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MoidMu
FEDERAL RESERVE B A N K OF S A N F R A N C I S C O
APRIL
1948
REVIEW OF BUSINESS CONDITIONS— TWELFTH DISTRICT
h e b u s in e s s
situation in the Twelfth District during
T the first quarter of 1948 was one of mixed character
istics. Bank loans continued to rise, but at significantly
slower rates than in the last quarter of 1947 and in the
corresponding period a year ago. Evidence of a slacken
ing of retail trade appeared, and pre-Easter sales were
slightly below those of last year. At the same time, basic
District industries operated at a high level. The volume
of building permits issued in January and February indi
cated greater construction activity than in early 1947.
Lumber production continued to expand, and Califor
nia crude oil production reached a new peak in March.
January and February freight carloadings in the District,
however, were slightly below those of the first two months
of 1947. Power restrictions, which had required a 20 per
cent curtailment in electric power consumption in north
ern and central California, and similar restrictions in
western Nevada, were suspended on April 12.
Banking and Credit
Twelfth District member bank reserves decreased in
the first quarter of this year, as they did in the correspond
ing period a year ago. The principal factor responsible
for this decline in both of these years was an excess of
Treasury receipts in the District over Treasury disburse
ments. This excess was much larger in the first quarter
of this year than in the corresponding period of 1947
primarily because of the retirement in 1948 of substan
tially more public debt held by the Federal Reserve Sys
tem than occurred in the same period last year. The re
tirement of debt held outside the System restores bank
reserves previously drained off by tax collections and
other types of payments.
Usually the District loses bank reserves throughout the
year as the result of an excess of interdistrict payments,
other than on Treasury account, over receipts. This has
not been the case, however, in the first three months of
this year. Instead, there has been an excess of such re
ceipts over expenditures, due primarily to the sale of se
curities by banks in markets outside the District in order
to meet the drain on reserves caused by Treasury opera
tions. The usual post-holiday decline in currency in cir
culation was the other major factor augmenting bank
reserves in the first quarter.
District deposits down
Total deposits in District member banks declined sub
stantially in the first quarter of this year, primarily be
cause of income tax payments. Demand deposits ad
justed declined 4 percent in the first quarter. This is a
relatively smaller decline than occurred in the correspond
ing period last year, and at the end of the quarter these
deposits were about 1.5 percent above the level of a year
ago. Time deposits, however, grew at the same rate as
D E P O S IT S , U . S. G O V E R N M E N T S E C U R IT IE S , A N D L O A N S —
T W E L F T H D IS T R I C T M E M B E R B A N K S , 1947-48
Biilions of
D olla rs
Billions of
D o llars
34
FEDERAL RESERVE B A N K OF S A N F R A N C ISCO
in the first quarter of 1947. At the end of March they
were about one percent larger than at the start of the
quarter, and about 4 percent larger than a year ago.
Although Government security holdings of District
member banks increased somewhat in January, this in
crease was more than offset by the decline in February
as banks sold securities to obtain reserves. A further de
crease occurred in March, partly as a result of the fact
that maturing issues of certificates of indebtedness and
Treasury bonds were not entirely exchanged for a new
issue of 1Ys percent certificates, and consequently were
paid off in cash.
Loans up only slightly, but increase greater in District than
in United States
In the first quarter of 1948, total loans of all member
banks increased about 3 percent in the Twelfth District,
compared with an increase of less than 2 percent in the
country as a whole, both of these rates being substan
tially below those for the last quarter of 1947. Somewhat
smaller increases, particularly for the country as a whole,
occurred in the total loans of weekly reporting member
banks. Commercial, industrial, and agricultural loans of
District weekly reporting member banks registered a net
gain in this period despite a somewhat irregular move
ment during the last six weeks of the quarter. The move
ment of these loans was especially irregular in the weekly
reporting member banks in the country as a whole, and
by the end of March they were less in amount than at the
start of the year.
Real estate loans, on the other hand, rose continu
ously throughout the period in both the District and the
United States, and accounted for the bulk of the dollar
increase in total loans. Since the growth in total loans did
not equal the decline in security holdings, total loans and
investments of member banks experienced a slight de
cline in the District and a somewhat larger one in the
United States.
The trends of total loans, investments, and deposits of
District member banks displayed some interesting differ
ences by states during the first three months of this year.
Total investments and total deposits declined in every
state of the District except Arizona, where each in
creased significantly. The bulk of the dollar increase in
member bank loans occurred in California, while Ne
vada and Idaho member banks had the largest percentage
increases. Oregon and Washington member banks, on the
other hand, had little change in total loans, as was also
the case in the corresponding period a year ago. Member
banks in these two states had the smallest percentage in
creases in loans among the states of the District for the
entire year 1947.
Loan increase less than last year
The percentage increase in total loans of member banks
during the first quarter of this year was only about twofifths as large in the Twelfth District as in the correspond
ing period a year ago, and one-half as large in the country
as a whole. The rate of increase this year was less in both
A p ril 1948
the District and the United States for nearly all major
categories of loans, but particularly for commercial, in
dustrial and agricultural loans, according to weekly
member bank reports. The retarded rate of increase in
loans compared to a year ago is the result of a number of
factors. Among the more important of these are the drain
of Treasury operations on bank reserves and a somewhat
more selective bank credit policy. Other factors which
may have had some restrictive effect are higher interest
rates and the differences in price movements in the two
periods.
Restrictive effect of debt retirement
The drain upon bank reserves arising from Treasury
operations has probably been the most important restric
tive factor in the first quarter of 1948. The Federal budget
surplus for the first nine months of the fiscal year starting
July 1, 1947 reached an all-time high of $7.8 billion, of
which $6.1 billion arose in the first quarter of this year.
President Truman estimated in his January Budget Mes
sage that the budget surplus for the entire fiscal year
ending June 30,1948 would equal $7.5 billion. The budget
surplus realized in the first three months of 1947 totaled
$3.3 billion, only slightly more than half as large as the
surplus in the corresponding period of this year. The
surplus for the entire fiscal year ending June 30, 1947
was $754 million.
Of the $6.1 billion budget surplus for the first quarter
of this year, $4.4 billion were used to retire marketable
public debt, of which about $3.5 billion were held by
the Federal Reserve Banks. The balance went into the
Treasury’s general fund, which totaled $5.4 billion at
the end of March. The retirement of public debt held by
the Federal Reserve Banks does not restore bank re
serves, as does the redemption of other marketable public
debt. In the first quarter of 1947, although $4.1 billion of
marketable public debt were retired, only about $550
million of that amount were held by the Federal Reserve
Banks.
Credit restriction by banks
Another factor of importance is the reported adoption
by bankers of a somewhat more selective credit policy
with respect to granting new loans. This may reflect the
bankers’ own concern over the declining ratio of capital
to loans, measures of monetary restraint taken by the
Federal Reserve System and the Treasury, and the pro
gram of voluntary restraint sponsored by the American
Bankers Association. Bankers generally report that they
are taking care of the sound credit needs of established
customers, although they are limiting loan expansion
somewhat, particularly to non-customers. In the case of
certain lines of activity, they are particularly reluctant to
grant new loans for the financing of large inventories.
A higher level of interest rates on Governments, and a
higher Federal Reserve Bank rediscount rate, have made
it more costly for member banks to secure additional re
serves to serve as the basis for additional loans. There
may also have been some firming in the interest rates
charged by member banks on their loans, but the extent
of this movement is not known accurately. The quarterly
reports on interest rates charged by Twelfth District
banks on commercial and industrial loans do not show
any significant increase in the average rate for the first
quarter of this year compared with either the correspond
ing period a year ago or the last quarter of 1947.1
Another factor which has probably exercised some in
fluence on the trends of loans in the first quarters of 1947
and 1948 is the difference in the direction of wholesale
price movements in those two periods. The wholesale
price index of all commodities, and the indexes of most
groups of commodities, rose significantly in the first quar
ter of 1947. In the corresponding period of this year the
movement of the wholesale price index of all commodities
was slightly downward, influenced largely by the price
declines in farm and food products. A stable or down
ward price trend does not require increasing amounts of
credit to finance the same physical volume of business.
Furthermore, uncertainties in the business outlook earlier
this year may have diminished the demand for loans as
well as discouraged the granting of additional credit.
Industry and Trade
Evidence of a slackening in district retail trade affect
ing a wide variety of consumer goods appeared during
the first part of this year. The dollar volume of furniture
store sales was smaller in February this year than in
February 1947. This was the first year-period sales de
cline registered in this bank’s furniture store series since
September 1945. A marked change in behavior was also
apparent in this bank’s department store series. January
sales of housefurnishings were only slightly ahead of the
corresponding month in 1947, and the February volume
declined from a year ago. For the first time since mid1944, sales of major household appliances at department
stores were less than in the corresponding period of the
previous year. Radios, furniture and bedding, linoleum
floor coverings, draperies and allied products also con
tributed to the over-all decline in sales of housefurnish
ings.
Total department store sales, though somewhat greater
in the first two months of this year than in the correspond
ing period last year, were below the peak level attained
in December on a seasonally adjusted basis. Easter trade
during the four weeks preceding Easter Sunday was
slightly below the volume of the comparable four weeks
in 1947. Chain store sales, which tended to increase at a
greater rate than independent store sales last year, con
tinued to increase relative to independent store sales.
Similarly, the trend apparent in 1947 toward increased
basement store buying continued into the early part of
the year. The movement was more marked, however,
than during 1947.
Department store stocks, after a seasonal decline in
December, have risen sharply. At the end of February,
not only did they exceed the levels of January and Feb1 S in ce this rate is an averag e rate fo r all n ew loans m ade in a 15-day p e rio d ,
it is affected b y the size o f loan and the typ e o f b o r r o w e r , and the distrib u
tion o f these ch a racteristics m a y va ry fo r d iffe re n t re p o rtin g periods.
35
M O N T H L Y REVIEW
April 1948
ruary 1947, but, after allowing for differences in seasons,
were at an all-time high. The dollar amount of stocks at
the end of February was over three and a half times as
large as sales during the month, the largest supply of
stocks relative to sales since August 1942. That the trade
may be attempting to reduce this large volume of goods
on hand is indicated by a sharp drop during February in
orders outstanding, which brought them below their level
of a year earlier.
S elected T w e l f t h
D is t r ic t R e t a i l T r a d e D a t a
V a lu e in F e b ru a ry 1948 co m p a re d w ith F e b ru a ry 1947
Percent
change
F u rn itu re stores— total s a l e s ..................................................................................
—
4
D ep a rtm en t stores
A ll r e p o rtin g stores ..............................................................................................
+
1
T o ta l store sales (3 8 indepen d en t s t o r e s ) ..................................................
M a in store ............................................................................................................
P ie ce g o o d s .....................................................................................................
Sm allw ares .....................................................................................................
W o m e n ’s and m isses’ a ccessories .......................................................
W o m e n ’ s and m isses’ apparel ..............................................................
M e n ’s and b o y s ’ w e a r ...............................................................................
H o u sefu rn ish in g s .........................................................................................
B a sem en t stores ................................................................................................
S tock s (a ll rep ortin g stores) ..........................................................................
O rd ers ou tsta n d in g (a ll r e p o rtin g stores) ................................................
—
—
—
—
—
-{—
—
-f+
—
3
4
11
8
4
1
6
3
7
4
7
A p p a rel stores— total sales
.................................................................................
— 4
Employment down slightly, but above 7947
Employment in the Twelfth District declined sea
sonally in February and March, although total employ
ment remained considerably higher than in the cor
responding months of 1947. Employment in retail trade
fell in most Twelfth District states. Factory payrolls in
California rose slightly in February, reflecting the steady
rise in wage scales evident for some time, and an increase
in manhours worked. In March both payrolls and manhours worked declined about 2 percent. In California,
the March decline in employment in such industries as
food, iron and steel, furniture, and rubber reflected in
some cases the reduction in activity caused by the power
shortage and material shortages. This decline was partly
offset by an increase in employment in other industries,
such as automobile assembly and stone, clay, and glass
products.
Building permits at high level
The issuance of an unusually large volume of building
permits in January and February promised a high level
of construction activity in the Twelfth District during at
least the early part of 1948. The value of total permits
issued in urban areas in the seven Twelfth District states
declined slightly in January and February, but the total
for the two months, $228 million, exceeded that of the
first two months of 1947 by 57 percent. New residential
permits, valued at $142 million, were 71 percent greater
in value than those issued during the same period last
year. Permits issued in California in January and Feb
ruary 1948, about four-fifths of the District total, repre
sented a value of about 62 percent higher than those of
January and February 1947. Nevada, with a decline of
31 percent, is the only state in the District in which permit
valuations were not substantially higher than during the
first two months of 1947.
36
FEDERAL RESERVE B A N K OF S A N F R A N C ISC O
Lumber production up , orders down
The output of sawmills in the West Coast (Douglas
fir) region continued to increase during the first quarter
of 1948, when the estimated total production of more
than 2 billion board feet in this area exceeded that of
the first three months of 1947 by about 8 percent. Ship
ments for the period were about 6 percent higher than
last year, but orders were down 8 percent. Unfilled orders
at the end of March were 29 percent below those of a
year ago, and stocks were off about 2 percent. The decline
in orders may be attributed to lower orders for exports
during the first quarter of 1948, which were 73 percent
below such orders during the same period of 1947.
According to reports from 45 to 50 percent of the
mills, average prices on shipments advanced only mod
erately in January and February. However, average
prices on January shipments were 27 percent higher than
in January 1947, and those of February 1948 averaged
18 percent greater than a year earlier.
Petroleum output at new high
California oil fields attained in March a record output
exceeding even the wartime peak of 1945. Daily average
crude oil production reached 944,100 barrels during the
week ended March 20, 1948, and rose in the following
week to 945,100 barrels, which was 46,500 barrels daily
above the comparable week in 1947. The previous peak
of about 942,000 barrels a day was reached in May 1945.
At that time the Elk Hills naval reserve was in active
production with an average daily output of around 62,000
barrels. Recently the Elk Hills field wras substantially
shut in to a level of about 7,500 barrels a day. During
the first quarter of 1948 crude oil production in Califor
nia averaged over 933,000 barrels a day, more than 4 per
cent higher than in the first'three months of 1947.
Carloadings below last year
Rail freight shipments in the Twelfth District began
1948 at a level somewhat below that of early 1947. Janu
ary carloadings were slightly higher than those of De
cember 1947, but a substantial decline occurred in Febru
ary. Total carloadings in January and February 1948
were about 4 percent lower than in the first two months
of 1947. Principal declines, relative to January and Feb
ruary 1947, occurred in carloadings of grain and ore.
Electric Power Situation in Northern California
On April 12 the electric power curtailment orders, in
effect in Central and Northern California since March
16, were suspended until June 1 by order of the state
Emergency Power Director. Remaining controls on new
connections were dropped later, effective May 1. Controls
on power consumption in western Nevada were lifted at
the same time.
The power shortage had resulted from a serious lack
of rainfall affecting much of California, western Ne
vada, and parts of Arizona, together with an in
creased demand for power. The effects of the drought
were felt in terms of a shortage of water and hydroelectric
A p ril 1948
power. Agriculture was affected by both shortages, while
industry was affected principally by the power shortage.
In California, the Public Utilities Commission, after
a series of emergency orders in late February and early
March, appointed on March 16 an Emergency Power
Director who immediately issued comprehensive regu
lations designed to reduce electric power consumption by
20 percent in Central and Northern California, the areas
of the state afflicted with a power shortage. These regu
lations drastically curtailed and in some cases prohibited
the use of electricity for non-essential lighting purposes,
limited the installation of new and expanded facilities,
and in general limited users of electric energy for resi
dential, agricultural, and other services to 80 percent of
their consumption during corresponding periods of 1947.
Daylight-saving time went into effect in California on
March 14 as a power conservation measure, and was ex
pected to save about 233 million kilowatt hours during
the remainder of 1948 (about 9 percent of the 1948 power
shortage then estimated by the California Public Utilities
Commission at 2.5 billion kilowatt hours). A transfer of
80,000 additional kilowatts from the Southern California
pool early in April (making a total of 200,000 kilowatts
from this source) furnished significant relief for central
and northern areas of the state. Effective generating
capacity was increased by 75,000 kilowatts in the middle
of April, when arrangements were made to distribute the
power from the third generator at Shasta Dam where the
reservoir was filled to a record level by the late precipita
tion. A new 75,000 kilowatt steam plant near Bakers
field was scheduled to begin operations late in April.
At the time of the order of April 12 recent heavy snow
and rain had substantially increased the snow pack and
the volume of water in reservoirs, and reduced pumping
for irrigation. It thus seemed appropriate to relax the
curtailment orders until June 1. It was pointed out, how
ever, that a deterioration of the power outlook might
require a resumption of curtailment measures, and that
relief from these restrictions depends upon continuation
of daylight-saving time and deliveries of power from
Southern California for the remainder of the year, no
reduction in deliveries of power from Shasta Dam, and
continued voluntary conservation in the use of electricity.
As a result of the drought, some reduction in yields
and acreage may be expected in dry-land farming areas.
In irrigated areas the principal result will be higher costs
of production because of increased pumping. Early drying
up of pastures and ranges resulted in the shifting of con
siderable numbers of livestock to more plentiful feed areas
within the state. There is evidence also that many farmers
made shifts to crops requiring less water. It is doubtful
that this year’s total agricultural output will be substan
tially below 1947, although growers’ 1948 expectations,
which were based upon expanded acreage of many crops,
may not be fully realized. While the power restrictions
were in effect, production and employment in numerous
industries were adversely affected to some extent, but it
is not yet possible to assess the effects of the restrictions
on industrial activity.
A pril 1948
36A
M O N TH LY REVIEW
BUSINESS INDEXES—TWELFTH DISTRICT
(1935-39 average = 100 *)
I n d u s tr ia l p r o d u c tio n
(p h y sic a l v o lu m e )2
Year
and
m onth
P e tr o le u m *
L um ber
Ad
ju ste d
U nad
ju ste d
148
1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.
1945.
1946.
1947_
112
77
46
62
67
83
106
113
88
110
120
140
140
133
138
108
118
139
C rude
R e fin e d
U nad
ju ste d
U nad
ju ste d
121
89
99
104
93
93
96
103
118
129
135
131
138
193
168
140
134
127
123
140
154
163
159
160
158
172
175
194
226
243
219
239
95
78
74
72
73
86
W h eat
flo u r
C em en t
Adju ste d
U nad
ju ste d
110
92
114
124
164
194
160
128
131
165
193
136
137
137
138
139
139
139
139
140
141
140
227
231
234
243
240
236
254
254
247
246
241
182
207
193
193
186
184
185
193
187
205
215
202
195
201
1948
January. _
February.
174
189
116
133
141
141
248
251
218
207
M e r c h a n d is e
and
m is c e lla n e o u s
T o ta l
Ad
ju ste d
1929______________
1930______________
1931______________
1932______________
1933______________
1934______________
1935
_______
1 9 3 6 ._____ _______
1937...........................
193 8
1939
_
___
1940
_________
194 1
................
1942
1943______________
1944...........................
1945
...............
1946................... ..
1947______________
U nad
ju ste d
Ad
ju ste d
U nad
ju ste d
C a lifo r n ia
Adju s te d
O th e r
Ad
ju ste d
Ad
ju ste d
U nad
ju ste d
111
100
112
93
73
54
53
64
78
96
115
136
167
214
231
219
219
256
96
104
118
155
230
306
295
229
175
184
134
224
460
705
694
497
339
401
102
112
122
101
110
200
249
252
254
251
251
252
252
259
260
263
275
244
248
252
253
257
262
263
259
253
258
271
184r
183
184
183
182
181
183
184
187
188r
188
183
182
184
183
182
181
183
185
187
188
188
387
390
392
392
394
392
408
411
418
419
423
384
389
392
394
396
392
410
412
423
420
423
188
188
114
104
278
283
275
278
186p
185p
186p
185p
420
418
413
415
207
203
199
D is t r ic t
U nad
ju ste d
U nad
ju ste d
83
84
82
73
73
79
85
96
105
D e p a r tm e n t s to r e s a le s
( v a l u e ) 2»7
114
105
89
74
70
81
85
97
102
90
96
99
116
121
119
130
131
132
132
112
96
75
57
58
66
72
85
90
79
85
90
105
113
109
115
110
111
117
U nad
ju s te d
147
141
133
129
138
126
125
123
133
133
116
166
190
196
195
C a r lo a d in g s
(n u m b e r )3
Y ear
and
m o n th
95
94
96
99
96
107
103
103
104
115
119
132
128
133
68
112
123
134
150
150
139
157
153
151
146
133
Ad
ju ste d
100
101
89
88
117
172
142
132
129
131
125
130
130
139
153
178
E le c t r ic p o w e r
106
96
74
48
54
70
1947
February
M arch _____
A p r il--------M a y ---------J u n e ______
Ju ly_______
A u g u s t ____
September .
October____
N ovem ber..
December _.
120
U nad
ju ste d
F a cto ry
p a y r o lls 4
T o ta l
m a n u f a c t u r in g
e m p lo y m e n t4
Ad
ju ste d
109
84
57
37
43
48
56
70
75
65
72
79
91
103
97
97
83
86
98
U nad
ju ste d
D e p t, sto r e
s t o c k s ( v a l u e ) *>7
C a li
fo r n ia
P a c if ic
N o r th
w est
U ta h
& So.
Id aho
Ad
ju ste d
Ad
ju ste d
Ad
ju ste d
112
104
92
69
66
74
86
99
106
101
109
119
139
171
203
223
247
305
330
104
99
91
70
67
73
86
98
105
101
110
120
138
164
196
221
225
307
329
140
123
101
72
68
77
86
100
105
100
109
118
147
189
219
232
252
312
336
97
89
83
61
64
77
89
100
106
99
106
115
135
177
232
250
280
348
351
R e ta il
fo o d
p r ic e s '
D is tr ic t
Ad
ju ste d
U nad
ju ste d
U nad
ju ste d
134
127
110
86
78
83
88
96
108
101
107
114
137
190
174
178
182
235
295
1 32,0
1 24.8
1 04.0
8 9 .8
8 6 .8
9 3 .2
9 9 .6
100.3
10 4 .5
9 9 .0
9 6 .9
9 7 .6
107.9
1 30.9
143.4
142.1
14 6 .3
167.4
2 0 0 .3
1947
February __________
M arch ______________
A p r il________________
M a y ____________ ___
J u n e ________________
Ju ly...............................
A u g u s t _____________
S eptem ber_________
October_____________
November___________
December__________
134
117
120
112
115
122
108
108
109
113r
120
111
109
117
112
124
124
125
124
128
114
106
150
129
130
131
134
133
129
121
122
129
134
125
120
122
123
142
142
145
142
147
129
119
113
103
108
88
91
107
82
91
92
94
103
93
96
111
98
101
102
100
101
103
95
90
311
319
320
325
330
327
348
336
333
339
352
281
300
302
302
299
278
308
336
343
410
554
308
316
320
325
332
328
355
338
331
339
357
320
325
321
332
333
332
345
340
348
344
353
343
366
355
340
343
350
361
341
343
360
358
325
331
307
285
282
270
248
257
287
319
342
286
308
304
296
287
286
273
290
318
338
280
1 93.5
19 6 .6
1 97.8
197.3
19 4 .8
1 96.5
197.9
2 0 6 .6
2 0 4 .8
20 9 .4
2 1 3 .0
1948
January_____________
February---------- —
134
124
107
102
148
162
125
134
117
76
84
62
339r
319
274r
288
33 6r
329
349r
305
380
321
352
366
310
321
2 1 5 .4
2 1 3 .0
1
The terms “ adjusted” and “ unadjusted” refer to adjustment of monthly figures for seasonal variation. Excepting department store statistics, all indexes
are based upon data from outside sources, as follows: Lumber, various lumber trade associations; Petroleum and Cement, U.S. Bureau of Mines; W heat flour,
U.S. Bureau of the Census; Electric power, Federal Power Commission; Manufacturing employment, U.S. Bureau of Labor Statistics and cooperating state agen
cies; Factory payrolls, California State Division of Labor Statistics and Research; Retail food prices, U.S. Bureau of Labor Statistics; and Carloadings, various
railroads and railroad associations.
* Daily average.
* 1923-25 daily average = 1 0 0 .
4 Excludes fish, fruit and vegetable canning. Factory payrolls index covers wage earners only.
» A t retail, end of month or end of year.
6 Los Angeles, San Francisco, and Seattle indexes combined.
v — preliminary.
r— revised.
7 Revised Series. See Monthly Review for February and March, 1948.
36B
A pril 1948
FEDERAL RESERVE 13ANK OF S A N FRA NC ISCO
BANKING AND CREDIT STATISTICS—TWELFTH DISTRICT
(amounts in millions of dollars)
C o n d it io n it e m s o f a ll m e m b e r b a n k s 1
Year
and
m onth
L o a n s a n d d is c o u n ts
C o m l., in d .
& a g r ie .
T o ta l
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
2,239
2,218
1,898
1,570
1,486
1,469
1,537
1,682
1,871
1,869
1,967
2,130
2,451
2,170
2,106
2,254
2,663
4,068
5,363
1947
March
April
M ay
June
July
August
September
October
November
December
4,364
4,479
4,558
4,658
4,755
4,879
4,997
5,158
5,240
5,363
1948
January
February
March
5,413
5,467
5,510
F o r p u r c h ..
c a r r y ’g s e c s .
In v e stm e n ts
R eal e sta te
A ll o t h e r
U . S . G o v ’t
s e c u r it ie s
647
721
711
635
668
670
662
686
663
664
735
933
870
934
956
1,103
1,882
2,338
730
798
864
931
82
76
65
59
51
62
184
343
195
327
362
399
460
275
1,000
974
899
885
908
1,431
2,153
121
211
228
309
560
750
2,047
134
1,828
649
2,338
121
2,153
750
A ll o t h e r
s e c u r it ie s
D em and
d e p o s it s
a d j u s t e d 2»3
T im e
d e p o s it s
(e x c e p t U .S .
G o v * t) 3
U . S . G o v ’t
d e p o s it s 3
495
467
547
601
720
1,064
1,275
1,334
1,270
1,323
1,450
1,482
1,738
3,630
6,235
8,263
10,450
8,426
7,243
458
561
560
528
510
575
587
614
498
486
524
590
541
538
557
698
795
908
872
1.389
1,791
1,740
1,781
1,983
2.390
2,893
4,356
5,998
6,950
8,203
8,821
8,928
7,909
7,677
7,662
7,370
7,375
7,353
7,364
7.361
7.361
7,243
894
876
862
871
874
871
889
896
884
872
8,327
8,334
8,260
8,297
8,366
8,462
8,600
8,722
8,797
8,928r
5,820
5,837
5,851
5.908
5,888
5,887
5.909
5,949
5,907
5,988
396
286
235
103
148
208
216
*192
205
127 r
7,264
7,021
6,945
848
833
846
8,854
8,495
8,452
6,006
6,048
6,029
i:>9r
190;’
246
1,234
1,158
984
840
951
1,201
1,776
1,915
1,667
1,515
1,453
1,759
2,006
2,078
2,164
2,212
2,263
2,351
2,417
2,603
3,197
4,127
5,194
5,781
5,988
36
49
99
148
233
228
167
96
90
127
118
68
144
307
842
1,442
2,050
303
148
M e m b e r b a n k re serv e s a n d r e la te d it e m s 4
Y ear
and
m o n th
R eserve
b a n k c r e d it5
C o m m e r c ia l
o p e r a t io n s 5
T reasu ry
o p e r a t io n s 5
C o in a n d c u r r e n c y
in c ir c u la t io n
F .R . n o t e s o f
F .R .B . o f S .F .
T o ta l
4+
+
44+
-b
44+
4444-
6
16
48
30
18
4
14
38
3
20
31
96
227
643
708
789
545
326
206
189
186
231
227
213
211
280
335
343
361
388
493
700
1,279
1,937
2,699
3,219
2,871
2,639
175
183
147
142
185
242
287
479
549
565
584
754
930
1,232
1,462
1,706
2,033
2,094
2,202
171
180
154
135
142
172
201
351
470
418
459
515
720
1,025
1,343
1,598
1,878
2,051
2,085
4
5
4
8
37
84
100
119
70
142
138
257
245
262
103
104
136
59
70
146
126
97
68
63
72
87
102
111
98
102
110
134
165
211
237
260
298
326
-b
4-
30
18
10
13
23
23
10
16
3
18
2,735
2,716
2,714
2,695
2,669
2,685
2,675
2,656
2,653
2,639
2,003
1,997
1,993
1,992
1,963
2,078
2,095
2,137
2,130
2,202
1,910
1,931
1,934
1,944
1,956
1,985
2,028
2,046
2,059
2,085
61
63
59
51
60
62
80
77
65
70
332
309
297
322
305
322
325
346
344
365
-
113
2
37
2,541
2,532
2,497
2,113
2,045
2,066
2,086
2,037
2,001
83
57
64
352
354
347
T o ta l5
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947
March
April
M ay
June
July
August
September
October
November
December
1948
January
February
March
_
—
+
—
—
+
+
—
—
+
+
+
+
+
+
—
+
—
—
+
—
—
—
—
+
—
—
+
+
34
16
21
42
2
7
2
6
1
3
2
2
4
107
214
98
76
9
302
0
53
154
175
110
198
163
227
90
240
192
148
596
- 1 ,9 8 0
- 3 ,7 5 1
- 3 ,5 3 4
- 3 ,7 4 3
- 1 ,6 0 7
_ 443
+
23
+
89
+ 154
4- 234
+ 150
4- 257
4- 219
+ 454
4* 157
+ 276
b 245
- 420
- 1,000
-2,826
-4,486
-4,483
-4,682
-1,329
b 630
62
2
34
21
234
48
87
23
4
25
+
+
-
3
69
14
41
213
78
85
39
0
5
4+
+
+
4444+
50
47
49
7
381
124
172
35
33
49
14
20
49
+
+
+
48
153
29
-
253
244
19
B a n k d e b it s
in d e x
31 c i t i e s 7
R eserves'
R e q u ir e d
E xcess
U n a d ju sted
1 Annual figures are as of end of year; monthly figures are as of last Wednesday in month or, where applicable, as of call report date.
2 Demand deposits, excluding interbank and U.S. G ov’t deposits, less cash items in process of collection.
3 M onthly data partly estimated.
4 End of year and end of month figures.
5 Changes only.
6 Total reserves are as of end of year or month. Required and excess: monthly figures are daily averages, annual figures are December daily averages.
7 Debits to total deposit accounts, excluding interbank deposits. 1935-39 daily average = 100.
p— preliminary.
r— revised.
@FedFRASER