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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
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$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
the sterling area in July 1947.
6
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. 480-81 of this BULLETIN.
2
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

12.1
3.1
15.

19.6
5.3
1.9

6.0
2.3
15.5

Sources of financing utilized by foreign countries for these net purchases :
United States Government (net):
Credits
Donations

8.3

7.1

19.4

Net purchases by foreign countries

11.3

8.1

7.0
4.2

Total

5.8
5

0.7
1.4

0.6
0.7
2.0

Total
International institutions (net):
Dollars disbursed by International Bank
Dollars drawn from International Monetary Fund

0.3
0.5

1.3

3.5
2.2
0.9

0.8
0.7
1.1
0.4

2.8
1.2
0.5
6.7

4.5

2.2

20.6
-1.2

.

Total sources of financing
Errors and omissions
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

6.7

0.3
0.5
0.8

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)....

2.9
2.4

4.0
1.7
11.1

United States—private (net):
Foreign investment (long- and short-term)
Donations

Total

1946

16.0
3.6
34.9

United States imports:
Goods
Services . .

Total...

1947

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 SHIPM
ENTS

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.

J

1

•A

NEW ORDE

END OF MONTH FISURES

80

j

mnrnm

T

M

J\

1
/

NEW )RDER

i
4IPME

A/

NOND JRABL :

( - /

1936

1938

1940

1946

1942

1940

1948

1942

1944

1946

o
X

4
"d

NEWC !^DERS

1948

w
o
o

iiiiiiini lilUUUU

iiiiiiini unmix
1934

<
w

UMUU

NONDURABLE

1 i
iv/

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

j%3

ELECTRIC UTILITIES

§ 5 1 MANUFACTURING AND MINING

1932

1934

1936

1938

1940

1942

1944

1946

1948

OF DOLLARS

5
K-j

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-

1
i ii .

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 ^

^ ^

1942

1944

—-

ET W(5RKING
CAPI TAL

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

~

1926

1928

1930

1932

1934

1936

1938

1940

1942

1944

120

3O

100

1924

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

1
1

/

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

1216
IMJ
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 output (ingot)
12,724,000 tons 14,000,000 tons
Sheet steel 1 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

TreasTreasury deury
Money Treas- posits
curury
with
rency in circash
culaouthold- Federal
tion
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

i j a n . 12, 1948
1
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 charged borrower but not to exceed 1 per cent above the
i \ d t c ciicxi gcu. u u n u w c i i_/ut n u t L _ cAi^t-tva A JK^- v^ciit a u u v t
V»
discount rate.
6
\A
Charge of 34 r\e*rcent is made on undisbursed portion of loan.
per r»onf ic moflo r\r-t nnHichnrcpH rir»rfir*n r\f lr\an
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 21,428
8,999 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

,791,472
496,300 2
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
506,966
2.

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

,275,372
2
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 i
5,055,586

1,608,912 4,995,082
4,942,261
1,587,960 l
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

Minne- Kansas
apolis
City

St.
Louis

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

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

1947
Mar. 3 1 . . .
June 3 0 . . .
Sept. 30. . .
Dec. 3 1 . . .

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




New
York

Chicago

Reserve
city
banks

Country
banks *

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

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.

2,501
1,086

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944

Applications
approved
to date

Central reserve
city banks

Total reserves held:
1947—January
February
1948—January
February

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]

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

In places of under
15,000 population

Demand
deposits
except
interbank
February 1947
January 1948
February 1948

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
based on deposits at opening of business.
2
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

2

Money
held by
For
Federal
Federal
Reserve
Reserve Banks and
Banks and
agents
agents

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
24,071
23,988
21,382

Money in circulation1

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 not included in total Treasury currency outstanding.
4
Because some of the types of money shown are held as collateral or reserves against other types, a grand total of all types has no special
6
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
leading
cities 3

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.
* Deposits and debits for first four months are partly estimated.
5
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 banks
(in thousands of dollars) :J
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
io4

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
in•R
Agri- securities i\ e a i
cludConfcsculing
sumer Other Total
To
tate loans loans
open- turbrok- 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
Bills of in- Notes Bonds teed subdebtdiviedsions
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
839 3 274 1,484
16 2 8 ° 7 421 1,023 1,398
848 57 970 52 948 4 ,360 12, 071 6 906 2 7 , 265 2 ,345 2 729 2 ,294
1943—Dec. 3 1 . . 74 258
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
16 3 254 2 ,815
1945—Dec. 3 1 . . 107 183 22 775 8 , 949 855 3,133 3,378 3 455 1,900 1,104 84 408 78 338 2 ,275 16, 985 14 271 4 4 , 792
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
24 1,054
323
107
252
153 15 566 14 563 ,328 3 409 1 829 7 014
984
19 994 4 428 2 515
444
1943—Dec. 3 1 . .
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
286
104
500
137 1 103
1 631
291 13 784 12 571
775 10 555
20 332 6 548 4 171
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.
1942—Dec. 3 1 . .
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

CertiU.S. States fied
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

1
1
1
1
2
2
2
2

U.S.
IndiGov- States
viduals,
ernand
partner- Inter- ment politships, bank and
ical
and corPostal subdiporaSav- visions
tions
ings

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

3,
3,
3
3
4
4
5
5
5

077
219
669
354
585
361
111
559

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- row- acships, 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

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

104.R

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
posits
eral vault domestic 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
debits2

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
indus- and dealers To others Real Loans Other
investistate to loans Total
Total trial
ments
and
loans Danks
agri- U. S.
U.S. Other
cul- Govt. Other xOVt.
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 =

4,65

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(

172
16(
16'
17i
17C

79
78
7'
7'

1,997
1,993
2,000
2,011
2,006

56

71

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 i
fied
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

1,348
l,30. r
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

Held by
Accepting banks

Total

1947—January
February
March
April
May

236

241

Own
bills

183

230
228

171
170

256
250
234
244
244

July
August
September
October
. ..
November
December

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

Federal
Reserve
Banks Others
Bills (For own
bought account)

85

243
266

June

Based on

168
180
188
197
188
174

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

27

8
7

(S)

25
21
20
21
20

7
8
5
6
7
6
11
10

(2)

1

42
54
61
63

2
4
3
3

53
43

168
168

Foreign
countries

24
27

(2)

42
45
46
45
47

140
144
147
159

United
States

(2)

35
36

140
118
111
115
133

Goods stc red in or
shipped between
poin ts in

24
23
25
25

1
2

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'
investment investment In capita]
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' own partners.
2
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
ances,
3certifi- 3-year5re90 1 new- month cates taxable
days
2
bills 3 of in- issues
als
debtedness

.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
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent.
8
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

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
Indus- Rail- Public 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
1946 average
1947 average
1947—March
April
May

June

July
August
September
October
November
December
194g—January
February
March
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
* Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
6
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
agencies1 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
agencies1 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

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

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

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

1947—February
March
April
May
June
July
August
September
October
November
December

57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
4,270

265
450
449
446
738
601
248
441
622
561
1,078

....

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

••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

228
24
85
115
253

120
54
558
110
30
97
186
108

47

32

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

31
10
77

15

172
120
774

1947—February
March
April

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

338
54
182
319
361

1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947

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

130

18

3
8

89
180
43
245
317

464

1

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

11
30
63

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

Iron
and
steel

Machinery

Automobiles

47

69

146

115

68

77

ir>2

liQ

173

133

223

158

Nonferrous
metals
and
products

15

278

Other
transportation
equipment

242

.

193
159
165
174
163
3 171
327

274
209
201
222
243
130
416

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

126
99
90
111

69
83
76
99

Quarterly
1945—i
2
3

4

1946—1
2
3
4

...

1947—i
2
3
4

Oil
Foods, produc- Indusbevering
trial
ages,
and
chemiand
cals
tobacco refining

75

49

70

151

98

88

148

112

45

Other
nondurable
goods

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

227
182
180
190
169
127
218

869
868
906
1,048

...

325
226
204
194
188
283
435

Other
durable
goods

MiscellaNet
neous profits1
servPre2
ferred
ices

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 & dollars): 629 company series—total, 67; machinery, 49; other durable goods, 18; 152 company series—total, 49.
of
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, the greater part of whose income consists of dividends received on stock holdings in the 30 companies.
8
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 issues
savings tax and
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 2
discount 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

Series
G

i.iii '

2,629

31,535

527
304
332

2,138
2,223
2 556
2,322
2,511
2,208

95

622
-10

52,988

F

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

Insurance
companies

Individuals

Total

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
deinter- rity
re- 3 est fense
rereon
nal
Withtaxes ceipts ceipts ceipts debt activheld2 Other reveities
nue 1

Increase ( + ) or
TransBudget
decrease (—)
fers to Other Total surplus Trust
during period
budget (+) or
actrust
excounts General
ac- pendi- expenddeficit
etc.4
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 acExInvest- pendi- counts of
Governments 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

Assets

Investments

Receipts

+791 +4,529 +57,679

-53,941
-20,676
+754
+2,102
-1,445
-987

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).
» Total receipts less social security employment taxes, which are appropriated directly to the Federal old-age and survivors insurance trust fund.
4
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:
Maritime Commission functions 7 . . . .
War Shipping Adm. functions 8
All other 9

30,409
32,337
429,666
31.037
30,966

CommodiLoans ties,
supreCash ceiv- plies,
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 debenernstruc- and Other tures payable Other ment owned
tures, undis- asliabil- inter- interU. S.
and
est
sets Fully
ities
est
Govt. Other equip- tribguarsecuuted
secu- rities 2 ment charges3
anteed Other
rities
by U.S.
Investments

1,873
1,985
1,777
1,725
1,685

348

23

275

22
2
1

336

16,924
15,486
12,691
12.662
12,600

2

48
72

2
126
759

1

8
19

413
55
25

261
278

613

37
2

511

13

504
53
206
4
1,505
1,999
1,031

1
5

448
3

1
2

2

2

44

172
54

578
15
8

14

139

5
5
37

278
39
25
4
19
926
8 1,970

219
788

5
2
17

(5)

4,192
7,003
8,659

560
163
40

75

2

8

8

i

1

2

204
9

132

124
185

18

490

235

108

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

122
759

675
380
35

4.

12

16

49
109

100

262

184

473

263

498
509
269
138
143

2
3

1
23
7

(6)

436

189

2

358

(5)

94
733

1,296
395
43

69

4
35

2

3

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

48

410
109

547
3,426
3,565
3,553
3,539

12

212
191
47

393
333
61

5

()

219
776

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.
Fed. v inter- Banks Com- Rural Farm- Home
ElecOwnFarm medi- for co- modity trifica- ers'
ers'
Mort. ate opera- Credit
Home Loan
tion
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

1

All
other

8 2,299
69
556

145
241
436

15
94

(5)
336

1
275

18
261

1
733

278
278

278

13
473

278

436

Sept. 30,
1947,
All
all
agen- agencies
cies

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

* Includes certain business type activities of the U. S. Government.
1
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

71

63

44

114

79

100

129

121

107
117
132

83
85
93

100
99
107

129
135
117

117
126
87

139
142
142

91
75
58

. ...

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

92

50

63

37

28

25
32
37

83

90

86

108
122
78
109

139

100
106
95
109

99
112
97
106

125

59
64
72

55

13

11
12
21
37
41
45
60

115

117

81

72

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

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

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

86
94
120

79

1941
1942
1943
1944
1945

1946
March............
April
May
June
July
August
September........
October
November
December . .,

102.5
96.2

98 9
96.8
96 9
103 1
89.8

212
214

180

211

174

146
145
136
137

184
185
187

221
222
225

176
176
175

146
146
148

214

173

90
65

30
44
68
81
95
124

103
113
89
109

1936
1937
1938
1939
1940

103 9
124.2
80 2
86 0
109.1
101 7
107.2

135

95
9Q
110

. ..

103 7
104.2
79 7
88 2
101.0
93 8
97.0

79

96

73

1931
1932
1933
1934
1935

62

88
8/
90

. ..

1926
1927
1928
1929
1930

84

93
53
81
103
95
107

75
58

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

88

125
84
40

37
48
50

Department
Store
sales
(value)**
1935-39
= 100

Wholesale
Concom- sumers
modity prices
3
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.

Mar. Apr.

May June

July Aug. S e p t .

Oct.

Nov

Jan.

Dec.

Feb.

189

Pig iron
Steel
O p e n hearth
Electric.
.

..

187

190

192

192

193

188

192

197

199

198

200

P 2 0 1

225

222

218*

219

207

210

217

223

224

229

229

P 2 2 7

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

281

276

273

275

266

267

276

280

288

288

P285

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

202

197

187

179

171

170

174

179

185

189

194

P197

190

195

203

198

188

11
8

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

..

182

183

208

.

Machinery

176

191

233

...

184

191

277

Iron and Steel

185

194

191

Durable Manufactures

187

198

222

...

Manufactures—Total

190

191

Industrial Production—Total.

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

219

218

211

200

207

195

199

202

201

201

205

235

Stone Clay and Glass Products

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

175
164
218
249

154
257
171
164
216
239

231

171

171

174

162
225
216

160
221
226

161
230
224

1

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

172

170

168

163

169

172

176

179

172

166

164

155

142

154

160

164

172

161
161
262

Textiles and Products

175

173

Nondurable Manufactures

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

^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

cloth

161

155

191
186
147
126

183
171

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

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

textiles
Oarnet wool consumption

159
170
195
149
128
178
158

120

Wool

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

122
101
160

161

151

145

. . . 142
166

145
165

223
157
179
. . 695
372

...

Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
..

.

121
105

149
168

208

189

160
151
619
314

154
131
503
276

158

154

138

132

153
164

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

147
161
141

149
107

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

. . • 110
228
67

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

Tobacco Products
Cigars
Cigarettes
Other tobacco products
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)

. .

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

Newsprint consumption
Printing paper (same as shown under Paper)

88
160
151
139
89

87
158
144
132
93

142

141

142

146

125

Printing and Publishing

83
155
142
137
89
140

. .

124

124

125

131

P185 P185

Petroleum and Coal Products

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
137

131

P203 P204 P205 P208

94

109
275
151

111
270
161
1S7

187

179

146

138

88

^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

143
170

..

Paints
Soap
.
.
Rayon
Industrial chemicals .
....
Kxplosives and ammunition 1
Other chemical products 1

...

.

139
163

145
171

157
178

163
180

156
170

162
183

167
176

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

1

142
174

162
185

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 products
Other stone and clay products 1

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

P!79

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 . . .

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.

Jan.

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

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

1948

Jan.

Total
Durable
Nondurable

.. . .

Preliminary.

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

1948

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)
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]
Nonresidential building

Residential
building

Total
Month

Factories

1947
January
February
March
April
May
June
July
August
September.
October
November
December

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

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

1947

58.7
37.8

391.9

Public works
and public
utilities

Other
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

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]

Public ownership Private ownership

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

1946 1947 1948 1946 1947 1948

1948

Federal Reserve district

1947

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

Jan

Feb.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas

405
346
453
425
441
379
458
605
457
584
492
418

Feb.
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)

358
387
698
735
952
808
718
680
620
573
504
457

January....
February...
March
April
May

681,967

615,206

442,197

419

5,735 5,464

LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Title I Loans
Year or month

Total

Property
improvement1

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 associbanks banks
ations

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
489
684
950
1,017
1,172
1,137
935
875
666
755
1,787

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.. .

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

1948

P8,717

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]
Forest
Total Coal Coke Grain Live prod
stock
ucts
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947

Ore

Mis- Mercel- chanlane- dise
lcl
...

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)
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

46
4



Sales
during
period

Stocks
(end of
month)

Jan.
1948

Department

Index numbers
without seasonal adjustment
1941 average monthly sales=100 2

January

Sales during
period

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

3.2

177

330

167

560

536

533

-2
-13
+ 12
-11
-17
+ 15
-20

2.8
2.6
2.5
2.9
2.4

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

319
236
296
284
186

+6
+ 13
+2
+1
+8

+ 11
+48
j

304
232
138
144
265
139
90
286
230
239
229
238
151
213
158
121

+8
+ 13
+ 14
+ 12
+ 17
+19
-10
0

2

+10
+3
+7

-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

Dec. Jan,

2.2
2.6
2.4
2.4
2.8
2.0
2.6
1.2
2.6

+4

+9
+5
+4
+6
+10
+1

1947
Jan.

3.2

-5
-4

+6
+7
+ 19

Dec. Jan,

-6

-1

-4
-4
-4

1947

Jan.

+3
+3

-1
-2
-2

-5
-5

+4

1948

1947
3.1

+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

Stocks at end
of month

3.0

+8

297
272
201
121
241
185

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

DEPARTMENTS—Continued

Per cent change
from a year ago
(value)

Index numbers
without seasonal adjustment
1941 average monthly sales=100 2

Sales
during
period

Stocks
(end of
month)

January

Sales during
period

Jan.
1948

Number
of stores
reporting

Department

Ratio of
stocks lto
sales

Jan.
1948

1948

1948

1947

193

+15

+3

2.4

+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

177
106

Jan.

Dec.

Jan.

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

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

NONMERCHANDISE—total

4

Barber and beauty shop 4

-8
-9
+11

1947

Jan.

2.7

126
191
160
165
160
142
111
105
155
124
89
103
106
97
128

7

1948

Dec.

163

BASEMENT STORE—total

+9
+ 14
+7
+ 15
+22
+12

1947

Jan.

D o m e s t i c s a n d blankets 4
Women's and misses' ready-to-wear
Intimate apparel4
Coats and suits4
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

+4
+4
+7
+6

Stocks at end
of month

+5

5

()

5

()

()

-7

(5)

(5)

(6)

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
Binghamton.... +7
+ 14
Buffalo l
+ 13
Elmira
-1
Niagara Falls...
New York City1. +6
Poughkeepsie... + 12
+ 14
Rochester1
+6
Schenectady. . .
+22
Syracuse J
+ 15
Utica
Philadelphia . P+14
+9
Trenton *
Lancaster * . .1. . + 17
+ 10
Philadelphia .
+9
Reading l
Wilkes-Barre1. + 13
+21
York 1
Cleveland
+11
Akron 1 1
+ 13
Canton
+6
l
Cincinnati1. . .
+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 *.. . . + 1
+2 +5 Wheeling i
+
0
-3
+2 + 1 Richmond
+8
J
+4 +3 Washington . . . +9
+11 + 11 Baltimore C. . +5
Raleigh, N.
+4 +3 Winston-Saiem. - 4

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. . . . +22
l
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 +37
+10
+8 Mobile
+11
+5 + 13 Montgomery 1 l.. +3 + 12
+4
+5 + 10 Jacksonville ... +8 +5
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
+2 + 11 Macon 1
-1
-1
+10
+3
0
+1
+11 Savannah 1
+8 + 11 Baton Rouge1 . . +2 - 5
+23
+6 +6 New Orleans . . + 7 +9
+4
+5 - 6
+9
+8 Jackson x
+8
-11
+ 14 + 12 Meridian
+9
+9 - 1 8
+ 12 +12 Bristol, Tenn.. .
+11
+8 Chattanooga x . .
- 2 -10
+11
+8
x
+ 16 - 1 4
Knoxville 1
+4
+ 16 + 11 Nashville
+5 -12
+ 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
+52 Oakland and
Berkeley1
+8 Riverside and
+9 San Bernardino
+3 Sacramento l. . .
-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+2
3
( ) +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 . . . .
San Francisco J .
+4 +3 +3
San Jose l 1
-5
-3
Santa Rosa . . .
(2) +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.
Bellingham 1. . . p-10 - 7
-9
P+2 +3 +3
Everett 1
-4
Seattle 1 l
+7 +2
-6
Spokane
+5
Tacoma 1
+ 11 1 +3
1
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

Compensation of employees
. ..
Wages and salaries^
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income 3
Business and professional

. . .

4

1

2

3

4

87.4

National income

Farm

1947

1946

1947

...

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

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

1933

1941

1939

1944

1946

1947
3

Gross national product

4

1

3

2

4

103.8

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

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
1
L.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

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?

970

1,267
1,729
1,942

482
175
200
227
544

814
835
903

1,151

Singlepayment
loans2

Service
credit

Charge
accounts

2,125

1,749

596

473

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

1,004
1,047
1,099
1,151

..
.

3 919

Loans1

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
C

639
635
676
1 ,014
1 ,688

581
631
691
753
816
880
922
965

985
977

]

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

Commercial
banks 1

C

&f\9

Small
loan
companies

Industrial
banks2

Credit
unions

Miscellaneous
lenders

Insured
repair
Comand
modern- mercial
1
ization banks
loans8

Small
loan
companies

Industrial
banks 2

Industrial
loan
com- 2
panies

Credit
unions

219

246

32

95

463

413

42

121

263
C

Industrial
loan
com- 2
panies

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

129
131
132
134
89
67
68
76
117

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
loans are obtained by deducting an estimate of paper purchased from total retail instalment paper.
3
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
1 ,721
L
1 ,802
L,009
1
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
ization
cash
loans 12 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

-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

Year and month

Accounts receivable, end
of month:
Total
Instalment
Collections during
month:
Total
Instalment
Inventories, end of
month, at retail value.

+16

Preliminary.

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

Dec.
1947

Net sales:
Total
Cash sales
Credit sales:
Instalment.:
Charge account:.:..

Charge
accounts

Instalment accounts

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

Total
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

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

37
37
37

40
40
40
40
40

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

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
1.62
2.05
2.45

Mar.

In unit indicated

1.56
.71
.85
3.77

.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
33
13.39 P13.O5 P12.93 Corporatebills (new issues)
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):
68.60 68.90 67.30 Credit extended to customers
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

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

r

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

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

303
'•283
584
770
544
1.3

••284
'288
271
789
633
2.9

3

33
35
35
35

139
80.
32.
26.

283
303
P263
P576
P3.

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

10.01
8.67

375

83.1
32.9
28.5

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

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

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

205.8
183.7
172.5
11.2

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

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

1947

July 31

1946

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.

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
3,358
1,808
1,091
820

562

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

11.14
5.98

16.92
10.12

3,399
1,823
1,102

558

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

1946

148
64

3,317
1,793
1,081
812

ANNUAL FIGURES 2

1945

566

121 .
7
8 .0
0 .9
4 .3

143.7
14.9

3.6

77
.

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

P Preliminary.
1
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

4,731,633
23,648
13,543
4,435,139

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
7,660,502 3,317,134
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

25,215,795

Total liabilities.
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

Demand deposits adjusted
Pledged assets (and securities loaned)
Number of banks
1

82,023,000 40,504,727

23,068
4,131
15,491
42,958
75,429
14,785

221,778
53,965
164,565
55,509
124,737
306,501
141,502

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

6,439,368 46,814,897 44,618,402 123,596,284 82,772,951 40,823,333
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

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

611,972
1,097

Retirable value of capital: First preferred stock. . .
Second preferred stock.
1

5,003
1,650
3,951
22,081
4,490

687
58,637
16,186
62,573
135,930
73,021

122,527,727

197,156

664

25,723,617

CAPITAL ACCOUNTS

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

6,402,193 46,467,199 44,442,540
221,114
30,210
96,794
22,182
15,255
73,061
49,206

122,019

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

155,830

3,885,925
14,484
2,302
954,056

2,896
82,681
63,476
19,154

Total deposits

3,541
1,173,933
829,458

2,109,798
15,372
7,132
3,276,335

16
159,255
566

14,447
460

6,159
3,025,162
1,997,249

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

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

June 30, 1947

December 31, 1946

All
insured
commercial
banks 1
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)

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

Member

Total

Banks1
United States total:
Dec 31 1945
Dec 31 1946
Dec. 31, 1947
Feb. 29, 1948*

Not on par list
(Nonm

Nonmember

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
115

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

Illinois
Indiana

17

4

19
179
382

38
2
31

19
117
99

38
2
27

16
71
65

35
2
26

3
46
34

4S

48

45

26

43

22

3
89
162

879
487
664

3
89
162

502
237
163

3
33

377
250
501

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

l^linnesota
Missouri
...

129

14

62
283

4

56
162

386
160
63
166
182

Massachusetts

8

2

39

608
•

10
110
4
109

881
487
664

Idaho•":

Nebraska * "^

5
19
1,140

8
28
1,206

48

Delaware
District of Columbia...
Florida

Kentucky
Louisiana

318
211

75
62
35
35

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

1

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
2 361
2
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




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

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

24
27
27
27
30
30
30
33
33
33
34
34
34

32

Nether- New
lands Zealand

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

220
209

23

70

20
20

B.I.S.

Other
countries 6

Portu- Rumagal
nia

20
19
20
20
20
20

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
P Preliminary.
1levised.
1
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
member 1946 wheil gold holdings of Foreign Exchange Control Board
December 1945 and Dec
are included also.
8
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

32
32
32
32
32
32
32
32
32
32

84

End of month

June

'

Egypt

Denmark

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 Fran ce BelStates Kinggium
dom
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 I
I
Mex- ColomWest Belgian United Canreported South 1 RhoNicaoutside
8
Chile ragua7
ico*
U.S.S.R.i monthly | Africa | desia Africa2 Congo States* ada 5
bia
$1-- 6/tx grains of told9/v>) %ne; i. e., an ounc e of fine iiold=$35
=15
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 33,984
1,498
6,117
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
Coast only.
Beginning May 1940, monthly figures no longer reported.
4
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
figure $475,641 so that the aggregate for the year is equal to the annual estimate compiled by the United States Mint.
6
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 4
Development. (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
,246.3 3,574.2 979.7 ,474.0 ,258.3 269.6
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.
* Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
8
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
Other
King- France
erFrom Jan. 2, 1935, through—
Total
erItaly Europe Europe Can- America Asia1
ada
dom
lands
land
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec
1946—Dec.

1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
464.5

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

.

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

(Jan. 3, 1940)
(Jan. 1 1941)
31
31
31
31
31
31

-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*
1939—Dec.3
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 Yugo- other
slavia

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- Philand
Union
and French Hong Bur- Briterma, ish Japan lands ippine Tur- Other All Aus- New Anglo- French
of
Man- Indo- Kong and MaMoIskey Asia other tra- Zea- Egyp- rocco South Other
chu- China
lia land tian
East lands
Cey- laya
Africa
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

1

.3

C)

8

Portugal

Rumania

Spain

Sweden

.2
.2
35.1
31.6
3.3

C1)

Norway

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

Date

1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.

Latin
BoAmer- Argen- livia
tina
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
Costa Cuba Indies Mexico Indies PanaRica
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 Vene- Amerzuela
ica

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
Union
erish Japan lands ippine Tur- Other All Aus- New Anglo French of Other
tra Zea- Egyp- Mo- South
Makey Asia other lia land
East
laya
tian rocco 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
1
L.250 0
1
1,400 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

Sterling
and United
States
dollars

Liabilities

Dominion and provincial government
securities

Deposits
Other
assets

Shortterm !

Chartered
banks

Other

Dominion
government

Other

28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0

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

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 .

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

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 .

(

8—Jan. 3 1 .
Feb. 28. .

.6

Assets
Bank of France
(Figures in
millions of francs)

Other
liabilities
and
capital •

Note
irculation2

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

6.0

Liabilities
Advances to
Government

Domestic bills
Foreign
exchange

3.1
17.9
9.5

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
3
i3105,639
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).
* Less than $50,000.
6
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.
1 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
1
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.
* Includes increment resulting from gold revaluation, notes forfeited to the State, and frozen old notes and current accounts.
6
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
,807 276,405 261,298
228,291 254,
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 of bolivares):
Gold7
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 for International Settlements 8 (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 (February 1941), see BULLETIN for March 1942, p. 282.
4
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

Rate
Mar.
31

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.

2

Mar.
Mar.
July
Aug
Nov.

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

&3

3

5 1 /

2H I K

3H

2

France

&3 *
2

7
4

Oct.

Germany
Greece
Hungary......
India

2V&
3

£i

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 gium er- Swe- zerdom
lands den land

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 Securities Loans to
deposit
counted receipts 2
customers

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
1
1,992
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

Security

loans
53
40

1.088
1,108
1,169
1,168
1,156
1,211
1,274
1,507

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

July
August
. ...
September
October
November
December

155

695
719
631
637
645
670
663

1947—'February
March
April
M[ay

32
31
48
92
251
136

635

. ...

77

1,953

702
695

1948—January

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

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

612
570

Demand

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

Other
liabilities
and
capital

Total

653
657
744
782
869
1,039

126

Deposits payable in Canada
excluding interbank deposits

1,035

998

1,041
1,036
1,014
933

1,156
L.051
1,159

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

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

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

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

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

India
(rupee)

Colom- Czecho- Denbia
slovakia m a r k
(peso) (koruna) (krone)

. • •

1947—April
!May
June
July
August
September
October
November
December
February
March

Year or month

Export

90.455
89.062
89.280

Hong
Kong
(dollar)

China
(yuan
Shanghai)

91.901
91.954
91.592
91.652
91.998
90.362
89.989
89.589
88.359

29.773
29.773
29.773

. . .

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

29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773

Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947

Australia
(pound)

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

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)

South
Norway P o r t u - Africa
gal
(krone) (escudo) (pound)

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

Official

Free

2.5103
22.0827

Greece
(drachma)
.8153
2.6715

27.454
22.958
24.592

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

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

2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.C060
2.0060

354.82
306.38
322 54
322.78
324 20
324.42
323.46
322.63
322.29

France
(franc)

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

21.9711
. 8409
.8407

56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980
56.980

1939
1940
1941
1942
1943
1944
1945
1946
1947

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

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)
2 124

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

Netherlands
(July 1938June 1939
= 100)

Sweden
(1935 =
100)

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

106

88
89
94
109
101
103
137
153
159
163
166
169
175
192

Japan
(1933 =
100)

132

France
(1938 =
100)

Pl,537

Mexico
(1929 =
100)

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

Netherlands
(July 1938-June 1939 = 100)

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

IndusIndustrial
trial raw finished
products products

235
237

Foods

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

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

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
p\ 437
Pl.541

. . . .

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

United
States 1
(derived
price)

Number of issues. . .

15

Common stocks

United
Canada 2 Kingdom France
(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

Netherlands 6
(1938 = 100)

Pi,301
Pl.229

94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0

37

183.6
201.9
203.0
201.4
203.4
206.5
218.7
225.1

P Preliminary.
1
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.
* This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
6
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.

Branch

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

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'
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REFORM

IN PARAGUAY.

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July 1946. 170 pages.

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484




DEBITS AND CLEARINGS STATISTICS, THEIR

GROUND AND INTERPRETATION.

BACK-

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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)

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MENT FINANCING, by Frieda Baird. March 1947.
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SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.

Young and Duncan McC. Holthausen.
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From March,

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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

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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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102