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June
REPORT ON THE. STATISTICAL ACTIVITIES OF THE BOARD OF GOVERNORS
"'
OF* THE'FEDERAL RESERVE SYSTEM
Prepared in response to the April 29,
Letter of Inquiry of the National bureau of Econotnic Research
The following statement has been prepared in response to the
request of April £9* 19U8, of the National Bureau of Economic research
for information that will be useful in a survey of the statistical
agencies of the Federal Government which the oureau has undertaken for
the Commission on the Organization of the Executive Branch of the Government. This statement is. restricted to those activities of the 3oard of
Governors of the Federal reserve System which entail primarily the
collection, compilation, and publication of statistical materiuls.
The statement follows the general framework suggested in the
Bureau's letter of inquiry. The answers in individual sections take
account of the extent to which such a framework is not appropriate
to the Board's statistical work.
1)
PRESENT ORauiZAliOw A.JD STATISTICAL ACTIVITIES OF THE
BOi»i(D OF GOVERNORS OF THE FED£R*L J.EOERVE SYSTEM
Tho statistical end research work of the Federal l-ieserve System
is carried on by two divisions of the card of -liovernors and by the research
departments of the Federal Reserve barges. The Division of Research and
Statistics of the Board is primarily concerned with analysis of general
economic and credit conditions, using statistics obtained from various
sources, including a United amount collected by the Division through the
Reserve Banks. The Division of Bank Operations, in addition to its other
duties, collects and tabulates a lar^e volume of bar.kin,r statistics,
operating to a largo extent ti.rough the redert*l Keservr- Banks. The
Federal Reserve banks collec':. statistics for the Federal Reserve System
in their respective districts, and they also engage in research on
general economic conditions a::, well as on bulking and credit matters, with
particular emphasis on developments an<i problems of tneir respective regions.
General character of statistical service3
The statistical activities of the P.oard oi Governors have been
developed, directly arid indirectly, in carrying out its responsibilities
under the he*ieral reserve jict, as anenriej. ritese responsibilities are
indicated r.ore specifically m subscquer.t so: tions of this statement.
Most of the data developed are ::iade available in t.-ubli^hed form.
The major classes of s t a t i s t i c a l services fall into two groups,
s t a t i s t i c a l series and other statistical services. Briefly, these are:
Statistical series
(a)
The development, collection, and maintenance of data on
condition and operations of the Federal Reserve banks.
(b)
The development, collection, and maintenance of numerous
s t a t i s t i c a l series relating to the condition and
operations of banks, especially member banks. These
include detailed s t a t i s t i c s for member banks; condition statements (abbreviated-*-weekly and monthly-~as
well as detailed--call reports), earnings, reserves, and
borrowings. Other important series include principal
assets and l i a b i l i t i e s for major classes of all banks,
nunfcer of banks and bank offices, and interest rates
charged on business loans.
(c)
The develop/rant and maintenance of important monetary
and credit series, especially those directly related to
Feier&l Reserve credit policies. Among these are the
series on member bank reserves, Reserve Bank credit, and
related items; s t a t i s t i c s or; the volume of deposits and
currency and en deposit activity! estimates of the ownership of liquid assets; and consular credit estimates.
(d)
The development and maintenance of certain non-banking
series. An importa.it series is the index of industrial
production, which is based on production data of various
t;ypes secured mainly from other organizations and which
consists of indexes for about lJ^O component series.
Other important series cover department store trade. In
thi3 group also are seasonally adjusted soriea relating
chiefly to business conditions; they include some of the
subject material mentioned—production data end department store trade &tati£tics~-as wall as series on construction and employment.
(e)
Special surveys to cover major gaps in infornation in the
monetary and credit fields. These provide detailed
s t a t i s t i c s on bank loans to businesses and to farmers,
consumer finances, and ownership of demand deposits.
(f)
assembly of international financial s t a t i s t i c s from
foreign primary sources. Those include gold reserves
and gold production of foreign countries, gold movements, international capital transactions of the United
<• 3 -
States* assets and liabilities of foreign central banks
and commercial bttnks, exchange rates, money rates,
commodity prices, and security prices in foreign countries. These data comprise a set of international
financial statistics published in the Federal Reserve
Eulletin and widely used.
A more complete listing of the o+utistical series described
under (a)-(f), together with information us to the frequency of the
series, where published, and general procedures Involved in their preparation, appears as Appendix A.
Other statistical services
(a)
Turning to a more ?:ener&i xy."-e of service than specific
series of data, the stuff at the Board of Governors, as
well as at the Reserve Hunks, devotes considerable time
to the coordination of the statistical activities of
the '.'ashir^ton and the I<~ district organizations. This
topic will, receive further consideration in another
section. .
(b)
The staff at the Board also cevotes considerable time
to work on the statistical problems of other organizations,
chiefly Federal agencies, and this contributes to improvement in the quality of both banking and nonbanking statistics. In the international field, considerable staff
time is devoted to activities in connection with the work
of the national Advisory C<" on International Monetary
and Financial Problems, an
..accuragement of the
development of improved uniform banking and monetary
statistics among foreign cer.tral banks and governments,
chiefly in the Western Hemisphere and the Philippine
Republic.
(c) Another general service is
tistics in co:
• : > ' . « ? f « -
T
1'••>••
>••
ration of basic sta~erve
..UJ
^J.
the
rve Bulletin
(largely tho
1 x,able^
it»ses of certain data
prior to their .,_>. ...ion in L ^ . .iletin, and some
pamphlets. About throe-fourths of the number of pages of
Pullet in tables consist oi ..iuta described under (a)-(d)
and (f j above. Back data an;: descriptive text for major
banking and monetary sorics are available in a basebook,
T a;;king and :ior:etary r., tat is t ics .
Statistical data are also available to the public in chart
form, chiofly in the chart book "jank Credit, -.oney Rates,
and Business", as well as i:. the chart books "Industrial
Irouuction'1 (out of prir.t and "Consumer Credit."
- kAdministrative organization of the statistical services
The administrative organization of the Divisions of Research and
Statistics and of B&nk Operations of the Board of Governors is shown in
the attached organization charts as of December 3> 19^7, a nd November 15»
19^7, respectively. The charts in all substantial respects represent the
organization at the present time. Each of these Divisions performs other
duties in addition to the statistical services covered in this statement.
This is illustrated by the brief statements concerning the work of the
Divisions that appear in the attached chart describing the functions of
the divisions and offices of the Board of Governors. The organization of
the statistical activities of the Federal Peserve Banks is described below
(Item 7, Field organization).
Total budgets of the two divisions
The following budget figures for the Divisions of Research and
Statistics and of Bank Operations of the Board of Governors are for the
most recent fiscal period, the calendar year 19^7• The expenditures cover
all activities of the divisions. It is not feasible to segregate cost of
statistical services from the cost of the research, supervisory, and
administrative functions for which the statistics are used. Also the
expenditures of these divisions do not include the cost of printing th«
Federal Reserve Bulletin or of duplicating some of the statistical materials
that appear in other forns for distribution to the public.
Expenditures 3 /
Total expenditures
Personal services
Non-personal services
Division of
Research and Statistics
Division of
Bank Operations
#773*210
• .206,330
193,119
13,211
167,'336 y
1/ Retirement System contributions by the board are not included;
"* !)l vis ions do not have such data.
2/
Includes *119»$91 * or w°rk: on survey of Consumer Finances by the
Survey Research Center of the University of Michigan.
-5 Personnel and chief categories of personnel of the two divisions
The information requested on number of employees follows:
Number of employees, December
Division of
Research and 3 tatistics
y
Total personnel
tions corresponding to grades CAF-13 to
C A F - 1 5 or P-6 to P-8, inclusive.
(This excludes positions of
Assistant Director and above,
which are unclassified.)
Division of
Bank Operation*
152
hi
13
2
l/ As shown in. the organization chart appended to this report
None of the professional or technical positions corresponding
to the grades specified above involves entirely statistical activities,
since professional and technical personnel is engaged to analyze economic
and financial conditions, not to engage solely in statistical work.
2)
CHRONOLOGICAL RECORD
The total budgets of the Divisions of Research and Statistics
and of Bank operations and the personnel employed, as requested, for the
years 19^9* 193U, and 1939-U7 are shown in Appendix E. There has been
no attempt to separate these figures as between statistical and other
activities; as rioted earlier it is not practical to compile such statistics*
Most of the increase shown has been due to analytical and other activities
rather than to additional statistical work*
A chronological record of the .najor administrative and other
changes affecting the statistical services of the Divisions during the
last decade is also given in appendix B. This record indicates the
following important trends:
(a) Consider8.ble improvement in banking data, as to coverage
of bank activities, extent of reporting required of banks, and development of data especially pertinent to monetary and credit policies.
- 6(b) Steady progress in coodination of statistical procedures
of the three Federal banking agencies.
(c) Development of closer integration of statistical activities of the Reserve Banks and the Board of Governors.
(d) Increasing use of one-time, or relatively infrequent, surveys
applying modern sampling methods to secure detailed statistics and other
information that cover major gaps in the monetary and credit picture,
(e) Introduction of mechanioal tabulation, at first by arrangement to use installations in another organization and later by installation
at the Board.
(f) Publication of major revisions in basic series at intervalssuch as the revision of the production index published in August 19^4-0, incorporating the results of continuous critical inspection, appraisal, and
revision of component series over a number of years.
(g) Increasing emphasis on the publication of statistics in a
form that will facilitate more general use, such as the basebook, Banking
and Monetary Statistics, and the chart books.
—-———.
3) STATUTORY BA323 OF ACTIVITIES
The powers and functions of the Board of Governors of the
Federal Reserve System are prescribed by the Federal Reserve Act of
December 23, 1913 (38 3tat. 251), as amended, and by a number of other
statutes including the Securities and Exchange Act of 193U (U8 Stat. 881),
the Act of i.:ay 12, 1933 (u8 Stat. 51), the Banking Act of 1933 (49 Stat.
162), and the Banking Act of 1935 (h9 Stat.
Legal authority for the performance of the Board's statistical
activities is neoessarily implied from the numerous duties and responsibilities imposed by the Federal Reserve Act and other statutes upon the
Board and the Federal Open market Committee which is composed of Board
members and representatives of the Federal Reserve Banks. The accumulation
of statistical informtian is essential to the effective exercise of the
Board's statutory powers directed toward the control of credit, such as
the conduct of open market operations (U. S f Code, title 12, sec. 263)*
the review and determination cf discount rates (U. S. Code, title 12,
sec. 357)# the fixing of reserve requirements of member banks (U. S. Code*
title 12, sec. i+62b), and the prescribing of maximum rates of interest on
tirao and savings deposits (U. S. Code, title 12, sec. 371b). In order to
enable the Board to perform the functions conferred upon it by the
Securities and Exchange Act of 193u* including the fixing of margin
requirements, that Aot specifically requires brokers and dealers and
other persons to make such reports to the Board as it may require as
necessary or appropriate (U. S. Code, title 15* sec. 78q).
- 7Other provisions relevant to the statistical services performed by the Board are those of section 9 of the Federal Reserve Act
which require member banks of the Federal reserve System to make reports
of condition and of payments of dividends in such form as the Board of
Governors nay require (U. S. Code, title 12, see. 3^U)» &nd the provisions of section 11 of the Federal Reserve Act which authorize the
Board to require such statements and reports from the Federal Reserve
Banks as it may deem necessary and requires the Board to publish weekly
statements of condition of each Federal Reserve Bank (U. S. Code, title
12, sec. 2i|8). Section 10 of the Federal Reserve Act provides that the
Board shall determine and prescribe the manner in which its obligations
shall be incurred and its disbursements and expenses allowed and paid
(U. 3. Code, title 12, sec.
The Board of Governors and the Federal Reserve Banks collect
from member banks, both national and state, such information as may be
required for the performance of their functions under the law. They
obtain a number of special reports including the abbreviated condition
reports obtained weekly from selected member banks in leading cities,
periodical reports of deposits and reserves of all member banks, quarterly
reports of interest rates on business loans charged by selected member
banks in a few leading cities, surveys of ownership of deposits from a
sample of member banks, and statistics relating to consumer loans.
h)
SOURCES OF DrvTA USED
The statement on this item is confined to the use of respondent*,
that is, to some indication of the extent and frequency of the demands
upon respondents in the collection of original data.
For the banking data the respondents are chiefly the Federal
Reserve Banks and member banks of the Federal Reserve Systeia. The more
frequent use of respondents—daily, weekly, monthly, and quarterly—
occurs for the Reserve Banks and for a relatively small number of the
larger member banks. Such use of member banks, moreover, is for
collection of a few major items. Collection of data from all member banks
is at call report dates (3 or more a year) and covers considerable detail.
It should be noted, however, that such data for national banks (members
of the Federal Reserve System) are collected by the Office of the
Comptroller of the Currency. Through use of the survey method some
detailed data are secured from samples of member banks.
-a For other data, the principal series for which respondents are
used are shown below. Further details for the various series originating
with the Board appear in Appendix A, Sections I and III.
Statistical Series
Respondents
Frequency
of collection
Consumer credit statistics
(largely amounts outstanding
and arnounts loaned)
About U,35° financial
agencies and retail
stores
Monthly
Brokers balances, etc.
(debit and credit balances)
About 300 member firms
of N. Y. £>tock
Exchange
Semi-annually
Department store trade statistics (largely sales and
stocks)
About 1,500 department
stores 1/
Monthly
Consumer finances survey
(interviews)
About 3,500 individuals
Annually
Retail credit survey
(schedule of data)
About 8,650 retail
stores
Annually
\J
Smaller groups are used for series other than monthly indexes of sales
5)
PURrOShio Alii) USES
The purposes and. uses of the statistical services of the Board
of Governors cannot be classified by the categories included in item 5
of the letter of request of the National Bureau,
For a statement of purposes and functions of the Federal Reserve
System there is attached a copy of the recently revised booklet, The
Federal Reserve System. Generally speaking the statistical activities
a£ the Board of Governors are for tho purpose, directly or indirectly, of
assisting the Board tortischar.-'eeffectively its responsibilities under
the Federal Reserve Act, es amended, and for providing other Federal
agencies and the puliic with factual information in connection with these
and related activities.
The raost important function of tho board relates to the formulation of general monetary and credit policy for the purpose of influencing business and credit conditions, questions of general credit
policy must be resolved with reference to current developments generally-in faot with reference to the entire range of economic and credit problems
- 9 ft the c<?uqtry, Mny of the statistical series on do»estj.o ^ ^ g
mon«y, and business conditions maintained at the Board, a« well ** the
statistics on international financial conditions and the speciajL surveys
in the credit and monetary field, are in constant use in the consideration
of these broad problems*
This part of the Board's work comprises, in the main, (1) the
operation, development, and refinement of reporting services relative to
the current course of Reserve Bank credit, member bank credit, money rates,
and related factors, and the organization of data relative to security
issues, corporate profits, Treasury receipts and expenditures, gold
movements, and foreign exchange ratesj (2) the creation and maintenance,
on a very extensive scale, of data on gross national product, production,
employment, prices, and the like; and (3) the persistent search, largely
through cumulative consideration of recurring problems, for appropriate
methods of analysing the credit and business situation—methods that will
be most illuminating to the Board in the light of the particular circum*stances, frequently unprecedented in the history of central banking, in
which the Federal Reserve System is called upon to take action in the
field of general credit policy.
A concrete indication, in summary form, of some of the principal
subject matters to which organized investigation is regularly addressed^
as well as an illustration of certain of the methods of summarizing the
data that are utilized, is afforded by the Federal Reserve Charts on Bank
Credit, Money Rates, and Business, which are prepared primarily for use of
the Board and its staff.
Another important function for which the Board's statistical
materials ara essential is the determination of the method of regulating
the volume of credit or money and the analysis of the effect of any change
in regulation. Here are involved the general regulation, through discount rates, open market operations, and reserve requirements, and the
special regulations, such as margins required for purchasing or carrying
stock market securities (Regulations T and U) and, during the war, the
terms for extension of consumer credit (Regulation 17).
Another important U3e of statistical data is in connection with
the Board's responsibility for supervising the operations of the Reserve
Banks and the System's responsibility for supervising member banks. As
indicated earlier some of the statistical series that are developed and
maintained for such rur^oses are required by law.
Statistics are not developed at the Board primarily for the
work of Congress, but many of the series are used by the Board, in its
Annual Report to Congress and on other occasions, to inform Congress of
the activities of the Federal Reserve System in relation to its responsi*
bilities under existing legislation, and also to indicate the need for
additional legislation.
- 10 -
Most of the statistical series developed e.t the Board also
serve important purposes for other organizations, both public and private,
and especially the member banks and the Federal Government agencies, As
indicated in a later section, tha three Federal bank supervisory agencies—
the Board of Governors, tha.Federal Deposit Insurance Corporaticn, and
the Office of the Comptroller of the Currency--have so coordinated their
work on the compilation of tanking statistics that the major series provided by any one agency serve the other two to an important decree.
Other series, such as the. index of industrial production, department
store statistics, consumer credit estimates, and the consumer finances
surveys, are also major tools in the analytical work of other agencies
such as the Council of Economic Advisers, the Bureau of Labor Statistics,
the Department of Commerce, and the Departinont of Agriculture,
Two documents are attached which illustrate uses made of statistics developed at the Board of Governors. One, "Uses Made of the Call
Report by the Federal Re3erva System", spells out the numerous and varied
uses made of the detailed statistics en condition of banks secured through
the Call Report. The other* ''The Federal Reserve Chart Book as an Aid to
Bank uknagetnents", an artiole published in the April 19U8 issue of the
Federal Reserve Bulletin, illustrates for bank management the uses that
can be made of data shown in the Federal Reserve Charts on Bank Credit,
Money Rates, and Business.
''"""""*
'
6)
RilATiOA1 Or THE WORK OF THE BOARD OF GOVERNORS
TO TH2 V/ORK OF THE GC7EI? L'lENT AS A YvKCLE
Services rendered to other recier&l agencies in th© form of
statistical data are covered largely in tha preceding section* Other
services of a statistical nature include advice on statistical problems
of other agencies, especially those related to the development and maintenanoe of statistical series• A considerable amount of time is spent in
the review of material prepared in other agencies, which involves Board
statistics or use of techniques with which the Beardfs staff has considerable familiarity. Major fields fcr which this occurs are banking
(Office of the Comptroller of Currency and Federal Deposit Insurance
Corporation)? census data on business conditions (Bureau of the Census);
construction and real estate (Department of Commerce, Bureau of Labor
Statistics, and Housing and Home Finance Agency); labor force and employ*
ment (Bureau of the Census, Bureau of Labor Statistics, Social Security
Administration); corporate financial data (Department of Commerce,
Securities and Exchan^a Commission, Federal Trade Commission); consumer
finances (Bureau of Labor Statistics and Bureau of the Census).
On the matter of coordination of statistical activities with
those of other Federal agencies, the Division of Statistical Standards
of the 3ureau of the Budget has established sound and effective procedures
for coordination in such respects as are specified in the national Bureau's
- 11 -
letter of inquiry, and is doing a constructive job in developing these
procedures. The Board cooperates fully in the Budget Bureau's program.
Members of the staff serve on numerous inter-depart rental comnitteec
established by the Bureau of the bucrst to effect coordination in
different fields of statistics.
The staff of the Board makes constant use of statistical series
developed in other agencie3 and in turn contributes what it can to the
statistical data cf other agencies, in the interest of avoiding unnecessary overlap. In this connection it should be emphasised that there
are research and statistical organizations similar to the Boardfs in
other Government departments and agencies, and that differences in their
duties, responsibilities, ard objectives are necessarily reflected in
the statistical series, as well as in the analyses that they develop. In
most instances the variation in development or in analytical approach to
a particular aeries of data reflects a different use because of a difference in function of the agency, and not duplication in staff ti:ne spent
within the Government on a particular set of data. As noted earlier,
there is a constant interchange of information and statistics amon^
agencies; in the interest of obtaining the bost results, the Boardfs
research staff constantly draws on the work and statistics of these
other groups and contributes what it can to their material.
7) FIELD ORGANIZATION
Each of the twelve Federal Reserve Banks has a Research Department at its head office. Statistical activities of the type discussed
in this report are not carried on to any great extent at the branches of
the Reserve Banks. The greater part of the activity of each 8ank*s
Research Department consists of work in connection with ths regular
operations of the 3ank and with research on problems important to the
region in which the Bank is located. In connection with this work the
B*iUca provide statistical services in their respective districts and
publish economic and statistical materials.
As pointed out under item 1, the development of statistical data
by the Board of Governors i3, to some extent, in cooperaticn with the
Research Departments of the Reserve Bank3. In this report comment on the
work of the Bank research staffs is restricted to those phases that represent matters of System cooperation.
The Banks participate actively in the preparation of the regular
•tatistical aeries maintained by the System in such fields as banking,
consumer credit, and retail trade. Each Reserve Bank collects data from
and maintains contact with respondents in these various series in it3
district, compiles data for the district, and forv.-ards data to the Board
for compilation into national totals. Similarly, the country-wide surveys-
both singio and periodic--are conducted on a regional basis and the data
for individual Federal Keserve districts are traiismitted to the Board for
consolidation; recent examples are the Survey of Deposit Ownership and the
Retail Credit Survey, Specific details for individual eeriee appear in
Appendix A*
An exception to the use of the Research Departments of the
Reserve Banks in the collection of data is the Survey of Consumer Finances*
The work of contacting respondents, conducting interviews, and tabulating
the questionnaire results is done for the Board by the Survey Research
Center, University of ..-iichigan, a non-government agency, specializing in
this type of activity.
Incident to the collection, tabulation, and publication of data,
many problems arise which ere common to all Reserve Banks and which are
also of prir.ary concern to the Board. Arrangements have been set up for
consideration of these mutual problems through the establishment of system
research committees to provide closer cooperation between the research
staffs of the Board and the Reserve Banks in the planning and coordination
of research and statistical activities.
The principal research groups are the System Research Advisory
Committee and the Subcommittee of the Presidents1 Conference Committee on
Besearch and Statistics, The permanent chairman of the former group is
the Director of the Board'3 Division of Research and Statistics, and the
remaining membership is composed of the heads of research at six Federal
Reserve Banks serving on a staggered, rotational basis. The membership of
the latter group consists- of the heads of research at all of the Reserve
Banks and a chair roan is elected annually who also serves a3 vice-chairman
of the System Research Advisory Committee. Special groups represent the
staffs of the Banks and the Board in various fields through a subcommittee
arrangemont. Vfiiile each of these cor.miitsQS deals to some extent with
the statistical services of the System, threo comit tees—the Committee
on Banking and Credit Policy, the Committee on Current Importing Series,
and the Committee on Current Business Developments--spend considerable
time on the statistical work of the System,
This conuttee procedure h&3 made possible concerted action on
problems falling within the System's area of responsibility. It has also
provided a better co.nncn understanding of statistical problems encountered
in the various districts and of the relationship of these regional problems
to one another and to the national problems of which they are a part.
8)
TECHNICAL E^UIP.GNT, F'ROCZDURiSS, AAD ?
First phase - mechanical operations. Use of machine tabulation
equip.lent at the Federal reserve Banks cates"~back some years, but at the
Board of Governors it is a rocent development, dating only from early 19^7•
Prior to the Board's own installation, however, necessary tabulation v.-ork
was done, through the international Business ^achin-js service buroau or
through arrangements to use the facilities of another agency.
The Board's present installation includes one sorter, one tabulator, one gang punch-summary punch, and one key punch. I/upiiaato machines
will be added as needed, and it may become desirable to add a divider
(I.B.M.-6O2—this machine not available at the present time),
ihe organization of the Federal Reserve System lends itself to
effective use of njachino tabulation. Each of the twalvs Federal Reserve
Bank3 has an installation, in some cases Iarg8 and in a few cases snail,
depending upon the ctage of development of mechanical tabulation. In
connection with Systemwide survey projects, it hs.s been the practice
•where feasible to have cards punched and regional data tabulated at the
Federal Reserve Bcnks. With a duplicate set of cards, there have bcon
prepared at the Board such national tabulations as are not available on
the basis of work done at the Banks. It is the plan to extend the scope
of mechanical tabulation as rapidly as practicable to all System projects
adapted to mechanical methods.
Second phase - procedures, Procedure in the collection and
publication of primary statisticjT"and in the publication of derived
measurements. Questions i^ the national Bureau's letter of inquiry will
be taken up seri&ti:::.
Lxtent to which work entails census-type or complete coverage.
Basic tabulations of banking data such as all tabulations for Federal Reserve
Eanks and call report or se.-rd-armu&l tabulations for banks on condition*
earnings, and number of bunxs and bank offices are of the complete, that
is census-type, coverage* Those are the niajor tabulations involving such
coverage. Again it should 1e noted that this coverage is attained through
cooperation by the three Federal supervisory agencies in which data for
State member barJcs are collected by tne federal Reserve System, national
(member) banks by the Office of the Comptroller of the Currency, and nonmember insured banks by the Federal Deposit Insurance Corporation.
Extent to which sampling procedures ard employed. Samples
selected according to modern sampling methods are used in most of the
surveys—business loans of banks, commercial bank loans to farmers,
deposit ownership, and consumer finances; estimates for the respective
universes are developed from these samples. Sampling--in sense of a s r j.1.
group of regular respondents—is used in other cases such as the
- l!
weekly condition statements o^ rr.eir.b^r bani:s m 1<;adin^ cities a:id the
quarterly interest rates on business loans. Indexes such ac those en
department store sales and stacks are constructed en the basis of a
group oi' regular respondents. Over-all estinates, such as those for
consumer credit, are ba^ad en data reported by a group of financing
agencies and retail outlets. Further specific derails concerning tha
sample for individual series appoar in Appendix A.
Further extension of sampling prosedwres. This io ..Issirable.
By usino; samples, statistical cVta reliable for analytical wurpO6-:-;> can
be developed en tho basis of a limited nu:aber of respondents.
Important limitations encountered in the application cf sampling
procedures are; (1) practical cifiicultios of s^cur.inr, cooperation fro.-n
groups selected for inclusion in samples surveys; ('•-) with small .ja^ples,
derivation of estimates for ::dnor classifications or otato totals, and
often for regional totals, are precluded; ana (3) limitori public understanding; ubouc use and adequacy of tho type of results aecured through
sample.
Publication of descriptions of cireur^tancuR of collection,
meaning of figures, errcrz, and linitaticns. For niajor series, these are
available in spscial articles presenting results, published cliiefly in
the Federal Reserve Euliotin and in the 'casebook, pa/iking and monetary
=
Statistics.
'
Third phase - personnel. Quality of personnol required for work
and present availability
labilit of adequately trained pe
The general qualifications c-,ivon bel-cnv relate to thoso below tVie
level of Assistant director. Tho r^oiy covera four typos of positions--economists, drafti/.^ clerical, and faueno^ra^hlc--etich of v.hish is
essential for the s t a t i s t i c a l services 'iiscu:;oed«
Tho qualities needed for e'jorionis ts aro aemonstrated professional
ability in oconor.ic research requiring specialized erterloncc and competence, and, in supervisory j-csitlons, th^j capacity to perticipu^e in the
training and guidance of personnel in other pobitions, proi'c-csionai and
otherwise. Graphic presentation of economic i-.r*d fi:.i-inci'il rtatistics rerquires persons with consicsrable akili., experiar.ce, -r-.d flexibility.
Clerical positions generally require a high school education &nd considerable skill in the use of sorr.o typo of caic^le.tir*t- rruchino. The
stenographic work is cS a somewhat ad\n:,03d mature in which the essentials
are spsed and accuracy in tabular material as well as text; skill in using
a specialized vocabulary of economic terms; and good Judgment in handling
unfamiliar subject material.
The major difficulties in 3ecurin$ suitable professional
personnel at the present time are (1) inadequate standard salary scale
for attracting and/or holding economists of the quality required and;
(2) shortage of irature and experienced economists in professional categories equivalent to P-5 and above, who are capable of directing research
and statistical work and of supervising and training economists with
relatively little experience. For stenographic and clerical positions
there is a general shortage of well qualified applicants at the recruitment salaries*
9) KECOia^iDATIONS OIT SUBJECTS SPECIFIED
The topics of reducing costs, enhancing efficiency, and improving quality of personnel will bo treated together. Since the end of
the war tho Pjard of Governors of the Federal P.eserve System has endeavored to koep dov/n coats. Ile&nwhile, the reiponsibilities of the
Board have been increasing with respect to problems relating to credit
controls; the need for up-to-date information on current developments
during a period of inflation has been urgent; a rapidly growing Federal
program en international economic and financial problems has increased
the demands on staff specializing in international fields; and area3 of
research which bee ana inactive during the war, because of the emphasis
on Federal ijovernnent financing and the general shortage of personnel,
have been reopened. Because of the dsiriind for personnol in this field,
experienced personnel in all types of positions havo left positions at
the Board for higher-salaried positions elsewhere.
With regard to means of improving statistical services, the
Board has a policy of continuous review c£ statistical services to
eliminate those which can be spared, to undertake iraproverrents in
existing series, and to establish row series needed for analysis. At
the present time all statistical series compiled by the Board, in cooperation with the Reserve Banks, are undergoing a eysternatic review
by System Committees•
Examples of discontinued services inolude the cooperative project with the Robert .'orris associates, conducted during the period
19144.-U7* to secure annual f inane Lai statanent data fcr sirs.ll and mediumsize concerns in manufacturing and trade. This project was discontinued
at the end of l^U'J when the joint Securities and Lxohange CommisaionFederal Trade Commission project for compiling- quarterly income and
balance sheet data of :nanufactaring concerns was launched. The survey
of deposit ownership, which was conducted seiii-annually during the years
- 16 v>r&s put on an annual basis in 194?* Consideration will shortly
be given to the discontinuance of the annual detail Credit Survey which
was a part of the consumer credit statistics taken over from the Department of C
Needed extensions and improvements in existing statistical
series are also given continuous attention. In this category at the
present tine are a revision of the index of industrial production (in
process and scheduled for completion about 1950)# further improvei.ient in
the basic data for consular credit estimates; revision of the quarterly
interest rates on bank loans to business; development of new monthly or
quarterly series of bank loans by types of borrowers* and publication of
a supplement to the basebook, Banking and Monetary Statistics^covering
the years 19o2-U?.
Among the new series which are in proo©3S or under consideration
are cur.e.nv quarterly estimates of the flow of money through major sectors
of thefajnno^.'ja cechniqua for compiling indexes of physical stocks in
manufacturing p.nd tradej and an historical chart book to supplement the
regular chaj-c book, Bank Credit, l-toney Hates, and Business. A major
experiment now in progress at the Board is' the'statistical analysis of
trends for major categories of gross national product and Treasury financing and their relationships to money end credit, and to financial
organisations generally* This project is of an exploratory nature and is
likely to remain so for some time. It promises, however, to throw considerable light on the use of our statistical materials for broad economic
purposes.
On the means of achieving more effective coordination with the
activities of other agencies, the major area to consider is banking statistics, taking account of the three Federal supervisory agencies in this
field--tha Federal :,63erve System, the Federal Deposit Insurance Corporation*
and the Office of the Comptroller of the Currency. Each agency has definite
statutory functions for the collection of banking static-ties, which are
closely relatod to tneir supervisory and other functions in the banking
field as laid down by lav/. The general problems cf bank supervision that
result from conflicting powers and jurisdictions, overlapping authorities,
and gaps in authority were presented to Congress in some detail in the
Board's Annual Report for 1933* a copy of which is attached.
it will probably ba useful, in connection with the National
Bureau's inquiry into federal statistics, to have available tho following
brief comments on banking statistics, with special reference to the subject
of avoiding duplication. Sor.e of the facts brought out earlier are repeated here in order to summarise briefly the work of the three banking
agencies.
The problen cf possible duplication in the field of barring
statistics arises basically from the existence of three Federal banking
agencies. Implication of statistical work h^s been avoided only by close
and continuous cooperation among the three agencies. Federal banking statistics would be provided nor© efficiently and at lower cost if trey were
collected and tabulated by a single agency. However, such organisation
of the statistical activities in the field of banking involves consideration of important problems outside the statistics! area, and rush
problem lie outside the scope of the letter of inquiry of the i.'aticnal
Bureau cf ^conomio Pesearch. Speaking strictly on the question cf
banking statistics, it is deair&ble that tha single agency that ha*s
responsibility fcr banking and monetary statistics cf the Federal Government should be the agency which has the main responsibilities £$r tho use
of such statistics in tho formulation of national monetary and credit
policies.
In the actual collection of statistics at tha present tir»e the
three existing agencies have so dividad the field that there is Jittl©
duplication. In analysis and interpretation there is a certain e.r-.cunt
of overlapping since the responsible officials of each agency need
separate analyses for their own purposes, but in this respect also there
is considerable cooperation among persons in the different agencies.
Subdivision of the field among the three &£enoio3 results in unnecessary
expenditure of ti:t» and money in maintaining comparability among the
various statistics collected and in effecting decisions when oh&ngd5 are
needed. Another inportant difficulty is that decentralization of the
work cf compiling data for all banks coming under Federal supervision—
State member banks, national banks, and insured nonmember banks—cannot
be effected as long as the actual v;ork of collection and tabulation is
divided among the three agencies.
Condition reports. The OiYico of the Conptrolisr of xhe
Currency obtains Call""i!epor"ts of condition and earnings and expense
reports from national barks, tabulates figures from those roports and
publishes the resulted Tho Federal "esarve System performs similar tasks,
with respect to reports from state rugrabar banks cf tr.8 Federal Rscerve
System, and the Federal r;eposTF"insurance 'Corporation does the same thing
^ o r ^- nsure ^ state b^iiks not m&mbers of tlva Federal Reserve Gyster:. The
Federal Hes'erve 5y3tenTcombines th'e" national and 3tate member bank figures
in order to obtain totals for member banks cf tha Federal Reserve System,
and the Federal Deposit Insurance Corporation corsciidat*? all of the
reports into composites of ell insured banks*
Operating rtvtio analysis. The Federal Reserve Board and the
Federal ^leservs Banks compute ratioi from certain items of earnings and
expenses and condition of member banks, both national and s-at-s, and work
up detailed analyses of these data. The Federal ^-aserve Banks distribute
- 10 ~
these data to the menber banks in their respective districts. The Board
of Governors publishes summary data. The Federal Deposit Insurance
Corporation snakes somewhat similar analyses of the nonmeisber insured
banks and also irtakec use of Federal Reserva data fron member banks.
Other regular B.M! special reports. As indicated earlier# the
Federal Reserve Gyc tera""ls autnTrTa 3<3 Ty she Federal Reserve Act to collect
such information as it may need from member banks, both national ar.-J
state, and a number of special reports are obtained. These include
abbreviated reports of condition obtained weekly from selected :ne:nber
banks in leading cities, tabulations of which are regularly published}
periodical reports of deposits and reserves from all member banks;
quarterly reports of interest rates charged on loans by selected banks
in a few selected cities; serai-annual surveys of the ownership of demand
deposits; and monthly statistics of consumer loans, The System also
collects, in ecoie ca3©s through clearing house associations and in others
directly froia reporting banks, statistics of debits tc deposit accounts *
Various special reports are obtained from time to time on such matters as
loans, deposits, interest r&tss, etc., from member banks.
The Federal Deposit Insurance Corporation compiles fron examiners1
reports of insured banks—national, state member and noroember—a number of
items and ratios which it analyzes and publishes in its annual report.
It also collects periodic data on total deposits of all insured banks and
from time to time obtains special reports on deposits by eisa of account.
Publication. Result3 of the research and statistical work
of the Federal Reserve System are published in the monthly Federal Reserve
Bulletin^ in the Board's annual reports, in regular and special press re*
leases issued by the Board and the Reserve Banks, and in monthly reviews
of economic conditions published by the Reserve Banks. The Comptroller
of the Currency gives a great deal of statistical data in his annual
report and occasionally issues press releases. The Federal Deposit
Insurance Corporation includes a large amount of detailed statistical
data and also analyses of the data in its annual reports arid issues semiannual call report abstracts giving detailed figures of the condition of
insured banks by states. The research divisions of the Board of Governors
and the Reserve Banks supply results of their research and analysis to
their respective officials in unpublished memoranda and reports.
10) DEi&OTDS ARISING CUT OF A POSSIBLE 1-iATIOmL EMERGENCY
This topic cauiot be adequately discussed in a survey devoted
to the statistical services of the Doard of Governors. The most appropriate answer is a brief statement of the functioning during the past war
of the Divisions under discussion.
- 19 The Divisions of Research and Statistics and of Bank Operations
are part of the staff serving the Board of Govarnors of the Federal Reserve
System. Their part in the war effort consisted principally in contributions made to the Board's effectiveness, but also in direct advisory
and other services to numerous Government agencies directly and indireotly
engaged in war work.
The revision* provided information and analyses that wore
essential to the Board in the formulation of policies and the performance
of functions, which were necessary for the prosecution of the war. These
policies and functions included*
(a) Operation of the Federal llsserve System and supervision of
banking, credit, and monetary oonditions-»-all of which were
of basic importance to the financing of the war.
(b) Uee of System powers to assure an ample supply of funds for
financing the war, promotion of the sale of United States
Government securities, and maintenance of orderly market con*
ditions essential to the success of Treasury borrowing
operation •
(c) Operations under Executive Order 91\2.9 which provided for
government guarantee of bank financing of war production contracts. These operations wer© essential to increased war
production.
(d) Administration of the provisions of the Executive Order QQh3$
which provided for the regulation of consumer credit—a measure
designed to aid in combating inflation.
(e) Participation in formulating policies, for which other organisations vror-s primarily responsible, regarding taxation, financing war production, price and consumption controls, antiinflationary measures, etc,
(f) Participation with the Foreign Funds Control Divisior; of the
Treasury in tiro handling of foreign funds and assets. Participation in other phases of the Government's international
relations, such ea the work of the Joint Economic Ccmmittees
of Canada and the United States, .ioney and Banking Handbooks
for the Civil Affairs Division of the "far Department, series
of special memoranda for Department of State, and preparatory
work for the United Nations Ionetary and Financial Conference
at Bretton 'oods•
APPENDIX A
MAJOR STATISTICAL SERIES ORIGINATING WITH THE BOARD CF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Data collected origiixally by F.R.System
Coverage o£ universo
F. I?, Bank Data from other
Frequency
\ihere
Sample
dis i r i c t organizationsr
of series available Censu s
Sampiirg Approx# tabulation Compilation (x)
type
Other techsent to
•netliod-S; si ze of
niques (*)
Dcard
Other-G
sansple
y
I # Banking and monetary series
Ai Condition and operations of
Federal Reserve Banks
1, Statement of condition
Yes ?./
Yfeekly
Monthly
Annually
Release,
Bulletin
Bulletin
Annual
Report
2# ilaturity distribution of loans and
U,S, Government security holdings
Weekly
Release,
Bulletin
3« Federal :feservs notes—Federal
Reserve Agents* accounts
V/oekly
Release,
Bulletin
U» Earnings and expenses
SemiBulletin,
aiinually Annual
'{•3-ort
5, Volume of operations in
principal departments
Annually
6. War production loans guaranteed by
Arned. Services through Federal
reserve Danks under Ke^ulation V
Monthly
Release
Bull©tin
7» Industrial loans
Monthly
Bulletin
Footnotes'at end of Appendix.
Aiiiiual
Report
Yes 2/
- 2A (Cont'd)
0TATI0TICAL 3LRIES ORIGINATING vilTH TI£ BOARD OF GOVLRIJCRS OF TliL FEDERAL RESERVE SYSTEM (Cont'd)
Data collected originally by F.R.System
Type of
Frequency
•There
of series available
series
I , Banking and monetary s e r i e s
y
Coverage of universe
Sample
Census
Sampling Approx.
type
method-S; si ze of
sample
Other-C-
F . R. Bank Data from other
district organizations:
tabulation Coinpilation (x);
Cther techsent to
niques (*)
Board
(Cont f d)
.£• Condition and operatic..!3 of banks
1. Condition cf banks
•
(a) Member bank c a l l report 3/
3 or more fielea.ee,
c a l l s per pamphlet
annum
(b) All baiiks in the U.o., by classes
(condensed) 3 /
Bulletin
Geriiannua 11 y
(condensed, p a r t l y estimated)
Monthly
jjelease,
Yes U/
No
Yes U/
llo
Partly
Partly G
6,900
Yes
Bulletin
Bulletin
(c) All insured commercial banks 3 /
Yes V
No
annua11y
(d) -.eokly reporting nci.ib&r banks
in leading c i t i e s
Weekly
Release,
Bulletin
(e) Deposits, reserves, and borrowings of member banks by
Federal .Reserve d i s t r i c t s
Senijr.onthly
Release,
Bulletin
(f) Deposits cf country banks a c cording t o population, Ly
d i s t r i c t s arid States
Monthly
Bulletin
(g) M«mber bank reserves and
borrowings
Weekly
Bulletin
Footnotes at
ei^i of Appendix•
G
Yos
Yes
Yos
Yes
6
Partly
- 3•
APPEIiDIX A (Cont»d)
MAJOR STATISTICAL SERIES ORIGINATING WITH THE BOAHD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ( C o n t ' d )
Type of s e r i e s
uata oollected originally by F.R»System
Coverage of universe
F. R, Bank Data from other
Where
Frequency
Sample
d i s t r i c t organi zations?
of series availabl e Census
Sarplirg App re x • tabulation Compilati on (x);
Other tech1/
type
insthod-S; si zo of
sent to
niques (*) ^ ^
Other-C
sample
Board
1. Banking; and monetary series (Cont*d)
B, Condition and operatiopfi of banks
2» Earnings of iaanbar banks
(a) Member bank earnings
(preliminary)
(final) V
(b) Earnings ratios of member banks
(based on aggregate dollar
amounts)
(c) Operating ratios of Kiomber banks
(based on averages of individual bank r a t i o s )
3, Nuxrfcer of bmilcs
(a) Changes in number of banking
offices in ti» U. 2.
(b) Iftint>er of banks and branches
according t o par l i s t status
Footnotes at end of Appendix.
Release
t Semiannual l y
Yes
Yes
Bulletin
Semiaijaually
YesV
No
SemiBulletin
annual ly
Yes
No
Bulletin
Yes
Yes
Annually
Bulletin
Semiannually
Monthly,
Bulletin
seiniannually
Yes
Yes
Yes
APPEIIDIX A ( C o n t ' d )
MAJOR STATISTICAL SEiilES OHIGINATING tfETH TIE BOAiiD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ( C o n t ' d )
Type of s e r i e s
Data colTfcctecT originally by F»K.system
|F. R. Bank
CO]/erage of universe
district
Frequency
tabulation
of series available Census
Sampling Appresc»
sent to
si ze of
type
Board
Other-0
sample
Dankinp; and nonetary series (Cont»d)
B. Conditien and operations of ban ks (Cont'd)
Um Suspeiided banks—number and deposits Monthly, bulletin
annually
5. Interest rates on business loans
of banks
Quarterly Bulletin
C, Other credit and monetary data
1. Member bank reserves, Reserve Bank
credit, and related items
2. Analysis of changes in .^old stock
of the U.S.
3. Federal Reserve Bank rates
discount rates
Buying rate on barikers* acceptances
x^ates on industrial advances and
ojommitiaents
liaxiinum rate on time deposits paid
by menb&r banks
Footnotes at end of Appendix.
Yes
Yes
Ye
Weekly,
monthly
release,
Bul3etin
Yes
Ifonthly
Bulletin
Bulletin
5/
No
Ko
Data from other
organ i za t i ons:
Compilati on ( x ) ;
Other t e c h niques (*)
- 5 APPENDIX A (Cont'd)
MAJOR STATISTICAL SERIES ORIGINATING TTITH THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ( C o n t » d )
Type o£ series
Data collected originally by
Coverage of universe
Frequency v»1iere
Sample
Sampling Approx,
of series available Census
type
msthod-S; size of
Other-G
sample
y
F.R.System
fp. R. Bank Data from other
district organizations:
tabulation Compilation (x);
Other techsent to
niques (•)
Board
I # Banking and monetary series (Cont»d)
•
C. Other credit and monetary data (Confc'd)
4. Bank debits and deposit turnover
Monthly
5. Deposits and currency
Monthly
Release,
Bulletin
Bulletin
TIeekly,
monthly
'.Veekly,
monthly
Release,
Bulletin
Release,
Bulletin
'/eokly,
mont hly
Release,
Bulletin
Monthly
Bulletin
6, ?<oney r a t e s , e t c ,
(a) Short-term open-market rates
in I;ew York City
(b) Average yields on 7-to &-year
taxable U.S. Government bends
(c) Average prices on long-term
taxable U.S. Government bonds
7. Outstanding commercial paper and
bankers' acceptances
8. Liquid asset holdings of businesses
and individuals (estirated)
9. Brokers* balances—credit extended
customers and related items
Footnotes a t end of Appendix.
Annually
SeraiBulletin
anniially
G
Partly
1,600
Partly G
Yes
No
y
G
6/
Partly S
No
G
300
No
1/
- 6APPENDIX A (Cont'd)
STATISTICAL SERIES O;aGINATING .VITH THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Cont»d)
Data collected originally by F#R»Syst<an
Coverage of universe
F. R. Bank
Sample
district
Frequency
Where
Census
Sampling Approx. tabulation
of s e r i e s available
type
method-S; si ze of
sent to
Board
sarnple
Other-G
2/
Typo of series
I* Banking and monetary series
(Cont f d)
C. Other credit and monetary data (Cont'd)
10. Consumer credit estimates largely amounts outstanding and
credit extended, covering major
parts of short-term consumer c r e d i t
by typo and by major financial
agencies and r e t a i l stores
Financial agencies:
Commercial banks
Small loan companies
Credit uniens
Industrial loan companies
Industrial banks
Sales finance companies
Retail s t o r e s :
Department
Household appliance
Furniture
Jewelry
Footnotes at end of Appendix.
Monthly
Releases,
Bulletin
Yes 9/
G
400
650
1,000
i
100
100
150
500
400
600
250
Data from other
organizations s
Compilation (x);
Other techniques (*)
- 7 APPENDIX A
(ContM)
T-'AJOR STATISTICAL SERIES OKICIEATING WITH THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Cont'd)
Typo of series
Data collected originally by F # R.System
Coverage of universe
F. R, Bank
district
Frequency
Where
Sample
of series available Census
tabulation
Sampling Approx.
sent to
method-S; size of
type
i/
Board
sample
Other-G
II• Honbankin^ series
1. Department store trade statistics
Yes£/
HonthlyV Release,
Bulletin!/
(a) Indexes, unadjusted and seasonally
adjusted, total and F,R•districts
Sales
Stocks
(b) Indexes, unadjusted
Sales
Sales and stocks, by departments
Sales, accounts receivable, and
collections
(c) Other
Percentage change in aalec.
selected cities
Dollar amount nf sales* stocks,
and ordersii/
2 . Industrial production indexes
About 100 component series combined
into about 40 subgroups, groups,
najor divisions, and total index;
unadjusted and seasonally adjusted
Footnotes at end of Appendix.
A2A.5OO
950
450
350
Weekly
475
Weekly
450
300
Monthly
Release,
Bulletin
Data from other
organisations:
Compilation (x);
Other techniques (*)
- 8 APPENDIX A (Cont«d)
KAJCR STATISTICAL S2HIE3 ORIGINATING WITH THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Cont»d)
Type of series
Data collected originally by F iR.System
Qoverage dF universe
F# R» Bank
district
Frequency Where
Sample
of series available Census
Sanpling Approx. tabulation
type
sent to
iuethod-S; site of
i/
sample
Board
Cther-G
Data from other
organisationsi
Compilation (x);
Other techniques (•)
I« Nonbenking series (Ccnt'd)
3, Corporate financial data
(a) Earnings end dividends of large
corporations
Quarterly
Release,
Bulletin
X
(b) Income and balance sheet data of
largo corporations
Annually
Bulletin
-article
*
4, Seasonal adjustment of data origina*^
ting with other organieat5ona.*y
(a) Construction contracts awarded Total, residential, and other;
residential - public and private
(b) Employment-factory and nonagricultural
(c) Revenues, expenses, and income of
Class I railroads
(d) Freight car loadings, total and
classes
(e) Currency in circulation
Footnotes at end of Appendix.
Monthly*/ Bulletin^/
Release
also
Release
also
- 9 APPENDIX A
(Cont'd)
IJAJOR STATISTICAL SERIES ORIGINATING WITH THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Cont'd)
Type of series
Data collected originally by F*R •System
Coverage of universe
F» R* Bank
district
Sample
Frequency Where
of series available Census
Sampling &pprox # tabulation
38Ut to
type
mothc-d-S; site of
Board
sample
Other-45
y
III; Special surreys to secure detailed data
for major gaps in statistics
1. One-time surveys
(a) Business loans of member banks
Late 1946 Bulletin
articles
(b) Commercial bank loans to farmerB}£/ lSid-1947
(c) Finance companies
End of
1947
Bulletin
articles
21/
S
2,000
s
HA.300
Yes
Yes
No
2. Repeated surveys
(a) Consumer finances
Annually
Bulletin
articles
3
3 s 5OO
(b) Ownership of demand deposits
Annually
Bulletin
articles
S
3,000
Yes
(c) Retail credit
Annually
Pamphlet,
Bulletin
article
G
8,650
Yes
Footnotes at ead of Appendix.
Data from other
organisations:
Compilation (x);
Other techniques (*)
- 10 APPENDIX A (Cont'd)
MAJOR STATISTICAL SERIES ORIGIKATIHG WITH THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Cont'd)
Type of series
Data collected originally by F,R.System
Coverage of universe
F, R. Bank
district
Frequency Where
Sample
tabulation
of series available Census
Sampling Approx•
type
•Riethod-S; site of sent to
1/
Board
Other-G
sample
17• Compilation of international financial
statistics
Leading current source in the United
States of certain major international
financial series
Monthly,
annual lyw Bulletin^/ r
(a) Gold reserves of central banks and
governments
(b) Gold production cutside OSSR, by
countries
(c) Gold movements to and from the TJ.S»,
by countries
y
y
Yes
Yesi£'
(d) International capital transactions
of the U.S.
Central banks — principal ascots
and liabilities
Money rates in foreign countries
Commercial banks in leading countries — principal assets aud
liabilities
(h) Foreign exchange rates
(<0
(O
(s)
(i) Price movements in foreign countries
Footnotes at end of Appendix,
i
Weekly
also
Release
also
G
6-8 reporting
banks
17/
Data from other
organizations:
Compilation (x);
Other techniques (*;
- 11 APPESDDC A (Cont'd)
MAJOR STATISTICAL SERIES ORIGIHATIWG WITH THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM (Ccmt'd)
Footnotes
l/ Except where otherwise specified, "Bulletin" refers to the regular statistical tables in the Federal
Reserve Bulletin,
2/ This designation applies to all series under this heading except as otherwise indicated.
"3/ Data for national (member) banks are supplied by the Office of the Comptroller of the Currency and for
rionmember banks by the Federal Deposit Insurance Corporation.
4/ Federal Reserve System collects for state moxnbsr banks only,
15/ Data on gold under earmark from Federal Reserve Bank of New York*
~&/ Rates on commercial paper, bankers acceptances, and stock exchange call loans and also data on outstanding
commercial paper and bankers* acceptances collected by Federal Reserve Bank of Hsw York,
7/ Yields on some short-term !J. S. Governments compiled by Board on basis of Treasury data.
"8/ Semiannual ly prior to 1947.
15/ Except for sales finance companies, which report directly to Board.
1L6/ The smaller respondent groups for other series include stores v;hich are also in this group.
IT/ Figures for reportingg*oup °nly; no national estimates.
"12/ In addition to seasonal adjustments of series under II, 1 and 2, above.
"13/ Survey in cooperaticn with Fodoral Deposit Insurance Corporation. For member banks data were collected
"""and tabulated by tha Federal Reserve System; for insured nonmember banks, by the Federal Deposit Insurance
Corporation, Size of sample is total reporting group.
14/ Survey not yet completed.
15/ Collection of information and tabulation performed for Board by an outside (private) agency.
T§/ Data collected by Federal Reserve Banks in accordance with Treasury regulation of November 12, 1934,
T y Data collected by Federal Reserve Bank of New York.
Note. - This appendix includes the major series originating with the Board of Governors that are made
available to the public..
APPENDIX B
CHRONOLOGICAL RECORD REQUESTED IN ITEM 2 OF NATIONAL BUREAU INQUIRY
The following tabulation shews the total budgets of the Divisions
of Research and Statistics and of Bank Operations and the personnel employed,
as requested, for the years 1929, 193U, ani 1939-^7. Thore has been no
attempt to separate these figures as between statistical and other activities,
Calendar
Year
Division of
Research and Statistics
lluiaber of .
Total
employee s j /
budget
1929
$117,328
193U
152,968
1939
19U0
19U1
19U2
19U3
293,665
358,981
365.583
356,eou
19I4U
U;9,702
52i|a754
19U5
19U6
19U7
^/629,9i|.O
2/773,210
2/J533,9^2
.
Division of
Bank Operations
Total
Number of *
budget
er.pl oyeeai/
37
$ 80,l;31
27
Us
131,707
51
103
1U5.8U9
iUi,oU8
U3
120
120
113
12U
130
125>
136
15U
1147 $ 3ii.8
13U,512
139,765
li+1,171
1U9,275
18U,353
206,331
h\
Uh
36
3U
3U
37
hh
hi
l/ As of Decaniber 31.
2f Includes for work by an outside organization on the Survey of Consuner
Finances tha following amounts: 19^5 - s>7,50Oj 19U6 - 052,500; and 19U7 $119,891.
A chronological record of the major administrative and other
changes affecting the statistical services of the Board of Governors during
the last decade follows:
1938
Banking statistics general • Revised form of condition report for all banks
submitting reports to federal authorities adopted for use beginning
December 31, 1938, by each of the Fedsral agencies, together with
detailed instructions for the assistance of banks in compiling reports
of condition. This standardization resulted from v/ork extending over
several years.
Corporate bond statistics • Board of Governors began to cooperate, along
with othar public and private agencies, in a project conducted by
National Bureau of Economic Research to assemble data, beginning
for study of the characteristics and market behavior of corporate
bonds*
APP2NDIX B (COHTirtJED)
CHRONOLOGICAL RECORD (COI'TIFUSD)
Publication of statistics - Discontinuance of Icr.g edition of Annual Report
of Board of Governors, which included large number of statistical
tables* Data to be made available tc public in separate volune cr
monthly Bulletin*
1939
Number of banks and branches - First publication of regular series*
Bank rates on commercial loans • Basic revision of customer rate scries (bank
rates on business loans}*
Industrial production - Indexes of durable and nondurable manufactures
published.
Chart books - Federal Reserve charts on bank credit, money rates, and
business first made available to public.
1940
Industrial production - Few index (basic revision) published.
International financial statistics - Revised data published for gold reserves
of central banks and governments.
Government bond prices •» Nevv- indexes published.
Mechanical tabulation - Arrangement made with Federal Deposit Insurance
Corporation to have certain tabulations made with their machine
installation.
Department store sales « New weekly index of sales published.
Industrial production • Further revisions published,
1*2
Banking statistics general - Substantial revisions in reports required of
banks: year-end reports on condition reduced one-half; earnings and
dividend reports revised and simplified; bank debits reports changed
from weekly to monthly basis end reporting proup expanded.
Commercial loans of member banks - Special survey of commercial loans made
during period Apr. 16-May 15, 191*2.
Consumer credit statistics * Statistics taken over from Department of
Commerce, Consumer loans of commercial banks — collection and
tabulation of statistics centralized.
- 3 APPENDIX B (COl'TIFUED)
CHRONOLOGICAL RECORD (C
Chart books - Industrial production chart book published.
Organization •• Regional research program initiated in part to coordinate
research and statistical work of the Federal Reserve System,
19U3
Deposit ovmership • First and second survoy of deposit ownership, as of
Jan 31 and July 31*
Bank debits - Reporting group expanded*
Consumer credit - First retail credit survey (taken over from Department
of Commerce),
Industrial production • Index revised to take account cf war production and
its effect on basic data.
Banking statistics general - Publication of basebook, Banking and Monetary
Statistic^, Bulletin tables revised to increase Imormaticn on
current changes in condition of all banks and in nation's money
supply.
Consumer credit statistics - Revisions in series. Further revisions were
published 'in'each' of the years
Department store salas - Revised monthly indexes and revised weekly index.
Government securities - Revised figures for certain yields and revised
price series*
Business financial data • Joint project undertaken with Robert llorris
Associat-33 to 'secure incone and balance sheet data, 1939* f° r
medium-sized, and small concerns in manufacturing and trade.
Consumer finances - Experimental survey cf liquid asset holdings.
Liquid asset holdings of irdividuals and businesses - Semi-annual estimates
beginning December 1939»
""""*""
- hAPPENDIX B '(CONTINUED)
CHROKOLOGICAL R2CGRD (CONTINUED)
Consumer finances - First national survey of liquid assets.
Business loans of banks - Survey cf outstanding business loans oT member
bank3, November 20, 191*6,
Department store stocks - Revised indexes by na.jor departments,
19U7
Bank loans to farmers - Survey of outstanding commercial bank loans in
i^ cooperation with Federal Deposit Insurance Corporation,
Deposit ownership - July Jl survey omitted.
Banking statistics general - Further improvementsJ (a) Weekly reporting
member bank series — coverage increased and improved; (b) All bank
data — single semi-annual ssries of assets and liabilities replaodd
thrse series previously compiled and published separately by the three
agencies; new monthly series (partly estimated) of assets and liabilities of all banks and principal classes of banks published by Board
of Governors,
Money flows through the economy - Special project to construct current
measurements using accounting techniques.
Government securities - Certain yield series revised.
Business financial data - Joint project with Robert llorris Associates
discontinued.
Chart books - Federal Reserve charts on Bank Credit, Money Rates, and
Business Issued monthly. Federal Reserve charts on Consumer Credit
made available to public.
Mechanical tabulation - liachine tabulating equipment installed.
attached_.toajfee.p,ort^ of tl;e national ^UTjeeuA of Ecoaoffdc
on the Statistical Activitfes of the Board of Governors
Organizations charts
Board of Governors of the Federal Reserve System, i/!ay
Division of Research and Statistics, December 3# 19U7
Division of Bank Operations, November 1$, 191+7
Federal Reserve Act as amended
Federal Reserve System -- Ita Purposes and Functions
Uses Kade of the Call Report by the Federal Reserve System
The Federal Reserve Chart Book as an Aid to Bank Manageasent — reprint for
Bulletin for April 19US
Annual Report for 1958
Banking and ifonetary Statistics
Federal Keserve Bulletin for June I9I4B
Call Report
Chart Book
Federal Reserve Publications — reprint from Bulletin for December 19U7
Sajnple set of releases and publications bearing on statistical activities
@FedFRASER