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Reviens
Monthly
FEDERAL
RESERVE
BANK
MAY
OF
SAN
F R A N C ISC O
1948
RETAIL CREDIT SURVEY— 1947
sales rose markedly and total sales varied con
siderably among nine retail lines in the Twelfth Dis
trict during 1947. Total sales increased especially in major
durable goods. The behavior of credit sales, accounts re
ceivable, and bad debt losses of the retailers included
in this survey reveals that consumers used more credit
during 1947 but experienced little difficulty in meeting
the obligations incurred. Except for three lines, inven
tories were greater at the end of 1947 than a year earlier.
Because of a continued strong demand from consumers,
however, most retailers were able to maintain or improve
their turnover.
The foregoing conclusions are based on reports sub
mitted for more than 1,000 retail stores in the Twelfth
District. This is the sixth annual retail credit survey con
ducted by the Federal Reserve System covering the oper
ation s^ credit-granting retailers. A report covering each
line of business, giving details by size and cities and areas
for which sufficient reports were received to permit publi
cation of data, is available upon request.
r e d it
C
Changes in total sales varied markedly
The dollar volume of sales for all retail lines in this
survey, except jewelry and women’s apparel stores, in
creased during 1947, but experience varied widely. As
might well have been expected, the most outstanding
gains occurred in stores selling major consumer durable
goods, especially automobiles and household appliances.
Furniture stores and hardware stores also improved their
sales substantially during 1947.
Lines other than major durable goods reported less
favorable sales results. The dollar volume of sales de
clined for jewelry and women’s apparel stores. Though
dollar sales increased for department stores, automobile
R e t a il
S ales
by
tire and accessory stores, and men’s clothing stores, the
percentage increases over 1946 were smaller than the in
crease in prices for most goods sold by such stores. This
suggests a decline in the physical volume of such sales.
More credit used in 1947
Led by the expansion of instalment sales, credit sales
became more important in total sales during 1947. This
continued the 1946 experience except for two lines—
automobile dealers and automobile tire and accessory
stores— which reported the first increase in the ratio of
credit sales since 1942. The shift toward a larger propor
tion of credit sales, particularly instalment, was consider
ably more pronounced in 1947 than in 1946. Several fac
tors were responsible for this shift. During 1947 prices
increased somewhat faster than salaries and wages, the
principal sources of consumer incomes. Since people were
buying more consumer durable goods which require con
siderable outlays, they needed more credit. Toward the
end of the year, the abandonment of restrictions on in
stalment sales permitted easier credit terms. Instalment
sales rose in importance for all lines.
The ratio of cash sales to total sales declined for all lines
between 1946 and 1947. Despite this decline the propor
tion of sales made for cash was larger than in 1941, the
last prewar year. Automobile tire and accessory stores,
household appliance stores, hardware stores, and jewelry
stores reported cash sales ratios far above those in 1941.
Accounts receivable increased substantially
During 1947 collections on accounts receivable were
slower than in 1946. This is evident from the greater
increase in accounts receivable than in credit sales for
each line. Four of the nine lines— automobile dealers,
T y p e of P a y m e n t — T w e l f t h
D is t r ic t
1947 compared with 1946
Kind of store
Department1 ......................................
Furniture ...........................................
Hardware ...........................................
Household ap p lia n ce...................
Jewelry ................................................
M en’s c lo t h in g .................................
W om en ’s apparel ..........................
JN ot including national chains.
2 Less than ^ of 1 percent.
Number of
stores
reporting
. 125
. 246
, 102
99
52
35
48
55
38
Cash sales--------- .
Percent of
Percent
total sales
change
1947
1946
+45
46
48
— 2
72
75
— 7
52
57
24
30
+ 1
41
44
+ 2
+ 35
42
45
— 30
34
48
— 6
60
66
— 17
36
42
f-----
t— Regular
Percent
change
+ 36
— 9
+ 13
+ 25
+ 16
+ 28
+ 18
+ 21
+ 3
charge sales—s
Percent of
total sales
1947
1946
26
29
18
21
43
39
37
36
46
44
34
39
25
20
40
34
61
55
Instalment sales------ N
Percent of
total sales
1947
1946
28
23
10
4
5
4
39
34
12
13
18
126
24
16
23
41
32
67
14
Percent
change
+ 78
+ 146
+ 56
+ 39
+
+
+
+
+
38
M ay 1948
FEDERAL RESERVE B A N K OF SA N FRANCISCO
A c c o u n t s R e c e iv a b l e of R e t a i l E s t a b l i s h m e n t s — T w e l f t h
D is t r ic t
1947 compared with 1946
Number of
stores
reporting
. . 123
. . 246
97
62
51
35
48
54
37
Kind of store
Automobile dealers
Au to tire and accessory.
Department1 ......................
F u r n it u r e .............................
H a r d w a r e .............................
Household appliance . . .
Jewelry ................................
M en’s clothing .................
W om en ’s apparel ............
Percent
changejn
total
receivables
+ 78
+ 55
+ 18
+46
+27
+74
+ 69
+ 27
+ 11
Regular charge receivables— >
Percent of total
receivables
1947
1946
34
53
56
77
81
88
+ 9
41
37
+60
+29
81
80
47
64
+ 28
36
30
+ 40
99
99
+27
94
93
+ 10
Percent
change
+ 14
+ 13
Instalment receivables-----N
Percent of total
receivables
194 6
1947
66
47
23
44
19
12
59
63
19
20
21
53
36
154
64
70
85
1
1
135
6
26
7
Percent
change
+ 149
+ 191
+ 92
+ 38
+
+
+
+
+
JN ot including national chains.
automobile tire and accessory stores, furniture stores, and
household appliance stores— reported gains in accounts
receivable of over 50 percent from 1946. Instalment re
ceivables increased more rapidly than instalment sales,
and predominated in the rise of receivables in all lines
but furniture and hardware stores. Regular charge re
ceivables grew faster than regular charge sales for auto
mobile dealers, department stores, and household appli
ance stores.
The behavior of accounts receivable is a further indica
tion of the cash position of consumers in 1947 relative to
1946. In 1946 when prices rose rapidly and durable goods
reappeared on the market in considerable quantity, con
sumers still made large down payments on instalment
sales and paid the balance (both instalment and regular)
in relatively short periods. During 1947, however, down
payments on instalment sales appeared to be nearer the
legal minimum and repayment periods closer to the legal
maximum required by Regulation W . And after Regula
tion W terminated, on November 1, there was some
easing of instalment credit terms. Repayment on regular
charge accounts, which were removed from controls on
December 1, 1946, also slowed up for most lines.
Bad debt losses remained small
Though the behavior of credit sales and accounts re
ceivable indicates a tighter cash position of consumers,
bad debt losses of retail firms, examined by the Federal
Reserve System for the first time in the 1947 survey, were
very small relative to credit sales. The dollar amounts of
the losses were greater for all lines (except household ap
pliance stores) in 1947 than in 1946; but the ratio of total
bad debt losses to total credit sales increased in only four
of the nine lines— automobile tire and accessory stores,
hardware stores, and the two apparel lines. Even for these
B ad
D ebt L o sses
and
T otal
C r e d it
1947 compared with 1946
a N ot including national chains.
A4osf inventories increased
Despite the high level of stocks existing at the end of
1946, most lines increased the value of their inventories
during 1947. Supply conditions were considerably im
proved in a number of lines, making it possible to add
to stocks. The large increases in inventories reported by
household appliance dealers, hardware stores, and men’s
clothing stores indicates a substantial increase in goods
on hand as well as an increase in their dollar value. The
size of the increases in dollar inventories of automobile
dealers, furniture stores, and women’s apparel stores,
however, indicates that higher prices may have been the
most important factor in increasing their level over a year
earlier. Inventories appeared to stand in reasonable rela
tion to sales because of the favorable behavior of turnover
ratios for most lines.
Turnover ratios increased in five lines and declined
substantially in only two lines. The rate of turnover
improved for automobile dealers, furniture stores, and
household appliance stores, even though they reported
substantial inventory increases. Automobile tire and ac
cessory stores improved their turnover position chiefly
by reducing stocks. Men’s clothing stores and women’s
apparel stores reported marked declines in turnover.
Inventories for both lines increased substantially, but
men’s clothing store sales increased only 1 percent while
women’s apparel store sales declined 5 percent.
S ales— T w e lfth
R e t a il
D is t r ic t
Number
of stores
reporting
Kind of store
. 121
Automobile dealers
A u to tire and accessory'
245
66
Department1 .................
Furniture ......................
69
49
H a r d w a r e ......................
34
H ousehold appliance.
Jewelry ...........................
48
M en ’s clothing ..........
55
38
W o m e n ’s apparel . . .
retailers the loss ratios were less than 1 percent of sales
and the increase in the ratio was small. Jewelry firms had
the highest loss ratio, 1.3 percent, in both 1946 and 1947.
Examination of the data reveals that, except for furni
ture stores, bad debt losses on charge accounts increased
faster than regular charge sales. The reverse was true
for instalment bad debt losses, except for furniture stores
and jewelry stores.
,---- Percent change---- N
Total bad
Total
credit sales debt losses
+ 55
+ 50
+ 15
+ 77
+ 35
+ 19
+ 70
+ 30
+29
+ 17
+ 55
0
+ 21
+24
+22
+ 88
+ 57
+ 4
Ratio of total
bad debt
losses to total
credit sales
<—(in percent)—N
1947
1946
.2
.3
.7
.4
.4
.4
.2
.2
.5
.4
.2
.4
1.3
1.3
.5
.3
.4
.3
S ales
and
I n v e n t o r ie s — T w e l f t h
D is t r ic t
1947 compared with 1946
Percent
Number
Percent
change in
of stores change in inventories
Kind of store
reporting total sales at retail
. 165
+ 49
+ 17
Auto tire and accessory. . . .
252
— 14
+ 2
Department2 ...................
. 120
0
+ 3
Furniture ........................
160
+20
+ 16
H a r d w a r e ........................
75
+ 12
+ 29
66
+ 49
+ 40
Jewelry .................
58
— 7
0
M en’s clothing . .
71
+21
+ 1
W om en ’s apparel
53
— 5
+ 10
1 Sales during year divided by inventories at end of year.
2 N ot including national chains.
Inventory
turnover1
1947
1946
9.9
7 .7
4.4
4.1
4.9
4.7
3.0
2.9
4.2
3.7
4.4
4.1
1.9
2.0
4.3
3.6
4.5
5.2
39
M O N T H L Y REVIEW
May 1948
FRUIT AN D VEGETABLE C A N N IN G — TWELFTH DISTRICT
h e
f r u it
and vegetable canners of the Twelfth Dis
trict are entering the new packing season in a cautious,
T
though moderately optimistic, state of mind. Financial
results for most District canners in the 1947 season have
been satisfactory, although many of them packed less and
sold at lower prices than in the especially good year 1946.
While wholesalers and retailers are buying cautiously,
consumer demand for canned goods remains at a reason
ably high level. Inventories, though larger than in the
war years, are not considered excessive except for tomato
products and peas, although some canned fruit items,
notably mixed fruits, are in relatively large supply. E x
ports and Government purchases of some District canned
food products were curtailed in 1947, but procurement
for European aid and expanded military personnel may
reverse this trend. With the return to a buyer’s market
well under way, trade opinion tends to forecast District
packs in 1948 substantially below those of the past two
seasons, though probably up to the average of other recent
years.
Very large packs in 1946 and 1947
The almost phenomenal increase in production of
canned fruits and vegetables in the United States in recent
years apparently reached its climax in 1946. In that year
the aggregate pack of eight leading fruits and eight lead
ing vegetables totaled about 200 million cases— nearly
one-quarter more than the average of the two large packs
of 1944 and 1945. In 1947 the total output of the same
products dropped by about 11 percent to around 178
million cases, which was still well above the production
of any year prior to 1946.
The canning of fruit and vegetable juices has increased
in recent years even more rapidly than other canned food
production. Total juice packs in the season ending Octo
ber 1946 reached a peak of more than 110 million cases,
compared with an annual average of 76 million cases
during the period 1941-45, and 38 million cases in 1936-40.
The citrus juice pack alone was almost 63 million cases
in 1946, but was cut back sharply to 48 million last year.
The existing price situation in citrus juices seems likely
to discourage a pack approaching that figure during the
current season. The tomato juice pack reached a peak of
35 million cases in the 1946-47 season; last season’s pack
was cut to less than 20 million cases.
As in the nation at large, the volume of canned fruits
and vegetables packed in the Twelfth District during the
past two seasons greatly exceeded the output even of the
war years when the industry was operating under forced
draft. The Twelfth District fruit pack, which represents
the major part of the national output, excluding pine
apple, averaged close to 33 million cases during the four
years 1942-45; it topped 51 million cases in 1946, and
was almost 42 million cases in 1947. The latter figure was
well above the output of any other year except 1946. The
District vegetable pack during the four years 1942-45
averaged close to 43 million cases; in 1946 it exceeded
60 million cases, and in 1947 was about 53.5 million cases,
a figure also substantially higher than any attained be
fore 1946.
Packs of individual products
The estimated volume of the principal fruit and vege
table packs in the four states, California, Oregon, Wash
ington, and Utah in the three years 1945-47 is shown in
the accompanying table.
Reductions in District output in 1947 occurred in all
major products except pears and fruit cocktail among the
fruit packs and in most of the vegetable packs except
tomatoes and string beans. The output of fruit cocktail
in 1947 established a new high record for this product;
the slightly larger pear pack was still somewhat short of
the output of 1941 and 1942. The string bean and tomato
packs of 1947 were also below the production in some
recent years prior to 1945. The 1947 output of all tomato
products, however, was almost equal to the record pro
duction of 1946.
A relatively overexpanded industry
The exceptionally heavy packs of the past two years
and resulting topheavy supplies of certain products, to
gether with a combination of other unfavorable factors,
have created difficulties in certain parts of the District
canning industry. In spite of reasonably active demand,
canners’ stocks have tended to increase relative to total
market supply, and a condition more nearly resembling
the prewar situation is gradually being reestablished, with
the canners assuming a greater part of the risk of market
distribution.
Prices of important canned fruits and vegetables de
veloped weaknesses in the latter part of 1947 as contrasted
P r in c ip a l F r u it a n d V e g etab le P a c k s i n
O regon, W a s h in g t o n a n d U t a h ,
(thousands of cases)
Fruit packs1
1945
C a l if o r n ia ,
1945-47
1,477
2,094
1946
19,243
10,595
7,752
5,256
3,450
1,885
3,539
1947
18,142
3,259
9,386
5,622
1,816
620
2,820
32,979
51,437
41,665
4,805
29,739
9,701
2,990
3,151
2,757
6,772
26,507
9,087
2,502
1,380
2,976
Apricots .............................................. ..........
Fruit c o c k t a il.................................... ..........
..........
4,105
6,035
4,465
Cherries .............................................. ..........
Other fruits and berries ............ . . .
Total f r u i t s ......................................... ..........
Vegetable packs2
Tomatoes ...........................................
Other tomato products3 ............... ..........
20,640
A s p a r a g u s ...........................................
..........
2,651
String b e a n s .......................................
..........
5,938
6,926
4,317
Total v e g eta b les................................ ..........
45,449
60,069
53,540
1 Basis 24 N o . 2
cans (except U tah production, actual cases).
2Actual cases, all grades and sizes.
8 Including tomato juice.
Sources: Canners League of California, National Canners Association,
Western Canner and Packer.
40
FEDERAL RESERVE B A N K OF SAN FRANCISCO
with their marked strength in the corresponding period
of 1946. Retail prices of representative canned fruit and
vegetable items are reported by the Bureau of Labor
Statistics to have fallen nearly 10 percent in 1947. They
had advanced about 25 percent in 1946— even more
rapidly than the index of retail food prices in general;
but while the general index of food prices has continued
to rise to a level considerably above that prevailing at the
end of 1946, the index for canned food is substantially
below it. Among individual items, the competition of lowpriced citrus fruit juices has for the past two seasons
been especially disturbing to District packers of canned
tomato juice, but other staple products have also failed
to respond to the general strengthening in the price
structure.
Certain other sources of competition have also tended
to restrict the market for District canned food products.
The liquidation during the past year of the heavy packs
of frozen vegetables put up in 1945 and 1946 probably
took the edge off the market for some of them. The easier
sugar supply has stimulated the revival of home canning,
preserving, and pastry making, which to some extent has
reduced the demand for commercially canned fruits. The
large apple crop and the abundant supplies of dried fruits
available during the current season have probably also had
some influence on the situation.
The increasing dollar stringency has also cramped the
industry’s sales. Export markets were formerly quite
important for District fruit canners and in the prewar
years absorbed from four to five million cases a year of
canned peaches, pears, apricots, and mixed fruits. E x
ports dropped sharply during the war but gradually in
creased to over two million cases in 1946-47. This upward
trend was reversed last year; in the first eight months
of the current season exports of three major District
products (peaches, pears, and apricots) were less than
a million cases compared with over 1.2 million during
the corresponding months of 1946-47.
Internal readjustments in the industry
The tendency toward overexpansion of plant facilities
during a period of excessively high construction costs has
also contributed to the difficulties of some concerns in
the industry, particularly those having insufficient work
ing capital. A number of insolvencies have occurred and
some forced sales of District canneries have taken place
during the past few months. Financing institutions are
currently reported to be enforcing stricter credit condi
tions than for a number of years past, especially as com
pared with the war period, when price controls, ration
ing, and military requirements reduced credit risks to a
minimum. A process of shaking down and gradual re
organization within the industry appears to be under way.
This may be expected to hit hardest some of the newer
and smaller firms which were induced to expand by the
easy profit prospects of recent years.
M ay 1948
The outlook for 1948 operations
Present indications are that District fruit and vege
table packs in 1948 will be somewhat smaller than in 1947
and well below the 1946 level, though probably up to the
average of other recent years. California spinach and
asparagus packs so far this season are reported lagging
behind last year’s output at this date, due in part to
reduced acreage and a backward growing season. Labor
difficulties are playing some part in preventing the de
livery of asparagus to canneries; canned spinach has
apparently been vulnerable to the competition of the
frozen product.
Unfavorable weather has recently been reported in the
fruit and vegetable growing districts of the Pacific North
west. Opinions differ as to the probable effects of the Cali
fornia drought on this season’s fruit packs. Some canners
anticipate little or no reduction in orchard crops; others
expect that fruit sizes will be smaller and hence cost
lier to handle and possibly of lower quality. A definite
curtailment is indicated in the acreage of tomatoes for
processing, with some reduction in prices to growers.
The large carryover of canners’ and distributors’ stocks
of peas will probably act as a damper on contracting of
acreage for that product also. In other cases the supply
of raw materials for processing may be limited by the
tendency of growers to shift to other crops promising to
yield larger financial returns.
Unit costs of canning operations in 1948 are likely to
exceed the levels of last year. An increase in cannery
wage rates averaging about 6 percent is the principal con
tributing factor, though prices of cans and supplies other
than sugar have also risen. Raw material costs still re
main largely undetermined. Recent advances in freight
rates, superimposed on previous increases, are expected
to worsen the competitive position of some of the western
vegetable packs in certain market areas. The dominant
position of the western fruit packs in the national total
makes them less susceptible to higher shipping costs,
although any increase in total delivered cost adds to
consumer price resistance. To some extent the rapidly
growing population and consuming power of their local
markets tends to offset the widening freight differential
which District packers must overcome in distributing
their products nationally.
Probably the most important factor pointing to reduced
canned food packs in 1948 is the existence of a large
carryover of certain staple products and the general un
willingness of the distributing trade to make firm com
mitments for purchase of futures at existing market
prices. In contrast to their almost reckless optimism of
two seasons ago, the distributors have become ultra
conservative and for many months past have followed
a policy of strictly replacement buying. This cautious
attitude, which results from the changed demand-supply
situation, forces the canners to bear more of the financial
risk of carrying unsold stocks, and tempers their en
thusiasm for duplicating the large packs of the past two
years.
41
M O N T H L Y REVIEW
May 1948
CROP PROSPECTS FOR 1948— TWELFTH DISTRICT
n u s u a l
and varied weather conditions during the
first part of 1948 have caused considerable uncer
U
tainty as to what to expect from crops this year. Revisions
of estimates of production may possibly be of some mag
nitude as the season progresses and more accurate reports
can be made of the results of the abnormal situation.
Harvest prospects
Estimates of production for the 1948 season are still
quite incomplete. Prospects were considerably improved
during April in California where the above-normal rain
fall and continued cool weather brought relief to crops
suffering from the winter drought. Winter wheat pros
pects are excellent, especially in Washington and Ore
gon. Because of very favorable moisture and weather
conditions and a 14 percent increase in acreage for har
vest, production in the Northwest is expected to exceed
that of 1947 by 39 percent. Twelfth District production
of winter wheat is indicated at 24 percent greater than
last year or at 136 million bushels as against 109 million
bushels.
Citrus fruit production for the 1947-48 season is esti
mated at considerably below that for 1946-47. Arizona
and California oranges show a decrease of over 12 per
cent, from 55 million boxes last year to 48 million during
the current season, with Valencias accounting for the
greatest reduction. Grapefruit production is down about
19 percent from 7.2 million to 5.9 million boxes with Ari
zona prospects, especially, much smaller than last year.
The California lemon crop is expected to be about 11
percent below last year. Freezing temperatures early this
spring in Arizona and the southern coastal regions of
California reduced considerably the prospects for grape
fruit and oranges. Furthermore, the serious drought con
ditions in Southern California resulted in decreased sizes
of oranges and lemons.
Prospects for other fruits and nuts are varied and it is
not yet possible to judge the full effect of the abnormal
weather conditions of last fall and winter. California
fruit prospects vary from fair to good with a wide range
of development in different sections. Light sets are re
ported for peaches, Bartlett pears, and cherries in some
areas ; the prune crop shows a heavy set. In Washington
and Oregon there has been some serious frost damage
and the wet weather has not been conducive to optimum
pollination. Cherries, apricots, peaches, pears, prunes,
and strawberries have all been adversely affected. The
season is two to three weeks later than a year ago, and
weak sets are expected for crops maturing in late May
and June.
Production of most truck crops for spring harvest in
the Twelfth District is expected to be lower than in 1947.
Acreage planted is about 7 percent larger, but expected
yields are somewhat below those of last year. Large in
creases in output are indicated for honeyball melons,
onions, potatoes and strawberries. Spring production is
expected to be 20 percent or more below that of last year
in carrots, canteloupes, lettuce, green peas, tomatoes, and
honeydew melons. California prospects have been more
favorable since the late spring rains although wet fields
have been some detriment to cultivation and harvest, and
the quality and size may not be uniformly good. The
northern states of the District have had wet and unusually
cool weather this year causing the season for many of
these crops to be several weeks later than usual, and re
sulting in some inferior plant development.
Prospective acreage for 1948 harvest
Prospective plantings for the 1948 season, according
to the United States Department of Agriculture, are not
appreciably different from the 1947 total planned acreage
of field and seed crops in the Twelfth District. Major in
creases in acreage were planned for flaxseed, especially
in California where yields and prices were high last year,
in barley, oats, potatoes, and winter wheat. Prospective
hay plantings are considerably below the 1947 planted
acreage, due in part to competition from cotton in the San
Joaquin Valley and from flax and sugar beets in the Im
perial Valley. A decrease, however, is expected in total
Twelfth District acreage in sugar beets. Available data
on prospective acreage of District field crops are listed
in the accompanying table.
There have been some shifts from high to low water
requirement crops, especially in Arizona and California.
Acreage planned and usually used for hay, particularly
alfalfa hay, and for cantaloupes, vegetables, and other
crops which need considerable moisture is being reduced
and planted instead in cotton, barley, and sugar beets, or
allowed to lie fallow. Although no data are yet available
on the estimated acreage being planted in cotton this
year, all indications point to a considerable increase over
1947.
In Washington and Oregon the extremely cool, wet,
backward spring has caused changes in acreage plans
which are not reflected in the table. Some shifts will be
made from dry peas, spring wheat, oats, and flaxseed to
earlier maturing crops such as barley and possibly corn.
P r o sp e c tiv e A c r e a g e o f T w e l f t h
D i s t r i c t F ie ld C rop s—
Acres
(000)
...................
...................
.........................................
...................
6,561
1,447
5,114
6,016
Beans, dry edible ............................... .....................
Peas, dry f i e l d ............................................................
...................
Sugar Beets ..............................................................
...................
...................
...................
475
413
361
321
245
213
201
W inter (for harvest)
1948
Percentage
change
1947 - 48
+ 6.9
— 1.2
+ 9.5
— 4.9
+ 4.2
+ 3.9
— 6.5
— 10.4
+ 11.7
— 1.5
+ 53.1
— 10.1
+ 4.7
— 21.2
42
M ay 1948
FEDERAL RESERVE B A N K OF SA N FRANCISCO
OW NERSHIP OF DEMAND DEPOSITS— TWELFTH DISTRICT
h e
r e c e n t
annual survey of demand deposit owner
ship has shown that total demand deposits of in
T
dividuals, partnerships, and corporations increased 3 per
cent during the 11 months from February 26, 1947 to
January 30, 1948 in the Twelfth District, compared with
an increase of 6 percent for the country as a whole. Twelfth
District personal deposits declined for the first time since
the inception of these surveys in July 1943. Deposits in
all other ownership categories increased. In general, the
smallest depositors experienced declines in their balances,
while balances of depositors in the intermediate and
largest size groups increased.
Postwar trends in business and personal deposits
Demand deposits of manufacturing and mining enter
prises reached their peak in the Twelfth District in July
1945. Reconversion costs, expenditures on new plant and
equipment, and the rebuilding of inventories of civilian
goods gradually reduced these deposits in the following
year and a half. Although expenditures for plant and
equipment occurred on an even larger scale in 1947,
increased receipts from the sale of goods and additional
borrowing enabled manufacturing and mining enterprises
to increase their demand deposits during the elevenmonth period from February 1947 to January 1948.
Deposits of wholesale and retail trade establishments
were influenced by similar factors, but with some time
lag. The growth in sales in the last half of 1945 reduced
trade inventories to a low level and raised the demand
deposits of such establishments to a postwar peak in Jan
uary 1946. Increased production of goods enabled trading
concerns to increase their inventories substantially during
1946, and consequently their deposit holdings declined.
E s t im a t e d
D is t r ib u t io n
of
O w n e r s h ip
T w elfth
of
D em and
With inventories at a more normal level with respect
to sales, the' demand deposits of wholesale and retail
trade establishments increased slightly during the elevenmonth period ending with January 1948.
A further time lag is apparent in the behavior of per
sonal deposits which continued to grow in the first year
and a half of the postwar period while manufacturing and
trading concerns were rapidly expanding facilities and
inventories. Such deposits reached their peak in the
Twelfth District in February 1947, but declined 2 per
cent in the next eleven months as prices continued to rise
and goods became available in increasing quantities.
There was a substantial increase during the last survey
period in demand deposits held by financial organizations,
both in the Twelfth District and the country as a whole.
Virtually all of this increase occurred in the holdings of
insurance companies, and appeared to be primarily the
result of the sale of Government securities by those organ
izations following the price declines for longer-term Gov
ernments in December 1947.
Balances of smallest depositors declined
Not only did personal accounts (the bulk of which are
held by small depositors) decline in the Twelfth District,
but all types of deposit holders having balances less than
$10,000 reported decreases. In direct contrast, balances in
excess of $25,000 increased considerably more than total
deposits in the District. Deposits in the intermediate
group (balances of $10,000 to $25,000) increased slightly
less than total deposits.
In each category of deposits except trust funds, the
larger the size of depositor the more favorable were the
results experienced. This difference in behavior between
D e p o s it s of I n d i v i d u a l s , P a r t n e r s h i p s , a n d
D is t r ic t a n d U n it e d S t a t e s , o n
S e lected D a t e s
C o r p o r a t io n s ,
1945-48
(millions of dollars)
•Twelfth District------------------------------------------ N
% change
Feb. 26, 1947
Jan. 31,
July 31, Feb. 26,
to
1946
19471
1948
Jan. 31, 1948
<---------------- United States----------------x
change
Feb. 26,1947
Feb. 26,
Jan. 31,
to
July 31,
1945
Jan. 31,
1947
1948
Manufacturing and mining ........................... ...................
Retail and wholesale trade............................. ...................
Other non-financial ............................................ ...................
1,380
1,430
940
1,200
1,740
1,050
1,130
1,660
1,070
1,060
1,610
1,010
1,160
1,650
1,100
+
+
+
9
2
9
16,000
12,500
8,700
17,300
13,400
9,000
4* 8
4- 7
4- 3
.................................. ...................
3,750
3,990
3,860
3,690
3,910
+
6
37,200
39,800
4- 7
................................................................. ...................
580
700
750
730
790
4- 8
6,600
7,400
4 -1 2
...................... ...................
4,330
4,690
4,610
4,420
4,700
+
6
43,800
47,100
4- 8
...................
Other personal ..................................................... ....................
610
2,260
710
2,810
680
2,950
740
2,950
720
2,900
—
—
3
2
6,900
22,000
7,200
22,900
4- 4
4- 4
—
Type of holder
Total
Financial
Total
non-financial
domestic business
1946
............................................ ....................
2,870
3,520
3,630
3,690
3,620
2
28,900
30,100
Other2 ........................................................................ .....................
350
470
410
440
460
4- 5
5,200
5,100
Total3 ............................................................... ....................
7,550
8,620
8,640
8,550
8,770
4- 3
77,800
82,400
Total personal
1 Revised.
2 Non-profit associations, foreign deposits, and trust funds of banks.
3 Figures will not necessarily add to totals because of rounding.
Jan. 31, 19^
4- 4
—
2
4- 6
M ay 1948
1947—
P ercen t C h an g es, F ebru ary
Jan u ary
D e p o s its o f I n d iv id u a ls , P a r t n e r s h ip s , a n d
T w e lfth
1948,
in D em a n d
C o r p o r a tio n s —
D is t r ic t
,-------------------- Size of Account-----------Balances
Balances
Balances
under
$10,000over
$10,000
$25,000
$25,000
Total
Type of holder
Manufacturing and mining . . , . . .
Retail and wholesale trade. . . , . . .
Other non-financial .....................
..
— 6
—6
—6
—
Total non-financial ................... , . . .
—6
+
2
+ 13
+ 6
— 7
. — 6
—
2
+ 13
+ 3
F in a n cia l.............................................
Total domestic business
Personal
43
M O N T H L Y REVIEW
............................................. , ,
Other1 ..................................................
+
2
0
3
+ 13
+ 10
+ 17
+9'
+ 2
+ 9
+
1
+ 13
+6
—6
+
2
+ 13
__ 2
—6
+ 22
+ 5
+ 12
+ 3
Total ................................................
+
2
+ 3
1 Non-profit associations, foreign deposits, and trust funds of banks.
small and large depositors probably reflects in part the
effect on income distribution of a rapidly rising price level.
To the extent that increases in incomes were greater,
or access to bank credit easier, for the larger deposit hold
ers, they were better able to maintain or increase their
cash balances. Redemption of non-bank held marketable
Government securities, though probably not a large factor
in this District, would probably tend to favor the larger
depositors who are usually the most important holders
of such securities. In the absence of exact data on these
factors by size of deposit holder, no precise statements
can be made concerning their effect on the difference
between small and large deposits.
District and national comparisons
Although Twelfth District banks created relatively
more deposits through loans than did banks in the country
as a whole, deposits showed a greater increase nationally
both from January 1946 to February 1947 and from Feb
ruary 1947 to January 1948. During the former period it
was primarily deposits of District manufacturing and
mining concerns that did not keep pace with their counter
part for the nation. Last year, however, trade and per
sonal (including farmers’ ) deposits in the District were
the ones that fell behind.
It is possible that the creation of the Treasury surplus
and its disposal had a relatively more unfavorable effect
upon private deposits in the District than in the United
States over the past two years. It seems more probable,
however, that on balance some deposits have left the Dis
trict in payment for goods and services from Eastern
suppliers to accomplish the plant expansion and rebuild
ing of business and consumer inventories that have oc
curred. Last year, one of the important factors affecting
the distribution of funds between the District and the
rest of the country was the less favorable showing of
Western farm income. Cash receipts from farm market
ings increased 9 percent in 1947 over 1946 in the Dis
trict and 23 percent nationally. According to the deposit
ownership survey, farmers’ deposits in the District de
clined 3 percent from February 1947 to January 1948,
but rose 4 percent in the nation.
CHANGES IN BANKS AN D BRANCHES, 1946-1947— TWELFTH DISTRICT
h e
expansion in population and business
w e st e r n
activity has brought about a postwar expansion in
T
banking offices, which reached a new high in 1947. Last
year there was a net increase in the total number of banks
in the Twelfth District for the first time in many years,
and branch banking systems gained the largest number
of branches in any year since before the war.
Twelve new banks, four members and eight nonmem
bers, were established, and seven banks discontinued oper
ations during the year. All seven of the banks which dis
continued operations during the year were absorbed into
branch banking systems. Five independent banks, includ
ing one of the 15 largest banks in the District, entered
the field of branch banking with the acquisition of one
branch. One branch banking system went out of exist
ence during the year by the separation of its one branch
from the head office. Branch banking systems acquired
44 new branches during the year and discontinued two
branches. Member banks added 37 of the new branches
and nonmember banks added seven. Of the branches dis-
N um ber and T o ta l A sse ts o f a l l B a n k s— T w e lfth
D ecem ber
31, 1947
D is tr ic t
1946
and
(assets in thousands of dollars)
Number
1947 1946
State
-All banks--------------------N
Assets
1946
1947
7
7
347,560
330,112
California1 ............... . . 208
Idaho ........................ , 48
8
Nevada ...................
207
47
14,025,197
13,853,410
465,388
175,512
453,718
172,319
1,476,002
592,975
1,425,862
583,980
Arizona
...................
{-------------------- Member banks---------------- ^
Number
1947 1946
Assets
1947
1946
4
116
4
113
312,787
12,794,730
299,084
12,630,059
26
25
397,218
394,657
6
32
34
6
33
34
161,650
Oregon ................... . . 72
Utah ........................ . . 60
Washington .......... . , 125
124
2,294,984
2,268,037
54
54
1,929,530
158,706
1,311,590
489,489
1,908,392
Twelfth District
523
19,377,618
19,087,438
272
269
17,443,345
17,191,977
. ..
528
8
71
59
1 Includes three out-of-state branches.
1,350,382
497,048
(------------- Nonmember banks------------N
Number
1947 1946
Assets
1947
1946
Member
bank as
percent of
all banks
assets
1947 1946
31,028
1,223,351
59,061
13,613
90.0
2
34,773
1,230,467
68,170
13,862
40
26
71
38
25
70
125,620
95,927
365,454
114,271
94,491
359,644
91.5
83.8
84.1
91.9
83.8
84.1
256
254
1,934,273
1,895,459
90.0
90.1
3
92
22
3
94
22
2
91.2
85.4
92.1
90.6
91.2
87.0
92.1
44
M ay 1948
FEDERAL RESERVE B A N K OF SA N FRANCISCO
continued, one was a member, one a nonmember. The
largest increase in the number of banks was in California
where three new banking systems came into existence
and where a net total of 21 branches was added to bank
ing systems.
As a result of these changes branch banks continued to
gain in total assets relative to independent banks. Total
N um ber
of
B ranch
B a n k s — T w elfth
31, 1947
D ecem ber
and
Number of branches
-operated b y -
Banks
State
D is t r ic t
1946
,— operating branches—>>
NonrMember-^rmember-^
1947 1946 1947 1946
A r iz o n a ........................
California ................... . .
Idaho .............................
Nevada ........................
Oregon ........................
Utah .............................
W ashington .............. . .
2
18
5
3
2
3
8
2
17
5
3
2
2
8
1
17
1
15
1
1
1
5
2
4
1
5
2
4
Twelfth District . . , . .
41
39
31
29
NonMember
member
banks—> ^-banks-^
1947
1946 1947 1946
301
281
52
32
T o tal A ssets of M em b er a n d N o n m e m b e r B r a n c h B a n k s b y
S t a t e s — T w e l f t h D is t r ic t
(—
8423
43
16
75
12
109
1127
8243
40
15
70
9
105
1091
42
2
1
5
2
9
39
2
1
5
2
8
66
60
1 Includes 8 branches of Twelfth District banks operating in Eleventh District.
2 Excludes 2 branches of Eleventh District banks operating in Twelfth D is
trict.
3 Includes 3 out of state branches.
assets of branch banks were $16.1 billion on December
31, 1947 as compared to $15.5 billion on December 31,
1946, an increase in the percentage of branch bank assets
to total assets from 81.3 percent to 83.4 percent. Member
banks, totaling slightly more than half the banks in
the District, held assets at the end of the year totaling
$19.3 billion or about 90 percent of all bank assets. The
importance of member relative to nonmember banks in
terms of both number of banks and combined assets re
mained virtually unchanged during the year.
D ecem ber
31, 1947
and
1946
Branch bank
as percent
Nonmember
of all bank
t-----branch banks— ^ t—assets—N
1947
1946
1947 1946
(in thousands of dollars)
State
Member
t------- branch banks------- N
1947
1946
306,888
11,452,050
318,029
144,768
1,155,776
173,948
1,548,019
293,964
10,957,000
315,746
142,230
1,117,534
137,256
1,524,027
18,456
788,184
19,295
9,639
23,895
7,257
204,347
16,546
757,208
19,132
9,874
28,123
7,299
196,635
93.6
87.3
72.5
88.0
79.9
30.6
76.4
94.1
84.6
73.8
88.3
80.4
24.8
75.9
Twelfth District 15,099,478
14,487,757
1,071,073
1,034,817
83.4
81.3
C a lifo rn ia ..........
U t a h ....................
W ashington . .
M ay 1948
44A
M ON TH LY REVIEW
BUSINESS INDEXES—TWELFTH DISTRICT
(1935-39 averages 100*)
I n d u s tr ia l p r o d u c tio n
(p h y s ic a l v o lu m e )*
Year
and
m onth
P e tr o le u m *
L um ber
Ad
ju ste d
U nad
ju ste d
1929_
148
1931.
1932_
1933_
1934.
1935_
1936_
1937.
1938.
1939_
1940.
1941.
1942.
1943.
1914.
1915.
1946.
1947.
77
46
62
67
83
106
113
R e fin e d
U nad
ju ste d
U nad
ju ste d
121
140
140
133
138
108
118
139
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
112
1930_
C rude
88
110
120
95
78
74
72
73
86
W h eat
flo u r
C em en t
Ad
ju ste d
U nad
ju ste d
110
92
114
124
164
194
160
128
131
165
193
137
137
138
139
139
139
139
140
141
140
231
234
243
240
236
254
254
247
246
241
207
193
193
186
184
185
193
187
205
215
200
1948
January-_
February.
M arch ___
174
189
157
116
133
137
141
141
142
248
251
243
218
207
216
188
188
199
190
196
195
202
195
201
207
203
199
C a r lo a d in g s
(n u m b e r )6
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 s te d
U nad
ju ste d
Ad
ju ste d
135
116
91
70
70
81
88
103
109
96
104
110
127
137
133
140
134
135
142
1929________ ______
1930______________
1931______________
1932______________
1933______________
1934______________
1935______________
1936______________
1937______________
1938________ ______
1939______________
1940______________
1941______________
1942______________
1943______________
1944..... ........... .........
1945______________
1946________ ______
1947________ ______
U nad
ju s te d
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
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
M arch_____
A p r il______
M a y ______
J u n e ______
July-----------A u g u s t-----September .
October____
N ovem ber..
December _.
Y ear
and
m o n th
U nad
ju ste d
U nad
ju ste d
C a lifo r n ia
Adju ste d
Ad
ju ste d
U nad
ju ste d
162
124
85
55
63
71
84
105
111
96
107
118
136
153
145
146
124
129
147
120
112
95
78
75
86
91
103
108
96
102
105
123
128
126
138
140
140
140
Ad
ju ste d 5
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
344r
401
102
112
122
101
110
141
133
129
138
126
125
123
133
133
116
252
254
251
251
252
252
259
260
263
275
248
252
253
257
262
263
259
253
258
271
185r
184
183
182
181
183
184
187
188r
188
184r
184
183
182
181
183
185
187
188
188
387
390
392
394
397
407
413
419
421
423
389
392
394
396
392
410
412
423
420
423
114
104
278
283
274
275
278
271
186
186
186
186
185
185
418
417
406
413
415
408
101
D e p t, sto r e
s to c k s (v a lu e )8
C a li
fo r n ia
P a c if ic
N o r th
w est
U ta h
& So.
Id ah o
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
10 4
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
D is tr ic t
Ad
ju ste d
U nad
ju ste d
83
84
82
73
73
79
85
98
105
D e p a r tm e n t s to r e s a le s
(v a lu e )2
F a r m , fo r e st,
a n d m in e r a l
p r o d u c ts7
F a cto ry
p a y r o lls*
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
U nad
ju ste d
R e ta il
fo o d
p r ic e s ®
D is t r 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
132.0
124^8
104^0
8 9 .8
86^8
93 2
9 9 1q
10 0 ,3
104^5
99*0
9 6 .9
9 7 .6
107.9
130*9
143 4
14211
1463
167 4
200.3
1947
M arch ______________
A p r il_______________
M a y ________________
J u n e ________________
July — -------- ----------A u g u s t_____________
Septem ber-------------October_____________
November__________
December__________
144
147
138
141
141
141
139
141
143
144
133
142
136
150
151
151
151
155
139
129
141
138
139
142
139
142
138
138
137
137
127
130
130
150
150
153
151
156
137
126
151
163
137
141
145
140
142
148
153
156
144
166
147
151
153
150
152
155
143
134
319
320
325
330
327
348
336
333
339
352
300
302
302
299
278
308
336
343
410
554
316
320
325
332
328
355
338
331
339
357
325
321
332
333
332
345
340
348
344
353
366
355
340
343
350
361
341
343
360
358
331
307
285
282
270
248
257
287
319
342
308
304
296
287
286
273
290
318
338
280
1 96.6
1 97.8
197.3
1 94.8
1 96.5
197.9
2 0 6 .6
2 0 4 .8
209.4
21 3 .0
1948
January. .............. ......
February.
________
M arch____ __ _ _ _
141
130
131
130
124
121
142
137
130
132
128
117
141
127
134
126
119
128
339
319
331
274
288
319
336
329
334
349
303r
332
380
321
331
352
366
380
310
321
353
21 5 .4
2 1 3 .0
2 1 1 .6
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.
5 Daily average.
* 1923-25 daily average = 100.
4 Excludes fish, fruit and vegetable canning. Factory payrolls index covers wage earners only.
5 Revised series.
6 Revised series. Seasonal factors for recent years revised, and base shifted from 1923-25 to 1935-39.
7 Grain and grain products, livestock, forest products, coal and coke, and ore.
8 A t retail, end of month or end of year.
9 Los Angeles, San Francisco, and Seattle indexes combined.
p— preliminary.
r— revised.
44B
M ay 1948
FEDERAL RESERVE B A N K OF SA N FRAN CISCO
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
April
M ay
June
July
August
September
October
November
December
4,479
4,558
4,658
4,755
4,879
4,997
5,158
5,240
5,363
1948
January
February
March
April
5,413
5,467
5,510
5,509
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 esta 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
730
798
864
931
663
664
735
933
870
934
956
1,103
1,882
2,338
82
76
65
59
51
62
184
343
195
121
974
899
885
908
1,431
2,153
2,047
134
1,828
649
2,338
121
2,153
750
327
362
399
460
275
1,000
211
228
309
560
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
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
7,677
7,662
7,370
7,375
7,353
7,364
7.361
7.361
7,243
876
862
871
874
871
889
896
884
872
7,264
7,021
6,945
6,943
848
833
846
854
1,234
1,158
984
840
951
1,201
T im e
d e p o s it s
(e x c e p t U .S .
G o v ’t) *
1,776
1,915
1,667
1,515
1,453
1,759
2,006
2,078
2,164
2,212
U .S . G o v ’t
d e p o s it s 3
36
49
99
148
233
228
167
96
90
127
118
2,263
2,351
2,417
2,603
3,197
4,127
5,194
5,781
5,988
144
307
842
1,442
2,050
303
148
8,334
8,260
8,297
8,366
8,462
8,600
8,722
8,797
8,928r
5,837
5,851
5.908
5,888
5,887
5.909
5,949
5,907
5,988
286
235
103
148
208
216
192
205
127
8,854
8,495
8,452
8,461
6,006
6,048
6,029
6,004
139
190
246
250
68
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 eserv e
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 8
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
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
18
10
13
23
23
10
16
3
18
2,716
2,714
2,695
2,669
2,685
2,675
2,656
2,653
2,639
1,997
1,993
1,992
1,963
2,078
2,095
2,137
2,130
2,202
1,934
1,934
1,944
1,956
1,985
2,028
2,046
2,059
2,085
63
59
51
60
62
80
77
65
70
309
297
322
305
322
325
346
344
365
113
2
37
17
2,541
2,532
2,497
2,477
2,113
2,045
2,066
2,048
2,086
2,037
2,001
1,998
83
57
64
61
352
354
347
353
T o ta l5
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947
April
M ay
June
July
August
September
October
November
December
1948
January
February
March
April
_
—
+
—
—
+
—
—
+
+
+
+
+
+
+
—
+
—
—
—
+
+
+
+
34
16
21
42
2
7
2
6
1
3
2
2
4
107
214
98
76
9
302
0
—
_
—
—
—
—
—
—
—
__
—
—
-1
-3
-3
-3
-1
2
34
21
234
48
87
23
4
25
—
—
—
14
20
49
9
+
+
+
—
+
—
-
53
154
175
110
198
163
227
90
240
192
148
596
,980
,751
,534
,743
,607
443
23
89
154
234
150
257
+ 219
+ 454
+ 157
+ 276
+ 245
+ 420
+ 1 ,000
+ 2 ,826
+ 4 ,486
+ 4 ,483
+ 4 ,682
+ 1 ,329
+ 630
+
+
+
+
+
+
69
14
41
213
78
85
39
0
5
+
+
48
153
29
75
—
—
—
+
+
+
+
+
+
+
47
49
7
381
124
172
35
33
49
253
244
19
29
B a n k d e b it s
in d e x
31 c it ie s 7
R eserves1
_
—
+
—
—
—
—
+
—
—
—
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.
• Demand deposits, excluding interbank and U.S. G ov’t deposits, less cash items in process of collection.
• M onthly data partly estimated.
4 End of year and end of month figures.
5 Changes only.
• 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