Federal Reserve Bulletin, 1949-12

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

EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS WINFIELD W. RIEFLER 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 Banking and Monetary Developments in 1949. . 1431-1441 A Study of Instalment Credit Terms, by Milton Moss. 1442-1449 Current Events and Announcements. . 1449 National Summary of Business Conditions. . 1450-1451 Financial, Industrial, Commercial Statistics, U. S. (See p. 1453 for list of tables) 1453-1511 International Financial Statistics (See p. 1513 for list of tables) . 1513-1531 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. . 1532 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. 1533 Federal Reserve Publications. 1534-1537 Map of Federal Reserve Districts. 1538 Index.. 1539-1559 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, IS 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 December 1949 NUMBER 12 BANKING AND MONETARY DEVELOPMENTS IN 1949 Banking and monetary developments dur- ferred demands. Banks and other financial ing 1949 followed a pattern first of moderate institutions, which were likewise in excontraction and then of renewed expansion. tremely liquid positions, were in a position Contraction of bank credit occurred in the to increase their credits to private borrowers. winter and spring, accompanying a down- As long as inflationary pressures continued ward readjustment in industrial production, strong, a primary concern of the Federal Reemployment, and prices. Under these cir- serve System was to restrain further credit cumstances restrictive monetary measures and monetary expansion. Actions taken to previously imposed were relaxed. Money accomplish this purpose were limited, howrates, which during the first part of 1949 had ever, by the necessity for an orderly transiremained at levels reached during the period tion to more stable holdings under peacetime of inflationary pressures, declined after midconditions of the exceptionally large volume year. As downward economic readjustment of Government securities sold under the presslackened and was succeeded by moderate sures of war finance. recovery, bank credit growth was resumed By late 1948 expansion in bank credit had and subsequently gained somewhat in moslackened considerably and other evidences mentum. The privately held money supply of the abatement of inflationary pressures bedeclined sharply in the first part of the year gan to appear. With the subsequent declines but increased steadily thereafter, reflecting in in economic activity and prices, the Federal part usual seasonal factors and in part bank Reserve System took steps to relax credit recredit movements related to the fluctuations strictions. Large-scale selling of Government in business activity. At the beginning of securities in connection with the broad asset December total currency and deposits of individuals and businesses was at about the readjustments by institutional investors that same level as a year ago. followed the war largely came to an end, and The economy emerged from the war with during 1949 Government securities have been a supply of money and other liquid assets in strong demand. In view of these developvastly increased in relation to the then cur- ments, the Federal Open Market Committee rent volume of expenditures at existing announced on June 28, 1949, after consultaprices. Demand for goods and services was tion with the Treasury, that the situation exceptionally large as buyers were in a strong would permit open market policy to be forfinancial position to satisfy not only their mulated on a more flexible basis than forcurrent requirements but also substantial de- merly. 1431 DECEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 MONETARY AND CREDIT CONTRACTION, FIRST first half of 1949, undoubtedly permitted sub- HALF OF 1949 stantial liquidation of loans. In addition, businesses made large repayments of bank Substantial bank credit contraction and a credits with proceeds of security flotations, indecline in the volume of privately held de- cluding both public offerings in the market posits and currency accompanied the down- and private placements with insurance comward adjustment in economic activity and panies. prices over the first half of 1949. In part the COMMERCIAL BANK LOANS credit and monetary contraction was due to ALL INSURED BANKS IN M L E E M A B D E IN R G BA C N IT K I S ES factors that usually operate to reduce the BILLIONS OF DOLLARS BILLIONS OF DOLLARS private money supply during that time of year, including large income tax payments by both individuals and businesses and seasonal repayment of bank loans by businesses. To an important extent, however, credit and monetary developments in the first half of this year were related to the reduction in inventories and other aspects of receding business activity. Bank credit expansion to private borrowers, which had contributed to postwar inflationary pressures, slackened significantly toward the end of 1948, partly as a result of restrictive, anti-inflationary actions adopted over a period of time by the monetary author- 1948 1949 ities, as well as of restraint exercised by banks. All insured commercial banks in the United States. Commercial loans include commercial and industrial loans, open Early in 1949 total bank loans began a sus- market commercial paper, and acceptances. Latest figures are for June 30, 1949. tained and rapid decline, reflecting a large For member banks in leading cities figures on commercial loans include commercial, industrial, and agricultural loans, contraction in loans to businesses. open market commercial paper, and acceptances. Latest figures are for November 23, 1949. Business borrowing at banks was reduced 2.5 billion dollars, with most of the decline Growth in other major types of credit in the second quarter of the year, as is shown slackened considerably in the first half of in the chart. Some reduction in bank loans 1949. Loans to real estate owners continued to business usually occurs at this season, but to increase, but the growth was less rapid the reduction in 1949 appears to have been than in the corresponding period of earlier considerably greater than normal seasonal postwar years. Mortgage portfolios of comfactors would explain. The high level of busi- mercial banks increased about one-fourth as ness profits and retained earnings in late 1948, much as in the first half of 1948. Mortgage together with some curtailment and post- lending by life insurance companies and ponement of business capital expenditures savings and loan associations, while more and a reduction in inventories and other fully sustained than at banks, was also less business working capital requirements in the active than previously. 1432 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 Expansion in consumer instalment credit of such loans was sold to the Federal National of banks and other lenders was interrupted Mortgage Association, which is authorized early in 1949 and some decline occurred in by Congress to serve as a secondary market the first three months of the year, as is shown for home mortgages guaranteed by the Fedin the chart. Growth in such credit was eral Housing Administration and the Vetquickly resumed, but over the first half of erans Administration. The yields on securities 1949 the increase was about half as large as sold by State and local governments to fiin the same period of 1948. Automobile sale nance their expanding construction and capcredit outstanding showed a more rapid ex- ital improvement programs increased somepansion than in the preceding year, but the what in the late spring and early summer due outstanding volume of credit due to the sale mainly to the heavy volume of new issues, of other consumer goods declined somewhat, and some important issues were postponed in contrast with an increase in the first six awaiting more favorable terms. months of 1948. With the uncertainty then prevailing regarding the economic outlook, the existing CONSUMER INSTALMENT CREDIT yields on Government securities, particularly the long-term issues, became attractive to many investors as compared with the other outlets for funds. Throughout the first half of the year yields on short-term and the longest-term marketable Government securities were maintained close to the highest levels reached in the preceding period of inflation. Under the pressure of demands by commercial banks, yields on medium-term, bank eligible issues declined considerably from the level reached in the autumn of 1948. Investors other than commercial banks purchased as a group over 2 billion dollars of 1945 1946 1947 1948 1949 long-term restricted issues from the Federal Estimates. Latest figures are for October. Reserve Banks. Much of the demand for Credit continued to be readily available to long-term marketable securities came from qualified borrowers throughout the first half savings banks and private pension and trust of 1949, although there was some tendency funds, whose purchases represented in part for loan terms to tighten for certain kinds new funds invested in Government securities of credit. Rates charged businesses for bank and in part a shift from medium-term Govcredit advanced slightly. Mortgage loan ap- ernment issues which were sold to commerpraisal practices and down-payment and loan- cial banks. Insurance companies also reduced value requirements appear to have stiffened their portfolios of medium-term Government somewhat. Four per cent guaranteed mort- securities, but funds thus acquired were used gage loans were not generally regarded by to expand their mortgage and business lenders as attractive, and a substantial volume credits. Nonbank investors as a group also 1433 DECEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 increased somewhat their holdings of short- outstanding on securities, the Board took term Government securities over the first action to increase the availability of credit half of 1949. for use in stock transactions. On March 30 margin requirements for purchasing or carry- CREDIT EASING ACTIONS OF FEDERAL RESERVE ing listed stocks were lowered from 75 to 50 In view of the changing credit situation per cent. The 50 per cent requirement is and the receding volume of general economic the same as that in effect during the first half activity, the Federal Reserve System began of 1945 and is only moderately above the 40 to relax measures of monetary and credit re- per cent requirement effective during the straint adopted earlier to combat postwar in- period 1938-44. flation. Early in 1949 maximum terms for Continuing downward readjustment in consumer instalment credit were liberalized production and general business activity, toand margin requirements on listed stocks gether with rapid contraction in bank credit were lowered. Beginning in May reserve re- over the first four months of the year made it quirements of member banks were reduced desirable for the Federal Reserve System to in several stages, and in June a change was take broader action to increase the availabilmade in System open market policy. ity of bank credit. In late April the Board Weakness in demand for consumers' dura- announced the first reduction in member ble goods other than automobiles, which was bank reserve requirements which released developing in late 1948 and early 1949, was about 1.2 billion dollars of reserve funds efan important factor in the general business fective early in May. Most of these funds decline. In recognition of the situation in this went into the Government securities market, critical area the Board, in two actions effec- where banks purchased large amounts of tive on March 7 and April 27,1949, increased both short-term and medium-term issues. the maximum maturity on consumer instal- The short-term Government securities were ment credit to 24 months and cut in half the supplied to the market by the Reserve Banks, minimum down-payment requirements on which sold them in order to prevent any suball regulated items except automobiles. stantial decline in short-term yields. Medium- These relaxations were followed by a gen- term issues added to bank portfolios were eral easing of requirements on the part acquired primarily from other institutional of instalment financing agencies but, as investors which in turn used the proceeds to discussed in an article, "A Study of Instal- buy bank restricted, long-term Government ment Credit Terms," pages 1442 to 1449 of securities from the System. The principal this BULLETIN, terms on most instalment effect of the reduction in reserve requiretransactions did not go to the limits per- ments in May and the related transactions in mitted under Regulation W. After the Government securities was to promote the Board's authority expired on June 30, how- availability of bank credit by increasing the ever, there was a considerable further easing liquidity positions of member banks, parof down-payment and maturity terms in ticularly to the extent that bank portfolios all areas of instalment financing. of short-term Government securities were In view of the general credit situation in expanded. early 1949 and the small volume of loans With the expiration at the end of June 1434 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 of the temporary authority granted to the demands, discontinued sales for a short Board by Congress the previous year, reserve period. requirements of reserve city and country Prices and yields on Government securities member banks were further reduced by 800 reacted sharply to the changed circumstances. million dollars. Subsequently, the Board an- The average yield on the long-term Governnounced another reduction in reserve require- ment bonds declined from 2.38 per cent for ments effective in steps during August and June to 2.27 per cent for July and 2.24 per early September which released an additional cent for August, and yields on medium-term 1.8 billion dollars of reserve funds. securities declined even more sharply, as is On June 28 the Federal Open Market shown on the chart. Market rates on Treas- Committee made the following statement: ury bills fell over a period of a few days from 1.16 per cent to considerably below 1 per cent, The Federal Open Market Committee, and a similar sharp drop occurred in yields after consultation with the Treasury, anon certificates. In order to maintain orderly nounced today that with a view to increasconditions in the money market under these ing the supply of funds available in the circumstances, the Federal Reserve began to market to meet the needs of commerce, business, and agriculture it will be the sell from its portfolio to meet the demand policy of the Committee to direct pur- for short-term securities. Rates on short-term chases, sales, and exchanges of Government Government securities subsequently adjusted securities by the Federal Reserve Banks upward somewhat. with primary regard to the general busi- When member bank reserve requirements ness and credit situation. The policy of were further reduced in August and early maintaining orderly conditions in the Gov- September, the Federal Reserve made availernment security market, and the confidence of investors in Government bonds YIELDS ON U.S. GOVERNMENT SECURITIES will be continued. Under present conditions the maintenance of a relatively fixed pattern of rates has the undesirable effect of absorbing reserves from the market at a time when the availability of credit should be increased. DECLINE IN SECURITY YIELDS Reserves freed by the reduction in reserve requirements at the end of June stimulated member banks to expand further their holdings of short-term and medium-term Government securities. Demand by nonbank investors for long-term, restricted Government bonds also continued active. At the same time, however, the Federal Reserve 1945 1947 Banks, which since late 1948 had supplied * Changes in issues included. For Treasury bills, rate is average discount on new issue Government securities in response to market offered during week. Latest figures are for week ended November 30, 1949. DECEMBER 1949 1435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 able in the market an additional supply of ated during the last half of 1949 largely in short-term Government securities at prevail- accordance with day-to-day and week-toing yields in order to provide outlets for any week changes in the money market. Rates excess reserve funds that banks were unable for new Treasury bills varied between 0.92 to utilize elsewhere at that time. While these and 1.11 per cent, and yields on 9-12 month sales absorbed the additional reserves made certificates in general moved at a slightly available, the effect of the combination of higher level and within a somewhat narpolicies was to increase the liquidity of rower range. During this period the spread banks. between the yield on longer-term certificates Reductions in yields on Government se- and that on 90-day bills was generally narcurities were accompanied by declines in rower than had previously been customary. yields on corporate and municipal securities. At times when conditions in the money High-grade corporate bond yields, which had market were less easy and yields on bills and averaged (Moody's Aaa series) about 2.70 certificates were at or near the upper end of per cent during the first half of the year, the rate ranges mentioned above, the System declined over July and August to about 2.60 purchased short-term Government securities per cent. Yields on municipal securities, in order to facilitate adjustment by banks of which had increased somewhat in June, re- their reserve positions. During periods when turned by August to about the level that pre- there were surplus funds in the short-term vailed during the early spring. money market and yields declined to the In June prices of common stocks averaged lower area of these yield ranges, the System lower than at any previous period during made Treasury bills and certificates available the year. Late in the month stock prices to the market, or allowed bills to run off began to advance. By the end of November, from the System portfolio. after five months of steady advance, stock LIQUIDITY POSITION OF BANKS prices were nearly one-fifth higher than at midyear. Actions of the Board of Governors in re- The policy announcement by the Federal ducing member bank reserve requirements Open Market Committee in late June was and the change in System open market policy followed by important developments in the have had an important effect on the liquidity Government securities market other than the of member banks. Member bank holdings declines in yields. The System discontinued of cash, excess reserves, and short-term Govthe practice of selling Government bonds ernment securities have increased 5 billion freely, and since June market prices and dollars since the end of April, when the first yields of Government bonds have reflected reduction in reserve requirements was anfully the interplay of private purchases and nounced, as is shown in the table. The insales. During the period August-November, crease has been almost entirely in short-term Government bond yields moved within nar- Government securities, which were purrow ranges at levels about comparable with chased largely from the Federal Reserve with those prevailing in late 1946 and the first nine funds released by the reduction in reserve remonths of 1947. quirements. Treasury bill and certificate rates fluctu- At the same time yields on liquid types of 1436 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 investments, primarily short-term Govern- short-term Government securities over the ment securities, have declined somewhat. Ac- same period. cordingly banks not only have had more Expansion in consumer instalment credit money for lending, but they have found the was resumed after March and accelerated during the late summer and early autumn. MEMBER BANK HOLDINGS OF CASH, EXCESS RESERVES, AND The monthly growth averaged approxi- SHORT-TERM GOVERNMENT SECURITIES mately 250 million dollars in the period [In billions of dollar3, partly estimated] April-October. The outstanding amount of Amount held both automobile sale credit and other types Change Asset during of instalment credit reached new highs, and Apr. 27, Oct. 26, period 1949 1949 at the end of October total consumer instalment indebtedness exceeded 10 billion Total 12.4 17 6 +5.2 dollars. Cash in vault 1.7 1 7 Excess reserves 0.5 0 8 +0.3 Treasury bills and certificates. . 10.2 15 1 +4.9 Mortgage loans held by banks and other institutional lenders have shown further substantial growth since June. At weekly reholding of funds in liquid forms less profitporting banks in leading cities, the expansion able than was the case early last spring. These in mortgage portfolios was about 200 million developments have tended to promote the dollars during the five-month period Julyavailability of credit to private borrowers and November. This was about the same into State and local governments. crease as occurred in the corresponding period last year and was more than twice RECENT CREDIT DEVELOPMENTS as large as that in the first half of 1949. Bank loans to businesses expanded over the Savings and loan associations also increased second half of 1949, largely in response to a the tempo of their mortgage lending during seasonal revival in credit demand, accom- the third quarter of 1949. Insurance companying a change in the general trend of panies and savings banks increased their economic developments. The seasonal in- mortgage holdings in the third quarter of crease in business loans this year began in 1949 at about the same rate as earlier in the August, somewhat later than usual, but since year. then the growth has followed about the usual The reductions in member bank reserve pattern and the total volume has increased requirements, particularly at mid-1949 and more than 1 billion dollars. Information on thereafter, and the decline in yields on Govchanges in business loans at banks in New ernment securities reacted on the market for York City indicates that expansion this year municipal securities. These issues, which has been important to trade, manufacturers had been moving rather slowly into investor of soft goods lines, and food industries, which portfolios, became relatively attractive outcustomarily seek bank credit in the fall season lets for investment funds, and banks into finance inventory expansion. Interest rates creased their holdings about 700 million dolcharged by banks on business loans averaged lars in the third quarter of the year. about one-tenth of one per cent lower in Sep- Since the relaxation of margin requiretember than in June. This decline corre- ments there has been a moderate increase in sponds approximately to that in yields on the volume of credit extended for purchasing DECEMBER 1949 1437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 or carrying listed stocks, but the total of such were sufficient to absorb whatever volume of loans remains small. There have been wide free reserves banks chose not to hold and fluctuations in loans to dealers in Govern- for which they did not find other suitable use. ment securities, which were in large part In the first quarter of 1949 banks were suprelated to the refinancing of maturing issues. plied with reserve funds primarily from a return flow of currency, and in addition a AVAILABILITY OF BANK RESERVES substantial amount of reserve funds was freed by a decline in the volume of deposits sub- Over the first eleven months of 1949, the ject to reserve requirements. These funds, principal factor influencing member bank however, were not sufficient to meet a drain reserve positions was the series of reductions on reserves that resulted from the disposition in reserve requirements made by the Board of of a Treasury cash surplus and the sale by Governors. Additional reserves were made the Federal Reserve Banks of long-term Gov- MAJOR FACTORS AFFECTING MEMBER BANK RESERVES ernment securities to nonbank investors. JANUARY-NOVEMBER, 1949 Banks sold short-term Government securities, [In billions of dollars] in part to the System. Reductions in reserve requirements and a Factor J M an a . r - . A Ju p n ri e l- J S u e l p y t - . N O o c (2 v t. . - - T J N a o o n t v . a - . l, net payment of funds out of Treasury demos.) posits at Reserve Banks into private accounts held at commercial banks supplied banks (Sign indicates effect on bank reserves) with a substantial amount of free reserve Golf inflow + -1 + .2 + .1 - .1 + .3 funds in the second quarter of the year. Return of currency from circulation + .7 - .2 + .7 These were used by banks to purchase short- Treasury cash transactions1. -1.1 + .6 - .7 + .8 - .5 Federal Reserve purchases term Government securities, which directly (+) or sales (-) of U. S. Govt. securities in the or indirectly came from the Federal Reserve Ot o h p e e r n f a m ct a o r r k s e , t, n e n t et2 - - . . 6 3 -2.2 1 + -1 . . 5 2 - - . . 2 3 -4.5 System portfolio. In the third quarter addi- Changes in member bank reserves, total — 1.2 -1.5 -1.9 -4.5 tional reserves were freed by further reduc- Excess reserves - .4 + .1 - .1 2 - .5 tions in reserve requirements. These were Required reserves: - .8 -1.6 -1.8 + .2 -4.0 more than sufficient to meet a drain on bank Reduction in reserve reserves from Treasury cash transactions and requirement per- Ef c fe e c n t t ages of deposits -1.5 -2.2 -3.7 to supply the additional reserves needed to changes - .8 - .1 + .4 + .2 - .3 cover the expansion in deposits. Again, the 1 Change in Treasury deposits at Reserve Banks and retirement surplus volume of free reserve funds was abof securities held by Reserve Banks, including 700 million dollars of Treasury bills retired in the period January-April. sorbed by sales of Government securities 2 Loss on Treasury bills on exchanges taken into account as market sale, except when net retirement of bills was effected. from the Federal Reserve portfolio. During NOTE.—Changes are based on figures for Dec. 31, 1948, Apr. 6, 1949, June 30, 1949, Sept. 28, 1949, and Nov. 23, 1949. Figures October and November Treasury operations may not add to totals because of rounding. tended to supply banks with reserve funds available to banks by return of currency from in sufficient volume to offset a flow of curcirculation and a moderate gold inflow, as rency into circulation and permit a further is shown in the table. Federal Reserve sales reduction in System holdings of Government of Government securities over the period securities. 1438 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 CHANGES IN MONEY SUPPLY primarily in bills of 10 and 20 dollar denominations, but there has also been considerable The privately held money supply conreturn of bills of 50 dollar denomination or tracted sharply in early 1949 and subselarger, particularly in 1949. quently expanded. Total currency and de- Privately held demand deposits declined posits, adjusted to exclude Government and somewhat over the first eleven months of interbank deposits and cash items in process 1949, but not as much as in the same period of collection, declined over 5 billion dollars last year. All of the contraction occurred in in the first quarter of the year and thereafter the first quarter, reflecting the heavy tax payshowed a fairly sustained increase through ments of that period and a decline in bank November, as is shown on the chart. At the loans; during the remainder of the year end of November the total was about the demand deposits showed a steady growth, same as on the corresponding date a year ago. A substantial increase in privately held deposits generally occurs in December. BANK DEPOSITS AND CURRENCY BILLIONS OF DOLLARS BILLIONS OF DOLLARS Time deposits increased further in 1949- - As in 1948, the growth amounted to about y^TO rAL DEPOSITS ADJLSTED 1 billion dollars and occurred largely in the AND CURRENCY first half of the year. Mutual savings banks, / - which are important in the northeastern part - A/ - of the country, received most of the total ~r DEMAND DEPOSITS increase. Liquid assets held by individuals ADJUSTED and businesses in the form of shares in sav- - ~^ 1 TIME. «D—EP—O—SIT. S _——— ings and loan associations and of United ^- States Government securities also increased during the year. CURRENCY OUTSIDE BANKS Although changes in total private holdings __ . — • '- - of currency and deposits in 1949 were similar Figures are partly estimated. Deposits are for all banks in to those in the preceding year, the factors t G h o e v e U rn n m ite e d n t S a t n a d te s in . ter D ba e n m k a n d d e p d o e si p t o s s a it n s d a i d te ju m st s e d in e p x r c o l c u e d s e s o U f . c o S l . - that operated to bring them about contrasted lection. Time deposits include deposits in the Postal Savings System and in mutual savings banks. Figures are for Decem- sharply. In 1948 a small net decline in the ber 1941; June and December, 1942; end of month, 1943-46; last Wednesday of month 1947-49. Figures subsequent to June private money supply reflected a balancing 1949 are preliminary; latest figures are for October. of large movements in various factors, some Currency held by individuals and busi- tending to increase and others to decrease it. nesses declined in 1949 for the third successive This year the magnitude of both the expanyear. The total amount of currency outside sive and the contractive forces was much banks at the end of November was 800 mil- reduced. lion dollars less than a year earlier and 1.5 In the first eleven months of 1949, growth billion dollars below November 1946. The in bank loans was small, and the total intotal still exceeded 25 billion dollars, how- crease in all bank credit to borrowers other ever, about three times the amount outstand- than the United States Government, including at the end of 1940. The return of cur- ing both loans and investments, was only rency from circulation since 1946 has been about 2 billion dollars, as is shown in the DECEMBER 1949 1439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 table. In the corresponding period last year 1949 the Treasury increased its cash balance banks increased their credits to such bor- somewhat and retired for cash nearly one rowers by more than 5 billion dollars. Gold billion dollars more of bank-held securities inflow was moderate during the first three than it sold in new securities to banks. The quarters of 1949, and a small outflow oc- contractive influences of Treasury transaccurred following currency devaluations by tions were felt in the first quarter when inmany foreign countries beginning in Sep- come tax and other receipts exceeded extember. For the period January-November penditures considerably, and again in the the gold inflow this year amounted to less third quarter of the year, when sales of than one-fourth of that in 1948. Market savings notes were exceptionally heavy. Durtransactions in Government securities by non- ing other periods of the year Treasury bank investors had little net effect on the operations tended to increase rather than remoney supply in the first eleven months of duce private holdings of money. In the first both 1949 and 1948. This year, however, eleven months of 1948 the contractive imnonbank investors bought long-term secu- pact of Treasury transactions on the money rities and sold short- and medium-term issues supply was greater and more continuous. on balance, whereas last year the situation REGIONAL CHANGES IN DEPOSITS was the reverse. The principal factor contracting the private No striking changes took place over 1949 money supply in both years was Treasury in the regional distribution of the private transactions. Over the first eleven months of money supply. In general, deposits in north- MAJOR"FACTORS AFFECTING DEPOSITS AND CURRENCY [In billions of dollars, partly estimated] 1949, by periods Jan.-Xov. (11 mos.) Factor Jan.- April- July- Oct.- March June Sept. Nov. 1949 1948 (2 mos.) (Sign indicates effect on deposits and currency) Gold inflow + .1 + .2 + .1 i + .3 + 1.4 Loans—commercial and mutual savings banks - .8 - .3 +1.0 +1."2 + 1.1 +4.9 Securities of State and local governments, and corporations held by commercial and mutual savings banks + .1 + .4 + .7 + 1.2 + -5 Treasury deposits, decrease (+) or increase ( —) + 1.7 -2.2 •"+":8" - .6 Treasury sale (+) of new U. S. Govt. securities to, or retirement Q - .7 (—) of maturing securities held by, banking system,1 net... . 2 + .8 - .i - .8 Market transactions in U. S. Govt. securities: Long-term restricted issues purchased (+) or sold (—) by mutual savings banks and Federal Reserve Banks, net.. - .6 - .4 — .9 +5.3 Medium-term and short-term issues purchased (+) or sold (—) by the banking system,1 net - .9 + .5 + 1.1 + -4 + 1.1 -5.7 Other factors, net - .7 - .3 c -2.2 -1.9 Changes in deposits and currency held by individuals and businesses, total -5.1 +1.6 +1.0 +1.7 - .8 -1.9 Demand deposits adjusted -4.6 + 1.0 + 1.4 +1.5 - .7 -1.9 Time deposits 8 + .4 + .5 + 9 + .6 Currency outside banks - .9 + .1 - .4 + .2 -1.0 - .6 1 Includes commercial banks, mutual savings banks, and Federal Reserve Banks. 2 Includes changes in deposits at commercial banks, mutual savings banks and the Postal Savings System. NOTE.—Changes are based on figures for Dec. 31, 1947, Dec. 31, 1948, Apr. 6, 1949, June 30, 1949, Sept. 28, 1949, and Nov. 23, 1949. Figures for the first Wednesday in April 1949 are used because of the large temporary deposit withdrawals made over the end of March to avoid tax assessment in Illinois. Figures for July-November 1949 are preliminary. Figures by periods may not add to totals because of rounding. 1440 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKING AND MONETARY DEVELOPMENTS IN 1949 eastern, northcentral, and southwestern Fed- ships of agricultural and industrial prices and eral Reserve districts showed a moderate ex- production. pansion in the twelve-month period ending OUTLOOK FOR DEPOSITS October 1949; there was some deposit decline Developments that now appear likely in in the southeastern districts and in the far 1950 indicate that in the early part of the west. Outstanding note obligations declined year there may be a smaller contraction in at all Federal Reserve Banks. Likewise, there privately held deposits than has occurred at were no marked changes in deposits by the corresponding season in recent years. groups of cities; small declines occurred at Prospects for large Treasury expenditures in central reserve city banks, reserve city banks, the first quarter, including the payment of and at other commercial banks. National Service Life Insurance dividends to veterans, make it likely that Treasury trans- The absence of a pronounced general actions will cause a substantially smaller removement of funds among major areas of duction in deposits of individuals and busithe country in 1949 is in sharp contrast with nesses in early 1950 than in the corresponding the situation during the war and in the periods of 1947, 1948, or 1949. early postwar period. In those years funds For the year as a whole the outlook is for were flowing into the southern and western a Treasury cash deficit, some part of which areas, and deposits at banks in these sectors may be financed through bank credit. State of the country expanded considerably more and local governments may also continue to rapidly than elsewhere. Deposits at country use bank credit to finance a part of their banks generally increased more than those projected capital outlays. Unless there is at city banks. These movements continued a marked decline in over-all credit demands through 1948, but appear to have been re- of businesses, farmers, real estate owners, versed slightly in 1949. The change from and consumers, total bank credit may inthe early postwar period probably reflects crease and expansion in the total money among other things a change in the relation- supply may be resumed. DECEMBER 1949 1441 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STUDY OF INSTALMENT CREDIT TERMS1 by MILTON MOSS Before Federal regulation of instalment buy- March 6, 1949; March 7-April 26; and April 27ing expired on June 30, 1949, valuable data on June 30.2 terms of actual contracts were obtained as a by- The commodities reviewed were all subject to product of the regular enforcement procedure. Regulation W and included new and used auto- These data throw considerable light on the pattern mobiles, mechanical refrigerators, automatic washof down payments and maturities on instalment ing machines, television sets, and console radios. sales of various commodities, and also provide These higher priced types of consumer durable interesting perspective on the operation of con- goods were selected because most of the lower sumer credit regulation in a period when inflation- priced items were removed from control when the ary tendencies were becoming less pronounced. exemption limit was raised on April 27 from $50 Data for this study cover instalment contracts to $100. negotiated from September 20, 1948 through June Some of the conclusions of the study are sum- 30, 1949, the period of renewed regulation author- marized briefly below: ized by Congress in August 1948. This period was 1. Relaxations of Regulation W were followed unique in the history of Federal regulation of conby a substantial easing of actual terms, which probsumer credit. From the beginning of regulation ably contributed materially to high-level sales of in the fall of 1941 throughout the war and most automobiles and other durable goods during the of the postwar period the Board of Governors second and third quarters of this year. exercised its authority under Regulation W to dampen inflationary tendencies. Relatively strin- 2. Despite the easing of terms, however, a large gent down-payment terms (typically one-third) and proportion of instalment contracts specified terms maturity requirements (typically 15 months) helped much stricter than required by Regulation W. In to restrain the volume of instalment credit creation part this reflected the strong financial position of instalment buyers during the period under review. and to keep it from adding excessively to pur- It also emphasized the point that, within the limits chasing power. In the early part of 1949 the need set by the regulation, retailers and lenders had for inflationary safeguards became less important discretion to offer terms that in their judgment and consumer credit regulation had to be conwere reasonable and in line with sound business sidered from the standpoint of possible deflationary principles. developments. This study examines the pattern of down pay- 3. Credit terms varied widely by commodity, ments and maturities that developed during the particularly with respect to maturities. After the first half of 1949, largely as a consequence of the relaxations of Regulation W, terms tended to go successive relaxations of Regulation W on March 7 much further toward the permissible limits for ' and April 27. In order to determine the changes new passenger cars and refrigerators than for used in actual terms which followed these amendments, automobiles and radios. Evidently considerations instalment contracts were sampled to represent the such as durability and resale value were among the following three intervals: September 20, 1948- factors which prevented terms in most cases from going to the limits permitted by the regulation. 1 Acknowledgment is extended to the Regulation W departments of the Federal Reserve Banks for making the basic 4. Considerable variation in credit terms among data for this article available. These data were obtained by the Reserve Banks in the course of their regular review of 2 It is believed that the sample of instalment sales contracts instalment contracts subject to Regulation W. Responsibility drawn for this study is representative of transactions negotifor initiating the investigation was shared by Dale M. Lewis, ated during the various periods, although it was not designed formerly with the Board's Division of Bank Operations and to produce a precise cross section in the sense of strict samnow with the Federal Reserve Bank of St. Louis, and Francis pling procedure. The contracts obtained depended on the R. Pawley, Clarke L. Fauver, and Milton Moss of the Board's particular retailers and lenders visited by the Federal Reserve Division of Research and Statistics. Bank staff. 1442 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STUDY OF INSTALMENT CREDIT TERMS Federal Reserve districts was also evident. It is bulk of contracts for each commodity carried madifficult to assess the significance of this variation, turities shorter than the legal limit. however. The period studied was relatively short, A similar pattern is evident for down payments. 2nd part of the divergence among districts may As shown in Table 1, the bulk of contracts for each have disappeared after June 30, as relaxation of commodity, after each relaxation, specified initial terms became more widespread. equities in excess of the minimum amounts required 5. Instalment credit terms have been further by regulation. Thus, within the regulatory limits, eased since Federal regulation was discontinued on a substantial amount of discretion was exercised by June 30. The most favorable down-payment and lenders and retailers in setting instalment contract maturity terms now prevailing are more lenient down payments and maturities. than the limits set by Regulation W. Although it Notwithstanding the general tendency for the is probable that the majority of borrowers do not bulk of credit to specify terms less lenient than the receive the most liberal terms, the tendency seems permissible limits, it is nevertheless important to to be toward progressively easier terms for all emphasize the fact that there was a substantial borrowers. relaxation of credit terms during the first half of 1949. A quantitative appraisal of the general relax- EASING OF CREDIT TERMS 3 ation which took place in the periods of this study Changes in the distribution of actual contract can be made by an analysis of the changes in the terms following relaxation of requirements under percentage of contracts at or near the regulatory Regulation W are summarized in Table 1. This limits. table indicates that most contracts in the periods This can be done by first bearing in mind that under study specified less lenient terms than those the easing of credit terms which took place during permitted by the regulation. At the same time, the first half of 1949 conceivably could have arlected each easing of the regulation was followed by a two groups of potential instalment buyers. One marked general relaxation. group may have consisted of those who could have The large proportion of contracts with maturity bought on terms in effect prior to the relaxations terms more stringent than the permissible limits is but who nevertheless wished to take advantage of evident for every commodity, both before and after the most lenient terms available. On the other each amendment to the regulation. In the period hand, some people who were unable to meet the from September 20, 1948 to March 6, 1949, when terms in effect prior to the relaxations may have the legal limit for repayment was 15-18 months, a been brought into the market by the easing of significant proportion of the contracts for each comterms. In so far as relaxations of credit terms afmodity specified maturities shorter than the legal fected only the first group, the proportion of conmaximum. Contracts with maturities of 12 months tracts at or near the regulatory limits should not or less, for example, accounted for at least 31 per have changed significantly. But to the extent that cent of new car sales, and as much as 64 per cent of easing of terms affected the second group as well sales of console radios. In each of the two ensuing as the first, the proportion of contracts specifying periods, namely March 7-April 26 when 21 months lenient terms should have increased. to pay was the legal maximum and April 27-June 30 when the 24-month maximum was in effect, the Table 1 shows that after each amendment to Regulation W there were significant increases in 3 Effective March 7, 1949, maximum maturities prescribed the proportion of contracts at or near the most by Regulation W were extended to 21 months from 15 lenient permissible term limits, implying that the months in the case of credits of $1,000 or less and from 18 months for those of more than $1,000. Minimum down relaxation of down payments and maturity requirepayments on articles other than automobiles were lowered ments widened the market in addition to enabling to 15 per cent from the previous minimum of 20 per cent. The April 27 amendment increased the maximum maturity a given group of buyers to take advantage of easier on all regulated articles to 24 months and reduced the mini- terms. mum down payment on articles other than automobiles to An examination of data on new car contracts, as 10 per cent. The 33^ per cent down payment for automobiles was retained throughout the period of Regulation W. shown in Table 1, provides a specific illustration All articles priced at less than $100 were exempted by the of the significance of the changes occurring during April 27 amendment, whereas prior to that date the exemption limit was $50. the period under review. DECEMBER 1949 1443 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STUDY OF INSTALMENT CREDIT TERMS TABLE 1 INSTALMENT CONTRACTS DURING THREE PERIODS OF REGULATION, BY MATURITY AND DOWN PAYMENT [Percentage distribution of. contracts] New Automobiles Used Automobiles M do a w a t n u g r e p i t a o y y f m ( s i e e n l n li m t n ( g o a n s p t p h ri e s c ) r e c ) a e n n d t- S M e 1 1 p 9 a 9 t 4 r 4 . . 8 9 2 - 6 0 , , A M p 1 a 9 r r . 4 . 2 9 7 6 - , A Ju p 1 n r 9 e . 4 2 3 9 7 0 - , d M ow a a t n u g r e p i t a o y y f m ( s i e e n l n li t m n ( g o a n s p t p h ri e s c ) r e c ) a e n n d t- S M e 1 1 p 9 a 9 t 4 r 4 . . 8 9 2 - 6 0 , , A M p 1 a 9 r r . 4 . 2 9 7 6 - , A Ju p 1 n r 9 e . 4 2 3 9 7 0 - , Maturity under contract: Maturity under contract: 12 or less 31.0 22.2 19.9 12 or less 49.4 40.9 43.3 13-18 68.9 28.8 22.5 13-18 50.5 39.1 35.3 19-23 0.1 48.8 11.1 19-23 0.1 19.9 8.5 24 0.0 0.2 46.5 24 0.0 0.1 12.9 Total 100.0 100.0 100.0 Total 100.0 100.0 100.0 Average maturity 15.3 17.4 19.6 Average maturity 13.3 14.6 15.2 Regulation W maximum i 15-18 21 24 Regulation W maximum i15-18 21 24 Down payment under contract: Down payment under contract: 33 H 26.0 24.6 28.0 33K 30.5 32.6 34.0 34-39 19.8 19.8 21.2 34-39 . 27.0 29.0 29.0 40-49 17.1 18.4 17.4 40-49 19.9 18.9 19.2 50 or over 37.1 37.2 33.4 50 or over 22.6 19.5 17.8 Total 100.0 100.0 100.0 Total 100.0 100.0 100.0 Average down payment 45.9 46.1 45.0 Average down payment 42.7 41.8 41.4 Regulation W minimum 33.3 33.3 33.3 Regulation W minimum 33.3 33.3 33.3 Number of contracts 2 9,501 9,400 15,451 Number of contracts 2 15,364 17,004 26,487 Mechanical Refrigerators Automatic Washing Machines Maturity under contract: Maturity under contract: 12 or less . .... 45.0 30.8 25.5 12 or less 58.1 43.9 39.6 13-18 54.8 33.9 * 24.4 13-18 41.8 33.0 26.8 19-23 0.2 35.1 15.2 19-23 0.1 23.1 12.3 24 . . .. ... 0.0 0.2 34.9 24 0.0 0.0 21.3 Total . . . 100.0 100.0 100.0 Total 100.0 100.0 100.0 Average maturity. 12.8 15.2 17.8 Average maturity 12.1 14.0 15.7 Regulation W maximum i 15-18 21 24 Regulation W maximum 115-18 21 24 Down payment under contract:3 Down payment under contract:3 10-12 0.3 0.8 36.9 10-12 0.2 0.7 34.3 13-17 0.6 38.0 20.8 13-17 0.9 37.6 21.2 18-22 53.8 28.6 18.0 18-22 56.2 30.9 21.7 23 or over 45.3 32.6 24.3 23 or over 42.7 30.8 22.8 Total 100.0 100.0 100.0 Total 100.0 100.0 100.0 Average down payment 22.8 20.1 16.7 Average down payment 22.7 20.0 16.8 Regulation W minimum 20 15 10 Regulation W minimum 20 15 10 Number of contracts 2 6,961 8,068 16,788 Number of contracts 2 4,407 3,750 6,047 Television Sets Console Radios Maturity under contract: Maturity under contract: 12 or less 43.4 31.9 25.7 12 or less . . .. 63.9 55.3 48.2 13-18 55.8 42.2 29.9 13-18 36.0 30.5 28.0 19-23 0.6 25.7 18.1 19-23 . ... 0.1 14.2 9.6 24 . 0.2 0.2 26.3 24 0.0 0.0 14.2 Total 100.0 100.0 100.0 Total 100.0 100.0 100.0 Average maturity 12.8 14.7 17.2 Average maturity 11.8 12.9 14.4 Regulation W maximum i 15-18 21 24 Regulation W maximum i 15-18 21 24 Down payment under contract:3 Down payment under contract:3 10-12 0.0 0.4 19.1 10-12 0.4 0.4 28.7 13-17 2.0 22.5 23.9 13-17 . .. 1.4 32.0 17.5 18-22 47.9 34.8 22.4 18-22 52.6 32.7 22.2 23 or over 50.1 42.3 34.6 23 or over 45.6 34.9 31.6 Total 100.0 103.0 100.0 Total 100.0 100.0 100.0 Average down payment 23.0 21.2 18.7 Average down payment 22.8 20.4 18.0 Regulation W minimum 20 15 10 Regulation W minimum 20 15 10 Number of contracts2 2,905 2,641 3,859 Number of contracts 2 3,344 2,027 2,657 1 Maximum of 18 months when principal amount was more than $1,000, provided monthly payment was not less than $70. 2 Does not necessarily represent the relative importance to instalment selling of any one commodity in any period. 3 Percentage of selling price after deduction of amount allowed for any trade-in. 1444 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STUDY OF INSTALMENT CREDIT TERMS The important point in analysis of this table is months, and required down payments were lowered to assess the changes in the proportion of contracts to 10 per cent on all commodities except automoat or near the regulatory limit. In comparing the biles. Secondly, differences in strength of demand distribution of contract maturities before and after for various commodities were probably more proeach of the amendments it is necessary to refer to nounced during these months than during most of the class intervals which included the earlier as well the postwar period. In consequence, a commodity as the amended term limits. Thus, with respect to comparison of credit terms during the April 27new automobiles, in comparing the March 7- June 30 interval is especially appropriate. April 26 period with the pre-March 7 period we One of the patterns observed on contracts ananote that the percentage of contracts specifying 13 lyzed in this period is the variation in maturities, months or more rose from 69 to 78. In comparing despite the fact that the 24-month regulatory maxithe March 7-April 26 and the April 27-June 30 mum applied uniformly to all the articles studied. periods, the proper comparison must refer to con- According to the chart, for example, instalment tracts with maturities of 19 months or longer; the sales of new automobiles carried an average mapercentage of contracts with such maturities rose turity of approximately 20 months, compared with from 49 to 58 per cent. After each amendment, an average of about 15 months for used cars. therefore, there was a significant increase in the percentage of contracts at or near the maximum repayment period. AVERAGE MATURITY ON CONTRACTS COMPARED WITH REGULATORY MAXIMUM Data in Table 1 for commodities other than SELECTED ARTICLES, APRIL 27 - JUNE 30, 1949 automobiles likewise reveal a marked increase after each amendment in the percentage of contracts specifying the most liberable terms allowable. The degree of actual relaxation of terms differed for the various commodities. Increases in the percentage of long-term contracts were more evident in credit sales of new automobiles and refrigerators, somewhat less marked for used cars and console radios. Down payments were eased considerably on contracts for commodities other than automobiles. They changed little on automobile transactions, largely as a result of the retention of the one-third requirement throughout the period of Regulation W. Smaller down payments after relaxations of Regulation W were more frequent in the case of refrigerators and washing machines than for console radios and television sets. Many factors account for the variation in terms Since in instalment sales the commodity puramong the different commodities. A more detailed chased is traditionally the security for the credit discussion of such factors follows in connection advanced, durability and resale value of the comwith an analysis of data for the April 27-June 30 modity are likely to be decisive factors in setting period. credit terms. Such considerations help explain the COMMODITY VARIATIONS IN CREDIT TERMS differences in contract maturities between new and used cars, and also to some extent among the other The period after the April 27 relaxation of Regulation W provides an excellent opportunity to study commodities financed. forces at work in setting the terms available on in- In the case of goods other than automobiles, instalment buying of various commodities. In the stalment sales of mechanical refrigerators exhibited first place, a wider range of variation became possi- the longest average maturity. Console radios, at the ble because of the extension of regulatory limits: other extreme, represented the transactions with the maximum maturities were permitted to go to 24 shortest average maturity. Several factors combine 1445 DECEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STUDY OF INSTALMENT CREDIT TERMS to lower the resale value, or hasten the depreciation AVERAGE DOWN PAYMENT of console radios, such as competition with tele- COMPARED WITH REGULATORY MINIMUM vision, the technological changes occurring in radio- SELECTED ARTICLES, APRIL 27- JUNE 30, 1949 PER CENT OF PERCENT OF phonograph combinations, and the fact that there R 5 E 0 TAIL PRICE RETA1IL PRI 5 C 0 E has been an earlier satisfaction of backlog demands for radios than for most consumer durable goods. Down-payment averages, shown in the second chart, illustrate a basic difference between automobiles and other articles, resulting largely from the much greater prevalence of trade-ins in the case of automobile purchases and the fact that Regulation W prescribed different minimum requirements. Average down payments on automobiles ranged from 41 per cent for used models to 45 per cent for new models. This compared with much lower averages of around 17 and 18 per cent for other articles. A minor complicating factor in these data relates to a provision of Regulation W which specified AUTOMOBILES TABLE 2 AVERAGE TERMS OF INSTALMENT CONTRACTS ON SELECTED ARTICLES AND PROPORTION OF CONTRACTS AT REGULATORY LIMITS BY FEDERAL RESERVE DISTRICTS, APRIL 2 7-JUNE 30, 1949 Articles and terms tr d A i i c s l - t l s B to o n s- Y N o e r w k a P p d h h e i i l l 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 - D la a s l- F c S r is a a c n n o - New automobiles— Maturity: Average (in months) 19.6 18.6 19.0 18.5 18.0 19.3 19.5 18.7 18.8 17.2 16.9 20.4 20.5 Percentage at maximum 46.5 37.1 43.0 38.1 46.1 49.5 56.5 44.1 43.9 23.6 27.3 57.7 61.8 Down payment: Average (percentage of retail price) 45.0 44.2 46.1 47.4 47.3 44.1 42.9 46.3 42.0 42.3 44.0 40.4 45.5 Percentage at minimum 28.0 35.0 19.5 15.7 17.1 38.5 41.9 25.4 35.9 44.0 26.9 56.0 22.8 Used automobiles— Maturity: Average (in months) 15.2 15.9 16.1 14.7 15.5 14.7 14.9 15.1 15.6 13.6 13.7 15.3 15.2 Percentage at maximum 12.9 15.7 16.6 7.7 16.5 9.9 10.2 14.1 16.7 3.6 5.0 13.6 14.9 Down payment: Average (percentage of retail price) 41.4 41.8 42.9 42.1 42.1 41.0 41.5 40.9 40.4 41.5 41.7 39.3 40.8 Percentage at minimum 34.0 41.8 27.0 24.4 26.3 40.6 31.6 38.0 35.1 45.1 35.1 55.1 31.1 Mechanical refrigerators— Maturity: Average (in months) 17.8 18.4 18.0 18.2 16.2 16.3 19.2 15.8 18.2 15.6 16.8 19.6 18.6 Percentage at maximum 34.9 37.7 37.4 33.7 21.8 25.6 45.8 21.6 39.4 17.6 26.6 49.0 40.3 Down payment: Average (percentage of net price) .. 16.7 16.9 17.0 17.1 17.3 17.2 14.9 17.9 17.0 17.9 17.3 14.6 16.4 Percentage at minimum 36.9 35.5 33.2 34.5 32.5 33.6 50.1 27.7 35.4 30.0 31.9 49.7 37.4 Automatic washing machines— Maturity: Average (in months) 15.7 17.1 16.6 15.7 13.7 14.3 16.5 13.6 15.5 13.4 13.1 17.9 16.9 Percentage at maximum 21.3 26.2 27.2 14.1 8.9 13.9 27.6 8.7 22.6 8.1 7.3 35.8 33.0 Down payment: Average (percentage of net price) .. 16.8 16.7 16.5 16.6 17.3 17.3 15.0 18.4 16.3 19.5 18.8 15.2 17.2 Percentage at minimum 34.3 32.4 34.3 36.6 30.4 30.0 48.2 22.2 39.1 19.8 25.5 44.1 34.5 Television sets— Maturity: Average (in months) 17.2 16.8 16.9 18.9 13.6 17.4 15.3 15.2 16.1 13.3 13.3 15.8 17.2 Percentage at maximum 26.3 22.9 25.0 33.8 5.2 27.0 18.8 18.9 20.9 0.0 0.0 22.2 29.8 Down payment: Average (percentage of net price) .. 18.7 18.4 19.3 18.7 20.2 17.0 18.0 18.3 19.3 17.5 24.0 16.2 18.3 Percentage at minimum 19.1 26.3 17.0 15.1 11.1 24.5 31.3 24.6 18.9 0.0 0.0 33.3 18.8 Console radios— Maturity: Average (in months) 14.4 16.6 16.5 13.6 13.2 13.3 13.5 13.3 13.8 13.3 14.0 17.3 14.2 Percentage at maximum 14.2 25.2 28.5 5.7 5.2 4.1 8.0 5.9 11.1 6.7 13.2 33.3 33.8 Down payment: Average (percentage at net price) .. 18.0 18.9 16.7 18.3 19.2 19.5 15.8 19.8 18.0 17.6 18.4 14.8 17.9 Percentage at minimum 28.7 21.3 37.4 23.6 20.7 44.8 16.7 28.1 35.6 28.7 53.2 26.0 1446 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STUDY OF INSTALMENT CREDIT TERMS that the down payment on an automobile purchase on new car contracts, for example, varied widely might include a trade-in allowance, whereas it had among the different sections of the country, rangto be entirely cash for other goods. Thus for non- ing from about one-fourth of all new car transautomobile goods the down payment was computed actions in the Minneapolis and Kansas City Disas a percentage of the net price after deduction of the tricts to more than three-fifths in San Francisco. amount allowed for the trade-in. Although trade- On console radios and television sets an even greater ins play a relatively small role in the sale of non- divergence was evident. automobile goods, it is probable that the average This lack of uniformity probably reflected in part down payment on these goods would have been adjustments to regional conditions of standards set slightly larger than indicated in the chart if the by finance companies and trade associations opertrade-in allowance had been included in the down ating on a nation-wide basis. It is also possible, payment. however, that the district variations reflect tempo- Analysis by Federal Reserve districts reveals con- rary conditions to some extent and that the differsiderable divergence in the pattern of credit terms. ences later became less marked. These variations are shown in Table 2. Further detail on credit terms during the April The acceptance of 24-month maximum maturities 27-June 30 period for each of the selected com- TABLE 3 RELATION BETWEEN DOWN PAYMENTS AND MATURITIES OF INSTALMENT CONTRACTS ON SELECTED ARTICLES [Percentage distribution of contracts, April 27-June 30, 1949] New Automobiles Used Automobiles Down payment Maturities (in months) Down payment Maturities (in months) (Percentage (Percentage of retail price) 12 or less 13-18 19-23 24. Total of retail price) 12 or less 13-18 19-23 24. : Total 331^2 2.9 5.1 3.3 16.7 28.0 33 H2 13.8 12 1 3 1 5 0 34 0 34-39 2.2 4.7 3.1 11.2 21.2 34-39 10.7 11.3 2.8 4.2 29.0 40-49 2 5 4 1 2.3 8.5 17.4 40-49 8 6 6 9 1 6 2 1 19 2 50 and over 12.3 8.6 2.4 10.1 33.4 50 and over 10.2 5.0 1.0 1.6 17.8 Total 19.9 22.5 11.1 46.5 100.0 Total 43.3 35.3 8.5 12.9 100.0 Mechanical Refrigerators Automatic Washing Machines Down payment Maturities (in months) Down payment Maturities (in months) (Percentage (Percentage of net price) 12 or less 13-18 19-23 24. Total of net price) 12 or less 13-18 19-23 24 ! Total 10-12 3 4.4 6.7 4.8 21.0 36.9 10-12 3 9.2 8.2 4.2 12.7 34.3 13-17 3 8 5.7 5.2 6.1 20.8 13-17 6 7 7 5 3 5 3 5 21 2 18-22 5 4 6 1 2.9 3.6 18 0 18-22 10 0 6 5 2 7 2 5 21 7 23 and over 11.9 5.9 2.3 4.2 24.3 23 and over 13.7 4.6 1.9 2.6 22.8 Total 25.5 24.4 15.2 34.9 100.0 Total 39.6 26.8 12.3 21.3 100.0 Television Sets Console Radios Down payment Maturities (in months) Down payment Maturities (in months) (Percentage (Percentage of net price) 12 or less 13-18 19-23 24. Total of net price) 12 or less 13-18 19-23 24 1 Total 10-12 3 3.5 3.5 3.7 8.4 19.1 10-12 3 10.5 7.2 3.5 7.5 28.7 n-17 3.7 7.5 5.8 6.9 23.9 13-17 6 8 6 9 2 0 1 8 17 5 18-22 4.1 8.2 4.8 5.3 22.4 18-22 11.0 7 0 1 9 2 3 22 2 23 and over 14.4 10.7 3.8 5.7 34.6 23 and over 19.9 6.9 2.2 2.6 31.6 Total 25.7 29.9 18.1 26.3 100.0 Total 48.2 28.0 9.6 14.2 100.0 1 Regulation W maximum. 2 Regulation W minimum. 3 Regulation W minimum was 10 per cent. DECEMBER 1949 1447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STUDY OF INSTALMENT CREDIT TERMS modities is presented in the series of cross classifi- Another interesting point brought out by the cations given in Table 3, which show the inter- data in Table 3 is that contracts with maturities of relation between down payments and maturities. 19-23 months constituted the smallest percentage of Analysis of these tables indicates that a prepon- the total for every commodity investigated. It is derance of contracts for the articles investigated probable that in consumer instalment financing carried either a down payment or a maturity more there is a preference by credit agencies and/or constringent than required by Regulation W. In the sumers for evenly spaced maturities such as 12, 18, case of new automobiles, only 17 per cent of all and 24 months. contracts indicated both the minimum down pay- Further examination of the interrelation between ment of one-third and the maximum maturity of down payments and maturities indicates that long 24 months. It follows that 83 per cent of the con- repayment periods tend to be associated with small tracts specified either a down payment or a maturity down payments. This tendency is illustrated in less liberal than the regulatory limits. Of the con- Table 4, which shows that the percentage of contracts for used cars, 95 per cent were in the category tracts with minimum down payments is highest having either a down payment or a maturity more in the longer maturity classifications. All comstrict than required by Regulation W. For the modities exhibited this tendency but refrigerators other commodities, this proportion was also quite offer the clearest illustration. Among the refrigerhigh, varying from about 92 per cent for console ator contracts specifying 24-month maturities, 60 radios to approximately 80 per cent for mechanical per cent specified the 10 per cent minimum down refrigerators. payment, whereas among the contracts for 12 The large proportion of terms that were more months or less, only 17 per cent specified the ministrict than the regulatory limits bears testimony to mum down payment. the strong financial position of instalment buyers as well as to the policy of instalment financing agencies APPRAISAL AND OUTLOOK in the period surveyed. The fact that consumers The nature of the role played by down-payment were able to make down payments much higher and maturity terms for consumer instalment credit than the required minimum implies a strong asset in the postwar period was brought into sharp position, and their agreement to repay the unpaid focus in the first half of 1949. Throughout most of balance in a much shorter time than the maximum the postwar period, relatively stringent credit terms implies a strong income position. With respect to exercised restraint on the extent to which credit maturities it is well to bear in mind that the figures might augment the pent-up demand for durable pertain to original contract terms. There is no ingoods. In the first half of 1949, when inflationary formation on the extent to which these terms have demand appeared to be ebbing, the easing of credit been either shortened via prepayment or lengthened terms first on March 7 and again on April 27 probas a result of refinancing or delinquency in meeting ably helped to maintain a high level of expenditures payments. for consumer durable goods. It has been commonly supposed that consumer TABLE 4 credit regulation is more effective in restraining CONTRACTS WITH MINIMUM DOWN PAYMENTS AS PERCENTAGE upswings in business activity than in moderating OF ALL CONTRACTS IN EACH MATURITY GROUP, BY SELECTED downturns. In a period of business decline, most ARTICLES, APRIL 27-JUNE 30, 1949 consumers who suffer reduced incomes are unlikely to buy expensive goods regardless of terms. In the Maturity (in months) period under consideration, however, adjustments Article 12 or in some lines of activity did not result in wideless 13-18 19-23 24 spread declines in income. At such times, when New automobiles 14.6 22.7 29.7 35.9 weakening demand coincides with sustained rather Used automobiles 31.9 34.3 36.5 38.8 than declining incomes, the easing of credit terms Mechanical refrigerators 17.3 27.5 31.6 60.2 Automatic washing machines 23.2 30.6 34.1 59.6 should be especially effective in stimulating con- Television sets 13.6 11.7 20.4 31.9 Console radios 21.8 25.7 36.5 52.8 sumer demand. A further easing of terms has unquestionably NOTE.'—Minimum down payments for new and used automobiles were 33 }{ per cent, and for all other articles 10 per cent. occurred since the termination of Regulation W. 1448 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A STUDY OF INSTALMENT CREDIT TERMS It is difficult to appraise the extent of this relax- This study seems to suggest that the bulk of ation because of a lack of quantitative information consumer instalment credit is not generally adsimilar to the data of this study. Nevertheless, vanced on the most lenient terms available. The available evidence indicates that instances of instalstudy also shows, however, that instalment credit ment terms more lenient than those permitted by terms are usually eased all along the line when the Regulation W have arisen in all areas of instalment most lenient terms in use are further relaxed. This financing, among banks, finance companies, and major retailers, in nearly all commodity lines, and seems to be the present tendency of consumer inin all sections of the country. stalment credit. CURRENT EVENTS AND ANNOUNCEMENTS Death of Member of the Board the June 1949 issue of a meeting of the Chairmen The Board of Governors announces with the of the Federal Reserve Banks, also attended by •deepest regret the death of Mr. Lawrence Clayton members of the Board of Governors, which was on December 4, 1949. Mr. Clayton had been a held on May 28-30, 1949. member of the Board of Governors since February 1947. Previously he had been in both the commer- Correction for "Measurements of Savings" cial and investment banking business. He was November 1949 BULLETIN Vice President of the First National Bank of Ogden, On page 1312 of the November Federal Reserve Utah, at the time he first became associated with BULLETIN, Table 1 should be corrected as follows: the Board of Governors in December 1934, as The subtotals given in line N for "Financial Uses Assistant to the Chairman of the Board, which (net)" in the years 1939 and 1946 should be position he held until he resigned to enter investchanged to 4.8 and 15.4, respectively. ment banking in the beginning of 1945. Admissions of State Banks to Membership in the Federal Reserve Meetings Federal Reserve System A meeting of the Federal Open Market Commit- The following State banks were admitted to memtee was held in Washington on December 13, 1949. bership in the Federal Reserve System during the The Conference of Presidents of the Federal period October 16, 1949 to November 15, 1949: Reserve Banks met with the Board of Governors of the Federal Reserve System in Washington on California December 14, 1949. Lynwood—First State Bank of Lynwood Chairmen's Conference West Virginia In preparing the annual index for the BULLETIN it has been noticed that mention was not made in Ranson—Blakeley Bank and Trust Company PECEMBER 1949 1449 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled November 25 and released for publication November 28] Output and employment at factories and mines result of temporary steel shortages. Owing in part decreased in October but increased in the latter to model changeovers the number of passenger cars part of November. New construction activity was and trucks assembled was reduced from the record maintained at a high rate in October and the first September rate by about one-tenth in October and half of November. Department store sales showed by one-fifth in the first three weeks of November. a less than seasonal increase. Commodity price Deliveries of copper to fabricators increased sharply changes continued to be relatively small. Prices in October, and output of furniture, electrical apof common stocks and bonds generally advanced. pliances, and most building materials continued to advance. INDUSTRIAL PRODUCTION Output of nondurable goods showed a further The Board's seasonally adjusted index of indus- rise in October as a result mainly of substantial intrial production was 166 per cent of the 1935-39 creases in the textile, paper, and printing industries. average in October as compared with 174 in Sep- Activity in these lines in October was generally at tember and 170 in August. Following settlement about the high levels prevailing last autumn. Outof the steel labor dispute and resumption of opera- put of petroleum products also increased in October tions at bituminous coal mines, total industrial pro- but in early November was curtailed because of duction has increased in November. large stocks. Activity in most other nondurable Activity in durable goods industries declined goods industries in October showed little change. about 12 per cent in October. The decrease re- As a result of work stoppages at bituminous coal flected mainly sharp curtailment in output at blast and iron mines, minerals output declined confurnaces, steel works, and rolling mills. Steel ingot siderably further in October. Anthracite producproduction was reduced from a rate of 84 per cent tion, however, increased substantially and crude of capacity in September to 11 per cent in October. petroleum output continued to expand. In Novem- Since early November, however, ingot production ber, bituminous coal production has advanced has increased again and during the fourth week sharply. was scheduled at 78 per cent of capacity. Activity in iron and steel fabricating industries declined only CONSTRUCTION slightly in October, but in early November ap- Value of construction contracts awarded in Ocparently was reduced considerably mainly as a tober, according to the F. W. Dodge Corporation, INDUSTRIAL PRODUCTION DEPARTMENT STORE SALES AND STOCKS PHYSICAL VOLUME,SEASONALLY ADJUSTED, 1935" 39 DOLLAR VOLUME. SEASONALLY ADJUSTED, 1935-39-100 1941 1942 1943 1944 1945 1946 1947 1948 1949 Federal Reserve indexes. Monthly figures, latest shown are for Federal Reserve indexes. Monthly figures,, latest shown are for October. October. 1450 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS was maintained at the exceptionally high September declined somewhat further from mid-October to level. Increases in public awards, following de- the third week of November, reflecting chiefly clines in August and September, offset small de- seasonal decreases in prices of livestock and meats. clines in awards for most types of private construc- Spot prices of apparel wool, lead, and tin also detion. The number of residential units started in clined owing in part to earlier reductions in foreign October, as estimated by the Bureau of Labor Sta- markets, while coflee prices showed a sharp intistics, was 100,000, the same number as in Septem- crease. Steel scrap prices rose above pre-strike ber and 27,000 more units than in October 1948. levels and prices of some additional domestic industrial products were advanced in November. EMPLOYMENT Employment in nonagricultural establishments BANK CREDIT declined 2 per cent in October owing mainly to re- Business loans at banks in leading cities continued ductions in durable goods manufacturing, mining, to expand seasonally during October and the first and transportation industries as a result of the steel half of November. Loans on real estate and loans and coal labor disputes. Unemployment rose oneto consumers also increased. Holdings of U. S. quarter million in early October. .Government securities rose during October but subsequently declined early in November. DISTRIBUTION A small reduction in gold stock and a seasonal Department store sales were 275 per cent of the outflow of currency into circulation tended to reduce 1935-39 average in October, according to the Board's member bank reserves in the first three weeks of seasonally adjusted index, as compared with 289 November. Federal Reserve Bank credit expanded, in September and an average of 286 for the first however, reflecting primarily purchases of Governnine months. In the first three weeks of November ment securities by the System. sales were 6 per cent below year-ago levels when the sales index for the month was 290. SECURITY MARKETS Shipments of railroad revenue freight declined A steady rise in prices of most long-term Governconsiderably in October reflecting chiefly sharply ment bonds during the first three weeks of Novemcurtailed shipments of coal, iron ore, and steel prodber has been accompanied by a moderate increase ucts. Loadings increased in the middle of Novemin prices of high-grade corporate bonds. Common ber, reflecting mainly sharp gains in coal shipments; stock prices have fluctuated around the new high loadings of miscellaneous freight showed a moderate level for the year reached in early November. New expansion. corporate security issues have continued in small COMMODITY PRICES volume. The average level of wholesale commodity prices SECURITY MARKETS WHOLESALE COMMODITY PRICES COMMON STOCK PRICES 1926-100 N n r BOND YIELDS ^-**— 1 CORPORATE1 y *>— 1942 1943 1944 1945 1946 1947 1948 1949 Common stock prices, Standard and Poor's Corporation; corporate bond yields, Moody's Investors Service; U. S. Government Bureau of Labor Statistics' indexes. Weekly figures, latest bond yields, U. S. Treasury Department. Weekly figures, latest shown are for week ending Nov. 29. figures are for Nov. 23. DECEMBER 1949 1451 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 1455-1456 Federal Reserve Bank discount rates; rates on industrial loans; rates on time deposits; reserve requirements; margin requirements 1456-1457 Federal Reserve Bank statistics 1458-1462 Deposits and reserves of member banks; bank suspensions. . 1462-1463 Money in circulation 1464-1465 Bank debits and deposit turnover; Postal Savings System... 1465 All banks and the money supply 1466 All banks in the United States, by classes 1467-1469 All insured commercial banks in the United States, by classes. . 1470-1471 Weekly reporting member banks 1472-1475 Number of banking offices on Federal Reserve par list and not on par list 1476 Commercial paper, bankers' acceptances, and brokers' balances.. , . 1477 Money rates; bank rates on business loans; bond yields... 1478 Security prices and new issues 1479-1480 Corporate sales, profits, and dividends. . 1481-1482 Treasury finance 1483-1485 Government corporations and credit agencies... 1486 Business indexes 1487-1496 Department store statistics. .. 1497-1500 Cost of living 1500 Wholesale prices 1501 Gross national product, national income, and personal income. . 1502-1503 Consumer credit statistics 1504-1506 Current statistics for Federal Reserve chart books.. 1507-1511 November crop report, by Federal Reserve districts 1511 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. DECEMBER 1949 1453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS BtLLlONS OF DOLLARS WEDNESDAY FIGURES BILLIONS OP D0U.AS3 1941 1942 1943 1944 1945 1946 1947 1948 1949 TOTAL RESERVE BANK HOLDINGS OF U S. GOVERNMENT SECURITIES 1941 1942 1943 1944 1945 1946 1947 1948 1949 Wednesday figures, latest shown are for Nov. 23. See page 1455. 1454 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D a a u n d 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 he ll r1 Total s G to o c ld k T s r t o c e r u i a u n u n e r n r a g t c y 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 - - u F T p s w r e e R r o y d e r i s e e t a v d i - h t r s e e s a - - lb p m N e o r o e s m n d it - e s - - c O s F o e R e a t e u r r c h e a v d n - - e l e - t r s Total qu R ir e e - d2 Exvances Total Bonds cates, Banks and notes Wednesday figures: 1948—Oct. 6.. 296 23,143 9,48313,660 268 23,70723,888 4,572 28,202 ,324 1,596 867 59619,584 18,977 607 Oct. 13. . 50023,303 9,73613,567 16423,96723,965 4,572 28,284 ,317 1,551 916 59619,840 18,911 929 Oct. 20. . 28923,192 10,13213,060 38823,869 23,983 4,574 28,157 ,326 1,530 913 59019,910 19,040 870 Oct. 27. . 30023,24210,68312,559 25423,79723,996 4,575 28,091 ,322 1,524 888 58319,960 19,086 874 Nov. 3. . 320 23,239 11,13712,102 17023,729 24,007 4,578 28,254 ,317 1,473 886 53919,846 18,988 858 Nov. 10.. 326 23,14411,22311,921 458 23,929 24,097 4,579 28,337 ,317 1,553 912 53919,947 19,025 922 Nov. 17.. 282• 22,93011,15611,774 622 23,83424,110 4,579 28,215 ,324 1,591 901 53919,953 19,138 815 Nov. 24.. 582! 22,99311,16611,827 366 23,94124,150 4,580 28,305 ,317 1,650 922 54219,934 19,104 830 Dec. 1. . 30623,165 11,16811,997 31223,78324,165 4,583 28,322 ,338 1,527 927 54119,877 19,094 783 Dec. 8.. 39923,00411,11011,894 32423,72724,218 4,585 28,415 ,314 1,540 986 54819,727 19,067 660 Dec. 15. . 266 22,993 11,11211,881 659 23,919 24,230 4,585 28,369 ,327 969 994 64020,435 19,219 1,216 Dec. 22. . 42622,845 11,05711,788 950 24,22124,234 4,584 28,560 ,326 1,575 ,033 64719,899 19,237 662 Dec. 29.. 25523,347 11,00112,346 512 24,11324,236 4,585 28,325 ,329 1,283 ,106 65320,238 19,180 1,058 1949—Jan. 5. . 22922,919 10,90712,012 57923,72724,249 4,586 28,151 ,322 951 ,167 59720,375 19,244 1,131 Jan. 12.. 36422,465 10,77211,693 36423,19324,253 4,586 27,919 ,323 939 ,145 60020,105 19,118 987 Jan. 19.. 24122,117 10,60311,514 640 22,999 24,264 4,586 27,717 ,327 804 ,267 60220,133 19,183 950 Jan. 26.. 458 22,03910,26511,774 463 22,960 24,268 4,587 27,561 ,333 1,135 ,138 61320,035 19,113 922 Feb. 2.. 29722,215 10,19112,024 314 22,827 24,279 4,588 27,556 ,327 1,284 ,203 61319,711 19,072 639 Feb. 9.. 25122,35010,10512,245 235 22,836 24,279 4,587 27,557 ,327 1,430 ,176 61419,597 18,921 676 Feb. 16. . 23822,303 9,99312,310 385 22,926 24,284 4,586 27,480 ,323 1,754 ,177 61519,447 18,841 606 Feb. 23.. 303 22,358 9,92212,436 18622,847 24,290 4,586 27,551 ,326 1,591 ,193 62119,441 18,754 687 Mar. 2.. 241 21,837 9,86811,969 343 22,422 24,290 4,587 27,557 ,320 877 ,233 62819,684 18,872 812 Mar. 9.. 203 21,529 9,73711,792 271 22,003 24,295 4,587 27,577 ,320 711 ,223 63119,424 18,787 637 Mar. 16. . 429 21,500 9,58811,912 419 22,348 24,305 4,588 27,500 ,324 591 ,227 66319,936 18,946 990 Mar. 23. . 594 21,675 9,45812,217 24422,512 24,307 4,588 27,423 ,327 1,432 ,197 66919,360 18,655 705 Mar. 30. . 298 21,828 9,27712,551 252 22,378 24,311 4,591 27,403 ,320 1,678 ,190 67119,019 18,503 516 Apr. 6. . 213 21,597 9,15112,446 334 22,14324,317 4,591 27,514 ,329 1,116 ,104 67619,311 18,479 832 Apr. 13. . 1,491 9,06412,427 333 22,056 24,321 4,592 27,507 ,318 1,028 ,110 67819,327 18,505 822 Apr. 20.. 453 21,288 8,98912,299 309 22,05024,324 4,589 27,408 ,333 1,054 ,094 67819,398 18,519 879 Apr. 27. . 266 21,208 8,90512,303 231 21,70524,329 4,592 27,356 ,330 1,146 ,093 67919,020 18,492 528 May 4. . 480 20,839 8,671 12,168 258 21,57624,334 4,592 27,447 ,324 990 ,045 62319,073 18,161 912 May 11.. 20220,130 8,581 11,549 22620,55924,335 4,592 27,452 ,314 913 ,017 62518,164 17,285 879 May 18. . 77319,706 8,44011,266 25620,73524,338 4,591 27,392 ,313 1,026 ,005 62718,302 17,248 1,054 May 25.. 17119,691 8,371 11,320 18620,04824,339 4,591 27,367 ,312 668 978 62718,027 17,305 722 June 1.. 15819,767 8,27411,493 220 20,14524,342 4,595 27,515 ,321 622 911 63718,076 17,288 788 June 8.. 15719,594 8,20211,392 205 19,956 24,381 4,596 27,484 ,315 378 946 63918,170 17,249 921 June 15.. 13919,461 8,051 11,410 311 24,423 4,596 27,391 ,309 9 906 70818,606 17,387 1,219 June 22.. 67019,166 7,93211,234 277 20,113 24,421 4,596 27,345 ,304 508 943 71518,314 17,348 966 June 29.. 15019,517 7,78011,737 209 1-9-, 8-75" 24,466 4,597 27,426 ,324 497 959 71918,013 17,334 679 July 6.. 11419,343 7,78011,563 321 19,779 24,471 4,597 27,659 ,306 262 898 74117,980 16,518 1,462 July 13. . 14018,842 7,78011,062 19,279 24,513 4,596 27,480 ,317 371 973 74117,506 16,493 1,013 July 20.. 36018,474 7,78010,694 19,096 24,518 4,595 27,366 ,310 449 930 74017,415 16,522 893 July 27.. 41718,490 7,780 ,710 16919,07524,520 4,594 27,333 ,307 447 877 74017,486 16,586 900 Aug. 3.. 29818,693 7,78010,913 19,21324,562 4,593 27,419 ,312 411 918 68917,619 16,490 1,129 Aug. 10.. 13718,606 7,77510,831 181 18,92424,568 4,592 27,409 ,314 370 956 69117,347 16,513 834 Aug. 17.. 24018,226 7,77510,451 228 18,69424,608 4,592 27,383 ,313 444 970 68817,096 15,799 1,297 Aug. 24.. 11517,803 7,77510,028 163 18,08124,610 4,591 27,328 ,321 485 948 69116,509 15,596 913 Aug. 31.. 53117,524 7,775 9,749 18,22524,607 4,593 27,389 ,310 610 914 69016,512 15,337 1,175 Sept. 7.. 17,413 7,775 9,638 251 17,78024,647 4,592 27,589 ,317 472 955 69115,995 15,064 931 Sept. 14.. 12317,250 7,775 9,475 431 17,80424,649 4,592 27,454 ,312 334 931 69116,322 15,207 1,115 Sept. 21. . 14617,154 7,538 9,616 333 17,63324,691 4,591 27,365 ,314 801 962 71315,760 15,244 516 Sept. 28. . 30017,852 7,53810,314 18,39724,602 4,590 27,348 ,311 1,170 1,029 71516,016 15,139 877 Oct. 5.. 11217,961 7,53810,423 332 18,40624,604 4,593 27,476 ,321 612 1,075 73416,384 15,242 1,142 Oct. 12.. 10917,779 7,53810,241 414 18,30124,604 4,592 27,546 ,296 554 1,247 73416,119 15,211 908 Oct. 19.. 12217,666 7,53810,128 369 18,15724,585 4,591 27,427 310 317 1,142 73216,405 15,330 1,075 Oct. 26.. 13817,403 7,538 9,865 292 17,83324,584 4,591 27,328 ,313 374 1,163 73216,098 15,314 784 Nov. 2.. 61117,533 7,536 9,997 272 18,41624,583 4,591 27,382 318 545 1,219 69016,437 15,319 1,118 Nov. 9.. 31917,706 7,53510,171 160 18,18524,532 4,592 27,528 312 415 1,220 69016,145 15,262 883 Nov. 16.. 12417,789 7,53210,257 438 18,35124,530 4,592 27,397 323 408 1,224 69016,432 P15.296 1,136 Nov. 23.. 13517,669 7,51310,155 289 18,09124,530 4,596 27,508 ,315 410 1,306 69115,987*>15,323 P664 P Preliminary. 1 Includes industrial loans and acceptances purchased shown separately in subsequent tables. 1 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. DECEMBER 1949 1455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Member bank reserve balances Date or period co D u is n - ts Lf. S s . e G cu o r v it e ie rn s ment All s G to o c ld k T r c e u r u n e r r a c y - s y - M i c n u o l c n a i e r - y - T c u r a e r s a y h s- F u T p w r e o r y d e i s t e a i d h t r s e s a - - l : m > N e e o r m n d - - e- O F e R t e r h e a d - e l - r a a n d d - c B er il t l i s f , i- other1 Total st o a u n t d - - tion h in ol g d s - se R r e v - e posits se a r c v - e Total Qu R ir e e - d* c E es x s - * vances Total Bonds cates, ing Banks counts notes End of period: 1929—June 29... 1,037 216 71 145 147 1,400 4 037 2,019 4 459 204 36 28 374 2,356 2,333 25 1933—June 30... 164 1,998 441 1,557 58 2,220 4 031 2,286 5,434 264 35 166 346 2,292 1,817 475 1939—Dec. 30... 7 2,484 1,351 1,133 102 2,593 17 644 2,963 7,598 5,409 634 653 251 11,653 6,444 5 209 1941—June 30... 2 2, 184 1,364 820 81 2,267 22 624 3, 149 9 612 5,275 980 L.831 290 13,051 7,841 5 210 Dec. 31... 3 2,254 1,467 787 104 2,361 22 737 3, 247 11 160 5,215 867 L.360 291 12,450 9,365 3 085 1945—June 30... 46 21,792 1,113 20,679 466 22,304 20 213 4, 145 26,746 5,279 599 1,668 450 14,920 13,335 1 585 Dec. 31. .. 249 24,262 947 23,315 580 25,091 20 065 4,339 28 515 5,287 977 1,308 495 15,915 14,457 1 45S 1946—June 29. .. 157 23,783 75523,028 516 24,456 20 270 4 539 28 245 ?,251 833 L,250 561 16,123 15,011 1 112 Dec. 31. . . 163 23,350 753 22,597 581 24,093 20 529 4,562 28 952 2,272 393 822 607 16,139 15,577 562 1947—June 30... 70 21,872 727 21,145 228 22, 170 21 266 4,552 28 297 1,314 756 881 629 16,112 15,374 73S Dec. 31. .. 85 22,559 2,853 19,706 536 23,181 22 754 4 562 28 868 1,336 870 961 563 17,899 16,400 1 499 1948—June 30... 265 21.366 6,206 15,160 268 21.900 23 532 4 565 27 903 1,327 1,928 859 592 17,389 16,647 742 1948—Oct.. 339 23,042 10,925 12,117 494 23 875 24 004 4 580 28 176 1,321 ,610 1,074 542 19,736 18,994 742 Nov. 337 23,206 11,181 12,025 339 23,881 24 166 4 585 28 331 1,332 ,601 932 541 [9,894 19,085 809 Dec. 223 23,333 10,977 12,356 542 24,097 24 244 4 589 28 224 1,325 ,123 L.189 590 20,479 19,277 1 202 1949—Jan.. 456 22 109 10 224 11 885 349 22 914 24 271 4 589 27 580 1,336 ,514 1,194 611 19,540 19,063 477 Feb.. 251 22 342 9 883 12 459 262 22 855 24 290 4 588 27 557 1,323 ,423 1,194 618 19,617 18,809 80S Mar. 245 21 688 9 241 12 447 333 22 267 24 314 4 592 27 439 1,309 .482 ,154 670 19,118 18,432 686 Apr. 303 21 094 8 902 L2192 340 21 737 24 332 4 593 27 417 1,324 984 ,243 618 19,076 18,438 638 May 247 19 704 8 356 11 348 141 20 092 24,342 4 596 27 507 1,315 628 930 628 18,024 17,230 794 June 103 19 343 7 780 11 563 250 19 696 24,466 4 597 27 493 1,307 438 941 713 17,867 16,919 94S July 316 18 529 7 780 10 749 393 19 238 24,520 4 593 27 394 1,298 514 1,018 690 17,437 16,685 752 Aug. 531 17 524 7 775 9 749 171 18 225 24,608 4 593 27 393 1,308 610 914 690 16,512 15,337 1,175 Sept. 109 18 010 7 538 10 472 297 18 415 24 602 4 593 27 412 1,311 1,176 1,051 713 15,947 15,176 771 Oct.. 283 17 316 7 536 9 780 261 17 860 24,584 4 592 27 407 1,307 595 1,187 690 15,850 15,261 589 Averages of daily figures: 1943—Oct.. 357 23 168 9 994 13 174 412 23 937 23,958 4,574 28,188 1,319 1.598 958 588 19,818 19,001 817 Nov. 353 23 028 11 172 11 856 449 23 830 24,110 4,580 28,277 1,321 1,563 984 540 19,835 19,061 773 Dec. 330 23 002 11 085 11 917 645 23 978 24,218 4,584 28,423 1,319 1,398 1,051 600 19,990 19,193 797 1949—Jan.. 347 22 289 10,620 11,669 513 23,15024,259 4,587 27,850 1,327 1,014 1,211 603 19,991 19,153 838 Feb. 284 22 320 10,032 12,288 350 22 953 24,283 4,587 27,545 1,321 1.539 1,233 616 19,570 18,860 710 Mar. 302 21,615 9,588 12,027 353 22,27024,301 4,588 27,508 1,319 1^009 1,255 652 19,417 18,723 694 Apr. 249 21,361 9,049 12,312 407 22,017 24,322 4,591 27,462 1,318 1,109 1,185 671 19,185 18,479 706 May 303 19,974 8,511 11,463 298 20,57524,304 4,592 27,438 1,312 914 1,067 593 18,146 17,369 777 June 191 19,377 8,046 11,331 328 19,89624,404 4,596 27,432 1,311 421 984 680 18,068 17,310 758 July 202 18,797 7,780 11,017 343 19,34224,502 4,595 27,472 1,306 391 977 736 17,558 16,539 1,019 Aug. 190 18,147 7,777 10,370 245 18,583 24,588 4,592 27.397 1,312 521 970 690 16,873 15,918 955 Seot 16^ 17 441 7 649 9,792 351 17,95724,637 4 5Q2 27,451 1,310 649 990 703 16,083 15,161 922 Oct.. 136 17,643 7,538 10,105 361 18,13924,596 4,592 27,456 1,305 555 1,171 727 16.113 15,251 862 For footnotes see preceding page. MARGIN REQUIREMENTS i 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. 30r 1947 1949 1949 Nov. 1, 1933-Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31, 1935 Jan. 1,1936 Regulation T: For extensions of credit by brokers Savings deposits and dealers on listed securities 100 75 50 Postal Savings deposits For short sales 100 75 50 Other deposits payable: Regulation U: In 6 months or more For loans by banks on stocks 100 75 50 In 90 days to 6 months.... In less than 90 days 1 Regulations T and U limit the amount of credit that may be ex- NOTE.—Maximum rates that may be paid by insured nonmember tended on a security by prescribing a maximum loan value, which is a banks as established by the F. D. I. C, effective Feb. 1, 1936, are the specified percentage of its market value at the time of the extension; the same as those in effect for member banks. Under Regulation Q the "margin requirements" shown in this table are the difference between rate payable by a member bank may not in any event exceed the maxi- the market value (100%) and the maximum loan value. mum rate payable by State banks or trust companies on like deposits Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, under the laws of the State in which the member bank is located. and BULLETIN for March 1946, p. 295. 1456 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 Advances secured by Government banks secured by direct Federal Reserve Bank obligations and discounts of and Other secured advances obligations of the U. S. advances (S s e e e c s u . r 1 e 3 d a b n y d e 1 li 3 g a ib )i le paper [Sec. 10(b)l (last par. Sec. 13) Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 beginning— rate Boston....... Aug. 13,1948 Aug. 13,1948 Jan. 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 2 Richmond Aug. 13,1948 Aug. 13,1948 2 Oct. 28,1942 4 Atlanta Aug. 13,1948 Aug. 13,1948 Jan. 24,1948 2 Chicago Aug. 13,1948 Aug. 13,1948 Aug. 13,1948 I" St. Louis Aug. 19,1948 Aug. 19,1948 Jan. 12,1948 Minneapolis. . Aug. 13,1948 Aug. 13,1948 Aug. 23,1948 I" Kansas City.. Aug. 16,1948 Aug. 16,1948 Jan. 19,1948 Dallas Aug. 13,1948 Aug. 13,1948 Feb. 14,1948 2 San Francisco Aug. 13,1948 Aug. 13,1948 2 Oct. 28,1942 4 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. 8 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 the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING MEMBER BANK RESERVE REQUIREMENTS RATES ON BANKERS* ACCEPTANCES [Per cent per annum] [Per cent of deposits! Maturity N Ra o t v e . o 3 n 0 In g i e n f n fe in c g t — be- Pre ra v t i e ous Net demand deposits i Time deposits Effective date 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 iS 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 it of change C r b e e c s a n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry m ba e ( n m a k l b l s e ) r 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made 1917—June 21.. 13 10 by the other Federal Reserve Banks. 443 B - a 4 c 4 k 5 . figures.—See Banking and Monetary Statistics, Table 117, pp. 1 1 9 9 3 3 6 7 — — M A M u a a g y r . . 1 1 1 6 . . . 2 2 1 2 6 9 2 1 1 0 5 7^ 14 18 1938—Apr. 16. 17}* 12 6 FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 5 AND COMMITMENTS UNDER SECTION 13b 1941—Nov. 1. 26 20 14 OF THE FEDERAL RESERVE ACT 1942—Aug. 20. 24 Maturities not exceeding five years Sept. 14. 22 [In effect November 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 •It Sept. 24. 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 P in r O o s w r n t t i i p h t o d u i u n c i - r s h c c h o a u m s n e a t s R s i n e o i - n r g co m m O en m n t i s t- 1949— J J A M M u u u l n a a y g y y e . 3 5 1 0 1 1 . . . . . 24 2 2 1 0 1 1 1 5 4 3 » * •6 7 7 tion is portion Aug. 11. obligated Aug. 16. 12 Aug. 18. 23 19 Boston Aug. 25. 18 New York Sept. 1. 18 Philadelphia.... Cleveland In effect Dec. 1, 1949 18 Richmond Atlanta Chicago 1 Demand deposits subject to reserve requirements, i.e., total demand St. Louis deposits minus cash items in process of collection and demand balances Minneapolis. ... due from domestic banks (also minus war loan and series E bond Kansas City.... accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. Dallas Government demand accounts Apr. 24, 1917-Aug. 13, 1935). San Francisco... 2 Requirement became effective at country banks. 1 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. 1 Rate charged borrower. * Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Charge of }4 Per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118. pp. 446-447. DECEMBER 1949 1457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1949 Nov. 30 Nov. 23 Nov. 16 Nov. 9 Nov. 2 Oct. 26 Oct. 19 Nov. Oct. Nov. Assets Gold certificates 22,677,43122,724,432 22,714,430 22,716,42922,767,43122,774,43122,776,429 22677,431 22,772,43022,260,431 Redemption fund for F. R. notes 554,485 547,484 550,743 548,743 549,568 545,887 548,554 554,485 547,888 628,181 Total gold certificate reserves. . . . 23,231,916 23,271,916 23,265,173 23,265,17223,316,99923,320,31823,324,983 23,231,91623,320,31822,888,612 Other cash 237,434 238,868 253,185 243,742 271,128 279,043 266,674 237,434 270,594 243,537 Discounts and advances For member banks... 250,584 63,653 40,454 235,505 524,277 51,837 29,913 250,584 196,839 115,576 For nonmember banks, etc 71,000 69,100 83,600 83,600 86,500 86,000 92,000 71,000 86,000 221,075 Total discounts and advances 321,584 132,753 124,054 319,105 610,777 137,837 121,913 321,584 282,839 336,651 Industrial loans 1,843 1,846 1,298 909 913 969 951 1,843 960 974 U. S. Govt. securities: Bills 3,999,928 4,034,328 4,103,496 4,030,996 3,902,196 3,794,924 4,053,424 3,999,928 3,710,196 5,175,794 Certificates: Special Other 5,870,900 5,822,900 5,854,900 5,841,900 5,796,900 5,771,900 5,775,900 5,870,900 5,771,900 6,051,119 Notes 298,100 298,100 298,100 298,100 298,100 298,100 298,100 298,100 298,100 797,950 Bonds 7,513,300 7,513,300 7,532,300 7,534,700 7,536,200 7,538,200 7,538,200 7,513,300 7,536,200 11,180,973 Total U. S. Govt. securities 17,682,22817,668,62817,788,79617,705,69617,533,39617,403,12417,665,62417,682,22817,316,39623,205,836 Other Reserve Bank credit outstanding.... 261,437 287,384 437,237 159,487 270,850 290.882 368,105 261,437 260,216 337,516 Total Reserve Bank credit outstanding 18,267,09218,090,61118,351,38518,185,19718,415,93617,832,81218,156,59318,267,09217,860,41123,880,977 Liabilities Federal Reserve notes. . 23,373,49623,326,67823,241,04123,321,430 23,224,22723,192,44623,268,70823,373,49623,246,586 24,172,325 Deposits: Member bank — reserve account 16,038,12215,986,80516,431,84516,144,75516,437,00016,098,00016,405,08716,038,12215,850,23819,894,128 U. S. Treasurer—general account 516,836 409,642 407,714 415,162 544,854 373,541 316,887 516,836 595,151 1,601,124 Foreign 726,097 745,340 693,228 688,811 660,802 613,617 575,585 726,097 643,838 480,055 Other 511,809 560,814 530,604 530,955 557,988 549,701 566,458 511,809 543,221 452,161 Total deposits 17,792,86417,702,60118,063,39117,779,68318,200,64417,634,85917,864,01717,792,86417,632,448 22,427,468 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. . 56.4 56.7 56.3 56.6 56.3 57.1 56.7 56.4 57.0 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to 6 months 1 year to2 years to Over Total 15 days days days days 6 months to 1 year 2 years 5 years 5 years Discounts and advances: Oct. 26 137,837 52,451 62,741 13,441 8,974 225 5 Nov. 2 610,777 521,326 63,566 14,104 11,250 526 5 Nov. 9 319,105 291,283 9,887 8,236 8,176 1,518 5 Nov. 16 124,054 96,860 9,306 9,725 8,140 18 5 Nov. 23 132,753 61,237 12,738 9,134 4,623 45,016 5 Industrial loans: Oct. 26 969 813 6 36 37 77 Nov. 2 913 758 3 6 38 32 76 Nov. 9 909 744 3 6 46 32 78 Nov. 16 1,298 778 3 16 73 75 353 Nov. 23 1,846 1,077 3 29 97 126 514 U. S. Government securities: Oct. 26 17,403,124 934,603 444,8501,686,6091,705,6621,055,100 4302,200 1,826,100 5,448,000 Nov. 2 17,533,396 915,875 596,5172,352,1011,014,5031,055,100 4327,200 1,826,1005,446,000 Nov. 9 17,705,696 581,650 970,283 2,386,0541,167,409 957,500 4372,200 1,826,100 5,444,500 Nov. 16 17,788,796 942,567 866, ,108,4691,259,9751,074,2 385,200 1,709,400 5,442,100 Nov. 23 17,668,628 950,815 939,0261,841,6621,377,2251,069,200 4358,200 1,709,400 5,423,100 1458 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F S r a a n ncisco Assets Gold certificates: Oct. 26. 22,774,431 855,739 7,352,6261,183,4411,589,1431,099,990 979,6234,416,527 697,300 443,105 804,426 631,4192,721,092 Nov. 2 22,767,431 856,198 7,237,1891,215,1971,601,4481,099.547 994,9464,427,940 724,787 450,853 805,204 657,7562,696,366 Nov. 9 22,716,429 846,618 7,175,7211,222,0091,593,1421,103,8131,004,7194,382,064 713,095 459,548 801,615 679,8792,734,206 Nov. 16 22,714,430 850,367 7,310,6161,175,5301,547,1871,092,052 984,9754,431,245 703,265 436,431 789,595 668,2122,724,955 Nov. 23 22,724,432 861,668 7,261,1481,203,0851,560,5411,076,168 983,9374,403,646 703,239 446,926 822,605 684,5762,716,893 Redemption fund for F. R. notes: Oct. 26 545,887 50,068 42,571 45,158 60,060 52,646 40,516 83,888 43,190 22,445 34,969 27,351 43,025 Nov. 2 549,568 51,916 46,889 44,871 59,837 51,352 40,364 83,668 43,127 22,423 34,914 27,301 42,906 Nov. 9 548,743 51,829 46,525 45,703 59,693 50,632 40,286 83,551 43,092 22,409 34,885 27,277 42,861 Nov. 16 550,743 51,829 46,525 45,703 59,693 52,632 40,286 83,551 43,092 22,409 34,885 27,277 42,861 Nov. 23 547,484 51,683 45,864 45,425 59,485 51,269 40,141 83,350 43,036 22,389 34,843 27,230 42,769 Total gold certificate reserves: Oct. 26 23,320,318 905,807 7,395,1971,228,5991,649,2031,152,6361,020,1394,500,415 740,490 465,550 839,395 658,7702,764,117 Nov. 2 23,316,999 908,114 7,284,0781,260,0681,661,2851,150,8991,035,3104,511,608 767,914 473,276 840,118 685,0572,739,272 Nov. 9 23,265,172 898,447 7,222,2461,267,7121,652,8351,154,4451,045,0054,465,615 756,187 481,957 836,500 707,1562,777,067 Nov. 16 23,265,173 902,196 7,357,1411,221,2331,606,8801,144,6841,025,2614,514,796 746,357 458,840 824,480 695,4892,767,816 Nov. 23 23,271,916 913,351 7,307,0121,248,5101,620,0261,127,4371,024,0784,486,996 746,275 469,315 857,448 711,8062,759,662 Other cash: Oct. 26 279,043 31,077 50,463 13,960 25,806 19,314 19,580 36,690 14,398 6,003 11,363 13,667 36,722 Nov. 2 271,128 30,928 45,742 14,049 22,538 19,439 20,386 35,761 13,444 6,934 11,892 14,119 35,896 Nov. 9 243,742 27,231 41,348 12,151 24,247 18,675 17,928 32,618 11,890 5,543 10,956 10,693 30,462 Nov. 16 253,185 27,256 46,304 13,586 21,929 18,963 20,124 32,823 13,188 6,053 11,801 10,700 30,458 Nov. 23 238,868 24,165 41,237 11,003 22,067 17,433 18,974 29,578 15,472 5,436 11,912 11,083 30,508 Discounts & a.dvances: Secured by U. S. Govt. securities: Oct 26 51,632 1,250 5,865 1,078 15,255 7,520 1,029 2 575 6 500 4,110 1,250 5,200 Nov. 2'. '.524J04 10',150 338,600 1,945 21,540 19^980 5^486 100]060 8]450 2,265 9,253 '250 6,125 Nov. 9. . 235,342 3,650 130,695 2,290 30,015 8,260 1,076 39,460 5,410 3,265 8,471 50 2,700 Nov. 16. . 40,402 1,175 4,430 1,405 10,130 2,266 326 3,510 3,300 1,950 10,910 1,000 Nov. 23. . 63,566 2,450 14,495 1,730 6,130 14,466 2,250 110 7,130 5,350 5,855 3,600 Other: Oct. 26.. 86,205 5,418 27,176 6,880 7,912 4,214 3,526 11,905 3,096 2,150 3,096 3,178 7,654 Nov. 2. . 86,673 5,450 27,334 6,920 7,958 4,239 3,546 11,974 3,114 2,163 3,114 3,163 7,698 Nov. 9. . 83,763 5,267 26,418 6,688 7,691 4,096 3,427 11,574 3,010 2,090 3,010 3,052 7,440 Nov. 16. . 83,652 5,267 26,418 6,688 7,691 4,096 3,427 11,574 3,010 2,090 3,010 2,941 7,440 Nov. 23... 69,187 4,353 21,836 5,528 6,357 3,386 2,833 9,573 2,488 1,727 2,538 2,419 6,149 Industrial loans: Oct. 26 969 836 89 43 Nov. 2 913 781 89 42 Nov. 9 909 767 97 44 Nov. 16 1,298 1,151 101 45 Nov. 23 1,846 1,700 100 45 U. S. Govt. securities: Bills: Oct. 26 3,794,924 261,804 899,359 258,503 350,010 243,623 203,457 566,267 205,085 122,853 183,553 164,149 336,261 Nov. 2.... 3,902,196 269,205 924,781 265,809 359,904 250,509 209,208 582,274 210,883 126,326 188,741 168,790 345,766 Nov. 9 4,030,996 278,090 955,306 274,583 371,783 258,778 216,114 601,493 217,843 130,495 194,971 174,361 357,179 Nov. 16. . . 4.,103,496 283,092 972,487 279,522 378,470 263,432 220,001 612,311 221,761 132,842 198,478 177,497 363,603 Nov. 23.... 4,034,328 278,320 956,096 274,810 372,090 258,992 216,293 601,990 218,023 130,603 195,132 174,505 357,474 Certificates: Oct. 26.... 5,771,900 398,193 1,367,882 393,170 532,348 370,538 309,450 861,265 311,926 186,854 279,174 249,664 511,436 Nov. 2 5,796,900 399,917 1,373,807 394,875 534,653 372,143 310,790 864,996 313,276 187,664 280,383 250,745 513,651 Nov. 9 5,841,900 403,022 1,384,471 397,939 538,804 375,033 313,201 871,711 315,708 189,120 282,561 252,692 517,638 Nov. 16. . . .5,854,900 403,918 1,387,551 398.824 540,003 375,867 313,899 873,651 316,411 189,541 283,190 253,254 518,791 Nov. 23 5,822,900 401,711 1,379,968 396,644 537,051 373,813 312,183 868,875 314,681 188,506 281,642 251,870 515,956 Notes: Oct. 26 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Nov. 2 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Nov. 9. . . .298,100 20,565 70,647 20,406 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Nov. 16 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Nov. 23 298,100 20,565 70,647 20,306 27,494 19,137 15,982 44,482 16,110 9,650 14,419 12,894 26,414 Bonds: Oct. 26.... 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 Nov. 2....7,536,200 519,907 1,786,004 513,350 695,072 483,802 404,0381,124,529 407,271 243,969 364,512 325,978 667,768 Nov. 9.... 7,534,700 519,804 1,785,649 513,249 694,933 483,705 403,9581,124,305 407,190 243,921 364,438 325,913 667,635 Nov. 16 7,532,300 519,638 1,785,082 513,085 694,711 483,551 403,8291,123,947 407,060 243,844 364,322 325,809 667,422 Nov. 23.... 7,513,300 518,327 1,780,577 511,792 692,960 482,331 402,8101,121,113 406,034 243,227 363,403 324,988 665,738 Total U. S. Govt. securities: Oct. 26 17,403,1241,200,607 4,124,3661,185,4661,605,1081,117,228 933,0342,596,842 940,500 563,391 841,754 752,7721,542,056 Nov. 2 17,533,3961,209,594 4,155,2391,194,3401,617,1231,125,591 940,0182,616,281 947,540 567,609 848,055 758,4071,553,599 Nov. 9 17,705,6961,221,481 4,196,0731,206,0771,633,0141,136,653 949,2552,641,991 956,851 573,186 856,389 765,8601,568,866 Nov. 16 17,788,7961,227,213 4,215,7671,211,7371,640,6781,141,987 953,7112,654,391 961,342 575,877 860,409 769,4541,576,230 Nov. 23 17,668,6281,218,923 4,187,2881,203,5521,629,5951,134,273 947,2682,636,460 954,848 571,986 854,596 764,2571,565,582 1459 DECEMBER 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 [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets (cont.): Total loans and securities: Oct. 26 17,541,930 1,207,275 4,157,407 1,194,2601,628,2761,129,051 937,5892,611,322 950,096 565,584 848,960 757,2001,554,910 Nov. 2 18,145,086 1,225,194 4,521,173 1,203,9861,646,6221,149,899 949,0502,728,315 959,104 572,079 860,422 761,8201,567,422 Nov. 9 18,025,710 1,230,398 4,353,186 1,215,8221,670,7211,149,106 953,7582,693,025 965,271 578,585 867,870 768,9621,579,006 Nov. 16 17,914,148 1,233,655 4,246,615 1,220,9811,658,5001,148,450 957,4642,669,475 967,652 579,962 874,329 772,3951,584,670 Nov. 23 17,803,227 1,225,726 4,223,619 1,212,5101,642,0831,152,225 952,3512,646,143 964,466 579,108 862,989 766,6761,575,331 Due from foreign banks: Oct. 26 35 2 i 11 3 3 2 2 s 1 1 1 3 Nov. 2 35 2 i 11 3 2 2 1 1 1 1 3 Nov. 9 35 2 i 11 2 3 2 2 c 1 1 1 1 3 Nov. 16 35 2 i 11 3 2 2 2 c 1 1 1 1 3 Nov. 23 35 2 i 11 3 2 2 2 5 1 1 1 1 3 Federal Reserve notes of other Banks: Oct. 26 127,096 7,881 21,177 4,187 6,784 12,224 12,247 17,419 7,089 5,185 8,025 6,096 18,782 Nov. 2 111,199 4,774 20,300 4,368 6,570 12,442 8,712 16,149 5,579 6,112 6,016 5,851 14,326 Nov. 9 97,449 5,000 17,504 2,788 5,647 11,453 7,924 14,698 5,846 3,670 5,060 5,216 12,640 Nov. 16 124,399 5,235 23,072 5,057 6,593 14,349 11,668 15,383 7,724 4,362 7,191 6,899 16,866 Nov. 23 118,728 5,102 20,467 3,777 6,371 14,954 9,917 15,683 7,396 4,389 6,928 5,217 18,527 Uncollected items: Oct. 26 2,556,203 194,389 470,707 157,002 235,860 222,670 162,481 408,023 154,679 76,576 144,200 117,898 211,718 Nov. 2 2,568,631 209,017 457,904 164,914 223,837 212,346 170,481 412,761 149,705 78,216 145,659 119,700 224,091 Nov. 9 2,339,716 180,719 405,015 152,943 195,722 206,215 170,199 370,732 144,421 75,863 134,458 96,035 207,394 Nov. 16. 3,613,221 295,391 703,048 240,370 294,554 305,075 233,112 594,760 201,946 95,478 184,851 175,381 289,255 Nov. 23 2,581,687 207,299 463,861 172,806 233,345 200,955 171,064 403,171 153,020 77,979 145,559 132,134 220,494 Bank premises: Oct. 26 32,965 1,143 7,927 2,998 4,733 2,484 1,530 3,167 1,906 1,153 2,346 726 2,852 Nov. 2 32,972 1,138 7,909 2,998 4,731 2,484 1,531 3,166 1,956 1,151 2,332 723 2,853 Nov. 9 33,084 1,138 7,909 2,998 4,731 2,489 1,531 3,166 1,956 1,151 2,332 723 2,960 Nov. 16 33,106 1,138 7,909 2,998 4,728 2,489 1,530 3,166 1,956 1,151 2,332 723 2,986 Nov. 23. 33,178 1,138 7,914 2,992 4,728 2,477 1,529 3,166 1,955 1,151 2,332 723 3,073 Other assets: Oct. 26 124,386 8,728 28,727 8,210 11,598 7,837 6,527 19,305 7,770 3,856 5,764 5,317 10,747 Nov. 2 128,757 8,998 29,576 8,401 12,381 8,138 6,818 19,665 7,938 4,017 6,044 5,542 11,239 Nov. 9 133,691 9,136 31,237 8,729 12,568 8,514 7,067 20,468 8,225 4,143 6,275 5,645 11,684 Nov. 16 138,676 9,416 32,290 9,044 13,226 8,754 7,325 21,237 8,479 4,297 6,493 6,054 12,061 Nov. 23 142,400 9,740 33,342 9,225 13,501 9,006 7,553 21,746 8,713 4,429 6,683 6,088 12,374 Total assets: Oct. 26 43,981,976 2,356,302 12,131,6162,609,2193,562,2632,546,2182,160,0957,596,3461,876,4291,123,9081,860,0541,559,6754,599,851 Nov. 2 44,574,807 2,388,165 12,366,6932,658,7873,577,9672,555,6492,192,2907,727,4301,905,6411,141,7861,872,4841,592,8134,595,102 Nov, 9 44,138,596 2,352,07112,078,4562,663,1463,566,4742,550,8992,203,4147,600,3271,893,7971,150,9131,863,4521,594,4314,621,216 Nov. 16 45,341,943 2,474,289 12,416,3902,713,2723,606,4132,642,7662,256,4867,851,6451,947,3031,150,1441,911,4781,667,6424,704,115 Nov. 23 44,190,039 2,386,523 12,097,4632,660,8263,542,1242,524,4892,185,4687,606,4881,897,2981,141,8081,893,8521,633,7284,619,972 Liabilities Federal Reserve Oc n t. o te 2 s 6 : 23,192,446 1,367,095 5,308,8731,592,0492,028,7051,574,4811,271,9224,472,4311,073,715 610,147 907,931 623,1732,361,924 Nov. 2 23,224,227 1,365,688 5,319,0391,589,8222,021,607 1,580,7751,282,7954,469,0631,077,317 609,581 913,541 629,4522,365,547 Nov. 9 23,321,430 1,371,575 5,359,4781,603,7722,021,032 1,578,4171,284,8344,470,450 1,082,730 610,028 914,302 638,2292,386,583 Nov. 16 23,241,041 1,370,948 5.335,8051,596.3142,016,100 1,576,0611,277,4944,465,252 1,082,555 608,756 911,007 637,9832,362,766 Nov. 23 23,326,678 1,383,681 5,391,2701,611,3352,020,366 1,569,6451,276,2304,477,1911,083,468 608,908 911,437 640,0732,353,074 Deposits: Member bank —reserve accou O n c t t : . 26. . 16,098,000 675,247 5,398,812 742,3041,165,040 660,854 637,4392,525,537 581,412 387,460 741,013 741,8281,841,054 Nov. 2. . 16,437,000 685,202 5,581,737 762,5211,157,113 670,306 649,5452,591,129 591,739 397,615 740,726 775,6771,833,690 Nov. 9. . 16,144,755 673,433 5,333,812 745,1821,183,070 664,397 651,5042,572,863 585,339 403,799 736,665 757,8551,836,836 Nov. 16. . 16,431,845 702,641 5,459,126 760,3091,166,823 688,068 649,6552,625,421 589,570 389,024 755,325 791,6041,854,279 Nov. 23. . 15,986,805 667,850 5,236,638 743,3241,137,494 654,069 641,0852,506,148 580,976 397,178 762,264 790,4031,869,376 U. S. Treasurer-general acc O o c u t. n t: 26. . 373,541 33,949 67,108 25,721 34,200 23,459 25,485 39,718 21,988 16,267 19,104 27,432 39,110 Nov. 2. . 544,854 42,741 100,851 43,583 57,891 25,919 34,418 88,490 40,830 26,045 22,915 24,042 37,129 Nov. 9. . 415,162 36,969 52,453 30,546 35,574 27,174 38,078 24,455 32,570 28,359 33,376 29,619 45,989 Nov. 16. . 407,714 26,000 56,588 28,396 29,288 28,828 35,690 41,186 26,782 25,845 25,992 24,614 58,505 Nov. 23. . 409,642 34,803 60,913 28,075 35,099 29,906 27,671 48,966 26,859 23,970 28,952 22,139 42,289 Foreign: Oct. 26.. 613,617 38,222 2198,614 48,536 55,817 29,728 24,875 83,725 21,841 15,168 21,841 21,235 54,015 Nov. 2. . 660,802 41,530 2209,890 52,736 60,646 32,301 27,027 90,970 23,731 16,480 23,731 23,072 58,688 Nov. 9. . 688,811 42,752 2224,629 54,288 62,431 33,251 27,823 93,647 24,430 16,965 24,430 23,751 60,414 Nov. 16. . 693,228 43,357 2222,479 55,056 63,315 33,722 28,216 94,972 24,775 17,205 24,775 24,087 61,269 Nov. 23. . 745,340 46,677 2238,545 59,272 68,163 36,304 30,377 102,244 26,672 18,523 26,672 25,932 65,959 Other: Oct. 26.. 549,701 4,166 490,971 1,225 4,654 2,190 834 2,945 5,820 1,329 896 596 34,075 Nov. 2. . 557,988 4,735 490,718 1,401 5,444 6,305 579 2,583 6,838 1,836 4,041 592 32,916 Nov. 9.. 530,955 5,199 465,747 1,310 5,376 3,272 593 1,747 6,853 1,064 3,360 586 35,848 Nov. 16. . 530,604 5,438 468,273 1,182 6,362 3,938 1,353 1,892 5,376 1,078 620 440 34,652 Nov. 23. . 560,814 4,137 500,082 1,916 7,583 2,608 1,728 2,038 5,797 1,100 349 528 32,948 1 After deducting $24,000 participations of other Federal Reserve Banks on Oct. 26; Nov. 2; Nov. 9; Nov. 16; and Nov. 23. 2 After deducting $414,983,000 participations of other Federal Reserve Banks on Oct. 26; $450,893,000 on Nov. 2; $464,162,000 on Nov. 9; $471,- 729,000 on Nov. 16; and $506,776,000 on Nov. 23. 1460 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Liabilities (cont.): Total deposits: Oct. 26 17,634,859 751,584 6,155,505 817,7861,259,711 716,231 688,6332,651,925 631,061 420,224 782,854 791,0911,968,254 Nov. 2 18,200,644 774,208 6,383,196 860,2411,281,094 734,831 711,5692,773,172 663,138 441,976 791,413 823,3831,962,423 Nov. 9 17,779,683 758,353 6,076,641 831,3261,286,451 728,094 717,9982,692,712 649,192 450,187 797,831 811,8111,979,087 Nov. 16 18,063,391 777,436 6,206,466 844,9431,265,788 754,556 714,9142,763,471 646,503 433,152 806,712 840,7452,008,705 Nov. 23 17,702,601 753,467 6,036,178 832,5871,248,339 722,887 700,8612,659,396 640,304 440,771 818,237 839,0022,010,572 bility items: Oct. 26 2,265,356 180,811 403,068 129,768 191,955 208,365 160,066 349,227 136,090 69,259 134,507 111,993 190,247 Nov. 2.... 2,297,816 193,869 409,744 141,622 196,572 195,159 160,451 367,936 131,640 67,180 134,598 108,207 190,838 Nov. 9 2,180,264 167,434 386,258 160,575 180,173 199,195 162,805 319,042 128,066 67,504 118,079 112,391 178,742 Nov. 16 3,176,019 270,872 616,807 204,315 245,192 266,788 226,133 504,133 184,281 84,943 160,372 156,675 255,508 Nov. 23 2,294,338 194,097 411,875 148,844 193,556 186,221 170,124 350,317 139,254 68,655 130,529 122,175 178,691 Other liabilities including accrued dividends: Oct. 26 12,884 694 4,007 686 1,427 621 517 2,012 512 377 479 521 1,031 Nov. 2 11,438 674 2,979 665 1,507 590 507 1,872 487 344 471 399 943 Nov. 9 12,411 734 3,443 763 1,280 657 559 2,073 486 363 478 450 1,125 Nov. 16 12,831 742 3,777 719 1,446 612 526 2,123 466 357 512 529 1,022 Nov. 23 13,346 744 3,632 762 1,566 692 595 2,230 531 371 502 582 1,139 Total liabilities: Oct. 26.... 43,105,545 2,300,18411,871,4532,540,2893,481,7982,499,6982,121,1387,475,5951,841,3781,100,0071,825,7711,526,7784,521,456 Nov. 2 43,734,125 2,334,43912,114,9582,592,3503,500,7802,511,3552,155,3227,612,0431,872,5821,119,0811,840,0231,561,4414,519,751 Nov. 9 43,293,788 2,298,09611,825,8202,596,4363,488,9362,506,3632,166,1967,484,2771,860,4741,128,0821,830,6901,562,8814,545,537 Nov. 16 44,493,282 2,419,99812,162,8552,646,2913,528,5262,598,0172,219,0677,734,9791,913,8051,127,2081,878,6031,635,9324,628,001 Nov. 23.... 43,336,963 2,331,98911,842,9552,593,5283,463,8272,479,4452,147,8107,489,1341,863,5571,118,7051,860,7051,601,8324,543,476 Capital Accts.: Capital paid in: Oct. 26.... 207,175 11,527 71,011 15,012 19,353 9,162 8,140 26,080 6,835 4,574 7,232 8,354 19,895 Nov. 2 207,288 11,539 71,013 15,006 19,353 9,171 8,142 26,084 6,838 4,576 7,233 8,370 19,963 Nov. 9.... 207,444 11,538 71,013 15,013 19,354 9,171 8,188 26,176 6,840 4,576 7,235 8,376 19,964 Nov. 16 207,587 11,539 71,011 15,021 19,357 9,141 8,188 26,218 6,840 4,577 7,235 8,380 20,080 Nov. 23 207,571 11,539 70,946 15,023 19,362 9,148 8,189 26,237 6,841 4,577 7,244 8,385 20,080 Surplus: (section 7): Oct. 26 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Nov. 2.... 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 Nov. 9 466,711 29,347 143,019 36,704 43,968 22,417 20,028 68,842 17,974 11,797 17,008 14,954 40,653 Nov. 16.... 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 Nov. 23 466,711 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): Oct. 26 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 2.... 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 9 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 16 27,543 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Nov. 23 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.: Oct. 26.... 175,002 12,233 38,814 12,725 16,138 11,592 10,027 24,400 9,721 6,457 8,906 8,282 15,707 Nov. 2 139,140 9,829 30,384 10,238 12,860 9,357 8,036 19,032 7,726 5,259 7,083 6,741 12,595 Nov. 9 143,110 10,079 31,285 10,504 13,210 9,599 8,240 19,603 7,988 5,385 7,382 6,913 12,922 Nov. 16 146,820 10,394 32,186 10,767 13,556 9,842 8,441 20,177 8,163 5,489 7,495 7,069 13,241 Nov. 23 151,251 10,637 33,224 11,082 13,961 10,130 8,679 20,846 8,405 5,656 7.758 7,250 13,623 Total liabilities and cap. accts.: Oct. 26 43,981,976 2,356,30212,131,6162,609,2193,562,2632,546,2182,160,0957,596,3461,876,4291,123,9081,860,0541,559,6754,599,851 Nov. 2 44,574,807 2,388,16512,366,6932,658,7873,577,9672,555,6492,192,2907,727,4301,905,6411,141,7861,872,4841,592,8134,595,102 Nov. 9 44,138,596 2,352,07112,078,4562,663,1463,566,4742,550,8992,203,4147,600,3271,893,7971,150,9131,863,4521,594,4314,621,216 Nov. 16 45,341,943 2,474,28912,416,3902,713,2723,606,4132,642,7662,256,4867,851,6451,947,3031,150,1441,911,4781,667,6424,704,115 Nov. 23 44,190,039 2,386,52312,097,4632,660,8263,542,1242,524,4892,185,4687,606,4881,897,2981,141,8081,893,8521,633,7284,619,972 Contingent liability on acceptances purchased for foreign correspondents: Oct. 26 3,153 199 i 996 252 290 154 129 435 114 79 114 110 281 Nov. 2.... 4,119 245 11,459 311 358 191 159 537 140 97 140 136 346 Nov. 9.... 4,534 286 il,433 363 417 222 186 626 163 113 163 159 403 Nov. 16 5,669 357 11,792 454 522 278 232 782 204 142 204 198 504 Nov. 23 6,731 415 12,223 527 606 323 270 910 237 165 237 231 587 Commitments to make industrial loans: Oct. 26.... 1,877 60 861 845 15 26 70 Nov. 2.... 1,835 908 834 15 8 70 Nov! 9'. . '. '. 1^834 908 834 15 7 70 Nov. 16. '. . . 1,835 874 869 15 7 70 Nov. 23.... 1,829 868 869 15 7 70 i After deducting $2,157,000 participations of other Federal Reserve Banks on Oct. 26; $2,660,000 on Nov. 2; $3,101,000 on Nov. 9; $3,877,000 on Nov. 16 and $4,508,000 on Nov. 23. DECEMBER 1949 1461 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] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c r is a c n o - F. R. notes outstanding (issued to Bank): Oct. 26 23,970,663 1,423,1095,477,2791,635,5262,109,7291,622,2581,324,2314,563,2651,109,581622,336 937,104659,6632,486,582 Nov. 2 23,962,494 1,426,0225,470,9971,631,9332,105,9811,626,7281,333U,5 '8 4,558,7081,108,270620,557 938,558660,6572,480,925 Nov. 9 24,023,658 1,423,0145,504,8071,650,9672,102,2161,621,823 ,333,321 4,.5 51.,9121,118,003620,711 938,704672,3212,485,859 Nov. 16 24,020,258 1,421,8865,506,2491,646,2472,102,1311,622,3741,330,393 4,557,8661,114,343 619,542 938,469 672,1812,488,577 Nov. 23 24,043,015 1,425,8805,507,3431,647,2612,111,5371,617,0391,337,0744,565,5151,115,330620,529 937,518 679,4772,478,512 Collateral held against notes outstanding: Gold certificates: Oct. 26 14,279,000 440,000 4,670,000 750,0001,000,000 650,000 675,000 3,020,000 400,000210,000 280,000184,000 2,000,000 Nov. 2 14,279,000 440,000 4,670,000 750,0001,000,000 650,000 675,000 3,020,000 400,000210,000 280,000184,000 2,000,000 Nov. 9 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 Nov. 16 14,289,000 440,000 4,670,000 750,0001,000,000 650,000 675,000 3,020,000 400,000 210,000 280,000194,000 2,000,000 Nov. 23 14,289,000 440,000 4,670,000 750,0001,000,000 650,000 675,000 3,020,000 400,000 210,000 280,000194,000 2,000,000 Eligible paper: Oct. 26 30,373 1,250 4,715 1,078 7,520 6,500 4,110 5,200 Nov. 2 395,993 10,150 337,825 1,945 19,980 8,450 2,265 9,253 6,125 Nov. 9 164,741 3,650 130,695 2,290 8,260 5,410 3,265 8,471 2,700 Nov. 16 26,396 1,175 4,390 1,405 2,266 3,300 1,950 10,910 1,000 Nov. 23 52,476 2,450 11,845 1,730 14,466 7,130 5,350 5,905 3,600 U. S. Govt. sec: Oct. 26 10,800,000 1,100,000 1,000,0001,000,0001,150,000 1,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Nov. 2 10,800,000 1,100,000 1,000,0001,000,0001,150,000 1,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Nov. 9 10,800,000 1,100,000 1,000,0001,000,0001,150,000 1,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Nov. 16 10,800,0001,100,000 1,000,0001,000,0001,150,000 1,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Nov. 23 10,800,0001,100,000 1,000,0001,000,0001,150,000 1,000,000 700,0001,600,000 800,000 450,000 700,000 500,000 800,000 Total collateral: Oct. 26 25,109,373 1,541,250 5,674,7151,751,078 2,150,0001,657,5201,375,000 4,620,0001,206,500 660,000 984,110 684,000 2,805,200 Nov. 2 25,474,993 1,550,150 6,007,8251,751,945 2,150,000 1,669,9801,375,000 4,620,0001,208,450 662,265 989,253 684,000 2,806,125 Nov. 9 25,243,741 1,543,650 5,800,6951,752,290 2,150,000 1,658,2601,375,000 4,620,0001,205,410 663,265 988,471 684,000 2,802,700 Nov. 16 25,115,396 1,541,175 5,674,3901,751,405 2,150,000 1,652,2661,375,000 4,620,0001,203,300 661,950 990,910 694,000 2,801,000 Nov. 23 25,141,476 1,542,450 5,681,8451,751,730 2,150,0001,664,4661,375,000 4,620,0001,207,130 665,350 985,905 694,000 2,803,600 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 a e l d t a p e n s e t e r ( i s d l o d a a d s a y ) t y A a p p t p o p l i r c d o a a v t t i e e o d ns b p p u l c r A e o t o t p m v e n - d e o - d t i s ( t a L a m o n o u o d a t u i n - n n s g t) 2 C s j t m . o a m n en d m J t i~ s n it g - o in P p t f g u a a o f t t r i u i i i t n o o n i t a - c n n s n i s t s - c i- - week en M di o n n g t h W , o ed r nesday b m a b A n e e k m l r l s - * 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 o v - e b s c R a e i n r e t v y k - e s b C a t o n r u y k n s - 1 Num- Amount (amount) (amount) standing ber (amount) Total reserves held: 1948—October 19,818 5,331 1,298 7,435 5,753 1939 2,781 188,222 2,659 13,683 9,220 10,981 1949—September 16,083 4,508 1,122 6,026 4,428 1940 2,908 212,510 13,954 9,152 5,226 6,386 October 16,113 4,444 1,127 6,152 4,391 1941 3,202 279,860 8,294 10,337 14,597 19,600 1942 3,423 408,737 4,248 14,126 10,661 17,305 Oct. 19 16,264 4,474 1,129 6,211 4,450 1943 .... 3,471 491,342 926 10,532 9,270 17,930 Oct. 26 16,083 4,447 1,124 6,169 4,343 1944 3,489 525,532 1,295 3,894 4,165 2,705 Nov. 2 15,971 4,387 1,122 6,128 4,334 1945 3,511 544,961 320 1,995 1,644 1,086 Nov. 9 16,084 4,387 1,118 6,164 4,415 1946 3,542 565,913 4,577 554 8,309 2,670 Nov. 16 16,212 4,400 1,110 6,214 4,487 1947 3,574 586,726 945 1,387 7,434 4,869 Nov 23 16,164 4,434 1,112 6,197 4,421 1948 Excess reserves: 1948—October '817 46 6 r228 537 July 31... 3,600 611,694 620 802 6,417 3,346 1949—September 922 42 2 184 694 Aug. 31... 3,603 612,099 65 883 6,187 3,353 October 862 47 4 188 622 Sept. 30... 3,604 613,820 45 1,011 6,246 4,212 Oct. 30... 3,606 614,402 185 1,116 6,085 4,153 Oct. 19 1,010 116 8 214 672 Nov. 30... 3,606 614,725 85 1,151 6,099 4,166 Oct. 26 778 47 i 164 568 Dec. 31... 3,607 615,653 335 995 1,643 1,990 Nov. 2 673 -16 -2 133 559 Nov. 9 811 29 — 1 164 619 1949 Nov. 16 . P929 54 192 P683 Jan. 31... 3,607 615,893 85 1,005 1,677 2,077 Nov. 23 P842 52 ~1 174 *>617 Feb. 28... 3,608 616,340 45 907 1,624 2,042 Mar. 31... 3,610 620,192 45 906 3,270 3,677 Borrowing at Federal Apr. 30... 3,613 620,595 152 819 2,399 2,811 Reserve Banks: May 31... 3,614 620,984 245 753 2,349 2,737 1948—October 111 30 11 45 25 J Ju u l n y e 3 3 0 0 . . . . . . 3 3, , 6 6 1 1 7 5 6 6 2 2 1 1 , , 2 6 9 0 7 1 2 2 0 2 5 0 6 6 1 6 4 0 2 2 , , 2 2 7 6 8 3 2 2 , , 6 5 1 6 9 3 1949— O Se c p to te b m er ber 4 7 6 5 3 1 5 2 6 1 2 2 2 0 1 1 2 2 Aug. 31... 3,623 622,327 545 662 2,072 1,926 Sept. 30... 3,630 625,301 912 1,016 1,958 2,023 Oct. 19 22 11 11 Oct. 31... 3,637 626,273 1,514 1,075 1,820 1,965 Oct. 26 39 27 12 Nov. 2 222 121 26 56 19 Nov. 9 117 44 21 42 10 1 Includes applications approved conditionally by the Federal Re- Nov. 16 47 31 16 serve Banks and under consideration by applicant. Nov. 23 50 35 15 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of con- p Preliminary. r Revised. dition of Federal Reserve Banks. 1 Weekly figures of excess reserves of all member banks and of NOTE.—The difference between amount of applications approved and country banks are estimates. Weekly figures of borrowings of all memthe sum of the following four columns represents repayments of ad- ber banks and of country banks may include small amounts of Federal vances, and applications for loans and commitments withdrawn or Reserve Bank discounts and advances for nonmember banks, etc. expired. 1462 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] Centra reserve Central reserve All city 1janks 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 October 1949 Second half of October 1949 Gross demand deposits: Total 90,524 21,213 5,340 34,156 29,815 90, T44 21,180 5,365 34,602 29,797 Interbank 11,157 3,871 1,140 5,250 896 11,078 3,832 1,135 5,218 893 Other 79,368 17,343 4,200 28,906 28,918 79,866 17,348 4,230 29,384 28,905 Net demand deposits 2 79,279 19,631 4,849 29,668 25,130 79,829 19,584 4,873 30,099 25,273 Demand deposits adjusted 8 70,700 71,250 Time deposits 4 29,270 1,683 1,053 11,646 14,888 29,256 1,658 1,054 11,668 14,877 Demand balances due from domestic banks... 5,662 35 122 1,722 3,783 5,540 34 115 1,727 3,663 Reserves with Federal Reserve Banks: Total 16,154 4,462 1,132 6,137 4,423 16,075 4,427 1,121 6,165 4,361 Required 15,205 4 403 1,119 5,923 3,760 15,294 4,391 1,125 6,001 3,777 Excess 949 59 13 215 663 781 36 -3 164 584 Borrowings at Federal Reserve Banks 21 1 10 10 69 22 3 30 15 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based on deposits at opening of business. 2 Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 3 Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) are estimated for all member banks, but not by class of bank. 4 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in Member Bank Call Report. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND BANK SUSPENSIONS1 SMALL CENTERS * [Averages of daily figures. In millions of dollars] Member Nonmember Total, banks banks In places of 15,000 In places of under all and over population 15,000 population banks Na- State In- Nontional sured insured Demand Demand deposits Time deposits Time except deposits except deposits Number of banks suspended: inter- inter- 1934-42 330 20 6 216 88 bank bank 1943 4 2 2 1944 1 1 1948 1945 0 September 16,624 8,796 12,306 6,074 1946 0 October r16,682 8,806 ••12,374 6,076 1 1 9 94 4 7 8 0 1 1 1949 1949—Jan.-Nov 4 4 September 16,651 8,809 11,932 6,072 October 16,850 8,810 12,061 6,072 De ( p in o s t i h ts o u o s f a n su d s s p o e f n 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 October 1949 1943 6,223 4,982 1,241 Boston 1,961 829 360 234 1944 405 405 New York 3,074 2,198 1,100 1,162 1945 0 Philadelphia 1,284 812 932 899 1946 0 Cleveland 1,342 915 1,021 812 1 1 9 9 4 4 7 8 16 0 7 167 Richmond 1,143 412 863 480 1949—jan -Nov 2 443 2,443 Atlanta 1,521 463 640 216 S C t h . ic L a o g u o is 2,3 6 3 7 3 4 1,6 3 0 4 6 4 1,6 9 8 8 9 4 9 2 5 8 7 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 i n n t g o t f h e f in p a e n r c io ia d l s d s i h ff o i w cu n l , t ie c s l ; o s d e o d e s t e n m o - t Minneapolis 634 301 795 449 include banks whose deposit liabilities were assumed by other banks Kansas City 580 107 1,606 210 at the time of closing (in some instances with the aid of Federal Deposit D Sa a n ll a F s rancisco 1 1, , 2 0 7 2 6 9 6 1 6 5 5 9 1,5 5 5 1 3 8 29 7 4 1 In 2 s u D ra e n p c o e s it C s or o p f or m at e i m on b e l r o a b n a s n ). ks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the r Revised. suspensions were reported. 1 Includes any banks in outlying sections of reserve cities that have Back figures.—See Banking and Monetary Statistics, pp. 283-292; been given permission to carry the same reserves as country banks. for description, see pp. 281-282 in the same publication. DECEMBER 1949 1463 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] Total Coin andsmall denomination currency 2 Large denomination currency 2 End of year or in cir- Unasmonth cula- sorted tion1 Total Coin 8$1 $2 $5 $10 $20 Total $50 $100 $500 $1,000$5,000$10,000 1933 5,519 4,167 442 402 33 719 1,229 1,342 1,360 364 618 125 237 8 10 8 1934 5,536 4,292 452 423 32 771 1,288 1,326 1,254 337 577 112 216 5 7 10 1935 5,882 4,518 478 460 33 815 1,373 1,359 1,369 358 627 122 239 7 16 5 1936... 6,543 5,021 517 499 35 906 1,563 1,501 1,530 399 707 135 265 7 18 8 1937 6,550 5,015 537 505 33 905 1,560 1,475 1,542 387 710 139 288 6 12 7 1938 6 856 5,147 550 524 34 946 1,611 1,481 1,714 409 770 160 327 17 32 5 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 2 1940 8,732 6,247 648 610 39 1,129 2,021 1,800 2,489 538 1,112 227 523 30 60 4 1941 11,160 8,120 751 695 44 1,355 2,731 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—juiy 27,866 19,309 1,422 994 62 2,010 6,059 8,762 8,559 2,452 4,940 404 748 5 9 2 August 28,055 19,450 1,432 1,006 63 2,023 6,099 8,827 8,607 2,464 4,977 403 748 5 11 2 September... 28,118 19,488 1,442 1,020 63 2,031 6,090 8,844 8,632 2,466 5,011 402 739 5 10 2 October 28,176 19,531 1,451 1,026 63 2,037 6,087 8,867 8,647 2,467 5,035 401 730 5 9 3 November... 28,331 19,680 1,464 1,042 64 2,054 6,137 8,918 8,654 2,475 5,048 400 717 5 9 3 December. . . 28,224 19,529 1,464 1,049 64 2,047 6.060 8,846 8,698 2,494 5,074 400 707 5 17 3 1949—January 27,580 19,003 1,441 1,000 62 1,972 5,892 8,636 8,579 2,459 5,020 396 689 5 10 3 February 27,557 19,029 1,441 996 63 1,976 5,929 8,625 8,531 2,444 5,000 394 679 5 10 3 Inarch 27,439 18,930 1,445 992 61 1,965 5,913 8,555 8,510 2,428 4,980 392 696 5 10 1 April 27,417 18,925 1,450 994 60 1,967 5,913 8,541 8,493 2,421 4,970 390 700 5 9 1 May 27,507 18,993 1,456 1,011 61 1,986 5,934 8,544 8,515 2,422 4,980 388 712 5 9 1 June .. 27,493 18,982 1,459 1,008 61 1,971 5,931 8,551 8,513 2,426 4,974 387 712 5 9 2 July 27,394 18,908 1,457 1,001 60 1,959 5,901 8,529 8,488 2,410 4,964 385 717 4 9 2 August 27,393 18,901 1,462 1,003 61 1,958 5,900 8,517 8,494 2,406 4,980 383 712 4 9 2 September... 27,412 18,917 1,468 1,018 60 1,970 5,905 8,496 8,498 2,401 4,996 382 705 4 9 2 October 27,407 18,915 1,474 1,031 60 1,973 5,891 8,486 8,494 2,392 5,007 381 701 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 x Money Total out- held by standing, As security For Federal Oc 1 t 9 . 4 3 9 1, g a o s g l i d a lv in e a r s n t d Tre ca a s s h ury B R F an e e d k se s e 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 Oc 1 t 9 . 4 3 9 1, Se 1 p 9 t. 4 9 30, O 1 ct 9 . 4 3 8 1, certificates agents Gold . 24,584 23,362 21,221 Gold certificates 23,362 20,505 2,815 42 42 44 Federal Reserve notes 23,985 43 856 23,085 23,101 23,872 Treasury currency—total 4,592 *2,301 42 271 4,280 4,269 4,260 Standard silver dollars 493 304 19 3 167 166 160 Silver bullion 1,997 1,997 Silver certificates and Treasury notes of 1890. . 3 2,301 196 2,105 2,096 2,055 Subsidiary silver coin 990 12 30 948 943 937 Minor coin 374 6 9 359 358 353 United States notes 347 4 28 315 315 318 Federal Reserve Bank notes 300 3 296 299 338 National Bank notes 91 1 90 91 97 Total—Oct. 31, 1949 .... . .. I 25,663 1,307 20,505 3,942 27,407 Sept. 30, 1949 25,684 1,311 20,535 3,910 27,412 Oct 31 1948 25,040 1,321 19,910 3,981 28,176 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 1455 and seasonally adjusted figures in table on p. 1465. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. 8 To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not included in total Treasury currency outstanding. 4 Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special significance and is not shown. See note for explanation of these duplications. 5 Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt; (iii) as security for outstanding 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. 1464 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 End of peri D od a : te f u o v n r a a r s d i e j a a u t s s i o o te n n d al ad v s j a e u r a s i s t a e o t d n io a n l for s a e s d a e s j r u o i s n e t s a e l d 1 ly End of month D a i n b t e o c a p e r l o - s s s ' l - Total d b C e t a o p i a n n r o s y k s h s i- G s U m e o ti c v . e e u e n s 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, 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—May 3,395 3,509 6 3,291 211 1948 28,224 -644 June 3,379 3,494 6 3,291 196 July 3,368 3,483 6 3,275 202 Averages of daily figures: August 3,356 3,472 6 3,260 206 September. . . 3,348 3,464 7 3,260 198 1948—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 3,266 3,393 6 3,187 199 September 27,451 27,506 —29 August 3,248 3,375 6 3,172 196 October 27,456 27,456 -50 September P3,228 November 27,477 27,395 -61 October .... P3,211 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 » Includes working cash with postmasters, 5 per cent reserve tund 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 Cityi centers l centers 2 City centers City* cities* City* 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 ri r e ie s s * * Jl,050,021 417,475 527,336 105,210 19.0 10.0 I 3 4 7 0 4 7 , , 3 9 6 4 5 6 4 5 4 2 9 2 , , 4 9 1 4 4 4 2 2 5 5. . 2 5 1 1 6 6 . . 9 5 1947 1,125,074 405,929 599,639 119,506 21.0 12.0 400,468 598,445 24.1 18.0 1948 . . ... 1,249,630 449,002 667.934 132,695 23.7 12.9 445,221 660,155 27.2 19.2 1948—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 20.8 122,277 46,194 63,714 12,368 28.6 14.1 44,861 62,745 32.1 21.0 1945)—January 105,192 38,429 55,651 11,112 25.0 12.9 38,767 55,348 29.3 19.3 February 89,850 31,982 48,198 9,669 23.0 12.2 32,226 47,968 27.1 18.6 March 109,741 39,698 58,637 11,407 24.1 12.8 37,788 56,737 27.2 19.2 April 99,703 35,832 53,374 10,497 22.7 12.2 36,887 52,869 27.6 18.6 May 99,280 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 September 101,082 37,191 53,076 10,814 24.1 12.4 36,130 52,364 28.0 18.6 October 101,848 36,334 54,458 11,056 22.4 12.1 36,683 54,488 27.3 18.5 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. 8 Weekly reporting member bank series. 4 Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June 1947, pp. 692-693, and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935. DECEMBER 1949 1465 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM, AND TREASURY CURRENCY FUNDS 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Date Gold T re c re n u a c r- s y - Total Lo n a e n t s, T u o . t a S l . Go m C v a e e o n r r m c d n i m a - l ent R F e e o d s b e e l r r i v a g e l ation O s ther s O e it t c i h e u e s r r - c l T a i i a n p a t o n i b e i e t t d t i a s a l l - l, c d u e T a r p o r n o e t d s a n i l c ts y C c m o a a n a u p n i c e n s i d - t c t t a s . , l savings Banks banks 1929—June 29 4,037 ?,019 58,642 41 082 ,. 741 5,499 216 26 11,819 64 698 55,776 8,922 1 19 9 3 3 9 3 — — D juence . 3 3 0 1 1 4 7 , , 0 6 3 4 1 4 7 7 , , 2 9 8 6 6 3 4 5 7 4 , , 1 5 4 6 8 4 71 9 1 5 5 7 7 ? 1 3 0 3 1 2 0 8 5 1 8 9 , , 1 4 9 1 9 7 2 1 , ,9 4 9 8 8 4 1,2 1 0 3 4 1 9 9, , 3 8 0 6 2 3 4 7 8 5 4 1 6 7 5 1 4 6 2 8 , , 0 3 2 5 9 9 6 6, , 8 4 1 3 2 6 1941—June 30 22,624 3,149 61,387 75 305 984 23 539 2,184 1,261 9,098 87 160 79 357 7,803 Dec. 31 22,737 3,247 64,653 605 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 ?7 948 118 041 93,655 21,792 ,594 8,003 178 350 168,040 10,310 Dec. 31 20,065 4,339 167,381 30 387 178 417 101,288 24,262 2,867 8,577 191 785 180,806 10,979 1946—june 29 20,270 4,539 ,485 570 1?? 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 10,051 187 115 169,234 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—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—jaru 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 27 P 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. 31P 24,600 4,600 1S8,700 47 200 99 100 78,300 17,500 3,200 12,500 187 900 173,800 14,200 Sept. 28P 24,600 4,600 160,000 48 000 99 400 78,400 17,900 3,200 12,600 189 200 174,700 14,500 Oct. 26P 24,600 4,600 160,700 48 300 99 800 79,200 17,400 3,100 12,600 189 800 175\3OO 14,600 Deposits and Currency U.S. Governmentbalances Adjusted deposits and currency Date Total d F e o b p n r a o e e n i s t k g it n s, T c u r a e r s a y h s- A s m a t a e v c r n i c n o d i m g a s l - R Fe e d A se e t r r v a e l Total d D e e p m os a i n ts d 2 Total m C T e i o r m m ci e a - l dep M s o a s v u i i t t n u s g 3 a s l S P a o v s in ta g l s o r u C e t n u s c i r d y - e banks Banks banks banks 4 System banks 1929—June 29 55,776 365 204 381 36 54,790 22,540 ?8,611 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 ,275 753 980 73,400 37,317 77,879 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 ,378 7,279 ?4,381 599 138,403 69,053 44,253 27,170 14,426 2,657 25,097 Dec 31 180,806 2,141 ,287 74 ,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 ,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— D j e u c ne . 3 3 0 1 1 1 7 6 5 9 , , 3 23 4 4 8 1 1 , ,6 6 8 5 2 7 1 1 , , 3 3 1 3 4 6 1 1 , , 3 45 6 2 7 8 7 7 5 0 6 1 1 7 6 0 4 , , 0 1 0 4 8 0 8 8 2 7 , , 1 1 8 2 6 1 5 5 5 6, , 4 6 1 5 1 5 3 3 4 5 , , 8 2 3 4 5 9 1 1 7 7 , ,7 4 4 2 6 8 3 3 , , 3 41 9 6 2 2 2 6 6 , , 2 4 9 7 9 6 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—Oct 27 175,100 1,800 1,300 2,300 1,500 168,100 85,100 57,300 35,700 18,300 3,300 25,700 Nov. 24 175,200 1,900 1,300 2",200 1,700 168,100 85,200 57,000 35,500 18,200 3,300 25,900 Dec. 31 176,121 2,103 1,325 2,451 1,123 169,119 85,520 57,520 35,804 18,387 3,329 26,079 1949—Jan. 26 174,900 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 1,700 164,200 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 ,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. 31 P 173,800 1,900 1,300 3,100 600 166,900 83,400 58,400 36,100 19,000 3,200 25,100 Sept. 2SP .... 174,700 I.900 1,300 3,700 1,200 166,600 83,300 58,400 36,100 19,100 3,200 24,900 Oct. 26P 175,300 2,000 1,300 3,600 400 168,000 84,600 58,400 36,100 19,100 3,200 24,900 p Preliminary. 1 Treasury funds included are the gold account. Treasury currency account, and Exchange Stabilization Fund. 2 Demand deposits, other than interbank and U. S. Government, less cash items reported as in process of collection. 3 Excludes interbank time deposits; United States Treasurer's time deposits, open account; and deposits of Postal Savings System in banks. 4 Prior to June 30, 1947, includes a relatively small amount of demand deposits. NOTE.—For description of statement and back figures, see BULLETIN for January 1948, pp. 24-32. The composition of a few items differs slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in "Other securities" and in "Capital accounts," and balances of the Postal Savings System and the Exchange Stabilization Fund with the U. S. Treasury are netted against miscellaneous accounts instead of against U. S. Government deposits and Treasury cash. Except on call dates, figures are rounded to nearest 100 million dollars and may not add to the totals. See Banking and Monetary Statistics, Table 9, pp. 34-35, for back figures for deposits and currency. 1466 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 [Figures partly estimated except on call dates. 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 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 bank i m D a e n - d Time tions All banks: 1939—Dec. 30 50,884 22,165 28.719 19.417 9,302 23,292 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 34,511 25,511 8,999 27,344 81,816 10,982 44,355 26,479 8,414 14,826 1942—Dec. 31 78,147 23,916 54,231 45,951 8,280 28,701 99,803 11,308 61,437 27,058 8,566 14,682 1943—Dec. 31 96,966 23,601 73,365 65,932 7,433 28,475 117,661 11,003 75,577 31,081 8,996 14,579 1944—Dec. 30 119,461 26,015 93,446 85,885 7,561 30,790 141,448 12,235 91,663 37,551 9,643 14,535 1945—Dec. 31 140,227 30,362 109,865 101,288 8,577 35,415 165,612 14,065 105,935 45,613 10,542 14,553 1946—Dec. 31 131,698 35,648 96,050 86,558 9,491 35,041 155,902 12,656 92,462 50,784 11,360 14,585 1947—Dec. 312 134,924 43,002 91,923 81,199 10,723 38,388 161,865 13,033 95,727 53,105 11,948 14,714 1948—June 30 133,081 45,099 87,982 76,774 11,208 35,000 156,353 11,436 90,823 54,093 12,241 14,719 Dec. 31 133,693 48,174 85,519 74,097 11,422 39,474 161,248 12,269 94,671 54,308 12,479 14,703 1949—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 27P 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 P 138,170 47,360 90,810 78,340 12,470 32,700 157,860 11,260 91,290 55,310 12,920 14,687 Sept. 28P 139,060 48,050 91,010 78,390 12,620 32,410 158,470 11,290 91,850 55,330 12,980 14,690 Oct. 26P 140,140 48,290 91,850 79,230 12,620 33,230 160,600 11,740 93,510 55,350 13,040 14,690 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—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 27P 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 P 117,930 41,190 76,740 66,710 10,030 31,920 138,830 11,260 91,270 36,300 10,830 14,157 Sept. 28P 118,750 41,780 76,970 66,800 10,170 31,630 139,390 11,290 91,830 36,270 10,880 14,160 Oct. 26P 119,810 41,930 77,880 67,710 10,170 32,450 141,480 11,740 93,490 36,250 10,930 14,159 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—Apr. 27 93,993 34,855 59,138 51,644 7,494 30,140 115,212 9,765 76,370 29,077 8,929 6,914 May 25 94,964 34,470 60,494 52,917 7,577 29,011 115,064 9,900 76,066 29,098 8,939 6,911 June 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 27P 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 P 99,179 34,519 64,660 56,462 8,198 28,218 118,046 10,686 78,248 29,112 9,072 6,901 Sept. 28P 99,830 35,078 64,752 56,435 8,317 27,819 118,382 10,698 78,585 29,099 9,101 6,902 Oct. 26P 100,771 35,136 65,635 57,333 8,302 28,497 120,215 11,130 80,011 29,074 9,140 6,901 All mutual savings banks: 1939—Dec. 30 10.216 4,927 5 289 3 101 2 188 818 10 524 3 10,521 1,309 551 1941—Dec. 31. . . 10 379 4 901 5 478 3 704 1 774 793 10 533 6 10,527 1,241 548 1942—Dec. 31 10 754 4 695 6 059 4 572 1 487 663 10 668 6 10,662 1,236 546 1943—Dec. 31 11,871 4 484 7387 6 090 1 297 797 11 738 8 11,730 1,276 545 1944—Dec. 30 13,931 4,370 9,560 8,328 1,232 584 13,376 10 13,366 1,378 543 1 19 9 4 4 6 5 — — D D eecc . 3 3 1 i 1 1 7 6 , 7 2 0 0 4 8 4 4 , 5 2 2 7 6 9 1 13 1 , 1 9 7 2 9 8 1 11 0 , 7 6 7 8 8 2 1 1, 4 2 0 4 0 6 6 8 0 1 9 8 1 16 5 , 8 3 6 8 9 5 1 1 4 6 1 16 5 , , 8 3 5 7 3 1 1 1 , , 7 5 8 9 4 2 5 5 4 4 2 1 1947—Dec. 312 18,641 4,944 13,696 11,978 1,718 886 17,763 17 17,745 1,889 533 1948—June 30 19 226 5 234 13 992 11 976 2 016 832 18 211 17 18,193 1,955 532 Dec. 31 19,395 5,686 13,709 11,476 2,233 878 18,405 17 18,387 1,999 532 1949—Apr. 27 19,930 5,910 14,020 11,680 2,340 730 18,750 20 18,730 2,030 530 May 25 20,010 5,980 14,030 11,660 2,370 730 18,810 20 18,790 2,040 530 June 30 20,094 6,050 14,044 11,657 2,387 800 18,949 17 18,932 2,065 530 July 27P 20,190 6,100 14,090 11,640 2,450 770 18,990 20 18,970 2,070 530 Aug. 31 P 20,240 6,170 14,070 11,630 2,440 780 19,030 20 19,010 2,090 530 Sept. 28P 20,310 6,270 14,040 11,590 2,450 780 19,080 1 20 19,060 2,100 530 Oct. 26P 20,330 6,360 13,970 11,520 2,450 780 19,120 1 20 19,100 2,110 531 Preliminary. * "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. DECEMBER 1949 1467 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 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Investments Other Cl a a n s d s o d f a t b e ank Total Loans Total G o U m b o l v . e i e g n S r a t . n - - O s ri e t t c h ie u e s - r a C ss a e s t h sl Total 1 b In a t n e k r - 1 m D a e n - d Time a c c T a c o p o t i u t a a n l l ts N b u a o m n f k b s er tions Central reserve city member banks: New York City: 1 19 9 4 3 1 9 — — D D eecc . 3 3 0 1 . 1 9 2 , , 3 8 3 9 9 6 3 4, , 0 2 7 9 2 6 6 8 , ,8 0 2 43 3 4 7 . , 7 2 7 6 2 5 L L, 2 5 7 5 2 9 6 6 , , 7 63 0 7 3 1 17 4 , , 9 5 3 0 2 9 4 4 , , 2 2 0 3 7 8 1 9 2 , , 5 9 3 17 3 8 7 0 3 7 6 1 1 , , 5 6 9 4 2 8 3 3 6 6 1942—Dec. 31 17,957 4,116 13,841 12,547 L.294 5,864 22,078 3,945 17,399 734 1,727 37 I943—Dec. 31 19,994 4,428 15,565 14,563 L.002 5,197 23,256 3,680 18,729 847 1,862 37 1944—Dec. 30 24,003 5,760 18,243 17,179 L.066 4,921 26,773 4,041 21,730 1,002 1,966 37 1 19 9 4 4 6 5 — — D D e e c c. . 3 3 1 1 2 20 6 , , 8 1 3 4 4 3 6 7 , , 3 3 6 3 8 4 1 1 8 4 , ,4 8 6 0 5 9 1 1 7 3 , , 5 3 7 0 4 8 L , 2 ,1 3 5 5 8 6 6, , 2 4 3 3 8 9 3 24 0 , , 7 1 2 2 3 1 4 4 , , 2 6 4 5 6 7 2 1 4 9 , , 2 0 2 2 7 8 1 1, , 4 2 4 3 9 6 2 2, , 1 2 2 0 0 5 3 3 7 7 1947—Dec. 31 20,393 7,179 13,214 11,972 1,242 7,261 25,216 4,464 19,307 1,445 2,259 37 1948—June 30 19,019 7,550 11,469 10,358 ,110 6,798 23,362 4,027 17,659 1,676 2,262 35 Dec. 31 18,759 8,048 10,712 9,649 L.063 7,758 24,024 4,213 18,131 L.680 2,306 35 1949—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 L ,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 27P 18,926 7,060 11,866 10,589 1,277 6,448 22,466 3,856 16,983 1,627 2,336 35 Aug. 31P 19,652 7,421 12,231 10,891 L.340 6,526 23,107 3,856 17,631 L.620 2,357 35 Sept. 28P 19,674 7,644 12,030 10,666 ,364 6,078 22,931 3,808 17,494 L.629 2,338 34 Oct. 26P3 19,341 7,216 12,125 10,893 1,232 6,288 23,062 3,920 17,591 L ,551 2,312 25 Chicago: 1939—Dec 30 2,105 569 1,536 1,203 333 J 44rt 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 L.117 3,468 455 304 13 I943—Dec 31 4,554 t,004 3,550 3,238 312 1,283 5,523 985 4,029 508 326 13 I944—Dec. 30.. 5,443 L,184 4,258 3,913 345 1,378 6,468 1,148 4,700 620 354 13 1945—Dec. 31 5,931 L.333 4,598 4,213 385 1,489 7,046 1,312 5,015 719 377 12 1946—Dec. 31 . . 4,765 L,499 3,266 2,912 355 1,545 5,905 L, 153 3,922 829 404 14 1947—Dec. 31 5,088 L.801 3,287 2,890 397 1,739 6,402 1,217 4,273 913 426 14 1948—June 30 4,742 L,714 3,028 2,667 361 1,726 6,039 L,O77 4,011 951 436 14 Dec. 31 4,799 L ,783 3,016 2,633 383 1,932 6,293 1,064 4,227 1,001 444 13 1949—Apr 27 4,669 1,60.5 3,066 2,651 415 1,715 5,940 959 3,940 J .041 445 13 May 25 4,832 1,569 3,263 2,831 432 1,639 5,985 981 3,960 L,044 453 13 June 30 4,841 L,537 3,303 2,888 415 L,7O2 6,087 1,008 4,020 L.059 462 13 July 27P 4,942 1,523 3,419 2,985 434 1,687 6,116 1,061 3,995 1,060 459 13 Aug. 31 P 5,184 1,526 3,658 3,211 447 L.654 6,322 1,085 4,180 1,057 464 13 Sept. 28P, 5,181 1,521 3,660 3,204 456 1,695 6,358 1,084 4,222 1,052 461 13 Oct. 26P 5,271 L ,553 3,718 3,261 457 1,637 6,437 1,123 4,261 1,053 465 13 Reserve city member banks: 1939_Dec. 30 12,272 1>.329 6,944 5,194 1,749 tS.785 17,741 *.686 9,439 tt.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 L ,775 9,426 28,700 4,957 18,747 4,995 2,028 354 I943—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 5,042 11,286 49,085 6,448 32,877 9,760 2,566 359 1946—Dec. 31 35,351 10,825 24,527 22,250 <•5,276 11,654 44,477 5,570 28,049 10,858 2,728 355 1947—Dec. 31 36,040 13,449 22,591 20,196 5,396 13,066 46,467 5,649 29,395 11,423 2,844 353 1948—June 30 35,065 13,373 21,692 19,222 r5,470 11,729 44,149 4,909 27,930 11,310 2,870 335 Dec. 31 35,332 14,285 21,047 18,594 5,453 13,317 45.943 5,400 29,153 11,391 2,928 335 I949—Apr 27 34,638 13,640 20,998 18,446 5,552 11,688 43,469 4,377 27,556 11,536 2,973 336 May 25 34,952 13,384 21,568 18,948 5,620 11,344 43,450 4,465 27,428 11,557 2,972 334 June 30 35,034 13,261 21,772 19,076 5,696 11,618 43,852 4,665 27,560 11,627 3,005 336 July 27P 35,817 13,328 22,489 19,680 5,809 10,951 43,908 4,686 27,650 11,572 3,004 334 Aug. 31 P 37,005 13,423 23,582 20,706 5,876 10,541 44,705 4,943 28,194 11,568 3,031 333 Sept. 28P 37,268 13,672 23,596 20,674 .,922 10,530 44,887 4,962 28,377 11,548 3,045 333 Oct. 26P3. . . . 38,161 13,957 24,204 21,207 J.997 10,954 46,135 5,195 29,332 11,608 3,088 342 Country member banks: 1939_Dec. 30 10,224 4,768 5,456 3,159 5,297 4,848 13,762 598 7,312 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 6,628 4,377 r5,250 6,402 17,415 822 10,335 6,258 1,982 6,219 1942—Dec. 31. 16,419 5,038 11,380 9,172 5,208 7,638 22,459 080 14,909 6,569 2,042 6,275 1943—Dec. 31 22,188 4,654 17,534 15,465 \5,069 7,983 28,414 11,015 19,594 7,804 2,153 6,331 1944_Dec. 30 28,520 4,910 23,610 21,552 *.,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 .,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 ,836 10,151 43,066 1,091 27,921 14,053 2,7'57 6,494 1947—Dec. 31 36,324 10,199 26,125 22,857 5,268 10,778 44,443 28,810 14,560 2,934 6,519 1948— D JU e I c 1e . 3 3 1 0 3 36 6 , , 7 6 2 2 6 3 1 1 1 1 , , 9 2 4 3 5 4 2 2 5 4 , , 3 7 8 8 9 2 2 2 1 1 , , 8 2 9 7 2 8 1 1 , , 4 5 9 0 7 4 1 1 1 0 , , 1 0 9 5 6 0 4 45 3 , , 1 9 0 0 2 3 9 8 6 2 4 1 2 29 8 , , 3 1 7 9 0 6 1 1 4 4 , , 7 8 6 8 8 6 3 3, , 1 0 2 5 3 6 6 6, , 5 5 4 3 1 5 1949—Apr. 27 .. . 36,372 12,017 24,355 20,921 5,434 10,038 43,439 763 27,792 14,884 3,195 6,530 May 25 36,512 11,919 24,593 21,145 •35,448 9,857 43,404 754 27,774 14,876 3,188 6,529 June 30 36,338 11,968 24,370 20,889 5,481 9,994 43,422 781 27,758 14,883 3,215 6,519 July 27P 36,581 12,022 24,559 21,065 5,494 9,776 43,426 775 27,753 14,898 3,219 6,520 Aug. 31P 37,338 12,149 25,189 21,654 5,535 9,497 43,912 802 28,243 14,867 3,220 6,520 Sept. 28P 37,707 12,241 25,466 21,891 5,575 9,516 44,206 844 28,492 14,870 3,257 6,522 Oct. 26? 37,998 12,410 25,588 21,972 5,616 9,618 44,581 892 28,827 14,862 3,275 6,521 reserve city banks. Loans, million dollars, respectively. For other footnotes see preceding and opposite page. 1468 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 Depc>sits Investments Other Class of bank Cash Total Number and date Total Loans G U ov . e S r . n- Other assets1 Total* I b n a t n e k r- ^ 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 All insured commercial banks: 1941—Dec 31 49,290 21,259 28,031 21,046 6,984 25,788 69,411 10,654 43,059 15,699 6,844 13,426 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 I11,746 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: 1941—Dec. 31. . 27,571 11,725 15,845 12,039 3,806 14,977 39,458 6,786 24,350 8,322 3,640 5,117 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: 1941—Dec. 31 15,950 6,295 9,654 7,500 2,155 8,145 22,259 3,739 14,495 4,025 2,246 1,502 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: 1941—Dec. 31 5,776 3,241 2,535 1,509 1,025 2,668 7,702 129 4,213 3,360 959 6,810 I945—Dec. 31 14,639 2,992 11,647 10,584 J .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 ,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 ,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 ,333 6,493 Dec. 31 16,685 5,911 10,774 9,246 1,528 3,887 19,296 259 12,419 6,618 .358 6,498 1949—June 30 16,447 6,071 10,376 8,849 L.527 3,299 18,410 204 11,488 6,718 1,431 6,517 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 J .009. 761 241 763 1,872 329 1,291 253 329 852 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 L.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: 1941—Dec. 31. 7,233 3,696 3,536 2,270 L.266 3,431 9,574 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 13,539 12,277 L.262 4,962 20,571 425 14,101 6,045 1,362 7 130 1946—Dec. 31 17,646 4,429 13,217 11,749 1,468 4,639 20,879 597 13,526 6,756 1,483 7,147 1947—Dec. 31 2 18,454 5,432 13,021 11,318 1,703 4,659 21,591 629 13,926 7,036 1,596 7,261 1948—June 30 . . 18,422 5,997 12,425 10,670 1,755 3,867 20,706 602 13,010 7,093 1,664 7,265 Dec 31 18,698 6,431 12,267 10,479 1,788 4,396 21,497 628 13,772 7,097 1,680 7,256 1949—june 30 18,474 6,573 11,901 10,098 .803 3,745 20,556 563 12,786 7,207 1,760 7,250 Insured mutual savings banks: 1941—Dec. 31 . . 1,693 642 1,050 629 421 151 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,765 7,160 606 429 10,363 12 10,351 1,034 192 1946—Dec. 31 11,891 3,250 8,641 7,946 695 612 11,428 1 13 11,415 1,173 191 1947—Dec. 31 12,683 3,560 9,123 8,165 958 675 12,207 1 14 12,192 1,252 194 1948—June 30 13,142 3,769 9,373 8,169 1,204 644 12,581 15 12,566 1,302 193 Dec. 31 13,312 4,109 9,202 7,795 1,407 684 12,772 1 14 12,757 1,334 193 1949—june 30 13,880 4,397 9,484 7,940 1,544 629 13,241 1 13 13,226 1.381 191 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 4,428 3,075 1,353 642 8,744 6 8,738 1,077 496 1945—Dec. 31 5,361 1,198 4,163 3,522 641 180 5,022 2 5,020 558 350 1946—Dec 31 5,813 1,275 4,538 3,833 705 206 5,442 3 5,439 611 350 I947—Dec 31 2 . . 5,957 1,384 4,573 3,813 760 211 5,556 3 5,553 637 339 1948—Tune 30 6,084 1,465 4,619 3,808 811 188 5,630 2 5,627 653 339 Dec 31 6,083 1,577 4,506 3,680 826 194 5,633 3 5,631 665 339 1949—June 30 6,214 1,654 4,560 3,718 843 171 5,709 4 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. DECEMBER 1949 1469 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 k p a e e t r n - - al b a e r n o r d s k- o T th o - loans loans Total Bills o d c f e a t b i e n t s - - Notes Bonds t a e n e - d p s i u o c l b a i l - t- rities pa- deal- ers ed- diviper ers ness sions All insured commercial banks: 1 1 9 9 4 4 1 5 — — D D e e c c . . 3 3i 1 t .m. 1 4 2 9 1 , , 2 8 9 0 0 9 2 2 5 1 , , 7 2 6 5 5 9 9 9 , , 2 4 1 6 4 1 1 1 , , 4 3 5 1 0 43,1 6 6 1 4 4 3,6 6 0 62 6 4 4 , ,6 7 7 7 7 3 2,36 4 1 , > 1 4 , 5 1819 2 6 8 , , 0 0 4 3 3 1 2 88 1 , , 9 0 1 4 2 6 2,4 9 5 8 5 8 19,071 1 3 6 , , 1 0 5 4 9 5 5 1 1 2 , , 3 7 2 9 1 7 4,10 2 2 2 3 3 , , 6 8 5 7 1 3 3 3 , , 3 2 3 5 3 8 1946—Dec. 31.. 112,178 30,733 14,016 1,3581,517 1,6097,103 4,031 1,09881,445 73,554 1,27112,288 6,78053,200 154,298 3,592 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,1909,2665,654 1,02876,691 67,941 2,124 7,552 5,918 52,334 145,129 3,621 1948—June 30.. 111,794 39,372 17,834 1,9761,1831,07710,1016,412 1,11972,421 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 1,09570,318 61,388 2,821 10,065 3,39445,100 8 5,5093,420 1949—June 30.. 111,746 40,524 16,292 2,734 1,972 901 10,8877,170 1,02271,222 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, >92 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 1,9001,10484,408 78,338 2,275 16,985 14,27144,792 163^2542]815 1946—Dec. 31.. 96,362 26,696 13,154 884 1,5061,4675,3583,308 1,02069,666 63,042 1,167 10,043 5,60246,219 113,5483,077 1947—Dec. 31. . 97,846 32,628 16,962 1,046 811 1,0657,130 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 1,2411,171 956 7,7775,249 1,04061,578 54,139 2,188 7,597 4,104 40,242 84,436 3,003 Dec. 31.. 95,616 36,060 17,631 1,8001,324 834 8,2445,585 1,00659,556 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 6372 931 June 30.. 95,315 34,456 15,213 1,7041,958 803 8,3835,859 935 60,859 53,132 2,651 8,469 1,63940,369 44>10 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 \Qd.K 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 J 1 1X L Z 79 9 r T ^4V 4 C / 7 8 § — X—'\ iD— J — v» u ' • ve- n \ * —cS e X • • 3 3% • J1 0 X . , . • 2 1 0 9 , , 3 0 9 1 3 9 7 7 , , 1 5 7 5 9 0 5 5, , 3 2 6 7 1 5 9 5 6 4 3 5 2 2 6 5 7 0 1 1 6 1 1 1 6 5 1 6 6 4 3 3 7 3 2 0 1 11 3 , , 4 2 6 1 9 5 1 1 0 1 , ,9 3 7 5 2 8 1,0 6 0 93 2 9 6 8 4 3 0 5 5 2 5 0 8 9 8 , ,1 7 6 7 2 1 6 5 3 8 8 3 6 5 0 2 4 8 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 1,499 1,094 3 117 101 51 105 29 3,266 2,912 60 498 146 2,207 167 187 1947—Dec. 31.. 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1948—June 30.. 4,742 1,714 1,357 2 61 75 47 156 32 3,028 2,667 160 250 214 2,043 185 176 Dec. 31.. 4,799 1,783 1,412 4 71 63 51 176 27 3,016 2,633 183 275 217 1,958 210 174 I949—Anr 11 4,595 1,617 2,978 2,567 236 176 June 30.. 4,841 1,537 1,178 6 83 60 48 156 26 3,303 2,888 369 343 125 2,051 235 180 Reserve city banks: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 1,527 1, 12 8,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31. . 40,108 8,514 3,661 205 427 1,5031,459 855 404 31,594 29,552 1,034 6^982 5,653 15,878 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 1,99316,013 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 1,90115,560 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 1,50113,692 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 1,09013,247 11,4211,032 1949—Apr. 11.. 34,741 13,740 21,001 18,445 1,4711,086 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, 30 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 1,5511,285 1947—Dec. 31. . 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,108 17,681 62,006 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 1,86816,345 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 1,12816,046 42,286 1,217 1949—Apr. 11.. 36,434 12,003 24,431 20,967 2,272 1 192 June 30.. 36,338 11,968 3,098 1,319 23 175 4,567 2,644 256 24,370 20,889 630 3,286 778 16,192 42,306 1474 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 Central reserve city banks. 1470 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 i r v n e e t v h e - k r e s a s l v C a i a n u s l h t b m a w B a n d e n i c o a s t k e l - t h - i s s c 3 j m p u D o a d s a t d s e e e n i - - - t d d s 4 m D e I s n d o t e t - i e c p 3 r o b s a i F e t n i s o g k r n - m U G er o e . n S v n - . - t p v s S o i u a t l s i a b n i t o t d i d e c n i s a - s l c C h c a f e o e e e i n t f e c r r f c d i t d s k . - i ' s - , p a v t n a s p i I i d h d r o n o t u i n d r n p c a a s i e o s - l - , r s r - - , I b n a t n e k r- P U m G S e a o r . a n o e s n v d n v S t - - a t - . l v S s p i a u i s o t c n a i b l a o d i t d l t e n - i s s -a v p n s i p a t I d h d i n r o o u i t d r p n n c a a i s e o s l - - , s r r - , - r B i o n o w g r s - - c C o a t a a u c p l - n i- ts ings All insured commercial banks: 1941—Dec. 31.. 12,396 1,358 8,570 37,845 9,823 673 1,761 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.. 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1946—Dec. 31.. 16,013 2,012 9,481 82,085 10,888 1,364 2,930 5,967 2,361 79,887 68 119 664 32,742 39 9,286 1947—Dec. 31.. 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1948—June 30.. 17,355 2,063 8,238 81,420 9,628 1,357 2,052 7,132 2,020 78,287 50 111 1,061 34,246 63 9,955 Dec. 31.. 20,404 1,939 8,947 84,211 10,344 1,488 2,323 7,182 2,113 81,682 69 117 1,080 34,244 54 10,158 1949—june 30.. 17,807 2,036 7,777 80,613 9,058 1,374 2,135 7,337 2,352 77,005 146 163 1,243 34,560 27 10,452 Member banks total: 1941—Dec. 31.. 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.. 15,811 1,438 7,117 64,184 12,333 ,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 ,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 ,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 ,353 1,846 5,873 1,873 68,204 47 106 912 27,805 53 8,624 Dec. 31.. 20,406 1,486 5,674 72,152 10,098 1,480 2,122 5,850 1,962 70,947 63 111 927 27,801 45 8,801 1949—Apr. 11.. 19,186 1,609 5,057 68,972 8,855 1,411 2,563 5,849 1,462 66,766 67 123 1,030 27,885 199 8,949 June 30.. 17,808 1,568 5,065 69,397 8,864 1,369 1,980 5,983 2,222 67,157 141 157 1,069 28,038 21 9,022 New York City:* 1941—Dec. 31.. 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.. 4,015 111 78 15,065 3,535 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 1,183 333 272 748 16,306 15 14 41 1,621 26 2,262 Dec 31.. 5,643 117 67 15,773 2,904 1,278 445 241 750 16,695 31 14 20 1,646 25 2,306 1949—Apr. 11.. 5,164 140 41 14,875 2,598 1,204 471 235 550 15,526 37 18 28 1,555 104 2,324 June 30.. 4,726 130 56 15,254 2,680 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 1947—Dec. 31.. 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 194g Tune 30 1,14^ 152 3,505 1,055 22 105 320 47 3,539 1 11 940 436 Dec. 31.. 1,325 2? 143 3,604 1,038 26 188 284 53 3,702 1 11 989 444 1949—-Apr. It.. 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: 1941—Dec 31 271 2,325 4,092 108 2 53 611 68 3,483 18 8 74 3,276 6 959 1945—Dec. 31 391 3,959 10,537 233 5 1,560 858 135 9,643 6 4 97 5,579 7 1,083 1946—Dec. 31 437 3,547 11,842 244 11 258 1,052 154 10,761 6 5 113 6,232 9 1 \ 193 1947—Dec. 31 473 3,466 12,223 258 4 149 1,188 158 11,019 4 6 132 6,420 7 1,271 1948—June 30 457 2,820 11,368 195 4 207 1,259 147 10,083 4 6 149 6,457 10 1,333 Dec. 31 453 3,273 12,059 246 8 201 1,332 151 10,736 6 6 153 6,459 g 1 ^358 1949—June 30.. 468 2,713 11,216 194 4 155 1,354 130 9,848 6 6 174 6,539 5 3 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. 4 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. DECEMBER 1949 1471 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 * Investments For purchasing or carrying securities U. S. Government obligations Com- Total merloans cial, To brokers Date or month i m n a v e n e n d s t t s - Total* in t a r d i n a u d l s , - and dealers To others e l R s o t e a a a n te l s L ba o t n o a k n s s O lo t a h n e s r Total c C t a 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 o i o o g . b S n a v - . - s t. O c t s u t i e h e r - i s e - rG l U t o i i o g o b .S a v n - - . t s .O c t s u t i e h e r - i s e - r Total Bills o d n e f e e d b s i - n t s - - Notes Bonds* Total— Leading Cities 1948—October 62,25624,605 15,388 246 432 218 4883,993 215 3,87337,65133,3002,071 4,441 1,699 25,089 4,351 1949—August 64,71923,229 12,915 825 627 220 4454,167 278 4,058 41,49036,5652,865 6,129 1,092 26,479 4,925 September.. 66,12723,632 13,213 856 664 206 454 4,202 205 4,140 42,49537,4633,114 6,879 1,127 26,3435,032 October 66,37423,837 13,580 643 686 186 439 4,236 171 4,207 42,53737,5062,808 7,339 1,136 26,2235,031 1949—Sept. 7 65,68923,343 13,007 859 671 218 4424,186 147 4,119 42,34637,3783,217 6,476 1,133 26,5524,968 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 66,46323,527 13,289 716 660 196 4444,211 187 4,13342,93637,8743,400 7,227 1,123 26,124 5,062 Sept. 28.... 66,06223,998 13,384 991 677 195 4434,207 239 4,17242,06437,0042,608 7,181 1,124 26,0915,060 Oct. 5.... 66,07723,760 13,425 758 706 190 4454,212 155 4,179 42,31737,2612,717 7,290 1,128 26,126 5,056 Oct. 12 66,20723,875 13,566 730 658 186 4424,233 165 4,206 42,33237,3002,716 7,276 1,125 26,1835,032 Oct. 19 66,43923,791 13,647 521 664 185 4484,244 182 42,64837,6252,817 7,399 1,140 26,269 5,023 Oct. 26 66,77223,921 13,680 564 716 184 420 4,253 182 4,234 42,85137,8382,982 7,391 1,150 26,3155,013 Nov. 2 66,66624,325 13,694 853 764 177 420 4,246 4,272 42,34137,3882,618 7,273 1,150 26,3474,953 Nov. 9 66,65624,664 13,783 934 769 174 4294,265 330 4,292 41,99237,0422,372 7,193 1,150 26,3274,950 Nov. 16 66,50624,302 13,776 644 756 177 420 4,277 233 4,330 42,20437,2572,440 7,277 1,166 26,374 4,947 66,72324,329 13,772 672 730 174 4224,295 222 4,355 42,39437,4302,459 7,342 1,184 26,4454,964 Nov. 23 New York City 18,199 7,463 5,609 207 311 193 199 178 82510,736 9,617 851 291 7,5401,119 1948—October 1949—August 18,946 7,132 4,531 761 496 183 210 166 80411,81410,524 808 1,778 194 7,7441,290 September.. 19,334 7,346 4,681 786 533 192 215 149 82011,98810,641 782 1,976 232 7,651 1,347 October 19,216 7,289 4,825 599 543 176 222 138 83111,92710,644 688 2,042 242 7,6721,283 1949—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 82711,98510,611 772 1,919 232 7,6881,374 Sept. 21 19,489 7,220 4,715 654 532 180 216 147 81512,26910,9201,011 2,067 229 7,6131,349 Sept. 28 19,326 7,541 4,765 932 546 181 213 127 81611,78510,441 546 2,063 238 7,5941,344 Oct. 5 19,225 7,377 4,783 714 564 182 213 139 82411,84810,525 581 2,093 238 7,6131,323 Oct. 12 19,124 7,314 4,823 677 519 182 225 100 83311,81010,513 611 2,019 235 7,6481,297 Oct. 19 19,146 7,200 4,835 479 524 183 225 170 83011,94610,669 695 2,032 241 7,701 1,277 Oct. 26 19,369 7,266 4,858 525 567 158 225 143 83612,10310,868 865 2,024 252 7,7271,235 Nov. 2 19,341 7,569 4,868 780 609 157 220 131 85511,77210,576 614 1,948 256 7,7581,196 Nov. 9 19,288 7,776 4,890 876 610 165 229 203 85611,51210,320 434 1,914 256 7,716 1,192 Nov. 16 19,131 7,446 4,844 566 605 158 231 212 88011,68510,495 559 1,940 273 7,7231,190 Nov. 23 19,288 7,460 4,840 600 592 158 233 191 ,82810,633 640 1,960 286 7,7471,195 Outside New York City 1948—October 44,057 17,142 9,779 121 191 2953,794 37 3,048 26,91523,6831,136 3,590 1,408 17,549 3,232 1949—August 45,773 16,097 8,384 131 143 2623,957 112 3,254 29,67626,0412,057 4,351 898 18,7353,635 September. . 46,793 16,286 8,532 131 138 2623,987 56 3,320 30,50726,8222,332 4,903 895 18,6923,685 October 47,158 16,548 8,755 143 132 2634,014 33 3,376 30,61026,8622,120 5,297 894 18,5513,748 1949—Sept. 7. 46,541 16,109 8,409 134 141 2613,972 17 3,296 30,43226,7852,419 4,620 904 18,8423,647 Sept. 14. 46,919 16,272 8,525 128 139 2623,985 58 3,313 30,64726,9832,457 4,714 897 18,915 3,664 Sept. 21. 46,97416,307 8,574 128 137 264 3,995 40 3,318 30,66726,9542,389 5,160 894 18,5113,713 Sept. 28. 46,736 16,457 8,619 131 136 262 3,994 112 3,356 30,27926,5632,062 5,118 886 18,4973,716 Oct. 5. 46,852 16,383 8,642 142 134 263 3,999 16 3,355 30,46926,7362,136 5,197 890 18,513 3,733 Oct. 12. 47,083 16,561 8,743 139 132 260 4,008 65 3,373 30,52226,7872,105 5,257 890 18,535 3,735 Oct. 19. 47,293 16,591 8,812 140 132 265 4,019 12 3,381 30,70226,9562,122 5,367 899 18,568 3,746 Oct. 26. 47,403 16,655 8,822 149 131 2624,028 39 3,398 30,74826,9702,117 5,367 898 18,588 3,778 Nov. 2. 47,325 16,756 8,826 155 129 263 4,026 80 3,417 30,56926,8122,004 5,325 894 18,589 3,757 Nov. 9. 47,368 16,888 8,893 159 128 2644,036 127 3,436 30,48026,7221,938 5,279 894 18,6113,758 Nov. 16. 47,375 16,856 8,932 151 128 2624,046 21 3,450 30,51926,762 1,881 5,337 893 18,6513,757 Nov. 23. 47,435 16,869 8,932 138 128 264 4,062 31 3,456 30,56626,7971,819 5,382 898 18,698 3,769 r Revised. 1 Figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to the total, which is shown net. 8 Including guaranteed obligations. 1472 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Date or month B s F w e R e a e r r i e a n d t v - h l k - e s v C a i a u n s lt h m b a w a n d e o n i c s t - e k h ti s s c j p m u o a d s a e d t s - n e i - t d d s 3 s p p u v n h c a o a a o i e n i r d r l p r r d s a t - - - s - , - , S p s d s a i i o u t i c o n a v b l a n d i t - i l t e - s - s c C c O h a f e e e i t e n f e c r r f c d . d i t s k - i ' - s, U m G er o . e n S n v - . t - s p p u n v h c a o a a o e n i i r d r p l r r d a s t - - - s - , - , S p s d s a i i o u t i c o n a b v l a n d i - t i l t e - s - s P U m G S e i a o n r a . n o e s g n v d n v S t s - - a t - . l m D t D e i o s c - e - ma F n ei d o g r n - Time r B i o n o w g r s - - c C o i a a t u c a p - n - l ts B d i e t a s b n » - k tions tions Total- Leading Cities 1948—October.... 14,521 834 2,261 46,846 47,711 3,141 1,291 1,532 14,330 535 84 9,046 1,417 169 5,976 94,919 1949—August 12,683 741 129 46,334 46,056 3,317 ,190 2,07414,505 644 120 8,685 ,358 136 362 6,173 86,361 September 11,888 792 194 46,558 46,869 3.163 ,210 2,320 14.495 637 124 9,110 ,318 145 191 6,185 88,494 October 12,127 778 259 46,662 47,147 3,091 ,225 2,58714,502 627 123 9,296 1,350 148 6,211 91,171 1949—Sept. 7... 11,823 771 2,230 46 410 46,288 3,239 1,267 1,949 14,500 640 126 9,268 1,365 139 75 6,188 16,923 Sept. 14... 12,096 817 2,347 46,930 47,963 3,170 1,255 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 1,240 2,50814,493 637 122 9,065 1,289 147 140 6,182 23,397 Sept. 28... 12,005 803 2,043 46,457 46,465 3,165 1,078 2,63614,501 632 122 8,634 1,284 147 359 6,196 20,135 Oct. 5... 12,232 738 2,26146,28646,355 3,178 2,67714,497 625 122 9,375 1,356 147 94 6,210 22,786 Oct. 12... 11,961 804 2~~2~72 46,283 47,212 3,054 2,53314,496 628 123 9,429 1,368 148 110 6,210 16,673 Oct. 19... 12,276 780 2,31946, 738 47,475 3,009 2,66914,514 626 123 9,389 1,362 148 121 6,205 23,910 Oct. 26... 12,040 791 2,183 47,34147,547 3,122 2,46814,501 627 123 8,991 1,313 150 133 6,218 20,384 Nov. 2... 12,332 736 2,14646,84846,867 3,299 1,216 2,33514,500 605 123 9,159 1,374 154 647 6,241 22,520 Nov. 9... 12,040 839 2,170 46,70947,120 3,155 1,332 2,32114,524 593 124 9,261 1,375 155 487 6,244 17,809 Nov. 16... 12,234 779 2,37546,62548,135 3,116 1,331 2,52514,502 591 124 9,695 1,354 154 172 6,226 20,766 Nov. 23... 11,920 776 2,12147,27447,590 3,181 1,202 2,43214,461 605 124 8,838 1,309 153 178 6,219 21,900 New York City 1948—October... 5,293 15,153 15,782 274 634 1,491 2,779 1,234 69 2,222 38,014 1949—August. . . 4,806 114 14,768 15,267 210 614 951 1,463 2,648 1,143 90 274 2,293 34,940 September 4,434 123 14,918 15,526 220 598 932 1,474 2,717 1,118 100 94 2,284 36,130 October... 4,571 126 14,906 15,539 225 633 953 1,472 2,782 1,144 103 42 2,289 36,683 1949—Sept. 7... 4,321 121 14,767 15,331 199 675 823 1,470 2,749 1,158 94 17 2,289 7,137 Sept. 14... 4,576 128 15,088 15,866 246 626 882 1,468 2,780 1,129 101 108 2,283 8,195 Sept. 21... 4,292 116 14,909 15,462 212 603 992 1,472 2,729 1,094 102 27 2,285 9,436 Sept. 28... 4,546 127 14,909 15,443 224 489 1,032 1,488 2,608 1,092 102 225 2,281 8,067 Oct. 5... 4,588 121 14,778 15,297 226 634 1,022 1,471 2,851 1,150 102 42 2,291 9,887 Oct. 12... 4,473 132 14,703 15,452 209 546 947 1,475 2,751 1,162 102 85 2.289 6,260 Oct. 19... 4,684 121 14,911 15,612 226 609 959 1,475 2,822 1,157 102 18 2,289 9.227 Oct. 26... 4,541 129 15,235 15,797 241 742 882 1,469 2,705 1,108 104 22 2,286 8,217 Nov. 2... 4,726 121 14,947 15,422 318 606 824 1,467 2,711 1,166 109 444 2,299 9,582 Nov. 9... 4,469 158 14,735 15,479 245 731 816 1,482 2,719 1,161 109 364 2,299 6,731 Nov. 16... 4,505 127 14,719 15,706 228 652 883 1,479 2,860 1,136 109 58 2,294 8,219 Nov. 23... 4,378 140 15,056 15,710 203 567 840 1,468 2,608 1,084 109 2,288 8,677 Outside New York City 1948—October... 9,228 703 2,22431,711 31,929 2,867 657 1,04212,839 512 70 6,267 183 3,754 56,905 1949.—August. . . 7,877 627 2,098 31,566 30,789 3,107 576 1,123 13,042 611 94 6,037 215 3,880 51.421 September 7,454 669 2,161 31,640 31,343 2,943 612 1,388 13,021 605 97 6,393 200 07 3.901 52.364 October... 7,556 652 2,226 31,756 31,608 2,866 592 1,634 13,030 597 96 6,514 206 72 3,922 54,488 1949—Sept. 7... 7,502 650 2,199 31,643 30,957 3,040 592 ,126 13,030 609 100 6,519 207 58 3,899 9,786 Sept. 14... 7,520 689 2,311 31,84232,097 2,924 629 ,304 13,017 608 99 6,691 206 80 3,891 12,250 Sept. 21... 7,335 660 2,120 31,52731,299 2,868 637 ,516 13,021 605 95 6,336 195 113 3,897 13,961 Sept. 28... 7,459 676 2,01331,548 31,022 2,941 589 ,604 13,013 601 96 6,026 192 3,915 12,068 Oct. 5... 7,644 617 2,230 31,508 31,058 2,952 595 ,655 13,026 595 95 6,524 206 52 3,919 12,899 Oct. 12..., 7,488 672 2,243 31,580 31,760 2,845 596 ,586 13,021 597 96 6,678 206 25 3,921 10,413 Oct. 19... 7,592 659 2,283 31,827 31,863 2,783 601 ,710 13,039 596 96 6,567 205 103 3,916 14,683 Oct. 26... 7,499 662 2,147 32, 106 31,750 2,881 578 ,586 13,032 597 96 6,286 205 111 3,932 12,167 Nov. 2... 7,606 615 2,113 31,90131,445 2,981 610 1,511 13,033 575 96 6,448 208 203 3,942 12,938 Nov. 9 7,571 681 2,140 31,974 31,641 2,910 601 1,505 13,042 563 96 6,542 214 123 3,945 11,078 Nov. 16... 7,729 652 2,342 31,906 32,429 2,888 679 1,642 13,023 564 96 6,835 218 114 3,932 12,547 Nov. 23... 7,542 636 2,088 32,21831, 2,978 635 1,592 12,993 579 96 6,230 225 66 3,931 13,223 3 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 4 Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on the revised basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. DECEMBER 1949 1473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loansl Investments For purchasing U. S. Governmentobligations or carrying securities Total Comloans merd F i e s d tr e ic ra t l a R nd es e d r a v t e e i m n a v e n e n d s t t s - Total1 i t c n r i d i a a u l l , s- a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Lo to ans Other Total C tif e i r - - s O e t c h u e - r a a g n r d i- U. S. U.S. loansbanks loans Total Bills o c f a t i e n s - Notes Bonds2rities cul- Govt. Other Govt.Other debttural ob- se- ob- se- edliga- curi- liga- curi- ness tions ties tions ties Boston Oct. 26 3,023 1,004 618 9 7 11 18 141 1 219 2,019 1,834 121 374 43 1 296 185 Nov. 2 3,017 1,022 621 15 9 11 18 141 7 220 1,995 1,813 108 365 43 1,297 182 Nov. 9 3,013 1,045 627 18 10 11 18 142 19 220 1,968 1,801 98 344 43 1,316 167 Nov. 16 .... 2,993 1,025 623 22 7 11 18 142 1 221 1,968 1,813 100 355 43 1 315 155 Nov. 23 3,019 1,016 616 17 8 13 18 143 2 219 2,003 1,847 117 370 43 1,317 156 New York* Oct. 26 21,681 8,033 5,192 530 575 57 174 445 1431,031 13,648 12,203 966 2,210 288 8,739 1,445 Nov. 2 21,656 8,334 5,197 783 621 52 173 440 1311 05113 32211 914 723 2 135 292 8 7641 408 Nov. 9 21,598 8,552 5,217 879 623 50 181 452 211 1,053 13,046 11,643 527 2,097 292 8,727 1 403 Nov. 16 21,414 8,216 5,175 575 609 53 174 454 2121,078 13,198 11,798 629 2,124 309 8,736 1,400 Nov. 23.. 21,576 8,232 5,171 610 596 50 174 458 1911,096 13,344 11,941 702 2,147 322 8,770 1,403 Philadelphia Oct. 26 2,779 908 480 1 22 2 8 103 6 297 1,871 1,540 210 185 31 1,114 331 Nov. 2 2,740 903 477 1 20 2 8 101 4 301 1,837 1,509 175 192 31 1 111 328 Nov. 9 2,759 929 481 1 22 2 8 103 20 303 1,830 1,502 170 191 31 1,110 328 Nov. 16 2,749 925 484 1 22 2 8 105 10 304 1 824 1 491 158 193 31 1 109 333 Nov. 23 2,752 924 478 1 22 2 8 108 10 306 1,828 1,494 158 196 31 1,109 334 Cleveland Oct. 26 4,678 1,427 811 10 19 33 31 288 255 3,251 2,877 149 405 100 2,223 374 Nov. 2 4,652 1,439 800 11 17 32 31 288 ' "26 254 3,213 2,843 123 395 100 2,225 370 Nov. 9 4,622 1,420 802 12 18 32 31 289 1 255 3,202 2 830 113 393 100 2 224 372 Nov. 16 4,625 1,419 797 12 19 32 32 291 1 255 3,206 2,833 103 400 101 2,229 373 Nov. 23 4,634 1,421 797 10 18 31 32 292 5 256 3.213 2,839 108 405 101 2,225 374 Richmond Oct 26 2,672 860 392 1 7 11 20 201 1 236 L ,812 1,662 110 255 43 1,254 150 Nov. 2 2,678 859 389 7 11 20 201 1 239 L 8191 668 115 259 42 1 252 151 Nov. 9 2,692 862 387 8 11 20 203 1 241 L.830 1,675 124 258 42 1,251 155 Nov. 16 2,688 862 389 7 11 19 203 1 241 1,826 1,671 120 256 44 1,251 155 Nov. 23 2,673 867 391 1 7 11 19 203 1 243 1,806 1,650 99 255 46 1,250 156 Atlanta Oct. 26 2,378 844 508 7 11 23 73 4 229 L 5341,326 57 362 37 870 208 Nov 2 2,373 844 508 8 12 23 73 4 227 L, 529 1,320 55 359 37 869 209 Nov. 9 ... 2,412 859 519 9 11 22 73 5 231 L ,553 1,343 71 363 37 872 210 Nov 16 2,420 867 527 9 11 22 73 4 232 1,553 1,343 63 366 37 877 210 Nov. 23 2,412 875 531 8 12 23 73 4 235 537 1,328 60 359 40 869 209 Chicago* Oct. 26 .... 9,440 2,519 1,634 7 38 21 54 354 18 426 6 921 6,185 726 1,184 232 4 043 736 Nov. 2 9,455 2,534 1,618 38 48 20 54 355 8 426 6,921 6,189 720 1,194 234 4,041 732 Nov. 9 9,411 2,557 1,629 20 45 20 55 357 35 429 6,854 6,123 660 1,189 233 4,041 731 Nov. 16 9,341 2,517 1,622 16 47 20 54 359 1 431 6,824 6,092 605 1,205 232 4,050 732 Nov. 23 9,414 2,521 1,609 30 38 20 55 360 5 437 6,893 6,159 600 1,251 230 4,078 734 St. Louis Oct. 26 2,232 949 532 1 5 9 11 185 2 214 1 283 1,115 45 260 41 769 168 Nov. 2 2,212 956 534 1 5 9 10 185 5 217 1,256 1,086 33 244 39 770 170 Nov. 9 2,242 980 545 1 5 9 11 186 16 217 1,262 1,092 39 241 39 773 170 Nov 16 2,249 980 556 1 5 9 11 186 2 219 1,269 1,097 37 241 38 781 172 Nov. 23 2,251 985 560 1 5 9 11 188 3 218 1,266 1,093 32 237 38 786 173 Minneapolis Oct. 26 1,274 424 221 2 3 5 68 131 850 738 60 178 21 479 112 Nov. 2 1,268 433 220 2 3 5 68 9 132 835 725 43 180 22 480 110 Nov. 9 1,270 435 223 2 3 5 67 8 133 835 724 41 180 22 481 111 Nov. 16 1,263 429 223 2 3 5 69 1 132 834 723 41 179 22 481 111 Nov. 23 1,263 429 224 2 3 5 69 132 834 722 41 178 22 481 112 Kansas City Oct. 26 2,537 901 576 5 5 11 133 176 1,636 1,400 159 354 68 819 236 Nov. 2 2,539 909 584 5 5 11 133 176 1 630 1,396 162 348 68 818 234 Nov. 9 2,563 924 591 5 5 11 134 6 177 1,639 1,404 174 342 68 820 235 Nov. 16 2,574 921 593 5 5 11 135 177 1,653 1,421 191 339 66 825 232 Nov. 23 2,550 923 594 4 5 11 136 1 177 1,627 1,392 173 327 66 826 235 Dallas Oct. 26 ... 2,452 1,083 749 7 11 37 89 200 1 369 1 243 113 355 44 731 126 Nov. 2 2,465 1,099 762 6 10 39 89 203 1,366 1,238 113 353 44 728 128 Nov. 9 2,470 1,111 771 6 10 39 88 207 1,359 1,228 111 349 44 724 131 Nov. 16 2,503 1,124 788 6 10 38 89 203 1,379 1,248 125 356 43 724 131 Nov 23 2,493 1,134 797 6 9 38 91 203 1,359 1,227 110 353 43 721 132 San Francisco Oct 26 11,626 4,969 1,967 5 22 10 282,173 7 820 6,657 5,715 266 1,269 202 3,978 942 Nov. 2 11,611 4,993 1,984 4 16 10 282,172 16 826 6 618 5 687 248 1 249 198 3 992 931 Nov. 9 11,604 4,990 1,991 3 16 10 28 2,171 8 826 6,614 5,677 244 1,246 199 3 988 937 Nov. 16 11,687 5,017 1,999 17 18 10 282,171 837 6,670 5,727 268 1,263 200 3,996 943 Nov. 23 11,686 5,002 2,004 2 16 9 282,174 833 6 684 5 738 259 1 264 202 4 013 946 City of Chicago* Oct. 26 5,849 1,658 1,268 7 32 16 47 78 17 215 4,191 3,700 463 742 179 2,316 491 Nov. 2 5,852 1,677 1,256 38 42 15 47 78 8 215 4,175 3,687 444 747 181 2 315 488 Nov. 9 5,804 1,674 1,266 20 40 15 48 78 12 217 4,130 3,642 404 742 180 2,316 488 Nov. 16 5,734 1,651 1,259 12 43 15 47 79 218 4,083 3,594 353 746 179 2,316 489 Nov. 23 5,799 1,644 1,248 24 32 15 47 79 ""2 219 4,155 3,666 355 811 177 2,323 489 * 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. 1474 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Demand d F i e s d tr e i r c a t l a R n e d s e d r a v t e e B s w F e R e a e r i r 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 i n o c s t - e k h t s i s c m p u o a d s a d s e t n e - i - t d d s 3 s p p u v n c h a o a a o i e n i d r 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 b a n d i e i - l t - s s - c C h c O a e f e e e i t n f e c r r c f d d t s i k . - i ' s - , U m G e . r o e n v n S - - t . u p s p n v c a h a o o e a i n l d i r r r r d s p a - - - t , s - - p S s d s a i i o t u i c o n a v l b a n d i t i - l t e - s - s P m U G S e i a o n a r . n o e s g n v d n v t S s - a - t - . l m D t e i o c s - - F ei o g r n - Time r B i o n o w g r s - - c C o i a t a u c a p n - l - ts B d it e a s b n < - k tions tions Boston Oct. 26 457 51 88 2,449 2,397 194 42 96 473 6 276 26 326 876 Nov. 2 .... 460 49 87 2,438 2,374 220 40 91 472 6 277 26 9 327 944 Nov. 9 454 52 91 2,436 2,349 217 48 95 473 6 279 26 2 327 836 Nov. 16 488 53 101 2,429 2,419 211 52 104 473 6 297 26 6 327 830 Nov. 23 ... 461 46 94 2,441 2,371 223 45 107 472 6 273 26 326 952 New York* Oct. 26 . . 4,785 175 110 16,743 17,132 481 787 938 2,307 34 36 2,776 1,111 105 38 2,484 8,720 Nov. 2 4,966 165 125 16,477 16,752 587 653 880 2,304 34 36 2,788 1,170 110 445 2,498 10,157 Nov 9 4,709 209 118 16,265 16,831 503 780 872 2 318 33 37 2,791 1,165 111 368 2,498 7 198 Nov 16 4,802 174 140 16,245 17,084 475 702 945 2,313 31 37 2,939 1,139 111 101 2,493 8,823 Nov. 23 .. 4,622 186 110 16,560 17,055 444 615 900 2,297 30 37 2,674 1,087 111 118 2,487 9,242 Philadelphia Oct 26 447 44 103 2,068 2,146 88 19 188 403 37 1 357 11 20 314 709 Nov 2 465 42 98 2,056 2 125 108 27 171 401 38 1 373 11 4 316 811 Nov. 9 443 49 97 2,066 2,168 97 23 167 402 29 1 376 11 7 316 623 Nov 16 458 44 120 2,059 2,199 102 23 173 400 28 1 408 11 2 316 793 Nov 23 449 43 101 2,102 2,164 109 26 166 397 28 1 347 11 5 316 840 Cleveland Oct. 26 727 81 138 3,156 3,201 180 48 1861,328 35 3 440 9 2 19 473 1,042 Nov. 2 723 75 155 3,139 3,144 181 53 1721,327 35 3 451 8 2 21 474 1,190 Nov 9 744 80 131 3,108 3,110 171 46 172 1,326 37 3 444 2 27 475 924 Nov. 16 719 79 155 3,085 3,186 182 49 186 1,325 37 3 475 7 2 12 475 1,136 Nov. 23 705 77 137 3,130 3,180 175 44 178 1,322 38 3 421 7 2 8 472 1,077 Richmond Oct. 26 442 66 158 2,030 2,042 155 41 83 568 29 20 395 4 1 10 228 730 Nov. 2 444 61 158 2,015 2,030 156 43 84 568 29 20 405 4 1 17 229 807 Nov. 9 436 67 176 2,037 2,065 156 34 84 568 28 20 424 5 1 6 229 681 Nov 16 465 65 167 2,043 2,087 148 55 92 564 28 20 430 5 1 5 229 696 Nov 23 438 62 154 2,026 2,043 151 42 86 562 28 20 382 5 1 17 229 768 Atlanta Oct 26 386 41 167 1,712 1,619 274 19 59 532 6 6 469 12 4 1 195 672 Nov. 2 389 37 167 1,690 1 ,629 257 22 54 532 6 6 488 11 3 4 196 661 Nov 9 392 43 170 1,727 1,634 282 27 45 533 6 6 513 11 3 1 196 666 Nov. 16 388 40 183 1,725 1,685 274 24 50 532 6 6 524 11 3 1 196 708 Nov 23 383 41 161 1,726 1,647 276 22 49 531 6 6 489 11 3 3 196 709 Chicago* Oct. 26 1,753 100 346 6,378 6,304 586 88 429 2,546 30 18 1,467 43 1 17 728 2,623 Nov 2 1,805 92 306 6,276 6,181 577 94 432 2,550 27 18 1,487 42 1 117 730 2,988 Nov. 9 1,788 102 309 6,257 6,153 561 90 4302,553 27 18 1,510 43 1 62 731 2,452 Nov. 16 1,828 97 359 6,207 6,345 544 97 4742,552 27 18 1,585 43 1 9 731 2,635 Nov 23 1,731 96 309 6,331 6,288 555 94 445 2,556 27 18 1,419 45 1 731 2,881 St. Louis Oct. 26 367 30 129 1,412 1,490 103 22 53 473 12 1 622 3 7 181 632 Nov. 2 380 27 122 1,382 1,462 107 20 51 473 12 1 637 3 8 182 638 Nov. 9 373 32 127 1,403 1,483 102 20 53 473 12 1 648 3 5 182 589 Nov 16 375 29 140 1,389 1,531 102 23 58 472 12 1 674 5 8 182 624 Nov. 23. 367 29 125 1,411 1,500 109 21 56 471 12 1 631 5 6 182 666 Minneapolis Oct. 26 194 14 93 857 811 158 13 52 247 1 308 2 4 3 102 357 Nov 2 205 12 88 845 804 158 12 46 247 1 322 3 4 2 102 396 Nov. 9 209 13 91 856 815 149 13 45 248 1 322 2 4 3 102 362 Nov 16 196 12 106 845 835 143 13 50 247 1 1 319 3 4 5 102 385 Nov 23 205 12 81 847 815 146 13 49 247 1 299 2 4 10 102 393 Kansas City Oct 26 463 32 267 1 ,864 1,882 202 25 66 383 2 785 1 1 4 202 792 Nov. 2 459 27 274 1,847 1,864 207 26 71 383 2 793 1 1 8 202 745 Nov 9 461 32 274 1,865 1,883 193 26 73 384 3 804 1 1 6 203 688 Nov. 16 474 29 295 1,884 1,971 184 27 79 383 2 818 1 1 11 204 774 Nov 23 484 29 262 1,882 1,914 199 26 76 381 2 3 778 1 1 8 205 874 Dallas Oct. 26 438 37 323 1,960 1,913 208 40 45 353 96 6 609 8 1 1 207 704 Nov. 2 470 33 306 1,959 1,892 233 39 41 357 77 6 653 9 1 207 681 Nov 9 447 37 311 1,946 1,929 238 29 43 357 75 6 657 8 1 207 536 Nov. 16 465 35 330 1,983 1,977 250 34 47 357 74 6 685 9 1 207 707 Nov 23 470 35 323 1,993 1,949 239 32 47 357 89 6 646 10 1 208 804 San Francisco Oct. 26 1,581 120 261 6,712 6,610 493 176 273 4,888 346 22 487 S3 31 13 778 2,527 Nov 2 1,566 116 260 6,724 6,610 508 187 242 4,886 345 22 485 86 31 12 778 2,502 Nov. 9 .... 1,584 123 275 6,743 6,700 486 196 242 4,889 344 22 493 93 31 778 2,254 Nov 16 1,576 122 279 6,731 6,816 501 232 267 4,884 345 22 541 94 30 12 764 2,655 Nov 23 1,605 120 264 6,825 6,664 555 222 273 4,868 345 22 479 99 29 2 765 2,694 City of Chicago* Oct. 26 1,197 35 157 4,011 4,029 320 40 242 1,331 30 4 1,087 38 12 491 1,623 Nov 2 1,247 33 136 3,959 3,963 313 44 214 1,334 26 1,095 37 117 492 1,904 Nov 9 1 226 38 144 3,952 3,955 300 42 210 1,337 26 i 1,100 37 62 493 1,565 Nov 16 1 ,243 35 173 3,901 4,065 291 41 236 1,337 26 L 1,158 38 1 493 1,695 Nov 23 1,178 36 137 3,993 4,040 298 44 222 1,334 26 1,050 39 492 1,784 For footnotes see opposite page and preceding table. DECEMBER 1949 1475 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 nd ra 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 Oct 31 1949P 14,060 4,523 12,184 4,253 6,894 3 352 5,290 901 1 876 270 By districts and by States Oct. 31, 1949P District Boston. 488 313 488 313 330 232 158 81 New York 900 883 900 883 774 816 126 67 Philadelphia 836 148 836 148 640 111 196 37 Cleveland 1,125 288 1,125 288 700 249 425 39 Richmond 1,012 496 804 373 479 242 325 131 208 123 Atlanta 1,189 193 574 157 349 139 225 18 615 36 Chicago J.492 593 2,492 593 1,003 239 1,489 354 St. Louis 1,469 140 1,134 79 496 42 638 37 335 61 l^Iinneapolis . 1,279 110 678 69 478 26 200 43 601 41 Kansas City 1,748 10 1,739 10 755 6 984 4 9 Dallas .021 47 913 38 623 24 290 14 108 9 San Francisco 501 1,302 501 1,302 267 1,226 234 76 State Alabama 225 23 129 23 91 23 38 96 Arizona 10 51 10 51 5 38 5 ii Arkansas 231 21 109 6 68 2 41 4 122 15 California 196 946 196 946 119 901 77 45 Colorado 144 1 144 1 92 1 52 Connecticut 112 32 112 32 64 17 48 15 Delaware 38 15 38 15 17 21 10 District of Columbia... 19 41 19 41 16 38 3 3 Florida 184 3 121 3 73 3 48 63 Georgia 397 37 104 33 66 32 38 1 293 4 Idaho 43 53 43 53 25 48 18 5 Illinois 887 3 885 3 505 3 380 2 Indiana 488 99 488 99 236 43 252 56 Iowa 665 164 665 164 163 502 164 Kansas 609 607 214 393 2 Kentucky . . . 382 40 382 40 112 25 270 15 Louisiana 162 71 59 48 46 42 13 6 103 23 Maine 63 69 63 69 38 37 25 32 Maryland 164 114 164 114 77 77 87 37 178 169 178 169 142 153 36 16 !Michigan .. .... 441 225 441 225 231 173 210 52 \f innesota 680 6 266 6 207 6 59 414 Mississippi 202 63 40 12 31 5 9 7 162 51 593 527 180 347 66 Montana 111 111 84 27 Nebraska 408 2 408 2 142 2 266 Nevada 8 18 8 18 6 17 2 1 New Hampshire 75 2 75 2 52 1 23 1 New Jersey 329 150 329 150 281 135 48 15 New Mexico 49 12 49 12 33 2 16 10 New York 644 744 644 744 564 690 80 54 North Carolina 211 193 97 74 54 38 43 36 114 119 North Dakota 150 22 63 6 43 20 6 87 16 Ohio 661 212 661 212 424 186 237 26 385 1 377 1 225 1 152 s Oregon 69 96 69 96 29 87 40 9 Pennsylvania 972 178 972 178 742 150 230 28 Rhode Island 18 43 18 43 10 31 8 12 South Carolina 151 40 63 36 33 30 30 6 88 4 South Dakota 170 48 70 23 62 20 8 3 100 25 294 87 201 74 82 58 119 16 93 13 Texas .... . . 899 5 842 5 571 5 271 57 Utah 55 23 55 23 31 21 24 2 69 11 69 11 40 2 29 9 Virginia 312 108 307 108 204 59 103 49 5 122 131 122 131 53 124 69 7 West Virginia 180 179 107 72 I Wisconsin 551 151 551 151 164 21 387 130 54 54 40 14 P Preliminary. 1 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. 1476 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 Imports Exports Dollar shipp p e o d in t b s e i t n ween Others into from ex- Total O bi w lls n bo B u il g ls ht U S n ta i t te e d s U S n ta i t t e e s d change United Foreign States countries 1948—September 305 214 120 65 55 94 136 37 1 20 20 October 285 221 125 67 58 96 140 42 1 20 17 November 287 239 141 71 70 99 152 48 1 24 15 December 269 259 146 71 76 112 164 57 1 25 12 1949—January 268 262 137 66 70 126 156 57 11 25 13 February 268 228 114 65 49 114 134 51 6 23 14 March 257 215 98 58 40 117 127 51 2 22 14 April 249 204 88 59 28 116 119 46 2 20 17 May 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 September 265 207 94 54 40 113 133 37 21 14 October 278 215 104 57 47 110 140 39 23 12 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' Debit Debit credit balances 1 Other credit balances End of month Customers' balances in balances in Cash on debit partners' firm hand Money ba ( l n a e n t) c * es a in n a v d c e c t s o r t u a m d n e i t n s n g t a in n a v d c e c t s o r t u a m d n e i t n s n g t a b n a d n k i s n borrowed2 Free O (n th et e ) r a i I n n n a v d c p e c t a s o r t r u a m t d n n e i t e s n n r g t s' a in n a v I d c n e c t s o r f t u a i m r d n m e i ts n n g t I a n c ( c c n o a e u p t n ) it t a s l 1940—June 653 12 58 223 376 267 62 22 5 269 December... 677 12 99 204 427 281 54 22 5 247 1941—June 616 11 89 186 395 255 65 17 7 222 December... 600 8 86 211 368 289 63 17 5 213 1942—June 496 9 86 180 309 240 56 16 4 189 December... 543 7 154 160 378 270 54 15 4 182 1943—June 761 9 190 167 529 334 66 15 7 212 December... 789 11 188 181 557 354 65 14 5 198 1944—June 887 5 253 196 619 424 95 15 11 216 December... 1,041 7 260 209 726 472 96 18 8 227 1945—June 1,223 11 333 220 853 549 121 14 13 264 December... 1,138 12 413 313 795 654 112 29 13 299 1946—June 809 7 399 370 498 651 120 24 17 314 December... 540 5 312 456 218 694 120 30 10 290 1947—June 552 6 333 395 223 650 162 24 9 271 December... 578 7 315 393 240 612 176 23 15 273 1948—June 619 7 326 332 283 576 145 20 11 291 1948—November. . 8 551 3 244 563 December... 550 10 312 349 257 586 112 28 5 278 1949—January. . .. 8 537 247 3 573 February ... 3 527 3225 3 565 March «53O 3 254 3 551 April »626 3 329 3 542 May 3 660 3 355 3 535 June 681 5 419 280 493 528 129 20 9 260 July 3 690 3 399 3 530 August 3 699 «404 3 548 September. . 3 740 3 418 3 580 October 3783 3416 3 586 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) ©f 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): August, 75; September, 73; October, 72. 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. 1477 DECEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET MONEY RATES IN NEW YORK BANK RATES ON BUSINESS LOANS [Per cent per annum] AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS TO BUSINESSES BY BANKS IN SELECTED CITIES U. S Government [Per cent per annum] Stock security yields mo Y w n e e th a e r , k , or m 4 m p P c - o a r e o t n p i r o m m e c t h i r 6 - e a , s - l 1 a P a b d c n e a r a 9 c i c r n y 0 m s e e k ' s p s e 1 - , t- c n h l a c e o r e a l a x e a w n s - l - n 2 l g - e m bi o 3 ll n - s t « h 9 d m c - o c e e t f o a r o b t t n i t i e n e f 1 t s i h - d 2 - - - t 3 a i - s y x s t e a o u a b e r 5 l s e - Ann A ua re l a a v a 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 o - f $ $ 1 l 2 o 0 0 a 0 0 n ,0 ,0 0 0 0 0 - $ an 20 d 0 o ,0 v 0 e 0 r 19 cities: ness 1939 2.1 4.4 3.1 2.1 1.8 1940 2.1 4 3 3 0 2 0 1 8 1 1 9 94 4 7 6 a a v v e e r r a a g g e e 1. . 0 8 3 1 . . 6 8 1 7 1 L . . 1 3 6 8 . . 3 6 7 0 5 4 . . 8 8 2 8 1 L . . 1 3 6 2 1 19 9 4 4 2 1 2 2 . . 0 2 4 4. . 4 3 3 3. . 2 0 2 1 . . 2 9 2 1 . . 0 8 1948 average .... 1.44 1.11 L .55 1.043 1.14 L.62 1 1 9 9 4 4 3 4 . 2 2 . . 6 4 4 4 . . 4 3 3 3 .3 4 2 2 . . 5 6 2 2 . . 4 2 1948— D N e o c v e e m m b b e e r r .. . 1 1. . 5 5 6 6 1 1 . . 1 1 9 9 L L . . 6 6 3 3 1 1 . . 1 1 5 4 4 4 1 1 . . 2 2 2 1 L L. . 6 6 4 9 1 1 1 9 9 9 4 4 4 7 5 6 2 2 2 . . . 2 1 1 4 4 4 . . . 2 2 3 3 3 3 . . . 2 1 1 2 2 2 . . . 5 2 3 2 1 1 . . . 0 8 7 \949—January... 1.56 L.19 L.63 1.160 L.22 L.59 1948 2.5 4.4 3.5 2.8 2.2 February. . 1.56 L.19 L.63 1.163 L.22 L.57 Quarterly: March 1.56 L.19 L.63 1.162 L.22 L.54 19 cities: A M p a r y il 1 1 . . 5 5 6 6 L L . . 1 1 9 9 L L . . 6 6 3 3 1 1 . . 1 1 5 5 6 5 L 1. . 1 2 9 0 L L. . 4 5 9 3 1 19 9 4 4 9 8 — — M D a ec r 2 2 . . 6 7 4 0 4 4 . .6 5 2 0 3 3 . . 6 5 4 8 2 2 . . 9 8 7 9 2 2. . 4 M 2 June 1.56 L.19 L.63 1.158 L.20 L.42 June 2.74 4.63 3 70 3 04 2 44 Tulv 1 56 L 06 L.63 0.990 L.04 L.26 Sept 2.63 4.62 3.64 2.98 2.31 N S O A e o c u p t v g o t e e u b m m e s b r t b . . e e . r . r . . . . . . 1 1 1 1 . . . . 4 3 3 3 4 8 8 8 L L L . . . . 0 0 0 0 6 6 6 6 L L L L . . . . 6 6 6 6 3 3 3 3 1 1 1 1 . . . .0 0 0 0 6 2 4 7 2 7 4 3 1 L L L . . . . 0 0 0 0 9 7 9 8 1 L 1 L . . . . 3 3 2 3 7 7 6 8 Ne 1 1 w 9 9 4 4 Y 8 9 — — ork D J M u e C a n c r e i ty . : ... 2 2 2 . . .4 3 3 2 5 4 4 4 4 . . 2 2 2 2 2 3 3 3 3 . .4 4 4 2 3 0 2 2 2 . . 6 7 7 6 8 0 2 2 2 . . . 1 2 1 7 5 6 Week ending: Sept 2.32 4.23 3.41 2.74 2.13 Oct. 29... 1 /i* lVn 11^—i ^ 1.063 1.09 1.38 7 Northern and East- Nov. 5... 1% lVit 1.074 1.10 1.37 ern cities: Nov. 12... \\^,—\% 1.056 1.10 1.36 1948—Dec 2.68 4.51 3.60 2.97 2.44 Nov. 19. .. 1 5^ lVl6 1.052 1.08 1.36 1949—Mar 2 68 4 63 3 66 2 89 2.44 Nov. 26... i« 11/16 1.108 1.09 1.38 S Ju ep n t e 2 2 . . 6 8 4 6 4 4 . .7 6 1 7 3 3 . . 6 6 3 4 2 2 . . 9 9 8 3 2 2. . 3 6 9 6 1 Monthly figures are averages of weekly prevailing rates. 11 Southern and 2 The average rate on 90-day Stock Exchange time loans was 1.25 Western cities: per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16, 1948—Dec 3.02 4.62 3 68 3.14 2 57 1948; and 1.63 per cent beginning Aug. 17, 1948. 1949—Mar 3.12 4.79 3.75 3.04 2.71 3 Rate on new issues offered within period. June 3.17 4.80 3.89 3.26 2.69 Back figures.—See Banking and Monetary Statistics, Tables 120-121, Sept 3.07 4.74 3.79 3.18 2.58 pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NOTE.—For description of series see BULLETIN for March 1949, pp. 228-237. BOND YIELDS1 [Per cent per annum] U. S. Government Corporate (Moody's)4 (taxable) Munic- Corpo- Year, month, or week 15 (h ip ig a h l - (h ra ig te h- By ratings By groups 7 to 9 years grade)2 grade)8 Total years m o o r re 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—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 1.72 2.22 2.22 2.59 2.90 2.60 2.69 2.95 3.37 2.68 3.19 2.84 October 1.72 2.22 2.21 2.59 2.90 2 61 2 70 2 94 3 36 2 68 3 20 2 83 November 1.70 2.20 2.17 2.56 2.89 2.60 2.68 2.93 3.35 2.67 3.20 2.81 Week ending: Oct. 29 1.72 2.22 2.19 2.58 2.90 2.61 2.70 2.94 3.35 2.69 3.20 2.82 Nov. 5 1.71 2.21 2.19 2.58 2.90 2.61 2.70 2.94 3.36 2.69 3.20 2.82 Nov. 12 1.70 2.20 2.19 2.56 2.90 2.61 2.69 2.93 3.36 2.68 3.20 2.81 Nov. 19 1.68 2.18 2.16 2.56 2.89 2.60 2.68 2.93 3.35 2.67 3.20 2.81 Nov. 26 1.69 2.19 2.14 2.56 2,89 2.59 2.68 2.93 3.35 2.66 3.21 2.80 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. 8 U. S. Treasury Department. * Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 6 issues, respectively, and the railroad Aaa and Aa groups from 10 to 5 issues. Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, OD. 483-490, and October 1947, pp. 1251-1253. 1478 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SECURITY MARKETS * Bond prices Stock prices 5 Corporate4 Common (index, 1935-35= 100) Volume of trad- Year, month, or week U. S. Munic- ing7 (in Gov- ipal Medium-grade Pre- thoum e e rn n - t2 g ( r h a i d g e h ) - 8 H gr i a g d h e - Total Indus- Rail- Public ferred6 Total In tr d ia u l s- R ro a a i d l- P ut u i b li l t i y c s s a h n a d r s e s o ) f trial road utility Number of issues 1-8 15 12 14 5 5 4 15 416 365 20 31 1946 average 104.77 140.1 198.5 140 143 143 120 1,390 1947 average 103.76 132.8 103.2 97.5 102.6 88 2 102.8 184 7 123 128 105 103 953 1948 average 100.84 125.3 98.7 92.1 96.3 85.4 95.2 168.7 124 131 115 96 1,144 1948—November 100.79 125.0 97.9 91.1 94.5 85.1 93.6 166.2 120 126 109 94 1,375 December 100.89 127.8 98.9 90.9 94.7 84.5 93.6 168.7 119 126 106 93 1,155 1949—January 101.16 129.9 100.5 92.1 96.1 86.4 93.8 171.4 121 127 106 94 833 February 101.51 128 6 100.5 92.7 97.0 86.6 94.7 173.2 117 123 100 94 850 ]March 101.67 128.8 100.7 91.9 97.1 83.1 95.5 172.2 118 124 97 95 859 April 101 65 129 1 101 0 91.7 98.0 81.6 95.6 172 2 119 124 97 96 878 May 101.62 129.1 101.0 91.9 98.9 81.2 95.7 173.2 118 124 96 95 819 June .... 101.72 127.5 100.9 91.7 98.7 80.0 96.3 176.1 112 117 88 93 808 July 103.29 127 9 102.0 91.8 98.6 79.9 96.9 176 6 118 124 91 95 938 August 103.63 129.1 103.0 92.6 98.2 81.9 97.7 179.5 122 128 94 99 947 September 103 86 128 6 103 1 93 3 99 0 82.1 98 8 182 1 124 130 95 100 1,135 October 103.90 128.8 102.8 93.7 99.9 82.0 99.2 180.3 127 134 98 101 1,313 November 104.22 129.6 103.2 93.5 100.3 80.8 99.5 179.8 129 137 96 103 1,323 Week ending: Oct. 29 103 91 129 2 102 9 93.6 99.9 81 6 99 2 179 5 129 136 97 102 1 ,427 Nov. 5 104.01 129.2 102.9 93.5 99.9 81.3 99.3 180.0 130 138 97 102 1,338 Nov. 12 104 23 129 2 103 2 93 4 99 9 80 9 99 3 179 5 129 137 97 102 1 ,270 Nov. 19 104.41 129.8 103.2 93.6 100.4 80.9 99.5 180.0 128 135 96 102 1,374 Nov. 26 104.29 130.1 103.4 93.6 100.6 80.4 99.7 180.0 130 137 96 103 1,297 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 or more. 3 Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 4 Prices derived from average yields, as computed by Standard and Poor's Corporation. 8 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] ?or new capital For refunding Total Domestic Domestic Year or month f ( a i u n r n n n e e g d d - w ) - m T e ( f a i o o d e g n s r t o n d a - t - ) i l c Total S n m a p t i n a a c u d l t i - e - a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - 2 m T e ( a f i o o d e g n r s o t d n - a t - ) i l c Total S n m a p t i n a c a u d i l t - - e a F c e g i e r e e a d n s l - 1 - Total Co B n r a p o o n o t n d e r d s a s te Stocks e F i o g r n - ' 1940 . 4,803 1,951 1,948 751 461 736 601 135 2 2,852 2,852 482 344 2 026 1 834 193 1941 5,546 2,854 2,852 5181,272 1,062 889 173 1 2,693 2,689 435 698 1,557 1,430 126 4 1942 2,114 1,075 1,075 342 108 624 506 118 1,039 1,039 181 440 418 407 11 1943 2,169 642 640 176 90 374 282 92 2 1,527 1,442 259 497 685 603 82 86 1944 4,216 913 896 235 15 646 422 224 17 3,303 3,288 404 418 2,466 2,178 288 15 1945 . . . 8,006 1,772 1,761 471 26 1,264 607 657 12 6,234 6,173 324 912 4 937 4 281 656 61 1946 8,645 4,645 4,635 952 127 3,556 2,084 1,472 10 4,000 3,895 208 734 2,953 2,352 601 105 1 1 9 9 4 4 7 8 3 9 9 , , 9 6 3 9 3 1 3 8 7 , , 8 56 0 6 6 8 7 , , 7 2 9 5 6 5 2 2, , 6 2 0 2 4 8 2 29 3 4 9 * 4 5 , , 7 8 8 9 7 8 4 3 4 , , 5 99 6 2 7 1,2 9 1 0 9 6 6 1 8 0 2 1 , , 1 12 2 8 5 1 1, , 1 9 2 4 7 8 4 8 4 2 4 7 2 6 2 8 1,4 2 8 7 2 7 1,1 2 9 5 9 1 28 26 3 177 1948—October .. 983 902 901 273 4628 4578 49 1 81 81 6 56 19 19 November 656 583 583 150 433 409 24 73 73 2 56 16 16 December. 831 753 753 126 627 564 64 78 78 3 72 3 2 2 1949—January.. 675 618 618 192 7 419 360 60 57 57 1 55 1 1 February. 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 55 39 39 April 949 904 904 190 33 681 514 168 45 45 44 1 1 May 761 685 685 339 51 295 193 102 76 76 38 31 11 20 June . 1,629 1,535 1,535 315 24 1,196 1,084 113 94 94 62 31 30 July 765 685 684 244 9 431 382 49 2 79 79 56 22 22 August... 613 309 291 174 117 63 54 18 304 204 195 8 8 1 101 September 707 519 510 314 69 127 84 43 10 188 188 4 146 38 38 October. . 787 639 639 234 405 323 82 148 148 4 53 91 69 22 1 Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. 2 Includes issues of noncontiguous U. S. Territories and Possessions. 3 Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. < 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. DECEMBER 1949 1479 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» Repayment of Other Total Plant and Working Total Bonds and Preferred other debt purposes equipment capital notes stock 1934 397 384 57 32 26 231 231 84 11 1935 2,332 2,266 208 111 96 1,865 1,794 71 170 23 1936 4,572 4,431 858 380 478 3,368 3,143 226 154 49 1937 2,310 2,239 991 574 417 1,100 911 190 111 36 1938 2,155 2,110 681 504 177 1,206 1,119 87 215 7 1939 2,164 2,115 325 170 155 1,695 1,637 59 69 26 1940 2,677 2,615 569 424 145 1,854 1,726 128 174 19 1941 2,667 2,623 868 661 207 1,583 1,483 100 144 28 1942 1,062 1,043 474 287 187 396 366 30 138 35 1943 1,170 1,147 308 141 167 739 667 72 73 27 1944 3,202 3,142 657 252 405 2,389 2,038 351 49 47 1945 6,011 5,902 1,080 638 442 4,555 4,117 438 134 133 1946 6,900 6,757 3,279 2,115 1,164 2,868 2,392 476 379 231 1947 6,577 6,466 4,591 3,409 1,182 1,352 1,155 196 356 168 1948 7,113 6,994 5,964 4,242 1,722 307 240 67 488 234 194g—October 791 782 734 559 175 24 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 3 698 688 553 402 151 1 1 126 7 May. 388 380 340 254 85 18 13 5 15 7 June 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 September 174 171 118 87 31 39 19 20 2 12 October 451 445 272 229 43 59 58 1 29 84 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Railroad Public utility Industrial Real estate and financial Year or month Total Retire- All Total Retire- All Total Retire- All Total Retire- All net New ment of other net New ment of other net New ment of other net New ment of other pro- money securi- pur- pro- money securi- pur- pro- money securi- pur- pro- money securi- purceeds ties poses4 ceeds ties poses4 ceeds ties poses4 ceeds ties 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—October 64 64 268 246 21 1 406 383 3 21 45 42 3 N D o e v ce e m m b b e e r r . . 4 73 5 4 73 5 2 4 2 8 8 9 2 4 0 6 9 1 2 8 2 1 5 1 2 1 2 64 8 1 1 4 6 5 6 6 5 19 6 36 9 35 5 i' 3 1 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 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 15 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 September.. 16 16 97 54 36 6 35 27 2 7 23 22 1 1 October 41 41 199 108 44 48 163 118 16 30 41 5 36 1 Estimates of new issues sold for cash in the United States. 2 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 3 Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 4 Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a publication of the Board of Governors. 1480 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 sind over Assets of 50 million dollars jind over Assets of 10-50 million dollars (200 corporations) (82 corporations) (118 corporations) Year or quarter Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Sales P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r 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 t s 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 11,390 168 102 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 78 1949—i 9,398 1,341 823 343 8,086 1,202 739 303 1,312 139 84 40 2 '9,441 '1,220 '750 '354 '8,187 '1,101 '677 312 L.254 '119 '73 '42 3 .... 9,502 1,313 799 332 8,224 1,181 715 293 L ,277 132 84 39 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Railroad Electric power Telephone Year or quarter O re p v i e n e r g n a u t e - P b t r e a o f x o f e i r s t e s P t a r a f o x t f e e i r t s s d D e i n v d i- s O re p v i e n e r g n a u t- e P b t e r a o f x o f e i r t s e s P a t r a f o t x e f e i r t s s d D e i n v d i- s r O e p v in e e g r n a u t e - P b t r e a o f x o f e i r t s e s P t a r a f o x t f e e i r t s s d D e i n v d i- s Annual 1939 3,995 126 93 126 2,647 629 535 444 1,067 227 191 175 1940 4,297 249 189 159 2,797 692 548 447 1,129 248 194 178 1941 5,347 674 500 186 3,029 774 527 437 1,235 271 178 172 1942. . . .. 7,466 1,658 902 202 3,216 847 490 408 1,362 302 163 163 1943 9,055 2,211 873 217 3,464 913 502 410 1,537 374 180 168 1944 9,437 1,972 667 246 3,615 902 507 398 1,641 399 174 168 1945 8,902 756 450 246 3,681 905 534 407 1,803 396 177 174 1946 7,628 271 287 235 3,815 964 638 458 1,992 277 200 171 1947 8,685 777 479 236 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—i 2,040 167 92 42 1.075 289 191 115 527 67 44 40 2 2,113 190 123 50 L,028 247 166 115 478 29 21 32 3 2,178 177 104 37 11,024 196 135 111 555 38 27 32 4 2,354 242 160 106 L ,118 228 160 129 589 58 39 30 1948—i 2,243 144 72 57 1,202 284 186 131 607 64 43 39 2 2,363 286 185 56 1,118 233 156 115 627 71 48 44 3 2,555 395 246 53 .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 '1,218 272 180 136 695 75 50 51 3 . . 2,138 175 105 50 1,218 259 173 142 711 84 55 54 r Revised. NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets as of the end of 1946. Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports of the Interstate Commerce Commission. Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve, to include affiliated nonelectric operations. Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are obtained from the Federal Communications Commission, except for dividends, which are from published company reports. All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities); p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power). DECEMBER 1949 1481 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 2 3 1 2 3 4 1 2 3 Nondurable goods industries Total (94 corps.)1 Sales 8,940 11,313 13,364 2,816 3,161 3,?19 3,289 3,3?4 3,532 3,245 r3,049 3,179 1,426 1,787 2,208 437 490 S46 553 S43 565 501 '400 451 Profits after taxes 908 1,167 1,474 287 333 356 362 362 394 325 '259 295 Dividends 449 551 656 123 183 133 157 141 225 146 '166 148- Selected industries: Foods and kindred products (28 corps.) Sales 2,715 3,231 3,447 792 915 835 861 846 904 804 '792 837 Profits before taxes 435 421 410 98 IIS 96 104 99 111 85 89 100 Profits after taxes 254 259 257 59 73 61 64 60 71 52 54 63 Dividends 105 128 135 29 43 29 32 32 42 30 31 29 Chemicals and allied products (26 corps.) Sales 2,550 3,108 3,563 775 83? 848 875 904 936 896 8S7 895 Profits before taxes 463 547 655 129 140 1S1 155 166 183 174 178 Profits after taxes 283 337 408 80 89 91 95 104 119 105 '87 109 Dividends 180 215 254 54 59 53 58 59 85 64 66 68 Petroleum refining (14 corps.) Sales 2,080 2,906 3,945 741 8S8 947 942 978 1,077 993 934 942 Profits before taxes 269 456 721 120 147 195 182 171 173 161 119 114 Profits after taxes . 214 350 548 91 118 141 133 132 141 119 92 86- Dividends. •. 92 127 172 21 33 45 ?9 66 47 31 Durable goods industries Total (106 corps.)2 Sales 12,623 19,83123,818 4,878 S S 440 5,714 s991 6,673 6,153 '6,392 6,323 Profits before taxes 607 2,312 3,107 552 643 672 688 788 958 840 '820 862 Profits after taxes 295 1,355 1,836 327 373 39S 408 470 564 498 491 504 Dividends 494 615 746 141 203 152 154 166 274 196 188 184 Selected industries: Primary metals and products (39 corps.) Sales 5,429 7,545 9,066 1,831 077 060 2,100 306 2,601 2,431 '2,175 2,050 Profits before taxes 451 891 1,174 201 227 248 237 304 385 370 '269 228 Profits after taxes 270 545 720 122 141 ISO 145 18S 240 220 '161 130 Dividends 211 247 270 57 84 60 60 60 90 71 64 61 Machinery (27 corps.) Sales 2,310 3,963 4,781 984 1,165 1,091 1,198 1,140 1,351 1,138 1,181 1,122 Profits before taxes 37 443 569 110 136 131 144 118 177 126 '113 115 Profits after taxes -9 270 334 67 88 75 83 71 105 72 '70 71 Dividends ...... . . . 97 113 126 26 37 27 28 28 42 33 32 31 Automobiles and equipment (15 corps.) Sales 3,725 6,692 8,093 1,653 1 9?S 1,865 1,951 ,056 2,221 2,151 2,601 2,708 Profits before taxes 37 809 1,131 200 236 ?47 305 327 301 387 462 Profits after taxes .. . -8 445 639 114 118 142 146 175 176 180 229 267 Dividends 136 195 282 47 56 53 51 65 112 79 76 80- ' Revised. 1 Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products- CIS); 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—3 31 3 12 3 19 0 7 1 11 9 1940 9.3 2.9 6 4 4 0 2 4 4 32 8 13 0 19 8 7 3 12 5 1941 17.2 7.8 9.4 4 5 4 9 1942 21.1 11.7 9.4 4.3 5.1 1948—i 33.0 12 8 20.2 7 6 12 6 1943 25 1 14 4 10 6 4 5 6 2 2 35 0 13 7 21 3 7 7 13 6 1944 24.3 13.5 10.8 4 7 6 1 3 36 6 14 4 22 2 7 9 14 3 1945 19 7 11 2 8 5 4 7 3 8 4 34 5 13 6 20 9 8 3 12 6 1946 23.6 9 6 13.9 5 8 8 1 1947 31.6 12.5 19.1 7.0 12 1 1949—i 29.4 11 5 17 9 8 4 9 5 1948 34.8 13.6 21.2 7.9 13.2 2 26.4 10.6 15.8 '8.4 '7.4 3i 26.0 10.4 15.6 8.4 7.2 ' Revised. 1 Figures, except for cash dividends, are estimates of Council of Economic Advisers, based on preliminary data. Source.—Same as for national income series. 1482 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 i b n d T e d t i a o e r e r e r t b i a e c n t l s t g t- Total2 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 e n p r e t s e u i b f s b o i t s - - l f ic T is r n s e u o a e t s e s u s 1 ry T b re o a n s d u s ry N T o o n t m a a l2 rket s a b a U b o v l . e n i n S d g p . s s ubl T i t s c a r a n e x v i o s a i t s a s n e u u n g s e r d s s y S is p s 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 u a u a r d e r r r l a l i s i i n y 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 Dec 252,800 250,579 157,482 12,224 26,525 7,131 111,440 61,383 55,051 4,572 31,714 2,220 51 1949—Tan 252,620 250,435 156,960 12,133 29 630 3,596 111,440 61,714 55,352 4,618 31,760 2,186 32 Feb 252,721 250,603 156,766 12,134 29,^4 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 3,5Q6 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 2? 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 Oct 256,778 254,876 155,362 12,317 30,155 3,596 109,133 65,705 56,670 7,345 33,810 1,901 25 Nov 256,982 255,124 155,365 12,320 30,155 3,596 109,133 65,929 56,717 7,527 33,829 1,858 26 1 Including amounts held by Government agencies and trust funds, which aggregated 5,355 million dollars on Oct. 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. Backf igures.—See Banking and Monetary Statistics, Tables 146-148 pp. 509-512. UNITED STATES GOVERNMENT MARKETABLE PUBLIC UNITED STATES SAVINGS BONDS SECURITIES OUTSTANDING NOVEMBER 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 l Treasury bonds—Cont. series E F G series Dec. 1 1949 . . 1,002 June 15, 1951-54 3. .2M 1,627 Dec. 8, 1949 1,000 Sept. 15, 1951-53 2 7,986 Fiscal year Dec. 15, 1949 905 Sept. 15, 1951-55 3 3 755 ending: Dec. 22, 1949 901 Dec. 15, 1951-53 3..2M 1,118 June—1942.. 10,188 5,994 3,526 435 2,032 207 Dec. 29, 1949 902 Dec. 15, 1951-55 2 510 1943.. 21,256 11,789 8,271 758 2,759 848 Jan. 5 1950 900 Mar. 15, 1952-54... 2 }4 1,024 1944.. 34,606 15,498 11,820 802 2,876 2,371 Jan. 12, 1950 901 June 15, 1952-54 2 5,825 1945.. 45,586 14,891 11,553 679 2,658 4,298 Jan. 19, 1950 903 June 15, 1952-55... 2M 1,501 1946 . 49,035 9,612 6,739 407 2,465 6,717 Jan. 26 1950 901 Dec. 15 1952-54 2 8,662 1947.. 51,367 7,208 4,287 360 2,561 5,545 Feb. 2, 1950 1,001 June 15, 1953-55 3.... 2 725 1948.. 53,274 6,235 4,026 301 1,907 5,113 Feb. 9, 1950 1,002 June 15, 1954-56 ».. 2H 681 1949.. 56,260 7,141 4,278 473 2,390 5 067 Feb 16 1950 1,001 Mar. 15, 1955-60 3,. 2H 2,611 Feb. 23, 1950 1,003 Mar. 15, 1956-58... 2 y2 1,449 1948—Nov.... 54,944 419 308 15 95 406 Sept. 15, 1956-59 3..2M 982 Dec... 55,051 540 399 22 120 432 Sept. 15, 1956-59... 2M 3,823 June 15, 1958-63 3.. 2% 919 1949—Jan 55,352 647 438 29 180 476 Cert. ofindebtedness June 15, 1959-62 4..2M 5,284 Feb.. .. 55,663 599 386 32 182 369 Dec. 15 1949 1}4 519 Dec. 15, 1959-62 4..2^ 3,470 Mar.... 55,893 590 415 26 149 440 Jan 1 1950 iM 5,695 Dec. 15, 1960-65 3..2M 1,485 Apr.. . . 56,019 454 3^1 19 104 398 Feb. 1 1950 'IS 1,993 June 15, 1962-67 4 .2^ 2,118 May... 56,116 433 322 18 93 415 Mar 1 1950 2,922 Dec. 15, 1963-68 4..2H 2,831 June... 56,260 485 359 20 107 451 J A u p n r e . 1 1 1 1 9 9 5 5 0 0 5,0 9 1 6 9 3 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 4 4 . . . . 2 2 H H 3 3, , 7 8 6 3 1 8 A Ju u l g y... 5 5 6 6, , 5 4 3 5 7 3 4 5 4 1 9 1 3 3 7 2 8 9 1 1 6 7 1 10 1 4 5 4 4 2 3 5 9 July 1 1950 5,601 Mar. 15, 1965-70 4..2H 5,197 Sept.... 56,600 398 299 13 86 411 Sept.15 1950 1,197 Mar. 15, 1966-71 4.. 2 ^ 3,481 Oct.... 56,670 388 2S9 13 86 396 Oct. 1 1950 '.1*1 6,248 June 15, 1967-72 4..2H 7,967 Nov 56,717 383 286 14 84 415 Sept. 15, 1967-72... ?H 2,716 Dec. 15, 1967-72 *.. 2)4 11,689 Maturities and amounts outstanding November 30, 1949 Treasury notes Year of All Series Series Series Series Apr. 1, 1950 ...AH 3,596 Postal Savings maturity series D E F G bonds 2 -^ 111 1949 233 233 Panama Canal Loan. 3 50 1950 1,004 1,004 Treasury bonds 1951 1,554 440 1,114 Dec. 15, 1949-51...2 "2,098 Total direct issues 155,365 1952 3,989 3,989 Dec. 15, 1949-52 3. 2491 1953 6,842 5,582 200 1,061 Dec. 15, 1949-53 3. 21,786 1954 8,810 6,287 505 2,018 Mar. 15, 1950-52...2 1,963 1955 7,655 5,036 539 2,080 Sept.15, 1950-52 ». 1.186 Guaranteed securities 1956 5,630 2,605 616 2,408 Sept.15, 1950-52...2 4 939 Federal Housing Admin. 1957 5,446 2,767 493 2,186 Dec. 15, 1950 .1H 2,635 Various 15 1958 5,788 3,178 273 2,337 1959 5,440 3,102 298 2,041 1960 2,931 473 2,458 1 Sold on discount basis. See table on Open-Market Money Rates, 1961 1,436 205 1,231 p. 1478. Unclassified. . -40 2 Called for redemption on Dec. 15, 1949. * Partially tax exempt. * Restricted. Total.... 56,717 1,677 33,659 3,602 17,819 DECEMBER 1949 1483 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 End of Total month interest- Other State U. S. Governse b c e u a r r i i t n i g es Total Total m b C a e n o r m k ci s a - l i R F B e e a d se n e r r k v a s e l Total v I id n u d a i- ls I c a n o n s m u ce r - - M s b a a v u n i t n u k g a s s l r c a o a t r n i p o d n o- s l g a o o n c v a d - l a m nd e n t t r u a s g t e n fu c n ie d s s panies associa- ern- Special Public tions 2 ments issues issues 1940—June... 47,874 48,496 18,566 16,100 2,466 29,930 10,300 6,500 3,100 2 500 400 4,775 2,305 1941—June... 54,747 55,332 21,884 19,700 2,184 33,448 11,500 7,100 3,400 2 400 600 6,120 2,375 1942—June... 76,517 76,991 28,645 26,000 2,645 48,346 18,400 9,200 3,900 5 400 900 7,885 2,737 1943—June... 139,472 140,796 59,402 52,200 7,202 81,394 31,700 13,100 5,300 15 500 1,500 10,871 3,451 1944—June... 201,059 202,626 83,301 68,400 14,901 119,325 46,500 17,300 7,300 25 900 3,200 14,287 4,810 1945—June... 256,766 259,115 105,992 84,200 21,792 153,123 59,800 22,700 9,600 30 900 5,300 18,812 6,128 1946—June... 268,578 269,898 108,183 84,400 23,783 161,715 64,100 25,300 11,500 25 300 6,500 22,332 6,798 Dec.... 257,980 259,487 97,850 74,500 23,350 161,637 64,900 25,300 11,800 22 400 6,300 24,585 6,338 1947—June... 255,197 258,376 91,872 70,000 21,872 166,486 67,100 25,000 12,100 22 300 7,100 27,366 5,445 Dec... 254,281 256,981 91,259 68,700 22,559 165,722 66,600 24,300 12,000 21,200 7,300 28,955 5,397 1948—June... 250,132 252,366 85,966 64,600 21,366 166,400 67,000 23,200 12,000 20 700 7,800 30,211 5,538 Dec... 250,630 252,854 85,833 62,500 23,333 167,021 67,600 21,500 11,500 21,400 7,900 31,714 5,603 1949—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 Aug.... 253,945 255,879 84,224 66,700 17,524 171,655 69,100 20,600 11,600 23,300 8,300 33,358 5,492 Sept... 254,783 256,709 84,710 66,700 18,010 171,999 69,100 20,500 11,600 23,000 8,300 33,914 5,500 1 Including holdings by banks in territories and insular possessions, which amounted to 350 million dollars on Dec. 31, 1948. 2 Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country. NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury Bulletin because of rounding. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Interest-bearing public marketable securities. In millions of dollars] U. S. U.S. End of month s T t o i a o n u n t g t a d - l - G a t a c r g o u i n e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m a c o i n e a m k r l - s - 1 b s M t i a n u a n g v a u k s l - - s p I c a n a o n n s m c u i e e - r s - Other End of month s T t o i a o n u n t g t a d - l - G a t a c r g o i n u e e v d s n s t t - . B s F e R e a e r r e n a d v - l k - e s b C m c a o i n e a m k r l - s - 1 b M s i t a n u a n g v a u k s l - - s p I c a n a o n n s m c u i e e - r s - Other funds funds Type of Treasury bonds security: and notes, due or callable: Total:2 1 1 1 9 9 9 4 4 4 7 8 9 — — — D D J J u e e u c c n n e e . . . . . . . . 1 1 1 1 5 6 5 6 7 0 5 5 , , , , 4 1 3 7 9 6 7 9 6 0 3 1 5 5 5 5 , , , , 4 4 3 2 7 0 7 6 7 2 4 1 2 2 2 1 3 2 1 9 , , , , 3 3 3 5 3 6 5 4 3 6 9 3 6 5 5 5 1 7 5 6, , , , 2 5 3 3 3 9 7 5 7 9 0 3 1 1 1 1 1 1 1 0 , , , , 5 0 5 8 5 2 2 7 2 2 9 7 2 2 1 1 1 2 9 9 , , , , 7 0 8 8 0 9 1 9 5 0 9 5 4 4 4 4 2 2 4 2 , , , , 0 6 7 1 8 3 7 5 7 7 9 4 Wi 1 1 1 t 9 9 9 h 4 4 4 in 7 9 8 — — — 1 D D J J y u u e e e n n c c a e e r: 1 1 1 1 0 1 4 3 , , , , 2 2 2 4 2 1 6 1 6 6 3 1 9 4 6 1 8 9 9 9 2 1, ,0 6 9 8 7 9 8 6 0 3 2 1 5 5 8 7, , , , 0 9 2 5 2 2 4 7 2 1 4 1 2 2 2 1 3 3 6 7 6 2 6 1 3 3 3 2 8 1 2 7 5 6 9 3 4 3 2 3 , , , , 1 5 9 6 2 5 5 7 5 3 6 5 S A e u p g t 1 15 5 5 5, , 5 6 6 6 5 1 5 5, , 3 3 7 7 8 0 1 1 7 8 , , 5 0 2 1 4 05 5 9 9, ,4 4 7 9 6 6 1 1 0 0 , , 9 9 2 6 4 4 1 1 8 8 , ,6 7 3 4 5 04 4 3 3 , , 4 2 7 3 1 8 A Ju u l g y.... 1 1 1 1,2 2 2 2 6 6 4 4 7 6 9 92 7 2 6 7 7, , 2 1 1 2 8 9 2 2 3 2 5 8 3 3 5 4 4 4 2 2, , 4 4 8 6 5 8 Tre 1 a 9 s 4 u 7 r — y D bi e l c ls: 15,136 18 11,433 2,052 25 154 1,454 Sept.. . . 16,059 64 1,14210,409 325 616 3,503 1 19 9 4 4 8 9 — — D J J u e u n c n e e.... 1 1 1 3 2 1 , , , 7 2 5 5 2 3 7 4 6 6 6 15 9 3 4 8 5 , , , 3 4 5 4 8 7 6 7 7 2 2 2 , , ,8 7 3 1 9 4 7 4 5 5 5 1 8 0 3 1 6 8 12 0 4 3 4 2 , , , 7 2 6 3 4 5 7 0 0 1- 1 1 5 9 9 4 4 y 7 8 e — — ar D J s u : e n c e 4 4 9 6 9 1 4 2 8 4 3 3 1 4 8 4 2 1 , , 6 3 3 7 6 73 3 3 0 , , 4 5 1 8 5 0 1 1, , 8 8 2 7 9 6 3 2 , ,7 0 9 4 0 6 9 7 , , 8 9 9 7 0 1 Aug 12,124 59 3,485 4,219 19 40 4,302 Dec 44 053 226 3,25828,045 1,769 2,501 8,254 Sept.... 12,315 69 4,342 3,730 18 51 4,105 1949—June.... 39 175 212 2,12126 304 1,279 2,124 7,135 Ce 1 1 rt 9 9 i 4 f 4 i 7 8 c — a — t D e D J s e e u : c c ne.... 2 2 2 2 1 6 , , , 5 5 2 2 8 2 5 8 0 3 2 1 0 4 4 4 6 6 , , 7 6 0 9 1 7 7 6 8 6 8 9 ,5 0 5 3 7 5 8 2 2 3 2 2 1 5 0 7 6 0 4 6 2 7 7 6 2 9 9 1 8 7 0 , , , 6 4 3 1 2 8 0 3 6 S J A u e u p l g t y.... 3 3 3 3 9 9 0 1 1 4 7 7 9 5 5 2 2 1 1 1 8 2 2 7 2 2 16 1 1 5 2 2 8 1 12 2 22 6 6 4 5 63 1 1 6 4 8 1 1 1 , , , 2 1 2 7 4 5 7 4 9 2 2 1 , , , 0 6 1 3 0 3 3 4 0 5 7 7, , , 0 7 0 1 9 6 7 1 5 1949—June.... 29,427 26 6,857 9 561 207 602 12,174 5—10 years: Aug 29,246 25 5 958 10 857 179 589 11,638 1949—Dec 10 270 370 426 6 090 576 880 1,928 Sept.. . . 30,441 25 5,832 11 965 187 597 11,835 1948—June.... 10 464 314 546 6 251 506 911 1,936 Treasury notes: Dec 10 464 314 434 6 314 520 997 1,885 1947—Dec 11,375 4 1 477 5 327 98 245 4,224 1949—June.... 15 067 532 584 6 587 2,002 1,732 3,630 1 19 9 4 4 9 8 — — D J J e u u c n n e e . . . . . . . . 1 3 7 1, , , 1 5 3 3 9 7 1 6 5 47 7 1 3 9 7 5 6 9 9 8 1 3 4 1 0 8 5 9 0 3 9 1 1 4 9 8 1 8 4 2 1 1 2 0 6 3 4 6 4 2 1 , , , 9 2 5 8 4 5 4 4 5 A S Ju e u p l g y t. . . . . . . . 1 1 1 5 5 50 0 0 6 6 6 7 7 7 5 5 5 3 3 3 1 2 1 5 5 5 8 8 8 4 4 4 6 6 6 6 6 6 9 5 7 3 0 0 2 1 1,9 9 0 7 8 1 2 8 0 1 1 1 , , , 7 7 7 4 4 5 2 9 3 3 3 3 , , , 5 5 5 3 4 4 8 1 9 Aug 3,596 43 305 1 894 39 99 1,216 Sept.. . . 3,596 41 298 1 909 38 98 1,212 After 10 years: Treasury bonds: 1947—Dec 54,757 4,393 834 5 003 8 606 18,211 17,710 1947—Dec 117,863 5,173 2 853 47 424 11 226 22 213 28,974 1948—June 53, 838 4,685 2 921 3 922 8 639 17,129 16,542 1948—June 112,462 5,336 6 206 42 146 11 047 20 880 26 847 Dec 53,838 4,710 7 215 3 541 8 048 15,230 15,094 Dec 111,440 5,340 10 977 40 371 10 486 18 891 25 375 1949—June 48,554 4,455 4 452 3 933 7 293 14,179 14,242 1949—June.... 110,426 5,201 7 780 42 042 10 768 18 315 26 320 July.... 48,554 4,455 4 452 3 957 7 277 14,038 14,375 Aug 110,426 5,206 7 775 42 505 10 727 18 004 26 209 Aug 48,554 4,461 4 452 3 993 7 273 13,977 14,398 Sept 109,133 5,207 7 538 41 852 10 680 17,880 25 976 Sept 48,554 4,467 4 452 4 023 7 278 13,981 14,353 * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks, insurance companies, and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 1484 FEDERAL RESERVE BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [In millions of dollars] On basis of daily statements of United States Treasury Cash operating Increase (+) or General fund of the Treasury (end of period) decrease ^ —/ 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 r d e g - s i e - t s B d u e u r f d p ic g lu i e t s t c T o e a r t u u c c n - . s i t t s c C o i a l n u c e g n - ar t1 - G d r e o b s t s G ba f e u l n a n e n d r c a e l f a g B e u n e i r a n n a c n l d l e - - Total B s F D e a R e e r n r e e a d v k - p l - e s o 2 si d i t S t s e c a p p i i r a n e o i l e - s s - O as t s h e e t r s T b t l o i i i e a l t i s - a - l c C o i a n m s - h e o C u a t s g h o i ( E o n + x u c ) c o t e * m o s , a e r Fiscal year: 1947 40,043 39,289 +754 —1,103 +555 —11,136 -10,930 3,308 3,730 1,202 962 J.SfiS 422 43,59136,931 +6,659 1948 42,211* 36,791 +5,419 +2,706 —507 —5,994 +1,624 4,932 5,370 1,928 1,773 1,670 438 45,40036,496 +8,903 1949 38.246 37,057 +1,189 —3 495 +366 +478 — 1,462 3,470 3 #862 438 1,771 1,653 392 41,62840,577 +1,051 1948—Nov... 2,540 2,815 -275 -30 -158 +46 -417 4,385 4,813 1,601 1,621 1,591 428 3,190 3,474 -283 Dec... 4,014 3,603 +410 -718 -163 +294 -177 4,208 4,630 1,122 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 .793 383 3,683 2,855 +829 Feb.. . 3,381 2,646 +736 -154 -51 +101 +631 5,291 5,719 1,423 >,688 L,6O7 428 3,893 3,259 +635 Mar.. 5,435 3,621 +1,814 -345 +87 -1,080 +476 5,767 6,123 1,482 2,924 L,717 357 5,555 3,850 +1,704 Apr... 1,340 2,748 -1,408 -465 +213 -111 -1,771 3,995 4,428 1,226 1,563 1,639 433 1,430 3,130 -1,699 May.. 1,945 2,822 -877 +9 -324 +359 -833 3,163 3,526 628 1,313 1,586 363 2,595 3,709 -1,114 June.. 4,767 4,579 +188 -588 -173 +881 +308 3,470 3,862 438 1,771 1,653 392 4,798 4,550 +248 July.. 1,946 3,434 -1,488 +30 +218 +1,107 -133 3,337 3,699 529 1,485 1,684 362 2,081 P2.965 P-884 Aug... 2,479 3,585 -1,106 +345 -133 +1,975 +1,081 4,418 4,767 610 2,513 1,644 349 3,150 *>3,715 P-565 Sept.. 4,832 3,995 +837 -404 +20 +828 + 1,281 5,699 6,080 1,176 3,226 1,679 381 4,915 P3.848 p+1,067 Oct. . . 1,881 3,111 -1,230 +10 + 160 +98 -962 4,737 5,080 595 2,831 1,654 343 2,046 P3.268 p-1,222 Nov... 2,344 3,127 -783 +299 -36 +204 -315 4,422 4,789 517 2,632 L,641 367 DETAILS OFTREASURY RECEIPTS On basis of daily statements of United States Treasury On basis of reports by collectors of internal revenue Income taxes Deduct Individual Corporation income F o i r s c m al o y n e th ar b p W y l h o e i y e t l e d 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 n a - u s - a e l S S ta r o e i x c c ty e i u a s - l c O e r t i e h p - e t r s6 c T e r o i e p t - a ts l R t e a o f x u f e n s ds e S t m S m a e o x c p e c u e l n i o s r a t i y 8 l t - y c N e r i e e p - t ts W i h n e c it l o d h m - e O ta t x h e e s r N a s n u o a d r r n t m d a p x a r l ofits E p o r a x t t o n h a c f d e x e it s r e s s s t t a a g E a n x i s f t d e e t - s m l E a o t a a x i n t s n x h c e c d 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—Nov... 1,198 385 768 386 204 2,941 43 358 2,540 1,564 85 263 16 58 693 Dec... 714 2,328 702 134 184 4,062 41 7 4,014 34 343 1,960 18 65 678 1949—Jan. .. 609 2,152 638 56 220 3,675 58 38 3,579 640 1,913 391 19 64 547 Feb... 1,276 1,414 654 438 152 3,935 273 280 3,381 1,922 905 292 33 53 596 Mar... 757 4,342 720 170 143 6,133 672 26 5,435 156 1,846 2,529 24 105 646 Apr... 562 747 644 81 273 2,306 891 75 1,340 908 286 406 10 63 537 May... 1,119 424 656 410 141 2,751 414 391 1,945 1,465 140 232 10 66 645 June.. . 674 3,145 704 139 266 4,928 155 6 4,767 33 975 2,159 12 53 647 July... 554 655 653 65 135 2,061 57 58 1,946 828 167 485 8 48 587 Aug.. .. 1,161 407 749 404 196 2,917 57 381 2,479 1,556 99 270 7 61 713 Sept 657 3,237 714 147 131 4,885 45 7 4,832 26 991 2,256 11 73 645 Oct.... 564 496 753 65 114 1,993 49 62 1,881 952 122 348 8 53 688 Nov.... 1,134 355 722 356 161 2,727 46 337 2,344 DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS On basis of daily statements of United States Treasury Budget expenditures Trust accounts, etc Social Security Other Inter- accounts F o is r c m al o y n e th ar Total N d a e t f i e o n n s a e l e I d n st e t e b o r t n - n i n a o a a f a n n n i i d t d a c - - l e t e m r V A r a a i t e d n i n t o - i - s s n ' - a t c A u g t u o i r r l d e i - - T c t o f r r a e t a u u c o r n n s - 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 a x r n o t e p i o p i o e m g e n n r n i d - c it Other Fiscal year: 1947 39,289 16,766 4,958 4,928 6,442 1,226 1,361 3,607 3,235 1,785 1,509 3,009 1,577 2,476 1948 436,791 11,364 5,211 4,143 6,317 78244,178 4,797 3,918 2,210 1,64045,598 850 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 1948—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 3 995 985 544 455 440 495 419 657 37 151 265 513 425 113 Oct 3,111 959 255 389 504 242 85 676 172 -92 232 114 6 129 Nov 3,127 P948 306 P410 540 P212 P7 *>7O5 562 13 256 97 9 82 * Estimated. P Preliminary. 1 Excess of receipts (+) or expenditures (—). 2Excluding 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. 5 Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal years 1947-1949 amounted to 2,886, 1,929 and 589 million dollars and 279, 161 and 57 million, respectively. 8 These are appropriated directly to the Federal old-age and survivors insurance trust fund. DECEMBER 1949 1485 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 * Li i a n b t i e l r it a i g e e s, n c o y th e it r e m th s an 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 , - - U. I S m nv . e e n s O t t - s ther L s e tu t a q a r r n u u n e d i c d s p - , , - O s t e h ts er t F g B u a u u o r n a l e n d l r s y d - s p d , a e n y b 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 v n 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 - G se o c v u i - . s r e it c i u e - s2 ment an b te y ed Other rities U. S. All agencies: 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 22,324 475 12,228 674 2 077 3,515 3,049 307 884 1,92719,320 170 June 30, 1949 22,232 51411,770 1,140 2,004 3,508 2,946 351 865 1,48719,682 172 Classification by agency, June 30, 1949 Department of Agriculture: Farm Credit Administration: Banks for cooperatives 308 244 1 289 17 Federal intermediate credit banks 640 576 606 29 Production credit corporations 64 25 63 Agricultural Marketing Act Revolving Fund 2 1 2 Federal Farm Mortgage Corp 66 2 62 64 Rural Electrification Administration 1,196 26 1,152 () 1,196 Commodity Credit Corporation 2,282 197 1,123 764 1,508 Farmers' Home Administration4 313 13 253 2 311 Federal Crop Insurance Corp 37 33 4 32 Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks 750 363 360 258 234 103 155 Federal Savings and Loan Insurance Corp 211 207 5 205 Home Owners' Loan Corp 342 317 10 13 327 Public Housing Administration 6 ,727 293 1,401 19 1,708 Federal Housing Administration 238 20 166 1 174 50 Federal National Mortgage Association 467 464 9 458 Reconstruction Finance Corporation: Assets held for U. S. Treasury 6 862 2 188 610 862 Other 976 837 1 896 Export-Import Bank 2,189 2,164 120 2,069 Federal Deposit Insurance Corp 1,142 (3) 1,134 ) 7 1,134 Federal Works Agency 177 () 89 74 9 168 Tennessee Valley Authority 833 2 1 811 13 820 All other 7,413 123 3,809 3,385 44 24 7,389 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY June 30, 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 e d k r i i . - s t - B f o t o a p i r v n e e k r c s a o s - - m C C C r o o o e d r m d p i i - t . t y t R A r E t i i f u l d o i e r m c n c a a - l . - A F 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 r i 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 M g 1 e a 9 a n r 4 l . c l 9 i 3 , e 1 s , To aid agriculture 70 576 248 1,270 1,153 525 (3) 4 3,847 4,209 To aid home owners 319 (3) 173 487 980 851 To aid industry: Railroads 117 3 120 141 Other 1 324 39 364 337 To aid financial institutions: Banks (3) (3) 4 4 5 Other 363 5 368 367 Foreign loans 186 2,172 3,750 6,108 6,098 Other 294 92 103 488 589 Less: Reserve for losses 8 (3) 5 147 1 273 3 2 58 7 5 509 370 Total loans receivable (net)... 62 576 244 1,123 1,152 253 317 293 363 839 2,164 4,385 11,770 12,228 1 Assets are shown on a net basis, i. e., after reserve for losses. 2 Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction and Development and its subscription of 2,750 million to the International Monetary Fund. 3 Less than $500,000. 4 Functions, assets, and liabilities of the Regional Agricultural Credit Corporation, which was dissolved pursuant to Public Law 38, 81st Congress, are being administered by the Farmers' Home Administration. 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. 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. 1486 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INDEXES [The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation Construction I ( n p d h 1 u y 9 s s t 3 i r c 5 i a a - l 3 l 9 v p o r = o lu d 1 m u 0 c e 0 ) ti * o 1 n aw 19 a 2 c r 3 d o - e n 2 d t 5 r a (v c = t a s l 1 u 0 e 0 )2 E 1 m 9 p 39 lo y = m 1 e 0 n 0 t8 F to a r c y - Freight D m ep e a n r t t- Con- W s h a o le le- Year or month Total D ab u f l M a r e - c a tu n r u N e d - s u o r n - - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N t a c u g u o r r l n a - i- l - Factory 1 r 9 p o 1 3 a l 0 l 9 y s 0 - = « c 1 a 9 i = r n 3 l g 1 o 5 s 0 - a * 3 0 d 9 - 1 u 9 = s ( e 3 v a 1 ) a l 5 * e 0 l - - s 0 3 * 9 1 s p 9 u = r 3 m i 1 5 c 0 e - e 3 r 0 s s 9 3 ' p m c - r 1 = i o o 9 c 1 m 2 d e 0 6 s i - 0 t y s able Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 72 84 62 71 63 44 79 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 78 6 1939 109 109 109 106 72 60 81 100.0 100.0 100 0 101 106 99 4 77 1 1940 125 139 115 117 81 72 89 105.8 107.5 113.6 109 114 100 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 92 138.8 183.3 331 1 137 168 123 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 26 102 132.3 157.0 293.5 135 207 128 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 192 225 177 155 190 162 214 145.9 155.2 351.4 138 302 171.2 165 1 1947 November 192 193 224 179 155 193 163 217 144.6 156.8 158.3 345.6 147 303 164 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 193 189 229 178 154 191 152 223 145.5 157.8 157.4 348 1 144 294 168 8 165.9 February 194 190 226 180 155 187 152 215 '145.1 156.6 156.3 343.8 138 294 167.5 161.0 March 191 188 229 177 142 181 148 208 145.3 156.8 156.5 346 6 130 291 166.9 161 6 April 188 186 217 177 147 181 154 202 '•144.6 153.8 152.3 334.9 130 307 169.3 163.0 May 192 192 221 178 162 188 165 206 145 3 154 0 151 3 334 4 142 305 170.5 164 2 June 192 193 222 179 159 201 177 220 145.9 154.9 153.3 345.6 139 307 171.7 166.4 July 186 187 219 169 153 205 187 219 146.3 155.8 153.5 346.5 138 311 173.7 168.8 August 191 194 223 177 159 201 177 220 146 7 155 6 156 3 360 1 142 309 174 5 169 8 September 192 197 225 178 156 193 165 216 146.8 155.6 158.9 366.8 139 309 174.5 168.9 October 195 199 231 179 158 184 157 206 146.8 155.3 157.6 366.7 140 309 173.6 165.4 November 195 195 229 178 161 189 154 217 146 6 154 5 155 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 .. ... 191 187 227 175 149 174 133 207 144.9 149.3 148.9 345.9 131 295 170.9 160.6 189 185 225 173 149 169 123 207 144 1147 6 147.4 340 4 126 282 169.0 158.1 March 184 181 223 168 136 175 130 212 143.4 145.6 145.3 332.8 120 278 169.5 158.4 April 179 177 212 162 148 177 141 206 142.8 143.4 141.8 319.2 127 294 169.7 156.9 May 174 174 201 161 145 181 159 199 142.1 140.8 138.2 312.8 124 292 169.2 155.7 June 169 170 194 161 133 195 176 210 141.6 139.9 138.4 315.7 115 285 169.6 154.5 July 161 163 185 154 123 209 200 217 141.0 138 9 136.9 r312.8 110 279 168.5 153.5 August 170 173 192 165 129 229 228 230 141.6 139.6 141.1 '322.8 115 283 168.8 152.9 September 174 178 199 172 119 246 254 240 142 2 141 2 143.6 334 7 106 289 169.6 153.7 October H66 P\69 ^175 Pi 75 P113 263 269 259 P139.6P137.5P139.7 "323.0 92 275 168.5 152.2 * Average per working day. e Estimated. P Preliminary. r Revised. 1 For indexes by groups or industries, see pp. 1488-1491. For points in total index, by major groups, see p. 1510. 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. 1495. * The unadjusted indexes of employment and payrolls, 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. 1497-1500. 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. DECEMBER 1949 1487 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 averages 100J 1948 1949 Industry Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Industrial Production—Total. . . 195 195 192 191 189 184 179 174 169 161 170 174 P166 Manufactures—'Total 202 201 199 198 196 193 184 179 176 168 177 184 P175 Durable Manufactures 231 229 231 227 225 223 212 201 194 185 192 199 P175 Iron and Steel1 221 224 223 228 232 233 219 204 177 156 178 179 101 209 212 212 218 220 221 217 209 189 158 170 171 23 Steel 252 255 254 260 267 264 240 218 182 162 191 193 38 193 194 194 197 199 202 196 187 167 148 165 168 21 Electric 670 685 682 711 755 706 551 438 293 259 376 373 163 277 276 277 268 262 252 240 232 225 217 215 224 P227 243 238 246 244 241 240 235 220 240 249 244 252 P234 Automobiles (including parts) 209 203 208 209 206 204 203 184 211 225 226 232 P217 (Aircraft; Railroad Equipment; Shipbuilding—Private and Government)2 192 187 184 183 185 183 167 145 133 127 141 157 vl65 Smelting and refining 191 175 183 186 200 210 209 200 193 180 174 175 P168 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2 Fabricating 192 192 185 182 180 172 151 123 108 105 128 150 P164 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin Lumber and Products 147 145 143 129 123 129 126 126 12J 115 126 133 P137 Lumber 135 133 131 117 107 119 118 120 114 104 115 119 P122 Furniture 170 169 168 154 154 150 144 139 139 136 148 159 P166 Stone, Clay, and Glass Products3 210 203 205 204 202 195 189 185 186 185 183 184 P185 Glass products 212 185 182 183 179 173 172 181 193 "•202 192 184 P193 224 189 184 189 184 178 179 189 206 223 204 195 204 Cement 184 195 212 208 222 208 213 196 195 190 183 189 182 Clay products 171 172 173 180 176 171 164 157 152 140 145 146 P148 Nondurable Manufactures 179 178 173 175 173 168 162 161 161 154 165 172 P175 Textiles and Products 167 164 156 160 157 142 129 123 126 120 140 154 P164 Textile fabrics 153 148 140 144 142 130 119 114 116 107 127 140 P148 Cotton consumption 129 122 114 123 125 120 111 103 105 87 111 127 134 319 322 317 313 305 275 240 214 217 238 259 r293 319 Nylon and silk consumption 2 Wool textiles 168 162 151 150 143 122 112 118 120 109 134 139 Carpet wool consumption 247 233 206 225 214 198 171 163 127 91 141 148 Apparel wool consumption 160 143 139 136 130 107 92 99 110 109 134 138 Wool and worsted yarn 148 144 133 125 121 105 97 106 115 108 129 135 141 140 127 122 118 100 101 112 118 113 132 127 Worsted yarn 159 149 143 130 126 112 92 98 111 102 126 145 Woolen and worsted cloth 157 156 148 149 141 113 107 116 126 118 136 139 113 102 100 108 113 113 106 101 105 96 rllO 115 P108 Leather tanning 108 100 103 103 107 99 96 95 97 84 r91 100 Cattle hide leathers 121 110 114 114 122 110 108 109 110 98 r104 112 Calf and kip leathers 82 80 89 88 85 80 74 76 75 55 '69 77 90 89 82 85 89 90 80 79 80 71 r72 83 Sheep and lamb leathers 95 87 87 93 86 78 76 69 79 70 '78 87 Shoes 117 104 97 111 117 123 113 105 110 104 123 125 P116 Manufactured Food Products 161 159 158 160 162 162 162 163 165 161 '166 166 P166 Wheat flour 130 133 128 135 127 113 103 105 120 112 109 110 P117 148 144 144 144 145 150 154 153 151 151 152 151 P146 Butter 76 75 74 77 80 86 88 86 81 78 82 86 84 Cheese 161 166 180 192 190 188 199 189 176 171 171 167 158 Canned and dried milk 167 143 135 126 130 146 161 166 167 173 172 158 140 Ice cream 2 P Preliminary. r Revised. 1 Aspecial adjustment has been made in the iron and steel group index for October and in the over-all indexes, which include iron and steel. This adjustment allows for the fact that iron and steel fabricating activities, which are usually represented by output of pig iron and steel ingots, showed very little decline while pig iron and steel output was curtailed by about nine-tenths. If computed by the usual method, the total index of industrial production for October would be 8 points lower, and the indexes for manufactures, durable manufactures, and iron and steel would be reduced accordingly. 2 Series included in total and group indexes but not available for publication separately. 3 Because the basic data formerly used for measuring monthly changes in production are no longer available, the following separate series have been discontinued: Stone, clay, and glass products—(1) gypsum and plaster products and (2) abrasive and asbestos products; Chemical products—(1) soap and (2) explosives and ammunition. 1488 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 Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued 141 155 154 152 156 153 145 137 141 150 153 158 155 Pork and lard .... 157 177 172 167 172 167 160 146 150 164 168 181 184 Beef 127 135 143 147 154 155 145 144 144 147 148 146 133 Veal 140 144 134 115 112 111 106 101 114 127 139 134 129 Lamb and mutton . 112 108 98 92 87 71 55 58 68 77 80 83 85 Other manufactured foods . . 169 165 164 166 169 170 171 173 175 168 174 P174 J>175 Processed fruits and vegetables 152 140 142 138 136 154 155 156 173 139 150 134 P159 Confectionery 124 124 132 131 136 133 123 126 116 108 134 Other food products .... . . . 181 179 175 179 183 181 183 185 185 185 188 191 P186 Alcoholic Beverages 186 217 197 181 177 187 164 174 169 165 172 174 167 Malt liquor . . 156 181 185 168 156 176 152 163 161 171 169 166 143 Whiskey 95 112 131 119 118 106 91 84 60 42 44 69 72 Other distilled spirits 244 334 278 328 294 249 271 285 277 200 292 182 194 Rectified liquors 398 443 287 235 283 295 247 270 267 246 257 314 369 Tobacco Products . . 174 170 146 159 160 172 162 170 172 146 178 175 165 Cigars . . 122 130 97 102 100 99 98 98 117 101 111 125 123 230 224 196 216 220 241 224 236 233 196 242 231 217 Other tobacco products 78 68 63 66 66 68 65 71 69 61 78 76 72 Paper and Paper Products 172 169 153 163 158 151 146 144 143 129 155 169 176 167 163 150 158 154 147 141 139 137 125 148 160 168 Pulp . 195 188 173 188 183 175 166 165 159 147 171 179 192 117 104 105 101 96 95 88 90 94 99 99 104 104 Soda pulp 111 107 104 107 108 106 100 97 80 87 99 102 112 330 317 285 327 309 291 274 273 275 256 302 r315 340 Sulphite pulp . . . . ... 153 149 137 145 145 142 135 135 122 104 124 133 144 Paper 163 159 146 153 149 143 138 135 134 122 144 157 164 Paperboard . . 193 195 167 182 174 163 162 162 164 142 184 203 206 Fine paper a 172 165 160 157 158 155 151 149 142 133 150 r161 168 Tissue and absorbent paper 170 162 158 161 157 160 152 142 139 141 144 157 170 157 150 142 151 147 138 123 115 117 109 123 136 150 Newsprint 100 98 100 99 98 99 97 100 99 97 97 94 96 Paperboard containers (same as Paperboard) 164 156 154 155 153 153 152 155 149 144 151 159 165 155 148 148 153 149 151 154 161 156 156 151 156 162 Printing paper (same as shown under Paper) . .. Petroleum and Coal Products 217 227 231 228 221 213 209 207 202 198 203 206 P206 Petroleum refining2 Gasoline 170 174 179 174 170 169 170 177 177 178 177 179 P183 Fuel oil 199 200 204 206 194 186 169 166 154 159 168 180 P184 Lubricating oil 169 159 162 159 150 138 126 128 145 132 131 142 Kerosene 183 207 200 196 176 167 157 138 140 142 142 160 Other petroleum products 2 Coke 181 183 184 184 185 178 182 175 159 139 146 By-product coke 173 175 176 177 176 173 173 169 158 143 150 Beehive coke 454 460 466 455 504 319 477 385 202 18 33 23 Chemical Products 3 255 257 257 257 250 245 237 234 233 228 229 236 P239 Paints . . . 156 153 148 149 143 139 139 135 134 133 137 140 P139 Rayon 304 306 311 309 309 300 265 259 249 252 256 275 P295 Industrial chemicals 446 449 450 447 435 427 417 406 404 392 388 404 P410 Other chemical products 2 Rubber Products . . 205 203 200 193 188 182 177 178 178 175 178 176 P182 Minerals -—Total 158 161 156 149 149 136 148 145 133 123 129 119 P113 Fuels 166 167 164 156 155 137 148 149 135 126 134 122 P123 Coal 145 147 137 133 129 85 133 136 99 83 102 58 Bituminous coal 152 155 145 145 142 93 144 144 104 80 108 60 P31 Anthracite . . 118 116 103 88 74 52 88 105 78 93 82 50 #118 Crude petroleum 177 177 167 168 163 156 155 153 147 149 154 p]CQ Metals 113 121 110 104 113 129 145 126 124 105 102 98 P58 Metals other than gold and silver 157 175 158 149 161 184 209 176 175 144 140 133 Iron ore (Copper; Lead; Zinc)2 .... Gold 48 43 39 39 44 50 53 55 52 51 48 50 Silver 69 60 59 55 58 62 67 68 62 56 52 For other footnotes see preceding page. 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. DECEMBER 1949 1489 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 Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Industrial Production—Total. 199 195 190 187 185 181 777 174 170 163 173 178 P169 Manufactures—Total 205 202 197 195 193 190 183 179 176 169 180 188 P178 Durable Manufactures ... 232 229 229 225 223 221 212 202 195 186 194 200 P176 Iron and Steel1. 221 224 223 228 232 233 219 204 177 156 178 179 Pig iron 209 212 212 218 220 221 217 209 189 158 170 171 23 Steel 252 255 254 260 267 264 240 218 182 162 191 193 38 Open hearth. 193 194 194 197 202 196 187 167 148 165 168 21 Electric 670 685 682 711 755 706 551 438 293 259 376 373 163 Machinery 277 276 277 268 262 252 240 232 225 217 215 224 P227 Transportation Equipment. 243 238 246 244 241 240 235 220 240 249 244 252 P234 Automobiles (including parts) 209 203 208 209 206 204 203 184 211 225 226 (Aircraft; Railroad equipment; Shipbuilding— P217 Private and Government)2 Nonferrous Metals and Products. 192 188 184 183 185 183 167 145 133 127 141 157 P165 Smelting and refining 191 176 183 186 200 210 209 200 192 179 174 175 (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin)2, Fabricating 185 182 180 172 151 108 105 128 150 P164 (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)2 Lumber and Products. 154 142 132 118 115 124 126 129 129 121 134 141 Lumber... 145 128 113 100 96 110 116 124 124 113 126 •132 P132 Furniture. 170 169 168 154 154 150 144 139 139 136 148 159 Stone, Clay, and Glass Products 3. 220 208 199 192 187 185 186 190 188 187 191 192 P194 Glass products 217 187 172 181 175 173 172 190 191 196 188 P197 Glass containers 230 191 171 185 179 178 179 202 204 214 212 199 210 Cement 214 211 193 169 168 171 202 206 209 209 207 219 211 Clay products 180 178 178 166 166 163 160 156 151 140 150 151 Other stone and clay products 2. Nondurable Manufactures.. 183 179 171 170 168 164 159 160 161 156 170 178 P180 Textiles and Products. 167 164 156 160 157 142 129 123 126 120 140 154 Textile fabrics 153 148 140 144 142 130 114 116 107 127 140 P148 Cotton consumption 129 122 114 123 125 120 111 103 105 87 111 134 Rayon deliveries 319 322 317 313 305 275 240 214 217 238 259 319 Nylon and silk consumption 2... Wool textiles 168 162 143 122 112 118 120 109 134 139 Carpet wool consumption. . 247 233 206 225 214 198 171 163 127 91 141 148 Apparel wool consumption. 160 143 139 136 130 107 92 99 110 109 134 138 Woolen and worsted yarn. . 148 144 133 125 121 105 97 106 115 108 129 135 Woolen yarn 141 140 127 122 118 100 101 112 118 113 132 127 Worsted yarn 159 149 143 130 126 112 92 98 111 102 126 145 Woolen and worsted cloth.. 157 156 148 149 141 113 107 116 126 118 136 139 Leather and Products. 114 104 99 108 116 113 106 101 104 110 114 P108 Leather tanning 109 103 102 104 115 99 96 95 95 80 90 98 Cattle hide leathers 123 115 114 116 131 110 108 109 105 92 101 110 Calf and kip leathers 83 83 88 86 89 79 72 73 76 55 72 76 Goat and kid leathers 90 86 83 85 93 89 83 78 81 70 '70 84 Sheep and lamb leathers. 95 92 82 87 95 76 75 75 78 65 '81 86 Shoes 117 104 97 111 117 123 104 123 125 P116 113 105 110 Manufactured Food Products. 173 161 153 148 146 145 172 188 vl78 148 156 165 Wheat flour 137 134 127 135 128 111 111 108 120 Cane sugar meltings 2 99 101 115 Manufactured dairy products. 122 95 92 92 104 124 160 203 223 222 197 159 Butter 65 57 59 64 71 78 89 111 112 96 90 '83 72 Cheese 145 125 129 142 156 170 207 253 250 210 191 171 143 Canned and dried milk... 135 103 102 117 143 182 230 230 201 177 146 113 Ice cream 2 P Preliminary. r Revised. 1 A special adjustment has been made in the iron and steel group index for October and in the over-all indexes, which include iron and steel. This adjustment allows for the fact that iron and steel fabricating activities, which are usually represented by output of pig iron and steel ingots, showed very little decline while pig iron and steel output was curtailed by about nine-tenths. If computed by the usual method, the total index of industrial production for October would be 8 points lower, and the indexes for manufactures, durable manufactures, and iron and steel would be reduced accordingly. 2 Series included in total and group indexes but not available for publication separately. 3 Because the basic data formerly used for measuring monthly changes in production are no longer available, the following separate series have been discontinued: Stone, clay, and glass products—(1) gypsum and plaster products and (2) abrasive and asbestos products; Chemical products—(1) soap and (2) explosives and ammunition. 1490 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Manufactured Food Products—Continued 142 173 181 179 149 141 134 138 139 140 134 145 155 147 207 226 219 169 155 146 146 150 144 129 143 173 Beef .. . 138 141 143 150 141 141 136 144 142 149 149 158 145 Veal 160 154 126 106 99 104 104 105 114 127 136 148 147 Lamb and mutton . 116 108 96 98 87 70 53 59 63 74 78 89 88 188 172 161 152 153 151 152 157 165 176 203 Processed fruits and vegetables 197 129 111 90 86 85 94 102 133 181 285 262 P206 Confectionery 162 146 134 135 137 123 102 97 86 89 144 Other food products 190 188 179 172 174 173 176 181 187 189 191 195 P195 203 212 174 153 159 173 163 182 190 188 179 179 180 Malt liquor 145 139 148 138 141 163 160 186 203 213 192 168 133 Whiskey 95 112 131 119 118 106 91 84 60 42 44 69 72 Other distilled spirits 631 702 306 213 176 162 162 171 172 116 158 249 503 398 443 287 235 283 295 247 270 267 246 257 314 369 Industrial Alcohol from Beverage Plants 2 Tobacco Products 180 173 136 158 153 163 153 170 179 152 184 185 171 Cigars 122 130 97 102 100 99 98 98 117 101 111 125 123 Cigarettes 239 228 181 216 207 224 209 236 245 206 254 247 225 84 70 56 65 64 68 65 71 71 61 75 81 77 172 170 153 163 158 151 146 144 143 128 155 169 176 Paper and pulp 167 163 149 158 154 148 142 139 138 124 147 160 168 Pulp 194 189 173 189 183 176 167 166 159 145 169 177 191 Groundwood pulp 109 110 107 105 100 102 97 98 95 88 87 93 97 Soda pulp 111 107 104 107 108 106 100 97 80 87 99 102 112 330 317 285 327 309 291 274 273 275 256 302 '315 340 Sulphite pulp 153 149 137 145 145 142 135 135 122 104 124 133 144 Paper 163 159 146 153 150 143 138 135 134 121 144 157 164 Paper board 193 195 167 182 174 163 162 162 164 142 184 203 206 Printing paper 172 165 160 157 158 155 151 149 142 133 150 ri61 168 Tissue and absorbent paper 172 162 153 159 163 160 153 142 141 136 144 157 172 Wrapping paper 157 150 142 151 147 138 123 115 117 109 123 136 150 Newsprint 100 99 98 99 98 99 99 101 100 95 96 94 96 Printing and Publishing 167 163 158 149 152 156 157 158 148 133 143 r159 169 Newsprint consumption 163 161 155 142 146 157 163 168 155 134 136 157 171 Printing paper (same as shown under Paper) 217 227 231 228 221 213 209 207 202 198 203 206 P206 Petroleum refining 2 Gasoline . . 170 174 179 174 170 169 170 177 177 178 177 179 P183 Fuel oil 199 200 204 206 194 186 169 166 154 159 168 180 Lubricating oil . 169 159 161 154 148 136 132 133 145 131 129 142 183 213 206 200 185 170 160 140 132 132 136 159 Other petroleum products 2 Coke 181 183 184 184 185 178 182 175 159 139 146 By-product coke . 173 175 176 177 176 173 173 169 158 143 150 Beehive coke 454 460 466 455 504 319 477 385 202 18 33 "23' P7 Chemical Products 258 258 25.? 255 251 248 239 233 230 225 226 237 P243 Paints . . . . 156 151 148 146 141 139 140 139 138 132 135 138 P139 Rayon ... . 304 306 311 309 309 300 265 259 249 252 256 275 *>295 446 449 450 447 435 427 417 406 404 392 388 404 Other chemical products 2 Rubber Products ... . 205 203 200 193 188 182 177 178 178 175 178 176 P182 Minerals—Total 161 160 151 143 143 131 146 148 137 128 134 123 P114 Fuels . 166 167 164 156 155 137 148 149 135 126 134 122 P123 Coal ... 145 147 137 133 129 85 133 136 99 83 102 58 P49 Bituminous coal 152 155 145 145 142 93 144 144 104 80 108 60 P3\ Anthracite 118 116 103 88 74 52 88 105 78 93 82 50 P118 Crude petroleum . .. . 176 177 177 167 168 163 156 155 153 147 149 154 P\S9 Metals . . .. 132 114 77 68 76 93 134 142 150 139 135 128 P62 Metals other than gold and silver . . 186 160 100 88 101 126 194 207 222 204 195 179 Iron ore 254 225 93 74 81 110 260 302 340 324 305 267 20 (Copper; Lead; Zinc)2 Gold . . 56 49 40 38 39 44 47 48 49 50 53 57 Silver 69 60 59 56 59 64 67 68 60 55 51 For other footnotes see preceding page. 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. DECEMBER 1949 1491 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 1949 Industry group or industry Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. ADJUSTED FOR SEASONAL VARIATION Manufacturing—Total 12,722 12,660 12,457 12,232 '12,093 11,924 11,746 11,535 '11,459 11,378 11,438 11,567 11,266 Durable goods '6,931 6,908 '6,783 6,626 6,508 6,392 6,260 6,092 '6,041 '5,978 5,985 6,043 5,707 Primary metal industries 1,091 1,094 1,090 1,085 1,072 1,057 1,028 1,001 976 '948 937 940 585 Fabricated metal products 816 812 789 759 745 722 702 690 686 '688 '698 709 698 Machinery except electrical 1,196 1,193 1,173 1,149 1,127 1,102 1,061 1,009 972 948 934 935 940 Electrical machinery 641 640 633 617 601 579 560 543 521 521 516 532 548 Transportation equipment 1,041 1,046 1,042 1,038 1,021 1,017 1,009 958 998 1,014 '1,013 1,011 996 Lumber and wood products 765 754 724 677 668 666 666 672 679 669 '671 678 686 Furniture and fixtures ••302 300 '293 281 275 271 269 264 '261 '261 '266 275 281 Stone, clay, and glass products. . 456 455 449 438 431 423 416 416 407 '406 '410 412 413 Instruments and related products 199 196 192 190 184 182 181 178 178 176 171 171 173 Miscellaneous manufacturing industries 400 394 374 368 361 350 345 340 342 328 '351 362 369 Ordnance and accessories 24 24 24 24 23 23 23 21 21 19 18 18 18 Nondurable goods '5,791 '5,752 '5,674 '5,606 '5,585 '5,532 '5,486 '5,443 '5,418 '5,400 '5,453 5,524 5,559 Textile-mill products 1,249 1,233 1,218 1,188 1,172 1,133 1,095 1,092 1,083 '1,096 '1,115 1,143 1,167 Apparel and other finished textiles 1,041 1,053 1,020 1,005 1,024 1,020 1,029 1,001 999 992 1,030 1,057 1,045 Leather and leather products.. . 367 355 350 350 352 351 '348 '344 348 '349 '353 351 349 Food and kindred products '1,213 1,190 '1,180 '1,181 '1,175 '1,176 '1,180 1,189 '1,186 '1,175 '1,163 1,169 1,183 Tobacco manufactures 92 92 91 90 88 88 86 88 89 88 88 87 84 Paper and allied products 409 408 403 394 387 382 377 376 373 374 375 386 390 Printing, publishing and allied industries 503 503 501 498 495 496 497 496 496 '492 492 495 493 Chemicals and allied products. . 527 521 518 511 505 503 493 481 473 467 470 480 479 Products of petroleum and coal. 184 192 191 190 191 190 191 188 187 185 185 187 182 Rubber products 206 205 202 199 196 193 190 188 184 182 '182 169 187 WITHOUT SEASONAL ADJUSTMENT Manufacturing—Total 12,913 12,775 12,578 12,201 12,074 11,904 11,616 11,324 '11,337 11,211 -11,561 11,760 11,447 Durable goods 6,969 6,942 6,845 6,640 6,523 6,417 6,262 6,057 6,022 '5,894 '5,948 6,057 5,738 Primary Metal Industries 1,096 1,099 1,101 1,090 1,077 1,062 1,028 991 971 '934 932 940 588 Blast furnaces, steel works and rolling mills 545 547 551 550 553 552 545 534 523 506 498 500 Nonferrous smelting and refining, primary 46 47 46 46 46 47 47 45 45 42 41 42 Nonferrous rolling, drawing and alloying 86 86 86 85 82 78 71 67 64 62 64 Fabricated Metal Products 820 816 801 767 752 729 706 683 679 '671 '688 709 701 Cutlery, hand tools and hardware 132 134 135 131 128 125 121 117 114 109 111 113 Heating apparatus and plumbers' supplies 143 140 131 117 112 108 103 97 94 92 100 109 Fabricated structural metal products 171 170 169 165 163 160 157 156 156 155 155 156 Machinery except Electrical 1,190 1,187 1,179 1,155 1,133 1,108 1,066 1,014 977 939 925 930 935 Agricultural machinery and tractors 152 154 155 155 154 153 151 148 145 140 140 140 Metalworking machinery... 186 185 185 179 175 171 167 161 156 '150 144 146 Special—Industry machinery 156 155 154 152 149 140 135 124 123 121 Service — Industry and household machines 154 152 147 140 137 135 127 108 105 99 98 102 Electrical Machinery 647 650 643 623 607 585 560 538 518 505 506 529 553 Electrical apparatus (generating, etc.) 245 245 240 234 233 227 220 209 200 '196 '197 201 Communication equipment. 222 226 226 217 207 196 189 185 181 176 173 181 Transportation Equipment 1,045 1,046 1,048 1,038 1,021 1,017 1,012 955 995 1,014 '1,000 1,018 999 Motor vehicles and equipment 672 669 670 665 649 646 649 601 646 670 '680 690 Aircraft and parts 177 183 186 190 190 192 192 187 187 192 '185 191 Ship and boat building and repairing 111 108 106 98 93 92 88 '86 79 74 Lumber and wood products 769 754 720 667 655 659 659 672 686 676 '688 685 689 Sawmills and planing mills.. 452 443 420 387 380 385 389 399 410 407 '415 417 Millwork, plywood, etc 106 105 104 98 95 94 94 92 94 92 95 96 Furniture and fixtures 307 305 297 284 278 274 268 259 257 253 263 276 285 Household furniture 222 220 213 202 198 195 191 183 181 179 187 198 Stone, Clay, and Glass Products. . 458 457 451 436 429 423 416 414 409 r400 '412 414 415 Glass and glass products. . . 122 120 117 112 110 107 105 106 105 '101 107 107 Structural clay products. . . 79 79 79 76 75 73 73 73 73 72 72 72 Instruments and Related Products. 201 198 185 183 181 177 176 170 170 172 175 Miscellaneous Manufacturing Industries 412 406 385 366 363 354 343 333 333 313 '346 366 380 Ordnance and Accessories 24 24 24 24 23 23 23 21 21 19 18 18 18 ' Revised. 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. Figures for October 1949 are preliminary. 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. 1492 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] Industry group or industry Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct Nondurable goods. 5,944 5,833 5,733 5,561 5,551 5,487 5,354 5,267 5,315 '5,317'5,613 5,703 5,709 Textile-mill Products 1,249 1,245 1,236 1,200 1,190 1,150 1,100 1,087 1,083 r1,058'1,093 1,132 1,167 Yarn and thread mills 159 157 158 153 150 144 134 133 132 127 133 139 Broad-woven fabric mills 610 610 607 590 582 558 530 526 525 518 531 547 Knitting mills 226 225 220 212 214 211 207 202 203 200 211 219 Apparel and Other Finished Textiles 1,072 1,058 1,040 1,015 1,055 1,051 1,008 956 959 942 1,040 1,078 1,076 Mens' and boys' suits, coats and over coats 142 135 135 135 139 137 134 118 122 116 130 133 Men's and boys' furnishings 249 246 236 225 241 242 241 239 236 221 236 246 Women's and misses outerwear 316 315 315 314 324 318 289 257 258 263 307 318 Leather and Leather Products 369 357 354 354 359 358 348 332 339 '342 355 353 351 Footwear (except rubber) 233 224 228 233 235 234 228 216 223 226 234 230 Food and Kindred Products 1,311 1,226 1,171 1,097 1,073 1,069 1,071 1,095 1,153 1,224 r1,348 1,332 Meat products 226 235 247 240 231 226 217 221 226 227 228 230 Dairy products 108 104 100 99 100 103 108 115 122 122 116 111 Canning and preserving 258 173 147 118 108 110 125 131 169 220 339 315 Bakery products 203 197 196 190 189 185 186 188 192 191 194 196 Beverage industries 167 167 157 146 145 149 140 148 152 169 165 157 Tobacco Manufactures 100 97 93 90 88 85 82 82 84 82 91 94 92 Paper and Allied Products 411 412 409 398 391 386 377 372 369 365 371 384 392 Pulp, paper and paperboard mills 211 211 210 208 204 201 196 194 192 188 191 197 Printing, Publishing and Allied Industries. 508 508 509 500 497 496 495 494 494 '485 487 493 498 Newspapers 137 138 139 136 137 139 140 141 142 141 142 144 Commercial printing 168 167 170 169 166 164 163 162 164 162 161 163 Chemicals and Allied Products 532 529 526 519 513 511 495 476 464 453 458 478 484 Industrial inorganic chemicals 56 56 56 56 55 55 53 53 52 51 50 50 Industrial organic chemicals 165 166 165 163 162 157 148 142 139 136 135 140 Drugs and medicines 60 60 60 62 62 61 61 60 60 59 60 61 Products of Petroleum, and Coal 184 192 189 187 188 187 188 188 189 189 190 190 182 Petroleum refining 140 149 149 149 150 149 149 149 150 150 150 150 Rubber Products 208 209 206 201 197 194 190 185 181 177 rJ80 169 189 Tires and inner tubes 93 94 93 91 89 89 89 87 86 82 64 For footnotes see preceding page. HOURS AND EARNINGS OF FACTORY EMPLOYEES [Compiled by the Bureau of Labor Statistics] Average weekly earnings Average hours wTorked Average hourly earning (dollars per week) (per week) (dollars per hour) Industry group 1948 Oct. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Manufacturing—Total 55.60 55.72 55.26 40.0 39.1 39.6 39.7 1.390 1.398 1.407 1.392 Durable goods 59.50 '57.70 58.80 58.11 40.7 39.2 39.7 39.8 1.462 1.472 1.481 1.460 Primary metal industries 64.51 59.48 60.62 58.69 40.6 37.6 37.7 37.5 1.589 1.582 1.608 1.565 Fabricated metal products 59.20 '57.99 58.85 58.27 40.8 '39.5 39.9 39.8 1.451 1.468 1.475 1.464 Machinery except electrical 62.43 59.82 60.60 60.40 41.1 39.1 39.4 39.3 1.519 1.530 1.538 1.537 Electrical machinery 57.93 '•56.92 57.92 57.89 40.2 39.2 40.0 40.2 1.441 '1.452 1.448 1.440 Transportation equipment 64.85 '65.24 67.21 64.10 39.3 39.3 40.1 38.8 1.650 '1.660 1.676 1.652 S L F M I O n t u u r o i s r d m s n t n c n r e b e i u a , t e l m n u l r c a c r l e n e e a a n e n y a t a o d , s n n u a d d s a w n n d o a f m d i o c x g c d a r t e l u n e a s p r u l s s e a r s f o s t o a e r p d c i d e r t u u s o c p r d t r i s u n o c g d t u s c in ts dustries 5 5 5 5 5 5 0 6 4 4 9 1 . . . . . . 9 0 0 4 0 2 2 1 5 9 1 8 - ' ' ' ' • 4 4 5 5 • 5 5 8 9 4 8 4 2 . . . . . . 7 7 5 2 1 9 6 3 2 1 7 1 5 5 5 5 5 5 2 0 5 9 4 1 . . . . . . 7 7 0 7 8 0 5 9 0 6 3 1 5 5 5 5 5 6 6 4 1 0 5 1 . . . . . . 0 1 4 1 8 4 2 7 1 8 3 1 4 4 4 3 4 4 1 2 1 9 2 1 . . . . . . 4 0 6 8 1 0 • ' - 4 3 3 3 " •4 3 0 9 9 9 0 9 . . . . . . 5 7 6 0 2 7 3 4 3 4 4 4 9 0 9 0 0 1 . . . . . . 7 7 4 5 3 3 4 4 4 3 4 4 1 1 0 0 9 1 . . . . . . 7 5 8 6 9 0 1 1 1 1 1 1 . . . . . . 2 3 3 2 2 4 2 6 5 8 4 0 4 9 3 6 5 8 ' ' ' ' 1 1 1 1 1 1 . . . . . . 2 4 3 3 3 2 2 7 6 0 9 4 8 4 8 0 0 4 1 1 1 1 1 1 . . . . . . 2 2 3 3 2 4 9 3 9 8 5 8 7 5 6 1 3 3 1 1 1 1 1 1 . . . . . . 2 2 4 4 2 3 3 9 8 0 7 5 0 9 6 4 5 4 Nondurable goods 50.91 51.31 52.46 52.26 39.1 38.9 39.5 39.5 1.302 1.319 1.328 1.323 Textile-mill products 45.25 44.37 45.86 46.93 37.9 37.6 38.6 39.4 1.194 1.180 1.188 1.191 Apparel and other finished textiles 41.48 '•41.83 44.06 42.52 35.0 35.6 36.9 36.4 1.185 '1.175 1.194 1.168 Leather and leather products 41.50 -•42.11 41.92 41.46 36.4 ••37.3 36.8 36.4 1.140 1.129 1.139 1.139 Food and kindred products 52.29 '52.96 53.50 53.46 41.8 41.7 41.7 41.6 1.251 '1.270 1.283 1.285 Tobacco manufactures 37.94 '38.58 38.39 37.76 39.9 -•38.7 38.9 38.1 .951 r.997 .987 .991 Paper and allied products 56.84 '56.40 57.72 58.31 42.8 41.9 42.6 43.1 .328 '1.346 1.355 1.353 Printing, publishing and allied industries 67.76 -70.72 71.96 70.82 38.9 '38.5 39.0 38.2 .742 '1.837 1.845 1.854 Chemicals and allied products 57.56 '58.73 59.39 59.61 41.8 '40.5 41.3 41.8 .377 '1.450 1.438 1.426 Products of petroleum and coal 73.15 72.22 74.31 73.84 41.4 '40.3 41.1 41.0 .767 1.792 1.808 1.801 Rubber products 58.96 '57.61 60.93 39.2 '38.2 40.3 .504 '1.508 1.512 r Revised. NOTE.—Data are for production and related workers. Figures for October 1949 are preliminary. Back data are available from the Bureau of Labor Statistics. 1493 DECEMBER 1949 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 f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade i Finance Service* Sta l t o e c , a a l nd 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—September '44,476 '15,342 1,002 2,214 4,168 9,566 1,734 4,801 5,649 October '44,468 '15,320 998 2,223 4,195 9,533 1,737 4,787 5,675 November '44,403 '15,250 998 2,242 4,170 9,500 1,738 4,782 5,723 December '44,276 '15,055 1,003 2,245 4,158 9,537 1,741 4,781 5,756 1949—January '43,881 '14,816 997 2,215 4,090 9,479 1,740 4,771 5,773 February '43,657 '14,671 995 2,164 4,059 9,465 1,744 4,784 5,775 March. . . '43,445 '14,501 987 2,140 4,008 9,497 1,749 4,792 5,771 April '43,263 '14,316 987 2,121 4,008 9,516 1,748 4,792 5,775 May '43,027 '14,095 975 2,116 4,024 9,475 1,754 4,804 5,784 June '42,896 '14,007 965 2,100 4,003 9,456 1,756 4,786 5,823 July '42,711 '13,917 '936 2,128 3,968 '9,383 '1,754 '4,779 5,846 August '42,877 '13,982 '949 r2,167 '3,949 '9,425 1,764 '4,789 5,852 September 43,082 14,106 944 2,189 3,944 9,456 1,780 4,791 5,872 October 42,266 13,798 581 2,210 3,880 9,391 1,786 4,775 5,845 UNADJUSTED 1948—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 42,835 13,884 968 2,205 4,031 9,336 1,774 4,834 5,803 July '42,573 '13,757 '943 2,277 4,007 '9,220 '1,780 '4,851 5,738 August '43,006 '14,115 '957 '2,340 '3,994 '9,218 1,782 '4,837 5,763 September 43,476 14,307 948 2,342 3,964 9,412 1,771 4,839 5,893 October 42,705 13,984 583 2,321 3,874 9,510 1,768 4,799 5,866 ' Revised. 1 Data for the trade and service divisions, beginning with January 1947, are not entirely comparable with data shown for the earlier period because of the shift of automotive repair services (230,000 employees in January 1947) from trade to services. NOTE.—Data include all full- and part-time wage and salary workers in nonagricultural establishments employed during the pay period ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded. October 1949 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning January 1939 may be obtained from the Division of Research and Statistics. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Year or month in T p s o o t p t i a t u u l l t a n i t o 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 y g u e r s i d t c r u 1 ie l- 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 1948—October 108,853 63,166 61,775 60,134 51,506 8,627 1,642 45,685 November 108,948 63,138 61,724 59,893 51,932 7,961 1,831 45,810 December 109,036 62,828 61,375 59,434 52,059 7,375 1,941 46,208 1949—January 109,117 61,546 60,078 57,414 50,651 6,763 2,664 47,571 February 109,195 61,896 60,388 57,168 50,174 6,993 3,221 47,298 March 109,290 62,305 60,814 57,647 50,254 7,393 3,167 46,985 April 109,373 62,327 60,835 57,819 49,999 7,820 3,016 47,046 May 109,458 63,452 61,983 58,694 49,720 8,974 3,289 46,006 June 109,547 64,866 63,398 59,619 49,924 9,696 3,778 44,683 July 109,664 65,278 63,815 59,720 50,073 9,647 4,095 44,385 August 109,760 65,105 63,637 59,947 51,441 8,507 3,689 44,655 September 109,860 64,222 62,763 59.411 51,254 8,158 3,351 45,638 October 109,975 64,021 62,576 59,001 51,290 7,710 3,576 45,953 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 interv iews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available fr om the Bureau of the Census. 1494 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 eas* of che Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Total R b e u si i d ld e i n n t g ial Nonresidential building P a u n b d li c p u w b o l r ic ks Month Factories Commercial Educational Other utilities 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 1948 1949 January 615 2 483.0 238 1 159 1 54 1 43 6 74.5 62 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 873.9 845.Q 351 6 307.2 82 43.8 88.8 92 0 55 4 68.4 111.2 112 2 184.7 222.4 May. 970.8 885.4 369.8 351.3 91.9 51.5 103.3 68.5 83.8 76.0 117.0 124.6 205.0 213 5 June 935 2 949.Q 355 3 375 0 103 8 45 4 83 1 70 Q 63 5 81 4 113 8 138 3 215 7 239 0 July 962.7 947.8 349.7 344 8 72 9 41.5 106.3 73.4 103.1 91.2 112.8 144.2 217.9 252.7 August 854 1 911 .0 337 6 398 7 77 7 41.1 77 8 64 4 55 8 72 9 97 4 99 6 207 8 234 ^ September 762.2 1,071.7 279.7 503 5 53 6 38.0 80.4 103.9 54.5 78.6 91.3 124.5 202.7 223 l October 778 61,061 8 296 8 500 7 70 7 48 9 83 8 82 48 4 83 6 113 5 141 8 165 5 204 o 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] F [F . i W gu . r e D s o f d o g r e 3 7 C o S r t p a o te r s a t e io as n t . of V t a h l e u e R o o f c k c y o n M tr o ac u t n s t a in in t s h , o a u s s r a e n p d o s r t o e f d d b o y l la th rs e ] Total Public ownership Private ownership Month 1949 1948 1947 1948 1949 1947 1948 1949 1947 1948 1949 Federal Reserve district Oct. Sept. Oct. January.... 572 615 483 167 197 160 405 419 323 February. . . 442 682 568 96 248 252 346 434 317 Boston . . 68,946 74,620 47,565 March 597 690 748 143 181 282 453 509 466 New York 200,782 181,790 142,747 April 602 874 846 177 236 319 425 638 527 Philadelphia . 54,458 100,301 52,610 May 675 971 885 234 298 369 441 673 517 Cleveland 119,526 106,814 73,953 June 605 935 950 226 338 375 379 597 574 Richmond 96,221 150,067 79,420 July 660 963 948 203 335 410 458 628 537 Atlanta 135,805 87,684 77,599 August 823 854 911 218 276 316 605 579 595 Chicago... 170,992 171,597 144,907 September.. 650 7621,072 193 259 289 457 503 783 St. Louis 57,092 64,121 47,883 October 793 779 209 262 584 517 Minneapolis 53,364 32,952 27,856 November. . 715 611 224 199 492 413 Kansas City 38,820 39,640 24,943 December... 625 694 207 278 418 416 Dallas 65,745 62,088 59,123 Year 7,7609,430 2,2963,107 5,4646,323 Total (11 districts) 1,061,751 1,071,674 778,606 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 Prop- Small l-to4- Rental Warand Year or month Total p m e r i e o m r n t v y - t e * - s h c t t o i r o o u m n n c - e - h f ( a o T m I u i D t s i l l e e y s h g ( o a T r I u o n i D s t u d i l p n e g h e ( o V V T r u a I e i s n ) t t i 2 l - s n e ' g [In C m o i m ll - ions M o u f - doll S i a n a r g v s s ] - Insur- Fed- 1 1 1 9 9 9 4 4 4 2 1 3 . 1 1 , , 1 1 9 7 3 3 2 7 5 2 1 4 8 4 9 7 1 2 1 1 5 1 8 6 2 7 9 4 7 1 5 (8 1 ) 6 3 2 6 8 0 1 4 3 3 End of month Total b m c a i n e a r k l - s b s t i a n u a n g v a k s l - s a a l s a t o s i n a o o d n c n i s - p c a a o n n m c i e e - s a c e g ie r e a s n l 1 - Other* 1944 875 114 216 537 1945 666 171 219 4 272 1946 755 321 (8) 347 3 85 1936—Dec 365 228 8 56 41 5 27 1947 1,787 534 446 808 1937—Dec 771 430 27 110 118 32 53 1948 3,338 614 (8)7 880 1,836 1938—Dec 1,199 634 38 149 212 77 90 1948— N D O o c e t c v o e e b m m er b b e e r r . . . . 3 2 2 7 1 9 2 8 8 4 5 4 0 2 9 1 1 1 1 1 9 0 1 8 5 7 1 1 1 2 6 3 7 8 1 1 1 1 1 9 9 9 9 3 4 4 4 9 0 1 2 — — — — D D D D e e e e c c c c 3 3 2 1 , , , , 1 7 6 4 9 0 2 0 3 7 9 0 1 1 1 , , , 1 4 6 9 6 6 6 0 2 5 9 2 2 1 1 3 7 3 8 6 1 0 6 2 2 2 1 2 5 7 9 4 4 6 2 1,0 3 5 7 3 4 4 8 2 2 2 9 2 2 2 1 0 4 3 5 1 5 4 3 1 1 1 1 3 5 7 6 3 0 9 3 1949—January 269 35 1 128 7 98 1943—Dec 3,626 1.705 256 292 1,134 79 159 February... 279 47 1 123 108 March 283 45 1 135 102 1944—June 3,554 1,669 258 284 1,119 73 150 April 269 34 (*) 127 109 Dec 3,399 1,590 260 269 1.072 68 140 May 279 35 1 130 113 June 382 49 (3) 151 181 1945—June 3,324 1,570 265 264 1,047 43 134 July 317 40 1 143 134 Dec 3,156 1,506 263 253 1,000 13 122 August 356 55 3 172 126 September. . 309 60 2 163 (3) 84 1946—June 3,102 1,488 260 247 974 11 122 October 383 65 188 128 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 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 i k g e u r a es c c r o e u p n re t s o e f n t p r g i r n o c s i s p a i l n s r u e r p a a n y c m e e w nt r s i tt o e n n p d 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 it 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 bankf, 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. DECEMBER 1949 1495 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 imports2 Excess of exports Month 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 1945 1946 1947 1948 1949 January 903 798 1,114 1,092 P1,104 332 394 531 547 P590 571 405 583 545 P514 February 887 670 1,146 1,085 PI.043 325 318 437 589 P567 561 352 709 496 P477 March . .1,029 815 1,326 1,139 Pl.177 365 385 445 675 P632 664 431 882 464 P545 April 1,005 757 1,294 1,121 PI.165 366 406 512 532 P534 639 351 782 590 P630 May 1 135 851 1,414 1,102 P1,089 372 393 474 554 P540 764 457 940 549 P549 June 868 878 1,235 1,013 P1,104 360 382 463 625 P527 508 496 772 388 P577 July 895 826 1,155 1,020 P898 358 431 450 564 P456 536 395 705 456 P442 August . 738 883 1,145 992 P880 361 422 400 606 P491 378 461 745 387 P389 September. . . . 514 643 1,112 925 P904 339 377 473 560 P530 175 266 639 365 P3 75 October 455 537 1,235 Pi,023 P849 347 394 492 P600 P559 109 142 743 P422 P290 November 639 986 1,141 P823 325 478 455 P554 314 508 687 P269 December ... 737 1,097 1,114 Pi,317 298 529 603 P720 439 567 511 P597 Jan.-Oct 8,429 7,657 12,175 10,511 P10.213 3,524 3,901 4,676 5,850 ?5,426 4,906 3,756 7,499 4,661 *4,787 P Preliminary. 1 Including both domestic and foreign merchandise. Beginning January 1948, recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars. 2 General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT CARLOADINGS, BY CLASSES REVENUES, EXPENSES, AND INCOME OF CLASS I [Index numbers, 1935-39 average = 100] RAILROADS For- Mis- Mer- [In millions of dollars] Total Coal Coke Grain s L t i o v c e k - p e r s o t d- Ore l c a el n - 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 '287 SEASONALLY 1947 '8,685 7,904 '781 '479 ADJUSTED 1948 P9,672 P8,670 PI,002 P700 1948—June 139 153 188 144 86 150 188 140 67 July 138 144 183 158 86 165 182 141 64 SEASONALLY August 142 153 196 144 80 162 179 145 66 ADJUSTED September. .. 139 149 193 127 85 152 178 145 66 October 140 '146 '195 150 93 149 ••176 '146 68 1948—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 38 September. .. 106 68 130 125 79 121 145 125 52 July 701 650 51 19 October 92 42 54 153 85 124 28 111 54 August 697 659 38 5 UNADJUSTED September. 685 633 52 P19 1948—June 144 153 184 147 75 156 291 145 66 UNADJUSTED July 143 144 178 189 66 165 291 142 64 August 146 153 188 156 76 171 268 147 67 1948—August 868 752 116 86 September. .. 150 149 191 142 113, 164 268 156 70 September. 845 734 111 83 October 151 146 »-191 150 143 158 r235 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 42 July 115 79 115 212 60 117 284 121 55 July 701 650 50 27 August 119 95 119 149 73 131 240 128 57 August.. . . 743 677 66 39 September . .. 116 68 128 140 104 130 218 135 55 September. 695 631 64 39 October . . 99 42 53 153 131 131 35 121 56 ' Revised. pPreliminary. r Revised. NOTE.—For description and back data, see BULLETIN for June 1941, pp. NOTE.—Descriptive material and back figures may be ob- 529-533. Based on daily average loadings. Basic data compiled by Associa- tained from the Division of Research and Statistics. Basic tion of American Railroads. Total index compiled by combining indexes for data compiled by the Interstate Commerce Commission. classes with weights derived from revenue data of the Interstate Commerce Annual figures include revisions not available monthly. Commission. 1496 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average =100] Federal Reserve district Year or month 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 - SALESi 1944 187 162 150 167 182 215 244 176 200 164 205 245 224 1945 207 176 169 184 201 236 275 193 227 185 229 275 248 1946 264 221 221 235 257 292 344 250 292 247 287 352 311 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—October 309 232 '253 302 319 337 404 298 338 304 334 410 '344 November 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 294 251 242 274 301 303 389 277 321 292 314 374 339 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 July 279 227 222 261 274 326 377 258 325 261 304 387 323 August . . .. 283 234 234 268 269 304 360 275 326 269 299 366 334 September 289 241 241 277 279 306 367 283 332 276 312 378 325 October J>275 P207 219 259 259 295 376 258 309 P278 398 337 UNADJUSTED 1948—October '329 258 '281 323 338 359 424 313 362 343 361 '426 346 November 357 285 298 356 366 388 434 345 404 334 375 475 391 December 495 428 414 480 491 575 635 460 517 431 502 648 582 1949—January 226 187 194 209 230 224 287 216 238 203 223 306 271 February 227 180 192 199 in 239 314 212 261 202 252 315 266 March 254 194 209 249 254 274 339 239 287 241 280 353 r289 April 295 256 237 284 304 309 393 280 327 295 311 377 331 M^av 287 241 230 277 292 310 365 277 328 279 306 373 322 June 268 232 224 256 265 287 323 262 283 255 284 331 314 July 218 155 155 188 214 236 294 212 254 211 249 310 280 August 238 173 171 201 234 243 324 228 280 242 275 333 313 September 299 248 243 280 282 328 381 297 335 307 328 404 '331 October P292 ?>230 243 277 274 314 395 271 331 P314 P326 414 338 STOCKSi 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—October 290 220 '237 249 269 320 372 284 317 328 297 '399 346 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 278 221 228 241 274 294 360 271 303 307 291 376 321 February. 276 214 224 236 275 295 340 268 313 306 282 373 327 March 283 226 232 238 285 305 348 264 323 300 287 377 342 April 278 223 230 244 260 315 335 266 321 305 283 373 331 May 273 219 224 240 267 304 336 265 296 301 276 356 320 June 265 207 218 232 249 311 325 257 280 301 268 350 313 July 256 193 213 224 228 302 319 253 267 283 263 347 302 August 253 183 204 216 229 319 250 264 290 264 342 309 September 264 195 213 232 242 295 337 252 280 '296 258 359 334 October P27O 206 216 230 252 305 347 265 298 P298 P276 370 325 UNADJUSTED 1948—October 319 249 '268 287 305 355 406 309 355 345 318 '415 '369 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 249 196 201 210 240 269 324 244 260 283 265 345 293 February . . . 265 202 218 231 255 287 343 260 282 294 276 361 307 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 .... 277 216 227 245 269 309 332 268 296 302 281 363 331 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 254 192 204 212 242 298 316 242 287 287 259 346 308 September 274 210 225 241 264 309 347 259 311 '301. 263 367 334 October .... 297 232 244 265 287 339 379 288 333 J'313 ^295 384 346 P Preliminary. ' Revised. 1 Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 1497 DECEMBER 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 a year ago (value) Number of Sales during Department r s e t p o o re rt s - period Sept. 9 mos. 1949 1949 GRAND TOTAL—entire store * 358 -8 -6 MAIN STORE—total 358 -8 -6 318 -14 -10 Piece coods 295 -22 — 17 Silks velvets and synthetics 195 -25 -19 Woolen yard goods 171 -18 -17 Cotton yard goods . .. .. . 193 -22 -14 Household textiles 310 -9 -4 Linen and towels 280 -9 —4 Domestics—muslins sheetings 248 -15 -4 Blankets comforters and spreads 245 -3 -6 Small wares . . 347 -4 -3 Laces, trimmings, embroideries, and ribbons 207 -16 -17 Notions 246 -5 -6 Toilet articles drug sundries 329 -3 0 Silverware and jewelry 322 -10 -3 Silverware and clocks 4 212 -13 -12 277 -6 +2 Fine iewelrv and watches 82 -18 +6 Art needlework 245 -5 —3 Books and stationery 275 +6 0 Books and magazines 142 +3 +1 Stationery 241 +7 Women's and misses' apparel and accessories. 355 -9 -5 Women's and misses' ready-to-wear accessories. 355 -5 Neckwear and scarfs 314 +3 -6 Handkerchiefs 286 — 16 -9 Milliner v 174 +2 +2 Women's and children's gloves 332 -1 -4 Corsets and brassieres 341 -5 -2 Women's and children's hosiery 349 —9 — 10 Underwear slips and negligees 348 -13 -6 Knit underwear 255 —4 +3 Silk and muslin underwear, and slips 288 -18 -11 Negligees, robes, and lounging apparel 258 -11 -5 Infants' wear 330 —4 —4 Handbags and small leather goods 336 —3 — 1 Women's and children's shoes 247 -4 -5 213 —3 —4- Women's shoes 4 227 -4 Women's and misses' ready-to-wear apparel.... 355 -13 Women's and misses' coats and suits 346 -19 Coats4 210 — 22 Suits 4 209 — 13 Juniors' and girls' wear 319 — 14 Juniors' coats suits and dresses 290 -20 Girls' wear 318 Women's and misses' dresses 345 — 16 Inexpensive dresses 4 266 -12 Better dresses 4 285 — 18 Blouses skirts and sportswear 342 Aprons, housedresses, and uniforms 288 -8 Furs 274 -2 331 -6 Men's clothing 256 IVten's furnishings and hats 314 -4 Boys' wear 302 — 7 Men's and boys' shoes and slippers . 195 -4 Housefurnishlngs 318 -6 Furniture and bedding 241 —6 Mattresses, springs and studio beds 4 160 -3 Upholstered and other furniture 4. ... 179 -7 Domestic floor coverings 275 — 13 Rugs and carpets4 155 -14 Linoleum 4 116 —23 Draperies curtains and upholstery 300 +1 Lamps and shades 251 + 1 China and glassware 251 —4 Major household appliances .. 245 -26 Housewares (including minor appliances) 260 -5 Gift shop 4 169 — 1 Radios, phonographs, television, records, etc.4 . 227 +33 Radios, phonographs, television 4 182 +40 Records, sheet music, and instruments 4 154 — 7 Miscellaneous merchandise departments.... 319 rj Toys, games, sporting goods, and cameras 294 -5 Toys and games 239 Sporting goods and cameras 148 -10 Luggage 260 -12 Candy 4 189 ! 1 1 vOOOC Stocks (end of mo.) Sept. 1949 -9 -10 -11 -11 -12 -3 -17 -13 -10 -17 -13 -5 -6 -2 -6 -4 -5 -2 -6 -3 -6 -5 -7 -9 -14 -13 +3 -15 -1 -30 -11 -10 -21 -12 -5 +2 4-7 — 12 —3 — 4 -6 — 1 — 7 c — 10 —4 0 — 15 -4 -7 -2 — 4 -5 -9 —6 2 y — 16 -15 —21 -1 -2 —5 -31 — 1 + 10 + 17 — 10 n -6 -1 -13 -8 -7 -4 1 -4 ot nC nC Ratio of Index numbers stocks to without seasonal adjustment sales l 1941 average monthly sales=100* September Sales during Stocks at end period of month 1949 1948 1949 1948 1949 1948 Sept. Aug. Sept. Sept. Aug. Sept. 2.7 2.8 2.9 3.0 209 173 226 603 550 668 3.1 3.0 194 194 227 602 557 676 3.1 2.7 232 184 298 725 690 808 3.2 2.7 204 180 271 655 648 749 2.3 2.0 448 313 546 1,049 1,191 1,059 3.8 3.6 147 171 188 565 547 687 3.1 3.2 178 202 195 542 489 623 3.9 3.9 150 166 164 579 504 640 2.6 2.7 177 257 207 459 393 553 2.6 2.9 214 173 221 553 509 640 m 3.4 3.5 171 178 594 548 623 3.8 3.4 179 114460 213 676 589 715 3.1 3.0 229 190 241 719 666 723 3.3 3.4 137 125 141 458 434 485 4.2 4.0 179 154 198 755 697 781 4.8 4.4 2.9 2.8 8.2 7.1 3.7 3.6 167 145 177 620 584 640 3.1 3.4 190 151 180 591 515 623 2.9 3.2 159 135 155 463 389 501 3.2 3.6 201 144 187 636 541 663 2.2 2.1 230 175 253 505 447 541 2.6 2.7 215 157 227 557 499 612 1.8 2.1 268 157 261 475 388 554 4.4 4.2 119 119 142 520 422 595 0.7 0.7 305 139 299 219 188 209 4.4 5.1 141 64 143 615 537 722 2.8 2.7 240 207 252 678 628 684 1.9 2.4 146 109 160 281 258 403 3.3 3.2 173 175 198 562 465 633 2 9 2 9 219 216 229 635 511 670 3.6 3.3 157 160 192 562 462 627 3.0 3.4 151 141 170 455 335 559 2.3 2.5 316 236 329 735 694 838 2.0 2.0 203 129 209 403 350 426 3.5 3.3 250 174 260 885 843 868 2 9 ? 7 3.7 3.5 1.8 1.7 245 193 281 448 389 469 1.9 1.4 286 189 354 552 463 521 +7 2 1 1 5 — 1 1 4 1 3 —3 1.7 1 5 316 261 367 537 452 554 +1 1.4 1.2 312 256 389 465 379 463 -6 1.9 1.9 342 273 367 661 540 697 —9 1 5 1 4 204 157 241 308 236 333 — 4 1.2 1.1 — 11 1 8 1 6 —5 1 4 1 5 316 239 327 471 459 491 -12 2.1 2.2 141 152 153 291 263 334 — 15 4 2 4 9 130 145 134 550 527 651 -8 4.3 4 4 175 130 186 746 652 817 -5 5.0 4.9 171 113 184 861 760 924 -10 4.2 4.4 148 124 155 621 534 692 — 10 3 2 3 3 248 175 267 795 727 883 -5 4.9 4.9 178 141 184 861 811 911 -14 3.2 3.4 228 209 243 723 701 854 — 18 3 2 3 6 199 222 212 630 624 773 -16 1.3 1.5 -18 3.8 4.3 — 18 3.6 3 8 214 180 247 769 777 944 -18 3.5 3.7 —20 4 3 4 2 -10 3.6 4.1 204 158 202 736 677 823 -11 2.9 3.2 216 164 214 616 580 695 +2 6 7 6 3 158 141 165 1,057 1,035 1 03^ -28 1.8 1.9 307 299 413 552 539 790 -10 3.0 3.2 278 241 292 836 765 942 + 1 4 6 4 5 —28 1 8 3 3 -29 1.4 2.7 —27 4 7 6 0 -14 3.6 3.9 169 159 181 607 505 709 -12 6.4 7.0 146 140 153 932 723 1,079 -14 7.2 8.3 119 113 120 857 617 990 -9 5.2 5.2 155 148 172 811 702 923 -8 4.0 3.9 170 221 194 686 642 751 -5 1.2 1.2 For footnotes see following page. 1498 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=100a Num- Department r b s e t e p o r o r o e r s t f - Sale p s e r d io u d ring ( S e m t n o o d c . k ) o s f September Sale p s e r d io u d ring Sto o c f k s m o at n th end ing S 1 e 9 p 49 t. 1 m 9 o 9 4 s. 9 S 1 e 9 p 49 t. 1949 1948 Sept 1 . 949 Aug. S 1 e 9 p 4 t 8 . Sept 1 . 949 Aug. S 1 e 9 p 4 t 8 . BASEMENT STORE-Total . . . 205 -5 -1 -5 2.1 2.1 207 168 219 445 384 466 Domestics and blankets* . 138 -7 -1 -10 2.2 2.3 Women's and misses' ready-to-wear 198 rj -1 A 18 1.7 214 168 230 376 313 391 Intimate apparel * . . 173 -7 -2 'T 2.3 2.3 D resses * . 1 1 8 7 5 7 - - 1 1 2 4 +2 -2 2 1 1 . . 7 4 1 1 .3 5 B In l f o a u n se ts s ' w sk e i a r r t s * and sportswear * 1 1 1 5 2 2 8 6 0 + - - 4 5 1 -2 0 0 - - 1 4 1 1 1 . . . 8 9 4 2 1 1 . . . 0 3 8 Men's and boys* wear ... 163 4 + 1 -7 2.7 2.8 209 167 218 571 487 614 Men's wear * 139 -5 + 1 -8 2.9 3.0 Men's clothing * 95 , <-! + 1 -10 3.0 3.1 Bo l v ie s' n w 's e f a u r r * nishings * 1 12 2 5 0 - - 3 1 + + 2 2 - - 4 6 2.8 2 2 . . 3 9 2.2 Housefurnishinfis 104 0 -1 -6 2.5 192 155 192 460 413 489 2.4 Shoes 129 -2 -5 0 3 1 171 131 175 537 506 531 3.1 NONMERCHANDISE—total4 182 -4 -1 (5) (*) (5) Barber and beauty shop 4 80 +2 +5 (5) (5) (B) 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 mcnth in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see BULLETIN for August 1946, pp. 856-858. The titles of the tables on pp. 857 and 858 were reversed. 3 For movements of total department store sales and stocks see the indexes for the United States on p. 1497. * Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included in group and total indexes. 6 Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. SALES, STOCKS, AND OUTSTANDING ORDERS WEEKLY INDEX OF SALES AT 296 DEPARTMENT STORES * [Weeks ending on dates shown. 1935-39 average = 100] Amount Without seasonal adjustment (In millions of dollars) 1948 1949 1948 1949 Year or month m ( S t o f a o o n l t r e t a h s l ) m ( S e o t n n o d c t k h o s ) f s ( t o e a O r n n d d u d e t i r - o n s f g Jan. 2 1 1 4 3 0 7 . . . . . . . . . . . . . . . . . . . 2 2 2 .2 3 5 0 2 2 1 4 6 Jan. 2 1 8 2 5 1 . . . . . . . . . . . . . . . . . . . 2 . 2 2 2 4 0 7 3 4 4 2 0 July 2 1 1 4 3 0 7 . . . . . . . . . . .. . . . . . . . 2 2 2 .2 6 3 3 1 5 1 6 7 July 2 1 9 6 3 2 . . . . . . . . . . . . . . . . . . . . 2 2 2 2 0 1 3 0 7 3 8 1 month) 31... ..233 29... ..218 31... ..235 30... ..209 Feb. 7... . .240Feb. 5... ..229 Aug. 7... ..261 Aug. 6... ..228 14... ..238 12... . .238 14... ..258 13... . .218 1939 average 128 344 21... . .249 19... . .227 21... ..271 20... . .252 1940 average 136 353 108 28... ..248 26... ..232 28... . .255 27... ..252 1941 average 156 419 194 Mar. 6... ..266 Mar. 5... . .244 Sept 4... ..308 Sept. 3.. ...295 1942 average 179 599 263 13... ..279 12... ..256 11... ..285 10... ..273 1943 average 204 509 530 20... ..313 19... . .261 18... ..337 17... ..315 1944 average 227 535 560 27... ..331 26... ..277 25... ..319 24... . .292 1945 average 255 563 729 Apr. 3... ..280 Apr. 2... ..301 Oct. 2... ..327 Oct. 1.. ...302 1946 average 318 715 909 10... ..298 9... ..320 9... ..336 8... ..297 1947 average 337 826 552 17... ..294 16... ..314 16... ..331 15... . .290 1948 average 353 917 466 24... . .296 23... ..266 23... ..344 22... ..296 May 1... ..300 30... . .286 30... ..319 29... . >-298 1948—October ••389 1,011 507 8 . .330May 7 .334 Nov. 6... . .320Nov. 5 . . 315 November.. 415 1,058 379 15... . .293 14... ..285 13... ..346 12... ..318 December. . 599 821 292 22... ..295 21... ..280 20... ..371 19... ..342 29... . .297 28... ..275 27... ..347 26... ..330 1949—January 267 790 388 June 5... ..282 June 4... ..259 Dec. 4... ..485 Dec. 3. . ...448 February... 255 852 378 12... . .304 11... . .288 11... . .564 10 March 320 918 310 19 . 310 18 285 18... ..576 17 A pril 347 907 236 26... ..262 25... ..247 25... ..473 24. . May 328 894 210 June 318 824 286 July 238 775 399 r Revised. August 288 817 413 NOTE.—For description of series and for back figures, see BULLETIN September.. 342 881 510 for September 1944, pp. 874-875. October .... P351 P975 P454 p Preliminary. r Revised. 1 These figures are not estimates for all department stores the United States. Back figures.—Division of Research and Statistics. 1499 DECEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] 1 O 9 c 4 t 9 . S 19 e 4 p 9 t. 1 m 9 1 o 4 0 s 9 . 1 O 9 c 4 t 9 . 1 S 9 e 4 p 9 t. m 19 1 o 4 0 s 9 . 1 O 9 c 4 t 9 . S 19 e 4 p 9 t. m 1 1 9 o 0 4 s 9 . 1 O 9 c 4 t 9 . S 19 e 4 p 9 t. | m 1 1 9 o 0 4 s 9 . United States.. p-11 -6 -: Cleveland-cont: Chicago. p-13 -3 -7 Kansas City— B P C N T S Y L W A C C N P S A P Y C W P N S U T C D N N P R R B E B S B B h o l e p p B o h r o o a y l c r o e l o u a k o i e o e o l t e i i o e r s i w o e i o m r e b n r i n a l n i v r u h l r l a f n w w u r c o s i r w t l w i c e i v l a v u f r t n g o a a o e g k n c d c k t n d g e a h t n s a i a l d c e o d i m a o n l t c n n n a r a g i h a g Y t d n i e h g e l Y g d e a H o o l n a o n i n e r o n y r u s f t n a f a s s e e k s s e o b e k n n o a i l * n i g n t o t a m n s - d i l t t e c p e e A n r e x p u e d w i o p e B r a e v d l l l t l k e h r F c i s r k o t d r w d h a r l t e n p o a e i e a i 1 J 1 r d i n i a 1 C s n n r a a l t * . y r . i l 1 . i e s e . . . . . l t * . . . . . 1 y . . . . . . . . . . . . . . . . . * i j | | — - - - - - - - — - - — — - - — - - - - - - - - - - - 1 2 1 2 1 1 1 1 2 1 1 1 1 1 1 1 1 1 1 — n 1 — — n 4 3 1 2 1 4 9 1 4 8 1 4 2 6 \ 0 6 3 3 8 7 4 5 3 6 3 1 1 ! 2 ! 4 i J 7 j 6 ; 2 ! ! o 1 ! 5 8 ! y 1 ! ! ! ; ; j ; | 9 ! 7 i i 1 j ! ! ' | j ; j - - - - - - - - - 1 1 1 1 1 _ 1 1 1 - - — 1 - - — — — — — - — — - - — l - — 6 5 2 L 3 8 4 0 3 1 7 4 5 6 9 5 4 l 4 4 1 1 | ! ! ! ! - ! ! ! 6 ! j | ! 7 ! j J = 9 8 S 2 4 7 I l 7 j 7 | i ! i ! 1 ' i | 1 - - - - 1 - - - - 1 - — - - - — - - - - - — — - - - « 5 6 4 1 6 6 7 3 9 9 6 6 6 8 9 4 9 0 1 0 0 g 8 5 7 7 R A W W W L J O A S J N E P H R N T A N M G H M R C K B A C C R M M C M B B B C t a i a a l i y a c a r o r o h o i a a r e h o i u n r a a s t u c h a e o a c a o t i h i c r v i l e i m h l l n h w l t m l g l r a s a o g n t k s n a m a r ' c s n e b k e h n t o a u e u e f a l s e c h m t t r i e i x u s h n s o i m s o t 1 t i p m t o n s e e n n m t m d n m l b v g h i a t l v r i o O v g ' s a i d n e l n o a o l e l t v o n i n s t n i u h b k t i n i o i n i b o o b s o a o R l a g r n n a t l i n l l a g n x g l u x r t v n o n l i l o m n u l r 1 l 1 h e o h d - o a l g e e g t t e r e i d w o s . e , S o a o a g n l u e W 1 h 1 x , l g m n n a n N , n r g e 1 a y S l s . . . e . e S V * . x l . . m * . C . l . . 1 1 . C a C . . . . . . . < . . . . . . . . 1 ! . . J ! . ! j ! I ! I i j ! j \ ! j ! j j ! ! | ; . | | i 1 i 1 P P P + + + - — - - - - - - - - - - - - - - - - - - - - - - - - — 1 1 1 1 1 1 2 1 2 + 1 1 2 1 1 1 1 1 1 2 2 1 - 2 1 1 2 - — — - - 2 2 5 9 3 1 1 2 7 5 4 3 1 1 I 1 1 6 9 7 1 0 4 2 0 3 1 1 0 2 6 5 3 2 9 4 o 6 3 1 4 9 + - - - - - - - - - - - 1 - 1 + + 1 1 1 1 1 - — — - — 1 1 1 1 - - - - — - - — — _ 4 8 1 2 7 8 9 6 4 1 \ ? 2 0 0 8 8 0 1 3 6 2 7 8 2 - 2 1 Q 0 2 7 6 8 9 5 1 | ' 1 1 - - - - - - - - + + + 1 + + 1 - - 1 1 1 1 - — _ - 1 — - - - - - — l 9 9 9 8 9 4 3 3 8 2 1 2 3 0 2 5 3 ! 3 0 0 0 0 1 1 1 6 5 1 7 S M K L F T F L Q J C P G F L S S S S T W S O D D G M K L I M M E E M D P H D t n o a . S e t t o t t o a i u p l o e i i o h a u v e m r r e a e u u . . . . n d n p n e i a t i i i o n e u r a r u e r s p r i s l i n t n n t c n a t L m d l c i l c n r L t t s L w n P r e t r a i n l b s p i J c e a h i u n v s e n e o i a n t a o s i M o n i h e c n d o l e o h k a o 1 a n W a s p a i e S n e v S t g l o s s i g a y u a t r u o u s h n a H i u a u h t a R r s g i a o t 1 i v o m B p n f i R l i n i . a - p p o k i e l x s l s i . o s i a i o C s s 1 C y a e l o r o e e n L a i l p u c o l y A 1 n x e t i l l l l e p i i k o J t h t . i i n d h s e . e t . s e y s s i r u . * . y . . . . . . d . . l . 1 e 1 1 . . . . . i 1 . . . . l . . s . a . . l . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P ' P P - - - - — - - - - - - - - - - - - - - - - - ( - 1 1 1 2 1 - 1 1 1 1 1 1 1 + 1 1 - 1 1 2 — - 1 2 1 - 1 1 1 - - - ) 9 0 3 4 6 7 8 9 3 4 3 2 4 6 2 1 4 4 2 2 5 3 0 9 3 4 = 9 7 1 2 c 6 5 ^ + - - - - - - + + + + 1 1 1 - 1 - — - — — - + 1 - - - - - - - - - - - - 1 - - - - - 9 4 1 9 7 3 8 8 7 8 5 4 8 5 6 8 1 7 6 1 1 9 5 4 2 2 0 9 4 2 3 8 1 3 y 1 7 / 3 - - - - - - - + 1 1 1 - - - — — — - — — - 1 1 + - - - - — - — - - — - - 1 1 - — - — _ 6 6 5 9 9 6 1 6 5 3 6 6 2 7 4 7 5 1 5 3 2 0 0 9 4 2 2 8 6 - 7 3 7 7 c 7 9 2 1 7 j S D O S F T H S T F L O S S C D L S S S S R P V T B S S S Y P E B B a S a c N N B a h a a a r o a t h a o a p u o u o e a o i k v a a n o o a a e a a o e o l n v n n n c l r n o n r c s o c l a r l k k r l l i e l l k a e u a n t s c e s t n l l s l r e a a t p s o t e g k t m l e r e r i i n s a a A l p a k F e v J a A D r L o h a t s t n u m n k e m a W a r j t s F o o s B . l m t e a o n r n o o s B g n s i t p a n e n i e a o n i R s a a x t p a 1 e f r 1 d d e n m l g h k l a e 1 d o e n e n e i n t a g a o 1 C e o r 1 e e a e x e l n o a r d x 1 c a n n l n o y r a s l m l t c h t n t e i h d a a d C a c 1 n o h s l r s C . i r 1 n i d c i i x s o * d l s . d t o . * . 1 i c y . i . t t . n o . . . i . y . 1 . . . . 1 . o . . . . . . . . . . . P p P + + + - - - - - - - ( - - 1 + 2 2 + + + + 1 + 1 1 - 1 - - - - - - - 1 1 - 2 - 2 ) 4 5 6 3 1 6 2 4 1 1 2 1 3 7 2 2 2 7 2 0 4 6 3 6 5 7 0 2 y 1 8 1 • - - - - - - - - ( - - 1 2 1 2 1 l + 1 l — 1 - - - _ - - - - — - 1 l ) i 6 V 1 1 4 4 l 7 9 3 7 l 1 6 6 ! 3 1 l 4 6 3 l ! J i ! ! 3 | ! ! 6 | 5 ! 6 1 | ! | i l - J 3 4 - - - - - - - - + - + 7 - 1 - - 1 - - - - - - 1 - - - - - 4 - 1 - - 5 8 5 8 7 - 2 7 4 9 1 8 6 4 5 4 7 0 9 4 - 6 9 3 7 0 1 2 7 -2 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 Nine months 1949. 4 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] Fuel, elec- House Year or month All items Food Apparel Rent tricity, and furnishings Miscellaneous refrigeration 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—October 173.6 211.5 201.6 118.7 137.8 198.8 153.7 November 172.2 207.5 201.4 118.8 137.9 198.7 153.9 December 171.4 205.0 200.4 119.5 137.8 198.6 154.0 1949—January ... 170.9 204.8 196.5 119.7 138.2 196.5 154.1 February 169.0 199.7 195.1 119.9 138.8 195.6 154.1 March 169.5 201.6 193.9 120.1 138.9 193.8 154.4 April 169.7 202.8 192.5 120.3 137 4 191.9 154.6 May 169.2 202.4 191.3 120.4 135.4 189.5 154.5 June 169.6 204.3 190.3 120.6 135.6 187.3 154.2 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 September 169.6 204.2 187.2 121.2 137.0 185.6 155.2 October 168.5 200.6 186.8 121.5 138.4 185.2 155.2 Back figures.—Bureau of Labor Statistics, Department of Labor. 1500 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 o ie m l d s l i - - F p u r a c o r t m d s - Foods Total l H e p u a a r i c n o t d h t d d e s e - s r T p u e r x c o t t d s i - le li m F g r a i h a u n a t t e d l e i s l n - g M m p u a r e e n c o t t 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 - - c C a a p u h l l r s l c e o ie t m a d s d n - i- d H g n f o o i i u n s u o r g h d s - - e s - n c M e e o l 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 c n e t d - s d u - - 1929 95 3 104 9 99.9 91.6 109.1 90 4 83.0 100.5 95.4 94.0 94.3 82 6 97 5 94 5 1930 ... 86 4 88.3 90.5 85.2 100.0 80 3 78.5 92.1 89.9 88.7 92.7 77.7 84.3 88 0 1931 73.0 64.8 74.6 75.0 86.1 66 3 67.5 84.5 79.2 79.3 84.9 69.8 65.6 77 0 1932 64.8 48.2 61.0 70.2 72.9 54 9 70.3 80.2 71.4 73.9 75.1 64.4 55.1 70.3 1933 65.9 51.4 60.5 71.2 80.9 64 8 66.3 79.8 77.0 72.1 75.8 62.5 56 5 70 5 1934 74.9 65.3 70.5 78.4 86.6 7? 9 73.3 86.9 86.2 75.3 81.5 69.7 68.6 78.2 1935 80 0 78.8 83.7 77.9 89.6 70 9 73.5 86.4 85.3 79.0 80.6 68.3 77 1 82 2 1936 80.8 80.9 82.1 79.6 95.4 71 5 76.2 87.0 86.7 78.7 81.7 70.5 79.9 82.0 1937 86 3 86 4 85 5 85.3 104.6 76 3 77.6 95.7 95.2 82.6 89.7 77 8 84 8 87 2 1938 . 78 6 68.5 73.6 81.7 92.8 66 7 76.5 95.7 90.3 77.0 86.8 73.3 72.0 82.2 1939 77.1 65.3 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.0 86.3 74.8 70.2 80.4 1940 78 6 67.7 71.3 83.0 100.8 73 8 71.7 95.8 94.8 77.0 88.5 77.3 71 9 81 6 1941 87.3 82.4 82.7 89.0 108.3 84 8 76.2 99.4 103.2 84.4 94.3 82.0 83.5 89.1 1942 98 8 105.9 99.6 95.5 117.7 96 9 78.5 103.8 110.2 95.5 102.4 89.7 100.6 98 6 1943 103.1 122.6 106.6 96.9 117.5 97 4 80.8 103.8 111.4 94.9 102.7 92.2 112.1 100.1 1944 104.0 123.3 104.9 98.5 116.7 98 4 83.0 103.8 115.5 95.2 104.3 93.6 113.2 100.8 1945 105.8 128.2 106.2 99.7 118.1 100 1 84.0 104.7 117.8 95.2 104.5 94.7 116.8 101.8 1946 121.1 148.9 130.7 109.5 137.2 116 3 90.1 115.5 132.6 101.4 111.6 100.3 134.7 116.1 1947 152.1 181.2 168.7 135.2 182.4 141 7 108.7 145.0 179.7 127.3 131.1 115.5 165.6 146 0 1948 165.1 188.3 179.1 151.0 188.8 149 8 134.2 163.6 199.1 135.7 144.5 120.5 178.4 159.4 194g—October 165.4 183.5 178.2 153.4 185.5 148 3 137.3 172.4 203.7 135.5 147.5 119.0 177.0 160.3 November 164.0 180.8 174.3 153.6 186.2 147 4 137.6 173.3 203.1 134.4 148.2 119.2 175.2 158 8 December .... 162.4 177.3 170.2 153.1 185.3 146 7 137.2 173.8 202.2 131.1 148.4 118.5 172.2 157.6 1949—January 160.6 172.5 165.8 152.9 184.8 146 1 137.1 175.6 202.3 126.3 148.1 117.3 169.3 156.2 February 158.1 168.3 161.5 151.8 182.3 145 ?, 135.9 175.5 201.5 122.8 148.3 115.3 165.8 154.0 !March 158.4 171.5 162.9 150.7 180.4 14T 8 134.3 174.4 200.0 121.1 148.0 115.7 167.3 154.1 April 156.9 170.5 162.9 148.9 179.9 14? ? 132.0 171.8 196.5 117.7 147.0 115.6 165.8 153.0 May 155.7 171.2 163.8 146.8 179.2 140.5 130.1 168.4 193.9 118.2 146.2 113.5 165.9 151.5 154.5 168.8 162.4 145.6 178.8 139.2 129.9 167.5 191.4 116.8 145.1 111.0 164.5 150.7 July . .. 153.5 166.2 161.3 145.0 177.8 138.0 129.9 167.9 189.0 118.1 143.0 110.3 163.2 149.7 August 152.9 162.3 160.6 145.0 178.9 138 1 129.7 168.2 188.2 119.7 142.9 109.8 161.3 149.4 September 153.7 163.1 162.0 145.3 181.1 139 0 130.0 168.3 189.4 117.7 142.9 109.6 162.0 150.1 October 152.2 159.6 159.6 145.0 181.3 138.1 130.6 167.3 189.2 116.0 143.0 i 109.0 160.3 149.1 Week ending:1 I Oct 4 152 3 161 3 159.7 145.0 1S8 4 130.7 169 2 189 5 116.7 Oct 11 152 1 160 1 159 9 145 0 137 7 131 2 169 2 189 4 116 4 Oct. 18 152.1 159.6 160.5 144.9 137.6 131.2 169.2 189.3 116.5 Oct 25 152 5 158 5 161 7 144 8 137 6 130 6 169 0 188 8 116 1 Nov. 1 151.4 156.3 158.7 144.6 136.6 130.6 168.8 188.4 115.7 Nov. 8 151.5 156.7 159.3 144.8 136.7 130.3 169.3 189.3 115.7 Nov. 15 151.4 156.5 159.6 144.8 136.8 130.3 169.4 189.5 115.9 Nov. 22 151.5 156.8 159.5 145.0 137.4 130.5 169.2 189.4 1948 1949 1948 1949 Subgroups Subgroups Oct. July Aug. Sept. Oct. Oct. July Aug Sept. Oct. Farm Products: Metals and Metal Products: Grains 170.4 154.1 150.4 156.4 155.3 Agricultural mach. & eauin.. . 142.5 144.2 144 1 143.5 144.0 Livestock and poult rv 223.4 188.5 186.3 186.6 177.7 Farm machinery 144.9 146.6 146 6 146.6 146.7 Other farm products 162.C 155.0 150.1 149.8 148.8 Iron and steel. . 164.5 164.2 163 8 163.9 163.3 Foods' Motor vehicles. 175.3 177.2 177 ? 177.2 177.2 Dairy products 174.9 149.2 152.7 153.5 154.6 Nonferrous metals 167 0 132.1 135 9 135 7 131 5 Cereal products.. 149.6 146.1 142.8 143.7 144.6 Plumbine and heatinc . 157.3 154.7 1S4 7 154.6 154.6 Fruits and vegetab es 173.1 145.4 130.3 126.9 128.1 Building Materials: Meats 239 8 212 2 210.7 215.1 205 0 Rrirk and tile . 160 1 161 5 161 s 161. S 161 8 Other foods 150 4 130 5 136 5 137 8 137 4 Cement 133 6 133 6 133 0 133 C 134 5 Bides and Leather Product*-* Lumber 315.4 277.4 ?77 4 '•279.7 281.9 Shoes 189 7 183 8 183.8 183.8 183.4 Paint and paint materials 160 1 145 2 143 8 143 S 141 1 Hides and skins 202. C 184.7 194.5 204.8 205.6 Plumbing and heating.. 157.3 154.7 1S4 7 154.6 154.6 Leather 180.4 175.4 173.7 175.5 176.5 Structural steel 178.8 178 8 178 8 178.? 178 8 Other leather products.... 148. 6 142.4 141.1 141.1 141.1 Other building materials 174.8 168.8 167.3 168.S 168.1 Textile Products: Chemicals and Allied Products: Clothint? 148 8 144 8 144 8 144 8 144 6 128 S 118 1 118 0 117 4 115 5 Cotton goods 195. C 167.3 170.2 174.8 176.5 Drugs and pharmaceuticals. . 152.7 124.7 125.0 125.C 123.1 Hosiery and undenivear 104.3 98.5 '98 A '98.4 98.4 Fertilizer materals 117.2 120.7 121.8 120.4 120.2 Silk 46.4 49.2 49.2 49.2 49.2 Mixed fertilizers 107.9 108.3 107.9 108.2 107.0 Rayon 41 8 39 6 39 6 39 6 39.6 Oils and fats . . 194.5 118.5 130 118.4 115.6 Woolen and worsted goods. 159.6 157.6 152.6 150.5 145.1 Housefurnishing Goods: Other textile products 190.5 178.8 180.9 181.5 175.6 Furnishings 152.5 149.1 149.1 149.1 149.2 Fuel and Lighting Matetials: Furniture 142.5 136.8 136.6 136.6 136.7 Anthracite 136.4 135.4 135.9 138.6 139.1 Miscellaneotis: Bituminous coal 195 1 188 9 188.8 190 5 191.2 Auto tires and tubes. . . 66.2 60.6 60 6 60.6 60.7 Coke 218.7 222.0 222.0 222.1 222.2 Cattle feed 195.4 204.7 197 9 190.^ 182.1 Electricity 66.5 70.0 68.5 Paper and pulp 170.2 156.8 156.8 156.= 156.5 Gas 90 9 89.5 88.9 89^3 Rubber, crude. 45.0 35.1 35 6 37.2 34.8 Petroleum products 122.8 110.2 109.7 109.1 110.1 Other miscellanaous... 131.1 121.6 121.1 121.2 121.2 ' Revised. 1 Weekly indexes are based on an abbreviated sample not comparable with monthly data Back figures.—Bureau of Labor Statistics, Department of Labor. DECEMBER 1949 1501 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 Gross national product 103.8 55.8 91.3 126.4 213.7 212.6 235.7 262.4 266.5 270.3 263.5 '259.6 256.3 Less: Capital consumption allowances 8.8 7.2 8.1 9.3 11.9 11.9 13.7 15.7 15.9 16.4 '16.2 '16.6 16.7 Indirect business tax and related liabilities. 7.0 7.1 9.4 11.3 14.1 17.3 18.7 20.3 20.6 20.7 '20.6 '21.2 21.5 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Statistical discrepancy -.1 1.2 1.4 1.6 4.0 4.2 1.0 -.3 -1.3 '.1 '-1.9 n.a. Plus: Subsidies less current surplus of government enterprises -.1 8, .5 .1 .7 .9 -.1 .1 .2 .4 .3 '.3 .3 Equals: National Income 87.4 72.5 103.8 183.8 179.6 201.7 226.2 230.4 234.3 226.3 '223.4 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 33.3 35.7 31.8 '30.9 n.a. Contributions for social insurance .2 .3 2.1 2.8 5.2 6.0 5.6 5.1 5.2 5.3 5.2 '5.4 5.6 Excess of wage accruals over disbursements. .0 .0 .0 .0 -.2 .0 .0 .0 — .1 .1 .1 -.3 .0 Plus: Goyernment transfer payments .9 1.5 2.5 2.6 3.1 10.8 11.1 10.5 10.4 9.9 11.1 11.5 11.6 Net interest paid by government 1.0 1.2 1.2 1.3 2.8 4.4 4.4 4.4 4.5 4.5 4.5 4.6 4.6 Dividends . 5.8 2.1 3.8 4.5 4.7 5.8 7.0 7.9 7.9 8.3 8.4 '8.4 8.4 Business transfer payments .6 .7 .5 .5 .5 .6 .6 .6 .6 .6 .6 .6 .6 Equals: Personal income 85.1 46.6 72.6 95.3 165.9 176.9 193.5 211.9 215.4 216.6 213.7 '212.5 210.6 Less: Personal tax and related payments 2.6 1.5 2.4 3.3 18.9 18.8 21.5 21.1 20.2 20.4 rl8.8 18.7 18.8 Federal 1.3 .5 1.2 2.0 17.5 17.2 19.6 19.0 18.0 18.2 16.4 '16.4 St^te and local , 1.4 1.0 1.2 1.3 1.4 1.7 1.9 2.1 2.1 2.2 2.3 2.4 Equals: Disposable personal income. 82.5 45.2 70.2 92.0 147.0 158.1 172.0 190.8 195.2 196.2 194.9 '193.8 191.9 Less: Personal consumption expenditures... 78.8 46.3 67.5 82.3 111.6 147.8 166.9 178.8 180.3 180.9 178.6 178.9 178.5 Equals: Personal saving .... , 3.7 -1.2 2.7 9.8 35.4 10.3 5.1 12.0 15.0 15.3 16.3 14.8 13.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates Annual totals by quarters 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 National income 87.4 39.6 72.5 103.8 183.8 179.6 201.7 226.2 230.4 234.3 226.3 '223.4 n.a. Compensation of employees 50.8 29.3 47.8 64.3 121.2 117.0 127.6 140.3 143.3 144 9 142.5 '141.8 142.2 Wages and salaries2 50.2 28.8 45.7 61.7 116.9 111.4 122.3 135.3 138.3 139 8 137.5 "136.5 136.6 Private 45.2 23.7 37.5 51.5 83.4 90 5 104.8 116.1 118.6 119.6 117.2 '115.9 115.7 Military .3 .3 .4 1.9 20.6 8.0 4.0 3.9 3.9 4.1 4.1 4.0 4.0 Government civilian 4.6 4.9 7.8 8.3 12.8 12.9 13.6 15.2 15.7 16.1 16.2 '16.6 16.8 Supplements to wages and salaries , .6 .5 2.1 2.6 4.2 5.6 5.3 5.0 5.0 5.0 5.0 '5.3 5.6 Proprietors' and rental income * 19.7 7.2 14.7 20.8 35.5 41.2 45.1 49.5 49.9 49 7 47.8 '46.5 44.5 Business and professional , 8.3 2.9 6.8 9.6 17.2 20.8 23.1 24.5 24.5 24.5 24.0 24.1 24.2 Farm 5.7 2.3 4.5 6.9 11.8 14.2 15.4 18.4 18.8 18.5 17.1 '15.7 13.8 Rental income of persons 5.8 2.0 3.5 4.3 6.5 6.2 6.5 6.6 6.6 6.7 6.7 6.7 6.5 Corporate profits and inventory valua tion adjustment 10.3 -2.0 5.8 14.6 24.0 18.3 25.6 32.6 33.3 35.7 31.8 '30.9 n.a. Corporate profits before tax 9.8 ,2 6.5 17.2 24.3 23.6 31.6 34.8 36.6 34.5 29.4 26.4 n.a. Corporate profits tax liability 1.4 .5 1.5 7.8 13.5 9.6 12.5 13.6 14.4 13.6 11.5 10.6 n.a. Corporate profits after tax 8.4 — .4 5.0 9.4 10.8 13.9 19.1 21.2 22.2 20.9 17.9 15.8 n.a. Inventory valuation adjustment .5 -2.1 -.7 -2.6 -.3 -5.2 —6.0 -2.2 -3.3 1.2 2.3 '4.5 3.5 Net interest 6.5 5.0 4.2 4.1 3.1 3.0 3.4 3.8 3.9 4.1 4.2 4.3 4.3 r Revised. n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 9 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. 1502 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 Annual totals Seasonally adjusted annual rates by quarters 1948 1949 1929 1933 1939 1941 1944 1946 1947 1948 3 4 1 2 3 Gross national product 103.8 55.8 91.3 126.4 213.7 212.6 235.7 262.4 266.5 270.3 ^263.5 '259.6 256.3 Personal consumption expenditures 78.8 46.3 67.5 82.3 111.6 147.8 166.9 178.8 180.3 180.9 <178.6 '178.9 178.5 Durable goods 9.4 3.5 6.7 9.8 7.1 16.5 22.0 23.5 24.8 22.9 '23.1 '23 8 25 8 Nondurable goods 37.7 22.3 35.3 44.0 67.1 86.8 96.2 102.2 101.8 103.3 '100.1 '99.3 96.5 Services 31.7 20.6 25.5 28.5 37.4 44.5 48 8 53 1 53 7 54 8 55 4 55 9 56 2 Gross private domestic investment 15.8 1.3 9.9 18.3 7.7 29.5 31.1 45.6 47,1 48.0 '41.6 '35.4 35.0 New construction * 7.8 1.1 4.9 6.8 2.8 10.3 13.8 17.9 18.7 17.9 '16.8 '16.4 17.3 Producers' durable equipment 6.4 1.8 4.6 7.7 5.7 12.5 17.2 20.7 21.0 21.2 '21.2 '20.4 20.1 Change in business inventories. 1.6 -1.6 .4 3.9 — .8 6.7 .1 6.5 7.4 9.0 '3.6 '-1.4 -2.4 Net foreign investment .8 ,2 .9 1.1 -2.1 4.7 8.9 1.9 — .1 1 0 '1 0 '1 2 Q Government purchases of goods and services 8.5 8 0 13.1 24.7 96.5 30.7 28.8 36.7 39 2 40 3 '42 3 '44 § 43 6 Federal 1.3 2.0 5.2 16.9 89.0 20.8 15.7 20.9 22.8 23.4 r25.2 r26.2 25.5 W No a n r war } 1.3 2.0 3 1 . . 9 3 1 3 3 . . 2 8 88 1. . 6 6 2 2 1 . . 5 2 21.5 23.1 23.8 '25.5 '26.5 25.8 Less* Government sales ' . *?.• 1.2 2.9 1.3 .6 .3 .3 '.3 '.3 .3 State and local 7.2 5.9 7.8 7.5 9.9 13.1 15.8 16.4 16.9 '17.0 '17.8 18.1 PERSONAL INCOME [Seasonally adjusted monthly totals at annual rates] Wages and salaries Divi- Year or month in s P c o e o n r m a - l e re T c o e t i a p l ts4 b m T u d o e r i n t s s a - e t l s W - ag d p e m in u C r o o g s a o d t d n m r u i i d i n t e c - y - s - ssil D a i r u n t i y r s t d i i t u e v r d s i s e b i - s - bur S i s n t e e r d r i m v u es i s e c - n e ts m G er o e n n v - t - L b c p i s e u a o n l o s f o n t s n c o s i y u c o t i r e a r e e r n i - m l e - s - in O l c a t o b h m o e r r e1 p in r r c P e i a e o n n r t m o t d o a - r e l s * ' i i n d n s p a t e c o e n e o n n r r d m d a e - l s s e t T m p r e f a a e n y n r t - s s - 7 i a n g N t c u r o o i r c m a n u l - e l- 8 1929 85.1 50.0 50.2 21.5 15.5 8.2 5.0 .1 .5 19.7 13.3 1.5 76.8 1933 46.6 28.7 28.8 9.8 8.8 5.1 5.2 .2 .4 7.2 8 2 2.1 43.0 1937. . . 74.0 45.4 45.9 18.4 13.1 6.9 7.5 .6 .5 15.4 10.3 2.4 66.5 1938 68.3 42.3 42.8 15.3 12.6 6.7 8.2 .6 .5 14.0 8.7 2.8 62.1 1939 72.6 45.1 45.7 17 4 13 3 6.9 8.2 .6 5 14 7 9.2 3.0 66.3 1940 78.3 48.9 49.6 19.7 14.2 7.3 8.5 .7 .6 16.3 9.4 3.1 71.5 1941 95.3 60,9 61.7 27.5 16 3 7.8 10.2 8 6 20 8 9.9 3.1 86 1 1942 122.7 80.7 81.9 39,1 18.0 8.6 16.1 1.2 ,7 28.4 9.7 3.2 109.4 1943 . . 150 3 103 6 105.4 49 0 20 1 9 5 26 8 1 8 9 32 8 10 0 3.0 135 2 1944 . 165.9 114.9 117.1 50.4 22.7 10.5 33.5 2,2 1.3 35.5 10.6 3.6 150.5 1945 171.9 115.3 117.7 45.9 24.7 11.5 35.6 2.3 1.5 37.5 11.4 6.2 155.7 1946 176 9 109.4 111.5 46 0 30 8 13.7 20.9 2 0 1.6 41 2 13.2 11.4 158.5 1947 193.5 120.2 122.3 54.3 35.2 15.2 17.5 2.1 1.8 45.1 14.8 11.7 173.5 1948 . 211.9 133.1 135.2 60.4 39.2 16.6 19.1 2.1 2.0 49.5 16.2 11.1 188.8 1948—September 216.3 137.7 139.9 62.8 40.4 16.7 20.0 2.2 2.0 494 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. S 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 213.1 135.0 137.2 58.3 41.1 17.3 20.5 2.2 2.1 46.7 17.3 12.0 192.6 June 211 9 133 9 136.2 58 1 40 3 17.1 20.7 2.3 2 2 46.5 17.2 12.1 191 5 July 209.7 134.2 136.4 57.8 40.5 17.2 20.9 2.2 2.1 44.2 17.1 12.1 191 .2 August 211.4 134.4 136.6 58.2 40.5 17.1 20.8 2.2 2.2 45.2 17.3 12.3 192.2 September 210.5 134.8 137.0 58.5 40.4 17.1 21.0 2.2 2.2 43.8 17 A 12.3 193.1 ' Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. 8 Less than 50 million dollars. 4 Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 8 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 6 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Same as preceding page. DECEMBER 1949 1503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Instalment credit Noninstalment credit E o n r d m of o n y t e h ar co c T n r s o e u d ta m i l t er i c T m n r o s e e t t d a n a i l t l t - Total A Sa u l t e o m cr o e b d i i l t e Other Loans1 no c T n m r i o e n e t d n s a i t t l t al- p S a l i y o n m a g n l e s e n 2 - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1929 7,628 3,158 2,515 1,318 1,197 643 4,470 2,125 1,749 596 1933 3,912 1,588 1,122 459 663 466 2,324 776 1,081 467 1938 7,047 3,595 2,313 970 1,343 1,282 3,452 1,442 1.487 523 1939 . . 7,969 4,424 2,792 1,267 1,525 1,632 3,545 1,468 L.544 533 1940 9,115 5,417 3,450 1,729 1,721 1,967 3,698 1,488 L.650 560 1941 9,862 5,887 3,744 1,942 1,802 2,143 3,975 1,601 1,764 610 1942 6,578 3,048 1,617 482 1,135 1,431 3,530 1,369 L,513 648 1943 5,378 2,001 882 175 707 1,119 3,377 1,192 1,498 687 1944 5,803 2,061 891 200 691 1,170 3,742 1,255 L.758 729 1945 6,637 2,364 942 227 715 1,422 4,273 1,520 .981 772 1946 10,191 4,000 1,648 544 1,104 2,352 6,191 2,263 3,054 874 1947 13,673 6,434 3,086 1,151 1,935 3,348 7,239 2,707 3,612 920 1948 16,319 8,600 4,528 1,961 2,567 4,072 7,719 2,902 3,854 963 1948—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 16,124 9,123 4,870 2,499 2,371 4,253 7,001 2,752 3,274 975 July .. . 16,198 9,335 5,010 2,610 2,400 4,325 6,863 2,768 3,123 972 August 16,453 9,622 5,223 2,761 2,462 4,399 6,831 2,799 3,064 968 September?. ... 16,799 9,893 5,438 2,876 2,562 4,455 6,906 2,808 3,130 968 October^ 17,187 10,171 5,678 3,002 2,676 4,493 7,016 2,854 3,192 970 p Preliminary. 1 Includes repair and modernization loans insured by Federal Housing Administration. 2 Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Amounts outstanding Loans made by principal lending institutions (end of period) (during period) Year or month Total m ba C e n r o c k m i s a - i l p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t n o o r d i i m a u a e n l s s - - 2 u C n r i e o d n i s t l M l a e n n is e d c o e e u r l s s - I m i l n r z o e a o s a a p n u d t n i a d r e o s i e r r n d n * - m b C a e n o r m k ci s a - l * p S c l a m o o n a m a i n e l - l s b I a n tr n d i k u a s l s - 2 p I a c n l t n o o r d i a i m u a e n l s s - - 2 u C n r i e o d n i s t 1929 643 43 263 219 23 95 463 413 38 1933 466 29 246 121 20 50 322 20? 32 1938 I .7X7 312 380 129 95 103 117 146 460 664 238 176 176 1939 1,632 523 448 131 99 135 96 200 680 827 261 194 237 1940 1,967 692 498 132 104 174 99 268 1,017 912 255 198 297 1941 ',143 784 531 134 107 200 102 285 1,198 975 255 203 344 1942 L ,431 426 417 89 72 130 91 206 792 784 182 146 236 1943 . .. 1,119 316 364 67 59 104 86 123 639 800 151 128 201 1944 1,170 357 384 68 60 100 88 113 749 869 155 139 198 1945 .422 477 439 76 70 103 93 164 942 956 166 151 199 1946 2,352 956 597 117 98 153 109 322 1,793 1,231 231 210 286 1947 3,348 1,435 701 166 134 225 119 568 2,636 1,432 310 282 428 1948 4,072 1,709 817 204 160 312 131 739 3,069 1,534 376 319 577 1948—September.. 3,997 1,712 771 206 155 300 126 727 254 122 31 26 51 October 3,994 1,700 772 204 155 302 126 735 222 116 29 24 44 November. . 4,012 1,701 780 204 156 304 127 740 237 134 31 26 46 December... 4,072 1,709 817 204 160 312 131 739 251 180 37 31 57 1949—January.... 4,054 1,705 812 202 159 309 130 737 236 112 31 26 42 February. .. 4,033 1,695 806 201 159 308 130 734 215 109 28 25 44 March 4,065 1,720 807 203 161 315 130 729 287 142 36 30 58 April. 4,113 1,749 815 207 163 323 131 725 278 146 33 29 58 May 4,170 1,788 818 213 165 333 131 722 288 135 35 28 60 4,253 1,836 827 219 167 346 132 726 303 140 38 28 68 July 4,325 1,866 843 225 169 357 133 732 282 155 35 28 59 August 4,399 1,897 851 230 171 369 134 747 294 143 37 29 66 SeptemberP . 4,455 1,922 855 235 172 379 135 757 278 128 34 27 65 October? 4,493 1,937 858 239 172 385 135 767 272 134 34 26 59 P Preliminary. 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 October amounted to 95 million dollars, and loans made during October were 11 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans are obtained by deducting an estimate of paper purchased from total retail instalment paper. 3 Includes only loans insured by Federal Housing Administration. 1504 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 [Estirnated 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 t b u a u i d l l t , e o - - I s m o m t a r o n e a d r n i d e e l t r - s F s t t u u o r r r n e e i s - H a s a h t p o o n o p u r c l l s d e e i e s - - Je st w o e re lr s y s o r t e A t o 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 tai D l irect c d r h p e a ir a t u n e a s r d c i e - l t d , l e o m r t a a n i n o o n iz d d n s a - 12 - in l m s c o s o a a e t n s a n n h a l s t - 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—September 3,486 550 723 725 608 880 1939 1,525 377 536 273 93 246 October 3,504 561 723 731 620 869 1940 1,721 f 439 599 302 110 271 November 3,528 565 730 736 631 866 1941 1,802 466 619 313 120 284 December 3,563 570 736 751 636 870 1942 1,135 252 440 188 76 179 1949—January 3,558 564 737 758 631 868 1943 707 172 289 78 57 111 February 3.517 572 737 724 626 858 1944 691 183 293 50 56 109 March 3,556 598 759 709 630 860 1945 715 198 296 51 57 113 April 3,629 631 785 712 636 865 1946 1,104 337 386 118 89 174 May 3,740 664 817 736 650 873 1947 1,935 650 587 249 144 305 June 3,852 688 843 750 676 895 1948 2,567 874 750 387 152 404 July 3,933 718 869 761 684 901 August 4,044 754 890 778 711 911 1948 September?.. . 4,140 780 905 803 730 922 October? 4,248 811 915 840 755 927 September. 2,335 786 685 377 119 368 October. .. 2,350 797 687 379 117 370 Volume extended dur- November. 2,388 812 696 377 127 376 ing month: December. 2,567 .74 750 387 152 404 1948—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 2,371 774 718 382 124 373 June 592 109 135 124 67 157 July 2,400 766 730 405 121 378 July 541 112 129 109 50 141 August.... 2,462 781 755 417 121 388 August 598 127 134 114 75 148 September? 2,562 818 784 435 121 404 September?.. . 568 117 123 121 62 145 October?. . 2,676 855 822 455 123 421 October? 593 125 122 137 70 139 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] [Estimates. In millions of dollars] Retail instal- Repair Personal Retail instal- Repair Personal ment paper 2 and instal- ment paper 2 and instal- Year or month Total modern- ment Year or month Total modern- ment m A o u b to il - e Other i l z o a a t n io s n *2 lo ca a s n h s m A o u b to il - e Other l i o z a a n ti s o * n 8 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—September . 286.7 67.8 44.3 50.6 124.0 1948—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 N D o ec v e e m m b b e e r r . . . . 2 2 8 8 6 5 . . 2 5 6 66 6 . . 6 8 4 43 3 . . 4 3 5 51 1 . . 7 6 1 1 2 2 4 3 . . 5 8 N D o ec v e e m m b b e e r r . . . . 1 17 7 7 3 . . 1 5 3 3 8 8 . . 3 3 2 2 3 3. . 7 4 5 4 . . 0 9 1 1 0 1 6 0 . . 9 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 Tune 303.4 76.1 48.7 51.2 127.4 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. . . . 190.1 42.3 29.6 5.8 112.4 September ? 323.3 85.3 54.5 53.6 129.9 September ? 190.9 43.0 30.0 5.7 112.2 October?... 328.8 88.7 56.7 54.2 129.2 October?... 191.0 44.2 30.2 6.0 110.6 Volume extended Volume extended during month: during month: 1948—September . 38.8 9.8 6.6 3.5 18.9 1948—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 July 30.8 6.7 5.2 0.5 18.4 August. . . . 47.7 14.1 8.2 4.7 20.7 August.... 31.1 6.6 4.7 0.8 19.0 September? 43.5 12.5 7.8 4.3 18.9 September ? 27.9 6.1 3.9 0.5 17.4 October?... 45.4 13.7 8.6 4.6 18.5 October?... 28.1 7.1 3.9 0.5 16.6 P Preliminary. * Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. DECEMBER 1949 1505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE1 Percentage change Charge Percentage change from corresponding Instalment accounts accounts from preceding month of preceding month year Item 1 O 94 c 9 t. P S 1 e 9 p 4 t 9 . A 19 u 4 g 9 . 1 O 94 c 9 t. P S 1 e 9 p 4 t 9 . A 19 u 4 g 9 . Year or month D s m t e o p e r n a e r t s t- s F t t u o u r r r n e e s i- h H p s o l t o l i o d a u r n e s a c e s p e - - J s e t w or e e l s ry D s m e to p e r a n e r t s t- Net sales: 1948 Total +9 -2 +16 +7 -14 -9 September '23 14 16 16 53 Cash sales +9 -4 +15 -15 -20 -19 October r23 14 16 16 54 Credit sales: November 14 15 17 55 Instalment +7 0 +18 +24 -9 0 December....,* m 14 15 20 53 Charge account + 12 -4 +13 -12 -17 -18 1949 Accounts receivable, end January 22 12 15 14 '51 of month: February '21 12 14 13 '49 Co T I l n l o e s t c t a a ti l l o . m n e s . n d t ur . ing + + 5 5 + + 3 3 + + 3 3 + + 1 1 2 8 + + 1 7 1 + + 1 8 3 A J M M u p a n a r y r e i c l h n r m ' 2 2 3 1 z 1 1 1 1 4 3 3 2 1 1 1 1 5 4 4 4 1 1 1 1 4 4 4 4 r ' ' ' 5 5 5 5 5 3 3 3 To m ta o l nth: ... +7 -2 + 1 -8 -10 -7 J A u u ly gust r '2 i9 1 1 1 2 2 1 1 3 4 1 1 3 4 r '5491 Instalment. +9 -3 +5 0 -6 —1 September 20 11 12 13 52 October? 20 12 12 14 53 Inventories, end of month, at retail value. +6 +5 -1 -17 -18 -19 P Preliminary. r Revised. 1 Collections during month as percentage of accounts outstanding at Preliminary. beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average =100 Percentage of total sales Sales during month Accounts receivable Collections during Year or month at end of month month C sa a l s e h s I m ns e t n a t l- C ac h c a o r u g n e t - Total Cash Instal- Charge Instal- Charge Instal- Charge sales sales ment account ment account ment account 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 g 39 1948 225 236 '192 219 142 198 181 222 52 7 41 1948—September 229 231 216 228 151 188 186 188 50 8 42 October '249 '256 '204 '249 155 206 196 220 51 7 42 November. 263 272 215 263 160 219 204 243 51 7 42 December,, 380 407 278 370 176 281 212 252 53 6 41 1940—January 173 182 136 171 163 219 212 314 52 7 41 162 168 131 162 157 187 194 235 51 7 42 March 203 208 171 204 152 180 210 227 51 7 42 April . «, 223 231 188 221 152 190 196 209 51 S 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 149 157 147 141 151 163 179 202 52 9 39 August 179 181 195 173 155 161 188 184 50 10 40 September 214 210 223 217 165 182 191 185 49 9 42 October? 220 215 243 221 175 190 202 214 48 10 42 P Preliminary. ' Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1497. 1506 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 Oct. Nov. Nov. Nov. Nov. page Oct. Nov. Nov. Nov. Nov. 26 26 16 RES W ER E V E E K L BA Y N K F I C G R U ED R I E T, S E 2 TC. In billions of dollars WEEKLY FIGURES 2—Cont. In unit indicated Re U se . r S v . e G B o a v n t k . s c e r c e u d r i i t t , i es t , o t to al ta .. l . . . . 1 1 7 7 . . 8 4 3 0 1 1 8 7 . .5 4 3 2 1 1 8 7. . 7 1 1 9 1 1 8 7 . . 3 7 5 9 1 1 7 8 . . 6 0 7 9 BUSINESS CONDITIONS G M T M r o o e e l m n d a e s N B B b u y s i o e o t l r o l r n y t i s e n c d b s k s c a c a a n i s r n k h c d u r a l e c n a s e t d e i r o r t v d n i e e f s i p , c o a t s o te i t t a s s . l . . . . . . . . 2, 2 4 2 2 2 1 3 6 7 4 7 6 1 . . . . . . . 0 7 5 6 3 5 1 7 9 4 9 3 8 0 2 2 1 3 6 4 7 7 6 1 . . . . . . . 1 9 5 8 5 3 4 0 0 4 6 8 8 4 2 2 1 7 4 6 4 7 6 1 . . . . . . . 0 1 7 5 5 5 1 3 4 3 4 3 3 5 2 2 1 4 7 4 6 7 6 1 . . . . . . . 1 1 5 7 4 5 4 5 0 3 3 3 3 0 2 2 1 7 4 4 6 5 7 1 . . . . . . . 1 0 5 5 7 5 9 2 3 1 1 3 3 9 Wh I B n o a d l F F O T s e e o i a o s t c x h r o a t e m a l e d c s e l r s o p m p ( c 1 r r o m o i 9 m c d 2 o e m u 6 d s c : = i o t t d 1 s ie i 0 t s i 0 : e ) s : 6 6 6 6 5 5 5 5 1 1 1 1 5 5 4 6 2 8 4 1 . . . . 5 5 8 7 1 1 1 1 5 5 5 4 6 8 4 1 . . . . 3 7 6 4 1 1 1 1 5 5 5 4 1 9 6 4 . . . . 3 5 7 8 1 1 1 1 5 5 4 5 6 9 4 1 . . . . 5 6 8 4 1 1 1 1 5 5 4 5 9 1 5 6 . . . . 5 5 0 8 New York City 5 4.45 4.39 4.39 4.40 4.43 (Aug. 1939=100): R Ex e C C N R C C R c q e h o u h e e o e s i s w s i i u u s c c r e e n n e a a r r r t Y d t g v g v e r r o e o e y y s o r e r e c c b r b k s i i v a a e t t e y y C n n r s v k k i , b b e t s s y t s a a e o n n t k k a s s l e 5 4 5 5 5 5 4 5 5 1 6 4 5 1 . . . . . . . . 1 3 1 3 7 0 5 1 7 4 2 1 8 5 7 6 1 - 4 6 5 1 1 . . . . . . . . 0 1 3 1 1 3 1 5 2 3 3 2 2 2 3 6 1 6 4 5 1 . . . . . . . . 1 4 1 2 0 8 6 1 6 2 2 6 3 8 2 6 P1 P 6 4 1 i 5 P . . . . . . . . 2 4 1 1 3 0 1 6 1 9 1 4 0 8 5 9 P1 6 4 5 1 P P . . . . . . . . 4 2 1 6 3 0 1 6 2 0 1 6 2 5 7 2 Se T W F S l I C C e n o t o o c o e d h p o t t r t e e u a e o n d t r o d l a s u s s n t t t ( n r u c f d i a ( ( f e ( a d c s f r c n l s m ) e o e t n s l m n l t t a p p s a s r e r t s p p o e r e e r d b p i r r u a e u b p c l r s s t u o h s s u 1 : e h 0 n l e 0 ) d l . ) ) . . . . 6 6 6 6 6 6 6 8 8 8 7 7 7 8 2 3 2 2 2 1 0 1 4 2 9 2 1 3 6 7 3 . 9 5 . . . . 5 . . 2 2 8 8 9 7 0 2 2 2 2 2 1 2 9 4 9 2 1 1 . 9 8 9 6 7 5 7 . . . . . . 1 9 5 4 4 0 4 2 2 2 2 2 1 4 9 2 2 9 1 1 9 9 8 8 8 . 3 . . . . . 3 . 9 3 2 5 6 8 7 2 2 2 2 2 1 4 1 3 2 9 9 1 7 9 0 9 6 . 5 . . . . . . 6 2 7 3 9 8 9 0 3 2 3 2 2 1 0 2 2 2 0 2 4 1 . 9 5 0 8 9 . . . 2 . . . 8 0 3 3 8 2 8 MEMBER BANKS IN LEADING CITIES Hogs (dollars per 100 All reporting banks: pounds) 68 18.38 17.09 16.51 15.91 15.88 L U o . a S n . s G a o nd v t. i n s v e e c s u t r m iti e e n s t , s total. 1 1 4 4 6 3 6 7 . . 7 8 7 4 3 6 7 6 . . 3 6 9 7 6 3 6 7 . . 6 0 6 4 3 66 7 . . 5 2 1 6 3 6 7 6. . 7 4 2 3 E B g u g tt s e r ( c ( e c n e t n s ts p e p r e d r o p z o e u n n ) d . ) .. . 6 6 8 8 4 6 4 2. . 5 8 4 6 5 2 . . 2 2 4 6 5 1 . . 8 9 6 4 1 5 . . 9 2 4 6 6 1 . . 5 9 N B Bi o o l n l t s e d s s and certificates. ... 1 1 1 6 6 6 2 ' 2 6 8 . . . 9 3 5 8 2 4 2 2 6 8 . . . 4 6 3 2 2 5 26 8 2. . . 3 3 3 7 4 3 2 8 2 6 . . . 4 4 3 4 4 7 2 2 8 6 . . . 4 5 4 3 5 6 Pr A S od t u e u t e o c l m ti ( o % o n b : i o le f c (t a h p o a u c s i . t y c ) a rs). . . 7 7 1 1 9 1 . 3 0 2 8 1 . 0 8 9 21 1 . 1 0 1 57 1 . 1 4 2 78. 7 2 3 O L D U o . t e C R h a m S e n o e . r a s a m , n G l s m d e t e o o c s e v d t u t r a t a e c r . l i t p i t e d a o i l e e s p s i t o s s i a ts d justed.. 1 1 1 1 1 1 4 4 4 8 8 8 4 2 1 2 7 3 4 5 3 . . . . . . 0 2 5 9 3 6 1 5 9 2 8 4 4 2 1 4 4 6 4 2 3 . . . . . . 9 2 4 8 3 6 5 5 6 5 3 9 4 2 1 6 4 2 4 4 3 . . . . . . 9 2 7 4 6 7 5 7 1 4 6 8 4 2 1 6 4 2 4 4 3 . . . . . . 6 2 9 6 7 3 5 8 5 3 8 0 4 2 1 4 2 4 7 4 3 . . . . . . 5 9 3 2 7 3 6 6 0 7 7 3 P M C B E a l i r e e b t p u u c a b e d m t t l r e r s b i i ( . c ) n o m o a p p i u r o l e d l s t w , r c o p e ( o l r t o e h a u ( u l o m n m u ( d m i s l s . l ) i . l t l k ( o , t w h n to o . s n u h ) s r s . s . . ) . . . ) 7 7 7 7 7 3 2 5 3 2 5 5 0 , , . 2 0 3 4 4 3 1 3 0 6 2 4 8 3 5 5 0 , , . 0 2 3 4 4 0 7 3 3 5 3 0 8 5 5 5 , , 1 3 1 2 4 . 3 0 0 2 1 0 8 5 7 8 5 5 2 , , 3 . 2 1 6 3 6 0 5 4 2 6 3 2 4 5 5 , 2 , 1 . 3 5 1 2 1 2 3 9 5 1 0 9 7 For purchasing securities: Freightcarloadings (thous. cars): T U o . t S a . l Govt. securities. . 1 1 8 8 1. . 8 7 8 5 2 1 . . 2 0 1 3 2 1 . . 3 1 1 1 2. . 0 8 0 2 2. . 0 8 0 5 T M o i t s a c l e llaneous 7 7 4 4 3 5 2 9 2 1 3 5 1 7 3 9 3 6 1 3 2 6 3 7 3 5 0 9 6 29 6 5 5 Oth O e t r h er securities 1 1 8 8 4 1 . . 2 1 3 4 4 1 . . 2 1 7 8 4 1 . . 2 2 9 0 4 1 . . 3 1 3 8 4 1 . .1 3 5 6 De ( p 1 a 9 r 3 tm 5- e 3 n 9 t = s 1 t 0 o 0 re ) sales 75 ••298 315 318 342 330 New York City banks: Loans and investments 15 19.37 19.34 19.29 19.13 19.29 U. S. Govt. securities, total. 15 10.87 10.58 10.32 10.50 10.63 1949 Bonds, total holdings 17 7.73 7.76 7.72 7.72 7.75 Due or callable—5 years 17 6.11 6.14 6.11 6.11 6.15 Notes and certificates.... 17 2.28 2.20 2.17 2.21 2.25 Aug. Sept. Oct. i Bills 1 .87 .61 .43 .56 .64 Demand deposits adjusted.. 15 15.24 14.95 14.74 14.72 15.06 U. S. Govt. deposits 15 .91 .85 .84 .91 .87 MONTHLY FIGURES In billions of dollars Interbank deposits 15 3.81 3.88 3.88 4.00 3.69 Time deposits 15 1.60 1.61 1.62 1.62 1.60 DEPOSITS AND CURRENCY Loans, total 15 7.27 7.57 7.78 7.45 7.46 Commercial 19 4.86 4.87 4.89 4.84 4.84 Deposits and currency: • For purchasing securities: Total 6 P170.00 P17O.3O P171.6O To brokers: Excluding U. S. Govt. de- Ba L U n o . k R B a S s n o e . T s a n o G o l d u a O O o s e n t o v n s n s d t t t i h . a o d U i e t s t n e e r . h e s v c e S N a e u r n . s e r d s t G w i m e ti o o c e e Y t v u s n h , t o r t s e i s r t r t o k i t e . a C s . l . . . . i . . t y 1 1 1 1 : 1 9 5 9 9 9 4 2 1 6 7 8 1 . . . . . . . 0 9 5 4 5 2 5 6 7 9 0 3 1 7 2 4 1 6 7 8 1 . . . . . . . 8 0 3 5 6 2 7 1 8 3 9 1 1 8 4 2 1 7 6 8 1 . . . . . . . 0 6 7 3 2 6 8 9 1 2 7 1 1 8 4 2 1 7 6 8 1 . . . . . . . 1 6 3 7 6 2 5 1 5 8 6 1 1 7 4 2 1 7 6 8 1 . . . . . . . 1 4 8 7 5 6 2 3 4 0 0 0 9 0 Mo $ T U D C C B 1 n i o i u . e m 0 l e i l r m S y n s r e a . s e p a o n i , n o n G d n f d $ c s d e o y i $ c 1 p $ t v 5 i d , s o 2 r o t 0 $ e s c . 0 u p i 2 u t d a t , o b s l s n e a s i a i d p l t a d i n l i t o d s e o s d o s j n u v b i a $ , t s e d s a 5 t r t j e n o u b d k t s i a t l s e l l . s d . . . . . . . . . . . 7 6 6 6 7 6 7 P P P P 1 2 P 1 5 2 6 8 8 4 7 4 8 3 5 6 3 . . . . . . . . . 4 4 4 3 4 1 1 9 4 O 9 8 9 2 0 0 0 0 P P P P 1 2 P 1 5 2 8 6 8 4 7 4 3 8 4 3 6 . . . . . . . . . 5 5 4 7 9 4 3 6 4 0 2 1 0 0 0 0 0 0 P P P P 1 2 P 1 2 8 5 6 8 4 7 3 4 4 4 8 8 . . . . . . . . . 4 5 4 6 3 9 6 4 0 9 4 1 0 8 0 0 0 0 Notes and certificates. . . 6.27 6.22 6.17 6.23 6.28 Bills 17 2.12 2.00 1.94 1.88 1.82 Demand deposits adjusted.. 15 32.11 31.90 31.97 31.91 32.22 U. S. Govt. deposits 15 1.68 1.61 1.60 1.74 1.69 Annual rate Interbank deposits 15 6.49 6.66 6.76 7.05 6.46 Time deposits 15 13.68 13.65 13.65 13.63 13.62 Turnover of demand deposits:5 Loans, total 15 16.66 16.76 16.89 16.86 16.87 New York City 30.4 29.5 29.4 Commercial 19 8.82 8.83 8.89 8.93 8.93 Other leading cities 19.0 19.0 19.1 Real estate 19 4.03 4.03 4.04 4.05 4.06 For purchasing securities. 19 .58 .62 .61 .62 .60 Other 19 3.40 3.42 3.44 3.45 3.46 In billions of dollars MONEY RATES, ETC. Per cent per annum COMMERCIAL BANKS U. S. Govt. securities: Bills (new issues) 30 1.063 1.074 1.056 1052 1.108 Cash assets' 9 P31.90 P31.60 P33.50 Certificates 30 1.09 1.10 1 .10 1.08 1.09 Loans and investments, total«. 9 P117.9O P118.80 P119.80 3 7 - - 5 9 y ye e a a r r s s 3 3 0 0 1 1. . 7 3 2 8 1 1. . 7 3 1 7 1 1. . 7 3 0 6 1 1. . 6 3 8 6 1 1. . 6 3 9 8 L U o . a S n . s G * ovt. securities' 9 P P6 4 6 1 . . 7 2 0 0 P P 4 6 1 6 . .8 8 0 0 P P 6 4 7 1 . . 7 9 O 0 15 years or more 30, 32 2.22 2.21 2.20 2.18 2.19 Other securities • 9 PlO.OO P10.20 P10.20 Corporate bonds: Holdings of U. S. Govt. se- Aaa 32 2.61 2.61 2.61 2.60 2.59 curities: Baa 32 3.35 3.36 3.36 3.35 3.35 Bonds: High-grade municipal bonds. . 32 2.19 2.19 2.19 2.16 2.14 Total 10 42.52 41.87 •42.09 Within 1 year 10 5.34 8.51 «8.57 Stock prices (1935-39=100): In unit indicated 5 1 - -5 1 0 y y e e a a rs r s 1 1 0 0 2 6 6 . . 6 5 7 2 2 6 2 . . 6 6 9 4 «2 '6 2 . . 7 7 1 6 Total 34 129 130 129 128 130 Over 10 years 10 4.00 4.02 "4.04 Industrial 34 136 138 137 135 137 Notes and certificates 10 12.75 13.87 P14.12 Vo R P lu u a m b il l r e i o c o a u f d t t i r l a it d y i ng (mill, shares) 3 3 3 4 4 4 1. 1 9 0 4 7 2 3 1 1 . 9 0 3 7 2 4 1. 1 9 2 0 7 7 2 1. 1 9 3 0 6 7 2 1 1 . 9 0 3 6 3 0 G Bi u ll a s r anteed securities 1 1 0 0 4.22 3.73 P4.09 For footnotes see p. 1510. DECEMBER 1949 1507 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 book Chart page Aug. Sept. Oct.1 b p o a o g k e Aug. Sept. Oct.1 MONTHLY FIGURES—Cont. In billions of dollars MONTHLY FIGURES—Cont. In billions of dollars GOVERNMENT FINANCE—Cont. MEMBER BANKS Ownership of U. S. Govt. securities—Cont. AH member banks: Marketable public issues—Cont. Loans and investments, total 12 99.18 99.83 100. By class of security—Cont. Loans 12 34.52 35.08 35.14 Bonds—Total outstanding.... 24 110.59 109.29 U. S. Govt. securities 12 56.46 56.44 57.33 Nonbank (unrestricted issues Other securities 12 8.20 8.32 8.30 only), commercial bank, Demand deposits adjusted* 12 70.84 70.64 71.74 and F. R. Bank 24 66.80 65.51 '65.51 Time deposits 12 29.26 29.25 29.23 Commercial bank and F. R. Balances due to banks 12 10.51 10.96 11.12 Bank 24 50.29 49.41 «49.63 Balances due from banks 12 5.25 5.53 5.60 F. R. Bank.., 24 7.78 7.54 7.54 Reserves 12 16.87 16.08 16.11 By earliest callable or due date: Central reserve city banks:6 Withinl year-Total outstanding 25 52.71 58.93 58.64 Loans and investments, total 12 24.84 24.86 24.61 Commercial bank and F. R. Loans 12 8.95 9.17 8. Bank 25 32.67 37.43 *37.40 U. S. Govt. securities 12 14.10 13.87 14.15 F. R. Bank 25 10.37 11.32 10.62 Other securities 12 1.79 1.82 1.69 1-5 years—Total outstanding. 25 39.17 33.05 33.05 Demand deposits adjusted8 12 18.88 18.78 18.81 Commercial bank and F. R. Time deposits 12 2.77 2.78 2.71 Bank 25 28.64 24.29 Balances due to banks 12 4.83 4.97 4.99 F. R. Bank 25 2.12 1.66 1.66 Reserves 12 5.87 5.63 5.57 5-10 years—Total outstanding 25 15.07 15.07 15.07 Reserve city banks:5 Nonbank (unrestricted issues Loans and investments, total 13 37.01 37.27 38.16 only), commercial bank, Loans 13 13.42 13.67 13.96 and F. R. Bank. 25 10.37 10.37 *10.37 U. S. Govt. securities 13 20.71 20.67 21.21 Commercial Bank and F. R. Other securities 13 2.88 2.92 3.00 Bank 25 7.25 7.28 «7.30 Demand deposits adjusted* 13 24.94 24.76 25.5 F. R. Bank 25 .58 .58 .58 Time deposits 13 11.61 11.59 11.65 Over 10 years—Total outstand- Balances due to banks 13 4.88 5.14 5.23 ing 25 48.60 48.60 48.60 Balances due from banks 13 1.62 1.68 1.72 Nonbank (unrestricted issues Reserves 13 6.36 6.03 6.15 only), commercial bank, Country banks: and F. R. Bank 25 9.51 9.52 Loans and investments, total 13 37.34 37.71 38.00 Commercial bank and F. R. Loans 13 12.15 12.24 12.41 Bank 25 8.45 8.48 «8.49 U. S. Govt. securities 13 21.65 21 .89 21.97 F. R. Bank 25 4.45 4.45 4.45 Other securities 13 3.54 3.58 3.62 Cash income and outgo: Demand deposits adjusted' 13 27.02 27.11 27.36 Cash income 26 3.15 4.92 2.05 Time deposits 13 14.88 14.88 14. Cash outgo 26 '3.72 3.85 3.27 Balances due from banks 13 3.47 3.69 3.72 Excess of cash income or outgo. ... 26 1--.57 +1.07 -1.22 Reserves 13 4.64 4.43 4.39 MONEY RATES, ETC. Per cent Treasury bills (new issues) 29 1.027 1.062 1.044 Corporate bonds: CONSUMER CREDIT* Aaa 29 2.62 2.60 2.61 Baa 29 3.40 3.37 3.36 Consumer credit, total 20 16.45 P16.80 P17.19 F. R. Bank discount rate 29 1.50 1.50 1.50 Single-payment loans 20 2.80 P2.81 P2.85 Commercial paper 29 1.44 1.38 1.38 Charge accounts 20 3.06 P3.13 P3.19 Stock yields: Service credit 20 .97 P.97 P.97 Dividends/price ratio: Instalment credit, total 20, 21 9.62 P9.89 P10.17 Common stock 33 6.61 6.39 6.19 Instalment loans 21 4.40 P4.46 P4.49 Preferred stock 33 3.90 3.85 3.88 Instalment sale credit, total .... 21 5.22 P5.44 P5.6S Automobile 21 2.76 P2.88 P3. 00 In unit indicated Other 21 2.46 P2.56 P2.6S Margin requirements (per cent) 35 50 50 50 Stock prices (1935-39 = 100), total. .. 35 122 124 127 Stock market credit (mill, dollars): Bank loans 35 444 454 439 GOVERNMENT FINANCE Customers' debit balances 35, 36 699 740 783 Money borrowed 36 404 418 416 Gross debt of the U. S. Government: Customers' free credit balances.... 36 548 580 586 Total (direct and guaranteed) 22 255.88 256.71 256.81 Volume of trading (mill, shares) 35 .95 1.14 1.31 Bonds (marketable issues) 22 110.59 109.29 109.29 Notes, certificates, and bills 22 44.97 46.35 46.07 BUSINESS CONDITIONS Savings bonds, savings notes 22 63.31 63.50 64.01 Personal income (annual rates, bill, Special issues 22 33.36 33.91 33.81 dollars): •5 Guaranteed, noninterest-bearing Total 48 211.4 '210.5 P208.4 debt, etc 22 3.66 3.65 3.62 Total salaries and wages 48 134.4 134.8 P133.1 Ownership of U. S. Govt. securities: Proprietors' income, dividends, and Total: interest 48 62.5 '61.2 P61.4 Commercial bankse 23 66.70 66.70 P67.60 All other 48 14.5 14.5 P13.9 Fed. agencies and trust funds... 23 38.85 39.41 39.29 Labor force (mill, persons):e F. R. Banks 23 17.52 18.01 17.32 Total 49 65.1 64.2 64.0 Individuals6 23 69.10 69.10 P69.2Q Civilian 49 63.6 62.8 62.6 Corporations and associations*.. 23 23.30 23.00 P23.00 Unemployment 49 3.7 3.4 3.6 Insurance companiese 23 20.60 20.50 P2O.5O Employment 49 59.9 59.4 59.0 Mutual savings banks • 23 11.60 11.60 Pll.50 Nonagricultural 49 51.4 51.3 51.3 State and local govts.e 23 8.30 8.30 P8.30 Employment in nonagricultural estab- Marketable public issues: lishments (mill, persons):«5 By class of security: Total 50 42.88 43.08 P42.27 Bills—Total outstanding 24 12.12 12.32 Manufacturing and mining 50 14.93 15.05 P14.38 Commercial bank and F. R. Construction 50 2.17 2.19 P2.21 Bank 24 7.70 8.07 P7.80 Transportation and utilities 50 3.95 3.94 P3.88 F. R. Bank 24 3.49 4.34 3.71 Trade 50 9.43 9.46 P9.39 Notes and certificates—Total Government 50 5.85 5.87 P5.85 outstanding 24 32.84 34.04 Hours and earnings at factories: Commercial bank and F. R. Weekly earnings (dollars) 51 54.66 55.72 P55.26 Bank 24 19.01 20.00 P20.19 Hourly earnings (dollars) 51 1.398 1.407 Pl.392 F. R. Bank 24 6.26 6.13 6.07 Hours worked (per week) 51 39.1 39.6 P39.7 For footnotes see p. 1510. 1508 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS—Continued Chart 1949 Chart book book page Aug. Sept. Oct.1 page Aug. ! Sept. Oct.i In unit indicated In unit indicated MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. BUSINESS CONDITIONS Cont. BUSINESS CONDITIONS Cont. Industrial production:5 Consumers' prices (1935-39=100): Total (1935-39=100) 52 All items , 64 16 s <* 169.6 168.5 Groups (points in total index): Food 64 20J r, 204.2 200.6 Durable manufactures 52 72.9 75.3 P66. Apparel 64 IS" 4 187.2 186.8 Nondurable manufactures 52 •77.5 80.6 P82. Rent 64 no ^ 121.2 121.5 Minerals 52 19.6 18.1 P17. Miscellaneous 64 155.2 155.2 Manufacturing production Wholesale prices (1926=100): (1935-39=100), total 53 177 184 P175 Total 65 153.7 152.2 Durable 53 192 199 P175 Farm products 65 163.1 159.6 Nondurable 53 165 172 P175 Food 65 162.0 159.6 Selected durable manufactures Other commodities 65 145.3 145.0 (1935-39=100): Textile products 66 139.0 138.1 Nonferrous metals 54 174 175 Hides and leather products.... 66 181.1 181.3 Steel 54 191 193 38 Chemicals and allied products.. 66 117.7 116.0 Cement 54 183 189 182 Fuel and lighting materials. 67 r130.0 130.6 Lumber 54 115 119 P122 Building materials 67 189.4 189.2 Transportation equipment 54 244 252 P234 Metals and metal products 67 168.3 167.3 Machinery 54 215 224 P227 Miscellaneous 66 109.6 109.0 Selected nondurable manufactures Prices paid and received by farmers (1935-39=100): (1910-14 = 100): Apparel wool consumption 55 134 138 Paid. 69 243 j 2421 240 Cotton consumption 55 111 127 134 Received 69 245j 249| 243 Shoes 55 123 125 P116 Cash farm income (mill, dollars): Paperboard 55 184 203 206 Total 70 2,417 2,608 3,139 Newsprint conpumption 55 151 156 162 Livestock and products 70 1,249 1,274 1,354 Manufactured food products.... 55 166 166 P166 Crops 70 1,162 1,327 1,773 Fuel oil 55 168 180 ^184 Govt. payments 70 6I 7 12 Gasoline 55 177 179 P183 Industrial chemicals 55 388 404 M10 Rayon 55 256 275 P295 INTERNATIONAL TRADE AND FINANCE Sales, inventories, and orders: Sales (bill, dollars):5 Exports and imports (mill, dollars): Manufacturing, total 56 18.9 18.9 P16.7 Exports 76 P880 P9041 P849 Durable 56 8.0 7.9 P6.6 Imports 76 P491| P530; P559 Nondurable 56 11.0 11.0 PlO.l Excess of exports or imports 76 P389 P375 P290 Wholesale, total 57 7.7 7.6 7.2 Short-term liabilities to and claims on Durable 57 1. 1.9 1.7 foreigners reported by banks (bill, Nondurable 57 5.9 5.7 5.4 dollars): Retail, total 57 10.6 10.8 10.7 Total liabilities 77 P5.60| P5.67 Durable 57 3.5 3.5 3. Official 77 P2.58 P2.58 Nondurable 57 7.2 7.3 7.1 Invested in U. S. Treasury bills Inventories (bill, dollars):5 and certificates 77 p. 76 Manufacturing, total 56 31.6 31.1 P30.9 Private 77 P3.02 J'3.09 Durable 56 14.7 14.3 P14.0 Claims on foreigners 77 p. 70 P . 83 Nondurable 56 16.9 16.8 P16.9 Foreign exchange rates: Wholesale 57 9.0 9.2 9.2 See p. 1529 of this BULLETIN 78, 79 Retail 57 13.9 14.4 14.5 New orders (1939 = 100):7 Manufacturing, total 56 Durable 56 1949 Nondurable 56 Construction contracts (3 mo. moving avg., mill, dollars):5 Total 58 939 1,009 1,080 Residential 58 420 468 495 QUARTERLY FIGURES Other 58 519 541 585 Residential construction: GOVERNMENT FINANCE I In billions of dollars Contracts awarded (mill, dollars):5 Total 59 390 529 463 Budget receipts and expenditures of 1- and 2-family dwellings 59 264 321 316 U. S. Treasury: Other 59 126 208 147 Expenditures, total 27 9.23 10.15 11.01 Dwellings started (thous. units)... 59 98 100 100 National defense 27, 28 3.08 3.15 3.11 Value of construction activity (mill, Veterans' Administration 28 1.71 1.65 1.45 dollars): International aid 28 I.58 1.68 1.35 Total* 60 1,903 1,922 Interest on debt 28 1 05 1.87 .99 Nonresidential:e Allother 28 1.74 1.67 2.95 Public 60 537 527 509 Receipts: Private 60 668 658 628 Net receipts 27 12. 40 8.05 9.26 Residential: « Individual income taxes 28 7.2(y 3.84 3.63 Public 60 23 27 27 Corporate income, etc 28 3.29 7.83 3.04 Private 60 675 710 725 Miscellaneous internal revenue. . 28 2.01 2.00 2.12 Freight car loadings:5 All other 28 .84 .84 .53 Total (1935-39=100) 61 106 92 Tax refunds (deduct) 28 t. 00 1.46 .16 Groups (points in total index): .... Miscel aneous. . . 61 69.6 68.2 60.8 Coal 61 20.2 14.4 8.9 MONEY RATES All other 61 25.4 23. 22.4 Department stores: Bank rates on loans to business: Indexes (1935-39 =100): 5 All loans: Sales 62 283 289 275 19 cities 31 Stocks 62 253 '264 270 New York City 31 296 stores: 7 Northern and Eastern cities. . . 31 Sales (mill, dollars) 63 288 342 351 11 Southern and Western cities.. 31 Stocks (mill, dollars) 63 817 881 975 Loans of $l,000-$10,000: Outstanding orders (mill, dollars) 63 413 510 454 19 cities 31 Ratios to sales (months' supply): New York City 31 Total commitments 63 4.3 4.1 4.1 7 Northern and Eastern cities... 31 Stocks 63 2. 2.6 2.8 11 Southern and Western cities.. 31 For footnotes see p. 1510. DECEMBER 1949 1509 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):'8 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 . . 8 6 9 6 3 2 . . 0 7 4 8 2 2. . 7 9 4 8 In billions of dollars 7 1 1 N S o o r u th th e e rn rn a a n n d d E W as e t s e t r e n rn c c it it i i e e s s . . . . . 3 3 1 1 2 3 . . 8 0 9 4 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 +1.4 +0.1 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 + 1 3 + 1.4 Debt liquidation 43 +0.4 -1.6 Stock yields: Earnings/price ratio, common stocks 33 4.28 13.80 Annual rates, in billions of dollars GROSS NATIONAL PRODUCT, ETC. BUSINESS FINANCE In unit indicated Gross national product * 44 263.5 259.6 256.3 Corporate assets and liabilities (bill, Govt. purchases of goods and servdollars):« ices 44 42.3 44.0 43.6 Current assets, total 37 125.0 123.3 Personal consumption expenditures 44 178.6 178.9 178.5 Cash 37 23.4 24.3 Durable goods 46 23.1 23.8 25.8 U. S. Govt. securities 37 14.0 14.8 Nondurable goods 46 100.1 99.3 96.5 Inventories 37 48.5 45.7 Services 46 55.4 55.9 56.2 Receivables 37 37.5 37.1 Private domestic and foreign invest- Current liabilities, total 37 59 2 56.6 ment 44 42.6 36.6 34.2 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 21.2 20.4 20.1 Corporate security issues: New construction 45 16.8 16.4 "17.3 Total (bill, dollars) * 38 1.06 2.31 .81 Change in business inventories. 45 3.6 -1.4 -2.4 New money, total (bill, dollars)e... 38 .85 1.97 .69 Net foreign investment 45 1.0 1.2 -.8 Type of security (bill, dollars): Personal income, consumption, and Bonds 38 .72 1.58 .53 saving:5 Preferred stock 38 .05 .15 .06 Personal income 47 213.7 212.5 210.6 Common stock 38 .08 .25 .11 Disposable income 47 194.9 193.8 191.9 Use of proceeds (mill, dollars): Consumption expenditures 47 178.6 178.9 178.5 Plant and equipment: Net personal saving 47 16.3 14.8 13.3 All issuers 39 699 1,615 599 Public utility 39 343 1,293 277 I R n a d i u lr s o t a r d ia l 3 3 9 9 1 1 8 7 2 4 1 1 1 8 1 2 24 8 1 0 1948 1949 Working capital: A P R u l a l b i l i l r s i o c s a u u d e t r i s l ity 3 3 3 9 9 9 15 2 2 35 4 3 89 4 SEMIANNUAL FIGURES D 3 e 1 c. Ju 3 n 0 e De 3 c 1 . Industrial 39 81 237 50 Bond P s u b (b li i c ll , dollars): • 38 .58«. 1.15 .40 INSURED COMMERCIAL BANKS In billions of dollars Private 38 .33 .74 .24 Loans: C C o o A P U P L r r r r p a p l n o o l u t ( r o o d e f f a g n c r r r i i i n e d t a t o a l s s s y n t t t i r e e r c s p u b i t t o a o a b p r e o f r l p r i r u f t t p b a o o r e a r t o t o u r f r e a l i e i r f s d t o t t a i e e ) s n t t t : t d , s s a p i s a , o x t r x a p o n b e a ( e x r b f s s f i s o i l e t , i t l e l f s s , l ( i r t , , t d o d s a d i t ) o n t v a o a l d i l l l x d l a a e d e ( r r s b n s i s v i ) d ) l : i l s ( d , * * q e . u d a n . o a n d . r l d s - - . 4 4 4 4 0 0 0 1 2 1 9 9 4 7 . . . . 4 9 5 6 2 1 ' 6 3 5 7 . . . . 4 8 4 9 1 7 5 . .6 O St t a A F C R C h t o e e o e g o T T r r a m n r i l a o o s s p c m n u e o e u u b d c m s e t l r r u t h t r c o e u a l c r h e o k r i t r i a t e r c a a e i s s a l l e r i l s s n g g a o n s d v e e c d r u n e r m a i l t e e ie r n s s t : securities 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 2 6 5 3 8 1 0 . . . . . . . 7 5 4 6 7 8 3 9 6 1 2 7 8 0 4 4 1 1 0 2 5 3 6 0 7 1 . . . . . . . . 7 7 9 4 1 9 2 8 3 6 0 9 7 7 9 9 lars) 41 1.1 1.1 1.1 Manufacturing (mill, dollars): Durable 41 498 491 504 Nondurable 41 325 '259 295 Electric power and telephone (mill, dollars) 41 248 230 228 Railroads (mill, dollars) 41 58 115 105 * Estimated. P Preliminary. p Revised. c 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, moat weekly charts and several monthly charts include figures for a more recent date than are shown in this table. 2 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 3 Deficiency of less than 5 million dollars. * Less than 5 million dollars. 8 Adjusted for seasonal variation. 6 Data not comparable with prior months due to reclassification on Oct. 6 of 9 central reserve city banks in New York City as reserve city banks. 7 Revised series not yet available. 8 Expenditures anticipated by business during the fourth quarter of 1949 are (in billions of dollars): All business. 4.4; manufacturing and mining, railroads and utilities, 3.1; manufacturing and mining, 1.9; and during the first quarter of 1950 are 3.8, 2.6, and 1.7, respectively. * 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. 1510 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 Aug. Sept.? Oct.? page1 Aug. Sept.P Oct.? In millions of dollars In millions of dollars Consumer credit outstanding, total... 3 16,453 16,799 17,187 Consumer instalment sale credit instalment credit, total 3, 5 9,622 9,893 10,171 granted, cumulative totals:2 Instalment loans 5 4,399 4,455 4,493 By all other retailers 7 868 858 906 Instalment sale credit c 5,223 5,438 5,678 By department stores and mail- Charge accounts 3 3,064 3,130 3,192 order houses 7 765 748 790 Single-payment loans 3 2 ,799 2,808 2,854 By furniture and household appli- Service credit 3 968 968 970 ance stores. 7 631 "-Q4 629 Consumer credit outstanding, cumu- Bv automobile dealers 452 412 429 lative totals: 2 Consumer instalment loan credit out- Instalment credit 4 16,453 16,799 17,187 standing, cumulative totals:2 Charge accounts 4 6,831 6,906 7,016 Commercial and industrial banks. 8 4 3QO 4- 4^S 4,493 Single-payment Ioan3 4 3,767 3,776 3,824 Small loan companies 8 ? 298 2,317 Srrvice credit 4 968 968 970 Credit unions 8 1 4?1 1.443 1,459 f '^nsumer instalment sale credit out- Miscellaneous lenders 8 1,052 1 ,064 1,074 standing, cumulative totals:2 Insured repair and modernization All other retailers 6 5,223 5,438 5,678 loans 8 ,,, 767 Department stores and mail-order houses 6 4,714 4,913 5,134 Furniture and household appliance stores. . 6 3,933 4,095 4,279 Automobile dealers 6 2,761 2,876 3,002 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, cot aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF NOVEMBER 1, 1949 [In thousands of units] Cotton Corn Winter wheat Springwheat Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 Nov. 1, 1949 1948 Nov. 1, 1949 1948 Nov. 1, 19491 1948 Nov. 1, 19492 Bales Bales Buskels Bushels Bushels Bushels Bushels Buskels Boston 6,295 6 708 New York 32,179 31 ,552 13,501 13,235 105 Philadelphia 58,168 56,547 16,435 18,576 Cleveland 269,198 255,200 62,707 64,307 Richmond 1,573 i ,626 179,076 186,760 26,259 25,514 Atlanta 2,833 2,063 199,109 202,303 7,975 6,997 C St h . ic L a o g u o is * 4,824 43,784 1,4 4 8 8 3 2 , , 2 7 1 69 0 1,3 4 3 3 5 1 , , 6 66 5 8 9 8 7 7 1 , , 6 2 0 7 9 1 8 7 8 1 , , 1 7 5 5 5 7 1,95 2 0 2 1,55 2 1 1 Minneapolis 455,941 381,668 41,336 25,540 256,343 191,918 Kansas City 310 448 422,894 396,716 477,649 368,214 5,314 6,128 Dallas 4,065 6,482 55,486 65,990 57,486 106,885 87 132 San Francisco 1,263 1,727 6,223 6,847 127,870 105,694 34,460 31,497 Total 14,868 15,524 3,650,548 3,357,618 990,098 894,874 298,308 231,352 Oats Tame Hay Tobacco White potatoes Federal Reserve district Production Estimate Production Estimate Production Estimate Production Estimate 1948 Nov. 1, 1949 1948 Nov. 1, 1949 1948 Nov. 1, 1949 1948 Nov. 1, 1949 Bushels Buskels Tons Tons Pounds Pounds Bushels Buskels Boston 5,116 5,983 4,059 3,494 39,227 39,262 83,328 74,449 New York 29,630 24,526 6,657 4,917 921 915 44,911 32,283 Philadelphia . 18,389 15,763 2,504 2,358 61,275 57,775 22,533 18,914 Cleveland 66,477 55,902 5,535 5,542 157,919 153,089 12,866 12,222 Richmond 27,732 37,564 5,194 5,264 1,070,972 1,091,077 27,291 22,821 Atlanta . . . 30,227 31,606 3,791 4,042 232,864 254,661 12,174 13,764 Chicago 640,036 590,116 15,607 17,476 30,750 30,209 28,286 29,210 74,841 64,544 9,384 9,463 381,323 370,815 8,418 7,231 ]Vf inneapolis . . .. 417,785 316,704 9,429 9,412 2,349 2,189 46,070 39,135 Kansas City 135,271 110,075 10,355 10,313 4,130 4,366 37,722 30,293 Dallas 18 148 35 528 1,724 1,835 4,888 4,135 San Francisco 28,100 32,764 12,759 12,664 117,363 102,375 Total 1,491,752 1,321,075 86,998 86,780 1,981,730 2,004,358 445,850 386,832 1 Estimate is for Aug. 1; no estimate made since that date. 2 Estimate is for Oct. 1; no estimate made since that date. 3 Includes 15,000 bales grown in miscellaneous territory. 4 Includes 16,000 bales grown in miscellaneous territory. DECEMBER 1949 1511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE International capital transactions of the United States. . 1514-1519 Gold production . . 1519 Reported gold reserves of central banks and governments. . 1520 Gold movements; gold stock of the United States. . 1521 International Monetary Fund and Bank. . 1522 Central banks .. 1522-1526 Money rates in foreign countries.. 1527 Commercial banks 1528 Foreign exchange rates. . 1529 Price movements: Wholesale prices . 1530 Retail food prices and cost of living. . 1531 Security prices . 1531 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. DECEMBER 1949 1513 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 Increase in foreign banking Increase in Decrease Foreign Domestic funds in U. S. banking in U. S. securities: securities: Inflow in From Jan. 2, 1935, Total funds of in- banking Return Inflow of brokerage through— Total Official» Other i t n e i s r n n t i a t U u ti . t o io S n n a . s l a f b u r n o d a s d o f f u n U d . s 2 S. f f o u r n e d ig s n s balances 1935—Dec. (Jan. 1, 1936). 1,440.7 631.5 38.0 593.5 361.4 125.2 316.7 6.0 1936—Dec 30 2,667.4 989.5 140.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29 3,501.1 1,259.3 334.7 924.6 449.1 583.2 1,162.0 47.5 1938—Dec. (Jan. 4, 1939). 3,933.0 1,513.9 327.0 1,186.9 510.1 641.8 1,219.7 47.6 1939—Dec. (Jan. 3, 1940). 5,112.8 2,522.4 634.1 1,888.3 650.4 725.7 1,133.7 80.6 1940—Dec. (Jan. 1, 1941). 5,807.9 3,239.3 1,281.1 1,958.3 775.1 803.8 888.7 100.9 1941—Dec 3i 5,354.1 2,979 6 1,177.1 1,802 6 791 3 855 5 626 7 100.9 1942—Dec. 31 3 5,980.2 3,465.5 1,557.2 1,908.3 888.8 848 2 673.3 104.4 1943—Dec. 3i 7,267.1 4,644.8 2,610.0 2,034.8 877.6 925.9 701.1 117.8 1044—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 3i 8 802.8 6,14^ 5 3,469.0 2,675 5 742 7 972 8 798.7 144.1 1946—Dec. 3i 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 ?.*?. n 186.5 1,276.9 367.0 142.4 194g—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 1,844.3 116.8 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 L 880 2 190 0 1,176 1 89 7 118.9 May 31 8,483.8 4,953.8 1,941.6 3,012.2 S74. 3 261.4 1,180.5 98.7 115.1 June 30 8,577 5 5,008 8 2,015 0 2,993 8 1 874 7 287 0 1,190 5 100 2 116 3 July 31 8,468.8 4,868 7 1,864.6 3,004.1 1,859 5 298 2 1,199 6 123.3 119.5 Aug 31P 8,520.7 4,866.4 1,866.3 3,000.0 1,764.7 345.3 1,206.7 216.5 121.2 Sept. 30? 8,480.9 4,935.2 1,872.6 3,062.6 1,722.1 308.8 1,127.2 260.5 127.0 TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES Interna- United Neth- Switz- From th J ro a u n g . h 2 — , 1935, t s i t o it n u a t l i o i n n s - Total K d i o n m g- France la e n r d - s la e n r- d Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r 1941—Dec 31 ... ... 5,354.1 674.1 639.9 464.4 725.7 50.5 1.071 7 3,626.3 340.5 567.5 691.1 128.6 1942—Dec. 31 5,980.2 837.8 625.9 474.0 592.1 48.1 1,030.3 3,608.1 425.1 835.8 932.9 178.3 1943—Dec 31 7,267.1 1.257.7 636.8 487.7 629.1 48.2 1,133.3 4,192.8 760.3 951.0 1,161.6 201.4 1944—Dec. 31 7,728 4 1,090.0 585 7 506 2 664.3 63 1 1,172.5 4,081.8 976.4 1,193 7 1,273 6 203.0 1945—Dec 31 8,802.8 892.5 464.2 539.7 722.3 106.5 1,311.8 4,037.0 1,395.7 1.338.4 1,784.1 247.5 1 1 9 9 4 4 7 6 — — D D e e c c . 3 3 1 1 2,0 4 6 5 7 3 . . 3 8 6 7 ,?5 2 5 6 5 7 .9 7 4 56 3 3 7 .0 1 3 2 8 3 4 4 . . 8 3 3 2 2 1 6 3 .8 4 8 76 3 6 9 .3 1 2 1 8 5 7 0 . . 5 1 1 1, , 1 2 0 4 0 6 . . 6 3 3 2 , , 5 9 7 7 4 5 . . 2 1 9 6 7 8 9 8 .6 7 1 1, , 4 3 7 8 ^ 3 .4 0 1,2 9 5 7 8 5 .8 3 2 2 4 6 4 9 . . 9 6 1948—Oct. 31 .... 1,732.2 6,343.4 479.5 51.3 76.0 823 8 316.4 1,021.4 2,768.3 868.0 1,464.2 1,001.8 241.1 Nov. 30 1,713 3 6,537 8 500.9 57.7 88.2 818 5 330.3 1,089.0 2,884.5 930 3 1,448 5 1,044 1 230 5 Dec. 31 1,677 1 6 883 4 659 7 74 2 103 0 846 0 335 9 ,122 2 3,141 1 947 3 1,503 6 1 056 7 234 9 1949—jarx. 31 1,672.5 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 1,650 5 7.065 0 689.7 56.6 122.9 859 Q 403 7 L,192 9 3,325 9 996 4 1 541 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 5 t,164.9 3,231.9 953 3 1,573 2 996 4 229 5 May 31 1,616 7 6,867 1 464.6 99 5 121 3 918 0 372 8 L,116 7 3,092 9 942 3 1 621 4 966 4 244 1 June 30 1,619.1 6,958.5 533.5 113.6 134.8 910.5 376 5 L.092.1! 3,161.0 925.4 1,660 8 955.5 255.7 July 31 1,615 9 6,852 8 473.7 86.7 143.7 885 6 381 3 1,094 31 3,065 3 909 3 1 689 4 940 0 248 9 Aug 31P 1,616.4 6,904.3 482.0 83.9 129 3 898.3 399.6 1,102.1 3,095.2 904.7 1,710.7 954.5 239.2 Sept. 30? 1,623.7 6,857.1 528.8 99.2 174.6 907.9 291.4 1,085.4 3,087.3 892.6 1,677.9 942.2 257.2 9 Preliminary. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central government* and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 Beginning with 1947, these figures include transactions of international institutions, which are shown separately in Tables 5 and 6. Securities of such institutions are included in foreign securities. 1 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, Thi« adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation see BULLETIN for January 1943, p. 98. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637 in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. For revision of earlier figures to include movement in official Philippine accounts held with U. S. Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of the figures in tables "Short-term Liabilities to and Claims on Foreigners Reported by Banks in the United States, by Countries" are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to exclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-591, and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971. 1514 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 J r a o n u . g 2 h , — 1935, n t a u in t t i i s o o ti n n - a s l Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941--Dec. 31.. 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 ,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—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 ,173.9 913 190.8 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 4,953.8 294.3 104.1 95.4 569.8 356.5 544.8 1,965.0 688.5 ,191 7 903 5 205.1 June 30.. 1,874.7 5,008.8 349.1 114.2 104.3 557.9 364.0 514.4 2,003.8 671.8 ,216.9 900.7 215.6 July 31.. 1,859." 4,868.7 290.2 84.0 113.6 531.1 367.0 514.2 1,900.1 640.7 ,230.8 888.3 208.8 Aug. 31*. 1,764.7 4,866.4 291.1 70.3 102.0 538.2 380.0 513.3 1,894.9 636.0 ,242.0 897.0 196.4 Sept. 30P. 1,722.1 4,935.2 377.5 86.8 149.1 545.1 265.5 500.9 1,924.9 719.6 ,196.6 878.4 215.7 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through- Total U K d n i o i n m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th 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—Oct. 31.. 69.6 271.1 -43.9 -51.2 .8 9.6 161.5 347.9 63.6 -343.5 11.7 -10.2 Nov. 30., 103.8 273.7 -44.9 —40.4 1.6 8.2 184.9 383.0 52.9 -342.4 22.0 -11.7 Dec. 31. 116.8 267.5 -39.9 -32.7 1.2 10.8 203.5 410.3 53.0 -348.6 10.3 -8.3 1949—Jan. 31. 139.3 267.7 -36.9 -12.7 1.3 7.0 207.8 434.2 52.2 -338.7 .8 -9.1 Feb. 28. 138.4 265.0 -37.3 -6.8 1.7 1.9 212.5 437.0 54.4 -345.1 -1.5 -6 4 Mar. 31. 152.5 258.2 -36.6 -6.2 .3 5.1 224.3 445.1 53.4 -337.1 -2.4 -6.6 Apr. 30. 190.0 274.0 -35.3 7.1 1.0 3.4 226.8 477.0 58.7 -337.9 -.9 -7.0 May 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 30. 287.0 275.0 -7.9 13.9 1.8 -.5 226.2 508.5 59.0 -255.2 -18.0 -7.4 July 31. 298.2 271.5 -6.0 14.4 1.8 .1 228.6 510.5 60.3 -250.8 -14.2 -7.7 Aug. 31 P 345.3 277.1 9.8 12.7 1.9 5.5 235.8 542.8 58.5 -242.3 -8.5 -5.2 Sept. 30P 308.8 235.2 10.9 11.8 2.8 11.2 221.4 493.3 57.5 -233.9 -1.6 -6.5 TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) Inter- From thr o Ja u n gh . — 2, 1935, n t a u in t t i i s o o ti n n - a s l Total U K d n i o n i m t g e - d France N la e e n r t - d h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1941—DeCt 3i 855.5 127.6 51.6 31.5 44.3 28.1 238.4 521.3 35.4 221.1 61.2 16.6 1942—Dec 31 , . 848.2 125.4 52.4 31.6 44.9 28.0 244.1 526.3 -3.0 245.4 61.5 18.0 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 1944—Dec. 3i 1,019.4 126.5 51.0 33.6 44.5 27.6 246.9 530.1 104.9 302.0 61.3 21.0 1945—Dec> 31 972 8 117.7 51.2 33.0 45.2 27.5 249.2 523.8 49.1 317.1 60.8 22.0 1946—Dec. 31 ,237.9 96.8 50.2 26.0 31 2 26 7 260 2 491.2 236.6 448.4 61.1 1947—Dec. 31 -249.3 ,526.2 94.9 47.1 -3.9 16.3 26.5 275.8 456.7 441.8 537.6 61.6 28.4 1948—Oct. 31 -249.3 ,420.0 86.0 43.0 —8 6 — 16 3 26 5 283.8 414.5 334.6 571.8 62.6 36.5 Nov 30 -249.3 L.427.3 85.6 43.1 -8.7 -17.4 26.5 284.4 413.6 338.8 575.4 63.0 36.6 Dec. 31 -249.3 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—jan. 31 —249.3 L,436.1 84.8 42.8 —9 3 -18 7 26 6 288.1 414.3 341.5 580.0 63.2 37.1 Feb. 28 -249.3 1,437.5 82.5 42.9 -9.4 -17.9 26.6 289.0 413.8 341.6 581.5 63.2 37.4 Mar. 31 -265.3 1,435.8 82.0 42.9 -9.0 -17.0 26.7 289.5 415.0 336.3 583.4 63.3 37 8 Apr. 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 1,455.8 80.9 42.8 — 10 0 — 15 4 27 0 295.0 420.3 344.4 588.8 63 9 38 4 July 31 -265.3 1,464.8 81.4 42.8 -9.2 -16.4 27.1 295.4 421.1 350.3 591.0 63.9 38.6 Aug. 31P —265 3 1,472 0 81.8 42 9 —8 9 — 14.3 27 1 296 2 424 9 352.3 591.8 63.9 39 1 Sept. 30P -265.3 1,392.5 80.6 43.2 -9.0 -12.5 26.9 306.1 435.4 260.5 593.5 63.9 39.1 Preliminary. DECEMBER 1949 1515 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 s t o o e t n i n r - - a s l Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia o A th l e l r 1941—Dec. 31... 626.7 -70.1 74.9 236.7 336.4 -.1 37.1 615.0 -44.7 28.1 17.5 10.9 1942—Dec. 31. .. 673.3 -77.6 80.5 236.9 360.5 -.1 44.4 644.7 -45.1 35.2 27.7 10.9 1943—Dec. 31... 701.1 -100.3 82.7 239.9 367.3 .6 55.4 645.7 -58.2 40.5 62.5 10.6 1944—Dec. 31... 911.8 -125.4 77.3 239.0 368.5 1.9 72.4 633.7 -28.1 54.9 240.5 10.7 1945—Dec. 31. .. 798.7 -157.9 81.7 233.5 355.4 2.2 68.0 582.9 -126.6 81.3 251.3 9.9 1946—Dec. 31. .. 464.5 -194.9 74.9 207.0 337.9 2.1 57.3 484.3 -143.0 87.6 26.8 8.8 1947—Dec. 31... 74.5 292 A -203.8 24.7 108.7 350.9 -15.0 43.1 308.7 -139.8 84.2 28.3 11.0 1948—Oct. 31 82.0 80.6 -195.5 -51.2 34.5 300.2 -15.3 44.7 117.5 -142.6 83.3 15.9 6.5 Nov. 30 82.0 99.8 -194.1 -51.0 32.4 312.2 -15.3 45.1 129.3 -137.2 89.7 11.3 6.6 Dec. 31 82.1 92.7 -194.7 -58.1 29.5 311.0 -15.0 45.7 118.4 -132.3 94.4 5.1 7.2 1949—Jan. 31 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 30 9.7 90.6 -188.7 -51.9 16.5 342.8 -14.4 45.4 149.7 -168.6 99.7 1.5 8.3 July 31 21.7 101.6 -186.5 -50.2 15.2 346.0 -13.5 45.2 156.3 -162.5 104.9 -5.3 8.3 Aug. 31 P 117.0 99.5 -185.1 -55.2 14.2 349.5 -13.5 45.1 155.1 -163.1 104.2 -5.1 8.4 Sept. 30P 166.9 93.6 -182.3 -57.7 13.2 348.1 -12.9 45.5 154.0 -166.0 102.8 -5.3 8.1 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. with Brokers and Dealers Abroad) From Jan. 2, 1935, through— Total U K d n i o n i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u th ro e p r e E T u o ro ta p l e C a a d n a - A L m a e t r i i n ca Asia ot A h l e l r 1941—Dec. 31... 100.9 16.8 19.9 17.6 13.5 7.7 75.7 14.1 3.9 6.3 1942—Dec. 31... 104.4 17.4 20.7 17.5 13.7 8.5 78.1 15.2 4.2 6.0 .9 1943—Dec. 31... 117.8 18.8 21.5 19.9 19.3 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 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 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 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 14.2 102.7 19.6 12.9 6.6 .7 1948—Oct. 31... 121.5 16.6 17.0 10.0 27.0 11.4 82.6 18.4 13.0 6.9 .6 Nov. 30... 124.6 16.8 16.6 9.5 24.6 10.9 78.9 18.6 19.7 7.0 .4 Dec. 31... 123.1 17.0 16.7 9.3 27.5 11.0 81.9 19.6 14.0 7.0 .6 1949—Jan. 31... 120.3 17.0 16.8 9.8 26.8 10.5 81.3 19.6 11.7 7.2 .5 Feb. 28... 118.1 17.0 16.5 9.5 23.8 10.7 77.9 18.8 13.4 7.2 .7 Mar. 31... 122.6 17.3 16.8 10.1 24.3 10.3 79.3 19.2 15.4 7.8 .8 Apr. 30... 118.9 16.8 16.6 9.9 24.0 11.1 78.8 19.9 11.9 7.4 .8 May 31... 115.1 17.2 16.5 9.7 23.1 11.0 78.0 20.1 9.5 6.7 .8 June 30... 116.3 17.2 16.4 10.0 23.5 11.1 78.7 18.9 10.5 7.4 .8 July 31. .. 119.5 17.1 16.1 9.6 23.2 10.9 77.3 20.5 13.5 7.3 .8 Aug. 31*.. 121.2 17.1 16.1 9.3 22.8 11.7 77.5 20.9 14.9 7.2 .6 Sept. 30P.. 1127.0 17.7 16.0 9.6 24.4 11.4 79.7 21.0 18.8 6.8 .7 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 ti a a - - l Official U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- Italy E O u t r h o e p r e E T u o ro ta p l e C a a d n a - Am La e t r i i n ca Asia o A th l e l r tutions and Official private 1941—Dec. 31 3,678.5 1,314.9 400.8 448.6 174.9 339.9 15.4 614.6 1,994.0 373.2 417.7 780.0 113.6 1942—Dec. 31 4,205.4 2,244.4 554.6 432^3 186.6 184^2 12! 1 650^9 2,020.7 507.4 597.7 930.0 149.6 1943—Dec. 31 5,374.9 3,320.3 1,000.8 439.9 193.3 210.6 11.3 728.6 2,584.5 812.6 693.7 1,108.8 175.3 1944—Dec. 31 5,596.8 3,335.2 865.7 401^2 209^7 239.3 27!3 774!5 2,517.8 926.5 909.3 1,069!2 174.0 1945—£>ec# 3i 6,883.1 4,179.3 707 7 310 0 281.6 304.2 70'4 909 1 2,583 0 1,522.2 1,046.4 1,549 7 181 8 1946—Dec. 31... 473.7 6,006.5 3,043.9 458^9 245^9 224^9 372'.6 267^9 850'. 5 2,420^7 931.8 1,104.8 1,316!4 232! 8 1947—Dec. 31... 2,262.0 4,854.4 1,832.1 326.2 167.7 143.3 446.4 153.1 739.8 1,976.7 409.6 1,216.6 1,057.9 193.7 1948—Oct. 31... 1,919.5 5,385.9 2,395.3 362.5 166.5 107.8 525.6 315.4 683.2 2,161.1 701.8 1,261.2 1,085.2 176.6 Nov. 30... 1,900.6 5,516.5 2,507.2 380.3 174.0 111.9 522.8 330.7 715.2 2,234.9 765.1 1,227.7 1,121.5 167.4 Dec. 31... 1,864.3 5,853.7 2,836.3 546.3 192.8 122.8 538.9 333.5 738.1 2,472.4 775.2 1,287.0 1,151.8 167.4 1949—Jan. 31... ,934.1 5,954.3 2,931.5 568.2 169.9 128.7 560.5 384.7 757.3 2,569.3 835.7 1,295.4 1,094.4 159.6 Feb. 28... L.912.1 6,033.1 3,004.5 576.9 168.0 119.7 548.1 409.8 799.4 2,621.9 858.2 1,316.1 1,069.8 167.0 Mar. 31... 1,917.2 5,946.9 2,946.9 517.3 169.7 126.2 564.9 399.6 762.5 2,540.2 871.2 1,269.4 1,090.3 175.8 Apr. 30... 1,900.2 5,886.1 2,838.4 437.8 180.9 107.9 598.7 394.1 755.4 2,474.7 816.2 1,334.2 1,101.8 159.2 May 31... 1,894.2 5,687.9 2,651.9 355.6 184.3 112.0 583.4 376.8 708.1 2,320.2 796.4 1,313.3 1,084.1 173.9 Iune 30... 1,894.6 5,743.0 2,725.3 410.5 194.3 120.9 571.5 384.3 677.6 2,359.1 779.7 1,338.5 1,081.3 184.4 July 31... 1,879.5 5,602.9 2,574.9 351.6 164.1 130.2 544.7 387.3 677.4 2,255.3 748.7 1,352.3 1,068.9 177 6 Aug. 31».. 1,784.6 5,600.5 2,576.6 352.4 150.4 118.7 551.9 400.3 676.6 2,250.2 743.9 1,363.5 1,077.6 165.2 Sept. 30*\. 1,742.1 5,669.4 2,582.9 438.9 166.9 165.7 558.7 285.8 664.2 2,280.2 82 7.5 1,318.2 1,059.1 184.5 P Preliminary. 1 Amounts outstanding (in millions of dollars): foreign brokerage balances in U. S., 71.8; U. S. brokerage balances abroad, 21.7. 2 Country breakdown is for "Official and private." 1516 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 1 Date E O ur th o e p r e g B iu el m - m D a e r n 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 a u n - ia Spain Sweden USSRY sl u a g v o ia - o A th l e l r 1942—Dec. 31. .. 650.9 121.8 17.7 7.9 7.5 39 3 18.3 132.4 35.7 9.4 17.5 153.5 14.3 17.7 57.9 1943—Dec. 31... 728.6 122.9 13.9 7.7 6.5 43 5 18 4 158.9 53 4 9.3 31.8 163.2 12.3 9.9 76.9 1944—Dec. 31, .. 774.5 124.3 14 8 7.1 6.8 48.7 18.6 220.8 54.5 9.5 43.4 152.1 16.1 5.7 52.1 1945—Dec. 31... 909.1 185.0 25.9 5.5 7.0 70.8 22.3 216.1 47 9 9.3 31.7 210.1 28.0 5.7 43.7 1946—Dec. 31. . 850.5 159.5 66.5 22.2 7.1 49.3 22.6 123.5 39.0 8.9 16.4 172.6 60.5 12.4 89.9 1947—Dec. 31. .. 739.8 124.9 52.8 30.5 89.5 34.7 21.7 56.2 47.1 8.7 12.8 58.6 73.7 12.1 116.5 1948—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 I 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 3i.... 708.1 142.4 33.7 17.7 159.9 29.8 14.4 74.0 33.4 7.0 13.3 57.0 10.7 6.0 108.8 June 30. .. 677.6 124.0 32.8 18.2 160.0 28.5 14.2 69.0 33.0 6.9 9.8 55.8 12.4 6.8 106.2 July 31.... 677.4 117.5 33.7 17.4 169.6 27.0 13.9 65.9 33.8 6.8 11.3 57.9 8.7 5.3 108.6 Aue;. 31*. . 676.6 141.1 30.0 17.7 150.2 25.0 14.1 62.4 30.3 6.8 8.2 61 .0 10.5 6.4 112.8 Sept. 30*. . 664.2 126.7 31.8 17.1 147.8 24.7 13.8 60.8 31.3 7.1 9.6 62.0 11.3 9.1 111.3 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 d s i e - t s M ic e o x- I l W n a a n d n e d i d s e t s s P m an a a- Peru V zu e e n l e a - O A L i a t m c h t a i e e n r r ana Surinam 1942—Dec. 31... 597.7 67.6 10.8 67.7 34.5 43.4 12.4 100.3 4.9 95.7 20.7 36.9 17.7 20.9 64.2 1943—Dec. 31.. . 693.7 69.8 12.6 98.7 54.0 67.1 12.2 70.4 2.6 70.4 41.2 57.6 17.4 24.2 95.4 1944—Dec. 31.. . 909.3 93.9 17.7 140.8 55.0 83.6 7.4 139.3 4.4 83.1 36.0 69.1 27.7 31 5 119.8 1945—Dec. 31... ,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. .. ,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... ,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 194g—Oct. 31 ... ,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. .. ,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. .. ,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 t,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 Tune 30... 1,338.5 229.8 14.8 115.9 56.3 51.9 6.6 167.7 .6 162.6 24.1 70.0 52.9 187.5 197.8 July 31.... 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 Aug. 31*\ , 1,363.5 225.2 14.5 128.0 57.9 49.0 8.6 187.7 .5 175.5 29.1 64.6 57.3 161 .2 204.4 Sept. 30*. . 1.318.21 221.6 16.2 145.0 58.1 51.0 8.3 179.6 1.3 184.2 27.8 69.0 59.4 99.4 197.3 Asia and All Other J Date Asia C M c a h r h n i i a u a n d n - a - F C I r n h e d i n n o c a - h K H o o n n g g India l M B a is y r a h i a - t- Japan I n n e d si o a - i p P p R u h p e b i i - l l n - ic eT k u e r y -O A t s h i e a r 8 o A th l e l r A t l u r ia a s- - N Z la e e n a w d - A E E t a n i g g n a g y y d n l p p o t - -F r r M o e c n o c - c o h A S U f o r o n u i f i c t o a h n Other Sudan 1942—Dec. 31. .. 930.0 360.9 27.4 41.6 13.1 1.0 4.8 160.4 254.729.9 36.2 149.6 23.1 4.8 6.8 12.1 11.0 91.8 1943—Dec. 31... 1,108.8 574.2 27.4 23.9 18.2 .9 4.1 110.1 259.135.4 55.5 175.325.3 5.1 6.1 10.3 4.5 124.1 1944—Dec. 31. .. 1,069.2 427.3 27.4 22.9 22.1 1.3 4.0 110.5 365.823.7 64.2 174.052.9 3.5 7.3 4.3 8.3 97.6 1945—Dec. 31... 1,549.6 582.3 28.0 27.4 33.4 1.2 4.1 113.7 629.152.5 78.0 181.8 28.9 4.3 18.9 10.0 6.4 113.4 1946—Dec. 31... 1,316.4 431.9 39.9 44.9 43.5 17.3 16.6 127.1 446.654.7 93.8 232.8 45.5 8.0 20.8 14.9 47.2 96.4 1947—Dec. 31. . . 1,057.9 229.9 6.5 39.8 62.4 11.0 31.3 69.3 488.637.6 81.5 193.7 30.6 5.9 25.0 10.1 46.4 75.8 1948—Oct. 31 ... 1,085.2 154.6 6.4 43.3 40.9 13.9 76.8 54.0 508.418.0168.9 176.6 19.1 5.3 36.8 11.9 8.8 94.7 Nov. 30. . . 1,121.5 194.1 5.7 48.7 44.7 9.7 77.9 50.1 502.018.0170.7 167.4 20.2 5.3 30.9 12.2 10.8 87.9 Dec. 31. .. 1,151.8 216.2 7.8 51.1 51.8 12.9 81.4 41.5 488.317.5183.3 167.4 22.2 5.3 27.7 11.4 15.8 84.9 1949—Jan. 31. . . 1,094.4 190.1 8.2 57.3 42.4 11.4 91.6 41.0 450.4 18.7183.4 159.6 17.5 4.3 24.2 11.5 12.6 89.4 Feb. 28.. . 1,069.8 182.2 8.3 52.9 42.8 10.1 121.6 38.8 402.519.5191.2 167.0 17.5 4.7 25.5 11.2 12.3 95.8 Mar. 31... 1,090.3 179.0 7.7 53.4 52.0 10.5 128.4 34.7 413.620.6190.5 175.8 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 5 426.817.2214 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 31.5 407.420.2213.9 173.9 21.8 5.7 42.5 11.8 12.3 79.9 June 30. .. 1,081.3 119.2 6.1 67.7 60.9 12.5 141.6 36.1 387.6 15.3234.3 184.4 19.711.6 54.1 11.8 9.1 78.1 July 31.... 1,068.9 125.3 5.0 78.9 54.2 12.3 144.2 27.1 367.318.2236.3 177.6 22.3 11.5 49.6 9.7 7.3 77.2 Aug. 31*. . 1,077.6! 123.7 5.5 80.9 70.1 12.4 152.8 29.0 363.713.6225.9 165.2 20.2 10.7 49.9 10.6 6.7 67.1 Sept. 30*. . 1 .059.11124.1 5.1 82.3 60.9 11.6 161.5 26.8 348.315.1223.3 184.5 31.7 12.4 58.7 9.8 5.8 66.2 ! * Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes. 3 Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India. DECEMBER 1949 1517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continue** 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 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 th ro e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 1941—Dec, 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. 31 257.9 19 9 1.1 .4 3 0 .4 52.9 77.6 37.8 112 2 26 3 3.9 1944—Dec. 31 329.7 25.9 1.4 .3 1.3 .3 78.3 107.5 28.1 131.0 51.4 11.7 1945—Dec 31 392.8 25.4 1.1 36.3 2.9 .3 74.6 140.7 53.3 158.9 29.9 9.9 1946—Dec. 31 708 3 47.7 5.7 151.0 9.8 16.0 82.8 312.9 52.2 226.8 99 2 17.2 1947—Dec. 31 948.9 29.2 23 A 49.1 7.0 21.1 118.9 248.6 27.5 514.3 127.0 31.5 1948—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. 3i 996.1 24.3 116.0 31.4 6.8 19.6 102.0 300.0 40.7 506.7 128.3 20.5 Feb 28 997 1 27 0 116 4 25 4 6 4 24.7 97 3 297 2 38 5 513.1 130 6 17.8 Mar. 31 . 983.0 33.8 115.7 24.9 7.8 21.4 85.5 289.1 39.5 505.1 131.4 18.0 Apr. 30 945.5 18.0 114.4 11.5 7.1 23.1 82.9 257.1 34.2 505.9 130.0 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 30 . 848.5 17.0 86.9 4.7 6.3 27.1 83.6 225.6 33.9 423.1 147.0 18.8 July 31 837.3 20.5 85.0 4.2 6.4 26.4 81.2 223.6 32.6 418.8 143.2 19.1 Aug. 31 P 790 2 14 9 69.3 6 0 6 2 21.1 74 0 191.4 34 4 410 3 137 6 16.6 Sept. 30? 826.7 56.8 68.2 6.9 5.3 15.3 88.4 240.9 35.4 401.9 130.7 17.9 CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA Other Europe 1 Date E O u th ro e p r e g B iu el m - m De a n rk - l F a i n n d - m G a e n r- y Greece L b u o x u e r m g - N w o a r y - t P u o g r a - l m R a u n:ia Spain S d w e e n - USSR slavia o A th l e l r 1942—Dec. 31 56.3 .8 w 5.6 34.0 1.1 .2 2.4 « 3.2 .4 w 8.4 1 1 9 9 4 4 4 3 — — D D e e c c . . 3 3 1 1 . 5 7 2 8 3 9 .7 7 (2) 7 6 3 3 3 3 .9 9 . .6 6 35. . 1 2 1 .8 4 3 1 . .8 2 .2 2 (2) 5 5 . .1 0 1945—Dec. 31 74.6 .6 33.9 .7 31.6 .5 .1 1.6 .9 4.7 1946—Dec. 31 82.8 7.5 .5 6.2 30.4 12.4 3.3 1.0 .1 7.2 4.9 $ 9.4 1947—Dec. 31 118 9 15.0 2.2 8.0 30.5 10.6 9.2 1.1 (2) .9 5.4 .1 35.8 1948—Oct. 31. ... 148 3 21.0 1 1 3 4 33 6 3.6 .1 27.3 .7 5.5 1.6 11.1 39.1 Nov. 30 124.9 21.3 1.1 3.3 30.4 3.5 14.9 .5 (2) 2.7 1.0 (2) 7.5 38.5 1949— D ja e n c , . 3 3 i 1 1 10 0 2 6 3 0 2 2 0 1 .4 4 1.5 6 3 3 . 8 4 3 2 0 9 .6 5 1. . 2 9 (2) .2 1 8 4 .8 4 . . 7 7 ( C 2 2 ) ) 2 1 . . 9 2 1 1 . .5 4 ( ( 2 2 ) ) 6.0 2 2 9 7 . . 7 4 Feb. 28 97.3 18.5 1.3 4.2 29.5 .8 14.9 .6 1.8 1.3 24.3 Mar. 31 85.5 18.1 1.7 3.0 29.8 .9 8.7 .6 m 1.6 1.5 m 19.7 Apr. 30 82.9 16.5 1.4 3.9 29.6 1.0 8.3 .5 2.8 1.4 $ 17.5 J J M u u l a n y y e 3 3 3 1 0 1 8 8 8 1 4 3 . 2 6 1 i 1 1 1 7 8 8 . . 9 9 3 1 .9 9 1 4 4 4 .9 9 8 2 2 2 9 9 9 . . 8 9 8 1 1. .0 0 8 (2) . . 1 2 8 8 8 . .6 1 7 . . . 5 5 5 ( ( 2 2 ) ) 3 4 4 . . . 2 8 3 1 1 1 . . . 4 5 5 1 ( ( ( 2 2 2 ) ) ) 1 1 1 3 4 3 . . 2 0 1 Aug. 31 P 74.0 13.6 1.0 5.5 29.7 .7 .1 7.9 .4 2.5 1.4 11.0 Sept. 30P 88.4 14.1 . 7 6.6 30.3 .8 2 8.0 .4 .1 9.8 2.8 3.7 11.0 Latin America % Nether- French lands Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - C R o ic st a a Cuba I W G n a d n u e i d i s e - t s Mexico I W S n a u d n e r i d s i e - t s Pan Peru V zu e e n l e a - A O L m i a t c h t e a i e r n r ana nam 1942—Dec. 31 99.7 6.9 3.0 16.7 15.3 20.7 .6 8.3 .2 4.8 .3 2.1 2 8 3.9 14.2 1943—Dec. 31 112.2 15.3 1.8 18.9 16.6 12.2 .7 20.1 (2) 11.2 .5 1.1 1A 3.8 8.7 1944—Dec. 31 131.0 3.1 1.8 25.3 9.0 15.5 1.2 47.4 (2) 8.6 .3 .8 1.2 5.1 11.7 1945—Dec. 31 158.9 21.0 1.3 24.7 6.6 16.8 1.2 33.3 .1 11.0 .5 1.1 1.9 6.1 33.4 1946—Dec. 31 226.8 41.8 2.3 49.8 14.6 26.4 2.9 25.7 .2 25.5 .8 1.3 3.7 8.7 23.1 1947—Dec. 31 514.3 65.2 2.0 165.8 27.8 32.6 3.5 108.6 (2) 52.2 1.1 4.7 4.3 15.3 31.0 1948—Oct. 31 511.5 63.8 2.9 175.0 21.0 39.8 1.1 65.5 (2) 76.6 L.3 4.0 4.2 20.8 35.5 Nov. 30 510.4 66.8 2.4 179.8 18.8 33.7 1.5 72.5 (2) 70.4 L.O 3.9 4.2 18.2 37.1 Dec. 31 516.6 72.4 2.7 165.4 15.2 32.6 1.9 83.1 (2) 73.8 L.5 4.6 4.4 26.0 32.7 1949—Jan. 31 506.7 65.7 2.9 171.4 15.4 31.2 2.3 84.0 (2) 70.5 L.4 4.3 4.9 23.4 29.4 Feb. 28 513.1 67.2 2.2 178.7 16.0 29.3 2.2 81.9 (2) 71.8 t.2 4.3 5.1 ! 24.3 28.8 Mar. 31 505.1 62.3 2.6 167.0 15.4 30.0 2.8 84.9 (2) 75.8 L.2 4.3 5.8 23.6 29.4 Apr. 30 505.9 58.0 2.5 175.3 15.0 32.0 2.9 79.3 (2) 74.7 L.3 4.4 5.5 24.7 30.3 May 31 433.8 58.9 2.6 159.5 12.5 37.9 2.6 20.6 (2) 69.6 L.3 4.4 6.0 | 25.7 32.1 June 30 423.1 57.6 3.0 155.0 12.2 37.7 2.5 21.0 (2) 68.3 L.I 4.5 6.1 i 23.7 30.4 July 31 418.8 55.5 2.7 158.9 10.9 32.1 2.9 20.3 (2) 67.2 L.I 4.5 7.9 I 23.0 31.5 Aug. 31P 410.3 56.1 2.2 160.5 11.8 24.4 3.0 17.6 .6 68.0 L.I 4.6 6.9 ; 22.4 30.8 Sept. 30P 401.9 52.4 2.3 162.2 11.4 22.6 3.7 17.5 (2) 64.1 L.I 4.6 6.4 I 22.3 31.2 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Less than $50,000. 1518 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 l China Egypt Asia M c a r h n i a u a d n - - F C I r n e h d n in o c a - h H K o o n n g g India l M B i a s y r a h i a - t- Japan I n n e d s o ia - ip p P R p u h i b e i n - l l e - ic T k u e r y -O As th ia e 2 r ot A h l e l r A t l u r ia a s- - N l Z a e e n a w d -A E t a g n i n a g y d n l p o - - F r r M o e c n o c c - o h A U S f n o r o i i u o c f t a n h Other Sudan 1942—Dec. 31 35.3 11.1 (3) .9 2.2 . 7 .5 1.6 14.4 1.8 2.0 4.8 1.0 .7 .1 (3) 1.7 1.2 1943—Dec. 31 26.3 1.7 (3) 1.0 2.0 .5 .5 1.7 13.9 3.2 1.8 3.9 .5 2 .1 (3) 2.4 . 7 1944—Dec. 31 51.4 1.5 (3) .9 22.3 .1 .5 1.5 13.8 1.8 8.8 11.7 .6 .2 .2 (3) 9.7 1.0 1945—Dec. 31 29.9 1.0 (3) .8 7.5 .1 .5 1.4 13.8 2.0 2.7 9.9 1.7 . 7 .3 .1 4.7 2.5 1946—Dec. 31 99.2 53.9 5.9 12.0 .2 .2 1.0 20.2 1.4 4.4 17.2 3.4 1.1 .4 10.1 2.2 1947—Dec. 31 127.0 40.8 .3 2.6 29.6 .9 '.9 .5 27.4 17.7 6.3 31.5 9.0 1.5 .1 .5 14.4 6.0 1948—Oct. 31 117 3 39 0 . l 3.1 20 0 .4 6.1 .3 34 2 1.6 12 .5 21 6 3 9 .6 .3 .2 111 5.5 Nov. 30 107.1 25.2 !3 3.5 20.2 5 7.8 .4 36^3 l!7 ii! i 23 A 3^5 .6 .2 .3 ll!7 6.8 Dec. 31 118.8 24.2 .1 3.4 20.4 A 15.9 1.9 37.3 1.4 13.8 19.7 4.7 .5 A 2 7.9 6.1 1949—Jan. 31 128 3 22.7 z 5 2 21 3 6 22 9 3.2 33.8 1 4 16 7 20 5 5.4 1.1 .5 .2 6.4 6 9 Feb. 28 130.6 21.6 .2 3.7 20.9 .9 27.7 1.1 33.8 1.6 19.1 17.8 5.1 .5 A A 5.1 6.3 Mar. 31 131 4 19.7 .4 4.3 20.4 c 34.9 1.1 31 7 1 i 17 2 18 0 5 8 7 3 2 4.1 6.9 Apr. 30 130.0 18.2 .4 4.8 20.9 34.3 1.2 30^5 l'.5 17.'7 18^4 5.'5 !8 '.S .3 4.3 7.0 May 31 141.4 18.0 .2 6.4 20.0 . 7 37.4 1.5 31.9 2.1 23.3 19.0 5.3 .8 A .5 4.6 7.4 June 30 147 0 18.4 (3) 3 2 21 0 .6 39.4 1.1 30 2 .9 32 4 18 8 5 4 1.0 .4 .2 4.6 7 2 July 31 143.2 16.8 .2 3.7 20.0 . 7 33.8 1.2 25^311.7 29.8 19.1 5.0 1.2 .6 .3 4.2 7.7 Aug. 31^ 137.6 17.8 •i 3 4 19.7 .4 21.8 .5 27 514 5 31 9 16 6 4 5 1 4 .2 .4 3.6 6.5 Sept. 30-" 130.7 18.0 '.2 3.4 16. S .5 9.6 .4 24^619*4 37> 17'.9 46 ,.0 .4 .4 4.0 7 5 P Preliminary. 1 Breakdown not available for most of these countries until June 30, 1942. 2 Beginning Tanuary 1948, includes Pakistan, Burma, and Ceylon, previously included with India. 3 Less than $50,000. GOLD PRODUCTION OUTSIDE U. S. S. R. [In millions of dollars] Production reported monthly Estimated Year or world Total Africa North and South America Other month U o . u S t . s S i . d R e .i r m e o po n r th te l d y A So fr u ic th a d R e h s o i - a A W fr e ic s a t 2 C B o el n g g ia o n 3 U St n a i t t e e s d 4 C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 5 Au li s a tra- India6 I=l5'°/2i grains of gold 9 /10 fine; i. e., an ounce of fine gold=$35. 1941 1,265.6 1,110.4 504.3 27.8 32.4 19.6 209.2 187.1 28.0 23.0 9.3 7.5 52 A 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 r871 5 774.1 448.2 23.0 19.7 15.8 48.8 127.8 22.1 19.8 6.1 7.7 26.3 8.8 1944 r784.0 701.5 429.8 20.7 18.4 12.7 35.8 102.3 17.8 19 A 7.1 7.9 23.0 6.6 1945 r738 5 683.0 427.9 19.9 18.9 12.1 32.5 94.4 17.5 17.7 6.3 7.0 23.0 5.9 1946 .'.'.".'. \ '752.5 697.0 417.6 19.1 20.5 11.6 51.2 99.1 14.7 15.3 8.1 6.4 28.9 4.6 1947 .1 ^766.5 705.5 392.0 18.3 19.3 10.8 75.8 107.5 16.3 13.4 5.9 7.4 32.8 6.1 1948 791.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1948—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 1.0 .9 .7 2.6 .6 Nov.. 60.5 33.2 1.5 2.1 .9 5.1 10.9 1.2 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.. '58.4 32.9 1.5 2.0 1.0 3.9 10.8 .7 1.1 .7 .7 2.4 .6 Feb.. -56.3 31.0 1.5 2.0 1.1 3.9 10.8 1.0 1.4 .3 .6 r2.3 .5 Mar.. 62 2 34.6 1.6 2.0 1.1 5.5 12.0 .8 1.1 .5 .6 r2 4 Apr.. '60.8 33.4 1.7 1.9 1.0 5.7 11.4 .6 1.1 .4 .6 2.4 .5 May. 63.1 34.3 1.6 1.9 1.1 5.6 11.6 1.8 1.0 .5 .6 2.5 .6 June. 34 8 1.5 1.9 1.1 5.5 12.0 1 .0 .4 .6 3.6 .6 July. 35.5 1.6 1.8 1.1 5.7 11.4 1.1 .6 .6 Aug 35.7 1.9 1.2 6.5 12.6 1.0 .6 Sept. . . 1 34.8 1.1 6.2 .7 .5 r Revised. Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; and 1938, 180 million. 1 Estimates of United States Bureau of Mines. 2 Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only. 3 Reported by American Bureau of Metal Statistics. 4 Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly figures are estimates of American Bureau of Metal Statistics, those for 1948 having been revised by subtracting from each monthly figure $214,952 so that aggregate for the year is equal to the yearly estimate compiled by the United States Mint. 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. DECEMBER 1949 1519 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 lo k c - i h a o- m D a en rk - Egypt France Ger- Grcece 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—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 43 289 32 53 548 May.. 24,342 24,511 665 317 417 44 289 32 53 523 June.. 24,466 24,637 704 317 428 44 32 53 523 July.. 24,520 24,705 720 317 436 44 32 53 523 Aug... 24,608 24,771 718 317 448 44 32 53 523 Sept.. 24,602 24,728 715 317 460 43 32 53 523 Oct... 24,584 24,688 720 43 32 523 End of month H ga u r n y - India Iran Italy Java Mexico N l e a t n h d e s r- Ze N a e la w nd N w o a r y - Peru P g o a r l t * u- Ru n m ia a- A So fr u ic th a Spain 1942--Dec. 24 274 34 141 6 216 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 B201 181 265 23 91 24 245 939 111 1947--Dec. 34 274 127 58 • 180 100 231 23 72 20 193 762 111 1948—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 28 52 20 149 85 Aug.. 37 247 133 178 161 28 52 20 135 85 Sept.. 38 247 252 178 161 29 51 121 85 Oct... 252 178 161 30 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 K d n o i m i n t g e 7 - d g U u r a u y - V zu e e n l e a - c t o r o t i 1 h e u 6 s e n r 8 - n M a I F t n t a u o i t o r e n n y n r d e - a - l f S t m t o e i e e t o r r n t n n l a t I a e n l s - - - g p ol r d e vi r o e u s s e rv f e ig s u 1 re n s ot included United 1942—Dec... 335 «?4. 114 j 89 68 138 21 End of month K d i o n m g- France Belgium 1943—Dec, 387 6 965 161 121 89 172 45 1944—Dec... 463 ,158 221 157 130 190 37 1945—Dec... 482 ,342 241 195 202 192 39 1942—Dec. . 17 1946—Dec... 381 ,430 237 200 215 '193 15 32 1943—Dec 17 1947—Dec... 105 ,356 170 175 215 195 1,356 30 1944—Dec 22,354 214 17 1948—Nov.. 81 ,383 160 166 324 »-214 1,410 44 1945—Dec 22,341 457 17 Dec, 81 ,387 162 164 323 r21 7 1,436 36 1946—June. . . 22,196 1949—J F a e n b . .. . . . 8 8 0 0 , ,3 3 9 9 4 0 1 16 6 2 2 1 1 6 6 4 4 3 3 2 2 3 3 ' ' 2 2 2 2 8 0 1 1 , , 4 4 3 3 6 6 3 4 6 1 Dec 22,587 Mar.. 80 ,408 162 164 323 r229 1,436 49 1947—Mar 22,345 Apr... 80 ,412 161 164 323 '231 1,436 50 June.... 22,382 J M u a n y e . . 7 7 1 1 , , 4 4 3 1 2 9 1 1 6 6 1 0 1 1 1 6 6 1 4 3 32 2 3 3 '2 2 3 3 2 2 1 L , , 4 4 4 4 0 0 5 5 5 5 Sept 22,341 July.. 71 ,457 160 1 161 323 233 1,448 60 Dec 22,035 Aug.. 71 ,503 160 1 161 323 P235 1,450 47 1948—Mar 22,200 S O e c p t t . . . . . 7 7 0 0 .485 1 1 5 5 9 4 1 t P373 P P 2 2 5 3 5 5 1 1 . , 4 4 5 5 0 0 5 4 2 7 June.... 21,886 Sept 21,733 v Preliminary. r Revised. Dec 21.822 includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is 1949—Mar ! 21.874 not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve June. . . . 21.592 statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the Tr 2 e a E s s u t r i y m a s t t e a d te m do e l n la t r " v U a n lu it e e s d d S er t i a v t e e d s M by o n c e o y n , v O er u ti t n s g ta n g d o i ld n g a t a n h d o m in e C in ir c a u m la o t u io n n ts , b u y p K to i n 1 d ,2 s 2 ." 4.4 1 Reported at infrequent intervals or on demillion pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of layed basis: U. K.—Exchange Equalization 3.5447 pesos per U. S. dollar. Account; France—Exchange Stabilization Fund 4 3 T Fi o g t u al r e g s o a ld s h re o p ld o i r n te g d s a b r y e F no o t r e a i v g a n i l E ab x l c e h . ang B e e g C i o n n ni t n ro g l A B p o r a il r d 1 9 a 4 n 6 d , t M he i n s i e s r t i e e r s i o s f n F e i w n a a n n c d e . repre- an 2 d G R ro e s n s t es o ff F ic u ia n l d ; h B ol e d l i g n i g u s m — of Tr g e o a l s d u 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; 5 Figures are for following dates: 1942—Jan. 31; 1946—Mar. 31; and 1947—Mar. 31. total British holdings (official and private) of 6 Beginning December 1943, includes gold holdings of Swiss Government. U. S. dollars, as reported by banks in the United 7 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British States, are shown in table on p. 1516. 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. 1522, footnote 4, and p. 1523, 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. 1520 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NET GOLD IMPORTS TO UNITED STATES, BY COUNTRIES [Net gold exports from United States (—). In millions of dollars] Gold valued at approximately $35 a fine ounce m Y o o e n r a t r h Total U K d n i o i n m t g ed - g B iu el m - France N la e e n r t d - h s - S d w e e n - U.S.S.R. Canada A t r i g n e a n- Co b l i o a m- Mexico r N a i g c u a a - V zu e e n l e a - 1942 315.7 2.0 11.3 208.9 .1 10.6 40.0 8.7 4.0 1943 68.9 .1 66.9 -10.8 -3.3 7.5 2.2 1944 -845.4 -695.5 46.2 -50.3 -109.7 7.7 -55.3 1945 -106.3 .2 53 1 15.1 7.4 -56.1 1946 311.5 .5 33.7 344.1 -134.0 3.6 7.3 .2 1947 1,866.3 488.4 162.9 28.0 27.9 445.4 335.5 21 !6 -7.1 7.6 -.8 1948 1,680.4 1,095.4 "135.5' '**34T -4.5 -29.7 103.3 25.1 15.8 7.9 -136.1 1948—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 j Aug 257.4 243.6 6 .5 .7 Sept 98.1 101.5 .7 -8.3 .6 56.1 40.7 6 2.1 .4 .5 2 NET GOLD IMPORTS TO UNITED STATES, ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES BY COUNTRIES—Continued [In millions of dollars] [Net gold exports from United States (—). In millions of dollars] Gold stock at Ear- Gold valued at approximately $35 a fine ounce end of period Increase go N ld e i t m-g m ol a d r : k d ed e- Domes- Period in g o to ld tal p e o x r p t o o rt r c o r r e a in s - e t p i r c o g d o u l c d - Other Philip- All T u re r a y s- Total 1 stock crease tion" Year or Latin Aus- pine South other 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 .4 .5 1947 ... 22,754 22,868 «2,162.11,866.3 210.0 75.8 1946 -8.0 -55.8 -.2 118.6 1.3 1948 24,244 24,399 1,530.41,680.4 — 159.2 70.9 1947 —17.1 — 14.0 —3.5 410.7 -18.6 1948 7.3 .6 -2.5 491.5 !-63.5 1948—Nov... 24,166 24,353 149.1 54.2 99.7 5.1 Dec... 24,244 24,399 46.2 88.0 -45.9 4.8 1948—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 * -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 66.5 257.4 -208.5 6.5 May. . .4 .3 6.3 -.6 Sept... 24,602 24,728 -43.1 98.1 -154.8 6.2 June.. .8 — 1 9 5 —4 5 Oct.... 24,584 24,688 -39.8 P56.1 -89.1 (4) J A u u l g y . . . . . . . . 6 6 -3.5 — .2 2 1 2 2 . . 3 7 -1 -2 0 . . 1 9 Nov.. .^24,479^24,626 P— 62.0 t4) 5 -63.9 (4) Sept... .5 -1.6 9.5 -4.8 .5 -.1 12.7 -1.1 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. 1519. P Preliminary. 8 Change includes transfer of 687.5 million dollars gold subscrip- 1 Includes $39,190,000 to Switzerland, $10,691,000 to Greece, tion to International Monetary Fund. $8,347,000 to French Indo-China, and $5,272,000 to other countries. 4 Not yet available. 2 Includes exports to Switzerland as follows: October, $6,360,000; 5 Gold held under earmark at the Federal Reserve Banks for foreign and 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 4,213.9 million dollars on Nov. 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. DECEMBER 1949 1521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1949 1948 1949 International Fund International Bank July Apr. Jan, July Sept. June Mar, Sept. 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 44 59 74 89 Unpaid O b t a h l e a r n c m e e o m f b m er e s mber subscriptions. 4 1 , , 1 0 8 7 5 0 4 1 , , 1 0 8 6 6 9 4 1 , , 0 1 2 8 4 1 4 1 , , 0 1 0 4 0 3 Inve O st t m he e r n t m s e e m cu b r e it r i s e . s (U. S. Govt. obli- 926 928 929 927 Other assets 1 0) 0) 0) gations) 454 453 444 420 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 8,047 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 c a k n 3. d . 5 5 5 5 inch obligations sold under Bank's guarantee) 676 650 559 509 1948; Other assets 11 6 10 9 Net currency purchased 2 Bonds outstanding 254 254 254 254 (Cumulative—millions of dollars) Liability on obligations sold under guar- Oct. Sept. Aug. Oct. antee 27 27 26 Loans—undisbursed 136 124 51 18 Other liabilities 3 4 5 2 Australian pounds 20.0 Special reserve 9 8 7 4 Belgian francs 32.1 32.1 32.1 33.0 Capital^ 1,670 1,670 1,667 1,667 Brazilian cruzeiros 15.0 15.0 15.0 Accumulated net income 17 14 10 5 Chilean pesos 8.8 Costa Rican colones .4 .4 Czechoslovakian koruny. 6.0 6.0 6.0 6.0 1 Less than $500,000. Danish kroner 10.2 10.2 10.2 10.2 2 As of Oct. 31, 1949, the Fund had sold 737.3 million U. S. dollars; Egyptian pounds 3.0 3.0 3.0 in addition, the Fund sold to the Netherlands 1.5 million pounds Ethiopian dollars .6 .3 .3 " ".3 sterling in May 1947 and 300 million Belgian francs in May 1948, and French francs 125.0 125.0 125.0 125.0 sold to Norway 200 million Belgian francs in June and July 1948. Indian rupees 100.0 100.0 100.0 44.1 Repurchases amounted to 2.3 million dollars. Mexican pesos 22.5 22.5 22.5 22.5 3 Excludes uncalled portions of capital subscriptions, amounting to Netherlands guilders.... 75.4 75.4 75.4 75.4 6,679 million dollars as of Sept. 30, 1949, of which 2,540 million repre- Nicaraguan cordobas. .. . .5; sents the subscription of the United States. Norwegian kroner 9.6 9.6 9.6 9.6 South African pounds. . . 10.0 10.0 10.0 Turkish liras 5.0 5.0 5.0 5.0 Pounds sterling 300.0 300.0 300.0 300.0 Yugoslav dinars 9.0 3.0 Total. 752.5 726.2 723.7 639.9 CENTRAL BANKS Assets of issue Assets of banking Liabilities of banking department department department Bank of England Note (Fig p u o r u e n s d i s n s m ter il l l i i n o g n ) s of Gold* a O ss th e e ts r 3 N c a o o n t i d e n s a v c n o a D d n u i c n s a e - t d s s - Se t c ie u s ri- ci t r io cu n l • a- Bankers' Pub D li e c posi E ts .C.A. Other t c l i O i e a a s p t b h i a i e t l n a i r - l d 1935—Dec. 25 200.1 260.0 36.2 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 46.8 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29 326.4 220.0 41.9 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Dec. 28 326.4 230.0 52.5 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Dec. 27 < .2 580.0 26.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Dec. 25. .2 630.0 14.2 4.0 199.1 616.9 135.7 12.5 51.2 17.9 1941—Dec. 31 .2 780.0 28.8 6.4 267.8 751.7 219.9 11.2 54.1 17.9 1942—Dec. 30 .2 950.0 27.7 3.5 267.9 923.4 223.4 9.0 48.8 17.9 1943—Dec. 29 .2 1,100.0 12.5 2.5 307.9 1,088.7 234.3 10.3 60.4 17.9 1944—Dec. 27 .2 1,250.0 13.5 5.1 317.4 1,238.6 260.7 5.2 52.3 17.8 1945—Dec. 26 .2 1,400.0 20.7 8.4 327.0 1,379.9 274.5 5.3 58.5 17.8 1946—Dec. 25 .2 L,450.0 23.4 13.6 327.6 1,428.2 278.9 10.3 57.3 18.1 1947—Dec. 31 .2 ,450.0 100.8 15.2 331.3 1,349.7 315.1 18.6 95.5 18.1 1948—Nov. 24.. .2 L,300.0 70.2 28.9 347.4 1,233.1 302.7 12.3 14.3 99.2 17.9 Dec. 29 .2 i 1,325.0 36.1 16.7 401.1 1,293.1 314.5 11.7 17.4 92.1 18.1 1949—Jan. 26 .2 ,300.0 79.9 26.0 326.1 1,224.5 294.7 21.4 8.4 89.4 18.3 Feb. 23 .2 1,300.0 76.0 32.1 325.1 1,228.0 295.7 10.9 17.6 90.6 18.4 Mar. 30 .2 1,300.0 53.0 19.9 362.1 1,250.6 294.0 25.6 6.7 90.1 18.6 Apr. 27 .2 1,300.0 24.2 13.7 379.3 1,280.3 289 9 16.8 .7 92.0 17.8 May 25 .2 1,300.0 36.3 25.9 381.4 1,267.9 299.9 12.0 23.3 90.4 17.9 June 29 .2 1,300.0 26.7 27.0 372.0 1,277.9 294.5 8.6 13.5 90.9 18.2 July 27 .2 51,350.0 49.9 15.3 381.6 1,305.1 294.0 11.2 32.4 91.0 18.3 Aug. 31 .2 1,350.0 80.4 10.4 354.1 1,275.0 277.6 15.9 41.7 91.2 18.5 Sept. 28 .4 51,300.0 41.4 23.6 368.7 1,264.5 295.7 9.1 16.4 93.9 18.5 Oct. 26 .4 ,300.0 47.3 23.3 429.7 1,258.7 298.5 14.0 62.8 107.3 17.8 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. On June 9, 1945, the official buying price of the Bank of England for gold was raised to 172 shillings and three pence, and on Sept. 19, 1949, it was raised to 248 shillings per fine ounce. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 3 Notes issued less amounts held in banking department. 4 On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account. 5 Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, decreased by 25 million on Jan. 5, 1949, increased by 50 million on July 6, 1949, and decreased by 50 million on Sept. 28, 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. 1522 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Assets Liabilities Dominion and provin- Bank of Canada cial government Deposits (Fi C gu a r n e a s d i i a n n m d i o ll l i l o a n rs s ) of Gold an S d S t e t U a rl t i n e n i s t g ed securities O as t s h e e ts r circ N u o la t t e ion2 lia O b a t i n h li d e ti r es dollars Short- Chartered Dominion capital 3 term 1 Other banks g m ov e e n rn t - Other 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. 64.3 181.9 49.9 5.5 232.8 217.0 46.3 17.9 13.3 1940—Dec. 31. 225.7 38.4 448.4 127.3 12.4 359.9 217.7 10.9 9.5 28.5 1941—Dec. 31. ( 200.9 391.8 216.7 33.5 496.0 232.0 73.8 6.0 35.1 1942—Dec. 31. .5 807,2 209.2 31.3 693.6 259.9 51.6 19.1 24.0 1943—Dec. 31. .6 787.6 472.8 47.3 874.4 340.2 20.5 17.8 55.4 1944—Dec. 30. 172.3 906.9 573.9 34.3 1,036.0 401.7 12.9 27.7 209.1 1945—Dec. 31. 156.8 ,157.3 688.3 29.5 1,129.1 521.2 153.3 29.8 198.5 1946—Dec. 31. 1.0 ,197.4 708.2 42.1 1,186.2 565.5 60.5 93.8 42.7 1947—Dec. 31. 2.0 ,022.0 858.5 43.7 1,211.4 536.2 68.8 67.5 42.4 1948—Nov. 30. .1 ,222.1 794.0 46.8 1,273.5 579.6 86.5 64.1 59.2 Dec. 31. .4 ,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Jan. 31. () ,188.3 806.9 50.2 1,229.2 545.1 141.8 86.8 42.5 Feb. 28. .4 ,180.5 800.7 54.9 1,221.9 531.0 178.4 79.6 25.7 Mar. 31. 82.3 ,087.1 812.1 70.6 1,245.3 540.3 62.6 84.8 119.0 Apr. 30. 61.1 1,199.0 822.9 57.9 1,264.7 587.3 115.1 80.8 93.0 May 31. 56.4 1,148.1 836.2 57.5 1,263.8 571.2 101.4 65.2 96.7 June 30. 62.7 1,379.6 636.8 56.9 1,270.0 568.3 112.2 73.7 111.8 July 30. 52.9 1,499.2 499.5 45.1 1,271.0 566.9 94.3 73.8 90.6 Aug. 31 . 55.7 1,557.2 441.2 64.2 1,269.7 578.0 109.7 61.8 99.2 Sept. 30. 60.1 1,616.8 421.2 119.1 1,290.7 611.5 141.0 64.1 109.8 Oct. 31 . 64.9 1,710.6 335.9 80.3 1,293.5 626.0 66.1 77.4 128.8 Assets Liabilities m B i a ll n ( io F k n i g s o u o f r f e F s f r r i a a n n n c c s e ) Gold F c o h e a r x e n - i g g e n Open Domestic bills G A o d v v e a r n n c m es e t n o t' a O ss t e h t e s r 8 ci N r ti c o o u t n l e a- Govern- Deposits l O ia a t t i b n h e i d s e li r market8 Special Other Current Other ment C.A.R.' Other capital 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—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. 62,274 74 118,855 1,876 272,698 155,000 560,990 56,729 1,043,180 890 170,018 14,409 June 30.. 862,274 7,775 156,208 894 258,294 166,900 560,990 81,046 1,115,608 286 162,969 15,518 July 28.. 62,274 14,380 137,189 4,486 296,228 162,700 560,990 69,764 1,134,440 195 157,714 15,661 Aug. 25. 862,274 36,675 134,031 4,144 255,099 165,000 560,990 67,738 1,133,129 292 136,331 16,199 Sept. 29. 62,274 51,504 138,787 15,092 298,005 164,200 560,990 76,261 1,210,606 201 140,548 15,757 Oct. 27. 362,274 53,002 140,936 23,486 305,454 152,700 560,990 '81,425 1,218,697 202 142,845 18,522 1 Securities maturing in two years or less. 2 Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). 6 Less than $50,000. 6 Composition of these items has been changed: Open market henceforth shows only open market portfolio proper and excludes 65 billion francs advanced to the Treasury and 5 billion francs advanced to Caisse Autonome. Current advances represents working fund advances previously shown as "Other advances." Other advances includes advances for occupation costs and a number of perpetual and term loans to the Government. Other assets were reduced through the transfer to "Other advances" of several loans to Government. 7 Central Administration of the Reichskreditkassen. 8 Includes 9,293 million francs of gold earmarked as collateral against a loan. For details on devaluations and other changes in the gold holdings of the Bank of France, see BULLETIN for June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. 9 Includes advance to Stabilization Fund, amounting to 20.9 billion francs on Oct. 27. 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. 1523 DECEMBER 1949 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Au Oct. Central Bank of the Argentine National Bank of Costa Rica- Republic (millions of pesos): Issue dept. (thousands of colones): Gold reported separately 507 507 433 Gold 11,545 11,545 11,537 Other gold and foreign exchange. ,593 1,593 1,622 Foreign exchange 17,063 18,019 7,975 Government securities ,730 1,714 866 Contributions to Intl. Fund and Rediscounts and loans to banks x. ,418 26,253 17,751 to Intl. Bank 30,321 30,321 30,321 Other assets 185 190 3,422 Loans and discounts 88,257 84,750 85,733 Currency circulation2 ,540 8,405 6,658 Securities 22,575 21,187 21,646 Deposits—Government 421 Other assets 11,005 10,936 6,444 Nationalized 1 19,619 15,552 Note circulation 101,113 101,344 101,471 Other sight obligations 650 176 Demand deposits 72,697 68,697 54,581 Other liabilities and capital 1,582 1,286 Other liabilities and capital 6,957 6,716 7,604 Commonwealth Bank of Aus- National Bank of Czechoslovakia tralia (thousands of pounds): (millions of koruny): Gold and foreign exchange 378,375381,915 312,293 Gold and foreign exchange7 2,964 2,983 3,880 Checks and bills of other banks.. 3,127 3,209 3,630 Loans and discounts 26,338 25,843 24,564 Securities (inch Government and Other assets 47,073 48,198 49,960 Treasury bills) 361,741325,592 359,756 Note circulation 65,688 65,559 66,691 Other assets 32,025 47,777 27,144 Deposits 581 549 2,133 Note circulation 215,063213,313 197,855 Other liabilities and capital 10,107 10,917 9,580 Deposits of Trading Banks: National Bank of Denmark Special 308 670 320,670 279,095 (millions of kroner): Other 34 318 28,532 29,357 Gold 69 70 70 70 Other liabilities and capital 217 216195,977 196,516 Foreign exchange 310 363 328 116 Austrian National Bank (millions Contributions to Intl. Fund and of schillings): to Intl. Bank 65 65 65 65 Gold 50 50 50 49 Clearing accounts (net) -24 Foreign exchange 145 155 165 82 Loans and discounts 30 31 32 20 Loans and discounts 1,474 ,471 1,476 617 Securities 108 101 92 105 Claim against Government 6,489 ,804 7,134 7,341 Govt. compensation account.... ,775 4,784 4,802 5,132 Other assets 16 9 11 3 Other assets.., 213 213 128 158 Note circulation 5,490 ,817 5,957 5,299 Note circulation ,506 1,470 1,432 1,506 Deposits—Banks 359 318 335 523 Deposits—Government ,794 1,769 1,737 1,862 Other 1,099 926 888 494 Other ,093 2,214 2,199 2,119 Blocked..... 1,227 ,430 1,655 1,775 Other liabilities and capital 177 175 149 156 National Bank of Belgium Central Bank of the Dominican (millions of francs): Republic (thousands of dollars): Gold 31,542 346 31,449 28,235 Gold ,030 4,030 4,012 4,000 Foreign claims and balances (net) 9,901 419 13,375 11,726 Foreign exchange (net) ,355 10,812 11,581 12,691 Loans and discounts 2,540 076 2,273 3,590 Net claim on Intl. Fund 5 ,250 1,250 1,250 1,250 Consolidated Government debt.. 34,991 991 34,991 35,000 Paid-in capital—Intl. Bank 40 40 40 40 Government securities 5,500 622 6,264 5,815 Loans and discounts 244 262 209 Other assets 6,698 459 2,338 2,136 Government securities ,974 4,974 4,974 4,766 Note circulation 85,995 570 85,830 81,773 Other assets ,361 834 792 765 Deposits—Demand 1,827 142 2,228 2,691 Note circulation ,358 18,013 18,327 17,348 E. C. A 797 528 398 114 Demand deposits ,649 3,944 4,296 6,003 Other liabilities and capital 2,553 672 2,233 1,925 Other liabilities and capital 248 246 235 161 Central Bank of Bolivia—Mone- Central Bank of Ecuador tary dept. (millions of bolivianos): (thousands of sucres): Gold at home and abroad 956 954 Gold 278 518 278,479278,415 277,486 Foreign exchange 207 237 Foreign exchange (net) -70 150 ,234-68,594 51,361 Loans and discounts 825 577 Net claim on Intl. Fund8 16 881 ,881 16,881 16,882 Government securities 749 750 Credits—Government 254 937 ,476278,330 127,968 Other assets 68 20 Other 117 982 ,321114,518 130,482 Note circulation 2,330 ,045 Other assets 130 ,452116,535 114,680 Deposits 221 222 Note circulation 377 ,699371,992 386,486 Other liabilities and capital 254 272 Demand deposits—Private banks 101 ,272 113,725 131,338 National Bank of Bulgaria 3 Other 99 ,544 91,327 58,984 Central Bank of Chile (millions Other liabilities and capital 150 ,860159,041 142,051 of pesos): National Bank of Egypt (thou- Gold ^ 1,353 ,367 1,374 1,157 sands of pounds): Foreign exchange (net) 180 259 278 107 Gold 6,376 6,376 Net claim on Intl. Fund £ 1 1 1 1 Foreign exchange 15,323 13,188 Paid-in capital—Int'l. Bank 1 Loans and discounts 2,655 7,298 Discounts for member banks.... 1,429 ,311 1,183 V, 172 British, Egyptian, and other Loans to Government 691 692 692 773 Government securities 312,083 325,922 Other loans and discounts 2,009 ,158 2,220 1,279 Other assets 30,698 24,856 Other assets 1,448 ,486 1,452 1,381 Note circulation 135,799 147,693 Note circulation 5,183 ,210 5,152 4,274 Deposits—Government 82,507 89,346 Deposits—Bank 1,186 ,347 1,321 938 Other 139,203 130,648 Other 221 217 226 250 Other liabilities and capital 9,626 9,952 Other liabilities and capital 520 501 502 408 Central Reserve Bank of El Salva- Bank of the Republic of Colombia dor (thousands of colones): (thousands of pesos): Gold 302 43,346 41,390 36,375 Gold and foreign exchange 6 164,889153 429144,318 141,027 Foreign exchange (net) 929 42,476 45,620 27,730 Net claim on Intl. Fund5 24,367 24 366 24,367 21,868 Net claim on Intl. Fund 6 564 1,564 1,564 1,564 Paid-in capital—Intl. Bank 1,370 1 370 1,370 1,230 Loans and discounts 937 1,125 507 2,971 Loans and discounts 211,336202 564196,396 175,769 Government debt and securities.. 256 5,251 5,240 5,326 Government loans and securities. 135,399135 973134,701 120,058 Other assets 445 1,512 1,643 1,584 Other assets 57,976 57.610 57,382 57,510 Note circulation 519 54,110 54,646 48,407 Note circulation 408,550 365 425346,916 310,406 Deposits 922 35,184 35,330 21,261 Deposits 140,805 492 164,700 162,517 Other liabilities and capital 992 5,979 5,989 5,881 Other liabilities and capital 45,984 397 46,918 44,540 1 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. 2 By decree of May 24, 1946, the Central Bank became responsible for all subsidiary money. 3 For last available report (January 1943), see BULLETIN for July 1943, p. 697. 4 Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar. 5This 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. 8 Gold not reported separately beginning May 31, 1948. 7 Gold not reported separately beginning Dec. 31, 1946. 1524 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS—Continued Central Bank 1949 1948 Central Bank 1949 1948 (Figures as of last report (Figures as of last report date of month) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. State Bank of Ethiopia—Issue Central Bank of Ireland (thousands dept. (thousands of dollars): (July)i of pounds): Gold 4,393 3,621 Gold 2,646 2 646 2,646 2,646 Silver 6,907 3,389 Sterling funds 47,328 44 721 43,171 42,575 Foreign exchange 27,949 29,012 Note circulation 49,973 47 367 45,817 45,221 Treasury bills 9,247 5,832 Bank of Italy (millions of lire): Other assets 30,999 31,171 Gold 4 224 1,966 579 Circulation—Notes 48,435 43,343 Foreign exchange 15 857 15,068 16,884 Coin 29,363 28,704 Advances to Treasury 667 753 655,926642,052 Other liabilities and capital 1,698 978 Loans and discounts 199 618 200,033163,796 Bank of Finland (millions of mark- Government securities 230 771 208,771169,754 kaa): Other assets 430 714 440,869186,847 Gold 269 269 269 268 Bank of Italy notes 923 885 905,418819,988 Foreign assets (net) -2,613 -1,898 -831 -141 Allied military notes 30 802 37,103 52,604 Clearings (net) -2,623 -2,897 -2,058 -2,792 Deposits—Government 170 337 163,162 24,688 Loans and discounts 40,569 39,725 39,904 38,920 Demand 119 998 128,291 80,004 Securities 859 859 868 908 Other 248 508 243,514169,897 Other assets 1,556 1,766 1,045 1,784 Other liabilities and capital 55 408 45,146 32,731 Note circulation 28,036 28,389 28,677 28,011 Bank of Japan (millions of yen): Deposits 3,165 2,503 2,040 3,627 Cash and bullion 1,218 1 171 1,213 730 Other liabilities and capital 6,814 6,931 8,480 7,309 Advances to Government 99,694 98 655 99,655 76,888 Bank of German States2 L G o o a v n e s r n a m nd e n d t is s c e o cu u r n i t t s ies 1 1 0 0 5 9 , , 8 4 7 1 1 3 9 9 0 1 5 96 8 6 0 1 7 2 9 1 , , 9 58 3 5 6 1 6 1 4 1 , . 5 2 0 0 5 8 (millions of German marks): Reconversion Fin. Bk. bonds. . . . 34,384 46 757 55,611 50,721 Foreign exchange 1,127 764 Other assets 14,142 26 311 30,622 11,250 Loans and discounts 1,878 838 Note circulation 306,252298 202 295,580279,513 Loans to Government 8,209 7,806 Deposits—Government 27,455 27 973 63,297 7,468 Other assets 2,009 1,644 Other 18,797 19 658 17,390 17,874 Note circulation 7,157 5,885 Other liabilities 12,219 8 989 12,354 10,446 Deposits—Government 1,313 1,585 The Java Bank (millions of guilders): Banks 1,199 1,037 Gold 471 471 471 Other 238 224 Foreign bills 71 97 90 Other liabilities and capital 3,316 2,320 Loans and discounts 61 64 64 Bank of Greece (billions of drach- Advances to Government 1,052 ,019 1,009 mae): Other assets 73 71 69 Gold and foreign exchange (net).. 218 152 686 Note circulation 902 894 887 Loans and discounts 84 88 45 Deposits 757 761 751 Advances—Government 2,980 3,224 1,298 Other liabilities and capital 69 67 65 Other 1,776 1,729 1,382 Bank of Mexico (millions of pesos): Other assets 742 794 '378 Monetary reserve 3 692 711 680 612 Note circulation 1,404 1,356 1,028 "Authorized" holdings of secu- Deposits—Government 354 492 196 rities, etc 2,689 ,681 2,569 1,645 Reconstruction and re- Bills and discounts 112 167 178 742 lief accts 1,108 1,068 245 Other assets 171 181 184 207 Other 746 691 440 Note circulation 2,049 ,002 2,015 1,820 Other liabilities and capital 2,187 2,381 1,881 Demand liabilities 720 841 707 630 Bank of Guatemala (thousands of Other liabilities and capital 896 897 890 757 quetzales) : Netherlands Bank (millions of Gold 27,229 27,229 27,229 27,230 guilders): Foreign exchange 8,247 10,525 12,528 16,734 Gold 612 426 452 R G e o d ld is c c o o n u t n r t i s b u a t n i d o n a d to v a I n n c t e 'l s . Fund.. 5 1 , ,2 4 5 5 0 3 4 1 , , 6 25 6 0 2 3 1 , ,2 4 5 3 0 3 3 1 , ,2 5 5 7 0 3 S F i o l r v e e i r g n (i n a c s l s u e d ts i n ( g n s e u t) b 5 sidiary coin). 70 1 7 0 51 9 9 462 9 45 3 9 Other assets 16,167 15,182 14,902 11,529 Loans and discounts 163 143 163 148 Circulation—Notes 34,137 33,641 33,294 31,299 Govt. debt and securities 3,300 ,300 3,300 3,300 Coin 3,108 3,068 3,064 2,995 Other assets 633 582 542 345 O D t e h p e o r s i l t i s a — bil G B it a o ie n v s k e s r a n n m d e c n a t pital 3 9 8 , , , 8 2 0 2 0 7 1 3 8 9 3 9 , , , 1 7 2 3 6 3 2 9 8 1 3 9 0 , , , 5 3 0 4 9 4 5 8 0 1 1 5 0 0 , , , 5 2 1 3 9 9 2 5 3 D N e o p te o s c i i t r s c — ul G B at l o i o o v c n e k — r e n d O m N l e e d n w t 3,0 5 0 3 4 7 6 8 7 2 , 3 9 8 8 7 6 1 5 4 6 3,0 43 3 2 7 5 0 9 5 3,0 3 1 1 4 9 1 4 7 1 4 National Bank of Hungary (mil- E. C. A 539 351 297 140 lions of forint): Other 845 937 756 663 Gold 445 432 403 Other liabilities and capital 378 372 280 338 Foreign exchange 115 166 113Reserve Bank of New Zealand Discounts 3 3 173 (thousands of pounds): Loans—Treasury 304 307 340 Gold 502 3,438 2,802 Other as O se t t h s er 8,1 1 1 5 3 7 7,5 1 4 9 7 9 3,7 2 5 9 0 9 A St d e v rl a i n n c g e e s x t c o h a S n t g a e t e r e o s r e r S ve tate un- 571 50,938 47,349 Note circulation 3,175 3,176 2,586 dertakings 940 35,259 37,203 Demand deposits—Government. . 1 1 10 Investments 094 48,094 16,124 Other 5,336 4,872 1,807 Other assets 733 6,083 21,987 Other liabilities and capital 624 605 675 Note circulation 891 51,031 48,787 Reserve Bank of India (millions of Demand deposits 622 87,590 71,672 rupees): Other liabilities and capital 326 5,190 5,005 Issue department: Bank of Norway (millions of kroner): Gold at home and abroad 400 400 427 Gold 253 232 263 Sterling securities 6,003 6,103 7,966 Foreign assets (net) 115 101 299 Indian Govt. securities 4,153 4,188 3,543 Clearing accounts (net) -89 -93 -89 Rupee coin 529 516 468 Loans and discounts 39 40 43 Note circulation 10,799 10,854 12,142 Securities 48 48 54 Banking department: Occupation account (net) ,114 7,713 7,924 Notes of issue department 287 353 262 Other assets 113 8 130 Balances abroad 1,891 1,691 2,922 Note circulation ,201 2,198 2,072 Bills discounted 17 8 29 Deposits—Government ,90' 3,294 3,854 Loans to Government 2 1 17 Banks ,375 1,303 125 Other assets 1,056 993 904 Blocked 603 611 758 Deposits 3,048 2,873 3,921 Other 4: 181 188 Other liabilities and capital 204 173 21 Other liabilities and capital 465 53 627 «• Revised. 1 Latest month available. 2 This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks. 8 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. 4 Gold revalued on Sept. 19, 1949, from .334987 to .233861 grams of fine gold per guilder. B 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. 1525 DECEMBER 1949 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) Oct. Sept. Aug. Oct. date of month) Oct. Sept. Aug. Oct. State Bank of Pakistan (millions of Bank of Spain—Cont. rupees) :l Note circulation ,062 25,339 25,818 Issue department: Deposits—Government ,010 1,011 556 Gold at home and abroad... 44 44 17 Other ,780 2,668 4,593 Sterling securities 624 831 385 Other liabilities and capital. . . 588 573 639 Pakistan Goyt. securities. . . 265 8 50 Bank of Sweden (millions of kronor): Govt. of India securities. . .. 332 332 137 Gold 155 155 156 177 India currency 432 431 839 Foreign assets (net) 793 670 533 250 Rupee coin 61 59 36 Swedish Govt. securities and ad- Notes in circulation ,700 1,644 1,398 vances to National Debt Office6 3,046 ,994 3,324 3,314 Banking department: Other domestic bills and advances 104 97 82 99 Notes of issue department. .. 57 60 66 Other assets 472 467 355 734 Balances abroad 584 699 1,073 Note circulation 3,089 ,028 2,980 2,935 Bills discounted 105 106 114 Demand deposits—Government.. 566 600 563 636 Loans to Government 1 Other 245 108 380 240 Other assets 292 132 56 Other liabilities and capital 669 648 527 763 Deposits 946 913 1,289 Swiss National Bank (millions of Other liabilities and capital. . 94 85 21 francs): Bank of Paraguay—Monetary dept. Gold 6,162 ,158 6,237 5,754 (thousands of guaranies): Foreign exchange 254 188 327 186 GGoolld 600 600 600 731 Loans and discounts 110 114 108 115 Foreiign exchange (net) 835 -874 -662 7,788 Other assets 70 72 72 91 Ce ( n th t D O N C G O O L L N D N O N L P G r o e o o a o o o a t t e t e u o t e o o m h h h h i a a l t n p a l t s t t v d d e e e e n n e e n a o t e c R - c r r r r r a s s n s s i l r a i c l a n n a i e d a b n l a l n a a i t a n t i i i d i s r o s s m u s s n a m a d n m d c c e s s t b b d d a u o r e e d i G e f i i o c p v l f t n o t e o l l o a d s o o s i i n d i e p t n r n t t s t t i i v e i i i i o s o a n l s e e o B i t e I o c s l I l g c l o s s n r n — e o n i i a a o n n s t s t a n a u t s n I I u s m ' ) ' n n l s I n l n u l e n : k . n . d d . t e e t x a t s ' t F s F n c l n o ' c . l c h u t u t d f . a a o a n B n p p B n s P d d a b i i e g a t e t n 2 2 a c a a e n r k u l n l k u r k i s ti . e . s . , . 1 8 2 0 2 2 5 7 3 8 0 , , , , , , , - 2 9 1 5 7 2 6 9 9 1 3 2 1 0 0 2 3 6 4 7 0 8 7 , - 0 9 3 3 9 7 7 9 9 4 2 3 2 1 2 2 5 8 3 8 4 0 0 3 2 8 7 1 1 8 2 6 7 2 3 9 1 8 6 6 2 6 0 5 0 2 2 3 5 9 5 6 8 3 7 , , , , , , , , , , , , , , , , - 2 5 2 5 4 2 7 9 7 4 4 4 7 9 1 4 9 1 5 3 9 2 7 5 8 1 0 1 7 4 8 6 6 2 1 1 8 5 5 1 9 2 0 6 4 8 4 0 4 6 2 7 7 1 1 9 2 6 4 3 7 5 5 1 7 1 2 0 4 6 5 2 8 1 6 5 2 1 7 2 1 2 , , , , , , , , , , , , , , , , - 1 3 3 4 4 0 7 1 3 5 6 3 6 2 0 5 1 7 5 1 2 3 9 7 5 1 1 8 7 3 4 7 3 4 5 6 2 5 2 6 5 8 0 5 0 8 2 0 8 8C Ba e T ( n n t u h k t S O D O O N O S N F L G G o r r e i o o e o t t t t a o o u k o l o c c h h h h v r a p l l t s t f l e l e u d e e e e e e e n o e a d y i r r r r r B r t s a g s n ' i c c h i r t n d a a s l l t i a i i i ( e i i s r e r i n s s n t n a a g c — c h s s g b b d k R u h u o e e o s i i l x t l t f G l l u O e a a s d i i o c l t t s p t t p o i h t i i i f i i s a h a e e e o u l o a c n d b s s s e n n t n b o d o i r h g a l a u l s s i e i e n n n t ) c i o : d d t e R s f o s a c c f e n p a a p d o U p p u u i i r t t b n a a f u o l d l l g i r s c e u ) i : a g o y n f 4 9 8 2 1 1 3 0 6 6 8 8 8 7 5 0 9 3 4 7 2 1 8 1 4 3 , , , , , , , , , , , 5 2 7 4 8 3 6 2 2 2 9 0 0 7 3 3 2 5 1 9 3 4 2 4 3 1 8 3 5 7 6 0 8 0 9 0 4 8 8 2 1 1 7 4 5 6 8 4 7 9 9 8 7 3 3 9 8 6 6 7 , , , , , 0 4 0 3 0 9 6 3 6 3 7 4 7 2 8 8 7 7 4 6 2 4 5 6 1 3 3 9 1 9 0 6 7 8 4 9 4 2 8 8 2 1 1 4 6 6 4 0 7 7 9 5 6 1 7 4 5 4 4 8 2 8 1 3 2 0 8 , , , , , , , , , , , , , 3 9 4 0 4 4 3 2 8 0 1 0 0 7 9 1 4 0 3 1 7 9 7 1 4 8 4 2 0 9 3 1 1 8 5 6 6 9 2 4 0 4 4 9 2 2 2 7 1 1 4 9 4 5 4 6 1 8 9 5 1 4 8 0 3 6 1 3 3 4 8 3 1 2 , , , , , , , , , , , , , 5 6 1 5 9 0 6 3 2 3 1 9 0 2 4 6 2 1 6 8 1 3 8 3 8 9 3 9 4 5 5 8 1 2 3 2 8 3 0 5 4 0 Central Bank of the Philippines Paid-in capital—Int'l. Bank 313 317 (thousands of pesos): Advances to State and govern- Gold 2,721 2 721 2,721 ment bodies 141,515 62,895 Foreign exchange 524,931555 414 567,088 Other loans and discounts 254,601 236,496 Net claim on Int'l. Fund 2 7,501 7 501 7,501 Other assets 253,436 284,848 Loans 85,521 50 569 10,000 Note circulation 275,128 242,416 Domestic securities 38,729 20 033 18,287 Deposits—Government 78,411 65,757 Other assets 133,836133 627 149,965 Other 288,648 252,309 Note circulation 581,358533 957 502,949 Other liabilities and capital 264,096 297,396 Demand deposits—U. S. dollars3. 226 148 11,700 Central Bank of Venezuela (mil- Other liabilities and P c e a so p s ital 1 9 1 6 5 , , 2 3 9 5 9 713 9 9 6 6 1 2 3 8 2 1 9 4 5 5 , , 8 0 6 4 5 9 lio G ns o o ld f 8 bolivares): ,041 889 830 Bank of Portugal (millions of Foreign exchange (net) 27 224 126 escudos): Other assets 45 42 84 Gold 3,130 180 3,105 4,028 Note circulation—Central Bank. 712 729 631 Foreign exchange (net) 8,979 052 7,606 9,311 National banks.. 1 1 3 Loans and discounts 512 517 501 415 Deposits 202 200 384 O A O N D t d t o e h h m v t e e e a r r a n c n c a l i d i r e s a c s s b u d e i t t l e l o s a i p t t i o i G e o s s n o i t v a s n — er d n O G m c t o a h e v p e n e i r t t r a n l ment.. 3 8 2 1 , , , , 4 2 6 0 5 2 2 4 4 7 7 4 1 4 3 4 2 3 2 4 2 5 7 1 2 1 4 3 5 4 1 0 7 4 9 0 3 8 1 1 , , , , 5 2 2 0 4 2 0 1 4 4 4 8 3 7 5 8 9 0 8 5 1 , , , 9 4 3 5 2 7 9 3 9 7 3 4 0 3 0 8 8 6 B N a a m o f n r t f a i k e O o n Y n n c t t h s u f a s ) o e l g 9 : r r o B ( l s i t l a I a h a n b o n v i t u k l i e i s a t r a i 4 e o n n s f d a s a t t i n h o o d e n f c a S a l K p w i i i n S t s a g e s l d t g t o l o e m l - d 197 225 21 N So a ( u t th i t O G O O F N D o h o o n t t t e o o u h h h r A a p t s l e e e e e d a l o i f r r r 5 g n s r c B i n d a i l b i t i c a r s s s i a c a l b s n b l u o e n i s k i l t l f l l s a a i s R t t o p n i i e f e o o d s s u n R e l n a o r u d n a v d s m n e ) s : c a B a n a p i n i a t k a 4 l , , , , , , , 7 1 1 7 9 9 4 8 6 3 4 8 0 2 1 1 7 7 4 0 0 3 6 5 7 1 5 3 6 8 5 3 5 , , , , , , , 1 0 9 5 0 7 8 8 7 4 2 7 4 5 2 1 7 3 5 8 6 1 6 5 5 9 3 6 0 7 8 8 6 9 , , , , , , , 8 3 1 5 0 8 3 1 0 4 2 0 4 3 1 8 3 2 7 7 9 S O S T G C F D R u i u i a e o t e g m a h n n s d l m h n d e h d d i e t c s r a r s e c i o y n f f n a s u o u i n d s n n u n b b s ( v d h d n i d a e a l e a s s t t t l e r a s s s n s p t c b a a d e o a o t l t d n s e s a i i i d t t n n n ) i b s n t d t i i e e l ( n l r G r g w s e v e o e s s i a e l t t r t d n s h m ) d t m a b n a a e c y n n c k t e s s p . . t . - . . . . 2 2 1 2 0 9 2 2 1 4 9 3 3 1 7 1 6 3 2 , , , , , , , , , 2 7 1 3 2 4 0 8 5 0 0 2 2 7 7 6 7 5 1 5 7 9 3 3 9 2 9 2 1 1 9 6 7 4 2 1 1 7 0 0 9 6 3 3 9 2, 0 4 3 0 5 2 6 8 7 0 7 7 8 3 8 6 7 8 1 7 9 5 6 6 0 4 8 2 2 1 1 4 3 9 2 4 1 6 2 7 5 3 0 2 2 1 , , , , , , , , , 2 2 4 8 8 8 5 8 7 0 5 0 3 7 2 6 2 4 1 8 4 4 3 6 4 0 2 2 1 1 9 4 2 1 1 1 1 1 6 7 5 2 5 4 , , , , , , , 6 2 2 9 5 1 6 4 9 7 0 7 3 0 1 6 0 9 7 2 1 1 1 7 7 4 4 Bank O O S G G i o t t o l o h h v l v f d e e e e r r r S r n p a lo m s a a s i e n e n n t s s t ( a m l n o d i a l l n i d o s i n s a s c n o d o u f n s p e ts c e u se ri t t a i s e ) s : . , , , 9 4 2 7 9 9 6 3 6 8 7 3 4 6 0 1 3 8 5 , , , 9 9 4 4 7 9 3 6 3 6 7 4 1 2 7 1 1 3 5 0 1 , , , , 5 5 2 9 3 0 1 6 2 9 0 7 2 9 8 S O L h o t C h o n e r g e t r n - - t t t l e e r i r a a r m m b l i b l d i d a t e n i e e p k p s o s o — s a s i n i t t O s d O s : : w t c S h a n e p p r e a i c t c a i c a l l ount.. 2 2 2 2 2 5 8 4 5 1 , , , , 9 1 8 9 8 0 5 0 3 9 0 7 255,1 9 9 2 9 0 3 8 9 9 9 1 2 2 2 2 6 5 8 1 6 1 , , , , 9 3 0 5 1 0 9 5 8 9 3 6 2 2 1 4 2 1 9 8 2 1 , , , , 3 9 9 4 9 7 0 9 1 7 9 9 1 Bank commenced operations July 1, 1948. 2 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. 3 Account of National Treasury. 4 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. 5 Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds. 7 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 8 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government. s See BULLETIN for December 1936, p. 1025. 1526 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— ef D fe a ct t i e ve U K d n i o i n m t g ed - France 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 l w a e n r i - d tz- ba C n e k n t o r f a — l R N 3 a o 0 t v e . ef D fe a ct t i e ve ba C n e k n t o r f a — l N R 3 a o 0 t v e . ef D fec a t t i e ve In effect Dec. 31, Albania Mar. 21, 1940 Ireland Nov. 23, 1943 1938 2 2* 4 2 Argentina q •jy Mar. 1, 1936 Italy Apr. 9, 1949 Jan. 4, 1939. . Austria Aug. 3, 1945 Japan 5.11 July 5, 1948 Apr. 17 4 Belgium Oct. 6, 1949 Java 3 Jan. 14, 1937 May 11 3 Bolivia 5 4 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 .. . 3-4}| Dec. 16, 1936 Netherlands . June 27, 1941 Jan. 25, 1940.. 2 Colombia July 18, 1933 New Zealand. July 26, 1941 Apr. 9 3M Costa Rica 3 Apr. 1, 1939 Norway Jan. 9, 1946 May 17 Czechoslovakia 2H Oct. 28, 1945 Peru 6 3 Nov. 13, 1947 Mar. 17, 1941. . IX May 29 3 June 27. 2i/ Jan. 16, 1945. . 1V Denmark.... Jan. 15, 1946 Portugal. . . . Jan. 12, 1944 Jan. 20 iy* Ecuador 7 2 June 8, 1943 Rumania.... 5 Mar. 25, 1948 F N e o b v . . 9 7, . . 19 .. 46. . 2y 2 E E l s to S n a i l a vador... 4 O O c c t t . . 15 1 , , 1 1 9 9 4 3 6 5 S Sp o a u i t n h Africa. 4 2 O M c a t r . . 1 1 3 8 , , 1 1 9 9 4 4 9 9 Dec. 19 3 Finland July 1, 1949 Sweden 2H Feb. 9, 1945 Jan. 10, 1947. . &2M Aug. 27 ... Oct. 9 2M&3 France 3 Oct. 1, 1948 Switzerland.. Nov. 26, 1936 June 28, 1948. . 1 1-5 Germany il-4 July 14, 1949 Turkey 4 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 1J4V/ India 3 Nov. 28, 1935 U. S. S. R.. .. 4 July 1, 1936 July 14 1 1—4 Yugoslavia. . 1-3 Aug. 20, 1948 Oct. 6 3M In effect Nov.30, 1949 2 3 .1-4 3M 2H 2H IX 1 The lower rate applies to the Bank Deutscher Laender, and the higher rate applies to the Land Central banks. NOTE.—Changes since Oct. 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—Sept .53 1.03 1.00 1.05 1.66 1.25 1943—Sept .46 1.03 1.00 1.07 1.61 1.25 1944—Sept .38 1.03 1.01 1.13 1.73 1.25 1945—Sept .36 1.03 1.00 1.13 1.41 1.72 1.08 1.25 1946—Sept .40 .53 .51 .63 1.32 1.30 1.00 1.25 1947—Sept .41 .53 .51 .63 1.44 1.08 .75 1.25 1948—Sept .41 .56 .51 .63 2.84 1.10 .84 1.63 1948—Oct .41 .56 .51 .63 2.09 1.03 .78 1.63 Nov .41 .56 .51 .63 2.03 1.08 .77 1.63 Dec .41 .56 .52 .63 2.00 1.25 .96 1.63 1949—Jan .41 .56 .52 .63 2.09 1.23 1.13 1.63 Feb .42 .56 .52 .63 2.08 1.39 .90 1.63 Mar .42 .56 .52 .63 2.10 1.38 1.01 1.63 Apr .49 .58 .51 .63 2.12 1.29 1.24 1.63 May .50 .63 .52 .63 2.43 1.28 1.03 1.63 June .51 .63 .52 .63 1.32 .83 1.50 July .51 .63 .52 .63 1.43 .83 1.50 Aug .51 r.67 .52 .63 1.25 .91 1.50 Sept .51 .69 .52 .63 1.15 1.01 1.50 r Revised. 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. DECEMBER 1949 1527 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS United Kingdom » Assets Liabilities ( m 1 b 1 a il n li L k o s o n s . n t s e d r o F l o i n i f n g g u c ) p r l o e e a u s r n i i d n n s g re C se a r s v h es M c n a s o o l h l n t o i e 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 ts r Total D D e e p m o a s n it d s Time li c a O a b a p t i n h l i i d t e t a i r e l s 1941—December. 366 141 171 758 999 823 324 3,329 2,168 1,161 253 1942—December. 390 142 198 896 ,120 794 325 3,629 2,429 1,200 236 1943—December. 422 151 133 1,307 ,154 761 349 4,032 2,712 1,319 245 1944—December. 500 199 147 1,667 ,165 772 347 4,545 3,045 1,500 250 1945—December. 536 252 369 1,523 ,234 827 374 4,850 3,262 1,588 265 1946—December. 499 432 610 1,560 ,427 994 505 5,685 3,823 1,862 342 1947—December. 502 480 793 1,288 ,483 1,219 567 5,935 3,962 1,972 396 1948—October... 485 497 802 1,313 ,475 ,365 497 6,040 3,927 2,113 393 November 495 482 793 1,332 ,480 ,355 516 6,057 3,958 2,099 396 December. 502 485 741 1,397 ,478 ,396 621 6,200 4,159 2,041 429 1949—January... 532 481 795 1,267 ,487 ,383 526 6,057 4,033 2,024 414 February. 481 491 860 989 ,487 ,405 519 5,817 3,810 2,007 414 March... . 474 482 870 956 ,496 ,429 517 5,815 3,803 2,012 409 April 500 481 799 1,025 ,501 ,445 540 5,886 3,875 2,011 405 May 487 498 816 1,037 ,502 ,436 501 5,872 3,869 2,004 403 June 481 500 786 1,142 ,502 ,461 562 6,025 3,961 2,064 410 July 492 492 788 1,160 ,512 1,435 508 5,973 3,939 2,034 413 August. . . 492 498 797 1,088 ,511 1,438 510 5,922 3,896 2,026 412 September 490 518 971 903 ,516 1,477 548 6,009 3,959 2,049 413 Assets Liabilities Canada Entirely in Canada Security Deposits payable in Canada (10 chartered banks. loans excluding interbank deposits En C d a i n n o a f d m m i i a l o n li n o t d n h o s l f l o i a g f r u s r ) es Cash Security lo O an t s h e a r nd d a f a u n o b e d r r e o f i r g n a o 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- Total Demand Time li c a O a b a p t i n h l i i d t e t a i r e l s reserves loans discounts banks 1941—December.. 356 32 ,169 168 1,759 653 71 3,105 1,436 1,669 962 1942—December.. 387 31 L.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 L,211 214 3,611 782 34 5,137 2,714 2,423 ,289 1945—December.. 694 251 1,274 227 4,038 869 26 5,941 3,076 2,865 ,386 1946—December.. 753 136 1,507 132 4,232 ,039 21 6,252 2,783 3,469 ,525 1947—December.. 731 105 1,999 106 3,874 ,159 18 6,412 2,671 3,740 ,544 1948— N O o c v t e o m be b r e .. r . . . 7 7 5 8 1 1 9 9 7 6 2 2, , 2 1 0 1 2 0 1 1 4 4 3 0 4 4, , 2 1 1 5 2 6 r , 0 1 6 4 7 9 1 1 7 6 6 7 , , 7 0 9 20 8 2 2, , 9 7 3 5 5 8 4 4 , , 0 0 4 8 0 6 , , 5 5 1 4 0 2 December.. 749 101 2,148 144 4,268 ,169 16 7,027 2,970 4,057 ,537 1949—January... 740 90 2,131 131 4,311 ,054 16 6,942 2,824 4,118 ,500 February. . 711 108 2,119 136 4,322 ,070 16 6,957 2,797 4,159 ,494 March 718 81 2,129 136 4,285 ,077 15 6,927 2,663 4,264 ,484 April 760 90 2,199 149 4,267 987 15 7,029 2,690 4,339 ,408 May 776 74 2,202 154 4,342 ,056 15 7,131 2,792 4,339 ,459 June 734 72 2,195 141 4,396 ,130 15 7,183 2,853 4,330 ,471 July 751 77 2,188 143 4,460 952 15 7,130 2,789 4,341 1,425 August 789 78 2,174 132 4,527 ,035 14 7,298 2,926 4,372 1,407 September. 789 103 42,304 190 4,463 ,129 14 7,474 3,062 4,412 1,490 Assets Liabilities France (4 o m f l i a l m r li g o o e n n s t b h a o f n f i k g f u s r . r a e n s c E s i ) n nd re C se a r s v h es Du b e a n f k ro s m B co il u ls n t d e i d s- Loans a O ss t e h t e s r Total D D e e p m o a s n it d s Time a a c O n c w c e e p n s t- li c a O a b a t p i n h l i i d t e t a i r e l s 1941—December. 6,589 3,476 61,897 8,265 2,040 76,656 75,744 912 413 5,199 1942—December. 7,810 3,458 73,917 10,625 2,622 91,549 91,225 324 462 6,422 1943—December. 8,548 4,095 90,897 14,191 2,935 112,732 111,191 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—September 35,994 28,232 311,939 111,682 41,525 478,129 473,217 4,912 27,739 23,504 October.. . 40,694 33,035 339,126 116,174 43,542 516,691 510,425 6,267 27,987 27,893 November 40,936 34,493 330,495 127,147 45,913 520,412 514,284 6,128 28,687 29,887 December. 45,406 35,534 354,131 125,154 50,780 548,796 542,113 6,683 30,641 31,568 1949—January.. 44,404 34,369 345,914 133,550 36,083 548,335 541,420 6,916 30,697 15,287 February. 44,191 32,048 343,684 141,296 37,362 551,673 544,466 7,207 31,876 15,033 March. . . 38,024 33,720 330,902 135,617 39,720 528,241 520,846 7,394 32,127 17,615 April 39,482 36,469 368,937 129,306 40,846 561,787 554,453 7,333 32,208 21,047 May 42,636 36,346 346,974 137,906 44,346 551,958 544,870 7,088 33,376 22,874 June 39,514 36,995 363,168 134,226 41,466 562,038 555,184 6,854 28,384 24,948 July 46,205 38,626 407,822 124,098 43,852 601,745 595,063 6,682 29,700 29,157 August.. . 41,276 36,888 395,351 128,804 45,310 587,137 580,010 7,127 29,105 31,387 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 1H per cent through Oct. 20, 1945, and at Y% 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. 1528 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 month Prefer- Prefer- "Bank Basic » ential ential Special i Official Free notes" Official Free Official Free "A" i "B" 1 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 "2]2866# 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 2O!666 321.22 2.2816 5.41406 100.000 91.691 1948—Dec... 29.773 25.125 20.000 321.23 2.2847 5.4L406 100.000 92.250 1949—Jan... 29.773 25.125 20.000 321.22 2.2844 5.4t406 100.000 92.444 Feb... 29.773 25.125 20.000 321.23 2.2847 5.41406 100.000 92.668 Mar... 29.773 25.125 20.000 321.21 2.2828 2 2.1000 5.4t406 100.000 93.261 Apr... 29 773 25.125 20.000 321.12 2.2752 2.1605 5 4UOfi 100.000 93.566 May. . 29.773 25.125 20.000 321.15 2.2750 2.1791 5.4406 100.000 95.150 June. . 29.773 25.125 20.000 321.00 2.2750 2.2211 5.4406 100.000 95.521 July... 29.773 25.125 20.000 321.10 2.2750 2.1752 5.4406 100.000 94.545 Aug... 29.773 25.125 20.000 321.03 2.2750 2.1909 5.4406 100.000 95.248 Sept... 129.773 125.125 120.000 274.39 2.1684 2.1115 5.4406 95.909 92.724 Oct.. . 129.778 i20!695' U7.456 113.896 223.16 1.9960 1.9917 5.4406 90.909 90.431 Nov... 29.778 20.695 17.456 13.896 223.16 1.9980 3 1.9969 5.4406 90.909 89.864 Y m e o a n r t o h r C (r e u y p l e o e n ) C ( o p b l e i o s a o m ) - s C ( l k o z o e v r c u a h n k o a ia ) - ( m D kr e a o n r n - k e) F (f r r a an n c c ) e I (r n u d p i e a e ) * 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 ne a ) y R P e p h p i i u n li b e p l - ic Official Free (peso) 1943 57 265 30.122 20.577 324.20 1944 57 272 30.122 20.581 324 42 1945 57 014 1.9711 30.122 20.581 37.933 323.46 1946 57.020 2.0060 20.876 .8409 30.155 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—Dec 2.0060 20.854 .4671 .3154 30.168 14.527 37.615 399.15 20.158 1949—Jan. . . 530.117 2.0060 20.854 .4671 .3141 30.168 14.534 37.664 399.14 20.158 5 49.675 Feb... 30.117 2.0060 20.854 .4671 .3138 30.168 14.360 37.628 399.15 20.158 49.677 Mar... 30.117 2.0060 20.854 .4671 .3136 30.168 14.334 37.598 399.12 20.158 49.721 Apr. . . 30.117 2.0060 20.854 .4671 .3106 30.168 14.303 37.650 399.01 20.158 49.725 May. , 30.117 2.0060 20.854 .4671 .3038 30.168 12.521 37.609 399.05 20.158 49.724 June.. 30.117 2.0060 20.854 .4671 .3032 30.168 11.911 37.615 398.87 20.158 49.730 July. 30.117 2.0060 20.854 .4671 .3025 30.168 11.562 37.611 399.00 20.158 49.738 Aug... 30.117 2.0060 20.854 .4671 .3025 30.168 11.569 37.607 398.90 20.158 49.740 Sept... 6 30.117 2.0060 18.177 7 .4671 .2949 27.247 11.572 32.845 340.95 17.572 49.739 Oct. . . « 20.804 2.0060 14.494 .2861 20.823 11.570 26.300 277.30 14.015 49.734 Nov. 20 850 2.0060 14.494 .2862 20.870 11.571 26.295 277.30 14.015 49.738 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 n n e a - ) e S (f r w r l a a i n t n c z d ) - K ( i p n o g u d n o d) m Ur (p u e g s u o) ay Official Free 1943 398 00 403.50 403.50 65.830 52.855 1944 398.00 403.50 65.830 53.506 1945 . . . 399 05 * 403 50 403 02 65.830 55.159 1946 4.0501 400.50 9.132 25.859 23.363 403.28 65.830 56.280 1947 4.0273 400.74 9.132 27.824 23.363 402.86 65.830 56 239 1948 4.0183 400.75 9.132 27.824 23.363 403.13 65.830 58.822 56.182 53.191 1948—Dec... 4.0321 400.75 89.132 27.823 23.363 403.15 65.830 58.822 56.180 53.191 1949—Jan. .. 4.0324 400.75 5 47.083 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 Oct. . . 3.4875 278.38 32.608 19.333 23.085 280.09 965.830 958.824 956.180 953.191 Nov... 3.4810 278.38 32.547 19.333 23.176 280.08 (10) (10) (10) (10) 1 Beginning Oct. 11, 1949, new designations were given to the rates shown previously. Rates for these series shown in BULLETIN for November appeared in the wrong columns. Quotations not available from Sept. 17 through Oct. 10. 2 Based on quotations beginning Mar. 22, 1949. 3 Based on quotations through Nov. 10; rate abolished thereafter. 4 Excludes Pakistan, beginning April 1948. 5 Based on quotations beginning Jan. 24, 1949. 6 Quotations not available Sept. 17 through Oct. 10. 7 Average based on quotations through Sept. 16, 1949; official rate abolished thereafter. 8 Quotations not available after Dec. 17, 1948. 9 Based on quotations through Oct. 5. 10 Temporarily omitted. NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same publication, and for further information concerning rates and averages for previous years, see BULLETIN for October 1949, p. 1291; January 1949, p. 101; July 1947, p. 933; and February 1944, p. 209. 1529 DECEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] U St n a it t e e d s Canada Mexico K U in n g i d te o d m France Italy Japan N l e a t n h d e s r- Sweden Sw la it n z d er- Year or month (19 1 2 0 6 0 ) = (19 1 2 0 6 0 ) = (19 1 3 0 9 0 ) = (19 1 3 0 0 0 ) = (19 1 3 0 8 0 ) = (19 1 3 0 8 0 ) = ( a 1 v 9 = e 3 r 4 a 1 - ) g 3 ! e 6 ( J J u u = n ly e 1 1 1 0 9 9 0 3 3 ) 8 9 - (19 1 3 0 5 0 ) = (Ju = ly 1 1 0 9 0 1 ) 4 1926 100 100 2 124 106 150 2 126 144 1935 80 72 89 52 72 1 87 100 90 1936 81 75 94 63 80 1 91 102 96 1937 86 85 109 89 94 1 108 114 111 1938 79 79 101 100 100 1 102 111 107 1939 77 75 103 105 104 2 105 115 111 1940 79 83 103 137 139 121 2 131 146 143 1941 87 90 110 153 171 136 2 150 172 184 1942 99 96 121 159 201 153 2 157 189 210 1943 103 100 146 163 234 2 160 196 218 1944 104 103 179 166 265 2 164 196 223 1945 . 106 104 199 169 375 4 181 194 221 1946 121 109 229 175 648 16 251 186 215 1947 152 129 242 192 989 5,159 48 271 199 224 1948 165 153 260 219 1,712 5,443 128 281 214 233 1948—October 165 159 273 220 1,887 5,724 174 284 217 230 November...... 164 159 271 221 1,977 5,667 186 289 217 232 162 160 268 221 1,974 5,697 188 291 217 231 1949—January 161 159 270 221 1,946 5,698 191 295 217 230 February 158 158 271 221 1,898 5,656 192 295 217 229 March 158 158 275 221 1,872 5,557 192 294 216 227 April 157 158 280 227 1,846 5,393 200 295 216 224 May 156 156 284 231 1,890 5,278 203 294 215 221 155 156 285 232 1,812 5,219 203 294 216 220 July 154 157 289 229 1,854 204 293 215 221 August 153 156 288 229 1,910 208 292 214 220 September 154 155 294 230 PI.958 P211 295 215 218 October 152 157 296 236 P2.000 P215 P Preliminary. 1 This index replaces the one formerly shown. It is a weighted index of wholesale prices in Tokyo covering 280 commodities and is computed by the Bank of Japan. For a detailed description as to weights and techniques used see Japanese Economic Statistics Bulletin, No. 36-37, Section III, August-September 1949, p. 19. 2 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 a p g w c a o a t r o u n t d r a l u e y s n - d d F f u a c m g l c h l o a t i y o u e n f d r a u l e s y n - d d Foods p I r n o tr d d ia u u l s c - ts Foods p tr I r i n o a d d l u u r s a c - w ts p f I r in o n tr i d d s i u a u h l e c 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—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 162 161 145 146 159 142 201 244 230 364 295 September 163 162 145 146 158 142 200 247 235 365 298 October 160 160 145 145 161 143 209 251 r Revised. Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 1530 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Switz- United Switz- Y m e o a n r t o h r ( U S 1 = 9 n t a 3 1 i 5 0 t t e e 0 -3 d s ) 9 (1 C = 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 = la e 9 1 t 3 n h 0 8 d 0 e - s 3 ) r i 9 - ( l 1 J a e 9 u n r 1 - n d 4 e Y m e o a n r t o h r ( U S 1 = 9 n t 3 a 1 i 5 0 t t e e 0 -3 d s ) 9 (1 = C 9 a a 3 1 d n 5 0 a - - 0 3 ) 9 1 K 7 ( d J , i o u n 1 m n 9 g e 4 - 7 F = ( r 1 a 1 9 n 0 3 0 c 8 e ) ( N 1 = l 9 a e 1 3 n th 0 8 d 0 e - s 3 ) r i - 9 ( l 1 J a e 9 u n r 1 n - d 4 e = 100) = 100) = 100) = 100) 1940 97 106 164 129 146 1940 . 100 106 184 129 151 1941 106 116 168 149 175 1941 105 112 199 150 174 1942 124 127 161 174 200 1942 117 117 200 175 193 1943 138 131 166 224 211 1943 124 118 199 224 203 1944 136 131 168 275 215 1944 126 119 201 285 208 1945 139 133 170 377 215 1945 128 119 203 393 209 1946 160 140 169 645 193 210 1946 139 124 204 645 192 208 1947 194 160 2 101 1,043 211 222 1947 159 136 2 101 1,030 199 217 1948 210 196 108 1,662 228 230 1948 171 155 108 1,632 206 224 1948-October.. . 212 205 108 1,904 228 229 1948-October... 174 160 108 1,844 205 223 November. 208 205 108 1,873 234 235 November. 172 160 109 <=l,87O 208 226 December. 205 202 108 1,924 242 232 December. 171 159 109 1,928 214 225 1949-January... 205 202 108 1,932 243 231 1949-January... 171 160 109 1,935 215 224 February.. 200 200 109 1,845 246 229 February.. 169 160 109 1,857 216 223 March 202 199 108 1,759 247 228 March.... 170 159 109 1,781 217 222 April 203 199 108 1,738 248 227 April 170 159 109 1,757 218 221 May 202 200 114 1,725 256 227 May 169 160 111 1,738 221 222 June 204 203 115 1,715 260 228 June 170 161 111 1,726 223 222 July 202 207 116 1,704 251 228 July 169 162 111 1,715 219 221 August.... 203 209 116 1,744 246 228 August.... 169 163 111 1,752 216 221 September. 204 207 117 Pl.845 229 September. 170 162 112 P1,826 222 October. .. 201 205 Pl 901 P229 October.. . 169 162 Pl.884 P221 P Preliminary. c Corrected. 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 2 ( 1 K D 9 U 2 i e n 1 c n g e i = m t d e 1 o b d 0 m e 0 r ) F (1 r 1 9 a 0 3 n 0 8 ) c = e N la e n th d e s r 3 - ( U 1 S = 9 n t 3 a 1 i 5 0 t te e - 0 3 d s ) 9 C (1 a = 9 n 3 1 a 5 0 d - 0 3 a ) 9 4 ( K 1 U 9 in 2 n 6 g i = t d e 1 o d 0 m 0) 1 ( F D 9 r 3 e a 8 c n e = m c 1 e 0 b * 0 e ) r (1 N 9 l e a 3 t 8 n h = d e 1 s r 6 0 - 0) Number of issues. . . 12 (2) 87 50 14 416 106 278 6 295 27 1941 117.8 99.4 123.8 M43.4 80.0 67.5 72.5 1308 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 U03.2 118.5 130.8 132.0 105.6 123.0 106.0 94.6 1,149 202.2 1948 98.7 105.0 129.9 117.0 107.1 124.4 121.5 92.0 1,256 211.2 1948—November. . . 97.9 104.5 130.4 113.4 106.6 120.4 117.8 91.6 1,354 192.7 December 98.9 104.7 130.4 110.0 106.6 119.4 115.8 91.4 1,366 187.8 1949—January 100.5 104.8 131.0 111.6 106.9 121.0 114.3 91.6 1,332 187.6 February.... 100.5 105.0 131.0 111.9 105.9 117.2 108.1 91.7 1,214 182.8 March 100.7 105.6 130.8 107.6 103.0 118.0 106.4 88.7 1,114 180.7 April 101.0 105.9 130.9 109.0 104.3 118.5 106.4 88.4 1,119 188.1 May 101.0 105.9 130.4 106.3 117.7 105.3 88.9 188.8 June 100.9 105.9 129.3 107.9 107.3 112.0 99.6 85.3 1,042 190.6 July 102.0 106.6 127.1 107.3 107.3 117.8 104.2 84.0 1,122 196.3 August 103.0 107.9 123.6 108.4 107.3 121.8 108.2 84.0 1,168 204.3 September. . . 103.1 108.9 122.7 P109.3 106.9 123.8 109.6 85.6 Pl,148 209.6 October 102.8 112.2 121.7 P109.3 107.6 127.3 114.3 88.2 Pl.110 207.5 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. 3 This index represents the reciprocals of average yields for 14 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. 5 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 G6ne"rale," September-November 1946, p. 424. 6 This index is based on 27 Netherlands industrial 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. 1531 DECEMBER 1949 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 ERNEST G. DRAPER JAMES K. VARDAMAN, JR. 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 TOWNSEND, 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 First Vice President ALLAN SPROUL, Vice Chairman ERNEST G. DRAPER W. RANDOLPH BURGESS, NEW YORK DISTRICT C. E. EARHART FREDERIC A. POTTS, PHILADELPHIA DISTRICT MARRINER S. ECCLES SIDNEY B. CONGDON, CLEVELAND DISTRICT R. M. EVANS RAY M. GIDNEY ROBERT V. FLEMING, RICHMOND DISTRICT Second Vice President HUGH LEACH W. S. MCLARIN, JR. J. T. BROWN, ATLANTA DISTRICT M. S. SZYMCZAK EDWARD E. BROWN, CHICAGO DISTRICT JAMES K. VARDAMAN, JR. President 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 1532 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, A\ND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 President XT* TJ Bank of Deputy Chairman First Vice President Vice rresiaents 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. Mercer8 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 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. Mills' Sigurd Ueland Otis R. Preston 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. 8 Also Cashier. 4 General Manager. 1533 DECEMBER 1949 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS The material listed below may be obtained from The price for the set of eight pamphlets is $1.25; the Division of Administrative Services, Board of 25 cents per pamphlet, or, in quantities of 10 or Governors of the Federal Reserve System, Wash- more for single shipment, 15 cents per pamphlet. ington 25, D. C. Where a charge is indicated, THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND remittance should be made payable to the order FUNCTIONS. November 1947. 125 pages. 75 of the Board of Governors of the Federal Reserve cents per cloth-bound copy; in quantities of 10 System. or more copies for single shipment, 50 cents each. BOOKS Paper-bound copies available without charge. BANKING STUDIES. Comprising 17 papers on bank- DISTRIBUTION OF BANK DEPOSITS BY COUNTIES, ing and monetary subjects by members of the As of December 31, 1947. July 1948. 122 pages. Board's staff. August 1941; reprinted March As of June 30, 1949. December 1949. 122 pages. 1949. 496 pages. Paper cover. $1.00 per copy; HISTORICAL SUPPLEMENT TO FEDERAL RESERVE in quantities of 10 or more copies for single ship- CHARTS ON BANK CREDIT, MONEY RATES, AND ment, 75 cents each. BUSINESS. 72 pages. (Will be revised from time BANKING AND MONETARY STATISTICS. Statistics of to time.) Annual subscription to monthly chart banking, monetary, and other financial develop- book includes supplement; single copies, $1.00 ments. November 1943. 979 pages. $1.50 per each (domestic rate). In quantities of 10 or copy. No charge for individual sections (un- more copies for single shipment, 75 cents each. bound). REGULATIONS OF THE BOARD OF GOVERNORS OF THE MONETARY AND BANKING REFORM IN PARAGUAY. FEDERAL RESERVE SYSTEM. Individual regulations Includes translation of laws, accompanying re- with amendments. ports, and introduction reviewing the monetary history of Paraguay. July 1946. 170 pages. PERIODICAL RELEASES $1.00 per copy. WEEKLY RULES OF ORGANIZATION AND RULES OF PROCEDURE CONDITION OF THE FEDERAL RESERVE BANKS (Board of Governors of the Federal Reserve Sys- CONDITION OF WEEKLY REPORTING MEMBER BANKS tem). September 1946. 31 pages. IN CENTRAL RESERVE CITIES THE FEDERAL RESERVE ACT, as amended to Novem- CONDITION OF WEEKLY REPORTING MEMBER BANKS ber 1, 1946, with an Appendix containing provisions of certain other statutes aflecting the IN LEADING CITIES Federal Reserve System. 372 pages. 50 cents per DEPARTMENT STORE SALES, BY CITIES paper-bound copy; $1.00 per cloth-bound copy. WEEKLY DEPARTMENT STORE SALES DEBITS AND CLEARINGS STATISTICS, THEIR BACK- WEEKLY FOREIGN EXCHANGE RATES GROUND AND INTERPRETATION. October 1947. 50 WEEKLY REVIEW OF PERIODICALS pages. 25 cents per copy; in quantities of 10 or SEMIMONTHLY more copies for single shipment, 15 cents each. POSTWAR ECONOMIC STUDIES. (8 pamphlets) DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER No. 1. Jobs, Production, and Living Standards. BANKS MONTHLY No. 2. Agricultural Adjustment and Income. No. 3. Public Finance and Full Employment. FEDERAL RESERVE BULLETIN. Subscription price in No. 4. Prices, Wages, and Employment. the United States and its possessions, Bolivia, No. 5. Private Capital Requirements. Canada, Chile, Colombia, Costa Rica, Cuba, No. 6. Housing, Social Security, and Public Dominican Republic, Ecuador, Guatemala, Haiti, Works. Republic of Honduras, Mexico, Newfoundland No. 7. International Monetary Policies. (including Labrador), Nicaragua, Panama, Para- No. 8. Federal Reserve Policy. guay, Peru, El Salvador, Uruguay, and Vene- 1534 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS zuela is $2.00 per annum or 20 cents per copy; ANNUAL elsewhere, $2.60 per annum or 25 cents per copy. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF Group subscriptions in the United States for 10 THE FEDERAL RESERVE SYSTEM or more copies to one address, 15 cents per copy BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EXper month, or $1.50 for 12 months. CEPT INTERBANK ACCOUNTS FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. $9.00 per annum, or $1.00 IRREGULAR per copy, (domestic rates). In quantities of 10 ASSETS AND LIABILITIES OF MEMBER BANKS (Conor more copies of a particular issue for single densed) shipment, 75 cents each. MEMBER BANK CALL REPORT (Detailed) ASSETS AND LIABILITIES OF ALL BANKS IN THE SURVEYS OF CONSUMER FINANCES UNITED STATES ASSETS AND LIABILITIES OF ALL MEMBER BANKS, REPRINTS BY DISTRICTS (From Federal Reserve Bulletin unless preceded by an asterisk) BANK DEBITS—DEBITS TO DEPOSIT ACCOUNTS EX- THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS CEPT INTERBANK ACCOUNTS IN THE UNITED STATES. November 1938. 20 BUSINESS INDEXES pages. CONSUMER CREDIT # PROBLEMS OF BANKING AND BANK SUPERVISION. CONSUMER INSTALMENT CREDITS OF COMMERCIAL Excerpts from the Board's 1938 Annual Report. BANKS 33 pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL MONETARY MEASURES AND OBJECTIVES. September BANKS 1937, April 1939, and May 1939. 8 pages. CONSUMER INSTALMENT CREDITS OF INDUSTRIAL THE GOLD PROBLEM TODAY, by E. A. Goldenweiser, LOAN COMPANIES January 1940. 4 pages. CONSUMER INSTALMENT LOANS OF THE PRINCIPAL THE PAR COLLECTION SYSTEM OF THE FEDERAL RE- TYPES OF FINANCIAL INSTITUTIONS SERVE BANKS, by George B. Vest. February 1940. DEPARTMENT STORE CREDIT 8 pages. DEPARTMENT STORE SALES (Indexes and Compari- HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL REsons with Previous Year) SERVE POLICY, by Arthur Hersey. April 1940. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR 11 pages. DEPARTMENTS CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM, DEPARTMENT STORE STOCKS by E. A. Goldenweiser. May 1940. 5 pages. FOREIGN EXCHANGE RATES GENERAL INDEXES OF BUSINESS ACTIVITY, by Frank R. Garfield. June 1940. 7 pages. INTERDISTRICT SETTLEMENT FUND GOLD RESERVES OF CENTRAL BANKS AND GOVERN- NATIONAL SUMMARY OF BUSINESS CONDITIONS MENTS. September 1940. 18 pages. OPEN-MARKET MONEY RATES IN NEW YORK CITY MEASUREMENT OF PRODUCTION, by Woodlief Thomas RETAIL FURNITURE REPORT and Maxwell R. Conklin. September 1940. 16 RETAIL INSTALMENT CREDIT pages. SALES FINANCE COMPANIES FEDERAL RESERVE BANK LENDING POWER NOT DE- SELECTED LIST OF ADDITIONS TO THE RESEARCH PENDENT ON MEMBER BANK RESERVE BALANCES. LIBRARY February 1941. 2 pages. STATE BANK MEMBERS AND NONMEMBER BANKS ADJUSTMENT FOR SEASONAL VARIATION, by H. C. THAT MAINTAIN CLEARING ACCOUNTS WITH FED- Barton, Jr. Description of method used by Board ERAL RESERVE BANKS (Also annual list) in adjusting economic data for seasonal variation. June 1941. 11 pages. SEMIANNUAL COMMERCIAL AND INDUSTRIAL LOANS AT MEMBER ALL BANKS IN THE UNITED STATES AND POSSESSIONS BANKS, April 16-May 15, 1942. August, Septem- —PRINCIPAL ASSETS AND LIABILITIES ber, and November 1942. 32 pages. DECEMBER 1949 1535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION. REVISION OF NATIONAL INCOME AND PRODUCT STA- From August 1940, September 1941, and October TISTICS. September 1947. 12 pages. 1943 issues of BULLETIN with supplementary data. STERLING IN MULTILATERAL TRADE, by J. Burke October 1943. 120 pages. Knapp and F. M. Tamagna. September 1947. REVISED INDEX OF DEPARTMENT STORE SALES. June 8 pages. 1944. 20 pages. BANK LOANS TO FARMERS— BRETTON WOODS AGREEMENTS, by E. A. Golden- COMMERCIAL BANK LOANS TO FARMERS, by Tynan weiser and Alice Bourneuf. September 1944. Smith and Philip T. Allen; FARM MORTGAGE 21 pages. LOANS AT COMMERCIAL BANKS, by Philip T. REVISED WEEKLY INDEX OF DEPARTMENT STORE Allen; FARM PRODUCTION LOANS AT COMMERCIAL SALES. September 1944. 2 pages. BANKS, by Herman Koenig and Tynan Smith; MONETARY AND CREDIT AGREEMENTS ENTERED INTO THE STRUCTURE OF INTEREST RATES ON COM- AT BRETTON WOODS, by Governor M. S. Szym- MERCIAL BANK LOANS TO FARMERS, by Richard czak. April 1945. 7 pages. Youngdahl. October and December 1947. 36 ESTIMATES OF GROSS NATIONAL PRODUCT, 1919-28, pages. by Mary S. Painter. September 1945. 2 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929, by Morris A. Copeland and Daniel H. SURVEYS OF LIQUID ASSET HOLDINGS. September 1945. 7 pages. Brill. January 1948. 9 pages. ESTABLISHMENT OF BRETTON WOODS INSTITUTIONS. THE FEDERAL RESERVE CHART BOOK AS AN AID TO April 1946. 12 pages. BANK MANAGEMENT, by Charles H. Schmidt. April 1948. 9 pages. REVISED INDEX OF DEPARTMENT STORE STOCKS, by Richard Youngdahl and John O. Bergelin. June * STATEMENT ON BEHALF OF THE BOARD OF GOVER- 1946. 25 pages. NORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT. INDEX OF DEPARTMENT STORE SALES AND STOCKS, BY Presented by Governor Marriner S. Eccles on MAJOR DEPARTMENTS. August 1946. 4 pages. April 13, 1948. 7 pages. ESTIMATED DURABLE GOODS EXPENDITURES, 1939-45, NEW COMMERCIAL BANKING OFFICES, 1936-1947, by Doris P. Warner and Albert R. Koch. Sepby Caroline H. Cagle and Raymond C. Kolb. tember 1946. 8 pages. May 1948. 12 pages. BUSINESS LOANS OF MEMBER BANKS— ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS SUMMARY, by Albert R. Koch; TERM LENDING AND BUSINESSES. June 1948. 2 pages. TO BUSINESS BY COMMERCIAL BANKS IN 1946, by RECENT DEVELOPMENTS IN BUSINESS FINANCE; with Duncan McC. Holthausen; SECURITY PLEDGED ON INDUSTRIAL DIFFERENCES IN LARGE CORPORATION MEMBER BANK LOANS TO BUSINESS, by Tynan FINANCING, by Charles H. Schmidt. June 1948. Smith; THE STRUCTURE OF INTEREST RATES ON 19 pages. BUSINESS LOANS AT MEMBER BANKS, by Richard SALES FINANCE COMPANY OPERATIONS IN 1947, by Youngdahl; MEMBER BANK LOANS TO SMALL Milton Moss. July 1948. 6 pages. BUSINESS, by Charles H. Schmidt. March, May, * STEPS TO RESTORE POWERS OF STATES AND LOCALI- June, July, and August 1947. 80 pages. TIES, by Frederic Solomon. Reprinted from the COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- July 1948 issue of the American Bar Association MENT FINANCING, by Frieda Baird. March 1947. Journal. 9 pages. 6 pages. STATEMENT BEFORE THE HOUSE BANKING AND CUR- VALUES AND LIMITATIONS OF CONSUMER FINANCIAL RENCY COMMITTEE, by Chairman Thomas B. Mc- SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. Cabe on August 2, 1948. August 1948. 8 pages. Young and Duncan McC. Holthausen. March THE PHILIPPINE CENTRAL BANK ACT and Text of 1947. 9 pages. the Act, by David Grove and John Exter. In METHODS OF RESTRICTING MONETIZATION OF PUBLIC part a reprint from the August 1948 BULLETIN. DEBT BY BANKS. April 1947. 4 pages. 36 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER BANK CREDIT DEVELOPMENTS. October 1948. 12 BANKS IN LEADING CITIES. June-July 1947. 9 pages. pages. THE SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL 1536 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PUBLICATIONS RESERVE SYSTEM. Address by Chairman Thomas BUYING PLANS FOR 1949. June 1949. 10 pages. B. McCabe on October 26, 1948 at the annual III. DISTRIBUTION OF CONSUMER INCOME IN 1948. meeting of the Stockholders of the Federal Re- July 1949. 15 pages. IV. CONSUMER OWNERserve Bank of Boston. November 1948. 5 pages. SHIP AND USE OF LIQUID ASSETS. August 1949. LATIN AMERICA'S POSTWAR INFLATION AND BALANCE 16 pages. V. HOME OWNERSHIP AND EXPENDI- OF PAYMENTS PROBLEMS, by David L. Grove and TURES FOR 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 ERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE 1949. 16 pages. VII. ADDITIONAL DATA ON THE JOINT COMMITTEE ON THE ECONOMIC REPORT. AUTOMOBILE OWNERSHIP. November 1949. 7 Presented by Chairman Thomas B. McCabe on pages. (Also, similar survey for 1946 from June-September 1946 BULLETINS, 28 pages; for February 14, 1949. 7 pages. 1947 from June-August and October 1947 BUL- NEW STATISTICS OF INTEREST RATES ON BUSINESS LETINS, 48 pages; for 1948 from June-September LOANS, by Richard Youngdahl. March 1949. and November 1948 BULLETINS, 70 pages.) 10 pages. * THE EQUITY CAPITAL SITUATION. A personal SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS, statement by Thomas B. McCabe, Chairman of by Charles H. Schmidt. March 1949. 9 pages. the Board of Governors of the Federal Reserve POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O. System, prepared at the request of a Subcommittee Hirschman and Robert V. Rosa. April 1949. of the Committee on Banking and Currency of 13 pages. the United States Senate. Submitted August 5, MOVEMENT TOWARD BALANCE IN INTERNATIONAL 1949. 7 pages. TRANSACTIONS OF THE UNITED STATES, by Lewis FINANCIAL POSITION AND BUYING PLANS OF CON- N. Dembitz and Albert O. Hirschman. May SUMERS, July 1949. October 1949. 10 pages. 1949. 14 pages. READJUSTMENT OF FOREIGN CURRENCY VALUES. STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF October 1949. 13 pages. THE BOARD OF GOVERNORS OF THE FEDERAL RE- MEASUREMENTS OF SAVINGS, by Daniel H. Brill. SERVE SYSTEM BEFORE THE SENATE BANKING AND November 1949. 8 pages. CURRENCY COMMITTEE, May 11, 1949. 6 pages. NOTES ON FOREIGN CURRENCY ADJUSTMENTS. No- INDUSTRIAL DIFFERENCES IN LARGE CORPORATION vember 1949. 14 pages. FINANCING IN 1948, by Charles H. Schmidt. * REPLY OF THE CHAIRMAN OF THE BOARD OF GOV- June 1949. 8 pages. ERNORS OF THE FEDERAL RESERVE SYSTEM (TO the NEW SERIES ON QUARTERLY SALES, PROFITS, AND Questionnaire of the Joint Congressional Com- DIVIDENDS OF 200 LARGE MANUFACTURING COR- mittee on the Economic Report). November PORATIONS, by Eleanor J. Stockwell. June 1949. 1949. 112 pages. 5 pages. * STATEMENT OF MARRINER S. ECCLES BEFORE THE RETAIL CREDIT SURVEY—1948. From June 1949 SUBCOMMITTEE ON MONETARY, CREDIT AND FISCAL BULLETIN with supplementary information for POLICIES OF THE JOINT COMMITTEE ON THE ECOnine separate trades. 38 pages. (Also, RETAIL NOMIC REPORT AND SUPPLEMENTAL LETTER TO CREDIT SURVEY—1943, 1944, 1945, 1946, 1947 SENATOR DOUGLAS. Presented November 22 and from the June 1944, May 1945, June 1946, July December 1, 1949. 9 pages. 1947, and July 1948 BULLETIN with supple- ^STATEMENT OF THOMAS B. MCCABE, CHAIRMAN OF mentary information.) THE BOARD OF GOVERNORS OF THE FEDERAL RE- ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS SERVE SYSTEM, BEFORE THE SUBCOMMITTEE ON AND BUSINESSES. July 1949. 2 pages. MONETARY, CREDIT AND FISCAL POLICIES OF THE 1949 SURVEY OF CONSUMER FINANCES— JOINT COMMITTEE ON THE ECONOMIC REPORT. I. GENERAL FINANCIAL POSITION AND ECONOMIC Presented December 3, 1949. 10 pages. OUTLOOK OF CONSUMERS. June 1949. 13 pages. A STUDY OF INSTALMENT CREDIT TERMS, by Milton II. DURABLE GOODS EXPENDITURES IN 1948 AND Moss. December 1949. 8 pages. DECEMBER 1949 1537 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 1 S==3 BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES i( BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM s 6 FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITES OOTO&EK 1,194$ BOARD OF 6OVERNORS OF THE FEDERAL RESERVE SYSTttf d I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Pages Pages Acceptances, bankers': Assets and liabilities—Continued. Buying rates 32, 138, 256, 388, 530, 677, 805, Foreign central banks. .94, 204, 318, 450, 602, 746, 872, 945, 1089, 1217, 1349, 1457 1010, 1154, 1284, 1416, 1522 Open-market rates on. .51, 157, 275, 407, 549, 700, 826, Government corporations and credit agencies. .58, 164, 966, 1110, 1238, 1372, 1478 282, 414, 556, 708, 834, 974, 1118, 1246, 1380, 1486 Outstanding. . . .50, 156, 274, 406, 548, 699, 825, International capital transactions of United 965, 1109, 1237, 1371, 1477 States 91, 201, 315, 447 Adams, Charles E., resignation as Class B Director Austin, C. L., elected Class B Director at Cleveland 524 at New York 524 Australia: Addresses: Commonwealth Bank of: Evans, R. M., on Regulation W, its role in Condition 96, 206, 320, 452, 604, 748, 874, economic stability, before Consumer Instalment 1012, 1156, 1286, 1418, 1524 Credit Conference 343 Foreign exchange rates 101, 211, 325, 457, 609, 753, Admission of State banks to membership in Federal 879, 1017, 1161, 1291, 1423, 1529 Reserve System 26, 118, 249, 381, 524, 670, 798, Gold movements 87, 197, 311, 443, 595, 745, 871, 938, 1080, 1209, 1341, 1449 1009, 1153, 1283, 1415, 1521 Agricultural commodities, supplies and prices of 1025 Gold production. . . .87, 197, 311, 443, 595, 743, 869, Agricultural loans: 1007, 1151, 1281, 1413, 1519 Insured commercial banks. .44, 150, 268, 400, 542, 692, Notes on foreign currency adjustments 1338 818, 958, 1102, 1230, 1364, 1470 Austria: Agriculture: Austrian National Bank: Balance sheet of, 1949 1053 Condition 96, 206, 320, 452, 604, 748, 874, Crop reports 83, 999, 1143, 1271, 1405, 1511 1012, 1156, 1286, 1418, 1524 National summary of business conditions 1084 Discount rate 99, 209, 323, 455, 607, 751, 877, 1015, 1159, 1289, 1421, 1527 Albania: Notes on foreign currency adjustments 1332 Discount rate of central bank. .99, 209, 323, 455, 607, 751, 877, 1015, 1159, 1289, 1421, 1527 Automobile appraisal guides, use in connection with American Bankers Association, address of Mr. Evans Regulation W 117 before Consumer Instalment Credit Conference of...343 Automobiles, ownership of, additional data on 1318 Baker, A. Z., appointed Deputy Chairman at Cleveland. .25 Annual reports: Balance sheet and income statement of large corpora- Balance sheet of agriculture, 1949. . . . .1053 tions in selected industries 632 Bank for International Settlements.. .912 Balance sheet of agriculture, 1949 1053 Bank of Canada .375 Balderston, C. Canby, appointed Deputy Chairman National Credit Council of France. . .795 at Philadelphia . . 381 Argentina: Bank credit: Central bank of: Current statistics for Federal Reserve Chart Condition. . . .96, 206, 320, 452, 604, 748, 874, Book 79, 185, 303, 435, 577, 729, 855, 1012, 1156, 1286, 1418, 1524 995, 1139, 1267, 1401, 1507 Discount rate. .99, 209, 323, 455, 607, 751, 877, National summary of business conditions. .28, 133, 251, 1015, 1159, 1289, 1421, 1527 383, 526, 672, 800, 940, 1084, 1211, 1344, 1451 Gold reserves. . . .86, 196, 310, 442, 594, 744, 870, Bank debits: (See Debits to deposit accounts) 1008, 1152, 1282, 1414, 1520 Bank deposits: (See Deposits) Foreign exchange rates. .101, 211, 325, 457, 609, 753, 879, Bank for International Settlements: 1017, 1161, 1291, 1423, 1529 Annual report of 912 Notes on foreign currency adjustments 1339 Condition 98, 208, 322, 454, 606, 750, 876, Articles: (See Special articles) 1014, 1158, 1288, 1420, 1526 Asia: Gold reserves. . . .86, 196, 310, 442, 594, 744, 870, International capital transactions.92, 202, 316, 448, 600, 1008, 1152, 1282, 1414, 1520 741, 867, 1005, 1149, 1279, 1411, 1517 Bank loans: (See Loans; Loans and investments) Assets, liquid: (See Liquid assets) Bank premises: Assets and liabilities: Federal Reserve Banks. .35, 141, 259, 391, 533, 680, 808, Agriculture, 1949 1054 948, 1092, 1220, 1352, 1460 All banks in United States, by classes 42, 148, 266, 398, Bank suspensions: 540, 687, 815, 955, 1099, 1227, 1359, 1467 Number and deposits.. .41, 147, 265, 397, 539, 683, 811, All banks in United States and possessions, by 951, 1095, 1223, 1355, 1463 States: Bankers' acceptances: (See Acceptances, bankers') December 31, 1948. . . . .690 Bankers' balances: June 30, 1949 1362 Insured commercial banks. . .45, 151, 269, 401, 543, 693, Commercial banks in United Kingdom, Canada, 819, 959, 1103, 1231, 1365, 1471 and France. . . 100, 210, 324, 456, 608, 752, 878, Weekly reporting member banks: 1016, 1160, 1290, 1422, 1528 By Federal Reserve districts 49, 155, 273, 405, Consolidated condition statement for banks and 547, 697, 823, 963, 1107, 1235, 1369, 1475 the monetary system.... .1358 New York City and outside. .47, 153, 271, 403, 545, Federal Reserve Banks: 695, 821, 961, 1105, 1233, 1367, 1473 All banks 33, 139, 257, 389, 531, 678, 806, Banking: 946, 1090, 1218, 1350, 1458 Developments in 1949 1431 Each bank. . . .34, 140, 258, 390, 532, 679, 807, Funds, foreign, increase in United States. .88, 198, 312, 947, 1091, 1219, 1351, 1459 444, 596, 738, 864, 1002, 1146, 1276, 1409, 1515 DECEMBER 1949 1539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Pages Banking—Continued. Bonds: Offices: New security issues 52, 158, 276, 408, 550, 701, Changes in number of 191, 1144 827, 967, 1111, 1239, 1373, 1479 Number of 84, 190, 308, 440, 582, 698, 824, Prices in principal countries. . .103, 213, 327, 459, 611, 964, 1108, 1236, 1370, 1476 755, 881, 1019, 1163, 1293, 1425, 1531 Banks: Prices in United States 52, 158, 276, 408, 550, 701, Consolidations 191, 1144 827, 967, 1111, 1239, 1373, 1479 Government securities held by. . .56, 162, 280, 412, 554, United States savings, sales, and redemptions. .55, 161, 706, 832, 972, 1116, 1244, 1378, 1484 279, 411, 553, 705, 831, 971, 1115, 1243, 1377, 1483 Number of: (See also Government securities) By districts and by States. . .84, 190, 308, 440, 582, Borrowings: 698, 824, 964, 1108, 1236, 1370, 1476 Insured commercial banks. . .45, 151, 269, 401, 543, 693, Call dates 42, 148, 266, 398, 540, 687, 815, 819, 959, 1103, 1231, 1365, 1471 955, 1099, 1227, 1359, 1467 Member banks at Federal Reserve Banks. .37, 143, 261, Changes 191, 1144 393, 535, 682, 810, 950, 1094, 1222, 1355, 1463 Suspensions 41, 147, 265, 397, 539, 683, 811, Weekly reporting member banks: 951, 1095, 1223, 1355, 1463 By Federal Reserve districts.49, 155, 273, 405, 547, United States and possessions, assets and 697, 823, 963, 1107, 1235, 1369, 1475 liabilities 690, 1362 New York City and outside 47, 153, 271, 403, Banks for cooperatives: 545, 695, 821, 961, 1105, 1233, 1367, 1473 Loans by 58, 164, 282, 414, 556, 708, 834, Branch banks, domestic: 974, 1118, 1246, 1380, 1486 Changes in number of banking offices 191, 1144 Belgian Congo: Number of banking offices. .84, 190, 308, 440, 582, 698, Gold production 87, 197, 311, 443, 595, 743, 824, 964, 1108, 1236, 1370, 1476 869, 1007, 1151, 1281, 1413, 1519 Branch banks, Federal Reserve System: Belgium: Directors: (See Directors) Foreign exchange rates 101, 211, 325, 457, 609, 753, Managing officers 105, 215, 329, 461, 613, 757, 879, 1017, 1161, 1291, 1423, 1529 883, 1021, 1165, 1295, 1427, 1533 Gold movements 87, 197, 311, 443, 595, 745, Brazil: 871, 1009, 1153, 1283, 1415, 1521 Foreign exchange rates 101, 211, 325, 457, 609, 753, National Bank of: 879, 1017, 1161, 1291, 1423, 1529 Condition 96, 206, 320, 452, 604, 748, 874, 1012, 1156, 1286, 1418, 1524 Gold reserves 86, 196, 310, 442, 594, 744, Discount rate 99, 209, 323, 455, 607, 751, 870, 1008, 1152, 1282, 1414, 1520 877, 1015, 1159, 1289, 1421, 1527 Report of joint Brazil-United States Gold reserves 86, 196, 310, 442, 594, 744, Technical Commission . 361 870, 1008, 1152, 1282, 1414, 1520 Bretton Woods Agreements Action, new section Bills discounted by Federal Reserve Banks: to exempt securities issued or guaranteed by All banks combined 31, 137, 255, 387, 529, 675, the International Bank . 935 803, 943, 1087, 1215, 1347, 1455 Brill, Daniel H: (See Staff of Board) Each bank 34, 140, 258, 390, 532, 679, Brokers and dealers in securities, loans to: 807, 947, 1091, 1219, 1351, 1459 Insured commercial banks. .44, 150, 268, 400, 542, 692, Maturity distribution 33, 139, 257, 389, 531, 678, 818, 958, 1102, 1230, 1364, 1470 806, 946, 1090, 1218, 1350, 1458 Weekly reporting member banks: Member and nonmember banks. .33, 139, 257, 389, 531, By Federal Reserve districts 48, 154, 272, 404, 678, 806, 946, 1090, 1218, 1350, 1458 546, 696, 822, 962, 1106, 1234, 1368, 1474 Board of Governors: New York City and outside. . . .46, 152, 270, 402, Assessment for expenses of .192, 1000 544, 694, 820, 960, 1104, 1232, 1366, 1472 Members: Brokers balances: Clayton, Lawrence, death of . 1449 Movement to United States from abroad. .88, 198, 312, Evans, R. M., address on Regulation 444 5 596, 738, 864, 1002, 1146, 1276, 1408, 1514 W, its role in economic stability . 343 Brown, Edward E., re-elected President of McCabe, Thomas B., statement before Federal Advisory Council 249 Senate Banking and Currency Committee. . . .474 Budget, of Federal Government for fiscal year 1950. . . .109 Salaries, increase in 1342 Building supplies, adequacy of. .892 Members and officers, list 104, 214, 328, 460, 612, Bulgaria: 756, 882, 1020, 1164, 1294, 1426, 1532 National Bank of: Publications of 106, 216, 330, 462, 614, 758, Discount rate 99, 209, 323, 455, 607, 751, 884, 1022, 1166, 1296, 1428, 1534 877, 1015, 1159, 1289, 1421, 1527 Staff: (See Staff of Board) Business: Bolivia, Central Bank of: Estimated liquid asset holdings of .793 Condition 96, 206, 320, 452, 604, 748, Financial position of. . , .617 874, 1012, 1156, 1286, 1418, 1524 Business conditions: Discount rate 99, 209, 323, 455, 607, 751, Current statistics for Federal Reserve 877, 1015, 1159, 1289, 1421, 1527 Chart Book 79, 185, 303, 435, 577, 729, Bond yields: 855, 995, 1139, 1267, 1401, 1507 Government, municipal, and corporate. . .51, 157, 275, National summary of 27, 132, 250, 382, 525, 671, 407, 549, 700, 826, 966, 1110, 1238, 1372, 1478 799, 939, 1083, 1210, 1343, 1450 1540 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Pages Business indexes: Central reserve city member banks—Continued. Monthly and yearly figures 59, 165, 283, 415, 557, Earnings and expenses: 709, 835, 975, 1119, 1247, 1381, 1487 1948 583 Canada: First half of 1949 1325 Annual report of Bank of. . .375 Reserves 38, 144, 262, 394, 536, 683, Bank of: 811, 951, 1095, 1223, 1355, 1463 Condition 95, 205, 319, 451, 603, 747, Reserves and borrowings 37, 143, 261, 393, 535, 682, 873, 1011, 1155, 1285, 1417, 1523 810, 950, 1094, 1222, 1354, 1462 Discount rate 99, 209, 323, 455, 607, 751, Ceylon: 877, 1015, 1159, 1289, 1421, 1527 Foreign exchange rates. . . .211, 325, 457, 609, 753, 879, Gold reserves 86, 196, 310, 442, 594, 744, 1017, 1161, 1291, 1423, 1529 870, 1008, 1152, 1282, 1414, 1520 Chairman, Federal Reserve Banks: Commercial banks, assets and liabilities. .100, 210, 324, Appointments for 1949 23 456, 608, 752, 878, 1016, 1160, 1290, 1422, 1528 List of 105, 215, 329, 461, 613, 757, Cost of living, index numbers. .103, 213, 327, 459, 611, 883, 1021, 1165, 1295, 1427, 1533 755, 881, 1019, 1163, 1293, 1425, 1531 Meetings on May 28-30 1449 Foreign exchange rates . . .101, 211, 325, 457, 609, 753, McCormick, Charles P., appointed at Richmond. . . .25 879, 1017, 1161, 1291, 1423, 1529 Whittier, Warren F., designated at Philadelphia. . . .381 Gold movements. 87, 197, 311, 443, 595, 745, Changes in number of banking offices in United 871, 1009, 1153, 1283, 1415, 1521 States 191, 1144 Gold production. . 87, 197, 311, 443, 595, 743, Chartbooks: 869, 1007, 1151, 1281, 1413, 1519 Bank credit, money rates, and business, historical International capital transactions. .89, 199, 313, 445, 597, supplement to 1209 739, 865, 1003, 1147, 1277, 1409, 1515 Bank credit, money rates, and business, revision of. . .26 Notes on foreign currency adjustments 1339 Current figures on bank credit, money rates, and Retail food prices 103, 213, 327, 459, 611, 755, business 79, 185, 303, 435, 577, 729, 881, 1019, 1163, 1293, 1425, 1531 855, 995, 1139, 1267, 1401, 1507 Security prices . 103, 213, 327, 459, 611, 755, Charts: 881, 1019, 1163, 1293, 1425, 1531 Agricultural production and prices 1027 Wholesale prices in. 102, 212, 326, 458, 610, 754, Assets and indebtedness of U. S. agriculture, Janu- 880, 1018, 1162, 1292, 1424, 1530 ary 1, 1940-49 1053 Capital: Average bank rates on loans to businesses by size Movement to United States. .88, 198, 312, 444, 596, 738, of loan, December 1-15, 1948 230 864, 1002, 1146, 1276, 1408, 1514 Average down payment compared with regulatory Capital accounts: minimum 1446 All banks in United States and possessions by Average maturity on contracts compared with regu- States 690, 1362 latory maximum 1445 Federal Reserve Banks. . . .36, 142, 260, 392, 534, 681, Average weekly earnings of production workers in 809, 949, 1093, 1221, 1353, 1459 manufacturing 227 Insured commercial banks. .45, 151, 269, 401, 543, 693, Bank deposits and currency 465, 1439 819, 959, 1103, 1231, 1365, 1471 Bank rates on short-term loans to businesses 232 Weekly reporting member banks: Business expenditures on new plant and equipment. .619 By Federal Reserve districts. .49, 155, 273, 405, 547, Business loans of member banks in leading cities. . . .623 697, 823, 963, 1107, 1235, 1369, 1475 Commercial bank loans 1432 New York City and outside. .47, 153, 271, 403, 545, Construction contracts awarded 27, 382, 695, 821, 961, 1105, 1233, 1367, 1473 671, 939, 1083, 1343 Capital markets, article by Charles H. Schmidt. .238 Consumer instalment credit 1433 Cash in vaults: Consumer instalment credit outstanding 334 Insured commercial banks 45, 151, 269, 401, 543, Consumers' prices 13, 251, 1307, 1344 693, 819, 959, 1103, 1231, 1365, 1471 Corporate profits, taxes, and dividends 620 Weekly reporting member banks: Debt of the U. S. Government 115 By Federal Reserve districts. .49, 155, 273, 405, 547, Department store sales and stocks 28, 133, 697, 823, 963, 1107, 1235, 1369, 1475 383, 770, 1450 New York City and outside. .47, 153, 271, 403, 545, Distribution of spending units 780 695, 821, 961, 1105, 1233, 1367, 1473 Employees in nonagricultural establishments 224 Cash income and outgo of Treasury 57, 163, 281, 413, 555, Employment in nonagricultural establishments 250, 707, 833, 973, 1117, 1245, 1379, 1485 525, 799, 940 Central Banks: Farm prices and support levels. . 1034 Assets and liabilities 94, 204, 318, 450, 602, 746, Farm trade . . 9 872, 1010, 1154, 1284, 1416, 1522 Foreign gold reserves and short-term dollar Discount rates 99, 209, 323, 455, 607, 751, balances 485, 1175 877, 1015, 1159, 1289, 1421, 1527 Increase in dollar value of farm land 1057 Gold reserves 86, 196, 310, 442, 594, 744, Industrial production 3, 132, 250, 382, 525, 671, 870, 1008, 1152, 1282, 1414, 1520 765, 799, 939, 1083, 1210, 1343, 1450 Central reserve city member banks: Instalment and noninstalment consumer credit Condition of insured commercial banks. . .44, 150, 268, outstanding 341 400, 542, 692, 818, 958, 1102, 1230, 1364, 1470 Labor force, employment, and unemployment 220 Deposits 38, 144, 262, 394, 536, 683, Loans at member banks in leading cities 28, 133, 811, 951, 1095, 1223, 1360, 1468 251, 672, 1344 DECEMBER 1949 1541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Pages Charts—Continued. Coins: Means of financing United States exports of goods Circulation of 39, 145, 263, 395, 537, and services 480 684, 812, 952, 1096, 1224, 1356, 1464 Member bank reserves and related items. .. .30, 136, 254, Colombia: 386, 528, 674, 802, 940, 942, 1086, 1214, 1346, 1454 Bank of Republic of: Member banks in leading cities 383, 1210 Condition 96, 206, 320, 452, Mortgage status of homes owned by nonfarm fami- 604, 748, 874, 1012, 1156, 1286, 1418, 1524 lies in early 1949 1043 Discount rate 99, 209, 323, 455, 607, New and old series of bank rates on loans to 751, 877, 1015, 1159, 1289, 1421, 1527 businesses 229 Gold reserves 86, 196, 310, 442, 594, Nonfarm mortgage lending 890 744, 870, 1008, 1152, 1282, 1414, 1520 Nonreal estate loans to farmers by principal lend- Foreign exchange rates 101, 211, 325, 457, 609, ing agencies 1063 753, 879, 1017, 1161, 1291, 1423, 1529 Ownership of demand deposits 472, 499 Gold production 87,197,311,443,595, Ownership of liquid assets 902 743, 869, 1007, 1151, 1281, 1413, 1519 Percentage change in plant and equipment expendi- Commercial banks: tures of large corporations 1948 over 1947 626 Assets and liabilities in United Kingdom, Canada, Percentage distribution of external sources of funds, and France. . 100, 210, 324, 456, 608, large corporations in selected industries, 1948 628 752, 878, 1016, 1160, 1290, 1422, 1528 Personal consumption expenditures 1306 Condition of insured in United States by classes.... 44, Personal income 6 150, 268, 400, 542, Personal income, consumption, and saving 1300 692, 818, 958, 1102, 1230, 1364, 1470 Prices of basic commodities 11 Consumer instalment loans 77, 183, 301, 433, 575, Prices of metals 774 727, 853, 993, 1137, 1265, 1399, 1505 Prices received by farmers 1032 Insured home mortgages held. . .67, 173, 291, 423, 565, Principal assets of all French Commercial Banks, 717, 843, 983, 1127, 1255, 1389, 1495 1938 and 1946-48 350 Insured in United States and possessions, earnings Production, acreage, and yield of crops 1029 of 591 Proportion of total funds of large corporations ob- Commercial, industrial, and agricultural loans of weekly tained from internal sources, 1948 and 1947 627 reporting member banks: Quarterly profits after taxes of large manufacturing By Federal Reserve districts 48, 154, 272, 404, 546, corporations 662 696, 822, 962, 1106, 1234, 1368, 1474 Relation of instalment credit to personal income. . . 342 New York City and outside 46, 152, 270, 402, 544, Retail sales 7, 657 694, 820, 960, 1104, 1232, 1366, 1472 Sales and stocks in metal industries 768 Commercial loans: Security markets 800, 1211, 1451 All banks in United States and possessions, by Selected components of personal income 1304 States 690, 1362 The course of inflation in France, 1938-48 348 Insured, by classes 44, 150, 268, 400, 542, Time of purchase of homes owned by nonfarm 692, 818, 958, 1102, 1230, 1364, 1470 families in early 1949 1041 Commercial paper: Treasury receipts and expenditures . . 109 Open-market rates on 51, 157, 275, 407, 549, Unemployment ... 225 700, 826, 966, 1110, 1238, 1372, 1478 Outstanding 50, 156, 274, 406, 548, United States trade with sterling area. . . .1175 699, 825, 965, 1109, 1237, 1371, 1477 Value of new construction activity.. ...891 Committees: Wage and salary income 1303 Executive of Federal Open Market Committee, Wholesale commodity prices 526, 773, 800, 1084, members of 249 1211, 1451 Federal Open Market: (See Federal Open Market Wholesale prices 132 Committee) Wholesale prices of building materials 894 Senate Banking and Currency, statement of Chair- Yields on U. S. Government securities 1435 man McCabe before ... 474 Chas, G. Howland, appointment as Assistant Solicitor Commodity Credit Corporation: of Board 798 Assets and liabilities 58, 164, 282, 414, 556, Chile: 708, 834, 974, 1118, 1246, 1380, 1486 Central bank of: Loans by. . 58, 164, 282, 414, 556, Condition 96, 206, 320, 452, 708, 834, 974, 1118, 1246, 1380, 1486 604, 748, 874, 1012, 1156, 1286, 1418, 1524 Paper, amendment to Regulation A relating to 247 Commodity prices: Discount rate 99, 209, 323, 455, National summary of business conditions. . . .28, 133, 607, 751, 877, 1015, 1159, 1289, 1421, 1527 251, 383, 526, 672, 800, 940, 1084, 1211, 1344, 1451 Gold reserves 86, 196, 310, 442, Condition statements: 594, 744, 870, 1008, 1152, 1282, 1414, 1520 Commercial banks in United Kingdom, Gold production 87, 197, 311, 443, 595, Canada, and France 100, 210, 324, 456, 608, 743, 869, 1007, 1151, 1281, 1413, 1519 752, 878, 1016, 1160, 1290, 1422, 1528 Clayton, Lawrence, death of. 1449 Federal Reserve Banks: Clearing and collection: All banks combined 33, 139, 257, 389, 531, Number of banks on par list, by districts and by 678, 806, 946, 1909, 1218, 1350, 1458 States 84, 190, 308, 440, 582, Each bank 34, 140, 258, 390, 532, 698, 824, 964, 1108, 1236, 1370, 1476 679, 807, 947, 1091, 1219, 1351, 1459 1542 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Pages Condition statements—Continued. Consumer credit—Continued. Foreign central banks 94, 204, 318, 450, 602, Study of terms, article by Milton Moss 1442 746, 872, 1010, 1154, 1284, 1416, 1522 Suction cleaners and attachments 117 Government corporations and credit agencies 58, Termination of control 797 164, 282, 414, 556, 708, 834, 974, Total credit, by major parts..76, 182, 300, 432, 574, 1118, 1246, 1380, 1486 726, 852, 992, 1136, 1264, 1398, 1504 Insured commercial banks: Consumer finances: Classes of banks 44, 150, 268, 400, 542, Financial position and buying plans of consumers, 692, 818, 958, 1102, 1230, 1364, 1470 July 1949 1198 Weekly reporting member banks: Survey of, 1949: By Federal Reserve districts 48, 154, 272, 404, Part I. General financial position and economic 546, 696, 822, 962, 1106, 1234, 1368, 1474 outlook of consumers 634 New York City and outside. .46, 152, 270, 402, 544, Part II. Durable goods expenditures in 1948 694, 820, 960, 1104, 1232, 1366, 1472 and buying plans for 1949 647 Conferences: {See Meetings) Part III. Distribution of consumer income Consolidations of banks. .191, 1144 in 1948 778 Construction: Revision of estimate for median family Activity in 1948 ... .4 income in 1948 1324 Costs, decline in 893 Part IV. Consumer ownership and use of Markets in mid-1949 887 liquid assets 896 National summary of business conditions. .27, 132, 251, Part V. Home ownership and expenditures 383, 526, 672, 799, 939, 1083, 1211, 1343, 1450 for housing 1037 Construction contracts awarded: Part VI. Ownership of automobiles, stocks By districts 67, 173, 291, 423, 565, and bonds, and other nonliquid assets 1182 717, 843, 983, 1127, 1255, 1389, 1495 Part VII. Additional data on automobile By public and private ownership. .67, 173, 291, 423, 565, ownership 1318 717, 843, 983, 1127, 1255, 1389, 1495 Consumer instalment credit, study of terms 1442 By type of construction 67, 173, 291, 423, 565, Cooperatives: 717, 843, 983, 1127, 1255, 1389,1495 Banks for, loans by. . . .58, 164, 282, 414, 556, 708, 834, Index of value of 59, 165, 283, 415, 557, 974, 1118, 1246, 1380, 1486 709, 835, 975, 1119, 1247, 1381, 1487 Corporate bonds: Consumer credit: Yields on . .51, 157, 275, 407, 549, 700, 826, Amendment No. 2 to Regulation W . . .21 966, 1110, 1238, 1372, 1478 Amendment No. 3 to Regulation W ... .247 Corporate profits, taxes, and dividends. .704, 830, 970, 1114, Amendment No. 4 to Regulation W 523 1242, 1376, 1482 Automobile appraisal guides 117 Corporate security issues: Chart book statistics 83, 189, 307, 439, 581, New capital . . 623 733, 859, 999, 1143, 1271, 1405, 1511 Proposed use of proceeds: Conversion of noninstalment credit to instalment All issuers. .53, 159, 277, 409, 551, 702, 828, basis 21 968, 1112, 1240, 1374, 1480 Deliveries in anticipation of sales 22 Major groups of issuers 53, 159, 277, 409, 551, Dual purpose passenger automobiles as listed articles 374 702, 828, 968, 1112, 1240, 1374, 1480 Expiration of Regulation W, press statement on... 776 Corporate stocks: Furniture store statistics 78, 184, 302, 434, 576, Prices in United States 52, 158, 276, 408, 550, 701, 728, 854, 994, 1138, 1266, 1400, 1506 827, 967, 1111, 1239, 1373, 1479 Instalment credits of commercial banks, by type Corporation financing in 1948, industrial differences in. .626 of credit 77, 183, 301, 433, 575, Cost of living: 727, 853, 993, 1137, 1265, 1399, 1505 Consumers' price index for moderate income Instalment loans 76, 182, 300, 432, 574, families 72, 178, 296, 428, 570, 722, 848, 726, 852, 992, 1136, 1264, 1398, 1504 988, 1132, 1260, 1394, 1500 Instalment loans made by principal lending institu- Index for principal countries. . 103, 213, 327, 459, 611, tions 76, 182, 300, 432, 574, 755, 881, 1019, 1163, 1293, 1425, 1531 726, 852, 992, 1136, 1264, 1398, 1504 Costa Rica: Instalment sale credit, excluding automobile National Bank of: credit 77, 183, 301, 433, 575, Condition. . .96, 206, 320, 452, 604, 748, 874 727, 853, 993, 1137, 1265, 1399, 1505 1012, 1156, 1286, 1418, 1524 Lay-away plans 523 Discount rate. . . .99, 209, 323, 455, 607, 751, 877, Preservation of records 21 1015, 1159, 1289, 1421, 1527 Ratio of collections to accounts receivable. .78, 184, 302, Country member banks: 434, 576, 728,854,994,1138, 1266, 1400, 1506 Reduction of interest payment. 117 Assets and liabilities of all banks in United Recent developments in . ..333 States 688, 816, 956, 1100, 1228, 1360, 1468 Relaxation of restraints discussed 466 Condition, call dates. . .44, 150, 268, 400, 542, 692, 818, Replacement of irreparably damaged article 117 958, 1102, 1230, 1364, 1470 Resale of repossessed article 248 Deposits and reserves. .38, 144, 262, 394, 536, 683, 811, Revised series 14, 504 951, 1095, 1223, 1355, 1463 Role of Regulation W in economic stability 343 Deposits in large and small centers. .37, 143, 261, 393, Sale of demonstrator automobile 248 535, 683, 811, 951, 1095, 1223, 1355, 1463 Sets and groups of articles . .22 Earnings and expenses, 1948 586 DECEMBER 1949 1543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 Pages Pages Country member banks—Continued. Denmark—Continued. Reserves and borrowings. . . .37, 143, 261, 393, 535, 682, National Bank of—Continued. 810, 950, 1094, 1222, 1354, 1462 Discount rate. . . .99, 209, 323, 455, 607, 751, 877, Credit: 1015, 1159, 1289, 1421, 1527 Bank: (See Bank credit) Gold reserves. . . .86, 196, 310, 442, 594, 744, 870, Consumer: (See Consumer credit) 1008, 1152, 1282, 1414, 1520 Developments during last half of year. . . .1437 Notes on foreign currency adjustments 1333 Federal Reserve: Department of Agriculture: Chart 30, 136, 254, 386, 528, 674, 802, Balance sheet of agriculture, 1949, annual report 942, 1086, 1214, 1346, 1454 issued by 1053 End-of-month and Wednesday figures 31, 137, 255, Department stores: 387, 529, 675, 803, 943, 1087, 1215, 1347, 1455 Sales: Postwar controls in France 348 By Federal Reserve districts and by cities. .72, 178, Retail, survey for 1948 657 296, 428, 570, 722, 848, 988, 1132, 1260, 1394, 1500 Crop reports, by Federal Reserve districts. ...83, 999, 1143 3 Changes during 1948 8 1271, 1405, 1511 Index of value of. . .59, 165, 283, 415, 557, 709, 835, Currency: 975, 1119, 1247, 1381, 1487 Circulation, by denominations.. .39, 145, 263, 395, 537, Weekly index of 71, 177, 295, 427, 569, 721, 684, 812, 952, 1096, 1224, 1356, 1464 847, 987, 1131, 1259, 1393, 1499 Foreign, notes on adjustments 1328 Sales, accounts receivable, and collections. .78, 184, 302, Germany, order of Soviet Military Government 434, 576, 728, 854, 994, 1138, 1266, 1400, 1506 giving German Bank of Issue exclusive right to Sales and stocks: issue 16 By Federal Reserve districts. .69, 175, 293, 425, 567, Kinds of money in circulation. .39, 145, 263, 395, 537, 719, 845, 985, 1129, 1257, 1391, 1497 684, 812, 952, 1096, 1224, 1356, 1464 By major departments. .70, 176, 294, 426, 568, 720, Major factors affecting 471, 1440 846, 986, 1130, 1258, 1392, 1498 Outside banks 41, 147, 265, 397, 539, 686, 814, Sales, stocks, and outstanding orders. .71, 177, 295, 427, 954, 1098, 1226, 1358, 1466 569, 721, 847, 987, 1131, 1259, 1393, 1499 Readjustment of foreign values 1169, 1328 Deposits: Treasury, outstanding. .31, 137, 255, 387, 529, 675, 803, Adjusted, of all banks and currency 943, 1087, 1215, 1347, 1455 outside banks 41, 147, 265, 397, 539, 686, Customers' debit balances. .50, 156, 274, 406, 548, 699, 825, 814, 954, 1098, 1226, 1358, 1466 965, 1109, 1237, 1371, 1477 All banks in United States, call dates. .42, 148, 266, 398, Czechoslovakia: 540, 687, 815, 955, 1099, 1227, 1359, 1467 Foreign exchange rates. .101, 211, 325, 457, 609, 753, 879, All banks in United States and 1017, 1161, 1291, 1423, 1529 possessions, by States .691, 1363 National Bank of: Decline during 1948 ... .465 Condition 96, 206, 320, 452, 604, 748, 874, Federal Reserve Banks: 1012, 1156, 1286, 1418, 1524 All banks combined 33, 139, 257, 389, 531, 678, Discount rate. . 99, 209, 323, 455, 607, 751, 877 806, 946, 1090, 1218, 1350, 1458 1015, 1159, 1289, 1421, 1527 Each bank 35, 141, 259, 391, 533, 680, Gold reserves. . . .86, 196, 310, 442, 594, 744, 870, 808, 948, 1092, 1220, 1352, 1460 1008, 1152,1282, 1414, 1520 Foreign banks, held by banks on Davis, Wallace M., resignation as Director at Louiscall dates 45, 151, 269, 401, 543, 693, ville branch 1209 819, 959, 1103, 1231, 1365, 1471 Deaths: Government: Clayton, Lawrence, member of Board of Gover- Federal Reserve Banks, each bank. . .35, 141, 259, nors 1449 391, 533, 680, 808, 948, 1092, 1220, 1352, 1460 Lund, L. H., Class B Director at Cleveland 249 Insured commercial banks. .45, 151, 269, 401, 543, Debit and credit balances of stock exchange firms. .50, 156, 693, 819, 959, 1103, 1231, 1365, 1471 274, 406, 548, 699, 825, 965, 1109, 1237, 1371, 1477 Weekly reporting member banks: Debits to deposit accounts: By Federal Reserve districts. .49, 155, 273, 405, Reporting centers, year and month. .40, 146, 264, 396, 547, 697, 823, 963, 1107, 1235, 1369, 1475 538, 685, 813, 953, 1097, 1225, 1357, 1465 New York City and outside. .47, 153, 271, 403, Weekly reporting member banks: By Federal Reserve districts. . . .49, 155, 273, 405, 545, 695, 821, 961, 1105, 1233, 1367, 1473 547, 697, 823, 963, 1107, 1235, 1369, 1475 Insured commercial banks. .45, 151, 269, 401, 543, 693, New York City and outside. .47, 153, 271, 403, 545, 819, 959, 1103, 1231, 1365, 1471 695, 821, 961, 1105, 1233, 1367, 1473 Major factors affecting 471, 1440 Debt, Government: Member banks: Volume and kind of securities. .55, 161, 279, 411, 553, Classes of banks 38, 144, 262, 394, 536, 683, 705, 831, 971, 1115, 1243, 1377, 1483 811, 951, 1095, 1223, 1355, 1463 Denmark: Country, in large and small centers. . .37, 143, 261, Foreign exchange rates 101, 211, 325, 457, 609, 753, 393, 535, 683, 811, 951, 1095, 1223, 1355, 1463 879, 1017, 1161, 1291, 1423, 1529 Mutual savings banks 43, 149, 267, 399, 541, 689, National Bank of: 817, 957, 1101, 1229, 1361, 1469 Condition 96, 206, 320, 452, 604, 748, 874, National banks 43, 149, 267, 399, 541, 689, 1012, 1156, 1286, 1418, 1524 817, 957, 1101, 1229, 1361, 1469 1544 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Pages Pages Deposits—Continued. Directors, Federal Reserve Banks—Continued. Nonmember banks: Rummell, L. L., appointed Class C at Cleveland. . . .25 Chart 30, 136, 254, 386, 528, 674, Sharpies, Philip, T., appointed Class C at 802, 942, 1086, 1214, 1346, 1454 Philadelphia 381 Commercial banks 43, 149, 267, 399, 541, 689, Stettinius, Edward R., Jr., resignation as Class 817, 957, 1101, 1229, 1361, 1469 C at Richmond .26 In Federal Reserve Banks. . .31, 137, 255, 387, 529, Whittier, Warren F., designated Chairman and 675, 803, 943, 1087, 1215, 1347, 1455 Federal Reserve Agent at Philadelphia 381 Outlook for 1950 1441 Woodward, J. B., Jr., appointed Class C at Ownership of demand.. ..471, 499 Richmond and designated Deputy Chairman. . . .25 Postal savings: Directors, Federal Reserve Branch Banks: Call dates.. 41,147,265,397,539,686, Appointments of 24 815, 954, 1098, 1226, 1358, 1466 Davis, Wallace M., resignation at Louisville. . . .1209 Depositors' balances and assets. . .41, 147, 265, 397, Hahne, Ernest H., appointed at Cincinnati 25 539, 685, 813, 953, 1097, 1225, 1357, 1465 Jordan, Howard W., resignation at Pittsburgh. . .118 Rates on 32, 138, 256, 388, 530, 676, List of 120 804, 944, 1088, 1216, 1348, 1456 McCain, James A., appointed at Helena. . ... .25 Savings: Rush, Noel, appointed at Louisville 1209 Interest rate on 32, 138, 256, 388, 530, 676, Swensrud, Sidney A., appointed at Pittsburgh. . .118 804, 944, 1088, 1216, 1348, 1456 Taylor, John W., appointed at Louisville. . . . . .25 States and political subdivisions: Wheat, J. E., resignation at Houston . . 1341 Insured commercial banks. .45, 151, 269, 401, 543, Winder, G. Norman, appointed at Denver. .25 693, 819, 959, 1103, 1231, 1365, 1471 Directory: Suspended banks 41, 147, 265, 397, 539, 683, Board of Governors 104, 214, 328, 460, 612, 756, 811, 951, 1095, 1223, 1355, 1463 882, 1020, 1164, 1294, 1426, 1532 Time, maximum rates on. . .32, 138, 256, 388, 530, 676, Federal Advisory Council. .104, 214, 328, 460, 612, 756, 804, 944, 1088, 1216, 1348, 1456 882, 1020, 1164, 1294, 1426, 1532 Treasury: Federal Open Market Committee 104, 214, 328, 460, Chart. . 30, 136, 254, 386, 528, 674, 612, 756, 882, 1020, 1164, 1294, 1426, 1532 802, 942, 1086, 1214, 1346, 1454 Federal Reserve Banks and branches. 105, 215, 329, 461, With Federal Reserve Banks 31, 137, 255, 387, 613, 757, 883, 1021, 1165, 1295, 1427, 1533 529, 675, 803, 943, 1087, 1215, 1347, 1455 Turnover 40, 146, 264, 396, 538, 685, Discount rates: 813, 953, 1097, 1225, 1357, 1465 Federal Reserve Banks 32, 138, 256, 388, 530, Weekly reporting member banks: 677, 805, 945, 1089, 1217, 1349, 1457 By Federal Reserve districts 49, 155, 273, 405, Foreign central banks 99, 209, 323, 455, 607, 547, 697, 823, 963, 1107, 1235, 1369, 1475 751, 877, 1015 1159, 1289, 1421, 1527 New York City and outside. .47, 153, 271, 403, 545, Discounts: 695, 821, 961, 1105, 1233, 1367, 1473 Commodity Credit Corporation paper, amendment Deputy Chairmen of Federal Reserve Banks: to Regulation A relating to . . 247 Appointments for 1949 23 Dividends: Balderston, C. Canby, appointed at Philadelphia. .381 Corporate 703, 829, 969, 1113, 1241, 1375, 1481 Baker, A. Z., appointed at Cleveland 25 Federal Reserve Banks 192 Harris, Rufus C., appointed at Atlanta 25 Industrial corporations 54, 160, 278, 410, 552 List of. . .. .105, 215, 329, 461, 613, 757, Insured commercial banks in the United States and 883, 1021, 1165, 1295, 1427, 1533 possessions 591 Lunding, Franklin J., appointed at Chicago 25 Manufacturing corporations 703, 829, 969, Woodward, J. B., Jr., appointed at Richmond 25 1113, 1241, 1375, 1481 Devalution of foreign currencies, effect of 1169, 1328 New series on quarterly sales, profits, and Directors, Federal Reserve Banks: dividends of .... . 662 Adams, Charles E., Class B at New York, Member banks: resignation of . 524 1948 ... .497, 583 Austin, C. L., elected Class B at Cleveland. . . 524 First half of 1949 1325, 1406 Baker, A. Z., appointed Deputy Chairman at Public utility corporations 54, 160, 278, 410, 552, Cleveland 25 703, 829, 969, 1113, 1241, 1375, 1481 Balderston, C. Canby, appointed Deputy Volume during first nine months of 1949 1304 Chairman at Philadelphia .381 Dominican Republic: Class C, appointments of .23 Classes of 119 Condition of central bank 96, 206, 320, 452, 604, Folsom, Marion B., elected Class B at New York .938 748, 874, 1012, 1156, 1286, 1418, 1524 Harris, Rufus C, appointed Deputy Chairman Dunn, Charles B., resignation as First Vice President at Atlanta . 25 at Chicago . 1341 List of 119 Earnings: (See also Earnings and expenses) Lund, L. H., Class B at Cleveland, death of . 249 Corporations 54, 160, 278, 410, 552, Lunding, Franklin J., appointed Class C at 703, 829, 969, 1113, 1241, 1375, 1481 Chicago and designated Deputy Chairman 25 Factory employees 1253, 1387, 1493 McCormick, Charles P., appointed Chairman and Member banks: Federal Reserve Agent at Richmond 25 1948 494, 583 Reinhold, Paul E., appointed Class C at Atlanta 25 Ratios of all member banks, by classes. .587 DECEMBER 1949 1545 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Pages Pages Earnings—Continued. Ethiopia: Production workers in manufacturing industries. . . .65, Condition of State Bank... .97, 207, 321, 453, 605, 749, 171, 289, 421, 563, 715, 841, 981, 1125 875, 1013, 1157, 1287, 1419, 1525 Workers during 1948 227 Notes on foreign currency adjustments 1336 Earnings and dividends: Europe: Industrial corporations 54, 160, 278, 410, 552 International capital transactions. .89, 199, 313, 445, 597, Public utility corporations. .54, 160, 278, 410, 552, 703, 739, 865, 1003, 1147, 1277, 1409, 1515 829, 969, 1113, 1241, 1375, 1481 Examination procedure, joint statement on revision of. .776 Earnings and expenses: Expenditures: All member banks, by size of bank... .. .860 Business, on new plant and equipment 619 Federal Reserve banks: Personal consumption, decline in 1306 1948 192 Treasury 57, 163, 281, 413, 555, 707, First half of 1949 1000 833, 973, 1117, 1245, 1379, 1485 Insured commercial banks in the United States and (See also Earnings and expenses) possessions 591 Export-Import Bank: Member banks: Loans by 58, 164, 282, 414, 556, 708, 1948 494, 583 834, 974, 1118, 1246, 1380, 1486 First half of 1949 1325, 1406 Exports: National banks, by size of bank 861 Farm commodities . . . 1031 State member banks, by size of bank 862 United States . . .481 Economic developments in 1948 1 Factory employment: (See Employment) Ecuador: Farm Credit Administration: Central bank of: Assets and liabilities 58, 164, 282, 414, 556, 708, Condition 96, 206, 320, 452, 604, 748, 834, 974, 1118, 1246, 1380, 1486 874, 1012, 1156, 1286, 1418, 1524 Farm products: Discount rate 99, 209, 323, 455, 607, 751, Supplies of . . 1026 877, 1015, 1159, 1289, 1421, 1527 Wholesale price indexes: Egypt: Principal countries 102, 212, 326, 458, 610, 754, National Bank of: 880, 1162, 1292, 1424, 1530 Condition 97, 207, 321, 453, 604, 748, United States 73, 179, 297, 429, 571, 723, 874, 1012, 1156, 1286, 1418, 1524 849, 989, 1133, 1261, 1395, 1501 Gold reserves 86, 196, 310, 442, 594, 744, Farmers, income of 1303 870, 1008, 1152, 1282, 1414, 1520 Farmers Home Administration: Notes on foreign currency adjustments 1336 Loans by 58, 164, 282, 414, 556, 708, El Salvador: 834, 974, 1118, 1246, 1380, 1486 Central reserve bank of: Fauver, Clarke L.: (See Staff of Board) Condition 97, 207, 321, 453, 604, 748, Federal Advisory Council: 874, 1012, 1156, 1286, 1418, 1524 Meetings: Discount rate 99, 209, 323, 455, 607, 751, February 13-15 ..249 877, 1015, 1159, 1289, 1421, 1527 May 15-17 .670 Employees: September 18-20 .1209 Member banks, average number and salaries. . . .496 November 13-15. . . .1341 Employment: Members: Changes in total . . 764 Brown, Edward E., re-elected President 249 Factory employment: Adjusted for seasonal variation. . .65, 171, 289, 421, Fleming, Robert V., re-elected Second Vice 563, 715, 841, 981, 1125 President 249 Business index 59, 165, 283, 415, 557, 709, List of 104, 214, 328, 460, 612, 756, 882, 835, 975, 1119, 1247, 1381, 1487 1020, 1164, 1294, 1426, 1532 By industries 1252, 1386, 1492 Spencer, C. E., Jr., re-elected First Vice Factory employment and payrolls by industries. 64, 170, President 249 288, 420, 562, 714, 840, 980, 1124 Staff: Growth in 1948 5 Prochnow, Herbert V., re-elected Secretary Labor force 66, 172, 290, 422, 564, 716, 1949 , m 249 842, 982, 1126, 1254, 1388, 1494 Federal Budget for fiscal year 1950 " 109 Manufacturing industries 221 Federal Deposit Insurance Corporation: National summary of business conditions 27, 250, 382, Assets and liabilities 58, 164, 282, 414, 556, 708, 834, 526, 672, 1083, 1210, 1344, 1451 974, 1118, 1246, 1380, 1486 Nonagricultural: Examination procedure, joint statement on revi- Business index 59, 165, 283, 415, 557, 709, sion of 776 835, 975, 1119, 1247, 1381, 1487 Federal Farm Mortgage Corporation: Total in each classification 66, 172, 290, 422, 564, Loans by 58, 164, 282, 414, 556, 708, 834, 716, 842, 982, 1126, 1254, 1388, 1494 974, 1118, 1246, 1380, 1486 Nonmanufacturing industries 224 Federal Home Loan Banks: Revision of series .... 1208 Loans by 58, 164, 282, 414, 556, 708, 834, England: (See United Kingdom) 974, 1118, 1246, 1380, 1486 Estonia: Federal Housing Administration: Discount rate of central bank 99, 209, 323, 455, 607, Assets and liabilities 58, 164, 282, 414, 556, 708, 834, 751, 877, 1015, 1159, 1289, 1421, 1527 974, 1118, 1246, 1380, 1486 1546 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Pages Pages Federal Housing Administration—Continued. Federal Reserve Chart Book: Insured home mortgages held by banks and Current statistics on bank credit, money rates, and others 67, 173, 291, 423, 565, 717, 843 business 79, 185, 303, 435, 577, 729, 855, 983, 1127, 1255, 1389, 1495 995, 1139, 1267, 1401, 1507 Loans insured by. . . .67, 173, 291, 423, 565, 717, 843 Historical supplement to 1209 983, 1127, 1255, 1389, 1495 Revision of 26 Federal Intermediate Credit Banks: Federal Reserve districts, map of. .108, 218, 332, 464, 616, Loans by 58, 164, 282, 414, 556, 708, 834, 762, 886, 1024, 1168, 1298, 1430, 1538 974, 1118, 1246, 1380, 1486 Federal Reserve notes: Federal National Mortgage Association: Circulation: Assets and liabilities. .. .58, 164, 282, 414, 556, 708, 834, All banks combined. . . .33, 139, 257, 389, 531, 678, 974, 1118, 1246, 1380, 1486 806, 946, 1090, 1218, 1350, 1458 Federal Open Market Committee: Each bank, condition statement. .35, 141, 259, 391, Executive committee, members of... . . 249 533, 680, 808, 948, 1092, 1220, 1352, 1460 Meetings: Each bank, Federal Reserve Agents' ac- February 28 and March 1 . . 249 counts 36, 142, 260, 392, 534, 682, 810, May 3 524 950, 1094, 1222, 1354, 1462 Collateral security for. .36, 142, 260, 392, 534, 682, 810, June 28 798 950, 1094, 1222, 1354, 1462 August 5 938 Federal Reserve Agents' accounts 36, 142, 260, 392, December 13 1449 534, 682, 810, 950, 1094, 1222, 1354, 1462 Members : Outstanding and in circulation. .39, 145, 263, 395, 537, Earhart, C. E., election of 249 684, 812, 952, 1096, 1224, 1356, 1464 Gidney, Ray M., election of 249 Redemption fund: Leach, Hugh, election of 249 All banks combined. ...33, 139, 257, 389, 531, 678, McCabe, Thomas B., re-elected Chairman.... 249 806, 946, 1090, 1218, 1350, 1458 McLarin, W. S., Jr., election of 249 Each bank. . . .34, 140, 258, 390, 532, 679, 807 Sproul, Allen, re-elected Vice Chairman 249 947, 1091, 1219, 1351, 1459 Members and officers, list. . .104, 214, 328, 460, 612, 756, Federal Reserve policy actions, statements on.. ..776 882, 1020, 1164, 1294, 1426, 1532 Federal Reserve System: Press release on purchases, sales, and exchanges of Admission of banks to membership. .26, 118, 249, 381, Government securities by Federal Reserve Banks 524, 670, 798, 938, 1080, 1209, 1341, 1449 with regard to general business and credit situa- Map. . 108, 218, 332, 464, 616, 762, 886, tion 776, 1435 1024, 1168, 1298, 1430, 1538 Federal Reserve Act: Fiduciary powers, amendment to Regulation F 667 Section 24, amendment as to loans by national Financial position of business 617 banks on real estate 1342 Finland: Federal Reserve Bank notes: Bank of: Circulation and outstanding. .39, 145, 263, 395, 537, 684, Condition . . .97, 207, 321, 453, 605, 749, 875, 812, 952, 1096, 1224, 1356, 1464 1013, 1157, 1287, 1419, 1525 Federal Reserve Bank of Chicago: Staff: Discount rate. . . .99, 209, 323, 455, 607, 751, 877, 1015, 1159, 1289, 1421, 1527 Dunn, Charles B., resignation as First Vice Notes on foreign currency adjustments 1334 President 1341 Fleming, Robert V., re-elected Second Vice President of Federal Reserve Bank of New York: Federal Advisory Council 249 Staff: Folsom, Marion B., elected Class B Director at New Rosa, Robert V., article on postwar credit York 938 controls in France 348 Food: Federal Reserve Banks: Retail prices, principal countries. . . .103, 213, 327, 459, Assets and liabilities of. .33, 139, 257, 389, 531, 678, 806, 611, 755, 881, 1019, 1163, 1293, 1425, 1531 946, 1090, 1218, 1350, 1458 Wholesale prices: Branches: (See Branch banks, Federal Reserve System) Principal countries. . . .102, 212, 326, 458, 610, 754, Capital and surplus of each bank. .36, 142, 260, 392, 534, 880, 1018, 1162, 1292, 1424, 1530 681, 809, 949, 1093, 1221, 1353, 1461 United States 73, 179, 297, 429, 571, 723, 849, Chairmen: (See Chairmen) 989, 1133, 1261, 1395, 1501 Condition statement, each bank. .34, 140, 258, 390, 532, Foreign banks: 679, 807, 947, 1091, 1219, 1351, 1459 Bank of Canada, annual report of . 375 Commercial banks, condition of. . 100, 210, 324, 456, 608, Deputy chairmen: (See Deputy chairmen) 752, 878, 1016, 1160, 1290, 1422,1528 Directors: (See Directors) Condition of central banks 94, 204, 318, 450, 602, Dividends .. 192 746, 872, 1010, 1154,1284, 1416, 1522 Earnings and expenses: Deposits held by member banks on call dates. .45, 151, 1948 192 269, 401, 543, 693, 819, 959, 1103, 1231, 1365, 1471 First half of 1949 1000 Deposits of weekly reporting member banks: Government securities held by. .56, 162, 280, 412, 554, By Federal Reserve districts. .49, 155, 273, 405, 547 706, 832, 972, 1116, 1244, 1378, 1484 .697, 823, 963, 1107, 1235, 1369, 1475 Officers. . 105, 215, 329, 461, 613, 757, 883, New York City and outside. .47, 153, 271, 403, 545, 1021, 1165, 1295, 1427, 1533 695, 821, 961, 1105, 1233, 1367, 1473 DECEMBER 1949 1547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Fages Foreign banks—Continued. Gold—Continued. Discount rates of central banks. .99, 209, 323, 455, 607, Production: 751, 877, 1015, 1159, 1289, 1421, 1527 United States 40, 146, 264, 396, 538, 745, German Bank of Issue, established in Soviet Zone. .. 16 871, 1009, 1153, 1283, 1415, 1521 Gold reserves of central banks 86, 196, 310, 442, 594, World. . .87, 197, 311, 443, 595, 743, 869, 744, 870, 1008, 1152, 1282, 1414, 1520 1007, 1151, 1281, 1413, 1519 Foreign currency, readjustment of values. .1169 Reserves of central banks and governments. . . .86, 196, Notes on adjustments 1328 310, 442, 594, 744, 870, 1008, 1152, 1282, 1414, 1520 Foreign deposits held by Federal Reserve Banks: Stock: All banks combined 33, 139, 257, 389, 531, Chart. .30, 136, 254, 386, 528, 674, 802, 678, 806, 946, 1090, 1218, 1350, 1458 942, 1086, 1214, 1346, 1454 Each bank 35,141,259,391,533, End-of-month and Wednesday figures. .. .31, 137, 680, 808, 948, 1092, 1220, 1352, 1460 Foreign exchange rates 101,211,325,457,609, 255, 387, 529, 675, 803, 943, 1087, 1215, 1347, 1455 753, 879, 1017, 1161, 1291, 1423, 1529 United States, analysis of changes. . . .40, 146, 264, Changes in 1170 396, 538, 745, 871, 1009, 1153, 1283, 1415, 1521 Foreign exchange transactions, Treasury Department Gold certificates: regulations 668 Federal Reserve Bank holdings: Foreign governments, United States Government finan- All banks combined 33, 139, 257, 389, 531, cial aid to . . 483 678, 806, 946, 1090, 1218, 1350, 1458 Foreign trade: Each bank. . . .34, 140, 258, 390, 532, 679, 807, Shifts during 1948. .. 9 947, 1091, 1219, 1351, 1459 United States 481 Outstanding and in circulation 39, 145, 263, 395, Forms: 537, 684, 812, 952, 1096, 1224, 1356, 1464 New statistics of interest rates on business loans, Government bonds: (See Government securities) Form F. R. 467, revised .236 Government corporations and credit agencies: France : Assets and liabilities 58, 164, 282, 414, 556, Bank of: 708, 834, 974, 1118, 1246, 1380, 1486 Condition 95, 205, 319, 451, 603, Loans by. . . .58, 164, 282, 414, 556, 708, 834, 747, 873, 1011, 1155, 1285, 1417, 1523 974, 1118, 1246, 1380, 1486 Discount rate 99, 209, 323, 455, 607, Government debt: 751, 877, 1015, 1159, 1289, 1421, 1527 Volume and kind of securities 55, 161, 279, 411, Gold reserves 86, 196, 310, 442, 594, 553, 705, 831, 971, 1115, 1243, 1377, 1483 744, 870, 1008, 1152, 1282, 1414, 1520 Government employees, number of Federal, State, and Commercial banks, assets and liabilities. . . .100, 210, local 66, 172, 290, 422, 564, 716, 842, 324, 456, 608, 752, 878, 1016, 1160, 1290, 1422, 1528 982, 1126, 1254, 1388, 1494 Foreign exchange rates 101, 211, 325, 457, Government securities: 609, 753, 879, 1017, 1161, 1291, 1423, 1529 Bond prices. . . .52, 158, 276, 408, 550, 701, 827, Gold movements 87, 197, 311, 443, 595, 745, 871, 1009, 1153, 1283, 1415, 1521 967, 1111, 1239, 1373, 1479 International capital transactions 89, 199, 313, 445, Direct obligations, volume and kind 55, 161, 279, 597, 739, 865, 1003, 1147, 1277, 1409, 1515 411, 553, 705, 831, 971, 1115, 1243, 1377, 1483 Notes on foreign currency adjustments 1330 Federal Reserve Bank holdings: Postwar credit controls in . . 348 All banks combined 33, 139, 257, 389, 531, Security prices, index numbers 103, 213, 327, 678, 806, 946, 1090, 1218, 1350, 1458 459, 611, 755, 881, 1019, 1163, 1293, 1425, 1531 Each bank 34, 140, 258, 390, 532, 679, Third annual report of National Credit Council.... 795 807, 947, 1091, 1219, 1351, 1459 Wholesale prices in 102, 212, 326, 458, 610, 754, End-of-month and Wednesday figures . 31, 137, 880, 1018, 1162, 1292, 1424, 1530 255, 387, 529 675, 803, 943, 1087, 1215, 1347, 1455 Freight carloadings: Maturity distribution 33, 139, 257, 389, 531, Classes 68, 174, 292, 424, 566, 718, 844, 678, 806, 946, 1090, 1218, 1350, 1458 984, 1128, 1256, 1390, 1496 Insured commercial banks. . . .44, 150, 268, 400, 542, 692, Index of. . .59, 165, 283, 415, 557, 709, 835, 818, 958, 1102, 1230, 1364, 1470 975, 1119, 1247, 1381, 1487 Investments by weekly reporting member banks: Furniture store statistics 78, 184, 302, 434, 576, 728, By Federal Reserve districts 48, 154, 272, 404, 854, 994, 1138, 1266, 1400, 1506 546, 696, 822, 962, 1106,1234, 1368,1474 Germany: New York City and outside 46,152,270,402, Central Bank for Soviet Zone ... 16 544, 694, 820, 960, 1104, 1232, 1366,1472 Notes on foreign currency adjustments. .1332 Ownership of direct and guaranteed. . . .56, 162, 280, 412, Reich sbank: 554, 706, 832, 972, 1116, 1244, 1378, 1484 Discount rate 99, 209, 323, 455, 607, 751, Press statement issued by Federal Open Market 877, 1015, 1159, 1289, 1421, 1527 Committee on purchases, sales, and exchanges Gold reserves 86, 196, 310, 442, 594, 744, with regard to business and credit situation. 776, 1435 870, 1008, 1152, 1282, 1414, 1520 Gold: Prices and yields during 1949 1435 Earmarked. 40, 146, 264, 396, 538, 745, Savings bonds. 55, 161, 2*79, 411, 553, 705, 871, 1009, 1153, 1283, 1415, 1521 831, 971, 1115, 1243, 1377, 1483 Movements, United States 87, 197, 311, 443, 595, Yields on. .51, 157, 275, 407, 549, 700, 826, 745, 871, 1009, 1153, 1283, 1415, 1521 966, 1110, 1238, 1372, 1478 1548 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Pages Greece: Index numbers—Continued. Bank of: Cost of living—Continued Condition 97, 207, 321, 453, 60S, 749, Principal countries 103, 213, 327, 459, 611, 755, 875, 1013, 1157, 1287, 1419, 1525 881, 1019, 1163, 1293, 1425, 1531 Discount rate 99, 209, 323, 455, 607, 751, Department stores: 877, 1015, 1159, 1289, 1421, 1527 Sales, adjusted 59, 165, 283, 415, 557, 709, Gold reserves 86, 196, 310, 442, 594, 744, 835, 975, 1119, 1247, 1381, 1487 870, 1008, 1152, 1282, 1414, 1520 Sales, weekly 71, 177, 295, 427, 569, 721, Notes on foreign currency adjustments 1334 847, 987, 1131, 1259, 1393, 1499 Gross national product 74, 180, 298, 430, 572, 724, Sales and stocks, monthly. .70, 176, 294, 426, 568, 850, 990, 1134, 1262, 1396, 1502 720, 846, 986, 1130, 1258, 1392, 1498 Guatemala: Factory employment, business index. .59, 165, 283, 415, Condition of Bank of 97, 207, 321, 453, 605, 749, 557, 709, 835, 975, 1119, 1247, 1381, 1487 875, 1013, 1157, 1287, 1419, 1525 Factory employment and payrolls by Hahne, Ernest H., appointed Director at Cincinnati 25 industries. .64, 170, 288, 420, 562, 714, 840, 980, 1124 Harris, Rufus C, appointed Deputy Chairman at Freight carloadings: Atlanta 25 Adjusted 59, 165, 283, 415, 557, 709, Home Owners' Loan Corporation: 835, 975, 1119, 1247, 1381, 1487 Loans by 58, 164, 282, 414, 556, 708, Classes. . ... .68, 174, 292, 424, 566, 718, 834, 974, 1118, 1246, 1380, 1486 844, 984, 1128, 1256, 1390, 1496 Hours and earnings of factory employees. .1253, 1387, 1493 Industrial production: Hours and earnings of production workers Adjusted for seasonal variation. .60, 166, 284, 416, in manufacturing industries 65, 171, 289, 421, 558, 710, 836, 976, 1120, 1248, 1382, 1488 563, 715, 841, 981, 1125 Physical volume 59, 165, 283, 415, 557, 709, Housing Act of 1949, amendments to sections 835, 975, 1119, 1247, 1381, 1487 5136 and 5200 of Revised Statutes. . . . ..936 Without seasonal adjustment. . . .62, 168, 286, 418, Hungary: 560, 712, 838, 978, 1122, 1250, 1384, 1490 National Bank of: Retail food prices 103, 213, 327, 459, 611, 755, Condition 97, 207, 321, 453, 605, 749, 881, 1019, 1163, 1293, 1425, 1531 875, 1013, 1157, 1287, 1419, 1525 Security prices in principal countries. . 103, 213, 327, Discount rate 99, 209, 323, 455, 607, 751 459, 611, 755, 881, 1019, 1163, 1293, 1425, 1531 877, 1015, 1159, 1289, 1421, 1527 Stock prices 52, 158, 276, 408, 550, 701, Gold reserves 86, 196, 310, 442, 594, 744, 827, 967, 1111, 1239, 1372, 1478 870, 1008, 1152, 1282, 1414, 1520 Wholesale prices: Imports: Commodities 59, 165, 283, 415, 557, 709, Gold movements to United States. . . .87, 197, 311, 443, 835, 975, 1119, 1247, 1381, 1487 595, 745, 871, 1009, 1153, 1283, 1415, 1521 Groups of commodities. .73, 179, 297, 429, 571, 723, United States, from European Recovery 849, 989, 1133, 1261, 1395, 1501 Program countries . . 1173 Principal countries. . . .102, 212, 326, 458, 610, 754, Imports and exports: 880, 1018, 1162, 1292, 1424, 1530 Merchandise 68, 174, 292, 424, 566, 718, India: 844, 984, 1128, 1256, 1390, 1496 Foreign exchange rates 101, 211, 325, 457, 609, 753, United States. 481 879, 1017, 1161, 1291, 1421, 1527 Income: Gold movements 87, 197, 311, 443, 595, 745, Cash, and outgo of U. S. Treasury. . .57, 163, 281, 413, 871, 1009, 1153, 1283, 1415, 1521 555, 707, 833, 973, 1117, 1245, 1379, 1485 Gold production 87, 197, 311, 443, 595, 743, Increase during 1948. 6 869, 1007, 1151, 1281, 1413,1519 National 74, 180, 298, 430, 572, 724, Notes on foreign currency adjustments 1337 850, 990, 1134, 1262, 1396, 1502 Reserve Bank of: Personal. . 75, 181, 299, 431, 573, 725, Condition 97, 207, 321, 453, 605, 749, 851, 991, 1135, 1263, 1397, 1503 875, 1013, 1157, 1287, 1419, 1525 Personal, changes during year 1299 Discount rate 99, 209, 323, 455, 607, 751, Railroads 68, 174, 292, 424, 566, 718, 877, 1015, 1159, 1289, 1421, 1527 844, 984, 1128, 1256, 1390, 1496 Gold reserves 86, 196, 310, 442, 594, 744, Revision of estimate for median family in 1948. . .1324 870, 1008, 1152, 1282, 1414, 1520 Taxes, Internal Revenue collections. . .57, 163, 281, 413, Industrial advances by Federal Reserve Banks: • 555, 707, 833, 973, 1117, 1245, 1379, 1485 All banks combined. .33, 139, 257, 389, 531,678, Index numbers: 806, 946, 1090, 1218, 1350,1458 Bond prices. . 52, 158, 276, 408, 550, 701, Commitments. 36, 142, 260, 392, 534,681, 827, 967, 1111, 1239, 1372, 1478 809, 949, 1093, 1221, 1353,1461 Business indexes 59, 165, 283, 415, 557, 709, Each bank.. 34, 140, 258, 390, 532,679, 835, 975, 1119, 1247, 1381, 1487 807, 947, 1091, 1219, 1351,1459 Construction contracts awarded. .59, 165, 283, 415, 557, Maturity distribution .. ..33, 139, 257, 389, 531,678, 709, 835, 975, 1119 1247, 1381, 1487 806, 946, 1090, 1218, 1350,1458 Cost of living: Number and amount. 37, 143, 261, 393, 535,682, Consumers' price index for moderate 810, 950, 1094, 1222, 1354,1462 income families 72, 178, 296, 428, 570, 122, Rates. . 32, 138, 256, 388, 530,677, 848, 988, 1132, 1260, 1394, 1500 805, 945, 1089, 1217, 1349,1457 DECEMBER 1949 1549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Industrial corporations: Investments—Continued. Earnings and dividends 54, 160, 278, 410, 552 Weekly reporting member banks: Industrial differences in large corporation By Federal Reserve districts. .48, 154, 272, 404, 546, financing in 1948 . . 626 696, 822, 962, 1106, 1234, 1368, 1474 Industrial production: New York City and outside. .46, 152, 270, 402, 544, Business index 59, 165, 283, 415, 557, 709, 694, 820, 960, 1104, 1232, 1366, 1472 835, 975, 1119, 1247, 1381, 1487 Iran: By industries: Gold reserves 86, 196, 310, 442, 594, 744, Adjusted for seasonal variation. .60, 166, 284, 416, 870, 1008, 1152, 1282, 1414, 1520 558, 710, 836, 976, 1120, 1248, 1382, 1488 Notes on foreign currency adjustments .1336 Without seasonal adjustment. ...62, 168, 286, 418, Iraq: 560, 712, 838, 978, 1122, 1250, 1384, 1490 Notes on foreign currency adjustments. .1336 Charts 3, 132, 250, 382, 525, 671, 765, Ireland: 799, 939, 1083, 1210, 1343, 1450 Central bank of: Decline in 765 Condition 97, 207, 321, 453, 605, 749, Fourth quarter of 1948 4 875, 1013, 1157, 1287, 1419, 1525 National summary of business conditions. .27, 132,.250, Discount rate 99, 209, 323, 455, 607, 751, 382, 525, 671, 799, 939, 1083, 1210, 1343, 1450 877, 1015, 1159, 1289, 1421, 1527 Wholesale price index 102, 212, 326, 458, 610, 754, Israel: 880, 1018, 1162, 1292, 1424, 1530 Notes on foreign currency adjustments.. ..1336 Instalment credit, study of terms, article by Italy: Milton Moss ... 1442 Discount rate. . 99, 209, 323, 455, 607, 751, Instalment loans: (See Consumer credit) 877, 1015, 1159, 1289, 1421, 1527 Insurance companies: Foreign exchange rates 101, 211, 325, 457, 609, 753, Government securities held by. .56, 162, 280, 412, 554, 879, 1017, 1161, 1291, 1423, 1529 706, 832, 972, 1116, 1244, 1378, 1484 Gold reserves 86, 196, 310, 442, 594, 744, Insured home loans held. . .67, 173, 291, 423, 565, 717, 870, 1008, 1152, 1282, 1414, 1520 843, 983, 1127, 1255, 1389, 1495 International capital transactions. . . .89, 199, 313, 445, Insured commercial banks: 597, 739, 865, 1003, 1147, 1277, 1409, 1515 Loans and investments 44, 150, 268, 400, 542, 692, Notes on foreign currency adjustments 1334 818, 958, 1102, 1230, 1364, 1470 Wholesale prices in 102, 212, 326, 458, 610, 754, United States and possessions, earnings and ex- 880, 1018, 1162, 1292, 1424, 1530 penses of .591 Japan: Interest: Bank of: Income, growth in.. .1304 Condition 97, 207, 321, 453, 605, 749, Interest rates: 875, 1013, 1157, 1287, 1419, 1525 Business loans, by banks in selected cities. . . .700, 826, Discount rate 99, 209, 323, 455, 607, 751, 966, 1110, 1238, 1372, 1478 877, 1015, 1159, 1289, 1421, 1527 Business loans, new statistics on 228 Gold reserves 86, 196, 310, 442, 594 Commercial loan rates in principal cities 51, 157, Notes on foreign currency adjustments 1338 275 407, 549 Wholesale prices in 102, 212, 326, 458, 610, 754, Open-market rates in New York City. .51, 157, 275, 407, 880, 1162, 1292, 1424, 1530 549, 700, 826, 966, 1110, 1238, 1372, 1478 Java, Bank of: Time deposits, maximum rates on. . . .32, 138, 256, 388, Discount rate. . 99, 209, 323, 455, 607, 751, 530, 676, 804, 944, 1088, 1216, 1348, 1456 877, 1015, 1159, 1289, 1421, 1527 Internal Revenue collections 57, 163, 281, 413, 555, 707, Gold reserves. . 86, 196, 310, 442, 594, 744, 833, 973, 1117, 1245, 1379, 1485 870, 1008, 1152, 1282, 1414, 1520 International Bank for Reconstruction and Development: Joint statement on revision in bank examination pro- Legislation affecting banks dealing in obligations of. .935 cedure 776 Securities guaranteed by, are exempted securities. .1082 Jordan, Howard W., resignatioin as Director at Pitts- International capital transactions of the United burgh 118 States 88, 198, 312, 444, 596, 738, Labor market developments. . . .219 864, 1002, 1146, 1276, 1408, 1514 Latin American Republics: International monetary and financial problems, report Gold movements 87, 197, 311, 443, 595, 745, of National Advisory Council on: 871, 1009, 1153, 1283, 1415, 1521 April 1, 1948-Sept. 30, 1948 ...506 International capital transactions. .89, 199, 313, 445, 597, Oct. 1, 1948-Mar. 31, 1949. . . .1064 739, 865, 1003, 1147, 1277, 1409, 1515 International Monetary Fund: Latvia: Gold reserves 744, 870, 1008, 1152, 1282, 1414, 1520 Discount rate of central bank 99, 209, 323, 455, 607, International transactions of United States, movement 751, 877, 1015, 1159, 1289, 1421, 1527 toward balance of 480 Leading articles: Inventories: Banking and monetary developments in 1949. .1431 Business . 618 Construction markets in mid-1949 887 Manufacturing and trade.. ..618 Economic developments in 1948 ... 1 Investments: Federal budget for fiscal year 1950. .109 All banks in the United States, call dates. .43, 149, 267, Financial position of business . . 617 399, 541, 689, 817, 957, 1101, 1229, 1360, 1468 Interruption of monetary expansion. . . 465 Insured commercial banks. .. .44, 150, 268, 400, 542, 692, Labor market ... 221 818, 958, 1102, 1230, 1364, 1470 Personal income and expenditures.. ..1299 1550 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Pages Leading articles—Continued. Loans and investments—Continued. Readjustment of foreign currency values. .1169 Member banks 495 Recent changes in production and prices 763 Member banks, call dates. .42, 148, 266, 398, 540, 687, Recent developments in instalment credit 333 815, 955, 1099, 1227, 1360, 1468 Supplies and prices of agricultural commodities. .1025 Mutual savings banks, call dates. .42, 148, 266, 398, 540, Legislation: 687, 815, 955, 1099, 1227, 1361, 1469 Housing Act of 1949 amending section 5136 of National banks. .43, 149, 267, 399, 541, 689, 817, revised statutes 936 957, 1101, 1229, 1361, 1469 International Bank for Reconstruction and Devel- Nonmember banks. . . .43, 149, 267, 399, 541, 689, 817, opment, to permit national banks to deal in and 957, 1101,1229, 1361, 1469 underwrite obligations issued by 935 Weekly reporting member banks: Leonard, Robert F., appointment as Director of Divi- By Federal Reserve districts. . . .48, 154, 272, 404, sion of Bank Operations 26 546, 696, 822, 962, 1106, 1234, 1368, 1474 Liquid asset holdings of individuals and businesses, New York City and outside .46, 152, 270, 402, 544, estimated 793 694, 820, 960, 1104, 1232, 1366, 1472 List of directors of Federal Reserve Banks and branches. . 119 Lund, L. H., Class B Director at Cleveland, death of .249 Lithuania: Lunding, Franklin J., appointed Class C Director at Discount rate of central bank. . . .99, 209, 323, 455, 607, Chicago and designated Deputy Chairman. 25 751, 877, 1015, 1159, 1289, 1421, 1527 Manufactures: Livestock, increase in supply of . 1029 Industrial production, index of. 59, 165, 283, 415, 557, Loans: 709, 835, 975, 1119, 1247, 1381, 1487 Agricultural, insured commercial banks. . . .44, 150, 268, Manufacturing industries: 400, 542, 692, 818, 958, 1102, 1230, 1364, 1470 Hours and earnings of production workers . . 65, 171, Brokers and dealers in securities by weekly report- 289, 421, 563, 715, 841, 981, 1125, 1253, 1387, 1493 ing member banks: Maps: By Federal Reserve districts. .48, 154, 272, 404, 546, Federal Reserve System.108, 218, 332, 464, 616, 762, 696, 822, 962, 1106, 1234, 1368, 1474 886, 1024, 1168, 1298, 1430, 1538 New York City and outside. .46, 152, 270, 402, 544, Margin accounts: 694, 820, 960, 1104, 1232, 1366, 1472 Statistics of stock exchange firms. .50, 156, 274, 406, 548, Business, bank rates on. 700, 826, 966, 1110, 699, 825, 965, 1109, 1237, 1371, 1477 1238, 1372, 1478 Margin requirements: Business, new statistics of interest rates on 228 International bank securities being exempted securi- Commercial, industrial, and agricultural by weekly ties 1082 reporting member banks: Reduction from 75 to 50%, amendments to supple- By Federal Reserve districts. .48, 154, 272, 404, 546, ment to Regulations T and U 374 696, 822, 962, 1106, 1234, 1368, 1474 Table. . .32, 138, 256, 388, 530, 676, 804, New York City and outside. .46, 152, 270, 402, 544, 944, 1088, 1216, 1348, 1456 694, 820, 960, 1104, 1232, 1366, 1472 Maritime Commission: Consumer instalment, made by principal lending War production loans guaranteed by. . .37, 143, 261, institutions. 76, 182, 300, 432, 574, 726, 393, 535 852, 992, 1136, 1264, 1398, 1504 Maturity distribution of loans and Government securi- Federal Housing Administration, insured by. .67, 173, ties. ... . . .33, 139, 257, 389, 531, 678, 806, 291, 423, 565, 717, 843, 983, 1127, 1255, 1389, 1495 946, 1090, 1218, 1350, 1458 Government corporations and credit agencies. . .58, 164, McCabe, Thomas B.: (See Board of Governors, Members) 282, 414, 556, 708, 834, 974, 1118, 1246, 1380, 1486 McCain, James A., appointed Director at Helena. 25 Industrial: (See Industrial advances) Instalment. . . .76, 182, 300, 432, 574, 726, 852, McCormick, Charles P., appointed Chairman and Fed- 992, 1136, 1264, 1398, 1504 eral Reserve Agent at Richmond 25 Real estate: Measurements of savings, article by Daniel H. Brill. .1310 All banks in United States and possessions, Correction in table. ... . 1449 by States 690, 1362 Meetings: National banks, amendment to National Hous- Chairmen of the Federal Reserve Banks: ing Act and Section 24 of Federal Reserve May 28-30 .1449 Act . 1342 Federal Advisory Council: Weekly reporting member banks: February 13-15 .249 By Federal Reserve districts. .48, 154, 272, 404, May 15-17 670 546, 696, 822, 962, 1106, 1234, 1368, 1474 September 18-20. . . 1209 New York City and outside. .46, 152, 270, 402, November 13-15 . . 1341 544, 694, 820, 960, 1104, 1232, 1366, 1472 Federal Open Market Committee: War production, guaranteed by War Department, February 28 and March 1. .249 Navy Department, and Maritime Commission May 3 .524 37, 143, 261, 393, 535 June 28 .798 Loans and investments: August 5 . 938 All banks in United States, call dates .42, 148, 266, 398, December 13 1449 540, 687, 815, 955, 1099, 1227, 1360, 1468 Presidents of the Federal Reserve Banks: All banks in United States and possessions, by February 25 and 26 .249 States 690, 1362 May 2 and 3 .524 Insured commercial banks .44, 150, 268, 400, 542, 692, November 2-4, in San Francisco. ... . .1341 818, 958, 1102, 1230, 1364, 1470 December 14 1449 DECEMBER 1949 1551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Pages Pages Member banks: Money supply, changes in . .467, 1439 All banks in United States and possessions, by Mortgage debt increased during 1949. . . 888 States 691, 1363 Mortgages: Changes in number of banking offices 191, 1144 Insured Federal Housing Administration Deposits and reserves of 38, 144, 262, 394, 536, 683, mortgages held 67, 173, 291, 423, 565, 717, 811, 951, 1095, 1223, 1355, 1463 843, 983, 1127, 1255, 1389, 1495 Earnings, first half of 1949 1325, 1406 Mutual savings banks: Earnings and expenses, 1948 494, 583 Changes in number of banking offices 191, 1144 Earnings and expenses by size of bank, 1948 860 Deposits, call dates 42, 148, 266, 398, 540, 687, Loans and investments, call dates. .42, 148, 266, 398, 815, 955, 1099, 1227, 1361, 1469 540, 687, 815, 955, 1099, 1227, 1359, 1467 Government securities held by. . .56, 162, 280, 412, 554, Number of: 706, 832, 972, 1116, 1244, 1378, 1484 Call dates. . . .42, 148, 266, 398, 540, 687, 815, Insured home loans held.. . .67, 173, 291, 423, 565, 717, 955, 1099, 1227, 1359, 1467 843, 983, 1127, 1255, 1389, 1495 Offices in United States 84, 190, 308, 440, 582, Loans and investments, call dates. . .42, 148, 266, 398, 698, 824, 964, 1108, 1236, 1370, 1476 540, 687, 815, 955, 1099, 1227, 1361, 1469 Operating ratios, 1948 1272 National Advisory Council: Par list. .84, 190, 308, 440, 582, 698, 824, Report on international monetary and 964, 1108, 1236, 1370, 1476 financial problems: Reserve requirements. . . .32, 138, 256, 388, 530, 677, 805, April 1-September 30, 1948 .506 945, 1089, 1217, 1349, 1457 October 1, 1948-March 31, 1949 1064 Reserves, reserve bank credit, and related items. .31, 137, National bank notes, outstanding. . .39, 145, 263, 395, 537, 255, 387, 529, 675, 803, 943, 1087, 1215, 1347, 1455 684, 812, 952, 1096, 1224, 1356, 1464 Membership in Federal Reserve System, admission of National banks: State banks to 26, 118, 249, 381, 524, 670, 798, Changes in number of banking offices 191, 1144 938, 1080, 1209, 1341, 1449 Deposits, call dates 43, 149, 267, 399, 541, 689, Merchandise: 817, 957, 1101, 1229, 1361, 1469 Exports and imports. . .68, 174, 292, 424, 566, 718, 844, Earnings and expenses: 984, 1128, 1256, 1390, 1496 1948 . .583 Trade of United States .490 By size of bank. . . . .861 Mexico: First half of 1949. .1406 Bank of: Number of: Condition. . . .97, 207, 321, 453, 605, 749, 875, Call dates. . . . .43, 149, 267, 399, 541, 689, 1013, 1157, 1287, 1419, 1525 817, 957, 1101, 1229, 1361, 1469 Discount rate. . . .99, 209, 323, 455, 607, 751, 877, Real estate loans, amendment to National Housing 1015, 1159, 1289, 1421, 1527 Act and Section 24 of Federal Reserve Act 1342 Gold reserves. . . .86, 196, 310, 442, 594, 744, 870, Suspensions. 41, 147, 265, 397, 539, 683, 1008, 1152, 1282, 1414, 1520 811, 951, 1095, 1223, 1355, 1463 Foreign exchange rates 101, 211, 325, 457, 609, 753, Trust powers, amendment to Regulation F. . .667 879, 1017, 1161, 1291, 1423, 1529 National Credit Council of France, Gold movements. . .87, 197, 311, 443, 595, 745, 871, third annual report of 795 1009, 1153, 1283, 1415, 1521 National Housing Act: Gold production. .87, 197, 311, 443, 595, 743, 869, Amendment to permit national banks to 1007, 1151, 1281, 1413, 1519 make real estate loans 1342 Minerals: National summary of business conditions .27, 132, 250, 382, Industrial production, index of .59, 165, 283, 415, 557, 525, 671, 799, 939, 1083, 1210, 1343, 1450 709, 835, 975, 1119, 1247, 1381, 1487 Navy Department: Monetary developments in 1949 .1431 War production loans guaranteed by 37, 143, Monetary expansion, interruption of. . . .465 261, 393, 535 Money in circulation: Netherlands: Adjustment for seasonal variation 40, 146, 264, 396, Bank of: 538, 685, 813, 953, 1097, 1225, 1357, 1465 Condition 97, 207, 321. 453, 605, 749, Chart. . 30, 136, 254, 386, 528, 674, 802, 875, 1013, 1157, 1287, 1419, 1525 942, 1086, 1214, 1346, 1454 Discount rate 99, 209, 323, 455, 607, 751, Outstanding. . . .39, 145, 263, 395, 537, 684, 812, 877, 1015, 1159, 1289, 1421, 1527 952, 1096, 1224, 1356, 1464 Gold reserves 86, 196, 310, 442, 594, 744, Total. . .31, 137, 255, 387, 529, 675, 803, 870, 1008, 1152, 1282, 1414, 1520 943, 1087, 1215, 1356, 1464 Cost of living. . .103, 213, 327, 459, 611, 755, Money rates: 881, 1019, 1163, 1293, 1425, 1531 Business loans by banks 275, 407, 549, 700, 826, Foreign exchange rates. . . .101, 211, 325, 457, 609, 753, 966, 1110, 1238, 1372, 1478 879, 1017, 1161, 1291, 1423, 1529 Commercial loan rates 51, 157 Gold movements 87, 197, 311, 443, 595, 745, Current statistics for Federal Reserve 871, 1009, 1153, 1283, 1415, 1521 Chart Book 79, 185, 303, 435, 577, 729, International capital transactions. . . .89, 199, 313, 445, 855, 995, 1139, 1267, 1401, 1507 597, 739, 865, 1003, 1147, 1277, 1409, 1515 Foreign countries 99, 209, 323, 455, 607, 751, Open-market rates 99, 209, 323, 455, 607, 751, 877, 1015, 1159, 1289, 1421, 1527 877, 1015, 1159, 1289, 1421, 1527 Open-market, New York City. . .51, 157, 275, 407, 549, Retail food prices 103, 213, 327, 459, 611, 755, 700, 826, 966, 1110, 1238, 1372, 1478 881, 1019, 1163, 1293, 1425, 1531 1552 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Pages Netherlands—Continued. Paper currency, circulation 39, 145, 263, 395, 537, 684, Security prices, index numbers. . . . 103, 213, 327, 459, 812, 952, 1096, 1224, 1356, 1464 611, 755, 881, 1019, 1163, 1293, 1425, 1531 Par list: Wholesale prices 102, 212, 326, 458, 610, Number of banks, by districts 754, 880, 1162, 1292, 1424, 1530 and by States 84, 190, 308, 440, 582, 698, New York Stock Exchange: 824, 964, 1108, 1236, 1370, 1476 Volume of trading on 52, 158, 276, 408, 550, 701, Paraguay: 827, 967, 1111, 1239, 1373, 1479 Condition of central bank. .98, 208, 322, 454, 606, 750, New Zealand: 876, 1014, 1158, 1288, 1416, 1522 Foreign exchange rates. . . .101, 211, 325, 457, 609, 753, Notes on foreign currency adjustments 1341 879, 1017, 1161, 1291, 1423, 1529 Payrolls, factory: Notes on foreign currency adjustments 1338 Business index of. . . .59, 165, 283, 415, 557, 709, 835, Reserve Bank of: 975, 1119, 1247, 1381, 1487 Condition 98, 208, 322, 454, 605, 749, By industry. . .64, 170, 288, 420, 562, 714, 840, 875, 1013, 1157, 1287, 1419, 1525 980, 1124 Discount rate 99, 209, 323, 455, 607, 751, Personal income and expenditures. .1299 877, 1015, 1159, 1289, 1421, 1527 Peru: Gold reserves 86, 196, 310, 442, 594, 744, Central reserve bank of: 870, 1008, 1152, 1282, 1414, 1520 Condition 98, 208, 322, 454, 606, 750, 876, Nicaragua: 1014, 1158, 1288, 1420, 1526 Gold production 87, 197, 311, 443, 595, 743, Discount rate. . . .99, 209, 323, 455, 607, 751, 877, 869, 1007, 1151, 1281, 1413, 1519 1015, 1159, 1289, 1421, 1527 Nonmember banks: Gold reserves. . .86, 196, 310, 442, 594, 744, 870, Changes in number of banking offices. 191, 1144 1008, 1152, 1282, 1414, 1520 Deposits: Philippine Republic: Call dates. . . . .43, 149, 267, 399, 541, 689, Foreign exchange rates 211, 325, 457, 609, 753, 879, 817, 957, 1101, 1229, 1361, 1469 1017, 1161, 1291, 1423, 1529 Held by Federal Reserve Banks .31, 137, 255, 387, Gold movements. .87, 197, 311, 443, 595, 745, 871, 529, 675, 803, 943, 1087, 1215, 1347, 1455 1009, 1153, 1283, 1415, 1521 Loans and investments 43, 149, 267, 399, 541, 689, Poland: 817, 957, 1101, 1229, 1361, 1469 Gold reserves. 86 Number of: Portugal: Call dates . .43, 149. 267, 399, 541, 689, Bank of: 817, 957, 1101, 1229, 1361, 1469 Condition. 98, 208, 322, 454, 606, 750, 876, Offices in United States. .84, 190, 308, 440, 582, 698, 1014, 1158, 1288, 1420, 1526 824, 964, 1108, 1236, 1370, 1476 Discount rate. .99, 209, 323, 455, 607, 751, 877, Par list. 84, 190, 308, 440, 582, 698, 1015, 1159, 1289, 1421, 1527 824, 964, 1108, 1236, 1370, 1476 Gold reserves. 86, 196, 310, 442, 594, 744, 870, Suspensions. . . .41, 147, 265, 397, 539, 683, 1008, 1152, 1282, 1414, 1520 811, 951, 1095, 1223, 1355, 1463 Foreign exchange rates. .101, 211, 325, 457, 609, 753, 879, Norway: 1017, 1161, 1291, 1423, 1529 Bank of: Notes on foreign currency adjustments. .1335 Condition. . ... 98, 208, 322, 454, 606, 750, Postal savings deposits: Depositors' balances and assets .41, 147, 265, 397, 539, 876, 1014, 1158, 1288, 1420, 1525 685, 813, 953, 1097, 1225, 1357, 1465 Discount rate 99,209,323,455,607,751, Insured commercial banks. .45, 151, 269, 401, 543, 693, 877, 1015, 1159, 1289, 1421, 1527 819, 959, 1103, 1231, 1365, 1471 Gold reserves 86, 196, 310, 442, 594, 744, Interest rate on. . . .32, 138, 256, 388, 530, 676, 804, 870, 1008, 1152, 1282, 1414, 1520 944, 1088, 1216, 1348, 1456 Foreign exchange rates . . 101, 211, 325, 457, 609, 753, Weekly reporting member banks: 879, 1017, 1161, 1291, 1423, 1529 By Federal Reserve districts. 49, 155, 273, 405, 547, Obligations of Government, direct and guaranteed: 697, 823, 963, 1107, 1235, 1369, 1475 Maturities. 55, 161, 279, 411, 553, 705, New York City and outside. . 47, 153, 271, 403, 831, 971, 1115, 1243, 1377, 1483 545, 695, 821, 961, 1105, 1233, 1367, 1473 Open-market paper, insured commercial banks .44, 150, 268, Postwar credit controls in France.... .348 400, 542, 692, 818, 958, 1102, 1230, 1364, 1470 Presidents of Federal Reserve Banks: Open-market rates: List of. . . . . .105, 215, 329, 461, 613, 757, 883, Foreign countries 99, 209, 323, 455, 607, 751, 1021, 1165, 1295, 1427, 1533 877, 1015, 1159, 1289, 1421, 1527 Meetings: New York City 51, 157, 275, 407, 549, 700, February 25, 26, and 28. . .249 826, 966, 1110, 1238, 1372, 1478 May 2 and 3 524 Operating ratios of member banks, 1948 1272 November 2-4, in San Francisco. .1341 Organization manual, United States Government, December 14. .1449 announcement of .1082 Press statements: Ownership of demand deposits 499 Federal Open Market Committee on purchases, Ownership of Government securities. .56, 162, 280, 412, 554, sales and exchanges of Government securities 706, 832, 972, 1116, 1244, 1378, 1484 with regard to business and credit situation 776, 1435 Pakistan, condition of State Bank of .1526 Regulation D, revision of supplement. 776 Pamphlets: {See Publications) Regulation W, expiration of. 776 DECEMBER 1949 1553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Pages Pages Prices: Rates—Continued. Agricultural commodities ... 1025 Money, current statistics for Federal Reserve Changes during 1948 10 chart book 79, 185, 303, 435, 577, 729, 855, Downward drift discussed 617 995, 1139, 1267, 1401, 1507 Recent changes in 763 Open-market in certain foreign countries. .99, 209, 323, Retail food 103, 213, 327, 459, 611, 755, 881, 455, 607, 751, 877, 1015, 1159, 1289, 1421, 1527 1019, 1163, 1293, 1425, 1531 Open-market in New York City. .51, 157, 275, 407, 549, Securities in principal countries. .103, 213, 327, 459, 611, 700, 826, 966, 1110, 1238, 1372, 1478 755, 881, 1019, 1163, 1293, 1425, 1531 Postal savings deposits. .32, 138, 256, 388, 530, 676, 804, Support program for farm products 1034 944, 1088, 1216, 1348, 1456 Wholesale commodity: Time deposits, maximum interest on. .32, 138, 256, 388, Business index. .. .59, 165, 283, 415, 557, 709, 835, 530, 676, 804, 944, 1088, 1216, 1348, 1456 Ratios of country member banks, by Federal Reserve 975, 1119, 1247, 1381, 1487 By groups of commodities. .73, 179, 297, 429, 571, districts . 590 Ratios of member banks: 723, 849, 989, 1133, 1261, 1395, 1501 By classes 587 Wholesale in principal countries, index of. . . .102, 212, By Federal Reserve districts . .588, 1272 326, 458, 610, 754, 880, 1018, 1162, 1292, 1424, 1530 Ratios of Reserve city member banks 589 Prochnow, Herbert V., reappointment as Secretary of Readjustment of foreign currency values. . .1169, 1328 Federal Advisory Council ... .249 Real estate, loans on: Production: All banks in United States and possessions, by During 1948 2 States 690, 1362 Recent changes in 763 Insured commercial banks. .44, 150, 268, 400, 542, 692, Production workers in manufacturing industries, hours 818, 958, 1102, 1230, 1364, 1470 and earnings of. .65, 171, 289, 421, 563, 715, 841, 981, 1125 National banks, amendment to National Housing Profits of large corporations 621, 662, 703, 829, 969, Act and Section 24 of Federal Reserve Act .1342 1113, 1241, 1375, 1481 Weekly reporting member banks: Public debt: By Federal Reserve districts. .48, 154, 272, 404, 546, Change in.... ..110 696, 822, 962, 1106, 1234, 1368, 1474 Reduction of 115 New York City and outside .46, 152, 270, 402, 544, Volume and kind of securities. .55, 161, 279, 411, 553, 694,820, 1104, 1232, 1366, 1472 705, 831, 971, 1115, 1243, 1377, 1483 Receipts and expenditures of Government . 110 Public Housing Administration: Receipts of Treasury, summary of operations. .57. 163, 281, Loans by. .58, 164, 282, 414, 556, 708, 834, 413, 555, 707, 833, 973, 1117, 1245, 1379, 1485 974, 1118, 1246, 1380, 1486 Recent developments in instalment credit. .333 Public utility corporations: Reconstruction Finance Corporation: Earnings and dividends of. .54, 160, 278, 410, 552, 703, Loans by. .58, 164, 282, 414, 556, 708, 829, 969, 1113, 1241, 1375, 1481 834, 974, 1118, 1246, 1380, 1486 Publications: Reconstruction Finance Corporation Mortgage Com- Board of Governors, list. .106, 216, 330, 462, 614, 758, pany: 884, 1022, 1166, 1296, 1428, 1534 Assets and liabilities 58, 164, 282, 414, 556, 708, Chart book on bank credit, money rates, and 834, 974, 1118, 1246, 1380, 1486 business, revision of 26 Regulations, Board of Governors: Historical supplement to Federal Reserve charts A, Discounts for and advances to member banks: on bank credit, money rates, and business 1209 Amendment as to commodity credit corpora- United States Government organization manual, tion paper . 247 announcement of 1082 D, Reserves of member banks: Quarterly sales, profits, and dividends of 200 large man- Amendment to supplement reducing reserve reufacturing corporations, new series on 662 quirements 506 Railroads: Change in weekly reserve computation period. .118 Revenues, expenses, and income of: Revision of supplement 1081 Class 1 68, 174, 292, 424, 566, 718, 844, Termination of temporary authority to increase 984, 1128, 1256, 1390, 1496 reserve requirements 797 Rates: F, Trust powers of national banks: Acceptances, bankers' buying .32, 138, 256, 388, 530, Amendment to 667 677, 805, 945, 1089, 1217, 1349, 1457 T, Extension and maintenance of credit by brokers, dealers, and members of National Security Ex- Business loans by banks. .275, 407, 549, 700, 826, 966, changes: 1110, 1238, 1372, 1478 Amendment to supplement reducing margin re- Commercial loan rates in principal cities. .51, 157 quirements from 75% to 50% 374 Discount: Amendment No. 8. . . 522 Central banks. . . .99, 209, 323, 455, 607, 751, 877, Amendment No. 9. . . .667 1015, 1159, 1289, 1421, 1527 Amendment No. 10 937 Federal Reserve Banks. .32, 138, 256, 388, 530, 677, Transactions in undermargined accounts 938 805, 945, 1089, 1217, 1349, 1457 U, Loans by banks for the purpose of purchasing Foreign exchange. ... 101, 211, 325, 457, 609, 753, 879, or carrying stocks registered on a National Se- 1017, 1161, 1291, 1423, 1529 cuties Exchange: Industrial loans and commitments. .32, 138, 256, 388, Amendment to supplement reducing margin re- 530, 677, 805, 945, 1089, 1217, 1349, 1457 quirements from 75% to 50%. .374 1554 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Pages Pages Regulations, Board of Governors—Continued. Reserves—Continued. Amendment No. 9 523 Member banks—Continued. Amendment No. 10 668 Revision of supplement to Regulation D. . . .1081 Amendment No. 11 937 Total held: W, Consumer instalment credit: All banks, end-of-month and Wednesday Amendment No. 2 21 figures 31, 137, 255, 387, 529, 675, 803, Amendment No. 3 247 943, 1087, 1215, 1347, 1455 Amendment No. 4 523 Classes of banks 37, 143, 261, 393, 535 Conversion of noninstalment credit to instal- Weekly computation period, change in 118 ment basis 21 Weekly reporting member banks: Dual purpose passenger automobile as listed By Federal Reserve districts. ...49. 155, 273, 405, articles 374 547, 697, 823, 963, 1107, 1235, 1369, 1475 Preservation of records 21 New York City and outside 47, 153, 271, 403, Recent developments in instalment credit 333 545, 695, 821, 961, 1105, 1233, 1367, 1473 Reduction of interest payment 117 Resignations: Role in economic stability, address of R. M. Adams, Charles E., as Class B Director at New York 524 Evans before Consumer Instalment Credit Davis, Wallace M., as Director at Louisville branch 1209 Conference of American Bankers Association. . 343 Dunn, Charles B., as First Vice President at Regulations, Treasury Department: Chicago 1341 Foreign exchange transactions 668 Jordan, Howard W., as Director at Pittsburgh 118 Reinhold, Paul E., appointed Class C Director at Atlanta. .25 Southard, Frank A., Jr., as Associate Director of Reports: (See also annual reports) Division of Research and Statistics 249 Joint Brazil-United States Technical Commission. .361 Stettinius, Edward R., Jr., as Class C Director at National Advisory Council on international mone- Richmond 26 tary and financial problems: Wheat, J. E., as Director at Houston 1341 April 1 to September 30, 1948 .. .506 Retail credit survey, 1948 657 October 1, 1948-March 31, 1949. . . .1064 Retail food prices 103, 213, 327, 459, 611, 755, Reserve city member banks: 881, 1019, 1163, 1293, 1425, 1531 Condition, call dates 44, 150, 268, 400, 542, 692, Retail trade: 818, 958, 1102, 1230, 1360, 1468 Fluctuations during 1948. . ... .7 Deposits and reserves 38, 144, 262, 394, 536, 683 Reduction in . . 770 811, 951,1095, 1223, 1355, 1463 Retirements: Earnings and expenses, 1948 585 Smead, Edward L., Director of Ratios by class of bank 587 Division of Bank Operations .26 Reserves 38, 144, 262, 394, 536, 683, Van Fossen, J. R., Assistant Director of 811, 951, 1095, 1223, 1354, 1462 Division of Bank Operations . .26 Reserve requirements of member banks: Revenues, expenses, and income of Amendment to supplement to Regulation D reduc- Class I railroads 68, 174. 292, 424, 566, 718, ing requirements 522 844, 984, 1128, 1256, 1390, 1496 Announcement of reduction in 895 Revised Statutes: Expiration of temporary authority, press state- Revision of section 5136 to permit national banks ment on Regulation D 776 to deal in and underwrite obligations issued Per cent of deposits 32, 138, 256, 388, 530, 677, by International Bank for Reconstruction and 805, 945, 1089, 1217, 1349, 1457 Development 935 Reduction of, statement of Mr. McCabe on 466 Revision of estimate for median family income in 1948. . 1324 Revision of supplement to Regulation D 1081 Rhodesia: Termination of temporary authority to increase. .797 Gold production 87, 197, 311, 443, 595, 743, Reserves: 869, 1007, 1151, 1281, 1413, 1519 Federal Reserve Banks: Rumania: AH banks combined 33,139,257,389,531, National Bank of: 678, 806, 946, 1090, 1218,1350, 1458 Discount rate 99, 209, 323, 455, 607, 751, Each bank. 35, 141, 259, 391, 533, 680, 877, 1015, 1159, 1289, 1421, 1527 808, 948, 1092, 1220, 1352, 1460 Gold reserves 86, 196, 310, 442, 594, 744, Gold, of central banks and governments. .86, 196, 310, 870, 1008, 1152, 1282, 1414, 1520 442, 594, 744, 870, 1008, 1152, 1282, 1414, 1520 Rummell, L. L., appointed Class C Director at Cleveland. .25 Insured commercial banks with Federal Reserve Rural Electrification Administration: Banks 45, 151, 269, 401, 543, 693, 819, Assets and liabilities 58, 164, 282, 414, 556, 708, 959, 1103, 1231, 1365, 1471 834, 974, 1118, 1246, 1380, 1486 Member banks: Loans by. . 58, 164, 282, 414, 556, 708, Account with Federal Reserve Banks ...35, 141, 834, 974, 1118, 1246, 1380, 1486 259, 391, 533, 680, 808, 948, 1092, 1220, 1352, 1460 Rush, Noel, appointed Director at Louisville branch. .1209 By classes of banks 38, 144, 262, 394, 536, Salaries: 683, 811, 951, 1095, 1223, 1355, 1463 Board members, increase in . . 1342 Excess : Changes during 1949 1301 End-of-month and Wednesday figures 31, Employees of member banks. ... 496 137, 255, 387, 529, 675, 803, Officers and employees of 943, 1087, 1215, 1347, 1455 Federal Reserve Banks 192, 1000 In classes of banks 37, 143, 261, 393, 535 Officers and employees of insured commercial Major factors affecting 1438 banks in the United States and possessions.. . . 591 DECEMBER 1949 1555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Pages Salaries—Continued. South Africa—Continued. Officers and employees of member banks. . . . 583 Gold production 87, 197, 311, 443, 595, 743, Savings: 869, 1007, 1151, 1281, 1413, 1519 Measurements of, article by Daniel H. Brill 1310 Notes on foreign currency adjustments 1337 Correction in figures 1449 Reserve bank: Personal during 1949 . . 1308 Condition 98, 208, 322, 454, 606, 750, Savings and loan associations: 876, 1014, 1158, 1288, 1420, 1526 Insured home mortgages held. . .67, 173, 291, 423, 565, Discount rate 99, 209, 323, 455, 607, 751, 717, 843, 983, 1127, 1255, 1389, 1495 877, 1015, 1159, 1289, 1421, 1527 Savings bonds: Gold reserves 86, 196, 310, 442, 594, 744, Sales and redemptions 55, 161, 279, 411, 553, 705, 870, 1008, 1152, 1282, 1414, 1520 831, 971, 1115, 1243, 1377, 1483 Southard, Frank A., Jr., resignation as Associate Savings deposits: Director of Division of Research and Statistics. . . .249 Interest rates on 32, 138, 256, 388, 530, 676, Soviet Military Government of Eastern Zone of 804, 944, 1088, 1216, 1348, 1456 Germany, order giving German Bank of Issue Savings institutions and the capital markets, exclusive right to issue currency. . ... . . .16 article by Charles H. Schmidt .238 Spain: Securities: Bank of: Domestic, inflow of foreign funds. . .88, 198, 312, 444, Condition 98, 208, 322, 454, 606, 750, 596, 738, 864, 1002, 1146, 1276, 1408, 1514 876, 1014, 1158, 1288, 1420, 1526 Foreign, return of United States funds. . .88, 198, 312, Discount rate 99, 209, 323, 455, 607, 751, 444, 596, 738, 864, 1002, 1146, 1276, 1408, 1514 877, 1015, 1159, 1289, 1421, 1527 Loans for purchasing or carrying: Gold reserves 86, 196, 310, 442, 594, 744, Insured commercial banks. .44, 150, 268, 400, 542, 870, 1008, 1152, 1282, 1414, 1520 692, 818, 958, 1102, 1230, 1364, 1470 Foreign exchange rates. . . .101, 211, 325, 457, 609, 753, Weekly reporting member banks: 879, 1017, 1161, 1291, 1423, 1529 By Federal Reserve districts. .48, 154, 272, 404, Notes on foreign currency adjustments. . . .1335 546, 696, 822, 962, 1106, 1234, 1368, 1474 Special articles: New York City and outside. .46, 152, 270, 402, Annual report of Bank for 544, 694, 820, 960, 1104, 1232, 1366, 1472 International Settlements ..912 Securities Exchange Administration: Annual report of the Bank of Canada. . .375 Loan value for securities acquired through subscrip- Balance sheet of agriculture, 1949. .1053 tion rights, amendments to Regulations T and U. .667 Estimated liquid asset holdings of Margin requirements under Regulations T and U .32, individuals and businesses... . 793 138, 256, 388, 530, 676, 804, 944, 1088, 1216, 1348, 1456 Financial position and buying plans Securities issued by International Bank of consumers, July 1949. ... .1198 for Reconstruction and Development Industrial differences in large are exempted securities . . 1082 corporation financing in 1948. .626 Specialist's account, amendments to Measurements of savings .1310 Regulations T and U . .937 Correction in table .1449 Transactions in undermargined accounts Member bank earnings, 1948 . .494 under Regulation T . 938 Member bank earnings, first half of 1949. . . .1325 Security issues: Movement toward balance in international Corporate, proposed use of proceeds. .53, 159, 277, 409, transactions of the United States 480 551, 702, 828, 968, 1112, 1240, 1374, 1480 New series on quarterly sales, profits, and divi- New and refunding 52, 158, 276, 408, 550, 701, dends of 200 large manufacturing corporations. .662 827, 967, 1111, 1239, 1373, 1479 New statistics of interest rates on business loans. . .228 Security markets: Notes on foreign currency adjustments 1328 Bond and stock prices 52, 158, 276, 408, 550, 701, Ownership of demand deposits. . . . .499 827, 967, 1111, 1239, 1373, 1479 Postwar credit controls in France . 348 National summary of business conditions. .28, 133, 526, Regulation W, its role in economic stability. .343 672, 800, 940, 1084, 1211, 1344, 1451 Report of joint Brazil-United States Security prices: technical commission .361 Principal countries 103, 213, 327, 459, 611, 755, Report of the National Advisory Council 881, 1019, 1163, 1293, 1425, 1531 on international monetary and financial Sharpies, Philip T., appointed Class C problems, April 1-September 30, 1948 506 Director at Philadelphia .381 Report of the National Advisory Council on inter- Silver and silver certificates, outstanding national monetary and financial problems, Octoand in circulation 39, 145, 263, 395, 537, 684, ber 1, 1948-March 31, 1948.. . .1064 812, 952, 1096, 1224, 1356, 1464 Retail credit survey, 1948... 657 Smead, Edward L., Director of Division of Revised consumer credit series. . .504 Bank Operations, retirement of. . . . 26 Revision of employment series 1208 Social service programs of government, Revision in bank examination procedure . . .776 budget expenditures for. .113 Savings institutions and the capital markets 238 South Africa: Statement of Chairman McCabe before Senate Foreign exchange rates. . . 101, 211, 325, 457, 609, 753, Banking and Currency Committee 474 879, 1017, 1161, 1291, 1423, 1529 Statements on recent Federal Reserve policy ac- Gold movements 87, 197, 311, 443, 595, 745, tions 776 871, 1009, 1153, 1283, 1415, 1521 Study of instalment credit terms. 1442 1556 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Pages Special articles—Continued. State member banks—Continued. Survey of consumer finances, 1949: Number of: Part I. General financial position and economic Call dates.. ..42, 148, 266, 398, 540, 687, 815, outlook of consumers 634 955, 1099, 1227, 1359, 1467 Part II. Durable goods expenditures in 1948 Suspensions ..41, 147, 265, 397, 539, 683, 811, and buying plans for 1949 647 951, 1095, 1223, 1355, 1463 Part III. Distribution of consumer income in States and political subdivisions: 1948 778 Deposits: Part IV. Consumer ownership and use of liquid Insured commercial banks on call dates. .45, 151, 269, assets 896 401, 543, 693, 819, 959, 1103, 1231, 1365, 1471 Part V. Home ownership and expenditures for Weekly reporting member banks: housing 1037 By Federal Reserve districts. .49, 155, 273, 405, 547, Part VI. Ownership of automobiles, stocks, and 697, 823, 963, 1107, 1235, 1369, 1475 bonds, and other nonliquid assets 1182 New York City and outside. .47, 153, 271, 403, 545, Part VII. Additional data on automobile owner- 695, 821, 961, 1105, 1233, 1367, 1473 ship 1318 Investments of insured commercial banks in obli- Third annual report of the National Credit Council gations of 44, 150, 268, 400, 542, 692, 818, of France 795 958, 1102, 1230, 1364, 1470 Spencer, C. E., Jr., re-elected First Vice President of Statistics: Federal Advisory Council 249 Assets of entire banking system in relation to Staff of Board of Governors: money supply, new table in BULLETIN 670 Brill, Daniel H., article on measurements of savings, 1310 Stettinius, Edward R., Jr., resignation as f lass C Direc- Chase, G. Howland, appointment as Assistant tor at Richmond . . 26 Solicitor 798 Stock exchange: Dembitz, Lewis N., article on movement toward Call loan renewals, open-market rates in New balance in international transactions of the United States 480 York City 51, 157, 275, 407, 549, 700, 826, Fauver, Clarke L., articles on 1949 survey of Con- 966, 1110, 1238, 1372, 1478 sumer Finances . .634, 647, 778, 896, 1037, 1182, Customers' debit balances, money borrowed and 1198, 1318 principal related items of firms carrying margin Hirschman, Albert O.: accounts . . .50, 156, 274, 406, 548, 699, 825, Article on movement toward balance in inter- 965, 1109, 1237, 1371, 1477 national transactions of United"States 480 Volume of trading on New York market. .52, 158, 276, Article on postwar credit controls in France 348 408, 550, 701, 827, 967, 1111, 1239, 1373, 1479 Leonard, Robert F., appointed Director of Division Stocks: of Bank Operations 26 New security issues 52, 158, 276, 408, 550, 701, Moss, Milton, article on a study of instalment 827, 967, 1111, 1239, 1373, 1479 credit terms 1442 Prices in principal countries 103, 213, 327, 459, 611, Reil, Katharyne P., article on retail credit survey, 755, 881, 1019, 1163, 1293, 1425, 1531 1948 657 Prices in United States. . . .52, 158, 276, 408, 550, 701, Schmidt, Charles H.: 827, 967, 1111, 1239, 1373, 1479 Article on industrial differences in large corpora- Straits Settlements: tion financing in 1948 626 Foreign exchange rates 211, 325, 457, 609, 753, 879, Article on savings institutions and capital mar- 1017, 1161, 1291, 1423, 1529 kets 238 Surplus: Schweiger, Irving, articles on 1949 survey of Con- Federal Reserve Banks...36, 142, 260, 392, 534, 681, sumer Finances ..634, 647, 778, 896, 1037, 809, 949, 1093, 1221, 1353, 1461 1182, 1318 Surveys: Smead, Edward L., retirement as Director of Di- Consumer finances, 1949: vision of Bank Operations 26 Financial position and buying plans of consum- Southard, Frank A., Jr., Associate Director of Diers, mid-year 1949 1198 vision of Research and Statistics, resignation of. .249 Part I. General financial position and economic Stockwell, Eleanor J., article on new series on quaroutlook of consumers 634 terly sales, profits, and dividends of 200 large Part II. Durable goods expenditures in 1948 manufacturing corporations 662 and buying plans for 1949 647 Thomas, Woodlief, appointment as Economic Ad- Part III. Distribution of consumer income in viser to Board 1209 1948 778 Van Fossen, J. R., Assistant Director of Division of Revision of estimate for median family in- Bank Operations, retirement of 26 come in 1948 1324 Young, Ralph A., appointed Director of Division of Research and Statistics 1209 Part IV. Consumer ownership and use of Youngdahl, Richard, article on new statistics of liquid assets 896 interest rates on business loans. . .228 Part V. Home ownership and expenditures for State member banks: housing 1037 Admissions to membership. .26, 118, 249, 381, 524, 670, Part VI. Ownership of automobiles, stocks, and 798, 938, 1080, 1209, 1341, 1449 bonds, and other nonliquid assets 1182 Deposits, call dates. .42, 148, 266, 398, 540, 687, 815, Part VII. Additional data on automobile own- 955, 1099, 1227, 1359, 1467 ership .1318 Earnings and expenses, by size of bank 862 Retail credit in 1948. .657 DECEMBER 1949 1557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 35 Pages Pages Suspension of banks: Treasury Department: Number and deposits 41, 147, 265, 397, 539, 683, Cash income and outgo. . . .57, 163, 281, 413, 555, 707, 811, 951, 1095, 1223, 1355, 1463 833, 973, 1117, 1245, 1379, 1485 Sweden: Regulations on foreign exchange transactions 668 Bank of: Treasury receipts 114 Condition. . . .98, 208, 322, 454, 606, 750, 876, Treasury receipts and expenditures: 1014, 1158, 1288, 1420, 1526 Summary of 57, 163, 281, 413, 555, 707, Discount rate 99, 209, 323, 455, 607, 751, 833, 973, 1117, 1245, 1379, 1485 877, 1015, 1159, 1289, 1421, 1527 Trust funds, common, distribution of accrued income.. .797 Gold reserves 86, 196, 310, 442, 594, 744, 870, Trust powers of national banks, 1008, 1152, 1282, 1414, 1520 amendment to Regulation F... ..667 Foreign exchange rates 101, 211, 325, 457, 609, Turkey: 753, 879, 1017, 1161, 1291, 1423, 1529 Central bank of the Republic of: Gold movements. . / 87, 197, 311, 443, 595, 745, Condition 98, 208, 322, 454, 606, 750, 871, 1009, 1153, 1283, 1415, 1521 876, 1014, 1158, 1288, 1420, 1526 Notes on foreign currency adjustments 1333 Discount rate 99, 209, 323, 455, 607, 751, Open-market rates 99, 209, 323, 455, 607, 751, 877, 1015, 1159, 1289, 1421, 1527 877, 1015, 1159, 1289, 1421, 1527 Gold reserves 86, 196, 310, 442, 594, 744, Wholesale prices in 102, 212, 326, 458, 610, 754, 870, 1008, 1152, 1282, 1414, 1520 880, 1018, 1162, 1292, 1424, 1530 Notes on foreign currency adjustments. .1335 Swensrud, Sidney A., appointed Director at Pittsburgh. .118 Unemployment during 1948 . 225 Switzerland: Union of the Soviet Socialist Republics: Cost of living,- index numbers. . .103, 213, 327, 459, 611, Discount rate 99, 209, 323, 455, 607, 751, 755, 881, 1019, 1163, 1293, 1425, 1531 877, 1015, 1159, 1289, 1421, 1527 Foreign exchange rates 101, 211, 325, 457, 609, 753, United Kingdom: 879, 1017, 1161, 1291, 1423, 1529 Bank of England: International capital transactions 89, 199, 313, 445, Condition 94, 204, 318, 450, 602, 746, 597, 739, 865, 1003, 1147, 1277, 1409, 1515 872, 1010, 1154, 1284, 1416, 1522 Notes on foreign currency adjustments 1331 Discount rate 99, 209, 323, 455, 607, 751, Open-market rates 99, 209, 323, 455, 607, 751, 877, 1015, 1159, 1289, 1421, 1527 877, 1015, 1159, 1289, 1421, 1527 Gold reserves 86, 196, 310, 442, 594, 744, Retail food prices 103, 213, 327, 459, 611, 755, 870, 1008, 1152, 1282, 1414, 1520 881, 1019, 1163, 1293, 1425, 1531 Commercial banks, assets and liabilities. .100, 210, 324, Swiss National Bank: 456, 608, 752, 878, 1016, 1160, 1290, 1422, 1528 Condition 98, 208, 322, 454, 606, 750, Cost of living, index numbers. . .103, 213, 327, 459, 611, 876, 1014, 1158, 1288, 1420, 1526 755, 881, 1019, 1163, 1293, 1425, 1531 Discount rate 99, 209, 323, 455, 607, 751, Foreign exchange rates 101, 211, 325, 457, 609, 753, 877, 1015, 1159, 1289, 1421, 1527 879, 1017, 1161, 1291, 1423, 1529 Gold reserves 86, 196, 310, 442, 594, 744, Gold movements. . 87, 197, 311, 443, 595, 745, 870, 1008, 1152, 1282, 1414, 1520 871, 1009, 1153, 1283, 1415, 1521 Wholesale prices in 102, 212, 326, 458, 610, 754, International capital transactions. . 89, 199, 313, 445, 597, 739, 865, 1003, 1147, 1277, 1409, 1515 880, 1018, 1162, 1292, 1424, 1530 Notes on foreign currency adjustments .1328 Tables in Federal Reserve BULLETIN, changes in 620 Open-market rates 99, 209, 323, 455, 607, 751, Taxes: 877, 1015, 1159, 1289, 1421, 1527 Corporate 708, 830, 970, 1114, 1242, 1376, 1482 Problems in connection with readjustment of cur- Increase recommended by President 115 rency values . 1175 Internal revenue collections. .57, 163, 281, 413, 555, 707, Retail food prices. . . .103, 213, 327, 459, 611, 755, 881, 833, 973, 1117, 1245, 1379, 1485 1019, 1163, 1293, 1425, 1531 Taylor, John W., appointed Director at Louisville 25 Security prices, index numbers . 103, 213, 327, 459, Thomas, Woodlief, appointment as 611, 755, 881, 1019, 1163, 1293, 1425, 1531 Economic Adviser to Board .1209 Wholesale prices in .102 212, 326, 458, 610, 754, Treasury bills: 880, 1018, 1162, 1292, 1424, 1530 Open-market rate in New York City. .51, 157, 275, 407, United States: 549, 700, 826, 966, 1110, 1238, 1372, 1478 Cost of living, index numbers . .103, 213, 327, 459, 611, Federal Reserve Bank holdings. .31, 137, 255, 387, 529, 755, 881, 1019, 1163, 1293, 1425, 1531 675, 803, 943, 1087, 1215, 1347, 1455 Gold movements . . 87 197, 311, 443, 595, 745, Insured commercial bank holdings. . .44, 150, 268, 400, 871, 1009, 1153, 1283, 1415, 1521 542, 692, 818, 958, 1102, 1230, 1364, 1470 Gold production. . . .87, 197, 311, 443, 595, 743, 869, Investments in, by weekly reporting member banks: 1007, 1151, 1281, 1413, 1519 By Federal Reserve districts. .48, 154, 272, 404, 546, Gold reserves. . . .86, 196, 310, 442, 594, 744, 870, 696, 822, 962, 1106, 1234, 1368, 1474 1008, 1152, 1282, 1414, 1520 New York City and outside. .46, 152, 270, 402, 544, Government organization manual . .. 1082 694, 820, 960, 1104, 1232, 1366, 1472 Retail food prices 103, 213, 327, 459, 611, 755, Maturities of 55, 161, 279, 411, 553, 705, 881, 1019, 1163, 1293, 1425, 1531 831, 971, 1115, 1243, 1377, 1483 Security prices, index of. . .103, 213, 327, 459, 611, 755, Treasury currency outstanding: 881, 1019, 1163, 1293, 1425, 1531 End-of-month and Wednesday figures. . . .31, 137, 255, Wholesale prices in 102 212, 326, 458, 610, 754, 387, 529, 675, 803, 943, 1087, 1215, 1347, 1455 880, 1018, 1162, 1292, 1424, 1530 1558 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 3 5 Pages Pages United States notes: West Africa: Outstanding and in circulation 39, 145, 263, 395, Gold production. . ..87, 197, 311, 443, 595, 743, 869, 537, 684, 812, 952, 1096, 1224, 1356, 1464 1007, 1151, 1281, 1413, 1519 Uruguay: Wheat, J. E., resignation as Director at Houston 1341 Bank of the Republic of: Whittier, Warren F., designated Chairman and Federal Condition. .98, 208, 322, 454, 606, 750, 876, Reserve Agent at Philadelphia 381 1014, 1158, 1288, 1420, 1526 Wholesale prices: Foreign exchange rates. . . .101, 211, 325, 457, 609, Changes in 1948. . .. . . 12 753, 879, 1017, 1161, 1291, 1421, 1527 Groups of commodities 73, 179, 297, 429, 571, Gold reserves. .86, 196, 310, 442, 594, 744, 870, 723, 849, 989, 1133, 1261, 1395, 1501 1008, 1152, 1282, 1414, 1520 Principal countries 102, 212, 326, 458, 610, 754, Notes on foreign currency adjustments 1340 880, 1018, 1162, 1292, 1424, 1530 Van Fossen, J. R., Assistant Director of Division of Bank Operations, retirement of. .26 Winder, G. Norman, appointed Director at Denver 25 Venezuela: Woodward, J. B., Jr., appointed Class C Director at Central bank of: Richmond and designated Deputy Chairman 25 Condition. .98, 208, 322, 454, 606, 750, 876, Yields on Government securities: 1014, 1158, 1288, 1420, 1526 Average. .51, 157, 275, 407, 549, 700, 826, Gold reserves. .86, 196, 310, 442, 594, 744, 966, 1110, 1238, 1372, 1478 870, 1008, 1152, 1282, 1414, 1520 Chart 1435 Wages, changes in. .226, 1301 Young, Ralph A., appointment as Director of Division War Department: of Research and Statistics .1209 War production loans guaranteed by. .37, 143, 261, Yugoslavia: 393, 535 War loans: National Bank of the Kingdom of: Guaranteed by War Department, Navy Depart- Discount rate .99, 209, 323, 455, 607, 751, ment, and Maritime Commission, number and 877, 1015, 1159, 1289, 1421, 1527 amount. .37, 143, 261, 393, 535 Gold reserves. 86, 196, 310, 442, 594 DECEMBER 1949 1559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis