Full text of Federal Reserve Bulletin : August 1948
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FEDERAL
ESERYE
BULLETIN
AUGUST 1948
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
EDITORIAL COMMITTEE
ELLIOTT THURSTON
WOODLIEF THOMAS
WINFIELD W. RIEFLER
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
Consumer Credit Trends.
89/- 903
Statement Before the House Banking and Currency Committee.
904- 911
Regulation of Consumer Instalment Credit.
912- 913
1948 Survey of Consumer Finances—Part IV. Consumer Saving and the Allocation of Disposable Income.
914- 932
Revised Consumer Credit Series
933- 937
The Philippine Central Bank Act, by David L. Grove and John Exter
938- 949
Second Annual Report of the National Credit Council of France
950- 960
Current Events and Announcements.
960
National Summary of Business Conditions.
961- 962
Financial, Industrial, Commercial Statistics, U. S. (See p. 963, for list of tables)
963-1022
International Financial Statistics (See p. 1023, for list of tables)
1023-1041
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
1042
Senior Officers of Federal Reserve Banks; Managing Officers of Branches
Federal Reserve Publications.
1043
1044-1045
Map of Federal Reserve Districts.
1046
Subscription Price of BULLETIN
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FEDERAL RESERVE
VOLUME 34
BULLETIN
August 1948
NUMBER 8
CONSUMER CREDIT TRENDS
During the three years that have elapsed
since V-J Day, the American public has gone
into debt more rapidly than in any other
period in our history. At the same time consumers in general have been fully employed,
have received a record amount of income,
and have continued to increase their exceptionally large holdings of liquid assets. The
large volume of consumer spending from
current incomes, rapid turnover of accumulated savings, and increased borrowing,
accompanied by limits on output of goods
and services, have contributed to the upward
spiral of prices.
The unprecedented volume of home buying during this three-year period has added
approximately 10 billion dollars to the outstanding mortgage debt on one- to fourfamily nonfarm homes, bringing the aggregate of such long-term obligations to
more than 32 billion. In the same period
short-term credit extended to consumers has
risen more than 8 billion dollars to a new
high of just over 14 billion at the end of June.
The movement of these two types of credit
thus far in 1948 indicates that their combined
total will have passed the 50 billion dollar
mark by the end of this year.
Expansion in debt may be explained
largely in terms of the return of housing and
major consumers' durable goods to the marAUGUST 1948
ket after the wartime curtailment of production. In the July issue of the BULLETIN, current developments in the construction and
real estate markets were discussed. The
present article reviews the recent changes in
short-term consumer credit and certain factors affecting the future outlook for this important sector of personal debt.
During the war there was a rapid liquidation of consumer credit from a level of
approximately 10 billion dollars in 1941, the
highest point ever reached up to that time,
to just under 5 billion at the low point
reached in 1944. The absorption of current
income in reduction of debt and the restraint
exercised in the incurring of new obligations
contributed materially to the efforts during
this period to hold inflation in check. At
CONSUMER CREDIT
[End of month estimates.
Type of credit
Amount
outstanding
June
1948P
Total consumer
credit
Amounts in millions of dollars]
Change from
Percentage
change from
June Aug. Sept. June Aug. Sept.
1947 1945 1941 1947
1941
14,149 2,905 8,573 4,059
154
Instalment credit. . 7,192 2,259 5,229 961
Sale credit
3,399 1,363 2,693 -608
Loan credit
3,793
896 2,536 1,569
266
381
202
15
-15
71
646 3,344 3,098
477 1,923 1,652
93
133
80
96
154 1,244 1,113
15 177
333
23
72
56
Noninstalment
credit
6,957
Charge accounts.. 3,364
Single-payment
loans
2,662
Service credit. . . .
931
Preliminary.
897
CONSUMER CREDIT TRENDS
the same time a record volume of savings,
distributed widely among American families,
was accumulated. The reduction in debt together with the much higher level of personal incomes put consumers in a strong
financial position.
When consumers' durable goods began to
return in quantity, demand was supported
not only by the high level of income and
the large accumulations of savings of consumers but also by their ability to obtain
credit on the basis of their strong financial
position. As the savings of some buyers
were reduced and as terms for credit were
relaxed, more recourse was made to credit,
particularly instalment credit, which has
shown a continued expansion.
From September 1941 until last year consumer instalment credit, and for a while
other forms of consumer credit, were subject
to regulation by the Board of Governors of
the Federal Reserve System under Executive
Order. This regulation was terminated as
of November 1, 1947, by Congressional resolution. A bill to authorize regulation of instalment credit for a temporary period was
introduced in the Senate during the special
session of the Congress that met in November 1947. This measure was passed by the
Senate, but it was not voted upon in the
House of Representatives prior to adjournment in June of this year. In the special
session convening on July 26, identical bills
(S. 2910 and H. R. 7062 entitled the "AntiInflation Act of 1948") contained among
other things substantially the same provisions
as were embodied in the bill passed by the
Senate. The original Senate bill, with the
termination date changed from March 15,
1949, to June 30,1949, was eventually adopted
by both Houses and was approved by the
President on August 16.
POSTWAR DEVELOPMENTS IN CONSUMER
CREDIT
Wide fluctuations in the total volume of
short-term consumer credit over the years
have reflected principally changes in instalment credit. For special reasons growing
out of the war, the period since 1941 has
witnessed, first, a rapid decline in outstanding volume from the 10 billion dollar level
of September 1941, and later, an even more
rapid rise to a new high of 14 billion dollars. As shown in the chart, consumer credit
was cut in half over the two years 1942 and
1943 and then nearly tripled. In the short
space of three years since V-J Day the aggregate amount outstanding has increased more
than 8 billion dollars, or about 2 billion
more than in the eight years between the
depression low of the thirties and the prewar peak.
COMPOSITION OF CONSUMER CREDIT OUTSTANDING
BILLIONS OF DOLLARS
CUMULATIVE TOTALS, END OF MONTH FIGURES
BILLIONS OF DOLLARS
16 | 1 1 1 1 1 1 1 1 1 | | | 1 1 i 1 | 1 1 I 16
—
—
1930
1932 1934 1936 1938 J94O 1942 1944 1946 1948
Estimates.
Latest figures shown are for June.
The importance of changes in instalment
credit is indicated by the chart. The 1942-43
decline in this type of credit accounted for
more than 85 per cent of the decline in total
consumer credit, while the postwar rise in
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT TRENDS
instalment credit accounted for 60 per cent
of the total rise. Other forms of consumer
credit fell very little in the early war period
and began to increase earlier than instalment
credit. Their greatest growth occurred in
1946, and in recent months a tendency to
level out has appeared. Instalment credit,
on the other hand, has continued upward.
All major segments of consumer credit are
above their prewar highs. Reflecting the
moderate decrease during the war and the
earlier start of the expansion, noninstalment
forms show the greatest gains as compared
with the 1941 totals. Charge accounts have
nearly doubled; single-payment loans are up
about 70 per cent; and service credit is estimated to be about 55 per cent higher. In
contrast, instalment credit has increased only
15 per cent over prewar levels.
charge-account balances dropped from 38
per cent of the net gain the first year following V-J Day, to only 16 per cent in the past
12 months. The shares of single-payment
loans and of service credit have also declined.
These developments point to instalment
credit as the principal source of future increases in total consumer credit.
COMPOSITION
OF CONSUMER CREDIT INCREASES
[Dollar amounts in millions]
June 1947 June 1946 August 1945
Type of credit
to
Total i n c r e a s e . . . . . .
Total..
to
June 1946
$2.905
Percentage distribution of
of increase:
Instalment credit.
Sale credit
Loan credit
Noninstalment credit
Charge accounts
Single-payment
loans..
Service credit. . . .
to
June 1948 June 1947
..
$3,360
78
47
31
22
16
5
1
61
30
31
39
17
19
3
40
14
26
60
38
19
3
100
100
100
$2,308
CONSUMER CREDIT IN RECENT MONTHS
In the 12 months ending June 1948, total
consumer credit rose 2.9 billion dollars as
compared with 3.4 billion in the previous
12-month period. The recent increase, however, has been quite different in character
and significance from the earlier one. As
mentioned previously, noninstalment credit
has been leveling off while instalment credit
has continued to rise.
The changing importance of the various
types of credit is evident from the table
which shows for each type its proportionate
share of the net increase in consumer credit
during various periods since the end of the
war. Instalment credit, for example, accounted for only 40 per cent of the increase
in total credit from the end of the war to
June 1946, but increased its share to 61 per
cent of the net gain from June 1946 to June
1947, and further to 78 per cent in the 12
months ending June 30, 1948. By way of
contrast, the contribution of the increase in
AUGUST
1948
Instalment credit. Instalment credit outstanding rose about 2.3 billion dollars from
June 1947 to June 1948, about 10 per cent
more than the 2.1 billion dollar increase of
the previous 12 months. The rate of advance
appeared to be falling off in the first quarter
of 1948, but in the second quarter there was
a pick-up in activity and the net gain in outstanding credit was again about 10 per cent
above that of the corresponding period of
the previous year.
In statistical compilations instalment credit
is divided into instalment sale credit and instalment loan credit, primarily because of
the sources from which the data are obtained. Instalment sale credit is originated
by retailers in connection with the sale of
goods, although much of the paper is later
sold to sales finance companies or banks.
Instalment loan credit is originated by financial institutions through the making of direct
loans to consumers. The purposes of credit
899
CONSUMER CREDIT TRENDS
of the first type are ascertainable by reason
of the character of the transaction involved,
and a very large part of it goes for the purchase of consumers' durable goods. The purposes underlying the second type of credit
are not so easily determined, but some of the
breakdowns available permit identification
of a substantial portion. Directly and indirectly, loan credit is widely used in the
purchase of consumers' durable goods, although in some lesser degree than sale credit.
As indicated by the chart, instalment sale
credit before the war frequently was nearly
double instalment loan credit and had a
somewhat wider range of fluctuation. In the
earlier part of the war period sale credit fell
more rapidly, and at the beginning of 1943
it dropped below loan credit. Loan credit
leveled out sooner and began to rise again
before sale credit. About the middle of 1946,
however, the movements became parallel and
more recently the spread between the two
types has narrowed.
CONSUMER INSTALMENT CREDIT OUTSTANDING
MILLIONS OF DOLLARS
END OF MONTH FIGURES. NONCUMULATIVE
BILLIONS OF DOLLARS
6
8
1930
1932 1934 1936 1938 1940 (942 1944 1946 1948
Estimates.
Latest figures shown are for June.
Some of the delay in the upturn of sale
credit can be attributed to the slow recovery
in automobile production, and the recent in900
crease to more rapid output of automobiles.
On the other hand, it is to be noted that
changes in methods of financing motor vehicles have taken place since before the war.
At the end of 1940, for example, loan credit
extended by commercial banks for the purchase of automobiles was only one-eighth as
large as automobile sale credit. Today it is
about two-fifths, although at one time during the early postwar period it was threefifths as large.
Noninstalment
credit.
Noninstalment
credit increased by about 650 million dollars
in the 12-month period ended June 1948 as
contrasted with 1,300 million for the previous 12 months, or 50 per cent less. The rate
of advance, which at first was very rapid
after the war, has been gradually declining,
and in recent months a distinct leveling off
of outstandings has been evident.
To a considerable extent noninstalment
credit is convenience credit and is payable
in fairly short periods of from 30 to 90 days.
It is divided into charge accounts, loans payable in a lump sum, and service credit.
Charge-account credit is particularly subject
to seasonal influences, reaching a high point
at the end of each year, falling off sharply
in January, and recovering somewhat in the
first half of the year. This year the January
decline was larger than that in 1947, and the
net result for the first half of 1948 was a
decline half again as large as occurred in the
corresponding period a year ago. Singlepayment loans have little seasonal variation,
and the total outstanding now is slightly
smaller than in early 1948. Service credit
represents credit such as is extended to consumers by professional people and by utility
companies for services rendered. Service
credit is estimated to have remained nearly
constant throughout the 12-month period.
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT TRENDS
CREDIT BUYING
INSTALMENT BUYING TERMS
Reports on instalment buying terms
throughout the country indicate that when
Regulation W was terminated many credit
grantors adopted credit policies that were
considerably less restrictive than those required by the regulation but somewhat more
restrictive than those prevailing before the
war. In recent months there has been a
further relaxation in the down payment
and maturity requirements in instalment
credits for practically all categories of durCharge-account sales have increased less
able goods. Competition has been the prirapidly than those made on an instalment
mary factor influencing the granting of more
basis, but amounted to 19 per cent of the liberal contracts; when one important retail
record volume of retail sales in 1947 as com- outlet in a community relaxed terms, other
pared with 23 per cent of the retail volume stores soon felt that it was necessary to folin 1941. The course of retail trade in the low.
first half of 1948 points to a further gain in
An important element in limiting the rethe proportion of instalment sales this year laxation of terms has been the policy of
and also to a moderate increase in charge- many financial institutions to set terms less
account business.
liberal than those prevailing elsewhere.
An indication of the increasing frequency Terms offered by certain groups of credit
of the use of instalment credit is given in grantors, principally the smaller furniture
the Consumer Finances Survey made for the and household appliance firms as well as
Board of Governors. Data from the survey automobile dealers, have not varied mateshow that one out of every four spending rially from the requirements of these finanunits, or approximately 12 million spending cial institutions. Such stores are largely deunits, bought on the instalment plan (instal- pendent on the discounting of instalment
ment sale credit) in 1947 as compared with obligations for the financing of additional
a ratio of one out of every seven or eight business, since only a limited proportion of
spending units in 1946. Instalment loans at capital can be tied up in instalment credit.
banks, loan companies, credit unions, and More liberal contracts are frequently offered
other such agencies were obtained by 15 per by those outlets that are able to retain the
cent of all spending units in 1947 (7 million bulk of their own receivables. Stores that
spending units) as compared with 13 per have been forced to ease terms in order to
cent in the preceding year. There was some meet this latter competition have accordevidence to indicate that the new users of ingly been exerting pressure on financial insuch credit were concentrated in the middle stitutions to grant more lenient terms.
and upper income classes, principally those
It is difficult to generalize about current
with incomes of above $3,000 a year.
instalment terms, first, because there is a
Notwithstanding the rapid expansion during the past two years in both instalment and
charge-account transactions, neither has regained the relative position it held in consumer purchasing before the war. Instalment transactions, which totaled 8.5 billion
dollars in 1947, were larger than in any previous period, but they accounted for only 7
per cent of all retail sales as compared with
13 per cent in 1940 and 1941.
AUGUST 1948
901
CONSUMER CREDIT TRENDS
wide range of terms available for each commodity and, second, because there are no
tabulations of actual sales contracts available
that would lend themselves to statistical
measurement. Reports received recently,
however, give some indication of the terms
now available to prospective purchasers of
consumers' durable goods and provide a
rough basis for estimating the extent to which
terms offered have shifted since the termination of Regulation W.
For purposes of comparison it should be
noted that the minimum down payment required on the major consumers' durable
goods at the time the regulation was terminated was one-third (furniture, 20 per cent) ;
and the maximum length of contract permitted was 15 months.
Automobiles.
Instalment contracts for
automobiles appear to show more uniformity
than those for any other type of durable
goods. Initial cash payments of one-third
are generally required, although a higher
proportion may be necessary in the case of
older-model, used cars. A softening of down
payment requirements is apparent in the
fact that payments of one-fourth or less in
cash are occasionally allowed. The length
of automobile contracts is closely related to
the age of the car, with the longest periods
(usually up to two years) being available
for new and "new used" cars. On prewar
model cars the period is ordinarily held to
one year.
Major household appliances. Credit terms
available for the purchase of refrigerators,
washing machines, stoves, and other major
household appliances fall into two almost
distinct classifications: 10 per cent down and
18 months to pay; and 20 per cent down and
12 to 18 months to pay. The exceptions to
these patterns are in the direction of no
down payment requirement and, especially
902
on the more expensive items, 24 to 36 months
to pay.
Radios, radio-phonographs, and television
sets. In general the instalment contracts being written for these products recognize the
elements of rapid depreciation and obsolescence, and therefore somewhat larger down
payments and shorter maturities are required
than for household appliances. While many
stores are holding to down payment requirements of 25 per cent and a one-year term,
another substantial group is offering terms
of 10 per cent down and 18 months to pay.
There is also a fringe of exceptions—stores
that will make the sale without any down
payment and allow 24 to 36 months to pay
out the contract.
Furniture. Current down payment requirements on furniture appear to cluster
around either 10 or 20 per cent. Some outlets offering 10 per cent down allow the contract to extend for a period of 24 months,
while those requiring larger down payments
tend to restrict the repayment period to 12
to 18 months.
SIGNIFICANCE OF PRESENT TRENDS
The prospect without regulation would be
increased use of consumer instalment credit
in buying, some further reduction in down
payments, and some lengthening of maturities. Together with the seasonal rise in the
use of instalment credit during the late
months of the year, these factors would result
in a growth exceeding that which occurred
in the first six months.
The increase in instalment credit this year
is of special significance because it is taking
place notwithstanding the fact that the output of consumers' durable goods is no longer
growing. With a rise of 85 per cent in durable goods production in 1946, there was an
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT TRENDS
increase of 65 per cent in instalment credit.
In 1947 the percentage increase in credit of
55 per cent accompanied a growth of only
one-third in durable goods. Gradually the
increases in credit have outstripped the expansions in output of goods. By the middle
of 1947, durable goods production had stabilized at a level that has been maintained up
to the present time. Yet instalment credit
continued to rise—one billion dollars for the
first six months of 1948 and more in prospect.
In view of the current tight situation in
supplies of labor and materials, further expansion of instalment credit can neither increase output nor put more people to work.
It can only add more purchasing power to
the already swollen spending stream and reinforce inflationary pressures. International
developments, moreover, inevitably cause
added pressures in the markets for consumers' durable goods. At the same time that
men are withdrawn from civilian production
by the draft and that such materials as steel
are made more scarce by the armament program, domestic demand for durable goods,
already strong, is augmented by the desire of
consumers to anticipate more acute shortages.
Because more purchasing power is being
added to a supply of funds already excessive
in relation to available goods, expansion of
instalment credit under present conditions
is of an inflationary character irrespective of
its relative level as compared, for example,
with national income. While credit outstanding now amounts to no more than 3.9
per cent of annual disposable income in the
United States, as compared with a range of
5.5 per cent to 7.1 per cent in the years just
preceding the war—the highest levels on
record—conditions today are much different.
In the year 1940, for example, when the perAUGUST 1948
centage was at its peak, average unemployment was 14.5 per cent of the total labor
force, according to the Bureau of Census estimates, as compared with 3.5 per cent in 1947.
Furthermore, the financial position of consumers was much less strong in 1940 than
at the present time. At the beginning of
1948, spending units with incomes of $5,000
and less held about 65 billion dollars of
liquid assets widely distributed.
On the basis of the current financial position and incomes of consumers, many credit
grantors no doubt feel safe in permitting
debt to grow to much larger totals. There
is a natural tendency, also, on the part of
consumers to go into debt most heavily at
times of high employment, large incomes,
and substantial accumulated savings. These
are just the factors, however, that create the
danger of the present situation. They provide
a stimulus to further expansion of credit
which at this time can only add further
impetus to the rise in prices.
Since the end of Regulation W a number
of trade associations of credit grantors have
urged their members to exercise caution in
liberalizing terms and expanding portfolios.
Such efforts have undoubtedly had some
effect in moderating the increase in instalment debt. These voluntary efforts, however, have not prevented a gradual reduction
in the down payments and lengthening of
the maturities advertised by credit grantors
until they are now rapidly approaching
those which were being offered before the
war. Regulation of instalment credit, which
the Board has recommended on a number of
occasions and which the President requested
in his recent message to Congress, can make
a worthwhile contribution to economic stability at maximum employment.
903
STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE
AUGUST 2, 1948 *
Chairman Wolcott and Members of the Committee:
I deeply appreciate the consideration your Chairman has extended to me in making the time of my
appearance here as convenient as possible. Although
Congressman Wolcott had asked me to come before you earlier, he kindly consented in deference to
my request to wait until this morning. I therefore
acceded to the urgent request of Senator Tobey to
appear before the Senate Banking and Currency
Committee last Thursday morning. Since your
Committee has been fully occupied with the testimony of Mr. Porter, I trust that the postponement
until this morning has not caused you inconvenience.
On the evening before going to the Senate Committee, I canvassed the members of the Board by
telephone to ascertain their views on the two titles
of the proposed anti-inflation bill which relate to
consumer credit and bank reserves. The members
of the Board agreed unanimously to the following
statement:
ANTI-INFLATION ACT OF 1948
The proposed "Anti-Inflation Act of 1948" includes two titles relating to credit controls. Both
are, in substance, part of the comprehensive antiinflationary program which the Board of Governors has previously recommended to Congress.
Title One relates to regulation of consumer credit
and Title Two relates to bank reserves. As you
gentlemen know, the proposed regulation of consumer credit is identical, except for the date, with
the bill passed by the Senate, and acceptable to
the Board of Governors as one part of an overall
program.
The proposal with respect to bank reserves is
similar to that advanced by the Board in April,
except that the increased requirements would be
applicable only to member banks, whereas the
Board had recommended that they be made
applicable to all commercial banks. This is a
significant difference. We feel deeply that it
is not fair to member banks in their competitive
relations to nonmember banks to require that
they be singled out to carry the additional re* Presented by Thomas B. McCabe, Chairman, Board of
Governors of the Federal Reserve System.
904
serves that may be necessary to combat this
inflationary situation. As an emergency measure,
however, the bill would be adequate to meet the
immediate need for additional authority to deal
with reserves.
In thus stating the views of the Board on these
two titles of direct concern to the System, I do
not want to create the impression that action
in the credit field alone will solve our inflationary
problems. Other areas, particularly a budgetary
surplus, are more important.
Since I presented that statement to the Senate
Committee, the Board has this morning had an
opportunity to meet and to discuss the proposed
legislation at length. The Board is agreed that
the inclusion of the nonmember banks is essential
to make the proposed legislation fully effective. I
have also been in touch with several of the Presidents of the Federal Reserve Banks, and others.
There is strong concurrence with the statement that
it would be very unfair to single out member banks
to carry the additional reserves to combat this
inflationary situation. This is particularly true of
the Presidents from those districts where there are
large numbers of nonmember banks, which would
be given a competitive advantage as against member banks. It might result in a serious loss of
membership in the System and weaken the effectiveness of its policies. As you know, the effective
reserve requirements in most states are substantially below those carried by member banks, and
thus nonmember banks have greater latitude and
earning power.
The question of the inclusion of nonmember
banks is very important and we would appreciate
it greatly if the Committee would give this problem serious consideration. Unquestionably from
the point of view of effectiveness as well as equity
the proposed legislation should apply to all commercial banks.
Now, I would like to give you some of my personal observations concerning the impact of the
inflationary forces on our credit control mechanism.
These remarks are substantially the same as those
I made last week before the Senate Banking and
FEDERAL RESERVE BULLETIN
STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE
Currency Committee, except for elaborations on a
few points on which questions were asked by the
Senators.
Consideration of the pressures now at work in
our economy must be based on an understanding of
the fact that the financial forces generated in a
great war are among the most disrupting factors
that can afTect the economic system. We are now
dealing, and for years shall be forced to deal, with
the monetary backwash of the greatest and most
costly war of all time. We are faced with the
problems of liquidating the effects of that war upon
our own economy, and indeed upon the economy
of the world. If history is a guide, we must realize
that these problems will not be solved in a day.
They will extend over a number of years—how
many depends upon how wisely and how courageously we devote ourselves to the task.
The financial cost of the last war, if all conceivable items of cost were included, perhaps
could never be accurately summed up. Suffice it to
say that our national debt rose to approximately
280 billion dollars and is still above 250 billion.
The solution of our present problems does not
require us to determine whether the debt should
have risen so high, whether we should have spent
so much, whether we should have taxed ourselves
more and borrowed less, or whether the pattern of
our borrowing was well conceived. What has been
done is in the realm of fact and the consequences
must be dealt with accordingly. One of the important facts is that the creation of our national
debt resulted in a tremendous expansion of the
money supply. While the Government borrowed
vast sums from nonbank lenders, other vast sums
were supplied by the commercial banking system.
And let me say right here that this nation owes
a debt of gratitude to commercial bankers generally
for their service in the task of financing the war.
The rapid expansion of the money supply which
resulted from their contributions must not be permitted to rise and plague them as if they had
cunningly contrived it for their own selfish ends.
Nevertheless, as a net result of war financing,
there were increases in the public's holdings of
demand deposits and currency from less than 40
billion in 1940 to 110 billion at present; of time
deposits from less than 30 billion to nearly 60
billion; of United States Government securities,
which are readily convertible into money, from a
few billion to over 90 billion. The total supply of
AUGUST 1948
these forms of money and potential money is now
more than three times the prewar total.
The productive capacity of the nation was largely
devoted to war purposes for almost five years. At
the peak more than 50 per cent of our record production was for war use. While millions of people
were coming into possession of more money than
any people had ever had to spend and save, there
was a scarcity of things to spend it for. Consequently two great backlogs rapidly accumulated—a
backlog of unfilled wants and a backlog of money
savings. With removal of controls this pent-up
spending power, plus an unprecedented volume of
current income were turned loose in a market
characterized by scarcities and shortages. Prices,
wages, and profits rose rapidly, and the spiral of
inflation was on its way.
At present, with a supply of money or potential
money readily available to buy the current output
of goods and services about three times the prewar
level, the overall physical volume of production
of goods and services, so far as it can be measured,
is probably little over a half larger than the prewar
maximum. Production, it is important to emphasize, is practically at capacity; there has been little
increase in its physical volume during the past
year and a half, notwithstanding the great pressure
of unsatisfied demands, expanding credit, and
rising prices.
Prices on the average have risen by nearly threefourths since before the war and two-thirds of this
increase has occurred in the past two years. The
dollar value of the total national product, at nearly
250 billion dollars a year, is over two and half
times the prewar maximum. On the basis of the
present volume of money, the turnover of which is
low relative to past periods of high activity and
could be greatly increased, prices could rise even
further. Further expansion of bank credit, the
capacity for which is tremendous, would add to the
already excessive money supply and could do little
to increase output.
PUBLIC DEBT HOLDINGS PROVIDE BASIS FOR
POSTWAR CREDIT EXPANSION
Capacity for still further credit expansion also
grew out of war finance. In helping to finance the
Government's large war expenditures and to provide the money supply demanded by the expanding
and abnormal war economy, the commercial banks
of the country and also the Federal Reserve Banks
905
STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE
greatly expanded their holdings of Government
securities. Commercial bank holdings of Government securities of all types increased from about 16
billion in 1940 to a peak of 90 billion at the end of
1945 and then were reduced during 1946 to 70
billion, largely by Treasury use of its excess bank
deposits to retire debt". Subsequently, to meet the
demands of rapidly expanding private economy in
the postwar period, banks have further reduced
their holdings of Government securities, but they
still hold 65 billion dollars of them. Other investors have also sold or redeemed some of the
holdings of Government securities in order to obtain
funds for other uses.
Sales of U. S. Government securities in the market by banks and others have not been absorbed by
purchases on the part of other investors. In order
to keep the prices of Government securities from
declining, the Federal Reserve System has continued to carry out its wartime responsibility of supporting the market by buying at relatively stable
prices securities offered for sale and not purchased
by others. The result of these purchases by the
Federal Reserve Banks is to supply additional reserve funds to banks. Because of the fractional
system of reserve requirements, these new reserves
in turn provide the basis for an increase in bank
credit that may be many times the amount of new
reserves obtained.
In the postwar period these reserves supplied the
basis for an increase in bank credit in response to
an active demand for loans to finance the operations
and expansion of the business system in an era of
high demand, accelerated activity, rising costs, and
rising prices. There is ample evidence that bank
credit is also being used for purposes ordinarily
served by the capital market. As a result, despite a
reduction of 25 billion dollars in the volume of Government securities held by commercial banks, deposits and currency held by the public have increased by an additional 15 billion since the end of
1945. This has been largely the result of an increase of 15 billion in bank loans.
The Board of Governors has kept the Congress
and the public informed concerning these results
of supporting the market for Government securities.
It has repeatedly pointed out that the effect has been
to increase significantly, and it may be dangerously,
the money supply. The need for market support
of Government securities has greatly increased the
problem faced by the System in adopting policies to
906
regulate the supply of money and credit to the
justifiable needs of a stable, full-employment
economy. As long as various holders of Government securities endeavor to sell more of their holdings than other investors are willing to buy, the
Federal Reserve Banks must purchase the balance
and these purchases create bank reserves.
It is my view that the System is obligated to
maintain a market for Government securities and
to assure orderly conditions in that market, not
primarily because of an implied commitment to
wartime investors that their savings would be
protected, nor to aid the Treasury in refunding
maturing debt, but because of the widespread
repercussions that would ensue throughout the
economy if the vast holdings of the public debt
were felt to be of unstable value.
POLICIES ADOPTED TO RESTRAIN INFLATIONARY
CREDIT EXPANSION
The Federal Reserve System and the Treasury
have, nevertheless, been able to adopt some policies
designed to offset the expansive effect on bank
reserves of market purchases of Government securities by the Federal Reserve System. The first
and quantitatively more effective of these measures
has been the use of the Treasury surplus to retire
maturing securities, particularly triose held by the
Federal Reserve Banks. The debt retirement program was made possible first by a large cash balance built up by the Treasury in the Victory Loan
drive in 1945 and later by a substantial surplus of
cash receipts over expenditures. In paying out a
large part of the excess cash collected from the public to the Federal Reserve for retirement of debt,
that amount of money was eliminated from the
money supply and also from bank reserves.
As a second measure of restraint, about a year
ago the Federal Reserve and the Treasury embarked upon a program of permitting yield rates
on short-term Government securities to rise from
the very low levels at which they had been pegged
during the war. The purpose of this action was to
encourage banks and others to invest available funds
in short-term securities. This enabled the Federal
Reserve to reduce its holdings of short-term securities and thus offset the effect on reserves of its
purchases of longer term bonds. The rate on 90day Treasury bills rose from % of one per cent to
about 1 per cent, and that on one-year Treasury
certificates from % to V/s per cent. The Federal
FEDERAL RESERVE BULLETIN
STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE
Reserve Banks early in 1948 raised their discount
rates from 1 per cent to 1 lA per cent.
Late in 1947, market yields on Government bonds
also rose, that is, prices of bonds, which had been
selling at large premiums, declined in the market.
This adjustment was in large part inaugurated by
sales by financial institutions to obtain funds to
invest in corporate securities and mortgages, but it
was accelerated by sales made in fear of further declines in prices of bonds from their high levels. In
order to check this decline, the Federal Reserve
System adopted a policy of freely purchasing bonds
at an established series of prices, which maintained
yields in accordance with a pattern ranging from
1/4 per cent for one-year issues to 2 ^ per cent for
the longest-term bonds. This pattern kept the
prices of all except a few very short issues of securities at par or higher.
It may be of interest to review credit developments and the effects of these policies during the
past twelve months. In the year ending June 30,
1948, commercial banks showed a small increase
in their deposits and their total loans and investments, although there were some wide fluctuations
during the period. In the twelve months, commercial banks increased their total loans and their
holdings of corporate and State and local Government securities by a total of 7 billion dollars. Most
of this growth occurred in the latter half of 1947
and was accompanied by an expansion in bank deposits and reserves. In the early months of 1948,
however, deposits were withdrawn to make seasonal
heavy tax payments, which were not offset by Treasury expenditures. Banks met these needs largely by
reducing their holdings of Treasury bonds. Some
maturing bonds were exchanged for certificates and
a part of these issues were sold. At the same time
banks in general purchased added amounts of
Treasury bills, an indication of the effect of the
higher short-term rates in attracting available funds.
Banks also continued to increase their loans in the
first half of 1948 by about 1.7 billion dollars—a
somewhat slower rate of growth than in 1947.
Most of the dollar increase in bank loans during
1947, particularly in the last half, was in commercial
and industrial loans, but the increases in consumer
loans and real estate loans showed larger percentage
increases in 1947 and have continued to expand in
1948.
Savings institutions, particularly insurance companies, also considerably expanded their holdings of
AUGUST 1948
mortgages and investments other than U. S. Government securities during the past year. In the
aggregate, these assets of selected groups of financial
institutions increased by 8.6 billion dollars in the
period, of which 6.4 billion was met by receipts of
new savings from the public and 2.2 billion by a
reduction in their holdings of Government securities. Nonbank investors, as a group, sold and redeemed bonds, but purchased certificates and bills,
reflecting increased popularity of these issues with
the rise in rates. Life insurance companies substantially increased their holdings of Government
securities during the war and then in the postwar
period reduced these holdings while increasing
their mortgages and other investments.
Sales of Treasury bonds by nonbank investors
and by banks in the past year have been largely
purchased by the Federal Reserve System. The
System purchased 5.7 billion dollars of Treasury
bonds in the market and also purchased in the market a net amount of about 2.6 billion dollars of notes
and certificates, but sold on balance nearly 4 billion
dollars of bills to banks and other investors. In the
same period the Treasury redeemed for cash about
5 billion dollars of maturing issues of various kinds
held by the Federal Reserve Banks. With all of
these wide shifts in holdings of different types of
securities, there was only a small net decline in the
System's aggregate holdings of Government securities, although the total fluctuated considerably
from time to time.
The purpose of this detailed survey of figures is
to illustrate how shifts in holdings of the public
debt are being used to finance inflationary spending, and how Federal Reserve and Treasury policies
endeavor to offset these tendencies. Treasury use of
surplus funds to retire securities held by the Federal Reserve drains reserves from banks and makes
it necessary for them to sell securities if they wish
to maintain their loans, and even more so if they
want to expand credit. The higher rate on Treasury bills encourages banks and other holders of
liquid funds to buy bills rather than invest in other
assets. Since most of the bills have been held by
the Federal Reserve, a reduction in System holdings
is made possible and bank reserves are thereby
absorbed. Nevertheless, sales of bonds to the Federal Reserve, primarily by nonbank investors, have
been so large that the restrictive effect of the other
policies has been fully offset.
A third method of restraint used by the Federal
907
STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE
Reserve authorities during the past year was to increase reserve requirements at central reserve city
banks in New York and Chicago by 2 per cent of
demand deposits in February and again in June.
This added about a billion dollars to member bank
required reserves and immobilized that amount of
bank assets. The effects of these changes, however,
were concentrated on New York City and Chicago
banks, where loan expansion has been less than
at other banks. Under existing law there is no
further power to increase requirements except in
central reserve cities.
It should be mentioned that bank reserves have
been supplied in the past year by an inflow of gold
amounting to 2.2 billion dollars and also by a decline of about half a billion in currency in circulation. A temporary increase of 1.3 billion in Treasury deposits at the Federal Reserve offset in part
these factors. The total growth in reserves was 1.4
billion, sufficient to cover the increases in reserve
requirements at central reserve city banks and
also increased requirements resulting from deposit
growth. The Federal Reserve System was not able
through its policies to prevent some continued expansion of bank credit.
PROSPECTIVE DEMANDS FOR CREDIT
Economic prospects indicate a continuation of
strong inflationary pressures during the next several months and perhaps for a much longer period.
Individual incomes have continued at a high level,
with a tendency to increase as prices and wages
have risen and employment has grown with the
labor force. Consumer spending, based on current
incomes, the use of past savings, and borrowing,
also has continued to expand. Construction volumes seem likely to remain for a while at capacity
levels, with possible further rises in prices. Business
expenditures are also expected to continue in large
volume. Government expenditures are increasing,
while the recent income tax reduction will lower
receipts, thereby sharply reducing the Treasury
surplus.
Continuation of these tendencies will call forth
further credit expansion. Borrowing by consumers
and home-owners will no doubt continue to expand
and thereby add to consumer spending and to demands for housing, which are already excessive.
Prospective large outlays by business for expansion
of inventories and plants will probably exceed internal funds available and also amounts obtained
908
by flotation of new securities. Overall demands
for funds may continue in excess of the current
volume of savings readily available for lending for
such purposes. To help meet the demands for
credit and capital, corporations, individuals, and
financial institutions will sell some of their holdings
of Government securities and also increase their
borrowings from banks.
If these tendencies continue, sales of Government
securities by nonbank investors may exceed 1.5 billion in the last half of 1948 and perhaps be much
greater early in 1949. These sales will keep the
Government bond market under pressure and require support purchases by the Federal Reserve, if
the policy of maintaining the 2l/2 per cent yield
level on long-term Treasury bonds is continued.
Thus additional reserve funds would be made available to banks which, unless otherwise offset, could
sustain a further very large inflationary expansion
of bank credit. Additional reserves supplied
through the gold inflow may be approximately offset by the drain resulting from seasonal currency
demands.
To avoid an abundance of reserves, an easy shortterm money market, and continued inflationary
credit expansion, positive measures to absorb reserves will be needed. In view of the pressure of
current demands, the continued shortages of many
goods, the limited capacity for increased output, and
the available accumulations of liquid assets, further
credit expansion will add to the pressure for rising
prices. Continued credit expansion will store up
trouble for the future and make the inevitable adjustment more dangerous for the stability of the
economy.
This course of economic and monetary developments has been the source of increasing concern to
th Federal Reserve authorities. We are convinced
that, so long as the present situation lasts, it is important to restrict further credit expansion and to
promote a psychology of restraint on the part of
both borrowers and lenders. To keep the reserve
position of banks under pressure and discourage
further inflationary credit expansion will require
carefully coordinated operating measures on the
part of both the Treasury and the Federal Reserve
System.
Of the three sets of measures used to restrain the
growth of bank reserves during the past year—
namely (1) use of the Treasury cash surplus to retire Federal Reserve-held securities, (2) reduction
FEDERAL RESERVE BULLETIN
STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE
in Federal Reserve holdings of Treasury bills
through a rise in short-term rates, and (3) increases
in reserve requirements at central reserve city banks
—the first and most important has been greatly
reduced in its potency and the third has been almost
wholly exhausted.
Whereas the Treasury showed an excess of cash
income over cash outgo of 9 billion dollars in the
fiscal year 1947-48, the prospects for the current
year, on the basis of very tentative and unofficial
estimates, are for a cash surplus of only about 3
billion, most of which will be concentrated in the
first quarter of 1949. This difference in the surplus reduces considerably the most important antiinflationary influence in the situation during the
past year. The Treasury cash surplus was a particularly effective device because it exercised a drain
on bank reserves. As a result the banks losing
reserves had to sell securities in order to maintain
their reserve positions. While under these pressures they are less likely to be seeking new loans
and in some cases less willing to meet loan applications.
may merely enable the borrower to secure parts that
otherwise would have been bought by another firm.
From the point of view of the economy as a whole,
the loan has increased the demand for goods but it
may not have increased total supply at all, with a
bidding up of prices as the only result. Basically,
that is why I believe that self restraint, though important, is inadequate to check a strong inflationary
development.
Another reason is the force of competition not
only among banks but among all lenders. We have
in the United States 14,000 commercial banks and
many thousands of other lending agencies. If, because of concern for the general interest, a bank
should refuse to lend even to a good customer, this
does not mean that the customer will not secure the
funds. It may merely result in a permanent loss of
the customer to some other lender. And unfortunately the new lender may secure the funds from
sale of Government securities, with the result that
the loan may be just as inflationary as if the bank
had made it in the first instance.
I want to emphasize that I support strongly the
POSSIBLE MEASURES OF RESTRAINT
self-restraint program developed by the American
This brings us to the various ways in which re- Bankers Association and would like to see it
pursued aggressively, not only by banks but by all
straint may be exercised over credit expansion.
The first means is voluntary self restraint on the lenders. It is an important step in the right direcpart of borrowers and lenders. I am convinced that tion. Primarily for the reasons I have mentioned,
the voluntary program originated and actively de-. however, I do not think it can do the job alone.
Another approach to the problem is through conveloped by the American Bankers Association has
had a significant effect in developing a more trol over member bank reserves. Bank credit cancautious and critical attitude on the part of bankers not expand unless banks acquire or have reserves
toward so-called unproductive or speculative loans. on which to expand. One way in which the System
If inflationary pressures were mild, voluntary re- has supplied reserves has been through purchases
straint might be adequate to hold them in check. of long-term Government securities. A means of
Continued and intensified voluntary restraint will restraint would be for the System to limit its purmake our joint task easier.
chases of such securities either by refusal to buy or
There are a number of reasons, however, why by reducing its prices sufficiently to attract other
voluntary restraint cannot be relied upon to do the purchasers. As you know, the System has made a
whole job alone when inflationary pressures are as public commitment to support the 21/2 per cent yield
strong as they are at the present time. Perhaps the level on long-term Government bonds for the foremost important reason is that a loan which may ap- seeable future. I gave my reasons for subscribing to
pear productive when viewed by itself may not add that commitment when my confirmation was under
to the total output of the economy as a whole. For consideration by the Senate Committee on Banking
example, a customer may increase his production by and Currency. Although that commitment subborrowing funds to purchase needed parts that are stantially limits our freedom of action, I believe
in short supply. Such a loan would appear to be there is a better way to operate against credit exproductive from the individual point of view of pansion than now to abandon that commitment.
both the borrower and the lender. But will the
Our basic problem is to absorb reserves. Inloan increase the supply of the parts or total output ? creases in reserves may be anticipated from three
If all resources are being used to capacity, the loan principal sources: (1) imports of gold, (2) return
AUGUST 1948
909
STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE
of currency from circulation, and (3) purchases of
Government bonds by the Federal Reserve Banks
to support the long-term yield level. The principal
problem before the System is to absorb or offset
reserves arising from these sources. The only way
it could do this effectively under present authority is
to liquidate part of its holdings of Government securities. It would be necessary, of course, to sell them
at prices the market would pay.
The System has a large portfolio of bills, certificates, and other short maturities that it could
use. If the inflationary demand for bank credit is
strong, sale of these holdings to absorb reserves
would result in a further stiffening of short-term
interest rates. The Open Market Committee of the
Federal Reserve System feel that a policy of endeavoring to sell short-term securities in order to
absorb any additions to reserves is a necessary and
desirable step. If an increase in the short rate
should result, it would tend to attract funds from
other uses to investment in short-term Government
securities. As I have pointed out, the policy of
allowing short-term rates to rise was begun about
a year ago and has had some success.
At this point the necessity for teamwork between
the Treasury and the Federal Reserve becomes apparent. I am keenly sensitive to the necessities of
the Treasury in its task of managing the public
debt. I thoroughly understand the Treasury's responsibility to keep the interest cost of the debt as
low as possible consistent with all relevant factors.
I know that the Treasury Department is equally
sensitive to the responsibilities of the Federal Reserve in the field of monetary and credit policy.
The problems of mutual concern to the Treasury
and the Reserve System in their respective fields are
being approached in a continued spirit of cooperation.
The rediscount rate is another instrument of
policy in the short-term market. It should not be
written off. Although its effectiveness is diminished in times like these when the volume of member bank borrowings is small, and when banks can
readily obtain needed funds by selling some of their
large holdings of Governmnt securities, higher discount rates would have some restrictive effect. If,
for example, the yield on short-term Government
rises, it would become appropriate under these circumstances to increase the discount rate. This
action would discourage the market from reacquiring through the discount window any funds
910
that had been withdrawn through the disposal by
the Reserve System of short-term Governments.
An increase in the discount rate has great psychological effect. Each increase repeats the warning that credit is in need of continued restraint.
Changes in the Federal 'Reserve discount rate and
open market operations supplement each other as
necessary parts of an overall credit policy.
These two related instruments influence the total
volume of reserves of member banks. The third
general instrument—reserve requirements—is designed to influence the amount of bank credit that
can be based on a given volume of reserves. An increase in requirements immobilizes reserves and
makes them unavailable for further lending and
investing. As you know, the Board of Governors
has on previous occasions presented various ways
of dealing with the problem of reserves or immobilizing certain bank assets.
The method proposed in the bill before you is
simple and direct, and involves no departures from
existing principles. The bill would authorize the
Board of Governors to increase by 10 and 4 percentage points the reserves that member banks may
be required to maintain against their demand and
time deposits, respectively. The authorization
would be granted for a period of two years. As I
have already explained, we feel deeply that it is
not fair to member banks in their competitive relations with nonmember banks to require that they
be singled out to carry the additional reserves that
may be necessary to combat this inflationary situation. I earnestly hope that Congress will, during
this interval, reconsider the whole structure of
reserve requirements, possibly along the lines developed recently before the Joint Committee on the
Economic Report.
I should like to indicate briefly what can and
cannot be accomplished through increases in reserve
requirements. Changes in requirements cannot, of
course, be considered in isolation. They must be
related to other instruments of policy. In practice
they are closely related to open market operations.
One method that banks use to adjust their positions,
to the pressure exerted by an increase in requirements is to sell Government securities. To the extent that these are purchased by the Federal Reserve,,
new reserves are created which meet the higher requirements. This is not the whole story, nor does
it happen invariably, but it does illustrate the complexity of our problem. An increase in requireFEDERAL RESERVE BULLETIN
STATEMENT BEFORE THE HOUSE BANKING AND CURRENCY COMMITTEE
merits immobilizes a larger portion of the assets of
member banks and makes them unavailable for sale
in order to obtain funds to increase loans. It, therefore, reduces the liquidity of banks and lowers the
ratio of multiple credit expansion that can occur
on the basis of any increase in available reserves.
The purpose of increasing authority over reserve
requirements is not to obviate the possible need for
open market operations and a rise in short-term
rates. That problem would still be with us.
CONCLUSION
In conclusion, I should like to state emphatically
the Board's view that the use of its powers over the
supply of reserves under present conditions should
be directed toward restraining further credit expansion and not toward forcing liquidation of the
outstanding volume of credit. The Federal Reserve
System was established to provide for flexibility in
our monetary system. It was not designed to make
available any amount of money that borrowers
might demand without regard to the productive
capacity of the economy and the speculative nature
of the commitments. The System would be derelict
in its duty if it did not exercise a proper measure
of restraint.
Expansion of the public debt because of war and
the necessity of maintaining a degree of stability in
the value of the vast holdings of that debt by financial institutions and individuals has confronted the
System with formidable difficulties in the exercise
AUGUST
1948
of restraint over credit expansion. The proper
handling of this problem requires the most careful
management. It can be facilitated by the extension
of the System's powers, as proposed in the bill before you, which extension is thoroughly consistent
with existing powers and traditional methods.
As I have pointed out, there are possibilities and
prospects for a continuation of inflationary pressures which will call forth additional demands for
credit. I feel confident that the Federal Reserve
authorities will use their existing powers to the
fullest extent possible to restrain these tendencies
without depriving the economy of the credit needed
to maintain production and employment at the
highest sustainable levels. We would endeavor to
use the additional powers proposed in the same way..
Finally, it should be emphasized as strongly as
possible that action in the monetary field alone
cannot readjust the unbalanced relationships within
the economic structure which have already been
created by inflationary forces, and cannot check,
further inflationary pressures arising from nonmonetary causes.
The additional powers sought would enable the
Reserve System to exert a very necessary degree of
restraint upon the now unrestrained expansion of
credit. For that reason they are urgently needed,,
even though they are not and should not be regarded by the Congress or by the public generally
as a cure-all.
911
REGULATION OF CONSUMER INSTALMENT CREDIT*
The Board of Governors of the Federal Reserve
System on several occasions in the past has recommended to the Congress legislation which would
authorize the regulation of consumer instalment
credit. This is the sector of consumer credit which
has been subject to wide fluctuations in the past,
thereby contributing to instability and unemployment. The Board believes that measures permitting
the moderation of thesefluctuations,which are tending to increase in size and influence, are an essential
part of a program to achieve stable production and
employment at maximum levels, a declared national
goal of this country.
The Congress has before it at this time a resolution which would restore, in so far as instalment
credit is concerned, the authority that was exercised
from 1941 to 1947 through Regulation W. This
would be a temporary measure designed to help
meet the special inflationary pressures which exist
today. The Board's opinion is that, while permanent legislation would be preferable, conditions are
such as most urgently to require action and a temporary measure is better than none. To have any
real usefulness, however, the authority should be
provided for a sufficiently long period so that persons subject to regulation will realize their responsibility and adhere to its provisions. For this reason,
we believe that any legislation on this subject should
extend at least until June 30, 1950. During this
period, of course, the Board would be able to
modify the regulation to meet changing conditions.
Regulation under the proposed legislation would
be in much the same form as it was under the
Board's Regulation W when that was last in force.
It would cover instalment credit, not only instalment credit for financing the purchase of consumers' durable goods but also instalment credit
for other consumer purposes, both of which are inflationary under present conditions. It would prescribe maximum maturities and minimum down
payments as did Regulation W, but not necessarily
at the same levels. The proposed legislation includes provision for more appropriate enforcement machinery than was available under Executive Order No. 8843 which authorized Regulation W. Courts of equity would be empowered
to aid enforcement by enjoining violations, as
* Statement by R. M. Evans, member of the Board of Governors of the Federal Reserve System, before the House Banking
and Currency Committee, Aug. 2, 1948.
912
provided in legislation dealing with similar matters.
The case for this legislation seems to the Board to
be particularly strong in the light of the general
conditions which now exist. During the three
years that have elapsed since V-J Day, the American public has gone into debt more rapidly than in
any other period in our history. At the same time
consumers in general have been fully employed,
have received a record amount of income, and have
continued to increase their exceptionally large holdings of liquid assets. The large volume of consumer spending from current incomes, rapid turnover of accumulated savings, and increased borrowing, accompanied by limits on output of goods and
services, have contributed to the upward spiral of
prices.
Consumer credit consists of both instalment credit
and single-payment credit. Wide fluctuations in the
total volume of consumer credit over the years have
reflected principally changes in instalment credit.
The 1942-43 decline in this type of credit accounted
for more than 85 per cent of the decline in total consumer credit, while the postwar rise in instalment
credit accounted for 60 per cent of the total rise.
Other forms of consumer credit fell very little in the
early war period and began to increase earlier than
instalment credit. Their greatest growth occurred
in 1946, and in recent months a tendency to level
out has appeared. Instalment credit, on the other
hand, has continued upward.
Instalment credit outstanding rose 2.3 billion dollars from June 1947 to June 1948, about 15 per cent
more than the 2 billion increase of the previous 12
months. The rate of advance appeared to be falling
off in the first quarter of 1948, but in the second
quarter there was a pick-up in activity and the net
gain in outstanding credit was again 15 per cent
above that of the corresponding period of the previous year.
An indication of the increasing frequency of the
use of instalment credit is given in the Consumer
Finances Survey made for the Board of Governors.
The information was obtained by interview of a
selected sample of consumer spending units in the
country, each unit being a group of persons in the
same family and dwelling who pool incomes to
meet major expenses. Data from the survey show
that one out of every four consumer spending units,
or approximately 12 million spending units, bought
FEDERAL RESERVE BULLETIN
REGULATION OF CONSUMER INSTALMENT CREDIT
on the instalment plan (instalment sale credit) in
1947 as compared with a ratio of one out of every
seven or eight in 1946. Instalment loans at banks,
loan companies, credit unions, and other such agencies were obtained by 15 per cent of all consumer
spending units in 1947 (7 million spending units)
as compared with 13 per cent in the preceding year.
There was some evidence to indicate that the new
users of such credit were concentrated in the middle
and upper income classes, principally those with
incomes of above $3,000 a year.
Reports on instalment buying terms throughout
the country indicate that when Regulation W was
terminated many credit grantors adopted credit
policies that were considerably less restrictive than
those required by the regulation but somewhat more
restrictive than those prevailing before the war. In
recent months there has been a further relaxation in
the down payment and maturity requirements in instalment credits for practically all categories of durable goods. Competition has been the primary factor leading to lower down payments and longer
maturities; when one important retail outlet in a
community relaxed terms, other stores soon felt that
it was necessary to follow.
The prospect for the balance of this year is for
increased use of consumer instalment credit, further
reduction in down payments, and lengthening of
maturities. Together with the seasonal rise in the
use of instalment credit during the late months of
the year, these factors suggest a growth exceeding
that which occurred in the first six months.
The increase in instalment credit this year is of
special significance because it is taking place notwithstanding the fact that the output of consumers'
durable goods is no longer growing. With a rise of
85 per cent in durable goods in 1946, there was an
increase of 65 per cent in instalment credit. In 1947
the percentage increase in instalment credit of 55 per
cent accompanied a growth of but one-third in durable goods. Gradually, the increases in credit have
outstripped the expansions in output of goods. By
the middle of 1947, durable goods production had
stabilized at a level that has been maintained up to
the present time. Yet instalment credit continued to
rise—one billion dollars for the first six months of
1948 and more in prospect.
In view of the current tight situation in supplies
of labor and materials, further expansion of instalment credit can neither increase output nor put
more people to work. It can only add more purchasing power to the already swollen spending
stream and reinforce inflationary pressures. International developments, moreover, inevitably add
AUGUST 1948
pressures in the markets for consumers' durable
goods.
Because more purchasing power is being added
to a supply of funds already excessive in relation
to available goods, expansion of instalment credit
under present conditions is of an inflationary character irrespective of its relative level as compared,
for example, with national income. While credit
outstanding now amounts to no more than 3.9 per
cent of annual disposable income in the United
States, as compared with a range of 5.5 per cent
to 7.1 per cent in the years just preceding the war—
the highest levels on record—conditions today are
much different. In the year 1940, for example,
when the percentage was at its peak, average unemployment was 14.5 per cent of the total labor force,,
according to the Bureau of Census estimates, as
compared with 3.5 per cent in 1947. In otherwords, there is no slack today. More credit cannot
call forth more goods—it can only add to the upward pressure on prices.
It should be noted that the Board's position on
regulation of instalment credit is not to be taken
as in any way indicating a feeling that all instalment
credit is undesirable. The problem is to prevent
the abuse—not the use—of credit. A damping of
disruptive fluctuation is what we are interested in>
and more stability at levels related to the conditions
of the time.
Since the end of Regulation W a number of trade
associations of credit grantors have urged their
members to exercise caution in liberalizing terms
and expanding portfolios. Such efforts have undoubtedly had some effect in moderating the increase in instalment debt. These voluntary efforts,
however, have not succeeded in preventing gradual
reduction in the down payments and lengthening
of the maturities advertised by credit grantors.
Easy terms are rapidly approaching those which
were offered before the war.
Now is the time when it is in the best interest of
all consumers to save more and spend less. This
is the time to reduce—not to increase—debt. This
is a time for restraint—voluntary, yes, but reinforced, much as we all dislike compulsions, so far as;
necessary to protect the real interests of all of us.
Finally the Board has asked me to reiterate as
strongly as possible that regulation of instalment
credit is a tool—but only a supplementary tool—for
dealing with the problem of inflationary credit. By
itself it cannot do the job. To be adequately
effective, it must be buttressed by the basic bank
credit controls which the Board has advocated repeatedly, beginning with its 1945 annual report to
Congress.
9B
1948 SURVEY OF CONSUMER FINANCES1
PART IV. Consumer Saving and the Allocation of Disposable Income
During 1947 the rate and volume of consumer
saving out of income continued to decline. A
majority of the nation's consumer units saved in
1947, some saving substantial amounts and others
saving small amounts. At the same time, expenditures of many other consumer units exceeded incomes and resulted in a large volume of dissaving. The declining saving rate was indicative
of a widespread consumer willingness to spend current income or accumulated savings or to borrow
in order to purchase a record quantity of consumers
goods and services at inflated prices.
The 1948 Survey of Consumer Finances, conducted for the Board by the Survey Research
Center of the University of Michigan, obtained information about the principal types of saving of
a cross-section of the nation's consumer units. The
survey data provide insights about the 1947 saving
patterns of consumers in all walks of life and indicate some of the important factors affecting individual saving such as durable goods expenditures,
income changes, retirement status, and unusual
expenses. In addition to a discussion of saving,
this article includes information about consumer
income after Federal taxes, and spending unit
expenditures for selected durable goods and other
consumers goods and services. Where relevant
and valid, comparisons with the results of two
previously conducted surveys are included in the
analysis.2
ijhis article was prepared by Duncan McC. Holthausen and
Irving Schweiger of the Board's Division of Research and Statistics. It is the fourth in a series to be issued presenting the
results of the Board's 1948 Survey of Consumer Finances.
The first three articles appeared in the June and July BULLETINS
and one other article will appear in a succeeding issue.
From the Survey Research Center, University of Michigan,
•*
_
•
T
M
A.
T\!
J
3
A
/*^«^^1
11
A
-_J.^
— J.
"H.'-rtrt.
of survey studies was carried by George Katona in collaboration
with Miss Janet Austrian. Charles F. Cannell served as head
of the field staff and Roe Goodman as head of the sampling
section of the Center.
;tor, ana .Kaipn J\. i oung, /associate director, oi tne division of Research and Statistics. Mr. Holthausen has been in
charge of the anaylsis of the data and the preparation of reports.
2
The second survey was made for the Board of Governors
early in 1947 by the Survey Research Center and the results
of that survey were reported in 1947 in the June, July, and
August issues of the BULLETIN. The first survey was made for
the Board of Governors early in 1946 by the Division of Program Surveys, Bureau of Agricultural Economics, U. S. Department of Agriculture. The Survey Research Center staff
currently in charge of the survey work was associated with the
Division of Program Surveys at the time of the first survey.
Results of that survey were reported in 1946 in the June, July,
and August issues of the BULLETIN under the general title
National Survey of Liquid Assets.
914
The information here presented from the 1948
Survey of Consumer Finances is based upon the
results of about 3,500 interviews taken in 66 sampling points throughout the nation. The sample is
representative of the entire population of the United
States residing in private households.3 The interview unit of the surveys is the spending unit,
defined as all persons living in the same dwelling
and belonging to the same family who pooled their
incomes to meet major expenses.
SUMMARY OF FINDINGS ON CONSUMER SAVING
AND DISPOSABLE INCOME
1. It is estimated that 31 million spending units
saved roughly 25 billion dollars in 1947, 13.5 million
spending units dissaved or spent about 11 billion
dollars in excess of their incomes, and the remaining 4 million spending units neither saved nor
dissaved.
2. The percentage of aggregate consumer income
saved, as well as the total volume of individual net
saving, declined further during 1947, primarily
reflecting an increased volume of dissaving, i.e.,
expenditures in excess of income, on the part of
some consumer units.
3. As compared to 1946, there was a substantial
increase in 1947 in the proportion of dissavers with
incomes of $3,000 and above. More than 25 out of
every 100 consumer units with incomes of $3,000
and above dissaved in the past year as compared to
less than 20 out of every 100 consumer units with
similar incomes in 1946. This change may have
been partly due to the upward shift in incomes that
brought many consumer units above the $3,000
level in 1947 from levels of below $3,000 in 1946,
where dissaving wras more frequent. There was
virtually no change in the proportion of dissavers
at lower income levels.
4. Most dissavers, consumer units that spent more
than their incomes, were not in adverse circumstances during 1947 and did not have unbalanced
budgets solely because of higher living expenses.
Almost three-fifths of the dissavers purchased automobiles, furniture, radios, or household appliances
during 1947. The ability to dissave presumes a
certain degree of financial well-being, for to spend
3
For additional information on survey techniques and design,
see the June 1948 BULLETIN, pp. 643-46.
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
more than one's income, a person must either have
sufficient income or collateral to be an acceptable
risk for credit or have past savings to draw upon.
5. The spending units that neither saved nor
dissaved were most likely to be in adverse financial
circumstances in 1947. These spending units,
largely with less than $1,000 in income, had incomes
too low to qualify as good credit risks and most had
no savings to draw upon.
6. As in 1946 the most frequently reported forms
of saving were life insurance premiums, followed
by additions to liquid assets (Government bonds
and checking and savings accounts), payments of
home mortgages, home improvements, and retirement funds.
7. Top income units accounted for increased
proportions of positive and net saving in 1947,
notwithstanding a substantial increase in the proportion of negative saving accounted for by them.
Middle and lower income units, on the other hand,
were represented by smaller proportions of these
various types of saving, and the lower income units,
those with incomes of less than $2,000, were net
dissavers as a group.
8. It is estimated that more than two-thirds of
all spending units incurred Federal income tax
liabilities for the year 1947. Median income after
Federal tax for all spending units was roughly
$2,380 compared with a median income before
tax of $2,530.
9. The proportion of income saved by spending
units in the upper income groups was considerably
larger than the proportions saved in either lower
or middle income groups. Almost the same average proportion of income after Federal taxes was
spent by consumer units in lower income groups
for automobiles and other selected durable goods
during 1947 as was spent by middle and upper
income groups.
10. In the case of "other consumer expenditures"
which were primarily nondurable goods and services, consumer units with incomes of less than
$2,000 had expenditures amounting to about 100
per cent of their incomes after Federal tax as compared with approximately 70 per cent for spending
units with incomes of $5,000 and above.
SAVING IN
1947
In the Survey of Consumer Finances net saving
is defined as the difference between consumer income and consumer expenditures (including taxes).
AUGUST 1948
Amounts saved or dissaved by individual spending
units were obtained in this survey by requesting
detailed information on changes in the various
asset and liability items that make up the consumer
balance sheet. Frequent forms of "additions to"
saving were payment of life insurance premiums,
increases in liquid asset holdings, decreases in
debt, payments for home improvements, and payments to retirement funds. The primary forms of
"withdrawals from" saving were decreases in liquid
assets and increases in debt. For each individual
spending unit, the total of "additions" minus the
total of "withdrawals" represented its net saving.
If the figure was plus, the spending unit was a
saver (positive saver) in 1947; if minus, the spending unit was a dissaver (negative saver).4
By the definition of saving, consumer nondurable
and durable goods are not considered assets, and
thus monies spent for such goods are termed expenditures and do not add to the saving of a
spending unit. If durable goods expenditures were
considered a form of positive saving, the saving
shown for 1947 would have been much higher
in amount. In addition, there would have been
many more positive savers and fewer dissavers.
The rate of consumer saving out of income
declined further in 1947, reflecting the continued
heavy use of liquid assets and credit to buy an
increasing supply of durable goods and to purchase
other consumers goods and services. According to
survey data, spending units as a whole reported
net saving amounting to approximately 9 per cent
of their money incomes as compared to almost 12
per cent in 1946. In both 1947 and 1946 more
than six in every ten spending units reported saving out of current income, almost three in every
ten reported dissaving (i.e., expenditures in excess
of income), and almost one in every ten reported
neither saving nor dissaving.
A substantially higher volume of dissaving in
1947 made for a decline in the net amount of saving
as well as in the percentage of income saved. Spending units that were dissavers spent an estimated
11 billion dollars in excess of their incomes, while
amounts saved by other spending units were approximately 25 billion dollars.
While fewer spending units added to their liquid
assets in 1947 as compared to 1946, there was little
difference in the frequency with which other types
4
See the appendix to this article, p. 928, for a more complete
discussion of the method of estimating saving.
915
1948 SURVEY OF CONSUMER FINANCES
of "additions to" saving were reported by consumer units. The most common form was again
through payment of life insurance premiums. As
shown by Table 1, roughly three-fourths of all
spending units indicated that they put away some
money in this form. Increases in liquid asset holdings were reported by more than one-fourth of all
spending units. Payments on home mortgages,
home improvements, and payments to retirement
funds were other frequently reported types of
"additions to" saving.
The most common forms of "withdrawals from"
the balance sheet of saving were through use of
liquid assets and credit, reported by one-third and
one-fifth of all spending units, respectively. As
compared to 1946 it would appear that a larger
proportion of spending units incurred debts and
a smaller proportion used their liquid assets.
Savers and dissavers. As shown by Table
2, almost two-thirds of all spending units were
positive savers in 1947, that is, their money incomes
were in excess of their expenditures. Similar to
the findings of a year ago, higher proportions of
upper income people than lower income people
were positive savers. About four out of every ten
spending units with incomes of less than $1,000
were positive savers as compared to eight out of
every ten with incomes of $7,500 and above. A
larger proportion of the managerial and self-employed group were positive savers than spending
units in other occupational groups.
About 28 per cent of all spending units, or 12.5
million units, were dissavers in 1947. The total
amount of their dissaving was considerably larger
than in any other postwar year. Within occupational groups the largest proportion of dissavers;
TABLE 1
TABLE 2
PERCENTAGE OF SPENDING UNITS REPORTING VARIOUS TYPES
OF ADDITIONS TO AND WITHDRAWALS FROM SAVING, 1947
COMPARISON
O F POSITIVE
AND N E G A T I V E
SAVERS,
WITHIN:
I N C O M E AND O C C U P A T I O N A L G R O U P S , AND B Y V E T E R A N
STATUS, 1947
Percentage of
spending units reporting the indicated
type of saving
Positive
savers 1
All spending units. . .
o
O
64
8
28
By income:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4.000-$4,999
$5,OOO-$7,499
$7,500 and over
ooooooo
OOOOOOO
44
59
66
69
68
79
83
30
10
4
1
2
3
()
1
26
31
3Q
30
30
21
16
By occupational group of head
of unit:
Professional
Managerial and self-employed
Clerical and sales
Skilled and semiskilled
Unskilled
Farm operator
Retired . .
ooooooo
OOOOOOO
68
76
69
63
59
67
51
2
3
5
4
13
11
21
30*
21
26
33
28
22
28-
By veteran status:
Veteran of World War II in
unit
No veteran of World War II
in unit
o
o
64
5
31'
64
9
27
Groups of spending units
Additions
to
saving
Consumer indebtedness:
Increases
Decreases
Withdrawals from
saving
19
7
Life insurance:
Payment of premiums
Full cash payment received from policy.
75
Liquid asset holdings:
Increases
Decreases
27
Real estate:
Purchases of houses, farms, and l o t s . . .
Mortgages taken out in connection with
purchases
Sales of houses, farms, and lots
Payments on home mortgages (including full payments)
Home improvements
Retirement funds:
Payments to such funds
Securities transactions (excluding Federal):
Increases in holdings
Decreases in holdings
16
12
13
Farm equipment:
Purchases of
Less than one-half of 1 per cent.
For comparable 1946 data, see Federal Reserve BULLETIN,
August 1947, Table 2, p. 953.
916
Zero
savers
Negative
savers 2 '
2
Unincorporated business (excluding farmers):
Profits left in business
Personal investment in business
Withdrawals of business investment
1
o
All
spending
units
©
[Percentage distribution of spending units within group]
1
2
3
Spending units with money incomes in excess of expenditures;
Spending units with expenditures in excess of money incomes.,
Less than one-half of 1 per cent.
For similar 1946 data, see Federal Reserve BULLETIN, August
1947, Table 4, p. 955. The 1947 and 1946 data are not strictly
comparable. T h e saving figures for 1947 exclude changes in
charge accounts and back bills and thus may understate by several*
percentage points the proportion of dissavers with incomes of less
than $3,000. Any characteristic of a spending unit that is heavily
weighted by low income groups, would show a similar understatement of the number of dissavers. See the appendix to this article
for a more complete discussion of the comparability of the saving!
data.
FEDERAL RESERVE BUILETIN:
1948 SURVEY OF CONSUMER FINANCES
TABLE
3
POSITIVE SAVERS: PERCENTAGE OF INCOME SAVED AND AMOUNTS SAVED BY INCOME AND OCCUPATIONAL GROUPS, AND BY
VETERAN STATUS, 1947
x
[Percentage of all spending units in each group]
Positive
savers as a percentage of all
spending
units in group
Groups of spending units
All positive savers...
...
Percentage of income saved
1-9
10-19
20-29
30-49
Amount saved
50
$1-$199
and over
$200$499
$500$999
$1,000
and over
64
30
14
By income:
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,OOO-$7,499
$7,500 and over
44
59
66
69
68
79
83
23
35
34
34
28
28
16
10
10
14
15
16
16
20
3
5
7
9
11
15
17
By occupational group of head
of unit:
Professional
Managerial and self-employed
Clerical and sales
Skilled and semiskilled
Unskilled
Farm operator
Retired
68
76
69
63
59
67
51
25
21
34
34
37
19
31
16
18
17
14
12
11
12
13
12
9
8
4
9
4
64
27
16
22
16
12
14
64
31
13
28
14
10
12
By veteran status:
Veteran of World War II in
unit
No veteran of World War II
in unit
27
13
9
17
3
4
3
3
5
11
13
36
40
30
23
15
13
5
5
12
18
19
17
13
9
2
5
11
16
16
16
5
1
2
7
11
20
37
64
10
12
7
5
4
13
2
4
13
2
2
2
15
2
14
16
29
26
41
23
35
16
12
17
18
11
12
7
14
13
12
11
4
11
4
24
35
11
8
3
21
5
1
This table includes only those spending units that were positive savers, i. e., units with money incomes in excess of expenditures.
For similar 1946 data, see Federal Reserve BULLETIN, August 1947, Table 5, p. 956. See general footnote to Table 2 in this article
and also the appendix for a discussion of the comparability of these data.
was found among spending units headed by skilled
and semiskilled persons as in 1946.
There were fewer positive savers and more dissavers in 1947 than in 1946 in the spending units
headed by professional, managerial, and selfemployed persons and skilled and semiskilled
workers. At the same time many more veterans
of World War II were positive savers in 1947, and
fewer, dissavers. Although veterans are still heavy
purchasers of durable goods, they begin to show
expenditure and saving patterns more similar to
those of nonveteran spending units in their own
age groups.
Additional information relating to both positive
and negative savers in 1947, including percentages
of income and amounts saved or dissaved by income
and occupation groups, and by veteran status is
given in Tables 3 and 4. As compared to 1946,
positive savers tended to save smaller percentages
of their incomes, while the dissavers showed little
change in amounts of dissaving as percentages of
their incomes.
The majority of positive savers in every income
group except $7,500 and above saved less than 20
AUGUST
1948
per cent of their incomes. This was also found
to be the case in each occupational group except
managerial and self-employed and farm operator
groups. Spending units in these groups often
reported substantial amounts saved in the form of
business investment, such as increases in inventories or additions to plant and equipment by
unincorporated businessmen, or the purchase of
land or equipment by farmers. The particularly
high rates of saving indicated for farm operators
to some extent result from comparing their annual
saving with an income figure (money income)
that does not make allowance for substantial nonmoney sources of income.
A measure of the extent to which dissavings
supplemented the incomes of spending units is
provided by Table 4. About one-sixth of all
spending units with incomes under $1,000
dissaved amounts equal to 25 per cent or more
of their incomes. In higher income groups the
amounts dissaved were often substantial, but, when
expressed as percentages of income, they were
relatively small. Approximately one-fifth of all
spending units in the retired group reported dis-
917
1948 SURVEY OF CONSUMER FINANCES
savings amounting to 25 per cent or more of their
incomes. This was also the case for one-tenth of
professional persons and farm operators.
Further information about the saving of various
groups is found in Table 15 in the appendix to this
article. In this table saving is related to the age,
size, type, and education of the spending unit, and
place of residence. The largest proportions of positive savers were found among spending units with
the following characteristics which are probably
related in part to the receipt of high incomes:
three to four persons in size, head of the unit
from 45 to 54 years of age, head of the unit college
educated, and metropolitan area of residence.
The largest proportion of dissavers was found
in urban areas, where few spending units were
zero savers. By other characteristics, spending
units of two persons, in the age group of 18 to
34, and where the head was of high school education, showed the largest proportions of dissavers.
The largest proportions of zero savers were found
in rural areas, among spending units of one person, in the age group of 65 and over, and in the
group with no education.
Dissaving. Available information about dis-
saving in prewar periods would indicate that the
dissaving pattern in 1947 was not unusual for a
year of high durable goods production. Data for
the year 1941, show that roughly one-third of all
consumer units were dissavers in that year.5 Apparently, sizable numbers of dissavers are to be
expected in a year when durable goods production
is at high levels.
Accumulated liquid savings, the spending of
which for consumption purposes represents the
principal means of dissaving today, were small in
total volume at the beginning of 1941. These savings amounted to less than one-third of present-day
liquid asset holdings. In 1941, dissaving was largely
possible through the availability and use of consumer credit. While credit was an important means
of dissaving in 1947, it was not the primary form.
The most pronounced change in the pattern of
consumer saving as between 1946 and 1947 was the
large increase in the number of dissavers at middle
and high income levels. Table 4 shows that about
30 per cent of spending units with incomes of
$3,000 to $4,999 were dissavers, 21 per cent of
5
Family Spending and Saving in Wartime, Bureau of Labor
Statistics, Bulletin No. 822, 1945.
TABLE 4
DISSAVERS: DISSAVING
AS A PERCENTAGE
OF INCOME, WITH
AMOUNTS DISSAVED, BY INCOME
AND BY VETERAN STATUS, 1947
AND OCCUPATIONAL
GROUPS,,
1
[Percentage of all spending units in each group]
Groups of spending units
Dissavers as
a percentage
of all spending units in
group
Dissaving as a percentage
of income
Amount dissaved
10-24
and over
All dissavers. .
By income:
Under $1,000
$l,000-$l,999
S2,000-$2,999
$3,000-$3,999
$4,000-14,999
$5,000-17,499
$7,500 and over
26
31
30
30
30
21
16
By occupational group of head of unit:
Professional
Managerial and self-employed
Clerical and sales
Skilled and semiskilled
Unskilled
Farm operator
Retired
30
21
26
33
28
22
28
5
13
15
13
5
4
By veteran status:
Veteran of World War II in unit. . .
No veteran of World War II in unit
31
27
12
10
5
12
13
13
12
17
11
9
9
10
7
7
11
9
7
10
9
6
3
$l-$499
$500
and over
17
1-9
11
17
23
20
18
9
3
10
12
16
12
13"
11
21
17
21
23
14
16
1813
9
12
5'
8
12
10
9
17
17
14
10
14
11
7
6
8
6
1
This table includes only those spending units that were dissavers, i. e., units with expenditures in excess of money incomes.
For similar 1946 data, see Federal Reserve BULLETIN, August 1947, Table 6, p. 957. See general footnote to Table 2 in this article
and also the appendix for discussion of the comparability of these data.
918
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
those with incomes of $5,000 to $7,499, and 16 per
cent of those with incomes of $7,500 and above.
As compared to 1946, the percentage of dissavers
in these income groups was as follows:
1947 1946
$3,00043,999
$4,000-$4,999
$5,00047,499
$7,500 and above
30
31
21
16
21
19
15
11
Part of this increase in the proportion of dissavers at middle and high income levels may have
stemmed from the upward shift in incomes that
one must have accumulated savings to draw upon
or have an income or collateral or both sufficient
to qualify as an acceptable credit risk. Of the
spending units dissaving in 1947, almost threefifths bought automobiles or other selected durable
goods during the year. In any year, prewar or
postwar, the purchase of durable goods has meant
that many families spend more than their incomes.
It does not follow that these families are undergoing hardship or that their budgets are unbalanced because of higher living expenses. Many
families purchasing automobiles, for example,
whether in 1941 or in 1947, could not possibly
TABLE 5
SIZE OF EXPENDITURES TOR AUTOMOBILES AND O T H E R SELECTED DURABLE GOODS WITHIN SAVING GROUPS, 1947
1
Percentage distribution of spending units within saving groups
Amounts of expenditures
for automobiles and other
selected durable goods
Positive
All
Negative
Zero
$500
and over
$100-$499
$l-$99
All
$l-$99
$100-$499
$500
and over
Nfo expenditures.
61
51
62
70
85
43
53
45
35
Expenditures. .
38
48
37
29
15
56
46
54
64
8
19
11
7
22
19
9
18
10
9
16
4
5
9
1
7
22
27
11
25
10
6
24
24
5
18
41
Sl-$99
$100-$499
$500 and o v e r . . . .
Not ascertained. .
All units
1
1
1
1
(2)
1
1
1
1
100
100
100
100
100
100
100
100
100
1
Expenditures for automobiles are net of trade-in allowances.
2
Less than one-half of 1 per cent.
took place during 1947. This upward shift had
the effect of bringing lower parts (percentiles) of
the income distribution, which generally had higher
proportions of dissavers in 1946, into each higher
level of 1947 income. However, these changes in
income level accounted for only part of the increase.
The higher frequency of dissaving at upper income levels may be primarily attributed to the buying of consumer durable goods. As already shown
in Part I of the 1948 Survey of Consumer Finances,6
many more spending units at upper income levels
bought automobiles and other selected durable
goods such as furniture, household appliances, and
radios in 1947 than in 1946. Not only was there
a considerably larger number of spending units at
higher income levels in 1947, but also a much
larger proportion of that group bought durables.
The dissavers were not necessarily people in
adverse financial circumstances, because to dissave
(!
See BULLETIN, June 1948, Table 4, p. 640.
AUGUST
1948
pay for these cars from their saving out of that
year's income and therefore in part at least used
accumulated savings or credit to meet the purchase
price. Survey data show that about half the consumer units spending $500 or more on durable
goods during 1947, were dissavers for that year.
Information showing the relation between
amounts saved and amounts of expenditures for
durable goods is given in Table 5. In general,
relatively more dissavers than positive savers bought
durable goods, and the amounts expended by the
dissavers for such goods were somewhat larger
than amounts spent by other spending units. Some
of the positive savers, especially those in upper
income groups, saved large amounts notwithstanding the fact that they spent sizable amounts for
durable goods. This was generally not true for
those with smaller incomes. It is interesting to
note that over four-fifths of the zero savers, largely
919
1948 SURVEY OF CONSUMER FINANCES
people of very low incomes, had no expenditures
for durable goods.
There were other spending units among the
group spending more than their incomes in 1947
that were not necessarily hardship cases. They
spent money for such items as vacation expenses,
repairs to homes or automobiles, moving expenses,
emergencies, or medical care, including maternity
cases. Roughly one-third of the dissavers reported
expenditures for emergencies and illnesses. Emergencies and illnesses are common, of course, at
all income levels, but there is less capacity to absorb
their cost out of current income at lower income
levels than at higher income levels. However, irrespective of the size of income, when these contingencies arise, their effect upon expenditure
and dissaving is similar to that of the purchase
of a large durable good. These costly contingencies
are, along with purchases of durable goods, among
the major causes of dissaving at all income levels.
Also among the group of dissavers were spending units, other than those reporting emergencies
and illnesses, that were retired or experienced declines in income because of unemployment, business losses, or other reasons. Survey data show
that about one-third of all dissavers were in this
general category. Many of these spending units
were probably using past savings to meet expenses
of their customary living standards. However, a
substantial number also reported the purchase of
durable goods.
Real hardship resulting from a high and still
rising cost of living is most likely to be experienced
by those who have no means of spending more
than their income. Typically, they have no accuTABLE 7
SIZE OF CHANGE
IN CONSUMER INSTALMENT
Change in instalment indebtedness
1
Positive
$500
and
over
Decrease
1
Negative
Zero
$100$499
11
$1$99
$1$499
$500
and
over
5
9
(2)
5
5
0
(2)
(2)
0
0
1
2
2
1
1
1
2
2
1
4
4
()
(2)
6
0
0
(2)
5
No c h a n g e
76
75
81
98
57
60
[ncrease
13
16
13
1
38
35
5
4
2
2
12
2
1
1
11
1
(2)
1
2
()
1
(2)
0
23
10
4
1
10
7
8
10
0
(2)
1
1
0
(2)
100
100
100
100
100
100
$1,000 and over. . .
$500-$999
S200-&499
$1-$199
$1-$199
$200-$499
$500-$999
$1,000 and over. . .
All units
SIZE OF CHANGES IN LIQUID ASSETS OF SPENDING U N I T S WITHIN
SAVING GROUPS, 1947
1947
Percentage distribution of spending
units within saving groups
Not ascertained
TABLE 6
INDEBTEDNESS
OF SPENDING U N I T S WITHIN SAVING GROUPS,
2
1
Includes debt arising from instalment sales of consumer goods
and from instalment loans granted by banks, small loan companies,
and other lending agencies.
2
Less than one-half of 1 per cent.
Percentage distribution of spending
units within saving groups
TABLE 8
Change in
liquid assets
Negative
Positive
DISTRIBUTION
$500
and
over
Zero
$100$499
$1$499
$1$99
$500
and
over
OF SPENDING
UNITS,
AMOUNTS
OF M O N E Y
INCOME RECEIVED, POSITIVE SAVING, NEGATIVE SAVING, ANI>
N E T SAVING, BY INCOME GROUPS, 1947
1
[Per cent]
Increase
66
53
31
1
8
13
20
16
14
16
2
2
15
34
1
(2)
(2)
30
0
0
0
1
1
1
2
4
5
1
2
5
No change
11
23
51
96
20
6
Decrease
19
21
16
3
70
77
5
4
3
7
9
4
3
5
10
3
1
2
1
27
31
8
4
5
7
29
36
4
3
2
2
4
100
100
$1,000 and over. . .
$500-$999
$200-$499
$1-$199
$1-$199
$200-$499
$500-$999
$1,000 and over. . .
Not ascertained
1
100
100
100
()
100
1
Liquid assets include all types of U. S. Government bonds,
savings accounts, and checking accounts.
2
Less than one-half of 1 per cent.
920
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000 -$4,999
$5,000-$7,499
$7,500 and over
All units
Spend- Money Positive
ing
units income saving
Negative
saving
Net
saving
14
22
23
17
10
9
5
2
10
17
18
13
16
24
1
5
11
13
12
19
39
17
14
16
18
11
10
14
-11
-2
7
9
13
26
58
100
100
100
100
100
0
2
All units
1947 annual money
income before taxes
1
Positive saving comprises the saving of all spending unitswith money incomes in excess of expenditures, negative saving
comprises the dissaving of all spending units with expenditures in
excess of money incomes, and net saving (plus or minus) is positive
saving less negative saving for all spending units combined.
For similar 1946 data, see Federal Reserve BULLETIN, August
1947, Table 3, p. 954.
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
mulated savings to draw upon and most frequently
their incomes are too small in relation to living
expenses to permit the use of credit. These consumers are the "zero" savers. Zero savers spent all
their money income during the year and had saved
nothing by the end of the year. Roughly 8 per
cent of all spending units were zero savers in
1947. Over half of these units had incomes of
less than $1,000, and four-fifths had incomes of less
than $2,000. In contrast, only one-third of the
positive savers and two-fifths of the dissavers had
incomes of less than $2,000. Of the entire group of
zero savers, about one-third were in the oldest age
group (65 and over); more than four-fifths were
nonveterans of World War II.
In the course of the three Surveys of Consumer
Finances undertaken by the Board, new insights
have been acquired about the saving habits of
people. One-fifth to one-fourth of consumer units
indicate that they have a regular saving plan—that
is, a plan for setting aside a certain amount of
money each payday. Most consumers indicate
that they take care of their expenditures first and
may possibly save any part of income that is left
over. A few spending units say that they do not
believe in saving money and spend all their income.
There are others that indicate they just do not
earn enough to save.
While most people have no saving plan, it does
not follow that they believe in spending more than
their incomes for ordinary living expenses. Survey
data do not indicate that many consumer units
operated their budgets at a deficit solely as a result
of higher living expenses. When they dissaved, it
was generally because of a large expenditure such
as the purchase of a durable good, or payments in
connection with an illness, or medical bills, such as
in childbirth cases. As already indicated, sometimes
spending units dissaved because of a decline in income as a result of the temporary loss of a job or
business losses, etc.; a few other dissavers were units
where the head was retired and they were living
from accumulated savings. But it would appear
that few consumer units with unchanged or increased incomes dissaved merely because of higher
costs of living. As prices rose, families whose
incomes did not rise correspondingly either did
not change their buying habits and had less money
to put aside out of income or they did change their
buying habits and made adjustments in their
budgets. Those that spent more of their income
AUGUST
1948
for food, possibly were forced to cut expenditures
for clothing or for recreation or for luxuries. In
any case, regular day-to-day expenditures were
generally limited to current income.
With most families, dissaving, as commonly defined, is probably a one-year occurrence, not to be
followed by further dissaving in the next year.
This is especially true where families have dissaved
in one year by using credit to buy consumers goods
since the repayment of debt, much of which takes
place in the following year, constitutes an "addition
to" saving.
There were interesting differences in the saving
patterns of consumer units experiencing increases
or decreases in income during 1947. For consumer
units with incomes of $1,000 to $4,999, the highest
proportions of dissavers were found among units
whose incomes had either declined or risen sharply.
There are fewer dissavers and more positive savers
among spending units whose incomes had remained
the same or increased by less than 25 per cent.
Information for the year 1946 also indicated that
spending units receiving large increases in income
were more likely to be heavy spenders and small
savers than spending units experiencing no change
in their incomes. Thus, experience from the current period would indicate that, in certain periods
at least, increases in incomes are associated with
a higher rate of spending and not of saving.
FORMS OF SAVING
As already pointed out, life insurance is the most
common form of "additions to" saving for spending units as a whole. The accompanying chart
indicates that within each income group also the
most common form was through premium payments on life insurance. About four out of every
ten spending units with incomes under $1,000 and
nine out of ten spending units with incomes of
$5,000 or more had "additions to" saving in this
form. The percentage of spending units reporting other common forms of "additions to" saving
including increases in liquid assets, payments on
home mortgages, and home improvements increased gradually from the lowest to highest income
groups. On the other hand, a smaller proportion
of spending units with incomes of $5,000 or more
than of middle income groups reported debt
reduction.
Net withdrawals of liquid assets and increases
921
1948 SURVEY OF CONSUMER FINANCES
PRINCIPAL
FORMS OF CONSUMER SAVING
DISSAVING
IN 1947, BY INCOME
PER C N 0F
ET
SPEND NG UNITS
100
X
/
*O
TF
SPENDING
100
I
LIFE INSURANCE
PAYMENTS^
80
AND
GROUPS
-
—
f
^
80
/
60
60
/
40
40
NET ADDITIONS TO
LIQUID ASSET
20
"* HOUSE
..^""MORTGAGE
x
*^
PAYMENTS^
20
More than one-third of the dissavers had increases
in consumer debt as compared to one-seventh of
the positive savers. Table 7 shows the changes in
consumer debts of spending units among various
saving groups.
In the great majority of cases where spending
units dissaved, it was a case of "withdrawals from"
saving exceeding "additions to" saving. Table
16 in the appendix to this article indicates
that 75 per cent of the negative savers had some
"additions to" saving in previously committed
forms (contractual) such as premium payments on
life insurance, payments on home mortgages, and
payments to retirement funds. Few negative savers,
however, added to their liquid assets or reduced
short-term debts.
REPAYMENT*oT*~*~^*-^
CONSUMER DEBT"*
0
0
THE DISTRIBUTION OF SAVING BY INCOME GROUPS
NEGATIVE SAVING
The rather close correlation between the total
positive saving of the various income groups and
ET WITHDRAW ALS FROM
LIQUID AS SETS
their total money income, observed in last year's
survey, is again confirmed by data from the 1948
.
C( )NSUMER DEB T *
,
—
survey. As Table 8 indicates, the proportion of
total positive saving accounted for by the various
income groups was roughly comparable to the
UNDER
52000
$5000
ft 1,000
$4,000
$5000
$7,500
proportion of money income received by these
$3999
$2999
$1,000
$4,999
$7499
a OVER
81999
INCOME GROUPS
groups. Amounts of negative saving were more
^EXCLUDING MORTGAGE DEBT.
closely related to the number of spending units in
in short-term debt—the principal forms of "with- the various income groups than to the proportion
drawals from" saving—were reported most fre- of income received.
quently by spending units with incomes of $3,000
Total net saving, the difference between positive
to $4,999. Nevertheless, substantial numbers of and negative saving, was in large part accounted
spending units with incomes below $3,000 as wrell for by spending units with incomes of $5,000 and
as with incomes of $5,000 and over reported similar above. They accounted for over four-fifths
financial changes. In 1946, the largest proportions of the net saving. Notwithstanding the fact that
of spending units reporting net withdrawals in seven out of every ten spending units with incomes
liquid assets and increases in debt were in the
of under $2,000 were positive savers, amounts disincome group of $2,000 to $2,999. Comparison
saved by the remaining three out of every ten spendwith 1946 data indicates that the larger number of
ing units with incomes of this size were larger
dissavers at higher income levels in 1947 resulted
from more frequent use of accumulated savings and than the total positive saving of the others and
these income groups showed net dissaving. Their
credit.
net dissaving was equal to 13 per cent of total net
Of spending units that were dissavers in 1947
almost three-fourths reported net withdrawals in saving for all spending units. While amounts disliquid assets. In contrast, no more than one-fifth saved by spending units in middle and upper inof the positive savers reported such withdrawals. come groups were as large as amounts dissaved by
For the dissavers, there was a very close correla- lower income groups, positive savers in the middle
tion between total amounts dissaved and total and upper range of the income scale saved amounts
amounts of decline in liquid asset holdings. This which were more than sufficient to offset any dissavings.
is shown by Table 6.
922
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
TABI E 9
PROPORTION OF TOTAL MONEY INCOME, POSITIVE SAVING, NEGATIVE SAVING, AND N E T SAVING ACCOUNTED FOR BY EACH T E N T H
OF THE NATION'S SPENDING U N I T S W H E N RANKED BY SIZE OF INCOME, 1947, 1946, 1945, AND 1941
1
Percentage of total accounted for by each t e n t h :
Spending units
ranked according to their
incomes
Money income
2
Postive saving
3
Negative saving
4
Net saving
1947
Highest t e n t h . . .
Second
Third
Fourth
...
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest t e n t h . . . .
All units
1946
1945
1941
1947
1946
1945
1941
1947
1946
1945
1941
33
15
12
10
9
7
6
4
3
1
32
15
12
10
9
7
6
5
3
1
29
16
13
11
9
7
6
5
3
1
34
16
12
10
9
7
5
4
2
1
52
14
8
7
6
5
4
2
1
1
44
15
12
8
6
5
4
3
2
1
40
16
12
8
7
5
5
4
2
1
55
14
9
6
6
4
3
2
1
(6)
19
11
10
10
11
6
5
7
6
15
6
12
7
11
11
13
8
7
12
13
6
8
6
8
18
10
12
7
5
20
10
11
14
11
7
7
9
8
11
12
100
100
100
100
100
100
100
100
100
100
100
100
5
1946
1945
1941
77
16
6
6
3
4
2
-1
2
-11
63
16
14
7
4
1
2
1
-3
-5
46
18
13
8
5
4
3
3
2
2
73
15
6
5
5
3
1
-1
-3
_4
100
100
100
100
1947
for by the income classes shown in
..
.__ _..
F
o
interpolation (Lagrange technique).
The survey covering 1941 and the surveys covering 1945 through 1947 differed somewhat in their definitions of money income, saving,
the spending unit, in the universe covered, as well as in sampling methods. The surveys for 1945 through 1947 also differed somewhat
leir definition of saving as discussed in the appendix to this article.
2
Annual money income before taxes.
3
Positive saving comprises the saying of all spending units with money incomes in excess of expenditures.
4
Negative saving comprises the dissaving of all spending units with expenditures in excess of money incomes.
5
Net saving (plus or minus) is positive saving less negative saving for all spending units combined,
6 T pec ^Hor» nnA-Vidlf r\f 1 T~*PT* r*pnt
As compared to 1946, upper income groups accounted for a larger share of net, positive, and
negative saving in 1947. Spending units with
incomes under $1,000 were again net dissavers
as a group in 1947, and spending units with incomes
of $1,000 to $1,999 became net dissavers as a group
for the first time since the end of the war.
There have been substantial changes in the saving and dissaving patterns of the various income
groups since the war. As the total volume of dissaving increased, the positive saving of lower and
middle income groupings was ofTset to a greater
extent by this dissaving, and larger proportions of
total net saving were thus accounted for by top
income levels. Actually, the proportions of the
various types of saving accounted for by spending
units when grouped in tenths according to income
size were generally similar in 1947 to the pattern
shown in 1941, but significant changes occurred
from 1945 and 1946 patterns.
The highest tenth of the nation's spending units
when ranked by income accounted for roughly
three-fourths of total net saving in both 1947 and
1941. As shown by Table 9, this same top tenth
AUGUST 1948
received one-third of total money income in these
two years and accounted for one-half of total positive saving. The respective annual data from which
these time-span comparisons are drawn differ in
a number of important respects, so that only broad
shifts in saving patterns may properly be inferred
from them.
Selected saving data for family units are presented
in Tables 17 and 18 in the appendix.
DISPOSABLE INCOME
The size distribution of money income before
taxes during 1947 was presented in Part II of the
1948 survey results. For some purposes, it is more
useful to know the distribution of income after
taxes. A beginning step in this direction was made
this year. For the first time in the Consumer
Finances Surveys, estimates of Federal personal
income tax liability, apart from tax on capital gains
or losses, were prepared for each spending unit.
Income after tax, called disposable income in this
article, was estimated for each spending unit by
deducting the computed Federal income tax lia-
923
1948 SURVEY OF CONSUMER FINANCES
bility from money income before taxes.7 The tax
estimates, unlike other survey data, were not
based on special information concerning tax liabiliTABLE 10
DISTRIBUTION OF SPENDING UNITS BY MONEY INCOME BEFORE
AND AFTER FEDERAL INCOME TAX,
1947
[Per cent]
Money
income
before
Federal
income tax
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499
$7,500 and over
All groups. . . .
Money income
after Federal
income tax 1
(disposable
income)
14
22
23
17
10
9
5
Income group
15
25
25
17
8
7
3
100
100
Median income 2
$2,380
$2,530
1
Money income after deduction of estimated Federal personal
income tax liability. See appendix, pp. 930 to 932, for method
of estimating disposable income. Money income figures exclude
capital gains or losses and tax estimates do not make any allowance
for2 such gains or losses.
The median amount is that of the middle spending unit when
all units are ranked by size of income.
ties obtained during the interview, but were calculated on the basis of the income, size, and composition of each unit. A detailed presentation of the
7
The U. S. Department of Commerce, in estimating disposable income for its national income series, deducts from
income actual Federal personal income tax payments (not
liabilities), including taxes on capital gains and losses, as
well as other tax and nontax receipts, chief of which are Federal estate and gift taxes and State and local personal tax and
nontax receipts.
estimating procedure is given in the appendix to
this article.
It should be stressed that the tax estimates are
only approximations; that they refer not to payments but to Federal personal income tax liabilities,
apart from taxes on capital gains and losses; and
that State and local income taxes are not included.
Of course, the distribution of spending units by
income after Federal taxes shows a general downward shift from the distribution by income before
taxes. The downward shift was most marked at the
upper end of the income distribution as can be
seen in Table 10. The number of spending units
with incomes of $7,500 and over (before taxes)
was reduced by two-fifths through taxation, from
5 per cent of the approximately 48.4 million spending units down to 3 per cent. Before Federal
income taxes, a little less than one-fourth of all
consumer spending units, more than 11.5 million
units, had incomes of $4,000 and over. Less than
one-fifth of all spending units had disposable incomes (incomes after taxes) of this size.
Survey estimates show that more than two-thirds
of all consumer units had tax liabilities. As Table
11 indicates, these units include those at bottom as
well as top income levels. The proportion of
units incurring tax liability increased very sharply
from lower to higher income groups. It is estimated that about one-sixth of the units with incomes
under $1,000 had tax liabilities, while more than
nine-tenths of all units with incomes of $3,000 and
above incurred tax liabilities.
TABJLE 11
ESTIMATED FEDERAL PERSONAL INCOME T A X LIABILITIES OF SPENDING U N I T S WITHIN VARIOUS INCOME GROUPS,
1947
Percentage distribution of spending units within income groups
Estimated Federal personal
income tax liability :
...
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
29
5
7
14
27
12
3
1
1
1
Zero
$l-$49
$50-$99
$100-$199
$200-$499
$500-$999
$1,000-81,999
$2 000-$4 999
$5,000 and over
Not ascertained
All units
1947 annual money income before taxes
All
income
groups
83
11
5
0
0
0
0
0
0
1
48
9
15
21
7
0
0
0
0
0
23
6
10
25
36
0
0
0
0
7
4
7
17
61
4
0
0
0
0
3
54
40
0
0
0
0
18
73
8
0
0
0
1
2
9
46
28
14
0
100
100
100
100
100
100
100
100
11947 tax liability apart from capital gains or losses.
make allowance for such gains or losses.
2
Less than one-half of 1 per cent.
924
$4,000$4,999
2
1
$5,000$7,499
1
$7,500
and over
0
0
Money income figures exclude capital gains or losses and tax estimates do not
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
TABLE
12
O T H E R CONSUMER EXPENDITURES A S A PERCENTAGE OF DISPOSABLE INCOME, BY DISPOSABLE INCOME GROUPS,
1
1947
Percentage distribution of spending units within income groups
Other consumer expenditures as a
percentage of disposable income
Disposable income 2
All
spending
units
Under 50
50-59
60-69
70-79
80-89
90-99
100 and over . .
Not ascertained
Under
$1,000
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and over
7
4
5
8
14
3
13
16
23
15
5
20
8
11
13
17
17
7
7
30
10
11
11
18
30
19
6
7
12
20
26
18
4
100
100
100
100
100
9
4
6
9
15
26
24
7
5
10
23
47
4
6
2
5
8
13
33
29
4
100
Total
7
1
$1,000$1,999
100
100
3
5
8
11
9
8
8
16
1
Other consumer expenditures include all expenditures for goods and services other than for selected durable goods. Other consumer
expenditures were estimated for each spending unit in the survey by deducting from money income reported by each unit the total of its
selected durable goods expenditure, net saving, and Federal income tax liability. This residual estimate of other consumer expenditures
thus includes expenditures for food, housing, clothing, medical care, other living costs, State and local taxes, recreation, transportation,
and education as well as expenditures for durable goods such as floor coverings, jewelry, fur coats, and other miscellaneous durable items.
Durable goods excluded from the "other consumer expenditures" estimate are automobiles, furniture, radios, and household appliances
such as refrigerators, ranges, washing machines, vacuum cleaners, home freezers, and miscellaneous other appliances.
2
Disposable income is defined as money income less estimated Federal personal income tax liability.
Estimates from the survey data indicate that
about two-thirds of the approximately 34 million
consumer units with tax liabilities had liabilities
of $200 and above. For almost one-fourth of the
units with tax liabilities, the amounts were $500
and above.
Comparison of the proportions of income received by spending unit groups before and after
taxes, show that the highest tenth of incomereceivers before taxes obtained about 33 per cent
of total personal income, while the tenth of units
with the largest disposable incomes obtained 31
per cent (see Table 19 in the appendix to this
article). The lowest half of spending units when
ranked by size of disposable income showed a
somewhat larger proportion of income than the
similar grouping of spending units when ranked
by income before taxes.
OTHER CONSUMER EXPENDITURES
It is possible to make a rough estimate of the
total expenditure of each spending unit for nondurable goods and services, durable goods not included in the list of selected durables, and State
and local taxes. This is done by subtracting from
the money income of each spending unit the unit's
expenditures for automobiles and selected durable
goods, saving, and estimated Federal personal income tax liability.8
AUGUST 1948
"Other consumer expenditures," as estimated
above, include expenditures for food, housing, clothing, taxes other than the Federal personal income
tax, medical care, other living expense, recreation,
education, and durable and semidurable goods
such asfloorcoverings, jewelry, and fur coats, which
are not included in the list of selected durables.9
It is estimated that close to one-third of all spending units had "other consumer expenditures"
amounting to less than 80 per cent of their disposable incomes, roughly two-fifths had expenditures amounting to from 80 to 99 per cent of their
disposable incomes, and about one-fourth had expenditures amounting to 100 per cent or more of
their disposable incomes.
As shown by Table 12, consumer units in lower
income groups spent larger proportions of their disposable income for "other consumer expenditures,'7
as measured in the survey, than did those in higher
income groups. More than two-thirds of the units
8
The estimates of "other consumer expenditures" are residual estimates, and thus any inaccuracies, to the extent that they
are not offsetting, in the reported figures for income, saving,
durable goods expenditures or estimated figures for Federal
income taxes, would affect the "other consumer expenditures"
estimate. In connection with the Federal tax liability estimates,
tax payments during 1947 may have differed somewhat from
tax liability for the year, but this discrepancy would have only
a minor effect on the volume of "other consumer expenditures"
estimated for individual spending units or groups of spending
units.
9
Selected durable goods include automobiles, furniture, radios,
television sets, refrigerators, ranges, washing machines, and
other appliances.
925
1948 SURVEY OF CONSUMER FINANCES
with less than $3,000 of disposable income spent
at least 80 per cent of their income for such purposes, while this was true of two-fifths or less of
the units with incomes of $5,000 and over. Almost
half of the units with disposable incomes of less
than $1,000 had "other consumer expenditures"
amounting to 100 per cent or more of their disposable incomes. Expenditures of this size were
clearly not confined to the lowest income levels,
however, as one-fifth to one-tenth of spending units
with disposable incomes of $2,000 and above had
similar expenditures.
The one-fourth of all consumer units that spent
all of their income or more for "other consumer
expenditures" contained those spending units that
may have been most affected by the rise in the cost
of living and by the occurrence of costly medical
bills and emergencies. Within this one-fourth of all
units there were a number of zero savers (8 per
cent) or people spending 100 per cent of their incomes. As already observed, the zero savers may
include many hardship cases. The remaining 18
per cent of all spending units spent over 100 per
cent of their incomes for "other consumer expenditures" and were therefore dissavers. While many
of these spending units were dissaving as a result
of emergencies, illnesses, and income declines as
well as higher living costs, it is probable that a
number of them had large outlays for recreation,
education, large-scale entertainment (such as wedding expenses), and for goods such as jewelry and
fur coats which are included with "other consumer
expenditures." One-third of the 18 per cent bought
automobiles or other selected durable goods.
A distribution of the dollar amounts spent by
consumer units for "other consumer expenditures"
is given in Table 20 in the appendix to this article.
Roughly half of all spending units had expenditures of $1,500 to $3,999. Approximately 5 per
cent spent $5,000 and above, while about the same
percentage spent less than $500.
ALLOCATION OF DISPOSABLE INCOME
Spending units within each of the various disposable income groups allocated their income in
quite different ways among saving, selected durable
goods, and "other consumer expenditures." As
shown by Table 13, for spending units as a whole,
approximately four-fifths of disposable income was
used for "other consumer expenditures," about one-
926
tenth was spent for selected durable goods, and a
similar proportion went to saving.
Consumer units at upper income levels spent a
smaller proportion of their disposable income for
"other consumer expenditures" than consumer units
at lower income levels. Previous budget studies
have consistently shown similar patterns.
The pattern of expenditure for durable goods in
1947 reflected an apparent willingness on the part
of consumer units to spend a fairly constant proportion of their income for such goods irrespective
of the size of their income. While spending units
at low income levels bought few new automobiles
and expensive appliances, they were active buyers
of used cars and low-priced appliances, thus spending almost as large a proportion of their income for
durable goods as consumer units at higher income
levels. A somewhat similar relationship of durable
goods purchases to income existed in 1941, although
consumer units as a whole spent a lower proportion
of their income for such goods in that year.10
The percentage of disposable income saved in10
Survey of Family Spending and Saving in Wartime, conducted by the Bureau of Labor Statistics in cooperation with the
Bureau of Human Nutrition and Home Economics, published
in two parts as Bureau of Labor Statistics Bulletin No. 822,
1945, and U. S. Department of Agriculture Miscellaneous Publication No. 520, 1943.
TABLE 13
PROPORTION OF DISPOSABLE INCOME ALLOCATED TO SAVING,
SELECTED DURABLE GOODS, AND O T H E R CONSUMER E X P E N D I TURES, BY SPENDING U N I T S WITHIN VARIOUS
INCOME GROUPS,
1947
Per cent of total income within
each income group
Type of expenditure
or saving
Net saving
Automobiles and other
selected durable
goods 2
Other consumer expenditures 3
Total
Disposable income1
All
income
groups
10
LTnder $2,000- $3,000- $5,000
and
$2,000 $2,999 $4,999
over
-8
3
7
26
9
7
9
9
9
81
101
88
84
65
100
100
100
100
100
1
Disposable income is defined as money income less estimated
Federal personal income tax liability.
2
Includes automobiles, furniture, radios, and household appliances such as refrigerators, ranges, washing machines, vacuum
cleaners, home freezers, and miscellaneous other appliances. Expenditures for automobiles are net of trade-in allowances.
3
Covers expenditures for all goods and services not included
in selected durable goods (see footnote 2). Includes food, housing,
clothing, medical care, other living costs, State and local taxes,
recreation, transportation, and education, as well as expenditures
for durable goods such as floor coverings, jewelry, fur coats, and
other miscellaneous durable items.
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
creased sharply from lowest to highest income
groups, reflecting the converse movement of "other
consumer expenditures" in relation to income. As
a group, spending units with disposable incomes
of under $2,000 had net dissaving amounting to
roughly one-tenth of their incomes. On the other
hand, units with disposable incomes of $5,000 and
above saved more than one-fifth of their incomes.
This does not imply that all units with incomes of
$5,000 and above were positive savers and that all
units at bottom income levels were dissavers. As
has been mentioned earlier, no more than one-third
of the units at bottom income levels were dissavers
and about half were savers. Even at top income
levels, as many as one-fifth of the units were
dissavers.
An indication of the extent to which the various
disposable income groups accounted for total expenditures on selected durable and other consumption goods is given in Table 14 in the appendix.
There were very significant differences in the relative importance of the various groups in consump-
AUGUST 1948
tion markets. The tenth of spending units with
disposable incomes of $5,000 and over accounted for
about one-third of expenditures for selected durable
goods and somewhat more than one-fourth of "other
consumer expenditures." The two-fifths of spending units with disposable incomes of under $2,000,
on the other hand, accounted for about one-eighth of
expenditures for selected durable goods and onefifth of "other consumer expenditures." The half
of spending units with incomes after Federal taxes
of $2,000 to $4,999 accounted for somewhat more
than half of expenditures for each of these categories
of goods.
The shares of selected durable goods expenditures
accounted for by the various disposable income
groups were very similar to the proportions of
income received. In the case of "other consumer
expenditures," lower income groups accounted for
a somewhat larger share of these expenditures than
of income while upper income groups accounted
for a smaller share.
927
APPENDIX
METHOD OF OBTAINING SAVING DATA
In the Survey of Consumer Finances net saving
is considered to be the difference between consumer
income and total consumer expenditures and taxes.
The saving data were derived directly, however, by
requesting detailed information from each spending
unit about changes in the various asset and liability
items that make up the unit balance sheet. For jhe
1947 saving data changes were obtained for the
following items classified as an "addition to" or
"withdrawal from" saving:
"Additions to" saving
a. Increases in U. S. savings bonds, Series A-F.
b. Increases in other U. S. Government bonds.
c. Increases in savings accounts in banks, savings
and loan associations, credit unions, and postal savings.
d. Increases in checking accounts.
e. Life insurance premiums paid.
f. Amounts paid into retirement funds.
g. Purchase price of real estate (house, farm, or
other real estate).
h. Amounts repaid on mortgages.
i. Amounts spent on structural additions to or
major improvements on houses, farm buildings.
3. Amounts paid on debts to banks, credit unions,
loan companies, private individuals, and insurance
companies.
k. Payments made on instalment debts.
1. Amounts lent by individuals.
TABLE 14
DISTRIBUTION OF SPENDING UNITS, DISPOSABLE INCOME, N E T
SAVING, SELECTED DURABLE GOODS EXPENDITURES, AND
OTHER CONSUMER EXPENDITURES, BY DISPOSABLE INCOME
GROUPS, 1947
[Per cent]
Disposable income
group
Under $2,000
$2.000-$2,999
$3,000-$4,999
$5,000 and over
All income groups..
All
Total Total
spend- dispos- net
able
saving
units income ing
Total
Total
selected other
durable congoods sumer
expen- expenditures ditures
40
25
25
10
16
20
32
32
-12
8
25
79
12
23
35
30
19
21
33
27
100
100
100
100
100
NOTE.—For definition of disposable income and for coverage of
selected durable goods and other consumer expenditures, see
footnotes to Table 13, p. 926.
928
m. Excess of amounts spent for purchase of securities (other than U. S. Government bonds) over
amounts received from sale of securities.
n. Profits left in unincorporated businesses by
owners.
0. New investments in business.
p. Purchase price of farm machinery.
''Withdrawals from" saving
a. Decreases in U. S. savings bonds, Series A-F.
b. Decreases in other U. S. Government bonds.
c. Decreases in savings accounts in banks, savings
and loan associations, credit unions, and postal savings.
d. Decreases in checking accounts.
e. Lump-sum receipts from life insurance policies.
f. Net amounts received from sale of real estate.
g. New mortgage debts incurred.
h. Amounts borrowed from banks, credit unions,
loan companies, private individuals, and insurance
companies.
1. Amounts of instalment sales contracts.
j. Amounts received as repayments from debtors.
k. Excess of amounts received from sale of securities (other than U. S. Government bonds) over
amounts spent for purchase of securities.
1. Amounts, other than profits, taken out of unincorporated business by owners.
m. Inheritances and large gifts of money and
bonds received.
The total of "additions" minus the total of "withdrawals" represented the net saving of each spending unit.1 The net figure could be either plus,
minus, or zero.
This method of estimating the saving of a particular spending unit entails the inclusion or exx
The definition of saving used in the Survey of Consumer
Finances differs from the definition of personal saving in the
national income series of the U. S. Department of Commerce. Among the chief differences are the inclusion of the
following items as saving in survey data: payments in connection with government life insurance and retirement funds, excluding social-security payments, and the excess of premium
payments over the increase in reserves of private life insurance
and retirement systems. The saving concept in the national income series excludes the above items and, in addition, includes
the following items not considered saving in the Consumei
Finances Survey: depreciation on farm and nonfarm homes,
changes in assets of trust funds, changes in farm inventories,
and changes in personal currency holdings. In addition to the
differences in definition listed above, the universe of the survey
excludes certain groups which are included in the Commerce
saving aggregate. These excluded groups are: nonprofit institutions, persons living outside the continental United States
and members of the armed forces living at military reservations, residents in hospitals and other institutions, and the
floating population (residents in hotels, tourist camps, large
boarding houses).
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
TABLE 15
POSITIVE AND NEGATIVE SAVERS: PERCENTAGE OF INCOME SAVED OR DISSAVED BY T Y P E OF COMMUNITY, N U M B E R OF PERSONS,
A G E AND EDUCATION OF H E A D , AND BY T Y P E OF SPENDING U N I T ,
1947
[Percentage distribution of spending units within group]
Percentage of income saved or dissaved
Groups of spending units
All
spending
units
By positive savers 1
50 and
All groups
By negative savers 1
Zero
savers
30-49
20-29
10-19
1-9
25 and
1-9
100
14
30
By type of community:
Metropolitan 2
Other urban
Rural
100
100
100
15
15
12
34
31
26
3
7
13
13
11
By number of persons:
One
Two
Three
Four
Five or more
100
100
100
100
100
7
10
7
9
6
12
14
14
15
12
28
28
34
30
33
16
6
4
3
10
10
11
10
13
12
6
8
10
8
7
11
12
7
7
7
By age of head of unit:
18-24
25-34
35-44
45-54
55-64
65 and over
100
100
100
100
100
100
9
10
12
15
13
14
18
11
34
27
30
33
30
30
4
6
6
7
21
16
15
13
10
6
4
9
10
8
7
7
4
10
9
7
8
11
14
By education of head of unit:
None
Grammar school
High school
College
100
100
100
100
17
12
14
16
33
33
30
23
25
12
5
3
3
10
13
9
By type of spending unit:
Primary 4
Related secondary 4
Unrelated secondary 4 . . .
100
100
100
14
13
16
30
33
24
17
10
13
16
2
7
6
11
13
8
10
10
9
10
11
5
10
10
9
1
Positive savers are units with money incomes in excess of expenditures and negative savers, or dissavers, are units with expenditures
in 2excess of money incomes.
The 12 largest cities and their suburbs.
3
Less than one-half of 1 per cent.
4
Where only one spending unit is present in a dwelling unit, this unit is a primary unit. Where two or more spending units live
in a dwelling unit, one is designated the primary unit and any others as secondary units. The primary unit contains the head of the
dwelling unit, while additional units are termed related secondaries if they are related by blood, marriage, or adoption to the head of
the primary unit and unrelated secondaries if not related such as roomers and domestic help.
elusion of certain data not entirely consistent with
the survey concept of saving. For example, interest
and tax payments on a house should be considered
consumer expenditures but sometimes they are included with the amount of principal repayment
when spending units indicate their mortgage payments. A special effort was made to exclude interest and tax payments in the 1947 data. In the
case of life insurance, the reported saving data
generally include the total amount of the premium,
not just the increase in cash reserves. In addition
to these several factors tending to overstate saving,
there are factors that may tend to understate saving,
such as inadequate recollection by some spending
units of the increases in their checking and saving
accounts and holdings of Government bonds. The
1947 saving data did not make any allowance for
AUGUST 1948
changes in amounts of charge accounts or back bills.
In the interest of improving the savings data
reported in the survey, the form used for pbtaining
the 1947 data differs from the 1946 form, and in
turn both these forms differ from that used for
1945 saving data.
The 1947 form differed from the 1946 form in
the following four ways:
1. Changes in charge account and other bills outstanding were omitted in the 1947 survey.
2. A special effort was made to exclude interest
and tax payments from mortgage payments in the
1947 schedule.
3. A special effort was made to exclude maintenance and repair costs from the cost of additions
and structural improvements to homes in the 1947
schedule.
929
1948 SURVEY OF CONSUMER FINANCES
4. Accrued interest on savings bonds was in- savers" and fewer positive and negative savers than
cluded in the 1947 data.
would have been obtained had the 1947 or 1946
The first of these changes slightly affected the schedules been used.
comparability of the 1947 and 1946 saving estimates.
METHOD OF ESTIMATING DISPOSABLE INCOME
Data obtained in the survey but not included with
the 1947 saving tabulation show that the 1947 For the first time in the Consumer Finances
Surveys, an estimate was made of each spending
unit's disposable income, defined for purposes of
TABLE 16
this survey as the total money income of a spending
SIZE OF CONTRACTUAL SAVING OF SPENDING UNITS WITHIN
unit less its Federal income tax liability. While no
SAVING GROUPS, 1947
questions were asked in the interviews about FedPercentage distribution of spending
eral income tax payments, it was possible to roughly
units within saving groups
estimate a tax liability figure for each spending unit
by taking into account the number of earners and
Negative
Size of conPositive
tractual saving
number of dependents in each unit and by making
Zero
$500
$500
certain assumptions about the filing of joint returns
$100$1$1and
and
$499
$499
$99
over
over
and deduction allowances for contributions, etc.2
The estimates thus made represented the Federal
No contractual
tax liabilities on 1947 incomes, not the tax payments
saving
23
23
10
97
13
15
of spending units during 1947. No estimates were
Contractual saving
3
90
87
85
77
76
made for State and local taxes.
$1-$199
62
50
57
2
33
81
$200-$499
17
25
1
25
3
13
$500-$999
The disposable income figures shown in this
5
4
1
0
20
2
$l,000-$l,999
0
3
1
0
8
()
report therefore represent total money income less
$2,000 and over. . .
0
0
0
4
1
()
estimated Federal tax liabilities. The disposable
Not ascertained....
0
0
1
()
()
()
income figures differ from traditional disposable
All units
100
100
100
100
100
100
income figures which are based on tax payments
(not liabilities) and exclude State and local as well
Contractual saving includes premium payments on life insurance policies, payments on home mortgages, and payments to
as Federal taxes.
retirement funds.
Less than one-half of 1 per cent.
In connection with the approximate estimates of
figures understate by several percentage points the tax liability, certain items of information were not
percentage of spending units with incomes under obtained which are necessary in order to precisely
$3,000 that were dissavers. This slight understate- calculate personal income tax liability. The two
ment of the percentage of dissavers would apply most important items were: (1) the existence of
to any grouping of spending units by a character- dependents not living in the same dwelling unit
istic that includes a large proportion of lower in- and thus not included for tax purposes (except in
some cases for children away at school), making
come unjts.
The 1947 and 1946 data were in turn not strictly for an underestimate of total exemptions claimed;
comparable with the 1945 data, but again the com- and (2) the possible understatement of deductions
parability was not greatly affected. For the 1945 claimed. Some units undoubtedly claimed deducdata, no attempt was made to include consumer tions that were larger than the amounts estimated
borrowing or amounts spent on home improve- for them, the survey allowance being the Treasury
ments, since it was thought that the amounts in- standard deduction on incomes up to $5,000 and 10
volved in such transactions were not significant per cent of incomes above $5,000. Some units with
during that particular period. Furthermore, the incomes of $5,000 and above may have also claimed
method used to obtain information on unincor- less than the estimated deduction. Table 15 shows
porated saving in both 1947 and 1946 was a con- the amounts of tax liability estimated for spending
siderable improvement over the 1945 form, and the units within various income groups.
The tax liability for each spending unit was estimore recent schedules covered in detail many forms
2
of saving that were not separately covered in 1945.
Acknowledgment is made of the assistance of members of
the Division of Tax Research,
The data for 1945 probably showed more "zero lating the method of estimate. Treasury Department, in formux
2
2
2
2
2
1
8
930
FEDERAL RESERVE BULLETIN
1948 SURVEY OF CONSUMER FINANCES
TABLE
17
DISTRIBUTION OF POSITIVE AND NEGATIVE SAVERS ACCORDING TO RELATION OF SAVING TO INCOME, BY INCOME GROUPS OF
FAMILY U N I T S ,
1947
Percentage distribution of family units within income groups
Positive and negative savers
All
groups
$2,000$2,999
$3,000$3,999
$4,000$4,999
$5,000$7,499
$7,500
and over
39
58
64
68
67
75
85
1
4
4
9
21
3
5
4
10
36
3
7
8
14
32
4
7
8
16
33
4
7
8
19
29
8
7
12
19
29
11
18
15
23
18
8
All family units
11
4
1
1
0
1
27
31
32
31
32
25
14
11
8
9
6
3
18
10
8
13
14
11
7
14
10
7
12
11
9
12
8
5
5
7
2
100
Dissaving as a percentage of income:
1-9
10-24
25 and over
34
28
Zero savers—total
Negative savers—total 2
1
$1,000$1,999
5
7
8
15
29
Percentage of income saved:
50 and over
30-49
20-29
10-19
1-9
Under
$1,000
64
Postive savers—total
2
l
100
100
100
100
100
100
100
Based on 1947 money income before taxes.
Family units with expenditures in excess of money income.
mated by using a standardized procedure of computation. The steps in the calculation were as
follows:
1. A table was prepared giving the amount of
tax by size of income and by number of dependents.
The table provided for the Treasury standard deduction for contributions, medical bills, etc., on
incomes up to $5,000, and a deduction of 10 per
cent of taxable income (excluding items in (2) below), for incomes larger than $5,000.
2. Taxable income was calculated by deducting
from total'income amounts received by individual
income recipients from social security benefits, sickness and injury benefits, armed forces pay and
allowances up to the limit of their special exemption, contributions for support, etc. Tax-free interest was not deducted but would be received by
only about 1 per cent of the income recipients.
TABLE 19
PROPORTION OF INCOME RECEIVED BY EACH T E N T H OF T H E
TABLE
18
NATION'S SPENDING U N I T S W H E N RANKED BY SIZE OF INCOME
DISTRIBUTION OF FAMILY U N I T S , AMOUNTS OF MONEY INCOME
BEFORE AND A F T E R FEDERAL INCOME T A X ,
1947
RECEIVED, POSITIVE SAVING, NEGATIVE SAVING AND
NET
SAVING, BY INCOME
GROUPS,
1947
[Per cent]
1947 annual money
income before taxes
Under $1,000
$l,000-$l,999
$2,000-$2,999
$3,000-$3,999
$4,000-$4,999
$5t000-$7,499
$7,500 and over
All income groups.
PosiNegaFamily Money
tive
tive
Net
units income saving1 saving1 saving1
13
18
20
17
11
13
8
2
7
13
15
13
20
30
1
4
8
11
11
20
45
22
10
13
15
13
11
16
-15
-2
5
8
9
27
68
100
100
100
100
100
1
Positive saving comprises the saving of all family units with
money incomes in excess of expenditures, negative saving comprises the dissaving of all family units with expenditures in excess
of money incomes, and net saving (plus or minus) is positive
saving less negative saving for all family units combined.
AUGUST 1948
Spending units ranked
according to size
of income
Highest tenth
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest tenth
Percentage of total income
received by each tenth
Money income Money income after
before Federal Federal income tax 1
(disposable income)
income tax
33
15
12
10
9
7
6
4
3
31
15
12
10
9
8
6
5
3
1
1
Money income after deduction of estimated Federal personal
income tax liability. See appendix, pp. 930 to 932, for method
of estimating disposable income. Money income figures exclude
capital gains or losses and tax estimates do not make any allowance for such gains or losses.
931
1948 SURVEY OF CONSUMER FINANCES
3. In the case of spending units containing one
person only, the tax for these units was taken
directly from the prepared table.
4. In the case of spending units containing a
husband and wife, one or both of whom were
income receivers, taxes were taken directly from
the table after deciding whether a joint or separate
tax return would have been made. Where the
income of the unit was at or beyond the level at
which it became worthwhile to file separate returns,
separate liabilities were estimated from the table
for husband and wife, leaving all other dependents
with the main income receiver.
5. If additional persons in the unit, other than
TABLE
20
DISTRIBUTION OF SPENDING UNITS BY SIZE OF OTHER CONSUMER EXPENDITURES, 1947
1
[Per cent]
Amount of other consumer expenditures
1947
Under $500
$500-$999
$l,000-$l,499..
$1.500-$l,999..
$2,OOO-$2,999..,
$3,000-$3,999..
$4,000-$4,999..
$5.000-$7,499..
$7,500 and over
Not ascertained,
6
12
15
15
24
12
5
3
2
6
All units..,
100
1
Covers expenditures for goods and services other than for selected durable goods. Includes expenditures for food, housing,
clothing, medical care, other living costs, State and local taxes'
recreation, transportation, and education as well as expenditures
for durable goods such as floor coverings, jewelry, fur coats, and
other miscellaneous durable items.
932
the husband or wife, earned more than $550, separate returns were calculated from the table for each
of these additional earners, leaving all other dependents with the main income receiver.
6. Where more than one tax return was estimated
for a given spending unit, the separate tax liabilities
were totaled and the total was considered to be the
tax liability of the spending unit.
This method of estimating taxes made no provision for the following:
1. Dependents, other than children away at
school, not living in the dwelling unit;
2. Larger deductions than the Treasury standard
deduction on incomes up to $5,000 or larger or
smaller deductions than 10 per cent of income on
incomes greater than $5,000;
3. Tax-free interest;
4. Taxes on alimony received;
5. Taxes on capital gains and losses;
6. Carryover of business and capital losses from
previous years;
7. Allocation of income among the taxpayers in
one unit that may differ somewhat from the survey
allocation; and
8. State and local income taxes which amount to
about one-tenth of Federal personal income tax.
For individual spending units, taxes may have
been over- or underestimated. The limitations of
these tax estimates should be recognized in making
use of either the tax or disposable income data.
FEDERAL RESERVE BULLETIN
REVISED CONSUMER CREDIT SERIES
Revised estimates for the following segments of
the consumer credit series are presented in the accompanying tables, along with brief notes on the
type of revision made: (1) Consumer instalment
credits of commercial banks, (2) Consumer instalment loans of credit unions, and (3) Single-payment loans. Total instalment loans, total instalment
credit, and total consumer credit have also been revised to incorporate these changes in the parts.
ESTIMATES OF CONSUMER INSTALMENT CREDITS OF
COMMERCIAL BANKS
The monthly series on consumer instalment
credits at commercial banks has been revised from
January 1947 to date on the basis of the June and
December 1947 statements of condition submitted
by all insured commercial banks.1 Commercial
bank holdings of consumer instalment paper as of
June 30, 1948 were raised 101 million dollars by
the revision. The amount outstanding of each type
of credit except automobile paper was increased,
while the latter was reduced slightly. Revised
1
For a description of method used in adjusting to call data,
see Federal Reserve BULLETIN, July 1947, p. 831.
monthly estimates for both amounts outstanding
and volume of credit extended are presented in the
table on this page.
ESTIMATES OF CONSUMER INSTALMENT LOANS OF
CREDIT UNIONS
The monthly series on instalment loans of credit
unions has been revised from January 1929 to date
to exclude real estate mortgage loans. Since the
consumer credit series conceptually includes only
short-term credit, it was desirable to remove mortgage loans of State credit unions which have heretofore been included. Federal credit unions are for
all practical purposes prohibited from making real
estate loans by the 24-month maturity clause in the
statute governing them. Some information on
mortgage loans was available from published State
reports. In other States special inquiry of the
State supervisory authorities for end-of-year information was made by the Federal Reserve Board.
New year-end figures were derived and monthly
amounts outstanding computed by distributing the
difference between the new and old series on a
straight-line basis. Annual volume figures were
CONSUMER INSTALMENT CREDITS OF COMMERCIAL BANKS, BY TYPE OF CREDIT
[Revised estimates.
AMOUNT OUTSTANDING
In millions of dollars]
VOLUME EXTENDED DURING MONTH
Other Repair Perretail, a n d
sonal
pur- mod- instalTotal
chased erniza- ment
Pur- Direct a n d
tion
cash
chased loans direct loans1 loans
End of month
1947—January
February
March
April
May
June
July
August
September... .
October
November
December
1,685
1,758
1,860
1,969
2,084
2,192
2,273
2,348
2,416
2,499
2,588
2,701
181
195
216
235
252
274
286
298
313
322
337
346
325
348
374
397
423
439
456
470
477
492
513
536
299
312
327
351
380
407
424
433
444
462
486
523
280
285
297
316
337
361
383
408
438
465
483
500
600
618
646
670
692
711
724
739
744
758
769
796
1948—January
February
March
April
May
JuneP
2,788
2,826
2,932
3,057
3,137
3,231
358
372
402
430
448
471
557
570
601
628
648
668
567
570
592
629
647
665
504
507
518
539
555
571
802
807
819
831
839
856
Other
retail,
purchased
Total
Pur- Direct and
chased loans direct
Automobile
retail
Automobile
ret ail
Year and month
1947—January
February
March
April
May
June
July
August
September
October
November
December
Total
1948—January
February
March
April
Mayp
JuneP
311
293
350
371
384
406
396
375
401
423
421
484
4,615
457
398
504
521
487
525
44
41
54
60
58
59
62
58
66
68
69
70
709
71
67
89
92
80
86
69
70
81
84
83
82
84
79
81
86
94
103
996
98
89
116
111
109
109
66
56
61
71
80
96
79
73
78
89
91
115
955
118
90
102
123
112
129
Repair
and
modernization
loans1
Personal
instalment
cash
loans
24
108
26
100
31
123
120
36
122
41
125
44
129
42
120
45
121
55
126
54
124
43
149
47
488 1,467
134
36
117
35
153
44
143
52
137
49
150
51
P Preliminary
These series include both FHA-insured loans and an unknown amount of noninsured loans.
1
AUGUST
1948
933
REVISED CONSUMER CREDIT SERIES
estimated by applying to the revised December 31
levels, ratios between annual volume and end-ofyear balances based on data for those States where
both volume and amount outstanding were known.
A monthly series on loans made for the period
January 1939 to date was then derived by distributing annual totals in the same manner as the unrevised series. A monthly volume series prior to
January 1939 has never been estimated.
Further revision was made in both the State and
Federal credit union series from January 1946 forward on the basis of official year-end information
compiled by the Federal Deposit Insurance Corporation for Federal credit unions and the Bureau of
Labor Statistics for State-chartered credit unions.2
Revised estimates for January 1929 to date are presented in the table which begins on this page.
a
F o r a description of method used in adjusting to year-end
data, see Federal Reserve BULLETIN, July 1947, p. 833.
ESTIMATES OF SINGLE-PAYMENT LOANS OUTSTANDING
Estimates of single-payment loans outstanding
have been revised from July 1947 to date in accordance with December 1947 statements of condition of insured commercial banks.3 Revised figures are shown in the table appearing on pages
936 and 937.
REVISED CONSUMER CREDIT AGGREGATES
Revisions in the segments described above affect
the series on instalment loans, total instalment
credit, and total consumer credit. The June 30,
1948 estimates for instalment loans, total instalment credit and total consumer credit were increased 31 million. Revised figures for these series
also will be found in the table on pages 936 and 937.
8
For a description of the procedure used in obtaining estimates of single-payment loans, see Federal Reserve BULLETIN,
January 1945, p. 27.
CONSUMER INSTALMENT LOANS OF COMMERCIAL
[Revised estimates.
Credit Unions1
Year and month
1929—January..
February.
March....
April
May
June
July
August. . .
September
October . .
November
December
Amount
outstanding,
end of
month
Total
1930—January..
February.
March....
April
May
June
July
August. . .
September
October . .
November
December.
38
36
Total..
Amount
Loans Year and month outstandmade
ing,
during
end of
period
month
22
22
21
21
21
21
21
21
20
21
21
21
Total..
1932—January
February
March..
April...
May. . .
June...
July....
August.
Septemb er
October
Novembe r
Decembc r.
22
22
22
22
22
22
22
22
22
22
22
23
Total....
1
1931—January.
February
March..
April. . .
May. . .
June...
July....
August.
Septemb sr
October
Novemb er
Decembe r.
1933—January..
February.
March....
April
May
June
Julv
August. . .
September
October . .
November
December.
34
31
Credit Unions1
Total
Amount
Loans Year and month outstandmade
ing,
during '.
end of
perioc
month
19
18
18
18
18
18
19
19
19
19
19
20
Total....
1934—January..
February.
March....
April
May
June
July
August. . .
September
October . .
November
December.
21
20
20
20
20
20
20
20
20
19
19
19
UNIONS
Credit Unions1
Credit Unions1
Amount
Loans Year and month outstandmade
ing,
during
end of
period
month
21
21
21
21
21
22
22
21
22
22
22
23
BANKS AND CREDIT
In millions of dollars]
1935—January. .
February.
March
April
May
June
July
August. . .
September
October . .
November
December.
32
42
26
26
27
28
30
31
32
33
34
34
35
37
Total....
1936—January..
February.
March
April
May
June
July
August. . .
September
October . .
November
December.
20
19
20
20
21
22
22
23
23
24
24
25
Total
Loans
made
during
period
<
>7
38
38
40
42
44
46
48
49
51
54
55
58
106
A monthly series on loans made is not available prior to 1939.
934
FEDERAL RESERVE BULLETIN
REVISED CONSUMER CREDIT SERIES
CONSUMER INSTALMENT LOANS OF COMMERCIAL BANKS AND CREDIT
[Revised estimates.
Credit Unions1
Year and month
Amount
outstanding,
end of
month
1937—January . .
February.
March....
April
May
June....
July
August. .
September
October . .
November
December.
150
Total...
1940—January.
February.
March...
April.. . .
May. . . .
June....
July
August. .
September
October .
Novembei
December.
Total..
344
189
183
181
175
170
165
160
153
148
140
134
130
12
14
23
15
15
20
16
15
18
16
16
21
Total....
19 1944—January..
21
February.
26
March....
26
April. .
May. .
28
June..
27
26
July
26
August. . .
23
September
25
October . .
23
November
27
December
201
101
99
103
100
100
101
100
100
100
98
98
100
Year and month
Amount
outstanding,
end of
month
Loans
made
during
period
98
96
97
97
97
98
99
98
97
97
99
103
Amount
outstanding,
end of
month
Loans
made
during
period
13
14
19
16
17
18
16
16
14
17
19
20
102
104
107
111
116
122
126
130
135
141
146
153
Commercial banks 2
16
16
20
21
23
24
24
26
Total.
20 1946—January...
20
February. .
28
March
21
April
20
May
22
June
20
July
18
August....
17
September.
16
October. . .
15
November.
19
December..
236
122
117
118
113
110
110
107
106
106
104
103
104
Credit Unions1
25 1945—January...
27
February..
32
March
34
April
35
May
33
June
31
July
30
August. . . .
24
September.
25
October. . .
23
November.
25
December..
Total....
237
135
136
143
147
153
159
163
167
169
170
171
174
Loans
made
during
period
15 1943—January..
16
February.
21
March....
20
April
21
May
23
June..
19
July...
20
August
19
September
20
October .
20
November
23
December,
176
103
104
108
111
116
121
123
126
129
130
132
135
174
177
182
191
198
204
209
210
210
207
204
200
Total....
•2—January. .
February
March...
April
May
June
July
August. . .
September
October
November
December.
83
85
86
89
92
96
97
97
97
98
100
103
Total...
1939—January.
February
March...
April....
May....
June....
July
August. .
September
October .
November
December.
1941—January . .
February.
March....
April
May
June
July
August. . .
September
October . .
November
December.
60
60
62
65
68
72
74
75
78
80
81
83
Total....
1938—January..
February
March...
April.. . .
May
June....
July
August. .
September
October .
Novembe
December,
Credit Unions1
Amount
Loans Year and month outstandmade
ing,
during
end of
period
month
UNIONS—Continued
In millions of dollars]
Total...
7—January. . .
February. .
March
April
May
June
July
August....
September.
October
November.
December..
a>
29
28
33
286
154
158
164
170
177
186
194
200
204
208
215
225
28
28
33
33
36
37
38
36
35
39
39
46
1,006
1,052
1,110
1,160
1,211
1,248
1,278
1,307
1,320
1,350
1,383
1,435
227
230
241
252
260
274
38
38
48
50
47
55
1,462
1,483
1,530
1,570
1,597
1,634
Total.
13 1948- - J a n u a r y . . .
February..
15
22
March
13
April
17
May?
19
JuneP. . . .
16
17
16
15
16
19
189184
220
218
219=
222
227
213
216
228
233
267
2,636
247
221
286
269
258
274
Total
P Preliminary.
1
A monthly series on loans made is not available prior to 1939.
'These figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans; they
do not include purchased paper or repair and modernization loans.
AUGUST
1948
935
REVISED C O N S U M E R
CREDIT
SERIES
TOTAL CONSUMER CREDIT
[Estimated amounts outstanding.
Total
consumer
credit
Total
instalment
credit
Total
instalment
loans l
1929—January
February
March
April
May
June
July
August
September
October
November
December
6,642
6,578
6,710
6,890
7,077
,225
,263
,337
,428
,505
7,466
7,628
2,601
2,557
2,613
2,737
2,880
3,008
3,099
3,161
3,165
3,186
3,150
3,158
514
520
530
540
553
569
580
585
591
603
618
643
1930—January
February
March
April
May
June
July
August
September... ,
October
November...,
December. . . .
7,311
7,103
7,075
,090
7,062
7,035
6,914
6,849
6,844
6,821
6,742
6,821
3,018
2,903
2,864
In millions of dollars]
Total
consumer
credit
Total
instalment
credit
Total
instalment
loans l
1935—January.. .
February..
March. . . .
April
May
June
July
August... .
September.
October.. .
November.
December.
4,272
4,248
4,366
4,535
4,633
4,762
4,813
4,890
4,991
5,094
5,206
5,432
1,840
1,842
1,908
2,018
2,123
2,221
2,309
2,387
2,429
2,468
2,519
2,620
549
557
571
591
614
642
673
704
732
759
783
815
890
879
891
873
840
797
2,763
2,694
2,688
643
640
642
648
652
650
656
653
650
651
651
656
1936—January...
February..
March....
April
May
June
July
August....
September.
October. . .
November.
December.
5,340
5,333
5,480
,680
,910
6,040
6,116
6,207
6,347
6,479
6,552
6,788
2,607
2,606
2,710
2,862
3,021
3,153
3,253
3,318
3,360
3,385
3,400
3,518
840
865
902
931
954
959
973
995
1,016
1,036
1,054
1,082
6,513
• 6,301
6,215
6,173
6,123
6,043
5,879
5,756
5,702
5,630
5,488
5,518
2,576
2,482
2,428
2,433
2,444
2,444
2,422
2,382
2,336
2,294
2,224
2,204
650
644
634
633
635
634
637
630
624
625
614
609
1937—January.. .
February..
March....
April
May
June
July
August... .
September.
October.. .
November.
December.
6,632
6,591
6,747
6,903
7,085
7.229
7,263
7,348
7,435
7.475
7,443
7,481
3,471
3,442
3,538
3,668
3,809
3,937
3,998
4,046
4,053
4,033
3,976
3,961
1,094
,108
,132
,153
,170
,184
,193
,196
,199
,200
,197
,209
1932—January
February
March
April
May
June
July
August
September
October
November
December
5,204
4,978
4.854
4,740
4,637
4,532
4,346
4,239
4,196
4,139
4,053
4,085
2,097
1,998
1,921
1,870
1,830
1,794
1,722
1,673
1,629
1,587
1,543
1,518
602
591
586
581
578
568
560
551
544
532
528
519
938—January.. .
February..
March....
April
May
June
July
August... .
September.
October. . .
November.
December.
7,157
6,934
6.880
6,857
6.813
6.789
6,672
6,670
6,721
6,742
6,820
7,055
3,814
3,683
3,630
3,609
3,589
3,571
3,522
3,515
3,493
3,480
3,498
3,603
,195
,180
,186
,197
,205
,222
,228
,237
,250
,258
,267
,290
1933—January.. .
February..
March
April
May
June
July
August
September.
October
November.,
December. .
3,882
3,746
3,686
3,659
3,663
3,671
3,626
3,659
3,733
3,790
3,791
3,912
1,464
1,415
1,377
1,383
1,419
1,461
1,485
1,534
1,563
1,584
1,577
1,588
509
499
485
482
478
473
470
469
467
465
463
466
-January.
939—Ta
February
March.
April
May
June
July
August... .
September.
October.. .
November.
December.
6,855
6,783
6,863
6,962
7,114
7,225
7,224
7,309
7,477
7,610
7,689
7,982
3,563
3,538
3,606
3,700
3,839
3,960
4,024
4,093
4,142
4,229
4,294
4,437
,302
,313
,338
,369
,408
,451
,487
,522
,557
,596
,624
,645
1934—January
February
March
April
May
June
July
August
September
October
November
December
3,784
3,736
3,793
3,878
3,966
4,031
4,027
4,069
4,140
4,218
4,233
4,389
1,546
1,527
1,550
1,608
1,678
1,734
1,769
1,800
1,805
1,832
1,831
1,860
464
461
464
468
475
482
489
499
507
521
529
543
940—January.. .
February..
March....
April
May
June
July
August... .
September.
October...
November.
December.
7,799
7,706
7,808
7,934
8,112
8,270
8,264
8,347
8,475
8,629
8,761
9,131
404
393
4,473
,599
4,761
4,895
4,982
5,053
5,077
5,158
5,235
5,433
,664
,682
End of month
1931—January.. .
February..
March
April
,
May
June
,
July
August
September.,
October
November..
December. .
1
Single
payment
loans
End of month
Single
payment
loans
,715
,739
,783
,829
,854
1,889
1,913
1,932
1,950
1,983
These figures include revised estimates for commercial banks and credit unions shown in the table on page 934.
936
FEDERAL RESERVE BULLETIN
REVISED CONSUMER CREDIT SERIES
TOTAL CONSUMER
CREDIT—Continued
[Estimated amounts outstanding.
Total
consumer
credit
End of month
1941—January ..
February
March.
April
May
June
July
August
September
October
November
December
1942—January
February
March
April
May
June
July
August
September
October
November
December
..
. . ..
....
....
;
.
1943—January
February
March. .,
April
May
June..
July
August
September
October
November
December
1944—Tanuarv
February
March.
April
May..
June
. ...
. ..
. ...
....
July
August
September
October
November
December
1
In millions of dollars]
Total
instalment
credit
Total
instalment
loans l
8,930
8,896
8 998
9 305
9,632
9 871
9,923
10 074
10,090
9,978
9 827
9 878
5,395
5,429
5 501
5 741
5,991
6 157
6,247
6 348
6,231
6,109
5 971
5 903
2,002
2,019
2 048
2 099
2,147
2 184
2,212
2 232
2,224
2,201
2 175
2 159
1945—January
February
March
April
May
9 516
9,145
8,971
8 724
8,302
7 856
7,342
7 042
6 879
6,727
6 486
6,461
5 599
5,336
5,110
4 881
4,603
4 316
4,030
3 740
3 504
3 264
3 063
2,931
2 093
2,041
2-009
I 965
1,901
L 844
1,787
L 711
L 644
L 563
I 494
1,440
1946—January
February
March
April
May
6 002
5,780
5,637
5 528
5 361
5,343
5,106
5 020
5,107
5 205
5 293
5,315
2 673
2,481
2,340
2 245
2 140
2 076
1,991
1 941
1,914
1 890
1 879
1,938
361
,293
.272
1 228
1 187
1,181
1,154
1,136
1,130
1 114
1,104
1,124
1947—January
February
March
April
May
4 967
4,813
4,995
4 984
5 094
5,164
5,094
5,142
5,215
5 362
5,549
5,754
1 836
1,784
1,802
1 785
1 797
1,818
1,823
1,828
1,844
1 867
1,903
2,012
1 094
1,079
1,107
1 096
1,098
1,112
1,118
1,120
1,125
1 124
1,131
1,177
1948—January
February
March
April
Mayp
June**
Single
payment
loans
End of month
June
July
August
September
October
November
December
June
July
August
September
October
N o vem ber
December
June
July
August
September
October
November
December
Total
consumer
credit
Total
instalment
credit
Total
instalment
loans x
5,458
5,315
5 574
5,454
5,510
5,661
5,603
5 576
5,607
5,889
6 212
6,613
1,945
1,901
1,925
1,922
1,934
1,960
1,967
1 963
1,987
2,061
2 165
2,340
1,168
1,160
1,194
1,199
1,216
1,241
1.255
,257
1,270
L,307
1,360
1,437
6 404
6,509
6,963
7,347
7,586
7 884 :
8,010
8 354
8,623
8,992
9 512
10,134
2 339
2,380
2,478
2,623
2,756
2 875
2,993
3 137
3 259
3,428
3 616
3,944
L,462
1,501
1,573
1,666
1,752
1,840
.923
2 013
2,082
2,167
2 258
2 ,386
10 007
10,009
10,377
10,634
10,942
11,244
11,321
11,454
11,708
. . 12,084
12,671
13,423
4 031
4,146
4,327
4 539
4,747
4,933
5,063
5,198
5,314
5,490
5,765
6,189
2,465
2,538
2,632
2,727
2,819
2,897
2,971
3,031
3,057
3,120
3,214
3,350
2,549
2,581
2,609
2,647
2,680
2,702
13 096
12,978
13,423
13 627
13,818
14,149
6 219
6,284
6,533
6 769
6,963
7,192
3 401
3,449
3,547
3,632
3,705
3,793
2,713
2,705
2,689
2,665
2,660
2,662
Single
payment
loans
These figures include revised estimates for commercial banks and credit unions shown in the table on page 934.
AUGUST
1948
937
THE PHILIPPINE CENTRAL BANK ACT1
by
DAVID L. GROVE AND JOHN EXTER
On June 15, 1948, a Bill creating a Central Bank
of the Philippines and reorganizing the monetary
system of the country was signed by President
Quirino and became law. The legislation brings
to an end the rigid 100 per cent reserve currency
system which has been in effect in the Philippines,
with only relatively minor changes, since 1903,
and replaces it by a modernflexiblecurrency system
in which monetary authority and responsibility
will rest in a central bank. The new legislation
represents a consummation of Philippine aspirations
for an independent currency system under which
the peso will remain stable in relation to, and freely
convertible into, the dollar, but under which the
money supply will be more responsive to the domestic needs of the economy. The establishment of
such a system was recommended by the Joint Philippine-American Finance Commission in June 1947.2
The Central Bank, which will be a Government
institution, will have a monopoly of currency issue
and will have broad regulatory authority over the
credit and exchange operations of the banking system. It will have responsibility for developing
and maintaining a market for Government securities and will, in addition, act as general fiscal agent
of, and financial adviser to, the Government. The
Central Bank will be a "bankers' bank" and will
not deal directly with the public, except in the
course of its open-market operations. The Bank
will commence business as soon as its governing
board has been appointed and its capital paid in.
The new legislation should be viewed against
the background of the 100 per cent reserve currency
system which it supersedes and of the financial environment in which the Central Bank will operate.
THE 100
PER CENT CURRENCY RESERVE SYSTEM
The Philippines has never before had a central
bank. Except for limited issue of notes by two
commercial banks, the power of issue has for
1
At the request of the Philippine Government, the Board of
Governors of the Federal Reserve System made the services of
Mr. Grove and Mr. Exter available to assist the Philippine
authorities in the formulation of this Act. Mr. Grove and Mr.
Exter are economists in the Board's Division of Research and
Statistics.
2
Report and Recommendations of the Joint PhilippineAmerican Finance Commission, June 7, 1947 (H. Doc. No. 390,
80th Cong., 1st sess.).
938
years been vested in the Philippine Treasury, which
has had authority to issue Treasury certificates
backed 100 per cent by silver coins and United States
dollars. In practice these certificates have for some
time been issued almost exclusively against dollars.
The Treasury has been obliged to buy and sell
dollars on demand at exchange rates based on the
par value of the peso, which was fixed by law at
50 United States cents. Thus, in effect, the Philippines has been on a dollar exchange standard with
a 100 per cent dollar reserve requirement against
its note issue. The supply of currency has responded almost automatically to the dollar surpluses
and deficits in the international balance of payments of the Philippines, irrespective of whether
the response had a beneficial or harmful effect
on the domestic economy. Moreover, the 100 per
cent reserve system has tended to immobilize needlessly a part of the official international reserves
of the country. Dollar reserves have had to be
maintained even against the hard core of notes
that was always needed to finance domestic transactions and that would never be presented for conversion into dollars to finance remittances or payments abroad.
Whatever flexibility has existed in the Philippine monetary system has been provided by the
credit operations of the commercial banks. AL
though the banks have been required by law to
maintain a cash reserve "in lawful money of the
Philippines or of the United States" equal to only
18 per cent of their demand deposits and 5 per cent
of their savings deposits,3 the volume of their credit
operations has been narrowly restricted by the
following two factors.
First, unlike the practice in the United States, the
bulk of monetary payments in the Philippines is
made in cash rather than by check. As a result,
whenever the banking system expands credit, the
loss of cash reserves to the public is much heavier
than in countries where checks are more commonly
used.
Second, the Philippines has such a high propensity to import that a large percentage of any
3
The reserve against savings deposits could be held in Philippine or United States Government Bonds, as well as in cash.
FEDERAL RESERVE BULLETIN
THE PHILIPPINE CENTRAL BANK ACT
expansion of the money supply is likely to be
used for additional importation from abroad, principally from the United States. To the extent that
importers draw down their deposit balances in order to buy dollars from the banks, the banks lose
reserves and the capacity of the banking system to
extend credit is reduced.
The restrictive effects of these factors on bank
credit expansion have been intensified by the absence of a central bank. The Philippine branches
of foreign banks have needed central bank credit
facilities less than the other banks, because they
could ordinarily seek accommodation from their
head offices when in need of funds. For the domestic banks, however, the absence of a central
bank has meant that each bank has had, in effect,
to rely exclusively on its own resources. In these
circumstances, reasonable standards of precaution
have required Philippine banks to maintain larger
excess reserves and more liquid portfolios than
would have been necessary had central bank credit
been available. For these reasons, Philippine banks,
in the aggregate, ordinarily have held reserves which
were two to three times the legally required minimum.
No agency has had responsibility for seeing to it
that the supply of money responded to the needs
of the economy. The Philippine National Bank,
which is a Government-owned commercial bank,
has had inadequate resources and powers to undertake the responsibility, even if it had been so
charged. The Government itself might have endeavored to regulate the money supply by the exercise of its fiscal powers, but has not done so; in any
event, fiscal measures would have been difficult to
employ in a country without a well developed tax
system and a well organized government securities
market. Thus, movements in the money supply
of the Philippines have been the uncoordinated
product of the country's international balance of
payments and of the diverse credit activities of
the banking system.
Another disadvantage of the system, given the
limited ability of the Government to borrow domestically, was that it tended to obscure the distinction between domestic currency requirements
and foreign currency requirements. This became
particularly apparent when the Government was
faced with a budgetary deficit last year; it was unable to sell its securities because of the absence
-of a securities market, and was unable to get
AUGUST 1948
adequate accommodation from the banks because
of their limited credit potential. As a result, the
Government had to borrow dollars in order to obtain pesos with which to finance local expenditures.
When a system requiring a 100 per cent reserve
against the note issue is applied to a growing economy, it may logically be expected to impart to it
a consistent deflationary bias. In order to create
the larger money supply required for an increasing
population and an ever-expanding domestic trade,
it would be necessary for the country to have
a persistently active balance of payments, which
in itself would be a costly luxury for an underdeveloped economy. It would be difficult to demonstrate conclusively, however, that the operation
of the system in the Philippines was a major deterrent to the full development of the country's economic potentialities in the prewar period. Except
for the exchange crisis of 1920 and 1921, which can
be blamed on a violation of the system rather than
on the system itself, there was never any real threat
of a breakdown of the Philippine monetary system.
On the other hand, some of the more serious depressing effects of the system were undoubtedly
obscured by such favorable factors as the free access of Philippine products to the protected American market, the continuous expenditures of United
States Government agencies in the Islands, and
the remission to the Philippines by the United
States Government of taxes paid by American
manufacturers on the processing of sugar and coconut oil of Philippine origin.
Now that the Philippines is independent many of
the economic benefits resulting from the association
with the United States will gradually disappear.
United States Government payments in the Islands
are scheduled to decline after 1950. After 1974
Philippine products will be subject to the full
American tariff. These factors alone may subject
the economy to pressures which will severely test
its inherent strength. Moreover, the greater part
of the task of reconstructing and developing the
Philippine economy lies ahead. In these circumstances it could hardly be expected that the Philippine Government would retain a monetary system
whose excessive rigidity might delay its program
of reconstruction and development or might deprive it of any effective defense against the domestic consequences of world economic fluctuations.
There are many who point out that the 100
per cent reserve system guarantees the international
939
THE PHILIPPINE CENTRAL BANK ACT
stability and convertibility of the peso and serves
to attract foreign capital. The new monetary system recognizes the value of the'se objectives but is
designed to achieve them without needlessly sacrificing domestic monetary stability and orderly economic development.
THE NEW MONETARY SYSTEM
The Central Bank Act is an integrated body of
provisions defining the monetary system of the
Philippines and establishing the Central Bank
to administer it. It declares the principal objectives
of the Bank to be to maintain monetary stability
within the Philippines, to preserve the international
stability and convertibility of the peso, and to promote orderly growth in production, employment,
and real income.
Since monetary authority in most countries is
divided between the Treasury and the central bank,
it has been customary to have currency legislation
distinct from central bank legislation. This is unnecessary in the Philippines because all monetary
authority and responsibility are to be vested in the
Central Bank; consequently, all necessary legal provisions concerning the currency have been incorporated in the Central Bank Act.
The Act provides that the Philippine peso shall
continue to be equal by law to 50 United States
cents, but it goes further than former legislation by
also defining the peso in terms of gold. It provides that the Central Bank shall have a monopoly
of the issue of currency and may issue notes and
coins in exchange for any assets which it is legally
authorized to acquire.4
The Central Bank will not be required, as the
Treasury has been, to hold the official international reserve exclusively in dollars; gold and foreign currencies other than dollars may also be included. Nevertheless, the Act will not in practice
take the Philippines off the dollar exchange standard. Practically all Philippine trade and other
international transactions have long been conducted
on a dollar basis and are expected to continue to
be so conducted in the future.
The legislation explicitly recognizes the validity
of all international agreements entered into by the
Philippines which affect its currency. Under the
* All Philippine notes and coins now in circulation will become a liability of the Central Bank. In return for assuming
this liability the Central Bank will acquire the bulk of the assets
of the Treasury Certificate Fund and the Exchange Standard
Fund, which are the two Funds in which the Philippine Treasury has kept the monetary reserves. These Funds will be liquidated.
940
terms of the Executive Agreement between the
United States and the Philippines, pursuant to the
Philippine Trade Act of 1946, the Philippine Government has agreed that, until July 3, 1974, "the
value of Philippine currency in relation to the
United States dollar shall not be changed, the convertibility of Philippine pesos into United States
dollars shall not be suspended, and no restrictions
shall be imposed on the transfer of funds from the
Philippines to the United States except by agreement with the President of the United States." In
effect, this means that, for the life of this Agreement,
the Philippines cannot change the dollar value of
its currency nor adopt exchange controls without
the approval of the President of the United States.
The legislation is also in complete harmony with
the Articles of Agreement of the International
Monetary Fund, of which the Philippines is a
charter member.
ORGANIZATION OF THE CENTRAL BANK
The Central Bank will be a Government-owned
institution with a capital of 10 million pesos.5 The
Bank will be headed by a "Monetary Board" consisting of seven members, one of whom will be the
chief executive of the Bank and will bear the title
of "Governor." The Secretary of Finance, the
President of the Philippine National Bank, and the
Chairman of the Board of Governors of the Rehabilitation Finance Corporation will be ex-ofEcio
members of the Monetary Board. The other four
members, including the Governor, will be appointed for six-year terms by the President of the
Republic. The Governor of the Bank must be of
recognized competence in the field of banking, and
the other three appointive members must be of
recognized competence in the economics of banking, finance, commerce, agriculture, or industry.
It should be noted that none of the appointive members will be chosen on a regional or functional
basis, as is provided in many central bank laws.
The members are to represent the public interest in
the broadest sense of the term and are not to be
spokesmen for special groups.
The Secretary of Finance will preside at the
meetings of the Board, but will have no special
powers in the determination of policy or in the
administration of the Bank. The principal reason
for placing the Secretary of Finance on the Mone5
To be obtained from the Exchange Standard Fund when it
is liquidated.
FEDERAL RESERVE BULLETIN
THE PHILIPPINE CENTRAL BANK ACT
tary Board is to promote an effective coordination
of monetary and fiscal policies. As a member of
the Monetary Board, the Secretary of Finance will
share responsibility for central bank policy. Conflict with the Government is one of the obstacles
over which central banks have stumbled and come
to grief in many countries. The origin of much of
the trouble frequently has been in central bank
legislation which endeavored to make central bank
policy completely independent of the national economic policies of the Government. The Philippines hopes to avoid such conflict by making all
of the members of the Monetary Board subject
to governmental appointment and by having the
Secretary of Finance participate in, but not dominate, the formulation and execution of monetary
policy.
The Governor is the only member of the Board
who is required to devote all of his time to the
Bank. The Law provides that he shall formulate
the policies of the Bank for the approval of the
Monetary Board, shall direct the operations and
internal administration of the Bank, and shall represent the Board and the Central Bank in dealings with third parties. In emergencies, the Governor, with the concurrence of the Secretary of
Finance or in the absence of the Secretary with the
concurrence of any two other members of the
Monetary Board, may decide any matter or take
any action within the authority of the Board itself.
The Governor will be assisted in the performance
of his duties by a Deputy-Governor, appointed by
him with the approval of the Board.
In recognition of the discretionary judgment
which must be exercised by the Monetary Board,
the Act provides for the establishment of a Department of Economic Research which will play an important role in the formulation of monetary and
banking policy. The chief of the research department will attend meetings of the Board, with the
right to be heard but without the right to vote.
All functions of bank examination and supervision will be placed under a department of the Bank
to be called the "Department of Supervision and
Examination," which will be headed by a "Superintendent of Banks." These functions were formerly exercised by the Bureau of Banking in the
Department of Finance. Assigning the functions
of bank examination and supervision to the Central
Bank represents a departure from the practice of
many countries, in which bank examination is
AUGUST 1948
placed in the Treasury or in some other Government agency. The principle behind such separation
has generally been that central banks should be
subject to the same sort of scrutiny and examination as commercial banks and that, accordingly, a
separate agency should be given responsibility for
examining all banks, including the central bank.
In practice, the application of this principle has frequently led to conflict between the central bank and
the superintendent of banks over their respective
roles in regulating the activities of commercial and
savings banks and over the central bank's right of
access to data obtained by the superintendent. As
a result of such conflicts and, perhaps even more
important, as a result of the general trend toward
greater central bank control over the credit and exchange operations of the banking system, there has
been a growing recognition that the character and
scope of commercial and savings bank examination
should be distinct from those of central bank examination. The Philippine legislation is in keeping
with this trend. Inspection of the Central Bank
itself is to be made by a special auditor appointed
by the Auditor General of the Philippine Government.
GUIDING PRINCIPLES OF CENTRAL BANK ACTION
In order to make possible the effective execution
of appropriate monetary policies, the instruments of
action given to the Central Bank under its charter
are both large in number and flexible in design.
The Law recognizes, however, that in a country
without a well-established body of tradition in the
field of central banking, there is a danger that the
use of such instruments will be ill-timed and contrary to the intent which prompted their inclusion
in the law.
As a partial safeguard against this danger, the
third chapter of the Act prescribes the basic
guiding principles of monetary management which
the Central Bank is expected to follow. Similarly,
the sections in Chapter IV, which define the individual instruments of Central Bank action, in most
cases include an introductory comment on the general circumstances under which the particular instrument or authority is, or is not, to be used. These
guiding principles are not intended to provide a
ready answer to the problems which will confront
the Bank. Their purpose is the modest one of providing some sort of orientation to clarify the intent
of the Law with respect to the use of the powers
941
THE PHILIPPINE CENTRAL BANK ACT
contained therein. The statements of principle
should be especially useful in strengthening the
position of Board members in carrying out antiinflationary policies over the protests of groups
pressing for easy money policies.
The guiding principles are divided into two
parts. The first is concerned with the Central
Bank's responsibility for maintaining domestic
monetary stability, the second with its responsibility
for maintaining the international stability of the
peso. While the Law treats the problems of domestic and international monetary stabilization separately, it recognizes their close interrelation.
Domestic monetary stabilization. It has already
been observed that the fundamental weakness of
the former monetary system was that it did not respond effectively to the domestic needs of the
Philippine economy. The Central Bank Act, on
the other hand, is particularly concerned with this
problem, but at the same time recognizes that a
flexible domestic monetary policy must take into
consideration possible repercussions on the international economic position of the country. The
Central Bank's responsibilities with respect to this
problem are as follows (Section 64):
"The Monetary Board shall endeavor to control
any expansion or contraction in the money supply,
or any rise or fall in prices, which in the opinion
of the Board is prejudicial to the attainment or
maintenance of a high level of production, employment, and real income. In adopting policies and
measures in accordance with this principle the
Monetary Board shall have due regard for their
effects on the availability and cost of money to particular sectors of the economy as well as to the
economy as a whole, and their effects on the relationship of domestic prices and costs to world prices
and costs."
The broad directive just quoted is followed, in
Section 66, by an outline of the procedures which
the Monetary Board shall take "whenever abnormal movements in the money supply or in prices
endanger the stability of the Philippine economy or
important sectors thereof/' In such circumstances,
the Board shall:
"(a) Take such remedial measures as are appropriate and within the powers granted to the Monetary Board and the Central Bank under the provisions of this Act; and
942
"(b) Submit to the President of the Philippines,
and make public, a detailed report which shall include, as a minimum, a description and analysis of:
"(1) The causes of the rise or fall of the money
supply or of prices;
"(2) The extent to which the changes in the
money supply or in prices have been reflected in changes in the level of domestic
output, employment, wages and economic
activity in general, and the nature and significance of any such changes; and
"(3) The measures which the Monetary Board
has taken and the other monetary, fiscal or
administrative measures which it recommends be adopted."
The Board is required to prepare such a report,
moreover, whenever the money supply increases or
decreases by more than 15 per cent, or whenever
the cost of living index increases by more than 10
per cent, in relation to the level existing at the end
of the corresponding month of the preceding year,
and in the report the Board must state whether, in
its opinion, the changes in the money supply or in
the cost of living represent a threat to the stability
of the Philippine economy or of important sectors
thereof.
International monetary stabilization. The Central
Bank Act recognizes the importance to the Philippines of continuing to maintain an internationally
stable and convertible peso, and states explicitly in
Section 67 that:
"The Central Bank of the Philippines shall exercise its powers under this Act to maintain the par
value of the peso and the convertibility of the peso
into other freely convertible currencies."
Toward this end, the Act provides, in Section 68,
that:
"the Central Bank shall maintain an international
reserve adequate to meet any foreseeable net demands on the Bank for foreign currencies. In
judging the adequacy of the international reserve,,
the Monetary Board shall be guided by the prospective receipts and payments of foreign exchange by
the Philippines. The Board shall give special attention to the volume and maturity of the Central
Bank's own liabilities in foreign currencies, to the
volume and maturity of the foreign exchange assets
and liabilities of other banks operating in the
Philippines and, insofar as they are known or can
FEDERAL RESERVE BULLETIN
THE PHILIPPINE CENTRAL BANK ACT
be estimated, the volume and maturity of the foreign exchange assets and liabilities of all other persons and entities in the Philippines."
The procedures to be followed whenever the
international stability of the peso is threatened are
provided in Section 70 of the Act:
The international reserve may consist of gold,
foreign exchange, and foreign government securities having maturities of not more than five years.
The Board is instructed to "endeavor to hold the
foreign exchange resources of the Central Bank in
freely convertible currencies" and to "give particular consideration to the prospects of continued
strength and convertibility of the currencies in
which the reserve is maintained, as well as to the
anticipated demand for such currencies." The special conditions under which inconvertible curren
cies may be acquired by the Central Bank are discussed later in this article.
The Act does not establish any required ratio
between the Bank's international reserve and its
note and deposit liabilities. The usual purpose behind such reserve requirements in the legislation
of other countries has been to place a limit on central bank credit expansion. The strict observance
of these requirements in periods of crisis, however,
would frequently defeat the purpose of central
bank reserves, which is to provide resources for
financing temporary deficits in the country's international balance of payments, and might obstruct
the bank in the discharge of its responsibility as
"lender of last resort." In practice, therefore, the
requirements have usually either been lowered or
suspended whenever they blocked, or threatened to
block, central bank action.8 Experience has also
demonstrated that movements in the traditional reserve ratio cannot serve as a sound guide to central
bank policy. Attempts have been made in recent
Latin American legislation to provide mechanical
reserve ratios of a different sort, relating the international reserve to sales of exchange during some
preceding period or to movements in the money
supply, or to some combination of the two, but,
unfortunately, even such refined ratios are unlikely
to serve as an adequate guide to appropriate central
bank policy. In recognition of the foregoing, the
Philippine Central Bank Act leaves the question of
the adequacy of the international reserve of the
Bank to the judgment of the Monetary Board and
merely lays down broad guiding principles to be
followed in the exercise of that judgment.
"Whenever the international reserve of the Central Bank falls to an amount which the Monetary
Board considers inadequate to meet the prospective
net demands on the Central Bank for foreign currencies, or whenever the international reserve appears to be in imminent danger of falling to such a
level, or whenever the international reserve is falling as a result of payments or remittances abroad
which, in the opinion of the Monetary Board, are
contrary to the national welfare, the Monetary
Board shall:
8
See "Gold and Foreign Exchange Reserve Requirements of
Foreign Central Banks," Federal Reserve BULLETIN, January
1948, pp. 33-38.
AUGUST 1948
"(a) Take such remedial measures as are appropriate and within the powers granted to the Monetary Board and the Central Bank under the provisions of this Act; and
"(b) Submit to the President of the Philippines
a detailed report which shall include, as a minimum, a description and analysis of:
"(1) The nature and causes of the existing or imminent decline;
"(2) The remedial measures already taken or to
be taken by the Monetary Board;
"(3) The further monetary, fiscal or administrative measures proposed; and
"(4) The character and extent of the co-operation
required from other Government agencies
for the successful execution of the policies of
the Monetary Board.
"If the resultant actions fail to check the deterioration of the reserve position of the Central
Bank, or if the deterioration cannot be checked except by chronic restrictions on exchange and trade
transactions or by sacrifice of the domestic objectives of a high level of production, employment
and real income, the Monetary Board shall propose
to the President such additional action as it deems
necessary to restore equilibrium in the international
balance of payments of the Philippines.
"The Monetary Board shall submit periodic reports to the President until the threat to the international monetary stability of the Philippines has
disappeared."
The measures taken in accordance with the provisions of subsection (a) above to check the deterioration in the reserve position of the Central
943
THE PHILIPPINE CENTRAL BANK ACT
Bank may consist of direct restrictions on exchange
operations or of indirect measures designed to contract the money supply, in order thereby to reduce
the demand for foreign currencies. The choice between exchange restrictions and a deflationary
monetary policy, and among various combinations
of the two, will depend on the circumstances prevailing at the time. The Law does not give domestic monetary stability priority over international
stability, nor vice versa. In some circumstances
the Monetary Board might consider the hardships
of a temporary deflation to be more than counterbalanced by the undeniable long-run advantages
of free convertibility; at other times, deflation
might be too bitter a medicine.
The situation envisaged in the next to the last
paragraph of Section 70 is that of a fundamental
conflict between the objectives of domestic and
international monetary stability which would require consideration of revaluation. The conditions
under which a change in the par value of the peso
is authorized under the Act are stated in detail
in Section 49, as follows:
"The par value of the peso shall not be altered
except when such action is made necessary by the
following circumstances:
"(a) When the existing par value would make
impossible the achievement and maintenance of a
high level of production, employment and real income without:
"(1) The depletion of the international reserve of
the Central Bank; or
"(2) The chronic use of restrictions on the convertibility of the peso into foreign currencies
or on the transferability abroad of funds
from the Philippines; or
"(3) Undue Government intervention in, or restriction of, the international flow of goods
and services; or
"(b) When uniform proportionate changes in par
values are made by the countries which are members of the International Monetary Fund; or
"(c) When the operation of any executive or international agreement to which the Republic of
the Philippines is a party requires an alteration in
the gold value of the peso."
It should be noted that the existence of any of
the conditions enumerated does not make a modification of the par value obligatory, under the terms
of this Act, but merely permissible.
944
The administrative procedure for changing the
par value of the peso is as follows: The Monetary
Board, with the concurrence of at least five of its
seven members, must first propose such action to
the President, who may, if he deems it advisable,
take such action after having obtained the approval
of Congress (except in grave and urgent circumstances, in which case the President may act without
such approval but must then report on his action
to Congress at the earliest opportunity).
Any action to change the par value of the peso
(or to apply exchange controls) would also be subject, of course, to the conditions imposed by the
Executive Agreement pursuant to the Philippine
Trade Act and by membership in the International
Monetary Fund.
INSTRUMENTS OF CENTRAL BANK ACTION
The specific instruments of action available to
the Central Bank include operations in gold and
foreign exchange, lending to banks and the Government, open-market operations, control of bank
reserve requirements, and selective regulation of
bank credit operations. These powers, as will be
apparent from the following discussion, are flexible
in design. This seems particularly desirable in an
economy in which Government fiscal operations
are unlikely to exert appropriate countercyclical
influences, at least for some time to come, and
which, because of its extreme dependence on the
exportation of a few basic products, is sensitive to
changing business conditions abroad, especially in
the United States.
During the first few years of the Central Bank's
existence, large export proceeds and large United
States Government payments to the Philippines
will probably prevent the money supply from falling, and may even increase it. In such a period
the Bank may wish not only to restrict its own
credit operations quite narrowly but also to limit
the expansion of credit by the commercial banks
through the use of its powers over their credit
operations. At a later time, these powers could
be used in a different direction to counteract depressive forces.
Operations in gold and foreign exchange. The Central Bank may buy and sell gold, regulate all dealings in gold, and require at any time that gold
holdings of all persons or entities be delivered
to the Bank. The Bank may engage in foreign
exchange transactions with Philippine banks, PhilipFEDERAL RESERVE BULLETIN
THE PHILIPPINE CENTRAL BANK ACT
pine Government agencies, foreign and international financial institutions, and foreign governments, but not with the general public. In order
to maintain the convertibility of the peso, the Central Bank is required, however, to buy any quantity of foreign exchange offered to it, and sell any
quantity demanded from it, by any bank operating
in the Philippines, provided that the currency offered or demanded is freely convertible into gold
or United States dollars.
Notwithstanding the obligation just described, in
order to protect the international reserve of the
Central Bank during an exchange crisis and to give
the Monetary Board and the Government time in
which to take constructive measures to combat such
a crisis, the Board, with the concurrence of at least
£.vc of its seven members and with the approval
of the President of the Republic, may temporarily
suspend or restrict sales of exchange by the Central
Bank and may subject all transactions in gold and
foreign exchange to license by the Bank. It is
unlikely that this authority will be exercised within
the foreseeable future because of the presently favorable balance of payments and the extraordinarily high level of the international reserve. The
Philippine financial position is sound and the
Philippine economy should be able to adapt itself
to the tapering off of the currently large United
States Government payments without the imposition of exchange controls.
The question of inconvertible currencies poses
no immediate problem for the Philippines because
Philippine trade is at present conducted almost
exclusively in dollars. As long as the maintenance
of a high level of exports is not dependent upon
the acceptance of currencies which are not freely
convertible into gold or United States dollars, it is
to the interest of the Philippines that the Bank not
accumulate such currencies. Nevertheless, the day
may come when the Central Bank must choose between accumulating inconvertible currencies and
suffering a curtailment of exports which would
seriously reduce income and employment. The
Bank might well decide that the former would be
the lesser evil, particularly in view of the difficulties and hardships that would be involved in
shifting factors of production from the export industries into other productive activities. This decision would be especially defensible in cases where
the period of inconvertibility of a foreign currency
was expected to be rather short. In view of the
AUGUST 1948
foregoing considerations, the Central Bank Act
states (Section 75) that:
"The Central Bank shall avoid the acquisition
and holding of currencies which are not freely
convertible, and may acquire such currencies in
an amount exceeding the minimum balance necessary to cover current demands for said currencies
only when, and to the extent that, such acquisition
is considered by the Monetary Board to be in the
national interest. The Monetary Board shall determine the procedures which shall apply to the
acquisition and disposition by the Central Bank
of foreign exchange which is not freely utilizable
in the international market."
The Monetary Board will fix the rates at which
the Central Bank will buy and sell foreign exchange, but the rates for spot exchange may not
differ from the legal parities by more than one-half
per cent, unless in any given case a greater divergence from the legal parity exists in foreign markets. The rates applicable to nonspot exchange
transactions of the Central Bank may not differ
from the spot rates by more than the additional costs
or expenses involved in each type of transaction.
The Monetary Board will also determine the
minimum and maximum rates within which the
other banks may buy and sell spot exchange, but
the limits fixed by the Board may not differ from
the respective legal parity by more than one per
cent, unless in any given case a greater divergence
from parity exists in foreign markets. The rates
fixed by the banks for their nonspot exchange
transactions may not differ from their spot exchange rates by margins larger than those considered reasonable by the Monetary Board. The
Board may at any time, however, specifically fix
such margins.
Any revaluation profits or losses made by the
Central Bank on its net international assets or liabilities, as a result of changes in the gold value
of the peso or in the parities or exchange
rates of foreign currencies with respect to the
Philippine peso, are to be offset by any amounts
which, as a consequence of such revaluations, are
owed by the Philippines to the International Monetary Fund and the International Bank for Reconstruction and Development, or are owed by these
institutions to the Philippines. The Central Bank
will sterilize any remaining profit or loss by entering it in a special blocked account. The purpose
945
THE PHILIPPINE CENTRAL BANK ACT
of such sterilization of revaluation profits and
losses is to remove their potential influence on decisions to modify the value of the peso.
Similarly, any revaluation profits and losses made
by the other banks on their net assets or liabilities
in gold and freely convertible foreign currencies
are to be for the account of the Central Bank and
are to be distributed by the Bank in the same manner as those arising from its own holdings. The
Monetary Board may, furthermore, at any time declare that revaluation profits or losses on banks'
net holdings of any inconvertible foreign currency
shall also be for the account of the Central Bank.
The purpose of these provisions is principally to
remove the speculative element of revaluation profits and losses from the normal exchange operations
of the banking system.
In order that the Central Bank may at all times
have foreign exchange resources sufficient to enable
it to maintain the international stability and convertibility of the peso and in order to promote the
domestic investment of bank resources, the Monetary Board is authorized, in Section 80, to require
the banks to sell to the Central Bank all or part
of their surplus holdings of foreign exchange. It
should be noted that the exercise of this power is
permissive, not obligatory. Such transfers may be
required for surplus holdings of all foreign currencies or for only certain of such currencies, and
are to be made at the regular buying rates of the
Central Bank. Surplus holdings of any foreign
currency are defined as the amount by which a
bank's assets in the currency exceed the sum of:
(a) the working balance which it needs to accommodate normal short-run fluctuations between the
bank's sales and purchases of the currency and (b)
the total liabilities of the bank in the currency. In
calculating surplus holdings in any given currency,
however, a bank may, with the permission of the
Monetary Board, subtract from its net assets in
that currency an amount equal to its net liabilities
in other currencies into which the currency concerned is freely convertible.
Loans to banking institutions. The Central Bank
is given wide latitude with respect to the volume,
character, security, and maturity of its loans to
banks, but its credit policy is subject to the following general principles, which are stated in Section
86 of the Law:
"The rediscounts, discounts, loans and advances
which the Central Bank is authorized to extend to
946
banking institutions under the provisions of the
present article of this Act shall be used to regulate
the volume, cost, availability and character of bank
credit and to provide the banking system with
liquid funds in times of need.
"In periods of inflation, or as long as inflationary
dangers exist, the Central Bank shall refrain from
extending credit to banks and at such times shall
grant credit only in exceptional cases where special
circumstances justify a deviation from the principle
stated herein.
"Conversely, whenever the national monetary
policy requires an expansion of the money supply,
the Central Bank shall make full use of the credit
operations authorized under the present article of
this Act."
Here again, it should be emphasized that the
"guiding principle'* is not intended to serve as a
substitute for sound judgment but is designed
rather to provide orientation and to place some
impediment in the way of excessive or untimely
credit expansion by the Central Bank.
The maximum permissible maturities for Central Bank loans and advances to banks are greater
than those customarily permitted in the legislation
of more highly industrialized countries. The Bank
may grant loans with maturities up to 180 days
against paper related to commercial loans and up
to 270 days against paper related to production or
processing loans. The Bank may in addition make
advances up to 180 days against gold, against evidences of debt of domestic credit institutions,
against utilized portions of bank advances on current account—provided they are covered by regular over-draft agreements between banks and their
customers and were used to finance the production,
processing, storage, or marketing of goods—and
finally against obligations of the Government or of
other official entities, provided that the obligation
matures within 10 years from the date of the advance by the Central Bank.
The speed with which a central bank can contract the money supply is obviously conditioned by
the maturity pattern of its portfolio. This is the
real basis for the traditional principle that central
bank loans should be "self-liquidating" and of
short maturity. While the maximum maturities
mentioned in the preceding paragraph may seem so
long as to impair somewhat the speed with which
the Central Bank could, in case of need, force a
FEDERAL RESERVE BULLETIN
THE PHILIPPINE CENTRAL BANK ACT
drastic contraction of credit, their justification is to
be found in certain characteristics of the Philippine economy. In the Philippines, as in other underdeveloped areas, productive and commercial
processes are impeded by shortages of working
capital as well as by lack of mechanization and
limited transportation facilities. In order to meet
the legitimate credit needs of business and agriculture in such communities, banks must adapt the
character of their lending operations to the environment in which they operate. This requires
that commercial banks at times grant loans of
longer maturities than is the practice in the United
States. The granting of such loans by the commercial banks will be facilitated if the Central Bank
itself can make advances to the banks with similarly extended maturities, even though this may
involve some sacrifice of the speed with which
the Central Bank can contract the money supply.
Whenever inflation looms on the horizon, the
Central Bank should, of course, give careful attention to the liquidity of its portfolio. In times of
deflation or depression, on the other hand, undue
preoccupation with liquidity would defeat what
should be a primary objective of central bank policy
under such circumstances—namely, to prevent a
serious fall in the money supply. In recognition of
these considerations, the Philippine Central Bank
Act permits the maximum maturities of new credit
operations to be raised from the normal periods of
180 and 270 days to a year whenever, in the opinion
of the Monetary Board, a deflationary situation
exists which requires special expansionary measures.
In similar circumstances, the Bank is also empowered (Section 89) to grant advances up to one
year to mortgage institutions against their mortgage
loans.
Just as the Act recognizes that normal maturity
requirements should be liberalized in periods of
emergency, it also recognizes that adherence to
normal eligibility rules at such times might block
the discharge of the Central Bank's responsibility
as "lender of last resort" and, accordingly, pro
vides, in Section 90, that:
"In periods of emergency or of imminent financial panic which directly threaten monetary and
banking stability, the Central Bank may grant
banking institutions extraordinary advances secured by any assets which are defined as acceptable
security by a concurrent vote of at least Rvc memAUGUST
1948
bers of the Monetary Board. While such advances
are outstanding, the debtor institution may not
expand the total volume of its loans or investments
without the prior authorization of the Monetary
Board."
The Philippine Central Bank Act does not prescribe the interest or rediscount rates to be charged
on the Central Bank's loans. The Act merely provides that the rates are to be fixed by the Monetary
Board in accordance with the character and terms
of the credit operations, with due consideration
being given to the credit needs of the market, the
composition of the Central Bank's portfolio, and
the general requirements of the national monetary
policy.
Advances to the Government. Direct loans to the
Government and to its political subdivisions are
limited to short-term advances for the purpose of
covering seasonal gaps between revenues and expenditures.7 These advances have to be repaid before the end of the first quarter following the termination of the fiscal year and their total may not
exceed 15 per cent of the estimated income of the
borrower for the current year.
Open-market operations. For some time to come,
open-market operations will not serve as a very
effective instrument of Central Bank action in the
Philippines. The Central Bank must first develop
a market for Government securities. To this end,
the Bank is given charge of the marketing of all
Government obligations and will administer a special "Securities Stabilization Fund" for the account
of the Government. The objective of this Fund is
to promote private investment in Government obligations by increasing their liquidity and stabilizing their value. The Fund will have an initial
capital of 2 million pesos, but provision is made to
increase its resources by the allocation of part of
the annual profits of the Bank. The Monetary
Board is instructed to use the resources of the Fund
to prevent or moderate sharp fluctuations in the
quotations of Government obligations, but not for
the purpose of altering movements resulting from
7
As a special exception until June 30, 1951, however, the
transitory provisions of the Act authorize direct advances to the
Government up to an amount of 200 million pesos. Such advances may be made only when the Monetary Board considers
the international reserve to be adequate to meet all foreseeable
demands on it and when the advances are consistent with domestic monetary stability. Furthermore, these m advances may be
made only for productive and income-producing projects or for
the repayment or servicing of external obligations of the Government. The advances are to be made against Government securities having denominations and interest rates which w'll make
them attractive to the banks and the public. Their maturities
may not exceed fifteen years.
947
THE PHILIPPINE CENTRAL BANK ACT
basic changes in the pattern or level of interest
rates.
In order to regulate bank reserves and the money
supply, the Central Bank may engage in openmarket operations for its own account. Whenever
the Bank's total holdings of Government securities
are so small as to prevent the Bank from engaging
in selling operations on the scale desired, or, as is
more likely in practice, whenever its holdings of
such securities do not have maturities or other
characteristics which would evoke favorable market response, the Bank may issue obligations of its
own; these obligations may have such characteristics as the Monetary Board considers appropriate.
This provision has the effect of providing the Bank
with an unlimited and highly flexible portfolio for
open-market sales.
The Act provides the same general type of policy
directive for the open-market operations of the Central Bank as it does for the Bank's lending operations: in periods of inflation, or as long as inflationary dangers exist, the Bank is to refrain from
security purchases and at such times must endeavor
to sell securities. Whenever there is danger of
deflation, on the other hand, the Bank may freely
engage in open-market purchases.
Bank reserve requirements. The Central Bank
has broad authority over the reserve requirements
which the banks must observe. The Monetary
Board may prescribe reserve ratios from 10 to 50
per cent against demand deposits and from 5 to
25 per cent against time and savings deposits. The
ratios established are to apply to all banks uniformly, regardless of the size of the city in which
they are located. Notwithstanding the upper limits
just mentioned, the Board may, in periods of inflation, prescribe ratios up to 100 per cent against any
future increase in the deposits of each bank. Whenever the use of such special authority results in required reserves in excess of 50 per cent of the total
demand deposits of a bank or in excess of 25 per
cent of its total time and savings deposits, the Central Bank may pay interest on the excess at a rate
not higher than the Bank's lowest rediscount rate.
The required reserves of each bank will ordinarily have to be held in the form of a noninterestbearing deposit with the Central Bank; nevertheless, the Board may, whenever circumstances warrant, permit the maintenance of part of the required
reserves in the form of assets other than peso deposits with the Central Bank. Thus, in periods of
948
inflation, the Monetary Board might raise requirements substantially,8 but might permit all or part
of the increase to be held in the form of Government securities, or of foreign exchange. The use
of this authority could be of considerable value in
accustoming banks to invest in Government obligations. It would have the further advantage
of curbing bank credit expansion without necessarily forcing the banks to hold assets yielding no
return and it should therefore be more acceptable
to the banking community.
Interbank clearing. The Central Bank is to provide facilities for interbank clearing, and is to use
the reserve deposits of the banks for this purpose.
Selective regulation of bank credit operations. In
addition to the quantitative control which it may
exercise over the volume of bank credit through
the adjustment of reserve requirements and, at
some later date, through open-market operations,
the Central Bank is given several instruments of
quantitative control which should enable it to curb
credit expansion in certain directions, while at the
same time permitting it in other directons. The
selective controls include authority:
1) to regulate interest rates;
2) to establish maximum maturities for bank
loans and investments, and to prescribe the kind
and amount of security to be required against the
various credit operations of the banks;
3) to place ceilings on the amount of bank loans
and investments, or certain categories thereof, or
to place a limit on the rate of increase of such
assets ©ver time. In no case may the Board establish limits which are below the value of the loans
or investments of the banks on the date on which
they are notified of such restrictions;
4) to prescribe minimum ratios which the capital
and surplus of banks must bear to the volume of
their assets or to specific categories thereof,9 and
5) to prescribe minimum cash margins for the
opening of letters of credit, and to relate the size
of the required margin to the nature of the transactions to be financed. This last power is designed
to give the Central Bank authority to restrict the
abuse of bank credit for speculative or nonessential
importation.
8
But, insofar as reserve requirements against existing liabilities are concerned, at a rate not exceeding 4 per cent per month
and only after giving the banks notice reasonably in advance of
the date on which the increase is to become effective (Section
104).
9
For a discussion of the use of capital-asset ratios, see David
L. Grove, "New Guatemalan Bank Law," Federal Reserve
BULLETIN, April 1947, pp. 398-401.
FEDERAL RESERVE BULLETIN
THE PHILIPPINE CENTRAL BANK ACT
The selective controls listed above can, if exercised in accordance with the spirit of the Law, be
of great value at times* when the use of other instruments of central bank action would be ineffectual or awkward.
CONCLUDING COMMENTS
Philippines. With the establishment of a Central
Bank to which they can turn in times of need, the
banks will be in a much better position to accommodate the credit needs of a vigorously growing
economy. The banks should in particular be able
to give more sympathetic consideration to the
medium and long-term credit needs of agriculture
and industry—needs which tended to suffer under
the former system. With the development of a
market for Government securities, the scope of
fiscal policy will be broadened and a channel for
safe investment of savings will be opened; both a
greater volume and more effective utilization of
savings should result.
It would be folly to believe that the Central Bank
can fully insulate the Philippine economy from
fluctuations in world demand for the raw material
exports on which so large a part of the Philippine
level of consumption depends. Nevertheless, the
impact of world economic fluctuations, particularly
those of brief duration, can be cushioned by appropriate central bank policy. The fulfillment of this
compensating function will undoubtedly occupy a
prominent place in the Bank's activities; but a
major concern of the Bank should be to create and
maintain a financial environment in which a fuller
and more diversified utilization of the rich resources of the Philippine economy is encouraged
and local and foreign capital are permitted to make
the greatest contribution of which they are capable.
The Philippine Government has recognized the
need for further reforms in other fields, two of the
most important of which are taxation and agriculture. It is expected that the Central Bank's policies
will be integrated with such reforms and will form
a part of a unified program of reconstruction and
development. If the new Bank, in the formulation
of monetary policy, adopts a perspective which encompasses the entire economic environment in
which it operates, it should be able to make an outstanding contribution to the effective conduct of
Philippine economic affairs.
The Central Bank Act establishes an institution
which, if prudently managed, should make a valuable contribution to the economic progress of the
NOTE.—A pamphlet containing the text of the Philippine Central Bank Act and a reprint of this article, will be available in
a few weeks upon request from the Division of Administrative
Services, Board of Governors of the Federal Reserve System,
Washington 25, D. C.
FUNCTIONS AS FISCAL AGENT, BANKER, AND
FINANCIAL ADVISER OF THE GOVERNMENT
The Central Bank is to act asfiscalagent, banker,
and financial adviser of the Government, its political subdivisions and instrumentalities. It will represent the Government in all dealings with the
International Monetary Fund and may also represent it in its dealings with the International
Bank for Reconstruction and Development. Before
the Government may undertake any credit operation at home or abroad it must first consult with
the Central Bank in order that the latter may render an opinion on the probable effects of the proposed operation on the money supply, the price
level, and the balance of payments. Moreover, to
assure the Central Bank of a voice in the formulation of national economic policies, the Act provides
for the representation of the Governor of the Bank
on the National Economic Council, which is the
entity responsible for the coordination of such policies. Thus, the Law places great stress on an effective integration of monetary policy with the fiscal
and general economic policies of the Government.
The Central Bank will be the depository of all
official funds. An important element of flexibility
is introduced, however, by the provision that the
Monetary Board may from time to time authorize
certain other banks to accept Government deposits.
Thus, bank reserves can be increased and credit expansion encouraged at any time by the simple
expedient of placing Government funds with the
banks; similarly, bank credit can be tightened, with
equal or greater effectiveness, by the withdrawal
of these funds at times when credit stringency is in
order.
AUGUST 1948
949
SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF
FRANCE
The reorganization of the French banking system President may delegate his powers to the Govwhich was carried out by the law of December 2, ernor of the Ban\ of France, who is vice-president
1945/ included, along with the nationalization of ex-officio.
the Ban\ of France and of the four largest deposit Aside from important technical attributions reban\s, the establishment of a new agency, the Na- lating to banking organization, the Council formutional Credit Council, as an advisory and regulatory lates, in its monthly meetings, general directives and
body with a wide range of functions in the fields specific recommendations on credit policy for the
of banking and credit policy}
guidance of the Government, the Ban\ of France,
The Council consists of 40 members including and the banking system.
representatives of various government departments, The following excerpts from the Annual Report
of public and private financial institutions, as well of the Council for 1947 deal with the course of the
as of business, agriculture, labor, and consumer inflation in France during that year and with the
groups. The President of the Council is a cabi- resulting problems of credit policy which the Counnet minister designated by the Government. The cil had to face.2
ECONOMIC DEVELOPMENT IN 1947
At the threshold of the year 1947, the economic
and monetary situation continued to show an inflationary trend. The dominating influence during
the year was a fundamental disequilibrium between
income distributed in the form of profits or wages
and available goods, which resulted in constantly
rising prices. In the social sphere, this rise caused
a gap between the level of wages and the cost of
living.
During the summer of 1946 an attempt was made
to bridge this gap by an increase in wages, but the
effects of this measure were rapidly counteracted
by a continuance in the rise of prices. Thus by the
end of the year 1946, the public was convinced that
any impetus given to the race between prices and
wages offered no effective solution of the problems
caused by the inflation.
The movement of prices in 1947. It is for this
reason that, beginning early in 1947, the fight
against the deterioration of the currency took first
of all the form of measures designed to reduce the
cost of living. Without attempting to influence
directly the volume of production, the public authorities tried to direct prices downward, in order
to restore the purchasing power of the workers'
incomes and at the same time to increase the
volume of goods offered on the market. Just as the
X
A translation of this law was published in the BULLETIN for
May 1946, pp. 483-88.
2
The excerpts are translations from Deuxicme Rapport Annuel du Conseil National du Credit, 1947 (Paris, 1948). The
parts given here correspond to the following parts of the
original document: Economic Development in 1947, Part One.
Ch. I I , Sec 2, pp. 35-38; Bank Credit Policy, Part Two, Ch. I l l ,
pp. 49-63; Conclusion, pp. 123-26.
950
anticipation of an early rise in prices had induced
merchants and producers to hoard, so the fear of a
fall could not fail to cause them to sell, thus making
possible the natural continuance of the cut in prices
prescribed in the first instance by the authorities.
The measures taken early in 1947 against the
price rise were the following:
A first decree making compulsory an immediate
cut of 5 per cent;
Announcement of the staggering of the decrease
in two stages. The second price-cut decree was in
fact issued two months after the first.
Various provisions, directed toward a general
strengthening of the discipline which producers and
merchants were invited to adopt, supplemented
these two decrees.
As is shown in the following table, the results
Wholesale prices
Period
1946—December. . .
1947—January
February....
March
April
May
June
July
August
September.. .
October
November. . .
December. . .
Industrial
products
739
756
756
755
757
759
762
790
796
825
866
1,001
1,001
Foodstuffs
954
992
General
index
Retail
prices,
Paris
985
846
874
889
860
847
946
904
888
865
856
858
838
837
886
935
965
1,211
L.367
L,392
1,422
1,434
1,004
1,096
1,129
1,211
1,217
1,068
1,157
1,268
1,336
1,354
1,021
965
938
,132
,047
obtained, however useful they may have been, did
not last beyond the month of May.
FEDERAL RESERVE BULLETIN
SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
The policy of lowering prices had an immediate
and direct effect so far as retail prices and the prices
of industrial products were concerned. By restoring
confidence in the maintenance of the purchasing
power of the currency, it put an end to the speculative flight from the franc which was in progress at
the end of 1946. This flight took the form of buying securities on the stock exchange, the purchase
of luxury goods, black market transactions in gold
and foreign exchange, and the hoarding of stocks
by merchants. Prices of foreign securities as well
as of gold fell significantly. However, the effect
of the January decree was offset by increases which
had to be granted in the prices of imported raw
materials, coupled with the general rise which took
place in foreign markets after the relaxation of price
control in the United States in July 1946. Finally,
the decrees had practically no effect on the price of
food. Prices on the agricultural markets followed
the laws of supply and demand rather than responding to price control measures difficult of enforcement.
The inadequacy of the price cuts shown in the
field of consumer goods encouraged indirect increases in official wage rates; it was therefore not
possible to impose the pegging of industrial prices
at the levels fixed in the beginning of the year.
The contrast between the reality of economic developments and the hopes based on the decrees of
January and February 1947 became apparent, especially in the middle of the summer. As early as
July, a substantial increase in cereal prices had to
be granted, both in order to prevent a short harvest
from having too serious financial consequences for
the farmers and to encourage the growing of crops
which are indispensable to the national food supply; this increase immediately resulted in a rise in
the price of bread. At the end of August, the fear
of a shortage gave rise to bidding up of prices on
the part of consumers, anxious to protect themselves
from the expected restrictions.
The nonrenewal of the subsidies filling the gap
between the cost and the official selling price of
coal and iron and steel products contributed equally
to the necessity for a new examination of the price
problem. Continuation of the former selling prices
of these products became impracticable when the
prices of other products rose; such a policy ceased to
be of any benefit to the consumers, and forced
the Treasury to pay subsidies which could not be
met from current revenue. It therefore contributed
to the monetary inflation since it widened the
gap between incomes distributed in the form of
profits or wages and the commercial value of
goods offered on the market.
At the end of the summer of 1947, it seemed
evident that all hope had to be abandoned for
AUGUST 1948
stabilizing prices at a level lower than that prevailing at the end of 1946. The effort to achieve
economic equilibrium thereafter was no longer
limited to an attempt to bridge the gap between
wages and the cost of living, but was directed
toward bridging the gap between aggregate incomes and available goods. The discontinuance of
subsidies and the freeing of prices of the bulk of
industrial and agricultural products were the main
features of the measures adopted by the public authorities at the end of the year to facilitate the adjustment of the amount of incomes distributed to the
volume of goods which might be offered in exchange. These price measures found their counterpart in financial measures designed to freeze savings
accumulated earlier and to adjust the parity of the
franc to prices. Despite its apparent inflationary
character, this adjustment falls within the scope of
the same policy. It is designed to facilitate the adjustment of the French balance of payments.
Production in 1947. The wage increases which
began in the month of June offered the first indications of the difficulties in the way of the policy
of lowering prices. The primary cause of its failure,
however, must be sought, not in these wage increases, but in the insufficiency of goods for domestic
consumption in comparison with the enlarged
money incomes.
In the agricultural field the deficiency in the grain
harvest entailed a heavy reduction in the total of
foodstuffs available for distribution under rationing or control and resulted in an enlarged demand
for nonrationed food products. In the prewar
economy, the free play of international exchange
generally assured to each country its food supply at
a reasonably constant level. In 1947, France did
not have at her disposal foreign means of payment
which would have permitted adequate imports; and
if she had had them, she would still have been unable—because of world-wide shortages—to make up
for the deficit in her own production. Because of
this lack of sufficient foodstuffs, the adaptation of
the supply to* a demand kept down with difficulty
could not be made without raising the general price
level.
With regard to industrial production, the advance
achieved in 1947 undoubtedly resulted in equalling
or exceeding the prewar figures in various branches
—notably coal, electricity, glass, and chemical products. But this advance, limited moreover by reason
of the insufficient supply of metallurgical coke, was
not reflected in an immediate improvement in the
volume of goods available for the consumers. The
most noticeable progress was made in activities such
as the production of coal, electric power, and raw
materials, which were not working directly to sat-
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SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
isfy essential consumption needs. By contrast, the
industries producing consumer goods have not as
yet recovered their prewar rate of output.
Moreover, the improvements noted in industrial
production did little to increase the volume of consumption goods. The rebuilding of stocks of machine tools necessary to insure the regular operation
of industrial equipment, the building up of stocks
by commercial enterprises whose number had increased abnormally since Liberation, the large ship-
ments of manufactured goods—textiles in particular—to overseas territories where the scarcity after
the war was even greater than in metropolitan
France, the exports of all kinds—automobiles and
quality fabrics—to earn for us part of the foreign
exchange required for the purchase of raw materials
and food products, have prevented the progress
shown in the field of production from manifesting
itself in an equivalent increase in goods offered for
domestic consumption.
BANK CREDIT POLICY
PRINCIPLES
The National Credit Council continued throughout the year 1947 to orient its activity toward the
double objective which was assigned to it by the
economic and monetary situation: bank credit had
to play its normal role in speeding up production;
its distribution had to be directed in such a way as
to avoid aggravating further the existing causes of
inflation.
The mere statement of these purposes is sufficient
to show that, while not considering them contradictory, the National Credit Council has constantly
found itself confronted with two divergent tendencies, one of which places the emphasis on the
necessities of production, the other on the dangers
of inflation.
According to one opinion, the role of credit should
be to furnish funds to enterprises on the basis of
their standing, their activity, and their good management, regardless of whether the banker is in a position to assure himself that these funds are actually
indispensable to the accomplishment of his customer's program, or that this program represents a
positive economic interest: provided that the repayment of the funds is not doubtful, credit must
be supplied freely to match a free demand.
According to the opposite opinion, not only are
these assurances indispensable, but in the face of
rising prices and of expanding incomes, the filling
of all credit demands presents the gravest dangers:
by permitting everyone to build up his resources by
borrowing, it prevents the rise of prices from playing its normal role as a curb on spending, it permits
following this rise without hesitation and it even
encourages it since it enables the same enterprise to
speed up its purchases and to slow down its sales.
Thus, even though he is confident that his function
is indispensable to the success of a business and
that the latter contributes to useful production, the
banker who would satisfy his customer's credit
requirements in full still adds fuel to the inflation:
credit must be restrained in an arithmetical, comprehensive, and predetermined manner in order
952
that, for some time at least, business enterprises,
short of ready cash, are forced to discuss prices, to
speed up sales, to convert surplus assets into cash,
to repatriate capital from abroad: inflation can be
stopped only at this price provided that it is attacked
also through the cutting of public expenditures.
Both positions have a logical basis. The first,
which on the whole is that of business concerns,
takes into consideration mainly the need for funds.
The interested parties point out that the real value
of their circulating capital is constantly shrinking
chiefly for the reason that the rise in costs precedes
the rise in selling prices. In these conditions, the
financing of even a constant volume of production
requires ever larger funds. A fortiori, if productive
capacity increases because of the progressive elimination of bottlenecks (coal, raw materials, labor,
transportation, foreign exchange) the need for funds,
especially at first, grows still more rapidly, and
credit requirements should be satisfied at this growing rate.
It can scarcely be denied that, from their point
of view, business executives reason correctly: each
one of them is naturally disturbed if he finds his
capacity to renovate his plant, to produce, or to
distribute hampered by credit restrictions. Only
with difficulty does he grasp the fact that credit contributes to the inflation of purchasing power as a
whole. If liberally distributed in a period of full
employment and inflation, credit contributes to
the increase in money incomes and can serve as an
important supplementary inflationary factor. The
general rise in prices favors the profitable operation
of businesses whose costs are the least well adjusted.
The opposite position, less influenced by the individual difficulties—often very real—affecting the
financial status of a certain number of concerns,
emphasizes the gravity of the monetary danger and
tends toward a radical reduction in credit to be
carried out through the application of ratios. It
holds that measures to restrain the expansion of
the money supply can help to prevent undue price
increases and the ensuing inevitable bankruptcies
are most likely to affect the very businesses which
FEDERAL RESERVE BULLETIN
SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
are the least protected in the struggle for the desired reduction of costs.
This position, finally, is supported by considerations based on the necessary equilibrium between
public and private finances: if the extension of
credit granted by the banks to industry, commerce,
and agriculture must have as its unavoidable consequence a reduction of the aid furnished by the
banks to the State, i. e. the nonrenewal of a portion
of their Treasury bills, it forces the Treasury to
resort to the bank of issue in order to obtain, in the
form of direct advances, the amount necessary to
redeem the bills not renewed. Direct borrowing
from the bank of issue is generally considered, in
France and abroad, to be one of the most serious
symptoms of inflation, and measures must be taken
to combat it.
This complex problem, which dominates the entire credit policy, is not peculiar to France. In
terms perhaps less sharply outlined because the
degree and the characteristics of the inflation are not
the same as in France, it nevertheless faces public
opinion and the competent authorities in many
foreign countries, particularly in those whose banking organization is old and developed. In the
United States, England, Belgium, Switzerland, and
Italy, the controversy is more or less open, more or
less sharp. It takes place between the supporters of
a mechanical credit restriction considered as a necessary cure, in spite of its indiscriminate character,
and the partisans of expanding credit, or at least of
maintaining credits outstanding, as the indispensable condition to the success of the production
drive, in spite of the possibilities of misuse.
The National Credit Council, facing this basic
question, believed that it should avoid any purely
doctrinaire attitude.
It concluded that neither of the two patterns outlined above responded to the exigencies of the
French economic and financial situation. It has
deemed it preferable to define a policy adapted to
the practical conditions of the moment, in the light
of certain simple principles and of concrete data.
It considered first of all that certain types of
bank credit, although current and important abroad,
such as credit for speculation in securities and real
estate, or consumer credit, were practically without
importance in France, and that the risk of a serious
credit inflation was correspondingly reduced.
Likewise it appeared to the Council that the
adoption of an over-all ceiling for the total volume of bank credit, or even the adoption of compulsory "ratios," which result in a uniform limitation of the advances available for business, was
difficult to carry out in a period of rapid rise of
prices.
This rise being neither chiefly caused, nor priAUGUST 1948
marily supported, by the expansion of bank credit,
to attempt to combat it by blocking credit would
have been, indeed, a futile and dangerous undertaking: it could have resulted in a rigid and indiscriminate limitation of private credit. This would
have entailed the progressive closing down of enterprises whose circulating capital had been reduced
by the price rise and would have left as the only
masters of the situation those enterprises which
found themselves independent of the banks.
The Council considered, on the contrary, that,
in all cases where the conditions requisite to production deemed useful to the economy were present, credit should be supplied.
It also was not unaware of the extreme gravity of
the danger of a monetary inflation, in whatever
form it might manifest itself. If the volume of
money incomes—whether it enlarges the note circulation or the total of bank deposits—grows more
rapidly than the volume of goods offered to consumers at a given price level, in a word, if an
"inflationary gap" appears, this price level is in
danger of rising. It rises, indeed to the extent
that hoarding or, otherwise expressed, liquiditypreference, or the demand for cash do not increase
concurrently, an eventuality which as yet seems not
to have occurred. It does not take long for the
price rise to make necessary a rise in wages, and
the volume of money incomes, whether in the form
of profits or of wages, is once more lifted to a
higher level. The fatal results of this cycle are
well known, and because the National Credit
Council realizes fully the tragic character of the
cycle, it combats it vigorously in the domain which
has been entrusted to its care.
The first element of danger presented by the extension of credits has often been pointed out and,
in chronological order, it was the first to come
under the Council's scrutiny. As its first report has
noted, a liberal distribution of credit threatens to
encourage holding goods off the market, the building up of "speculative stocks." There is ample
evidence, indeed, that when a whole country anticipates a price rise, each of its citizens, whether
moved by fear or hope, attempts to obtain the goods
he lacks and to hold on to those he possesses. In
either case, his credit needs are enhanced.
Thus, aside from the attitude that may be taken
toward this matter from the civic point of view, the
Council endeavored to set up an effective obstacle
to these practices, since they have a natural tendency
to aggravate the price situation for the community
while they are attempting to mitigate its consequences for the individual.
Beside this first danger, there is a second and
more subtle one: if credit were to be extended to
satisfy an entirely unrestricted demand, and solely
953
SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
according to the ability of the customers to repay,
it is certain that borrowers would be enabled to
keep up indefinitely with the rise of prices, and
would therefore never come to oppose it. This
process would favor those concerns whose credit
standing and ability for self-financing were the best.
In a certain number of cases, moreover, the profits
earned during the war and since the Liberation have
been invested in various types of assets such as real
estate, recreation facilities, land, cattle, agricultural
implements, securities, gold, or exchange. A larger
or smaller part of these investments may be in excess
of actual needs, being merely a hedge against monetary depreciation. Granting all credit requested by
such borrowers, without requiring them to start
liquidating at least a part of these surplus assets,
would give artificial support to excessive prices, and
put a premium on speculation.
Special vigilance must be exercised on this score
in the case of medium-term credits designed to
finance capital equipment: such credit makes it possible for businesses to distribute immediately disposable incomes while the output of consumer
goods offered on the market is not correspondingly
increased.
Even the discount of true commercial paper involves some danger. The paper originates in a
bona fide sale of goods and the discount, accordingly, encourages the "unloading" of goods. But
the seller of the goods has made provision for the
price rise in his bill. When he discounts it he
exerts an inflationary pressure on the volume of
credit, which is the more automatic because the
transaction does not lend itself in principle to discussion.
Thus, whatever technical department of credit is
concerned, the danger of inflation is present in different degrees, and the National Credit Council
considers it essential that this danger be fully realized: it is important indeed, that the distributors
of credit should combat this general danger while
making clear their motives to businesses which are
individually interested in an expansion of credit.
The National Credit Council recognizes that the
risk of an excessive development of credit is grave
and that its symptoms must be scrutinized closely
in order that it may be checked in time—the
present report will explain later the measures put
in effect for this purpose as well as the results obtained—but the Council also recognizes the danger
which would result from an excessive limitation of
credit. Placing these two opposite risks on the
same level of importance, it has always declared
that in its estimation, so long as the present shortages of goods continue, production should not be
hampered by insufficiency in the total supply of
credit. In other words, any available resources
954
which it is physically possible to put into operation
—raw materials, power, labor, transportation, foreign exchange—should not remain unused for lack
of bank credit.
Even on this point there has been no lack of controversy, and certain people have pointed out that
if credit were always available at the proper
moment to permit the immediate absorption of
every offer of goods or services at prices tending
to rise, it would become useless to hope for a leveling off, to say nothing of a definite reversal.
Without losing sight of this aspect of the question, the National Credit Council has maintained
its position and, even in the cases where it has been
persuaded to recommend a relative stabilization of
certain factors of the credit aggregate, it has stipulated that this stabilization should not constitute
an obstacle to the future progress of production,
but should be achieved by a compensation between
the supplying of credit necessary to this progress
and the reductions possible in other sectors of
economic activity having less immediate importance.
Accordingly the Council has continued to pay
special attention to concrete data showing this activity, such as the indices and forecasts of production and sales in each principal branch and in all
the sectors of the economy, the level of employment
of labor, the number of new business firms, the
number and types of bankruptcies, etc. Without
ignoring the imperfections of these data, without
denying the empirical character of its activities—a
necessary character since in such an undertaking it
is safer to be guided by experience than by a preconceived "truth"—the Council believes it may assert that its opinions or decisions rest on increasingly
stable bases.
Finally, in adopting a flexible policy in accordance with developments in business or in the trend
of economic policy, the Council has held firmly to
the purpose of strengthening the economy, on the
basis of the new considerations which it thought
necessary to introduce in the field of credit allocation. The banks are directed to base their operations not only, as in the past, on safety, which is
at the same time a function of the prestige or profitability of the business and of the degree of certainty
of the results, but also on the double assurance that
the funds are indispensable and that the use to
which they will be put is desirable for the country
as a whole. Finally, in cases where this double
assurance is furnished, while the risk involved in
the operation is out of proportion to the resources
of the enterprise, the Council considers that such
a combination of factors entitles the applicant to
receive, in the absence of other support, aid from
the public authorities in the form of a guarantee.
FEDERAL RESERVE BULLETIN
SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
As the law authorizes, the Council has continued
to entrust the Bank of France with the practical application of these instructions, which are presented
and analyzed in the following pages. The Bank
has cooperated effectively in the execution of this
policy, both through its studies and individual controls and by supplying funds through rediscounts
or directly through the money market. These operations compensated for the insufficiency of new
deposits while remaining moderate enough to exercise the restraint which was occasionally needed.
METHODS OF APPLICATION
The application of credit policy in 1947, based
on the principles and data set forth above, was
provided for by adopting a set of regulations covering the whole field of credit operations to replace
the special rulings adopted by the National Credit
Council in the earliest months of its existence. For
the most part the regulations pertain to the extension of credits and control measures, but they
provide for sanctions if necessary. Establishment
and application of the rules and regulations were
made possible only by the improvement of the
means of information and investigation at the disposal of the National Credit Council.
Rules relative to the extension of credit. In 1946
the National Credit Council had already formulated, for the guidance of bankers, a certain number of recommendations relating principally to the
necessity of refusing applications for credit manifestly intended for speculative purposes and designed especially to facilitate the building up of
abnormally large stocks or to permit postponement
of repatriation of exchange earned by exporters.
However, it was the general decision taken by
the National Credit Council at its meeting on January 9, 1947, and completed later by the instructions
of October 10, which promulgates in full detail the
rules relative to the extension of credit.
By the terms of this decision, every application
for credit (other than bank guarantee, bank acceptance, and discount of public bills or of bills of a
purely commercial character) involving an amount
subject to declaration at the Central Service of
Risks must be accompanied by supporting data.
These data must include a statement of the
financial situation of the enterprise and show the
intended use of the borrowed funds, the term of
repayment and the resources available for the purpose, the proportion between the applicant's own
funds, the anticipated volume of business, and the
credit requested, and finally the inability of the
concern making the application to obtain all or
part of the funds required, either by liquidation of
some of its surplus assets or by recourse to discounting commercial bills. It is only after study of
AUGUST 1948
these statements—which the Bank of France can
always require to be supplied—that the banker
may make his decision on granting the credit.
Any credit request exceeding a certain amount
(first fixed at 30 million francs and raised to 50
million at the beginning of 1948), or bringing the
total of credits already granted by one or several
banks to a single enterprise beyond this amount,
cannot be granted by the banker concerned except
with the approval of the bank of issue. The statement of this rule shows, along with the traditional
requirements of safety and profitability of banking
transactions, the new standards based on the degree
of economic utility and the indispensability of a
resort to credit. On the conjunction of these three
criteria must depend, in the current period, a distribution of credit which is discriminatory but not
systematically restrictive.
The criterion of security and profitability. In the
absence of any regulation, a banker, when approached with a request for credit, undertakes to
evaluate exactly the advantages and the risks which
the proposed transaction entails for him, from the
triple point of view of his remuneration, his security, and the liquidity of his portfolio. His decision
will depend both on the material or personal guarantees existing at the time of the loan, and on the
anticipated outcome of the transaction resulting
from an improvement of productivity, from saving
in costs, and from development of markets. Thus
the banker plays to some extent the role of accelerator of production, and while assuring prudent
management of the funds entrusted to him, contributes to economic progress. In any case, the
banker's decision rests with him alone. The law of
December 2, 1945, in no wise restricted this principle which was formally reaffirmed by the National
Credit Council on January 9, 1947. The banker
thus remains entirely free to choose his clientele
and to refuse applications for credit addressed to
him on the grounds that the security offered seems
inadequate, or that the amount or the terms of
the credit requested seem to him incompatible with
the maintenance of the necessary liquidity of his
assets.
This does not imply that the safe placement
of banking funds remains a secondary consideration
for the authorities responsible for the direction of
credit. To the contrary, a number of safety measures have been adopted, as much in the interest of
the banks as in that of their depositors. Thus for
two years past the lending banker has been able,
thanks to the centralization of banking risks, to
learn more exactly the total debtor position of the
borrower. The centralization of unpaid bills, tried
out by the Bank of France in certain of its branches,
may introduce a new and interesting element of
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SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
credit judgment. Moreover, in connection with
certain credits, the bankers have the benefit of supplementary guarantees and facilities for mobilizing
their funds.
Finally, the Banking Control Commission, in the
desire to safeguard the banks against the danger
of illiquid positions, has just decided to require
commercial banks to maintain a minimum ratio—
at present 60 per cent—between the total of their
short-term liabilities and the amount of their liquid
and realizable assets. Aside from public bills or
purely commercial bills originating in a genuine
transaction in goods or services, the realizable
assets include only credits covered by an agreement granting rediscount facilities at the Bank
of France. The consequent need for the banker
to submit to the examination of the bank of issue
a considerable part of his portfolio has the indirect
result of reinforcing his own safety, as well as that
of his depositors.
The criterion of economic utility. In an economy
where a certain degree of scarcity still exists, all
activities are not entitled to the same treatment.
Priorities must be reserved for certain branches of
the economy, particularly with respect to the allocation of raw materials and of credit, because of
the indispensable character of their production and
of the necessities of foreign trade.
The National Credit Council has endeavored to
give due consideration to the requirements of basic
economic activities defined by the National Planning Commission (Commissariat general au Flan)
and the instructions addressed on October 10, 1947,
to banking organizations have made clear the
preferential character of credits intended for productive activities which are indispensable to the
life of the country. These include the production
and importation of staple foods as well as the key
industries and are largely the equivalent of the
group of "basic economic activities" defined by the
Planning Commission.
As regards the relative degree of urgency of the
applications for capital equipment credit, which are
almost unavoidably accompanied by requests for
allocation of machinery or raw materials, the Ministry of Economic Affairs has this year supplied a
summary classification of the various branches of
economic activity to the agencies charged with the
distribution of credit. This classification takes account of the economic importance of each branch,
and of its general financial situation. Interpreted
with the necessary flexibility, and always subject to
revision, it is utilized for the preliminary authorization of medium-term credits and of issues of
stocks and bonds submitted to the Ministry of
Finance for consideration.
956
Within the framework of an economy which has
been progressively freed from controls, it is unusually difficult to submit the judgment of applications
for short-term bank credit to a standard as definite
as that of economic utility. This or that type of production, conversion, or transaction is not the less
lawful because its necessity has not been made convincingly clear, and as soon as it becomes lawful for
an enterprise to obtain raw materials or to sell its
products, it may be considered as participating in the
economic life of the country. Consequently, and
provided that it does not misuse credit for speculative price operations and for hoarding materials,
it may utilize credit as it uses other factors of production which the public authorities do not deny
to it (electricity, coal, transportation, labor, etc.).
Nevertheless, even in the domain of short-term
credit, large credit applications receive especially
careful examination, and those whose economic
utility can be judged only by reference to governmental policy (for example, accumulation of foodstuffs) are studied by the Bank of France in collaboration with the ministerial departments concerned.
The criterion of need of funds. Whatever may
be the economic utility of the activities financed, the
applicant for credit must prove that it is necessary
for him to resort to bank credit.
Consequently, a credit cannot be granted unless
the need of credit appears irreducible and urgent
and unless the applicant proves that it is impossible
for him to obtain by other means the funds which
he is trying to borrow from the banks.
The instructions addressed to the banks under
date of October 10, 1947, specify a certain number
of cases in which credit applications that do not fulfill these conditions must be refused. The cases
specified are those in which the credit would increase the amount of private investments (purchases
of real estate, of existing firms, participations in
capital, and purchases of shares), or enable entrepreneurs of businesses which are inadequately capitalized to avoid risking their private funds.
The National Credit Council has also specified,
in connection with the uneasiness aroused at the
end of last year by the "capital levy," that banks
approached for credit should compare the total requirements presented by their customers, without
excluding any on a priori grounds, with their total
cash or readily available assets. Thus, a pressing
payment coming due, however urgent it might be,
would not be favorably considered if examination
of the balance sheet revealed the possibility of
raising the necessary funds by the liquidation of
stocks or of other superfluous assets, by repatriation
of foreign exchange or by more economical operation.
FEDERAL RESERVE BULLETIN
SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
The banker's control must cover not only the immediate need of credit but also the period for which
accommodation is desired. The National Credit
Council has repeatedly advised bankers to limit
their credits to the period strictly necessary and
even to curtail their assistance upon any slackening
of activity, even if such slackening is beyond the
customer's control.
Putting the emphasis on the criterion of necessity, the National Credit Council has not limited
itself to making regulations for new credits. The
decision of January 9 included transitory measures
which necessitated the reviewing of credit authorizations previously granted.
Practical application of control. The control of
credit operations which has been outlined may appear fairly rigid. Actually, however, the present
organization shows a high degree of flexibility.
Every order issued by the National Credit Council
insists on the necessity of placing no obstacles in
the way of expansion of production. Moreover,
and this must be emphasized, there is no over-all
limit on credit, the volume of which rose in 1947
from 308 to 484 billion francs. The policy of discrimination is designed solely to reserve for the
most useful activities the facilities which might
have been supplied, with no benefit to the national
interest, to sectors of secondary importance.
Those enterprises whose products represent an
undeniable economic utility certainly have nothing
to fear from the effects of the credit policy defined
above. Even if their financial situation is not such
as to furnish all possible assurance to the banker,
they can take advantage of wide benefits in the
form of guarantees and facilities for mobilizing
their assets as provided by the State or by the public credit agencies.
Finally, it should be noted that the procedure of
authorization for the extension of credits does not
apply to the discount of public bills or to the discount of commercial paper. In conformance with
traditional business practice, businesses can therefore draw on a large reservoir of funds.
The reasons which prompted the privileged treatment reserved for public bills and for commercial
paper are of a different nature.
The necessity confronting the State of finding
purchasers for its short-term bills implies that their
issue must be accompanied by ample facilities for
mobilization. As to the acceptances of the Credit
National, they are assimilated to Treasury bills as
concerns the decisions of the National Credit Council. The discount or pledging of these instruments
is thus exempt from the prescribed formalities for
the extension of credits.
As regards commercial paper, it seemed advantageous for the economy in general to encourage a
AUGUST 1948
credit procedure that would help to place goods in
circulation since one of the principal aims of the
Government's economic policy has been to combat
the hoarding of goods. Like the National Credit
Council, the Bank of France has endeavored to
provide privileged treatment for discounts of bills
originating in deliveries of goods. Such discounts
enjoy the lowest rate of discount.
It must be remembered, however, that in a period
of rising prices, even the discounting of commercial
bills may promote inflation. It is to be feared,
moreover, that some concerns may be tempted to
seek, through the discount of bills whose commercial character is debatable, credit facilities which
would be refused them otherwise. This risk is
being carefully watched by the authorities responsible for the distribution of credit.
Measures of control. Until the month of January
1947, the activities of each bank in the distribution of credit were known only from the communications addressed to the Commission of Control
and to the Central Service of Risks. Such indications were of an informational character and were
submitted too late to constitute an effective operational control. While the submission of such documents has improved during the year, they can still
serve only for verifications carried out a posteriori.
To remedy this defect the National Credit Council „
has drawn up new measures to permit fuller supervision over credit operations. These measures have
been discussed above; it seems desirable nevertheless
to mention them again in order to show the entire
range of controls at the command of the authorities
charged with the direction of credit.
As indicated above, the decision of January 9,
1947, makes the granting of credits which must be
reported to the Central Service of Risks, contingent
upon examination by the banker of a dossier making possible an estimate of their practical justification in terms of the various criteria. Furnishing of
this dossier may be required for examination by
the Bank of France. All credits which would have
the effect of raising to more than 50 million francs
the total aid granted to a particular enterprise, by
one or more banks, must, moreover, receive preliminary authorization from the bank of issue.
These measures constitute the natural complement of the supervision exercised by the Bank of
France on the occasion either of the examination
of bills offered for rediscount or of the study of
applications for medium-term credits submitted for
its approval.
The supervision of credit operations was tightened temporarily when the risk of a dangerous
inflationary spurt appeared in October 1947. In
order to follow closely the observance of its instructions dated October 10, the National Credit
957
SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
Council asked the principal banks to furnish to the
Central Service of Risks a monthly statement showing total aid granted to priority enterprises, on
the one hand, and nonpriority enterprises on the
other hand, compared with the total credits outstanding. The National Credit Council was thus
in a position to control, with sufficient frequency
and speed, the course followed by each of the banks
interrogated. The application of this temporary
measure came to an end in January. While it is out
of the question to extend it and to impose on the
banks permanently a supplementary task of this
scope, the National Credit Council can nevertheless
profit by the experience gained. It knows now
that it has a practical means of carrying out genuinely effective investigations.
Sanctions. The authorities responsible for credit
now have at hand important means of control which,
to be fully effective, must have the support of
sanctions. This necessity has not been overlooked
by the National Credit Council, as is indicated in
its circular letter of October 10:
"All banks must understand that those among
them which do not observe scrupulously the disciplines imposed by the National Credit Council
will make themselves liable to be deprived of the
usual facilities for obtaining accommodation at the
Bank of France."
The enforcement of this sanction would be particularly embarrassing to the banker, since the abovementioned slowing-down in the formation of deposits forces him to resort to the Bank of France
for the funds he needs.
This measure completes the means of action
available to the Banking Control Commission,
under present legislation, in dealing with offending
bankers.
CONCLUSION
Throughout the year 1947, as well as during
the two preceding years, the authorities charged
with the distribution of credit were guided by their
desire to do everything in their power to assist the
French recovery effort, the twofold object of which
is to increase production and to restore the productive capacity of the nation. It is no doubt unnecessary to recall the disastrous economic situation in
which France found herself after the Liberation.
The progress made in the course of three years is
sufficient to prove the reality of the French effort.
The National Credit Council has always considered
it essential that no systematic restriction of credit
should be set up in hindrance to this effort. Such
a restriction, which was sometimes advocated,
would in effect have served no better purpose than
to provoke an artificial and dangerous crisis—artificial, and after all futile, because at a time when
scarcity and want were the first ills to be attacked,
it would have led, through the withholding of
funds, to the nonemployment of the means for
increasing production; dangerous, and no doubt
fatal for the currency, because it would have resulted in an immediate decrease in production, in
unemployment, and disaster to the public finances.
Thus it would have risked bringing on a general
paralysis of our economy and hopelessly jeopardizing the chances for recovery.
The credit policy therefore had to weigh most
carefully the demands of the economy with respect
to current production as well as with respect to the
restoration, expansion, or modernization of plant
and equipment. The last chapter of the present
report shows that the credit support customarily furnished to productive activities was not withheld in
958
1947. It cannot be charged that, because of a lack
of credit, useful products were not manufactured
or necessary investment was not carried out.
Doubtless the distribution of credit has not been
free from controls. But it should be clearly understood that it could not be otherwise.
The inflationary trend, discussed at length in this
report, has manifested itself in two important results:
(1) At all times the French banks have supported
the activity of business. Until 1940, however, they
contributed chiefly to the acceleration of this activity by financing in particular operations of a
commercial nature, principally short-term. The
discounting of bills was the most customary form
of their support. Overdrafts scarcely did more than
cover the temporary cash needs. They did not involve the banks in a permanent financing of production. The banks were most careful not to become tied up in the very life of business enterprises.
Since the Liberation, the credit establishments
found themselves facing the very serious problems
of adapting working capital to the ever changing
situation of production and prices. Business enterprises cannot make such an adjustment except at a
rather slow rate, by utilizing their profits or by increasing their capital. In the meantime, however,
they sought and received from the banks support in
larger amount and of a less temporary nature than
before the war. Today credit establishments are
involved to a greater extent and at their own risk
in business enterprises.
The banks have understood and accepted the
necessity for adjustments to new requirements reFEDERAL RESERVE BULLETIN
SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
suiting from economic conditions. This is proof
of the intelligent vitality of a banking system
founded on experience. But this new character of
banking policy could not be without influence on
the relations between the credit institutions and
their borrowers. For the latter, credit is only one
of the factors of production, and it is understandable that the heads of business insist that this fact
be not disputed. But for the banks, credit represents the use of their deposits, i.e., the use of funds
for which they are responsible to third parties.
Therefore it is natural that at a time when the
banks accept the prospect of greater participation in
the risks of business which they finance, they should
study carefully, within the framework defined by
the National Credit Council, the situation of these
enterprises and keep their support within reasonable limits.
(2) It is known, moreover, that in 1947 bank deposits have not increased in the same proportion as
credits granted by the banks. The latter, to a very
significant extent, had to have recourse to the bank
of issue for rediscounts. Bank credits therefore
gave rise to an increase in note circulation and not
simply to the creation of deposits. It was therefore natural that, because of the influence it exerts
at present on the fiduciary circulation, the distribution of credit should be placed under the control of the Bank of France in close collaboration
with the banking institutions.
Although distributed without any predetermined
limit on its total volume, credit could not, in the
past year, be granted in complete freedom; its distribution had to conform to the rules of a necessary discipline, the justifications for which are too
clear and too sound not to be accepted by all concerned. Such is the spirit of the discriminatory
policy in the distribution of credit, defined by the
Council and put into effect by the banks and the
bank of issue, the maintenance of which will be
necessary, on principle, so long as France is not
finally freed from the dangers of inflation.
At the end of a year that no doubt will rank as
one of the most difficult in monetary history, France
nevertheless sees more clearly revealed each day
the still slender, but very evident, possibilities for a
restoration of her prosperity. The patiently pursued effort for monetary and financial reform is
beginning to bear fruit and to justify a return of
confidence. The promise of a more abundant harvest forecasts a marked increase in food supplies
and a stabilization in food prices, which is the
basis for a general price and monetary stabilization.
Supplies of coal, electric power, and steel are increasing month after month; imports are becoming
more regular because of a general world-wide reAUGUST 1948
turn to peace-time conditions of production and
trade and because of American aid. The need for
consumer goods, unsatisfied during the six war
years, is gradually being filled through greater
production with better quality and greater variety.
No doubt much wreckage is still to be rebuilt, many
privations are to be compensated, but it is not forbidden to think that the year 1948 in this respect
will mark the turning point in French recovery.
If domestic and foreign political conditions do
not upset the favorable prospects taking shape in
the spring of 1948, if the anxiously hoped-for monetary stabilization is maintained, French production
undoubtedly will be able to take care of the considerable needs for reconstruction, reequipment, and
current consumption. Only then will it be possible,
in the field of credit, to take the full measure of
the problems posed by the effects of war and the
debasement of the currency.
One hundred and ten years of monetary stability
through the nineteenth century and the earliest
years of the twentieth century had made of France
one of the richest nations of the world. A strong
monetary system had permitted the accumulation
of considerable savings which gave to the French
banks and the French financial market an exceptional place in the world.
Thirty years of instability and depreciation of
the currency, added to the destruction of two successive wars, have seriously reduced France's wealth,
destroyed thrift, and weakened the capital position
of all enterprises. The machinery of credit distribution has seen its power considerably decline.
Doubtless the French banks, by the ease with which
they have overcome the unprecedented difficulties
of two wars, a serious economic crisis, and a persistent monetary instability, have given proof of the
value of their administrative methods and have
amply justified the soundness of their credit; but
the fact remains that the monetary insecurity which
has persisted for ten years has weakened their own
resources and hindered the building up of deposits,
thus reducing the assistance which they are able
to render to the economy.
If the year 1948 is to mark the first year of a
return to more stable economic conditions, this longdesired return must not cause any illusions as to
the ruins which any monetary inflation leaves in
its wake, nor as to the problems involved in the
aftermath.
These problems, the solution of which will encounter arduous and multiple difficulties, may be expressed in very simple terms:
To revive "credit," i.e., essentially the confidence
of the saving public and of the investor in the
permanence of their holdings;
To restore the traditional and tried methods of
959
SECOND ANNUAL REPORT OF THE NATIONAL CREDIT COUNCIL OF FRANCE
financing, in order to facilitate the investment of
individual savings in such a way as to promote
the modernization of the nation's productive system and the expansion of production and of the
general welfare;
To encourage the progressive application of banking resources—capital and deposits—to the new
demands of economic development.
There can be no doubt that after the various
and at the same time discouraging experiences of
the last fifteen years, the vast majority of the
French population will attempt to regain, by work
and thrift, the well-being of a former period. This
widespread ambition is the necessary but not the
sufficient condition for an eventual return of French
prosperity. If it is to have its full effect, the uncertainties of the future and the anxieties caused
by the political situation must be lessened. Then
only will exist the conditions most favorable to the
success of a credit policy adequate to cope with the
problems which France must solve in order to complete her recovery.
CURRENT EVENTS AND ANNOUNCEMENTS
Changes in Board's Staff
Effective August 13, Mr. Frederic Solomon and
Mr. John C. Baumann were appointed by the Board
as Assistant General Counsel. Mr. Solomon and
Mr. Baumann have been Assistant Counsel in the
Legal Division of the Board of Governors for a
number of years past.
Appointment of Branch Director
On August 17, 1948, the Board of Governors
announced the appointment of Mr. J. Hillis Miller,
President, University of Florida, Gainesville,
Florida as a director of the Jacksonville Branch
of the Federal Reserve Bank of Atlanta for the
unexpired portion of the term ending December
960
31, 1948. Mr. Miller succeeds Mr. Charles S. Lee,
a planter and cattle raiser of Oviedo, Florida, who
resigned.
Appointment of Class C Director
The Board of Governors on July 26, 1948, announced the appointment of Mr. Ames Stevens of
Lowell, Massachusetts, as a Class C Director of the
Federal Reserve Bank of Boston for the unexpired portion of the term ending December 31,
1948. Mr. Stevens is Treasurer and a director of
the Ames Worsted Company. He succeeds Mr.
Donald K. David, Dean, Graduate School of Business Administration, Harvard University, Boston,
Massachusetts, who resigned.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled July 22 and released for publication July 24]
Total output at factories and mines showed
little change in June and the early part of July after
allowance for seasonal influences. Department
store sales were at record levels for this season.
Prices of meats and steel increased sharply in July,
while cotton and grains declined.
INDUSTRIAL PRODUCTION
Industrial production in June continued close
to the May level, and the Board's seasonally adjusted index was 192 per cent of the 1935-39 average as compared with 191 in May and 188 in April,
when output was reduced by a strike at bituminous
coal mines.
Output of durable goods increased further in
June, reflecting mainly larger production of automobiles following settlement of an industrial dispute at the plants of a leading producer. Activity
in the automobile industry reached earlier postwar
peak rates in the first half of July.
Steel production in June continued at the May
rate. Output of open hearth steel was slightly
smaller, while electric steel production increased
further by 5 per cent to a new record level, exceeding the wartime peak. Output of nonferrous metals
was reduced somewhat owing largely to a curtailment of aluminum production during the Columbia River floods.
Production of nondurable goods in June continued at a seasonally adjusted level of 178 per cent
of the 1935-39 average. This level has prevailed,
with slight variations, since the beginning of the
year. Cotton consumption and paperboard production declined somewhat in June, Meat production, however, increased substantially following
the end of a labor dispute which had curtailed
packing operations since the middle of March. Activity in most other nondurable goods industries was
maintained at the May rate or advanced slightly.
Minerals output declined 2 per cent from the
exceptionally high May rate, as bituminous coal
output was reduced owing to the beginning of the
miners' 10-day holiday on June 26. Crude petroleum production continued to advance.
CONSTRUCTION
About 93,500 dwelling units were started in
June, according to preliminary estimates of the
Bureau of Labor Statistics. This number was somewhat smaller than the postwar high of 97,000 in
May, but still considerably larger than the 77,000
units started in June 1947. Dollar volume of
all new construction put in place, according to
joint estimates of the Departments of Commerce
and Labor, continued to increase in June and
reached a record amount of 1,600 million dollars.
DISTRIBUTION
Value of department store sales showed about
the usual seasonal decline in June and the first half
of July. The Board's adjusted index remained
around a record level of 310 per cent of the 1935-39
average, which was about 7 per cent higher than in
CONSTRUCTION CONTRACTS AWARDED
INDUSTRIAL PRODUCTION
PHYSICAL VOLUME SEASONALLY ADJUSTE
1941
1943
Federal Reserve Index.
for June.
AUGUST 1948
1944
1945
Monthly figures, latest shown are
1942
1943
1944
1945
1946
J947
1948
F. W. Dodge Corporation data for 37 Eastern States. Other
includes nonresidential buildings and public works and utilities.
Monthly figures, latest shown are for June.
961
NATIONAL SUMMARY OF BUSINESS CONDITIONS
the corresponding period a year ago.
Rail shipments of grain and forest products were
in substantially larger volume in June, while loadings of most other classes of freight declined somewhat from the May rate after allowance for seasonal changes. Total loadings in the first half of
July were above the same period a year ago, reflecting mainly a larger volume of coal shipments.
AGRICULTURE
Production of crops this year, as indicated by
July 1 conditions, will be substantially larger than
in 1947 and in record volume. The most important
increase is forecast for corn, output of which is expected to be about 40 per cent larger than last year's
drought-damaged crop. Estimated wheat production, although smaller than last year's crop of 1.4
billion bushels, would still be the second largest
crop on record. Cotton acreage is officially estimated to be up 10 per cent from last year. Marketings of livestock have expanded following the end
of the packing strike but the volume has remained
5 to 10 per cent below year-ago levels.
COMMODITY PRICES
The general wholesale price level rose further
in July, reflecting sharp increases in prices of meats
and steel products. Meat and livestock prices in
mid-July were about 25 per cent higher than a
year ago. Prices of most other farm products and
foods continued to show little change or declined
in July. Cotton and grain prices were somewhat
below year-ago levels.
Prices of most iron and steel products were raised
by 10 per cent or more in July. Coal prices were
CONSUMERS' PRICES
also advanced, while prices of petroleum products
eased and prices of cotton goods declined somewhat
further.
BANK CREDIT
Quarterly income tax payments by businesses and
individuals during the last half of June substantially
increased Treasury deposits at Reserve Banks and
reduced commercial bank reserves and deposits.
Banks met the drain on reserve funds largely
through sales of Government securities to the Reserve Banks and through reductions in their excess reserves. During the first three weeks of July,
reserves at banks increased somewhat. The Treasury drew down its balances to retire bills. Federal
Reserve Bank holdings of bills were thereby reduced, but the System made net market purchases
of Government securities in approximately equal
volume and thereby supplied banks with additional
reserves.
Commercial and industrial loans increased moderately in banks in leading cities during June and
the first half of July. Consumer and real estate
loans continued to expand. Banks reduced further
their holdings of Government securities.
SECURITY MARKETS
Common stock prices declined sharply in the
third week of July, following four weeks of relatively little change. A substantial portion of the
mid-March ot mid-June gain in prices was lost.
Prices of Government bonds changed little in
the first three weeks of July, following some decline
in June, but prices of corporate bonds declined
further.
YIELDS ON TREASURY AND CORPORATE SECURITIES
1935 -39" 100
h'
-
h
APPAREL
-
_
LL ITEMS
^ -
w^*
-
'
RENT
100 *
1941
Bureau of Labor Statistics' indexes. "All items" includes
housefurnishings, fuel, and miscellaneous groups not shown
separately. Midmonth figures, latest shown are for June.
962
1942
1943
1944
1945
1948
1947
1948
Weekly average of daily figures compiled by Federal Reserve
from data reported by U. S. Treasury Department, latest shown
are for week ending July 28.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
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
July crop report, by Federal Reserve districts
Number of banking offices on Federal Reserve par list and not on par list
Member bank operating ratios, 1947
Earnings and expenses of Federal Reserve Banks for six-month period
ended June 30, 1948.
965
966
967- 970
971
971- 972
973- 974
974
975
976- 977
978- 979
980- 983
984
985
986- 987
988
989- 991
992
993-1002
1003-1006
1006
1007
1008-1009
1010-1012
1013-1017
1017
1018
1019-1021
1022
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 are 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.
AUGUST
1948
963
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
BFLLIONS OF DOLLARS
^^^^Vs/LAft/w-Mj^^
1940
1941
1942
1943
1944
1945
1946
1947
1948
TOTAL RESERVE BANK HOLDINGS
OF U. S. GOVERNMENT SECURITIES
1940
1941
1942
1943
1944
1945
1946
1947
1948
Wednesday figures, latest shown are for July 28. See p. 965.
964
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
Member
bank reserve
balances
U. S. Government
securities
Discounts
and
advances Total
Date
Monthly averages of
daily figures:
1947—Apr
May
June
1948— Apr
May
June. .
208
130
162
262
301
330
End-of-month figures:
1947—Apr. 30. ..
May 31. ..
June 3 0 . . .
1948—Apr. 30. ..
May 3 1 . . .
June 30. .
Wednesday figures:
1947—Sept. 3
Sept. 10
Sept. 17
Sept. 24
Treasury
bills
and
certificates
All
other
22,104 20,998 1,105
21,782 20,686 1,096
21,658 20,561 1,097
20,440 12,645 7,796
20,315 12,073 8,242
20,752 12,627 8,125
All
other 1 Total
Gold
stock
TreasTreasOther
ury
Treas- ury de- Non- Fedposits
cur- Money
ury
with mem- eral
rency in circash
Reculaouthold- Federal ber de- serve
tion
Reposits
standings
acserve
ing
counts Total
Banks
Excess2
22,722 20,586
22,284 20,865
22,217 21,092
21,103 23,154
21,042 23,243
23,457
4,558
4,559
4,560
4,558
4,560
4,561
28,185
28,158
28,236
27,766
27,749
27,846
1,329
1,340
1,339
1,325
1,323
1,324
723 1,060
612
993
950
557
986
1,225
1,420
874
1 ,487
890
639
627
632
587
545
576
15,931
15,978
16,154
16,926
16,933
17,396
833
784
785
811
743
852
125 21,857 20.752 1,105
179 22,088 20,984 1,105
70 21,872 20,775 1,097
249 20.340 12,210 8,130
306 20,662 12,386 8,276
265 21,366 13,193 8,173
223 22,205 20,774
471 22,738 20,933
22,170 21,266
269 20.858 23,169
21,576 23,304
21,900 23,532
4,561
4,558
4,562
4.562
4,562
4,565
28,114
28,261
28,297
27,716
27,812
27,903
1,329
1,330
1,314
1,319
1,322
1,327
619 1,025
728 1,044
756
881
1,236
826
1,684 1,057
1 .928 859
627
629
629
546
546
592
15,826
16,238
16,112
16,944
17,021
17,389
654
991
738
737
848
742
125 22,224
120 22,04:
130 21,75C
22,1U
21,135
20,848
20,562
20,927
,089
,194
,194
,191
274
309
509
336
22,623
22,472
22,394
22,573
21,765
21,815
21,935
21,950
4,552
4,551
4,551
4,552
28,749
28,742
28,633
28,556
,323
,329
,306
,319
459 1,149
243
960
240
930
800
924;
632
632
642
645
16,628
841
16,932 1,015
17,128 1,055
16,831
875
156 22,392
21,195
21,148
21,013
20,564
20,689
,196
,207
,205
,208
,440
383
385
443
451
287
22,931
22,852
22,807
22,348
22,789
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
,316
,328
,324
,337
,338
1,053
909
836
608
1,355
832
837
817
924
917
643
646
648
650
649
17,034
985
17,142 1,069
17,229 1,154
17,037
857
16,859
721
411
372
397
401
427
418
Oct. 1
Oct. 8
Oct. 15
Oct. 22.
Oct. 29. .
22,355
22,218
125 21,772
373 22,125
Nov.
Nov.
Nov.
Nov.
5
12.
19
26.
204
429
199
370
22,11? 20,552 1,567
22,052 20,343 1,708
22,222 20,117 2,105
22,23$ 19,913 2,327
317
208
620
325
22,640 22,336
22,689 22,442
23,041 22,513
22,934 22,597
4,551
4,550
4,552
4,554
28,635
28,709
28,595
28,725
,324
,328
,327
,330
926
1,224
1,560
1,314
922
950
926
969
632
632
631
626
17,088
16,839
17,068
17,121
952
766
883
954
Dec.
Dec.
Dec.
Dec.
Dec.
3
10 .
17
24.
31.
262
250
168
283
85
22,120
21,985
21,657
21,900
22,559
19,587
19,273
18,772
18,659
18,230
2,533
2,713
2,886
3,241
4,329
448
382
913
827
53C
22,830 22,680
22,617 22,708
22,738 22,723
23,011 22,743
23,181 22,754
4,553
4,556
4,557
4,556
4,562
28,817
28,874
28,923
29,111
28,868
,342
,331
,332
,318
,336
1,256
934
616
929
870
986
992
951
967
961
624
618
615
609
563
17,038
17,132
17,581
17,377
17,899
854
935
,165
,073
,499
948— Jan. 7.
Jan. 14.
Jan. 21.
Jan. 28.
164
165
168
281
21,683
21,896
21.54C
21,987
17,148
17,018
16,311
15,904
4,536
4,878
5,229
6,082
473
507
518
391
22,320 22,762
22,568 22,790
22,227 22,829
22,658 22,894
4,560
4,559
4,559
4,558
28,658
28,374
28,211
28,086
,340
,333
,323
,332
562 1,009!
819
959
,268
913
,945
888
569
568
565
555
17,503 ,166
17,863 ,537
17,334
993
17,305 1 ,040
Feb. 4.
Feb. 11
Feb. 18
Feb. 25
240
578
295
279
20,523 13,882 6,641
20,817 13,815 7,002
21,782 13,704 7,240
21,034 13,645 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
,309
,308
,335
,326
616
,187
,725
,656
974
944
899
901
562
559
558
557
17,084
17,037
16,750
16,799
Mar.
Mar.
Mar.
Mar.
Mar.
3.
10.
17.
24.
31.
298
363
447
430
257 21,071
20,678
20,373
20,607
20,887
13,575
13,145
12,956
13,168
13,332
7,496
7,532
7,417
7,439
7,555
523
350
451
375
291
21,851
21,326
21,187
21,429
21,607
23,036
23,083
23,119
23,135
23,137
4,559
4,559
4,559
4,557
4,559
28,024
28,006
27,920
27,851
27,781
,333
,331
,325
,336
,325
954 1,027
751
955
677 1,006
1,458 1,018
1,972
999
557
559
586
589
588
17,552 1,157
17,366
977
17,351
904
16,870
684
16,639
655
Apr. 7.
Apr. 14.
Apr. 21.
Apr. 28.
260
221
234
259
20,477
20,593
20,394
20,440
12,816
12,832
12,537
12,400
7,662
7,762
7,857
8,040
347 21,085 23,147
315 21,130 23,152
338 20,966 23,159
20,952 23,167
4,558
4,558
4,557
4,561
27,833
27,774
27,718
27,682
,329
,320
,336
,326
1,140
1,177
1,283
1,185
994
929
911
856
16,905
590 17,050
590 16,845
587 17,043
822
894
701
879
May 5.
May 12.
May 19.
May 26.
230
250
225
321
20,251 12,085 8,166
20,348 12,110 8,238
20,098 11,823 8,275
20,592 12,323 8,270
374
440
351
287
20,856
21,038
20,674
21,201
23,176
23,225
23,245
23,295
4,561
4,560
4,559
4,561
27,762
27,762
27,690
27,700
,329
,319
,329
,333
1,114
1,319
1,612
1,788
810
792
795
788
545
544
546
547
17,033
17,087
16,506
16,901
817
884
294
723
12,543
12,224
12,638
12,900
13,193
8,141
8,125
8,112
8,110
8,173
369
294
476
358
21,292 23,343
20,955 23,362
21,519 23,515
21,721 23,523
21,900 23,532
4,562
4,560
4,560
4,561
4,565
27,895
27,864
27,808
27,792
27,903
,335
,337
,331
,317
,327
1,567
1,144
984
1,863
1,928
754
828
879
827
859
551
551
593
598
592
17,094
941
17,154
908
17,999 1,132
17,408
728
17,389
742
13,367
13,243
12,919
12,692
8,168
8,278
8,407
8,517
310
23,584
302 22,139 23,593
277 21,888 ,650
187 21,723 23,670
4,562
4,562
4,561
4,563
28,142
27,959
27,864
27,821
,334
,331
,324
1,329
1,841
1,861
1 ,879
1,822
877
898
920
875
612
613
611
576
17,584
17,631
17,503
17,534
June 2.
June 9.
June 16.
June 23.
June 30.
July 7.
July 14.
July 21.
July 28.
239 20,683
312 20,349
294 20,749
353 21,010
265 21,366
398 21,535
316 21,521
285 21,326
21,209
913
1001
765
964
1003
937
*>840
P&37
t
9 Preliminary.
1
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
1
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
AUGUST
1948
965
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect July 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)1
Federal Reserve Bank
Effective
Rate
Other secured advances
[Sec. 10(b)]
Effective
Rate
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. . . .
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
14, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
12, 1948
19, 1948
12, 1948
15, 1948
Effective
Jan.
Apr.
Mar.
Mar.
Mar.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Apr.
1948
14,
6, 1946
23,1946
9, 1946
16,1946
1948
24,
1948
12,
1948
12,
1948
15,
1948
19,
1948
14,
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
July 31
In effect beginning—
ii
i j a n . 12, 1948
i Jan. 12, 1948
i j a n . 12, 1948
1 - 9 0 days
91-120 days
121-180 days
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 July 31. Per cent per annum]
To industrial or
commercial
businesses
IH
1M
IN
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. 31, 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-June 10, 1948..
June 11, 1948 and after
Central
reserve
city
banks
13
22M
26
26
24
22
20
22
24
Reserve
city
banks
Time
deposits
(all
Country member
banks)
banks
10
15
17^
20
20
20
20
20
20
20
3
4M
7
12M
14
12
14
14
14
14
14
14
2
6
s
6
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]
On
loans i
On discounts or
purchases
On
commit- Portion
ments for which
Reinstitu- maining
tion is
portion
obligated
Boston
New York.. . .
Philadelphia. .
Cleveland....
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. .
Dallas
San Francisco.
1-5
2^-5
(2)
2)4
2V2
234
2V2
1-5
(3)
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
discount rate.
5
Charge of 3€ per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118,
pp. 446 '447.
MARGIN REQUIREMENTS *
[Per cent of market value]
Prescribed in accordance with
Securities Exchange Act of 1934
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.
966
On
commitments
1
2
8
4
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 months
In less than 90 days
To financing institutions
1
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; the
"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>
E n d of month
1948
Item
July 21
Tuly 28
July 14
1948
June
June 30
July 7
23
July
June 16
1947
June
July
Assets
21 ,784,670 21,764,671 21,699,673 ?1 ,692 17? 71 ,642,170 71 64? , 170 ?1 6? 3 170 71 ,793 669 ?1 64? 170 19,621,179
Gold certificates
Redemotion fund for
612,133
615,080
618 ,904
613 ,132
615,080
615 643
615 ,643
615,643
618 ,222
674,936
F. R. notes
Total gold certificate reserves.... 22 ,396,803 22,379,751 22,314,753 22 ,307 815 22 ,257,813 22 ,261 ,074 22 ,241 ,392 22 ,406 ,801 22 257 ,813 20,296,115
Other cash
279,535
Discounts and advances:
For member banks...
For nonmember
banks etc
94,031
54,269
84,775
166 670
34,632
117 ,946
59 ,032
232,700
231,000
231,000
231 000
231,000
235 ,000
235 ,000
326,731
285,269
315,775
397 670
265,632
352 ,946
294 ,032
844
840
844
851
2 ,239
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills:
Under repurchase
option
Other
Certificates:
Special
Other
Notes
Bonds
270,559
?55 ,770
277,080
85 ,251
34 ,632
107,782
232 ,700
231 ,000
29,500
317 ,951
265 ,632
137,282
1 ,868
802
851
7,963,781 8,311,331 8 ,488, 581 8 ,576,881 8 39 5 481 8 ?40 6S1
7 555 931
789
7 ,734,681
254,509
224 300
255,770
,839
?71
?88 5?S
3,564,615
8 576 ,881 10,330,616
4 ,957,407 4,955,407 4,931,407 4 ,878, 907 4 ,616,007 4 ,505 ,007 4 ,397 ,007 5 ,059 ,407 4 616 ,007 6,558,966
1 ,953,300 1,957,800 1,957,800 1 ,957, 800 1 ,967,800 1 9S4 ,800 1 9^4 ,800 1 953 ,300 1 067 ,800
369 300
6 ,563,921 6,448,763 6,320,519 6 ,209, 881 6 ,205,681 6 ,174 ,786 6 ,176 ,786 6 ,756 ,765 6 205 ,681
725,690
Total U. S. Govt.
21 ,209,309 21,325,751 21,521,057 21 , 535, 169 21 ,366,369 21 ,010 ,074 20 ,749 ,224 21 ,325 ,403 21 366 ,369 21,549,187
securities
Other Reserve Bank
355 ,999
186,012
267,109
390 ,701
300,931
473 ,733
276,105
309, 407
267 ,109
187,155
credit outstanding. . .
Total Reserve Bank
credit outstanding 21 ,722,841 21,887,969 22,138,603 22 ,243, 090 21 ,899,961 21 ,721 ,258 21 ,518 ,857 22 ,034 ,857 2 1 , 899 ,961 21,875,356
Liabilities
Federal Reserve notes. . 23 ,725,348 23,756,237 23,826,775 23 ,960, 043 23 ,751,812 23 ,669 ,494 23 ,688 ,832 23 ,771 ,287 23, 751 ,812 24,090,051
Deposits:
Member bank — re17 ,533,595 17,502,513 17,630,864 17 ,584, 327 17 ,389,027 17 407 9?S 17 998 8?1 17 ,695 901 17 389 0?7 16,007,408
serve account
U. S. Treasurer—gen1 ,821,784 1,878,842 1,861,300 1 ,841, 139 1 ,927,559 1 ,863 ,370
983 ,801 1 ,755 ,067 1, 927 ,559
eral account
795,403
36 ^ 9?4
405 ,250
377,171
441,920
440, 646
405,250
SS6 998
81?
430,365
616,149
Foreign . . .
. .
497,680
456,260
454,141
463 ,222
489,856
436, 609
521 ,963
692 ,157
Other
454 ,141
449,738
Total deposits
20 ,230,230 20,301,576 20,390,344 20 ,302, 721 20 ,175,977 20 ,098 ,441 19 ,861 ,583 20 ,517 ,937 2 0 , 175 ,977 17,868,698
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per c e n t ) . . .
51.0
50.8
50.5
50.4
50.7
SO. 9
51.1
50.6
50.7
48.4
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Discounts and advances:
June 30
July 7
July 14
July 21
July 28
Industrial loans:
June 30
July 7
Tuly 14
July 21
July 28
U. S. Government securities:
June 30
July 7
July 14
July 21
July 28
AUGUST
1948
Within
15 days
16 to 30
days
31 to 60
days
91 days to 6 months 1 year to 2 years to
6 months to 1 year 2 years
5 years
days
265,632
397,670
315,775
285,269
326,731
71,619
188,977
118,800
87,862
108,360
43,350
55,125
23,331
23,270
12,577
31,310
91,438
112,269
103,766
119,772
119,353
52,980
41,865
61,181
86,022
851
844
840
844
789
535
522
552
670
607
35
141
141
189
62
67
104
104
56
83
44
17
42
21,366,369
21,535,169
21,521,057
21 ,325,751
21,209,309
4,573,135
2,005,455
1,726,205
1,560,180
1,551,643
Over
5 years
9,150
19,510
9,190
4
4
4
4
4
1,095,090 2 ,573,754 3,392,031 1,456,017 2,070,661
372,350 4,266,490
1,116,331 2,756,122 4,808,540
367,350 4,323,990
1,143,752 2,875,306 4,763,935
356,350 4,358,990
1,220,556 3,546,138 3,834,774
351,350 4 ,364,490
1,379,752 3,397,731 3,600,422
16
16
16
16
16
,145,651, 5,060,030
,148,351 5,061,530
,148,351 5,172,168
148,351 5,300,412
,148,351 5,415,570
967
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
New
York
Total
Assets
Gold certificates:
June 30
July
7
July 14
July 21
July 28
Redemption fund
for F. R. notes:
June 30
July
7
July 14
July 21
July 28
Total gold certificate reserves:
June 30
July
7
July 14
July 21
July 28
Other cash:
June 30
July
7.......
July 14
July 21
July 28
Discounts & advances:
Secured by
U. S. Govt.
securities:
June 30. .
July
7. .
July 1 4 . .
July 2 1 . .
July 2 8 . .
Other:
June 30. .
July
7. .
July 14..
July 2 1 . .
July 2 8 . .
Industrial loans:
June 30
July
7
July 14
July 21
July 28
U. S. Govt.
securities:
Bills:
June 3 0 . . . .
July
7....
July 14
July 21
July 28
Certificates:
June 30
July
7....
July 14
July 21
July 2 8 . . . .
Notes:
June 3 0 . . . .
July
7....
July 14
July 21
July 28
Bonds:
June 3 0 . . . .
July
7....
July 14
July 21. . . .
July 2 8 . . . .
Total U. S. Govt.
securities:
June 30
July
7
July 14
July 21
July 28
Total loans and
securities:
June 30
July
7
July 14
July 21
July 28
Due from foreign
banks:
June 30
July
7
July 14
July 21
July 28
1
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
21,642,170
21,692,172
21,699,673
21,764,671
21,784,670
807,953
850,958
862,286
899,882
853,837
7,046,334
6,999,872
6,912,440
6,948,914
6,968,416
1,022,510
1,010,326
1,032,198
1,051,426
1,042,587
,420,881
,438,021
,472,710
,459,813
,450,661
1,025,633
1,014,019
1,010,865
1,001,059
1,020,501
994,059
1,032,645
1,037,734
1,012,028
1,020,016
4,341,045
4,314,656
4,349,032
4,335,385
4,338,547
578,736
607,499
587,039
599,574
596,932
453,940
463,154
459,562
480,716
472,859
753,615
775,939
763,663
762,892
797,375
498,857
509,445
519,175
530,855
543,317
,698,607
,675,638
,692,969
,682,127
679,622
615.643
615,643
615,080
615,080
612,133
54.296
54,296
54,136
54,136
53,977
65,522
65,522
64,878
64,878
64,266
57,613
57,613
57,818
57,818
57,559
72,615
72,614
72,406
72,406
72,202
54,571
54,571
55,466
55,466
54,371
37,683
37,683
37,522
37,522
37,364
96,618
96,618
96,412
96,412
96,215
45,732
45,732
45,674
45,674
45,618
22,482
22,482
22,460
22,460
22,441
34,853
34,853
34,815
34,815
34,776
25,387
25,388
25,342
25,342
25,302
48,271
48,271
48,151
48,151
48,042
22,257,813
22,307,815
22,314,753
22,379,751
22,396,803
862,249
905.254
916.422
954.018
907,814
7,111,856
7,065,394
6,977,318
7,013,792
7,032,682
1,080,123
1,067,939
,090,016
1,109,244
1,100,146
1,493,496
1,510,635
1,545,116
1,532,219
1,522,863
,080,204 1,031,742
,068,590 1,070,328
,066,3311 1,075,256
,056,525 1,049,550
,O74,872j 1,057,380
4,437,663
4,411 ,274
4,445,444
4,431,797
4,434,762
624,468;
653,231
632,713
645,248
642,550
476,422
485,636
482,022
503,176
495,300
788,468
810,792
798,478
797,707
832,151
524,244
534,833
544,517
556,197
568,619
,746,878
,723,909
,741,120
,730,278
,727,664
255,770
224,300
254,509
270,559
279,535
23.641
19.428
23,125
25.419
25,928
49,889
42,123
47,115
50,741
50,025
13,569
10,319
13,545
16,439
17,323
22,588
22,857
22,147
25,073
24,371
14,768
11,934;
14,982
16,466
16,813
21,945
18,545
21,875
20,909
23,547
36,779
35,467
39,006
40,807
41,675
13,078
11,318
12,852
14,043
14,740
6,425
4,970
7,073
6,790
8,494
9,727
8,550
9,501
10,445
11,028
11,690
10,496
10,170
10,167
10,807
31,671
28,293
33,118
33,260
34,784
33,325
165,038
83,319
52,522
92,287
3.150
4,915
5,085
3,440
8,725
20,412
116,687
36,322
5,512
24,887
2,380
3,190
4,070
6,220
2,935
695
10,720
6,195
7,555
17,140
2,047
5,335
6,320
9,985
5,640
1,176
3,376
3,582
7,582
11,517
200
2,200
2,200
75
10,600
465
465
12,731
5,708
4,218
150
200
200
1,400
500
2,350
3,450
1,964
3,275
3,375
300
400
400
400
500
14,100
4,250
1,370
2,250
232,307
232,632
232,456
232,747
234,444
14,553
14,553
14,553
14.553
14,660
73,920
73,920
73,920
73,920
74,811
18,711
18,711
18,711
18,711
18,711
21,454
21,451
21,437
21,429
21,583
11,619
11,619
11,619
11,619
11,702
9,626
9,754
9,742
9,741
9,810
31,416
31,416
31,416
31,416
31,647
8,966
9,166
9,016
9,316
9,377
5,775
5,775
5,775
5,775
5,818
8,085
8,085
8,085
8,085
8,085
7,854
7,854
7,854
7,854
7,912
20,328
20,328
20,328
20,328
20,328
541
528
524
518
475
261
261
261
261
258
491
851
844
840
844
789
55
55
65
56
8,576,881
8,488,581
8,311,331
7,963,781
7,734,681
576,573 2,056,583
570,637 2,035,410
558,722 1,992,907
535,358 1,909,570
519,957 1,854,635
612,645
606,338
593,677
568,852
552,488
822,266
813,801
796,807
763,487
741,525
557,019
551,285
539,774
517,203
502,323
429,985
425,557
416,672
399,248
387,763
1,251,589
1,243,070
1,218,043
1,158,474
1,116,159
440,990
431,735
421,792
412,790
409,903
262,529
259,826
254,400
243,762
236,750
399,777
395,661
387,399
371,200
360,521
388,342
384,693
376,661
360,910
350,527
778,583
770,568
754,477
722,927
702,130
4,616,007
4,878,907
4,931,407
4,955,407
4,957,407
310,307 1,106,836
327,980 1,169,874
331,510 1,182,463
333.122 1,188,217
333,256 1,188,697
329,721
348,500
352,250
353,964
354,108
442,536
467,741
472,774
475,075
475,267
299,782
316,857
320,265
321,825
321,954
231,414
244,594
247,226
248,429
248,529
655,879
693,234
700,693
704,104
704,388
254,864
269,379
272,278
273,602
273,714
141,291
149,339
150,945
151,681
151,741
215,157
227,410
229,858
230,977
231,070
209,193
221,106
223,487
224,574
224,665
419,027
442,893
447,658
449,837
450,018
1,967,800
1,957,800
1,957,800
1,957,800
1,953,300
132,283
131,611
131,611
131,611
131,309
471,843
469,445
469,445
469,445
468,366
140,560
139,846
139,846
139,846
139,524
188,653
187,694
187,694
187,694
187,263
127,797
127,147
127,147
127,147
126,855
98,652
98,151
98,151
98,151
97,925
279,601
278,180
278,180
278,180
277,540
108,648
108,096
108,096
108,096
107,847
60,232
59,926
59,926
59,926
59,789
91,721
91,255
91,255
91,255
91,045
89,179
88,726
88,726
88,726
88,522
178,631
177,723
177,723
177,723
177,315
6,205,681
6,209,881
6,320,519
6,448,763
6,563,921
417,171 1,488,010
417,453 1,489,018
424,890 1,515,547
433,512 1,546,298
441,253 1,573,910
443,272
443,572
451,475
460,635
468,861
594,939
595,341
605,948
618,243
629,283
403,022
403,294
410,480
418,808
426,287
311,109
311,320
316,866
323,296
329,069
881,753
882,350
898,070
916,292
932,655
342,634
342,866
348,975
356,056
362,414
189,950
190,078
193,465
197,390
200,915
289,253
289,449
294,606
300,583
305,951
281,235
281,426
286,439
292,251
297,470
563,333
563,714
573,758
585,399
595,853
21,366,369
21,535,169
21,521,057
21,325,751
21,209,309
,436,334
,447,681
,446,733
,433,603
,425,775
5,123,272
5,163,747
5,160,362
5,113,530
5,085,608
1,526,198
1,538,256
1,537,248
1,523,297
1,514,981
2,048,394
2,064,577
2,063,223
2,044,499
2,033,338
1,387,620
1,398,583
1,397,666
1,384,983
1,377,419
1,071,160
1,079,622
1,078,915
1,069,124
1,063,286
3,068,822
3,096,834
3,094,986
3.057,050
3,030,742
1,147,136
1,152,076
1,151,141
1,150,544
1,153,878
654,002 995,908
659,169 1,003,775
658,736 1,003,118
652,759 994,015
649,195 988,587
967,949
975,951
975,313
966,461
961,184
,939,574
,954,898
,953,616
,935,886
,925,316
21,632,852
21,933,683
21,837,672
21,611,864
21,536,829
,454,037
,467,149
,466,371
,451,596
,449,160
5,217,604
5,354,354
5,270,604
5,192,962
5,185,306
1,547,830
1,560,685
1,560,553
1,548,746
1,537,102
2,070,804
2,097,009
2,091,116
2,073,744
2,072,319
1,401,335
1,415,592
1,415.660
1,406,652
1,394,817
1,081,962 3,100,438
1,092,752 3,130,450
1,092,239 3,128,602
1,086,447 3,088,541
1,084,613 3,072,989
1,156,567
1,161,707
1,172,888
1,165,568
1,167,473
659,927
665,144
664,711
659,934
655,513
976,103
984,201
983,567
974,715
969,596
1,959,902
1,989,326
1,978,194
1,957,584
1,947,894
1,006,343
1,015,310
1,013,167
1,005,375
1,000,047
After deducting $33,000 participations of other Federal Reserve Banks on June 30; July 7; July 14; July 21 and July 28.
968
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:
June 30
July 7
July 14
July 21
July 28
Uncollected
items:
June 30
July 7
July 14
July 21
July 28
Bank premises:
June 30
July 7
July 14
July 21
July 28
Other assets:
June 30
July 7
July 14
July 21
July 28.
Total assets:
June 30
July 7
July 14
July 21
July 28. m
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
106,168
99,431
121,858
129,929
132,475
5,320
4,611
6,360
6,815
7,461
19,228
16,389
18,306
18,935
18,813
6,543
4,267
8,064
9,056
8,718
5,642
4,922
5,825
7,697
7,384
9,566
10,631
12,030
15,386
14,080
10,544
8,516
10,795
10,394
10,983
15,082
13,833
15,565
15,911
16,507
7,194
7,991
7,770
7,552
9,024
3.934
4,001
5,127
7,599
9,509
5,620
6,724
8,038
8,054
7,718
4,279
4,283
5,154
4,472
5,201
13,216
13,263
18,824
18,058
17,077
2,642,095
2,436,344
3,009,924
2,719,909
2,410,527
214,572
209,877
234,144
212,565
182,323
493,612
472,763
563,561
483,627
432,022
173,228
166,888
202,058
183,695
152,451
260,873
233,645
296,806
275,415
240,808
222,063
218,361
253,441
233,703
204,528
162,753
159,168
182,530
168,054
149,930
402,048
364,267
506,729
409,684
370,146
133,549
100,238
139,350
123,934
104,184
68,040
65,587
81,657
73,706
61,250
166,122
126,261
154,838
160,868
146,549
111,473
112,193
139,048
144,093
134,683
233,762
207,096
255,762
250,565
231,653
32,494
32,491
32,487
32,519
32,483
1,213
1,213
1,213
1,213
1,208
8,135
8,135
8,135
8,135
8,135
3,107
3,107
3,107
3,107
3,094
4,861
4,861
4,858
4,858
4,850
2,596
2,599
2,599
2,593
2,593
1,539
1,539
1,538
1,537
1,535
3,029
3,029
3,029
3,029
3,032
1,950
1,950
1,950
1,989
1,988
1,193
1,193
1,193
1.193
1,190
2,421
2,415
2,415
2,415
2,415
774
774
774
774
774
1,676
1,676
1,676
1,676
1,669
139,612
124,844
129,331
134,630
139,757
9,737
8,535
8,997
9,820
9,519
32,509
29,303
30,737
31,505
32,963
9,699
8,714
8,835
9,313
9,595
13,670
12,207
12,419
13,086
13,550
9,107
8,148
8,313
8,477
8,960
7,086
6,372
6,547
6,800
7,072
19,637
17,671
18,386
18,745
19,665
8,110
7,244
7,454
7,769
8,037
4,401
3,782
3,923
4,113
4,331
6,439
5,825
6,090
6,268
6,493
6,302
5,524
5,655
6,225
6,689
12,915
11,519
11,975
12,509
12,883
47,066,853
47,158,957
47,700,583
47,279,210
46,928,458
2,570,772
2,616,070
2,656,635
2,661,449
2,583,416
12,932,849
12,988,477
12,915,792
12,799,713
12,759,962
2,834,103 3,871,938
2,821,923 3,886,140
2,886,182 3,978,291
2,879,604 3,932,096
2,828,433 3,886,149
2,739,641
2,735,857
2,773,358
2,739,804
2,716,665
2,317,573
2,357,222
2,390,782
2,343,693
2,335,062
8,014,683
7,975,998
8,156,768
8,008,521
7,958,783
1,944,918
1,943,681
1,974,979
1,966,105
1,947,998
1,443,808
1,456,964
1,439,305
1,428,520
1,424,692
5,461,422
5,508,413
5,470,262
5,458,922
5,459,114
1,631,379 2,088,636
1,647,289 2,107,147
1,636,569 2,099,726
1,630,130 2,093,206
1,627,801 2,093,979
1,615,528
1,629,738
1,619,309
1,608,735
1,603,763
1,313,667 4,515,515
1,323,805 4,553,505
1,315,103 4,538,612
1,312,278 4,537,874
1,310,303 4,532,904
1,079,018
1,085,962
1,082,242
1,080,113
1,076,731
613,491
618,566
614,204
612,325
610,688
917,466
924,779
921,187
920,865
921,081
596,394
602,721
601,133
600,753
600,511
2,475,488
2,501,154
2,489,123
2,472,516
2,463,781
725,291
747,214
741,428
746,553
732,951
5,770,318
5,914,588
5,862,888
5,798,861
5,802,294
830,809
790,913
809,646
816,036
806,787
1,251,536
1,264,596
1,290,809
1,302,193
1,289,295
740,602
730,370
742,829
732,916
733,204
713,290 2,656,495
743,778 2,656,746
753,393 2,697,641
709,942 2,643,678
724,663 2,704,713
604,483
631,555
622,389
618,670
617,208
426,262
431,180
427,460
437,995
431,830
802,452
809,076
797,746
809,315
815,800
806,738
823,061
825,238
825,813
817,987
2,060,751
2,041,250
2,059,397
2,060,541
2,056,863
134,780
129,477
180,630
205,048
180,231
495,394
402,491
332,920
312,034
321,955
129,616
132,353
164,803
173,650
167,071
176,557
195,645
190,548
176,805
172,502
121,560
120,518
107,982
129,647
130,913
82,127
91,360
86,824
96,835
99,168
327,293
307,571
314,498
292,184
221,078
84,805
89,288
89,615
101,673
109,854
90,194
92,838
101,212
106,278
104,426
76,513
90,452
92,250
86,852
102,488
88,131
82,037
89,478
97,689
109,310
120,589
107,109
110,540
100,147
102,788
24,765
27,127
26,699
26,151
22,944
3,082
3,235
4,545
5,788
2,563
438,532
448,411
454,400
448,750
430,162
392,980
376,405
386,942
422,067
437,709
31,752
34,789
34,239
33,534
29,411
2,271
1,855
2,775
2,100
2,034
36,064
39,514
38,888
38,088
33,405
6,571
6,158
6,360
6,372
5,556
19,208
21,046
20,712
20,286
17,792
1,867
3,438
5,264
1,576
1,228
883,237
875,372
876,787
884,425
883,137
16,072
17,609
17,331
16,974
14,887
14,112
15,462
15,217
14,904
13,072
5,225
5,361
7,338
5,055
5,021
9,800
10,738
10.568
10,350
9,078
2.387
1.917
1,877
4,045
3.478
13,720
15,032
14,794
14,490
12,708
13,328
14,603
14,372
14,076
12,345
654
738
539
952
627
53,312
58,412
57,487
56,304
49,382
4,168
2,671
3,440
4,546
3,921
235
208
240
349
547
598
443
319
311
491
34,585
37,903
37,213
36,458
31,985
34,103
34,180
36,621
36,695
34,505
812,143
853,485
858,087
824,703
839,345
3,041,268
3,025,400
3,073,066
2,996,712
2,979,094
708,625
741,666
734,559
740,302
745,155
528,643
536,673
541,117
558,668
548,812
892,920
914,768
905,030
911,006
931,543
908,795
920,144
929,407
937,889
940,133
2,250,028
2,220,442
2,243,771
2,233,841
2,226,141
Federal Reserve
notes:
23,751,812
June 30
23,960,043
July 7
July 14
23,826,775
July 21
23,756,237
July 28
23,725,348
Deposits:
Member bank
reserve
account:
June 30.. 17,389,027
July 7 . . 17,584,327
July 14.. 17,630,864
July 2 1 . . 17,502,513
July 2 8 . . 17,533,595
U. S. Treasurer-general
account:
June 30.. 1,927,559
July 7 . . 1,841,139
July 14.. 1,861,300
July 2 1 . . 1,878,842
July 2 8 . . 1,821,784
Foreign:
405,250
June 3 0 . .
July 7 . .
440,646
July 14..
441,920
July 2 1 . .
430,365
July 2 8 . .
377,171
Other:
June 30..
454,141
July 7 . .
436,609
July 14..
456,260
July 2 1 . .
489,856
July 2 8 . .
497,680
Total deposits:
June 30
20,175,977
July 7
20,302,721
July 14
20,390,344
July 21
20,301,576
July 28
20,230,230
Deferred availability items:
June 30
2,375,035
July 7
2,126,986
July 14
2,709,042
July 21
2,443,853
July 28
2,224,564
Other liab. incl.
accrued div.:
June 30
12,621
July 7
13,493
July 14
14,424
July 21
13,606
July 28
14,618
Total liabilities:
June 30
46,315,445
July
7 ; ; ; ^ : 46,403,243
July 14
46,940,585
July 21
46,515,272
July 28
46,194,760
887,918
907,053
953,302
983,540
938,689
6,797,224 994,448 1,470,728
6,841,895 959,910 1,505,913
6,737,150 1,011,463 1,526,605
6,681,712 1,025,320 1,523,458
6,692,120 1,005,303 1,500,758
1,220,343 1,985,142
1,230,314 1,975,879
1,245,707 1,992,529
1,256,512 1,991,134
1,235,588 2,006,403
1,634,867 5,000,024
1,652,310 4,975,086
1,688,887 5,040,673
1,696,645 5,003,934
1,696,371 4,973,628
190,152
202,852
214,472
199,612
172,242
441,186
403,719
472,614
422,668
378,670
147,181
153,276
176,309
162,081
135,501
241,668
201,723
280,367
243,352
222,284
201,585
191,090
237,269
206,494
191,592
158,902
146,809
184,220
173,174
153,366
353,968
292,417
439,583
368,008
345,146
128,053
86,554
128,403
115,764
97,834
57,805
54,583
69,732
64,776
56,232
145,986
107,271
136,952
129,813
125,693
101,803
101,479
130,143
129,563
128,614
206,746
185,213
238,978
228,548
217,390
842
891
944
966
964
2,939
3,403
3,739
3,422
4,274
760
798
870
795
783
1,554
1,597
1,434
1,501
1,530
681
758
808
686
712
574
629
676
640
664
1,904
2,016
2,246
2,083
2,104
608
611
647
603
606
476
436
474
437
453
541
579
604
571
551
682
551
600
642
663
1,060
1,224
1,382
1,260
1,314
12,702,771 2,773 768 3,802,586 2,701,031 2,285,286
12,757,430 2,761,273 3,816,380 2,696,958 2,324,728
12,683,765 2,825,211 3,908,132 2,734,173 2,358,086
12,566,724 2,818,326 3,861,517 2,700,340 2,310,795
12,534,178 2,769,388 3,818,551 2,679,204 2,303,678
7,912,655
7,873,338
8,053,507
7,904,677
7,859,248
1,916,304
1,914,793
1,945,851
1,936,782
1,920,326
1,200,415
1,210,258
1,225,527
1,236,206
1,216,185
1,956,913
1,947,397
1,963,773
1,962,255
1,978,868
2,522,720
2,567,760
2,608,023
2,612,638
2,536,587
1,607,674 4 933,322
1,624,895 4,908,033
1,661,283 4,973,254
1,668,847 4,936,165
1,669,921 4,908,626
1
After deducting $266,560,000 participations of other Federal Reserve Banks on June 30; $292,060,000 on July 7; $287,436,000 on July 14;
$281,520,000 on July 21; and $246,908,000 on July 28.
AUGUST
1948
969
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Capital Accts.:
Capital paid in:
June 30
198,540
July 7 . . . .
198,777
July 14
198,917
July 21 . . . .
199,000
July 28
199,045
Surplus:
(section 7):
June 3 0 . . . .
448,189
July 7 . . . .
448,189
July 14
448,189
July 2 1 . . . .
448,189
July 28
448,189
(section 13b):
June 30. . .
27,543
July 7 . . . .
27,543
July 14
27,543
July 2 1 . . .
27,543
July 28
27,543
Other cap. accts.:
June 3 0 . . . .
77,136
July 7 . . . .
81,205
July 14
85,349
July 2 1 . . . .
89,206
July 2 8 . . . .
58,921
Total liabilities
and cap. accts.:
June 30
47,066,853
July 7 . . . . 47,158,957
July 14
47,700,583
July 2 1 . . . . 47,279,210
July 28
46,928,458
Contingent liability on bills
purchased for
foreign correspondents:
June 3 0 . . . .
2,646
July 7 . . . .
2,645
July 1 4 . . . .
2,358
July 21
2,105
July 28
1,576
Commit, to make
indus. loans:
June 3 0 . . . .
6,482
July 7 . . . .
6,432
6,418
July 14.
July 2 1 . . . .
6,425
July 28
6,424
Philadelphia
New
York
Boston
Total
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
11,314
11,318
11,322
11,322
11,323
68,964
68,971
68,995
69,002
69,001
14,546
14,565
14,588
14,594
14,597
18,997
19,028
19,033
19,037
19,044
8,475
8,498
8,512
8,518
8,519
7,763
7,777
7,782
7,786
7,787
24,499
24,562
24,586
24,591
24,602
6,537
6,540
6,545
6,567
6,567
4,375
4,378
4,380
4.384
4,393
6,813
6,834
6,850
6,858
6,862
7,655
7,681
7,691
7,703
7,706
18,602
18,625
18,633
18,638
18,644
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
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
5,610
5,864
6,162
6,361
4,378
15,199
16,161
17,117
18,072
10,868
5,950
6,246
6,544
6,845
4,609
7,176
7,553
7,947
8,363
5,375
5,576
5,842
6,114
6,387
4,383
4,652
4,845
5,042
5,240
3,725
9,883
10,452
11,029
11,607
7,287
4,584
4,855
5,090
5,263
3,612
3,247
3,372
3,494
3.616
2,704
4,131
4,363
4,621
4,736
3,388
4,120
4,316
4,495
4,677
3,326
7,008
7,336
7,694
8,039
5,266
2,570,772
2,616,070
2,656,635
2,661.449
2,583,416
12,932,849
12,988,477
12,915,792
12,799,713
12,759,962
2,834,103
2,821,923
2,886,182
2,879,604
2,828,433
3,871,938
3,886,140
3,978,291
3,932,096
3,886,i49
2,739,641
2,735,857
2,773,358
2,739,804
2,716,665
2,317,573
2,357,222
2,390,782
2,343,693
2,335,062
8,014,683
7,975,998
8,156,768
8,008,521
7,958,783
1,944,918
1,943,681
1,974,979
1,966,105
1,947,998
167
167
149
133
99
1847
1846
i 754
1673
1504
214
214
191
170
128
243
243
217
194
145
130
130
116
103
77
108
108
97
86
65
360
360
321
286
214
95
95
85
76
57
183
196
200
206
208
1,266
1,257
1,237
1,237
1,233
136
140
142
143
144
16
16
16
16
16
353
478
478
478
478
580
400
400
400
400
75
75
75
75
75
1,220,343 1,985,142
1,230,314 1,975,879
1,245,707 1,992,529
1,256,512 1,991,134
1,235,588 2,006,403
66
66
59
53
39
1,634,867 5,000,024
1,652,310 4,975,086
1,688,887 5,040,673
1,696,645 5,003,934
1,696,371 4,973,628
93
93
82
74
55
90
90
80
72
54
233
233
207
185
139
123
120
120
120
120
3,750
3,750
3,750
S 750
3,750
i After deducting $1,799,000 participations of other Federal Reserve Banks on June 30; and July 7; $1,604,000 on July 14; $1,432,000 on July 21;
and $1,072,000 on July 28.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F. R. notesoutstanding
(issued to Bank):
June 30
July 7
July 14
July 21
July 28
Collateral held against
notes outstanding:
Gold certificates:
June 30
July 7
July 14
July 21
July 28
Eligible paper:
June 30
July 7
July 14
July 21
July 28
U. S. Govt. s e c :
June 30
July 7
July 14
July 21
July 28
Total collateral:
June 30
July 7
July 14
July 21
July 28
24,503,332
24,598,369
24,623,254
24,573,828
24,541,669
New
York
Richmond
Philadelphia
Cleveland
1,478,121 5,670,913
1,484,942 5,668,437
1,488,841 5,663,651
1,483,068 5,652,124
1,482,358 5,643,960
1,680,489
1,687,040
1,692,769
1,687,458
1,680,981
2,153,502
2,167,382
2,166,505
2,164,881
2,163,353
,664,093
,675,721
,680,992
,673,186
,663,629
1,357.853 4,586,892
1,362,521 4,627,196
1,367,833 4,628,737
1,362.423 4,627,111
1,360,884 4,621,204
735,000
735,000
735,000
735,000
735,000
625,000
625,000
625.000
625,000
625,000
675,000 2 ,700,000
675,000 2,740,000
675,000 2,740,000
675,000 2 ,760,000
675,000 2,760,000
Boston
Atlanta
Chicago
460,000
460,000
460,000
460,000
460,000
4,770,000
4,770,000
4,770,000
4,770,000
4,770,000
550,000
550,000
550,000
550.000
550,000
31,104
149,192
69,842
37,160
52,905
3,150
4,915
5,085
3,440
8,725
19,912
116,687
34,522
5,262
24,262
2,380
3,190
4,070
6,220
2,935
11,925,000
11,925,000
11,925,000
11,925,000
11,925,000
1,100,000
1,100,000
1,100,000
1,100,000
1,100,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
,200,000
,200,000
,200,000
,200,000
,200,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
,075,000
,075,000
,075,000
1,075,000
1,075,000
750,000
750,000
750,000
750,000
750,000
,900,000
,900,000
,900,000
,900,000
,900,000
25,385,104
25,593,19:
25,513,842
25,501,160
25,516,905
1,563,150 5,789,912
1,564,915 5,886,687
1,565,085 5,804,522
1,563,440 5.775,262
1,568,725 5,794,262
1,752,380
1,753,190
1,754,070
1,756,220
1,752,935
2,235,000
2,235,000
2,235,000
2,235,000
2,235,000
,702,047
,705,335
,706,320
,709,485
.705,640
,425,000
,425,000
,425,000
,425,000
,425,000
4,600,000
4,640,000
4,640,000
4,660,000
4,660,000
San
Francisco
2,047
5,335
6,320
9,485
5,640
1,113,227 631,371
1,120,622 632,974
1,122,557 632,778
1,117,477 631,346
1,121,493 630,573
944,029
946,799
947,309
945,374
945,523
624,588 2,598,254
626,419 2,598,316
626,108 2,605,174
633,503 2,595,877
638,660 2,589,051
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 2,000,000
2,000,000
169,000 2,000,000
2,000,000
169,000 2,000,000
169,000 2,000,000
1,115
1,315
13,431
6,708
5,218
13,429,000
13,519,000
13,519,000
13,539,000
13,539,000
970
Minne- Kansas
Dallas
apolis
City
St.
Louis
150
200
200
1,400
500
2,350
3,450
1,964
3,275
3,375
14,100
4,250
1,370
2,250
950,000
950,000
950,000
950,000
950,000
450,000
450,000
700,000
700,000
700,000
700,000
700,000
450,000
450,000
450,000
1,266,115 650,
i,150
1,266,315 650,200
1,278,431 650,200
1,271,708 651 ,400
1,270,218 650,500
169,000 1,950,000
500,000
500,000
500,000
500,000
500,000
800,000
800,000
800,000
800,000
800,000
982,350 669,000 2,750,000
983,450 669,000 2,814,100
981,964 669,000 2,804,250
983,275 669,000 2,801,370
983,375 669,000 2,802,250
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. In millions of dollars]
[Amounts in thousands of dollars]
Guaranteed loans
authorized
to date
Guaranteed
loans
outstanding
End of month
Portion
guaranteed
Additional
amount
available to
borrowers
under guarantee agreements
outstanding
Number
Amount
1942—June.
Dec.
565
2,665
310,680
2,688,397
1943—June.
Dec.
4,217
5,347
6,433
7,434
1945—June.
Dec.
8,422 10,149,351 1,386,851 1,190,944 3,694,618
8,757 10,339,400 510,270 435,345
966.595
1946—June.
Dec.
8,771
8,771
10,344,018
10,344,018
70,267
18,996
60,214
17,454
142,617
28,791
1947—June
-June.
Dec.
8,771
8,771
10,344,018
10,344,018
3,589
2,412
3,218
2,183
6.726
1948—Jan..
Feb..
Mar..
Apr..
May.
June.
8,771
8,771
8,771
8,771
8,771
8,771
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
10,344,018
2,357
1,959
1,835
1,787
1,761
1,609
69,674
137,888
632,474 1,430,121
4,608
4,640
4,869
4,922
June
June
June
June
July
July
July
July
3
10
17
24
1
8
15
22
17,016
17,126
17,713
17,465
17,446
17,409
17,578
17,596
4,576
4,549
4,958
4,915
4,898
4,828
4,848
4,876
1,074
080
172
148
6,500
6,550
6,605
r
6,484
6,516
6,527
6,597
6,592
4,867
4,947
4,978
'4,918
4,880
4,904
4,971
4,961
Excess reserves:
1947—May
June
1948—May
June
784
785
743
852
12
14
18
44
10
224
224
202
241
550
538
514
556
845
909
902
765
793
825
916
P839
83
58
22
16
30
15
30
17
21
22
7
2
9
6
9
5
238
258
263
'•190
225
255
266
219
503
571
610
557
529
549
611
107
135
144
100
11
50
23
49
73
47
37
50
50
42
37
125
78
103
97
122
165
82
49
2
2
28
16
53
97
19
2
64
31
33
45
34
43
30
27
58
44
39
29
32
25
33
20
June
June
June
June
July
July
July
July
Participations
outstanding
(amount)
3
10
17
24
1
8
15
22
Borrowings a t Federal
Reserve B a n k s :
1947—May
June
1948—May
June
June
June
June
June
July
July
July
July
3
10
17
24
1
8
15
22
984
1,993
2,280
2,406
2,653
2,781
2,908
3,202
3,423
3,471
3,489
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 30
Dec. 31
3,502
3,511
537.331
544,961
70
320
3,252
1,995
5,224
1,644
r
Revised.
P Preliminary.
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
1946
June 29
Dec. 31
3,524
3.542
552,711
565,913
615
4,577
1,210
554
5,366
8,309
1,110
2,670
1947
Mar. 31
June 30
Sept. 30
Dec. 31
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. 31
Feb. 28
Mar. 31
Apr. 30
May 31.
June 30.
3,576
3,582
3,587
3,593
3,595
3,599
7,077
7,918
7,700
6,646
6,612
6,482
5,213
6,770
5,109
4,234
3,272
3,238
1,025
145
45
70
120
1,045
1,972
4,906
3,785
1,394
916
851
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.
AUGUST
1948
152
150
1,162
1,167
1
1934...
1935. . .
1936. . .
1937. . .
1938. . .
1939. . .
1940. . .
1941. . .
1942. . .
1943. . .
1944.. .
589,986
596.048
600.322
604,623
606,305
610,956
Country
banks«
6,317
6,377
6,496
6,534
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
ApApplications
proved
Loans Commitapproved
Date (last
ments
but not
outto date
Wednesday
outcom- standing 2 standing
or last day
(amount) (amount)
pleted »
of period) NumAmount (amount)
ber
Chicago
911
940
1,057
1,132
8,046,672 2,064,318 1,735,777 3,810,797
NOTE.—The difference between guaranteed loans authorized and sum
of loans outstanding and additional amounts available to borrowers
under guarantee agreements outstanding represents amounts repaid
and authorizations expired or withdrawn.
New
York
Reserve
city
banks
4,141
4,196
4,511
4,808
2,133
1,777
1,666
1,623
1,599
1,463
81,108
803,720
Central reserve
city banks
15,978
16,153
16,933
17,396
9,310,582 1,735,970 1.482,038 4,453,586
Total
amount
All
member
banks *
Total reserves h e l d :
1947—May
June
1948—May
June
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.
Dec.
Month, or
week ending Thursday
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL CENTERS *
[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
June 1947
May 1948
June 1948...
Time
deposits
Demand
deposits
except
interbank
Time
deposits
^15,043
16,178
r8,443
8,796
'•11,523
11,797
'5,976
6,046
16,337
8,819
11,806
6,045
Boston
New York
Philadelphia
Cleveland
1,883
2,998
1,232
1,324
867
2,215
813
914
330
1,011
901
1,039
230
1 ,155
899
823
Richmond....
Atlanta
Chicago
St. Louis
1,082
1,541
2,197
649
398
488
1,589
338
851
666
1,673
956
470
218
959
275
Minneapolis
Kansas City. . . .
Dallas
San Francisco. . .
582
558
1,009
1,282
295
104
146
650
757
1,575
1,515
534
448
204
66
300
r
1
Revised.
Includes any banks in outlying sections of reserve cities that have
been given permission to carry the same reserves as country banks.
971
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
deposits a
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 June 1948
All member banks
Central reserve city banks:
New York
Chicago
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
88,342
10,549
77,793
77,581
28,691
5,271
17,270
16 ,388
882
93
21,656
5,086
3,897
1,079
17,759
4,006
20,005
4,580
1,622
925
44
146
4 ,678
1,106
4 ,632
1,094
46
13
32,566
1,842
27,810
1,566
28,125
1,676
11,280
1,770
535
491
1,783
3,479
1,771
1,605
3,459
1,398
1,869
3,455
1,805
1,694
3,336
1,631
193
301
239
735
820
2,704
2,395
8,144
4,757
276
25
333
437
305
396
426
530
263
746
497
522
1,958
1,898
7,622
2,200
1,957
7,190
32
24
71
164
101
124
280
96
68
262
261
287
6 ,558
360
119
391
801
407
389
825
360
179
487
457
1,784
6 ,289
347
116
388
776
387
363
774
346
175
462
413
1,742
270
13
3
3
25
20
26
51
13
5
25
43
42
14
2
35
3
" 2
9
3
3
4
3
29,034
2,284
4,106
2,140
2,385
2,052
2,377
3,951
1,659
1,399
2,193
2,630
1,857
816
80
85
15
23
110
150
62
44
56
60
104
27
28,218
2,204
4,021
2,125
2,362
1,942
2,227
3,889
1,615
1,343
2,133
2,526
1,830
24,871
1,995
3,613
1,874
2,071
1,714
2,010
3,381
1,428
1,194
1,836
2,150
1,607
4 ,928
376
787
408
457
331
364
712
264
240
318
365
305
4 ,374
345
708
365
394
292
324
626
237
212
276
314
282
554
31
79
43
63
39
41
86
28
28
42
51
23
42
8
13
5
2
4
2
1
2
560
2,116
3,916
2,076
2,001
3,885
1,928
999
1,412
431
408
1,995
335
179
361
363
5,062
14,863
1,098
3,369
1,711
1,736
869
706
2,548
613
743
308
211
951
3,311
166
298
201
253
261
303
486
201
171
337
439
197
i
1
2
Second half of June 1948
All member banks
Central reserve city banks:
New York
Chicago
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
88,271
10,696
77,576
77,399
28,746
5,269
17,521
16,700
821
107
21,670
5,053
3 ,991
1,059
17,679
3,994
19,990
4,543
1,658
934
43
132
4,938
1,157
4,897
1,146
41
11
31
5
32,651
1,878
27,834
1,583
28,107
1,698
6,510
6,299
1,820
3,483
1,766
1,595
3,471
1,370
1,899
3,429
1,800
1,673
3,328
1,603
733
826
1,976
1,924
7,584
2,220
1,978
7,170
34
24
75
170
98
120
285
84
66
270
280
290
363
117
403
798
402
373
816
351
180
484
453
351
115
394
771
386
359
785
341
176
466
418
1,770
1,738
212
12
2
9
28
16
14
30
10
4
18
35
32
39
1
484
11,289
192
301
238
1,414
430
407
1,994
335
179
359
366
5,075
1,797
528
2,174
3,932
2,066
1,971
3,897
1,888
1,000
2,738
2,436
8,118
4 ,818
294
25
354
449
300
376
426
518
267
762
511
534
28,897
2,305
4,086
2,157
2,386
2,030
2,336
3,913
1,639
1,391
2,194
2,629
1,830
828
83
88
17
24
106
149
64
45
57
61
108
27
28,069
2,222
3,997
2,140
2,363
1,924
2,187
3,850
1,595
1,334
2,133
2,521
1,803
24,759
2,006
3,593
1,871
2,069
1,695
1,989
3,357
1,418
1,196
1,836
2,144
1,586
14,865
1,096
3,372
1,712
1,738
868
705
2,547
613
745
308
212
949
3,297
4,916
4,358
177
294
213
257
256
288
475
193
166
340
444
195
382
782
409
457
325
352
711
265
242
321
366
304
347
705
365
394
289
321
623
235
212
275
313
279
557
35
76
45
63
36
31
89
29
30
45
54
25
32
4
11
4
1
5
1
1
2
553
1
1
8
5
5
3
7
1
4
i
1
1
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.
8
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.
«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 70,450 million dollars in the first half and 70,350 million in the second half of June.
972
FEDERAL RESERVE BULLETIN
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation *
End of year or
month
Coin and small denomination currency
Total
Coin
«$1
$2
2
Large denomination currency 2
$10
$5
$20
Total
$50
$100
$500 $1,000 $5,000 $10,000
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
5,519
4,167
536
4,292
5,882
4,518
6,543
5,021
6,550
5,015
6,856
5,147
7,598
5,553
8,732
6,247
11,160
8,120
15,410 11,576
20,449 14,871
25,307 17,580
28,515 20,683
28,952 20,437
442
402
452
423
478
460
517
499
537
505
550
524
590
559
648
610
751
695
880
801
1,019
909
987
1,156
1,274 1,039
1,361 1,029
33
32
33
35
33
34
36
39
44
55
70
81
73
67
719
771
815
906
905
946
1,019
1,129
1,355
1,693
1,973
2,150
2,313
2,173
1,229
1,288
1,373
1,563
1,560
1,611
1,772
2,021
2,731
4,051
5,194
5,983
6,782
6,497
1,342
1,326
1,359
1,501
1,475
1,481
1,576
1,800
2,545
,096
5,705
7,224
9,201
9,310
1,360
1,254
1,369
1,530
1,542
1,714
2,048
2,489
3,044
3,837
5,580
7,730
7,834
8,518
364
337
358
399
387
409
460
538
724
1,019
1,481
1,996
2,327
2,492
618
577
627
707
710
770
919
1,112
1,433
1,910
2,912
4,153
4,220
4,771
125
112
122
135
139
160
191
227
261
287
407
555
454
438
237
216
239
265
288
327
425
523
556
586
749
990
801
783
1947—March
April
May
June
July
August
September...
October
November. . .
December. . .
28,230 19,807
28,114 19,684
28,261 19,773
28,297 19,769
28,149 19,622
28,434 19,837
28,567 19,881
28,552 19,833
28,766 20,008
28,868 20,020
1,344
1,351
1,351
1,355
1,356
1,362
1,375
1,385
1,396
1,404
969
972
985
986
980
990
1,010
1,011
1,020
1,048
63
63
63
64
63
64
64
63
64
65
2,085
2,065
2,089
2,078
2,058
2,092
2,085
2,078
2,102
2,110
6,309
6,253
6,303
6,289
6,230
6,308
6,270
6,233
6,303
6,275
9,036
8,979
8,982
8,996
8,935
9,020
9,077
9,064
9,123
9,119
8,424
8,432
8,489
8,530
8,529
8,600
8,689
8,721
8,760
2,447
2,442
2,449
466
2,453
2,477
503
499
2,513
2,548
4,754
4,769
4,789
4,808
4,824
2,874
4,941
4,986
5,023
5,070
432
431
430
430
428
428
428
427
426
428
1948—January
February. . . .
March
April
May
June
28,111
28,019
27,781
27,716
27,812
27,903
19,369
19,335
19,169
19,144
19,259
19,323
1,382
1,385
1,394
1,399
1,409
1,421
984
972
975
976
994
1,000
63
63
62
61
62
63
2,017
2,005
1,986
1,991
2,015
2,017
6,064
6,084
6,013
6,017
6,054
6,085
8,858
8,826
8,738
8,700
,745
,687
,614
,574
,555
,581
2,511
2,492
2,470
2,456
5,022
4,996
4,962
4,951
2,453 4,943
2,465 4,945
424
421
416
412
410
407
8,724
8,737
8,850
Unassorted
10
7
16
18
12
32
32
60
46
25
22
24
24
26
S
10
5
8
7
5
2
4
4
3
2
3
2
3
771
773
804
810
806
804
800
793
782
782
14
12
11
12
12
12
12
11
11
17
1
1
2
2
2
2
2
3
3
3
771
762
749
739
735
749
12
12
11
10
10
10
3
3
1
1
2
2
5
7
7
6
17
20
30
24
9
9
10
7
1
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
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 in circulation l
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and June 30, May 31, June 30,
1948
1947
1948
Banks and
agents
agents
Money held in the Treasury
Total outstanding, As security
June 30,
against
1948
gold and Treasury
cash
silver
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
Standard silver d o l l a r s . . . .
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—June 30, 1948
Mav 31, 1948
June 30, 1947
23,532
22,303
24,503
4,565
493
1 ,955
* 2,260
952
360
347
358
100
0)
(4)
(4)
22,303
2
1,229
19,442
*2,260
45
52
305
1,955
29
2
198"
24
6
22
3
1
10
7
4
1
1
24,563
24,342
22,319
1,327
1,322
1,314
2,815
858
256
19,442
19,220
17,224
3,929
3,958
3,764
45
23,600
4,257
45
23,525
4,242
156
155
2,062' ' ' ' 2 , 0 6 1 ' '
910
919
344
346
315
321
357
353
99
100
27,903
27,812
48
23,999
4,250
148
2,062
876
331
320
406
106
28,297 '
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. 965, and seasonally adjusted figures in table on p. 974.
2
Includes $156,039,431 held as reserve against United States notes and Treasury notes of 1890.
8
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
significance and is not shown. See note of explanation ot these duplications.
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.
AUGUST 1948
973
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
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
[In millions of dollars]
Change in
seasonally
adjusted
series 1
+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—June
July
August
September
October
November
December
28,236
28,259
28,252
28,654
28,598
28,648
28,937
28,378
28,316
28,394
28,711
28,598
28,562
28,650
+22
-62
+78
+317
-113
-36
+88
1948—January
February
March
April
May
June
July
28,394
28,096
27,941
27,766
27,749
27,846
27,955
28,309
28,096
28,025
27,990
27,945
27,986
28.011
-341
-213
-71
-35
-45
+41
+25
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.
Gold
stock
at end
of
period
Increase
in gold
stock
1937
1938
1939
1940
1941
1942
1943
1944 . .
1945
1946
1947
212,760
14,512
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
22,754
1,502.5
1,751.5
3,132.0
4,351.2
741.8
-10.3
-788.5
-1,319.0
-553.9
464.0
32,224.9
1947—July
August
September..
October
November..
December. .
1948—January
February...
March
April
May
June
July
21,537
21,766
21,955
22,294
22,614
22,754
22,935
23,036
23,137
23,169
23,304
23,532
P23.678
EarNet
marked
gold
gold: deimport
crease
or export
or increase ( —)
270.6
228.8
189.4
339.0
320.1
139.5
180.7
101.5
100.4
32.2
135.2
228.5
P145.7
Period
Domestic
gold
production1
-200.4
-333.5
-534.4
-644.7
-407.7
-458.4
-803.6
-459.8
-356.7
465.4
210.0
143.9
148.6
161.7
170.2
169.1
125.4
48.3
35.8
32.0
51.2
'75.8
26.7
219.2
42.3
111.7
153.1
109.6
-4.0
450.8
-82.8
265.7
-44.6
178.2
-14.9
235.0
-72.2
159.4
-63.4
99.9
-111.5
234.2
-2.8
151.3
81.7
P177.7
4
5 -188.4
()
'6.9
'6.6
'6.5
'7.7
'5.8
'6.8
6.0
5.5
6.4
5.7
6.1
5.7
(4)
1,585.5
1,973.6
3,574.2
4,744.5
982.4
315.7
68.9
-845.4
-106.3
311.5
1,866.3
p Preliminary.
' Revised.
1
Annual figures are estimates of the United States Mint. For
explanation of monthly figures see table on p. 1025.
2
Includes gold in the Inactive Account amounting to 1,228 million
on 8Dec. 31, 1937.
m Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
4
Not yet available.
* Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions,
amounted to 3,990.0 million dollars on July 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 dollarsl
Debits to total deposit accounts , except
interbank accounts
Year and month
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
Total, all
reporting
centers
New
York
City i
140
other
centers 1
Other
reporting
centers 2
New
York
City
Other
reporting
centers
New
York
City «
Other
leading
cities 3
New
York
City s
Other
leading
cities *
1942 *
1943....
. .
1944 .
1945
1946- -old series *
1946—new series 6
1947
641,778
792,937
891,910
974,102
Jl,050,021
1,125,074
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
9.7
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
1947—j u n e
July
August
September
October
November
December
94,447
93,740
84,427
91,903
105,290
92,910
118,382
35,632
34,779
28,331
31,837
37,504
31,738
46,225
49,267
49,178
46,720
49,962
56,554
51,002
60,295
9,548
9,783
9,377
10,104
11,232
10,169
11,862
22.7
21.2
17.5
20.2
21.8
21.6
27.2
12.1
11.6
11.0
12.1
12.4
13.1
13.5
35 092
33,026
29 025
31,605
35,162
33,531
44,131
48 595
48,525
47 026
49,978
55,025
51,621
59 878
25 6
22.9
20 6
23.1
23.9
26.5
29 9
17 9
17.2
16 6
18.0
18 2
19.8
20 0
1948—January
February
March .
April
May
105,193
90,270
107,636
102,349
'97,603
108,629
37,615
32,271
39,587
37,955
35,429
40,633
56,355
48,505
56,900
53,685
'51,807
56,667
11,223
9,495
11,148
10,708
10,367
11,329
22.3
22.1
23.4
23.7
23.0
25.4
12.7
12.6
12.7
12.5
12.4
13.0
38,286
32,298
38 648
36,880
37,060
38,942
55,902
47,890
56 372
52 740
51,557
55,442
26.2
25 6
26 4
26 5
27.9
28.0
18 6
19 1
18 6
18.7
19.1
June
10.0 {
' Revised
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
city. 4
Weekly reporting member bank series.
Deposits and debits for first four months are partly estimated.
* Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETINS for June
1947 (pp. 692-693) and July 1947 (pp. 878-883) respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks
and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits fiom 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.
1
2
974
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
Total
demand
deposits
adjusted
and
currency
outside
banks
Total
deposits
adjusted
Demand
deposits
adjusted1
1929—June
December.
1933—June
December.
1940—June
December.
1941—June
December.
1942—June
December.
1943—June
December.
1944—June
December.
1945—June
December.
1946—June
December.
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
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
1947—June (June 30)
July (July 30)
165,455
166,200
166,900
168,400
169,700
170,300
171,446
170,200
168,900
166,500
167,800
168,000
168,100
108,433
109,000
109,400
110,400
111,600
112,400
113,599
112,400
110,300
107,200
108,400
108,600
108,600
139,156
140,200
140,800
142,100
143,500
143,800
144,970
144,400
143,200
140,900
142,400
142,600
142,500
82,134
83,000
83,300
84,100
85,400
85,900
87,123
86,600
84,600
81,600
83,000
83,200
83,000
End of month
August (Aug. 2 7 ) . . .
September (Sept.24)
October (Oct. 2 9 ) . . .
November (Nov. 26)
December (Dec. 31).
1948—January (Jan. 28)P. .
February (Feb. 25) J».
March (Mar. 31)P..
April (Apr. 28)*>... .
May (May 26) P
June (June 30) P
Time deposits
United
States
Government
deposits 2
Currency
outside
banks
Total
Commercial
banks 2 *
Mutual
savings
banks * 5
Postal
Savings
System •
381
158
852
1,016
828
753
753
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
149
159
,186
,208
,292
,303
,303
,313
,315
,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
,367
,400
,700
,900
,800
,900
,452
55,655
55,800
55,800
56,100
56,300
56,000
56,395
,300
,800
2,400
2,500
2,400
2,200
56,500
56,800
56,900
56,900
57,000
57,300
34,835
34,900
34,900
35,100
35,200
35,000
35,233
35,200
35,500
35,500
35,500
35,500
35,700
17,428
17,500
17,500
17,600
17,700
17,600
17,746
17,900
17,900
18,000
18,000
18,100
18,200
3,392
3,400
3,400
3,400
3,400
3,400
3,416
3,400
3,400
3,400
3,400
3,400
3,400
26,299
26,000
26,100
26,300
26,200
26,500
26,476
25,800
25,700
25,600
25,400
25,400
25,600
P Preliminary.
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.
6
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
Table 9, pp. 34-35, for back figures.
1
8
BANK SUSPENSIONS l
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Total,
all
banks
Assets
DeposEnd of month itors'
balances1
Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
Cash
reserve
Guar- funds,
anetc2
teed
146
146
146
126
74
88
95
102
118
152
179
200
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
1,843
2,411
3,022
3,387
53
36
26
16
10
8
6
6
L.192
L.224
1,274
1,345
1,716
1,252
2,837
5,182
1,046
1,078
1,128
1,220
L ,716
2,252
2,837
5,182
1947—Aug...
Sept..
Oct...
Nov...
Dec.
3,396
3,407
3,412
3,413
3,417
3,553
3,542
3,524
3,527
3,525
6
6
6
6
6
5,360
5,325
5,314
5,314
5,308
5,360
5,325
5,314
5,314
5,308
188
212
205
207
212
1948—Jan.. .
Feb...
Mar...
Apr...
May..
June. .
3,432
3,441
3,435
3,415
3,395
3,541
3,551
3,546
3,528
3,509
6
6
6
6
6
5,332
5,336
5,346
5,316
3,291
5,332
5,336
5,346
5,316
3,291
204
209
194
205
211
P3,372
masters.
asters.
L
Back figures.—See Banking and Monetary Statistics, p. 519; for
descriptio: see p. 508 in the same publication.
ascription,
AUGUST
1948
Number of banks suspended:
1934-40
1941
1942
1943
1944
1945
1946
1947
1948—j a n -July
Member
banks
National
313
16
8
9
4
1
4
2
Nonmember
banks
State
6
Insured
Noninsured
207
84
3
6
2
1
1
3
0
0
1
1
Deposits of suspended banks
(in thousands of dollars) :2
131,934 14,872 26,548 49,689 40,825
1934-40
1941
1942
1943
1944
1945
1946
1947
1948—j a n -July
3,726 3,144
1,702
6,223 4,982
405
0
0
167
503
1,375
1,241
79
327
405
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).
2
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.
975
ALL BANKS IN THE UNITED STATES, BY CLASSES *
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
Total
Loans
Total
Other
Cash
assets x
Total
Number
capital
of
accounts banks
U. S.
Government
obligations
Other
securities
9,302
9,449
8,999
8,280
7,433
7,561
8,577
9,491
10,051
10,600
10,723
10,780
10,770
11,160
11,150
11,140
11,210
23,292
28,090
27,344
28,701
28,475
30,790
35,415
35,041
33,544
35,360
38,387
34,490
34,510
33,560
33,720
33,390
35,250
68,242
75,996
81,816
99,803
117,661
141,448
165,612
155,902
153,349
158,730
161,850
158,230
157,130
154,160
155,220
154,980
156,440
9,874 32,516
10,934 38,562
10,982 44,355
11,308 61,437
11,003 75,577
12,235 91,663
14,065 105,935
12,656 92,462
11,679 89,295
12,290 93,760
13,033 95,727
12,000 93,020
11,470 92,130
10,920 89,620
10,900 90,670
10,640 90,690
11,400 91,050
25,852
26,499
26,479
27,058
31,081
37,551
45,613
50,784
52,375
52,680
53,089
53,210
53,530
53,620
53,650
53,650
53,990
8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,360
11,721
11,900
11,946
11,990
12,040
12,080
12,110
12,220
12,260
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,585
14,716
14,729
14,714
14,718
14,726
14,730
14,731
14,727
14,720
Total
1
Interbank l
Demand
Time
All 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*
Nov. 26 •
Dec. 31
1948—Jan. 28 • ,
Feb. 25 •
Mar. 31 •
Apr. 28 •
May 26«e
June 30
50,884
54,177
61,126
78,147
96,966
119,461
140,227
131,698
131,096
135,250
134,908
135,370
134,390
132,620
133,340
133,580
132,920
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
42,430 92,820 82,220
42,999 91,909 81,186
43,200 92,170 81,390
43,650 90,740 79,970
43,900 88,720 77,560
43,860 89,480 78,330
44,570 89,010 77,870
44,950 87,970 76,760
All commercial 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 J
1947—June 30
Nov. 26',
Dec. 31
1948—Jan. 28 •.
Feb. 25 •.
Mar. 31 •
Apr. 28 •
May 26«
June 30«
40,668
43,929
50,746
67,393
85,095
105,530
124,019
113,993
112,756
116,590
116,268
116,600
115,540
113,600
114,250
114,460
113,710
17,238
18,800
21,714
19,221
19,117
21,644
26,083
31,122
33,679
37,550
38,055
38,240
38,660
38,860
38,760
39,410
39,730
23,430
25,129
29,032
48,172
65,978
83,886
97,936
82,871
79,077
79,040
78,213
78,360
76,880
74,740
75,490
75,050
73,980
16,316
17,757
21,808
41,379
59,842
77,557
90,606
74,780
70,539
70,120
69,207
69,350
67,930
65,470
66,270
65,870
64,780
7,114
7,372
7,225
6,793
6,136
6,329
7,331
8,091
8,538
8,920
9,005
9,010
8,950
9,270
9,220
9,180
9,200
22,474
27,124
26,551
28,039
27,677
30,206
34,806
34,223
32,704
34,680
37,501
33,640
33,660
32,760
32,970
32,630
34,400
57,718
65,337
71,283
89,135
105,923
128,072
150,227
139,033
135,907
141,120
144,087
140,350
139,180
136,130
137,160
136,890
138,230
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
12,290 93,750
13,032 95,711
12,000 93,010
11,470 92,120
10,920 89,610
10,900 90,650
10,640 90,670
11,400 91,030
15,331
15,844
15,952
16,395
19,350
24,184
30,241
33,930
34,947
35,080
35,344
35,340
35,590
35,600
35,610
35,580
35,800
6,885
7,010
7,173
7,330
7,719
8,265
8,950
9,577
9,880
10,030
10,057
10,110
10,150
10,170
10,200
10,290
10,310
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,044
14.183
14,196
14,181
14,185
14,193
14,197
14,198
14,194
14,187
AH member 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
Nov. 26*
Dec. 31
1948—Jan. 28 V
Feb. 25*
Mar. 31 •
Apr. 28 •
May 26«e
June 30
33,941
37,126
43,521
59,263
74,258
91,569
107,183
96,362
94,802
98,199
97,846
98,046
97,051
95,129
95,847
96.052
95,440
13,962
15,321
18,021
16,088
16,288
18,676
22,775
26,696
28,655
32,205
32,628
32,767
33,117
33,179
33,018
33,614
33,875
19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
66,146
65,994
65,218
65,279
63,934
61,950
62,829
62,438
61,565
14,328
15,823
19,539
37,546
52,948
67,685
78,338
63,042
59,198
58,749
57,914
57,989
56,709
54,463
55,383
55,055
54,152
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,625
6,948
7,245
7,304
7,290
7,225
7,487
7,446
7,383
7,412
19,782
23,963
23,123
24,280
23,790
25,860
29,845
29,587
28,694
30,306
32,845
29,387
29,431
28,744
28,858
28,609
30,178
49,340
56,430
61,717
78,277
92,262
110,917
129,670
118,170
115,435
119,891
122,528
119,105
118,039
115,190
116,213
116,049
117,302
9,410
10,423
10,525
11,000
10,555
11,884
13,640
12,060
11,041
11,710
12,403
11,397
10,894
10,364
10,332
10,107
10,834
28,231
33,829
38,846
54,523
66,438
79,774
91,820
78,920
76,380
80,044
81,785
79,383
78,603
76,270
77,315
77,375
77,669
11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,014
28,137
28,340
28,325
28,542
28,556
28,566
28,567
28,799
5,522
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,315
8,436
8,464
8,495
8,525
8,545
8,573
8,638
8,652
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,900
6,928
6,928
6,923
6,927
6,926
6,932
6,935
6,932
6,925
10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,704
18,339
18,660
18,641
18,770
18,850
19,020
19,090
19,120
19,210
4,927
4,956
4,901
4,695
4,484
4,370
4,279
4,526
4,686
4,880
4,944
4,960
4,990
5,040
5,100
5,160
5,220
5,289
5,292
5,478
6,059
7,387
9,560
11,928
13,179
13,653
13,780
13,696
13,810
13,860
13,980
13,990
13,960
13,990
3,101
3,215
3,704
4 572
6,090
8,328
10 682
11,778
12,140
12,100
11,978
12,040
12,040
12,090
12,060
12,000
11,980
2,188
2.078
1,774
',487
1,297
1,232
,246
L.400
1,513
1,680
1,718
1,770
1,820
1,890
1,930
L.960
2,010
818
966
793
663
797
584
609
818
839
680
886
850
850
800
750
760
850
10,524
10,659
10,533
10,668
11,738
13,376
15,385
16,869
17,442
17,610
17,763
17,880
17,950
18,030
18,060
18,090
18,210
1
1
3
4
6
6
8
10
14
16
14
10
17
10
10
10
20
20
20
10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,428
17,600
17,745
17,870
17,940
18,020
18,040
18,070
18,190
1,309
1,292
1,241
1,236
1,276
1,378
1,592
1,784
1,842
1,870
1,889
1,880
1,890
1,910
1,910
1,930
1,950
551
551
548
546
545
543
542
541
533
533
533
533
533
533
533
533
533
All mutual 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*
Nov. 26 •
Dec. 31
1948—Jan. 28 •
Feb. 25*
Mar. 31 •
Apr. 28 •
May 26«
June 30e
« Partly estimated.
* "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
pondeposit 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.
For other footnotes see following page.
976
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 a n d
investments
Deposits
Investments
Class of bank
and date
Other
Cash
assets
Total
Total
All insured commercial
banks:
1942—Dec.
1943—Dec
1944—Dec
1945—Dec.
1946—Dec.
1947—June
Dec
31
31
30
31
31
30
31
66, 240
83, 507
. . . 103, 382
National member
banks:
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec.
1946—Dec.
1947—June
Dec.
State member
1942—Dec.
1943—Dec
1944—Dec
1945—Dec.
1946—Dec.
1947—j u n e
Dec.
31
31
30
31
31
30
31
banks:
31
31
30
31 . . . .
31
30 . . .
31
Insured nonmember
commercial banks:
1942—Dec.
1943—Dec
1944—Dec.
1945—Dec.
1946—Dec
1947—june
Dec
31
31
30
31
31
30
31
809
112, 178
110 68?
114, 274
37 S76
47, 499
S8, 308
6 9 , 312
7?3
62, 982
65, 280
687
26, 759
33, 261
37, 871
3 2 , 639
820
32, 566
6, 984
9, 258
11, 824
14, 639
15, 831
15, 896
16, 444
U. S.
Government
obligations
Other
securities
18 ,903
18 ,841
,352
?S ,765
3C ,733
,33 ,250
37 ,583
47 ,336
64 ,666
8? ,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
,155
7 ,131
7 ,891
fi ,297
a ,750
27 ,586
27 ,183
?9 ,733
34 ,292
33 ,694
.3? ,190
36 ,926
87 ,803
104 ,094
,714
147 ,775
136 ,990
1,3.3 ,659
141 ,851
,183
,116
,480
,925
,272
,764
,428
?7 ,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
,648
,318
. 536
4,137
4,793
4,947
5,178
16 ,184
16 ,017
17 ,570
20 ,114
?0 ,012
19 ,342
22 ,024
SO ,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
«i ,905
,171
,196
,850
,424
< ,891
;
11 ,200
is ,782
20 ,588
,065
?9 ,021
23 ,216
,928
21 ,365
13,802
18,883
24,393
27,089
21,384
19,927
19,240
1.980
1 ,705
1 ,672
1 ,933
: ,832
,001
1 ,125
8 ,096
7 ,773
8 ,290
9 ,731
9 ,575
9 ,353
10 ,822
?7 ,808
32 ,302
39 ,059
44 ,730
39 ,395
38 ,289
40 ,505
,818
,556
.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
l ,063
1 ,268
1 ,350
\ ,448
,3,308
3 ,395
3 ,875
4 ,448
4 ,109
3 ,498
4 ,083
318
276
674
1,160
1,682
1,693
1,226
1,403
1,266
162
153
452
494
174
200
200
473
514
530
241
255
514
575
Loans
1C
1C
11
13
17
18
21
-
1
1
2
3
3
Total
Interbank
Demand
Total
Number
capital
of
accounts banks
Time
11 ,144 6 0 , 5 0 4
10 ,705 74,309
1? ,074 8 9 , 7 6 1
13 ,883 104.015
12 ,320 91r ,144
11 ,243 8/ .930
12 ,670 9 4 , 3 0 0
16 ,154
19 ,081
?3 ,879
?9 ,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
34,499
42,605
50-900
5S>,486
52 .194
50,694
54,335
8 ,570
10 ,196
1? ,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
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
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
1 ,332
1 ,829
164
299
927
1.261
241
270
275
267
793
764
305
365
404
276
279
290
729
714
690
Noninsured nonmember commercial
banks:
1942—Dec
1943—Dec.
1944—Dec.
1945—Dec
1946—Dec.
1947—june
Dec.
31
31
30
31
31 s
30
31
All nonmember commercial banks:
1942—Dec 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—June 30 2
Dec. 31
Insured mutual savings
banks:
1942 Deo
1943—Dec
1944 Dec
1945—Dec
1946—Dec.
1947—june
Dec.
31
31
30
31
31
30
31
Noninsured mutual
savings banks:
1942—Dec.
1943—Dec
1944—Dec
1945 Dec
1946—Dec
1947—June
Dec
31
31
30
31
31
30 »
31
1, 154
1, 588
148
2 211
1 ,81 S
2, 074
1, 993
292
318
389
430
472
836
1 ,312
1 ,856
1 ,893
1 ,426
1 ,645
1 ,521
8, 137
10 847
13, 972
16, 849
17, 646
17, 970
18, 438
3,136
2,832
2,971
3,310
4,429
5,027
5,430
5 ,002
8 ,014
11 ,002
13 ,539
13 ,217
12 ,943
13 ,008
3,836
6,899
9,880
12,277
11,749
11,352
11,305
L.166
1,115
1,122
1,262
1,468
1,591
L,7O3
3 ,760
3 ,889
4 ,348
4 ,962
4 ,639
4 ,013
4 ,658
10 ,867
1,3 ,671
17 ,168
20 ,571
?0 ,879
20 ,488
2, 007
740
3 073
3 110
3 081
3,250
3 370
3.560
1 ,267
4 452
861
3 844
5 509
7 160
7,946
405
608
130
559
6 113
7 765
8 ,641
9
604
606
695
789
958
400
429
612
658
675
2 ,048
7 ,534
8 910
10 ,363
11 ,428
11 ,901
1? ,207
*,954
1,411
L 260
L 198
4 ,792
2 ,935
3 ,448
4
1,082
689
629
533
238
184
8 ,620
4 ,204
4 ,466
641
705
180
206
7
9
10
11
12
1?
525
223
846
891
37S
683
8 747
4 345
4 708
5 361
5 813
5 964
5 957
275
L,316
,384
Q
,005
,123
163
4 538
4 ,649
4 ,573
8,165
3,711
2,246
2,819
3 522
3 833
3,924
3,813
724
760
181
211
,358
2 ,452
2 ,043
2 ,248
,236
,575
s ,022
s ,442
5 ,541
5 ,556
436
363
1,892
1,905
1,302
1,351
L.411
309
448
351
425
597
638
629
6,908
9,131
11,879
14,101
13,526
12,901
13.926
3 ,650
4 ,092
4 ,938
6 ,045
6 ,756
6 ,949
7 ,021
J 93n
L,245
1,298
1,362
1,483
1,566
1.595
7,460
7,299
7,181
7,130
7 147
7,258
7,261
4
7
2 ,044
7 ,527
s 902
10 ,351
11 ,415
11 ,889
1? ,192
201
808
56
184
892
1,034
1,173
1,218
1,252
192
192
191
191
194
1,035
468
485
490
361
351
161
181
336
1
1
1
8
12
13
12
14
2
1
2
2
3
2
3
461
462
8 ,618
4 ,203
4 ,464
s ,020
s ,439
5 ,539
5 ,553
322
324
558
611
624
637
797
783
350
350
342
339
»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 savings to nonmember commercial banks.
Back figures.—See Banking 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.
AUGUST 1948
977
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES «
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Class of bank
investments
Commercial,
Total
loans
eall date
and
and
All insured commercial banks:
1941 Dec 31 49,290
1942—Dec. 31. . 66,240
1943—Dec. 3 1 . . 83,507
1944—Dec. 3 0 . . 103,382
1945—Dec. 31. . 121,809
1946—Dec. 31. . 112,178
1947—June 30. . 110,682
Dec. 3 1 . . 114,274
Total
43,521 18 ,021
1041—Dec 31 . 59,263 16 ,088
1942—Dec. 31.
1943—Dec. 31. . 74,258 16 ,288
1944—Dec. 3 0 . . 91,569 18 ,676
1945—Dec. 31. . 107,183 22 ,775
1946—Dec. 3 1 . . 96,362 26 ,696
1947—June 30. . 94,802 28 ,655
Dec. 3 1 . . 97,846 32 ,628
1948—Apr. 12. . 95,896 33 ,062
New York City:*
1941—Dec. 31. . 12 896 4 ,072
1942—Dec. 3 1 . . 17,957 4 ,116
1943—Dec. 3 1 . . 19,994 4 ,428
1944—Dec. 30. . 24,003 5 ,760
1945—Dec. 31. 26,143 7 ,334
1946—Dec. 31. . 20,834 6 ,368
1947—June 3 0 . . 20,332 6 ,548
Dec. 31. . 20,393 7 ,179
1948—Apr. 12. . 19,547 7 ,169
Chicago:"1
1941—Dec. 31, 4 2,760
954
832
1942—Dec. 3 1 . . 3.973
1943—Dec. 3 1 . . 4,554
,004
1944—Dec. 30. . 5,443
,184
1945 Dec 31 • • 5,931
,333
X J'lv/
JL*r\^,K** \J X
,499
1946—Dec 31 . 4 [765
1947—June 30.
,565
4,802
Dec. 3 1 . . 5 ,088 ,801
1948—Apr. 12. . 4,681
,663
Reserve city banks:
1941—Dec 31 • • 15 347 7 ,105
X ^^K X
X^V*V>» \J X
1942—Dec. 31. . 20,'915 6 ,102
1943—Dec. 31. . 27,521 6 ,201
1944—Dec. 30. . 33,603 6 ,822
1945—Dec. 3 1 . . 40,108 8 ,514
1946—Dec. 31. . 35,351 10 ,825
1947—June 30. . 34,611 11 ,441
Dec. 31. . 36,040 13 ,449
1948—Apr. 12. . 34,969 13 ,352
Country banks:
1941—Dec. 31. . 12,518 5 ,890
1942—Dec. 3 1 . . 16,419 5 ,038
1943—Dec. 3 1 . . 22,188 4 ,654
1944—Dec. 3 0 . . 28,520 4 ,910
1945—Dec. 31. . 35,002 5 ,596
1946—Dec. 3 1 . . 35,412 8 ,004
1947—June 30. . 35,057 9 ,102
Dec. 31. . 36,324 10 ,199
1948—Apr. 12. . 36,699 10 ,877
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—June 30. .
Dec. 3 1 . .
5,776
6,984
9.258
11,824
14,639
15,831
15,896
16,444
Loans for
purchasing
or carrying
inAgri- securities Real
cludCones- s nmer Other Total
culing
To
loans
tate 1
open- tur- brok1oans oans
Tn
al1
marers othket
and ers
padealper1
ers
21 ,259 9,214 1,450
18 ,903 7,757 1,642
18 ,841 7,777 1,505
21 ,352 7,920 1,723
25 ,765 9,461 1,314
30 ,733 14,016 1,358
33 ,250 14,765 1,549
37 ,583 18,012 1,610
Member banks,
total:
Insured nonmember commercial banks:
Investments
3 ,241
2 ,818
2 ,556
2 ,678
2 ,992
4 ,040
4 ,597
4 ,958
8,671
7,387
7,421
7,531
8,949
13,154
13,820
16,962
2,807
2,546
2,515
2,610
3,044
4,078
4,171
5,361
972
614
950
662 4 ,773
4 , 545
597 4 ,646 2 ,269 1,042
922 4 ,437 1 ,868
918
2 ,265 4 ,343 1 ,888
944
3 ,606 4 ,677 2 ,361 1,181
1 ,609 7 ,103 4 ,031 1,098
1 ,278 8 ,201 4 ,893 1,047
823 1 ,190 9 ,266 5 ,654 1,028
1,414
2,269
3,164
1,517
1,517
594
598 3 ,494
3 ,423
3 ,274
3 ,209
3 ,455
5 ,358
6 ,240
7 ,130
1,089 934 538
1,023 1,398 839
1,198 2,249 2 ,108
855 3,133 3 ,378
884 1,506 1 ,467
972 1,507 1 ,154
1,046 811 1 ,065
8
412
787
21
24 1,054
30 1,742
169
193
323
859
545
267
123
117
107
86
80
99
104
111
48
34
102
163
211
117
100
73
52
32
52
163
233
101
84
87
22
23
22
24
36
51
42
46
2,453 1 ,172
1, 96 389
1,196 286
3 592
1 ,847
870
1 ,484
848
1 ,505
877
1 ,900 1,104
3 ,308 1,020
965
3 ,998
4 ,662
952
ga-
tions
of
Direct
Total
States Other
and
Guar- polit- secuCertificates
an- ical rities
of in- Notes Bonds teed sub1
Bills debtdiviedsions
ness
28,031
47,336
64,666
82,030
96,043
81,445
77,433
76,691
21,046
40,705
58,683
75,875
88,912
73,554
69,136
67,941
988
4 ,462
4 ,636
3 ,971
2 ,455
1 ,271
835
2 ,124
6
13
15
19
12
9
7
3 ,159 12 ,797 4 102 3,651 3 ,333
727 5 ,799 20 ,999 2 ,718 3,533 3 ,098
218 7 ,672 30 ,656 2 ,501 3,287 2 ,696
300 15 ,778 39 ,848
978 3,422 2 ,733
071 16 ,045 51 ,321
22 3,873 3 ,258
288 6 ,780 53 ,200
15 4,298 3 ,592
441 5 ,341 53 ,505
14 4,826 3 ,471
552 5 ,918 52 ,334
14 5,129 3 ,621
25,500
43,175
57,970
72,893
84,408
69,666
66,146
65,218
62,834
19,539
37,546
52,948
67,685
78,338
63,042
59,198
57,914
55,364
971
4 ,363
4 ,360
3 ,748
2 ,275
1 ,167
773
1 ,987
6
12
13
16
10
7
5,
3 ,007 11 ,729 3 ,832 3,090 2 ,871
285 5 ,409 18 ,948 2 ,540 2,965 2 ,664
071 6 ,906 27 265 2 ,345 2,729 2 ,294
982 14 ,127 34 927
902 2,857 2 ,350
985 14 ,271 44 792
16 3,254 2 ,815
043 5 ,602 46 219
11 3,548 3 ,077
544 4 ,369 46 502
10 3,982 2 ,966
816 4 ,815 45 286
10 4,199 3 ,105
4,452 3 ,018
5 54
1 ,623 3 652 1 ,679
8,823 7,265 311
148 13,841 12,547 1 ,855 2 , 144 2 ,056 5 420 1 ,071
303
153 15,566 14,563 1 ,328 3 , 409 1 ,829 7 014
252
984
253
179 18,243 17,179
913 3 , 740 3 ,745 8 592
189
287
298 18,809 17,574
477 3 , 433 3 ,325 10 337
1
455
250 14,465 13,308
387 1, 725
1
992 10 202
291 13,784 12,571
1
137 1, 103
500
775 10 555
564
330 13,214 11,972 1 ,002
640
558 9 771
12,378 11,129
95
62
45
45
51
105
130
149
732
658
763
738
760
1,094
1,178
1,418
6
6
6
17
2
3
1
3
3,456
2,957
3,058
3,034
3,661
5,548
5,726
7,088
300
290
279
348
205
201
197
225
1,676
1,226
1,084
1,149
1,484
2,433
2,744
3,096
659
772
713
802
648
681
774
818
20
17
25
32
42
29
26
23
183
161
197
310
471
273
244
227
1 ,823
1, 30
1 ,797
674
393
1 ,725
528
381
1 ,719
547
351
1 ,881
707
363
2 ,970 1 ,312
306
3 ,381 1 ,693
240
3 ,827 I ,979
229
543
370
356
389
512
862
945
478
553
482
525
459
474
576
563
20
16
16
21
31
12
11
13
64
59
82
156
228
142
125
125
1 ,282
1 ,225
1 ,165
1 ,136
1 ,224
1 ,748
1 ,963
2 ,139
1,049
Obli-
U. S. Government obligations
18
14
34
40
29
29
26
1, 12
114
194 1 ,527
312
97
153 1 ,486
808
217
267 1 ,420
658
301
311
777 1 ,379
660
313
427 1 ,503 1 ,459
855
404
264
704 2 ,237 1 ,436
435
185
540 2 ,713 1 ,675
405
170
484 3 ,147 1 ,969
366
1,806
3,141
3,550
4,258
4,598
3^266
3,237
3,287
3,018
1,430
2,789
3,238
3,913
4,213
2,912
2,890
2,890
2,620
256
397
199
250
133
60
106
132
637
877
1, 045
1 1 467
498
368
235
153
391
484
779
749
146
132
248
1
1
1
1
2
2
2
8,243
14,813
21,321
26,781
31,594
24,527
23,170
22,591
21,617
6,467
13,038
19,682
25,042
29,552
22,250
20,845
20,196
19,234
295
1 ,441
1 ,802
1 ,704
1 ,034
441
334
373
2 , 253
4 , 691
5 , 730
6 , 982
3 , 799
3 , 038
2 , 358
751
1 ,723
2 ,497
5 ,181
5 ,653
1 ,993
1 ,503
1 ,901
4
6
9
11
15
16
15
15
6,628
11,380
17,534
23,610
29,407
27,408
25,955
26,125
25,822
110
481
4,377
9,172
671 1, 251 1 ,240
15,465 1 ,032 3 , 094 2 ,096
882 3 , 466 4 ,422
21,552
26,999 630 5 , 102 4 ,544
24,572 279 4 , 020 2 ,470
197 3 , 035 1 ,960
22,893
22,857 480 2 , 583 2 ,108
22,381
8 4
2,535 1,509
422
173 4,166 3,162
385
70 6,702 5,739
67 9,146 8,197
383
77 11,647 10,584
460
723
79 11,791 10,524
82 11,299 9,949
895
992
76 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
152
390
766
1 ,652
1 ,774
1 ,179
972
1 ,104
903
282
602
809
864
207
284
274
119
83
74
31
729
593
444
468
606
557
631
638
721
830
701
558
596
629
601
582
604
528
182
166
158
160
181
167
175
213
223
193
186
155
185
204
187
173
185
174
820
248 1 ,173
956
821
811
954
810
749
726
943
913
987
440 1,000
740
5 1,126
916
878
4 1,272 1 004
013
967
3 1,364
962
3 1,342 1 053
560
1,343 [ 039
2 926
5 436
8 705
12, 540
16 713
17, 797
17 696
17, 681
861
574
538
241
9
6
5
6
1 069
2 053
3 , 395
4 928
6 538
6 , 991
7 013
7 058
271
179
156
76
6
3
4
4
1,222 1 028
1,252 956
1,214 855
1,230 829
1,342 [ 067
1,551 [ 285
1,813 [ 250
2,006 [ 262
2,165 277
t
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 1 the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
of
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 city banks.
978
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits
Demand deposits
Class of bank
and
call date
Reserves
Cash
with
Federal in
vault
Reserve
Banks
BalDeances mand
dewith
posits
doad- 4
mestic
banks3 justed
Interbank
deposits
U. S.
Certi- IndiIndiGov- States viduals, Bor- Capified viduals,
tal
U. S. States and partnerernand
row- acand
Gov- political Offi- ships, Inter- ment polit- partner- ings counts
ships,
ern- subdi- cers'
bank and
ical
ment visions checks, and corPostal subdi- and corporaSav- visions poraetc.
tions
tions
ings
Do- Formestic3 eign
AH insured commercial banks:
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 30..
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—June 30..
Dec. 3 1 . .
12,396
13,072
12,834
14,260
15,810
16,013
16,039
17,796
673
1,358 8,570 37,845 9,823
813
L.305 9,080 48,221 10,234
893
L.445 8,445 59,921 9,743
948
L.622 9,787 65,960 11,063
]L.829 11,075 74,722 12,566 1,248
2,012 9,481 82,085 10,888 1,364
1,804 .8,498 80,869 9,807 1,372
2,145 9,736 85,751 11,236 1,379
Member banks
total:
1941—Dec. 3 1 . .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—June 30. .
Dec. 31. .
1948—Apr. 12..
12,396
13,072
12,835
14,261
15,811
16,015
16,040
17,797
16,750
L,087
1,019
1,132
1,271
1,438
L,576
1,409
L.672
1,563
6,246
6,147
5,450
6,354
7,117
5,936
5,521
6,270
5,375
33,754
42,570
52,642
57,308
64,184
70,243
69,595
73,528
69,781
9,714
10,101
9,603
10,881
12,333
10,644
9,612
10,978
9,133
New York City:*
1941—Dec. 31. .
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3i t
1947—June 30. .
Dec. 3 1 . .
1948—Apr. 12..
5,105
4,388
3,596
3,766
4,015
4,046
4,166
4,639
4,481
93
72
92
102
111
131
123
151
141
141
82
61
76
78
87
50
70
46
10,761
11,899
13,899
14,042
15,065
16,429
16,494
16,653
15,701
3,595
3 209
2,867
3,179
3,535
3,031
2,898
3,236
2,776
1,021
298
164
158
177
200
172
162
175
146
2,215
2,557
3,050
3,041
3,153
3,356
3,427
3,737
3,432
1,027
1,105
1,132
1,292
1,130
1,056
1,196
1,004
1,761
8,167
9,950
19,754
23,740
2,930
1,247
1,325
3,677
3,996
4,352
4,518
5,098
5,967
6,495
6,692
1,077
1,219
1,669
1,354
2,585
2,361
2,111
2,559
36,544
47,122
58,338
64,133
72,593
79,887
78,077
83,723
158
97
68
64
70
68
64
54
59
61
124
109
103
119
111
111
492 15,146
397 15,697
395 18,561
423 23,347
496 29,277
664 32,742
771 33,604
826 33,946
10
10
46
122
215
39
60
61
671 1,709
811 7,923
891 9,444
945 18,509
3,066
3,318
3,602
3,744
4,240
4,915
5,376
5,504
5,570
1,009
1,142
1,573
1,251
2,450
2,207
1,976
2,401
1,755
33,061
42,139
51,820
56,270
62,950
69,127
67,933
72,704
68,093
140
87
62
58
64
62
60
50
42
50
56
120
105
99
114
106
105
102
418 11,878
332 12,366
327 14,822
347 18,807
399 23,712
551 26,525
649 27,259
693 27,542
872 27,616
4 5,886
5 6,101
39 6,475
111 6,968
208 7,589
30 8,095
50 8,315
54 8,464
235 8,610
866
607
733 4,186
810 3,395
851 6,722
319
263
252
199
237
218
260
290
232
450
448
710
361
11,282
12,501
14,373
14,448
15,712
17,216
17,202
17,646
16,345
6
3
4
11
17
20
22
12
10
1,243
1,353
1,369
1,375
1,375
22,179
2,672
1,095
1,176
2,115
1,105 6,940
651
1,195
179
1,228
267
1,217
375
1,220
1,338
942
915
1,105
725
5
7
10
15
14
12
14
29
23
26
17
20
39
17
14
54
778
711
816
977
1,206
1,395
1,407
1,418
1,460
6,844
7,055
7,453
7,989
8,671
9,286
9,558
9,734
1,648
1 727
1J862
1,966
2,120
2,205
1 2,234
30 2,259
119 2,268
29
96
195
2
Chicago ;
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec!
1947—June
Dec.
1948—Apr.
31. .
31. .
31..
30. .
31..
31. !
30. .
31! .
12. .
1,070
1,051
43
39
38
43
36
29
36
30
26
Reserve city banks:
1941—Dec. 3i
1942—Dec. 31. .
1943—Dec. 3i
1944—Dec. 30. .
1945—Dec. 31. .
4946—Dec. 3 1 . .
1947—June 30. .
Dec. 3 1 . .
1948—Apr. 12..
4,060
4,940
5,116
5,687
6,326
6,337
6,274
7,095
6,403
425
365
391
441
494
532
470
562
511
2,590
2,202
1,758
2,005
2,174
1,923
1,864
2,125
1,791
11,117
14,849
18,654
20,267
22,372
24,221
24,166
25,714
24,182
Country banks:
1941—Dec. 31. .
1942—Dec. 31. .
1943—Dec. 3 1 . .
1944—Dec. 30..
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—June 30. .
Dec. 31. .
1948—Apr. 12..
2,210
2,842
3,303
3,909
4,527
4,703
4,628
4,993
4,815
526
542
611
684
796
883
780
929
884
3,216
3,699
3,474
4,097
4,665
3,753
3,444
3,900
3,391
9,661
13,265
17,039
19,958
23,595
26,237
25,508
27,424
26,466
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
3,466
4,092
5,651
7,279
8,652
10,537
11,842
11,274
12,223
108
133
141
182
233
244
194
258
902
821
899
942
928
973
Insured nonmember commercial banks:
1941—Dec
1942—Dec.
1943—Dec
1944—Dec
1945—Dec
1946—Dec.
1947—j une
Dec.
3i
31
3i
30
31
31..
30
31.
8
12
14
16
20
24
24
21
24
127
665
713
152
181
72
102
233
178
174
167
237
228
304
285
251
34
38
44
33
66
47
63
37
2,152
2,588
3,097
3,100
3,160
3,495
3 417
3,853
3,489
4,302
4,831
4,770
5,421
6,307
5,417
4,773
5,497
4,539
54
491
63 1,982
63 3,373
70 6,157
110 8,221
127
991
109
311
131
405
124
793
1,144
1,319
1,448
1,509
1,763
2,077
2,301
2,282
2,314
286
385
475
488
611
693
554
705
524
11,127
15,061
18,790
20,371
22,281
24,288
23,934
26,003
24,123
790
957
994
2
225
4 1,090
5 1,962
8 4,230
8 5,465
8
877
8
424
7
432
8
844
1,370
1,558
1,727
1,868
2,004
2,391
2,511
2,647
2,772
972
885
1,049
814
2
2
2
3
5
11
3
4
1,400
1,552
53
243
506
1,245
1,560
258
152
149
611
678
750
775
858
1,052
1,119
1,188
2
2
2
1
4
6
9
10
476
453
505
619
719
823
864
902
908
104
63
41
33
30
25
21
22
17
20
22
56
40
38
43
41
45
40
243
169
151
154
160
235
319
332
455
4,542
4,805
5,902
7,561
9,563
10,580
10,888
11,045
10,792
2
4
11
1
60
1,967
2,028
2,135
2 327
2^566
2,729
2,796
2,844
2,869
239
8,500
272 11,989
344 15,561
369 18,350
435 21,797
524 24,128
451 23,380
528 25,203
468 24,136
30
20
17
14
17
17
17
17
15
31
32
56
57
52
55
49
45
46
146
140
149
175
219
272
308
337
354
6,082
6,397
7,59?
9,650
12,224
13,727
14,101
14,177
14,456
4
3
10
16
11
26
38
23
55
1,982
2,042
2,153
2,321
2,525
2,757
2,869
2,934
3,048
68
76
96
103
135
154
135
158
18
10
6
6
6
6
4
4
8
5
4
4
4
5
5
6
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
5
6
10
959
955
979
55
3,483
4,983
6,518
7,863
9,643
10,761
10,144
11,019
2
2
1
1
1
2
288
304
326
354
377
404
416
426
426
1,022
7 1,083
1,193
1,245
1,271
9
10
7
8
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.
4
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Backfigures.—SeeBanking and Monetary Statistics, Tables 18-45, pp. 72-103 and 108-113.
AUGUST
1948
979
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
Loans
In millions of dollars]
l
Investments
For purchasing
or carrying securities
Date or month
Total
loans
and
investments
Total*
CommerTo brokers
cial,
indus- and dealers
trial,
and
U.S.
agri- Govt. Other
seculobtural
liga- curities
tions
U. S. Government obligations
To others
Real Loans
Other
estate to
loans
U.S.
Other loans banks
Govt.
obliga- curitions ties
Total
Total
Bills
Certificates
of indebtedness
Other
securities
Notes
Bonds2
TotalLeading Cities
1947—June
63,143
2Or167 11,757
771
1948—February . . .
March
April
May
June
64,405
63,366
63,030
63,208
62,993
23,460
23,472
23,311
23,421
23,646
14,636
14,522
14,258
14,218
14,223
378
437
398
502
580
389
415
435
401
466
302
282
277
279
278
485
479
477
479
497
3,546
3,595
3,649
3,722
3,787
3,489 40,945
232 3,510 39,894
250 3,567 39,719
3,593 39,787
3,655 39,347
36,754
35,600
35,398
35,560
35,134
2,262
1,995
2,096
2,315
1,995
3,250 2,666
3,918 2,496
3,825 2,401
3,835 2,415
4,814 2,400
28,576 4 ,191
27,191 4,294
27,076 4,321
26,995 4 ,227
25,925 4,213
May 5
May 12. . . .
May 19
May 26
63,132
63,174
63,456
63,070
23,246
23,447
23,356
23,634
14,205
14,255
14,208
14,206
422
480
422
682
404
417
388
394
277
279
280
281
474 3,694
474 3,717
484 3,732
483 3,745
3,573 39,886
232
39,727
234 3,608 40,100
244 3,599 39,436
35,640
35,499
35,866
35,237
2,448
2,296
2,571
1,945
3,879
2,441
2,436
2,405
2,379
26,981 4,246
26,958 4,228
27,008 4 ,234
27,034 4 ,199
June 2
June 9
June 1 6 . . . .
June 2 3 . . . .
June 30
62,936
63,426
63,085
62,872
62,646
23,521
23,564
23,615
23,788
23,740
14,113
14,152
14,245
14,259
t4,345
644
505
482
590
678
414
534
469
440
474
279
278
282
276
275
502
482
501
505
3,755
3,771
3,788
3,798
3,825
219
202
222
248
151
35,218 1,986 4,880
35,667 2,368 4,915
35,250 2,124 4,841
34,869 ,793 4,765
34,666 ,704 4,669
2,335
2,400
2,413
2,442
2,412
26,017 4,197
25,984 4,195
25,872 4,220
25,869 4,215
25,881 4,240
July
62,606
62,857
63,175
63,083
23,932
23,901
23,978
23,859
14,403
14,481
14,502
14,490
672
588
480
448
447
456
545
506
271
273
272
272
501 3,831
503 3,837
500 3,843
506 3,858
311 3,739 38,674 34,431 ,593
263
38,956 34,656 ,758
328 3,748 39,197 34,879 ,997
268 3,752 39,224 34,870 2,042
4,543
4,500
4,44
4,420
2,388
2,451
2,484
2,474
25,907 4,243
25,947 4,300
25,951 4,318
25,934 4 ,354
1947—June
19,920
6,342
4,180
651
358
190
127
641 13,578 12,393
302
1,011
776
10,304 1,185
1948—February. . .
March
April
May
June
19,776
19,238
19,182
19,068
18,865
7,135
7,108
7,074
7,110
7,314
5,245
5,164
5,087
5,067
5,117
309
376
350
445
521
275
304
324
291
345
189
188
189
184
195
109
113
119
129
143
192
150
180
180
173
769
768
776
767
793
12,641
12,130
12,108
11,958
11,551
11,476 1,149
10,918
923
10,891 1,029
10,872 1,085
10,476
855
615
975
890
876
1,069
541
501
495
556
545
9,171
8,519
8,477
8,355
8,007
1,165
1,212
1,217
1,086
1,075
May 5
May 12
May 19
May 26
19,033
18,958
19,230
19,051
6,983
7,099
7,046
7,311
5,047
5,085
5,062
5,075
369
419
376
615
295
304
284
279
183
183
184
186
124
128
132
132
154
166
194
206
764
767
767
771
12,050
11,859
12,184
11,740
10,953 1,180
10,765 1,036
11,091 1,278
844
10,677
861
836
891
915
554
553
564
553
8,358
8,340
8,358
8,365
1,097
1,094
1,093
1,063
June 2
June 9
June 1 6 . . . .
June 23. . . .
June 3 0 . . . .
18,940
19,178
18,820
18,730
18,659
7,245
7,274
7,262
7,354
7,437
5,048
060
129
146
202
584
454
427
527
612
293
414
353
314
349
191
198
190
197
200
133
138
145
146
151
175
179
189
188
136
774
785
784
792
829
11,695
11,904
11,558
11,376
11,222
861
10,630
10,835 1,139
876
10,478
726
10,308
672
10,131
1,167
1,115
1,063
1,034
970
557
554
551
557
504
8,045
8,027
7,988
7,991
7,985
1,065
1,069
1,080
1,068
1,091
July
7. ...
July 14
July 21
July 28
18,542
18,613
18,781
18,655
7,476
7,415
7,445
7,312
193
195
181
5,190
602
517
415
382
329
338
413
374
200
201
200
200
152
159
159
161
215
216
289
223
827
830
827
822
11,066 9,979
11,198 10,056
11,336 10,196
11,343 10,202
603
704
884
892
922
897
871
879
487
508
520
521
7,967
7,947
7,921
7,910
1,087
1,142
1,140
1,141
1 . . . .
July 14
July 2 1 . . . .
July 2 8 . . . .
2,938
3,018 42,976 38,8
3,604 39,415
3,620 39,862
39,470
3,676 39,084
3,729 38,906
818 4,762
2,658 30,648 4,090
New York City
Outside
New York City
1947—June
43,223
13,825
7,577
173
417
292 2,839
2,377 29,398 26,493
1948—February...
March
April
May
June
44,629
44,128
43,848
44,140
44,128
16,325
16,364
16,237
16,311
16,332
9,391
9,358
9,171
9,151
9,106
114
111
111
110
121
255
237
228
232
233
296 3,437
291 3,482
288 3,530
295 3,593
302 3,644
2,720 28 ,304
2,742 27,764
2,791 27,611
2,826 27
,829
2,862 27,796
25,278
24,682
24,507
24,688
24,658
1,113 2,635 2,125
,072 2,943 1,995
1,067
935 1,905
1,230
959 1,859
1,140 3,745 1,855
19,405 3,026
18,672 3,082
18,600 3,104
18,640 3,141
17,918 3,138
May 5
May 12
May 19
May 26
44,099
44,216
44,226
44,019
16,263
16,348
16,310
16,323
9,158
9,170
9,146
9,131
109
113
104
115
230
232
233
234
291
291
300
297
2,809
2,826
2,841
2,828
24,687
24,734
24,775
24,560
1,268
1,260
1,293
1,101
2,909
2,973
2,991
2,964
1,887
1,883
1,841
1,826
18,623 3,149
18,618 3,134
18,650 3,141
18,669 3 ,136
June 2
June 9
June 16
June 23. . . .
June 3 0 . . . .
43,996
44,248
44,265
44,142
43,987
16,276
16,290
16,353
16,434
16,303
9,065
9,092
9,116
9,113
9,143
121
120
116
126
125
232
232
237
232
231
302 3,622
304 3,633
292 3,643
304 3,652
305 3,674
2,830 27 ,720 24,588
2,835 27,958i 24,832
2,861 27,912 24,772
2,884 27,708 24,561
2,900 27,684 24,535
1,125
1,229
1,248
1,067
1,032
3,713
3,800
3,778
3,731
3,699
1,778
1
1,862
1,885
1,908
17,972 3,132
17,957 3,126
17,884 3,140
17,878 3,147
17,896 3,149
July
7....
July 1 4 . . . .
July 2 1 . . . .
July 2 8 . . . .
44,064
44,244
44,394
44,428
16,456
16,486
16,533
16,547
9,210
9,286
9,321
9,300
118
118
132
132
227
229
226
227
301
302
300
306
24,452
990
24,600 1,054
24,683 1,113
24,668 1,150
3,621
3,603
3,576
3,541
1,901
1,943
1,964
1,953
17,940 3,156
18,000 3,158
18,030 3,178
18,024 3,213
3,570
3,589
3,600
3,613
3,679
3,678
3,684
3,697
27,836
27
,868
27,916
27,696
2,912 27,608
27,758
27,861
2,930 27,881
516 3,751
1,882 20,344 2,905
1
Beginning June 30, 1948, figures for various loan items are shown gross (i. e., before deduction of valuation reserves); they do not add to
the total and are not entirely comparable with prior figures. Total loans continue to be shown net.
2
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 the revised
basis, see BULLETIN for July 1947, pp. 878-883; for old series, see Banking and Monetary Statistics, pp. 127-227.
980
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE—Continued
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Date or month
ReBalDeserves
with :ash ances mand
dewith
Fedin
eral vault do- posits
mestic ad- 3
Rebanks justed
serve
Banks
Individuals, States
and
part- politnerical
ships, suband
divicor- sions
porations
Certified
and
Officers'
checks,
etc.
Time deposits,
except interbank
Interbank
deposits
IndividU. S.
Demand
uals, States Govand
U. S. part- polit- ernGov- nerical ment
ern- ships, suband
ment and
divi- Postal Docor- sions Sav- mes- Foreign
poraings
tic
tions
Bor- Caprow- ital
acings counts
Time
Bank
debits 2
TotalLeading Cities
1947—June
11,681
764 2,290 46,858 46,557 3,280
1,465
325
8,957 1,342
1948—February .
March
Aoril
May
June
12,328
12,576
12,441
12,397
12,883
778
758
780
788
783
2, 247 47,709 47,873
2,297 46 ,724 46,737
2,256 46 ,394 46,416
2,237 46,550 46,555
2,331 46,
,973
3,204
3,318
3,425
3,456
3,442
1,430
1,523
1,382
1,376
1,463
872
1,141
1,300
1,422
1,182
14,184
14,236
14,232
14,236
14,333
457
475
491
503
515
9,052
8,848
8,594
8,515
8,777
1,350
1,358
1,343
1,315
1,329
320
320
197
174
123
5,852
5,871
5,892
5,907
5,916
80,188
95,020
89,620
88,617
94,384
May 5 . . .
May 1 2 . . .
May 1 9 . . .
May 2 6 . . .
12,511
12,555
12,034
12,490
743
828
777
805
2,246 46,529 46 ,032
2,286 46 ,373 46,888
2,285 46,440 46 ,673
2,132 46,857 46,628
3,534
3,414
3,424
3,451
1,328
1,400
1,425
1,349
1,367
1,597
1,452
1,272
14,245
14,239
14,230
14,229
491
512
505
504
8,666
8,699
8,523
8,171
1,291
1,318
1,340
1,311
138
181
153
225
5,912
5,906
5,902
5,910
21,075
19,975
22,530
20,561
June 2 . . .
June 9 . . .
June 1 6 . . .
June 2 3 . . .
June 30.. .
12,636
12,610
13.384
12,897
12,889
764
805
775
803
767
2, 269 46,646 46,627
2,334 46,996 46,724
2,467 47,259 48,153
2,209 46,647 46,689
2,378 46,414 46,671
3,478
3,463
3,395
3,359
3,517
1,665
1,333
1,410
1,464
1,444
1,252
1,301
1,001
1,092
1,265
14,283
14,296
14,324
14,346
14,417
517
514
510
512
520
8,572
8,740
9,148
8,588
8,835
1,310
1,319
1,330
1,351
1,334
134
112
127
216
28
5,924
5,922
5,916
5,915
5,904
19,169
19,336
22,904
22,528
21,948
July 7 . . .
July 1 4 . . .
Tuly 2 1 . . .
13,054
12,994
12,922
12,988
797
844
792
816
2,331 46,247 46 318
2,457 46,427 47 ,357
2,234 46,72
,984
2,174 46,839 46 ,666
3,352
3,260
3,321
3,400
1,655
1,366
1,298
1,241
1,072
1,193
1,282
1,259
14,353
14,358
14,360
14,337
532
545
532
532
9,047
9,242
8,761
8,631
1,347
1,372
1,369
1,395
306 5,911
185
904
229
904
200 5,912
19,218
20,544
21,765
19,771
July 2 8 . . .
450 14,025
170 5,730 83,687
New York City
2,902 1,201
1947—June
1948—February .
March....
April
May
June
4,076
121
16,122 16,526
226
813
123
1,357
73 2,173
35,092
4,277
4,586
4,535
4,469
4,761
129
117
124
122
122
16,003
15,733
15,574
15,470
15,484
16,562
16,290
16,067
15,994
16,135
228
277
325
279
219
736
835
725
726
781
240
308
347
377
300
,364
,385
,397
,405
,497
2,868
2,803
2,777
2,741
2,824
1,199
1,200
1,188
1,157
1,164
112 2,212
93 2,208
91
91
64
32,298
38,648
36,880
37,060
38,942
May 5 . . .
May 1 2 . . .
May 1 9 . . .
May 2 6 . . .
4,513
4,552
4,314
4,498
118
128
115
130
15,504
15,330
15,452
15,593
15,869
15,969
16,028
16,111
312
274
287
242
660
756
774
712
360
426
382
338
,403
,401
,403
,411
2,781
2,777
2,769
2,640
1,135
1,164
1,178
1 ,152
62
116
69
119
2,209
2,210
2,207
2,206
8,710
8,290
9,171
8,821
June 2 . . .
June 9 . . .
June 1 6 . . .
June 2 3 . . .
June 3 0 . . .
4,561
4,500
5,079
4,868
4,795
125
129
117
123
116
15,445
15,611
15,634
15,444
15,2
16,058
16,128
16,425
16,060
16,003
215
202
219
201
258
989
699
694
788
737
319
333
249
272
325
,462
,473
,507
,507
,537
2,787
2,770
2,975
2,760
2,826
1,145
1,156
1,168
1,182
1,170
69
58
44
125
25
2,208
2,206
2,203
2,200
2,208
8,285
7,800
9,555
9,029
9,244
July 7 . . .
July 1 4 . . .
July 2 1 . . .
July 2 8 . . .
4,926
4,852
4,820
4,828
129
130
119
125
15,065
15,146
15,341
15,277
15,752
15,830
15,924
15,746
215
245
265
260
955
696
627
593
270
,517
299
,532
,543
357
350 1,536
2,895
2,91
2,764
2,717
1,176
1,201
1,190
1,221
264
114
132
106
2,210
2,211
2,211
2,208
8,057
7,922
8,432
7,764
Outside
New York City
1947—June
7,605
643 2,254 30,736 30,031
3,054
327 12,668
308
6,055
141
97 3,557
48,595
1948—February .
March
April
May
June
8,051
7,990
7,905
7,928
8,122
649
641
656
666
661
2,211 31, 706 31,311
2,235 30,991 30,447
2 223 30,820 30,348
2 206 31,080 30,561
2,298 31,308 30,838
2,976
3,041
3,101
3,177
3,223
694
632 12,820
688
833 12,851
658
952 12,835
650 1,045 12,831
682
882 12,836
404
419
443
460
474
6,184
6,045
5,817
5,774
5,953
151
158
154
158
165
208
227
106
83
59
3,640
3,663
3,682
3,699
3,711
47,890
56,372
52,740
51,557
55,442
May 5 . . .
May 12...
May 19...
May 26...
7,998
8,003
7,720
7,992
625
700
662
675
2,217 31 ,025 30,163
2,253 31,043 30,919
2,254 30 ,988 30,645
2,102 31,264 30,517
3,222
3,140
3,137
3,209
668 1,007 12,842
644 1,171 12,838
651 1,070 12,827
637
934 12,818
448
469
462
460
5,885
5,922
5,754
5,531
156
154
162
159
76
65
84
106
3,703
3,696
3,695
3,704
12,365
11,685
13,359
11,740
June
June
June
June
June
2...
9...
16...
23...
30.. .
8,075
8,110
8,305
8,029
8,094
639
676
658
680
651
31,201
2,
2,303 31,385
2,431 31,625
2,174 31 203
2,346 31,126
30,569
30,596
31,728
30,629
30,668
3,263
3,261
3,176
3,158
3,259
676
634
716
676
707
933
968
752
820
940
12,821
12,823
12,817
12,839
12,880
474
470
472
473
481
5,785
5,970
6,173
5,828
6,016
165
163
162
169
157
65
54
83
91
3
3,716
3,716
3,713
3.715
3,696
10,884
11,536
13,349
13,499
12,704
July 7...
July 14...
July 2 1 . . .
July 28...
8,128
8,142
8,102
8,160
668
714
673
691
2, 298
2,425
2, 196
2,141
31,182 30,566 3,137
31,281 31,527 3,015
31,385 31,060 3,056
31,562 30,920 3,140
700
670
671
648
802
894
925
909
12,836
12,826
12,817
12,801
494
506
505
505
6,152
6,325
5,997
5,914
171
171
179
174
42
71
97
94
3,701
3,693
3,693
3,704
11,161
12,622
13,333
12,007
1
8
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.
AUGUST 1948
981
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
La ans 1
Federal Reserve
district and date
Boston
June 30
July 7
July 14
July 21
July 28
New York*
June 30 .
....
July 7
July 14
July 21
July 28
Philadelphia
June 30
July 7
July 14
July 21
July 28
Cleveland
June 30
. .
July 7
July 14
July 21
July 28
Richmond
June 30
July 7.
July 14
July 21
. .
July 28
Atlanta
June 30
July 7
July 14
July 21
July 28
Chicago*
June 30
July 7.
July 14
July 21
July 28
St. Louis
June 3 0 . . .
...
July 7
July 14
July 21
July 28
Minneapolis
June 30
July 7
July 14
Julv 21
July 28
Kansas City
June 30
July 7
July 14
July 21
July 28.
Dallas
J u n e 30
July 7
. . .
July 14
July 21
July 28
San Francisco
Tune 30
. . .
July 7
July 14
July 21
July 28
City of Chicago*
June 30
July 7
July 14
July 2 1 .
July 28
Investments
For purchasing
or carrying securities
ComTotal
merloans
cial, To brokers
and
indus- and dealers To others Real Loan? Other
invest- Total1 trial
estate to loans Total
ments
and
loans banks
agri- U. S. Other U.S. Other
cul- Govt. se- Govt. seobobtural
liga- curi- liga- curitions ties tions ties
2 794 1 074
2,823 1,092
2,846 1,098
2,866 1,092
2,837 1,080
9
9
714
718
17
13
16
12
11
9
13
8
722
721
721
14
14
14
14
14
17
16
17
16
16
20,832
20,725
20,766
20,943
20,828
8,160
8,207
8 149
8,183
8 055
5,547
5,540
5,545
5,531
5,542
612
603
519
418
385
353
333
341
417
378
53
53
53
55
55
220
220
220
219
220
2,539
2,552
2,543
2,545
2,525
864
907
502
516
2
2
19
19
4
4
8
8
890
891
892
522
527
524
2
1
2
16
15
16
4
4
4
8
9
9
4,297 1,461
4,309 1,479
4,304 1 492
4,338 1,503
4,361 1 502
893
13
15
23
14
14
16
14
55
908
923
14
14
22
927
911
53
54
23
24
17
52
53
24
23
6
22
24
2,508
2,492
2,525
2,520
2,526
812
378
2,278
2,262
2,283
2,296
2,290
812
804
495
485
7
5
25
22
36
37
803
6
23
36
803
807
492
8,568
8,586
8,634
8,687
8 733
2 663
2,683
2,703
2,712
2 709
1,816
1,825
1,840
1,854
1,849
29
29
27
28
25
36
39
44
2,014
2,000
2,030
2,031
2 033
893
895
505
519
529
535
2
2
6
5
907
915
914
533
1,152
1,155
1,177
1,165
1,170
423
426
423
426
426
2,339
2,344
2,389
2,418
2,404
814
821
820
822
376
378
376
377
1
3
1
491
494
6
6
6
6
5
7
36
29
2
2
5
5
2
22
23
23
22
22
24
24
24
24
24
37
36
124
125
126
127
127
2
18
15
10
2
98
70
158
147
69
70
53
142
139
134
10
2,497
2,492
2,475
2,497
2,513
80
256
258
220 2,836
223 2,830
220 2 812
220 2,835
228 2 859
191
4
1.696
1,678
1,704
1,700
1,704
1.567
1,548
1,574
1,570
1,573
1,466
1,458
1,480
185 1,493
183 1.483
1,278
1,270
1,292
1,305
L.293
385 5 905
386 5,903
388 5,931
386 5,975
387 6,024
5,296
5,291
5,321
5,352
5,412
1,121
1,105
195 1,123
196 1,116
195 1,119
976
959
254
254
255
193
4
4
5
6
195
195
198
196
74
75
5
5
177
182
64
6
192
194
194
196
63
63
7
7
325
18
325
326
326
16
8
6
149
149
2
1
183
204
194
5,307
5,296
5 330
5,394
5,400
1,806
1,816
1,840
1,849
1,845
1,404
1,414
1,422
1,439
1,436
29
29
27
32
25
33
18
18
19
61
60
59
28
25
35
39
19
19
58
60
70
70
70
70
69
8
15
8
5
252
607
449
255
591
441
266
298
358
581
572
561
41
25
138
134
133
131
188
609
458
469
472
869
874
3,988
4,004
4,016
4,013
4,021
84
89
713
711
145
146
188
190
612
610
623
612
201
200
201
204
210
167 1 201
171 1,215
170 1,227
167 1,244
168 1,229
1,088
1,100
1,111
1,126
1,113
35
40
200
198
96
96
757
766
113
115
49
196
98
770
116
6,363
6,339
6,352
6,333
6,343
5,625
5,599
5,608
5,585
5,574
164
134
137
131
148
1,164
1,154
1,136
1,111
1,103
508
3,789
3,801
3,826
3,832
3,821
738
208 3,501
208 3,480
211 3,490
208 3,545
208 3,555
3,110
3,086
3,098
3,141
3,164
167
160
152
340
326
322
192
216
318
314
1
4
7
269
256
811
813
818
818
815
84
84
24
34
32
114
114
115
115
115
43
42
2,024
2,029
2,032
2,037
188
188
291
282
286
288
290
18
19
33
33
32
35
859
105
114
135
149
126
697
703
23
22
22
21
858
858
132
1,321
1,323
1,354
1,370
1,346
2 210 1 009
2,235 1,020
2,244 1,017
2 257 1 013
2,241 1,012
11
10
10
12
137
129
272
1,522
1,523
1,555
1,574
1,556
j
1
8
5
5
8
261
259
29
79
79
79
79
83
152
151
154
153
153
34 2,026
22
24
130
130
130
131
460
458
459
470
470
125
125
124
124
124
23
129
61
61
72
61
56
12
11
12
12
12
11
1,232
1,229
1,238
1,241
1,242
69
103
105
108
105
105
7
7
7
7
7
3
69
68
68
66
26
26
36
24
30
3
4
4
4
4
2,031
2,041
2,047
2,047
2,046
210
219
225
221
40
49
36
44
650
650
675
660
661
521
526
536
546
550
4,752
4,784
4,764
4,776
4,792
338
337
338
346
729
729
754
739
744
817
821
834
844
848
11,115
11,123
11,116
11,109
11,135
339
146
107
110
108
110
107
84
2,071
113 2,071
108 2,062
121 2,062
123 2 ,063
113
280
279
280
710
56
56
56
57
59
43
283
282
90
5
5
5
5
6
18
75 1,061
80 1,066
93 1,069
96 1,070
96 1,070
132
9
9
9
9
9
7
215
1 286
1,282
I 336
1,334
1 336
41
3
3
3
2
2
697
51
9.017
9,004
8,986
8,959
8,944
973
246
246
245
246
246
84
84
226
231
132
132
135
92
90
151
43
42
88
96
581
562
583
598
599
130
131
133
131
13
1
2
3
233
226
1,124
1,126
125 1,132
125 1,135
126 1,134
125
124
36
37
19
150
150
233
75
79
Other
secuNotes Bonds rities
2
976
971
5
18
18
1,065
1,002
974
948
959
1,392
1,363
1,373
1,375
1,353
13
13
6
231
234
232
255 1,675
260 1,645
260 1,653
260 I 654
261
. 633
2
24
324
7
6
7
234
228
128
148
130
5
2
2
80
80
81
19
19
702
701
107
122
723
668
738
921
935
70
13
13
Bills
11,386
11,236
11,281
11,426
11,437
69
19
19
? 720 1 .590
L, 731 1,600
195 1,748 1,616
195 1,774 1,642
197 .757 L.622
193
195
136 998
217 998
216 1 002
289 1,001
223 997
26
68
67
69
Total
Certificates
of indebtedness
12,672
12,518
12,617
12,760
12 773
339
341
350
350
352
79
81
26
27
27
26
U. S. Government obligations
678
674
672
677
680
56
61
192
199
96
97
510
509
511
502
715
713
767
769
304 2,299
296 2,304
310 2 314
322 2,309
324 2,310
147
145
116
118
740
744
748
769
391i
394
392
404
391
1
2
See note on preceding table.
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. The figures
for the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
982
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
June 30
July 7. .
Julv 14. .
July 21
July 28
New York*
June 30
July 7
July 14
July 21
July 28
Philadelphia
Individuals, States Certified
and
part- polit- and
nerOffiical
ships, subcers'
and divi- checks,
cor- sions etc.
porations
503
498
504
506
499
June 30
30.
7.. .
14..
21
28.. .
...
59
61
61
60
62
115
107
121
101
96
2,317
2,334
2,332
2,340
2,315
2,340
2,341
2,373
2,341
2,302
129
138
133
148
141
5,089
5,219
5,135
5,103
5,108
July 7 . 1 ' . 1 1 1
July 14
July 21
July 28.
Cleveland
June 3 0 . . .
July 7
July 14
July 21
July 28
Richmond
June
July
July
July
July
Reserves
BalDewith Cash ances mand
Fedwith
dein
posits
eral vault domestic ad
Reserve
banks justed1
Banks
158
174
181
166
170
124
125
129
126
118
16,762
16,552
16,604
16,787
16,730
17,286
17,032
17,156
17,215
17,023
525
463
478
496
497
491
467
474
48C
472
40
43
46
42
44
115 ? ,002
102 2,009
110 2,011
99 2,026
100 2,012
2 ,129
2! 097
2,124
2,101
2,073
764
774
787
798
788
81
82
90
84
88
147 2,961 3,052
152 2,995 3,019
168 2,984 3,117
159 3,055 * 117
155 3,060 3,096
495
480
492
482
488
64
67
68
65
67
161
173
176
146
154
2,028
2,004
2,028
1,999
2,039
40
43
45
45
44
204
194
210
174
172
98
102
107
99
102
Atlanta
425
June 30.
451
July 7
459
July 14
419
July 21
434
July 28
Chicago*
June 30..
1,799
July 7..
1,801
July 14
1,824
July 2 1 . . .
1,781
July 28.. .
1,852
St. Louis
374
June 30..
July 7 .
399
July 14
379
383
July 21.
383
July 28
Minneapolis
June 30 .
220
July 7
222
217
July 14
July 21
230
July 28
224
Kansas Citx
495
June 30..
503
July 7
485
July 14
499
Julv 21
504
July 28
Dallas
June 30
477
491
July 7.
..1.111
487
July 14
484
July 21
484
July 28
San Francisco
June 30
1,757
July 71 . 1
. . 1 l!749
July 14
1,751
July 21
1,757
July 28
1,752
City of Chicago*
1,227
June 30
July 7
1,235
July 14
1,257
J u l y 2 1 . 1 1 1 1 '.'.'.'.'. l,'2O4
July 28
1,252
Interbank
deposits
Time deposits,
except interbank
IndiDemand
vidU. S.
Bor- CapBank
uals, States Govrow- ital
and
debacU. S. part- polit- ernings counts its^
Gov- ner- ical ment
Time
Doand
ern- ships, subForment and divi- Postal meseign
tic
corsions Savings
porations
45
47
38
38
40
59
54
95
97
93
489
489
489
490
489
1
789
741
667
635
372
309
337
399
392
2,378
2,356
2,369
2,379
2,371
85
81
88
92
89
33
35
30
32
34
82
67
56
56
56
185
198
193
206
212
56
59
55
65
62
1,994
1,975
2,023
1,981
1,978
221
202
196
191
202
1,740
1,742
1,780
1,755
1,762
1,630
1,619
1,698
1,656
1,628
369
359
371
341
347
6,017
5,984
6,021
6,032
6,170
28
29
31
30
31
111
110
115
105
106
12
12
c
280
290
293
276
259
22
22
26
28
24
45
43
43
31
32
21
21
21
21
21
2,886
2,963
2,985
2,832
2,779
1,173
1,179
1,205
1,194
1,225
413
409
417
415
414
32
31
31
31
31
1
1
1
1
1
367
359
363
332
328
13
13
12
13
13
110
89
93
92
91
1,276
1,275
1,273
1,274
1,274
50
50
53
51
53
1
1
1
1
1
445
453
477
454
456
45
38
42
43
42
61
54
66
69
66
583
584
584
584
584
6
6
6
7
8
10
10
10
10
10
356
369
381
352
345
4
5
5
5
316
299
289
286
298
22
22
20
22
22
40
32
39
40
39
533
532
531
531
530
8
7
8
8
8
r
9
8
8
8
c
450
463
464
423
420
5,923
5,858
6,114
5,960
6,065
627
609
579
587
611
113
104
110
104
102
229
201
231
246
236
2,423
2,419
2,417
2,416
2,413
58
61
60
61
61
10
10
11
11
10
1,415
1,486
1,516
1,447
1,448
26
27
27
29
28
1,300
1,301
1,299
1,322
1,339
1,362
1,373
1,424
1,411
1,403
114
109
106
104
104
34
17
18
18
18
44
35
35
35
34
462
463
462
463
462
11
11
11
11
11
544
561
570
542
13
14
97
IOC
92
80
84
815
827
825
824
841
746
756
770
757
754
176
176
179
177
184
16
15
16
14
14
24
21
24
27
27
248
247
247
247
247
30
30
32
30
31
303
302
317
288
281
1,782
1,776
1,780
1,801
1,789
1,756
1,757
1,825
1 ,818
1,775
252
231
220
224
239
29
35
30
29
29
48
46
53
57
58
374
374
372
373
373
4
4
4
4
4
32
32
34
33
35
333
312
343
307
283
1,868 1 847
1^906 1^854
1,934 1,904
1,937 1 ,899
1,905 1,861
210
201
204
195
199
36
35
43
47
40
37
32
35
32
32
345
344
343
343
342
53
62
62
61
59
125
122
135
125
130
299
289
305
299
278
6,822
6^817
6,829
6,848
6,877
6,606
6,637
6,829
6,728
6,708
677
645
595
615
624
226
227
223
219
203
159
132
129
132
135
4,893
4^861
4,854
4,845
4,838
252
257
267
267
265
37
40
40
36
37
184
181
184
166
168
3,835
3,813
3 ,845
3,' 852
3,923
3,880
3,843
4,010
3! 903
3,961
320
302
294
306
307
55
52
52
47
44
116
94
108
122
122
1,235
1,231
1,230
1,'228
1,227
39
39
38
39
39
1,021
4
r
c
4
5
c
7
317
317
317
317
317
879
759
844
884
809
25
264
118
141
119
2,401
2,403
2,403
2,403
2,400
9,863
8,539
8,516
9,055
8,246
6
20
20
14
302
303
302
302
302
922
710
782
785
727
3
3
3
3
3
c
1
2
1
4
14
7
24
9
15
467
467
466
467
467
1,205
1,244
1,181
1
1
1
1
1
1
3
4
7
3
214
214
214
214
214
714
664
559
744
659
4
4
3
3
3
2
2
5
9
180
180
180
180
180
661
609
621
710
611
15
678
679
675
675
676
2,992
2,543
2,861
2,974
2,732
10
10
3
172
173
173
172
173
585
501
582
624
563
96
96
96
96
96
383
373
389
416
351
188
188
188
188
189
735
653
846
931
814
190
190
190
191
191
648
540
661
773
679
15
15
15
30
28
2
' 15
537
2
2
2
2
2
295
301
307
292
278
2
2
2
3
3
3
3
3
3
3
774
793
828
813
809
1
1
1
1
1
4
4
4
4
4
7
7
7
579
556
565
540
536
4
5
4
3
4
16
16
16
16
17
444
453
493
458
436
74
78
75
78
78
1,056
22
22
22
23
22
3
3
1 1,098
1 1,118
1 1,072
1 1,070
3
3
3
3
3
7
1
2
2
3
2
18
4
8
6
2
15
5
1,168
976
699
701
700
699
2,398
2,354
2,675
2,625
707 2,399
461
461
456
456
457
1,965
1,692
1,821
1,914
1,698
1
1
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
Debits to demand deposit accounts except interbank and U. S. Government accounts.
* See note on preceding page.
AUGUST
1948
983
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Commercial
paper
Total
out- 1
outstanding standing
Accepting banks
Total
1047
Mav
1948
Federal
Reserve
Banks Others
Own
Bills (For own
bought account)
bills
250
234
244
244
242
283
287
r
June
130
132
148
158
168
180
188
67
69
75
71
83
83
76
63
63
74
87
85
97
112
261
197
88
109
290
Tanuarv
Februarv
M!arch
April
]VIay
189
183
187
206
219
237
245
287
June
July
August
September
October
November
December
Based on
Held by
262
188
85
253
241
242
256
253
174
162
151
161
142
79
70
71
71
61
270
4
2
C
O
Dollar
exchange
Goods sto red in or
shipped 3etween
poin ts in
United
States
Foreign
countries
2
4
3
21
20
21
20
24
23
25
5
6
7
6
11
10
9
63
3
25
11
53
1
43
48
54
57
56
2
2
4
3
2
27
59
50
39
48
47
55
56
118
111
115
133
140
144
147
45
46
45
47
42
54
61
64
159
168
79
79
91
95
111
94
92
80
90
81
254
Exports
from
United
States
74
103
301
311
275
Imports
into
United
State's
168
151
143
155
155
(s)
(J)
24
23
19
19
19
13
17
17
22
21
20
r
Revised.
As reported by dealers; includes some finance company paper sold in open market.
Less than $500,000.
Back figures.—See Banking and Monetary Statistics, Table 127, pp. 465-467; for description, see p. 427.
1
J
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) 1
accounts
accounts
1939—June
December...
1940—June
December...
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
834
906
653
677
616
600
496
543
761
788
887
1,041
1,223
1,138
809
537
552
1947—July
August
September. .
October
November. .
December...
3 564
'550
3 570
3 606
3 593
578
1948—January....
February. . .
March
April
May
June
3 568
3 537
3 550
3 572
3615
619
25
16
12
12
11
8
9
7
9
11
5
7
11
12
7
5
6
7
7
73
78
58
99
89
86
86
154
190
188
253
260
333
413
399
311
333
315
326
Credit balances
Cash on
hand
and in
banks
Customers'
credit balances 1
Money
borrowed2
Free
Other
(net)
Other credit balances
In firm
In partners'
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
178
207
223
204
186
211
180
160
167
181
196
209
220
313
370
453
395
570
637
376
427
395
368
309
378
529
557
619
726
853
795
498
217
222
230
266
267
281
255
289
240
270
334
354
424
472
549
654
651
693
650
70
69
62
54
65
63
56
54
66
65
95
96
121
112
120
118
162
21
23
22
22
17
17
16
15
15
14
15
18
14
29
24
30
24
6
7
5
5
7
5
4
4
7
5
11
8
13
13
17
10
9
280
277
269
247
222
213
189
182
212
198
216
227
264
299
314
289
271
393
J
251
3 241
3
280
3
257
3
247
240
3 677
3
656
3 630
J
616
3617
612
176
23
15
273
332
3217
3
208
3 229
3 241
3
258
283
3 622
3 596
3 592
3
614
3619
576
145
20
11
291
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): April, 66; May, 69.
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.
984
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
ers'
9-to 12call
month 3- to 5accept- loan
3ances,
certifi- year
re90 1
month cates taxable
newJ
days
of inals 2 bills
debted- issues
ness
1945 average....
1946 average
1947 average
.75
.81
1.03
.44
.61
.87
1.00
1.16
1.38
.375
.375
.604
1947—July
August. . .
September
October. .
November
December.
1.00
1.00
1.06
1.06
1.06
1.19
.81
.88
.94
.94
.94
1.03
1.38
1.38
1.38
1.38
1.38
1.38
1948—January. .
February.
March
April
May
June
July
1.31
1.38
1.38
1.38
1.38
1.38
1.38
1.06
1.06
1.06
1.06
1.06
1.06
1.06
1.50
1.50
1.50
1.50
1.50
1.50
1.50
Week ending:
July 3 . . .
July 10.. .
July 1 7 . . .
July 24. . .
July 3 1 . . .
1.18
1.16
1.32
.703
.748
.804
.857
.932
.950
.85
.85
.87
.97
.99
1.04
1.33
1.31
1.28
1.35
.47
.54
.977
.996
.996
.997
.997
.998
.997
1.09
1.10
1.09
1.10
1.09
1.09
1.10
.63
.63
.60
.58
1.51
1.49
1.56
.997
.997
.997
.997
.997
U/16
11/16
11/16
11/16
11/M
.81
.82
.88
1.09
1.10
1.10
1.10
1.10
1.54
1.55
1.55
1.57
1.59
1
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day stock exchange time loans was 1.50
per cent beginning Aug. 2, 1946. Prior to that date it was 1.25 per cent
8
Rate on new issues offered within period.
Backfigures.—SeeBanking and Monetary Statistics. Tables 120-121,
pp. 448-459, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
J
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
3.26
3.13
3.02
2.73
2.85
2.76
1944—June
September.
December.
2.63
2.69
2.39
2.23
2.18
1.93
2.55
2.82
2.61
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
2.38
1946—March
June
September.
December.
2.31
2.41
2.32
2.33
1.75
1.84
1.83
1.85
2.34
2.51
2.43
2.43
2.93
2.97
2.75
2.76
1947—March
June
September.
December.
1948—March....
June
2.31
2.38
2.21
2.22
1.82
1.83
1.77
1.82
2.37
2.44
2.25
2.27
2.80
2.95
2.69
2.61
2.46
2.56
2.09
2.10
2.52
2.71
2.83
3.03
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
Backfigures.—SeeBanking and Monetary Statistics, Tables 124-125
pp. 463-464; for description, see pp. 426-427.
BOND YIELDS1
[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) *
Municipal
(highgrade) 2
Corporate
(highgrade) 3
By groups
By ratings
Total
Aaa
Aa
Baa
Industrial
Railroad
Public
utility
1-8
15
30
30
30
30
40
40
40
1945 average
1946 average
1947 average
.60
.45
.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
2.7S
1947—July
August
September
October
November
December
.57
.54
.53
.58
.72
.86
2.25
2.24
2.24
2.27
2.36
2.39
1.91
1.93
1.92
2.02
2.18
2.35
2.51
2.51
2.57
2.68
2.75
2.86
2.80
2.80
2.85
2.95
3.02
3.12
2.55
2.56
2.61
2.70
2.77
2.86
2.64
2.64
2.69
2.79
2.85
2.94
2.82
2.81
2.86
2.95
3.01
3.16
3.18
3.17
3.23
3.35
3.44
3.52
2.62
2.63
2.67
2.76
2.84
2.92
3.06
3.03
3.09
3.22
3.30
3.42
2.72
2.72
2.78
2.87
2.93
3.02
1948—January
February
March
April
May
June
July
2.09
2.08
2.03
1.99
1.89
1.89
1.96
2 AS
2.45
2.45
2.44
2.42
2.41
2.44
2.45
2.55
2.52
2.38
2.31
2.26
2.33
2.85
2.84
2.81
2.77
2.74
2.73
2.80
3.12
3.12
3.10
3.05
3.02
'3.00
3.04
2.86
2.85
2.83
2.78
2.76
2.94
2.93
2.90
2.87
2.89
3.52
3.53
3.53
3.47
3.38
3.34
3.37
2.91
2.90
2.89
2.85
n.16
2.81
3.17
3.17
3.13
3.08
3.06
3.03
3.07
2.84
3.44
3.43
3.40
3.34
3.27
'3.23
3.26
3.03
3.03
3.01
2.97
2.95
2.96
3.02
Week ending:
July 3 . . .
July 10
July 17
July 24
July 31
1.97
1.96
1.94
1.95
1.99
2.44
2.44
2.44
2.44
2.44
2.31
2.32
2.33
2.33
2.35
2.77
2.78
2.78
2.81
2.82
3.02
3.03
3.03
3.05
3.05
2.79
2.80
2.80
2.82
2.82
2.88
2.89
2.88
2.90
2.90
3.08
3.35
3.35
3.36
3.38
3.39
2.83
2.83
2.82
2.84
2.85
3.24
3.25
3.26
3.27
3.27
2.98
3.00
3.00
3.03
3.03
r
1
2
Revised.
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 6 issues, respectively, and the railroad Aaa, Aa, and A groups from 10 to 5, 6, and 8 issues, respectively.
Backfigures.—SeeBanking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETINS for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
AUGUST
1948
985
SECURITY MARKETS 1
Stock prices 5
Bond prices
Corporate
U. S.
Government2
Year, month, or week
1-8
Number of issues
1945 averace
1946 average
1947 average
1947—j u iy
August
September
October
November
Municipal
(highgrade)3 Highgrade
15
4
Medium-grade
Preferred6
Total
Industrial
Railroad
Public
utility
14
5
5
4
15
416
365
20
31
122
123
137
106
140
143
120
128
143
123
126
132
125
123
130
128
125
124
131
130
104
100
122
129
104
94
1,170
120
126
107
95
895
857
974
12
102 04 139 6
104 77 140 1
103.76 132.8
97.5
102.6
88.2
102.8
134.7
134 3
134.4
132.5
129 4
126 2
104.7
104.5
103.6
101.1
99.6
97.9
98.5
98 5
97.3
95.7
94 5
92.7
103.2
103 3
102.8
101.2
100 7
99.7
89.5
89 5
87.5
85.9
84 7
82.1
103.6
103 5
102.7
101.2
99 3
97.6
188.4
188 7
188.3
181.2
174 5
172.1
100 70
100.70
100 78
100.84
101.20
101 23
100 82
124.5
122.6
123 1
125.7
127.1
127 8
126.6
98.1
98.1
98.5
99.4
99.9
100.2
99.2
91.2
90.5
90 7
91.4
92.8
94.4
94.6
96.5
94.3
94 5
94.9
96.8
98 2
99.3
82.1
82.2
82.2
83.5
87.2
89 8
89.1
96.0
96.0
96 3
96.7
95.0
95 6
95.6
169.5
167.5
170.1
169.9
171.1
173 4
170.8
100.83
100 83
100.85
100 81
100.76
December
1943—January
February
March
April
May
June
103.2
189 1
198 5
184.7
103.75
103 89
. . 103.95
103.44
102 11
. . . 101 59
.
126.9
126.8
126.6
126 6
126.2
99.7
99.5
99.3
99 0
98.9
94.5
94.8
94.8
94 5
94.2
98.8
99.4
99.5
99.3
99.2
89.4
89.2
89.2
89.1
88.9
95.7
96.2
95.9
95 5
95.1
172.0
172.0
171.6
169.9
169.5
July
Week ending:
July 3
July 10
July 17
July 24
July 31
Volume
Common (index 1935-39=100) of trade
ing7 (in
thousands of
Indus- Rail- Public share) s
Total
utility
road
trial
114
116
105
953
108
102
1,158
105
104
101
102
119
122
674
763
1,136
101
97
102
105
862
93
93
99
101
125
og
1,467
1,980
1,406
1,171
141
141
142
136
126
127
130
120
953
1,058
1,442
1,381
137
122
100
100
100
98
131
115
130
135
137
143
123
126
132
139
134
134
135
129
130
125
1,443
1,390
103
96
898
98
1
2
3
4
6
7
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Average of taxable bonds due or callable in 15 years and over.
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 average yields, as computed by Standard and Poor's Corporation.
Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
Average daily volume of trading in stocks on the New York Stock Exchange.
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
Total
(new Total
(doYear or month and
refund- mestic
and
ing)
for- Total
eign)
1939
1940
1941
1942
1943
1944
1945
1946
1947
5,790
4,803
5,546
2,114
2,169
4,216
8,006
8,645
'39,611
2,277 2,239
1,951 1,948
2,854 2,852
1,075 1,075
642
640
For refunding
Domestic
State
and
municipal
931 924
751 461
518 1,272
342 108
176
Domestic
Total
(doCorporate
For-2 mestic
Fedand
eign
eral
forTotal
agenBonds
eign)
cies1 Total and Stocks
notes
90
383
736
1,062
624
287
601
889
506
97
135
173
118
38
2
374
282
92
2
235
896
913
471
1,772 1,761
952
4,645 4,635
'37,451 '7,139 '2,228
15
26
127
203
'743
'1,041
'748
1947—June
3
619
«863
July
1,033
326
326
517
August...
621
621
785
September
713
713
813
October. .
571
571
705
November
1,024
December 1,160 1,029
'214
124
15
12
514
483
430
311
83
172
185
277
114
8
85
132
258
599
121
175
410
495
541
495
1948—January . .
'781
'782
February. '837
March. . . 1.374 1,222 1,221
'769
'768
'936
April
591
652
591
May
888
888
954
June
114
217
630
'156
16
39
31
50
182
283
35
21
101
99
470
925
Federal
agencies1 Total
17
12
10
68
5
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
404
324
208
44
418
912
734
422
293
170
255
170
2
11
191
165
101
1
11
84
189
646
422
224
1,264
607
657
3,556 2,084 1,472
4,708 3,493 1,215
State
and
municipal
191
165
101
3
195 1,537
344
482
435
698
181
440
259
5
336
780
134
144
5'
134
130
134
130
2
2
365
'526
560
562
323
'348
531
432
41
178
29
131
..
46
56
152
166
46
56
152
166
374
584
293
436
81
149
61
66
61
66
2
3
1
1
2
2
8
3
Corporate
Bonds
and Stocks
notes
1,733 1,596
2 026 1 834
1,557 1,430
418
407
685
603
38
40
214
118
165
107
40
42
20
147
122
76
140
113
51
497
48
45
42
39
54
114
49
34
2,466 2,178
4,937 4,281
2,953 2,352
1,517 1,236
84
83
3
14
97
50
4
Foreign5
137
193
126
11
48
82
86
4
288
656
601
281
15
61
105
177
48
11
38
7
9
25
78
80
6
3
3
13
87
50
10
29
3
29
1
' 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.
3
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
986
FEDERAL RESERVE
BULLETIN
NEW CORPORATE SECURITY ISSUES 1
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated Estimated
gross
net
proceeds2 proceeds8
New money
Total
Plant and
equipment
Retirement of securities
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
397
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,221
384
2,266
4,431
2,239
2,110
2,115
2,615
2,623
1,043
1,147
3,142
5,902
6,757
6,111
57
208
858
991
681
325
569
868
474
308
657
1,080
3,279
4,270
32
111
380
574
504
170
424
661
287
141
252
638
2,115
3,224
26
96
478
417
177
155
145
207
187
167
405
442
1,164
1,046
231
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,378
231
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,191
71
226
190
87
59
128
100
30
72
351
438
476
187
84
170
154
111
215
69
174
144
138
73
49
134
379
310
11
23
49
36
7
26
19
28
35
27
47
133
231
153
1947—June
July...:
August
September
October
November
December
738
601
248
441
622
561
1,078
727
588
245
434
612
547
1,063
498
435
118
244
510
425
932
426
370
99
179
388
354
800
72
64
19
65
122
71
132
207
112
104
154
33
81
93
164
103
102
154
15
74
91
43
9
3
1
18
7
2
15
17
16
9
45
22
12
6
24
6
26
24
18
26
346
613
688
636
^405
638
340
594
679
626
'395
625
294
546
560
434
193
309
343
334
297
449
101
237
217
100
'60
103
6
26
84
62
1
26
6
14
83
62
1
12
1
26
22
30
104
20
43
14
1
6
25
18
5
1948—January
February
March
April
May
June
»-356
552
26*"
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Year or month
1934 ..
193c
193(
1937
... .
193?
. .
193<'
194<
. .
1941
1942
. .
194'
1944
1945
194f
1947
1947—June
July
August . .
September.
Oct ober
November
December
1948—January
February
March
April
May . . . .
June
Industrial
Public utility
Railroad
Real estate and financial
Total
Retire- All Total
Retire- All Total
Retire- All
Retire- All Total
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- purpro- money securi- purpro- money securi- pur-4
poses* ceeds
ties
poses* ceeds
ceeds
poses
ties
ties
ties
poses ceeds
172
21
57
774
338
54
182
139
228
24
85
558
110
30
97
120
54
31
10
319
361
47
115
253
32
186
108
15
18
120
160
602
1,436
704
283
46
102
115
129
240
28
22
23
4
31
37
20
23
34
80
51
24
23
34
42
32
24
83
69
130
,250
1,987
751
1,208
1,246
1,180
.340
464
3
8
11
30
77
63
89
180
43
1,190
1,897
611
943
1,157
245
317
145
922
993
292
22
469
40
1,400
69
2,291
785
2,129
3,121 2,122
423
1,343
2,159
1,252
923
42
30
62
774
27
50
86
47
1,280
1,079
831
584
13
30
27
961
828
527
25
17
63
93
76
25
74
439
616
469
188
167
244
293
34
550
761
373
226
353
738
463
89
228
497
199
454
1,033
504
811 1,010
1,969
3,601 2,201
981
2,429 1,740
364
2
150
20
122
46
2
4
37
19
218
57
8
9
104
21
21
107
206
323
279
42
55
4
9
18
71
76
148
419
325
155
94
4
13
61
85
164
169
4
42
65
64
56
4
3
56
95
54
1
1
4
10
1
26
5
19
5
5
1
3
21
56
121
146
14
353
181
2
141
96
26
19
21
21
307
140
306
303
277
493
234
28
157
280
245
480
68
95
136
8
31
11
4
16
13
16
1
1
239
79
71
259
213
496
175
65
45
193
129
422
43
9
13
20
49
56
21
6
13
45
35
18
14
2
51
16
21
54
3
2
38
7
15
9
149
106
281
233
209
6
12
34
14
9
1
5
17
7
95
425
123
269
152
70
390
83
154
M20
25
21
27
91
31
57
16
157
41
4
52
15
153
15
3
399
363
26
11
91
69
22
52
50
14
13
24
1
19
4
390
71
16
102
164
119
320
265
216
6
72
152
7
7
88
80
90
136
43
536
28
28
23
5
35
37
20
114
500
1,320
571
35
77
1
20
7
1
5
9
8
2
r
1
2
3
Revised.
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
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.
AUGUST
1948
987
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 inining
Year or quarter
Total
1939
1940
1941
1942
1943
1944
1945
1946
1947
. . .
47
69
15
1.465
1,818
2,163
1,769
1,800
1,896
1.925
»2,545
3,670
146
278
325
226
204
194
188
283
115
158
193
159
165
174
163
« 171
334
— 19
49
32
8
61
Quarterly
1945—i
2
22
604
698
4
67
96
97
»853
1947—i
2
3
4
437
323
3
Other
NontransMaAu- porta- ferrous
metals
chin- tomo- tion
and
ery
biles equip- prodment
ucts
629
Number of companies.
Annual
Iron
and
steel
871
867
900
Oil
Foods, produc- Indusbevering
trial
ages,
and
chemiand
refincals
tobacco ing
80
98
186
112
174
152
186
220
223
281
194
207
164
170
187
187
273
480
65
77
85
77
223
102
119
70
151
242
274
209
201
222
243
130
173
227
182
180
190
169
127
133
153
138
128
115
108
136
88
113
90
83
88
88
8
148
159
151
162
175
199
356
417
205
198
354
-34
* -5
20
12
21
42
102
*51
<38
'44
26
41
50
37
41
1,033
126
100
100
112
70
83
77
105
94
105
103
115
121
87
4
4
4
4
130
4
75
165
238
Other
nondurable
goods
30
49
68
1,030
...
1948—1
Other
durable
goods
MiscellaNet
neous profits1
servPreices *
ferred
Commoo
132
74
152
152
134
122
564
132
152
161
171
184
203
321
847
1,028
1,137
90
160
187
136
149
147
154
3»2
90
92
88
86
86
85
82
669
705
552
556
611
612
6>7
345
370
293
89
837
56
63
62
82
116
20
146
62
66
67
80
93
66
250
310
153
149
209
45
3
888
902
970
989
1 .139
1,786
77
•415
21
20
21
51
58
59
71
98
64
85
108
89
110
121
160
88
87
81
88
96
92
93
90
63
71
80
80
421
432
432
501
20
23
22
23
177
192
190
278
49
61
57
71
77
91
47
46
45
59
49
53
57
46
74
93
124
62
83
196
90
93
57
527
22
207
8
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power 6
Railroad •
Year or quarter
Annual
Operating
revenue
Income
before
income
tax8
Net
income1
Dividends
126
249
674
93
189
500
126
159
186
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,627
8,685
1,658
2,211
1,972
1,869
1,703
2,047
2,008
39
-57
161
' 130
1947—1
2
3
4
2,039
2,111
2,177
2,357
1948—1
2,243
1939
1940
1941
1942
1943
1944
1945
1946
1947
1946—i
2
3
4
Quarterly
Operating
revenue
Telephone 7
Income
before
income
tax"
Net
income1
Dividends
629
692
774
535
548
527
444
447
437
847
913
490
502
408
410
235
236
2,647
2,797
3,029
3,216
3,464
3,615
3,681
3,814
4,244
902
905
507
534
398
407
14
-45
128
191
56
52
41
85
967
919
931
998
303
225
212
229
166
189
184
239
89
121
112
157
44
52
38
103
1,075
1,028
1.024
1,118
144
72
57
1,202
756
273
778
902
873
202
217
667
450
246
246
289
480
970
961
Operating
revenue
1 067
1,129
1,235
1,362
1,537
L 641
1,803
Income
before
Net
income income1
tax"
227
248
271
191
194
178
399
396
174
177
302
374
163
180
Dividends
175
178
172
163
168
168
173
2,149
277
192
200
131
171
133
107
109
109
130
475
497
502
519
84
75
56
62
43
43
43
42
191
166
135
160
115
115
111
129
527
478
555
589
67
29
38
58
54
53
44
49
44
21
27
39
40
32
32
30
186
131
607
64
43
39
647
652
456
470
196
151
143
157
289
247
196
228
284
00?
14
'Net
1
profits" and "net income" refer to income after all charges and taxes and before dividends.
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.
1
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 B 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).
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
End of month
1941—Dec.
1942—June! . '.
Dec
1943—June. . .
Dec
1944—June
Dec...
1945—June. . .
Dec
1946—June. . .
Dec
1947—June....
1947—Vug
Sept
Oct
Nov. . . .
Dec
Totai
gross
direct
debt
Total
interestbearing
direct
debt
57 ,938
72 ,422
108 ,170
136 ,696
165 ,877
201 ,003
230 ,630
258 ,682
278 ,115
269 ,422
259 ,149
258 ,286
57 ,451
71 ,968
107 ,308
135 ,380
164 ,508
199 ,543
228 ,891
256 ,357
275 ,694
268 ,111
257 ,649
255 ,113
260 ,097
259 ,145
259 ,071
258 ,212
256 ,900
257
256
256
255
254
256 ,574
254 ,605
252 ,990
252 ,240
252 ,236
June. . . . 252 ,292
July. . . . 253 ,374
1948—Jan
Feb
Mar
Apr.
May....
Marketable public issues *
Total'
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury Total *
indebtbonds
notes
bills
edness
41 ,562
50 ,573
76 ,488
95 ,310
115 ,230
140 ,401
161 ,648
181 ,319
198 ,778
189 ,606
176 ,613
168 ,702
2,002
2,508
6,627
11,864
13,072
14,734
16,428
17,041
17,037
17,039
17.033
15,775
3 ,096
10 ,534
16 ,561
22 ,843
28 ,822
30 ,401
34 ,136
38 ,155
34 ,804
29 ,987
25 ,296
5 ,997
6 ,689
9 ,863
9 ,168
11 ,175
17 ,405
23 ,039
23 ,497
22 ,967
18 ,261
10 ,090
8 ,142
3 3 , 367
3 8 , 085
4 9 , 268
5 7 , 520
6 7 , 944
7 9 , 244
9 1 , 585
106, 448
120, 423
119, 323
119, 323
119, 323
,110 168 ,390
,107 167 ,946
,270 167 ,109
,591 166 ,404
,205 165 ,758
15,735
15,725
15,732
15,335
15,136
25 ,025
24 ,894
24 ,808
24 ,501
21 ,220
8 ,142
7 ,840
7 ,840
7 ,840
11 ,375
119, 323
119, 323
118, 564
118, 564
117, 863
164 ,917
162 ,759
161 ,339
160 ,875
160 ,888
160 ,346
159 ,560
14,838
14,438
13,945
13,748
13,761
13,757
13,266
20 ,677
18 ,920
20 ,331
20 ,065
20 ,065
22 ,588
22 ,294
11 ,375
11 ,375
11 ,375
11 ,375
11 ,375
11 ,375
11 ,375
117, 863
117, 863
115, 524
115, 524
115, 524
112, 462
112, 462
253 ,958
252 ,100
250 ,634
249 ,920
249 ,958
250 ,063
251 ,168
Treasury Special
tax and issues
U.S.
savings savings
bonds
notes
8,907
13,510
21,788
29,200
36,574
44,855
50,917
56,226
56,915
56,173
56,451
59,045
59,499
58,640
59,714
59,670
59,492
59,893
60,095
60,023
59,843
59,747
59,506
60,821
6,140
10,188
15,050
21,256
27,363
34,606
40,361
45,586
48,183
49,035
49.776
51,367
51,664
51,759
51,897
52,008
52,053
52,479
52,793
52,988
53,065
53,143
53,274
54,607
Fully
guaraninterest- teed inbearing terestbearing
debt
securities
INon-
2 ,471
3 ,015
6 ,384
7 ,495
8 ,586
9 ,557
9 ,843
10 ,136
8 ,235
6 ,711
5 ,725
5 ,560
6,982
7,885
9,032
10,871
12,703
14,287
16,326
18,812
20,000
22,332
24,585
27,366
1 ,316
1 ,370
1 ,460
1 ,739
2 ,326
2 ,421
1 ,311
1 ,500
3 ,173
5 ,642
5 ,531
5 ,618
5 ,534
5 ,384
29,220
29,520
29,447
29,517
28,955
2 ,987
3 ,038
2 ,801
2 ,621
2 ,695
73
70
78
83
76
5 ,403
5 ,327
5 ,100
4 ,886
4 ,741
4 ,394
4 ,386
29,148
29,246
29,272
29,201
29,323
30,211
30,787
2 ,616
2 ,505
2 ,356
2 ,320
2 ,278
2 ,229
2 ,206
72
74
73
70
70
69
51
487
454
862
6,317
4,548
4,283
4,092
4,225
1,516
1,470
409
553
467
331
83
1
2
Including amounts held by Government agencies and trust funds, which aggregated 5,401 million on June 30, 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 GOVERNMENT MARKETABLE PUBLIC
SECURITIES OUTSTANDING JULY 31, 1948
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate Amount
Treasury bills »
Aug. 5, 1948
Aug. 12, 1948
Aug. 19, 1948
Aug. 26, 1948
Sept. 2, 1948
Sept. 9, 1948
Sept. 16, 1948
Sept. 23, 1948
Sept. 30, 1948
Oct. 7, 1948
Oct. 14, 1948
Oct. 21, 1948
Oct. 28. 1948
Cert,
Oct.
Oct.
Jan.
Feb.
Mar
Anr
June
July
of indebtedness
1, 1948Ser."J" 1
1, 1948Ser."K" 1
1, 1949
V/%
1, 1949
1)4
1 1949
. . 13^
1 1949
1V£
1, 1949
1%
1, 1949
\y%
Treasury notes
Sept. 15, 1948
1%
Oct. 1, 1 9 4 8 . . . . . 1
Jan. 1, 1949
1%
905
1.006
1.004
1.108
1,101
1,105
1,104
1,006
1,102
1,102
906
909
910
1,354
1,467
2,592
2,189
3,553
1,055
4,301
5,783
3,748 i
4 092
3,535
In millions
Issue and coupon rate
Treasury bonds—Cont.
Dec. 15, 1949-52 2 . . 3 H
Dec. 15, 1949-53 2..23^
Mar. 15, 1950-52
2
Sept. 15, 1950-52 2 ..23^
Sept. 15, 1950-52
2
D e c 15, 1950
1)4
June 15, 1951-54 2..2M
Sept. 15, 1951-53
2
Sept. 15, 1951-55 2
3
Dec. 15, 1951-53 2..234
Dec. 15, 1951-55
2
Mar. 15, 1952-54. . .2)4
June 15, 1952-54
2
June 15, 1952-55...234
Dec. 15, 1952-54.... .2
June 15, 1953-55 *
2
June 15, 1954-56 22..234
Mar. 15, 1955-60 . .2 H
Mar. 15, 1956-58.. .2)4
Sept. 15, 1956-59 2..2 %
Sept. 15, 1956-59... 2 34
Tune 15. 1958-63 2. 2%
June 15. 1959-62 3..234
Dec. 15, 1959-62 3.. 2 34
Dec. 15. 1960-65 2..2 %
June 15, 1962-67 3..23^
Dec. 15, 1963-68 3..23^
June 15, 1964-69'.. 2 H
D e c 15, 1964-69 3..2H
Mar. 15, 1965-70'.. 2)4
Mar. 15, 1966-71 ».. 2)4
June 15, 1967-72 3..2)4
Sept. 15, 1967-72.. .23^
Dec. 15, 1967-72 3 . . 2 ^
Amount
491
1,786
1,963
1,186
4,939
2,635
1,627
7,986
755
1,118
510
1,024
5,825
1,501
8,662
725
681
2,611
1,449
982
3,823
919
5,284
3,470
1,485
2,118
2,831
3,761
3,838
5,197
3,481
7,967
2,716
11,689
Postal Savings
Treasury bonds
Sept. 15, 1948 2 . . . . 2)4
Dec. 15, 1948-50 2
2
Tune 15, 1949-51
2
Sept. 15, 1949-51
2
Dec. 15, 1949-51
2
451
571
113
bonds
2)4
50
Panama Canal Loan. 3
Total direct issues.. .. 159,560
1,014 G u a r a n t e e d securities
1,292 Federal Housing Admin.
2,098
Various
14
1 Sold on discount basis. See table on Open-Market Money Rates,
p. 985.
* Partially tax exempt.
» Restricted.
AUGUST
1948
UNITED STATES SAVINGS BONDS
[In millions of dollars]
Month
RedempAmount Funds received from sales3 during tions and
outperiod
maturities
standing
atmonth
end of
All
All
Series Series Series
series
E
G
s eries
F
Fiscal year
ending:
June—1941..
1942..
1943..
1944..
1945..
1946..
1947..
1948..
1947—July...
Aug... .
Sept....
Oct
Nov. . .
Dec....
1948—Jan
Feb.. . .
Mar....
Apr.. . .
May. ..
203
4,314 1 ,492
10.188 5 ,994 3 ,526
8 .271
11 ,789
21,256
34,606 15 ,498 11 ,820
45,586 14 ,891 11 ,553
49,035 9 ,612 6 ,739
51.367 7 .208 4 .287
53,274 6 ,235 4 ,026
339
559
51,552
294
460
51,664
304
466
51,759
488
304
51,897
412
263
52,008
487
325
52,053
770
479
52,479
607
367
52,793
588
383
52,988
468
320
53,065
432
305
53,143
497
341
June.. . 53,274
379
July. .. 54,607 1 ,673
67
435
758
802
679
407
360
301
27
21
21
22
17
24
44
40
30
20
17
19
246
395
2 ,032
2 ,759
2 ,876
2 ,658
2 .465
2 ,561
I ,907
193
144
142
162
131
137
248
201
175
128
110
136
1 ,048
148
207
848
2,371
4,298
6,717
5,545
5,113
457
404
431
404
357
434
454
364
462
452
428
465
438
Maturities and amounts outstanding July 31, 1948
Year of
maturity
1948
1949
1950
....
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
Unclassified. .
Total
..
All
series
271
824
994
1,560
4,139
7,307
9,508
8,271
6,074
5 992
4,843
2,494
2 011
Series
C-D
271
824
994
433
Series
E
1,127
4,139
6,002
6,873
5,513
2,903
3,183
2,074
Series
F
203
525
567
649
519
297
325
327
Series
G
1,162 '
2,111
2,190
2,523
2,291
2,471
2,169
1,684
317
54,607
2,522
31,814
3,412
16,541
989
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED*
[Estimates of the Treasury Department. Par value, in millions of dollar s]
Gross debt
Held by nonbank investors
Held by banks
End of
month
Total
interestbearing
securities
Total
Commercial
banks 2
Total
Federal
Reserve
Banks
Total
Individuals
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations
State
and
local
governments
400
600
700
900
U. S. Government agencies
and trust funds
Special
issues
Public
issues
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
5,397
5,452
5,637
5,701
5,613
5,556
1940—June...
1941—June...
Dec...
1942—June...
Dec...
1943—June...
Dec...
1944—June...
Dec....
1945—June...
Dec....
1946—June...
Dec...
1947—June...
Dec...
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
254,281
48,496
55,332
64,262
76,991
112,471
140,796
170,108
202,626
232,144
259,115
278,682
269,898
259,487
258,358
256,981
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
91,259
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
68,700
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
22,559
29,930
33,448
40,608
48,346
65,182
81,394
98,665
119,325
135,598
153,123
163,620
161,715
161,637
166,486
165,722
10,300
11,500
14,100
18,400
24,500
31,700
38,400
46,500
53,500
59,800
64,800
64,100
64,900
67,100
66,600
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
24,300
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
12,000
2,500
2,400
4,400
5,400
11,600
15,500
20,000
25,900
28,100
30,900
30,200
25,300
22,400
22,300
21,200
1,000
1,500
2,100
3,200
4,300
5,300
6,500
6,500
6,300
7,100
7,300
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
28,955
1948—Jan.. . .
Feb....
Mar...
Apr....
May...
254,030
252,174
250.707
249,990
250,028
256,651
254,683
253,068
252,315
252,311
90,925
88,524
86,287
86,740
86,462
69,000
67,500
65,400
66,400
65,800
21,925
21,024
20,887
20,340
20,662
165,726
166,159
166,781
165,575
165,849
66,600
66,700
66,800
66,700
66,800
24,100
23,900
23,800
23,500
23,400
12,000
12,000
12,100
12,000
12,000
21,200
21,400
21,800
21,200
21,600
7,200
7,200
7,500
7,300
7,300
29,148
29,246
29,272
29,201
29,323
1
2
Revised to include non-interest bearing debt.
Including holdings by banks in territories and insular possessions, amounting to 100 million dollars on June 30, 1942, and 400 million on
Marchf31, 1948.
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- Mumertual
ment eral
agen- Recial
savcies serve banks ings
and Banks (*) banks
trust
funds
Insurance Other
companies
Total
outstanding
Treasury bonds
and notes.
Type of
security:
Total:2
1945—Dec
1946—June....
Dec
1947—June....
Dec
1947—Apr
May
Treasury bills:
1945—Dec. . . .
1946—June....
Dec
1947—June....
Dec
1948—Apr
May....
Certificates:
1945—Dec
1946—June...
Dec
1947—June....
Dec
1948—Apr
May....
Treasury notes:
1945—Dec....
1946—June....
Dec
1947—June....
Dec
1948—Apr
May....
Treasury bonds:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Apr
May....
End of month
U. S.
Govern- Fed- Com- Mu- Insurment eral
mer- tual
agen- Recial
sav- ance Other
cies serve banks ings comand Banks C1)
banks panies
trust
funds
198,820
189,649
176,658
168,740
165.791
160,903
160,916
7,019
6,768
6,302
5,409
5,261
5,476
5,420
17,037
17,039
17,033
15,775
15,136
13,748
13,761
5
2
2
11
18
28
11
12,831
14,466
14,745
14,496
11,433
7,974
8,245
2,476
1,142
1,187
3
2,052
3,017
2,521
25
67
58
i
1 1,724
1 1,425
11 1,088
1
479
154 1,454
200 2,462
133 2,793
38,155
34,804
29,987
25,296
21,220
20,065
20,065
38
58
64
48
30
28
27
8,364
6,813
7,496
6,280
6,797
4,236
4,140
18,091
16,676
11,221
8,536
6,538
7,217
7,276
91
243
257
249
200
354
313
360 11,211
576 10,438
490 10,459
362 9,821
269 7,386
431 7,799
441 7,868
22,967
18,261
10,090
8,142
11,375
11,375
11,375
9
9
2,120 15,701
1,748 11,396
355 6,120
369 4,855
4 1,477 5,327
1 1,963 4,628
1 1,958 4,523
179
227
211
183
98
124
116
576
623
603
285
245
222
223
120,423
119,323
119,323
119,323
U7.863
115,524
115,524
6
7
24,262 82,830
23,783 76,578
23,350 66,962
21,872 62,961
22,559 61,370
20,340 58,998
20,662 58,449
787
10,491
11,220
11,521
11,845
11,552
11,608
11,529
947 46,535 10,217
6,915
755 47,335 10,743
6,654
753 48,408 11,049
6,185
727 48,756 11,407
5,306
5,173 2,853 47,424 11,226
5,382 6,167 44,110 11,059
5,345 6,319 44,104 11,037
23,183
24,285
24,346
23,969
22,895
22,049
21,904
51,035
47,015
44,177
42,684
42,154
42,432
42,952
4,382
4,258
2,795
2,443
4,224
4,437
4,554
22,230 33,579
23,073 30,763
23,226 29,702
23,305 29,822
22,213 28,974
21,182 27,624
21,094 27,625
due or
callable:
Within 1 year:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Apr
May....
1-5 years:
1945 r j e c
1946—June....
Dec
1947—June....
Dec
1948—Apr
May....
5-10 years:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Apr
May....
10-20 years:
1945—Dec
1946—June...-.
Dec
1947—June....
Dec
1948—Apr
May....
After 20 years:
1945—Dec
1946—June....
Dec
1947—June....
Dec
1948—Apr
May..
15,222
10,119
7,802
11,255
14,263
15,459
15,459
185
4
29
83
69
20
20
35,376
35,055
39,570
42,522
49.948
46,413
46,413
408
443
576
469
344
693
797
831
698
33,025
32,847
27,283
18,932
10,270
10,270
10,270
787
716
529
423
370
210
135
72
40
426
34,985
37,189
32,384
40,352
54,757
54,757
54,757
2,017 9,956
1,431 5,655
72 4,341
251 6,936
1,693 8,244
2,082 7,332
2,077 7,240
63
116
181
374
266
225
192
235
495
591
420
316
317
304
2,761
2,418
2,591
3,191
3,675
5,483
5,626
25,165
25,285
28,470
29,917
1,377 33,415
338 2,554 30,705
324 2,722 30,604
701
709
1,047
1,574
1,876
1,924
1,904
1,742
1,506
2,101
2,671
3,046
2,835
2,781
6,673
6,'319
6,550
7,193
9,890
8,057
8,078
21,007
21,933
16,657
11,577
6,090
503 6,099
499 6,175
2.058
JL.609
2.042
1
1,245
2,902
2,822
2,826
2,002
9 0 3,691
2,779
83 3,308
3,400
78 2,433
2,975
78 2,587
3,374
834 5,003
4,393
4,680 2,991 4,602
4,687 2,979 4,607
5,523
6,026
5,303
6,751
8,606
I$,479
I$,546
10,996
12,547
11,708
15,137
18,211
17,375
17,352
11,905
11,829
9,886
12,425
17,710
16,630
16,586
2,051
2,510
2.687
1,649
6,933
6,325
6,602
3,358
10,559
8,826
8,313
5,812
345
315
24,781 2,764
22,372 2,103
22,372 2,084
964
14,405
57
57
55
29
2,418
2,550
2,632
2,593
576
555
511
6,063
5,632
5,156
3,645
880 1,928
877 1,891
879 .1,891
* 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.
990
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[On basis of daily statements of United States Treasury.
MisIncome taxes cellaneous
interWithnal
held
by em- Other revenue1
ployees'"
n millions of dollars]
Increase (+) or
decrease (—)
Clearduring period
ing
ac- 3 General
Gross
count
fund
debt
balance
1
Fiscal
year or
month
Fiscal year:
June 1946
June 1947
June 1948
1947—July
Aug.
Sept.
Oct.
Nov.
Dec.
1948—Jan.
Feb.
Mar.
Apr.
May
June
July
9,392 21,493 7,725 1,714 3,953 44,276 43,038
10,013 19,292 8,049 2,039 5,325 44,718 43,259
11,436 19,735 8,301 2,396 4,494 46,362 44,746
625
757
663
344 2,470 2,397
80
413
643
352
203 2,866 2,536
1,255
797 2,639
699
136
616 4,885 4,872
644
702
782
71
258 2,456 2,390
350
695
329
363 3,054 2,743
1,315
767
145
880 1,889
578 4,260 4,246
656
366 4,310 4,275
624 42,613
51
423
403 4,614 4,336
1,563 4 1,597 629
998 4,168
739
180
281 6,365 6,334
684 1,174
662
83
278 2,881 2,806
428
673
401
223 3,083 2,707
1,358
695 3,006
694
145
579 5,119 5,102
719
67
677
567 2,565 2,501
535
Social Security
accounts
Net
receipts
Fiscal year:
June 1946... 2,978
Tune 1947... 3.235
June 1948... 3,918
Redemption
or sale ( —)
of securities
ExInvest- pendiments tures
Ul
Other
De-
Total
posits
in
special
depositaries
1,006
1,202
1,928
2,407
1,577
850
2,817
2,117
2,217
14,708
3,730
5,370
-107
398
150
272
24
274
119
155
135
125
124
108
116
12
3
-74
-2
1
-23
153
400
180
168
160
153
46
281
24
14
17
25
159
26
212
103
19
464
3,460
3,705
4,331
4,498
4,292
3,454
749
1,091
1,393
1,290
1,362
1,618
1,437
1,417
866
968
1948—Jan
Feb
Mar
Apr
May....
June
July
254
433
92
173
577
348
455
68
230
51
-34
106
553
276
126
134
152
150
142
174
142
-61
10
1
59
4
-38
-56
313
149
185
162
101
21
28
28
7
10
349
250
154
374
131
66
39
470
383
5,042
4,664
5,692
5,037
5,327
5,370
5,506
2,256
1,571
1,972
1,236
1,714
1,928
1,755
1,434
1,972
2,156
2,007
1,773
2,081
362
470
422
438
14,238
3.308
4,932
4
1,617
1,593
1,622
1.668
1,585
1,621
391
304
378
391
357
357
3.069
3,400
3,952
4.107
3.935
3,097
1,828
1,658
1,749
1,645
I .606
1,670
1,671
394
346
339
425
381
438
433
4,648
4.318
5,353
4612
4,946
4.932
5,074
708
1,773
633
574
66
164
524
80
3,475
-3
+56
+ 1,082
Balance
Other
assets
962
1947—July
Aug
Sept
Oct
Nov
Dec
5
-14
+141
1,565
1.670
12,993
Investments
4,735
3,009
5,598
95
359
-741
+334
-74
-859
-1,312
-326
-1,969
-1,615
-750
Total
liabilities
De-
posits
in
Federal
Reserve
Banks
Receipts
1,656
1,509
1,640
+1,035
+ 10,740
-11,136
-5,994
+ 1,161
+649
-953
Assets
Expenditures
1,261
1.785
2,210
-10,460
-10,930
+ 1,624
-239
+332
+552
+ 155
-172
-838
+ 1,551
-330
General fund of the Treasury (end of period)
VJUVL.
corporations, etc.
in the
market (net)
Trust
accounts
etc.3
4,722 48.870 1,918 8,204 63,714 -20,676
-524
4,958 17,279 1,355 18,914 542,505
+754 - 1 , 1 0 3 ' +555
5,211 11,524 54,177 18,414 39,326 +5,419 +2,706 - 5 0 7
4
4
3,669 - 1 , 2 7 2
245
549 1,894
+17 - 1 4 6
981
103
910
273 1,773
3,060
-524
+379 - 1 7 3
668 1,008
10 1,246
2,932 + 1,940
-314 -121
157 1,154
60 1,074
2,445
-55
+69 +214
127
936
20 1,112
2,194
+549
+265 - 1 2 7
972
-80
996
23 1,233
3,224 + 1,022
-468
2,879 + 1,396 +259 +222
401 1,069
66 1,343
142
850
11 1 ,399
2,402 + 1,934
-194 -101
608
850
18 2,070
-86
-53
3,546 +2,788
154
909
71 1,975
3,109
-302
+86 +226
124
933
1 1,546
2,604
+ 103
+378 - 1 4 4
5
1,508 4 930 53,O77 1,746 4 7,261 - 2 , 1 5 9 +2,315 4 - 2 2 6
286 P 1,162
611 P41.903
3,963 - 1 , 4 6 2
- 1 7 8 +700
Details of trust aiccounts, (rtc.
Fiscal year
or month
Budget
surplus
(+) or
deficit
SoInWar Trans- Other Total
cial Other Total Net
terand fers to exSecu- reretrust pendi- budget
re- 2 est
deexpenrity ceipts ceipts ceipts
on fense
actaxes
debt activ- counts tures ditures
etc.
ities
884
958
959
4
general
fund
x
P Preliminary.
Details on collection basis given in table below.
Total receipts less social security employment taxes,4 which are appropriated directly to the Federal old-age and survivors insurance trust fund
Excess of receipts ( + ) or expenditures ( —).
Change in classification.
Including 3 billion dollar transfer to Foreign Economic Cooperation Trust Fund.
Back figures.—See Banking and Monetary Statistics, Tables 150-151, pp. 513-516.
2
3
5
INTERNAL REVENUE COLLECTIONS
[On basis of reports of collections. In millions of dollars]
Fiscal year
or month
Individual
income taxes
Corporation income
and profit taxes
CASH OPERATING INCOME AND OUTGO
OF THE UNITED STATES TREASURY 1
[In millions of dollars]
Estate
and
gift
taxes
Excise and
other miscellaneous
taxes
Normal
and
surtax
Excess
profits
Other
profits
taxes
3,263
5,944
10,438
8,770
8,847
9,501
9,464
3,069
4,521
5,284
4,880
4,640
6,055
9,852
1,618
5,064
9,345
11,004
7,822
3,566
305
57
84
137
144
91
55
18
433
447
511
643
677
779
899
3,405
4,124
4,842
6,317
7,036
7,285
7,412
33
1,133
1,495
26
1,188
1,491
36
1,068
297
62
1,128
246
67
408
1,386
370
276
1,514
384
249
1,463
61
49
43
35
28
22
24
2
2
1
1
2
1
55
66
79
64
65
54
65
560
618
572
625
736
627
691
645
2,250
279
1,165
1,670
154
2,338
1,004
2,034
602
167
1,111
473
326
2,276
376
268
1,877
17
22
20
13
17
16
1
4
1
1
1
2
72
56
125
118
75
61
562
586
603
578
584
629
Withheld
Other
Fiscal year:
June—1942
1943
1944
1945
1946
1947
1948
"686*
7,823
10,264
9,858
9,842
11,534
1947—June
July
Aug
Sept
Oct
Nov
Dec
1948—Jan
Feb
Mar
Apr
May
June
AUGUST 1948
Fiscal year
or month
Cash
income
Cash
outgo
Excess income (+)
or outgo ( - )
Fiscal year:
25,245 78,979
June—1943.
-53,735
47,984 94,079
1944.
-46,095
51,041 95,986
1945.
-44,945
47,784 65,683
1946.
-17,899
46,637 39,978
1947.
+6.659
47,600 38,647
+8,952
1948.
295
+102
5,193
1947—June.
-827
564
3,390
July. ,
193
3,152
+41
Aug..
4,711
3,959
+753
Sept..
2,630
2,612
+18
Oct.. .
+816
3,348
2,533
Nov..
+510
3,520
4,030
Dec.
4,542
+1,986
2,556
1948—Jan.. .
4,718
+1.824
2,895
Feb..
6,472
3,871
+2,601
Mar..
2,960
2,956
+4
Apr..
3,330
2,868
+462
May.
5,100
4,335
+765
June.
1
Difference between these figures and changes
in the general fund balance represents net cash
borrowing ( + ) or net repayment of borrowing
(—). For description, see Treasury Bulletin for
September 1947.
991
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 items 1
Corporation or agency
Total
All agencies:
Mar. 31. 1947
June 30, 1947
Sept. 30, 1947
Dec. 31, 1947
Mar. 31, 1948
Classification by agency,
Mar. 31, 1948
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 Homes Corp
Federal Housing Administration....
Federal National Mortgage Association
Reconstruction Finance Corp.6
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
32,337
'29,666
31.03
30.966
31,107
CommodiLoans ties,
resupCash ceiv- plies,
able
and
materials
,588
,792
.556
.481
,369
306
488
100
2
2
125
817
1,048
354
35
U. S. PriBonds, notes,
DeGov- vately
Land, ferred
and debenstruc- and Other tures payable Other ern- owned
ment intertures, undisliabil- interU. S.
Fully
and
est
ities
est
Govt. Other equip- tribguarsecuuted
secu- rities 2 ment
anteed Other
charges'
rities
by U.S.
Investments
7,294 1,003
7,662
851
9,212 1,093
9 714
822
10,134
570
,985
,777
,725
.685
,845
3,426
3,565
3,553
3 539
15,486
12,691
12,662
12.600
3,526 12,535
169
83
84
82
76
380 1,176
165 1,163
283
953
247
879
245
882
1,250
506
667
689
781
242
432
3,142
2,045
2,144
2,037
1,868
()
16
22
379
22
24
1
86
785
260
270
1
23
9
148
53
9
259
374
192
484
530
54
210
10
91
120
321
2,113
1,065
233
800
()
4,192
7,003
8,889
203
1
1
142
173
100
560
1
163
33 3,805
134
188
467
295
4
3
18
498
4
4
43
187
12
24
10
911
2,097
15
2
121
817
507
350
32
2
(5)
270
451
666
509
269
138
143
150
248
67
100
2
42
418
32
27,268
26,763
28,005
28,015
28,233
1,052
30
85
()
140
764
88
19 3,385
3,305
6,507
1,574
29
115
10
6
46
11
(5)
82
15
9
2
6
28
()
4
1
520
54
178
10
236
1,152
177
35
(6)
13
1,936
1,031
233
788
393
333
45
3,799
6,670
8,844
212
191
47
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1948
Purpose of loan
Xo aid agriculture
Fed.
Fed. inter- Banks Com- Rural
ElecFarm medi- for co- modity trificaMort. ate opera- Credit
tion
Corp. credit tives Corp. Adm.
banks
Farm- Home
Owners'
ers'
Home Loan
Adm. Corp.
ExPublic Fed. R.F.C. portHous- home and
Iming
loan affili- port
Adm. banks ates Bank
Dec. 31,
1947,
All
all
agen- agencies
cies
454
101
432
243
281
786
(5)
133
8 2,399
35
623
2,299
556
3
31
3
451
145
228
1
5
238
209
49
911
147
272
5
442
5,673
714
395
9,714
549
To aid industry:
Other
To aid financial institutions:
374
Other
Other
.. .
Less: Reserve for losses
Total loans receivable (net)...
All
other
15
86
(5)
432
1
242
20
260
1
785
279
270
295
295
374
147
259
4
5
379
2,105 3,750 6,093
109
613
9
7
384
2,097 3,930 10,134
* 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 institutions as follows (in millions of dollars): Stock of the International Bank for
Reconstruction and Development—476, 635, 635, 635, and 635 on Mar. 31, June 30, Sept. 30, Dec. 31, 1947, and Mar. 31, 1948, respectively;
International Monetary Fund Quota—2,750 on Mar. 31, June 30, Sept. 30, Dec. 31, 1947, and Mar. 31, 1948.
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.
5
6
7
8
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 two small agencies included herein
are for dates other than Mar. 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 issues of the BULLETIN (see p. 1110 of the November 1944 BULLETIN) and Banking and Monetary Statistics, Table 152, p. 517.
992
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)2
1923-25 * 100
Industrial production
(physical volume)*1
1935-39 = 100
Year and month
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
Employment *
1939 = 100
All
other
Nonagricultural
Factory
DepartWholeFac- Freight ment
Consale
tory carload- store sumers' compay
sales
prices modity
ings*
rolls » 1935-39 (val-4 1935-39 prices1
1939 = = 100 ue)*
100
1926
100
1935-39
-=100
= 100
Ad- Unad- AdAdAdAdAdAd- Unad- Unad- AdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed
Adjusted
Unadjusted
Unad
justed
1919.
1920.
1921
1922
1923.
1924.
1925.
72
75
58
73
88
82
90
84
93
53
81
103
95
107
62
60
57
67
72
69
76
71
83
66
71
98
89
92
63
63
56
79
84
94
122
44
30
44
68
81
95
124
79
90
65
88
86
94
120
103.7
104 2
79 7
88 2
101.0
93 8
97 0
103.9
124.2
80 2
86.0
109.1
101 7
107 2
120
129
110
121
142
139
146
83
99
92
94
105
105
110
123.8
143.3
127.7
119.7
121.9
122.2
125.4
138.6
154 4
97 6
96 7
100.6
98 1
103 5
1926.
1927.
1928.
1929.
1930.
96
95
99
110
91
114
107
117
132
98
79
83
85
93
84
100
100
99
107
93
129
129
135
117
92
121
117
126
87
50
135
139
142
142 102.5
125 96 2
98.9
96.8
96.9
103.1
89.8
110.5
108.5
109.7
117.1
94.7
152
147
148
152
131
113
114
115
117
108
126.4
124.0
122.6
122.5
119.4
100 0
95 4
96 7
95.3
86.4
1931
1932
1933
1934.
1935.
75
58
69
75
87
67
41
54
65
83
79
70
79
81
90
80
67
76
80
86
63
28
25
32
37
37
13
11
12
21
84
40
37
48
50
87 1
77 2
77.5
84 9
88 5
75 8
64 4
71 3
83.1
88 7
71.8
49.5
53.1
68.3
78.6
105
78
82
89
92
97
75
73
82
108.7
97.6
92.4
95.7
98.1
73.0
64 8
65 9
74.9
80 0
1936 .
1937 .
1938..
1939.
1940. .
103
113
89
109
125
108
122
78
109
139
100
106
95
109
115
99
112
97
106
117
55
59
64
72
81
37
41
45
60
72
70 95 1
74 101 4
80 95 4
81 100 0
89 105 8
96 4 91 2
105.8 108.8
90 0 84.7
100.0 100.0
107.5 114.5
107
111
89
101
109
100
107
99
106
114
99.1
102.7
100.8
99.4
100.2
80.8
86 3
78 6
77 1
78.6
1941
1942
1943.
1944.
1945.
162
199
239
235
203
201
279
360
353
274
142
158
176
171
166
125
129
132
140
137
122
166
68
41
68
89
82
40
16
26
167
245.2
334.4
345.7
293.4
130
138
137
140
135
133
150
168
187
207
105.2
116.5
123.6
125.5
128.4
87 3
98 8
103 1
104.0
105.8
1946.
1947.
170
187
192
220
165
172
134
149
153
157
143
142
161 137.0
169 145.2
143.4 269.6
157 3 332.1
132
143
264
285
139.3
159.2
121.1
151.8
149
235
92
61
102
119 4
131.1
138 8
137.0
132.3
132 1
154 0
177 7
172.4
151.8
1946
July
August
September. .
October
November. .
December...
172
178
180
182
183
182
174
180
184
184
183
180
202
208
212
214
214
211
157
164
165
168
173
174
146
144
146
145
136
137
165
158
151
145
139
154
161
157
147
140
122
143
168
158
155
148
152
163
138.0
139.3
140.7
141.5
143.0
143.5
145.7
148.0
150.6
151 4
154.1
155.1
145 1
149.4
151.4
151.8
154.5
155.5
270.4
288.5
294.9
297.9
303.9
312.6
139
141
138
139
137
140
272
292
271
259
271
276
141.2
144.1
145.9
148.6
152.2
153.3
124.7
129.1
124.0
134.1
139.7
140 9
1947
January....
February. . .
March
April
May
June
July
August
September. .
October
November. .
December...
189
189
190
187
185
184
176
182
187
190
192
192
184
185
187
185
185
185
178
185
191
194
193
189
221
222
225
222
218
219
207
210
217
223
224
229
176
176
175
172
170
168
163
169
172
176
179
173
146
146
148
143
151
148
140
150
153
155
155
156
146
151
132
133
127
136
155
166
183
184
193
197
144
152
129
123
110
116
136
150
168
170
163
161
148
149
134
142
140
152
170
179
195
196
217
227
143.5
144.1
144.2
143.4
143.5
144.8
144.8
145.2
146.2
147.1
147.3
147.9
156.2
156.9
156.7
156.8
155.0
155.2
154.5
156.3
158.9
160.0
160.4
161.1
155.6
156.6
157.0
155.9
153.8
154.7
153.3
157.8
160.2
160.4
160.8
161.9
314.2
317.6
320.9
317.6
319.3
327.2
321.8
331.5
345.3
350.
353.4
365.7
150
142
146
137
142
137
134
143
142
145
147
149
265
267
272
277
289
'289
286
283
292
278
302
302
153.3
153.2
156.3
156.2
156.0
157.1
158.4
160.3
163.8
163.8
164.9
167.0
141 5
144 5
149 5
147.7
147.1
147 6
150.6
153 6
157.4
158.5
159.7
163.2
1948
January....
February. . .
March
April
May
June
193
194
191
1881
191
P192
189
190
188
186
191
PI 93
229
226
229
217
220
J>222
178
180
177
177
178
P178
154
155
142
147
162
P158
191
187
181
181
188
152
152
148
154
165
M65
223
215
208
202
206
148.6 161.2 160.5 358.7
147.8 159.8 159.5 354.1
147.9 160.1 160.3 358.4
147.2 157.0 156.1 346.7
147.7 156.5 155.3 345.9
P148.4 '157.7 P157.1
145
139
130
130
141
139
284
285
284
304
'310
313
168.8
167.5
166.9
169.3
170.5
171.7
165.7
160.8
161.4
162.8
163.9
166.2
P217
r
* Average per working day.
» Preliminary.
Revised.
For indexes by groups or industries, see pp. 994-997. For points in total index, by major groups, see p. 1016.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1001 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.
* For indexes by Federal Reserve districts and other department store data, see pp. 1003-1006.
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, and October 1945, p. 1055; for department store sales, June
1944, pp. 549-561.
1
2
1
AUGUST
1948
993
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
1948
Industry
June July Aug. Sept Oct. Nov Dec. Jan. Feb. Mar Apr.
May
June
184
Machinery
191
188
191 P192
201
200
195
197 P198
207
210
217
223
224
229
229
226
229
217
181
188
195
204
202
205
203
203
207
177
r206
174
187
188
198
197
196
198
166
205
170
214
177
197
190
454
477
226
185
503
516
224
182
526
226
180
234
184
193
196
222
182
151
429
224
184
196
551
587
208
154
591
233
183
234
181
266
267
276
280
281
288
285
284
283
276
272 v274
217
213
227
232
234
244
244
232
240
237
215 P227
191
185
180
197
198
200
206
206
192
202
'197
175 P192
179
171
170
174
179
185
189
188
181
180
182
176
177
183 '188
180
188
176
167
167
171
142
133
160
Smelting and refining
(Copper smelting; Lead refining; Zinc smelting;
Aluminum* Magnesium* Tin)-'
...
.
...
Fabricating
.. . .
(Copper products; Lead shipments; Zinc shipments;
Aluminum products; Magnesium products; Tin
consumption) *
194
200
233
Nonferrous Metals and Products
193
198
275
Automobiles (including parts)
• .
.
.
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
192
199
458
Transportation Equipment
192
197
211
176
.
190
192
189
.
187
188
193
Pig iron
Steel
Open hearth .
Electric
182
183
219
Iron and Steel
176
191
Industrial Production—Total
133
121
155
142
133
160
140
128
164
128
Lumber and Products
Lumber
Furniture
Stone
Clay
•••
•••
r
l95
202
172
193 P 1 9 3
137
176
178
196 P193
'204' '199
135
155
143
179
617
203 P 1 9 4
192
151
153
139
181
'589
207
'203
150
150
137
r
r201
'190
192 '198
143
'178
r
t45
142
132
131
'169
P140
P129
164 P161
.
.
207
....
•
Cement
Clay products
.
Gypsum and plaster products
Abrasive and asbestos products
•
195
199
202
201
201
205
202
207
211
205 P206
230
and Glass Products
Glass products
Plate glass
509
220 P222
207
211
219
151
243
171
160
221
207
199
187
151
231
171
162
225
216
210
197
205
156
229
174
161
230
212
149
200
199
179
246
226
224
141
218
196
166
236
166
208
208
168
246
160
219
196
176
248
248
201
143
229
178
162
236
165
227
193
173
247
152
218
187
172
238
244
P176
P240
P241
154
257
171
164
216
239
124
235
164
160
224
220
226
244
215
242
'244
199
170
209
190
168
Wool textiles
CarDet wool consumotion
Apparel wool consumption
^^ool and worsted varn
W^oolen yarn
Worsted yarn
Woolen and worsted cloth
172
176
179
173
178
180
177
177
178
P178
154
160
164
172
163
179
179
175
174
176
P173
129
118
263
142
130
267
147
130
278
152
139
280
159
149
290
149
131
287
165
153
300
166
153
295
161
147
302
161
147
297
163
147
P158
155
Rayon deliveries
169
142
143
133
263
Textile fabrics
163
155
130
156
172
166
177
179
175
175
144
124
141
149
121
108
184
176
147
134
168
167
192
184
162
144
194
185
160
140
196
182
164
142
194
Wheat flour
188
188
148
159
159
101
116
122
106
121
115
130
94
92
120
131
78
90
103
94
94
100
84
103
84
97
93
87
101
117
118
123
112
128
154
•
165
132
114
130
....
139
152
107
Leather tanning
.
Cattle hide leathers
Calf and kio leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
174
155
157
158
152
143
148
136
181
185
183
171
161
141
212
192
172
152
212
202
176
154
216 '227
190 196
166 164
144 '146
206
196
181
171
189
200
167
164
175
126
124
114
120
123
121
136
122
141
113
129
116
132
88
93
83
89
85
96
116
133
108
126
101
114
101
122
156
158
158
136
143
133
190
'308
179
227
191
163
145
189
171
172
115
110
108 P110
102
115
105
110
125
80
95
69
92
'119
78
91
100
127
92
123
91
113
93
107
158
160
158
157
159 P162
140
134
122
134
139 P135
81
92
P155 P157 P147 P148 P147 P 1 4 0 P 1 3 8 P139 P139 P145 P149 P 1 5 1
Butter
Cheese
Canned and dried milk
82
196
184
85
197
188
74
174
158
76
167
160
75
163
157
66
151
137
66
148
130
140
309
67
156
127
65
150
134
69
159
158
71
72
'171
'171
175
185
Pill
P152
71
170
192
p Preliminary.
' Revised.
Series included in total and group indexes but not available for publication separately.
1
994
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average = 100J
1947
1948
Industry
June
July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar Apr. May June
Manufactured Food Products—Continued
Meat packing
.
.
Pork and lard
Beef
Veal
L a m b and mutton
.
152
157
146
144
142
141
160
173
150
156
140
158
147
161
131
140
153
174
146
171
154
149
125
136
154
128
141
115
131
98
127
145
152
176
159
190
122
102
91
99
109
114
107
116
104
93
98
102
91
83
74
135
134
94
154
132
135
163
156
133
119
168
160
138
118
173
163
149
125
174
161
134
134
172
160
129
144
171
164
138
150
173
165
141
144
174
168
144
149
177
167
155
143
174
166
147
138
176
168
148
138
178
159
164
176
198
229
219
167
167
198
191
182
167
150
Malt liquor
Whiskey
Other distilled spirits
Rectified IiQUors
145
155
149
154
104
Other manufactured foods ..
Processed fruits and vegetables
Confectionery
156
171
154
141
157
168
196
204
203
165
169
171
157
153
141
170
185
P145
P178
170
145
79
.
.
...
55
56
78
71
1
5
37
115
152
160
329
231
385
238
277
297
323
468
119
562
94
376
220
264
431
310
526
239
157
114
319
215
383
255
294
245
393
243
159 156 160 163 175 169 149 153
Tobacco Products
155 164 183 163
113 102 101 105
203 225 257 222
166
101
216
....
Paper and Paper Products
..
..
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
..
Paper
Paperboard
Fine paper
.
.... .
Wrapping paper
Newsprint
. .
98
210
107
211
113
213
126
229
124
224
100
201
104
204
66
72
80
83
80
68
61
69
70
67
75
68
68
... 160
146
158
159
163
165
158
163
163
166
168
169
165
155
Cigars
.
Cigarettes
Other tobacco products
140
153
153
157
160
153
157
158
160
163
178
105
116
277
151
151
179
88
162
147
144
91
160
108
98
253
131
137
166
75
147
136
124
91
178
113
105
278
151
149
178
86
157
148
138
94
171
110
104
259
149
150
182
87
157
151
135
97
177
105
107
275
154
154
184
89
167
152
141
91
182
97
112
281
159
156
186
89
168
158
146
90
168
96
107
255
148
150
177
86
162
158
139
88
174
88
109
276
151
155
187
86
162
163
145
82
177
94
110
269
161
155
179
88
170
161
150
83
178
90
103
285
153
157
192
85
161
161
148
82
180
97
108
293
151
160
192
87
166
171
151
89
146 139 145 144 152 152
131
P!91
Gasoline
Fuel oil .
Lubricating oil
Kerosene
131
133
131
138
137
146 148 157
131
134
144
P195 P201 P203 P204 P205 P208 P214 P215 v211
157
178
157
186
163
180
164
177
162
183
154
169
162
187
160
177
159
186
162
178
160
193
170
187
159
201
163
199
155
206
164
213
154
200
164
210
Paints
Soap
Rayon
Industrial chemicals .
.
112
309
151
160
191
r
86
169
r
161
156
307
171
164
415
170
162
439
177
169
449
177
170
414
179
171
440
178
171
442
179
171
421
166
164
237
137
135
186
151
142
251
439
152
135
291
438
152
135
294
431
153
137
295
425
152
138
294
427
155
148
297
431
169
150
95
164
194
158
197
250 251 249 248 248 251
Chemical Products ..
164
187
104
P213 P220
165
160
340
Coke
By-product coke
Beehive coke
r
150 154 156
139 143 143
154
173
168
182
.
r
108
226
159
182
106
111
301
146
156
187
85
168
157
145
94
157
146
P222
170 P174
196 P196
159
187
r
174
166
421
175
168
408
254 255 252 250 249 250 v254
155 158 158 154 150 151 P152
150 151 147 140 123 124 P124
299 298 301 303 305 304 P309
438 437 434 433 439 437 P 4 4 3
205 200 200 P200
Rubber Products
216 207 210 217 223 225 230 223 215
Minerals—Total
.
148 140 150 153 155 155 156 154 155 142 147 162 pi 58
Fuels
.
153 144 155 160 162 163
Coal
Bituminous coal
Anthracite
Crude petroleum
.
140
147
110
113
117
93
143
151
114
153
161
122
156
163
126
159
169
119
162 160 161 146 149 168 P164
153
164
111
152
161
112
148
155
118
99
97
108
103
102
105
Gold
Silver
160
161
164
166
165
166
165
167
169
171
117
117
111
107
109
117
117
120
118
rl37
166
160
163
153
145
146
159
159
163
161
193
63
61
Metals other than gold and silver
159
:. . 122
Metals
60
51
56
47
55
55
53
63
55
73
55
78
59
67
59
64
58
59
160 P147
171 P157
116 P105
172 P173
128
P123
178 P170
57
57
68 ....
r
v Preliminary.
Revised.
i Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE.—For description and back figures see 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
AUGUST
1948
995
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average = 100]
1947
1948
Industry
June July Aug. Sept. Oct.
Nov. Dec
Jan.
Feb.
Mar. Apr.
May June
Industrial Production—Total. .
185
178
185
191
194
193
189
189
190
188
186
191
P193
Manufactures—Total
191
184
191
191
200
200
196
197
197
197
193
196
P198
220
208
212
219
224
224
227
226
223
'228
217
221
193
181
188
195
204
202
205
203
203
207
177
'206
207
189
211
176
458
174
198
166
429
187
205
170
454
188
198
177
477
184
509
197
222
503
196
226
185
516
197
224
182
526
196
226
180
551
190
234
184
587
151
208
154
591
193
233
183
'589
196
234
181
617
275
266
267
276
280
281
288
285
284
283
276
272
233
217
213
227
232
234
244
244
232
240
237
215 P227
191
185
180
197
198
200
206
206
192
'197
175 P192
179
171
170
174
179
185
189
195
199
-201
•200
196
P193
176
178
183
188
190
-193
"203
203
P193
•204
199
193
P193
143
144
145
P147
Durable Manufactures
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
P274
Manufacturing Arsenals and Depots1.
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives; Shipbuilding—
Private and Government)1
Nonferrous Metals and Products.
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
187
180
180
182
176
167
167
171
180
188
192
198
141
151
150
150
148
140
138
Lumber and Products..
Lumber...
Furniture.
Stone, Clay, and Glass Products
Glass products
Plate glass
Glass containers
Cement
Clay products
Gypsum and plaster products...
Abrasive and asbestos products.
Other stone and clay products 1 ..
Nondurable Manufactures. . .
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Nylon and silk consumption l. . .
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and Iamb leathers.
Shoes
133
155
147
160
143
164
138
172
133
176
119
181
117
179
116
178
125
•178
131
"169
134
164
P140
P161
209
196
207
210
210
206
200
190
193
201
208
211
P209
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
240
226
187
141
203
178
172
242
244
184
149
196
161
166
236
215
193
166
201
158
160
235
242
205
160
219
160
169
238
248
212
165
227
183
168
243
'244
212
152
233
196
171
241
244
198
170
207
203
P175
143
160
168
164
173
178
181
180
171
173
176
173
174
177
P178
142
154
160
164
172
163
179
179
175
174
176
P173
143
133
263
129
118
263
142
130
267
147
130
278
152
139
280
159*
149
290
149
131
287
165
153
300
166
153
295
161
147
302
161
147
297
163
147
'308
P158
140
309
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
172
196
182
164
142
194
167
166
183
171
161
141
189
164
181
212
192
172
152
200
175
185
212
202
176
154
206
181
177
216
190
166
144
196
171
179
'227
196
164
146
190
171
179
227
191
163
145
189
172
106
99
116
121
126 126
113
120
126
114
110
108
PW9
112
125
96
92
83
100
114
77
89
78
97
114
126
97
84
105
117
118
129
101
95
115
123
137
96
100
112
128
126
146
91
90
114
126
112
129
82
90
96
114
117
135
83
96
94
122
124
144
84
99
110
101
115
68
91
89
123
105
119
74
94
89
109
125
78
90
100
107
Pill
166
178
182
167
161
154
146
153
Pi 62
132
140
134
P130
103
154
Ice cream
P245
155
Manufactured Food Products.
Wheat flour
Cane sugar meltings 1
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
137
146
J»229
113
279
254
113
127
141
144
141
148
143
120
136
104
242
218
81
195
163
73
170
147
P121
64
147
127
P91
P88
50
113
99
106
100
55
116
103
58
123
120
128
P155 P201 P224
98
72
93
143 176 '229 242
155 197 257 265
P119
63
p Preliminary.
' Revised.
Series included in total and group indexes but not available for publication separately.
1
996
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board c)f Governors. 1935-39 average-100]
1947
1948
Industry
June July Aug.
Sept. Oct.
Nov. Dec.
Jan.
Feb.
Mar. Apr.
May June
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Malt liquor
Whiskey
Other distilled spirits
Rectified liquors
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
121
130
119
92
89
116
124
115
100
80
127
145
116
108
76
163
173
97
171
186
263
128
176
196
290
162
177
179
173
176
181
167
118
170
180
161
108
152
176
152
92
148
167
152
91
151
168
149
85
133
167
148
90
114
169
152 J>158
96 Pill
106
175 P180
182
181
206
252
196
146
142
176
172
178
173
186
189
79
198
215
Alcoholic Beverages
146
150
151
154
90
178
. .
Other manufactured foods
.
Processed fruits and vegetables
Confectionery
Other food products
150
157
151
141
96
146
101
100
165
. ...
196
55
191
231
192
56
208
238
197
78
379
297
190
71
837
468
157
1
251
562
132
5
103
376
139
37
143
264
154
115
259
310
146
152
342
239
160
160
230
255
161
r 157
177
245
183
114
243
243
151
176
132
134
87
165 162 165 172 181 172
Papef 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
.
.
Newsprint consumption
Petroleum refining *
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other oetroleum oroducts *
Coke
By-product coke
Beehive coke .
126
238
85
124
228
70
100
185
54
104
204
67
113
190
68
102
209
67
101
239
75
105
222
68
108
237
70
145
158
159
163
165
157
163
163
167
169
170
165
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
148
150
177
86
162
153
139
87
157
174
91
109
276
151
155
187
86
162
161
145
82
159
178
98
110
269
161
156
179
88
170
167
150
83
160
179
96
103
285
153
157
192
85
161
161
148
82
163
182
107
108
293
151
160
192
87
130
139
145
156
158
150
144
155
153
159
159
156
113
120
132
145
149
138
125
141
145
151
149
144
P201 P203 P204
P195
P205 P208
P214 P215
P211
P213
P220
v222
157
178
156
173
163
180
162
170
162
183
154
168
162
187
160
177
159
186
162
183
160
193
168
192
159
201
158
203
155
206
163
224
154
200
162
214
164
194
164
201
i<55
160
340
161
156
307
in
164
415
170
162
439
177
169
449
177
170
414
179
171
440
178
171
442
179
171
421
166
164
237
252
137
135
186
251 249 P251
154
140
303
433
151
120
305
439
247 247 245 248 251 252 255 253 r253
Paints . . .
Soap
Rayon
.
Industrial c h e m i c a l s
164 160
188 182
112 107
112 111
309 301
151 146
160 156
191 187
r
85
86
169 168
r
173 169 160
151 150 145
95
91
95
r
154
173
168
171
Chemical Products
Products
173
113
228
89
nn
Petroleum and Coal Products
Rubber
155 173 163
107
222
78
129
....
130 153 147
98
221
72
146
Cigars.
Cigarettes
Other tobacco products
101
227
67
160
Tobacco Products
. . .
. . . . .
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
438
155
148
298
437
157
146
301
434
170 P174
196 P196
166
189
174
166
421
r
175
168
408
156 P157
120 P122
304
437 P 4 4 3
216 207 210 217 223 225 230 223 215 205 200 200 P200
. . .
155
Minerals—Total
152
Fuels ....
153 144 155 160 162 163 162 160 161 146 149 168 P164
145
158
158
155
151
149
149
136
Bituminous coal
Anthracite
Crude petroleum
.
Metals
Metals other than gold and silver
Iron ore
(Copper; Lead; Zinc)1
.
Gold
Silver
159
169
119
165
153
164
111
166
152
161
112
165
148
155
118
167
99
97
108
169
148 151 151 145 132 106
Coal
85
81
83
82
145
140
147
110
159
113
117
93
160
143
151
114
161
153
161
122
164
156
163
126
166
103
102
105
171
r
164 P163
160
171
116
172
P147
P157
P105
P173
126
144 P149
213
306
220
334
219
326
206
298
183
257
136
159
101
76
97
70
103
73
103
77
178
228
210 P217
301 P313
59
59
58
50
61
46
63
55
62
63
62
73
57
78
56
68
53
65
51
61
51
68
50
r
l
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 back figures, see BULLETIN for October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
1
AUGUST
1948
997
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939 = 100]
Factory pay rolls
Factory employment
Industry group or industry
1948
1947
May
June
Feb.
Mar.
Apr.
1947
May
June
Apr.
1948
May
June
Feb.
Mar.
Apr.
May
Total
153.8 154.7 159.5 160.3 156.1 155.3 157.1 317.6 319.3 327.2 354.1 358.4 346.7 345.9
182.0 183.9 185.8 188.1 185.0 183.6 183.4 359.0 363.0 375.5 393.1 402.0 392.7 389.5
131.5 131.7 138.7 138.4 133.3 133.0 136.4 277.2 276.6 280.0 316.0 315.7 301.8 303.2
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
159.6
127
207
133
142
171
160.1
129
204
135
140
172
164.
131
214
144
152
176
164.8
133
216
140
153
169
161.7
132
214
132
149
158
161.4 162.1 301.5
133
221
389
214
135
250
146
303
162
348
310.2
238
400
252
308
351
319.2
249
407
266
307
356
337.6
258
442
302
354
387
340.8
261
457
290
355
369
329.6
253
453
275
342
345
334.4
265
454
286
326
353
202
190
198
196
195
194
193
185
190
188
187
394
415
405
412
425
447
417
394
440
406
441
Durable goods
Nondurable goods
Electrical Machinery
Electrical equipment
Radios and phonographs
411
407
187
447
167
167
225.4
217.7
225.5 206
202
226
234
207
224
230.2 228.5 234.0
169
171
317
335
328
341
343
222.9 217.4 211.6 210.6 403.6 414.4 440.5 465.1
444.3
459.1 408
204
196
390
200
376
424
409
205
491
222
212
486
465
496
469
420
488
228.6 431.0 437.7 443.0 471.9 475.2 463.8
233.1 227.4
431.6
398
451
346
Machinery except Electrical
Machinery and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors
Machine tools
Machine-tool accessories
Pumps
Refrigerators
242
293
179
231
152
234
311
213
241
285
182
236
147
229
310
224
242
292
198
262
138
218
294
232
241
293
199
266
135
217
287
230
239
289
143
267
130
215
281
227
236
287
180
264
130
214
279
235
Transportation Equipment, except Autos.
Aircraft, except aircraft engines. . .
Aircraft engines
Shipbuilding and boatbuilding
299.3
348
303
203
297.5
337
303
203
292.6
341
280
184
202.7
343
277
182
290.9
346
278
177
276.0 271.6 576.0
315
657
282
488
168
399
Automobiles
179.1 188.5 178.9 195.0 191.9 188.6 182.1 349.5 335.0 363.6 357.6 396.5 386.2 357.6
Nonferrous Metals and Products
Primary smelting and refining
Alloying and rolling, except aluminum
Aluminum manufactures
182.5 178.0 178.5 180.0 176.9 173.7 174.4 359.1 354.8 352.0 372.9 377.1 368.3 363.4
146
145
148
144
148
150
284
287
299
304
307
314
322
155
197
148
185
Lumber and Timber Basic Products
Sawmills and logging camps
Planing and plywood mills
168 A
167
159
172.9 175.0 178.3 178.7 182.8 187.8 352.0 383.3 409.8 417.2 427.6 425.2 452.6
171
168
171
171
175
351
385
412
401
412
405
436
163
170
171
171
172
334
351
367
403
404
413
421
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
137.3 137.7
140
128
127
137
192
141
192
138
188
136
182
456
578
290
425
271
409
619
390
296
371
466.4
463
587
305
441
265
398
627
397
471
589
314
475
265
391
633
431
496
622
352
551
254
398
627
434
496
632
354
577
249
389
618
455
494
612
249
572
240
393
610
450
491
618
285
571
241
390
610
473
572.1
639
477
396
571.1
622
482
394
593.3
667
469
385
600.4
676
474
384
601.4
695
481
374
566.4
634
494
346
285
351
282
332
273
367
284
362
272
357
269
347
147.8 143.4 139.7 138.3 303.7 302.1 308.0
139
131
135
282
279
285
334
331
333.0 325.6
315
307
150.4
169
145
126
164
150.9
161
150
127
167
153.9
165
149
130
170
153.7
165
151
131
167
154.7 155.3 301.4
165
335
152
248
134
257
169
317
299.5
333
203
276
324
311.5
341
279
279
322
321.4
340
283
279
337
336.6
358
287
297
353
337.9
355
297
306
349
343.4
353
314
321
351
107.2 105.6
Textile-Mill and Fiber Products
120
Cotton goods except small wares. . 122
80
82
Silk and rayon goods
103
Woolen and worsted manufactures. 104
77
74
Hosiery
119
118
Dyeing and finishing textiles
114.2
126
88
114
84
126
114.7
127
88
113
84
125
113.7
126
88
111
83
125
113.0 113.1 261.6
125
329
88
213
110
261
160
81
265
124
254.5
317
213
253
153
260
248.6
308
206
253
143
261
310.6
377
262
321
191
311
315.6
385
268
322
198
309
307.1
375
267
309
189
306
303.8
370
269
308
184
299
Apparel and Other Finished Textiles. . .. 125.4
122
Men's clothing, n.e.c
99
Shirts, collars, and nightwear
136
Women's clothing, n.e.c
79
Millinery
147.7
136
111
170
109
147.5
137
111
168
108
139.8
135
111
154
92
137.1 137.2 267.2
135
267
110
227
149
278
80
138
259.8
271
229
260
119
262.3
273
229
264
128
345.2
316
272
387
236
343.2
325
280
376
213
306.5
317
275
307
171
297.9
312
268
299
127
148.9
171
122
124
166
125.7
124
101
136
79
Leather and Leather Products
Leather
Boots and shoes
106.1 106.6 115.8 114.1 107 A
91
92
94
92
89
93
92
101
99
92
Food and Kindred Products
Slaughtering and meat packing
Flour
Baking
Confectionery
Malt liquors
Canning and preserving
134.8
128
133
111
111
165
90
Tobacco Manufactures
Cigarettes
Cigars
88.4 90.2 93.9 93.4
122
120
111
121
77
76
83
83
139.5
131
136
112
108
175
103
135.6
139
138
114
126
166
82
134.5
134
136
115
118
167
81
122.6
74
135
114
109
172
84
103.7 110.8 228.8 220.9 225.9 262.5 251.7 227.1 216.5
88
184
184
185
202
192
184
187
89
205
197
202
236
226
198
184
127.1 141.7 259.8 270.4
86
227
249
134
289
275
115
203
208
100
233
232
164
270
288
91
212
218
92.4 90.5
121
121
81
78
286.7
260
302
213
229
319
249
288.5
263
298
234
303
290
217
285.8
277
276
227
260
293
205
266.5
178
287
228
241
316
217
278.4
202
296
235
211
300
233
89.5 181.6 182.8 194.8 195.7 204.6 205.7 201.3
218
111
240
219
247
254
253
165
169
174
189
187
183
175
NOTE.—Indexes shown here for major groups and totals have been adjusted to final 1946 data made available by the Bureau of Employment
Security of the Federal Security Agency. Indexes for individual industries, with the exception of those in the Transportation Equipment group,
have been adjusted to final 1945 data. Back data and data for industries not here shown are obtainable from the Bureau of Labor Statistics.
Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for June 1948 are preliminary.
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 employment
Industry group or industry
1947
May
Factory pay rolls
1948
June
Feb.
1947
Apr.
Mar.
June
May
1948
May
Apr.
June
Feb.
Mar.
Apr.
May
296.3
289
307
283
303.4
302
302
284
328.9
328
327
307
330.8
330
328
305
325.7
328
324
293
331.9
339
328
290
Paper and Allied Products
Paper and Pulp
Paper goods, n.e.c
Paper boxes
146.1 146.1 147.8 148.0 146.
140
141
145
146
145
153
154
152
152
150
142
139
140
137
134
146.4 146.6 296.0
146
284
151
302
132
290
Printing and Publishing
Newspaper periodicals
Book and job
131.0 131.5 133.5 132 A
119
120
121
122
137
138
141
139
131.
123
137
132.2 132.4 234.9 238.6 240.3 254.7 258.5 259.5 262.6
124
235
237
209
225
229
210
202
138
255
279
284
279
280
258
255
Chemicals and Allied Products
Drugs, medicines, and insecticide!
Rayon and allied products
Chemicals, n.e.c
Explosives and safety fuses
Ammunition, small arms
Cottonseed oil
Fertilizers
199.5
250
127
281
291
163
86
158
201.
233
131
283
304
183
100
177
198.4 198.3 385.2
231
462
131
249
280
512
305
471
182
338
89
248
156
440
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
151.9 153.5 153.9 155.4 154.9 157.3 159.4 269.7 280.6 291.4 315.4 320.0 316.7 334.2
149
150
151
316
150
263
301
152
153
299
295
273
255
131
133
322
140
141
272
289
137
315
144
312
282
252
Rubber Products
Rubber tires and inner tubes.. . .
Rubber goods, other
174.6 170.9 172.0 168.9 163.
220
217
206
201
193
156
153
167
165
162
Miscellaneous industries
Instruments, scientific
Photographic apparatus
,
194.6
246
109
284
290
165
78
133
204.2
238
132
281
303
182
128
172
203.6
237
132
281
307
183
115
184
389.1
462
250
521
507
354
220
423
384.1
458
215
528
519
362
201
350
425.6
489
270
559
588
389
338
440
425.1
488
272
559
585
397
316
492
422.1
477
275
565
562
399
270
483
422.5
481
275
563
592
404
246
428
160.8 161.3 363.1 347.5 342.3 337.2 320.6 312.8 320.9
399
324
346
414
330
190
396
356
326
347
339
158
356
348
320
366
180.3 178.4 181.9 182.6 178.4 176.6
244
248
245
245
244
243
208
211
221
220
217
214
368.8 364.6 363.5 393.9 394.0 382.6 384.2
441
454
494
493
489
468
487
383
431
376
422
416
392
424
For footnotes see preceding page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1947
Group
1948
May
v Preliminary.
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
155.0
182 2
133.5
Total
Durable .
Nondurable
June
155.2
183 4
133.0
154.5
178 8
135.4
156.3
180 7
137.1
158.9
183 2
139.7
160.0
184 8
140.4
160.4
186 8
139.7
161.1
188 6
139.3
161.2
188 7
139.4
159.8
186 4
138.7
160.1
188 4
137.7
157.0
185 4
134.7
156.5 P157.7
183 8 ^182.9
135.0 *>137. 7
June
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 hourly earnings (cents per hour)
Average hours worked per week
1947
Industry group
1948
Apr. M a y
.
.
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
40.1
40.1
40.5
40.5
All manufacturing
Jan. Feb.
40.5
40 9 40.5
40.4
40.0
41 5
39.8
38.5
40.8
41.4
41.5
40.5
40.3
39.8
41.4
40.2
38.3
40.6
42.0
41.5
40.3
40.6
40.5
41 8
40.3
39.6
41.2
42.4
41.9
40.0
39.6
39.7 40.0
39.1
35 5
38.3
42.1
36 7
43.0
40.1
41 0
40.5
39 5
40.6
38.9
35.8
38.1
43.0
36 3
43.1
40.1
41 1
40.0
39 0
40.3
40.5
36.6
39.0
42.0
38 6
43.1
39.5
41 4
40.7
39 7
40.4
40.2
1948
1947
Mar. Apr. M a y
Apr.
May
Jan.
Feb.
40.4
118.6
120.7
128.5
128.7 128.9 129.2 130.1
40.0
39.8
Mar.
May
40 9 40 5 40 1 124 3 127.8 135 5 135.2 135 .2 135.7 136.5
40.4
40.4
41 4
39.6
38 1
41.2
41 .7
41.4
39.8
40.6
40.3
41 6
40.3
38 9
41.1
42.3
41.8
40.8
39.9
39.9
41 5
40.5
38 6
40.9
41.6
41.0
40.7
40.3
39.6
41 1
40.0
34 8
40.7
42.0
41.0
40.6
128.0
121.0
130 8
136.3
140 6
123.4
99.0
103.2
114.9
133.3
126.4
133 4
137.6
146 3
126.0
102.5
104.6
117.3
141.4
135.2
141 5
147.9
153 8
133.6
105.0
112.2
125.3
140.9
134.8
141 7
148.2
154.8
133.8
108.0
112.7
125.5
39.9
39.9
39.6
39.5
112.2 113.0
121.0
121.7 122.0
111.5
109.4
109.5
117.7
98 4
123.5
157.9
131.1
158.6
144 4
122.7
114.0
109.2
110.6
118.7
96.8
124.9
162.1
131.5
159.3
140.8
122.9
40.2
36.7
39.0
41.6
36 2
43.1
39.1
41 1
40.8
38 5
40.8
Apr.
40.6
36.7
37.8
41.6
37.7
43.1
39.5
41.2
40.6
37 8
40.6
39.9
36.2
36.2
42.3
38 2
42.7
39.2
41.0
40.1
37 8
40.4
39.6
35.8
35.4
42.2
37 7
42.8
39.1
41.1
41.0
38 8
40.3
102.7
99.9
102.9
109.7
94 8
112.1
146.2
119.2
141.8
139 7
114.2
102.5
98.8
103.5
111.0
94 8
113.3
148.6
121.0
144.8
141 6
115.3
113.9
109.8
110.2
118.1
96.8
124.5
160.4
131.5
158.1
142.1
123.0
141.2
135.0
142.1
147.2
153.9
134.4
107.1
112.6
126.0
141.6
135.0
142.9
147.8
153.3
134.3
108.0
113.1
127.1
142.3
135.7
143.8
148.1
154.5
135.4
111.3
113.5
128.6
121.9 123.1
113.8
104.0
111.6
119.9
97.3
125.0
164.5
132.5
160.1
141.3
122.9
114.1
104.0
112.4
120.7
98.4
127.3
166.3
134.5
163.2
143.5
124.4
NOTE,—Preliminary June 1948 figures for average weekly hours and hourly earnings are: All manufacturing, 40.0 and 131.9; Durable 40.4
and 139.0; Nondurable 39.7 and 124.2, respectively. Back figures are available from the Bureau of Labor Statistics.
AUGUST
1948
999
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics.
Adjusted, Board of Governors]
[Thousands of persons]
Total
Year or month
1939
1940
1941
1942
1943
1944
1945
1946
1947
Manufacturing
Mining
Contract
construction
Transportation and
public
utilities
Trade
Finance
Service
Federal,
State, and
local
government
30,287
32,031
36,164
39,697
42,042
41,480
40,069
41,494
43,970
10,078
10,780
12,974
15,051
17,381
17,111
15,302
14,515
15,901
845
916
947
983
917
883
826
852
911
1.150
,294
,790
',170
1,567
1,094
L ,132
1,661
1,921
2,912
3,013
3,248
3,433
3,619
3,798
3,872
4,023
4,060
6,705
7,055
7,567
7,481
7,322
7,399
7,685
8,820
9,450
1,382
1,419
1,462
1,440
1,401
1,374
1,394
1,586
1,656
3,228
3,362
3,554
3,708
3,786
3,795
3,891
4,430
4,622
3,987
4,192
4,622
5,431
6,049
6,026
5,967
5,607
5,449
43,457
43,860
43,854
43,967
44,291
44,557
44,625
44,800
15,693
15,725
15,705
15,804
16,039
16,161
16,216
16,266
912
916
883
916
918
919
922
926
1,847
1,900
1,927
1,959
1,969
L.999
2,006
2,018
3,967
4,080
4,097
4,102
4,128
4,101
4,080
4,089
9,347
9,430
9,458
9,497
9,542
9,613
9,636
9,679
1,627
1,626
1,658
1,680
1,676
1,688
1,690
1,693
4,590
4,711
4,686
4,619
4,634
4,662
4,670
4,688
5,474
5,472
5,440
5,390
5,385
5,414
5,405
5,441
45,019
44,755
44,791
44,583
44,719
44,955
16,332
16,208
16,246
16,040
16,019
16,114
927
2,056
1,945
1,941
1,972
2,029
2,118
4,075
4,071
4,069
3,998
4,027
4,043
9,694
9,664
9,634
9,719
9,687
9,757
1,688
1,698
1,697
1,696
1,699
1,701
4,723
4,730
4,729
4,768
4,738
4,663
5,524
5,519
5,545
5,567
5,586
5,626
43,345
43,816
43,686
44,125
44,513
44,758
44,918
45,618
15,569
15,672
15,580
15,962
16,175
16,209
16,256
16,354
1,865
1,957
2,043
2,096
2,107
2,099
2,046
1,978
3,981
4,129
4,155
4,163
4,134
4,097
4,077
4,071
9,277
9,324
9,316
9,356
9,471
9,684
9,886
10,288
17643
1,650
1,675
1,688
1,668
1,671
1,673
1,676
4,590
4,711
4,686
4,619
4,634
4,662
4,670
4,688
5,510
5,454
5,341
5,318
5,403
5,414
5,387
5,638
44,603
44,279
44,600
44,298
44,609
44,913
16,267
16,183
16,269
15,945
15,893
16,058
1,871
1,731
1,805
1,933
2,049
2,182
4,020
4,019
4,032
3,977
4,041
4,092
9,622
9,520
9,598
9,574
9,615
9,648
1,680
1,690
1,697
1,704
1,716
1,727
4,723
4,730
4,729
4,768
4,738
4,663
J
5,498
5,492
5,546
5,577
5,624
5,607
SEASONALLY ADJUSTED
1947—May
June
July
Au crust
September
October
November
December
..
1948—January
Februarv
March
April
May
June
920
930
823
934
933
UNADJUSTED
1947—May
June
July
September
October
November
December
194g—January
February
March
April
May
June
910
919
890
923
921
922
923
925
922
914
924
820
933
936
'Includes Federal Force Account Construction.
NOTE.—Estimates include all f-ull- and part-time wage and salary workers in nonagricultural establishments employed during the pay period
ending nearest the 15th of the month. Proprietors, self-employed persons, domestic servants, and personnel of the armed forces are excluded.
June 1948 figures are preliminary. Back unadjusted data are available from the Bureau of Labor Statistics; seasonally adjusted figures beginning
January 1939 may be obtained from the Division of Research and Statistics.
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
Total
labor
force
Total
1940*
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
1947—June»
July
August
September
October
November
December
107,407
107,504
107,590
107,675
107,755
107,839
107,918
1948—January
February
March
April
May
June
107,979
108,050
108,124
108,173
108,262
108,346
Year or month
Employed
1
Unemployed
Not in the
labor force
Total
In nonagricultural industries
In
agriculture
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
8,120
5,560
2,660
1,070
670
1,040
2,270
2,142
44,200
43,990
42,230
39,100
38,590
40,230
45,550
45,850
64,007
64,035
63,017
62,130
62,219
61,510
60,870
62,609
62,664
61,665
60,784
60,892
60,216
59,590
60,055
60,079
59,569
58,872
59,204
58,595
57,947
49,678
50,013
50,594
50,145
50,583
50,609
50,985
10,377
10,066
8,975
8,727
8,622
7,985
6,962
2,555
2,584
2,096
1,912
1,687
1,621
1,643
43,399
43.469
44,573
45,544
45,535
46,330
47,047
60,455
61,004
61,005
61,760
61,660
64,740
59,214
59,778
59,769
60,524
60,422
63,479
57,149
57,139
57,329
58,330
58,660
61,296
50,089
50,368
50,482
50,883
50,800
51,899
7,060
6,771
6,847
7,448
7,861
9,396
2,065
2,639
2,440
2,193
1,761
2,184
47,524
47,046
47,119
46,414
46,602
43,605
1
8
1
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.
1000
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Nonresidential building
Residential
building
Total
1947
June
July
August
September
October
November
December
Year
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
January
February
March
April
May
615.2
682.0
689.8
873.9
970.8
935.2
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
276.5
351.6
369.8
355.3
1947
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
7,759.9
54.1
71.9
55.3
82.2
91.9
103.8
941.4
Year
1946 1947 1948 1946 1947 1948 1946 1947 1948
358
387
698
735
952
808
718
680
620
573
504
457
572
442
597
602
675
605
660
823
650
793
715
625
7,490 7,760
615
682
690
874
971
47
56
146
127
197
215
202
205
187
134
130
109
167
96
143
177
234
226
203
218
193
209
224
207
197
248
181
236
298
1,754 2,296
405
346
453
425
441
379
458
605
457
584
492
418
311
331
551
608
756
593
516
475
433
439
373
348
419
434
509
638
673
5,735 5,464
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Mortgages on
Title I Loans
Year or month
Total
489
684
950
1937
1938
1939.
1940
1941
1942.
1943.
1944
1945.
1946
1947.
1947- -June
1,017
1,172
1,137
935
875
666
755
July
August
September..
October
November..
December. .
1948- -January
February...
March
April
May
June
1,787
146
163
175
183
244
192
228
224
228
272
292
265
329
Property
improvement1
54
151
204
242
249
141
87
114
171
321
534
44
50
43
46
46
47
68
56
45
49
63
54
59
Small
home
construction
13
25
26
21
15
1
(8)
1
$(3)
1- to 4- Rental
and
family group
houses housing
(Title
(Title
ID
424
473
669
736
877
691
245
216
219
347
446
ID
11
48
51
13
13
6
7
4
3
War and
Veterans'
housing
(Title
VI)2
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
74.5
75.5
78.5
88.8
103.3
83.1
785.5
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
1947
58.7
37.8
50.3
55.4
83.8
63.5
391.9
1948
1947
1948
53.3
87.2
65.0
111.2
117.0
113.8
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
164.3
184.7
205.0
215.7
55.9
9.4
35.8
29.6
57.7
44.7
51.2
80.0
47.4
61.3
59.8
64.1
596.9
1,890.4
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
1948
Federal Reserve district
June
May
June
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
50,548
159,845
64,884
91,977
97,734
105,090
160,249
49,008
30,130
65,145
60,588
55,690
170,306
77,809
77,863
97,943
102,519
179,866
44,859
34,160
39,108
90,666
32,208
70,685
37,458
59,049
77,843
67,459
102,554
65,640
22,979
25,228
43,967
Total (11 districts)
935,198
970,789
605,070
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Total
SavCom- Mutual ings
and
mersav- loan
cial
ings
banks banks associations
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
365
771
1,199
1,793
2,409
228
430
634
902
1,162
8
27
38
71
130
56
110
149
192
224
41
118
212
342
542
5
32
77
153
201
27
53
90
133
150
1941—June
Dec
2,755
3,107
1,318
1,465
157
186
237
254
668
789
220
234
154
179
1942—June
Dec
3,491
3,620
1,623
1,669
219
236
940
272
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
Dec
2,860
2,871
1,386
1,379
245
244
229
232
889
899
8
7
102
110
End of month
13
284
603
537
272
85
808
39
39
37
41
48
39
48
48
45
53
51
53
63
74
95
96
150
106
112
120
137
170
177
158
72
197
1
Net proceeds to borrowers. 2 Mortgages insured under War
Housing Title VI through April 1946; figures thereafter represent
mainly mortgages insured under the Veterans' Housing Title VI
(approved May 22, 1946) but include a few refinanced mortgages
originally written under the War Housing Title VI. Beginning with
December 1947 figures include mortgages insured in connection with
sale of Government owned war housing, and beginning with February
1948 include insured loans to finance the manufacture of housing.
»Less than $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.
AUGUST
1947
1948
Public works
and public
utilities
Other
Public ownership Private ownership
Total
January....
February...
March
April
May
June
July
August
September. .
October....
November. .
December . .
Educational
1947
1948
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in millions of dollars]
Month
Commercial
Factories
Insur- Fedance
eral Other'
com- agenpanies 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.
1001
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports
1
Merchandise imports 8
Excess of exports
Month
1944
1945
January
February
March;
1,124
1,107
1,197
903
887
1,030
798
670
815
1,114
1,146
1,326
,092
,087
,141
301
314
358
334
325
365
394
318
385
531
437
445
P546
P582
P666
823
793
839
569
561
665
405
352
431
583
709
882
P546
April
May
June
1,231
1,455
1,296
1,005
1,135
870
757
851
878
1,295
1,414
Pl.235
,123
,103
361
386
332
366
372
360
406
393
382
512
474
P463
P527
P549
870
1,069
965
639
763
511
351
457
496
782
940
P772
P596
P554
July
August
September
1,197
1,191
1,194
893
737
514
826
883
643
Pl,155
Pi,112
294
304
282
356
360
335
431
422
377
P450
P400
P473
903
887
912
537
378
180
395
461
266
P705
P745
P639
1,144
1,185
938
455
639
736
537
986
1,097
Pl.235
Pl.138
Pl.114
329
323
336
344
322
297
394
478
529
P492
P455
P603
815
862
602
111
317
439
142
508
567
P684
P511
6,114
4,960
3,891
6,294
1,720
1,762
1,895
4,394
3,198
1,996
October
November
December..
..
Jan.-May
1946
1947
1948
1944
P1,145
P5,545
1945
1946
1947
1948
2,398 *2,87O
1944
1945
1946
1947
1948
P504
P475
P744
3,896 P2.675
P Preliminary.
1
Including both domestic and foreign merchandise. Beginning 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 75.8 million dollars (preliminary).
2
General imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
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;
and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS
RAILROADS
FREIGHT C A R L O A D I N G S BY CLASSES
[Index numbers, 1935-39 average = 100]
ForLive- est
Total Coal Coke Grain stock products
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
SEASONALLY
ADJUSTED
97
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
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
96
100
69
63
67
69
78
75
142
146
137
142
June
. . 137
134
July
143
August
September... 142
October
145
November... 147
December. . . 149
149
147
171
180
173
185
147 111
159 121
151 •10
•1
138 104
140 107
168 107
162
92
137 105
152 104
145 105
138
96
166
159
148
148
145
152
152
149
147
150
158
172
171
184
184
194
190
181
163
163
192
145
151
147
145
142
143
149
145
149
151
156
76
78
79
76
74
71
73
73
75
75
74
183
178
162
137
185
187
132
103
109
123
129
144
153
140
146
141
139
150
180
195
195
213
213
191
152
146
150
145
143
140
68
71
72
70
69
66
1947—February....
March . ..
April
May
1948—January
February....
IMarch
April
May
June
,.
UNADJUSTED
145
139
130
130
141
139
119
155
141 '174
115 170
146 184
153 180
156 192
160 195
155 191
155
150
98
105
163
153
84
76
79
105
96
86
[In millions of dollars]
Mis- MercelOre lane- chandise
ous l.c.l.
184
Total
Total
railway
railway
operating expenses
revenues
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
Net
railway
operating
income
Net
income
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
P8.685
3,406
3,614
4,348
5,982
7,695
8,331
8,047
7,009
P7.904
589
682
998
1,485
1,360
1,106
852
620
P781
93
189
500
902
873
667
450
289
P480
1947—February::
March
April
May
June
July
August
September.
October...
November.
December.
696
723
685
698
731
683
719
716
739
786
806
631
642
637
633
649
634
655
681
696
708
722
65
81
48
65
82
48
64
36
43
78
83
33
48
15
32
49
18
31
4
9
47
50
1948—January...
February..
March....
April
May
767
781
761
726
795
707
710
705
684
701
60
71
55
42
94
28
38
22
9
1947—February..
March. . . .
April
May
June
July
August
September.
October...
November.
December.
636
719
690
••725
697
705
745
727
794
755
807
592
645
631
649
637
644
664
679
718
690
727
44
74
••59
'77
60
61
81
48
76
66
80
1948—January...
February..
March
April
May
751
716
777
729
796
709
676
716
676
706
41
39
61
53
90
SEASONALLY
ADJUSTED
P61
UNADJUSTED
133
137
134
144
142
June
140
July
148
August..
September... 153
October
156
November... 150
1947—February
March
April
May
December. . . 139
1948—January
February....
March
April
..
May
June
133
129
122
128
143
144
149
147
119
155
141
115
146
153
156
160
155
155
150
98
105
163
153
188
195
201
144
146
133
121
143
202
175
153
152
142
130
88
95
98
94
87
87
87
139
161
133
92
159
159
148
154
151
153
160
161
155
147
141
43
50
157
267
286
311
284
272
235
163
60
136
143
145
146
146
145
150
157
163
158
147
74
79
80
76
73
71
73
77
78
77
71
192
188
163
134
183
183
132
101
100
108
113
147
81
61
62
94
86
74
137
135
146
141
145
156
45
49
57
212
277
296
139
137
142
143
144
144
65
69
73
70
69
66
182
182
169
183
170
165
177
178
•" Revised.
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.
1002
17
47
••36
46
38
37
51
20
49
43
6Q
19
18
35
27
P64
r
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=1001
Federal Reserve district
United
States
Year or month
Boston
New
York
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
235
261
249
237
234
236
211
248
243
249
251
246
239
225
248
241
••255
SALES'
106
114
133
150
168
187
207
264
1939
1940
1941.
1942....
1943
1944
1945....
1946
1947
'286
SEASONALLY ADJUSTED
1947—June
July'*i
.... ...
August
October
November
December
1948—January
'289
••287
r
284
'293
r
279
r
303
Phila- Clevedelphia land
San
Francisco*
Rich,
mond
Atlanta
Chicago
St.
Louis
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
284
281
273
290
271
296
309
317
301
282
303
297
310
322
365
336
352
361
348
383
394
278
281
266
290
266
298
293
299
320
307
337
308
339
337
'277
'306
268
271
287
276
281
277
'362
••334
257
258
266
265
280
277
298
307
323
320
335
334
378
376
368
360
415
389
'331
'352
'345
'340
'348
'361
286
306
317
321
355
359
368
390
394
271
281
274
289
289
291
307
318
343
340
286
267
278
283
306
306
292
307
337
336
'348
'327
'339
'362
'365
397
299
390
368
384
448
418
346
292
328
406
372
iO6
Minne- Kansas
Dallas
apolis
City
105
110
127
149
184
205
229
287
311
112
116
138
157
212
245
275
352
374
109
119
139
171
'204
r
224
r
248
'311
'336
..
....
••303
.
...
'285
r
286
r
285
r
305
••310
313
216
223
235
233
242
240
241
229
255
268
272
280
263
278
284
284
284
270
295
320
259
265
283
306
266
'220
232
231
238
267
278
307
270
269
'263
'282
164
176
248
234
306
419
171
179
244
253
323
408
185
193
266
280
370
460
220
237
293
290
371
479
215
233
322
324
394
542
269
310
368
372
460
619
219
224
296
284
364
455
249
264
340
330
428
516
217
242
311
304
335
424
307
250
277
336
336
392
505
288
327
387
396
507
633
'303
'282
'311
'345
'350
'421
'571
170
174
228
231
240
192
202
234
237
252
204
216
284
262
287
216
233
284
280
304
214
245
317
295
284
316
387
375
217
225
266
283
289
239
258
318
326
333
214
206
263
284
294
245
254
301
320
326
316
324
384
399
393
'281
'295
'326
^333
'339
241
246
266
288
333
290
311
277
301
345
338
106
April
May
June
'313
335
UNADJUSTED
1947—j u n e
July
August
. .
September..
October
November
.
....
I948—January
April
May
June
236
'300
'299
'376
••485
'225
'238
'285
••288
'300
289
r
311
294
'367
STOCKS *
102
99
97
96
99
107
107
103
102
103
99
108
131
179
155
162
166
213
255
1939
1940
1941
1942...
1943
1944
1945..
1946
1947
105
124
165
142
147
153
182
202
102
123
181
143
150
160
195
225
99
119
167
141
148
150
191
220
106
130
182
144
151
156
205
243
113
139
191
175
190
198
250
289
115
140
178
161
185
188
258
306
111
134
186
160
161
159
205
246
108
134
176
152
159
166
225
274
110
138
171
151
169
165
211
266
105
125
159
152
157
158
210
259
113
130
161
159
177
190
250
321
106
114
137
190
173
178
182
236
295
242
231
227
231
251
273
283
188
188
184
189
213
221
221
••214
212
205
206
210
231
238
245
231
217
219
222
238
268
272
270
265
261
252
281
310
323
280
270
273
282
300
337
344
232
226
221
225
245
259
264
267
247
250
246
274
290
297
256
254
241
246
251
281
306
'249
212
214
224
239
266
300
308
276
282
285
306
357
397
282
270
24S
257
287
319
342
SEASONALLY ADJUSTED
1947—June
July.. *
September
October
November
December
204
206
210
224
234
236
June
288
219
233
243
277
332
345
274
309
310
316
385
352
303
312
227
238
250
255
253
261
286
298
339
334
378
370
290
304
331
329
324
343
329
353
366
380
308
295
243
230
249
243
286
277
340
337
379
368
331
313
363
422
417
236
273
304
343
274
302
'333
326
325
315
212
257
251
293
289
424
420
283
194g—January
February
..
March
April
.
May
299
397
237
180
206
201
222
259
283
227
267
248
'249
298
232
245
256
283
295
243
181
195
206
239
249
201
193
215
227
253
263
211
195
214
231
263
262
208
217
236
246
274
283
225
268
294
283
320
329
269
278
295
311
336
354
289
222
236
250
275
285
238
257
273
273
307
310
250
259
255
265
279
303
268
236
240
251
272
284
246
299
318
319
345
382
333
287
286
273
290
318
338
280
252
278
302
307
296
277
199
214
233
233
226
204
205
232
254
251
247
227
211
246
261
270
243
266
287
295
280
262
283
320
333
342
330
291
311
352
370
376
357
346
236
264
294
293
289
269
265
298
319
331
313
302
282
309
345
347
273
296
317
315
309
299
346
377
399
409
396
386
310
321
353
372
350
332
r
264
377
337
327
UNADJUSTED
1947—June
July.::
August
October
November ....
December ....
1948—January
February
March
April
May
June
'259
238
'331
316
•• Revised.
* Sales index revised beginning 1940; back figures available from San Francisco 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 ba.ck years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
AUGUST
1948
1003
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change
from a year ago
(value)
Number of
stores
report-
Department
ivi a y
1948
GRAND TOTAL—entire store
MAIN STORE—total
Piece goods and household textiles
Piece goods
|"Silks, velvets, and synthetics
fc 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, drug sundries
Silverware and jewelry 4
Silverware and clocks
Costume jewelry4
.•
Fine jewelry and watches4
Art needlework
Books and stationery
Books and magazines
Stationery.,
Women's and misses' apparel and accessories
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 apparel
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
Coats4
Suits*
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' 4dresses
Inexpensive dresses
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
Houseffurnishings.
Furniture and bedding
Mattresses, 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 phonographs,4
Records, sheet music, and instruments4
Miscellaneous merchandise departments
Toys, games, sporting goods, and cameras
Toys and games
Sporting goods and cameras
Luggage
Candy*
357
- 1
f
357
0
313
290
185
156
175
307
276
240
243
-1
339
206
237
327
319
198
262
76
241
274
139
232
350
346
299
280
192
333
339
348
344
249
281
245
327
334
245
202
215
352
341
223
210
318
286
311
343
253
261
341
289
May
1948
+12
+12
+8
+9
+2
+4
+3
+3
+4
+2
-3
+8
+1
+2
+4
-2
0
+4
+5
+6
+4
+2
+1
-6
-5
+1
1
-5
-6
-4
-3
+ 17
2
+10
-l
f
-8
+3
—9
-2
-6
-4
-4
-4
-2
-4
-8
-4
+23
—4
+8
+3
-3
-8
-7
-8
-13
-4
+1
1
-1
-1
+2
-11
-11
0
—5
-4
-5
+4
+2
ij
+6
+9
+1
+6
+11
0
+3
+2
+4
+1
+8
-5
-2
-10
-2
+15
+1
+1
+4
-7
-6
+3
0
+1
0
+7
+7
+8
+5
+7
+ 12
+2
+13
+5
-3
+ 13
Q
C
244
248
245
242
157
230
174
142
+3
+6
+6
312
287
232
137
256
182
-4
-5
-11
-1
-3
-17
0
+8
+1
+7
-4
+9
-11
+6
-5
+ 15
+18
+20
+31
+21
+3
+17
+9
+21
+22
+21
+6
+9
+6
+ 10
+ 10
+10
-8
-6
-8
-7
-11
+ 10
+9
+ 15
+7
325
249
309
297
186
+4
+11
+13
-11
+ 10
+ 12
-3
-4
-2
+ 10
0
+ 14
99
298
+8
0
+37
+ 11
-1
-4
274
314
243
156
160
273
146
+10
-12
+22
-4
-4
+1
Index numbers
without seasonal adjustment
1941 average monthly sales=100 i
Sales during
period
May
1948
Five
mos.
1948
A/To i7
3
Stocks
end of
mo.)
Sales during
period
ing
Ratio of
stocks to
sales 1
0
c
-4
-2
+8
+11
+ 14
+11
+ 14
+ 17
—1
-1
+8
+9
+1
1
+5
+10
-3
—4
+2
2
-1
-7
+3
-1
-15
+9
+8
+1
+8
+ 12
-2
+20
+56
+8
+4
+ 13
+17
+17
+19
+ 17
+29
+27
+54
+ 10
+3
+ 18
+55
+ 12
+2
+ 10
+ 12
+13
+1
+8
-1
+ 15
+19
-14
1948
Stocks at end
of month
1947
1947
1948
1947
May
Apr.
May
May
Apr.
May
2.9
2.6
3.1
2.7
213
208
213
651
663
580
3.3
2.7
2.8
5.8
2.0
3.9
4.4
3.4
3.7
3.1
2.5
2.4
6.3
1.8
3.5
4.3
2.5
3.6
214
294
257
106
408
177
160
200
169
215
312
300
184
395
166
149
195
145
216
290
274
111
368
183
168
196
180
717
797
718
612
821
690
714
678
631
723
796
745
633
856
691
716
653
624
662
732
587
765
647
645
709
491
668
3.5
2.4
2.6
3.8
3.9
4.5
2.6
6.3
5.4
3.7
3.5
3.8
3.3
2.5
2.4
3.7
3.4
3.7
2.4
5.7
5.0
3.7
3.5
3.8
178
288
281
139
205
163
313
277
125
168
182
278
267
145
213
629
712
736
527
793
644
770
752
541
793
604
687
626
533
719
123
154
137
149
137
145
127
132
131
160
142
155
669
576
485
570
680
589
487
588
656
583
582
494
2.2
2.7
2.4
3.7
1.0
4.0
2.7
1.8
2.3
2.5
2.3
2.3
3.6
2.2
3.8
4.2
3 8
1.7
1.4
1.3
2.0
2.3
2.0
3.9
0.9
3.7
2.2
1.7
1.9
1.9
1.9
1.9
2.7
2.0
3.0
3.3
3 0
1.7
1.4
12
.
219
208
228
143
154
135
268
173
251
252
269
218
218
193
230
217
197
247
115
189
137
261
154
205
217
215
175
234
170
220
218
215
247
153
168
156
278
156
252
254
264
245
246
193
242
488
569
545
527
153
543
713
314
582
632
608
491
793
417
886
524
595
588
575
182
571
743
324
612
655
637
514
816
443
922
438
494
491
586
146
573
616
267
485
469
493
458
678
383
732
230
177
238
275
221
173
401
259
449
352
378
237
l.
'8
253
294
214
295
241
281
206
270
240
270
212
279
479
374
623
368
515
430
654
402
441
365
560
340
18
1.9
1.3
2.9
1.3
1.0
1.6
2.1
1.6
9.9
11.4
275
279
33
252
242
48
267
273
29
592
446
324
631
473
299
577
410
332
4.3
3.9
4.4
4.5
5.4
3.3
2.3
3.7
4.0
4.2
183
211
166
173
172
166
195
151
158
150
198
225
181
187
193
781
817
725
785
925
747
780
686
787
925
651
511
678
752
820
3.7
4.0
2 0
4.5
3.7
3 8
4 0
3.6
3.6
6.2
2.1
3.4
4.9
4.6
4 1
6.0
3.3
3.8
240
208
244
207
230
189
884
839
882
859
752
707
236
248
218
882
914
672
3.1
3.6
5.6
1.4
3.1
5.2
4.2
3.9
5.1
234
198
153
379
303
218
202
155
404
308
246
841
830
191
713
747
145
950
963
357
785
708
305 1,043 1,043
760
703
792
497
929
3.2
5.0
5.8
4.4
3.2
1.3
3.0
4.4
5.2
3.8
2.6
1.2
199
145
102
169
263
186
139
89
173
184
208
152
115
171
270
624
672
572
686
721
1.3
2.7
1.2
1.0
1.4
2.2
1.5
1 9
4 3
3.1
3.3
2 4
628
727
589
744
850
629
758
533
870
833
For footnotes see following page.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS—Continued
Per cent change
from a year ago
(value)
Number of
stores
reporting
Department
Ratio of
stocks to
sales *
Stocks
(end of
mo.)
Sales during
period
Index numbers
without seasonal adjustment
1941 average monthly sales=100 2
Sales during
period
May
BASEMENT STORE—total
Five
mos.
1948
May
1948
1948
+5
+3
+8
+14
+2
+ 12
+2
+7
+2
+10
+11
+12
+10
+15
+20
+7
—6
+13
+13
2.1
2.0
2.7
-
Women's and misses' ready-to-wear
1.6
1.9
1.1
1.0
2.0
2.2
2.8
+10
+12
+15
+15
+20
+30
+15
135
195
171
179
174
154
120
116
Coats and suits 4 . .
Dresses4
Blouses, skirts, and sportswear 4
Girls' wear4 4
Infants' wear
Housef urnishings
104
+4
+4
+3
+5
+1
-1
Shoes
132
-5
NONMERCHANDISE—total4
183
+3
Barber and beautv shoo^
129
-1
Men's and boys' wear
Men's wear4
Men's clothinc*
Men's furnishings
Boys' wear4
154
137
95
114
118
. .
4
1948
1947
2.5
197
Domestics and blankets 4
1947
1948
May
1948
Stocks at end
of month
+1
+13
+17
+10
+15
+18
+8
+8
+8
+8
+6
+9
+6
+3
1947
May
Apr.
May
May
Apr.
May
214
204
205
450
464
404
1.5
1.9
1.0
1.0
2.1
2.1
2.5
225
213
208
355
372
321
2.9
2.8
2.9
2.8
3.0
2.6
2.4
2.3
2.5
3.1
206
189
199
598
587
523
205
211
207
499
521
465
179
160
189
559
571
512
+8
2.4
+11
3.1
2.2
2.7
(6)
(6)
(6)
(5)
(6)
(6)
i 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.
* 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. 1003.
* Index numbers of sales and stocks for this department are not available for publication separately; the department, however, is included
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 = 100J
SALES, STOCKS, AND OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES 1
Without seasonal adjustment
Amount
(In millions of dollars)
194; r
1946
Year or month
Outstanding
orders
(end of
month)
Sales
(total
for
month)
Stocks
(end of
month)
average
average
.
average....
average
average
average
average.
average
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—June:
July
August . . .
September
October...
November.
December.
304
253
274
341
367
416
584
'765
732
789
823
912
941
770
'469
603
622
676
663
605
544
1948—January...
February.
March....
April
May
June
271
263
355
331
339
P337
789
878
941
938
919
P859
633
575
420
356
339
P464
1939
1940
1941
1942
1943
1944
1945
1946
1947
7...
14...
21...
28...
Oct. 5 . . .
12...
19...
26...
Nov. 2 . . .
9...
16...
23...
30...
Dec. 7 . . .
14...
21...
28...
Sept.
..264
..293
..280
..257
..277
..281
..295
..287
..277
..314
..342
..363
..334
..475
..519
..532
..281
1947
Jan.
...265
...291
...301
...316
...326
...304
...299
...306
...313
8 . . ...347
15.. . . . 3 8 0
22.. . . . 3 9 5
29.. . . . 3 6 7
Dec. 6 . ...508
13.. ...570
20.. ...576
27.. ...358
Sept. 6 . .
13..
20..
27..
Oct. 4 . .
11..
18..
25..
Nov. 1 . .
194*
Apr.
May
Jure
July
4 . : : ..188 Jan. 3 . : : . . 2 0 4
10.. : . . 2 5 1 Aug.
1 1 . . . . .232
17..' :.^232
223
18
24!; :!!226
2S\'.\ . .220
i
FV»h
31 *[\233
217
rcU. 8* *" 219 Feb.
240
7..
Mar.
1947
15111 !!246
2 2 . . . ..216
1 . . . ..238
...254 Mar.
..267
..286
..283
5 . . ..319 Apr.
12.. ..265
19.. ..271
2 6 . . ..267
3 . . ...279 M a y
10.. ..311
17.. ..273
24.. ..277
3 1 . . ..250
7 . . ...293 June
14.. ...300
2 1 . . ..256
2 8 . . ..245
5 . ...208 July
12.. ...228
19.. ...217
26.. . . . 2 1 3
2..
.220
9 . . .223 Aug.
16!! ! !225
23!. !..243
30.! !!.277
Mar. 8 . .
15..
22..
29..
1948
6 . . ..266
13.. ..279
20.. . . 3 1 3
27.. . . 3 3 1
3 . . ..280
10.. ..298
17.. ..294
24.. ...296
1 . . ..300
8 . . ..330
15.. ..293
22.. ..295
2 9 . . ..297
5 . . ...282
12.. . . . 3 0 4
19.. . . . 3 1 0
26.. . . ' 2 6 3
3 . . ..265
10.. ..217
17.. ..236
24.. ..231
31
7
14
21
28
14!! !!!238
21.. ...249
28.. . . . 2 4 8
r
r
9 Preliminary.
Revised.
»These figures are not estimates for all department stores in the
United States.
Back figures,—Division of Research and Statistics,
AUGUST 1948
Revised.
NOTE.—Revised series. For description and back figures see pp.
874-875 of BULLETIN for September 1944.
1005
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
June
May
Six
June May mos.
1948
Six
1948 1948 1948
June May
1948 1948
1948
+3 +8 Cleveland-cont,
United States. p+13
1
+ 18 +3
+8 -4
+ 2 Erie
Boston
1
+ 16 +4
-5
- 1 Pittsburgh
New Haven. .
Wheeling1
+ 15 +5
Portland
+ 13 r _ 7
+1
-5
Boston Area. .
+ 10
+2 Richmond...
0
+12
Downtown
J
+ 13 - 6
+ 11 r _ 4
+2 Washington .
Boston
-5
-1
— 1 +8 Baltimore....
Springfield.«... +20
+7 - 3
2
Worcester.:::.. + 10
+3 Raleigh, N. C
19
Providence.::..
+5 - 5 + 1 Winston-Salem. ++9 +1
Charleston^. C
-5
+2 +6 Greenville, S. C
Sew York...
+11
+ 1 +3
-1
-13
- 3 Lynchburg....
Bridgeport i .
+ 14 +3
Newark x . . .
+20 + 10
+ 11
+4 +6 Norfolk
Albany
+ 18 +5
+ 13
+ 1 +4 Richmond
Binghamton
+ 14
+ 11 - 6
+ 7 + 12 Roanoke
Buffalo J
Charleston,
+ 7 + 1 +9
W. Va
Elmira
+26 + 19
+ 13
+8 + 12
Niagara Falls... + 13
+2 +7 Huntington. . . . +23 +8
New York City1. + 11 + 1 +5
Poughkeepsie... + 13 +4 + 11 Atlanta
+13 +3
:
Rochester l...:. + 19
+ 15 + 11
+3 + 11 Birmingham .
Schenectady. . .
Mobile
+4 +5
+7 +7 +9
Syracuse 1 ..::..
+6 - 1 +5 Montgomery1 *. . +3 + 1
Utica..:.
Jacksonville . . .
+6 +4
+ 13
+2 +8
Miami 1
+ 10 + 1
+5 +11 Orlando
Philadelphia .. +16
+30 +25
J
Trenton 1
+22
+7 + 13 Tampa 1
+ 19 +5
Lancaster * 1
+ 17
+5 + 10 Atlanta
+ 12 +4
Philadelphia . . + 13
+3 +8 Augusta
1
+ 11 - 2
Reading
+ 16
+6 + 10 Columbus
+24 + 12
Wilkes-Barre1.. + 17
+5 + 10 Rome
-3
1
-1
York
+ 15
+3 +9 Macon 1
+3 - 6
+12
Cleveland
+3 +9 Savannah
+3 +24
l
Akron 1 1
+6 +6
+9
+5 + 7 Baton Rouge x .
Canton
+9 +6
+ 11 +7 +9 New Orleans .
l
l
Cincinnati . ... + 10
+9 +2
+ 1 + 7 Jackson
-6
Meridian
Cleveland»
-10
+ 11
+3 +9
x
Columbus . . .
+ 13
+8 + 11 Bristol, Tenn.. . + 11 - 9
1
-1
Springfield1.. .
+ 14
+4| Chattanooga .
+4
Toledo 1
+43 + 10
+7 +4 +9j Knoxville 1*
Youngstown x . . + 15
+20 +3
+3 + 10 Nashville
r
v Preliminary.
Revised.
1
Indexes for these cities may be obtained on request from the
2
Data not available.
3 Five months 1948.
Chicago 1
+ 13 Chicago . . .
1
+8 Peoria
x
+9 Fort Wayne 1.
Indianapolis l.
+ 5 Terre Haute .
+4 Des Moines..
1
+ 1 Detroit
1
+ 1 Flint
+5 Grand Rapids.
+ 1 Lansing
l
+9 Milwaukee l...
+8 Green Bay ...
+ 14 Madison
+8 St. Louis
+4 Fort Smith...
+ 16 Little Rock »..
Evansville. .
+ 15 Louisville 1... .
Quincy
+8 East St. Louis.
+ 13 St. Louis 1 . . . .
+ 14 St. Louis Area.
+6 Springfield....
+5 Memphis l. ...
+6
+28 Minneapolis. l
+9 Minneapolis ..
+8 St. Paul 1
- 1 Duluth+ 16 Superior 1.. .
+2
- 2 Kansas City ..
+9 Denver
+6 Pueblo
+ 11 Hutchinson. . .
+6 Topeka
- 4 Wichita
0 Kansas City...
0 Joplin
+ 16 St. Joseph
+6 Omaha
+12
+ 11
+ 13
+8
+8
+ 11
+ 18
+ 11
+ 10
+7
+ 13
+13
+ 15
+21
p+20
+1
+ 13
+30
P+13
+ 16
+22
+27
+26
+ 12
P+11
+9
+7
+9
+22
+1
-4
0
+5
+1
0
+13
+1
-2
+4
+5
+ 12
+ 10
+2
-1
+4
+20
+1
-2
0
+1
+1
+3
+3
0
+8
+8
+3
-13
p+11
+6
+6 +
+4
+24 +24
+ 15
+ 13
+ 11
. +13
+8
+ 12
+6
0
+9
+5
+1
0
+3
Six
June
May
Six
1948 1948
+8
+5
+8
+5
+3
+8
+16
+10
+6
+ 12
+7
+ 13
+ 15
+ 14
Kansas City—
cdnt.
Oklahoma City.
Tulsa
+ 18 + 6 + 12
+ 18 +20 + 18
Dallas
Shreveport...
Corpus Christi..
Dallas 1
Fort Worth
Houston 1
San Antonio
+17 +6 +12
+24 +21 +20
-4
0
+ 12
0
+6
+6
+ 16 +3 + 11
+33 + 18 +25
+ 18 +7 + 11
San Francisco.. p+16
+8
Phoenixx
+ 14 + 10
Tucson
+6 +5
Bakersfield *•
+23 +5
Fresno x
+ 16 +4
Long Beach xl.. + 11 +6
Los Angeles . . . P + 8
-1
Oakland and
+ 19 +3
Berkeley1
Riverside and
San Bernardino
+ Sacramento 1... ++8 - 1
+8
19
+5 San Diego 1. . J.. + 16 +7
+9
+7 San Francisco . + 12 +3
x
A
San Jose 1
+ 11
+8 Santa Rosa . . . + 15 +2
+4 Stockton
P+14
+3
+ 16 Vallejo and
+ 10 - 3
Napa 1
+8 Boise and
+4 + 1
+
Nampa
+4
P+12
+ 18 Portland
+3
3 +6 Salt Lake City». P + 1 4 +6
+ 10 Bellingham'
—3 - 1 5
1
—7
+ 10 Everett ...
+ 11
+ 10 Seattle 1. 1 ..
-1
+ 12
+7 Spokanel ..
-2
+13
+2 Tacoma 1. .
+8 - 2
+6 Yakima ..
P+16
+4
+9
+3
+8
+28
+11
+5
+20
+ 10
+ 10
+9
+ 11
+4
+ 16
+9
+8
+1
+ 10
+4
+ 13
+ 12
+4
+1
+7
+1
-2
+9
+7
-5
+1
+4
+3
+1
+6
Federal Reserve Bank in the district 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]
All items
Food
Apparel
Rent
Fuel,
electricity,
and ice
House
furnishings
Miscellaneous
1929
122.5
132.5
115.3
141.4
112.5
111.7
104.6
1933
92.4
84.1
87.9
100.7
100.0
84.2
98.4
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
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
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
104.0
110.9
115.8
121.3
124.1
128.8
139.9
1947—June
July
August. . .
September
October...
November
December.
1948—January...
February..
March
April
May
June
157.1
158.4
160.3
163.8
163.8
164.9
167.0
190.5
193.1
196.5
203.5
201.6
202.7
206.9
185.7
184.7
185.9
187.6
189.0
190.2
191.2
109.2
110.0
111.2
113.6
114.9
115.2
115.4
117.7
119.5
123.8
124.6
125.2
126.9
127.8
182.6
184.3
184.2
187.5
187.8
188.9
191.4
139.1
139.5
139.8
140.8
141.8
143.0
144.4
168.8
167.5
166.9
169.3
170.5
171.7
209.7
204.7
202.3
207.9
210.9
214.1
192.1
195.1
196.3
196.4
197.5
196.9
115.9
116.0
116.3
116.3
116.5
117.0
129.5
130.0
130.3
130.7
131.8
132.6
192.3
193.0
194.9
194.7
193.6
194.8
146.4
146.4
146.2
147.8
147.5
147.5
Year or month
Back figures.—Bureau of Labor Statistics, Department of Labor.
1006
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—February
March
April
.
May
June
July
August
September
October
November
December
1948—January
February
March
April
May
June
Week ending: 1
1948—May 1
May 8
May 15
May 22
May 29
June 5
June 12
June 19
June 26
July 3
July 10
Tuly 17
July 24
All
commodities
Farm
products
Foods
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
98.8
103.1
104.0
105.8
121.1
151.8
144.5
149.5
147.7
147.1
147.6
150.6
153.6
157.4
158 5
159.8
163.2
165.7
160.8
161.4
162.8
163.9
166.2
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
105.9
122.6
123.3
128.2
148.9
181.3
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
186.0
186.7
189.1
196.0
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
99.6
106.6
104.9
106.2
130.7
168.7
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
173.8
176.7
177.4
181.4
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
128.5
131.1
131.8
131.9
131.4
133.4
136.0
138.2
140.0
142.4
145.6
148.2
147.5
147.7
148.7
149.0
149.5
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
173.8
174.6
171.5
170.8
173.2
178.4
182.1
184.8
191.7
202.4
203.1
200.3
192.8
185.4
186.1
187.5
186.8
162.6
161.9
163.5
163.5
164.4
164.2
164 9
165.3
166.7
166.7
166.8
168.9
168.2
186.9
184.0
187.9
189.2
193.0
192.4
193.5
194.5
198.4
197.2
196.1
198.1
194.6
177.5
174.8
178.9
177.2
178.0
178.0
180.1
180.7
183.0
184.1
185.3
191.2
190.4
148.7
148.9
149.0
149.2
149.3
149.3
149.3
149.5
149.9
149.8
149.9
150.4
150.6
188.0
188.2
189.0
188.6
187.6
187.0
186.7
187.7
188.6
188.3
188.1
189.1
189.5
1947
Subgroups
Farm Products:
Grains
Livestock and poul t r v
Other farm produc ts
Foods:
Dairy products
Cereal products
Fruits and vegetab les
Meats
Other foods
Hides and Leather Products:
Shoes
-- Hides and skins...
Leather
Other leather prod nets.
Textile Products:
Clothing
Cotton goods
Hosiery and underwear . .
Silk
Rayon
Woolen and worsted goods.
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke...
Electricity
Gas
Petroleum product g
r
1926 = 100]
Other commodities
June
Total
Hides
Fuel Metals
Texti e
and
and
and
leather- prod
lighting metal
products> mate- products
rials
ucts
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. 4
98 4
100. 1
116. 3
140 9
138 0
139 6
139 2
138 9
138 9
139
140
142
143
5
8
0
0
144 7
147 6
147
148
149
150
150
6
4
8
3
149 6
148 1
148 2
148 1
148 6
149 S
149.2
148 8
148
149
148
148
148
5
1
1
1
0
148 1
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
78.5
80.8
83.0
84.0
90.1
108.7
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
130.9
131.6
132.6
133.1
132.6
133.0
133.4
133.7
133.8
133.8
133.8
134.0
134.0
134.1
134.7
135.8
136.5
ChemiBuild- cals and Housefuring
allied
nishmateproding
rials
ucts
goods
100.5
95.4
92.1
89.9
84.5
79.2
80.2
71.4
77.0
79.8
86.9
86.2
86.4
85.3
86.7
87.0
95.2
95.7
95.7
90.3
94.4
90.5
94.8
95.8
99.4 103.2
103.8 110.2
103.8 111.4
103 8 115.5
104.7 117.8
115.5 132.6
145.1
179.5
139 6 174.8
177.5
141.1
1 4 1 . 3 178.8
141 9 177 0
142 0 174.4
143.0
175.7
148 4 179.7
150.1
183.3
1 5 0 5 185 8
150 8 187.5
151.4
191.0
154.3
193.1
155.3 192.6
155.9 193.1
157.2 1 9 5 . 0
157.1 1 9 6 . 4
158.7 196.8
157.2
156.8
156.5
156.6
156.6
156.8
157.1
157.6
158.8
159.4
159.4
160.9
160.9
195.2
195.9
195.9
196.6
196.9
196.6
196 9
197.2
197.4
197.6
197.5
197.9
190.8
94 3
92 .7
84 .9
75 1
75 .8
81 .5
80 6
78. 7
81 7
82. 6
77. 0
76.
Apr.
May
^
95. c
94. 9
June
140 9
149.2
145.2
208.6
139.7
179.8
158.6
146.3
217.1
144.3
172.6
187.1
178 9
138.3
193.6 191.7 185.6 185.8
186.2 199.3 218.0 215.2
186 9 183 6 188 2 186 9
143.8 143.3 143.3 143.3
133.9
193.8
100.8
68.4
37.0
129.2
173 8
144.6 145.8
218.3 '219.2
105.4 105.4
46.4 46.4
40.7 40.7
145.2 147.5
174.7 170.0
145.8 145.2
213.1
105^4 105.3
46.4 46.4
40.7 40.7
147.5 147.5
174.0 183.1
112.7
145.6
157.3
' 64.4
85.8
87.5
124.e
177.9
190.£
65.7
88.7
121.8
125.6 127.2
181.8 182.6
205.4 206.6
124.6
178.9
197.5
66.1
89.1
121.8
176 6
156.3
147.0
233.2
144.2
89 .7
86 8
86
88 .5
94
10? 4
102 .7
95.
104
104 s
111 6
1 3 1 .1
95.
101. 4
127. 3
129.
132. 2
133. 2
127. 1
120.
118. 8
117. s
122. 3
128. 6
135. 8
135. 0
138.8
134.6
136.1
136. 2
134. 7
135. 7
128
129 .0
129
129 s
129 7
129 .8
129 Q
131 .3
132 4
S
139 4
141 .4
141 .8
14? 0
142 .3
14? 6
143 4
133. 7
133. 4
134. 4
135. 6
134. 8
135.
137. 1
136. 0
135. 5
135. 5
134. 5
134. 5
132. 9
144 .4
144 .6
144 7
144
144
145
US
7
7
1
1
145 .1
145 0
145 .0
145 .8
145 9
145 .9
181.3
155.1
147.6
241.3
148.1
89.3
122.1 122.1
Subgroups
Metals and Metal Products:
Agricultural mach. & equip.. .
Farm machinerv
Iron and steel.
Motor vehicles
Nonfprrous m^t als . .
Plumb ing and 1leating..
Building M aterials:
Brick imd tila.
Cemen t
Lumbe
Paint i•ind paint materia s.. .
Plumb iner and heating..
Structural stepl
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
..
Mixed fertilizer s
Oils anH fats
Housefurnishing Goods:
Furnishings
Furnit ure
Miscellanea us:
AutO tit"PS anH tubes
Cattle feed. . .
Paper and r>uln
Rubber, crude
Other miscellan eous....
June
121.3
121.3
121.2
121.4
121 0
121.0
120 9
121.1
121.2
121.1
120.3
119.4
119.2
176.8
175.1
177 7
178.6
180 8
180.9
181 6
182.7
185.2
184.3
184.2
186.4
184.6
157.9
157.6
159.0
158.7
159.1
158.6
159 3
159.5
160.5
160.9
161.1
163.4
163.1
1948
Mar.
Apr.
118.2
119.7
129.9
149.4
142 9
119.1
129.3
130 8
147.7
161.6
146 8
138.7
129 . 8
131
149 .4
161 .6
149 8
138 .7
134.7
114.3
266.1
159.6
119 1
127 7
145.1
151.6
127.4
303.8
156.7
138.7
155 8
161.8
118.7
156.1
101.8
96.8
139.2
137.2
128.6
Manufactured
products
82.6
97 5
94 5
77.7
84.3
88.0
69.8
65.6
77.0
64.4
55.1
70.3
62.5
56.5
70.5
69.7
68.6
78.2
68.3
82.2
77.1
70.5
82.0
79.9
77.8
87.2
84.8
73.3
72.0
82 2
74.8
70.2
80.4
77.3
71.9
81.6
82.0
89 1
83 5
89.7 100 6
98.6
92.2 112.1 100.1
93 6 113 2 100.8
94.7 116 8 101.8
100.3 134.7 116.1
114.3 165.6 145.4
110.9 154 9 139 7
115.3 163.2 143.3
115.7 160.1 141.9
116.1 158 6 141.7
112.7 160.2 141.7
113.0 165.3 144.0
112.7 167 0 147 6
115.9 170.8 151.6
117 1 175 1 151 1
118.8 175 5 152 3
121.5 182 0 154 7
123.5 183.9 157.6
119.9 174.9 154.5
120 8 174 7 155 8
121.8 175.5 1 5 7 . 6
121.5 177 6 1 5 8 . 5
121 A 182.6 159.6
1947
206.0 218.0 217.9 213.5 209.2
200 9 209 4 204.4 219 0 239.2
155.3 162.2 166.4 163.3 165.4
181 0
158.0
148.6
226.0
144.4
n
77.0
84.4
1948
Mar.
r
>
88.7
79.3
73.9
72. l
75. 3
79. 0
94.
Raw
materials
Miscellaneous
May
June
130.4
132 1
5
148. *
161/ 7
150 ()
143.: >
132.7
134 8
149.2
164.5
152 1
145.3
152 .5
127 .5
309 .2
1 5 8 .6
H8 7
152. iI
128..I
312.<?
158.< \
143 2
3
155 8 153 >
162 .2 163. I
153.3
128.8
313.2
158.7
145.3
153 3
163.5
125.<)
126.8
154.4 153 . 8 153. 3
115.(3
114.9 11 S
103.1 103 1 103. 2
205. 3
211.4
126.2
153.7
113.9
102.8
212.7
144.7 145 ? 145. 8 147.1
139.4 1 3 9 .6 1 3 9 . 6 139.9
62.5 63.4 63 4 6 3 . 4 63.4
253.3 284.2 296 .9 291. 1 292.4
167. 4 167.3
154.2 167.0 167
37 1 42.3 46 7 4 7 . 6 47.1
121.7 130.2 130 .2 129. 7 129.8
Revised.
Weekly figures not directly comparable with monthly data.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
AUGUST 1948
1007
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
Seasonally adjusted annual rates by quartere
Annual totals
1946
1948 r
Less: Capital consumption allowances
Indirect business tax and related liabilities.!
Business transfer payments
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation
adjustment
Contributions for social insurance
Excess of wage accruals over disbursements.
Plus: Government transfer payments
Net interest paid by government
Dividends
Business transfer payments
Equals: Personal income
Less: Personal tax and related payments
Federal
State and local
Equals: Disposal personal income
Less: Personal consumption expenditures
Equals: Personal saving
1939
103.8
Gross national product
1933
55.8
90.4 125.3 212.2 209.3 231.6 222.4 226.4 228.3 227.9 243.8
8.8
7.0
.6
-.1
7.2
7.1
.7
1.2
-.1
87.4
()
39.6
-2.0
.3
.0
1.5
1.2
2.1
.7
10.3
.2
.0
.9
1.0
5.8
.6
85.1
2.6
1.3
1.4
82.5
78.8
3.7
46.6
1.5
.5
1.0
45.2
46.3
-1.2
8.1
9.4
.5
.5
1941
1944
1947 '
1929
1946
11.8
17.5
.6
-1.0
1947 <
12.5
18.3
.6
-.9
13.3
18.1
.6
-2.7
13.4
18.4
.6
-5.4
246.0
14.0
18.9
.6
-3.3
i
-2
.9
.1
.7
.3
.5
.0
-A
72.5 103.8 182.4 179.3 202.5 192.0 197.3 199.3 200'. 6 212.8
-.3
215.5
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
11.9
14.0
.5
4.1
13.3
18.5
.6
-3.4
12.8
18.0
.6
-2.4
13.8
19.4
.6
-3.3
9.3
11.3
.5
.5
14.6 24.0 16.8 24.7 19.6 21.8 25.2 24.3 27.5
26.3
5.2
6.2
5.9
2.8
5.6
5.7
6.1
5.2
5.1
5.3
2
.0
.0
.0
.0
.0
.0
.0
.0
.0
3.1
10.8 11.1
2.6
9.7
9.9
10.1
13.6 10.6
10.9
4.5
4.4
2.8
4.5
4.4
4.4
4.5
4.5
1.3
4.6
4.7
5.6
5.9
6.4
6.7
6.9
6.9
7.1
4.5
7.3
.5
.6
.6
.6
.6
.6
.5
.6
.6
.6
95.3 164.5 178.1 195.2 187.3 190.9 189.6 196.7 203.1 207.3
18.9 21.6
3.3
19.7 21.2
21.7
18.9
21.4
23.2
22.2
2.0 17.5 17.2 19.7 17.9 19.3 19.4 19.8 20.2
21.1
1.7
1.3
2.0
1.4
1.9
1.9
2.0
2.0
1.8
2.1
92.0 145.6 159.2 173.6 167.6 169.7 168.2 175.0 180.9 184.1
82.3 110.4 147.4 164.8 157.0 158.1 164.2 165.6 171.1 172.3
9.8 34.2 11.8
8.8 10.6 11.6
4.1
9.4
9.7
11.8
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Annual totals
Compensation of employees
Wages and salaries9
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income *
Business and professional
Farm
Rental income of persons
Corporate profits and inventory valua
tion adjustment
Corporate profits before tax.
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1939
87.4
39.6
72.5 103.8 182.4 179.3 202.5 192.0 197.3
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
10.3
9.8
1.4
8.4
.5
6.5
-2.0
.2
.5
— .4
-2.1
5.0
5.8
6.5
1.5
5.0
-.7
4.2
6.8
4.5
3.5
1946'
1947'
1947 r
1933
14.7
1944
1946
1929
National income
1941
Seasonally adjusted annual rates by quarters
199.3
1948'
200.6 212.8
215.5
64.3 121.1 117.3 127.5 123.0 125.0 125.3 127.6 132.2
61.7 116.9 111.7 122.2 117.5 119.3 119.6 122.5 127.1
51.5 83.3 91.0 104.7 98.7 101.7 102.3 105.3 109.5
3.7
5.3
3.9
3.9
4.3
7.8
3.6
1.9 20.7
12.8 12.9 13.6 13.5 13.3 13.4 13.5 14.0
8.3
5.1
5.5
5.7
4.2
5.3
5.7
5.6
5.0
2.6
20.8 34.1 41.8 46.0 45.6 46.4 44.6 44 4 48.6
15.4 20.4 23.2 22.4 22.5 22.7 23.0 24.7
9.6
11.9 14.6 15.6 16.4 16.9 14.9 14.3 16.5
6.9
7.1
6.8
7.1
6.7
7.0
7.0
6.7
7.4
4.3
134.0
128.8
111.1
3.5
14.2
5.2
50.6
25.0
18.0
7.5
19.6
28.0
11.6
16.5
-8.5
3.8
26.3
31.4
12.2
19.2
-5.1
4.6
14.6
17.2
7.8
9.4
-2.6
4.1
24.0
24.3
13.5
10.8
-.3
3.1
16.8
21.8
9.0
12.8
-5.0
3.4
24.7
29.8
11.7
18.1
-5.1
4.3
21.8
28.9
11.4
17.5
-7.1
4.1
25.2
28.8
11.3
17.5
-3.6
4.2
24.3
29.1
11.4
17.7
-4.8
4.4
27.5
32.4
12.7
19.7
-4.9
4.5
r
Revised.
1
Less than 50 million dollars.
* Includes employee contributions to social insurance funds.
* 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
1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown
for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, for annual data for the period 1929-43, and
for quarterly data for 1939, 1940, and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; quarterly data for 1945 shown in that
issue of the BULLETIN have since been revised.
1008
FEDERAL RESERVE BULLETIN
GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME—Continued
[Estimates of the Department of Commerce. In billions of dollars]
GROSS NATIONAL PRODUCT OR EXPENDITURE
Seasonally adjusted annual rates by quarters
Annual totals
1947'
1946'
1948 r
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction *
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and
services
Federal
War
Nonwar
Less: Government sales 2
State and local
1933
1939
103.8
Gross national product
55.8
90.4
125.3 212.2 209.3 231.6 222.4 226.4 228.3 227.9 243.8 246.0
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
82.3 111.4 147.4 164.8 157.0 158.1 164.2 165.6 171.1 172.3
19.5
19.6 21.1 21.1 22.1 21.4
16.2 21.0
9.8
6.9
44.0 67.5 87.5 96.5 92.0 92.5 96.3 96.8 100.2 101.3
46.7 47.7 48.8 49.6
28.5 37.0 43.6 47.3 45.5 46.0
26.4 25.6 35.4 40.4
26.5 30.0 31.3 32.6
17.2
6.4
10.8 10.3 11.6 14.0 14.3
10.1
8.9
5.7
2.3
11.7
17.9 17.6 18.9 19.6
16.6
7.7
5.4 12.8 17.8 16.2
6.5
5.2 - 1 . 8 - 3 . 5
2.5
5.0
4.8
3.9 — 1.4
.6
8.4
10.2
3.9
5.1
8.2
8.8
4.7
8.9
1.1 - 2 . 1
8.5
1.3
8.0
2.0
2.0
(3)
5.9
13.1
5.2
1.3
3.9
(3)
7.9
1.3
()
7.2
1941
1944 r 1946 r 1947
1929
6.7
35.3
25.5
9.0
4.0
4.6
.4
.9
24.7
16.9
13.8
3.2
(3)
7.8
96.5
89.0
88.6
1.6
1.2
7.5
30.8
20.8
21.2
2.5
2.9
10.0
28.0
15.6
>16.9
1.3
12.3
29.0
17.9
16.0
3.6
1.7
11.1
26.9
15.6
[17.7
2.1
11.3
27.6
15.7
17.0
1.4
11.9
28.3
15.7
16.6
.9
12.6
29.0
15.5
16.3
13.5
29.4
16.0
17.3
1.3
13.4
PERSONAL INCOME
[Seasonally adjusted 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
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
164.5
170.3
178.1
195.2
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
114.8
115.2
109.8
120.1
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
111.7
122.2
21.5
18.5
14.3
15.5
14.4
12.5
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
46.1
54.6
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
31.2
35.0
10.5
11.5
13.8
15.1
10.2
16.1
26.9
33.5
35.5
20.7
17.4
1947—May
June r
July
August r .. .
Septemberr
October r. .r
Novemberr
December
188.6
192.4
193.2
190.8
206.2
200.0
201.4
207.7
117.0
119.6
119.4
120.1
121.9
122.7
125.5
127.4
119.1
121.7
121.4
122.2
123.9
124.7
127.3
129.4
52.9
54.0
53.6
54.3 >
55.4
55.9
57.4
59.2
33.9
35.0
35.2
35.4
36.0
36.0
37.1
37.4
15.1
15.3
15.5
15.3
15.2
15.2
15.2
15.2
1948—January..
February r
March7". . .
April r . . . .
Mayp
209.4
206.8
205.6
207.4
208.1
127.5
126.9
125.7
125.0
126.7
129.7
128.9
127.8
127.0
128.7
59.3
58.0
57.0
56.3
57.3
37.5
37.8
37.5
37.2
37.9
15.3
15.4
15.4
15.6
15.5
1929
1930
1931
1932.. .
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
.
1943
1944r
1945rr
1946
1947 r
. .
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
DiviProdends
Less emand
ployee
Other
prietors'
percontrilabor
and
sonal
butions income5 rental 6
income interest
for
social
income
insurance
19.7
15.7
11 8
13.3
12.6
11.1
7.4
7.2
8.7
9.1
8.2
8.6
8.6
Transfer
payments7
Nonagricultural
income8
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
6.2
2.1
.9
L.3
1.6
1.6
L.8
12.1
12.6
15.4
14.0
14 7
16.3
20.8
28.1
32.1
34.1
36.0
41.8
46.0
10.0
10.6
11.4
13.5
15.6
11.4
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
154.3
159.4
174.9
17.2
17.4
17.1
17.2
17.3
17.6
17.6
17.6
2.1
2.1
2.0
2.1
2.0
2.0
1.8
2.0
L.8
1.8
L.8
L.8
L.9
1.9
L.9
L.9
44.2
45.1
45.3
42.8
45.0
47.5
47.1
51.3
15.3
15.4
15.6
15.6
16.2
15.9
16.1
16.2
10.3
10.5
11.1
10.5
21.2
12.0
10.8
10.9
169.6
172.4
172.9
173.1
187.4
179.7
181.4
184.2
17.6
17.7
17.9
17.9
18.0
2.2
2.0
2.1
2.0
2.0
1.9
2.0
1.9
2.0
2.0
52.4
50.0
49.3
51.9
51.8
16.5
16.6
16.6
16.7
16.7
11.1
11.3
12.1
11.8
10.9
184.7
184.5
184.1
183.7
184.4
5.0
5.2
5.3
5.0
5.2
6.1
6.5
7.9
7.5
8.2
8 2
8.5
.1
.1
.2
.2
.2
.2
.2
.2
.6
.6
.6
.7
.8
1.2
1.8
2.2
2.3
2.0
.5
.5
.5
.4
.4
.4
.4
.5
.5
.5
.5
.6
.6
.7
10.1
10.3
8.7
9 2
9.4
9.9
9.7
1
P Preliminary. r Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
3
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.5 Such contributions are not available by industries.
Includes compensation for injuries, employer contributions to private pension and welfare funds, and other payments.
6
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 8as consumer bad debts and other business transfers.
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 1929-43, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown for the period 1944-47, see Survey of Current Business, July 1948. For a discussion of the revisions, for annual data for the period 1929-43,
and for quarterly data for 1939, 1940 and 1941, see also pp. 1105-1114 of the BULLETIN for September 1947; quarterly data for 1945 shown in
that issue of the BULLETIN have since been revised.
2
4
AUGUST 1948
1009
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
credit1
Total
Automobile
Other
Sale credit
Loans'
Singlepayment
loans*
Charge
accounts
Service
credit
7,628
3,158
2,515
1,318
1,197
643
2,125
1,749
596
3,912
1,588
1,122
459
663
466
776
1,081
467
7,481
7,055
7,982
9,131
9,878
6,461
5 315
5,754
6,613
10,134
13,423
3,961
3,603
4,437
5,433
5,903
2,931
1 ,938
2,012
2,340
3,944
6,189
2,752
2,313
2,792
3,450
3,744
1,491
1,368
1,343
1,525
1,721
1,802
1,009
,014
,688
1 ,209
1,290
1,645
1,983
2,159
1,440
1 124
1,177
1,437
2,386
3,350
1 504
I 442
1,468
I 488
1,601
L.369
1,558
2,839
1,384
970
1,267
1,729
1,942
482
175
200
227
544
1,151
,255
.520
2 262
2,702
1.459
1,487
1,544
1,650
1,764
1,513
I 498
1,758
1.981
3,054
3 612
557
523
533
560
610
648
687
729
772
874
920
1947—May.
June
. . . .
July
August
September. . .
October
November
December .
10,942
11,244
11,321
11,454
11,708
12,084
12,671
13,423
4,747
4,933
5,063
5,198
5,314
5,490
5,765
6,189
1,928
2,036
2,092
2,167
2,257
2,370
2,551
2,839
816
880
922
1,004
1,047
1,099
1,151
,112
,156
,170
,202
,253
,323
,452
,688
2,819
2,897
2,971
3,031
3,057
3,120
3,214
3,350
2,460
2 508
2 ,549
2,581
2,609
2,647
2,680
2,702
2,835
2,887
2,786
2,755
2,864
3,029
3,309
3,612
900
916
923
920
921
918
917
920
1948—January
February
M!arch .
April
Mayp
June**
13,096
12,978
13,423
13,627
13,818
14,149
6,219
6,284
6,533
6,769
6,963
7,192
2,818
2,835
2,986
3,137
3,258
3,399
1,202
1,254
1,367
.468
1,536
1,631
,616
,581
,619
,669
.722
,768
3,401
3,449
3,547
3,632
3,705
3,793
2,713
2,705
2,689
2,665
2,660
2,662
3,240
3,061
3 275
3,259
3,263
3,364
924
928
926
934
932
931
1933
,
1937
1938 .
1939
1940
1941
1942
1943 . .
1944
1945
1946 . . . .
1947.. .
. . .
. .
.
814
835
903
965
639
635
676
192
P Preliminary.
Revised. See footnotes 2 and 3.
Includes repair and modernization loans insured by Federal Housing Administration. Totals revised to include new estimates of instalment3 loans of commercial banks and credit unions. For description and back figures see pp. 933-937 of this BULLETIN.
Revised beginning July 1947 to adjust estimates of single-payment loans at commercial banks to recent call report data.
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
1
1
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total*
Commercial
banks 2
Small
loan
companies
Industrial
banks'
Industrial
loan
companies*
Loans made by principal lending institutions
(during period)
Credit
unions1
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial
2
ization banks
loans4
Small
loan
companies
Industrial
banks3
Industrial
Credit
loan
unions1
companies"
643
43
263
219
23
95
463
413
38
466
29
246
121
20
50
322
202
32
1 209
1 290
1,645
1 983
2 159
1,440
1 124
1,177
1 437
2,386
3,350
258
312
523
692
784
426
316
357
477
956
S3
103
135
174
200
130
104
100
103
153
225
125
117
96
99
102
91
86
1,435
374
380
448
498
531
417
364
384
439
608
712
88
93
110
120
2,819
1947—May
2 897
June
July
2,971
3,031
August...
September.. 3.057
3,120
October...
3,214
November.
3,350
December
1,211
1,248
1,278
1,307
1,320
1,350
1,383
1,435
177
186
113
113
194
114
3,401
3,449
3,547
3,632
3,705
3,793
1,462
1,483
1,530
1,570
1,597
1,634
1929
1933
1937 .
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
.
1948—January....
February...
March
April
Mayp
June?
129
131
132
134
89
67
68
76
117
166
633
638
138
143
649
148
652
643
647
670
712
152
154
157
162
166
717
721
733
739
165
167
173
180
748
758
189
194
221
95
99
104
107
72
59
60
70
98
134
116
119
121
124
125
127
130
134
137
140
143
146
147
150
200
204
208
215
225
114
114
114
116
120
227
230
241
252
121
121
123
123
260
274
124
125
148
154
213
284
301
215
128
120
179
344
558
431
450
467
482
497
517
538
558
572
587
604
622
640
658
368
460
680
1,017
1,198
792
639
749
942
1,703
2,636
219
222
227
213
216
228
233
267
247
221
286
269
258
274
662
664
827
912
975
784
800
869
956
1,251
1,454
238
261
255
255
182
151
155
166
231
310
115
117
123
113
107
121
142
191
24
26
29
25
27
28
27
33
24
24
23
22
24
23
25
30
36
37
110
107
140
121
123
127
27
25
32
31
31
37
26
25
29
27
25
28
38
38
48
50
409
176
194
198
203
146
128
139
151
210
282
150
176
237
297
344
236
201
198
199
286
428
38
36
35
39
39
46
47
55
x
P Preliminary.
Revised. For description and back figures see pp. 933-937 of this BULLETIN.
Figures include only personal instalment cash loans and retail automobile 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 June amounted to 110 million dollars, and
loans made during June were 15 million.
• 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.
* Includes only loans insured by Federal Housing Administration.
2
1010
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
End of
year or
month
Total,
excludng automobile
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
Jewelry
stores
All
other
retail
stores
1,197
160
583
265
56
133
1933
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
1,802
1,009
639
635
676
1,014
1.688
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
May
June..
July
August....
September.
October. . .
November.
December.
1,112
1,156
1,170
1,202
1,253
1,323
1,452
1,688
409
423
429
440
462
495
555
650
382
395
398
408
423
443
474
528
32
37
39
41
43
46
49
52
114
119
120
124
128
131
145
192
175
182
184
189
197
208
229
266
1948
January...
February..
March....
April
Mayp
June?
1,616
1,581
1,619
1,669
1,722
1,768
632
624
653
680
703
721
502
492
497
511
528
542
52
52
54
60
65
68
176
164
160
155
155
158
254
249
255
263
271
279
1929 . .
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instalment paper *
Year and month
Total
Repair Personal
instaland
modern- ment
cash
ization 3
a
loans
loans
Automobile
Other
17.2
28.3
43.3
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
1947—May
June
,
July
August
September.
October...
November.
December.
191.4
199.2
206.7
212.6
215.5
221.0
227.9
233.5
38.6
40.6
42.8
44.9
46.3
48.1
49.6
50.0
21.8
23.1
24.3
25.3
26.0
27.0
28.5
30.2
1948—January..
February..
March....
April
May.
JuneP
231.8
234.6
242.3
253.3
265.1
271.6
49.0
50.3
53.4
56.8
59.0
61.4
Volume extended
during month:
1947—May
June
July
August...
September
October...
November.
December.
32.8
33.8
36.5
33.2
34.8
36.2
34.5
39.8
1948—January..
February..
March....
April
May v. . . .
June?
33.7
31.5
41.9
42.0
40.8
44.2
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT i
[Estimates. In millions of dollars]
Other
retail,
purchased
Pur- Direct and
:hased loans direct
Automobile
retail
Year or month
Outstanding at end of
period:
1945
1946
1947
1947—May
June
July
August
September...
October
November...
December...
1948—Januaiy
February
March
April
Mayp
JuneP
Volume extended during month:
1947—May
June
July
August
September.
October
November.
December.
1948—January...
February..
March
April
Mayp
Total
742
1,591
2,701
2,084
2,192
2,273
2,348
2,416
2,499
2,588
2,701
2,788
2,826
2,932
3,057
3,137
3,231
64
165
346
252
274
286
298
313
322
337
346
358
372
402
430
448
471
Repair
and
modernization
loans2 3
Personal
instalment
cash
loans
457
398
504
521
487
525
100
275
523
124
273
500
315
572
796
380
407
424
433
444
462
486
523
337
361
383
408
438
465
483
500
692
711
724
739
744
758
769
796
567
570
592
629
647
665
504
507
518
539
555
571
802
807
819
831
839
856
83
82
84
79
81
86
94
103
98
89
116
111
109
109
384
406
396
375
401
423
421
484
139
306
536
423
439
456
470
477
492
513
536
557
570
601
628
648
668
80
96
79
73
78
89
91
115
41
44
42
45
55
54
43
47
122
125
129
120
121
126
124
149
118
90
102
123
112
129
36
35
44
52
49
51
134
117
153
143
137
150
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Retail instalment paper 8
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization
cash
13
loans
loans
63.3
89.1
110.0
Outstanding at end
of period:
1945
1946
1947
76.7
108.4
148.2
11.0
15.0
27.1
4.0
7.4
17.1
1.5
2.4
4.2
60.2
83.6
99.8
33.1
35.0
36.9
38.4
39.4
41.2
42.5
43.3
97.9
100.5
102.7
104.0
103.8
104.7
107.3
110.0
1947-May
June
July
August . . .
September.
October...
November.
December.
128.5
131.3
134.0
137.8
138.4
141.1
144.8
148.2
20.6
21.7
22.4
23.6
24.3
25.3
26.3
27.1
10.8
11.8
12.8
13.4
14.1
14.7
15.9
17.1
3.0
3.2
3.4
3.6
3.8
4.0
4.2
4.2
94.1
94.6
95.4
97.2
96.2
97.1
98.4
99.8
31.0
31.4
32.8
35.7
38.0
40.1
43.5
44.0
44.8
46.7
48.3
48.8
108.3
108.9
111.3
114.1
119.8
121.3
1948—January . .
February..
March....
April
Mayp. . . .
J
151.7
154.6
158.2
161.8
163.1
165.9
28.0
28.7
29.9
31.1
31.9
33.2
17.7
18.0
19.0
20.1
20.5
21.1
4.2
4.2
4.3
4.4
4.5
4.5
101.8
103.7
105.0
106.2
106.2
107.1
7.5
7.5
8.2
8.1
8.8
8.8
8.3
8.6
4.3
4.3
4.4
4.2
4.1
4.7
4.9
5.8
3.7
3.9
4.0
3.6
3.7
4.3
3.4
3.5
17.3
18.1
19.9
17.3
18.2
18.4
17.9
21.9
26.9
27.3
26.4
25.6
27.1
27.1
28.1
31.4
4.7
4.8
5.1
5.1
5.2
5.5
5.2
5.2
2.4
2.7
2.9
2.7
3.0
3.3
3.3
3.7
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.3
19.3
19.3
17.9
17.3
18.4
17.8
19.1
22.2
8.6
8.0
11.2
11.3
10.1
10.5
4.6
4.4
6.0
6.4
6.8
7.4
2.7
2.8
3.7
4.4
4.2
3.4
17.8
16.3
21.0
19.9
19.7
22.9
28.3
26.6
32.1
30.5
27.7
30.7
5.7
5.3
6.9
6.9
5.7
7.1
2.8
2.8
3.4
3.8
3.7
3.5
0.3
0.3
0.4
0.4
0.4
0.4
19.5
18.2
21.4
19.4
17.9
19.7
Volume extended
during month:
1947—May
June
July
August . . .
September
October...
November.
December.
1948—January. .
February..
March....
April
Mayp. . . .
J
p Preliminary.
* Revised January 1947 to date. For description and back figures see pp. 933-937 of this BULLETIN.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
* Includes both direct loans and paper purchased.
8
AUGUST
1948
1011
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
June
1948?
May
1948
Apr.
1948
June
1948?
2
-3
+7
+5
+7
+9
+ 13
-8
0
-2
+4
+4
+2
+2
Accounts receivable, end
of month:
Total
Instalment
+2
+2
+4
+2
+3
+1
+46
+48
+43
+47
+46
+47
Collections during
month:
Total
Instalment .
+1
+2
+2
+1
+3
+8
+ 18
+28
+11
+14
+ 16
+21
Inventories, end of
month, at retail value.
-3
-3
0
+ 16
*+16
+ 16
Preliminary
• Revised.
Net sales:
Total
Cash sales . .
Credit sales:
Instalment
Charge a c c o u n t . . . . .
+24
+5
Year and month
+5
'+13
r_9
+ 16 +26
+6
+1
-13
Household ap- Jewelry Department
pliance
stores
stores
stores
Department
stores
Furniture
stores
1947
May
June
July
August
September . .
October
,
November.. .
December...
30
28
28
28
31
31
30
29
24
23
22
22
24
23
23
20
44
45
41
39
39
40
39
39
26
24
23
23
25
23
24
31
56
54
53
51
53
57
55
54
1948
January
February....
March
April
May
June*3.......
24
23
27
25
24
24
18
17
19
19
19
20
36
32
35
33
34
32
19
18
20
20
20
20
53
49
53
'•52
52
52
Apr.
1948
May
1948
Charge
accounts
Instalment accounts
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 aver age =100
Accounts receivable
at end of month
Sales during month
Year and month
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
9
6
43
38
34
32
32
37
39
Total
1941
1942
1943
1944
1945
1946
1947
1947—May
July...
August
. .
September . . ~....
October
November
December
1948—January
February... . . .
March
April
May
•
.
June p
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
114
130
145
162
202
214
average
average
average
average
average
average
average
Cash
100
131
165
188
211
242
100
82
71
'65
'67
101
100
102
103
154
'200
100
78
46
38
37
50
100
91
79
84
94
138
174
100
103
80
70
69
91
133
100
110
107
112
127
168
198
55
6
••216
195
'161
174
217
'235
266
'373
241
139
'124
'115
'132
'202
'182
'143
81
167
127
'197
55
6
82
83
84
87
95
111
136
165
146
145
122
'125
193
190
162
167
203
55
57
56
54
53
53
54
6
6
6
6
7
7
7
54
7
«"174
168
'226
'213
218
217
237
218
184
196
236
251
285
157
180
224
'112
'125
176
157
'208
'226
253
'
'351
88
'263
123
138
147
152
'170
'214
174
299
176
'166
181
204
'408
'282
'189
177
235
'•220
228
'142
'142
196
'191
186
'164
'162
'222
'208
213
124
129
131
134
'205
181
190
192
193
229
178
212
136
193
127
160
177
171
172
235
217
207
211
'213
217
48
56
61
64
64
59
53
52
51
52
52
5
4
4
4
7
7
8
7
7
39
39
37
38
40
40
40
39
39
40
41
41
41
41
P Preliminary.
' Revised.
NOTB.—Data based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 1003.
1012
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS •
Chart
book
page
1948
June
30
July
July
July
21
July
28i
RESERVES AND CURRENCY
Reserve Bank credit, t o t a l . . . . 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
21.90
21.37
8.58
4.62
1.97
6.21
23.53
27.90
3.26
17.39
16.65
22.24
21.54
8.49
4.88
1.96
6.21
23.58
28.14
3.18
17.58
16.58
.74 1.00
.79
.03
.01
.23
.53
.83
.02
.01
.26
.55
22.14
21.52
8.31
4.93
1.96
6.32
23.59
27.96
3.19
17.63
16.69
21.89
21.33
7.96
4.96
1.96
6.45
23.65
27.86
3.20
17.50
P16.66
.94 P.84
.92
.03
.01
.27
.61
P.84
.02
.01
.22
P.
60
62.64
34.67
25.88
4.67
2.41
1.70
4.24
46.41
1.34
23.74
14.34
3.83
62.61
34.43
25.91
4.54
2.39
1.59
4.24
46.24
1.15
23.93
14.40
3.83
62.86
34.66
25.94
4.50
2.45
1.76
4.30
46.43
1.27
23.90
14.48
3.84
63.18
34.88
25.95
4.44
2.48
2.00
4.32
46.73
1.36
23.98
14.50
3.84
1.93
1.89
1.82
1.80
.95
.98
.94
.94
.86
.96
.75
3.88
4.05
4.01
1.04
4.08
21.72 Stock prices (1935-39 = 100):
21.21 Total
7.73
Industrial
4.96
Railroad
1.95 Public utility
6.56 Volume of trading (mill, shares)
23.67
27.82
3.15
BUSINESS CONDITIONS
17.53
16.70 Wholesale prices:
P. 84
Indexes (1926 = 100):
Total
P.76
Farm products
.02
Other than farm and foods.
Selected farm products:
.19
Wheat (cents per bushel).
Corn (cents per bushel)..
P.55
Cotton (cents per pound).
Hogs (dollars per 100
pounds)
Butter (cents per pound).
63.08
Eggs (cents per dozen)...
34.87 'roduction:
25.93 Steel (% of capacity)
4.42 Automobile (thous. cars)
2.47
Paperboard (thous. tons)...
2.04
Crude petroleum (thous.
4.35
bbls.)
46.84 Electric power (mill. kw.
1.34
hrs.)
23.86 Basic commodity prices
14.49
(Aug. 1939 = 100)
3.86 Total freight carloadings
(thous. cars)
1.73 Department store sales
.7:
(1935-39 = 100)
1.01
4.02
July
14
July
July
21
July
281
In unit indicated
.67
.92
.49
.60
.90
.51
.70
.87
.52
.88
15.29
15.07
15.14
15.34
.34
.28
.31
.37
4.00
1.59
7.44
5.20
4.07
1.57
7.48
5.19
4.12
1.59
7.42
5.20
3.95
1.60
7.44
5.18
.61
.34
.24
.60
.33
.24
.52
.34
.24
.42
.41
.24
1.12
1.19
1.21
1.28
.97
• .50
43.99
24.54
17.90
3.70
1.91
1.03
31.13
1.01
6.17
13.38
16.30
9.14
3.67
44.06 44.24 44.39
24.45 24.60 24.68
17.94 18.00 18.03
3.62 3.60 3.58
1.96
1.94
1.90
.99 1.05 1.11
31.18 31.28 31.39
.87
.96
.99
6.50 6.18
6.32
13.35 13.35 13.34
16.46 16.49 16.53
9.32
9.21
9.29
3.68 3.68 3.68
.73
.72
.72
.72
2.92
3.01
2.96
2.96
Per cent per annum
.997
1.09
1.54
1 .97
2.44
1.25
1.38
1.06
997 .997
.10 1.10
1.55 1.55
.96 1.94
>.44 2.44
L .25 1.25
,38 1.38
L.06 1.06
.997
1.10
1.57
1.96
2.44
1.25
1.38
1.06
2.79
3.35
2.77
2.80
3.35
2.78
2.82
3.38
2.81
2.80
3.36
2.78
40
40
40
40
40
134
141
126
100
.95
134
141
127
100
1.06
135
142
130
100
1.44
130
137
122
98
.90
129
136
120
98
1.38
73 166.7 166.8 168.9 168.2 168.3
73 197.2 196.1 198.1 194.6 192.2
73 149.8 149.9 150.4 150.6 152.1
78 223.7 219.8 217.2 216.5 213.8
78 227.1 209.7 215.8 212.5 209.3
78 35.9 35.0 34.1 33.5 33.0
78 28.60 29.25 29.48 29.33 29.70
78 79.8 80.1 81.2 77.2 77.1
78 41.9 42.0 43.0 42.9 42.3
80
80
81
95.2
112
172
90.3
99
108
90.8
121
158
93.1
113
179
93.1
119
175
81 5,484 5,480 5,444 5,448 5,455
82 5,166 4,760 5,197 5,342 5,352
82 329.0 327.5 328.3 322.4 322.1
83
757
756
893
883
894
83
265
217
236
231
234
1948
18.66 18.54 18.61 18.78 18.66
10.13 9.98 10.06 10.20 10.20
7.91
7.92
7.99 7.97 7.94
MONEY RATES, ETC.
U. S. Govt. securities:
Bills (new issues)
34, 35
Certificates
34, 35
3-5 years
34
7-9 years
34
15 years or more
34, 36
F. R. Bank discount rate
35
Commercial paper
35
Bankers' acceptances
35
Corporate bonds:
Aaa
36
Baa
36
High-grade (Treas. series)... 36
June
30
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
18
Notes
18
Bills
18
Other securities
20
Demand deposits adjusted. . 16
U. S. Govt. deposits
16
Loans, total 4 4
16
Commercial
20
4
Real estate
20
For purchasing securities:
Total*
20
U. S. Govt. securities *.. 20
Other securities 4
20
Other*
20
New York City banks:
Loans and investments
17
U.S. Govt. securities, total.. 17
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 4 4
17
Commercial
21
For purchasing securities:
To brokers:
On U. S. Govts 4 4 21
On other securities .. 21
To others4
21
Allother 4
21
Banks outside New York City:
Loans and investments
17
U.S. Govt. securities, total.. 17
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 4 4
17
Commercial
21
Real estate 4
21
For purchasing securities 4 21
Allother*
21
1948
WEEKLY FIGURES2—Cont.
{In billions of dollars)
WEEKLY FIGURES'
Chart
book
page
.88
.52
.89
MONTHLY FIGURES
15.28
.36
RESERVES AND CURRENCY
3.9'
1.59 Reserve Bank credit
7.31 Gold stock
5.19 Money in circulation
Treasury cash
Treasury deposits
.38 Member bank reserves:
.31 Total
4, 7, 1
.2.
Central reserve city banks... 1
1.2
Reserve city banks
1
Country banks
1
44.43 Required reserves:
24.67 Total
18.02
Country banks
1
3.5- Excess reserves:
1.95
Total
4,
1.15
New York City
31.56
Chicago
.98
Reserve city banks
6.0(
Country banks
13.32 Money in circulation, total. . .
16.5.
Bills of $50 and over
9.3C
$10 and $20 bills
3.7C
Coins, $1, $2, and $5 bills....
.73
2.98 ALL BANKS IN THE UNITED STATES
Deposits and currency:*
Total*
Excluding U. S. Govt.
deposits*
Demand deposits adjusted*...
Time deposits adjusted*
"Currency outside banks*
U. S. Govt. deposits*
.997
1.10
1.59
1.99
2.4<
1.25
ALL COMMERCIAL BANKS
1.38
1.06 Cash assets*
Loans and investments, total*
2.82
Loans*
3.39
U. S. Govt. securities*
2.
Other securities*
Apr.
May
June 1
In billions of dollars
21.10
23.15
27.77
1.32
1.22
21.04
23.24
27.75
1.32
1.42
21.50
23.46
27.85
fil.32
1.49
16.93
5.57
6.47
4.88
16.93
5.57
6.50
4.87
17.40
5.94
6.53
4.92
16.12
4.35
16.19
4.35
16.54
4.37
.81
.04
.01
.23
.53
27.72
8.57
14.72
4.43
.74
.02
.01
.20
.51
27.81
8.56
14.78
4.48
.85
.04
.01
.24
.56
27.90
8.58
14.82
4.50
10 *167.80 P168.00
P168.10
10 P165.30 v165.60
10 *83.00 P83.20
10 P56.90 P57.OO
10 P25.40 P25.40
10
J»2.40
*2.50
P165.90
P83.00
P57.3O
P25.60
P2.20
11 »33.00 P32.60
11 P114.30 P114.50
11 P38.80 P39.40
11 P66.30 P65.90
11
P9.20
P9.20
P34.40
P113.7O
P39.7O
P64.80
P9.20
For footnotes see p. 1016.
AUGUST 1948
1013
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
Apr.
May
June
In billions of dollars
MONTHLY FIGURES—Cont.
MEMBER BANKS
14
14
14
14
14
14
14
14
95.85
33.02
55.38
7.45
70.04
28.62
10.46
5.14
96.05
33.61
55.06
7.38
70.25
28.62
10.32
5.10
14
14
14
14
14
14
14
24.16
8.73
13.82
1.61
19.41
2.46
4.96
24.20
9.14
13.58
1.48
19.42
2.49
4.89
15
15
15
15
15
15
15
15
35.04
13.34
19.29
2.41
24.41
11.30
4.66
1.73
35.07
13.39
19.25
2 A3
24.48
11.27
4.63
1.71
15
15
15
15
15
15
15
36.65
10.95
22.28
3.43
26.22
14.86
3.23
CONSUMER CREDIT*
22
22
22
22
22, 23
23
23
23
23
1948
Apr.
May
June 1
In billions of dollars
MONTHLY FIGURES—Gont.
TREASURY FINANCE
All member 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
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due to banks
Reserve city banks:
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 banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted*
Time deposits
Balances due from banks
Consumer credit, total 5 5
Single-payment loans
Charge accounts
Service credit
Instalment credit, total 5
Instalment loans 5
Instalment sale credit, total
Automobile
Other
Chart
book
page
1
Cont.
95.44
33.88 Ownership of U. S. Govt. securities—Cont.
54.15
Marketable public issues—Cont.
7.41
By earliest callable or due date:
70.00
Within 1 year-Total outstanding 31
28.85
Commercial bank and F. R.
10.62
Bank
31
5.27
F. R. Bank
31
1-5 years—Total outstanding.
31
23.76
Commercial bank and F. R.*
9.26
Bank
31
13.03
F. R. Bank
31
1.47
5-10 years—Total outstanding
31
19.10
Commercial bank and F. R.
2.64
Bank
31
5.01
F. R. Bank
31
Over 10 years-Total outstanding 31
35.09
Nonbank (unrestricted
13.38
issues only), commercial
19.24
bank, and F. R. Bank. . . .
31
2.46
Commercial bank and F. R.
24.35
Bank
31
11.33
F. R. Bank
31
4.79
1.78
36.59
11.23
MONEY RATES, ETC.
21.88
3.48
26.55 U. S. Govt. securities:
Bills (new issues)
14.88
Certificates
3.30
Bonds, 15 years or more
F. R. Bank discount rate
Commercial paper
13.63 P13.82 P14.15 Bankers' acceptances
2.67 P2.66 P2.66 Corporate bonds:
P3.36
3.26 P3.26
Aaa
P.93
.93
p. 93
Baa
P~1 .19
P6.96
6.77
High-grade (Treas. series)
3.63 P3. 71 P 3 . 79
3.14 P3.26 P3.40
PI. 63
1.47 P I . 5 4
1.67
Pl.72 Pl.77
36.79
11.09
22.22
3.48
26.35
14.86
3.21
49.39
49.40
31.87
14.29
46.41
31.51 «32.09
14.46 15.26
46.41 46.12
49.87
33.26
2.55
10.27
33.33 •33.27
2.72
2.64
10.27 10.46
6.60
.50
54.81
6.67
.50
54.81
«6.75
.55
53.89
8.93
8.91
«8.02
7.59
2.99
7.59
2.98
«6.84
2.92
Per cent per annum
33, 35
35
36
33, 35
35
35
.997
1.10
2.44
1.25
1.38
1.06
.997
1.09
2.42
1.25
1.38
1.06
.998
1.09
2.41
1.25
1.38
1.06
33,36
36
36
2.78
3.47
2.77
2.76
3.38
2.74
2.76
3.34
2.73
In unit indicated
TREASURY FINANCE
Cash income and outgo:
Cash income
Cash outgo
Excess of cash income and outgo. . .
U. S. Govt. securities outstanding:
Direct and guaranteed
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes, etc.
Special issues
Ownership of U. S. Govt. securities:
Total:
Commercial banks*
Fed. agencies and trust f u n d s . . .
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 o u t s t a n d i n g . . . .
Commercial bank and F. R.
Bank
F. R. Bank
Bonds—Total outstanding....
Nonbank (unrestricted
issues only), commercial
bank, and F. R. Bank....
Commercial bank and F. R.
Bank
F. R. Bank
27
27
27
2.96
2.96
0
3.33
2.87
+ .46
5.10
4.34
+ .7
28
28
28
28
28
249.99 250.03 250.13
115.52 115.52 112.46
45.19 45.20 47.72
59.84 59.75 59.51
29.20 29.32 30.21
29
29
29
29
29
29
29
29
66.40 65.80
34.81 34.88
20.34 20.66
65.70 65.80
'21.20 '21.60
23.50 23.40
12.00 12.00
7.30
7.40
30
13.75
13.76
30
30
30
10.99
7.97
20.06
10.77
8.25
20.06
30
30
30
11.45
4.24
11.37
11.42
4.14
11.37
30
30
30
6.48
6.59
1.96
1.96
115;69 115.69
30
69.82
69.80
30
30
50.29
6.17
50.44
6.32
Stock prices (1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
Brokers' balances (mill, dollars):
Credit extended to customers
Money borrowed
Customers' free credit balances....
64.90
35.75
BUSINESS CONDITIONS
21.37
66.70
21.20 Personal income (annual rate, bill,
23.20
dollars) :*«
12.00 Total
7.30
Total salaries and wages
Proprietors' income, dividends, and
interest
All other
13.76
Labor force (mill, persons): e
"10.92
Total
8.58
Civilian
22.59
Unemployment
Employment
"13.17
Nonagricultural
4.62 Employment in nonagricultural 4estab11.37
lishments (mill, persons):*
Total
«6.50 Manufacturing and mining
1.97
Trade
112.63 Government
Transportation and utilities
Construction
66.76 Hours and earnings at factories:
Weekly earnings (dollars)
48.38 Hourly earnings (cents)
6.21 Hours worked (per week)
39
39
39
39
39
125
131
115
96
1.47
130
137
123
99
1.98
135
143
126
101
1.41
41
41
41
572
241
614
615
258
619
619
283
576
52
52
207.4
125.0
207.2
126.8
211.9
129.1
52
52
68.6
13.8
67.5
12.9
69.8
13.0
53
53
53
53
53
61.8
60.5
2.2
58.3
50.9
61.7
60.4
1.8
58.7
50.8
64.7
63.5
2.2
61.3
51.9
54
54
54
54
54
54
44.6
16.9
9.7
5.6
4.0
2.0
44.7
17.0
9.7
5.6
4.0
2.0
P45.0
P17.0
P9.8
55
55
55
P5.6
P4.0
P2.1
51.71 51.76 P52.81
129.2 130.1 P131.9
i>40.0
40.0
39.8
For footnotes set p. 1016
1014
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS *—Continued
Chart
book
page
MONTHLY FIGURES—Gont.
1948
Apr.
May
June1
In unit indicated
1948
Apr.
MONTHLY FIGURES—Cont.
BUSINESS CONDITIONS—Cont.
Industrial production: 6
Total (1935-39 = 100)
57, 58
Groups (points in total index):
Durable manufactures
57
Machinery and trans, equip...
58
Iron and steel
58
Nonferrous metals, lumber, and
other durables
58
Nondurable manufactures
57
Textiles and leather
58
Food, liquor, and tobacco
58
Chemicals, petroleum, etc
58
Paper and printing
58
Minerals
57,58
Selected durable manufactures(1935-39=100):
Nonferrous metals
59
Steel
59
Cement
59
Lumber
59
Transportation equipment
59
Machinery
59
Selected nondurable manufactures
(1935-39 = 100):
Apparel wool consumption
60
Cotton consumption
60
Manufactured food products. . . .
60
Paperboard
60
Leather
60
Industrial chemicals
60
Rayon
60
Sales and inventories (bill, dollars):
Sales:
Manufacturing—Durable
61
—Nondurable....
61
Wholesale
61
Retail—Durable
61
—Nondurable
61
Inventories:
Manufacturing—Durable
61
—Nondurable
61
Wholesale
61
Construction contracts (3 mo. moving
avg., mill, dollars), total 6
63
Residential
63
Other
63
Residential contracts (mill, dollars): 6
Total
64
Public
64
Private, total
64
1- and 2-family dwellings
64
Other
64
Value of construction activity (mill.
dollars), total*
65
Nonresidential:«
Public
65
Private
65
Residential:*
Public
65
Private
65
Freight carloadings: 6
Total (1935-39 = 100)
67
Groups (points in total index):
Miscellaneous
67
Coal
67
All other
67
Department stores:
Indexes (1935-39 = 100) :6
Sales
68
Stocks
68
296 stores:
Sales (mill, dollars)
69
Stocks (mill, dollars)
69
Outstanding orders (mill, dollars)
69
Stocks-sales ratio(months' supply) 69
Consumers' prices (1935-39 = 100):
All items
71
Food
71
Apparel
71
Rent
71
Wholesale prices (1926 = 100), t o t a l . . .
73
Farm products
73
Foods
74
Other than farm and foods, t o t a l . . .
73
Textile products
74
Hides and leather products
74
Chemicals and allied products...
75
Fuel and lighting materials
75
Building materials
75
Metals and metal products
75
Miscellaneous
74
Chart
book
page
June1
May
In unit indicated
BUSINESS CONDITIONS—Cont.
188
191
P192
82.3
44.5
19.5
83.4
42.8
22.7
P84.2
P43.7
P22.7
18.3
83.0
22.1
22.8
23.0
15.2
22.3
17.9
83.2
22.3
22.5
23.1
15.4
24.6
P17.8
*83.4
203
208
193
132
237
276
203
233
187
131
215
272
196
147
157
192
105
439
305
191
147
159
191
110
437
304
6.8
6.6
10.4
13.6
10.2
13.0
2.8
7.8
2.7
8.0
13.7
15.4
13.8
15.7
8.1
8.1
Prices paid and received by farmers
(1910-14 = 100):
Paid
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
77
77
249
291
79
79
79
79
2,096
1,377
670
49
P21.9
P22.8
P23A
PIS. 3
234
190
"l87
P443'
7.1
10.5
13.6
2.9
7.9
13.9
15.9
8.1
742
284
457
769
304
465
309
7
303
239
64
316
11
304
226
79
302
1,455
Exports and imports (mill, dollars):
Exports
Excluding Lend-Lease exports. . .
Imports
Excess of exports or imports excluding Lend-Lease exports
Foreign exchange rates:
334
531
372
595
6
525
5
585
141
*>527
Pl.103
Pl.103
P549
85
86-87
Short-term foreign liabilities and assets
reported by banks (bill, dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
and certificates
Private
Total assets
7 5.11
7
2.06
7
7
7
.29
3.05
1.08
1947
OctDec.
QUARTERLY FIGURES
1948
Jan.Mar.
Apr.June
In billions of dollars
TREASURY FINANCE
5
633
130
85
85
85
1 ,605
281
490
2,110 P2.412
1,462 Pl,613
610
P772
38
P27
P809
290
-8
298
235
63
251
295
INTERNATIONAL TRADE AND FINANCE
See p. 1039 of this BULLETIN
140
250
289
79.4
22.4
28.3
78.2
34.6
28.6
P318
P491
Budget receipts and expenditures:
Total expenditures
National defense
Net receipts
Internal revenue collections, total
Individual income taxes
Corporate income taxes
Misc. internal revenue
26
26
26
26
26
26
26
33
37
37
37
331
938
356
2.8
169.3
207.9
196.4
116.3
162.8
186.7
176.7
148.7
150.3
186.1
136.2
131.6
195.0
157.2
121.8
r
310
r296
2 .22
1.82
2 .27
2 .61
2.56
2.10
2.71
3.03
2.46
2.09
2.52
2.83
In unit indicated
313
283
339
z>337
P859
919
P464
339
P2.6
2.7
170.5
210.9
197.5
116.5
163.9
189.1
177.4
149.0
150.2
187.5
134.7
132.6
196.4
157.1
121.5
12.97
2.77
10.62
9.48
4.87
2.57
2.04
32.6
29.3
BUSINESS FINANCE
305
308
7.85
3 .44
2.17
2 .24
8.83
2.77
14.95
13.69
8.55
3.14
2.00
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
76.8
7.86
3 .09
9.38
171
214.1
196.9
117.0
166.2
196.0
181.4
149.5
149.6
186.8
135.7
133.1
196.8
158.7
121.4
Corporate security issues:
Total (bill, dollars) •
New money, total (bill, dollars) •. .
Type of security (bill, dollars):
Bonds
Preferred stock
Common stock
Use of proceeds (mill, dollars):
Plant and equipment:
All issuers
Public utility
Railroad
Industrial
Working capital:
All issuers
Public utility
Railroad
Industrial
Bonds (bill, dollars) :•
Public
Private
42
42
2.22
1.87
1.61
1.40
1.65
1.34
42
42
42
1.45
.12
.30
1.13
.09
.18
1.06
.18
.10
43
43
43
43
1,543
981
87
472
844
531
97
212
1,079
803
126
149
43
43
43
43
325
24
263
2
272
555
5
3
331
42
42
.91
.82
.61
.72
.87
.45
194
For footnotes see p. 1016
AUGUST
1948
1015
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS •—Continued
Chart
book
page
QUARTERLY FIGURES—Cont.
1947
OctDec.
1948
Jan.Mar.
Apr.June
In unit indicated
June
Dec
31
June
30?
In billions of dollars
ALL MEMBER BANKS
44
44
44
44
44
44
44
44
44
nu.9
'22.4
13.5
'41.7
'35.6
'54.0
34.1
'9.9
'60.9
115.3
22.1
13.2
43.0
35.4
52.9
32.6
10.0
62.4
45
5.0
4.5
45
45
3.3
2.5
3.0
2.
46
'32.4
19.7
'12.6
19.2
11.9
47
4.9
4.8
12
12
12
12
46.51
4.37
7.54
.77
45.29
4.82
5.82
1.99
40.25
4.10
7.59
2.19
13
13
13
13
13.82
6.24
4.00
16.96
1.05
7.13
4.66
16.73
1.24
7.77
5.22
13
13
13
13
1.51
1.15
3.98
2.97
.81
1.07
4.20
3.11
1.17
.96
31.4
46
46
Holdings of U. S. Govt. securities:
Bonds
Notes
Certificates
Bills
Loans:4
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
4.8
To others
State and local govt. securities
3.2 Other securities
1946
FIGURES FOR SELECTED DATES
1.3
1.3
47
508
510
47
446
462
47
47
199
157
229
7
JulySept.
Oct.Dec.
Jan.Mar.
Annual rates
in billions of dollars
GROSS NATIONAL PRODUCT, ETC.
Individuals and business:
Total holdings
Deposits and currency
Savings and loan shares
U. S. Govt. securities
Individuals:
Total holdings
Deposits and currency
Savings and loan shares
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
1947
Dec.
Dec?
In billions of dollars
LIQUID ASSET HOLDINGS*
47
.97
2.2
1948
Gross national product'6 9
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 i nventories.
Net foreign investment
Personal income, consumption, and
saving:*69
Personal income
Disposable income
Consumption expenditures
Net personal saving
1947
30
CALL DATE FIGURES *°
BUSINESS FINANCE—Cont.
Corporate assets and liabilities (bill,
dollars):*
Current assets, total
Cash
U. S. Goyt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable....
Federal income tax liabilities....
Net working capital
Plant and equipment expenditures
(bill, dollars):*8
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
Corporate profits, taxes, and dividends
(annual rates, bill, dollars):*
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) •
Large corporations, total (bill, dollars)
Durable manufacturing (mill, dollars)
Nondurable manufacturing (mill.
dollars)
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
Chart
book
page
24
24
24
24
231.5
143.3
8.4
79.8
236.8
146.7
9.5
80.6
24
24
24
24
165.2
101.5
8.1
55.6
24
24
24
38.9
23.5
15.3
172.0
104.7
9.2
58.1
38.4
23.8
14.5
24
24
24
27.4
18.3
8.9
26.4
18.2
8.0
1947
48
227.9
243.8
1948
Feb. 26
Jan. 30*
246.0
OWNERSHIP OF DEMAND DEPOSITS*
48
48
49
49
49
28.3
165.6
21.1
96.8
47.7
29.0
171.1
22.1
100.2
48.8
29.4
172.3
21.4 Individuals, partnerships, and corpora101
tions, total
25
49.6 Nonfinancial:
48
34.0
43.6
44.3
50
50
50
50
17.6
11.6
-3.5
8.4
18.9
14.0
2.5
8.2
19.6
14.3
6.5
3.9
51
51
51
51
196.7
175.0
165.6
9.4
203.1
180.9
171.1
207.3
184.1
172.3
11.8
9.7
Total
Manufacturing and mining
Trade
Public utilities
Other
Financial:
Total
Insurance companies
Other
Individuals:
Total
Individuals excl. farmers
Farmers
Nonprofit assns. and other
77.8
25
25
25
25
25
37.2
16.0
12.5
4.2
4.5
25
25
25
6.5
2.1
4.5
28.9
22.0
6.9
5.2
25
25
25
25
82.4
39.8
17.3
13.4
4.1
4.9
7.4
2.7
4.7
30.1
22.9
7.2
5.1
« Estimated.
v Preliminary.
' Revised.
1
For charts on pp. 28, 33, 35, 36, and 39, figures for a more recent period are available in the regular BULLETIN table that show those series
Because the Chart Book is usually released for duplication some time after the BULLETIN has gone to press, most weekly charts and several
monthly charts include figures for a more recent date than are shown in this table.
2
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
3
Less than 5 million dollars.
4
Beginning June 30, individual loan items are reported gross, i. e., before deduction of valuation reserves, instead of net as previously reported; total loans are still reported on a net basis.
6
Revised. See pp. 933-937 of this BULLETIN.
6
Adjusted for seasonal variation.
7
As of Mar. 31, 1948.
8
Estimates for July-Sept. 1948 quarter are (in billions of dollars): All business, 4.6; manufacturing and mining, railroads and utilities, 3.1;
manufacturing and mining, 2.0.
9
Revised figures as published in Survey of Current Business, July 1948.
10
Member bank holdings of State and local government securities on Oct. 6, 1947, and on Apr. 12, 1948, were 4.22 and 4.45 billion dollars,
respectively, and of other securities were 3.08 and 3.02 billion dollars, respectively; 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.
1016
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT •
1948
Chart
book
page1
Apr.
Chart
book
page 1
June p
May?
In millions of dollars
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:*
Instalment credit
4
Charge accounts
4
Single-payment loans
4
Service credit
4
Consumer instalment sale credit out2
standing, cumulative totals:
Automobile dealers
6
13
6
3
3
2
,627 13,818 14,149
,769 6,963 7,192
,632 3,705 3,793
,137 3,258 3,399
,665 2,660 2,662
934
13
6
3
931
932
,627 13,818 14,149
,858 6,855 6,957
,599 3,592 3,593
934
3
932
931
,137
3,258
3,399
1948
Apr.
May?
June*
In millions of dollars
Consumer instalment sale credit outstanding, cumulative totals: 2 —Cont.
Furniture and household appliance stores
Department stores and mailorder houses
All other
Consumer instalment sale8 credit
granted, cumulative totals:
Consumer instalment loan credit outstanding, cumulative totals: 2
Commercial and industrial banks.
Small loan companies
Credit unions
Miscellaneous lenders
Insured repair and modernization
loans
1,669
1 ,722
1,768
1,098
418
1 ,129
426
1,158
437
3,632
1,882
1,143
891
3 ,705
1 ,919
1 ,171
911
3,793
1,965
1,207
933
622
640
658
J
P Preliminary.
Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
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. Totals revised to include new estimates of instalment loans of commercial banks and credit unions and of single-payment loans. For description and back figures see pp. 933-937 of this BULLETIN.
3
Figures for this series are in process of revision and will not be available for several months.
* Copies of the Chart Book may be obtained at a price of 50 cents.
1
JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY 1, 1948
[In thousands of units]
Corn
Federal Reserve district
Winter wheat
Total wheat
Spring wheat
Production
1947
Estimate
July 1, 1948
Production
1947
Estimate
July 1, 1948
Production
1947
Estimate
July 1, 1948
Production
1947
Estimate
July 1, 1948
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
...
Total
6 906
24,385
51,515
181 524
164,313
167 485
885,728
301,354
311,826
242,282
57,398
6,236
6 515
30,306
55,496
246 064
171,827
172 824
1,371,844
423,287
411,407
380,106
52,709
6,477
10,528
20,086
54 840
30,684
8 203
72,001
51,624
286,092
557,778
127,561
145,522
13,321
19,597
66 987
29,691
8 023
86,726
68,027
287,153
428,728
58,345
175,153
10,448
20,086
54 840
30,684
8 203
70,492
51,610
32,194
552,571
127,459
109,383
13,226
19,597
66 987
29,691
8 023
85,104
68,012
40,661
424,351
58,223
138,083
2,400,952
Boston
New Y o r k . . . .
Philadelphia.
Cleveland
Richmond....
Atlanta
Chicago
St. Louis
Minneapolis.. .
Kansas City
Dallas
San Francisco. .
3,328,862
1,364,919
1,241,751
1,067,970
951,958
Oats
Federal Reserve district
Tobacco
Tame hay
95
80
1,509
1,622
14
15
253,898
5,207
246,492
4,377
36,139
37,070
296,949
289,793
102
122
White potatoes
...
....
....
Total
Estimate
July 1, 1948
Production
1947
Estimate
July 1, 1948
Production
19471
Estimate
July 1, 1948
Production
1947
Estimate
July 1, 1948
Bushels
Boston
New Y o r k . . .
Philadelphia.
Cleveland....
Richmond. .
Atlanta
Chicago
St. Louis
Minneapolis. .
Kansas City. .
Dallas
San Francisco. .
Production
1947
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
4,101
14,256
12,576
27,834
37,453
32,720
448,519
54,714
362,585
153,260
36,140
31,812
4,554
22,739
16,101
61,434
26,737
28,420
605,792
69,721
394,278
146,794
18,684
30,531
4,108
6,648
2,646
5,863
4,522
3,902
18,080
9,018
9,893
9,578
1,825
13,111
3,952
6,339
2,464
5,379
4,904
3,458
15,166
8,001
9,256
9,342
1,747
12,647
35,499
1,323
58,518
128,945
1,259,188
264,387
36,431
317,270
• 2,876
3,326
34,461
1,050
57,770
124,230
994,271
208,436
32,438
298,462
2,494
3,761
72,227
39,785
21,280
11,820
26,230
12,580
23,209
8,204
41,946
32,590
5,114
89,422
68,872
37,832
21,308
11,939
26,569
12,239
22,358
7,961
40,587
31,044
4,911
106,213
1,215,970
1,425,785
89,194
82,655
2,107,763
1,757,373
384,407
391,833
As revised in July 1948.
AUGUST 1948
1017
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
Total
Member
Not on par list
(Nonm
Nonmember
Banks1
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,002
14,043
14,078
14,086
3,947
3 981
4,148
4,234
11,869
11,957
12,037
12,072
3,616
3,654
3,823
3,916
6,877
6,894
6,917
6,919
2,909
2,913
3,051
3,116
4,992
5,063
5,120
5,153
496
297
496
297
336
218
160
79
915
843
United States total:
Dec. 31, 1945
Dec. 31 1946
Dec. 31, 1947
June 30, 1948*
Branches
and offices2
846
136
258
915
843
846
136
258
788
646
710
783
100
222
127
197
432
63
36
36
478
345
209
113
223
322
206
Branches
and offices
Banks
Branches
and offices
2,133
2,086
2,041
2,014
331
327
114
17
324
213
622
55
33
344
120
36
25
17
3
657
9
68
110
9
707
741
772
800
325
318
By districts a n d
bv States
June 30, 1948*
District
Boston .:;:
New York..:
Philadelphia
Cleveland
•
1,142
1,142
Atlanta
Chicago.;
St. Louis
1,013
1,173
2,487
1,470
443
166
572
Minneapolis
Kansas City
Dallas
San Francisco
1,279
1,749
1,013
506
111
9
40
1,224
622
1,740
222
22
10
229
41
19
.......
192
142
906
1
192
142
Connecticut
Delaware . . ;
District of Columbia...
Florida
Georgia
115
39
25
14
19
178
39
2
387
State
. ......
132
800
551
2,432
1,126
323
130
547
72
1,000
494
43
9
476
758
616
903
31
502
1,224
272
114
22
10
104
41
5
88
5
39
1 432
632
26
6
20
1,157
146
982
287
230
11
67
.
Idaho•- -
Iowa
'2
.
.........
26
31
1
906
1
114
92
5
38
863
1
78
50
115
39
25
14
65
17
12
4
50
22
39
2
16
73
36
2
3
31
99
27
65
3
43
26
34
1
45
48
45
26
43
22
2
3
94
162
879
487
3
94
162
502
237
3
38
377
250
39
383
39
112
25
271
14
36
37
12
25
5
32
68
144
88
35
212
4
13
10
19
116
48
California
22
66
881
487
Alabama
60
49
664
608
383
664
606
163
214
501
392
108
10
4
43
125
14
62
288
4
2
56
162
2
184
159
184
159
46
38
78
147
. .
442
211
442
211
230
162
679
6
56
264
6
8
206
6
1
.....
206
596
112
409
8
2
18
409
8
2
136
74
339
2
18
144
6
74
339
11
48
11
33
C48
208
150
666
722
177
24
197
648
92
61
6(6
722
60
6
197
567
54
42
424
384
1
376
1
224
171
1
70
989
19
149
86
154
41
34
70
989
19
60
86
154
41
32
80
129
29
27
37
232
8
28
6
25
12
5
47
70
63
20
7
89
2
170
22
33
757
11
32
2
100
25
95
16
161
63
Michigan
Mississippi
Missouri
Montana
.
Nebraska ; J
New Hampshire: r; s . . .
New Jersey
New &texico.".
New York
North Carolina . . .
North Dakota
Ohio
Oklahoma
Oregon..:
Rhode Island
South Carolina.:::...
South Dakota
64
69
58
63
41
69
166
Louisiana
Maine
Mar viand.
Massachusetts
103
166
103
48
40
529
112
2
136
32
180
84
52
291
37
23
15
58
8
349
28
103
415
7
2
17
1
* 122
2
265
2
15
81
38
19
242
51
26
6
26
48
116
89
117
18
9
671
166
67
34
22
48
1
1
14
152
8
294
75
199
59
Texas
Utah
Vermont
81
47
118
12
894
59
69
4
18
11
835
59
69
4
18
11
566
35
40
4
16
2
2
9
315
90
309
89
202
44
269
24
29
107
45
6
Washington
121
122
* 117
122
54
115
63
7
4
Wisconsin
Wyoming
553
55
151
445
55
101
163
40
21
282
15
80
2
108
182
180
109
59
71
1
50
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.
1
8
1018
FEDERAL RESERVE BULLETIN
MEMBER BANK OPERATING RATIOS, 1947
AVERAGES OF
INDIVIDUAL BANK RATIOS, BY FEDERAL RESERVE DISTRICTS
[Expressed in percentages]
Federal Reserve district
All
districts
Boston
New
York
PhilaCleve- Richdelland mond
phia
Atlanta
Chi-
St.
Louis
Minneapolis
Kansas
City
San
Dallas Francisco
Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes. .
Profits before income taxes
Net profits
Cash dividends declared
14.5
13.9
10.5
2.9
10.0
10.0
7.0
2.6
10.9
11.3
8.1
2.2
10.8
11.1
8.2
2.3
12.4
12.1
9.2
2.4
14.9
14.5
10.9
2.9
16.9
15.9
11.8
3.3
14.6
13.8
10.5
2.7
15.5
14.4
11.2
3.0
16.3
15.3
11.7
3.1
17.5
16.7
12.9
3.7
17.9
16.5
12.8
4.0
19.0
18.0
13.4
3.2
Percentage of total assets:
Total earnings
Net current earnings before income taxes. .
Net profits
2.3
.9
.6
2.5
.8
.6
2.5
2.5
.9
.7
2,4
.8
.6
2.4
.9
.7
2.4
1.0
.7
2.1
.7
.5
2.2
.9
.6
2.3
.8
.6
2.2
.9
.7
2.4
1.0
.7
2.5
.9
.6
Sources and disposition of earnings
Percentage of total earnings:
Interest on U. S. Government securities...
Interest and dividends on other securities..
Earnings on loans
Service charges on deposit accounts
Other current earnings
36.9
6.2
42.6
6.2
8.1
35.6
6.3
40.0
8.8
9.3
40.5
6.6
40.3
6.1
6.5
40.9
9.3
39.7
3.7
6.4
39.3
8.4
40.6
5.0
6.7
35.3
5.7
47.1
4.9
7.0
30.2
6.6
47.2
6.6
9.4
42.7
5.5
36.8
7.2
7.8
38.5
6.3
42.5
5.0
7.7
38.2
4.7
35.4
6.4
15.3
33.6
4.3
45.8
8.1
8.2
24.8
5.8
54.9
6.7
7.8
33.0
3.7
48.6
6.1
8.6
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
28.8
11.3
23.4
30.7
11.8
25.3
29.2
15.8
23.6
24.3
16.7
22.7
24.9
15.4
24.5
26.4
12.8
22.0
29.0
8.1
29.4
12.6
22.5
28.7
8.0
28.4
14.3
22.9
32.3
4.0
32.7
1.8
68.6
63.7
64.8
61.2
Total earnings...
Salaries and wages
Interest on time deposits
Other current expenses
23.8
Total expenses
63.5
31.4
36.3
.5
9.6
23.1
1 .8
9.4
23.8
1.3
9.7
27.9
1.8
2.7
1.8
2.7
1.9
3.0
Net current earnings before income taxes
Rates of return on securities and loans
Return on securities:
Interest on U. S. Government securities...
Interest and dividends on other securities..
Net recoveries and profits (or losses —
)
on total securities
Return on loans:
Earnings on loans
Net recoveries (or losses — on loans
)
35.2
1.6
2.7
-
38.8
40.8
39.4
25.1
-1.1
8.9
30.8
-2.6
8.1
28.7
1.5
2.3
1.4
2.5
39.2
39.1
-2.1
9.6
27.4
-1.5
8.0
26.0
1.8
2.6
1.7
3.1
1.5
2.9
1.6
2.4
.0
-
60.6
34.4
35.5
.4
9.5
28.9
.4
8.1
26.7
26.1
59.2
65.6
60.8
.0
Net recoveries and profits (or losses —). . . - . 7
8.7
Taxes on net income
27.1
Net profits
22.9
24.1
64.5
60.9
- 1 . 7
-2.1
7.9
29.2
1.6
2.6
7.6
1 .4
3.0
-.0
-.0
5.5
-.0
4.8
-.0
5.0
.0
5.1
.1
5.1
-.0
5.3
-.0
5.7
4.9
-.1
5.3
-.1
5.4
-.1
6.5
-.0
7.0
-.1
Distribution of assets
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
49.6
6.4
19.3
24.0
.6
47.7
6.6
22.2
22.4
.9
53.2
6.7
21.1
17.9
.9
51.6
8.8
20.1
18.4
1.0
50.1
8.8
19.7
20.6
.7
46.9
5.4
22.7
24.0
.8
44.4
6.5
21.3
27.0
.6
53.9
6.2
16.8
22.6
.4
49.6
6.3
18.3
25.2
.5
55.2
5.4
15.8
23.0
.5
47.9
4.9
16.2
30.7
.3
38.5
5.4
20.2
35.3
.5
Other ratios
Total capital accounts to:
Total assets
Total assets less Government securities
and cash assets
Total deposits
7.1
6.7
29.4
7.0
34.4
10.1
31.5
8.4
34.4
10.0
29.7
7.8
26.5
7.2
24.2
6.3
29.3
5.6
28.4
6.3
28.3
5.5
30.4
5.7
26.2
6.3
23.7
5.3
31.2
.9
3.6
32.6
.9
4.9
47.7
.8
3.5
49.1
.9
4.2
42.4
.9
4.4
33.1
1.0
3.6
22.2
.9
2.6
34.9
.8
3.0
20.8
.8
2.9
35.9
1.0
2.9
10.0
.9
2.5
4.8
.9
2.7
31.7
.9
4.4
6,855
334
792
646
701
474
332
494
471
754
594
267
Time to total deposits
Interest on time deposits1
Trust department earnings to total earnings1.
Number of banks 2 .
5.6
-.3
5.9
1
Banks with no time deposits, or no trust department earnings, as the case may be, were excluded in computing this average.
2
The ratios for 68 member banks in operation at the end of 1947 were excluded from the compilations because of unavailability of data covering the complete year's operations, certain accounting adjustments, lack of comparability, etc.
NOTE.—These ratios, being arithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding
ratios computed from aggregate dollar amounts shown in the May 1948 issue of the BULLETIN.
Such differences result from the fact that each
bank's figures have an equal weight in calculation of the averages whereas the figures of the many small- and medium-sized banks have but little
influence on the aggregate dollar amounts. No figures are shown for groups of less than three banks. Ratios of less than .05 are shown as .0.
Figures of earnings, expenses, etc., used in the calculations were taken from the annual earnings and dividends reports for 1947. Balance
sheet figures used in the compilations were obtained by averaging' the amounts shown in each bank's official condition reports submitted for Dec.
31, 1946, and June 30 and Oct. 6, 1947, except for a limited number of banks for which all three reports were not available; such reports as were
available were used in those instances. Savings deposits are included in the time deposit figures used in these tables. Banks with no time deposits
(409 in number) are included with the banks having ratios of time to total deposits of less than 25 per cent.
AUGUST 1948
1019
MEMBER BANK OPERATING RATIOS, 1947—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
[Expressed in percentages]
Ratio of time deposits to
total deposits (per cent)
Size group—tota deposits (in thousands of dollars)
Item
Summary ratios
Percentage of total capital accounts:
Net current earnings before income taxes
Profits before income taxes
Net profits
Cash dividends declared
All
groups
1,000
and
under
1,000- 2,000- 5,000- 10,000- 25,000- 50,000- Over Under 25-50 50-75
2,000 5,000 10,000 25,000 50,000 100,000 100,000 25
75
and
over
14 5
13.9
10.5
2.9
11.7
11.4
9.4
2.7
14.3
13.9
11.3
3.0
15.3
14.7
11.4
3.0
15.0
14.4
10.0
2.8
14.2
13.7
9.2
2.8
13.5
13.0
9.0
2.9
12.5
11.5
7.6
2.8
11.2
10.5
7.5
3.3
16.2
15.1
11.6
3.4
13.9
13.6
10.1
2.7
12.1
12.2
9.2
2.3
10.1
10.7
8.1
2.4
2.3
2.6
2.4
2.3
2.3
2.3
2.2
2.0
1.9
2.2
2.4
2.5
2.5
.9
.6
.9
.8
.9
.7
.9
.7
.8
.6
.8
.5
.7
.5
.7
.4
.7
.4
.9
.6
.9
.6
.8
.6
.8
.7
36 9
31.9
35.7
37.6
37.8
38.0
37.7
37.6
37.5
33.8
37.9
40.9
43.9
62
42.6
5.4
6.5
42.4
41.0
6.3
39.2
5.6
38.7
5.1
38.1
5.1
6.3
45.2
6.8
5.2
49.8
5.7
38.3
44.6
41.7
7.6
40.5
11.4
37.0
62
8.1
5.8
7.1
6.0
7.4
6.3
7.2
6.6
7.8
6.6
9.9
6.5
11.5
5.2
14.0
3.8
15.3
7.4
9.0
5.9
8.2
4.7
6.3
2.4
5.3
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
28.8
11.3
23.4
31.2
8.1
25.1
29.0
10.5
23.3
27.8
11.8
22.7
28.2
12.6
23.0
29.3
12.4
23.9
31.0
10.5
25.3
31.6
8.5
26.8
32.2
7.3
26.2
31.7
3.8
24.5
28.0
13.5
23.3
25.1
21.0
21.8
Total expenses
63.5
64.4
62.8
62.3
63.8
65.6
66.8
66.9
65.7
60.0
64.8
67.9
Net current earnings before
income taxes
36.5
35.6
37.2
37.7
36.2
34.4
33.2
33.1
34.3
40.0
35.2
32.1
— 7
8.7
27.1
-6.0
6
29.0
-6.8
6
29.8
-8.3
.6
28.8
-.9
10.7
24.6
-.5
11.0
22.9
-.6
10.0
22.6
-10.2
2.5
20.4
-1.5
9.2
23.6
-2.0
8.9
29.1
-8.9
.2
26.1
.8
8.2
24.7
Percentage of total assets:
Total earnings
N e t current earnings before income taxes
. . .
...
Net profits
Sources and disposition of earnings
Percentage of total earnings:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Earnings on loans
Service charges on deposit accounts
. . .
Other current earnings
Total earnings. . . .
Salaries and wages
Interest on time deposits
Other current expenses
Net recoveries and profits (or
losses —
)
Taxes on net income
Net profits
Rates of return on securities and
loans
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net recoveries and profits (or
losses —) on total securities. .
Return on loans:
Earnings on loans. . .
Net recoveries (or losses —) on
ans
Distribution of assets
Percentage of total assets:
U . S. G o v e r n m e n t s e c u r i t i e s . . . .
O t h e r securities
Loans
Cash assets
Real estate assets
Other ratios
Total capital accounts to:
Total assets
. . . .
Total assets less Government
securities and cash assets
Total deposits
Time to total deposits. 1
Interest on time deposits ..
Trust department earnings to
total earnings 1
Number of banks2
100.0 100.0 100.0 100.0 100.0
21.6
28.7
19.9
70.2
29.8
3.3
7.6
25.5
1.6
1.7
1.7
1.6
1.6
1.6
1.6
1.5
1.5
1.5
1.7
1.8
1.9
27
3 3
3 0
2.7
24
24
2.4
2.4
2.6
2.7
2.7
2.6
3.0
.0
.0
.0
.0
.0
.0
.0
.0
.0
-.0
.0
.1
.1
55
6.7
6.1
5.6
5.2
4.8
4.3
3.8
3.2
5.9
5.2
5.1
5.2
o
o
.1
50.6
6.7
20 3
21.6
.7
52.8
8.0
20 7
17.7
.7
53.2
11.2
20 0
14.S
.7
o
Q
•
•
49.6
6.4
19 3
24.0
.6
43.9
5.2
20 3
30.0
.6
48.6
5.6
19 2
25.9
.5
50.5
6.5
18 7
23.6
.6
50.6
7.6
19 1
21.9
.7
50.9
6.9
19 5
21.8
.8
49.7
6.0
20 2
23.0
.8
48.5
5.1
20 8
24.4
.9
•
46.0
4.5
23 4
25.0
.7
46.8
5.2
17 7
29.6
.5
65
85
69
6 3
6 1
6 1
5 8
5 8
6 3
60
6 6
71
8 3
29.4
7.0
38.5
9.5
29.1
6.8
26.7
6.6
26.2
6.5
25.0
6.3
23.8
6.2
24.0
6.8
30.5
6.5
34.4
9.2
22.9
1.0
32.1
.9
35.8
.8
35.9
.8
30.6
.8
23.8
.8
9.9
.8
4.8
28.0
7.2
38.0
.9
29.1
7.8
31.2
.9
33.0
7.5
28.2
1.0
58.4
.9
79.7
1.0
3.5
2.3
1.2
2,876 2,361 1,558
60
3.6
2.2
1.9
2.2
2.6
3.7
5.0
6.3
18.9
.7
7.4
6,855
474
1,360
2,486
1,233
756
257
131
158
For footnotes, see p. 1019.
1020
FEDERAL RESERVE BULLETIN
MEMBER BANK OPERATING RATIOS, 1947—Continued
AVERAGES OF INDIVIDUAL BANK RATIOS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK
[Expressed in percentages]
Banks with ratios of time
to total deposits of
under 25 per cent
All
groups
Size group—total deposits (in thousands of dollars)
1,000
and
under
Summary ratios
Percentage of total capital accounts:
Net current earnings before in14.5
come taxes
13.9
Profits before income taxes
10.5
Net profits
2.9
Cash dividends declared
Percentage of total assets:
Total earnings
Net current earnings before income taxes
Net profits
Sources and disposition of earnings
Percentage of total earnings:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Earnings on loans
Service charges on deposit accounts
Other current earnings
Total earnings....
Salaries and wages
Interest on time deposits
Other current expenses
2.3
12.6
11.9
9.8
3.2
1,000- 5,000- Over
5,000 25,000 25,000
16.9
15.8
12.6
3.6
1,000
and
under
1,000- 5,000- Over 1,000 1,000- 5,000- Over
and
5,000 25,000 25,000 under 5,000 25,000 25,000
2.5
12.4
11.7
8.0
3.0
10.9
11.2
9.3
2.1
14.2
14.0
11.0
1.9
18.0
16.3
11.3
3.3
2.6
2.4
2.6
36.6
34.6
38.1
38.1
38.1
5.1
39.0
6.7
47.9
6.2
42.9
6.5
39.8
5.5
38.3
7.6
40.1
6.2
8.1
6.8
7.7
8.1
8.0
9.4
4.7
14.6
4.7
6.1
5.5
7.3
6.6
9.0
6.2
11.9
3.9
6.4
100.0
100.0
100.0
100.0
100.0
100.0
31.4
30.9
4.4
24.0
32.4
5.0
27.1
28.2
12.9
25.1
27.0
14.1
22.6
28.7
13.0
23.6
64.5
66.2
63.7
43.0
42.0
5.7
42.8
100.0
28.8
11.3
23.4
7.8
100.0
41.0
40.7
35.5
33.8
-.7
8.7
27.1
-1.6
29.7
6.1
-1.7
8.0
31.3
-3.1
11.7
25.9
-1.8
10.5
23.2
.9
6.0
28.7
1.6
1.6
1.5
3.6
24.0
59.0
ISA
20.6
22.2
68.2
100.0 100.0
-.3
10.7
23.7
-1.4
9.4
21.0
25.9
21.1
22.1
28.6
20.9
23.3
69,1
24.2
21.5
21.4
68.2
31.8
5.1
6.9
72.8
32.9
.2
5.3
26.7
6.2
34.8
6.1
9.9
30.9
.6
7.4
1.2
10.0
22.1
26.1
2.7
7.2
22.7
1.5
1.9
1.7
1 .7
1.6
2.0
1 .9
1 .8
1.7
2.9
2.3
2.5
3.3
2.8
2.4
2.3
3.0
2.7
2.5
2.5
— .0
-.0
.0
.1
.0
.0
.0
.0
.1
.1
1
3.4
.0
-.0
5.4
7.5
6.3
-.1
-.1
49.6
6
40.3
4.0
19.0
36.2
.4
48.0
5.1
16.6
29.8
.4
47.2
6.4
18.1
27.6
6.5
8 .3
5.9
3.6
5.6
5.4
5.0
4.2
5.5
5.2
4.9
4.3
-.1
5.5
-.0
.0
-.0
-.0
-.0
-.1
-.0
-.0
.0
45.4
4.8
21.8
27.0
.7
45.9
50.6
6.3
20.2
22.1
.7
51.2
7.3
19.7
20.9
51.2
5.9
20.8
20.8
.9
53.4
7.2
20.2
18.4
.7
52.0
8.0
21.3
17.9
.7
54.0
8.4
19.9
16.7
54.9
6.7
19.5
17.7
.9
5.9
8.8
7.3
26.9
6.2
5.3
6.4
4.3
5.7
100.0
30.8
12.7
24.7
34.7
.0
7.8
28.5
7.8
38.2
1 .5
2.7
19.3
24.0
11.8
12.3
9.2
2.9
.5
5.3
44.8
37.4
Number of banks .
11.8
12.0
8.2
2.4
.6
34.1
36.5
2
12.4
12.4
9.7
2.3
2.6
4.1
53.4
Net recoveries and profits (or
losses —)
Taxes on net income
Net profits
Time to total deposits 1
Interest on time deposits
Trust department earnings to
total earnings1
2.2
27.9
63.5
Other ratios
Total capital accounts to:
Total assets
Total assets less Government
securities and cash assets
Total deposits
10.0
10.0
8.3
2.0
6.2
42.6
Net current earnings before
income taxes
Distribution of assets
Percentage of total assets:
U. S. Government securities
Other securities
Loans
Cash assets
Real estate assets
13.1
12.2
8.4
3.0
36.9
Total expenses
Return on loans:
Earnings on loans
Net recoveries (or losses —) on
loans
14.2
13.8
9.5
2.7
.9
1 .0
.8
34.2
2.4
26.0
62.6
Rates of return on securities
and loans
Return on securities:
Interest on U. S. Government
securities
Interest and dividends on other
securities
Net recoveries and profits (or
losses —) on total securities. .
Banks with ratios of time
to total deposits of
50 per cent and over
Banks with ratios of time
to total deposits of
25-50 per cent
.6
6.5
23.2
23.5
6.8
32.1
9.6
29.7
7.3
26.1
6.7
13.1
.7
37.6
1.0
38.4
1.0
37.7
.8
4.1
2.4
3.2
7.5
1.2
2.2
3.5
1,692
612
299
126
1,179
853
203
29.2
8.0
59.3
1.0
59.1
.9
4.7
273
35.9
9.8
60.2
1.0
24.0
6.6
.9
25.1
5.7
13.2
.7
29.4
7.0
42.2
9.3
31.8
6.3
31.2
.9
5.9
1.1
3.6
6,855
5.7
28.8
7.4
24.4
6.3
2.5
1.8
75
975
524
44
For footnotes, see p. 1019.
AUGUST 1948
1021
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1948
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
M inneapolis
Kansas
City
Dallas
San
Francisco
Current Earnings
Discounts and advances
U. S. Govt. securities, System account. . .
Industrial loans
Commitments to make industrial loans. . .
All other
Total current earnings
$51,940 $105 ,677
$1,929,533
$41 ,021
$88 ,444
$116,509
$82 ,190
$82 ,172
$382 ,949
$567,420 $127,758 $161,991 $121 ,462
129,768,193 8,712,727 31,135,998 9,267,993 2,439,298 8,427 ,384 6 ,507 ,614 18,451 , 602 7,121 .891 3 ,971 ,632 6 ,048 ,969 5 ,858,569 11 ,824 ,516
26,048
6 ,210
17,042
1 ,101
1 ,695
734
1 ,144
885
7,742
75
323
928
514
3,139
29 ,348
5,311
' 3,133
88 ,500
412,321
8,239
12 ,668
13 ,614
12 ,067
"""5 i 358
104,530
67 ,924
61,629
132,143,837
8,837,550 31,765,047 9,418,151 12,710,653 8,562,52? 6 ,609 ,933 18,903 ,403 7,217 ,893 4 ,015 ,786 6 ,226 ,798 5 ,915,820 11 ,960 ,275
Current Expenses
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions
Legal fees
Directors' fees and expenses
Federal Advisory Council fees and expenses
Traveling expenses (other than of directors and members of Federal Advisory
Council)
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance
Taxes on real estate
Depreciation (building)
Light, heat, power, and water
Repairs and alterations
Rent
Furniture and equipment
All other
Total operating expenses
Less reimbursement for certain fiscal
agency and other expenses
Net operating expenses
Assessment for expenses of Board- of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses. .
Current net earnings..
w
1,676,850
24,342,538
2,486,031
14,320
133,505
12,985
340,136
3,914,669
253,435
1,904,250
314,599
925,848
555,805
367,154
256,562
202,806
551,100
1,523,568
39,776,161
8,626,489
31,149,672
107,224
86,216
326,840
1,513,056 5,999,858 1,468,575
155,016
358
148,876
589,474
8,335
8,747
8,130
921
744
765
15,527
45,337
15,343
382,567
629,239
262,916
12,037
46,603
14,983
156,137
404,847
112,168
22,289
70,524
14,567
95,543
45,718
237,694
27,916
112,863
75,276
22,524
23,614
93,004
7,851
11,087
37,936
5,434
3,673
29,472
32,568
151,683
103,549
139,437
44,637
108,315
114,471
200.961
142,270
117,841
,088,979 1,554,520 1,112,697 3,848,290 1,406,337
123,104
211 ,270
162,947
148,276
75
3,375
25
375,509
18,655
10,162
8,949
11,622
7.655
530
1,262
1,055
1 ,196
1 ,041
26,762
341,760
23,511
143,716
26,674
106,543
76,238
49,435
48,488
602
30,407
212,129
26,758
338,335
13,839
104,180
17,735
43,106
44,372
25,420
13,496
4,010
35,984
112,683
22,310
299,675
21 ,227
112,747
14,873
38,179
21,274
19,286
29,829
19,197
56,475
113,375
46,500
518,643
19,758
357,712
42,992
130,776
46,024
42,694
39,550
86.399
66,733
272,977
30,702
208,441
22,522
109,134
19,619
40,182
33,627
22 ,738
24,817
5,699
63,339
98,092
118,379
88,520
721,214 1,279,728
73,229
138,627
1
10,320
13,644
1 ,104
1,130
19,645
128,226
11,260
45,493
14,399
42,472
15,703
13,672
7,471
583
4,436
78,844
27,667
216,049
20,418
114,154
19,287
54,549
38,469
15,835
15,877
9,447
13,551
95,850
160,040
105,773
1,064,396 2,284,888
114,422
245,281
28
1,666
15,530
11,756
1 ,544
1,693
26,526
190,664
16.058
79,148
16,291
24,271
26,605
17,820
13,121
5,856
40,294
88,518
37,059
398,154
31,219
164,814
35,349
66,815
37,438
21,112
7,039
61,906
26,158
163,477
2,668,852 8,799,441 2,470,197 3,543,376 2,621,360 2,142,081 6,104,214 2,354,658 1,2 76,592 2,192,661 1,844,729 3,758,000
489,717 1,715,274
427,931
661,755
520,963
516,669
1,609,038
485,300
272,611
520,463
410,154
996,614
2,179,135 7,084,167 2,042,266 2,881,621 2,100,397 1,625,412 4,495,176 1,869,358 1,003,981 1,672,198 1,434,575 2,761,386
1,402,908
3,553
448,938
113,297
129,624
68,510
57,237
191,179
49,946
34,692
49,756
47,488
1,576,280
338,433
143,319
19,153
297,378
62,089
171,558
15,525
138,618
28,846
129,286
23,708
107,075
38,549
320,133
47,255
86,167
17,353
15,205
7,887
33,545
16,052
33,050
15,242
100,946
46,774
34,467,293
2,430,160 7,892,572 2,342,646 3,178,709 2,321,901 1,828,273 5,053,743 2,022,824 1,061,765 1,771,551 1,530,355 3,032,794
97,676,544
6,407,390 23,872,475 7,075,505 9,531,944 6,240,627 4,781,660 13,849,660 5,195,069 2,954,021 4,455,247 4,585,465
3,927,481
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Reported gold reserves of central banks and governments.
1024
Gold production
1025
Gold movements
1025
International capital transactions of the United States. .
International Monetary Fund and Bank. .
Central banks
1026-1031
1032
1032-1036
Money rates in foreign countries. .
1037
Commercial banks
1038
Foreign exchange rates. .
1039
Price movements:
Wholesale prices
1040
Retail food prices and cost of living. .
1041
Security prices .
1041*
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.
AUGUST 1948
1023
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
Argentina 1
Belgium
609
734
734
735
734
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—July..
Aug...
Sept..
Oct...
Nov..
Dec...
1948—Jan.. .
Feb...
Mar..
Apr. .
May..
June..
17,644
21,995
22,737
22,726
21,938
20,619
20,065
20,529
21,537
21,766
21,955
22,294
22,614
22,754
22,935
23,036
23,137
23,169
23,304
23,532
474
416
497
614
838
992
1,197
1,072
514
491
451
367
323
322
313
296
266
229
214
End of month
India
Iran
(Persia)
Italy
1939—Dec...
1940—Dec...
1941—Dec...
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—July..
Aug...
Sept..
Oct...
Nov..
Dec...
1948—Jan...
Feb...
Mar..
Apr. .
May..
June..
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
144
120
124
141
118
24
24
28
28
28
28
28
28
28
28
28
28
28
28
End of month
1939—Dec..
1940—Dec.
1941—Dec..
1942—Dec..
1943—Dec..
1944—Dec..
1945—Dec..
1946—Dec..
1947—July..
Aug..
Sept..
Oct...
Nov..
Dec.
1948—Jan...
Feb...
Mar..
Apr. .
May.
June..
127
127
127
127
127
127
127
127
127
Brazil Canada
40
51
70
115
254
329
354
354
354
354
354
354
354
354
354
354
354
354
354
214
27
5
6
5
6
2
361
2 543
6
7
8
6
7
2
294
7
7
7
7
8
9
Japan
Java
164
164
90
140
235
716
735
644
649
650
599
593
597
593
578
591
606
615
622
Sweden
Switzerland*
Turkey
308
160
223
335
387
463
482
381
144
126
93
101
101
105
104
101
97
96
93
85
549
502
665
824
6
965
,158
,342
.430
,370
,373
,386
,389
,372
,356
,352
,353
,353
1,352
1,351
29
88
92
114
161
221
241
237
185
174
169
169
170
170
171
171
171
168
168
164
Chile
Colombia
Cuba
30
30
31
36
54
79
82
65
46
45
45
45
45
45
45
45
45
45
46
21
17
16
25
59
92
127
145
87
88
89
83
84
83
84
85
86
81
1
1
1
16
46
111
191
226
259
164
New
Mexico Nether- Zealand
lands
32
47
47
39
203
222
294
181
692
617
575
506
500
500
270
265
23
23
23
23
23
23
23
23
190
190
190
191
223
231
220
209
193
182
183
183
23
23
23
23
23
23
96
86
87
86
78
71
United
Kingdom
Uruguay
Venezuela
68
90
100
89
121
157
195
200
189
183
183
177
175
175
189
200
200
203
52
29
41
68
89
130
202
215
235
215
215
215
215
215
215
230
240
243
263
56
58
61
61
61
61
61
61
279
279
279
279
279
279
279
279
98
99
100
100
100
100
5
Czecho- Denslomark
vakia
Peru
81
75
58
20
20
21
25
31
32
28
24
23
23
23
23
70
69
66
66
66
Yugoslavia
B.I.S.
Other
countries'
59
82
83
7
12
12
21
45
37
39
32
27
26
29
28
30
30
33
35
40
39
32
178
170
166
185
229
245
247
240
240
240
240
240
240
240
241
242
P242
P243
P244
P244
4
p Preliminary.
Estimated dollar values derived by converting gold at home in amounts up to 1,224.4
million pesos at the rate of 3.0365 pesos per U. S. dollar and all other gold at the rate of 3.5447
pesos per U. S. dollar.
2
On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance, except for
December 1945, December 1946, December 1947 when gold holdings of Foreign Exchange Control Board are included also.
8
Total gold holdings are not available. Beginning April 1946, the series is new and represents gold held as reserve (25 per cent minimum) less gold in foreign currency liabilities.
•Figures relate to last official report dates for the respective countries, as follows: Java—
Jan. 31, 1942; Poland—July 31, 1939; Yugoslavia—Feb. 28, 1941.
5
Figure for February 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
6
Beginning December 1943, includes gold holdings of Swiss Government.
7
For list of countries included, see BULLETIN for June 1947, p. 755, footnote 7.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
NOTE.—For gold holdings of International Fund and Bank, see p. 1032. For back figures,
see Banking and Monetary Statistics, Tables 156-160, pp. 536-555, and for a description of
figures, including details regarding special internal gold transfers affecting the reported data,
see pp. 524-535 in the same publication.
1
1024
France
Germany
Greece
55
52
52
52
52
52
52
53
53
53
53
53
53
53
53
53
53
53
2,709
2,000
2,000
2,000
2,000
1,777
1,090
796
544
544
444
444
548
548
548
29
29
29
29
29
29
28
28
28
28
28
28
53
52
44
44
44
44
38
38
32
32
32
32
32
32
32
32
32
32
32
32
Nor-
80
91
77
77
73
73
72
72
Egypt
Poland
4
34
34
34
34
34
34
548
548
548
548
Portu- Rumagal a
nia
20
20
20
20
20
20
South
Africa
Spain
249
367
366
634
706
814
914
939
752
775
805
804
796
762
764
448
438
446
388
42
42
91
105
110
111
111
111
111
111
111
111
111
111
111
111
152
158
182
203
260
267
269
245
213
205
203
200
195
193
189
189
184
181
179
24
24
24
24
24
24
30
30
33
33
33
34
84
20
20
Hungary
P265
P215
P215
P215
215
216
216
1
Government gold reserves not included in
previous figures
End of month
1938—Dec...
1939—Aug
Dec...
1940_Aug....
Dec...
1941—Sept...
Dec....
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
194(5—j une# # .
Sept...
Dec.... .
1947—Mar... .
June...
Sept....
Dec...
1948—Mar....
United United France BelStates Kinggium
dom
»759
•876
80
156
48
24
25
12
43
12
18
71
113
177
163
151
129
114
79
331
* 460
* 293
292
17
17
* 151
5
2,354
6
2,341
5
2,196
5
2,535
5
2,587
5
2,345
5
44
214
457
17
17
17
17
17
2,382
•2,341
«2,035
2,2OO
5
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(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.
1
Reported figure for total British gold reserves
on Aug. 31, 1939, less reported holdings of Bank
of England on that date.
* Figure for first of month.
8
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. 1029.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 1032, footnote 4, and p. 1033,
footnote 6.
For available back figures see
Banking and Monetary Statistics, p. 526, and
BULLETIN for November 1947, p. 1433; June
1947, p. 755; February 1945, p. 109.
FEDERAL RESERVE
BULLETIN
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In thousands of dollars]
Estimated
Production reported monthly
world
North and South America
production Total
reported
South I Rho- I West I Belgian United I Canoutside
Mex- IColom- I
I NicaChile I ragua 8
U.S.S.R.i monthly |[ Africa 1 desia I Africa21 Congo' States41 ada
ico I b i a I
9
$1 = 15*/n grains of gold /wfine; i. e., ounce of fine gold = $35.
an
,142,400 968,320 425,649 28,532 24,670 16,564 178,143 165,379 32,306 18,225 10,290 1,557
,219,400 ,031,214 448,753 28,009 28,564 18,258 196,391 178,303 29,426 19,951 11 ,376 3 ,506
,311,450 ,106,447 491.628 29,155 32,163 19,413 210,109 185,890 30,878 22,117 11 ,999 5 ,429
,265,600 ,110,379 504,268 27,765 32,414 19,571 209,175 187,081 27,969 22,961 9 ,259 7,525
,130,115 982,130 494,439 26,641 29,225 17,992 130,963 169,446 28,018 20,882 6 ,409 8 ,623
880,495 '774,086 448,153 23,009 19,740 '15,791 48,808 127,796 22,081 19,789 6 ,081 7 ,715
794,080 '702,534 429,787 20,746 18,445 '12,747 35,778 102,302 17,793 19,374 7 ,131 7 ,865
745,430 '683,011 427,862 19,888 18,865 '12,144 32,511 94,385 17,458 17,734 6 ,282 6 ,985
762,195 '696,998 417.647 19,061 20,475 '11,596 51,182 99,139 14,703 15,301 8 ,068 6 ,357
'705,447 392,004 18,296 19,320 10,780 '75,786 107,
10,780 -75,786 107,432 16,250 13,406 5 ,908 7,403
'62,680 35,308
,508 1,820
945 '6,768 9,412
S02
1,703
1,130
528
'59,655 33,984
,498 1,680
980 '5,664 9,418
973
,065
553
520
'64,148 35,396
,554 1,855
980 '6,866 9,149
1,525
,112
513
636
'61,616 34,875
,541 1,855
910 '6,580 9,131
1,360
,079
410
684
'•60,833 34,692
,516 1,820
805 '6,526 8,668 1,389
,044
530
658
'60,644 35,361
,540
840 '7,733 9,057
35
922
915
424
679
'59,738 33,888
,513 1,225
770 '5,791 8,826 2.491
945
383
742
'60,433 34,025
,489 1,750
770 '6,828 9,614
778
680
529
672
60,559 34,775
,504 1,890
910 6,214 9,568
658 1,124
369
648
57,220 32,459
,442
840 5,489 9,156
1,820
1,367 1,302
288
682
34,384
,431 1,820
910 6,372 10,070
809
474
634
34,175
945 5,650' 10,012
652
910 6,078
611
34,368
Year or
month
1938..
1939
1940
1941
1942
1943
1944
1945
1946
1947
1947~May.
June.
July.
Aug..
Sept..
Oct...
Nov..
Dec.
1948—Jan..
Feb..
Mar..
Apr..
May.
Other
AustraIndia7
lia*
55,721
57,599
57,540
52,384
40,383
26,295
22,990
23,002
28,857
'32,807
2,533
2,830
4,003
2,701
2,696
'2,720
'2,639
'2,808
'2,442
1,954
11,284
11,078
10,126
10,008
9,111
8,828
6,577
5,893
4,612
6,055
523
490
560
490
490
420
525
490
455
420
525
525
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.
r
Revised.
1
Estimates of United States Bureau of Mines.
2
Beginning 1942, figures reported by American Bureau of Metal Statistics. Beginning 1944, they are for Gold Coast only.
z
Reported by American Bureau of Metal Statistics.
4
Includes Philippine production received in United States through 1945. Annual figures are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1947 having been revised by subtracting from each monthly figure $452,705
so that aggregate for the year is equal to the annual estimate compiled by the United States Mint.
6
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
6
Beginning 1946, subject to revision.
7
Monthly figures reported by the American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources, see BULLETIN for June 1948, p. 731; 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 $35 a fine ounce
Net imports from or net exports (—) to:
Year
or month
1942
1943
1944
1945
1946
1947
Total
n*t
importe
United
Kingdom
France
Belgium
Netherlands
315,678
1,955
68,938
88
-845,392 -695,483
160
-106,250
— 14
458
311,494
1,866.348 488,433 162,941
1947
June
July
Aug
Sept
Oct
Nov
Dec
200,233
219,201
111,657
109,60<
450,83(
265,700
178,166
234,978
159,388
99,943
234,156
151,326
177,741
182,808
104,264
20,274
167,906
157,131
177,829
27,990
-108
1
22,515
245, 712 140,568
142,821
101,541
1948
Jan
Feb
Mar
Apr
May
June?
Sweden
-1,002
-449
2
13,903
14,088
9,970
31,301
61,931
20,023
6,132
5,523
-206
Canada
Argentina
Other PhilipLatin
AusMexico Ameri- pine tralia
can Re- Republics public
321
208,917
99 40,016 39,581
66,920 -10,817 -3,287 24.306
46,210 -50,268 109,695 58,292
103
15,094-41 ,743
-5
53,148
3,591 -403 -156
344,130 -134,002
445,353 335,505 -7,110 10,684 3,508
52,913 94,601
51,820 102,405
2,220 90,463
499 23,444
552 48,190
63,697 56,849
37,735 35,436
458
289
-19,660
-10,693
-29,635
-12,031
12,009
29,998
4,145
217
282
330
242
152
103
208
1,425
1,489
-94
1,286
1,073
1,434
2,126
-70
1,111
1,543
-286
-56
—252
85
74
201 2,418
211 1,102 -289
271 2,673 -1,279
242 4.872 - 2 0 8
161 6-24,092 - 2 2 8
198,7-27,736 -144
South
Africa India
All
other
countries
129 20,013
528 4,119
30;
-8,731
152
18,365
199 3,572
357
1-133,471
106
1
41 118,550 •2,613 -18,083
124410,691 -4,423 » -337
53,228 -334
-638
60,081 -551! * 5,233
<4,221
17 16,042
M0,215
28 37,76(1
*490
40
21
997
19
29
9
1,026
32,991
227 23,674
6 40,888
22,756
97 39,331
. . . I 40,764
-5,950
-1,390
-5,161
5
-6,871
-1,106
-935
P Preliminary.
1
Includes $133,980,000 to China and $509,000 from other countries.
2
Includes $33,728,000 from U. S. S. R., $55,760,000 to China, and $3,949,000 from other countries.
3
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.
« Includes $4,491,000 to U.S.S.R., and $2,380,000 to other countries.
6
Includes $30,052,000 to Venezuela.
7
Includes $29,998,000 to Venezuela.
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.
AUGUST
1948
1025
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
1,069.5
1,125.1
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
1,150.4
1,155.3
1,125.4
1,219.7
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
,436.2
,686.5
,927.3
,888.3
550.5
607.5
618.4
650.4
646.7
664.5
676.9
725.7
1,188.9
1,201.4
1,177.3
1,133.7
63.9
74.0
83.1
80.6
1940—Mar. (Apr. 3)
June (fuly 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*
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
830.3
848.2
624.9
632.0
646.1
673.3
104.
106.
107.
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
1947—Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
8,077.3
9,959.9
9,736.7
9,771.5
9,508.2
9,440.8
9,443.6
9,516 8
9,018.6
8,693.5
8,551.9
8,321.2
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
4,120.3
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
1,232.9
1,200.0
1,121.8
2,884.6
3,041.1
3,115.9
3,096.7
3.049.3
3,144.7
086.
3,143.5
3,157.5
3,091.2
3,062.4
2,998.5
449.0
2,705.6
2,707.0
2,702.5
2,819.4
2,694.3
2,861.1
2,758.0
2,655.4
2,481.4
2,380.4
2,242.0
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
'•4,094.8
4,235.0
4,370.6
••1,137.2
1,270.7
1,346.4
'2,957.6
n ,964.3
3,024.2
2,185.0
2,124.6
1,985.3
106.5
88.7
51.7
,285.7
,290.4
1,294.4
359.6
340.3
312.3
140.6
135.2
143.3
31
30
29
29
.
1948—Jan. 31
Feb. 29
Mar. 31
'8,172.2
••8,214.1
8,157.7
r
r 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 Development. (Of the total issue of $250,000,000, $700,000 was sold directly to Canadian purchasers.)
4
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.
1026
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—
Total*
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
5,112.8 1,101.3
5,807.9
865.2
5,354.1
674.1
5,980.2
837.8
7,267.1 1,257.7
7,728.4 1,090.0
8,802.8
892.5
7,555.7
563.1
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—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
468.7
670.3
639.9
625.9
636.8
585.7
464.2
384.8
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
58.0
55.4
50.5
48.1
48.2
63.1
106.5
287.5
595.8
453.5
441.7
614.1
648.5
486.7
447.7
464.2
437.0
451.4
523.9
562.8
332.0
319.8
390.2
306.2
324.6
308.2
359.6
318.8
234.3
153.1
161.8
127.8
391.7
356.8
340.5
336.0
329.8
311.4
258.7
240.4
213.8
189.2
188.7
186.2
801.6
804.6
799.3
811.8
808.0
800.8
810.6
820.5
839.3
836.2
840.0
841.2
221.7
,210.0 3,552.8
198.7
,161.5 3,294.9
181.2
,093.2 3,246.2
161.2
,112.2 3,341.6
158.1 ,161.3 3,430.2
145.1 ,131.3 3,183.6
139.8 ,135.6 3,152.0
140.4 1,124.7 3,109.0
150.1 1,086.6 2,961.1
160.1 1,099.2 ••2,889.1
180.7 1,086.8 -•2,981.9
187.0 1,077.1 2,982.1
7,069.0
6,688.9
6,746.5
36,582.5
6,758.8
6,363.2
6,212.1
6,171.5
6,079.1
r
5,987.2
"6,089.5
6,172.3
918.9
,098.6
,071.7
,030.3
,133.3
,172.5
,311.8
,246.3
Canada
Latin
America
3,790.1 229.4 483.4
4,056.6 411.7 606.8
3,626.3 340.5 567.5
3,608.1 425.1 835.8
4,192.8 760.3 951.0
4,081.8 976.4 1,193.7
4,037.0 1,395.7 1,338.4
3,574.2 979.7 1,474.0
764.8
763.1
803.4
794.7
830.3
780.6
681.0
684.9
688.6
727.8
721.5
798.0
1,364.7
1,318.6
1,447.1
1,477.0
1,531.4
1,470.0
1,446.4
1,406.1
1,383.4
'1,338.2
1,364.9
1,368.0
Asia*
522.6
642.6
691.1
932.9
,161.6
,273.6
,784.1
,258.3
All
other*
87.4
90.2
128.6
178.3
201.4
203.0
247.5
269.6
,142.0 244.6
,072.6 239.6
,018.7 231.1
972.1 «-2.9
958.0
8.9
931.6 - 2 . 6
937.3 - 4 . 6
981.0 - 9 . 4
975.8 *70.2
'•946.3 '85.9
'931.9 '89.3
938.9
85.3
TABLE 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
Total
1939—Dec
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct 31
Nov. 30
Dec 31
1948—j a n 3i
Feb. 29
Mar 31
.
Netherlands
Switzerland
Italy
Other
Europe
376.1
293.3
328.6
493.3
939.4
804.4
646.4
397.6
256.1
458.0
416.5
394.5
404.1
356.6
229.9
165.8
190.9
160.3
161.0
170.0
176.7
193.1
265.0
208.2
362.7
494.7
326.2
166.3
192.7
221.4
286.3
359.0
19.7
-.9
—3.4
-6.2
—6 9
7.0
50.1
247.6
449.9
580.8
538 0
479.8
565 3
611.2
745.8
687.2
4,815.4
4,498.0
4,591 9
4,703.2
4,870 3
4,456.0
4,324 1
4,262.4
4,120.3
r
4,094 8
'4,235.0
4,370.6
( j a n 3 1940)
(Jan. 1, 1941)
3i
31
3i
31
31 .
31
United
King- France
dom
2,522.4
3,239.3
2,979.6
3,465.5
4,644.8
4,865.2
6,144.5
5,272.3
From Jan. 2, 1935, through—
423.1 129.6
279.7 117.8
267.2 190.2
438.1 109.7
471.2 125.6
307.8 114.9
275 5 188.5
293.1 156.8
264.9
87.6
274.9 r88 6
343.6 '124.3
383.9 107.0
205.0
189.7
192.6
197.2
210 0
199.7
156 3
141.8
126.7
107 5
112.3
114.5
383.6 205.4 689.2
388.9 184.1 647.8
381.5 166 8 589 0
388.9 146.8 619.8
385 5 143 1 669 2
382.1 129.7 635.1
392 2 126 3 637 2
405.9 125.6 626.5
432.8 132.8 576.6
r
435 7 143 1 r586 0
446.7 163.4 '579.5
454.2 167.0 587.3
Total
Europe
Canada
1,655.4 174.5
1,986.3 334.1
1,766.9 273.1
1,697.5 399.5
2 271.2 704.7
2,193.7 818.6
2,223.4 1,414.2
2,065.5 823.9
2,035.9
1,808.0
1 787.2
1,900.6
2 004.5
1,769.4
1 776 0
1,749.8
1,621.4
'1,635 8
1,769.9
1,813.8
Latin
America
Asia2
All
other2
215.1
417.0
326.4
531.2
296.7
541.4
482.8
743.9
928.2
578.7
794.7
888.6
924.9 1,369.1
983.3 1,135.7
60.5
61.3
101.6
141.9
162.0
169.7
212.9
263.9
1,000.0 1,012.7
1,009.4
973.1
1,120.9
966.7
1,168.9
932.6
1,221.0
910.8
1,144.6
884.4
1,116.3
877.0
1,081.3
883.5
1,095.0
877.3
r
1,047.8 r 846.3
1,067.5
840.3
842.4
1,087.0
247.2
237.9
238.2
245.3
249.7
237.1
235.6
228.5
224.9
r
r 238.0
234.5
227.5
Canada
Latin
America
All
other*
52.6
43.2
17.7
68.3
55.7
37.0
9.1
-58.8
519.6
469.6
478.8
455.8
484.2
420.5
319.2
319.3
301.6
327.0
322. 7
400.0
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
Total
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
31
1947—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan 31
Feb. 29
Mar. 31
.
.
.
:
...
United
King- France
dom
Netherlands
Switzerland
Italy
650.4
775.1
791.3
888.8
877.6
805.8
742.7
427.2
252.2
269.2
271.2
279.4
272.1
266.1
266.6
244.3
73.8
74.6
76.9
77.8
77.9
77.7
78.0
73.4
12.9
17.7
17.6
18.1
18 3
18.3
-17.7
-132.3
2.9
6 5
5.4
6 6
5 1
6.8
5.2
-1.7
15.5
25.3
25.8
26.2
26 2
26.2
26.2
10.6
206.2
241 4
250.5
253.5
256 8
231.5
235.1
226.9
563.5
634.7
647.4
661.5
656.5
626.6
593.4
421.3
56.5
60.3
62.7
58.6
55.1
64.8
39.5
40.7
333.6
255.3
202.5
156.3
168.2
178.3
172.1
211.6
174.6
106.5
88.7
51.7
249.6
252.4
252.7
255.1
257.9
262.8
258.9
260.2
262.8
269.5
273.1
273.5
57.9
60.2
59.0
57.6
58.1
57.0
61.5
64.1
55.7
-18.7
—34.6
-39.4
-32.4
—20.6
-30.4
—28.6
-27.3
-28.2
—30.0
—28.6
-30.5
-32.5
—33.7
-32.7
— .2
—1.4
4.5
203.4
196.7
182.2
170 9
170.1
171.9
174.4
174.1
178.9
180.5
175 3
156.9
482.8
490.0
466.2
455.3
460.1
465.5
468.2
475.2
473.5
406.0
387.8
369.3
56.5 - 2 1 3 . 7
56.1 -270.0
56.5 - 2 5 6 . 9
58.8 - 2 7 6 . 9
60.7 - 2 8 3 . 8
63.8 -279.7
63.1 -298.7
66.4 - 3 0 9 . 5
65.4 - 3 4 6 . 3
67.7 - 3 5 1 . 3
67.5 - 3 4 9 . 5
64.5 - 3 6 9 . 3
.3
—2 1
-1.7
— 1.2
1.7
2.4
1.1
2.7
2.5
2.3
3.0
3.3
1.6
3.0
5.5
1.8
2.1
5.4
5 6
1.7
9.2
Total
Other
Europe Europe
Asia2
-21.5
34.8
64.7
93.8
102.7
77.7
99.2
29.9
-.8
2.1
— 1.2
6.6
31.0
-23.0
—22.6
-19.1
-24.9
-20.3
-22.9
—24.9
—21.9
-20.1
1.8
-44.3
—56.0
-48.6
-48.4
—35.5
1.4
2.0
2.4
—5.4
-2.0
7.5
-.3
1.5
-5.8
-18.3
-11.7
-10.8
' 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."
* See Table 1, footnote 3.
* See Table 1, footnote 4.
1
8
AUGUST 1948
1027
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.)
Total
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec
1942—Dec.
1943—Dec.
1944—Dec
1945—Dec.
1945—Dec.
(Jan. 3, 1940)
(Jan. 1, 1941)
3i
31
3J
3i
31
3i
1947—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept 30
Oct. 31
Nov. 30
Dec. 3 1 . .
1948—Jan. 31
Feb. 29
Mar 31
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
CanLatin
ada America
Asia*
All
other1
725.7
803.8
855.5
848.2
925.9
L.019.4
972.8
1,237.9
. . . .
2
. . .
United
King- France
dom
125 5
128.6
127.6
125.4
127.6
126.5
117.7
96.8
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
1,341 6
1,380.7
1,398.0
1,177.3
1,193.6
1,230.3
1,243 6
1,254.5
1,274.9
1,285.7
1,290.4
1,294.4
102 9
103.6
105.7
104.2
104.3
101.5
99.1
96.9
94.9
93.2
93.3
92.0
50.0
49.6
49.5
48.3
47.9
47.9
47.5
47.2
47.1
46.8
46.6
46.1
22.5
31.9
31.4
31.2
31.2
30.1
26.5
22.7
18.8
16.3
13.7
10.7
7.4
26.9
26.9
26.8
26.7
26.7
26.7
26.6
26.5
26.5
26.4
26.4
26.5
257.7
258.3
265.4
266.4
267.3
267.9
267.8
267.9
273.8
274.7
275.1
275.8
491 8
472.0
480.4
477.5
476.5
469.4
461.1
453.9
454.7
450 5
447.3
441.9
309.5
358.8
374.7
389.1
397.0
417.3
421 9
427.2
441.8
451.3
454.6
458.6
468 2
474.2
478.8
481.8
488.0
507.9
523 3
534.0
537 6
542 1
546.2
549.3
61 0
61.0
61.1
61.2
61.4
61.3
61.3
61.6
61 6
61.7
61.7
62.0
11 1
14.7
3.0
*-232.2
—229.3
-225.6
—224 0
-222.3
—220.9
—219 8
-219.4
-217.5
2.2
1.7
.7
.2
-1.1
-2 6
-3.3
-3.9
—4.4
-4.9
-5.9
TABLE 6.—DOMESTIC SECURITIES: ][NFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
From Jan. 2, 1935, through—
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1945—Dec
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia*
All
othei1
32.2
35.8
37.1
44.4
55.4
72.4
68.0
57.3
1,004.4
851.3
615.0
644.7
645.7
633.7
582.9
484.3
—2.6
-18.4
—44.7
—45.1
-58.2
—28.1
-126.6
-143.0
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
90.6
86.5
85.3
84.2
82 7
78.5
84.6
82.9
84.2
87 8
91.0
90.3
30.3
28 8
28 4
27.5
27 3
27 1
27.7
27.8
28.3
28 5
28.6
28.9
8.1
8.7
8.1
8 0
8.1
5.9
5.7
•85.6
85.4
85.3
85.4
Can- Latin
1
ada America Asia
All
other1
1,133.7
888.7
626.7
673.3
701.1
911.8
798.7
464.5
(Jan. 3, 1940)
(Jan. 1 1941)
3i
31
31
31
31
31
1947—Apr 30
May 31
June 30
July 31
Aug. 3 1 .
Sept. 30
Oct 31
Nov. 30
Dec 31
1948—j an 3i
Feb. 29
Mar 31
Total
. .
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
—4.9
2.7
— .1
— .1
.6
1.9
416.7
398.5
393.4
385.9
362 6
338.8
310.0
290.0
'367.0
359.6
340.3
312.3
-198.3
-200.5
—202.7
-203.5
-203.3
-204.1
-205.1
-205.7
-203.8
—203.7
-203.6
-204.4
73.8
72.3
71.8
71.1
73.6
69.0
42.9
31.5
24.7
17.3
6.6
-4.7
179.3
168.6
158.4
149.7
129 9
124.4
118.0
113.9
108.7
106.2
102.9
96.7
344.2
345.4
343.1
351.2
350.7
350.4
352.0
353.9
350.9
347.2
343.2
336.7
-15.6
-15.4
-15.3
-15.1
— 15.1
-15.1
-15.2
-15.2
-15.0
-15.3
-15.2
-16.2
2.2
2.1
46.0
45.2
42.6
40.8
40 6
42.2
41.8
42.1
43.1
44.1
43.8
44.0
429.5 -141.9
415.5 -141.0
398.0 —126.3
394.2 -128.1
376 3 -131 7
366.9 -141.7
334.5 -142.6
320.5 -147.0
308.7 -139.8
295.7 — 137.8
277.6 -142.3
252.1 -144.3
9.9
8.8
8.0
TABLE 7.—INFLOW IN BROKERAGE BALANCES, BY COUNTRIES
(The Net Effect of Increases in Foreign Brokerage Balances in U. S. and of Decreases
in Balances Held by Brokers and Dealers in U. S. with 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.
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
1947—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29.
Mar. 31
Total
United
NethKing- France
erdom
lands
Switzerland
Italy
Other
Total
Europe Europe
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
4.9
7.7
7.7
8.5
9.2
10.4
13.6
14.7
71.6
74.3
75.7
78.1
89.1
97.7
113.6
112.0
161.6
156.4
160.8
159.8
164.1
159.9
162 2
153.1
142.4
140.6
135.2
"143.3
18.6
18.4
18.9
20.2
18.3
18.7
19.3
19.7
18.2
17.5
17.4
17.8
20.5
19.9
19.7
19.5
19.4
19.5
19.2
19.1
19.1
19.1
18.9
18.9
17.3
16.9
18.2
17.0
17.0
16.6
16.9
16.6
12.7
12.4
12.2
13.6
42.1
40.4
43.2
42.6
43.4
43.0
42.0
39.6
38.2
37.8
37,2
41.1
13.7
13.5
14.0
14.3
14.2
14.3
14.4
14.1
14.2
13.7
13.1
13.1
112.7
109.5
114.5
114.0
112.8
112.5
112.2
109.5
102.7
101.1
99.3
105.1
8.7
10.7
14.1
15.2
17.6
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
2.1
.7
.8
.9
1.3
1.8
1.3
2.0
21.2
19.6
19.7
19.1
20.0
19.5
18.5
19.0
19.0
23.5
18.7
20 9
17.3
12.9
11.8
9.7
10.7
7.0
8.0
6.7
6.9
7.1
7.3
6.8
6.5
6.6
7.4
6.6
7.7
1.2
.9
1.0
162
19.5
21.5
20.7
19.5
19.0
19.6
19.6
19.1
19.2
.8
2.8
7
.7
.7
.6
J
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 1
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.
4
Amounts outstanding Mar. 31 (in millions of dollars): foreign brokerage balances in United States, 93.7; United States brokerage balances
abroad, 27.3.
1028
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
International
institutions
Date
193g—Dec.«....:
1939—Dec 1
1940—Dec.»
:
1941—Dec. 31. J#
1942—Dec. 31
1943—D^, 31
I944—Dec. 31
I945—Dec. 31.
1946—Dec. 3 1 . .
Total foreign
countriesx
Official
Official
United
NethKing- France
erdom
lands
Switzerland
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia'
All
othei1
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. C
181.8
232.8
1,193.3
1,153.7
1,147.4
1,113.2
1,091.5
1,065.1
1,057.7
1,064.2
1,057.9
1,026.9
1,021.0
1,023.0
216.0
206.7
207.0
214.1
218.5
205.9
204.4
197.3
193.7
206.8
'203.4
196.3
private
473.7
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
473.8
781.0
1,418.9
1,314.9
2,244.4
3,320.3
3,335.2
4,179.3
3,043.9
436.1
448.2
365.5
400.8
554.6
1,000.8
865.7
707.7
458.9
187.4
288.2
490.1
448.6
432.3
439.9
401.2
310.0
245.9
101.8
204.9
174.3
174.9
186.6
193.3
209.7
281.6
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
1947—Apr. 3 0 . . : 2,722.5
May 31..'. 2,839.3
June 30. . . 2,714.2
July 31.:.
2,881.0
A u g . 3 1 . . . 2.777.9
Sept. 30. . 2.675.3
Oct. 3 1 . . . 2.501.3
Nov. 3 0 . . . 2.400.3
Dec. 3 1 . . . 2.262.0
1948—Jan. 3 1 . . . 2,205.0
Feb. 2 9 . . . 2,144.5
Mar. 3 1 . . . 2,005.3
5,549.6
5,232.2
5,326.0
5,437.3
5,604.5
5,190.1
5,058.3
4,996.6
4,854.4
'•4,829.0
••4,969.2
5,104.8
2,429.1
2,159.0
2,157.5
2,327.1
2,437.2
2,008.8
1,943.2
1,910.3
1,832.1
1,847.5
1,981.0
2,056.7
484.4
341.0
328.5
499.5
532.5
369.1
336.8
354.5
326.2
336.2
404.9
445.2
209.8
197.9
270.3
189.8
205.8
195.0
268.6
236.9
167.7
168.7
204.4
187.1
221.6
206.3
209.2
213.8
226.6
216.4
172.9
158.4
143.3
124.1
128.9
131.1
397.2
402.5
395.1
402.5
399.1
395.8
405.8
419.5
446.4
449.3
460.3
467.8
225.7
204.4
187.1
167.1
163.4
150.0
146.6
146.0
153.1
163.4
183.7
187.3
852.5
811.1
752.3
783.1
832.4
798.3
800.5
789.8
739.8
'749.3
'742.8
750.6
1,237.8 201 8
248.5
1,882.6 274.6
336.0
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
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
1,991.1
'2,125.2
2,169.0
627.5
577.6
586.8
563.7
592.2
528.4
427.1
427.2
409.6
434.9
430.6
507.9
1,121.6
1,130.9
1,242.5
1,290.4
1,342.5
1,266.1
1,237.9
1,202.8
1,216.6
1,169.3
1,189.0
1,208.5
LIABILITIES—SUPPLEMENTARY DATA
Other Europe
Finland
Date
Other
Europe
Belgium
Denmark
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
31. . . 650.9
3 1 . . . 728.6
3 1 . . . 774.5
31. . . 909.1
31. . . 850.5
121.8
122.9
124.3
185.0
159.5
17.7
13.9
14.8
25.9
66.5
22.2
1947—Apr. 30. . . 852.5
May 3 1 . . . 811.1
June 3 0 . . . 752.3
J u l y 3 1 . . . . 783.1
Aug. 3 1 . . . 832.4
Sept. 3 0 . . . 798.3
Oct. 3 1 . . . 800.5
Nov. 3 0 . . . 789.8
Dec. 31. . . 739.8
1948—Jan. 31. . . '749.3
Feb. 2 9 . . . '742.8
Mar. 31 . . . 750.6
163.0
150.9
142.5
164.0
185.3
132.0
135.7
131.7
124.9
124.2
126.0
149.2
57.8
56.9
52.0
45.6
48.8
42.2
48.9
55.0
52.8
'53.0
'51.5
48.0
26.8
22.4
22.7
36.2
39.9
42.0
39.2
39.2
30.5
31.1
29.3
27.7
Germany
7.9
7.a
7.7
6.5
6.8
7.0
7.1
7.1
5.5
9.1
21.5
27.3
46.3
53.6
63.2
74.9
79.1
89.5
'96.8
103.7
103.5
Greece
Luxembourg
Norway
Portugal
Rumania
Spain
39.3
43.5
48.7
70.8
49.3
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
39.8
37.7
32.2
32.2
36.0
41.5
48.5
45.7
34.7
'38.8
'41.9
38.0
22.2
22.2
22.3
22.6
20.1
19.7
19.2
22.5
21.7
22.0
20.2
19.9
111.2
100.6
91.2
80.0
79.2
79.3
76.2
70.7
56.2
54.7
50.5
54.7
52.2
52.3
42.5
40.1
47.7
48.0
47.8
49.8
47.1
'46.0
46.0
33.1
11.3
8.3
8.2
8.2
9.4
9.5
8.7
8.3
8.7
8.9
7.7
7.9
18.1
17.5
11.8
12.2
12.1
11.7
10.1
11.9
12.8
16.2
17.2
19.4
157.3
152.2
133.2
122.9
115.2
109.4
86.8
72.9
58.6
56.8
52.4
53.4
60.0
50.4
50.6
50.3
52.5
58.5
64.1
69.4
73.7
74.8
66.1
72.6
10.6
12.1
10.6
20.5
24.0
Cuba
French
West
Indies
and
Gui-
Mexico
Netherlands
West
Indies
Panama
Peru
Other
Vene- Latin
zuela Amer-
All
Sweden USSR Yugo- other
slavia
17.7
9.9
5.7
5.7
12.4
15.3
12.5
11.8
13.1
12.5
9.7
9.4
57.9
76.9
52.1
43.7
89.9
108.4
105.6
104.0
109.3
120.2
131.7
130.8
122.9
116.5
115.4
109.8
99.1
Latin An
Latin
Amer-
e
Argentina
Bolivia
Brazil
Chile
ica
Colombia
Costa
Rica
and
ana
ica
Surinam
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—Dec. 3 1 . . .
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . .
597.7
693.7
909.3
1,046.4
1,104.8
67.6
69.8
93.9
77.3
112.6
10.8
12.6
17.7
14.5
14.0
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
1947—Apr. 3 0 . . .
May 3 1 . . .
1,121.6
,130.9
1,242.5
1,290.4
,342.5
,266.1
1,237.9
1,202.8
,216.6
1,169.3
1,189.0
1,208.5
223.0
252.0
265.0
309.3
307.5
229.0
245.7
240.5
236.2
196.1
'213.0
204.4
11.7
10.3
16.4
14.6
15.2
17.3
22.4
20.6
17.8
16.1
14.3
15.1
115.3
96.7
85.2
98.8
110.8
106.3
103.6
97.4
104.7
110.6
123.2
124.5
53.4
45.3
50.7
41.2
44.9
38.2
38.3
41.8
46.3
43.1
41.1
43.9
56.2
57.8
42.4
32.0
34.2
32.6
39.1
42.4
46.1
49.2
43.4
27.2
June 3 0 . . .
July 31 . . .
Aug. 3 1 . . .
Sept. 30. . .
Oct. 3 1 . . .
Nov. 3 0 . . .
Dec. 31. . .
1948—Jan. 3 1 . . .
Feb. 29. . .
Mar. 3 1 . . .
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
9.3
8.5
8.6
6.9
8.6
8.3
7.9
7.0
7.3
9.2
9.8
9.8
168.0
162.0
289.6
284.0
287.7
271.9
256.6
249.4
234.7
217.3
225.5
259.7
3.2
3.6
2.9
3.2
2.3
2.8
2.5
2.8
2.4
2.7
1.8
1.9
127.6
128.8
126.7
137.7
149.2
157.2
148.7
140.5
139.2
132.7
131.7
132.4
10.6
10.3
10.1
13.6
12.6
14.7
18.4
14.9
17.2
18.3
17.4
71.0
68.9
69.9
69.7
71.5
76.6
72.6
70.9
70.3
'71.7
72.9
78.2
35.9
38.9
39.7
38.2
41.7
43.2
40.9
41.0
41.8
39.2
40.0
37.8
49.4
46.3
53.6
66.2
74.0
89.5
73.4
61.1
78.0
89.1
75.3
65.5
186.6
202.9
181.4
178.6
181.3
180.6
171.5
169.0
176.8
175.1
178.7
190.7
7.4
6.9
9.0
For footnotes see following page.
AUGUST
1948
1029
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
Asia
Egypt
China
Neth- PhilBritand French Union
and French
erish
All Aus- New
of
Man- Indo- Hong India Ma- Japan lands ippine Tur- Other other tra- Zea- Anglo- Mo- South
Egyp- rocco
IsKong
key Asiai
chu- China
East
lia land tian
Africa
laya
ria
Indies lands
Sudan
31.
31.
31.
31.
31.
.
.
.
.
.
930.0
,108.8
,069.2
,549.6
,316.4
360. 9
574. 2
427. 3
1947—Apr. 30.
May 31.
June 30.
July 3 1 .
Aug. 31.
Sept. 30.
Oct. 31
Nov. 30.
Dec. 31
1948—Jan. 31
Feb. 29.
Mar. 31
.
.
.
,193.3
,153.7
,147.4
1,113.2
1,091.5
1,065.1
1,057.7
1,064.2
1,057.9
1,026.9
1,021.0
1,023.0
369. 1
354. 3
339. 1
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec
1946—Dec.
.
.
.
.
582
431. 9
309 6
286 1
269. 7
263 3
250 2
229 9
213 5
188 7
173 8
27.4
27.4
27.4
28.0
39.9
41
23
22
27
44
6
9
9
4
9
13 .1
18 .2
22 .1
33 4
43 .5
38.4
40.5
37.2
36.2
35.3
39
41
41
47
44
0
36 .1
33 .4
41 .2
43 .3
53 .6
54 .4
55 .0
56 .7
62 .4
67 .7
57 . 8
53 .1
8.2
8.7
9.3
6.5
6.2
6.3
4.9
5
1
.2
.7
45.5
43.6
41
39
41
41
38
.8
.8
.1
.6
.8
17.3
4 .8
4 .1
4 .0
4 1
16 .6
160. 4
110. 1
110. 5
113. 7
127. 1
8
9
8
11
14
13
12
16
11
11
13
13
18 .9
18 .0
16 .7
17 .6
17 .6
17 .8
25 .5
28 .9
31 .3
37 .1
53 . 8
85 .4
103. 7 438 9 65 4 75 .6
1 0
9
1 3
1 <i
3
6
8
8
6
8
4
5
0
8
1
.9
95. 4
94. 9
85. 8
82. 8
70. 8
59. 7
65. 9
69. 3
65. 7
57. 0
60. 5
254
259
365
629
7 29 9 36 .2
1
8
1
446 6
432
448
452
440
464
2
8
6
3
3
35
23
5?
54
4
,S 78 0
7 93 .8
57 0
51 0
40.4
41 7
41 7
470.9 39 7
476 0 39
488 6 37
'466 9 34
'484 7 34
476 4 30
149
175
174
181
232
55 .5
7 64 .2
2
6
.2
6
.0
71 .8
68 .5
68 .7
74 .9
79 .1
78 .9
79 .7
81 e
'82 . 7
' 8 3 .4
86 3
6
3
0
8
8
23
25
52
28
45
.1
.3
.9
4.8
5.1
3.5
Q 4.3
.5 8 . 0
216.0 38 .7
206.7 36 .2
207
214
218
205
204
197
193
206
0
1
5
9
4
3
7
8
'203 4
196 3
47 . 8
42 .4
46 .2
47 .5
43 . 8
34 .8
30 .6
26 .2
28 . 5
24 .8
8.7
8.7
8.6
9.4
9.5
8.3
6.5
6.5
5.9
5.4
6.2
6.1
6
6.
7.
18.
20.
19
20.
22
19
21
24
25
26
25
37
42
36
12
10
4
10
14
8
1
3
0
5
6
4
1
4
8
9
0
6
Q
8
7
4
1
3
3
0
9
16 1
14 9
13 9
13 7
13 3
11 8
11 4
10 2
10 1
9 4
9.2
8 6
Other
0
5
3
4
2
91 . 8
124 .1
97 . 6
47.3
86 .2
76 . 5
74 .5
79 .7
72 . 9
76 .2
11
4
8
6
47
50
39
49
55
37
43
46
46
55
41
44
0
5
5
5
6
3
3
4
1
5
8
113-4
96 . 4
73.6
72
75
73
'75
75
.7
.8
.1
.2
.6
r
Revised.
beginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
Footnotes to table on preceding page.
r
Revised.
.
.
,
*
1
Country breakdown is for "Official and private."
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other."
1
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.
NOTE.—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
exclude 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
Date
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944_Dec.
1945—Dec.
1946—Dec.
(Jan. 4, 1939)
(Jan. 3, 1940)
(Jan. 1, 1941)
31
31
31
31
31
31
1947—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
Total
594.0
508.7
384.0
367.8
246.7
257.9
329.7
392.8
708.3
801.8
880.2
933.0
979.2
967.3
957.2
963.4
923.9
960.9
1,029.0
1,046.8
1,083.8
United
King- France
dom
86.0
39.9
23.0
20.9
12.6
19.9
25.9
25.4
47.7
10.3
Netherlands
Switzerland
24.2
5.7
5.5
5.2
1.5
2.6
1.5
3.0
1.3
2.9
9.8
13.5
11.8
8.3
9.5
7.8
4.9
4.2
1.8
1.3
1.1
1.4
1.1
5.7
36.3
151.0
21.1
42.4
39.6
18.8
39.3
20.1
36.9
21.4
34.1
20.9
29.2
22.1
33.1
17.6
31.8
14.9
29.2
23.4
22.5
97.8
18.9 113.7
18.5 £118.5
51.0
39.3
49.0
47.2
45.9
46.8
48.6
47.2
49.1
51.1
52.3
51.3
.9
1.1
.5
.4
.3
10.2
9.8
9.3
6.4
5.7
7.0
6.3
6.0
6.4
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia*
All
other *
274.9
172.2
101.0
88.4
72.6
77.6
107.5
140.7
312.9
60.4
39.7
36.0
33.6
34.3
37.8
28.1
53.3
52.2
99.1
113.3
122.7
148.3
99.7
112.2
131.0
158.9
226.8
144.1
174.1
117.8
87.9
35.3
26.3
51.4
29.9
99.2
15.5
16.0
135.4
104.7
69.5
60.5
56.3
52.9
78.3
74.6
82.8
22.0
23.8
24.1
24.3
23.6
23.2
24.9
23.6
21.1
21.2
20.9
17.4
106.4
113.1
127.6
138.8
139.7
137.9
135.4
135.6
130.9
129.2
134.5
152.9
251.3
244.1
268.0
278.9
274.0
268.6
266.0
258.9
260.6
328.2
346.3
364.9
36.4
36.8
36.4
34.0
32.2
29.1
29.8
26.5
27.5
25.2
25.4
28.4
381.7
438.0
424.9
444.9
451.8
447.7
466.7
477.5
514.3
519.3
517.5
537.3
98.1
127.3
173.3
185.0
177.7
177.5
164.6
127.7
127.0
126.6
134.4
131.1
34.3
34.0
30.5
36.3
31.7
34.3
36.3
33.3
31.5
29.7
23.1
22.1
2.0
1.5
.4
.4
.3
.3
9.3
6.4
9.7
4.8
3.9
11.7
9.9
17.2
1
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.
1030
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
BelEurope gium
31
31
31
31
31
56.3
52.9
78.3
74.6
82.8
1947—Apr. 30
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1948—Jan. 31
Feb. 29
Mar. 31
106.4
113.1
127.6
138.8
139.7
137.9
135.4
135.6
130.9
129.2
134.5
152.9
Denmark
Finland
.8
.7
.7
.6
C1)
(*)
(0
5.6
7.6
7.5
.5
6.2
34.0
33.9
33.9
33.9
30.4
8.9
8.9
.3
.4
.6
.6
.4
.6
1.0
1.1
2.2
1.5
3.2
6.6
7.1
9.1
Greece Luxembourg
Germany
10.1
9.0
10.3
11.2
13.2
12.9
15.0
12.7
11.3
24.2
8
11.4
17.8
17.9
17.5
13.1
11.9
8.0
8.3
7.6
7.0
Nor-
.1
.1
.1
.1
.1
.2
.2
1.1
.6
.6
.7
12.4
30.4
30.3
30.3
30.3
30.3
30.3
30.5
30.5
30.5
30.6
30.5
30.4
12.8
13.0
12.9
13.0
12.6
12.4
12.8
12.8
10.6
10.1
10.2
9.6
way
Rumania
2.4
1.4
.8
.5
1.0
0)
0)
0)
3.2
3.2
1.8
1.6
7.2
.4
.2
.2
.9
4.9
1.0
1.2
1.5
1.3
1.3
1.2
1.3
1.1
1.1
1.2
1.2
1.5
6.9
7.0
6.9
3.7
3.5
4.3
1.6
1.3
1.2
1.3
1.4
.9
1.5
3.5
3.7
7.1
7.4
7.5
8.7
9.3
9.3
9.3
7.6
5.4
4.0
3.7
3.5
35.1
31.6
3.3
.1
.1
(l)
Portugal
5.2
5.9
6.3
7.0
8.0
9.4
.3
0)'
0)
0)
.1
0)
1
C)
0)
10.3
8.1
9.2
11.3
10.7
8.9
Spain Sweden
.1
.1
11.9
12.0
12.0
12.0
12.0
12.0
12.0
12.0
12.0
USSR
8
0)
0)
0)
C1)
0)
0)
0)
0)
.1
0)
.1
.1
1
C 1 )'
(9
Yugo- All
slavia other
C1)
0)
C1)
(l)
0)
C1)
C1)
C1)
C1)
C1)
C1)
0)
0)
C1)
C1)
C1)
0)
8.4
5.0
5.1
4.7
9.4
22.9
26.3
35.4
37.5
36.2
32.6
30.6
36.1
35.8
35.8
40.5
45.4
Latin America
Latin
BoAmer- Argen- livia
tina
ica
Brazil
Chile
1942—Dec. 3 1 . .
1943—Dec. 31. .
1944—Dec. 31. .
1945—Dec. 31. .
1946—Dec. 3 1 . .
99.7
112.2
131.0
158.9
226.8
16.7
18.9
25.3
24.7
49.8
15.3
16.6
21.0
41.8
3.0
1.8
1.8
1.3
2.3
1947—Apr. 30. .
May 31. .
June 30..
July 31. .
Aug. 31. .
Sept. 30. .
Oct. 31. .
Nov. 30. .
Dec. 31. .
1948—Jan. 31. .
Feb. 29. .
Mar. 31. .
381.7
438.0
424.9
444.9
451.8
447.7
466.7
477.5
514.3
519.3
517.5
537.3
57.8
60.7
57.6
65.8
71.8
65.5
67.4
66.4
65.2
60.0
60.3
57.2
4.8
5.3
3.6
3.3
3.2
3.4
4.2
2.9
2.0
2.4
2.3
2.3
115.4
150.2
160.9
164.1
163.6
161.4
162.3
162.0
165.8
169.8
175.2
185.9
Colombia
Date
6.9
15.3
3.1
Costa
Rica
Cuba
French
West
Indies
and
Guiana
.6
.7
1.2
1.2
2.9
20.1
47.4
33.3
25.7
C1)
C1)
14.6
20.7
12.2
15.5
16.8
26.4
18.6
20.3
17.4
20.5
22.7
21.7
22.8
22.3
27.8
29.3
27.1
24.9
30.4
36.4
40.3
35.7
35.2
35.9
32.0
31.2
32.6
35.7
36.9
39.3
3.4
3.6
3.9
3.9
3.8
3.6
4.0
3.6
3.5
3.3
3.5
3.2
53.8
60.1
46.0
53.3
54.5
59.7
73.8
91.5
108.6
113.4
106.4
109.1
C1)
9.0
6.6
8.3
.2
Netherlands
West
Mexico Indies Panama
and
Surinam
0)
C1)
0)
C1)
.1
.1
Other
Vene- Latin
zuela Amer-
11.0
25.5
2.1
1.1
.8
1.1
1.3
2.8
1.4
1.2
1.9
3.7
3.9
3.8
5.1
6.1
8.7
14.2
8.7
11.7
33.4
23.1
33.7
34.8
32.9
27.6
31.0
30.2
39.5
38.3
52.2
51.8
52.7
59.9
1.1
1.0
1.0
1.0
1.1
1.1
1.2
1.2
1.1
.8
1.1
1.3
2.2
2.1
2.6
2.7
3.8
4.9
4.9
5.0
4.7
4.8
4.2
4.1
7.8
7.6
5.6
5.9
6.3
6.5
6.7
6.1
4.3
4.1
3.9
4.1
15.4
19.2
16.7
18.2
18.5
15.3
14.6
15.1
15.3
14.2
16.9
17.6
37.3
36.7
36.3
42.3
36.2
38.3
33.4
31.9
31.0
29.6
26.8
28.5
8.6
!3
.6
.1
Peru
.3
.5
.3
.5
.8
4.8
11.2
'.2
•
Asia and All Other
Date
Egypt
China
Neth- Philand
Union
Britand French Hong
erish Japan lands ippine Tur- Other All Aus- Niew Anglo French of
MoAsia Man- Indo- Kong India Matra- ZeaOther
2
Ischu- China
East lands key Asia other lia land Egyp- rocco South
laya
tian
Africa
ria
Indies
Sudan
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 31. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—Apr. 30. .
May 31. .
June 30. .
July 31. .
Aug. 31. .
Sept. 30. .
Oct. 31. .
Nov. 30. .
Dec. 31. .
1948—Jan. 3 1 . .
Feb. 29..
Mar. 3 1 . .
1
2
.9 2.2
1.0 2.0
.9 22.3
.8 7.5
5.9 12.0
35.3 11.1
26.3
1.7
51.4
1.5
1.0
29.9
99.2 53.9
98.1
127.3
173.3
185.0
177.7
177.
164.6
127.7
127.0
126.6
134.4
131.1
47.0
76.1
104.8
110
108
103
78.6
41.3
40.8
37.1
37.9
38.1
C1)
0)
.'l
.3
3.2
3.3
3.3
.3
.2
.3
.3
.7
.5
.1
.1
.2
.5
.5
.5
.5
.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
14.2
13.2
32.8
33.7
27.5
27.5
28.9
28.2
29.6
27.0
25.5
26.0
1.3
1.1
2.2
1.6
1.6
.8
1.0
.8
.9
.7
.7
.6
.2
.2
.2
.3
.3
.3
.3
.3
.9
4.0
5.7
5.9
1.9;
1.5
.5
.5
.5
.7
.4
.4
.5
.4
3.1
.6
22.4
23.2
20.2
25.1
24.5
24.5
27.7
29.0
27.4
29.3
31.0
31.1
2.5
2.7
3.3
3.2
3.5
5.6
13.1
12.9
17.7
17.6
18.6
15.5
4.0
3.5
3.5
3.1
3.1
2.1
2.2
1.9
2.6
2.9
3.9
3.7
2.0 4.8 1.0
.7
1.
3.9
.5 .2
8.8 11.7
.6 .2
2.7 9.9 1.7
.7
4.4 17.2 3.4 1.1
4.5
5.8
5.8
6.7
8.4
9.0
9.1
9.6
6.3
7.4
7.7
9.4
34.3
34.0
30.5
36.3
31.7
34.3
36.3
33.3
31.5
29.7
23.1
22.1
.3
7.5
6.6
.6
9.0
.0
11.3 .7
9.0
.5
10.2 .4
12.0 2.0
10.2
.3
9.0
.5
8.5
.4
6.4
.1
4.7
.9
C1)
0)
0)
C 1 )'
1.7
2.4
9.7
4.7j
10. ij
1.2
.7
1.0
2.5
2.2
18.3!
18.9
15.2
18.8
15.8
15.0
14.5
14.2
14.4
14.3
100
10.1
6.8
6.0
5.0
4.2
4.9
6.7
7.0
6.0
6.0
5.0
50
6.0
Less than $50,000.
Beginning with January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
AUGUST 1948
1031
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1948
1947
1948
International Fund
1947
International Bank
May
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.
Feb.
May
1,363 1,357 1,356 1,333
1,450 1,559 1,626 2,030
3,992 3,869 3,630 3,155
1,171 1,176 1,309 1,202
0)
0)
7,976 7,961
0)
%
7,722
-1
1948
Currency bought 2
(Cumulative figures)
June
1947
May
Apr.
May
33.0 33.0 33.0
8.8
8.8
8.8
10.2 10.2 10.2
125.0 125.0 125.0
44.1 36.1 28.0
22.5 22.5 22.5
75.4 75.4 68.5
5.0
7.3
5.0
5.0
5.0
5.0
300.0 300.0 300.0
Belgian francs
Chilean pesos
Danish kroner
French francs
Indian rupees
Mexican pesos
Netherlands guilders.
Norwegian kroner....
Turkish liras
Pounds sterling. ...*..
Total.
631.3 621.0 606.0
25.0
12.6
June
Gold
Member currencies (balances with depositories and securities payable on
demand):
United States
Other members
Investment securities (U. S. Govt. obligations)
Calls on subscriptions to capital stock3.
Loans (incl. undisbursed portions)
Other assets
,
Bonds outstanding
Loans—undisbursed
Other liabilities
Special reserve
Capital 3
Accumulated net income
Mar.
June
Dec.
0)
102
918
165
914
478
872
267
909
410
412
156
422
4
5 . 5
5
497
497
497
250
5
7
3
250
254
250
27
197
94
158
4
4
2
3
2
1 (
1,657 1,653 1,645 1,605
3
1
* Less than $500,000.
2
As of June 30, 1948, the Fund has sold 616.1 million U. S. dollars;
in addition, the Netherlands received 1.5 million pounds sterling in
May 1947 and 300 million Belgian francs in May 1948, and Norway
received 100 million Belgian francs in June 1948.
8
Excludes uncalled portions of capital subscriptions, amounting to
6,629 million dollars as of June 30, 1948, of which 2,540 million represents the subscription of the United States.
37.0
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
Other
assets 2
Gold*
Assets of banking department
Coin
Notes
Discounts
and advances
Cash reserves
Securities
Liabilities of banking department
Note
circulation 8
Bankers'
Public
Other
Other
liabilities and
capital
Deposits
25
30
29
28
27
25
31
30
29
27
26
25
200.1
313.7
326.4
326 4
«.2
.2
.2
.2
.2
.2
.2
.2
260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
1,100.0
1,250.0
1,400.0
1,450.0
6
6
8
8
1.0
9
.3
9
.9
1.9
.4
1.3
35.5
46.3
41.1
51.7
25.6
13.3
28.5
26.8
11.6
11.6
20.3
22.1
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
424.5
467.4
505.3
504.7
554.6
616.9
751.7
923.4
1,088.7
1,238.6
1,379.9
1,428.2
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
9.0
10.3
5.2
5.3
10.3
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
1947—July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
.2
.2
.2
.2
.2
.2
I,450.0
1,450.0
1,450.0
L,450.0
1,450.0
1,450.0
2.4
2.5
2.3
2.0
1.5
.3
30.9
56.8
73.7
89.4
109.8
100.5
28.6
16.6
14.6
5.9
4.5
15.2
364.6
332.0
325.9
318.9
302.1
331.3
1,419.3
1.393.4
1.376.5
1,360.8
1,340.5
1,349.7
301.8
282.0
289.6
288.8
292.5
315.1
11.3
14.0
16.2
13.8
14.0
18.6
95.1
93.4
92.1
95.9
93.3
95.5
18.3
18.4
18.5
17.8
18.0
18.1
1948—Jan.
Feb.
Mar.
Apr.
May
June
.2
.2
.2
.2
.2
.2
1,400.0
1,350.0
1,300.0
L,300.0
1,300.0
,300.0
.3
.2
.5
.7
.6
.7
131.3
118.6
54.4
62.4
56.0
48.0
12.7
11.3
14.4
14.5
9.8
17.8
274.3
284.3
367.0
350.6
366.9
383.8
1,269.0
1,231.6
1,245.9
1.237.8
1,244.2
1,252.2
290.8
290.6
314.3
307.4
311.8
325.4
16.3
12.1
9.0
12.6
10.7
14.5
93.0
93.3
94.3
90.3
93.0
92.1
18.3
18.4
18.6
17.8
18.0
18.2
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
28
25
31
28
26
30
i
i
S
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 2
three pence.
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.
4
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 pounds transferred fr^m Bank to Exchange Account.
5
Fiduciary issue decreased by 50 million pounds each on Jan. 7, Feb. 4, ana Mar. 3, 1948. For details on previous changes in the fiduciary
issue see BULLETIN for February 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.
1032
FEDERAL RESERVE BULLETIN
CENTRAL BANKS— Continued
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Sterling
and United
States
dollars
Gold
Liabilities
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation2
Shortterm !
Other
172 3
156 8
1.0
144.6
181.9
448.4
391.8
807.2
787.6
906.9
,157.3
,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
33.5
31.3
47.3
34 3
29.5
42.1
175.3
232.8
359.9
496.0
693.6
874 4
,036 0
,129.1
,186.2
Dominion
government
200.6
217.0
217.7
232.0
259.9
340.2
401.7
Chartered
banks
193g—Dec.
1939—Dec.
1940—Dec
1941—Dec.
1942—Dec
1943—Dec
1944—Dec.
1945—Dec.
1946—Dec
31
30
31
31
31
31
30
31
31
1947—j u iy
Aug
Sept
Oct.
Nov
Dec
3i
30
30
31
29
31
7
2.4
1.9
7
1.4
2.0
1,081.9
1,141.5
1,088.0
1.136 4
1,039.9
1,022.0
722.6
720.3
744.7
799 4
820.6
858.5
42.0
39.0
49.5
53 1
46.2
43.7
1,153.7
,158.9
L,172.2
L,179 4
1,182.3
1,211.4
468.3
515.0
481.1
548 7
536.7
536.2
t948—Jan.
Feb
Mar.
Apr.
May
June
31
28
31
30
31
30
(5)
931.3
974.4
985.2
1.124 1
1,179.7
1,152.9
863.2
825.7
806.7
767.8
775.0
790.9
48.2
47.2
62.7
60 5
51.6
56.8
1,157.5
1.156.3
1,180.8
I,183.0
1.195.7
1 .706 5
531.8
519.2
558.9
547.3
517.0
185.9
225.7
. . .
4
()
28.4
64 3
38.4
200.9
.5
.6
.1
2
.5
.2
•
16.7
46.3
10.9
73.8
51.6
20.5
12 9
153.3
60.5
(Figures in
millions of francs)
Gold
Foreign
exchange
• 9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
128! 2
143 4
84.2
68.8
63.7
58.7
62.0
71 2
62.0
67.5
37.3
37.1
40.5
46 9
42.8
42.4
44.6
60.8
42.2
57.9
135.9
138.4
60.6
75.0
86.7
126.0
95.8
107.2
41.7
24.0
25.9
26.9
32.0
31.7
Liabilities
Domestic bills
6
3.1
17 9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
124 1
565.5
Assets
Bank of France
Other
Other
liabilities
and
capital 3
Advances to
Government
For occupation Other
costs 8
Other
assets 9
Open
7
market 7 Special
Other
7,880
20,627
5,149
34,673
3,646 "72,317 63,900
4,517
142,507 69,500
5,368 210,965 68,250
7,543 326,973 64,400
18,592 426,000 15,850
25,548 426,000
76,254 426,000 67,900
7
18,498
20,094
23,179
22,121
21,749
21,420
35,221
39,122
47,577
Note
circulation
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
Deposits
Government
C.A.R.io
110,935 5,061
151,322 1,914
984 '41,466"
218,383
270,144 1,517
64,580
770 16,857
382,774
578 10,724
500,386
748
572,510
570,006 12,048
765
721,865
29...
28...
26...
31...
31...
30...
28...
27...
26.. .
87,265
97,267
84,616
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
1947—June 26...
July 3 1 . . .
Aug. 2 8 . . .
Sept. 2 5 . . .
Oct. 30...
Nov. 27.. .
Dec. 3 1 . . .
82,817
64,817
64,817
52,817
52,817
65,225
65,225
6
6
3
7
10
13
12
82,983
99,114
97,490
107,877
108,050
111,368
137,397
84
8
20
130
250
285
64
87,134
85,195
98,224
101,935
132,913
150,065
117,826
426,000
426,000
426,000
426,000
426,000
426,000
426,000
95,000
113,600
124,900
139,300
127,800
116,000
147,400
uil9,662
ui20,046
ni05,639
H103.067
ni08,155
nilO,3O3
ni21,061
807,064
831,587
838,442
852,195
867,700
879,492
920,831
834
792
750
779
762
846
733
76,747
71,329
70,651
71,299
81,030
87,513
82,479
9,040
5,075
7,250
6,861
6,502
11,408
10,942
22iJ..
25.. .
29...
27...
24...
65,225
65,225
65,225
65,225
65,225
9
15
17
'22
21
145,814
157,997
156,424
149,849
141,276
64
12
55
27
55
125,687
147,841
149,341
165,265
165,984
426,000
426,000
426,000
426,000
426,000
120,700
155,000
129,500
121,800
122,800
uiO4,474
ni08,979
uil3,55O
nil3,938
ni02,405
891,546
773,199
759,054
768,567
790,639
771
791
790
812
738
82,849
271,034
265,123
256,948
216,026
12,808
16,045
15,186
15,800
16,362
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1948—Jan.
Mar.
Apr.
May
June
1 Securities maturing in two years or less.
Includes notes held by the chartered banks, which constitute an important part of their reserves.
Beginning November 1944, includes a certain amount of sterling and United States dollars.
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term Government securities (see BULLETIN for
July 51940, 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 and other changes
in the gold holdings of the Bank of France, see BULLETIN for May 1948, p. 601; May 1940, pp. 4C6-407; January 1939, p. 29; September 1937,
p. 853; and November 1936, pp. 878-880.
7
For explanation of this item, see BULLETIN for July 1940, p. 732.
8
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25, 1940, through July 20, 1944, advances of
441,000 million francs were authorized to meet the costs of the German army of occupation.
9
From Dec. 28, 1944, through Nov. 20, 1947, includes 9,447 million francs charged to the State to reimburse the Bank for the gold turned
over by it to the National Bank of Belgium on Dec. 22 ,1944. During the week ending Nov. 27, 1947, this amount was reduced to 5,039 million
francs by a payment from the State to the Bank.
i° Central Administration of the Reichskreditkassen.
11
Includes a noninterest loan to the Government, which was raised from 10,000 million to 50,000 million francs by law of Mar. 29, 1947.
12
Publication of Bank's statement suspended from Jan. 22 until Mar. 4, 1948.
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
3
4
AUGUST
1948
1033
CENTRAL BANKS—Continued
1948
Central Bank
(Figures as of last report
date of month)
June
May
1947
Apr.
June
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Government securities
Temporary advances to Govt..1
Rediscounts and loans to banks
Other assets
Currency circulation 2
Deposits—Member bank
Government 1
Nationalized
Other
Other liabilities and capital..
717
2,203
881
045
163
958
16,814 16,168
2,747 2,673
5,787 5,686
739
515
1,716 1,578
13,955 13,816
217
206
868
842
,048
418
404
329
091
006
79
723
667
2,173
881
Commonwealth Bank of Aus-
tralia (thousands of pounds):
Gold and foreign e x c h a n g e . . . .
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
Bank of t h e Republic of Colombia
—Cont.
Deposits
165
Other liabilities and capital...» 43
National Bank of Costa Rica—
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 8 . . . .
Loans and discounts
Other assets
Note circulation—Old
New
288,930 287,510 270,984
,414
4,899
Deposits—Old
,.
24
,425
5,495 158,543 135
New
175
Other liabilities and capital...
405,569 400,258 429,494
28
8,020 24,499 10 ,779
194
4,893 196,893 202 ,680
27,240
12,099
544
49,461
9,088
64,597
1,967
78,365
5,723
78,699
2,209
26,939
12,186
544
51,026
6,732
64,597
1,944
77,856
5,380
78,553
2,179
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
163
644
814
624
652
597
244
380
809
891
658
26,511
12,281
544
51,021
7,191
64,597
1,893
77,805
5,637
78,557
2,104
1,139
159
3
1,132
787
1,536
1,251
4,363
846
332
465
166 704
21 867
1 229
146 867
127, 605
46, 674
301 600
162,555
21,871
1,225
141,416
118,679
48,303
291,645
1,138
77
3
1,125
787
1 ,499
1,249
4,327
858
289
405
164,821
21,867
1,225
144,063
110,701
46,200
289,136
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
922
434 Central Bank of Ecuador
301
(thousands of sucres):
430
Gold
8
Foreign exchange (net)
,678
Net claim on Int'l F u n d '
193
Loans and discounts
224
Other assets
Note circulation
Demand deposits
Other liabilities and capital
953
144
355
773
14
1,837
163
239
National Bank of Bulgaria'1
Central Bank of Chile (millions
of pesos):
Golds
Foreign exchange (net)
Net claim on Int'l. Fund 3
Discounts for member b a n k s . . . .
Loans to Government
Other 16ans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital...
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold and foreign exchange 7 ....
Net claim on Int'l. Fund 3
,
Paid-in capital—Int'l. Bank. . .
Loans and discounts
Government loans and securities.
Other assets
"
Note circulation
June
May
1947
Apr.
43
725
,234
,151
,658
,761
517
265
467
209
21
1
93
87,
39
11,663 11,529 11,329
36,591 32,573 15,746
30,321
66,770
8,039
1,032
102,204
45,064
7,149
30,321
74,393
16,462
1,010
115,934
43,733
6,621
30,321
62,050
4,020
1,076
74,497
43,751
6,294
3,385 4,732
16,591 4,097
50,795 124,207
931
(9)
()
60,238 59,479 58,566 44,393
68,931
(9)
1,597
2,368 9,674
10,991
9,837 9,108
3,705
16,753
51,610
70
98
65
26
19
99
5,229
172
1,477
1,741
2,410
151
277,274
2,151
16,880
234,000
104,510
321,201
244,313
69,300
70
136
71
80
65
65
22 2 22
15
16
95
104
5,405 5,480
183
174
1,486 1,512
1,754 1,882
2,572 2,522
149
149
58
16
103
6,085
289
1,482
2,335
2,737
147
70
105
276, 774
11, 828
16. 880
215 389
95 932
315 179
227 531
74 094
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) 8
Net claim on Int'l Fund ..
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
June
160,205
173,751
42,200 41,714 34,198
247,574 244,695 186 ,158
,073
3 ,054
3
4,466
National Bank of Belgium
(millions of francs):
Gold
Foreign exchange
Net claim on Int'l. Fund a
Loans to Government
Other loans and d i s c o u n t s . . . . . .
Claim against Bank of Issue...
Other assets
Note circulation
Demand deposits 4
Blocked accounts
Other liabilities and capital....
1948
Central Bank
(Figures as of last report
date of month)
276
19
16
204
101
305
238
292
393
881
555
598
894
622
205
273,868
16,623
16,877
229,131
132,132
339,366
274,331
54,934
6,376 6,376
17,332 14,699
2,707 2,933
307,015
21,869
135,256
79,290
132,312
8,440
36,608
45,633
1,563
223
5,243
1,548
53,282
31,938
5,598
303,861
26,298
126,651
89,183
119,801
18,532
36,659
48,963
1,564
259
5,295
1,550
54,118
34,611
5,560
37,120
45,118
1,563
1,602
5,471
1,770
51,333
32,908
8,403
c
1
8
1
Corrected.
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 Central 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 4as 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.
1
Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
7
Gold not reported separately beginning May 31, 1948.
8
Gold not reported separately beginning Dec. 31, 1946.
9
Change due to transfers in accordance with the law of July 2, 1947, relating to the Monetary Liquidation Fund.
1034
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
1948
Central Bank
(Figures as of last report
date of month)
June
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
268
-182
-3,656
37,627
365
876
27,204
1,269
6,826
Bank of Guatemala (thousands of
QUetzales):
Gold
Foreign exchange
Gold contribution to Int'l. Fund.
Rediscounts and advances
Other assets
Circulation—Notes
Coin
Deposits—Government
Banks
Other liabilities and capital
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad. .
Sterling securities
Indian Govt. Securities....
Rupee coin
Note circulation
Banking department:
Notes of issue department..
Balances abroad
Treasury bills discounted...
Loans to Government
Other assets
Deposits
Other liabilities and capital.
Apr.
(Dec.
1947)1
1,458
5,685
27,464
2,832
28,331
37,433
27,769
567
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....
National Bank of Hungary (millions of forint):
Gold
Foreign exchange
Discounts
Loans—Treasury
Other
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
May
403
49
1,999
340
227
377
2,070
254
570
501
June
9,055
35,064
2,832
20,154
46,810
20,004
290
Central Bank
(Figures as of last report
date of month)
June
Bank of Italy (millions of lire):
Gold
Foreign exchange
Advances—Treasury
Other Govt. agencie
Loans and discounts
Government securities
Other assets
Bank of Italy notes
Allied military notes
Deposits—Government
Demand
Other
Other liabilities and capital
268
224
2
-352
-407
1,296
- 3 , 0 6 5 - 3 , 3 0 7 -4,984 Bank of Japan (millions of yen):
37,119 37,617 32,163
Cash and bullion
366
370
408
Advances to Government
1,164
1,372
1,023
Loans and discounts
27,112 27,850 22,415
Government securities
1,233
1,653
1,473
Reconversion Fin. Bk. bonds. .
7,155 6,367 6,020
Other assets
Note circulation
(Dec.
Deposits—Government
)
Other
725
636
Other liabilities
17
18
935
679 Bank of Java 2
1,168
843
83
91 Bank of Mexico (millions of pesos):
974
690
Monetary reserve 3
82
56
"Authorized" holdings of securi343
149
ties, etc
1,468
1,434
Bills and discounts
Other assets
Note circulation
Demand liabilities
.
27,228 27,228 27,227
Other liabilities and capital
22,244 22,818 22,811
1,250
1,250
1,250 Netherlands Bank (millions of
2,142 2,562 1,508
guilders):
11,626 10,904 7,983
Gold
30,805 31,053 29,417
Silver (including subsidiary coin)
2,912 2,931 2,816
Foreign bills
6,583 6,988 6,804
Loans and discounts
14,237 13,919 13,373
Govt. debt and securities
9,953 9,870 8,370
Other assets
Note circulation—Old
New
Deposits—Government
403
403
346
Blocked
57
60
166
Other
1,928
749
1,681
Other liabilities and capital
340
340
340
208
Reserve Bank of New Zealand
342 " '339 '"333
(thousands of pounds):
2,015
1,995
1,468
Gold
244
17
177
Sterling exchange reserve
568
214
69
Advances to State or State un452
436
380
dertakings
Investments
Other assets
Note circulation
Demand deposits
444
444
444
Other liabilities and capital
11,353 11,353 11,353
1,278
1,138
578 Bank of Norway (millions of kroner):
429
427
276
Gold
13,289 13,231 12,215
Foreign assets (net)
Loans and discounts
216
132
437
Securities
4,155
4,156 4,359
Occupation account (net)
19
17
93
Other assets
2
47
1
Note circulation
590
767
709
Deposits—Government
4,689
4,794 5,338
Banks
293
289
297
Blocked
Other
Other liabilities and capital
Central Bank of Ireland (thousands
of pounds):
Gold
2,646 2,646 2,646 2,646
Sterling funds
39,832 40,393 40,587 37,625
Note circulation
42,478 43,039 43,233 40,271
1
2
3
4
1948
1947
May
Apr,
June
525
11,992
686,560 671
15
108,050
142,683
96,926
755,882
58,579
9,540
50,072
145,290
27,387
525
523
494 4,352
046 489,252
15 14,040
648 91,395
674 115,629
367 37,447
625 501,174
766 76,417
11,728
822 57,599
397 83,921
159 21,800
590
67,565
52,768
81,746
49,562
10,940
223,499
10,902
16,603
12,166
584
,681
,436
,617
,392
130
,440
,972
,584
,843
1,424
21,229
47,008
72,549
9,927
5,003
136,320
4,857
11,496
4,466
598
594
600
671
1,455
724
107
1,685
709
491
1,447
693
129
1,676
701
487
1,469
674
98
1,667
731
442
1,580
600
96
1.687
998
263
482
(4)
467
150
,300
329
120
,961,
741
81
506
320
482
2
470
164
3,300
322
122
2,947
779
71
503
317
481
3
477
502
2
357
174
,600
130
126
,760
866
85
719
209
151
3,500
290
123
2,881
1,040
60
483
315
2,802 2,802 2,802
78,162 76,036 93,933
30,735 32,304 24,180
7,868 7,868 3,868
3,486 3,387
807
48,383 48,312 46,984
69,623 68,594 72,595
5,048 5,491 6,010
302
492
109
65
7,924
67
1,984
3,952
1,258
826
268
671
303
435
106
65
8,094
63
1,987
3,851
1,304
832
417
675
339
394
120
74
8,108
68
1,912
3,994
1,016
900
352
930
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.
Less than 500,000 guilders.
AUGUST
1948
1035
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1948
June
May
1947
Apr.
June
1948
Central Bank
(Figures as of last report
date of month)
June
Swiss National Bank (millions of
Bank of Paraguay—Monetary
francs):
dept. (thousands of guaranies):
715
Gold
745
745
1,870
Gold
22,360 22,107 23,877 27,432
Foreign exchange
Foreign exchange (net) 1
2,709
2,709
1,549
2,709
Loans and discounts
Net claim on Int'l. Fund
-16
Other assets
-16
3
Paid-in capital—Int'l. Bank
-16
Note circulation
,
28,647 27,240 20,000 13,740
Loans and discounts
Other sight liabilities
Government loans and securities. 6,694 7,059 7,958 9,760
1,575
400
Other liabilities and capital
2,666
1,703
Other assets
53,228 51,078 46,218 42,170
Note and coin issue
6,972
9,852 Central Bank of the Republic of
7,411
7,425
Demand deposits
Turkey (thousands of pounds):
3,628
2,732
3,058
Other liabilities and capital
3,153
Golds
Foreign exchange and foreign
Central Reserve Bank of Peru
clearings
(thousands of soles):
Loans and discounts
71,188 110,811
Gold and foreign exchange
Securities
20,496 20,491
Net claim on Int'l. Fund i
Other assets
2,356
2,480
Contribution to Int'l. B a n k . . . .
Note circulation
,
158,363 92,605
Loans and discounts to banks .. .
Deposits—Gold
688,162 652,848
Loans to Government
Other
73,884 83,900
Other assets
Other liabilities and capital....
707,006 655,980
Note circulation
210,266 190,776
Deposits
97,176 116,380 Bank of the Republic of Uruguay
Other liabilities and capital
(thousands of pesos):
Gold
Bank of Portugal (millions of
Silver
escudos):
Paid-in capital—Int'l. Bank
4,394
5,419
4,345
Gold
Advances to State and govern10,139 10,198 11,596
Foreign exchange (net)
ment bodies
398
439
405
Loans and discounts
Other loans and discounts
1,283
1,298
1,283
Advances to Government
Other assets
503
514
496
Other assets
Note circulation
8,327
8,220
8,310
Note circulation
Deposits—Government
1,256
2,426
1,240
Demand deposits—Government
Other
6,284
7,721
6,209
Other
Other liabilities and capital
910
908
898
Other liabilities and capital
National Bank of Rumania
2
South African Reserve Bank
(thousands of pounds):
Gold*
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities and capital
95,323 109
81,235 75
86,154 86
11,934 7,
64,906 63,
203,269 207
6,469
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- 4
vances to National Debt Office
Other domestic bills and advances
Other assets
Note circulation
Demand deposits—Government.
Other
Other liabilities and capital
185,971
8,997
4,850
10,527
63,553
140,534
6,258
,216
1,214
500
522
,867 15,790
,002
8,243
,960
3,100
,063 22,620
,132
2,585
,777
3,149
574
515
188
170
205
181
213
205
371
238
3,247
60
367
2,824
732
133
342
3,129
99
347
2,734
602
334
292
,977
111
361
,791
634
172
269
2,533
126
424
2,618
619
118
338
1947
Central Bank of Venezuela (thousands of bolivares):
Gold 8
Foreign exchange (net)
Other assets
Note circulation—Central Bank.
National banks.
Deposits
Other liabilities and c a p i t a l . . . . .
National Bank of the Kingdom
of Yugoslavia *
Bank for International Settlements 7 (thousands of Swiss gold
francs):
Gold in bars
Cash on hand and on current
account with banks
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments...
Funds invested in Germany . . .
Other assets
Demand deposits (gold)
Short-term deposits (various
currencies):
Central banks for own account
Other
Long-term deposits: Special accounts
Other liabilities and capital
May
Apr.
June
5,659
117
252
102
4,221
1,246
663
5,672
107
247
92
4,158
1,298
5,662
329
95
4,179
1,329
663
663
5,055
120
87
87
3,954
1,073
322
86
458,542 470,296 470,296 534,971
146,630
649,338
178,332
35,292
865,517
153,029
216,995
232,592
170
630
178
30
881
153
224
220
296 184,
295,683
241 594,
589,053
539 184,
183,085
694 19
28,469
567 879,530 941,231
021 153, 021 148,352
732 205, 307 315,938
746 215,017 225,739
308,258 286 ,419
12,403 13,008
314
318
63,151 25,817
186,496 143,729
277,376 362,173
250,583 217,285
68,899 45,578
268,973 251 ,537
259,545 317 ,064
705,510 643,347 617 ,912
39,389 136
38,633
84,607 75
66,537
637,783 632 557 493,461
5,390
3,406
3
151,519
171,446 165
72,711
16,870 53
92,728 99,241 120,673 82,712
32,426 35,286 40,781
374
374
497
13,774
497
20,345 31,323 30,006 33,661
33,412
9,478
7,695 14,058
100,259 83,857 70,431 69,190
297,201 297,197 291,160 291 ,160
1,164
2,504
2,575
2,893
19,380 17,585 17,592 18,100
82,268 49,076 57,783
1,371
4,270
5,918
10,280
3,372
228,909 228,909 228,909 228,909
247,390 259,808 252,205 246,894
« Revised.
•
* 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.
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.
3
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
4
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.
6
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Government.
7
See BULLETIN for December 1936, p. 1025.
1036
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum}
Central bank of—
Date
effective
Central
bank of —
United
SwitGer- Bel- NethKing- France many gium er- Swe- zerdom
lands den land
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...
4
3
2
2X
2
4
2
2X
..!!?.
3
Albania
Argentina
Austria
Belgium
Bolivia
Data
effective
Rate
July
31
Central
bank of—
Mar.
Mar.
Aug.
Aug
Nov.
6
3
21, 1940
1 1936
3, 1945
27, 1947
8, 1940
Ireland......
Italy
Japan
Java
Latvia
Aug.
Feb
Dec
July
Apr.
Oct
14
8,
16,
18
1,
28,
Lithuania....
Mexico
Netherlands .
NewZealand.
Norway
Peru
Date
effective
Nov.
Sept.
July
Jan.
Feb.
23, 1943
6, 1947
5, 1948
14, 1937
17, 1940
July
June
June
July
Jan.
Nov.
15, 1939
4, 1942
27, 1941
26, 1941
9, 1946
13, 1947
Jan.
Mar.
June
Oct.
Feb.
12. 1944
25, 1948
2, 1941
27, 1947
9, 1945
5 \&
5.11
3
5
2X
\
H
Bulgaria
Canada
Chile
Colombia
Costa Rica
Czechoslovakia
4
3
4
3
3
2
4
3
2X
Denmark
Ecuador . . . .
El Salvador.. .
Estonia
Finland
3X
iH
3
1X
2X
3
'946
1944
19.'6
1933
1939
1945
6
2X
6
2X
&3
2X
&3
Jan. 15, 1946
June 8,1943
Oct. 15, 1946
Oct. 1, 1935
Feb. 6, 1948
7
4
Portugal
Rumania....
South Africa.
Spain
Sweden
Oct.
Switzerland..
Turkey
United Kingdom
U.S.S.R....
Yugoslavia. .
2X
k
\»
2X
France
2X
Germany . .
Hungary. s:.. .
India
3X
2
4 V*»
3
2
3 V£
Aug. 27
Oct. 9
In effect July 31,
1948
Rate
July
31
"2X "2H
2X
&3
10
5
3
Apr.
Aug.
Nov.
Nov.
9, 1947
9,
16,
1,
28,
1940
1946
1947
1935
Nov. 26, 1936
July 1, 1938
2
4
1-4
Oct. 26, 1939
July 1, 1936
Jan. 1, 1947
NOTE.—Changes since June 30: Japan—July 5, up from 4.38 to 5.11 per cent.
"iX"
OPEN-MARKET RATES
(Per cent per annum]
United Kingdom
Canada
Year and
Month
1 0 4 a — T
a n
^90
.72
.47
.63
.74
.58
.54
.50
.39
.37
.39
41
...
. . . .
Feb . . . .
Mar
Apr . . . .
May
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-to-
1.44
Treasury
bills
3 months
1932—May.
1933—May.
1934—May.
1935—May.
1936—May.
1937—May.
1938—May.
1939—May.
1940—May.
1941—May.
1942—May.
1943—May
1944—May
1945—May.
1946—May.
1947—May.
1947—Tune
July
Aug
Sept
Oct
Nov
Dec
France
1.10
.37
.85
.51
.54
.51
.51
.70
.58
.85
.75
.75
.75
.75
.75
X
X
X
X
X
X
1.03
1.03
1.03
1.03
1.03
1.03
1.02
1.00
1.00
1 .00
1.00
1.00
1.00
1.00
1.03
1.07
1.13
1.03
X
X
Switzerland
Day-today
money
Loans
up to 3
months
Private
discount
rate
3X-5H
2XA-S
2X~*X
2^-5
2^-5
2^-5
2^-5
3H-5H
3-5 K
3-5 H
3-5 J4
3~sy2
2^-5
2^-43^
2H-4J*
f
1.29
.50
.91
.59
.55
.55
.53
.73
Sweden
Netherlands
.53
53
.51
.51
day
money
.63
.6.5
Bankers'
allowance
on deposits
V2
X
X
X
X
l
A
Day-today
money
3.01
1.31
I .25
1.71
1 .66
1.62
1.66
1.61
.38
1.34
1^27
1.45
. 93
1 08
.45
1.46
1.52
1.30
1.08
.86
.46
.41
.41
.41
.41
.41
.41
.41
.53
.53
.53
.53
.53
.53
.53
51
.51
51
51
51
.51
.51
.63
.63
.63
63
.63
63
.63
X
X
X
X
2.12
2.04
.41
.41
.41
.41
.41
.54
.56
.56
.56
.56
.51
50
51
.51
.51
.63
63
.63
.63
.63
X
X
2 02
2 00
2.09
2.00
1/
1.51
1.46
1 44
64
X
Treasury
bills
3 months
1.09
1.00
1.13
.75
95
74
53
1.28
1.38
1.45
1.38
1.33
.57
.78
.99
.93
.94
.95
.93
2X-4X
2X~*X
2X~*X
2 V£—4V^
2X~*X
214—41%
2X-4X
2X-4X
2 3^-4 X
2H-4K
1.50
1 .50
1.50
2.39
2.25
1.00
1.00
.00
1.41
L .25
1.25
L .25
.25
.25
1.25
.25
.25
*25
!25
.25
.38
38
.38
.50
.50
1.50
L.50
L.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.
AUGUST 1948
1037
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 receipts2
customers
Deposits
Other
Total
Demand
Time
Other
liabilities
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
366
390
422
500
536
499
141
142
151
199
252
432
171
198
133
147
369
610
1,307
1,667
1,523
1,560
1,120
1,154
1,165
1,234
1,427
823
794
761
772
827
994
324
325
349
347
374
505
3,329
3,629
4,032
4,545
4,850
5,685
2,168
2,429
2,712
3,045
3,262
3,823
,161
,200
,319
,500
,588
,862
253
236
245
250
265
342
1947—June
July
August . ; .
September
October...
November
December.
1948—January..
February .
March... .
April
May
464
475
479
465
468
488
502
451
442
455
472
466
476
480
672
699
724
758
825
799
793
,330
,283
,248
,193
,147
,196
,288
1,479
,488
1,492
1,493
,500
1,500
,483
,131
,139
,154
,155
,185
,205
,219
518
504
473
476
487
492
567
5,658
5,644
5,628
5,615
5,690
5,767
5,935
3,667
3,668
3,663
3,653
3,713
3,781
3,962
,992
,975
,965
,962
,977
,986
,972
386
386
396
397
387
389
396
476
465
472
478
488
460
442
468
463
454
800
713
804
778
723
,217
,157
,153
,240
: ,248
,480
,485
,486
,482
,477
,231
,280
1,308
1,315
1,334
513
500
507
509
547
5,776
5,642
5,794
5,861
5,869
3,821
3,700
3,686
3,744
3,832
,955
,942
2,108
2,117
2,037
401
400
404
404
401
758
896
999
Liabilities
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts
banks
Entirely in Canada
Cash
reserves
Security
loans
Other
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Other
liabilities
and
capital
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
356
387
471
550
694
753
32
31
48
92
251
136
,169
,168
,156
,211
,274
,507
168
231
250
214
227
132
1,759
2,293
2,940
3,611
4,038
4,232
653
657
744
782
869
1,039
71
60
42
34
26
21
3,105
3,657
4,395
5,137
5,941
6,252
1,436
1,984
2,447
2,714
3,076
2,783
1,669
1,673
1,948
2,423
2,865
3,469
962
,049,172
,289
,386
,525
1947—June
July
August : . .
September
October...
November
December.
637
645
670
663
702
695
731
106
99
82
83
93
92
105
,709
,761
,805
,027
,931
,065
,999
126
119
116
113
102
107
106
4,131
4,110
4,109
3,963
3,882
3,850
3,874
1,041
1,036
1,014
933
1,156
1,051
1,159
20
20
19
19
19
18
18
6,152
6,170
6,186
6,193
6,283
6,279
6,412
2,508
2,481
2,412
2,387
2,531
2,569
2,671
3,644
3,690
3,774
3,806
3,753
3,710
3,740
,578
,580
,591
,570
,563
,562
,544
1948—January...
February .
March... .
April
May
698
679
698
710
728
77
70
65
76
80
,953
,933
1,922
1,930
1,925
97
108
106
108
127
3,972
3,968
4,036
4,072
4,066
1,029
1,017
1,123
1,114
1,107
18
18
18
18
17
6,281
6,227
6,399
6,464
6,456
2,457
2,346
2,472
2,513
2,501
3,824
3,881
3,927
3,951
3,955
1,526
1,531
1,532
1,528
1,561
Assets
Liabilities
France
(4 large banks. End
of month figures in
millions of francs)
Deposits
Other
liabilities
and
capital
Total
Demand
Time
Own
acceptances
2,040
2,622
2,935
2,190
7,360
23,392
76,656
91,549
112,732
128,758
213,908
291,894
75,744
91,225
111,191
126,578
211,871
290,004
912
324
1,541
2,180
2,037
1,890
413
462
428
557
2,898
15,694
5,199
6,422
7,506
6,623
10,151
12,777
68,656
73,569
79,789
80,220
85,712
86,269
92,010
86,344
22,377
22,866
24,928
29,200
31,391
32,338
33,482
37,291
311,244
312,289
324,665
326,393
331,219
330,949
333,858
342,166
308,256
309,137
321,678
323,415
328,438
327,997
331,059
338,710
2,988
3,152
2,987
2,978
2,781
2,952
2,799
3,457
17,606
17,679
18,589
21,932
23,149
23,304
23,632
25,175
10,360
10,964
12,072
12,695
13,459
14,830
15,603
17,628
100,960
98,196
101,565
105,112
28,604
29,248
32,114
33,661
384,403
401,930
419,991
423,905
379,194
396,683
414,629
418,077
5,210
5,247
5,362
5,828
25,218
25,123
26,173
26,878
10,278
10,704
12,076
14,634
Cash
reserves
Due from
banks
Bills discounted
Loans
1941—December.
1942—December.
1943—December.
1944—December.
1945—December.
1946—December.
6,589
7,810
8,548
10,365
14,602
17,943
3,476
3,458
4,095
4,948
13,804
18,919
61,897
73,917
90,897
99,782
155,025
195,177
8,265
10,625
14,191
18,653
36,166
64,933
1947—May
June
July
August...
September
October..
November
December.
17,516
27,316
21,428
21,585
20,950
19,696
21,597
22,551
20,684
20,419
20,388
19,464
20,451
19,018
20,691
19,410
209,977
196,762
208,792
210,551
209,323
211,760
205,314
219,374
1948—January..
February.
March. . .
April
31,004
29,111
36,687
29,808
28,345
30,800
27,214
27,283
230,986
250,402
260,660
269,554
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.
2
Represent six-month loans to the Treasury at V/% per cent through Oct. 20, 1945, and at Y% per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
1038
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Argentina
Australia
(peso)
(pound)
"Regu- "Non- Certair
regular" indus- Official
lar"
Free
prodprodtrial
ucts *
ucts 2 products
In cents per unit of foreign currency]
Brazil
(cruzeiro3)
Belgium
(franc)
Official
Free
Chile
(peso)
Canada
(dollar)
Official
Free
1941
1942
1943
1944
1945
1946
1947
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
24.732
25.125
25.125
25.125
25.125
322.80 321.27
322.80 321.50
322.80 4321.50
322.80
322.80 3321.17
321 34
321.00
1947—August. . .
September
October. .
November
December.
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
320.92
321.12
321.19
321.15
321.21
2.2821
2.2833
2.2830
2.2812
2.2789
4406
4406
4406
4406
5.4406
100.000
100.000
100.000
100.000
100.000
25.125
25.125
25.125
25.125
25.125
25.125
25.125
321.16
321.20
321.21
321.23
321.21
321.21
321.23
2.2784
2.2789
2.2793
2.2796
2.2798
2.2805
2.2807
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
Italy
(dollar)
(rupee)
(lira)
24.592
30.137
30.122
4
90.455
89.062
89.280
90.633
92.273
93.229
92.829
India
4
91.998
90.362
89.989
89.589
88.359
29.773
29.773
29.773
29.773
29.773
29.773
8
29.773
Export
Official
1948—January..
February.
March
April
May
June
July
Year or month
1941. .
1942 . .
1943. .
1944. .
1945. .
1946. .
1947. .
.
.
.
.
.
.
.
China
(yuan
Shanghai)
5.313
20,000
Colom- Czecho- Denbia slovakia mark
(peso) (koruna) (krone)
57.004
57.052
6.0575 5.0705 90.909
6.0584 5.1427 90.909
6.0586 5.1280 90.909
6.0594 5.1469 90.909
4
2.2860 6.0602 5.1802 90.909
2.2829 4 6.0602
95.198
5.4403
2.2817
100.000
France
Finland
(markka)
Official
4
2.0060 * 20.876
2.0060 20.864
1947—August
September
October
November
December
56.980
56.980
56.980
56.980
56.980
2.0060
2.0060
2.0060
2.0060
2.0060
20.862
20.861
20.861
20.863
20.860
1948—January.
February
March
April
May
Tune
July
56.991
57.010
57.010
57.010
57.010
!
57.O1O
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
2.0060
20.860
20.860
20.860
20.860
20.860
20.859
20.858
Year or month
30.171
30.167
30.169
30.176
30.177
20.582
20.578
20.576
20.576
20.575
37.753
37.751
37.762
37.768
37.699
30.172
30.168
30.168
^30.169
J
30.169
!30.169
L1
30.169
20.576
20.575
20.575
20.578
20.574
20.573
420.573
37.654
37.714
37.750
37.765
37.755
37.718
37.645
9
.8400
°.4671
.4671
.3270
.4671
.3277
.4671
.3272
.4671
.3268
.4671
.3265
1
23.829
322.20
322.41
322.48
322.44
322.50
1948—January..
February.
March
April
May . . . .
322.45
322.49
322.50
322.51
322.49
322.50
322.51
20.538
20.569
20.577
20.581
20.581
20.581
20.577
Netherlands
(guilder)
.8405
.8407
.8407
.8404
.8403
47.133
4 46.919
1947—August
September.
October. ..
November.
December.
5.0703
Mexico
(peso)
4.0000
n.97ii
.8409
.8407
Sweden
(krona)
322.54
322.78
324.20
324.42
323.46
322.63
322.29
4
5.1664
30.122
30.122
30.122
30.155
30.164
Straits
New
Portu- South
ZeaNorway
gal
Africa Spain Settleland
(krone) (escudo) (pound) (peseta) ments
(dollar)
(pound)
1941
1942
1943
1944
1945
1946.
1947
June.
July.
Free
22.0101
57.265
57.272
57.014
57.020
57.001
Hong
Kong
(franc)
87.345
88.379
89.978
89.853
90.485
93.288
91.999
Switzerland
(franc)
4
4
.4434
United
Kingdom
(pound)
Official
Free
4
37.933
37.813
37.760
Uruguay
(peso)
Controlled
Noncontrolled
65.830
65.830
65.830
65.830
65.830
65.830
65.830
43.380
52.723
52.855
53.506
55.159
56.280
56.239
20.176 44.0501
4.0273
20.160
398.00
398.00
398.00
398.00
399.05
400.50
400.74
4 9.132
9.132
25.859
27.824
23.363
23.363
403.50
403.18
403.50 4 403.50
403.50
403.50
403.50
403.50 5 '403! 02
403.28
402.86
20.159
20.158
20.159
20.159
20.159
4.0257
4.0203
4.0240
3.9985
4.0088
400.75
400.75
400.75
400.75
400.75
9.132
9.132
9.132
9.132
9.132
27.826
27.822
27.823
27.825
27.826
23.363
23.363
23.363
23.363
23.363
402.73
403.00
403.10
403.05
403.13
65.830
65.830
65.830
65.830
65.830
56.203
56.204
56.204
56.204
56.204
20.159
20.160
20.160
20.160
20.160
20.158
20.158
4.0043
3.9700
3.9856
3.9966
4.0334
4.0345
4.0329
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
27.825
27.826
27.826
27.826
27.825
27.824
27.824
23.363
23.363
23.363
23.363
23.363
23.363
23.363
403.07
403.11
403.13
403.15
403.12
403.13
403.14
65.830
65.830
65.830
65.830
65.830
65.830
65.830
56.198
56.180
56.180
56.180
56.180
56.180
56.180
*4.0023
*9.130
23.210
1
Through June 22, 1948, shown as official rate.
2
Through June 22, 1948, shown as special export rate.
3
Prior to Nov. 1, 1942, the official designation of the Brazilian
4
Average of daily rates for that part of the year during which
5
currency unit was the "milreis."
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.
6
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-Dee. 31. 5.3955.
7
8
Based on quotations through June 22. • 10 Based on quotations beginning July 15.
9
Based on quotations through Jan. 23.
Based on quotations beginning Feb. 10.
11
12
Excludes Pakistan.
Based on quotations through June 10.
1S
14
Temporarily omitted.
Based on quotation through July 21.
AUGUST
1948
1039
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1926 =
100)
1926
100
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946..
1947
72
72
75
France
(1938 =
100)
124
58
52
63
4,871
6,503
6,960
7,833
8,599
8,863
272
271
272
274
277
280
199
5,373
P5.343
P5.318
P5.421
9,144
9,288
9,480
9,537
9,634
279
279
279
279
94
100
104
133
140
155
128
136
148
137
153
159
139
171
201
121
136
153
173
183
197
100
103
104
109
182
227
247
286
163
166
169
175
129
302
192
989
129
293
193
888
131
134
292
298
194
195
139
304
154
157
159
160
163
1948—January
February
March
April
May
June
5,159
5,779
5,889
6,202
6,010
5,647
5,544
89
100
105
151
1947__july
August
September
October
November
December
*96
100
102
209
233
308
1,599
5,103
90
87
91
108
102
105
131
150
157
160
164
181
251
271
109
101
103
152
..
150
99
103
110
119
126
127
103
104
106
121
166
203
204
302
147
212
217
217
219
220
222
304
303
303
313
321
147
147
149
150
152
161
161
163
164
166
199
306
303
143
144
234
265
375
648
r
1,004
1,096
1,129
1,211
1,217
1,463
1,537
'•I,536
1,555
1,653
*>1,691
1
132
65
72
80
83
90
96
79
87
99
Netherlands
Sweden
(July 1938- (1935 =
June 1939
100)
= 100)
Japan
(1933 =
100)
106
88
89
94
95
95
101
Italy
(1938 =
100)
85
79
75
86
79
77
. .
United
Kingdom
(1930 =
100)
1
100
75
80
81
.
Mexico
(1929 =
100)
Canada
(1926 =
100)
126
Switzerland
(July 1914
— 100)
144
90
90
96
114
111
115
111
107
111
146
172
189
143
184
210
199
224
196
196
194
186
199
202
203
204
205
207
209
210
213
218
223
221
215
223
223
224
230
232
232
234
234
235
234
233
P233
r
* Preliminary.
»
Revised.
1
Approximate figure, derived from old index (1913 = 100).
Sources.—See BULLETIN for June 1948, p. 746; July 1947, p. 934; January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October
1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
Canada
(1926 = 100)
United States
(1926 = 100)
Year or month
Other
Farm
commod- products
ities
United Kingdom
(1930 = 100)
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Foods
Industrial
products
73
73
85
87
92
Industrial
finished
products
90
90
74
Netherlands
(July 1938-June 1939 = 100)
Farm
products
Foods
1926
100
100
100
100
100
65
79
71
84
82
86
74
70
71
83
100
107
105
106
131
169
78
78
59
64
64
66
80
69
85
82
81
83
87
74
64
68
71
84
73
67
75
81
78
75
82
102
97
97
133
112
104
106
138
89
96
97
99
100
110
135
73
85
98
107
112
118
126
82
90
99
89
92
93
146
158
160
156
160
164
104
106
110
131
94
94
99
117
158
158
158
165
170
175
184
207
133
136
138
140
142
146
126
126
127
131
133
134
116
117
123
168
167
165
207
209
213
129
139
128
167
133
137
143
145
131
132
171
172
148
148
148
149
149
150
141
139
138
141
144
148
147
147
150
153
137
137
137
137
137
174
181
181
182
182
221
222
235
237
239
241
243
148
156
138
184
Industrial raw
products
100
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
244
81
86
69
65
68
82
106
123
123
128
149
1947—j u iy
August
September.......
October
November . .
December
190
188
197
167
172
179
178
178
178
1948—January
February
March
April
May
June
199
185
186
187
189
196
180
172
174
177
177
181
Foods
96
218
103
121
140
157
157
159
172
200
214
112
163
177
175
174
104
126
148
154
159
179
193
282
328
163
184
261
276
207
204
205
213
227
236
337
338
339
276
276
277
339
277
235
233
232
231
340
340
339
340
341
342
279
279
279
280
280
280
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1040
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
United
SwitzUnited
CanKing- France Nether- erStates
ada
dom
land
lands
(1938
(1935-39 (1935-39 (June 17 = 100) (1911-13 (June
1947
= 100) = 100)
= 100) 1914
= 100)
= 100)!
Year or
month
1936
1937
1938
1939 .
1940
1941
1942
1943
1944
1945
1946
1947
101
105
98
95
97
106
124
138
136
139
160
194
98
103
104
101
106
116
127
131
131
133
140
160
130
139
141
141
164
168
161
166
168
170
169
•101
1947-July
August
September
October. . .
November.
December.
193
197
204
202
203
207
160
161
165
171
174
179
U01
99
100
101
103
103
974
1,089
L.187
1,309
1,378
1,393
1948-January...
February..
March....
April
May
June
210
205
202
208
C
182
186
186
187
191
194
104
108
109
109
108
1,437
1,541
1,518
1,524
,541
.560
211
214
'"ioo"
108
129
149
174
224
275
377
645
J . 043
p
SwitzUnited
United
King- France Nether- erCandom
States
lands land
ada
(1938
(1935-39 (1935-39 (June 17 = 100) (1911-13 (June
= 100)
1947
= 100)
= 100) 1914
= 100)i
= 100)
Year or
month
120
130
130
132
146
175
200
211
215
215
210
222
1936
1937
1938
1939
1940
1941
1942 .
1943
1944
1945
1946
1947 .
221
222
222
229
230
230
130
137
137
138
151
174
193
203
208
209
208
217
99
103
101
99
100
105
117
124
126
128
139
159
98
101
102
102
106
112
117
118
119
119
124
136
147
154
156
158
184
199
200
199
201
203
204
•101
108
129
150
175
224
285
393
645
1,030
1947-July
August
September
October...
November.
December.
158
160
164
164
165
167
136
137
139
142
144
146
U01
100
101
101
103
104
965
1,068
1,157
1,268
1,336
1,354
217
218
218
223
223
223
230 1948-January...
February..
230
March....
229
April
229
May
229
June
P230
169
168
167
169
171
172
148
150
151
152
153
154
104
106
106
108
108
1,414
1,519
1,499
1,499
1,511
Pi,529
224
224
223
223
223
P224
120
127
130
130
150
177
191
198
...
"ioo
U32
137
139
140
154
175
187
195
c
P Preliminary.
Corrected.
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
1947, 8 p. 255.
2 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
Number of issues. . .
United
States i
(high
grade)
12
Canada 2
(1935-39
= 100)
(2)
United
Kingdom
(December
1921=100)
87
Common stocks
(1938=
100)
Netherlands *
United
States
(1935-39
= 100)
50
13
416
France
113.8
115.9
117.8
118.3
120.3
120.9
122.1
1 123.4
103.2
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
7 114.2
114.2
M43.4
146.4
146.6
150.5
152.1
144.6
132.0
1947—July
August
September. . .
October
November. . .
December....
104.7
104.5
103.6
101.1
99.6
97.9
119.3
119.2
119.0
118.8
118.5
117.9
131.1
126.4
126.4
128.0
128.2
130.1
1948—January
February. . . .
March
April
May
June
98.1
98.1
98.5
99.4
99.9
100.2
108.6
108.6
103.4
103.6
104.9
104.8
130.5
130.6
130.0
129.1
129.1
129.5
131.1
128.6
125.2
122.0
121.4
122.2
118.9
119.1
119.0
119.1
118.2
P118.6
1939
1940
1941
1942
1943
1944
1945
1946
1947
. ..
Canada«
(1935-39
=100)
NetherUnited
France *
Kingdom (December
lands 6
(1926= 100) 1938= 100) (1938= 100)
278
«295
77.4
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
7
140
8
308
479
540
551
694
875
1
L,149
126.0
124.5
123.1
125.1
123.6
122.4
107.4
105.5
104.1
105.5
107.3
106.2
98.2
92.2
88.7
89.3
90.2
92.6
1 ,135
1 ,265
1 ,298
203.4
206.5
218.7
225.1
212.9
215.3
120.1
114.2
116.4
124.6
130.2
135.1
107.5
102.2
101.5
109.1
116.5
120.3
93.9
91.1
90.2
93.2
94.8
93.9
L.301
1,229
225.4
239 8
P242.2
109.0
105.6
94.2
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
105.3
106.3
106.6
105.9
104.0
103.7
108.3
107.3
107.6
107.6
100
,245
1,294
L.211
:L.239
1,190
,127
1,086
37
155 9
202.7
P Preliminary.
1
New series beginning 1947, derived from average yields of 12 bonds on basis of a 2% per cent 30-year bond. Annual average published
previously for 1947 (121.5) and figures for years prior to 1947 are derived from average of 5 median yields in a list of 15 issues on basis of a 4
per cent 20-year bond. Source.—Standard and Poor's Corporation; for compilations of back figures on prices of both bonds and common stocks
p
-in the United States see Banking and Monetary Statistics, Table 130, p. 475, and Table 133, p. 479.
2
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.
3
This index represents the reciprocals of average yields for 13 issues, including government, provincial, municipal, mortgage, and industrial
bonds. The average yield in the base period (January-March 1937) was 3.39 per cent.
4
This index is based on 95 common stocks through 1944, and on 100 stocks thereafter.
5
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 are 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 June 1948, p. 747; 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.
AUGUST 1948
1041
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE, Chairman
R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
MARRINER S. ECCLES
M. S. SZYMCZAK
ERNEST G. DRAPER
ELLIOTT THURSTON, Assistant
CHESTER MORRILL, Special Adviser
to the Board
to the Board
OFFICE O F T H E SECRETARY
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
WINFIELD W. RIEFLER,
Assistant
to the Chairman
DIVISION OF EXAMINATIONS
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
EDWARD L. SMEAD, Director
J. LEONARD TOWNSEND, Associate General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, Assistant General Counsel
J. R. VAN FOSSEN, Assistant Director
J. E. HORBETT, Assistant Director
DIVISION OF RESEARCH A N D STATISTICS
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
FRANK A. SOUTHARD, JR., Associate Director
BONNAR BROWN, Assistant Director
LOWELL MYRICK, Assistant
DIVISION OF PERSONNEL
ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF ADMINISTRATIVE
SERVICES
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant Director
FEDERAL
ADVISORY COUNCIL
FEDERAL
OPEN MARKET COMMITTEE
THOMAS B. MCCABE, Chairman
ALLAN SPROUL, Vice Chairman
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
Director
CHAS. E. SPENCER, JR.,
First Vice
BOSTON DISTRICT
President
W . RANDOLPH BURGESS, N E W YORK DISTRICT
DAVID E. WILLIAMS,
PHILADELPHIA DISTRICT
JOHN H . M C C O Y ,
CLEVELAND DISTRICT
ROBERT V . FLEMING,
RICHMOND DISTRICT
Second Vice
President
ATLANTA DISTRICT
EDWARD E. BROWN,
CHESTER MORRILL, Secretary
J. T . BROWN,
CHICAGO DISTRICT
President
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
J. LEONARD TOWNSEND, Assistant General Counsel
WOODLIEF THOMAS,
Economist
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 Market
Account
1042
JAMES H . PENICK,
ST. LOUIS DISTRICT
H E N R Y E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS DISTRICT
RENO ODLIN,
SAN FRANCISCO DISTRICT
HERBERT V. PROCHNOW,
Secretary
FEDERAL RESERVE BULLETIN
CHAIRME1VI, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Harold D. Hodgkinson
Laurence F. Whittemore
William Willett
Robert B. Harvey2
E. G. Hult
E. 0. Latham
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
E. 0. Douglas
H. H. Kimball
L. W. Knoke
Walter S. Logan
Alfred H. Williams
W. J. Davis
Karl R. Bopp
Robert N. Hilkert
E. C. Hill
W. D. Fulton
J. W. Kossin 3
A. H. Laning
R. L. Cherry
Claude L. Guthrie3
E. A. Kincaid
Philadelphia....
Warren F. Whittier
Cleveland
George C. Brainard
Reynold E. Klages
Ray M. Gidney
Wm. H. Fletcher
Richmond
W. G. Wysor
Charles P. McCormick
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
W. S. McLarin, Jr.
L. M. Clark
J. F. Porter
Chicago
Clarence W. Avery
Paul G. Hoffman
Russell L. Dearmont
Wm. H. Bryce
J. E. Denmark
Joel B. Fort, Jr.
2
Chester C. Davis
F. Guy Hitt
Minneapolis.. . . Roger B. Shepard
W. D. Cochran
P. L. T. Beavers
V. K. Bowman
C. S. Young
Charles B. Dunn
St. Louis
J. N. Peyton
0. S. Powell
H. G. Leedy
Kansas C i t y . . . . Robert B. Caldwell
Robert L, Mehornay
Henry 0. Koppang
Dallas
J. R. Parten
R. B. Anderson
San Francisco... Brayton Wilbur
Harry R. Wellman
Vice Presidents
Allan M. Black
Neil B. Dawes
W. R. Diercks
J. H. Dillard
E. C. Harris
0. M. Attebery
Wm. E. Peterson
C, A. Schacht
H. G. McConnell
A. W. Mills3
Otis R. Preston
L. H. Earhart
Delos C. Johns
R. L. Mathes
R. R. Gilbert
W. D. Gentry
E. B. Austin
R. B. Coleman
H. R. DeMoss
W. E. Eagle
C. E. Earhart
H. N. Mangels
Albert C. Agnew
W. N. Ambrose
D. L. Davis
J. M. Leisner3
Alfred C. Neal
Carl B. Pitman
0. A. Schlaikjer
R. F. Van Amringe
A. Phelan
H. V. Roelse
Robert G. Rouse
V. Willis
R. B. Wiltse
Wm. G. McCreedy
P. M. Poorman3
B. J. Lazar
Martin Morrison
Donald S. Thompson
R. W. Mercer
W. R. Milford
C. B. Strathy
Edw. A. Wayne
T. A. Lanford
E. P. Paris
S. P. Schuessler
John K. Langum
0. J. Netterstrom
A. L. Olson
Alfred T. Sillier
W. W. Turner
Paul E. Schroeder
William H. Stead
C. M. Stewart
R. E. Towle
Sigurd Ueland
Harry I. Ziemer
John Phillips, Jr.
G. H. Pipkin
C. E. Sandy2
D. W. Woolley
W. H. Holloway
Watrous H. Irons
L. G. Pondrom3
C. M. Rowland
Mac C. Smyth
W. L. Partner
C. R. Shaw
H. F. Slade
W. F. Volberg
0. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Branch
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. Lanfprd
Joel B. Fort, Jr.
E. P. Paris
Chicago
Detroit
E. C. Harris
St. Louis
Little Rock
Louisville
Memphis
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
1
Also Federal Reserve Agent.
AUGUST 1948
1
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
Dallas. . . . . . . . . El Paso
Houston
San Antonio
C. M. Rowland
W. H. Holloway
W. E. Eagle
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
* Also Cashier.
4
General Manager.
1043
FEDERAL RESERVE PUBLICATIONS*
The material listed below may be obtained from
the Division of Administrative Services, Board of
Governors of the Federal Reserve System, Washington 25, D. C. Remittance should be made payable to the order of the Board of Governors of the
Federal Reserve System.
ports, and introduction reviewing the monetary
history of Paraguay. July 1946. 170 pages.
$1.00 per copy.
RULES OF ORGANIZATION AND RULES OF PROCEDURE
(Board of Governors of the Federal Reserve System). September 1946. 31 pages.
T H E FEDERAL RESERVE ACT, as amended to Novem-
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
scription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Laborador), Nicaragua,
Panama, Paraguay, Peru, El Salvador, Uruguay,
and Venezuela is $2.00 per annum or 20 cents per
copy; elsewhere, $2.60 per annum or 25 cents per
copy. Group subscriptions in the United States
for 10 or more copies to one address, 15 cents per
copy per month, or $1.50 for 12 months.
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS. Issued monthly. $9.00 per
annum, or $1.00 per copy. In quantities of 10 or
more copies of a particular issue for single shipment, 75 cents each.
DIGEST OF RULINGS to October 1, 1937.
Digests of
Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve Act, with compilation showing textual
changes in the Act. 683 pages. $1.25 per copy.
BANKING STUDIES. Comprising 17 papers on bank-
ing and monetary subjects by members of the
Board's staff. August 1941; reprinted March
1948. 496 pages. Paper cover. $1.00 per copy;
in quantities of 10 or more copies for single shipment, 75 cents each.
BANKING AND MONETARY STATISTICS.
Statistics of
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
Federal Reserve System. 372 pages. 50 cents per
paper-bound copy; $1.00 per cloth-bound copy.
FEDERAL RESERVE CHARTS ON CONSUMER CREDIT.
Space for plotting through 1948. April 1947
edition. 24 pages. 50 cents per copy; in quantities of 10 or more copies for single shipment,
35 cents each.
POSTWAR ECONOMIC STUDIES. (8 pamphlets)
No.
No.
No.
No.
No.
No.
1. Jobs, Production, and Living Standards.
2. Agricultural Adjustment and Income.
3. Public Finance and Full Employment.
4. Prices, Wages, and Employment.
5. Private Capital Requirements.
6. Housing, Social Security, and Public
Works.
No. 7. International Monetary Policies.
No. 8. Federal Reserve Policy.
The price for the set of eight pamphlets is $1.25;
25 cents per pamphlet, or, in quantities of 10 or
more for single shipment, 15 cents per pamphlet.
T H E FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS.
November
1947.
125 pages.
75
cents per cloth-bound copy; in quantities of 10
or more copies for single shipment, 50 cents each.
Paper-bound copies available without charge.
banking, monetary, and other financial developments. November 1943. 979 pages. $1.50 per DEBITS AND CLEARINGS STATISTICS, THEIR BACKGROUND AND INTERPRETATION. October 1947. 50
copy. No charge for individual sections (unpages. 25 cents per copy; in quantities of 10 or
bound).
more copies for single shipment, 15 cents each.
PROVISIONS OF STATE LAWS RELATING TO BANK R E SERVES as of December 31, 1944.
1945. 30 pages.
MONETARY AND BANKING REFORM IN PARAGUAY.
Includes translation of laws, accompanying re-
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
DISTRIBUTION
* A more complete list, including periodical releases and reprints, appeared on pp. 750-53 of the June 1948 BULLETIN.
1044
OF BANK DEPOSITS BY COUNTIES,
December 31, 1947. July 1948. 122 pages.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
REPRINTS
PUBLICATIONS
BANKING ASSETS AND THE MONEY SUPPLY SINCE
(From Federal Reserve Bulletin except as otherwise indicated)
COMMERCIAL BANK ACTIVITY IN CONSUMER INSTAL-
1929, by Morris A. Copeland and Daniel H .
Brill. January 1948. 9 pages.
MENT FINANCING, by Frieda Baird. March 1947.
6 pages.
PROPOSAL FOR A SPECIAL RESERVE REQUIREMENT
AGAINST THE DEMAND AND T I M E DEPOSITS OF
VALUES AND LIMITATIONS OF CONSUMER FINANCIAL
SURVEYS FOR ECONOMIC RESEARCH, by Ralph A.
Young and Duncan McC. Holthausen.
1947. 9 pages.
March
April 1947 BULLETIN with translation of new
Bank Law. 39 pages.
OF WEEKLY
STATISTICS
BANKS IN LEADING CITIES.
FOR MEMBER
June-July 1947.
9
pages.
SURVEY OF CONSUMER FINANCES.
From the June,
July, and August 1947 issues of BULLETIN. 44
pages.
RETAIL CREDIT SURVEY—1947, by
T H E FEDERAL RESERVE CHART BOOK AS AN AID TO
Schmidt.
April 1948. 9 pages.
STATEMENT ON BEHALF OF THE BOARD OF GOVER-
April 1947. 4 pages.
N E W GUATEMALAN BANK LAW, by David L. Grove.
REVISION
January 1948.
BANK MANAGEMENT, by Charles H .
METHODS OF RESTRICTING MONETIZATION OF PUBLIC
DEBT BY BANKS.
BANKS, by Marriner S. Eccles.
10 pages.
Katharyne
P.
Reil, from July 1948 BULLETIN with supplementary information for nine separate trades. 40
NORS OF THE FEDERAL RESERVE SYSTEM BEFORE
THE JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented by Marriner S. Eccles on April 13,
1948. 7 pages.
WHAT ABOUT MONEY AND CREDIT?
Address by
M. S. Szymczak on May 7, 1948 at the 55th
Annual Convention of the Alabama Bankers
Association. 7 pages.
NEW
COMMERCIAL BANKING OFFICES, 1936-1947,
by Caroline H . Cagle and Raymond C. Kolb.
May 1948. 12 pages.
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
AND BUSINESSES. June 1948. 2 pages.
1944, 1945, and 1946, from the June 1944, May RECENT DEVELOPMENTS IN BUSINESS FINANCE and
1945, June 1946, and July 1947 BULLETIN, with
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
supplementary information for separate trades.)
FINANCING, by Charles H . Schmidt. June 1948.
19 pages.
BUSINESS LOANS OF MEMBER BANKS. From March,
May, June, July, and August 1947 issues of
1948 SURVEY OF CONSUMER FINANCES—I. EXPENDIpages.
(Also,
BULLETIN.
RETAIL
CREDIT SURVEY—1943,
80 pages.
T H E BRITISH CRISIS.
TURES FOR DURABLE GOODS. June 1948. 15 pages.
September 1947. 12 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.
September 1947.
SUMERS, July 1947. October 1947. 4 pages.
CURRENT INFLATION PROBLEM—CAUSES AND
CONTROLS, by Marriner S. Eccles.
1947. 8 pages.
BANK LOANS TO FARMERS.
AUGUST 1948
December
1948 SURVEY OF CONSUMER FINANCES—III. CONSUMER OWNERSHIP AND U S E OF LIQUID AND N O N -
LIQUID ASSETS.
July 1948.
15 pages.
SUMER SAVING AND EXPENDITURE. August 1948.
19 pages.
Milton Moss. July 1948. 6 pages.
STATEMENT BEFORE THE HOUSE BANKING AND CUR-
RENCY COMMITTEE.
36 pages.
Presented by Thomas B. Mc-
Cabe on August 2, 1948. 8 pages.
REGULATION
From the October and
December 1947 issues of BULLETIN.
1948. 8 pages.
SALES FINANCE COMPANY OPERATIONS IN 1947, by
FINANCIAL POSITION AND BUYING PLANS OF CONTHE
TRIBUTION OF CONSUMER INCOME IN 1947. June
1948 SURVEY OF CONSUMER FINANCES—IV. CON-
STERLING IN MULTILATERAL TRADE, by J. Burke
Knapp and F. M. Tamagna.
8 pages.
1948 SURVEY OF CONSUMER FINANCES—II. T H E DIS-
OF CONSUMER
INSTALMENT
Presented by R. M. Evans.
2 pages.
CREDIT.
August 2, 1948.
1045
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
J
S
j=
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
if
I
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
3
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
OCTOBER I. 1949
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTCU
