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MONTHLY REVIEW TWELFTH FEDERAL R E S E RV E D IS TR IC T MAY 1951 Fe d e r a l R e s e r v e B a n k of S a n Fr a n c i s c o REVIEW OF BUSINESS CONDITIONS h e effects of the expanding defense program on the District economy have become more apparent in T recent months. Though business activity and production rose during the second half of 1950, the direct effects of increased military activity on the District economy were relatively minor. At present, however, the response of the economy to the currently increased pace of the de fense establishment in letting contracts and the conse quent greater activity of producers are becoming more evident. The large volume of military contracts awarded to firms in this District, changes in the labor market, and the expansion of military facilities within the District are indications of the extent to which the District economy has been influenced by the defense program. A problem for the near future in both the District and the United States is the fact that the use of metals for consumer dur able goods is being made subject to increasing restriction. So far, however, few shortages have been caused by the growth in defense production, except for some unusually rare raw materials. Moreover, up to the present that pro duction has been added to the existing level of civilian production, except for residential building where civilian activity has declined. District industry received disproportionate share of prime contract awards From the beginning of the current defense procure ment program precipitated by the start of the war in K o rea last June 25, defense contracts awarded to prime con tractors through the end of February this year totalled $11.2 billion throughout the nation. Almost 21 percent of these contract awards were to firms located within the Twelfth District. Yet in 1947 the District’s contribution to total value added by manufacture, in the United States amounted to only 8 percent. A substantial portion of these contracts— roughly esti mated at 40 percent— is concentrated in aircraft and aircraft accessories. Data issued by the Munitions Board do not show points of actual manufacture, but informa tion available from other sources indicates that a high proportion of airframe construction is being completed in plants within this District. Subcontracts for jet and reciprocating engines, as well as half the electronic equip ment required are being let to plants outside the District. While aircraft procurement is the largest single item in the contract awards, very substantial amounts are be ing spent by the various defense agencies for a wide range of other District products. Lumber, plywood, food, trans portation equipment such as lumber carriers and heavy trucks, machinery, fabricated metal products, and some items of military clothing have figured materially in the $2.3 billion in contracts so far let in this District. The District shipbuilding industry, which assumed a leading position in World W ar II, has not been affected by the current military build-up and, aside from some minor sums spent last summer on demothballing and reconver sion, operations remain very close to a post-World War II low level. Naval shipyards, however, are considerably more active because of increased fleet operations in Pa cific waters. Labor supply has presented no severe problem but considerable tightness forecast The manpower requirements imposed on the District economy by the defense effort have so far failed to cause any severe problems. The induction program, begun shortly after Korea, which resulted in the calling up of many reservists, individually and in large groups, did create some problems but for the most part these proved transitory in nature and were quickly solved. The present program appears also to be causing no great concern. Most of those in the labor force that are subject to call are quite young and not possessed of any specialized critical skills. Involuntary inductions into the armed services have been sharply reduced in recent months, owing partly to a Also in This Issue Ownership of Demand Deposits— Twelfth District Changes in Banks and Branches— Twelfth District, 1949-50 Supplement Waterborne Trade of California Ports 36 FEDERAL RESERVE B A N K OF SAN FRANCISCO favorable level of voluntary enlistments which tend to be less disruptive to industry. Employment generally has risen sharply throughout the District. Total nonagricultural employment in April was approximately 10 percent ahead of the same month a year ago. Gains in manufacturing employment, which in creased by somewhat more than 20 percent over the same period, account for most of the total increase. In Cali fornia, for example, 136,000 workers were added to man ufacturing payrolls from April 1950 to April this year, with 40 percent of the increase occurring in the aircraft industry alone. Most of the remaining workers added to payrolls in California were hired by four other industries — machinery, fabricated metal products, primary metal products, and electrical machinery. A similar pattern could be cited for other areas of the District, particularly in Washington where considerable aircraft manufacture is concentrated. Oregon’s nonagricultural employment in mid-May was estimated to be higher than in any other mid-May, surpassing the previous peak established in May 1948. As a consequence of this rapid employment advance, unemployment is at a very low level throughout the Dis trict. Insured unemployment in April in the San Fran cisco Bay region was 61 percent less than in April 1950. In Washington, insured unemployment declined by some 13,000 workers from mid-March to mid-April and is now at a level not greatly in excess of the low level attained during the years of peak activity in World War II. In Utah, the Ogden office of the State Employment Service reports a ratio of unemployed to labor force of i y 2 per cent. This unemployment trend, combined with the nor mal seasonal increase in nonagricultural employment over the next several months, indicates that there will be little slack in the labor market when peak levels of activity are reached later this year, especially with respect to skilled and semi-skilled occupations. In the San Jose area of California, for example, employment is expected to in crease by some 30 percent in the next three months. Gains in excess of 5 percent are expected in Tacoma, Washing ton, and in San Francisco and San Diego in California. Materials supply proves adequate thus far The supply of materials for the defense effort has been adequate thus far in the procurement program. There was considerable tightness in materials markets around the turn of the year, owing in part to speculative inventory accumulation and hoarding rather than any real physical shortage, but the situation has eased in the past month or two. This situation might change considerably when the rate at which defense goods are produced is stepped up as envisaged for the next fiscal year starting July 1, 1951. Some shortages have appeared from time to time in specific markets and for relatively short periods of time. At the moment, for example, there is an acute shortage of sacked cement in the northern California area as a a result of heavy shipments from this area to several large military construction projects underway in Alaska and M ay 1951 Hawaii and heavy public works and military programs underway in several areas of the District. Certain special metal alloys in very small quantities are hard to obtain, principally because defense contractors sometimes cannot use the minimum amount which can be produced eco nomically. Information available from various sources indicates that up to the present these shortages have been oddities. Defense plant construction not unusually large in the District Construction of new plants for defense purposes does not appear to be unusually large in the District, though a few very large projects are underway. The Atomic Energy Commission is constructing facilities in several places in the District. A large tank plant is to be built in the San Jose area of California. A number of other plants are being expanded and an idle magnesium plant may be reactivated. A relatively small proportion of the acceler ated amortization certificates issued thus far for the na tion as a whole have been issued in this District. It should be recalled, however, that substantial facili ties already exist in this District which can be utilized for defense production purposes. In some industries, such as steel, output will have to be diverted from civilian uses. On the other hand, output in the airframe industry can be stepped up to take advantage of facilities which have not been fully utilized. An active shipbuilding program would result in the use of facilities which are now idle. Also, numerous District industries have plans for major expan sions and in most cases these expanded facilities can be used almost equally well for either military or civilian goods output. Extensive expansion of military facilities noted A large number of military installations in the District are being expanded considerably and new installations with an impact upon the District economy are being con structed in Alaska. Some of the major projects in the Dis trict states include: reconversion and expansion of a for mer U. S. Navy Sea Bee base in northern California into an Air Force reception center; expansion of the Army proving ground at Dugway, Utah; and expansion of the Air Force base at Muroc Dry Lake. Many other projects are underway or are to be started in the near future and their major impact on the economy of the District will not be felt until after mid-year. Non-defense construction continues at high level, though residential building declines Plant and equipment expenditures for civilian purposes are at a record level in most areas of the District. The de cline in commercial construction that has been evident since February, wThen N PA restrictions were applied, has been offset by an increase in industrial construction. Available building permit data show a steady over-all level of activity, owing principally to the increased indus trial construction and a continuing high volume of public M ay 1951 M O N T H L Y REVIEW construction. The school building program in many Dis trict states is still far from filling basic needs and a con tinuing high level of activity is indicated for some time in the future. Construction of large water storage and con trol facilities in several areas of the District will also serve to keep the level of public construction high for some time. Housing starts have declined substantially in recent months in most areas of the District. The decline is at tributed chiefly to recent changes in the money markets combined with credit restrictions issued by the several agencies concerned with residential construction credit. Rising yields on Government securities have made low- 37 rate Government insured or guaranteed mortgages rela tively unattractive to the large buyers of home mortgages and have tended to dry up the supply of funds for residen tial construction. The decline of Government securities below par has also made institutional and other large hold ers of Governments reluctant to sell their securities at a loss in order to gain funds for home mortgage purchases. These factors as well as the slackening in sales of new houses in the past month or two have caused builders in the home construction field to revise their projected levels of future activity downward. All available indicators point to declining home construction for the rest of the year. O W N ER SH IP OF D EM A N D DEPOSITS— TWELFTH DISTRICT e f l e c t in g the high rate of business borrowing as wrell as larger incomes in 1950, demand deposits of R individuals, partnerships, and corporations in the Twelfth District increased 9 percent during the year ended Janu ary 31, 1951, according to the Federal Reserve System’s annual survey. A 26 percent increment in demand de posits of manufacturing and mining enterprises wras the most striking year-to-year gain in a consistently upward trend for most major types of Twelfth District depositors. The national experience was similar: total business and personal deposits were up 7 percent, led by an 11 percent increase for manufacturing and mining concerns. The general expansion of demand deposit holdings was in sharp contrast to the static situation which characterized the previous 12-month period. Business deposits up sharply Deposits of Twelfth District businesses, both financial and nonfinancial, increased about 12 percent during the year. In the case of financial businesses, the gain took place despite an 8 percent drop in accounts of insurance companies. The substantial increase in balances of manu facturing and mining firms was apparently concentrated in the larger accounts ; those of $25,000 and over rose by 30 percent, while the smaller accounts as a group gained only 9 percent. A heavy volume of sales at rising prices P er c en t C h a n g e s , J a n u a r y 1950-J a n u a r y 1951, D epo sit s of I n d iv id u a l s , P a r t n e r s h i p s , T r Balances under Type of holder 25,000 $10,000 .... +9 + .... .... .... .... Total dom estic business . . . . . . .... Other1 ......................................... . . . . .... +2 +3 +3 +7 +4 +2 +4 +3 + 16 0 + 9 9 . +30 + 12 + 6 + 12 + 10 $25,000 + 30 + 12 + + + + + — + M anufacturing and m in in g ........................ ...................... Retail and wholesale t r a d e .............................................. Other nonfinancial ....................................... ...................... + 1 16 10 15 17 1 14 9 1 + 12 + + 11 + 12 + 5 + 2 + 9 C o r p o r a t io n s , 1948-51 -----United States- °fo change Jan. + 26 during 1950, plus borrowing for capital expansion, evi dently combined to swell the accounts of the larger manu facturers. Retail and wholesale merchants’ deposits were 9 percent above the level of January 1950, indicating that heavy sales receipts and probably funds borrowed for in ventory buying more than offset actual outlays for pur chases of goods and other purposes. It may be remarked that the January 31 survey measured retailers’ checking accounts at the climax of the second consumer scare-buy ing spree since the start of the Korean war. Twelfth Dis trict public utilities, including transportation and com munications enterprises, increased their demand deposits (in millions) — Twelfth District--------------Jan. 1948 Total 1 N onprofit associations, foreign deposits, and trust funds of banks. D i s t r i c t a n d U n it e d S t a t e s , o n S e le c te d D a t e s ' D emand -----Size of account-------------Balances Balances $10,000over E s tim a te d D is t r ib u tio n by O w n e r s h ip o f D e m a n d D e p o s its o f In d iv id u a ls , P a r t n e r s h ip s , a n d T w e lfth in C orpo ratio n s — D ist r ic t w elfth Manufacturing and mining . Retail and wholesale trade Other nonfinancial .................. Total n o n fin a n cia l............... and Jan. 1949 Jan. 1950 $1,160 1,650 1,100 $1,160 1,600 1,070 Total nonfinancial ........................................................ F in a n cia l................................................................................. 3,910 790 Total dom estic business ............................................. 4,700 ..................... °/o change 1951 J a n .1950 to Jan. 1951 Jan. 1950 Jan. 1951 J a n .1950 to Jan. 1951 $1,180 1,560 1,100 $1,480 1,700 1,120 +26 + 9 + 1 $17,600 13,300 9,300 $19,500 13,900 9,800 + 11 + 4 3,830 770 3,840 850 4,300 950 + 12 + 11 40,200 7,700 4 3,200 8,400 4,690 750 2,700 5,250 750 2,890 + 12 0 2,820 4,600 770 2,740 + 7 47,900 6,800 22,300 51,600 7,000 23,800 460 3,510 450 3,450 430 3,640 440 + + 2 29,100 5,000 30,800 5,300 + O ther1 ........................ ....................................... .................... + 6 6 T o t a l ............................................................. .................... 8,770 8,560 8,570 9,320 + 9 82,000 87,700 + 7 Type of holder 1 Nonprofit associations, foreign deposits, and trust funds of banks. N o te : Figures may not add to totals because of rounding. 5 + 5 + 7 9 + + + + 8 3 7 38 May 1951 FEDERAL RESERVE B A N K OF SAN FRANCISCO 5 percent, while deposits of other nonfinancial businesses — such as construction and services— declined. In the country as a whole, total business deposits in creased 8 percent, reflecting gains of 11 percent for manu facturing and mining, 4 percent for retail and wholesale trade, and 9 percent for financial businesses. prices were stimulated by the increase in demand asso ciated with the Korean war. The 5 percent increase in personal accounts of Twelfth District depositors obscures a wide variation in the be havior of accounts of different sizes. Accounts of $25,000 and over expanded by 17 percent, those of $10,000-25,000 gained 6 percent, while accounts under $10,000— which comprise about two-thirds of the dollar value of all per sonal deposits at Twelfth District banks— increased only 2 percent. The residual category of demand deposit holders— nonprofit associations, foreigners, and trust funds of banks— shrank slightly in the Twelfth District but in creased 6 percent in the nation. Individuals' balances gain moderately Nonfarm personal demand deposits at Twelfth District banks rose 7 percent during the year; nationally, the in crease was 6 percent. Farmers’ accounts increased 3 per cent in the country as a whole, but did not change signifi cantly in the Twelfth District. Farm income dropped in the first half of 1950, but started to rise again after farm CHANGES IN BANKS AN D BRANCHES— TWELFTH DISTRICT, 1949-50 r a n c h banking continues to grow in importance in banks gave residents of the District a total of 1,859 bank ing offices (both unit and branch) in which to do their banking. B the Twelfth District. At the end of 1950, 41 addi tional banking offices were in existence. Thirty-two of these were newly-established branches of existing banks and nine were new unit banks. Sixteen former unit banks became branches of existing banks. These 16 plus the 32 newly-established branches made a total of 48 additional banking offices of branch banking systems. The number of banks (both unit banks and branch systems) declined by 7 from the 523 in existence at the end of 1949. Ten unit banks became branch systems for the first time during 1950, and two former branch banks were absorbed. At the end of 1950, the 97 branch banks in the Twelfth Dis trict were operating 1,343 branches. These plus the unit Assets in all active banks in the District increased from $19.5 billion at the end of 1949 to $20.9 billion in 1950 writh increases in all states. Branch bank assets accounted for 86.6 percent of the total assets of all banks in the Dis trict in 1950, compared to 85.9 percent in 1949. N u m b e r of B r a n c h B a n k s — T w e l f t h D is t r ic t Decem ber 31, 1949 and 1950 Number of branches Banks operating f------------ operated by— N on /------------- branches-------------^ member Member M em Nonmemi------ banks----- ■ x f —banks—\ t -----ber----- \ ,----- ber-----s 1949 1950 1949 1950 1950 1949 1950 1949 A r iz o n a ........................... California ...................... . Idaho ............................. Nevada ........................... Oregon ........................... U tah ................................ W ashington ................. . 2 27 6 3 4 4 10 2 23 6 3 4 4 9 2 19 2 1 10 2 5 2 18 2 1 8 2 4 Tw elfth District . . . 56 51 41 37 35 887 48 17 86 20 120 361 9083 50 17 89 21 129 1,250 1,213 ll2 50 5 1 12 2 12 10 45 5 1 9 2 10 93 82 1 Includes 9 Eleventh District branches of Twelfth District banks. 2 Includes 4 Eleventh District branches of Twelfth District banks. 3 Includes 3 out-of-state branches. Of the 16 banks absorbed during 1950, 5 were mem bers of the Federal Reserve System ; and 5 of the 9 new banks established (1 in Arizona, 5 in California, 1 in Oregon, 1 in Idaho, and 1 in Washington) are member banks. Slightly over half the banks in the District are members of the Federal Reserve System, yet they oper ate 82 percent of all District banking offices and hold 90 percent of all bank assets. T o t a l A s s e t s o f M em b er a n d N o n m em ber B r a n c h T w e lfth D is tr ic t, D ecem ber 31, 1949 and (in thousands) Arizona . . . California . Idaho .......... N evada . . . Oregon . . . U tah .......... W ashington Twelfth District Member -branch banks1950 1949 $ 3 6 7 ,7 8 7 $ 324,098 $ 12,897,388 11,922,354 333,115 323,154 156,778 146,095 1,254,309 1,140,080 231,924 248,375 1,656,625 1,509,572 Nonmember -branch ban ks1950 1949 55,442 49,363 839,080 813,077 25,742 28,195 12,591 10,496 33,975 55,920 6,860 7,689 216,353 226,826 ____ $16,914,377 $15,597,277 $1,225,743 $1,155, B an k s— 1950 Branch bank as percent of all bank (— assets— 1950 1949 97.0 97.8 89.1 89.6 76.9 77.1 88.7 88.5 85.1 84.8 40.5 39.7 77.4 80.1 86.6 85.9 N u m b e r a n d T o t a l A s s e t s of a l l B a n k s — T w e l f t h D is t r ic t D ecember 31, 1949 and 1950 (assets in thousands) —A ll banksi ------------Assiets------------> 1949 1950 $ 436,469 $ 381,930 14,285,575 15,326,690 452,536 469,540 176,902 190,878 1,384,993 1,538,768 601,653 632,207 2,229,502 2,352,192 t — Number—\ Arizona . . . California1 Idaho .......... Nevada . . . 1950 8 209 43 1949 7 213 43 ,, 72 55 121 72 55 125 .. 516 523 .. ., Utah Tw elfth District 1 Includes 3 out-of-state branches. $20,946,744 $19,513,091 -M em ber banks— i — Number— N f----------- Assiets----------- s 1950 4 120 24 6 30 31 52 1949 4 119 25 6 29 31 53 267 267 1950 $ 374,988 14,009,068 400,484 173,915 1,382,262 538,375 1,975,402 $18,854,494 -Nonm em ber banks— /---------- Ass¡ets---------- v 1949 1950 1949 3 $ 61,481 $ 51,848 94 1,317,622 1,261,309 18 69,056 62,946 14,781 2 16,963 133,302 43 156,506 93,816 24 93,832 72 366,223 376,790 t — Number— N 1949 $ 330,082 13,024,266 389,590 162,121 1,251,691 507,837 1,863,279 1950 4 89 19 2 42 24 69 $17,528,866 249 256 $2,092,250 $1,984,225 Member bank as percent of all bank >----- assets----- > 1950 1949 86.4 85.9 91.4 91.2 85.3 86.1 91.1 91.6 89.8 90.4 85.2 84.4 84.0 83.6 90.0 89.8 May 1951 38A M O N T H L Y R E V IE W B U S I N E S S I N D E X E S — T W E L F T H D IS T R I C T 1 (1935-39 average = 100) Ind ustrial production (ph ysical v o lu m e )2 Y ear and m o n th P e tro le u m 3 Lum ber C rude R e fin e d C e m e n t Lead3 C opper3 W heat flour3 W aterb o rn e C ar T o ta l D e p 't foreign Retail m f ’g loadings store tra d e3»6 food sales E le c tr ic em ploy * ( n u m ber)2 power (v a lu e )2 prices3*5 E x p o r ts I m p o r ts m e n t4 1929_________ 1931_________ 1933_________ 1934................. 1935_________ 1936_________ 1937_________ 1938_________ 1939_________ 1940_________ 1941_________ 1942_________ 1943_________ 1944................. 1945_............... 1946_________ 1947.......... .. 1948_________ 1949.......... .. 1950_________ 148 77 62 67 83 106 113 88 110 120 142 141 137 136 109 130 147 159 151 171 129 83 76 77 92 94 105 110 99 98 102 110 125 137 144 139 147 149 147 144 127 90 81 81 91 98 105 103 103 103 110 116 135 151 160 148 159 162 167 168 110 74 54 70 68 117 112 92 114 124 164 194 160 128 131 165 193 211 202 227 171 104 75 79 89 100 118 96 97 112 113 118 104 93 81 73 98 109 105 113 160 75 26 36 57 98 135 88 122 144 163 188 192 171 137 109 163 154 142 176 106 101 88 95 94 96 99 96 107 103 103 104 115 119 132 128 133 116 104 94 83 82 73 79 85 96 105 102 112 122 136 167 214 231 219 219 256 284 303 333 1950 February____________ M arch ______________ April________________ M a y _________________ June_________________ July_________________ August______________ September__________ October_____________ November__________ Decem ber__________ 141 160 174 207 181 184 186 176 187 167 168 139 138 138 140 142 142 145 148 153 154 154 157 151 159 162 170 170 178 177 177 179 173 179 201 217 240 244 245 251 248 252 229 229 119 125 124 132 118 87 96 104 106 111 118 162 168 172 180 172 167 177 175 176 195 195 91 91 87 95 105 113 112 105 99 97 120 313 330r 325 341 331 341 340 339 352 353 345 1951 January_____________ February____________ M arch_________ 187 171 168 154 155 155 176 187 179 239 255 283 101 llOr 105 181 178 180 134 121 111 361 361 380 135 91 70 81 88 103 109 96 104 110 128 137 133 141 134 136 142 134 126 131 112 92 66 74 86 99 106 101 109 119 139 171 203 223 247 305 330 353 331 353 1 32.0 10 4 .0 8 6 .8 9 3 .2 9 9 .6 100.3 10 4 .5 9 9 .0 9 6 .9 9 7 .6 10 7 .9 1 30.9 1 43.4 142.1 1 46.3 1 67.4 2 0 0 .3 2 16.1 2 0 9 .6 2 0 9 .8 124 90 72 86 88 86 112 108 107 86 118 76 69 74 103 110 114 82 90 96 *58 85 57 55 59 ¿5 78 93 115 130 179 184 186r 194 195 198 205 207 210 208 208 108 125 135 141 148 125 135 140 131 131 152 323r 322r 333 336 342 454 374 368 343 345 376 2 0 4 .3 2 0 4 .0 2 0 5 .3 2 0 5 .2 2 0 5 .9 2 0 9 .4 2 1 2 .5 2 1 1 .0 21 4 .1 2 1 6 .0 2 2 2 .9 54 65 57 61 66 59 48 58 62 68 70 123 106 108 107 150 110 141 134 148 167 167r 212 218 219 130 124 133 420 375 335 2 3 0 .8 2 3 0 .2 2 3 4 .5 75 98 146 159 ’ '¿ 8 100 112 96 104 118 155 230 306 295 229 181 187 191 183 196 B A N K I N G A N D C R E D IT S T A T IS T IC S — T W E L F T H D IS T R IC T (amounts in millions of dollars) C on d ition ite m s o f all m e m b e r b an k s7 Year and m o n th Loans D em an d U .S . deposits and G ov’t d is c o u n t s s e c u r itie s a d ju s te d 8 T o ta l t im e deposits 2,239 1,898 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 5,358 6,032 5,925 7,093 495 547 720 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 7,247 6,366 7,016 6,381 1,234 984 951 1,201 1,389 1,791 1,740 1,781 1,983 2,390 2,893 4,356 5,998 6,950 8,203 8,821 8,922 8,655 8,536 9,254 1,790 1,727 1,609 1,875 2,064 2,101 2,187 2,221 2,267 2,360 2,425 2,609 3,226 4,144 5,211 5,797 6,006 6,087 6,255 6,251 1950 March April M ay June July August September October November December 5,946 5,914 6,005 6,034 6,162 6,418 6,664 6,810 6,963 7,093 6,923 6,896 6,932 6,905 6,810 6,699 6,495 6,452 6,319 6,381 8,167 8,307 8,354 8,289 8,458 8,627 8,754 8,871 9,018 9,254 6,303 6,282 6,275 6,315 6,250 6,210 6,213 6,239 6,194 6,251 1951 January February March April 7,152 7,184 7,293 7,367 6,071 5,811 5,734 5,696 9,190 8,834 8,819 8,828 6,337 6,352 6,338 6,332 1929 1931 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 Bank rates on short-term bu sin ess lo a n s9 M e m b e r ban k reserves an d related it e m s 10 Reserve bank c red it11 _ 3.20 3.35 3.36 34 21 + 2 — 7 2 + 6 + 1 — 3 2 + 2 + 4 + 107 + + 214 98 + 76 9 + 302 17 + 13 + 39 + — + 3.37 _ + 3.29 + 3.37 + + + 3.48 — C oin and T reasu ry cu rrency in C o m m ercia l op era tio n s12 o p era tio n s12 circ u la tio n 11 0 154 110 198 163 227 90 240 192 148 596 - 1 ,9 8 0 -3 ,7 5 1 - 3 ,5 3 4 -3 ,7 4 3 - 1 ,6 0 7 510 + 472 930 - 1 ,1 4 1 + 23 + 154 + 150 + 257 + 219 + 454 4- 157 + 276 + 245 + 420 + 1 ,0 0 0 + 2 ,8 2 6 + 4 ,4 8 6 + 4 ,4 8 3 + 4 ,6 8 2 + 1 ,3 2 9 + 698 482 + 378 + 1 ,1 9 8 2 28 14 10 3 2 62 56 24 48 + - 223 126 199 23 149 102 45 93 21 80 + + + + + + + + + + 204 106 170 32 169 125 72 150 42 131 30 32 3 45 - 59 38 124 200 + + + + 168 6 130 226 + + + + + + + + + + + + + + Reserves B ank d ebits index 31 cities3*1* (1935-39=* 100)2 6 48 18 4 14 38 3 20 31 96 227 643 708 789 545 326 206 209 65 14 175 147 185 242 287 479 549 565 584 754 930 1,232 1,462 1,706 2,033 2,094 2,202 2,420 1,924 2,026 146 97 63 72 87 102 111 98 102 110 134 165 211 237 260 298 326 355 350 395 16 4 8 5 0 18 9 10 3 4 1,842 1,821 1,802 1,836 1,858 1,863 1,893 1,930 1,983 2,026 374 361 371 389 382 421 417 428 425 464 68 21 8 26 2,284 2,206 2,186 2,180 455 444 461 431 1 Adjusted for seasonal variation, except where indicated. Except for department store statistics, all indexes are based upon data from outside sources, as follows: lumber, various lumber trade associations; petroleum, cement, copper, and lead, U.S. Bureau of Mines; wheat flour, U .S. Bureau of the Census; electric power, Federal Power Commission; manufacturing employment, U .S. Bureau of Labor Statistics and cooperating state agencies; retail food prices, U.S. Bureau of Labor Statistics; carloadings, various railroads and railroad associations; and foreign trade, U.S. Bureau of the Census. 2 Daily average. * N ot adjusted for seasonal variation. * Excludes fish, fruit, and vegetable canning. 6 Los Angeles, San Francisco, and Seattle indexes combined. 8 Commercial cargo only, in physical volume, for Los Angeles, San Francisco, San Diego, Oregon, and Washington customs districts; starting with July 1950, “ special category” exports are excluded because of security reasons. 7 Annual figures are as of end of year, monthly figures as of last Wednesday in month or, where applicable, as of call report date. 8 Demand deposits, excluding interbank and U.S. G ov’t deposits, less cash items in process of col lection. M onthly data partly estimated. 9 Average rates on loans made in five major cities during the first 15 days of the month. End of year and end of month figures. 11 Changes from end of previous month or year. 12 Minus sign indicates flow of funds out of the District in the case of commercial operations, and excess of receipts over disbursements in the case of Treasury operations. 13 Debits to total deposit accounts, excluding inter bank deposits. r — revised.
@FedFRASER