.80 20.41 19.91 Loans and investments 14 65.78 65.69 66.29 66.46 66.06 Butter (cents per pound).. 68 62.0 62.0 62.0 61.9 61.8 U. S. Govt. securities, total. 14 37.31 37.38 37.59 37.87 37.00 Eggs (cents per dozen)... 68 48.8 50.5 53.3 53.3 50.9 Bonds 16 26.54 26.55 26.60 26.12 26.09 Production: Notes and certificates 16 7.51 7.61 7.76 8.35 8.31 Steel (% of capacity) 71 86.3 84.2 86.6 86.2 84.6 Bills 16 3.26 3.22 3.23 3.40 2.61 Automobile (thous. cars)... 71 137 116 151 »-150 145 Other securities 18 4.98 4.97 5.04 5.06 5.06 Crude petroleum (thous, Demand deposits adjusted.. 14 46.75 46.41 46.93 46.44 46.47 bbls.) 72 4,762 4,850 4,845 4,875 4,890 U. S. Govt. deposits 14 2.32 2.07 2.31 2.63 2.76 Bituminous coal (mill, tons). 72 1.34 1.20 1.40 0.32 Lo C an o s m , m to e t r a c l i al 1 1 4 8 2 1 3 2 . . 4 9 9 7 2 1 3 3. . 0 3 1 4 2 1 3 3 . . 6 1 6 7 2 1 3 3 . . 5 2 3 9 2 1 4 3 . . 0 3 0 8 P M a e p a e t r b ( o m a i r l d l, p (t o h u o n u d s s . ) tons)... 7 7 3 3 2 1 9 9 0 4 2 1 6 5 0 7 3 2 1 0 1 5 2 2 0 9 2 6 2 28 0 8 7 F R o e r a l p e u s r t c a h te a sing securities: 18 4.19 4.19 4.20 4.21 4.21 Fre E i l g e h c t t r c ic a r p lo o a w d e i r n g (m s( i t l h l. o k u w s. . c h a r r s s . ) ) 75 5,544 5,258 5,579 5,556 5,521 Total 18 2.27 2.19 2.21 2.02 2.31 Total 74 704 624 743 662 658 U O . t h S e . r G se o c v u t r . i t s ie e s c urities.. 1 1 8 8 1 1 . . 2 0 1 7 1 1. . 1 0 1 8 1 1. . 1 0 3 7 1. . 1 9 0 1 1 1. . 1 1 2 9 De M pa is r c tm ell e a n n t e o st u o s r e sales 74 333 302 352 362 365 Other 18 4.10 4.12 4.14 4.13 4.18 (1935-39=100) 75 295 273 315 292 New York City banks: Loans and investments 1 19.31 19.15 19.38 19.49 19.33 1949 U. S. Govt. securities, total. 1 10.68 10.59 10.61 10.92 10.44 Bonds, total holdings .... 7.72 7.71 7.69 7.61 7.59 Due or callable—5 yearf 6.13 6.12 6.10 6.01 5.99 June July Aug. Notes and certificates.... 2.06 2.09 2.15 2.30 2.30 Bills .89 .80 .77 1.01 .55 Demand deposits adjusted.. 14.95 14.77 15.09 14.91 14.91 U. S. Govt. deposits .98 .85 .91 1.02 1.06 MONTHLY FIGURES In billions of dollars Interbank deposits 3.76 3.-91 3.91 3.82 3.70 Time deposits 1.60 1.60 1.60 1.61 1.6: DEPOSITS AND CURRENCY Loans, total 7.31 7.23 7.39 7.22 7.54 C Fo o r m p m u e rc rc h i a a s l ing securities: 19 4.56 4.60 4.65 4.72 4.77 De T p o o t s a i l t s and currency:* 6 167.93 P167.8O P170.00 To brokers: Excluding U. S. Govt. de- Re T al o O O e o n s n t t h a o U e t t e r . h s e S a r n . d s G e o o c v u t t h r s i e ti r e . s . . . . . . 1 1 1 1 9 9 9 9 1. . . . 0 9 5 2 1 1 0 6 1. . . . 0 7 5 2 4 7 4 6 1. . . . 0 7 5 3 4 9 2 0 1. . . . 0 6 5 2 3 5 3 4 1. . . . 0 9 2 5 3 3 4 5 T D C U i u . e m m r S r e e p . a n o n G d c s d e o i y p t v s d o o t e s . u p it d t o s s e s i p a d it d o e s j s u b i a t s d s a t j e n u d k s t s e . d .. . . . 6 6 6 6 6 1 8 5 2 6 1 2 8 5 5 . . . . .3 8 4 2 6 0 8 8 7 3 P P P P 1 P 8 2 5 6 4 3 8 i 6 . . . . . 5 9 3 4 10 0 0 0 0 P P P P 1 P 5 2 6 8 3 8 5 6 3 . . . . . 3 1 9 4 1 0 0 0 0 0 Ba L U n o . k N B a S s n o o . s o n t G e d u a s s o n t s a v d i n t d . d i e n s v e c N e c e s u e r t w r t m i i t f i e Y e i n c s o t , a s r t t k e o s t C . a . l i . . . ty: 4 2 1 6 6 8 5 . . . . 8 6 4 4 1 3 7 5 4 2 1 6 6 5 8 . . . . 7 5 5 8 9 4 2 4 4 2 1 6 6 5 8 . . . . 6 9 9 9 2 1 2 8 4 2 1 6 6 8 6 . . . . 5 0 9 9 1 7 5 5 4 2 1 6 6 6 8 . . . . 7 0 5 5 4 6 0 0 Mo $ C B n 1 i o e l 0 i l y n s a s o n i , n f d $ c $ 1 $ i 5 , 2 r 0 $ c 0 2 u a b , l n a i a d t l n l i s o d o n v , $ e 5 t r o b t i a l l l . s . . . . . . 7 7 2 1 8 4 7 4 . . . . 5 5 4 4 1 0 9 8 2 1 8 4 7 4 . . . . 4 3 4 4 9 9 8 3 2 1 4 8 7 4 . . . . 4 4 3 4 9 8 9 2 Bills 2.37 2.42 2.46 2.39 2.06 Demand deposits adjusted.. 31.80 31.64 31.84 31.53 31.56 U. S. Govt. deposits 1.34 1.23 1.40 1.61 1.70 Annual rate Interbank deposits 6.20 6.73 6.90 6.53 6.2: T L i o m C R an o e e a s m , d l m e t e o p s e t o t r a a s c l t i i e t a s l 1 1 3 8 3 6 . . . . 4 9 6 1 1 7 9 8 1 1 3 8 6 3 . . . . 4 9 1 6 1 1 7 9 1 1 3 8 3 6 . . . . 5 9 6 2 3 9 7 7 1 1 4 8 6 3 . . . . 3 5 6 0 1 7 7 0 1 1 3 8 3 6 . . . . 6 9 6 4 2 9 6 6 Tu N O rn e th o w e v r e Y r l o e o a r f k d i d n C e g i m ty c a i n ti d e s d eposits:6 8 8 2 1 8 8 . . 4 5 2 1 9 8 . . 0 9 3 1 0 9 . . 4 0 For purchasing securities. .60 .62 .60 .59 .59 Other 3.30 3.30 3.31 3.32 3.36 In billions of dollars MONEY RATES, ETC. Per cent per annum COMMERCIAL BANKS U* S. Govt. securities: 3 C 7 B 1 - - 5 e i 5 9 l r l y t s i y y e f e e ( a i n c a a r a e s 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 .0 . . 2 0 5 3 8 5 1 2 . 1 1 1 . 0 . . . 2 0 4 2 5 2 8 8 4 8 4 4 1 2 1 1 1 . . . . 0 . 2 7 0 6 3 3 2 8 2 7 1 2 1 1 1 . . 0 . . . 0 3 2 7 76 8 H 2 2 1 2 1 1 1 .0 . . . . 3 5 0 7 2 9 9 9 3 3 L C o a L O U a sh o n t . h a s S a e n a . s r s n s * G e s d e t o s c i v * n u t v r . i e t s s i e e t c m s u * e r i n t t ie s, s * total*. 9 9 1 3 4 6 1 4 1 9 3 3 . . . . . 5 0 2 2 7 3 3 2 0 7 P1 P P P 1 4 3 6 P 4 0 2 4 9 . . . . . 7 5 6 4 8 0 0 0 0 0 P1 P P P P 1 6 3 I 4 7 6 O 1 1 . . . . . 9 O 7 9 2 O O O 0 0 Corporate bonds: Aaa 32 2.60 2.61 2.60 2.61 Holdings of U. S. Govt. se- B H a ig a h-grade (Treas. series).. 3 3 2 2 2 3 . . 5 3 7 8 3 2 . . 3 5 6 8 3 2. .3 6 7 0 3.37 Bo c T n u o d r t i s a t : i l e s : 10 42.06 42.32 *42.52 Sto T R P I c n u o a k d b i t l u a l p r i l s o c r t i a r c u d i e a t s l i li ( t 1 y 9 35-39=100): 3 3 3 3 < 4 4 4 1 1 9 9 2 2 9 3 8 1 In 1 1 1 9 0 2 2 u 4 0 9 3 nit in 1 1 1 d 9 3 0 2 i 6 2 0 5 cated 1 1 1 9 0 2 2 4 0 3 9 1 1 1 9 0 2 3 6 0 4 1 N Bi o l W O 5 1 l t s - - e v 1 5 i s e t 0 h r a y i n y e n 1 d e a 0 a r 1 s c r y s y e e r e a t a i r f r s i cates 1 1 1 1 1 1 0 0 0 0 0 0 2 1 6 3 2 6 5 1 . . . . . . 5 8 2 9 3 3 9 2 6 3 4 0 2 1 3 6 5 3 6 1 . . . . . . 6 4 6 9 3 8 1 2 5 6 6 0 P " 1 P P 2 " « 3 2 4 6 5 6 . . . . . . 9 7 7 2 3 5 7 1 5 2 4 0 Volume of trading (mill, shares) 34 .71 .80 1.36 1.27 1.14 Guaranteed securities 10 For footnotes see p. 1270. OCTOBER 1949 1267 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 1949 book Chart page June July Aug.i b p o a o g k e June July Aug.1 MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. 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 95.25 96.27 99.18 By class of security—Cont. Loans 12 34.74 33.93 34.52 Bonds—Total outstanding.... 24 110.59 110.59 110.59 U. S. Govt. securities 12 52.81 54.32 56.46 Nonbank (unrestricted issues Other securities 12 7.70 8.01 8.20 only), commercial bank, Demand deposits adjusted* 12 69.59 70.52 70.84 and F. R. Bank 24 66.83 66.80 *66.80 Time deposits 12 29.36 29.30 29.26 Commercial bank and F. R. Balances due to banks 12 10.08 10.48 10.51 Bank 24 49.84 50.10 •50.30 Balances due from banks 12 4.88 5.21 5.25 F. R. Bank 24 7.78 7.78 7.78 Reserves 12 18.07 17.56 16.87 By earliest callable or due date: Central reserve city banks: Withinl year-Total outstanding 25 52.30 52.11 52.71 Loans and investments, total 12 23.87 23.87 24.84 Commercial bank and F. R. Loans 12 9.38 8.58 8.95 Bank 25 31.59 32.15 «32.67 U. S. Govt. securities 12 12.94 13.57 14.10 F. R. Bank 25 12.19 11.37 10.37 Other securities 12 1.55 1.71 1.79 1-5 years—Total outstanding. 25 39.17 39.17 39.17 Demand deposits adjusted* 12 18.87 18.91 18.88 Commercial bank and F. R. Time deposits 12 2.83 2.78 2.77 Bank 25 28.43 28.54 «28.62 Balances due to banks 12 4.72 4.90 4.83 F. R. Bank 25 2.12 2.12 2.12 Reserves 12 6.00 6.01 5.87 5-10 years—Total outstanding 25 15.07 15.07 15.07 Reserve city banks: Nonbank (unrestricted issues Loans and investments, total 13 35.02 35.82 37.01 only), commercial bank, Loans 13 13.36 13.33 13.42 and F. R. Bank 25 10.38 10.37 «10.37 U. S. Govt. securities 13 18.97 19.68 20.71 Commercial Bank and F. R. Other securities 13 2.69 2.81 2.88 Bank 25 7.17 7.23 *7.3O Demand deposits adjusted* 13 24.33 24.84 24.94 F. R. Bank 25 .58 .58 .58 Time deposits 13 11.64 11.61 11.61 Over 10 years—Total outstand- Balances due to banks 13 4.58 4.78 4.88 ing 25 48.60 48.60 48.60 Balances due from banks 13 1.62 1.69 1.62 Nonbank (unrestricted issues Reserves 13 6.82 6.56 6.36 only), commercial bank, Country banks: and F. R. Bank 25 9.53 9.51 •9.51 Loans and investments, total 13 36.36 36.58 37.34 Commercial bank and F. R. Loans 13 11.99 12.02 12.15 Bank 25 8.39 8.41 •8.43 U. S. Govt. securities 13 20.91 21.07 21.65 F. R. Bank 25 4.45 4.45 4.45 Other securities 13 3.46 3.49 3.54 Cash income and outgo: Demand deposits adjusted* 13 26.39 26.76 27.02 Cash income 26 4.80 2.08 3.15 Time deposits 13 14.88 14.91 14.88 Cash outgo 26 4.54 2.97 3.73 Balances due from banks 13 3.10 3.33 3.47 Excess of cash income or outgo. ... 26 + .26 -.88 -.58 Reserves 13 5.25 4.98 4.64 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.158 0.990 1.027 Corporate bonds: CONSUMER CREDIT* Aaa 29 2.71 2.67 2.62 Baa 29 3.47 3.46 3.40 Consumer credit, total , 20 16.12 P16.19 P16.45 F. R. Bank discount rate 29 1.50 1.50 1.50 Single-payment loans 20 2.75 P2.77 P2.80 Commercial paper 29 1.56 1.56 1.44 Charge accounts 20 3.27 P3.12 P3. 06 Stock yields: S In e s r t v a i l c m e e c n re t d c i r t edit, total 20, 2 2 0 1 9. . 1 97 2 P P 9 . . 9 3 7 3 P P 9 . . 9 6 8 1 Di C vi o d m en m d o s n /p s r t i o c c e k r atio: 33 7.22 6.78 6.61 I I n n s s t t a a l l m m e e n n t t s lo a a le n s c redit, total .... 2 2 1 1 4 4 . . 8 2 7 5 P P 4 5 . . 3 0 2 1 P P 4 5 . . 3 2 8 3 Preferred stock 33 3.98 3.97 3.90 A O u th to e m r obile 2 2 1 1 2 2 . . 5 3 0 7 P P 2 2 . . 6 4 1 0 P P 2 2 . . 7 4 7 6 In unit indicated Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 = 100), total... 35 112 118 122 Stock market credit (mill, dollars): Bank loans 35 421 429 444 GOVERNMENT FINANCE Customers' debit balances 35, 36 681 690 699 Money borrowed 36 493 399 404 Gross debt of the U. S. Government: Customers' free credit balances.... 36 528 530 548 Total (direct and guaranteed) 22 252.80 253.90 255.88Volume of trading (mill, shares) 35 .81 .94 .95 Bonds (marketable issues) 22 110.59 110.59 110.59 Notes, certificates, and bills 22 44.56 44.37 44.97 BUSINESS CONDITIONS Savings bonds, savings notes.... 22 61.12 62.16 63.31 Personal income (annual rates, bill Special issues 22 32.78 33.05 33.36 dollars): •» Guaranteed, noninterest-bearing Total 48 211.9 209.7 P211.5 debt, etc 22 3.75 3.74 3.66 Total salaries and wages 48 133.9 '134.2 P134.5 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 '63.7 '61.3 P62.5 Commercial banks* 23 63.20 64.90 P66.60 All other 48 14.3 14.2 P14.5 Fed. agencies and trust funds... 23 38.27 38.52 38.85 Labor force (mill, persons):e F. R. Banks 23 19.34 18.53 17.52 Total 49 64.9 65.3 65.1 Individuals* 23 68.80 68.90 P69.00 Civilian 49 63.4 63.8 63.6 Corporations and associations *. . 23 22.50 22.60 P23.60 Unemployment 49 3.8 4.1 3.7 Insurance companies6 23 20.90 20.70 P2O.5O Employment 49 59.6 59.7 59.9 Mutual savings banks* 23 11.60 11.60 Pi1.60 Nonagricultural 49 49.9 50.1 51.4 Ma S r t k a e te t a a b n le d p lo u c b a l l i c g o is v s t u s e .* s : 23 8.20 8.20 P8. 20 Emp l l i o s y h m m e e n n t t s i n ( m no il n l, a g p r e i r c s u o l n tu s r ) a :e l 6 e 6 stab- By class of security: Total 50 42.85 42.70 P42.98 Bills—Total outstanding 24 11.54 11.53 12.12 Manufacturing and mining 50 14.97 14.89 P15.00 Commercial bank and F. R. Construction 50 2.10 2.13 P2.16 Bank 24 7.16 7.39 P7.7O Transportation and utilities 50 4.00 3.97 *3.96 F. R. Bank 24 4.35 3.77 3.49 Trade 50 9.45 9.37 P9.42 Notes and certificates—Total Government 50 5.79 5.81 P5.91 outstanding 24 33.02 32.84 32.84 Hours and earnings at factories:6 Commercial bank and F. R. Weekly earnings (dollars) 51 54.55 54.67 >54.60 Bank 24 18.58 18.84 P19.01 Hourly earnings (dollars) 51 1.406 1.409 H.400 F. R. Bank 24 7.22 6.97 6.26 Hours worked (per week) 51 38.8 38.8 *39.0 For footnotes see p. 1270. 1268 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 June July Aug.1 page June July Aug.! In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS Cont. BUSINESS CONDITIONS—Cont. Industrial production:5 Department stores—Cont. Total (1935-39 = 100) 52 169 162 296 stores—Cont. Groups (pointe in total index): Ratios to sales (months' supply): Durable manufactures 52 73.5 70.1 P73. Total commitments 3.4 4.9 4.3 Nondurable manufactures 52 •75.3 72.5 P76. Stocks 2.6 3.3 2.8 Minerals 52 20.3 18.7 Consumers' prices (1935-39=100): Manufacturing production All items 169.6 168.5 168.8 (1935-39 = 100), total 53 175 168 *>177 Food 204.3 201.7 202.6 Durable 53 194 185 j>194 Apparel 190.3 188.5 187.4 Nondurable 53 '161 155 P164 Rent 120.6 120.7 120.8 Selected durable manufactures Miscellaneous 154.2 154.3 154.8 (1935-39=100): Wholesale prices (1926=100): Nonferrous metals 54 193 180 P180 Total '154.5 '153.6 153.0 Steel 54 182 162 191 '168.8 '166.2 162.3 Cement 54 195 190 183 Food 65 162.4 161.3 160.6 Lumber 54 114 104 P118 Other commodities 65 '145.6 '145.1 145.1 Transportation equipment 54 ••241 248 P245 Textile products 66 139.2 '138.1 137.9 Machinery 54 225 216 P216 Hides and leather products 66 178.8 '177.8 179.0 Selected nondurable manufactures Chemicals and allied products... 66 116.8 118.1 119.7 (1935-39=100): Fuel and lig„ ht.in .g „m aterials. 67 129.9 129.9 129.7 Apparel wool consumption 55 110 109 Building materials 67 191.4 '189.0 188.2 Cotton consumption 55 105 87 Ill Metals and metal products. 67 '167.5 '168.3 168.7 Shoes 55 '110 104 122 Miscellaneous 66 111.0 110.2 109.8 Paperboard 55 164 142 184 Prices paid and received by farmers Newsprint conrumption 55 156 156 151 (1910-14=100): Manufactured food products.... 55 '165 162 P163 Paid 69 245 244 243 Fuel oil 55 154 159 P161 Received 69 252 249 245 Gasoline 55 177 178 P177 Cash farm income (mill, dollars): Industrial chemicals 55 P395 P382 Total 70 2,053 2,177 P2,461 Rayon 55 P258 P256 Livestock and products 70 1,279 1,196 P1,254 Orders, sales, and inventories: Crops 70 757 972 PI.201 Sales (bill, dollars): Govt. payments 70 17 9 6 Manufacturing, total 56 16. 15.0 17. Durable 57 7.1 6.2 7. INTERNATIONAL TRADE AND FINANCE Nondurable 57 9.4 8.8 9. Wholesale 56 7.1 6.6 Exports and imports (mill, dollars): Retail 56 10.8 10.2 10.6 Exports 76 Pl.104 P897 P881 Inventories (bill, dollars): Imports 76 P527 P456 P491 Manufacturing, total 56 30.3 29.7 29. Excess of exports or imports 76 P577 P441 P390 Durable, total 57 14. 14.1 13. Short-term liabilities to and claims on Goods in process 57 5.5 5.3 foreigners reported by banks (bill, Purchased materials 57 4.3 4.3 dollars): Finished goods 57 4.6 4.4 Total liabilities 77 *>5.74 P5. 59 Nondurable, total 57 15.8 15.6 Official 77 P2.72 P2.57 Goods in process 57 2.3 2.4 Invested in U. S. Treasury bills Purchased materials 57 6.7 6.7 and certificates 77 ».75 P. 76 Finished goods 57 6.7 6.6 Private 77 P3.02 P3. 02 Wholesale 56 7.8 7. 8. Claims on foreigners 77 P.85 P. 84 Retail 56 13.4 13.0 13. Foreign exchange rates: New orders (1939=100): See p. 1291 of this BULLETIN 78, 79 Manufacturing, total 56 208 192 Durable 56 215 191 Nondurable 56 204 193 1949 Construction contracts (3 mo. moving avg., mill, dollars):5 QUARTERLY FIGURES Jan.- Apr.- July- Total 58 796 855 Mar. June Sept. O R t e h s e id r ential 5 5 8 8 3 4 2 7 0 6 3 4 6 9 5 0 P P 3 5 9 1 9 2 GOVERNMENT FINANCE In billions of dollars Residential construction: Budget receipts and expenditures of Contracts awarded (mill, dollars) :B U. S. Treasury: . Total 59 332 319 385 Expenditures, total 27 9.23 10.15 10.01 1- and 2-family dwellings 59 230 213 259 National defense 27, 28 3.08 3.15 P3.27 Other 59 '102 106 126 Veterans' Administration 28 1.71 1.65 1.45 Dwellings started (thous. units)... 59 100 96 98 International aid 28 1.58 1.68 Pi. 32 Value of construction activity (mill, Interest on debt 28 1.05 1.87 .99 dollars): All other 28 1.74 1.67 P2.82 Total* 60 1,745 1,841 1,893 Receipts: Nonresidential: • Net receipts 27 12.40 8.05 9.26 Public 60 489 512 535 Individual income taxes 28 7.26 3.84 3.90 Private 60 639 659 675 Corporate income, etc 28 3.29 2.83 2.77 Residential:' Miscellaneous internal revenue. . 28 2.01 2.00 2.12 Public 60 17 20 23 All other 28 .84 .84 .63 Private 60 600 650 660 Tax refunds (deduct) 28 1.00 1.46 .16 Freight carloadings:5 Total (1935-39=100) 61 115 115 MONEY RATES Per cent Per annum Groups (point? in total index): Miscel'aneous 61 66.9 65.9 69.6 Bank rates on loans to business: Coal 61 20.8 16.8 20.2 All loans: All other 61 26.8 27.2 25.4 19 cities 31 2.70 2.74 2.63 Department stores: New York City 31 2.42 2.35 2.32 Indexes (1935-39 =100):« 7 Northern and Eastern cities... 31 2.68 2.86 2.64 Sales 62 285 '279 282 11 Southern and Western cities.. 31 3.12 3.17 3.07 Stocks 62 265 256 253 Loans of $1,000-$10,000: 296 stores: 19 cities 31 4.62 4.63 4.62 Sales (mill, dollars) 63 318 238 289 New York City 31 4.22 4.22 4.23 Stocks (mill, dollars) 63 824 '775 818 7 Northern and Eastern cities. .. 31 4.63 4.67 4.71 Outstanding orders (mill, dollars) 63 286 '399 418 11 Southern and Western cities.. 31 4.79 4.80 4.74 For footnotes see p. 1270 OCTOBER 1949 1269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued 1949 1949 Chart Chart book book page Jan- Apr.- July- page Jan- Apr.- July- Mar. June Sept. Mar. June Sept. Per cent per annum In unit indicated QUARTERLY FIGURES—Cont. QUARTERLY FIGURES—Cont. MONEY RATES—Cont. BUSINESS FINANCE—Cont. Bank rates on loans to business—Cont. Plant and equipment expenditures Loans of $10,000-$100,000: (bill, dollars):*7 19 cities 31 3.64 3.70 3.64 All business 42 New York City 31 3.42 3.43 3.41 Manufacturing and mining; rail- 7 Northern and Eastern cities... 31 3.66 3.64 3.63 roads and utilities 42 11 Southern and Western cities.. 31 3.75 3.89 3.79 Manufacturing and mining 42 Loans of $100,000-$200,000: N 19 e w ci t Y ie o s rk City 3 3 1 1 2 2. . 6 8 6 9 3 2 . . 0 7 4 8 2 2 . . 9 7 8 4 In billions of dollars 7 1 1 N S o o r u th th e e rn rn a a n n d d E W as e t s e t r e n r n c c it i i t e ie s s .. . . . 3 3 1 1 2 3. . 0 8 4 9 2 3. . 2 9 6 8 3 2 . . 1 9 8 3 Ind G i r v o i s d s u a s l a v s i a n v g i s n gs: 43 +7.2 +8.9 Loans of $200,000 and over: Liquid savings 43 +0.7 +1.0 19 cities 31 2.42 2.44 2.31 Cash 43 -3 .2 +0.2 New York City 31 2.25 2.17 2.13 U. S. Govt. securities 43 .4 .1 7 Northern and Eastern cities... 31 2.44 2.66 2.39 Other securities 43 +0.8 +0.9 11 Southern and Western cities.. 31 2.71 2.69 2.58 Insurance 43 .3 +1.4 Debt liquidation 43 +0.4 -1 .6 Stock yields: Earnings/price ratio, common stocks 33 14.28 P13.80 Annual rates, in billions of dollars GROSS NATIONAL PRODUCT, ETC. BUSINESS FINANCE In unit indicated Gross national product5 44 262.5 256.1 Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars): • ices 44 42.1 43.1 Current assets, total 37 125.0 123.3 Personal consumption expenditures 44 177.9 178.2 Cash 37 23.4 24.3 Durable goods 46 22.5 23.6 U. S. Goyt. securities 37 14.0 14.8 Nondurable goods 46 99.9 98.7 Inventories 37 48.5 45.7 Services 46 55.4 55.9 Receivables 37 37.5 37.1 Private domestic and foreign invest- Current liabilities, total 37 59.2 56.6 ment... 44 42.6 34.8 Notes and accounts payable 37 34.6 32.7 Gross private domestic invest- Federal income tax liabilities.... 37 11.2 10.6 ment: Net working capital 37 65.8 66.7 Producers' durable equipment. 45 21.0 20.3 Corporate security issues: New construction 45 16.8 16.5 Total (bill, dollars) • 38 1.06 2.31 Change in business inventories. 45 4.1 -2. New money, total (bill, dollars) •... 38 .85 1.97 Net foreign investment 45 0.7 0.8 Type of security (bill, dollars): Personal income, consumption, and Bonds 38 .72 1.58 saving:* Preferred stock 38 .05 .15 Personal income 47 213.7 212.9 Common stock 38 .08 .25 Disposable income 47 195.0 •194.2 Use of proceeds (mill, dollars): Consumption expenditures 47 177.9 178.2 Plant and equipment: Net personal saving 47 17.1 16.0 All issuers 39 699 1,615 Public utility 39 343 1,293 R In a d il u r s o t a r d ia l 3 3 9 9 1 18 7 2 4 1 18 1 2 1 1948 1949 Working capital: All issuers 39 152 353 Dec. June Dec. Public utility 39 2 4 31 30 31 Railroad 39 SEMIANNUAL FIGURES Industrial 39 81 237 Bond P s u b (b li i c ll , dollars):* 38 .58 1.15 INSURED COMMERCIAL BANKS In billions of dollars Private 38 .33 .74 Loans: Corporate profits, taxes, and dividends Commercial 11 Pro ( f a i n ts n u b a e l f o r r a e t e t s a , x b e i s l l, dollars):* 40 28.4 24.8 A Re g a ri l c e u s lt t u at r e a l 1 1 1 1 P U r n o u d f n i i t d s s t i r s i t a b r f i u t b e t u e r d te t d a p x r p o e r f s o i t f s i ( t d s i ) v idends and 4 4 0 0 1 8 7 . . 9 3 1 6 5 . . 6 1 F C o o T r n o s p u u b m r r c o e h r k a e s r i s n g a n s d e c d u e r a i l t e ie rs s : 1 1 1 1 Corporate profits after taxes (quar- Toothers 11 terly totals): State and local government securities 11 All corporations (bill, dollars) •. ... 41 4.5 Other securities 11 Large corporations, total (bill, dollars) 41 1.1 1.1 Manufacturing (mill, dollars): Durable 41 498 491 Nondurable 41 325 260 Electric power and telephone (mill, dollars) 41 248 230 Railroads (mill, dollars) 41 58 ••115 * Estimated. * Preliminary. r Revised. e Corrected. 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. » Less than 5 million dollars. 4 Issues in series increased from one to two. * Adjusted for seasonal variation. 8 Revised series. 7 Expenditures anticipated by business during the fourth quarter of 1949 are (in billions of dollars): All business, 4.3; manufacturing and mining, railroads and utilities, 2.9; manufacturing and mining, 1.8. * 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. 1270 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 June July? Aug.? page1 June July? Aug.* In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 16,122 16,187 16,452 Consumer instalment sale credit Instalment credit, total 3,5 9,122 9,331 9,613 granted, cumulative totals:2 Instalment loans 5 4,253 4,322 4,384 By all other retailers 7 784 765 878 Instalment sale credit 5 4,869 5,009 5,229 By department stores and mail- Charge accounts 3 3,274 3,123 3,064 order houses 7 681 665 771 Single-payment loans 3 2,752 2,768 2,798 By furniture and household appli- Service credit 3 974 965 977 ance stores 7 560 556 637 Consumer credit outstanding, cumu- By automobile dealers 7 392 389 458 lative totals: 2 Consumer instalment loan credit out- Instalment credit 4 16,122 16,187 16,452 standing, cumulative totals:2 Charge accounts 4 7,000 6,856 6,839 Commercial and industrial banks. 8 4,253 4,322 4,384 Single-payment loans 4 3,726 3,733 3,775 Small loan companies 8 2,198 2,231 2,258 Service credit 4 974 965 977 Credit unions 8 1,371 1,388 1,407 Consumer instalment sale credit out- Miscellaneous lenders 8 1,025 1,031 1,039 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 4,869 5,009 5,229 loans 8 726 729 734 Department stores and mail-order houses 6 4,372 4,510 4,719 Furniture and household appliance stores 6 3,599 3,744 3,938 Automobile dealers 6 2,499 2,610 2,767 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. SEPTEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF SEPTEMBER 1, 1949 [In thousands of units] Cotton Corn Winter wheat Spring wheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 Sept. 1, 1949 1948 Sept. 1, 1949 1948 Sept. 1, 1949 1948 Sept. 1, 1949 Bales Bales Bushels Bushels Bushels Bushels Bushels Bushels Boston 6,295 6,604 New York. . 32,179 30,616 13,501 13,235 132 95 Philadelphia 58,168 56,275 16,435 18,576 Cleveland 269,198 260,414 62,707 64,307 Richmond 1,573 1,163 179,076 183,673 26,259 25,514 Atlanta 2,833 2 115 199,109 197,035 7,975 6,997 Chicago . . . . . .. 1,483,210 1,449,899 87,609 88,155 1,950 1,551 St. Louis 14,824 23,7i4 482,769 445,733 71,271 71,757 22 21 Minneapolis 455,941 413,273 41,336 25,540 256,343 195,541 Kansas City 310 340 422,894 410,116 477,649 368,214 5,314 6,115 Dallas 4,065 5,906 55,486 65,411 57 486 106,885 87 125 San Francisco 1,263 1,705 6,223 6,692 127,870 105,694 34,460 30,759 Total 14,868 14,943 3,650,548 3,525,741 990,098 894,874 298,308 234,207 Oats Tame Hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 Sept. 1, 1949 1948 Sept. 1, 1949 1948 Sept. 1, 1949 1948 Sept. 1, 1949 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Boston . . .. 5,116 5,827 4,059 3,409 39,227 36,835 83,328 67,946 New York 29,630 22,925 6,657 4,819 921 871 44,911 27,595 Philadelphia 18,389 15,763 2,504 2,349 61,275 57,775 22,533 16,144 Cleveland 66,477 55,902 5,535 5,511 157,919 153,070 12,866 10,937 Richmond 27,732 37,564 5,194 5,217 1,070,972 1,090,110 27,291 22,602 Atlanta 30,227 31 606 3,791 4,054 232,864 245,946 12,174 13,764 Chicago 640,036 587,159 15,607 17,140 30,750* 30,522 28,286 27,332 St. Louis 74,841 64,544 9,384 9,418 381,323 372,474 8,418 7,220 Minneapolis 417,785 316,015 9,429 9,242 2,349 2,209 46,070 37,323 Kansas City 135,271 110,158 10,355 10,098 4,130 4,371 37,722 28,540 Dallas 18,148 35,565 1,724 1,881 4,888 4,134 San Francisco 28,100 31,230 12,759 12,600 117,363 99,524 Total 1,491,752 1,314,258 86,998 85,738 1,981,730 1,994,183 445,850 363,061 1 Includes 15,000 bales grown in miscellaneous territory. 2 Includes 17,000 bales grown in miscellaneous territory. OCTOBER 1949 1271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1948 AVERAGES OF INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS [Expressed in percentages] Federal Reserve district All Item tr d i i c s t - s B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios Percentage of total capital accounts: Net current earnings before income taxes.. 15.0 9.9 11.2 11.0 12.8 15.2 17.1 15.2 16.0 16.9 18.7 19.3 18.6 Profits before income taxesx 12.3 7.3 9.3 9.2 10.0 12.9 13.9 12.4 13.3 14.5 15.6 15 5 15 4 Net profits *• 9 4 5 2 7 0 6 9 7 5 9 5 10 4 9 6 10 4 11 1 12 0 12 2 11 0 Cash dividends declared . . 2.9 2.5 2.2 2.3 2.4 2.9 3.2 2.8 3.1 3.2 3.7 4.1 3.1 Percentage of total assets: Total earnings . .... 2 53 2 70 2 66 2 66 2 50 2 61 2 64 2 29 2.36 2 50 2 44 2 64 2 76 Net current earnings before income taxes. . .94 .85 .84 .98 .90 1.03 1.03 .82 .94 .88 1.05 1.08 1.00 Net profits l .59 .46 .53 .62 .54 .65 .64 .53 .63 .59 .68 .69 .59 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities.. . 32.1 29.8 34.5 35.8 34.0 29.7 25.8 37.9 33.6 34.4 29.7 22.3 27.8 Interest and dividends on other securities. . 6.1 6.0 6.5 8.4 7.9 5.2 6.5 5.6 6.4 5.0 4.6 5.9 3.7 Earnings on loans . .... 48.0 45 8 46 0 45 9 46 6 53 7 52 3 42 0 48.1 40 6 50 7 58 6 53 8 Service charges on deposit accounts 6.2 9.4 6.6 3.8 4.9 4.7 6.8 7.1 4.7 6.4 7.8 6.3 6.6 Other current earnings 7.6 9.0 6.4 6.1 6.6 6.7 8.6 7.4 7.2 13.6 7.2 6.9 8.1 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.1 31.6 30.0 24.9 25.4 26.9 29.5 29.6 28.7 28.6 31.7 32.3 31.8 Interest on time deposits 10.6 11 3 14 7 15 8 14 5 12 0 7 7 12 0 7 7 13.2 3.7 1 7 11 9 Other current expenses 23.5 25.9 23.9 22.8 24.5 22.2 24.2 22.5 24.2 23.3 22.6 25.3 20.6 Total expenses 63.2 68.8 68.6 63.5 64.4 61.1 61.4 64.1 60.6 65.1 58.0 59.3 64.3 Net current earnings before income taxes 36.8 31.2 31.4 36.5 35.6 38.9 38.6 35.9 39.4 34.9 42.0 40.7 35.7 Net losses 12 6.0 7.2 4.6 5.4 7.3 5.4 6.6 6.3 5.8 4.6 6.3 7.4 5.6 Taxes on net income * 7.2 6.9 6.5 7.7 6.8 8.7 7.9 6.4 7.0 6.8 7.9 6.9 8.5 Net profits x 23.6 17.1 20.3 23.4 21.5 24.8 24.1 23.2 26.6 23.5 27.8 26.4 21.6 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities. . . 1.7 1.8 1.8 2.0 1.8 1.8 1.6 1.6 1.7 1.6 1.6 1.5 1.6 Interest and dividends on other securities.. 2.6 2.8 2.4 3.0 2.5 3.0 2.9 2.4 2.5 2.1 2.5 2.8 2.7 Net losses on total securities J. .1 1 0 1 1 1 0 1 0 0 0 0 .0 Return on loans: Earnings on loans 5.4 4.8 5.0 5.1 5.0 5.3 5.7 4.9 5.4 5.2 6.1 7.1 5.6 Net losses on loans l 2 .5 .5 .4 .3 .4 .4 .5 .5 .4 .5 .6 .6 .5 Distribution of assets Percentage of total assets: U. S. Government securities 44.8 42.3 47.6 46.4 45.2 41.3 39.3 49.6 44.6 50.9 43.6 36.5 43.3 Other securities 6.9 6.9 7.6 8.7 8.7 5.5 6.9 6.9 7.0 6.4 5.9 6.2 4.5 Loans 23.7 26 7 25.7 25 1 24 0 28.0 25 5 20 6 22.3 20.2 21.2 23.3 27.7 Cash assets 23.8 23.1 18.1 18.7 21.3 24.2 27.5 22.4 25.5 21.9 28.8 33.4 23.7 Real estate assets .6 .9 .9 1.0 , .7 .8 .7 .4 .5 .5 .3 .6 .7 Other ratios Total capital accounts to: Total assets 6.8 9.3 8.0 9.3 7.4 7.1 6.2 5.5 6.1 5.4 5.7 6.0 5.5 Total assets less Government securities and cash assets ... . . .. 24.8 29 9 26 6 30 3 25 8 23 2 21 5 24 3 23.9 22.7 23.7 22.4 19.7 Total deposits 7.4 10.6 8.8 10.4 8.2 7.9 6.7 5.9 6.5 5.8 6.1 6.5 5.9 Time to total deposits 31.4 32.4 48.0 49.5 42.7 33.2 22.4 35.4 21.1 36.1 10.2 5.0 32.3 Interest on time deposits 3 .9 .9 .8 .9 .9 1.0 .9 .8 .9 .9 .9 .9 1.0 Trust department earnings to total earnings3. 3.7 5.2 3.6 4.0 4.5 3.9 2.7 3.1 2.8 3.0 2.5 2.8 4.6 Number of banks 4 6,876 336 779 641 703 478 344 998 491 475 758 611 262 1 Ratios for 1948 are not entirely comparable with prior years due to transfers to reserves for bad debt losses on loans; for discussion see BULLETIN for May 1949, pp. 494-498. 2 "Net losses" is the excess of (a) losses, charge-offs, and transfers to reserves over (b) recoveries, transfers from reserves, and profits; "Net recoveries and profits" is the reverse. 3 Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average. 4 The ratios for 42 member banks in operation at the end of 1948 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc. NOTE .—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding ratios computed from aggregate dollar amounts shown in the May 1949 issue of the BULLETIN. Such differences result from the fact that each bank's figures have an equal weight in calculation of the averages whereas the figures of the many small- and medium-sized banks have but little influence on the aggregate dollar amounts. No figures are shown for groups of less than three banks. Ratios of less than .05 are shown as .0. Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1948. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for Dec. 31, 1947, and June 30 and Dec. 31, 1948, except for a limited number of banks for which all three reports were not available; such reports as were available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits (397 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent. 1272 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1948— Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS [Expressed in percentages] Size group—total deposits (in thousands of dollars) Ratio of time deposits to total deposits (per cent) All groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 10 ,0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 00 ,0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 U 2 n 5 der 25-50 50-75 o a 7 v n e 5 d r Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 15.0 12.5 15.0 15.7 15.7 14.6 14.2 13.1 12.0 17.1 14.2 12.5 10.5 Profits before income taxes *. .. . 12.3 10.9 13.0 13.1 12,4 11.4 10.4 9.0 9.3 14.1 11.6 10.4 9.2 Net profits x 9.4 9.1 10.6 10.2 8.9 7.9 7.1 6.2 6.6 10.9 8.6 7.9 7.4 Cash dividends declared 2.9 2.8 2.9 3.0 2.9 2.9 2.9 2.8 3.3 3.5 2.6 2.4 2.4 Percentage of total assets: Total earnings 2.53 2.87 2.68 2.52 2.49 2.44 2.33 2.16 2.01 2.42 2.59 2.65 2.62 Net current earnings before income taxes .94 1.06 1.03 .96 .91 .77 .71 .70 .99 .92 .82 Net profits x .59 .77 .72 .62 .52 .39 .34 .40 .64 .57 .56 .55 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities 32.1 27.9 31.5 32.9 32.2 33.0 32.2 32.8 32.4 29.8 32.6 35.3 39.8 Interest and dividends on other securities 6.1 4.9 5.6 6.3 6.8 6.2 6.0 4.7 5.2 5.4 6.1 7.3 10.8 Earnings on loans 48.0 55.2 50.7 48.0 46.9 44.3 43.3 43.3 43.5 49.4 47.4 46.6 42.3 Service charges on deposit accounts 6.2 5.6 5.8 6.2 6.7 6.9 6.9 5.9 4.1 7.2 6.1 4.8 2.4 Other current earnings 7.6 6.4 6.4 6.6 7.4 9.6 11.6 13.3 14.8 8.2 7.8 6.0 4.7 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.1 31.3 28.8 28.2 28.6 29.8 31.6 32.1 32.3 31.5 28.6 25.7 22.1 Interest on time deposits 10.6 7.4 9.9 11.1 11.8 11.8 9.9 8.4 7.0 3.5 12.7 19.8 28.2 Other current expenses 23.5 25.0 23.2 22.8 23.1 24.2 25.3 26.5 25.8 24.4 23.6 21.9 19.3 Total expenses 63.2 63.7 61.9 62.1 63.5 65.8 66.8 67.0 65.1 59.4 67.4 69.6 Net current earnings before income taxes 36.8 36.3 38.1 37.9 36.5 34.2 33.2 33.0 34.9 40.6 35.1 30.4 Net losses *2 6.0 3.9 4.7 5.7 7.2 7.1 8.7 9.7 7.1 6.0 5.1 4.1 Taxes on net income x 7.2 5.5 6.2 7.1 8.2 8.3 7.4 7.3 7.8 7.6 7.2 6.5 5.6 Net profits x 23.6 26.9 27.2 25.1 21.1 18.8 17.1 16.0 20.0 26.4 21.9 21.0 20.7 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1.7 1.8 1.8 1.7 1.7 1.6 1.6 1.5 1.5 1.6 1.7 1.9 2.0 Interest and dividends on other securities 2.6 3.2 2.9 2.6 2.4 2.3 2.3 2.2 2.6 2.6 2.6 2.6 2.7 Net losses (or recoveries and profits +) on total securities 2 .1 .0 .1 .1 .1 .0 .0 .1 + .0 .0 .1 .1 .0 Return on loans: Earnings on loans 5.4 6.5 5.9 5.5 5.2 4.9 4.4 4.0 3.4 5.8 5.2 5.1 5.1 Net losses on loans12 .5 .3 .3 .4 .6 .7 .6 .5 .5 .4 .2 Distribution of assets Percentage of total assets: U. S. Government securities. . . 44.8 40.1 44.2 45.7 45.4 46.2 44.8 44.2 41.1 42.8 45.5 47.4 49.4 Other securities 6.9 5.5 6.1 7.1 8.2 7.4 6.9 5.2 4.8 6.0 7.1 8.3 11.9 Loans 23.7 25.8 24.4 23.2 23.3 22.9 23.2 23.6 26.1 21.8 24.8 25.5 23.4 Cash assets 23.8 27.9 24.7 23.3 22.4 22.5 24.0 25.8 26.9 28.8 21.8 17.9 14.7 Real estate assets .6 .6 .5 .6 .7 .8 .9 .7 .5 .7 .6 Other ratios Total capital accounts to: Total assets 6.8 9.0 7.4 6.6 6.3 6.2 5.9 5.7 6.3 6.9 7.5 8.3 Total assets less Government securities and cash assets.... 24.8 32.1 27.6 24.5 22.4 22.7 21.2 21.1 21.5 25.1 24.2 24.9 28.3 Total deposits 7.4 10.1 8.2 7.2 6.8 6.7 6.4 6.1 6.8 6.8 7.6 8.2 9.3 Time to total deposits 31.4 23.5 29.3 32.1 35.0 35.9 30.0 24.7 19.1 10.1 38.0 58.5 79.9 Interest on time deposits 3 .9 1.0 1.0 1.0 .9 .8 .8 .8 .8 .9 .9 .9 1.0 Trust department earnings to total earnings 3 3.7 1.2 1.9 2.2 2.8 3.8 5.2 5.9 7.1 4.6 3.7 2.4 1.6 Number of banks 4 6,876 471 1,346 2,466 1,250 785 263 129 166 2,885 2,351 1,579 61 For footnotes, see'p. 1272. OCTOBER 1949 1273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS, 1948— Continued AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK [Expressed in percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over Item All Size group—total deposits (in thousands of dollars) groups u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 1 5 , , 0 0 0 0 0 0 - 5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 u 1 a n ,0 n d 0 d e 0 r 5 1 , , 0 0 0 0 0 0-5 2 , 5 0 ,0 0 0 0 0 - 2 O 5. v 0 e 0 r 0 Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 15.0 13.9 17.8 18.6 13.4 11.2 14.3 14.6 13.4 9.9 12.8 12.2 12.1 Profits before income taxes l. . . 12.3 11.9 15.0 14.6 10.0 9.8 12.2 11.3 9.5 9.3 10.8 9.8 9.2 Net profits l 9.4 10.0 12.0 10.3 6.8 7.9 9.5 8.0 6.7 7.7 8.4 7.0 6.7 Cash dividends declared 2.9 3.4 3.7 3.3 3.1 2.1 2.5 2.8 2.9 2.0 2.3 2.4 2.7 Percentage of total assets: Total earnings 2.53 2.45 2.36 2.03 2.89 2.65 2.50 2.39 2.80 2.70 2.55 2.46 Net current earnings before income taxes .94 1.14 1.04 .95 .73 .99 .97 .87 .75 .89 .92 .81 .69 Net profits l .59 .83 .70 .53 .38 .71 .65 .48 .39 .69 .60 .47 .39 Sources and disposition of earnings Percentage of total earnings: Interest on U. S. Government securities 32.1 24.1 30.6 29.5 31.1 29.3 33.0 32.4 33.1 37.9 34.7 36.3 37.3 Interest and dividends on other securities 6.1 4.1 5.4 5.9 5.3 5.9 5.9 6.4 5.6 6.1 7.3 7.8 6.6 Earnings on loans 48.0 58.1 49.6 47.7 44.8 54.5 48.9 45.6 42.2 46.8 48.1 43.9 39.1 Service charges on deposit accounts 6.2 6.8 7.3 7.9 5.1 4.6 5.6 6.9 6.7 3.3 4.5 5.4 6.6 Other current earnings 7.6 6.9 7.1 9.0 13.7 5.7 6.6 8.7 12.4 5.9 5.4 6.6 10.4 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.1 33.9 31.1 31.0 32.4 28.7 27.7 29.2 31.7 26.5 24.8 26.4 29.6 Interest on time deposits 10.6 2.0 3.3 4.2 4.9 11.6 13.0 12.5 12.0 19.2 20.3 20.2 19.8 Other current expenses 23.5 25.1 23.8 24.5 26.6 26.1 23.1 23.6 24.9 22.9 21.4 22.1 23.3 Total expenses 63.2 61.0 58.2 59.7 63.9 66.4 63.8 65.3 68.6 68.6 66.5 68.7 72.7 Net current earnings before income taxes 36.8 39.0 41.8 40.3 36.1 33.6 36.2 34.7 31.4 31.4 33.5 31.3 27.3 Net losses 12 6.0 4.8 5.9 8.2 8.9 3.7 4.8 7.2 8.4 1.4 5.0 5.7 5.9 Taxes on net income x 7.2 5.4 7.1 9.4 8.4 5.7 6.9 8.1 6.7 5.2 6.2 7.2 5.4 Net profits l 23.6 28.8 28.8 22.7 18.8 24.2 24.5 19.4 16.3 24.8 22.3 18.4 16.0 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 1.7 1.7 1.6 1.5 1.5 2.0 1.8 1.7 1.6 2.1 1.9 1.8 1.6 Interest and dividends on other securities 2.6 3.4 2.7 2.3 2.4 3.0 2.7 2.4 2.2 3.2 2.6 2.4 2.5 Net losses (or recoveries and profit +) on total securities 2 .1 + .0 .1 .0 .0 .0 .1 .0 .0 .0 .1 .1 .0 Return on loans: Earnings on loans 5.4 7.2 6.1 5.4 3.8 5.6 5.4 5.0 4.3 5.4 5.2 4.9 4.6 Net losses on loans *2 .5 .4 .5 .7 .7 .2 .3 .7 .8 .0 .3 .5 .8 Distribution of assets Percentage of total assets: U. S. Government securities. .. 44.8 37.2 44.1 43.0 40.4 40.7 45.5 45.9 46.6 48.5 46.5 48.8 50.9 Other securities 6.9 4.7 5.9 7.0 5.1 6.4 6.6 7.8 6.7 6.8 8.3 9.1 7.9 Loans 23.7 24.3 20.9 21.6 24.7 29.5 25.1 23.8 23.8 25.4 26.4 23.9 22.0 Cash assets 23.8 33.3 28.5 27.7 28.8 22.5 22.0 21.5 21.6 18.5 18.0 17.3 17.9 Real estate assets .6 .5 .4 .6 .7 .9 .7 .8 1.0 .7 .6 1.0 Other ratios Total capital accounts to: Total assets 6.8 8.7 6.2 5.5 6.0 9.4 7.2 6.4 6.0 9.4 7.7 7.0 5.9 Total assets less Government securities and cash assets.... 24.8 33.2 26.0 21.3 20.8 28.9 25.6 22.2 21.5 33.0 24.9 24.4 23.6 Total deposits 7.4 9.7 6.8 5.9 6.4 10.5 7.9 6.9 6.5 10.5 8.4 7.7 6.4 Time to total deposits 31.4 5.8 9.0 13.0 13.5 38.0 38.4 37.7 36.6 60.0 59.5 59.1 56.8 Interest on time deposits 3 .9 1.0 .9 .8 1.0 1.0 .9 .8 1.0 1.0 .9 .9 Trust department earnings to .8 total earnings 3 3.7 1.3 2.4 3.5 6.6 1.1 2.4 3.6 5.6 1.7 2.5 3.0 Number of banks 4 6,876 268 1,658 650 309 122 1,167 861 201 81 987 524 48 For footnotes, see p. 1272. 1274 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.. 1276-1281 Gold production . 1281 Reported gold reserves of central banks and governments. . 1282 Gold movements; gold stock of the United States. . 1283 International Monetary Fund and Bank.. 1284 Central banks . 1284-1288 Money rates in foreign countries. . 1289 Commercial banks 1290 Foreign exchange rates.. 1291 Price movements: Wholesale prices . 1292 Retail food prices and cost of living.. 1293 Security prices . 1293 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. OCTOBER 1949 1275 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 U l g n i . S b . ank O in t g her f i t I n u 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 ig t s s i n t e o 2 i s c f : b I b n r a o fl l k o a e n w r c a e g i s n e 1935—Dec. (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 193g—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510 1 641.8 1,219.7 47 6 1939—Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec 31 5,354.1 2,979.6 1,177.1 1,802.6 791.3 855.5 626.7 100.9 1942—Dec. 31 » 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848.2 673.3 104.4 1943—Dec. 31 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1944—Dec. 31 7,728.4 4,865.2 2,624.9 2,240.3 805.8 1,019.4 911.8 126.3 1945—Dec 31 8 802 8 6,144 5 3,469 0 2,675 5 742 7 972 8 798 7 144 1 1946—Dec 31 8,009.5 5,272.3 2,333.6 2,938.7 453.8 427.2 1,237.9 464.5 153.7 1947—Dec. 31 8,335.2 4,120.3 1,121.8 2,998.5 2,242.0 186.5 1.276.9 367.0 142.4 1948—Aug. 31 7,931.9 4,522.1 1,513.9 3,008.2 1.898.9 54.0 1,161.2 166.2 129.6 Sept 30 7,984.0 4,570.3 1,547.6 3,022.7 1,895.1 68.7 1,167.5 157.9 124.5 Oct. 31 8,075 6 4,651.7 1,685.0 2,966.7 1,899 5 69 6 1,170 7 162 6 121.5 Nov 30 8,251.2 4,782.3 1,796.9 2,985.4 L.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 11,844.3 116.8 1,182.1 174.8 123.1 1949—jan# 3i 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 L,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 '8,606.8 '5,151.9 '2,128.1 3,023.8 1,880.2 190 0 1,176.1 89 7 118.9 May 31 8,477 4 4,946.4 1,946 9 2,999.5 .874 3 261 4 1,180 5 98 7 116 1 June 30P 8,573.4 5,004.3 2,006 5 2,997.9 1,874 7 285 6 1,183.2 107 5 118 0 July 31 P 8,451.0 4,856.4 1,863.1 2,993.3 1,858.5 296.5 1,189.4 130.7 119.5 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, s ti t I o i n t n u te a ti l r o n i n n a s - - Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r 1941—Dec 31 5,354.1 674.1 639.9 464.4 725.7 50.5 1,071.7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec 31 5,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835 8 932 9 178 3 I943—Dec. 31 7,267.1 1,257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec 31 7,728.4 1,090.0 585.7 506.2 664.3 63.1 1,172.5 4,081.8 976.4 1,193.7 1,273.6 203.0 1945—Dec. 31 8,802.8 892.5 464.2 539.7 722.3 106.5 L,311.8 4,037.0 1,395.7 1.338.4 1,784.1 247 5 1946—Dec 31 453.8 7,555.7 563.1 384.8 326.4 766.1 287.5 L.246.3 3,574.2 979.7 1,474.0 1,258.3 269.6 1947—Dec. 31 2,067.3 6,267.9 437.0 234.3 213.8 839.3 150.1 1.100.6 2,975.1 688.6 L.383.4 975 8 244 9 194g—Aug. 31 1.729.5 6,202.4 486.8 56.6 92.8 853.1 270.0 977.4 2,736.8 816 3 1,420 5 997 9 230 8 Sept. 30 1,725.8 6,258.2 462.5 44.9 86.6 829.9 307.1 1,008.1 2,739.1 849.3 L,441.0 999.0 229.8 Oct. 31 L.732.2 6,343.4 479.5 51.3 76.0 823.8 316.4 1.021.4 2,768.3 868.0 1,464.2 1,001.8 241.1 Nov. 30 L,713.3 6,537.8 500.9 57.7 88.2 818.5 330.3 1,089.0 2,884.5 930.3 1,448 5 1,044 1 230 5 Dec 31 L,677.1 6,883.4 659.7 74.2 103.0 846.0 335.9 L.122.2 3,141.1 947.3 1,503.6 1,056.7 234.9 I949—jan> 31 L.672.5 6,980.5 682.4 58.6 127.6 871.2 383.7 L.145.8 3,269.3 970.0 1,524.0 990.6 226 7 Feb 28 .6.50 5 7,065.0 689.7 56.6 122 9 859.9 403.7 1,192.9 3,325.9 996 4 I,541 9 963 4 237 5 Mar. 31 1,639.6 7,003.4 620.9 61.1 129.0 883.3 396.8 L.167.9 3,258.9 1,006.4 1,508.3 983.4 246.4 Apr. 30 1,622.6 '6,984.2 558.7 72.4 120.9 925.5 389 5r1,164.9 '3,231.9 953 3 1,573 2 996 4 229 5 May 31 1,616.7 6,860.7 458.6 99.5 121.3 918.0 372.8 L.115.3 3,085.5 942.3 fi?? 4- 966.4 244.1 June 30* 1,617.1 6,956.3 527.6 115 8 134 8 913.5 376 5 1,092.3 3,160 5 928 2 1,658 2 954 7 254 7 July 31 P 1,612.8 6,838.1 470.4 86.8 143.7 884.8 381.3 1,088.0 3,055.0 909.2 1,683.1 942.0 248.9 P Preliminary. ' Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). * Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities ©f such institutions are included in foreign securities. * 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" hare 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. 1276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES— Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES Inter- From th Ja ro n u . g 2 h , — 1935, n t a u in t t i i s o o t n i n - a s l Total U K d n o i i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31.. 2,979.6 328.6 416.5 161.0 326.2 -3.4 538.0 1,766.9 273.1 296.7 541.4 101.6 1942—Dec. 31.. 3,465.5 493.3 394.5 170.0 166.3 -6.2 479.8 1,697.5 399.5 482.8 743.9 141.9 1943—Dec. 31.. 4,644.8 939.4 404.1 176.7 192.7 -6.9 565.3 2,271.2 704.7 578.7 928.2 162.0 1944—Dec. 31.. 4,865.2 804.4 356.6 193.1 221.4 7.0 611.2 2,193.7 818.6 794.7 888.6 169.7 1945—Dec. 31.. 6,144.5 646.4 229.9 265.0 286.3 50.1 745.8 2,223.4 1,414.2 924.9 1,369.1 212.9 1946—Dec. 31.. 453.8 5,272.3 397.6 165.8 208.2 359.0 247.6 687.2 2,065.5 823.9 983.3 1,135.7 263.9 1947—Dec. 31.. 2,242.0 4,120.3 264.9 87.6 126.7 432.8 132.8 576.6 1,621.4 301.6 1,095.0 877.3 224.9 1948—Aug. 31 1,898.9 4,522.1 310.6 87.9 106.1 535.9 251.0 483.9 1,775.3 548.4 ,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 ,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 ,139.7 904.6 207.8 Nov. 30 1,880.6 4,782.3 318.9 93.8 95.3 509.2 310.4 551.9 1,879.6 657.1 ,106.2 940.8 198.6 Dec. 31 , 1,844.3 5,119.5 485.0 112.6 106.1 525.3 313.2 574.8 2,117.1 667.2 ,165.4 971.2 198.6 1949—Jan. 31 1,914.2 5,220.2 506.8 89.8 112.1 546.9 364.4 594.0 2,214.0 727.8 ,173.9 913.7 190.8 Feb. 28 1,892.1 5,298.9 515.6 87.9 103.1 534.5 389.5 636.1 2,266.7 750.3 ,194.6 889,2 198.2 Mar. 31 1,897.3 5,212.7 456.0 89.5 109.6 551.3 379.3 599.2 2,184.9 763.3 ,147.8 909.7 207.0 Apr. 30 1,880.2 -•5,151.9 376.4 100.7 91.3 585.1 373.8 '592.1 '2,119.5 708.3 ,212.6 921.1 190.4 May 31 1,874.3 4,946.4 288.3 104.1 95.4 569.8 356.5 543.4 1,957.6 688.5 ,191.7 903.5 205.1 June 30P 1,874. 5,004. 343.4 116.3 104.3 559.1 364.0 518.5 2,005.6 671.8 ,215.7 896.7 214.6 July 31? 1,858.5 4,856.4 287.1 84.0 113.6 531.1 367.0 512.2 1,894.9 640.7 ,230.8 881.1 208.8 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 ot A h U er 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—Aug. 31., 54.0 268, -44.1 -56.6 .6 7.4 155.0 330.8 68.2 -343.9 10.0 -11.1 Sept. 30.. 68.7 271, -45.3 -50.9 .5 10.3 162.4 348.2 67.3 -325.4 -12.0 -9.4 Oct. 31.. 69.6 271, -43.9 -51.2 .8 9.6 161.5 347.9 63.6 -343.5 11.7 -10.2 Nov. 30., 103.8 273, -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 31. 261.4 260.4 -9.0 6.8 1.9 3.5 225.7 489.3 57.8 -265.8 -12.4 -7.6 June 30P 285.6 275.0 -8.3 13.9 1.8 -.5 226.2 508.1 59.0 -256.2 -18.0 -7.4 July 31 P 296.5 271.5 -6.2 14.4 1.8 .1 228.2 509.8 60.3 -250.8 -15.2 -7.7 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From th r J o a u n g . h 2 — , 1935, n t a u in t t i i s o o ti n n - a s l Total U K d n i o 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 ot A h l e l r 1941—Dec. 31 855.5 127.6 51.6 31.5 44.3 28.1 238.4 521.3 35.4 221.1 61.2 16.6 1942—Dec 31 ... 848.2 125.4 52.4 31.6 44.9 28.0 244.1 526.3 -3.0 245.4 61.5 18.0 1943—Dec. 3i 925.9 127.6 50.6 33.0 44.7 27.9 246.6 530.3 41.2 272.3 62.2 19.9 1 19 9 4 4 5 4 — — D £) eecc 3 3 1 1 ... 1,0 97 1 2 9 .4 8 1 1 2 1 6 7. . 7 5 5 5 1 1. . 2 0 3 33 3 . . 0 6 4 45 4 . . 2 5 2 27 7 . . 5 6 2 2 4 4 9 6 . . 2 9 5 5 2 30 3 . . 1 8 1 4 0 9 4 . . 1 9 3 31 0 7 2 . . 1 0 6 60 1 . . 8 3 2 2 1 2 . . 0 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 194g—Aug 31 -249.3 1,410.5 87.3 43.2 —8.7 — 13.9 26.5 282.8 417.3 327.7 567.3 62.5 35.8 Sept. 30 -249.3 1,416.8 86.5 43.2 —8.8 -15.2 26.6 283.3 415.6 331.8 570.7 62.6 36.2 Oct. 31 -249.3 1,420.0 86.0 43.0 —8.6 -16.3 26.5 283.8 414.5 334.6 571.8 62.6 36.5 Nov. 30 -249.3 1,427.3 85.6 43.1 —8.7 -17.4 26.5 284.4 413.6 338.8 575.4 63.0 36.6 Dee. 31 -249.3 L,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— F ja e n b . 3 2 1 8 - -2 2 4 4 9 9 . . 3 3 1 1, , 4 4 3 3 7 6 . . 5 1 8 8 4 2 . . 8 5 4 4 2 2 . . 8 9 - — 9 9 .3 .4 - - 1 1 8 7 . . 7 9 2 2 6 6 . . 6 6 2 2 8 8 8 9 . . 1 0 4 4 1 1 4 3 . . 3 8 3 3 4 4 1 1 . . 5 6 5 5 8 8 0 1. . 5 0 6 6 3 3 . . 2 2 3 3 7 7 . . 1 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 Apr. 30 -265.3 1.441.4 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 1,445.8 80.9 43.0 -10.1 -15.7 26.9 290.5 415.5 342.1 586.4 63.7 38.1 June 30* —265.3 1,448.5 80.8 43.0 -10.0 -15.4 27.0 291.2 416.5 341.3 588.4 63.9 38.4 July 31P -265.3 1,454.7 81.2 42.9 -9.2 -16.4 27.1 291.5 417.2 344.4 590.6 63.9 38.6 Preliminary. r Revised. OCTOBER 1949 1277 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, n t a u I i n n t t i i t s o o e t n i r n - - a s l Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31 626.7 -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. 3i 74.5 292.4 -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 11.0 1948—Aug. 31 79 9 86 3 — 196 2—48 0 41 2 294 8 -15 3 44.3 120.8 -147.2 82.4 24.1 6.2 Sept. 30 79.9 77.9 -196.3 -49.7 38.3 295.9 -15.6 44.7 117.4 -147.4 84.7 17.1 6.2 Oct. 31.. 82.0 80.6 -195.5 -51.2 34.5 300.2 -15.3 44.7 117.5 -142.6 83.3 15.9 6.5 Nov. 30 82.0 99.8 —194.1 -51.0 32.4 312.2 -15.3 45.1 129.3 -137.2 89.7 11.3 6.6 Dec. 31. 82.1 92.7 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 5.1 7.2 1949—jani 31 7.6 64.6 -194.0 -53.8 27.8 314.9 -14.7 45.3 125.5 -171.0 97.1 5.7 7.3 Feb. 28 7.6 72.2 -190.4 -53.3 26.5 317.8 -14.7 44.7 130.5 -168.7 97.5 5.4 7.5 Mar. 31. 7 6 79 8 — 192.6—51 6 24 6 324 4 — 14.8 44.6 134.7 -165.8 98.7 4.9 7.3 Apr. 30 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 31 7.7 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 7 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 July 31 P 19.7 111.0 -186.5 -49.9 15.2 345.2 -13.5 45.2 155.7 -156.7 98.9 4.9 8.3 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia 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_Aug. 31 129.6 16.7 17.6 10.9 35.6 .4 11.4 92.6 19.3 10.0 7.3 .5 Sept. 30 124.5 16.5 17.2 9.6 33.6 .5 11.6 89.1 19.6 8.3 7.0 .5 Oct. 31 121.5 16.6 17.0 10.0 27.0 .5 11.4 82.6 18.4 13.0 6.9 .6 Nov. 30 124.6 16.8 16.6 9.5 24.6 .5 10.9 78.9 18.6 19.7 7.0 .4 Dec. 31 123 1 17.0 16.7 9 3 27 5 .4 11.0 81.9 19.6 14.0 7.0 .6 1949—jan. 31 120.3 17.0 16.8 9.8 26.8 .4 10.5 81.3 19.6 11.7 7.2 .5 Feb. 28 118 1 17.0 16.5 9 5 23 8 .4 10.7 77.9 18.8 13.4 7.2 .7 Mar 31 122.6 17.3 16.8 10.1 24.3 .5 10.3 79.3 19.2 15.4 7.8 .8 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 30P 118 0 17.2 16.4 10 0 25 2 5 11.1 80.4 18.9 10.5 7.4 .8 July 3\P 1119.5 17.1 16.1 9.6 23.2 .5 10.9 77.3 20.5 13.5 7.3 .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 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 - Am La e t r i i n ca Asia o A th l e l r tutions and Official private 1941—Dec. 31.. 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31.. 4,205.4 2,244.4 554.6 432.3 186.6 184.2 12.1 650.9 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31.. 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.71,108.8 175.3 1944—Dec. 31.. 5,596.8 3,335.2 865.7 401.2 209.7 239.3 27.3 774.5 2,517.8 926.5 909.31,069.2 174.0 1945—Dec. 31.. 6,883.1 4,179.3 707.7 310.0 281.6 304.2 70.4 909.1 2,583.0 1,522.2 1,046.41,549.7 181.8 1946—Dec. 31.. 473.7 6,006.5 3,043.9 458.9 245.9 224.9 372.6 267.9 850.5 2,420.7 931.8 1,104.81,316.4 232.8 1947—Dec. 31.. 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.61,057.9 193.7 1948—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 ,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 ,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 ,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 ,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 ,151.8 167.4 1949—Tan. 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 ,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 1,316.1 ,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 ,090.3 175.8 Apr. 30.. 1,900.2 '5,886.1 '2,838.4 437.8 180.9 107.9 598.7 394.1 '755.4 '2,474.7 816.2 1,334.2 ,101.8 159.2 May 31.. 1,894.2 5,680.6 2,657.2 349.7 184.3 112.0 583.4 376.8 706.7 2,312.9 796 1,313.3 ,084.1 173.9 June 30P. 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 ,077.4 183.4 July 31 P. 1,878.4 5,590.6 2,573.4 348.4 164.1 130.2 544.7 387.3 675.4 2,250.2 748.7 1,352.3 ,061.8 177.6 p Preliminary. r Revised. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 65.1; U. S. brokerage balances abroad, 22.5. 2 Country breakdown is for "Official and private." 1278 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 1 Date E O ur th o e p r e g B iu e m l- m De a n r - k 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 an u: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 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152 1 16 1 5.7 52.1 1945—Dec. 31. .. 909.1 185 0 25.9 5.5 7.0 70 8 22.3 216.1 47 9 9.3 31.7 210 1 28.0 5.7 43.7 1946—Dec. 31. .. 850.5 159 5 66.5 22.2 7.1 49.3 22.6 123.5 39.0 8.9 16.4 172 6 60 5 12 4 89.9 1947—Dec. 31... 739.8 124 9 52.8 30.5 89.5 34.7 21.7 56.2 47.1 8.7 12.8 58 6 73 7 12.1 116.5 1948—Aug. 31... 647.1 114 2 42.0 25.4 76 8 25.0 15 7 66.0 47.4 7.0 16.1 45 7 44 7 14.6 106.7 Sept.30.. . 669.3 116 8 41.3 22.1 101 4 22.1 14 8 68.9 39.7 7.2 15.7 48 8 41 4 10.6 118 4 Oct. 31. .. 683.2 117 0 40.7 18.8 125 2 20 4 14 9 71.6 43 7 6.9 16.1 49 3 32 8 19 4 106 4 Nov. 30.. . 715.2 112 6 46.1 17.1 153 2 21.9 16.0 72.7 42.1 7.7 18.2 42 5 28 5 24.8 111 8 Dec. 31. .. 738.1 128 7 44.7 19.1 178 9 21 1 16 0 77 7 37.7 7 0 13.6 49 0 21 3 19 9 103 3 1949—Jan. 31.. . 757.3 129 0 48 8 17 2 186 2 23 7 14 1 77 5 42.4 6.2 15.5 53 1 22 7 14 9 106.0 Feb. 28.... 799 4 163 3 49.8 16.9 196.1 24.4 14.1 81.2 39.4 5.9 14.7 54 5 20 2 13 3 105.7 Mar. 31 ... 762.5 143 5 44.3 16.0 188.3 28.7 12.8 83.2 39.5 5.9 14.9 51.5 13 3 12.0 108.6 Apr. 30.... '755 4 148 1 40 6 17.4 180.1 30 3 14 3 83 0 39 3 '6.5 12.8 49.9 13 7 7 3 112 0 May 31.... 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 July 31P... 675.4 117 5 31.7 17.4 169.6 27.0 13.9 65.9 33.8 6.8 11.3 57.9 8 7 5.3 108.6 Latin America 1 Neth- French er- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - C R o i s c t a a Cuba I W G n a d n u e i i d s - e t s M ic e o x- I l W n a a d n n e i d d s e s t s P m an a a- Peru V zu e e n l e a - O A L i t a m c h t a i e e n r r ana Surinam 1942—Dec. 31... 597.7 67.6 10.8 67.7 34 5 43.4 12.4 100.3 4.9 95 7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31... 693.7 69.8 12.6 98.7 54 0 67.1 12.2 70.4 2.6 70 4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31... 909.3 93.9 17.7 140.8 55 0 83.6 7.4 139.3 4.4 83 1 36.0 69.1 27.7 31.5 119.8 1945—Dec. 31... L,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... L.104.8 112.6 14.0 174.0 50 7 57.8 7.7 153.5 5.4 152 2 16.1 77.2 40.9 74 0 168.7 1947—Dec. 31... L.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—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 31.. 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 July 31P... 1,352.3 229 .4 14.9 118.1 65 1 59.8 7.3 174.8 .9 163.3 24.3 63.1 55.9 162.0 213.5 Asia and All Other1 Date Asia C M c a h r h n i a i u a n d n - a - F C I r n h e d i n n o c a - h H K o o n n g g India l M B a is r y h a i a t - - Japan I n n e d s o ia - i p P p R u h p e b i i - l n l - i e c T k u e r y -O A t s h i e a r 2 o A th l e l r A t l u r ia a s- - N l Z a e e n w a d - A S E E t a u n g i g n a d g y y d n l a p p o n t - -F r r M o e c n o c - c o h A S U f o r o n u i f i c t o a h n Other 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... 1L.108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.1 35.4 55.5 175.3 25.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31... L,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.8 23.7 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 4.1 113.7 629.1 52.5 78 0 181.8 28.9 4.3 18.9 10.0 64 113.4 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 I 46.4 75.8 1948—Aug. 31... 1,074.8 146.4 5.9 47.2 50.6 14.7 76.8 36.7 521.7 22.4 152.5 168.3 22.0 5.5 42.6 11.1 12.4 74.6 Sept. 30.. . L,105.0 181.7 5.3 49.0 44.8 15.8 74.2 51.9 496.1 24.4 161.9 165.1 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 18.0 168.9 176.6 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 50.1 502.0 18.0 170.7 167.4 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 19.5 191.2 167.0 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 34.7 413.6 20.6 190.5 175.8 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 17.2 214.8 159.2 15 4 5.3 37 9 12.0 10 0 78 7 May 31.... 1,084.1 147.0 5.5 55.7 55.5 12.2 135.2 31.5 407.420.2 213.9 173.9 21.8 5.7 42.5 11.8 12 3 79.9 June 30P. . 1,077.4 119.2 6.1 67.7 60.9 12.5 141.6 36.1 383.7 15.3234.3 183.4 19.7 11.6 54 1 11 .9 10 0 76 1 July 31*... 1,061.8 125.3 5.0 78.9 54.2 12.3 144.2 27.1 360.2 18.2 236.3 177.6 22.3 11.5 49.6 9.7 7.3 77.2 P Preliminary. r Revised. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. • Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. OCTOBER 1949 1279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [Amounts outstanding, in millions of dollars] CLAIMS ON FOREIGNERS Date Total U K d n i o i n m t g ed - France N la e e n r t - d h s - S l w a er n i - t d z- Italy E O u th ro e j r e E T u o r t o a p l e C a a d n a - A L m i a c t a e i r n - Asia ot A h l e l r 1941—Dec 3i 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—Aug 31 1,081.5 23.6 123.1 75.3 7.5 19.1 154.8 403.3 24.7 511.9 119.1 22.5 Sept. 30 1,066.8 20.9 124.3 69.5 7.6 16.3 147.3 385.9 25.6 493.4 141 0 20.8 Oct. 31 1,065.9 20.9 123.0 69.8 7.4 17.0 148.3 386.2 29.3 511.5 117.3 21.6 Nov 30. 1,031 7 18.3 124.0 59.1 6 5 18.3 124.9 351 1 40.0 510.4 107 1 23.1 Dec. 31 1,018.7 24.5 119.0 51.4 6.9 15.8 106.3 323.8 39.8 516.6 118.8 19.7 1949—jan 31 996.1 24.3 116.0 31.4 6.8 19.6 102.0 300.0 40.7 506.7 128.3 20.5 Feb. 28 997.1 27.0 116.4 25.4 6.4 24.7 97.3 297 2 38.5 513.1 130 6 17 8 Mar. 31 983.0 33.8 115.7 24.9 7.8 21.4 85.5 289.1 39.5 505.1 131.4 18.0 Apr 30 945 5 18 0 114.4 11 5 7 1 23 1 82 9 257 1 34 2 505.9 130 0 18 4 May 31 874.1 31.6 88.1 11.8 6.2 23.1 84.1 244.8 35 0 433.8 141.4 19 0 June 30P 849.9 17.0 87.3 4.7 6.3 27.1 83.6 226.0 33 9 424.1 147.0 18.8 July 31P 839.0 20.5 85.3 4.2 6.4 26.4 81.6 224.3 32.6 418.8 144.2 19.1 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe 1 Other Bel- Den- Fin- Ger- Luxem- Nor- Por- Ru- Swe- Yugo- All Date Europe gium mark land many Greece bourg way tugal mania Spain den USSR slavia other 1942—Dec. 31 56.3 .8 (*) 5.6 34.0 1.1 .2 2.4 3.2 8.4 1943—Dec. 31 52.9 .7 (a) 7.6 33.9 .6 .2 1.4 3.2 5.0 1944—Dec. 31 78.3 .7 (*) 88 33.9 .6 35.1 .8 1.8 5.1 1945—Dec. 31 74.6 .6 (*) 33.9 .7 31.6 .5 1.6 4.7 1946—Dec. 31 82.8 7.5 30.4 12.4 3.3 1.0 7.2 9.4 1947—Dec. 31 118.9 15.0 6.2 30.5 10.6 9.2 1.1 .9 35.8 8.0 1948—Aug. 31. 154.8 20.0 .6 4.6 30.4 4.1 .3 17.2 .8 3.3 51.2 Sept. 30. 147.3 17.7 1.0 3.8 29.5 3.3 (*) 24.2 .7 5.4 48.1 Oct. 31. 148.3 21.0 1.1 3.4 33.6 3.6 27.3 .7 5.5 39.1 Nov. 30 124.9 21.3 1.1 3.3 30.4 3.5 14.9 2.7 38.5 Dec. 31. 106.3 21.4 .6 3.4 30.5 1.2 8.4 .7 2.9 29.7 1949—Jan. 31. 102.0 20.4 1.5 3.8 29.6 .9 14.8 .7 1.2 27.4 Feb. 28. 97.3 18.5 1.3 4.2 29.5 .8 14.9 .6 1.8 24.3 Mar. 31 85.5 18.1 1.7 3.0 29.8 .9 8.7 .6 1.6 19.7 Apr. 30. 82.9 16.5 1.4 3.9 29.6 1.0 8.3 .5 2.8 17.5 May 31. 84.1 18.3 .9 4.9 29.8 .8 8.7 .5 4.8 14.1 June 30 83.6 18.9 1.1 4.8 29.8 1.0 8.6 .5 4.2 13.2 July 31 81.6 17.9 .9 4.9 29.9 1.4 8.1 .5 3.3 (2) 13.0 Latin America x French West Date A L m i a c t a e in r- A t r i g n e a x - l B iv c i - a Brazil Chile l C o b n i c a - - C R o i s c t a a Cuba I G n a d n u i d i e - s ana 1942—Dec. 31 99 7 6 9 3 0 16.7 15.3 20.7 .6 8.3 .2 1943—Dec 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 1945—Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 1947—Dec. 31 , 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 194g—Aug. 31 511.9 61.2 3.0 178.7 17.5 42.5 1.5 67.6 Sept. 30 493.4 62.0 2.5 173.3 19.1 40.2 1.3 61.4 Oct. 31 511.5 63.8 2.9 175.0 21.0 39.8 1.1 65.5 Nov. 30 510.4 66.8 2.4 179.8 18.8 33.7 1.5 72.5 Dec. 31 516.6 72.4 2.7 165.4 15.2 32.6 1.9 83.1 I949—jan, 31 506.7 65.7 2.9 171.4 15.4 31.2 2.3 84.0 Feb. 28.. 513 1 67 2 2 2 178.7 16.0 29 3 2.2 81.9 Mar. 31 505.1 62.3 2.6 167.0 15.4 30.0 2.8 84.9 Apr. 30 505.9 58.0 2.5 175.3 15.0 32.0 2.9 79.3 May 31 433 8 58 9 2 6 159.5 12.5 37.9 2.6 20 6 June 30P 424 1 57.6 3 0 155.0 12.2 37.7 2.5 21.0 July 31 P 418.8 55.5 2.7 158.9 10.9 32.1 2.9 20.3 33 3 3S Netherlands Mexico I W n an d e i d s e t s P m an a a- Peru V zu e e n l e a - O A L m a th t e i e n r r - Suri^ ica nam 4.8 .3 2.1 2 8 3 9 14 2 11.2 .5 11 14 3.8 8.7 8.6 .3 8 1.2 5.1 11.7 11.0 .5 1.1 1.9 6.1 33.4 25.5 .8 1.3 3.7 8.7 23.1 52.2 1 1 4.7 4.3 15.3 31.0 76.1 .4 3.6 4.2 20.8 33. & 72.3 ? 4.1 3.9 18 8 33 2 8 76.6 .3 4.0 4.2 20.8 35.5 70.4 L.O 3.9 4.2 18.2 37.1 73.8 s 4.6 4.4 26 0 32 7 ((S2)) 70.5 4 4.3 4.9 23.4 29 4 (2) 71.8 1 ? 4 3 5 1 24 3 28 8 8 75.8 ? 4.3 5.8 23.6 29 4 74.7 L.3 4.4 5.5 24.7 30.3 69.6 4.4 6 0 25 7 32 1 (( ( 2 2 2 ) )) 6 6 8 7 . . 3 2 I 1 4 4 . . 5 5 7 7 . . 1 9 2 2 3 3 .0 7 3 3 0 1 .5 4 2 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. * Less than $50,000. 1280 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 * China Egypt Date Asia M c a r h n i a u a d n - - F C I r n h e d n in o c a - h H K o o n n g g India B l M a is r y h a i a t - - Japan I n n e d si o a - i p p P u R p h b e i i n l - l i - e c T k u e r y -O A t s h i e a r 'ot A h l e l r A t l u r ia a s- - N l Z an e ea 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 U So f n o r u i i f c o th a n Other Sudan 1942—Dec 31 35.3 11.1 (l) .9 2.2 .7 .5 14.4 1.8 2.0 4.8 1.0 .7 .1 a(») 1.7 1.2 1943—Dec. 3i 26.3 1.7 (») 1.0 2.0 .5 .5 L.7 13.9 3.2 1.8 3.9 .5 .2 .1 2.4 .7 1 1 9 9 4 4 4 5 — — D D e e c c . . 3 3 1 1 ,. .... 5 2 1 9 . . 4 9 1 1 . . 5 0 8 , . 9 8 2 7 2 . . 5 3 . . 1 1 . . 5 5 1.4 s 1 1 3 3 . . 8 8 2 1 .0 8 8 2 .7 8 1 9 1 . 9 7 1. . 7 6 .7 2 .3 2 (i) : 9 4 .7 7 2 1 . 5 0 1 19 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. . 6 9 2 1 9 2 . . 6 0 . . 2 9 . . 2 9 1 . 5 0 2 2 0 7 . . 2 4 1 1 7 . . 4 7 6 4 .3 4 3 1 1 7 . 5 2 3 9 .0 4 1 1 .5 i .1 4 51 14 0 . . 4 1 2 6 . . 2 0 (») 194g—Aug. 31 119.1 46.2 3.9 20.2 .8 2.0 .4 33.2 2.0 10.3 22.5 3.6 .7 2.2 .2 9.9 5.9 Sept. 30 141.0 65.5 3.5 19.5 1.0 7.6 .5 29.5 1.8 11.9 20.8 3.8 1.1 .2 .1 9.7 5.9 Oct. 31 117.3 39.0 .2 3.1 20.0 .4 6.1 .3 34.2 1.6 12.5 21.6 3.9 .6 .3 .2 11.1 5.5 Nov. 30 . 107.1 25.2 .1 3.5 20.2 .5 7.8 .4 36.3 1.7 11.1 23.1 3.5 .6 .2 .3 11.7 6.8 Dec. 31 118.8 24.2 .1 3.4 20.4 .4 15.9 9 37.3 1.4 13 8 19 7 4 7 s 4 2 7 9 6 1 1949— M F ja e n a b r . 3 3 2 i 1 8 1 1 1 2 3 3 8 0 1 . . . 3 6 4 2 2 1 2 1 9 . . . 7 6 7 . . . 1 5 3 5 3 4 . . . 2 3 7 2 2 2 1 0 0 . . . 3 9 4 . . . 6 9 5 2 2 3 2 7 4 . . . 7 9 9 J I l . .2 l 1 3 3 3 3 3 1 . . 8 7 8 1 1 1 . . . 4 6 1 1 1 1 6 9 7 . . 7 2 1 2 1 1 0 7 8 . . 5 0 8 5 5 5 . . 4 8 1 1. . 1 7 5 . . 5 3 4 . . 2 2 4 6 5 4 . . 4 1 1 6 6 6 . . 9 9 3 Apr. 30 130.0 18.2 .2 4.8 20.9 .7 34.3 L.2 30.5 1.5 17.7 18.4 5.5 .8 .5 .3 4.3 7.0 M Ju a n y e 3 3 1 0 P 1 1 4 41 7 . . 4 0 1 1 8 8 . . 4 0 . . 4 4 6 3. . 2 4 2 2 1 0 . . 0 0 . . 7 6 3 3 7 9 . . 4 4 1 1. 1 5 3 3 1 0. . 2 9 2 .9 1 2 3 3 2 .4 3 1 1 9 8 .8 0 5 S . 4 ^ 1.0 8 .4 4 .2 5 4 4 .6 6 7 7 .2 4 July 31P 144.2 16.8 .2 3.7 20.0 .7 33.8 1 ? 25.3 11 7 30 8 19 1 S 0 1 2 6 3 4 2 7 7 P 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 Year or pro w d o u r c ld tion Total Africa North and South America Other month U o . u S t .S si . d R e .* r m e o p n or th te l d y A So fr u ic th a d R e h s o i - a A W fri e c s a t * B C e o l 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 - * Au l s ia tra- India* $1=15«/n erains of gotd Vio fine; i. e., a*t ounce of.'fine goki "$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 782 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—juiy 64.4 34.5 1.6 2.0 .9 6.0 10.4 2.3 1.2 .4 .6 3.8 .7 Aug 62 2 33.7 1.4 2.0 1.0 7 4 10.7 .6 1.0 .4 .7 2 6 6 Sept 61.6 33.3 1.5 2.1 .9 7.2 10.3 1.1 1.0 .4 .7 2.5 .6 Oct 61.1 33.4 1.6 2.0 .9 6.3 10.7 .4 0 .9 .7 2 6 .6 Nov 60.5 33.2 1.5 2.1 .9 5.1 10.9 1.2 ? .5 .6 2.7 .6 Dec 60.2 33.1 1.6 2.0 .9 4.8 11.4 1.0 8 .4 .6 2 8 .6 1949—jan 58.3 32.9 1.5 2.0 0 3.9 10.8 .7 1 .7 .7 2.4 .6 Feb 56.4 31.0 1.5 2.0 1 3.9 10.8 1.0 4 .3 .6 2.4 .5 Mar 62 2 34 6 1 6 2 0 1 5.5 12.0 .8 1 .5 6 2 3 Apr. 60.7 33.4 1.7 1.9 0 5.7 11.4 .6 1 1 .4 .6 2.4 .5 IVlay 34 3 1 6 1 9 t 5.6 11.6 t 0 .5 .6 .6 June 34 8 1.9 1 5.5 12.0 .6 .6 July 35.5 1.8 L.I 5.7 .6 .6 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Estimates of United States Bureau of Mines. * 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. * Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1948 having been revised by subtracting from each monthly figure $214,952 so that aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 5 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 6 Monthly figures reported by 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. OCTOBER 1949 1281 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—Sept.. 23,872 24,060 166 643 317 378 44 289 32 53 548 Oct... 24,004 24,203 141 644 317 388 44 289 32 53 548 Nov.. 24,166 24,353 140 634 317 398 43 289 32 53 548 Dec... 24,244 24,399 624 317 408 43 289 32 53 548 1949—Jan... 24,271 24,448 633 317 416 44 289 32 53 548 Feb... 24,290 24,464 635 317 415 44 289 32 53 548 Mar.. 24,314 24,468 641 317 415 44 289 32 53 548 Apr... 24,332 24,461 647 317 407 43 32 53 548 May.. 24,342 24,511 665 317 417 44 32 53 523 June.. 24,466 24,637 704 317 428 44 32 523 July.. 24,520 24,705 720 317 44 32 523 Aug.. . 24,608 24,771 718 523 End of month H ga u r n y - India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru P g o a r l t u < - Ru n m ia a- A So fr u ic th a Spain 1942—Dec... 24 274 34 141 « 216 39 506 23 25 203 634 42 1943—Dec... 24 274 92 118 203 500 23 31 260 706 91 1944—Dec... 24 274 128 24 222 500 23 32 267 814 105 1945—Dec... 274 131 24 294 270 23 80 28 269 914 110 1946—Dec... 24 274 127 28 6 201 181 265 23 91 24 245 939 111 1947—Dec... 34 274 127 58 5 180 100 231 23 72 20 193 P215 762 111 1948—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 28 52 20 149 85 July.. 36 247 122 178 166 149 Aug... 37 178 Bank End of month S d w e e n - S la w e n r i - d tz 6 - T k u ey r- U d K n o i i m n t g e 7 d - g U u ru a - y V z e u n el e a - t c o r o t i 1 h e u 6 s e n r 8 - n M a I F t n t a u i o 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 ia ments United 1942—Dec. 335 824 114 89 68 138 21 End of month King- France Belgium 1943—Dec.. 387 965 161 121 89 172 45 dom 1944—Dec. 463 1,158 221 157 130 190 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—Sept.. 81 ,371 160 181 304 216 1,403 38 1944— Dec * 2,354 214 17 Oct.., 80 ,372 160 172 304 216 1,403 37 1945—Dec 22,341 457 17 Nov.. 81 ,383 160 166 324 215 1,410 44 1946—June 22,196 1949—J D a e n c . . ., 8 8 1 0 , , 3 3 8 9 7 0 1 1 6 6 2 2 1 1 6 6 4 4 3 3 2 2 3 3 2 22 1 2 9 1 1, , 4 4 3 3 6 6 3 3 6 6 Dec 2 2,587 Feb.., 80 ,394 162 164 323 226 1,436 41 1947—Mar 22,345 Mar.. 80 ,408 162 164 323 231 1,436 49 June.... 22,382 A M p a r y . . ., 8 7 0 1 , , 4 4 3 1 2 2 1 1 6 6 1 1 1 1 6 6 4 4 3 3 2 2 3 3 P P 2 2 3 3 1 1 1 1 , , 4 4 4 3 0 6 5 5 0 5 Sept 22,341 June . 71 ,419 160 161 323 *>231 1,440 55 Dec 22,035 A J u u g l . y . . 71 ,457 1 1 6 6 0 0 3 3 2 2 3 3 P J> 2 2 3 3 1 1 1,448 6 4 0 7 1948— J M u a n r e.... 2 2 2 1 , , 2 8 0 8 0 6 Sept 21,733 P Preliminary. Dec 21,822 not i n in c c l l u u d d e e s d g in o ld re g in u l E ar x c st h a a t n is g t e i cs S t o a n b il g i o z l a d t io st n o c F k u n (T d. r eas G u o r l y d g i o n l d a ) c t u i s v e e d p i o n r t t i h o e n F o e f d e th ra is l F R u e n se d r v i e s 1949—Mar 21,874 •tatement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Tr 8 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 l n d g at a n h d o m in e C in ir c a u m la o t u io n n ts , b u y p K to i n 1 d ,2 s 2 ." 4.4 1 Reported at infrequent intervals or on ^demillion pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of layed basis: U. K.—Exchange Equalization 3.5447 pesos per U. S. dollar. Account; France—Exchange Stabilization Fund * 8 F T i o g t u a r l e g s o a ld s r h e o p l o di r n te g d s a b r y e F n o o r t e a i v gn ai l E ab x l c e h . ang B e e C gi o n n n t i r n o g l A B p o r a il r d 1 9 a 4 n 6 d , t M he i n s i e s r t i e e r s o is f n F e i w n a a n n c d e . repre- 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; 'Figures are for following dates: 1942—Jan. 31; 1946—Mar. 31; and 1947—Mar. 31. total British holdings (official and private) of 6 Beginning December 1943, includes gold holdings of Swiss Government. U. S. dollars, as reported by banks in the United 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British States, are shown in table on p. 1278. 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. 1284, footnote 4, and p. 1285, 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. 1282 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 o i i n m t g ed - g B iu e m l- France N la e e n r t d - h s - S d w en e- U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico 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 34^4 -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1948—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 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 Aug.? 257.4 243.6 6 .5 .7 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- Year or Gold O L v t a a h t l i u e n r ed at A a u p s p - roximately $3 P 5 p h i i a n l i e f p i - ne o S u o n u c t e h o A th l e l r Period T e u r n e r d a y s o - fp T e o ri t o a d l i I in n s g c to o r t e o c ld a k t s a e l g p e o o x N ld r p t e o i t o m rt r -g m o c c o l r r ( a r d e e - r : a a i ) k n s s e d - e e d e- t p D i r t c o i o o m g d n o u e 2 l c s d - month American tralia China Re- Africa coun- 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 n ,162.i 1,866.3 210.0 75.8 1 1 9 9 4 4 7 6 -1 -8 7 . . 0 1 "'.i' - - 5 1 5 4 . . 8 0 - - 3 . . 2 5 4 1 1 1 0 8 . . 7 6 -18 1 . . 6 3 1948 24,244 24,399 1,530.4 1,680.4 —159.2 70.9 1948 7.3 .6 —2.5 491.5 1— 63.5 1948—Sept... 23,872 24,060 133.4 53.3 98.1 7^2 Oct... 24,004 24,203 143.2 121.6 1.0 6.3 1948—Aug.. . .5 -.1 60.6 -6.4 Nov... 24,166 24,353 149.1 54.2 99.7 5.1 Sept... .3 -.3 33.5 2 -25.0 Dec... 24,244 24,399 46.2 88.0 -45.9 4.8 Oct.... .2 .1 — .1 52.0 2 -6.6 1949—Jan... 24,271 24,448 49.5 66.2 -2.7 3.9 Nov... .5 .1 57.3 2 -4.2 Feb... 24,290 24,464 16.2 21.5 -22.2 3.9 Dec... .6 .1 47.1 -3.0 Mar... 24,314 24,468 3.6 19.8 -16.7 5.5 Apr... 24,332 24,461 -6.5 13.6 -17.7 5.7 1949—Jan.... .7 .4 46.7 -.2 May.. 24,342 24,511 49.7 9.5 37.8 5.6 Feb... .6 .2 21.1 —1.8 June.. 24,466 24,637 126.1 6.9 121.6 5.5 Mar... .4 -.2 21.3 -4.3 July.. 24,520 24,705 67.3 131.1 -19.9 5.7 Apr.... .5 -5.2 -.2 19.4 -5.2 Aug.. . 24,608 24,771 66.5 P257.4 -208.5 6.5 May. . .4 .3 6.3 — .6 Sept... P24.602*24,728 P -43.1 («) 5-154.8 (*> June.. .8 -.1 9.5 -4.5 July... .6 -3.5 — .2 12.7 —2.1 Aug. P. .6 22.3 -10.9 P Preliminary. 1 See footnote 1 on opposite page. 2 Yearly figures are estimates of United States Mint. For explanation of monthly figures see table on p. 1281. p Preliminary. 8 Change includes transfer of 687.5 million dollars gold subscripi 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. * Includes exports to Switzerland as follows: September, $23,747,000; 6 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 4,060.9 million dollars on Sept. 30, 1949. Gold Table 158, pp. 539-541, and for description of statistics, see p. 524 under earmark is not included in the gold stock of the United States. in the same publication. NOTE.—For back figures and description of statistics, see Banking and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523. OCTOBER 1949 1283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1948 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 n 0) 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 C Lo al a l n s s o n ( i s n u c b l. s c u r n ip d t i i s o b n u s r s to ed c a p p o it r a t l i o s n to s ck a n * d . . 5 5 5 5 incl. obligations sold under Bank's 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- Aug. July June Aug. antee 27 26 8 Loans—undisbursed 124 51 10 27 Other liabilities 4 5 4 4 Belgian francs 32.1 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 .4 Czechoslovakian koruny. 6.0 6.0 6.0 Danish kroner... 10.2 10.2 10.2 10.2 c Corrected. Egyptian pounds 3.0 3.0 3.0 1 Less than $500,000. Ethiopian dollars .3 .3 .3 .3 2 As of Aug. 31, 1949, the Fund had sold 708.0 million U. S. dollars; French francs 125.0 125.0 125.0 125.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Indian rupees 100.0 100.0 100.0 44.1 sterling in May 1947 and 300 million Belgian francs in May 1948, and Mexican pesos 22.5 22.5 22.5 22.5 sold to Norway 200 million Belgian francs in June and July 1948. Netherlands guilders 75.4 75.4 75.4 75.4 Repurchases amounted to 1.8 million dollars. Nicaraguan cordobas 5 .5 .5 1 Excludes uncalled portions of capital subscriptions, amounting to Norwegian kroner 9.6 9.6 9.6 9.6 6,679 million dollars as of June 30, 1949, of which 2,540 million repre- South African pounds. .. 10.0 10.0 10.0 sents the subscription of the United States. Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 300.0 300.0 Total. 723.7 724.6 724.6 633.9 CENTRAL BANKS Assets of issue Assets of banking Liabilities of bankingdepartment 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 th e e ts r 3 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 a e a s p t b h i i a t e l a n i r - l d 1935—Dec 25 200 1 260.0 36.2 8.5 94.7 424.5 72.1 12.1 37.1 18.0 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 1938—Dec 28 . 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec 27 * 2 580 0 26 6 4 3 176 1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25 .2 630.0 14.2 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec 31 .2 780 0 28 8 6 4 267 8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec 29 .2 1,100 0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1L,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec 26 .2 L,400.0 20.7 8 4 327.0 1.379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 1,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 1,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—SeDt 29 .2 ,300.0 65.4 25.0 397.3 1,236.4 300.0 22.3 53.6 93.3 18.5 Oct. 27 .2 ,300.0 72.1 19.3 359.6 1,230.8 307.5 13.1 19.6 93.0 17.8 Nov. 24 .2 L300.0 70.2 28.9 347.4 1,233.1 302.7 12.3 14.3 99.2 17.9 Dec. 29 .2 i 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—jan 26 .2 i; ,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 ,300.0 53.0 19 9 362.1 1,250.6 294.0 25 6 6 7 90 1 18 6 Apr. 27 .2 L,300.0 24.2 13.7 379.3 1,280.3 289.9 16.8 .7 92.0 17 8 May 25 .2 ,300.0 36.3 25.9 381.4 1,267.9 299.9 12.0 23.3 90.4 17.9 June 29 .2 ,300.0 26.7 27.0 372 0 1,277.9 294.5 8 6 13 5 90 9 18 2 July 27 .2 e1,350.0 49.9 15 3 381.6 1,305.1 294.0 11 2 32 4 91 0 18 3 Aug. 31 .... .2 ,350 0 80.4 10.4 354.1 L,275.0 277.6 15.9 41.7 91.2 18.5 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. 4 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. • Notes issued less amounts held in banking department. • On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. • 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. 1284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Bank of Canada Do c m ia in l io g n ov a e n rn d m p e ro n v t in- Deposits (Fi C gu a r n e a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t i n e n i s g ted securities O as t s h e e ts r circ N ul o a t t e ion2 lia O b a t i n h li d e ti r es dollars S te h r o m rt 1 - 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 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807.2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 ,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 ,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 ,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 ,211.4 536.2 68.8 67.5 42.4 1948—Sept. 30. .2 ,216.3 757.2 55.3 ,267.7 550.9 87.3 78.2 44.7 Oct. 30. 1.0 ,279.6 741.3 57.7 ,275 581.0 110.0 72.2 41.3 Nov. 30. .1 ,222.1 794.0 46.8 ,273 579.6 86.5 64.1 59.2 Dec. 31. .4 ,233.7 779.1 45.4 ,289, 547.3 98.1 81.0 43.1 1949—Jan. 31. () ,188.3 806.9 50.2 ,229.2 545.1 141.8 86.8 42.5 Feb. 28. ,180.5 800.7 54.9 ,221.9 531.0 178.4 79.6 25.7 Mar. 31. 82 !3 ,087.1 812.1 70.6 ,245.3 540.3 62.6 84.8 119.0 Apr. 30. 61.1 ,199.0 822.9 57.9 ,264.7 587.3 115.1 80.8 93.0 May 31. 56.4 ,148.1 836.2 57.5 ,263.8 571.2 101.4 65.2 96.7 June 30. 62.7 ,379.6 636.8 56.9 ,270.0 568.3 112.2 73.7 111.8 July 30. 52.9 ,499.2 499.5 45.1 ,271.0 566.9 94.3 73.8 90.6 Aug. 31 . 55.7 ,557.2 441.2 64.2 ,269.7 578.0 109.7 61.8 99.2 Assets Liabilities m B i a ll n ( io F k n i g s o u f o r f e F s f r r i a a n n n c c s e ) Gold F c o h e r a x e n i - g g e n m O a p rk e e n t D 6 om Sp es e t c i i c a l bills Other Cu G A rr o d e v v n e a t r n n c m e O s e t n t h o 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 it . s 7 Other l O c ia a t a t i b n p h e i d s e i l t i r a - l 1938—Dec. 29. 87,265 821 1,892 1,797 7,880 30,627 14,028 110,935 5,061 25,595 2,718 1939—Dec. 28. 97,267 112 5,818 2,345 5,149 14,200 30,473 15,549 151,322 1,914 14,751 2,925 1940—Dec. 26. 84,616 42 7,802 661 3,646 63,900 112,317 18,571 218,383 984 41,400 27,202 3,586 1941—Dec. 31. 84,598 38 6,812 12 4,517 69,500 182,507 17,424 270,144 1,517 64,580 25,272 3,894 1942—Dec. 31. 84,598 37 8,420 169 5,368 68,250 250,965 16,990 382,774 770 16,857 29,935 4,461 1943—Dec. 30. 84,598 37 9,518 29 7,543 64,400 366,973 16,601 500,386 578 10,724 33,137 4,872 1944—Dec. 28. 75,151 42 12,170 48 18,592 15,850 475,447 20,892 572,510 748 37,855 7,078 1945—Dec. 27. 129,817 68 17,980 303 25,548 445,447 24,734 570,006 12,048 57,755 4,087 1946—Dec. 26. 94,817 7 37,618 3,135 76,254 67,900 480,447 33,133 721,865 765 63,468 7,213 1947—Dec. 31. 65,225 12 67,395 64 117,826 147,400 558,039 59,024 920,831 733 82,479 10,942 1948—Sept. 30. 65,225 60 90,928 4,808 161,571 160,700 558,039 76,873 910,633 788 193,031 13,752 Oct. 28. 65,225 35 81,952 9,901 197,297 158,000 558,039 51,510 917,757 764 187,657 15,780 Nov. 25. 65,225 36 83,365 10,908 192,428 151,200 558,039 48,952 913,234 759 178,090 18,070 Dec. 30. 65,225 30 97,447 8,577 238,576 150,900 558,039 57,622 987,621 806 171,783 16,206 1949—Jan. 27. 65,225 34 88,286 4,996 238,795 146,200 558,039 53,426 972,604 822 163,513 18,062 Feb. 24. 65,225 53 94,010 4,816 257,345 154,100 558,039 47,692 991,334 765 171,921 17,260 Mar. 31. 65,225 49 134,911 2,523 233,189 157,500 558,039 87,254 1,045,053 750 180,103 12,784 Apr. 28. 65,225 67 111,190 2,235 290,365 155,300 558,039 58,089 1,047,277 440 179,099 13,693 May 25. 862,274 74 118,855 1,876 272,698 155,000 560,990 56,729 1,043,180 890 170,018 14,409 June 30. 862,274 7,775 156,208 894 258,294 166,900 560,990 81,046 1,115,608 286 162,969 15,518 July 28. 862,274 14,380 137,189 4,486 296,228 162,700 560,990 69,764 1,134,440 195 157,714 15,661 Aug. 25. 62,274 36,675 134,031 4,144 255,099 165,000 560,990 67,738 1,133,129 292 136,331 16,199 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. * Beginning November 1944, includes a certain amount of sterling and United States dollars. « On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 Less than $50,000. 6 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 14.6 billion francs on Aug. 25. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. OCTOBER 1949 1285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. Central Bank of the Argentine National Bank of Costa Rica— Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 507 506 606 Gold 11,547 11,685 Other gold and foreign exchange. 1,561 1 590 1,761 Foreign exchange . 15,950 9,309 Government securities ... 1,745 1 749 873 Contributions to Intl. Fund and Rediscounts and loans to banks 1. ?S S47 75 S?S 17 S1S to Intl. Bank 30,321 30,321 Other assets 177 173 3, 127 Loans and discounts 85,939 84,360 Currency circulation2 8 784 8 184 6,733 Securities 18,612 14,490 D eposits—Government 1,841 Other assets . .. 10,857 6,324 Nationalized 1 18 969 18 931 14, S06 Note circulation 103,410 103,454 Other sight obligations 636 600 339 Demand deposits 63,128 45,883 Other liabilities and capital. 1,647 1 827 963 Other liabilities and capital 6,687 7,151 Commonwealth Bank of Aus- National Bank of Czechoslovakia tralia (thousands of pounds) : (millions of koruny): Gold and foreisrn exchange 383 492391 ,980 267, 832 Gold and foreign exchange 8 2,983 3,084 2,922 3,505 Checks and bills of other banks 2, 728 7,032 2 984 Loans and discounts 25,843 24,522 22,618 20,685 Securities (incl. Government and Other assets 48,198 48,383 49,141 50,418 Treasurv bills} S43339 78S 369 167 Note circulation 65,559 65,171 64,380 64 018 Other assets . . S6 7SS 60 68 S 45 S90 Deposits 549 474 789 844 ?1? 813 ?17 8S5 196 60S Other liabilities and capital 10,917 10,344 9,512 9,746 Deposits of Trading Banks: National Bank of Denmark Special 340 570 369 570 269 970 (millions of kroner): Other 7? 119 ?4 167 28 931 Gold 70 70 70 70 Other liabilities and capital . .. 188 565192,945 190 117 Foreign exchange 328 231 130 117 Austrian National Bank (millions Contributions to Intl. Fund and of schillings): to Intl Bank 65 65 65 65 Gold 50 50 50 48 Clearing accounts (net) 5 Foreisrn exchange 16S 1S1 96 Loans and discounts 32 29 29 16 Loans and discounts 1 476 1 319 1 745 763 Securities 92 94 100 82 Claim against Government 7,134 7 034 6,816 7 337 Govt. compensation account. . .. 4,802 4,813 4,814 5,190 Other assets 11 11 6 c Other assets 128 140 226 171 Note circulation 5 957 5 996 5,797 4 914 Note circulation 1,432 1,450 1,478 1,428 Deposits—Banks 335 243 363 641 Deposits—Government .... 1,737 1,762 1,728 1,772 Other 888 773 563 461 Other 2,199 2,083 2,083 2,362 Blocked 1 6SS I SS3 1,S?3 1 733 Other liabilities and capital 149 148 146 154 National Bank of Belgium * Central Bank of the Dominican (millions of francs): Republic (thousands of dollars) Gold 449 31 SSI 30 8S9 28 184 Gold . 4,012 4,009 4,009 4,000 Foreign claims and balances (net) 13,375 12 339 12,205 Foreign exchange (net) 11,581 11,252 10,499 15,611 Loans and discounts ? 773 3 175 4 SS4 Net claim on Intl. Fund 6 .... 1,250 1,250 1,250 1,250 Consolidated Government debt.. 34,991 34 991 34,991 Paid-in capital—Intl. Bank 40 40 40 40 Government securities .. • 6,264 6 058 4,800 Loans and discounts. 209 210 171 Other assets 7 338 7 771 3,781 Government securities 4,974 4,974 4,974 4,000 Note circulation 8S 830 8S 794 84 938 81 014 Other assets 792 771 746 122 Deposits—Demand ??8 189 3 034 Note circulation 18,327 18,010 17,203 19,131 E C A 398 S61 1 01 S Demand deposits 4,296 4,274 4,276 5,738 Other liabilities and capital 2,233 2 340 2,202 Other liabilities and capital 235 222 211 154 Central Bank of Bolivia—Mone- Central Bank of Ecuador tary dept. (millions of bolivianos) (thousands of sucres): Gold at home and abroad 9S6 9S4 Gold 278,415278,390278,331 277,416 245 228 Foreign exchange (net) -68,594 -56,814 -36,561 16,757 75? 445 Net claim on Intl. Fund6 16,881 16,881 16,881 16,882 7SS 7S1 Credits—Government 278,330263,388236,107 Other assets 57 11 Other 114,518 111,453 111,026 Note circulation 2 7 SO 1 968 Other assets 116,535 112,542 115,428 111,901 Deposits 769 177 Note circulation 371,992366,094360,565 335,149 Nati O on th a e l r B li a a n b k il it o i f e s B a u n l d g a c r a i p a i t * al 246 244 Demand deposits— O Pr t i h v e a r te banks 1 9 1 1 3 , , 3 7 2 2 7 5 1 9 1 2 2 , , 6 5 5 0 8 4 1 9 1 5 9 , , 4 0 3 5 6 4 ^250,645 Central Bank of Chile (millions Other liabilities and capital 159,041 143,907 146,158 72,871 of pesos): National Bank of Egypt (thou- Gold 6 1 318 1 317 1 1S1 sands of pounds): (May)9 Foreiern exchance (net} 186 101 177 Gold 6,376 6 376 1 1 1 Foreign exchange 15,616 13,870 Discounts for member banks 1 146 1,320 1,101 Loans and discounts 3,819 1,978 73? 73? 78? British, Kgyptian, and other Other loans and discounts 2 ?60 2 739 1 308 Government securities 326,491 309,953 Other assets 1 448 1 434 1 380 Other assets . 26,614 21,428 S 066 5 163 4 787 Note circulation 146,104 127,308 Deoosits—Bank 1,411 1,326 922 Deposits—Government 101,325 71,381 Other 195 758 778 Other 122,911 145,475 419 396 414 Other liabilities and capital. 8,575 9,441 Bank of the Republic of Colombia Central Reserve Bank of El Salva- (thousands of pesos): dor (thousands of colones): Gold and foreign exchange 7 144 318 169 860 1S? 075 1S3 617 Gold 41,390 35,933 35,977 36 471 74,367 74 367 74,367 7,1,867 45,620 52,178 52,463 35,79a Paid-in capital—Intl. Bank 1,370 1,370 1.370 1,230 Net claim on Intl. Fund 6 1,564 1,564 1,564 1,564 Loans and discounts 196 396170 731196 573 157 947 Loans and discounts 507 299 354 1,335 Government loans and securities. 134,701135,057 134 ,722 123,359 Government debt and securities.. 5,240 5,239 5,259 5,319^ Other assets . . 57 38? S7707 S4 899 56 846 Other assets 1,643 1,489 1,634 Note circulation 346 916 343 871 347 786 300 Note circulation 54,646 55,754 55,981 49,847 Deposits 164 700 171 004 17? 130 171 796 Deposits 35,330 34,786 35,313 26 37& Other liabilities and capital 46,918 43,718 44,491 42,651 Other liabilities and capital 5,989 6,164 5,958 5,803 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 1 In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November 1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la Bourse" for Sept. 20, 1948. * For last available report (January 1943), see BULLETIN for July 1943, p. 697. 6 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 6 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such"timeas the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 7 Gold not reported separately beginning May 31, 1948. 8 Gold not reported separately beginning Dec. 31, 1946. • Latest month available. 1286 FEDERAL RESERVE BULLETIN, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued 1949 1948 1948 Central Bank Central Bank (Figures as of last report (Figures as of last report date of month) Aug. July June Aug. date of month) Aug. July June Aug. State Bank of Ethiopia—Issue Reserve Bank of India—Cont. dept. (thousands of dollars): Gold 4,393 4,393 2,891 Banking department:—Cont. Silver 6,907 6,271 2,782 Loans to Government 100 105 1 Foreign exchange 27,949 29,974 32,570 Other assets 1,035 1,178 758 Treasury bills 9,247 9,247 5,832 Deposits 2,875 2,756 4,062 Other assets 30,999 30,381 29,459 Other liabilities and capital.... 251 297 182 Circulation—Notes 48,435 49,205 43,899 Central Bank of Ireland (thousands Coin 29,363 29,363 28,704 of pounds): Other liabilities and capital 1,698 1,698 930 Gold 2,646 2,646 2,646 2,646 Bank of Finland (millions of Sterling funds 43,171 44,073 43,610 39,728 markkaa): Note circulation 45,817 46,719 46,256 42,374 Gold 269 269 269 268 Bank of Italy (millions of lire): Foreign assets (net) -831 -392 -729 -140 Gold 1,752 1,752 525 Clearings (net) -2,058 -2,047 -1,339 -4,051 Foreign exchange 19,500 17,841 15,583 Loans and discounts 39,904 39,766 37,225 39,125 Advances to Treasury 666,769 663,403 641,587 Securities 868 880 858 916 Loans and discounts 183,423185,915149,776 Other assets 1,045 1,594 1,473 741 Government securities 208,613201,079157,664 Note circulation 28,677 28,252 27,934 28,078 Other assets 394,850347,877156,891 Deposits 2,040 3,368 1,777 1,744 Bank of Italy notes 895,703853,627 796,563 Other liabilities and capital.... 8,480 8,451 8,046 7,037 Allied military notes 40,551 42,841 54,274 Bank of German States * Deposits—Government 136,236137,451 9,389 (millions of German marks): Demand 132,775126,717 69,280 Foreign exchange 1,224 1,338 Other 225,859213,747159,939 Loans and discounts 1,487 1,273 Other liabilities and capital.... 43,784 43,484 32,581 Loans to Government 8,367 8,527 Bank of Japan (millions of yen): (May)2 Other assets 1,880 1,853 Cash and bullion 590 642 Note circulation 7,046 6,918 Advances to Government 67,565 77,596 Deposits—Government 1,369 1,294 Loans and discounts 52,768 58,024 Banks 1,141 1,301 Government securities 81,746 93,917 Other 337 361 Reconversion Fin. Bk. bonds... 49,562 48,924 Other liabilities and capital.... 3,065 3,117 Other assets 10,940 13,398 Bank of Greece (billions of drach- Note circulation 223,499 254,209 mae): Deposits—Government 10,902 8,808 Gold and foreign exchange (net). 147 121 641 Other 16,603 17,924 Loans and discounts 85 77 20 Other liabilities 12,166 11,560 Advances—Government 2,645 2,663 1,164 The Java Bank (thousands of Other 1,709 1,612 1,272 guilders): Other assets 865 819 '343 Gold 470,985 470,984 470,984 Note circulation 1,292 1,218 1,049 Foreign bills 90,216 100,272109,602 Deposits—Government 474 493 169 Loans and discounts 63,807 69,318 66,489 Reconstruction and Advances to Government 1,009,484 ,000,751964,003 relief accts 753 648 118 Other assets 68,777 69,480 81,992 Other 563 535 262 Note circulation 887,401 869,174 858.377 Other liabilities and capital 2,369 2,398 1,841 Deposits 751,348 771,341746,446 Bank of Guatemala (thousands of Other liabilities and capital.... 64,520 70,290 88,247 quetzales): Bank of Mexico (millions of pesos): Gold 27,230 27,229 27,228 Monetary reserve 3 680 656 669 637 Foreign exchange 14,451 15,928 17,267 "Authorized" holdings of secu- Gold contribution to Int'l Fund. 1,250 1,250 1,250 rities, etc 2,569 2,477 2,037 ,710 Rediscounts and advances. . .. 3,393 2,537 2,707 Bills and discounts 178 199 662 735 Other assets 13.098 12,494 11,970 Other assets 184 179 186 189 Circulation—Notes 33,373 32,899 30,692 Note circulation 2,015 1,959 1,917 ,798 Coin 3,060 3,083 2,951 Demand liabilities 707 667 759 751 Deposits—Government 3,009 4,099 4.551 Other liabilities and capital. . .. 890 886 878 721 Banks 9,939 9,732 11,419 Netherlands Bank (millions of Other liabilities and capital. . . 10,040 9,626 10,809 guilders): National Bank of Hungary (mil- Gold 439 439 455 lions of forint): Silver (including subsidiary coin) 8 8 1 Gold 432 426 412 403 Foreign assets (net)4 435 309 457 Foreign exchange 166 17 20 102 Loans and discounts 164 150 147 Discounts 3 1,435 Govt. debt and securities 3,300 3,300 3,300 Loans—Treasury 307 309 310 340 Other assets 534 507 358 Other 7,547 7,331 7,14 1,467 Note circulation—Old 76 78 117 Other assets 199 157 171 280 New 2,976 2,971 3,078 Note circulation 3,176 3,094 3,007 2,413 Deposits—Government 488 181 523 Demand deposits—Government 1 1 1 182 Blocked 47 62 63 Other. .. 4,872 4,717 4,624 «822 E. C. A 203 379 67 Other liabilities and capital.... 605 588 618 «610 Other 818 782 534 Reserve Bank of India (millions of Other liabilities and capital.... 271 260 336 rupees): Reserve Bank of New Zealand Issue department: (thousands of pounds): Gold at home and abroad 400 400 427 Gold 3,379 3,359 2,802 Sterling securities 6,353 6,953 7,966 Sterling exchange reserve Indian Govt. securities 4,187 4,137 3,683 Advances to State or State un- 55,337 58,963 63,537 Rupee coin 496 472 452 dertakings 33,727 33,397 32,605 Note circulation 11,090 11,545 12,152 Investments 48,094 48,094 9,916 Banking department: Other assets 6,169 6,054 21,301 Notes of issue department. . , 346 418 377 Note circulation 50,605 50,310 48,446 Balances abroad 1,598 1,328 3,061 Demand deposits 90,961 94,405 76,772 Bills discounted 47 2 48 Other liabilities and capital. . .. 5,140 5,153 4,944 r Revised. e Corrected. 1 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 2 Latest month available. 8 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. * 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. 1287 OCTOBER 1949 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) Aug. July June Aug. date of month) Aug. July June Aug. Bank of Norway (millions of kroner): Bank of Sweden (millions of kronor): Gold 232 232 298 Gold 156 156 157 178 Foreign assets (net) 124 150 450 Foreign assets (net) 533 465 416 176 Clearing accounts (net) -74 -73 Swedish Govt. securities and ad- Loans and discounts 71 81 55 vances to National Debt Office* ,324 3,208 ,360 3,277 Securities 48 48 58 Other domestic bills and advances 82 82 83 51 Occupation account (net) ,713 ,713 ,924 Other assets 355 370 401 619 Other assets 86 91 63 Note circulation ,980 2,928 ,996 2,824 Note circulation ,190 ,144 ,080 Demand deposits—Government.. 563 608 748 595 Deposits—Government ,651 ,878 ,875 Other 380 244 182 218 Banks ,041 841 ,174 Other liabilities and capital 527 502 491 662 Blocked 621 639 767 Swiss National Bank (millions of Other 181 165 284 francs): Other liabilities and capital 542 574 669 Gold ,237 6,160 ,998 5,607 Bank of Paraguay—Monetary dept. Foreign exchange 327 362 416 145 (thousands of guaranies): Loans and discounts 108 112 136 126 Gold 600 602 607 738 Other assets 72 70 76 92 Foreign exchange (net) -662 904 ,108 583 Note circulation ,313 4,323 ,319 4,246 Net claim on Int'l. Fund 1 2,710 ,710 ,710 709 Other sight liabilities ,941 1,892 ,781 1,179 Paid-in capital—Int'l. Bank -92 -92 -92 -16 Other liabilities and capital 490 489 526 545 Loans and discounts 96,464 478 ,960 310 Central Bank of the Republic of Government loans and securities. 3,464 906 ,182 569 Turkey (thousands of pounds): Other assets 8,946 461 ,539 861 Gold e 447,018 448,152448,152 450,689 Note and coin issue 83,188 643 ,388 728 Foreign exchange and foreign Demand deposits 22,771 516 ,116 740 clearings 65,396112,834 118 893 107,727 Other liabilities and capital 5,470 810 ,509 287 Loans and discounts 808,084 809,649752 619 716,917 Central Reserve Bank of Peru Securities 78 ,819~~,297 89 806 210,242 (thousands of soles): Other assets 72,431 ,726 59 071 31,901 Gold and foreign exchange 246 974 129 994 Note circulation 86,475 892,323892 275 896,419 Net claim on Int'l. Fund x 20 495 20 496 Deposits—Gold 153,040 153,036153 036 153,029 Contribution to Int'l. Bank 2 238 2 356 Other 290,009 327,915237 983 234,743 Loans and discounts to banks. . . 137 844 99 762 Other liabilities and capital 168,724161,384185 247 233,285 Loans to Government 728,974 744 818 Bank of the Republic of Uruguay Other assets 67 166 61 272 (thousands of pesos): Note circulation 811,682 737 443 Grold 244 276 283,880 Deposits 300,183 235 060 Silver 12 214 12,315 Other liabilities and capital 91 826 86 194 Paid-in capital—Int'l. Bank 313 314 Central Bank of the Philippines Advances to State and govern- (thousands of pesos): ment bodies 146 998 60,416 Gold 2 721 ,721 Other loans and discounts 253 881 218,128 Foreign exchange 570 310 638,895 Other assets 247 475 279,061 Net claim on Int'l. Fund l 7,501 ,501 Note circulation 279 807 242,581 Domestic securities 10 354 ,739 Deposits—Government 74 956 74,784 Other assets 136 933143,613 Other 285 095 253,317 Note circulation 505 180 534,426 Other liabilities and capital 265,300 283,432 Demand deposits—U. S. dollars2. 11 637 ,649 Central Bank of Venezuela (thou- Pesos 116 135,438 sands of bolivares): Other liabilities and capital. . . . 94 734 91,957 Gold 7 ,521888,521 521 830,044 Bank of Portugal (millions of Foreign exchange (net) ,402253,,228 277 547 61,496 escudos): Other assets ,441 51,529 761 85,761 Gold 110 146 Note circulation—Central Bank. ,602748,188 768 227 630,618 Foreign exchange (net) 567 594 National banks.. ,323 1,346 349 3,153 Loans and discounts 454 456 Deposits 489 331,003 383 544 325,394 Advances to Government 245 249 Other liabilities and c:aappiitt£al 949 112,739 709 18,136 Other assets 511 503 Nattiioonnaall BBaannkk cof the Kin;Lgdom Note circulation 106 147 of Yugoslavia 3 Demand deposits—Government.. 253 74 Bank for International Settle- Other 589 806 ments 8 (thousands of Swiss gold Other liabilities and capital. . 937 920 francs): National Bank of Rumania 3 Gold in bars 182,828168,838 94,137 South African Reserve Bank Cash on hand and on current (thousands of pounds): account with banks 45, 864 26,159 30 385 10,360 F G o o r l e d i * gn bills 650 , 9 5 8 9 6 3 5 7 3 5 ! ,, , 5 5 5 6 4 1 S R i e g d h i t s c fu o n u d n s t a a b t l e i n b t i e l r ls e s a t nd accept- 3; 836 4,024 4,334 497 Other bills and loans 396 ,632 86,886 ances (at cost) 20 820 20,868 20,862 19,414 Other assets 054 ,280 11,,650 Time funds at interest 32 208 30,023 22.409 31,529 Note circulation 101 ,090 65,,199 Sundry bills and investments... . 216 474164,968152, 705 136,900 Deposits 723 ,559 155!,516 Funds invested in Germany 297 201297,201297, 201 297,201 Other liabilities and capital. . 794 ,841 6,,936 Other assets 1554 1,968 2,034 1,243 Bank of Spain (millions of peseta; Demand deposits (gold) 12 823 13,373 13,418 17,743 Gold 934 934 ,217 Short-term deposits (various Silver 497 497 500 currencies): Government loans and securities. 970 ,954 ,817 Central banks for own ac- Other loans and discounts 617 ,206 ,553 count 261 556 229,710 200,956 94,958 Other assets 079 ,022 ,566 Other 1318 1,329 1,327 1,123 Note circulation 460 ,888 ,724 Long-term deposits: Special ac- Deposits—Government 251 ,329 932 counts 228 909 228,909 2288 228,909 Other 791 ,871 ,422 Other liabilities and capital 256 093 254,717254, 248,547 Other liabilities and capital. . 593 525 575 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. 2 Account of National Treasury. • 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. 8 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. 1288 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— eff D ec a t t i e ve U K d n i o i n m t g e - d 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 tr o a f— l S R 3 e a 0 p te t. eff D ec a t t i e ve ba C n e k n tr o a f— l S R 3 e a p 0 te t. ef D fec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Ireland Nov. 23, 1943 1938 2 4 2X 2 IK Argentina Mar. 1, 1936 Italy 43J Apr. 9, 1949 Jan. 4, 1939. . Austria 3>! Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 17 4 Belgium Aug. 27, 1947 Java 3 Jan. 14, 1937 May 11 3 Bolivia 5 Feb. 4, 1948 Latvia 5 Feb. 17, 1940 July 6 Aug. 24 4 Aug. 29 3 Sept. 28 3 Bulgaria Aug. 1, 1948 Lithuania. . . 6 July 15, 1939 Oct. 26 2 Canada Feb. 8, 1944 Mexico June 4, 1942 Dec. 15 3 Chile Dec. 16, 1936 Netherlands . June 27, 1941 Jan. 25, 1940. . 2 Colombia 4 2 July 18, 1933 New Zealand. July 26, 1941 Apr 9 sy Costa Rica Apr. 1, 1939 Norway Jan. 9, 1946 May 17 2 3 V Czechoslovakia Oct. 28, 1945 Peru 6 2 Nov. 13, 1947 Mar. 17, 1941. . 15^ May 29 ... 3 June 27 2% Jan. 16, 1945 . . \y Denmark Jan. 15, 1946 Portugal.... 2y* Jan. 12, 1944 Jan. 20 2 Ecuador June 8, 1943 Rumania. ... Mar. 25, 1948 F N e o b v . . 9 7 1946 iy 2 E El s t S o a n l i v a ador. . . 4 O O c c t t . . 15 1 , , 1 1 9 9 4 3 6 5 S S o pa u i t n h Africa. 3 4 J M u a n r e . 1 2 8 , , 1 1 9 9 4 4 1 9 Dec. 19 3 Finland July 1, 1949 Sweden Feb. 9, 1945 Jan. 10, 1947. . 1% 5M &2M Aug. 27 3H Oct. 9 2K&3 France 3 Oct. 1, 1948 Switzerland.. Nov. 26, 1936 June 28, 1948. . 1 i-5 Germany Julv 14, 1949 Turkey 4 3 July 1, 1938 Sept. 6 Greece 12 July 12, 1948 United King- Oct. 1 3 Hungary 5 Nov. 1, 1947 dom 2 Oct. 26, 1939 May 27, 1949. . Jl 4V India 3 Nov. 28, 1935 U.S.S.R.. .. 4 July 1, 1936 July 14 1 1—4 Yugoslavia. . 1-3 Aug. 20, 1948 In effect Sept. 30, 1949 2 3 U-4 3H 2H 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since August 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—July .54 1.03 1.00 1.00 1.62 1.25 1943—July .50 1.03 1.00 1.04 1.64 1.25 1944—July .38 1.03 1.00 1.13 1.49 .25 1945—July .36 1.03 1.00 1.13 1.25 .25 1946—July .40 .53 .51 .63 1.30 .52 1.31 .25 1947—July .41 .53 .51 .63 1.51 .52 1.09 .25 1948—July .41 .56 .51 .63 2.04 .56 1.35 .63 1948—Aug .41 .56 .51 .63 .35 1.06 .63 Sept .41 .56 .51 .63 .10 .84 .63 Oct .41 .56 .51 .63 .03 .78 .63 Nov .41 .56 .51 .63 .08 .77 .63 Dec .41 .56 .52 .63 .25 .96 .63 1949—Jan .41 .56 .52 .63 2.09 .23 1.13 .63 Feb .42 .56 .52 .63 2.08 .39 .90 .63 Mar .42 .56 .52 .63 2.10 .38 1.01 .63 Apr .49 .58 .51 .63 2.12 .29 1.24 .63 May .50 .63 .52 .63 2.43 .28 1.03 .63 June .51 .63 .52 .63 .32 .83 .50 July .51 .63 .52 .63 1.43 .83 .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. OCTOBER 1949 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS Assets Liabilities United Kingdom 1 ( m 1 b 1 a il n l L i k o o s n s . n t s e d r o F o li n i f n g g u c p ) r l o e e a s u r n i i n d n g s re C se a r s v h es M c n a s o l o h l n 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 c L u o s a to n m s e to rs a O s t s h e e t r s Total D D e e p m o a s n it d s Time li c a O a b a t p i n h l i d i e t t a r ie 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 1,234 827 374 4,850 3,262 1,588 265 1946—Decem ber 499 432 610 1,560 1,427 994 505 5,685 3,823 1,862 342 1947—December 502 480 793 1,288 1,483 1,219 567 5,935 3,962 1,972 396 1948—August 499 489 695 1,323 1,474 1,334 477 5,903 3,829 2,074 388 September 490 490 707 1,345 1,472 1,349 485 5,950 3,844 2,106 387 October 485 497 802 1,313 1,475 1,365 497 6,040 3,927 2,113 393 November 495 482 793 1,332 1,480 1,355 516 6,057 3,958 2,099 396 December 502 485 741 1,397 1,478 1,396 621 6,200 4,159 2,041 420 1949—January 532 481 795 1,267 1,487 1,383 526 6,057 4,033 2,024 414 February 481 491 860 989 1,487 1,405 519 5,817 3,810 2,007 414 March 474 482 870 956 1,496 1,429 517 5,815 3,803 2,012 409 April 500 481 799 1,025 1,501 1,445 540 5,886 3,875 2,011 405 May 487 498 816 1,037 1,502 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 July 492 492 788 1,160 1,512 1,435 508 5,973 3,939 2,034 413 Assets Liabilities Canada Security Deposits payable in Canada E (1 n C 0 d a i c n n o h a f a d m m r i t i a e l o n l r i n e o t d d n h o s l b f l o i a a g f n r u s k ) re s. s Cas E h ntire S ly e c i u n r it C y an l a o d O a a n t s h e a r nd d a a f u n o l b e o d r r e a o f i n r n g a o s d n e m t Securities O as t s h e e t r s ci N r ti c o o u t n l e a- e T x o cl t u al ding D in e te m r a b n a d nk de T po im 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 reserves loans discounts banks 1941—December 356 32 1,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December 387 31 1,168 231 2,293 657 60 3,657 1,984 1,673 1,049 1943—December 471 48 1,156 250 2,940 744 42 4,395 2,447 1,948 1,172 1944—December 550 92 1,211 214 3,611 787 34 5,137 2,714 2,423 1,289 1945—December 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 1,386 1946—December...... 753 136 1,507 132 4,232 1,039 21 6,252 2,783 3,469 1,525 1947—December 731 105 1,999 106 3,874 1, L59 18 6,412 2,671 3,740 1,544 1948—August 712 77 1,958 144 4,209 1,082 17 6,609 2,606 4,003 1,557 September 734 76 2,023 136 4,185 1,169 17 6,776 2,728 4,049 1,530 October 751 97 2,110 143 4,156 1,367 17 6,798 2,758 4,040 1,510 November. . . 781 96 2,202 140 4,212 1,149 16 7,020 2,935 4,086 1,542 December 749 101 2,148 144 4,268 1, 169 16 7,027 2,970 4,057 1,537 1949—January 740 90 2,131 131 4,311 1, 354 16 6,942 2,824 4,118 1,500 February 711 108 2,119 136 4,322 1,370 16 6,957 2,797 4,159 1,494 March 718 81 2,129 136 4,285 1,377 15 6,927 2,663 4,264 1,484 April 760 90 2,199 149 4,267 b>87 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 July 751 77 2,188 143 4,460 952 15 7,130 2,789 4,341 1,425 Assets Liabilities France (4 large banks. End Deposits Other of month figures in Cash Due from Bills dis- Loans Other Own liabilities millions of francs) reserves banks counted assets Total Demand Time ances ca a p n i d tal 1941—December 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 5,199 1942—December 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December 8,548 4,095 90,897 14,191 2,935 112,732 111,191 1,541 428 7,506 1944—December 10,365 4,948 99,782 18,653 2,190 128,758 126,578 2,180 557 6,623 1945—December 14,602 13,804 155,025 36,166 7,360 213,908 211,871 2,037 2,898 10 151 1946—December 17,943 18,919 195,177 64,933 23,392 291,894 290,004 1,890 15,694 12,777 1947—December 22,551 19,410 219,374 86,344 37,291 342,166 338,710 3,457 25,175 17,628 1948—July 34,308 28,539 305,92? 110,301 39,267 470,004 465,104 4,900 28,044 20,295 August 35,504 28,465 295,80e 113,956 41,028 464,340 459,603 4,737 28,569 21,849 September 35,994 28,232 311,935 111,682 41,525 478,129 473,217 4,912 27,739 23,504 October 40,694 33,035 339,12t 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 32,048 343,6841- 141,296 37,362 551,673 544,466 7,207 31,876 15,033 iMarch 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 June 39,514* 36,995 363,168 134,226 41,466 562 038 555,184 6,854 28,384 24,948 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 1 H Per cent through Oct. 20, 1945, and at % per cent thereafter. '"' NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and for description of statistics see pp. 566-571 in same publication. 1290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Australia Belgium Brazil Canada (peso) (pound) (franc) (cruzeiro) (dollar) Year or Ceylon month " p R l r a e o r g d " u - - re " p g N r u o o l d n a - r - " C in e tr d r i t u a a s l i - n Official Free n "B ot a e n s k " Official Free Official Free (rupee) ucts ucts products account 1943 29.773 24.732 322.80 321.50 6.0586 5.1280 90,909 89.978 1944 29.773 25.125 322.80 6 0594 5 1469 90 909 89 853 1945 29 773 25 125 322 80 321 17 2 2860 6 0602 5 1802 90 909 90 485 1946 29.773 25.125 321.34 2.2829 6 0602 95.198 93.288 1947 29 773 25 125 321 00 2 2817 5 4403 100 000 91 999 1948 29.773 25.125 20.000 321.22 2.2816 5.4406 100.000 91.691 1948—Oct. .. 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.898 Nov... 29.773 25.125 20.000 321.23 2.2850 5.4406 100.000 92.383 Dec... 29.773 25.125 20.000 321.23 2.2847 5.4406 100.000 92.250 1949—Jan. .. 29.773 25.125 20.000 321.22 2.2844 5.4406 100.000 92.444 130.117 Feb... 29.773 25 125 20 000 321.23 2.2847 5 4406 100 000 92 668 30.117 Mar... 29.773 25.125 20.000 321.21 2.2828 * 2.1000 5.4406 100.000 93.261 30.117 Apr. . . 29.773 25.125 20.000 321.12 2.2752 2.1605 5.4406 100.000 93.566 30.117 May. . 29.773 25.125 20.000 321.15 2.2750 2.1791 5.4406 100.000 95.150 30.117 June.. 29.773 25.125 20.000 321.00 2.2750 2.2211 5.4406 100.000 95.521 30.117 July... 29.773 25.125 20.000 321.10 2.2750 2.1752 5.4406 100.000 94.545 30.117 Aug... 29.773 25.125 20.000 321.03 2.2750 2.1909 5.4406 100.000 95.248 30.117 Sept... 329.773 325.125 3 20.000 274.39 2.1684 2.1115 5.4406 95.909 92.724 330.117 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 o z o v e r c a u h k n o a ia ) - ( m D kr a e o n r n k e - ) Officia F ( l f r r a an n c c ) e Free I (r n u d p i e a e ) < I ( t li a ra ly ) 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 u e la w n n d d ) N (k o r r o w n a e) y R P e ( p h p p i e i u n l s i o b e p ) l - ic 1943 57.265 30.122 20.577 324.20 1944 57 272 30.122 20 581 324 42 1945 57.014 1.9711 30.122 20.581 37.933 323.46 1946 57.020 "2*0066' "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—Oct 2.0060 20.854 .4671 .3193 30.168 14.438 37.602 399.15 20.158 Nov. . 2 0060 20 854 .4671 .3179 30.168 14.490 37.572 399.15 20.158 Dec.. 2.0060 20.854 .4671 .3154 30.168 14.527 37.615 399.15 20.158 1949—jan m . 2.0060 20.854 .4671 .3141 30.168 14.534 37.664 399.14 20.158 1 49.675 Feb 2.0060 20.854 .4671 .3138 30.168 14.360 37.628 399.15 20.158 49.677 Mar.. 2.0060 20 854 .4671 .3136 30.168 14 334 37.598 399 12 20.158 49.721 Apr 2 0060 20 854 4671 .3106 30 168 14 303 37 650 399 01 20 158 49 725 May 2 0060 20 854 .4671 .3038 30.168 12 521 37.609 399 05 20.158 49.724 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 Sept. 2.0060 18.177 6 .4671 .2949 27.247 11.572 32.845 340.95 17.572 49.739 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 t e o r e 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 ( r f 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 50 463*62 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 "58*822" 56.182 53.191 1948—Oct. . . 4.0312 400.75 9.132 27.823 23.363 403.14 65.830 58.822 56.180 53.191 Nov.. . 4.0316 400.75 9.132 27.823 23.363 403.15 65.830 58.822 56.180 53.191 Dec.. . 4.0321 400.75 69.132 27.823 23.363 403.15 65.830 58.822 56.180 53.191 1949—jan # < # 4.0324 400.75 147.083 27.823 23.363 403.13 65.830 58.822 56.180 53.191 Feb... 4.0327 400.75 47.083 27.823 23.363 403.14 65.830 58.822 56.180 53.191 Mar. 4.0324 400 75 47.083 27.823 23.363 403.11 65.830 58.822 56.180 53.191 Apr. .. 4.0326 400.75 47.166 27.823 23.363 403.00 65.830 58.822 56.180 53.191 May. . 4.0327 400.75 47.208 27.823 23.363 403.04 65.830 58.822 56.180 53.191 June 4 0327 400 75 47.186 27.823 23.363 402 85 65.830 58.822 56.180 53.191 July... 4.0328 400.75 47.174 27.823 23.363 402.98 65.830 58 822 56.180 53.191 Aug 4 0169 400 75 46 869 27 823 23 363 402 89 65 830 58 822 56.180 53.191 Sept... 3.7862 342.48 41.846 24.003 23.283 344.36 65.830 58.823 56.180 53.191 1 Based on quotations beginning Jan. 24, 1949. 2 Based on quotations beginning Mar. 22, 1949. 8 Based on quotations through Sept. 16, 1949. < Excludes Pakistan, beginning April 1948. 5 Average based on quotations through Sept. 16, 1949; official rate abolished thereafter. 6 Quotations not available after Dec. 17, 1948. NOTE.—After the devaluation of the pound sterling on Sept. 18, 1949, the following countries devalued their currency in relation to the dollar: Australia, Belgium, Canada, Denmark, France, India, Netherlands, New Zealand, Norway, Portugal, South Africa, Straits Settlements, and Sweden. The averages for September 1949 reflect the extent of the devaluation. 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. OCTOBER 1949 1291 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 9 t n a 0 2 i 0 t t 6 e e ) d s = C (1 a 9 1 2 n 0 6 0 a ) d = a M (19 1 e 3 0 9 x 0 i ) c = o K ( U i 1 n 9 1 n 3 g 0 i 0 0 t d e ) o d = m F (19 r 1 3 a 0 8 n 0 ) c = e (1 I 9 1 t 3 0 a 8 0 ly ) - ( J 19 a 1 3 0 p 3 0 a ) n = ( J J N u u l n = l e a y e t n 1 h 1 1 d 0 9 e 9 0 s 3 r 3 ) - 8 9 - S (1 w 9 1 e 3 00 d 5 ) e = n (J S u w = l l y a i 1 n t 1 z 0 d 9 0 e 1 ) r- 4 1926 . 100 100 U24 106 132 150 U26 144 1935 80 72 89 52 72 103 87 100 90 1936 81 75 94 63 80 110 91 102 96 1937 86 85 109 89 94 133 108 114 111 1938. 79 79 101 100 100 140 102 111 107 1939 77 75 103 105 104 155 105 115 111 1940 . 79 83 103 137 139 121 173 131 146 143 1941 87 90 110 153 171 136 183 150 172 184 1942 . 99 96 121 159 201 153 197 157 189 210 1943 103 100 146 163 234 209 160 196 218 1944 104 103 179 166 265 233 164 196 223 1945 106 104 199 169 375 308 181 194 221 1946 121 109 229 175 648 1,599 251 186 215 1947 . .. 152 129 242 192 989 5.159 5,103 271 199 224 1948 165 153 260 219 1.712 5,443 13,909 281 214 233 194g—August .... 170 158 268 221 1,783 5.704 16,916 280 217 231 September 169 158 270 220 1,791 5,769 18,206 279 217 230 October 165 159 273 220 1,887 5,724 19,138 284 217 230 November 164 159 271 221 1,977 5,667 20,615 289 217 232 162 160 268 221 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 1,846 23,172 295 216 224 May 156 156 284 231 1,890 23,851 294 215 221 r155 156 285 232 1,813 294 216 220 JUly 154 157 289 229 Pi,854 294 215 221 August 153 156 288 229 Pl,910 293 P214 P22O P Preliminary. r Revised. 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 g a c w a o a t r u o n t r d l u a e y s - n d d F f u a c m g l c h l o a t y i o e u n f d r a u l e s y n - d d Foods p I r n o tr d d i u a u l s c - ts Foods t p r I r i n o a d d l r u u a s c w - ts p f I r in n o tr i d d s i u a u h l c e s- d ts 1926 100 100 100 100 100 100 1935 79 84 78 64 66 73 87 90 1936 81 82 80 69 71 74 92 96 1937 86 86 85 87 84 81 102 112 1938 69 74 82 74 73 78 97 104 1939 65 70 81 64 67 75 97 106 103 112 104 1940 . 68 71 83 68 75 82 133 138 121 163 126 1941 82 83 89 73 82 89 146 156 140 177 148 1942 106 100 96 85 90 92 158 160 157 175 154 1943 123 107 97 98 99 93 160 164 157 174 159 1944 123 105 99 107 104 94 158 170 159 179 163 1945 128 106 100 115 106 94 158 175 172 193 184 1946 149 131 110 124 110 99 158 184 200 282 261 1947 181 169 135 133 131 117 165 207 214 328 276 1948 188 179 151 150 156 140 181 242 231 342 283 1948—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 «146 150 160 142 202 '249 233 367 296 July 166 161 145 151 161 142 202 244 233 364 295 August 162 161 145 146 159 142 201 244 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1292 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 Y m e o a n r t o h r ( U 1 S = 9 t n 3 a 1 i 5 0 t t e e - 0 3 s d ) 9 01 C = 9 a 3 a 1 d 5 0 n a - 0 - 3 ) 9 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 = l 9 e a 3 t 1 n h 8 0 d - e 0 3 s r ) 9 - i ( l 1 J a e u 9 n r 1 n - d 4 e Y m e o a n r t o h r ( U 1 S - 9 t n 1 3 a i 0 5 t t 0 e e - ) 3 s d 9 (1 - C 9 a 1 3 a d 0 5 n a 0 - - ) 39 1 K ( 7 d J , i o 1 u n m 9 n g 4 e - 7 = 100) = 100) -100) 1940 97 106 164 129 146 1940 100 106 184 1941 106 116 168 149 175 1941 . 105 112 199 1942 124 127 161 174 200 1942 117 117 200 1943 138 131 166 224 211 1943 124 118 199 1944 136 131 168 275 215 1944 126 119 201 1945 139 133 170 377 215 1945 128 119 203 1946 160 140 169 645 193 210 1946 139 124 204 1947 194 160 1,043 211 222 1947 159 136 *101 1948 210 196 108 1,662 228 230 1948 171 155 1948-August 217 203 107 1,716 222 228 1948-August.... 175 158 September. 215 204 107 1,842 229 229 September. 175 159 October... 212 205 108 1,904 228 229 October... 174 160 November. 208 205 108 1,873 234 235 November. 172 160 December. 205 202 108 1,924 242 232 December. 171 159 1949-January... 205 202 108 1,932 243 231 1949-January... 171 160 February.. 200 200 109 1,845 246 229 February.. 169 160 March.... 202 199 108 1,759 247 228 March 170 159 April 203 199 108 1,738 248 227 April 170 159 May 202 200 114 1,725 256 227 May 169 160 June 204 203 115 1,715 228 June 170 161 July 202 207 116 P1,704 228 July 169 162 August.... 203 209 Pl,744 P228 August.... 169 163 00 OOOOOOOO OOOO Switz. Nether- er- F ( r 1 a 9 n 3 c 8 e lands land = 100) (1938-39 (June = 100)i 1914 = 100) 129 151 150 174 175 193 224 203 285 208 393 209 645 192 208 1,030 199 217 1,632 206 224 1,670 203 223 1,783 206 223 1,844 205 223 1,870 208 226 1,928 214 225 1,935 215 224 1,857 216 223 1,781 217 222 1,757 218 221 111 1,738 221 222 111 1,726 223 222 111 Pl.715 221 Pl,752 P221 v 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 » C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 * 1 K (D 9 U i 2 e n n 1 c g i e = t d m 1 e o d 0 b m 0 e ) r F (1 r 1 9 a 0 n 3 0 8 c ) e - N la e n th d e s r * - ( U 1 S = 9 n t 3 a 1 i 5 0 t t e e 0 -3 s d ) 9 C (1 a - 9 n 1 3 a 0 5 d 0 - a 3 ) 9 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 ( F D 9 r 3 e a c 8 n e - m c 1 e 0 b 0 * e ) r (1 N l 9 a e 3 n t 8 h d = s e 1 6 r 0 - 0) Number of issues. .. 12 (2) 87 50 13 416 106 278 «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 1946 123.3 117.2 132.1 144.6 109.0 139.9 115.7 96.2 875 1947 i103.2 118.5 130.8 132,0 105.6 123.0 106.0 94.6 1,149 184.3 1948 98.7 105.0 129.9 117.0 107.1 124.4 112.5 92.0 1,256 197.5 1948—September. . . 98.2 104.1 130.1 116.2 106.6 125.7 113.4 90.7 1,285 194.3 October 97.8 103.8 130.5 114.4 107.3 127.8 116.4 90.6 1,464 185.9 November. . . 97.9 104.5 130.4 113.4 106.6 120.4 117.8 91.6 1,354 179.7 December.... 98.9 104.7 130.4 110.0 106.6 119.4 115.8 91.4 1,366 176.2 1949—January 100.5 104.8 131.0 111.6 106.9 121.0 114.3 91.6 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 1,114 170.5 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 88.9 176.4 June 100.9 105.9 129.3 107.9 107.3 112.0 99.6 85.3 1,042 July 102.0 106.6 127.1 P107.3 107.3 117.8 104.2 84.0 v1,122 August 103.0 108.0 123.6 P108.4 121.8 108.2 84.0 V1,168 p Preliminary. 1 New series beginning 1947, derived from average yields of 12 bonds on basis of a 2^ per cent 30-year bond. Annual average for the old series for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4 per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States, see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 2 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 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. * This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949. 6 In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946. p. 424. • This is 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. OCTOBER 1949 1293 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 to the Board CHESTER MORRILL, Special Adviser to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary EDWIN R. MILLARD, Director BRAY HAMMOND, Assistant Secretary GEORGE S. SLOAN, Assistant Director MERRITT SHERMAN, Assistant Secretary C. C. HOSTRUP, Assistant Director LEGAL DIVISION DIVISION OF BANK OPERATIONS GEORGE B. VEST, General Counsel ROBERT F. LEONARD, Director FREDERIC SOLOMON, Assistant General Counsel J. E. HORBETT, Assistant Director JOHN C. BAUMANN, Assistant General Counsel LOWELL MYRICK, Assistant Director OFFICE OF THE SOLICITOR DIVISION OF PERSONNEL ADMINISTRATION J. LEONARD TOWN SEND, Solicitor G. HOWLAND CHASE, Assistant Solicitor FRED A. NELSON, Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF ADMINISTRATIVE SERVICES RALPH A. YOUNG, Director LISTON P. BETHEA, Director GARDNER L. BOOTHE, II, Assistant Director FEDERAL FEDERAL OPEN MARKET COMMITTEE ADVISORY COUNCIL THOMAS B. MCCABE, Chairman CHAS. E. SPENCER, JR., BOSTON DISTRICT ALLAN SPROUL, Vice Chairman First Vice President LAWRENCE CLAYTON W. RANDOLPH BURGESS, NEW YORK DISTRICT ERNEST G. DRAPER FREDERIC A. POTTS, PHILADELPHIA DISTRICT C. E. EARHART MARRINER S. ECCLES SIDNEY B. CONGDON, CLEVELAND DISTRICT R. M. EVANS ROBERT V. FLEMING, RICHMOND DISTRICT RAY M. GIDNEY Second Vice President HUGH LEACH J. T. BROWN, ATLANTA DISTRICT W. S. MCLARIN, JR. M. S. SZYMCZAK EDWARD E. BROWN, CHICAGO DISTRICT President JAMES K. VARDAMAN, JR. W. L. HEMINGWAY, ST. LOUIS DISTRICT CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary HENRY E. ATWOOD, MINNEAPOLIS DISTRICT GEORGE B. VEST, General Counsel JAMES M. KEMPER, KANSAS CITY DISTRICT WOODLIEF THOMAS, Economist EARLE L. RAUBER, Associate Economist J. E. WOODS, DALLAS DISTRICT DONALD S. THOMPSON, Associate Economist O. P. WHEELER, Associate Economist RENO ODLIN, SAN FRANCISCO DISTRICT CHARLES W. WILLIAMS, Associate Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Market HERBERT V. PROCHNOW, Secretary Account 1294 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 JriesiueiiLs Boston Albert M. Creighton Joseph A. Erickson Robert B. Harvey2 Alfred C. Neal Harold D. Hodgkinson William Willett E. G. Hult Carl B. Pitman E. 0. Latham 0. A. Schlaikjer R. F. Van Amringe New York Robert T. Stevens Allan Sproul H. H. Kimball H. V. Roelse William I. Myers L. R. Rounds L. W. Knoke Robert G. Rouse Walter S. Logan V. Willis A. Phelan R. B. Wiltse Philadelphia Warren F. Whittier Alfred H. Williams Karl R. Bopp E. C. Hill C. Canby Balderston W. J. Davis L. E. Donaldson Wm. G. McCreedy Robert N. Hilkert P. M. 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. R. W. Mercer3 K. Brantley Watson W. R. Milford Edw. A. Wayne Charles W. Williams Atlanta Frank H. Neely W. S. McLarin, Jr. P. L. T. Beavers Joel B. Fort, Jr. Rufus C. Harris L. M. Clark V. K. Bowman T. A. Lanford J. E. Denmark E. P. Paris S. P. Schuessler Chicago C. S. Young Allan M. Black2 John K. Langum Franklin J. Lunding Charles B. Dunn Neil B. Dawes 0. J. Netterstrom W. R. Diercks A. L. Olson E. C. Harris Alfred T. Sihler W. W. Turner St. Louis Russell L. Dearmont Chester C. Davis 0. M. Attebery Paul E. Schroeder Wm. H. Bryce F. Guy Hitt Wm. E. Peterson William H. Stead C. A. Schacht C. M. Stewart Minneapolis... . Roger B. Shepard J. N. Peyton H. G. McConnell R. E. Towle W. D. Cochran 0. S. Powell A. W. Mills3 Sigurd Ueland Otis R. Preston Harry I. Ziemer Kansas City.... Robert B. Caldwell H. G. Leedy L. H. Earhart John Phillips, Jr. Robert L. Mehornay Henry 0. Koppang Delos C. Johns G. H. Pipkin R. L. Mathes C. E. Sandy2 D. W. Woolley Dallas J. R. Parten R. R. Gilbert E. B. Austin W. H. Holloway R. B. Anderson W. D. Gentry R. B. Coleman Watrous H. Irons H. R. DeMoss L. G. Pondrom3 W. E. Eagle C. M. Rowland Mac C. Smyth San Francisco... Brayton Wilbur C. E. Earhart Albert C. Agnew W. L. Partner Harry R. Wellman H. N. Mangels W. N. Ambrose C. R. Shaw D. L. Davis H. F. Slade J. M. Leisner3 W. F. Volberg 0. P. Wheeler VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Federal Reserve Branch Chief Officer Branch Chief Officer Bank of Bank of New York Buffalo I. B. Smith4 Minneapolis, . . . Helena R. E. Towle Cleveland Cincinnati W. D. Fulton Pittsburgh J. W. Kossin Kansas City.... Denver G. H. Pipkin Oklahoma City R. L. Mathes Richmond Baltimore W. R. Milford Omaha L. H. Earhart Charlotte R. L. Cherry Atlanta Birmingham P. L. T. Beavers Dallas El Paso C. M. Rowland Jacksonville T. A. Lanford Houston W. H. Holloway Nashville Joel B. Fort, Jr. San Antonio W. E. Eagle New Orleans E. P. Paris Chicago Detroit E. C. Harris San Francisco... Los Angeles 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. 3 Also Cashier. 4 General Manager. OCTOBER 1949 1295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from PROVISIONS OF STATE LAWS RELATING TO BANK REthe Division of Administrative Services, Board of SERVES as of December 31, 1944. 1945. 30 pages. Governors of the Federal Reserve System, Wash- MONETARY AND BANKING REFORM IN PARAGUAY. ington 25, D. C. Remittance should be made Includes translation of laws, accompanying repayable to the order of the Board of Governors ports, and introduction reviewing the monetary of the Federal Reserve System, history of Paraguay. July 1946. 170 pages. $1.00 per copy. FEDERAL RESERVE BULLETIN. Issued monthly. Subscription price in the United States and its pos- RULES OF ORGANIZATION AND RULES OF PROCEDURE sessions, Bolivia, Canada, Chile, Colombia, Costa (Board of Governors of the Federal Reserve Sys- Rica, Cuba, Dominican Republic, Ecuador, tem). September 1946. 31 pages. Guatemala, Haiti, Republic of Honduras, Mexico, THE FEDERAL RESERVE ACT, as amended to Novem- Newfoundland (including Labrador), Nicaragua, ber 1, 1946, with an Appendix containing pro- Panama, Paraguay, Peru, El Salvador, Uruguay, visions of certain other statutes affecting the and Venezuela is $2.00 per annum or 20 cents Federal Reserve System. 372 pages. 50 cents per per copy; elsewhere, $2.60 per annum or 25 cents paper-bound copy; $1.00 per cloth-bound copy. per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 POSTWAR ECONOMIC STUDIES. (8 pamphlets) cents per copy per month, or $1.50 for 12 months. No. 1. Jobs, Production, and Living Standards. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY No. 2. Agricultural Adjustment and Income. RATES, AND BUSINESS. Issued monthly. $9.00 per annum including historical suppplement No. 3. Public Finance and Full Employment. listed below, or $1.00 per copy (domestic rates). No. 4. Prices, Wages, and Employment. In quantities of 10 or more copies of a particular issue for single shipment, 75 cents each. No. 5. Private Capital Requirements. No. 6. Housing, Social Security, and Public HISTORICAL SUPPLEMENT TO FEDERAL RESERVE Works. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Annual subscription to monthly chart No. 7. International Monetary Policies. book includes supplement; single copies, $1.00 No. 8. Federal Reserve Policy. each (domestic rates). In quantities of 10 or more copies for single shipment, 75 cents each. The price for the set of eight pamphlets is $1.25; 25 cents per pamphlet, or, in quantities of 10 or BANKING STUDIES. Comprising 17 papers on bankmore for single shipment, 15 cents per pamphlet. ing and monetary subjects by members of the Board's staff. August 1941; reprinted March THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND 1948. 496 pages. Paper cover. $1.00 per copy; FUNCTIONS. November 1947. 125 pages. 75 in quantities of 10 or more copies for single ship- cents per cloth-bound copy; in quantities of 10 ment, 75 cents each. or more copies for single shipment, 50 cents each. Paper-bound copies available without charge. BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial develop- DEBITS AND CLEARINGS STATISTICS, THEIR BACKments. November 1943. 979 pages. $1.50 per GROUND AND INTERPRETATION. October 1947. 50 copy. No charge for individual sections (un- pages. 25 cents per copy; in quantities of 10 or bound). more copies for single shipment, 15 cents each. 1A more complete list, including periodical releases and re- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, prints, appeared on pp. 758-61 of the June 1949 BULLETIN. December 31, 1947. July 1948. 122 pages. 1296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS REGULATIONS OF THE BOARD OF GOVERNORS OF THE N. Dembitz and Albert O. Hirschman. May FEDERAL RESERVE SYSTEM. Individual regulations 1949. 14 pages. with amendments. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF THE BOARD OF GOVERNORS OF THE FEDERAL RE- REPRINTS SERVE SYSTEM BEFORE THE SENATE BANKING AND {From Federal Reserve Bulletin unless preceded by an asterisk,) CURRENCY COMMITTEE, May 11, 1949. 6 pages. 1948 SURVEY OF CONSUMER FINANCES. June, July, August, and September 1948. 65 pages. INDUSTRIAL DIFFERENCES IN LARGE CORPORATION FINANCING IN 1948, by Charles H. Schmidt. SALES FINANCE COMPANY OPERATIONS IN 1947, by June 1949. 8 pages. Milton Moss. July 1948. 6 pages. NEW SERIES ON QUARTERLY SALES, PROFITS, AND * STEPS TO RESTORE POWERS OF STATES AND LOCALI- DIVIDENDS OF 200 LARGE MANUFACTURING COR- TIES, by Frederic Solomon. Reprinted from the PORATIONS, by Eleanor J. Stockwell. June 1949. July 1948 issue of the American Bar Association 5 pages. Journal. 9 pages. RETAIL CREDIT SURVEY—1948. From June 1949 STATEMENT BEFORE THE HOUSE BANKING AND CUR- BULLETIN with supplementary information for RENCY COMMITTEE. Presented by Chairman nine separate trades. 38 pages. (Also, RETAIL Thomas B. McCabe on August 2, 1948. August CREDIT SURVEY—1943, 1944, 1945, 1946, 1947 1948. 8 pages. 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. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS 36 pages. AND BUSINESSES. July 1949. 2 pages. BANK CREDIT DEVELOPMENTS. October 1948. 12 1949 SURVEY OF CONSUMER FINANCES— pages. I. GENERAL FINANCIAL POSITION AND ECONOMIC THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL OUTLOOK OF CONSUMERS. June 1949. 13 pages, RESERVE SYSTEM. Address by Chairman Thomas II. DURABLE GOODS EXPENDITURES IN 1948 AND B. McCabe on October 26, 1948 at the annual BUYING PLANS FOR 1949. June 1949. 10 pages. meeting of the Stockholders of the Federal Re- III. DISTRIBUTION OF CONSUMER INCOME IN 1948. serve Bank of Boston. November 1948. 5 pages. July 1949. 15 pages. FINANCIAL POSITION AND BUYING PLANS OF CON- 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 OF PAYMENTS PROBLEMS, by David L. Grove and HOUSING. September 1949. 16 pages. Gerald M. Alter. November 1948. 11 pages. VI. OWNERSHIP OF AUTOMOBILES, STOCKS AND * STATEMENT ON BEHALF OF THE BOARD OF GOV- BONDS, AND OTHER NONLIQUID ASSETS. October 1949. 16 pages. ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT. THE BALANCE SHEET OF AGRICULTURE, 1949. Sep- Presented by Chairman Thomas B. McCabe on tember 1949. 11 pages. February 14, 1949. 7 pages. * THE EQUITY CAPITAL SITUATION. A personal NEW STATISTICS OF INTEREST RATES ON BUSINESS statement by Thomas B. McCabe, Chairman of LOANS, by Richard Youngdahl. March 1949. the Board of Governors of the Federal Reserve 10 pages. System, prepared at the request of a Subcommittee of the Committee on Banking and Currency of SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, the United States Senate. Submitted August 5, by Charles H. Schmidt. March 1949. 9 pages. 1949. 7 pages. POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O. Hirschman and Robert V. Rosa. April 1949. FINANCIAL POSITION AND BUYING PLANS OF CON- SUMERS, July 1949. October 1949. 10 pages. 13 pages. READJUSTMENT OF FOREIGN CURRENCY VALUES. MOVEMENT TOWARD BALANCE IN INTERNATIONAL October 1949. 13 pages. TRANSACTIONS OF THE UNITED STATES, by Lewis OCTOBER 1949 1297 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 'jfc' BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM # FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES OCTOBER 1.1948 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTKtt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis