Full text of Federal Reserve Bulletin : April 1948
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FEDERAL ESERV BULLETIN APRIL 1948 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT, APRIL 13, 1948* Mr. Chairman and Members of the Committee: When I testified before this Committee last November 25, I emphasized that I was speaking only for the Board of Governors of the Federal Reserve System. In presenting a further statement today covering the monetary and credit situation as it has developed in the intervening four months, I am again speaking only on behalf of the Board. We, of course, do not participate in the Government's military or rearmament planning or in the formulation of programs for foreign relief. Accordingly, what the Board has authorized me to say with regard to the impact on our economy of military and relief expenditures is said solely from the standpoint of the implications so far as monetary and credit policies are concerned. We feel that in any effort to deal with monetary and credit problems under the situation now existing, we should clearly recognize the alternatives before us and the economic consequences of expanding military outlays superimposed upon the present large budgets for military purposes and for our program of world aid. Never in our memories has the world been pervaded by greater fears, confusion, and discouragement, arising chiefly because of the disappointments of the past and the uncertainties of the future. The great hopes we had during the war for achieving a lasting peace in a prosperous world have been steadily diminished because a few ruthless and despotic men hold a sword of Damocles over the heads of free peoples throughout the world. It is difficult, if not impossible, to plan for a rational economic future either at home or abroad while that sword hangs over us. We think that the prospect of removing the threat by peaceful means will be immeasurably enhanced the sooner we assert our moral and physical power to estahlish the foundations for peace before we are * Presented by Marriner S. Eccles before the Joint Committee on the Economic Report on Apr. 13, 1948. engulfed by the economic and social problems which grow more menacing the longer the establishment of a firm basis for permanent peace is delayed. MONETARY SITUATION IN NOVEMBER Last November the country was faced with rapidly mounting inflationary pressures. The issue then was how to curb inflationary forces by striking directly at the basic cause, namely, an effective demand—composed of spending out of past savings, current income and new credit—in excess of the over-all supply of goods and services. As pointed out in the Board's statement to this Committee, correction of inflation at its advanced stage had to be on a broad front; fiscal policy had to be our main reliance; and monetary and credit policy was supplementary to other fundamental actions. The Board felt then, as it feels now, that effective monetary and credit policy would require legislation to provide the Federal Reserve System with new powers that would serve as a partial substitute for those traditional powers which had become largely unusable in view of the huge public debt. The essential monetary fact in the inflationary situation at that time was the amount of liquid purchasing power in the hands of the public, that is, currency, bank deposits and Government securities, aggregating in all about 254 billion dollars, or more than three times the amount held in 1940. This amount of cash or cash equivalent was in large part inherited from the financing of the enormous Federal deficits incurred in preparation for. and prosecution of global war. Not only did we have this huge volume of cash or cash equivalent already available last November, but at that time, despite the anti-inflationary influence of the Government's large budgetary surplus, the amount of liquid funds was being rapidly increased as a result of bank credit expansion to finance businesses and individuals as well as State and local governments. Because of the necessity for protecting the Government's fiscal and debt management position by STATEMENT BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT maintaining an orderly and stable market for Government securities, the Federal Reserve System was then and still is unable to restrain effectively further monetary expansion. The commercial banking system held nearly 70 billion dollars of Government securities, which were being converted into additional bank reserves through sales to the Federal Reserve. In addition, the System was providing reserves to banks by purchasing Government securities sold by nonbank investors. Finally, bank reserves were being substantially augmented by a heavy inflow of gold. In brief, the banks at that time were in a position to supply unlimited amounts of additional credit, and in the face of strong demands for additional credit from all sources further rapid monetary expansion was occurring, intensifying existing inflationary pressures. This situation was potentially explosive because production and employment were close to the maximum then possible. CHANGES SINCE NOVEMBER accorded generally with expectations held at that time. Fiscal and monetary operations together effectively offset factors increasing bank reserves during the period, such as the inflow of gold, return of currency from circulation and purchase by the Federal Reserve of Government securities from nonbank investors. During the four-month period, December through March, the Federal Reserve purchased 8.6 billion dollars of Government securities, largely bonds, and sold in the market 6.3 billion of securities, chiefly bills and certificates. The Government retired 3.9 billion dollars of its securities held by the Reserve System. The net result of these operations was to reduce Federal Reserve holdings by 1.6 billion dollars and thus to keep the bank reserve positions under pressure during this period. The combined effect on the money supply of Treasury and Federal Reserve operations, which were only made possible by the large budgetary surplus, was strongly anti-inflationary. The money supply was contracted by nearly 4 billion dollars. Commercial bank loan expansion was sharply curtailed, partly reflecting fiscal and monetary developments, partly reflecting the effectiveness of warnings by banking supervisors and the success of the bankers' own program of voluntary restraint, and partly reflecting the usual seasonal slack in business loan demand during the first quarter. Concurrently with these developments, the world crop outlook has become more promising and prices of farm products and foods have declined. In addition, productive activity generally has held close to maximum levels. These developments have exerted an anti-inflationary influence. Last November we expected some abatement of inflationary pressures in the first quarter of this year. Such a situation developed. It was recognized that there would be a large volume of funds drawn from the banks by business and individuals in order to pay taxes which would result in a large cash surplus available to reduce the public debt. It was also recognized that the existing and contemplated program of monetary and credit policy would have some restrictive effect. The program, which was carried out, included the statement by the bank supervisory agencies, urging the banks to be more restrictive, the lowering of Federal Reserve support PROSPECTIVE MONETARY AND CREDIT SITUATION levels for Government securities late in December, Notwithstanding these salutary developments, it a slight rise in rediscount rates early in January, and some increase in reserve requirements for cannot be said that inflationary dangers have been banks in New York and Chicago in February. removed. Farm prices, though lower than they were, The banking fraternity, recognizing the dangers still continue firm, even though at present levels in rapidly expanding bank credit and the need they are much higher relatively than prices of most for restraint, undertook a nation-wide educational other commodities. Current and backlog demands program to bring about restriction by voluntary for many goods continue to be very strong. Prices of means. Finally, there was a widespread belief industrial products, wages, rents, transportation and that the supply of goods in many fields was gradu- some other services are still advancing. The money ally catching up with deferred demands and that supply, though contracted by an estimated 4 billion favorable crop developments would combine to dollars, remains excessive in relation to total prodlessen inflationary pressures by the spring of this uct. Public holdings of cash or cash equivalent years. available for spending are nearly as large as last Monetary developments since November have fall—250 billion dollars compared with 254 billions STATEMENT BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT —and continue to be broadly distributed among During the last three quarters of the year, it is holders. Commercial banks, though obliged to sell estimated that the budgetary deficit may exceed some securities to offset shrinking deposits, still hold 3 billion dollars. (In view of large tax receipts in 66 billions of Government securities, which are the first quarter of 1949, however, there may be readily convertible at the banks' discretion into re- a small budgetary surplus for the twelve-month serves. Upon these reserves a six-to-one expansion period beginning with April 1 of this year.) It is of bank credit and deposits can be built. To the also estimated that continued sales of savings bonds extent that the monetary gold stock is increased and and other public debt receipts will approximately Government securities are sold to the Federal cover voluntary redemptions of public debt by Reserve by nonbank investors, still more reserves holders of maturing issues. The current deficit will would be created. These additional reserves could need to be financed by drawing on Treasury dealso support an inflationary six-to-one expansion posits which have been built up by tax receipts during recent weeks, or by borrowing in the market. of bank credit. On the basis of the monetary situation alone, Under these circumstances, there can be no net there would still be a dangerous inflationary po- retirement of Government securities held by the tential, even if no further impetus were given Federal Reserve System. To the extent that the to inflationary pressures by other forces. However, Treasury may need to borrow new money, it probupward pressures are now in prospect as a result ably will have to be obtained largely from the of several important new factors. One of these is banking system. the tax reduction bill. This bill will add about During the next few months Treasury use of 5 billion dollars to the purchasing power of the accumulated balances with Federal Reserve Banks public and take away a like amount from Federal will add to bank reserves, which will also continue revenues in the next fiscal year. The international to be augmented by the inflow of gold and possibly financial obligations which we have now accepted by further Federal Reserve purchases of Governare another factor likely to add many billions to ment securities from holders wanting funds for Government expenditures in the future. The ex- other uses. These last two factors may operate for panding program of military preparedness will a long time in the future. If the international outfurther increase the budget burden for next year look does not improve, Government deficits may and future years by still more billions. Stemming continue and even increase substantially, and banks from these developments, on top of existing infla- may be called upon to purchase additional Governtionary conditions, is a rapidly changing public ment securities. Under these conditions, the Federal psychology with respect to the inflationary outlook. Reserve would find it difficult, and perhaps imposBusinesses and consumers will be more disposed sible, to sell Government securities in order to abto use existing liquid resources and to expand their sorb bank reserves without seriously upsetting the borrowings to finance current expenditures. The market for such securities. Prospects are, therefore, that in the future gold prospect is that the demand for new financing, aside from Government requirements, will exceed inflow and Federal Reserve purchases of securities the supply of available savings. This would mean, in maintaining an orderly market for long-term that many in need of financing will turn to the Treasury bonds will further increase bank reserves. banks for credit. A growth in the total volume of Banks would thus be in a position to expand loans bank credit and money, under such a situation, and investments for private purposes and this would can only add to inflationary pressures. Moreover, mean still more inflationary expansion of the money these pressures would be aggravated if the demands supply. To restrain such potential expansion, the of the defense and foreign aid programs for goods Federal Reserve would have to take action to abwhich are already in short supply further reduce sorb any excessive volume of reserves. Two types of measures should be adopted: (1) Interest rates the quantities available to the public. The Government's fiscal operations for the bal- on short-term Treasury securities and discount rates ance of the calendar year 1948 are likely to show a should be permitted to rise to the extent possible budgetary deficit which would eliminate the only without raising rates on long-term bonds; and remaining important anti-inflationary influence. (2) To the extent that this action is not adequately STATEMENT BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT restrictive, the Federal Reserve should have the power to increase reserve requirements substantially to cover at least any growth in the total supply of reserves. The first of these measures, which could be adopted by the Federal Reserve and the Treasury without any new legislation, would be designed to induce banks to purchase short-term Government securities and to discourage extension of credit to private borrowers. Policies during the past year have moved in that direction about as fast as is feasible without unduly upsetting the market. There are limits, however, to such a course. Shortterm rates probably cannot be raised much more without unsettling the 2/4 per cent rate for longterm Treasury bonds. Moreover, it is doubtful how much any rate that is feasible will deter banks from making loans to private borrowers or purchasing higher rate securities. NEED FOR ADDITIONAL POWERS Accordingly, the Board believes that the System should be given authority to increase the reserve requirements of all commercial banks. For the present this authority should make it possible for the System to require all commercial banks to maintain primary reserves with the Reserve System amounting to 10 per cent pf aggregate demand deposits and 4 per cent of time deposits in addition to present requirements. This would give to the Reserve System power to increase bank reserves in the aggregate by a maximum of about 12 billion dollars. An authority of this amount would enable the System to absorb the reserves that are likely to arise from gold acquisitions or from necessary System purchases of Government securities sold by nonbank investors over the next few years. In case banks should persistently follow the practice of selling Government securities to the Federal Reserve in order to expand private credits, notwithstanding higher short-term interest rates and increased primary reserve requirements, then the System should be granted supplementary authority to impose a special reserve requirement along the lines proposed by the Board last November. This type of authority may be described as an optional reserve requirement because it could be held, at the option of the individual bank, in specified cash assets or in short-term Government securities. The maximum requirement under this plan could properly be limited to 25 per cent of aggregate demand deposits and 10 per cent of time deposits. To be effective and equitable, it should apply to all commercial banks. A detailed description and analysis of the Board's special or optional reserve proposal was submitted to the House Committee on Banking and Currency and has been published in the Federal Reserve BULLETIN. To the extent that it may become necessary to rely upon the banks for any new Government financing operations, the optional reserve requirement would be an especially valuable instrument. And in the case of large-scale deficit financing, it would be essential. In such financing, it would be advisable to make available to banks only short-term securities. Application of the optional reserve requirement would have the effect of immobilizing these securities so that they could not be used to obtain reserves to pyramid new bank assets upon them on a six-to-one ratio. In other words, securities issued in new Treasury financing through banks would be tied to the deposits created by their purchase. A ready market for short-term Governments would be assured and the Treasury would be helped in successfully carrying out both its refunding operations and its deficit financing. At the same time, the Federal Reserve would be enabled to exercise some restraint upon the money market for private credit. The dominance of public debt in the present credit situation has rendered the System's traditional powers generally unusable for purposes of restraining further inflationary credit expansion. The Reserve Board is not now seeking additional power beyond what it formerly possessed; it is merely pointing out that the System has little or no authority to deal with the credit situation as it currently exists and seems likely to develop. If the Congress wants the Federal Reserve System to perform the functions for which it was established, the System must have a substitute or at least a partial substitute for those powers that have become unusable. The Board feels that it would be remiss if it failed to bring this matter to the attention of Congress. There is no simple way of holding in check bank credit expansion in excess of essential public and private need. The problem should be met in a combination of ways—by general credit controls and in particular areas by selective controls, such, for STATEMENT BEFORE THE JOINT COMMITTEE ON THE ECONOMIC REPORT example, as reimposition of consumer instalment credit regulation, and the continuation of existing margin requirements on stock market credit. thus prevent the serious inflationary effects brought about by strikes. SITUATION NOW AND IN 1940 OTHER ANTI-INFLATIONARY ACTIONS The Congress is currently considering continuance of easy mortgage credit for housing. Easy mortgage credit is one of the most inflationary factors in the domestic credit picture. At the very most Government mortgage credit programs at this time should be limited to relatively low cost housing, particularly for rental housing, and should be accompanied by some restriction on other less essential types of housing. The housing shortage cannot be overcome by increasing the competitive pressures on scarce supplies of materials and manpower. They are the limiting factors on the volume of construction. It is one thing to provide easy credit facilities to encourage special types of residential construction activity under a system of allocations and permits. It is quite another thing to provide such encouragement in a free market already characterized by heavy accumulated demands and by strategic shortages in supply that are likely to be intensified by the defense and world aid programs. In restraining inflationary pressures under present and prospective conditions, monetary and credit policies must be combined with fiscal and other governmental policies. The public should be given every possible assurance that the Government will protect the purchasing power of the dollar so that the public would be more willing to defer the satisfaction of wants, particularly for houses and durable goods. Wherever possible, Government expenditures that will add to pressures on the labor and capital goods markets should be deferred, and State and local governments should be requested likewise to defer nonessential expenditures of this type. There should be early action to close loopholes in our tax laws and to strengthen the tax collection machinery. If the stage is reached at which Government expenditures again threaten to create large budgetary deficits, then a reimposition of wartime levels of taxation and direct economic controls along the lines proposed by Mr. Baruch, for example, should be undertaken. If young men are to be drafted into the military forces, then a way should be found to keep men at work in essential industries, and The Board believes that any realistic appraisal of the economic outlook from the standpoint of monetary and credit policy must take account of the underlying facts of the international situation. During the war there was no doubt about the ultimate victory. The country looked forward confidently to an era of stability and peace following the hostilities. Nearly three years after the end of fighting, however, we seem to be farther away from these goals than ever. Our national debt still exceeds 250 billions, or more than five times the prewar total. Federal budgets have never fallen under 37 billions a year and we are confronted now with tiivi prospect of an expanding debt and budgets. During the war we expected the peace to bring an end to these enormous drains on our resources. Today, there is no end point in sight. Threatening as the inflationary potential was at the end of the war, it is worse today. When we embarked upon the defense program in 1940 we had a tremendous slack in the labor force, with nearly 12 millions fewer employed then than now. We had surpluses of most raw materials, of unused industrial capacity, of housing, of foodstuffs, and of countless other thing! The impact of our heavy armament expenditures was not inflationary so long as the total demand on our resources did not exceed capacity. It rapidly became inflationary as civilian purchasing power created by the expenditures began to exceed the available supplies of goods and services. We held the excess purchasing power fairly well in check while the war was on. We have now seen the consequences of premature removal of the harness of wartime controls. Even the one remaining anti-inflationary force, that is, a large budgetary surplus used to reduce our money supply, is no longer in prospect. OVER-ALL POLICY ALTERNATIVES On the basis of present trends, we believe that the country, sooner or later, has to choose between three broad alternatives. First, we can continue on the present course of providing essential foreign aid and of carrying out a military program on a scale of, as yet, undeter- EDITORIAL COMMITTEE ELLIOTT THURSTON WOODLIEF THOMAS CARL E. PARRY The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for interpretations and opinions expressed, except in official statements and signed articles. CONTENTS PAGE The Postwar Drain on Foreign Gold and Dollar Reserves. . 371-381 The Federal Reserve Chart Book as an Aid to Bank Management, by Charles H. Schmidt . Britain's Economic Survey for 1948—Official Summary. 382-390 391-396 Revised Table on Department Store Sales and Stocks by Major Departments. 396 Law Department: Common Trust Funds. . 397 Margin Requirements . 397-398 Suit Regarding Condition of Membership. 398-402 Current Events and Announcements. . 402 National Summary of Business Conditions. 403-404 Financial, Industrial, Commercial Statistics, U. S. (See p. 405, for list of tables) . 405-462 International Financial Statistics (See p. 463, for list of tables) . 463-481 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council. 482 Senior Officers of Federal Reserve Banks; Managing Officers of Branches. . Federal Reserve Publications. 483 484-485 Map of Federal Reserve Districts. . Subscription Price of BULLETIN A copy of the Federal Reserve BULLETIN is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. 486 FEDERAL VOLUME 34 RESERVE April 1948 BULLETIN NUMBER 4 THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES Foreign gold and dollar reserves were built liquid gold and dollar resources. Only a few up to an unprecedentedly high level during countries now hold gold and dollar reserves the war, when Lend-Lease operations were in an amount sufficient to provide them with taking care of a large proportion of foreign reasonable liquidity in their international requirements, especially in Europe, and when transactions. many countries in the Western Hemisphere The gold inflow into the United States and and elsewhere found it impossible to spend the liquidation of foreign dollar balances in their current dollar earnings because of sup- the United States have had significant exply shortages. Since the end of 1945, how- pansionary effects upon the domestic moneever, these reserves have had to be liquidated tary and credit situation. on a large scale, mainly to pay for United UNITED STATES EXPORTS AND SOURCES OF States exports which could not be financed FINANCING in other ways. Total foreign holdings of central gold reserves and of banking funds Since the end of the war foreign countries in the United States, which increased from have had to rely upon the United States to 15 billion dollars to nearly 23 billion during an unprecedented degree as a source of sup1939-45, declined again during 1946 and 1947 ply for food, raw materials, and manufacto around 18 billion. tured equipment and supplies. United States Although still larger in money terms than exports of goods and services amounted to before the war, in terms of purchasing power 15 billion dollars in 1946 and reached 20 bilforeign holdings of gold and dollars at the lion in 1947. Relief and reconstruction in end of 1947 were less than half what they large areas of Europe and the Far East have had been in 1938. Furthermore, the large absorbed immense quantities of these exports. concentration of reserves among a few coun- In addition, countries which escaped war tries, from which the world was already damage and disruption, notably those in the suffering before the war, has been accentu- Western Hemisphere, have made heavy deated in some respects by war and postwar mands upon United States production bedevelopments. Despite the additional source cause of their high levels of domestic income, of funds which has been provided to foreign their large deferred demands for many prodcountries through the creation of the Inter- ucts, and the slow recovery of other sources national Monetary Fund, most of the world of supply. finds itself very inadequately equipped with Less than half of total exports could be APRIL 1948 371 THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES made possible by the expanded physical capacity of the United States to produce for export, but it also reflected a substantial rise in export prices. Merchandise imports, on the other hand, were only slightly larger in 1947 than in 1946, and the entire growth was accounted for by increased import prices. In relation to national income, imports into the United States have been much smaller than before the war. This lag in imports is primarily a reflection of production and supply difficulties abroad, particularly in Europe. Merchandise imports from Europe, which in the interwar years accounted for between 40 and 50 per cent of all imports of goods by the United States, amounted to only 15 per cent of the total in 1947. The export surplus has been financed in UNITED STATES EXPORTS AND IMPORTS large part by grants and credits extended by OF GOODS AND SERVICES the United States Government, as may be seen in the chart on the following page. In fact, Government aid programs covered nearly one-third of total United States exports - TOTAL EXPORTS during the two years 1946-47. Of the net exports not financed from this source, some part has been paid for by an outflow of private gifts and investments from the United States; by loans from the International Bank, which commenced active operations in 1947; and by the liquidation of miscellaneous foreign-owned assets in the United States. Much the larger part, however, has necessitated drafts upon the gold and dollar reserves of foreign countries: i.e. their central gold reserves, their holdings (both official and private) of banking funds in the United States, and—since early in 1947—their drawing 1946 1947 rights upon the International Monetary S O U R C E . — D e p a r t m e n t of Commerce. Fund. The drafts upon these reserves may were moving at an annual rate of 21 billion be regarded, from the point of view of foreign countries, as the final balancing item dollars. The marked increase in the dollar vol- in their transactions with the United States. ume of merchandise exports last year was In addition, foreign countries have had to paid for currently by funds derived from foreign sales of goods and services to the United States. The balance, amounting to over 19 billion dollars during the two-year period, placed a heavy strain upon the various sources of dollar financing available to foreign countries. A summary table of the international transactions of foreign countries in 1946-47 affecting their gold and dollar holdings is given at the end of this article (p. 381). United States exports, imports, and the export surplus in the eight quarters of 1946 and 1947 are shown in the accompanying chart. Exports of goods and services were 28 per cent larger in 1947 than in 1946. At the peak in the second quarter of 1947, they 372 FEDERAL RESERVE BULLETIN THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES make drafts upon their gold reserves in the process of setting up the Fund and establishing their drawing rights upon that institution. as a potential resource for making international payments, and in any case reliable data regarding them are not available. Foreign banking funds in the United States represent a regularly reported statistical series MEANS OF FINANCING UNITED STATES NET EXPORTS OF GOODS AND SERVICES covering all short-term claims, i.e. deposits, short-term commercial paper, Treasury bills, etc., held by foreign residents with banks in the United States. They comprise both official funds (those held by foreign central banks and governments, including as a spe•*— NET EXPORTS cial item certain foreign government deposits with the United States Treasury) and funds held for private foreign account. While private banking funds may not always be readily available to a foreign country for the settlement of international payments, most countries are at present enforcing exchange controls which in effect accomplish this purpose. In any case, it is necessary to combine official and private funds for purposes of the present survey since these categories are not shown separately for individual countries in the regularly published data. 1946 1947 In addition to banking funds in the * The broken horizontal line in the third quarter of 1947 indicates net exports for the quarter. In this quarter, the estimated net drafts by foreign countries upon various sources of United States, foreigners hold relatively small dollar financing considerably exceeded estimated United States net exports. amounts of other short-term claims upon t Includes private United States donations and investments abroad, disbursements on International Bank loans, liquidation this country, e.g. advances to Government of other foreign assets in the United States, and errors and omissions. corporations and private enterprises, balSOURCE.—Based largely upon Department of Commerce data. ances with brokers and security dealers, and NATURE OF FOREIGN GOLD AND DOLLAR holdings of actual United States currency. RESERVES Private citizens abroad also hold large longThe specific categories of resources in- term investments in this country, some of cluded in "foreign gold and dollar reserves" which could be mobilized by foreign counform a convenient grouping for purposes of tries in case of need to settle balances with analysis even though they cannot be sharply the United States. Ordinarily, however, fordistinguished from other types of gold and eign countries are most reluctant to requisition and liquidate such assets, especially dollar assets. Central gold reserves, i.e. gold holdings of since they are the source of current dollar foreign monetary authorities, may be supple- income to the individual owners and to the mented in some cases by private gold hoards. country concerned. The advent of the International Monetary Under present conditions, however, foreign Fund as an operating institution early in countries can scarcely rely upon such hoards DOLLARS DRAWN FROM INTER-" NATIONAL MONETARY FUND SALES OF GOLD TO UNITED STATES AND DRAFTS ON BANKING FUNDS IN UNITED STATES (NET) GOVERNMENT AID (NET) APRIL 1948 373 THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES 1947 established a new category of international reserves, the conditional drawing rights of member countries upon the resources of the Fund. One of the basic purposes of the Fund as expressed in its Articles of Agreement is "to give confidence to members by making resources available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity." Hence, each country which becomes formally eligible to use the Fund's resources—i.e. which fixes the parity of its currency in agreement with the Fund, and thereupon pays up its subscription to the institution—is given a qualified right to purchase exchange from the Fund against payment in its own currency. These "drawing rights" are subject to specified limitations upon the total amount of each country's purchases and the rate at which they can be made. Even within these quantitative limitations, access to the Fund's resources is not automatic. In the words of an official interpretation issued by the Fund's Executive Board, drawings should be limited "to use in accordance with its [the Fund's] purposes to give temporary assistance in financing balance of payments deficits on current account for monetary stabilization purposes." Thus drawings are expected to be made only if they can be repaid within a reasonable period of time. Subject to these various qualifications, the drawing rights of member countries upon the Fund constitute a contingent international reserve supplementing their independent holdings of gold and foreign exchange. It should also be noted that the Fund's ability to supply dollars to its members is limited to the amount of dollars—and gold, which could be converted into dollars in 374 case of need—subscribed by member countries. Total dollar and gold subscriptions so far amount to about 3.4 billion dollars, including 2,750 million in dollars and gold from the United States and about 670 million in gold from other member countries. This sum is substantially smaller than the maximum theoretical drawing rights of the foreign members now formally eligible to use the Fund's resources. Further amounts of gold may be subscribed in due course by new members or by existing members that have not yet established the parity of their currencies, but in such case drawing rights upon the Fund will also increase. Hence aggregate drawing rights for dollars will always exceed the Fund's ability to supply that currency. Nonetheless, the Fund's gold and dollar resources are certain to last under any circumstances for a period of several years, if only because of the quantitative limitations upon the rate of drawings by individual member countries. While these limitations can be waived in specific cases by the Executive Board of the Fund, such waivers are likely to be granted only in exceptional circumstances. GOLD INFLOW AND FOREIGN GOLD RESERVES Net sales of gold by foreign countries to the United States, as may be seen from the table on the following page, amounted to more than 3.5 billion dollars in the two years 1946-47. The inflow remained moderate during 1946, when Government aid programs alone covered two-thirds of United States net exports. In 1947, however, with the export surplus greatly expanding and with Government aid programs providing only half of the necessary financing (or about the same absolute amount as in 1946), net sales of gold to the United States approximated in each quarter the entire amount FEDERAL RESERVE BULLETIN THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES The aggregate gold holdings of foreign monetary authorities amounted to 16 billion dollars at the end of 1945, but to only 12.9 billion by the end of 1947, reflecting a net loss of 3.1 billion within the space of two years. During the same period foreign countries derived about 1.8 billion dollars in gold from new production, so that there is a gross loss of 4.9 billion to account for. Net sales of gold to the United States came to 3,540 N E T SALES OF GOLD BY FOREIGN COUNTRIES TO UNITED million dollars, and foreign gold contribuSTATES, 1946-1947 tions to the International Monetary Fund [In millions of dollars] amounted to 670 million. The remaining Amount Period sum of around 700 million presumably represents net industrial consumption and accre269 1946—Jan.-Mar 46 Apr.-June tions to private hoards in foreign countries, 94 July-Sept 295 Oct.-Dec but this is a residual figure for which no 705 Total, 1946.. . degree of precision can be claimed. 632 1947—Jan.-Mar At the end of 1945, when the total central 778 Apr.-June 663 July-Sept 763 Oct.-Dec gold reserves of the world amounted to 2,836 Total, 1947 about 36 billion dollars, some 55 per cent Total, 1946-47... 3,541 was held by the United States and about 45 1344 1948—Jan.-Mar per cent by foreign monetary authorities. At the end of 1947, the total figure had Partly estimated. NOTE.—Net sales of gold by foreign countries to the United reached more than 37 billion dollars. Over States can usually be measured with reasonable accuracy by adjusting the reported net imports of gold into the United States 60 per cent was then held by the United for (a) changes in gold under earmark for foreign account at the Federal Reserve Banks; and (b) gold transactions between the States, 35 per cent by foreign monetary auUnited States and the International Monetary Fund, which have so far consisted solely of the payment of the United States thorities, and 4 per cent by the International gold subscription to the Fund in February 1947. The reported import and export data include gold consigned to, and shipped by, the Fund; but the figures for gold under earmark also include Monetary Fund. gold owned by the Fund, so that gold transactions by foreign countries with the Fund, or shifts of gold by the Fund between its The recent pattern of world gold transdepositories in this country and abroad, cancel out in this calculation. actions has been dominated by direct transThis method has been followed in deriving the figures in this table, except that a special adjustment has been made in the fers from foreign central reserves to the figures for the last quarter of 1946 and the first quarter of 1947 to correct an unusually large distortion arising at that time from United States. Hence, although data for lags in the reported statistics. sales of gold to the United States are not quently are reflected in changes in the central published by countries, the principal foreign gold reserves of foreign countries. The gold sellers can be readily identified from changes holdings of foreign monetary authorities are in the gold holdings of individual foreign also affected, however, by new gold produc- countries. The table on the following page tion, industrial consumption, and move- presents data showing the changing distribuments in private hoards in foreign coun- tion of foreign gold reserves during the past tries. In addition, there was in 1947 the two years. special factor of foreign gold subscriptions In 1946 France was the only country that to the International Monetary Fund. sustained a major loss of gold, and this was received in the previous calendar year. By the end of the year several countries which had been large sellers of gold were approaching exhaustion of their holdings. As a result, the inflow slackened considerably in the first quarter of 1948. Almost all gold transactions between the United States and foreign countries are conducted through official channels and conse- 1 APRIL 1948 375 T H E POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES largely offset by gains on the part of the United Kingdom and Canada. Other scattered changes, including losses by Mexico, CHANGE IN FOREIGN CENTRAL GOLD RESERVES, 1946-1947 * [In millions of dollars] Area and country Countries participating in European Recovery Program (other than United Kingdom): France (and dependencies). Switzerland Belgium (and Belgian Congo) Sweden Netherlands (and N. W. Indies) Norway Other ERP countries Total Gold reserve at the end of 1945 1947 2 Gold reserve at the end of 1947 Increase or decrease (—) 1946 1,577 1,342 -688 88 -319 -74 570 1,356 749 482 2 -101 -138 -276 613 105 -161 -251 -19 255 72 782 -716 - 1 , 2 3 8 3,753 421 100 1,036 5,707 -5 -9 -3 U.S.S.R » . Other Continental Europe 2 250 690 150 2 175 -4 2 575 688 United Kingdom4 Union of South Africa Other sterling area5 Canada 1,966 914 471 361 445 -26 -26 182 -386 -177 1 -249 2,025 762 446 294 Latin America: Argentina Brazil 1,197 -125 -783 289 -81 354 100 191 732 -113 35 22 53 -123 279 631 Total 2 768 -181 -934 1,653 Rest of world6 828 -107 -36 685 997 273 Cuba Other Latin America Total net Total net 354 294 for countries with gains during y e a r . . . for countries with losses during year. . . Net total -1,223 -3,121 15,955 -226 - 2 , 8 4 8 12,881 1 Data have been partly estimated in the case of some countries which do not issue full reports concerning their gold holdings. 2 Decreases in 1947 include nearly 670 million dollars of foreign gold contributions to the International Monetary Fund, including 210 million by the United Kingdom, 80 million by France,74 million by Canada, 69 million by the Netherlands, and 56 million by3 Belgium. All the data for the U.S.S.R. are conjectural. Russian gold reserves at the middle of 1947 were estimated very roughly at 2.5 billion dollars in a recent report to the Senate Committee on Finance by the National Advisory Council (see BULLETIN for February 1948, p. 164). The figures in this table have been derived from this base, making allowance for estimated new domestic production and for such exports of gold from the U.S.S.R. as4 have been reported. The gold reserves of the United Kingdom have been estimated by deducting from British reports concerning their combined official holdings of gold and United States dollars, the amount of British official dollar balances as reported by banks in the United States. 5 Includes Egypt throughout, although Egypt withdrew from the6 sterling area in July 1947. China is known to have been the principal loser of gold reserves in this group in 1946-47, as a result of gold sales in its domestic market. There are no published reports concerning China's central gold holdings, but these holdings at the end of 1947 were estimated at 96.5 million dollars in a report submitted to the Congress by the Department of State on Feb. 20, 1948, in connection with the proposal for a Chinese aid program. 376 Sweden, and others which were relatively severe for the countries concerned, resulted in a net loss from foreign central reserves of some 225 million dollars during the year. There was a sharp acceleration of foreign gold losses early in 1947, with gold subscriptions to the International Monetary Fund contributing to the movement. The losses during the year were very widespread; only the U.S.S.R., as a result of the retention of most of its new domestic production, registered any substantial gain. Over 1.2 billion dollars was lost by the countries of Continental Europe which are scheduled to participate in the European Recovery Program; this amount included a further large loss by France, which brought that country's total liquidation of gold during 1946-47 to more than a billion dollars. The United Kingdom, South Africa, and Canada all became losers of gold in 1947, in contrast to their gains in the previous year, accounting together for losses of over 800 million dollars. Argentina, which sustained only a minor loss of gold in 1946, experienced a major gold outflow in 1947, none of which represented a contribution to the International Monetary Fund since Argentina is not a member of that institution. Other losses in Latin America, notably by Mexico, Colombia, and Uruguay, partly offset by a relatively substantial gain on the part of Cuba, brought total gold losses by that area during the year to nearly a billion dollars. In summary, the major changes in the distribution of foreign gold reserves in the past two calendar years have been the displacement of France and Argentina from their status as major gold holders in the world, and relatively heavy encroachments on the reserves of other countries, including notably Sweden, the Netherlands, and Mexico. On the other hand, the U.S.S.R. added FEDERAL RESERVE BULLETIN THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR moderately to its stocks during the two-year period, while the two other principal gold holders outside the United States—the United Kingdom and Switzerland—showed little change over the period as a whole. Whereas at the end of 1945 these three countries had held only about 35 per cent of foreign central gold reserves, by the end of 1947 they held 46 per cent of a substantially smaller total. LIQUIDATION OF FOREIGN BANKING FUNDS IN UNITED STATES Concurrent with the net flow of foreign gold to the United States, foreign countries as a whole have been making steady and substantial drafts upon the dollar balances which they accumulated during the war in the form of banking funds in the United States. As may be seen in the accompanying chart, official funds (those held by foreign monetary authorities) declined by 2.5 billion dollars, or 58 per cent, during the two years 1946-47. The aggregate amount of private dollar banking funds, on the other hand, has continued a moderate expansion, so that the net loss in total foreign banking funds in FOREIGN SHORT-TERM BANKING FUNDS IN THE UNITED STATES BILLIONS OF DOLLARS END OF MONTH FIGURES A- /r TOTAL - / /r \ OFFICIAL r ^^— N - V ., f- tf"""* PRIVATE -•^ —ly OFFICIAL HOLDINGS AND CERTIFICATES * Beginning June 1942, official funds include all short-term funds held with banks and bankers in the United States by foreign central banks and governments and their agencies, part of which had previously been included in private funds. APRIL 1948 RESERVES the United States came to only about 2.2 billion dollars in 1946-47 (something over one billion in each year). Most of the countries in the world liquidated dollar balances during the two years, but these losses were partly offset by gains on the part of a few countries. As shown in the table on the following page, Canada alone accounted for around 30 per cent of the losses; the other principal losers were China, the United Kingdom, and France. These four countries accounted for the entire net loss; smaller gains and losses by other individual countries were mutually offsetting. At the same time, many of the smaller changes were relatively very important to the countries concerned, e.g. the losses by Sweden, the Netherlands, and Norway, and the gain by Cuba. It may be noted that the changes shown in the table on the following page are roughly representative of movements in official balances. The increase in private balances during 1946-47 was diffused throughout the world and hence did not greatly affect the position of any individual country.1 If the drafts on foreign banking funds are considered in conjunction with the changes in gold reserves in 1946-47, the main new point which emerges is that Canada and the United Kingdom, while avoiding net drafts on their gold holdings during the period as a whole, did find it necessary to resort to heavy liquidation of dollar balances. The same was true of Brazil and the Philippines. France and China, on the other hand, along with Sweden, Norway, and the Netherlands, found it necessary to liquidate relatively substantial amounts of dollar balances in 1 While data are not ordinarily published showing the distribution of official and private balances, separately, by countries, an exception was made in a report presented to the Senate Committee on Finance by the National Advisory Council on Dec. 18, 1947. A table contained in that report shows the distribution of these balances for all foreign countries holding significant amounts as of June 30, 1947 (see BULLETIN for February 1948, p. 164). 377 T H E POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES addition to gold during this period. Switzerland, Cuba, and Argentina made the largest net gains in dollar holdings over the twoyear period 1946-47; the first two countries also gained some gold, but in the case of CHANGE IN FOREIGN BANKING FUNDS IN THE UNITED STATES, 1946-1947x [In millions of dollars] Area and country Countries participating in European Recovery Program (other than United Kingdom): France (and dependencies). Switzerland Belgium-Luxemburg (and Belgian Congo) Sweden Netherlands (and N. W. Indies) Norway Other ERP countries Total U.S.S.R. . Other Continental Europe United Kingdom (and dependencies) Union of South Africa Other sterling area 3 . . Canada and Newfoundland.... Latin America: Argentina Brazil .... Mexico Cuba Other Latin America Total Philippine Republic China Rest of world Total net Total net for countries with gains during year for countries with losses during year. . . Net total Holdings at end of 1945 Holdings at end of 1947 Increase or decrease (—) 1946 1947 2 518 304 -223 69 -100 73 195 446 247 210 -36 -37 -43 -114 168 59 310 216 275 -69 —92 211 -83 -68 -61 158 56 425 2,080 -177 -396 1,507 28 77 32 49 14 27 74 153 755 6 106 2 1,366 -217 41 40 -432 -139 7 -524 399 46 153 410 77 195 116 128 492 36 —21 36 25 -4 123 -69 -13 82 -9 236 105 139 235 479 1,008 i 72 114 1,194 629 * - 1 8 2 -336 s 768 48 246 42 -202 -97 489 230 197 720 554 - 1 , 7 8 2 -1,709 7,069 - 1 , 0 6 2 - 1 , 1 5 5 4,852 Argentina the increase in dollar balances constituted a partial offset to a very heavy loss of gold. Considering gold and dollar balances together, France and Canada were the heaviest losers in 1946-47, accounting for 1.3 billion and 1.0 billion dollars, respectively. Argentina followed with a loss of three-quarters of a billion, and Sweden and China with over half a billion each. The countries scheduled to participate in the European Recovery Program, other than the United Kingdom and Switzerland, accounted together for about half of the net foreign losses of gold and dollar balances during the two-year period. At the end of 1945 this group held over onequarter of the outside world's central gold reserves and dollar banking funds, but by the end of 1947 it held less than one-fifth of a substantially smaller total. DOLLAR DRAWINGS UPON THE INTERNATIONAL MONETARY FUND The International Monetary Fund became an operating financial institution on March 1, 1947, the date upon which it became ready to engage in exchange transactions with member countries. The following table lists the dollar drawings that were made upon the Fund during the remaining ten months of the year. DOLLAR DRAWINGS ON INTERNATIONAL MONETARY FUND [In millions of dollars] 1 For more complete information concerning the movement of foreign banking funds in the United States, see regular tables on pp.2 480-81 of this BULLETIN. The regularly reported figures for Canada and France at the end of 1945 have been adjusted to allow for the fact that on that date certain special funds were being held by Canada on behalf of France. This arrangement was terminated during 1946. 3 Includes Egypt throughout, although Egypt withdrew from the sterling area in July 1947. 4 Includes the use of 111 million dollars during 1946 for redemption of excess stocks of Philippine currency held by the United States armed forces in the Philippines. To this extent the decline in^dollar reserves was matched by a reduction in the foreign liabilities of the Philippines. « The regularly reported figure for China at the end of 1945 has been adjusted to include official Chinese holdings on that date of 186 million dollars of United States Government securities maturing in slightly more than one year and therefore falling outside the strict definition of "short-term" banking funds. These holdings were converted into "short-term" United States Government securities during 1946. 378 Country United Kingdom France Netherlands Belgium Mexico Denmark Chile Turkey Total Maximum drawing right in any twelve-month period Amount drawn in 1947 325.0 131.3 68.8 56.3 22.5 17.0 12.5 10.8 240.0 125.0 46.0 11.0 22.5 3.4 8.8 5.0 1461.7 1 The only non-dollar transaction in which the Fund engaged during the year was the sale to the Netherlands of 1.5 million pounds sterling (equivalent to 6.0 million dollars). FEDERAL RESERVE BULLETIN THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES The principal drafts, amounting to more than half the total, were made by the United Kingdom. These occurred during the last months of the year, when the United Kingdom found itself under particular pressure as a result of the temporary suspension of drawings upon its credit with the United States Treasury. Large drawings were also made by France, which has had to resort to a wide variety of sources for dollar financing during the past two years. Mexico, although its drawings were relatively small, was the only country that exercised its maximum drawing right during 1947. In general, the scale of foreign drafts upon the Fund's resources may be said to have been moderate during 1947. After allowing for member countries that remained ineligible to draw upon the Fund because of the lack of an agreed exchange rate, the remaining foreign members could have drawn about one billion dollars during the year without exceeding the quantitative limitations to which each is subject. But of the 27 member countries that were formally eligible to draw during 1947, only eight actually resorted to the Fund's resources. This may be taken as evidence both of self-restraint on the part of foreign members and of vigilance on the part of the Fund's Executive Board in seeing that the Fund's resources are used only for purposes consistent with the Fund's Articles of Agreement. It may be added that during the first quarter of 1948 total dollar drawings from the Fund amounted to a further 132 million dollars, of which 60 million was taken by the United Kingdom. Although by now a few individual countries, notably the United Kingdom and France, have made drawings on the Fund in excess of their initial gold subscriptions, foreign countries as a whole have still drawn fewer dollars than the APRIL 1948 amount represented by their gold subscriptions. Hence the Fund's gold and dollar resources still exceed the amount initially contributed by the United States. EFFECTS UPON MONETARY FACTORS IN THE UNITED STATES The liquidation of foreign gold and dollar reserves in partial payment for United States exports has had certain direct expansionary effects upon monetary factors in the United States. The most obvious example is the net purchase of 3.5 billion dollars in gold from foreign countries in the two years 1946-47. This newly-acquired gold was "monetized'7 through the issuance of gold certificates to the account of the Federal Reserve Banks, and had the effect of expanding by a corresponding amount the reserves of the Federal Reserve Banks, the reserves of commercial banks, and the deposits of commercial banks. The result was to add substantially to the capacity of the banking system to extend credit. The net reduction in foreign banking funds in the United States over the two years 194647 may be accounted for entirely by the decline of about half a billion dollars in deposits held by foreign central banks and governments with the Federal Reserve Banks and by the liquidation of about 1.7 billion in foreign holdings of short-term United States Government securities. Movements in other types of foreign banking funds were small and mutually offsetting. A decline in foreign deposits with the Federal Reserve Banks has the same expansionary effects upon the commercial banking system as an inflow of gold which becomes monetized by the Treasury. Commercial bank reserves and deposits increase by an 379 THE POSTWAR. DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES equal amount, and a further multiple ex- less funds available to retire marketable debt, pansion of bank credit becomes possible. particularly that held by the Reserve Banks, In the case of foreign liquidation of short- with the result that commercial bank reserves term United States Government securities, and deposits have tended to remain higher the results to be anticipated are less clear-cut. than might otherwise have been the case. As in the case of sales by domestic holders, If and when the Fund exhausts the supply the effect upon bank reserves and deposits of dollars which it derived from the United depends upon whether the net purchasers in States subscription (something over 2 billion the market are the Federal Reserve Banks, dollars), it could meet further dollar drawcommercial banks, or other holders. In ings by its members only by selling gold to general, foreign sales during the past two the United States. Hence in the future the years have probably necessitated on most Fund may become the source of an additional occasions additional purchases by the Federal gold inflow into this country. Reserve Banks, resulting in further expanAltogether it is clear that the liquidation sion of the credit base. of gold and dollar reserves by foreign counFinally, dollar drawings by foreign coun- tries has had important effects upon monetries upon the International Monetary Fund tary factors in the United States. It has have hitherto been financed by the Fund served to reduce the effectiveness of fiscal through the redemption of demand notes of and monetary policies directed to absorbing the United States Treasury, in which the bank deposits and reserves and to curbing bulk of its dollar funds are invested. The inflationary pressures originating in monetary Treasury has therefore had correspondingly sources. 380 FEDERAL RESERVE BULLETIN THE POSTWAR DRAIN ON FOREIGN GOLD AND DOLLAR RESERVES INTERNATIONAL TRANSACTIONS A F F E C T I N G FOREIGN GOLD RESERVES AND BANKING FUNDS IN U N I T E D STATES, 1946-1947 [In billions of dollars] Item Net purchases of goods and services from United States by foreign countries: United States exports: Goods Services Total 28.2 6.7 Total 11.3 4.1 Total Net purchases by foreign countries Sources of financing utilized by foreign countries for these net purchases : United States Government (net): Credits Donations 7.1 11.3 8.1 2.9 2.4 4.0 1.7 5.8 5 0.6 0.7 0.3 0.5 1.3 3.5 2.2 0.9 . Total sources of financing Errors and omissions 6.7 0.3 0.5 0.8 Total Total 8.3 19.4 2.0 Net gold losses of foreign countries in international transactions: Net sales of gold to United States by foreign countries (repeated from table above) . Foreign subscriptions in gold to International Monetary Fund 5.3 1.9 15.5 0.7 1.4 Total Foreign countries' own capital assets (net): Sales of gold to United States Reduction of banking funds in United States Liquidation of other assets in United States (long- and short-term).... 15. 19.6 11.1 International institutions (net): Dollars disbursed by International Bank Dollars drawn from International Monetary Fund 12.1 3.1 6.0 2.3 7.0 4.2 Total United States—private (net): Foreign investment (long- and short-term) Donations 1946 16.0 3.6 34.9 United States imports: Goods Services . . Total... 1947 0.8 0.7 1.1 0.4 2.8 1.2 0.5 6.7 4.5 2.2 20.6 -1.2 12.3 -1.1 8.3 -0.1 3.5 0.7 0.7 2.8 0.7 4.2 3.5 0.7 NOTE.—This table is derived largely from United States balance of payments data compiled by the Department of Commerce. It omits, however, transactions between the United States and the International Fund and Bank, which for balance of payments purposes must be regarded as international areas external to the United States as well as to foreign countries, and it includes gold and dollar transactions between the Fund and the Bank and foreign countries. Hence in the main table the Fund and the Bank are shown among the sources of dollars to which foreign countries have resorted in order to pay for net exports from the United States; and in the supplementary table foreign subscriptions in gold to the International Monetary Fund are listed along with net sales of gold to the United States to show the net gold losses of foreign countries in international transactions. (This presentation ignores the 22 million dollars in gold and 75 million in United States dollars paid by foreign countries during 1946-47 upon their subscriptions to the International Bank.) APRIL 1948 381 THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT1 by Charles H. Schmidt Keeping up-to-date on general economic conditions is an important responsibility of every bank officer. The demand for bank credit and the financial condition of individual banks are strongly influenced by economic conditions. The granting of loans, purchase or sale of investments, and many other bank functions require some knowledge of present developments and some judgment on prospective conditions in the national economy. The task of keeping up-to-date on current economic developments is not an easy one. Production, employment, prices, money supply, business profits —these and many other factors play a part in determining the general level of economic activity. A change in any one of these factors affects all the others to some extent. For example, an expansion of bank loans, by increasing the money supply, may contribute to a rise in prices, while the rise in prices may encourage and accelerate the expansion of bank credit. Conversely, a contraction of bank loans may bring about a decline in prices by reducing the money supply, and the decline in prices may in turn discourage and reduce the use of bank credit. However, the extent to which a change in bank credit may aflect prices is also greatly influenced by such factors as the levels of employment and production and consumer demand for goods and services. Evaluation of the current and prospective economic situation requires not only some knowledge of what factors to watch, but also an understanding of their relationships to each other. Trade journals, newspapers, market reports, and discussions with customers all help the banker in building up a day-to-day picture of general economic conditions. Sometimes, howrever, such a picture may be lacking in perspective. Some important aspect may be missing, may be given too much or too little stress, or may be overshadowed by conditions peculiar to the banker's local area. To assist the banker in bringing his picture of business con1 This article was prepared at the request of the National Association of Bank Auditors and Comptrollers and appears in the April issue of the National Auditgram. The officers of the Association have kindly approved its publication in the BULLETIN. 382 ditions into the right perspective, a graphic summary of the over-all forces at work in the economy is useful. The Federal Reserve Chart Book on Bank Credit, Money Rates, and Business, issued monthly by the Board of Governors, provides the banker with such a graphic summary of over-all economic conditions. Prepared for the purpose of supplying Federal Reserve officials with current information relevant to their problems, the Chart Book is made available publicly with the thought that it might also serve the needs of others, including executives in commercial banking, business, and government. The present article undertakes to acquaint bank officers with this helpful management tool—its organization, its coverage, and its limitations. Another purpose of the article is to illustrate for management the uses of Chart Book data, taking as a case in point the problem of formulating individual bank loan policy. This problem is approached through charts which reflect current requirements for, and the supply of, business funds in relation to general economic conditions. Business concerns are the most important customers of the average commercial bank. Presumably, a bank's loan policies are formulated in such a manner as to assure satisfactory accommodation of these business customers as well as to protect the bank's depositors and stockholders against loss. The Chart Book, of course, does not cover the various special considerations pertaining to an individual loan, such as the credit standing of the borrower, or to the lending policy of a particular bank, such as local needs and liquidity status. Most bankers, however, realize that their loan policies should be consistent with current economic conditions. ORGANIZATION AND COVERAGE OF THE CHART BOOK The Federal Reserve Chart Book presents leading statistical series relating to the commercial banking system and to the economy as a whole. Part of the information depicted is compiled originally by the Federal Reserve System. Some is compiled by other FEDERAL RESERVE BULLETIN THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT governmental agencies, such as the Department of Commerce, the Bureau of Labor Statistics, the Securities and Exchange Commission, the Treasury, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, and some is obtained from private or semi-private sources. The various series have been carefully selected to present unbiased measurements of economic activity. Each is subject to certain technical qualifications, but for the most part these may be disregarded by the general reader. Most of the Chart Book series cover only the broadest classes of economic activity. As a consequence, their utility for specific industry comparisons or analysis is limited. For example, the bank officer who desires to compare production of an individual silk hosiery manufacturer with that of the silk hosiery industry will not find a silk hosiery output series in the Chart Book. On the other hand, the bank officer who wonders about over-all levels of industrial production, or the trends of production for such major industrial groups as steel, petroleum, or chemicals will find the appropriate charts. Primarily, however, the Chart Book is of greatest help to bank management in providing information that can be used in determining general lending and investing policy. The Chart Book currently contains approximately 80 pages of charts, grouped under the following broad headings: Reserves and Currency Bank and Other Credit Government Finance Money Rates and Security Markets Business Conditions International Trade and Finance Both the period and time intervals covered vary with different charts. Some series are available annually as far back as 1913; others cover shorter periods of time on an annual, quarterly, monthly, or weekly basis. Coverage of the specific series varies, but the series are selected and related in such a way as to reflect developments in all the major aspects of the business situation. The Chart Book itself presents only the basic factual material, without any analysis or interpretation. However, articles and reviews appearing in the monthly Federal Reserve BULLETIN offer current interpretations of the data relating to business, APRIL 1948 employment, money and banking, and Government and international finance.2 In a very real sense, these articles supplement the Chart Book. They can be of particular help to bank management in checking its interpretations of current and prospective developments. However, there is no substitute for continuous study of the Chart Book by bank management, if its maximum usefulness is to be realized. APPRAISING THE DEMAND FOR AND SUPPLY OF BUSINESS FUNDS Possible uses of the Chart Book by bank management may be illustrated by reference to a specific problem—that of assessing the demand for and supply of business funds. For this purpose eight charts have been selected from the Chart Book. The charts in Plate I show factors affecting the current demand for funds such as: levels of production, inventory accumulation, employment, and business expenditures for new plant and equipment. The supply of funds is shown by the charts in Plate II, covering: corporate profits, new money security issues, liquid asset holdings, and short-term bank and trade credit.3 Individually, these charts illustrate wartime and postwar developments in business financing requirements and in sources of business funds. Collectively, they reflect the extraordinary demand for funds which exists at the present time, and indicate the extent to which different sources are being tapped to supply this demand for funds. Demand for funds. High levels of industrial production necessitate a large volume of funds for meeting factory pay rolls, purchasing materials and supplies, paying taxes, and financing overhead and administrative expenses. At the present time production is near peacetime capacity levels and nearly double the prewar 1938-39 average rate, as is shown in Plate I. While manufacturing and mining employment in the latter part of 1947 was only 50 per cent greater than in prewar 1938-39, factory pay rolls were three times as large as before the war. The growth in factory pay rolls reflects not only a "Banking Developments and Monetary Expansion" (November 1947); "The Current Inflation Problem—Causes and Controls" (December 1947). 3 While most of the charts included in Plates I and IT are currently available in the Chart Book in the form illustrated, a few are new charts scheduled for inclusion in the near future. 383 PLATE I oo BUSINESS REQUIREMENTS FOR FUNDS INDUSTRIAL MANUFACTURERS' ORDERS, SHIPMENTS, AND INVENTORIES PRODUCTION w vni UUF dnJtl«lTFD FOR SFdSnNAL VARIATION. 1935*39 I A TO FALCHJRABL EAND NONDURABLE 1 1 SHIPMENTS miiiii ii r in mi J DURABLE —f- / f J SHIPMENTS fl \ L_ iiiiiiiiii mum '7 INVENTORIES t \ O U R ABLE / 200 TOTAL p-V. 1. 1 i iv/ J 1 •A NEW ORDE END OF MONTH FISURES 80 j mnrnm T M J\ 1 / NEW )RDER i A/ ( - / "d4 NEWC !^DERS 1938 1940 1946 1942 1940 1948 1942 1944 1946 1948 w o o iiiiiiini lilUUUU iiiiiiini unmix 1936 o X NONDURABLE NOND JRABL : 1934 < w UMUU 4IPME 1, w w 'V f 1940 1942 1944 1946 1948 BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE ESTIMATES BILLIONS OF DOLLARS ANNUAL 20 BUREAU OF LABOR STATISTICS DATA, AOJUSTEBFOR SEASONAL VARIATION BY FEDERAL RESERVE COMMERCIAL AND MISCELLANEOUS \%\ RAILROADS AND GAS AND ELECTRIC UTILITIES § 5 1 MANUFACTURING AND MINING 1932 1934 1936 1938 1940 1942 1944 1946 1948 OF DOLLARS 5 K-j j%3 1930 BILLIONS QUARTERLY 1940 1942 1944 PLATE II SUPPLY OF BUSINESS FUNDS 2 P CORPORATE SECURITY ISSUES CORPORATE PROFITS, TAXES, AND DIVIDENDS ALL CORPORATIONS. DEPARTMENT OF COMMERCE ESTIMATES USTED ANNUAL RATES. 1939- i ii1 . PROFITS BEF 3RE T A X E s / vy/// INC OME TAXES ^ } k Si^iiyH m mm IS •DISTRIBUTE PROFITS 1936 1930 1932 1934 1936 1940 1938 1942 1944 1946 1933 1940 1942 1944 1946 1948 1936 1938 1940 1942 1344 1946 1948 1948 CD CURRENT ASSETS AND LIABILITIES OF CORPORATIONS CLASSIFICATION OF MEMBER BANK LOANS AND INVESTMENTS OTHER THAN U. S. GOVERNMENT SECURITIES •U.UIONS OF DOLLARS CAU. REPORT DATES BILLIONS OF DOLLARS 16 f 140 120 VTOTAL cu ^RENT ASSE rs / 100 A ^ / 80 60 / 40 5 " - rOTAl C l RRENT L I A B I L I T I E S ^ ^ ^ ET W(5RKING CAPI TAL 1942 1944 —- 20 Oo oo "~~"|*""*]*~""~]" 0 1940 1946 1940 1942 1944 1946 1948 >22 1924 1926 1928 STATE I AND I LOCAL COV'T ^ECURITIES 1930 1932 1934 1936 1938 | 1940 1942 1944 1946 THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT larger volume or employment and higher wage rates, but also greatly increased requirements for cash with which to pay these wages. Operating requirements are not the only factor giving rise to an increased demand for business funds. During the past two years business concerns have been making substantial additions to their inventories, plant, and equipment. As is shown by the chart on inventories and shipments, manufacturers' inventories have grown nearly 50 per cent since the end of 1945, and the same is true to an even greater extent for wholesale and retail trade concerns. Business expenditures for new plant and equipment during 1946-47 were nearly three times as great as in the prewar years 1939-40. On the basis of these over-all figures, together with some allowance for the increased working capital requirements occasioned by present high levels of industrial production and factory pay rolls, it is probably no exaggeration to say that present business requirements for funds are from three to four times their average prewar level. Little wonder, in view of these circumstances, that banks are confronted with an exceedingly active demand for credit on the part of business borrowers. Supply of funds. The charts in Plate II give some indication of how business has financed its greatly expanded postwar demand for funds from retained earnings, security issues and liquid asset holdings, and by borrowing from commercial banks. As is shown by the corporate profits chart, the undistributed earnings of all corporations were substantially greater in 1946 and 1947 than before the war. As these undistributed profits are net of dividends, taxes, and other current expenses, they represent funds available for financing additions to inventories, plant, and equipment, as well as the higher level of current operating expenses. Actually, the volume of funds derived from business operations is greater than the undistributed profits by the amount of depreciation accruals charged to current expense. If the depreciation accruals were added to the undistributed profits, we would find that business concerns have been able to finance a large part of their inventory, plant, and equipment expenditures and increased working capital needs out of current earnings. However, earnings alone are not sufficient to meet all of the current demand for business funds. During the war years business concerns accumu- 386 lated large amounts of United States Government securities, as is shown in the chart on current assets and liabilities. During the past two years some of these securities have been used for the payment of income taxes and for financing part of the postwar inventory accumulation and additions to plant and equipment. Despite the use of Government securities purchased during the war years and the high level of earnings in 1946 and 1947, business concerns have been obliged to obtain additional funds from outside sources, such as the capital markets and the commercial banks. Corporate security issues for the purpose of financing plant and equipment expenditures and increased working capital requirements reached an estimated peak of nearly 4.3 billion dollars in 1947, as compared with 3.3 billion in 1946, and a 1938-40 average of 0.5 billion per annum. Commercial and industrial loans of all commercial banks have more than doubled since the middle of 1946, and their present level is almost three times that of prewar 1938-40. This increase in commercial and industrial loans is in turn reflected in the notes and accounts payable of all corporati6ns, which figure combines both trade and bank credit. It is apparent from these charts on various aspects of business activity that the present demand for funds is extraordinarily high, that business is tapping a variety of sources to finance its requirements, and that one important current source of business funds is the commercial banking system. APPRAISING THE OVER-ALL ECONOMIC SITUATION Business prospects are bright at the moment, judging from outward appearances. How long they will continue to be bright depends largely on future inflationary developments in the economy. Presumably, any concern that goes on accumulating inventories or making future commitments for the purchase of additional plant and equipment does so on the assumption that the demand for, and the prices of, its products will remain at or near current high levels. In view of the high level of earnings and generally strong working capital position of many concerns, extension of further bank credit may appear to be sound. However, if the possibility of reduced income or operating losses and the probable effect of price decline on inventories are considered, the advisability of further FEDERAL RESERVE BULLETIN THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT credit extension at this time might be questioned in many individual cases. In order to relate the present favorable credit position of individual business concerns to current inflationary developments in the economy, another group of charts from the Federal Reserve Chart Book is presented in Plates III and IV. The charts appearing in Plates III and IV have been selected and grouped with reference to the over-all supply of credit and general economic conditions. The former is reflected in: loans and investments of all commercial banks, member bank reserves, deposits and currency of all banks, and interest rates. The latter are summarized by the charts on: gross national product, industrial production, wholesale prices, and personal income, consumption, and saving. Manifestations of inflation. In his appearance before the Joint Committee on the Economic Report in December 1947, Chairman Eccles defined inflation as "the condition which exists when effective demand exceeds the over-all supply of goods and services." He went on to say that the nation is already in the advanced stages of this disease and that "it is no longer a question of preventing it, but of moderating so far as possible its ultimate ravages." 4 The inflationary conditions to which Chairman Eccles was referring are reflected by the war and postwar expansion of money and other liquid assets. Consumer demand backed with ready cash has been confronted by a relatively inadequate supply of goods and services, and the result is reflected in the sharp rise of wholesale prices since mid-1946. The stage was set for these inflationary developments during the war years, when the output of manufacturing industries was largely diverted to fulfilling demands for war material. During this same period, savings of individuals and corporations were tremendously augmented by larger incomes and a lack of goods on which to spend their increased earnings. As is shown by the chart on gross national product, Government purchases of goods and services boosted gross national product from a prewar 1939-40 average of 95 billion dollars per year to an annual rate of 222 billion dollars in the fourth 4 Marriner S. Eccles, "The Current Inflation Problem—Causes and Controls." Statement before the Joint Committee on the Economic Report, Special Session of Congress, Nov. 25, 1947. Reprinted in the Federal Reserve BULLETIN, December 1947. APRIL 1948 quarter of 1944. Though Government expenditures declined sharply during 1945 and 1946, private consumption, capital expenditures, and exports increased greatly. The value of goods and services being produced is greater now than it was at any time prior to or during the war. While part of this greatly expanded value represents larger physical quantities of goods and services, a large part reflects the rise in prices following the relaxation of price controls. Expansion of money and credit supply. As is shown by the chart on deposits and currency, the country's money supply—currency in circulation plus demand deposits—is now nearly three times as great as it was before the war. Combined with greatly expanded individual and business holdings of other liquid assets, the present money supply represents an enormous effective demand for a relatively limited supply of goods and services. A substantial part of the war and postwar increase in the money supply resulted from the pronounced rise in bank reserves that made possible the expansion of bank credit. During the war years, as is shown in the chart on loans and investments of all commercial banks, Government bond holdings of banks increased by 70 billion dollars, while loans increased by roughly 6 billion. Expansion of loans to businesses and individuals has more than offset subsequent reductions in bank holdings of Government bonds. With money rates at extraordinarily low levels, as is shown by the chart in Plate III, business concerns and individuals have found it expedient and relatively inexpensive to borrow from commercial banks to finance current purchases. The banks, on their part, welcome an opportunity of employing their funds at somewhat higher rates of return than those afforded by Government bonds. Thus, the money supply is not only plentiful at the present time, but conditions are such as to encourage its further expansion. Rising personal incomes and consumption expenditures. Personal income more than doubled during the period 1938-47, as is shown by the chart on personal income, consumption, and saving in Plate IV. Annual rates of both disposable income and consumption expenditure increased by roughly 100 billion dollars from the latter part of 1938 to the latter part of 1947. Personal saving, which rose to a peak during the war years, has been declining 387 PLATE m OVER-ALL SUPPLY OF MONEY AND CREDIT MEMBER BANK RESERVES AND RELATED ITEMS LOANS AND INVESTMENTS OF ALL COMMERCIAL BANKS OF D O L L A M JUNE 1 9 1 4 - 1 9 2 2 ; JUNE AND PECEMBER 1 9 2 3 - 1 9 4 6 , LAST WEDNESPAY 0 ~ 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 1944 120 3O 100 25 1932 1946 )NTHLY AVERASES C BILLIONS OF POL 1934 1936 1938 1940 MONEY DEPOSITS AND CURRENCY 1942 1944 1946 1948 RATES ALL BANKS IN THE UNITED STATES 3 - 1942 | END OF MONTH 1943 - BILLIONS OF POLLA o I w w 1924 1926 1928 1930 1932 1934 1936 1938 1940 1942 1944 1946 1948 1940 1942 1944 1946 PLATE m GENERAL ECONOMIC CONDITIONS GROSS NATIONAL PRODUCT INDUSTRIAL B PRODUCTION ANNUAL RATES QUARTERLY RATES BILLIONS OF DOLLAR! POSNTS IN TOTAL Id BILLIONS OF DOLLARS 60 - IMj 240 ! - / GROSS / NATIONAL PRODUCT - \ \ / 1 / / - / / / / - V~l / 1 1 1 1 _, — 1 \ —\ | »>^ \ -f i EXPENDITURES GOVERNMENT PURCHASES i PRIVATE DOMESTIC AND FOREIGN INVESTMENT 1 1 1922 1924 1 ! 1926 1930 - ^L IMI I l l 1946 1948 _ — 1928 I \ 1 / PERSONAL CONSUMPTIOIS 1 1920 80 11 / V 1940 1932 1942 1944 WHOLESALE PRICES PERSONAL INCOME, CONSUMPTION, AND SAVING BUREAU OF LABOR STATISTICS INDEXES, | 9 t 6 ' I O O p QUARTERLY RATES U BILLIONS OF DOLLAR AN°Nl ALLY 1929-38 BILLION* • • ' " / JV / ALL vIMODI TIES CO ir= I1 'i)l FARV T y rl i 42 f/, 36 = PERSO NAL 1NCOME z ISPOS ABLE INCO ME . 3-0 = 24 SI •- - J - - 12 1 iiiliinii 1940 1942 1944 1946 1948 wI946 I M I I 1 1 II 1947 111111111 fj. 1948 120 96 oNsu^OPTION XPEND ITURE S - w -A 6 — ! — : —• ^ -6 1 ! i 1930 > w = 1930 144 r ^ - ^ > T PER SONAL SAVI NO 0 1936 - N \ ER 168 A / / - OTh / g 192 / E - DOL / ,0 i , a OF I M J1216 J 54 " 1932 1934 1936 1938 1940 1942. 1944 1946 1 1 1948 1 THE FEDERAL RESERVE CHART BOOK AS AN AID TO BANK MANAGEMENT since the end of 1944, as rising prices and the increased availability of goods have attracted more and more of the consumer's dollars. That consumers are drawing upon more than current income and wartime savings to finance current expenditures is indicated by the rise in consumer credit outstanding since the middle of 1945.5 Limited supply of goods and services. The past two years have found the country with a greatly expanded money supply, easy credit for business, and large consumer incomes supplemented by large liquid asset holdings and abundant consumer and mortgage credit. The impact of these conditions on an economy whose supply of goods and services is inadequate relative to demand is graphically illustrated by the chart on wholesale prices in Plate IV. Following termination of hostilities, production of consumer goods was resumed on a level well below that of effective demand. Shortly thereafter price and rationing controls were discontinued. As a consequence of active buying on the part of businesses and individuals, wholesale prices moved rapidly upwards, so that by the end of 1947 they reached a level nearly twice that of the prewar years 1938-39. Anticipating the future. Important as an understanding of the current situation is to the shaping of bank lending policy, the future trend of prices, production, and business profits is of even greater significance. Here the charts stop and the judgment element begins. While each new economic situation is different in certain respects from preceding ones, similar underlying forces that: make for change are common to all. A question of immediate interest to bank management in determining loan policy is whether the present high levels of prices, industrial production, and employment will continue, or whether a period of readjustment to somewhat lower levels is at hand. While there can be no definite answer to these questions, historical analogy and analysis of the current situation provide some basis for future expectations. Some of the Chart Book series cover a sufficient number of years to include a previous situation that is comparable in many respects to the present—that following World War I. Thus, in the case of wholesale prices, a rise during World War I 5 The chart on consumer credit, omitted from this article, appears regularly in the Federal Reserve Chart Book. 390 that exceeded the increase in the recent period was followed by a sudden and very pronounced drop, in response to a curtailed effective demand for goods and services. Industrial production dipped sharply in the latter part of 1920 and did not recover its early 1920 level for nearly two years. The drop in prices and production and resulting decline in business earnings led to a contraction of bank credit that in some cases proved embarrassing to both lender and borrower. While we cannot forecast with certainty the onset, duration, or character of a comparable period of readjustment, the possibility of its occurrence should not be overlooked. The higher prices go and the more individuals and business concerns pledge future income to the payment of debts contracted during the present period, the more difficult the problem of balancing economic forces will become. CONCLUSION This article has illustrated the use of the Federal Reserve Chart Book in connection with one aspect of commercial bank operations. Similar illustrations could be made of its use in connection with portfolio management, setting interest-rate charges to customers, consumer financing, and foreign trade financing. For example, an especially significant grouping of charts would be of those relating to the Federal Government's activities—Treasury receipts and expenditures, composition of the public debt,, distribution of ownership of the debt by groups of owners and by types and maturities of issues, relation of bank holdings to the general banking position, and changes in yields on Government securities. Fundamentally, what the Chart Book provides is an over-all perspective essential to constructive policy formation. Bank management is, of course,, vitally concerned with the maintenance of sound credit conditions in its own community; it is likewise concerned that sound credit conditions prevail in all other communities and nationally. Bank management can approach its task with greater assurance if it knows that bankers everywhere establish their policies on the basis of a common set of facts—facts that are also used by the central banking authorities in formulating credit policies for the nation. FEDERAL RESERVE BULLETIN BRITAIN'S ECONOMIC SURVEY FOR 1948 OFFICIAL SUMMARY The British Government on March 9 issued a White Paper entitled "Economic Survey for 1948" (Cmd. J344), setting forth its views on the outloo\ for the British economy during the coming year. The Survey emphasizes the dependence of the United Kingdom on the aid to be provided under the European Recovery Program. The following official summary of the White Paper was issued in Washington by the British Information Services.1 The "Economic Survey for 1948" (Cmd. 7344) reviews the present economic state of the British nation, examines the British balance of payments and outlines the main requirements for a solution of the dollar problem. It puts forward a plan to narrow the gap in Britain's overseas trade in 1948 and sets a series of industrial targets to be achieved by the year's end. In the foreword it states, "The most important uncertainty of all in 1948 is whether United States aid under the European Recovery Plan will be forthcoming. In the statistics contained in this Survey, no account is taken of such aid; the Survey shows the dangerously low level to which Britain's gold and dollar reserves would fall by the middle of this year, if no United States aid were available, and if consumption and development programmes were maintained at the present level. Since without United States assistance, it would not be possible to maintain even these far from adequate standards throughout the year, the Survey assumes, as a basis of general policy and planning, that aid will in some form be available. But it must be understood that, if there is no certainty of aid by the middle of this year, the resulting inevitable cuts in imports would affect raw materials as well as food, and so cause serious unemployment. "Without United States aid, in short, Britain would be compelled to cut consumption and employment, and to abandon many of her development plans. With adequate aid present levels of consumption and employment can be maintained, and development can go forward. But there is still likely to be 1 Britain's economic survey for 1947 was reprinted in the April 1947 issue of the BULLETIN, pp. 367-91. APRIL 1948 uncertainty from year to year about the continuance and amount of dollar aid. On no account, therefore, must such aid be used merely to provide greater ease or comfort. It must be used rather to sustain working strength and efficiency, while new sources of supply are developed in Britain, in the sterling area, and elsewhere, which will enable Britain to stand on her own feet when the period of aid is finished." 1. THE BALANCE OF PAYMENTS In September last the national target for exports was set provisionally at a rate 60 per cent greater than the 1938 volume by December, 1948. It is now put at 50 per cent greater. The reasons for the reduction are the saturation of certain overseas markets, coupled with import restrictions due to dollar shortage, and an insufficiency of steel to meet all Britain's export needs, especially in certain types of machinery and vehicles (despite a record rate of steel production in 1947 of 12.7 million tons and an expected increase in 1948 to 14 million tons). To offset these reductions as far as possible the export targets for the textile industries (principally cotton) have been increased. Textile exports are almost all dollar earners or dollar savers as they reduce the demand of sterling area countries for textiles from hard currency areas. The revised targets are given in Table I. TABLE I SUMMARY OF PROPOSED EXPORT TARGETS [Monthly rates at end of 1948] Millions of pounds sterling (At prices estimated for end of 1948) Machinery Vehicles Electrical goods and apparatus Textiles and clothing Chemicals Pottery, glass, abrasives, etc Coal All other exports Total As percentage of 1938 volume 203 272 235 131 184 223 39 127 157 154 391 BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL SUMMARY Although the targets total 154 per cent of the 1938 volume, some allowance must be made for the possibility that shortfalls in a few industries will not be balanced by surpluses in others. The national target is therefore expressed as a volume of exports 50 per cent greater than 1938. This is the rate of export to be achieved by the year-end; the volume of export forecast for the year as a wrhole is 30 per cent above 1938. In 1947 it was 8 per cent above. The import programmes for the second half of 1948 have not yet been finally decided. They must inevitably depend on decisions about the European Recovery Programme. Firm estimates therefore cover only the first half of the year. TABLE II IMPORT PROGRAMMES, 1946-48 [In millions of pounds sterling at current f. o. b. prices] First half of 1948 1946 1947 Total Food and feeding stuffs Raw materials Petroleum (civil).... Manufactures and other imports 1.... Total 546 347 60 750 544 75 390 280 47 West- Sterern Hemi- ling sphere area Other countries 179 113 12 88 76 8 123 91 27 139 205 75 26 9 40 1,092 1.574 792 267 313 212 i Including tobacco, of which purchases in the first half-year are negligible. Imports in the first half of 1948 have been drastically revised in the light of our present exchange difficulties: food purchases from the United States have been almost wholly eliminated, and the greatest practicable economy of dollars has been achieved in Canada and the Argentine. Raw material imports are about the minimum to maintain a high level of employment in 1948, though cuts in softwood supplies will necessitate a substantial adjustment in the building programme and steel imports are much below the desired level. No provision is made for increasing stocks—a prerequisite of a smooth and rising rate of production. Stocks of many raw materials are already at minimum levels, and they will remain so throughout 1948. To build them up must remain an important object of import policy as soon as opportunity oflers. Cuts in British governmental spending overseas and in films and expenditure on foreign travel, together with the rebuilding of the British shipping fleet, should reduce the "invisible" deficit to about 80 million pounds in 1948, compared with 226 million in 1947. (In 1938 Britain had a surplus on "invisibles" of 232 million pounds.) But in the near future Britain may have to begin loan repayments which would go far to offset improvements in our shipping income and further reductions in Government expenditure overseas. Britain cannot, as in prewar days, expect a surplus on "invisibles"; only by the export of goods will she be able, in future, to pay for the goods she imports. Bringing the above estimates together, the balance of payments for the first half of 1948 is as shown in Table III. For the year as a whole, it is estimated that if imports continue at the same general level as in the first half of 1948 (making allowance for seasonal factors, etc.) they will amount to about 1,670 million pounds for the whole year. Exports and re-exports have been estimated at about 1,500 million pounds, and the net TABLE III UNITED EIINGDOM BALANCE OF PAYMENTS ON CURRENT ACCOUNT [In millions of pounds at current prices] First half of 1948 1938 Total payments for imports (f.o.b.) Receipts from exports and re-exports Surplus (+) or deficit ( —) on visible trade Invisible (net) Total surplus (+) or deficit ( - ) 392 1946 1947 (Provisional) Total Western Hemisphere area Other countries Sterling 835 533 1,092 888 1,574 1,125 792 705 267 105 313 355 212 245 -302 232 -204 -176 -449 -226 -87 -49 -162 -21 +42 +28 +33 -56 -70 -380 -675 -136 -183 +70 -23 FEDERAL RESERVE BULLETIN BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL SUMMARY deficit on invisibles at 80 million. This gives an over-all deficit of 250 million pounds compared with a 675 million deficit last year. TABLE CHANGE IN GOLD INCLUDING U N I T E D AND IV DOLLAR RESERVES, STATES AND CANADIAN 1946-48 CREDITS [In millions of pounds] 2. THE DOLLAR PROBLEM AND MARSHALL AID The continued dependence on the American continent is mainly a consequence of the slow recovery of Europe and the Far East. By going without, however, Britain has progressively reduced her dependence on the Western Hemisphere, from which in 1938 she drew 31 per cent of her imports. By 1946, the war effort had driven the proportion up to 49 per cent. But in 1947 this proportion was reduced to 44 per cent and the severely cut import programmes for the first half of 1948 bring the figure down to 34 per cent. As last year, our total imports will be only three-quarters of the 1938 volume. Even this much-reduced figure of Western Hemisphere imports cannot be covered by earnings from exports to those countries, although the plan is to export to them about 14 per cent more by volume in 1948 than in 1938. (Last year British exports to the Western Hemisphere were 9 per cent below the 1938 volume.) Britain will therefore have to draw further on her gold and dollar reserves to meet the deficit. In addition, there are the needs of the rest of the sterling area for gold and dollars, as is shown in Table IV. The reserves at the beginning of 1948 for the whole sterling area were about 680 million pounds, excluding the balance of the Canadian loan over and above the agreed drawings to end-March, but including the whole of the South African gold loan. Table IV shows that during the first half of 1948 they are likely to be reduced by about 222 million pounds, leaving about 450 million by mid-year. At this rate of drain the reserves would be down to about 225 million pounds by the end of 1948 and would be exhausted during 1949. Without Marshall aid, therefore, Britain would have to make further heavy cuts in Western Hemisphere imports. Food imports have already been slashed; any further substantial cuts would have to fall on raw materials. Alternative sources of supply do not exist—already the greatest practicable amount is being bought from non-dollar sources. Heavy cuts in WTestern Hemisphere materials would inevitably bring severe unemployment. Further, capital development plans would have to be APRIL 1948 1946 1. United Kingdom net expenditure in dollar area 1 2. Rest of sterling area net expenditure in dollar area 3. Sterling area net gold and U. S. dollar expenditure in other countries 4. Sterling area subscriptions to International Bank and Fund in gold and U. S. dollars First 1947 half (Provi- of 1948 sional) (Forecast) 340 626 151 38 266 2 45 -80 157 31 10 58 Net use of gold and dollars 308 1,107 5. Gold receipts from South Africa 6. Other gold receipts (net) -71 -11 -70 -14 226 1,023 Net drain on reserves 7. Drawings on International MonetaryFund Net reduction in reserves 60 226 963 227 ' " -5 ' 222 (3) 222 1 United States, Canada and Newfoundland, American account countries. 2 Excluding South Africa. 3 No allowance has been made for drawings on International Monetary Fund by the United Kingdom or any sterling area country in the first half of 1948. Any such drawings will diminish the figures for net reductions by an equal amount. drastically revised. If steel and manpower devoted to machinery could buy food and materials in 1948, these would have to be exported without regard to the contribution they could make to economic prospects two or three years later. Such further reductions would be most damaging in their social and economic effects and would diminish greatly the support Britain could give to European reconstruction. Far from aiding the recovery of Europe she should be forced to take measures which would seriously retard it. She should be obliged still further to restrict imports; to divert exports of coal, steel, and other key materials, which might otherwise have helped the reconstruction of Europe, to countries in the Western Hemisphere where they would contribute more immediate necessities; to refuse in any circumstances to grant credits, however necessary to long-run recovery. The cuts should not therefore be made until they are shown to be absolutely inescapable. 3. BRITAIN'S LONG-TERM PLANS Britain has a two-fold strategy for recovery. Firstly, an over-all balance of payments must be reached, and secondly, a satisfactory means of pay393 BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL ing the Western Hemisphere countries for their goods must be achieved as quickly as possible. The measures to implement this policy are: the raising of the rate of export, particularly to the Western Hemisphere; the development of home agriculture to save imports; the development of new sources of supply in the countries of the British Commonwealth and particularly in the Colonies; an invitation to the sterling area countries to economise in their use of dollars; the eventual restoration of multilateral trade and convertibility of currencies. But within this broad strategy an important question arises—if Britain tries to arrive at an over-all balance while still running a large deficit with the Western Hemisphere, she must obviously be aiming at a correspondingly large surplus with the rest of the world. Should Britain try to eliminate this surplus of "unrequited exports"? In general, it is intended to limit them to an amount commensurate with present resources. Limits on the reductions to be made in the sterling balances built up during the war have been agreed with the majority of countries holding them. But there are reasons why some excess of exports is desirable. First, Britain is obliged to pay gold to a number of countries if their balances exceed a certain limit. A small surplus of exports reduces the dangers of making such payments. Second, to try to reach an exact balance of trade with every country would be to turn her back on the policy of multilateral trade which she has so far pursued and would remove a powerful motive for other countries to use and hold sterling. Third, part of the surplus exports represents the investment being made abroad to build up new supplies of food and raw materials in place of dollar imports. Fourth, exports to sterling area countries, if they replace imports from America, may save dollars for the sterling area as a whole. 4. THE NATION'S TARGETS FOR 1948 To achieve Britain's plans for cutting the overseas trade deficit in 1948 and putting the internal economy on a firm basis, the targets to be achieved by British industry and agriculture in 1948 are as shown in Table V. Coal. In 1947, coal nationalisation was followed by a recovery in recruitment, a further improvement in output per manshift and an improvement in the whole spirit of the industry. This transformed the 394 SUMMARY TABLE V TARGETS FOR 1948 Actual 1947 Target 1948 Coal— Deep-mined output (52 weeks) 186.3 m.tons 200.0 m. tons Open-cast output (52 weeks) 10.2 m.tons 11.0 m. tons Manpower on Colliery books (end of y e a r ) . . . . 718,000 750,000 Mining machinery—• Coal cutters 1,172 1,400 109 250 Power loaders Conveyors 2,666 4,700 Tubs and cars (capacity).. 56,390 tons 70,000 tons Iron and steel— Steel output1 (ingot) 12,724,000 tons 14,000,000 tons Sheet steel l 1,285,000 tons 1,300,000 tons Electric sheet 94,000 tons 140,000 tons Tinplate 1 648,000 tons 750,000 tons Iron castings 3 ,000,000 tons 2,781,000 tons Shipbuilding— Tankers completed 120,000 g.r. tons 175,000 g.r. tons Repairs (target reductions)— Railway wagons under repair (at end of September) 203,000 170,000 Electricity generating plant out of commission (at end of year) 1,450,000 k.w. 1,300,000 k.w. Textiles— Cotton yarn 2 740 m. lbs. 900 m. lbs. Year-end annual rate... 828 m lbs. 1,000 m. lbs. Worsted yarn 154 m lbs. 190 m. lbs. Year-end annual rate. . . 170 m lbs. 204 m. lbs. Woolen and worsted cloth. 235 m yds. 290 m. yds. Year-end annual rate. . . 260 m yds. 300 m. yds. Rayon: continuous filament 119 m lbs. 150 m. lbs. Year-end annual rate. . . 135 m lbs. 165 m. lbs. Rayon: staple fibre 82 m lbs. 105 m. lbs. Year-end annual rate. . . 85 m lbs. 120 m. lbs. Manpower in cotton (end of year) 267,000 325,000 Manpower in woolen and worsted (end of year). . . 179,000 200,000 Manpower in other textiles (end of year) 212,000 235,000 Agriculture— Bread grains 2,207,000 acres 2,595,000 acres Other grains 5,888,000 " 6,050,000 " Potatoes 1,332,000 " 1,423,000 " Sugar beet 396,000 " 400,000 " Linseed 40,000 " 150,000 " 3 Manpower in agriculture . 1,055,000 1,110,000 1 Within the total of 14 million tons, the above targets of particular categories of output have been set; they may be varied in the course of the year, where necessary to secure a proper balance between different types. 2 Cotton yarn, including cotton waste yarn, but excluding spun rayon and mixture yarns. 3 The figure for 1947 is at end of year; the target for 1948 is required by mid-year. outlook, not merely for coal supplies, but for British recovery as a whole. Stocks of coal were over 16 million tons at the beginning of 1948, as compared with 8.5 million tons at the beginning of 1947, and exports of British coal are now being sold in increasing quantities in many parts of the world. At the Paris Conference on European Economic Cooperation, Britain promised production of 211 million long tons this year, of which 13 million tons would be for bunkers and exports. But, in addition, she must supply countries such as Canada FEDERAL RESERVE BULLETIN BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL SUMMARY and Argentina in return for the food so urgently needed. This necessitates increasing the 13 million tons to about 16 million tons for export and bunkers this year. The 211 million ton target is to be regarded as an absolute minimum; every effort must be made to exceed it. Electricity. Britain's consumption of electricity has risen by over 70 per cent between 1938 and 1947, and coal used for generation has consequently risen from 14.9 million tons to 27.1 million tons in the same period. But there is another, and distinct problem—the shortage of generating capacity to meet peak loads. A very large expansion is planned over the next five years, but it takes about three years to manufacture and erect generating plants. The only immediate solution therefore is to reduce the demand at peak periods by staggering or other means. Steel production. Although a record rate of steel production was achieved in the latter months of 1947, supplies of steel more than anything else, apart from dollars, are likely to be the principal limiting factor throughout a large part of British industry during 1948. This is due to the lack of imports and the need to export. The 14 million ingot tons target for 1948 is within the capacity of the industry, but can only be attained if there is freedom from fuel, raw material and transport difficulties. And even if the target is achieved it will be inadequate for all Britain's needs. Rail transport. Great efforts have recently been made to improve the wagon situation. Week-end work by railway men and the assistance of volunteers has been invaluable. During this winter the turn around greatly improved and the seasonal decline in the number of wagons under repair has been more marked than usual. By February the situation had become more encouraging than for a long time past. The textile industries in 1948 can make a conspicuous contribution to recovery. Both in cotton and wool increases are possible by making more general the efficiency of the best firms, together with longer hours. Even so, a large increase in workers will also be necessary. Recruitment through the Control of Engagement Order has been encouraging, but owing to the length of the production cycle in textiles, the quantity available for export at the end of 1948 will depend on the manpower in spinning this spring. On present indiAPRIL 1948 cations, this will hardly be sufficient to maintain the present clothing ration (already below the wartime level) and achieve the end 1948 increases of exports. Britain's agriculture is a major factor in her hopes of a tolerable standard of diet in the years ahead, but it takes time to expand production, particularly to build up numbers of livestock. Present plans are to raise the net output of agriculture in 1951 above the 1946-47 level by about 20 per cent, or about 100 million pounds sterling. The distribution of manpower. Labour is not at present, and is unlikely to be in 1948, the limiting factor in economic activity as a whole. But the labour forces proposed for coal, agriculture and textiles are targets in the full sense. They are numbers believed to be required to reach specific objectives in the 1948 output and export targets. The attainment of these manpower targets is among the first necessities in 1948. Capital development. The capital development programmes for 1948 were reviewed during September and October, and the White Paper (Cmd. 7268) subsequently published set out the main objectives of the revision and the chief elements in the programmes now proposed for 1948. The national income in 1948. The net national income for 1948 is estimated at 9,000 million pounds. In addition, Britain may borrow from abroad about 250 million pounds. Altogether the volume of goods and services available in 1948 will be about 3 per cent to 5 per cent less than last year, allowing for changes in prices. The total of 9,250 million pounds will be divided roughly as shown in Table VI. TABLE VI U S E OF THE NATIONAL INCOME [Per cent] 1938 Current expenditure— Personal consumption Government current expenditure Additions to assets—Net capital formation at home1 Less external disinvestment National income 1947 1948 (Provi- (Estisional) mated) 78 16 70 24 69 22 7 -1 14 -8 12 -3 100 100 100 1 The increased proportion of net capital formation since 1938 is partly due to the method of calculating depreciation (net capital formation is equal to gross capital formation less depreciation). The ratio of gross capital formation at home to gross national product was 15 per cent in 1938, 20 per cent in 1947 and is estimated to be 18 per cent in 1948. 395 BRITAIN'S ECONOMIC SURVEY FOR 1948—OFFICIAL SUMMARY Whether the amount of personal expenditure will exceed the value of the goods and services available to be bought at the current prices will depend, first, on the volume of saving, and second, on the size of the surplus of revenue over expenditure of all public authorities. On the basis of present taxation and present rates of Government expenditure, public authorities would have a surplus of about 275 million pounds. The total savings required to cover the estimated investment in Britain less borrowing from abroad is 1,550 million pounds. Depreciation allowances contribute 700 million. On the basis of these provisional figures a rate of saving of 575 million would be necessary to prevent an inflationary pressure. This rate of saving is less than that actually made in 1946 and 1947 when some inflationary pressure existed, but would probably involve a rate of personal saving half as great again as in 1938. 5. COUNTER-INFLATIONARY MEASURES A number of measures designed to restrain the pressure of money demand on prices are already in force. A large budget surplus has been secured by high taxation, particularly on profits, and by cuts in Government expenditure abroad and the strength of the armed forces. Capital development plans have been postponed on a considerable scale. A runaway rise in the price of necessities has been prevented by the cost-of-living subsidies, and by comprehensive price control. The statement on personal incomes, costs and prices made by the Prime Minister marked a renewed effort by the Government to halt the threatened upward spiral of incomes and prices. In the House of Commons recently, the Chancellor of the Exchequer asked that, with some necessary exceptions, there should be a stop to price increases and that, wherever possible, there should be reductions both in prices and profits. All these counter-inflationary measures will have to be maintained in 1948 and many intensified. 6. CONCLUSION The outlook for 1948 remains full of uncertainties and the coming year is bound to be one of great anxiety. But Britain can help to make 1948 the first year of a great upward turn in European economic recovery. Already production exceeds that of 1938, and each month recently has shown further upward progress. Great changes have been, and must continue to be, made in the pattern of her trade and in the lives of many of her citizens. But these changes are small when measured against the great changes made in the war years when, as now, Britain's future was at stake. REVISED TABLE ON DEPARTMENT STORE SALES AND STOCKS BY MAJOR DEPARTMENTS The series on department store sales and stocks, by departments, as published regularly in the Federal Reserve BULLETIN, has been changed as a result of discussions with the trade. Although the group of reporting stores remains the same, standardization and expansion of the report forms now 396 permit publication of data for subdepartments not previously covered. Also, the department "Domestics, blankets, and linens" has been shifted to the major group "Piece goods" and redesignated "Household textiles." The table incorporating these changes appears on pages 446-47 of this BULLETIN. FEDERAL RESERVE BULLETIN LAW DEPARTMENT Administrative interpretations of banking laws, new regulations issued by the Board of Governors, and other similar material Common Trust Funds Valuation of United States Savings Bonds The Board has received inquiries concerning the question whether, in the periodic valuation of assets in a Common Trust Fund operated in accordance with section 17(c) of the Board's Regulation F, it is permissible to value Series G United States Savings Bonds at par value rather than redemption value. In a statement published in the Federal Reserve BULLETIN for January 1942 at page 7, the Board expressed the opinion that redemption value was the most appropriate basis for valuing such bonds. As pointed out at that time, however, the only provision of the Board's Regulation F which is pertinent to this matter is the requirement, in section 17(V)(1), that the written plan for the operation of a Common Trust Fund shall include, among other things, provisions relating to the basis and method of valuing the assets in the Fund, and the Regulation does not undertake to prescribe any precise basis or method of valuation. Accordingly, Regulation F does not prohibit the valuing of Series G United States Savings Bonds at par value in the periodic valuation of assets in a Common Trust Fund, and such action is permissible if it is consistent with the terms of the written plan governing the Common Trust Fund and with applicable State law. Margin Requirements Substitutions in Undermanned Accounts Since the issue of Amendment No. 7 to Regulation T, effective April 1, 1948, the Board has been asked whether the Regulation as amended will permit any of the following operations in an undermargined account (one with an adjusted debit balance larger than the maximum loan value of the securities in the account), and in each case has replied in the negative: (1) The counting of a deposit of unregistered nonexempted securities toward offsetting a withdrawal of registered or exempted securities (or the purchase of unregistered nonexempted securities, without additional margin, against a sale of regisAPRIL 1948 tered or exempted securities). Comment—Unregistered nonexempted securities have no loan value under the Regulation, are not subject to the restrictions of the withdrawal rules, and are not referred to in those rules. Purchase of an unregistered security without a deposit of a sum equal to the cost would amount to a withdrawal of the cost of the security. (2) The assigning of a maximum loan value of only $250 to a $1,000 exempted security received in the account as part of a sale-and-purchase or deposit-and-withdrawal substitution, even though the broker would ordinarily lend as much as $900 on the security. Comment—The maximum loan value of an exempted security must be "as determined by the creditor in good faith." This means it must be the amount which the broker would customarily lend on the exempted security. The use of a lower figure merely for the purpose of permitting a later substitution of registered securities for exempted securities would not meet the requirement. (3) The purchase of registered stock A, without additional margin, against the delivery out of the account of registered stock B (held long in the account) in settlement of a borrowing of stock B that has arisen from a "short position" in the account. Comment—The sale of a registered security held in an account immediately reduces both the loan value of the securities in the account and the adjusted debit balance of the account. The fact that the broker goes through the form of setting up an equivalent "short position," and thus delays the delivery of the security out of the account, does not affect either the loan value of the securities in the account or the adjusted debit balance of the account. Neither of these items, moreover, is affected by the eventual delivery of the security against the "short position." Accordingly, such delivery of the security does not permit a purchase of other securities without margin. This supersedes the ruling published at 1938 Federal Reserve BULLETIN, page 353. The Board also took occasion to point out that if sale-and-purchase substitutions are to be made 397 LAW DEPARTMENT Federal Reserve Act, 48 Stat. 162, 170, 49 Stat. 684, 687, 12 U. S. C. §§ 264(e) and (f). Respondent sought such membership but its application was Suit Regarding Condition of Membership rejected. The promoters of the Bank, having requested the Board of Governors of the Federal Peoples Bank v. Eccles, et al. Reserve System to reconsider the application for On March 15, 1948, the Supreme Court of the membership, were advised that favorable action United States reversed the decision of the United depended on a showing that the Transamerica States Court of Appeals for the District of Columbia Corporation, a powerful bank holding company, did in the suit of Peoples Bank, Lakewood Village, not have, nor was intended to have, any interest in California, against the members of the Board of this Bank. Having been satisfied on this point, the Governors which was published in the 1947 Federal Board of Governors granted membership to reReserve BULLETIN at page 533. This suit was spondent subject to conditions of which the fourth brought for a declaration that a condition of mem- is the bone of contention in this litigation. bership accepted by the Peoples Bank at the time of This condition reads as follows: its admission to membership in the Federal Reserve "4. If, without prior written approval of the System was invalid and for an injunction against Board of Governors of the Federal Reserve Sysits enforcement. The Supreme Court held that tem, Transamerica Corporation, or any unit of "the Bank's grievance is too remote and insubthe Transamerica group, including Bank of stantial, too speculative in nature, to justify an America National Trust and Savings Association, injunction against the Board of Governors, and or any holding company affiliate or any subsidiary therefore equally inappropriate for a declaration of thereof, acquires, directly or indirectly, through rights." Two Justices dissented and two Justices the mechanism of extension of loans for the purdid not participate in the decision. The Supreme pose of acquiring bank stock, or in any other Court opinions are printed below. manner, any interest in such bank, other than SUPREME COURT OF THE UNITED STATES such as may arise out of the usual correspondent bank relationships, such bank, within 60 days No. 101—OCTOBER TERM, 1947. after written notice from the Board of Governors of the Federal Reserve System, shall withdraw MARRINER S. ECCLES, RONALD RANSOM, M. S. from membership in the Federal Reserve System." SZYMCZAK, ET AL., PETITIONERS, in an undermargined account without obtaining margin on the purchase, the two transactions must be on the same day. V. PEOPLES BANK OF LAKEWOOD VILLAGE, CALIFORNIA. The Board of Governors gave the respondent this explanation for the condition: O N W R I T OF CERTIORARI TO THE UNITED STATES "The application for membership has been COURT OF APPEALS FOR THE DISTRICT OF approved upon representations that the bank is a COLUMBIA. bona fide local independent institution and that [March 15, 1948.] no holding company group has any interest in MR. JUSTICE FRANKFURTER delivered the opinion the bank at the time of its admission to memberof the Court. ship, and that the directors and stockholders of the bank have no plans, commitments or underThis is a proceeding under the Declaratory Judgstandings looking toward a change in the status ment Act, 48 Stat. 955, 28 U. S. C. § 400. Its aim of the bank as a local independent institution. is to have declared invalid a condition under which Condition of membership numbered 4 is designed the respondent became a member of the Federal to maintain that status." Reserve System. The California State Banking Commission authorized the establishment of the Some time later, in 1944, Transamerica, without respondent provided it obtained federal deposit prior knowledge of the respondent, acquired 540 of insurance. This requirement could be met either the 5,000 shares of its outstanding stock. The Bank by direct application to the Federal Deposit In- duly advised the Board of Governors of this fact, surance Corporation or through membership in the but requested that it be relieved of Condition No. 4. Federal Reserve System. §§ 12B(e) and (f) of the This, the Board of Governors declined to do. Then 398 FEDERAL RESERVE BULLETIN LAW DEPARTMENT followed this action, in the United States District Court for the District of Columbia, against the Board of Governors for a declaration that Condition No. 4 was invalid and for an injunction against its enforcement. A motion by the defendants to dismiss the complaint, in that it failed to set forth a justiciable controversy, was denied. 64 F. Supp. 811. The defendants answered, claiming that the Bank's acceptance of membership barred it from questioning the validity of Condition No. 4, and that in any case the condition was valid, and moved for judgment on the pleadings. The Bank, having filed a number of affidavits, moved for summary judgment. The District Court, in an unreported opinion, held that the Bank was bound by the condition on which it had accepted membership in the Federal Reserve System, and gave judgment for the defendants. The Court of Appeals for the District of Columbia, one judge dissenting, reversed. It rejected the defense of estoppel and sustained the validity of the condition "only as a statement that, if the Board of Governors should determine, after hearing, that Transamerica's ownership of the Bank's shares has resulted in a change for the worse in the character of the Bank's personnel, in its banking policies, in the safety of its deposits or in any other substantial way, it may require the Bank to withdraw from the Federal Reserve System." 161 F. 2d 636, 643-44. Accordingly, it remanded the case to the District Court for entry of a judgment construing Condition No. 4 to such effect. Since this ruling involves a matter of importance to the administration of the Federal Reserve Act, we brought the case here. 332 U. S. —. Condition No. 4 provides for withdrawal from membership in the Federal Reserve System, for violation of its provisions, "within 60 days after written notice from the Board of Governors . . ." Section 9 of the Federal Reserve Act authorizes the Board of Governors to revoke the membership status of a bank "after hearing." 1 If the case contained 1 "If at any time it shall appear to the Board of Governors of the Federal Reserve System that a member bank has failed to comply with the provisions of this section or the regulations of the Board of Governors of the Federal Reserve System made pursuant thereto, or has ceased to exercise banking functions without a receiver or liquidating agent having been appointed therefor, it shall be within the power of the board after hearing to require such bank to surrender its stock in the Federal reserve bank and to forfeit all rights and privileges of membership. The Board of Governors of the Federal Reserve System may restore membership upon due proof of compliance with the conditions imposed by this section." 38 Stat. 251, 260, as amended, 46 Stat. 250, 251, 49 Stat. 684, 704, 12 U. S. C. § 327. See also § 5 of the Administrative Procedure Act, 60 Stat. 237, 239, 5 U. S. C. § 1004. APRIL 1948 no more than the foregoing elements, three questions would emerge: (1) Was this action premature, brought as it was before the Board of Governors commenced revocation proceedings? (2) If not, could the respondent attack the validity of a condition on the basis of which it had been accepted, and had enjoyed, membership? Compare Fahey v. Mallonee, 332 U. S. 245, 255. (3) If so, did the Board of Governors have power to impose the condition as a means of guarding against acquisition by Transamerica of an interest in respondent? However, with due regard for the considerations that should guide us in rendering a declaratory judgment, the record as a whole requires us to dispose of the case without reaching any of these questions. Extended correspondence between Marriner S. Eccles, the then Chairman of the Board of Governors of the Federal Reserve System, and A. P. Giannini, Chairman of the Board of Directors of Transamerica, together with the testimony of Eccles before the House Committee on Banking and Currency, set forth the reason for the Board's insistence on the fourth condition. The Board sought to block "acquisition by Transamerica of stock in independent unit banks, especially when it constitutes a means of evading the requirements of the Federal agencies who will not permit its banks to establish additional branches." Hearings before Committee on Banking and Currency, House of Representatives, on H. R. 2634, 78th Cong., 1st Sess., p. 15. The Board was concerned not that Transamerica might purchase some shares of independent banks for the ordinary purposes of investment, but that it would buy into banks in order to acquire control, and thereby turn banks, though outwardly independent, into parts of its own banking network. The Board of Governors was therefore carrying out the policy underlying Condition No. 4 when it formally disavowed any intention to invoke that condition against respondent merely because of acquisition by Transamerica of an interest in the Bank, with no indication of subversion of its independence. This action by the Board was taken after it had satisfied itself that Transamerica's holding did not affect the Bank's control. The Bank had vigorously insisted on its continued independ- 399 LAW DEPARTMENT ence, in urging upon the Board the harmlessness of Transamerica's ownership of some of the Bank's stock, and the Board, upon independent investigation found such to be the fact. Accordingly, the Board concluded that "the public interest" called for no action. A declaratory judgment, like other forms of equitable relief, should be granted only as a matter of judicial discretion, exercised in the public interest. Brillhart v. Excess Insurance Co., 316 U. S. 491; Great La\es Dredge & Doc\ Co. v. Huffman, 319 U. S. 293, 297-98; H. R. Rep. No. 1264, 73rd Cong., 2d Sess., p. 2; Borchard, Declaratory Judgments (2d ed. 1941) pp. 312-14. It is always the duty of a court of equity to strike a proper balance between the needs of the plaintiff and the consequences of giving the desired relief. Especially where governmental action is involved, courts should not intervene unless the need for equitable relief is clear, not remote or speculative. The actuality of the plaintiff's need for a declaration of his rights is therefore of decisive importance. And so we turn to the facts of the case at bar. The Bank has always insisted that it is independent of Transamerica; the Board of Governors has sustained the claim. The Bank stands on its right to remain in the Federal Reserve System; the Board acknowledges that right. The Bank disclaims any intention to give up its independence; the Board of Governors, having imposed the condition to safeguard this independence, disavows any action to terminate the Bank's membership, so long as the Bank maintains the independence on which it insists. What the Bank really fears, and for which it now seeks relief, is that under changed conditions, at some future time, it may be required to withdraw from membership, and if this happens, so the argument runs, the Comptroller of the Currency, one of the Directors of the Federal Deposit Insurance Corporation, has agreed with the Federal Reserve Board to refuse any application by the Bank for deposit insurance as a nonmember. Thus the Bank seeks a declaration of its rights // it should lose its independence, or // the Board of Governors should reverse its policy and seek to invoke the condition even though the Bank remains independent and // then the Directors of the Federal Deposit Insurance Corporation should not change their policy not to grant deposit insurance to the Bank as a nonmember of the Federal Reserve Sys400 tem. The concurrence of these contingent events, necessary for injury to be realized, is too speculative to warrant anticipatory judicial determinations. Courts should avoid passing on questions of public law even short of constitutionality that are not immediately pressing. Many of the same reasons are present which impel them to abstain from adjudicating constitutional claims against a statute before it effectively and presently impinges on such claims. It appears that the respondent could, if it wished, protect itself from the loss of its independence through adoption of by-laws forbidding any further sale or pledge of its shares to Transamerica or its affiliates. See California Corporations Code, L. 1947, c. 1038, § 501(g).2 To this the Bank replies that even if its independence is maintained, the Board of Governors may change its policy, and seek enforcement of Condition No. 4 whether or not such enforcement is required by "the public interest" in having independent banks, which the condition now serves. Such an argument reveals the hypothetical character of the injury on the existence of which a jurisdiction rooted in discretion is to be exercised. In the light of all this, the difficulties deduced from the present uncertainty regarding the future enforcement of the condition, possibly leading to uninsured deposits, are too tenuous to call for adjudication of important issues of public law.3 We are asked to contemplate as a serious danger that a body entrusted with some of the most delicate and grave responsibilities in our Government will change a deliberately formulated policy after urging it on this Court against the Bank's standing to ask for relief. A determination of administrative authority may of course be made at the behest of one so immediately and truly injured by a regulation claimed to be invalid, that his need is sufficiently compelling to justify judicial intervention even before the completion of the administrative process. But, as we have seen, the Bank's grievance here is too remote and insubstantial, too speculative in nature, to 2 "501. The by-laws of a corporation may make provisions not in conflict with law or its articles for: "(g) Special qualifications of persons who may be shareholders, and reasonable restrictions upon the right to transfer or hypothecate shares." Likewise, the shareholders, or such of them as chose to, could presumably bind themselves not to sell or pledge to Transamerica, and by noting this agreement on their certificates could bind their transferees. Cf. Vannucci v. Pedrini, 217 Cal. 138. 3 The bank asserted, in its affidavits, not that lack of confidence had deterred depositors, but that deposits had been so heavy that capital expansion was in order, but might be disadvantaged by fear of prospective investors to risk personal assessment if deposits were uninsured. FEDERAL RESERVE BULLETIN LAW DEPARTMENT justify an injunction against the Board of Governors, and therefore equally inappropriate for a declaration of rights. This is especially true in view of the type of proof offered by the Bank. Its claims of injury were supported entirely by affidavits. Judgment on issues of public moment based on such evidence, not subject to probing by judge and opposing counsel, is apt to be treacherous. Caution is appropriate against the subtle tendency to decide public issues free from the safeguards of critical scrutiny of the facts, through use of a declaratory summary judgment. Modern equity practice has tended away from a procedure based on affidavits and interrogatories, because of its proven insufficiencies. Equity Rule 46 forbade such practice save in exceptional cases. See Los Angeles Brush Mfg. Corp. v. James, 272 U. S. 701; cf. Federal Rule of Civil Procedure 43(a). Again, not the least of the evils that led to the Norris-LaGuardia Act was the frequent practice of issuing labor injunctions upon the basis of affidavits rather than after oral proof presented in open court. See Amidon, J., in Great Northern R. Co. v. Brosseau, 286 F. 414, 416; Swan, J., in Aeolian Co. v. Fischer, 29 F. 2d 679, 681-82. Where administrative intention is expressed but has not yet come to fruition (Ashwander v. Tennessee Valley Authority, 297 U. S. 288, 324), or where that intention is unknown (Great Atlantic & Pacific Tea Co. v. Grosjean, 301 U. S. 412, 429-30), we have held that the controversy is not yet ripe for equitable intervention. Surely, when a body such as the Federal Reserve Board has not only not asserted a challenged power but has expressly disclaimed its intention to go beyond the legitimate "public interest" confided to it, a court should stay its hand. Judgment reversed. THE CHIEF JUSTICE and MR. JUSTICE DOUGLAS took no part in the consideration or decision of this case. MR. JUSTICE REED, with whom MR. JUSTICE BURTON joins, dissenting. In order to get admission into the Federal Reserve System, the respondent was required to put into its charter a provision which was allegedly beyond the power of the Board of Governors of the System to require. It seems obvious that the requirement was a restriction on the market for the respondent's stock and therefore detrimental to the APRIL 1948 conduct of its business, a continuing threat of the Board to exclude respondent from the benefits of the System. Respondent desired to be free of what it regarded as an illegal requirement. The Board of Governors has not agreed that it will never enforce the prohibition but holds it as a threat to force the respondent to resign from the System upon acquisition of control by those deemed undesirable by the Board. Certainly, as I see it, there is not only the possibility of future injury but a present injury by reason of the threat to the marketability of respondent's stock. It may have a substantial bearing upon the willingness of customers to establish banking relations with it, especially major relationships looking toward long and close associations of interests. It requires no elaboration to convince me that the threat is a real and substantial interference by allegedly illegal governmental action. As that threat has taken a definite form by the enforced agreement for withdrawal, we have not something that may happen but a concrete written notice requiring withdrawal by this respondent from the System on the happening of a fact which is contrary to the Board's idea of the public interest. Whether the Board's idea of a legitimate public interest is correct is the very point at issue. In such circumstances there is a justiciable controversy, the claim of a right and a present threat to deprive a particular person of the right claimed. The damage from its actual or threatened enforcement is, of course, irremediable. Any bank would be seriously injured by even an effort to oust it from the System. This gives jurisdiction under the Declaratory Judgment Act. Judicial Code § 274d. This Court has discretion to refuse to consider a petition for a declaratory judgment and an injunction to stop a threatened or existing injury. Federation of Labor v. McAdory, 325 U. S. 450, 461. That discretion is not unfettered. Altvater v. Freeman, 319 U. S. 359, 363. There is no difference between declaratory suits involving an equitable remedy and other equity suits. Where an actual controversy with federal jurisdiction exists over the legal relations of adverse parties, discretion usually cannot properly be exercised by refusing an adjudication. Meredith v. Winter Haven, 320 U. S. 228; cf. Bell v. Mood, 327 U. S. 678. Unusual circumstances, not here present, such as other pending suits, Brillhart v. Excess Insurance Co., 316 U. S. 491, or super- 401 LAW DEPARTMENT session of state authority, Great La\es Dredge & Doc\ Co. v. Huffman, 319 U. S. 293, sometimes justify refusal or relief. Under the facts of this case, however, it seems improper to refuse an adjudication at this time. If governmental power is being unlawfully used to constrain respondent's operation of its business, respondent is entitled to protection, now. See Columbia Broadcasting System v. United States, 316 U. S. 407, a case where prematurity was clearer than here. I would decide this case on the merits. CURRENT EVENTS AND ANNOUNCEMENTS He has been actively identified with the Committee for Economic Development as a Trustee The appointment of Mr. Thomas Bayard Mc- and member of the Research and Policy Committee, Cabe, of Pennsylvania, as a member of the Board with the International Chamber of Commerce, of Governors for the unexpired portion of the which he represented as a delegate to the First term ending February 1, 1952, was approved by Postwar Congress at Montreux, Switzerland, in the Senate on April 12 and on April 15 the Presi- 1947. He was Chairman of the Community Chest Camdent designated him as Chairman of the Board paign in Chester, Pennsylvania, in 1947, and is a for a four-year term. Mr. McCabe was born in Whaleyville, Maryland, member of the Board of Managers of Swarthmore July 11, 1893, the son of the late William Robbins College, from which he received an honorary McCabe and Beulah Whaley McCabe. He attended LL.D. in 1947. Hahnemann Medical College of Wilmington Conference Academy, Dover, Dela- Philadelphia awarded him an honorary LL.D. ware, 1907-10, and graduated from Swarthmore in 1948. Mr. McCabe married Miss Jeannette Everett College with an A.B. in economics in 1915. In 1916 he began his business career with the Laws of Swarthmore, Pennsylvania, in 1924 and Scott Paper Company, Chester, Pennsylvania, of they have three sons, Thomas Jr., Richard Whaley, which he has been president since 1927. He served and James Laws. Change in Board's Staff in the first World War from 1917-1919, enlisting as a private and advancing to captain in the U. S. Mr. Carl E. Parry, Director of the Division of Army. Security Loans, retired March 31, 1948, as a memMr. McCabe was appointed a Class C director ber of the Board's staff, under the provisions of the of the Federal Reserve Bank of Philadelphia in Federal Reserve Retirement System. Mr. Parry 1937. He was appointed Deputy Chairman of the became associated with the Board on October 1, Bank in 1938, and Chairman of the Board and 1924, and had served as Director of the Division Federal Reserve Agent in 1939, serving in this of Security Loans since November 24, 1934. Appointment of Class C Director position until his appointment to the Board of Governors. The Board of Governors, on March 23, 1948, He has been a member of the Business Advisory announced the appointment of Mr. William H. Council for the Department of Commerce since Bryce of Memphis, Tennessee, as a Class C director 1940 and was Chairman of the Council in 1944-1945. of the Federal Reserve Bank of St. Louis for the In 1940 he was made Executive Assistant to Edward unexpired portion of the term ending December 31, R. Stettinius, Jr., of the Advisory Commission to 1950, and his designation as Deputy Chairman for the Council for National Defense, and in 1941 the balance of the year 1948. Mr. Bryce is Vice became Deputy Director, Division of Priorities, President and Director of the Dixie Wax Paper Office of Production Management; 1941-42, Deputy Company. Lend-Lease Administrator, and in 1945, Army- Admission of State Bank to Membership in the Federal Reserve System Navy Liquidation Commissioner. In 1945-46 he was Special Assistant to the Secretary of State and The Central Bank, Grand Rapids, Michigan, was Foreign Liquidation Commissioner. He was admitted to membership in the Federal Reserve awarded the Medal for Merit in 1946. System on March 9, 1948. Appointment of Mr. McCabe to the Board of Governors and Designation as Chairman 402 FEDERAL RESERVE BULLETIN NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled March 23 and released Output of manufactures and minerals continued to show little change in February. Department store sales increased by about the usual seasonal amount in February and the first half of March. Wholesale prices generally showed little change following marked declines in farm products and some other commodities from mid-January to mid-February. INDUSTRIAL PRODUCTION Industrial production was maintained in February at the January rate of 193 per cent of the 1935-39 average, according to the Board's seasonally adjusted index. Output of durable goods declined slightly in February, partly because unusually severe weather conditions led to a curtailment of activity in a number of lines early in the month. Steel production, however, was maintained at the January rate and scheduled operations were increased in the first three weeks of March. Activity in the machinery and transportation equipment industries declined somewhat in February. Automobile production was sharply reduced in the first two weeks of the month but recovered to earlier postwar peak rates during the last half, and has been maintained at a high level in March. Output of most other durable for publication 25] manufactures showed little change from the January level. Activity in nondurable goods industries in February, after allowance for seasonal variation, was slightly above the January rate. Textile mill activity was maintained at the record level reached in January. Distillers' output of alcoholic beverages is estimated to have increased sharply in February, following the end of limitations on grain usage. Newspaper publishing activity, as reflected in newsprint consumption, showed a substantial gain. Output of manufactured food products was maintained at the level of recent months, notwithstanding a further decline in meat production. Activity in most other nondurable goods industries continued at the January rate or declined slightly. Output of minerals in February was maintained at the January level. Bituminous coal production declined 4 per cent, while output of anthracite, crude petroleum, and metals advanced. In the middle of March bituminous coal output was sharply reduced by a labor-management dispute. EMPLOYMENT Employment in nonagricultural establishments in the middle of February was slightly below the January level, after allowance for seasonal changes. DEPARTMENT STORE SALES AND STOCKS INDUSTRIAL PRODUCTION. 3LUME SEASONALLY ADJUSTED, March 1935-3 300 . : SA IJ v; CKS /STO y A 1947, 1948 Federal Reserve indexes. Monthly figures, latest shown are for February. APRIL 1948 1941 1942 1943 1944 Federal Reserve indexes. for January. 1945 1946 1947 1948 Monthly figures, latest shown are 403 NATIONAL SUMMARY OF BUSINESS CONDITIONS The decline reflected mainly the effects of unusually severe weather conditions on activity in industries manufacturing durable goods, and also in mining and construction. The number of persons unemployed increased and was 150,000 larger than in February 1947. CONSTRUCTION Value of construction contracts awarded, according to the F. W. Dodge Corporation, rose somewhat more than seasonally in February reflecting largely an increase of one-fourth in awards for public types of construction. Private residential awards showed little change as an increase in contracts for apartment buildings was offset by a decline in awards for single family homes. According to Department of Labor estimates the number of dwelling units started was 50,000 in January and 47,000 in February, as compared with a total of 84,000 in the same two months in 1947. DISTRIBUTION Department store sales increased seasonally in February and the early part of March but the Board's seasonally adjusted index of sales continued somewhat below the average level in the fourth quarter of 1947. Carloadings of railroad freight during February and the first half of March were somewhat below year-ago levels. Shipments of grain and livestock products were 30 per cent smaller, loadings of forest products and merchandise in less than carload lots were less by about 10 per cent, while shipments of most other classes of freight were at the same levels as in the corresponding period of 1947. BANK CREDIT Tax receipts in February and the first half of March in excess of Treasury payments shifted deposits from accounts of individuals and businesses at commercial banks to Treasury balances at the Reserve Banks. As a result of these deposit transfers, over 1.5 billion dollars were drained out of bank reserve balances. Banks received some new reserve funds from further gold inflows and a small return of currency from circulation. Federal Reserve purchases of Government securities in the market supplied the remainder of the funds required to maintain member bank reserve positions. Further purchases of Treasury bonds were made by the Federal Reserve in support of the market prices of these issues, although after mid-February market conditions were stronger and the volume of such purchases was greatly diminished. Total holdings of Government securities at the Reserve Banks continued to decline, reflecting Treasury use of its current cash surplus and of a part of its deposit balances to retire about 2.8 billion dollars of securities held by the Reserve Banks. Required reserves of member banks in New York and Chicago were increased by about 500 million dollars on February 27, the effective date for an increase in their reserve requirements against net demand deposits from 20 to 22 per cent. Government security holdings at banks in leading cities declined during February and early March. Real estate loans continued to expand. Commercial and industrial loans declined somewhat at banks in New York City and showed little change at banks in other leading cities. YIELDS ON TREASURY AND CORPORATE SECURITIES COMMODITY PRICES Prices of farm products rose somewhat from midFebruary to mid-March, following the sharp declines in the preceding four weeks. Prices of some industrial materials, like leather and cotton fabrics, however, declined further, and prices of most types of finished industrial products continued unchanged. Prices of foods in wholesale and retail markets, which had generally been reduced by 3 to 5 per cent from mid-January to mid-February, showed little change through the middle of March. In the third week of the month wholesale meat prices advanced, reflecting the effects of the industrial dispute in the packing industry. 404 1941 1942 1943 [944 1945 1946 1947 1948 Weekly averages of daily figures compiled by Federal Reserve from data reported by U. S. Treasury Department, latest shown are for week ending Mar. 24. FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. . Federal Reserve Bank discount rates; rates on industrial loans, guarantee fees and rates under Regulation V; rates on time deposits; reserve requirements; margin requirements Federal Reserve Bank statistics. . Guaranteed war production loans. Deposits and reserves of member banks. . Money in circulation. Gold stock; bank debits and deposit turnover. . Deposits and currency; Postal Savings System; bank suspensions. All banks in the United States, by classes. All insured commercial banks in the United States, by classes. Weekly reporting member banks. Commercial paper, bankers' acceptances, and brokers' balances Money rates and bond yields Security prices and new issues. Corporate earnings and dividends Treasury finance Government corporations and credit agencies Business indexes Department store statistics. Cost of living. Wholesale prices Gross national product, national income, and income payments Consumer credit statistics. Current statistics for Federal Reserve chart books All member banks—assets and liabilities on December 31, 1947, byclass of bank Assets and liabilities of insured commercial banks in United States and possessions on December 31, 1947, June 30, 1947, and December 31, 1946 Number of banking offices on Federal Reserve par list and not on par list 407 408 409-412 413 413-414 415-416 416 417 418-419 420-421 422-425 426 427 428-429 430 431-433 434 435-444 445-448 448 449 450-451 452-454 455-459 460 461 462 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System arc derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures for banking and monetary tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics; back figures for most other tables may be obtained from earlier BULLETINS. APRIL 1948 405 MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED BILLIONS OF DOLLARS WEDNESDAY ITEMS FIGURES 30 25 15 10 10 / TREASURY CASH AND DEPOSITS J L •———r—^~^!^Xu 1940 1941 1942 1943 1944 1945 1946 1947 1948 TOTAL RESERVE BANK HOLDINGS OF U. S. GOVERNMENT SECURITIES I 5 1940 1941 1942 1943 1944 1945 1946 1947 1948 Wednesday figures, latest shown are for Mar. 24. See p. 407. 406 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In million 3 of dollars] Member bank reserve balances Reserve Bank credit outstanding U. S. Government securities Discounts and advances Total Date Treasury bills and certificates All other All other 1 Total Gold stock TreasTreasTreas- ury deury Money posits curury cirwith rency in cash culaFederal outholdtion Restandings serve ing Banks Monthly averages of daily figures: 1946—Dec 1947—Jan Feb Dec 1948—Jan Feb 305 252 339 268 224 379 23,767 22,401 1,366 23,632 22,523 1,109 23,824 22,690 1,135 21,905 18,908 2,996 21,673 16,566 5,107 20,738 13,676 7,062 674 547 438 685 551 473 24,746 24,431 24,601 22,858 22,447 21,589 20,488 20,624 20,726 22,712 22,816 22,967 4,552 4,560 4,558 4.556 4,559 4^559 28,997 28,543 28,300 28,937 28,394 28,096 2,256 2,290 2,214 1,330 1,329 1,317 End-of-month figures: 1946—Dec. 31 1947—Tan. 3 1 . . . . Feb. 2 8 . . . . Dec. 31 1948—Jan. 31 Feb. 2 8 . . . . 163 308 356 85 327 431 23,350 22,241 1,109 23,941 22,832 1,109 24,117 22,919 1,198 22,559 18,230 4,329 21,925 15,591 6,334 21,024 13,601 7,422 580 506 373 536 530 655 24,093 24,754 24,846 23,181 22,782 22,109 20,529 20,748 20,330 22,754 22,935 23,036 4,562 4,559 4,558 4.562 4,561 4,561 28,952 28,262 28,304 28,868 28,111 28,019 2,272 2,258 1,317 1,336 1,305 1,325 Wednesday figures: 1947—May 7 May 14 May 2 1 . . . . May 28 102 139 117 130 21,852 21,762 21,676 21,590 20,747 20,671 20,589 20,485 1,105 1,091 1,087 1,105 276 331 278 299 22,230 22,233 22,071 22,019 20,811 20,878 20,888 20,932 4,560 4,559 4,559 4,561 28,197 28,134 28,116 28,211 1,328 1,337 1,338 1,372 654 556 539 751 June 4 . . . . June 11 June 18 June 2 5 . . . . 173 175 132 132 21,760 21,578 21,186 21,582 20,664 20,482 20,089 20,485 1,097 1,097 1,097 1,097 301 287 479 343 22,234 22,040 21,797 22,057 20,990 21,026 21,123 21,174 4,561 4,561 4,561 4,553 28,261 28,253 28,195 28,183 1,366 1,332 1,333 1,329 July 2 . . . . July 9 July 1 6 . . . . July 23 July 30 110 120 99 118 111 21,629 21,611 21,758 21,700 22,012 20,532 20,515 20,663 20,605 20,917 1,097 1,097 1,095 1,095 1,095 406 304 391 275 187 22,145 22,035 22,248 22,093 22,310 21,284 21,336 21,434 21,467 21,537 4,559 4,551 4,550 4,550 4,551 28,409 28,363 28,225 28,145 28,129 Aug. Aug. Aug. Aug. 6 13 20.... 27.... 123 183 239 134 21,869 22,030 22,097 22,107 20,777 20,939 21,008 21,018 1,092 1,091 1,089 1,089 219 282 300 237 22,211 22,494 22,636 22,478 21,602 21,611 21,666 21,766 4,552 4,551 4,551 4,550 Sept. Sept. Sept. Sept. 3.... 10 17 24 125 120 130 119 22,224 22,042 21,756 22,118 21,135 20,848 20,562 20,927 1,089 1,194 1,194 1,191 274 309 509 336 22,623 22,472 22,394 22,573 21,765 21,815 21,935 21,950 Oct. 1 Oct. 8 Oct. 15 Oct. 22 Oct. 2 9 . . . . 156 111 146 125 373 22,392 22,355 22,218 21,772 22,129 21,195 21,148 21,013 20,564 20,689 1,196 1,207 1,205 1,208 1,440 383 385 443 451 287 22,931 22,852 22,807 22,348 22,789 Nov. Nov. Nov. Nov. Dec. Dec. Dec. Dec. Dec. 204 429 199 370 317 208 620 325 556 780 16,517 16,399 16,006 17,261 17,390 16,834 607 614 624 563 551 556 562 16,139 663 16,063 847 15,895 17,899 1 ,499 768 16,919 762 17,062 1,066 957 846 626 628 626 626 15,877 15,949 15,942 15,705 654 787 752 520 653 495 225 642 956 889 857 915 629 629 632 636 15,921 16,028 16,241 16,081 626 667 750 674 1,325 1,329 1,331 1,330 1,341 658 566 756 939 705 977 844 952 818 631 631 631 633 633 15,988 16,190 16,336 16,244 16,354 526 670 759 630 742 28,206 28,223 28,239 28,302 1,330 1,329 1,330 1,335 728 1,053 1,265 915 1,123 621 622 624 626 16,409 16,428 16,407 16,493 741 779 721 775 4,552 4,551 4,551 4,552 28,749 28,742 28,633 28,556 1,323 1,329 1,306 1,319 459 243 240 800 1,149 960 930 924 632 632 642 645 16,628 841 16,932 1,015 17,128 1,055 875 16,831 21,955 22,092 22,153 22,225 22,294 4,551 4,551 4,551 4,552 4,552 28,559 28,632 28,656 28,569 28,519 1,316 1,328 1,324 1,337 1,338 1,053 832 837 817 924 917 643 646 648 650 649 17,034 985 17,142 1,069 17,229 1,154 857 17,037 721 16,859 22,640 22,689 23,041 22,934 22,336 22,442 22,513 22,597 4,551 4,550 4,552 4,554 28,635 28,709 28,595 28,725 1,324 1,328 1,327 1,330 922 950 926 969 632 632 631 626 17,088 16,839 17,068 17,121 448 382 913 827 536 22,830 22,617 22,738 23,011 23,181 22,680 22,708 22,723 22,743 22,754 4,553 4,556 4,557 4,556 4,562 28,817 28,874 28,923 29,111 28,868 1,342 1,331 1,332 1,318 1 ,336 986 992 951 967 961 624 618 615 609 563 17,038 854 935 17,132 17,581 1,165 17,377 1,073 17,899 1,499 1,009 959 913 888 569 568 565 555 17,503 1,166 17,863 1,537 993 17,334 17,305 1 ,040 974 944 899 901 562 559 558 557 17,084 17,037 16,750 16,799 1,027 557 559 586 589 17,552 1,157 17,366 977 17,351 P956 16,870 P716 967 1,130 1,323 393 852 989 846 Excess2 606 614 623 614 566 559 1,895 1,016 1,014 987 822 922 1,942 2,491 1,103 870 961 2,343 1,049 1,591 1,154 909 836 608 1,355 5 12 19 26 3.... 10 17 24.... 31 262 250 168 283 85 22,119 20,552 1,567 22,052 20,343 1,708 22,222 20,117 2,105 22,239 19,913 2,327 22,120 19,587 2,533 21,985 19,273 2,713 21,657 18,772 2,886 21,900 18,659 3,241 22,559 18,230 4,329 1948—Jan. 7 . . . . Jan. 14 Jan. 21 Jan. 2 8 . . . 164 165 168 281 21,683 21,896 21,540 21,987 17,148 17,018 16,311 15,904 4,536 4,878 5,229 6,082 473 507 518 391 22,320 22,568 22,227 22,658 22,762 22,790 22,829 22,894 4,560 4,559 4,559 4,558 28,658 28,374 28,211 28,086 1,340 1,333 1,323 1,332 1,268 1,945 Feb. 4 . . . . Feb. 1 1 . . . . Feb. 18. . . . Feb. 2 5 . . . . 240 578 295 279 20,523 20,817 21,782 21,034 13,882 13,815 13,704 13,645 6,641 7,002 7,240 7,389 413 337 543 394 21,175 21,732 21,782 21,707 22,934 22,933 22,981 23,028 4,560 4,559 4,557 4,557 28,124 28,189 28,053 28,054 1,309 1,308 1,335 1,326 1,187 1,725 1,656 Mar. Mar. Mar. Mar. 257 298 363 447 21,071 20,678 20,373 20,607 13,575 13,145 12,956 13,168 7,496 7,532 7,417 7,439 523 350 451 375 21,851 21,326 21,187 21,429 23,036 23,083 23,119 23,135 4,559 4,559 4,559 4,557 28,024 28,006 27,920 27,851 1,333 1,331 1,325 1,336 3.... 10 17 24.... Other Non- Fedmem- eral Reber de- serve posits accounts Total 926 1,224 1,560 1,314 1,256 934 616 929 870 562 819 616 954 751 677 1,458 918 1,236 1,071 1,000 987 955 1,006 1,018 900 850 805 987 933 804 952 766 883 954 913 1001 765 964 P Preliminary. Includes industrial loans and acceptances purchased shown separately in subsequent tables. End of month and Wednesday figures are estimates. Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication. 1 1 APRIL 1948 407 FEDERAL RESERVE BANK DISCOUNT RATES [In effect March 31. Per cent per annum] Discounts for and advances to member banks Advances secured by Government obligations and discounts of and advances secured by eligible paper (Sees. 13 and 13a)» Federal Reserve Bank Effective Rate Other secured advances [Sec. 10(b)] Rate Boston New Y o r k . . . . Philadelphia.. Cleveland. . . . Richmond Atlanta Chicago St. Louis Minneapolis. . Kansas City.. Dallas San Francisco Effective Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 14,1948 12,1948 12,1948 12,1948 12,1948 12,1948 12,1948 12,1948 12,1948 19,1948 12,1948 15,1948 Advances to individuals, partnerships, or corporations other than member banks secured by direct obligations of the U. S. (last par. Sec. 13) Rate 2Y2 2 2 23^ 2y Effective Jan. 14,1948 Apr. 6, 1946 Mar. 23, 1946 Mar. 9, 1946 Mar. 16,1946 Jan. 24,1948 Jan. 12,1948 Jan. 12,1948 Jan. 15,1948 Jan. 19,1948 Feb. 14,1948 Apr. 25,1946 1 Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and 9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or corporations made under the last paragraph of Section 13 is 90 days. Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443. FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING RATES ON BANKERS' ACCEPTANCES [Per cent per annum] Maturity Rate on Mar. 31 In effect beginning— IX i1 j a n . 12, 1948 Jan. 12, 1948 i j a n . 12, 1948 1- 90 days 91-120 days 121-180 days ly2 Previous rate FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS AND COMMITMENTS UNDER SECTION 13b OF THE FEDERAL RESERVE ACT Maturities not exceeding five years [In effect March 31. Per cent per annum] To industrial or commercial businesses 1KB IX Federal Reserve Bank 1 Date on which rate became effective at the Federal Reserve Bank of New York. The same rates generally apply to any purchases made by the other Federal Reserve Banks. Back figures.—See Banking and Monetary Statistics, Table 117, pp. 443-445. MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Net demand deposits1 Period in effect June 21, 1917-Aug. 15, 1936.. Aug. 16, 1936-Feb. 28, 1937.. Mar. 1, 1937-Apr. 30, 1937.. May 1, 1937-Apr. 15, 1938.. Apr. 16, 1938-Oct. 3 1 , 1941.. Nov. 1, 1941-Aug. 19, 1942.. Aug. 20, 1942-Sept. 13, 1942.. Sept. 14, 1942-Oct. 2, 1942.. Oct. 3, 1942-Feb. 26, 1948.. Feb. 27, 1948 and after Central reserve city banks 13 193^ 22M 26 22 % 26 24 22 20 22 Reserve city banks 10 15 173^ 20 17 ^ 20 20 20 20 20 Time deposits (all Country member banks banks) 7 103^ 1234 14 12 14 14 14 14 14 3 6 5 6 6 6 6 6 1 Demand deposits subject to reserve requirements, i. e., total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947, and all U. S. Government demand accounts Apr. 24, 1917-Aug. 23, 1935). MAXIMUM RATES ON TIME DEPOSITS Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. [Per cent per annum] Boston New York Philadelphia. . . . Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . . . Kansas C i t y . . . . Dallas San Francisco.. . On discounts or purchases On loans 1 On commitments Portion for which institution is obligated Remaining portion On commitments 2Y2-5 2V2-S iy2s iy2s () 2^-5 1M-1M (2) 1 2 8 4 Including loans made in participation with financing institutions. Rate charged borrower less commitment rate. Rate charged borrower. • Rate i \ d t c charged ciicxi gcu. borrower u u n u w c i but i_/ut not n u t to LV_» exceed cAi^t-tva 1 A per JK^- cent v^ciit above a u u v t the discount rate. 6 \A r\e*r r»onf ic moflo r\r-t nnHichnrcpH rir»rfir*n r\f lr\an Charge of 34 per cent is made on undisbursed portion of loan. Back figures.—See Banking and Monetary Statistics, Table 118, pp. 446-447. 1 MARGIN REQUIREMENTS 3 [Per cent of market value] Prescribed in accordance with Securities Exchange Act of 1934 Nov. 1,1933- Feb. 1, 1935- Effective Jan. 31, 1935 Dec. 31,1935 Jan. 1, 1936 Savings deposits Postal savings deposits. . Other deposits payable: In 6 months or more.. In 90 days to 6 month In less than 90 days. . To financing institutions Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U: For loans by banks on stocks July 5, Jan. 21, 19451946Jan. 20, Jan. 31, 1946 1947 Effective Feb. 1, 1947 75 75 100 100 75 75 75 100 75 1 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the F. D. I. C , effective Feb. 1, 1936, are the same as those in effect for member banks. Under Regulation Q the rate payable by a member bank may not in any event exceed the maximum rate payable by State banks or trust companies on like deposits under the laws of the State in which the member bank is located. 408 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of the extension; tht "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value. Back figures.—See Banking and Monetary Statistics, Table 145, p. 504, and BULLETIN for March 1945, p. 235. FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1947 Mar. 24 Mar. 17 Mar. 10 Mar. 3 Feb. 25 Feb. 18 Feb. 11 Mar. Mar. Feb. Assets 1,224,170 21 189,170 21,141,170 21,096,170 21,036,170 21 008,170 21 ,229,170 21 ,096,170 18,445,430 21,234,1 Gold certificates Redemption fund for 682,455 648,841 637,100 638,208 680,049 690,331 776,070 636,471 680,050 633,840 F. R. notes Total gold certifi,826,270 21,779,378 21,776,219 21,718,625 21,698,501 21,878,011 21,776,220 19,221,500 cate reserves. . . . 21,868,010 21,860,641 Other cash 353,046 364,307 355,274 372,685 367,880 368,155 352,218 359,555 386,715 308,076 Discounts and advances For member banks... For nonmember banks, etc 304,147 222,302 154,999 115,864 137,349 163,457 445,980 285,458 288,953 405,757 143,000 141,000 142,800 141,800 141,800 131,800 131,800 144,500 141,800 131,800 363,302 297,799 257,664 279,149 295,257 577,780 429,958 430,753 537,557 4,708 4,353 4,158 2,760 3,785 4.906 1,081 Total discounts and advances Industrial loans U. S. Govt. securities: Bills: Under repurchase option Other Certificates: Special Other Notes Bonds 3,14 5,629,806 8,794,901 8,666,401 4,373 ,175 4,289, 1,786 ,200 1,774, 5,652 ,858 5,642, ,914,361 9,270,911 9,282,853 9,358,603 9,468,444 8,851,101 9,210,661 9,459,714 231,025 4,304,525 4,362,083 4,344,933 772,100 1,774,600 1 ,721,850 1,653,500 760,136 5,721,170 5,667,050 5,586,025 346,333 4,481,175 4,390,783 6,398,618 594,500 1,883,400 1,734,350 351,800 407,978 5,671,377 5,687,914 753,390 Total U. S. Govt. 20,607 ,134 20,372,929 20 677,622 21,071,206 21,033,836 20,943,061 ,817,255 •0,887,053 21,023,708 22,593,328 securities Other Reserve Bank 371 ,571 298,949 447,311 390,079 333,972 650,050 348,011 517,513 539,361 286,630 credit outstanding. . . Total Reserve Bank credit outstanding 21,4288,999 21,187,144 21,325,523 21,851,091 21 ,707,417 21,781,837 21.731,767 21,607,426 22,109,41 23,430,915 Liabilities Federal Reserve notes. . 23,831,226 23,914,287 23,990,738 24,034,368 24,065,495 24,069,669 23,767,642 24,044,717 24,161,605 Deposits: Member bank — reserve account 16,869,890 17,350,679 17,366,248 17,551,540 16,799,290 16,749,993 17,037,361 16,638,719 17,061,817 15,264,231 U. S. Treasurer—general account 1,458 ,070 677 750,542 953,950 1,655,975 1,725,429 1,186,605 1,971,606 1,591,225 2,033,772 381,057 Foreign 510 ,671 525 476,103 420,922 485,528 463,799 448,761 578,272 442,069 Other 590,383 507 ,464 478,082 481 478,914 513,773 690,117 448,645 452,355 502,260 Total deposits 19,346,095 19,034,415 19,071,807 19,532,407 19,356,381 19,374,426 19,168,295 19,609,626 19,806,958 18,249,443 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent).. . 50.6 50.9 50.4 50.1 49.7 45.3 MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Discounts and advances: Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Industrial loans: Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 U. S. Government securities: Feb. Mar. Mar. Mar. Mar. APRIL 25 3 10 17 24 1948 Within 15 days 279,149 257,664 297,799 363,302 447,147 142,264 119,716 156,353 230,922 309,144 4,353 4,708 2,091 3,602 3,147 4,105 4,459 1,850 3,382 2,921 21,033,836 21,071,206 20,677,622 20,372,929 20,607,134 2,811,737 2,816,530 2,741,933 2,781,969 2,601,584 16 to 30 days 31,840 42,630 28,896 39,928 39,535 31 to 60 days 61 to 90 91 days to 6 months 1 year to 2 years to Over 5 years days 6 months to 1 year 2 years 5 years 51,179 72,058 78,981 58,315 54,630 53,753 23,150 14,456 34,048 34,187 93 90 19,094 72 9,639 20 20 19 17 12 21 23 23 23 23 23 21 21 21 21 169 148 141 141 146 4 4 4 4 4 19 20 19 19 20 1,921,012 3,042,297 2,074,347 3,353,776 1,889,643 2,546,606 2,601,761 3,084,118 1,812,623 2,081,255 2,857,179 3,019,293 1,305,856 2 ,070,252 3,017,067 3,536,229 1,179,074 2,282,987 3,231,699 3,564,829 2,448,867 2,714,817 2,707,317 2,137,867 2,213,117 417,759 418,109 431,309 445,359 451,859 4,964,041 ,999,622 5,026,713 5,078,330 5 ,081,985 409 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Assets Gold certificates: 21,096,170 Feb. 25 21,141,170 Mar. 3 21,189,170 Mar. 10 21,224,170 Mar. 17 21,234,170 Mar. 24 Redemption fund f o r F . R. notes: 680,049 Feb. 25 638,208 Mar. 3 637,100 Mar. 10 636,471 Mar. 17 Mar. 24 633,840 Total gold certificate reserves: 21,776,219 Feb. 25 21,779,378 Mar. 3 21,826,270 Mar. 10 21,860,641 Mar. 17 21,868,010 Mar. 24 Other cash: 367,880 Feb. 25 372,685 Mar. 3 355,274 Mar. 10 364,307 Mar. 17 353,046 Mar. 24 Discounts & advances: Secured by U. S. Govt. securities: 136,326 Feb. 25. . 115,241 Mar. 3 . . Mar. 10. . 154,388 Mar. 17. . 221,797 Mar. 24. . 303,459 Other: 142,823 Feb. 2 5 . . 142,423 Mar. 3 . . 143,411 Mar. 10. . 141,505 Mar. 17. . Mar. 24. . 143,688 Industrial loans: 4,353 Feb. 25 4,708 Mar. 3 2,091 Mar. 10 3,602 Mar. 17 Mar. 24 3,147 U. S. Govt. securities: Bills: Feb. 2 5 . . . . 9,282,853 9,270,911 Mar. 3 Mar. 10. . . . 8,914,361 Mar. 17. . . . 8,666,401 8,794,901 Mar. 24 Certificates: Feb. 2 5 . . . . 4,362,083 4,304,525 Mar. 3 4,231,025 Mar. 10 4,289,725 Mar. 17 4,373,175 Mar. 24 Notes: Feb. 2 5 . . . . 1,721,850 1,774,600 Mar. 3 1,772,100 Mar. 10 Mar. 17. . . . 1,774,100 1,786,200 Mar. 24 Bonds: Feb. 2 5 . . . . 5,667,050 Mar. 3 . . . . 5,721,170 5,760,136 Mar. 10 Mar. 17 5,642,703 Mar. 24. . . . 5,652,858 Total U. S. Govt. securities: Feb. 25 21,033,836 Mar. 3 21,071,206 20,677,622 Mar. 10 20,372,929 Mar. 17 20,607,134 Mar. 24 Total loans and securities: Feb. 25 21,317,338 21,333,578 Mar. 3 20,977,512 Mar. 10 20,739,833 Mar. 17 21,057,428 Mar. 24 Due from foreign banks: Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 1 Boston 863,359 743,611 760,746 757,921 764,598 New York Philadelphia Cleveland Richmond Chicago 6,527,757 1,060,280 1,390,240 1,017,184 1,043,307 4,138,313 6,854,710 940,197 1,347,279 1,020,458 1,054,112 4,238,758 6,870,403 969,005 1,365,550 1,029,154 1,069,833 4,121,976 6,720,190 1,016,657 1,356,438 1,030,189 1,051,089 4, ,196,999 6,701,041 1,041,209 1,396,877 1,049,061 1,086,119 4,077,476 St. Louis Minneapolis Kansas City 591,442 586,877 589,975 596,776 562,745 424,025 417,135 436,102 424,659 437,550 752,491 756,906 764,736 770,599 817,002 98,967 98,847 98,644 98,560 98,400 46,364 46,340 46,279 46,263 46,214 22,756 22,741 22,714 22,695 22,677 35,328 35,306 35,275 35,258 35,223 1,082,807 4,237,280 1,093,442 4,337,605 1,109,001 4,220,620 1,090,205 4,295,559 1,125,089 4,175,876 637,806 633,217 636,254 643,039 608,959 446,781 439,876 458,816 447,354 460,227 787,819 792,212 800,011 805,857 852,225 Dallas San Francisco 496,300 2,791,472 492,528 2,688,599 505,217 2,706,473 510,648 2,792,005 512,148 2,788,344 56,045 55,897 55,743 55,710 55,585 113,525 72,589 71,925 71,702 71,135 59,333 59,249 59,001 58,964 58,743 74,735 74,670 74,481 74,410 74,247 57,660 57,559 58,403 58,387 57,410 919,404 799,508 816,489 813,631 820,183 6,641,282 6,927,299 6,942,328 6,791,892 6,772,176 1,119,613 999,446 1,028,006 1,075,621 1,099,952 1,464,975 1,421,949 1,440,031 1,430,848 1,471,124 1,074,844 1,078,017 1,087,557 1,088,576 1,106,471 38,403 39,052 38,075 38,304 39,344 67,194 70,924 68,483 68,159 61,880 25,049 24,738 24,691 25,681 23,041 35,468 37,377 33,015 37,532 34,031 22,724 21,714 21,013 21,340 21,447 24,759 23,197 22,838 22,651 24,420 54,072 56,657 56,692 58,587 56,089 18,223 16,528 14,265 14,789 14,918 8,735 8,046 8,483 8,204 9,402 13,784 14,084 11,000 11,924 11,447 15,356 14,921 14,077 14,787 14,543 44,113 45,447 42,642 42,349 42,484 13,078 10,860 13,022 5,802 8,453 16,460 16,331 20,571 74,541 80,526 6,742 9,865 7,050 4,855 4,520 16,280 19,454 21,979 19,678 12,454 13,865 9,420 16,595 13,300 26,355 17,101 4,601 951 1,701 5,901 32,010 5,025 63,380 87,380 142,780 4,650 14,045 1,200 3,450 8,430 1,550 3,900 600 600 600 5,190 6,140 7,340 10,290 12,240 6,800 3,600 100 200 200 2,600 12,000 1,600 8,933 8,933 8,996 8,883 9,009 45,376 45,376 47,073 46,635 48,882 11,486 11,486 10,190 9,906 10,222 13,472 13,472 13,552 13,380 13,547 6,948 6,948 6,997 6,909 7,007 5,814 5,814 5,855 5,781 5,863 19,285 19,285 19,421 19,176 18,523 5,605 5,205 5,241 5,076 5,348 3,545 3,545 3,570 3,525 3,575 4,963 4,963 4,998 4,935 4,767 4,918 4,918 4,952 4,891 4,959 12,478 12,478 12,566 12,408 11,986 909 753 866 855 533 204 204 204 215 214 46 46 39 29 34 3,194 3,705 982 2,503 2,366 39,500 39,330 39,168 39,116 38,970 25,885 25,862 25,812 25,803 25,763 49,951 49,818 49,655 49,603 49,473 522,185 2,841,423 518,390 2,738,417 531,029 2,756,128 536,451 2,841,608 537,911 2,837,817 i ,'666 624,032 623,230 599,261 582,590 591,228 2,225,861 2,222,996 2,137,503 2,078,047 2,108,859 663,073 662,219 636,751 619,041 628,220 889,947 888,803 854,621 830,848 843,167 602,866 602,091 578,935 562,831 571,176 465,378 464,779 446,904 434,473 440,915 1,318,981 1,317,283 1,266,621 1,231,391 1,249,650 493,644 498,960 492,188 478,498 484,709 284,138 283,773 272,859 265,270 269,203 432,683 432,126 415,507 403,949 409,939 420,690 420,149 403,991 392,753 398,576 861,560 854,502 809,220 786,710 799,259 293,236 289,367 284,426 288,373 293,982 1,045,949 1,032,148 1,014,524 1,028,600 1,048,609 311,584 307,472 302,222 306,415 312,376 418,193 412,674 405,629 411,256 419,256 283,291 279,553 274,780 278,592 284,012 218,685 215,799 212,114 215,056 219,241 619,799 611,621 601,178 609,519 621,375 240,844 237,666 233,608 236,849 241,457 133,519 131,757 129,508 131,305 133,859 203,321 200,639 197,212 199,948 203,838 197,685 195,077 191,745 194,405 198,187 395,977 390,752 384,079 389,407 396,983 115,750 119,296 119,128 119,262 120,075 412,869 425,517 424,918 425,397 428,299 122,992 126,760 126,581 126,724 127,588 165,074 170,131 169,891 170,083 171,243 111,824 115,249 115,087 115,217 116,003 86,321 88,966 88,841 88,941 89,547 244,654 252,149 251,794 252,078 253,798 95,068 97,981 97,843 97,953 98,621 52,704 54,319 54,242 54,303 54,674 80,257 82,716 82,599 82,693 83,257 78,033 80,423 80,310 80,401 80,949 156,304 161,093 160,866 161,048 162,146 380,962 384,600 387,219 379,325 380,008 1,358,856 1,371,833 1,381,177 1,353,018 1,355,453 404,797 408,663 411,447 403,058 403,784 543,300 548,489 552,224 540,966 541,940 368,041 371,556 374,086 366,460 367,119 284,106 286,819 288,773 282,886 283,395 805,220 812,910 818,446 801,760 803,203 312,895 315,883 318,034 311,551 312,111 173,463 175,119 176,312 172,717 173,028 264,147 266,669 268,486 263,012 263,485 256,825 259,278 261,044 255,722 256,182 514,438 519,351 522,888 512,228 513,150 1,413,980 1,416,493 1,390,034 1,369,550 1,385,293 5,043,535 5,052,494 4,958,122 4,885,062 4,941,220 1,502,446 2,016,514 1,505,114 2,020,097 1,477,001 1,982,365 1,455,238 1,953,153 1,471,968 1,975,606 1,366,022 1,368,449 1,342,888 1,323.100 1,338,310 1,054,490 2,988,654 1,142,451 1,056,363 2,993,963 1,150,490 1,036,632 2,938,039 1,141,673 1,021,356 2,894 748 1,124,851 1,033,098 2,928,026 1,136,898 643,824 644,968 632,921 623,595 630,764 980,408 982,150 963,804 949,602 960,519 953,233 954,927 937,090 923,281 933,894 1,928,279 1,925,698 1,877,053 1,849,393 1,871,538 1,435,991 1,436,286 1,412,052 1,384,235 1,402,755 5,105,371 5,114,201 5,025,766 5,006,238 5,070,628 1,521,583 2,046,470 1,527,218 2,053 ,227 1,495,107 2,018,100 1,470,854 1,986,426 1,487,243 2,001,821 1,386,881 1,384,863 1,366,519 1,343,338 1,371,706 1,080,599 3,039,949 1,070,483 3,018 1,044,420 3,020,840 1,031,341 1,047,228 3,089,329 648,919 652,413 637,091 627,720 634,939 990,561 993,253 976,142 964,827 977,526 964,951 963,445 942,142 928,372 939,053 1,943,357 1,950,176 1,891,219 1,861,801 1,884,524 1,152,706 1,169,740 1,148,114 1,133,377 1,150,676 After deducting $64,000 participations of other Federal Reserve Banks on Feb. 25; Mar. 3; Mar. 10; Mar. 17; and Mar. 24. 410 FEDERAL RESERVE BULLETIN STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Federal Reserve notes of other Banks: 126,905 Feb. 25 120,806 Mar. 3 Mar. 10 114,373 121,798 Mar. 17 116,120 Mar. 24 Uncollected items: 2,796,358 Feb. 25 2,760,773 Mar. 3 2,489,995 Mar. 10 3,436,801 Mar. 17 Mar. 24 2,866,202 Bank premises: 32,891 Feb. 25 32,839 Mar. 3 32,839 Mar. 10 32,836 Mar. 17 Mar. 24 32,830 Other assets: 150,232 Feb. 25 152,294 Mar. 3 154,815 Mar. 10 131,621 Mar. 17 Mar. 24. . . 133,440 Total assets: 46,567,918 Feb. 25 46,552,448 Mar. 3 45,951,173 Mar. 10 Mar. 17 46,687,932 Mar. 24 46,427,171 Liabilities Federal Reserve notes: 24,065,495 Feb. 25 Mar. 3 24,034,368 Mar. 10 23,990,738 Mar. 17 23,914,287 Mar. 2 4 . . 23,831,226 Deposits: Member bank •—reserve account: Feb. 2 5 . . 16,799,290 Mar. 3 . . 17,551,540 Mar. 10. . 17,366,248 Mar. 17. . 17,350,679 Mar. 24. . 16,869,890 U. S. Treasurer-general account: Feb. 25. . 1,655,975 Mar. 3. . 953,950 Mar. 10. . 750,542 Mar. 17. . 677,263 Mar. 24. . 1,458,070 Foreign: 448,761 Feb. 2 5 . . Mar. 3. . 578,272 Mar. 10. . 476,103 Mar. 17. . 525,353 Mar. 24. . 510,671 Other: 452,355 Feb. 2 5 . . Mar. 3 . . 448,645 Mar. 10. . 478,914 Mar. 17. . 481,120 Mar. 24. . 507,464 Total deposits: i Feb. 25 19,356,381 Mar. 3 19,532,407 Mar. 10 19,071,807 Mar. 17 19,034,415 Mar. 24 19,346,095 Deferred availak * bility items: 2,406,374 Feb. 25 Mar. 3 2,243,355 Mar. 10 2,142,079 Mar. 17 2,989,585 Mar. 24 2,494,726 Other liab. incl. accrued div.: 15,647 Feb. 25 Mar. 3 14,817 Mar. 10 15,011 Mar. 17 14,550 Mar. 24 16,213 Total liabilities: 45,843,897 Feb. 25 Mar. 3 45,824,947 Mar. 10 45,219,635 45,952,837 Mar. 17 Mar. 24 45,688,260 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 5,360 5,613 5,365 5,163 4,716 20,194 19,733 18,878 20,429 18,531 6,036 6,942 4,391 5,283 5,326 6,935 6,877 4,998 5,505 6,120 25,057 20,052 17,125 16,423 16,883 13,544 13,591 15,526 15,583 11,924 13,834 15,564 13,420 15,301 14,145 8,112 7,128 8,053 7,113 8,938 3,286 3,585 3,833 5,338 5,232 6,122 5,543 4,764 5,282 5,818 4,817 4,574 5,466 5,094 4,776 13,608 11,604 12,554 15,284 13,711 236,112 221,296 196,185 260,427 223,846 593,118 611,828 484,287 695,521 555,766 189,618 176,410 168,097 228,650 174,228 261,023 278,849 248,939 360,026 280,834 209,633 211,073 211,963 288,089 276,297 177,855 168,645 169,558 220,295 199,47 494,930 429,531 395,168 586,575 428,106 108,271 112,366 115,842 132,008 120,664 62,858 59,850 60,651 73,792 71,859 141,799 140,707 133,446 164,241 142,831 120,058 104,965 102,586 147,915 129,562 201,083 245,253 203,273 279,262 262,731 1,231 1,231 1,231 1,231 1,231 8,221 8,202 8,202 8,202 8,202 3,177 3,171 3,171 3,171 3,171 4,921 4,912 4,912 4,909 4,909 2,624 2,624 2,624 2,624 2,617 1,554 1,553 1,553 1,553 1,552 3,050 3,050 3,059 3,050 3,050 1,969 1,964 1,964 1,964 1,965 1,206 1,203 1,203 1,203 1,203 2,444 2,439 2,439 2,439 2,440 793 789 789 789 789 1,701 1,701 1,701 1,701 1,701 10,155 10,323 10,491 8,971 8,831 35,721 35,762 36,765 30,819 31,904 10,241 10,479 10,604 8,980 9,151 14,549 14,883 14,805 12,690 12,643 9,954 9,920 10,168 8,501 8,749 7,589 7,729 7,911 6,707 6,783 21,335 21,762 21,854 19,150 18,909 8,572 8,684 8,923 7,602 7,668 4,527 4,602 4,697 3,985 4,103 6,872 6,938 7,166 6,054 6,222 6,743 7,033 6,947 5,821 5,867 13,974 14,179 14,484 12,341 12,610 2,646,662 2,513,315 2,479,894 2,511,968 2,500,912 12,471,132 12,787,980 12,584,740 12,621,291 12,519,118 2,875,325 2,748,412 2,734,075 2,818,248 2,802,120 3 834,350 3,818,083 3,764,809 3,837,945 3,811,491 2,731,722 2,388,711 2,728,268 2,378,644 2,716,974 2,370,811 2,768,896 2,388,339 2,804,175 2,416,47 7,864,463 7,882,455 7,731,657 7,979,539 ,785,517 1,935,662 1,949,630 1,933,418 1,939,895 1,913,791 1,176,314 1,169,577 1,174,776 1,167,598 1,186,967 1,949,404 1,955,179 1,934,971 1,960,627 1,998,512 1,439,116 1.432,072 1,430,433 1,427,334 1,424,543 5,532,355 5,522.674 5,497,230 5,481,978 5,464,700 ,645,790 ,641,335 ,639,852 ,635,508 ,635,481 2,088,336 2,084,999 2,088,629 2,081,640 2,077,428 1,666,779 1,664,205 1,659,981 1,651,398 1,642,880 ,351,224 4,555 ,593 ,349,433 4,551,001 ,348,260 4546,828 ,339,870 4,540,324 ,331,640 4,528,519 1,105,425 1,105,162 1,102,397 1,099,166 1,092,431 615,983 617,342 618,348 616,138 613,556 930,700 934,444 932,120 928,800 922,514 598,247 599,833 598,437 594,239 590,568 2,535,947 2,531,868 2,528,223 2,517,892 2.506,966 732,419 753,598 733,126 738,569 714,670 5,254,814 5,743,571 5,721,936 5,521,759 5,481,373 810,980 820,772 800,564 839,364 799,708 1,231,089 1,298,873 1,269,178 1,257,024 1,237,236 740,127 737,414 753,358 749,440 738,767 744,243 751,611 764,579 753,694 727,792 ,545,068 2,673,715 2,592,226 2,687,097 2,484,625 638,068 646,926 630,855 622,387 599,496 423,409 423,490 432,896 422,727 408,717 820,046 823,148 812,888 820,502 805,617 814,049 823,380 822,958 830,344 796,967 2,044,978 2,055,042 2,031,684 2,107,772 2,074,922 181,702 69,864 64,702 32,820 72,915 408,254 255,26' 144,325 183,206 236,270 147,728 39,924 55,564 30,027 115,232 172,580 92,980 88,023 83,563 155,358 85,116 73,835 53,872 52,862 126,654 81,330 61,440 45,988 25,984 98,305 204,220 130,494 96,395 97,193 246,609 50,603 47,042 41,575 40,942 62,617 50,155 45,918 40,637 28,850 65,551 41,855 37,434 38,429 26,176 99,943 70,874 39,350 40,816 36,424 82,883 161,558 60,402 40,216 39,216 95,733 23,725 32,022 25,489 29,477 28,620 1193,248 1233,168 1201,613 1207,804 1202,365 30,416 41,083 32,684 37,811 36,709 34,546 46,662 37,122 42,945 41,694 18,400 24,853 19,772 22,873 22,207 15,395 20,795 16,543 19,139 18,581 51,068 68,979 54,876 63,485 61,635 13,518 18,259 14,526 16,805 16,315 9,388 12,680 10,088 11,670 11,330 13,142 17,752 14,122 16,338 15,862 12,767 17,245 13,719 15,871 15,409 33,148 44,774 35,549 41,135 39,944 2,679 2,682 2,643 2,678 2,425 382,719 372,480 405,933 409,356 442,754 1,350 1,936 1,472 1,059 1,772 8,610 11,699 9,471 8,574 7,549 7,961 10,630 8,496 7,386 5,581 1,056 1,662 899 1,519 1,557 2,178 1,661 1,920 4,793 2,414 7,087 5,604 6,120 5,415 5,436 2,266 2,078 2,731 1,684 2,407 185 2,545 1,270 2,226 550 576 792 1,429 500 382 35,688 34,876 36,530 35,930 34,637 940,525 858,166 825,960 803,544 818,630 6,239,035 6,604,486 6,473,807 6,322,125 6,362,762 990,474 903,715 890,284 908,261 953,421 1,446,825 1,450,214 1,403,794 1,392,106 1,441,837 851,604 846,732 835,498 832,561 893,209 842,024 835,508 828,009 800,336 846,235 2,802,534 2,874,849 2,745,417 2,852,568 2,795,283 709,276 717,831 693,076 685,549 683,864 485,218 484,166 486,352 464,931 488,005 875,228 880,879 866,709 865,242 921,972 898,266 880,767 878,922 883,139 895,641 2,275,372 2,195,094 2,143,979 2,224,053 2,245,236 219,919 175,741 175,817 233,245 209,500 471,644 432,639 384,487 587,167 460,318 179,794 143,861 144,110 214,459 152,834 230,816 214,059 203,482 294,809 222,311 175,758 179,526 183,402 246,665 229,469 163,871 161,955 162,597 216,028 206,21-6 405,980 355,822 338,034 484,770 359,035 93,165 98,721 109,718 126,832 108,858 55,461 48,266 50,011 66,579 65,281 115,891 112,169 108,168 138,512 125,721 111,712 106,624 98,749 134,704 118,893 182,363 213,972 183,504 245,815 236,290 846 906 888 882 966 4,304 3,544 3,686 3,652 4,119 936 892 951 890 982 1,691 1,749 1,483 1,602 1,777 818 804 832 764 865 683 643 659 644 735 2,556 2,432 2,485 2,459 2,730 654 636 677 649 701 497 542 685 465 527 575 606 583 600 614 687 736 599 655 736 1,400 1,327 1,483 1,288 1,461 2,600,406 2,466,885 2,433,098 2,465,005 2,453,639 12,247,338 12,563,343 12,359,210 12,394,922 12,291,899 2,694,959 2,357,802 2,691,267 2,347,539 2,679,713 2,339,525 ,339,525 2,731,388 2,356,878 ,356,878 2,766,423 2,384,826 7,766,663 7,784,104 7,632,764 7,880,121 7,685,567 1,908,520 1,922,350 1,905,868 1,912,196 1,885,854 1,157,159 1,150,316 1,155,396 1,148,113 1,167,369 1,922,394 1,928,098 1,907,580 1,933,154 1,970,821 2,816,994 3,767,668 2,689,803 3,751,021 2,675 ,197 3,697,388 2,759,118 3,770,157 2.742,718 3. ,743,353 1,634,906 5,059,267 1,614,120 5,006,785 1,603,039 4,922,009 1,639,232 5,054,354 I 1,632,504 i5,055,586 1,608,912 4,995,082 1,587,960 l4,942,261 1,576,707 4,857,189 < 1,612,737 4,989,048 < 1,605,838 4,989,953 1 After deducting $255,340,000 participations of other Federal Reserve Banks on Feb. 25; $344,896,000 on Mar. 3; $274,380,000 on Mar. 10; $317,424,000 on Mar. 17; and $308,176,000 on Mar. 24. APRIL 1948 411 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued [In thousands of dollars] Total Capital Accts.: Capital paid in: Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Surplus (section 7 ) : Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Surplus (section 13b): Feb. 25 Mar. 3 Mar. 1 0 . . . . Mar. 17 Mar. 24 Other cap. accts.: Feb. 25 Mar. 3 Mar. 1 0 . . . . Mar. 17 Mar. 2 4 . . . . Total liab ilities and cap accts.: Feb. 25 Mar. 3. . . . Mar. 10 Mar. 17 Mar. 24 Contingent liability on bills purchased for foreign correspondents: Feb. 25 Mar. 3 Mar. 10 Mar. 1 7 . . . . Mar. 2 4 . . . . Commit, to make indus. loans: Feb. 25 Mar. 3 . . . . Mar. 1 0 . . . . Mar. 17. Mar. 2 4 . . . . New York Boston Philadelphia Richmond Cleveland Chicago \tlanta Kansas City Minneapolis St. Louis Dallas San Francisco 197,384 197,517 197,673 197,700 197,747 11,294 11,301 11,302 11,304 11,304 69,011 69,017 69,061 69,061 69,072 14,521 14,525 14,526 14,526 14,526 18,907 18,930 18,932 18,942 18,945 8,372 8,381 8,410 8,415 8,418 7,693 7,697 7,698 7,700 7,715 24,018 24,044 24,067 24,071 24,072 6,480 6,481 6,488 6,488 6,488 4,353 4,353 4,356 4,356 4,357 6,682 6,683 6,714 6,716 6,717 7,583 7,585 7,591 7,592 7,602 18,470 18,520 18,528 18,529 18,531 448,189 448,189 448,189 448,189 448,189 28,117 28,117 28,117 28,117 28,117 138,596 138,596 138,596 138,596 138,596 35,350 35,350 35,350 35,350 35,350 42,173 42,173 42,173 42,173 42,173 21,210 21,210 21,210 21,210 21,210 19,110 19,110 19,110 19,110 19,110 66,217 66,217 66,217 66,217 66,217 16,972 16,972 16,972 16,972 16,972 11,233 11,233 11,233 11,233 11,233 16,148 16,148 16,148 16,148 16,148 14,111 14,111 14,111 14,111 14,111 38,952 38,952 38,952 38,952 38,952 27,543 27,543 27,543 27,543 27,543 3,011 3,011 3,011 3,011 3,011 7,319 7,319 7,319 7,319 7,319 4,489 4,489 4,489 4,489 4,489 1,006 1,006 1,006 1,006 1,006 3,349 3,349 3,349 3,349 3,349 762 762 762 762 762 1,429 1,429 1,429 1,429 1,429 521 521 521 521 521 1,073 1,073 1,073 1,073 1,073 1,137 1,137 1,137 1,137 1,137 1,307 1,307 1,307 1,307 1,307 2,140 2,140 2,140 2,140 2,140 50,905 54,252 58,133 61,663 65,432 3,834 4,001 4,366 4,531 4,841 8,868 9,705 10,554 11,393 12,232 3,971 4,245 4,513 4,765 5,037 4,596 4,953 5,310 5,667 6,014 3,832 4,061 4,292 4,534 4,775 3,344 3,536 3,716 3,889 4,065 6,136 6,661 7,180 7,701 8,232 3,169 3,306 3,569 3,718 3,956 2,496 2,602 2,718 2,823 2,935 3,043 3,113 3,392 3,472 3,689 2,993 3,157 3,323 3,485 3,646 4,623 4,912 5,200 5,685 6,010 46,567,918 46,552,448 45,951,173 46,687,932 46,427,171 2,646,662 2,513,315 2,479,894 2,511,968 2,500,912 12,471,132 12,787,980 12,584,740 12,621,291 12,519,118 2,875,325 2,748,412 2,734,075 2,818,248 2,802,120 3,834,350 3,818,083 3,764,809 3,837,945 3,811,491 2,731,722 2,728,268 2,716,974 2,768,896 2,804,175 2 388,711 2 378,644 2,370,811 2,388,339 2 416,478 7,864,463 7,882,455 7,731,657 7,979,539 7,785,517 1 ,935,662 1 ,949,630 1 ,933,418 1 ,939,895 1 ,913,791 1 ,176,314 1 ,169,577 1 ,174,776 1 ,167,598 1 ,186,967 1 ,949,404 1 ,955,179 1 ,934,971 1 ,960,627 1 ,998,512 1 ,634,906 1 ,614,120 1 ,603,039 1 ,639,232 1 ,632,504 5,059,267 5,006,785 4,922,009 5,054,354 5,055,586 4,987 4,936 4,837 4,424 4,240 314 311 305 279 267 404 400 392 358 343 459 454 445 407 390 244 242 237 217 208 204 202 198 181 174 678 671 658 602 577 179 178 174 159 153 125 123 121 111 106 175 173 169 155 148 170 168 164 150 144 439 434 426 389 373 908 1,064 1,021 1,032 1,353 1,656 1,579 1,579 1,579 1,579 135 139 134 129 132 400 359 375 16 16 344 344 344 344 344 580 580 580 580 580 1 1,596 n.sso 11,548 n.416 U.357 7,910 7,952 7,916 7,563 7,887 3,750 3,750 3,750 3,750 3,750 137 137 133 133 133 1 After deducting $3,391,000 participations of other Federal Reserve Banks on Feb. 25; $3,356,000 on Mar. 3; $3,289,000 on Mar. 10; $3,008,000 on Mar. 17; and $2,883,000 on Mar. 24. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total F. R. notes outstanding (issued to Bank): Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Collateral held against notes outstanding: Gold certificates: Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Eligible paper: Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 U. S. Govt. s e c : Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Total collateral: Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas apolis City Dallas San Francisco 24,957,859 24,900,535 24,855,103 24,791,293 24,735,815 1,507,652 5,766,526 1,507,239 5 ,752,339 1,508,859 5,727,553 1,492,406 5 ,718,771 1,489,580 5 ,709,707 1,698,629 1,693,341 1,690,479 1,682,032 1,681,131 2,170,446 2,166,275 2,171,812 2.166,044 2,164,032 1,720,801 1,721,950 1,714,552 1,710,690 1,698,473 1,398,607 1,392,927 1,391,285 1,388,155 1,382,116 4,656,425 4,643,797 4,628,778 4,619,233 4,613,245 1,150,814 1,147,397 1,148,177 1,143,396 1,138,446 635,276 635,856 637,579 636,710 635,648 954,688 954,663 954,432 952,755 949,705 627,724 626,964 626,032 625,030 623,265 2,670,271 2,657,787 2,655,565 2,656,071 2,650,467 12,499,000 13,219,000 13,219,000 13,339,000 13,309,000 440,000 3,570,000 440,COO 4,470,000 440,000 4,470,000 460,000 4,470,000 460,000 4,470,000 550,000 550,000 550,000 550,000 550,000 735,000 735,000 735,000 735,000 735,000 625,000 625,000 625,000 625,000 625,000 675,000 675,000 675,000 675,000 675,000 ,790,000 ,760,000 ,760,000 ,760,000 .730,000 315,000 315,000 315,000 315,000 315,000 200,000 200,000 200,000 200,000 200,000 280,000 280,000 280,000 280,000 280,000 169,000 169,000 169,000 169,000 169,000 2,150,000 2,000,000 2,000,000 2,100,000 2,100,000 5,150 14,145 1,300 3,450 8,630 1,550 3,900 600 600 600 5,190 6,140 7,340 10,290 12,240 62,355 82,371 67,278 112,738 141,954 13,078 10,860 13,022 5,802 8,453 14,330 16,141 19,871 74,441 80,156 6,742 9,865 7,050 4,855 4,520 13,600,000 12,700,000 12,700,000 12,700,000 12,650,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 2,400,000 1,500,000 1,500,000 1,500,000 1,500,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,150,000 1,150,000 1.150,000 1,150,000 1,100,000 750,000 750,000 750,000 750,000 750,000 1,900,000 1,900,000 1,900,000 1,900,000 1,900,000 26,161,355 ,553,078 5,984,330 1,756,742 26,001,371 ,550,860 5,986,141 1,759,865 25,986,278 1,553,022 5,989,871 ,757,050 26,151,738 1,565,802 6,044,441 1,754,855 26,100,954 1,568,453 6,050,156 1,754,521 20 2,235,000 2,235,000 2,235,000 2,235,000 2,235,000 1,788,715 1,784,320 1,791,495 1,788,300 1,751,355 1,425,000 1,425,000 1,425,000 1,425,000 1,425,000 4,690,000 4,660,000 4,660,000 4,660,000 4,630,000 412 13,715 9,320 16,495 13,300 26,355 950,000 450,000 950,000 450,000 950,000 450,000 950,000 450,000 950,000 450,000 1,270,150 1,279,145 1,266,300 1,268,450 1,273,630 651,550 653,900 650,600 650,600 650,600 2,600 12,000 1,600 1,000 700,000 500,000 700,000 500,000 700,000 500,000 700,000 500,000 700,000 500,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 985,190 986,140 987,340 990,290 992,240 3,152,600 3,012,000 3,001,600 3,100,000 3,101,000 669,000 669,000 669,000 669,000 669,000 FEDERAL RESERVE BULLETIN WAR PRODUCTION LOANS GUARANTEED BY WAR DEPARTMENT, NAVY DEPARTMENT, AND MARITIME COMMISSION THROUGH FEDERAL RESERVE BANKS UNDER REGULATION V MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. [Amounts in thousands of dollars] Additional amount available to borrowers under guarPortion antee agreements guaranoutstanding teed Guaranteed loans outstanding Guaranteed loans authorized to date Total amount Number 1942 June 3 0 . . . Dec. 31. . . 565 2,665 310,680 2,688,397 1943 June 30. . . Dec. 31. . . 4,217 5,347 4,718,818 1,428,253 1,153,756 2,216,053 6,563,048 1,914,040 1,601,518 3,146,286 1944 June 30. .. Dec. 30. . . 6,433 7,434 8,046,672 2,064,318 1,735,777 3,810,797 9,310,582 1,735,970 1,482,038 4,453,586 1945 June 30. . . Dec. 31. . . 8,422 10,149,351 1,386,851 1,190,944 3,694,618 510,270 435,345 966,595 8,757 10,339,400 1946 June 2 9 . . . Dec. 31. . . 8,771 10,344,018 10,344,018 70,267 18,996 60,214 17,454 142,617 28,791 ,771 ,771 ,771 ,771 10,344,018 10,344,018 10,344,018 10,344,018 11,746 3,589 2,977 2,412 10,965 3,218 2,689 2,183 15,392 6,726 6,739 1947 Mar. 3 1 . . . June 3 0 . . . Sept. 30. . . Dec. 31... 1948 Jan. 3 1 . . . Feb. 2 8 . . . 8,771 81,108 803,720 10,344,018 10,344,018 69,674 137,888 632,474 1,430,121 2,357 1,959 2,133 1,777 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Number ApLoans Commitproved ments outbut not outcom- 1 standing 2 standing (amount) (amount) pleted Amount (amount) 984 1,993 2,280 2,406 2,653 2,781 2,908 3,202 3,423 3,471 S 489 49,634 124,493 139,829 150,987 175,013 188,222 212,510 279,860 408,737 491,342 525,532 20,966 11,548 8,226 3,369 1,946 2,659 13,954 8,294 4,248 926 1,295 13,589 32,493 25,526 20,216 17,345 13,683 9,152 10,337 14,126 10,532 3,894 8,225 27,649 20,959 12,780 14,161 9,220 5,226 14,597 10,661 9,270 4,165 1,296 8,778 7,208 7,238 12,722 10,981 6,386 19,600 17,305 17,930 2,706 1945 June 3 0 . . . 3,502 Dec. 3 1 . . . 3,511 537,331 544,961 70 320 3,252 1,995 5,224 1,644 2,501 1,086 1946 June 29. . . 3,524 Dec. 3 1 . . . 3,542 552,711 565,913 615 4,577 1,210 554 5,366 8,309 1,110 2,670 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1947 Mar. 3 1 . . . June 3 0 . . . Sept. 30. . . Dec. 3 1 . . . Applications approved to date Participations outstanding (amount] 3,548 3,555 3,566 3,574 569,825 572,836 577,614 586,726 4,595 195 1,229 945 1,081 1,778 1,892 1,387 8,160 7,018 7,395 7,434 2,727 4,043 5,019 4,869 1948 Jan. 3 1 . . . 3,576 F e b . 2 8 . . . . 3,582 589,986 596,048 1,025 145 1,972 4,906 7,077 7,918 5,213 6,770 1 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 2 Includes industrial loans past due 3 months or more, which are not included in industrial loans outstanding in weekly statement of condition of Federal Reserve Banks. NOTE.—The difference between amount of applications approved and the sum of the following four columns represents repayments of advances, and applications for loans and commitments withdrawn or expired. APRIL 1948 Central reserve city banks New York Chicago Reserve city banks Country banks * Total reserves held: 1947—January February 1948—January February 16,399 16,006 17,390 16,834 4,207 4,110 4,427 4,288 929 905 1,025 1,006 6,501 6,324 6,939 6,646 4,762 4,667 4,999 4,895 Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. 16,998 16,850 16,753 16,668 17,248 17,310 17,277 16,946 4,325 4,254 4,222 4,249 4,652 4,664 4,613 4,551 1,012 996 992 994 1,088 1,085 1,086 1,047 6,761 6,685 6,622 6,574 6,583 6,578 6,592 6,467 4,900 4,915 4,917 4,851 4,925 4,983 5,986 4,881 850 805 1,082 804 2 17 116 36 227 205 331 204 578 627 557 855 802 794 814 873 910 *>900 P752 62 23 36 70 40 46 14 38 7 8 5 12 8 7 6 4 234 204 176 205 244 243 231 171 552 567 577 527 581 614 P649 106 203 143 244 2 27 28 34 50 60 115 70 114 43 60 37 46 161 296 240 239 159 143 226 304 1 81 36 13 14 6 52 58 9 56 53 50 51 41 84 115 103 114 115 132 77 56 59 100 48 45 36 44 17 40 31 31 5 12 19 26 4 11 18 25 Excess reserves: 1947—January February 1948—January February Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. 5 12 19 26 4 11 18 25 Borrowings at Federal Reserve Banks: 1947—January February 1948—January February under guarantee agreements outstandin and authorizations expired or withdrawn. Date (last Wednesday or last day of period) All member 1 banks Month, or week ending Thursday In millions of dollars] Feb. Feb. Feb. Feb. Mar. Mar. Mar. Mar. 5 12 19 26 4 11 18 25 P539 P Preliminary. 1 Weekly figures of excess reserves of all member banks and of country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal Reserve Bank discounts and advances for nonmember banks, etc. DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND SMALL CENTERS 1 [Averages of daily figures. In millions of dollars] In places of 15,000 and over population February 1947 January 1948 February 1948 In places of under 15,000 population Demand deposits except interbank Time deposits Demand deposits except interbank Time deposits 15,311 16,060 8,315 8,508 11,893 12,438 5,894 6,079 r 15,787 8,535 12,131 6,088 Boston New York Philadelphia Cleveland 1,864 2,950 1,087 1,299 875 2,203 745 913 331 1,018 893 1,034 233 1,159 897 825 Richmond Atlanta Chicago St. Louis 1,089 1,566 1,982 639 397 490 1,414 338 878 687 1,735 1,013 474 217 963 287 Minneapolis Kansas City Dallas San Francisco. . . 581 549 1,003 1,178 299 105 143 612 784 1,623 1,566 569 455 205 66 308 Revised. 1 Includes any banks in outlying sections of reserve cities that have been given permission to carry the same reserves as country banks. All reserve cities have a population of more than 15,000. 413 DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS [Averages of daily figures.1 In millions of dollars] Gross demand deposits Class of bank and Federal Reserve district Total Interbank Other Net demand de- 2 posits Time deposits 3 Demand balances due from domestic banks Reserves with Federal Reserve Banks Total Required Excess Borrowings at Federal Reserve Banks First half of February 1948 AH member banks 89,861 11,085 78,776 79,187 28,504 5,327 16,891 16,060 831 252 Central reserve city banks: New York Chicago 22,362 5,178 4,028 1,103 18,334 4,075 20,707 4,688 1,495 917 43 139 4 ,269 1,006 4 ,231 993 38 13 51 44 Reserve city banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 33,287 1,946 562 2,314 3,933 2,082 2,033 4,020 1,935 1,013 2,724 2,394 8,331 4,959 262 28 334 457 313 455 453 576 272 769 536 505 28-, 328 1,683 534 1,980 3,476 1,769 1,579 3,567 1,359 741 1,956 1,858 7,827 29,000 1,787 11,474 1,702 195 301 240 32 22 78 164 97 130 302 91 60 236 211 279 6 ,701 378 119 429 820 409 396 846 364 185 495 450 1,810 6 ,489 369 117 426 782 393 370 816 352 181 474 426 1,782 213 9 2 3 39 15 26 30 12 4 21 23 29 109 2 4 13 16 15 8 13 7 7 8 11 6 Country banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 29,033 2,293 4,074 1,997 2,362 2,093 2,434 3,804 1,775 1,445 2,248 2,717 1,792 994 90 89 14 25 124 177 70 117 68 65 131 24 28,039 2,203 3,985 1,982 2,337 1,969 2,256 3,734 1,658 1,377 2,184 2,586 1,767 24,792 2,004 3,587 1,755 2,034 1,743 2,034 3,245 1,511 1,237 1,895 2,189 1,557 4 ,915 375 795 387 446 339 367 684 275 247 325 375 298 4 ,348 347 704 344 389 296 327 597 249 219 284 319 273 567 28 91 43 57 42 40 87 26 29 42 56 25 47 5 19 6 4 2 1 1 7 1 1 496 2,059 3,487 1,836 1,727 3,432 1,666 852 2,260 2,025 7,374 1,403 438 409 2,154 322 181 363 355 5,113 14,618 1,107 3,360 1,641 1,738 870 707 2,377 623 756 309 209 920 3,443 179 297 186 271 279 337 491 222 169 335 488 188 Second half of February 1948 All member banks 89,257 10,849 78,408 78,258 28,580 5,233 16,773 15,997 777 236 Central reserve city banks: New York Chicago 22,317 5.173 3 ,993 1,069 18,324 4,104 20,475 4,650 1,519 918 49 144 4 ,308 1,006 4 ,274 1,005 34 1 15 57 33,028 1,907 28,191 1,651 28,504 1,726 11,516 1,744 536 490 2,306 3,919 2,071 2,031 3,971 1,928 1,000 2,740 2,391 8,201 4 ,837 256 27 325 453 303 439 435 550 265 755 520 509 1,981 3,465 1,768 1,592 3,536 1,378 2,024 3,427 1,813 1,708 3,380 1,649 195 300 243 735 840 1,985 1,871 7,692 2,257 1,982 7,210 37 24 80 170 96 133 294 90 58 249 229 284 6 ,587 363 118 431 807 401 381 832 355 182 492 440 1,785 6 ,392 357 116 419 770 389 366 805 349 179 473 418 1,750 195 6 2 11 37 12 15 26 6 3 19 22 35 118 5 1 9 14 16 16 18 6 9 8 8 6 28,738 2,271 4,038 1,991 2,354 2,085 2,420 3,764 1,757 1,415 2,221 2,673 1,750 950 86 87 15 25 120 170 65 111 63 62 123 23 27,788 2,186 3,950 1,976 2,329 1,965 2,250 3,698 1,646 1,352 2,159 2,551 1,726 24,630 1,980 3,554 1,750 2,028 1,740 2,032 3,233 1,499 1,224 1,880 2,178 1,532 4 ,873 368 782 380 445 337 364 679 275 245 325 378 294 4 ,326 344 699 344 388 296 327 595 247 217 282 317 270 546 24 82 36 57 42 37 84 27 28 43 60 25 46 8 14 7 2 4 Reserve city banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Country banks Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 564 ; 1,409 439 409 2,158 324 181 364 357 5,135 14,628 1,108 3,363 1,644 1,739 872 708 2,378 625 753 309 210 920 3,297 174 289 182 265 269 325 463 215 158 324 458 175 1 Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are based2 on deposits at opening of business. Demand deposits subject to reserve requirements, i . e . , gross demand deposits minus cash items reported as in process of collection and demand balances due from domestic banks. 8 Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report. NOTE.—Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) of all member banks estimated at 72,200 million dollars in the first half and 71,250 million in the second half of February. 414 FEDERAL RESERVE BULLETIN UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS [Outside Treasury and Federal Reserve Banks. In millions of dollars] End of year or month Total in circulation 1 Coin and small denomination currency Total Coin »$1 $2 4,167 5,519 5,536 4,292 4,518 5,882 6,543 5,021 5,015 6,550 5,147 6,856 . . . 7,598 5,553 8,732 6,247 8,120 11,160 15,410 11,576 20,449 14,871 25,307 17,580 28,515 20,683 442 402 452 478 33 423 460 32 33 517 537 550 590 648 751 880 1,019 1,156 1,274 499 505 524 559 610 695 801 909 987 1,039 35 33 34 36 39 44 55 70 81 73 1946—October . . 28,600 20,273 November... 28,861 20,447 December.. . 28,952 20,437 1,345 1,355 1,361 1,000 1,010 1,029 1933 1934 . 1935 1936 1937 1938 1939... . 1940 1941 1942 1943 1944 1945 972 28,262 19,808 1,337 967 28,304 19,873 1,337 969 28,230 19,807 1,344 972 28,114 19,684 1,351 985 28,261 19,773 1,351 986 June . . . 28,297 19,769 1,355 980 July 28,149 19,622 1,356 990 28,434 19,837 1,362 August " September.. . 28,567 19,881 1,375 1,010 28,552 19,833 1,385 1,011 October November... 28,766 20,008 1,396 1,020 December. . . 28,868 20,020 1,404 1,048 1947— Tanuarv February.... March . . . . April..: May 194g—January . 28,111 February.... 28,019 19,369 19,335 1,382 1,385 65 65 67 63 64 63 63 63 64 63 64 64 63 64 65 984 63 972 63 $10 $5 719 1,229 771 1,288 815 1,373 906 1,563 905 1,560 946 1,611 1,019 1,772 1,129 2,021 1,355 2,731 1,693 4,051 1,973 5,194 2,150 5,983 2,313 6,782 Large denomination currency2 2 $20 1,342 1,326 1,359 1,501 1,475 1,481 1,576 1,800 2,545 4,096 5,705 7,224 9,201 Total $50 1,360 364 1,254 337 1,369 358 1,530 399 1,542 387 1,714 409 460 2,048 538 2,489 3,044 724 3,837 1,019 5,580 1,481 7,730 1,996 7,834 2,327 $100 618 577 627 707 710 770 919 1,112 1,433 1,910 2,912 4,153 4,220 2,148 6,494 9,221 8,329 2,436 4,645 2,169 6,543 9,305 8,416 2,458 4,711 2,173 6,497 9,310 8,518 2,492 4,771 2,074 2,090 2,085 2,065 2,089 2,078 2,058 2,092 2,085 2,078 2,102 2,110 6,284 6,336 6,309 6,253 6,303 6,289 6,230 6,308 6,270 6,233 6,303 6,275 9,077 9,079 9,036 8,979 8,982 8,996 8,935 9,020 9,077 9,064 9,123 9,119 8,457 8,434 8,424 8,432 8,489 8,530 8,529 8,600 8,689 8,721 8,760 8,850 2,017 6,064 8,858 8,745 2,005 6,084 8,826 8,687 2,460 2,456 2,447 2,442 2,449 2,466 2,453 2,477 2,503 2,499 2,513 2,548 4,757 4,755 4,754 4,769 4,789 4,808 4,824 4,874 4,941 4,986 5,023 5,070 2,511 5,022 2,492 4,996 $500 $1,000 $5,000 $10,000 Unassorted 237 8 10 8 112 122 216 239 5 7 10 5 135 139 160 191 227 261 287 407 555 454 265 288 327 425 523 556 586 749 990 801 7 6 17 20 30 24 9 9 10 7 16 8 7 18 12 32 32 60 46 25 22 24 24 434 784 8 21 2 435 438 782 783 8 8 21 26 2 3 434 433 432 774 769 771 9 6 6 23 14 14 3 3 431 430 430 428 773 804 810 806 5 5 5 5 1 2 2 2 428 428 427 426 428 424 804 800 793 782 782 12 12 11 11 17 12 2 2 3 3 3 771 5 5 5 5 5 5 12 11 12 12 421 762 5 12 3 125 7 5 2 4 4 3 2 3 2 3 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 1 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 8 as destroyed. Paper currency only; $1 silver coins reported under coin. Back figures.—See Banking and Monetary Statistics, Table 112, pp. 415-416. UNITED STATES MONEY, OUTSTANDING AND IN CIRCULATION, BY KINDS [On basis of circulation statement of United States money. In millions of dollars] Money held in the Treasury Total outstanding, As security Feb. 29, against 1948 gold and Treasury cash silver certificates Gold Gold certificates Federal Reserve notes Treasury currency—total ... Standard silver collars Silver bullion Silver certificates and Treasury notes of 1890. Subsidiary silver coin Minor coin United States notes Federal Reserve Bank notes National Bank notes Total—Feb. 29, 1948 Jan 31 1948 Feb. 28, 1947 23,036 21,822 24,943 4,561 493 1,944 3 2,249 943 356 347 375 102 s 21,822 '32 ,249' 305 1,944 24,071 23,988 21,382 2 Money held by For Federal Federal Reserve Reserve Banks and Banks and agents agents Money in circulation1 Feb. 29, 1948 Jan. 31, 1948 Feb. 28, 1947 46 23,857 4,116 46 23,953 4,111 49 24,116 4,139 1,214 52 59 18,961 2,815 ' 1,033 387 32 3 14 7 4 2 296' 37 10 36 4 1 1 ,325 1 ,305 1,317 18,961 18,886 16,298 4,235 4,405 3,959 154 153 1 ,952 892 339 307 370 101 i , 948 890 339 303 375 102 28,019 28411 147 ' 1,955' 864 327 314 424 109 28,304 1 Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals for other end-of-month dates shown in table above, totals by weeks in table on p. 407, and seasonally adjusted figures in table on p. 416. 2 Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890. • To avoid duplication, amount of silver dollars and bullion held as security against silver certificates and Treasury notes of 1890 outstanding is not4 included in total Treasury currency outstanding. Because some of the types of money shown are held as collateral or reserves6 against other types, a grand total of all types has no special significance and is not shown. See note of explanation of these duplications. Less than $500,000. NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on receipt); (iii) as security for outstanding silver certificates—silver in bullion and standard silver dollars of a monetary value equal to the face amount of such silver certificates; and (iv) as security for gold certificates—gold bullion of a value at the legal standard equal to the face amount of such gold certificates. Federal Reserve notes are obligations of the United States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal Reserve notes are secured by the deposit with Federal Reserve agents of a like amount of gold certificates or of gold certificates and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. Federal Reserve Banks must maintain a reserve in gold certificates of at least 25 per cent, including the redemption fund, which must be deposited with the Treasurer of the United States, against Federal Reserve notes in actual circulation; gold certificates pledged as collateral may be counted as reserves. "Gold certificates" as herein used includes credits with the Treasurer of the United States payable in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. APRIL 1948 415 MONEY IN CIRCULATION WITH ADJUSTMENT FOR SEASONAL VARIATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] Amount— unadjusted for seasonal variation Date End of year figures: 1939 1940 1941 1942 1943 1944 1945 1946 1947 Amount— adjusted for seasonal variation Change in seasonally adjusted series * +742 +1,134 +2,428 +4,250 +5,039 +4,858 +3,208 +437 -84 7,598 8,732 11,160 15,410 20,449 25,307 28,515 28,952 28,868 Monthly averages of daily figures: 1947—February March April May June July August September October November December 28,300 28,273 28,185 28,158 28,236 28,259 28,252 28,654 28,598 28,648 28,937 28,300 28,358 28,412 28,356 28,378 28,316 28,394 28,711 28,598 28,562 28,650 -56 +22 -62 +78 +317 -113 -36 +88 1948—January February March 28,394 28,096 27,941 28,309 28,096 28,025 -341 -213 -71 -158 +58 +54 1 For end of year figures, represents change computed on absolute amounts in first column. NOTE.—For discussion of seasonal adjustment factors and for back figures on comparable basis see September 1943 BULLETIN, pp. 822-826. Because of an apparent recent change in the seasonal pattern around the year end, adjustment factors have been revised somewhat for dates affected, beginning with December 1942; seasonally adjusted figures for money in circulation, as shown in Banking and Monetary Statistics, Table 111, p. 414, and described on p. 405, are based on an older series of adjustment factors. ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] Gold stock at end of period Period 1937 1938 1939 1940 1941 1942 1943 . . 1944 1945 1946 1947 1947—March April May June July August September.. October November.. December. . 1948—January February.. . March Increase in gold stock Net gold import or export (-) 212 760 1 502 5 1 585 5 14 512 1 751 5 1 973 6 17 644 3 132 0 3 574 2 21 995 4 351 2 4 744 5 22 737 741 8 982 4 22,726 — 10 3 315 7 21 938 — 788 5 68 9 20,619 — 1 319 0 —845 4 20 065 — 106 3 —553 9 20 529 3 464 0 311 5 22 754 2 224 9 1 866 3 20,463 132.5 153.6 20 774 311 5 44 1 20 933 129 7 159 0 21,266 333 4 200 2 21 537 219 2 270 6 21,766 228.8 111.7 21,955 189.4 109.6 22,294 339.0 450.8 22,614 320.1 265.7 22,754 139.5 178.2 22,935 180.7 235.0 23,036 101.5 P159.3 P23,136 • P100.3 *>99.9 EarDomarked mestic gold: de- gold or induccrease (—) tion 1 —200 4 —333 5 —534 4 —644 7 —407 7 —458 4 —803 6 —459 8 —356 7 465 4 210 0 203.5 272 0 13 1 119 0 26 7 42.3 153.1 -4.0 -82.8 -44.6 -14.9 -72.2 5 -63.4 143 148 161 170 169 125 48 35 32 51 81 9 6 T 2 1 4 3 8 0 2 2 5.5 6 2 7 2 6.1 7 3 7.0 7.0 8.2 6.2 7.3 6.2 5.5 (4) P Preliminary. 1 Annual figures are estimates of the United States Mint. For explanation of monthly figures see table on p. 465. 2 Includes gold in the Inactive Account amounting to 1,228 million on3 Dec. 31, 1937. Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund. 4 Not yet available. 6 Gold held under earmark at the Federal Reserve Banks for foreign account including gold held for the account of international institution! amounted to 3,768.8 million dollars on Mar. 31, 1948. Gold under earmark is not included in the gold stock of the United States. NOTE/—For back figures, see Banking and Monetary Statistics, Table 156, pp. 536-538, and for description of statistics see pp. 522-523 in the same publication. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Debits to total deposit accounts, except interbank accounts Annual rate of turnover of total deposits, except interbank Debits to demand deposit accounts, except interbank and Government Annual rate of turnover of demand deposits, except interbank and Government Year and month New York City 1 140 other centers l Other reporting centers 2 New York City Other reporting centers 19424 . . . 641 778 792,937 1943 1944 . . . . 891 910 974,102 1945 1946—old series 5 5 J 1,050,021 1946—new series 1,125,074 1947 226,865 296,368 345,585 404,543 417,475 405,929 347,837 419,413 462,354 479,760 527,336 599,639 67,074 77,155 83,970 89,799 105,210 119,506 16 1 16.5 17 1 18.3 19.0 21.0 13 1 11.7 10 8 81,567 93,308 87,771 87,840 94,447 93,740 84,427 91,903 105,290 92,910 118,382 29,745 33,547 31,391 30,895 35,632 34,779 28,331 31,837 37,504 31,738 46,225 43,199 49,955 46,904 47,464 49,267 49,178 46,720 49,962 56,554 51,002 60,295 8,622 9,806 9,475 9,482 9,548 9,783 9,377 10,104 11,232 10,169 11,862 105,188 90,267 37,615 32,271 56,351 48,501 11,223 9,495 Total, all reporting centers 1947—February March April May June . ... July August September October November December 1948—January February New York3 City Other leading3 cities New York3 City Other leading cities 10.0 12.0 200,337 258,398 298,902 351,602 | 374,365 407,946 400,468 308,913 369,396 403,400 412,800 449,414 522,944 598,445 18.0 20.5 22.4 24.2 25.5 25.2 24.1 18.4 17.4 17.3 16.1 16.9 16.5 18.0 20.4 20.4 19.2 19.0 22.7 21.2 17.5 20.2 21.8 21.6 27.2 11.6 11.9 11.3 11.3 12.1 11.6 11.0 12.1 12.4 13.1 13.5 29,173 34,439 29,997 31,695 35,092 33,026 29,025 31,605 35.162 33,531 44,131 44,011 50,582 46,403 48,023 48,595 48,525 47,026 49,978 55.025 51,621 59,878 24.0 24.9 21.5 22 7 25.6 22.9 20 6 23.1 23.9 26.5 29.9 18.1 18.6 17.0 17 3 17.9 17.2 16 6 18.0 18.2 19.8 20.0 22.3 22.1 12.7 12.6 38,286 32,298 55,902 47,890 26.2 25.6 18.7 18.6 9.7 1 2 National series for which bank debit figures are available beginning with 1919. Number3 of centers reduced from 193 to 192 beginning December 1947, when one reporting bank was absorbed by a reporting bank in another Weekly reporting member bank series. *5 Deposits and debits for first four months are partly estimated. Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June 1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated. NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947 and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which rates of turnover have been computed have been reported by member banks in leading cities since 1935; yearly turnover rates in this series differ slightly from those shown in Banking and Monetary Statistics, Table 55, p. 254, due to differences in method of computation. city. 416 FEDERAL RESERVE BULLETIN DEPOSITS AND CURRENCY- ADJUSTED DEPOSITS OF ALL BANKS AND CURRENCY OUTSIDE BANKS [Figures partly estimated. In millions of dollars] Total deposits adjusted and currency outside banks End of month 1929—June . . 1940—June December 1941—Tune December 1942—June 1943—j u n e 1944—June December 1945—June December 1946—j u n e 1947—February (Feb. 26).. March (Mar. 2 6 ) . . . April (Apr. 30) . May (May 28) June (June 30) July (July 30)P. ., , August (Aug. 27)P. . September(Sept.24)p October(Oct.29)p.. . November (Nov.26) v December (Dec. 3 1 ) P 1948—January (Jan. 28)P. . February (Feb. 25)P. Time deposits and Total deposits adjusted Demand deposits adjusted 1 26 179 26,366 19,172 19,817 38,661 42,270 45,521 48,607 52,806 62,868 71,853 79,640 80,946 90,435 94,150 102,341 105,992 110,044 51,532 51,156 36,919 37,766 60,253 63,436 65,949 68,616 71,027 85,755 94,347 103,975 115,291 127,483 137,687 148,911 144,721 140,377 22,540 22,809 14,411 15,035 31,962 34,945 37,317 38,992 41,870 48,922 56,039 60,803 60,065 66,930 69,053 75,851 79,476 83,314 165,100 106,800 165,000 106,500 165,100 107,400 165,000 107,600 165,455 108,433 166,400 109,200 167,100 109,600 168,600 110,600 169,700 111,700 170,400 112,500 '171,600 113,700 '170,300 ••112,400 168,900* 110,300 138,900 138,900 139,000 138,900 139,156 140,400 140,900 142,200 143,400 143,800 '145,100 '•144,500 143,200 80,600 80,400 81,300 81,500 82,134 83,200 83,400 84,200 85,400 85,900 '87,200 '86,600 84,600 55,171 54,713 41,680 42,548 66,952 70,761 74,153 78,231 81,963 99,701 110,161 122,812 136,172 150,988 162,784 175,401 171,237 167,107 1953—j u n e Total demand deposits adjusted currency outside banks United States Government deposits a Commercial banks * * Mutual savings 5 banks « 1,895 1,837 8,402 8,048 10,424 19,506 20,763 24,381 24,608 13,416 3,103 28,611 28,189 21,656 21,715 27 463 27,738 27,879 27,729 27,320 28,431 30,260 32,748 35,720 39,790 44,253 48,452 51,829 53,960 19,557 19,192 10,849 11,019 15 540 15,777 15,928 15,884 15,610 16,352 17,543 19,224 21,217 24,074 27,170 30,135 32,429 33,808 8,905 8,838 9,621 9,488 10,631 10,658 10,648 10,532 10,395 10,664 11,141 11,738 12,471 13,376 14,426 15,385 16,281 16,869 1,186 1,208 } 90? ,303 1,303 ,313 ,315 L ,415 ,576 .786 2 032 2,340 2,657 2,932 3,119 3,283 3,639 3,557 4,761 4,782 6,699 7,325 8,204 9,615 10,936 13,946 15,814 18,837 20,881 23,505 25,097 26,490 26,516 26,730 3,700 3,700 2,700 2,200 1,367 1,400 1,700 1,900 1,800 1,900 1,400 1,400 1,800 54,600 54,800 55,000 55,200 55,655 55,800 55,800 56,100 56,200 56,000 '56,500 56,500 56,800 34,100 34,200 34,400 34,500 34,835 34,900 34,900 35,100 35,200 35,000 '35,300 35,200 35,500 17,100 17,200 17,200 17,300 17,428 17,500 17,500 17,600 17,600 17,600 17,800 17,900 17,900 3,400 3,400 3,400 3,400 3,392 3,400 3,400 3,400 3,400 3,400 3,400 3,400 3,400 26,200 26,100 26,100 26,100 26,299 26,000 26,200 26,400 26,300 26,600 '26,500 '25,800 25,700 381 158 852 1,016 828 753 753 Postal Savings System 8 Currency outside banks Total 149 159 r P Preliminary. Revised. Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection. Beginning with December 1938, includes United States Treasurer's time deposits, open account. Time deposits adjusted exclude interbank time deposits; United States Treasurer's time deposits, open account; and postal savings redeposited in banks. 4 Beginning June 1941, the commercial bank figures exclude and mutual savings bank figures include three member mutual savings banks. * 8 Prior to June 30,1947, includes a relatively small amount of demand deposits. 8 Includes both amounts redeposited in banks and amounts not so redeposited; excludes amounts at banks in possessions. NOTE.—Except on call dates, figures are rounded to nearest 100 million dollars. See Banking and Monetary Statistics, p. 11, for description and Table 9, pp. 34-35, for back figures. 1 J 3 POSTAL SAVINGS SYSTEM BANK SUSPENSIONS [In millions of dollars] Assets DeposEnd of month itors' balances1 Total Cash in depository banks Total, all banks U. S. Government securities Total Direct Cash reserve Guar- funds, anetc 2 teed 1939 —Dec... 1940—Dec... 1941—Dec... 1942—Dec... 1943—Dec... 1944—Dec... 1945—Dec... 1946—Dec... 1,279 1,304 1,314 1,417 1,788 2,342 2,933 3,284 1,319 1,348 1,396 1,464 L.843 2,411 3,022 3,387 53 36 26 16 10 8 6 6 1,192 1,224 1,274 1,345 1,716 2,252 2,837 3,182 1,046 1,078 1,128 L,220 1,716 2,252 2,837 3,182 1947—Apr.. . May.. June.. July.. Aug... Sept.. Oct... Nov... Dec.. 3,382 3,387 3,393 3,398 3,396 3,407 3,412 3,413 3,417 3,492 3,508 3,523 3,548 3,553 3,542 3,524 3,527 3,525 5 5 6 6 6 6 6 6 6 3,290 3,277 3,302 3,351 3,360 3,325 3,314 3,314 3,308 3,290 3,277 3,302 3,351 3,360 3,325 3,314 3,314 3,308 197 226 216 191 188 212 205 207 212 1948—Jan... 3,432 Feb, P3,443 3,541 6 3,332 3,332 204 146 146 146 126 74 88 95 102 118 152 179 200 P Preliminary. 1 Outstanding principal, represented by certificates of deposit. 2 Includes working cash with postmasters, 5 per cent reserve fund and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters. Back figures.—See Banking and Monetary Statistics, p. 519; for description, see p. 508 in the same publication. APRIL 1948 Number of banks suspended: 1934-40 1941 1942 1943 1944 1945 1946 1947 1948—Jan. -Mar l Nonmember banks Member banks National State 313 8 9 4 1 0 0 1 16 4 2 6 Insured Noninsured 207 84 3 6 2 1 1 3 1 Deposits of suspended banksJ (in thousands of dollars) : 1934-40 131,934 14,872 26,548 49,689 40,825 1941 1942 1943 1944 1945 1946 1947 1943—j a n -Mar 3,726 3,144 1,702 6,223 4,982 405 503 79 1,375 1,241 327 405 0 0 167 167 1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). s Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures—See Banking and Monetary Statistics, pp. 283-292; for description, see pp. 281-282 in the same publication. 417 ALL BANKS IN THE UNITED STATES, BY CLASSES * PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Deposits Loans and investments Other Investments Class of bank and date Total Loans Total U.S. Government obligations Other securities Cash assets * Total * Total Number capital of accounts banks Interbank i mand Time All b a n k s : 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 V July 30* Aug. 27* Sept. 24* Oct. 29* Nov. 26* Dec. 31 • ' 1948—Jan. 2 8 * ' Feb. 25« 50,884 54,177 61,126 78,147 96,966 119,461 140,227 131 698 131,096 131,830 132,540 133,890 135,160 135,400 135,010 135,370 134,390 22,165 28,719 19,417 23,756 30,422 20,972 26,615 34,511 25,511 23,916 54,231 45,951 23,601 73,365 65,932 26,015 93,446 85,885 30,362 109,865 101,288 35,648 96,050 86,558 38,365 92,730 82,679 38,720 93,110 82,840 39,620 92,920 82,560 40,340 93,550 82,990 41,780 93,380 82,750 42,580 92,820 82,220 42,990 92,020 81,280 43,200 92,170 81,390 43,650 90,740 79,970 9,302 9,449 8,999 8,280 7,433 7,561 8,577 9,491 10,051 10,270 10,360 10,560 10,630 10,600 10,740 10,780 10,770 23,292 28,090 27,344 28,701 28,475 30,790 35,415 35,041 33,544 32,720 32,930 33,970 34,490 35,210 38,370 34,490 34,510 68,242 75,996 81,816 99,803 117,661 141,448 165,612 155,902 153,349 153,140 154,100 156,210 157,970 158,730 161,940 158,230 157,130 9,874 32,516 25,852 10,934 38,562 26,499 10,982 44,355 26,479 11,308 61,437 27,058 11,003 75,577 31,081 12,235 91,663 37,551 14,065 105,935 45,613 12,656 92,462 50,784 11,679 89,295 |52,375 11,590 89,080 152,470 11,810 89,680 |52,610 12,450 90,910 152,850 12,430 92,520 153,020 12,290 93,760 ^52,680 13,030 95,770 53,140 12,020 93,000 53,210 11,470 92,130 53,530 8,194 8,302 8,414 8,566 8,996 9 643 10,542 11 360 11,721 11,710 11,750 11,800 11,880 11,900 11,940 11,990 12,040 15,035 14,896 14,826 14,682 14,579 14,535 14,553 14 585 14,716 14,716 14,723 14,722 14,729 14,729 14,715 14,719 14,725 All commercial b a n k s : 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 J 1947—June 30 July 30* Aug. 27* Sept. 24* Oct. 29* Nov. 26 * Dec. 31 • ' 1948—Jan. 28 • ' Feb. 25 • 40,668 43,929 50,746 67,393 85 095 105,530 124,019 113,993 112,756 113,370 113,970 115,280 116,440 116,740 116,360 116,600 115,540 17,238 18,800 21,714 19,221 19,117 21,644 26,083 31,122 33,679 34,010 34,880 35,560 36,940 37,700 38,060 38,240 38,660 23,430 25,129 29,032 48,172 65,978 83,886 97,936 82,871 79,077 79,360 79,090 79,720 79,500 79,040 78,300 78,360 76,880 16,316 17,757 21,808 41,379 59,842 77,557 90,606 74,780 70,539 70,650 70,330 70,800 70,540 70,120 69,280 69,350 67,930 7,114 7,372 7,225 6,793 6,136 6,329 7,331 8,091 8,538 8,710 8,760 8,920 8,960 8,920 9,020 9,010 8,950 22,474 27,124 26,551 28,039 27,677 30,206 34,806 34,223 32,704 31,950 32,210 33,190 33,820 34,530 37,490 33,640 33,660 57,718 65,337 71,283 89,135 105,923 128,072 150,227 139,033 135,907 135,650 136,550 138,580 140,300 141,120 144,160 140,350 139,180 9,874 32,513 10,934 38,558 10,982 44,349 11,308 61,431 11,003 75,569 12,235 91,653 14,065 105,921 12,656 92,446 11,679 89,281 11,590 89,070 11,810 89,670 12,450 90,900 12,430 92,510 12,290 93,750 13,030 95,760 12,020 92,990 11,470 92,120 15,331 15,844 15,952 16,395 19,350 24,184 30,241 33,930 34,947 34,990 35,070 35,230 35,360 35,080 35,370 35,340 35,590 6,885 7,010 7,173 7,330 7,719 8,265 8,950 9,577 9,880 9,860 9,900 9,940 10,010 10,030 10,060 10,110 10,150 14,484 14,345 14,278 14,136 14,034 13,992 14,011 14,044 14,183 14,183 14,190 14,189 14,196 14,196 14,182 14,186 14,192 All m e m b e r b a n k s : 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 . . . 1944—Dec. 30 1945—Dec. 31 . . . . 1946—Dec. 31 194.7—June 30 July 30* Aug. 27* Sept. 24* Oct. 29* Nov. 26* Dec. 31 . 1948—Jan. 28* Feb. 25 • 33,941 37 126 43,521 59,263 74,258 91,569 107,183 96,362 94,802 95,384 95,908 97,004 97,983 98,199 97,846 98,046 97,051 13,962 15,321 18,021 16,088 16,288 18,676 22,775 26,696 28,655 28,930 29,700 30,297 31,530 32,205 32,628 32,767 33,117 19,979 21,805 25,500 43,175 57,970 72,893 84,408 69,666 66,146 66,454 66,208 66,707 66,453 65,994 65,218 65,279 63,934 14,328 15,823 19,539 37,546 52,948 67,685 78,338 63,042 59,198 59,350 59,071 59,436 59,171 58,749 57,914 57,989 56,709 5,651 5,982 5,961 5,629 5,022 5,208 6,070 6,625 6,948 7,104 7,137 7,271 7,282 7,245 7,304 7,290 7,225 19,782 23,963 23,123 24,280 23,790 25,860 29,845 29,587 28,694 27,985 28,182 29,013 29,596 30,306 32,845 29,387 29,431 49,340 56,430 61,717 78,277 92,262 110,917 129,670 118,170 115,435 115,177 115,950 117,623 119,122 119,891 122,528 119,105 118,039 9,410 10,423 10,525 11,000 10,555 11,884 13,640 12,060 11,041 11,004 11,270 11,822 11,874 11,710 12,403 11,411 10,894 28,231 33,829 38,846 54,523 66,438 79,774 91,820 78,920 76,380 76,137 76,586 77,563 78,913 80,044 81,785 79,369 78,603 11,699 12,178 12,347 12,754 15,268 19,259 24,210 27,190 28,014 28,036 28,094 28,238 28,335 28,137 28,340 28,325 28,542 5,522 5,698 5,886 6,101 6,475 6,968 7,589 8,095 8,315 8,302 8,335 8,372 8,422 8,436 8,464 8,495 8,525 6,362 6,486 6,619 6,679 6,738 6,814 6,884 6,900 6,928 6,929 6,928 6,928 6,931 . 6,928 6 923 6,927 6,926 10,216 10,248 10,379 10,754 11,871 13,931 16,208 17,704 18,339 18,460 18,570 18,610 18,720 18,660 18,650 18,770 18,850 4,927 4,956 4,901 4,695 4,484 4,370 4,279 4,526 4,686 4,710 4,740 4,780 4,840 4,880 4,930 4,960 4,990 5,289 5,292 5,478 6,059 7,387 9,560 11,928 13,179 13,653 13,750 13,830 13,830 13,880 13,780 13,720 13,810 13,860 3,101 3,215 3,704 4,572 6,090 8,328 10,682 11,778 12,140 12,190 12,230 12,190 12,210 12,100 12,000 12,040 12,040 2,188 2,078 1,774 1.487 L ,297 ,232 L,246 L.400 1,513 L,560 1,600 1,640 1,670 1,680 1,720 1,770 1,820 818 966 793 663 797 584 609 818 839 770 720 780 670 680 880 850 850 10,524 10,659 10,533 10,668 11,738 13,376 15,385 16,869 17,442 17,490 17,550 17,630 17,670 17,610 17,780 17,880 17,950 1,309 551 551 548 546 545 543 542 541 533 533 533 533 533 533 533 533 533 AH m u t u a l savings banks: 1939—Dec. 30 1940—Dec. 31 1941—Dec. 31 1942—Dec. 31 . . . 1943—Dec. 31 1944—Dec. 30 . . 1945—Dec. 31 1946—Dec. 31 1947—June 30*. . . July 3 0 * . . . Aug. 27*. . . Sept. 24*. . . Oct. 29*. . . Nov. 26*. . . Dec. 3 1 V . . 1948—Jan. 28*. . . Feb. 25*. . . 1 1 3 4 6 6 8 10 14 16 14 10 10^ ioji lot io 4 lof 10^ 10 10,521 10,655 10,527 10,662 11,730 13,366 15,371 16,853 17,428 17,480 17,540 17,620 17,660 17,600 417,770 117,870 17,940 ; ,292 : ,241 :L.236 : ,276 ,378 ,592 1,784 L.842 1,850 L.850 1,860 L.870 L,87O L.880 L.880 1,890 r • Partly estimated. Revised. • "All banks" comprise "all commercial banks" and "all mutual savings banks." "All commercial banks" comprise "all nonmember commercial banks" and "all member banks" with exception of three mutual savings banks that became members in 1941. Stock savings banks and nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability data are not available. 1 Beginning June 30, 1942, excludes reciprocal balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. 8 June 30, 1947, figures are consistent (except that they exclude possessions) with the revised all bank series announced in November 1947 by the Federal bank supervisory agencies, but are not entirely comparable with prior figures shown above; a net of 115 noninsured nonmember commercial banks with total loans and investments of approximately 110 million dollars was added, and 8 banks with total loans and investments of 34 million were transferred from noninsured mutual sayings to nonmember commercial banks. Deposits unclassified as to time or demand have been included in time for mutual savings banks and in demand for commercial banks. For other footnotes see following page. 418 FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS [Amounts in millions of dollars] Loans and investments Deposits Other Investments Class of bank and date Cash assets x Total Number capital of accounts banks Total U. S. Government obligations 18,903 18,841 21,352 25,765 30,733 33,250 37,583 47,336 64,666 82,030 96,043 81,445 77,433 76,691 40,705 58,683 75,875 88,912 73,554 69,136 67,941 6,631 5,983 6,155 7,131 7,891 8,297 8,750 27,586 27,183 29,733 34,292 33,694 32,190 36,926 87,803 04,094 25,714 47,775 36,990 33,659 41,851 11,144 10,705 12,074 13,883 12,320 11,243 12,670 60,504 74,309 89,761 04,015 91,144 87,930 94,300 16,154 19,081 23,879 29,876 33,526 34,486 34,882 7,055 7,453 7,989 8,671 9,286 9,558 9,734 13,343 13,270 13,263 13,297 13,354 13,386 13,398 37,576 47,499 58,308 69,312 63,723 62,982 65,280 10,183 10,116 11,480 13,925 17,272 18,764 21,428 27,393 37,382 46,828 55,387 46,451 44,218 43,852 23,744 34,065 43,292 51,250 41,658 39,271 38,674 3,648 3,318 3,536 4,137 4,793 4,947 5,178 16,184 16,017 17,570 20,114 20,012 19,342 22,024 50,468 59,961 71,858 84,939 78,775 77,146 82,023 7,400 7,159 8,056 9,229 8,169 7,432 8,410 34,499 42,605 50,900 59,486 52,194 50,694 54,335 8,570 10,196 12,901 16,224 18,412 19,020 19,278 3,729 3,950 4,265 4,644 5,138 5,296 5,409 5,081 5,040 5,025 5,017 5,007 5,012 5,005 State member banks: 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 21,687 26,759 33,261 37,871 32,639 31,820 32,566 5,905 6,171 7,196 8,850 9,424 9,891 11,200 15,782 20,588 26,065 29,021 23,216 21,928 21,365 13,802 18,883 24,393 27,089 21,384 19,927 19,240 1,980 ,705 ,672 ,933 ,832 ,001 2,125 8,096 7,773 8,290 9,731 9,575 9,353 10,822 27,808 32,302 39,059 44,730 39,395 38,289 40,505 3,600 3,397 3,827 4,411 3,890 3,609 3,993 20,024 23,833 28,874 32,334 26,726 25,686 27,449 4,184 5,072 6,357 7,986 8,779 8,994 9,062 2,371 2,525 2,703 2,945 2,957 3,019 3,055 1,598 1,698 1,789 1,867 1,893 1,916 1,918 Insured nonmember commercial banks: 1942—Dec. 31 1943—Dec. 31 1944— Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 6,984 9,258 11,824 14,639 15,831 15,896 16,444 2,818 2,556 2,678 2,992 4,040 4,597 4,958 4,166 6,702 9,146 11,647 11,791 11,299 11,486 3,162 5,739 8,197 10,584 10,524 9,949 10,039 1,004 962 949 1,063 1,268 1,350 1,448 3,308 3,395 3,875 4,448 4,109 3,498 4,083 9,535 11,842 14,809 18,119 18,836 18,240 19,340 145 149 190 244 260 201 266 5,981 7,870 9,987 12,196 12,225 11,550 12,515 3,409 3,823 4,632 5,680 6,351 6,488 6,558 955 979 1,022 1,083 1,193 1,245 1,271 6,667 6,535 6,452 6,416 6,457 6,461 6,478 Noninsured nonmember commercial banks: 1942—Dec. 31 * 1943—Dec. 31 1944— Dec. 30 1945—Dec, 31 1946—Dec. 31 s 1947—June 30 1,154 1,588 2,148 2,211 1,815 2,074 318 276 292 318 389 430 836 1,312 1,856 1,893 1,426 1,645 674 1,160 1,682 1,693 1,226 1,403 162 153 174 200 200 241 452 494 473 514 530 514 1,332 1,829 2,358 2,452 2,043 2.248 164 299 161 181 336 436 927 1,261 1,892 1,905 1,302 1,351 241 270 305 365 404 461 275 267 276 279 290 322 793 764 729 714 690 797 All nonmember commercial banks: 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30* 8,137 10,847 13,972 16,849 17,646 17,970 3,136 2,832 2,971 3,310 4,429 5,027 5,002 8,014 11,002 13,539 13,217 12,943 3,836 6,899 9,880 12,277 11,749 11,352 1,166 1,115 1,122 1,262 1,468 1,591 3,760 3,889 4,348 4,962 4,639 4,013 10,867 13,671 17,168 20,571 20,879 20,488 309 448 351 425 597 638 6,908 9,131 11,879 14,101 13,526 12,901 3,650 4,092 4,938 6,045 6,756 6,949 1,230 1,245 1,298 1,362 1,483 1,566 7,460 7,299 7,181 7,130 7,147 7,258 Insured mutual savings banks: 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 2,007 7,525 9,223 10,846 11,891 12,375 12,683 740 3,073 3,110 3,081 3,250 3,370 3,560 1,267 4,452 6,113 7,765 8,641 9,005 9,123 861 3,844 5,509 7,160 7,946 8,216 8,165 405 608 604 606 695 789 958 130 559 400 429 612 658 675 2,048 7,534 8,910 10,363 11,428 11,901 12,207 2,044 7,527 8,902 10,351 11,415 11,889 12,192 201 808 892 1,034 1,173 1,218 1,252 56 184 192 192 191 191 194 Noninsured mutual savings banks: 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 2 1947—June 30 . . . . 8,747 4,345 4,708 5,361 5,813 5,964 3,954 1,411 1,260 1,198 1,275 1,316 4,792 2,935 3,448 4,163 4,538 4,649 3,711 2,246 2,819 3,522 3,833 3,924 1,082 689 629 641 705 724 533 238 184 180 206 181 8,620 4,204 4,466 5,022 5,442 5,541 8,618 4,203 4,464 5,020 5,439 5,539 1,035 468 485 558 611 624 490 361 351 350 350 342 Total Loans All insured commercial banks: 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 66,240 83,507 .03,382 .21,809 .12,178 10,682 .14,274 National member banks: 1942—Dec. 31 1943—Dec. 31 1944—Dec. 30 1945—Dec. 31 1946—Dec. 31 1947—June 30 Dec. 31 Other securities Total i Interbank i Demand Time 8 Decreases in "noninsured nonmember commercial banks" figures reflect principally the admission to membership in the Federal Reserve System of one large bank with total loans and investments aggregating 554 million dollars on Dec. 31, 1942; to a lesser extent, all year-to-year comparisons are affected somewhat by mergers, absorptions, changes in membership or insured status, etc. Backfigures.—SeeBanking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication. For revisions in series prior to June 30, 1947, see pp. 870-871 of the BULLETIN for July 1947. For other footnotes see preceding page. APRIL 1948 419 ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES * LOANS AND INVESTMENTS [In millions of dollars] Loans Class of bank and call date Total loans and investments Investment 3 Loan s for purchasing or carrying inAgri- securities i\•R e a i cludConfcsculing sumer Other Total tate loans loans open- tur- To brok- To loans marers ket and othpadeal- ers peri ers Commercial, Total U. S. Governmesnt obligations Obligations of Direct Total States Other secuQ uar- and Certifian- polit- rities cates ical inteed subBills of debt- Notes Bonds diviedsions ness All insured commercial banks: 4,f 45 28 031 2 1 , 046 988 3 , 159 12, 797 I,102 3 651 3 ,333 1941—Dec. 3 1 . . 4 9 , 290 2 1 , 259 9 , 214 1,450 614 662 t 773 1942—Dec. 3 1 . . 6 6 , 240 18, 903 7, 757 1,642 950 597 4 , 646 2,269 1,042 47 336 4 0 , 705 4 ,462 6] 727 5 , 799 2 0 , 999 ,718 3 533 ,098 1943—Dec. 3 1 . . 8 3 , 507 18, 841 7, 777 1,505 1,414 922 437 1,868 918 6 4 , 666 5 8 , 683 4 ,636 1 3 , 218 7 , 672 3 0 , 656 2 ,501 3 287 2 ,696 1944—Dec. 30.. 103, 382 21 352 7 920 1,723 2,269 2,265 4 343 1,888 944 82 030 75 875 ,971 1 5 , 300 15 778 3 9 , 848 978 3 422 2 ,733 22 3 873 3 ,258 1945—Dec. 3 1 . . 121, 809 2 5 , 765 9 , 461 1,314 3,164 ^,606 4 677 2,361 1,181 96 043 88 912 2 ,455 19, 071 16 045 5 1 , 321 15 4 298 3 ,592 1946—Dec. 3 1 . . 112, 178 3 0 , 733 14 016 1,358 1,517 1,609 j 103 4,031 1,098 8 1 , 445 7 3 , 554 ,271 12, 288 6 , 780 5 3 , 200 14 4 826 3 .471 1947—June 3 0 . . 110, 682 33 250 14 765 1.549 1,517 1,278 8* 201 4.893 1,047 77 433 69 136 835 9 , 441 5 341 5 3 , 505 14 5 129 3 ,621 Dec. 3 1 . . 114, 274 3 7 , 583 18 012 1,610 823 1,190 9 266 5,654 1,028 76 691 67 941 2 ,124 7, 552 5 918 5 2 , 334 Member banks, total: 3,( 92 3 007 11, 729 3 ,832 3 090 2 871 1941—Dec. 3 1 . . 4 3 , 521 18, 02 1 g 671 972 594 598 3 494 971 25 500 19 539 1942—Dec. 3 1 . . 59 263 16 0 8 « 7 387 1,089 934 538 I 423 1,847 870 43 175 37 546 4 ,363 6 , 285 5 409 18, 948 • ,540 2 965 2 ',664 2 8 ° 839 3 274 52 948 071 16 848 970 4 12, 6 906 2 7 , 265 2 ,345 2 729 2 ,294 7 421 1,023 1,398 57 1943—Dec. 3 1 . . 74 258 1,484 ,360 6 7, 531 1,198 2,249 2,108 3 209 1,505 877 72 893 67 685 3 ,748 13, 982 14 127 3 4 , 927 902 2 857 2 ,350 1944—Dec. 30.. 9 1 , 569 18 6 7 3 455 78 338 2 16, 985 271 4 4 , 792 22 14 16 3 254 2 ,815 775 8 , 949 855 3,133 3,378 1945—Dec. 3 1 . . 107 183 1,900 1,104 84 408 ,275 11 3 548 3 ,077 1946—Dec. 3 1 . . 96 362 26, 696 13 154 884 1,506 1,467 5 358 3,308 1,020 69 666 63 042 ,167 10, 043 5 602 4 6 , 219 773 7, 544 4 369 46 502 10 3 982 2 ,966 1947—June 3 0 . . 94 802 2 8 , 655 13 820 972 1,507 1,154 6 240 3,998 965 66 146 59 198 66 SQO 59 288 4 224 3 ,070 Oct. 6. . 97 328 30 7S8 10 4 199 3 !l05 Dec. 3 1 . . 97 846 32 628 16 962 1,046 811 1,065 7 130 4,662 952 65 218 57 914 ,987 5 816 4 815 45 286 1 New York City:" 8 412 169 123 • 54 8 823 7 265 311 1 623 3 652 1 ,679 729 830 1941—Dec. 3 1 . . 12 896 4 072 2 807 787 193 117 303 148 13 841 12 547 ,855 "2 144 2 056 5 420 1 ,071 21 593 1942—Dec. 3 1 . . 17 957 4 116 2 546 701 994 4 428 515 24 323 107 252 153 15 566 14 563 3 409 1 829 7 014 984 19 2 444 1943—Dec. 3 1 . . 1,054 ,328 558 859 86 253 913 3 740 3 745 8 592 179 18 243 17 179 189 30 1,742 468 1944—Dec. 30.. 24 003 5 760 2 610 596 80 287 298 18 809 17 574 477 3 433 3 325 10 337 1 606 1945—Dec. 3 1 . . 26 143 7 334 3 044 2,453 1,172 629 99 455 250 14 465 13 308 387 1 725 992 10 202 1 557 1946—Dec. 3 1 . . 20 834 6 368 4 078 1,096 389 601 332 6 548 286 104 500 784 12 571 1 137 103 10 555 1 631 4 291 13 775 20 171 1947—June 30. . 1,196 582 13 588 12 305 Oct. 6. . 20 469 6 881 694 588 267 111 564 545 640 330 13 214 11 972 1 ,002 558 9 771 Dec. 3 1 . . 20 393 7 179 "5 361 638 604 Chicago:2 1 806 1 430 2 760 6 22 48 52 954 153 903 256 732 119 96 1941—Dec. 31 182 193 23 62 34 32 637 832 18 3 141 2 789 397 391 1 282 83 658 6 1942—Dec. 3 1 . . 3 973 166 186 102 52 22 45 14 3 550 3 238 877 199 484 1 602 74 6 4 554 1 004 763 1943—Dec. 3 1 . . 158 155 163 163 24 45 34 4 258 3 913 250 1 045 779 1 809 31 738 17 5 443 1 184 160 1944—Dec. 30.. 185 233 36 51 211 133 1 467 40 4 598 4 213 749 1 864 2 5 931 1 333 760 1945—Dec. 3 1 . . 181 204 3 4 765 1 499 1 094 117 101 51 105 29 3 266 2 912 60 498 146 2 207 1946—Dec. 3 1 . . 167 187 42 130 100 84 1 368 106 132 2 284 29 3 ,237 2 890 4 802 1 565 1 178 1947—June 30.. 175 173 3 316 2 935 205 176 6. . 5 040 1 5 088 1 ,801 1 418 235 73 46 149 87 26 3 ,287 2 890 132 248 2 274 Dec. 31 213 185 Reserve city banks: 15 ,347 7 105 3 456 300 114 194 1 ,527 1,5 12 g ,243 6 467 295 751 4 248 , 173 956 820 1941 Dec. 808 97 153 1 486 312 14 ,813 13 038 1 ,441 2 253 1 ,723 6 810 811 6 102 2 [957 290 1942—Dec! 3 1 . . 20 954 821 1943—Dec. 3 1 . . 27 [521 6 ,201 3 ,058 279 217 267 1 ,420 658 301 21 ,321 19 ,682 1 ,802 4 691 2 ,497 9 943 749 913 726 1944—Dec. 30.. 33 603 6 822 3 ,034 348 311 777 1 ,379 660 313 26 ,781 25 ,042 1 ,704 5 730 5 ,181 11 987 440 1 ,000 740 5 1 ,126 916 1945—Dec. 3 1 . . 40 108 8 514 3 661 205 427 1,503 1 ,459 855 404 31 ,594 29 ,552 1 ,034 6 982 5 653 15 878 4 1 ,272 1 ,004 1946—Dec. 3 1 . . 35 ,351 10 ,825 5 ,548 201 264 704 2 ,237 1,436 435 24 ,527 22 ,250 441 3 799 1 ,993 16 013 1 ,364 1947—June 30. . 34 ,611 11 ,441 5 ,726 197 185 540 2 ,713 1,675 405 23 ,170 20 ,845 334 3 038 1 ,503 15 967 962 23 .297 20 .884 1 ,390 1 ,023 Oct. 6 . . 35 792 12 495 3 1 ,342 1 ,053 Dec. 3 1 . . 36 ,040 13 ,449 "7 ,088 ' 225 " 1 7 6 ' * 4S43 ,147 1,969 366 22 ,591 20 ,196 373 "2 358 1 ,901 15 560 Country banks: 20 183 1 ,823 6 ,628 4 ,377 110 481 2 926 861 1 ,222 1 ,028 1941—Dec. 3 1 . . 12 ,518 5 ,890 1 ,676 659 1,530 17 161 1 ,797 674 393 11 ,380 9 ,172 671 i 251 1 ,240 5 436 574 1 ,252 956 1942—Dec. 3 1 . . 16 ,419 5 ,038 1 ,226 772 25 197 1 ,725 528 381 17 ,534 15 ,465 1 ,032 3 094 2 ,096 8 705 538 1 ,214 1943—Dec. 3 1 . . 22 ,188 4 ,654 1 ,084 713 855 32 310 1 ,719 547 351 23 ,610 21 ,552 882 3 ,466 4 ,422 12 540 241 1 ,230 829 1944—Dec. 30.. 28 ,520 4 ,910 1 ,149 802 707 9 1 ,342 1 ,067 42 471 1 ,881 363 29 ,407 26 ,999 630 5 ,102 4 ,544 16 713 1945—Dec. 3 1 . . 35 ,002 5 ,596 1 ,484 648 29 273 2 ,970 1,312 306 27 ,408 24 ,572 279 4 ,020 2 ,470 17 ,797 6 1 ,551 1 ,285 1946—Dec. 3 1 . . 35 ,412 8 ,004 2 ,433 681 t 1 26 244 3 ,381 1,693 240 25 ,955 22 ,893 197 3 ,035 1 ,960 17 ,696 1947—June 3 0 . . 35 ,057 9 ,102 2 ,744 774 ,813 1 ,250 26 .389 23 .164 1 ,934 1 ,291 Oct. 6 . . 36 ,027 9 ,638 23 227 3 ^827 1,979 229 26 ,125 22 ,857 '480 2 ^583 2 ,108 17 ,681 6 2 ,006 1 ,262 Dec. 3 1 . . 36 ,324 10 ,199 3 ,096 "sis Insured non- member commercial banks: 1941—Dec. 3 1 . . 1942—Dec. 1943—Dec 31." 1944—Dec. 30.. 1945—Dec. 3 1 . . 1946—Dec 3 1 . 1947—June 30. D e c 31 . . 5 ,776 6 ,984 9 ,258 11 ,824 14 ,639 15 ,83 15 .896 16 ,444 3 ,241 2 ,818 2 ,556 2 ,678 2 ,992 4 ,040 4 ,59' 4 ,958 543 370 356 389 512 862 94.S 478 553 482 525 459 474 57 ( 1 , 04< so: 20 16 16 21 31 12 11 13 64 59 82 156 228 14? 125 125 1 ,282 1 ,225 1 ,165 1 ,136 1 ,224 1 ,748 i 2 ,963 ,139 854 422 173 385 70 383 67 460 77 723 79 895 82 992 76 2 ,535 1 ,509 4 ,166 3 ,162 6 ,702 5 ,739 9 ,146 8 ,197 11 ,647 10 ,584 11 ,791 10 ,524 11 ,299 Q ,949 11 ,486 10 ,039 17 99 276 223 180 104 62 136 442 1 ,147 1 ,319 2 ,087 2 ,247 1 ,897 1 ,736 1 ,069 2 ,053 3 ,395 1 ,652 4 ,928 1 ,774 6 ,538 1 ,179 6 ,991 O72 7 .013 1 ,104 7 ,058 152 390 766 271 179 156 76 6 t L 563 569 560 566 619 752 845 931 462 435 403 383 443 516 505 517 * These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks." During the period Dec. 31, 1942-June 30, 1945, agricultural loans included loans to dealers, processors, and farmers' cooperatives covered by purchase agreements of the Commodity Credit Corporation, which are now classified as commercial and industrial loans; consequently, beginning Dec. 231, 1945, these items may not be entirely comparable with prior figures. Central reserve cityjbanks 420 FEDERAL RESERVE BULLETIN ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits Reserves Cash with Federal in Revault serve Banks Class of barLk and call date DeBalances mand dewith posits doadmestic banks* justed* Interbank deposits 12, 396 1 3 , 072 12, 834 14, 260 15, 810 16, 013 1 6 , 039 1 7 , 796 1,358 8 , 570 1,305 9 , 080 1,445 8 , 445 1,622 9 , 787 1,829 1 1 , 075 2,012 9 , 481 1,804 8 , 498 2,145 9 736 3 7 , 845 4 8 , 221 59 921 6 5 , 960 7 4 , 722 8 2 , 085 80 869 85 751 9 ,823 1C ,234 9 ,743 11 ,063 12 ,566 Member banks total: 31.. 1941—Dec. 3 1 . . 1942—Dec. 1943—Dec. 3 1 . . 1944—Dec. 3 0 . . 1945—Dec. 3 1 . . 1946—Dec. 3 1 . . 1947—June 30. . Oct. 6 . . Dec. 31. . 12, 396 1 3 , 072 12, 835 14, 261 15, 811 16 015 16, 040 1 6 , 946 17 797 1,087 1,019 1,132 1,271 1,438 1,576 ,409 ,496 1,672 246 147 450 354 117 936 521 993 270 33 754 4 2 , 570 52 642 57 308 64 184 70 243 69 595 70 793 73 528 9 ,714 1C ,101 9 ,603 141 82 61 76 78 87 50 55 70 10 11 13 14 New York City:2 1941—Dec. 31. 1942 Dec. 31 1943—Dec! 3 1 ! ! 1944—Dec. 3 0 . . 1945—Dec. 3 1 . . 1946—Dec. 3 1 . . 1947—June 3 0 . . Oct. 6. . Dec. 31. . Chicago:2 1941—Dec. 1942 Dec 1943—Dec! 1944—Dec. 1945—Dec. 1946—Dec. 1947—June Oct. 31 31 31 30 5 4 3 3 4 4 4 4 4 105 388 596 766 015 046 166 254 639 93 72 92 102 111 131 123 143 151 4,302 4,831 4.770 5,421 6'. 307 5,417 4.773 5,378 5,497 526 542 611 684 796 883 780 829 929 3 ,216 3 ,699 3 ,474 4 ,097 4 ,665 3 ,753 3 ,444 3 ,959 3 ,900 9 ,661 13 ,265 17 ,039 19 ,958 23 ,595 26 ,237 25 ,508 26 ,660 27 ,424 790 957 994 1,149 1,199 1,067 271 287 313 352 391 437 395 473 2 ,325 2 ,934 2 ,996 3 ,434 3 ,959 3 ,547 2 ,979 466 4 ,092 5 ,651 7 ,279 8 ,652 10 ,537 11 ,842 11 ,274 12 , 22^ 108 133 141 182 233 244 194 25S 2 ,210 2 ,842 3 303 3 ,909 4 ,527 4 ,703 4 ,628 4 ,934 4 ,993 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 1947—June Oct. Dec. 31.. 31.. 31.. 30.. 31. . 31. . 30.. 6.. Insured non-. member commercial banks: 1941—Dec. 31. 1942—Dec. 3 1 . . 1943—Dec. 31 1944—Dec. 3 0 . . 1945—Dec. 31 1946—Dec. 3 1 . . 1947—Tune 30. . Dec. 3 1 . . 3.179 1.535 3,031 1 .898 2,975 3,236 11 ,117 14 ,849 18 ,654 20 ,267 22 ,372 24 ,221 24 ,166 24 ,580 25 ,714 Country banks: 1941—Dec. 31. 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944_Dec. 3 0 . . 1945—Dec. 31. . 1946—Dec. 31. . 1947—j une 30. . Oct. 6. . Dec. 3 1 . . . 595 209 2 !867 2 ,590 2 ,202 1 ,758 2 ,005 2 ,174 1 ,923 1 ,864 1 ,835 2 ,125 31. . 11 yj x. Reserve city banks. 10,644 9 ,612 1C ,471 1C>,978 425 365 391 441 494 532 470 494 562 4 ,060 4 940 5 116 5 687 6 326 6 337 6 274 6 764 7 ,095 Dec. 30.'! 10,881 12 ,333 200 172 162 144 175 43 39 38 43 36 29 36 31. ! 15 16 16 15 16 761 899 899 042 065 429 494 941 653 3C 3C 298 164 158 177 673 1,761 813 8,167 893 9,950 948 19,754 1 ,248 23,740 10,888 1 ,364 2,930 9 ,807 1 .372 1,247 11 ,236 1 ,379 1,325 2 215 2 557 3 050 3 041 3 153 3 3 ,427 3 612 3 ',737 1 021 902 821 895 94S 92? 973 99' 1 07( 31 6 6, 5 6 7 5 5 5 6 Certified U.S. States and and Gov- political offiern- subdi- cers' ment visions checks, etc. DoFormestic3 eign All insured commercial banks: 1941—Dec. 3 1 . . 1942—Dec. 3 1 . . 1943—Dec. 3 1 . . 1944—Dec. 3 0 . . 1945—Dec. 3 1 . . 1946—Dec. 3 1 . . 1947—Tune 30. . Dec. 3 1 . . • • Time deposits 671 1,709 811 7,923 891 9,444 945 18,509 1 ,243 22,179 1 ,353 2,672 1 ,369 1,095 1 ,455 2,308 1 ,375 1,176 607 733 810 851 866 4,186 3^395 6,722 1 ,105 6,940 1 ,195 651 1 ,228 179 564 1 ,298 1 ,217 267 3 677 3 , 996 4 352 4 , 518 5 , 098 5 , 967 6 , 495 6 692 3, 3, 3 3 4 4 5 5 5 1 1 1 1 2 2 2 2 U.S. IndiGov- States viduals, ernand partner- Inter- ment ships, bank and political and corPostal subdiporavisions Savtions ings 077 219 669 354 585 361 111 559 3 6 , 544 4 7 , 122 5 8 , 338 6 4 , 133 72, 593 79, 887 7 8 , 077 8 3 , 723 158 97 68 64 70 68 64 54 59 61 124 109 103 119 111 111 492 397 395 423 496 664 771 826 15,146 15,697 18,561 23,347 29,277 32,742 33,604 33,946 10 10 46 122 215 39 60 61 066 318 602 744 240 915 376 059 504 1 009 1 142 1 573 1 251 2 450 2 207 1 976 1 821 2 ,401 3 3 , 061 4 2 , 139 5 1 , 820 5 6 , 270 6 2 , 950 6 9 , 127 6 7 , 933 6 9 , 047 7 2 , 704 140 87 62 58 64 62 60 50 50 50 56 120 105 99 114 106 110 105 418 332 327 347 399 11,878 12,366 14,822 18,807 23,712 26,525 27,259 27,511 27,542 4 5 , 886 5 6 , 101 39 6 , 475 111 6 , 968 208 7, 589 30 8 095 50 8 , 315 332 8 463 54 8 464 319 263 252 199 237 218 260 225 290 450 448 710 361 1 1 , 282 12, 501 1 4 , 373 14, 448 1 ,33$ 15, 712 942 17, 216 915 1 7 , 202 783 1 6 , 463 1 ,105 17 646 6 3 4 11 17 20 22 14 12 5 7 10 15 14 12 12 2 , 152 2 , 588 3 097 3 , 100 3 , 160 3 , 495 3 , 417 3 , 548 3 853 L', 196 713 14 16 1 400 20 1^552 152 24 181 24 161 25 72 21 233 178 174 167 237 228 304 323 285 34 38 44 33 66 47 55 50 53 491 54 63 1,982 63 3,373 70 6,157 110 8,221 991 127 311 109 789 125 405 131 1 144 1 319 1 448 1 ,509 1 ,763 2 ,077 2 ,301 2 ,025 2 ,282 286 385 475 488 611 693 554 554 705 11 15 18 20 22 24 23 24 26 127 061 790 371 281 288 934 508 003 225 1 ,370 1 ,558 1 ,727 1 ,868 2 ,004 2 ,391 2 ,511 2 ,487 2 ,647 239 272 344 369 435 524 451 435 528 611 678 750 775 858 1 ,052 I ,119 1 ,188 68 76 96 103 135 154 135 158 027 105 *972 132 ,292 130 L',056 111 885 1,006 1,049 12 127 665 1,090 1,962 8 4,230 8 5,465 877 8 424 J 4 c ' 794 432 53 243 506 1 I* 4 1,245 1,560 258 152 149 IndiCapividuals, Bortal partner- rowacships, ings counts and corporations 2 2 551 649 661 693 29 23 26 17 20 39 17 17 14 1 1 778 711 816 977 1,206 1,395 1,407 1,437 1,418 6 , 844 7 , 055 7 , 453 7, 989 8 , 671 9 , 286 9 , 558 9 734 648 \ 727 1 862 1 966 2 120 • • . . 2 205 1 2 234 268 2 250 30 2 259 .... *29 96 195 476 453 ***** 505 619 719 823 864 871 j 902 288 304 326 354 377 404 416 420 426 2 2 2 2 4 6 7 9 104 63 41 33 30 25 21 20 22 20 22 56 40 38 43 41 46 45 243 169 151 154 160 235 319 314 332 4,542 4,805 5,902 7,561 9,563 10,580 10,888 10,975 11,045 2 135 2 327 2 2 566 4 2 729 11 2 ,796 35 2 847 1 2 844 8 500 11 989 15 561 18 ,350 21 ,797 24 ,128 23 ,380 24 ,528 25 ,203 30 20 17 14 17 17 17 17 17 31 32 56 146 140 149 175 219 272 308 324 337 6,082 6,397 7,599 9,650 12,224 13,727 14,101 14,229 14,177 4 3 10 16 11 26 38 28 23 1 ,982 2 ,042 2 ,153 2 ,321 2 ,525 2 ,757 2 ,869 2 ,946 2 ,934 3 ,483 4 ,983 6 ,518 7 ,863 9 ,643 10 ,761 10 ,144 11 ,019 18 10 6 6 6 6 8 ! 74 65 68 76 97 113 122 132 3,276 3,339 3,750 4,553 5,579 6,232 6,361 6,420 6 959 57 52 55 49 50 45 1 t 6 1 967 2 2 028 1 6 10 ' 9 1( 955 979 1 ,022 1 ,083 1 ,193 1 ,245 1 ,271 « Beginning June 30, 1942, excludes reciprocal bank balances, which on Dec. 31, 1942, aggregated 513 million dollars at all member banks and 525 million at all insured commercial banks. . . „ .. r * Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. For other footnotes see preceding page. .««„««-, Back figures—-See Banking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113. APRIL 1948 421 WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars Investments Loans For purchasing or carrying securities Date or month TotalLeading Cities 1947—February 104.R Total loans and investments CommerTo brokers cial, i n d u s - and dealers trial, U.S. and a g r i - Govt. Other seobculliga- c t ui re i s tural tions Total U. S . Government obligations To others R e a l Loans state to Other U.S. O t h e r l o a n s b a n k s G o v t . seobl i g a - curit i o n s ties Total Dther securities Certificates of in- N o t e s debtedness Total Bills Bonds 1 63,528 19,593 11,757 713 417 619 505 2,604 146 2,832 43,935 39,996 5,683 3,470 30,400 O c t o b e r . . . .6 4 , 8 4 0 N o v e m b e r . . 6. 4 , 9 5 3 D e c e m b e r . . .6 5 , 1 3 5 22,220 13,432 22,887 14,154 23,428 14,569 494 546 492 457 527 220 419 387 451 407 211 199 680 4 , 0 3 4 3,271 42,620 38,340 897 3,811 3,345 42,066 37,842 3,409 41,707 37,474 1,251 3,291 2,576 2,159 2,832 31,050 4,280 30,975 4,224 30,100 4,233 65,178 64,405 23,315 14,704 23,460 14,636 219 378 432 389 333 302 3,278 494 3,356 503 3,427 502 3 , 4 9 7 485 3 , 5 4 6 163 235 3,465 41,863 37,610 2,164 3,489 40,945 36,754 2,262 3,390 3,250 2,790 2,666 29,266 4,253 28,576 4,191 64,815 23,328 14,650 292 492 376 514 3,459 106 3,439 41,487 37,227 1,530 6 6 6 6 142 088 530 953 2 2 2 2 637 689 761 727 245 181 221 230 442 426 416 444 353 337 330 312 501 505 503 499 3 3 3 3 , , , , 472 493 508 516 144 147 182 180 3 3 3 3 , , , , 4 4 4 4 5 5 3 6 4 4 4 4 1 1 2 1 , , , , Z3.352 23,424 23,453 23,610 14,644 14,692 14,619 14,591 229 351 399 532 392 392 370 402 306 307 299 294 490 488 484 479 3 3 3 3 , , , , 5 5 5 5 2 4 5 6 5 2 0 5 271 166 249 253 3 3 3 3 , , , , 495 486 483 494 4 4 4 4 1 0 0 0 2 2 2 2 1 1 1 1 476 436 349 431 355 524 411 375 285 281 276 279 479 486 479 475 3 3 3 3 , , , , 5 5 5 6 6 8 9 1 9 3 8 0 233 265 190 254 3 3 3 3 ,502 ,487 ,511 ,513 4 4 4 3 0 0 0 9 Tannarv February 1947—Dec. 31 1948—Jan. 7 Jan. 14 Jan. 21 Jan 2 8 5 5 5 4 , , , , Feb. 4 Feb. 11 Feb. 18 Feb. 25 64, 64, 64, 64, 8 4 2 0 7 1 7 5 Mar. 3 Mar. 10 Mar. 17 Mar. 24 6 6 6 6 4 1 7 2 94 28 56 32 New York City 1947—February 3 4 3 3 , , , , 4 0 7 7 3 3 3 3 , , , , 3 3 3 3 2 2 3 3 , , , , 4 6 3 4 2 4 9 9 3 5 9 2 9 3 4 4 9 4 2 1 14 14 14 14 4 4 4 4 , , , , , , , , 540 592 578 484 487 3 6 7 8 443 ,939 3,338 2,854 29,505 4,260 913 845 136 559 37,642 37,587 37,886 37,323 2 2 2 2 ,031 ,060 ,354 ,209 3 3 3 3 , , , , 3 3 4 4 8 2 3 1 7 7 7 0 2 2 2 2 , , , , 8 8 7 7 2 0 8 3 6 8 6 9 2 2 2 2 8 2 9 5 4 4 4 4 , , , , 2 2 2 2 , , , , 5 9 8 4 22 86 24 47 3 3 3 3 7 6 6 6 , , , , 3 7 6 2 2 2 2 2 , , , , 8 4 0 6 3 3 3 3 , , , , 4 2 2 1 0 7 0 1 8 1 7 5 2 2 2 2 , , , , 7 6 6 5 1 9 5 9 5 5 7 9 28,719 28,611 28,560 28,411 4 4 4 4 , , , , 212 195 190 166 , , , , 0 4 3 8 5 7 6 1 3 3 3 3 5 6 6 5 , , , , 845 193 061 469 2,048 2,347 2,379 1,930 3 4 3 3 , , , , 9 0 9 9 7 2 3 0 2 8 8 7 2 2 2 2 , , , , 5 5 5 4 5 7 7 6 9 9 2 7 2 2 2 2 4 4 4 4 , , , . 2 2 3 3 5 4 4 1 10 91 34 81 4 2 2 1 6 1 1 5 9 9 9 8 , , , , 7 7 7 7 3 3 3 9 , , , , 9 9 0 6 2 2 1 1 6 3 7 6 6 9 2 5 71 58 50 36 1 8 0 4 0 1 3 2 19,846 6,257 4,216 596 275 130 213 96 110 621 1,325 1,129 9,962 1,099 20,036 October 19,903 November.. December. .20,056 6,840 7,088 7,286 4,815 5,191 5,343 412 320 299 368 314 377 82 74 64 189 193 202 102 105 104 161 160 160 711 13,196 11,965 731 12,815 11,639 737 12,770 11,576 250 412 661 724 629 536 618 375 481 10,373 1,231 10,223 1,176 9,898 1,194 1948—January February.... 20,001 19,776 7,045 7,135 162 309 308 275 51 47 199 189 106 109 129 192 761 12,956 11,747 1,157 769 12,641 11,476 1,149 626 615 512 541 9,452 1,209 9,17 1,165 1947—Dec. 20,002 7,076 5,329 5,245 5,328 207 337 56 206 103 9 748 12,926 11,702 964 62 543 9,574 1,224 7 Jan. 14 Jan. 21 Jan. 28 20,175 19,842 20,138 19,850 7,03 6,99 7,06 7,08 5 5 5 5 184 125 169 169 304 297 299 331 53 51 51 50 200 2b 19 197 103 105 108 106 11 126 136 144 758 760 762 764 1 1 1 1 ,138 ,850 ,073 ,765 11,911 11,631 11,875 11,571 1,280 1,045 1,199 1,104 59 59 663 655 519 49 512 526 9 9 9 9 , , , , 5 5 5 2 Feb. 4 Feb. 11 Feb. 18 Feb. 25 1 1 1 1 9 9 9 9 , , , , 996 723 698 685 7,038 7,100 7,140 7,26 5,26 5,290 5,21 5,20 170 290 323 451 276 276 261 288 49 45 47 46 192 190 188 187 107 108 110 110 208 132 226 201 769 769 770 770 12,958 12,623 12,558 12,424 11,777 11,455 11,394 11,278 1,314 1,104 1,092 1,085 696 606 578 580 5 5 5 5 48 56 33 28 9 9 9 9 , , , , 219 189 19 085 1,181 1,168 1,164 1,146 Mar. 3 Mar. 10 Mar. 17 Mar. 24 1 1 1 1 9 9 9 9 , , , , 2 6 2 0 7 7 7 7 5 5 5 5 407 378 293 370 249 393 296 270 45 43 42 46 186 195 188 186 110 111 114 114 159 183 143 133 767 761 773 768 1 1 1 1 1 1 1 1 97 9 0 1,141 3 1,100 839 5 1,025 995 936 962 513 518 533 482 8 8 8 8 , , , , 5 5 5 5 1 1 1 1 1948—Jan. 31 85 39 98 87 7 2 5 5 ,08 ,24 ,02 ,04 , , , , 3 3 3 3 24 2 43 24 ,16 ,18 ,17 ,160 13,589 12,490 3 2 3 2 2 2 2 2 , , , , 1 3 2 0 9 9 7 4 8 4 5 0 1 1 1 0 , , , , 0 1 0 7 3 8 7 9 74 15 04 0 86 3 2 0 1 0 6 4 2 1 1 1 1 , , , , , , , , 2 2 1 1 1 2 2 2 27 19 98 94 5 1 0 4 9 4 2 5 Qutside New York City 1 9 4 7 — F e b r u a r y . . 4. 3 , 6 8 13,33 7,54 117 142 489 292 2,508 36 2,211 30,346 27,506 369 4,358 2,341 20,438 2,840 October.... 44,80 November.. 45,05 December. .45,07 15,38 15,79 16,14 8,61 8,96 9,22 82 99 88 178 143 150 410 377 343 298 3,176 301 3,251 30 3,323 59 51 39 2,560 29,424 26,375 2,614 29,25 26,203 2,672 28,93 25,898 430 485 590 3,310 3,182 2,755 1,958 1,784 2,35 20,677 3,049 20,752 3,048 20,202 3,039 34 43 2,278 2,125 19,814 3,044 19,405 3,026 2,311 19,93 2 2 2 2 1 1 1 1 1948—January.... February... 45,17 44,62 16,27 16,32 9,37 9,39 57 69 124 114 282 255 303 3,391 296 3,437 1947—Dec. 44,81 16,25 9,32 85 155 320 308 15 2,704 28,90 25,863 1,007 2,764 2,720 28,304 25,278 1,113 2,635 2,69 28,56 25,525 566 2 , 7 1 7 30 3 304 3 306 3 302 3 , , , , 3 3 4 4 6 8 0 1 9 8 0 0 33 2 46 36 2 2 2 2 , , , , 6 7 7 7 7 0 1 2 7 5 1 2 2 2 2 2 7 9 6 9 5 5 3 4 2 2 2 2 5 5 6 5 75 ,73 ,956 1,015 ,01 1,155 ,752 1,105 , , , , 4 4 4 4 1 3 4 5 2 2 2 2 , , , , 7 7 7 7 2 1 1 2 6 7 3 4 28,56 28,36 28,26 28,02 4 3 6 3 2 2 2 2 5 5 5 5 , , , , 5 3 2 0 3 3 4 0 3 6 0 3 1,154 1,110 1,118 1,071 2,712 2,665 2,629 2,535 2,167 2,139 2,124 2,07 19,500 19,422 19,369 19,32 3,031 3,027 3,026 3,020 24, 25, 24, 24, 8 0 9 6 0 1 8 7 6 3 8 4 1,077 1,206 1,279 1,091 2,94 3,03 3,00 2,94 2,046 2,06 2,039 1,985 1 1 1 1 3 3 3 3 1948—Jan. Jan. Jan. Jan. 31 7 1 4 21 28 4 4 4 4 4 5 5 5 , , , , 9 2 3 1 6 4 9 0 1 1 1 1 6,19 6,25 6,32 6,30 9 9 9 9 , , , , 3 3 4 4 1 6 1 0 61 56 52 61 138 129 117 113 300 286 279 262 3,356 Feb. 4 Feb. 11 Feb. 18 Feb. 25.... 44,87 44,687 44,579 44,372 16,31 16,32 16,313 16,34 9 9 9 9 , , , , 3 4 4 3 7 0 0 8 59 61 76 81 116 116 109 114 257 262 252 248 298 298 296 292 3 3 3 3 8 4 0 5 63 34 23 52 Mar. 3 Mar. 10 Mar. 17 Mar. 24 4 4 4 4 1 1 1 1 9 9 9 9 , , , , 3 4 4 3 7 1 04 24 69 58 56 61 106 131 115 105 240 238 234 233 293 291 291 289 3,459 3,472 3,484 3,496 74 82 47 121 4,209 4,489 4,458 4,145 6 6 6 6 , , , , 3 4 3 3 5 0 69 74 2,735 2,726 2,738 2,745 8 8 9 8 , , , , 7 9 0 7 27,85 28,080 28,089 27,77 2 2 2 2 , , , , 7 7 7 7 9 3 7 5 0 6 4 5 7 3 2 5 , , , , 3 3 2 2 0 17 74 13 9 9 9 9 8 8 8 8 , , , , , , , , 8 8 8 6 8 8 0 7 73 71 66 65 3,036 3 8 8 9 3 3 3 3 , , , , , , , , 0 0 0 0 0 0 1 0 4 3 5 4 5 6 0 9 4 9 2 2 1 7 1 7 * Including guaranteed obligations. Back figures.—For description of revision beginning July 3, 1946, see BULLETIN for June 1947, p. 692, and for back figures on tht revised basig. see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227. 422 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Cof»*»'»iieJ RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits except interbank Date or month ReBalserves Dewith Cash- ances mand with deFedin doposits eral vault mestic ad- 1 Rebanks justed serve Banks TotalLeading Cities 1947—February . . 11,539 Individuals, States and part- politnerical ships, suband divicorpora- sions tions 2,247 45,474 45,377 2,938 Certified and officers' checks, etc. Interbank deposits Time deposits, except interbank Individuals, States and U. S. part- politGov- ner- ical ern- ships, subment and divicorpora- sions tions Demand U. S. Government and Postal Do- ForSav- mes- eign tic ings Bor- Caprow- ital acings counts Time Bank deb-2 its 5,650 73,182 1,408 2,043 13,835 251 84 9,269 1,346 52 268 October 12,432 November.. 12,371 December.. 12,719 790 2,452 47,197 47,804 2,978 816 2,418 47,583 48,343 3,090 848 2,462 48,708 49,363 3,148 1,513 1,509 1,700 1,380 14,167 1,071 14,144 651 14,093 328 327 335 83 9,978 1,410 81 9,905 1,380 80 9,922 1,370 38 38 39 231 5,810 90,187 338 5,836 85,152 228 5,831 104,009 1948—January . . . 12,753 February . . 12,328 815 2,445 48,843 49,073 3,251 778 2,247 47,709 47,873 3,204 1,465 1,430 592 14,159 872 14,184 370 457 77 9,955 1,344 76 9,052 1,350 37 36 138 5,830 94,188 320 5,852 80,188 1947—Dec. 3 1 . . . . 13,138 1948—Jan. Jan. Jan. Jan. 724 5,826 22,692 826 2,694 48,685 49,809 3,246 1,961 793 14,192 338 79 10,251 1,353 39 37 7.... 14.... 21.... 28.... 12,726 13,051 12,546 12,689 845 842 779 792 2,566 2,551 2,419 2,243 48,620 48,963 48,970 48,818 48,635 49,672 49,282 48,701 3,263 3,271 3,222 3,249 1,440 1,483 1,518 1,420 568 520 589 693 14,177 14,158 14,158 14,142 347 359 383 391 77 77 77 75 10,285 10,292 9,944 9,297 1,346 1,351 1,332 1,347 37 36 37 37 1-28 90 130 206 5,834 5,826 5,826 5,836 19,372 20,565 22,253 21,042 Feb. 4 . . . . Feb. 1 1 . . . . Feb. 1 8 . . . . Feb. 2 5 . . . . 12,435 12,429 12,154 12,296 730 795 771 815 2,227 2,175 2,298 2,287 48,223 47,644 47,409 47,559 47,806 47,798 47,950 47,937 3,253 3,197 3,142 3,223 1,301 1,405 1,540 1,475 801 876 885 926 14,153 14,170 14,184 14,227 443 458 463 465 75 76 75 76 9,267 9,017 9,099 8,824 1,340 1,338 1,353 1,368 36 36 36 36 242 491 291 258 5,853 5,851 5,849 5,856 21,911 19,670 20,123 18,006 Mar. Mar. Mar. Mar. 12,957 12,736 12,675 12,366 721 782 757 779 2,301 2,316 2,442 2,191 47,296 47,581 47,011 46,391 47,134 47,332 47,508 46,266 3,219 3,460 3,255 3,291 1,389 1,801 1,371 1,580 1,009 1,148 1,098 1,154 14,256 14,246 14,227 14,233 471 476 468 482 74 73 73 73 9,026 10,040 9,238 8,563 1,361 1,353 1,367 1,366 35 35 35 35 220 288 311 422 5,871 5,865 5,866 5,869 22,869 18,503 23,059 21,254 New York City 1947—February . . 4,003 115 33 15,531 15,950 185 753 632 1,347 19 15 2,894 1,198 21 112 2,164 29,172 October 4,315 November.. 4,244 December.. 4,424 130 143 148 39 15,834 16,390 43 15,849 16,476 42 16,336 17,055 241 326 264 810 771 931 481 1,376 368 1,353 209 1,341 15 22 19 12 3,047 1,257 12 3,003 1,229 12 3,072 1,220 13 13 12 142 161 102 2,195 35,162 2,207 33,531 2,202 44,131 1948—January . . . 4,439 February . . 4,277 1947—Dec. 3 1 . . . . 4,554 132 129 40 16,399 16,844 36 16,003 16,562 339 228 732 736 172 1,350 240 1,364 13 53 12 3,108 1,192 12 2,868 1,199 10 10 29 112 2,207 38,286 2,212 32,298 144 47 16,286 17,272 283 1,093 262 1,357 13 12 3,239 1,195 12 30 2,206 10,157 1948—Jan. 4,337 Jan. 14.... 4,594 Jan. 21.... 4,354 Jan. 28.... 4,472 139 135 125 130 37 41 45 37 16,307 16,362 16,508 16,420 16,707 16,882 16,935 16,850 353 369 343 291 678 755 748 750 181 152 164 187 1,347 1,347 1,356 1,352 13 13 13 12 13 12 12 12 3,233 3,159 3,075 2,964 1,192 1,197 1,181 1,197 10 10 10 10 56 33 17 11 2,207 2,207 2,207 2,207 7,546 8,173 8,822 8,991 Feb. 4 . . . . Feb. 1 1 . . . . Feb. 1 8 . . . . Feb. 2 5 . . . . 4,259 4,355 4,210 4,282 120 141 121 134 32 34 38 40 16,175 15,990 15,871 15,974 16,548 16,531 16,554 16,616 240 245 216 209 603 709 809 822 228 244 239 247 1,353 1,360 1,369 1,374 52 52 53 53 13 12 12 12 2,962 2,812 2,880 2,820 1,190 1,191 1,202 1,211 10 10 10 10 81 225 70 73 2,216 2,213 2,211 2,209 9,507 8,074 7,552 7,158 Mar. Mar. Mar. Mar. 4,752 4,721 4,532 4,538 114 125 115 117 32 33 34 36 15,952 16,224 15,506 15,457 16,426 16,504 16,252 16,012 211 492 190 253 708 1,149 630 919 273 322 289 308 1,383 1,385 1,387 1,385 60 61 52 53 12 14 14 14 2,851 2,851 2,975 2,760 1,203 1,199 1,210 1,205 10 10 10 10 63 87 133 155 2,212 2,207 2,207 2,202 9,519 7,184 9,860 8,739 3.... 10.... 17.... 24.... 7 3 10 17.... 24.... Outside New York City 1947—February . . 7,536 2,214 29,943 29,427 2,753 655 1,411 12,488 232 69 6,375 148 31 156 3,486 44,010 October 8,117 November.. 8,127 December.. 8,295 660 2,413 31,363 31,414 2,737 673 2,375 31,734 31,867 2,764 700 2,420 32,372 32,308 2,884 703 738 769 899 12,791 703 12,791 442 12,752 313 305 316 71 6,931 69 6,902 68 6,850 153 151 150 25 25 27 89 177 126 3,615 55,025 3,629 51,621 3,629 59,878 1948—January . . . 8,314 February . . 8,051 683 2,405 32,444 32,229 2,912 649 2,211 31,706 31,311 2,976 733 694 420 12,809 632 12,820 357 404 65 6,847 64 6,184 152 151 27 26 109 208 3,623 55,902 3,640 47,890 1947—Dec. 3 1 . . . . 8,584 682 2,647 32,399 32,537 2,963 868 531 12,835 325 67 7,012 158 27 1948—Jan. 7 . . . . Jan. 1 4 . . . . Jan. 2 1 . . . . Jan. 2 8 . . . . 8,389 8,457 8,192 8,217 706 707 654 662 2,529 2,510 2,374 2,206 32,313 32,601 32,462 32,398 31,928 32,790 32,347 31,851 2,910 2,902 2,879 2,958 762 728 770 670 387 368 425 506 12,830 12,811 12,802 12,790 334 346 370 379 64 65 65 63 7,052 7,133 6,869 6,333 154 154 151 150 27 26 27 27 72 57 113 195 3,627 3,619 3,619 3,629 11,826 12,392 13,431 12,051 Feb. 4 . . . . Feb. 1 1 . . . . Feb. 1 8 . . . . Feb. 2 5 . . . . 8,176 8,074 7,944 8,014 610 654 650 681 2,195 2,141 2,260 2,247 32,048 31,654 31,538 31,585 31,258 31,267 31,396 31,321 3,013 2,952 2,926 3,014 698 696 731 653 573 632 646 679 12,800 12,810 12,815 12,853 391 406 410 412 62 64 63 64 6,305 6,205 6,219 6,004 150 147 151 157 26 26 26 26 161 266 221 185 3,637 3,638 3,638 3,647 12,404 11,596 12,571 10,848 Mar. Mar. Mar. Mar. 8,205 8,015 8,142 7,828 607 657 642 662 2,269 2,283 2,408 2,155 31,344 31,357 31,505 30,934 30,708 30,828 31,256 30,254 3,008 2,968 3,065 3,038 681 652 741 661 736 826 809 846 12,873 12,861 12,840 12,848 411 415 416 429 62 59 59 59 6,175 6,189 6,263 5,803 158 154 157 161 25 25 25 25 157 201 178 267 3,659 3,658 3,659 3,667 13,350 11,319 13,199 12,515 1 2 3.... 10.... 17.... 24 609 1 3,620 12,535 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. Monthly and weekly totals of debits to demand deposit accounts except interbank and U. S. Government accounts. APRIL 1948 423 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Investments Loans Federal Reserve district and date For purchasing or carrying securities ComTotal merloans cial, To brokers and indusand dealers To others Real Loans Other investtrial istate to loans Total Total ments and loans Danks agri- U. S. U.S. cul- Govt. Other xOVt. Other tural obobliga- curi- liga- curitions ties tions ties Boston Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 New York* Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Philadelphia Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Cleveland Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Richmond Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Atlanta Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Chicago* Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 St. Louis Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Minneapolis Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Kansas City Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Dallas Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 San Francisco Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 City of Chicago* Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 U. S. Government obligations Total Bills Certificates of indebtedness Other secuNotes Bonds rities. 1 ,711 1,611 ,708 1,606 ,716 1,612 ,698 1,59 ,708 1,600 76 83 94 88 87 132 156 156 137 137 120 121 133 134 132 1,283 1,246 1,229 1,233 1,244 100 102 104 106 108 13,89 13,66= 13,841 13,75^ 13,495 2,555 2,29 2,436 2,353 2,05: ,155 ,032 ,18, ,170 620 1,093 1,065 1,00: 1.024 601 58 591 605 551 10,179 9,585 9,595 9,576 9,588 1,368 1,404 1,400 1,447 244 1,652 24. 1,60 246 1,62 24 1,62 = 245 1,391 1,347 1,369 1,366 1,361 5 41 45 61 55 84 9 104 88 70 70 7 72 72 1,180 1,144 1,145 1,145 1,147 261 260 258 259 255 202 21 20* 210 212 2,841 2,84' 2,851 2,84. 2,814 2,525 2,52 2,527 2,512 2,482 70 70 72 6: 4 98 217 214 211 20' 157 158 163 16: 157 2,200 2,079 2,078 2,077 2,071 323 323 323 331 332 18. 183 183 18) 1,74! 1,75 1,75 1,75" 1,73. 1,627 1,628 1,634 1,63 1,610 44 53 56 55 44 145 161 167 17 170 101 98 97 96 91 1,337 1,316 1,314 1,306 1,305 122 123 123 125 125 1,325 1,310 1,312 1,319 1,297 2: 19 23 25 20 210 212 215 212 203 14 14. 145 145 146 949 934 929 937 928 183 184 184 184 185 316 31 314 315 31 1,50, 1,49' 1,49. 1,50. 1,48: 35i 6,05' 35. 6,01i 6,12, 35 35. 6,10! 35? 6,02- 5,45 5,409 5,485 5,473 5,39. 403 420 488 493 461 391 443 448 456 439 459 4,204 4,100 4,102 434 4,090 405 4,089 602 607 639 635 630 59' 586 58 580 568 146 145 146 146 146 185 184 185 184 1,12 1,12 1,13 1,12 1,10. 978 97 985 98 95S 35 47 57 59 50 98 105 107 104 98 87 87 86 86 758 735 734 732 724 146 147 146 147 148 42! 424 420 41 41 263 26 25 253 252 56 53 53 53 5' 9 9 92 9. 9; 73 74. 72 72 71 655 66? 65C 65 63 20 2 23 22 12 55 69 54 60 65 56 55 55 54 53 528 522 518 515 507 76 78 77 78 78 81 8*4 814 815 81 535 535 535 535 529 11 116 11 11 118 131 13! 13 13 1,55 1,53 1,54. 1,55! 1,50 1,354 1,33 l,35i 1,362 1,304 88 86 102 135 91 249 266 266 266 258 162 160 159 153 146 855 825 823 808 809 196 197 196 197 197 1,18; 1,17 1,17 1,17 1,17 1,074 1,062 1,060 1,05. 1,05 162 162 162 172 172 94 94 88 89 89 816 801 801 791 791 114 114 114 115 116 65, 65. 65. 65 65. 6,43: 6,39i 6,48 6,48? 6,43 5,72. 5,68 5,773 5,76: 5,71' 184 170 193 205 169 871 996 1,070 1,053 1,04 548. 538 539 542 539 4,122 3,979 3,971 3,962 3,96: 707 707 713 726 721 18? 18 19 18* 18" 3,7Oi 3.65J 3,74 3,71' 3,65 3,291 3,24 3,29, 3,28 3,23 30, 328 37. 36:( 35 25? 258 262 264 248 305 295 296 295 266 2 A3 2,36 2,364 2,359 2,358 408 409 442 433 426 820 825 ,826 ,803 ,811 1,109 1,117 1,110 1,105 1,103 751 757 754 753 738 14 8 9 7 12 8 11 7 8 8 16 16 16 16 16 119 119 119 11 120 11 11 13 180 181 180 181 182 ,859 ,461 ,80: ,491 ,259 7,968 7,796 7,962 7,738 7,760 5,553 5,508 5,530 5,525 5,509 453 412 383 295 371 291 252 39 300 274 206 205 21 207 205 284 285 28 289 289 201 159 183 143 133 924 921 916 92i 92. ,525 ,490 ,525 ,499 ,504 873 883 898 87 888 518 522 519 516 507 3 2 2 2 2 15 15 14 15 1 73 74 72 71 7 ,292 ,340 ,328 ,306 ,328 1,441,493 1,478 1,463 1,51- 890 898 907 910 905 21 21 18 20 18 12 11 10 13 14 237 238 239 239 239 ,556 559 57 587 562 80 80: 81 82: 39: 397 401 411 411 177 176 178 178 178 342 32329 342 317 83 830 833 83' 83. 520 518 522 525 523 71 71 72 74 74 ,77' ,695 ,84 ,79 ,683 2.72C 2,67' 2,717 2,68" 2,65' 1,860 1,853 1,86' 1,845 1,83 086 076 086 078 043 962 955 955 95C 93 164 170 147 148 134 365 348 360 374 312 210 1,02: 194 1,01: 19 1,01: 1,01 1,01 71 712 70 = 79 78 7' 7' 4,65 1,997 1,993 2,000 2,011 2,006 1,892 1,899 1.90S 1,915 1,92 1.87C 1,82 1,854 1,82, 1,794 1,443 1,432 1,43 1,413 1,400 7 7 7C 7C 6( 71 56 172 16( 16' 17i 17C 1 Including guaranteed obligations. * Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table. for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively. 424 The figure FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, except interbank Federal Reserve district and date Boston Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 New York* Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Philadelphia Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Cleveland Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Richmond Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Atlanta Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Chicago* Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 St. Louis Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Minneapolis Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Kansas City Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Dallas Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 San Francisco Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 City of Chicago* Feb. 25 Mar. 3 Mar. 10 Mar. 17 Mar. 24 Reserves BalDewith Cash ances mand Fedin with deeral vault do- posits Remestic ad- 1 serve banks justed Banks Individ- States Cert ified uals, and part- polit- and offinerical ships, sub- cers' and divi- checks, cor- sions etc. porations Time deposits, except interbank Individuals, U. S. partGov- nerern- ships, ment and corporations 41 43 50 46 49 States and political subdivisions Interbank deposits Demand U. S. Government Do- Forand Postal mes- eign Savtic ings Borrowings Cap- Bank debital its 2 accounts Time 497 497 497 496 496 272 282 277 286 272 22 24 22 22 20 316 316 316 317 317 699 885 734 946 869 870 516 752 500 796 1,190 693 463 967 530 273 2,202 302 2,214 354 2,217 320 2,218 340 2,216 2,889 2,922 2,923 3,046 2,829 1,213 1,206 1,202 1,213 1,208 2,399 2,403 2,397 2,398 2,393 7,599 10,141 7,696 10,507 9,272 86 79 84 87 111 28 26 32 26 26 391 389 388 387 412 325 335 339 359 328 12 12 12 12 12 9 4 5 1 1 300 302 301 300 300 714 863 696 832 791 3,094 3,114 3,058 3,076 3,063 153 156 149 156 149 47 52 47 55 52 1,274 1,274 1,273 1,272 1,270 436 463 470 482 447 6 13 18 18 16 15 462 463 463 464 464 1,001 1,253 987 1,214 1,141 2,076 2,038 2,060 2,066 2,044 2,030 1,991 2,010 2,028 1,974 201 194 191 203 219 44 48 49 57 52 588 589 589 588 586 352 374 383 385 349 6 12 6 15 12 24 212 212 212 213 214 596 771 663 727 722 176 186 196 209 187 1,760 1,747 1,759 1,776 1,745 1,649 1,615 1,637 1,689 1,614 302 302 299 293 304 26 25 25 25 23 538 538 538 537 536 492 504 516 517 475 9 9 17 4 1 2 6 179 180 181 180 180 575 722 597 696, 685 105 92 9 94 96 384 368 36. 362 335 6,158 6,113 6,09. 6,103 5,859 6,162 6,027 5,999 6,014 5,766 550 543 555 633 549 93 93 98 113 104 160 2,390 170 2,392 207 2,395 192 2,393 205 2,389 1,413 1,456 1,441 1,471 1,346 85 60 122 117 174 404 407 394 381 368 29 26 29 28 28 111 116 119 119 104 1,348r l,30. 1,321 1,314 1,293 ,436 ,379 ,402 ,410 ,358 114 113 109 110 111 17 19 19 18 17 462 462 462 462 461 612 635 629 612 564 3 13 1 3 214 210 220 207 199 12 11 1 12 13 86 85 83 87 80 815 807 792 797 768 773 743 751 754 712 145 156 13 138 154 11 12 12 18 12 250 250 250 250 250 505 508 503 498 491 30 26 29 28 30 285 297 303 314 269 1,808 1,784 1,807 1,811 1,752 ,768 ,716 ,737 777 1,708 261 259 256 253 248 26 45 29 28 27 380 380 380 380 380 471 481 481 478 459 33 32 33 32 33 274 1,848 261 1,836 268 1,845 314 1,869 276 1,835 1,844 1,829 1,813 1,865 1,799 163 179 176 185 181 40 39 34 51 38 ,740 ,754 ,715 ,799 ,774 130 109 123 122 126 29 307 293 322 6,804 6,712 6,768 6,907 6,824 6,681 6,487 6,633 6,778 6,591 612 619 593 621 620 ,145 ,215 ,144 ,241 ,103 40 34 37 35 37 190 186 175 170 152 4,038 3,980 3,950 3,967 3,760 4,123 4,007 3,979 3,987 3,817 292 276 288 355 261 506 523 504 503 490 60 54 56 58 58 112 111 111 118 108 2,350 2,366 2,350 2,333 2,327 2,391 2,379 2,364 2,387 2,346 ,577 ,054 ,011 ,816 ,810 179 157 171 160 163 132 123 145 133 126 17,481 17,441 17,711 17,003 16,922 17,887 17,686 17,778 17,544 17,255 495 491 466 502 469 43 38 44 41 44 104 131 115 120 106 2,111 2,090 2,081 2,070 2,034 2,222 2,168 2,150 2,186 2,080 755 809 778 758 757 83 78 80 80 82 162 158 152 175 148 3,000 3,057 2,994 2,962 2,988 492 483 500 495 493 67 59 6. 62 61 166 158 168 169 150 452 451 455 452 431 44 39 43 40 45 ,685 ,786 ,709 ,786 ,625 120 119 117 113 115 48 41 45 48 46 32 31 33 5 5 6 7 5 5 5 5 668 671 3,030 671 2,582 3,138 2,879 170 171 170 170 171 478 649 539 620 582 291 294 296 280 264 97 97 97 97 97 293 362 343 373 362 4 4 4 4 4 769 774 771 774 723 186 186 186 186 187 642 787 677 785 762 343 344 340 343 343 43 43 43 42 46 546 539 540 553 521 191 191 191 192 193 605 611 598 665 739 225 237 221 239 216 126 4,912 137 4,927 155 4,917 150 4,901 154 4,894 210 210 212 213 221 427 448 455 473 445 11 14 3 1 1 676 2,300 679 2,795 680 2,391 47 48 49 55 48 ,199 ,201 ,202 ,201 ,199 38 38 38 38 38 1,051 1,086 1,070 1,096 1,002 84 59 120 117 171 449 1,632 2,025 1,696 451 2,043 451 1,900 2,556 2,450 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 Debits to demand deposit accounts except interbank and U. S. Government accounts. * See note on preceding page. APRIL 1948 425 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Commercial paper Total out- 1 outstanding standing End of month 1947—January February March April May 236 June July August September October . .. November December 241 Held by Accepting banks Total Own bills 183 85 243 266 230 228 171 170 256 250 234 244 244 215 189 183 187 206 154 130 132 148 158 242 283 287 287 1948—January February 290 301 219 237 245 261 262 253 Based on 168 180 188 197 188 174 Federal Reserve Banks Others Bills (For own bought account) 98 76 75 58 95 95 71 67 69 75 71 59 58 83 63 63 74 87 83 83 76 88 85 97 112 109 85 79 103 94 4 2 (') 61 59 50 39 48 47 55 56 64 74 79 Imports into United States Exports from United States 172 35 164 158 Dollar exchange 42 45 46 45 47 140 144 147 159 168 168 United States Foreign countries 27 (2) 24 27 8 7 (S) 25 21 20 21 20 7 8 5 6 7 6 11 10 (2) 35 36 140 118 111 115 133 Goods stc red in or shipped between poin ts in (2) 1 42 54 61 63 2 4 3 3 53 43 1 2 24 23 25 25 9 11 13 17 27 24 1 As reported by dealers; includes some finance company paper sold in open market. 2 Less than $500,000. Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427. CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month Debit Debit Customers' balances in balances in firm partners' debit balances investment investment and trading and trading (net)i accounts accounts Credit balances Customers' credit balances1 Cash on hand and in banks Money borrowed2 Free Other (net) Other credit balances In firm In partners' capita] investment investment In and trading and trading accounts (net) accounts accounts 1939-^June December.. 1940—June December.. 834 906 653 677 25 16 12 12 73 78 58 99 178 207 223 204 570 637 376 427 230 266 267 281 70 69 62 54 21 23 22 22 6 7 5 5 280 277 269 247 1941—June December.. 1942—June December.. 1943—June December.. 1944 —June December... 1945—June December... 1946—June December... 616 600 496 543 761 788 887 1,041 1,223 1,138 809 537 11 3 9 7 9 11 5 7 11 12 7 5 89 86 86 154 190 188 253 260 333 413 399 311 186 211 180 160 167 181 196 209 220 313 370 453 395 368 309 378 529 557 619 726 853 795 498 217 255 289 240 270 334 354 424 472 549 654 651 693 65 63 56 54 66 65 95 96 121 112 120 118 17 17 16 15 15 14 15 18 14 29 24 30 7 5 4 4 7 5 11 8 13 13 17 10 222 213 189 182 212 198 216 227 264 299 314 289 1947—March..... . April May June July August September. . October November. . December... 8 576 3 553 3 530 552 8 564 8 550 8 570 8 606 8 593 578 8216 8 205 3 201 222 8 251 8 241 8 280 8 257 8 247 240 8677 »665 8 652 650 8 677 8 656 8 630 8616 8617 612 162 24 9 271 176 23 15 1948—January.... February. . . 3 568 8 537 8217 3 208 8 622 8 596 6 333 395 7 315 393 273 1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'2 own partners. Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). 3 As reported to the New York Stock Exchange. According to these reports, the part of total customers' debit balances represented by balances secured by U. S. Government securities was (in millions of dollars): December, 61; January, 56; February, 57. NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See Banking and Monetary Statistics, Table 143, pp. 501-502, for monthly figures prior to 1942, and Table 144, p. 503, for data in detail at semiannual dates prior to 1942. 426 FEDERAL RESERVE BULLETIN OPEN-MARKET MONEY RATES IN NEW YORK CITY [Per cent per annum] Year, month, or week Prime commercial paper, 4- to 6months1 u. s. Government security yields Prime Stock exbank- change 9-to 12ers' call accept- loan month to 5ances, 3certifi- 3-year re90 1 newmonth cates taxable days 2 bills 3 of inals debted- issues ness .75 1945 average . . . .81 1946 average 1.03 1947 average .44 .61 .87 1.00 1.16 1.38 .375 .375 .604 .81 .82 .88 1.18 1.16 1.32 1947—March April May June July August.... September. October. . . November. December.. 1.00 1.00 1.00 1.00 1 00 1.00 1.06 1.06 1.06 1.19 .81 .81 .81 .81 .81 .88 .94 .94 .94 .376 .376 .376 .376 .748 .804 .857 .932 .950 .82 .83 .85 .85 .85 .85 .87 .97 .99 1.03 1.38 1.38 1.38 1.38 1.38 1.38 1.38 1.38 1.38 1.38 1.04 1.24 1 24 1.27 1.29 1.33 1.31 1.28 1.35 1.47 1.54 1948—January... February.. March 1.31 1.38 1.38 1.06 1.06 1.06 1.50 1.50 1.50 .977 .996 .996 1.09 1.10 1.09 1.63 1.63 1.60 1H .997 .997 .996 .996 .996 1.09 1.09 1.09 1.09 1.09 1.63 1.62 1.62 1.60 1.58 Week ending: Feb. 28... . Mar. 6 . . . . Mar. 13 Mar. 20 Mar. 27 IN IN IN IN i% 11/16 11/16 11/16 11/16 11/16 703 4 1 8 COMMERCIAL LOAN RATES AVERAGE OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES [Per cent per annum] Total 19 cities New York City 7 other Northern and Eastern cities 11 Southern and Western cities average1 average average average average average average average average average 2.53 2.78 2.63 2.54 2.61 2.72 2.59 2.39 2.34 2.28 1.69 2.07 2.04 1.97 2.07 2.30 2.11 1.99 1.82 1.81 2.75 2.87 2.56 2.55 2.58 2.80 2.68 2.51 2.43 2.33 3.26 3.51 3.38 3.19 2.73 2.85 2.76 1944—March June September. December. 2.63 2.63 2.69 2.39 2.10 2.23 2.18 1.93 2.75 2.55 2.82 2.61 3.12 3.18 3.14 2.65 1945—March June September. December. 2.53 2.50 2.45 2.09 1.99 2.20 2.05 1.71 2.73 2.55 2.53 2.23 2.91 2.80 2.81 2.38 1946—March June September. December. 2.31 2.41 2.32 2.33 .75 .84 .83 .85 2.34 2.51 2.43 2.43 2.93 2.97 2.75 2.76 1947—March June September. December. 2.31 2.38 2.21 2.22 .82 .83 .77 .82 2.37 2.44 2.25 2.27 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 Monthly figures are averages of weekly prevailing rates. 1948—March 2.52 2.09 2.46 The average rate on 90-day stock exchange time loans was 1.50 2.83 per8 cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent. Rate on new issues offered within period. 1 4 Prior to March 1939 figures were reported monthly on a basis not Beginning Dec. 15 includes the following bond issues: 2 per cent, strictly comparable with the current quarterly series. September 1951-53; 2 per cent, December 1951-55; and 2Y% Per cent, March 1952-54. Backfigures.—SeeBanking and Monetary Statistics, Tables 124-125, Back figures.—See Banking and Monetary Statistics. Tables 120-121, pp. 463-464; for description, see pp. 426-427. pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. BOND YIELDS 1 [Per cent per annum] U. S. Government (taxable) Year, month, or week 7 to 9 years Number of issues 15 years and over Corporate (Moody's)4 Municipal (highgrade) 2 Corporate (highgrade) 3 By groups By ratings Total Aaa Baa Aa Industrial Railroad Public utility 1-5 1-8 15 10 30 30 30 30 40 40 40 1.60 1.45 '1.59 2.37 2.19 2.25 1.67 1.64 2.01 2.54 2.44 2.57 2.87 2.74 2.86 2.62 2.53 2.61 2.71 2.62 2.70 2.87 2.75 2.87 3.29 3.05 3.24 2.68 2.60 2.67 3.06 2.91 3.11 2.89 2.71 2.78 1.52 1.53 1.53 1.56 1.57 1.54 1.53 1.58 1.72 M.86 2.19 2.19 2.19 2.22 2.25 2.24 2.24 2.27 2.36 2.39 2.02 1.98 1.95 1.92 1.91 2.79 2.78 2.79 2.81 2.80 2.80 2.85 2.95 3.02 3.12 2.55 2.53 2.53 2.55 2.55 2.56 2.61 2.70 2.77 2.86 2.64 2.63 2.63 2.64 2.64 2.64 2.69 2.79 2.85 2.94 2.80 2.81 2.82 2.83 2.35 2.49 2.49 2.49 2.50 2.51 2.51 2.57 2.68 2.75 2.86 2.95 3.01 3.16 3.15 3.16 3.17 3.21 3.18 3.17 3.23 3.35 3.44 3.52 2.61 2.60 2.60 2.60 2.62 2.63 2.67 2.76 2.84 2.92 3.02 3.03 3.05 3.10 3.06 3.03 3.09 3.22 3.30 3.42 2.73 2.71 2.71 2.72 2.72 2..72 2..78 2..87 2..93 3.02 1948—January February March 2.09 2.08 2.03 2.45 2.45 2.45 2.45 2.55 2.52 2.85 2.84 2.81 3.12 3.12 3.10 2.86 2.85 2.83 2.94 2.93 2.90 3.17 3.17 3.13 3.52 3.53 3.53 2.91 2.90 2.89 3.44 3.43 3.40 3.03 3.03 3.01 Week ending: Feb. 28 Mar. 6 Mar. 13 Mar. 20 Mar. 27 2.06 2.05 2.06 2.03 2.01 2.45 2.45 2.45 2.45 2.44 2.55 2.57 2.55 2.52 2.50 2.81 2.81 2.81 2.81 2.80 3.10 2.83 2.83 2.83 2.84 2.83 2.91 2.91 2.90 2.91 2.90 3.15 3.14 3.13 3.13 3.13 3.52 3.53 3.53 3.53 3.54 2.89 2.89 2.89 2.89 2.89 3.42 3.42 3.41 3.41 3.40 3.01 3.01 3.00 3.01 3.01 1945 average 1946 average 1947 average 1947—March April May June July August September October November December 1 2 4 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 3 Standard and Poor's Corporation. U. S. Treasury Department. Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced from 10 to 5 and 9 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 6, 6, and 8 issues, respectively. 5 Revised beginning Dec. 15, 1947, to include the following issues: iy2 per cent, March 1956-58; and 2}4 per cent, September 1956-59. Revised figures for weeks not shown are available upon request. Backfigures.—SeeBanking and Monetary Statistics, Tables 128-120, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. APRIL 1948 427 SECURITY MARKETS * Stock prices5 Bond prices Corporate * Year, month, or week 1946 average 1947 average 1947—March April May June July August September October November December 194g—January February March Municipal (highgrade) 8 Highgrade Medium- anc1 lower-grade Total Industrial Railroad Preferred6 DePublic faulted utility Common (index, 1935-39 = 100) Volume of trading7 (in thousands of IndusRailPublic shares) Total trial road utility 15 15 50 10 20 20 15 15 402 354 20 28 102.04 139.6 104.77 140.1 103.76 132.8 122.1 123.4 121.5 117.9 118.5 115.2 122.2 123.6 122.4 115.1 117.0 109.9 116.3 114.9 113.3 75.4 76.7 67.1 189.1 198.5 184.7 122 123 137 106 140 143 123 128 143 120 104.61 104 57 104.48 104.08 103 75 103.89 103.95 103 44 102.11 101 59 132.5 133 2 133.9 134.4 134 7 134.3 134.4 132 5 129.4 126 2 122.4 122.8 122.9 122.8 122.5 122.3 121.5 120.0 118.8 117 0 116.6 116.5 115.0 114.3 115.7 116.1 115.1 114.0 113.3 112.5 123.7 123 5 123.2 122.6 122.8 123.9 121.9 120.8 120.0 119.1 113.6 113.2 109.2 107.3 110.5 110.4 109.3 106.9 105.1 104.6 112.5 112.7 112.5 113.0 113.8 113.9 114.1 114 3 114.7 113 9 66.0 64.0 61.9 63.4 69.6 69.6 68.6 69.4 68.1 188.1 186.5 186.2 186.2 188.4 188.7 188.3 181.2 174.5 172.1 124 119 128 123 110 102 107 105 841 912 115 119 126 125 119 124 132 130 95 98 912 833 123 125 124 122 128 131 130 129 104 104 100 104 102 101 102 101 102 101 97 94 763 1,136 862 1,170 100.70 124.5 100.70 122.6 100.78 123.1 117.4 117.5 118.0 112.4 112.4 112.1 118.9 119.3 119.1 104.6 103.8 103.7 113.7 114.1 113.5 169.5 '167.5 170.0 120 114 116 126 119 122 107 102 105 95 93 93 895 857 974 11.7.8 117.8 118 0 118.0 118.0 112.3 112.3 112.2 112.0 111.9 119.3 119.3 118.8 119.1 119.1 103.5 103.5 103.5 103.7 104.0 114.2 114.2 114 2 113.1 112.6 167.9 168.3 169.9 169.9 171.6 114 115 119 120 102 104 92 92 703 709 114 113 119 119 118 125 103 102 107 93 92 94 1,088 1,297 1-8 Number of issues Week ending: Feb. 28 Mar. 6 Mar 13 Mar. 20 Mar. 27 U. S. Government2 100.71 100.73 100.72 . . . . 100.75 100.83 122.6 122.3 122 6 123.1 123.5 8 105 105 1,443 1,390 953 103 1,158 674 738 ' Revised. i Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures. J Average of taxable bonds due or callable in 15 years and over. a Prices derived from average yields, as computed by Standard and Poor's Corporation, on basis of a 4 per cent 20-year bond. 5 *6 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation. Standard and Poor's Corporation. Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend. 7 Average daily volume of trading in stocks on the New York Stock Exchange. 8 Series discontinued beginning Dec. 1, 1947. Average for 1947 based on figures for 11 months. Back figures.—See Banking and Monetary Statistics, Tables 130, 133, 134, and 136, pp. 475, 479, 482, and 486, respectively, and BULLETINS for May 1945, pp. 483-490, and October 1947, pp. 1251-1253. NEW SECURITY ISSUES [In millions of dollars For new capital Year or month 1939 1940... 1941 1942 1943 1944 1945 1946 1947 Total (new and refunding) Domestic Total (domestic and forTotal eign) State and municipal Federal agen-1 cies Total Domestic Corporate Foreign2 Bonds and Stocks notes 383 287 97 924 5,790 2,277 2,239 931 751 736 601 135 461 4,803 1,951 1,948 1,062 889 173 5,546 2,854 2,852 518 1,272 342 624 506 118 108 2,114 1,075 1,075 176 642 640 374 282 92 90 2,169 913 896 235 646 422 224 15 4,216 471 607 657 26 1,264 8,006 1,772 1,761 127 3,556 2,084 1,472 8,645 4,645 4,635 952 203 '4,708 '3,493 '1,215 39,608 37,448 ''7,136 2,225 304 302 1947—February. 462 636 615 March. . . 856 April 891 785 778 May 702 348 333 June 1,038 745 '740 July 3 1,033 »863 619 August. . . 517 326 326 September 785 621 621 October. . 813 713 713 November 705 571 571 December 1,160 1,029 1,024 1948—January . . February. For refunding 541 857 495 802 495 801 97 293 402 106 212 124 185 277 114 101 99 34 12 114 217 16 39 15 15 12 8 85 170 311 376 212 '514 483 132 258 599 470 925 127 267 241 80 '430 311 121 175 410 336 780 44 44 136 132 83 172 11 84 189 134 144 365 546 323 368 41 178 38 2 1 Total (domestic and foreign) Total State and municipal 195 1,537 482 344 435 698 181 440 259 497 404 418 324 912 208 734 44 422 3,513 2,852 2,693 1,039 1,527 3,303 6,234 4,000 2,160 3,465 2,852 2,689 1,039 1,442 3,288 6,173 3,895 1,983 56 191 101 354 255 170 191 165 101 134 130 1 2 3 1 2 11 3 5 158 220 106 354 293 170 191 165 101 134 130 1 46 56 46 56 2 17 12 10 ••68 2 21 7 15 '5 Federal agen-1 cies Total Corporate Foreign2 Bonds and Stocks notes 1,733 1,596 2,026 1,834 1,557 1,430 407 418 603 685 2,466 2,178 4,937 4,281 2,953 2,352 1,517 1,236 5 2 2 24 50 20 33 38 40 40 42 20 48 45 31 140 78 319 214 118 147 122 76 84 83 8 136 44 229 165 107 140 113 51 78 80 2 3 42 39 3 14 3 13 137 193 126 11 82 288 656 601 281 48 4 86 15 61 105 177 22 101 29 4 34 5 91 48 " 3 8 11 7 9 25 6 3 1 r Revised. Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. Includes issues of noncontiguous U. S. Territories and Possessions. • Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures.—See Banking and Monetary Statistics, Table 137, p. 487. 1 2 428 FEDERAL RESERVE BULLETIN NEW CORPORATE SECURITY ISSUES 1 PROPOSED USES OF PROCEEDS, ALL ISSUERS [In millions of dollars] Proposed uses of net proceeds Estimated gross proceeds2 Year or month Estimated net proceeds8 New money Total 1934 . 1935 1936 1937 1938 1939 1940 . . . 1941. 1942 1943 1944 1945 1946 1947 .... 1947—February March April May June July August September October November December Plant and equipment Retirement of securities Working capital Total Bonds and notes Preferred stock Repayment of other debt Other purposes 397 2,332 4,572 2,310 2,155 2,164 2,677 2,667 1,062 1,170 3,202 6,011 6.900 6,221 384 2,266 4,431 2,239 2,110 2,115 2,615 2,623 1,043 1,147 3,142 5,902 6.757 6,111 57 208 858 991 681 325 569 868 474 308 657 1,080 3,279 4,270 32 111 380 574 504 170 424 661 287 141 252 638 2,115 3,224 26 96 478 417 177 155 145 207 187 167 405 442 1,164 1,046 231 1,865 3,368 1,100 1,206 1,695 1,854 1,583 396 739 2,389 4,555 2,868 1,378 231 1,794 3,143 911 1,119 1,637 1,726 1,483 366 667 2,038 4,117 2,392 1,191 71 226 190 87 59 128 100 30 72 351 438 476 187 84 170 154 111 215 69 174 144 138 73 49 134 379 310 26 19 28 35 27 47 133 231 153 265 450 449 446 738 601 248 441 622 561 1,078 260 442 441 437 727 588 245 434 612 547 1,063 205 285 254 180 498 435 118 244 510 425 932 105 153 101 109 426 370 99 179 388 354 800 101 132 153 71 72 64 19 65 122 71 132 34 121 85 232 207 112 104 154 33 81 93 18 110 80 198 164 103 102 154 15 74 91 16 11 5 34 43 9 3 1 18 7 2 15 31 98 19 15 17 16 9 45 22 12 5 5 3 7 6 24 6 26 24 18 26 >-346 563 ••340 544 ••294 501 '193 266 '101 235 6 25 6 13 12 '26 18 14 1 1948—January February 11 23 49 36 7 PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS [In millions of dollars] Year or month 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 338 54 182 319 361 228 24 85 115 253 120 54 558 110 30 97 186 108 47 32 15 21 57 139 46 102 115 129 114 500 1,320 571 283 240 35 g 12 17 37 28 7 9 17 15 28 2 1 28 22 160 602 1,436 704 May Real estate and financial Total Total Total Retire- All Retire- All Total Retire- All Retire- All net net New ment of other net New ment of other net New ment of other New ment of other pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- purposes ceeds ceeds poses ties ties ties ties poses* ceeds poses ceeds 172 120 774 1947—February March April Industrial Public utility Railroad June . . . July August. . . . September. October . . . November. December.. 23 5 35 37 20 23 4 31 37 20 1948—January February... 23 34 23 34 31 10 77 1 18 3 8 11 30 63 89 180 43 245 317 464 145 469 22 1,400 40 2,291 69 2,129 785 3,121 2,122 67 2 332 93 225 536 6 307 22 2 4 130 1,250 ,987 751 1,208 L,246 1,180 .340 47 140 306 303 277 493 223 30 31 353 234 28 157 280 245 480 164 111 149 98 77 1,190 1,897 611 943 1,157 922 993 292 423 1,343 2,159 1,252 42 30 27 50 86 47 13 30 27 25 17 63 93 923 76 18 2 62 774 25 74 34 550 1,280 439 761 616 373 1,079 469 226 831 353 584 188 167 961 738 463 244 828 527 293 89 228 199 497 454 504 1,033 1,969 811 1,010 3,601 2,201 981 2,429 1,740 364 119 94 8 2 150 80 90 136 43 56 121 20 122 390 19 4 20 7 7 88 9 18 4 42 65 64 7 1 5 104 21 71 76 148 419 21 107 206 323 325 279 169 56 54 16 66 58 6 8 2 4 107 61 179 181 2 2 16 2 90 328 165 141 52 204 129 96 5 24 26 26 33 99 10 19 9 3 10 21 1 3 5 21 68 4 239 175 43 14 3 95 136 8 31 11 16 13 16 1 1 79 71 259 213 496 65 45 193 129 422 21 9 13 20 49 56 6 13 45 35 18 2 51 16 21 54 2 38 7 15 9 6 12 9 1 '70 353 13 '25 17 57 16 52 15 '95 383 72 152 57 8 9 42 55 4 13 61 85 164 146 71 16 102 155 94 46 218 4 3 56 95 5 1 1 4 1 26 10 9 8 5 19 5 1 ' Revised. 1 Estimates of new issues sold for cash in the United States. Gross proceeds are derived by multiplying principal amounts or number of units by offering price. Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and 4 expenses. Includes repayment of other debt and other purposes. Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics (Table 138, p. 491), a publication of the Board of Governors. 2 3 APRIL 1948 429 QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS INDUSTRIAL CORPORATIONS [In millions of dollars! Profits and dividends Net profits, 1 by industrial groups Dividends Manufacturing and mining Year or quarter Total 629 Number of companies. Annual 1939 1940 1941 1942 1943 1944 1945 1946 1947 ... . ? ,465 1,818 2,163 1,769 1,800 . . . . 1,806 1,925 . . n , 545 3,692 2 3 4 47 69 15 146 115 223 278 158 242 Other transportation equipment Nonferrous metals and products 68 77 ir>2 liQ 173 133 274 209 201 222 243 130 416 227 182 180 190 169 127 218 492 508 439 485 49 53 37 49 38 42 35 47 63 77 46 58 323 604 698 « 853 22 67 96 97 -19 49 32 "61 869 868 906 1,048 126 99 90 111 69 83 76 99 4 1947—i Automobiles 193 159 165 174 163 3 171 327 3 ... Machinery 325 226 204 194 188 283 435 Quarterly 1945—i 2 1946—1 2 3 4 Iron and steel Other durable goods Oil Foods, producIndusbevering trial ages, and chemiand cals tobacco refining 75 49 70 151 98 88 148 112 45 Other nondurable goods MiscellaNet 1 neous profits serv-2 Preferred ices Coramen 30 80 74 152 152 152 186 134 122 90 564 194 160 132 187 136 149 147 154 30? 377 152 161 171 184 203 371 311 847 1,028 1,137 888 902 970 989 •t .139 1,786 669 357 207 164 170 187 187 273 345 90 174 152 186 220 223 28* 478 92 88 86 86 85 82 89 705 552 556 611 612 657 837 21 20 26 45 46 50 58 62 64 61 37 48 45 43 51 39 38 37 40 45 47 53 58 250 269 224 246 20 22 21 22 142 145 143 182 20 26 41 50 12 37 41 8 57 65 74 93 124 56 62 77 85 63 66 67 77 62 71 77 91 82 80 93 66 116 250 310 8 415 20 21 20 21 146 153 149 209 47 46 45 53 50 57 59 70 98 64 85 111 90 111 123 155 89 87 81 88 96 92 03 96 63 71 84 93 426 432 432 497 20 23 22 23 177 192 190 278 153 13S 128 115 108 136 191 113 90 83 88 88 » 16s? 236 • 50 4 47 4 36 *36 31 27 23 27 ~34 21 42 102 « -5 4 51 <38 4 44 94 105 103 115 4 49 4 54 <58 457 7\ 159 15! 162 175 199 PUBLIC UTILITY CORPORATIONS [In millions of dollars] Year or quarter Annual 1939 1940 1941 1942 1943 1944 1945 1946 1947 . I945—1 Quarterly 2 3 4 1946—1 2 3 4 . 1947__1 2 3 4 Operating revenue Income before income tax 8 3,995 4,297 5,347 7,466 9,055 9,437 8,902 7,627 8,685 126 249 93 189 126 159 674 1,658 2,211 1,972 756 273 778 500 902 873 186 202 217 2,277 2,422 2,230 1,973 Net income1 Telephone 7 Electric power • Railroad « Dividends Operating revenue Income before income tax 8 Net income1 Dividends Operating revenue 629 692 535 548 774 847 913 527 490 502 444 447 480 246 246 235 236 2,647 2,797 3,029 3,216 3,464 3,615 3,681 '3,814 4,236 902 905 '970 961 507 534 '647 652 398 407 '456 470 1,067 1.129 1,235 1,362 1,537 1,641 1,803 1 .992 2,149 430 514 237 -426 149 199 127 -25 31 68 28 118 966 909 888 917 288 230 205 181 142 125 119 148 101 95 96 115 1,869 1 ,703 2,047 2,008 39 -57 161 130 14 -45 128 191 56 52 41 85 '967 '919 '931 '998 '303 '225 '212 '229 196 151 '143 '157 2,039 2,111 2,177 2,357 '166 '189 '184 239 ••89 121 '112 157 r44 '52 '38 103 1,075 1,028 1,024 1,109 289 247 106 228 191 166 135 160 667 450 28Q 437 408 410 Income before Net income income1 tax* Dividends 227 248 191 194 175 178 271 302 374 178 163 180 172 163 168 399 396 277 192 174 177 200 131 168 173 171 133 436 444 449 474 115 109 103 70 46 45 44 43 41 44 43 46 107 '109 '109 '130 475 497 502 519 84 75 56 62 54 53 44 49 43 43 43 42 115 115 111 129 527 478 555 589 67 29 38 58 44 21 27 39 40 '32 '32 30 'Revised * "Net profits" and "net income" refer to income after all charges and taxes and before dividends. 2 includes 29 companies engaged in wholesale and retail trade (largely department stores), 13 in the amusement industry, 21 in shipping and transportation other than railroads (largely airlines), and 11 companies furnishing scattered types of service. * Net profits figures for the year 1946 include, and those for the fourth quarter exclude, certain large extraordinary year-end profits in the following amounts (in millions &of dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49. 4 Partly estimated. Class I line-haul railroads, covering about 95 per cent of all railroad operations, 6 Class A and B electric utilities, covering about 95 per cent of all electric power operations. Figures include affiliated nonelectric operations. 7 Thirty large companies, covering about 85 per cent of all telephone operations. Series excludes American Telephone and Telegraph Company,8 the greater part of whose income consists of dividends received on stock holdings in the 30 companies. After all charges and taxes except Federal income and excess profits taxes. Sources.—Interstate Commerce Commission for railroads; Federal Power Commission for electric utilities (quarterly figures on operating revenue and on income before income tax are partly estimated); Federal Communications Commission for telephone companies (except dividends); published reports for industrial companies and for telephone dividends. Figures for the current and preceding year subject to revision. For description of data and back figures, see pp. 214-217 of the BULLETIN for March 1942 and also p. 1126 of the BULLETIN for November 1942 (telephone companies) and p. 908 of the BULLETIN for September 1944 (electric utilities). 430 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES [On basis oi daily statements of United States Treasury. In millions of dollars] Marketable public issues * Nonmarketable public issues Noninterest bearing debt Fully guaranteed interestbearing securities 6,120 6,982 7,885 9,032 10,871 12,703 14,287 16,326 18,812 20,000 22,332 24,585 574 487 454 862 1,316 1,370 1,460 1,739 2,326 2,421 1,311 1,500 6,360 6,317 4,548 4,283 4,092 4,225 1,516 1,470 409 553 467 331 5,443 5,477 5,525 5,560 ,592 5,642 5,531 5,618 5,534 5,384 25,183 25,280 26,186 27,366 28,516 29,220 29,520 29,447 29,517 28,955 3,324 3,275 3,368 3,173 3,127 2,987 3,038 2,801 2,621 2,695 175 171 171 83 74 73 7D 78 83 76 5,403 5,327 5,100 29,148 29,246 29,272 2,616 2,505 2,356 72 74 73 Total gross direct debt Total interestbearing direct debt 1941—June. Dec. 1942—June. Dec. 1943—June. Dec. 1944—June. Dec. 1945—June. Dec. 1946—June. Dec. 48,961 57,938 72,422 108,170 136,696 165,877 201,003 230,630 258,682 278,115 269,422 259,149 48,387 57,451 71,968 107,308 135,380 164,508 199,543 228,891 256,357 275,694 268,111 257,649 37,713 41,562 50,573 76,488 95,310 115,230 140,401 161,648 181,319 198,778 189,606 176,613 1,603 2,002 2,508 6,627 11,864 13,072 14,734 16,428 17,041 17,037 17,039 17.033 3,096 10,534 16,561 22,843 28,822 30,401 34,136 38,155 34,804 29,987 5,698 5,997 6,689 9,863 9,168 11,175 17,405 23,039 23,497 22,967 18,261 10,090 30,215 33,367 38,085 49,268 57,520 67,944 79,244 91,585 106,448 120,423 119,323 119,323 4,555 8,907 13,510 21,788 29,200 36,574 44,855 50,917 56,226 56,915 56,173 56,451 4,314 6,140 10,188 15,050 21,256 27,363 34,606 40,361 45,586 48,183 49,035 49.776 2,471 3,015 6,384 7,495 8,586 9,557 9,843 10,136 8,235 6,711 5,725 1947—Mar.. Apr... May. June. July.. Aug.. Sept... Oct... Nov.. Dec. . 259,124 257,701 258,343 258,286 259,448 260,097 259,145 259,071 258,212 256,900 255,800 254,427 254,975 255,113 256,321 257,110 256,107 256,270 255,59? 254,205 172,462 170,535 169,926 168,702 168,509 168,390 167,946 167,109 166,404 165,758 17,038 16,610 16,002 15,775 15,756 15,735 15,725 15,732 15,335 15,136 27,792 26,294 26,294 25,296 25,122 25,025 24,894 24,808 24,501 21,220 8,142 8,142 8,142 8,142 8,142 8,142 7,840 7,840 7,840 11,375 119,323 119,323 119,323 119,323 119,323 119,323 119,323 118,564 118,564 117,863 58,156 58,612 58,863 59,045 59,296 59,499 58,640 59,714 59,670 59,492 50,945 51,117 51,240 51,367 51,552 51,664 51,759 51,897 52,008 52,053 1948—Tan... Feb.. Mar.. 256,574 254,605 252,990 253,958 252,100 250,634 164,917 162,759 161,339 14,838 14,438 13,945 20,677 18,920 20,331 11,375 11,375 11,375 117,863 59,893 117,863 60,095 115,524 60,023 52,479 52,793 52,988 End of month Total 2 CertifiTreasury cates of Treasury Treasury Total 2 bonds indebtnotes bills edness Special U.S. Treasury and issues savings tax bonds savings notes 1 Including amounts held by Government agencies and trust funds, which aggregated 5,500 million on Feb. 29, 1948. * Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service, depositary, Armed Forces Leave bonds, and 2>£ per cent Treasury investment bonds, series A-1965, not shown separately. Back figures.—See Banking and Monetary Statistics, Tables 146-148, pp. 509-512. UNITED STATES SAVINGS BONDS [In millions of dollars] UNITED STATES GOVERNMENT MARKETABLE PUBLIC SECURITIES OUTSTANDING MARCH 31, 1948 [On basis of daily statements of United States Treasury. of dollars] In millions Month Issue and coupon rate Treasury bills 1 Apr. 1, 1948 Apr. 8, 1948 Apr. 15, 1948 Apr. 22, 1948 Apr. 29, 1948 May 6, 1948 May 13, 1948 May 20, 1948 May 27, 1948 June 3, 1948 June 10, 1948 June 17, 1948 June 24, 1948 1,304 1,305 1,003 1,003 1,001 903 1,000 1,001 1,106 1,101 1,101 1,107 1,009 Cert, of indebtedness Apr. 1, 1948. 1948 pi June July , 1948Ser."F" pi July , 1948Ser."G" % July . 1948 Ser."H" % Oct. , 1948 Ser."J" 1 Oct. ,1948Ser."K" 1 Jan. , 1949 1}4 Feb. , 1949 Mar. 1, 1949 1 Treasury notes Sept. 15, 1948 Oct. 1, 1948 Jan. 1, 1949 Treasury Bonds June 15, 1948 Amount I 1 1 \% Sept. 15, 1948 2 2Y2 D e c 15, 1948-50 2 2 June 15, 1949-51 2 Sept. 15, 1949-51 2 Dec. 15, 1949-51 2 1 1,321 1,777 2,742 1,127 2,209 1,354 1,467 2,592 2,189 3,553 3,748 4,092 3,535 3,062 451 571 1,014 1,292 2,098 Issue and coupon rate Amount Treasury bonds—Cont. 491 Dec. 15, 1949-52 2..3 H 1,786 D e c 15, 1949-53 2..2K 1,963 Mar. 15, 1950-52 2 2 1,186 Sept. 15, 1950-52 ..2K 4,939 Sept. 15, 1950-52 2 2,635 D e c 15, 1950 W2 1,627 June 15, 1951-54 1.. 2 % 7,986 Sept. 15, 1951-53 2 755 Sept. 15, 1951-55 2 3 1,113 Dec. 15, 1951-53 2..2M 510 D e c 15, 1951-55 2 1,024 Mar. 15, 1952-54... 2}/2 5,825 June 15, 1952-54 2 1,501 Tune 15, 1952-55. . .2M 8,662 D e c 15, 1952-54 2 725 June 15, 1953-55 2 2 681 June 15, 1954-56 2..2M 2,611 Mar. 15, 1955-60 2 . . 2 ^ 1,449 Mar. 15, 1956-58... iy2 982 Sept. 15, 1956-59 2..2% 3,823 Sept. 15, 1956-59... 2Vi 2 919 June 15, 1958-63 . . 2 ^ 5,284 June 15, 1959-62 3 . . 2 ^ 3,470 Dec. 15, 1959-62 3..2\4 1,485 D e c 15. 1960-65 2..2M 2,118 June 15, 1962-67 K.2% 2,831 D e c 15, 1963-68 K.2Y2 3,761 June 15, 1964-69 3 . . 2 ^ 3,838 D e c 15, 1964-69 3 . . 2 ^ 5,197 Mar. 15, 1965-70 3..2Y2 3,481 Mar. 15, 1966-71 K.2H 7,967 June 15, 1967-72 \ .2V2 2,716 Sept. 15, 1967-72.. .2V2 3 11,689 Dec. 15, 1967-72 . . 2 K •*ostal Savings bonds 2K 5 a n a m a Canal L o a n . 3 114 50 Total direct issues.. .. 61,339 Guaranteed securities Federal Housing Admin. Various 28 Sold on 2discount basis. See table on Open-Market Money Rates, p. 427. Partially tax exempt. » Restricted. APRIL 1948 Fiscal year ending: June—1940.. 1941.. 1942.. 1943. 1944. 1945. 1946. 1947. 1947—Mar.... Apr. . . . May. . June.. . July.. Aug... . Sept.... Oct Nov. . . Dec 1948—Tan.. . . Feb.. . . Mar.... RedempAmount Funds received from sales during tions and outperiod maturities standing atmonth end of All AH Series Series vSeries E F G series series 2,905 1,109 203 4,314 1,492 10,188 5,994 3,526 21,256 11,789 8,271 34.606 15,498 11,820 45,586 14,891 11,553 49,035 9,612 6,739 51.367 7,208 4,287 50,945 372 616 349 572 51,117 488 305 51,240 482 303 51,367 559 339 51,552 460 294 51,664 466 304 51,759 488 304 51,897 412 263 52,008 487 325 52,053 52.479 479 770 607 367 52,793 588 383 52,988 , ._. 435 758 802 679 407 360 *395' 2.032 2,759 2,876 2.658 2,465 2,561 35 33 25 24 27 21 21 22 17 24 44 40 30 209 191 158 157 193 144 142 162 131 137 24S 201 175 114 148 207 848 2,371 4.298 6,717 5,545 449 455 421 433 457 404 431 404 357 434 454 364 462 Maturities and amounts outstanding March 31, 1948 Year of maturity 1948 1949 .... 1950. 1951 1952 1953 1954 .... 1955 1956 1957 .... 1958 1959 1960 Unclassified. . Total All series Series C-D 386 820 990 386 820 990 433 1,552 4,210 7,479 9,734 8,484 6 236 6,236 3,708 2,539 Series Series 1,119 4,210 6,160 7,064 5,681 3 020 3,388 893 "265' 533 580 E 622 -10 52,988 2,629 31,535 F Series G i.iii ' 527 304 332 2,138 2,223 2 556 2,322 2,511 2,208 95 527 3,234 15,599 659 431 OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Estimates of the Treasury Department. Par value, in millions of dollars] Held by nonbank investors Held by banks Total interestbearing securities End of month Total Com- Federal mercial Reserve banks * Banks Individuals Total Insurance companies Mutual savings banks Other corporations and associations State and local governments U. S. Government agencies and trust funds Special Public 1940—June 1941—June December 1942—June December 1943—June December 1944—June December 1945—June December 1946—June December 1947—June 47 ,874 54 ,747 63 ,768 76 ,517 111 ,591 139 ,472 168 732 201 ,059 230 ,361 256 ,766 276 ,246 268 ,578 257 ,980 255 ,197 18,566 21,884 23,654 28,645 47,289 59,402 71,443 83,301 96,546 105,992 115,062 108,183 97,850 91,872 16,100 19,700 21,400 26,000 41,100 52,200 59,900 68,400 77,700 84,200 90,800 84,400 74,500 70,000 2,466 2,184 2,254 2,645 6,189 7,202 11,543 14,901 18,846 21,792 24,262 23,783 23,350 21,872 29,308 32,863 40,114 47,872 64,302 80,070 97,289 117,758 133,815 150,774 161,184 160,395 160,130 163,325 9,700 10,900 13,600 17,900 23,700 30,300 37,100 45,100 52,200 58,500 63,500 62,900 63,600 66,100 6,500 7,100 8,200 9,200 11,300 13,100 15,100 17,300 19,600 22,700 24,400 25,300 25,300 25,000 3,100 3,400 3,700 3,900 4,500 5,300 6,100 7,300 8,300 9,600 10,700 11,500 11.800 12,100 2,500 2,400 4,400 5,400 11,600 15,500 20,000 25,800 27,600 29,800 29,100 25,200 22,100 20,100 400 600 700 900 1,000 1,500 2,100 3,200 4,300 5,300 6,500 6,500 6,300 7,100 4,775 6,120 6,982 7,885 9,032 10,871 12,703 14,287 16,326 18,812 20,000 22,332 24.585 27,366 2,305 2,375 2,558 2,737 3,218 3,451 4,242 4,810 5,348 6,128 7,048 6,798 6,338 5,445 1947—August September October November December 257,183 256,177 256,348 255,674 254,281 91,892 92,129 91,968 91,509 91,159 69,700 69,800 69,800 69,300 68,600 22,192 22,329 22,168 22,209 22,559 165,291 164,048 164,380 164,165 163,122 66,600 65,700 65,700 65,600 65,300 24,900 24,700 24,900 24,700 24,300 12,200 12,100 12,200 12,100 12,000 20,700 20,400 20,400 20,300 19,900 7,200 7,100 7,200 7,300 7,300 29,220 29,520 29,447 29,517 28,955 4,496 4,424 4,488 4,675 5,397 1948—January 254,030 90,825 68,900 21,925 163,205 65,400 24,100 12,000 19,900 7,200 29,148 5,452 1 Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 500 million on Dec. 31, 1947. SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED BY THE UNITED STATES * [Marketable public securities. In millions of dollars] End of month Total outstanding U. S. Govern- Fed- Com- Mumer- tual ment eral cial savagen- Recies serve banks ings banks and Banks 0 trust funds Insurance Other companies Type of security: Total:* 1945—Dec 1946—June Dec 1947—June.... Dec 1948—Jan Treasury bills: 1945—Dec 1946—June Dec 1947—June.... Dec 1948—Jan Certificates: 1945—Dec 1946—June Dec 1947—June.... Dec 1948—Jan Treasury notes: 1945—Dec... 1946—June Dec 1947—June.... Dec 1948—Jan Treasury bonds: 1945—Dec 1946—June.... Dec 1947—June.... Dec 1948—Jan 198, 820 189, 649 176, 658 168, 740 165, 791 164, 945 7,009 6,768 6,302 5,409 5,261 5,315 17, 037 1 7 , 039 17, 033 15, 775 1 5 , 136 14, 838 5 3 2 11 18 73 2 ,476 1 ,142 1 187 787 2 ,052 3 ,092 1 25 39 3 8 , 155 3 4 , 804 2 9 , 987 2 5 , 296 2 1 , 220 2 0 , 677 38 8,364 18 ,091 58 6,813 16 ,676 64 7,496 11 ,221 48 6,280 8 ,536 30 6,797 6 ,538 34 ,882 6 ,712 91 243 257 249 200 275 360 576 490 362 269 15 ,701 11 ,396 6 ,120 4 ,855 5 ,327 5 ,168 179 227 211 183 98 129 576 4,383 623 4,258 603 2,796 285 2,443 245 4,224 271 4,260 947 46 ,535 6,915 755 47 ,335 6,655 753 48 ,408 6,186 119 323 5,306 727 48 ,756 117 863 5,173 2,853 47 ,424 117 863 5,168 4,791 46 ,591 10 ,217 10 ,743 11 049 11 407 11 ,226 11 149 2 2 , 967 1 8 , 261 10, 090 8 , 142 11 375 11 375 120 423 119, 323 119, 323 8 9 6 7 4 4 24,262 82 ,830 23,783 76 ,578 23,350 66 ,962 21,872 62 ,961 22,559 61 ,370 21,925 61 ,588 12,831 14,466 14,745 14,496 11,433 9,709 2,120 1,748 355 369 1,477 1,543 10 11 11 11 11 11 491 220 521 845 552 593 3 23 24 24 23 22 22 183 285 346 969 895 657 51,046 47,015 44,177 42,684 42,154 41,867 1 1,723 1 1,424 11 1,088 1 479 154 1,454 357 1,568 11,211 10,439 10,459 9,821 7,386 351 7,423 22 230 23 073 23 226 23 305 22 ,213 21 655 33,579 30,764 29,700 29,822 28,974 28,499 End of month Treasury bonds and notes, due or callable: Within 1 year: 1945—Dec 1946—June Dec 1947—June.... Dec 1948—Jan 1-5 years: 1945—Dec 1946—June Dec 1947—June.... Dec 1948—Jan 5-10 years: 1945—Dec 1946—June Dec 1947—June.... Dec 1948—Jan 10-20 years: 1945—Dec 1946—June...-. Dec 1947—June.... Dec 1948—Jan After 20 years: 1945—Dec 1946—June Dec 1947—June.... Dec Total outstanding U. S. Govern- Fed- Com- Mu- Insurmer- tual ment eral agen- Recial sav- ance Other cies serve banks ings comand Banks C1) banks panies trust funds 1 5 , 222 10, 119 7, 802 1 1 , 255 14, 263 17, 798 185 4 29 83 69 69 3 5 , 376 3 5 , 055 3 9 , 570 4 2 , 522 4 9 , 948 4 6 , 413 408 443 576 469 344 344 3 3 , 025 3 2 , 847 2 7 , 283 1 8 , 932 10 270 10 270 787 716 529 423 370 370 2,017 9 ,956 1,431 5 ,655 72 4 ,341 251 6 ,936 1,693 8 ,244 1,759 9 ,465 693 797 831 698 25 ,165 25 ,285 28 ,470 29 ,917 1,377 33 ,415 1,825 31 ,454 210 135 72 40 426 494 21 ,007 21 ,933 16 ,657 11 ,577 6 ,090 6 ,053 3 ,691 3 ,308 2 ,433 2 ,587 5 ,003 4 ,788 34 37 32 40 54 54 985 189 384 352 757 757 90 2,779 83 3,400 78 2,975 78 3,374 834 4,393 4,389 2,255 24 22 22 14 781 372 372 405 2,764 2,103 2,084 964 57 57 55 29 63 116 181 374 266 343 235 495 591 420 316 423 2 , 761 2 , 418 2 , 591 3 , 191 3 , 675 5 , 739 701 709 1 ,047 1 ,574 1 ,876 1 ,908 1 ,742 1 ,506 2 101 2 ,671 3 ,046 2 ,941 6 , 673 6 , 319 6 , 550 193 9, 890 7, 941 2 ,058 2 ,902 6 , 063 1 ,609 2 ,822 5 , 632 2 ,042 2 ,826 5 , 156 1 ,245 2 ,002 3 , 645 576 880 1, 928 570 842 1, 941 5 ,523 6 ,026 5 ,303 6 ,751 8 ,606 10 ,996 12 ,547 11 ,708 15 ,137 18 ,211 8 ,457 17 ,730 2 ,418 2 ,051 6 ,933 2 ,550 2 ,510 6 ,325 2 ,632 2 ,687 6 ,602 2 ,593 1 ,649 3 ,358 1 1 . 905 1 1 . 829 9 , 886 12, 425 17 710 17 138 10 8 8 5 559 826 313 812 1948—Jan * Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings banks and the residual "other" are not entirely comparable from month to month. Figures in column headed "other" include holdings by nonreporting banks and insurance companies as well as by other investors. Estimates of total holdings (including relatively small amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above. 1 Including stock savings banks. 2 Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below. 432 FEDERAL RESERVE BULLETIN SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS [On basis of daily statements of United States Treasury. In millions of dollars] Period MisIn- War Income taxes 1 cella- Social ter- and neous Secu- Other Total Net deest fense inter- rity rererenal ceipts ceipts ceipts3 on activWithtaxes debt ities held2 Other revenue 1 Increase ( + ) or TransBudget Trust decrease (—) fers to Other Total surplus during period budget (+) or actrust excounts ac- pendi- expenddeficit etc.4 General counts tures itures Gross fund ) etc. debt balance Fiscal year ending: June 1945. . . 10,289 24,884 6,949 1,793 3,851 47 766 46,457 3,61790 ,501 1,646 4,633 100,397 June 1946. . . 9,392 21,493 7,725 1,714 3,953 44, 276 43,038 4,722 48,870 1,918 8,204 63,714 June 1947. . . 10,013 19,292 8,049 2,039 5,325 44,718 43,259 4,95817 ,279 1,355 18,914 42,505 682 785 3,865 1947—March 118 276 5,726 5,701 626 1,430 3,598 1 1,541 638 584 1,012 75 141 1,641 4,001 April 316 625 2,556 46 2,17 595 1,218 400 92 1,269 3,851 365 May 628 3,205 2,865 432 2,059 602 778 2,492 5,540 125 5,481 5,473 1,396 2,169 18 1,95 June 663 625 757 3,669 80 2,470 2,397 245 981 549 1,895 July 643 413 3,060 1,255 352 August 203 2,866 2,536 103 910 273 1,773 699 4,872 668 1,008 2,932 797 2,639 136 616 4 September. 9 1,246 782 2,445 644 702 258 2,456 2,390 15 1,154 71 October... 60 1,074 695 2,194 363 3,054 2,743 12 1,315 350 329 November. 20 1,112 936 76' 3,224 880 1,889 December.. 145 578 4,260 4,246 972 23 1,233 996 624 62,613 51 656 366 4,310 4,275 401 1,069 2,879 1948—January... 66 1,34 1,563 1,59 423 403 4,614 4,336 February.. 629 142 2,402 850 11 1,399 March 998 4,168 180 281 6,365 6,334 608 Pi,026 739 3,546 17 1,894 Details of trust accounts, etc. Social Security accounts Period Net receipts Net expenditures in checking acExcounts of Invest- pendiGovernments tures ment agencies -67 -1,272 -524 +1,940 -55 +549 +1,022 +1,396 + 1,934 +2,788 -524 -10,460 +10,740 - 5 4 8 -10,930 -11,136 -224 -2,294 -33 +269 - 2 , 5 9 8 - 1 , 4 2 3 -245 +99 +642 -758 -634 -57 - 2 3 9 +1,161 -129 +332 +206 +649 +552 -435 -953 +155 +283 -74 -172 +138 —859 -838 -1,312 -547 +482 +1,551 -326 -295 -330 -1,969 -139 +1,035 - 1 , 6 1 5 General fund of the Treasury (end of period) Other Receipts +791 +4,529 +57,679 -53,941 -20,676 +754 +2,102 -1,445 -987 Assets Investments Expenditures Total Deposits in Federal Reserve Banks Deposits in special depositaries Other assets Total liabilities Balance in general fund Fiscal year ending: June 1945.... June 1946.... June 1947.... 3,266 2,978 3,235 2,757 1,261 1,785 1,656 1,509 1,553 95 -196 3,820 4,735 3,009 2,444 2,407 1,577 -938 2,817 2,117 25,119 14,708 3,730 1,500 1,006 1,202 22,622 12,993 962 997 708 1,565 421 470 422 24,698 14,238 3,308 1947—March..:.. April May June July August September. October . . . November . December.. 85 158 591 247 633 574 66 164 524 80 201 5 159 476 398 150 272 24 274 119 136 135 127 139 155 135 125 124 108 116 -32 -60 -33 90 158 176 47 -216 128 57 207 197 327 477 153 400 180 168 160 153 17 32 456 305 46 281 24 14 17 25 2 -26 110 348 159 26 212 103 19 464 7,233 4,707 4,402 3,730 3,460 3,705 4,331 4,498 4,292 3,454 2,369 842 989 1,202 884 «749 1,091 1,393 1,290 866 3,292 2,317 1,807 962 958 1,362 1,618 1,437 1,417 968 ,571 ,548 ,607 ,565 ,617 •1,593 ,622 ,668 ,585 ,621 323 395 336 422 391 304 378 391 357 357 6,909 4,312 4,066 3,308 3,069 3,400 3,952 4,107 3,935 3,097 1948—January... February.. March 254 433 92 68 230 51 126 134 152 -283 111 54 313 189 185 21 28 28 154 374 131 5,042 4,664 5,692 2,256 1,571 1,972 959 1,434 1,972 ,828 ,658 1,749 394 346 339 4,648 4,318 5,353 480 r P Preliminary. Revised. 2 Details on collection basis given in table below. Withheld by employers (Current Tax Payment Act of 1943). »4 Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund. 6 6 Excess of receipts ( + ) or expenditures (—). Change in classification. Receipts are based on telegraphic rather than the usual mailed reports for this month; this accounts in part for the increase over January 1947. Back figures—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516. CASH INCOME AND OUTGO OF THE INTERNAL REVENUE COLLECTIONS UNITED STATES TREASURYi [In millions of dollars] [Or i basis of reports of collections. In millions of dollars] 1 Individual income taxes Period Withheld Fiscal year ending: June—1941 1942 1943 1944 1945 1946 1947. . . . 686 7,823 10,264 9,858 9,842 Other Corporation income and profits taxes Normal and surtax Excess profits 1,418 3,263 5,944 10,438 8,770 8,847 9,501 1,852 3,069 4,521 5,284 4,880 4,640 6,055 1,618 5,064 9,345 11,004 7,822 3,566 1,082 1,967 648 158 1,068 177 1,712 228 170 1,386 127 80 66 63 61 3 3 2 3 2 49 2 164 June. . . . July August September.. October November.. December. . 1,971 81 1,014 1,528 33 1,133 1,495 26 1,188 1,491 36 297 370 62 1,128 246 67 408 276 1,514 384 249 1,463 43 35 28 22 24 1948—January February... 645 2,250 2,338 1,004 473 326 17 22 1947—February... March April May APRIL 1948 Other profits taxes 37 57 Estate and gift taxes 407 433 84 137 447 511 144 643 91 55 677 779 Excise and other miscellaneous taxes 2,547 3,405 4,124 4,842 6,317 7,036 7,285 1 1 1 2 1 84 103 68 62 55 66 79 64 65 54 65 572 625 736 627 691 1 4 72 56 562 586 595 541 572 539 560 618 Cash income Cash outgo Excess income ( + ) or outgo (—) 9,371 15,291 25,245 47,984 51,041 47,784 46,637 14,060 34,585 78,979 94,079 95,986 65,683 39,978 -4,689 -19,294 -53,735 —46,095 -44,945 -17,899 +6,659 1947—February.. March.... April May June July August....r September Octoberr . r. November Decemberr 5,127 5,946 2,819 3,315 5,295 2,564 3,193 4,711 2,630 3,348 4,030 3,667 3,322 3,654 3,350 5,193 3,390 3,152 3,959 2,612 2,533 3,520 +1,460 1948—January... February. . 4,542 4,718 2.556 2,895 +1,986 +1,824 Period Fiscal year ending June—1941 1942 1943 1944 1945 1946' 1947' +2,624 -835 -35 +102 -827 +41 +753 + 18 +816 +510 r 1 Revised. For description, see Treasury Bulletin for September 1947. 433 GOVERNMENT CORPORATIONS AND CREDIT AGENCIES* [Based on compilation by United States Treasury Department. In millions of dollars] PRINCIPAL ASSETS AND LIABILITIES Liabilities, other than interagency items Assets, other than interagency item Corporation or agency Total All agencies: Dec 31 1946 Mar 31, 1947 June 30 1947 Sept 30 1947 Dec 31, 1947 Classification by agency, Dec. 31, 1947 Department of Agriculture: Farm Credit Administration: Banks for cooperatives Federal intermediate credit banks. . Production credit corporations.... Regional Agricultural Credit Corp.. Agricultural Marketing Act Revolving Fund Federal Farm Mortgage Corp Rural Electrification Administration. Commodity Credit Corp Farmers' Home Administration Federal Crop Insurance Corp Housing and Home Finance Agency: Home Loan Bank Board: Federal home loan banks Federal Savings and Loan Insurance Corp Home Owners' Loan Corp Public Housing Administration and affiliate: Public Housing Administration... . Defense Hom^s Corp Federal Housing Administration Federal National Mortgage Association. Reconstruction Finance Corp." Export-Import Bank Federal Deposit Insurance Corp Federal Works Agency Tennessee Valley Authority U. S. Maritime Commission: 7 Maritime Commission functions .... War Shipping Adm. functions 8 9 All other 30,409 32,337 429,666 31.037 30,966 CommodiLoans ties, supreCash ceivplies, and able materials 1,398 1,588 1,792 1,556 1,481 6,649 1,265 7,294 1,003 7,662 851 9.212 1,093 9,714 822 U. S. PriBonds, notes, DeGov- vately Land, ferred and debenern- owned struc- and Other tures payable Other ment tures, undis- asinterliabilinterU. S. and est tribsets Fully ities est Govt. Other equipguarsecu-2 ment uted 3 secu- rities anteed Other charges rities by U.S. Investments 1,873 1,985 1,777 1,725 1,685 348 23 275 48 410 109 22 2 1 336 48 72 2 8 19 2 261 278 613 37 436 189 2 511 13 69 4 2 358 (5) 94 733 413 55 25 261 1,252 3,588 24,810 169 1,250 3,142 27,268 83 506 2,045 26,763 84 667 2.144 28.005 82 689 2,037 28,015 339 1,414 380 1,176 165 1,163 283 953 247 879 35 1 1,296 395 43 504 53 206 4 1,505 1,999 1,031 16,924 15,486 12,691 12.662 12,600 2 3 126 759 547 3,426 3,565 3,553 3,539 3 1 2 172 54 2 2 44 578 15 8 14 139 262 12 5 5 37 278 39 25 4 19 926 8 1,970 i 219 788 5 2 17 (5) 4,192 7,003 8,659 560 163 40 75 2 8 8 204 9 132 124 4. 185 18 490 235 108 1 35 492 53 168 4 301 1,204 187 1 812 4 1 026 5 2 5 3 3,305 6,507 3,386 1,634 29 115 10 127 11 33 96 20 85 140 754 21 (5) 10 1 020 81 27 15 3 6 3 1 (5) 12 3,506 2 122 759 675 380 35 100 184 473 16 49 109 2 3 1 23 7 (6) 1 5 448 263 498 509 269 138 143 212 191 47 5 () 12 219 776 393 333 61 3 799 6 670 8,597 CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY Dec. 31. 1947 Purpose of loan To aid agriculture To aid home owners .... To aid industry: Railroads Other To aid financial institutions: Other Foreign loans Other Less: Reserve for losses Total loans receivable (net)... Fed. Home Fed. v inter- Banks Com- Rural Elec- FarmOwnFarm medi- for co- modity trificaers' ers' Mort. ate opera- Credit Home tion Loan Corp. credit tives Corp. Adm. Adm. Corp. banks 109 336 276 280 734 ExPublic Fed. R.F.C. portHous- home and Iming loan affili- port Adm. banks ates Bank (5) 556 486 436 15 94 (5) 336 1 275 18 261 1 733 278 278 278 13 473 278 436 1 All other Sept. 30, 1947, All all agen- agencies cies 8 2,299 69 556 145 241 3 31 1 6 246 340 54 926 1,978 3,450 96 7 9 1,970 3,652 4 147 272 5 442 5,673 714 395 9,714 2,200 665 162 240 6 340 5,405 591 397 9,212 *1 Includes certain business type activities of the U. S. Government. Assets are shown on a net basis, i.e., after reserve for losses. 2 Includes investment of the United States in international instutitions as follows (in millions of dollars): Stock of the International Bank for Reconstruction and Development—318, 476, 635, 635, and 635 on Dec. 31, 1946, Mar. 31, June 30, Sept. 30, and Dec. 31, 1947, respectivelyInternational Monetary Fund Quota—2,750 on Mar. 31, June 30, Sept. 30, and Dec. 31, 1947. 8 Deferred charges included under "Other assets" prior to Mar. 31, 1947. 4 Federal land banks are excluded beginning June 30, 1947; U. S. Government interest in these banks was liquidated June 26, 1947. 6 7 6 Less than $500,000. Includes U. S. Commercial Co. and War Damage Corp. Figures are for Mar. 31, 1947. « Figures are for 9 Feb. 28, 1947, except for lend-lease and UNRRA activities, which are for Mar. 31, 1947. Figures for three small agencies included herein are for dates other than Dec. 31. NOTE.—This table is based on the revised form of the Treasury Statement beginning Sept. 30, 1944, which is on a quarterly basis. Quarterly figures are not comparable with monthly figures previously published. For monthly figures prior to Sept. 30, 1944, see earlier issuesTfrfxthe BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517. \ 434 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms "adjusted ' and "unadjusted Construction contracts awarded (value)2 1923-25 = 100 Industrial production (physical volume)* l 1935-39 = 100 Year and month refer to adjustment of monthly figures for seasonal variation] Manufactures Total Durable Nondurable Minerals Total Residential Employment 8 1939 = 100 All other J| Non~ agricultural Factory Factory pay rolls 3 1939 = 100 Freight carloadings* 1935-39 = 100 AdUnad- AdAdAdAdAdAdAd- Unad- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed 1919 1920 1921 1922 1923 1924 1925 72 1926 1927 1928 1929 1930 . .. 44 79 100 129 121 135 107 117 132 83 85 93 100 99 107 129 135 117 117 126 87 139 142 142 75 87 98 60 57 67 72 69 76 83 66 71 98 89 92 84 S3 67 79 80 41 70 67 79 81 76 80 54 65 63 56 84 94 122 86 94 120 92 50 63 37 28 25 32 37 83 90 86 103 113 89 109 108 122 78 109 99 112 97 106 125 139 100 106 95 109 59 64 72 55 13 11 12 21 37 41 45 60 115 117 81 72 1941 1942 1943 1944 1945 162 201 142 125 122 89 199 239 235 203 279 360 353 274 158 176 171 166 129 132 140 137 166 68 41 68 82 40 16 26 1946 . 1947 170 192 i65 134 153 143 187 220 172 149 157 142 164 183 166 137 147 129 163 159 171 174 180 190 175 193 202 208 164 161 162 157 164 104 115 130 146 144 172 179 177 161 157 165 168 170 169 174 165 158 151 145 154 147 140 122 143 146 151 132 144 152 129 1946 March............ April May June July August September........ October November December . ., 1947 January , February March = ... April . ... May June .. .. • July August . September October November December 1948 January February . .. 168 165 159 170 172 178 180 182 184 184 183 183 182 189 189 190 212 214 180 211 174 146 145 136 137 184 185 187 221 222 225 176 176 175 146 146 148 214 173 139 187 185 184 176 182 187 190 192 185 185 185 178 185 191 194 193 222 218 219 207 210 217 223 224 172 170 168 163 169 172 176 179 143 151 148 140 150 153 155 155 133 127 136 155 166 183 184 193 123 110 116 136 150 168 170 163 192 189 229 173 156 197 161 193 P194 189 P190 229 P227 177 P180 154 191 P189 152 103 9 124.2 80 2 86 0 109.1 101 7 107.2 102.5 96.2 98 9 96.8 96 9 103 1 89.8 110 5 108 5 109 7 117 1 94.7 87.1 77.2 77.5 84.9 88.5 75.8 64 4 71.3 83.1 88 7 71 8 49 * 53.1 68.3 78 6 90 65 30 44 68 81 95 124 79 103 7 104.2 79 7 88 2 101.0 93 8 97.0 79 114 75 1936 1937 1938 1939 1940 63 95 9Q 110 58 . ... 71 96 91 1931 1932 1933 1934 1935 62 88 8/ 90 73 . .. 84 93 53 81 103 95 107 75 58 88 125 84 40 37 48 50 Department Store sales (value)** 1935-39 = 100 Wholesale Concom- sumers modity3 prices prices 1935-39 1926 = 100 = 100 Adjusted Unadjusted 120 83 129 110 9-7 121 142 130 146 99 105 105 110 1S2 113 147 148 152 131 114 117 108 97 78 82 89 73 82 92 88 96 4 91 2 105.8 108 8 90.0 84.7 100 0 100 0 107.5 114.5 107 111 89 101 100 107 99 106 109 114 149 119.4 235 131.1 92 138.8 61 137.0 102 132.0 132.1 154.0 177.7 172.4 151.8 130 133 138 137 140 135 150 168 187 207 161 134.4 169 P140.5 142.0 266.4 P324.4 95.1 101.4 95.4 100.0 89 105.8 70 74 80 81 161 130.6 132.4 133.4 134.3 134.7 136.4 155 137.6 148 138.1 152 139.1 163 139.4 167 5 245.2 334.4 345.7 293.4 132 264 143 285 255 '253 '258 '276 132.1 138.5 139.6 141.9 143.6 147.7 149.5 149.6 152.0 152.8 238.3 254 8 253.5 262 8 267.1 284.4 290.3 292.8 298 2 306.2 139 140 '292 271 258 '271 276 148 139.5 153.4 152.7 149 139.8 154.4 153.7 134 140.0 154.6 154.0 142 138.9 153.8 152.9 140 138.9 151.9 150.6 152 139.8 151.7 151.4 170 139.0 149.4 150.1 179 140.2 152.7 154.3 195 141.5 155.7 156.6 196 142.2 156.4 156.9 217 142.4 156.8 157.3 227 143.1 157.9 158.2 307.3 310.6 314.1 310.7 312.2 319.6 314.2 323.3 336.9 341.6 345.0 356.7 150 142 146 265 266 272 168 161 172 168 158 132.6 139.4 140.7 142 2 143.0 146.3 148.6 149.1 151.5 152.4 223 143.5 157.5 156.9 350.2 P217 P142.8 P156.2 P 1 5 5 . 5 109 106 133 139 141 138 139 137 137 142 137 134 143 142 145 147 272 277 291 '289 '286 283 292 277 149 '302 303 145 '284 139 283 Unadjusted 138 6 154.4 97 6 96 7 100.6 98 1 103.5 123 g 143.3 127.7 119 7 121.9 122.2 125.4 100 0 95 4 96 7 95 3 86.4 126 4 124*0 122.6 122 5 119.4 73 0 64 8 65.9 74 9 80 0 108 7 97.6 92.4 95 7 98 1 80 S 86 * 78 6 77 1 78.6 99 1 102" 7 100 8 99 4 100.2 87 98 103 104 105 3 8 1 0 8 105 116 123 125 128 2 5 6 5 4 121 1 151.8 139 3 159.2 108 9 110 2 111 0 112 9 124 7 129 1 124.0 134 1 139 7 140.9 130 2 131 1 131 7 133 3 141 2 144 1 145.9 148 6 152 2 153.3 141.5 144.5 149.5 147 7 147.1 147.6 150.6 153.6 157 4 158.5 '159.7 '163.2 153 3 153.2 156 3 156 2 156.0 157 1 158.4 160 3 163 8 163.8 164.9 167.0 165.6 • 168.8 160.7 ' 167.5 r * Average per working day. P Preliminary. Revised. For indexes by groups or industries, see pp. 436-439. For points in total index, by major groups, see p. 457. Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 443 of this BULLETIN. The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces. 4 For indexes by Federal Reserve districts and other department store data, see pp. 445-448. Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp. 933-937, and October 1943, pp. 958-984; for factory employment, January and December 1943, pp. 14 and 1187, respectively, October 1945, p. 1055, and May 1947, p. 585; for department store sales, June 1944, pp. 549-561. 1 2 3 APRIL 1948 435 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1948 Industry Feb. Industrial Production—Total. ... Manufactures—Total Durable Manufactures Iron and Steel Pig iron Steel O p e n hearth Electric. . ... . .. .. Machinery Mar. Apr. May June July Aug. S e p t . Oct. Nov Jan. Dec. Feb. 189 190 187 185 184 176 182 187 190 192 192 193 191 198 194 191 191 183 188 192 197 199 198 200 P 2 0 1 222 225 222 218* 219 207 210 217 223 224 229 229 P 2 2 7 191 196 195 197 193 181 188 195 204 202 205 191 207 174 446 194 213 179 457 189 213 178 461 193 215 179 469 189 211 176 458 174 198 166 429 187 205 170 454 188 214 177 477 198 224 184 509 197 222 182 503 196 226 185 516 '•182 '526 196 22S 180 550 277 281 276 273 275 266 267 276 280 288 288 P285 233 239 237 225 233 217 213 227 232 234 r243 244 P236 190 197 193 179 191 185 180 197 198 '200 r 206 206 ^198 208 202 197 187 179 171 170 174 179 185 189 194 P197 190 195 203 198 188 181 180 182 176 177 183 187 P189 215 205 195 183 176 167 167 171 180 188 192 197 P 2 0 1 147 147 144 142 142 133 142 140 137 138 135 134 133 121 133 128 167 166 161 158 160 155 160 164 143 150 153 156 P154 128 172 137 176 139 181 143 P 1 4 1 180 P 1 7 9 199 P204 r 203 197 202 Manufacturing Arsenals and Depots1 Transportation Equipment Automobiles (including Darts} (Aircraft; Railroad cars; Locomotives; Shipbuilding— 2Vonferrous Metals and Products Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1 Fabricatins (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium products; Tin consumption)1 Lumber and Products Lumber Stone Clay and Glass Products 219 218 211 200 207 195 199 202 201 201 205 235 241 159 269 192 165 224 258 234 151 263 229 163 251 141 162 210 247 230 207 124 235 164 160 224 220 211 151 219 151 243 210 156 229 207 143 229 199 141 218 196 166 236 238 154 263 203 164 232 260 Glass containers Othpr stonp and clav oroducts Textiles and Products textiles Oarnet wool consumption ^fool and worsted varn 'vVorstedvarn ^ A / o o l p na n d w o r s t e d Cattle hide leathers Goat and kid leathers Shoes Wheat flour Butter Cheese 164 216 239 231 171 171 174 162 225 216 160 221 226 161 230 224 1 Nondurable Manufactures Wool 175 164 218 249 154 257 171 cloth 178 162 235 226 197 149 166 -200 208 199 181 P 1 6 9 247 P 2 5 4 192 P 2 2 3 176 175 172 170 168 163 169 172 176 179 173 172 166 164 155 142 154 160 164 172 161 161 262 160 160 154 154 270 152 148 143 133 263 129 118 263 142 130 267 147 130 278 152 139 280 *159 149 290 287 164 153 299 167 166 '183 171 r 161 r 141 r 189 '•164 178 211 192 167 150 191 172 270 172 271 173 rl63 149 131 177 177 P 1 7 7 153 293 161 155 191 186 147 126 183 171 159 170 195 149 128 178 158 156 175 175 144 124 174 152 130 141 149 121 108 139 132 156 184 176 147 134 165 148 168 192 184 162 144 188 159 194 185 160 140 188 159 172 196 182 164 142 194 167 120 122 116 113 107 101 116 122 126 124 114 120 P 1 2 2 118 134 99 81 108 121 122 140 99 119 78 115 130 93 95 113 114 130 94 92 84 103 106 121 102 121 119 138 96 88 83 109 90 84 97 101 117 120 131 103 94 118 123 121 136 94 100 112 128 122 141 88 93 108 126 113 129 '83 89 101 114 115 131 85 95 100 123 P 1 2 7 156 157 158 155 154 155 157 158 156 158 158 157 P 1 5 9 158 160 149 144 152 143 148 136 136 143 133 140 P 1 4 0 P157 P147 P148 82 85 74 76 196 197 174 167 184 188 158 160 P147 P140 P 1 3 8 178 174 222 169 158 184 178 P149 81 185 152 182 210 161 145 84 P153 85 198 164 137 102 79 P 1 5 4 82 206 173 177 P152 79 191 173 P155 87 75 66 163 157 151 137 r r ••66 148 130 P 1 3 9 67 156 127 65 150 134 r p Preliminary. Revised. Series included in total and group indexes but not available for publication separately. 1 436 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Adjusted for Seasonal Vaviation) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 Industry Feb. Manufactured Food 1948 Mar. Apr. M a y June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 159 165 149 143 150 153 151 154 152 157 156 171 145 155 146 144 167 169 142 141 170 185 160 173 159 159 154 149 150 156 119 102 141 104 154 93 140 153 146 159 154 158 91 174 99 171 109 190 114 154 Produtcs—Continued JMeat packing Pork and lard Beef Veal . L a m b and mutton . . . . 121 104 . Other manufactured foods Processed fruits and vegetables Confectionery . Other food products 158 137 ... . Paper and Paper Products Paper and pulp Pulp . Groundwood pulp Soda pulp Sulphate pulp Sulphite pulp Paper Paperboard .. Fine Daoer Printing paper ... . Tissue and absorbent paper Wrapping paper . Newsprint . Paperboard containers (same as Paperboard) 157 179 . . 695 372 149 168 208 189 160 151 619 314 154 131 503 276 154 138 132 135 163 119 168 118 173 125 174 134 172 162 159 164 176 198 149 106 350 194 150 79 319 215 157 55 329 231 168 56 385 238 196 78 277 297 156 133 160 138 163 161 160 149 134 129 128 98 164 164 P 1 6 7 138 139 115 102 P143 144 171 150 173 144 174 P 1 7 5 229 219 167 167 198 204 71 323 468 203 1 119 562 165 5 94 376 169 37 220 264 171 115 431 310 168 158 160 142 159 156 160 163 175 169 149 153 155 98 216 66 94 221 68 106 187 55 101 216 66 98 210 72 107 211 80 113 213 83 126 229 80 124 224 68 100 201 61 104 204 69 113 203 70 . . . 157 159 156 161 160 146 158 159 163 165 158 163 163 151 171 154 174 150 169 155 173 140 160 153 178 153 171 157 177 160 1 5 3 182 100 99 97 155 178 97 105 108 113 159 178 110 105 157 174 109 260 150 148 113 266 151 151 112 254 150 147 112 265 151 152 116 277 151 151 98 253 131 137 105 278 151 149 181 180 178 184 179 166 88 162 147 144 91 75 147 136 124 91 178 83 155 142 137 89 88 160 151 139 89 87 158 144 132 93 140 142 141 142 146 125 124 124 125 131 P185 P185 Petroleum and Coal Products 158 153 164 141 149 107 . . • 110 228 67 . . Newsprint consumption Printing paper (same as shown under Paper) 161 145 223 . . Printing and Publishing 160 145 165 Tobacco Products Cigars Cigarettes Other tobacco products 121 105 151 . . . 142 166 Alcoholic Beverages Malt liquor Whiskey Other distilled spirits Rectified liquors .. 122 101 147 161 88 160 148 141 92 P179 P184 P191 107 275 154 154 112 281 159 156 107 255 148 150 182 184 186 177 87 157 151 135 97 139 145 144 131 133 131 P201 96 104 259 149 150 86 157 148 138 94 P195 97 89 167 152 141 91 86 89 168 158 146 90 158 139 88 152 152 146 138 137 131 P203 P204 P205 P208 88 94 109 275 151 111 270 161 1S7 187 179 ^86 162 162 144 82 88 171 161 150 83 157 134 144 P214 P211 2 Petroleum refining Gasoline Fuel oil . . Lubricating oil Kerosene . Other petroleum products Coke By-product coke Beehive coke Chemical Products 1 .. Paints Soap . . Rayon Industrial chemicals . .... Kxplosives and ammunition 1 Other chemical products 1 ... . 143 170 142 174 139 163 145 171 157 178 163 180 167 176 156 170 162 183 162 185 163 175 168 182 157 186 164 177 154 169 172 165 416 172 165 424 166 162 324 168 161 428 165 160 340 161 156 307 171 164 415 251 251 251 253 250 251 156 157 155 153 136 276 429 135 283 431 138 289 433 137 292 435 151 154 173 162 187 159 186 160 193 160 177 162 178 170 187 170 162 439 177 169 449 177 170 414 179 171 440 178 171 179 171 420 249 248 248 251 255 255 P256 152 152 153 152 155 142 251 439 135 291 438 135 294 431 137 295 425 155 138 294 427 148 297 431 150 299 440 158 1 SI P 1 4 8 298 ?>300 438 M43 159 P152 201 P205 163 199 Rubber Products 246 239 234 220 216 207 210 217 223 225 230 223 P215 Minerals—Total 146 148 143 151 148 140 150 153 155 155 156 154 P15 Fuels 150 153 144 156 153 144 155 160 162 163 162 160 P161 151 162 107 150 153 163 113 153 122 127 102 155 153 165 104 157 140 147 110 159 113 117 93 160 143 151 114 161 153 161 122 164 156 163 126 166 159 169 119 165 153 164 111 166 152 161 p\55 112 p \ 18 165 P168 122 117 136 124 122 117 117 111 107 109 117 166 159 189 169 166 160 163 153 145 146 159 P159 P164 61 66 58 68 60 68 64 66 63 61 60 51 56 47 55 55 53 63 55 73 Coal Bituminous coal Anthracite .. Crude petroleum Metals . Ivletals other t h a n gold and silver Iron ore (Copper; Lead; Zinc) 1 Gold Silver 56 78 P119 P122 59 r P Preliminary. Revised. * Series included in total and group indexes but not available for publication separately. This series is in process of revision. NOTE.—For description and backfiguressee BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. 2 APRIL 1948 437 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1947 1948 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb, Industrial Production—Total. .. 185 187 185 185 185 178 185 191 194 193 189 189 Manufactures—Total 193 195 193 191 191 184 191 197 200 200 196 196 220 224 222 219 220 208 212 219 224 224 227 226 P225 191 196 195 197 193 181 188 195 204 202 205 203 202 191 207 174 446 194 213 179 457 189 213 178 461 193 215 179 469 189 211 176 458 174 198 166 429 205 170 454 188 214 177 477 198 224 197 222 182 503 196 226 185 516 197 224 182 526 196 225 180 550 277 281 276 273 275 266 267 276 280 281 288 288 P285 233 239 237 225 233 217 213 P236 190 193 179 191 185 180 Durable Manufactures Iron and Steel Pig iron Steel Open hearth. . . Electric Machinery Manufacturing Arsenals and P190 Depots1.... Transportation Equipment Automobiles (including parts) (Aircraft; Railroad cars; Locomotives; Shipbuilding— Private and Government) 1 Nonferrous Metals and Products. . . 232 234 r 244 197 198 •200 r 206 206 243 208 202 197 187 179 171 170 174 179 185 189 194 190 196 203 198 187 180 180 182 176 178 183 187 215 205 183 176 167 171 180 188 192 Lumber and Products 135 140 143 145 149 141 151 150 150 148 140 138 Lumber. . . Furniture. 118 167 126 166 134 161 138 158 143 160 133 155 147 160 143 164 138 172 133 176 119 181 117 180 205 209 208 206 209 196 207 210 210 206 200 187 Glass products Plate glass Glass containers Cement Clay products Gypsum and plaster products Abrasive and asbestos products1 Other stone and clay products 229 154 255 154 156 221 260 241 159 269 157 159 215 258 234 151 263 166 160 215 249 242 163 269 148 162 213 247 229 154 254 183 163 221 239 200 124 225 181 160 224 220 218 151 241 193 166 226 216 223 151 248 198 166 225 226 215 156 236 202 169 236 224 209 143 231 192 169 238 226 187 141 203 178 172 242 238 184 149 196 161 167 237 Nondurable 171 171 169 169 168 164 173 178 181 180 171 173 154 160 164 172 163 177 Smelting and refining (Copper smelting; Lead refining; Zinc smelting; Aluminum; Magnesium; Tin) 1 Fabricating. (Copper products; Lead shipments; Zinc shipments; Aluminum products; Magnesium, products; Tin consumption) 1 Stone, Clay, and Glass Products... Manufactures... r P197 P201 P141 193 166 202 P162* '242 '223 P175 Textiles and Products 173 172 166 Textile fabrics Cotton consumption Rayon deliveries Nylon and silk, consumption 1 Wool textiles Carpet wool consumption Apparel wool consumption Woolen and worsted yarn Woolen yarn Worsted yarn Woolen and worsted cloth Leather and Products. 1. . . 161 161 262 160 160 270 154 154 270 152 148 271 143 133 263 129 118 263 142 130 267 147 130 278 152 139 280 159 149 290 149 131 287 164 153 299 178 174 222 169 158 184 178 172 182 210 161 145 183 171 159 170 195 149 128 178 158 161 191 186 147 126 177 156 155 175 175 144 124 174 152 130 141 149 121 108 139 132 156 184 176 147 134 165 148 168 192 184 162 144 188 159 167 194 185 160 140 188 159 172 196 182 164 142 194 167 166 183 171 161 141 189 164 178 211 192 167 150 191 172 123 121 115 113 106 99 116 121 126 126 113 120 127 145 104 84 119 121 121 140 97 83 99 121 118 137 98 82 93 113 119 138 92 86 89 109 112 125 96 92 83 103 100 114 77 89 78 97 114 126 97 84 105 117 118 129 101 95 115 123 123 137 96 100 112 128 126 146 91 90 114 126 112 129 82 90 96 114 116 134 83 95 93 123 P121 140 140 144 154 166 178 182 167 161 154 146 160 157 143 138 146 141 147 148 144 144 132 140 P141 P107 71 151 137 127 77 178 161 '202 102 256 240 P229 84 214 196 P229 104 242 218 P192 81 195 163 121 64 147 127 50 113 99 52 106 100 55 116 103 P99 58 123 120 Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Sheep and lamb leathers Shoes Manufactured Food Products. . Wheat flour Cane sugar meltings x Manufactured dairy products Butter Cheese Canned and dried milk Ice cream 155 113 279 254 P156 73 170 147 153 293 P126 >143 r P Preliminary. Revised. Series included in total and group indexes but not available for publication separately. 1 438 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Board of Governors. 1935-39 average = 100] 1948 Industry Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Manufactured Food Products—Continued Meat packing , Pork and lard Beef Veal Lamb and mutton. 152 162 153 106 105 138 133 154 115 99 139 139 149 118 102 151 154 159 124 104 150 157 151 141 96 146 150 151 154 90 127 119 141 155 89 136 114 165 191 106 144 133 159 195 113 189 216 165 203 114 187 229 154 140 104 175 204 157 119 103 141 158 130 101 103 Other manufactured foods Processed fruits and vegetables. Confectionery Other food products 143 86 144 158 142 83 135 159 143 88 123 161 143 90 118 160 146 101 100 165 163 173 97 171 186 263 128 176 196 290 162 177 179 173 176 181 167 118 170 180 161 108 152 176 151 91 148 P151 195 187 182 167 178 182 181 206 252 196 146 142 176 142 179 417 372 149 151 403 314 162 131 302 276 170 106 210 194 189 79 198 215 195 55 191 231 192 56 208 238 379 297 190 71 837 468 157 1 251 562 132 5 103 376 139 37 143 264 154 114 259 310 160 149 151 142 165 162 165 172 181 172 139 153 147 110 215 65 98 201 66 94 205 68 106 187 55 101 227 67 98 221 72 107 222 78 113 228 89 126 238 85 124 228 70 100 185 54 104 204 67 113 190 68 157 159 156 161 160 145 158. 159 163 165 157 163 163 151 171 104 109 260 150 148 181 83 155 147 137 89 154 175 106 113 266 151 151 180 88 160 151 139 89 150 171 106 112 254 150 147 178 87 158 146 132 95 155 174 105 112 265 151 152 184 88 160 148 141 93 155 178 106 116 277 151 152 179 88 162 150 144 92 140 159 96 98 253 131 137 166 75 147 131 124 89 152 176 100 105 278 151 149 178 86 157 148 138 93 153 170 98 104 259 149 150 182 87 157 151 135 97 157 177 97 107 275 154 154 184 89 167 154 141 91 160 182 103 112 281 159 156 186 89 168 158 146 91 152 '168 97 107 255 r 148 150 177 86 r 162 153 139 87 157 174 91 109 275 151 155 187 '86 162 161 '144 82 159 179 97 111 270 161 156 179 88 171 167 150 83 Printing and Publishing 138 145 144 145 146 130 139 145 156 158 150 144 156 Newsorint consumption Printing paper (same as shown under Paper) . . PetroleumZand Coal Products. 122 129 131 129 113 120 132 145 149 138 125 141 Alcoholic Beverages. Malt liquor Whiskey Other distilled spirits. Rectified liquors Industrial Alcohol from Beverage Plants Tobacco Products 1 ... ...... Cigars Cigarettes , Other tobacco products. . Paper and Paper Products Paper and pulp Pulp Groundwood pulp Soda pulp Sulphate pulp Sulphite pulp Paper Paper board Fine paper Printing paper Tissue and absorbent paper Wrapping paper Newsprint Paperboard containers (same as Paperboard). Petroleum refining 2 Gasoline Fuel oil Lubricating oil Kerosene Other petroleum products l. . Coke By-product coke Beehive coke P185 P!85 P214 P211 162 183 154 168 162 187 160 177 159 186 162 183 160 193 168 192 158 203 168 161 428 165 160 340 161 156 171 164 415 170 162 439 177 169 449 177 170 414 179 171 440 178 171 •442 253 252 247 247 245 248 251 252 256 254 P256 157 135 289 433 157 133 292 435 156 140 251 439 150 134 291 438 151 136 294 431 151 143 295 425 152 145 294 427 153 149 297 431 155 '150 299 440 155 148 298 nss 239 234 220 216 207 210 217 225 230 143 139 153 152 145 155 158 155 151 149 150 153 144 156 153 155 160 163 162 160 P161 151 162 107 150 153 163 113 153 122 127 102 155 153 165 104 157 140 147 110 159 113 117 93 160 143 151 114 161 153 161 122 164 156 163 126 166 159 169 119 165 153 164 111 166 152 '148 161 P155 112 1 1 8 165 P\68 84 83 112 140 148 151 151 145 132 106 £5 P83 104 73 103 72 153 173 200 279 213 306 220 334 219 326 206 298 183 257 136 159 101 76 252 254 154 134 276 429 157 135 283 431 Rubber Products.. . 246 Minerals—Total. 141 Fuels Metals other than gold and silver. Iron ore (Copper; Lead; Zinc)* Gold Silver P205 P208 163 180 162 170 172 165 424 Metals. P204 157 178 156 173 172 165 416 Coal. Bituminous coal. Anthracite Crude petroleum P203 P!84 154 173 168 171 142 174 165 180 Paints Soap Rayon Industrial chemicals Explosives and ammunition 1 Other chemical products x . . . P!79 129 145 171 170 176 143 170 160 194 Chemical Products. P90 P166 139 163 162 174 158 '152 P2O5 179 171 420 P147 P300 223 P215 P150 57 r 1 P Preliminary. Revised. ^ Series included in total and group indexes but not available for publication separately. 2 This series is in process of revision. N O T E . — F o r description and backfigures,see B U L L E T I N for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August 1940, pp. 753-771 and 825-882. APRIL 1948 439 FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory employment Industry group or industry Factory pay rolls 1947 Jan. Feb. Oct. 1946 1948 Nov. Dec. Jan. Feb. Dec. 1947 Jan. Feb. Oct. 1948 Nov. Dec. Jan. Total Durable goods Nondurable goods 152.7 153.7 156.9 157.3 158.2 156.9 155.5 306.2 307.3 310.6 341.6 345.0 356.7 350,2 178.0 180.1 180.5 182.2 183.9 183.4 180.3 337.3 340.0 344.6 379.3 384.7 399.5 392.6 132.8 133.0 138.2 137.6 138.0 136.0 136.0 275.8 275.3 277.4 304.7 306.2 314.8 308.7 Iron and Steel and Products Blast furnaces, steel works, etc Steel castings Tin cans and other tinware Hardware Stoves and heating equipment Steam, hot-water heating apparatus Stamped and enameled ware Structural and ornamental metal work Electrical Machinery Electrical equipment Radios and phonographs 156.5 124 168 131 140 136 157.5 124 165 130 142 138 159.7 128 163 146 139 147 160.6 128 163 146 141 147 161.9 128 164 148 145 146 162.1 161.1 276.2 129 194 166 315 146 245 147 286 142 265 287.9 209 303 243 292 278 287.9 209 293 239 299 274 327.6 248 333 327 317 328 331.3 251 338 316 324 317 341.2 254 348 331 340 331 339.7 259 350 314 346 309 174 153 173 154 151 154 151 155 152 156 152 154 313 321 331 318 332 314 318 351 330 357 340 371 318 358 162 163 166 168 168 167 293 288 293 343 345 354 338 Machinery except Electrical Machinery and machine-shop products Engines and turbines Tractors Agricultural, excluding tractors... Machine tools Machine-tool accessories Pumps Refrigerators 230.8 232.0 222.7 225.4 225.8 222.7 219.6 430.2 425.6 422.9 456.0 463.1 472.1 462.0 207 206 208 208 209 374 207 375 373 418 424 434 431 237 242 238 252 251 528 229 500 492 533 540 543 508 222.0 223.5 225.1 225.9 229.0 230.0 231.1 399.9 406.6 409.6 448.9 450.4 470.2 469.6 189 190 187 186 186 187 347 350 352 374 374 389 244 176 168 161 199 245 231 183 184 140 167 226 229 185 185 137 168 225 384 244 175 166 163 204 243 235 190 193 138 169 227 235 193 197 135 169 227 501 271 291 291 351 468 492 273 295 283 343 467 493 274 308 279 333 485 493 329 394 254 295 475 511 332 377 250 295 471 515 341 409 258 308 487 194 191 223 224 228 231 306 346 325 532 348 421 245 308 481 440 428 458 471 297.6 358 322 203 264.8 337 295 145 278.9 336 291 170 285.8 336 291 182 291.2 284.6 571.2 683 339 534 284 399 192 562.6 669 535 396 558.2 668 507 378 532.2 664 500 290 544.1 654 479 317 588.1 669 504 379 596.T 654 483 417 Transportation Equipment, except Autos. 298.4 Aircraft, except aircraft engines. . . 363 Aircraft engines 331 Shipbuilding and boatbuilding 206 Automobiles 187.7 196.6 197.7 198.2 202.1 201.6 Nonferrous Metals and Products , 186.9 188.5 173.3 175.7 177.2 175.3 Primary smelting and refining 149 146 144 144 145 145 Alloying and rolling, except aluminum 138 165 137 136 138 163 Aluminum manufactures 190 216 218 183 185 192 Lumber and Timber Basic Products Sawmills and logging camps Planing and plywood mills 180.5 328.9 321.1 337.3 378.5 388.1 419.8 399.0 176.1 356.3 354.8 360.0 353.2 361.0 371.2 365.3 271 270 280 296 300 300 303 302 385 302 382 308 376 261 346 264 352 272 365 270 370 140.9 142.3 162.1 161.7 161.3 158.3 157.3 290.6 292.4 310.7 387.6 388.6 390.2 372.7 174 307 309 175 175 333 150 152 169 425 425 422 399 169 309 312 167 319 153 164 170 153 381 404 386 399 Furniture and Lumber Products , 131.8 129 Furniture Stone, Clay, and Glass Products 144.9 Glass and glassware 172 Cement 144 Brick, tile, and terra cotta 121 Pottery and related products 164 Textile-Mill and Fiber Products 108.6 Cotton goods except small wares. 124 Silk and rayon goods 85 Woolen and worsted manufactures. 114 Hosiery . 81 Dyeing andfinishingtextiles 121 134.5 136.1 138.2 139.2 139.8 139.8 279.1 283.1 292.0 318.5 322.1 333.9 330.3 273 279 289 132 134 139 140 137 315 334 323 333 Apparel and Other Finished Textiles Men's clothing, n.e.c Shirts, collars, and nightwear . . . . Women's clothing, n.e.c Millinery 138.0 124 97 147 95 Leather and Leather Products Leather Boots and shoes 104.4 104.9 105.6 106.4 107.4 106.9 107.5 218.3 220.8 223.0 234.9 235.4 241.8 240.7 175 179 92 93 94 93 94 186 94 199 200 202 200 209 98 213 96 97 100 99 214 100 224 224 232 234 Food and Kindred Products Slaughtering and meat packing Flour Baking Confectionery Malt liquors Canning and preserving Tobacco Manufactures Cigarettes Cigars 128.4 137 140 112 115 155 105 144.5 168 144 121 166 146.0 168 151 130 166 147.1 168 151 131 169 147.6 168 151 131 170 143.7 144.1 281.6 327 164 248 149 245 131 299 166 280.0 326 234 247 295 278.4 313 238 247 304 313.6 351 295 300 343 316.3 357 294 297 350 320.4 357 291 302 354 305.0 339 285 297 336 109.1 124 84 114 82 122 106.4 122 84 108 79 121 108.2 124 84 111 81 122 109.8 125 86 112 82 123 110.0 110.9 253.7 314 125 209 85 265 113 172 83 258 124 254.3 318 213 264 170 265 262.0 323 219 288 172 267 264.9 329 228 270 177 271 280.8 362 237 277 186 280 294.1 376 248 294 194 298 295.0 379 253 292 189 304 141.7 125 100 154 102 149.6 134 107 162 99 148.3 135 110 158 85 151.9 135 111 164 92 152.4 154.9 292.7 278 134 230 110 296 166 140 104 300.6 277 226 322 170 314.1 281 234 345 202 336.0 304 259 350 195 319.6 302 266 319 124 343.3 310 283 356 159 353.4 313 276 375 207 123.9 132 140 110 112 155 92 147.3 136 143 118 137 185 160 140.1 142 143 118 143 181 114 136.4 151 142 116 141 172 99 129.0 125.8 263.3 252 146 304 141 216 113 241 134 267 168 303 84 96.1 95.4 95.1 96.5 94.4 93.5 122 124 122 121 124 125 82 83 79 82 83 79 256.4 286 305 208 228 251 237 242.5 254 294 202 229 249 207 309.6 272 336 231 312 344 438 300.6 317 337 228 325 327 266 298.9 339 319 229 327 308 250 273.9 304 306 222 290 289 214 94.3 222.0 209.4 201.0 214.5 216.3 219.8 209.9 255 242 234 253 253 268 256 207 195 186 191 196 190 182 ending nearest middle of month and cover production workers only. Figures for February 1948 are preliminary. 440 FEDERAL RESERVE BULLETIN FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES—Continued (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics, 1939 = 100] Factory pay rolls Factory employment Industry group or industry 1948 1946 1947 1948 Jan. Feb. Oct. Nov. Dec. Jan. Paper and Allied Products Paper and Pulp Paper goods, n.e.c Paper boxes 145.6 140 153 149 145.9 140 154 148 145.0 143 155 142 145.7 143 156 143 146.9 145 157 144 145.7 145.0 284.5 145 273 154 300 141 295 Printing and Publishing Newspaper periodicals Book and job 127.2 128.1 132.0 132.8 133.0 131.3 131.0 223.9 219.6 221.8 247.9 252.3 258.0 250.2 116 190 191 122 185 222 114 122 123 224 122 231 220 254 139 142 249 248 142 273 140 143 279 143 287 283 Chemicals and Allied Products Drugs, medicines, and insecticides Rayon and allied products Chemicals, n.e.c Explosives and safety fuses Ammunition, small arms Cottonseed oil Fertilizers 195.6 253 127 276 278 156 135 157 Products of Petroleum and Coal Petroleum refining Coke and by-products 145.4 146.0 153.3 153.5 152.9 152.4 151.6 250.9 253.9 256.8 297.0 304.5 308.2 312.8 247 244 150 246 280 289 293 150 297 150 150 145 145 212 240 141 248 288 293 295 138 138 320 130 137 127 Rubber Products Rubber tires and inner tubes Rubber goods, other 198.8 198.2 182.0 184.5 186.1 184.2 180.3 392.2 386.3 385.0 375.6 383.3 396.5 376.8 425 416 413 209 398 408 212 412 388 212 233 211 236 360 355 354 352 167 362 169 380 368 162 166 173 173 Miscellaneous industries Instruments, scientific Photographic apparatus 179.3 180.9 182.9 185.6 182.7 176.1 174. 245 248 247 246 250 249 227 219 228 226 201 201 197.1 252 127 277 284 155 128 171 199.0 244 130 279 294 167 157 142 200.1 241 131 281 298 169 161 142 Feb. Dec. 199.6 200.8 357.0 448 239 224 131 483 283 449 301 325 144 384 142 349 161 201.0 239 131 283 301 173 160 149 Jan. Feb. Oct. Nov. Dec. Jan. 285.1 274 298 290 288.1 280 298 289 314.4 317 320 304 319.6 320 327 315 327.5 327 336 322 321.5 325 329 308 362.9 451 228 496 482 331 348 376 372.6 464 245 501 465 334 331 415 401.0 499 258 530 543 393 443 374 407.5 490 261 541 566 398 449 363 414.9 489 266 556 565 412 448 393 417.3 498 269 561 580 334 395 433 363.3 356.7 360.0 384.4 393.7 396.6 377.9 456 451 449 479 481 499 508 345 348 343 405 427 431 428 For footnotes see preceding page. FACTORY EMPLOYMENT (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors, 1939 = 100] 1947 Group Total Durable Nondurable .. . . Preliminary. 1948 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 153.4 178 7 133.4 154.4 180.8 133.6 154.6 181.5 133.4 153.8 181.2 132.2 151.9 178.2 131.1 151.7 179.5 129.8 149.4 174.0 130.0 152.7 176.2 134.2 155.7 178.8 137.4 156.4 180.4 137.5 156.8 181.9 136.9 157.9 184.0 137.3 157.5 P156.2 184.0 P181 1 136.7 P136.6 Feb. NOTE.—Back figures from January 1939 may be obtained from the Division of Research and Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Industry group 1946 Dec. Jan. All manufacturing... Durable goods Iron and steel and products Electrical machinery Machinery except electrical Transportation equipment, except autos. Automobiles Nonferrous metals and products Lumber and timber basic products Furniture and finished lumber products.. Stone, clay, and glass products Nondurable goods Textiles—mill and fiber products Apparel and other finished products Leather and manufactures Food and kindred products Tobacco manufactures Paper and allied products Printing, publishing and allied industries. Chemicals and allied products Products of petroleum and coal Rubber products Miscellaneous industries Average hourly earnings (cents per hour) 1948 1946 Sept. Oct. Nov. Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. 40.9 40.6 40.4 40.6 40.4 40.8 40.5 40.6 40.9 40.7 41.0 121.6 122.4 133.1 133.7 134.6 135.5 135.7 39.8 41.1 41.4 40 39.4 41 41 42 41.0 40 40 41 40 38.9 41.0 40.6 41.8 40.5 40 40 41 39 39.2 40.2 42.8 41.5 40.4 40.5 40.6 41.3 40.4 39.5 40.8 42.6 42.1 40.8 40.5 40.6 41.2 38.6 39.8 41.1 42.2 41.8 40.5 41.0 40.8 40.6 41.9 40.0 40.0 41.3 42.3 42.0 39.9 124.8 119.5 127.7 136.2 139.5 121.0 93.1 100.7 111.9 126.1 119.9 128.3 135.6 139.0 121.7 96.2 101.5 112.5 139.6 132.5 139.5 142.4 151.5 130.9 106.2 109.3 122.7 139.7 133.1 140.0 143 152 131 106 110 123.4 140.4 133.9 140.4 146.2 154.0 132.0 107.4 110.8 124.7 141.2 134.6 141.3 146.6 156.8 132.7 105.6 111.7 124.6 141.7 135.4 141.6 147.9 154.5 133.5 105.0 112.2 125.0 41.1 40.7 40.2 40.2 40.1 40.8 40.0 107.7 109.4 116.5 117.5 118.5 119.5 121.0 40.9 37.0 39.1 44.4 40.2 43.7 41.5 41.6 40.0 41.1 41.6 40.5 36.9 39.3 43.6 39.2 43.2 41.0 41.5 40.2 40.6 41. 39.5 36.0 39.1 43.4 39.2 42.9 40.2 41.0 41.0 39.9 40.2 39.7 36.9 39.0 42.8 39.7 43.0 40.0 41.4 40.5 40.1 40.6 40.1 36.4 38.3 42.5 39.4 43.2 40.0 41.3 41.2 39.9 40.7 41.0 37.2 39.1 43.3 39.9 43.8 40.5 41.6 40. 40.9 41.2 40.5 36.6 39.0 41.9 38.6 43.1 39.6 41.5 40.6 39.6 40.4 95.9 100.6 101.8 105.8 94.7 107.1 137.4 113.3 136.2 133.1 110.3 97.0 103.7 102.3 108.4 93.8 108.8 138.1 114.3 137.2 133.0 112.0 104.8 104.6 107.2 112.9 95.2 121.0 153.4 126.3 150.9 144.7 119.1 105.5 105.1 108.2 115.9 95.4 121.5 154.0 127.3 150.5 143.8 120.0 110.0 105.1 109.2 117.5 98.3 122.6 156.8 129.1 155.1 145.4 121.9 111.4 109.2 109.3 117.8 98.4 123.6 157.9 130.9 158.5 144.5 122.8 114.8 127.8 109.0 101.9 109.5 117.3 95.6 122.2 155.6 128.7 151.8 145.4 120.7 NOTE.—Preliminary February 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.0 and 128.7; Durable, 40.3 and 135.4; Nondurable 39.8 and 121.6, respectively. Back figures are available from the Bureau of Labor Statistics. APRIL 1948 441 EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors] [Thousands of persons] Contract construction Transportation and public utilities Trade Finance 845 916 947 983 917 883 826 836 885 1,150 1,294 1,790 2,170 1,567 1,094 1,082 1,493 1,734 2,912 3,013 3,248 3,433 3,619 3,798 3,872 4.023 4,045 6,705 7,055 7,567 7,481 7,322 7,399 7,654 8,448 8,713 15,426 15,529 15,564 15,513 15,359 15,358 15,180 15,457 15,715 15,784 15.833 15,926 883 880 879 856 884 893 866 896 894 895 897 899 1,678 1,651 1,632 1,652 1,668 1,700 1,742 1,770 1,796 1,806 1,813 1,882 4,075 4,052 4,040 3,855 3,970 4,074 4,079 4,083 4,110 4.092 4,049 4,062 43,468 43,253 15,907 15,796 895 884 1,859 1,766 1947—January. February March April May June July August September October November December 41,803 41,849 42.043 41,824 41,919 42,363 42,201 42,624 43.039 43,298 43.450 44,081 15,372 15,475 15,510 15,429 15.237 15,328 15,233 15,595 15,801 15,831 15,872 15,965 883 880 879 856 884 893 866 896 894 895 897 899 1948—January.. February. 43,006 42,731 15,852 15,741 895 884 Total Manufacturing Mining 30.287 32,031 36,164 39,697 42,042 41,480 39,977 40.712 42,541 10,078 10,780 12,974 15,051 17,381 17,111 15,302 14,365 15,554 1947—January February March April May June July August September October November December 42,243 42,354 42,395 42,065 42,079 42,340 42,103 42.449 42,849 43,077 43.142 43,352 1948—January.. February . Year or month 1939 1940 1941 1942 1943 1944 1945 1946 1947 Service Federal, State, and local government* ,382 ,419 ,462 ,440 ,401 ,374 ,383 ,523 ,572 3,228 3,362 3,554 3,708 3,786 3,795 3,891 4,430 4,622 3,987 ,192 4,622 5,431 6,049 6,026 5,967 5,595 5,415 8,595 8,637 8,695 8,638 8,631 8,669 8,688 8,761 8,776 8,801 8,811 8,836 ,552 ,554 ,555 ,546 ,553 .551 ,574 ,594 ,599 ,594 ,596 1,599 4,596 4,630 4,588 4,552 4,567 4,641 4,640 4,573 4,588 4,685 4,693 4,712 5,438 5,421 5,442 5,453 5,447 5,454 5,334 5,315 5,371 5,420 5,450 5,436 4,059 4,033 8,878 8,916 1,603 1,613 4.795 4,804 5,472 5,441 1,527 1,502 1,534 1,619 1,685 1,768 1,847 1,894 1,904 1,896 1,849 1,788 4,014 4,011 4,020 3,836 3,970 4,115 4,140 4,144 4,110 4,092 4,049 4,042 8,552 8,507 8,565 8,552 8,545 8,582 8,558 8,586 8,688 8,889 9,075 9,455 1,544 1,546 ,555 ,554 ,561 ,567 ,590 ,602 ,583 ,586 ,588 ,591 4,527 561 565 4,552 4,590 4,711 4,686 4,619 4,634 4,662 4,670 4,688 5,384 5,367 5,415 5,426 5,447 5,399 5,281 5,288 5,425 5,447 5.450 5,653 1,692 1,607 3,998 3,993 8,834 8,782 ,595 ,605 4,723 4, 732 5,417 5,387 SEASONALLY ADJUSTED UNADJUSTED Includes Federal Force Account Construction. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates without seasonal adjustment. Thousands of persons 14 years of age and over] Civilian labor force Total noninstitutional population Year or month Total labor force Employed * Total Total In nonagricultural industries In agriculture Unemployed Not In the labor force 1940 2 1941 1942 1943 1944 1945 1946 1947 100,230 101,370 102,460 103,510 104,480 105,370 106,370 107,458 56,030 57,380 60,230 64,410 65,890 65,140 60,820 61,608 55,640 55,910 56,410 55,540 54,630 53,860 57,520 60,168 47,520 50,350 53,750 54,470 53,960 52,820 55,250 58,027 37,980 41,250 44,500 45,390 45,010 44,240 46,930 49,761 9,540 9,100 9,250 9,080 8,950 8,580 8,320 8,266 1,040 2,270 2,142 44 200 43 990 42,230 39 100 38,590 40,230 45,550 45,850 1947—February March April ]Vlay . . 107,060 107,190 107,260 107,330 107,407 107,504 107,590 107,675 107,755 107,839 107,918 59,630 59,960 60,650 61,760 64,007 64.035 63,017 62,130 62,219 61,510 60,870 58,010 58,390 59,120 60,290 62,609 62,664 61,665 60,784 60,892 60,216 59,590 55,520 56,060 56,700 58,330 60,055 60,079 59,569 58,872 59,204 58,595 57,947 48,600 48,820 48,840 49,370 49,678 50,013 50,594 50,145 50,583 50,609 50,985 6,920 7,240 7,860 8,960 10,377 10,066 8,975 8,727 8,622 7,985 6,962 2,490 2,330 2,420 1,960 2,555 2,584 2,096 1,912 1,687 1,621 1,643 47,430 47,230 46 610 45 570 43,399 43,469 44 573 45,544 45 535 46,330 47 047 107,979 108,050 60,455 61,004 59,214 59,778 57,149 57,139 50.089 50,368 7,060 6,771 2,065 2,639 47 524 47,046 July August September October November December .... 194g—January February 8,120 5,560 2,660 1,070 670 1 2 8 Includes self-employed, unpaid family, and domestic service workers. Annual averages for 1940 include an allowance for January and February inasmuch as the monthly series began in March 1940. Beginning in June 1947, details do not necessarily add to group totals. NOTE.—Information on the labor force status of the population is obtained through interviews of households on a sample basis. Data relate to the calendar week that contains the eighth day of the month. Back data are available from the Bureau of the Census. 442 FEDERAL RESERVE BULLETIN CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Month January February March April May June July August September. October November December Factories 1947 1948 1947 1948 571.6 442.2 596.8 602.3 674.7 605.1 660.3 823.2 650.0 793.3 715.1 625.4 615.2 682.0 257.4 208.4 282 9 256.7 254.1 209.5 240.9 308.9 268.5 349.5 290.2 226.8 238.1 232.3 .. 7,759.9 Year Nonresidential building Residential building Total 1947 54.1 71.9 941.4 Educational 1948 38.3 46.4 52.6 66.3 59.2 58.4 81.6 77.2 75.9 80.0 84.3 65.3 1947 74.5 75.5 Total Public ownership Private ownership 1946 1947 1948 1946 1947 1948 1946 1947 1948 1948 19.7 13.5 21 4 22 7 47.7 40.1 38 5 45 6 42.8 41.1 27 2 31.5 785.5 CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP [Figures for 37 States east of the Rock}r Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars] Month 1947 1948 86.5 73.9 82.1 65.6 71.3 66.8 82.3 88.0 73.8 95.5 72.1 83.5 3,153.8 Commercial 1947 58.7 37.8 391.9 358 387 698 735 952 808 718 680 620 573 504 457 June July August September. . October November. . December.. . Year 572 442 597 602 675 605 660 823 650 793 715 625 7,490 7,760 47 56 146 127 197 215 202 205 187 134 130 109 615 167 96 143 177 234 226 203 218 193 209 224 207 1,754 2,296 311 331 551 608 756 593 516 475 433 439 373 348 197 405 346 453 425 441 379 458 605 457 584 492 418 1947 1948 113 9 90.5 122 0 161 4 184 7 185.7 165 9 223 5 141.5 165 9 181 5 154.1 136 6 177.3 53 3 87.2 596.9 1 890 4 CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in thousands of dollars] 1948 1947 Feb. Jan Feb. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas 19,987 87,469 47,510 70,098 68,400 70,900 109,146 43,269 22,843 61,580 80,765 26,136 137,145 36,880 40,819 70,072 68,899 90,041 46,320 15,977 27,226 55,691 24,252 64,273 25,379 61,083 49,097 47,026 68,110 19,540 11,831 13,378 58,228 Total (11 districts) 681,967 615,206 442,197 419 5,735 5,464 1948 55 9 9.4 35 8 29 6 57 7 44.7 51 2 80 0 47.4 61.3 59 8 64.1 Federal Reserve district January.... February... March April May Public works and public utilities Other LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION [In millions of dollars] Title I Loans Year or month Total Property improve-1 ment Small home construction INSURED FHA HOME MORTGAGES (TITLE II) HELD IN PORTFOLIO, BY CLASS OF INSTITUTION Mortgages on l - t o 4 - Rental and family group houses housing (Title (Title II) ID War and Veterans' housing (Title VI)2 [In millions of dollars] Total SavCom- Muings tual merand savcial loan ings banks banks associations 1936—Dec 1937—Dec 1938—Dec 1939—Dec 1940—Dec 365 771 1,199 1,793 2,409 228 430 634 902 1,162 8 27 38 71 130 56 110 149 192 224 41 118 212 342 542 5 32 77 153 201 27 53 90 133 150 1941—June Dec 2,755 3,107 1,318 1,465 157 186 237 254 668 789 220 234 154 179 1942—June Dec 3,491 3,620 1,623 1,669 219 236 272 940 276 1,032 243 245 195 163 1943—June Dec 3,700 3,626 1,700 1,705 252 256 284 1,071 292 1,134 235 79 158 159 1944—June Dec 3,554 3,399 1,669 1,590 258 260 284 1,119 269 1,072 73 68 150 140 1945—June. Dec 3,324 3,156 1,570 1,506 265 263 264 1,047 253 1,000 43 13 134 122 1946—June Dec 3,102 2,946 1,488 1,429 260 252 247 233 974 917 11 9 122 106 1947—June 2,860 1,386 245 229 889 8 102 End of month 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1947—February.. . March April May June July August September.. October.... November.. December. . 1948—January February.. . 489 684 950 1,017 1,172 1,137 935 875 666 755 1,787 54 151 204 242 249 141 87 114 171 321 534 424 473 669 736 877 691 <245 216 219 347 446 74 81 110 107 146 163 175 183 244 192 228 224 228 35 35 45 37 44 50 43 46 46 47 68 56 45 27 28 33 36 39 39 37 41 48 39 48 48 45 *• correction. 1 Net proceeds to borrowers. 2 11 48 51 13 13 6 ( c 13 284 603 537 272 85 13 18 33 34 63 74 95 96 150 106 112 120 137 Mortgages insured under War „..„ — ..— . . . 3 Less than o $500,000. NOTE.—Figures represent gross insurance written during the period and do not take account of principal repayments on previously insured loans. Figures include some reinsured mortgages, which are shown in the month in which they were reported by FHA. Reinsured mortgages on rental and group housing (Title II) are not necessarily shown in the month in which reinsurance took place. APRIL 1948 Insur- Fedance eral com- agen- Other' panies cies * 1 The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States Housing Corporation. 2 Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc. NOTE.—Figures represent gross amount of mortgages held, excluding terminated mortgages and cases in transit to or being audited at the Federal Housing Administration. 443 MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports1 Merchandise imports 2 Excess of exports Month 1944 1945 1946 January.... February March 1 124 1,107 1 197 903 887 1,030 April May 1 931 1948 394 318 385 531 P437 P445 P544 366 372 360 406 393 382 294 304 282 356 360 335 P\.235 Pl.138 Pl.112 329 323 336 P14.456 3,919 1944 1945 1946 798 670 815 1 114 Pl,100 Pl.146 Pi, 327 301 314 358 334 325 365 1 005 1,135 870 757 851 878 Pl 299 PI 421 Pl.242 361 386 332 ,197 191 104. 893 737 514 826 883 643 Pl,162 Pl ,152 P1,109 1,144 1,185 938 455 639 736 537 986 1.097 14,259 9,806 9,740 ,455 ,296 June July August . . . September. . . . October November December Jan.-Dec 1947 1948 1947 1944 1947 1945 1946 823 793 839 569 561 665 405 352 431 583 J>7l0 P883 P512 P474 P463 870 1,069 965 639 763 511 351 457 496 P787 P947 P778 431 422 377 P450 P400 P481 903 887 912 537 378 180 395 461 266 P713 P751 P629 344 322 297 394 478 529 P492 P455 P601 815 862 602 111 317 439 142 508 567 P743 P683 P511 4,136 4,909 P5.739 10,339 5,670 4,831 P8,717 1948 P556 Source.—Department of Commerce. Back figures.—See BULLETIN for March 1947, p. 318; March 1943, p. 260; February 1940, p. 153; February 1937, p. 152; July 1933, p. 431; nd January 1931, p. 18. REVENUES, EXPENSES, AND INCOME OF CLASS I RAILROADS F R E I G H T CARLOADINGS BY CLASSES [Index numbers, 1935-39 average = 100] [In millions of dollars] Annual 1939 1940 1941 1942 1943 1944 1945 1946 1947 Forest Total Coal Coke Grain Live prod stock ucts Ore Mis- Mercel- chanlane- dise l.c.l. 100 114 139 155 141 143 129 143 153 110 147 183 206 192 180 169 136 181 101 110 136 146 145 147 142 139 148 101 109 130 138 137 140 135 132 143 98 111 123 135 138 143 134 130 147 102 137 168 181 186 185 172 146 182 107 101 112 120 146 139 151 138 150 96 96 91 104 117 124 125 129 107 97 96 100 69 63 67 69 78 75 SEASONALLY ADJUSTED Total Total railway operating railway revenues expenses Annual 1939 1940 .. 1941 1942 1943 1944 1945 1946 1947 3,995 4,297 5,347 7,466 9,055 9,437 8,899 7,628 Net railway operating income > Net income P8,685 3,406 3,614 4,348 5,982 7,693 8,343 8,049 7,009 P7.904 589 682 998 1,485 1,362 1,093 849 620 P781 93 189 500 902 874 668 447 289 P480 1946—November.. December.. 663 658 601 523 62 135 29 98 1947—January February... March April May 698 696 723 685 698 731 683 719 716 739 786 806 624 631 642 637 633 649 634 655 681 696 708 722 74 65 81 48 65 82 48 64 36 43 78 83 42 33 48 15 32 49 18 31 4 9 47 50 767 707 60 P26 SEASONALLY ADJUSTED 1946—November December. 137 140 117 132 166 155 147 162 136 122 151 156 157 146 148 148 82 81 1947—January.. February. March. . . April May June July August... September October. . November, December. 150 142 146 137 142 137 134 143 142 145 147 149 163 149 147 119 155 141 115 146 153 156 160 155 175 171 180 173 185 173 170 184 180 192 195 191 157 147 159 151 138 140 168 162 137 152 145 138 123 111 121 111 104 107 107 92 105 104 105 96 163 166 159 148 148 145 152 152 149 147 150 158 176 172 171 184 184 184 194 190 181 163 163 192 152 145 151 147 145 142 143 149 145 149 151 156 77 76 78 79 76 74 71 73 73 75 75 74 1948—January.. February. 145 139 155 150 183 178 132 103 84 76 153 140 180 195 152 146 68 71 UNADJUSTED June July August.:.. . September.. October November.. December.. 1948—January UNADJUSTED 1946—November December. 141 131 117 132 166 163 144 152 171 118 148 139 169 45 154 139 84 78 1946—November.. December.. 658 ••638 594 534 64 104 39 89 1947—January.. February. March. . . April May June July August September October. . , November. December. 138 133 137 134 144 142 140 148 153 156 150 139 163 149 147 119 155 141 115 146 153 156 160 155 184 182 182 169 183 170 165 177 178 188 195 201 157 144 146 133 121 143 202 175 153 152 142 130 118 89 96 98 94 87 87 87 139 161 133 92 147 159 159 148 154 151 153 160 161 155 147 141 44 43 50 157 267 286 311 284 272 235 163 60 139 136 144 145 146 146 145 150 157 163 158 147 74 74 79 80 76 73 71 73 77 78 77 71 1947—January... February.. March.... April May 686 636 718 689 724 697 705 745 727 794 755 807 ••627 593 645 631 649 637 644 664 679 718 690 727 '59 43 73 58 76 60 61 81 48 76 66 80 29 14 43 33 46 38 37 51 20 49 43 60 1948—January.. February. 133 129 155 150 192 188 132 101 81 61 137 135 45 49 139 137 65 69 1948—January 751 709 41 June .. . July August September.. October November.. December.. P!9 r NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. 444 P Preliminary. Revised. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. Basic data compiled by the Interstate Commerce Commission. Annual figures include revisions not available monthly. FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS [Based on retail value figures] SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS [Index numbers, 1935-39 average = 100] Federal Reserve district United States Year or month San Francisco Richmond Atlanta Chicago St. Louis 106 114 138 153 167 182 201 257 281 109 120 144 170 194 215 236 290 303 113 123 145 162 204 244 275 345 360 107 116 135 149 161 176 193 250 275 111 119 143 158 179 200 227 292 314 106 109 123 129 148 164 185 247 274 105 110 127 149 184 205 229 287 311 112 116 138 157 212 245 275 352 374 109 119 139 171 203 223 247 308 331 '231 236 258 275 264 257 258 267 253 278 284 256 257 272 298 284 281 273 290 271 296 309 '282 307 299 303 317 301 282 303 297 310 322 338 347 353 367 365 336 352 361 348 383 394 262 260 261 276 278 281 266 290 266 298 293 290 294 306 321 299 320 307 337 308 339 337 261 279 257 270 278 268 271 287 276 281 277 '284 '295 '299 '306 305 '298 '307 '323 320 '335 '334 '348 347 377 379 361 378 376 368 360 415 389 311 318 320 325 330 327 348 336 333 339 352 240 241 268 ?264 284 284 286 306 355 359 '271 281 '291 307 286 P267 306 292 390 368 '340 317 171 227 227 241 232 164 176 248 234 306 419 188 229 223 237 231 '171 179 244 253 323 408 '189 255 248 261 238 185 193 267 280 370 460 210 262 266 283 267 220 237 293 290 371 479 226 292 290 301 278 215 233 322 324 394 542 298 347 350 349 307 269 310 368 372 460 619 210 250 258 276 270 219 224 296 284 364 455 244 288 297 315 269 249 264 340 330 428 516 '201 258 264 269 264 217 242 311 304 335 424 247 283 290 297 281 250 277 336 336 392 505 306 337 347 356 307 288 327 387 396 507 633 281 299 302 302 299 278 308 336 343 411 554 224 P236 170 P174 192 202 204 *>216 216 233 214 245 284 316 217 225 239 258 '214 P206 245 P254 316 324 '275 287 102 108 131 179 155 162 166 213 255 99 105 124 165 142 147 153 182 202 97 102 123 181 143 150 160 195 225 96 99 119 167 141 148 150 191 220 99 106 130 182 144 151 156 205 243 107 113 139 191 175 190 198 250 289 107 115 140 178 161 185 188 258 306 103 111 134 186 160 161 159 205 246 102 108 134 176 152 159 166 225 274 103 110 138 171 151 169 165 211 266 99 105 125 159 152 157 158 210 259 106 113 130 161 159 177 190 250 321 106 '114 137 '190 '173 '178 182 '236 '295 ••274 '218 223 221 215 212 205 206 210 231 238 245 261 264 246 238 231 217 219 222 238 268 272 307 295 302 292 270 265 261 252 281 310 323 335 321 320 309 280 270 273 282 300 337 344 264 263 257 243 232 226 221 225 245 259 264 296 288 281 272 267 247 250 246 274 290 297 270 266 287 268 256 254 241 246 251 281 306 293 302 282 267 248 212 214 224 239 266 '300 343 343 326 333 308 276 282 285 306 357 397 '325 331 '307 '285 '282 '270 248 '257 '287 '319 '342 243 Phila- Clevedelphia land Boston New York 106 114 133 150 168 . 187 207 264 285 104 108 126 140 148 162 176 221 235 101 106 119 128 135 150 169 220 239 104 111 129 143 151 167 184 236 261 1947—February March April May June July August September October November December 266 272 277 291 '289 '286 283 292 277 r 302 303 219 237 227 244 249 237 234 236 211 248 243 224 229 235 253 '249 ••251 246 '239 '225 248 241 1948—January February 284 P283 216 P223 222 266 269 280 266 219 236 299 298 374 483 Minne- Kansas Dallas apolis Cityi SALES 2 1939 1940 1941 1942.. 1943 1944 1945. . 1946 1947 . . SEASONALLY ADJUSTED UNADJUSTED 1947—February March May June July August September October November December 1948—Tanuary . February ... . .. ... STOCKS 2 1939 1940 1941 . 1942 1943 1944. . 1945 1946 . 1947 SEASONALLY ADJUSTED 1947—February March April May June .. . July August September October . .. November December 273 264 252 '242 '231 227 231 251 '273 '283 206 211 211 198 188 188 184 189 213 221 221 249 242 230 221 215 204 206 210 224 234 236 1948—January February 288 P303 219 227 '233 250 P249 277 286 332 339 345 378 274 290 '309 331 '310 322 '316 *>330 385 422 '352 366 '251 264 262 r 252 '237 232 245 '256 283 '295 '243 194 207 202 194 180 181 195 206 239 249 201 '232 241 233 224 206 193 215 227 253 263 211 '212 223 225 217 201 195 214 231 263 262 208 242 254 253 241 222 217 236 246 274 283 225 290 295 304 286 259 268 294 283 320 329 269 312 321 317 300 283 278 295 311 336 354 289 240 255 252 243 227 222 236 250 275 285 238 266 279 281 272 267 257 273 273 307 310 250 257 267 273 266 248 259 255 265 279 303 268 264 272 273 261 248 236 240 251 272 284 '246 305 326 316 316 298 299 318 319 345 382 333 '286 308 304 '296 '287 '286 '273 '290 '318 '338 '280 '252 *>278 199 214 '205 232 '211 P242 243 266 283 320 '311 352 236 264 265 298 '282 P307 '273 P297 346 375 '310 321 UNADJUSTED 1947—February March..: April . . May July..: August September October November December 1948—January February .... ' Revised. P Preliminary. * Sales index revised beginning 1939; back figures available from Kansas City Federal Reserve Bank. Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average. NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN for June 1946, pp. 588-612. 2 APRIL 1948 445 DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR DEPARTMENTS Per cent change from a year ago (value) Department Number of stores reporting GRAND TOTAL—entire stores. 345 MAIN STORE—total 345 Piece goods and household textiles 306 284 1S4 149 167 303 260 224 231 Piece goods Silks, velvets, and synthetics Woolen dress goods Cotton wash goods Household textiles Linens and towels Domestics—muslins, sheetings Blankets, comforters, and spreads. . . . Small wares Laces, trimmings, embroideries, and ribbons Notions Toilet articles and drug sundries Silverware and jewelry Silverware and clocks4 Costume jewelry4 Fine jewelry and watches4 Art needlework Books and stationery Books and magazines Stationery 332 200 232 316 309 187 239 68 243 253 131 219 Women's and misses' apparel and accessories. 342 342 289 281 178 324 328 338 330 232 266 224 317 322 232 187 203 342 327 192 187 299 273 294 328 232 241 327 278 268 Women's and misses' ready-to-wear accessories... Neckwear and scarfs Handkerchiefs Millinery Women's and children's gloves Corsets and brassieres Women's and children's hosiery Underwear, slips, and negligees Knit underwear Silk and muslin underwear, and slips Negligees, robes, and lounging apparei Infants' wear Handbags and small leather goods Women's and children's shoes Children's shoes4 Women's shoes4 Women's and misses' ready-to-wear apparel Women's and misses' coats and suits Women's and misses' coats4 Women's and misses' suits4 Juniors' and girls' wear Juniors' coats, suits, and dresses Girls' wear Women's and misses' dresses Women's and misses' inexpensive dresses4. . . . Women's and misses' better dresses4 Blouses, skirts, and sportswear Aprons, housedresses, and uniforms Furs Men's and boys' wear Men's clothing Men's furnishings and hats Boys' wear Men's and boys' shoes and slippers Housefurnishings Furniture and bedding M'attresses, springs, and studio beds4 Upholstered and other furniture4 Domestic floor coverings Rugs and carpets4 Linoleum4 Draperies, curtains, and upholstery Lamps and shades * China and glassware Major household appliances Housewares Gift shop4 Radios, phonographs, records, and instruments4. Radios and phonographs4 Records, sheet music, and instruments4 Miscellaneous merchandise departments. . Toys, games, sporting goods, and cameras. . . Toys and games Sporting goods and cameras Luggage Candy4 446 Sales during period Stocks (end of month) Jan. 1948 Jan. 1948 +7 +6 +16 +2 +3 +5 -3 +24 +22 +30 + 15 +3 +4 + 10 +5 +2 + 10 -5 +3 +5 -5 +2 +3 -1 + 15 i -8 -4 -4 -6 +6 +6 +5 +19 Dec. Jan, 177 330 167 560 536 533 -2 -13 + 12 -11 -17 + 15 -20 276 282 267 324 252 274 248 390 216 273 246 247 316 187 277 321 196 285 239 276 259 310 260 221 203 300 187 619 738 636 775 715 555 653 460 568 655 717 610 727 689 643 661 563 625 661 728 576 924 646 632 770 402 692 -4 -5 0 -4 3.7 3.3 3.1 3.8 155 179 204 137 137 457 331 343 408 558 150 172 186 130 134 567 581 621 518 643 594 669 639 563 664 593 690 613 536 675 203 156 158 148 269 580 469 589 194 157 167 145 577 527 437 549 633 534 469 542 626 556 490 553 174 157 220 112 108 122 234 126 164 189 168 153 202 105 169 355 418 735 719 151 478 262 345 591 467 598 724 482 447 285 169 158 191 113 118 126 244 121 162 183 164 161 212 101 175 454 494 510 487 186 495 666 244 458 481 477 428 671 366 789 430 477 485 489 144 521 668 214 455 519 436 434 661 349 736 430 460 453 554 181 584 597 256 413 440 411 382 609 365 675 192 222 288 236 181 207 412 402 383 345 398 374 +2 +1 -6 0 -7 j -9 -6 +6 +8 + 13 -13 + 11 +48j 304 232 138 144 265 139 90 286 230 239 229 238 151 213 158 121 +8 + 13 + 14 + 12 + 17 +19 -10 0 -9 +23 +7 +2 -8 + 1. +26 +25 +46 -12 -13 + 15 +80 -6 -10 +25 +33 + 19 -6 -10 -1 -12 -14 +12 -11 + 11 +9 1947 Jan. 2.8 2.6 2.5 2.9 2.4 +6 + 13 +2 +1 +8 297 272 201 121 241 185 Dec. Jan, 3.2 319 236 296 284 186 2 1947 Jan. 2.2 2.6 2.4 2.4 2.8 2.0 2.6 1.2 2.6 +4 +10 +3 +7 1948 1947 3.2 +8 +9 +5 +4 +6 +10 +1 Stocks at end of month -6 -5 -4 +6 +7 + 19 Sales during period +3 +3 -1 -4 -4 -4 January 3.1 -1 -2 -2 -5 -5 +4 Index numbers without seasonal adjustment 1941 average monthly sales=100 2 3.0 +1 -15 + 12 —3 + 12 + 11 + 14 +4 + 11 +2 +16 + 17 + 16 -1-4 +5 +9 +7 +2 +2 +3 + 14 + 10 + 19 +4 +1 +3 +3 Ratio of stocks to sales i +7 2.8 3.7 2.6 1.3 3.8 3.9 3.6 3.3 4.2 4.9 4.7 3.8 9.6 3.2 3.6 2.9 4.0 3.2 2.3 4.4 1.7 4.1 2.8 1.9 2.8 2.5 2.8 2.8 3.3 3.4 4.7 5.2 4.6 2.1 1.8 1.4 2.3 2.8 2.2 3.7 1.9 1.7 2.1 2.3 2.2 2.4 2.5 2.9 2.4 5.0 1.6 4.6 2.4 2.1 2.5 2.4 2.5 2.6 2.9 3.6 3.9 4.3 3.8 2.2 1.8 1.6 2.0 2.9 2.3 3.8 1.6 1.5 1.8 2.8 2.3 2.4 171 196 154 175 374 315 460 235 162 184 146 178 481 433 576 331 422 378 492 304 473 434 558 292 223 176 168 404 253 248 187 178 155 505 394 394 473 379 469 529 405 382 3.9 3.4 3.7 5.0 5.4 3.7 2.6 3.9 5.6 4.7 143 171 128 122 140 478 284 636 430 409 134 151 126 121 130 553 579 479 612 752 531 537 484 594 749 498 372 494 673 622 4.0 4.3 2.4 4.6 3.8 3.7 5.0 4.6 3.6 5.7 2.7 3.8 5.8 4.0 4.3 3.9 4.1 4.7 3.1 5.1 3.5 3.6 3.1 5.2 4.4 5.2 1.6 4.2 7.0 3.3 3.2 3.6 187 165 305 191 172 146 750 703 747 659 699 696 193 243 165 728 149 167 141 283 218 239 398 328 406 448 149 154 134 273 206 683 600 803 773 821 692 614 808 715 833 772 693 697 412 868 3.4 7.2 10.0 5.9 4.5 2.2 3.9 7.8 10.7 6.1 4.4 2.1 538 160 892 72 34 1,162 751 92 538 156 154 67 36 82 143 542 565 519 785 341 349 537 1,014 707 688 593 519 449 527 631 566 FEDERAL RESERVE BULLETIN DEPARTMENT STORE STATISTICS—Continued SALES AND STOCKS BY MAJOR Number of stores reporting Department DEPARTMENTS—Continued Per cent change from a year ago (value) Ratio of stocks lto sales Index numbers without seasonal adjustment 1941 average monthly sales=100 2 Sales during period Stocks (end of month) January Sales during period Jan. 1948 Jan. 1948 1948 1948 1947 BASEMENT STORE—total 193 +15 +3 2.4 2.7 D o m e s t i c s a n d blankets 4 Women's and misses' ready-to-wear 4 Intimate apparel 4 Coats and suits Dresses4 Blouses, skirts and. sportswear4 Girls' wear4 4 . . . . Infants wear M e n ' s a n d boys' wear Aden's wear 4 !Men's clothing 4 4 Men's furnishings Boys' wear 4 Housefurnishings Shoes 126 191 160 165 160 142 111 105 155 124 89 103 106 97 128 +11 +14 +19 + 16 +9 +25 + 15 + 11 +25 +28 +41 + 19 + 17 +9 +18 -3 2.0 2.0 2.2 1.6 1.6 1.9 2.7 2.7 3.0 2.8 2.6 3.0 3.5 3.2 3.6 2.2 2.2 2.6 1.7 1.7 2.4 2.8 2.7 3.5 3.1 3.0 3.2 4.4 3.8 3.9 177 106 NONMERCHANDISE—total 4 Barber and beauty shop 4 +4 +4 +7 +6 7 +9 + 14 +7 + 15 +22 +12 -8 -9 +11 +5 5 () 5 () () -7 (5) (5) (6) Stocks at end of month 1947 1948 1947 Jan. Dec. Jan. Jan. Dec. Jan. 163 317 142 392 384 384 160 310 140 322 307 312 159 449 127 478 462 446 144 130 248 235 174 110 456 471 490 454 529 432 5 1 The ratio of stocks to sales is obtained by dividing stocks at the end of the month by sales during the month and hence indicates the number of months' supply on hand at the end of the month in terms of sales for that month. 2 The 1941 average of monthly sales for each department is used as a base in computing the sales index for that department. The stocks index is derived by applying to the sales index for each month the corresponding stocks-sales ratio. For description and monthly indexes of sales and stocks by department groups for back years, see pp. 856-858 of BULLETIN for August 1946. The titles of the tables on pp. 857 and 858 were reversed. « For movements of total department store sales and stocks see the indexes for the United States on p. 445. 4 Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included 6 in group and total indexes. Data not available. NOTE.—Based on reports from a group of large department stores located in various cities throughout the country. In 1947, sales and stocks at these stores accounted for about 50 per cent of estimated total department store sales and stocks. Not all stores report data for all of the departments shown; consequently, the sample for the individual departments is not so comprehensive as that for the total. WEEKLY INDEX OF SALES [Weeks ending on dates shown. 1935-39 average = 100] SALES, STOCKS. A N D OUTSTANDING ORDERS AT 296 DEPARTMENT STORES 1 Without seasonal adjustment Amount (In millions of dollars) 1946 Year or month Outstanding orders (end of month) Sales (total for month) Stocks (end of month) 1939 average..:. . 1940 average 1941 average 1942 average 1943 average 1044 average 1945 average 1946 average 1947 average 128 136 156 179 204 227 255 318 336 344 353 419 599 508 534 563 714 823 108 194 263 530 560 729 909 553 1947—February.. March April...... May June July August . . . September October. . . November. December. ••250 331 321 337 304 253 274 341 367 416 584 835 864 849 817 768 732 789 823 912 '941 '770 606 490 388 351 470 603 622 676 663 605 544 1948—January... February. 271 P263 789 P876 633 576 May June r p Preliminary. Revised. 1 These figures are not estimates for all department stores in the United States. Back figures.—Division of Research and Statistics. APRIL 1948 July Aug. Sept. Oct. 4... 11... 18... 25... 1... 8... 15... 22... 29... 6... 13... 20... 27... 3... 10... 17... 24... 31... 7... 14... 21... 28... 5... 12... 19... 26... 1947 ..248 M a y ..274 . .246 ..245 . .223 ..273 June ..283 . .248 ..239 . .192 July ..210 . .201 ..204 ..217 Aug. ..228 . .239 ..255 ..281 ..264 Sept. . .293 ..280 ..257 ..277 Oct. ..281 ..295 ..287 3 . . : . .279 1 0 . . . . .311 1 7 . . . . .273 2 4 . . . . .277 3 1 . . . . .250 7 .293 1 4 . . . . .300 21 .256 2 8 . . . . .245 5 . . . .208 1 2 . . . . .22* 1 9 . . . . .217 2 6 . . . . .213 2 . . . . .220 9 .223 1 6 . . . . .225 23 .243 3 0 . . . . .277 6 . . . . .265 1 3 . . . . .291 20 .301 2 7 . . . . .316 4 .326 1 1 . . . . .304 1 8 . . : . .299 2 5 . . : . .306 1946 Nov. 2 . . . . 9 16.... 23.... 30.... Dec. 7 . . . . 14 21.... 28.... 1947 .277 Nov. 1 . . . . . 3 1 3 .314 8 . . . . .347 .342 1 5 . . . ..380 .363 2 2 . . . ..395 .334 29... ..367 .475 Dec. 6 . . . ..508 .519 1 3 . . . ..570 .532 2 0 . . . ..576 .281 2 7 . . . ..358 1947 Jan. 4..:. 11 18.... 25.... Feb. 1 . . . . 8.... 15.... 22 Mar. 1 . . . . 8.... 15 22.... 29.... Apr. 5 . . . . 12 19 26.... 1948 .188 .232 .223 .220 .217 .219 .246 .216 .238 .254 .267 .286 .283 .319 .265 .271 .267 Jan. 3... 10... 17... 24... 31... Feb. 7 . . . 14... 21... 28... Mar. 6 . . . 13... 20... 27... Apr. 3 . . . 10 17 24 ..204 ..251 . .232 ..226 ..233 ..240 ..238 . r.249 . 248 ..266 . .279 ..313 . .331 ..282 r Revised. NOTE.—Revised series. For description and back figures see pp. 874-875 of BULLETIN for September 1944. 447 DEPARTMENT STORE STATISTICS—Continued SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES [Percentage change from corresponding period of preceding year] Feb. Jan. Two 1948 1948 mos. 1948 United States.. p + 7 v+2 Boston New Haven.. . . +8 Portland -6 Boston Area. . . + 1 Downtown +3 Boston +9 Springfield +2 Worcester +2 Providence +7 New York l +3 Bridgeport +8 Newark x Albany +7 Binghamton.... + 14 Buffalo l + 13 Elmira -1 Niagara Falls...1 New York City . +6 + 12 Poughkeepsie... + 14 Rochester1 +6 Schenectady. . . +22 Syracuse J + 15 Utica P+14 Philadelphia . +9 Trenton * Lancaster * . .1. . + 17 + 10 Philadelphia . +9 Reading l 1 + 13 Wilkes-Barre . +21 York 1 Cleveland +11 Akron 1 1 + 13 Canton +6 Cincinnati1l . . . +8 Cleveland .... + 10 Columbus *.1 . . + 12 Springfield ... +8 Toledo 1 +7 Youngstown 1 . +9 Two Feb. Jan. mos. 1948 1948 1948 +8 +7 Cleveland-cont. +1 Erie 1 +1 +2 Pittsburgh +2 +5 Wheeling i *.. . . ++1 0 -3 +2 + 1 Richmond +8 J +4 +3 Washington . . . +9 +5 +11 + 11 Baltimore Raleigh, N. C. . -4 +4 +3 Winston-Saiem. Chicagox p+7 +4 Chicago P +13 Peoria * 1 P+3 Fort Wayne1 .. +2 Indianapolis .. +5 Terre Haute 1 .. + 16 Des Moines. .. l Detroit +8 - 1 1 Flint 1 0 + 1 Grand Rapids. +9 - 1 Lansing +6 +8 Milwaukee 1... + 15 +8 Green Bay 1 ... +9 +8 Madison + 11 +4 +6 +7 St. Louis Fort Smith 1 -1 Little Rock . . -2 + 11 + 14 Evansville.l . . . +22 Louisville ... . + 13 +8 +5 Quincy East St. Louis. +64 + 11 St. Louis 1 . . . . +6 +21 +7 + 7 St. Louis Area. +1 +6 Springfield.... 1 +1 + 11 Memphis . . . . +27 Minneapolis. P+3 +9 Minneapolis *.. +9 +4 St. Paul 1 +2 —4 Duluth+8 + 11 Superior 1.. . - 1 Kansas City . . p+3 i +7 + 1 Denver Pueblo + 16 -1 . .. +3 +8 Hutchison. +2 - 1 Topeka +1 - 1 0 Wichita. +6 - 6 Kansas City.. +7 - 6 Joplin +5 0 St. Joseph. . . -5 - 4 ! Omaha + 16 + 5 +4 +8 + 7 0 +4 +6 +7 +2 -1 +12 +8 +11 +3 +2 +11 +25 +17 +6 +10 +9 +20 + 14 +11 +6 -17 + 10 - 8 0 Charleston^. C. +2 0 +5 +6 Greenville, S. C. + 15 +2 +2 Lynchburg +9 +5 +5 +6 Norfolk +5 +10 - 4 Richmond + 10 +2 +4 Roanoke + 17 - 2 -1 +12 + 12 Charleston, -3 + 19 +5 +4 +8 W. Va +14 2 Huntington.... +23 +5 +8 +5 +5 +3 +6 +4 +8 + 10 Atlanta l +42 + 12 + 13 Birmingham . . + 15 +7 +10 +6 +10 +8 Mobile +37 +11 +5 + 13 Montgomery 1 l.. +3 + 12 +4 +8 +5 +5 + 10 Jacksonville ... 1 -6 Miami + 11 +11 +8 +11 Orlando +31 +24 +9 + 17 + 13 Tampa x + 10 +9 +12 +9 + 12 1 +5 +3 +6 +9 +9 Atlanta -2 + 11 + 10 Augusta + 14 +8 +10 + 14 + 13 Columbus +1 -3 Rome 1 +2 + 11 Macon -1 -1 +10 +3 0 +1 +11 Savannah 1 +8 + 11 Baton Rouge1 . . +2 - 5 +23 + 7 +6 +6 New Orleans . . +9 +4 +5 - 6 +9 +8 Jackson x +8 -11 + 14 + 12 Meridian +9 +9 - 1 8 . + 12 +12 Bristol, Tenn.. +11 x +8 Chattanooga - 2 -10 .. +11 +8 x + 16 - 1 4 Knoxville +4 + 16 + 11 Nashville1 -12 +5 + 11 r + 10 +19 v Preliminary. Revised. 1 Indexes for these cities may be obtained on request from the Federal Reserve Bank in the district * Data not available. 3 Year 1947. -1 0 Two Feb. Jan. mos. 1948 1948 1948 Two Feb. Jan. mos. 1948 1948 1948 +10 Kansas City— +6 cont. + 12 Oklahoma City. +3 Tulsa +2 +8 Dallas +20 Shreveport + 13 Corpus1 Christi.. +3 Dallas +9 Fort Worth +8 Houston l +17 San Antonio... . + 12 + 11 SanFrancisco.. Phoenix 1 +6 Tucson - 1 Bakersfield 1 .... l -2 + 18 Fresno Long Beach 1 ... +11 Los Angeles l... +5 and +52 Oakland Berkeley1 +8 Riverside and +9 San Bernardino l +3 Sacramento . .. -2 + + 11 +3 + 10 +7 +4 + 19 +4 +5 +5 +9 +9 +4 +6 l +3 + 15 +9 + 16 + 16 +16 +6 +17 -5 +7 +7 +6 + 12 -4 -5 +4 - 3 0 + 1 + 10 +5 +17 +20 + 17 +5 +16 + H P+3 +10 +7 p+7 +13 + 11 +5 +4 P + 23 ( ) +26 3+15 +4 + 12 +8 +4 +8 +6 +2 -1 + 10 +13 +12 +4 +2 +20 +15 + 18 P-\ +9 +10 + 10 San Diego . . J. . San Francisco . +4 +3 +3 San Jose l 1 - 52 -3 Santa Rosa . . . ( ) +5 3 -6 Stockton Vallejo and - 1 +1 Napa 1 Boise and -11 - 2 Nampa P-2 +18 + Portland 0 +6 +3 Salt Lake City 1. 1 p-10 Bellingham . . . -9 -7 P+2 +3 +3 Everett11 -4 Seattle l +7 +2 -6 Spokane1 +5 Tacoma + 11 11 +3 Yakima l +8 + 4 +3 in which the city is located. COST OF LIVING Consumers' Price Index for Moderate Income Families in Large Cities [Index numbers of the Bureau of Labor Statistics, 1935-39 average = 100] Year or month Fuel. electricity, and ice House furnishings Miscellaneous 141.4 112.5 111.7 104.6 100.7 100.0 84.2 98.4 102.8 102.2 100.5 101.7 106.3 124.2 129.7 138.8 145.9 160.2 185.8 100.9 104.1 104.3 104.6 106.2 108.5 108.0 108.2 108.3 108.6 111.2 100.2 99.9 99.0 99.7 102.2 105.4 107.7 109.8 110.3 112.4 121.2 104.3 103.3 101.3 100.5 107.3 122.2 125 6 136.4 145.8 159.2 184.4 101.0 101.5 100.7 101.1 182.3 189.5 188.0 187.6 190.5 193.1 196.5 203.5 201.6 202.7 206.9 181.5 184.3 184.9 185.0 185.7 184.7 185.9 187.6 189.0 190.2 191.2 108.9 109.0 109.0 109.2 109.2 110.0 111.2 113.6 114.9 115.2 115.4 117.5 117.6 118.4 117.7 117.7 119.5 123.8 124.6 125.2 126.9 127.8 180.8 182.3 182.5 181.9 182.6 184.3 184.2 187.5 187.8 188.9 191.4 137.4 138.2 139.2 139.0 139.1 139.5 139.8 140.8 141.8 143.0 144.4 209.7 204.7 192.1 195.1 115.9 116.0 129.5 130.0 192.3 193.0 146.4 146.4 All items Food Apparel Rent 1929 122.5 132.5 115.3 1933 92.4 84.1 87.9 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1947—February March April May June July August September October November December 102.7 100.8 99.4 100.2 105.2 116.5 123.6 125.5 128.4 139.3 159.2 105.3 97.8 95.2 96.6 105.5 123.9 138.0 136.1 139.1 159.6 193.8 153.2 156.3 156.2 156.0 157.1 158.4 160.3 163.8 163.8 164.9 167.0 1948—January February 168.8 167.5 104. a 110.9 115.8121.3 124.1 128.8: 139.9 Back figures.—Bureau of Labor Statistics, Department of Labor. 448 FEDERAL RESERVE BULLETIN WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. Year, month,*or week 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1947—January... February.. March.. . . April May June July August.... September October... November. December. 1948—January.. February. , Week ending:1 1948—Jan. 3 . . . Jan. 10... Jan. 17... Jan. 24... Jan. 3 1 . . . Feb. 7... Feb. 14... Feb. 2 1 . . . Feb. 28... Mar. 6... Mar. 13... Mar. 20... Mar. 27... Other commodities All commodities Farm products 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 65.3 Foods 98.8 103.1 104.0 105.8 121.1 151.8 141.5 144.5 149.5 147.7 147.1 147.6 150.6 153.6 157.4 158.5 159.7 163.2 165.6 160.7 105.9 122.6 123.3 128.2 148.9 181.3 165.0 170.4 182.6 177.0 175.7 177.9 181.4 181.7 186.4 189.7 187.9 196.7 199.2 185.3 99.9 90.5 74.6 61.0 60.5 70.5 83 82.1 85.5 73.6 70.4 71.3 82.7 99.6 106.6 104.9 106.2 130.7 168.7 156.2 162.0 167.6 162.4 159.8 161.8 167.1 172.3 179.3 177.8 178.0 178.4 179.9 172.4 164.4 164.5 165.5 164.4 163.7 163.8 159.7 159.2 159.2 160.4 159.8 161.5 161.1 199.2 197.0 201.5 199.2 195.1 195.5 180.9 181.7 182.8 187.1 184.9 187.6 186.2 181.3 182 181.2 177.4 176.5 177.9 173.3 170.3 170.5 172.2 171.2 176.4 174.8 77.1 78.6 87.3 67.7 82.4 Total Feb. Nov. Hides ! Fuel Metals Build- Chemi- House:als and furand Textile and and ing leather- prod- lighting metal mateallied nishproducts ing mate- prodprodrials ucts rials goods ucts ucts r APRIL 1948 Manufactured products 127.6 128.5 131.1 131.8 131.9 131.4 133.4 136.0 138.2 140.0 •142.4 145.6 148.1 147.4 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77, 76. 73, 71 76. 78 80.8 83.0 84.0 90.1 108.7 97.7 97.9 100.7 103.4 103.3 103.9 108.9 112.5 114.1 115.9 118.1 124.3 130.0 130.7 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 94.4 95.8 99 A 103.8 103.8 103.8 104.7 115.5 145.0 138.0 137.9 139.9 140.3 141.4 142.6 143.8 148.9 150.7 151.1 '151.7 152.3 154.4 155.3 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 90.3 90.5 94.8 103.2 110.2 111.4 115.5 117.8 132.6 179.5 169.7 174.8 177.5 178.8 177.0 174.4 175.7 179.7 183.3 185.8 187.5 191.0 193.1 192.5 94.0 88.7 79.3 73.9 72.1 75.3 79.0 78.7 82.6 77.0 76.0 77.0 84.4 95.5 94.9 95.2 95.2 101.4 127.3 128.1 129.3 132.2 133.2 127.1 120.2 118.8 117.5 122.3 128.6 135.8 135.0 138.8 134.6 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 86.8 86.3 88.5 94.3 102.4 102.7 104.3 104.5 111.6 129.1 123.3 124.6 125.8 127.8 128.8 129.2 129.8 129.7 130.6 132.3 137.7 139.7 141.6 142.0 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 73.3 74.8 77.3 82.0 89.7 92.2 93.6 94.7 100.3 114.3 110.3 110.9 115.3 115.7 116.1 112.7 113.0 112.7 115.9 117.1 118.8 121.5 123.5 119.9 97.5 84.3 65.6 55.1 56.5 68.6 77.1 79.9 84.8 72.0 70.2 71.9 83.5 100.6 112.1 113.2 116.8 134.7 165.6 152.1 154.9 163.2 160.1 158.6 160.2 165.3 167.0 170.8 175.1 175.5 182.0 183.9 174.9 94.5 88.0 77.0 70.3 70.5 78.2 82.2 82.0 87.2 82.2 80.4 81.6 89.1 98.6 100.1 100.8 101.8 116.1 145.4 136.7 139.7 143.3 141.9 141.7 141.7 144.0 147.6 151.6 151.1 152.3 154.7 157.6 154.4 146.4 146.9 147.4 147.6 148.0 147.8 147.5 147.5 147.3 147.3 147.3 147.3 147.4 202.2 200.3 201.4 201.5 201.2 198.0 196.2 193.3 188.5 187.9 187.1 185.9 186.2 147.5 145.8 145.7 145.5 145.8 147.0 146.7 146.9 146.2 145.9 145.9 145.6 145.2 128.5 130.0 130.0 130.4 131.2 131.4 131.6 131.6 131.7 131.7 131.7 131.7 131.7 152.0 152.8 153.2 153.9 154.1 154.2 154.8 155.5 155.6 155.7 155.9 156.0 156.0 189.4 189.7 191.1 191.3 191.3 192.1 192.0 191.9 192.1 192.1 192.5 192.6 192.5 135.0 139.0 140.8 139.3 139.3 134.3 134.0 134.9 135.3 136.6 136.5 135.8 135.1 135.3 136.7 136.9 137.2 137.5 137.7 137.7 143.6 143.7 143.6 143.7 144.3 144.3 121.8 122.1 123.0 123.6 123.9 122.6 120.2 119.1 119.0 119.4 119.5 119.9 120.8 184.5 182.9 186.0 184.8 182.3 182.3 173.4 173.6 173.9 176.5 174.9 176.5 175.9 156.6 157.3 157.6 156.5 156.5 156.7 154.5 153.5 153.5 154.3 154.3 156.3 155.9 1948 Dec. Jan. Feb. 1948 Subgroups Revised. Weekly figures not directly comparable with monthly data. Revised figures for the period March-October 1947 will be shown in future issues of the BULLETIN. Back figures.—Bureau of Labor Statistics, Department of Labor. 2 Raw materials 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 76.3 66.7 69.7 73.8 84.8 96.9 97 A 98.4 100.1 116.3 140.9 136.6 138.0 139.6 139.2 138.9 138.9 139.5 140.8 142.0 143.0 144.7 147.6 147.0 147.6 Farm Products: Metals and Metal Products: 171.1 245.5 252.7 256.3 220.0 Grains Agricultural implements... Livestock and poultry Farm machinery 201.5 211.0 226.3 232.9 210.0 Other farm products 150.5 157.2 162.5 162.4 159.9 Iron and steel Foods: Motor vehicles 161.8 175.9 183.5 183.9 184.8 Dairy products Nonferrous metals Cereal products Plumbing and heating 141.3 172.5 170.6 170.1 160.2 Fruits and vegetables 134.2 135.5 135.4 141.1 144.8 Building Materials: Meats Brick and tile 199.5 217.6 214.8 222.3 206.2 Other foods Cement 146.0 159.4 160.0 155.0 146.7 Hides and Leather Products: Lumber 171.5 187.0 190.7 194.3 194.7 Shoes Paint and paint materials.. Hides and skins Plumbing and heating 191.4 263 A 256.9 238.9 207.2 Leather Structural steel 181.1 216.0 216.2 209.2 199.9 Other leather products 137.1 141.3 141.8 '•143.8 143.8 Other building materials... Textile Products: Chemicals and Allied Products: 132.7 135.6 136.3 138.7 139.9 Clothing Chemicals Cotton goods 193.7 209.1 213.5 214.2 214.6 Drugs and Pharmaceuticals Hosiery and underwear.... 100.0 101.4 103.0 104.4 105.0 Fertilizer materials Silk 80.2 73.3 73.3 46.4 46.4 Mixed fertilizers Rayon 37.0 37.0 40.0 40.7 40.7 Oils and fats Woolen and worsted goods. . . 121.9 134.9 139.6 141.6 142.8 House furnishing Goods: Other textile products 170.1 174.8 177.8 181.2 180.2 Furnishings Fuel and Lighting Materials: Furniture 2 114.8 123.3 123.4 124.2 124.4 Miscellaneous: Anthracite Bituminous coal Auto tires and tubes 143.3 173.3 174.3 176.8 177.8 Coke Cattle feed 155.1 182.2 183.4 190.6 190.6 Electricity Paper and pulp 65.7 66.3 Gas Rubber, crude 84.3 83.6 ''85^4 Petroleum products Other miscellaneous 76.6 99.9 112.0 120.7 i21! 7 1 Miscellaneous 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 95.6 100.8 108.3 117.7 117.5 116.7 118.1 137.2 181.9 175.1 173.8 174.6 166.4 170.8 173.2 178.4 182.1 184.8 191.7 202.4 203.1 '200.3 192.8 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 81.3 83.0 89.0 95.5 96.9 98.5 99.7 109.5 134.8 1947 Subgroups 1926 = 100] Feb. Nov. Dec. Jan. Feb. 117.6 119.0 125.0 149.3 131.3 117.1 125.3 126.7 141.3 160.3 142.2 136.0 127.0 129.2 142.2 160.5 143.0 136.1 128.4 130.1 145.5 160.8 145.5 137.9 128.9 130.7 146.9 161.0 146.8 138.7 132.3 109.9 263.6 173.9 117.1 127.7 141.5 147.3 120.6 295.6 161.8 136.0 143.0 152.6 148.8 121.6 303.2 164.0 136.1 143.0 155.5 150.9 126.4 307.3 163.2 137.9 143.0 157.2 151.1 127.2 303.8 159.6 138.7 149.4 159.4 113.8 182.5 99.2 96.3 214.3 124.3 151.1 112.0 100.8 226.7 124.1 154.9 114.4 101.5 215.9 125.8 154.4 115.6 102.4 236.7 126.5 154.3 114.8 102.8 201.5 129.6 140.0 142.8 143.9 144.4 '128.5 '135.6 '136. 1-139.6 139.8 73.0 61.0 63.4 63.4 63.4 178.6 282.7 308.2 336.0 262.0 143.4 160.7 164.7 168.1 167.1 52.9 49.3 44.5 44.7 42.7 118.8 128.4 130.0 130.4 130.4 GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME [Estimates of the Department of Commerce. In billions of dollars] RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING Annual totals 1929 1933 1939 1941 1944 Seasonally adjusted annual rates by quarters 1946 1946 1947 3 Gross national product 103.8 55.8 8.8 Less: Capital consumption allowances 7.2 Indirect business tax and related liabilities. 7.0 7.1 .6 Business transfer payments .7 -.1 Statistical discrepancy 1.2 Plus: Subsidies less current surplus of govern-.1 ment enterprises (x) Equals: National income 87.4 39.6 Less: Corporate profits and inventory valuation adjustment . . . 10.3 - 2 . 0 .3 Contributions for social insurance .2 Excess of wage accruals over disbursements. .0 .0 .9 1.5 Plus: Government transfer payments Net interest paid by government 1.0 1.2 Dividends 2.1 5 8 .6 .7 Business transfer payments E q u a l s : P e r s o n a l i n c o m e . . . 85.1 . 46.6 2.6 1.5 Less: Personal tax and related payments 1.3 .5 Federal 1.4 1.0 State and local Equals: Disposal personal income 82.5 45.2 Less: Personal consumption expenditures 78.8 46.3 Equals: Personal saving 3.7 -1.2 1947 4 1 2 3 4 90.4 125.3 210.6 203.7 229.6 207.5 218.6 221.0 226.9 229.4 240.9 8.1 9.4 .5 .5 9.3 11.3 .5 .5 11.8 14.0 .5 2.6 11.0 16.9 .5 -2.1 12.4 17.9 .5 -3.9 11.1 17.4 .5 -1.5 11.5 17.7 .5 -2.1 12.1 17.2 .6 -3.6 12.3 17.4 .5 -3.0 12.4 17.8 .5 -4.9 12.7 19.1 .5 -3.8 5 1 7 — l 1 —3 8 — i —2 —2 _ 2 72.5 103.8 182.3 178.2 202.6 179.9 191.0 194.6 199.8 203.3 212.3 5.8 2.1 .0 2.5 1.2 3 8 .5 72.6 2.4 1.2 1.2 70.2 67 5 2.7 14.6 23.5 16.5 23.0 15.6 18.8 20.4 23.9 23.9 n.a. 5.3 2.8 5.2 6.0 5.7 5.8 6.0 5.4 6.1 5.2 -.2 .0 .0 .0 .0 .0 .0 .0 .0 .0 9.8 3.1 10.8 11.1 10.4 10.3 10.1 13.7 10.5 2.6 4.5 2.8 4.5 4.5 4.5 4.6 4.5 4.5 4.4 1.3 4.7 5.6 6.8 6.8 4 5 5.6 5.9 6.3 6.5 7.3 .5 .5 .5 .5 .5 .5 .6 .5 .5 .5 95.3 164.9 177.2 196.8 179.5 187.5 189.8 191.4 199.6 205.8 18.8 21.5 19.5 19.1 21.0 21.2 22.1 3.3 18.9 21.6 2.0 17.5 17.2 19.7 17.5 17.9 19.3 19.4 19.8 20.2 1.6 1.6 1.6 1.7 1.8 1.9 1.3 1.4 1.8 1.9 92.0 146.0 158.4 175.3 160.4 168.0 168.8 170.1 177.9 183.7 82.3 110.4 143.7 164.4 147.3 154.9 156 9 162.3 165.8 172.5 12.1 11.2 9.8 35.6 14.8 10.9 13.1 13.1 11.9 7.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES Seasonally adjusted annual rates by quarters Annual totals 1929 1933 1939 1941 1944 1946 3 National income Compensation of employees . .. Wages and salaries^ Private Military Government civilian Supplements to wages and salaries Proprietors' and rental income 3 Business and professional Farm . . . ... Rental income of persons Corporate profits and inventory valuation adjustment Corporate profits before tax Corporate profits tax liability Corporate profits after tax Inventory valuation adjustment Net interest 1947 1946 1947 4 1 2 3 4 87.4 39.6 72.5 103.8 182.3 178.2 202.6 179.9 191.0 194.6 199.8 203.3 212.3 50 8 50.2 45.2 .3 4.6 .6 19.7 8 3 5 7 5.8 29 3 28 8 23.7 .3 4.9 .5 7.2 2 9 2 3 2.0 47 8 45 7 37.5 4 7.8 2.1 14.7 6 8 4 5 3.5 10 3 —2 0 9.8 .2 1.4 .5 8.4 -.4 .5 —2.1 5 8 6.5 1.5 5.0 6.5 5.0 — 7 4.2 116 8 128 1 119 2 122 2 124 7 125.6 128.7 132.9 61.7 116.9 111.1 122.8 113.6 117.1 119.1 120.0 123.6 127.8 51.5 83.3 90.2 105.2 93.8 98.0 101.2 102.7 106.2 110.3 3.8 4.1 8.0 4.6 4.1 3.9 6.7 5.6 1 9 20.8 13.7 12.8 12.9 13.4 13.2 13.5 13.3 13.2 13.5 8.3 5.1 5.6 5.4 5.6 5.1 4.2 5.6 5.1 2.6 5.5 20.8 34.4 41.8 47.8 41.9 46.7 46.2 46.7 47.0 51.5 9 6 15.3 19.7 23.5 19.9 22 0 2 2 . 4 22.9 23.5 25.4 6 9 12 4 15 2 17 0 15 2 17 8 16 8 16.6 16.2 18.5 7.2 6.7 7.3 7.0 6.9 6.8 7.0 4.3 7.6 7.3 64 3 121.2 14 6 17.2 7.8 9.4 —2 6 4 1 23 5 16 5 23 0 15 6 18 8 20 4 23 9 28.7 22.9 28.9 27.8 23.8 21.1 27.1 9.3 11.0 11.5 10.9 13.9 8.6 11.3 9.9 12.5 17.4 13.5 16.1 17.4 16.9 — .4 —4.7 - 5 . 7 - 7 . 3 —8.3 - 8 . 6 - 3 . 8 3.2 3.2 3.6 3.2 3.2 3.3 3.5 23.9 28.2 11.1 17.1 -4.3 n.a. 3.7 3.8 n.a. n.a. n.a. n.a. n.a. Not available. 1 Less than 50 million dollars. 2 Includes employee contributions to social insurance funds. 8 Includes noncorporate inventory valuation adjustment. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September 1947. 450 FEDERAL RESERVE BULLETIN GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME- -Continued [E timates of the Department of Commerce. In billions of dollars] GROSS NATIONAL PRODUCT OR EXPENDITURE Annual totals Seasonally adjusted annual rates by quarters 1947 1946 1929 Gross national product Personal consumption expenditures Durable goods Nondurable goods Services Gross private domestic investment New construction l Producers' durable equipment Change in business inventories Net foreign investment Government purchases of goods and services Federal War Nonwar Less: Government sales 2 State and local 1933 1941 1939 1944 1946 1947 3 4 1 2 3 4 103.8 55.8 90.4 203.7 229.6 207.5 218.6 221.0 226.9 229.4 240.9 78.8 9.4 37.7 31.7 15.8 7.8 6.4 1.6 .8 46.3 3.5 22.3 20.6 1.3 1.1 1.8 -1.6 .2 67.5 6.7 35.3 25.5 9.0 4.0 4.6 .4 .9 82.3 9.8 44.0 28.5 17.2 5.7 7.7 3.9 1.1 110.4 6.8 67.2 36.5 5.7 2.3 5.3 -2.0 -2.1 143.7 14.9 87.1 41.7 24.6 8.5 12.4 3 7 4.8 164.4 19.8 99.3 45.3 27.8 10.7 17.9 -.7 8.7 147.3 16.2 88.9 42.1 27.0 8.9 13.2 4,9 4.5 154.9 18.2 93.6 43.1 30.4 9.3 15.7 5.4 5.2 156.9 162.3 18.2 19.3 94.7 98.4 44 0 44.6 28.2 26.1 10.3 9.6 16.4 17.9 1.6 - 1 . 4 10.4 8.3 165.8 20.2 99.9 45.7 27.0 10.4 18.4 -1.7 7.8 172.5 21.3 104.2 47.0 29.9 12.4 18.8 -1.3 8.2 8.5 1.3 8.0 2.0 13.1 5.2 1.3 3.9 24.7 16.9 13.8 3.2 28.6 18.2 17.7 3.1 2.6 10.4 28.2 16.9 15.8 3.3 2.2 11.2 27.6 16.2 28.2 16.3 28.7 16.2 }l8.3 17.7 17.2 30.3 16.9 17.7 7.8 30.7 20.7 21.3 2.4 3.0 10.0 28.7 16.4 7.9 96.6 89.0 88.6 1.6 1.2 7.5 2.1 11.4 1.4 11.9 1.0 12.5 .8 13.3 ) 1.3 2.0 (3) 7.2 5.9 f3) 125.3 210.6 }l7.7 1.3 12.3 PERSONAL INCOME [Seasonally aijusted monthly totals at annual rates] Wages and salaries Wage and salary disbursements Year or month Personal income Total receipts4 Total disbursements Commodity producing industries Distributive industries Service industries Government Less employee Other contrilabor butions income8 for social insurance 1 .1 .2 .2 .2 .2 .2 .2 .6 .6 5 .5 .5 .4 .4 .4 .4 .5 .5 .5 .5 .6 85.1 76.2 64.8 49.3 46.6 53.2 59.9 68.4 74.0 68.3 72.6 78.3 95 3 122.2 149.4 164.9 171.6 177.2 196.8 50.0 45.7 38.7 30.1 28.7 33.4 36.3 41.6 45.4 42.3 45 1 48.9 60 9 80.5 103.5 114 9 115 2 109.2 120.5 50.2 45.9 38.9 30.3 28.8 33.5 36.5 41.8 45.9 42.8 45.7 49.6 61.7 81.7 105.3 117.1 117.5 111.1 122.8 21.5 18.5 14.3 9.9 9.8 12.0 13.5 15.8 18.4 15.3 17 4 19.7 27 5 39.1 48.9 50.3 45 8 45.7 55.2 15.5 14.4 12.5 9.8 8.8 9.9 10.7 11.8 13.1 12.6 13.3 14.2 16 3 18.0 20.1 22.7 24 8 30.9 34.8 8.2 7.7 6.8 5.7 5.1 5.5 5.8 6.3 6.9 6.7 6 9 7.3 7 8 8.6 9.5 10 5 11 5 13.6 15.0 5.0 5.2 5.3 5.0 5.2 6.1 6.5 7.9 7.5 8.2 8 2 8.5 10 ? 16.1 26.9 33 6 35 5 20.9 17.5 .7 g 1 2 1.8 2 2 2 3 1.9 2.1 1947—January... February.. March.... April May Tune July . August.... September. October. . . November December. 189.3 189.5 190.6 189.4 190.5 194.1 194 9 193.8 209.9 203.2 204.2 210.4 116.9 117.1 117.0 116.0 117.3 120.1 119 9 121.2 123.2 123.7 126.4 128.1 119.0 119.2 119.1 118.2 119.4 122.2 122 0 123.3 125.2 125.7 128.4 130.1 53.0 53 0 53 4 52 8 53.5 54.9 54 4 55.5 56.7 57.2 58.8 60.3 33.4 33.5 33.5 33 1 33 8 34 9 35 0 35 2 35 8 35.8 36.8 37.1 14.6 14 6 14 6 14 8 14 9 15 2 15 4 15 2 15.2 15.1 15.2 15.2 18.0 18.1 17.6 17.5 17.2 17.2 17 2 17.4 17.5 17.6 17.6 17.5 2.1 2.1 2.1 2 2 2 1 2.1 2 I 2.1 2.0 2 0 2 0 2.0 L.6 L.7 L.7 L.7 1.8 .8 1948—January P. . 210.8 127.4 129.5 59.8 37.0 15.3 17.4 2.1 1929. 1930 1931.. 1932 1933 1934.. 1935 1936 . 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 . . Dividends Proand prietors' perand sonal rental income8 interest income Transfer payments7 Nonagricultural income8 19 7 15.7 11.8 7 4 7.2 8.7 12 1 12.6 15.4 14.0 14 7 16 3 20 8 28 1 32.1 34 4 37 1 41.8 47.8 13 3 12.6 11.1 9 1 8.2 8.6 8 6 10.1 10.3 8.7 9 2 9 4 9 9 9 7 10.0 10 7 11 6 13.3 14.8 1 5 1.5 2.7 2 2 2.1 2.2 2 4 3.5 2.4 2.8 3 0 3 1 3 1 3 2 3.0 3 6 6 ? 11.3 11.7 76.8 70.0 60.1 46.2 43.0 49.5 53.4 62.8 66.5 62.1 66.3 71.5 86 1 108.7 134.3 149 0 154.4 157.9 '174.9 1.8 L.8 L.9 L.9 L.9 45 8 45 9 46 8 46 5 46.5 47.1 47 4 45.5 48.1 50.4 49.9 54.0 14 0 14 1 14 2 14 3 14 4 14.6 14 7 14.9 15.6 15.4 15.5 15.6 11.0 10.7 10 9 10.9 10.5 10.5 11 1 10.4 21.2 11.8 10.5 10.8 167.8 168.2 168.8 168.3 169.7 172.4 173 0 173.8 188.7 180.6 182.3 184.6 L.9 54.6 15.8 11.1 184.1 .7 .9 L3 L 5 .6 1.8 r v Preliminary. Revised. 1 Includes construction expenditures for crude petroleum and natural gas drilling. 8 Consists of sales abroad and domestic sales of surplus consumption goods and materials. Less than 50 million dollars • Total wage and salary receipts, as included in "Personal income," is equal to total disbursements less employee contributions to social insurance. Such contributions are not available by industries. 5 Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments. 5 Includes business and professional income, farm income, and rental income of unincorporated enterprise; also a noncorporate inventory valuation adjustment. 7 Includes government social insurance benefits,, direct relief, mustering out pay, veterans' readjustment allowances and other payments, as well as consumer bad debts and other business transfers. 8 Includes personal income exclusive of net income of unincorporated farm enterprise, farm wages, agricultural net rents, agricultural net interest, and net dividends paid by agricultural corporations. NOTE.—Details may not add to totals because of rounding. Source.—Figures in this table are for the revised series. For an explanation of the revisions and a detailed breakdown of the series for the period 1929-46, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For a discussion of the revisions, for annual data for the period 1929-46, and for quarterly data for selected years, see also pp. 1105-1114 of the BULLETIN for September 1947. 2 APRIL 1948 451 CONSUMER CREDIT STATISTICS TOTAL CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts outstanding. In millions of dollars] Total consumer credit End of year or month 1929 Instalment credit Total instalment credit Total Automobile Other 3,167 2,515 1,318 L, 197 459 663 1,384 1,368 1,343 1L.525 1,721 1,802 1,009 7 637 c Sale credit 1933 C 1 595 1,122 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 7,491 7,064 7,994 9 146 9,895 6,478 5,334 5,776 6,638 10,166 13,385 3,971 3,612 4,449 5,448 5,920 2,948 1,957 2,034 2,365 3,976 6 156 2,752 2,313 2,792 3,450 3,744 1,491 1,558 2,839 10,024 10,019 10,379 10,631 10 934 11,230 11,302 11,433 11,682 12,055 12,636 13,385 4,048 4,156 4,329 4,536 4,739 4,919 5,045 5,179 5,290 5,463 5,733 6,156 1,566 1,608 1,695 1,812 1,928 2,036 2,092 2,167 2,257 2,370 2,551 2,839 1,004 1,047 1,099 1,151 13,046 12,929 6,176 6,240 2,818 2,841 1,202 1,252 .. . 1947—January February March May June July August. September. October November December . 1948—Januarys February? 3 919 970 1,267 1,729 1,942 482 175 200 227 544 814 835 903 1,151 Loans1 2,125 1,749 596 776 1,081 467 1.219 1,299 1,657 1,998 J.176 L.457 .143 1,199 1,462 2,418 3,317 1.504 1,442 1,468 1,488 1,601 1,369 ,192 .255 1,520 2,262 2,697 1.459 1,487 1,544 1,650 1,764 1,513 1,498 1,758 L.981 3,054 3,612 557 523 533 560 610 648 687 729 772 874 920 ,004 ,059 ,112 ,156 ,170 ,202 ,253 ,323 ,452 ,688 2,482 2,548 2,634 2,724 2,811 2,883 2,953 3,012 3,033 3,093 3,182 3,317 2,337 2,383 2,403 2,423 2,460 2,508 2,548 2,579 2,607 2,645 2,677 2,697 2,764 2,602 2,768 2,782 2,835 2,887 2,786 2,755 2,864 3,029 3,309 3,612 875 878 879 890 900 916 923 920 921 918 917 920 ,616 ,589 3,358 3,399 2,707 2,710 3,240 3,055 923 924 652 1 ,014 1 ,688 985 977 ] Service credit Charge accounts 473 C 639 635 676 581 631 691 753 816 880 922 965 Singlepayment loans2 c *> Preliminary. Corrected. Includes repair and modernization loans insured by Federal Housing Administration. Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers). NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics. 1 2 CONSUMER INSTALMENT LOANS [Estimates. In millions of dollars] Loans made by principal lending inst itutions (during period) Amounts outstanding (end of period) Year or month Total 652 43 473 29 J .210 I 299 ,657 I 998 > 176 I 457 1,143 ,199 258 312 523 692 784 426 316 357 477 956 1929 1933 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 Commercial1 banks C &f\9 Small loan companies Industrial banks2 263 C 246 Industrial loan com- 2 panies 129 131 132 134 89 67 68 76 117 Miscellaneous lenders Insured repair Comand modern- mercial1 ization8 banks loans Small loan companies Industrial banks 2 Industrial loan com- 2 panies Credit unions 219 32 95 463 413 42 121 27 50 322 202 33 95 99 104 107 72 59 60 70 98 93 112 147 189 217 147 123 122 128 185 125 117 96 99 102 91 86 88 93 110 148 154 213 284 301 215 128 120 179 344 134 269 120 558 1 793 2,537 1 251 1,454 221 374 380 448 498 531 417 364 384 439 608 Credit unions 368 460 680 1 017 1 198 792 639 749 942 662 664 827 912 975 784 800 869 956 409 238 261 255 255 182 151 155 166 231 176 194 198 203 146 128 139 151 210 148 179 257 320 372 247 228 230 228 339 2.418 3,317 1,358 712 166 310 282 497 1947—January... 2,482 February. . 2,548 March 2,634 April. . . 2 724 May. . . . 2 811 June 2,883 July . 2 953 August 3,012 September. 3,033 October... 3,093 November.. 3,182 December . . 3,317 991 1,030 1,079 1,123 1,167 1,196 1,221 1.248 1,255 ,281 1,309 1,358 611 611 617 627 122 125 128 133 102 105 108 113 186 190 197 204 110 110 111 112 360 377 394 412 187 180 214 213 98 90 121 116 22 21 24 24 20 20 23 24 33 33 38 39 633 638 649 213 224 233 113 113 114 431 450 467 152 154 157 162 166 116 119 121 212 211 217 115 117 123 24 26 29 24 24 23 113 107 121 142 191 25 27 28 27 33 22 24 23 25 30 42 43 44 652 643 647 670 712 138 143 148 42 41 45 44 53 1948—January P . . . 3,358 Februarys. . 3,399 ,385 ,409 717 721 165 167 110 109 27 25 26 25 44 44 124 125 127 130 134 240 245 250 257 269 137 140 271 275 114 114 114 116 120 482 497 517 538 558 121 121 562 566 204 206 218 221 254 235 217 ^Preliminary. "Corrected. * Figure include only personal instalment cash loans and retai lautomobile direct loans shown on the following page, and a small amount of other retail direct loans not shown separately. Other retail direct loans outstanding at the end of February amounted to 106 million dollars, and loans made during February were 15 million. 2 Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper. Includes only loans insured by Federal Housing Administration. 452 FEDERAL RESERVE BULLETIN CONSUMER CREDIT STATISTICS—Continued CONSUMER INSTALMENT SALE CREDIT, EXCLUDING AUTOMOBILE CREDIT [Estimated amounts outstanding. In millions of dollars] Total, excluding automobile End of year or month 1929 Department stores and mailorder houses Furniture stores Household appliance stores Jewelry stores All other retail stores ,197 160 583 265 56 133 663 119 299 119 29 97 1937 1938 , 1939 1940 1941 1942 1943 1944 1945 1946 1947 1 ,368 1 ,343 1 ,525 1L ,721 1 ,802 1L,009 639 635 676 ,014 .688 314 302 377 439 466 252 172 183 198 337 650 469 485 536 599 619 391 271 269 283 366 528 307 266 273 302 313 130 29 13 14 28 52 68 70 93 110 120 77 66 70 74 123 192 210 220 246 271 284 159 101 100 107 160 266 1947 January... February.. March April May June July x\ugust September. October. . . November. December. 985 977 1,004 ,059 1,112 1,156 1,170 1,202 1,253 1,323 1,452 1,688 337 338 358 386 409 423 429 440 462 495 555 650 352 349 354 366 382 395 398 408 423 443 474 528 27 29 29 32 32 37 39 41 43 46 49 52 114 107 105 108 114 119 120 124 128 131 145 192 155 154 158 167 175 182 184 189 197 208 229 266 1948 January P. . February P. 1,616 L ,589 632 623 502 492 52 52 176 172 254 250 ] 1933 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Year and month Retail instalment paper 2 Total Automobile Other Repair Personal and instalmodern- ment ization12 cash loans loans CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT [Estimates. In millions of dollars] Other retail, purTotal Pur- Direct chased and chased loans direct Automobile retail Year or month Outstanding at end of period: 1945 1946 1947 1947—January February. . . . March April May June July ... August September... October November... December. . . 1948—Januaiyp . . February?. . . Volume extended during month: 1947—January February March April May June July August September... October November... December. . . 1948—JanuaryP . . . February P. . . Repair and modernization ioans12 Personal instalment cash loans 315 572 718 586 599 620 63!7 652 664 672 683 681 690 695 718 722 727 742 1,591 2,602 1,668 1,732 1,821 1,922 2,027 2,125 2,200 2,271 2,332 2,409 2,493 2.602 2,689 2,734 64 165 348 181 196 215 237 254 276 288 301 314 324 339 348 360 372 139 306 537 325 348 373 397 423 439 456 470 478 492 513 537 296 305 317 337 364 388 405 416 429 449 475 513 124 273 486 280 284 296 314 334 358 379 401 430 454 471 486 558 576 559 566 490 493 307 289 343 364 375 392 384 363 387 412 406 467 44 42 54 60 59 59 63 58 66 68 69 70 69 70 81 84 83 80 84 79 80 86 94 103 65 55 59 69 77 92 75 70 76 87 89 112 24 25 31 36 42 44 42 45 54 54 42 47 442 393 72 69 98 96 116 87 36 35 100 275 513 105 97 118 115 114 117 120 111 111 117 112 135 120 106 CONSUMER INSTALMENT CREDITS OF INDUSTRIAL LOAN COMPANIES, BY TYPE OF CREDIT [Estimates. In millions of dollars] Automobile Other Repair and modern ization loans 12 Retail instalment paper* Year or month Total Personal instalment cash loans Outstanding at end of period: 1945 1946 1947 104.1 162.7 233.5 13.8 27.5 50.0 9.8 17.8 30.2 17.2 28.3 43.3 63.3 89.1 110.0 1945 1946 1947 76.7 108.4 148.2 11.0 15.0 27.1 40 74 17.1 1.5 2.4 4.2 60.2 83.6 99.8 1947—January. . February. March.... April May June July..:... August September. October... November. December. 168.1 172.6 177.4 184.2 191.4 199.2 206.7 212.6 215.5 221.0 227.9 233.5 29.5 31.3 33.5 36.4 38.6 40.6 42.8 44.9 46.3 48.1 49.6 50.0 18.6 19.6 19.4 20.5 21.8 23.1 24.3 25.3 26.0 27.0 28.5 30.2 28.9 29.6 30.3 31.4 33.1 35.0 36.9 38.4 39.4 41.2 42.5 43.3 91.1 92.1 94.2 95.9 97.9 100.5 102.7 104.0 103.8 104.7 107.3 110.0 1947—January . . February.. March. . . . April May June July August . . . September. October... November. December. 112.2 115.5 118.7 124.6 128.5 131.3 134.0 137.8 138.4 141.1 144.8 148.2 15.6 16.5 17.1 18.7 20.6 21.7 22.4 23.6 24.3 25.3 26.3 27.1 8.0 8.4 8.9 9.9 10.8 11.8 12.8 13.4 14.1 14.7 15.9 17.1 2.5 2.5 2.6 2.7 3.0 3.2 3.4 3.6 3.8 4.0 4.2 4.2 86.1 88 1 90.1 93 3 94.1 94.6 95.4 97.2 96.2 97.1 98.4 99.8 1948—January P. FebruaryP. 231.6 234.2 49.0 50.2 30.9 31.5 43.3 43.7 108.4 108.8 1948—January P . February?. 151.8 154.9 28.1 28.7 17.7 18.0 4.2 4.2 101.8 104.0 June July August September . October November. December.. 22.4 22.2 25.6 27.4 26.9 27.3 26.4 25.6 27.1 27.1 28.1 31.4 3.6 3.9 3.9 4.8 4.7 4.8 5.1 5.1 5.2 5.5 5.2 5.2 1.8 1.6 1.8 2.4 2.4 2.7 2.9 2.7 3.0 3.3 3.3 3.7 0.2 0.2 0.3 0.3 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.3 16.8 16.5 19.6 19.9 19.3 19.3 17.9 17.3 18.4 17.8 19.1 22.2 1948—January P. . FebruaryP. 28.7 26.7 5.9 5.6 3.0 2.4 0.3 0.3 19.5 18.4 Volume extended during month: 1947—January... February. . March April May , June , July August September October... November. December. 1948—January?., February P. Outstanding at end of period: 32.4 32.8 33.8 36.5 33.2 34.8 36.2 34.5 39.8 6.4 6.2 7.1 7.7 7.5 7.5 8.2 8.1 8.8 8.8 8.3 8.6 3.5 3.4 3.5 4.1 4.3 4.3 4.4 4.2 4.1 4.7 4.9 5.8 2.4 2.4 2.7 3.1 3.7 3.9 4.0 3.6 3.7 4.3 3.4 3.5 16.8 15.4 18.0 17.5 17.3 18.1 19.9 17.3 18.2 18.4 17.9 21.9 33.5 31.1 8.6 7.9 4.6 4.4 2.7 2.6 17.6 16.2 29.1 27.4 31.3 Volume extended during month: 1947—January... February.. March.... April May J P Preliminary. Includes not only loans insured by Federal Housing Administration but also noninsured loans. 2 Includes both direct loans and paper purchased. APRIL 1948 453 CONSUMER CREDIT STATISTICS—Continued FURNITURE STORE STATISTICS Percentage change from preceding month Item RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Percentage change from corresponding month of preceding year Feb. 1948P Jan. 1948 Dec. 1947 Feb. 1948* Jan. 1948 Dec. 1947 -3 -12 -46 -46 +25 +35 -14 +2 +9 -8 +22 -3 +1 -8 -52 -31 +27 +12 +11 +22 +14 +44 +2 -3 -2 -1 -5 +12 +16 +46 +53 +52 +52 +44 +48 -10 __c -3 -9 +4 +7 +16 +23 +16 +20 +17 +20 +7 -1 -4 +14 +8 Net sales: Total Cash sales Credit sales: Instalment.: Charge account:.:.. Accounts receivable, end of month: Total Instalment Collections during month: Total Instalment Inventories, end of month, at retail value. +16 Preliminary. Charge accounts Instalment accounts Year and month Household ap- Jewelry Department pliance stores stores stores Department stores Furniture stores 1947 January February March April May June July........ August September . . October November.. . December... 30 29 33 30 30 28 28 28 31 31 30 29 23 21 25 23 24 23 22 22 24 23 23 20 47 41 44 44 44 45 41 39 39 40 39 39 26 25 27 25 26 24 23 23 25 23 24 31 52 52 56 54 56 54 53 51 53 57 55 •"54 1948 January February P. . . 24 23 18 17 36 33 19 17 53 49 r P Preliminary. Revised. 1 Collections during month as percentage of accounts outstanding at beginning of month. DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, AND COLLECTIONS Index numbers, without seasonal adjustment, 1941 average=100 1941 average 1942 average 1943 average 1945 average 1946 average 1947 average. . . . . . . 1947—January . . . February March May June July August September October November December Accounts receivable at end of month Sales during month Year and month . 1948—Tanuary. . FebruaryP Total Cash 100 114 130 145 162 202 214 100 131 165 188 211 242 237 »-162 »-i59 210 206 216 195 160 174 »-217 234 266 369 179 236 »-229 241 218 184 196 »"236 251 285 '403 173 168 188 177 Percentage of total sales Collections during month Cash sales Instalment sales Instalment Charge account Instalment account Charge Instalment 100 100 100 100 100 110 107 100 48 9 103 80 38 37 50 84 94 138 112 127 168 133 198 64 64 59 4 4 4 174 70 69 91 74 73 75 79 175 154 160 163 121 115 129 123 250 195 185 186 82 71 102 103 66 68 101 111 124 176 107 109 ••145 137 '139 125 114 146 154 199 78 46 88 91 79 Charge account Chargeaccount sales 43 6 5 38 34 55 6 39 57 56 56 55 6 6 6 6 56 61 32 32 37 37 38 38 39 165 146 145 167 181 204 264 122 124 123 138 147 152 171 193 190 162 167 203 215 235 55 6 82 83 84 87 95 111 136 198 '157 180 r 224 ••278 ••145 192 192 202 181 142 157 »-2O7 225 253 348 55 57 56 54 53 53 54 6 6 6 6 7 7 7 39 37 38 40 40 40 39 140 144 163 162 127 124 206 180 174 160 299 217 54 53 7 7 39 40 81 167 127 39 r P Preliminary. Revised. NOTE.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 445. 454 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS BANK CREDIT, MONEY RATES, AND BUSINESS * 1948 Chart book page WEEKLY FIGURES Feb. 1 Mar. Mar. 10 Mar. 17 Mar. In billions of dollars 21.71 21.03 9.28 4.36 1.72 5.67 23.03 28.05 2.98 16.80 15.84 .96 21.85 21.07 9.27 4.30 1.77 5.72 23.04 28.02 2.29 17.55 16.40 1.16 .81 .07 .01 .20 .53 .87 .04 .01 .24 .58 21.33 21.19 20.68 20.37 8.91 8.67 4.23 4.29 1.77 1.77 5.76 5.64 23.08 23.12 28.01 27.92 2.08 2.00 17.37 17.35 16.39 ^16.40 .98 P.96 .91 .05 .01 .24 .61 P.90 .01 .01 .23 P. 65 MONEY RATES, ETC. U. S. Govt. securities: Bills (new issues) Certificates 3-5 years 7-9 years 15 years or more 34 34 34 34 34, 37 21.43 20.61 Corporate bonds: Aaa 8.79 Baa 4.37 High-grade (Treas. series). . 1.79 5.65 23.14 27.85 2.79 16.87 '16.15 Stock prices (1935-39 = 100): Total P.72 Industrial Railroad P.75 Public utility .04 .01 Volume of trading (mill, shares) .17 P.54 64.06 36.28 28.41 3.12 2.60 2.16 4.17 47.56 1.00 23.61 14.59 3.57 63.49 35.85 27.27 3.97 2.56 2.05 4.21 47.30 1.08 23.44 14.54 3.57 64.13 36.19 27.24 4.03 2.58 2.35 4.28 47.58 1.22 23.65 14.59 3.58 63.76 36.06 27.17 3.94 2.57 2.38 4.30 47.01 1.17 23.39 14.58 3.60 63.23 35.47 27.17 3.91 2.47 1.93 4.34 46.39 1.23 23.42 14.48 3.61 1.71 .83 .88 3.75 1.60 .76 .83 3.74 1.73 .72 1.01 3.75 1.52 .63 .89 3.70 1.56 .71 .85 3.77 37 37 37 .997 1.09 1.62 2.05 2.45 Mar. Mar. 10 Mar. 17 Mar. 24 Per cent per annum 2.83 3.52 2.81 2.83 3.53 2.81 2.83 3.53 2.81 2.84 3.53 2.81 2.83 3.54 2.80 In unit indicated 40 40 40 40 40 114 119 102 92 .70 115 120 104 92 .71 114 119 103 93 .74 159.2 160.4 187.1 147.3 159.8 184.9 147.3 113 118 102 92 1.09 119 125 107 94 1.30 BUSINESS CONDITIONS Wholesale prices (1926=100): Total Farm products Other than farm and food. . Production: Steel (% of capacity) Automobile (thous. cars) . . . Paperboard (thous. tons) . . . Crude petroleum (mill, bbls.) Electric power (mill. kw. hrs.) Basic commodity prices (Aug. 1939 = 100) Total freight carloadings (thous. cars) Department store sales (1935-39 = 100) 69 182.8 69 147.3 161.5 187.6 147.3 161.1 186.2 147.4 95.7 94.6 97.5 73 93.6 96.6 107 108 116 73 115 120 194 193 74 193 189 181 74 5,387 5,353 5,265 5,240 5,377 75 5,252 5,293 5,285 5,145 5,065 75 319.7 322.2 316.6 318.1 316.8 793 797 700 791 76 664 266 278 313 248 76 331 1948 1947 19.69 19.29 19.64 19.30 19.09 11.28 11.04 11.18 11.07 10.80 MONTHLY FIGURES 9.09 8.53 8.53 8.50 8.51 .58 1.03 1.00 .94 .96 RESERVES AND CURRENCY .53 .52 .51 .53 .48 1.09 .97 1.14 1.10 .84 15.97 15.95 16.22 15.51 15.46 Reserve Bank credit .26 .34 .29 .30 .32 Gold stock 4.03 4.05 4.05 4.19 3.97 Money in circulation 1.44 1.45 1.46 1.45 1.45 Treasury cash 7.26 7.09 7.25 7.02 7.05 Treasury deposits 5.21 5.16 5.18 5.17 5.16 Member bank reserves: Total 4,7, 14 Central reserve city banks. . 14 .45 .41 .38 .29 Reserve city banks 15 .37 .27 Country banks .29 .25 .39 .30 .23 Required reserves: .23 .23 .24 .23 1.08 1.04 1.06 1.03 1.02 Total 4 Country banks 15 44.37 44.21 44.49 44.46 44.15 Excess reserves: 25.00 24.81 25.01 24.99 24.67 Total 4, 19.33 18.74 18.71 18.67 18.65 New York City 5 2.54 2.95 3.03 3.00 2.95 Chicago 2.07 2.05 2.06 2.04 1.99 Reserve city banks 5 1.07 1.08 1.21 1.28 1.09 Country banks 31.59 31.34 31.36 31.51 30.93 Money in circulation, t o t a l . . . . 9 .91 .74 .80 .89 .87 Bills of $50 and over 6.16 6.33 6.34 6.42 5.96 $10 and $20 bills 9 13.29 13.31 13.30 13.31 13.30 Coins, $1, $2, and $5 bills... 9 16.35 16.35 16.41 16.37 16.37 ALL BANKS 9.38 9.38 9.41 9.40 9.32 IN THE UNITED STATES 3.46 3.46 3.47 3.48 3.50 .69 .74 .71 .72 .70 2.78 2.81 2.81 2.79 2.87 Total deposits and currency*.. 10 Demand deposits adjusted•... 10 Time deposits adjusted* 10 Per cent per annum Currency outside banks* 10 U. S. Govt. deposits* 10 .997 1.09 1.63 2 2.06 2.45 Feb. 25 MONEY RATES, ETC.—Cont. MEMBER BANKS IN LEADING CITIES AH reporting, banks: Loans and investments.:... 16 U. S. Govt. securities, total.. 16 Bonds. 18 Certificates IP Notes IF Bills 18 Other securities 20 Demand deposits adjusted.. 16 U. S. Govt. deposits 16 Loans, total If Commercial...; 20 Real estate 20 For purchasing securities: Total 20 U. S. Govt. securities. . 20 Other securities 20 Other 20 New York City banks: Loans and investments 17 U. S. Govt. securities, t o t a l . . 1 7 Bonds 19 Certificates 19 Notes 1° Bills 19 Demand deposits adjusted.. 17 U. S. Govt. deposits 17 Interbank deposits 17 Time deposits 17 Loans, total 17 Commercial 21 For purchasing securities: To brokers: On U. S. Govts 21 On other securities... 21 To others 21 All other 21 B a n k s outside New York City: Loans and investments 17 U. S. Govt. securities, t o t a l . . 1 7 Bonds 19 Certificates 19 Notes 19 Bills . 19 Demand deposits adjusted.. 17 U. S. Govt. deposits 17 Interbank deposits 17 Time deposits 17 Loans, total 17 Commercial 21 Real estate 21 For purchasing securities. 21 Allother 21 1948 WEEKLY FIGURES *—Cont. RESERVES AND CURRENCY Reserve Bank credit, total 2 U. S. Govt. securities, total.: 3 Bills 3 Certificates 3 Notes 3 Bonds... 3 Gold stock 2 Money in circulation 2 Treasury cash and deposits... 2 Member bank reserves 2, 4 Required reserves 4 Excess reserves* 4 Excess reserves (weekly avg.): Total* 5 New York City" 5 Chicago 5 Reserve city banks 5 Country banks' 5 Chart book page Jan. Dec. Feb. In billions of dollars 22.86 22.71 28.94 1.33 .97 22.45 22.82 28.39 1.33 1.13 21.59 22.97 28.10 1.32 1.32 17.26 5.43 6.86 4.97 17.39 5.45 6.94 5.00 16.83 5.29 6.65 4.89 16.27 4.38 16.31 4.37 16.03 4.34 .99 .11 .01 .27 .60 28.87 8.85 15.39 4.63 1.08 .12 .01 .33 .80 .04 .01 .20 .56 28.02 8.69 14.91 4.43 .63 28 11 8 74 14.92 4.45 »171.60 P87.20 P56.50 i»26.50 Pl.40 P170.30 P168.90 P86.60 P84.60 ?56 50 P56.80 P25.80 P25.70 P116.40 P38.10 P69.30 P9.00 P116.60 P115.60 P38.20 P38.70 P69.40 P67.90 P9.00 P9.0C PI.80 ALL COMMERCIAL BANKS .996 1.09 1.62 2.06 2.45 .996 1.09 1.60 2.03 2.45 .996 1.09 Loans and investments, total*. 1.58 Loans* 2.01 U. S. Govt. securities* 2.44 Other securities* 11 11 11 11 For footnotes see p. 458. APRIL 1948 455 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart book page 1947 Dec. 1948 Jan. In billions of dollars MONTHLY FIGURES—Cont. MONTHLY FIGURES—Cont. 1947 Dec. Jan. Feb. In billions of dollars TREASURY FINANCE—Cont. MEMBER BANKS All m e m b e r b a n k s : Loans and investments, t o t a l . ; : . . . Loans U. S. Govt. securities Other securities Demand deposits adjusted* Time deposits Balances due to banks Balances due from banks C e n t r a l reserve city b a n k s : Loans and investments, t o t a l . . . . . . Loans U. S. Govt. securities. Other securities Demand deposits adjusted* Time deposits Balances due to banks Reserve city b a n k s : Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted* Time deposits Balances due to banks Balances due from banks Country b a n k s : Loans and investments, total Loans U. S. Govt. securities Other securities Demand deposits adjusted* Time deposits Balances due from banks 14 14 14 14 14 14 14 14 97.85 32.63 57.91 7.30 73.53 28.39 11.87 5.80 98.05 32.77 57.99 7.29 73.17 28.38 12.04 5.90 14 14 14 14 14 14 14 25.47 8.98 14.86 1.64 20.39 2.37 5.35 25.34 8.96 14.80 1.59 20.53 2.37 5.44 15 15 15 15 15 15 15 15 36.04 13.45 20.20 2.40 25.71 11.44 5.44 1.85 36.29 13.53 20.36 2.40 25.74 11.45 5.49 1.92 15 15 15 15 15 15 15 CONSUMER CREDIT* Consumer credit, total Single-payment loans. Charge accounts Service credit Instalment credit, total Instalment loans Instalment sale credit, total Automobile Other Feb. Chart book page 3 22 22 22 22 22, 23 23 23 23 23 36.32 10.20 22.86 3.27 27.42 14.58 3.74 36.41 10.28 22.84 3.30 26.90 14.56 3.77 97.05 Ownership of U. S. Govt. securities— 33.12 Cont. 56.71 Marketable public issues—Cont. 7.23 By earliest callable or due date: 71.42 Within 1 year: 28.59 Total outstanding 10.97 Commercial bank and F. R. 5.28 Bank F. R. Bank 25.07 1-5 years: 9.14 Total outstanding 14.38 Commercial bank and F. R. 1.55 Bank 20.00 F. R. Bank 2.44 5-10 years: 5.10 Total outstanding Commercial bank and F. R. 35.69 Bank 13.57 F. R. Bank 19.74 Over 10 years: 2.38 Total outstanding 24.96 Unrestricted issues: 11.54 Nonbank, c o m m e r c i a l 4.90 bank, and F. R. Bank.. 1.72 Commercial bank and F. R. Bank 36.29 F. R. Bank 10.41 22.59 3.30 26.46 MONEY RATES, ETC. 14.62 3.37 31 50.73 53.43 51.27 31 31 36.77 19.92 36.63 17.35 e33.94 15.63 31 49.95 46.41 46.41 31 31 34.79 1.38 33.28 1.83 "33.13 2.00 31 10.27 10.27 10.27 31 31 6.52 .43 6.55 .49 ^6.49 .50 31 54.81 54.81 54.81 31 7.13 8.36 31 31 5.84 .83 7.04 2.26 2.89 Per cent per annum F. R. Bank discount rate 33 Treasury bills (new issues) 33 13.39 P13.O5 P12.93 Corporate bonds: 2.70 P2.71 P 2.71 Aaa 33,37 3.61 P3.24 P3. 06 Baa 37 P.92 P.92 .92 37 6.16 P6.18 P6.24 High-grade (Treas. series) U. S. Govt. bonds, 15 years or more.. 37 3.32 P3.36 P3. 40 2.84 P2.82 P2.84 Pi. 20 P I . 2 5 1.15 Pi. 62 Pl.59 1.69 1.00 .950 1.25 .977 1.25 .996 2.86 3.52 2.86 2.39 2.86 3.52 2.85 2.45 2.85 3.53 2.84 2.45 In unit indicated TREASURY FINANCE U. S. Govt. securities outstanding, total interest-bearing. Bonds (marketable issues) Notes, certificates, and bills Savings bonds, savings notes, etc. Special issues Ownership of U. S. Govt. securities: Total interest-bearing: Commercial banks* Fed. agencies and trust funds. . . F. R. Banks Individuals* Corporations* Insurance companies* Mutual savings banks* State and local govts.* Marketable public issues: By class of security: Bills: Total outstanding Commercial bank and F . R. Bank F. R. Bank Certificates: Total outstanding Commercial bank and F. R. Bank F. R. Bank Notes: Total outstanding Commercial bank and F . R. Bank F. R. Bank Bonds: Total outstanding Unrestricted issues: Nonbank, c o m m e r c i a l bank, and F. R. Bank.. Commercial bank and F. R. Bank F . R. Bank 28 28 28 28 28 29 29 29 29 29 29 29 29 30 30 30 30 30 30 30 30 30 30 30 30 30 254.28 254.03 252.1 Stock prices (1935-39 =100): 117.86 117.86 117.86 Total 47.73 46.89 44.73 Industrial 59.49 59.89 60.09 Railroad 28.96 29.15 29.25 Public utility. Volume of trading (mill, shares) Brokers' balances (mill, dollars): 67.30 Credit extended to customers 68.90 68.60 r 34.35 34.60 34.88 Money borrowed Customers' free credit balances 22.56 21.92 21.02 65.30 65.40 65.60 19.90 19.90 20.20 24.30 24.10 23.90 BUSINESS CONDITIONS 12.00 12.00 12.00 7.2C 7.30 7.20 Personal income (annual rate, bill, dollars):* « Total Total salaries and wages 14.84 Proprietors' income, dividends, and interest 13.49 12.80 «12 04 9.21 All other 11.43 9.71 Labor force (mill, persons):* 21.22 20.68 18 92 Total Civilian Unemployment 13.34 12.59 910.69 4.39 Employment 6.80 5.88 Nonagricultural 11.38 11.38 11.38 Employment in nonagricultural 4establishments (mill, persons): • *6.66 Total 6.80 6.71 1. 73 Manufacturing and mining 1.48 1.54 Trade 118.03 118.03 118.03 Government Transportation and utilities Construction e 70.35 71.58 72.19 Hours and earnings at factories: Weekly earnings (dollars) e Hourly earnings (cents) 50.29 51.40 51.82 5.69 Hours worked (per week) 4.79 2.85 39 39 39 39 39 122 129 104 120 94 1.17 95 .90 114 119 102 " 93 .86 41 41 41 578 240 612 568 217 622 537 208 596 48 48 210.4 128.1 211.4 128.2 P207.1 P126.7 48 48 69.6 12.7 70.2 13.0 P67.5 P12.9 49 49 49 49 49 60.9 59.6 1.6 57.9 51.0 60.5 59.2 61.0 59.8 2.6 57.1 50.4 50 50 50 50 50 50 43.4 16.8 8.8 43.5 16.8 8.9 5.4 4.1 1.9 5.5 4.1 1.9 51 51 51 52.73 127.8 41.3 52.17 128.7 40.5 126 107 2.1 57.1 50.1 P43.3 P16.7 P8.9 P5.4 P4.0 Pl.8 P51.52 P128.7 P40.0 For footnotes see p. 458. 456 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart book page 1948 1947 Jan. Dec. Feb. In unit indicated MONTHLY FIGURES—Cont. Chart book page MONTHLY FIGURES—Cont. 1947 1948 Dec. Jan. Feb. In unit indicated BUSINESS CONDITIONS—Cont. BUSINESS CONDITIONS—Cont. Industrial production: 4 Total (1935-39 =100) 53, 54 Groups (points in total index): Durable manufactures 53 Machinery and trans, equip 54 Iron and steel 54 Nonferrous metals, lumber, and other durables 54 Nondurable manufactures 53 Textiles and leather 54 Food, liquor, and tobacco . 54 Chemicals; petroleum, rubber, and coal products 54 Paper and printing 54 Minerals 53, 54 Selected durable manufactures (1935-39=100): Nonferrous metals 55 Steel 55 Cement 55 Lumber 55 Transportation equipment 55 Machinery 55 Selected nondurable manufactures (1935-39=100): Apparel wool consumption 56 Cotton consumption 56 Manufactured food p r o d u c t s . . . . 56 Paperboard 56 Leather 56 Industrial chemicals 56 Rayon 56 New orders, shipments, and inventories (1939=100): New orders: Total 57 Durable « 57 Nondurable 57 Shipments: Total 57 Durable. 57 Nondurable 57 Inventories: Total 57 Durable 57 Nondurable 57 Construction contracts 4(3 mo. moving avg., mil?, dollars) : Total 59 Residential 59 Other 59 4 Residential contracts (mill, dollars): Total 60 Public 60 Private, total 60 1- and 2-family dwellings 60 Other 60 Value of construction activity (mill, dollars):« Total 61 Nonresidential: Public 61 Private 61 Residential: Public 61 Private 61 Freight carloadings: 4 Total (1935-39 =100) 63 Groups (points in total index): Miscellaneous 63 Coal 63 AH other 63 Department stores: 4 Indexes (1935-39 = 100) : Sales 64 Stocks 64 296 stores: Sales (mill, dollars) 65 Stocks (mill, dollars) , . 65 Outstanding orders (mill, dollars) 65 Stocks-sales ratio (months' supply) 65 192 r 193 87.0 46.2 22.5 86.8 46.2 22.3 P86.1 P45.4 22.3 18.2 81.0 20. 22.2 18 83 22.6 22.2 P22.7 P22.9 23.5 P23.5 P15.2 P23.6 23.6 14.4 23.7 183 226 196 139 '243 288 187 '224 199 143 244 288 ••171 131 158 177 113 440 299 192 153 157 187 115 438 298 P189 225 P236 P285 153 P159 179 P300 Consumers' prices (1935-39=100): All items Food Apparel Rent Wholesale prices (1926=100): Total Farm products Other than farm and food Prices paid and received by farmers (1910-14=100): Paid Received Cash farm income (mill, dollars): Total Livestock and products Crops . Govt. payments 67 67 67 67 167.0 206.9 191.2 115.4 168.8 209.7 192.1 115.9 167.5 204.7 195.1 116.0 69 69 69 163.2 196.7 145.6 165.6 199.2 148.1 160.7 185.3 147.4 71 71 245 301 251 307 72 72 72 72 2,927 1,610 1 ,299 18 2,581 1,511 1,044 26 Pl.866 Pl.120 717 P29 P1,091 Pl.090 P546 PI.086 PI.086 P582 INTERNATIONAL TRADE AND FINANCE Short-term foreign liabilities and assets reported by banks (bill, dollars). 6 Total liabilities Official Invested in U. S. Treasury bills and certificates Private Total assets Exports and imports (mill, dollars): Exports 7 Excluding Lend-Lease exports... Imports . Excess of exports or imports excluding Lend-Lease exports Foreign exchange rates: See p. 479 of this BULLETIN . . 77 77 P4.85 pl.83 77 77 77 P. 20 P3.02 P.96 79 79 79 '1,112 •1,111 P601 79 P510 JulySept. 5 238 269 214 5 241 5 269 5 218 809 296 513 784 280 504 P774 278 20 258 207 51 323 20 303 240 63 316 6 310 196 114 926 210 407 200 388 169 379 4 565 5 475 375 303 '•283 584 770 544 1.3 83.1 32.9 28.5 ••284 '288 271 789 633 2.9 Dec. Jan.Mar. In billions of dollars TREASURY FINANCE 1,068 145 Oct.- QUARTERLY FIGURES 1,186 85.5 33.0 30.1 1948 1947 310 ' 331 5 300 149 P504 80-81 252 291 228 320 351 300 248 279 3 139 80. 32. 26. 283 303 P263 P576 P3. Budget receipts and expenditures: Total expenditures National defense Net receipts Internal revenue collections, t o t a l . . . Individual income taxes Corporate income taxes Misc. internal revenue !ash income and outgo: Cash income Cash outgo Excess of cash income or o u t g o . . . . 26 26 26 26 26 26 26 9.66 2.90 9.81 8.46 4.14 2.29 2.02 7.86 3.09 9.3? 7.85 3.44 2.17 2.24 27 27 27 10.47 10.50 -.03 10.01 8.67 33 35 35 35 CORPORATE SECURITY ISSUES Commercial and Financial Chronicle data (bill, dollars): Total issues New capital Securities and Exchange8 Commission data (mill, dollars): Net proceeds: All issuers Industrial. Railroad Public utility New money: All issuers Industrial Railroad Public utility + 1.34 Per cent per annum MONEY RATES Bank rates on customer loans: Total, 19 cities New York City. Other Northern and Eastern cities. Southern and Western cities 8.83 2.94 14.95 2.21 1.77 2.25 2.69 2.22 1.82 2.27 2.61 2.46 2.09 2.52 2.83 In unit indicated 42 42 1.26 .87 2.24 2.00 43 43 43 43 ,266 389 57 753 2,223 968 91 1,073 43 43 43 43 797 285 49 420 1,868 744 87 1,005 For footnotes see p. 458. APRIL 1948 457 CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued Chart book page QUARTERLY FIGURES—Cont. 1947 Apr.June JulySept. Annual rates, in billions of dollars FIGURES FOR SELECTED DATES June Dec. In billions of dollars 44 226.9 229.4 240.9 44 44 45 45 45 28.2 162.3 19.3 98.4 44.6 28.7 165.8 20.2 99.9 45.7 30.3 172.5 21.3 104.2 47.0 44 36.5 34.8 38.1 46 46 46 46 17.9 9.6 — 1.4 10.4 18.4 10.4 -1.7 7.8 18.8 12.4 — 1.3 8.2 47 47 47 47 191.4 170.1 162.3 7.8 199.6 177.9 165.8 12.1 205.8 183.7 172.5 11.2 Individuals and businesses: Total holdings Deposits and currency U. S. Govt. securities Individuals: Total holdings Deposits and currency U. S. Govt. securities Corporations: Total holdings Deposits and currency U. S. Govt. securities Unincorporated businesses: Total holdings Deposits and currency U. S. Govt. securities 24 24 24 220.5 138.9 81.6 223.2 143.3 79.9 24 24 24 151.2 96.2 55.0 156.9 101.5 55.4 24 24 24 41.8 24.6 17.2 39.1 23.5 15.6 24 24 24 27.5 18.1 9.4 27.2 18.3 8.9 1946 Dec. 31 CALL DATE FIGURES 8 ' June 30 Dec. 31 In billions of dollars ALL MEMBER BANKS Holdings of U. S. Govt. securities: Bonds Notes Certificates Bills Loans: Commercial Agricultural Real estate Consumer For purchasing securities: To brokers and dealers Toothers State and local govt. securities Other securities 1946 LIQUID ASSET HOLDINGS* GROSS NATIONAL PRODUCT, ETC. Gross national product' * Govt. purchases of goods and services Personal consumption expenditures Durable goods Nondurable goods Services Private domestic and foreign investment Gross private domestic investment: Producers' durable equipment. New construction Change in business inventories. Net foreign investment Personal income, consumption, and saving: • * Personal income Disposable income Consumption expenditures Net personal saving Chart book page Oct.Dec. 12 12 12 12 46.23 5.60 10.04 13 13 13 13 .88 .97 5.36 3.31 13 13 13 13 1.51 1.47 3.55 3.08 i.n 46.51 4.37 7.54 .77 45.29 4. 5. 1.99 13.15 13.82 6.24 4.00 16.96 1.05 7.13 4.66 1.51 1.15 3.98 2.97 .81 1.07 4.20 3.11 1946 1947 July 31 Feb. 26* OWNERSHIP OF DEMAND DEPOSITS6 Individuals, partnerships, and' corporations, total Nonfinancial: Total Manufacturing and mining Trade Public utilities Other Financial: Total Insurance companies Other Individuals: Total Individuals excl. farmers Farmers Nonprofit ass'ns and other 25 77.5 77.8 25 25 25 25 25 38.3 16.4 13.0 37.2 16.0 12.5 25 25 25 6.6 2.1 4.5 6.5 2.1 4.5 25 25 25 25 27.6 21.4 28.9 22.1 4.4 4.5 6.2 5.0 4.2 4.5 6.7 5.2 r «Estimated. P Preliminary. Revised. Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. Revised beginning Dec. 15, 1947, to include the following bonds: 2lA per cent, March 1956-58; and 2x/i per cent, September 1956-59. For charts on pp. 28, 33, 37, and 39, figures for a more recent period are available in the regular BULLETIN tables that show those series. Adjusted for seasonal variation. January indexes estimated from dollar figures published by the Department of Commerce. Preliminary figures for November are: Liabilities—Total, 5.00; official, 1.91; official, invested in bills and certificates, .21; private, 3.09; assets, .92. 7 Beginning in January 1948 recorded exports include shipments under the Army Civilian Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 74.6 million dollars. 8 Member bank holdings of State and local government securities on Oct. 6, 1947, were 4.22 billion dollars, and of other securities were 3.08 billion; data for other series are available for June and December dates only. * Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly issues, at $1.00 each. 1 2 3 4 5 6 458 FEDERAL RESERVE BULLETIN CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued CONSUMER CREDIT * Chart book page MONTHLY FIGURES Consumer credit outstanding, total. . . 3 Instalment credit, total 3, 5 Instalment loans 5 Instalment sale credit 5 Charge accounts 3 Single-payment loans 3 Service credit 3 Consumer credit outstanding, cumulative totals: 1 Instalment credit 4 Charge accounts 4 Single-payment loans 4 Service credit 4 Consumer instalment sale credit outstanding, cumulative totals: 1 Automobile dealers 6 Furniture and household appliance stores 6 Department stores and mailorder houses 6 Allother 6 Consumer instalment sale 1 credit granted, cumulative totals: By automobiles dealers 7 By furniture and household appliance stores 7 By department stores and mailorder houses 7 By all other retailers 7 Consumer instalment loan credit out1 standing, cumulative totals: Commercial and industrial banks. 8 Small loan companies 8 Credit unions 8 Miscellaneous lenders 8 Insured repair and modernization loans 8 1947 Dec. Jan.p Chart book page 2 Feb.? In millions of dollars 13,385 13,046 12,929 6,156 6,176 6,240 3,317 3,358 3,399 2,839 2,818 2,841 3,612 3,240 3,055 2,697 2,707 2,710 920 923 924 13,385 13,046 12,929 7,229 6,870 6,689 3,617 3,630 3,634 920 923 924 2,839 2,818 2,841 1,688 1,616 1,589 1,108 458 1,062 430 1,045 422 636 415 413 431 214 218 285 128 154 68 148 64 3,317 1,793 1,081 812 3,358 1,808 1,091 820 3,399 1,823 1,102 558 562 566 ANNUAL FIGURES 2 Consumer credit outstanding, monthly averages by years: Total 9, 10 Charge accounts 19 Consumer instalment sale credit granted, annual totals: Total 11 Automobile dealers 13 Department, mail order, furniture, and household appliance stores 14 Retail sales, annual totals 15 Automobile dealers, furniture, and household appliance stores 16 Automobile dealers 13 Personal consumption expenditures, annual totals: 3 Total 9 Durable goods 11 Automobiles and parts. . 12 Furniture and household equipment 14 Nondurable goods and services 11 Nondurable goods 19 Disposable personal income, annual totals 3 10 1945 1946 In billions of dollars 5 .73 1.59 8.05 2.31 11.31 2.92 1.94 0 .37 3.19 0.90 5.16 1.87 2.32 1.60 1 06 76 .57 100.26 117.72 5 .18 2 .29 121 .7 8 .0 0 .9 4 .3 11.14 5.98 143.7 14.9 3.6 7.7 16.92 10.12 164.4 19.8 6.1 9.8 113 .7 75.3 128.8 87.1 144.6 99.3 150 .7 158.4 175.3 827 P1 Preliminary. The figures shown here are cumulative totals, not aggregates for the individual components. Aggregates for each component may be derived by subtracting from the figure shown, the total immediately following it. 2 Additional annual figures will be published as soon as they become available. 3 Revised 1929 to date. For description of this revision, including changes in terminology, see pp. 1105-1109 of the BULLETIN for September 1947. . * Copies of the Chart Book may be obtained at a price of 50 cents. APRIL 1948 459 ALL MEMBER BANKS—ASSETS AND LIABILITIES ON DECEMBER 31, 1947, BY GLASS OF BANK [Amounts in thousands of dollars] Central reserve city member banks New York ASSETS 20,393,170 Loans and investments 7,178,991 Loans (including overdrafts) United States Government direct obligations. . 11,971,456 Obligations guaranteed by United States Gov470 ernment 637,759 Obligations of States and political subdivisions. 509,509 Other bonds, notes, and debentures Corporate stocks (including Federal Reserve 94,985 Bank stock) Chicago 212,519 175,146 3,062 1,342,382 963,631 6,168 2,006,435 1,178,421 9,822 89,826 1,504,674 10,170 11,911 2,645,787 15,114 4,773 299,804 6,253 346,026 5,420 4,789 820,199 12,239 4,773 531,990 8,113 16 288,209 4,126 166 4,455 16,095 2,534 44,397 50,032 101,158 46,561 10,642 4,086 46,657 37,248 58,101 141,254 227,386 105,497 43,970 87,501 141,654 59,848 14,131 53,753 85,732 45,649 5,489,458 35,022,575 29,866,156 94,137,848 62,710,596 31,427,252 3,853,000 26,002,552 25,202,524 72,703,750 47,994,884 24,708,866 381,380 794,718 432,439 1,176,098 404,984 72,053 4,157,164 1,346,890 5,504,054 285,267 2,282,463 2,646,784 3,317,134 7,660,502 1,049,098 10,977,636 1,196,008 5,496,573 660,826 714,665 1,375,491 7,060 130,916 20,581 2,400,819 1,388,663 1,012,156 912,735 11,444,624 14,576,384 28,389,879 901,885 11,045,296 14,177,070 27,541,909 101,194 42,486 1,600 44,637 3,364 2,611 753 693,446 337,398 9,250 332,351 38,866 16,819 21,587 19,312,404 18,636,707 83,333 2,826 554,715 31,773 3,050 9,077,475 8,905,202 17,861 538 138,731 7,093 8,050 62,549 705,087 528,251 11,10C 664 25,723,617 CAPITAL ACCOUNTS Capital Surplus Undivided profits Other capital accounts Total capital accounts Total liabilities and capital accounts. MEMORANDA Par or face value of capital Capital notes and debentures., First preferred stock Second preferred stock Common stock 611,972 1,196,770 381,509 68,571 2,258,822 27,982,439 1 Demand deposits adjusted Pledged assets (and securities loaned) Number of banks 1 5,003 1,650 3,951 22,081 4,490 23,068 4,131 15,491 42,958 75,429 14,785 82,023,000 40,504,727 221,778 53,965 164,565 55,509 124,737 306,501 141,502 197,156 24,622 45,135 101,161 35,644 86,671 203,414 80,770 8,830 63,404 19,865 38,066 103,087 60,732 144,350 178,650 53,814 49,641 957,515 1,228,327 460,880 197,699 1,016,557 1,219,783 513,312 184,838 2,730,394 3,823,530 1,409,515 500,749 1,775,216 2,395,185 892,383 345,906 955,178 1,428,345 517,132 154,843 426,455 2,844,421 2,934,490 8,464,188 5,408,690 3,055,498 6,865,823 49,659,318 47,552,892 132,060,472 88,181,641 43,878,831 144,350 610,875 144,350 16,653,342 1,006,021 37 687 58,637 16,186 62,573 135,930 73,021 122,527,727 6,439,368 46,814,897 44,618,402 123,596,284 82,772,951 40,823,333 611,972 1,097 Retirable value of capital: First preferred stock. . . Second preferred stock. 22,023,591 10,821,675 11,670,904 6,125,783 1,148,724 523,350 6,865,823 49,659,318 47,552,892 132,060,472 88,181,641 43,878,831 25,215,795 Total liabilities. 122,019 4,731,633 23,648 13,543 4,435,139 6,402,193 46,467,199 44,442,540 221,114 30,210 96,794 22,182 15,255 73,061 49,206 155,830 6,236,307 33,818 25,454 7,080,926 11,100 Due to own foreign branches Bills payable, rediscounts, and other liabilities for borrowed money Acceptances outstanding Dividends declared but not yet payable Income collected but not yet earned Expenses accrued and unpaid Other liabilities 3,541 1,173,933 829,458 3,885,925 14,484 2,302 954,056 2,896 82,681 63,476 19,154 Total deposits 6,159 3,025,162 1,997,249 2,109,798 15,372 7,132 3,276,335 16 159,255 566 14,447 460 9,700 4,199,095 2,826,707 277,849 Due from own foreign branches Bank premises owned and furniture and fixtures. . . Other real estate owned Investments and other assets indirectly representing bank premises or other real estate Customers' liability on acceptances Income accrued but not yet collected Other assets 1,456,136 1,417,658 12,471 65,280,201 32,565,540 21,427,815 11,200,170 38,667,986 19,236,419 32,845,266 17,796,687 1,672,074 173,374 1,540 1,005 463,731 Time deposits Individuals, partnerships, and corporations United States Government Postal savings States and political subdivisions Banks in United States Banks in foreign countries All State member banks 83,216 67,210 2,422 15,015 2,386,804 27,982,439 All national member banks All member banks 1,739,266 13,066,359 10,778,416 7,095,390 4,992,793 1,069,551 928,856 562,332 30,065 7,261,225 4,638,953 150,821 LIABILITIES 23,759,659 Demands deposits Individuals, partnerships, and corporations.... 17,645,674 266,622 United States Government 289,540 States and political subdivisions 3,235,957 Banks in United States 1,216,934 Banks in foreign countries Certified and officers' checks, cash letters of 1,104,932 credit, and travelers' checks, etc Country member banks 5,088,193 36,039,981 36,324,397 97,845,741 1,801,180 13,448,577 10,199,237 32,627,985 2,889,526 20,192,503 22,850,920 57,904,405 Reserves, cash, and bank balances Reserve with Federal Reserve Banks Cash in vault Demand balances with banks in United States (except private banks and American branches of foreign banks) Other balances with banks in United States. . . Balances with banks in foreign countries Cash items in process of collection Total assets. Reserve city member banks 957,515 7,500 22,656 150 927,209 1,016,640 8,766 37,272 4,378 966,224 2,730,477 17,363 59,928 4,528 2,648,658 1,775,299 24,937 2,403 1,747,959 955,178 17,363 34,991 2,125 900,699 23,428 150 87,998 8,248 111,426 8,398 34,970 3,491 76,456 4,907 3,737,085 25,713,767 27,423,503 541,593 4,421,403 4,069,143 14 353 6,519 73,527,697 49,105,572 24,422,125 7,668,994 2,369,166 10,038,160 1,918 6,923 5,005 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 460 FEDERAL RESERVE BULLETIN ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS ON DECEMBER 31, 1947, JUNE 30, 1947, AND DECEMBER 31, 1946 [Amounts in thousands of dollars] December 31, 1947 ASSETS Loans and investments Loans (including overdrafts) United States Government direct obligations.. . Obligations guaranteed by United States Government Obligations of States and political subdivisions. Other bonds, notes, and debentures Corporate stocks (including Federal Reserve Bank stock) June 30, 1947 December 31, 1946 All insured commercial banks 1 Banks not members Federal Reserve System All insured commercial banks* Banks not members Federal Reserve System All insured commercial banks 1 Banks not members Federal Reserve System 114,304,295 37,591,988 67,946,187 16,474,281 4,966,842 10,053,342 110,712,106 33,258,041 69,141,228 15,925,729 4,605,491 9,964,017 112,208,350 30,739,973 73,559,881 15,860,994 4,046,599 10,540,624 13,504 5,130,927 3,319,506 3,804 932,822 493,088 13,678 4,827,879 3,169,582 3,815 847,207 481,436 15,027 4,300,705 3,295,002 3,582 754,113 492,008 302,183 24,383 301,698 23,763 297,762 24,068 Reserves, cash, and bank balances Reserve with Federal Reserve Banks Cash in vault Demand balances with banks in United States (except private banks and American branches of foreign banks) Other balances with banks in United States. . . Balances with banks in foreign countries Cash items in process of collection 36,936,014 17,795,563 2,147,943 4,092,849 3,507,287 '""'397,648 33,704,314 16,013,442 2,014,710 4,119,728 476^095 32,199,046 16,039,194 1,806,395 9,689,645 52,359 25,778 7,224,726 3,454,057 18,541 324 143,832 8,453,306 51,042 34,885 5,814,224 2,965,193 19,454 657 124 ,'335 9,428,590 60,399 56,777 6,130,396 3,529,026 25,197 634 125,492 Due from own foreign branches Bank premises owned and furniture and fixtures. . . Other real estate owned Investments and other assets indirectly representing bank premises or other real estate Customers' liability on acceptances Income accrued but not yet collected Other assets 4,789 936,444 17,801 116,305 5,562 284 914,008 17,922 115,585 5,199 6,353 902,457 20,326 113,281 6,091 62,240 143,230 239,372 128,901 4,139 1,976 11,986 23,411 65,193 87,202 237,673 139,720 3,899 763 12,036 23,548 64,442 118,339 230,023 109,939 3,869 1,344 11,542 23,984 152,773,086 20,730,509 144,373,154 19,594,046 147,364,543 20,140,833 12,796,751 11,033,980 '99,126,859 '78,090,841 ' 1,043,850 205,561 6,496,970 9,806,903 1,371,889 '11,765,403 '10,157,592 103,416,303 79,902,589 12,498,944 10,775,884 133,154 21,096 1,121,303 194,434 2,621 2,709,074 223,248 5,968,462 10,888,080 1,364,022 235,821 24,500 1,053,962 243,953 10,578 Total assets LIABILITIES Demand deposits 106,934,598 Individuals, partnerships, and corporations.. ., 83,737,730 United States Government: War loan and Series E bond accounts • 1,327,075 Other States and political subdivisions 6,695,228 Banks in United States 11,236,131 Banks in foreign countries 1,379,176 Certified and officers' checks, cash letters of credit, and travelers' checks, etc 2,559,258 Time deposits Individuals, partnerships, and corporations United States Government Postal savings States and political subdivisions Banks in United States Banks in foreign countries , Total deposits Due to own foreign branches Bills payable, rediscounts, and other liabilities for borrowed money , Acceptances outstanding Dividends declared but not yet payable Income collected but not yet earned Expenses accrued and unpaid, Other liabilities Total liabilities... CAPITAL ACCOUNTS Capital Surplus Undivided profits Other capital accounts Total capital accounts Total liabilities and capital accounts. MEMORANDA Demand deposits adjusted2 Pledged assets (and securities loaned). Number of banks 150,978 1,191,174 258,495 3,685 439,379 158,439 2,110,845 135,203 2,360,828 154,246 34,954,068 33,963,323 105,520 4,994 825,901 43,225 11,105 6,580,605 6,437,828 4,326 1,630 132,457 4,359 5 '34,568,905 '33,623,136 105,678 4,881 771,394 42,662 21,154 '6,511,381 '6,379,910 3,114 1,554 122,503 4,296 4 33,612,986 32,761,111 114,327 5,023 664,522 49,199 18,804 6,376,063 6,251,282 3,828 1,542 113,554 5,853 4 141,888,666 19,377,356 133,695,764 18,276,784 137,029,289 18,875,007 221,778 270,208 194,878 61,345 166,556 60,315 151,851 332,864 153,908 7,380 1,991 4,806 27,114 26,406 12,416 59,543 99,892 53,358 124,721 374,727 134,880 9,533 783 2,327 23,192 25,527 9,311 38,888 133,458 57,497 101,261 381,709 139,523 8,759 1,354 4,365 19,907 25,344 11,507 143,037,283 19,457,469 134,813,093 18,347,457 138,076,503 18,946,243 3,193,918 4,316,404 1,650,231 575,250 463,524 494,130 240,860 74,526 3,171,036 4,182,796 1,644,081 562,148 452,042 482,146 242,353 70,048 3,141,878 4,C60,047 1,495,456 590,659 450,103 465,789 208,317 70,381 9,735,803 1,273,040 9,560,061 1,246,589 9,288,040 1,194,590 152,773,086 20,730,509 144,373,154 19,594,046 147,364,543 20,140,833 85,767,490 11,648,069 13,403 12,239,761 1,610,009 6,483 '80,884,432 11,653,224 13,391 '11,289,763 1,702,083 6,466 82,101,483 13,664,608 13,359 11,858,600 1,899,861 6,462 r 1 Revised. Excludes three mutual savings banks, State bank members of the Federal Reserve System, which are included in member bank figures on opposite page. 2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. APRIL 1948 461 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST, BY FEDERAL RESERVE DISTRICTS AND STATES On par list Total banks, branches and offices on which checks are drawn Federal Reserve district or State United States total: Dec 31 1945 Dec 31 1946 Dec. 31, 1947 Feb. 29, 1948* Member Total Not on par list (Nonm Nonmember Banks1 Branches and offices2 Banks Branches and offices Banks Branches and offices Banks 14,002 14,043 14,078 14,090 3,947 3,981 4,148 4,168 11,869 11,957 12,037 12,060 3,616 3,654 3,823 3,843 6,877 6,894 6,917 6,920 2,909 2,913 3,051 3,067 4,992 5,063 5,120 5,140 29() 493 924 844 290 840 134 250 336 796 647 711 215 778 99 215 157 128 197 434 308 127 540 202 111 217 40 1,433 71 475 341 999 495 41 474 26 Branches and offices Banks Branches and offices 2,133 2,086 2,041 2,030 331 327 325 325 625 106 16 323 31 219 618 56 349 125 36 26 60 140 15 664 70 707 741 772 776 By districts and by States Feb. 29, 1948* District New York PhiladelDhia . .. 493 924 844 1 145 840 134 250 1,145 Richmond r Atlanta Chicago.: St. Louis 1,012 1,170 2,488 1,469 43-5 793 552 566 131 2,432 1,120 111 614 Kansas City Dallas San Francisco 1,278 1,750 1,008 509 State Alabama Arizona Arkansas z California Colorado * • • 8 36 1,206 1,740 898 505 222 2? 10 228 193 40 19 897 1 142 23 115 142 Delaware District of Columbia... Florida Idaho•": Illinois Indiana 115 Massachusetts l^linnesota Missouri Nebraska * "^ ... 982 284 231 87 22 26 5 66 115 30 1 855 5 33 78 1 50 10 4 42 12 50 11 10 3 758 614 274 113 22 10 99 193 40 5 897 1 92 23 65 14 3 9 66 17 4 19 117 99 38 2 27 16 71 65 35 2 26 3 46 34 48 4S 48 45 26 43 22 2 881 487 664 3 89 162 879 487 664 3 89 162 502 237 163 3 33 377 250 501 56 162 36 386 58 63 166 182 36 113 46 38 78 147 25 14 63 69 102 153 39 606 41 69 102 153 214 22 392 36 37 68 141 273 12 25 88 35 442 677 206 595 112 210 6 55 442 264 40 527 112 210 6 7 229 206 31 180 82 161 6 1 213 58 9 347 30 410 8 410 8 2 17 1 265 2 52 339 47 2 18 2 138 9 145 6 73 291 33 657 89 54 717 50 5 575 53 42 124 1 665 30 668 192 425 10 110 4 8 109 38 2 31 386 160 63 166 182 • 5 19 1,140 8 28 1,206 19 179 382 39 608 Kentucky Louisiana 318 211 75 62 35 35 1 129 14 62 283 4 2 2 11 5 32 34 12 49 6 102 22 413 166 68 48 118 97 122 19 New York . : North Carolina North Dakota Ohio Oklahoma 657 207 151 2 18 2 138 9 717 172 24 668 192 384 1 375 1 225 1 150 Oregon " T . Pennsylvania Rhode Island South Carolina..::.... South Dakota . . 70 990 19 150 170 82 149 41 33 47 70 990 19 58 69 82 149 41 31 21 32 758 11 31 63 77 125 29 27 20 38 232 8 27 6 24 12 4 1 101 2 26 295 74 200 58 81 46 95 16 890 60 4 15 830 60 New Hampshire . .* r New Jersey New l^texico Texas Utah Vermont Washington West Virginia... Wisconsin.. . Wyoming 73 339 47 69 314 123 10 88 119 69 307 151 444 55 119 10 87 119 180 182 553 55 4 15 564 36 40 202 55 163 38 1 1 48 14 14 8 82 36 12 52 20 5 166 243 26 9 5 92 4 13 119 12 266 24 2 2 42 112 29 105 8 45 7 64 7 4 21 281 17 79 2 109 108 100 21 60 72 1 51 p Preliminary. » Excludes mutual savings banks, on a few of which some checks are drawn. Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities" at military reservations (see footnote 4, p. 241 of the BULLETIN for February 1948). Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports. 8 462 RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. . 464 Gold production 465 Gold movements 465 International capital transactions of the United States. . International Monetary Fund and Bank. Central banks 466-471 472 472-476 Money rates in foreign countries. . 477 Commercial banks 478 Foreign exchange rates. 479 Price movements: Wholesale prices 480 Retail food prices and cost of living. . 481 Security prices . 481 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins, some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures for all except price tables, together with descriptive text, may be obtained from the Board's publication, Banking and Monetary Statistics. APRIL 1948 463 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States Argentina* Belgium 17,644 1939—Dec 21,995 1940—Dec 22,737 1941—Dec 22,726 1942—Dec 21,938 1943—Dec 20,619 1944—Dec 20,065 1945—Dec 20,529 1946—Dec 1947—Mar.. . . 20,463 70,774 Apr 20,933 May 21,266 June J u l y . . . . 21,537 21,766 Aug 21,955 Sept 22,294 Oct N o v . . . . 22,614 22,754 Dec 22,935 1948—Jan 23,036 Feb. 474 416 497 614 838 992 1,197 1,072 887 807 749 635 514 491 451 367 323 P289 609 734 734 735 734 End of month 716 735 633 634 639 643 644 649 650 599 593 597 593 578 Chile Colombia Cuba Czechoslovakia 214 27 5 6 5 6 22 361 543 7 6 7 8 6 7 8 6 7 7 7 30 30 31 36 54 79 82 65 21 17 16 25 59 92 127 145 1 1 1 16 46 111 191 226 56 58 61 61 61 61 61 61 53 53 53 45 46 45 45 45 45 45 126 98 92 93 87 88 89 83 84 83 229 234 239 259 259 Brazil Canada 40 51 70 115 254 329 354 354 354 354 354 354 354 354 354 354 354 354 India Iran (Persia) Italy Japan Java Mexico 1939—Dec 1940—Dec 1941—Dec 1942—Dec 1943—Dec 1944—Dec 1945—Dec 1946—Dec 1947—Mar.... Apr May.... 274 274 274 274 274 274 274 274 274 274 274 274 274 274 274 274 274 274 274 26 26 26 34 92 128 131 127 130 132 132 133 144 120 124 141 118 24 24 28 28 28 28 28 28 28 28 28 164 164 4 164 90 140 235 3 216 32 47 47 39 203 222 294 181 692 617 575 506 500 500 270 265 149 149 141 131 98 99 100 100 100 100 96 86 End of month Sweden Switzerland & Turkey United Kingdom 1939—Dec 1940—Dec 1941—Dec. 1942—Dec. 1943—Dec 1944—Dec. 1945—Dec 1946—Dec 1947—Mar Apr May.... June... July.... Aug Sept Oct Nov Dec 1948—Jan Feb 308 160 223 335 387 463 482 381 265 217 190 168 144 126 93 101 101 105 104 101 549 502 665 824 6 965 1,158 1,342 1,430 1,432 1,427 1,416 1,355 1,370 1,373 1,386 1,389 1,372 1,356 1,352 29 88 92 114 161 221 241 237 233 226 207 191 185 174 169 169 170 170 171 171 7 1 1 1 1 1 1 1 1 1 1 1 1 1 July.... Aug Sept Oct. Nov.. . . Dec 1948—Jan Feb 127 127 28 279" 279 279 279 Uruguay Venezuela 68 90 100 89 121 157 195 200 52 29 41 68 89 130 202 215 197 194 192 189 189 183 183 177 175 235 235 235 235 235 215 215 215 215 215 Nether- New lands Zealand Germany Greece Hungary 53 52 44 44 44 44 38 38 55 52 52 52 52 52 52 53 29 29 29 29 29 29 28 28 28 28 28 28 24 24 24 24 24 24 32 32 32 32 32 32 32 32 32 32 53 53 53 53 53 53 53 53 53 2,709 2,000 2,000 2,000 2,000 1,777 1,090 796 696 696 696 696 544 544 444 444 548 548 Norway Peru 23 23 23 23 23 23 23 23 '81 »-75 58 20 20 21 25 31 32 28 24 197 197 196 190 190 190 190 191 223 231 23 23 23 23 23 23 23 23 23 23 76 77 77 77 77 77 73 73 72 72 20 19 20 20 20 20 220 209 23 70 20 20 B.I.S. Other countries 6 Yugoslavia 59 82 83 3 80 91 7 12 12 21 45 37 39 32 178 170 166 185 229 245 247 240 27 27 27 27 27 26 29 28 30 30 240 240 240 240 240 240 P240 P240 P240 ! P240 215 P240 r P1 Preliminary. 1levised. Dollar value estimated since gold is p urchased with foreign exchange acquired at various prices. 2 On May 1, 1940, gol(i belonging to Ba nk of Canada transferred to Foreign Exchange Control Board. Gold repor ted since that tilTie is gold held by Minister of Finance, except for December 1945 and Decmember 1946 wheil gold holdings of Foreign Exchange Control Board are8 included also. Figures relate to last official report d;ites for the respective countries, as follows: Java— Jan. 31, 1942; Poland— July 31, 1939; Y ugoslavia—Feb. 28, 1941. * Figure for February 1941; beginning 1dar. 29, 1941, gold reserves no longer reported separately. * Beginning December 1943, includes g<)ld holdings of Swiss Government. 8 For list of countries ncluded, see BUL LETIN for June 1947, p. 755, footnote 7. 7 Gold holdings of Bank of England red uced to nominal amount by gold transfers to British Exchange Equalization i\ccount during 1 ?39. NOTE.—For gold hold ings of Internati Dnal Fund and Bank, see p. 472. For back figures, see Banking and Moneta ry Statistics, Tab !es 156-160, pp. 536-555, and for. a description of figures, including detai s regarding specia internal gold transfers affecting the reported data, see pp. 524-535 in the s£ime publication. 464 France 24 27 27 27 30 30 30 33 33 33 34 34 34 32 84 End of month June ' Egypt Denmark Portu- Rumagal nia Poland 69 59 59 59 60 60 60 3 84 152 158 182 203 260 267 269 P268 20 20 20 Government Spain 249 367 366 634 706 814 914 939 803 798 788 757 752 775 805 804 796 762 764 42 42 91 105 110 111 111 111 111 111 111 111 111 111 111 111 gold reserves 1 not included previous figures End of month 1938—-Dec 1 9 3 9 - -Aug Dec 1940- -Aug.... South Africa Dec... 1 9 4 1 - -Sept... Dec... 1942- - D e c . . . 1943- - D e c . . . 1944- - D e c . . . 1 9 4 5 - -Dec 1 9 4 6 - -June... Sept... Dec... 1947- - M a r . . . June... Sept.... . in United United BelFran ce gium States Kingdom 80 2 759 3 876 156 48 24 25 12 43 12 18 71 113 177 163 151 129 292 *151 52,354 5 2,341 5 2,196 5 2,535 52,587 5 2,345 5 2,382 62,341 331 460 4 293 44 4 17 17 214 457 17 17 17 17 17 1 Reported a t infrequent intervals or on delayed basis: U. S.—Exchange Stabilization F u n d (Special A / c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization Fund and Rentes Fund; Belgium—Treasury. 2 Figure for end of September. 8 Reported figure for total British gold reserves on Aug. 3 1 , 1939, less reported holdings of Bank of England on t h a t date. 4 Figure for first of month. 5 Gross official holdings of gold and U. S. dollars as reported by British Government; total British holdings (official and private) of U. S dollars, as reported by banks in the United States are shown in table on p . 469. N O T E . — F o r details regarding special internal gold transfers affecting t h e British and French institutions, see p. 472, footnote 4, and p. 473, footnote 10. For available back figures see Banking and Monetary Statistics, p . 526, and BULLETIN for November 1947, p . 1433; J u n e 1947, p. 755; F e b r u a r y 1945, p. 109. FEDERAL RESERVE BULLETIN GOLD PRODUCTION OUTSIDE U. S. S. R. [In thousands of dollars] Estimated Year or 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1947—F e b Mar Apr May June July Aug Sept Oct. Nov. Dec 1948—Jan. Production reported monthly Africa North and South America production Total II Mex- ColomWest Belgian8 United Canreported South 1 RhoNica-7 outside Chile ragua ico* U.S.S.R.i monthly | Africa | desia Africa2 Congo States* ada 5 bia $1--=156/tx grains of told9/v>) %ne; i. e., an ounc e of fine iiold=$35 1,136,360 958,770 425,649 28,532 24 670 8-470 178,143 165,379 32,306 18,225 10,290 1,557 1,208,705 1,020,297 448,753 28,009 28,564 8,759 196,391 178,303 29,426 19,951 11,376 3,506 1,297,349 1,094,264 491,628 29,155 32,163 «8,862 210,109 185,890 30,878 22,117 11,999 5,429 209,175 187,081 27,969 22,961 9,259 7,525 1,288,945 1,089,395 504,268 27 765 32,414 130,963 169 446 28 019 20 882 6 409 8 623 966 132 494 439 26 641 29 225 760,527 448,153 23,009 19,740 48,808 127,796 22,055 19,789 6,081 7,715 35,778 102,302 17,779 19,374 7 131 7,865 682,061 429,787 20,746 18,445 32,511 94,385 646,914 427,862 19,888 18,865 17,734 6,282 6,985 51,182 98 994 15 301 8 068 6 357 663 266 417 647 19 061 20 475 13.406 392,004 81,219 107,432 19,320 7,403 ,502 1,750 5,483 7,806 41,044 19,965 1,276 371 581 5,500 9,235 ,574 1,855 1,273 51,824 28,665 555 856 6,246 8,921 55,412 31,824 ,537 1,890 1,464 540 610 59,738 35,308 L.508 1,820 7,220 9,412 502 1,130 528 57,215 1,498 6,117 33,984 1,680 9,418 520 1,065 .. 553 L,554 1,855 7,319 9,149 61,314 35,396 1,112 513 636 59,057 34,875 7,033 9,131 410 1,855 1,079 684 1,541 ,516 1,820 6,979 8,668 58,321 34,692 1,044 530 658 58.681 35,361 9,057 ,540 915 35 679 8,185 424 6,243 8,826 L ,513 1,225 742 56,356 33,888 945 383 7,281 9,614 34 02S 1,750 680 672 6,214 34,775 1,890 648 Other Austra- India 9 lia* 54,264 11,284 56,182 11,078 55,878 10,157 51,039 9,940 42 525 8,960 28,560 8,820 16,310 6,545 16,450 5,950 21 595 4,585 24,605 6,055 1 .820 490 1,820 490 1,820 560 1,785 525 1,890 490 J.220 560 1,960 490 .925 490 2,065 420 2,065 525 2,030 490 1,925 455 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million. 1 Annual figures through 1940 are estimates of U. S. Mint; annual figure for 1941 based on monthly estimates of American Bureau of Metal Statistics. 2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics. Beginning January 1944, they represent Gold 8 Coast4 only. Beginning May 1940, monthly figures no longer reported. Until July 4, 1946, includes Philippine production received in United States. Annual figures are estimates of the United States Mint. Monthly figures are estimates of the American Bureau of Metal Statistics, those for 1946 having been revised by subtracting from each monthly figure6 $475,641 so that the aggregate for the year is equal to the annual estimate compiled by the United States Mint. Figures for Canada beginning 1946 are subject to official revision. 6 Beginning April 1942, monthly figures no longer reported. 7 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production. 8 Beginning December 1941, figures are those reported by American Bureau of Metal Statistics. For the period December 1941-December 19439 they represent total Australia; beginning January 1944, Western Australia only. Beginning May 1940, figures are those reported by American Bureau of Metal Statistics. NOTE.—For explanation of table and sources, see BULLETIN for February 1939, p. 151; July 1938, p. 621; June 1938, p. 540; April 1933, pp. 233-235; and Banking and Monetary Statistics, p. 524. For annual estimates compiled by the United States Mint for these and other countries in the period 1910-1941, see Banking and Monetary Statistics, pp. 542-543. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately J35 a fine ounce] Net imports from or net exports (—) to: Year or mo. Total net imports United Kingdom France Belgium -120 Sweden SwitzerCanada land 5 1,955 1942 315,678 68,938 88 1943 1944 -845,392 -695,483 160 1945 -106,250 -14 458 1946 3'1.494 1947 1,866,348 488,433 162,941 1947 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Netherlands -6 3 27,990 1 1 -31 153,634 44,050 129,734 200,233 219,201 111,657 109,600 450,830 265,700 178,166 -75 -108 -1,002 1 -449 2 - 5 22,515 245,712 140,568 142,821 101,541 234,978 159,388 182,808 104,264 1 13,903 14,088 -7 3 Argentina Other PhilipLatin AusMexico Ameri- pine tralia can Re- Republics public 208,917 99 40,016 39,581 321 66,920 -10,817 - 3 , 2 8 7 24,306 46,210 -50,268 -109,695 -58,292 53,148 —5 15,094 -41,743 "i03 344.130 -134,002 -403 -156 3,591 445,353 335,505 - 7 , 1 1 0 10,684 -3,508 101,642 221 -13,269 - 1 2 9 26,341 - 9 , 7 9 3 2,898 122 26,442 9,485 262 14,867 -87 52,913 94,601 217 1,425 -70 51,820 102,405 282 1,489 -1,111 2,220 90,463 330 - 9 4 -1,543 499 23,444 242 1,286 - 2 8 6 552 48,190 152 1,073 -56 63,697 56,849 103 1,434 -252 37,735 35,436 208 2,126 85 South Africa India All other countries 528 4,119 129 20,008 152 307 -8,731 199 3,572 18,365 106 1-133,471 357 41 118.550 -2,613 2-18,083 124 410,691 -4,423 3 - 3 3 8 ii 17 28 40 19 9 66,674 -1,140 -214 26,376 -1,390 -515 80,446 - 7 8 -1,529 53,228 - 3 3 4 4 -638 60,081 - 5 5 1 4 5,233 16,042 4,221 4 37,760 10,215 4 21 497 29 997 1,026 1948 Jan. Feb.? 9,970 31,301 31 458 289 12,009 201 211 2,418 1,102 74 -289 227 32 991 23,674 -5,982 -1,390 P Preliminary. 1 Includes $133,980,000 to China and $509,000 from other countries. Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries. Includes $27,885,000 from U. S. S. R., $14,000,000 to China, and $14,223,000 to other countries. Includes imports from U. S. S. R. as follows: July, $5,626,000; August, $5,627,000; September, $11,287,000; October, $5,346,000. NOTE.—For back figures see Banking and Monetary Statistics, Table 158, pp. 539-541, and for description of statistics, see p. 524 in the same publication. 2 3 4 APRIL 1948 465 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [Net movement from United States, (—). In millions of dollars] TABLE 1.—TOTAL CAPITAL MOVEMENT, BY TYPES From Jan. 2, 1935, through— Increase in foreign banking funds in U. S. Total Total Official i Other Increase in funds of international institutions in U . S . Decrease in U. S. banking funds abroad Foreign securities: Return of U. S. funds Domestic securities: Inflow of foreign funds Inflow in brokerage balances 1935—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) Dec. (Jan. 1, 1936) 265.9 632.5 920.2 1,440.7 64.1 230.3 371.5 631.5 4.4 22.6 16.3 38.0 59.7 207.7 355.2 593.5 155.0 312.8 388.6 361.4 31.8 43.7 40.1 125.2 -6.2 15.8 90.3 316.7 21.1 29.8 29.8 6.0 1936—Mar. (Apr. 1) June (July 1) Sept. 30 Dec. 30 1,546.3 1,993.6 2,331.9 2,667.4 613.6 823.4 947.1 989.5 79.6 80.3 86.0 140.1 534.0 743.1 861.1 849.4 390.3 449.0 456.2 431.5 114.4 180.5 272.2 316,2 427.6 524.1 633.3 917.4 .4 16.5 23.2 12.9 1937—Mar. June Sept. Dec. 2,998.4 3,639.6 3,995.5 3,501.1 1,188.6 1,690.1 1,827.2 1,259.3 129.8 293.0 448.2 334.7 1,058.8 1,397.1 1,379.0 924.6 411.0* 466.4 518.1 449.1 319.1 395.2 493.3 583.2 1,075.7 ,069.5 ,125.1 ,162.0 4.1 18.3 31.9 47.5 1938—Mar. 30 June 29 Sept. 28 Dec. (Jan. 4, 1939) 3,301.3 3,140.5 3,567.2 3,933.0 1,043.9 880.9 1,275.4 1,513.9 244.0 220.6 282.2 327.0 799.9 660.4 993.2 1,186.9 434.4 403.3 477.2 510.1 618.5 643.1 625.0 641.8 ,150.4 ,155.3 ,125.4 ,219.7 54.2 57.8 64.1 47.6 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940) 4,279.4 4,742.0 5,118.2 5,112.8 1,829.4 2,194.6 2,562.4 2,522.4 393.2 508.1 635.0 634.1 1,436.2 ,686.5 ,927.3 ,888.3 550.5 607.5 618.4 650.4 646.7 664.5 676.9 725.7 ,188.9 ,201.4 ,177.3 ,133.7 63.9 74.0 83.1 80.6 1940—Mar. (Apr. 3) June (July 3) Sept. (Oct. 2) Dec. (Jan. 1, 1941) 5,207.8 5,531.3 5,831.2 5,807.9 2,630.9 2,920.7 3,175.9 3,239.3 631.0 1,012.9 1,195.4 1,281.1 ,999.9 ,907.8 ,980.5 ,958.3 631.6 684.1 773.6 775.1 761.6 785.6 793.1 803.8 1,095.0 1,042.1 987.0 888.7 88.7 98.9 101.6 100.9 1941—Mar. (Apr. 2 ) . . . . June (July 2) Sept. (Oct. 1) Dec. 31 5,607.4 5,660.1 5,612.6 5,354.1 3,229.7 3,278.0 3,241.8 2,979.6 1,388.6 1,459.8 1,424.0 1,177.1 ,841.0 ,818.2 ,817.7 ,802.6 767.4 818.6 805.3 791.3 812.7 834.1 841.1 855.5 701.8 631.2 623.5 626.7 95.9 98.2 100.9 100.9 1942—Mar. June Sept. Dec. (Apr. 1 ) . . . . 30 2 30 31 5,219.3 5,636.4 5,798.0 5,980.2 2,820.9 3,217.0 3,355.7 3,465.5 1,068.9 1,352.8 1,482.2 1,557.2 ,752.0 ,864.2 ,873.5 ,908.3 819.7 842.3 858.2 888.8 849.6 838.8 830.5 848.2 624.9 632.0 646.1 673.3 104.3 106.2 107.5 104.4 1943—Mar. June Sept. Dec. 31 30 30 31 6,292.6 6,652.1 6,918.7 7,267.1 3,,788.9 4,148.3 4,278.0 4,644.8 1,868.6 2,217.1 2,338.3 2,610.0 ,920.3 ,931.2 ,939.7 2,034.8 898.7 896.9 888.6 877.6 810.5 806.8 929.3 925.9 685.9 687.9 708.1 701.1 108.6 112.1 114.8 117.8 1944—Mar. June Sept. Dec. 31 30 30 31 7,611.9 7,610.4 7,576.9 7,728.4 5,034.4 5,002.5 4,807.2 4,865.2 3,005.0 2,812.2 2,644.8 2,624.9 2,029.4 2,190.3 2,162.3 2,240.3 868.0 856.6 883.5 805.8 904.1 929.8 ,026.2 ,019.4 685.8 702.4 737.8 911.8 119.6 119.1 122.2 126.3 1945—Mar. June Sept. Dec. 31 30 30 31 8,002.6 8,422.8 8,858.6 8,802.8 5,219.4 5,671.0 6,042.2 6,144.5 2,865.1 3,313.2 3,554.9 3,469.0 2,354.3 2,357.9 2,487.2 2,675.5 848.5 760.4 865.3 742.7 983.7 ,011.2 998.2 972.8 820.6 848.4 818.4 798.7 130.5 131.8 134.6 144.1 1946—Mar. June Sept. Dec. 31 30 30 31 8,730.8 8,338.2 8,250.1 8,009.5 6,098.8 5,662.7 5,681.7 5,272.3 3,384.6 2,852.0 2,834.4 2,333.6 2,714.1 2,810.7 2,847.3 2,938.7 70.6 190.8 249.1 453.8 703.6 624.5 519.8 427.2 ,073.0 ,103.9 ,170.7 ,237.9 645.1 615.0 478.3 464.5 139.9 141.4 150.4 153.7 8,077.3 9,959.9 9,736.7 9,771.5 9,508.2 9,440.8 9,443.6 9,516.8 9,008.6 '8,683.0 8,547.9 8,314.0 5,300.6 5,047.3 4,841.3 4,815.4 4,498.0 4,591.9 4,703.2 4,870.3 4,456.0 »-4,324.1 4,262.4 4,118.1 2,416.0 2,006.2 1,725.4 1,718.8 1,448.7 1,447.2 1,616.8 1,726.9 1,298.5 'I,232.9 1,200.0 1,123.6 2,884.6 3,041.1 3,115.9 3,096.7 3,049.3 3,144.7 3,086.4 3,143.5 3,157.5 '3,091.2 3,062.4 2,994.5 449.0 2,705.6 2,707.0 2,702.5 2,819.4 2,694.3 2,861.1 2,758.0 2,645.4 2,470.9 2,376.4 2,237.0 404.8 380.9 337.1 333.6 255.3 202.5 156.3 168.2 178.3 172.1 211.6 174.6 ,308.2 ,229.8 ,282.6 ,341.6 ,380.7 ,398.0 ,177.3 ,193.6 ,230.3 ,243.6 ,254.5 ,274.9 464.4 439.7 • 414.3 416.7 398.5 393.4 385.9 362.6 338.8 310.0 290.0 * 367.0 150.4 156.6 154.5 161.6 156.4 160.8 159.8 164.1 159.9 162.2 153.1 142.4 31 30 29 29 1947—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30P Dec. 3\P p Preliminary. •• Revised. 1 This category made up as follows: through Sept. 21, 1938, funds held by foreign central banks at the Federal Reserve Bank of New York and deposit accounts held with the U. S. Treasury; beginning Sept. 28, 1938, also funds held at commercial banks in New York City by central banks maintaining accounts at the Federal Reserve Bank of New York; beginning July 17, 1940, also funds in accounts at the Federal Reserve Bank of New York which had been transferred from central bank to government names; beginning with the new series commencing with the month of July 1942, all funds held with banks and bankers in the United States by foreign central banks and by foreign central governments and their agencies (including official purchasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). 2 The weekly series of capital movement statistics reported through July 1, 1942., was replaced by a monthly series commencing with July 1942. Since the old series overlapped the new by one day, the cumulative figures were adjusted to represent the movement through June 30 only. This adjustment, however, is incomplete since it takes into account only certain significant movements known to have occurred on July 1. Subsequent figures are based upon new monthly series. For further explanation, see BULLETIN for January 1943, p. 98. * Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and 4Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For full description of statistics see Banking and Monetary Statistics, pp. 558-560; for back figures through 1941 see Tables 161 and 162, pp. 574-637, in the same publication, and for those subsequent to 1941 see BULLETIN for September 1945, pp. 960-974. 466 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From Jan. 2, 1935, through— 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30P Dec. 3 1 P United King- France dom Netherlands Switzerland 5,112.8 ,101.3 468.7 5,807.9 865.2 670.3 5,354.1 674.1 639.9 5,980.2 837.8 625.9 7,267.1 1,257.7 636.8 7,728.4 1,090.0 585.7 8,802.8 892.5 464.2 7,555.7 563.1 384.8 628.4 585.6 369.4 254.3 558.2 336.3 489.6 351.4 029.7 595.8 332.0 069.0 453.5 319.8 688.9 441.7 390.2 ,746.5 614.1 306.2 582.5 648.5 324.6 758.8 486.7 308.2 ,363.2 447.7 359.6 ,212.1 464.2 318.8 ,171.5 437.2 234.1 ,076.9 470.3 455.6 464.4 474.0 487.7 506.2 539.7 326.4 773.0 911.5 725.7 592.1 629.1 664.3 722.3 766.1 319.1 295.6 256.7 391.7 356.8 340.5 336.0 329.8 311.4 258.7 240.4 213.8 769.5 776.8 786.1 801.6 804.6 799.3 811.8 808.0 800.8 810.6 820.5 839.3 Total 1 Other Europe Italy Total Europe Canada Latin America Asia' All other1 522.6 87.4 918.9 3,790.1 229.4 483.4 58.0 642.6 90.2 55.4 1,098.6 4,056.6 411.7 606.8 691.1 128.6 50.5 1,071.7 3,626.3 340.5 567.5 932.9 178.3 ,030.3 3,608.1 425.1 835.8 48.1 ,161.6 201.4 ,133.3 4,192.8 760.3 951.0 48.2 ,273.6 203.0 ,172.5 4,081.8 976.4 193.7 63.1 ,784.1 247.5 ,311.8 4,037.0 ,395.7 .338.4 106.5 ,474.0 ,258.3 979.7 269.6 3,574.2 ,246.3 287.5 ,247.1 302.0 342.8 ,259.5 3,645.8 967.1 ,466.3 ,185.9 248.1 256.2 ,232.8 3,455.8 933.3 ,431.2 215.8 ,262.9 3,362.5 853.1 ,384.3 ,179.8 250.0 ,210.0 3,552.8 764.8 ,364.7 1,142.0 244.6 221.7 198.7 ,161.5 3,294.9 763.1 ,318.6 1,072.6 239.6 ,093.2 3,246.2 803.4 ,447.1 1,018.7 231.1 181.2 ,112.2 3,341.6 794.7 ,477.0 161.2 972.1 3-2.9 ,161.3 3,430.2 830.3 ,531.4 8.9 158.1 958.0 ,131.3 3,183.6 780.6 ,470.0 -2.6 145.1 931.6 139.8 ,135.6 3,152.0 681.0 1,446.4 »-937.3 - 4 . 6 ,124.7 3,109.0 684.9 ,406.1 -9.4 140.4 981.0 150.1 1,086.6 2,961.1 686.4 ,381.0 978.3 470.2 TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES From Jan. 2, 1935, through- 1939—Dec. (Jan. 3, 1940) 1940—Dec. (Jan. 1, 1941) 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Jan. 31 Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept. 30 Oct. 31 Nov. 30P Dec. 31P Total 2,522.4 3,239.3 2,979.6 3,465.5 4,644.8 4,865.2 6,144.5 5,272.3 5,300.6 5,047.3 4,841.3 4,815.4 4,498.0 4,591.9 4,703.2 4,870.3 4,456.0 r 4,324.1 4,262.4 4,118.1 United King- France dom Netherlands Switzerland Italy Other Europe 376.1 293.3 328.6 493.3 939.4 804.4 646.4 397.6 423.0 381.9 312.2 423.1 279.7 267.2 438.1 471.2 307.8 275.5 293.1 264.9 190.9 160.3 161.0 170.0 176.7 193.1 265.0 208.2 195.6 197.8 166.7 205.0 189.7 192.6 197.2 210.0 199.7 156.3 141.8 126.7 362.7 494.7 326.2 166.3 192.7 221.4 286.3 359.0 363.6 370.5 378.5 383.6 388.9 381.5 388.9 385. 382.1 392.2 405.9 432.8 19.7 -.9 -3.4 -6.2 -6.9 7.0 50.1 247.6 300.7 227.1 198.2 205.4 184.1 166.8 146.8 143.1 129.7 126.3 125.6 132.8 449.9 580.8 538.0 479.8 565.3 611.2 745.8 687.2 701.0 673.1 719.1 689.2 647.8 589.0 619.8 669.2 635.1 637.2 626.5 576.6 256.1 458.0 416.5 394.5 404.1 356.6 229.9 165.8 157.0 129.0 146.2 129.6 117.8 190.2 109.7 125.6 114.9 188.5 156.8 87.6 Total Europe Canada Latin America Asia2 417.0 1,655.4 174.5 215.1 531.2 1,986.3 334.1 326.4 541.4 1,766.9 273.1 296.7 743.9 1,697.5 399.5 482.8 928.2 2,271.2 704.7 578.7 888.6 2,193.7 818.6 794.7 2,223.4 ,414.2 924.9 1,369.1 2,065.5 823.9 983.3 1,135.7 2,141.0 748.0 1,010.3 1,112.9 1,979.3 784.7 981.0 1,043.5 1,921.0 670.2 956.1 1,042.5 2,035.9 519.6 1,000.0 1,012.7 1,808.0 469.6 1,009.4 973.1 1,787.2 478.8 1,120.9 966.7 1,900.6 455.8 1,168.9 932.6 2,004.5 484.2 1,221.0 910.8 1,769.4 420.5 1,144.6 884.4 1,776.0 319.2 1,116.3 '877.0 319.3 1,081.3 1,749. 883.5 1,621.4 299.4 1,095.0 877.3 All Other* 60.5 61.3 101.6 141.9 162.0 169.7 212.9 263.9 288.5 258.7 251.5 247.2 237.9 238.2 245.3 249.7 237.1 235.6 228.5 224.9 TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— 1939—Dec. (Jan. 3, 1940) 1940—Dec (Jan 1 1941) 1941—Dec. 31 1942—Dec 31 . 1943—Dec. 31 1944—Dec 31 1945—Dec. 31 1946—Dec 31 1947—j an 3i Feb. 28 Mar. 31 Apr. 30 May 31 June 30 July 31 Aug 31 Sept. 30 Oct. 31 Nov. 30P Dec 31 P Total United King- France dom Netherlands 650.4 775.1 791.3 888.8 877.6 805.8 742.7 427.2 404.8 380.9 337 1 333.6 255.3 202.5 156 3 168.2 178.3 172.1 211 6 174.6 252.2 269.2 271.2 279.4 272.1 266.1 266.6 244.3 241.5 252.6 256 2 249 6 252.4 252.7 255 1 257.9 262.8 258.9 260 2 262.8 12.9 17.7 17.6 18.1 18.3 18.3 — 17.7 -132.3 -117.9 -135.1 -137.1 -32.4 -20.6 -30.4 —28.6 -27.3 -28.2 -30.0 —28.6 -30.5 73.8 74.6 76.9 77.8 77.9 77.7 78.0 73.4 69.2 66.1 63 4 57 9 60.2 59.0 57 6 58.1 57.0 61.5 64 1 55.7 Switzerland 2.9 6.5 5.4 6.6 5.1 6.8 5.2 -1.7 -3.5 -4.1 —3 3 - 2 -1.4 .3 -2 1 -1.7 -1.2 1.7 2 4 1.1 Italy 15.5 25.3 25.8 26.2 26.2 26.2 26.2 10.6 11.7 8.9 6 0 4.5 2.7 2.5 2 3 3.0 3.3 1.6 3 0 5.5 Other Europe Total Europe Canada 206.2 241.4 250.5 253.5 256.8 231.5 235.1 226.9 226.0 225.9 217.1 203,4 196.7 182.2 170.9 170.1 171.9 174.4 174 1 178.9 563.5 634.7 647.4 661.5 656.5 626.6 593.4 421.3 426.9 414.3 402 4 482 8 490.0 466.2 455 3 460.1 465.5 468.2 475 2 473.5 56.5 52.6 - 2 1 . 5 — .8 43.2 34.8 60.3 2.1 17.7 64.7 62.7 -1.2! 68.3 93.8 58.6 6.6. 55.1 55.7 102.7 7.5 37.0 77.7 64.8 -.3; 39.5 9.1 99.2 1.5 40.7 - 5 8 . 8 29.9 -5.8 44.1 -92.4 -8.4 34.6 49.9 -111.6 44.0 - 1 5 . 7 53 9 — 140 6 40 2 - 1 8 7 56.5 -213.7 31 0 - 2 3 0 56.1 -270.0 1 8 -22 6 56.5 -256.9 - 4 4 . 3 -19.1 58.8 —276 9 —56 0 —24 9 60.7 -283.8 - 4 8 . 6 - 2 0 . 3 63.8 -279.7 - 4 8 . 4 - 2 2 . 9 63.1 -298.7 - 3 5 . 5 - 2 4 . 9 66 4 —309.5 1 4 —21 9 65.4 -348.7 4 . 5 -20.1 Latin \merics Asia* All other* r P Preliminary. Revised. Total capital movement by countries differs from total capital movement in Table 1 by reason of exclusion of international institutions. *8 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." See Table 1, footnote 3. 4 See Table 1, footnote 4. 1 APRIL 1948 467 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935—Continued [Net movement from United States, (—). In millions of dollars] TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES (Net Purchases by Foreigners of Foreign Securities Owned in U. S.) From Jan. 2, 1935, through— 1939—;Dec 1940—Dec. 1941—Dec. 1942—Dec 1943—Dec. 1944—Dec 1945—Dec. 1946—Dec. (Jan. 3 1940) (Jan. 1, 1941) 31 31 . 31 31 31 3i 1947—j a n . 3i _ Feb. 28 Mar 31 Apr. 30 May 31 June 30 July 31 Aug. 31 Sept 30 Oct. 31 . Nov. 30P Dec 31 P Total 725.7 125.5 803.8 128.6 855.5 127.6 848.2 125.4 925.9 127.6 1,019.4 126.5 972.8 117.7 1,237.9 96.8 1,308.2 1,229.8 . . . . 1,282.6 1,341.6 1,380.7 1,398.0 2 1,177.3 1,193.6 1,230.3 1,243 6 1,254.5 1,274.9 Netherlands Switzerland Italy Other Europe Total Europe Canada Latin America Asia1 42.1 43.4 51.6 52.4 50.6 51.0 51.2 50.2 29.4 31.0 31.5 31.6 33.0 33.6 33.0 26.0 45.0 46.0 44.3 44.9 44.7 44.5 45.2 31.2 27.6 28.1 28.1 28.0 27.9 27.6 27.5 26.7 225.6 232.9 238.4 244.1 246 6 246.9 249.2 260.2 495.2 510.0 521.3 526.3 530.3 530.1 523.8 491.2 -7.6 25.0 35.4 -3.0 41.2 104.9 49.1 236.6 184.0 202.3 221.1 245.4 272.3 302.0 317.1 448.4 42.8 53.0 61.2 61.5 62.2 61.3 60.8 61.1 11.3 13.5 16 6 18.0 19 9 21.0 22.0 .7 50.0 49.9 50.1 50.0 49.6 49.5 48.3 47.9 47.9 47.5 47.2 47.1 24.7 23.6 22.8 22.5 2.2 31.5 31.8 30.9 31.9 31.4 31.2 31.2 30.1 26.5 22 7 18.8 16.3 27.0 26.8 26.8 26.9 26.9 26.8 26.7 26 7 26.7 26 6 26.5 26.5 261.8 264 6 265.1 257.7 258.3 265.4 266 A 267 3 267.9 267 8 267.9 273.8 493.0 497.9 497.1 491.8 472.0 480.4 477.5 476 5 469.4 461 1 453.9 454.7 290.0 218.9 253.7 309.5 358.8 374.7 389.1 397.0 417.3 421 9 427.2 441.8 453.2 457.6 464.4 468.2 474.2 478.8 481.8 488 0 507.9 523 3 534.0 537.6 61.0 61 1 61.1 61.0 61.0 61.1 61.2 61 4 61.3 61 3 61.6 61.6 10.9 —5 7 6.4 11.1 14.7 United King- France dom 98.1 101.3 101.4 102.9 103.6 105.7 104.2 104.3 101.5 99.1 96.9 94.9 1.7 .7 .2 -1.1 —2 6 -3.3 -3.9 TABLE 6.—DOMESTIC SECURITIES: ] NFLOW OF FOREIGN FUNDS, BY COUNTRIES (Net Purchases by Foreigners of U. S. Securities) Neth- SwitzUnited Latin Total Can1 Other King- France erFrom Jan. 2, 1935, through— Total erItaly Europe Europe ada America Asia dom lands land 1939—Dec. 1940—Dec 1941—Dec. 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec 1946—Dec. (Jan. 3, 1940) (Jan. 1 1941) 31 31 31 31 31 31 1947—j an# 3 1 . . . . Feb. 28 Mar 31 . Apr. 30 May 31 June 30 July 3 1 . . . Aug. 31 Sept 30 Oct. 31 Nov. 3 0 P Dec. 31 P . 1,133.7 888.7 626.7 673.3 701.1 911.8 798.7 464.5 328.1 157.1 —70.1 -77.6 -100.3 -125.4 -157.9 -194.9 76.6 74.4 74.9 80.5 82.7 77.3 81.7 74.9 227.7 233.2 236.7 236.9 239.9 239.0 233.5 207.0 344.7 348.1 336 4 360.5 367.3 368.5 355.4 337.9 464.4 439.7 414.3 416.7 398.5 393.4 385.9 362.6 338.8 310.0 290.0 3 367.0 -196.2 -197.5 -197.9 -198.3 -200.5 -202.7 -203.5 -203.3 -204.1 -205.1 -205.7 -203.8 73.0 71.4 71.2 73.8 72.3 71.8 71.1 73.6 69.0 42.9 31.5 24.7 199.4 194.4 188 0 179.3 168.6 158 4 149.7 129.9 124.4 118.0 113 9 108.7 338.4 3.0 338.7 -7.0 338.4 - 1 5 . 5 344.2 - 1 5 . 6 345.4 - 1 5 . 4 343.1 — 15 3 351.2 - 1 5 . 1 350.7 - 1 5 . 1 350 4 - 1 5 1 352.0 - 1 5 . 2 353.9 — 15.2 350.9 - 1 5 . 0 —4.9 2.7 — .1 — .1 .6 1.9 2.2 2.1 All other1 3.0 *-232.2 —229 3 -225.6 —224 0 —222.3 -220.9 All other1 —2.6 32.2 1,004.4 -18.4 851.3 35.8 615 0 —44.7 37 1 644.7 —45.1 44.4 -58.2 55.4 645.7 72 4 -28.1 633.7 68.0 582.9 - 1 2 6 . 6 484.3 - 1 4 3 . 0 57.3 30.1 25.6 28 1 35.2 40.5 54 9 81.3 87 6 87 6 17.6 17 5 27 7 62.5 240 5 251.3 26.8 14 3 12.6 10 9 10 9 10.6 10 7 9.9 8 8 -137.1 -141.9 — 144 6 -141.9 -141.0 — 126 3 -128.1 -131.7 — 141 7 — 142 6 — 147 0 -139.8 84.9 86.2 88 2 90 6 86.5 85 3 84.2 82.7 78 5 84 6 82 9 84.2 33 4 32.1 30 6 30 3 28.8 28 4 27.5 27.3 27 1 27 7 27 8 28.3 9 1 8 0 8 1 8 1 8.7 8 0 8.0 8 1 5 9 5 7 3 85.6 Latin America Asia1 All other1 2.1 .7 8 56.6 55.3 47 8 46.0 45.2 42 6 40.8 40.6 42 2 41.8 42 1 43.1 474.2 455.2 432 0 429.5 415.5 398 0 394.2 376.3 366 9 334.5 320.5 308.7 8.1 TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES (The Net Effect of Increases in Foreign Brokerage Ba ances in U. S. and of Decreases in Balances Held by Brokers and Dealers in U. S. wit h Brokers and Dealers Abroad) From Jan. 2, 1935, through— 1939—Dec 1940 Dec 1941—Dec. 1942—Dec. 1943—Dec 1944—Dec. 1945—Dec. 1946—Dec. (Tan 3 1940} d a n 1 1941} 31 31.: 31 31...: 31 * * ~ 31 1947—Jan. 3 1 . : : : Feb. 28 Mar. 31 Apr. 30 May 31 . June 30 July 31 •* Aug. 31 . Sept. 30 Oct. 3 1 : Nov. 3 0 P Dec. 3\P Total United King- France dom Netherlands Switzerland 80.6 100.9 100.9 104.4 117.8 126.3 144.1 153.7 19.4 17.0 16.8 17.4 18.8 18.5 19.8 19.2 20.1 19.9 19.9 20.7 21.5 23.1 23.4 20.5 9.3 13.4 17.6 17.5 19.9 22.3 26.0 17.5 17.8 16.2 13.5 13.7 19.3 23.0 30.3 39.6 150.4 156.6 154.5 161.6 156.4 160.8 159.8 164.1 159.9 162 2 4 153.1 4142.4 19.2 19.8 17.7 18.6 18.4 18.9 20.2 18.3 18.7 19.3 19.7 18.4 20.1 20.0 20.4 20.5 19.9 19.7 19.5 19.4 19.5 19.2 19.1 18.9 17.3 14.9 16.3 17.3 16.9 18.2 17.0 17.0 16.6 16.9 16.6 12.7 39.5 39.9 41.5 42.1 40.4 43.2 42.6 43.4 43.0 42.0 39.6 38.2 Italy .1 .2 .2 Other Europe Canada 8.7 10.7 14.1 15 2 17.6 16 2 19.5 21.5 1.6 9.2 3.9 4 2 3.8 5 1 5.9 13.4 -3.4 6.0 6.3 6 0 6.0 5 6 3.8 4.8 22.1 21 7 20 0 21.2 19 6 19.7 19.1 20.0 20.7 19 5 19.0 19.6 10.3 18 0 16 3 19.5 18 5 19 0 19.0 23.5 18.7 20 9 17.3 12.9 5 3 5 2 5 5 7 0 8 0 6 7 6.9 7.1 7.3 6 8 6 5 .3 .3 .4 .4 9.2 10.4 13.6 14.7 71.6 74.3 75.7 78.1 89.1 97.7 113.6 112.0 .4 14.1 14 0 13.8 13.7 13.5 14.0 14.3 14.2 14.3 14.4 14.1 14.2 110.8 109 0 110.0 112.7 109 5 114.5 114.0 112.8 112.5 112.2 109.5 102.7 .2 4 .4 .5 4 .5 .5 .4 .4 .4 .4 .3 4.9 7.7 7.7 Total Europe 8.5 6.6 9 1.3 1 8 1.3 2.0 1 2 2 1 9 8 8 2 9 1 0 .8 .8 .8 2 8 7 .7 v Preliminary. 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." * Includes outflow of $249,300,000 resulting from the sale of debentures in the United States by the International Bank for Reconstruction and 8Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.) Includes inflow of 74.5 million dollars resulting from purchase of domestic securities by international institutions. 4 Amounts outstanding (in millions of dollars): foreign brokerage balances in United States, Nov. 30—102.7, Dec. 31—92.1; United States brokerage balances abroad, Nov. 30—26.5, Dec. 31—26.6. 468 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES [In millions of dollars] LIABILITIES In- ternational institutions Date 1938—Dec*3 1939—Dec. 1940—Dec 3 . . . 1941—Dec. 31 1942—Dec. 31 1943—Dec 31 1944—Dec. 31 1945—Dec. 31 1946—Dec. 31 1947—Jan. 31 Feb. 2 8 . . . . Mar. 3 1 . . . . Apr. 3 0 . . . . May 3 1 . . . . June 30 July 3 1 . . . . Aug. 3 1 . . . Sept. 30 Oct. 3 1 . . . . Nov. 3 0 P . .. Dec. 31P... 473.7 Total foreign countries1 NethUnited King- France erdom lands Switzerland Italy Other Total Europe Europe 436.1 187.4 101.8 473.8 448.2 288.2 204.9 781.0 1,418.9 365.5 490.1 174.3 1,314.9 400.8 448.6 174.9 2,244.4 554.6 432.3 186.6 3,320.3 1,000.8 439.9 193.3 3,335.2 865.7 401.2 209.7 707.7 310.0 281.6 4,179.3 3,043.9 458.9 245.9 224.9 218.8 376.3 508.4 339.9 184.2 210.6 239.3 304.2 372.6 20.4 38.5 17.9 15.4 12.1 11.3 27.3 70.4 267.9 273.3 526.4 657.3 614.6 650.9 728.6 774.5 909.1 850.5 377.2 384.1 392.2 397.2 402.5 395.1 402.5 399.1 395.8 405.8 419.5 446.4 321.0 247.4 218.5 225.7 204.4 187.1 167.1 163.4 150.0 146.6 146.0 153.1 864.3 836.3 882.4 852.5 811.1 752.3 783.1 832.4 798.3 800.5 789.8 739.8 Official and Canada Latin America Asia2 All * other 1,237.8 201.8 248.5 336.0 1,882.6 274.6 2,213.5 434.3 447.3 1,994.0 373.2 417.7 2,020.7 507.4 597.7 2,584.5 812.6 693.7 2,517.8 926.5 909.3 2,583.0 1,522.2 1,046.4 2,420.7 * 931.8 1,104.8 435.5 655.7 769.9 780.0 930.0 1,108.8 1,069.2 1,549.7 1,316.4 34.1 72.5 73.3 113.6 149.6 175.3 174.0 181.8 232.8 2,496.2 2,334.6 2,276.3 2,391.2 2,163.3 2,142.5 2,255.8 2,359.8 2,124.6 2,131.2 2,105.0 1,976.7 1,293.5 1,224.2 1,223.1 1,193.3 1,153.7 1,147.4 1,113.2 1,091.5 1,065.1 r l,O57.7 1,064.2 1,057.9 257.3 227.5 220.3 216.0 206.7 207.0 214.1 218.5 205.9 204.4 197.3 193.7 Official private 2,157.8 3,221.3 3,938.2 3,678.5 4,205.4 5,374.9 5,596.8 6,883.1 6,006.5 484.4 443.3 373.6 484.4 341.0 328.5 499.5 532.5 369.1 336.8 354.5 326.2 468.9 6,034.8 3,126.3 2,725.6 5,781.4 2,716.5 2,726.9 5,575.4 2,435.7 2,722.5 5,549.6 2,429.1 2,839.3 5,232.2 2,159.0 2,714.2 5,326.0 2,157.5 2,881.0 5,437.3 2,327.1 2,777.9 5,604.5 2,437.2 2,665.3 5,190.1 2,008.8 2,490.8 '5,058.3 'I,943.2 2,396.3 4,996.6 1,910.3 2,257.0 4,852.2 1,833.9 237.2 209.1 226.4 209.8 197.9 270.3 189.8 205.8 195.0 268.6 236.9 167.7 212.2 214.4 183.3 221.6 206.3 209.2 213.8 226.6 216.4 172.9 158.4 143.3 855.9 892.7 778.2 627.5 577.6 586.8 563.7 592.2 528.4 427.1 427.2 407.4 1,131.8 1,102.6 1,077.6 1,121.6 1,130.9 1,242.5 L.290.4 1,342.5 L,266.1 r L.237.9 1,202.8 1,216.6 LIABILITIES—SUPPLEMENTARY DATA Other Europe Greece Luxembourg Other Europe Belgium Denmark Finland Germany 31. . . 31. . . 31. . . 31. . . 31. . . 650.9 728.6 774.5 909.1 850.5 121.8 122.9 124.3 185.0 159.5 17.7 13.9 14.8 25.9 66.5 7.9 7.7 7.1 5.5 22.2 7.b 6.5 6.8 7.0 7.1 39.3 43.5 48.7 70.8 49.3 1947—Jan. 3 1 . . . Feb. 2 8 . . . Mar. 31. . . Apr. 30. . . May 31. . . June 30. . . July 3 1 . . . . Aug. 31. . . Sept. 30. . . Oct. 31. . . Nov. 3 0 P . . Dec. 31P. . 864.3 836.3 882.4 852.5 811.1 752.3 783.1 832.4 798.3 800.5 789.8 739.8 165.3 149.3 178.8 163.0 150.9 142.5 164.0 185.3 132.0 135.7 131.7 124.9 73.3 68.3 62.5 57.8 56.9 52.0 45.6 48.8 42.2 48.9 55.0 52.8 21.6 28.9 31.3 26.8 22.4 22.7 36.2 39.9 42.0 39.2 39.2 30.5 5.3 5.5 6.9 9.1 43.7 43.0 39.7 39.8 37.7 32.2 32.2 36.0 41.5 48.5 45.7 34.7 Date 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 21.5 27.3 46.3 53.6 63.2 74.9 79.1 89.5 Norway Portugal 18.3 18.4 18.6 22.3 22.6 132.4 158.9 220.8 216.1 123.5 35.7 53.4 54.5 47.9 39.0 9.4 9.3 9.5 9.3 8.9 17.5 31.8 43.4 31.7 16.4 153.5 163.2 152.1 210.1 172.6 14.3 12.3 16.1 28.0 60.5 17.7 22.5 22.5 22.9 22.2 22.2 22.3 22.6 20.1 19.7 19.2 22.5 21.7 117.4 106.8 105.3 111.2 100.6 91.2 80.0 79.2 79.3 76.2 70.7 56.2 45.4 44.0 54.2 52.2 52.3 42.5 40.1 47.7 48.0 47.8 49.8 47.1 8.9 8.9 19.8 20.0 18.8 18.1 17.5 11.8 12.2 12.1 11.7 10.1 11.9 12.8 164.2 159.1 165.2 157.3 152.2 133.2 122.9 115.2 109.4 86.8 72.9 58.6 60.4 58.5 58.5 60.0 50.4 50.6 50.3 52.5 58.5 64.1 69.4 73.7 12.9 13.9 14.7 15.3 12.5 11.8 13.1 12.5 Cuba French West Indies and Gui- Panama Peru Other Vene- Latin zuela America Rumania 12.2 11.3 8.3 8.2 8.2 9.4 9.5 8.7 8.3 8.7 Spain All Sweden USSR Yugoslavia other 9.9 5.7 5.7 12.4 9.7 9.4 10.6 12.1 57.9 76.9 52.1 43.7 89.9 103.4 107.8 111.4 108.4 105.6 104.0 109.3 120.2 131.7 130.8 122.9 116.5 Latin America NethLatin America Date Argentina Bolivia Brazil Chile Colombia Costa Rica er- Mexico ana lands West Indies and Surinam 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. 31... 31. . . 31. . . 31. . . 31. . . 1947—Jan. 31. . . Feb. 28. . . Mar. 3 1 . . . Apr. 3 0 . . . May 3 1 . . . June 30. . . July 3 1 . . . . Aug. 3 1 . . . Sept. 30. . . Oct. 31. . . Nov. 30?. . Dec. 3 1 P . . 597.7 67.6 693.7 69.8 909.3 93.9 1,046.4 77.3 1,104.8 112.6 1,131.8 1,102.6 1,077.6 1,121.6 1,130.9 1,242.5 1,290.4 1,342.5 1,266.1 r 1,237.9 1,202.8 1,216.6 166.0 180.0 181.4 223.0 252.0 265.0 309.3 307.5 229.0 245.7 240.5 236.2 67.7 98.7 140.8 195.1 174.0 34.5 54.0 55.0 66.3 50.7 43.4 67.1 83.6 79.2 57.8 12.4 12.2 7.4 6.9 7.7 100.3 70.4 139.3 128.3 153.5 4.9 2.6 4.4 7.1 5.4 95.7 70.4 83.1 116.4 152.2 20.7 41.2 36.0 28.2 16.1 36.9 57.6 69.1 88.7 77.2 17.7 17.4 27.7 43.9 40.9 20.9 24.2 31.5 49.7 74.0 64.2 95.4 119.8 144.8 168.7 12.4 183.4 13.7 157.8 12.8 127.6 11.7 115.3 10.3 96.7 16.4 85.2 14.6 98.8 15.2 110.8 17.3 106.3 22.4 rlO3.6 20.6 97.4 17.8 104.7 46.2 45.2 51.0 53.4 45.3 50.7 41.2 44.9 38.2 38.3 41.8 46.3 51.0 55.9 51.9 56.2 57.8 42.4 32.0 34.2 32.6 39.1 42.4 46.1 7.3 9.0 8.5 9.3 8.5 8.6 6.9 8.6 8.3 7.9 7.0 7.3 147.3 145.9 150.8 168.0 162.0 289.6 284.0 287.7 271.9 256.6 249.4 234.7 4.9 3.9 4.0 3.2 3.6 2.9 3.2 2.3 2.8 2.5 2.8 2.4 149.3 142.1 139.1 127.6 128.8 126.7 137.7 149.2 157.2 148.7 140.5 139.2 13.6 11.8 10.5 10.6 78.2 75.2 73.2 71.0 68.9 69.9 69.7 71.5 76.6 72.6 70.9 70.3 37.0 34.3 34.0 35.9 38.9 39.7 38.2 41.7 43.2 40 9 41.0 41.8 51.5 45.5 46.7 49.4 46.3 53.6 66.2 74.0 89.5 73.4 61.1 78.0 183.8 182.4 186.1 186.6 202.9 181.4 178.6 181.3 180.6 171.5 169.0 176.8 10.8 12.6 17.7 14.5 14.0 9.0 10.3 10.1 13.6 12.6 14.7 18.4 14.9 For footnotes see following page. APRIL 1948 469 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] LIABILITIES—SUPPLEMENTARY DATA—Continued Asia and All Other Date India, Egypt China Neth- PhilBritand French Union and French Hong BurerAus- New Angloma, ish ippine TurOther All of Man- Indo- Kong and Ma- Japan lands tra- Zea- Egyp- Mo- South Other Iskey Asia other chu- China lia land tian rocco Africa East lands Cey- laya ria Indies Ion Sudan Asia 1946—Dec. 3 1 . . . 930.0 1,108.8 1,069.2 1,549.6 L.316.4 360.9 574.2 427.3 582.3 431.9 27.4 27.4 27.4 28.0 39.9 41.6 23.9 22.9 27.4 44.9 13.1 1.0 .9 18.2 22.1 1.3 33.4 1.2 43.5 17.3 160.4 110.1 110.5 113.7 16.6 127.1 254.7 259.1 365.8 629.1 446.6 1947—Jan. 3 1 . . . Feb. 2 8 . . . Mar. 31. . . Apr. 3 0 . . . May 3 1 . . . June 30 . . . July 3 1 . . . . Aug. 3 1 . . . Sept. 30. . . Oct. 3 1 . . . Nov. 30P. . Dec. 3 1 P . . 1,293.5 1,224.2 1,223.1 1,193.3 1,153.7 1,147.4 1,113.2 1,091.5 t,065.1 r 1,057.7 1,064.2 1,057.9 428.7 389.7 373.2 369.1 354.3 339.1 309.6 286.1 269.7 263.3 250.2 229.9 42.1 36.0 39.1 38.4 40.5 37.2 36.2 35.3 39.2 40.8 38.9 39.0 41.5 41.1 47.2 44.7 45.5 4-J.6 41.8 39.8 42.5 44.2 40.7 36.1 33.4 41.2 43.3 53.6 54.4 55.0 56.7 62.4 17.2 17.7 18.7 18.9 18.0 16.7 17.6 17.6 17.8 25 5 28.9 31.3 448.3 60.8 430.5 56.5 447.1 55.8 438.9 65.4 432.2 57.0 448.8 51.0 452.6 40.4 440.3 41.7 464.3 41 7 470.9 39.7 476.0 39.2 488.6 37.6 1942—Dec. 3 1 . : ; . 1943—Dec. 3 1 . . . 1944—Dec. 3 1 . . . . 1945—Dec. 3 1 . . : . v Preliminary. r 8.2 8.7 9.3 6.5 8.8 7.1 7.2 8.3 9.6 8.8 11.8 14.6 13.8 12.4 16.5 11.0 4.8 4.1 4.0 4.1 117.4 116.6 122.9 103.7 95.4 94.9 85.8 82.8 70 8 59.7 65.9 69.3 149.6 175.3 174.0 181.8 232.8 23.1 25.3 52.9 28.9 45.5 4.8 5.1 3.5 4.3 8.0 6.8 6.1 7.3 12.1 10.3 18.9 20.8 10.0 14.9 47.2 91.8 124.1 97.6 113.4 96.4 88.5 257.3 85.1 227.5 79.4 220.3 75.6 216.0 71.8 206.7 68.5 207.0 68.7 214.1 74.9 218.5 79 1 205.9 '78.9 204.4 79.7 197.3 81.5 193.7 40.9 59.4 40.4 38.7 36.2 47.8 42.4 46.2 47.5 43.8 34.8 30.6 8.2 8.3 9.6 8.7 8.7 8.6 9.4 9.5 8.3 6.5 6.5 5.9 19.8 18.4 19.6 19.0 20.5 22.6 19.4 21.1 24 4 25 8 26.9 25.0 16.0 16.9 16.5 16.1 14.9 13.9 13.7 13.3 11 8 11.4 10.2 10.1 82.5 33.9 43.7 47.3 50.0 39.5 49.5 55.5 37 6 43.3 46.3 46.4 89.9 90.7 90.5 86.2 76.5 74.5 79.7 72.9 76 2 73.6 72.7 75.8 29.9 35.4 23.7 52.5 54.7 36.2 55.5 64.2 78.0 93.8 4.3 11.0 4.5 8.3 6.4 Revised. Footnotes to table on preceding page. r p Preliminary. Revised. 1 Country breakdown is for "Official and private." 2 Prior to Jan. 3, 1940, the figures under AvSia represent Far East only, the remaining Asiatic countries being included under "All other." 3 Report dates for these years are as follows: 1938—Jan. 4, 1939; 1939—Jan. 3, 1940; and 1940—Jan. 1, 1941. 4 Official Canadian holdings of U. S. dollars on Dec. 31, 1946, amounted to 686.2 million dollars, according to the annual report of the Foreign Exchange Control Board of Canada for 1946. NOTB.—Certain of the figures are not strictly comparable with the corresponding figures for preceding months owing to changes in reporting practice of various banks. The cumulative figures in Tables 1, 2, and 3 of "Net Capital Movement to United States" have been adjusted to •xclude the unreal movements introduced by these changes. For further explanation see Banking and Monetary Statistics, pp. 578-584, and BULLETIN for March 1947, p. 339, and September 1945, pp. 967-970. ASSETS Total Date 1938—T)ec (Tan 4 1939) I939—Dec (Jan. 3 1940) 1940—Dec. (Jan. 1, 1941) 1941—Dec. 31 1942—Dec. 31 1943—Dec. 31 1944—Dec 31 1945—Dec. 31 1946—Dec. 31 I947—j an 31 Feb. 28 Mar 31 Apr. 30 May 31 June 30 July 31 . Aug 31 Sept. 30 Oct. 31 p Nov. 30 Dec. 31P . . . United King- France dom Netherlands Switzerland Italy .3 .3 16.0 3 9 11.7 9 9 17 2 14.9 17.7 20 6 22.0 23 8 24.1 24.3 23.6 23.2 24.9 23.6 21.1 83.8 83.9 92.6 106.4 113.1 127.6 138.8 139.7 137.9 135.4 135.6 130.9 307.3 319.8 331.8 251.3 244.1 268.0 278.9 274.0 268.6 266.0 258.9 260.6 48.8 43.0 39.0 36.4 36 8 36.4 34.0 32.2 29.1 29.8 26.5 27.5 260.4 279.6 308 6 381.7 438 0 424.9 444.9 451.8 447.7 466.7 477.5 516.7 94.5 85.0 88 9 98.1 127 3 173 3 185 0 177 7 177 5 164.6 127 7 124.6 19.8 27 1 30 1 34 3 34 0 30 5 36 3 31 7 34 3 36 3 33 3 31.5 13.5 11.8 2.0 1.8 1.3 1.1 1.1 .5 .4 2.6 1.5 3.0 1.5 .4 .4 1.4 1.1 1.3 2.9 5.7 .3 36.3 151.0 730.7 754.6 798.4 801.8 880 2 933.0 979.2 967.3 957.2 963.4 923.9 960.9 50.5 39.4 35.8 42.4 39.6 39.3 36.9 34.1 29.2 33.1 31.8 29.2 9.9 13.0 15 6 21.1 18 8 20.1 21 A 20.9 22.1 17.6 14 9 23.4 136.6 153.7 155 8 51.0 39 3 49.0 47.2 45.9 46.8 48.6 47.2 49.1 7.8 9.8 9.3 6.4 5.7 7.0 15.5 9.3 6 4 144.1 174.1 117 8 87.9 35.3 26.3 51.4 29.9 99 2 5.5 5.2 1.5 9 5 All other 1 99.1 113.3 122.7 148.3 99.7 112.2 131.0 158.9 226 8 24.2 5.7 .9 10.2 Asia* 60.4 39.7 36.0 33.6 34.3 37.8 28.1 53.3 52.2 10.3 4.9 4.2 8.3 Latin America 274.9 172.2 101.0 88.4 72.6 77.6 107.5 140.7 312.9 86.0 39.9 23.0 20.9 12.6 19.9 25.9 25.4 47.7 9.8 Canada 135.4 104.7 69.5 60.5 56.3 52.9 78.3 74.6 82.8 594.0 508.7 384.0 367.8 246.7 257.9 329.7 392.8 708.3 11.7 12.2 11 4 Other Total Europe Europe 9.7 4.8 P Preliminary. Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other." NOTE.—The figures in this table are not fully comparable throughout since certain changes or corrections took place in the reporting practice of reporting banks on Aug. 12, 1936, and Oct. 18, 1939. (See Banking and Monetary Statistics, Table 161, pp. 589 and 591.) On June 30, 1942, reporting practice was changed from a weekly to a monthly basis. For further information see BULLETIN for September 1945, pp. 971-974. 1 470 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued SHORT-TERM FOREIGN LIABILITIES AND ASSETS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES—Continued [In millions of dollars] ASSETS—SUPPLEMENTARY DATA Other Europe Date 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. Other Europe Belgium Denmark Finland Germany 56.3 52.9 78.3 74.6 82.8 .8 .7 .7 .6 7.5 C11) C) C1) 5.6 7.6 C11) C) 6.2 34.0 33.9 33.9 33.9 30.4 1.1 .6 .6 .7 12.4 83.8 83.9 92.6 106.4 113.1 127.6 138.8 139.7 137.9 135.4 135.6 130.9 7.1 7.4 8.0 8.9 8.9 10.1 9.0 10.3 11.2 13.2 12.9 15.0 6.4 6.1 8.3 7.1 9.1 11.4 17.8 17.9 17.5 13.1 11.9 8.0 30.3 30.4 30.4 30.4 30.3 30.3 30.3 30.3 30.3 30.5 30.5 30.5 12.4 12.5 13.2 12.8 13.0 12.9 13.0 12.6 12.4 12.8 12.8 10.6 31. 31. 31. 31. 31. 1947—Jan. 31. Feb. 28. Mar. 31. Apr. 30. May 31. June 30 . July 31. Aug. 31. Sept. 30. Oct. 31. Nov. 30P Dec. 31 P W .6 .4 .3 .3 .4 .6 .6 .4 .6 1.0 1.1 2.2 Greece Luxembourg C1) 1 .3 C) 8 Norway Portugal Rumania Spain Sweden .2 .2 35.1 31.6 3.3 2.4 1.4 .8 .5 1.0 C1) C11 ) C) A 3.2 3.2 1.8 1.6 7.2 .4 .2 .2 .9 4.9 3.7 4.0 4.2 5.2 5.9 6.3 7.0 8.0 9.4 10.3 8.1 9.2 .9 .9 1.0 1.0 1.2 1.5 1.3 1.3 1.2 1.3 1.1 1.1 () C1) 4.2 6.9 7.0 6.9 11.9 12.0 12.0 12.0 12.0 12.0 7.3 6.2 3.8 3.7 3.5 4.3 1.6 1.3 1.2 1.3 1.4 .9 5.5 5.6 6.0 7.1 7.4 7.5 8.7 9.3 9.3 9.3 7.6 5.4 USSR Yugo- C1) C1) C1) i1) 0) 0) o 0) 0) 0)1 C 1) C) 0) 0)1 C) All other 8.4 5.0 5.1 4.7 9.4 9.5 10.2 13.2 22.9 26.3 35.4 37.5 36.2 32.6 30.6 36.1 35.8 Latin America 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. Date Latin BoAmer- Argentina livia ica Brazil Chile Colombia 31 31 31 31 31 99.7 6.9 112.2 15.3 131.0 3.1 158.9 21.0 226.8 41.8 16 7 18.9 25.3 24.7 49.8 15 3 16.6 9.0 6.6 14.6 20 7 12.2 15.5 16.8 26.4 2.6 54.4 2.6 63.1 3.0 69.6 4 8 115 4 5 . 3 150.2 3 . 6 160.9 3.3 164.1 3 2 163 6 3 4 161 4 4.2 162.3 2.9 162.0 2 . 0 165.8 13.1 15.3 16.0 18 6 20.3 17.4 20.5 22 7 21 7 22.8 22.3 27.8 29.9 30.2 26.8 30 4 36.4 40.3 35.7 35 2 35 9 32.0 31.2 35.1 260.4 279.6 308.6 381 7 438.0 424.9 444.9 451 8 447.7 466.7 477.5 516.7 1947—Jan. 31 Feb. 28 Alar 31 Apr. 30 May 31 June 30 July 31 Aug 31 Sept. 30 Oct. 31 Nov. 30P Dec. 3 1 P 49.1 45.5 49.9 57 8 60.7 57.6 65.8 71 8 65 5 67.4 66.4 65.2 3.0 1.8 1.8 1.3 2.3 NetherFrench lands West West PanaCosta Cuba Indies Mexico Indies Rica and ma and GuiSuriana nam .6 .7 1.2 1.2 2.9 8 3 20.1 47.4 33.3 25.7 2 (i) 1 C) .2 3.4 3.7 4.0 3 4 35.5 37.9 45.2 53 8 60.1 3.6 3.9 46.0 3.9 53.3 3 8 54 5 3 6 59.7 4.0 73.8 3.6 91.5 3 . 5 108.6 .1 .3 (l) .6 1 0) (1) 1 C) 4 8 11.2 8.6 11.0 25.5 3 .5 27.0 28.8 30.7 33 7 34.8 32.9 27.6 31 0 30 2 39.5 38.3 52.2 .9 .8 .8 1 l .3 .5 .8 2.1 1.1 .8 1.1 1.3 1.6 1.7 2.2 2 2 Other Latin Peru Venezuela America 2 8 3 9 1.4 3.8 8.7 1.2 1.9 3.7 11.7 33.4 23.1 5.4 6 5 7.0 7 8 7 6 10.4 15 6 19.6 15 4 19 2 16.7 18.2 18 5 15 3 14.6 15 1 15.3 27.1 27 9 33.9 37 3 36 7 36 3 42.3 36 2 38 3 33.4 31 9 31.0 1.0 1.0 2.1 2.6 1.0 1 1 1.2 1.2 2.7 3 8 4 9 4.9 5 0 5.9 6 3 6 5 6.7 6 1 1.1 4.7 4.3 1.1 14 2 5.1 6.1 8.7 5.6 Asia and All Other Date 1942—Dec. 1943—Dec. 1944—Dec. 1945—Dec. 1946—Dec. India, China and French Hong BurAsia Man- Indo- Kong ma, and chu- China Ceylon 35.3 11.1 26.3 1.7 51.4 1.5 29.9 1.0 99.2 53.9 31. 31. 31. 31. 31. 1947—Jan. 31. Feb. 28. Mar. 31. Apr. 30. May 31. June 30. July 3 1 . . Aug. 31. Sept. 30. Oct. 31. Nov. 30P Dec. 31 P 94.5 85.0 88.9 98.1 127.3 173.3 185.0 177.7 177.5 164.6 127.7 124.6 43.8 36.8 41.2 47.0 76.1 104.8 110.7 108.2 103.7 78.6 41.3 38.3 () 0) 0)1 C1) C) C1) 0) C1) 0) .1 .1 .3 3.2 3.3 3.3 .3 Egypt Neth- PhilBritand French Union er- ippine Tur- Other All Aus- New Anglo ish Japan lands of Other tra ZeaMoMaother Egypkey Asia East lia land tian rocco South laya Africa Indies lands Sudan .9 2.2 1.0 2.0 .9 22.3 8 7.5 5.9 12.0 .7 .5 .1 .1 .2 1.6 1.7 1.5 1.4 1.0 14.4 13.9 13.8 13.8 20.2 1.8 3.2 1.8 2.0 1.4 12 12.9 14.6 14.2 13.2 32.8 33.7 27.5 27.5 28.9 28.2 2 . 6 29.6 .5 .5 1.0 1.3 1.1 2.2 1.6 1.6 .8 1.0 .8 .9 1.1 .9 1.4 1.9 1.5 .5 .5 .5 .7 .4 .4 .5 25.3 23.0 20.3 22.4 23.2 20.2 25.1 24.5 24.5 27.7 29.0 27.4 1.4 1.5 2.0 2.5 2.7 3.3 3.2 3.5 5.6 13.1 12.9 17.7 5.0 5.1 4.1 4.0 3.5 3.5 3.1 3.1 2.1 2.2 9 2.0 4.8 1.8 3.9 8.8 11.7 2.7 9.9 4.4 17.2 4.5 4.0 3.9 4.5 5.8 5.8 6.7 8.4 9.0 9.1 9.6 6.3 19.8 27.1 30.1 34.3 34.0 30.5 36/3 31.7 34.3 36.3 33.3 31.5 .7 .2 .6 .2 1.7 .7 3.4 1.1 8 .2 4.3 .3 6.2 .5 6.5 .3 7.5 .6 6.6 .0 9.0 11.3 .7 .5 9.0 10.2 .4 12.0 2.0 10.2 2.3 9.0 1.5 C 1 )' 1.0 .5 C1) 0) C1) 1.7 2.4 9.7 4.7 10.1 1.2 .7 1.0 2.5 2.2 10.5 14.7 16.0 18.3 18.9 15.2 18.8 15.8 15.0 14.5 14.2 14.4 3.4 4.5 5.5 6.8 6.0 5.0 4.2 4.9 6.7 7.0 6.0 6.0 P Preliminary. i Less than $50,000. APRIL 1948 471 INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT [Millions of dollars] 1947 1948 1947 1946 International Bank International Fund Feb. Gold .. Member currencies (balances with depositories and securities payable on demand): United States Other members Unpaid balance of member subscriptions. Other assets Member subscriptions Accumulated net income Nov. Aug. 1,357 1,356 1,345 1,333 1,559 1,626 1,929 2,030 3,869 3,630 3,304 3,155 1,176 1,309 1,342 1,202 0) 0) 0) -2 1948 Currency bought 2 (Cumulative figures) Feb. 0) 7,922 7,722 7,961 7,922 -1 1947 Jan. Dec. Nov. 33.0 22.0 11.0 8.8 8.8 8.8 3.4 3.4 3.4 3^4 125 0 125 0 125 0 125 0 22.5 22.5 22.5 22.5 68.5 52.0 52.0 36.0 5.0 5.0 5.0 5.0 240.0 240.0 240.0 240.0 Belgian francs Chilean pesos .. Danish kroner French francs Mexican pesos Netherlands guilders Turkish liras .... Pounds sterling Dec. May Sept. June Dec. 4 Gold Member currencies (balances with depositories and securities payable on demand): United States 267 335 478 254 872 Other members 873 368 909 Investment securities (U. S. Govt. obligations) . . . 412 407 148 156 4 Calls on subscriptions to capital stock3. . 45 399 5 Loans (incl. undisbursed portions) 455 497 250 Other assets 3 3 (l) 250 250 Bonds outstanding Loans—undisbursed 158 197 223 Other liabilities 4 2 0) 0) 0) Special reserve . . 0) 0) Capital 3 1,645 1,645 1,605 1,169 -1 -1 -2 -1 Accumulated net income » Less than $500,000. 2 As of Feb. 29, 1948, the Fund had sold 500.2 million U. S. dollars; in addition, 1.5 million pounds sterling was sold to the Netherlands in 3May 1947. Excludes uncalled portions of capita subscriptions, amoun ting to 6,580 million dollars as of Dec. 31, 1947,of which 2,540 milliorL represents the subscription of the United States. 506.2 478.7 467.7 439 A Total CENTRAL BANKS Bank of England Assets of issue department (Figures in millions of pounds sterling) 1935—Dec. 25 1936—Dec. 30 1937—Dec. 29 193g—Dec. 28 1939—Dec. 27 1940—Dec. 25 1941 Dec. 31 1942—Dec. 30 I943—Dec. 29 I944—Dec. 27 1945—Dec. 26 1946—Dec. 25 Other assets 9 200 1 313.7 326.4 326 4 * .2 Assets of banking department Cash reserves Coin Notes .6 .6 .8 35.5 46.3 41.1 51.7 25.6 13.3 Discounts and ad vances Public Other 37.1 39.2 36 6 36.8 42.0 51.2 54.1 48.8 60.4 52.3 58.5 57.3 18.0 18.0 18.0 18.0 17.9 17.9 17.9 17.9 17.9 17.8 17.8 18.1 18.5 17.8 18.0 18.1 18.3 18.4 18.5 17.8 18.0 18.1 18.3 18.4 72.1 150.6 120 6 101.0 117.3 135.7 219.9 223.4 234.3 260.7 274.5 278.9 12.1 12.1 11.4 15.9 29.7 12.5 11.2 ,390.7 ,387.6 ,394.1 ,395.0 1,393.4 1,376.5 1,360.8 1,340.5 1,349.7 286.4 303.7 301.9 290.3 301.8 282.0 289.6 288.8 292.5 315.1 10.6 15.2 338.7 344.8 353.9 337.0 364.6 332.0 325.9 318.9 302.1 331.3 11.3 14.0 16.2 13.8 14.0 18.6 94.4 98.0 95.1 98.3 95.1 93.4 92 1 95 9 93.3 95.5 12.7 11.3 274.3 ' 284.3 1,269.0 1,231.6 290.8 290.6 16.3 12.1 93.0 93.3 .8 1.0 .9 .3 .9 .9 .4 1.3 26.8 11.6 11.6 20.3 22.1 I947—Mar. 26 Apr 30 May 28 June 25 July 30 Aug 27 • - - " Sept. 24 Oct. 29 Nov. 26 Dec 31 .2 .2 .2 .2 .2 .2 .2 .2 .2 .2 1,450.0 1,450 0 1,450.0 1,450 0 1,450.0 1,450 0 1,450.0 1,450.0 1,450.0 1,450 0 .6 1.0 1.3 1.8 2.4 2.5 2.3 2.0 1.5 .3 59.5 62.6 56.1 55.2 30.9 56.8 73.7 89.4 109.8 100.5 11.1 18.0 1948—Jan 31 Feb. 25 .2 .2 1,400.0 1,350.0 .3 .2 131.3 118.6 5 5 Bankers' Other liabilities and capital ]Deposits 424.5 467.4 505.3 504.7 554.6 616.9 751.7 923.4 ,088.7 ,238.6 ,379.9 ,428.2 .2 .2 .2 .2 .2 ,2 .2 1 9 circulation* 94.7 155.6 135.5 90.7 176.1 199.1 267.8 267.9 307.9 317.4 327.0 327.6 8.5 17.5 260 0 200 0 220.0 230 0 580 0 630 0 780 0 950.0 1,100 0 1L.250 0 11,400 0 1,450.0 28.5 Securities Liabilities of banking department 9.2 28.5 4.3 4.0 6.4 3.5 2.5 5.1 8.4 13.6 8.7 20.6 28.6 16.6 14.6 5.9 4.5 L,419.3 9.0 10.3 5.2 5.3 10.3 6.9 5.0 8.0 1 Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings and three pence. 2 Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure. 8 Notes issued less amounts held in banking department. *On Jan. 6, 1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about 5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account to Bank; on Sept. 6, 1939, 279 million pound? transferred from Bank to Exchange Account. 6 Fiduciary issue decreased by 50 million pounds each on Jan. 7 and on Feb. 4, 1948. For details on previous changes in the fiduciary issue see BULLETIN for January 1948, p. 254. NOTE.—For back figures on Bank of England, see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same publication. 472 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Assets Bank of Canada (Figures in millions of Canadian dollars) Gold 185.9 225.7 1938—Dec. 3 1 . 1939—Dec. 30. 1940—Dec. 3 1 . 1941—Dec. 3 1 . 1942—Dec. 3 1 . 1943—Dec. 3 1 . 1944—Dec. 30. 1945—Dec. 3 1 . 1946—Dec. 3 1 . Sterling and United States dollars Liabilities Dominion and provincial government securities Deposits Other assets Shortterm ! Chartered banks Other Dominion government 144.6 181.9 448.4 391.8 807.2 787.6 906.9 1,157.3 1,197.4 40.9 49.9 127.3 216.7 209.2 472.8 573.9 688.3 708.2 5.2 5.5 12.4 33 31.3 47.3 34.3 29.5 42.1 i75.3 232.8 359.9 496.0 693.6 874.4 ,036.0 129.1 1,186.2 200.6 217.0 217.7 232.0 259.9 340.2 401.7 521.2 565.5 16.7 46.3 10.9 73.8 51.6 20.5 12.9 153.3 60.5 19.1 17.8 27.7 29.8 93.8 9.3 13.3 28.5 35.1 24.0 55.4 209.1 198.5 42.7 1.2 1.0 1.0 4.0 .7 2.4 1.9 .7 1.4 2.0 1,146.9 1,186.0 1,123.0 1,063.7 1,081.9 1,141.5 1,088.0 1,136.4 1,039.9 1,022.0 757.5 751.2 731.0 716.0 722.6 720.3 744.7 799.4 820.6 858.5 40.4 59.2 41.3 40.4 42.0 39.0 49.5 53.1 46.2 43.7 1,153.2 1,153.9 1,148.1 1,152.6 1,153.7 1,158.9 1,172.2 1,179.4 1,182.3 1,211.4 536.3 542.6 477.6 474.4 468.3 515.0 481.1 548.7 536.7 536.2 159.8 195.7 179.4 105.6 124.1 133.6 128.2 143.4 84.2 68.8 64.6 69.3 58.5 54.4 63.7 58.7 62.0 71.2 62.0 67.5 32.1 35.9 32.6 36.9 37.3 37.1 40.5 46.9 42.8 42.4 931.3 974.4 863.2 825.7 48.2 47.2 1,157.5 1,156.3 538.3 531.8 44.6 60.8 60.6 75.0 41.7 24.0 ( 8—Jan. 3 1 . Feb. 28. . .6 Assets (Figures in millions of francs) Gold« Open 7 market 7 Special Other For occupation Other» costs 8 1938—Dec. 29... 1939—Dec. 2 8 . . . 1940—Dec. 26... 1941—Dec. 3 1 . . . 1942—Dec. 3 1 . . . 1943—Dec. 30... 1944—Dec. 2 8 . . . 1945—Dec. 27... 1946—Dec. 26... 87,265 H97.267 1184,616 84,598 84,598 84,598 75,151 "129,817 "94,817 821 112 42 38 37 37 42 68 7 7,422 11,273 43,194 42,115 43,661 44,699 47,288 23,038 77,621 1,797 2,345 661 12 169 29 48 303 3,135 7,880 5,149 3,646 4,517 5,368 7,543 18,592 25,548 76,254 72,317 142,507 210,965 326,973 426,000 426,000 426,000 1947—Feb. 2 7 . . . Mar. 27... Apr. 30... May 2 9 . . . June 2 6 . . . July 3 1 . . . Aug. 2 8 . . . Sept. 2 5 . . . Oct. 3 0 . . . Nov. 27. . . Dec. 3 1 . . . 94,817 1282,817 82,817 82,817 82,817 "64,817 64,817 "52,817 52,817 "65,225 65,225 8 5 6 6 6 6 3 7 10 13 12 82,958 83,613 85,120 82,221 82,983 99,114 97,490 107,877 108,050 111,368 137,397 1,435 694 134 125 84 8 20 130 250 285 64 85,917 85,221 80,901 88,429 87,134 85,195 98,224 101,935 132,913 150,065 117,826 426.00C 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 426,000 1948—Jan. 22^... 65,225 9 145,814 64 125,687 3.1 17.9 9.5 6.0 Liabilities Advances to Government Domestic bills Foreign exchange Other 28.4 64.3 38.4 200.9 .5 .6 172.3 156.8 1.0 1947- -Mar. 3 1 . Apr. 30. May 3 1 . June 30. July 3 1 . Aug. 30. Sept. 30. Oct. 3 1 . Nov. 29. Dec. 3 1 . Bank of France Other liabilities and capital • Note irculation2 Deposits Other assets 9 20,627 34,673 63,900 69,500 68,250 64,400 15,850 67,900 18,498 20,094 23,179 22,121 21,749 21,42( 35,221 39,122 47,577 54,000 79,500 55,000 63,700 95,000 113,600 124,900 139,300 127,800 116,000 147,400 53,066 58,083 108,758 13103,846 13 119,66^ 13120,046 i33105,639 i lO3,O67 ^IOS.ISS 13110,303 iH21,061 426,000 120,700 Note circulation Govern- C.A.R.i° ment 110,935 5,061 1,914 151,322 984 218,383 1,517 270,144 770 382,774 578 500,38C 748 572,510 570,006 12,048 765 721,865 41,400 64,580 16,857 10,724 Other Other liabilities and capital 25,595 14,751 27,202 25,272 29,935 33,137 37,855 57,755 63,468 2,718 2,925 3,586 3,894 4,461 4,872 7,078 4,087 7,213 737,69: 746,26t 770,67( 775,053 807,064 831,587 838,442 852,195 867,700 879,492 920,831 831 767 770 745 834 792 750 779 762 846 733 54,512 63,880 62,304 66,745 76,747 71,329 70,651 71,299 81,030 87,513 82,479 5,166 5,021 4,992 4,599 9,040 5,075 7,250 6,861 6,502 11,408 10,942 104,474 891,546 771 82,849 12,808 13 13 1 Securities maturing in two years or less. Includes notes held by the chartered banks, which constitute an important part of their reserves. 8 Beginning November 1944, includes a certain amount of sterling and United States dollars. 4 On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for July 1940, pp. 677-678). *6 Less than $50,000. Gold revalued on Dec. 26, 1945, on basis of 134,027.90 francs per fine kilogram. For details on previous devaluations see BULLETIN for May7 1940, pp. 406-407; January 1939, p. 29; September 1937, p. 853; and November 1936, pp. 878-880. For explanation of this item, see BULLETIN for July 1940, p. 732. 8 By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of 441,000 million francs were authorized to meet the costs of the German army of occupation. 9 From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned over by it to the National Bank of Belgium on Dec. 22, 1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million francs by a payment from the State to the Bank. i° Central Administration of the Reichskreditkassen. 11 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000 million, in week ending Oct. 11, 1945, 10,000 million, in week ending Dec. 27, 1945, 53,000 million, in week ending May 2, 1946, 35,000 million, in week ending July 3, 1947, 18,000 million, and in week ending Sept. 11, 1947, 12,000 million francs of gold transferred from Bank of France to Stabilization Fund. 12 Gold holdings reduced by 12,000 million francs, representing contributions to the International Fund and Bank. An equivalent amount of Treasury bonds covering these contributions is shown under "Other assets." 3 1 Includes a non-interest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947. 14 Beginning November 1947, includes gold received by the French Government from the Tripartite Commission for the Restitution of Monetary 15Gold, of which 10,052 million francs has been pledged as collateral against a loan. Publication of Bank's statement suspended from Jan. 22 until Mar. 4. NOTE.—For back figures on Bank of Canada and Bank of France, see Banking and Monetary Statistics, Tables 166 and 165, pp. 644-645 and pp. 641-643, respectively; for description of statistics, see pp. 562-564 in same publication. For last available report from the Reichsbank (February 1945), see BULLETIN for December 1946, p. 1424. 2 APRIL 1948 473 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1948 Feb. Central Bank of t h e Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange. Government securities Temporary advances to Govt... Rediscounts and loans to banks 1 . Other assets Currency circulation 2 Deposits—Member bank Government Nationalized 1 Other Other liabilities and capital Commonwealth Bank of Australia (thousands of pounds): Gold and foreign exchange Checks and bills of other banks. . Securities (incl. Government and Treasury bills) Other assets Note circulation Deposits of Trading Banks: Special Other Other liabilities and capital National Bank of Belgium (millions of francs): Gold Foreign exchange Net claim on Int'l. Fund 3 Loans to Government Other loans and discounts Claim against Bank of Issue Other assets Note circulation Demand deposits 4 Blocked accounts Other liabilities and capital Jan. Dec. 999 ,672 ,03: 1,030 2,614 939 ,83 ,613 ,257 458 ,629 ,963 96 747 13,737 2,624 5,346 427 1,480 12,850 84 758 Feb. 3,136 2,277 939 10: 8,572 2,105 4,07 499 697 11 153 67 644 189,652 180,046 177,989 223,297 2,533 2,721 2,264 2,511 Feb. National Bank of Costa R i c a Issue dept. (thousands of colones): Gold Foreign exchange Contributions to Int'l. Fund and to Int'l. Bank Loans and discounts Securities Other assets Note circulation Demand deposits Other liabilities and capital National Bank of Czechoslovakia (millions of koruny): Gold and foreign exchange 6 . . . . Loans and discounts Other assets Note circulation—Old 273, 110 269,610 263,405 273,553 New 26,904 23,297 30,048 26,950 Deposits—Old 164,849 159,590 168,500 118,650 New Other liabilities and capital 25,348 12,515 544 51,026 7,870 64,597 2,240 79,140 4,485 78,572 1,943 25,980 13,307 486 50,982 7,883 64,597 2,289 79,736 5,309 78,576 1,903 26,170 12,081 518 50,997 7,955 64,597 2,665 79,761 4,718 78,578 1,925 30,281 8,471 951 177 280 806 33 ,848 168 231 922 263 309 431 12 1,682 242 12 200 46 1,125 805 973 2,392 4,067 625 371 480 244 43 371 1,124 1,181 1,850 3,510 673 170 460 50!808 4,482 64,597 2,196 74,452 5,514 79,273 1,595 National Bank of Bulgaria 5 Central Bank of Chile (millions of pesos): Gold Net claim on Int'l. Fund 3 Discounts for member b a n k s . . . . Loans to Government Other loans and discounts Other assets Note circulation Deposits—Bank Other Other liabilities and capital 149 526 43, 173 21 867 1 225 294 in!932 104. 212 46 534 274, 147,494 146,013 57,772 48,489 21,867 21,867 1,225 1,225 102,722 132,568 104,349 103,303 44,234 43,190 276,517 297,924 National Bank of Denmark (millions of kroner): Gold Foreign exchange Contributions to Int'l. Fund and to Int'l. Bank Clearing accounts (net) Loans and discounts Securities Govt. compensation account.... Other assets Note circulation Deposits—Government Other Other liabilities and capital Dec. Feb. 11,498 11,477 20,593 12,545 11,348 6,608 30,321 69,675 3,943 783 87,653 42,438 6,723 30,321 66,697 4,046 1,356 72,853 41,153 6,371 30,321 69,192 3,950 1,240 86,224 35,303 7,198 4,790 5,405 4,380 5,156 6,440 12,291 12,793 17,436 54,861 54,917 55,031 124,365 932 57,020 56,009 58,539 42,951 7 72,035 () 4,998 7,316 10,776 2,811 9,516 11,702 11,858 11,402 71 103 71 100 71 123 71 118 65 3 14 102 5,532 188 1,540 1,871 2,516 149 65 -14 20 113 5,571 192 1,571 1,873 2,527 145 -22 21 125 5,609 250 1,641 1,741 2,621 174 114 24 75 7,528 159 1,519 2,645 3,777 146 Central Bank of Ecuador (thousands of sucres): Gold , Foreign exchange ( n e t ) . . . . Net claim on Int'l. Fund *.. Loans and discounts , Other assets Note circulation Demand deposits Other liabilities and capital. 274,979 272,970 51,162 38,205 16,877 16,877 209,460 202,701 94,599 128,006 338,491 347,123 244,338 270,392 64,247 41,243 National Bank of Egypt (thousands of pounds): Gold Foreign exchange Loans and discounts British, Egyptian, and other Government securities Other assets Note circulation , Deposits—Government , Other , Other liabilities and capital Central Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange (net) 3 Net claim on Int'l. Fund Loans and discounts Government debt and securities Other assets Note circulation 232,205 Deposits Other liabilities and capital 218,236 49,658 21,867 1,225 41,140 88,437 32,202 Jan. Bank of the Republic of Colombia —Cont. Deposits 163,308 164,311 159,020 182,547 Other liabilities and capital 40,387 38,835 39,711 38,012 437, 539 440,237 466,073 380,941 27,804 23,323 20,313 10,832 192,643 193,643 205,143 198,180 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): Gold at home and abroad Foreign exchange Loans and discounts Government securities Other assets Note circulation Deposits Other liabilities and capital Bank of the Republic of Colombia (thousands of pesos): Gold Foreign exchange Net claim on Int'l. Fund « Paid-in capital—Int'l. Bank Loans and discounts Government loans and securities. Other assets Note circulation Central Bank (Figures as of last report date of month) (Nov.) 8 6,376 6,376 14,894 15,065 6,628 3,942 303,067 305,273 28,414 24,121 138,457 133,594 93,179 86,046 112,766 121,776 14,976 13,360 36,786 39,969 1,564 4,975 5,462 1,707 57,259 27,623 5,581 36,834 29,454 1,563 7,841 5,475 1,410 53,859 23,170 5,547 34,807 48,094 1,563 2,102 5,713 1,556 57,252 28,331 8,252 1 2 Government decree of Apr. 24, 1946, provided for the guarantee of all deposits registered in the name of the Central Bank. By decree of May 24, 1946, the Centra] Bank became responsible for all subsidiary money. » This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. *6 Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts. For last available report (January 1943), see BULLETIN for July 1943, p. 697. 6 Gold not reported separately beginning Dec. 31, 1946. 7 Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund. 8 Latest month available. 474 FEDERAL RESERVE BULLETIN CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) State Bank of Ethiopia—Issue dept. (thousands of dollars): Gold Silver Foreign exchange Treasury bills Other assets Circulation—Notes Coin Other liabilities and capital , Bank of Finland (millions of markkaa): Gold Foreign assets (net) Clearings (net) Loans and discounts Securities Other assets Note circulation Deposits Other liabilities and capital Bank of Greece (billions of drachmae): Gold and foreign exchange (net). Loans and discounts Advances—Government Other Other assets Note circulation Deposits—Government Other Other liabilities and capital 1948 Feb. 1947 Jan. Dec. 1,458 5,685 27,464 2,832 28,331 37,433 27,769 567 Feb. 8,849 36,404 969 17,622 44,135 17,431 2,278 91 135 2 2 560 971 828 2,493 -2,712 -2,587 -2,270 -7,407 32,469 31,843 34,896 28,699 378 376 386 433 779 507 1,257 1,174 24,448 23,258 25,162 18,896 1,288 1,167 3,217 972 6,518 6,131 6,720 5,526 (Nov.)1 641 19 760 1,079 135 829 81 229 1,495 Central Bank (Figures as of last report date of month) Bank of Italy (millions of lire): Gold Foreign exchange Advances—Treasury Other Govt. agencies Loans and discounts Government securities Other assets Bank of Italy notes Allied military notes Deposits—Government Demand Other Other liabilities and capital Bank of Japan (millions of yen): Cash and bullion Advances to Government Loans and discounts Government securities , Reconversion Fin. Bk. bonds. . Other assets Note circulation Deposits—Government Other 753 Other liabilities 10 655 Bank of Java 2 658 82 Bank of Mexico (millions of pesos): 524 Monetary reserve 3 91 "Authorized" holdings of securi125 ties, etc 1,419 Bills and discounts Other assets Note circulation Demand liabilities 27,228 Other liabilities and capital Bank of Guatemala (thousands of quetzales): Gold 27,229 27,229 27,229 Foreign exchange 23,625 22,769 21,824 21,770 Gold contribution to Int'l. Fund. 1,250 1,250 1,250 1,250 Netherlands Bank (millions of 3,182 Rediscounts and advances 3,377 3,073 guilders): 9,708 Other assets 9,289 10,048 8,523 Gold Circulation—Notes 30,704 30,236 30,269 29,981 Silver (including subsidiary coin) Coin 2,899 2,905 2,901 2,757 Foreign bills Deposits—Government 8,233 7,799 8,138 4,623 Loans and discounts Banks 14,013 13,112 12,902 14,059 Govt. debt and securities Other liabilities and capital 9,659 9,470 9,094 7,351 Other assets Note circulation—Old National Bank of Hungary (milNew lions of forint): Deposits—Government 403 Gold 284 403 403 Blocked : 60 Foreign exchange 104 98 99 Other Discounts 1,601 1,624 488 1,663 Other liabilities and capital 340 Loans—Treasury 340 340 340 200 Other assets 184 410 Reserve Bank of New Zealand 194 1,942 Note circulation 1,962 1,992 1,093 (thousands of pounds): 149 Demand deposits—Government. 122 125 64 Gold 130 Other 194 194 52 Sterling exchange reserve 382 376 Other liabilities and capital 387 411 Advances to State or State undertakings Reserve Bank of India (millions of Investments rupees): Other assets Issue department: Note circulation Gold at home and abroad.. 444 444 444 Demand deposits Sterling securities 11,353 11,353 11,353 Other liabilities and capital Indian Govt. Securities. . . . 578 578 578 Rupee coin 204 Bank of Norway (millions of kroner): 369 368 Note circulation 12,622 12,254 12,297 Gold Banking department: Foreign assets (net) Notes of issue department.. 283 123 490 Loans and discounts Balances abroad 4,755 3,717 3,831 Securities Treasury bills discounted... 29 34 6 Occupation account ( n e t ) . . . . Loans to Government 2 3 Other assets 790 1,119 Other assets 976 Note circulation 4,738 5,573 Deposits 5,078 Deposits—Government 285 256 Other liabilities and capital. 228 Banks Blocked Central Bank of Ireland (thousands Other of pounds): Other liabilities and capital... 2,646 2,646 2,646 2,646 Gold 40,312 40,813 43,436 37,064 Sterling funds 42,958 43,459 46,082 39,710 Note circulation 1948 Feb. 525 13 ,267 608 ,654 16 150 170 130 ,363 74 028 715 385 61 1947 Jan. Dec. Feb. 525 525 ,712 ,815 608 856 590,235 16 ,471 127,364 ,483 68,864 ,969 719,714 264 63,372 863 523 8,357 483,491 24,169 55,431 105,632 25,708 421,687 82,663 21,586 73,653 68 775 71,921 ,903 100 520 92,427 ,696 091 13,027 2,856 55,017 32,302 113,341 32,336 18,818 219,142 6,703 20,953 7,873 1,427 11,397 46,077 60,369 1,281 5,429 105,490 6,358 9,861 4,271 627 628 668 691 1,458 655 148 1,690 819 380 1,516 654 128 1,696 817 413 1,609 647 157 1,762 910 409 1,669 523 103 1,703 1,061 222 551 3 394 161 3,500 210 124 2,897 1,014 80 582 3 335 153 3,500 195 125 2,911 857 138 509 227 608 3 266 160 3,500 169 125 3,010 704 129 533 205 647 1 4,525 151 464 240 112 237 2,695 1,270 95 618 520 2,802 2,802 2,802 66,133 63,108 96,519 43,902 43,932 26,578 7,868 7,868 3,948 1,558 1,044 1,656 49,345 51,988 46,639 67,932 61,768 79,896 4,986 4,999 4,968 324 482 76 72 8,094 47 2,008 3,846 1,365 844 329 703 333 435 94 72 8,094 49 2,111 3,769 1,315 847 331 703 340 681 57 78 8,108 48 1,832 5,128 690 932 357 373 1 2 Latest month available. For last available report (January 1942), see BULLETIN for March 1943, p. 278. . includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities. APRIL 1948 475 CENTRAL BANKS—Continued Central Bank (Figures as of last report date of month) 1948 Feb. Jan. Bank of Paraguay—Monetary dept. (thousands of guaranies): Gold Foreign exchange (net) 1 Net claim on Int'l. Fund Paid-in capital—Int'l. Bank Loans and discounts Government loans and securities Other assets Note and coin issue Demand deposits Other liabilities and capital Dec. Feb. 722 28,066 2,708 -16 17,000 9,161 783 43,070 7,790 7,564 Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange. . Net claim on Int'l. Fund i... Contribution to Int'l. Bank. , Discounts Government loans Other assets Note circulation Deposits Other liabilities and capital.. (Nov.)2 128,861 20,491 2,480 60,554 732,300 610 124,664 72 690,217 613 255,816 189 123,318 78 Bank of Portugal (million of escudos): Gold Foreign exchange (net) Loans and discounts Advances to Government Other assets Note circulation Demand deposits—Government Other Other liabilities and capital (Nov.) 2 4,772 11,009 386 1,283 558 8,383 1,872 6,766 986 National Bank of Rumania * South African Reserve Bank (thousands of pounds): Gold* Foreign bills Other bills and loans Other assets Note circulation Deposits Other liabilities and capital. 187,751 187 53,094 53 7,454 8 15,573 13 63,099 65 194,184 189 6,588 1\ Bank of Spain (millions of pesetas): Gold Silver . Government loans and securities. Other loans and discounts Other assets Note circulation Deposits—Government Other Other liabilities and capital Bank of Sweden (millions of kronor): Gold Foreign assets (net) Swedish Govt. securities and ad- 5 vances to National Debt Office Other domestic bills and advances Other assets Note circulation Demand deposits—Government. Other Other liabilities and capital ,215 500 ,568 ,398 ,666 ,014 658 ,870 805 223 373 229 404 232 435 2,867 111 364 2,736 633 297 272 2,702 116 335 2,734 613 163 276 ,929 127 343 ,895 631 269 270 209 10 5 22 62 177 1948 Central Bank (Figures as of last report date of month) Feb. Swiss National Bank (millions of francs): 870 Gold 038 Foreign exchange 545 Loans and discounts 2 Other assets 250 Note circulation 858 Other sight liabilities 395 Other liabilities and capital 090 389 Central Bank of the Republic of 479 Turkey6 (thousands of pounds): Gold Foreign exchange and foreign clearings 812 Loans and discounts 490 Securities 480 Other assets Note circulation 855 Deposits—Gold 705 Other 385 Other liabilities and capital 141 623 962 Bank of the Republic of Uruguay (thousands of pesos): Gold Silver Paid-in capital—Int'l. Bank 755 Advances to State and govern402 ment bodies 379 Other loans and discounts 293 Other assets 458 Note circulation 441 Deposits—Government 068 Other 929 Other liabilities a^id capital 848 5,624 101 185 82 4,166 1,123 703 1947 Jan ,605 131 236 86 ,150 200 707 Dec. Feb. 5,256 102 415 140 4,383 1,172 358 4,951 162 78 78 3,885 1,163 222 477,961 477,932 476,305 667,603 228,291 254,,807 276,405 261,298 595, 790 597,580 617,839 505,050 198,893 186,378 193,983 196 31,729 37 45, 501 28,003 873,306 860,840 883,931 952,461 151,802 151 802 151, 777 182,669 280,705 312, 981 344, 243 290,105 221, 940 238,309 234,993 223,098 (Nov.)2 265,076 303,180 12,843 13,016 318 321 35,239 10,453 177,554 128,629 259,426 346,112 218,678 218,001 53,990 39,138 232,491 251,480 245,298 293,090 Central Bank of Venezuela (thousands of7 bolivares): Gold Foreign exchange (net) Other assets Note circulation—Central Bank. National banks. Deposits Other liabilities and capital 603,077 557, 557,408 617,909 86,089 108 104,486 43,261 094 83,639 77, 69,378 46,939 225 594,270 590 601, 580 485,735 271 3,852 3, 4,022 6,682 310 94,028 201,948 145,091 117 882 31,643 13,745 29,593 31, 829 189 National Bank of the Kingdom of Yugoslavia * Bank for8 International Settlements (thousands of Swiss gold ,214 francs): 522 Gold in bars ,849 108,020 101,510 92,280 86,850 Cash on hand and on current ,710 account with banks ,586 20,868 23,486 15,223 6,193 Sight funds at interest ,268 497 250 496 496 Rediscountable bills and accept,602 ances (at cost) ,451 25,288 27,739 28,905 27,441 Time funds at interest 560 17,662 15,506 17,816 14,396 Sundry bills and investments. . . 59,406 60,509 63,657 323,286 Funds invested in Germany ». . . 291,160 291,160 291,160 Other assets 715 256 210 3,389 Demand deposits (gold) 440 17,650 17,665 17,004 18,940 Short-term deposits (various currencies): ,969 Central banks for own ac128 count 622 17,139 16,354 7,216 8,069 Other ,678 9,452 9,290 9,353 1,571 Long-term deposits: Special ac506 counts 316 228,909 228,909 228,909 229,001 Other liabilities and capital 375 249,761 248,400 250,445 201,169 1 This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such time 2as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution. Latest month available. •For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February4 1941), see BULLETIN for March 1942, p. 282. Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce. 6 Includes small amount of non-Government bonds. 6 Gold revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram. 7 Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.8 See BULLETIN for December 1936, p. 1025. 9 Before March 1947, included in "Sundry bills and investments." 476 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective In effect Dec. 31, 1937 May 10 1938. . May 13 May 30 . . Sept. 28 Oct. 27 Nov. 25 . . . Jan. 4, 1939 Apr. 17 May 11 . . July 6 Aug. 24 Aug. 29 .... Sept. 28 Oct. 26 Dec. 15 Jan. 25 1940 Apr. 9 May 17 Mar. 17, 1941 May 29 June 27 Jan. 16 1945 Jan. 20 Feb. 9 Nov 7 1946 Dec. 19 Jan. 10, 1947,.. 3 2 4 2H 2 4 Rate Mar. 31 3 6 Central bank of— Date effective Albania..::... Argentina.::.. 2 3 2 Rate Mar. 31 Mar. Mar. July Aug Nov. 21, 1940 1 1936 3, 1945 27, 1947 8, 1940 Ireland.::... Italy Japan Java Latvia Aug. Feb. Dec. July Apr. Oct. 14, 1946 8, 1944 16, 1936 18, 1933 1, 1939 28, 1945 Lithuania::;. Mexico Netherlands . NewZealand. Norway Peru 6 Jan. June Oct. Oct. Feb. 15, 1946 8, 1943 15, 1946 1, 1935 6, 1948 Portugal.::.. Rumania.... South Africa. Spain Sweden 2H 4 3 9, 1947 Switzerland.. Turkey United Kingdom U.S.S.R.... Yugoslavia. . Data effective Nov. 23, 1943 Sept. 6, 1947 Apr. 7, 1936 Jan. 14, 1937 Feb. 17, 1940 5 V£ 3.29 3 5 2\fk 2* Bulgaria 4 3 4 Chile Costa Rica.:. Czechoslovakia 3 3 2 2 Denmark . . . . Ecuador El Salvador.. . Estonia 2X4 2V& 3 £i 5 1 / &3 * 2 &3 3 2H I K 3H 3-4 H 4 3 2Y* 7 July June June July Jan. Nov. 15, 1939 4, 1942 27, 1941 26, 1941 9, 1946 13, 1947 Jan. May June Oct. Feb. 12, 1944 8, 1944 2, 1941 27, 1947 9, 1945 3 IX Aug. 27 Oct. 9 In effect Mar. 31 1948 Central bank of — United SwitGer- Bel- NethKing- France many er- Swezergium lands den land dom 7 4 2 France Oct. Germany Greece Hungary...... India Apr. Aug. Nov. Nov. 10 5 3 9, 16, 1, 28, 1940 1946 1947 1935 4 Nov. 26, 1936 July 1, 1938 2 4 1-4 Oct. 26, 1939 July 1, 1936 Jan. 1, 1947 NOTE.—Changes since Feb. 29: None. OPEN-MARKET RATES [Per cent per annum] United Kingdom Canada Year and Month Treasury bills 3 months Bankers' acceptances 3 months Treasury bills 3 months Day-today money 1932—Jan... 1933—Jan... 1934—Jan... 1935—Jan... 1936—Jan... 1937—Jan... 1938—Jan... 1939—Jan... 1940—Jan... 1941—Jan... 1942—Jan... 1943—Jan... 1944—Jan... 1945—Jan... 1946—Jan... 1947—Jan... 1.16 .75 .73 .69 .78 .63 .55 .51 .41 .37 .36 .40 5.52 .87 1.01 .36 .56 .56 .54 .55 1.10 1.03 1.03 1.03 1.03 1.03 .53 .53 4.94 .76 .90 .26 .53 .54 .51 .53 1.09 1.01 1.01 1.01 1.01 1.01 .50 .50 4.20 .73 .86 .66 .75 .75 .75 .75 1.02 1.00 1.04 1.08 1.08 1.00 1947—Feb... Mar.. Apr... May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. .40 .40 .41 .41 .41 .41 .41 .41 .41 .41 .41 .53 .53 .53 .53 .53 .53 .53 .53 .53 .53 .53 .51 .51 .51 .51 .51 .51 .51 .51 .51 .51 .51 .63 .63 .63 .63 .63 .63 .63 .63 .63 .63 .63 1948—Jan... .41 .54 .51 .63 .63 .63 France Bankers' allowance on deposits Day-today money 1.84 2.54 .38 .62 .94 .68 .61 .62 .65 .27 .48 .39 .41 .41 .46 .45 .51 1.46 1.44 1.64 Netherlands Treasury bills 3 months .01 .44 Day-today money Sweden Switzerland Loans up to 3 months Private discount rate 1.68 1.50 1.50 1.50 2.48 1.25 1.00 1.00 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 .72 .65 .59 .45 46 .52 .30 1.08 .95 .93 1.13 1.00 .77 1.46 1.19 1.11 1.08 .86 1.09 1.00 .75 .95 .74 .53 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.25 1.38 1.38 1.38 1.28 .57 1.50 NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172, pp. 656-661, and for description of statistics see pp. 571-572 in same publication. APRIL 1948 477 COMMERCIAL BANKS Assets United Kingdom » (11 London clearing banks. Figures in millions of pounds sterling) Cash reserves Money at call and short notice Liabilities Bills dis- Treasury Loans to deposit2 Securities customers counted receipts I939—'December 1940—December 1941—'December 1942—December . . . . 1943—December 1944—December 1945—December ; . . . 1945—December . . 274 324 366 390 422 500 536 499 174 159 141 142 151 199 252 432 334 265 171 198 133 147 369 610 1947—February March April May June July August September . . . October November December 463 466 476 460 464 421 444 435 430 451 659 750 709 659 672 475 442 699 479 465 468 488 502 1948—January 476 455 472 466 476 480 724 758 825 799 793 460 800 314 758 896 1,307 1,667 1,523 1,560 1,436 1,317 L.346 ,350 ,330 ,283 ,248 ,193 ,147 ,196 .288 1,217 Other assets Deposits Total Demand Time 609 771 099 1,120 L.154 1,165 1,234 1,427 ,439 1,455 ,461 ,470 ,479 ,488 ,492 ,493 ,500 .500 1,483 1,015 924 823 794 761 772 827 994 290 293 324 325 349 347 374 505 2,441 2,800 3,329 3,629 4,032 4,545 4,850 5,685 1,398 1,770 2,168 2,429 2,712 3,045 3,262 3,823 1 fU3 1,030 1,161 1,200 1,319 1,500 1,588 L.862 256 250 253 236 245 250 265 342 j .ni.s 1,034 1,064 1,099 1,131 1,139 1,154 . 155 1,185 1,205 1,219 451 465 470 489 518 3,603 3,606 3,628 3,593 3,667 3,668 3,663 3,653 3,713 3,781 3,962 1,916 1,950 1,956 1,978 11,992 L,975 L.965 1,962 L 977 1,986 1.972 364 374 376 386 386 473 476 487 492 567 5,519 5,556 5,583 5,571 5,658 5,644 5,628 5,615 5,690 5,767 5,935 396 397 387 389 396 1,480 1,231 513 5,776 3,821 1,955 401 504 Assets Canada (10 chartered banks. End of month figures in millions of Canadian dollars) 1939—'December 1940—December 1941 -December 1942—'December 1943—December 1944—December 1945—December 1945—December 292 323 . ... 1947—'February March April M[ay July August . ... September October November December loans 53 40 1.088 1,108 1,169 1,168 1,156 1,211 1,274 1,507 32 31 48 92 251 136 635 155 695 719 631 637 645 670 663 121 97 81 106 99 82 83 731 105 1,506 1,555 1,628 1,664 1,709 1,761 1.805 2,027 1,931 2,065 1.999 698 77 1,953 93 92 132 159 168 231 250 214 227 132 1,646 1,531 1,759 2,293 2,940 3,611 4,038 4,232 Other assets Note circulation 612 570 Demand Time 2,774 2,805 3,105 3,657 4,395 5,137 5,941 6,252 1,033 1,163 1,436 1,984 2,447 2,714 3,076 2,783 1,741 1,641 1,669 1,673 1,948 2,423 2,865 3,469 962 J .04-0 ,172 ,289 ,386 1,525 18 6,171 6,188 6,356 6,066 6,152 6,170 6,186 6,193 6,283 6,279 6,412 2,585 2,569 2,719 2,383 2,508 2,481 2,412 2,387 2,531 2,569 2,671 3,586 3,619 3,637 3,682 3,644 3,690 3,774 3,806 3,753 3,710 3-740 ,558 ,590 ,594 ,563 ,578 ,580 ,591 ,570 ,563 1 562 1.544 18 6,281 2,457 5,824 1,526 85 80 71 60 42 34 26 21 1,066 21 993 21 21 20 20 20 19 19 106 4,264 4,239 4,349 4,162 4,131 4,110 4,109 3,963 3,882 3,850 3.874 97 ,972 1,029 195 142 113 126 119 116 113 102 107 1,035 998 1,041 1,036 1,014 933 1,156 L.051 1,159 Other liabilities and capital Total 653 657 744 782 869 1,039 126 Deposits payable in Canada excluding interbank deposits 19 18 Assets France (4 large banks. End of month figures in millions of francs) Security loans abroad and net Securities Other due from loans and foreign discounts banks 356 387 471 550 694 753 702 695 1948—January Security 386 Liabilities Entirely in Canada Cash reserves Other liabilities and capital 963 846 • Liabilities Cash reserves Due from banks Bills discounted Loans 1939—December 1940—December 1941—December 1942—December 1943—December 1944—December 1945—December 1946—December 4,599 6,409 6,589 7,810 8,548 10,365 14,602 17,943 3,765 3,863 3,476 3,458 4,095 4,948 13,804 18,919 29,546 46,546 61,897 73,917 90,897 99,782 155,025 195,177 7,546 8,255 8,265 10,625 14,191 18,653 36,166 64,933 1947—January February March April May June July August September October November 17,267 16.992 19,471 18,578 17,516 27,316 21,428 21,585 20,950 19,696 21,597 20,241 19,127 20,677 20,877 20,684 20,419 20,388 19,464 20,451 19,018 20,691 195,750 197,377 203,451 202,425 209,977 196,762 208,792 210,551 209,323 211,760 205,314 67,084 66,114 66,744 69,670 68,656 73,569 79,789 80,220 85,712 86,269 92,010 Deposits Other liabilities and capital Total Demand Time Own acceptances 2,440 2,221 2,040 2,622 2,935 2,190 7,360 23,392 42,443 61,982 76,656 91,549 112,732 128,758 213,908 291,894 41,872 61,221 75,744 91,225 111,191 126,578 211,871 290,004 571 762 912 324 1,541 2,180 2,037 1,890 844 558 413 462 428 557 2,898 15,694 4,609 4,753 5,199 6,422 7,506 6,623 10,151 12,777 18,367 18,756 20,724 21,081 22,377 22,866 24,928 29,200 31,391 32,338 33,482 295,444 294,922 305,583 306,356 311,244 312,219 324,665 326,393 331,219 330,949 333,858 293,484 292,946 303,742 303,857 308,256 309,137 321,678 323,415 328,438 327,997 331,059 1,960 1,976 1,841 2,499 2,988 3,152 2,987 2,978 2,781 2,952 2,799 15,767 15,720 16,380 16,772 17,606 17,679 18,589 21,932 23,149 23,304 23,632 7,499* 7,723 9.10S 9,503 10,360> 10,964 12,072" 12,695 13,459 14,830 15,603 Other assets 1 From September 1939 through November 1946, this table represents aggregates of figures reported by individual banks for days, varying from< bank to bank, toward the end of the month. After November 1946, figures for all banks are compiled on the third Wednesday of each month,, except in June and December, when the statements will give end-of-month data. a Represent six-month loans to the Treasury at 1% per cent through Oct. 20, 1945, and at % Per cent thereafter. NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, ancfe for description of statistics see pp. 566-571 in same publication. 478 FEDERAL RESERVE BULLETIN. FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Argentina (peso) Official Special Export Year or month 1939 1940 1941. 4 1942 1943 1944 1945 1946 1947 30.850 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 1947—April May June July August September October November December 1948—January February March Year or month 1939 1940 1941 1942 1943 1944 1945 1946 1947 . . . . • • 1947—April !May June July August September October November December February March Year or month Australia (pound) Official Free In cents per unit of foreign currency] Belgium (franc) Official Chile (peso) Canada (dollar) Brazil (cruzeiro1) Official Free 23.704 23.704 24.732 25.125 25.125 25.125 25.125 3.3704 2 3.3760 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 29.773 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 25.125 320.91 320.91 320.90 320.90 320.92 321.12 321.19 321.15 321.21 2.2836 2.2831 2.2832 2.2818 2.2821 2.2833 2.2830 2.2812 2.2789 5.4405 5.4406 5.4406 5.4406 5.4406 5.4406 5.4406 5.4406 5.4406 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 100.000 91.901 91.954 91.592 91.652 91.998 90.362 89.989 89.589 88.359 29.773 29.773 29.773 25.125 25.125 25.125 321.16 321.20 321.21 2.2784 2.2789 2.2793 5.4406 5.4406 5.4406 100.000 100.000 100.000 90.455 89.062 89.280 Hong Kong (dollar) India (rupee) Colom- Czecho- Denbia slovakia m a r k (peso) (koruna) (krone) Finland (markka) 57.061 2 3.4252 2 20.346 57.085 19.308 57.004 57.052 57.265 57.272 57.014 2 57.020 2.0060 2 20.876 57.001 2.0060 20.864 1.9948 1.8710 2 2 0101 56.980 56.980 56.980 56.980 56.980 56.980 56.980 56.980 56.980 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.0060 2.C060 2.0060 20.866 20.866 20.865 20.862 20.862 20.861 20.861 20.863 20.860 56.991 57.010 57.010 2.0060 2.0060 2.0060 20.860 20.860 20.860 New Zealand (pound) rtu- South Norway P ogal Africa (krone) (escudo) (pound) 1939 1940 1941 1942 1943 1944 1945 1946 1947 354.82 306.38 322 54 322.78 324 20 324.42 323.46 322.63 322.29 1947—April May June July August September October November December 322.20 322.20 322.18 322.18 322.20 322.41 322.48 322.44 322.50 194g—January February March 322.45 322.49 322.50 2 2 23.226 22.709 4.0375 3.7110 4.0023 6.0027 2 5.1248 2 6.0562 5.0214 90.909 6.0575 5.0705 90.909 6.0584 5.1427 90.909 6.0586 5.1280 90.909 6.0594 5.1469 90.909 2 2.2860 2 6.0602 5.1802 90.909 2.2829 6 0602 95.198 100.000 2.2817 5.4403 France (franc) Official Free 2.5103 22.0827 Greece (drachma) .8153 2.6715 27.454 22.958 24.592 Official Free 353 38 322.80 305.16 322.80 321.27 322.80 321.50 322.80 2321.50 322.80 2 322.80 3 321 17 321.34 321.00 China (yuan Shanghai) Export 96.018 5.1727 4.0000 85.141 5.1668 4.0000 87.345 2 5.1664 2 4.0000 88.379 89.978 89.853 90.485 93.288 91.999 Italy (lira) Mexico (peso) 11.879 6.000 25.313 Netherlands (guilder) 19.303 53.335 18.546 2 53.128 20.538 20,569 20.577 20 581 20.581 237.933 ' 2 ']4434' 20.581 37.813 20.577 37.760 5.1959 5.0407 5.0703 21.9711 . 8409 .8407 33.279 30.155 30.137 30 122 30.122 30 122 30.122 30.155 30.164 .8407 .8408 .8407 .8407 .8405 .8407 .8407 .8404 .8403 30.160 30.161 30.163 30.171 30.171 30.167 30.169 30.176 30 177 20.577 20.580 20.576 20.575 20.582 20.578 20.576 20.576 20.575 37.757 37.760 37.751 37.760 37.753 37.751 37.762 37.768 37.699 30 172 30.168 30.168 20.576 20.575 20.575 37.654 37.714 37.750 2 5.8400 s .4671 6 .3270 .4671 .3270 Spain (peseta) Straits Settlements (dollar) Sweden (krona) Switzerland (franc) 2 United Kingdom (pound) Official Free Uruguay (peso) Noncontrolled Controlled 2 10.630 9.322 29.130 20.176 2 4.0501 20.160 4.0273 440.17 397.99 398.00 398.00 398 00 398.00 399.05 400.50 400.74 20.161 20.160 20.160 20.160 20.159 20.158 20.159 20.159 20.159 4.0313 4.0208 4.0275 4.0161 4.0257 4.0203 4.0240 3.9985 4.0088 400.75 400.75 400.75 400.75 400.75 400.75 400.75 400.75 400.75 9.132 9.132 9.132 9.132 9.132 9.132 9.132 9.132 9.132 27.823 27.824 27.826 27.827 27.826 27.822 27.823 27.825 27.826 23.363 23.363 23.363 23.363 23.363 23.363 23.363 23.363 23.363 402 .74 402 .74 402 .72 402 .71 402 .73 403 .00 403 .10 403 .05 403 .13 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 56.262 56.262 56.262 56.259 56.203 56.204 56.204 56.204 56.204 20.159 20.160 20.160 4.0043 3.9700 3.9856 400.75 400.75 400.75 9.132 9.132 9.132 27.825 27.826 27.826 23.363 23.363 23.363 403 .07 403 .11 403 .13 65.830 65.830 65.830 56.198 56.180 56.180 2 51.736 23.991 22.525 443 54 46.979 23.802 22.676 2 403.50 383.00 47.133 2 23.829 223.210 403.50 403.18 2 46.919 403.50 403.50 403.50 2 403.50 403.50 2 403 50 3 403 02 2 2 2 9.132 25.859 23.363 403 28 9.132 27.824 23.363 402 .86 62.011 65.830 65.830 65.830 65.830 65.830 65.830 65.830 65.830 36.789 37.601 43.380 52.723 52.855 53.506 55.159 56.280 56.239 1 2 3 Prior to Nov. 1, 1942, the official designation of the Brazilian currency unit was the "milreis." Average of daily rates for that part of the year during which quotations were certified. At the end of June 1945 official rates for the Australian and British pounds were abolished, and after this date quotations are buying rates in the New York market. The rates shown represent averages for the second half of 1945 and are comparable to those quoted before 1940. 4 The rate quoted after July 22, 1946, is not strictly comparable to the "free" rate shown before that date. The average for the "free" rate for July 1-19 is 5.1902, and for Jan. 1-July 19, 5.1860, while the average for the new rate for July 25-31 is 5.3350, and for July 25-Dec. 31, 5.3955. 6 * Based on quotations through Jan. 23. Based on quotations beginning Feb. 10. NOTE.—For back figures see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics see pp. 572-573 in same publication, and for further information concerning developments affecting the averages during previous years, see BULLETIN for July 1947, p. 933; February 1944, p. 209; and February 1943, p. 201. APRIL 1948 479 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States (1926 = 100) Canada (1926 = 100) 1926 100 100 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 75 80 81 86 79 77 79 87 99 103 104 106 121 152 72 72 75 85 79 75 83 90 96 100 103 104 109 129 95 95 101 119 126 127 128 136 148 182 227 247 286 302 1947—March.... April May June July August. . . September October... November December. 150 148 147 148 151 154 157 159 160 163 120 123 125 128 129 131 134 139 143 144 1948—January.. February.. 166 161 147 147 Year or month United Kingdom (1930 = 100) France (1938 = 100) 2 124 106 88 89 94 109 101 103 137 153 159 163 166 169 175 192 58 52 63 89 100 105 139 171 201 234 265 375 648 989 305 300 299 297 293 292 298 304 306 303 184 187 189 190 193 194 195 199 203 204 860 847 946 904 888 1,004 1,096 1,129 1,211 1,217 302 304 212 217 Pl,537 Mexico (1929 = 100) Japan (1933 = 100) Netherlands (July 1938June 1939 = 100) Sweden (1935 = 100) 132 150 U26 99 103 110 133 140 155 173 183 197 209 233 ••308 '•1,599 5,103 90 87 91 108 102 105 131 150 157 160 164 181 251 P271 2 96 100 102 114 111 115 146 172 189 196 196 194 186 199 90 90 96 111 107 111 143 184 210 218 223 221 215 224 '2,681 '3,121 '3,323 '3,456 '4,871 '6,503 '6,960 '7,833 '8,599 '8,863 269 268 268 270 272 271 272 274 277 P280 196 197 198 199 199 199 201 202 204 204 220 221 221 222 223 223 224 230 232 232 Italy (1938 = 100)i 65 72 80 94 100 104 121 136 153 J>5,151 4,139 533 203 329 5,779 5,889 '6,202 5,991 P5,651 P5.456 Switzerland (July 1914 = 100) 144 234 P279 r p Preliminary. Revised. The new national index, published by the Central Institute of Statistics, is a weighted geometric average of the prices of 156 commodities. The weights are determined on the basis of the total quantities produced and imported in 1938. Yearly averages for 1934-1942 are derived from old index. 8 Approximate figure, derived from old index (1913 = 100). Sources.—See BULLETIN for July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. 1 WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] Canada United States (1926 = 100) (1926 United Kingdom (1930 = 100) = 100) Farm products Foods Other commodities Farm products R a w and partly manufactured goods Fully and chiefly manufactured goods 1926 100 100 100 100 100 100 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 65 79 81 86 69 65 68 82 106 123 123 128 149 181 71 84 82 86 74 70 71 83 100 107 105 106 131 169 78 78 80 85 82 81 83 89 96 97 99 100 110 135 59 64 69 87 74 64 68 73 85 98 107 110 112 120 64 66 71 84 73 67 75 82 90 99 104 106 109 130 183 177 176 178 168 162 160 162 131 132 132 131 116 117 119 119 124 126 128 129 181 182 167 172 133 136 120 120 131 133 116 117 186 179 138 120 134 123 190 188 197 178 178 178 140 142 146 123 127 131 139 143 145 199 185 180 172 148 147 134 133 148 147 Year or month . ... 1947—March May June July August September October November December 1948—Tanuary . . . February Foods Industrial products 73 73 74 81 78 75 82 89 92 93 94 94 99 117 85 87 92 102 97 97 133 146 158 160 158 158 158 165 90 90 96 112 104 106 138 156 160 164 170 175 184 207 108 112 113 116 128 131 132 158 163 165 166 168 167 165 167 171 172 198 200 203 203 207 209 213 218 221 222 137 137 174 181 235 237 Netherlands (July 1938-June 1939 = 100) Foods IndusIndustrial trial raw finished products products 103 121 140 157 157 159 172 200 112 163 177 175 174 179 193 282 104 126 148 154 159 163 184 261 220 215 206 205 207 204 205 213 227 312 316 321 323 337 338 339 339 341 274 274 275 277 276 276 277 277 279 Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159. 480 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PK1N(^IPAL COUNTRIES—Continued COST OF LIVING [Index numbers] RETAIL FOOD PRICES [Index numbers] Year or month United SwitzUnited CanKing- France Nether- erStates ada dom (1938 lands land (1935-39 (1935-39 (June 17 = 100) (1911-13 (June = 100) = 100) 1947 1914 = 100) = 100)i = 100) 1936 1937 1938 1939 1940 1941 1942. 1943 1944 1945 1946 1947 101 105 98 95 97 98 103 104 101 106 130 139 141 141 164 106 116 124 138 136 127 131 131 168 149 161 166 168 174 224 275 139 160 133 140 170 169 377 645 215 210 194 160 «101 1,043 222 1947-March.. . April.... M ay June.. I . . . July August . . . September. October.., November. December. 190 149 169 833 188 188 152 155 168 162 830 883 191 193 158 160 M61 i 101 1948-Tanuary February.. 197 161 99 165 171 174 179 100 101 103 103 210 182 104 205 186 204 202 203 207 ioo 108 129 120 130 130 132 146 120 127 130 130 150 177 191 198 p\ 437 Pl.541 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 99 103 101 99 100 . 98 101 102 102 106 147 154 156 158 184 199 200 199 201 203 204 8 101 105 112 117 124 126 117 118 119 128 139 119 124 159 136 216 1947-March.. . . April 216 May 220 222 July 221 August.... 222 September. 222 October. . . 229 November. 230 December. 230 156 129 156 156 13i 133 157 158 135 136 204 203 203 1203 U01 160 137 100 230 1948—Tanuary February... 169 148 168 150 175 200 211 215 941 974 1 089 1,187 1,309 1,378 1,393 SwitzUnited King- France Nether- erUnited Canland dom (1938 lands ada States (1935-39 (1935-39 (June 17 = 100) (1911-13 (JUM 1947 = 100) = 100) = 100) 1914 = 100)i -100) Year or month . . . . P230 164 164 165 167 139 142 144 146 101 101 103 104 104 no6 ioo 108 129 150 175 224 285 130 137 137 138 151 2 132 137 139 140 154 175 187 195 174 193 203 208 393 645 209 208 1,030 217 838 212 837 886 213 216 217 217 935 965 1 068 1,157 1,268 1,336 1,354 218 223 223 223 p\ 414 Pl.519 224 P224 218 p Preliminary. 1 The old index (July 1914= 100) was terminated on June 17, and this date was used in computing the June figure. June 17, 1947=100 is also the base period used for the new weighted so-called "interim" index. For a description of this index see Ministry of Labour Gazette, August 2 1947, 8 p. 255. Revised index from March 1936 (see BULLETIN for April 1937, p. 373.) This average is based on figures for the new index, beginning June. The averages for the old index, based on figures for January-June 17, are 203 for retail food prices and 166 for cost of living. Sources.—See BULLETIN for July 1947, p. 935; May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Year or month United1 States (derived price) Number of issues. . . 15 Common stocks United France Canada 2 Kingdom (1935-39 (December (1938 = 100) = 100) 1921 = 100) (2) 87 50 1939 1940 1941 1942 1943 1944 1945 1946 1947 113.8 115.9 117.8 118.3 120.3 120.9 122.1 123.4 121.5 98.2 95.1 99.4 100.7 102.6 103.0 105.2 117.2 118.5 112.3 118.3 123.8 127.3 127.8 127.5 128.3 132.1 130.8 114.2 '114.2 8 143.4 146.4 146.6 150.5 152.1 144.6 132.0 1947—March April May June July August September. . . October November. . . December 122.4 122.8 122.9 122.8 122.5 122.3 121.5 120.0 118.8 117.0 118.2 117.9 118.2 118.6 119.3 119.2 119.0 118.8 118.5 117.9 133.3 132.6 132.9 132.1 131.1 126.4 126.4 128.0 128.2 130.1 139.8 138.6 136.9 135.4 131.1 128.6 125.2 122.0 121.4 122.2 1948—January February. . . . 117.4 117.5 108.6 108.6 130.5 130.6 P118.9 P119.1 Netherlands3 United States (1935-39 = 100) Canada 4 (1935-39 = 100) 13 402 100 io9!6 105.9 104.3 104.6 105.0 105.3 106.3 106.6 105 9 104.0 United France 5 Kingdom (December (1926 = 100) 1938 = 100) 278 5 295 77 A 67.5 64.2 83.5 83.8 99.6 115.7 106.0 75.9 70.8 72.5 75.3 84.5 88.6 92.4 96.2 94.6 112 '140 8 308 479 540 551 694 875 1,149 123.7 119.3 115.2 119.1 126.0 124.5 123.1 125.1 123.6 122.4 106.4 104.8 104.4 105.3 107.4 105.5 104.1 105.5 107.3 106.2 96.9 96.6 97.9 97.5 98.2 92.2 88.7 89.3 90.2 92.6 1,103 1,017 1,003 1,124 1,135 1,265 1,298 1,245 1,294 1,211 120.1 114.2 107.5 102.2 93.9 91.1 Pi,301 Pl.229 94.2 88.1 80.0 69.4 91.9 99.8 121.5 139.9 123.0 Netherlands 6 (1938 = 100) 37 183.6 201.9 203.0 201.4 203.4 206.5 218.7 225.1 P1 Preliminary. Figures represent calculated prices of a 4 per cent 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479. 8 This index is based on one 15-year 3 per cent theoretical bond. Yearly averages for 1939 and 1940 are based on monthly averages and thereafter on the capitalized yield as calculated on the 15th of every month. 8 Beginning February 1947, this index represents the reciprocals of average yields for. 13 issues (2 eternal government, 2 government, 2 municipal, 1 provincial, 3 mortgage, and 3 industrial bonds). From January 1946 through January 1947 the figures are based on the most representative bond for each group. The average yield in the base period (January-March 1937) was 3.39 per cent. *6 This index is based on 95 common stocks through 1944, and on 100 stocks thereafter. In September 1946 this index was revised to include 185 metropolitan issues, 90 issues of colonial France, and 20 issues of French companies abroad. See "Bulletin de la Statistique Generate," September-November 1946, p. 424. 6 This is a new index for 37 Netherlands issues (27 industrial, 5 banking, and 5 shipping shares) and represents an unweighted monthly average of daily quotations. The figures aire not comparable with data for previous years shown in earlier BULLETINS. 7 Average based on figures for 5 months; no data available June-December. 8 Average based on figures for 10 months; no data available January-February. Sources.—See BULLETIN for March 1947, p. 349; November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121. APRIL 1948 481 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM THOMAS B. MCCABE, Chairman MARRINER S. ECCLES M. S. SZYMCZAK ERNEST G. DRAPER ELLIOTT THURSTON, R. M. EVANS JAMES K. VARDAMAN, JR. LAWRENCE CLAYTON Assistant CHESTER MORRILL, to the Board Special Adviser to the Board OFFICE OF THE SECRETARY DIVISION OF EXAMINATIONS S. R. CARPENTER, Secretary BRAY HAMMOND, Assistant Secretary MERRITT SHERMAN, Assistant Secretary ROBERT F. LEONARD, Director EDWIN R. MILLARD, Assistant Director GEORGE S. SLOAN, Assistant Director DIVISION OF BANK OPERATIONS LEGAL DIVISION GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Associate General Counsel DIVISION OF RESEARCH AND STATISTICS WOODLIEF THOMAS, Director RALPH A. YOUNG, Associate Director J. BURKE KNAPP, Assistant Director BONNAR BROWN, Assistant Director EDWARD L. SMEAD, Director J. R. VAN FOSSEN, Assistant Director J. E. HORBETT, Assistant Director LOWELL MYRICK, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION FRED A. NELSON, Director DIVISION OF ADMINISTRATIVE SERVICES LISTON P. BETHEA, Director GARDNER L. BOOTHE, II, Assistant FEDERAL OPEN MARKET COMMITTEE THOMAS B. MCCABE, Chairman ALLAN SPROUL, Vice Chairman Director FEDERAL ADVISORY COUNCIL CHAS. E. SPENCER, JR.,BOSTON DISTRICT First Vice President LAWRENCE CLAYTON ERNEST G. DRAPER MARRINER S. ECCLES R. M. EVANS R. R. GILBERT H. G. LEEDY M. S. SZYMCZAK JAMES K. VARDAMAN, JR. ALFRED H. WILLIAMS C. S. YOUNG W. RANDOLPH BURGESS, N E W YORK DISTRICT DAVID E. WILLIAMS, PHILADELPHIA DISTRICT JOHN H . MCCOY, CLEVELAND DISTRICT ROBERT V. FLEMING, RICHMOND DISTRICT Second Vice President J. T. BROWN, ATLANTA DISTRICT EDWARD E. BROWN, CHICAGO DISTRICT President Secretary S. R. CARPENTER, Assistant Secretary GEORGE B. VEST, General Counsel J. LEONARD TOWNSEND, Assistant General Counsel WOODLIEF THOMAS, Economist CHESTER MORRILL, KARL R. BOPP, Associate Economist WATROUS H. IRONS, Associate Economist JOHN K. LANGUM, Associate Economist T. BRUCE ROBB, Associate Economist JOHN H. WILLIAMS, Associate Economist ROBERT G. ROUSE, Manager of System Open Account 482 JAMES H. PENICK, ST. LOUIS DISTRICT HENRY E. ATWOOD, MINNEAPOLIS DISTRICT JAMES M. KEMPER, KANSAS CITY DISTRICT J. E. WOODS, DALLAS DISTRICT RENO ODLIN, SAN FRANCISCO DISTRICT WALTER LICHTENSTEIN, Secretary Market HERBERT V. PROCHNOW, Associate Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Chairman1 Bank of Deputy Chairman Boston Philadelphia.... Cleveland Richmond Atlanta Chicago St. Louis Minneapolis. . . . Kansas C i t y . . . . Dallas San Francisco.. . VICE Federal Reserve Bank of Branch Laurence F. Whittemore William Willett Federal Reserve Bank of Chief Officer New York Buffalo I. B. Smith4 Cleveland Cincinnati Pittsburgh B. J. Lazar J. W. Kossin Richmond Baltimore Charlotte W. R. Milford R. L. Cherry Atlanta Birmingham Jacksonville Nashville New Orleans P. L. T. Beavers T. A. Lanford Joel B. Fort, Jr. E. P. Paris Chicago Detroit E. C Harris St. Louis Little Rock Louisville Memphis C. M. Stewart C A. Schacht William B. Pollard 1 Also Federal Reserve Agent. APRIL Vice rresiueiits Robert B. Harvey2 . Carl B. Pitman E. G. Hult 0. A. Schlaikjer E. 0. Latham R. F. Van Amringe Allan Sproul E. 0. Douglas A. Phelan L. R. Rounds William I. Myers H. H. Kimball H. V. Roelse L. W. Knoke Robert G. Rouse Walter S. Logan V. Willis R. B. Wiltse Alfred H. Williams Karl R. Bopp Wm. G. McCreedy Warren F. Whittier W. J. Davis Robert N. Hilkert C. A. Mcllhenny E. C. Hill P. M. Poorman2 Ray M. Gidney B. J. Lazar W. D. Fulton George C. Brainard Reynold E. Klages Wm. H. Fletcher J. W. Kossin Martin Morrison 3 A. H. Laning Donald S. Thompson R. L. Cherry R. W. Mercer Hugh Leach W. G. Wysor Charles P. McCormick J. S. Walden, Jr. Claude L. Guthrie3 W. R. Milford E. A. Kincaid C. B. Strathy Edw. A. Wayne P. L. T. Beavers T. A. Lanford W. S. McLarin, Jr. Frank H. Neely V. K. Bowman L. M. Clark E. P. Paris J. F. Porter J. E. Denmark S. P. Schuessler Joel B. Fort, Jr. John K. Langum Allan M. Black2 Clarence W. Avery C. S. Young 0. J. Netterstrom Neil B. Dawes Paul G. Hoffman Charles B. Dunn A. L. Olson W. R. Diercks J. H. Dillard Alfred T. Sihler E. C. Harris 0. M. Attebery C. A. Schacht Chester C. Davis Russell L. Dearmont William H. Stead Wm. E. Peterson r. \j\iy riitt William B. Pollard C M . Stewart R. E. Towle H. G. McConnell J. N. Peyton Roger B. Shepard Sigurd Ueland A. W. Mills3 W. D. Cochran 0. S. Powell Harry I. Ziemer Otis R. Preston John Phillips, Jr. L. H. Earhart H. G. Leedy Robert B. Caldwell G. H. Pipkin Delos C. Johns Robert L. Mehornay Henry 0. Koppang R. L. Mathes C. E. Sandy' D. W. Woolley W. H. Holloway E. B. Austin J. R. Parten R. R. Gilbert R. B. Coleman Watrous H. Irons R. B. Anderson W. D. Gentry H. R. DeMoss L. G. Pondrom3 W. E. Eagle C M . Rowland Mac C. Smyth C R. Shaw W. N. Ambrose Brayton Wilbur C. E. Earhart Harry R. Wellman H. N. Mangels D. L. Davis 3 H. F. Slade J. M. Leisner W. F. Volberg W. L. Partner 0. P. Wheeler PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS Albert M. Creighton Harold D. Hodgkinson New York President First Vice President 1948 2 Cashier. Chief Officer Minneapolis.... Helena R. E. Towle Kansas C i t y . . . . Denver Oklahoma City Omaha G. H. Pipkin R. L. Mathes L. H. Earhart El Paso Houston San Antonio Dallas 3 Branch San Francisco.. . Los Angeles Portland Salt Lake City Seattle Also Cashier. 4 C M. Rowland W. H. Holloway W. E. Eagle W. N. Ambrose D. L. Davis W. L. Partner C R. Shaw General Manager. 483 FEDERAL RESERVE PUBLICATIONS' The material listed below may be obtained from MONETARY AND BANKING Includes translation of the Division of Administrative Services, Board of ports, and introduction Governors of the Federal Reserve System, Washhistory of Paraguay. ington 25, D. C, Remittance should be made pay$1.00 per copy. able to the order of the Board of Governors of the Federal Reserve System. REFORM IN PARAGUAY. laws, accompanying rereviewing the monetary July 1946. 170 pages. RULES OF ORGANIZATION AND RULES OF PROCEDURE FEDERAL RESERVE BULLETIN. Issued monthly. Sub- scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $2.00 per annum or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 15 cents per copy per month, or $1.50 for 12 months. FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY (Board of Governors of the Federal Reserve System). September 1946. 31 pages. T H E FEDERAL RESERVE ACT, as amended to Novem- ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 372 pages. 50 cents per paper-bound copy; $1.00 per cloth-bound copy. FEDERAL RESERVE CHARTS ON CONSUMER CREDIT. Space for plotting through 1948. April 1947 edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment, 35 cents each. RATES, AND BUSINESS. Issued monthly. $9.00 per POSTWAR ECONOMIC STUDIES. (8 pamphlets.) annum, or $1.00 per copy. In quantities of 10 or No. 1. Jobs, Production, and Living Standards. more copies of a particular issue for single shipNo. 2. Agricultural Adjustment and Income. ment, 75 cents each. No. 3. Public Finance and Full Employment. No. 4. Prices, Wages, and Employment. DIGEST OF RULINGS to October 1, 1937. Digests of No. 5. Private Capital Requirements. Board rulings, opinions of the Attorney General No. 6. Housing, Social Security, and Public and court decisions construing the Federal ReWorks. serve Act, with compilation showing textual No. 7. International Monetary Policies. changes in the Act. 683 pages. $1.25 per copy. No. 8. Federal Reserve Policy. BANKING STUDIES. Comprising 17 papers on bankThe price for the set of eight pamphlets is $1.25; ing and monetary subjects by members of the 25 cents per pamphlet, or, in quantities of 10 or Board's staff. August 1941; reprinted March more for single shipment, 15 cents per pamphlet. 1948. 496 pages. Paper cover. $1.00 per copy; in quantities of 10 or more copies for single ship- T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND ment, 75 cents each. FUNCTIONS. November 1947. 125 pages. 75 cents per cloth-bound copy; in quantities of 10 BANKING AND MONETARY STATISTICS. Statistics of or more copies for single shipment, 50 cents each. banking, monetary, and other financial developPaper-bound copies available without charge. ments. November 1943. 979 pages. $1.50 per copy. N o charge for individual sections (unbound), as listed on page 1577 of the December 1947 BULLETIN. PROVISIONS OF STATE LAWS RELATING TO BANK R E - SERVES as of December 31, 1944. 1945. 30 pages. * A more complete list, including periodical releases and reprints, appeared on pp. 1574-77 of the December 1947 BULLETIN. 484 DEBITS AND CLEARINGS STATISTICS, THEIR GROUND AND INTERPRETATION. BACK- 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments. FEDERAL RESERVE BULLETIN FEDERAL RESERVE REPRINTS PUBLICATIONS T H E STRUCTURE OF INTEREST RATES ON BUSINESS LOANS AT MEMBER BANKS, by Richard Youngdahl. (From Federal Reserve Bulletin except as otherwise indicated) July 1947. 17 pages. BUSINESS LOANS OF MEMBER BANKS, by Albert R. Koch. March 1947. 11 pages. MENT FINANCING, by Frieda Baird. March 1947. 6 pages. VALUES AND LIMITATIONS OF CONSUMER FINANCIAL SURVEYS FOR ECONOMIC RESEARCH, by Ralph A. Young and Duncan McC. Holthausen. 1947. 9 pages. March LOANS TO SMALL BUSINESS, by August 1947. 16 pages. BUSINESS LOANS OF MEMBER BANKS. From March, May, June, July, and August 1947 issues of BULLETIN. 80 pages. T H E BRITISH CRISIS. September 1947. 12 pages. ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS AND BUSINESSES. September 1947. 2 pages. METHODS OF RESTRICTING MONETIZATION OF PUBLIC DEBT BY BANKS. April 1947. 4 pages. N E W GUATEMALAN BANK LAW, by David L. Grove. April 1947 BULLETIN with translation of new Bank Law. 39 pages. TERM LENDING TO BUSINESS BY COMMERCIAL BANKS IN 1946, by Duncan McC. Holthausen. May 1947. 20 pages. REVISION OF WEEKLY STATISTICS FOR MEMBER BANKS IN LEADING CITIES. June-July 1947. 9 pages. SECURITY PLEDGED ON MEMBER BANK LOANS TO June 1947. 17 SURVEY OF CONSUMER FINANCES—I. EXPENDITURES FOR DURABLE GOODS AND INVESTMENTS. June 1947. 17 pages. FINANCIAL POSITION OF MANUFACTURING AND TRADE IN RELATION TO SIZE AND PROFITABILITY, 1946, by Albert R. Koch and Charles H . Schmidt. September 1947. 12 pages. REVISION OF NATIONAL INCOME AND PRODUCT STA- TISTICS. September 1947. 12 pages. STERLING IN MULTILATERAL TRADE, by J. Burke Knapp and F. M. Tamagna. September 1947. 8 pages. COMMERCIAL BANK LOANS TO FARMERS, by Tynan Smith and Philip T. Allen. pages. 15 pages. October 1947. 13 FINANCIAL POSITION AND BUYING PLANS OF CON- SUMERS, July 1947. October 1947. 4 pages. POSTWAR BANK CREDIT PROBLEMS, by Marriner S. Eccles. THE SURVEY OF CONSUMER FINANCES—II. CONSUMER INCOMES AND LIQUID ASSET HOLDINGS. July 1947. October 1947. 5 pages. CURRENT INFLATION PROBLEM—CAUSES AND CONTROLS, by Marriner S. Eccles. 1947. 8 pages. December FARM MORTGAGE LOANS AT COMMERCIAL BANKS, by SURVEY OF CONSUMER FINANCES—III. CONSUMER SAVING IN 1946 AND OWNERSHIP OF SELECTED NONLIQUID ASSETS. BANK Charles H . Schmidt. COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL- BUSINESS, by Tynan Smith. pages. MEMBER August 1947. 12 pages. SURVEY OF CONSUMER FINANCES. From the June, July, and August 1947 issues of BULLETIN. 44 pages. RETAIL CREDIT SURVEY—1946. From July 1947 BULLETIN with supplementary information for nine separate trades. 40 pages. (Also, RETAIL CREDIT SURVEY—1942, 1943, 1944, and Philip T . Allen. December 1947. 6 pages. FARM PRODUCTION LOANS AT COMMERCIAL BANKS, by Herman Koenig and Tynan Smith. ber 1947. 8 pages. Decem- T H E STRUCTURE OF INTEREST RATES ON COMMERCIAL BANK LOANS TO FARMERS, by Richard Young- dahl. December 1947. 10 pages. BANK LOANS TO FARMERS. From the October and December 1947 issues of BULLETIN. 36 pages. 1945. From the July 1943, June 1944, May 1945, and BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929, by Morris A. Copeland and Daniel H . Brill. June 1946 BULLETIN, with supplementary inforJanuary 1948. 9 pages. mation for separate trades.) APRIL 1948 485 FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE D1STRIGTS AND THEIR BRANCH TERRITORIES j ^ = it <§) • BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM FEDERAL RESERVE BANK CITJES FEDERAL RESERVE BRANCH CITIES