Full text of Federal Reserve Bulletin : August 1949
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FEDERAL
BULL
AUGUST 1949
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
V
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
Construction Markets in Mid-1949.
887- 895
895
Announcement of Reduction in Reserve Requirements, August 5, 1949.
1949 Survey of Consumer Finances—Part IV. Consumer Ownership and Use
of Liquid Assets..
896- 911
Annual Report of the Bank for International Settlements
912- 934
Law Department.
935- 938
Current Events and Announcements
938
National Summary of Business Conditions
939- 940
Financial, Industrial, Commercial Statistics, U. S. (See p. 941 for list of tables)
941-1000
International Financial Statistics (See p. 1001 for list of tables).
1001-1019
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council.
1020
Senior Officers of Federal Reserve Banks; Managing Officers of Branches.
1021
Federal Reserve Publications.
1022-1023
Map of Federal Reserve Districts.
1024
Subscription Price of Bulletin
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$1.50 for 12 months.
FEDERAL
RESERVE
August
VOLUME 35
BULLETIN
1949
NUMBER 8
CONSTRUCTION MARKETS IN MID-1949
This spring and early summer, while activity at factories and mines has declined substantially, the physical volume of new construction has increased more than seasonally
from the low winter levels. An increase in
residential building, resumption of the rise
in construction by public utility companies,
and continued moderate expansion of public
work have been offset only in part by further declines in the volume of private industrial and commercial construction. The
total volume of construction, in both dollar
and physical terms, is now about the same
as a year ago. The volume of private work
is lower and public work makes up a larger
proportion of the total.
Recent construction contract awards indicate that construction activity is likely to
continue to expand moderately in the near
future, and that public work will continue
to account for a relatively large proportion
of total nonresidential construction compared with the earlier postwar period.
Under the recently enacted Housing Act
of 1949—providing Federal aid to localities for new low-income housing, for urban
redevelopment, and for farm housing—some
land acquisition and planning will take place
this year. It is unlikely, however, that any
appreciable amount of construction will be
done under the Act before next spring.
Construction costs, in general, after rising
to a peak last autumn, have declined in reAUGUST
1949
cent months. Considering the exceptionally
high levels reached last year, changes so far
have been moderate, and in most lines costs
during the first half of this year were not
much different from a year earlier. Construction operations have been carried on
this year under conditions of ample supplies
of both materials and labor and of moderately lower prices for building materials in
general, and considerably lower prices for
lumber. Wage rates in construction trades
have risen further this spring. With a larger
labor force, however, labor costs have probably declined or increased only slightly as
overtime work at premium rates has been
reduced and delays caused by shortages of
materials have been largely eliminated.
Reductions in contractors' and builders'
margins have varied widely by type of
project and locality.
During the winter and early spring, when
a marked shift in inventory policy took place
in other private sectors of the economy, demand for building supplies—especially for
most types of equipment—also decreased
considerably. This reduction in demand was
reflected in a substantial curtailment of output in many lines and in moderate reductions
in prices.
Residential real estate transfers, including
purchases of both old and new houses, have
increased seasonally during the spring, but
sales of old houses have apparently been
887
CONSTRUCTION MARKETS IN
below earlier high levels, and prices of old
houses have continued to decline. Prices
paid for new houses are also somewhat lower,
reflecting market resistance and lower costs.
There has been an increase in the proportion
of smaller houses built. The amount of residential mortgage debt outstanding has increased further but much less rapidly than
in other recent years, reflecting the slower
turnover of real estate, lower appraisals for
mortgage lending, and the continued high
rate of repayment of outstanding debt.
Relaxation of rent control regulations during the early months of 1949 appears, by and
large, to have had little effect on the housing
market. Changes in the regulations have
been reflected in some rent increases, but
the average level of residential rents in large
cities has continued to rise only slowly and
is now about 3 per cent higher than a year
ago.
MID-1949
started. This decline reflected in part the
reduced urgency of demand, growing consumer resistance to the prices of new houses,
and somewhat less favorable financing terms
than had been available earlier.
This spring the number of new units
started has risen substantially from the low
winter level of about 50 thousand a month.
In June, according to preliminary figures
of the Bureau of Labor Statistics, 100 thousand units were started, about the same number as in the peak months of April and May
1948. In the first half of the year, as is
shown in the table, 451 thousand units are
estimated to have been started, compared
with 478 thousand in the first half of 1948
and 454 thousand in the second half.
PERMANENT NEW NONFARM DWELLING UNITS STARTED
[In thousands]
Private
Period
Total
RESIDENTIAL MARKETS AND MORTGAGE DEBT
During the past few years additions to the
housing supply, from conversion of existing
structures as well as from new construction,
have been very large. In 1948 the number of
dwelling units completed and put on the
market was probably larger than in any previous year, and the number of new units on
which construction was started was almost
as large as in 1925, the previous peak year.
Partly because of these developments, demand for houses has been less urgent than
in other recent years, and weakness which
appeared in markets for old houses last year
has continued. Old houses have sold slowly
since early 1948, and prices have declined
gradually but steadily from the very high
levels reached in 1947.
Residential building. After the middle of
last summer there was a more-than-seasonal
decline in the number of new dwelling units
Total
Single- Multifamily family
Public
Annual totals
603
671
849
931
530
663
846
914
448
590
740
763
82
72
106
150
73
8
3
17
1946
First half
Second half.
340
330
338
325
298
292
40
32
2
5
1947
First half
Second h a l f . . . . . . . .
355
494
354
492
318
422
36
70
1
2
1948
First half
Second half. .
478
454
472
442
386
377
86
65
6
12
1949
First half
451
431
345
85
20
1940
1946
1947
1948
Semiannual totals
1
1
Second quarter preliminary. Second quarter figures for type
of structure estimated by Federal Reserve.
NOTE.—Data from Department of Labor. Only new permanent
family dwelling units built in nonfarm areas are represented.
Single-person accommodations, conversions, trailers, and all temporary structures are excluded.
The markets for which building is being
done this year, however, are different from
last year. The number of single-family
houses started in the first half of this year—
FEDERAL RESERVE BULLETIN
CONSTRUCTION MARKETS IN MID-1949
largely for sale—was 10 per cent smaller than
a year ago, as can be seen from the table,
while the number of private multi-family
units started, which are principally for rent,
was as large as in the first half of 1948. Publicly financed units increased sharply and
accounted for almost 5 per cent of all units
started this year, compared with a little more
than 1 per cent in the corresponding period
of 1948.
Factors in market for new houses. The
rise this spring in the number of private
single-family houses started appears to reflect several factors. Early in the year, when
the Board's Survey of Consumer Finances
was conducted, the number of families who
had plans to buy houses was large, family
incomes were relatively high, and liquid
assets were widely held. New houses have
been available at somewhat lower prices this
spring than last summer, and there has been
a shift to the construction of smaller houses.
The quality of design, equipment, and workmanship has improved in most areas, and
many potential buyers have become reconciled to the high level of prices. In contrast
to the situation last year, when private lenders were asking higher interest rates and
larger equities than earlier and borrowers
were asking for lower rates and larger loans,
during the past few months lenders and
borrowers appear to have been reaching more
agreement on middle ground.
Also important, however, in the financing
of new single-family houses this year has
been the readiness of the Federal National
Mortgage Association to purchase mortgage
loans which lenders are unwilling to hold.
Under an act passed in the spring of 1948
the Association, a subsidiary of the Reconstruction Finance Corporation, was authorized to purchase not more than one-half
of the dollar amount of the FHA-insured
AUGUST
1949
and VA-guaranteed mortgages of under
$10,000 made by any lender after April 30,
1948. The maximum amount of such mortgages that the Association was permitted
to hold under the act was about 1 billion
dollars until last month when the amount
was increased to 1.5 billion.
During the past few months the Association has been acquiring a substantial proportion of the insured and guaranteed mortgages on new houses, mainly those bearing
a statutory interest rate of 4 per cent, or
otherwise unattractive to lenders. Between
the beginning of August 1948 and the end
of June 1949, the Association acquired, or
committed itself to acquire, 712 million dollars of insured and guaranteed mortgages
on small properties, or the equivalent of 18
per cent of such mortgages written after
April 30,1948. Of these mortgages, 270 million dollars were insured by the Federal
Housing Administration under section 603
(veterans' emergency housing program) of
the National Housing Act, and 315 million
dollars were guaranteed by the Veterans Administration under section 501 of the Servicemen's Readjustment Act. These amounts
represented 24 per cent and 22 per cent, respectively, of the amounts written under the
two sections. During the past three months
the Association's takings of loans under
section 501 have increased markedly, at a
time when the number of "100 per cent"
GI loans, as well as the total number of
loans made by mortgage companies and
similar nonholding lenders, has been rising
sharply.
Residential mortgage debt. Residential
mortgage debt outstanding has continued to
increase during the past year as the volume
of new lending has exceeded repayments,
and in the middle of 1949 is estimated to have
amounted to 34.4 billion dollars. Accord889
CONSTRUCTION MARKETS IN MID-1949
ing to revised figures shown in the table,
mortgage debt on 1- to 4-family properties
increased during 1948 by 4.8 billion dollars—
a somewhat smaller amount than in 1947,
but still more than in any earlier year. The
amount of new debt written in 1948 was
slightly larger than in 1947, but retirement
of debt previously contracted also increased,
and by a larger amount. In the first half
of 1949 the rate of new lending appears
to have declined, while the rate of retirement has probably shown little change, and
the total amount of debt retired has increased. The net increase in outstanding
debt has therefore been considerably smaller
than in any comparable period since the end
of the war.
MORTGAGE D E B T ON 1- TO 4-FAMILY HOUSES
[In millions of dollars]
Period
1941
1942
1943
1944 .
1945
1946 .
1947
1948*
1949 (first half). .
Loans
made
(during
period)
Apparent
retirements
(during
period)
Change in
loans outstanding
(during
period)
Loans
outstanding
(end of
period)
3,953
3 201
3,252
3,857
4,721
9,470
10,657
10,742
2,953
3,382
3,690
3,860
4,291
5,109
5,656
5,957
1,000
4,361
5,001
4,785
19,400
19,219
18,781
18,778
19,208
23,569
28,570
33,355
4,700
3,700
1,000
34,355
— 181
-438
—3
430
* Preliminary.
NOTE.—Data on outstandings and loans made, 1941-48, are
revised estimates by Home Loan Bank Board and differ from figures
shown in the July 1948 BULLETIN; first half of 1949 estimated by
Federal Reserve. Apparent retirements derived from these figures.
The amount of mortgage lending guaranteed or insured by the Veterans Administration has increased slightly this spring, following a steady decline which began late in
1947, as is shown in the chart. This recent increase appears to reflect, among other things,
a small decline in interest rates generally—
making the 4 per cent "GI" rate relatively
more attractive—and, perhaps more important, the availability of the Federally financed
secondary market provided by the Federal
890
NONFARM MORTGAGE LENDING
1939
1940
1945
1946
1947
1948
1949
For mortgages under $20,000, data on nonfarm mortgages
recorded during month from Home Loan Bank Board; for
GI home loans, loans closed under the Servicemen's Readjustment Act: October, 1946-date, from Veterans Administration;
January-September 1946 estimated by National Housing Agency
from records of Veterans Administration; for F H A insured
home loans, data on loans insured under sections 203 and 603
of the National Housing Act as reported by Federal Housing
Administration. Latest figures shown are for June 1949.
National Mortgage Association. On the
other hand, loans insured by the Federal
Housing Administration, which increased
fairly rapidly during the past two years,
declined this spring. Recently, applications
for FHA insurance of mortgages on singlefamily houses have increased sharply, and
in the second quarter were almost two-fifths
higher than a year earlier. The bulk of this
increase has been in applications for insurance of mortgages on new houses.
Of the 4.7 billion dollars of residential
mortgage debt written during the first half
of 1949, about 1.7 billion or somewhat over
one-third was insured or guaranteed by the
Federal Housing Administration and the
Veterans Administration. The amount of
guaranteed debt outstanding on small residential properties now amounts to about 12.7
billion dollars, or 37 per cent of the total.
FEDERAL RESERVE
BULLETIN
CONSTRUCTION MARKETS IN MID-1949
Guarantees by the Veterans Administration
cover about 7.5 billion dollars, and FHA insurance under sections 203 and 603 of the National Housing Act about 5.2 billion.
CONSTRUCTION
1949
ILLIONS OP DOLLARS
VOLUME
The total physical volume of new construction of all types carried on during the first
half of 1949 was about the same as in the
first half of 1948 but, taking account of seasonal movements, somewhat smaller than in
the last half of the year, when the postwar
peak occurred. Private construction was
about 5 per cent smaller than a year earlier,
while public construction was more than
one-fourth larger. The marked increase
from the low winter level in the number of
new dwelling units started (discussed in an
earlier section) has not yet been fully reflected in the volume of residential construction activity, which is currently somewhat
lower than a year ago.
Public construction. Dollar volume of
public construction, as is shown in the chart,
has risen quite steadily in the past two-and-ahalf years, allowing for usual seasonal movements. Although both the dollar and physical volume of public work are substantially
larger than a year ago, physical volume is
still about 10 per cent smaller than in 1939
and constitutes only one-fourth of the total
compared with two-fifths before the war.
A larger proportion of public work than
in the years preceding the war has been financed with State and local government
funds and a smaller proportion with Federal
funds.
The physical volume of construction of
schools and hospitals, which has been increasing steadily since 1947, continued to
increase somewhat more than seasonally in
the first half of 1949 and is now at the highest level since the end of the war. Hospital
AUGUST
VALUE OF NEW CONSTRUCTION ACTIVITY
MILLIONS OF DOLLARS
1945
1947
1949
1945
1947
1949
Joint estimates of the Departments of Commerce and Labor.
Data adjusted for seasonal variation by Department of Commerce. Total includes miscellaneous types of private construction such as farm, religious, recreational, educational,
and hospital and institutional construction not shown separately.
'Private business" includes commercial, industrial, and public
utility construction. Latest figures shown are preliminary
estimates for July 1949.
construction is about one-third larger than in
1939. Work on sewerage and water facilities
is also at a high level, but has increased at a
slower rate in recent months. Highway
construction activity also appears to have increased at a less rapid rate this year. Total
work on highways in the first half of 1949
was about 8 per cent higher than in the first
half of 1948, and contracts awarded in recent
months for highway work are only slightly
higher than a year ago. A large amount
of work is being done in the maintenance
and repair of existing roads. Highway construction continues to be the largest single
item of public construction, but the current
amount of work on highways is apparently
less than before the war.
The amount of public construction in the
postwar period has not been sufficient to reduce deferred demands appreciably, and construction contracts awarded so far this summer indicate that public construction activity.
891
CONSTRUCTION MARKETS IN
seasonally adjusted, is likely to increase further during the remainder of this year.
The amount of public residential building,
financed primarily with State and local government funds, has been rising this year from
the low levels of 1947 and 1948. Most of the
public housing is being built in New York
State, but sizable programs are also under
way in Massachusetts, Wisconsin, Illinois,
and Connecticut, and others are planned in
New Hampshire, New Jersey, and Pennsylvania. Passage of the Housing Act of 1949
last month is not likely to add much to such
programs this year, but will be reflected in a
substantially increased volume of public residential building in 1950 and later years.
Business construction. The dollar volume
of privately financed construction for business purposes has declined somewhat from
the peak level reached in the last half of 1948,
as can be seen from the chart on the preceding page, reflecting substantial declines in
commercial and industrial building which
were offset in part by an increase in construction by public utility and transportation
companies.
The physical volume of public utility construction during the past year has been maintained at a level almost three times as high as
before the war and, after a larger decline than
usual during the winter, has increased appreciably this spring. Most of this large
volume of construction has been by electric
and gas companies, reflecting the continued
strong demands of business and other consumers in these fields. Construction by communications companies has declined slightly
in recent months from the high level of last
year and seems likely to decline further as
expansion of telephone facilities to meet large
deferred demands nears completion.
Total capital expenditures of railroads and
892
MID-1949
local transit companies have increased markedly in the past two years, but most of this
increase has been for rolling stock and equipment. Construction by these companies has
continued at about the same level since 1947,
about two-fifths larger than before the war,
and seems likely to change little during the
rest of this year.
The physical volume of industrial construction, which began to decline early in 1947, is
now only about half as large as the exceptionally high volume reached at the peak, but is
still more than twice as large as before the
war. Data on construction contracts awarded
in recent months and on investment plans of
manufacturing concerns indicate that industrial construction may continue to decline for
the rest of this year. For 1949 as a whole,
increases in some industries, such as petroleum refining and iron and steel, are likely
to be more than offset by declines in others.
Commercial construction has declined this
year, after allowance for usual seasonal movements, reflecting declines in store, warehouse,
and office building. The volume of contracts awarded in recent months suggests that
there will be little change in commercial construction during the summer. Recent declines in the volume of construction in this
area contrast with 1948 when commercial
construction expanded substantially in the
spring, leveled off during the summer, and
then declined, reflecting largely changes in
the volume of retail store construction. Office and warehouse building increased
sharply during the spring of 1948, continued
to rise during the summer, and then remained unchanged until the early months of
this year.
BUILDING SUPPLIES
By the end of 1948, shortages of building
materials had eased considerably, and during
FEDERAL RESERVE BULLETIN
CONSTRUCTION MARKETS IN
the first half of 1949 supplies of materials and
building labor were adequate to meet all
demands. The expanded apprentice training program which has been in operation
during the past two years has added many
skilled construction workers to the labor
force, but in June a somewhat smaller number of workers were employed in contract
construction than a year ago when there
were 2.2 million. Production of most building materials had increased steadily during
1947 and 1948, in response to increasing
use in construction and for replenishment of
stocks at various stages of production and distribution. Output of fabricated building
equipment, such as stoves, oil burners, and
plumbing supplies, reached exceptionally
high levels during 1947 and 1948, owing in
part also to earlier large consumer demands
for replacement and modernization.
When new awards for private construction declined last autumn and winter, and demand weakened in some other sectors of the
economy, new orders for building materials
and equipment dropped sharply. Some price
reductions subsequently took place, but most
adjustments, particularly in the equipment
industries, apparently were made by curtailing output and employment. In recent
months, with the outlook for building activity more favorable, output in some lines
has increased again.
During the spring of 1949 stocks of building materials and equipment held by manufacturers were generally larger than at any
previous time since the end of the war, reflecting the earlier high rates of production, the
marked decline during the autumn and
winter in the number of new residential
units started, and a falling of? of consumer
demands for household equipment. Sales of
building supply dealers, as estimated by
the Department of Commerce, with allowAUGUST
1949
MID-1949
ance for seasonal changes declined considerably beginning last autumn. As a result distributors generally sought to reduce their
inventories following a period of accumulation, and during the winter and spring
months stocks held by manufacturers rose
substantially further. Stocks of some important items, however, such as lumber and
heating equipment, were still below prewar
levels.
Production of plumbing and heating
equipment, particularly stoves and oil
burners, and cast iron radiators, boilers, and
soil pipe, has been cut back sharply since the
end of last year, and in June the number of
man-hours worked in the heating equipment
industry was one-third below the year-ago
level. Stocks of these products held by manufacturers, however, rose rapidly during this
period and in June were generally more than
twice as large as a year ago when stocks
were exceptionally low.
Lumber stocks, which now include the
better grades and qualities, are about 15 per
cent larger than last autumn. Production of
lumber and lumber products has increased
seasonally from the low winter level, following a sharp and continuous decline from the
end of last summer. In June lumber output
was still somewhat lower than a year earlier.
Some construction materials, especially
certain of those in short supply earlier or
widely used in heavy construction, continue
to be produced in very large volume. Output
of such materials as cement, structural steel,
and steel pipe has been above year-ago levels
in recent months, and such items are currently reported to be generally available
throughout the country.
CONSTRUCTION COSTS
Most composite measures of construction
costs declined somewhat during the fourth
893
CONSTRUCTION MARKETS IN MID-1949
quarter of 1948, for the first time in the postwar period, and further moderate decreases
occurred during the first half of 1949. Most
of the reductions evident in construction
costs have occurred in prices of building supplies, with considerable decreases—ranging
from 10 to 30 per cent for some items such as
common boards, plywood, lead pipe, and
paint. Builders' margins have also generally been reduced.
Construction wage rates have risen further
since last autumn, but average labor costs
have probably shown little further increase,
or declined slightly, as efficiency of operations
has improved and premium payments have
been reduced. Hourly wage rates in most
building trades have increased in most areas
of the country by amounts varying widely
with the type of skill and the locality. In
general, wage increases in construction have
been more common and somewhat larger
during the past year than in most manufacturing industries. Average hourly earnings
in contract construction are now about 7
per cent higher than a year ago, compared
with an increase of 5 per cent in manufacturing industries.
Prices of building materials and equipment
generally stopped rising in the latter part of
1948 or declined from earlier peak levels, as
is shown in the accompanying chart. Decreases, however, were largely limited to
lumber products until the spring of this year,
when there was a sharp reversal in the metal
markets and demand for various other industrial commodities weakened. Some metal
building materials, not shown separately on
the chart, declined sharply at that time. The
average level of wholesale prices of building
materials, as measured by the Bureau of
Labor Statistics' index, was 6 per cent lower
at the end of July than a year ago and 8
per cent below the peak reached last autumn.
894
The July figure for the total index only is
shown on the chart; subgroup indexes are
not available beyond June. Since premium
prices have disappeared and concessions have
been made in various products, prices paid
by builders have dropped more than quoted
prices.
WHOLESALE PRICES OF BUILDING MATERIALS
1935-1939-100
i 150
J
Bureau of Labor Statistics* indexes converted to 1935-39 base
by Federal Reserve. Total includes "paint materials" subgroup not shown separately. "Other" subgroup includes
chiefly metal building materials except structural steel; asphalt,
glass, gravel and crushed stone; mill work and prepared roofing.
Latest figures shown for subgroups are for June 1949; for total,
Federal Reserve estimate for July 1949.
The wholesale price index for plumbing
and heating supplies, which rose substantially
during 1948, declined only about 2 per cent on
the average from the end of the year to June
despite the considerable accumulation of
stocks in the hands of manufacturers. Cement prices have been at the same level since
last autumn, and brick and tile prices, after
reaching a postwar peak in the first quarter
of 1949, declined about 1 per cent by June
to the same level as in the last quarter of
1948. Paint prices were reduced substantially in July (not shown in the chart) reflecting in part earlier reductions in prices of
paint materials. The lumber price index
FEDERAL RESERVE BULLETIN
CONSTRUCTION MARKETS IN MID-1949
has dropped most sharply since last year,
being down by 10 per cent from the peak.
Average mill prices for some basic lumber
items, such as yellow pine and Douglas fir,
have declined by considerably larger percentages from their postwar peaks.
Reductions in building material prices
from postwar peaks have been limited on
the one hand by revival in construction activity after a brief period of easing, and on
the other by curtailment of output of materials. Prices of some of these materials,
notably lumber, are still higher relative to
prewar levels than most other industrial and
agricultural commodities.
Relatively strong demands for construction
materials and labor during the past few
months of declining industrial activity have
been an important sustaining factor in the
economy. At the same time demands for
some types of construction have declined,
reflecting influences similar to those which
have reduced demand for many manufactured products from earlier postwar peaks.
The course of construction in the period
ahead will be influenced not only by the
many special and general economic factors
affecting various types of private and public
construction demand but also by the nature
of further price and cost adjustments.
ANNOUNCEMENT OF REDUCTION IN RESERVE REQUIREMENTS
AUGUST 5, 1949
The Board of Governors has reduced the amount
of reserves required to be maintained by member
banks of the Federal Reserve System, by 2 percentage points on net demand deposits and one percentage point on time deposits. The reduction,
which will amount to approximately 1.8 billion
dollars, will become effective as follows:
On Net Demand Deposits
Change (In per cent)
Central reserve city banks:
from 24 to 23 ^
from 23/z to 23
from 23 to 22 V2
from 22 ^ to 22
Reserve city banks:
from 20 to 19J4
from \9lA to 19
from 19 to W/2
from 18J4 to 18
Non-reserve city banks:
from 14 to 13
from 13 to 12
AUGUST 1949
Effective date, 1949
Aug.
Aug.
Aug.
Sept.
11
18
25
1
Aug.
Aug.
Aug.
Sept.
11
18
25
1
Aug. 1
Aug. 16
On Time Deposits
Change (In per cent)
Effective date, 1949
Central reserve and reserve city banks:
from 6 to 5
Aug. 11
Non-reserve city banks:
from 6 to 5
Aug. 16
The effect of these decreases will be to lower the
reserve requirements of banks in central reserve
cities by approximately 500 million dollars, of banks
in reserve cities by approximately 675 million, and
of banks in non-reserve cities by approximately
625 million.
In announcing this action, Mr. McCabe, Chairman of the Board of Governors of the Federal
Reserve System, stated that it was taken after full
discussion by the Board and the Federal Open
Market Committee of the coordination of policies
with respect to reserve requirements, open market
operations, and other System credit instruments,
with primary regard to the general credit and business situation and the maintenance of orderly conditions in the Government security market.
895
1949 SURVEY OF CONSUMER FINANCES1
PART IV. Consumer Ownership and Use of Liquid Assets
Aggregate consumer holdings of liquid assets
increased slightly during 1948, completing nearly
a decade of substantial growth. According to estimates compiled by the Board of Governors from
over-all Treasury and banking statistics, total personal holdings of liquid assets (i.e., United States
Government bonds and savings and checking accounts but excluding some 20 billion dollars of
currency) amounted to approximately 132 billion
dollars at the end of 1948, contrasted with an estimated 130 billion a year earlier and with only 45
billion at the beginning of the war period.
1
This is the fourth in a series of articles presenting the
results of the Board of Governors' Survey of Consumer
Finances in 1949. The first two articles appeared in the
June BULLETIN and covered the general financial position
and economic outlook of consumers, their durable goods
expenditures in 1948, and buying plans for 1949. The
third article, in the July BULLETIN, analyzed the distribution of consumer incomes in 1948. A discussion of the
technical aspects of the survey and the statistical limitations
of its results was provided in the appendix to the first article.
Subsequent issues of the BULLETIN will contain articles on
consumer ownership of nonliquid assets and consumer saving patterns during 1948.
From the Board of Governors, general supervision of the
survey has been under the direction of Woodlief Thomas,
Director, and Ralph A. Young, Associate Director, of the
Division of Research and Statistics. The Division of Research
and Statistics has responsibility for planning the over-all
content of the survey, analyzing survey results for the Board's
use, and preparing the special articles reporting survey
findings that appear in the BULLETIN.
From the University of Michigan, Rensis Likert, Director
of the Institute of Social Research, and Angus Campbell,
Director of the Survey Research Center, were in general
charge of the survey. The Survey Research Center is a
division of the Institute for Social Research of the University
of Michigan. Responsibility for detailed planning and
supervision of the survey, including interviewing, editing,
tabulation of survey results, and preparation of Survey
Research Center studies was carried by George Katona in
collaboration with Janet A. Fisher and James K. Dent of
the Survey Research Center's staff. Charles F. Cannell served
as head of the field staff and Roe Goodman as head of
the sampling section of the Center.
The present article was prepared by Clarke L. Fauver and
Irving Schweiger of the Consumer Credit and Finances
Section of the Board's Division of Research and Statistics.
The authors have necessarily maintained a close working
relationship with the staff of the Survey Research Center
at all stagei of their work, and their analysis of survey
tabulations has had the benefit of many suggestions from
the Center's staff, particularly George Katona and Janet A.
Fisher.
896
The findings presented in this article provide
statistical information based on the 1949 Survey of
Consumer Finances regarding distribution of liquid
assets among the population in early 1949, purposes
for which they were drawn upon during 1948, and,
by comparison with previous surveys, changes in
liquid asset distribution among various groups of
the population. This article is the fourth in a series
presenting results of the Board's fourth annual Survey of Consumer Finances, conducted for the Board
of Governors of the Federal Reserve System by the
Survey Research Center of the University of Michigan.2
As in the case of previous Surveys of Consumer
Finances made for the Board, the present survey
covered, on a sample basis, the entire population of
the United States residing in private households
during the January-March interview period. The
following groups were omitted: (1) members of
the armed forces and civilians living at military
reservations; (2) residents in hospitals and in religious, educational, and penal institutions; and (3)
the floating population, that is, people living in
hotels, large boarding houses, and tourist camps.
The interview unit was the consumer spending
unit, defined as all persons living in the same
dwelling and related by blood, marriage, or adoption who pooled their incomes for their major items
of expense.
Before discussing the detailed findings of the
survey, it should be noted that the definition of
"liquid assets" in this article is an arbitrary one
and comparatively narrow in scope. The fact that
2
Previous surveys were made for the Board of Governors
early in 1948 and 1947 by the Survey Research Center and
the results of those surveys were reported in the June, July,
and August issues of the BULLETIN for those years. One
additional article on the 1948 survey appeared in the
September 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 the
June, July, and August 1946 issues of the BULLETIN under
the general title National Survey of Liquid Assets.
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
some spending units have been found to lack these
specific types of assets cannot be taken to indicate
that they are without resources of any kind. Most
important is the omission of currency, for practically all spending units would have some holdings
in this form. Many spending units have considerable cash vajues in life insurance policies which can
be drawn upon. Further, the equities which many
families have in their houses also provide a substantial financial reserve. Other spending units
may have their funds invested in common stocks
or bonds or other media which could be converted
into liquid form if necessary. In summary, then,
the following analysis of the liquid asset position
of consumer spending units should be considered
in the light of other assets which the majority of
these units have.
SUMMARY OF FINDINGS ON LIQUID ASSETS
1. Approximately 36 million of the 50.4 million spending units in the United States are estimated to have had some type of liquid asset in the
form of United States Government bonds, of savings and checking accounts in banks, of postal
savings, or of shares in savings and loan associations in early 1949. While it cannot be stated with
certainty that the number of liquid asset holders
increased during 1948, it is apparent from data in
successive surveys that the total number of holders
tias risen about 1 million in the past three years.
2. The proportion of all spending units that hold
liquid assets has gradually dropped from 76 per
cent in 1946 and 1947 to 71 per cent at the time
the current survey was made early this year. Accompanying an increase in the total number of
spending units during the past three years, the
number without any liquid assets has increased
at a somewhat faster rate than the number of asset
holders.
3. The proportion of spending units holding
^Government bonds dropped from approximately 48
per cent in early 1948 to 45 per cent at the beginning of this year. During the postwar period the
proportion of bondholders has declined from
coughly 6 in every 10 spending units to 4/4 in every
10. The proportions of spending units holding
other specific types of liquid assets showed little
or no change during 1948.
4. As in previous surveys, the proportion of
•spending units having liquid assets was larger in
AUGUST 1949
the higher income groups than in the lower income
groups. About half the units in the lowest fifth
of the income scale (income under $1,500) reported
having such assets in early 1949; in the middle fifth
(income between $2,400 and $3,200) the proportion
was 7 of every 10; and in the highest fifth (income
of $4,500 or more) better than 9 of every 10 spending units reported having some kind of liquid asset.
There were some indications that a slightly larger
proportion of spending units in the lower third
of the income scale held liquid assets early in 1949
than in early 1948, while the reverse was true for
units in the upper two-thirds of the income scale.
5. The median amount of liquid assets held by
all spending units was smaller at the beginning
of 1949 than it was a year earlier. The middlemost of all spending units when arranged in order
of the amount of their holdings reported having
$300 in United States Government bonds or in
savings and checking accounts in early 1949. When
only units having liquid assets were considered,
the median holding was $790. Comparable figures
for early 1948 are $350 for all spending units and
$820 for those with liquid assets.
6. It is estimated that nearly 30 million spending
units had changes in their liquid asset holdings during 1948. In roughly one-fifth of the cases the increase or decrease in total holdings amounted to
$500 or more.
7. About 13 million spending units added to
their Government bonds, savings accounts, or checking accounts during the year; more than 16 million, or about one-third of all spending units,
reduced their holdings in 1948. These figures follow closely the findings of the preceding survey
with respect to changes during 1947,
8. Comparison of data obtained from successive
surveys confirms the conclusion, derived from
Treasury and banking statistics and quoted before,
that aggregate personal holdings of liquid assets did
not change substantially from the beginning of 1948
to the beginning of 1949. This relative stability
in aggregates was, however, the result of both very
large withdrawals from and additions to liquid
asset holdings. If only those spending units are
considered who had smaller amounts of liquid assets
at the beginning of 1949 than at the beginning of
1948, their aggregates appear to be approximately
15 billion dollars lower than a year earlier. This
sum of reductions for 1948 appears to be similar
897
1949 SURVEY OF CONSUMER FINANCES
to that in 1947 but larger than that in 1946.
9. Roughly 3 million consumer units either exhausted their liquid assets during 1948 or were
newly formed spending units that had not yet acquired liquid assets. At the same time, however,
there were at least as many units, and perhaps a
few more, that became liquid asset holders during
the year or were newly formed units that reported
holdings for the first time.
10. An emergency, such as sickness, was mentioned by nearly half of the spending units that
reduced their liquid asset holdings during 1948.
The purchase of an automobile or some other
durable good was mentioned by about the same
proportion of these spending units. Expenditures for nondurable consumer goods and services,
including general living expenses, were cited as reasons by about one-third of all spending units. In
terms of the amounts of liquid assets used, however,
funds drawn by individual spending units for investment in a house or other real estate, in securities, or in a business, and for the purchase of automobiles and other durable goods were usually much
larger than amounts used for nondurable consumer
goods and services.
11. Ranking of all spending units either by size
of income or by amount of liquid asset holdings
shows no significant change in the relative proportions held by each tenth of the spending units
early in 1948 and 1949, respectively. While
similar comparisons with any prewar year are
impossible, and notwithstanding some evidence
of a slight postwar increase in the share held by
the top third of the units, there is reason to believe
that the current record total of liquid assets is more
widely distributed than were much smaller aggregate amounts before the war.
DISTRIBUTION OF LIQUID ASSETS IN EARLY
1949
The amounts of liquid assets held by individual
spending units varied greatly in early 1949, as would
be expected, but the over-all distribution did not
differ substantially from the pattern of the two
preceding years. Despite the fact that the proportion of spending units having no liquid assets appears to have increased somewhat during 1948
(from 27 per cent to 29 per cent), there is ample
evidence that liquid asset holdings are still broadly
distributed. The proportion of spending units that
held liquid assets was slightly smaller at the begin-
ning of 1949 than a year earlier (71 per cent compared to 73 per cent), but inasmuch as the total
number of spending units has continued to increase
it is probable that the number of units with some
liquid assets was at least as large at the beginning
of this year as at the start of 1948. It is estimated
that approximately 36 million consumer spending
units held United States Government bonds or
had savings accounts or checking accounts at the
beginning of this year. This is roughly 1 million
more spending units than had some liquid assets
in early 1946.
As indicated in Table 1, somewhat more than
one-fourth of all spending units had no liquid assets in early 1949, one-sixth had less than $200
each, one-fourth had from $200 to $999, and about
one-third had $1,000 or more. It should again
be noted that holdings of currency are not included
in these liquid asset tabluations.
TABLE
1
DISTRIBUTION OF SPENDING U N I T S , BY SIZE OF LIQUID ASSET
HOLDINGS, EARLY 1949,
1948,
AND 1947
X
[Per cent]
Amount of liquid assets held s
29
16
13
11
11
5
7
5
3
None
$1-$199
$2OO-$499
$5OO-$999
$l,000-$l,999
$2,000-$2,999
$3,000-$4,999
$5,000-$9,999
$10,000 and over
All units
1948
1947
27
15
13
12
12
6
6
5
4
24
14
12
14
14
7
7
5
3
100
100
100
Median holdings of all units
$300
$350
$470
Median holdings of those with assets.
$790
$820
$890
1
Liquid asset data represent holdings early in the years indicated
and are based on interviews during January, February, and early
March.
2
Includes all types of U. S. Government bonds, checking accounts, and savings accounts in banks, postal savings, and shares
in savings and loan associations and credit unions. Excludes
currency holdings. Data for 1949 do not include shares in credit
unions but these are relatively small in the aggregate and not
likely to affect totals significantly.
The substantial rise since the end of the war
in the number of spending units in the population
has been reflected in an increased number of liquid
asset holders as well as in an increased number
of units having no liquid assets.
In terms of numbers, it can be roughly estimated
that about 16 million spending units held at least
$1,000 in liquid assets at the beginning of 1949.
This was about equal to the number of units having
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
this amount of liquid assets in early 1948 but was
approximately 1 million greater than the number
in early 1946. The size of the group having less
than $1,000 in liquid assets has remained practically
unchanged in this three-year period. On the other
hand, the number of spending units having no
liquid assets has grown from somewhat more than
11 million at the beginning of 1946 to about 14.5
million in early 1949.
These developments indicate that the record volume of consumer liquid assets at the beginning
of 1949 was available to at least as many consumers
as ever before to reinforce their demands for all
kinds of consumer goods and services, for investments in business and housing, and as "nest eggs"
in case of need. However, in spite of this continued
widespread ownership of liquid assets, an increasing
proportion of the growing potential market for
goods and services does not possess any liquid
assets and therefore may require credit in order
to be able to buy.
For all spending units, including nonholders as
well as holders, the median amount of liquid assets held early this year was $300 as compared
with $350 at the beginning of 1948 and $400
early in 1946. For the 36 million spending units
having liquid assets at the beginning of this year,
the median amount held was approximately $790.
This was about 5 per cent less than at the start
of the preceding year, but about 5 per cent more
than in early 1946.
It is important to note that the median amount
of liquid assets held by those having such resources
at the present time is still as large as, or even
slightly larger than, it was at the end of the war.
This fact assumes added significance when viewed
in the light of a net increase during this period
of roughly 1 million spending units having liquid
assets and also of the record volume of consumer
spending for all kinds of goods and services—particularly for durable goods and housing.
One of the more interesting findings of the
successive surveys in regard to the distribution of
liquid asset holdings is the extent of variation in
the amounts held by spending units within the
same income bracket. These variations are highlighted by the data in Table 2, which were obtained by arranging all spending units in each
income group in the order of the amount of their
liquid asset holdings and then dividing the group
AUGUST 1949
into four equal parts. The table shows, for example, that when the survey was made in early
1949 one-fourth of all spending units with 1948
incomes from $3,000 to $3,999 had no holdings
or total holdings of $10 or less; that one-half of
the units in this income group had less than
$270 in liquid assets and one-half had more than
this amount; and that one-fourth of these spending
units had $1,200 or more in liquid assets. In
nearly every instance the median and quartile
holdings for each income group were somewhat
lower at the beginning of 1949 than at the beginning of 1948.
TABLE 2
DISPERSION OF LIQUID ASSET HOLDINGS WITHIN INCOME
GROUPS, EARLY 1949
1948 annual money income
before taxes
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
Amount of liquid assets 1held by
spending unit at:
First
quartile
Median
Third
quartile
$
$
$
0
0
0
10
100
330
1,600
0
80
150
270
500
1,350
4,500
200
600
850
1,200
1,920
3,670
10,980
1
Figures refer to spending units within each income group
selected as follows:
First quartile—holdings of the spending unit which separates
the fourth with smallest holdings from the upper three-fourths.
Median—holdings of the spending unit which is the mid-point
of the distribution; half of the spending units are below and half
above.
Third quartile—holdings of the spending unit which separates
the fourth with largest holdings from the lower three-fourths.
For comparable 1948 data, see Federal Reserve BULLETIN, July
1948, Table 3, p. 768; for 1947 data, see July 1947 BULLETIN,
Table 9, p. 798. Similar data as published from the 1946 survey
(see BULLETIN for July 1946, Table 5, p. 718) are not strictly
comparable since they include liquid asset holdings in the form
of currency.
The share of total liquid assets held by each
tenth of the nation's spending units, when ranked
either by size of income or by size of their liquid
asset holdings, showed relatively little change during 1948. As shown in Table 3, it is estimated that
the top 10 per cent of all spending units, when
ranked according to income, held 44 per cent of the
liquid assets reported in the survey in 1949.
This was about the same proportion as shown by
the survey early in 1948. The shares of other income segments of the nation's spending units were
likewise about the same as they were a year earlier.
The 40 per cent of the consumer units with incomes
ranging from $2,840 to $6,000 in 1948 accounted
for approximately 33 per cent of the liquid assets
899
1949 SURVEY OF CONSUMER FINANCES
TABLE 3
PROPORTION OF LIQUID ASSETS HELD BY EACH TENTH OF THE
NATION'S SPENDING UNITS, WHEN RANKED BY SIZE OF
INCOME, EARLY 1949, 1948, AND 1947
Spending units
ranked according
to annual money
income before
taxes
Highest t e n t h . . . .
Third
Fourth
Fifth
. .
Sixth
Seventh . .
Eighth
Ninth
Lowest tenth
. .
Percentage of liquid assets held:
By each tenth
Cumulative
1949 i 1948* 1947 3 1949
44
11
9
8
6
6
6
3
4
3
43
14
8
7
5
6
4
4
4
5
39
15
9
7
7
7
5
4
4
3
44
54
64
71
77
83
89
92
97
100
1948
1947
43
57
65
72
77
83
87
91
95
100
39
54
63
70
77
84
89
93
97
100
x
For spending units ranked in order of their 1948 annual incomes
(fourth survey).
2
For spending units ranked in order of their 1947 annual incomes
(third
survey).
3
For spending units ranked in order of their 1946 annual incomes (second survey).
NOTE.—Detailed figures may not add to cumulative figures
because of rounding.
reported in early 1949, and the remaining 50 per
cent of the units held 23 per cent of the total.
It should be noted that changes of slight magnitude from year to year in the shares of the respective income tenths of the spending units cannot be presumed to be statistically significant inasmuch as they could result from sampling variation alone. It can be said, however, that there is
little evidence in the survey to indicate any change
during 1948 in the proportion of total liquid assets
held by the several income tenths.
In general, the proportion of total liquid assets
held by a group of spending units, as well as the
number of spending units within the group having
liquid assets, increased with the size of income
of the group. Nevertheless, as has been true in
each survey to date, many consumer units with
relatively high incomes had no liquid assets and
a sizable number of spending units with low incomes held substantial amounts of such assets.
In trying to evaluate the potential economic
effects of these consumer reserve funds, it is helpful to know the total dollar amount of liquid assets held by the various income groups. Survey
data are of limited value for this purpose inasmuch
as faulty memory or unwillingness to furnish information about liquid asset holdings resulted in a
certain amount of underreporting by spending
900
units. Instead, Treasury and banking statistics
that indicate aggregate holdings of about 132 billion dollars at the end of 1948 may be roughly adjusted and distributed among the income groupings used in the survey. However, it must be
noted that the estimates based on Treasury and
banking statistics relate to the entire population,
while survey estimates include only those persons
living in private households. Further, the two sets
of data may differ in their classification of individual liquid asset holdings as personal or nonpersonal. Finally, it is necessary to assume that
the data based on Treasury and banking sources
would be distributed percentagewise among the
income tenths in about the same way as data derived from the survey.8
With these qualifications, and after allowing
approximately 5 billion dollars for holdings of
institutional and floating groups not covered by
the survey, it is possible to present a general indication of the distribution of the 127 billion dollars
of liquid assets estimated to be in the hands of
consumer spending units at the beginning of this
year. The 5 million spending units making up
the top 10 per cent of the income receivers (with
annual incomes of $6,000 or more) held roughly
55 billion dollars in the form of United States
Government bonds and savings and checking accounts. The next 20 million spending units making up the remainder of the top half of the income receivers (incomes between $2,840 and
$6,000) accounted for approximately 42 billion
dollars; and the 25 million consumer units in the
lower half of the income distribution (incomes
of less than $2,840) held the balance, amounting
to nearly 30 billion dollars.
Another way of studying the distribution of
liquid assets is to rank all spending units according to the amount of their holdings, as is done
in Table 15 at the end of this article. On this
basis, at the beginning of 1949 the top 10 per cent
of all spending units were found to hold roughly
two-thirds of all liquid assets reported in the
survey—or about the same proportion as the top
tenth held early in 1948. Almost no change was
recorded in the share of any of the various tenths
of the spending units during the 12-month period.
8
The Treasury and banking data which were adjusted
and distributed for this purpose were published in the Federal
Reserve BULLETIN, July 1949, pp. 793-94.
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
At the beginning of both 1948 and 1949, about
4 of every 10 spending units held no liquid assets
or at most only nominal amounts of $10 or less.
FREQUENCY OF LIQUID ASSET OWNERSHIP
The proportion of consumer spending units
within each income group that reported having
some liquid assets at the beginning of 1949, as
shown in Table 4, repeats the finding of preceding
surveys that the higher the income the greater
the proportion having liquid assets. More than 3
of every 4 spending units with incomes of $3,000
or more reported some liquid assets, and only in
the lowest income group did the ratio fall below 1
in every 2 units. The proportions of all liquid asset
holders falling within the several income groups
did not vary greatly from the proportions a year
earlier, confirming the conclusion that liquid assets
are still widely distributed among the population.
The only exceptions were in the income range between $2,000 and $4,000, where rather substantial
declines were noted.
Care must be exercised in the interpretation of
this table because the liquid asset holdings at the
beginning of each year are related to the income of
the spending unit in the previous year, and there
has been a steady upward movement in income
distribution since the war. The effect of this shifting can be compensated to some extent by ranking
all spending units by income in both 1947 and 1948
and then studying comparable portions of the
total population. Table 12 presented at the end
of this article shows the proportion of spending
units holding various types of liquid assets, by
income quintiles, in early 1948 and 1949. This
table indicates that for the most part the proportion of liquid asset holders in different income
quintiles changed relatively little. At the beginning
of 1949 units with some liquid assets seemed to be
somewhat more frequent than a year earlier in
the lowest third of the income scale, and slightly
less frequent in the top two-thirds of the distribution.
An important development during 1948 was the
apparent increase in the frequency of liquid asset
holdings by consumer spending units in the lower
income brackets. Inasmuch as the total holdings
of liquid assets among these spending units are
small relative to the aggregate the change was not
sufficient to affect the over-all distribution of total
liquid asset holdings. Nevertheless, more frequent
holding of liquid assets among the lower income
groups would tend to support a broader market
for consumer goods and services.
TYPES OF LIQUID ASSETS HELD
Since the end of the war there have been substantial shifts in the types of liquid assets held
by consumer spending units, as shown in the chart.
In general the proportion of spending units holding
United States Government securities has declined
and the proportion of those having savings and
checking accounts has increased. Changes during
1948 were somewhat less pronounced than in the
earlier postwar years. The proportion that were
Government bondholders continued to decline, al-
TABLE 4
SPENDING UNITS HOLDING VARIOUS TYPES OF LIQUID ASSETS, BY INCOME GROUPS, EARLY 1949, 1948, AND 1947
1
Percentage of spending units in each income group having
Annual money
income
before taxes
Any liquid asset 2
U. S. Government bonds *
Savings accounts
4
Checking accounts
1949
1948
1947
1949
1948
1947
1949
1948
1947
1949
1948
1947
Under $1,000
$l,OOO-$l,999
$2,OOO-$2,999
$3,000-$3,999
$4,000-$4,999
$5,000-$7,499. . . .
$7,500 and over. .
44
59
65
78
87
94
99
44
59
73
83
90
97
99
4965
80
89
92
100
100
21
32
42
48
58
64
78
22
34
49
56
61
69
86
25
44
62
69
77
86
91
25
32
42
51
52
60
64
22
34
43
55
58
67
73
26
37
50
60
62
69
69
19
28
28
37
48
71
92
24
24
33
41
50
69
86
21
30
30
39
56
All units
71
73
76
45
48
56
44
46
47
39
39
37
72
89
1
Liquid asset data represent holdings early in the year indicated and are based on interviews during January, February, and early
March.
For comparable data for 1946, see Federal Reserve BULLETIN for July 1948, Table 2, p. 768.
2
Includes all types of U. S. Government bonds, savings accounts, and checking accounts.
* Includes all types of U. S. Government bonds.
* Includes savings accounts in banks, postal savings, and shares in savings and loan associations. Data for 1948 and 1947 also include shares in credit unions.
AUGUST 1949
901
1949 SURVEY OF CONSUMER FINANCES
though at a less rapid rate than in the two preceding
years. The proportion of spending units having
savings accounts also declined slightly for the second
year in a row, following a sharp increase in these accounts from 1946 to 1947. The frequency of checking accounts among spending units remained
unchanged.
PER CENT OF
OWNERSHIP OF LIQUID ASSETS
EARLY 1949, 1948, 1947
PER
SPENDING
100 I
CENT OF
UNITS
I 100
1949 1948 1947
ANY LIQUID
ASSET
SAVINGS
ACCOUNTS
CHECKING
ACCOUNTS
NOTE.—For sources and coverage of data, see Table 4.
The most popular single form of liquid asset was
still United States Government bonds, although
their margin over savings accounts of various kinds
was narrowed still further. Early in 1949, approximately 45 per cent of all spending units held
Government bonds as compared to 44 per cent
with some type of savings account and 39 per cent
with checking accounts. It was still true, as shown
in Table 4, that the percentage of the spending
units in each income group owning Government
bonds was about as great as the percentage owning
any other type of liquid asset.
The distribution of Government bonds and savings accounts among different income groups continues to be similar to the distribution of total
holdings of liquid assets. In each case, the proportion of holders increases gradually as income rises.
Checking accounts are much more frequent among
spending units with incomes of $5,000 or more
than they are at lower income levels.
As indicated previously, the decline in proportion of spending units that were Government
bondholders was not as sharp during 1948 as in
902
the two preceding years, according to survey results.
Nearly half of all spending units continued to have
some of these securities. Tables 11 and 12 following
this article show that reductions in holdings were
relatively uniform for larger and smaller holders.
It should be noted that changes of small magnitude
cannot be considered statistically significant.
The frequency with which consumer spending
units reported having savings accounts of various
kinds has declined consistently during the past
two years, after increasing sharply from 1946 to
1947. As shown in Table 4, the proportion of
units who reported having savings accounts in
banks or postal savings, or shares invested in
savings and loan associations, was lower in each
income group at the beginning of 1948 than early
in 1947. With the exception of spending units
with incomes of less than $1,000, the same was
true from early 1948 to the time of the survey
in early 1949.
Increases and decreases in the frequency of checking accounts were almost equally divided among
the various income groups. In general, slightly
larger proportions of units having such accounts
were found in the upper income brackets, and
slightly smaller proportions at lower income levels.
CHARACTERISTICS OF LIQUID ASSET
HOLDERS
Each survey has revealed characteristics of
liquid asset holders, through classification of spending units holding such assets by age, place of residence, and occupation of the head of the spending
unit as well as by the size of the unit. Analysis of
these characteristics is useful in understanding the
accumulation and use of these liquid resources.
Differences among occupational groups in the
amounts of liquid assets held are summarized in
Table 5. Professional and business people held
relatively large amounts, on the average, and few
spending units where the principal income earner
follows one of these occupations were without
some liquid assets. Clerical and sales personnel
generally had moderate amounts of liquid assets,
with the majority holding amounts of less than
$1,000. The proportion of units having some
liquid assets among this occupational group was
relatively high—about 5 of every 6.
The proportion of skilled and semiskilled workers with liquid assets was somewhat smaller
(roughly 2 of every 3) and their holdings were
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
TABLE 5
SIZE OF LIQUID ASSET HOLDINGS WITHIN DIFFERENT OCCUPATIONAL GROUPS, EARLY 1949
AND 1948
x
[Per cent]
Occupations il group of head of spending unit
Amount of total
liquid assets
held 2
None
$l-$499
$500-$l,999
$2 000-$4,999
$5,000 and over
All units
Median asset holdings.
Professional
Managerial
and selfemployed
Skilled
and semiskilled
Clerical
and sales
person»el
Unskilled
Farm
operator
Retired
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
9
27
26
19
19
6
23
28
24
19
12
25
21
22
20
11
21
26
18
24
30
32
23
10
5
27
34
23
12
4
16
38
29
10
17
32
31
14
6
51
27
14
5
3
53
26
15
5
1
28
23
24
13
12
28
22
28
12
10
30
22
15
19
14
38
17
19
10
16
100
100
100
100
100
100
100
100
100
100
100
100
100
100
$1,100
$1,350
$1,300
$1,400
$200
$250
$400
$500
0
0
$460
$500
(3)
(3)
7
1
Liquid asset d a t a for early 1949 are based on interviews in January-March 1949 (fourth survey); for 1948 on interviews in JanuaryMarch 1948 (third survey).
2
Includes all U. S. Government bonds, savings accounts, and checking accounts.
3 D a t a not available.
also smaller than those of the clerical and sales
group. About three-fourths of the farm operators
and roughly two-thirds of the persons who had
retired from active work had some liquid assets,
and holders in these groups had fairly sizable
amounts.
Changes from early 1948 to early 1949 in the
proportion of spending units within various occupational groups that held liquid assets were smaller
than they had been in the preceding 12-month
period. As shown in Table 5, the percentage of
spending units that had no assets increased slightly
in professional and managerial and self-employed
groups, as well as in skilled and semiskilled groups.
On the other hand, the proportion of units that held
some liquid resources appeared to have increased
slightly among clerical and sales personnel, unskilled workers, and retired persons. The occupational distributions of liquid asset holdings shown
in this table for both early 1949 and 1948 should
be considered only as rough guides to the true distribution of these holdings as well as to changes
in their distribution. The number of sample cases
for some of the separate occupations is small, and
the possibility of variations arising from the sample
drawn in each year is therefore substantial.
Differences in the types of liquid assets held by
various occupational groups such as have been noted
in previous surveys continued in early 1949. Professional persons had about as large a group holding each type of liquid asset as was the case for
AUGUST
1949
any other occupational group. The unskilled group
again had the smallest percentage of holders of
United States savings bonds, while farm operators
had the smallest percentage of spending units with
savings accounts. Checking accounts were more
frequent among the professional, managerial, and
self-employed, and farm operator groups than
among other groups. At least two-thirds of the
spending units in each of these classifications had
such accounts, compared with two-fifths or less for
the other groups. The type and size of liquid asset
holdings within the different occupational groups
is shown in Table 13 following this article.
Variations in the amount and frequency of liquid
asset holdings according to other characteristics such
as age, place of residence, and size of the spending
unit are set forth in Table 16 on page 911. The
age of the head of the unit appeared to be an important factor in differences in liquid asset holdings.
The highest proportions of those having some liquid
assets were found in the age brackets from 45-64.
Nonholders were most frequent where the heads
of the units were in either the youngest or oldest
age groups. Age was also an important factor in
the size of liquid asset holding; the older the principal income receiver, the larger the reserve of
liquid assets appeared to be.
Spending units in metropolitan areas generally
had somewhat larger liquid asset holdings than
spending units in other urban areas or in rural
areas. Thus, the proportion of spending units
903
1949 SURVEY OF CONSUMER FINANCES
among the higher income brackets toward somewhat greater frequency of both increases and decreases in liquid asset holdings, partly because a
larger proportion of the higher income groups are
liquid asset holders. In every group with incomes
up to $5,000, decreases in assets were somewhat
more frequent than increases. Only in the income
groups below $2,000, however, was the number
of declines in holdings substantially higher than
the number of increases.
The proportions of those spending units owning
each type of liquid asset that reported either increases or decreases in holdings during 1948 showed
almost the same pattern as that noted from early
1947 to early 1948. Larger balances in both savings
accounts and checking accounts were reported with
slightly greater frequency than larger holdings of
Government bonds. About one-third of all spending units with savings accounts and one-fourth of
those with checking accounts noted increased balances, while slightly more than one-fifth of the
Government bondholders reported higher total
holdings at the beginning of 1949 than they had a
year earlier.
On the decrease side, the relative position of
the different types of assets was somewhat reversed.
Only about one-fourth of the Government bondholders said they had reduced their holdings during
the year, while about one-third of the spending
units with checking accounts, and one-half of those
with savings accounts, indicated they had reduced
these balances during 1948. As in 1947, the amounts
of increase or decrease were larger in the case of
savings and checking accounts than in the case of
Government bonds.
with holdings of $500 or more was about one-half
in metropolitan areas compared with roughly twofifths in other areas. Nearly 80 per cent of the
spending units in metropolitan areas had some kind
of liquid asset, compared with approximately 70
per cent of those living in other urban areas and
65 per cent of those in rural areas.
In early 1949 the size of the spending unit was
not closely related to the holding of liquid assets,
except that units with five or more persons reported
having no assets more frequently than did smaller
units. Also, somewhat larger amounts of liquid
assets were held by smaller units than by larger
units.
CHANGES IN LIQUID ASSET HOLDINGS DURING 1948
During 1948, as in the earlier years covered by
the surveys, a substantial portion of all individual
consumer spending units had important changes
in their liquid asset holdings. It is estimated that
nearly 30 million spending units had changes in
their liquid asset positions during 1948. In roughly
one-fifth of the cases these increases or decreases
in total holdings amounted to as much as $500 or
more.
As Table 6 indicates, about one-fourth of all units
added to their liquid asset holdings in 1948, while
approximately one-third reported lower totals at the
beginning of 1949 than they did a year earlier.
The remainder said they had no liquid assets in
either year, or that there had been no change in
their holdings. The distribution of the spending units by their 1948 money incomes brings out
some differences between units in the various income brackets. There was a noticeable tendency
TABLE
6
CHANGE IN LIQUID ASSET HOLDINGS OF SPENDING UNITS WITHIN DIFFERENT INCOME GROUPS, 1948 *
Percentage distribution of all spending units within income groups
Change in liquid asset holdings
1948 annual money income before taxes
All
spending
units
Increase
Decrease
No liquid assets now or year ago
Not ascertained
All units
Under
$1,000
$1,000$1,999
$2,000$2,999
$3,000$3,999
$4,000-'
$4,999
$5,000$7,499
$7,500
and over
24
16
31
13
33
17
38
16
38
19
100
100
7
14
32
23
4
19
16
26
50
3
28
34
3
30
27
3
100
100
100
100
26
15
36
15
5
37
10
3
100
100
37
3
6
34
1
8
Based on liquid asset holdings in early 1949 and a year earlier as reported by spending units during January-March 1949.
Includes change in assets due solely to accrual of interest on U. S. Government bonds (Series A-F).
904
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
The survey also provides some information on
the spending units that exhausted their liquid assets
during 1948 (or at least had none at the beginning
of 1949) and on those that acquired liquid asset balances. There were approximately 3 million consumer spending units in early 1949 that either had
exhausted their liquid assets during the year, or
were newly formed spending units that had not yet
acquired such resources. At the same time, however, there were at least as many units, and possibly
as many as a half million more units, that reported
"holdings at the beginning of 1949 that did not
have them a year earlier. These included some
additional units formed during the year and some
units that did not have such assets at the start
of 1948.
Table 7 indicates that roughly three-fourths of all
the spending units that exhausted their liquid assets
were in the income range of $1,000 to $3,999, but
that some cases were found at every income level.
Also, three-fourths of those who had no liquid assets
early in 1948 but did have some at the beginning
of this year fell in the income range of $1,000 to
$3,999. Again, however, the distribution included
some at the lowest as well as some at the highest
income levels.
Increases and decreases in liquid assets during
1948 appeared to bear some relationship to changes
in income during the same period. Decreases in
holdings were substantially more frequent than in-
creases among spending units whose 1948 incomes
were smaller than they had been in the preceding
year. Even among spending units whose incomes
were about the same in both years, or even slightly
larger in 1948 than in 1947, the proportion having
decreases in liquid assets was somewhat larger than
the proportion having increases. Where the spending units reported much larger incomes in 1948
than in the preceding year, increases in liquid assets
were more frequent than decreases.
In survey reports for prior years, it has been
pointed out that there appears to be a tendency
for spending units to overstate declines in liquid
asset holdings and to understate increases. The
data on changes are obtained by asking the heads
of the spending units about the amount of their
holdings at the time of the interview and a year
previous to that time. Memory "error" may play an
important part in these calculations. For the first
time in these surveys, an attempt was made to have
respondents check their records. This first attempt
was only partly successful because less than onefifth of the units actually referred to their records.
The memory error, therefore, probably introduces
considerable bias in the data on changes in holdings.
Furthermore, it is doubtful whether interest credit
on savings accounts is adequately reflected in the
increases in liquid assets during the year. Consequently, both the number and the amount of
additions to holdings may be understated.
TABLE 7
PURPOSES FOR WHICH LIQUID ASSETS WERE USED
IN 1948
INCOME DISTRIBUTION OF SPENDING UNITS ACQUIRING OR
EXHAUSTING THEIR LIQUID ASSETS DURING 1948 *
[Per cent]
Income group
Spending
units that
exhausted
liquid
assets 2
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
Not ascertained
All units...
1
Liquid asset data are based on interviews made in JanuaryMarch 1949. Respondents were asked about their holdings of
liquid assets at the time of the interview and also their holdings
a year earlier. These data are based on relatively few cases and
represent only rough approximations.
* Includes newly formed spending units having no liquid
.assets at beginning of 1949.
* Less than one-half of 1 per cent.
AUGUST 1949
Each of the surveys has attempted to find out
the purposes for which people use funds withdrawn from their liquid assets. This line of inquiry has been limited to those spending units
that had smaller liquid asset holdings at the end
of the year than they had at the beginning, and
the group thus queried in 1948 included roughly
1 in every 3 spending units. Because the general
nature of the question asked in prior years had
provoked rather general answers, the 1949 survey
included two additional questions. This procedural
change makes comparisons with preceding years
somewhat difficult, but provides a fuller account
of the purposes for which such resources were actually used in 1948. This was especially true for
spending units that drew down liquid asset resources for a number of purposes.
905
1949 SURVEY OF CONSUMER FINANCES
TABLE 8
PURPOSE OF REDUCTION IN LIQUID ASSETS DURING
Purpose
Emergencies and sickness
Automobiles and other durable goods
Nondurable consumer goods and services l
Repairs and additions to house
Luxuries and travel
Education, moving, and other miscellaneous expenses
Buying of home
Investment in other real estate, securities, or in
business
Farm expenses and farm machinery
Repair of automobile and other durable g o o d s . . . .
Payment of debts
Unclassified purposes
1948
Percentage
distribution
of spending
units that
reduced
liquid assets
49
47
32
16
13
13
11
5
4
12
All units
that gave several purposes. The discussion which
follows, and the data shown in Tables 9 and 10,
are based on this regrouping of the spending
units. The footnotes in Table 9 indicate the
purposes included under each major classification.
Slightly less than half of all spending units
reporting a net decline in liquid assets from early
1948 to early 1949 used the proceeds exclusively
for nondurable consumer goods and services (including sickness and other emergencies). As Table
9 shows, about one-tenth said they had used their
liquid assets for the purchase of automobiles and
other durable goods and another tenth pointed to
the purchase of a house or other permanent investments or repayment of debt. Because of the
more detailed questions this year regarding the
1
2
Includes general living expenses.
More than 100 per cent because some spending units mentioned
several purposes.
When consumers are asked why they accumulate
assets of this type, the traditional answer is "for a
rainy day." The reason given most frequently for
drawing down liquid asset balances during 1948
tends to bear this out. As shown in Table 8, nearly
half of the units that had smaller amounts of liquid
asset holdings early in 1949 than a year earlier gave
sickness or other incidents of an emergency character as one of their explanations. Almost equally
important, however, was the purchase of an automobile or other durable good. Expenditures for
nondurable consumer goods and services (including
general living costs) were mentioned by about onethird of all these spending units.
Repairs and additions to houses were listed by
about one-sixth of the spending units whose liquid
assets were reduced during 1948. This response,
together with the fact that about one-eighth of the
units indicated that their assets were used in connection with the purchase of a house, indicates
that housing expenditures were an important outlet for these liquid funds. Other items of expenditure of some significance included education and
moving, and investments in real estate other than
houses, in securities, and in different types of business.
To summarize the dollar volume of expenditures
for these various purposes, it was necessary to consider separately units that gave only one reason for
drawing down their liquid balances and those
906
TABLE
9
PURPOSES OF REDUCTION IN LIQUID ASSETS BY SPENDING
U N I T S WITHIN VARIOUS INCOME GROUPS, 1 9 4 8 *
Purpose
Nondurable
consumer
goods and services
(including taxes) 3 . . . .
Automobiles and other
durable goods
Houses and investments 8
Several purposes *
All units
Net
reduction
(Per
cent)
Percentage distribution of
spending units that reduced liquid assets
All
income
groups
Income group
Under
$2,000
$2,000- $5,000
and
$4,999
over
18
45
66
42
28
7
28
47
10
9
36
3
6
25
12
8
38
13
14
45
100
100
100
100
100
1
Only spending units that had smaller amounts of liquid assets
at the beginning of 1949 than at the beginning of 1948 are included
in this table. These units were asked the following question:
"Now adding all that together I find that you now have in bonds
and deposits $
less than you did a year ago. You used
about $
from your savings. Is that about right? What
sort
of things did you use this money for?"
2
Includes living expenses, emergencies and sickness, repair of
houses, and other nondurable consumption (repairs of automobiles and other durable goods, purchase of luxury goods, moving
travel,
amusement, education, and taxes).
a
Includes purchases of real estate, investment in business or
securities, and repayment of debt.
* The distribution of spending units reducing liquid assets
for several purposes is as follows:
Per cent
Nondurable consumer goods, etc., and durable goods
14
Nondurable consumer goods, etc., and houses and investments
3
Durable goods and houses and investments
5
Other combinations
14
Several purposes
For comparable data
July 1948, Table 7, p.
Table 5, p. 654.
NOTE.—The purposes
obtained by condensing
36
in 1947, see Federal Reserve BULLETIN,
772; for 1946, see June 1947 BULLETIN,
shown in this table and in Table 10 were
the various purposes shown in Table 8.
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
reasons for reducing liquid asset balances, the
number of units giving several purposes was considerably larger than in previous years. The various combinations indicated in the footnote to this
table again emphasize the use of these funds in
connection with the purchase of automobiles, other
durable goods, houses, and various types of investments, as well as their use for nondurable consumer goods and services.
Various income groups used their liquid assets
in 1948 according to a pattern similar to that of
previous years. Roughly two-thirds of the spending units with incomes of less than $2,000 said they
used their liquid assets to purchase nondurable
consumer goods and services exclusively. Spending units with incomes of $2,000 or more, which
accounted for a substantial majority of all the
spending units that reduced liquid assets and
also for the bulk of the dollar volume involved,
tended to stress such purposes as the purchase
of durable goods, or the purchase of houses and
other investments.
Any estimate of the amount of money spent for
each of the various purposes in 1948 has limited
value because many spending units gave more
than one reason for reducing their liquid asset
balances and did not apportion the expenditures.
An estimated distribution has been calculated from
the replies of those who said their funds were used
for one purpose, or for several purposes, as shown
in the first column and footnote 4 of Table 9, but
should be considered only a rough approximation.
It indicates that about half of the total decrease in
holdings may have been used for the purchase of
houses or for making investments in other real
estate or in businesses or securities. About onefourth may be explained by expenditures for nondurable consumer goods and services (including
sickness and emergencies), and roughly one-fifth
for automobiles and other durable goods.
Table 10 provides further information that relates the size of the decrease in liquid assets to the
purpose for which the funds were used. Threefifths of the spending units reducing liquid assets
for houses and investments used amounts of $1,000
or more. Spending units that had purchased
automobiles and other durable goods generally re-
AUGUST 1949
ported declines of $500 or more in liquid assets.
A substantial portion of the spending units that
reduced liquid assets to obtain nondurable consumer goods and services reported decreases of
less than $200.
TABLE 10
SIZE OF REDUCTION IN LIQUID ASSETS IN 1948, BY PURPOSE
Percentage distribution of spending units
reducing liquid assets for:
Reduction
AutoNonHouses SevAll
durable mobiles
and
eral
and
pur- consumer other
purposes goods and durable investposes
ments
services
goods
$1-$199
$200-$499
$500-$999
$1,000 and above..
28
27
19
26
43
31
16
10
17
28
31
24
10
18
11
61
15
24
23
38
All spending units
reducing liquid
assets
100
100
100
100
100
The sizes of the decreases reported among spending units listing several purposes are more comparable to amounts spent for houses and investments and for automobiles and other durable
goods than for general consumption purposes.
The amounts shown in Table 10 represent the
net decline of the spending unit during 1948.
The actual amounts spent at the time of the purchase may have been larger and have been at
least partly offset by additions to liquid assets during other periods of the year.
Previous survey reports have emphasized that
reduction in liquid asset holdings of a spending
unit during the year does not necessarily imply dissaving. When liquid assets are used to buy a house
or to invest in other real estate, in securities, or in
a business, the funds are merely transferred from
one type of asset to another. On the other hand, if
liquid assets are used for buying consumer goods
and services (which by definition represent expenditures and are not considered assets) the result is
dissaving unless the amounts so used are offset by
saving in other forms (insurance, retirement funds,
repayment of debt, or other such transactions).4
4
A detailed discussion of consumer saving in 1948 will
appear in a later issue of the BULLETIN.
907
1949 SURVEY OF CONSUMER FINANCES
TABLE 11
TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN VARIOUS INCOME GROUPS, EARLY 1949, 1948, AND 1947
x
Percentage distribution of spending units within income groups
Amount of liquid
assets held
All spending units
Total liquid assets:*
None
$l-$499
$500-$l,999
$2 000-$4 999
$5,000 and over
All units
U. S. savings bonds
(Series A-F):»
None
$l-$499
$500-$l,999
$2,000 and over
.
All units
Savings accounts: 4
None
$l-$499
$500-$l,999
$2,000 and over
All units
Checking accounts:
None
$l-$499
$500-$l 999
$2,000 and over
All units
Under $1,000
$l,000-$2,999
$3,000-$4,999
$5,000 and aver
1949
1948
1947
1949
1948
1947
1949
1948
1947
1949
1948
1947
1949
1948
1947
29
28
22
12
9
27
27
24
13
9
24
26
28
14
8
56
24
12
5
3
56
21
14
6
3
51
27
15
5
2
38
29
21
8
4
34
32
23
7
4
27
31
30
9
3
19
35
25
14
7
14
31
30
18
7
10
24
34
24
8
5
17
23
25
30
2
13
24
27
34
0
10
22
27
41
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
56
25
13
6
53
26
14
7
44
32
18
6
80
11
6
3
79
17
2
2
75
19
4
2
63
25
9
3
60
28
9
3
47
37
13
3
49
29
16
6
43
32
19
6
28
36
30
6
34
25
21
20
25
20
30
25
13
21
34
32
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
59
19
13
9
55
19
15
11
53
18
18
11
77
11
9
3
77
9
8
6
74
15
8
3
65
18
11
6
62
20
13
5
56
21
17
6
53
23
14
10
44
24
19
13
39
20
25
16
42
15
21
22
31
15
23
31
31
15
18
36
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
61
23
11
5
61
23
11
5
63
21
12
4
81
11
7
1
77
13
8
2
79
14
6
1
72
19
7
2
72
19
7
2
70
19
9
2
59
28
10
3
56
30
10
4
56
26
14
4
22
36
25
17
25
28
29
18
21
26
30
23
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
1
Liquid asset data represent holdings early in the year indicated and are based on interviews during January, February, and early
March.
For comparable 1946 data, see Federal Reserve BULLETIN, July 1948, Table 16, p. 779.
a
Includes all types of U. S. Government bonds, savings accounts, and checking accounts.
1
Amounts for 1949 and 1948 are shown at 80 and 79 per cent of maturity value, respectively, except for recent purchases, which are
shown at purchase price; amounts for 1947 are shown at purchase price.
* Includes savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions.
908
FEDERAL RESERVE BULLETIN
1 9 4 9 SURVEY OF CONSUMER FINANCES
TABLE
12
T Y P E AND SIZE OF LIQUID ASSET HOLDINGS WITHIN VARIOUS INCOME Q U I N T I L E GROUPS, EARLY 1949
AND 1948 *
Percentage distribution of spending units withirI income quintiles
All spending
units
Amount of liquid assets held
Total liquid assets:2
None
$l-$499
$500-$l,999
$2,000-$4,999
$5,000 and over
All units
1948
29
27
.
. . . .
All units
Savings accounts:4
None
$l-$499
$500-$l,999
$2,000 and over
. . .
All units
Checking accounts:
None
$l-$499
$500-$l,999
$2,000 and over
...
Second
quintile
Fourth
quintile
Third
quintile
1949
1948
1949
1948
1949
51
54
1948
1949
Highest
quintile
1948
1949
1948
16
38
37
30
24
29
22
7
4
34
20
5
4
31
23
11
5
33
29
16
6
7
22
23
23
25
17
27
25
27
100
100
100
33
28
11
4
100
35
26
14
8
100
21
15
6
4
100
100
100
100
100
27
24
13
9
25
15
6
3
100
100
28
22
12
9
U. S. savings bonds (Series A-F):«
None
$l-$499
$500-$ 1,999
$2,000 and over
All units..
1949
Lowest
quintile
17
4
56
53
76
79
63
61
58
51
46
44
36
30
25
26
16
26
31
34
27
22
7
17
5
100
100
16
4
100
16
100
9
2
100
5
3
100
3
2
100
14
3
29
14
7
100
31
25
13
6
17
100
100
20
17
100
100
56
19
55
19
73
13
75
10
62
19
65
19
57
22
55
24
47
25
46
25
40
17
33
17
14
11
15
11
9
5
8
7
13
6
12
4
12
9
15
6
16
12
17
12
20
23
23
27
100
100
100
100
100
100
100
100
100
100
100
100
61
23
61
23
76
15
74
18
70
21
65
23
58
29
57
29
29
35
33
30
5
11
5
77
13
75
17
11
8
1
8
2
6
2
6
2
7
2
9
3
10
3
10
4
22
14
24
13
100
100
100
100
100
100
100
100
100
100
100
100
5
2
28
20
1
For each year the size of liquid asset holdings was determined as of the date of interviews in January, February, or early March of
the year indicated. Liquid asset holdings as of early 1949 have been related to 1948 incomes, while asset holdings as of early 1948 have
been related to 1947 incomes. The approximate income ranges covered by each quintile are as follows: for 1948 incomes, lowest quintile
(under $1,500), second quintile ($l,500-$2,399), third quintile ($2,400-$3,199), fourth quintile ($3,200-$4,499), highest quintile ($4,500
and over); for 1947 incomes, lowest quintile (under $1,200), second quintile ($l,200-$2,099), third quintile ($2,100-$2,999), fourth quintile ($3,000-$4,199),
highest quintile ($4,200 and over).
a
Includes all types of U. S. Government bonds, savings accounts, and checking accounts.
• Amounts for 1949 and 1948 are shown at 80 and 79 per cent of maturity value, respectively, except for recent purchases, which
are shown at purchase price.
* Includes savings accounts in banks, postal savings, and shares in savings and loan associations. Data for 1948 also include savings
in shares of credit unions.
AUGUST
1949
909
1949 SURVEY OF CONSUMER FINANCES
TABLE 13
TYPE AND SIZE OF LIQUID ASSET HOLDINGS WITHIN DIFFERENT OCCUPATIONAL GROUPS, EARLY 1949 AND 1948
a
[Per cent]
Occupational group of head of spending unit
Amount of liquid assets held
U. S. savings bonds
(Series A-F) :*
None
$l-$499 .
$500-$l,999
$2,000 and over
All units. . . .
...
Savings accounts 3
(in banks only) :
None
$l-$499.
$500-$l,999
$2,000 and over
All units
Checking accounts:
None
$l-$499
$500-$l,999
$2,000 and over
All units
1
2
3
4
Skilled
and semiskilled
Professional
Managerial
and selfemployed
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
1949
1948
34
30
19
17
29
30
24
17
46
28
14
12
40
23
21
16
55
28
13
4
54
29
14
3
47
33
15
5
43
32
19
6
72
19
8
1
73
23
3
1
61
22
10
7
57
25
12
6
59
20
12
9
63
18
9
10
100
100
100
100
100
100
100
100
100
100
100
100
100
100
43
22
21
14
44
23
17
16
54
14
15
17
55
11
15
19
56
20
15
9
55
23
14
8
45
30
18
7
50
26
17
7
71
17
7
5
72
15
10
3
83
4
5
8
83
5
5
7
59
14
12
15
67
6
13
14
100
100
100
100
100
100
100
100
100
100
100
100
100
100
32
42
19
7
32
39
22
7
28
34
23
15
31
31
24
14
74
20
5
1
74
20
5
1
58
31
9
2
59
29
9
3
87
10
3
87
9
3
1
37
29
22
12
38
25
25
12
62
16
13
9
64
14
13
9
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Clerical
and sales
personnel
Farm
operators
Unskilled
Retired
Liquid asset data represent holdings early in the year indicated and are based on interviews in January, February, and early March
Valued at 80 per cent of maturity value except for recent purchases, which are valued at purchase price.
Excludes other savings accounts, such as postal savings and shares in savings and loan associations and credit unions.
Less than one-half of 1 per cent.
TABLE 14
TABLE 15
PROPORTION OF LIQUID ASSETS H E L D BY SPENDING UNITS AND
FAMILY UNITS AT VARIOUS INCOME LEVELS, EARLY 1949 1
DISTRIBUTION OF LIQUID ASSETS AMONG SPENDING UNITS
WHEN RANKED (1) BY SIZE OF INCOME AND (2)
[Per cent]
BY SIZE OF LIQUID ASSET HOLDINGS
EARLY 1949 AND 1948
Spending units
1948 annual money
income before
taxes
Percentage
distribution
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
Proportion
of liquid
assets
held
Family units
Per
centage
distribution
Proportion
of liquid
assets
held
12
18
23
20
12
10
5
4
7
14
14
11
18
32
11
15
20
20
12
14
8
3
5
10
13
10
22
37
100
100
100
100
1
The 1948 income data and early 1949 liquid assets data are
based on interviews in January-March 1949.
For comparable spending unit and family unit data in early
1948, see Federal Reserve BULLETIN, July 1948, Table 18, p. 780.
For comparable spending unit data in early 1947 and 1946, see
BULLETIN, July 1947, Table 14, p. 801. For comparable family
unit data, see same BULLETIN, Table 18, p. 802.
910
Percentage of
Percentage of
Spending units liquid assets
liquid assets
ranked according
Spending units
to holdings of
ranked according
Early Early2
liquid assets
Early Early
to income
19491 1948
1949 1948
Highest t e n t h . . .
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest t e n t h . . . .
All tenths
1
2
3
44
11
9
8
6
6
6
3
4
3
43
14
8
7
5
6
4
4
4
5
100
100
Highest t e n t h . . .
Second
Third
Fourth
Fifth
Sixth
Seventh
Eighth
Ninth
Lowest t e n t h . . .
All tenths
66
17
9
5
2
1
(33)
()
0
0
66
17
8
5
3
1
(33)
()
0
0
100
100
For spending units ranked in order of their 1948 annual incomes.
For spending units ranked in order of their 1947 annual incomes.
Less than one-half of 1 per cent.
FEDERAL RESERVE BULLETIN
1949 SURVEY OF CONSUMER FINANCES
TABLE 16
TYPE AND SIZE OF LIQUID ASSET HOLDINGS, BY SIZE OF SPENDING UNIT, AGE OF HEAD OF SPENDING UNIT,
AND PLACE OF RESIDENCE, EARLY 1949 x
Percentage1 distribution of spending units with each characteristic
Age of head of spending unit
Number of persons in spending unit
Place of residence
Amount of liquid assets held
Total liquid assets:2
None
$l-$499
$500-$ 1 999
$2,000-$4,999
$5,000 and over
All units
U. S savings bonds
(Series A-F) :*
None
.
$l-$499
$500-$ 1 999
$2,000 and over
All units
Savings accounts: 5
None
$l-$499
$500-$l,999
$2,000 and over
All units
Checking accounts:
None
$l-$499
.
$500-$l,999
$2,000 and over
All units
1
J
8
4
5
One
Two
Three
Four
Five
or
more
18-24
25-34
35-44
45-54
55-64
65
and
over
28
28
26
10
8
24
25
24
15
12
28
29
21
12
10
26
35
19
12
8
44
29
14
8
5
38
38
21
3
(3)
30
36
23
7
4
28
31
21
13
7
25
24
23
15
13
24
21
21
18
16
32
18
20
15
15
22
29
24
15
10
29
30
20
12
9
35
27
20
10
8
100
100
100
100
100
100
100
100
100
100
100
100
100
100
56
28
13
3
51
24
16
9
54
25
14
7
57
30
8
5
68
22
6
4
62
31
7
(3)
64
23
11
2
56
27
11
6
49
25
17
9
49
25
15
11
57
22
12
9
48
29
16
7
56
25
13
6
64
22
9
5
100
100
100
100
100
100
100
100
100
100
100
100
100
100
52
23
16
9
54
18
17
11
61
19
11
9
64
15
11
10
73
16
7
4
59
26
12
3
56
27
12
5
63
16
13
8
57
17
15
11
59
13
14
14
61
10
14
15
43
25
19
13
62
18
12
8
72
12
9
7
100
100
100
100
100
100
100
100
100
100
100
100
100
100
71
17
9
3
57
24
12
7
57
29
10
4
55
27
12
6
66
21
9
4
83
14
3
(3)
64
28
6
2
55
28
13
4
55
26
12
7
57
20
15
8
62
17
14
7
68
20
8
4
59
26
11
4
56
25
13
6
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Metro- Other
politan u r b a n
area
area
Rural
area
Liquid asset d a t a for early 1949 are based on interviews in J a n u a r y , February, a n d early March 1949.
Includes all types of U. S. Government bonds, savings accounts, and checking accounts.
Less t h a n one-half of 1 per cent.
Valued a t 80 per cent of m a t u r i t y value except for recent purchases, which are valued a t purchase price.
Includes savings accounts in banks, postal savings, and shares in savings a n d loan associations.
AUGUST 1949
911
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
The Nineteenth Annual Report of the Ban\ for
International Settlements, covering the year ending
March 31, 1949, was submitted to the annual general meeting at Basle on June 13, 1949 by the General Manager, M. Roger Auboin. Selections from
the report, chosen to emphasize the more important
conclusions and criticisms offered by the Ban\, are
given herewith.
INTERNATIONAL CAPITAL MOVEMENTS AND GRANTS
IN AID
With exchange control in force in almost all
countries of the world (the United States and
Switzerland being the outstanding exceptions) and
with some control of capital issues imposed in almost every market, one of the shortcomings of the
postwar monetary situation has been that, between
the different countries, transfers of capital other
than those officially arranged have been restricted
in volume and limited to particular fields. Private
investments abroad have been of real importance
only when undertaken for special purposes (e.g. to
develop valuable oil resources) or within special
monetary areas (strengthening the ties between a
European country and its overseas territories).
It should be remembered that, not only in the
decade following the first world war, when exchange control, as we now conceive it, was unknown, but also in the latter half of the interwar
period, capital funds moved from one centre to
another, in search of security (i.e. really to avoid a
loss) or for the sake of speculative gains; the movements in question had at times a distinctly disturbing effect on the currency situation (even though
NOTE.—The passages reprinted here represent about onesixth of the main text of the report. In order to include the
portions of the text which are believed to be of the greatest
interest, more liberties have been taken than heretofore in
combining numerous widely separated passages. Discussions
of individual countries are in general omitted. The excerpts represent every chapter except that dealing with current activities of the Bank.
Selections from the Bank's first Annual Report were published in the Federal Reserve BULLETIN for July 1931 and
the series was continued through the Twelfth Report—see
BULLETIN for January 1943, pp. 15-41. A reprint of brief
sections of the Thirteenth Report was issued in pamphlet
form by the Board of Governors in November 1944. For
selections from the Fourteenth, Seventeenth, and Eighteenth
Annual Reports, see BULLETIN for September 1945, pp. 874901, October 1947, pp. 1228-50, and October 1948, pp.
1221-39, respectively.
912
their responsibility for currency changes has often
been exaggerated, since the real causes—heavy
budget deficits, too high costs—were largely of a
more fundamental nature). One of the reasons
advanced for the maintenance of exchange control
after the second world war has been the plea that
control was necessary to prevent a recurrence of
unmanageable capital movements. Officially, the
need for a control of transfers on capital account
has been recognised: in the Articles of Agreement
of the International Monetary Fund it is stipulated
that, subject to certain temporary exceptions, "no
member shall, without the approval of the Fund,
impose restrictions on the making of payments and
transfers for current international transactions,"
the emphasis on the word "current" signifying
that there is no prohibition against control as regards capital transfers, another article specifically
stating that "members may exercise such controls
as are necessary to regulate international capital
movements."
In practice, it has so far proved difficult to frame
and apply a system of exchange control that does
not stand in the way of desirable capital movements, one reason being that it is no easy matter to
distinguish clearly, in the daily run of business,
between capital movements, on the one hand, and
current transactions, on the other. Sometimes one
finds a tendency to overestimate the amounts involved in capital movements: it often happens that
all purchases of foreign exchange outside the regular channels of the Control are referred to as flight
of capital, whereas, when foreign currencies are
bought in parallel markets in order to import commodities for which no license has been granted,
this is obviously a transaction relating to foreign
trade and thus falling within the current account
of the balance of payments (there being no question
of a transfer of capital). The somewhat arbitrary
character of many of the interventions and prohibitions imposed by the Foreign Exchange Control
cannot fail to have a cramping effect on such capital
movements as are undoubtedly desirable. For the
fact is that hindrance to ordinary capital movements is largely to be found in the circumstance
that funds will not readily flow to a country which
does not offer sufficient guarantees of monetary
stability and from which the funds cannot be legally
repatriated when required. Control encounters the
same difficulty here as in other fields: at best, exFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
change control secures what it can actually manage fixed at 4,756 million dollars plus 67 million for
to lay its hands on but, operating by prohibitions, administrative and other expenses. The primary
it does not attract funds and there will, therefore, distribution of ERP aid was made on the basis of
be few voluntary movements by which it can bene- the estimated deficits on the current accounts of
fit. Between most markets there has been a failure the balances of payments of the participating counto revive both the so-called equilibrating movements tries in relation to the Western Hemisphere, i.e. the
of a short-term character (which used to ease the dollar area. While the amounts thus made availstrain of seasonal and other fluctuations in the sup- able would enable the participating countries to pay
ply of foreign exchange) and the long-term capital for their imports from the dollar area, there reinvestments which have in the past been such an mained the problem of intra-European trade. Such
important aid in the economic development of the trade had been kept up since the end of the war
largely by the granting of reciprocal credit margins
world as a whole.
On the whole, it may be said that United States as part of bilateral payment agreements, but such
aid makes up for the insufficiency of private move- credits, together with the existing monetary rements of capital which for a number of reasons has serves, had for many countries reached exhaustion
characterized the postwar period. Much has been point and intra-European trade threatened to conwritten about Marshall aid and the facts and figures tract sharply and thus to counteract the intended
are well known also in circles other than those di- effect of the United States aid.
rectly concerned with its administration, but it is
In order to relieve the situation, an intra-Euroessential to keep the main data firmly in mind pean payments plan was worked out and the
because of their importance for the financing of "Agreement for Intra-European Payments and
trade as well as from a general point of view.
Compensations" was signed in Paris on October 16,
The European Recovery Program itself was en- 1948, by the governments of the sixteen participatacted when the President of the United States ing countries and representatives of the Bizone as
affixed his signature on April 3, 1948 to the "For- well as the French Zone of Germany and also of
eign Assistance Act of 1948," of which Title I the Free Territory of Trieste. Under this arrange(under the name of "Economic Cooperation Act ment the individual countries, in those cases where
of 1948") laid down that assistance should be ex- it was estimated that they would be "creditors" on
tended to the sixteen European countries having current account of their balance of payments with
signed, on September 22, 1947, the report of the any other participating country, received part of their
Committee of European Economic Cooperation, to allotments in dollars as "conditional aid," this part
their Overseas Dependencies, to the Allied Zones corresponding to the (estimated) surplus on current
of Occupation in Germany and to the Free Terri- account. Each country thus had to establish "drawing rights" in its own currency in favour of other
tory of Trieste.
The distribution of ERP aid has passed through countries (according to a schedule included in the
Agreement), so that a part of the ERP aid received
two different stages.
At first, when the Economic Cooperation Admin- in dollars was passed on, via the national curistration, "ECA" (the United States organisation rency, to the final recipients.
set up to administer ERP aid, with central offices
The accompanying table shows the distribution
in Washington and Paris and American Missions of the amount of direct aid, as well as the amounts
in each of the participating countries), started work- of net indirect aid received or granted by the indiing in April 1948, there was no time to prepare a vidual countries and, as the result of these two sets
detailed programme, nor was the Organisation for of figures, the distribution among the various counEuropean Economic Cooperation, "OEEC" (the tries of the net total aid allotted for the period
organisation of the participating countries, with an July 1, 1948 to June 30, 1949. While leaving aside
office in Paris), yet in a position to do so. But the the interim aid, the table shows separately the aid
need for aid was urgent and, in view of this, ECA allocated by ECA for the second quarter of 1948
made a direct distribution of 1,337 million dollars and the aid for the first fiscal year July 1948 to
for the April-June quarter of 1948.
June 1949, the final column setting out the net ERP
In the meantime OEEC was preparing its first aid for the whole period of the first fifteen months
annual programme for the fiscal year July 1948 to of the European Recovery Program.
June 1949 and by mid-October 1948 it was able to
At the request of the Council of OEEC in the
submit a preliminary programme together with a autumn of 1948, the Bank for International Settlesuggested allocation of aid which, but for some ments agreed to act as technical Agent under the
minor changes, was accepted by ECA. The amount Agreement for Intra-European Payments and Comfor the twelve months beginning July 1, 1948 was pensations, this being in a measure a continuation
AUGUST 1949
913
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
gin of error and must, therefore, be taken as indicating mainly "orders of magnitude"; but, even so, a
[In millions of dollars]
comparison between the Marshall aid allotted to the
individual countries and the corresponding national
July 1948 to June 1949
Total
income throws some light from another point of
net
April
aid
Net
view than the purely "balance-of-payments" aspect,
1948
April
indirect
to
Country 2
on the importance of the aid received in each case.
1948
aid
Net
June Direct granted
to
tota
1948
While the indirect aid facilitates trade within Euaid
June
aid
1949
received
rope, it is really the amount of net aid received
(+)
which represents what is available to each country
for the covering of its own expenditure for various
341
+64
279
Austria
62
215
60
-208
40
20
248
Belgium-Luxemburg*.
purposes. Switzerland and Portugal had no direct
136
116
20
109
Denmark
+7
or indirect aid allotted to them; Sweden and Bel1,639
1,304
335
981 +323
France* 3
Germany :
gium receive the lowest percentages of net aid in
510
Bizone
411
401
-10
109
100
120
French Zone. .
20
99
relation to the national income while the highest
+1
212
262
Greece
145
50
+67
percentages go to Greece, Austria and the Nether5
Iceland. .
7
5
2
78
88
Ireland
78
10
lands.
535
693
Italy
555
-20
158
541
656
470
+72
Netherlands*
115
The aggregate "national income" of the partici115
135
83
+32
Norway
20
22
22
Sweden
47
—25
pating countries comes to about 120 milliard dol22
4
18
Trieste
18
lars (for a population of 270 million) as compared
28
38
-12
Turkey
40
10
949
1,349
-290
United Kingdom*. . . .
400 1,239
with a national income of 230 milliard in the
13
13
13
Commodity reserve. .
United States (with a population of 148 million).
6,091
±565
4,756
Total programme. . 1,335 4,756
Thus the United States has a national income which
Administrative and
other outside exis about twice as large as the aggregate money in67
69
penses
2
67
come (in dollars) of the participating countries in
6,160
4,823
Total ECA funds. . 1,337 4,823
—
Europe and, per head, three and a half times as
large. It is the size of the real income per head
*1 Including overseas territories.
Various modifications in the figures, are given in Ch. VIII of
which enables the United States to extend aid to
the2 complete report of the Bank for International Settlements.
so many other countries. Thus, the total aid for
Portugal
and
Switzerland
did
not
receive
ERP
aid.
3
The direct aid to Germany remains a charge against the
the first fiscal year of the ERP came to little more
country, pending eventual settlement, and is, therefore, not necessarily in the nature of a grant.
than 2 per cent of the national income in the
United States, while the amount of current private
of the role the Bank had played as Agent under savings in the United States is estimated to have
the First Agreement on Multilateral Monetary been equal to 15 per cent of the national income.
Compensations, which was signed in Paris on
For the recipient countries in Europe the aid
November 18, 1947 by the Governments of Bel- allotted for the period July 1948 to June 1949 corgium (acting also for Luxemburg), France, Italy responds to about 4 per cent of their aggregate
and the Netherlands (and which was described on national income. The significance of this figure
pages 142-53 of the eighteenth Annual Report). may be judged from the fact that before the first
As explained more fully elsewhere in this report, world war a proportion of 10 to 15 per cent of the
the intra-European payments scheme adopted as national income was saved in the richer countries
part of the ERP operates through a monthly com- and invested at home and abroad—which perpensation of balances held under European pay- mitted a fairly regular growth of nearly 3 per cent
ments agreements plus the utilisation of drawing in world production. Thus in 1948-49 Marshall
rights. The Bank for International Settlements, aid, on an average, corresponded to about a third
acting in a strictly technical capacity, is responsible of the proportion of savings required for normal
for carrying out the monthly operations and is thus economic growth; here as elsewhere it is, of course,
entrusted with the administration of an essential the marginal contribution that counts most, making
element in the working of the European Recovery all the difference, in this case, between a slow and
Program.
painful increase in production (even assuming that
The countries participating in the Marshall Plan social and political disasters could have been
have together a population of about 270 million, out avoided) and the fairly rapid recovery which
of the 400 million which make up the population of actually took place, almost without exception, in
Europe—apart from the U.S.S.R. Estimates of na- the ERP countries in the course of 1948. One of
tional income are, especially in times of inflationary the principal problems to be solved as Marshall
movements, necessarily subject to a fairly wide mar- aid draws to its close will be how to ensure suffiFIRST F I F T E E N MONTHS OF ERP A I D
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cient savings in the participating countries to enable
them to continue investments at not too low a rate.
Now that a low rate of production is no longer
the bottleneck of world recovery, other problems—
and in the first place monetary problems—can
receive increasing attention. Depleted monetary
reserves form a very unreliable basis for recovery
—thence the necessity for their replenishment.
Strengthening of monetary reserves should be regarded not only as a step towards the general reestablishment of confidence in national currencies
but also as a means of enabling the various countries to apply, in relation to one another and to the
world in general, a less arbitrary commercial policy,
which is possible only if they do not live in constant fear of a further shrinkage of their too scanty
holdings of gold and foreign exchange. But a
replenishment of monetary reserves will bring
little lasting benefit if it is not accompanied by
the establishment of those internal and external
conditions upon which the maintenance of balance
in the economies of the individual countries depends and without which no monetary standard
can work smoothly; moreover, the measures required to bring about the necessary adjustments
will have to be taken well before the time appointed for the termination of external aid.
Marshall aid is by intention and by its very
nature a temporary form of financing on the basis
of government funds. Just as there was a period
after the war during which provision for "reciprocal credit margins" in bilateral trade agreements
was justified as a means of giving an initial impetus to trade so, on a larger scale, Marshall aid
has its justification as a comprehensive measure
which will afford strength for recovery and time
for reorganisation. Already minds are beginning
to busy themselves with the problems of further
financing after basic recovery has been attained—
being well aware of the fact that many tasks remain to be tackled. The Bank for International
Settlements has, during the past few years, gained
some experience with regard to short-term financing, having granted credits mostly of an equilibrating nature; and it can see further needs arising, as the official financing through ERP gradually
decreases. The International Monetary Fund and
the International Bank for Reconstruction and Development will continue to devote their attention
to their own particular functions of international
financing. But the financing of international trade
and foreign investments cannot for long rely principally on the provision of government funds or
on the activities of a few specialised international
institutions of an essentially official character. It
will obviously be necessary to create the proper
AUGUST
1949
conditions for increased international financing
from the resources of private capital. The attraction of such capital was, indeed, clearly envisaged
in "Point Four" of President Truman's Inaugural
Address (delivered on January 20, 1949), dealing
with "the improvement and growth of underdeveloped areas."
Investment in underdeveloped areas necessarily
means, at the outset, a fairly lengthy period of
waiting for the expected goods to be produced, and
the first effect is, therefore, to reduce the resources
available for other purposes—e.g. an increase in
consumption or in the volume of investments of
the home country. Thus concern with the growth
of production in underdeveloped areas brings no
immediate relief to the European countries, and
obviously not in their struggle for an early reestablishment of proper equilibrium in their own
balances of payments. But even if it is a fact that
in some respects a programme of helping underdeveloped territories (which—it should be remembered—are not all situated outside Europe) involves
a momentary burden, there are—as the President
emphasised in his Inaugural Address—a number of
reasons why an effort should be made to proceed
with well-thought-out development schemes.
Such a course of action is undoubtedly to the
advantage of the territories themselves, since in
that way their productivity can be increased and
their standard of living raised at a rate which they
could not achieve unaided, especially since modern
methods of production and social welfare can do
much for the workers in the underdeveloped areas,
where the income per head of the population is
generally less than one-tenth of the income per head
in the United States. But little would be gained if
the development of local industries were simply to
be in the direction of autarky behind high protective walls.
THE END OF THE POSTWAR INFLATION
Five years will soon have passed since France
and Belgium were liberated in the late summer of
1944 and four years since the war came to an end
on the continent of Europe. It is thus becoming
possible to see the situation in longer perspective:
notwithstanding many difficulties of a technical and
political nature and some regrettable setbacks, much
progress has undoubtedly been made; in most
cases, production has attained or even surpassed
peacetime proportions, and commodity prices have
ceased to increase as they had been doing under
the influence of inflationary issues of money for
meeting government expenditure and (but to a
much lesser extent) private demands for credit.
Comparison with the business trend during the
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ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
four to five years following the first world war
brings out the absence of anything corresponding
to the postwar depression which began to make
itself felt in the latter half of 1920 and, after bringing a short but sharp fall in prices, had already
run its course by the autumn of 1922.
One of the reasons for the difference in the respective price movements after the first and the second world wars is undoubtedly the fact that during
the second world war the resolute application of a
comprehensive wage and price control not only
went a long way towards neutralising fresh issues of
monetary purchasing power but also, with the aid
of rationing and other measures, prevented shortages from being reflected in higher prices.
In the second world war, moreover, it was part
of the policy of the United States, Great Britain,
Switzerland, Sweden and a number of other countries to keep down the cost of living through the
payment of subsidies, in order to prevent wages
from rising too steeply. By the end of the war,
wages in the countries mentioned had in fact risen
much less than between 1914 and 1920; and, since
the general price level did not fall even when supplies became more normal, no disequilibrium
emerged between wage costs and prices and, consequently, there was no reason for a general reduction in wages. On the contrary, as prices went
on increasing, wages also were generally raised.
But the whole of this development must be seen in
relation to the general trend of business, as determined not merely by the evident need for a
large amount of work to be done after a destructive war but also by the combination of such a need
with a redundant volume of purchasing power left
over from the war and often dilated by current
financial policy.
During the past few years there has been a distinct change in the atmosphere of economic thinking: while the war was still going on and for some
time after it had come to an end, it was, for instance,
widely believed that before long a postwar depression would set in, especially in the United States,
and that it would consequently be justifiable to
bolster up the volume of monetary demand either
by budgeting for a deficit or by financing investments through an extension of bank credits. Quite
apart from any wish to influence a particular business trend, it would seem as if the opinion had
gained ground that a fairly abundant volume of
monetary demand would be all to the good in that
it would secure the continuance of a high level of
employment, the system of controls being relied
upon to prevent an inflationary rise in prices and
the emergence of a deficit in the balance of payments. But, during the first four years after the
916
war, instead of a depression in the United States,
boom conditions continued, on the whole, to prevail; those who practised inflationary financing,
moreover, found that, despite all their measures of
control, they could not avoid a disquieting gap
in the balance of payments. It was soon discovered
that freshly created credits could not serve as a substitute for genuine savings or make good a shortage
of capital, and it became evident that not even a
controlled economy could dispense with a sound
currency; for, without it, income and savings could
not bear witness to the availability of real resources.
The year 1947 was important in the history of European economic thinking, for it was then that,
under the influence of a number of setbacks and
disappointments (continuing deficits in the balances of payments, a gradual exhaustion of monetary reserves, the failure of the convertibility of
sterling and, on top of it all, poor harvests), many
a man in a responsible position—to say nothing of
the public in general—had to discard economic
dreams for economic realities. It became increasingly realised that the supply of money had to be
brought into relation with the supply of goods and
that, by and large, the ordinary physical controls
would not work satisfactorily without financial
order. The Interim Report of OEEC, published
in Paris on December 30, 1948, and approved by
the nineteen governments participating in the European Recovery Program, lays down the principle
that "the budget must be balanced. For there is
universal agreement that inflation cannot be prevented, in the face of an inappropriate fiscal policy,
by mere multiplication of specific controls over
particular prices and the use of particular resources."
There are more and more indications that the
world economy is passing through a period of
transition from concern with the problem of insufficient supplies to mindfulness of the problem of
maintaining sufficient demand. Typically enough,
measures are already being taken in the United
States for a relaxation of the cash requirements of
banks and of the restrictions which generally apply
to the granting of instalment credits. But the new
phase is only in its infancy and has not yet become
characteristic for all countries. In reviewing the
past year the essential task is to analyse the changes
in supply and demand which have brought the
postwar inflation to an end.
For the world as a whole, the volume of industrial production would seem to have been 5 to 10
per cent higher in 1948 than in 1947. World
figures are necessarily somewhat unsure, since estimates have to be made for vast territories regardFEDERAL RESERVE BULLETIN
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ing which the information available is rather
scanty.
In the United States, the most important industrial country in the world, the physical output of
the factories and mines, as measured by the Federal Reserve index of industrial production, was 3
per cent larger in 1948 than in 1947, while the corresponding increase had been at the rate of 10 per
cent from 1946 to 1947. The slower pace in 1948
was mainly due to the fact that reconversion had
been completed; but—especially towards the end of
the year—it seems also to have been a sign of something like a turn in the business trend.
In 1948 the industrial output in the United States
was 92 per cent above the 1935-39 average, but in
most of those years there were some 9 million unemployed and an average volume of production 10
per cent below the 1929 level. The year 1940 was
one of rearmament, with production 13 to 14 per
cent higher than in 1929. It is interesting to note
that, even so, the volume of industrial production
in 1948 was fully 50 per cent above 1940.
In Europe as a whole—excluding the U.S.S.R.
but including Germany and eastern Europe—the
volume of production in 1948 did not reach the
1938 level and was probably some 10 per cent
below the 1937 level. But the drag was mainly
Germany: without that country, the production
level of 1938 is estimated to have been passed by
13 per cent and it follows that the 1937 level was
probably exceeded by 5 per cent.
Western Germany recovered very quickly after
the currency reform and elsewhere in western Europe good, though less spectacular, progress was
made. With one or two exceptions, the industrial
production in this group is above the level for the
best prewar year. But, as the United States will
serve to show, once conversion to peacetime purposes has been achieved and most enterprises are
working at full capacity, it is no longer possible to
count on such a rapid expansion as in the first postwar years.
As regards agricultural production, the 1947 harvest in Europe was 20 to 25 per cent below the
average for the years 1937-38; in 1948 the shortage
had been reduced to between 10 and 15 per cent.
Still, Europe remains vulnerable as regards food: its
population has risen by 10 per cent since 1938; in
some places the soil has become exhausted; and
structural changes of diverse kinds and difficulties
of trading between different parts of Europe have
not helped to bring supplies to the markets. In
this respect, the receipt of Marshall aid has supplied vitally necessary assistance for some of the
countries in western Europe.
The transport system of Europe has also been
AUGUST 1949
put into working order, including the reconstitution of ocean-going ships, owned and operated by
European companies, up to the prewar tonnage.
This is improving Europe's earning power; and
other invisible items (tourist traffic on a scale exceeding prewar records) are also making their
contribution. Neither individual European countries nor Europe as a whole can forget what trading in a wide sense (including banking, insurance,
etc.) contributed to their earning power. Close
contact in commercial and financial relations often
forms a basis for the rapid adaptation of production to what is effectively demanded in different
parts of the world.
Finally, Europe's own resources in 1948, as in
the previous postwar years, were supplemented by
assistance from abroad. Thanks to the better harvest and the rise in industrial production, western
Europe increased its current income of domestic
origin by more than 2 per cent from 1947 to 1948
and, by the end of the latter year, it had a much
better supply of goods and services than a year
earlier (as could be perceived without the aid of
statistics by anyone having visited western Europe
during the years in question). The assistance received from abroad represents a very valuable addition to the recipient countries' own resources and it
is well understood, and agreed, that the aid must
not be used for current expenditure but for the
building-up of net capital assets.
Hand in hand with the rise in output, the
authorities in most countries have made more intense and largely successful efforts to curb every
expansion of monetary purchasing power not warranted by increased production, their object being
to arrive at a proper limitation of effective demand.
TOWARDS A MORE BALANCED POSITION IN FOREIGN
TRADE
The main facts brought out by the figures for
world trade up to the end of 1948 may be summarised as follows:
(i) Measured in United States dollars, the turnover of world trade (exports plus imports) has continued to increase without interruption since 1945.
(ii) The increase from 1947 to 1948 in the dollar
turnover of world trade comes to about 10 per cent,
which is rather more than the rise in prices. There
was thus a slight increase in the volume of world
trade in 1948. The Department of Economic Affairs
of the United Nations gives figures as regards exports only (since export figures are considered a
more reliable measure of the changes in world trade
than import figures).
(iii) The fact that for the world as a whole the
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ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
volume of trade did not increase appreciably in 1948
has been due almost exclusively to the continuous
decline in exports from the United States since the
middle of 1947.
There has thus been a 40 per cent contraction in
the export surplus, due partly to a smaller volume
of exports and partly to a larger volume of imports.
The increase in the imports of the United States
corresponds, of course, to an increase in the exports
of other countries to the United States.
(iv) The quantum of exports of all countries
other than the United States increased in 1948 by
about 10 per cent but was nevertheless only threequarters of what it had been in 1937, the failure
to attain the prewar figure being due mainly to the
low level of exports from Germany and Japan.
If these two countries are excluded, the quantum
of exports is found to have been within 10 per cent
of the 1937 figure and almost as large as in 1938.
was at the same time freed from the obligation of
paying through its own exports for the surplus of
goods and services which it received.
Since the war, most European countries and several others outside Europe have tried to restore
balance in their foreign trade by way of a curtailment rather than an expansion, the main feature
of their control of foreign trade being a cuttingdown of imports. Considering that for almost
every country in Europe the deficit in the balance
of payments still persists, there must surely be some
particular reason why the cutting of imports does
not eliminate the trade deficit as had been hoped.
As a matter of fact, most countries find that the
curtailment of imports leads to a reduction in
exports. An example (from actual life) may be
cited to show the connection between imports and
exports: in a country whose monetary reserves were
almost exhausted a licence was refused for the
import of a machine costing about $50,000; since
In 1948 most countries were able to cover a the would-be importer could not do without the
greater part of their imports by current exports machine in question (fortunately not a very complicated one), he managed to get it made in his own
than had been the case in 1947.
This improvement has been due to the following country at a cost equivalent to about $70,000. But
main causes (which are clearly interconnected): what effect did this have on the home market at
(i) the general increase in production (in indus- a time when full employment already prevailed?
try as well as agriculture), partly in consequence of It is not likely that the making of the machine led
progress in reconstruction and partly thanks to to a reduction in domestic demand; on the contrary,
the probability is that such demand was increased
favourable weather for the harvest;
(ii) the brake put on inflationary financing by because of the additional spending at home to which
better balancing of budgets and by increasingly the manufacture of the machine gave rise. More
effective credit restrictions, which are somewhat money being spent internally, production for domeseasier to apply now that much imperative invest- tic purposes would surely not be reduced; and, that
being the case, the workers and other factors of
ment has been completed;
(iii) the special arrangements which, thanks to production required to produce the machine must
the Marshall aid (including the European payments have been taken from the export industries—with
scheme), it has been possible to make for the financ- the net result that exports were reduced and, maybe,
ing of foreign trade. It should be remembered by a larger amount than it would have "cost" to
that, without this aid, exports from a number of allow the importation of the machine.
Again and again, instances of a similar process
other extra-European countries besides the United
will arise as long as imports are being curtailed.
States would have been severely handicapped.
What looked like an "economy" designed to "save"
While it was at first natural to look at Marshall foreign exchange thus turns out to be an indirect
aid primarily as a means of financing trade with the way of reducing exports, and often to a larger exWestern Hemisphere and—through the payments tent, a vicious spiral being set in motion which can
scheme—also inside Europe, the related internal only be arrested by the adoption of a wholly difeffects have not to be forgotten: obviously, western ferent policy.
European production as a whole could not possibly
Thus it comes about that refusal to import more
have increased as much as it did without the receipt of non-essentials than certain minimum quotas can
of foreign assistance nor could inflationary financ- easily result in a more than proportionate reduction
ing have been so effectively arrested. But it must in exports and to a consequent aggravation of the
also be observed that, in so far as the resources trade deficit. The exclusion of non-essentials of
provided by Marshall aid have been used in the foreign origin does not, as experience shows, induce
separate countries as cover for internal expenditure people to save more; other goods are demanded in
—mostly of an investment character—and thus led their place; it is usually found that a host of small
to a maintenance of exports to Europe, Europe new industries spring up to satisfy the need for the
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goods which cannot be imported; many of these new
industries involve a sheer waste of effort, since the
domestic production is generally on too small a
scale to be economic and is unduly expensive in
other ways. While in foreign trade the attitude
is to look askance at the importation of anything
but essentials, an exaggerated stimulus is given to
the domestic production of luxuries, which are generally not subject to regulation in the same way as
necessities, the price of which is often kept down—
an example of the preposterous contradictions to
which controls may lead. And little knowledge
is needed about European economies to realise that
for many of them it is of paramount importance
that the distinction between "essential" and "nonessential" should disappear from the tenets of current trade policy.
But is it not a fact that, as regards a large number of products, a more equal distribution of income after this second world war has greatly reduced demand? That may be so in the case of a
few luxuries perhaps, but it surely does not apply
to the great mass of goods often styled non-essentials.
And it would seem to be for the consumer himself
to decide how he wishes to dispose of the income
left to him after payment of all dues and taxes.
Curiously enough, it is apparently sometimes assumed that even in the "free-enterprise countries"—
and that means practically the whole western world
—it is the governments which always decide what
should be bought from abroad. But, with the exception of particular instances of "bulk buying"
(strictly limited to a few necessities), it is the consumer who, in the last instance, decides whether
a thing can be sold; governments may refuse to
grant import quotas, but even the granting of
quotas does not mean that actual trade takes place;
whether the goods will actually be imported and
ultimately sold to the consumers will depend on
the consumers themselves.
It is important to remember this now that, with
the return of the buyers' market, success in the
sale of goods will depend more and more on the
extent to which their quality and price meet the
views of the consumers. Foreign sales generally
demand more effort and cost more than sales on the
home market. As a rule, it is only when the producers cannot sell any more at home that they
apply themselves seriously to a search for foreign
markets. There is a link between what is imported and what must be exported. Imports always
absorb a part of the domestic purchasing power
and, in a country where there is no inflation (i.e.
no addition to the volume of purchasing power
beyond what the current increase in production requires), this absorption sets free a corresponding
AUGUST 1949
part of the national production for export. (The
same applies, of course, to invisible trade: when
nationals of a particular country go abroad for
holidays they reduce the amount spent at home
and that helps, inter alia, to set productive power
free for exports and, to some extent, helps to
diminish imports.) In fact, the home producers
will be once more under compulsion to export.
The important thing is, on the one hand, to arrest
internal inflation and, on the other, to reinstate
the stabilising mechanism which resides in the fact
that, once this full monetary balance has been
established internally, imports lead to exports—
and that is the case not only because imports put
purchasing power at the disposal of the seller countries but also because the importing country must
needs export in its turn if goods are not to remain
unsold. The adjustment of production and the
building-up of appropriate sales organisations may
be no easy task; but, if the necessary adjustments
are shirked, foreign trade will continue to languish
at a low level and the gain obtained from it will
be lost, to the detriment of the standard of living
over the whole world.
To permit imports of non-essentials as well as
essentials must, therefore, be an integral part of
a rational export policy (because an exchange of
goods and services is an advantage in itself and
the volume of imports and exports affect each
other); but it has also to be remembered that no
export policy can be isolated from questions of
price and exchange rates. It is not through the
control of foreign trade or through the negotiation
of commercial agreements, however helpful they
may be, that the balance of trade is ultimately
assured, but through the budgetary credit and exchange policy of the respective countries as affecting prices and the flow of trade.
PERIOD OF PRICE ADJUSTMENTS
One of the worst features of continuing inflation is (as we know well by now) that it destroys
the mechanism of economic adjustment and is,
therefore, the cause of many distortions. When
any kind of enterprise—small or big, commercial
or industrial—can, however badly managed, become a paying proposition, there is no elimination
of mistaken ventures, no need for particular skill
or efficiency, no special attention to the wishes and
requirements of the customers and no striving for
intimate knowledge of commodities and markets,
since the rise in prices usually wipes out the consequences of any business error. Profits are often
made without justification—that is part of the
trouble in an inflation, although it is sometimes a
question of profits which are large in appearance
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ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
rather than in reality, the provision for depreciation charges being often unduly small for a period
in which rising prices demand ever-increasing sums
for the replacement of fixed and working capital.
At the beginning of an inflationary period, issues of
new purchasing power may, under certain circumstances, produce "forced savings" but, as the inflation
proceeds, people become increasingly aware that
saving in terms of the national currency (e.g. in
the form of bank deposits or government bonds)
exposes them to a loss of substance; and a more
general awareness of this fact, in combination with
easy profits easily spent, is likely to lead to a dissipation of resources.
Where an overdose of monetary purchasing
power on the home market is ready to absorb almost all the current output, there is no inducement to export—a situation which can only result
in a deficit in the balance of payments.
Countries which have been under the direct strain
of a terrible war may not exactly rejoice in the
necessity of encountering all-round competition.
For them the years of sellers' markets have afforded
a period of respite, with relatively easy sales whenever goods were available; but, when it is a question
of restoring the economic and financial position,
with equilibrium in the balance of payments and
independence of extraordinary financial assistance
from abroad, there is no choice but to become
capable of selling in competition with producers
and traders of other countries. For the authorities
in each country the task will then be one of establishing, through suitable commercial and monetary
policy, those general conditions (as regards tariffs,
exchange rates, etc.) which will enable the producers and exporters of that country to face the
inevitable competition without having to labour
under any particular handicaps.
FOREIGN EXCHANGE RATES
After the first world war, it took more than five
years before any European currency was formally
"stabilised," which at that time meant linked to
gold again at the par rate. Before stabilisation
took place, the various currencies were subject to
sometimes rather wild, sometimes quite moderate,
fluctuations; but for each currency there was not
more than one rate quoted (apart from a slight
spread between buying and selling rates) and the
various currencies could be bought and sold freely
for all purposes at the rates thus quoted in the respective exchange markets. In order to steady
quotations, central banks (and sometimes governments also) had at times to support their currencies
by entering the market as purchasers or had to buy
up any offer of foreign currencies which might
920
threaten to raise the value of the national currency
more than was desired, those being the early days
of the gold exchange standard. Furthermore, there
was always the possibility of obtaining gold via
sterling (gold being dealt in freely on the London
market) or via the dollar, which remained convertible into gold, as it had been before the entry
of the United States into the war.
Since the second world war, the exchange system
has been of a different kind. "Par rates" have been
fixed for most currencies and at those rates current
commercial and other transactions have to be settled, the settlements taking place largely through
clearing and other bilateral accounts without any
specific transactions in the open exchange markets.
Not only capital transfers but current operations,
whether commercial or financial, are, in most countries, dependent upon an "allotment of foreign exchange" by the official Control. This being so,
there are normally no fluctuations in the official
rates. Any alterations (beyond such minor modifications of a fractional nature as the authorities
may decide upon from time to time) are, under
the new system, made on the basis of official decisions applicable from certain definite dates (as was
the case in July 1946 when the Canadian dollar was
appreciated by 10 per cent and the Swedish crown
by 16.6 per cent). Thus, the official par rates are
in no immediate way dependent upon quotations in
actual exchange markets; that being the case, any
foreign currencies required in excess of what the
control authorities obtain from exporters, etc. must
be supplied from monetary reserves or from the
proceeds of foreign loans or grants.
The fact that some dealings not within the official range of transactions actually take place accounts for the existence of other quotations, dependent upon the supply and demand in the particular market in which the dealings are carried
out. There is a great variety of such outside markets, some being entirely legal, others rather in
the nature of black markets even though they may
be officially more or less "tolerated." At the moment there is not one currency in the world which
has only a single quotation. Even for the relations
between the dollar and the Swiss franc—two of the
strongest currencies nowadays—quotations different from the official "par" apply to certain transfers,
especially of a financial character. A great diversity of rates has come into being: particular rates
for notes—and sometimes different rates for different denominations; official rates which are not the
same for imports as for exports, and so on. A
whole new vocabulary has been formed, rates being
variously described as official, free, black-market,
parallel, or grey, or classified as security rates, comFEDERAL RESERVE BULLETIN
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pensation rates, etc. There are rigidly fixed rates—
in or out of touch with reality—fluctuating rates,
orderly or disorderly cross rates, multiple rates,
tourist rates, etc. There are countries which,
though members of the International Monetary
Fund, have not yet had "par rates" established—
Austria, China, Finland, Greece, Italy, Poland,
Uruguay and Indonesia—while no clear agreement
has so far been reached between France and the
Fund as regards the present French franc regime.
Fear of flight of capital is the reason why it is
often thought necessary to maintain a control over
capital movements, even when it is intended that
exchange shall be freely available for current transactions. But in the process of deciding what should
constitute "current transactions," some new distinctions have gradually developed. In the Articles
of Agreement of the International Monetary Fund,
adopted at Bretton Woods in July 1944, current
payments were defined as comprising "normal
short-term banking and credit facilities" and "payments of moderate amount for amortization of
loans or for depreciation of direct investments."
The next step would be to conclude that genuine
foreign investments should be permitted and even
stimulated. That is the rule applied, for instance,
within the sterling area but, at the same time,
measures have been taken within that area to prevent what may be regarded as more or less speculative transfers. Difficulties no doubt arise when
it comes to applying such distinctions in practice,
but recently greater emphasis has been laid on the
fact that certain types of capital movements are
essential for the rebuilding of economic life as well
as for the restoration of a workable exchange
system.
During the heyday of the gold standard before
the beginning of the first world war, exchange rates
were kept stable (with movements only within the
gold points) and, if a country happened to get out
of line as regards its costs and prices, it had to
take suitable steps (through an increase in its rates
of interest or otherwise) to eliminate the disequilibrium which had arisen. It may, therefore, be said
that, at that time, prices had to be adapted to exchange rates and not vice versa. But it should be
added that, in the twenty years before 1914, price
adjustments did not, as a rule, subject countries
to any painful process of adaptation, since world
prices were gradually rising under the influence of
the mounting output of the South African gold
mines. It was a different story in the previous
twenty-year period when, with world prices gradually falling, it had now and then been difficult for
countries to align their economies to the general
price movements on the world markets.
AUGUST 1949
In the years since the second world war, the exchange rates of most countries have been kept at
officially stable parities. There have been those who
thought it premature to adopt a regime of official
exchange stability, since cost and price relations
could not possibly have reached a state of balance
after the wartime upheavals and severances. But it
must be pointed out that adjustment was facilitated
by the persistent price rise in the United States,
which lifted the wholesale price level by more than
50 per cent between the summer of 1945 and the end
of 1948; this rise undoubtedly helped to restore balance to currencies in Europe (and elsewhere) which
would otherwise have remained overvalued. Now
that prices are beginning to fall in the United
States, a different situation may take shape; but so
far the state of affairs is that prices of foodstuffs and
raw materials have been reduced in relation to
those of manufactured goods, the prices of the
latter having kept up fairly well. If such tendencies
continue, the result will, on the whole, turn out
to the advantage of Europe, which is an importer
of raw materials and foodstuffs and an exporter
of manufactured goods.
Even more than the movements of the general
price index in the United States, the variations in
the different sections of that index should be closely
watched; in addition, each country in Europe
would be well advised to examine—on the basis of
all the material it can collect—the competitive price
position of its own manufactured goods in relation to the corresponding price structure in the
United States. Should such an .examination reveal
disequilibria which seem likely to be of a permanent character, the need will arise of restoring
equilibrium either by an adjustment in the domestic costs and prices or, if that proves impossible, in
the exchange position.
Though foreign-exchange control may have to be
maintained as a safeguard against abnormal movements of capital, it would be dangerous to allow
fear of such undesirable movements to prevent a
return to adequate liberty for normal transactions
and then to let whatever control is necessary over
capital movements interfere unduly with freedom
in the field of current transactions. What is clearly
called for is the re-establishment, with the least
possible delay, of a normal regime in which commercial transactions and other current operations
can be effected without excessive formalities and
with the certainty' that for all current operations
the necessary foreign currencies will be obtainable
when required. To fulfill such a condition the
exchange regime must obviously aim at being "selfsustaining," which means that it will obtain the
necessary exchange from the market itself—and a
921
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
market freed from artificial limitations as regards
all current-account operations.
The trend should clearly be towards greater
freedom as regards foreign exchange transactions.
It has to be remembered that the real cost of exchange control is not to be measured simply by
the expenses of the administration, a heavier item
being the loss of time and effort—not to speak of
the actual loss of trade—through the cumbersome
formalities, the delays and uncertainties which
seem to be inseparably connected with such a vast
undertaking as the application of effective exchange
control.
PRODUCTION AND MOVEMENTS OF GOLD
No precise information is available with regard
to the output of gold in the U.S.S.R. but if, for
statistical purposes a figure of 4 million ounces is
again adopted (and maybe it is not very far from
the truth) total world production of gold in 1948
would be equal to 27.8 million ounces, as compared
with 27.3 million ounces in 1947. There has thus
been a slight increase in the yearly output, but this
is still one-third below the peak figure, which was
reached in 1940. A few producers—in particular,
the Union of South Africa, Canada and British
West Africa—have seen an increase in their production, while most of the others (although still
with a question mark for the U.S.S.R.) have shown
a decline.
Valued in dollars at $35 an ounce, the world's
gold production was equal to 975 million dollars
in 1948 but it should be observed that an increasing part of the output was being sold at prices
above those officially fixed in the various countries. Of the newly produced gold, about twothirds went into monetary reserves and this was,
in general, paid for at official prices, i.e. at about
$35 an ounce for fine gold or its equivalent in other
currencies.
In 1948, the gold stock of the United States increased by 1,490 million dollars i.e. by the total
output of gold and half as much again. But several countries other than the United States were
able to increase their gold stocks too. Two international institutions, the International Monetary
Fund and the Bank for International Settlements,
increased their holdings by 80 million and 6 million
dollars, respectively. These various amounts together came to 400 million dollars, so that, with the
increase in the gold stock of the United States, the
total increases registered were about 1,900 million.
During the year, gold went increasingly into private hoards in the East and elsewhere. The industrial consumption of gold has been rising steadily but there is often only a pretence of working
922
it up, since semi-manufactured or finished articles
(e.g. simple statuettes) represent only another
method of furnishing the metal in a form suitable
for private hoards; as a result, the line of demarcation between industrial uses and downright hoarding is becoming more and more blurred. In all,
it would seem as if in 1948 the amount of gold
taken by the industry or going into hoards had
been of the order of magnitude of 10 million ounces,
i.e. around 350 million dollars' worth.
Higher prices—often the equivalent of more
than $40-50 an ounce—have been paid for gold by
open or concealed hoarders. At the same time,
the world's gold producers, harassed by the inflationary pressure of high costs of production (which
affect marginal mines), the scarcity of labour and
the difficulty of finding funds for new investments,
have looked longingly at such higher prices. In
1948, the gold-mining industries in nearly all goldproducing countries did, in fact, appeal to their
governments either for tax reductions or subsidies
or for permission to sell gold on the free market
above the official price. The International Monetary Fund in Washington has again and again had
to investigate and take decisions with regard to the
payment of subsidies in member countries and
the prices at which gold might be sold in domestic
markets. There is no indication of any early abatement of the discussions and controversies regarding these matters.
Movements of gold. The main characteristic of
the gold movements since the war is that they have
not served for the settlement of seasonal deficits in
the balance of payments but have been used to
secure a transfer of capital required in the country losing the gold because a deficit in its balance
of payments may have been caused by a deficit in
the current budget or too large a volume of investments or heavy repayments of foreign liabilities.
Since the United States was, in these postwar years,
the only country with sufficient resources to sustain
a substantial export of capital, the gold would have
a tendency to flow to the United States. And, at
a time when the United States was furnishing
aid (by government loans and grants and private
investments) to other countries, it necessarily had
a surplus in its balance of payments. This surplus
was so large that even the large-scale influx of gold
to the United States covered only a minor part of
the active balance—less than one-tenth in 1946 and
about one-quarter in 1947 and 1948.
Gold outside monetary reserves. When gold coins
formed part of a country's circulation and were
actually utilised as means of payment there could,
of course, be no question but that such gold had
to be counted as part of the monetary stock (origiFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
nally it was the monetary stock). Now, an actual
circulation of gold coins freely exchangeable at
par with the paper currency is nowhere to be found
but there are still places where gold coins of various
kinds and denominations (often of foreign provenance) are not only widely held by the public but
actually used to pay for goods and services as well
as for the acquisition of capital assets. In such
cases, the gold obviously performs monetary functions as a means of payment and a store of value.
Hoarded gold is probably looked upon essentially
as a store of value, but only because it is known
or believed that there will always be somebody else
willing to exchange assets against it—and there is
even the additional consideration that it might
prove especially useful as a means of payment in an
emergency. It is probably a matter of fine distinctions whether such gold could be regarded as part
of the monetary stock. In statistical analyses it is
normally left out, since it is becoming increasingly
the practice to exclude all gold outside the centralised monetary reserves, it being clearly impossible to specify any marks which can be used for
distinguishing different kinds of gold held by the
public. Refinements in those fields do not serve
much purpose, since it is hard enough to obtain
even approximate information about the total
amounts involved.
For the International Monetary Fund a difficult
problem arose when in February 1949 the Government of the Union of South Africa, after rejecting
devaluation as a way out of the country's financial
difficulties, announced that it had contracted to sell
gold for non-monetary purposes to a leading firm
of London bullion brokers at the rate of 12,500
ounces of gold weekly for eight weeks and at a
price of $38.20 per ounce, payment to be made in
dollars. After discussions between the South African Government and the International Monetary
Fund, an agreement was reached in May 1949 in
accordance with which the Union might sell fully
fabricated gold as well as semi-fabricated gold at
a premium to manufacturers. As long as the
Union took care that the gold was fully fabricated
before export, the Fund would raise no objection
to the Union's participation in this trade. As regards sale of semi-processed gold, the Union would
be entitled to export such gold provided that the
transaction took place exclusively with the manufacturer and that certain other conditions were fulfilled (presentation of import licences from the
manufacturer's country, etc.).
The arrangement between the International Monetary Fund and the South African Government
thus admits the applicability of special prices to
gold genuinely used for industrial purposes. In
AUGUST 1949
the United States, where the authorities have refused to restore a free market for gold, there have
been dealings, however, in unrefined gold which
was covered by the regulation that "gold in its
natural state (i.e. gold recovered from natural
sources which has not been melted, smelted, or refined or otherwise treated by heating or by a
chemical or electrical process) may be acquired,
transported within the United States, imported, or
held in custody for domestic account without the
necessity of holding a licence therefor."
The selling price of such gold in the United
States has been reported to be about $39 per ounce
of non-refined gold of an assay of 85 per cent,
which corresponds to about $46 per fine ounce.
Even higher prices have been quoted in some
other parts of the world. A distinction has to be
made, however, between sales against actual dollars
and sales against various national currencies; in the
latter case, conversion at official rates of amounts
paid for gold sometimes gives prices of $90 per
fine ounce and even more, but then the gold price
partly reflects a free (or black) market valuation
of the national currency in question.
In the East, where fear of inflation has gone hand
in hand with political uncertainty, very high prices
have been paid for gold, especially since supplies
have been curtailed. In April 1949 the famous free
gold market in Hong Kong, which had been one of
the most active premium-gold markets in the world,
acting as a transhipment point for China, was suppressed by a decision of the colony (it being presumed that the decision was taken after contact
with London and in consequence of the principles
proclaimed by the International Monetary Fund).
The high prices paid for gold by the public in
free and clandestine transactions are influenced
predominantly by two factors: on the one hand,
the monetary and economic conditions of the country in question, and, on the other hand, the current
supply of gold available for sale to the public.
It may be true that the free and clandestine gold
markets are often very narrow and, therefore, subject to special influences of supply and demand
but the prices quoted in those markets cannot be
wholly overlooked—and there is, therefore, a problem of how to treat them correctly.
Clearly one possibility is to arrange for increased
supplies of gold in the hope that the price will then
fall and people be less keen to buy—as is usually
the case in a falling market and as, indeed, happened in France up to the middle of 1947, when
gold was to a certain extent being brought in from
Switzerland where it had been sold to the public
by the Swiss National Bank and by the Finance
Department in Berne. But, at the moment, no
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ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
single principle is universally applied with regard
to unofficial trading in gold.
In addition to the particular problems occasioned by the special prices quoted for gold, there
is, as often pointed out, a wider question of the
possible influence that the price of gold may exert
in different respects and especially with regard to
the trend of commodity prices—a question on
which, it should be added, there is a great difference of opinion. As always in time of war, it was
the volume of government expenditure, rather
than variations in the supply of gold and the credit
policy of the banks, that determined the movement
of prices up to 1945; and in a number of countries
the price trend is still affected by the aftermath
of war financing, with all that this involves with
regard to the relative values of currencies and the
possibility of attaining a more stable price level all
round at a time when government expenditure is
still very high and investment needs are great.
These are obviously the problems claiming first
attention. It would certainly be a mistake—since
it would only involve unnecessary delay—if any
solution that should be arrived at in the field of
currency values or other similar questions were
to be held up in expectation of a general change
in the price of gold.
of course, still necessary—if balance is to be maintained—for investments to be covered by genuine
savings through a surplus in the budget, surplus
gains by nationalised enterprises and such voluntary savings as are forthcoming, eked out by aid
from abroad. Since savings involve a reduction
of current expenditure, strict "austerity" may have
to be imposed to generate the necessary capital
formation, especially in countries with a relatively
low average income per head.
(ii) The United Kingdom, the Netherlands,
Norway and Sweden form another group, whose
policy has been characterised by the application of
comprehensive investment controls (together with
the maintenance of foreign trade and exchange control) as well as reliance on fiscal policy, which in
the United Kingdom and Sweden has procured increased savings through a budget surplus.
(iii) In a third group of countries including Belgium, France, Italy and Germany, investment control is either non-existent or ineffective. Measures
had, of course, to be taken to balance the budget
but, in addition, reliance was placed mainly on
monetary policy in a narrower sense, i.e. an increase in interest rates, together' with qualitative
and quantitative credit restrictions for the purpose
of adapting the monetary purchasing power to the
actual level of national production.
INTERNAL CREDIT CONDITIONS
Great progress towards financial stability was
made in 1948 in practically every country and it is
likely that 1948 will go down in economic history
as the year in which postwar inflation came to an
end. almost everywhere. Not all countries succeeded in completely closing the gap between their
total spending (for consumption and investment)
and the total available resources, as derived from
current production and financial assistance from
abroad. But even those countries which could not
wholly close the gap were able to move decidedly
nearer to a balanced position, especially towards
the end of the year. In the late autumn of 1948
prices began to decline even in a country such as
France, where the year as a whole had still been
one of rapid inflation; and this may well be taken
as a sign of a distinct break with the ways of inflationary financing.
Efforts to achieve financial equilibrium. The methods used to achieve financial equilibrium varied
according to the institutional framework within
which the authorities operated and the financial
practices employed in the individual countries.
Three main groups are distinguishable:
(i) In countries in eastern Europe, with a fully
planned economy based on state ownership, it is,
924
It is not possible to bring every country into one
of these groups. Switzerland and the United
States both had substantial budget surpluses in
1947-48, which were helpful in ensuring financial
stability, but in neither country was there any
application of investment control.
As regards the movement of interest rates, no
general tendency can be found in 1948.
In every country the operations of the Treasury
in the handling of government finance have exerted
a considerable influence on internal credit conditions, whether a budget deficit had still to be
financed, or foreign assistance had to be fitted into
the credit situation, or the government had actually
a surplus for redemption of national debt.
Towards the end of 1948, the turn in general
business conditions from super-boom to a less extreme but still high level of activity began to make
itself felt also as regards credit. In the United
States and in Switzerland (as the clearest case
among the European countries), the demand for
fresh bank accommodation showed signs of subsiding. In the Swiss money and capital markets,
where flexible conditions had been allowed to prevail all through the postwar period, the slackening
of demand, together with an influx of funds from
abroad, led almost automatically to a cheapening
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
of credit, including a decided fall in the level of
long-term interest rates.
Early in 1949, upon the continuance of the decline
in the business turnover, the authorities in the
United States, anxious to apply a credit policy
designed to lessen the tendencies prevailing in the
economy itself (whether towards boom or towards
depression) began to ease, in a number of important
respects, the prescribed requirements for the extension of credit, etc. While it will clearly not be
possible to avoid all painful adjustments after so
prolonged and intense a boom as the one which,
dating from the war, lasted well into 1948, there
is no reason why the necessary adjustments should
be made more difficult than they perforce must be.
The authorities in the United States are, for various reasons, in a position to adopt an expansionist
credit policy without running any great risk of
occasioning a new bout of inflation. First of all,
recent estimates show a volume of private savings
of the American people corresponding to 15 per
cent of the national income, which is as much as
or more than the richer European countries ever
achieved before the first world war (when taxation
was still moderate), while, with few exceptions,
these countries now only arrive at a proportion of
5 to 6 per cent for private savings in relation to the
national income. In the United States it may before long be a case of preventing savings from
running to waste whereas, with one or perhaps
two exceptions, the European countries will still
have insufficient domestic savings at their disposal.
Secondly, the United States has its large gold
reserves which—even if there were not the export
surplus—would make it unnecessary for that country to worry about the emergence of a deficit in the
balance of payments. The situation of most European countries is in this respect a very different
one, which greatly limits their freedom of action
in more than one field.
It is still too early to tell what the business trend
will be in the United States under the influence of
the anti-depression policy so promptly applied by
the authorities. From a general point of view, it is
clearly of importance that precisely the country
which holds so strategic a position in regard to the
world business trend has shown itself prepared to
take counteracting measures at an early date. As
regards most countries in Europe, it still seems
to be incumbent upon them to continue the policy
of consolidating their credit position and to rely
more on the ease which will result from an improvement in the balance of payments than on
relaxation of internal credit conditions. It is of
interest in this connection to quote some words
from the conclusion of the report for 1948 recently
AUGUST 1949
issued by the National Credit Council in France,
where the opinion is expressed that "internal credit
need not alone be asked to constitute the basis and
the counterpart of the necessary increase in the
volume of money but it is desirable that circumstances should permit a reinforcement of the gold
and foreign-exchange reserves of the Bank of
France, which would at the same time help to reconstitute the means available for international settlements and a currency circulation provided with
an indisputable backing." This statement may be
taken as indicating a growing realisation of the
connection between the internal credit policy and
the outcome of the balance of payments—a mechanism which works both ways.
Local-currency counterpart funds. Deposits made
on the special accounts opened in various European
countries for "local-currency counterpart funds"
exceeded the equivalent of 2,200 million dollars by
the end of March 1949; the equivalent of 1,300
million dollars had been withdrawn and spent in
certain approved ways, while the equivalent of 900
million dollars remained on the accounts. The size
of these figures brings home the great importance
of these "counterpart funds" in the European
economy during the past year.
"Counterpart funds" in local currencies arise as
a direct consequence of United States aid to Europe
under the European Recovery Program, as previously under "interim aid." When commodities
are received by European governments in the form
of "grants" (or gifts) from the United States, the
recipient governments sell the commodities on their
internal markets, and the proceeds in the local currencies (at a rate of exchange agreed with EC A)
are placed to special accounts known as "counterpart funds." (In practice the local currencies are
usually paid into the special accounts of counterpart funds before the sale of commodities takes
place in the local markets.)
The main lines of the administration of counterpart funds under ERP are laid down in American
legislation concerning ECA and are repeated in
bilateral agreements made between the United
States and the recipient countries. Five per cent
of the local currency thus deposited is allocated
to the United States while the remaining ninetyfive per cent may be used by the recipient country,
with the approval of ECA, for purposes including
internal monetary and financial stabilisation, the
stimulating of productive activity and the development of new sources of wealth, etc.
In so far as "aid" is concerned, the real interest
attaches to the ninety-five per cent which may be
utilised for approved purposes in the domestic
economy. In general, proposals for expenditure of
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ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
such counterpart funds are first formulated by the
recipient government and discussed with the ECA
mission in the country concerned. The recommendations of the mission are reviewed by ECA,
Paris, and ECA, Washington; the latter office
formulates a final recommendation after discussion
with other organs of the United States Government
(State, Treasury and Commerce Departments and
the Federal Reserve Board, all of which are represented on the National Advisory Council, and ECA
Public Advisory Board).
The establishment of internal financial stability
is a prerequisite to the accomplishment of the
aims of ERP. Subject to this basic factor, utilisation
of local-currency counterpart funds is directed
towards the stimulating of productive activity and
the exploration for, and development of, new
sources of wealth, in order to achieve the maximum
recovery in the participating countries.
As regards the release of counterpart funds, it
should be pointed out that the Act and the bilateral
agreements specify that each participating country
shall make appropriate provision for " . . . taking
financial and monetary measures necessary to
stabilise its currency, establish or maintain a valid
rate of exchange, to balance its governmental budget
as soon as practicable, and generally to restore or
maintain confidence in its monetary system. . . ."
The responsibility of ECA, one of whose functions
it is to assist the participating countries and, in that
connection, to release the counterpart funds for
approved purposes, is clearly very great.
Much thought has naturally been given to the
principles involved in the release of counterpart
funds, and the rule is that, in each country, the
release should be based on an assessment of the
role which counterpart funds can play within the
economy considered as a whole. Within the general
field of action determined by the need of promoting financial stability (a need which is very much
stressed), counterpart funds may be released to
finance projects which, after examination of total
investment requirements and possible sources of
internal financing, are considered to be of firstrate importance for production. But counterpart
funds may in no case be expended to postpone
essential economic and financial reforms. Indeed,
the counterpart funds should be used ". . . for
the purposes of internal monetary and financial
stabilisation, for the stimulation of productive activity, and the exploration for and development of
new sources of wealth or such other expenditures
as may be consistent with the Economic Cooperation Act . . . ." And this Act may be summarised
as having the following main purpose in view: to
aid the participating countries to become inde-
926
pendent of extraordinary outside economic assistance within the period of operation of the ECA.
The effect of accumulation, release and withdrawal—i.e. the technique of handling the counterpart funds—must thus be seen in relation to the
total available resources of domestic origin, investment programmes, etc.; but that is not to say that
the technique in itself is of no importance. The
investment programme of a country may clearly
be influenced by the technical decisions taken, i.e.
it may, for instance, be cut down if releases should
not be made for the purposes contemplated. Conversely, there is perhaps a greater danger that the
accumulation and consequent magnitude of the
counterpart funds may be a temptation to expenditure, even though the aid through which the
counterpart funds came into being had, from an
economic point of view, already been fully utilised
when the dollar imports arrived, and had at that
time specifically helped to keep back inflation.
Accumulation as such clearly has its dangers; it
may, therefore, be wise to allow releases as a continuous process, whether for productive purposes
or for debt cancellation. Since the ultimate effect
of any action has to be taken into account, it is
obviously most important to ensure that aid already
made full use of is not, via the counterpart mechanism, spent twice, so to say; for if that happens an
inflationary pressure will be exerted which may
upset the stability that was to have been attained
and reinforced.
INTRA-EUROPEAN PAYMENTS AND COMPENSATIONS
The Agreement for Intra-European Payments
and Compensations, which had been preceded by
months of careful examination of the problems involved and by much drafting and redrafting, was
signed in Paris on October 16, 1948, by the ministers of sixteen European governments and by representatives of the Military Governors of the Bizone
and French Zone of Germany and of the Free
Territory of Trieste—in all, the "nineteen" who
form the Organisation for European Economic Cooperation (OEEC). The Organisation itself was
set up under a Convention of April 16, 1948, and
during the first six months of its existence it was
able to make the allocation, among the countries
concerned, of the American aid received under the
European Recovery Program (ERP) for the year
1948-49 (the scheme of apportionment having been
worked out by agreement between the beneficiaries)
and also to complete a European agreement which
had the effect of redistributing, inside Europe, part
of the American aid so allocated.
While the drawing-up of an international treaty
between so many participants and the reconciliation
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of the inevitably conflicting local interests was the form of "loans") are available for sale in the
necessarily a most complicated task, it is note- recipient countries of Europe, the proceeds in naworthy that the Agreement reposes upon two fairly tional currency, called "counterpart funds," are
simple fundamental principles:
placed to a special account in the central bank,
(i) "Western-hemisphere" and "over-all" pay- where they are earmarked for approved purposes.
ments deficits were dealt with by a combined opera- For the purposes of the payments scheme, it betion. On the one hand, the ERP dollar allocations came necessary to establish a new form of ERP aid,
were made in proportion to the estimated deficits neither loan nor grant, called "conditional aid,"
of the participating countries vis-a-vis the western the condition being that, on receipt of the dollar
hemisphere and, on the other hand, a further sub- aid, the countries concerned place an equivalent
allocation of aid inside Europe was made under the amount of their national currency at the disposal
payments scheme in order to meet the estimated of their debtors on current account of the balance
intra-European deficits, as revealed by the move- of payments. In that way, the creditor countries
ment of the accounts established for the working of are able to obtain dollars against a surplus of exthe bilateral payments agreements. These accounts ports to the other participants inside Europe, and
—it should be noted—not only relate to European with these dollars they are able to pay part of their
territories but also comprise the extensive monetary deficits in relation to the western hemisphere.
areas associated with sterling, the Belgian and Thus "conditional aid" was a basic element of the
French francs and the Dutch florin, and the "intra- plan and the creditors were not lequirtd to make
European" payments scheme thus extends its influ- available more of their currency than was covered
by ECA "firm allotments of conditional aid." (It
ence over a large part of the world.
The combination of the western-hemisphere may be noted in this connection that it is the coundeficits and the intra-European surpluses and de- try receiving drawing rights which is bound to
ficits of the participating countries (including their place an equivalent amount of its national currency
monetary areas) was taken to be a sufficient meas- to its special account of "counterpart funds.")
In the practical arrangement of the scheme a high
ure of the "over-all" deficits. Certain territories
were perforce excluded, the most important being degree of cooperation was demanded, especially
from the creditors. The "western-hemisphere"
the countries of eastern Europe and the U.S.S.R.
Each of the participating countries received dol- deficits and the allocations of dollar aid had been
lar aid in proportion to its estimated deficit with agreed upon before the intra-European payments
the western hemisphere and it either gave or re- plan was drawn up. "Conditional" dollars for the
ceived "indirect aid," in the form of "drawing creditors were, therefore, not "additional" dollars
rights" inside Europe, according to its European but part of the original dollar aid they expected
position. In this way, the creditors on current ac- to get in any case.
It is evident that, for the system to work smoothly,
count of intra-European payments pass on to the
the
western-hemisphere deficit of any country,
debtors the equivalent of part of the aid received
under ERP, the aim being to facilitate the flow of which sets the limit of possible "conditional aid"
intra-European trade, so essential for the proper for that country, must be larger than its European
surplus, otherwise drawing rights granted would
working of ERP.
(ii) The second general principle observed was be insufficient. The only country for which this
that of the automatic "ofl-setting" of certain debts condition was (and still is) of particular importance
and credits inside Europe. This operation, taking was Belgium, whose real European surplus was
the form of so-called "first-category compensations," probably greater than its western-hemisphere deficit.
Before proceeding to describe the working of
is a further development of the scheme already
the
plan it may be useful to give a summary of the
adopted in the autumn of 1947, under which balances on the payments-agreements accounts were Agreement itself. The Agreement for Intra-Euroreported by the central banks of the countries con- pean Payments and Compensations is divided into
cerned to the Bank for International Settlements, two parts, the first dealing with compensations and
the second with drawing rights. In summarising
acting as their Agent.
the Agreement it is convenient to maintain this
The payments plan based on these principles had distinction although, in practice, all operations are
the active participation of the Economic Coopera- carried out simultaneously on the same value date
tion Administration (ECA), the American organisa- each month.
tion charged with the application and supervision
Compensations. The Agreement of October 16,
of ERP. When goods supplied under ERP grants 1948, formally terminated the First Agreement for
(as distinct from the part of the aid furnished in Multilateral Monetary Compensations of NovemAUGUST
1949
927
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
bcr 18, 1947, for which the Bank for International
Settlements, as indicated above, had acted as Agent.
The earlier agreement and the mechanism of the
"compensations" were fully described in the eighteenth Annual Report, pages 142-53, and it is unnecessary to go into greater detail here.
The principles and mechanism of these compensations were taken over in the new scheme with
a notable extension of the automaticity of operations. Under the earlier agreements, Belgium (and
Luxemburg), France, Italy and the Netherlands
(which were the signatory countries), plus the
Bizone of Germany, were "permanent" members
and only these accepted automatic "first-category"
compensations; all other adherents to the agreement,
viz: Austria, Denmark, Greece, Norway, Portugal,
the United Kingdom, Sweden, Switzerland, Turkey and the French Zone of Germany were "occasional" members, i.e. they retained the right to
reject any of the Agent's propositions for compensations. Under the new agreement all countries
participating in the scheme (except Portugal and
Switzerland, as non-recipients of ERP aid) undertook to accept all "first-category" (or offset) operations prescribed automatically by the Agent; to the
extent that these compensations reduce any deficit
on the month, they economise the use of drawing
rights. "Second-category" operations, which imply
a certain transferability of currencies and entail an
increase in the amount of currency balances for one
of the countries affected, remained optional, as before, and subject to the general transfer policy of
the countries concerned. First-category operations
involving Portugal and Switzerland also remained
optional for all countries.
Drawing rights. Each of the signatory countries
which was estimated at the beginning of the plan
to be in surplus on its current balance of payments
with other OEEC countries established "drawing
rights" in favour of the countries which were expected to have the corresponding payments deficits
(requiring to be financed because means of payment in the shape of existing resources or credit
margins were not available). The amounts of
drawing rights were "established" in dollars, and
they remained denominated in dollars until they
had been "made available"—generally in the currency of the country granting the drawing rights
(but occasionally in the currency of the partner or
in a third currency).
It should be noted that no "pool" or "fund" has
been established, and the Agent is an agent and
not a principal. The drawing rights can be "made
available," or drawn, only by the Agent and in accordance with the provisions of the Agreement and
of the directive to the Agent; the amounts drawn
928
are passed directly from the creditor to the debtor
country without any funds' passing even momentarily through the books of the Agent.
Drawing rights apply to the whole year from
July 1, 1948 to June 30, 1949. As, at the time when
the Agreement was signed, funds had been voted
by Congress only up to March 31, 1949, not more
than 75 per cent of the drawing rights could be
made available before that date. The remaining
25 per cent became available in April 1949.
The Agreement provides that drawing rights are
to be made available monthly, normally on the basis
of the payments deficit on the month, through
the adopted mechanism (as described more fully
below). Provision was also made for additional
amounts to be drawn in special circumstances, e.g.
for the repurchase of gold which had been paid in
previous months. Drawing rights as established
could be revised only in special circumstances; any
drawing rights remaining unutilised at the end of
the period were not to be cancelled.
Forming part of the Agreement are three Annexes: Annex A deals with balances which may
be excluded from the compensations; Annex B
deals with exchange rates; and Annex C contains
statistics of the drawing rights established and also
of the so-called "agreed existing resources." It had
been expressly agreed that certain existing resources
should be taken into account before drawing rights
were exercised.
In order that the provisions of the Agreement
should come into force from October 1, 1948, i.e.
without waiting for its ratification by all the participating countries, a protocol of provisional application was adopted at the same time as the Agreement.
After the signature of the Agreement, on October 16, 1948, a number of technical measures
had to be taken with great dispatch to enable the
scheme to be put into working order in time for the
first compensation to be carried out on the basis of
the accounts as at October 31, 1948. These technical measures included authorisations given by
each of the central banks to all of its partners: (a)
to disclose the state of its accounts at the end of
each month to the Bank for International Settlements as Agent of the scheme—this involving to
that extent the lifting of banking secrecy—and
(b) to give authority for the instructions of the
Bank for International Settlements as Agent to be
accepted for debiting and crediting the accounts
for the purposes of the payments plan.
The Agent circulated an aide-memoire to the
central banks, specifying the forms of telegrams to
be used and going into the necessary details with
regard to the reporting and related matters.
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
Further, the central banks gave information to the
Agent on a number of questions, e.g. the currency
in which drawing rights would be made available.
On the part of ECA, it was necessary to set up a
mechanism to provide firm allotments of conditional aid on the successive value dates and to coordinate the Administration's own activity with
that of the central banks and the Agent. On the
part of the Agent, a series of internal administrative measures had to be taken to cope with the
stream of figures coming in at the end of the
month, to sift and reconcile the information received, and to handle the resulting data for the
purpose of calculating the compensations and drawing rights.
An essential factor in the operation of the payments scheme is the monthly reporting by European
central banks to the Bank for International Settlements, acting in its capacity as Agent.
No information has been published regarding
the turnover of the compensations on total balances,
but OEEC in Paris has regularly published each
month a summary of the drawing rights exercised,
as shown in the tables.
Attention has naturally been concentrated on the
actual utilisation of drawing rights as compared
with the estimates made a year in advance. The
tables show how closely the monthly figures have
in fact followed the estimates: out of an aggregate of 818.4 million dollars established for the
INTRA-EUROPEAN PAYMENTS AND COMPENSATIONS: UTILISATION OF DRAWING RIGHTS
[In thousands of dollars]
DRAWING RIGHTS
GRANTED
Actually utilised
Total
established
for year
Country
Granted by:
Austria
Belgium
Denmark
France
Germany:
Bizone
French Zone
Greece
.
Italy
Netherlands
Norway
Sweden
Turkey
United Kingdom
.
. .
3,100
218,500
5,100
9,700
108,800
14,800
. . .
Total
1949
1948
Oct.
177
24,865
3
45
5,875
Dec.
Jan.
Feb.
16,225
657
1,708
30,954
17
362
34,814
1,150
16,716
79
1,499
303
153
147,468
1,195
4,402
895
9,912
17,707
7,661
14,821
56,871
55
20
225
4,582
1,127
79
692
3,467
16,385
25,350
4,247
1,657
20,006
6,830
155,858
76,157
424,471
Total
utilised
in six
months
Nov.
146
23,894
22
51
99
47,300
11,300
16,500
34,800
28,500
320,000
3,787
5,857
7,550
28,210
19,908
31,188
27,360
4,791
756
1,047
81
3,363
32,807
818,400
67,143
56,788
74,455
68,088
81,840
3,284
798
Total
utilised
m six
months
3,575
1,363
DRAWING RIGHTS
7,460
1,658
203
531
2,039
Mar.
RECEIVED
Actually utilised
Country
Received by:
Austria
Belgium
Denmark
France
Germany:
Bizone
French Zone. .
Greece
Italy
Netherlands
Norway
Sweden
Turkey
United Kingdom
Total
AUGUST 1949
Total
established
for year
66,600
11,000
11,900
333,000
1948
Oct.
Nov.
926
2,762
3,569
154
2,211
2,120
27,314
32,013
Dec.
2,541
1,334
51
Jan.
Feb.
Mar.
15,462
1,658
11,049
8,386
285
637
31,083
38,518
8,250
6,377
190,352
25,196
41,248
98,600
15,600
66,800
27,000
83,000
48,300
9,800
16,800
30,000
6,661
6,660
252
13,263
9,237
818,400
67,143
56,788
447
1949
1,002
360
5,437
590
6,126
33,498
2,025
3,032
4,138
6,722
3,154
5,653
146
6,753
9,601
79
74,455
9,454
6,258
865
68,088
5,390
439
2,485
20,315
2,360
4,617
1,402
5,665
28
4,134
20,655
3,859
23,506
15,913
2,953
17
7,341
62,250
33,485
5,976
8,743
22,500
81,840
76,157
424,471
929
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
year 1948-49, 424.5 million, i. e. 52 per cent, were
utilised in the six months ended March 1949; further, drawing rights utilised for each individual
month of the half-year were reasonably close to onetwelfth of the total estimate (which would work
out at 68.2 million).
While the over-all figures thus show an even
working of the scheme, there has been great diversity in the extent to which individual drawing
rights have been used. The United Kingdom's
single drawing right (on Belgium) was utilised up
to 75 per cent in the second month of the operation of the scheme while Italy's drawing rights (on
Austria and the United Kingdom), totalling 27
million dollars, had not been utilised at all during
the first six months. These are the extreme cases;
the larger drawing rights, particularly those in
favour of France, have been more regularly utilised.
The procedure described in the preceding paragraphs has, in fact, worked smoothly and without
delay or incident. Regularly, on the fifteenth
working-day of each month, the drawing rights due
have been credited to the current debtors and the
current creditors have received their corresponding
"firm allotments of conditional aid" from ECA.
It has invariably been possible, by direct contact,
through telephone calls or otherwise, to overcome
any minor difficulties which arose. The Agreement signed in Paris (including the instructions
to the Agent) may be said to have stood the test of
practical application, in that it provided the technical machinery necessary for the distribution of the
indirect aid.
The intra-European payments scheme must be
judged for what it is and what it has been able
to do and not for what it is not and could not possibly do. In particular, it could neither redress a
shaken financial position in any country, nor do
much to right such fundamental disequilibria as
still existed between OEEC countries, nor yet charm
away the practice of bilateral trading in Europe.
The payments scheme is a practical technical
mechanism superimposed on existing trade and
payments agreements. As such it is open to objections (some of which are mentioned below). But
it helped to maintain and develop intra-European
trade at a time when a serious breakdown was
threatening; it affords an opportunity for curative
measures; and in itself it has represented a certain
progress towards multilateral settlements; the basic
principle of first-category compensation is the automatic repayment by the participating countries of
debts, whenever they occur, by the utilisation of
credit balances, wherever they may exist (one essential technical requirement being the completion
of the circuit within the group).
930
As regards the maintenance of trade within Europe, the result of the scheme has been that in the
first six months of its operation about half of the
intra-European deficits were covered by drawing
rights which, being an indirect form of grant, leave
no problems of indebtedness behind them.
At the same time as the Agreement on the payments scheme was signed, the Council of OEEC
approved certain "trade rules" to be followed by
the participating countries. How far these rules
have been observed is difficult to tell, it being easier
to prescribe than to ensure observance; but the
rules can be invoked in case of need. In addition,
it may be said that the payments scheme as such
has been instrumental in securing some progress
in related fields:
(a) a number of accounts were opened with
countries (such as Greece and Turkey) where there
had previously been no direct financial contact and
trade had hitherto been on a barter or "private
compensation" basis;
(b) new credit margins were established in some
cases where none had previously existed;
(c) a number of consolidations and rearrangements of old indebtedness were undertaken to
relieve difficult debtor positions;
(d) gold and dollar payments due at the end of
any month as a result of the overstepping of credit
margins were postponed until the value date of the
next compensation (if, indeed, such payments
were not made unnecessary by the operation of
the compensation).
This progress in adjacent fields has not been a
negligible factor and is likely to become of greater
importance as time goes on. In particular, it is
not easy to imagine a fully multilateral system of
trade and of payments on current account without
some degree of freedom for capital movements,
at any rate within the group of OEEC countries.
OEEC regarded the payments scheme as one of
the first fruits of cooperation but it recognised that
the scheme as such could be no more than a palliative, providing a breathing-space during which the
underlying causes of disequilibrium in Europe
should be remedied. The ultimate objective was
the release of European trade from hampering
restrictions and the restoration of a multilateral
payments system; but, as noted above, "the immediate and vital problem was to make European
trade possible at all."
Before the war about one-half of the trade of the
participating countries was with one another but
by 1947 intra-European trade had fallen to less
than two-thirds of its prewar level. Before the war
the total imports of the participating countries from
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
one another had been almost four times as great ter; that it does little to assist in the building-up
as their purchases from the United States; but by of central bank reserves, etc. There is some truth
1947 imports from the United States had grown in these strictures but a number of answers suggest
so much that they were almost equal to the total themselves. In addition to progress in related fields
of imports between the participating countries. (mentioned above) it should be remembered that
In the first half of 1948, however, intra-European the Agreement was drawn up in two parts, the first
trade began to regain importance, imports between dealing with the European mechanism and the
the participating countries being already 50 per second part alone dealing with drawing rights
cent above imports from the United States. For a backed by American aid. It may be assumed that,
time in 1948, EC A financed part of this intra-Euro- even if the second part lapses, the first part should
pean trade by allowing countries to purchase sup- remain in force so that a permanent nucleus of
plies from other participants with ERP dollars. a regional nature may continue to exist. Moreover,
These were the well-known "oS-shore" purchases, a considerable volume of useful information and
a temporary device to meet a pressing problem; it statistics, never before available, are being cenwas this device which was replaced by the intra- tralised and studied for their bearing on the presEuropean payments scheme, which invested Euro- ent and future.
pean currencies with a minimum degree of transWhen ERP aid first came into effect there was
ferability instead of utilising dollars for the trade hardly any other choice than to build on what
inside Europe. But at the same time it was recog- existed, i. e. the bilateral payments agreements in
nised that "more complete convertibility of cur- Europe. On that basis a scheme was prepared
rencies of the participants must await the correc- which has shown itself capable of practical applition of excessive disequilibria. . . ."
cation and which has helped to sustain the volume
It is hoped, before the period of the Marshall aid of intra-European trade. The detailed description
is over, to restore European trade to at least its pre- earlier in this chapter may have given the impreswar volume, although the pattern of trade is likely sion that the scheme is extremely complicated.
to be different owing to major changes in the struc- That is not so; in its principles and application
ture of western Europe. The circumstance that the plan is really quite simple. But it can never
western Germany, with a greatly increased popula- equal in effectiveness the traditional multilateral
tion, is now forced to import foodstuffs, previously settlements which worked so smoothly in the past.
obtained within its prewar frontiers, introduces a Before they can be resumed, however, it is necesnew factor for the future. The loss of invisible dol- sary that fundamental equilibrium should be relar income by the United Kingdom is another im- stored within the various economies in a measure
portant new factor affecting a number of countries; not yet attained and that sufficient monetary refor before the war European countries relied largely serves should be available to cope with normally
on their export surplus with the United Kingdom recurring fluctuations and to strengthen the feeling
to cover their dollar deficit, this being particularly of confidence. While the restoration of freedom
true of Germany and the Benelux countries. On to European payments is thus dependent upon
the other hand, trade with the large sterling area progress towards a solution of the major problem
forms an economic basis for the use of sterling as of European equilibrium, there are, of course,
an important medium for international settlements. technical improvements which can be introduced
It will evidently be necessary for western Europe into the current scheme with a view to rendering
to obtain an over-all balance in its payments, in- payments more flexible and providing more suitcluding a balance in relation to the dollar area; able incentives. Thus the payments scheme which
but, as OEEC emphasises, "the need for balance has taken its place as part of the present European
in dollar accounts must not drive western Europe effort to achieve a greater degree of collaboration
into unnecessary bilateralism." To secure the req- and unity may, through the experience gathered
uisite balance and the expansion of intra-European and the practical machinery which is being develtrade, increased production, not necessarily on tradi- oped, lay the foundation for a more satisfactory
tional lines, is one of the necessary requirements, monetary order in the future.
and relief may further be obtained through the
CONCLUSION
opening-up of new sources of supply as a result of
The year 1948 has undoubtedly been one of genaction in the form of technical aid to, and investments in, underdeveloped areas.
eral economic and monetary progress, especially in
There have been a number of criticisms of the western Europe. The volume of production, both
payments scheme: e. g, that it is backed exclusively industrial and agricultural, has reached or exceeded
by American aid; that it is too bilateral in charac- prewar levels and the fight against inflationary
AUGUST 1949
931
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
tendencies has been successfully waged in almost
every country in Europe. Essential as these improvements have been for raising standards of
living and laying the foundation for further advances, such is the nature of economic life that the
new stage, reached with so much effort, immediately brings forth its own set of problems and
preoccupations, and it may seem as if the new difficulties are in many respects even greater than those
which have just been overcome. For in the years
directly following the war the action which had
to be taken comprised a number of obvious steps to
arrest the inflationary trend and push on in almost
any line of production, while now the task is to
adjust an increasing volume of output more exactly
to demand under conditions of growing competition and, in general, to establish a balanced position
which is at the same time durable and self-sustaining.
The disappearance of the sellers' market has,
indeed, given rise to some very real difficulties;
since it is no longer possible to find almost everywhere a ready buyer for practically any commodity,
much more attention must now be devoted to questions of price and quality. There is hardly a producer or trader who has not begun to be concerned
about "markets," in which he must be able to sell
at a competitive price. It is still too early to tell
whether the change in the complexion of the markets points to a downward turn in the general business trend, since the volume of trade and production has mostly kept up fairly well and there are
many sustaining factors operating in the markets.
But here again the authorities and the public are
concerned about different problems from those
which worried them a year ago.
These are clearly fresh developments, but it is
not as if there were no experience, derived from
somewhat similar situations in the past, to serve as
a guide. It is encouraging to observe that in the
last few years a much better insight has been
gained into one very important relationship: the
close connection between the volume and methods
of internal financing (of any remaining budget
deficit or outlay for investments) and the outcome
of the balance of payments, requiring financing
from foreign resources. Important questions arise
in this connection in regard to the use of the
counterpart in national currencies of Marshall aid
(questions to which some attention has been given
in this report).
It is also fortunate that, through the progress
recently made, the differences found from country
to country as regards the balancing of budgets, the
arresting of inflation, the available* supplies, etc.
have been much reduced and the approach to
932
internal balance has clearly brought the countries
to a point where the international aspects of the
different problems involved can receive more attention and individual measures can be considered
more carefully in relation to the requirements for
general long-term progress.
Unfailing attention to international conditions is,
indeed, indispensable when the countries get to
grips with the problem of adjusting their production
to the new state of the markets. Throughout the
world the keynote today is more production
through greater efficiency—and rightly so.
But it is not only a question of volume or even
of costs; it is evidently necessary to produce precisely what is in demand. Almost all the manufactured products which Europe itself has for export
have to be sold to individual customers all over the
world—and there is no doubt that adaptation to
a largely new situation of world competition constitutes a very real test for the viability of Europe.
If the price system is not allowed to play its part
as an indicator of what is in demand and should
be produced, how can the variegated economies of
the European countries possibly find the right lines
of output? There is clearly no other way of knowing to what extent an effective demand exists for
Europe's output of largely non-essential goods than
to feel the pulse of demand in the markets of the
world today; but the indication which those markets supply will not be of real value unless sufficient
freedom prevails in them—and, even then, it will
be of little avail without sufficient flexibility inside
the exporting countries. Moreover, the free movement of goods with the development of multilateral
trade, which has been the condition of Europe's
prosperity in the past, depends not on European
action alone: it requires the adoption of appropriate
commercial and monetary policies in countries and
areas outside Europe itself.
There must always be a struggle against rigidity
—especially in the modern world, where certain
technical developments seem to render the economy
less flexible; surely, then, it is not too much to
ask that the authorities, in framing their policies^
should not add unnecessarily to already existing
rigidities. An increased volume of production is
not automatically followed by larger exports and
a better balance on foreign account, since more
production gives rise to higher incomes and consequently to increased consumption, including demands for better housing, which is an indirect demand for more investments. A better balance will
only be attained if more is saved or more accrues
to the state in taxes over and above what is necessary to meet added spending; it is only pro tanto
that investment expenditure at home will be more
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
adequately covered by the flow of domestic resources. Production alone, therefore, does not
suffice: to be really beneficial, it must be combined
with a suitable economic and financial policy. If,
then, a country is in disequilibrium because its
budget expenditure is too high or its investments
are too ample or costs are maintained at an uneconomic level or the exchange rates have got out
of line with realities (or there is a combination of
two or more of these factors) with the result that
an untoward deficit has arisen in the balance of
payments: if, in such a state of affairs, the country
concerned obstinately refuses to make any alteration either in its budget or credit policy or in its
control of prices or exchanges, there is no reason to
assume that the lack of equilibrium will not continue—and this will mean that the monetary reserves of such a country will be eaten into and the
proceeds of foreign loans and grants wasted simply
to perpetuate the rigidities which were at the bottom of its difficulties. The receipt of foreign resources is of such great value to a country that
they should not be wastefully put to uses which will
simply postpone necessary adjustments.
The lines of policy adopted in this year 1949 may
well prove to be of vital importance. The disappearance of the sellers' market, together with the
price reductions that have befallen some producers
and traders, has led to almost instant demands for
remedial measures of one kind or another—but
with little, if any, consideration for the needs of
adjustment in the economy as a whole or the urgent
need of earning more foreign exchange in order
to get rid of balance-of-payments deficits before
the internal restrictions are taken off.
It would indeed be a matter for regret if the
countries in Europe which have taken steps to
balance their budgets and restrict the granting of
credits were to abandon this policy of restraint prematurely. Such a policy has, of course, not been
imposed for its own sake, but because the arrest of
internal inflation is usually the only means of
bringing about an expansion on the foreign account, with a reconstitution of monetary reserves
and a suppression of arbitrary restrictions with regard to currency payments and the exchange regime
generally. An imprudent relaxation of the credit
restrictions before decisive results have been obtained in the field of foreign exchanges might
jeopardise the achievements so far realised.
The position is in these respects different in the
United States. That country, with its high rate of
domestic savings and its ample gold reserves, is
in a position to adopt immediately, and without
incurring any real risk, a liberalising policy designed to lessen the deflationary weight which is
AUGUST 1949
beginning to make itself felt in its economy. By
doing that the United States may, indeed, contribute
to greater steadiness in the trend of business for
the whole world. But European countries, with
only a weak flow of genuine savings and scanty
monetary reserves, are in a different position: only
when they can permit ordinary trade and other
current operations in their balance of payments to
be settled without hampering restrictions will they
be able to reap the full rewards of freer commercial intercourse. It is a point to remember that
certain measures of direct control (and not least
trade and exchange control) tend to intensify the
trend towards nationalistic insulation, while the indirect, essentially financial, types of control help to
strengthen the ties of free international intercourse.
In no case must the cooperation between European
countries take the form of a joint imposition of
further restrictions, for then the danger of establishing enclosed areas with an autarkic tendency
would be a very real one.
It would be a mistake, however, to underrate
the difficulties in the way of an advance towards a
more normal system of foreign payments, with
greater competition from abroad. Control, with its
curtailment of imports, seems to many a necessary means of "saving" foreign exchange—but then
it is forgotten that expenditure inhibited in one
direction mostly leads to increased expenditure in
another, to the detriment of exports. Vested interests have also grown up which are in no way
anxious to see a dismantling of restrictions. But,
despite all obstacles and hesitations, it will be
necessary to arrive at a situation in which restrictions are no longer the rule and freedom the exception and one in which ordinary trade in merchandise, the movements of tourists and the regular
exchange of services can take their course without
interference dictated by monetary considerations.
Creditor countries naturally incur little or no risk
in admitting imports more freely but debtor countries must also be aware that the practice of keeping out non-essential goods, if applied all round,
would soon prevent them, too, from ameliorating
their trading position. It is, indeed, becoming
increasingly clear which will be the countries with
the best chance of standing up to international competition: it will be the first countries to revert to a
system of greater freedom by adopting a policy
in which each set of measures in the fields of
credit, prices, costs and foreign exchanges contributes in a harmonious way to the establishment
of a balanced position. When contradictory policies
are pursued, as has happened only too often in recent years, it becomes almost impossible to reestablish the credit position without which no
933
ANNUAL REPORT OF THE BANK FOR INTERNATIONAL SETTLEMENTS
genuine contribution from savings will be forthcoming as a durable basis for investments. In these
matters, the general public, even though it may be
uninformed about many technical details has, after
all that has happened, acquired a knack of judging
whether the steps taken are likely or not to achieve
the desired results.
More is needed of true planning, which consists
less in fixing "targets" than in determining precisely what measures should be taken in different
fields over (say) the next six or twelve months
in order to correct unbalanced positions and achieve
further progress. An essential task will be to bring
back into operation those parts of the mechanism
of adjustment which the modern economy has at
its disposal for the purpose of keeping a balance
between supply and demand on the markets, between payments and receipts in the balance of
payments, etc., and it is then especially necessary
to ensure that no artificial creation of monetary
purchasing power, beyond what is really earned
by contributions to production, upsets the balance
at home and in relation to other economies. It is
neither more nor less planning that is needed but
planning of the proper kind. All too often uncoordinated—and, what is worse, contradictory—
measures are adopted by separate branches of the
934
administration having little or no contact with one
another. This is then mistakenly given the name
of "planning," whereas real planning must, first
of all, aim at a proper harmony in the lines of
official action and, secondly, relate these measures
to the manifold free activities of the people as producers, traders, income-earners and consumers, so
that their various efforts are fitted into the general
picture under conditions conducive to all-round
balance. And this kind of planning must, further,
be undertaken with an eye to what is happening
in other countries and what opportunities are offered for coordinated action on an international
scale. It may well be that no measures would be
more likely to combat any deflationary tendencies
appearing in the various economies than a speedy
abolition of quantitative and other trade restrictions, for that might give just the right expansionist impetus now needed. It is dawning upon
the peoples that there is no solution in separation;
that those who protect their markets from foreign
influences are liable to be less capable of sustaining
competition and improving their standards of living, and that, indeed, a truer harmony and added
strength are to be found in developing appropriate
forms of international cooperation.
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued by the
Board of Governors, and other similar material
Banks Dealing in Obligations of International Bank for Reconstruction and
Development
chase by a national bank for its own account: Provided, That no association shall hold obligations
issued by said bank as a result of underwriting,
The Act of Congress approved June 29, 1949, dealing, or purchasing for its own account (and
(Public Law 142—81st Congress) added a new for this purpose obligations as to which it is under
sentence to paragraph Seventh of Section 5136 of commitment shall be deemed to be held by it) in
the Revised Statutes of the United States (referred a total amount exceeding at any one time 10 per
to in the enactment as Section 8 of the National centum of its capital stock actually paid in and
Bank Act) so as to permit national banks to deal unimpaired and 10 per centum of its unimpaired
in and underwrite obligations issued by the Inter- surplus fund".
SEC. 2. The Bretton Woods Agreements Act, as
national Bank for Reconstruction and Development. Such transactions remain subject to the amended (U. S. C , title 22, sees. 286-286k), is
limitation of ten per cent of the national bank's amended by adding at the end thereof a new
capital and surplus. Subject, of course, to any section to be numbered section 15 and to read as
applicable provision of State law, the permission follows:
"SEC. 15. (a) Any securities issued by Internaalso extends to all State member banks of the Federal Reserve System, as Section 9 of the Federal Re- tional Bank for Reconstruction and Development
serve Act makes Section 5136 applicable to State (including any guaranty by the bank, whether or
not limited in scope), and any securities guaranteed
member banks.
The Act also added a new section to the Bretton by the bank as to both principal and interest, shall
Woods Agreements Act so as to exempt from the be deemed to be exempted securities within the
provisions of the Securities Act of 1933 and the meaning of paragraph (a) (2) of section 3 of the
Securities Exchange Act of 1934 securities issued Act of May 27, 1933, as amended (U. S. C , title
15, sec. 77c), and paragraph (a) (12) of section 3
or guaranteed by the International Bank.
of
the Act of June 6, 1934, as amended (U. S. C ,
The text of the Act is as follows:
title 15, sec. 78c). The bank shall file with the
[PUBLIC LAW 142—81ST CONGRESS]
Securities and Exchange Commission such annual
[CHAPTER 276—1ST SESSION]
and other reports with regard to such securities as
[H. R. 4332]
the Commission shall determine to be appropriate
AN ACT
in view of the special character of the bank and its
To amend the National Bank Act and the Bretton Woods
operations and necessary in the public interest or
Agreements Act, and for other purposes.
for the protection of investors.
Be it enacted by the Senate and House of Repre"(b) The reports of the National Advisory Counsentatives of the "United States of America in Con- cil provided for in section 4 (a) (6) of the Bretton
gress assembled, That paragraph Seventh of sec- Woods Agreements Act shall also cover and include
tion 8 of the National Bank Act, as amended the effectiveness of the provisions of section 15 (a)
(U. S. C, title 12, sec. 24), is amended by adding of this Act and the exemption for securities issued
to the end thereof the following new sentence: by the bank provided by section 8 of the National
"The limitations and restrictions herein contained Bank Act in facilitating the operations of the bank
as to dealing in and underwriting investment securi- and the extent to which the operations of the bank
ties shall not apply to obligations issued by the may assist in financing European recovery and
International Bank for Reconstruction and De- the reconstruction and development of the economic
velopment which are at the time eligible for pur- resources of member countries of the bank and the
AUGUST 1949
935
LAW DEPARTMENT
recommendations of the Council as to any modifications it may deem desirable in the provisions of
this Act."
SEC. 3. The Securities and Exchange Commission
acting in consultation with the National Advisory
Council on International Monetary and Financial
Problems is authorized to suspend the provisions
of section 15 (a) of the Bretton Woods Agreements
Act at any time as to any or all securities issued
or guaranteed by the bank during the period of
such suspension. The Commission shall include
in its annual reports to Congress such information
as it shall deem advisable with regard to the operations and effect of this Act and in connection therewith shall include any views submitted for such
purpose by any association of dealers registered
with the Commission.
Approved June 29, 1949.
Housing Act of 1949
Bank Loans and Investments
The Housing Act of 1949, approved July 15,
1949, (Public Law 171—81st Congress) amended
the Seventh paragraph of Section 5136 of the Revised Statutes of the United States so as to authorize
national banks to purchase and underwrite obligations of local public agencies and public housing
agencies without regard to the legal restrictions
limiting transactions to a fixed percentage of the
bank's capital and surplus. The permission extends
to all member banks of the Federal Reserve System
as Section 9 of the Federal Reserve Act makes this
provision of Section 5136 applicable to State member banks. The Act also amended Section 5200 of
the Revised Statutes of the United States by adding
a new provision removing from the limitations
upon the total amount of loans to any one borrower,
obligations of such agencies. The text of these
amendments, contained in Section 602 of the Housing Act of 1949, reads as follows:
SEC. 602. (a) The last sentence of paragraph
Seventh of section 5136 of the Revised Statutes, as
amended, is amended by inserting before the colon,
after the words "obligations of national mortgage
associations", a comma and the following: "or such
obligations of any local public agency (as defined in
section 110 (h) of the Housing Act of 1949) as
are secured by an agreement between the local
public agency and the Housing and Home Finance
936
Administrator in which the local public agency
agrees to borrow from said Administrator, and
said Administrator agrees to lend to said local public agency, prior to the maturity of such obligations
(which obligations shall have a maturity of not
more than eighteen months), monies in an amount
which (together with any other monies irrevocably
committed to the payment of interest on such obligations) will suffice to pay the principal of such
obligations with interest to maturity thereon, which
monies under the terms of said agreement are required to be used for the purpose of paying the
principal of and the interest on such obligations at
their maturity, or such obligations of a public housing agency (as defined in the United States Housing Act of 1937, as amended) as are secured either
(1) by an agreement between the public housing
agency and the Public Housing Administration in
which the public housing agency agrees to borrow
from the Public Housing Administration, and the
Public Housing Administration agrees to lend to
the public housing agency, prior to the maturity
of such obligations (which obligations shall have
a maturity of not more than eighteen months),
monies in an amount which (together with any
other monies irrevocably committed to the payment
of interest on such obligations) will suffice to pay
the principal of such obligations with interest to
maturity thereon, which monies under the terms
of said agreement are required to be used for the
purpose of paying the principal of and the interest
on such obligations at their maturity, or (2) by
a pledge of annual contributions under an annual
contributions contract between such public housing
agency and the Public Housing Administration if
such contract shall contain the covenant by the
Public Housing Administration which is authorized
by subsection (b) of section 22 of the United States
Housing Act of 1937, as amended, and if the maximum sum and the maximum period specified in
such contract pursuant to said subsection 22 (b)
shall not be less than the annual amount and the
period for payment which are requisite to provide
for the payment when due of all installments of
principal and interest on such obligations".
(b) Section 5200 of the Revised Statutes, as
amended, is amended by adding at the end thereof
the following:
"(11) Obligations of a local public agency (as
defined in section 110 (h) of the Housing Act
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
of 1949) or of a public housing agency (as defined in the United States Housing Act of 1937,
as amended) which have a maturity of not more
than eighteen months shall not be subject under
this section to any limitation, if such obligations
are secured by an agreement between the obligor
agency and the Housing and Home Finance Administrator or the Public Housing Administration in which the agency agrees to borrow from
the Administrator or Administration, and the
Administrator or Administration agrees to lend
to the agency, prior to the maturity of such
obligations, monies in an amount which (together
with any other monies irrevocably committed to
the payment of interest on such obligations) will
suffice to pay the principal of such obligations
with interest to maturity, which monies under
the terms of said agreement are required to be
used for that purpose."
Margin Requirements
Amendments to Regulations T and U
The Board of Governors of the Federal Reserve
System, effective July 20, 1949, amended Regulation T, entitled ' 'Extension and Maintenance of
Credit by Brokers, Dealers, and Members of National Securities Exchanges," and Regulation U,
entitled "Loans by Banks for the Purpose of Purchasing or Carrying Stocks Registered on a National Securities Exchange," so as to remove margin
requirements applicable to credit for financing the
functions of specialists on an exchange designated
by the Board. The New York Stock Exchange has
been so designated, the designation to be effective
until further notice.
The Board also amended Regulation T so as to
provide that in the special cash account the 7-day
period within which payment must be obtained for
a so-called "when distributed" security which is to
be distributed in accordance with a published plan
may run from the date when the security is distributed rather than from the day of agreement to
purchase it.
The texts of the amendments are as follows:
AMENDMENT NO. 10 TO REGULATION
T
Effective July 20, 1949, Regulation T is hereby
amended in the following respects:
1. The last sentence of section 4(VJ(3) of Regulation T is amended to read as follows:
If the security when so purchased is a "when
AUGUST 1949
distributed" security which is to be distributed
in accordance with a published plan, the period
applicable to the transactions under subdivision
(2) of this section \(c) shall be 7 days after the
date on which the security is so distributed.
2. Section 4(g) of Regulation T is amended to
read as follows:
(g) Specialist's account—In a special account
designated as a specialist's account, a creditor
may effect and finance, for any member of a
national securities exchange who is registered
and acts as a specialist in securities on the exchange, such member's transactions as a specialist
in such securities, or effect and finance, for any
joint adventure in which the creditor participates,
any transactions in any securities of an issue with
respect to which all participants, or all participants other than the creditor, are registered and
act on a national securities exchange as specialists. Such specialist's account shall be subject to
the same conditions to which it would be subject
if it were a general account except that if the
specialist's exchange, in addition to the other requirements applicable to specialists, is designated
by the Board of Governors of the Federal Reserve
System as requiring reports suitable for supplying current information regarding specialists' use
of credit pursuant to this section 4(g), the requirements of section 6(1?) regarding joint adventures shall not apply to such account and the
maximum loan value of a registered security
in such account shall be as determined by the
creditor in good faith.
AMENDMENT NO. 11 TO REGULATION U
Effective July 20, 1949, section 3(o) of Regulation U is hereby amended to read as follows:
(o) In the case of a loan to a member of a
national securities exchange who is registered
and acts as a specialist in securities on the exchange for the purpose of financing such member's transactions as a specialist in such securities,
the maximum loan value of any stock shall be as
determined by the bank in good faith provided
that the specialist's exchange, in addition to other
requirements applicable to specialists, is designated by the Board of Governors of the Federal
Reserve System as requiring reports suitable for
supplying current information regarding specialists' use of credit pursuant to this section.
937
LAW DEPARTMENT
Transactions in Undermargined Accounts
In a ruling published at 1948 Federal Reserve
page 397, the Board considered two
questions in connection with the rules applicable
at that time to withdrawals of cash or securities
from an undermargined general account under
Regulation T.
One question related to the purchase of an unregistered nonexempted security in the account.
The other concerned a case in which a security
held in the account was sold, delivery was delayed
by borrowing a security rather than delivering the
security held in the account, and the security held
in the account was used later to settle the short
position.
The conclusions on both points were based on
the provisions of the regulation in effect at the
time regarding withdrawals from such accounts.
Those withdrawal provisions were changed by
Amendment No. 8, effective May 1, 1949, and
the Board has been asked regarding the application
of the new withdrawal rules to such situations. It
has expressed the following views:
BULLETIN,
1. Unregistered securities cannot be carried on
margin and accordingly a deposit equal to the full
cost of any unregistered securities purchased in
the account must, of course, be obtained. However, a purchase of unregistered securities in the
general account may now be treated as a transaction
other than a withdrawal, and accordingly the deposit equal to such cost may be obtained within the
three-day period specified in Sections 3(£) and 3 (^)
of Regulation T.
2. With respect to the case in which a customer
wishes to sell a security that is held in the account
and to delay delivery by borrowing a security rather
than delivering the one held in the account, the
present withdrawal rules permit the sale to be
treated as a short sale against which margin is
not required and permit the transaction to be
treated as completed when the security held in
the account is delivered later to close out the short
position. Accordingly, it is now permissible for
an offsetting transaction to take place on the date
when the delivery is so made.
This supersedes the ruling referred to above at
1948 Federal Reserve BULLETIN, page 397. (That
ruling also pointed out that the "good faith loan
value" specified for an exempted security means
the amount which the broker would customarily
lend on the security, and that the figure cannot be
arbitrarily reduced merely for the purpose of permitting a later substitution of registered securities
for exempted securities. That principle is still
correct, but is of limited application in view of the
provisions now contained in the regulation for
withdrawals and substitutions of securities.)
CURRENT EVENTS AND ANNOUNCEMENTS
Federal Reserve Meeting
A meeting of the Federal Open Market Committee was held in Washington on August 5, 1949.
Election of Class B Director
The Federal Reserve Bank of New York, on
July 15, 1949, announced the election of Mr. Marion
B. Folsom, Treasurer, Eastman Kodak Company,
Rochester, New York, as a Class B director of the
Bank for the unexpired portion of the term
ending December 31, 1950, to succeed Mr. Charles
E. Adams, Chairman of the Board, Air Reduction
Company, Inc., New York, New York, who resigned.
938
Mr. Folsom formerly served as a director of the
Buffalo Branch of the Federal Reserve Bank of
New York from April 6, 1938 through December 31, 1947.
Admission of State Bank to Membership in the
Federal Reserve System
The following State bank was admitted to membership in the Federal Reserve System during the
period June 16, 1949 to July 15, 1949:
Georgia
Atlanta—The Peachtree Trust Company
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
[Compiled July 25, and released for publication July 27]
Industrial output declined further in June. Department store sales declined somewhat more than
usual in this period, while sales of automobiles were
maintained in record volume. Construction contract awards increased further. Prices of basic
commodities showed some recovery from mid-June
to mid-July; the average level of all wholesale commodity prices showed little change.
INDUSTRIAL PRODUCTION
The Board's seasonally adjusted index of industrial production in June was 169 per cent of the
1935-39 average—3 per cent lower than in May and
13 per cent below the postwar peak level reached
in October and November 1948. The decline in
June reflected mainly further curtailment of output
in most durable goods industries and a marked
decline in activity in the coal mining industry. Production of nondurable goods as a group was maintained at the reduced levels prevailing in April
and May.
Iron and steel production decreased sharply in
June and declined further by mid-July. Output
of open hearth steel in June was at 85 per cent
of capacity, while electric steel output, following
a decline of one-third from the reduced May level,
was at 39 per cent of capacity. Activity in most
machinery industries was curtailed further in June.
Production of lumber and of stone, clay and glass
INDUSTRIAL PRODUCTION
PHYSICAL VOLUME,SEASONALLY ADJUSTED. 1 9 3 5 - 3 9 *
products remained about 11 per cent below last
year's level. Output of passenger automobiles,
which had been reduced in May by a labor dispute
#t the plants of a major producer, increased considerably in June and was at a new high rate in
mid-July.
Activity in the textile industries increased somewhat in June from the very low levels reached in
May. Output of apparel wool textiles showed a
further recovery from the April low point. Production of manufactured foods rose slightly in June.
Newsprint consumption, however, decreased from
the record May rate, and activity at petroleum
refineries and chemical plants also declined somewhat.
Minerals production decreased in June reflecting
largely a marked reduction in coal output as a result
of a work stoppage and the beginning of the annual vacation period. Coal output remained at a
low level in July with most mines operating three
days a week. Production of crude petroleum was
curtailed slightly in June and somewhat more in
early July.
CONSTRUCTION
Value of construction contracts awarded in June,
according to the F. W. Dodge Corporation, increased further to 946 million dollars as compared
with 880 million in May and 935 million in June
CONSTRUCTION CONTRACTS AWARDED
100
1941
Federal Reserve indexes. Monthly figures, latest shown are
for June.
AUGUST 1949
F. W. Dodge Corporation data for 37 Eastern States.
Monthly figures, latest shown are for June.
939
NATIONAL SUMMARY OF BUSINESS CONDITIONS
1948. The increase reflected chiefly a further rise
in awards for private residential work and an expansion in awards for public utility construction.
The number of new housing units started in June
totaled 100,000, according to the Bureau of Labor
Statistics. This was 5,000 more than in May and
equal to the postwar high reached in May 1948.
DISTRIBUTION
Value of department store sales showed some*
what more than the usual seasonal decline in
June and -the Board's adjusted index was estimated
to be 284 per cent of the 1935-39 average, as compared with 292 in May and 307 in June of last
year. Sales in the first half of July remained near
the June level, after allowance for the usual seasonal changes.
Railroad revenue freight shipments decreased
further from May to mid-July. In addition to
marked reductions in the volume of coal loadings,
shipments of various other industrial goods were
in smaller volume than in earlier months.
COMMODITY PRICES
Prices of nonferrous metals and some other industrial materials advanced from mid-June to
mid-July, following sharp declines in recent months.
Steel scrap prices, however, decreased further by
5 per cent. Prices of hogs and pork showed marked
seasonal increases in this period, while prices of
worsted fabrics, paints, and some other finished
products were reduced.
The average level of consumers' prices increased
slightly in June as small advances in prices of foods
were partly offset by further declines in clothing
and housefurnishings.
BANK CREDIT
Required reserves of all member banks were reduced by about 800 million dollars on June 30
with the expiration of the temporary reserve requirement authority granted to the Board of Governors by Congress in August 1948. Subsequently,
during the first three weeks of July, Government
security holdings at the Reserve Banks declined by
about one billion dollars, reflecting sales of bills
and certificates made in response to a strong market
demand for these securities.
Business loans at banks in leading cities were
reduced further during June and the first half of
July, but the declines were somewhat smaller than
in other recent months. Holdings of Government
securities increased by over one billion dollars in
the first half of July.
SECURITY MARKETS
Shortly before the reduction in reserve requirements, the System announced a change in open
market policy. These developments were reflected
in sharp declines in yields on Government securities
early in July. System sales of bills and certificates
checked this decline, but the resulting yields were
still substantially below previous levels.
Prices of other securities—bonds and common
stocks—advanced steadily in the first three weeks
of July.
EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
MEMBER BANK RESERVES AND RELATED ITEMS
.LIONS OF DOLLARS
J
1941
1942
1943
1944
1945
1946
1947
1948
1949
Bureau of Labor Statistics' estimates adjusted for seasonal
variation by Federal Reserve. Proprietors and domestic servants are not included. Midmonth figures, latest shown are
for June.
940
1942
TREASURY CASH AND DEPOSITS Jl
1943
1944
1945
1946
1947
1948
Wednesday figures, latest shown are for July 27.
FEDERAL RESERVE BULLETIN
INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on industrial loans; rates on
time deposits; reserve requirements; margin requirements
Federal Reserve Bank statistics
Deposits and reserves of member banks; bank suspensions. .
Money in circulation.
.
Bank debits and deposit turnover; Postal Savings System. .
All banks and the money supply
All banks in the United States, by classes
All insured commercial banks in the United States, by classes. .
Weekly reporting member banks
....
Number of banking offices on Federal Reserve par list and not on par list
Commercial paper, bankers' acceptances, and brokers' balances....
Money rates; bank rates on business loans; bond yields. .
Security prices and new issues
Corporate sales, profits, 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 personal income.
Consumer credit statistics
Current statistics for Federal Reserve chart books..
July crop report, by Federal Reserve districts
Earnings and expenses of Federal Reserve Banks for six-month period
ended June 30, 1949. .
943- 944
944946950952-
955958960-
967969971975985-
990992-
945
950
951
953
953
954
957
959
963
964
965
966
968
970
973
974
984
988
988
989
991
994
995- 999
999
1000
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in the United States. The data relating to the Federal Reserve
Banks and the member banks of the Federal Reserve System arc derived from regular reports made to
the Board; index numbers of production arc 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 arc 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 1949
941
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLL
TREASURY CASH AND DEPOSITS
I
ft
1941
1942
1943
1944
1945
1946
1947
1948
1949
30
30
TOTAL RESERVE BANK HOLDINGS
• OF U. S. GOVERNMENT SECURITIES -
25 —
25
20
15
15
10
10
1941
1942
1943
1944
1945
1946
1947
1948
1949
Wednesday figures, latest shown are for July 27. See page 943.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit out.standing
U. S. Government
securities
Discounts
and
advances Total
Date or period
Gold
All 1 Total stock
Bills, other
certifiBonds cates,
TreasTreasury deury
Money Treas- posits Nonury
curin cirwith memcash Federal ber derency
culaholdouttion
Reposits
ings
standserve
ing
Banks
Member bank
reserve balances
Other
Federal
Reserve
Re- 2 Ex-2
Total quired
access
counts
notes
Wednesday
figures
1948—July 7.
July 14.
July 21.
July 28.
.
.
.
.
398
316
285
327
21,535
21,521
21,326
21,209
6,210
6,321
6,449
6,564
15,325
15,200
14,877
14,645
310
302
277
187
22,243
22,139
21,888
21,723
23 ,584
23 ,593
23 ,650
23 ,670
4 , 562
4 , 562
4 , 561
4 , 563
28 ,142
27 ,959
27 ,864
27 ,821
1 ,334
1 ,331
1 ,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
16,581 1,003
937
16,694
723
16,780
759
16,775
Aug.
Aug.
Aug.
Aug.
4.
11.
18.
25.
.
.
.
.
282
293
301
324
21,378
21,566
21,551
21,460
6,966
7,215
7,410
7,587
14,412
14,351
14,141
13,873
237
205
273
210
21,897
22,064
22,125
21,993
23 ,679
23 ,688
23 ,708
23 ,711
4 , 564
4 , 564
4 , 565
4 , 564
27 ,922
27 ,966
27 ,979
27 ,965
1 ,330
1 ,324
1 ,322
1 ,324
1 ,852
1 ,756
1 ,963
1 ,902
860
865
965
843
569
570
566
567
17 ,606
17 ,834
17 ,603
17 ,668
16,876
730
16,831 1,003
729
16,874
811
16,857
Sept.
Sept.
Sept.
Sept.
Sept.
1.
8.
15.
22.
29.
.
.
.
.
.
318
310
283
309
357
21,411
21,240
21,205
21,860
23,282
7,795
7,864
8,455
8,944
9,202
13,616
13,376
12,750
12,916
14,080
208
284
433
376
314
21,937
21,834
21,921
22,545
23,953
23 ,725
23 ,793
23 ,850
23 ,865
23 ,872
4 , 568
4 , 571
4 , 571
4 , 570
4 , 573
28 ,072
28 ,287
28 ,156
28 ,083
28 ,080
1 ,323
1 ,326
1 ,321
1 ,319
1 ,324
1 ,693
1 ,331
661
1 ,436
1 ,660
855
872
875
858
864
564
565
592
591
586
17 ,724
17 ,817
18 ,737
18 ,694
19 ,884
16,871
853
926
16,891
17,090 1,647
979
17,715
940
18,944
Oct. 6. .
Oct. 13. .
Oct. 20. .
Oct. 27. .
296
500
289
300
23,143
23,303
23,192
23,242
9,483
9,736
10,132
10,683
13,660
13,567
13,060
12,559
268
164
388
254
23,707
23,967
23,869
23,797
23 ,888
23 ,965
23 ,983
23 ,996
4 , 572
4 , 572
4 , 574
4 , 575
28
28
28
28
,202
,284
,157
,091
1 ,324
1 ,317
1 ,326
1 ,322
1 ,596
1 ,551
1 ,530
11,524
867
916
913
888
596
596
590
583
19 ,584
19 ,840
19 ,910
19 ,960
18,977
18,911
19,040
19,086
607
929
870
874
Nov.
Nov.
Nov.
Nov.
.
.
.
.
320
326
282
582
23,239
23,144
22,930
22,993
11,137
11,223
11,156
11,166
12,102
11,921
11,774
11,827
170
458
622
366
23,729
23,929
23,834
23,941
24 ,007
24 ,097
24 ,110
24 ,150
4 , 578
4 , 579
4 , 579
4 , 580
28 ,254
28 ,337
28 ,215
28 ,305
1 ,317
1 ,317
1 ,324
1 ,317
L,473
1,553
1,591
1,650
886
912
901
922
539
539
539
542
19 ,846
19 ,947
19 ,953
19 ,934
18,988
19,025
19,138
19,104
858
922
815
830
Dec. 1. .
Dec. 8. .
Dec. 1 5 . .
Dec. 22. .
Dec. 29. .
306
399
266
426
255
23,165
23,004
22,993
22,845
23,347
11,168
11,110
11,112
11,057
11,001
11,997
11,894
11,881
11,788
12,346
312
324
659
950
512
23,783
23,727
23,919
24,221
24,113
24 ,165
24 ,218
24 ,230
24 ,234
24 ,236
4 , 583
4 , 585
4 , 585
4 , 584
4 , 585
28 ,322
28 ,415
28 ,369
28 ,560
28 ,325
1 ,338
1 ,314
1 ,327
1 ,326
1 ,329
,527
1,540
927
986
994
1,575 1 ,033
1,283 1 ,106
541
548
640
647
653
19 ,877
19 ,727
20 ,435
19 ,899
20 ,238
19,094
783
660
19,067
19,219 1,216
662
19,237
19,180 1,058
1949—Jan. 5. .
Jan. 12. .
Jan. 19. .
Jan. 26. .
229
364
241
458
22,919
22,465
22,117
22,039
10,907
10,772
10,603
10,265
12,012
11,693
11,514
11,774
579
364
640
463
23,727
23,193
22,999
22,960
24 ,249
24 ,253
24 ,264
24 ,268
4,
4,
4,
4,
586
586
586
587
28 ,151
27 ,919
27 ,717
27 ,561
1 ,322
1 ,323
1 ,327
1 ,333
951
939
804
1,135
1 ,167
1 ,145
1 ,267
1 ,138
597
600
602
613
20 ,375
20 ,105
20 ,133
20 ,035
19,244 1,131
987
19,118
950
19,183
922
19,113
1,284 1 ,203
1,430 1 ,176
1,754 1 ,177
1,591 1 ,193
613
614
615
621
19 ,711
19 ,597
19 ,447
19 ,441
19,072
18,921
18,841
18,754
639
676
606
687
628
631
663
669
671
19 ,684
19 ,424
19 ,936
19 ,360
19 ,019
18,872
18,787
18,946
18,655
18,503
812
637
990
705
516
832
822
879
528
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
3.
10.
17.
24.
969
2.
9.
16.
23.
.
.
.
.
297
251
238
303
22,215
22,350
22,303
22,358
10,191
10,105
9,993
9,922
12,024
12,245
12,310
12,436
314
235
385
186
22,827
22,836
22,926
22,847
24 ,279
24 ,279
24 ,284
24 ,290
4,
4
4,
4,
588
587
586
586
27 ,556
27 ,557
27 ,480
27 ,551
1 ,327
1 ,327
1 ,323
1 ,326
2.
9.
16.
23.
30.
.
.
.
.
.
241
203
429
594
298
21,837
21,529
21,500
21,675
21,828
9,868
9,737
9,588
9,458
9,277
11,969
11,792
11,912
12,217
12,551
343
271
419
244
252
22,422
22,003
22,348
22,512
22,378
24 ,290
24 ,295
24 ,305
24 ,307
24 ,311
4
4,
4
4
4
587
587
588
588
591
27 ,557
27 ,577
27 ,500
27 ,423
27 ,403
1 ,320
1 ,320
1 ,324
1 ,327
1 ,320
1,432
1,678
1 ,233
1 ,223
1 ,227
1 ,197
1 ,190
6. .
Apr. 13. .
Apr. 20. .
Apr. 27. .
M a y 4. .
M a y 11. .
M a y 18. .
May 25..
213
232
453
266
21,597
21,491
21,288
21,208
9,151
9,064
8,989
8,905
12,446
12,427
12,299
12,303
334
333
309
231
22,143
22,056
22,050
21,705
24 ,317
24 ,321
24 ,324
24 ,329
4
4
4
4
591
592
589
592
27 ,514
27 ,507
27 ,408
27 ,356
1 ,329
1 ,318
1 ,333
1 ,330
1,116
1,028
L.054
1,146
1 ,104
1 ,110
1 ,094
1 ,093
676
678
678
679
19 ,311
19 ,327
19 ,398
19 ,020
18,479
18,505
18,519
18,492
480
202
773
171
20,839
20,130
19,706
19,691
8,671
8,581
8,440
8,371
12,168
11,549
11,266
11,320
258
226
256
186
21,576
20,559
20,735
20,048
24 ,334
24 ,335
24 ,338
24 ,339
4
4
4
4
592
592
591
591
27 ,447
27 ,452
27 ,392
27 ,367
1 ,324
1 ,314
1 ,313
1 ,312
990
913
668
1 ,045
1 ,017
1 ,005
978
623
625
627
627
19 ,073
18 ,164
18 ,302
18 ,027
912
18,161
879
17,285
17,248 1,054
722
17,305
June 1 . .
June 8 . .
June 15. .
June 2 2 . .
June 2 9 . .
158
157
139
670
150
19,767
19,594
19,461
19,166
19,517
8,274
8,202
8,051
7,932
7,780
11,493
11,392
11,410
11,234
11,737
220
205
311
277
209
20,145
19,956
19,911
20,113
19,875
24 ,342
24 ,381
24 ,423
24 ,421
24 ,466
4
4
4
4
4
595
596
596
596
597
27
27
27
27
27
,515
,484
,391
,345
,426
1 ,321
1 ,315
1 ,309
1 ,304
1 ,324
622
378
9
508
497
911
946
906
943
959
637
639
708
715
719
18 ,076
18 ,170
18 ,606
18 ,314
18 ,013
17,288
788
921
17,249
17,387 1,219
966
17,348
679
17,334
July 6 . .
July 1 3 . .
July 2 0 . .
July 2 7 . .
114
140
360
417
19,343
18,842
18,474
18,490
7,780
7,780
7,780
7,780
11,563
11,062
10,694
10,710
321
297
262
169
19,779
19,279
19,096
19,075
24 ,471
24 ,513
24 ,518
24 ,520
4
4
4
4
597
596
595
594
27
27
27
27
,659
,480
,366
,333
1 ,306
1 ,317
1 ,310
1 ,307
262
371
449
447
898
973
930
741
741
740
740
17 ,980 16,518
17 ,506 16,493
17 ,415 P16.464
17 ,486 P16.547
877
711
591
1,026
877
1,462
1,013
P951
P939
P Preliminary.
Includes industrial loans and acceptances purchased shown separately in subsequent tables.
Wednesday figures and end-of-month figures (shown on next page) are estimates.
Back figures.—See Banking and Monetary Statistics, Tables 101-103, pp. 369-394; for description, see pp. 360-366 in the same publication.
1
2
AUGUST
1949
943
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued
[In millions of dollars]
Member bank
reserve balances
Reserve Bank credit outstanding
Date or period
Discounts
and
advances
U. S. Government
securities
Total
All
Bills, other* Total
certifiBonds cates,
and
notes
Gold
stock
TreasTreasury deTreasury
posits
Money
curury
with
cirrency in
cash
Federal
culaoutholdRetion
standings
serve
ing
Banks
Other
Non- Fedmem- eral
Reber de- serve
Re- 2 Ex-8
posits acTotal quired
cess
counts
End of period:
1929—June
1933—June
1939—June
Dec.
1941—June
Dec.
1945—June
Dec.
1946—June
Dec.
1947—June
Dec.
29.
30.
30.
30.
30.
31.
30.
31.
29.
31.
30.
31.
216
1,037
71
164 1,998
441
2,551
911
2,484 1,351
2,184 1,364
2,254 1,467
46 21,792 1,113
249 24,262
947
157 23,783
755
163 23,350
753
727
70 21,872
22,559 2,853
145
1,557
1,640
1,133
820
787
20,679
23,315
23,028
22,597
21,145
19,706
,400 4,037
147
,220 4,031
58
,579 16,110
23
,593 17,644
102
,267 22,624
81
,361 22,737
104
466 22,304 20,213
580 25,091 20,065
516 24,456 20,270
581 24,093 20,529
228 22,170 21,266
536 23,181 22,ISA
2,019
2,286
2,881
2,963
3,149
3,247
4,145
4,339
4,539
4,562
4,552
4,562
4,459
5,434
7,047
7,598
9,612
11,160
26,746
28,515
28,245
28,952
28,297
28,868
204
264
2,563
2,409
2,275
2,215
2,279
2,287
2,251
2,272
1,314
1,336
6,206 15,160
6,757 14,568
7,781 13,796
9,260 14 ,153
10,925 12,117
11,181 12,025
10,977 12,356
268
392
207
333
494
339
542
21,900 23,532
22,035 23,679
22,107 23,725
24,071 23,872
23,875 24,004
23,881 24,166
24,097 24,244
4,565
4,565
4,571
4,575
4,580
4,585
4,589
27,903
27,866
28,055
28,118
28,176
28,331
28,224
1,327
1,323
1,321
1,321
1,321
1,332
1,325
1,928
1,755
1,919
1,664
1,610
1,601
1,123
1,514
1,423
1,482
984
628
438
374
346
258
251
290
291
450
495
561
607
629
563
,356
,292
,018
,653
.051
450
14,920
15,915
16,123
16,139
16,112
17,899
2,333
1,817
5,878
6,444
7,841
9,365
13,335
14,457
15,011
15,577
15,374
16,400
859
1,067
864
843
1,074
932
1,189
592
572
565
585
542
541
590
17,389
17,696
17,679
19,986
19,736
19,894
20,479
742
16,647
877
16,819
837
16,842
18,948 1,038
18,994
742
19,085
809
19,277 1,202
1,194
1,194
1,154
1,243
930
941
611
618
670
618
628
713
19,540
19,617
19,118
19,076
18,024
17,867
19,063
18,809
18,432
18,438
17,230
16,919
477
808
686
638
794
948
36
28
35
166
944
739
634
653
980 1,831
867 1,360
599 1,668
977 1,308
833 1,250
393
822
756
881
870
961
23
475
4,140
5,209
5,210
3,085
1,585
1,458
1,112
562
738
1,499
1948—June
July
Aug
Sept
Oct
Nov
Dec
265
318
323
325
339
33'
223
1949—Jan...
Feb..
Mar..
Apr..
May .
June.
456 22,109
251 22,342
24J 21,688
303 21,094
247 19,704
103 19,343
10,224
9,883
9,241
8,902
8,356
7,780
11,885
12,459
12,447
12,192
11,348
11,563
349 22,914 24,271
262 22,855 24,290
333 22,267 24,314
340 21,737 24,332
141 20,092 24,342
250 19,696 24,466
4,589
4,588
4,592
4,593
4,596
4,597
27,580
27,557
27,439
27,417
27,507
27,493
1,336
1,323
1,309
1,324
1,315
1,307
1948—June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
330
326
321
383
35'
353
330
20,752
21,340
21,411
21,632
23,168
23,028
23,002
6,183
6,372
7,334
8,454
9,994
11,172
11,085
14,569
14,968
14,077
13,178
13,174
11,856
11,917
418 21,501 23,457
355 22,021 23,615
310 22,042 23 ,700
394 22,409 23,829
412 23,937 23,958
449 23,830 24,110
645 23,978 24,218
4,561
4,562
4,564
4,570
4,574
4,580
4,584
27,846
27,955
27,977
28,152
28,188
28,277
28,423
,324
,324
,323
,320
,319
,321
,319
1,487
890
1,829
957
1,834
912
1,321
927
1,598
958
1,563
984
1,398 1,051
576
607
568
578
588
540
600
17,396
17,526
17,690
18,509
19,818
19,835
19,990
16,544
16,709
16,854
17,626
19,001
19,061
19.193
852
817
837
884
817
773
797
1949—Jan...
Feb..,
Mar..
Apr..
May.
June.
34'
284
30:
249
303
22,289 10,620 11,669
22,320 10,032 12,288
21,615 9,588 12,027
21,361 9,049 12,312
19,974 8,511 11,463
19,377 8,046 11,331
513 23,150 24 ,259
350 22,953 24,283
353 22,270 24 ,301
407 22,017 24,322
298 20,575 24,304
19,896 24,404
4,587
4,587
4,588
4,591
4,592
4,596
27,850
27,545
27,508
27,462
27,438
27,432
,327
,321
,319
,318
,312
,311
1,014
1,539
1,009
1,109
914
421
603
616
652
671
593
680
19,991
19,570
19,417
19,185
18,146
18,068
19,153
18,860
18,723
18,479
17,369
17,310
838
710
694
706
777
758
21,366
21,325
21,577
23,413
23,042
23,206
23,333
Averages of
daily figures:
1,211
1,233
1,255
1,185
1,067
984
For footnotes see preceding page.
MARGIN REQUIREMENTS *
MAXIMUM RATES ON TIME DEPOSITS
[Per cent of market value]
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]
Prescribed in accordance with
Securities Exchange Act of 1934
Nov. 1, 1933- Feb. 1, 1935- Effective
Jan. 31, 1935 Dec. 31, 1935 Jan. 1,1936
Savings deposits
Postal Savings deposits
Other deposits payable:
In 6 months or more
In 90 days to 6 months
In less than 90 days
I"
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.
944
Regulation T:
For extensions of credit by brokers
and dealers on listed securities
For short sales
Regulation U:
For loans by banks on stocks
Jan. 21, Feb. 1, Effec19461947tive
Jan. 31, Mar. 29, Mar. 30,
1947
1949
1949
100
100
75
75
50
50
100
75
50
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 1946, p. 295.
FEDERAL RESERVE BULLETIN
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)»
Federal Reserve Bank
Effective
Rate
Other secured advance;
[Sec. 10(b)]
Advances to individuals,
partnerships, or corporations other than member
banks secured by direct
obligations of the U. S.
(last par. Sec. 13)
Rate
Rate
Effective
Effective
Boston
New York....
Philadelphia..
Cleveland
Aug. 13, 1948
Aug. 13, 1948
Aug. 23, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 13, 1948
Aug. 23, 1948
Aug. 13, 1948
Jan. 14, 1948
Apr. 6, 1946
Aug. 23, 1948
Aug. 13, 1948
Richmond
Atlanta
Chicago
St. Louis
Aug.
Aug.
Aug.
Aug.
13,
13,
13,
19,
1948
1948
1948
1948
Aug.
Aug.
Aug.
Aug.
13,
13,
13,
19,
1948
1948
1948
1948
Mar. 16, 1946
Jan. 24, 1948
Aug. 13, 1948
Jan. 12, 1948
Minneapolis..
Kansas City..
Dallas
San Francisco
Aug.
Aug.
Aug.
Aug.
13,
16,
13,
13,
1948
1948
1948
1948
Aug. 13,
Aug. 16,
Aug. 13,
Aug. 13,
1948
1948
1948
1948
Aug. 23, 1948
Jan. 19, 1948
Feb. 14, 1948
Apr. 25, 1946
1
Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months.
NOTE.—Maximum maturities for discounts and advances to member banks are: 15 days for advances secured by obligations of the Federal Farm
Mortgage Corporation or the Home Owners' Loan Corporation guaranteed as to principal and interest by the United States, or by obligations of Federal intermediate credit banks maturing within 6 months; 90 days for other advances and discounts made under Sections 13 and 13a of the Federal
Reserve Act (except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding 6 months and
9 months, respectively); and 4 months for advances under Section 10(b). The maximum maturity for advances to individuals, partnerships, or
corporations made under the last paragraph of Section 13 is 90 days.
Back figures.—See Banking and Monetary Statistics, Tables 115-116, pp. 439-443.
FEDERAL RESERVE BANK EFFECTIVE MINIMUM BUYING
RATES ON BANKERS' ACCEPTANCES
[Per cent per annum]
FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS
AND COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturity
Rate on
July 31
1- 90 days
91-120 days
121-180 days
S8
In effect beginning—
Previous
rate
1
Aug. 13, 1948
i Aug. 13, 1948
i Aug. 13, 1948
Maturities not exceeding five years
S
[In effect July 31. Per cent per annum]
To industrial or
commercial
businesses
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 deposits
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-Sept. 15-23,1948
Sept. 16-24, 1948-Apr.
30May 4, 1949 2
May 1-5,
1949-June
29-30,
19492
June 30-July 1, 1949 and after2
Central
reserve
city
banks
Reserve
city
banks
10
15
7
20
20
20
20
20
20
26
22
16
24
24
21
20
15
14
20
2
Dond accounts during the period Apr. is, ivzs
U. S. Government demand accounts Apr. 24,
* Changes effective Sept. 16, May 1, and July
Sept. 24, May 5, and June 30 at other classes.
AUGUST
1949
On
loans
Time
deposits
(all
Country member
banks)
banks
13
193^
22M
26
22 M
26
24
22
20
22
24
14
12
14
14
14
14
14
14
3
4
6
5
6
6
6
6
6
6
7
6
On discounts or
purchases
Federal
Reserve
Bank
l
To financing institutions
l
On
commitments
Portion
for which
institu-
tion is
obligated
Boston
New Y o r k . . .
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago......
St. Louis
Remaining
portion
On
commit-
(2)
8
(2)
2M-5
(*)
(2)
<*>
1J4-2
Minneapolis. .
Kansas City. ,
Dallas
San Francisco
1
2
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 M Per cent is made on undisbursed portion of loan.
Back figures.—See Banking and Monetary Statistics, Table 118*
.pp. 446-447.
945
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
Item
1949
July 27
Assets
Gold certificates
Redemption fund
F. R. notes
End of month
July 20
July 13
1949
July 6
June 29
June 22
July
June 15
1948
June
July
22,714,431 22,704,433 22,699,432 22,666,429 22,651,429 22 617,430 22,617,429 22 712,428 22 ,656,431 21,793,669
for
570,829
584,493
588,354
588,722
588,471
587,722
590,503
588,722
572,418
613,132
Total gold certifi23,285,260 23,288,926 23,287,786 23,254.900 23,240,151 23,205,152 23,207,932 23,284,846 23,245,153 22,406,801
cate reserves
Other cash
Discounts and advances:
For member b a n k s . . .
For nonmember
banks, etc
Total discounts and
advances
Industrial loans
U. S. Govt. securities:
Bills
Certificates:
Special
Other
Notes
Bonds
278,634
253,877
281,591
287,162
270,800
314,764
265,966
50,309
25,611
62,715
580,275
48,657
216,433
15,095
85,251
94,300
89,800
88,100
87,600
90,600
90,600
100,300
87,600
232,700
416,655
360,266
140,109
113,711
150,315
670,875
139,257
316,733
102,695
317,951
519
520
494
496
474
466
515
530
480
802
307,475
299,953
316,355
100,300
283,293
288,523
3,735,695 3,669,195 3,936,112 4,346,460 4,520,129 4,032,129 4,004,443 3,774,495 4,346,460 7,555,931
6,620,500 6,671,000 6,768,700 6,857,100 6,857,100 6,842,100 7,046,600 6,620,500 6,857,100 5,059,407
357,100
353,600
353,600
359,100
359,100
359,100
359,100
359,100 1,953,300
353,600
7,780,200 7,780,200 7,780,200 7,780,200 7,780,200 7,932,300 8,050,500 7,780,200 7,780,200 6,756,765
Total U. S. Govt.
securities
Other Reserve Bank
credit outstanding
18,489,995 18,473,995 18,842,112 19,342,860 19,516,529 19,165,629 19,460,643 18,528,795 19,342,860 21,325,403
168,261
261,247
296,093
207,842
321,494
276,257
310,106
391,550
249,831
390,701
Total Reserve Bank
credit outstanding 19,075,430 19,096,028 19,278,808 19,778,561 19,875,160 20,113,227 19,910,521 19,237,608 19,695,866 22,034,857
Liabilities
Federal Reserve notes. . 23,243,361 23,278,926 23,374,775 23,497,568 23,317,411 23,236,950 23,270,836 23,305,260 23,372,547 23,771,287
Deposits:
Member bank — reserve account
17,485,926 17,415,184 17,505,870 17,980,117 18,012,905 18,314,369 18,605,961 17,436,630 17,867,131 17,695,901
U. S. Treasurer—general account
448,756
371,085
446,736
262,101
497,109
508,263
8,758
438,442 1,755,067
513,556
Foreign
508,230
526,150
507,153
467,197
484,748
476,755
468,004
374,812
487,518
429,892
Other
465,001
451,371
404,053
413,148
466,021
438,026
692,157
409,365
453,155
588,181
Total deposits
18,809,224 18,794,143 18,850,186 19,140,114 19,468,538 19,765,408 19,520,749 18,968,259 19,246,246 20.517,937
Ratio of gold certificate
reserves to deposit and
F. R. note liabilities
combined (per cent).. *
55.4
55.4
54.5
55.2
55.1
54.3
MATURITY DISTRIBUTION OF LOANS AND U. S. GOVERNMENT
HELD BY FEDERAL RESERVE BANKS
54.5
SECURITIES
[In thousands of dollars]
Total
Discounts and advances:
June 29
.
....
July 6
July 13
July 20
July 27
Industrial loans:
June 29
July 6
July 13
July 20
July 27
U. S. Government securities:
J u n e 29
July 6
July 13
July 20
. . .
July 27
946
.
Within
15 days
16 to 30
days
ISO 31S
113 ,711
140 109
360
416 6SS
56,167
17,483
45,311
248,502
311,626
474
496
494
520
519
420
439
438
469
463
3
3
S?9 3,701,590
,860
951,912
11?
807,729
99 S
652,428
693,428
,995
474 978
334.878
442.950
566 777
694 435
19
19 ,342
18 84?
18 473
18 ,489
3
11
5
16
78
903
532
948
3? 7
31 to 60
days
80
74
83
84
11
336
722
591
000
169
?7
27
96
9/1
?8
1 ?4S 835
1 ,584 ,952
1
918
1 613 696
1 ,588 ,570
61 to 90 91 days to 6 months
6 months to 1 year
days
,896
9 ,496
6 ,004
9 74S
1S 431
9
10
478
13
1 071
10?
3
4
4
4
/\
4
7
7
7
7
7
1 949 7?6 1,608 ?00 ? 998 000
3 324 ,918
780 ,300 4 ,827 700
3 0?1
768
4 ,749 400
9 686 494
742 ?00 4 674 ?00
2 609 ,462
725 ,200 4 ,640 700
1 year to 2 years to
2 years
5 years
Over
5 years
16
16
16
16
17
2,090 200 s ,448 000
2.090,200 5 ,448 000
2,090,200 s ,448 000
2,090,200 s ,448 000
2,090,200 5 ,448 ,000
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars}
San
Francisco
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.,
Louis
Minneapolis
Kansas
City
Dallas
834,701
828,276
845.774
850,870
834,149
7.193,394
7,524,872
7,225,441
7,139,089
7,213,470
1,189,910
1,137,735
1.153,737
1,187.696
1,180,166
1,634,569
1,562,056
1,612,897
1,628,461
1,618,465
1,035.109
994,154
1,025,103
1.046,767
1,049,338
1,010,405 4,379,618
978,016 4,413,992
1,007,494 4,493,345
1,009,626 4,423,301
997,170 4,400,235
661,957
662.564
676,048
710.331
695,505
439,147
428,289
436.110
439,202
451,948
815,129
808,180
831,918
850,218
831,712
603,675 2,853,815
583,280 2,745.215
621,467 2,770,098
632,736 2,786,136
657,014 2.785,259
51,725
51,719
51,610
51.447
51,273
50,142
50,052
49,582
48,674
47,844
57,285
57,264
57,072
56,728
46,364
72,462
72,445
72,299
72,045
71,799
51,016
50.997
52,210
50,796
49,265
91,304
91,272
91,128
90,880
90,880
43,919
43,912
43,878
43,798
43,725
22,719
22,712
22,698
22.675
22,651
35,511
35,504
35,488
35,443
35,365
23,240,151
23,254,900
23,287,786
23,288,926
23,285,260
886,426
879,995
897,384
902,317
885,422
7,243,536
7,574,924
7,275,023
7,187,763
7,261,314
1,247,195
1,194,999
1,210,809
1,244,424
1,226,530
1,707.031
1,634,501
1,685,196
1,700,506
1,690,264
1,086,125
1,045.151
1,077,313
1,097,563
1,098,603
1,052,607 4,470,922
1,020,204 4,505,264
1,049,583 4*584,473
1,051,518 4,514,181
1,038,873 4,491,115
705,876
706,276
719.926
754 129
739,2^0
461,866
451,001
458.808
461,877
474,599
850.640
843,684
867,406
885,661
867,077
281,591
253,877
278,634
299,953
307,475
26,687
22,244
28,259
31,675
32,464
54,602
50,029
53,926
57,293
54,781
14,493
10,994
12,910
13,827
14,006
26,296
28,813
26,423
32,126
29,782
18,563
15.873
17,225
19,013
19,145
22,897
18,600
21.501
21,423
25,217
40,671
38,135
40,240
43,264
43,039
14,361
12,806
14,873
15,780
17,121
7,866
6,439
7,934
6,777
8,574
11 821
10,025
10,936
12,029
13,663
12,259
11,119
10,980
10,902
11,064
31.075
28,800
33.427
35.844
38,619
62,549
25,446
49,294
264,814
315,083
7,395
1,130
4,230
7,820
1,665
2,768
1,770
1,213
6,738
2,515
9,650
1,585
4,977
1,570
1,085
1,283
1,608
1,608
3,100
36.650
50,100
4,400
3,400
725
650
200
275
1,056
2,556
9,625
4,840
27,225
5,164
2,500
2,150
1,000
1,100
3,633
393
393
593
13,095
14,000
3,925
6,265
10,340
10,708
3,093
350
3,156
13,056
29..
6..
13..
20..
27..
87,766
88,265
90,815
95,452
101,572
5,519
5,550
5,657
5,941
6,319
15,017
6,672
24,777
156,742
208,349
27,682
27,840
28,377
29,799
31,695
3,150
13..
20..
27..
7,008
7,048
7,184
7,544
8,024
8,209
8,255
8,262
8,676
9,378
4,292
4,317
4,400
4,621
4,915
3,592
3,612
3,682
4,066
4,312
12,089
12,158
12,392
13,013
13,841
3,154
3,172
3,233
3,395
3,611
2,190
2,203
2,245
2,358
2,508
3,154
3,172
4,233
4,270
4,426
3,081
3,098
3,158
3,377
3.617
7,796
7,840
7,992
8,392
8,926
450
469
468
496
490
1
24
27
26
24
28
192,274
188,006
170,256
158,711
161,587
393,874
385,131
348,771
325.120
331,012
607,594
607,594
599.761
591.104
586,629
31,819
31.819
31,642
31,332
31.332
689,388
689,388
689.388
689,388
689,388
Total
Boston
Assets
Gold certificates:
22,651,429
June 29
22,666,429
July 6
22,699,432
July 13
July 20
22,704,433
July 27 .. 22,714,431
Redemption fund
for F. R. notes:
588,722
June 29
588,471
July 6
588,354
July
13
July 20
584,493
July 27
570,829
cate reserves:
June 29
July 6
July 13
July 20
July 27
v^tner casn.
June 29
July 6
July 13
July 20
July 27
42,202
42,188
42,089
41,892
41,703
25,992
25,986
25,945
25,888
25,888
44,445
44,420
44,355
44,227
44,072
629,667 2,898,260
609,266 2,789,635
647,412 2,814.453
658,624 2,830.363
682,902 2,829.331
x/iwvvuiiio \x ciu
vances:by
Secured
U. S. Govt.
securities:
June 29..
July 6. .
July
July
July
Other*
June
July
July
July
July
XllUUoLrictl iUcUlb •
June 29.
July
6 ...
July 13 . .
July 20
July 27
U. S. Govt.
securities:
Bills:
June 29
July
6....
July 1 3 . . . .
July 20
July 2 7 . . . .
Certificates:
June 29
July 6
July 13
July 2 0 . . . .
July 2 7 . . . .
Notes:
June 29
July 6. . . .
July 1 3 . . . .
July 2 0 . . . .
July 27
Bonds:
June 29
July 6
July 1 3 . . . .
July 2 0 . . . .
July 2 7 . . . .
474
496
494
520
519
717
580
4,520,129
4,346,460
3,936,112
3.669,195
3.735,695
306,660 1,128,451
299,853 1,030,067
271,544
932,819
253,130
869,562
257,718
885,322
302,793
296,072
268,120
249,938
254,468
409,979
400.878
363,032
338,414
344,547
285,364
279,030
252,687
235,551
239,820
238,317
233,027
211,027
196,717
200,282
663,289
648,566
587,335
547,506
557,430
240,224
234,892
212,715
198,291
201,884
143,902
140.708
127,424
118,783
120,937
215,002
210,230
190,382
177,472
180,688
6,857,100
6,857,100
6,768.700
6,671,000
6,620,500
359,100
359,100
357,100
353,600
353,600
1,625,065
1,625,065
1,604,115
1,580,961
1,568,993
85,103
85,103
84,629
83,800
83,800
467,092
467,092
461,070
454,415
450,975
24,461
24,461
24.325
24,086
24,086
632,437
632,437
624,283
615,272
610,615
440,205
440,205
434,529
428,258
425,016
33,120
33,120
32,936
32,613
32,613
23,053
23,053
22,925
22,700
22,700
367,631 1,023.196
367,631 1,023,196
362.891 1,010,005
357,652 995,427
354,945 987,891
53,584
19,252
19.252
53,584
19,145
53,285
18,958
52,763
18,958
52,763
370,570
370,570
365,794
360,514
357,785
19,407
19,407
19,298
19,109
19,109
221,985
221,985
219,123
215,961
214,325
11.625
11,625
11,561
11.447
11,447
331,664
331.664
327.388
322,662
320,220
17,369
17,369
17,272
17,103
17,103
7,780,200
7,780,200
7,780,200
7,780,200
7.780,200
473,058
473,058
466,960
460,220
456,736
24,774
24,774
24,636
24,394
24,394
536,740
536,740
536,740
536,740
536,740
1,843,829
1,843,829
1,843.829
1,843,829
1,843,829
529,972
529,972
529,972
529,972
529,972
717,576
717,576
717,576
717,576
717,576
499,466
499,466
499,466
499,466
499,466
1,160,938
1,160,938
1,160,938
1,160,938
1,160,938
420,458
420,458
420,458
420.458
420,458
251,868
251,868
251,868
251,868
251,868
296,603
296.603
292,781
288,554
286,370
15,533
15,533
15,446
15,295
15.295
376,313 336,533
376,313 336,533
376,313 336,533
376,313 336,533
376,313 336,533
19,516,529
19,342,860
18,842,112
18,473,995
18.489,995
1,341,232
1,334,425
1,299,880
1,274,484
1,275,588
4,682,448
4,584,064
4,465,392
4,378,152
4,381,944
1,324,318
1.317,597
1,283,487
1,258,411
1,259,501
1,793,112
1,784,011
1,737,827
1,703,875
1,705,351
1.248.088 1,042,319 2,901,007 1,050,659
1.241,754 1,037,029 2,886.284 1,045,327
1,209,607 1,010,182 2,811,563 1.018,265
1,185,975 990,446 2,756,634 998,372
1,187,002 991,304 2,759,022 999,236
629,380
626,186
609,976
598,059
598.577
940,348
935.576
911,355
893,550
894,324
417,119
417,119
417,119
417.119
417,119
856
i ouai i_/. o. LTOVL.
securities:
June 29
July 6
July 13
July 20
July 27
AUGUST
1949
840,943
836.675
815,016
799,093
799,785
1.722,675
1,713,932
1,669,562
1,636.944
1,638.361
947
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
St.
Louis
San
Francisco
Minneapolis
Kansas
City
Dallas
632,220
628,589
612,496
627,642
606,249
946,002
940,898
916,588
898.920
902,383
844,417
840,166
818,767
805.563
803,752
1,731,527
1,724,328
1,678,410
1,648,492
1,660,343
2
2
2
2
2
1
1
1
1
1
2
2
2
2
2
2
2
2
2
2
4
4
4
4
4
14,934
13,258
16,455
16,019
14,830
6,360
5,890
8,353
7,480
8,925
4,950
3,602
4,898
7,014
7,452
5,654
6,682
7,673
7,954
9,127
4,727
3,455
4,766
4,779
3,826
14,778
13,259
17,089
17,806
16,143
146,188
145,262
184,328
162,297
141,311
363,285
330,985
424.634
388,314
353,293
124,769
125,671
152,349
143,210
134,675
69,766
64,097
84,326
80,048
69,043
124,994
122,085
148,515
150,637
126,361
110,661
102,408
128,815
124.889
114,616
209,215
193,429
239,175
250,104
196,193
2,513
2,513
2,513
2,513
2,506
1,545
1,545
1,545
1,545
1,541
3,177
3,176
3,179
3,181
3,181
1,919
1,919
1,919
1,919
1,916
1,161
1,161
1,161
1,161
1,159
2,351
2,345
2,345
2,345
2,345
740
736
736
737
737
2,224
2,291
2,323
2,323
2,330
7,540
5,939
6,276
6,518
7,004
6,281
5,031
5,261
5,521
5,818
17,652
14,232
15,039
15,954
16,899
7,223
5,992
6,196
6,596
6,876
3,698
2,937
3,096
3,306
3,502
5,550
4,403
4,680
4,896
5,111
5,088
4,015
4,217
4,573
4,778
10,237
8,141
8,552
9,050
9,516
3,773,246 2,597,040
3,670,167 2,523.011
3,712,307 2,578,097
3,707,776 2,544,951
3,673,495 2,529,756
2,288,527
2.241.421
2,288,678
2.249,754
2,221,350
7,826,894
7,804,079
7,911,082
7.787,217
7,745,327
1,918,723
1,910,455
1,925,841
1,940.508
1,916,432
1,181,528
1,157,827
1,172,720
1,187,826
1,170,579
1,947,014
1,930.124
1,958,145
1,962,444
1.926,069
Richmond
Total
Boston
New
York
Philadelphia
Cleveland
19,667,318
19,457,067
18,982,715
18,834,781
18,907,169
1,354,146
1,341,105
1,309,767
1,288,245
1,283,572
4,725,147
4,618,576
4,518,546
4,564,693
4,621,988
1,334,544
1,326,884
1,292,352
1,273,189
1,270,530
1,810,971
1.793,851
1,751,066
1,713,268
1,727,825
49
49
49
49
49
3
3
3
3
3
M6
U6
U6
4
4
4
4
4
4
4
4
4
4
2
2
2
2
2
2
2
2
2
2
7
7
7
7
7
108,802
91,261
120,685
127,646
124,926
5,284
3,324
6,156
8,409
8,141
14,038
8,449
16,311
17,420
15,738
4,751
3,312
6,466
7,589
7,051
5,890
5,993
6,206
6,999
6,839
15,910
14,986
15,001
14,849
15,490
11,526
9,051
11,311
11,328
11,364
2,330,939
2,294,329
2,701,033
2,580,080
2,231,003
178,494
207,467
214,387
200,609
167,737
436,551
455,180
486,775
459,769
393,187
160,216
166,432
169,146
176,697
146,964
206,817
192,789
229.114
239,973
203,270
199,983
188,524
239,469
203,533
184,353
32,595
32,628
32,658
32,662
32,634
1,157
1,157
1,157
1,157
1,152
8,005
7,982
7,982
7,982
7,982
3,020
3,020
3,020
3,020
3,014
4,783
4,783
4,778
4,779
4,771
118,512
95,008
99,684
104,508
110,412
8,252
6,787
7,033
7'332
7,587
27,861
21,979
23,424
23,766
25,395
7,676
6,119
6,390
6,875
7,186
11,454
9,433
9,520
10,121
10,740
45,779,957
45,479.119
45.503,244
45,268,605
44,998,928
2,460,449
2,462,082
2,464,146
2,439,747
2,386,078
12,509,756
12,737,135
12,382,003
12,318,702
12,380,401
2,771,899
2,711.764
2,701,097
2,725,625
2,675,285
Atlanta
Chicago
Assets (cont.):
Total loans and
securities:
June 29
July 6
July 13
July 20
July 27
Due from foreign
banks:
June 29
July 6
July 13
July 20
July 27
Federal Reserve
notes of other
Banks:
June 29
July 6
July 13
July 20
July 27
Uncollected
items:
June 29
July 6
July 13
July 20
July 27
Bank premises:
June
July
July
July
July
29
6
13
20
27
("ifTipr dooCLo*
QQcpfc
V-ZtlxCX
|
June 29
July
6
July 13
July 20
July 27
Afn 1 QOOAto*
June 29
July 6
July 13
July 20
July 27
Liabilities
i 16
U6
1,266,404 1,047,481 2,916,246 1,058,213
1.250,023 1,041,726 2.899,022 1,051,899
1,220,298 1,015.147 2,827,055 1,022,223
1,200,960 996,120 2,806,297 1,011,392
1,202,653 997,224 2,822,963 1,007,687
1,607,561 4,897,320
1,571,167 4,759,887
1.615,695 4,793,433
1,610,069 4,793,986
1,621,677 4,752,479
Federal Reserve
notes:
23,317,411 1,397,077 5'347,780 1,615,370 2,080,987 1,549,152 1,279,321 4,471,136 1,073,839 606,948 912,448 599,177 2,384,176
June 29
?S 497 568 1,411,976 5,390 587 1 628*461 2,094 173 1,551,893 1 287,291 4.507,893 1,080,799 612,187 920,095 604,588 2,407,625
July 6
July 13
23,374,775 1,399,087 5,351.668 1,616,842 2,086,730 1,543,935 1,278,136 4,497,779 1,077,174
July 20
23 278,926 1,389,108 5,336,551 1,608,819 2,075,795 1,529,052 1,275,797 4,493,043 1,073,306
July 27
23,243,361 1,384,625 5,340'852 1,607,509 2,071,637 1,524,305 1,277,195 4,488,195 1,067,872
Deposits:
Member bank
—reserve
account:
June 29. . 18,012,905 758,701 5,866,975 863,090 1,333,275 761,784 771,774 2,788,799 645,780
July 6 . . 17,980,117 760,223 6,152,087 817.896 1,266,152 719.754 741,195 2.795,439 641,084
July 1 3 . . 17,505,870 752,143 5,720,645 802,328 1,268,995 726.562 740,747 2,811,989 626,028
July 2 0 . . 17,415,184 746.575 5,725,998 825,562 1,251,096 720,056 718,144 2.688,851 638,309
July 2 7 . . 17,485,926 724,169 5,868,023 804,219 1,268,024 720,058 703,502 2,705,193 625,427
T
VJT• oC.
608,296
605,577
601,947
917,139
913,056
911,442
602,083 2,395,906
598.064 2,380,758
597,016 2,370,766
444,144
436,876
427,735
454,473
441,767
832,586
827,837
819,542
826,492
810,055
827,775
802,358
815,767
813,959
815,062
2,118,222
2,019.216
1,993,389
2,005,669
2,000,427
Ti Y
M S
reas—
urer-general
account:
June 29..
July 6. .
July 1 3 . .
July 2 0 . .
July 2 7 . .
Forcisrn *
June 29..
July 6. .
July 13..
July 20..
July 2 7 . .
Other*
June 2 9 . .
July 6. .
July 1 3 . .
July 2 0 . .
July 2 7 . .
497,109
262,101
371,085
448,756
446,736
43,307
13,153
23,815
20,480
27,254
507,153
484,748
508,230
526,150
467,197
451,371
413,148
465,001
404,053
409,365
31,557
29,931
31,595
34,020
28,898
2f977
2,284
5,803
4,660
4,168
82,707
47,504
74,253
94,103
57,937
47,111
16,830
24,264
27,385
23,948
38,819
11,822
27,229
37,543
21,022
f26,640
12,677
14,952
30,064
41,359
33,538
22,089
30,393
32,804
40,430
57,675
44,744
43,193
63,906
47,119
26,150
18,362
24,911
32,094
41,261
30,493
18,880
25,591
19,202
28,540
32,274
21,280
30,649
30,364
29,337
24,158
19,486
23,706
25,268
48,453
54,237
15,274
28,129
35,543
40,076
164,509
165,163
2156,743
2153,390
40,072
38,008
40,120
43,200
36,696
46,083
43,709
46,138
49,680
42,201
24,544
23,280
24,574
26,460
22,476
20,537
19,479
20.562
22,140
18,807
69,124
65,564
69,207
74,520
63,301
18.032
17,104
18,054
19,440
16,513
12,523
11,877
12,538
13,500
11,468
18,032
17,104
18,054
19,440
16,513
17,532
16,629
17,552
18,900
16,055
44,608
42,316
44,673
48,107
40,879
390,715
343,556
391,063
337,592
343,822
2,079
1,198
2,725
1,858
3,709
4,762
5,903
5,720
4,863
3,976
1,570
3,613
4,297
2,502
1,913
798
998
2,732
6,543
2,827
2,957
2,774
6,180
5,605
6,345
5,800
4,532
1,173
1,104
1,545
1,454
2,278
4,975
5,093
4,456
4,694
5,393
446
562
581
479
764
32,964
36,689
37,876
36,078
35,479
2
2
159,747
2
1,763
1,116
557
i After deducting $33,CG0 participations of other Federal Reserve Banks on June 29; July 6; July 13; July 20; and July 27.
* After deducting $342,616,000 participations of other Federal Reserve Banks on June 29; $324,969,000 on July 6; $343,026,000 on July 13; $369,360,000 on July 20; and $313,751,000 on July 27.
948
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Richmond
Cleveland
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Liabilities
(cont.):
Total deposits:
June 2 9 . . . .
July
6....
July 1 3 . . . .
July 2 0 . . . .
July 2 7 . . . .
Deferred availability items:
June 2 9 . . . .
July
6....
July 1 3 . . . .
July 2 0 . . . .
July 2 7 . . . .
Other liabilities
including accrued
dividends:
J u n e 29
July
6....
July 1 3 . . . .
July 20
July 27
Total liabilities:
June 2 9 . . . .
July
6....
J u l v 13
July 2 0 . . . .
July 2 7 . . . .
19,468,538
19,140,114
18,850,186
18,794,143
18,809,224
836,542
805,591
813,356
805,735
784,489
6,504,906
6,702,894
6,351,124
6,314,436
6,423,172
952,352
873,932
869,437
898,005
868,572
1,422.939
1,327,586
1,348,082
1,343,182
1,335,223
814,538
759,324
770,385
779,082
785,806
826,647
783,761
793,465
774,204
763,296
2,918,330
2,912,290
2,927,216
2,830,234
2,818,387
696,142
682,155
675,338
695,643
687,733
488,333
468,737
467,409
488,629
484,053
887,867
871,314
872,701
880,990
861,298
869,911
839,035
857,606
858,606
880,334
2,250,031
2,113,495
2,104,067
2,125,397
2,116,861
2,123,146
1,972*884
2,404,989
2,318,882
2,062,791
171,054
188,796
195,707
188,680
160,400
397,994
385,661
419,921
407,889
353,380
135,735
141,136
146,255
150,022
130,049
188,982
168,193
197,140
208,023
185,395
187,326
165,820
217,501
190,307
172,821
144,055
131,916
178,385
160,856
141,681
317,465
264,195
365,608
342,953
317,001
114,160
112,905
138,506
136,583
125,589
62,577
53,246
73,177
69,549
60,495
112,800
104,839
134,160
134,125
118,794
105,749
94,998
123,254
120,411
111,102
185,249
161,179
215,375
209,484
186,084
1,019
697
609
603
614
4,929
2,552
2,824
2,383
3,960
1,007
1,790
1,279
524
1,000
1,078
780
475
468
429
488
2,544
1,562
1,650
1,514
1,644
712
470
436
372
391
509
334
362
454
324
797
416
394
356
413
742
371
377
425
472
1,375
465
866
548
546
470
522
2,405,692
2,407,060
2,408,759
2,384,126
2,330,128
12,255,609
12,481,694
12,125,537
12,061,259
12,121,364
2,704,464
2,644,085
2,633,092
2,657,311
2,606,654
3,694,698
3,591,231
3,632,902
3,628,000
3,593,333
2,551,882
2,477,585
2,532,367
2,498,911
2,483,454
2,250,803
2,203,443
2,250,454
2,211,286
2,182,660
7,709,475
7,685,940
7,792,253
7,667,744
7,625,227
1,884,853
1,876,329
1,891,454
1,905,904
1,881,585
1,158,367
1,134,504
1,149,244
1,164,209
1,146,819
1,913,912
1,896,664
1,924,394
1,928,527
1,891,947
1,575,579
1,538,992
1,583,320
1,577,506
1,588,924
4,820,831
4,683,005
4,716,185
4,716,346
4,674,468
11,503
11,505
11,512
11,514
11,521
69,962
70,421
70,422
70,430
71,091
14,892
14,907
14,921
14,936
14,974
19,233
19,242
19,288
19,293
19,293
8,978
9,017
9,026
9,062
9,069
8,086
8,107
8,109
8,126
8,128
25.869
25,958
25,974
25,985
25,988
6,773
6,783
6,791
6,794
6,800
4,544
4,545
4,547
4,550
4,553
7,212
7,239
7,247
7,255
7,254
8,234
8,257
8,263
8,269
8,284
19,698
19,709
19,774
19,782
19,785
29,347
29,347
29,347
29,347
29,347
143,019
143,019
143,019
143,019
143,019
36,704
36,704
36,704
36,704
36,704
43,968
43,968
43,968
43,968
43,968
22,417
22,417
22,417
22,417
22,417
20,028
20,028
20,028
20,028
20,028
68,842
68,842
68,842
68,842
68,842
17,974
17,974
17,974
17,974
17,974
11,797
11,797
11,797
11,797
11,797
17,008
17,008
17,008
17,008
17,008
14,954
14,954
14,954
14,954
14,954
40,653
40,653
40,653
40,653
40,653
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
10,896
11,159
11,517
11,749
12,071
33,847
34,682
35,706
36,675
37,608
11,350
11,579
11,891
12,185
12,464
14,341
14,720
15,143
15,509
15,895
10,414
10,643
10,938
11,212
11,467
8,848
9,081
9,325
9,552
9,772
21,279
21,910
22,584
23,217
23,841
8,602
8,848
9,101
9,315
9,552
5,747
5,908
6,059
6,197
6,337
7,745
8,076
8,359
8,517
8,723
7,487
7,657
7,851
8,033
8,208
13,998
14,380
14,681
15,065
15,433
2,460,449
2,462,082
2,464,146
2,439,747
2,386,078
12,509,756
12,737,135
12,382,003
12,318,702
12,380,401
2,771.899
2,711,764
2,701,097
2,725,625
2,675,285
3,773,246
3,670,167
3,712,307
3,707,776
3,673,495
2,597,040
2,523,011
2,578,097
2,544,951
2,529,756
2,288,527
2,241,421
2,288,678
2,249,754
2,221,350
7,826,894
7,804,079
7,911,082
7,787,217
7,745,327
1,918,723
1,910,455
1,925,841
1,940,508
1,916,432
1,181,528
1,157,827
1,172,720
1,187,826
1,170,579
1,947,014
1,930,124
1,958,145
1,962,444
1,926,069
326
249
225
195
184
11,636
11,250
il,129
i 975
*925
414
317
286
247
234
476
364
329
284
269
254
194
174
151
143
212
162
146
127
120
714
546
493
426
404
186
142
129
111
105
129
99
89
77
73
186
142
129
111
105
105
103
103
83
102
1,788
1,781
1,781
1 781
1,781
15
15
15
15
15
223
210
210
210
210
9
8
28
28
28
17,070 i
9,966
10,011
9,178
11,187
44,926,165
44,620,532
44,639,961
44,401,129
44,126,563
556
558
950
706
837
707
757
Capital Accts.:
Capital paid in:
June 2 9 . . . .
204,984
July 6 . . . .
205,690
July 13
205,874
July 20
205,996
July 2 7 . . . .
206,740
Surplus:
(section 7)
June 29
466,711
July 6 . . . .
466,711
July 1 3 . . . .
466,711
July 20
466,711
July 2 7 . . .
466,711
(section 13b)
June 29
27,543
July 6
27,543
July 1 3 . . . .
27,543
Tuly 20
27,543
July 2 7 . . . .
27,543
Other cap. accts.:
June 29
154,554
July 6 . . . .
158,643
July 1 3 . . . .
163,155
July 20
167,226
July 2 7 . . . .
171,371
Total liabilities
and cap. accts.:
June 29
45,779,957
July 6 . . . . 45,479,119
July 1 3 . . . . 45,503,244
July 2 0 . . . . 45,268.605
July 2 7 . . . . 44,998,928
Contingent liability on acceptances purchased for foreign
correspondents:
June 2 9 . . . .
5,175
July 6
3,956
July 1 3 . . . .
3,572
July 20
3,087
July 2 7 . . . .
2,926
Commitments to
make industrial
loans:
June 29
2,283
July 6 . . . .
2,257
July 1 3 . . . .
2,277
July 2 0 . . .
2,257
July 2 7 . . . .
2,276
60
60
60
60
60
1,607,561 4,897.320
1,571,167 4,759,887
1,615,695 4,793,433
1,610,069 4,793,986
1,621,677 4,752,479
181
139
125
108
103
461
352
318
275
261
83
80
80
80
80
i After deducting $3,539,000 participations of other Federal Reserve Banks on June 29; $2,706,000 on July 6; $2,443,000 on July 13; $2,112,000
on July 20; and $2,001,000 on July 27.
AUGUST
1949,
949
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS—Continued
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
F.R. notes outstanding
(issued to Bank):
June 29
24,040,510
24,137,959
July 6
24,148,445
July 13
24,078,854
July 20
24,018,828
July 27
Collateral held against
notes outstanding:
Gold certificates:
13,554,000
June 29
13,754,000
July 6
13,754,000
July 13
13,754,000
July 20
13,954,000
July 27
Eligible paper:
46,486
June 29
21,803
July 6
39,891
July 13
213,121
July 20
247,195
July 27
U. S. Govt. sec11,625,000
Tune 29
11,475,000
July 6
11,475,000
July 13
11,475,000
July 20
11,275,000
July 27
Total collateral:
25,225,486
June 29
25,250,803
July 6
25,268,891
July 13
25,442,121
July 20
25,476,195
July 27
Cleveland
Philadelphia
New
York
Boston
1,438,306 5,493,944
1,441,640 5,537,144
1,443,348 5,538,072
1,437,854 5,509,396
1,440,211 5,504,108
Richmond
1,669,363 2,153,546
1,671,625 2,159,794
1,671,192 2,156,422
1,664,563 2,148,082
1,656,727 2,139,250
1,600,921
1,602,614
1,599,037
1,594,456
1,585,846
900,000
900,000
900,000
900,000
900,000
625,000
625,000
625,000
625,000
625,000
440,000
440,000
440,000
440,000
440,000
4,570,000
4,670,000
4,670,000
4,670,000
4,670,000
550,000
550,000
550,000
550,000
750,000
7,395
1,130
4,230
7,820
1,665
14,217
6,672
24,627
146,642
205,399
2,768
1,770
1,213
6,738
2,515
13,500
3,925
5,965
9,940
10,108
1,000,000 1,200,000
1,000,000 1 ,200,000
1,000,000 1,200,000
1,000,000 1 ,200,000
1,000,000 1,000,000
1,300,000 1 ,025,000
1,300,000 1,025,000
1,300,000 1,025,000
1,300.000 1,025,000
1,300,000 1,025,000
1,100,000
,100,000
,100,000
,100,000
,100,000
,547,395 5,584,217
,541,130 5,676,672
,544,230 5,694,627
,547,820 5,816,642
1,541,665 5,875,399
1,752,768 2,200,000
1,751,770 2 200,000
1,751,213 2,200,000
1,756,738 2 200,000
1,752,515 2,200,000
1,663,500
1,653,925
1,655,965
1,659,940
1,660,108
Atlanta
1,329,896 4,553,821
1,331,543 4,575,274
,274
1,336,201 4,574,393
1,333,080 4,575,573
1,330,847 4,563,068
575,000
675,000
675,000
675,000
675,000
St.
Louis
Chicago
1,113,400
1,112,673
1,113,447
1,110,196
1,108,302
2,805,000
2,805,000
2,805,000
2,805,000
2,805,000
850,000 1,800,000!
700,000 1 ,800,000!
700,000 1,800,000
700,000 1,800,000
700,000 1,800,000
1,425,000
1,375,000
1,375,000
1,375,000
1,375,000
4,605,000
4,605,000
4,605,000
4,605,000
4,605,000
Minne- Kansas
apolis
City
622,477
625,969
624,619
621 ,757
620,072
Dallas
San
Francisco
935,121 628,975 2,500,740
944,476 631,287 2,503,920
941,756 640,334 2,509,624
938,590 637,642 2,507,665
935,793 638,341 2,496,263
315,000 210,000
315,000 210,000
315,000 210,000
315,000 210,000
315,000 210,000
280,000
280,000
280,000
280.000
280,000
184,000 2,100,000
184,000 2,1
,100,000
184,000 :2,100,000
184,000 2,1
,100,000
184,000 :2,100,000
4,400
650
3,400
200
725
275
9,625 27,225
4,840 5,164
2,500
2,150
2,000
1,975
4,448
1,056
2,556
856
3,156
13,056
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
900,000 450,000
1,219,400 660,650
1,218,400 660,200
1,215,725 660,275
1,224,625 687,225
1,219,840 665 ,164
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
700,000 500,000
800,000
800,000
800,000
800,000
800.000
982,500 684,000 2,901 ,056
982,150 684,000 2,902,556
982,000 684,000 2,900,856
981,975 684,000 2,903,156
984,448 684,000 2,913,056
INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS
MEMBER BANK RESERVES AND BORROWINGS
[Amounts in thousands of dollars]
[Averages of daily figures. In millions of dollars]
Number
ParticiAppations
proved
of
Loans Commitments ingfinancbut not
instioutcom- standing2 standing tutions
pleted 1 (amount) (amount)
outstanding
Amount (amount)
(amount)
1939
1940
1941
1942
1943
1944
1945 . . . .
1946
1947
2,781
2,908
3,202
3,423
3,471
3,489
3,511
3,542
3,574
188,222
212,510
279,860
408,737
491,342
525,532
544,961
565,913
586,726
2,659
13,954
8,294
4,248
1948
Mar. 31. . .
Apr. 3 0 . . .
May 31. ..
June 30.. .
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30. . .
Oct. 3 0 . . .
Nov. 30. . .
Dec. 3 1 . . .
3,587
3,593
3,595
3,599
3,600
3,603
3,604
3,606
3,606
3,607
600,322
604,623
606,305
610,956
611,694
612,099
613,820
614,402
614,725
615,653
1949
Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 3 0 . . .
May 3 1 . . .
June 3 0 . . .
3,607
3,608
3,610
3,613
3,614
3,615
615,893
616,340
620,192
620,595
620,984
621,297
Date (last
Wednesday
or last day
of period)
Applications
approved
to date
320
13,683
9,152
10,337
14,126
10,532
3,894
1,995
945
1,387
45
70
120
3,785
1,394
926
1,295
4,577
1,045
620
65
45
185
85
335
85
45
45
152
245
205
554
916
851
802
883
1,011
1,116
1,151
995
1,005
907
906
819
753
614
9,220
5,226
14,597
10,661
9,270
4,165
1,644
8,309
7,434
10,981
6,386
19,600
17,305
17,930
2,705
1,086
2,670
4,869
7,700
6,646
6,612
6,482
6,417
6,187
6,246
6,085
6,099
1,643
5,109
4,234
3,272
3,238
3,346
3,353
4,212
4,153
4,166
1,990
1,677
1,624
3,270
2,399
2,349
2,278
2,077
2,042
3,677
2,811
2,737
2,619
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.
950
Month, or
week ending Wednesday
Total reserves held:
1948—June
1949—May
June
June 22
June 29
July 6
July 13
July 20
July 27
Excess reserves:
1948—June
1949—May
June
June 22
June 29
July 6
July 13
July 20
July 27
Borrowings at Federal
Reserve Banks:
1948—June
1949—May
June
June
June
July
July
July
July
22
29
6
13
20
27
All
member
banks i
Central reserve
city banks
Reserve
city
banks
Country
banks
New
York
Chicago
17,396
18,146
18,068
4,808
4,798
4,849
1,132
1,160
1,151
6,534
6,881
6,822
4,922
5,308
5,247
18,077
17,909
17,913
17,821
17,351
17,274
4,848
4,817
4,942
4,913
4,722
4,729
1,138
1,141
1,199
1,253
1,165
1,161
6,818
6,781
6,644
6,631
6,528
6,496
5,273
5,169
5,129
5,023
4,936
4,889
852
777
758
44
44
69
241
174
180
556
554
499
676
616
1,343
1,303
10
17
156
157
137
151
395
342
200
157
526
440
747
713
P639
P851
P767
45
91
4
3
P598
100
176
100
23
81
27
37
39
32
37
38
39
191
130
29
39
96
196
69
44
6
16
51
108
49
39
10
5
18
30
61
46
13
18
23
25
4
33
P Preliminary.
1
Weekly figures of excess reserves of all member banks and of
country banks are estimates. Weekly figures of borrowings of all member banks and of country banks may include small amounts of Federal
Reserve Bank discounts and advances for nonmember banks, etc.
FEDERAL RESERVE BULLETIN
DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS
[Averages of daily figures.1 In millions of dollars]
All
member
banks
Central reserve
city t>anks
Reserve
city
banks
Chicago
New
York
Country
banks
All
member
banks
First lalf June 1949
Gross demand deposits:
Total
Interbank
Other
Net demand deposits 2
Demand deoosits adiusted '
Time deposits 4
. . .
Demand balances due from domestic b a n k s . . .
Reserves with Federal Reserve Banks:
Total
.
Required
Excess
. .
. .
New
York
Chicago
Reserve
city
banks
Country
banks
Second half June 1949
21,282
3,739
17,543
19,569
4,874
999
31,967
4,530
27 436
27,819
28 490
3 875
4,424
14,886
86,612
10,039
76,574
76,456
69,800
29,299
1,754
1,050
11,625
14,870
3,172
4,815
47
117
1,617
3,034
6,844
6,654
189
5,277
4,758
518
17,985
17,319
666
4,826
4,818
8
1,142
1,135
7
6,800
6,629
170
5,217
4,737
481
22
41
138
53
6
42
38
86,446
10,120
76,326
76,317
70 100
29,275
20,802
3,688
17,114
19,247
4,922
1,013
3,909
4,472
31,933
4,634
27,299
27,822
28,789
1,746
1,048
11,597
4,955
45
124
1,614
18,152
17,301
851
4,872
4,742
1,160
1,147
130
13
63
Borrowings at Federal Reserve Banks
Central reserve
city banks
785
28,004
24,776
771
27 719
24,643
1
Averages of daily closing figures for reserves and borrowings and of daily opening figures for other columns, inasmuch as reserves required are
based2 on deposits at opening of business.
Demand deposits subject to reserve requirements, i. e., gross demand deposits minus cash items reported as in process of collection and
demand
balances due from domestic banks.
8
Demand deposits adjusted (demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection) 4 are estimated for all member banks, but not by class of bank.
Includes some interbank and U. S. Government time deposits; the amounts on call report dates are shown in the Member Bank Call Report
BANK SUSPENSIONS
DEPOSITS OF COUNTRY MEMBER BANKS IN LARGE AND
SMALL C E N T E R S 1
[Averages of daily figures. In millions of dollars]
In places of 15,000
and over population
May
June
1948
1949
Demand
deposits
except
interbank
Time
deposits
16,163
16,325
18,796
8,819
In places of under
15,000 population
Demand
deposits
except
interbank
Time
deposits
11,812
6,046
6,045
16,209
16,271
8,830
8,817
11,622
11,591
6,062
6,060
Boston
New York. . . .
Philadelphia. .
Cleveland
1,849
3,032
1,217
1,283
838
2,210
813
922
333
1,034
895
1,004
236
1,152
896
814
Richmond....
Atlanta
Chicago
St. Louis
1,091
1,543
2,217
650
410
469
1,601
344
823
662
1,623
966
480
219
955
284
Minneapolis...
Kansas City...
Dallas
San Francisco.
596
556
1,012
1,224
300
106
153
653
740
1,561
1,460
489
451
208
70
294
May
June
By districts,
June 1949
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.
AUGUST
1949
Total,
all
banks
Number of banks suspended:
1934-42
1943
1944
1945
1946
1947
1948
1949—Jan-July
1
Member
banks
Nonmember
banks
InNational State sured
330
20
4
1
0
0
1
0
4
2
6
216
Noninsured
88
2
1
4
Deposits of suspended banks
(in thousands of dollars) :2
1934-42
137,362 18,016 26,548 51,567 41,231
1943
1944
1945
1946
1947
1948
1949—Jan.-July
6,223 4,982
405
0
0
167
0
2,443
1,241
405
167
2,443
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.
951
UNITED STATES MONEY IN CIRCULATION, BY DENOMINATIONS
[Outside Treasury and Federal Reserve Banks.
Total
in circulation 1
End of vear or
month
1933
1934
1935.
1936
1937.
1938
1939
1940
1941
1942.
1943
1944.
1945
1946.
1947.
Total
Coin
4,167
5,519
4,292
5,536
5,882
4,518
5,021
6,543
5,015
6,550
5,147
6,856
5,553
7.598
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
28,868 20,020
442
452
27,781
27,716
27,812
27,903
27,866
28,055
28,118
28,176
Ortnh^r
November. . . 28,331
December. . . 28,224
1948- —March
April
MayJune
July
August
.
September. . .
1949—Tanuarv
February....
March
April
May
June
Coin and small denomination currency
27,580
27,557
27,439
27,417
27,507
27,493
8
$1
$2
402
423
33
32
478
517
460
499
537
550
590
648
751
505
524
559
610
695
33
35
33
34
36
39
44
801
880
1,019
909
987
1,156
1,274 1,039
1,361 1,029
1,404 1,048
55
70
81
73
67
65
975
976
994
1,000
62
61
62
63
994
62
63
19,169
19,144
19,259
19,323
19,309
19,450
19,488
19,531
19,680
19,529
1,394
1,399
1,409
1,421
1,422
1,432
1,442
1,451
1,464
1,464
19,003
19,029
18,930
18,925
18,993
18,982
1,441 1,000
1,441
996
1,445
992
1,450
994
1,456 1,011
1,459 1,008
1,006
1,020
1,026
1,042
1,049
63
63
64
64
62
63
61
60
61
61
$10
$5
In millions of dollars]
Large denomination currency 2
2
$20
Total
$50
1100
1 ,342
1 ,326
364
337
618
577
358
399
627
707
387
409
460
538
724
710
770
919
719 1,229
771 1,288
815 1,373
906 1,563
905 1,560
946 1,611
1 ,019 1,772
1 ,129 2,021
1 ,355 2,731
1 ,693 4,051
1 ,973 5,194
? ,150 5,983
? ,313 6,782
? ,173 6,497
2 ,110 6,275
1 ,359
1 ,501
1 ,475
1 ,481
1 ,576
1 ,800
? ,545
4 ,096
•> ,705
7 ,224
Q ,201
9 ,310
9 ,119
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
8,850
1 ,019
1 ,481
1 ,996
? ,327
? ,492
2 ,548
1 ,986
1 ,991
2 ,015
? ,017
? ,010
? ,023
2 ,031
? ,037
2 ,054
2 ,047
6,013
6,017
6,054
6,085
6,059
6,099
6,090
6,087
6,137
6,060
8 ,738
8 ,700
8 ,724
8 ,737
8 ,762
8 ,827
8 ,844
8 ,867
8 ,918
8 ,846
8,614
8,574
8,555
8,581
8,559
8,607
8,632
8,647
8,654
8,698
2 ,470
2 ,456
2 ,453
? ,465
? ,452
? ,464
2 ,466
? ,467
2 ,475
2 ,494
4 ,962
4 ,951
4 ,943
4 ,945
4 ,940
4 ,977
5 ,011
5 ,035
5 ,048
5 ,074
1 ,972
1 ,976
1 ,965
1 ,967
1 ,986
1 ,971
5,892
5,929
5,913
5,913
5,934
5,931
8 ,636
8 ,625
8 ,555
R,541
8 ,544
8 ,551
8,579
8,531
8,510
8,493
8,515
8,513
2 ,459
2 ,444
2 ,428
? ,421
? ,422
2 ,426
5 ,020
5 ,000
4 ,980
4 ,970
4 ,980
4 ,974
$500 $1 ,000 $5,000 $10,000
8
125
112
237
216
122
135
239
265
5
7
7
16
18
1 ,112
1 ,433
139
160
191
227
261
288
327
425
523
556
6
17
20
30
24
4 ,153
4 ,220
4 ,771
586
749
9
9
12
32
32
60
46
555
454
438
990
801
783
10
428
782
416
412
410
407
749
739
735
749
404
403
748
748
1 ,910
? ,912
5 ,070
287
407
10
7
25
22
24
24
26
7
8
5
17
739
730
717
707
5
5
5
5
5
5
5
5
5
5
396
394
392
390
689
679
696
700
5
5
5
5
10
9
9
17
10
10
10
9
388
387
712
712
5
5
9
9
402
401
400
400
11
10
10
10
9
11
Unassorted
8
10
5
8
7
5
2
4
4
3
2
3
2
3
3
1
1
2
2
2
2
2
3
3
3
3
3
1
1
1
2
1
2
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 held in the ' Treasury
Total outstanding, As security
June 30,
against
1949
gold and
Treasury
silver
cash
certificates
Gold
Gold certificates
Federal Reserve notes
Treasury currency—total
.
.
...
Standard silver dollars
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, 1949
May 31, 1949
June 30 1948
1,179
*2,267
55
73
493
1,989
278
1,989
48
3
23,288
2
24,466
23,288
24,041
4,597
2,267
989
372
347
313
94
4
()
(4)
(4)
Money in circulation *
Money
held by
For
Federal
Federal
Reserve
Reserve Banks and June 30, May 31, June 30,
Banks and
1949
1949
1948
agents
agents
20,430
776
283
15
6
2
(5)
25,555
25,416
24,563
1,307
1,315
1,327
2,815
20,430
20,301
19,442
43
23,209
4,241
43
23 205
4,259
45
23 600
4,257
3
164
163
156
205
35
11
26
4
1
2,062
940
355
319
309
93
2,079
938
355
318
312
93
2,062
919
346
321
353
99
3,875
3,819
3,929
27,493
27,507
27,903
1
Outside Treasury and Federal Reserve Banks. Includes any paper currency held outside the continental limits of the United States; totals
or other
end-of-month dates shown in table above, totals by weeks in table on p. 943 and seasonally adjusted figures in table on p. 953.
2
Includes
$156,039,431 held as reserve against United States notes and Treasury notes of 1890.
1
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.
* Because some of the types of money shown are held as collateral or reserves against
other types, a grand total of all types has no special
6
significance and is not shown. See note for explanation of these duplications.
Less than $500,000.
NOTE.—There are maintained in the Treasury—(i) as a reserve for United States notes and Treasury notes of 1890—$156,039,431 in gold
bullion; (ii) as security for Treasury notes of 1890—an equal dollar amount in standard silver dollars (these notes are being canceled and retired on
receipt; (iii) as security for oustanding 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.
952
FEDERAL RESERVE BULLETIN
POSTAL SAVINGS SYSTEM
MONEY IN CIRCULATION WITH ADJUSTMENT FOR
SEASONAL VARIATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
[In millions of dollars]
Assets
Amount—
unadjusted
for seasonal
variation
Date
End of period:
1939
1940
1941
1942
.
1943
1944
1945
1946
1947
1948
Amount—
adjusted for
seasonal
variation
Change in
seasonally
adjusted
series i
+742
+ 1.134
+2,428
+4,250
+5,039
+4,858
+3,208
+437
-84
-644
7.598
8.732
11,160
15.410
20,449
25,307
28,515
28,952
28,868
28,224
Averages of daily figures:
1948—July
August
September
October
November
December
27,955
27,977
28,152
28,188
28,277
28,423
28,011
28,118
28,208
28,188
28.192
28,142
+25
+107
+90
-20
1949—January
February
March
April
May
June
July
27,850
27.545
27,508
27,462
27,438
27,432
27,472
27,767
27,545
27,591
27,683
27,631
27.570
27,527
-375
-222
+46
+92
-52
-61
-43
+4
-50
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 BULLETIN for September 1943, pp.
822-826. Because of an apparent change in the seasonal pattern
around the year end, adjustment factors have been revised somewhat
for dates affected, beginning with December 1942.
End of month
Depositors'
balances1
Total
Cash
in depository
banks
U. S. Government
securities
Total
Direct
1,224 1,078
1,274 1,128
1,345 1,220
1,716 1.716
2,252 2,252
2,837 2,837
3,182 3,182
3,308 3,308
Cash
reserve
Guar- funds,
anetc.2
teed
1940—Dec...
1941—Dec.. .
1942—Dec. .
1943—Dec. .
1944—Dec. .
1945—Dec.. .
1946—Dec.. .
1947—Dec. .
1,304
1,314
1,417
1,788
2,342
2,933
3,284
3,417
1,348
1.396
1,464
1,843
2,411
3,022
3,387
3,525
36
26
16
10
8
6
6
6
1948—Aug.. .
Sept..
Oct.. .
Nov. .
Dec. .
3,356
3,348
3,342
3,336
3,330
3,472
3,464
3,459
3,454
3,449
6
7
7
7
7
3,260
3,260
3,244
3,244
3,244
3,260
3,260
3,244
3,244
3,244
206
198
208
203
198
1949—Jan...
Feb.. .
Mar..
Apr.. .
May. .
June. .
3,334
3,333
3,327
3,314
*>3,294
P3,275
3,454
3,454
3,447
3,435
7
7
7
7
3,244
3,244
3,254
3,239
3,244
3,244
3,254
3,239
203
202
186
188
146
146
126
88
95
102
118
152
179
200
212
P Preliminary.
Outstanding principal, represented by certificates of deposit.
Includes working cash with postmasters, 5 per cent reserve fund
and miscellaneous working funds with Treasurer of United States, accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See Banking and Monetary Statistics, p. 519; for
description, see p. 508 in the same publication.
1
2
BANK DEBITS AND DEPOSIT TURNOVER
[Debits in millions of dollars]
Debits to total deposit accounts, except
interbank accounts
Annual rate of
turnover of total
deposits, except
interbank
Debits to demand
deposit accounts,
except interbank
and Government
Year or month
Annual rate of
turnover of demand
deposits, except interbank and Government
Total, all
reporting
centers
New
York
Cityi
140
other
centers l
Other
reporting
centers 2
New
York
City
Other
reporting
centers
New
York
City 3
Other
leading
cities 8
New
York
City 3
Other
leading
cities
792,937
891,910
974,102
|l,050,021
1,125,074
1,249,630
296,368
345,585
404,543
417,475
405,929
449,002
419,413
462,354
479,760
527,336
599,639
667,934
77,155
83,970
89,799
105,210
119,506
132,695
16.5
17.1
18.3
19.0
21.0
23.7
11.7
10.8
9.7
10.0
12.0
12.9
258,398
298,902
351,602
374,365
407,946
400,468
445,221
369,396
403,400
412,800
449,414
522,944
598,445
660.155
20.5
22.4
24.2
25.5
25.2
24.1
27.2
17.4
17.3
16.1
16.9
16.5
18.0
19.2
1948—June
July
August
September
October
November
December
108,639
102,940
97,940
104,754
107,141
102,887
122,277
40,633
35,832
33,031
37,531
38,169
34,754
46,194
56,667
55,972
54.118
55,980
57,413
56,815
63,714
11,339
11,136
10,791
11,243
11,559
11,318
12,368
25.4
22.5
20.9
24.6
24.0
23.7
28.6
13.0
12.8
12.3
13.2
12.9
13.8
14.1
38,942
36,350
32,540
36,354
38,014
34,988
44,861
55,442
55,233
53,757
54,635
56,905
56,977
62,745
28.0
26.6
23.9
27.5
27.9
27.8
32.1
19.1
19.1
18.5
19.4
19.3
20.8
21.0
1949—January
February
March
April
May
June
105,192
89,850
109,741
99,703
•"99,290
109.071
38,429
31,982
39,698
35,832
36,974
42.890
55,651
48,198
58,637
53,374
52,003
55,388
11,112
9,669
11,407
10,497
no,313
10.794
25.0
23.0
24.1
22.7
24.6
26.9
12.9
12.2
12.8
12.2
12.3
12.5
38,767
32,226
37,788
36,887
36,444
40,617
55,348
47.968
56,737
52,869
50,768
53,769
29.3
27.1
27.2
27.6
28.3
29.8
19.3
18.6
19.2
18.6
18.5
18.7
1943
1944
1945
1946—old series 4 4
1946—new series
1947
1948
|
r
1
2
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.
Statistics for banks in leading cities revised beginning July 3, 1946; for description of revision and for back figures see BULLETIN for June
1947, pp. 692-693 and July 1947, pp. 878-883, respectively; deposits and debits of the new series for first six months of 1946 are estimated.
NOTE.—Debits to total deposit accounts, except interbank accounts, have been reported for 334 centers from 1942 through November 1947
and for 333 beginning December 1947; the deposits from which rates of turnover have been computed have likewise been reported by most banks
and have been estimated for others. Debits to demand deposit accounts, except interbank and U. S. Government, and the deposits from which
rates of turnover have been computed have been reported by member banks in leading cities since 1935.
AUGUST
1949
953
CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM
ALL COMMERCIAL AND SAVINGS BANKS, FEDERAL RESERVE BANKS, POSTAL SAVINGS SYSTEM,
AND TREASURY CURRENCY FUNDS x
[Figures partly estimated. In millions of dollars]
Assets
Other
Other
securities
Total
assets,
net—
total
liabilities
and
capital,
net
Bank credit
Date
Gold
Treasury
currency
U. S. Government obligations
Loans,
net
Total
Commercial
and
savings
banks
Federal
Reserve
Banks
Capital and Liabilities
(other than domestic
deposits and currency
outside banks)
Capital
and
misc.
accounts,
net
Treasury
cash
Foreign
bank
deposits,
net
29
30
30
31
30
31
30
31
29
31
30
31
4,037
4,031
16,110
17,644
22,624
22,737
20,213
20,065
20,270
20,529
21,266
22,754
2,019
2,286
2,881
2,963
3,149
3,247
4,145
4,339
4,539
4,562
4,552
4,562
41,082
21,957
21,310
22,157
25,305
26,605
27,948
30,387
31,570
35,765
38,373
43,023
5,741
5,499
10,328
8,199
22,483 18.770
23,105 19,417
26,984 23,539
29,049 25,511
118,041 93,655
128,417 101,288
122,740 95,911
113,110 86,558
107,873 82,679
107,086 81,199
216
1,998
2,551
2,484
2,184
2,254
21,792
24,262
23,783
23,350
21,872
22,559
26
131
1,162
1,204
1,261
1,284
2,594
2,867
3,046
3,202
3,322
3,328
11,819
9,863
9,532
9,302
9,098
8,999
8,003
8,577
9,175
9,491
10,051
10,723
64,698
48,465
72,316
75,171
87,160
90,637
178,350
191,785
188,294
183,457
182,115
188,148
8,922
6,436
6,875
6,812
7,803
7,826
10,310
10,979
12,079
11,800
12,882
12,800
204
264
2,563
2,409
2,275
2,215
2,279
2,287
2,251
2,272
1,314
1,336
365
50
991
1,217
1,949
1,498
2,378
2,141
1,894
1,885
1,657
1,682
1948—June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31
23,532
23,700
23,700
23,900
24,000
24,200
24,244
4,565
4,600
4,600
4,600
4,600
4,600
4,589
45,299
45,500
46,100
47,100
47,300
48,000
48,341
101,451
101,800
101,800
100,800
101,400
100,600
100,694
76,774
77,300
77,000
74,200
74,900
74,300
74,097
21,366
21,200
21,500
23,300
23,200
23,000
23,333
3,311
3,300
3,300
3,300
3,300
3,300
3,264
11,208
11,300
11,400
11,500
11,300
11,300
11,422
186,055
186,900
187,500
187,900
188,600
188,600
189,290
13,200
13,500
13,500
13,400
13,500
13,400
13,168
1,327
1,300
1,300
1,300
1,300
1,300
1,325
1,727
1,800
1,800
1,800
1,800
1,900
2,103
1949—Jan. 26P.
Feb. 23?
Mar. 30P
Apr. 27P
May 25P
June 29P
24,300
24,300
24,300
24.300
24,300
24,500
4,600
4,600
4,600
4,600
4,600
4,600
48,200
47,800
48,100
47,100
46,700
47,100
99,900
99,500
97,700
98,100
97,800
97,400
74,600
73,900
72,600
73,600
74,900
74,700
22,000
22,400
21,800
21,200
19,700
19,500
3,300
3,300
3,300
3,300
3,200
3,200
11,300
11,400
11,500
11,600
11.700
11,900
188,200
187,600
186,200
185,700
185,100
185,400
13,400
13,200
13,600
13,700
13,700
14,000
1,300
1,300
1,300
1,300
1,300
1.300
2,200
2,200
2.100
2,000
1,800
1.900
1929—June
1933—June
1939—June
Dec.
1941—June
Dec.
1945—June
Dec.
1946—June
Dec.
1947—June
Dec.
Deposits and Currency
Total
deposits
adjusted,
U. S. Govt.
deposits,
and
currency
outside
banks
At commercial
and
savings
banks
1929—June 29
1933—June 30
1939—June 30
Dec. 31
1941—June 30
Dec. 31
1945—June 30
Dec. 31
1946—June 29
Dec. 31
1947—June 30
Dec. 31
55,207
41,715
61,887
64,733
75,133
79,098
163,383
176,378
172,070
167,500
166,263
172,330
1948—June 30
July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 31
1949—Jan. 26P
Feb. 23P
Mar. 30P
Apr. 27P
May 25P
June 29?
Date
U. S. Government
deposits
Time deposits adjusted •
At
Federal
Reserve
Banks
Total
deposits
adjusted
and
currency
outside
banks
Demand
deposits
adjusted 2
381
852
792
846
753
1,895
24,381
24,608
13,416
3,103
1,367
1,452
36
35
944
634
980
867
599
977
833
393
756
870
54,790
40,828
60,151
63,253
73,400
76,336
138,403
150,793
157.821
164,004
164,140
170,008
169,803
170,300
171,000
171,300
172,000
172,000
172,693
2,180
2,400
2,400
2,800
2,300
2,200
2,451
1,928
1,800
1,900
1,700
1,500
1,700
1,123
171,300
170,900
169,200
168,700
168,300
168,200
2,000
3,000
3,400
2,100
1,900
2,200
1,100
1,600
1,700
1,100
700
500
954
Currency
outside
banks
Total
Commercial
banks
Mutual
savings
banks 4
Postal
Savings
System
22,540
14,411
27,355
29,793
37,317
38,992
69,053
75,851
79,476
83,314
82,186
87,121
28,611
21,656
26,791
27,059
27,879
27,729
44,253
48,452
51,829
53,960
55,655
56,411
19,557
10,849
15,097
15,258
15,928
15,884
27,170
30,135
32,429
33,808
34,835
35,249
8,905
9,621
10,433
10,523
10,648
10,532
14,426
15,385
16,281
16,869
17,428
17,746
149
1,186
1,261
1,278
1,303
1,313
2,657
2,932
3,119
3,283
3,392
3,416
3,639
4,761
6,005
6,401
8,204
9,615
25,097
26,490
26,516
26,730
26,299
26,476
165,695
166,000
166,700
166,900
168,100
168,100
169,119
82,697
83,300
83,800
83,900
85,100
85,200
85,520
57,360
57,300
57,300
57,300
57,300
57,000
57,520
35,788
35,700
35,700
35,700
35,700
35,500
35,804
18,194
18,200
18,200
18,300
18,300
18,200
18,387
3,378
3,400
3,400
3,300
3,300
3,300
3,329
25,638
25,500
25,600
25,700
25,700
25,900
26,079
168,200
166,300
164,200
165,500
165,700
165,600
85,400
83,400
81,100
82,400
82,600
82,200
57,600
57,800
58,000
58.100
58,200
58,400
35,800
35,900
36,000
36,100
36,100
36,200
18,500
18,600
18,700
18,700
18,800
18,900
3,300
3,300
3,300
3,300
3,300
3,300
25,200
25,100
25,100
24,900
25,000
25,000
FEDERAL RESERVE BULLETIN
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
Other
Cash
assets 1
Total
Loans
Total
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
10,723
11,208
11,422
11,300
11,420
11,520
11,580
11,710
11,860
23,292
28,090
27,344
28,701
28,475
30,790
35,415
35,041
38,388
35,000
39,474
36,930
36,820
35,050
34,760
33,650
34,140
68,242
75,996
81,816
99,803
117,661
141,448
165,612
155,902
161,865
156,353
161,248
158,560
157,590
154,760
154,660
154,560
155,210
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
13,033 95,727
11,436 90,823
12,269 94,671
11,660 92,500
10,930 92,110
10,490 89,470
10,310 89,420
10,430 89,110
10,640 89,290
25,852
26,499
26,479
27,058
31,081
37,551
45,613
50,784
53,105
54,093
54,308
54,400
54,550
54,800
54,930
55,020
55,280
8,194
8,302
8,414
8,566
8,996
9,643
10,542
11,360
11,948
12,241
12,479
12,550
12,570
12,650
12,680
12,700
12,770
15,035
14,896
14,826
14,682
14,579
14,535
14,553
14,585
14,714
14,719
14,703
14,700
14,690
14,692
14,692
14,691
14,679
Total i
Interbank x
De-
mand
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. 312
1947—Dec. 3 1
1948—June 30
Dec. 31
1949—Jan. 26*
Feb. 23 •
Mar. 30 •.
Apr. 27 •
May 25 •
June 29«
50,884
54,177
61,126
78,147
96,966
119,461
140,227
131,698
134,924
133,081
133,693
134,060
133,100
132,300
132,440
133,450
133,760
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
43,002 91,923 81,199
45,099 87,982 76,774
48,174 85,519 74,097
48,180 85,880 74,580
47,820 85,280 73,860
48,220 84,080 72,560
47,230 85,210 73,630
46,860 86,590 74,880
47,250 86,510 74,650
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. 3 1 .2
1947—Dec. 31
1948—June 30
Dec. 31
1949—Jan. 26 •
Feb. 23 •
Mar. 30 •
Apr. 27 •
May 25 •
June 29«
40,668
43,929
50,746
67,393
85,095
105,530
124,019
113,993
116,284
113,855
114,298
114,470
113,410
112,500
112,510
113,440
113,660
17,238
18,800
21,714
19,221
19,117
21,644
26,083
31,122
38,057
39,865
42,488
42,450
42,030
42,370
41,320
40,880
41,200
23,430
25,129
29,032
48,172
65,978
83,886
97,936
82,871
78,226
73,990
71,811
72,020
71,380
70,130
71,190
72,560
72,460
16,316
17,757
21,808
41,379
59,842
77,557
90,606
74,780
69,221
64,798
62,622
62,970
62,240
60,880
61,950
63,220
63,000
7,114
7,372
7,225
6,793
6,136
6,329
7,331
8,091
9,006
9,192
9,189
9,050
9,140
9,250
9,240
9,340
9,460
22,474
27,124
26,551
28,039
27,677
30,206
34,806
34,223
37,502
34,168
38,596
36,130
36,030
34,240
34,030
32,920
33,340
57,718
65,337
71,283
89,135
105,923
128,072
150,227
139,033
144,103
138,142
142,843
140,040
139,010
136,070
135,910
135,750
136,260
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
13,032 95,711
11,435 90,806
12,269 94,654
11,660 92,480
10,930 92,090
10,490 89,450
10,310 89,400
10.430 89,090
10,640 89,270
15,331
15,844
15,952
16,395
19,350
24,184
30,241
33,930
35,360
35,900
35,921
35,900
35,990
36,130
36,200
36,230
36,350
6,885
7,010
7,173
7,330
7,719
8,265
8,950
9,577
10,059
10,287
10,480
10,550
10,560
10,620
10,650
10,660
10,710
14,484
14,345
14,278
14,136
14,034
13,992
14,011
14,044
14,181
14,187
14,171
14,168
14,159
14,162
14,162
14,161
14,149
All member banks:
1939—Dec. 30
1940—Dec. 31
1941—Dec. 3 1 . .
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
1949—Jan. 26 •
Feb. 23 •
Mar. 30 •
Apr. 27*
May 25 •
June 29•
33,941
37,126
43,521
59,263
74,258
91,569
107,183
96,362
97,846
95,449
95,616
95,824
94,819
93,955
93,993
94,964
95,247
13,962
15,321
18,021
16,088
16,288
18,676
22,775
26,696
32,628
33,871
36,061
36,024
35,614
35,891
34,855
34,470
34,736
19,979
21,805
25,500
43,175
57,970
72,893
84,408
69,666
65,218
61,578
59,557
59,800
59,205
58,064
59,138
60,494
60,511
14,328
15,823
19,539
37,546
52,948
67,685
78,338
63,042
57,914
54,139
52,154
52,478
51,794
50,536
51,644
52,917
52,812
5,651
5,982
5,961
5,629
5,022
5,208
6,070
6,625
7,304
7,439
7,403
7,322
7,411
7,528
7,494
7,577
7,699
19,782
23,963
23,123
24,280
23,790
25,860
29,845
29,587
32,845
30,303
34,203
31,908
31,823
30,323
30,140
29,011
29,433
49,340
56,430
61,717
78,277
92,262
110,917
129,670
118,170
122,528
117,452
121,362
118,817
117,855
115,282
115,212
115,064
115,628
9,410
10,423
10,525
11,000
10,555
11,884
13,640
12,060
12,403
10,833
11,641
11,050
10,364
9,951
9,765
9,900
10,096
28,231
33,829
38,846
54,523
66,438
79,774
91,820
78,920
81,785
77,796
80,881
78,943
78,596
76,323
76,370
76.066
76,319
11,699
12,178
12,347
12,754
15,268
19,259
24,210
27,190
28,340
28,823
28,840
28,824
28,895
29,008
29,077
29,098
29,213
5,522
5,698
5,886
6,101
6,475
6,968
7,589
8,095
8,464
8,624
8,801
8,837
8,845
8,894
8,929
8,939
8,977
6,362
6,486
6,619
6,679
6,738
6,814
6,884
6,900
6,923
6,925
6,918
6,914
6,913
6,913
6,914
6,911
6,904
All mutual savings
banks:
1939—Dec. 30
1940—Dec. 31
1941—o ec# 31
1942—Dec. 3 1 .
1943—Dec. 31 .
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31
1948—June 30
Dec. 31
1949—Jan. 26 •
Feb. 23 •
Mar. 30''.
Apr. 27 e
May 25*
June 29*
10,216
10,248
10,379
10,754
11,871
13,931
16,208
17,704
18,641
19,226
19,395
19,590
19,690
19,800
19,930
20,010
20,100
4,927
4,956
4,901
4,695
4 484
4,370
4,279
4,526
4,944
5,234
5,686
5,730
5, 790
5,850
5,910
5,980
6,050
5,289
5,292
5,478
6,059
7,387
9,560
11,928
13,179
13,696
13,992
13,709
13,860
13,900
13,950
14,020
14,030
14,050
3,101
3,215
3,704
4,572
6,090
8,328
10,682
11,778
11,978
11,976
11,476
11,610
11,620
11,680
11,680
11,660
11,650
2,188
2,078
1,774
1,487
1 297
1,232
1,246
1,400
1,718
2,016
2,233
2,250
2,280
2,270
2,340
2,370
2,400
818
966
793
663
797
584
609
818
886
832
878
800
790
810
730
730
800
10,524
10,659
10 533
10,668
11,738
13,376
15,385
16,869
17,763
18,211
18,405
18,520
18 580
18,690
18,750
18,810
18,950
3
4
6
6
8
10
14
16
17
17
17
20
20
20
20
20
20
10,521
10,655
10,527
10,662
11,730
13,366
15,371
16,853
17,745
18,193
18,387
18,500
18,560
18,670
18,730
18,790
18,930
1,309
1,292
1,241
1,236
1,276
1,378
1,592
1,784
1,889
1,955
1,999
2,000
2,010
2,030
2,030
2,040
2,060
551
551
548
546
545
543
542
541
533
532
532
532
531
530
530
530
1
1
i
1
1
1
530
e
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
nondeposit trust companies are included with "commercial" banks. Number of banks includes a few noninsured banks for which asset and liability1 data are not available.
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 two pages.
AUGUST
1949
955
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Deposits
Loans and investments
Other
Investments
Class of bank
and date
Cash
assets*
Total
3 , 296
3 , 384
4 , 072
4 , 116
4 , 428
5 , 760
7 , 334
6 , 368
7 , 179
7, 550
8, 048
8 , 104
7 960
8 179
7 595
7 598
7 822
6 , 043
7 , 527
8 , 823
1 3 , 841
1 5 , 565
1 8 , 243
18, 809
14, 465
1 3 , 214
1 1 , 469
10 712
10 658
10 434
10 094
10 719
11 070
11 249
4 , 772
6 , 044
7, 265
12, 547
14, 563
17, 179
17, 574
1 3 , 308
11, 972
10, 358
9 , 649
9 , 624
9 , 353
8 , 943
9 626
9 993
10 116
1,272
1,483
1,559
1,294
1,002
1,066
1,235
1,158
1,242
1,110
1,063
1,034
1,081
1,151
1,093
1,077
1,133
569
696
954
832
1 004
1 184
1 333
499
801
714
783
777
29°'.'.'. .
2 105
2 377
2 760
3 973
4 554
5 443
5 ,931
4 ,765
5 ,088
4 ,742
4 ,799
4 ,795
4 ,759
4 ,348
4 ,669
4 .832
4 ,797
1 536
1 681
1 806
3 141
3 550
4 258
4 598
3 ,266
3 287
3 ,028
3 016
3 ,018
3 ,026
2 ,651
3 ,066
3 ,263
3 ,235
1 203
1 307
1 430
2 789
3 238
3 913
4 213
2 912
2 890
2 667
2 633
2 634
2 632
2 248
2 651
2 831
2 ,822
333
375
376
352
312
345
385
355
397
361
383
384
394
403
415
432
413
Reserve city m e m b e r
banks:
30
1939—Dec.
1940—Dec. 31
1941—Dec. 31
1942—Dec. 31
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31...
.
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 3 1 .
1949—Jan. 26«e
Feb. 2 3 .
Mar. 3 0 " . . .
Apr. 27«
May 25"
June 29". . . .
12 ,272
13 ,013
15 ,347
20 ,915
27 ,521
33 ,603
40 ,108
35 ,351
36 ,040
35 ,065
35 ,332
35 ,547
35 ,080
34 ,839
34 ,638
34 ,952
35 ,018
5 ,329
5 ,931
7 ,105
6 ,102
6 ,201
6 ,822
8 ,514
10 ,825
13 ,449
6 ,944
7 ,081
8 ,243
14 ,813
21 ,321
26 ,781
31 ,594
24 ,527
22 ,591
5 ,194
5 ,204
6 ,467
13 ,038
19 ,682
25 ,042
29 ,552
22 ,250
20 ,196
19 222
18 ,594
18 ,906
18 ,596
18 ,332
18 ,446
18 ,948
18 ,966
1,749
1,877
1,776
1,775
1,639
1,739
2,042
2,276
2,396
2,470
2,453
2,450
2,488
2,533
2,552
2,620
2,693
6,785
8,278
8,518
9,426
9,327
10,238
11,286
11,654
13,066
11,729
13,317
12,167
12,280
11,608
11,688
11,344
11,253
17 ,741
19 ,844
22 ,313
28 ,700
35 ,070
41 ,804
49 ,085
44 ,477
46 ,467
44 ,149
45 ,943
44 ,959
44 ,541
43 ,634
43 ,469
43 ,450
43 ,424
3,686
4,076
4,460
4,957
4,874
5,524
6,448
5,570
5,649
4,909
5,400
5,038
4,688
4,446
4,377
4,465
4,523
10 ,224
10 ,826
12 ,518
16 ,419
22 ,188
28 ,520
35 ,002
35 ,412
36 ,324
36 ,623
36 ,726
36 ,720
36 ,586
36 ,495
36 ,372
36 ,512
36 ,361
4 ,768
5 ,309
5 ,890
5 ,038
4 ,654
4 ,910
5 ,596
8 ,004
10 ,199
11 ,234
11 ,945
11 ,952
11 ,925
12 ,041
12 ,017
11 ,919
11 , 993
5 ,456
5 ,517
6 ,628
11 ,380
17 ,534
23 ,610
29 ,407
27 ,408
26 ,125
25 ,389
24 ,782
24 ,768
24 ,661
24 ,454
24 ,355
24 ,593
24 ,368
3 ,159
3 ,269
4 ,377
9 ,172
15 ,465
21 ,552
26 ,999
24 ,572
22 ,857
21 ,892
21 ,278
21 ,314
21 ,213
21 ,013
20 ,921
21 ,145
20 ,908
2,297
2,248
2,250
2,208
2,069
2,058
2,408
2,836
3,268
3,497
3,504
3,454
3,448
3,441
3,434
3,448
3,460
4,848
5 685
6,402
7,638
7,983
9,323
10,632
10,151
10,778
10,050
11,196
10,685
10,679
10,149
10,038
9,857
9,793
13 ,762
15 132
17 ,415
22 ,459
28 414
35 ,871
43 ,418
43 ,066
44 ,443
43 ,903
45 ,102
44 ,499
44 ,399
43 ,708
43 ,439
43 ,404
43 ,206
598
665
822
980
Central reserve city
member banks:
New York City:
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—June
Dec.
1949—Jan.
Feb.
Mar.
Apr.
May
June
Chicago:
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—June
Dec.
1949—Jan.
Feb.
Mar.
Apr.
May
June
9 , 339
10, 910
12, 896
17, 957
19, 994
24 003
26 143
20 834
31
31 . . . . 20 393
19 019
30
18 759
31
18 762
23•. . . . . 18 394
18 273
30 e
27«'.'.'.'.'. 18 314
18 668
25«
19 071
30
31
31
31
31
30
31
30
31
31
31
31
30
31
31
...
31
30
31
26«
23 •
30«
27«e
25
Country member
banks:
30
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
1948—June
Dec.
1949—Jan.
Feb.
Mar.
Apr.
31
31
31
31
30
31
31
31
30
31
26«
23 c
30«
27«
M a y 25e." '. '.'.
June 29*
Loans
,733
,697
,603
1 ,569
1 ,562
13 373
14 ,285
14 ,191
13 ,996
13 ,974
13 ,640
13 ,384
13 ,359
21 692
21 ,047
21 ,356
21 ,084
20 ,865
20 ,998
21 ,568
21 ,659
Other
securities
Total i
Uc-
6,703
8,423
6,637
5,864
5,197
4,921
6,439
6,238
7,261
6,798
7,758
7,171
7,017
7,008
6,699
6,171
6,698
,446
,578
,566
L.352
,283
L ,378
L.489
1,545
L ,739
1,726
1,932
1,885
1,847
1,558
1,715
1,639
1,689
14, 509
17, 744
17, 932
2 2 , 078
2 3 , 256
2 6 , 773
3 0 , 121
2 4 , 723
2 5 , 216
2 3 , 362
2 4 , 024
23 177
22 789
22 529
22 364
22 225
22 970
3 330
3 710
4 057
5 040
5 523
6 468
7 046
5 905
6 402
6 039
6 293
6 ,182
6 ,126
5 ,411
5 ,940
5 ,985
6 ,028
Total
Number
capital
of
accounts banks
Interbank 1
U. S.
Government
obligations
Total
4,238
4,678
4,207
3,945
3,680
4,041
4,657
4,246
4,464
4,027
4,213
4,069
3,863
3,644
3,666
3,700
3,805
9 , 533
12, 247
12, 917
17, 399
1 8 , 729
2 1 , 730
2 4 , 227
19, 028
19, 307
17, 659
18, 131
17, 487
17, 324
17, 232
17 082
16 904
17 475
888
004
1 947
2 197
2 546
3 468
4 029
4 700
5 015
3 922
4 273
4 011
4 227
4 143
4 129
3 333
3 ,940
3 ,960
3 ,967
,035
,117
985
1,148
1,312
1,153
1,217
1,077
064
1 023
'973
1,074
959
981
1,008
1,015
1,171
1,223
1,091
1,073
821
964
920
840
787
763
754
760
Time
736
819
807
734
847
1,002
1,236
1,449
1,445
1,676
1,680
1,621
1,602
1,653
1,616
1,621
1,690
495
509
476
455
508
620
719
829
913
951
1,001
1,016
1,024
1,004
1,041
1,044
1,053
1,592
1,615
1,648
1,727
1,862
1,966
2,120
2,205
2,259
2,262
2,306
2,306
2,314
2,307
2,316
2,326
2,328
36
36
36
37
37
37
37
37
37
35
35
35
35
35
35
35
35
250
270
288
304
326
354
377
404
426
436
444
440
440
443
445
453
462
14
13
13
13
13
13
12
14
14
14
13
13
13
13
13
13
13
346
348
351
354
357
356
359
355
353
335
335
335
335
336
336
334
334
9 ,439
11 ,018
13 ,047
18 ,747
24 ,086
28 ,525
32 ,877
28 ,049
29 ,395
27 ,930
29 ,153
28 ,527
28 ,409
27 ,717
27 ,556
27 .428
27 ,303
4,616
4,750
4,806
4,995
6,109
7,755
9,760
10,858
11,423
11 310
11,391
11,394
11,444
11,471
11,536
11,557
11,598
1,828
1,904
1,967
2,028
2,135
2,327
2,566
2,728
2,844
2,870
2,928
2,929
2,932
2,958
2,973
2,972
2,987
7 ,312
8 368
10 ,335
14 ,909
19 ,594
24 ,818
29 ,700
27 ]921
28 ,810
28 ,196
29 ,370
28 ,786
28 ,734
28 ,041
27 ,792
27 ,774
27 ,574
5,852
6,100
6,258
6,569
7,804
9,882
12 494
14',053
14,560
14,886
14,768
14,793
14,825
14,880
14,884
14,876
14,872
1,851
1^909
1,982
2,042
2,153
2,321
2 525
2^757
2,934
3,056
3,123
3,162
3,159
3,186
3,195
3,188
3,200
5,966
6,089
6,219
6,275
6,331
6,408
6,476
6,494
6,519
6,541
6,535
6,531
6,530
6,529
6,530
6.529
6,521
For other footnotes see preceding and opposite page
956
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
PRINCIPAL ASSETS AND LIABILITIES, AND NUMBER OF BANKS
[Amounts in millions of dollars]
Loans and investments
Deposits
Investments
Class of bank
and date
A11 insured commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec, 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
Total
Total
U. S.
Government
obligations
Loans
Other
Cash
assets
Total
Other
securities
Interbank
Total Number
capital
of
accounts banks
Demand
Time
83,507
103,382
121,809
112,178
114,274
111,794
112,286
18,841
21,352
25,765
30,733
37,583
39,372
41,968
64,666
82,030
96,043
81,445
76,691
72,421
70,318
58,683
75,875
88,912
73,554
67,941
63,490
61,388
5,983
6,155
7,131
7,891
8,750
8,931
8,929
27,183
29,733
34,292
33,694
36,926
33,699
38,087
04,094
25,714
.47,775
36,990
41,851
35,945
.40,642
10,705
12,074
13,883
12,320
12,670
11,035
11,900
74,309
89,761
04,015
91,144
94,300
89,491
93,300
19,081
23,879
29,876
33,526
34,882
35,418
35,441
7,453
7,989
8,671
9,286
9,734
9,955
10,158
13,270
13,263
13,297
13,354
13,398
13,415
13,413
National member
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
47,499
58,308
69,312
63,723
65,280
63,638
63,845
10,116
11,480
13,925
17,272
21,428
22,243
23,752
37,382
46,828
55,387
46,451
43,852
41,395
40,093
34,065
43,292
51,250
41,658
38,674
36,091
34,852
318
536
137
793
178
,303
5,241
16,017
17,570
20,114
20,012
22,024
20,415
22,974
59,961
71,858
84,939
78,775
82,023
78,753
81,407
7,159
8,056
9,229
8,169
8,410
7,305
7,842
42,605
50,900
59,486
52,194
54,335
51,921
54,020
10,196
12,901
16,224
18,412
19,278
19,528
19,545
3,950
4,265
4,644
5,138
5,409
,533
5,657
5,040
5,025
5,017
5,007
5,005
4,998
4,991
State member banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
26,759
33,261
37,871
32,639
32,566
31,811
31,771
6,171
7,196
8,850
9,424
11,200
11,628
12,308
20,588
26,065
29,021
23,216
21,365
20,183
19,463
18,883
24,393
27,089
21,384
19,240
18,048
17,301
1,705
1,672
1,933
1,832
2,125
2,135
2,161
7,773
8,290
9,731
9,575
3,397
3,827
4,411
3,890
3,993
3,529
3,799
23,833
28,874
32,334
26,726
27,449
25,875
26,862
5,072
6,357
7,986
8,779
9,062
9,295
9,295
2,525
2,703
2,945
10,822
9,888
11,228
32,302
39,059
44,730
39,395
40,505
38,699
39,955
957
055
091
3,144
1,698
1,789
1,867
.1,893
1,918
1,927
1,927
Insured nonmember
commercial banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
9,258
11,824
14,639
15,831
16,444
16,360
16,685
2,556
2,678
2,992
4,040
4,958
5,504
5,911
6,702
9,146
11,647
11,791
11,486
10,856
10,774
5,739
8,197
10,584
10,524
10,039
9,362
9,246
962
949
1,063
1,268
1,448
1,494
1,528
3,395
3,875
4,448
4,109
4,083
3,397
3,887
11,842
14,809
18,119
18,836
19,340
18,509
19,296
149
190
244
260
266
202
259
7,870
9,987
12,196
12,225
12,515
11,695
12,419
3,823
4,632
5,680
6,351
6,558
6,611
6,618
979
1,022
1,083
1,193
1,271
1,333
1,358
6,535
6,452
6,416
6,457
6,478
6,493
6,498
Noninsured nonmember commercial
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31 2
1948—June 30
Dec. 31
1,588
2,148
2,211
1,815
2,009
2,062
2,013
276
292
318
389
474
493
520
1,312
1,856
1,893
1,426
1,535
1,569
1,493
1,160
1,682
1,693
1,226
1,280
1,308
1,234
153
174
200
200
255
261
259
494
473
514
530
576
469
509
1,829
2,358
2,452
2,043
2,251
2,197
2,201
299
161
181
336
363
400
368
1,261
1,892
1,905
1,302
1,411
1,315
1,353
270
305
365
404
478
482
479
267
276
279
290
325
331
322
764
729
714
690
783
772
758
All nonmember commercial banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31. . .
1946—Dec. 31.2 . .
1947—Dec. 31
1948—June 30
Dec. 31
10,847
13,972
16,849
17,646
18,454
18,422
18,698
2,832
2,971
3,310
4,429
5,432
5,997
6,431
8,014
11,002
13,539
13,217
13,021
12,425
12,267
6,899
9,880
12,277
11,749
11,318
10,670
10,479
1,115
1,122
1,262
1,468
1,703
1,755
1,788
3,889
4,348
4,962
4,639
4,659
3,867
4,396
13,671
17,168
20,571
20,879
21,591
20,706
21,497
448
351
425
597
629
602
628
9,131
11,879
14,101
13,526
13,926
13,010
13,772
4,092
4,938
6,045
6,756
7,036
7,093
7,097
1,245
1,298
1,362
1,483
1,596
1,664
1,680
7,299
7,181
7,130
7,147
7,261
7,265
7,256
Insured mutual savings
banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31
1948—June 30
Dec. 31
7,525
9,223
10,846
11,891
12,683
13,142
13,312
3,073
3,110
3,081
3,250
3,560
3,769
4,109
4,452
6,113
7,765
8,641
9,123
9,373
9,202
3,844
5,509
7,160
7,946
8,165
8,169
7,795
608
604
606
695
958
1,204
1,407
559
400
429
612
675
644
684
7,534
8,910
10,363
11,428
12,207
12,581
12,772
7,527
8,902
10,351
11,415
12,192
12,566
12,757
808
892
1,034
1,173
1,252
1,302
1,334
184
192
192
191
194
193
193
4,345
4,708
5,361
5,813
5,957
6,084
6,083
1,411
1,260
1,198
1,275
1,384
1,465
1,577
2,935
3,448
4,163
4,538
4,573
4,619
4,506
2,246
2,819
3,522
3,833
3,813
3,808
3,680
689
629
641
705
760
811
826
238
184
180
206
211
188
194
4,204
4,466
5,022
5,442
5,556
5,630
5,633
4,203
4,464
5,020
5,439
5,553
5,627
5,631
468
485
558
611
637
653
665
361
351
350
350
339
339
339
Noninsured mutual
savings banks:
1943—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31 2
1947—Dec. 31
1948—June 30
Dec. 31
For footnotes see preceding two pages.
Back figures.—See Banking and Monetary Statistics, Tables 1-7, pp. 16-23; for description, see pp. 5-15 in the same publication.
revisions in series prior to June 30, 1947, see BULLETIN for July 1947 pp. 870-871.
AUGUST
1949
For
957
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *
LOANS AND INVESTMENTS
[In millions of dollars]
Loans1
Class of bank
and
call date
Total
loans
and
invest- Total 1
ments
Investments
Loans for
Compurchasing
meror
carrying
cial,
securities
in- AgriReal Conclud- culOther Total
esing
To
tate sumer
turloans loans
2
open- al brokloans
To
marers
ket
and othpa-2
ers
dealper
ers
U . S. Government obligations
Total
Obligations
Direct
of
States Other
and
CertifiGuar- polit- secucates
an- ical rities
in- Notes Bonds teed subBills of
debtdiviedsions
ness
All insured commercial banks:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—Dec. 31. .
1948—June 30. .
Dec. 31. .
49,290
103,382
121,809
112,178
114,274
111,794
112,286
21,259
21,352
25,765
30,733
37,583
39,372
41,968
9,214
7,920
9,461
14,016
18,012
17,834
18,761
1 450
1 723
1 314
1 358
1 610
1 ,976
2 ,775
614
662 4,773
4 , 545
2,269 2 ,265 4,343 1 ,888 944
3,164 3 ,606 4,677 2 ,361 1,181
1,517 1 ,609 7,103 4 ,031 1,098
823 1 ,190 9,266 5 ,654 1,028
1,183 1 ,077 10,101 6 ,412 1,119
1,336 939 10,666 6 ,804 1,095
28,031
82,030
96,043
81,445
76,691
72,421
70,318
21,046
75,875
88,912
73,554
67,941
63,490
61,388
3,971
2,455
1,271
2,124
2,327
2,821
Member banks,
total:
1941—Dec. 30.
31. .
1944—Dec.
1945—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 31. .
1948—June 30..
Dec. 31. .
1949—Apr. 11..
43,521
91,569
107,183
96,362
97,846
95,449
95.616
93,835
18,021
18,676
22,775
26,696
32,628
33,871
36,060
34,905
8,671
7,531
8,949
13,154
16,962
16,734
17,631
972
1 ,198
855
884
1 ,046
1 ,241
1 ,800
598 3,494
594
3 , 592
2,249 2 ,108 3,209 1 ,505 877
3,133 3 ,378 3,455 1 ,900 1,104
1,506 1 ,467 5,358 3 ,308 1,020
811 1 ,065 7,130 4 ,662
952
1,171 956 7,777 5 ,249 1,040
1,324 834 8,244 5 ,585 1,006
25,500
72,893
84,408
69,666
65,218
61,578
59,556
58,930
19,539
67,685
78,338
63,042
57,914
54,139
52,154
51,362
3,748
2,275
1,167
1,987
2,188
2,588
New York City:*
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—June 30. .
Dec. 31. .
1949—Apr. 11
12,896
24,003
26,143
20,834
20,393
19,019
18,759
18,065
4,072
5,760
7,334
6,368
7,179
7,550
8,048
7,546
2,807
2,610
3,044
4,078
5,361
5,275
5,642
Chicago :z
1941—Dec. 3 1 . .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—June 30. .
Dec. 31. .
1949—Apr. 1 1 . .
2,760
5,443
5,931
4,765
5,088
4,742
4,799
4,595
954
1,184
1,333
1,499
1,801
1,714
1,783
1,617
732
738
760
1,094
1,418
1,357
1,412
Reserve city banks.
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—June 30. .
Dec. 3 1 . .
1949—Apr. 1 1 . .
15,347
33,603
40,108
35,351
36,040
35,065
35,332
34,741
7,105
6,822
8,514
10,825
13,449
13,373
14,285
13,740
3,456
3,034
3,661
5,548
7,088
6,823
7,282
Country banks:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 31. .
1948—June 30. .
Dec. 3 1 . .
1949—Apr. 1 1 . .
12.518
28,520
35,002
35,412
36,324
36,623
36,726
36,434
5,890
4,910
5,596
8,004
10,199
11,234
11,945
12,003
1,676 659
1,149 802
1,484 648
2,433 681
3,096 818
3,279 979
3,296 1 .356
20
32
42
29
23
22
21
183
310
471
273
227
204
187
1,823
1,719
1,881
2,970
3,827
4,236
4,467
5,776
11,824
14,639
15,831
16,444
16,360
16,685
3,241
2,678
2,992
4,040
4,958
5,504
5,911
478
525
459
474
563
735
975
20
21
31
12
13
12
12
64
156
228
142
125
121
105
8 54
1,282
1,136 383
1,224 460
1,748 723
2,139 992
2,328 1 ,163
2,426 1 ,220
8
412
30 1,742
169
859
545
963
3 1,102
267
250
225
2,453 1 ,172
1,096 389
123
86
80
99
111
161
224
988
15 ,300
19 ,071
12 ,288
7 ,552
9 ,451
10 ,065
3,159
15,778
16,045
6,780
5,918
5,069
3,394
12,797 4 102 3 651 3 ,333
39,848 978 3 422 2 ,733
22 3 873 3 ,258
51,321
15 4 298 3 ,592
53,200
14 5 129 3 ,621
52,334
12 5 434 3 ,497
46,630
8 5 509 3 ,420
45,100
13 ,982
16 ,985
10 ,043
5 ,816
7 ,597
7 ,999
3,007
14,127
14,271
5,602
4,815
4,104
2,800
11,729 3 832 3 090 2 ,871
34,927 902 2 857 2 ,350
16 3 254 2 ,815
44,792
11 3 548 3 ,077
46,219
10 4 199 3 ,105
45,286
8 4 ,436 3 ,003
40,242
e 4 ,480 2 ,922
38,761
4 ,637 2 ,931
971
5 54
8,823 7,265 311
253
179 18,243 17,179
913
287
298 18,809 17,574
477
455
250 14,465 13,308
387
564
330 13,215 11,972 1,002
372 11,469 10,358
616
693
306 10,712 9,649
643
589
1,623 3,652 1 ,679
3 ,740 3,745 8,592
3 ,433 3,325 10,337
1 ,725
992 10,202
640
558 9,771
983
520 8,162
1 ,183
365 7,512
189
1
1
10,519 9,383
6
17
2
2
4
300
348
205
201
225
260
437
48
163
211
117
73
61
71
52
163
233
101
87
75
63
22
24
36
51
46
47
51
9>
45
51
105
149
156
176
34
40
29
26
32
27
1, 512
194 1,527
114
660
777 1,379
311
313
855
404
427 1 ,503 1,459
264
704 2,237 1 ,436
435
484 3,147 1 ,969
366
170
126
428 3,333 2 ,158
369
130
360 3,503 2 ,315
412
1, 530
547
351
707
363
1 ,312
306
1 ,979
229
2 ,318
267
2 ,451
261
1,806
4,258
4,598
3,266
3,287
3,028
3,016
2,978
1,430
3,913
4,213
2,912
2,890
2,667
2.633
2,567
256
250
133
60
132
160
183
1 ,045
1 ,467
498
235
250
275
153
779
749
146
248
214
217
903
1,809
1,864
2,207
2,274
2,043
1,958
119
31
729
468
606
557
638
583
563
658
830
596
629
601
604
528
500
478
182
160
181
167
213
185
210
236
193
185
204
187
185
176
174
176
8,243
26,781
31,594
24,527
22,591
21,692
21,047
21,001
6,467 295
751 4,248 1 ,173
820
956
25,042 1,704 5 ,730 5,181 11,987 440 1 ,000 740
t 1
6
29,552 1,034
,982 5,653 15,878
,126 916
4 1 ,272 1 ,004
22,250 441 3 ,799 1,993 16,013
1 ,342 1 ,053
20,196 373 2 ,358 1,901 15,560
783 3 ,244 1,501 13,692
1 ,446 1 ,024
19,222
3
1
1 ,421 1 ,032
18,594 1,056
,201 1,090 13,247
1 ,471 1 ,086
18,445
6,628
23,610
29,407
27,408
26,125
25,389
24,781
24,431
4,377
21,552
26,999
24,572
22,857
21,892
21,278
20,967
110
882
630
279
480
552
760
481 2,926
3 ,466 4,422 12,540
5 ,102 4,544 16,713
4 ,020 2,470 17,797
2 ,583 2,108 17,681
3 ,121 1,868 16,345
3 ,340 1,128 16,046
861
241
9
6
6
2,535
9,146
11,647
11,791
11,486
10,856
10,774
1,509
8,197
10,584
10,524
10,039
9,362
9,246
17
223
180
104
136
138
234
152
1 ,319 1,652
2 ,087 1,774
2 ,247 1,179
1 ,736 1,104
1 ,855
966
2 ,066
594
1,069
4,928
6,538
6,991
7,058
6,399
6,349
271
76
6
563
566
619
752
931
999
3
1 ,030
,222 1 ,028
1 ,230
1 ,342
1 ,551
2 ,006
c 2 ,223
4 2 ,286
2 ,272
829
1 ,067
1 ,285
1 ,262
1 ,275
1 ,217
1 ,192
Insured nonmember com-
mercial banks:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 3 1 . .
1948—June 30. .
Dec. 3 1 . .
543
389
512
862
1,049
1,101
1,131
67
77
79
76
79
89
462
383
443
516
517
494
498
* These figures do not include data for banks in possessions of the United States. During 1941 three mutual savings banks became members 1of the Federal Reserve System; these banks are included in "member banks" but are not included in "all insured commercial banks."
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.
* 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. 831, 1945, these items may not be entirely comparable with prior figures.
Central reserve city banks.
958
FEDERAL RESERVE BULLETIN
ALL INSURED COMMERCIAL BANKS IN THE UNITED STATES, BY CLASSES *—Continued
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
Class of bank
and
call date
Reserves
with
Cash
Federal in
Revault
serve
Banks
DeBalances mand
with
dedoposits
mestic4
adbanks justed*
Interbank
deposits
Time deposits
U. S.
Certi- IndiGov- States
fied viduals,
U. S. States
ernand
and
partnerand
Gov- political offi- ships, Inter- ment political
ern- subdi- cers' and cor- bank and
Postal subdiment visions checks, poraSav- visions
etc.
tions
ings
DoFormestic4 eign
IndiCapividuals, Bortal
partner- rowacships, ings counts
and corporations
All Insured commercial banks:
1941—Dec 3 1 . .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
1948—June 30. .
Dec. 3 1 . .
12,396
14,260
15,810
16,013
17,796
17,355
20,404
673
1,358 8,570 37,845 9,823
948
1,622 9,787 65,960 11,063
1,829 11,075 74,722 12,566 1,248
2,012 9,481 82,085 10,888 ,364
2,145 9,736 85,751 11,236 1,379
2,063 8,238 81,420 9.628 ,357
1,939 8,947 84,211 10,344 1,488
1,761
19,754
23,740
2,930
1,325
2,052
2,323
3,677
4,518
5,098
5,967
6,692
7,132
7,182
1,077
1,354
2,585
2,361
2,559
2,020
2,113
36,544
64,133
72,593
79,887
83,723
78,287
81,682
158
64
70
68
54
50
69
59
109
103
119
111
111
117
15,146
23,347
29,277
32,742
33,946
1,061 34,246
1,080 34,244
10 6,844
122 7,989
215 8,671
39 9,286
61 9,734
63 9,955
54 10,158
Member banks
total:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec; 31. .
1947—Dec. 31. .
1948—June 30. .
Dec. 31. .
1949—Apr. 11..
12,396
14,261
15,811
16,015
17,797
17,356
20,406
19,186
1,087
1,271
1,438
1,576
1,672
1,606
1,486
1,609
6,246
6,354
7,117
5,936
6,270
5,419
5,674
5,057
33,754
57,308
64,184
70,243
73,528
70,051
72,152
68,972
9,714
10,881
12,333
10,644
10,978
9,433
10,098
8,855
1,243
1,353
1,375
1,353
1,480
1,411
671 1,709
945 18,509
22,179
2,672
1,176
1,846
2,122
2,563
3,066
3,744
4,240
4,915
5,504
5,873
5,850
5,849
1,009
1,251
2,450
2,207
2,401
1,873
1,962
1,462
33,061
56,270
62,950
69,127
72,704
68,204
70,947
66,766
140
58
64
62
50
47
63
67
50
105
99
114
105
106
111
123
11,878
18,807
23.712
26,525
27,542
27,805
27,801
1,030 27,885
4 5,886
111 6,968
208 7,589
30 8,095
54 8,464
53 8,624
45 8,801
199 8,949
New York City:*
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31. .
1948—June 30. .
Dec 3 1 . .
1949—Apr. 11..
5,105
3,766
4,015
4,046
4,639
4,883
5,643
5,164
93
102
111
131
151
122
117
140
141
76
78
87
70
46
67
41
10,761
14,042
15,065
16,429
16,653
15,592
15,773
14,875
3,595
3,179
3,535
3,031
3,236
2,830
2,904
2,598
607
866
319
199
237
218
290
272
241
235
450 11,282
361 14,448
1,338 15,712
942 17,216
1,105 17,646
748 16,306
750 16,695
550 15,526
6
11
17
20
12
15
31
37
10
15
12
14
14
18
1,021
1,070
1,144
1,325
l',255
43
43
36
29
30
28
28
27
298
177
200
172
175
152
143
129
2,215
3,041
3,153
3,356
3,737
3,505
3,604
3,291
1,027
1,132
1,292
11130
l!l96
1,055
1 038
'954
Reserve city banks:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 3 1 . .
1946—Dec. 31. .
1947—Dec. 31. .
1948—June 30. .
Dec. 31. .
1949—Apr. 11..
4,060
5,687
6,326
6,337
7,095
6,462
7,701
7,220
425
441
494
532
562
521
483
521
2,590
2,005
2,174
1,923
2,125
1,852
1,845
1,678
11,117
20,267
22,372
24,221
25,714
24,316
25,072
24,153
Country banks:
1941—Dec. 31. .
1944—Dec. 30. .
1945—Dec. 31. .
1946—Dec. 31. .
1947—Dec. 31. .
1948—June 30. .
Dec. 31. .
1949—Apr. 11..
2,210
3,909
4,527
4,703
4,993
4,866
5,736
5,547
526
684
796
883
929
934
858
922
3,216
4,097
4,665
3,753
3,900
3,369
3,619
3,208
9,661
19,958
23,595
26,237
27,424
26,639
27,703
26,653
271
352
391
437
473
457
453
2,325
3,434
3,959
3,547
3,466
2.820
3,273
4,092
8,652
10,537
11,842
12,223
11,368
12,059
Chicago:*
1941—Dec.
1944—Dec.
1945—Dec.
1945—Dec.
1947—Dec.
1948—June
Dec.
1949—Apr.
31..
30'. .
31. .
31..
31. ]
30. .
31..
11.!
899
942
928
Insured nonmember commercial banks:
1941—Dec. 31
1944—Dec. 30
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31. .
1948—June 30
Dec. 31
851 6,722
1,105 6,940
651
1,195
267
1,217
333
1,183
445
1,278
471
1,204
8
16
20
24
21
22
26
48
127
152
72
105
188
234
233
167
237
228
285
320
284
257
4,302
5,421
6,307
5,417
5,497
4,751
5,213
4,508
491
54
70 6,157
110 8,221
991
127
405
131
140
728
801
168
150 1,017
1,144
1,509
1,763
2,077
2,282
2,442
2,401
2,421
286 11,127
488 20,371
611 22,281
693 24,288
705 26,003
562 24,198
649 25,302
455 23,806
790
2
225
8 4,230
8 5,465
877
8
432
7
9
680
8
688
8
842
1,370
1,868
2,004
2,391
2,647
2,839
2,925
2,937
1,149
1,199
1,067
1,049
798
943
796
108
182
233
244
258
195
246
2
3
5
11
4
4
8
1,400
1,552
53
611
775
858
258
149
207
201
1,052
1,188
1,259
1,332
1,245
1,560
34
33
66
47
63
47
53
30
2,152
3,100
3,160
3,495
3,853
3,539
3,702
3,299
7
492
423
496
664
826
418
347
399
551
693
912
927
29
17
20
39
14
41
20
28
1
778
977
1,206
1,395
1,418
1,621
1,646
1,555
96
195
30
26
25
104
476
619
719
823
902
940
989
1,648
1,966
2,120
2,205
2,259
2,262
2,306
2,324
288
354
377
404
426
436
444
445
2
2
I
1
2
4
9
11
11
11
1,022
104
33
30
25
22
18
19
17
20
40
38
43
45
42
46
47
243
154
160
235
332
496
547
607
4,542
7,561
9,563
10,580
11,045
10,771
10,798
10,856
2
4
1
3
8
47
1,967
2,327
2,566
2,729
2,844
2,870
2,928
2,980
239
8,500
369 18,350
435 21,797
524 24,128
528 25,203
516 24,161
510 25,248
427 24,135
30
14
17
17
17
14
13
12
31
57
52
55
45
49
49
56
146
175
219
272
337
364
350
385
6,082
9,650
12,224
13,727
14,177
14,473
14,369
14,453
4
16
11
26
23
24
12
48
1,982
2,321
2,525
2,757
2,934
3,056
3,123
3,200
68
103
135
154
158
147
151
18
6
6
6
4
4
6
8
4
4
74
76
97
113
132
149
153
3,276
4,553
5,579
6,232
6,420
6,457
6,459
6
10
959
3,483
7,863
9,643
10,761
11,019
10,083
10,736
5
6
6
6
1,022
7 1,083
9 1,193
7 1,271
10 1,333
8 1,358
4
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.
6
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
For other footnotes see preceding page.
Back figures.—See Banking and Monetary Statistics, Tables 18-45. pp 72-103 and 108-113.
AUGUST
1949
959
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures.
Loans
Date or month
Total
loans
and
investments Total*
Commercial,
industrial,
and
agricultural
In millions of dollars]
l
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U.S.
U.S.
Govt. Other
se- jOVt.
ob- curiobligaligations ties tions
CerOther
tifisecucates
rities
Bills of in- Notes Bonds2
debtedness
Real Loans Other
to
Total
banks loans
Total
Other
securities
TotalLeading Cities
1948—June. .
62,993 23,646
14,223
580
466
278
497
208
1949—April
May
June....
61,181 24,078
62,030 23,792
62,414 23,51'
14,409
13,815
13,351
661
862
819
537
597
738
195
197
212
427 4,079
424 4,084
421 4,106
227 3,844 37,103 32,720 1,630
246 3,866 38,238 33,848 2,121
243 3,927 38,897 34,388 2,168
1949—May 4. . . .
May 11
May 18
May 25. . . .
61,635
62,049
62,15'
62,281
24,00
23,585
23,876
23,699
13,976
916
13,908
622
13,747 1,016
13,628
892
550
594
644
602
198
197
194
200
421 4,077
416 4,086
421 4,089
43' 4,083
309
201
190
284
3,861
3,862
3,872
3,871
37,628
38,464
38,278
38,582
33,263
34 ,111
33,872
34,145
1.836
2,356
2,088
2,203
June 15. ..
June 22....
June 29...
62,336
61,916
62,603
62,606
62,609
23,811
23,096
23,234
23,562
23,;
13,476 1,058
13,424
581
13,385
627
13,292
806
13,177 1,025
620
600
652
886
931
199
201
209
209
241
429 4,092
421
420
421
416
333
178
206
204
29:
3,904 38,525
3,889 38,820
3,929 39,369
3,931 39,044
3,980 38,72
34,035
34,347
34,867
34,515
34,178
2,105
2,165
2,516
2,224
1,832
July 6.
July 13. .
July 20. . .
July 27. . .
62,555
62,855
63,264
63,458
23,167
22,901
22,984
23,031
13,005
12,97:
12,875
12,891
654
523
688
718
883
674
664
631
237
229
227
224
410
441
430
433 4,141
164
223
249
250
4,003
4,018
4,022
4,048
34,735
35,254
35,507
35,590
1948—June..
18,865
7,31
521
345
1949—April
May
June
17,818
18,20:
46
7,499
7,486
7,393
5,216
4,93:
4,745
611
811
760
400
465
59:
164
166
168
207
204
206
17
177
168
1949—May 4 . . . ,
May 11
May 18
May 25
18,07
18,096
18,312
18,325
7,590
7,278
7,582
7,493
5,017
4,975
4,896
4,841
872
587
958
826
419
461
502
476
161
15'
164
181
203
208
202
202
186
163
125
235
780
776
781
776
10,481
10.818
10.730
10.832
June 1.. ..
June 8. . . .
June 1 5 . . . .
June 22
June 29
18,375
18,04
18,53
18,654
18,728
7,624
7,039
7,14'
7,435
7,71
4,798
4,781
4,776
4,708
4,664
983
534
581
755
947
491
46'
492
733
776
17
168
16:
165
166
203
210
206
207
206
229
146
177
121
167
787
774
785
783
806
July 6 . . .
July 13. .
July 2 0 . . . .
July
21....
18,392
18,43'
18,59^
18,58
7,223
6,975
6,987
6,959
4,608
4,585
4,48.
4,487
59
479
646
655
713
533
516
498
159
186
176
1
201
205
205
206
151
198
173
153
808
805
806
805
1948—June. . .
44,12
16,332
9,106
121
233
3,644
1949—April
May
June
43,36- 16,579
43.82' 16,306
43,94^ 16,124
9,193
8,883
8,606
137
132
146
151
149
151
263 3,872
258 3,880
253 3,900
June
June
1...
8
39,347 35,134 1,995
4,814 2,400 25,925
4,742
4,889
5,314
972 25,376 4 ,383
968 25,870 4 ,390
958 25,948 4 ,509
960
970
967
973
25,717
25,872
25,919
25,973
5,225
5,385
5,397
5,279
5,284
971
957
961
951
950
25,734 4 ,490
25,840 4,473
25,993 4 ,502
26,061 4,529
26,112 4 ,549
2,153
2,471
2,614
2,610
5,431
5,543
5,575
5,605
960
981
998
1003
26,191 4,653
26,259 4 ,700
26,320 ,773
26,372 837
793 11,551 10,476
855
1,069
545
8,007 1,075
776 10,319 9,215
778 10,715 9,673
787 11,076 9,976
558 1,153
802 1,216
834 1,390
104
100
118
7,400 1.104
7,555 1,042
7,634 1,100
1,138
1,217
1,203
1,308
97
101
102
100
7,491 1.044
7,557 1.015
7,579 1 .047
7,594 1,061
10.751
11,008
11,390
11.219
11.009
9,671
728 1,301
9,928 805 1,422
10,289 1,095 1,425
10,099 912 1.386
9,893 629 1,414
103
123
127
115
122
7,539
7,578
7,642
7,686
7,728
.080
1,080
1,101
,120
1,116
11,169
11,464
11,606
11,628
I 9,987
10,268
'10,387
10,371
131
133
137
148
7,714
7,720
7,738
7.755
1,182
1,196
1,219
1,257
39,388
39,954
40,280
40,427
4,365
4,353
4 ,406
4,437
New York City
143
9,437
9,803
9.683
9,771
711
928
799
769
728
981
,017
937
1.414
1,434
1,495
1 ,531
Outside
New York City
2,862 27,796 24,658 1,140 3,745
3,068 26,78 |23,505 1.072
3,088 27 ,523 |24,175 1,319
3,140 27,82 [24,41 1,334
1,855 17,918 3,138
3,589
3,673
3,924
868 17,976 3,279
868 18,315 3,348
840 18,314 3,409
May 4.
May 11.
May 18.
May 25.
43,564
43.95.
43,84
43.95
16,41'
16.30'
16,294
16.206
8,959
8,933
8,851
8,78^
131
133
142
126
149
151
146
150
260 3.874
257 3,878
257 3,887
25< 3,881
123
38
65
4!
3.081 27,147
3,086 27,646
3,091 27.548
3,095 27.750
23.826
24,308
24,189
[24.374
1,125
1,428
1,289
1,434
3,612
3,696
3,695
3,688
863 18,226 3,321
"3,338
869 ""
865 18,340 3,359
873 18,379 3,376
June
June
June
June
June
43,96 r
43,86
44,064
43.95:
43,88
16.18
16.05
16.085
16,127
16.163
8,678
8.643
8,609
8.584
8,513
129
133
160
153
155
146
148
148
15:
160
255
253
255
256
250
3,889
3,893
3,899
3,905
3,915
104
32
29
83
125
3,11 27,774
3,115 27,812
3,14 27,97'
3,148 27,825
3,17 27,718
14,364
[24,419
4,578
[24,416
24,285
1,37
1,360
1,421
1,312
1,203
3,924
3,963
3,972
3,893
3,870
868
834
834
836
828
44,16c
44,41'
44,67
44,87
15,944
15,92i
15,99
16,072
8,397
8,387
8,391
8,404
170
141
148
133
156
150
151
151
25 3,914
12
25
76
9
3,195
3,213
3,21
3,243
24,748 |l ,425
24,986 1,490
25,120 1,597
25,219 1,673
4,017
4,109
4,080
4,074
829 18,477 3,471
848 18,539 3,504
861 18,582 3,554
85. 18,617 3,580
1.
8
15.
22.
29.
July 6
July 13
July 20
July 27
3,921
3,929
25i 3,93:
28,21
28.49C
28,67
28,79<
18,195 3,410
18,262 3,393
18,351 3,401
18,375 3,409
18,384 3,433
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.
* Including guaranteed obligations.
960
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]
Time deposits,
except interbank
Demand deposits,
except interbank
Date or month
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault doposits
Remestic ad- 3
serve
banks usted
Banks
IndividCertiuals, States
and
fied
part- politand
nerical
Offiships, subcers'
and
cor- divi- checks,
etc.
pora- sions
tions
Interbank
deposits
IndividU. S.
Demand
Bor- Capuals, States
and Govrow- ital
acU. S. part- politernings counts
Gov- nerical ment
Time
ern- ships, suband
ment and
Dodivi- Postal
Sav- mes- ForCO.
eign
pora- sions ings
tic
tions
Bank
debits*
TotalLeading Cities
1948—June
12,883
783
2,331 46,792 46,973 3,442
1,463
14,333
515
79 8,777 1,329
30
123
5,916 94,384
1949—April
May
June
14,108
13,453
13,378
780
768
771
2,100 45,497 45 ,472 3,445
2,082 45,985 45,640 3.599
2,122 46, 383 46,264 3,475
1,142 1,585 14,480
1,229 1,060 14,496
1,309
877 14,541
619
650
665
92 8,215 1,385
99 8,185 1,331
106 8,311 1,323
55
101
118
252
417
290
6,077 89,756
6,097 87,212
6,117 94,386
13.988
13,196
13,438
13,189
728
796
761
788
2,062
2,136
2,081
2,049
45,822 45 ,151
45,921 45,853
45,816 45 ,788
46,383 45 ,770
3,706
3,598
3,498
3,596
1,245
1,222
1,364
1,084
1,058
1,000
1,095
1,087
14,493
14,503
14,493
14,497
645
643
645
666
98
98
98
102
8,298 1 ,351
8,401 1,343
8,121 1,327
7,918 1,302
75
105
111
113
575
151
714
230
6,104
6,094
6,089
6,099
22,402
19,416
22,620
19,479
13,243
13,293
13,649
13,475
13,231
749
785
761
769
792
2,099
2,101
2,296
2,023
2,089
46,364
46,295
46,844
46,319
3,683
3,545
3,431
3,357
3,361
790
1,543
576
1,079
770
1,365
890
1,208
1,349 1,356
14,513
14,521
14,532
14,544
14,596
667
668
664
662
664
103
103
104
106
115
8,258
8,397
8,767
8,087
8,047
1,330
1,300
1,311
1,334
1,339
115
115
112
110
138
286
119
106
690
250
6,118
6,118
6,115
6,109
6,127
18,120
20,158
20,985
23,008
22,381
July 6 . . . 13,281
July 1 3 . . . 12,828
July 20... 12,785
12,938
762
826
755
788
2,377
2,401
2,174
2,06:
45,844 45 .744 3,358
46,035 46,586 3,236
46 ,472 46,520 3,280
46,683 46,301 3,379
1,513 1,145 14,584
813 14,556
1,128
714 14,539
1,654
921 14,535
1,162
644
641
645
640
115
116
117
120
9,011
9,036
8,521
8,300
1,344
1,353
1,351
1,364
138
139
139
133
84
146
420
484
6,141
6,138
6,138
6,150
21,148
20,445
21,353
19,262
4,761
122
15,484 16,135
219
781
300 1,497
2,824 1,164
64
2,205 38,942
5,192
4,89'
4,929
120
117
119
14,842 15,416
14,921 15,448
15,140 15,789
251
257
205
554
655
704
393
296
287
1,478
1,479
1,517
2,586 1,181
2,548 1,131
2,660 1 ,119
134
260
186
2,262 36,887
2,271 36,444
2,270 40,617
5,214
4,762
4,92
4,690
114
123
112
122
14,926
14,864
14,819
15,075
15,337
15,468
15,426
15,561
337
251
237
204
668
648
784
518
292
270
314
306
1,480
1,479
1,471
1,485
2,572
2,607
2,519
2,492
1,155
1,140
1,126
1,105
423
44
501
74
2,272
2,273
2,270
2,270
4,794
4,816
5,098
5,111
4,824
115
122
112
116
130
14,995
14,995
15,357
15,273
15,082
15,734
15,484
16,165
15,864
15,698
209
185
213
215
204
930
520
696
618
759
271
190
228
252
493
1,501
1,503
1,513
1,519
1,547
2,628
2,602
2,903
2,588
2,578
1,127
1,105
1,108
1,127
1,129
185
10
22
509
203
2,276 7,443
2,269 8,603
2,269 8,526
2,263 9,809
2,272 10,210
5,083
4,704
4,749
4,898
125
131
115
124
14,920
14,812
15,091
15,067
15,474
15,506
15,698
15,530
231
218
211
248
897
547
1,055
568
415
279
21'
331
1,523
1,491
1,482
1,486
2,957
2,820
2,649
2,608
1,134
1,136
1,133
1,152
28
10
258
343
2,284
2,285
2,283
2,280
1949—May
May
May
May
4...
11..
18..
25...
July 2 7 . . .
46,093
46 ,128
45,737
47 ,494
46,154
45 ,805
1,182
New York City
1948—June
1949—April
May
June
1949—May 4 . . .
May 1 1 . . .
May 18...
May 2 5 . . .
June 1 . . .
June 8 . . .
June 1 5 . . .
June 2 2 . . .
June 2 9 . . .
July 6 . . .
July 1 3 . . .
July 2 0 . . .
July 2 7 . . .
9,875
7,988
9,642
7,922
9,900
8,493
8,635
7,774
Outside
New York City
1948—June
8,122
661
2,298 31,308 30,838 3,223
682
88: 12,836
474
1949—April
May
June
8,916
8,556
8,449
660
651
652
2,067 30,655 30,056 3,194
2,050 31,064 30 ,192 3,342
2,084 31 ,243 30,475 3,270
588 1,192 13,002
574
764 13,01
605
590 13,024
592
619
629
1949—May 4 . . .
May 1 1 . . .
May 18...
May 2 5 . . .
8,774
8,434
8,516
8,499
614
673
649
666
2,030 30,896 29 ,814
2,104 31 ,057 30,385
2,048 30,997 30,362
2,019 31, 308 30,209
3,369
3,347
3,261
3,392
577
574
580
566
766
730
781
781
13,013
13,024
13,022
13,012
618
616
615
62
June
June
June
June
June
1...
8...
15...
22...
29...
8,449
8,47
8,551
8,364
8,40'
634
663
649
653
662
2,046
2,066
2,261
1,989
2,05
31,369 30,394 3,474
31,300 30 ,253 3,360
31 ,48 31,329 3,218
31,046 30,290 3,142
31,011 30,107 3,157
613
559
669
590
590
519
386
542
638
863
13,012
13,018
13,019
13,025
13,049
July 6 . . .
July 1 3 . . .
July 2 0 . . .
July 2 7 . . .
8,198
8,124
8,036
8,040
637
695
640
664
2,343 30,924 30 ,270
2,366 31,223 31,080
2,:
,381 30,822
2,032 31,616 30 ,771
616
581
599
594
730 13,061
534 13,065
497 13,057
586 13,049
3,127
3,018
3,069
3,131
5,953
165
59
3,711 55,442
5,629
5,637
5,651
204
200
204
118
15
104
3,81
52,869
3,826 50,768
3,847 53,769
81
80
81
84
5,726
5,794
5,602
5,426
196
203
201
19
15:
107
213
156
3,832
3,821
3,819
3,829
12.527
11,428
12,978
11,557
631
631
630
628
625
85
85
86
89
90
5,630
5,795
5,864
5,499
5,469
203
195
203
20
210
101
109
84
181
47
3,842
3,849
3,846
3,846
3,85.
10,677
11,555
12,459
13,199
12,171
612
609
612
607
90
91
91
94
6,054
6,216
5,872
5,692
210
21
218
212
56
39
162
3,857
3,853
3 ,85J
3,870
11,248
11,952
12,718
11,488
65
8
4
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.
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 Montary Statistics, pp. 127-227.
AUGUST
1949
961
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans x
Federal Reserve
district and date
Boston
June 29
July 6
July 13
July 20
July 27
New York*
June
July
July
July
July
. .
29
6
13
20
27
. . .
Philadelphia
J u n e 29
July 6
July 13
July 20
July 27
Cleveland
. . .
June 29
July 6
July 13
July 20
July 27
Richmond
June 29
July 6
July 13
July 20
July 27
Atlanta
June 29
July 6
July 13
July 20. . .
July 27
Chicago*
June 29
July 6. .
July 13
July 20
July 27
St. Louis
June 29
July 6
July 13
July 20
July 27
Minneapolis
June 29
July 6
July 13
July 20
July 27
Kansas City
June 29
July 6
Tuly 13
July 20
July 27
Dallas
June 29
July 6
July 13. . .
July 20
July 27
San Francisco
June 29
July 6.
July 13
July 20
July 27
City of Chicago*
June 29
July 6
July 13
July 20
July 27
Total
Commerloans
cial,
and
investindusments Total 1 trial
and
agricultural
2,836
2,844
2,835
2,846
2,846
Investments
For purchasing
or carrying securities
To brokers
and dealers
U. S. Government obligations
To others
U.S. Other
U. S.
Govt. Other
se- Govt.
seobob- curiliga- ties liga- curities
tions
tions
Real Loans
estate to Other Total
oans 3anks
Total
1,665
1,687
1,688
1,696
1,686
606
602
602
597
593
11
18
6
6
7
12
11
12
7
6
12
12
12
12
11
15
15
15
16
15
135
135
135
135
135
24
1
1
7
20
197
201
202
204
206
1,843
1,868
1,869
1,881
1,872
20,893 8,444 4,992
20,575 7,945 4,932
20,607 7,697 4,909
20,770 7,714 4,816
20,755 7,683 4,813
950
601
483
648
657
782
719
537
520
501
87
86
84
81
79
182
175
202
192
193
409
404
410
410
412
167
151
198
173
154
984
987
984
984
984
12,449
12,630
12,910
13,056
13,072
993
976
966
965
974
Bills
Certifiof indebtedness
Other
secuNotes Bonds2 rities
74
67
72
88
76
285
291
286
276
277
39
39
39
40
40
1,267
1,290
1,291
1,292
1,293
178
181
181
185
186
11,130 666
783
11,243
11,511 1,022
11,632 1,060
11,609 978
1,529
1,529
1,546
1,607
1,640
152
162
169
173
184
8,783
8,769
8,774
8,792
8,807
1,319
1,387
1,399
1,424
1,463
2,544
2,552
2,578
2,562
2,576
879
850
857
862
863
460
454
456
455
457
1
1
1
1
1
28
25
23
24
24
4
2
2
2
2
7
7
8
8
7
93
93
94
94
94
19
3
6
10
8
278
276
278
279
281
1,665
1,702
1,721
1,700
1,713
1,366
1,401
1,415
1,392
1,397
97
122
128
104
112
121
124
124
125
125
31
31
31
31
31
1,117
1,124
1,132
1,132
1,129
299
301
306
308
316
4,340
4,347
4,359
4,409
4,444
1,458
1,409
1,419
1,439
1,448
828
806
814
815
818
10
11
9
8
14
18
21
25
23
17
40
40
40
40
39
22
22
24
24
27
279
279
280
280
281
31
1
1
22
25
248
248
245
246
246
2,882
2,938
2,940
2,970
2,996
2,533
2,586
2,583
2,609
2,639
67
96
86
105
133
251
269
273
271
269
97
97
97
97
97
2,118
2,124
2,127
2,136
2,140
349
352
357
361
357
2,461
2,475
2,508
2,519
2,539
800
791
791
791
357
350
349
344
7
7
7
7
13
11
11
12
20
19
19
19
1
1
1
2
217
219
218
221
40
40
40
41
6
12
19
196
3
1,524
1,544
1,574
1,584
1,600
191
195
211
205
351
1,661
1,684
1,717
1,728
219 1,742
69
79
86
89
797
194
193
195
195
137
140
143
144
2,236
2,258
2,277
2,282
2,302
795
484
9
24
70
5
785
786
787
781
18
475
454
452
442
8
9
9
8
16
13
14
15
24
24
24
24
67
68
69
68
5
5
6
6
196 1,441
201 1,473
224 1,491
224 1,495
229 1,521
1,244
1,274
1,290
1,292
1,319
8,637
8,667
8,690
8,760
8,863
2,495
2,437
2,420
2,443
2,466
1,600
1,579
1,589
1,591
1,592
47
17
7
18
34
38
56
30
38
35
20
20
21
20
20
56
55
55
53
54
340
341
342
342
343
24
1
9
12
16
401
400
399
401
404
6,142
6,230
6,270
6,317
6,397
2,021
2,051
2,082
2,080
2,118
851
844
852
860
456
449
458
461
1
2
1
2
1
5
6
5
6
10
10
11
10
11
11
11
11
3
10
11
165
165
164
166
209
210
210
212
1,170
1,207
1,230
1,220
214 1,250
1,166
1,183
1,206
1,241
1,218
411
215
3
7
4
417
418
218
218
3
3
7
7
2,336
2,349
2,375
2,414
2,409
868
425
427
825
826
457
223
222
515
519
521
2,223 1,013
2 239 1,010
2,250 1,005
2,289 1,013
2,289 1,021
683
10,916
11,015
11,088
11,092
11,099
5
3
5,354 1,658
5,380 1,604
5,386 1,592
5,422 1,608
5,503 1,620
1,234
1,213
1,230
1,233
1,233
11
11
11
1
7
6
676
682
683
1,985
1,948
1,932
1,920
1,942
11
11
4
4
678
4,918
4,877
4,863
4,849
4,863
7
7
4
4
511
514
827
836
840
5
c
4
16c
47
17
17
34
14
15
168
1
1
11
203
33
268
36
907
197
39
49
52
69
287
297
303
306
37
37
36
39
911
907
901
905
199
201
203
202
5,465
5,546
5,586
5,616
5,693
421
453
459
485
564
784
805
826
828
822
230
230
231
231
231
4,030
4,058
4,070
4,072
4,076
677
684
684
701
704
1,029
1,059
1,081
1,068
1,079
51
62
66
59
177
200
194
197
45
40
42
39
756
757
779
773
141
148
149
152
71
194
40
774
142
171
65
123 '
755
656
26
148
20
462
99
65
65
125
126
766
788
663
685
28
33
152
168
19
19
464
465
103
103
113
128
301
296
71
70
806
809
220
220
65
65
' '2
130
130
3
1
130
130
130
37
88
38
88
1
5
6
7
7
14
14
14
18
17
13
14
14
11
13
9
10
10
27 2,153
28 2,155
29 2,155
29 2,160
29 2,161
15
33
51
25
33
30
16
15
16
16
15
48
47
47
46
46
74
74L
1
74
75
18
38
38
38
104
1,224
1,230
1,237
1,249
42 1,251
88
88
88
11
8
816
791
710
687
166 1 .511 1,291
,523 1,303
166
166 1,548 1,326
167 L ,578 1,354
167 1,569 1,346
126
129
70
47
136
156
148
134
142
29
20
310
313
312
69
70
69
477
478
811
815
817
106
104
222
224
223
194 1,210
195 L 229
193 .245
194 1 ]27r
201 1,268
1,090
1 108
1,120
1,153
1,147
42
286
41
721
120
57
289
41
721
121
767
775
773
764
768
5,998
6,138
6,225
6,243
6,236
5,185
5,321
5,395
5,401
5,388
209
208
206
207
208
3,696
3,776
3,794
3,814
3,883
3,249
3,321
3,341
3,346
3,414
173
239
270
269
242
315
354
345
352
416
64
77
66
288
296
299
43
42
44
725
738
738
125
123
121
943
994
1 020
1,020
1,016
148
154
164
169
166
3,921
3,934
3,941
3,943
3,964
813
817
830
842
848
462
475
501
500
498
182
182
183
183
183
2,290
2,310
2,312
2,311
2,317
447
455
453
468
469
* Separate figures for New York City are shown in the immediately preceding table and for the City of Chicago in this table, The figures
/or the New York and Chicago Districts, as shown in this table, include New York City and Chicago, respectively.
For other footnotes see preceding table.
962
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS—Continued
RESERVES AND LIABILITIES
[In millions of dollarsl
Demand deposits
except interbank
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral
do- posits
Re- vault mestic adserve
banks justed 3
Banks
Federal Reserve
district and date
Boston
June 29
July 6
July 13
July 20...
July 2 7 . . . .
New York*
June 29
July 6
July 13
July 20...
July 27
Philadelphia
June 29
July 6
July 13
July 20
July 27
Cleveland
June 29
July 6
July 13
July 20
July 27
June 29
July 6
July 13
July 20
July 27...
Atlanta
June 29...
July 6
July 13
July 20
July 2 7 . . . .
Chicago*
June 2 9 . . . .
July 6
July 13
July 20
July 2 7 . . .
St. Louis
June 29
July 6
July 1 3 . . . .
July 20
July 27
Minneapolis
Tune 29
July 6
July 13
July 20
July 27
Kansas City
June 2 9 . . . .
July 6
July 13
July 20
July 2 7 . . . .
Dallas
June 2 9 . . . .
July 6
July 13
July 20
July 27
San Francisco
June 29
July 6
July 13
July 20
July 27. ..
City of Chicago*
June 29 .
July 6
July 13
July 20
July 27
.
Individuals, States Certified
part- and
and
ner- polit- Offiships, ical
sub- cers'
and
cor- divi- checks,
etc.
sions
porations
Interbank
deposit
Time deposits,
except interbank
Individuals,
U. S. partGov- nerern- ships
ment and
corporations
States
and
political
subdivisions
529
524
506
506
495
55
55
59
55
55
93
102
98
87
88
2,381
2,385
2,359
2,372
2,367
2,321
2,364
2,342
2,338
2,311
178
160
172
173
172
48
45
39
45
37
49
37
25
20
28
477
476
483
483
483
5,134
5,390
4,963
5 ,029
5,177
175
170
179
159
168
112
125
121
109
107
16,562
16,396
16,259
16,554
16,531
16,983
16,770
16,837
17,027
16,836
457
484
421
420
477
800
946
586
611
523
439
299
236
353
2,384
2,358
2,324
2,314
2,317
45
38
37
39
38
504
472
461
482
471
42
42
44
41
42
96
99
95
86
83
2,050
2,018
2,029
2,025
2,025
2,122
2,106
2,113
2,098
2,091
81
86
97
97
95
22
24
23
23
24
56
37
27
23
57
412
412
412
411
410
815
758
768
743
774
84
75
85
78
81
137
146
156
155
145
3,020
2,965
3,017
3,069
3,116
3,065
3,008
3,104
3,096
3,130
173
176
181
199
199
42
43
42
47
50
115
100
66
52
78
501
469
476
474
473
66
63
69
62
66
153
173
179
147
157
1,979
1,960
2,004
1,997
2,045
1,970
1,981
2,049
2,013
2,041
154
152
134
137
143
42
33
41
38
38
456
439
439
423
413
42
39
43
40
43
169
213
207
187
165
1,729
1,725
1,741
1,758
1,769
1,596
1,607
1,657
1,647
1,623
286
285
293
282
293
1,879
1,910
1,939
1,819
1,838
104
101
105
96
100
320
390
359
342
329
6,025
6,006
6,091
6,088
6,183
5,873
5,871
6,056
5,960
6,068
395
398
384
399
382
29
28
30
28
29
117
133
127
120
111
1,342 1,381
1,348 1,406
1,368 1,457
1,380 1,446
1,410 1,438
222
220
210
240
230
13
11
14
13
13
82
97
93
77
77
841
846
850
853
859
507
501
498
495
495
32
29
33
30
32
260
288
318
292
267
483
465
478
474
485
35
34
36
33
35
1,806
1,735
1,706
1,701
1,705
115
115
129
120
124
1,278
1,303
1,337
1,260
1,261
38
40
38
33
36
U. S.
Government
and
Postal
Savings
Demand
Domestic
Bor- CapBank
ital
debrow- acTime ings counts its*
Foreign
4
10
8
9
3
321
322
322
322
322
826
745
817
792
723
205
61
110
272
346
2,467
2,479
2,480
2 478
2,475
10,846
10,394
9,156
9,148
8,258
3
3
10
24
14
310
311
311
311
311
810
678
763
760
770
10
467
468
462
467
468
1,191
1,162
1,055
1,136
1,098
225
225
224
224
224
680
667
657
754
628
188
189
190
189
189
614
604
622
716
583
722
722
718
718
719
2,855
2,602
2,646
2,827
2,674
178
178
179
179
179
559
509
545
599
528
30
5
100
100
100
100
101
335
319
372
484
357
2
1
1
1
2
200
199
199
200
200
673
634
739
871
745
202
202
202
202
203
611
546
592
736
614
30
29
4
29
30 " " " 8
30
21
747
746
751
748
759
2,381
2,288
2,481
2,530
2,284
"*2
35
59
489
489
485
485
485
1,846
1,805
1,641
1,815
1,629
6
265
284
288
276
270
33
31
32
30
31
34
34
34
35
36
2,641
3,029
2,890
2,716
2,675
1,132
1,138
1,142
1,136
1,155
42
43
41
41
40
1
1
1
1
1
327
354
364
352
329
10
11
10
10
11
1,335
1,336
1,333
1,332
1,330
42
42
43
43
42
1
2
2
2
2
401
431
445
436
421
5
5
44
34
29
27
25
568
569
568
568
567
30
30
30
30
30
18
18
18
18
19
326
370
382
350
335
5
4
3
4
5
22
23
21
24
21
30
24
18
18
18
536
536
535
534
538
4
5
5
5
5
5
5
5
5
5
417
472
476
426
410
11
11
14
16
12
8
7
3
611
614
593
621
611
92
98
104
99
89
263
252
169
136
153
2,556
2,561
2,562
2,564
2,562
32
31
31
31
31
17
16
16
16
16
1,288
1,451
1,472
1,390
1,380
50
50
51
49
48
1
1
1
1
1
116
114
111
114
120
28
20
16
17
19
37
26
19
18
28
474
474
474
474
473
12
12
12
12
12
1
1
1
514
570
575
558
532
4
4
3
3
3
742
736
763
754
754
201
218
213
217
209
13
13
13
13
13
20
15
12
54
46
248
248
248
247
247
2
2
2
3
2
5
5
5
5
4
" li
1
266
293
304
278
273
1,813
1,790
1,823
1,870
1,852
1,760
1,768
1,832
1,849
1,813
241
235
234
245
247
25
25
26
25
24
41
29
24
20
25
379
380
380
381
381
2
2
2
2
2
3
3
3
3
3
704
773
803
765
748
1
1
1
1
1
1
1
1
1
1
290
314
337
304
276
1,907
1,901
1,943
1,961
1,953
1,820
1,826
1,888
1,890
1,856
213
219
218
223
224
33
29
32
37
34
30
25
20
19
19
358
357
357
356
356
85
76
76
78
78
7
7
7
7
8
471
513
527
506
499
5
1
1
1
1
1
260
297
311
268
257
6,444
6,504
6,551
6,545
6,573
6,172
6,301
6,488
6,402
6,340
650
615
569
552
589
182
214
185
190
202
148
127
105
91
91
4,869
4,877
4,880
4,875
4,871
370
365
364
364
362
22
22
22
22
22
427
471
510
468
428
81
82
84
87
85
159 3,812 3,804
217 3,793 3,796
189 3,834 3,904
176 3,854 3,869
156 3,893 3,912
314
312
300
306
305
43
50
49
45
41
154
162
108
77
89
1,336
1,340
1,341
1,342
1,341
32
31
31
31
31
3
3
3
3
3
1,087
1,107
1,028
1,020
964
45
45
46
44
43
1,096
5
5
6
6
7
6
91
91
91
91
90
2
2
2
2
2
il
l
l
'' ii6
n
15
1
3
13
12
7
7
4
2
46
60
7
3
9
10
2
For footnotes see opposite page and preceding table.
AUGUST
1949
963
NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST,
BY FEDERAL RESERVE DISTRICTS AND STATES
Federal Reserve
district or State
United
Dec.
Dec.
Dec.
June
On par list
Total banks on
which checks are
drawn, and their
branches and offices
States total:
31, 1946
31, 1947
31, 1948
30, 1949?
Total
Member
Not on Dar list
(nonmember)
Nonmember
Banks 1
Branches
and offices2
Banks
Branches
and offices
Banks
Branches
and offices
Banks
14,043
14,078
14,072
14,051
3,981
4,148
4,333
4,460
11,957
12,037
12,061
12,168
3,654
3,823
4,015
4,192
6,894
6,917
6,912
6,897
2,913
3,051
3,197
3,300
5,063
5,120
5,149
5,271
488
312
488
312
904
838
874
145
286
904
838
874
145
286
Branches
and offices
Branches
and offices
Banks
2,086
2,041
2,011
1,883
327
325
318
268
126
18
208
618
123
36
352
37
43
4
14
75
337
603
9
108
59
41
741
772
818
892
By districts and
by States
June 30, 1949P
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
. . .
St. Louis
,126
1,009
,185
2,488
1,468
1,278
1,751
.016
500
Kansas City
Dallas
San Francisco
Alabama
Arizona
Arkansas
California
Colorado
State
Connecticu t
Delaware
District of Columbia
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
500
1,279
265
322
219
1,485
495
477
758
621
236
42
26
6
22
1,204
235
37
5
636
198
984
287
128
23
91
23
10
108
194
143
49
6
933
1
5
67
114
92
36
2
889
1
41
80
51
113
39
19
182
32
14
41
3
113
39
19
119
32
14
41
3
17
4
38
3
47
22
3
46
15
10
3
394
35
100
31
66
17
16
73
65
30
35
1
45
51
45
51
27
46
18
5
680
203
594
3
99
163
409
884
485
665
607
40
67
69
382
58
63
221
163
178
441
112
169
6
61
265
39
528
3
99
163
506
235
3
43
378
250
40
44
69
112
46
38
25
38
37
270
12
25
112
169
409
163
214
77
142
76
153
170
221
231
12
207
31
180
6
5
143
2
17
1
132
2
111
111
New York
North Carolina
North Dakota
Ohio
Oklahoma
908
675
1,742
237
133
23
163
178
441
Nebraska
Nevada
New Hampshire
New Tersev
New Mexico
479
348
1,003
588
79
69
10
36
80
66
37
40
49
21
933
1
382
161
63
\f ichisan
1,279
363
151
156
127
196
426
10
230
194
143
665
609
Mississippi
\tissouri
Montana
588
138
110
10
45
1,126
801
567
2,488
1,131
232
808
108
246
226
886
485
Kentucky
Louisiana
[Maine
Maryland
Massachusetts
486
187
332
777
642
700
502
393
86
36
98
13
4
44
8
74
331
50
2
18
2
147
12
8
74
331
50
2
18
2
147
12
6
52
283
34
646
738
646
738
565
685
37
424
210
51
58
8
348
7
2
22
48
16
81
32
6
184
238
27
1
225
1
152
93
30
84
38
973
175
973
175
147
229
42
40
48
18
62
70
744
18
150
170
42
36
23
10
33
62
31
30
20
8
29
8
11
6
3
Tennessee
Texas
Utah
Vermont
Virginia
293
895
55
86
5
23
200
838
55
73
5
23
118
269
24
69
29
2
9
314
105
309
105
204
57
5
21
2
56
16
11
82
569
31
105
49
Washington
West Virginia
^^isconsin
Wyoming
122
179
127
127
53
107
120
151
151
164
41
69
71
7
550
55
122
178
. ..
550
55
40
21
415
164
66
49
53
41
20
68
11
23
1
1
15
10
377
69
103
266
93
211
54
42
4
36
16
68
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
662
69
6
63
294
2
15
6
32
385
662
95
62
15
2
188
22
211
1
209
150
122
56
163
27
84
9
386
14
114 ,
88
119
16
8
9
28
88
100
4
25
93
57
13
5
1
130
P Preliminary.
* Excludes mutual savings banks, on a few of which some checks are drawn.
2
Includes branches and other additional offices at which deposits are received, checks paid, or money lent, including "banking facilities"
at military reservations (see BULLETIN for February 1949, p. 191, footnote 3).
Back figures.—See Banking and Monetary Statistics, Table 15, and Annual Reports
964
FEDERAL RESERVE
BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES
[In millions of dollars]
OUTSTANDING
Dollar acceptances outstanding
End of month
Held by
Commercial
paper
Total
out- 1
outstanding standing
1948—May
June
July
August
September
October
November
December
1949—January
February
March
April
May
June
Based on
Accepting banks
Total
Own
bills
Bills
bought
Others
Exports
from
United
States
Imports
into
United
States
254
270
284
309
305
285
287
269
256
253
235
221
214
221
239
259
161
142
134
122
120
125
141
146
71
61
67
60
65
67
71
71
90
81
67
62
55
58
70
76
95
111
102
99
94
96
99
112
155
155
151
143
136
140
152
164
57
56
47
40
37
42
48
57
268
268
257
249
••219
199
262
228
215
204
195
198
137
114
98
88
84
87
66
65
58
59
58
54
70
49
40
28
27
33
126
114
117
116
110
111
156
134
127
119
118
121
57
51
51
46
44
47
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
11
6
2
2
2
Foreign
countries
19
19
19
20
20
20
24
25
21
20
18
17
20
17
15
12
25
23
22
20
17
17
13
14
14
17
12
13
r
1
Revised.
2
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.
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange
Ledger bstlances in millions of dollars]
Debit balances
End of month
Debit
accounts
1940—June
December...
1941—June
December...
1942—June
December...
1943—June
December...
1944—June
December...
1945—June
December...
1946—June
December...
1947—June
December...
1948—June.......
653
677
616
600
496
543
761
789
887
1,041
1,223
1,138
809
540
552
578
619
July
August
September. .
October
November. .
December...
!
608
8
1949—January . . .
February . . .
March
April
May
June
Debit
Customers' balances in balances in
debit
partners'
firm
balances investment investment
and trading and trading
(net)i
573
8 570
8 580
8 551
550
8 537
8527
3 530
«626
3 660
681
12
12
11
8
9
7
9
11
5
7
11
12
7
5
6
7
7
10
5
accounts
58
99
89
86
86
154
190
188
253
260
333
413
399
312
333
315
326
312
419
Credit balances
Customers'
credit balances x
Cash on
hand
and in
banks
Money
borrowed 2
223
204
186
211
180
160
167
181
196
209
220
313
370
456
395
393
332
Other credit balances
In partners' In firm
investment investment In capital
and trading and trading accounts
(net)
accounts
accounts
Free
Other
(net)
376
427
395
368
309
378
529
557
619
726
853
795
498
218
223
240
283
267
281
255
289
240
270
334
354
424
472
549
654
651
694
650
612
576
62
54
65
63
56
54
66
65
95
96
121
112
120
120
162
176
145
22
22
17
17
16
15
15
14
15
18
14
29
24
30
24
23
20
5
5
7
5
4
4
7
5
11
8
13
13
17
10
9
15
11
269
247
222
213
189
182
212
198
216
227
264
299
314
290
271
273
291
8
288
8
252
8
349
238
8 252
8 244
257
3 577
8 551
8 550
8 540
8 563
586
112
28
5
278
3
573
3
565
3 551
3 542
3 535
280
8 247
8 225
3 254
8 329
3 355
493
129
20
9
260
528
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.
of national securities exchanges).
ers' debit balances represented by balances
secured by U. S. Government securities was (in millions of dollars^: April. 668; May 67.
NOTE.—For explanation of these figures see
"Statistics on
on Margin
Margin Accounts"
Ac
ee "Statistics
in BULLETIN for September 1936. The article describes the
method by
by which
which the
the figures
figures are
are derived
derived and
and reported,
reported distinguishes
tabl from a "statement of financial condition," and explains that the last
method
distinguishes the
the table
column is
is not
not to
to be
be taken
taken as
as representing
act
net
column
representing the
the actual
actual
net capital
capital of
of the
the reporting
reporting firms.
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
B k
fiS
B k i
d M
S
in detail at semiannual dates prior to 1942.
AUGUST
1949
965
OPEN-MARKET MONEY RATES IN NEW YORK CITY
[Per cent per annum]
Yecr,
month, or
week
Prime
commercial
paper,
4-to 6months1
BANK RATES ON BUSINESS LOANS
AVERAGE OF RATES CHARGED ON SHORT-TERM LOANS
TO BUSINESSES BY BANKS IN SELECTED CITIES
[Per cent per annum]
U.S. Government
security yields
Prime Stock
exbank- change
ers'
9 - t o 12call
accept- loan
month
ances,
certifi- 3- to 53reyear
90 1
cates
month
newdays
bills ' of in- taxable
als 2
debted- issues
Size of loan
ness
1946 average
1947 average
1948 average
1948—July
August
September.
October. . .
November .
December..
1949—January...
February. .
March
April
May
June
July ..
81
L.03
L.44
61
.87
1.11
j 16
L.38
.55
.604
1.043
375
.82
.88
1.14
1 16
.32
L.62
OO7
L.O53
L.090
1.120
L.144
1.154
j in
L.15
L.18
L.23
L.22
L.21
I 56
L !65
L.69
L.71
L.69
L.64
L.160
L.163
L.162
1.155
L.156
158
0.990
L.22
L.22
L.22
L 20
L.19
L.20
04
L.59
L.57
L.54
L 53
L.49
L .42
26
1.052
0.923
0.928
1.017
1.032
1.16
1.04
1.02
1.03
1.06
1.36
1.26
1.25
1.26
1.27
1.38
L.44
L.56
L.56
1.56
L.56
1.06
l!l9
1.19
1.19
1.19
L .50
L.63
1.63
L.63
L.63
1.63
L.56
L.56
L.56
L.56
L.56
1.19
1.19
1.19
1.19
1.19
1.19
1.06
1.63
L.63
L.63
L.63
L.63
L.63
63
56
1 '56
Week ending:
July 2 . . . .
July 9 . . . .
July 16... . iH-iy8
July 23
July 30. . . .
l 3 /l6
lVl6
V/n
I
\
I
\
i^-l
i^—i
i/^—l
i^—i
%
%
^
^
1M-Ifc
All
loans
Area and period
1
2
Monthly figures are averages of weekly prevailing rates.
The average rate on 90-day Stock Exchange time loans was 1.25
per cent prior to Aug. 2, 1946; 1.50 per cent, Aug. 2, 1946-Aug. 16,
1948;
and 1.63 per cent beginning Aug. 17, 1948.
8
Rate on new issues offered within period.
Back figures.—See Banking and Monetary Statistics, Tables 120-121,
pp. 448-459, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253.
Annual averages:
19 cities:
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Quarterly:
19 cities:
1948—Sept
Dec
1949—Mar
June
New York City:
1948—Sept
Dec
1949—Mar
June
7 Northern and Eastern cities:
1948—Sept
Dec
1949—Mar
June
11 Southern and
Western cities:
1948—Sept
Dec
1949—Mar
June
$1,000- $10,000- $100,000- $200,000
$10,000 $100,000 $200,000 and over
2.1
2.1
2.0
2.2
2.6
2.4
2.2
2.1
2.1
2.5
4.4
4.3
4.3
4.4
4.4
4.3
4.3
4.2
4.2
4.4
3.1
3.0
3.0
3.2
3.4
3.3
3.2
3.1
3.1
3.5
2.1
2.0
1.9
2.2
2.5
2.6
2.3
2.2
2.5
2.8
1.8
1.8
1.8
2.0
2.4
2.2
2.0
1.7
1.8
2.2
2.60
2.64
2.70
2.74
4.53
4.50
4.62
4.63
3.58
3.58
3.64
3.70
2.92
2.97
2.89
3.04
2.29
2.34
2.42
2.44
2.32
2.34
2.42
2.35
4.40
4.23
4.22
4.22
3.35
3.40
3.42
3.43
2.68
2.70
2.66
2.78
2.13
2.16
2.25
2.17
2.60
2.68
2.68
2.86
4.55
4.51
4.63
4.67
3.58
3.60
3.66
3.64
2.91
2.97
2.89
2.98
2.34
2.44
2.44
2.66
3.01
3.02
3.12
3.17
4.57
4.62
4.79
4.80
3.71
3.68
3.75
3.89
3.07
3.14
3.04
3.26
2.56
2.57
2.71
2.69
NOTE.—For description of series see BULLETIN for March 1949
pp. 228-237.
BOND YIELDS 1
[Per cent per annum]
U. S. Government
(taxable)
Year, month, or week
15
7 to 9
years
years
and
over
Corporate (Moody's;
Municipal
(high-2
grade)
Corporate
(high-3
grade)
By ratings
By groups
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
Number of issues
1-5
1-8
15
10
120
30
30
30
30
40
40
40
1946 average
1947 average
1948 average
1 45
1.59
2.00
2 19
2.25
2.44
1.64
2.01
2.40
2 44
2.57
2.81
2.74
2.86
3.08
2.53
2.61
2.82
2.62
2.70
2.90
2.75
2.87
3.12
3.05
3.24
3.47
2.60
2.67
2.87
2.91
3.11
3.34
2.71
2.78
3.03
1948_july
August
September
October
November
December
1.96
2 05
2.04
2 05
2.00
1.94
2.44
2 45
2.45
2 45
2.44
2.44
2.33
2 45
2.46
2.45
2.42
2.26
2.80
2 86
2.85
2.85
2.86
2.81
3.04
3 09
3.09
3.11
3.12
3.09
2.81
2.84
2.84
2.84
2.84
2.79
2.89
2.94
2.93
2.94
2.92
2 .88
3.07
3.13
3.13
3.15
3.18
3.16
3.37
3.44
3.45
3.50
3.53
3.53
2.84
2.89
2 .88
2.90
2.89
2.85
3.26
3.31
3.32
3.35
3.37
3.36
3.02
3.07
3.07
3.07
3.09
3.06
1949—January
February
March
April
May
Tune
July
1 88
1.83
1.80
1.77
1 72
1.66
1.55
2 42
2.39
2.38
2.38
2 38
2.38
2.27
2 15
2.23
2.21
2.20
2 20
2.28
2.26
2 73
2.73
2.71
2.70
2 71
2.72
2.66
3 02
3.00
3.00
3.00
3 00
3 00
2.98
2.71
2.71
2.70
2.70
2.71
2.71
2.67
2.81
2.80
2.79
2.79
2.78
2.78
2.75
3 08
3.05
3.05
3.05
3 04
3.04
3.03
3 46
3.45
3.47
3.45
3 45
3.47
3.46
2 80
2 79
2.78
2.78
2 78
2.78
2.75
3 26
3 24
3.27
3.27
3 26
3.29
3.29
2 99
2 99
2.97
2.96
2 95
2.93
2.89
Week ending:
July 2
July 9 ..
July 16
July 23
July 30...
1.60
1.57
1.55
1.54
1.54
2.34
2.27
2.26
2.26
2.27
2.29
2.27
2.26
2.26
2.25
2.70
2.69
2.66
2.65
2.64
3.00
2.99
2.98
2.97
2.96
2.70
2.69
2.67
2.65
2.64
2.78
2.77
2.76
2.74
2.73
3.04
3.04
3.03
3.02
3.01
3.48
3.47
3.46
3.44
3.44
2.78
2.77
2.75
2.74
2.73
3.31
3.31
3.30
3.28
3.26
2.92
2.90
2.90
2.89
2.88
1
2
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 and Aa groups from 10 to 5 issues.
Back figures.—See Banking and Monetary Statistics, Tables 128-129, pp. 468-474, and BULLETIN for May 1945, pp. 483-490, and October
1947, pp. 1251-1253
966
FEDERAL RESERVE BULLETIN
SECURITY MARKETS *
Stock prices 5
Bond prices
Corporate
Year, month, or week
U. S. MunicGovipal
(high-3 Highernment* grade) grade
Medium-grade
Total
Number of issues.
1-8
12
15
1946 average
1947 average
1948 average
104.77 140.1
103.76 132.8
100.84 125.3
1948—July
August....
September.
October. . .
November.
December.
100.82
100.73
100.70
100.69
100.79
100.89
1949—January...
February..
March
April
May
June
July
Week ending:
July 2 . . . .
July 9
July 1 6 . . . .
July 2 3 . . . .
July 30
Common (index 1935-39=100)
4
Preferred6
5
5
4
15
416
365
20
31
140
123
124
143
128
131
143
105
115
120
103
96
132
127
126
128
120
119
139
134
132
134
126
126
125
120
120
121
109
106
100
97
97
97
94
93
1,375
1,155
121
117
118
119
118
112
118
127
123
124
124
124
117
124
106
100
97
97
96
88
91
94
94
95
96
95
93
95
833
850
859
878
819
808
938
113
115
117
119
120
118
121
123
125
126
87
89
90
92
92
93
95
95
96
96
667
893
912
92.1
92.7
91.9
91.7
91.9
91.7
91.8
88.2
85.4
89.1
86.9
86.8
85.8
85.1
84.5
86.4
86.6
83.1
81.6
81.2
80.0
79.9
102.8
95.2
95.6
95.0
94.6
94.4
93.6
93.6
93.8
94.7
95.5
95.6
95.7
96.3
96.9
91.3
91.5
91.7
91.8
92.1
98.0
98.2
98.4
98.7
99.1
79.3
79.7
79.9
80.0
80.1
96.5
96.6
96.9
96.8
97.3
176.4
175.9
176.4
176.4
177.7
99.2
98.3
98.2
97.8
97.9
98.9
94.6
93.2
92.9
91.9
91.1
90.9
101.16
101.51
101.67
101.65
101.62
101.72
103.29
129.9
128.6
128.8
129.1
129.1
127.5
127.9
100.5
100.5
100.7
101.0
101.0
100.9
102.0
102.25
103.28
103.40
103.35
103.22
127.3
127.7
127.9
127.9
128.1
101.1
101.5
101.9
102.2
102.3
O O t i n C fXT
Public Sd.IIdo OI
utility shares)
Public
utility
102.6
96.3
99.3
98.1
97.5
95.7
94.5
94.7
96.1
97.0
97.1
98.0
98.9
98.7
98.6
126.6
124.4
124.0
124.5
125.0
127.8
Railroad
Railroad
198.5
184.7
168.7
170.8
166.9
166.5
163.8
166.2
168.7
171.4
173.2
172.2
172.2
173.2
176.1
176.6
97.5
92.1
Industrial
Industrial
14
103.2
98.7
Total
Volume
of trading7 (in
thou-
1,390
953
1,144
1,171
684
836
929
1,057
923
1
2
8
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 BULL ETIN
for May 1945, pp. 483-490, and October 1947, pp. 1251-1253.
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
]For new capital
Year or month
1940
1941
1942
1943
1944
1945
1946
1947
1948
.
. .
Total
(new
and
refunding)
4,803 1,951
5,546 2,854
2,114 1,075
2,169
642
4,216
913
8,006 1,772
8,645 4,645
39,691 37,566
9,933 8 806
1,948
2,852
1,075
640
896
1,761
4,635
7,255
8 796
State
and
municipal
Corporate
Federal
agencies 1
751
461
518 1,272
342
108
176
90
235
15
471
26
952
127
239
2,228
2,604
294
1948—June
July
August...
September
October ..
November
December.
954
772
706
663
983
656
831
888
688
532
574
902
583
753
888
688
529
572
901
583
753
283
118
237
118
273
150
126
21
67
35
1949—January. .
February.
March....
April
May
675
••510
679
949
'761
1,629
618
'445
584
904
r
685
1,535
618
••445
584
904
••685
1,535
192
••200
174
190
r
339
315
7
June
Domestic
Domestic
Total
(domestic
and
forTotal
eign)
14
26
33
51
24
Total
736
Foreign2
Bonds
and Stocks
notes
601
135
1,062
889
173
624
506
118
92
374
282
224
646
422
1,264
657
607
3,556 2,084 1,472
3,567 1,219
44,787 4
5,898 4,992
906
584
503
256
453
4628
433
627
436
492
195
366
^578
409
564
148
10
61
87
49
24
64
419
360
231
225
383
311
681
514
295
193
1,196 1,084
60
6
72
168
102
113
2
1
2
17
12
10
68
10
3'
2
1
Total
(domestic
and
forTotal
eign)
Foreign2
Corporate
State Fedand
eral
muBonds
1
nici- agencies
Total and Stocks
pal
notes
2,852
2,693
1,039
1,527
3,303
6,234
4,000
2,125
1,128
2,852
2,689
1,039
1,442
3,288
6,173
3,895
1,948
1,127
435
181
259
404
324
208
44
698
440
497
418
912
734
422
2,026
1,557
418
685
2,466
4,937
2,953
1,482
1,834
1,430
407
603
2,178
4,281
2,352
1,199
82
768
277
251
66
85
175
89
81
73
78
66
85
175
89
81
73
78
3
2
50
1
6
2
3
34
68
123
62
56
56
72
29
15
2
26
19
16
3
29
15
2
13
19
16
2
57
'65
96
45
76
94
57
'65
96
45
76
94
1
4
1
1
7
1
55
53
55
44
38
62
1
7
39
1
31
31
1
7
39
1
11
30
482
344
193
126
11
82
288
656
601
283
4
86
15
61
105
177
26
13
2
20
r
1
2
3
4
Revised.
Includes publicly offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes 244 million dollars of issues of the International Bank for Reconstruction and Development, which are not shown separately.
Includes the Shell Caribbean Petroleum Company issue of 250 million dollars, classified as "foreign" by the Chronicle.
Source.— For dcmestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures
subject to revision.
Each figures.—Site hanking and Monetary Siaiislics, Table 137, p. 487.
AUGUST 1949
967
NEW CORPORATE SECURITY ISSUES *
PROPOSED USES OF PROCEEDS, ALL ISSUERS
fin millions of dollars]
Proposed uses of net proceeds
Estimated Estimated
gross
net
proceeds 2 proceeds 3
Year or month
Total
1934
1935
1936
1937 .
1938..
1939
1940..
1941
1942
1943..
1944
1945
1946.. .
1947
1948
397
.
June
57
384
Plant and
equipment
32
111
Bonds and
notes
Total
Working
capital
26
96
2,266
4,431
2,239
2 110
2,115
2,615
2,623
1,043
1 ,147
3,142
5,902
6,757
6,466
6,415
858
991
681
325
569
868
474
308
657
1,080
3,279
4,591
5,566
380
574
504
170
424
661
287
141
252
638
2,115
3,409
4,140
478
417
177
155
145
207
187
167
405
442
1,164
1,182
1,426
1,865
3,368
1,100
1,206
1,695
1,854
1,583
396
739
2,389
4,555
2,868
1,352
257
1,794
3,143
911
1,119
1,637
1,726
1,483
366
667
2,038
4,117
2,392
1,155
203
654
574
244
473
705
509
684
642
564
238
465
697
503
673
563
424
222
399
666
466
635
449
307
164
293
538
353
560
114
117
58
106
128
113
75
29
8
4
14
10
8
5
4
8
4
10
10
345
321
411
698
••388
1,257
336
318
403
688
r
380
1,244
312
220
319
553
'340
1,074
274
172
253
402
'254
958
38
48
66
151
85
116
2
7
37
1
18
44
208
Preferred
stock
71
11
23
154
111
215
69
174
144
138
73
49
134
379
356
441
49
36
7
26
19
28
35
27
47
133
231
168
151
26
45
91
11
28
18
26
21
5
40
1
24
2
3
12
7
25
44
126
15
116
16
66
3
7
7
9
2
7
37
1
13
40
Other
purposes
226
190
87
59
128
100
30
72
351
438
476
196
53
4
8'"
3
2
Repayment
of
other debt
84
170
231
231
2,332
4,572
2,310
2,155
2,164
2,677
2,667
1,062
1,170
3,202
6,011
6,900
6,577
6,531
1948—June
July. . . .
August
September....
October....
November
December
1949—January..
February.
March
April
May
Retirement of securities
New money
5
4
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Railroad
Yeai or month
1934...
1935..
1936..
1937
1938 . .
1939. .
1940. .
1941
1942.
1943
1944
1945
1946
1947
1948
Total
Retire- All
Retire- All
Total
Retire- All Total
Retire- All Total
net
New ment of other
New ment of other
net
New ment of other
net
New ment of other
net
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4
ceeds
poses ceeds
ties
poses ceeds
ties
poses
ties
ties
poses ceeds
172
120
774
338
54
182
319
361
47
160
21
57
139
228
24
85
115
253
32
46
602
1,436
704
283
612
102
115
129
240
541
83
69
68
68
1948—June..
July
August
September..
October.. . .
November..
December. .
30
41
62
71
45
1949—January
February...
March.
April
May
June
Rea estate and financial
Industrial
Public utility
29
41
120
54
558
110
30
97
186
108
15
31
10
77
1
18
469
114
500
1,320
571
35
56
130
1,250
1,987
751
1,208
1,246
1,180
1,340
464
11
77
30 1,190
63 1,897
89
611
180
943
43 1,157
245
922
993
317
292
145
22
423
29
3
8
15
1,400
2,291
2.129
3,212
2,950
40 1,343
69 2,159
785 1,252
2,188
939
2,690
127
14
403
363
176
149
75
262
73
226
2
14
62
71
45
244
228
479
236
209
457
7
8
2
36
54
87
17
49
36
50
118
104
118
102
179
125
276
192
270
171
45
45
916
856
87
17
49
1
4
2
36
i<5
39
42
30
27
50
86
47
13
30
27
25
17
63
93
84
133
62
774
1,280
1,079
831
584
961
828
527
497
1,033
1,969
3,601
2,686
2,394
25
74
439
616
469
188
167
244
293
34
550
761
373
226
353
738
463
89
228
199
454
504
811 1,010
2,201
981
1,974
353
1,944
59
11
93
70
27
275
168
3
23
1
11
21
382
195
143
361
177
130
3
162
128
139
39
2
2
114
85
123
118
18
6
5
20
r
336
100
207
113
108
215
r
92
113
2
150
80
90
136
43
56
121
146
20
122
390
71
16
102
155
94
4
46
218
57
8
9
42
55
4
76
148
419
359
390
107
206
323
286
460
61
85
164
189
391
71
2
4
13
4
42
65
64
24
15
62
60
45
39
19
17
11
9
9
6
8
8
3
21
87
29
121
6
20
32
19
29
23
21
3
1
90
76
60
1
10
43
58
39
8
25
51
28
19
4
20
7
1
5
104
21
4
3
56
95
73
55
2
23
104
10
10
2
21
72
152
7
7
88
9
18
6
2
1
19
1
1
2
1
7
11
15
r
1
2
8
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 notation, i.e., compensation to underwriters, agents, etc., and
4
expenses.
Includes repayment of other debt and other purposes.
Source.—Securities and Exchange Commission; for compilation of back figures, see Banking and Monetary Statistics, Table 138, p. 491, a
publication of the Board of Governors.
968
FEDERAL RESERVE BULLETIN
SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS
MANUFACTURING CORPORATIONS
[In millions of dollars]
Assets of 10 million dollars and over
(200 corporations)
Year or quarter
Profits
after
taxes
Dividends
9,008
11,138
15,691
18,544
24,160
25,851
22,278
17,651
26,015
'31,465
1,071
1,638
2,778
2,876
3,111
2,982
1,976
1,573
3,423
4,593
883
656
1,127
1,329
1,056
1,097
1,091
964
932
2,105
2,860
688
755
764
804
1,000
1,210
5,828
6,362
6,412
7,412
843
509
216
95
807
819
954
495
508
593
235
226
322
1,192
'1,287
1,282
1,369
156
271
265
386
171
170
179
104
105
112
35
38
63
751
770
832
958
285
311
307
499
7,270
7,559
7,877
'8,759
1,050
1,058
1,146
1,339
649
657
717
838
247
269
265
429
1,390
1,445
'1,437
'1,445
168
184
186
184
102
113
115
120
38
42
43
70
'824
343
'8,084
1,204
740
302
'1,305
139
'84
41
Profits
after
taxes
Dividends
Profits
before
taxes
10,591
13,006
18,291
21,771
28,240
30,348
26 531
21,562
'31,144
'37 182
1,209
1,844
3,156
3,395
3,683
3,531
2 421
2,033
4,099
r
5 315
1,273
1,519
1,220
1,260
1,255
1,129
1,202
2,521
3 310
777
848
861
943
1,167
1,403
1947—1
2
3
4
7,020
••7,649
7,694
8,781
999
604
246
978
989
1,133
598
614
706
194g—i
2
3
4
8 660
9,003
«-9,314
'10,204
1,218
1,242
1,331
1,523
1949—i
'9,389
••1,342
Annual
1940
1941
1942
1943
1944
1945
1946
1947
1948
Quarterly
Assets of 10-50 million dollars
(118 corporations)
Profits
before
taxes
Sales
1939
Assets of 50 million dollars and over
(82 corporations)
Profits
after
taxes
997
Dividends
722
856
947
760
Sales
772
854
672
Sales
1,583
1,869
2,600
3,227
4,080
4,497
4,253
3,912
'5,129
'5,717
Profits
before
taxes
Profits
after
139
206
378
114
146
190
519
164
88
164
164
165
271
416
450
88
93
98
139
167
192
571
549
445
460
676
721
taxes
Dividends
67
83
93
30
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Electric power
Railroad
Year or quarter
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1947—1
2
3
4
Annual
Quarterly
1948—1
2
3
4
I949,—1
%
> #
.
Profits
after
taxes
Profits
after
taxes
Dividends
Operating
revenue
Profits
before
taxes
629
535
444
692
774
847
913
902
905
964
961
983
548
527
490
502
507
534
638
652
661
447
437
408
410
398
407
458
494
492
1,067
1,129
1,235
1,362
1,537
1,641
1,803
1,992
2,149
2,541
227
191
175
248
271
302
374
399
396
277
193
269
194
178
163
180
174
177
200
131
183
178
172
163
168
168
174
171
134
181
1,075
1,028
1,024
1,118
289
247
196
228
191
166
135
160
115
115
111
129
527
478
555 •
589
67
29
38
58
44
21
27
39
40
32
32
30
57
56
53
122
1,202
1,118
1,146
1,242
284
233
211
255
186
156
143
176
131
115
115
132
607
627
641
666
64
71
64
69
43
48
44
47
39
44
47
50
69
1,281
316
206
124
670
62
42
50
Operating
revenue
Profits
before
taxes
3,995
4,297
5,347
7,466
9,055
9,437
8,902
7,628
8,685
9,672
249
674
1,658
2,211
1,972
756
271
111
1,148
189
500
902
873
667
450
287
479
700
159
186
202
217
246
246
235
236
289
2,647
2,797
3,029
3,216
3.464
3,615
3,681
3,815
4,244
4,708
2,040
2,113
2,178
2,354
167
190
177
242
92
123
104
160
42
50
37
106
2,243
2,363
2,555
2,510
144
286
395
323
72
185
246
197
2,145
120
58
126
93
Dividends
126
Operating
revenue
Profits
before
taxes
Telephone
«• Revised.
NOTE.—Manufacturing corporations. Data are from published company reports, except sales for period beginning 1946, which are from
reports of the Securities and Exchange Commission. For certain items, data for years 1939-44 are partly estimated. Assets are total assets
as of the end of 1946.
Railroads. Figures are for Class I line-haul railroads (which account for 95 per cent of all railroad operations) and are obtained from reports
of the Interstate Commerce Commission.
Electric power. Figures are for Class A and B electric utilities (which account for about 95 per cent of all electric power operations) and are
obtained from reports of the Federal Power Commission, except that quarterly figures on operating revenue and profits before taxes are partly
estimated by the Federal Reserve, to include affiliated nonelectric operations.
Telephone. Figures are for 30 large companies (which account for about 85 per cent of all telephone operations) and exclude American Telephone and Telegraph Company, the greater part of whose income consists of dividends received on stock holdings in the 30 companies. Data are
obtained from the Federal Communications Commission, except for dividends, which are from published company reports.
All series. Profits before taxes refer to income after all charges and before Federal income taxes and dividends. For description of series
and back figures, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); pp. 215-217 of the BULLETIN for March 1942 (public utilities);
p. 1126 of the BULLETIN for November 1942 (telephone); and p. 908 of the BULLETIN for September 1944 (electric power).
AUGUST
1949
969
SALES, PROFITS, AND DIVIDENDS OF LARGE MANUFACTURING CORPORATIONS, BY INDUSTRY
[In millions of dollars]
Quarterly
Annual
Industry
1946
1947
1947
1948
1948
1949
Nondurable goods industries
Total (94 corps.)1
Sales
Profits before taxes
Profits after taxes
Dividends
8,940 11,313 13,364 2,639 2,697 2,816 3,161 3,219 3,289 -•3,324 '3,532 '3,237
452
1,426 1,787 2,208
408
437
546
553
543
490
565
502
283
264
908 1,167 1,474
287
356
362
362
333
394 '326
114
132
449
656
123
133
157
141
551
183
225
146
Selected industries:
Foods and kind.ed products (28 corps.)
Sales
Profits before taxes
Protk" qfter taxjs
Dividends
2,715 3,231 3,447
435
410
421
254
257
259
105
135
128
772
122
74
27
753
86
52
29
792
98
59
29
915
115
73
43
835
96
61
29
861
104
64
32
'846
99
60
32
••904
111
71
42
'796
85
'52
30
Chcm'cpJs and allied products (26 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
2,550 3,108 3,563
463
655
547
283
408
337
180
254
215
747
149
90
49
754
129
79
54
775
129
80
54
832
140
89
59
848
151
91
53
875
155
95
58
904
166
104
59
936
183
119
85
896
174
105
64
Petroleum refining (14 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
2,080 2,906 3,945
269
456
721
350
548
214
127
172
92
622
686
101
77
33
741
120
91
21
858
147
118
51
947
195
141
33
942
182
133
45
978 1,077
171
173
132
141
29
66
993
162
120
31
Durable goods industries
Total (106 corps.)2
Sales
Profits before taxes
Profits after taxes
Dividends
12,623 19,831 23,818 4,381 ••4,952 4,878 5,621 5,440 5,714 5,991 6,673 '6,152
607 2,312 3,107
547
570
688
552
643
672
788
'840
958
321
295 1,355 1,836
334
327
408
373
395
470
498
564
132
141
494
746
139
154
615
203
152
166
197
274
Selected industries:
Primary metals and products (39 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
5,429 7,545 '9,066 1,753 1,884
451
891 1,174
250
212
270
545
720
153
128
247
211
51
55
270
1,831 2,077 2,060 2,100 2,306 '2,601 '2,430
227
248
237
304
370
201
385
141
150
145
185
220
122
240
84
60
60
90
71
57
60
Machinery (27 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
2,310 3,963 4,781
37
443
569
-9
270
334
113
97
126
996
120
71
25
984 1,165 1,091 1,198 1,140 1,351 1,138
131
110
136
144
177
126
118
75
72
67
83
105
71
37
27
33
26
28
42
28
Automobiles and equipment (15 corps.)
Sales
Profits before taxes
Profits after taxes
Dividends
3,725 6,692 8,093 1,463 1,651
37
809 1,131
179
195
100
-8
445
639
112
136
195
282
45
47
1,653 1,925 1,865 1,951 2,056 2,221 '2,151
301
251
327
200
236
247
305
180
114
118
142
146
176
175
47
51
112
79
56
53
65
819
77
45
25
r
1
Revised.
Total includes 26 companies in nondurable goods groups not shown separately, as follows: textile mill products (10); paper and allied products
(15);2 and miscellaneous (1).
Total includes 25 companies in durable goods groups not shown separately, as follows: building materials (12); transportation equipment
other than automobile (6); and miscellaneous (7).
CORPORATE PROFITS, TAXES, AND DIVIDENDS
(Estimates of the Department of Commerce. Quarterly data at seasonally adjusted annual rates)
[In billions of dollars]
Year
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Profits
before
taxes
6,5
9.3
17.2
21.1
'25 1
24.3
'19.7
'23.6
'31.6
'34.8
Income
taxes
1.5
2.9
7.8
11.7
'14 4
13.5
'11.2
'9.6
'12 5
'13.6
Profits
after
taxes
Cash
dividends
5.0
6.4
9.4
3.8
9.4
'10 6
10.8
'8.5
'13.9
'19.1
'21.2
4.0
45
4.3
4 5
4.7
4.7
'5.8
'7.0
'7.9
Undistributed
profits
1 2
2.4
4 9
5 1
'6 2
6.1
'3.8
'8.1
'12 1
'13.2
Profits
before
taxes
Income
taxes
Profits
after
taxes
Cash
dividends
'31 4
'30.9
'31 3
'32 8
'12 5
'12.3
'12 3
'13 0
'18 9
'18.6
'19 0
'19 8
'6 6
'6.9
'7 1
'7 3
'12 3
'11.7
'11 9
'12 5
1948—i
2
3
4
'33.0
'35 0
'36.6
'34 5
'12.8
'13 7
'14.4
'13 6
'20.2
'21 3
'22.2
'20 9
'7.6
'7 7
'7.9
8 3
'12.6
'13 6
'14.3
'12 6
1949—i
'28.4
'11.2
'17.3
'8.4
8.9
Quarter
1947—x
2
3
4
Undistributed
profits
r
Revised.
Source.—Same as for national income series.
970
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]
Marketable public issues *
End of month
1942—June. . . .
Dec
1943—June....
Dec
1944—June....
Dec
1945—June
Dec.
1946—June
Dec
1947—June
Dec
1948—June....
Total
interestbearing
direct
debt
Total
gross
direct
debt
Total 2
CertifiTreasury cates of
bills
indebtedness
sfonmarketable public issues
Treasury Treasury Total 2
notes
bonds
Treasury Special
U. S.
tax and issues
savings savings
bonds
notes
3 015
6 384
7 495
8 586
9 557
9 843
10 136
8 235
6 711
5 725
5 560
5 384
4 ,394
4 ,340
4 ,404
4 ,517
4 ,552
4 ,572
4 ,618
4 ,641
4 ,383
4 ,488
4 ,692
4 ,860
5 ,705
508
543
891
357
694
111
649
113
205
063
5 0 , 573
7 6 , 488
9 5 , 310
115 230
140 401
161 648
181 319
198 778
189 606
176 613
168 702
165 758
160 346
2 508
6 627
11 864
13 072
14 734
16 428
17 041
17 ,037
17 ,039
17 ,033
15 ,775
15 ,136
13 ,757
3 , 096
1 0 , 534
1 6 , 561
2 2 , 843
2 8 , 822
30 401
34 136
38 155
34 804
29 987
25 296
21 220
22 588
6 , 689
9 , 863
9 , 168
1 1 , 175
17 405
23 039
23 497
22 967
18 261
10 090
8 142
11 375
11 375
3 8 , 085
4 9 , 268
5 7 , 520
6 7 , 944
7 9 , 244
91 585
106 448
120 423
119 323
119 323
119 323
117 863
112 462
13
21
29
36
44
50
56
56
56
56
59
59
59
,045
,492
,506
1 0 , 188
1 5 , 050
2 1 , 256
27 363
34 606
40 361
45 586
48 183
49 035
49 776
51 367
52 053
53 274
1948—Aug
253 049 250 875
252 687 250 ,518
Sept
Oct
252 ,460 250 ,300
Nov
252 ,506 250 ,39
Dec. . . . 252 ,800 250 ,579
1949—Jan
252 ,620 250 ,435
252 ,721 250 ,603
Feb
251 ,642 249 ,573
Mar
251 ,530 249 ,509
Apr
251 ,889 249 ,890
May
252 ,770 250 ,76
June
J u l y . . . . 253 ,877 251 ,880
159 ,132
158 ,319
157 ,920
157 ,731
157 ,482
156 ,960
156 ,766
155 ,648
155 ,450
155 ,452
155 ,147
154 ,959
12 ,838
12 ,628
12 ,607
12 ,418
12 ,224
12 ,133
12 ,134
11 ,648
11 ,542
11 ,544
11 ,536
11 ,531
22 ,294
22 ,294
26 ,008
26 ,008
26 ,525
29 ,630
29 ,434
28 ,803
28 ,710
28 ,710
29 ,427
29 ,246
11 ,375
11 ,223
7 ,131
7 ,131
7 ,131
3 ,596
3 ,596
3 ,596
3 ,596
3 ,596
3 ,596
3 ,596
112 462
112 011
112 ,011
112 011
111 ,440
111 ,440
111 ,440
111 ,440
111 ,440
111 ,440
110 ,426
110 ,426
60 ,856
60 ,978
61 ,157
61 ,261
61 ,383
61 ,714
62 ,033
61 ,999
62 ,227
62 ,523
62 ,839
63 ,872
54 ,704
54 ,776
54 ,860
54 ,944
55 ,051
55 ,352
55 ,663
55 ,893
56 ,019
56 ,116
56 ,260
56 ,453
7 2 , 422
108 170
136 696
165 877
201 003
230 630
258 682
278 115
269 422
259 149
258 286
256 900
252 292
7 1 , 968
107, 308
135, 380
164
199
228
256
275
268
257
255
254
250
510
788
200
574
855
917
226
915
173
451
7
9
10
12
14
16
18
20
22
24
27
28
30
885
032
871
703
287
326
812
000
332
585
366
NonFully
interest- guaran~
bearing teed indirect
terestbearing
debt
securities
454
862
,955
,211
1,316
1,370
1,460
1,739
2,326
2,421
1,311
1,500
3,173
2,695
2,229
30 ,887
31 ,221
31 ,223
31 ,400
31 ,714
31 ,760
31 ,804
31 ,926
31 ,833
31 ,914
32 ,776
33 ,049
2,175
2,170
2,161
2,115
2,220
2,186
2,118
2,068
2,021
2,000
2,009
1,996
4,549
4,283
4,092
4,225
1,516
1,470
409
553
467
331
83
76
69
47
46
48
53
51
32
22
2G
19
20
24
22
1
2
Including amounts held by Government agencies and trust funds, which aggregated 5,374 million dollars on June 30, 1949.
Total marketable public issues includes Postal Savings and prewar bonds, and total nonmarketable public issues includes adjusted service
depositary, Armed Forces Leave bonds, and iy2 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
UNITED STATES SAVINGS BONDS
SECURITIES OUTSTANDING JULY 31, 1949
[In millions of dollars]
[On basis of daily statements of United States Treasury.
of dollars]
Issue and coupon rate
Amount
Treasury bills
Aug. 4, 1949.
Aug. 11,1949.
Aug. 18,1949.
Aug. 25,1949.
Sept. 1, 1949.
Sept. 8, 1949.
Sept. 15,1949.
Sept. 22,1949
Sept. 29,1949
Oct. 6, 1949.
Oct. 13, 1949
Oct. 20, 1949
Oct. 27,1949
802
900
803
905
901
905
908
903
901
901
901
902
900
Cert, of Indebtedness
Oct. 1, 1949
1M
Dec. 15, 1949
1*1
Jan. 1, 1950
1}|
Feb. 1,1950
1M
Mar. 1, 1950
l^J
Apr. 1, 1950
1^|
June 1, 1950
l}|
July 1, 1950
\}i
6,535
519
5,695
1,993
2,922
963
5,019
5,601
Treasury notes
Apr. 1, 1950..
3,596
Treasury bonds
Sept. 15,1949-51... 2
Dec. 15, 1949-51... 2
Dec. 15, 1949-52 2..33
Dec. 15, 1949-53 2.. 2
Mar. 15, 1950-52... 2
Sept. 15,1950-52 2..2
Sept. 15,1950-52... 2
1
Dec. 15, 1950
In millions
Issue and coupon rate
Treasury bonds—(
June 15, 1951-54 2
Sept. 15, 1951-53..
Sept. 15, 1951-55 22
Dec. 15, 1951-53
Dec. 15, 1951-55.
Mar. 15, 1952-54.
June 15, 1952-54.
June 15, 1952-55.
Dec. 15, 1952-54.
June 15, 1953-55 22
June 15, 1954-56
Mar. 15, 1955-60 *
Mar. 15, 1956-58.
Sept. 15, 1956-59 2
Sept. 15, 1956-59.
June 15, 1958-63 2
June 15, 1959-62 3
Dec. 15, 1959-62 3
Dec. 15, 1960-65 2
June 15, 1962-67 3
Dec. 15, 1963-68 3
June 15, 1964-69 3
Dec. 15, 1964-69 3
Mar. 15, 1965-70 3
Mar. 15, 1966-71 3
June 15, 1967-72 3
Sept. 15, 1967-72.
Dec. 15, 1967-72 3
Amount
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
1949
Month
Fiscal year
ending:
June—1942. .
1943..
1944..
1945..
1946..
1947..
1948..
1949..
10,188 5 ,994 3 ,526
21,256 11 ,789 8 ,271
34,606 15 ,498 11 ,820
45,586 14 ,891 11 ,553
49,035 9 ,612 6 ,739
51,367 7 ,208 4 ,287
53,274 6 ,235 4 ,026
56,260 7 ,141 4 ,278
435
758
802
679
407
360
301
473
2 032
2 759
2 876
2 ,658
2 ,465
2 ,561
1 ,907
2 ,390
1948—July. . .
Aug... .
Sept....
Oct.. . .
Nov....
Dec
54,607
54,704
54,776
54,860
54,944
55,051
1 ,673
473
412
415
419
540
379
334
304
305
308
399
246
18
14
14
15
22
1 ,048
122
94
96
95
120
438
442
407
393
406
432
1949—Jan.. . .
Feb.. . .
Mar....
Apr.. . .
May. . .
June. . .
July...
55,352
55,663
55,893
56,019
56,116
56,260
56,453
647
599
590
454
433
485
511
438
386
415
331
322
359
378
29
32
26
19
18
20
17
180
182
149
104
93
107
115
476
369
440
398
415
451
425
207
848
2,371
4,298
6,717
5,545
5,113
5,067
Maturities and amounts outstanding July 31, 1949
Postal savings
bonds
2%
111
Panama Canal Loan. 3
U,292
154,959
Total direct issues
2,098
491
1,786
1,963
1,186 Guaranteed Securities
4,939
Federal Housing Admin.
2,635
Various
1
Sold on2 discount basis. See table on Open-Market Money Rates,
p. 8966.
Partially tax exempt.
Restricted.
4
Called for redemption on Sept. 15, 1949.
AUGUST
RedempAmount Funds received from sales during tions and
outperiod
maturities
standing
at end of
All
All
month
Series Series Series
s eries
E
F
G
series
Year of
maturity
All
series
Series
D
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
Unclassified. .
431
1,006
1,560
4,024
6,929
8,980
7,796
5,725
5,560
5,969
4,501
2,961
1,017
431
1,006
Total....
56,453
439
Series
E
1,121
4,024
5,658
6,430
5,145
2,666
2,852
3,324
2,128
Series
F
Series
G
200
510
543
625
499
279
303
479
1,070
2,040
2,107
2,435
2,209
2,367
2,069
2 482
150
868
3,588
17,648
-8
1,876
33,348
971
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[Par value in millions of dollars]
Gross debt
Held by banks
End of
month
Held >y nonbank investors
I OLd.1
interestbearing
securities
Total
Total
1940—June...
1941—June...
1942—June...
1943—June...
1944—June...
1945—June...
1946—June...
Dec....
1947—June...
Dec...
1948—June...
Dec...
47 ,874
54 ,747
76 ,517
139 ,472
201 ,059
256 ,766
268 ,578
257 ,980
255 ,197
254 ,281
250 ,132
250 ,630
1949—Feb....
Mar....
April . .
May...
250
249
249
249
,626
,593
,528
,909
48 ,496
55 ,332
76 ,991
140 ,796
202 ,626
259 ,115
269 ,898
259 ,487
258 ,376
256 ,981
252 ,366
252 ,854
252
251
251
251
,747
,666
,553
,912
18 ,566
21 ,884
28 ,645
59 ,402
83 ,301
105 ,992
108 ,183
97 ,850
91 ,872
91 ,259
85 ,966
85 ,833
84
82
82
82
,542
,288
,994
,504
Commercial
banks i
Federal
Reserve
Banks
Total
16 ,100
19 ,700
26 ,000
52 ,200
68 ,400
84 ,200
84 ,400
74 ,500
70 ,000
68 ,700
64 ,600
62 ,500
2 ,466
2 ,184
2 ,645
7 ,202
14 ,901
21 ,792
23 ,783
23 ,350
21 ,872
22 ,559
21 ,366
23 ,333
29 ,930
33 ,448
48 ,346
81 ,394
119 ,325
153 ,123
161 ,715
161 ,637
166 ,486
165 ,722
166 ,400
167 ,021
,200
,600
,900
,800
22 ,342
21 ,688
21 ,094
19 ,704
168
169
168
169
62
60
61
62
,205
,378
,559
,408
Insurance
companies
Mutual
savings
banks
Other
corporations
and
associations J
State
and
local
governments
10 ,300
11 ,500
18 ,400
31 ,700
46 ,500
59 ,800
64 ,100
64 ,900
67 ,100
66 ,600
67 ,000
67 ,600
6 ,500
7 ,100
9 ,200
13 ,100
17 ,300
22 ,700
25 ,300
25 ,300
25 ,000
24 ,300
23 ,200
21 ,500
3 ,100
3 ,400
3 ,900
5 ,300
7 ,300
9 ,600
11 ,500
11 ,800
12 ,100
12 ,000
12 ,000
11 ,500
2,500
2,400
5,400
15,500
25,900
30,900
25,300
22,400
22,300
21,200
20,700
21,400
400
600
900
,200
,600
,400
,700
21 ,500
21 ,400
21 ,200
21 ,000
11 ,600
11 ,600
11 ,600
11 ,600
21,500
22,100
21,700
22,400
Individuals
68
68
68
68
U. S. Government agencies
and trust funds
Special
issues
Public
issues
1,500
3,200
5,300
6,500
6,300
7,100
7,300
7,800
7,900
4,775
6,120
7,885
10,871
14,287
18,812
22,332
24,585
27,366
28,955
30,211
31,714
2 ,305
2 ,375
2 ,737
3 ,451
4 ,810
6 ,128
6 ,798
6 ,338
5 ,445
5 ,397
5 ,538
5 ,603
7,900
8,000
8,100
8,100
31,804
31,926
31,833
31,914
5 ,697
5 ,737
5 ,686
5 ,618
1
Including holdings by banks in territories and insular possessions, which amounted to 350 million dollars on Dec. 31, 1948.
Includes savings and loan associations, dealers and brokers, and investments of foreign balances and international accounts in this country.
NOTE.—Holdings of Federal Reserve Banks and U. S. Government agencies and trust funds are reported figures; holdings of other investor
groups are estimated by the Treasury Department. The derived totals for banks and nonbank investors differ slightly from figures in the Treasury
Bulletin because of rounding.
2
SUMMARY DATA FROM TREASURY SURVEY OF OWNERSHIP OF SECURITIES ISSUED OR GUARANTEED
BY THE UNITED STATES *
[Interest-bearing public marketable securities. In millions of dollars]
U. S.
End of month
FedTotal Govt.
agen- eraloutRecies
stand- and
serve
ing
Banks
trust
Commercial
banks
0)
Mutual
savings
banks
Insurance
com- Other
panies
End of month
Total
outstanding
funds
Treasury bonds
and notes, due
or callable:
Total:2
Within 1 year:
1947—June.... 168,740 5,409 21,872 62,961 11 ,845 23 ,969 42,684
1947—June....
Dec
165,791 5,261 22,559 61,370 11 ,552 22 ,895 42,154
Dec
U. S.
Govt. Fed- Com- Muagen- eral- mer- tual
savRecies
cial
and serve banks ings
banks
trust Banks 0)
funds
Insurance
com- Other
panies
Type of
security:
1948—June....
Dec
1949—Apr
May....
Treasury bills:
1947—June....
Dec
1948—June....
Dec
1949—Apr
May
Certificates:
1947—June....
Dec
1948—June
Dec
1949—Apr
May
Treasury notes:
1947—June
Dec
1948—June.. .
Dec
1949—Apr
May
Treasury bonds:
1947—June....
Dec
1948—June....
Dec
1949—Apr
May....
57,599
55,353
54,900
55,896
11 ,522
10 ,877
11 ,024
11 ,003
21 ,705
19 ,819
19 ,453
19 ,262
42,779
42,637
43,429
44,105
15,775
15,136
13,757
12,224
11,542
11,544
787
11 14,496
18 11,433 2,052
15 8,577 2,345
69 5,487 2,794
93 4,866 2,615
91 4,232 2,781
1
25
58
50
17
14
1
154
112
84
81
45
1,454
2,650
3,740
3,870
4,381
25,296
21,220
22,588
26,525
28,710
28,710
48
30
14
24
24
24
8,536
6,538
8,552
9,072
8.882
9,089
249
200
317
256
232
214
362 9,821
269 7,386
479 8,610
672 10,423
608 12,023
601 12,024
8,142
11,375
11,375
7,131
3,596
3,596
369 4,855
1,477 5,327
1,968 4,531
791 3,099
7
385 1,803
53
359 1,815
53
183
98
98
84
61
59
285
245
223
166
104
104
407
226
047
486
305
213
880
891
160,373
157,496
155,462
155,464
119,323
117,863
112,462
111,440
111,440
111,440
5,402
5,477
5,562
5,494
21,366
23,333
21,094
19,704
6,280
6,797
4,616
6,078
6,941
6,758
7
4
5,306
5,173
5,336
5,340
5,356
5,289
727 48,756 11
47,424 11
42,146 11
40,371 10
2,853
6,206
10,977
8,902
8,356
23
22
20
18
41,583 10 ,713 18
42,195 10 714 18
479
2,443
4,224
4,555
2,984
1,190
1,206
29,822
28,974
26,847
25,375
654 26,232
501 26,385
1948—June....
Dec
1949—Apr
May
1-5 years:
1947—June
Dec
1948—June
Dec
1949—Apr
May
5—10 years!
1947—June....
Dec
1948—June
Dec
1949—Apr
May
10-20 years:
1947—June....
Dec
1948—June
Dec
1949—Apr
May....
After 20 years:
1947—June....
Dec
1948—June
Dec.
1949—Apr
May
83
69
19
98
87
56
2 ,070
861
1 ,110
1 ,064
374
266
171
232
309
293
420
316
273
329
462
431
3,191
3,675
4,956
3,125
2,830
2,869
,522
,948
,124
,053
,494
,494
469
344
318
226
205
206
698
1 ,377
2 ,636
3 ,258
2 ,395
2 ,221
29 ,917 1,574
33 ,415 1,876
30 ,580 1,829
28 ,045 1,769
25 ,311 1,413
25 ,600 1,344
2 ,671
3 ,046
2 ,790
2 ,501
2 ,136
2 ,129
7,193
9,890
7,971
8,254
7,034
5,994
18 ,932
10 ,270
10 ,464
10 ,464
10 ,464
10 ,464
423
370
314
314
316
282
11 ,255
14 ,263
13 ,411
10 ,216
12 ,240
12 ,240
42
49
46
44
38
38
40 ,352
54 ,757
53 ,838
53 ,838
53 ,838
53 ,838
14 ,405
251 6 ,936
1 ,693 8 ,244
5 ,922
5 ,571
7 ,442
7 ,527
40 11 ,577
426 6 ,090
546 6 ,251
434 6 ,314
160 6 ,809
111 6 ,988
78 2 ,587
3,374
834 5 ,003
4,393
4,685 2 921 3 ,922
215 3 ,541
4,710
4,802 5 622 3 ,824
4,799 5 319 3 ,895
964
29
2 ,593
1,245 2 ,002 5,645
576
880 1,928
506
911 1,936
520
997 1,885
378
958 1,843
313
947 L,823
6,751
8,606
8,639
8,048
8,675
8,824
15 ,137
18 ,211
17 ,129
15 ,230
15 ,202
15 ,097
12,425
17,710
16,542
15,094
15,713
15,904
1,649 3 ,358 5,812
* Figures include only holdings by institutions or agencies from which reports are received. Data for commercial banks, mutual savings
banks, insurance companies, 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
small1 amounts of nonmarketable issues) by all banks and all insurance companies for certain dates are shown in the table above.
Including stock savings banks.
2
Including Postal Savings and prewar bonds and a small amount of guaranteed securities, not shown separately below.
972
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY RECEIPTS, EXPENDITURES, AND RELATED ITEMS
[In millions of dollars]
(Dn
basis of daily statements of United States Treasury
Increase (+)
/ \or
decreaseperiod
v —t
during
Fiscal
year or
month
Budget
surplus
Net Budget
exreceipts penditures
Fiscal year:
1947
1948
1949 . .
1948—July. .
Aug...
Sept..
Oct...
Nov...
Dec...
1949—Jan...
Feb.. .
Mar. .
Apr.. .
May..
40,043
42,211
38,246
2,096
2,505
4,543
2,101
2,540
4,014
3,579
3,381
5,435
1,340
1,945
June.. 4,767
J u l y . . 1,946
(+) or
deficit
4 39,289
36,791
37,057
53,558
2,143
2,869
2,685
2,815
3,603
2,968
2,646
3,621
2,748
2,822
4,579
3,434
Trust Clearing
acaccounts
etc.i count 1
General
fund
balance
Gross
debt
+754 - 1 , 1 0 3 +555 -11,136 -10,930
+5,419 +2,706 -507 —5,994 +1,624
+ 1,189 - 3 , 4 9 5 +366
+478 - 1 , 4 6 2
+141
-1,462
- 1 7 8 *+700 +1,082
+10 - 2 8 9
-324
-241
+362
-362
+1,674 - 5 7 0
+9
+751
-584
—144 +174
-227
-781
-275
-718
-321
-154
-345
-465
+ 188
-588
+30
+ 1,814
-1,408
-877
-1,488
-158
-163
-30
+410
+611
+736
+46
-179
+340
-51
+87
+213
-324
-173
+9
-417
-177
+294
+451
+631
+476
+101
-1,080
-111
-1,771
-833
+359
+881
+218 + 1,107
+308
-133
General fund of the Treasury (end of period)
Cash operating
income and outgo °
Assets
Balance
in
general
fund
3,308
4,932
3,470
5,074
4,832
5,583
4,802
4,385
4,208
4,659
5,291
5,767
3,995
3,163
3,470
3,337
Deposits in
Total
3,730
5,370
3,862
5,506
5,229
6,020
5,205
4,813
4,630
5,042
5,719
6,123
4,428
3,526
3,862
3,699
Fed- Speeral
cial
Reserve 2 depositaries
Banks
1,202
1,928
438
1,755
1,919
1,664
1,608
1,601
1,123
1,514
1,423
1,482
1,226
628
438
529
Total
liaOther biliassets ties
962
1,773
1,771
2,081
1,741
2,703
1,976
1,621
1,909
1,735
2,688
2,924
1,563
1,313
1,771
1,485
L ,565
1,670
L.653
1,671
1,568
1,653
1,621
1,591
1,599
1,793
1,607
1,717
1,639
1,586
1,653
1,684
422
438
392
433
397
437
403
428
422
383
428
357
433
363
392
362
Cash Cash
income outgo
43,591 36,931
45,400 36,496
41,628 40,539
2,268 2,588
3,162 2,950
4,667 3,197
2,280 2,779
3,190 3,474
4,106 '4,235
3,683 2,855
3,893 '3,259
5,555 '3,848
1,430 '3,130
2,595 3,686
4,798 4,539
Excess
income
(+) or
outgo
+6,659
+8,903
+ 1,089
-320
+212
+ 1,469
-499
-283
'-128
+829
+635
•"+1,707
-1,699
-1,091
+258
DETAILS OF TREASURY RECEIPTS
On basis of daily statements of United States Treasury
Income taxes
Miscella- Social
Total
WithSecu- Other
neous
re- 6 rerity ceipts
held
internal
ceipts
Other
by emrevenue taxes
ployers
Fiscal year
or month
Fiscal year:
1947
1948
1949
1948—July....
Aug
Sept
Oct
Nov....
Dec
1949—Jan
Feb
Mar....
Apr....
May...
June. . .
July....
10,013 19,292
11,436 19,735
9,842 19,641
694
537
2,939
643
385
1,198
2,328
2,152
1,276 1,414
757 4,342
714
609
562
1,119
674
554
Individual
Corporation income
Excise
and profits taxes
Esand
Social
Net income taxes
tate
other
Refunds Security reExcess
and miscelNormal
of
employ- ceipts With- Other
and
gift laneous
and
taxes
ment
held
other
taxes taxes
surtax
taxes 7
profits
8,049 2,039 5,115 44,508
8,301 2,396 4,231 46,099
8,348 2,487 2,456 42,774
302 2,300
677
67
742
410
228 2,948
676
130
159 4,597
186 2,199
768
65
768
386
204 2,941
702
134
184 4,062
220 3,675
638
56
654
438
152 3,935
720
170
143 6,133
644
81
273 2,306
141 2,751
656
410
704
139
266 4,928
653
65
135 2,061
719
403
535
1,165
747
424
3,145
655
On basis of reports by collectors of internal revenue
Deduct
3,006
2,272
2,838
140
64
46
39
43
41
58
273
672
891
414
155
57
1,459 40,043 9,842 9,501
1,616 42,211 11,534 9,464
1,690 38,246 10,056 7,996
63 2,096
849
228
101
380 2,505 1,543
8 4,543
133 1,016
59 2,101
808
157
358 2,540 1,564
85
34
7 4,014
343
38 3,579
640 1,913
280 3,381 1,922
905
26 5,435
156 1,846
908
75 1,340
286
391 1,945 1,465
140
33
6 4,767
975
58 1,946
6,055
9,852
11,343
432
283
1,947
448
263
1,960
391
292
2,529
406
232
2,159
3,622
323
211
18
15
20
17
16
18
19
33
24
10
10
12
779
899
797
95
56
59
61
58
65
64
53
105
63
66
53
7,285
7,412
7,585
608
674
660
654
693
678
547
596
646
537
645
647
DETAILS OF BUDGET EXPENDITURES AND TRUST ACCOUNTS
On basis of daily statements of United States Treasury
Trust accounts, etc.
Budget expenditures
Social Security
accounts
Fiscal year
or month
Total
Fiscal year:
1947
1948
1949
1948—j u iy
Aug
Sept
Oct
Nov
Dec
1949—j a n
Feb
Mar
Apr
M^ay
.
June
July
39,289
436,791
37,057
6
3,558
2,143
2 869
2,685
2,815
3,603
2,968
2,646
3,621
.. 2,748
2,822
..
4,579
3,434
InterNational est
on
defense debt
16,766 4,958
11,364 5,211
11,809 5,339
6
1,155
286
800
715
931
957
114
570
212
122
1,017
1,043
1,112
930
1,109
1,043
950
319
141
589
178
125
1,159 1,570
Pl,068
322
Other
InternatVetAid TransExpendit
fers
ional erans'
to
to
fiAd- agri- trust
Other Net
InInExRe- vest- Foreign
nance minis- culacrevest- pendi- ceipts ments
Economic Other
and tration ture counts
ceipts ments tures
Cooperaid
ation
4,928 6,442 1,226 1,361 3,607 3,235 1,785 1,509 3,009 1,577
782 "4,178 4,797 3,918 2,210 1,640 *5,598
4,143 6,317
850
916 6,785 3,722 1,479 2,252 1,992
2,756 6,791 2,661
832
6
772 —43
621
142
155
611
362
455
250
276
138
282
174
206
153
200
276
505
125
272
268
P352
530
481
482
612
554
527
545
639
547
584
517
489
110
256
275
321
285
269
137
261
189
438
161
?29
13
6
80
6
1
73
2
1
75
30
19
J>413
438
559
530
590
482
536
614
516
592
423
885
P762
607
38
159
585
208
139
430
57
182
592
270
489
100
304
-12
144
292
—42
11
88
—92
18
392
199
186
140
132
137
158
189
195
252
235
233
254
243
100
135
128
105
105
99
114
115
103
120
504
100
21
23
18
20
8
22
24
12
9
38
385
24
2,476
2,109
3,000 1,646
183
192
196
226
347
499
237
326
30
403
282
77
145
198
80
67
72
74
153
141
135
196
132
253
93
r
Preliminary.
Revised.
2
1
Excluding items in process of collection beginning with July 1947.
Excess of receipts ( + ) or expenditures (—).
1
For
description,
see
Treasury
Bulletin for September 1947 and subsequent issues.
4
Including
3
billion-dollar
transfer
to
Foreign
Economic
Cooperation Trust Fund, from which expenditures are made in later months.
6
6
Change in classification.
Including surplus property receipts and receipts from renegotiation of war contracts, which for fiscal
fiscal years
1946-1948
amounted
to
501,
2,886,
and
1,929
million
dollars
and 1,063, 279, and 161 million, respectively.
7
These are appropriated directly to the Federal old-age and survivors insurance trust fund.
AUGUST
1949
973
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 l
Corporation or agency
Total
All agencies:
June 30, 1948
Sept. 30, 1948
Dec. 31, 1948
Mar. 31, 1949
Cash
20,120
20,687
21,718
22,324
Classification by agency,
Mar. 31, 1949
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 Corporation
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 5
Federal Housing Administration
Federal National Mortgage Association
207
369
1,771
225
310
Reconstruction Finance Corporation:
Assets held for U. S. Treasury 6
Other
Export-Import Bank
Federal Deposit Insurance Corp
Federal Works Agency
Tennessee7 Valley Authority . . .
893
1,088
2,160
1,137
226
835
7,304
.
.
All other
1,042
751
630
475
804
251 1,684
328 1,811
627 1,854
674 2,077
10,373
10,573
11,692
12,228
325
555
97
2
2
70
1,110
2,473
321
39
Bonds, notes,
U. S. Priand debenGov- vately
tures payable
Land,
ernstruc- Other
Other ment owned
tures,
interinterasliabiland
est
est
U. S. Other equipsets 3 Fully
ities
guarGovt. secu- ment
anteed
Other
secu- rities ''
by
rities
U. S.
Investments
CommodiLoan* ties,
resupceiv- plies,
able
and
materials
3,531
3,525
3,518
3,515
782
2,458
2,423 1,275
337
3,060
3,049
307
863
1,011
965
884
1,187
1,239
1,663
1,927
47
494
261
489
(*)
1
61
29 1,066
238 1,764
17
256
33
20
7
343
419
206
202
10
344
295
21
309
191
625
2
3,385
18
103
152
893
1,012
2,039
1,100
226
821
7,277
()
1,122
89
2
3,803
260
57
96
2
5
201
14
353
20 1,750
164
49
6
304
1,430
1
2
958
2,144
154
159
166
170
2
67
1,110
()
1,221 1,245
319
2
33
6
1
362
17,875
18,225
18,886
19,320
134
802
50
CLASSIFICATION OF LOANS BY PURPOSE AND AGENCY
Mar. 31, 1949
Purpose of loan
Fed.
Fed. inter- Banks
Farm medi- for coMort. ate operaCorp. credit tives
banks
To aid agriculture
To aid home owners
To aid industry:
Railroads
Other
....
To aid financial institutions:
Banks
Other
Foreign loans
Other
Less: Reserve for losses..
14
Total loans receivable (net)...
61
75
489
265
Rural
ComElecmodity trificaCredit
tion
Corp. Adm.
1,775
1,067
Home
Farm- Owners'
ers'
Home Loan
Adm. Corp.
531
Recon- ExPublic Fed. struc- portImHous- home tion
port
ing
Filoan
Adm. banks nance Bank
Corp.
(4)
175
"344 ' " ( * ) ' "
139
300
489
11
1
275
261
1,764
1,066
256
295
6 4,209
331
851
3
36
3,632
768
(4)
362
5
520
6,102
584
368
362
960 2,144 4,225 12,228
11,692
294
344
All Dec. 31,
agen1948,
cies
all
agencies
141
337
4
5
(4)
367
197 2,152 3,750 6,098
193
101
589
50
7
6
370
1
4
All
other
140
310
1
2
Assets are shown on a net basis, i. e., after reserve for losses.
Totals for each quarter include the United States' investment of 635 million dollars in stock of the International Bank for Reconstruction
and Development
and its subscription of 2,750 million to the International
Monetary Fund.
3
Includes "Deferred and undistributed
charges," which wrere previously shown separately.
5
4 Less than $500,000.
Includes Farm Security Administration program, Homes Conversion program, Public War Housing program,
Veterans'
Re-use Housing program, and Public Housing Administration activities under the United States Housing Act, as amended.
6
Assets representing unrecovered costs to the Corporation in its national defense, war, and reconversion activities, which are held for the
Treasury
for
liquidation purposes in accordance with provisions of Public Law 860, 80th Congress.
7
Figures for one small agency are for a date other than Mar. 31, 1949.
NOTE.—Statement includes figures for certain business-type activities of the U. S. Government. Comparability of the figures in recent
years has been affected by (1) the adoption of a new reporting form and the substitution of quarterly for monthly reports beginning Sept. 30,
1944, and (2) the exclusion of figures for the U. S. Maritime Commission beginning Mar. 31, 1948. For back figures see earlier issues of the
BuLLETiN^and Banking and Monetary Statistics, Table 152, p. 517.
974
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
Employment 3
1939 = 100
Manu-
Vear or month
factures
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Nonagricultural
Factory
DepartFactory Freight ment
Con-
Wholesale
pay 3 carload- sales sumers'8 comrolls
ings*
prices modity3
(val1939 = 1935-39 ue)* 4 1935-39 prices
100
= 100 1935-39 = 100
1926
= 100
= 100
Ad- Unad- AdAdAdAdAdAdAdAd- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
72
75
58
73
88
82
90
84
93
53
81
103
1926
1927
1928
1929.
1930
71
83
66
71
98
107
62
60
57
67
72
69
76
96
95
114
107
99
117
110
91
95
129
129
121
117
135
139
85
99
135
126
142
80
67
76
63
28
25
81
80
90
86
108
122
100
106
78
95
1941
1942
1943
1944
1945
162
199
239
235
203
1946
1947
1948
170
187
J>192
* 192
P225
178
185
190
194
193
190
208
211
216
223
224
117
92
44
30
44
68
81
120
129
110
121
142
83
99
92
94
105
139
105
98.9
96.7
96 9
103.1
89.8
110.5
108 5
109 8
117.1
94.8
152
147
113
114
148
152
131
115
117
108
75 8
64.4
71 3
83 2
88.7
71 8
49.5
53 i
68 3
78.6
105
78
82
97
75
73
89
82
92
88
96.4 91.1
105.8 108 9
90 0 84 7
100.0 100.0
107.5 114.5
107
111
100
107
89
99
149 119.4
131.1
138 8
137 0
132.3
132 1
154.0
177 7
172.4
151.8
130
133
235
92
61
102
138
137
140
135
150
168
187
207
162
161 137.0
169 145 2
214 149.0
143.4 269.6
157 3 332 1
159.9 365-1
132
143
264
286
138
302
170
179
195
196
217
158.4
160.3
163 8
163.8
164 9
167 0
150 6
153.7
157 4
158.5
159 6
163 2
95
87
50
142 102.5
125 96.2
84
40
37
32
12
48
37
21
50
99
112
55
59
37
41
97
64
45
70 95.1
74 101.4
80
95 4
81 100.0
89 105.8
201
142
125
122
60
72
89
279
360
353
274
158
176
171
166
129
132
140
137
166
68
41
68
82
40
16
26
165
172
134
149
153
157
P155
190
143
142
P177
163
169
172
176
179
140
150
153
155
155
155
166
183
184
193
136
150
168
170
163
230
173
156
197
189
190
188
186
192
193
187
194
197
199
195
190
229
226
229
178
180
177
154
155
142
191
187
181
187
185
181
177
174
?17O
227
225
223
220
94
37
13
11
72
81
193
194
191
.
June
July
August
September
October
November
December
....
1949
188
192
192
186
191
192
195
195
192
191
189
184
179
January
February
^March
April
May
174
P169
217
221
222
219
223
225
231
229
231
n\2
201
*>194
177
178
179
169
177
178
179
178
173
175
173
168
162
161
H60
147
162
159
153
159
156
158
161
156
149
149
136
148
145
P134
181
188
201
205
201
193
184
189
180
87 1
77.2
77 5
84 9
88.5
167 5
245.2
334 4
345 7
293 4
146
101
109
110
106
114
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
126.4
124 0
122 6
122.5
119.4
100.0
95 4
96 7
95.3
86.4
108 7
97.6
92 4
95 7
98.1
73 o
64.8
65 9
74 9
80.0
99.1
102 7
100 8
99.4
100.2
80.8
86 3
78 6
77.1
78.6
105 2
116.5
123 6
125 5
128 4
87
98
103
104
105
3
8
1
0
8
139 3 121.1
159 2 152 1
171.2 '165.1
154.5
156.3
158.9
160.0
160.4
161.1
153.3
157.8
160.2
160.4
160 8
161.9
321.8
331.5
345.3
350.1
353 4
365.7
135
143
142
145
147
161
144.8
145.2
146.2
147.1
147 3
227 147.9
149
285
'285
292
'281
r
303
'299
152
152
148
223
215
208
148 6
147.8
147 9
147.2
147.7
148 8
149.5
149.6
150.7
150.8
150 0
149.4
161.2
159.8
160 1
157.1
156.7
158 8
159.8
160.1
163.3
162.8
161 2
158.6
160 5
159.5
160 3
156.1
155.5
158 2
158.5
161 7
164.6
163 3
161 6
159.4
358 7
354 1
358 4
347.1
346.7
359 0
360.0
374 7
382.2
382 9
379 3
377.6
144
138
130
293
293
291
168 8
167.5
166 9
169.3
170.5
171 7
173.7
174 5
174.5
173 6
172 2
171.4
'165 9
'161 0
'161 6
'163.0
164.2
'166 4
'168.8
'169 8
'168.9
'165 4
164 0
'162.4
147.8
146.9
146.0
145 5
199 144 5
P209 P144.6
155.3
153 6
151.2
'148 9
145.8
P145.3
154.7
153 3
151.4
148 1
144.6
P144.8
363.1
357 8
'349.6
'336 1
329.4
131
126
120
127
'295
281
277
294
'292
170.9
169 0
169.5
169 7
169.2
169.6
160.6
158 1
158.4
156 9
155.7
154.4
1948
January
February
March
April
May
Unadjusted
103.9
124.2
80 2
86.0
109 1
101 8
107.3
106
117
109
139
79
90
65
88
86
Unadjusted
103.7
104.1
79 7
88.2
100.9
93 7
97.0
109
115
1947
192
100
100
79
70
79
103
113
89
109
125
176
79
83
107
93
1936
1937
1938
1939
1940
182
186
191
192
120
93
84
75
58
69
75
July
August
September
October
November
December
124
89
132
98
67
41
54
65
83
1931
1932
1953
1934
1935
87
92
63
63
56
79
84
94
122
Adjusted
154
165
177
187
177
165
157
154
145
174
169
175
176
133
123
129
140
180
P195
157
P177
202
206
220
219
220
216
206
217
209
207
207
212
206
130
142
139
138
142
139
140
137
137
124
114
307
305
'307
311
309
309
r
309
'290
'304
284
* Average per working day.
P Preliminary.
' Revised.
For indexes by groups or industries, see pp. 976-979. For points in total index, by major groups, see p. 998.
Three-month moving average, based on F. W. Dodge Corporation data; for description of index, see BULLETIN for July 1931, p. 358.
For monthly
data (dollar value) by groups see p. 983.
3
The unadjusted indexes of employment and pay rolls, wholesale commodity prices, and consumers' prices are compiled by or based on data of
the Bureau
of
Labor Statistics. Nonagricultural employment covers employees only and excludes personnel in the armed forces.
4
For indexes by Federal Reserve districts and other department store data, see pp. 985-988.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882, September 1941, pp 933-937, and October 1943, pp. 958-984;
for department store sales, June 1944, pp. 549-561.
1
2
AUGUST
1949
975
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 averages 100]
1948
1949
Industry
June July Aug. Sept. Oct.
Nov. Dec.
Jan. Feb.
Mar. Apr. May June]
Industrial Production—Total
192
186
191
192
195
195
192
191
189
184
Manufactures—Total
198
192
197
199
202
201
199
198
196
193 rl84
179 P175
222
219
223
225
231
229
231
227
225
223 '212
201 P194
208
201
207
214
221
224
223
228
232
233
219
204
177
196
186
200
205
252
193
670
218
220
221
217
243
185
658
212
212
235
179
635
209
189
264
202
706
240
196
551
209
262
252
240
232 P226
220 P239
Durable Manufactures
Pig iron
Steel
Open hearth
Electric
. . .
(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
Lumber and Products
Furniture
. . . ..
Stone, Clay, and Glass Products
Glass containers
Clay products
Gypsum and plaster products
Abrasive and asbestos products1
Other stone and clay products
. ...
Nondurable Manufactures
Leather and Products
.
..
Manufactured
Food Products
. . .
Wheat flour
Cane sugar meltings 1
Manufactured dairy products
Butter
Cheese
.
Canned and dried milk
Ice cream
....
. . . .
277
269
271
273
222
233
230
198
185
255
194
685
254
194
682
260
197
711
277
276
277
268
231
243
238
246
244
241
240 '235
197
209
203
208
209
206
204
267
199
755
r
203
218
187
438
182
167
293
184
194
185
186
192
192
187
184
183
185
183
167
145 P135
194
188
190
193
191
175
183
186
200
210
209
200 P194
193
184
185
192
192
192
185
182
180
172
151
122
140
142
148
143
147
145
143
129
123
129
126
126 P124
129
161
135
157
140
163
132
165
135
170
133
169
131
168
117
154
107
154
119
150
118
144
120 P115
139 P142
207
200
210
207
210
203
205
204
202
195
189
184 P187
199
185
207
207
212
185
182
183
179
173
172
179
208
190
176
238
249
206
188
168
237
248
218
186
175
247
248
226
183
169
237
251
224
184
171
241
252
189
195
172
241
249
184 189
212 208
173 480
235 237
246 239
184
222
176
219
231
178 179
208 213
171 164
216 190
222 '203
P109
193
188 207
196 195
157 P154
177 P174
190 P189
169
177
178
179
178
173
175
173
168
162
161 P160
174
154
166
168
167
164
156
160
157
142
129
123 P126
159
140
313
138
115
324
152
127
318
154
132
322
153
129
319
148
122
322
140
114
317
144
123
313
142
125
305
130
120
275
119
111
240
114 P117
103 105
213 216
176
220
184
162
146
185
172
137
158
153
125
114
140
137
168
226
178
150
139
166
160
166
226
173
148
136
165
157
168
247
160
148
141
159
157
162'
233
143
144
140
149
156
151
206
139
133
127
143
148
150
225
136
125
122
130
149
143
214
130
121
118
126
141
122
198
107
105
100
112
113
112
171
92
101
92
107
118
163
98
106
113
98
116
....
109
96
113
119
113
102
100
108
113
113
106
101 P!06
....
107
121
80
89
94
110
95
109
64
81
84
96
105
120
78
77
100
119
108
123
79
83
98
126
108
121
82
90
95
117
100
110
80
89
87
104
103
114
89
82
87
97
103
114
88
85
93
111
107
122
85
89
86
117
99
110
80
90
78
123
96
r
108
74
80
76
113
95
109
76
79
69
105 J>113
163
160
156
163
161
159
158
160
162
162
162
162 P164
138
139
143
128
130
133
128
135
127
113
103
105 P113
.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers
Shoes
228
176
597
174 P169
179
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
. ..
Nylon and silk consumption l
Wool textiles
Carpet wool consumption
Apparel wool consumption
Wool and worsted yarn
Woolen yarn
Worsted yarn
Woolen and worsted cloth
236
181
630
179
P152
71
171
192
r
P152 P154 P150
P148 P144* P144'
P144 P145 P150 P154
P153 P151
72
75
73
76
74
88 r86
80
86
81
75
77
168 171 160 161 166 180 192 190 188 199 '189 177
195 198 181 167 143 135 126 130 146 161 166 167
r
P Preliminary.
Revised.
Series included in total and group indexes but not available for publication separately.
1
976
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors.
1935-39 average=100]
1949
1948
Industry
June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr.
Manufactured
Food
May
June
137
146
144
101
141
150
144
114
58
68
Products—Continued
Meat packing
Beef
Veal
..
152
176
135
134
.
Lamb and mutton
135
149
124
140
126
128
125
147
133
136
133
146
141
157
127
140
155
177
135
144
154
172
143
134
152
167
147
115
156
172
154
112
153
167
155
111
145
160
145
106
94
89
92
101
112
108
98
92
87
71
55
169
159
167
142
162
107
172
162
169
152
165
140
164
142
166
138
170
154
171
155
. .
124
179
117
182
119
183
121
184
124
181
124
179
169
136
132
175
131
179
136
183
133
181
123
183
. .
170
173
179
189
186
217
197
181
177
187
164
174
Malt liquor
145
155
165
176
156
181
185
168
156
176
152
163
161
Other distilled spirits
Rectified liquors
114
393
243
86
402
242
73
346
274
91
211
336
95
244
398
112
334
443
131
278
287
119
328
235
118
294
283
106
249
295
91
271
247
84
285
270
60
277
267
166
148
178
168
174
170
146
159
160
172
162
170
172
108
226
98
200
113
242
127
218
122
230
130
224
97
196
102
216
100
220
99
241
98
224
98
236
63
75
78
78
68
63
66
66
68
65
71
117
233
68
165
150
165
166
172
169
153
163
158
151
146
144
143
160
146
161
160
167
163
150
158
154
147
141
139
137
183
106
111
301
146
156
187
86
168
157
145
98
172
117
96
283
135
142
165
74
150
160
135
97
193
122
110
328
148
156
184
83
160
161
153
101
183
116
107
301
145
156
189
83
161
163
148
98
195
117
111
330
153
163
193
188
104
107
317
149
159
195
173
105
104
285
137
146
167
188
101
107
327
145
153
182
183
96
108
309
145
149
174
175
95
106
291
142
143
163
166
88
100
274
135
138
162
165
90
97
273
134
135
162
159
94
80
275
122
134
164
172
170
157
100
165
162
150
98
160
158
142
100
157
161
151
99
158
157
147
98
155
160
138
99
151
152
123
97
151
141
115
100
141
139
117
99
. . . . 157
147
155
154
164
156
154
155
153
153
152
156
149
146
145
149
147
155
148
148
153
149
151
154
161
156
Other manufactured foods
Confectionery
.
Alcoholic Beverages
.
.
Industrial Alcohol from Beverage Plants
Paper and Paper Products
Paper and pulp
. .
.
Pulp
Groundwood pulp.
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard . .
Fine paper 2
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint
Paperboard containers (same as Paperboard)
Printing and Publishing
.
Newsprint consumption
Printing paper (same as shown under Paper)
. .
.
Petroleum and Coal Products
Petroleum refining 2
Gasoline
Fuel oil
Lubricating oil
Kerosene
Other petroleum products 1 . . .
Coke
By-product coke
Beehive coke
Paints
Soap
Rayon
Industrial chemicals
185' P184
169
1
Cigarettes
Chemical Products
P172 P173
156 P163
P207 P217
V227 P231 P228 P221 P213
P220
P217
P221
173
194
155
196
170
192
154
193
173
194
162
182
165
180
157
184
170
199
169
183
174
200
159
207
179
204
162
200
174
206
159
196
170
194
150
176
169
186
138
167
170
169
126
157
177
166
128
138
P179
175
168
407
170
166
318
178
170
447
181
173
444
181
173
454
183
175
460
184
176
466
184
177
455
185
176
504
178
173
319
182
173
477
175
169
••385
159
158
201
256
251
259
257
255
257
257
257
250
245
237
234
P231
154
124
309
449
161
121
312
433
161
126
312
450
158
134
305
448
156
135
304
446
153
135
306
449
148
137
311
450
149
135
309
447
143
133
309
435
139
132
300
427
139
130
265
417
135
130
259
406
P134
P130
P258
P179
. . ..
. .
.
. .
P209 P207
69
P201
P156
Rubber Products
205
200
207
205
205
203
200
193
188
182
177
178
Minerals—Total
159
153
159
156
158
161
156
149
149
136
148
145
P134
Fuels
164
160
166
162
166
167
164
156
155
137
148
149
P136
147
157
105
173
134
143
100
172
150
158
117
174
148
156
119
170
145
152
118
176
147
155
116
177
137
145
103
177
133
145
88
167
129
142
74
168
85
93
52
163
133
144
88
156
136
144
105
155
P104
p
P154
128
113
115
119
113
121
110
104
113
129
145
126
P125
••209
176
P174
53
67
55
Coal
Bituminous coal
Anthracite
Crude petroleum
. ,
Metals
(Copper* Lead' Zinc) 1
Gold
Silver
179
155
158
166
157
175
158
149
161
184
55
65
56
57
55
61
54
60
48
69
43
60
39
59
39
55
44
58
50
62
P99
78
r
l
p2 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.
AUGUST
1949
977
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average =100]
1948
Industry
1949
June July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar. Apr. May June
industrial Production—Total.
193
187
194
197
199
195
190
187
185
181
177
174
^Manufactures—Total
199
193
200
203
205
202
197
195
193
190
183
179 vl76
Durable Manufactures . ..
Iron and Steel
Pig iron
Steel
Open hearth.
Electric
Machinery
P170
223
220
224
227
232
229
229
225
223
221
212
202 P195
208
201
207
214
221
224
223
228
232
233
219
204
177
196
236
181
630
186
228
176
597
200
235
179
635
205
243
185
658
209
252
193
670
212
255
194
685
212
254
194
682
218
260
197
711
220
267
199
755
221
264
202
706
217
240
196
551
189
182
167
293
277
269
271
273
277
276
277
268
262
252
240
209
218
187
438
232
P226
222
233
230
231
243
238
246
244
241
240
'235
220
P239
185
202
198
197
209
203
208
209
206
204
'203
184 P210
193
185
186
192
192
188
184
183
185
183
167
145
P135
193
187
190
193
191
176
183
200
210
193
184
185
192
192
192
185
182
180
172
151
122
P109
148
151
158
153
154
142
132
118
115
124
126
129 P131
141
161
148
157
156
163
147
165
145
170
128
169
113
168
100
154
96
154
110
150
116
144
139
209
201
218
216
220
208
199
192
187
185
186
189 P190
197
206
203
175
243
249
179
198
207
168
237
248
213
227
210
180
248
248
211
231
213
175
243
251
217
230
214
180
247
252
187
191
211
178
246
249
172
171
193
178
241
246
181
185
169
166
227
239
175
179
168
166
208
231
173
178
171
163
208
222
172
ni9
202
160
187
'203
Manufacturing Arsenals and Depots l
Transportation Equipment
Automobiles (including parts)
(Aircraft; Railroad cars; Locomotives;
Shipbuilding—
Private and Government) 1
ffonferrous 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
dumber and Products..
Lumber.. .
Furniture.
JStone, Clay, and Glass Products.
Glass products
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 1...
Wool textiles
Carpet wool consumption. .
Apparel wool consumption.
Woolen and worsted yarn. .
Woolen yarn
Worsted yarn
Woolen and worsted cloth. .
feather and Products.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Sheep and lamb leathers.
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings *
Manufactured dairy products.
Butter
Cheese
Canned and dried milk...
Ice cream
P125
189
201
206
156
180
190
P142
192
205
209
P153
•179
P189
179
171
180
185
183
179
171
170
168
164
159
160
174
154
166
168
167
164
156
160
157
142
129
123 vl26
159
140
313
138
115
324
152
127
318
154
132
322
153
129
319
148
122
322
140
114
317
144
123
313
142
125
305
130
120
275
119
111
240
114
103
213
176
220
184
162
146
185
172
137
158
153
125
114
140
137
168
226
178
150
139
166
160
166
226
173
148
136
165
157
168
247
160
148
141
159
157
162
233
143
144
140
149
156
151
206
139
133
127
143
148
150
225
136
125
122
130
149
143
214
130
121
118
126
141
122
198
107
105
100
112
113
112
171
92
'97
401
92
107
118
163
98
106
113
98
116
108
94
112
118
114
104
99
108
116
113
106
101
104
116
81
90
93
110
91
103
64
80
79
96
103
117
81
75
103
106
121
78
84
96
102
114
88
83
82
97
104
116
86
85
87
111
115
131
89
93
95
117
96
95
109
73
78
75
126
103
115
83
86
92
104
99
110
79
89
76
119
109
123
83
90
95
117
163
172
173
161
153
148
146
132
137
127
135
128
59
129
104
P92
64
142
102
•104
71
156
117
P224 P223
98
242
207
226
265
174
188
141
140
137
134
198
82
191
204
158 P122
70
65
163
145
167
135
P95
57
125
103
123
145
'108
72
83
75
113
105
105
216
'113
148
111
'124 P160
89
78
170 207
182
143
156
101
203
111
253
230
•108
'223
112
252
230
r
P Preliminary.
Revised.
* Series included in total and group indexes but not available for publication separately.
978
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES—Continued
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average =100]
1948
1949
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
151
176
132
134
87
126
132
125
140
86
Ill
99
127
144
90
124
108
144
160
109
142
147
138
160
116
173
207
141
154
108
181
226
143
126
96
179
219
150
106
98
149
169
141
99
87
141
155
141
104
70
134
146
136
104
53
Other manufactured foods
Processed fruits and vegetables
Confectionery
Other food products
160
122
92
181
174
184
96
185
183
203
129
187
207
317
156
188
188
197
162
190
172
129
146
188
161
111
134
179
152
90
135
172
153
86
137
174
151
85
123
173
152 P ! 5 6 P164
94* 102 P126
102
176
181 P186
186
188
184
195
203
212
174
153
159
173
163
183
114
243
.. 243
194
86
233
242
189
73
187
274
178
91
289
336
145
95
631
398
139
112
702
443
148
131
306
287
138
119
213
235
141
118
176
283
163
106
162
295
160
91
162
247
... 173
154
184
178
180
173
136
158
153
163
108
237
70
98
210
63
113
255
73
127
233
83
122
239
84
130
228
70
97
181
56
102
216
65
100
207
64
99
224
68
165
149
165
166
172
170
153
163
158
160
183
107
111
301
146
156
187
86
168
160
. . . 145
99
145
170
104
96
283
135
141
165
74
150
153
135
95
160
191
107
110
328
148
156
184
83
160
161
153
99
160
181
103
107
301
145
156
189
83
161
163
148
98
167
194
109
111
330
153
163
193
163
189
110
107
317
149
159
195
149
173
107
104
285
137
146
167
158
189
105
107
327
145
153
182
154
183
100
108
309
145
150
174
172
172
157
100
165
162
150
99
160
153
142
98
157
159
151
99
156
137
147
155
167
163
158
144
125
134
149
163
161
155
P220 v217 v221
P207
P217
Alcoholic Beverages
!Malt liQuor
Whiskey
Other distilled spirits
Rectified liquors
.
Industrial Alcohol from Beverage Plants *
.
.
Paper and Paper Products...
Paper and pulp
Pulp
.
Groundwood pulp
Soda pulp
Sulphate pulp
. .
.
Sulphite pulp
Paper
.
PaDer board
Fine paper'
Printing paper
.
Tissue and absorbent paper
Wrapping paper
Newsprint
.
. .
Frinting and Publishing
Newsprint consumption
Printing paper (same as shown under Paper)
.
Coke
By-product coke
Beehive coke
203
60
172
267
153
170
179
98
209
65
98
236
71
117
245
71
151
146
144
143
148
176
102
106
291
142
143
163
142
167
97
100
274
135
138
162
139
166
98
97
273
134
135
162
138
159
9S
80
275
122
134
164
158
163
147
98
155
160
138
99
151
153
123
99
151
141
115
101
141
142
117
100
149
152
156
157
159
148
142
146
157
163
168
155
P227 P231
P228 P221
P213
209 P207
P201
. .
...
.
Chemical Products. .
Paints....
Soap.
. .
Rayon
Industrial chemicals
190
186
84
171
270
. .
Petroleum and Coal Products...
Petroleum refining ^
Gasoline . . .
Fuel oil
Lubricating oil
Kerosene.
182
r
139
150
142
114
63
•
Tobacco Products
Cigars
Cigarettes
Other tobacco products
138
146
144
105
59
173
194
155
184
170
192
152
179
173
194
160
174
165
180
157
182
170
199
169
183
174
200
159
213
179
204
161
206
174
206
154
200
170
194
148
185
169
186
136
170
170 P177 P 1 7 9
169 P ] 6 6 P 1 5 6
133
132
160
140
175
168
407
170
166
318
178
170
447
181
173
444
181
173
454
183
175
460
184
176
466
184
177
455
185
176
504
178
173
319
182
173
477
253
247
256
257
258
258
258
255
251 *248
239
233 P228
160
120
312
433
159
127
312
450
156
139
305
448
156
142
304
446
151
137
306
449
148
137
311
450
146
132
309
447
141
132
309
435
139
132
300
427
140
128
265
417
139
126
259
406
178 P179
158
122
309
449
....
r
i 75
169
385
159
158
201
P138
P\27
P258
P395
Other chemical products *
Rubber Products
205
200
207
205
205
203
200
193
188
182
177
Minerals—Total. ..
163
158
164
160
161
160
151
143
143
131
146
148 vl38
Fuels.
164
160
166
162
166
167
164
156
155
137
148
149 P136-
147
157
105
173
134
143
100
172
150
158
117
174
148
156
119
170
145
152
118
176
147
155
116
177
137
145
103
177
133
145
88
167
129
142
74
168
85
93
52
163
133
144
88
155
136
144
105
155
153
147
149
148
132
114
68
76
93
134
142 P15O
226
331
215
325
213
324
212
314
186
254
160
225
100
93
88
74
101
81
126
110
194
260
207
302
52
63
55
56
60
59
62
61
56
69
49
60
40
59
38
56
39
59
44
64
47
67
48
Coal
Bituminous coal.
.
Anthracite
.
Crude petroleum...
...
....
Metals
Metals other than gold and silver.
Iron ore
.
(Copper; Lead; Zinc)1
Gold
Silver
.
.
...
....
...
77
*>99
P104
P78
P154
P22O
J
P Preliminary.
Series included in total and group indexes but not available for publication separately.
This series is in process of revision.
NOTE —For description and tack figures see BULLETIN fcr October 1943, pp. 940-984, September 1941, pp. 878-881 and 933-937, and August
1940, pp. 753-771 and 825-882.
2
AUGUST
1949
979
FACTORY EMPLOYMENT AND PAY ROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics, 1939=100]
Factory employment
Industry group or industry
1948
May
June
Factory pay rolls
1949
Feb.
Mar.
Apr.
1948
May
June
Apr.
1949
June
May
Feb.
Apr.
Mar.
May
r
Total
Durable goods
Nondurable goods
329.4
158.2 153.3 151.4 148.1 144.6 144.8 347.1 346.7 359.0 357.8 '349.6 336.
155.
390.9 '379.3 367.2
183.
184.5 177.8 175.
171.4 166
165.6 393.4 390.8 401.3 402
133.1 137.5 134
132.7 129.7 127.6 128.4 301.9 303.6 317.6 314.0 '309.2 293.8 292.4
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
161.4
133
225
135
153
170
162.4 158.8 155.9 151.
140
135
141
141
204
229
226
220
132
141
136
134
132
148
142
138
117
122
169
126
198
197
198
198
178
177
177
Electrical Machinery
Electrical equipment
Radios and phonographs
211.6
202
205
211.1 201.,
201
190
202
201
194.9 187.5 180.4 177.2
170
179
186
184
182
190
Machinery except Electrical
Machinery
and
machine-shop
products
Engines and turbines
Tractors
Agricultural, excluding tractors...
Machine tools
Machine-tool accessories
Pumps
Refrigerators
228.5
230.4 219.1 214.4 206.7 197.7
245
287
180
264
130
214
288
235
247
280
193
267
128
215
281
241
236
276
196
267
118
201
272
210
230
271
194
267
116
197
267
207
221
264
191
266
114
193
257
190
Transportation Equipment, except Autos
Aircraft, except aircraft engines...
Aircraft engines
Shipbuilding and boatbuilding.
276.0
315
282
168
273.7
322
291
157
278.3
380
321
124
276.6
383
322
121
271.3 265.0 261.5
383
368
318
317
114
115
Automobiles
,
190.5 183.6 188.8
188.7 '189.6 176.4
Nonferrous Metals and Products
,
Primary smelting and refining.
Alloying and rolling, except aluminum
Aluminum manufactures
173.7 173.9 164.9
150
152
147
160.7
149
154.3 149.6 147.8
150
150
136
182
126
164
111
160
Lumber and Timber Basic Products.
Sawmills and logging camps
Planing and plywood mills
183.6 190.0 168.9 169.9 170.9 175.6 180.2
200
209
185
192
182
184
182
172
184
-•174
178
174
Furniture and Lumber Products
Furniture
Stone, Clay, and Glass Products
Glass and glassware
Cement
Brick, tile, and terra cotta
Pottery and related products
,
,
136
180
139.7 139.8
140
139
186
179
136
164
133.2
135
154.7 156.0 150.0
170
169
156
148
150
150
137
141
135
173
175
179
178
169
130.8
132
167
161
306.6
283
384
303
278
245
146.2
137
191
133
125
115
329.6
253
477
275
362
364
334.4
265
479
286
344
371
340.
268
495
311
341
379
348.
304
497
307
335
262
336.
300
471
306
324
261
161
154
415
463
428
464
431
463
401
429
380
404
'333
380
318
367
180
359
364
364
395
385
379
392
401.
382
424
386.0
360
427
189.0
213
254
190
260
111
183
248
174
188.9
104
155
444.3 431.6 440.0 442.2 424.
419
421
410
420
403
459
469
451
478
454
463.8 466.4 480.
463.0 448.5 423.4 406.8
512
612
249
572
240
393
630
450
509
618
285
571
241
390
631
472
520
601
356
595
243
384
617
509
601.4
695
481
374
566.4
634
494
346
561., 607.5
649
830
518
605
322
262
502
602
367
608
219
367
620
450
386.2 362.6 385.7 441.5
485
579
358
601
212
360
594
430
458
550
343
592
205
341
564
369
443
536
339
578
199
321
548
362
599.4
819
587
260
573.9
796
583
246
570.2
795
581
239
415., *430.3 394.5
368.3 362.5 368., 363.6 345.3 327.0 316.1
343
339
344
314
322
330
348
272
357
128.8 125.8 126.0
125
129
320.1
295
417
295
299
250
278
339
269
347
433.4 461.1
497
471
435
445
277
341
242
333
200
320
192
307
488.5 395.7 413.9 427.8 452.3
502
423
543
469
452
427
456
426
'424
'416
333.0 325.6 326.0 315.7
321
326
336
329
310.7
314
299.
300
296.1
295
147.6 143.9 141.7 141.2
151
151
153
150
149
150
132
133
132
166
177
173
337.9
367
288
313
357
343.4
364
305
329
360
347.1 344.5
361
367
314
304
338
329
364
392
335.9
356
307
323
385
323.5
343
312
321
367
321.5
346
321
322
348
Textile-Mill and Fiber Products
Cotton goods except small wares..,
Silk and rayon goods
Woolen and worsted manufactures
Hosiery
Dyeing and finishing textiles
113.
125
95
110
88
133
113.2 104.0 100.4
126
115
117
96
91
86
110
92
82
87
83
82
132
129
128
96.
Ill
80
70
80
127
95.0
307.1
375
288
309
204
329
303.8
370
289
308
198
322
304.6
366
292
312
200
321
274.8
333
267
246
194
321
260.3
320
240
208
191
320
237.6
294
219
173
183
306
233.6
279
215
190
180
296
Apparel and Other Finished Textiles. . .,
Men's clothing, n.e.c
Shirts, collars and nightwear
,
Women's clothing, n.e.c
Millinery
137.1
125
99
149
70
138.6 149.5 149.
127
127
126
98
91
93
152
176
174
68
95
'98
142.3 134.6 133.0
124
117
94
94
149
161
78
306.5
294
248
307
150
297.9
289
241
299
112
303.6
290
234
311
116
348.2
286
219
394
213
344.7
289
231
380
'229
297.3
263
225
308
'170
283.3
250
232
288
134
Leather and Leather Products
Leather
Boots and shoes
103.3 107 A
95
96
98
103
106.0 106.0 103.3
90
88
92
104
101
104
95.0
109
77
76
79
125
227.1 215.4 233.4 240.1 238.7 222.0 209.6
202
205
195
198
201
186
189
240
240
220
203
225
220
203
98.9
87
96
Food and Kindred Products
127.7 147.1
Slaughtering and meat packing.... 92
148
144
Flour
149
127
Baking
130
111
Confectionery
116
182
Malt liquors
206
102
Canning and preserving
124
134.9 135.2 136.3 139.6 146.6
144
152
148
142
139
146
143
139
131
128
129
130
114
128
123
121
195
181
192
184
96
80
81
92
Tobacco Manufactures
Cigarettes
Cigars
88.6
120
76
90.5
121
78
90.6
121
78
88.4
120
76
86.5
122
72
87.4
124
73
89.0
267.4
193
305
251
265
350
241
281.3
226
315
259
236
333
260
205.7 201.3
254
253
183
175
302.7
298
309
270
286
363
213
316.5
296
302
281
256
383
259
328.3
329
340
271
262
390
315
302.9
308
331
272
291
334
216
205.
263
176
193.5 198.8 188.9 196.0
240
258
255
260
169
168
152
163
302.8
285
296
276
270
346
243
r
Revised.
NOTE.—Underlying figures are for pay roll period ending nearest middle of month and cover production workers only. Figures for June
1949 are preliminary. Back data and data for industries not here shown may be obtained from the Bureau of Labor Statistics.
980
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
Paper and
Paper
Paper
Paper
1949
1948
Allied Products
and pulp
goods, n.e.c
boxes
Factory pay rolls
1948
1949
May
June
Feb.
Mar.
Apr.
May
June
Apr.
May
June
Feb.
Mar.
Apr.
May
146.5
149
163
132
146.9
148
164
134
145.4
147
163
133
143.6
145
162
130
141.4
144
160
128
140.143
159
127
139.9
325.7
333
351
293
331.1
343
355
290
337.
348
358
305
335.3
341
381
297
327.6
332
368
293
317.0
323
360
280
316.3
321
365
281
Printing and Publishing
Newspaper periodicals
Book and job
132.0 132.3 132.1 131.6 131.4
128
123
127
124
129
144
144
142
145
141
131.5
129
140
131.4
259.5
235
291
262.2 264.9 269.7 273.9 273.1 277.3
237
238
248
255
260
265
297
299
307
308
302
305
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
198.231
131
293
352
182
89
171
203.3 197.7
239
241
132
119
290
284
364
356
159
145
134
122
206
202
190.4
239
113
276
354
125
107
170
185.4
422.1
480
275
591
648
399
270
530
422.5
482
275
590
684
404
246
470
Products of Petroleum and Coal
Petroleum refining
Coke and by-products
157.3 160.3 152.8 152.6 153.2
159
154
154
157
153
146
147
147
148
143
154.1
153
150
316.7
311
287
335.8 342.2 339.2 339.4 340.6
326
334
331
335
332
321
330
351
347
350
343.8
335
349
Rubber Products
Rubber tires and inner tubes
Rubber goods, other
161.1 161.6 154.5 151.0 147.8
169
169
160
158
158
158
154
158
149
142
144.2
156
138
142.3
312.8
286
347
318.9 330.2 309. c 298.4 291.4
306
322
289
288
285
338
344
348
330
306
294.5
293
303
Miscellaneous Industries
Instruments, scientific
Photographic apparatus
176.6 175.7 167.9 164.8 162.7
245
272
243
275
275
213
214
217
210
211
158.5
274
203
158.1
382.6
494
416
384.2 386.7 381.4 '373.5 359.5
493
491
596
598
590
432
410
439
427
415
350.9
594
401
199.2
231
133
297
366
182
83
144
203.9
242
135
293
367
164
140
181
434.9
487
280
614
738
411
228
415
454.2
536
304
622
730
385
410
507
449.0
530
295
609
714
347
400
591
434.9
526
261
597
695
281
'349
594
425.9
532
256
581
721
294
312
519
For footnote see preceding page.
FACTORY EMPLOYMENT
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors, 1939 = 100]
1948
Group
Total
. .
Durable
Nondurable
.
1949
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
156.7
184.1
135.1
158.8
184.0
138.9
159.8
185.1
139.8
160.1
184.9
140.6
163.3
188.0
143.8
162.8
188.7
142.3
161.2
188.5
139.6
158.6
186.4
136.7
155.3
181.2
134.9
153 6
178.3
134.1
151 2
175.5
132.0
148 9
'•171.7
131.0
May
June
145 8 P145 3
166.3 P165.1
129.5 P129.7
r
p Preliminary.
Revised.
NOTE.—Back figures for Total group from January 1919, and for Durable and Nondurable groups from
January 1923, may be obtained from the Division of Research and Statistics.
HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry group
Average hourly earnings (dollars per hour)
1949
1948
1949
May June Feb.
Mar. Apr. M a y June
May
June
Feb.
Mar.
AH manufacturing
39.9
39.3
39.0
1.301
1.316
1.377
1.374
r
Durable goods
40.1
40.5
39.9
39.4
39.0
39.0
39.3
1.366
1.385
1.459 '1.455
T
1.457
40.3
39.6
41.2
40.0
35.2
40.6
42.5
40.8
40.7
40.3
40.4
41.4
39.8
37.7
40.8
42.8
40.7
40.6
39.7
39.7
40.3
40.1
39.8
40.3
39.7
40.0
39.7
'39.1
39.1
39.8
39.7
37.9
39.4
r
40.5
39.9
39.5
38.3
38.6
39.1
38.8
r
38.8
38.8
^40.9
39.1
39.0
38.1
38.7
39.4
39.5
37.7
38.8
41.4
39.0
39.2
38.3 1.423
39.4 1.357
39.4 1.441
39.2
39.7
38.9
41.0
39.2
38.8
1.431
1.372
1.461
1.489
1.624
1.369
1.131
1.145
1.292
1.529 1.529 1.528
1.450 1.456 1.452
1.523 1.524 1.521
1.572 1.571 1.572
1.700 1.675 1,681
1.447 1.436 1.441
1.112 1.135 1.156
1.182 1.187 1.186
1.358 1.356 1.355
39.6
39. i
38.8
38.6
37.6
38.1
38.4
1.230
1.242
1.289
39.6
35.8
35.5
42.5
37.7
42.8
39.1
41.0
41.2
39.0
40.3
39.5
35.6
37.0
42.
37.8
42.8
39.1
41.4
40.7
39.7
40.3
37.5
36.0
37.6
41.3
35.3
41.4
38.5
40.8
40.0
37.5
39.9
37.0
36.2
37.4
41.0
36.1
41.0
38.5
40.6
40.0
37.1
39.8
35.5
34.2
35.6
40.7
34.8
40.3
r
38.3
40.1
40.0
36.
'38.9
35.4
35.2
35.0
41.4
35.
40.5
38.6
40.5
40.2
37.7
39.1
36.2
34.9
36.7
41.7
37.7
40.9
38.5
40.3
40.0
38.3
39.5
1.142
1.040
1.118
1.207
.984
1.269
1.663
1.347
1.631
1.424
1.244
1.147
1.055
1.118
1.217
1.003
1.292
1.676
1.369
1.650
1.439
1.262
1.185 1.180
1.114 r 1.098
1.140 l . 140
1.265 1.269
1.022 1.033
1.335 1.331
1.739 1.770
1.416 1.410
1.746 1.745
1.502 1.499
1.306 1.301
Iron and steel and products
Electrical machinery
Machinery except electrical
Transportation equiprneut, except autqs.
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
r
40.2
38.3
38.5
38.9
r
1.287
Apr.
May
June
1.374
1.373
1.380
1.457
1.465
1.524
1.446
1.517
1.572
1.709
1.434
1.173
1.204
1.358
1.528
1.450
1.527
1.576
1.707
1.438
1.197
1.198
1.362
r
1.285
1.286
1.291
1.174
1.051
1.146
1.268
1.042
1.330
1.779
1.419
1.746
1.504
1.171
1.025
1.151
1.274
1.041
1.333
1.791
1.434
1.738
1.512
1.301
1.175
1.027
1.150
1.272
1.048
1.346
1.795
1.452
1.753
1.533
1.319
1.300
Revised.
NOTE.—Figures for June 1949 are preliminary.
AUGUST 1949
Back figures are available from the Bureau of Labor Statistics.
981
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION
[Unadjusted, estimates of Bureau of Labor Statistics. Adjusted, Board of Governors]
[Thousands of persons]
Federcl,
State, and
local
government *
1 .419
1,462
L.440
L ,401
1,374
1,394
1,586
1,656
L ,719
3,362
3,554
3,708
3,786
3,795
3,891
4,430
4,622
4,681
4,192
4,622
5,431
6,049
6,026
5,967
5,607
5,449
5,658
1,699
1,700
1,737
L ,752
1,741
1,740
L ,737
,739
4,738
4,663
4,645
4,622
4,647
4,641
4,644
4,624
5,586
5,626
5,710
5,727
5,781
5,788
5,733
5,780
,725
,721
,717
,719
,723
1,727
4,549
4,560
4,597
'4,634
4,665
4,641
5,790
5,788
5,762
5,763
5,781
5,802
9,617
9,670
9,646
9,660
9,733
9,889
10,034
10,381
1.716
1,726
1,754
1,761
1,732
1,723
1,720
1,722
4,738
4,663
4,645
4,622
4,647
4,641
4,644
4,624
5,624
5,607
5,604
5,650
5,801
5,789
5,714
5,994
9,625
9,513
9,525
'9,683
9,535
9,520
1,716
1,712
1,717
1,728
1,740
1,753
4,549
4,560
4,597
'4,634
4,665
4,641
5,761
5,759
5,762
5,773
5,820
5,783
Transportation and
public
utilities
Trade
Finance
916
947
983
917
883
826
852
911
925
1,294
1,790
2,170
1,567
1,094
1,132
1,661
1,921
2,060
3,013
3,248
3,433
3,619
3,798
3,872
4,023
4,060
4,065
7,055
7,567
7,481
7,322
7,399
7,685
8,820
9,450
9,746
16,018
16,172
16,302
16,278
16,556
16,548
16,420
16,195
936
947
915
944
945
939
937
940
2,032
2,110
2,093
2,106
2,093
2,101
2,120
2,121
4,028
4,056
4,078
4,078
4,085
4,095
4,070
4,084
9,689
9,779
9,791
9,805
9,806
9,817
9,782
9,769
44,773
44,505
44,231
'44,076
43,771
43,780
15,954
15,801
15,602
'15,425
15,152
15,116
931
928
920
922
909
910
2,095
2,045
1,980
'1,981
1,996
2,020
4,032
4,006
3,948
3,949
3,939
3,937
9,697
9,656
9,705
'9,683
9,606
9,627
44,616
45,009
45,098
45,478
45,889
45,877
45,739
46,088
15,892
16,115
16,172
16,441
16,697
16,597
16,461
16,283
935
950
922
952
948
941
938
939
2,052
2,173
2,219
2,253
2,239
2,206
2,162
2,079
4,042
4,105
4,136
4,139
4,092
4,091
4,066
4,066
44,350
44,019
43,893
'43,939
43,666
43,736
15,890
15,777
15,625
'15,332
15,030
15,061
925
922
914
919
908
913
1,906
1,820
1,841
'1,941
2,016
2,081
3,978
3,956
3,912
3,929
3,952
3,984
Manufacturing
Mining
32,031
36,164
39,697
42,042
41,480
40,069
41,494
43,970
45,131
10,780
12,974
15,051
17,381
17,111
15,302
14,515
15,901
16,277
1948—May
June
July
August
September
October
November
December
44,726
45,053
45,271
45,312
45,654
45,669
45,443
45,252
1949—January
February
March
April
.
May
June
1940
1941
1942
1943
1944
1945
1946
1947
1948
Service
Contract
construction
Total
Year or month
SEASONALLY ADJUSTED
...
UNADJUSTED
1948—May
June.
July
August.
September. . . . . .
October
November.
December
1949—January.
February
March
April. .
May
June
l
' Revised.
Includes Federal Force Account Construction.
NOTE.'—Estimates include all full- 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 1949 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
Year or month
1940
1941
1942
1943
1944
1945
1946
1947
1948
Total noninstitutional
population
2
.
....
1948—June..
July
August
September
October
November
December
1949—January
February
March
April
May
June
.
. ...
Total
labor
force
Employed *•
Total
Total
In nonagricultural industries
In
agriculture
Unemployed
Not in the
labor force
100,230
101,370
102,460
103,510
104,480
105,370
106,370
107,458
108,482
56,030
57,380
60,230
64,410
65,890
65,140
60,820
61,608
62,748
55,640
55,910
56,410
55,540
54,630
53,860
57,520
60,168
61,442
47,520
50,350
53,750
54,470
53,960
52,820
55,250
58,027
59,378
37,980
41,250
44,500
45,390
45,010
44,240
46,930
49,761
51,405
9,540
9,100
9,250
9,080
8,950
8,580
8,320
8,266
7,973
8,120
5 560
2,660
1,070
670
1,040
2,270
2,142
2,064
44,200
43 990
42,230
39,10G
38,590
40,230
45,55a
45 850*
45,733
108,346
108,597
108,660
108,753
108,853
108,948
109,036
64,740
65,135
64,511
63,578
63,166
63,138
62,828
63,479
63,842
63,186
62,212
61,775
61,724
61,375
61,296
61,615
61,245
60,312
60,134
59,893
59,434
51,899
52,452
52,801
51,590
51,506
51,932
52,059
9,396
9,163
8,444
8,723
8,627
7,961
7,375
2,184
2,227
1,941
1,899
1,642
1,831
1,941
43,605
43,462
44,149
45,176
45,685
45,810
46,208
109,117
109,195
109,290
109,373
109,458
109,547
61,546
61,896
62,305
62,327
63,452
64,866
60,078
60,388
60,814
60,835
61,983
63,398
57,414
57,168
57,647
57,819
58,694
59,619
50,651
50,174
50,254
49,999
49,720
49,924
6,763
6,993
7 393
7,820
8,974
9,696
2,664
3,221
3 167
3,016
3,289
3,778
47,571
47,298
46 985
47,046
46,006
44,685
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.
NOTE.—Details do not necessarily add to group totals. 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.
2
982
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF CONSTRUCTION
(Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars]
Nonresidential building
Residential
building
Total
Month
Commercial
Factories
1948
1949
1948
1949
1948
June
615.2
682.0
689.8
873.9
970.8
935.2
962.7
854.1
762.2
778.6
611.2
694.0
483.0
568.5
747.6
842.6
880.3
945.7
238.1
232.3
276.5
351.6
369.8
355.3
349.7
337.6
279.7
296.8
264.0
256.7
159.1
193.1
251.8
303.8
346.3
370.8
54.1
71.9
55.3
82.2
91.9
103.8
72.9
77 7
53.6
70.7
49.6
56.3
Year
9,429 6
January
February
March
April
May
July
August
•September
•October
"November
December
3,608.0
43.6
37.8
66.2
43.8
51.5
45.4
839.8
1949
74.5
75.5
78.5
88.8
103.3
83.1
106.3
77 8
80.4
83.8
60 2
62.9
Other
Educational
1949
1948
62.6
58.8
88.4
92.0
68.5
70.9
58.7
37.8
50.3
55.4
83.8
63.5
103.1
55 8
54.5
48.4
47 0
66.2
975.0
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]
Total
1948
1949
38.1
44.7
60.4
68.4
76.0
81.4
724.6
1948
1949
1948
1949
53.3
87.2
65.0
111.2
117.0
113.8
112.8
97 4
91.3
113.5
83.5
81.1
77.6
80.6
112.4
112.2
124.6
138.3
136.6
177.3
164.3
184.7
205.0
215.7
217.9
207 8
202.7
165.5
106.9
170.9
102.0
153.5
168.4
222.4
213.5
239.0
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICT
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars]
Public ownership Private ownership
1949
1947 1948 1949
Year
2,155.2
1.127.1
Month
January
^February. . .
March
-AP"1
May
June
July
August
September. .
•October
November. .
December...
Public works
and public
utilities
572
442
597
602
675
605
660
823
650
793
715
625
615
682
690
874
971
935
963
854
762
779
611
694
7,760 9,430
1947 1948 1949
483
568
748
843
880
167
96
143
177
234
226
203
218
193
209
224
207
197
248
181
236
298
338
335
276
259
262
199
278
2,296 3,107
1947 1948 1949
160
252
282
319
369
405
346
453
425
441
379
458
605
457
584
492
418
419
434
509
638
673
597
628
579
503
517
413
416
323
317
466
524
512
5,464 6,323
1948
Federal Reserve district
June
May
June
Boston
New York.. .
Philadelphia.
Cleveland. . .
Richmond. . .
Atlanta
Chicago.
St. L o u i s . . . .
Minneapolis.
Kansas City.
Dallas
53,361
155,029
43,489
87,761
97,524
121,764
165,363
74,223
40,737
40,248
66,177
52,468
168,879
54,188
95,247
76,934
105,207
142,109
51,840
32,423
47,273
53,776
50,548
159,845
64,884
91,977
97,734
105,090
160,249
49,008
30,130
65,145
60,588
Total (11 districts).
945,676
880,344
935,198
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Mortgages on
Title I Loans
Year or month
1941
1942
1943
1944
1945
1946
1947
1948
1948—June
,
July
August.....
September..
October....
November. .
December. .
1949—January
February...
March
April
May
June
Total
1,172
1,137
935
875
666
755
1,787
3,338
329
286
277
276
318
272
298
269
279
283
269
279
382
Property
improve-l
ment
Small
home
construction
249
141
87
114
171
321
534
614
59
50
51
48
52
40
49
35
47
45
34
35
49
21
15
1
(3)
(3)
(33)
()
(3)
(3)
L
War and
1- to 4- Rental
and
Vetfamily group erans'
houses housing housing
(Title
(Title (Title
ID
II)
VI) 2
877
691
245
216
219
347
446
880
72
71
76
92
98
105
117
128
123
135
127
130
151
13
6
(3)
4
3
7
13
284
603
537
272
85
808
1,836
197
164
149
136
168
127
131
98
108
102
109
113
181
1
2
Net proceeds to borrowers.
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.
s 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
1949
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO, BY CLASS OF INSTITUTION
[In millions of dollars]
Total
Savings
Com- Mutual
and
mer- savloan
cial
ings associbanks banks
ations
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1941—Dec
1942—Dec
1943—Dec
365
771
1,199
1,793
2.409
3,107
3,620
3,626
228
430
634
902
1,162
1,465
1,669
1,705
8
27
38
71
130
186
236
256
41
56
110
118
149
212
192
342
224
542
254
789
276 1,032
292 1,134
5
32
77
153
201
234
245
79
27
53
90
133
150
179
163
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
1948—June
Dec
2,988
3,237
1,402
1,429
251
265
245
973
269 1,113
7
9
110
152
End of month
Insur- Fed2
ance
eral
com- agen- Other
panies cies i
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.
983
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports*
Merchandise exports *
Excess of e x p o r t s
Month
1945
1946
1947
1948
1949
1945
1.114
1,146
1,326
1,092 P\,094
1,086 Pl.032
1,139 P I . 1 5 9
903
798
February
March
887
1,029
670
815
April
May
June
1,005
1.135
868
851
878
1,294
1,414
1,235
PI.015
July
August
September
895
738
826
883
1,155
1,145
.11?
October
November ..
December....
455
639
737
537
986
1,097
1,235
1,141
1,114
Jan.-May . . . . 4,960
3.891
6,294
757
643
514
1,121 PI 148
1.102 Pl,O77
1946
1947
332
394
531
325
365
318
385
437
445
406
1948
547
589
675
1949
1945
1946
1947
1948
1949
545
P504
*>590
P568
P632
571
561
664
P534
P539
639
764
508
351
782
589
457
496
940
772
P614
548
P390
P538
405
583
709
882
352
431
497
464
512
532
372
360
393
382
474
463
J>625
Pl.019
P990
*926
358
361
431
422
450
400
P563
P606
473
P560
536
378
175
395
461
377
266
639
705
745
P456
P385
P365
Pi 021
P820
J>1,285
347
325
298
394
478
529
492
455
603
P600
P554
P72O
109
314
439
142
508
567
743
687
511
P421
P266
P565
1,760
1,895
2,398
2,896
3.199
1,996
3,896
366
339
5,539 P 5 , 5 1 1
554
P2.864
P464
P527
2,644 P 2 , 6 4 8
P Preliminary.
1
Including both domestic and ioreign merchandise. Beginning January 1948. recorded exports include shipments under the Army Civiliaik
Supply Program for occupied areas. The average monthly value of such unrecorded shipments in 1947 was 75.9 million dollars.
2
Genera' imports including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Sourer.—Department of Commerce.
Back figures—See BULLETIN for March 1947, p. 318; March 1943, p. 261; February 1940, p. 153; February 1937, p. 152; July 1933, p. 43U
and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
FREIGHT CARLOADINGS, BY CLASSES
[Index numbers, 1935-39 average = 100]
ForLive- est
Total Coal Coke Grain stock
prod- Ore
ucts
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Miscellaneous
Merchandise
101
109
130
138
137
140
135
132
143
138
98
111
123
135
138
143
134
130
147
141
102
137
168
181
186
185
172
146
182
183
107
101
112
120
146
139
151
138
150
136
96
96
91
104
117
124
125
129
107
88
100
114
139
155
141
143
129
143
153
149
110
147
183
206
192
180
169
136
181
190
101
110
136
146
145
147
142
139
148
146
97
96
100
69
63
67
69
78
138
130
130
142
139
138
142
139
140
137
137
178
162
137
186
103
109
123
129
144
158
144
127
150
155
147
125
113
139
138
ISO
156
76
182
146
150
145
143
140
141
145
144
145
144
148
141
136
138
132
126
122
71
79
105
96
86
86
80
85
93
90
85
79
75
77
76
73
64
140
146
141
139
150
165
162
152
149
144
139
129
112
117
119
123
122
173
173
208
208
r
131
126
120
127
124
114
151
98
105
163
153
144
153
149
147
138
131
130
124
79
129
130
98
June
July
August
September...
October
November. . .
December. . .
1949—January
February....
March
April. .
May
June
129
122
128
143
144
143
146
150
151
141
128
151
98
105
163
153
144
153
149
147
138
131
61
62
94
86
••75
66
76
113
143
114
82
135
146
141
145
156
165
171
164
158
141
123
43
50
206
272
137
1*3
143
144
177
187
190
190
198
201
101
100
108
114
147
189
156
142
150
152
138
120
117
111
125
125
119
130
124
79
129
130
98
198
198
175
184
171
147
125
111
128
121
132
159
76
60
61
68
66
116
107
117
119
128
127
r
l88
183
194
192
194
198
192
189
187
174
188
173
150
188
185
182
182
178
178
201
175
185
236
215
21.5
Total
Total
railway
railway
operating expenses
revenues
I.C.I.
75
68
SEASONALLY
ADJUSTED
1948—February
March
April
May . . . .
[In millions of dollars]
73
70
69
r
67
64
66
66
68
66
62
60
61
60
59
59
58
Annual
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
3,995
4,297
5,347
7,466
9,055
9.437
8,902
7,628
8,687
P9,672
Net
railway
operating
income
Net
income
3,406
3,614
4,348
5,982
7,695
8.331
8,047
7,009
7.904
P8.67O
589
682
998
1,485
1,360
1,106
852
620
780
Pl,002
93
189
500
902
873
667
450
289490
70O
SEASONALLY
ADJUSTED
1948—April
May
June
July
August. . .
September.
October.. .
November.
December.
726
795
856
819
842
836
845
833
811
684
701
719
727
744
737
756
752
739
42
94
137
92
99
99
89
81
72
62
102
57
65
65
56
1949—January...
February..
March. . . .
April
May
768
740
722
742
737
703
688
663
689
676
64
51
59
53
61
34
20*
26
21
729
796
838
842
868
845
878
825
807
676
706
713
737
752
734
767
741
742
53
90
125
105
116
111
111
84
65
27
64
94
76
86
83
84
62
50
731
676
739
747
741
697
646
674
682
683
33
30
65
65
58
12
5
41
40
J>32
40
UNADJUSTED
1948—February. . . .
March
April
MayJ
T
June
July
August
September. . .
October . . . .
November. ,
December. .
1949—January
February....
March
April
May
June
r
r
189
164
134
184
184
54
'291
'145
296
273
273
240
196
62
142
146
156
159
149
139
44
46
68
228
267
282
129
128
131
130
127
126
69
73
71
69
66
63
67
70
71
68
60
57
58
61
60
59
57
Revised.
" NOTE.—For description and back data, see BULLETIN for June 1941, pp.
529-533. 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.
984
UNADJUSTED
1948—April
May
June
July
August. . .
September.
October. . .
November.
December.
1949—January...
February..
March. . . .
April
May
P Preliminary.
NOTE.—Descriptive'material and back figures may be obtained from the Division of Research and Statistics. Basic
data compiled by the Interstate Commerce Commission.
Annual figures include revisions not available monthly.
FEDERAL RESERVE BULLETIN?
DEPARTMENT STORE STATISTICS
[Based on retail value figures]
SALES AND STOCKS, BY FEDERAL RESERVE DISTRICTS
[Index numbers, 1935-39 average =100]
Federal Reserve district
Year or month
United
States
Boston
New
York
Philadelphia
Cleveland
Richmond ]
Atlanta2
Chicago
St.
Louis
187
207
264
286
302
62
176
221
234
239
150
169
••221
239
249
167
184
235
261
283
182
201
257
281
303
215
236
292
304
'322
244
275
345
360
386
176
193
250
275
290
200
227
292
314
335
164
185
247
273
288
205
229
287
311
327
245
275
352
374
404
224
248
311
336
'352
1948—June
July
August
September
October
November
December
••307
311
309
309
••309
'290
••304
252
255
237
252
232
228
245
262
259
256
254
252
229
247
••284
289
••289
293
302
268
284
306
313
308
316
319
293
300
'320
'324
'326
'333
'337
'314
'331
379
402
393
394
404
374
378
290
297
299
291
298
278
295
346
355
354
362
338
321
338
288
294
290
287
304
286
288
328
330
330
327
334
323
320
401
414
405
419
410
390
397
'362
369
366
352
342
338
362
1949—January
February
March
April
May
'295
281
277
294
292
P284
246
234
208
251
243
P239
243
229
220
242
239
238
283
265
272
274
271
269
311
284
279
301
295
281
'309
'306
'294
'303
'315
311
378
374
365
389
377
P368
289
272
266
277
275
258
290
310
309
321
335
314
265
274
267
292
273
*266
293
311
301
314
309
P309
387
393
392
374
384
385
341
301
322
339
339
335
289
243
259
319
328
357
495
242
176
175
260
258
285
428
r247
181
187
257
280
298
414
266
208
217
296
323
356
480
288
244
268
320
338
366
491
'296
235
260
357
359
388
575
333
314
354
410
424
434
635
290
243
248
305
313
345
460
311
277
305
366
362
404
517
277
238
261
316
343
334
431
'301
270
304
344
361
375
502
345
331
365
444
427
475
648
338
311
338
355
346
391
582
226
227
254
295
287
P267
187
180
194
256
241
P229
194
192
209
237
230
224
209
199
249
284
277
256
230
227
254
304
292
265
224
239
274
309
'310
287
287
314
339
393
365
P324
216
212
239
280
277
258
238
261
287
327
328
283
203
202
241
295
279
P255
223
252
280
311
306
P284
306
315
353
377
373
331
271
266
'289
331
322
313
162
166
213
255
291
147
153
182
202
223
150
160
195
225
241
147
150
191
220
251
151
156
205
243
277
190
198
248
289
322
185
188
258
306
366
161
159
205
246
281
159
166
225
274
314
169
165
211
266
326
157
158
210
259
301
177
190
250
321
395
178
183
238
300
347
194g—june
July
August ...
September
October
November.
December .
»-288
••286
'286
'291
290
«"295
'288
212
204
204
215
220
233
229
241
242
242
243
236
242
236
••251
'251
252
249
••253
248
267
258
261
265
269
296
293
323
325
322
318
320
324
309
'361
'365
'360
'372
'372
'377
'368
281
281
284
284
284
286
282
302
293
292
302
317
325
329
321
314
327
330
323
315
314
300
301
300
302
297
297
296
400
403
407
415
403
391
382
339
337
333
351
346
340
320
1949—January
February
March
April
May
••278
'276
'283
••280
273
P265
221
214
226
223
219
207
228
224
232
230
224
218
'240
'234
'238
244
240
232
274
275
285
260
267
249
294
295
305
315
304
311
360
'340
'348
'335
'336
325
271
268
264
266
265
257
303
313
323
321
296
280
303
302
297
305
301
P302
291
282
287
283
276
P269
376
373
377
373
358
352
321
327
344
342
321
314
278
274
288
304
318
330
262
204
198
215
232
249
265
206
'227
215
242
256
267
278
215
236
226
245
262
287
291
218
262
257
275
290
305
319
245
291
304
325
333
355
360
279
346
343
356
383
406
422
366
270
258
275
293
309
326
265
302
305
318
336
355
347
276
315
326
329
341
345
347
294
300
295
294
308
318
327
264
384
387
411
423
419
431
352
341
347
332
352
364
377
299
250
265
287
285
277
P256
196
202
219
218
216
201
218
238
237
227
206
208
230
250
254
245
218
240
255
282
265
269
244
269
287
314
329
310
280
324
343
365
352
332
312
244
260
275
273
268
247
260
282
314
321
296
280
283
294
312
310
302
P292
265
276
293
292
282
P269
345
361
392
388
365
338
297
309
337
338
333
315
Minne- Kansas
Dallas
apolis
City
San
Francisco
SALES a
1944
1945
1946
1947
1948
SEASONALLY ADJUSTED
June
UNADJUSTED
194g—june
July
August . . . .
September
October
November
December
1949—January
February
March
Aprl
May . ....
June
STOCKS s
1944
1945
1946
1947
1948
....
SEASONALLY ADJUSTED
June
••248
UNADJUSTED
194g—June
July
August . .
September
October
November
December
1949—January
March
April
May
199
P Preliminary.
' Revised.
Sales index revised beginning 1946; back figures available upon request from Federal Reserve Bank of Richmond.
Stocks indexes revised beginning 1941; back figures available upon request from Federal Reserve Bank of Atlanta.
3
Figures for sales are the average per trading day, while those for stocks are as of the end of the month or the annual average.
NOTE.—For description and monthly indexes for back years for sales see BULLETIN for June 1944, pp. 542-561, and for stocks see BULLETIN
for June 1946, pp. 588-612.
1
2
AUGUST
1949
985
DEPARTMENT STORE STATISTICS—Continued
SALES AND STOCKS BY MAJOR DEPARTMENTS
Per cent change from
a year ago
(value)
Department
ber^f
stores
reporting
Stocks
(end of
mo.)
Sales during
period
May
1949
Ratio of
stocks 1to
sales
5 mos.
1949
Index numbers
without seasonal adjustment
1941 average monthly sales=100*
Sales during
period
May
1949
May
1949
1949
Stocks at end
of month
1949
1948
1948
1948
May
Apr.
May
May
Apr.
May
GRAND TOTAL—entire store»
362
-5
-3
-5
2.9
2.9
MAIN STORE—total
362
-6
-4
-5
3.1
3.1
199
213
213
616
640
651
Piece goods and household textiles
Piece goods
Silks, velvets, and synthetics
Woolen yard goods
Cotton yard goods
Household textiles
Linen and towels
Domestic—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 jewelry *
Fine jewelry and watches *
Art needlework
Books and stationery
Books and magazines
Stationery
322
300
194
171
189
315
285
251
247
-10
-17
-21
-34
-10
-5
-7
-13
-16
-12
-12
-2
-1
0
-5
-13
-10
-23
3.3
3.0
2.6
9.9
2.0
3.4
4.2
2.8
3.4
3.4
2.7
2.7
5.9
2.0
3.9
4.4
3.4
3.7
192
244
202
70
366
168
149
193
159
177
258
242
178
315
136
131
143
122
214
294
257
106
408
177
160
200
169
627
721
532
696
729
587
630
534
546
665
776
664
757
845
611
650
572
532
717
797
718
612
821
690
714
678
631
352
214
248
336
325
213
279
80
250
281
145
242
-4
-16
-2
-3
3.6
3.0
2.6
3.7
3.7
5.4
2.7
3.4
5.7
3.9
3.6
4.0
3.6
2.4
2.6
3.8
3.9
4.5
2.6
6.3
171
242
275
135
210
165
284
246
132
177
178
288
281
139
205
613
722
721
502
787
631
810
762
506
802
629
712
736
527
793
116
145
127
140
126
155
134
142
123
154
137
149
657
560
458
557
673
572
404
575
669
576
485
570
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 shoes 4
Women's shoes 4
Women's and misses' ready-to-wear apparel. . .
Women's4 and misses' coats and suits
Coats
Suits *
Juniors' and girls' wear
Juniors' coats, suits, and dresses
Girls' wear
Women's and misses' dresses
4
Inexpensive dresses
Better dresses 4
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
360
360
314
291
174
336
346
354
353
257
290
255
334
340
251
215
227
360
351
213
202
325
295
322
350
266
279
348
297
274
2.2
2.7
2.4
3.7
1.1
4.0
2.6
1.8
2.3
2.4
2.4
2.0
3.2
2.2
4.0
4.7
3.9
2.2
2.7
2.4
3.7
1.0
4.0
2.7
1.8
2.3
2.5
2.3
2.2
3.6
2.2
3.8
4.2
3 »
:1.8
L.4
1.3
L.8
L.9
L.3
> 9
209
196
207
123
145
121
270
149
237
269
238
211
212
184
219
250
239
294
138
304
222
277
171
204
230
207
173
288
248
278
219
208
228
143
154
135
268
173
251
252
269
218
218
193
230
470
534
502
459
155
486
692
268
551
636
565
431
683
409
877
500
560
535
494
176
506
703
284
595
679
617
440
709
414
903
488
569
545
527
153
543
713
314
582
632
608
491
793
417
877
223
145
261
321
230
177
401
292
437
369
401
259
250
285
219
292
334
342
347
260
253
294
214
295
453
376
562
356
465
404
572
383
479
374
623
368
. 7
-3
-6
+3
-1
-16
—5
+1
+2
+8
-11
-15
-11
-22
-14
-3
0
-3
-5
-2
-15
-6
-11
+2
-2
+73
+ 16
—4
-2
-4
—5
-2
-6
-6
-7
-6
-5
-6
-9
-14
-6
-11
+1
-13
-5
+7
-11
-3
-3
-5
-5
-14
—3
-2
-18
-24
-6
-1
-3
+2
-1
+1
—4
-3
0
-1
+3
-3
-2
-3
-9
-6
+4
-2
-1
-8
-5
+4
-10
-2
-2
+2
-3
—3
-1
+2
0
+7
+13
+10
+14
+3
+2
+3
-3
-\
-7
-3
-39
337
258
323
307
197
-4
-7
-1
-6
-9
-4
-7
-3
0
-5
Housefurnishings
Furniture and bedding
Mattresses, springs and studio beds4
Upholstered and other furniture4
Domestic floor coverings
Rugs and carpets *
Linoleum 4
Draperies, curtains, and upholstery
Lamps and shades
China and glassware
Major household appliances
Housewares
(including minor appliances)
Gift shop 4
Radios, phonographs, television, records,
etc.4.
Radios, phonographs, television 4
Records, sheet music, and instruments4. . . .
326
249
163
171
281
157
107
305
254
255
247
265
168
233
186
153
-9
-9
-4
—1
-5
-14
— 13
-17
Miscellaneous merchandise departments. . .
324
299
240
146
263
195
—4
-9
-17
-15
-17
0
-8
-8
-25
-2
-6
-8
-14
* 0
-10
-3
-15
-6
0
-7
-11
-14
-2i
—4-2
+5
-14
n
-4
-1
+ 14
Toys, games, sporting goods, and cameras . . . .
Toys and games
Sporting goods and cameras
Luggage
Candy 4
+12
+1
+-31
o
-6
0
-9
-4
—5
-5
+5
-9
-6
-5
+3
-9
o
-4
-4
-7
— 10
—7
+1
+1
— 15
-9
-4
2!o
1.9
2 2
1.8
1.3
2.6
1.2
1.0
16
2.3
1.3
16.1
16
2.2
1.6
10.5
266
319
20
266
224
50
275
279
33
618
408
323
648
445
286
592
446
324
4.2
4.2
4.0
4.4
5.6
4.2
3.8
4.4
4.6
5.3
175
196
164
162
157
194
192
167
272
185
183
211
166
173
172
740
831
655
716
879
722
827
632
713
871
781
817
725
785
925
3.8
4.0
1.8
4.6
4.4
4.4
3.6
4.0
1.9
4 4
3.7
3.7
3.5
3.6
3.6
6.2
2.0
3.4
4.8
4.6
4.1
5.9
219
194
198
173
240
208
837
775
862
814
884
839
197
189
236
874
928
882
234
183
140
284
296
205
186
143
213
272
234
758
743
841
198
690
725
713
153 1,044 1,087
950
379
734
766
785
303
941
975 1,043
3.2
4.9
5.7
4.4
3.3
1.2
182
135
104
145
240
200
146
114
151
168
199
145
102
169
263
—1
+3
+ 11
+ 14
—9
— 14
3^2
3.8
7.4
2.6
3.2
5 0
4.0
3.4
6.2
-7
-6
-8
-10
-5
-6
-4
-8
-11
3.1
5.1
5.2
4.9
3.3
1.3
-18
+2
-14
-9
-16
-37
+10
c
-5
-8
+2
+6
+3
-10
— 15
+1
-16
2
J
3^8
3.5
3.8
1.3
n
568
683
547
705
789
579
728
514
826
780
628
727
589
744
850
For footnotes see following page.
986
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS—Continued
SALES A N D STOCKS BY MAJOR DEPARTMENTS—Continued
Number of
stores
reporting
Department
Per cent change from
a year ago
(value)
Stocks
(end of
mo.)
Sales during
period
May
1949
Ratio of
stocks 1to
sales
Five
mos.
1949
Index numbers
without seasonal adjustment
1941 average monthly sales=100 J
Sales during
period
May
May
1949
1949
1949
1948
Stocks at end
of month
1948
1949
1948
May
Apr.
May
May
Apr.
May
217
235
214
425
437
450
BASEMENT S T O R E — t o t a l . . .
208
+1
+2
-6
2.0
2.1
D o m e s t i c s and b l a n k e t s 4
139
+2
+2
-11
2.4
2.7
W o m e n ' s a n d m i s4s e s ' ready-to-wear
Intimate apparel . . . .
Coats and suits 4
Dresses 4
Blouses, skirts, and sportswear 4
Girls' wear 4 4 . .
Infants' wear
201
174
185
180
157
129
117
+1
+1
+4
+1
+1
+9
-4
-4
1.6
1.9
1.1
1.0
2.0
2 3
2.8
227
263
225
344
358
355
IVlen's a n d boys'
wear
Men's wear 4
Men's clothing 4 4. .
Men's furnishings
Boys' wear*
164
144
95
118
122
2.9
2.8
2.8
2.8
3.1
218
230
206
540
521
598
Housef u r n i s h i n g s
104
Shoes
133
NONMERCHANDISE—total 4 ..
Barber and beauty shop 4 . .
.
....
+4
+2
-6
-8
-12
1.5
1.8
1.4
0.9
1.8
2.0
2.4
+6
+7
+8
+6
+2
+1
+1
+1
+6
-10
-11
-6
-14
-6
2.4
2.4
2.4
2.3
2.9
+3
-8
+2
-7
2.2
2 4
210
186
205
465
501
499
-4
-3
3.3
3.1
166
197
179
548
566
559
183
j
+2
5
()
5
()
5
()
82
+5
+7
(5)
(5)
(5)
-18
+9
+3
+3
+2
0
+7
+1
nth by sales during the month and hence indicates the
were
reversed.
3
For movements of total department store sales and stocks see the indexes for the United States on p. 985.
4
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
it 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
dlepartments
ep
shown; consequently, the sample for the individual departments is not so comprehensive as that for the total.
WEEKLY INDEX OF SALES
SALES, STOCKS, A N D OUTSTANDING ORDERS
AT 296 DEPARTMENT STORES i
[Weeks ending on dates shown. 1935-39 average =100]
Without seasonal adjustment
Amount
(In millions of dollars)
1948
1947
Sales
(total
for
month)
Stocks
(end of
month)
Outstanding
orders
(end of
month)
1939 average
1940 average.
1941 average
1942 average... .
1943 average
1944 average....
1945 average... .
1946 average....
1947 average
1948 average... .
128
136
156
179
204
227
255
318
337
353
344
353
419
599
509
535
563
715
826
917
108
194
263
530
560
729
909
552
466
1948—June
July
August . .
September
October. .
November
December.
'337
270
298
360
390
415
599
866
834
897
948
1,062
1,058
821
462
551
545
539
507
379
292
1949—January..
February.
March. . .
April
May
June
267
255
320
347
328
790
852
918
907
894
P822
388
378
310
236
210
Year or month
P319
*>287
1948
1949
Sept. 6 . . . ..265 Sept. 4 . . . ..308 Mar. 6 . . . . .266 Mar. 5 . . . . .244
13...
20...
27...
Oct. 4 . . .
11...
18...
25...
Nov. 1 . . .
8...
15...
22...
29...
Dec. 6 . . .
13...
20...
27...
. .291
..301
..316
..326 Oct.
..304
. .299
..306
. .313
..347 Nov.
. .380
..395
..367
. .508 Dec.
..570
..576
..358
11...
18...
25...
2...
9...
16...
23...
30...
6...
13...
20...
27...
4...
11...
18...
25...
1948
3...
10...
17...
24...
31...
Feb. 7 . . .
14...
21...
28...
..204 Jan.
..251
. .232
..226
. .233
. .240 Feb.
. .238
. .249
..248
1949
1...
8...
15...
22...
29...
5...
12...
19...
26...
Jan.
13... ..279
12... ..256
..285
20... ..313
19... ..261
..337
2 7 . . . ..331
2 6 . . . . .277
..319
..327 Apr. 3 . . . ..280 Apr. 2 . . . . . 3 0 1
1 0 . . . . .298
9 . . . ..320
. .336
1 7 . . . ..294
1 6 . . . . .314
..331
2 4 . . . ..296
2 3 . . . ..266
..344
3 0 . . . . .286
..319 May 1 . . . ..300
8 . . . . . 3 3 0 May 7 . . . . .334
..320
1 5 . . . ..293
..346
1 4 . . . . .285
..371
2 2 . . . . .295
2 1 . . . . .280
..347
2 9 . . . ..297
2 8 . . . ..275
..485 June 5 . . . . .282 June 4 . . . . ..259
..564
1 2 . . . ..304
11. . . . . 2 8 8
. .576
1 9 . . . ..310
1 8 . . . . .285
..473
2 6 . . . . .262
2 5 . . . . .247
July 3 . . . ..265 July 2 . . . ..238
1 0 . . . ..217
9 . . . . .201
. .204
1 7 . . . ..236
16.. . . . 2 1 3
..272
2 4 . . . ..231
2 3 . . . . .207
30
. .244
3 1 . . . ..235
. .230 Aug. 7 . . . . .261 Aug. 6
1 4 . . . . .258
. .218
13
2 1 . . . ..271
. .229
20
. .238
2 8 . . . . .255
27
..227
..232
NOTE.—Revised series. For description and back
BULLETIN for September 1944, pp. 874-875.
figures, see
r
P Preliminary.
Revised.
1
These figures are not estimates for all d e p a r t m e n t stores in t h e
United States.
Ha< k figures,— Division of Research and Statistics.
AUGUST
1949
987
DEPARTMENT STORE STATISTICS—Continued
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
June May
1949 1949
United States.. p-7
c
Boston
—1
-5
New Haven
0 -5
-9
Portland
-4
- 4 +4
Boston Area....
Downtown
-4
Boston
+4
Springfield
-4
-5
Worcester
-3
-4
-9
Providence
New York l
-9
-9
Bridgeport
- 3 -16
Newark i
-10 -12
Albany
-11
-5
Bingharnton....
- 6 -12
Buffalo i
-1
-7
Elmira
-3
Niagara Falls... - 1 3 +6
New York City
-11 -10
-7
Poughkeepsie..
.
-5
-7
Rochester l
-13
4
Schenectady.
.
.
+
1
-3
Syracuse x
-9
-15
Utica
Philadelphia..
-4
—4
Trenton i
+4 + 1
-4
Lancaster 1 1
-8
-4
-2
Philadelphia .
- 5 -10
Reading i
-3
-9
Wilkes-Barre K
-9
-3
York*
Cleveland
-8
Akron l
-10 - 6
Canton i 1
-10 - 6
-10
Cincinnatil . . .
-4
-1
Cleveland
-6
-2
Columbus i 1
-7
6
1
0
Springfield
...
-3
Toledo 1
-8
-4
-10
Youngstown 1.
June May
1949 1949
1949
- 5 Cleveland-cont.
1
-1 Erie
Pittsburgh i
- 3 Wheeling *
-5
+1 Richmond
Washington *...
+1 Baltimore
Hagerstown
Asheville, N. C.
Raleigh,
Winston-Salem.
Charleston, S.C.
Columbia
Greenville, S. C.
Lynchburg
-7
+1 Norfolk
Richmond
- 2 Ch'ls'ton.W.Va.
Huntington
Q
- 3 Atlanta
- 7 Birmingham 1. .
+ 1 Mobile
1
- 6 Montgomery
M
..
1
- 7 Jacksonville
...
l
Miami
- 4 Orlando
+5 Tampa i
-2
Atlanta x
Augusta
—7 Columbus
1
- 3 Macon
Rome
Savannah
- 2 Baton Rouge *..
- 2 New Orleans l . .
x
_ 5 Jackson
Meridian
Bristol
- 7 Chattanooga 1..
Knoxville 12
Nashville
0
-6
-13
-3 r-4
+2
+1
-5
-4
-6
-5
-2
-2
-3
+9 +4
0 +11
+8 - 1 3
+7 + 13
-8
-12
-4
-7
-5
-12
6
May
1949 1949 1949
June
1949
-2
-3
-J
+2
+4
-9
+6
+6
-6
- 9 -10
2
-14
-3
-3
+2
+2 +4
+5 - 6
-4
-2
-5
-7
-1
-7
-3
P—3
Q
p-6
-9
o
-4
0
-7
+2
-3
-5
-1
-i
-2
-4
-16
-10
3
-J
-13
-5
-12
-4
-3
-6
-4
+1
-13
-12
-1
+3 +2
+4 +3 +5
+8 +5 +5
0 +6 +4
-14
-5
-10
-10
-12
-8
-9
-6
-5
-10
-10
-1
-7
p-11
Chicago
-10
Chicago 1
-8
Peoria 1
Fort Wayne 1i... - 1 4
-6
Indianapolis .. .
Terre Haute *... P - 1 4
-1
Des Moines.
.
.
.
-11
Detroit 1
Flint
+ 12
Grand Rapids
-16
-7
Lansing
x
Milwaukee ... .) —
-8
Green Bay * . . . . - 1 0
-4
Madison
-9
St. Louis
Fort Smith l
+9
-9
Little Rock . ..
-15
Evansville
-12
Louisville x
-5
Quincy
East St. Louis.. +2
-10
St. Louis i
St. Louis Area.. - 9
-13
Springfieldl
-4
Memphis
-8
Minneapolis. ..
Minneapolis K. , - 4
-12
St. Paul i
Duluth- 1
-6
Superior
-6
Kansas City. . ,
-5
Denver
7
Pueblo
Hutchinson.... — 15
2
Topeka
Wichita..
ta
+1
-1C
Kansas City
-14
Joplin
-10
St. Joseph
Lincoln
^
Omaha
+5
June M a y
1949
-5
-3
-5
-9
-2
-2
-6
-5
- t f Kansas City—
cont.
-4
- 5 Oklahoma City.
- 1 0 Tulsa
-2
- 5 Dallas
- 2 Shreveport
- 5 Corpus Christi..
-8
0
-5
- 1 San Francisco..
Phoenix l
-4
+23 + 12 Dallas i
- 8 - 1 4 Fort Worth
Houston x
+2 - 3 San
Antonio....
-7
-10
_ j
+3
-1
-10
-3
+1
+4
-4
-4
-9
0
-5
-4
-7
Tucson
+3 Bakersfield i
l
-2
-11
-3
-6
-4
-6
-6
-15
+1
-5
-3
-8
-6
2
-10
-13
0
—6
-5
-9
-3
-4
+1
0
-11
+
1
-9
—4
-8
-8
-6
+2
+1
—7
-9
1949
. Q
-7 -9
-9 -14 -8
-4 -5 -6
-7
0 +1
+1 0 0
-9 -6 -7
+9 -11 -3
-6 -3 -5
-1
-8
p-7 -7 -7
-11 -11 -9
-17 -16 -12
-6 -4 -7
P-2 -5 -6
P+1 -14 -9
-11 -10
Fresno
Long Beach l...
Los Angeles *...
Oakland and
P—11
Berkeley l
-6 -3
Riverside and
p-5
-3 -6
San Bernardino
Sacramentol x . . p—8
San Diego . . .] P+7 '+1 +3
San Francisco
P— 5 -9 -6
San Jose x J
P—3 -2| - 2
Santa Rosa . .
P0
Stockton
-1 -1 - 3
Vallejo and
+3
-13 - 1 1
Napa i
-10
Boise and
-18 -17 - 1 3
Nampa
-6 r-6 - 8
Portland
-6
Salt Lake City
l
Bellingham . .
+1 - 9
+2 - 1 0
EverettJ l
+2 -1
Seattle
—4 +2 -4
Spokane l *
-6 -1 -7
Tacoma 1
Yakima
p—7 +4 -2
P Preliminary.
r Revised.
1
Indexes for these cities may be obtained on request from the 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]
Year or month
1929
1933 .
1940
1941
1942
1943
1944
1945
1946
1947
1948
194g—j u n e
July
August
September . . .
October
November
December
1949—January .
February
March
April
May
June
...
All items
Food
Apparel
Rent
Fuel, electricity, and
refrigeration
House
furnishings
Miscellaneous
122 5
132.5
115.3
141.4
112.5
111.7
104.6
92.4
84.1
87.9
100.7
100.0
84.2
98.4
100.2
105 2
116.5
123.6
125.5
128.4
139 3
159 2
171.2
96.6
105 5
123.9
138.0
136.1
139.1
159 6
193.8
210.2
101.7
106.3
124.2
129.7
138.8
145.9
160.2
185.8
198.0
104.6
106.2
108.5
108.0
108.2
108.3
108.6
111.2
117.4
99.7
102.2
105.4
107.7
109.8
110.3
112.4
121.2
133.9
100.5
107.3
122.2
125.6
136.4
145.8
159.2
184.4
195.8
101.1
104.0
110.9
115.8
121.3
124.1
128.8
139.9
149.9
171 7
173.7
174 5
174 5
173.6
172 2
171.4
214.1
216.8
216 6
215.2
211.5
207.5
205.0
196.9
197.1
199.7
201.0
201.6
201.4
200.4
117.0
117.3
117.7
118.5
118.7
118.8
119.5
132.6
134.8
136.8
137.3
137.8
137.9
137.8
194.8
195.9
196.3
198.1
198.8
198.7
198.6
147.5
150.8
152.4
152.7
153.7
153.9
154.0
170 9
169.0
169 5
169 7
169.2
169.6
204.8
199.7
201.6
202.8
202.4
204.3
196.5
195.1
193.9
192.5
191.3
190.3
119.7
119.9
120.1
120.3
120.4
120.6
138.2
138.8
138.9
137.4
135.4
135.6
196.5
195.6
193.8
191.9
189.5
187.3
154.1
154.1
154.4
154.6
154.5
154.2
Back figures.—Bureau of Labor Statistics, Department of Labor.
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926=100]
Other commodities
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
. . .
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
152.1
165.1
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
181.2
188.3
99.9
91.6
85.2
90.5
75.0
74.6
70.2
61.0
71.2
60.5
78.4
70.5
77.9
83.7
82.1
79.6
85.3
85.5
73.6
81.7
70.4
81.3
83.0
71.3
89.0
82.7
95.5
99.6
96.9
106.6
98.5
104.9
99.7
106.2
130.7 109.5
168.7 135.2
179.1 '151.0
Total
146.1
145 2
143.8
142.2
140.5
139.2
137 .1
135 9
138.7
138.4
138.4
138.2
138.2
138.3
138.6
139.0
139.1
130 .0
130 .1
130 6
130.6
130.6
130.6
130.6
130.6
130.6
1948
146.1
'145.8
145.6
145.4
145.2
144.5
145.1
145.2
145.1
Farm Products:
Grains
Livestock and poultrv
Other farm product g
Foods:
Dairy products....
Cereal products .
Fruits and vegetab es
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products . . . .
Textile Products:
Clothing
Cotton goods
Hosiery and undenvear .. . .
Silk
Rayon
.
. .
Woolen and worsted goods...
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
197.4 187.7
'200 0 189 2
'203.8 188.4
'204.1 187.4
'203.7 185.5
'203.1 186.2
'202.2 185.3
175.6 202.3 184.8
175 5 201 5 182 3
174.4 200 0 180.4
132 .0 171.8 196.5 179.9
130 .1 168.4 193.9 179.2
129 .9 166.7 191.4 178.8
143.2
144.5
145.4
146.6
147.5
148.2
148.4
121.5
120.3
119.7
119.9
119.0
119.2
118.5
182.6
184 3
182.3
181.0
177 0
175.2
172.2
159.7
'162 7
164.6
164.0
'160.3
158.8
157.6
126.3 148.1
122.8 148.3
121.1 148.0
117.7 147.0
118.2 146.2
116.8 145.3
All other
128.1
127.2
127.1
126.9
126.1
124.6
124.8
125.0
124.2
117.3
115.3
115.7
115.6
113.5
111.3
167.5
167.3
166.2
165.7
165.7
165.6
167.6
167.8
167.9
192.7
192.2
192.5
191.6
192.3
189.9
190.1
190.4
190.4
137.2
135 7
133.2
134.5
135.5
134.4
131.1
1949
1948
Subgroups
June
94 5
88.0
77.0
70.3
70.5
78.2
82 2
82 0
87.2
82.2
80.4
81.6
89.1
98 6
100.1
100.8
101 8
116 1
146.0
159.4
100.5
95 4 109 1
94 0
92.1
89.9 100.0
88.7
84.5
79.2
86.1
79.3
80.2
71.4
72.9
73.9
79.8
77.0
80.9
72.1
86.9
86.2
86.6
75.3
86.4
85 3
89 6
79 0
78.7
87.0
86.7
95 4
95.7
95.2 104.6
82.6
95.7
92.8
77.0
90.3
94 4
95.6
76.0
90.5
95.8
77.0
94.8 100.8
99.4 103.2 108.3
84.4
103 8 110 2 117.7
95 5
103.8 111.4 117.5
94.9
103.8 115.5 116.7
95.2
104 7 117 8 118 1
95.2
101.4
115.5 132.6 137.2
145.0 179.7 182.4 127.3
163.6 199.1 188.8 1 3 5 . 7
1 158.6
'135 9 162 2
136 .4 171.0
136 .9 172.0
172.4
137 6
173.3
137 .2 173.8
172.5 165.8 152.9
168 3 161 5 151.8
171.5 162.9 150.7
170.5 162.9 148.9
171.2 1 6 3 . 8 146.8
168.5 162.4 145.5
165.6
167.0
163.4
159.6
161.2
161.3
164.2
164.2
161.2
97 5
84.3
65.6
55.1
56.5
68.6
77 1
79 9
84.8
72.0
70 2
71.9
83.5
100 6
112.1
113.2
116 8
134 7
165 6
178.4
94 3
92.7
84.9
75.1
75.8
81.5
80 6
81.7
89.7
86.8
86.3
88.5
94.3
102.4
102.7
104.3
104.5
111.6
131.1
144.5
160.6
158 1
158.4
156.9
155.7
. . . 154.4
172.3
172.7
169.6
165.9
164.0
165.6
168.5
168.4
164.3
82 6
77.7
69.8
64.4
62.5
69.7
68 3
70.5
77.8
73.3
74.8
77.3
82.0
89.7
92.2
93.6
94.7
100.3
115.5
120.5
90.4
83 0
80.3
78.5
66.3
67.5
54.9
70.3
64.8
66.3
72.9
73.3
70.9
73 5
76 2
71.5
77 .6
76.3
66.7
76 .5
1
69.7
73.8
71 .7
76 .2
84.8
78 s
96.9
97.4
80 .8
98.4
83 .0
100 1
84 0
90 1
116.3
141.7 108 7
149.8 1 3 4 .2
151.4
'150 8
150.4
149.3
148 3
147.4
146.7
155.8
155.9
154.6
153.0
152.9
152.7
154.2
154.3
152.8
Manufactured
products
Miscellaneous
196.0 181.4 149.9
195 2 188.3 151.4
191.5 189.8 153.3
189.9 186.9 '153.6
183.5 178.2 153.4
180.8 174.3 153.6
177.3 170.2 153.1
Week ending^
May 31
June 7
June 14
June 21
June 28
July 5
July 12
July 19
July 26
Raw
materials
Fuel Metals Build- Hides Chemi- HouseTextile
and
and
and cals and furing
prod- lighting metal mateleather allied
nishucts
mate- prodprod- proding
rials
rials
ucts
ucts
ucts
goods
166.4
'168 8
169.8
168.9
'165.4
164.0
162.4
1948—June
July
. . . .
August
September
.
October
November
December
.
1949—January
February
March
April
May
June..
All
commodities
Mar.
Apr.
May
June
209.2 162.6 163.8 159.9 154.9
239.2 195.0 189.0 191.5 193 3
165.4 158.6 160.0 160.8 156.1
181.3
155 1
147.7
241.3
148 C)
154.8
146.5
151.7
214.8
126 6
147.2
145.3
158.1
216.0
127 6
145.9
145 1
167.3
215.2
r
128 5
145 5
145 6
157.5
215 5
127 8
185.?
215 2
186 S
150.S
187.8
181 8
178 9
145.6
186.9
183 4
177 8
144.7
184.0
188 2
177 4
144.6
184.1
186 0
177 1
144.4
146. £
213.1
105.4
46 4
40 7
156.4[
183.1
147.1
180.1
101.2
50 1
41 8
161.8
184.9
146.4
176.2
101.2
50 1
41 8
160.9
180.9
146.0
172.6
100.4
50 1
40 8
159.7
179.1
145 6
169.7
99.6
49 2
39 6
159.7
177.7
127.1
182.7
206. t
65.7
90 7
122.1
137.9
195.2
222.9
67.9
92 8
115.9
135.0
190.7
222.8
67.9
92 3
113.3
133 8 134 3
188.9 188.6
222.7 222.4
.
90 9
110.7 110.4
Subgroups
Metals and Metal Products:
Agricultural mach. & equip...
Farm machinerv
Iron an d steel
Motor vehicles
NonFerrous metals
Pliimhincr pnH rieatintr
Building Materials:
Rrick and tile
Cement
Lumber
Paint and paint materials....
Plumbing and h
Structural ct^el
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and phar maceuticals. .
Fertilizer mater5 als
Mixed fertilizer
Oils anH fats
Housefurnishing Goods:
Furnishings. .
.
Furniture
Auto ti res and t ubes
Cattle i eed
Paper a nd pulp
Rubber cm He
Other miscellane3OUS
169.3 156.2
165 8 154 0
'167 3 154.1
165.8 1 5 3 . 0
165.9 1 5 1 . 5
164.3 150.6
1949
June
Mar.
132.2
134 1
149.5
163 9
152 1
145 5
144.2
146 7
168.3
175 2
168 4
155 3
153 8
128 8
315 5
158.6
145 5
153 3
163.4
162 4
134 3
294 7
162.3
155 3
178 8
178.3
127 2
153.8
113.9
103 2
219 8
118 4
142.4
119.6
108 3
129 3
May
Apr
144 .3
146 7
166.2
175-8
156 /|
'154
0
144.3
146 7
165.2
175.C
138 1
'154 9
June
144.3
146 7
164.8
174.7
128 7
155 0
160 8 160 8 160 8
134 3 134 3
134
290 6 285 2 280 8
157 9 157.4
'154 0 '154 9
178 8
178
173 .8 170.5
117 f
123 .0
119 .7
108
121 i
116 9
123.6
118.5
108 3
127 C
146 7 153 9 1 S ? 4 151.5
139.9 142.1 141 6 140.3
153.6
155 0
178 8
168.5
116 9
124.3
117.4
108 3
116 9
151.0
139.6
63.5 64.6 64 .6 64.= 63.0
292.4 209.2 231 .9 213.* 199.3
167.3 167.2 165 .1 163.: 159.6
47 1 40 0 38 0 37 A 34 5
129.8 125.6 124 .2 122.^ [ 121.9
' Revised.
Weekly indexes are based on an abbreviated sample not comparable with monthly data.
Back figures.—Bureau of Labor Statistics, Department of Labor.
1
AUGUST
1949
989
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 quarters
Annual totals
1948
1929
1939
1933
1941
1944
1946
1947
2
1
Cross national product.
103.8
Less: Capital consumption allowances
Indirect business tax and related liabilities.
Statistical discrepancy
Plus: Subsidies less current surplus of government enterprises
8.8
7.0
6
— .1
55.8
7.2
7.1
7
1.2
Equals: National income
-.1
87 4
Equals: Personal income
10.3 - 2 . 0
.2
.3
.0
.0
.9
1.5
1 0
1.2
5.8
2.1
6
7
85.1 46.6
1.5
2.6
.5
1.3
1.0
1.4
82.5 45.2
78.8 46.3
3.7 - 1 . 2
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
Less: Personal tax and related payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
0)
39.6
1949
1948
3
4
1
'91.3 -126.4 '213.7 '212.6 '235.7 '262.4 251.4 261.6 266.5 270.3 260.0
8.1
9.4
5
'1.4
9.3
11.9 '11.9 '13.7 '15.7
11.3 '14.1 '17.3 '18.7 '20.3
5
6
6
6
5
r
1.6
'4.0
'4.2
'1.0 ' — . 3
14.9
19.6
6
15.6
20.2
6
.9
.3
15.9
20.6
6
-.8
16.4
20.7
6
-1.3
16.3
20.4
6
-2.2
-3
— 1 r 1
—l
2
4
4
72.5 103 8 '183.8 '179 6 '201.7 '226 2 215 1 224 9 230.4 234 3 225.3
5
1
5.8
2 1
.0
2.5
1 2
3.8
5
72 6
2.4
1.2
12
70.2
67.5
2 7
14.6
2 8
.0
2.6
1.3
4.5
5
95 3
3.3
2.0
1.3
92.0
82.3
9.8
7
9
24.0 '18.3
5.22 '6 0
.0
31
10.8
'4 4
2.8
4.7
'5.8
6
5
'165.9 '176.9
18.9 '18.8
17.5 17.2
1.4
1.7
'147.0 '158.1
'111.6 '147.8
'35 4 '10.3
'25.6
5.6
.0
11.1
4.4
'7.0
6
'193.5
r
21.5
'19.6
r
1.9
'172.0
'166.9
'5.1
'32.6 28.5 33.0 33.3 35.7 30.8
5.2
5.0
5.2
5.3
5 1
51
.1
.1
.1
.0
-.1
9.9
11.1
10.5 11.0 10'.8 10.4
4.5
4.5
'4 4
4 4
4.5
4 4
8.4
8.3
'7.9
7.6
7.7
7.9
6
6
6
6
6
6
'211 9 205 1 210 3 215 4 216.6 213.7
18.6
'21.1
20.7
20.2
20.4
23.2
'19.0 21.1 18.7 18.0 18.2 16.3
2.4
2.1
2.1
2.2
2 1
2 0
'190.8 181.9 189.6 195.2 196.2 195.1
'178.8 175.2 178.7 180.3 180.9 176.5
'12 0
6 7 10.8 15.0 15.3 18.5
NATIONAL INCOME, BY DISTRIBUTIVE SHARES
Seasonally adjusted annual rates
by quarters
Annual totals
1948
1939
1933
1929
1941
1944
1946
1947
1
National income
Compensation of employees
Wages and salaries 2
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' and rental income 3
Business and professional
..
Farm
Rental income of persons
Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability
Corporate profits after tax
Inventory valuation adjustment
Net interest
1949
1948
2
3
4
1
87.4
39.6
72.5 103.8 1 8 3 . 8 179.6 '201.7 '226.2 215.1 224.9 230.4 234.3 225.3
50 8
50.2
45.2
.3
4 6
29.3
28.8
23'. 7
.3
49
19.7
8 3
7.2
29
47.8
45.7
37.5
.4
78
2 t
14.7
6 8
4.5
3 5
64.3
61.7
51.5
1.9
8 3
26
20.8
9 6
5.8
14.6
17 2
7.8
9.4
-2.6
4.1
6
5.7
5.8
5
2.3
2.0
10.3 - 2 . 0
2
9 8
1.4
-A
8.4
.5 - 2 . 1
5.0
6.5
65
1.5
5.0
-.7
4.2
1 2 1 . 2 117.0 1 2 7 . 6 1 4 0 . 3 135.1 137.7 143.3 144.9 142.5
116.9 '111 A '122.3 '135.3 130.1 132.8 138.3 139.8 137.5
'83.4 '90.5 104.8 1 1 6 . 1 112.0 114.3 118.6 119.6 117.2
'8.0
'4.0
4.1
'20.6
3.9
4.1
'3.9
3.8
3.8
12.8 12.9 13.6 15.2 14.3 14.7 15.7 16.1 16.2
5.0
4.2
5.6
5.3
5.0
5.0
5 0
4.9
5.0
'35.5 '41.2 '45.1 '49.5 48.0 50.4 49.9 49.7 47.8
24.0
'17.2 '20.8 '23.1 '24.5 24.2 24.6 24.5 24.5
17.1 19.1 18.8 18.5 17.1
6.9 11.8 14.2 15.4 18.4
6.7
6.7
4.3
6.6
6.7
6.6
'6.5
'6.2
'6.5
'6.6
24.0 1 8 . 3
24.3 '23.6
13.5
'9.6
10.8 1 3 . 9
-.3 '-5.2
3.1
'3.0
'25.6
'31.6
12.5
19.1
'32.6
'34 8
13.6
'21.2
'—2 2
'3!4
'3.8
28.5
33.0
12.8
20.2
-4.5
3.6
33.0
35.0
13.7
21.3
-2.0
3.7
33.3
36.6
14.4
22.2
-3.3
3.9
35.7
34.5
13.6
20.9
1.2
4.1
30.8
28.4
11.2
17.3
2.3
4.2
' Revised.
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
1929-38, see National Income Supplement to the Survey of Current Business, July 1947, Department of Commerce. For the detailed breakdown
for the period 1939-48, see Survey of Current Business, July 1949. For a discussion of the revisions, together with annual data for the period
1929-38, see also pp. 1105-1114 of the BULLETIN for September 1947; data subsequent to 1938 shown in that issue of the BULLETIN have since
been revised.
1
2
3
990
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
Annua I totals
1948 '
1929
1933
1939
1941
1944
1946
1947
2
1
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
New construction l
Producers' durable equipment
Change in business inventories
Net foreign investment
Government purchases of goods and
services
Federal
. . . .
.
War
}
Nonwar
Less: Government sales 2
State and local
103.8
55.8
78.8
9.4
37 7
31.7
15.8
7.8
6.4
1.6
46.3
3.5
22 3
20 6
1.3
1.1
1.8
— 1.6
.8
.2
8.5
1.3
8.0
2.0
2.0
1.3
(3)
5.9
w
1949 '
1948
4
3
i
'91.3 '126.4 '213.7 '212.6 '235.7 '262.4 251.4 261.6 266.5 270.3 260.01
67.5 82.3 '111.6 '147.8 '166.9 '178.8 175.2 178.7 180.3 180.9
6.7
9.8
'7.1 '16.5 '22.0 '23.5 22.7 23.8 24.8 • 2*2.9 ;
35 3 44 0 r67 1 86 8 '96 2 '102 2 101 2 102 4 101 8 103.3
25 5 28 5 '37 4 '44 5 '48 8 '53 1 51 3 52 5 53 7 54 8
'9.9 '18.3
' 7 . 7 '29.5 '31 1 '45.0 40.7 44 2 47.1 ' 48.0
»-4.9
'6.8
'2.8 '10.3 '13.8 '17.9
17.9
16.9 18.1 18.7
4.6
7.7
'5.7 '12.5 '17.2 '20.7
19.7 20.8 21.0 21.2
.4
4.1
3 9 '-.8
'6.7
'6.5
53
7 4
9.0
'.1
-.1
.9
4.7
1.0
1.1 - 2 . 1
'1.9
3.9
2.8
8.9
13.1
5.2
1.3
3 9
(3)
7.9
24.7
16.9
13.8
3 2
(3)
7.8
7.2
96.5 '30.7 '28.8 '36.7
89.0
20.8 '15.7
20.9
88.6 21.2 } 17.0 21.5
1 6
2 5
1.2
2.9
1.3
.6
'9 9 '13.1 '15.8
7.5
31 5
17.0
18.1
1.2
14 6
35.9
20.4
21.0
.7
15.5
39.2
22.8
23.1
.3
16.4
40.3
23.4
23.8
.3
16.9
176.5
21.4
99.7
55 5
41.2
16.8
20.3
4.1
.6
41.7
24.7
25.0
.2
17.0
PERSONAL INCOME
[Seasonally adjusted monthly totals at annual rates]
Wages and salaries
Year or month
Personal
income
Wage and salary disbursements
Total
receipts4
Total
disbursements
Commodity Distribproduc- indusing intries
dustries
Service Govinduserntries
ment
DiviLess emProdends
ployee
Other prietors'
and
contrilabor
and
perbutions income5 rental 6
sonal
for
income interest
social
income
insurance
T
fer
payments7
Nonagricultural
income85
1929..
85.1
50.0
50.2
21.5
15.5
8.2
5.0
.1
.5
19.7
13.3
1.5
76.8-
1933
46.6
28.7
28.8
9.8
8.8
5.1
5.2
.2
.4
7.2
8.2
2.1
43.0*
1937
1938
1939
1940
1941
1942 '
1943'
1944'
1945'
1946'
1947'
1948'
74.0
68.3
72.6
78.3
95.3
122 7
150.3
165.9
171.9
176.9
193.5
211.9
45.4
42.3
45.1
48.9
60.9
80.7
103.6
114.9
115.3
109.4
120.2
133.1
45.9
42.8
45.7
49.6
61.7
81.9
105.4
117.1
117.7
111.5
122.3
135.2
18.4
15.3
17.4
19.7
27.5
39 1
49.0
50.4
45.9
46.0
54.3
60.4
13.1
6.9
6.7
12.6
6.9
13.3
7.3
14.2
16.3 .
7.8
18.0
8 6
9.5
20.1
22.7
10.5
11.5
24.7
30.8
13.7
35.2
15.2
39.2
16.6
7.5
8.2
8.2
8.5
15.4
14.0
14.7
16.3
20.8
28.4
32.8
35.5
37.5
41.2
45.1
49.5
2.4
2.8
3.0
3.1
3.1
1.8
2.2
2.3
2.0
2.1
2.1
.5
.5
.5
.6
.6
.7
.9
1.3
1.5
1.6
1.8
2.0
10.3
10.2
16.1
26.8
33.5
35.6
20.9
17.5
19.1
.6
.6
.6
.7
.8
97
10.0
10.6
11.4
13.2
14.8
16.2
11.4
11.7
11.1
66.5
62.1
66.3 :
71.5
86.1
109.4
135.2
150.5
155.7
158.5173.5
188.8
209.3
213.4
214.5
August r
215.4
September r . . . 216.3
October '
216.3
Novemberrr . . . 216.6
December ... . 217.0
130.9
132.5
134.6
136.5
137.7
138.1
137.5
137.1
132.9
134.7
136.8
138.7
139.9
140.3
139.7
139.4
59.1
60.1
60.7
61.9
62.8
62.7
62.7
62.3
38.8
39.1
39.8
40.2
40.4
40.4
39.8
40.0
16.5
16.7
16.9
16.9
16.7
16.9
16.9
16.9
18.5
18.8
19.4
19.7
20.0
20.3
20.3
20.2
2.0
2.2
2.2
2.2
2.2
2.2
2.2
2.3
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
49.3
51.8
50.8
49.5
49.4
49.0
49.8
50.3
15.9
15.9
16.0
16.3
16.5
16.8
16.9
16.9
11.2
11.2
11.1
11.1
10.7
10.4
10.4
10.7
185.9'
188.4
190.2
192.0
193.3
192.9
192.8
193.6
136.6
135.0
133.5
134 7
134.8
138.9
137.3
135.8
136.8
137.0
61.4
60.6
58.9
58.6
58.3
40.2
39.5
39.4
40.5
40.9
17.0
16.9
17.1
17.1
17.3
20.3
20.3
20.4
20.6
20.5
2.3
2.3
2.3
2.1
2.2
2.0
2.1
2.1
2.1
2.1
49.0
47.2
47.3
46.3
46.7
17.0
17.1
17.1
17.2
17.3
11.1
11.5
12.4
12.2
12.0
192.6
191.7
191.4
192.3
192.3
1948—May
June'
July
1949—January
February r. . . .
March'
April'
May r
215.7
212.9
212.4
212.5
212.9
1 2
8.7
9.2
9.4
9.9
3 2
3.0
3.6
6.2
' Revised.
Includes construction expenditures for crude petroleum and natural gas drilling.
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 corporation.
NOTE.—Details may not add to totals because of rounding.
Source.—Same as preceding page.
1
2
3
4
AUGUST
1949
991
CONSUMER CREDIT STATISTICS
TOTAL CONSUMER CREDIT, BY MAJOR PARTS
[Estimated amounts outstanding. In millions of dollars]
Noninstalment credit
Instalment credit
End of year
or month
Total
consumer
credit
1938
1939
.
1940
1941
1942
1943
1944
1945
1946
1947
1948.. .
. .
194g—May
June
July
August
September
October
November
December
1949—January . .
February
M^arch.
April
Mayp
JuneP
Singlepayment
loans2
Charge
accounts
643
4,470
2,125
1,749
596
466
2,324
776
1,081
467
3,452
3,545
3,698
3,975
3,530
3,377
3 742
4,273
6,191
7,239
7,719
1,442
1,468
1,488
1,601
1,369
1,192
1,255
1,520
2,263
2,707
2,902
1,487
1,544
1,650
1,764
1,513
1,498
1,758
1,981
3,054
3,612
3,854
523
533
3,728
3,813
3,889
3,954
3,997
3,994
4,012
4,072
6,993
7,136
6,985
6,944
7,041
7,285
7,417
7,719
2,816
2,839
2,840
2,847
2,855
2,869
2,892
2,902
3,245
3,352
3,185
3,130
3,227
3,457
3,557
3,854
4,054
4,033
4,065
4,113
4,173
4,255
7,324
6,993
6,933
6,991
6,963
7,008
2,904
2,865
2,816
2,764
2,739
2,745
3,457
3,176
3,148
3,258
3,249
3,282
Total
Automobile
Other
7,628
3,158
2,515
1,318
1,197
3,912
1,588
1,122
459
663
7,047
7,969
9,115
9,862
6 578
5,378
5 803
6,637
10,191
13,673
16,319
3,595
4,424
5,417
5,887
3,048
2,001
2,061
2,364
4,000
6,434
8,600
2,313
2,792
3,450
3,744
1,617
882
891
942
1,648
3,086
4,528
970
1,267
1,729
1,942
482
175
200
227
544
1,151
1,961
1,343
1,525
1,721
1,802
1,135
707
691
715
1,104
1,935
2,567
1,282
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
14,311
14 669
14 723
14,916
15,231
15 518
15,739
16,319
7,318
7,533
7,738
7,972
8,190
8,233
8,322
8,600
3,590
3,720
3,849
4,018
4,193
4,239
4,310
4,528
1,536
1,602
1,689
1,781
1,858
1,889
1,922
1,961
2,054
2,118
2,160
2,237
2,335
2,350
2,388
2,567
15 749
15,332
••15,360
15,618
15,853
16,141
8,425
8,339
••8,427
8,627
8,890
9,133
4,371
4,306
'4,362
4,514
4,717
4,878
1,965
1,996
2,105
2,241
2,386
2,507
2,406
2,310
••2,257
2,273
2,331
2,371
1929
1933
Total
noninstalment
credit
Sale credit
Total
instalment
credit
Loans 1
Service
credit
560
610
648
687
729
772
874
920
963
932
945
960
967
959
959
968
963
963
952
969
969
975
981
r
P1 Preliminary.
Revised.
Includes repair and modernization loans insured by Federal Housing Administration.
2
Noninstalment consumer loans (single-payment loans of commercial banks and pawnbrokers).
NOTE.—Back figures by months beginning January 1929 may be obtained from Division of Research and Statistics.
CONSUMER INSTALMENT LOANS
[Estimates. In millions of dollars]
Amounts outstanding
(end of period)
Year or month
Total
Commercialx
banks
Small
loan
companies
Industrial
banks *
Industrial
loan
com- 2
panies
Loans made by principal lending institutions
(during period)
Credit
uniqns
Miscellaneous
lenders
Insured
repair
Comand
modern- mercial
banks
*
ization8
loans
Small
loan
companies
Industrial
banks *
Industrial
Credit
loan
com- 2 unions
panies
1929
643
43
263
21 9
23
95
463
41 3
1933
466
29
246
121
20
50
322
202
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1,282
1,632
1,967
2,143
1,431
1,119
1,170
1,422
2,352
3,348
4,072
312
523
692
784
426
316
357
477
956
1,435
1,709
380
448
498
531
417
364
384
439
597
701
817
129
131
132
134
89
67
68
76
117
166
204
95
99
104
107
72
59
60
70
98
134
160
103
135
174
200
130
104
100
103
153
225
312
117
96
99
102
91
86
88
93
109
119
131
146
200
268
285
206
123
113
164
322
568
739
460
680
1,017
1,198
792
639
749
942
1,793
2,636
3,069
664
827
912
975
784
800
869
956
1,231
1,432
1,534
238
261
255
255
182
151
155
166
231
310
376
176
194
198
203
146
128
139
151
210
282
319
176
237
297
344
236
201
198
199
286
428
577
July
August
September. .
October
November. .
December...
3,728
3,813
3,889
3,954
3,997
3,994
4,012
4,072
1,597
1,634
1,669
1,701
1,712
1,700
1,701
1,709
736
746
757
763
771
772
780
817
189
194
199
203
206
204
204
204
147
150
152
154
155
155
156
160
260
272
282
291
300
302
304
312
123
124
125
125
126
126
127
131
676
693
705
717
727
735
740
739
258
275
277
270
254
222
237
251
123
127
130
126
122
116
134
180
31
37
33
32
31
29
31
37
25
27
26
27
26
24
26
31
47
54
52
52
51
44
46
57
1949—January....
February.. .
March
April
Mayp
June?
4,054
4,033
4,065
4,113
4 173
4,255
1,705
< ,695
1,720
1,749
1,788
1,837
812
806
807
815
818
827
202
201
203
207
213
219
159
159
161
163
165
167
309
308
315
323
333
347
130
130
130
131
131
132
737
734
729
725
725
726
236
215
287
278
288
296
112
109
142
146
135
141
31
28
36
33
35
37
26
25
30
29
28
28
42
44
58
58
60
68
....
1948—May
June
38
32
p1 Preliminary.
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 98 million dollars and
loans2 made during June were 11 million.
Figures include only personal instalment cash loans, retail automobile direct loans, and other retail direct loans. Direct retail instalment
loans3 are obtained by deducting an estimate of paper purchased from total retail instalment paper.
Includes only loans insured by Federal Housing Administration.
992
FEDERAL RESERVE BULLETIN
CONSUMER CREDIT STATISTICS—Continued
CONSUMER INSTALMENT SALE CREDIT, EXCLUDING
AUTOMOBILE CREDIT
[Estimated amounts outstanding. In millions of dollars]
Total,
excluding automobile
Department
stores
and
mailorder
houses
Furniture
stores
Household
appliance
stores
1929
1,197
160
583
265
56
1933
663
119
299
119
29
97
1,343
1,525
1,721
1,802
1,135
1,104
1,935
2,567
302
377
439
466
252
172
183
198
337
650
874
485
536
599
619
440
289
293
296
386
587
750
266
273
302
313
188
78
50
51
118
249
387
70
93
110
120
76
57
56
57
89
144
152
220
246
271
284
179
111
109
113
174
305
404
2,054
2,118
2,160
2,237
2,335
2,350
2,388
2,567
703
720
732
759
786
797
812
874
601
621
629
652
685
687
696
750
306
322
339
356
377
379
377
387
121
121
120
118
119
117
127
152
323
334
340
352
368
370
376
404
2,406
2,310
'2,257
2,273
2,331
2,371
816
778
754
758
770
771
704
685
675
683
704
720
366
353
»-348
351
367
382
141
130
124
123
123
125
379
364
356
358
367
373
End of
year or
month
1938
1939 . . . .
1940
1941
1942
1943
1944
1945
1946
1947
1948
707
691
715
Jewelry
stores
All
other
retail
stores
' 133
1948
May
June
July . . .
August. . ..
September.
October. . .
November.
December.
1949
January. . .
February..
March
April
MayP
JuneP
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Retail instal-2
ment paper
Year or month
Total
Automobile
Other
Repair Personal
and
instalmodern- ment
ization
cash
12
loans
loans
Outstanding at end
of period:
1946
1947
1948
162.7
233.5
286.2
27.5
50.0
66.6
17.8
30.2
43.4
28.3
43.3
51.7
1948—May
June
July
August. . .
September
October...
November.
December.
265.1
271.6
277.8
282.3
286.7
285.9
285.5
286.2
59.0
61.4
64.3
66.3
67.8
67.1
66.8
66.6
38.0
40.1
42.1
43.3
44.3
43.5
43.3
43.4
1949—January. ..
February..
March . . . .
April
Mayp
JuneP.
283.4
280.8
282.9
287.6
294.7
303.2
66.1
66.0
67.7
70.7
73.3
76.1
40.8
44.2
41.4
40.1
38.8
33.5
35.1
39.0
10.1
10.5
11.3
10.6
9.8
33.1
31.2
41.6
41.5
43.7
46.5
Volume extended
during month:
1948—May
June
July
August. . .
September.
October...
November.
December.
1949—January...
February..
March . . . .
April
Mayp
JuneP
CONSUMER INSTALMENT CREDITS OF COMMERCIAL
BANKS, BY TYPE OF CREDIT
[Estimates. In millions of dollars]
Year or month
Outstanding at end of
period:
1946
1947
1948
1948—May
June
July
August
September...
October
November...
December. . .
1949—January
February....
March
April
Mayp
June?
Volume extended during month:
1948—May
June
July
August
September...
October
November...
December. . .
1949—January
February....
March
April
Mayp
JuneP
Automobile I Other
retail,
retail
purchased
Pur- Direct and
chased loans direct
Total
1,591
2,701
3,563
3,137
3,229
3,319
3,410
3,486
3,504
3,528
3,563
3,558
3,517
3,556
3,629
3,740
3,854
165
346
570
448
472
502
529
550
561
565
570
306
536
736
649
668
691
713
723
723
730
736
564
572
598
631
664
688
737
737
759
785
817
844
275
523
751
646
661
678
698
725
731
736
751
758
724
709
712
736
751
487
524
512
504
503
433
447
468
81
87
91
93
90
73
76
75
426
383
517
527
568
585
68
71
105
113
112
109
109
109
115
116
105
93
98
98
94
90
129
129
136
128
112
126
113
105
122
99
97
110
100
74
94
99
124
124
Repair
and
modernization
loans 12
Personal
instalment
cash
loans
273
500
636
555
572
582
592
608
620
631
636
631
626
630
636
650
676
572
796
870
839
856
866
878
880
869
866
870
868
858
860
865
873
895
48
52
45
49
49
48
49
42
32
33
45
48
54
67
137
150
148
141
137
120
127
143
132
115
144
138
142
157
CONSUMER INSTALMENT CREDITS OF INDUSTRIAL
LOAN COMPANIES, BY TYPE OF CREDIT
[Estimates.
In millions of dollars]
Retail instalment paper 2
Year or month
Total
Automobile
Other
Repair Personal
instaland
modern- ment
ization 2 cash
loans
loans *
89.1
110.0
124.5
Outstanding at end
of period:
1946
1947
1948
108.4
148.2
177.1
15.0
27.1
38.3
7.4
17.1
23.7
2.4
4.2
5.0
83.6
99.8
110.1
48.3
48.8
49.1
49.8
50.6
51.3
51.6
51.7
119.8
121.3
122.3
122.9
124.0
124.0
123.8
124.5
1948—May
June
Jttly
August. . .
September.
October...
November.
December.
163.1
166.0
168.0
170.1
171.8
171.8
173.5
177.1
31.9
33.3
34.9
36.2
37.4
37.5
38.3
38.3
20.5
21.2
21.0
21.7
22.6
22.7
23.4
23.7
4.5
4.5
4.6
4.6
4.8
4.9
4.9
5.0
106.2
107.0
107.5
107.6
107.0
106.7
106.9
110.1
42.3
41.5
41.6
43.1
45 8
51.0
50.3
49.5
49.5
50.0
51.3
124.0
123.0
124.1
124.3
125.6
127.1
1949—January...
February .
March....
April
Mayp
JuneP
176.0
176.1
178.1
180.9
183.0
185.6
37.9
38.0
38.4
39.4
40.3
41.3
23.2
22.9
23.4
24.1
25.9
26.7
5.0
4.9
4.8
4.9
5.1
5.3
109.9
110.3
111.5
112.5
111.7
112.3
4.2
3.4
3.1
3.6
3.5
3.5
3.4
3.0
19.7
22.9
20.1
19.4
18.9
17.5
19.0
22.7
Volume extended
during month:
1948—May
June
July
August....
September.
October...
November.
December.
27.7
30.6
29.1
28.6
28
25
27.7
30.7
5.7
7.1
6.7
6.0
6.1
5.1
6.0
5.3
3.7
3.5
3.3
3.6
3.8
3.0
3.4
3.4
0.4
0.4
0.5
0.4
0.5
8.1
7.9
6.8
7.4
6.9
6.5
6.6
4.9
4.6
5.4
0.5
0.4
0.5
17.9
19.6
18.6
18.6
17.7
16.8
17.9
21.5
7.6
7.6
11.3
12.0
11.9
12.3
4.3
4.3
5.8
6.8
7.8
8.2
2.3
2.2
2.6
2.8
3.6
4.5
18.9
17.1
21.9
19.9
20.4
21.5
1949—January...
February.
March....
April
Mayp
JuneP
25.7
25.1
31.8
31.4
32.0
30.9
4.9
4.8
6.9
7.1
7.3
6.7
2.7
2.8
3.8
4.0
5.2
4.8
0.3
0.3
0.4
0.4
0.6
0.6
17.8
17.2
20.7
19.9
18.9
18.8
7.6
r
x
P2 Preliminary.
Revised.
Includes not only loans insured by Federal Housing Administration but also noninsured loans.
Includes both direct loans and paper purchased.
AUGUST 1949
993
CONSUMER CREDIT STATISTICS—Continued
RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE 1
FURNITURE STORE STATISTICS
Percentage change
from preceding
month
Item
June
May
1949
Apr.
1949
-3
-4
-3
1949P
Percentage change
from corresponding
month of preceding
year
June
May
1949
Apr.
1949
+5
-12
-23
-15
-26
+8
-2
-6
-16
-10
-22
-5
-19
0
+8
+9
+ 13
+ 10
+15
1949P
Net sales:
Total
Cash sales . .
Credit sales:
Instalment
Charge account
+1
+9
+9
+10
+4
Accounts receivable, end
of month:
Total
Instalment
+2
+2
+3
+2
+ 1 + 14
Collections during
month:
Total
Instalment
-1
-1
2
-2
-3
-3
-7
-3
-5
-1
0
+1
-6
-5
-1
-13
-11
-9
nventories, end of
month, at retail value.
-1
-10
-23
Charge
Instalment accounts
Year or month
accounts
Household ap- Jewelry Department
pliance stores
stores
stores
Department
stores
Furniture
stores
1948
May
June
July
August
September...
October
November...
December. ..
24
24
23
23
24
24
24
25
15
16
14
14
14
14
14
14
18
17
17
17
16
16
15
15
15
16
16
16
16
16
17
20
52
52
51
51
53
54
55
53
1949
January
February
March
April
May
June?
22
22
25
24
24
24
12
12
14
13
13
13
15
14
15
14
14
14
14
13
14
14
14
14
52
50
56
53
53
54
P Preliminary.
Collections during month as percentage of accounts outstanding at
beginning of month.
1
Preliminary.
DEPARTMENT STORE SALES, ACCOUNTS RECEIVABLE, A N D COLLECTIONS
Index numbers, without seasonal adjustment, 1941 average =100
Total
Cash
100
114
130
145
162
202
214
225
100
131
165
188
211
242
237
236
218
217
'228
'229
Averages of monthly
data:
1941
1942
1943
1944
1945
1946 . ..
1947
1948
1948—May
June
JulyAugust
September
October
November
December
1949—January
February
March
May
June?
Accounts receivable
at end of month
Sales during month
Year or month
'173
r
188
187
'196
228
'248
r
263
'380
'255
'272
'407
173
••162
'203
••223
182
'168
'208
'231
207
200
210
205
231
Percentage of total sales
Collections during
month
Cash
sales
Instalment
sales
Chargeaccount
sales
9
6
5
4
4
4
6
43
38
34
32
32
37
39
41
Instalment
Charge
account
Instalment
Charge
account
Instalment
Charge
account
100
82
65
67
101
154
191
100
102
103
112
125
176
200
219
100
78
46
38
37
50
88
142
100
91
79
84
94
138
174
198
100
103
80
70
69
91
133
181
100
110
107
112
127
168
198
222
61
64
64
59
'185
'214
179
162
278
211
159
177
228
250
263
370
134
136
138
144
151
155
160
176
192
192
167
165
188
206
219
281
172
176
169
173
186
196
204
212
214
217
213
184
188
220
243
252
52
52
'54
52
50
51
51
53
7
8
9
8
7
7
6
41
41
'38
39
42
42
42
41
136
'131
171
171
162
204
163
157
151
219
187
182
212
195
209
313
234
226
52
51
51
7
7
7
188
182
168
221
210
201
151
151
151
191
192
188
195
197
194
41
42
42
209
220
222
51
50
51
71
'192
'214
202
'215
48
56
55
52
7
7
8
8
7
41
42
42
P Preliminary.
' Revised.
N O T E . — D a t a based on reports from a smaller group of stores than is included in the monthly index of sales shown on p. 985.
994
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS
BANK CREDIT, MONEY RATES, AND BUSINESS •
1949
Chart
book
page
June
29
July
July
July
13
19.88
19.52
4.52
7.22
7.78
24.47
27.43
1.82
18.01
17.33
.68
4.82
1.14
6.78
5.17
19.78
19.34
4.35
7.22
7.78
24.47
27.66
1.57
17.98
16.52
1.46
19.28
18.84
3.94
7.13
7.78
24.51
27.48
1.69
17.51
16.49
1.01
19.10
18.47
3.67
7.02
7.78
24.52
27.37
1.76
17.42
P16.46
P.95
4.94 4.91
1.20 1.25
6.64 * 6.63
5.13 5.02
4.72
1.17
6.53
4.94
MEMBER BANKS IN LEADING CITIES
All reporting banks:
Loans and investments
14
U. S. Govt. securities, total. 14
Bonds
16
Notes and certificates.... 16
Bills
16
Other securities
18
Demand deposits adjusted.. 14
U. S. Govt. deposits
14
Loans, total
14
Commercial
18
Real estate
18
For purchasing securities:
Total
18
U. S. Govt. securities.. 18
Other securities
18
Other
18
New York City banks:
Loans and investments
U. S. Govt. securities, total.
Bonds, total holdings . . . .
Due or callable—5 years
Notes and certificates. . .
Bills
Demand deposits adjusted..
U. S. Govt. deposits
Interbank deposits
Time deposits
Loans, total
__
Commercial
19
For purchasing securities:
To brokers:
On U. S. Govts
19
On other securities... 19
Toothers
19
Real estate and o t h e r . . . . 19
Banks outside New York City:
Loans and investments
15
U. S. Govt. securities, total. 15
Bonds
17
Notes and certificates
17
Bills
17
Demand deposits adjusted.. 15
U. S. Govt. deposits
15
Interbank deposits
15
Time deposits
15
Loans, total
15
Commercial
19
Real estate
19
For purchasing securities. 19
Other
19
1949
Chart
book
page
June
29
July
July
13
July
27
July
20
In billions of dollars
WEEKLY FIGURES i
RESERVE BANK CREDIT, ETC.
Reserve Bank credit, total
2
U. S. Govt. securities, total.. 3
Bills
3
Notes and certificates
3
Bonds
3
Gold stock
2
Money in circulation
2
Treasury cash and deposits.... 2
Member bank reserves
2,4
Required reserves
4
Excess reservese
4
Member bank reserves (weekly
avg.):
New York City
5
Chicago
5
Reserve city banks
5
Country banks 6
5
July
27
62.61
34.18
26.11
6.23
1.83
4.55
46.09
1.47
23.88
13.18
4.12
62.56
34.74
26.19
6.39
2.15
4.65
45.84
1.26
23.17
13.01
4.12
62.86
35.25
26.26
6.52
2.47
4.70
46.04
63.26
35.51
26.32
6.57
2.61
4.77
46.47
.93
.83
2.61
1.27
1.35
3.98
2.18
1.87
22.90 22.98
12.99 12.88
4.13 4.13
2.01
.89
.75
.92
1.29
4.00
1.12
4.00
1.09
4.02
18.73 18.39 18.44 18.59
9.89 9.99 10.27 10.39
7.73 7.71 7.72 7.74
6.12 6.11 6.11 6.13
1.54 1.55 1.57 1.63
.63
.73
.98 1.02
15.08 14.92 14.81 15.09
.52
.44
.30
.24
3.71 4.09 3.96 3.78
1.68 1.65 1.61 1.61
7.72 7.22 6.98 6.99
4.66 4.60 4.59 4.48
.95
.78
.25
1.01
43.88
24.29
18.38
4.70
1.20
31.01
.95
5.68
13.72
16.16
8.51
3.92
.64
3.17
.60
.71
.24
.48
.53
.27
.65
.52
.25
1.01
1.01
1.01
44.16
24.75
18.48
4.85
1.43
30.92
44.42
24.99
18.54
4.96
1.49
31.22
44.67
25.12
18.58
4.94
1.60
31.38
.82
.62
.59
6.26 6.43 6.09
13.72 13.72 13.72
15.94 15.93 16.00
8.40 8.41
8.39
3.91 3.92 3.93
.63
.59
.60
3.20
3.19
3.22
WEEKLY FIGURES *—Cont.
19.08
BUSINESS CONDITIONS
18.49
3.74 Wholesale prices:
6.9
Indexes (1926=100):
7.78
Total
65
24.52
Farm products
65
27.33
Foods
65
1.7
Other commodities
65
17.49
Basic commodities:
16.55
(Aug. 1939=100):
.94
Total
67
Foodstuffs
67
Industrial materials
67
4.73
Selected farm products:
1.16
Wheat (cents per bushel). 68
6.50
Corn (cents per bushel)... 68
4.89
Cotton (cents per pound). 68
Steers (dollars per 100
pounds)
68
Hogs (dollars per 100
63.46
pounds)
68
35.59
Butter (cents per pound).. 68
26.37
Eggs (cents per dozen)... 68
6.61 Production:
2.61
Steel (% of capacity)
71
4.
(thous. cars). . . 71
46.68 Automobile
Crude
petroleum
(thous,
1.04
bbls.)
72
23.03
Bituminous coal (mill, tons). 72
12.89
Paperboard
(thous.
t
o
n
s
)
.
.
.
73
4.14
Meat (mill, pounds)
73
Electric
power
(mill.
kw.
hrs.)
75
2.01 Freight carloadings (thous. cars)
.94
74
1.06 Total
Miscellaneous
74
4.05 Department
store sales
(1935-39=100)
75
18.59
10.37
7.76
6.15
1.68
.94
15.07
.36
3.76
MONTHLY FIGURES
1.61
6.96
DEPOSITS AND CURRENCY
4.49
Deposits and currency:«
.66 Total
Excluding U. S. Govt. de.50
posits
.25
Demand deposits adjusted..
1.01
Time deposits adjusted.....
Currency outside b a n k s . . . .
44.8
U. S. Govt. deposits
6
25.2: Money
in circulation, total
7
18.6:
Bills
of
$50
and
over
7
4.93 $10 and $20 bills
7
1.6
Coins, $1, $2, and $5 bills... 7
31.62
.68
5.90
13.70
16.07
8.40
3.94 Turnover of demand deposits:'
8
.60 New York City
Other leading cities
8
3.24
Per cent per annum
MONEY RATES, ETC.
COMMERCIAL BANKS
U. S. Govt. securities:
Bills (new issues)
30 1.052 0.923 0.928 1.017 1.032
Certificates
30 1.16 1.04 1.02 1.03 1.06
3-5 years
30 1.36 1.26 1 25 1.26 1.27 Cash assets*
investments, total 8 .
7-9 years
30 1.60 1.57 1 55 1.54 1.54 Loans and
Loanse
15 years or more
30, 32 2.34 2 .27 2 26 2.26 2.27
U. S. Govt. securities*
Corporate bonds:
Other securities6
Aaa
32 2.70 2 .69 2 67 2.65 2.64
Baa
32 3.48 3 .47 3 46 3.44 3.44 Holdings of U. S. Govt. securities:
High-grade (Treas. series).. 32 2.70 2 .69 • 2 66 2.65 2.64
Bonds:
Total
In unit indicated
Within 1 year
1-5 years
Stock prices (1935-39=100):
119
117
120
113
115
5-10
years
Total
34
126
118
Over 10 years
121
123
125
Industrial
34
92
87
Notes
and
certificates
89
90
92
Railroad
34
96 Bills
93
95
95
96
.m
Public utility
34
92
.67
Guaranteed
securities
.89
.91
1.06
Volume of trading (mill, shares) 34
In unit indicated
152.9
164.0
161.2
145.2
152.7
165.6
161.3
144.5
154.2
168.5
164.2
145.1
154.3
168.4
164.2
145.2
152.8
164.3
161.2
145.1
228.3 229.0 231.7 235.1 235.9
278.0 280.6 282.5 289.1 288.7
207.0 206.7 211.0 212.7 213.2
190.4 199.1 200.7 197.5 201.6
137.5 139.2 140.9 141.7 139.5
32.5 32.5 32.3 31.9 31.6
25.59 25.29 25.11 25.29 24.78
21.16 21.35 22.05 22.70 22.39
59.2 59.8 59.5 59.6 60.6
43.8 43.8 45.3 47.4 48.5
61.2
111
79.9
141
77.8
148
78.3
152
81.5
140
4,819 4,667 4,671 4,684 4,676
1.16 1.23
.95 1.11
.22
159
163
137
74
154
284
271
297
245
275
5,410 4,982 5,342 5,462 5,518
644
328
595
260
724
322
719
321
724
329
238
201
213
207
208
1949
May
Apr.
June 2
In billions of dollars
P167.6O
P167.60
P167.80
P165.50
P82.40
P58.10
P24.90
P2.10
27.42
8.49
14.45
4.47
P165
P82
P58
P25
Pl
27
8
14
4
P165.60
P82.20
P58.40
P25.OO
P2.2O
27.49
8.51
14.48
4.50
Annual rate
28.5
18.8
28.4
18.5
29.5
19.1
In billions of dollars
: P34.00
9 Pi 12.50
9 P41.30
9 P62.00
P9.20
9
P32.90
P113.40
P40.90
P63.20
P9.30
P33.30
P113.70
P41.20
P63.00
P9.50
41.60
5.65
25.31
6.81
3.83
10.68
2.62
42.21
5.72
25.60
6.99
3.90
10.90
2.78
«5.25
"26.39
«6.60
*3.83
«H.36
«2.82
10
10
10
10
10
10
10
10
For footnotes see p. 998.
AUGUST
1949
995
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS— Continued
Chart
book
page
MONTHLY FIGURES—Cont.
1949
Apr.
May
June
In billions of dollars
MEMBER BANKS
All member 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
Reserves
Central reserve city banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted ' . . . . . . .
Time deposits
Balances due to banks
Reserves
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
Reserves
Country banks:
Loans and investments, total
Loans
U. S. Govt. securities
Other securities
Demand deposits adjusted •
Time deposits
Balances due from banks
Reserves
1949
Apr.
May
June
:
In billions of dollars
MONTHLY FIGURES—Cont.
GOVERNMENT FINANCE—Cont.
12
12
12
12
12
12
12
12
12
93.99
34.86
51.64
7.49
69.79
29.13
10.10
4.80
19.18
94.96
34.47
52.92
7.58
69.89
29.22
9.94
4.82
18.15
95.25
34.74
52.81
7.70
69.59
29.36
10.08
4.88
18.07
12
12
12
12
12
12
12
12
22.98
9.20
12.28
1.51
18.88
2.69
4.74
6.38
23.50
9.17
12.82
1.51
18.87
2.76
4.63
5.96
23.87
9.38
12.94
1.55
18.87
2.83
4.72
6.00
13
13
13
13
13
13
13
13
13
34.64
13.64
18.45
2.55
24.44
11.55
4.55
1.60
7.22
34.95
13.38
18.95
2.62
24.49
11.57
4.55
1.59
6.88
35.02
13.36
18.97
2.69
24.33
11.64
4.58
1.62
6.82
13
13
13
13
13
13
13
13
36.37
12.02
20.92
3.43
26.47
14.89
3.03
5.59
36.51
11.92
21.15
3.45
26.53
14.89
3.07
5.31
36.36
11.99
20.91
3.46
26.39
14.88
3.10
5.25
CONSUMER CREDIT •
Consumer credit, total
20
Single-payment loans
20
Charge accounts
20
Service credit
20
Instalment credit, total
20, 21
Instalment loans
21
Instalment sale credit, total . . . .
21
Automobile
21
Other
21
15.62 P15.85
2.76 P2.74
3.26 P3.25
.97
P. 98
8.63 P8.89
4.11 P4.17
4.51 PA.12
2.24 P2.39
2.27 r>2 .33
GOVERNMENT FINANCE
Gross debt of the U. S. Government:
Total (direct and guaranteed)
Bonds (marketable issues)
Notes, certificates, and bills
Savings bonds, savings notes. . . .
Special issues
Guaranteed, noninterest-bearing
debt, etc
Ownership of U. S. Govt. securities:
Total:
Commercial banks •
Fed. agencies and trust f u n d s . . .
F. R. Banks
Individuals •
Corporations and associations •. .
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
Notes and certificates—Total
outstanding
Commercial bank and F. R.
Bank
F. R. Bank
Chart
book
page
2
22
22
22
22
22
251.55
111.60
43.85
60.51
31.83
22
3.76
23
23
23
23
23
23
23
23
61.90
37.52
21.09
68.40
21.70
21.20
11.60
8.10
24
11.54
24
24
7.48
4.87
24
32.31
24
24
18.01
7.33
Ownership of U. S. Govt. securities—Cont.
Marketable public issues—Cont.
By class of security—Cont.
Bonds—Total outstanding. . . .
24
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
24
Commercial bank and F. R.
Bank
24
F. R. Bank
24
By earliest callable or due date:
Withinlyear-Total outstanding
25
Commercial bank and F. R.
Bank
25
F. R. Bank*
25
1-5 years—Total outstanding.
25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
5-10 years—Total outstanding
25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
Over 10 years—Total outstanding
25
Nonbank (unrestricted issues
only), commercial bank,
and F. R. Bank
25
Commercial bank and F. R.
Bank
25
F. R. Bank
25
ash income and outgo:
Cash income
26
Cash outgo
26
Excess of cash income or o u t g o . . . .
26
68.50
68.20 e66.80
50.50
8.90
52.60
50.56 «49.85
8.36
7.78
52.61 52.30
31.87
12.92
38.49
31.46
12.09
38.46
27.71
'•2.39
10.46
27.82 •28.51
2.22
2.12
10.46 4 15.07
6.97
.16
7.10
.11
53.89
53.89
10.79
10.48
9.45
5.62
9.22
5.32
1.43
3.13
-1.70
2.60
3.69
-1.09
12.19
39.17
«7.19
.58
48.60
«8.28
4.45
4.80
4.54
+ .26
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new issues)
Corporate bonds:
Aaa
Baa
F. R. Bank discount rate
P16.14 Commercial paper
P2.7 Stock yields:
Dividends/price ratio:
P3.28
P. 98
Common stock
P9.13
Preferred stock
111.60 111.60 110.59
29
1.155
1.156
1.158
29
29
29
29
2.70
3.45
1.50
1.56
2.71
3.45
1.50
1.56
2.71
3.47
1.50
1.56
33
33
7.021
4.07
7.29
4.04
7.22
3.98
P4.26
P4.88
P2.51
P2.37
In unit indicated
Margin requirements (per cent)
35
Stock prices (1935-39 =100), t o t a l . . .
35
Stock market credit (mill, dollars):
Bank loans
35
Customers' debit balances
35, 36
Money borrowed
36
Customers' free credit balances....
36
35
251.91 252.80 Volume of trading (mill, shares)
111.60 110.59
BUSINESS CONDITIONS
43.85 44.56
60.81 61.12 Personal income (annual rates, bill,
dollars): • *
31.91 32.78
Total
48
3.73
3.75
Total salaries and wages
48
Proprietors' income, dividends, and
interest
48
62.80 P63.20 All other
48
8
37.53 38.2 Labor force (mill, persons):
49
19.70 19.34 Total
68.70 P68.80 Civilian
49
Unemployment
49
22.40 P22.60
Employment
49
21.00 P20.90
Nonagricultural
49
11.60 Pi1.60
estab8.10 P8.10 Employment in nonagricultural
lishments (mill, persons):8 3
Total
50
11.54 11.54 Manufacturing and mining
50
Construction
50
7.01 «7.16 Transportation and utilities
50
Trade
50
4.23
4.35
Government
50
32.31 33.02 Hours and earnings at factories:
Weekly earnings (dollars)
51
18.02 «18.58 Hourly earnings (dollars)
51
7.22
Hours worked (per week)
51
7.12
50
119
50
118
50
112
427
626
329
542
.88
424
660
355
535
.82
421
681
493
528
.81
212.5
134.7
212.9 P213.5
134.8 P134.5
r
63.5
14.3
64.0
P14.1
P14.3
62.3
60.8
3.0
57.8
50.0
63.5
62.0
3.3
58.7
49.7
64.9
63.4
3.8
59.6
49.9
44.08
16.35
1.98
3.95
'9.68
5.76
43.77 P43.78
16.06 P16.03
2.00 P2.02
3.94 P3.94
9.61 P9.63
5.78 P5.8O
52.62
1.374
38.3
52.86 P53.68
1.373 Pl.380
38.5 P38.9
For footnotes see p. 998
996
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND
Chart
book
page
BUSINESS—Continued
1949
May
Apr.
Chart
book
page
June2
1949
Apr.
In unit indicated
MONTHLY
BUSINESS
FIGURES—Cont.
In unit indicated
MONTHLY
CONDITIONS—Cont.
Industrial production: 3
Total (1935-39 = 100)
Groups (points in total index):
Durable manufactures
Nondurable manufactures
Minerals
Manufacturing production
(1935-39 = 100), total
Durable
Nondurable
Selected durable manufactures
(1935-39-100):
Nonferrous metals
Steel
Cement
Lumber
Transportation equipment
Machinery
Selected nondurable manufactures
(1935-39 = 100):
Apparel wool consumption
Cotton consumption
Shoes
Paperboard
Newsprint consumption
Manufactured food products . . . .
Fuel oil
Gasoline
Industrial chemicals
Rayon
Orders, sales, and inventories:
Sales (bill, dollars):
Manufacturing, total
Durable
Nondurable
Wholesale
Retail
Inventories (bill, dollars):
Manufacturing, total
Durable, total
Goods in process
Purchased materials
Finished goods
Nondurable, total
Goods in process
Purchased materials
Finished goods
Wholesale
Retail
New orders (1939=100):
Manufacturing, total
Durable
Nondurable
Construction contracts (3 mo. moving
avg., mill, dollars): 3
Total
Residential
Other
Residential construction:
Contracts awarded (mill, dollars) : 3
Total
1- and 2-family dwellings
Other
Dwellings started (thous. u n i t s ) . . .
Value of construction activity (mill,
dollars):
Total*
Nonresidential: e
Public
Private
Residential:*
Public
Private
Freight carloadings: 3
Total (1935-39 = 100)
Groups (points in total index):
Miscellaneous
Coal
All other
Department stores:
Indexes (1935-39 =100):«
Sales
Stocks
296 stores:
Sales (mill, dollars)
Stocks (mill, dollars)
Outstanding orders (mill, dollars)
FIGURES—Cont.
BUSINESS CONDITIONS
52
179
52
52
52
••80.6
75.
22.5
174
76.3
75.3
22.1
••184
212
162
179
201
161
54
54
54
54
54
54
209
240
213
118
'235
240
200
218
196
120
220
232
55
55
55
55
55
55
55
55
55
55
92
111
113
162
154
162
169
170
417
265
98
103
105
162
161
162
166
177
406
259
53
53
53
r
M69
P73.
P75.
P20.
P160
P194
182
195
P115
^239
105
P113
164
156
P164
P156
P179
P395
P258
56
57
57
56
56
16.8
7.2
9.5
7.0
11.1
16.3
6.
9.5
7.1
10.8
P16.
P7.
P9.
56
57
57
57
57
57
57
57
57
56
56
31.3
15.1
5.9
4.6
4.7
16.1
2.3
7.3
6.6
8.2
14.3
30.9
14.9
5
4.4
4.7
16.0
2.3
7.0
6.7
7.9
13.8
P30.
P14.
56
56
56
K5
206
188
724
257
467
63
63
3.3
2.6
3.4
2.7
3.4
2.6
64
64
64
64
64
169.7
202.8
192.5
120.3
154.6
169.2
202.4
191.3
120.4
154.5
169.6
204.3
190.3
120.6
154.2
65
65
65
65
66
66
66
67
67
67
66
156.9
170.5
162.9
•"148.9
142.2
179.9
117.7
132.0
196.5
"•171.8
115.61
155.7
171.2
'163.8
'146.8
140.5
'179.2
118.2
130.1
••193.9
••168.4
'113.5
154.4
168.5
162 .4
145.5
139.2
178.8
116.8
129.9
191 .4
166.7
111.3
739
288
450
246
260
245
256
70
70
70
70
1 ,850
1,231
592
27
1,944
1,276
639
29
Pl.148
P534
P614
PI.078
P541
254
198
55
86
296
203
93
95
332
230
102
100
60
1,378
1,585
1,745
60
60
367
552
453
587
489
639
60
60
14
445
15
530
17
600
Exports and imports (mill, dollars):
Exports
76
Imports
76
76
Excess of exports or imports
Short-term liabilities to and claims on
foreigners reported by banks (bill,
dollars):
Total liabilities
Official
Invested in U. S. Treasury bills
77
and certificates
Private
77
Claims on foreigners
77
g
i
h
Foreign
exchange
rates:
78, 79
See p. 1017 of this B U L L E T I N
72.5
27.5
27.0
68.9
27.7
27.
66.9
20.8
26.7
62
62
294
'280
»-273
284
265
63
63
63
347
907
236
328
""894
210
319
822
287
PS20
P17
FIGURES
GOVERNMENT FINANCE
P526
P5.68
P2.64
P3.06
P.951
P3.04
P.87
1949
JanMar.
AprJune
In billions of dollars
Budget receipts and expenditures of
U. S. Treasury:
Expenditures, total
27
National defense
27, 28
Veterans' Administration
28
International aid
28
Interest on debt
28
All other
28
Receipts:
Net receipts
27
Individual income taxes
28
Corporate income, etc
28
Miscellaneous internal revenue. .
28
All other
28
Tax refunds (deduct)
28
Bank rates on loans to business:
All loans:
19 cities
New York City
7 Northern and Eastern
cities...
11 Southern and WTestern cities. .
Loans of $1,000-$ 10,000:
19 cities
New York City
7 Northern and Eastern cities. . .
11 Southern and Western cities..
P1,104
P578
P5.86
^2.80
OctDec.
MONEY RATES
61
P2,118
Pl.281
INTERNATIONAL TRADE AND FINANCE
1948
800
326
473
245
252
69
69
203
206
201
59
59
59
59
61
61
61
Cont.
Department stores—Cont.
296 stores—Cont.
Ratios to sales (months' supply):
Total commitments
Stocks
Consumers' prices (1935-39=100):
All items
Food
Apparel
Rent
Miscellaneous
Wholesale prices (1926=100):
Total
Farm products
Food
Other commodities
Textile products
Hides and leather products
Chemicals and allied products. . .
Fuel and lighting materials
Building materials
Metals and metal products
Miscellaneous
Prices paid and received by farmers
(1910-14=100):
Paid
Received
Cash farm income (mill, dollars):
Total
Livestock and products
Crops
Govt. payments
QUARTERLY
58
58
58
June2
May
9.10
2.90
1.65
1.61
1 .45
1.41
9 .23
3 .08
1 .71
1 .58
1 .05
1 .74
10.15
3.15
1.65
1.43
1 .87
1.93
8.65
3.08
2.72
2.24
.74
.12
12 .40
7 .26
3 .29
2 .01
.84
1 .00
8.05
3.84
2.83
2.00
.84
1.46
Per cent per annum
31
31
31
31
2.64
2.34]
2.68!
3.02
2 .70
2 .42
2 .68
3 .12
2.74
2.35
2.86
3.17
31
31
31
31
4.50
4.23
4.51
4.62
4 .62
4 .22
4 .63
4 .79
4.63
4.22
4.67
4.80
For footnotes see p. 998.
AUGUST
1949
997'
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
BANK CREDIT, MONEY RATES, AND BUSINESS—Continued
Chart
book
page
Oct.Dec.
Chart
book
page
Apr.June
Jan Mar.
Per cent per annum
QUARTERLY FIGURES—Cont.
MONEY RATES
1948
Stock yields:
Earnings/price ratio, common
stocks
Apr.June
BUSINESS FINANCE—Cont.
D
31
31
31
31
3.58
3.40
3.60
3.68
3.64
3.42
3.66
3.75
3.70
3.43
3.64
3.89
31
31
31
31
2.97
2.70
2.97
3.14
2.89
2.66
2.89
3.04
3.04
2.78
2.98
3.26
31
31
31
31
2.34
2.16
2.44
2.57
2.42
2.25
2.44
2.71
2.44
2,17
2.66
2.69
33
42
5.4
'4.5
42
42
3.8
2.5
'3.1
'2.0
"-2.2
In billions of dollars
ndividual savings:
Gross savings
Liquid savings
Cash
U. S. Govt. securities
Other securities
Insurance
Debt liquidation
43
43
43
43
43
43
43
+10 7
'+1
'+1
r 0
+7.0
+0.6
-3.3
+ 1.3
+0.8
+ 1.4
+0.5
9
6
4
'+0.8
+1 9
'-2
1
Annual rates,
in billions of dollars
126.7
24.0
13.9
48.5
38.7
61.9
37.1
11.6
64.8
125.0
23 A
14.0
48
37.5
59.2
34.6
11.2
65.8
38
38
1.87
1.77
2.31
1.9
38
38
38
1.57
.07
.11
1.06
.85
.72
.05
.08
39
39
39
39
1,451
898
117
435
699
343
174
182
1,615
1,293
111
182
39
39
39
39
316
4
60
233
152
2
353
38
38
.86
.81
.58
.33
40
'34.5
'28.4
40
40
••20.9
'12.6
'17.3
41
'5.1
4.5
41
1.
81
••3.4
GROSS NATIONAL PRODUCT, ETC.
37
37
37
37
37
37
37
37
37
1.58
.15
.25
237
rross national product 3
Govt. purchases of goods and services
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Private domestic and foreign investment
Gross private domestic investment:
Producers' durable equipment.
New construction
Change in business inventories.
Net foreign investment
'ersonal income,
consumption, and
saving: 3
Personal income
Disposable income
Consumption expenditures
Net personal saving
44
'270.3
44
44
46
46
46
'40.3 '41.7
'180.9 '176.5
22.9 '21.4
'103.3 '99.7
'54.8 '55.5
'260.0
44
'49.0
'41.7
45
45
45
45
'21.2
'17.9
9.0
1.0
'20.3
'16.8
'4.1
'0.6
47
47
47
47
'216.6 '213.7
'196.2 '195.1
'180.9 '176.5
'18.5
'15.3
1949
1948
June
30
SEMIANNUAL FIGURES
June
30
In billions of dollars
INSURED COMMERCIAL BANKS
1.15
.74 Loans:
Commercial
Agricultural
Real estate
Consumer
For purchasing securities:
To brokers and dealers
To others
State and local government securities
Other securities
Dec.
31
11
11
11
11
17.83
1.97
10.10
6.41
18.76
2.78
10.67
6.80
11
11
11
11
1.18
1.08
5.43
3.50
1.34
0.94
5.51
3.42
1
498
'326
41
41
41
41
lant and equipment
expenditures
(bill, dollars):« 5
All business
Manufacturing and mining; railroads and utilities
Manufacturing and mining
16.51 P14.28
In unit indicated
BUSINESS FINANCE
Corporate assets and liabilities (bill,
dollars): *
Current assets total
Cash
U. S. Govt. securities
Inventories
Receivables
Current liabilities, total
Notes and accounts payable
Federal income tax liabilities. . . .
Net working capital
Corporate security issues:
Total (bill, dollars)•
New money, total (bill, dollars) e ...
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): e
Public
Private
Corporate profits, taxes, and dividends
(annual rates, bill, dollars): 6
Profits before taxes
Profits after taxes (dividends and
undistributed profits)
Undistributed profits
Corporate profits after taxes (quarterly totals):
All corporations (bill, dollars) e. . . .
Large corporations, total (bill, dollars)
Manufacturing (mill, dollars):
Durable
Nondurable
Electric power and telephone
(mill, dollars)
Railroads (mill, dollars)
Jan.Mar.
Oct.Dec.
In unit indicated
QUARTERLY FIGURES—Cont.
Cont.
Bank rates on loans to business—Cont.
Loans of $10,000-$100,000:
19 cities
New York City
7 Northern and Eastern cities...
11 Southern and Western cities. .
Loans of $100,000-$200,000:
19 cities
New York City
7 Northern and Eastern cities. . .
11 Southern and Western cities . .
Loans of $200,000 and over:
19 cities
New York City
7 Northern and Eastern cities. . .
11 Southern and Western cities. .
1948
223
19
24;
58
• Estimated.
P Preliminary.
' Revised.
Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period.
For charts on pp. 22, 29, and 35, figures for a more recent period are available in the regular BULLETIN tables 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.
3
Adjusted for seasonal variation.
4
Includes
a restricted bond issue that became callable within 5-10 years on June 15, 1949.
6
Expenditures anticipated by business during the third quarter of 1949 are (in billions of dollars): All business, 4.6; manufacturing and
mining, railroads and utilities, 3.2; manufacturing and mining, 2.0.
* Monthly issues of this edition of the Chart Book may be obtained at an annual subscription rate of $9.00; individual copies of monthly
issues at $1.00 each.
1
2
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOKS—Continued
CONSUMER CREDIT
1949
Chart
book
page1
Apr.
Mayp
Chart
book
page1
June?
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: 2
Instalment credit
4
Charge accounts
4
Single-payment loans.
4
Service credit
4
Consumer instalment sale credit
outstanding, cumulative totals: 2
All other retailers
6
Department stores and mail-order
houses
6
Furniture and household appliance stores
6
Automobile dealers
6
4,227
4,380
3,275
2,241
3,457
2,386
3,609
2,507
Apr.
JuneP
In millions of dollars
15,618 15,853 16,141 Consumer instalment sale2 credit
granted, cumulative totals:
8,627 8,890 9,133
By all other retailers
4,113 4,173 4,255
By department stores and mail4,514 4,717 4,878
order houses
3,258 3,249 3,282
By furniture and household appli2,764 2,739 2,745
981
969
975
ance stores
By automobile dealers
Consumer instalment loan credit
out15,618 15,853 16,141
standing, cumulative totals: 2
Commercial and industrial banks.
6,991 6,963 7,008
Small loan companies
3,733 3,714 3,726
969
975
981
Credit unions
Miscellaneous lenders
Insured repair and modernization
4,514 4,717 4,878
loans
4,033
1949
P1 Preliminary.
Annual figures for charts on pp. 9-19, inclusive, are published as they become available.
2
The figures shown here are cumulative totals, not aggregates for the individual components
by subtracting from the figure shown, the total immediately following it.
820
745
814
644
708
712
519
371
574
400
591
421
4,113
2,157
1,342
1,019
4,173
2,172
1,354
1,021
4,255
2,199
1,372
1,025
725
725
726
Aggregates for each component may be derived
JULY CROP REPORT, BY FEDERAL RESERVE DISTRICTS
BASED ON ESTIMATES OF THE DEPARTMENT OF AGRICULTURE, BY STATES, AS OF JULY 1, 1949
[In thousands of units]
Corn
Federal Reserve district
Boston
New York
Philadelphia. .
Cleveland
Richmond
Atlanta. .
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
...
. .
Total
Total wheat
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Spring wheat
Production
1948
Estimate
July 1, 1949
Production
1948
Estimate
July 1, 1949
Production
1948
Estimate
July 1, 1949
Production
1948
Estimate
July 1, 1949
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
6,295
32,179
58,168
269 198
179,076
199,109
1 ,483,210
482,769
455,941
422,894
55 486
6,223
6,730
30,531
54,759
249,959
178,088
185,702
1,468,484
427,135
484,647
374,725
62 657
6,768
13,633
16,435
62,707
26,259
7,975
89,559
71,293
297,679
483,050
57,486
162,330
12,922
18,720
64,270
26,135
6,997
90,016
72,645
242,788
400,580
110,740
142,877
13,501
16,435
62,707
26,259
7,975
87,609
71,271
41,336
477,649
57,486
127,870
12,837
18,720
64,270
26,135
6,997
88,383
72,625
25,540
397,914
110,626
108,048
3,650,548
3,530,185
1,288,406
1,188,690
990,098
932,095
Tame H a y
Oats
Federal Reserve district
Winter wheat
Tobacco
132
85
1,950
22
256,343
5,401
1,633
20
217,248
2,666
34,460
34,829
298,308
256,595
114
White potatoes
Production
1948
Estimate
July 1, 1949
Production
1948
Estimate
July 1, 1949
Production
1948
Estimate
July 1, 1949
Production
1948
Estimate
July 1, 1949
Bushels
Bushels
Tons
Tons
Pounds
Pounds
Bushels
Bushels
5,116
29,630
18,389
66,477
27,732
30,227
640,036
74,841
417,785
135,271
18 148
28,100
5,182
23,409
15,207
61,875
38,016
31,949
607,923
67,671
342,602
120,469
35 528
29,841
4,059
6,657
2,504
5,535
5,194
3,791
15,607
9,384
9,429
10,355
1,724
12,759
3,502
5,033
2,204
5,275
5,124
3,876
16,289
8,858
9,418
10,587
1,823
12,706
39,227
921
61,275
157,919
1,070,972
232,864
30,750
381,323
2,349
4,130
38,389
914
55,888
151,912
1,118,785
249,565
29,711
373,711
2,183
4,371
83,328
44,911
22,533
12,866
27,291
12,174
28,286
8,418
46,070
37,722
4,888
117,363
68,715
27,584
15,344
10,927
22,385
13,818
26,156
7,275
40,214
31,848
4,167
100,263
1,491,752
1,379,672
86,998
84,695
1,981,730
2,025,429
445,850
368,696
NOTE.—1948 figures for tobacco are as revised in July 1949.
AUGUST
1949
999
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 1949
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Current Earnings
I)iscounts and advances
U. S. Govt. securities. .
Industrial loans
Commitments to make industrial loans
All other
Total current earnings
$2 ,089,315 $116, 198 $820 ,548 $131 ,172 $ 169,890 $114 , 630
$56 ,815 $122 ,254
$72 ,835
$40 ,655 $109 ,893
$65 ,482 $268 ,943
168 ,303,775 11 ,491 ,673 39 , 945 ,240 11 ,467 ,339 15 ,525,767 10,804 ,783 9 ,019 ,148 25,105 ,533 9 ,096 ,194 5 ,446 ,360 8 ,138 ,239 7 ,281 ,732 14,981 ,767
1 232
1 S 826
17,058
6,691
17
558
350
78
215
658
508
4,307
112 , 233
9 ,540
20 ,222
" 6 ,940
397,631
34 ,342
' "l ^675 ' " 3 ^288
12 ,926
3 ,965
59 ,942
5 , 443
121,115
170 ,814,470 11 ,613, 529 40 ,825 ,730 11 ,618 ,380 15 ,821,079 10,930 ,843 9 ,105 ,410 25,409 168
9 176 704
5 490 30S
147,871
223,565
117,848
117,979
130,716
,118,225 1,609,345 1,146,547 3,924,392 1,473,150
394, J
149,964
219,163
600
2,097
2,556
170,498
128,476
8,844
11,854
7,609
'9,418 " 19,933
977
1,032
1,260
530
1,263
34,489
38,638
34,810
32,808
71,021
378,012
336,501
365,185
593,753
232,248
14,676
24,433
21,002
17,202
23,260
127,763
99,520
122,232
372,891
138,721
27,052
18,827
15,793
46,400
19,398
107,598
43,366
39,573
154,909
39,944
45,334
87,012
28,956
43,456
33,103
48,299
24,508
17,751
47,667
24,774
42,751
43,983
79,469
10,800
31,029
606
3,804
9,401
33,405
3,778
43,486
46,540
103,138
20,580
33,758
257,257
133,454
99,935
295,223
102,629
97,749
751,007
8 S60 SR?
7 345 487 15,117 455
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
w
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. . . .
P
w
2
1.803,319
87,168
109,558
359,045
25,251,06. 1,642,083 6,263,936 1,501,211
2,615,521
152,548
168,685
630,849
6,775
552
69
7
140,979
9,239
8,476
10,427
12,881
456,115
4,298,110
261,776
1,974,518
341,300
960,910
553,464
356,506
372,923
133,909
625,741
1,791,948
985
24,256
417,426
11,318
175,319
21,678
96,000
27,916
24,033
10,805
630
56,935
116,791
771
49,403
660,732
51,48:
372,993
85,234
240,094
137,031
73,820
33,226
197^199
145,614
855
16,923
259,362
15,474
109,381
14,877
45,718
33,176
23,673
6,192
3,835
37,163
154,597
75,507
9,025
1,109
36,499
141,092
13,132
53,904
15,340
45,633
15,703
13,587
19,895
608
6,179
79,651
125,277
114,709
171,834
1,354,325 1,143,207 2,323,637
150,216
122,880
251,847
770
2
122
13,504
14,202
18,448
1,146
1,106
1,847
33,666
244,757
20,568
111,197
22,579
52,7
38,255
15,059
58,555
7,251
35,600
111,664
30,872
214,591
17,034
104,932
17,347
22,792
20,975
18,436
19,255
5,233
52,730
454,451
32,195
185,665
36,775
72,495
42,547
24,899
16,963
65,358
24,817
187,892
20,346
107,241
41,957,760 2,912,963 9,311,863 2,471,944 3,682,417 2,778,723 2,182,267 6,412,083 2,473,021 1,375,620 2,397,177 1,995,160 3,964,522
8,019,307
466,498 1,597,705
421,596
612,806
456,612
456,900 1,412,002
486,222
250,152
503,700
894,418
33,938,453 2,446,465 7,714,158 2,050,348 3,069,611 2,322,111 1,725,367 5,000,081 1,986,799 1,125,468 1,893,477 1,534,464 3,070,104
1,787,800
112,400
564,600
143,600
164,600
3,600
73,700
246,100
64,700
44,600
64,500
62,000
158,400
2,955,224
346,262
201,770
21,119
675,733
57,929
263,134
23,043
258,679
30,192
221,920
27,665
261,557
37,110
511,234
57,635
166,554
18,758
53,316
6,713
91,847
13,971
62,058
16,630
187,422
35,497
39,027,739 2,781,754 9,012,420 2,480,125 3,523,082 2,660,296 2,097,734 5,815,050 2,236,811 1,230,097 2,063,795 1,675,152 3,451,423
131,786,731 8,831,775 31,813,310 9,138,255 12,297,997 8,270,547 7,007,676 19,594,118 6,939,893 4,260,206 6,296,587 5,670,335 11,666,032
INTERNATIONAL FINANCIAL STATISTICS
PAGE
International capital transactions of the United States. .
1002-1007
Gold production
1007
Reported gold reserves of central banks and governments. .
1008
Gold movements; gold stock of the United States. .
1009
International Monetary Fund and Bank. .
1010
Central banks
1010-1014
Money rates in foreign countries.
1015
Commercial banks
1016
Foreign exchange rates. .
1017
Price movements:
Wholesale prices .
1018
Retail food prices and cost of living
1019
Security prices
1019
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 1949
1 0 0 1
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»
Other
Increase in
banking
funds of international
institutions
in U. S.
Foreign
securities:
Return
of U. S.
funds *
Decrease
in U. S.
banking
funds
abroad
Domestic
securities:
Inflow of
foreign2
funds
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
1939—Dec. (Jan. 3, 1940).
1,440.7
2,667.4
3,501.1
3,933.0
5,112.8
631.5
989.5
1,259.3
1,513.9
2,522.4
38.0
140.1
334.7
327.0
634.1
593.5
849.4
924.6
1,186.9
1,888.3
361.4
431.5
449.1
510.1
650.4
125.2
316.2
583.2
641.8
725.7
316.7
917.4
1,162.0
1,219.7
1,133.7
6.0
12.9
47.5
47.6
80.6
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
(Jan. 1, 1941).
31
313
31
5,807.9
5,354.1
5,980.2
7,267.1
3,239.3
2,979.6
3,465.5
4,644.8
1,281.1
1,177.1
1,557.2
I,610.0
1,958.3
1,802.6
1,908.3
2,034.8
775.1
791.3
888.8
877.6
803.8
855.5
848.2
925.9
888.7
626.7
673.3
701.1
100.9
100.9
104.4
117.8
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31
31
31
31
7,728.4
8,802.8
8,009.5
8,335.2
4,865.2
6,144.5
5,272.3
4,120.3
?,624.9
J,469.0
1,333.6
L,121.8
2,240.3
2,675.5
2,938.7
2,998.5
453.8
I,242.0
805.8
742.7
427.2
186.5
1,019.4
972.8
1,237.9
1,276.9
911.8
798.7
464.5
367.0
126.3
144.1
153.7
142.4
7,948.1
8,045.7
7,931.9
7,984.0
8,075.6
8,251.2
8,560.6
8,653.0
8,715.5
8,643.0
8,569.6
8,491.0
4,351.9
4,432.9
4,522.1
4,570.3
4,651.7
4,782.3
5,119.5
5,220.2
5,298.9
5,212.7
5,126.4
4,945.1
1,352.3
1,389.3
1,513.9
L.547.6
L,685.0
1,796.9
I,126.0
>,221.2
>,294.2
>,236.6
>,090.9
L.933.9
2,999.6
3,043.6
3,008.2
3,022.7
2,966.7
2,985.4
2,993.6
2,999.0
3,004.7
2,976.1
3,035.5
3,011.2
L.907.7
L,909.1
1,898.9
1,895.1
L.899.5
1,880.6
L.844.3
L.914.2
L,892.1
1,897.3
1,880.5
1,874.3
35.7
68.6
54.0
68.7
69.6
103.8
116.8
139.3
138.4
152.5
189.9
261.4
1,306.7
1.311.9
1,161.2
1,167.5
1,170.7
1,178.0
1,182.1
1,186.9
1,188.2
1,170.5
1,167.1
1,171.3
203.9
189.7
166.2
157.9
162.6
181.8
174.8
72.2
79.8
87.4
86.8
122.8
142.2
133.5
129.6
124.5
121.5
124.6
123.1
120.3
118.1
122.6
118.9
116.1
1948—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1949—Jan. 31
Feb. 28
Mar. 31
Apr. 3QP
May 3 1 P
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
From Jan. 2, 1935,
through—
1941—Dec.
1942—Dec
1943—Dec>
1944—Dec
1945—Dec.
1946—Dec.
1947—Dec
31
31
31
31
31
31
31
1948—j une 30
July 31
Aug. 31
Sept. 30
Oct 31
Nov 30
Dec 31
I949—j an# 31
Feb. 28
Mar 31
Apr. 30P
May 3 1 P
International institutions
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
All
other
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
563.1
453.8 7,555.7
437.0
2,067.3 6,267.9
639.9
625.9
636.8
585.7
464.2
384.8
234.3
464.4
474.0
487.7
506.2
539.7
326.4
213.8
725.7
592.1
629.1
664.3
722.3
766.1
839.3
50.5
48.1
48.2
63.1
106.5
287.5
150.1
1,071.7
1,030.3
1,133.3
1,172.5
1,311 8
1,246.3
1,100.6
3,626.3
340.5
3,608.1
425.1
4,192.8
760.3
4,081.8
976.4
4,037 0 1,395 7
3,574.2
979.7
2,975.1
688.6
567.5
835.8
951 0
1,193.7
1,338 4
1,474 0
1,383.4
691.1
932.9
1,161.6
1,273.6
1,784 1
1,258.3
975.8
128.6
178.3
201.4
203.0
247 5
269.6
244.9
558.0
489 4
486.8
462.5
479.5
500.9
659.7
682.4
689.7
620.9
554.6
455.7
59.5
51.6
56.6
44.9
51.3
57.7
74.2
58.6
56.6
61.1
65.3
99.5
120.1
102.1
92.8
86.6
76.0
88.2
103.0
127.6
122.9
129.0
120.8
121.3
858.3
863 4
853.1
829.9
823.8
818.5
846.0
871.2
859.9
883.3
920.9
918.0
210.2
238 7
270.0
307.1
316.4
330.3
335.9
383.7
403.7
396 8
387.2
372.8
1,005.5
1,006 7
977.4
1,008.1
1,021.4
1,089.0
1,122.2
1,145.8
1,192.9
1,167 9
1,156.8
1,115.3
2,811.6
911.2
2,751 8
938 2
2,736.8
816.3
2,739.1
849.3
2,768.3
868 0
2,884.5
930.3
3,141.1
947.3
970.0
3,269.3
3,325.9
996.4
3,258.9 1,006 4
3,205.7
954.5
3,082.6
943.8
1,384.0
1,381.1
1,420.5
1,441.0
1,464.2
1,448.5
1,503.6
1,524.0
1,541.9
1,508 3
1,556.2
1,613.3
897.5
1,009.8
997.9
999.0
1,001.8
1,044.1
1,056.7
990.6
963.4
983 4
986.3
963.6
205.6
225.1
230.8
229.8
241.1
230.5
234.9
226.1
237.5
246 4
244.2
244.1
1,738.3
1 739 7
1,729.5
1,725.8
. . . . 1,732 2
1,713.3
. . . 1,677 1
1,672.5
1,650.5
1,639 6
1,622.9
1,643.7
6,209.9
6,306.0
6,202.4
6,258.2
6,343.4
6,537.8
6,883.4
6,980.5
7,065.0
7,003.4
6,946.7
6,847.4
P Preliminary.
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
Beginning with 1947, thesefiguresinclude transactions of international institutions, which are shown separately in Tables 5 and 6. Securities
of such
institutions
are included in foreign securities.
8
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.
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. For revision of earlier figures to include movement in official Philippine accounts held with U. S.
Treasury, see BULLETIN for July 1946, pp. 815-819. Certain of thefiguresin tables "Short-term Liabilities To and Claims On Foreigners Reported
by Banks in the United States, By Countries" 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. 578-591,
and BULLETIN for March 1947, pp. 338-339, and September 1945, pp. 967-971.
1002
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 3.—INCREASE IN FOREIGN BANKING FUNDS IN U. S., BY COUNTRIES
International
institutions
From Jan. 2, 1935,
through—
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—jj e c >
United
King- France
dom
Netherlands
2 979.6
3 ,465.5
4 ,644.8
4 ,865 2
6 ,144 5
453 8 5 ,272 3
?4? 0 4 ,1?0
328 6
493 3
939 4
804 4
646.4
397.6
264,9
416 5
394 5
404 1
356 6
229.9
165.8
87.6
161
170
176
193
265
208
126
1 907 7 4 ,351 0
384 4
87 0
82 9
87 9
79.5
86.4
93 8
112 6
89 8
96
S ?98 q
311 2
310 6
284 .6
301 ?,
318 .9
485 .0
506 8
515 6
87 9
31
31
31
31
31
31
31
. .
. .
1948—June 30
July 31
Aug 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1949—j an> 31
Feb. 28
Mar. 31
Apr. 3 0 P
•
?
1 ,909 1 4 ,432.9
1 ,898 Q 4 ,522.1
1 ,895 1 4 ,570 3
1 8Q9
4 651
1 ,880 6 4 ,782
1 ,844
5 ,119 5
1 ,914
5 ,220
1 89? 1
1 ,897
1 880
1 R74
M a y 31P
Total
5 ,212
456 .0
S 1?6 4 375
4 ,945
288 .3
89 .5
93 7
104 .1
0
0
7
1
0
2
7
93 9
106 1
98.4
91.2
95 3
106 1
112 1
103 1
1C9 .6
91
95 .4
Switzerland
Italy
Other
Total
Europe Europe
2
3
7
4
3
0
8
- 3 .4
- 6 .2
- 6 .9
7 0
50 .1
247 .6
8
538
479
565
611
745
687
576
19? 4
498 4
326
166
192
221
286
359
432
527 1
534 9
535 9
515 1
512 0
509 2
525 .3
546 9
534 S
551 .3
580 5
569 .8
216 .7
251 0
285 .2
?Q.S 1
310 .4
313 .2
364 4
S
379 .3
371 S
356 .5
0
8
3
?
8
2
6
496.5
483 9
506 1
520 0
551 9
574 8
594 0
636 1
599 2
583 R
543.4
CanLatin
ada America
Asia
All
other
1 ,766.9 273.1 296.7
541.4
1 ,697.5 399.5 482.8
743.9
2 ,271.2 704.7 578.7
928.2
,193.7 818.6 794.7
888.6
2 ,223.4 1,414.2 924.9 1,369.1
2 ,065.5 823.9 983.3 1,135.7
1 ,621.4 301.6 1 ,095.0
877.3
101.6
141.9
162.0
169-7
212 .9
263 .9
224 9
1 ,785.7
174 5
1 ,736.1
1 ,775.3
1 ,768.9
1 ,805.9
1 ,879.6
2 ,117.1
,214.0
,266.7
2 ,184.9
,096.2
1 ,957.6
483.6 1 ,104 0
508.7 1 ,081.2
548.4 1 ,104 7
578.0 1,102.7
593.8 1,139.7
657.1 1 ,106.2
667.2 1,165.4
727.8 1 ,173.9
750.3 1 ,194.6
763.3 1,147.8
709.5 1,204.6
690.0 1 ,191.7
804.1
914.5
894 2
924.4
904.6
940.8
971.2
913.7
889.2
909.7
911.0
900.7
192 .3
199 s
196 .3
207 8
198 .6
198
190 8
198
207 .0
205 1
205 ,1
TABLE 4.—DECREASE IN U. S. BANKING FUNDS ABROAD, BY COUNTRIES
Netherlands
Switzerland
Italy
Other
Total
Europe Europe
76.9
17.6
18.1
77.8
18.3
77.9
18.3
77.7
78.0 -17.7
73.4 -132.3
55.7 -30.5
5.4
6.6
5.1
6.8
5.2
-1.7
1.1
25.8
26.2
26.2
26.2
26.2
10.6
5.5
250.5
253.5
256.8
231.5
235.1
226.9
190.9
-40.7
-40.3
-56.6
-50.9
-51.2
-40.4
-32.7
-12.7
-6.8
-6.2
7.0
6.8
1.7
1.1
.6
.5
.8
1.6
1.2
1.3
1.7
.3
1.0
1.9
6.0
10.1
7.4
10.3
9.6
8.2
10.8
7.0
1.9
5.1
3.4
3.5
170.4
172.9
155.0
162.4
161.5
184.9
203.5
207.8
212.5
224.3
226.9
225.7
Total
United
King- France
dom
1941—Dec. 3 1 . .
1942—Dec. 3 1 . .
1943—Dec. 31.
1944—Dec. 31.
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 31.
791.3
888.8
877.6
805.8
742.7
427.2
186.5
271.2
279.4
272.1
266.1
266.6
244.3
262.8
1948—June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31.
Nov. 30.
Dec. 31.
1949—Jan. 3 1 .
Feb. 28.
Mar. 31,
Apr. 30*>
May 31?
35.7
68.6
54.0
68.7
69.6
103.8
116.8
139.3
138.4
152.5
189.9
261 .4
270.4
270.3
268.4
271.1
271.1
273.7
267.5
267.7
265.0
258.2
274.0
260.4
From Jan. 2, 1935, through—
-47.9
-45.8
-44.1
-45.3
-43.9
-44.9
-39.9
-36.9
-37.3
-36.6
-35.3
-9.0
CanLatin
ada America
Asia
647.4
661.5
656.5
626.6
593.4
421.3
485.5
62.7
58.6
55.1
64.8
39.5
40.7
65.4
17.7
68.3
55.7
37.0
9.1
-58.8
-346.3
64.7
93.8
102.7
77.7
99.2
29.9
2.0
1.5
-5.8
-20.1
359.7
368.3
330.8
348.2
347.9
383.0
410.3
434.2
437.0
445.1
477.0
489.3
66.9
68.9
68.2
67.3
63.6
52.9
53.0
52.2
54.4
53.4
58.7
57.8
-376.2
-4.4
-356.1
-3.2
-343.9
10.0
-325.4 -12.0
-343.5
11.7
-342.4
22.0
-348.6
10.3
-338.7
.8
-345.1
-1.5
-337.1
-2.4
-337.9
-.9
-265.8 -12.4
-10.3
-9.2
-11.1
-9.4
-10.2
-11.7
-8.3
-9.1
-6.4
-6.6
-7.0
-7.6
All
other
All
other
-1.2
6.6
7.5
-.3
TABLE 5.—FOREIGN SECURITIES: RETURN OF U. S. FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of Foreign Securities Owned in U. S.)
From Jan. 2, 1935,
through—
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31..
31..
31..
31..
31..
31..
31..
1948—June 30..
July 31..
Aug. 31..
Sept. 30..
Oct. 3 1 . . .
Nov. 30..
Dec. 3 1 . .
1949—Jan. 3 1 , .
Feb. 28..
Mar. 3 1 . .
Apr. 30P.
May 31P.
International
institutions
Total
United
King- France
dom
Netherlands
Switzerland
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia
-249.3
855.5 127.6
848.2 125.4
925.9 127.6
1,019.4 126.5
972.8 117.7
1,237.9 96.8
1,526.2 94.9
51.6
52.4
50.6
51.0
51.2
50.2
47.1
31.5
31.6
33.0
33.6
33.0
26.0
-3.9
44.3
44.9
44.7
44.5
45.2
31.2
16.3
28.1
28.0
27.9
27.6
27.5
26.7
26.5
238.4
244.1
246.6
246.9
249.2
260.2
275.8
521.3
526.3
530.3
530.1
523.8
491.2
456.7
35.4
-3.0
41.2
104.9
49.1
236.6
441.8
221.1
245.4
272.3
302.0
317.1
448.4
537.6
61.2
61.5
62.2
61.3
60.8
61.1
61.6
16.6
18.0
19.9
21.0
22.0
.7
28.4
-249.3
-249.3
-249.3
-249.3
-249.3
-249.3
-249.3
-249.3
-249.3
-265.3
-265.3
-265.3
1,556.0
1,561.2
1,410.5
1,416.8
1,420.0
1,427.3
1,431.3
1,436.1
1,437.5
1,435.8
1,432.4
1,436.6
43.5
43.3
43.2
43.2
43.0
43.1
42.9
42.8
42.9
42.9
42.9
43.0
-6.7
-8.1
-8.7
-8.8
-8.6
-8.7
-9.1
-9.3
-9.4
-9.0
-9.7
-10.1
-8.6
-10.7
-13.9
-15.2
-16.3
-17.4
-19.0
-18.7
-17.9
-17.0
-16.4
-15.7
26.5
26.5
26.5
26.6
26.5
26.5
26.5
26.6
26.6
26.7
27.0
26.9
281.4
282.2
282.8
283.3
283.8
284.4
287.2
288.1
289.0
289.5
290.1
290.5
423.8
420.6
417.3
415.6
414.5
413.6
413.3
414.3
413.8
415.0
415.7
415.5
472.7
477.4
327.7
331.8
334.6
338.8
339.7
341.5
341.6
336.3
337.0
342.1
561.9
565.2
567.3
570.7
571.8
575.4
578.3
580.0
581.5
583.4
577.9
577.2
62.3
62.4
62.5
62.6
62.6
63.0
63.2
63.2
63.2
63.3
63.8
63.7
35.2
35.5
35.8
87.7
87.5
87.3
86.5
86.0
85.6
84.9
84.8
82.5
82.0
81.8
80.9
36.
36.5
36.6
36.9
37.1
37.4
37.8
38.0
38.1
Preliminary.
AUGUST 1949
1003
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 6.—DOMESTIC SECURITIES: INFLOW OF FOREIGN FUNDS, BY COUNTRIES
(Net Purchases by Foreigners of U. S. Securities)
International
institutions
From Jan. 2, 1935,
through—
Total
United
King- France
dom
Netherlands
Switzerland
-70.1
-77.6
-100.3
-125.4
-157.9
-194.9
-203.8
74.9
80.5
82.7
77.3
81.7
74.9
24.7
236.7
236.9
239.9
239.0
233.5
207.0
108.7
-202.3 41.3
-197.0 46.9
-196.2 48.0
-196.3 49.7
-195.5 51 2
-194.1 51.0
-194.7 58.1
-194.0 53.8
-190.4 53.3
-192.6 -51.6
-193.2 -52.6
-191.1 -55 .1
58.8
45.7
41.2
38.3
34.5
32.4
29.5
27.8
26.5
24.6
22.3
19.5
1941—Dec. 31..
1942—Dec. 3 1 . .
1943—Dec. 3 1 . .
1944—Dec. 31..
1945—Dec. 3 1 . .
1946—Dec. 3 1 . .
1947—Dec. 3 1 . .
74.5
626.7
673.3
701.1
911.8
798.7
464.5
292.4
1948—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1949—Jan. 31
Feb. 28
Mar. 31
Apr. 30 v
May 31 P
79.8
79.9
79.9
79.9
82.0
82.0
82 1
6
7.6
7.6
76
34.7
124.1
109.8
86.3
77.9
80.6
99.8
92.7
64.6
72.2
79.8
79.1
88.2
,
Italy
Other
Europe
Total
Europe
CanLatin
ada America
336.4
360.5
367.3
368.5
355.4
337.9
350.9
.6
1 9
2.2
2.1
-15.0
37.1
44.4
55.4
72.4
68.0
57.3
43.1
615.0
644.7
645.7
633.7
582.9
484.3
308.7
-44.7
-45.1
-58.2
-28.1
-126.6
-143 0
-139 8
297.3
298.2
294.8
295.9
300.2
312.2
311.0
314.9
317.8
324.4
331 .8
338.8
-15.1
-15.1
-15.3
-15.6
-15.3
-15.3
-15.0
-14.7
-14.7
-14.8
-15.2
-14.6
44.2
43.7
44.3
44.7
44.7
45.1
45.7
45.3
44.7
44.6
44.8
44.7
141 6
128.5
120.8
117.4
117.5
129.3
118.4
125.5
130.5
134.7
138.0
142.2
-132 6
-137 1
-147.2
-147.4
-142.6
-137.2
-132.3
-171.0
-168.7
-165.8
-170.6
-166.2
Asia
All
other
28.1
35.2
40.5
54.9
81.3
87.6
84.2
17.5
27.7
62.5
240.5
251.3
26.8
28.3
10.9
10.9
10.6
10.7
9.9
8.8
11.0
81.7
83.1
82.4
84.7
83.3
89.7
94.4
97.1
97.5
98.7
99.6
99.6
27.9
29.2
24.1
17,
15.9
11.3
5.1
5.7
5.4
4.9
5.0
5.0
5.5
6.1
6.2
6.2
6.5
6.6
7.2
7.3
7.5
7.3
7.2
7.7
Latin
America
Asia
All
other
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—
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—j[)ec
1946—Dec.
1947—£>ec
31
31
31
31
3i
31
31
1943—j u n e 30
July 3 1 . . .
Aug. 31
Sept. 30
Oct 31
Nov. 30 . . .
Dec 31
1949—j a n - 31
Feb 28
Mar. 31
Apr. 3 0 P
May 3 1 P
Total
United
King- France
dom
Netherlands
Switzerland
Italy
100 9
104.4
117 8
126 3
144.1
153 7
142.4
16 8
17.4
18 8
18 5
19.8
19 2
18.2
19 9
20.7
21 5
23.1
23.4
20 5
19.1
17 6
17.5
19 9
22.3
26.0
17 5
12.7
13 5
13.7
19 3
23.0
30.3
39 6
38.2
2
142.2
133.5
129.6
124.5
121.5
124 6
123 1
120.3
118.1
122.6
118.9
1
116.1
17.8
17.5
16.7
16.5
16.6
16.8
17 0
17 0
17.0
17.3
16.8
17.2
18.3
18.2
17.6
17.2
17.0
16.6
16 7
16.8
16.5
16.8
16.6
16.5
12 4
10.9
10.9
40.8
39.9
35.6
33.6
27.0
24.6
27 5
26 8
23.8
24 3
24.0
23.1
4
5
4
5
9.6
10.0
9.5
9 3
9.8
9.5
10.1
9.9
9.7
2
3
3
4
4
3
r
5
4
4
.4
5
.5
.5
Other
Europe
Total
Europe
Canada
77
8.5
92
10.4
13.6
14.7
14.2
75 7
78.1
89.1
97.7
113.6
112.0
102.7
14 1
15.2
17.6
16.2
19.5
21.5
19.6
11.1
11.4
11.4
11.6
11.4
10.9
11 0
10 5
10.7
10.3
11.1
11.0
100.8
98.3
92.6
89.1
82.6
78.9
81.9
81.3
77.9
79.3
78.8
78.0
20.6
20.2
19.3
19.6
18.4
18.6
19.6
19.6
18.8
19.2
19.9
20.1
3 9
4.2
3 8
6 3
6.0
6 0
5.1
5.6
5.9
13.4
12.9
12.6
7.7
10.0
8.3
13.0
19.7
14.0
11.7
13.4
15.4
11.9
10.5
.8
.9
1.3
1.8
3.8
4.8
6.6
1.3
2.0
.7
76
6.8
7.3
.6
.5
.5
7.0
.5
6.9
7.0
.6
.4
7.0
7.2
.6
.5
7.2
7.8
7.4
6.7
.8
.8
.7
.8
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES
[Amounts outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS
Date
International
institutions
Total foreign
countries 2
Official
1941—Dec. 3 1 . . .
1942—Dec. 3 1 . . .
1943—Dec. 3 1 . . .
1944—DeC- 31
1945—Dec. 3 1 . . .
1946—Dec. 3 1 . . . ' "473'.7
1947—Dec. 3 1 . . . 2,262.0
3,678.5
4,205.4
5,374.9
5,596.8
6,883.1
6,006.5
4,854.4
1,314.9
2,244.4
3,320.3
3,335.2
4,179.3
3,043.9
1,832.1
400.8
554.6
1,000.8
865.7
707.7
458.9
326.2
448.6
432.3
439.9
401.2
310.0
245.9
167.7
1,927.7
1,929.0
1,918.8
1,915.1
1,919.5
1,900 6
1,864.3
1,934.1
1,912.1
1,917.2
1,900.5
1,894.2
5,086.0
5,167.0
5,256.2
5,304.4
5,385.9
5,516.5
5,853.7
5,954.3
6,033.1
5,946.9
5,860.6
5,679.3
2,062.6
2,099.6
2,224.2
2,257.9
2,395.3
2,507.2
2,836.3
2,931.5
3,004.5
2,946.9
2,801.2
2,644.2
445.8
372.5
371.9
346.0
362.5
380.3
546.3
568.2
576.9
517.3
436.6
349.7
167.2
163.0
168.0
159.6
166.5
174.0
192.8
169.9
168.0
169.7
173.9
184.3
1948—June 30...
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30...
Oct. 3 1 . . .
Nov. 30 .
Dec. 3 1 . . .
1949 Jan. 3 1 . . .
Feb. 2 8 . . .
Mar. 3 1 . . .
Apr. 30P. .
May 3 1 P . .
Switzerland
Italy
Total
Other
Europe Europe
174.9
186.6
193.3
209.7
281.6
224.9
143.3-
339.9
184.2
210.6
239.3
304.2
372.6
446.4
15.4
12.1
11.3
27.3
70.4
267.9
153.1
614.6
650.9
728.6
774.5
909.1
850.5
739.8
1,994.0 373.2
417.7 780.0
2,020.7 507.4
597.7 930.0
693.7 1,108.8
2,584.5 812.6
909.3 1,069.2
2,517.8 926.5
2,583.0 1,522.2 1,046.4 1,549.7
•2,420.7 931.8 1,104.8 1,316.4
1,976.7 409.6 1.216.6 1,057.9
113.6
149.6
175.3
174.0
181.8
232.8
193.7
112.9
110.5
122.7
115.0
107.8
111.9
122.8
128.7
119.7
126.2
108.0
112.0
540.7
548.5
549.5
528.7
525.6
522.8
538.9
560.5
548.1
564.9
594.1
583.4
212.7
237.1
271.3
305.5
315.4
330.7
333.5
384.7
409.8
399.6
391.8
376.8
661.7
659.8
647.1
669.3
683.2
715.2
738.1
757.3
799 A
762.5
747.1
706.7
2,140.9
2,091.4
2,130.5
2,124.1
2,161.1
2,234.9
2,472.4
2,569.3
2,621.9
2,540.2
2,451.5
2,312.9
143.3
161.1
168.3
165.1
176.6
167.4
167.4
159.6
167.0
175.8
173 9
173.9
NethUnited
King- France erlands
dom
Official
and
private
Canada
591.5
616.7
656.4
686.0
701.8
765.1
775.2
835.7
858.2
871.2
817.4
797.9
Latin
America
Asia
1,225.6 984.7
1,202.7 1,095.2
1,226.2 1,074.8
1,224.3 1,105.0
1,261.2 1,085.2
1,227.7 1,121.5
1,287.0 1,151.8
1,295.4 1,094.4
1,316.1 1,069.8
1,269.4 1,090.3
1,326.1 1,091.6
1,313.3 1,081.3
All
other
P Preliminary.
Amounts outstanding May 31 (in millions of dollars): foreign brokerage balances in U. S., 63.6; U. S. brokerage balances abroad, 24.4.
Country breakdown is for "Official and private."
1
1
1004
FEDERAL RESERVE
BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
LIABILITIES TO FOREIGNERS—SUPPLEMENTARY DATA
Other Europe x
Date
Other
Europe
Belgium
Denmark
Finland
1942—Dec. 31 . .
1943—Dec. 31 . .
1944—Dec. 3 1 . . .
1945—Dec. 31 . . .
1946—Dec. 31 . . .
1947—Dec. 31. . .
650.9
728.6
774.5
909.1
850.5
739.8
121.8
122.9
124.3
185.0
159.5
124.9
17.7
13.9
14.8
25.9
66.5
52.8
7.9
7.7
7.1
5.5
22.2
30.5
1948—June
July
Aug.
Sept.
Oct.
Nov.
661.7
659.8
647.1
669.3
683.2
715.2
738.1
757.3
799.4
762.5
747.1
706.7
125.5
121.7
114.2
116.8
117.0
112.6
128.7
129.0
163.3
143.5
147.6
142.4
39.4
42.8
42,0
41.3
40.7
46.1
44.7
48 8
49.8
44.3
40.4
33.7
29.3
26.7
25.4
22.1
18.8
17.1
19.1
17 2
16.9
16.0
17.3
17.7
30 . . .
31. . .
31. . .
30. . .
31 . . .
30. . .
Dec. 3 1 . . .
1949—Jan. 31. . .
Feb. 28. . . .
Mar. 31 . .
Apr. 30P.. .
Mav 31 P.. .
GerLuxemmany2 Greece bourg
Norway
Portugal
Rumania
Spain
All
Sweden USSR Yugoslavia other
89.5
39.3
43.5
48.7
70.8
49.3
34.7
18.3
18.4
18.6
22.3
22.6
21.7
132.4
158.9
220.8
216.1
123.5
56.2
35.7
53.4
54.5
47.9
39.0
47.1
9.4
9.3
9.5
9.3
8.9
8.7
17.5
31.8
43,4
31.7
16.4
12.8
153.5
163.2
152.1
210.1
172.6
58.6
14.3
12.3
16.1
28.0
60.5
73.7
83.7
72.7
76.8
101.4
125.2
153.2
178.9
186.2
196.1
188.3
180.1
159.9
34.2
32.3
25.0
22.1
20.4
21.9
21.1
23.7
24.4
28.7
30.1
29.8
16.8
16.0
15.7
14.8
14.9
16.0
16.0
14.1
14.1
12.8
14.3
14.4
58.5
58.9
66.0
68.9
71.6
72,7
77 7
77 5
81.2
83.2
77.4
72.6
35.0
45.3
47.4
39.7
43.7
42.1
37.7
42.4
39.4
39.5
39.1
33.4
75
17.8
17.3
16.1
15.7
16.1
18.2
13.6
15.5
14.7
14.9
12.8
13.3
38.2
48.1
45.7
48.8
49.3
42.5
49.0
53.1
54.5
51.5
49.7
57.0
54.1
55.7
44.7
41.4
32.8
28.5
21.3
22.7
20.2
13.3
13.6
10.7
Cuba
French
West
Indies
and
Guiana
Panama
Peru
7.5
6.5
6.8
7.0
7.1
7.6
7 0
7.2
6.9
7.7
7.0
6.2
5.9
5.9
5 4
7.0
17.7
9.9
5.7
5.7
12,4
12.1
17.1
11.7
14.6
10.6
19.4
24.8
19.9
14.9
13.3
12.0
7.3
6.0
57.9
76.9
52.1
43 7
89 9
116 5
104.8
102.9
106.7
118.4
106.4
111.8
103.3
106.0
105.7
108 6
111 9
108.8
Latin America
NethLatin
Amer-
te
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
Argentina
597.7 67.6
31 . . .
31. . .
693.7 69 8
31. . .
909.3 93 9
1
31. . .
046.4 77 3
31. . . 1 104.8 112 6
1
31. . .
216.6 236 2
30. . . 1 225.6
31. . . 1 202.7
31. . . 1 226.2
1 7?4 3
30
31. . . 1 ,261.2
l ?,?7 7
N o v 30
Dec. 31. . . 1 ,287.0
1949—Jan. 3 1 . . . 1 ,295.4
Feb. 2 8 . . . . 1 ,316.1
Mar. 31 . . . 1 ,269.4
Apr. 3 0 P . . . 1 ,326.1
M a v 3U'... 1 ,313.3
1948—June
July
Aug.
Sept
Oct.
187
189
189
208
224
210
215
225
3
8
8
2
8
0
8
7
226.9
224 .7
223 .5
227 .4
Bolivia
10. 8
12.6
Chile
Bra
67 .7
98.7
17. 7
14. 5
14. 0
17. 8
140 .8
195 .1
174 . 0
104 .7
14. 3
12. 1
13. 0
12. 5
14. 4
16. 2
17. 1
16. 4
15 3
15 0
14 6
15 4
115 . 8
113 .8
117 .4
115 .7
122 .3
131 .3
123 .7
120 .1
118 .9
98 .3
126 .2
117 2
Colom
bia
Costa
Rica
er-
Mexico
lands
West
Indies
and
ica
Surinam
34 .5
54 .0
55 . 0
66 .3
50 .7
46 .3
43. 4
67. 1
83. 6
79. 2
57. 8
46. 1
12
12
7
6
7
7
4
2
4
9
7
3
100 . 3
70 .4
139 .3
128 . 3
153 .5
234 .7
4.9
2.6
4.4
7.1
5.4
2.4
95. 7
70. 4
83. 1
116. 4
152. 2
139. 2
20.7
41.2
36.0
28.2
16.1
14.9
36 .9
57 . 6
69 .1
88 .7
77 .2
70 .3
17 .7
17 A
27 .7
43 .9
53 .0
60 .2
55 .9
51 .5
48. 4
48. 7
46. 5
38. 9
46. 2
50. 5
54. 0
55. 5
49. 1
42 4
39 2
45 7
10
9
8
7
6
8
8
9
10
10
10
7
0
0
6
2
9
0
9
7
6
4
7
5
228 .8
225 .6
234 .9
231 .2
221 .4
217 .3
219 . 4
218 .8
226 .0
224 .5
229 .2
167 .8
.9
1.1
1.0
.8
.8
1.2
1.2
.9
.9
126. 2
135. 4
152. 6
150. 7
148.9
.7
.7
144 9
138 3
157 5
18.1
18.4
17.8
21.5
23.3
22.3
24.3
24.8
25.5
23.9
24.6
24.8
79 .7
73 .1
70 .7
67 .7
71 .0
69 .8
71 .8
72 .2
72 .8
78 .8
76 .9
73 .4
38 .4
45 .1
48 .4
50 ,4
52 .1
50 5
52 .6
51 .0
50 . 4
46 .0
50 .3
53 .0
58.3
52 .9
55 .6
54 .5
56 .0
52 .0
62 .1
54 .8
.6
Other
Vene- Latin
zuela Amer-
145 7
146. 7
142 9
138.6
40.9
41 . 8
20
24
31
49
74
78
9
2
5
7
0
0
64.2
95.4
119.8
144.8
168.7
176.8
110
76
76
88
97
3
0
7
7
5
194.3
194.5
192.9
179 3
173.3
174 2
174.0
180.6
195.7
194 5
195.0
196.9
77 9
121
122
129
113
134
171
7
4
6
4
9
3
Asia and All Other 1
Asia
Date
Egypt
China
BritPhiland French Union
and French Hong
Aus- New Angloish
ippine
IndoTurOther
All
of
Man- Indo- Kong India Ma- Japan nesia Re- key
tra- Zea- Egyp- Mo- South
Other
3 other
Asia
chu- China
lia land tian rocco Africa
laya
public
ria
Sudan
1942—Dec. 31 . . .
1943—Dec. 3 1 . . .
1944— Dec. 31. . .
1945—Dec. 31. . .
1946—Dec. 3 1 . . .
1947—Dec. 31. . .
930.0
L.108.8
1,069.2
1,549.6
1,316.4
1,057.9
360.9
574.2
427.3
582.3
431.9
229.9
27.4
27.4
27.4
28.0
39.9
1948—June 3 0 . . .
July 3 1 . . .
Aug. 31. . .
Sept. 30. . .
Oct. 3 1 . . .
Nov. 30. .
Dec. 31. . .
1949—Jan. 31. . .
Feb. 2 8 . . .
Mar. 31. . .
Apr. 30P. . .
May 3 1P...
984.7
1,095.2
1,074.8
1,105.0
L.085.2
,121.5
1,151.8
,094.4
,069.8
,090.3
,091.6
1,081.3
142.8
158.2
146.4
181.7
154.6
194.1
216.2
190.1
182.2
179.0
161.6
146.7
5.2
5.3
5.9
5.3
6.4
5.7
7.8
8.2
8.3
7.7
7.8
5.5
41.6
23.9
22.9
27.4
44.9
6 . 5 39.8
48.1
49.7
47.2
49.0
43.3
48.7
51.1
57.3
52.9
53.4
52.5
55.7
13.1 1.0
.9
18.2
22.1 1.3
33.4 1.2
43.5 17.3
62.4 11.0
73.4
63.5
50.6
44.8
40.9
44.7
51.8
42.4
42.8
52.0
52.6
55.5
9.6
15.6
14.7
15.8
13.9
9.7
12.9
11.4
10.1
10.5
12.3
12.2
160.4
110.1
110.5
113.7
16.6 127.1
31.3 69.3
4.8
5.1
3.5
4.3
8.0
5.9
6.8
6.1
7.3
12.1
10.3
18.9
20.8
25.0
10.0
14.9
10.1
79.1 34.7 464.6 23.1 104.3 143.3 18.7 3 . 6
79.2 32.9 517.4 21.1 152.3 161.1 23.8 3 . 7
76.8 36.7 521.7 22.4 152.5 168.3 22.0 5 . 5
74.2 51.9 496.1 24.4 161.9 165.1 18.7 6 . 9
76.8 54.0 508.4 18.0 168.9 176.6 19.1 5 . 3
77.9 50.1 502.0 18.0 170.7 167.4 20.2 5 . 3
81.4 41.5 488.3 17.5 183.3 167.4 22.2 5 . 3
91.6 41.0 450.4 18.7 183.4 159.6 17.5 4 . 3
121 .6 38.8 402.5 19.5 191.2 167.0 17.5 4 . 7
128.4 34.7 413.6 20.6 190.5 175.8 17.4 4 . 6
119.5 33.4 426.6 17.3 208.1 173.9 15.5 4 . 8
132.7 31.5 407.4 20.2 213.9 173.9 21.8 5 . 7
27.3
33.2
42.6
36.3
36.8
30.9
27.7
24.2
25.5
37.0
37.9
42.5
8.9
9.3
10.9
11.1
11.0
11.9
12.2
11.4
11.5
11.2
11.1
14.8
14.0
15.7
12.4
4.8
4.1
4.0
4.1
254.7
259.1
365.8
629.1
446.6
488.6
29.9
35.4
23.7
52.5
54.7
37.6
36.2
55.5
64.2
78.0
93.8
81.5
149.6
175.3
174.0
181.8
232.8
193.7
23.1
25.3
52.9
28.9
45.5
30.6
4.3
91.8
124.1
97.6
113.4
47.2 96.4
46.4 75.8
11.0
4.5
8.3
6.4
8.6
8.8
10.8
15.8
12.6
12.3
15.1
10.0
12.3
75.5
73.7
74.6
83.5
94.7
87.9
84.9
89.4
95.8
90.6
91.1
77.7
P Preliminary.
Breakdown not available for most of these countries until June 30, 1942.
Beginning March 1947, figures include balances in accounts opened by occupation authorities for foreign trade purposes.
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
1
2
8
AUGUST
1949
1005
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
CLAIMS ON FOREIGNERS
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
United
King- France
dom
Total
Date
31...
31...
31...
31...
31...
31...
31...
1948—June 30...
July 3 1 . . .
Aug. 3 1 . . .
Sept. 30...
Oct. 3 1 . . .
Nov. 30...
Dec. 3 1 . . .
1949—Jan. 31. . .
Feb. 28. . .
Mar. 3 1 . . .
Apr. 30P. .
May 31P. .
Netherlands
Switzerland
1.1
.5
.4
.3
2.6
1.5
3.0
1.3
2.9
9.8
7.0
6.5
7.0
7.5
7.6
7.4
6.5
6.9
6.8
6.4
7.8
7.1
6.2
367.8
246.7
257.9
329.7
392.8
708.3
948.9
20.9
12.6
19.9
25.9
25.4
47.7
29.2
23.4
36.3
151.0
49.1
1,099.8
1,066.9
1,081.5
1,066.8
1,065.9
1,031.7
1,018.7
996.1
997.1
983.0
945.6
874.1
21.6
21.7
23.6
20.9
20.9
18.3
24.5
24.3
27.0
33.8
18.0
31.6
127.0
124.9
123.1
124.3
123.0
124.0
119.0
116.0
116.4
115.7
114.4
88.1
59.3
58.9
75.3
69.5
69.8
59.1
51.4
31.4
25.4
24.9
11.7
11.8
1.8
1.3
1.1
1.4
1.1
5.7
Other Total
Europe Europe
Canada
Latin
America
Asia
16.0
21.1
60.5
56.3
52.9
78.3
74.6
82.8
118.9
88.4
72.6
77.6
107.5
140.7
312.9
248.6
33.6
34.3
37.8
28.1
53.3
52.2
27.5
148.3
99.7
112.2
131.0
158.9
226.8
514.3
87.9
35.3
26.3
51.4
29.9
99.2
127.0
17.2
31.5
20.6
16.5
19.1
16.3
17.0
18.3
15.8
19.6
24.7
21.4
23.1
23.1
139.4
136.9
154.8
147.3
148.3
124.9
106.3
102.0
97.3
85.5
82.9
84.1
374.4
365.9
403.3
385.9
386.2
351.1
323.8
300.0
297.2
289.1
257.2
244.8
26.0
23.9
24.7
25.6
29.3
40.0
39.8
40.7
38.5
39.5
34.2
35.0
544.2
524.1
511.9
493.4
511.5
510.4
516.6
506.7
513.1
505.1
505 9
433.8
133.5
132.3
119.1
141.0
117.3
107.1
118.8
128.3
130.6
131.4
130.0
141.4
21.7
20.6
22.5
20.8
21.6
23.1
19.7
20.5
17.8
18.0
18.4
19.0
Italy
1.5
.4
.4
.3
.3
All
other
9.7
4.8
3.9
11.7
9.9
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Other Europe x
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31.
31.
31.
31.
31.
31.
1948—June 30.
July 31.
Aug. 31.
Sept. 30.
Oct. 31..
Nov. 30.
Dec. 31.
1949—Jan. 31.
Feb. 28..
Mar. 31..
Apr. 30P.
May 31P
Other
Europe
Belgium
56.3
52.9
78.3
74.6
82.8
118.9
.8
.7
.7
.6
7.5
15.0
139.4
136.9
154.8
147.3
148.3
124.9
106.3
102.0
97.3
85.5
82.9
84.1
18.6
18.5
20.0
17.7
21.0
21.3
21.4
20.4
18.5
18.1
16.5
18.3
Denmark
Finland
Germany
Greece
5.6
7.6
6.2
8.0
34.0
33.9
33.9
33.9
30.4
30.5
1.1
.6
.6
.7
12.4
10.6
5.7
5.3
4.6
3.8
3.4
3.3
3.4
3.8
4.2
3.0
3.9
4.9
30.4
30.4
30.4
29.5
33.6
30.4
30.5
29.6
29.5
29.8
29.6
29.8
4.7
4.6
4.1
3.3
3.6
3.5
1.2
.9
.8
.9
1.0
Luxembourg
8
.3
<•)'
Norway
Portugal
.2
.2
35.1
31.6
3.3
9.2
2.4
1.4
.8
.5
1.0
1.1
11.6
12.7
17.2
24.2
27.3
14.9
8.4
14.8
14.9
8.7
8.3
8.7
1.0
.9
.8
.7
.7
.5
.7
.7
.6
.6
.5
.5
Ru:
mania
.1
(*)
(*)
8
(s)
()
Spain
Sweden
Yugo- All
USSR slavia other
3.2
3.2
1.8
1.6
7.2
.9
.4
.2
.2
.9
4.9
5.4
8.4
5.0
5.1
4.7
9.4
35.8
3.3
2.5
3.3
5.4
5.5
2.7
2.9
1.2
1.8
1.6
2.8
4.8
5.2
7.2
5.2
2.3
6
0
4
5
3
5
4
1.4
55.3
54.1
51.2
48.1
39.1
38.5
29.7
27.4
24.3
19.7
17.4
14.1
Latin America 1
Date
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
31
31
31
31
31
31
1948—June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31
1949—Jan. 31
Feb. 28
Mar. 31
Apr. 30 P
May 31 P
Latin
BoAmer- Argentina livia
ica
Brazil Chile
Colombia
Costa
Rica Cuba
99.7
112.2
131.0
158.9
226.8
514.3
6.9
15.3
3.1
21.0
41.8
65.2
3.0 16.7
1.8 18.9
1.8 25.3
1.3 24.7
2.3 49.8
2.0 165.8
15.3
16.6
9.0
6.6
14.6
27.8
20.7
12.2
15.5
16.8
26.4
32.6
.6
8.3
.7 20.1
1.2 47.4
1.2 33.3
2.9 25.7
3.5 108.6
, 544.2
524.1
511.9
493.4
511.5
510.4
516.6
506.7
513.1
505.1
505.9
433.8
58.7
62.2
61.2
62.0
63.8
66.8
72.4
65.7
67.2
62.3
58.0
58.9
2.5
3.6
3.0
2.5
2.9
2.4
2.7
2.9
2.2
2.6
2.5
2.6
21.6
18.7
17.5
19.1
21.0
18.8
15.2
15.4
16.0
15.4
15.0
12.5
48.0
45.6
42.5
40.2
39.8
33.7
32.6
31.2
29.3
30.0
32.0
37.9
2.2
1.8
1.5
1.3
1.1
1.5
1.9
2.3
2.2
2.8
2.9
2.6
187.6
179.1
178.7
173.3
175.0
179.8
165.4
171.4
178.7
167.0
175.3
159.5
90.5
78.7
67.6
61
65.5
72.5
83.1
84.0
81.9
84.9
79.3
20.6
NetherFrench
lands
West
West PanaIndies
Indies
Mexico
and
ma
and
GuiSuriana
nam
Peru
8
8
8
8(22)
((*))
Other
Vene- Latin
zuela America
4.8
11.2
8.6
11.0
25.5
52.2
.3
.5
.3
.5
.8
1.1
2.1
1.1
.8
1.1
1.3
4.7
2.8
1.4
1.2
1.9
3.7
4.3
3.9
3.8
5.1
6.1
8.7
15.3
14.2
8.7
11.7
33.4
23.1
31.0
73.4
72.4
76.1
72.3
76.6
70.4
73.8
70.5
71.8
75.8
74.7
69.6
1.3
1.6
1.4
1.2
1.3
1.0
1.5
1.4
1.2
1.2
1.3
1.3
4.4
4.2
3.6
4.1
4.0
3.9
4.6
4.3
4.3
4.3
4.4
4.4
4.1
3.5
4.2
3.9
4.2
4.2
4.4
4.9
5.1
5.8
5.5
6.0
19.9
20.7
20.8
18.8
20.8
18.2
26.0
23.4
24.3
23.6
24.7
25.7
29.9
32.0
33.8
33.2
35.5
37.1
32.7
29.4
28.8
29.4
30.3
32.1
» Preliminary.
Breakdown not available for most of these countries until June 30, 1942.
Less than $50,000.
1
2
1006
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES—Continued
SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES,
BY COUNTRIES—Continued
[Amounts outstanding, in millions of dollars]
CLAIMS ON FOREIGNERS—SUPPLEMENTARY DATA
Asia and All Other 1
Egypt
China
Philand French Union
Britand French
New Angloish Japan Indo- ippine Tur- Other All Ausof Other
India
Asia Man- Indo- Hong
traZeaMoEgypManesia
key
Asia*
other
Kong
chu- China
lia land tian rocco South
laya
public
Africa
ria
Sudan
Date
1942—Dec. 31
1943—Dec. 31
1945—Dec. 31
1946—Dec. 31
1947—Dec. 31. . . . .
1948—j u n e 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 31,
1949—j an# 3i
Feb. 28
Mar. 31
A p r . 30 P . . . .
May 31 P
35.3 11.1
1.7
26 3
1.5
51.4
29 9
1.0
99.2 53.9
127.0 40 8
133 5
132.3
119 1
141.0
117.3
107 1
118.8
128.3
130 6
131.4
130 0
141.4
55.5
56.7
46.2
65.5
39.0
25.2
24.2
22.7
21.6
19.7
18.2
18.0
2.2
2.0
22.3
.9
.7
.5
.9
1 0
7.5
.1
.1
5.9 12.0
2.6 29.6
.2
.9
4 6 28.1
3.5 22.2
3 9 20.2
3 . 5 19.5
3 . 1 20.0
3 . 5 20.2
3 . 4 20.4
5.2 21.3
3 7 20.9
4.3 20.4
4 8 20 9
6 . 4 20.0
1.1
1.0
.8
(3)
(3)
8
00
6
.4
2
.1
.1
3
.1
.5
2
.4
4
.2
1.0
.4
.5
.4
.6
.9
.5
.7
.7
.5
.5
.5
.5
.2
.9
L.6
1 7
1.1
1.5
2.0
7.6
6.1
7
.9
4
7.8
4
1 9
15.9
22.9
27.7
34.9
34 3
37.4
4
L.O
.5
S
5.2
) 1
1 .1
1 ?
.5
14.4 1L.8
13.9 \ 7
8
13.8
13.8 > 0
20.2 1.4
27.4 17.7
2.0 4.8 1.0
.7
1.8 3.9
.2
6s
8.8 11.7
.2
2.7 9.9 1 7 .7
4.4 17.2 3.4 1.1
6.3 31.5 9.0 1.5
.1
.1
.2
3
.4
.1
.7
31.7 ? 0 8.0 21.7
32.4 1.5 11.3 20.6 2.2
.6
33.2 » 0 10.3 22.5 ^ 6 .7
8 11.9 20.8 3 8 1.1
29.5
6 12.5 21.6 3 9
34.2
.6
7 11.1 23.1 3 5
36.3
.6
37.3
4 13.8 19.7 4 7
.5
33.8 L.4 16.7 20.5 5.4 1.1
6 19.1 17.8 5 1
33.8
.5
31.7 L.I 17.2 18.0 5.8
.7
8
30 5
5 17.7 18 4
31.9 I 1 23.3 19.0 5.3
.8
1
.5
2 2
.2
.3
.2
.4
.5
.4
.3
5
.4
o
.5
1.7
2 4
9 7
4 7
10.1
14.4
1.2
.7
1.0
2 5
2.2
6.0
2
.2
2
.1
.2
3
.2
.2
.4
.2
3
.6
12 0
11.1
9 9
9 7
11 1
11 7
7 9
6.4
5 1
4.1
4 3
5.3
6 5
6.0
5 9
5 9
5.5
6 8
6.1
6.9
6 3
6.9
7 0
6.6
(3)
1
J
» Preliminary.
1
Breakdown not available for most of these countries until June 30, 1942.
8
Beginning January 1948, includes Pakistan, Burma, and Ceylon, previously included with India.
' Less than $50,000.
GOLD PRODUCTION
OUTSIDE U. S. S. R.
[In millions of dollars]
Production reported monthly
Year or
month
1941
1942
1943
1944
1945
1946
1947
1948
Estimated
world
production Total
outside
reported
U.S.S.R.i monthly
South
Africa
1,110.4
982 1
774.1
701.5
683 0
697.0
705.5
'728 1
504.3
494 4
448.2
429.8
427 9
417.6
392.0
405.5
'61.0
r
60 0
'•64.4
'62 2
'61.6
'61.1
'60 5
'60.2
58 3
56.4
34.4
33 9
34.5
33.7
33.3
33.4
33.2
33.1
32.9
31.0
34.6
33 4
34.3
1,265.6
1,130 1
880.5
794.1
745 4
762.2
1943—Mav
June
July
Aug.
Sept
Oct.
Nov
Dec
^949—j an>
Feb
Mar
.. .
May. .
Africa
Rhodesia
West Belgian United
Africa2 Congo3 States4
North and South America
Canada
Mexico
Colombia
Chile
$1=1 5«/n erains of gold 9/iofint ; *'. e., att ounce Ojffinegolti =$35.
23.0
28.0
9.3
19.6 209.2 187 A
27.8
32 A
6.4
20.9
28.0
18.0 131.0 169.4
26.6
29.2
22.1
6.1
19.8
48.8 127.8
15.8
23.0
19.7
7.1
19.4
20.7
18.4
17.8
35.8 102.3
12.7
6.3
17.7
17.5
32.5
94.4
12.1
19.9
18.9
14.7
99.1
8.1
15.3
51.2
11.6
19.1
20.5
18.3
5.9
13.4
16.3
75.8 107.5
10.8
19.3
12.9
'70.9 123.5
11.1
18.0
23.4
11 7
5 7
1.3
10.0
.9
'5.9
.9
1.5
1.9
.6
r
1.0
.9
10.2
1.9
.7
5 5
1.5
.5
10.4
1.2
2.3
'6.0
.9
1.6
.4
2.0
1.0
.4
.6
10.7
1.0
1.4
2.0
'7.4
.9
1.0
.4
1.1
'7.2
10.3
2.1
1.5
.4
.9
1.0
10.7
1.6
2.0
.9
1.2
.9
2.1
.5
'5 1
10.9
1.5
1.0
11.4
.8
.4
'4.8
.9
2.0
1.6
3.9
.7
1.0
1.1
1.5
2.0
.7
10.8
1.4
1.0
3.9
1.5
2.0
.3
10.8
1.1
12.0
1.1
1.6
2.0
1.1
5.5
.5
1.0
1.9
5.7
11.4
5.6
1.9
1.1
Other
Nica- Austraragua*
lia
India«
52.4
40 4
26.3
23.0
23 0
28.9
32.8
31 2
10.0
9 1
2.4
2 8
3.8
2 6
2.5
2.6
2 7
2 8
2 4
.5
5
.7
6
.6
.6
2.4
.5
7.5
8 6
7.7
7.9
7.0
6.4
7.4
7 8
.6
6
.6
.7
.7
.7
.6
.6
.7
.6
.6
6
.6
8.8
6.6
5 9
4.6
6.1
6 5
.6
5
.6
r
Revised.
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934, 135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
1
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.
3 Reported by American Bureau of Metal Statistics.
^ Includes Philippine production received in United States through 1945. Yearly figures are estimates of United States Mint. Monthly
figures are estimates of American Bureau of Metal Statistics, those for 1948 having been revised by subtracting from each monthly figure $214,952
so that
aggregate for the year is equal to the yearly estimate compiled by the United States Mint.
5
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
6
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.
AUGUST
1949
1007
REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United States
End of month
TreasTotal *
ury
Argentina 2
Belgium
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec,
1946—Dec...
1947—Dec...
22,726
21,938
20,619
20,065
20,529
22,754
22,739
21,981
20,631
20,083
20,706
22,868
614
838
992
1,197
1,072
322
735
734
1948—July..
Aug..
Sept..
Oct.. .
Nov..
Dec...
1949—Jan...
Feb...
Mar..
Apr...
May.
June..
23,679
23,725
23,872
24,004
24,166
24,244
24,271
24,290
24,314
24,332
24,342
24,466
23,820
23,927
24,060
24,203
24,353
24,399
24,448
24,464
24,468
24,461
24,511
24,637
201
196
166
141
140
637
643
643
644
634
624
633
635
641
647
665
704
End of month
Hungary
Italy
India
24
34
274
274
274
274
274
274
34
92
128
131
127
127
141
118
24
24
28
58
34
34
34
34
34
35
35
35
35
35
35
35
264
264
264
264
261
256
251
247
247
247
247
247
127
127
124
124
124
124
124
124
124
124
58
58
58
60
70
96
96
96
96
96
112
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Dec...
24
24
24
1948—July. .
Aug..
Sept..
Oct.. .
Nov..
Dec...
1949—Jan.. .
Feb...
Mar..
Apr...
May.
June. .
Sweden
Switzerland e
Turkey
1942—Dec...
1943—Dec...
1944—Dec...
1945—Dec...
1946—Dec...
1947—Dec...
335
387
463
482
381
105
824
965
1,158
1,342
1,430
1,356
1948—July. .
Aug..,
Sept..
Oct...
Nov..
Dec...
1949—Jan...
Feb...
Mar..
Apr...
May.
June .
81
81
81
80
81
81
80
80
80
80
71
1,322
1,332
1,371
1,372
1,383
1,387
1,390
1,394
1,408
1,412
1,432
End of month
716
735
597
6
United
Kingdom 7
Brazil Canada8 Chile
115
254
329
354
354
354
161
230
300
361
543
294
36
54
79
82
65
45
354
354
317
317
317
317
317
317
317
317
317
360
368
378
388
398
408
416
415
415
407
417
428
44
44
44
44
43
43
44
44
44
43
44
Java
5
Colombia
Cuba
25
59
92
127
145
83
16
46
111
191
226
279
65 201
180
39
203
222
294
181
100
506
500
500
270
265
231
23
23
23
23
23
23
43
44
183
172
172
171
170
166
166
166
166
166
166
166
23
23
23
23
23
23
23
23
23
23
24
178
178
178
178
Bank
Inter- for
In16
ternaother national
tional
coun-8 Monetary
tries
Fund Settlements
Uruguay
Venezuela
114
161
221
241
237
170
89
121
157
195
200
175
68
89
130
202
215
215
138
172
190
192
195
198
164
161
160
160
160
162
162
162
162
161
161
198
187
181
172
166
164
164
164
164
164
164
304
304
304
304
324
323
323
323
323
323
323
323
215
216
216
216
215
219
222
226
P231
P231
P231
P231
15
1,356
1,400
1,403
1,403
1,403
1,410
1,436
1,436
1,436
1,436
1,436
21
45
37
39
32
30
31
31
38
37
44
36
36
41
49
50
55
55
*> Preliminary.
1
Includes gold in Exchange Stabilization Fund. Gold in active portion of this Fund is
not included in regular statistics on gold stock (Treasury gold) used in the Federal Reserve
statement "Member Bank Reserves, Reserve Bank Credit, and Related Items" and in the
Treasury
statement "United States Money, Outstanding and in Circulation, by Kinds."
2
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.
3
Figures as reported by Foreign Exchange Control Board and Minister of Finance.
4
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.
*6 Figures are for following dates: 1942—Jan. 31; 1946—Mar. 31; and 1947—Mar. 31.
Beginning December 1943, includes gold holdings of Swiss Government.
7
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange
Equalization Account during 1939.
8
These countries are: Algeria, Belgian Congo, Bolivia, Bulgaria, Costa Rica, Dominican
Republic. Ecuador, Eire, El Salvador, Ethiopia, Finland, Guatemala, Iceland, Nicaragua,
Pakistan beginning July 1948, and Thailand. Figures for certain of these countries have
been carried from last official reports.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 160, pp. 544-555,
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.
1008
61
61
61
61
61
289
289
289
289
289
289
289
289
289
New
Mexico Netherlands Zealand
216
Czecho- Denslomark
vakia
Egypt
France
Ger-
Greece
44
44
44
38
38
32
52
52
52
52
53
53
2,000
2,000
1,777
1,090
796
548
29
29
29
28
28
28
32
32
32
32
32
32
32
32
32
32
32
53
53
53
53
53
53
53
53
53
53
548
548
548
548
548
548
548
548
548
548
523
523
Rumania
South
Africa
Spain
203
260
267
634
706
814
914
939
762
42
91
105
110
111
111
338
307
269
234
194
183
187
182
166
175
166
P149
111
111
111
111
111
111
111
111
101
96
Norway
Peru
80
91
72
25
31
32
28
24
20
66
65
65
58
52
52
52
52
52
52
52
Portugal 4
269
245
193
P21S
174
172
169
167
163
158
154
150
20
20
20
20
20
20
20
20
20
20
146
Government gold reserves 1 not included in
previous figures
End of month
1942—Dec
1943—Dec
1944—Dec
1945—Dec
1946—June
Dec
1947—Mar
June....
Sept . .
Dec
1948—Mar
June....
Sept
Dec
1949—Mar
United
Kingdom
2 2,354
2
2,341
2 2,196
2
2,587
2 2,345
2 2,382
2
2,341
2
2,035
2
2,200
2
1,886
2
1,733
2
1,822
2
1,874
France
214
457
Belgium
17
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. K.—Exchange Equalization
Account; France—Exchange Stabilization Fund
and
Rentes Fund; Belgium—Treasury.
2
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. 1004.
NOTE.—For details regarding special internal
gold transfers affecting the British and French
institutions, see p. 1010, footnote 4, and p. 1011
footnote 6. For available back figures, see
Banking and Monetary Statistics, p. 526, and
BULLETIN for January 1949, p. 86; November
1947, p. 1433; June 1947, p. 755; February
1945, p. 190.
FEDERAL RESERVE
BULLETIN:
N E T GOLD IMPORTS TO UNITED STATES, BY COUNTRIES
[Net gold exports from United States (—).
In millions of dollars]
Gold valued at approximately $35 a fine ounce
Year
or
month
Total
1942
1943
1944
1945
1946
1947
1948
United
Kingdom
Belgium
2.0
315.7
1
68 9
-845.4
-695.5
-106.3
.2
311.5
.5
1,866.3 I 488 4
1 680 4 [1 095 4
1948—june
Julv
Aug.
Sept
Oct
Nov.
Dec
. .
1949__jan
Feb
Mar.
Apr
M^ay
June?
177.7 |
266 7
39.1
53 3
121 6
54 2
88.0
177.8
178 0
4.4
1 .2
40 7
66.2
21 5
19 8
13.6
9 5
6.9
20.3
France
Netherlands
Sweden
11.3
33.7
27.9
—4 5
28.0
162.9
34 4
135 5
208.9
66 9
46.2
53.1
344.1
445 4
—29 7
11 2
5 7
5 8
60.9
-134.0
335 5
103 3
6 9
5.9
23 7
20 5
3
3
5
.4
3
3
1
i
NET GOLD IMPORTS TO UNITED STATES
1942
1943
1944
1945
1946
1947
1948
16.3
14.6
-10.8
7 0
-8.0
-17.1
7.3
1948—June. .
July...
Aug.. .
Sept...
Oct....
Nov.. .
Dec.. .
.7
.8
.5
.3
.2
.5
.6
1949—Jan....
Feb...
Mar. .
Apr
May. .
June P.
.7
.6
4
.5
.4
.8
.5
.2
.2
.1
.1
.6
China
Gold stock at
end of period
South
Africa
All
other
countries
4.1
.3
3.6
.4
118.6
410.7
491.5
8 9
.8
30.2
.5
1.3
-18.6
1-63.5
-.1
-.1
-.1
-.3
-.1
.1
40.8
40.5
60.6
33.5
52.0
57.3
47.1
-1.2
-1.1
-6.4
2
-25.0
2
-6.6
2 -4.2
-3.0
.4
.2
— 2
-.2
.3
— .1
46.7
21.1
21 3
19.4
6.3
9.5
-.2
-1.8
—4 3
-5.2
— .6
-4.5
Philippine
Republic
.3
-9.5
-11.9
-134.0
-55.8
-14.0
.1
A
— .2
-3.5
-2.5
.1
-5.2
P Preliminary.
1
Includes $39,190,000 to Switzerland, $10,691,000 to Greece,
$8,347,000 to French Indo-China, and $5,272,000 to other countries.
2
Includes exports to Switzerland as follows: September, $23,747,000;
October, $6,360,000; November, $3,488,000.
NOTE.—For back figures see Banking and Monetary Statistics,
Table 158, pp. 539-541, and for description of statistics, see p. 524
in the same publication.
AUGUST 1949
Venezuela
21 0
25 1
40.0
—3 3
-109.7
15.1
3.6
—7 1
15 8
8.7
7 5
7.7
7.4
7.3
7 6
7 9
1.0
5 0
3.0
2 0
2 0
1.0
1.0
.2
3 9
9.7
1
3
.3
.3
.6
7
.6
8
7
.6
.6
-30.0
1.0
.4
4
3
4
3
.3
.7
6
6
6
4
.6
-4.0
1 0
3.0
2 0
Period
Year or
month
Nicaragua
4.0
2 2
-55.3
-56.1
.2
— 8
— 136 1
-40.0
-16.0
-20.0
— l
In millions of dollars]
Gold valued at approximately $35 a fine ounce
Other
Latin
AusAmerican tralia
Republics
10.6
Mexico
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
BY COUNTRIES—Continued
[Net gold exports from United States (—).
Colombia
.1
— 10 8
-50.3
— 12 0
30 5
.7
7
3
8 8
.5
1 4
5 2
5 7
Argentina
U.S.S.R. Canada
Treasury
1942
1943
1944
1945
1946
1947
1948
Total
l
22,726 22,739
21,938 21,981
20,619 20,631
20,065 20,083
20,529 20,706
22,754 22,868
24,244 24,399
23,679
23,725
23,872
24,004
24,166
24,244
24,271
24,290
24,314
24,332
24,342
June.. 24,466
J u l y . . *>24,520
1948—July...
Aug.. .
Sept...
Oct...
Nov.. .
Dec. . .
1949—Jan. . .
Feb...
Mar...
Apr. . .
May. .
23,820
23,927
24,060
24,203
24,353
24,399
24,448
24,464
24,468
24,461
24,511
24,637
^24,704
Earmarked
Net
Increase
Domesgold:
degold
imin total
tic gold
crease
port or
gold
producor inexport
stook
tion 8
crease
(-)
(-)
-23.0
—757.9
-1,349.8
-547.8
623.1
3
2,162.1
1,530.4
315.7
68.9
-845.4
— 106.3
311.5
1,866.3
1,680.4
78.8
107.0
133.4
143.2
149.1
46.2
49.5
16.2
3.6
-6.5
49.7
126.1
P67.2
266.7
39.1
53.3
121.6
54.2
88.0
66.2
21.5
19.8
13.6
9.5
6.9
(4)
-458.4 125.4
—803.6
48 3
-459.8
35.8
—356.7
32.0
51.2
465.4
210.0
75^8
— 159.2 r 70.9
-188.4
59.5
98.1
1.0
99.7
-45.9
-2.7
-22.2
-16.7
-17.7
37.8
121 .6
5 -19.9
r6.0
r
7A
'7.2
r
6.3
'5.1
'4.8
3.9
3.9
5.5
5.7
5.6
5.5
(4)
r
l
P Preliminary.
Revised.
See footnote 1 on opposite page.
2
Yearly figures are estimates of United States Mint. For explanation of monthly figures see table on p. 1007.
3
Change includes transfer of 687.5 million dollars gold subscription to International Monetary Fund.
4
Not yet available.
5
Gold held under earmark at the Federal Reserve Banks for foreign
account, including gold held for the account of international institutions, amounted to 3,697.5 million dollars on July 31, 1949.
Gold
under earmark is not included in the gold stock of the United States.
NOTE.—For back figures and description of statistics, see Banking
and Monetary Statistics, Table 156, pp. 536-538, and pp. 522-523.
1009
INTERNATIONAL MONETARY FUND AND INTERNATIONAL BANK
FOR RECONSTRUCTION AND DEVELOPMENT
[Millions of dollars]
1948
International Fund
International Bank
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
Oct.1
Apr.i
Jan.i
1,436
1,436 1,403 1,363
1,341 1,391 1,434 1,450
4,186 4,024 4,014 3,992
1,069 1,181 1,183 1,171
(2)
(2)
(2)
8,034 8,034 8,036 7,976
—2
-1
-2
1949
Net currency purchased 3
(Cumulative—millions of dollars)
June
33.0
15.0
Belgian francs
Brazilian cruzeiros
Chilean pesos
Costa Rican colones
Czechoslovakian koruny.
Danish kroner
Egyptian pounds
Ethiopian dollars
French francs
Indian rupees
Mexican pesos
Netherlands guilders
Nicaraguan cordobas....
Norwegian kroner
South African pounds. . .
Turkish liras
Pounds sterling
May
1948
Apr.
May
33.0
15.0
33.0
15.0
June
33.0
.4
1.3
6.0
6.0
6.0
10.2 10.2 10.2
3.0
3.0
3.0
.3
.3
,3
125.0 125.0 125.0 125.0
100.0 100.0 100.0 44.1
22.5 22.5 22.5 22.5
75.4 75.4 75.4 75.4
,5
,5
9.6
9.6
9.6
7.3
10.0 10.0 10.0
5.0
5.0
5.0
5.0
300.0 300.0 300.0 300.0
Dec.
Sept.
Mar.
Gold
Member currencies (balances with depositories and securities payable on
demand):
165
89
74
United States
81
914
927
Other members
929
927
Investment securities (U. S. Govt. obli420
gations)
444
410
429
Calls on subscriptions to capital stock *. .
5
5
5
5
Loans (inch undisbursed portions and
inch obligations sold under Bank's
guarantee)
509
497
559
509
7
10
5
9
Other assets
250
254
254
254
Bonds outstanding
Liability on obligations sold under guar8
antee
26
94
10
18
Loans—undisbursed
51
2
4
2
5
Other liabilities
2
4
6
Special reserve
7
Capital*
1,667 1,667 1,667 1,653
1
5
10
Accumulated net income
1
Quarterly statements on a new fiscal year basis.
2 Less than $500,000.
a As of June 30, 1949, the Fund had sold 725.5 million U. S. dollars;
in addition, the Fund sold to the Netherlands 1.5 million pounds
sterling in May 1947 and 300 million Belgian francs in May 1948, and
sold to Norway 200 million Belgian francs in June and July 1948.
Repurchases
amounted to 874,000 dollars.
4
Excludes uncalled portions of capital subscriptions, amounting to
6,669 million dollars as of Mar. 31, 1949, of which 2.540 million represents the subscription of the United States.
724.6 724.6 725.5 631.3
Total.
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of issue
department
1948—July 28
Aug. 25
Sept. 29
Oct. 27
Nov. 24
Dec. 29
1949—Jan. 26
Feb. 23
Mar. 30
Apr. 27
May 25
June 29
.2
.2
.2
.2
.2
.2
25
30
29
28
27
25
31
30
29
27
26
25
31
Liabilities of banking department
Note
circulation 8
Notes
and
coin
Discounts
and advances
Securities
260.0
200.0
220.0
230.0
580.0
630.0
780.0
950.0
1,100.0
1,250.0
L,400.0
1,450.0
L,450.0
36.2
46.8
41.9
52.5
26.6
14.2
28.8
27.7
12.5
13.5
20.7
23.4
100.8
8.5
17.5
9.2
28.5
4.3
4.0
6.4
3.5
2.5
5.1
8.4
13.6
15.2
94.7
155.6
135.5
90.7
176.1
199.1
267.8
267.9
307.9
317.4
327.0
327.6
331.3
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
1,349.7
72.1
150.6
120.6
101.0
117.3
135.7
219.9
223.4
234.3
260.7
274.5
278.9
315.1
12.1
12.1
11.4
15.9
29.7
12.5
11.2
9.0
10.3
5.2
5.3
10.3
18.6 .
1,300.0
L,300.0
1,300.0
1,300.0
L.300.0
1,325.0
16.1
48.0
65.4
72.1
70.2
36.1
13.4
5.4
25.0
19.3
28.9
16.7
400.5
405.8
397.3
359.6
347.4
401.1
1,285.0
1,253.3
1,236.4
1,230.8
1,233.1
1,293.1
311.0
300.3
300.0
307.5
302.7
314.5
11.2
16.9
22.3
13.1
12.3
11.7
1 jL,300.0
79.9
76.0
53.0
24.2
36.3
26.7
26.0
32.1
19.9
13.7
25.9
27.0
326.1
325.1
362.1
379.3
381.4
372.0
1,224.5
1,228.0
1,250.6
1,280.3
1,267.9
1,277.9
294.7
295.7
294.0
289.9
299.9
294.5
21.4
10.9
25.6
16.8
12.0
8.6
i
1,300.0
1,300.0
L,300.0
1,300.0
:L,300.0
Other
Other
liabilities and
capital
37.1
39.2
36.6
36.8
42.0
51.2
54.1
48.8
60.4
52.3
58.5
57.3
95.5
18.0
18.0
18.0
18.0
17.9
17.9
17.9
17.9
17.9
17.8
17.8
18.1
18.1
33.4
53.6
19.6
14.3
17.4
89.4
90.1
93.3
93.0
99.2
92.1
18.3
18.4
18.5
17.8
17.9
18.1
8.4
17.6
6.7
.7
23.3
13.5
89.4
90.6
90.1
92.0
90.4
90.9
18.3
18.4
18.6
17.8
17.9
18.2
Deposits
Other
assets 2
Gold*
200.1
313.7
326.4
326.4
4
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.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.
1947—Dec.
Assets of banking
department
Bankers'
Public
E.C.A.
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939,
when it was officially set at 168 shillings per fine ounce; the latter rate remained in effect until June 9, 1945, when it was raised to 172 shillings
and three
pence.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
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 6Exchange Account to Bank; on Sept. 6, 1939, 279 million pounds transferred from Bank to Exchange Account.
Fiduciary issue increased by 25 million pounds on Dec. 22, 1948, and decreased by 25 million on Jan. 5, 1949. For details on previous
changes see BULLETIN for April 1949, p. 450, and February 1948, p. 254.
NOTE.—For back figures see Banking and Monetary Statistics, Table 164, pp. 638-640; for description of statistics, see pp. 560-561 in same
publication.
1010
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Short-x
term
Note
circulation2
Chartered
banks
Other
Dominion
government
Other
liabilities
and
capital *
Other
28.4
64.3
38.4
200.9
.5
.6
172.3
156.8
1.0
2.0
144.6
181.9
448.4
391.8
807.2
787.6
906.9
1,157.3
1,197.4
1,022.0
40.9
49.9
127.3
216.7
209.2
472.8
573.9
688.3
708.2
858.5
5.2
5.5
12.4
33.5
31.3
47.3
34.3
29.5
42.1
43.7
175.3
232.8
359.9
496.0
693.6
874.4
,036.0
,129.1
,186.2
,211.4
200.6
217.0
217.7
232.0
259.9
340.2
401.7
521.2
565.5
536.2
16.7
46.3
10.9
73.8
51.6
20.5
12.9
153.3
60.5
68.8
3.1
17.9
9.5
6.0
19.1
17.8
27.7
29.8
93.8
67.5
9.3
13.3
28.5
35.1
24.0
55.4
209.1
198.5
42.7
42.4
1948—July 31.
Aug. 31.
Sept. 30.
Oct. 30.
Nov. 30.
Dec. 31.
.1
.1
.2
1.0
.1
.4
1,145.2
1,155.2
1,216.3
1,279.6
1,222.1
1,233.7
773.6
778.1
757.2
741.3
794.0
779.1
39.2
50.2
55.3
57.7
46.8
45.4
,220.3
,226.9
,267.7
,275.1
,273.5
,289.1
502.5
525.1
550.9
581.0
579.6
547.3
119.0
105.1
87.3
110.0
86.5
98.1
84.1
90.3
78.2
72.2
64.1
81.0
32.1
36.2
44.7
41.3
59.2
43.1
1949—Jan. 31.
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
()
82^3
61.1
56.4
62.7
1,188.3
1,180.5
1,087.1
1,199.0
1,148.1
1,379.6
806.9
800.7
812.1
822.9
836.2
636.8
50.2
54.9
70.6
57.9
57.5
56.9
,229.2
,221.9
,245.3
,264.7
,263.8
1,270.0
545.1
531.0
540.3
587.3
571.2
568.3
141.8
178.4
62.6
115.1
101.4
112.2
86.8
79.6
84.8
80.8
65.2
73.7
42.5
25.7
119.0
93.0
96.7
111.8
1938—Dec. 31.
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—Dec. 31.
185.9
225.7
Liabilities
Assets
Bank of France
(Figures in
millions of francs)
1938—Dec.
1939—Dec.
1940—Dec.
1941—Dec.
1942—Dec.
1943—Dec.
1944—Dec.
1945—Dec.
1946—Dec.
1947—Dec.
Gold
29. 87,265
28. 97,267
26. 84,616
31. 84,598
31. 84,598
30. 84,598
28. 75,151
27. 129,817
26. 94,817
31. 65,225
Foreign
exchange
Domestic bills
Open
market6
Special
821
112
42
38
37
37
42
68
7
12
1,892
5,818
7,802
6,812
8,420
9,518
12,170
17,980
37,618
67,395
1,797
2,345
661
12
169
29
48
303
3,135
64
Other
Advances to
Government 8
Current
Deposits
Other
assets 6
Note
circulation
Other
Government
7,880
5,149 14,200
3,646 63,900
4,517 69,500
5,368 68,250
7,543 64,400
18,592 15,850
25,548
76,254 67,900
117,826 147,400
30,627
30,473
112,317
182,507
250,965
366,973
475,447
445,447
480,447
558,039
14,028
15,549
18,571
17,424
16,990
16,601
20,892
24,734
33,133
59,024
110,935
5,061
151,322
1,914
218,383
984
270,144
1,517
382,774
770
500,386
578
572,510
748
570,006 12,048
721,865
765
920,831
733
C.A.R.'
41,400
64,580
16,857
10,724
Other
Other
liabilities
and
capital
25,595
14,751
27,202
25,272
29,935
33,137
37,855
57,755
63,468
82,479
2,718
2,925
3,586.
3,894
4,461
4,872
7,078
4,087
7,213
10,942
1948—July 29.
Aug. 26.
Sept. 30.
Oct. 28.
Nov. 25.
Dec. 30.
65,225
65,225
65,225
65,225
65,225
65,225
45
50
60
35
36
30
78,809
77,286
90,928
81,952
83,365
97,447
156
544
4,808
9,901
10,908
8,577
169,674
163,109
161,571
197,297
192,428
238,576
153,200
156,800
160,700
158,000
151,200
150,900
558,039
558,039
558,039
558,039
558,039
558,039
51,175
42,176
76,873
51,510
48,952
57,622
836,662
844,894
910,633
917,757
913,234
987,621
764
858
788
764
759
806
225,251
203,467
193,031
187,657
178,090
171,783
13,646
14,011
13,752
15,780
18,07016,206
1949—Jan. 27.
Feb. 24.
Mar. 31.
Apr. 28.
M a y 25.
June 30.
65,225
65,225
65,225
65,225
!
62,274
8
62,274
34
53
49
67
74
7,775
88,286
94,010
134,911
111,190
118,855
156,208
4,996
4,816
2,523
2,235
1,876
894
238,795
257,345
233,189
290,365
272,698
258,294
146,200
154,100
157,500
155,300
155,000
166,900
558,039
558,039
558,039
558,039
560,990
560,990
53,426
47,692
87,254
58,089
56,729
81,046
972,604
991,334
1,045,053
1,047,277
1,043,180
1,115,608
822
765
750
440
890
286
163,513
171,921
180,103
179,099
170,018
162,969
18,062
17,260
12,784
13.69S
14,409
15,518,
1
2
3
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 1940, pp. 677-678).
56 Less than $50,000.
Composition of these items has been changed: Open market henceforth shows only open market portfolio proper and excludes 65 billion
francs advanced to the Treasury and 5 billion francs advanced to Caisse Autonome. Current advances represents working fund advances previously shown as "Other advances." Other advances includes advances for occupation costs and a number of perpetual and term loans to the
Government.
Other assets were reduced through the transfer to "Other advances" of several loans to Government.
7
Central Administration of the Reichskreditkassen.
8
Includes 9,293 million francs of gold earmarked as collateral against a loan. For details on devaluations and other changes in the gold
holdings of the Bank of France, see BULLETIN for June 1949, p. 747; May 1948, p. 601; May 1940, pp. 406-407; January 1939, p. 29; September
1937, p. 853; and November 1936, pp. 878-880.
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.
AUGUST
1949
1011
CENTRAL BANKS—Continued
1949
Central B a n k
(Figures as of last report
date of month)
Central Bank of t h e Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange
Government securities
Rediscounts and loans to banks 1
Other assets
Currency circulation 5
Deposits—Member bank
Government......
Nationalized 1. . . . <
Other sight obligations
Other liabilities and capital.,.
C o m m o n w e a l t h B a n k of Australia (thousands of pounds):
Gold and foreign exchange. .
Checks and bills of other banks
Securities (incl. Government and
Treasury bills)
Other assets
Note circulation
.
Deposits of Trading Banks:
Special
Other
Other liabilities and capital... .
Austrian N a t i o n a l B a n k (millions
of schillings):
Gold
Foreign exchange
Loans and discounts
Claim against Government, .
Other assets
Note circulation
Deposits—Banks
Other
Blocked
N a t i o n a l B a n k of Belgium '
(millions of francs):
Gold
Foreign claims and balances (net)
Loans and discounts.. . .
Consolidated Government debt
Government securities
Other assets
Note circulation
......
Deposits—Demand
,
E. C. A...
Other liabilities and capita)
C e n t r a l B a n k of Bolivia—Monetary dept. (millions of bolivianos):
Gold at r- me and abroad.
Foreign exchange
Loans and discounts
Government securities
Other assets
Note circulation
Deposits
Other liabilities and capital. .
National Bank of Bulgaria *
Central B a n k of Chile ( m i l l i ^ ,
of pesos):
Gold a
Foreign exchange (net)
Net claim on Int'l. Fund •. . .
Discounts for member banks
Loans to Government
Other loans and discounts. .
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities and capital.
Bank of t h e R e p u b l i c of C o l o m b o
(thousands of pesos):
Gold and foreign exchange 7
Net claim on Int'l. Fund «...
Paid-in capital—Int'l. Bank.
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities and capital
June
May
,859
,205
,554
,991
,800
.781
,938
,034
,015
,202
152
24
1
196
134
54
347
172
44
Apr.
June
025 139,750
367
367
370
370
523
450
135,143
June
434
621
, 832
083
, 721
880|!
,948 17 170!
124 2 ,885 j
I
166 704 1
367 21 867l|
370 1 229! I
931 146 867Jj
190 127 605[I
674);
600| i
502!I
845
56,200 46
286 332,554 313,062 301
160,977 [65
491 45,669 45,933 43
1948
1949
Central Bank
(Figures as of last report
date of month)
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
,
5 ,9551!
Securities
579|;
Other assets
1,748|
Note circulation
,803 14,185P
Demand deposits
658
253|
Other liabilities and capital.
, 704
918|jNational Bank of Czechoslovakia
|i (millions of koruny):
|
Gold and foreign exchange 8 .
397. 785 391,731 255 ,287|
Loans and discounts
;
Other assets
3 930 4,429 11,752|
ii
Note circulation
346, 695 348,568 396,819! I
Deposits
,.
60,
Other liabilities and c a p i t a l . . . . .
J ,074 43 ,21211
209, 605 212,605 196,605J National Bank of D e n m a r k
;' (millions of kroner):
390,
380,920 294 ,480J
Gold
26,'
24,882 28,201 i
Foreign exchange
182,
183,396 187 ,785 |
Contribution^ to Int'l. Fund and
to Int'l. BanK
Clearing accounts (net)
48 j
Loans and discounts
50
50
75
Securities
144
128
551
Govt. compensation account..
191
149
, 3 ioj!
Other assets
780
759
6jj
Note circulation
6
6
,474)!
Deposits—Governmen
766
877
5,7i
730j!
Other
372
359
4441!
Other liabilities and c a p i t a l . . . .
799
588
847 C e n t r a l B a n k of t h e D o m ' n ? c a n
234
268
R e p u b l i c (thousands of dollars):
Gold
240
Foreign exchange (net)
29,120
,362
Net claim on Int'l. Fund . . . . . .
271
, 726
ij
Paid-in capital—Int'l. Bank. . . .
770
,460
.... |i
Loans and discounts
.
991
,991
j
Government securities
,..
571
010
'.'.'.'.u
Other assets
,
858
,804
Note circulation
853
, 743 ,365!
' . .j;
Demand deposits
2,275
,241
. I
Other liabilities and c a p i t a l . . . . .
270
[ ' ' I (Central B a n k of Ecuador
,098
I (thousands of sucres):
i!
Gold
954j|
Foreign exchange (net)
956
174|j
Net
claim on Int'l. Fund •
182
453! j
Credits—Government
690
765p
Other
765
41
8j
Other assets
,883!'
Note
circulation
,220
'227!
Demand deposits—Private banks
193
244;
Other
221
Other liabilities and capital
N a t i o n a l Bank of Egypt (thousands of pounds):
,324
,345
150j
Gold
215
221
94 I
Foreign exchange
1
1!
Loans and discounts
,018
996|j
British. Egyptian, and other
733
782
Government securities
,964
1 ,508
Other assets
,579
1 ,346
Note circulation
,053
4,414
Deposits—Government
.222
754
Other
199
365 '
Other liabilities and capital
487
343 Central Reserve Bank of El SalvaI dor (thousands of colones):
434
,684
,741
,470
127
,052
50
129
,245
816
6
,797
363
563
,523
1948
Gold
Foreign exchange (net)
Net claim on Int'l. Fund •
Loans and discounts
Government debt and securities
Other assets
Note circulation
Deposits
Other liabilities and capital...
May
June
Apr.
11,545 11,543 11,670
18,777 26,678 20,756
30,321
82,668
18,613
11,223
104,659
61.120
7 ,368
30,321
79,403
22,119
6,689
106,420
63,127
7,206
30,321
82,909
8,990
708
102,708
46,233
6,414
,922 3,205 3,204 3,736
^618 22,122 23,382 16,998
,141 48,478 48,621 51,749
,380 65,255 66,174 60,238
789
41
660
1,374
512
8,508 8,372 10,872
70
120
70
169
65
65
" "'22
109
4,847
213
1,472
1 ,716
2,115
144
" '22
115
,857
190
,502
,773
,068
144
65
26
19
99
5,229
172
1,477
1,741
2,410
151
4,009 4,009
4,000
10,020 10,245 16,337
1,250
1,250 1,250
40
40
178
136
4,974 4,974
3,000
774
833
91
16,900 17,451 18,697
4,144
3,845 5,833
202
191
148
278,
278
-36
Q
16
6
236
194
111
105
115
115
360 565 345
119
110
97
95
146
278,264 277,274
3,125
2.151
16,881 16,880
185,149
102,216
103,415 104,510
338,395 321,201
111,3
95,1
144,165 69,300
6,376 6,376
15,616 15,616
3,819
4,956
6,376
15,625
2,122
326,491 324,057 315,694
26,614 29,710 19,741
146,104 151,569 133,745
101,325 100,503 82,154
122,911 119,366 134,483
8,575 9,276 9,175
36,029
54,416
1,564
191
5,260
1,648
57,176
36,005
5,92:
36,079
55,557
1,564
191
5,261
1,597
58,937
35,417
36,560
42,776
1,564
1,282
5,248
1,682
52,207
31,150
5,894
5,755
1
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.
In accordance with the law of July 28, 1948, the National Bank revised its weekly statement, effective Sept. 16, 1948. The new figures
are therefore not comparable with those shown previously. Figures on the old basis through August 1948 are given in the BULLETIN for November
1948 and prior issues. A detailed description comparing the items in the new and the old form is given in the Belgian newspaper "Echo de la
Bourse" for Sept. 20, 1948.
4
For last available report (January 1943), see BULLETIN for July 1943, p. 697.
6
Beginning January 1948, gold valued at 31 pesos per U. S. dollar, while previously it was valued at 4.855 pesos per dollar.
6
This figure represents the amount of the bank's subscription to the Fund less the bank's local currency liability to the Fund. Until such
time as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
7
Gold not reported separately beginning May 31, 1948.
8
Gold not reported separately beginning Dec. 31, 1946.
2
1
1012
FEDERAL RESERVE BULLETIN
CENTRAL BANKS—Continued
Central Bank
(Figures as of last report
date of month)
1949
June
May
1948
Apr.
State Bank of Ethiopia—Issue
dept. (thousands of dollars):
5,124
Gold
4,883
6,052
Silver
,
28,795
Foreign exchange
29,055
9,247 9,247
Treasury bills
30,717 30,317
Other assets.
49.205 48,650
Circulation—Notes
29,363 29,363
Coin
1 ,367 1,335
Other liabilities and capital
Bank of Finland (millions of
markkaa):
269
269
269
Gold
,
-446
-375
Foreign assets (net)
-729
-1,984
1
,
3
3
9
-1
,801
Clearings (net)
37,225 37,904 37,682
Loans and discounts
858
871
876
Securities
851 1 ,206
1,473
Other assets
27,934 28,198 27,741
Note circulation
1.475 2.142
1,777
Deposits
7,976 7,792
Other liabilities and capital
8,046
B&nk of the German States 1
(millions of German marks):
Foreign exchange
1 ,346
1,591
Loans and discounts
,5'
Loans to Government
2,843
Other assets
6,745
Note circulation
1,500
Deposits—Government
1,486
Banks
387
Other
4,234
Other liabilities and capital
(Nov.
iBank of Greece (billions of drach1948)2
mae):
678
Gold and foreign exchange (net).
51
Loans and discounts
1,295
Advances—Government
1,389
Other
314
Other assets
1,021
Note circulation
203
Deposits—Government
Reconstruction and
relief accts
219
Other
474
Other liabilities and capital
1 ,809
'Bank of Guatemala (thousands of
quetzales):
Gold
27,230 27,230
17,502 18,464
Foreign exchange
Gold contribution to Int'l Fund.
1,250 1,250
2,812 3,055
Rediscounts and advances
12,090 11,992
Other assets
32,844 33,537
Circulation—Notes
3,092 3,086
Coin
3,978 3,930
Deposits—Government
11,450
11,725
Banks
9,519 9,713
Other liabilities and capital
National Bank of Hungary (millions of forint):
412
412|
Gold
2271
226
Foreign exchange
4
4
Discounts
311
311
Loans—Treasury
6,895
7,043
Other
247
263
Other assets
2,917
2,929
Note circulation
1
Demand deposits—Government.
(3)
4,544
4,747
Other
581
635
Other liabilities and capital
Reserve Bank of India (millions of
rupees):
Issue department:
400
400
Gold at home and abroad. .
7,103
7,203
Sterling securities
4,137
3,937
Indian Govt. securities
470
474
Rupee coin
11 ,789, 11,814
Note circulation
Banking department:
323
201
Notes of issue department..
,554
1,808
Balances abroad
98
104
Bills discounted
Central Bank
(Figures as of last report
date of month)
June
June
May
Apr.
June
Reserve Bank of India—Cont.
Banking department:—Cont.
35
Loans to Government
35
()
,252
Other assets
1,224
602
,954
Deposits
3,078
4,626
307
Other liabilities and capital
291
305
Central Bank of Ireland (thousands
of pounds):
!
2 ,646
Gold
,646
2.646 2,646
|
43,610
Sterling funds
,012 44,422 39,832
Note circulation
46,256
,658 47,068 42,478
Bank of Italy (millions of lire):
, 549 1256
,
Gold
268
525
-1821
Foreign exchange
,643 31, 194 13,096
,656
Advances—Treasury
,274 650,227 665,937
,627i
Other Govt. agencies
15
365
Loans and discounts
181
173',859 117,636
876
Government s e c u r i t i e s . . . . . . . . .
201
156 147,571
, 2041
Other assets
321,369 311 378 121,963
,269
Bank of Italy notes
846,
857 959 758,611
,826
Allied military notes
43, 757 45 267 57,346
Deposits—Government
125,011(118. 793 17,355
Demand
523 52,697
131
Other
208 149,667
205
Other liabilities and capital
34
32 320 31,066
Bank of Japan (millions of yen):
Cash and bullion
1,147
615
Advances to Government
92,655 71,665
Loans and discounts
74,812 52,296
Government securities
121,781 77,844
Reconversion Fin. Bk. bonds. . .
73,036 51,417
Other assets
41,919 10,419
Note circulation
315,932 230,588
45,433 9,317
Deposits—Government
645 I
25,211 15,735
Other
18
18,774 8,617
Other liabilities
,018 (The Java Bank (thousands of
,274
guilders):
198|
470,984 470,983 470,972
Gold
,012!
109,602 70 ,974 76,894
Foreign bills
66,489 69 ,67 68,206
Loans and discounts
964,003
937 ,242 914,661
Advances to Government
81,992 80 ,450 80,577
Other assets
89
858,377
818
,493 774,724
Note circulation
299
746,446 718 ,715 744,943
Deposits
,626
5,247
,117 91,643
92
Other liabilities and capital
Bank of Mexico (millions
of pesos):
4
,228
647
Monetary reserve
632
598
,939
"Authorized" holdings of securi,25O|j
,853 1,792 1,455
ties, etc
,899!
698
708
Bills and discounts
724
,906||
130
164
Other assets
107
,996
,901 1,906 1 ,685
Note circulation
935
629
683
Demand liabilities
709
,598
783
722
491
Other liabilities and capital
,674 Netherlands Bank (millions of
017
guilders):
439
Gold
439
482
439
8
6
(3)
Silver (including subsidiary coin)
403
277
309
467
Foreign assets (net)*
243
49
150
150
152
144
Loans and discounts
,300
,999!
,300 3,300 3,300
Govt. debt and securities
507
340
461
378
329
Other assets
78
227
79
106
120
Note circulation—Old
,971
377
,005 2,957 2,961
New
181
,070
53
128
741
Deposits—Government
62
254
38
59
81
Blocked
379
570
293
287
E. C. A
782
501
780
908
506
Other
260
194
260
320
Other liabilities and capital
Reserve Bank of New Zealand
(thousands of pounds):
444
2,843 2,802
Gold
,353
53,650 79,522
Sterling exchange reserve
,278
Advances to State or State un434
835 39,968 32,838
dertakings
,199
095 34,095 7,868
Investments
190 6,327 4,177
Other assets
311
344 50,834 47,791
Note circulation
,001
851
80,275 74,575
Demand deposits
124 5,774 4,841
17
Other liabilities and capital
500
486
641
832
315
141
704
930
|
i
1
This statement represents combined figures for the Bank of the German States and the eleven Land Central Banks.
- Latest month available.
Less than 500,000.
*5 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
Beginning January 1949, this figure represents a net of the Bank's foreign assets and is not strictly comparable with amounts shown for
previous months.
3
AUGUST
1949
1013
CENTRAL BANKS—Continued
1949
Central Bank
(Figures as of last report
date of month)
June
May
1948
Apr.
June
1948
Central Bank
(Figures as of last report
date of month)
June
May
Apr.
June
Bank of Norway (millions of kroner):
Bank of Sweden (millions of kronor):
232
232
188
302
157
157
176
Gold
Gold
223
362
198
416
307
477
Foreign assets (net)
Foreign assets (net)
-54
-64
Clearing accounts (net)
Swedish Govt. securities and ad- 5
78
'l07
87
,360
,186 3,348 3,247
Loans and discounts
vances to National Debt Office
62
60=
48
48
95
83
83
Securities
Other domestic bills and advances
,924
367
,713 7,813
401
361
380
Occupation account (net)
Other assets
110
57
2,824
92
,996
3,019
,906
Other assets
Note circulation
,021
732
,058 2,054
748
563
572
Note circulation
Demand deposits—Government
,919
133
,977 4,095
182
302
230
Deposits—Government
Other...
342
,242
902
853
491
422
440
Banks
Other liabilities and capital..
714
661
Blocked
8JO Swiss National Bank (millions of
166
274 francs):
161
Other
568
547
663
,998 6,037 5,948 5,659*
Other liabilities and capital....
Gold
117
416
365
365
Bank of Paraguay—Monetary
Foreign exchange
252
136
151
138
dept. (thousands of guaranies):
Loans and discounts
,
102
607
624
745
621
76
71
81
Gold
Other assets
,360
2,108
,214 - 3 , 6 3 1
,319 4,279 4,298 4,221
Foreign exchange (net) 1
Note circulation
,709
1,246
2,710
,710 2,710
,781 1 .811 1,726
Net claim on Int'l. Fund" ...
Other sight liabilities
-16
6639
2
9
2
526
521
520
Paid-in capital—Int'l. Bank..
Other liabilities and capital .
,647 Central Bank of the Republic of
91,960 87,272 83,640
Loans and discounts
,694
7
4,182
,170
Government loans and securities
Turkey (thousands of pounds):
,666
5,539
,446
449,727 451,306 458,542
Other assets
Gold •
,
,228
81,388
Note and coin issue
Foreign exchange and foreign
75,488
,425
23,116
105,299 122, 465 146,630
Demand deposits
clearings
19,642
,153
2,509
751,331 738, 697 649,338
Other liabilities and capital..
Loans and discounts
2,737
178,332
185,402 194
Central Reserve Bank of Peru
Securities
35,292
47,942 44,
(thousands of soles):
Other assets
180,922 101 667
912, 557 928,774 865,517
Gold and foreign exchange.
.
Note
circulation
1
496
153,036
20,496
20
153,029
153
Net claim on Int'l. Fund . . . .
Deposits—Gold
205,312 198, 680 216,995
2,238 2. 356
Contribution to Int'l. Bank..
Other
268, 796 270,997 232,592
137,731 99 890
Loans and discounts to banks
Other liabilities and capital...
723,127 748 249 Bank of the Republic of Uruguay
Loans to Government
519
36,598
49
Other assets
(thousands of pesos):
787,099 723 256
248,845 248,845 308,258
Note circulation
Gold
253,437 226 232
12,152 12,151 12,387
Deposits
,
Silver
60,575 72 690
314
313
313
Other liabilities and capital... .
Paid-in capital—Int'l. Bank. .
Central Bank of the Philippines
Advances to State and govern144,409 141,568 63,044
(thousands of pesos):
ment bodies
2,721
721
2,721
252, 324 248 ,857 195,271
Gold
Other loans and discounts
638,895 679 928 685,164
231, 940 240,506 303,011
Foreign exchange
Other assets
1
501
279,358 279,
79,933 250,513
7,501
Net claim on Int'l. Fund
Note circulation
685
76,619 74,089 75,635
9,739
1,731
Domestic securities
Deposits—Government
300 164,69 3
281,081 275,038 268,244
143,613
Other assets
Other
970 580,527
252,925 263,180 287,894
534,426
Note circulation
Other liabilities and capital...
554 40,551
Demand deposits—U.S. dollars2. 40,649
Central Bank of Venezuela (thou153 142,734
135,438
Pesos
sands of bolivares):
459 90,497
91,957
,521
5,521 888,521 705,716.
Other liabilities and capital
Gold '
,547 244,471 226,535 210,793
Bank of Portugal (millions of
Foreign exchange (net)
,761 44,629 32,570 96,419
escudos):
Other
assets
3,239
,276
185
,227 787,844 779, 228 638 ,266
Gold
Note circulation—Central Bank
666
7,859
,933
,349 1,430
1,447 3,371
Foreign exchange ( n e t ) . . . . .
National banks.
447
406
,544 9,355 335,364 310,058.
440
Loans and discounts
Deposits
...
251
,282
,709 118,992 31,586 61,233
1,247
Advances to Government......
Other
liabilities
and
capital.
538
548
510 National Bank of the Kingdom
Other assets
064
8,153
,438
Note circulation
of Yugoslavia 3
147
,038 Bank for International Settle243
Demand deposits—Government
915
i,018
3,974
Other
ments 8 (thousands of Swiss gold
962
913
963
Other liabilities and capital....
francs):
168,838 169,766 153,030 92 ,728.
National Bank of Rumania *
Gold in bars
South African Reserve Bank
Cash on hand and on current
20,388 19,554 32,426.
30
(thousands of pounds):
account with banks
374
,699 42,983
,640
1,914
7,357
Gold<
Sight funds at interest
4
,646 2,076
,258
Foreign bills
Rediscountable bills and accept,406 84,601
,876
20
19,931 19,160 20,345
ances (at cost)
Other bills and loans
,994 12,657
,791
22
18,644 22,860 33,412
Time funds at interest
Other assets
,400 65,699
,741
155,750 166,224 100,259
Sundry bills and investments. . 152
Note circulation
,638
,255
69,116
297,201 297,201 297,201
Funds invested in Germany. . . 297
Deposits
,707 7,501
,569
2,
1,948
1,827 2,575
Other assets
Other liabilities and capital
17,299 17,353 19,380*
13
Demand deposits (gold)
Bank of Spain (millions of pesetas):
963 1,047
,217
Short-term deposits (various
Gold
497
497
500
currencies):
Silver
,948 15,965
,781
189,637 181,883 82,268Central banks for own ac- 200
Government loans and securities.
,408
639
1 327 1,383
1,371
8,205
1,344
count
Other loans and discounts
,811 3,985
,961
Other
Other assets
,898
644
25,080
Long-term deposits: Special acNote circulation
,473 1,379
885
228,909 228,909 228,909228.
counts
Deposits—Government
,692 2,641
045
253,755 252,281 247,390*
Other liabilities and capital...... 254;
Other
564
524
598
Other liabilities and capital
r
1
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 sucb
time2 as the Fund engages in operations in this currency, the "net claim" will equal the country's gold contribution.
Account of National Treasury.
8
For last available report from the central bank of Rumania (June 1944), see BULLETIN for March 1945, p. 286; and of Yugoslavia (February4 1941), see BULLETIN for March 1942, p. 282.
Gold revalued in June 1946 from approximately 85 to 172 shillings per fine ounce.
6
Includes small amount of non-Government bonds.
6
Gold
revalued on Sept. 9, 1946, from 1,406.58 to 3,150.77 Turkish pounds per fine kilogram.
7
Beginning October 1944, a certain amount of gold formerly reported in the bank's account shown separately for account of the Govern-ment.8
See BULLETIN for December 1936, p.
1014
1025.
FEDERAL RESERVE BULLETIN:
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date
effective
In effect Dec. 31,
1938
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.
Aug. 27. . . * . . .
Oct. 9
June 28, 1948..
Sept. 6
Oct. 1
May 27, 1949..
July 14
In effect July 31,
1949
n-4
il'-4
iy2
Date
effective
Central
bank of—
Albania
Argentina
Austria
Belgiu
g
lii
Bolivia
Mar.
Mar.
Aug.
Aug.
Feb.
21, 1940
1, 1936
3, 1945
27, 1947
4, 1948
Ireland
Italy
Japan
Java
Latvia
Bulgaria.
Canada..
Chile
Colombia
Costa Rica
Czechoslovakia
Aug.
Feb.
Dec.
July
Apr.
Oct.
1,
8,
16,
18,
1,
28,
1948
1944
1936
1933
1939
1945
Lithuania. . .
Mexico
Netherlands .
New Zealand.
Norway
Peru
Denmark. . .
Ecuador.
El Salvador.
Estonia
Finland
Jan.
June
Oct.
Oct.
July
15,
8,
15,
1,
1,
1946
1943
1946
1935
1949
Portugal....
Rumania
South Africa.
Spain
Sweden.
Oct.
July
July
Nov.
Nov.
1,
14,
12,
1,
28,
1948
1949
1948
1947
1935
Switzerland..
Turkey
United Kingdom
U. S. S. R . . . .
Yugoslavia..
France...
Germany.
Gree
Hungary.
India....
11-5
^
Rate
July
31
Central
bank of—
SwitzUnited
Ger- Bel- NetherKing- France many
er- Swegium lands
den land
dom
3
11-4
12
5
3
Rate
July
31
Date
effective
Nov. 23, 1943
Apr. 9, 1949
5.11 July 5, 1948
Jan. 14, 1937
3
Feb. 17, 1940
5
3
4
2H
July
June
June
July
Jan.
Nov.
15,
4,
27,
26,
9,
13,
1939
1942
1941
1941
1946
1947
Jan.
Mar.
June
Mar.
Feb.
12,
25,
2,
18,
9,
1944
1948
1941
1949
1945
Nov. 26, 1936
July 1, 1938
2
4
1-3
Oct. 26, 1939
July 1, 1936
Aug. 20, 1948
1
The lower rate applies to the Bank Deutscher Laender, and the higher
rate applies to the Land Central banks.
NOTE.—Changes since June 30: Finland—July 1, down from 6f to 5f
percent; Germany—July 14, down from4^ to 4 per cent.
OPEN-MARKET RATES
[Per cent per annum]
United Kingdom
Canada
Month
Treasury
bills
3 months
Bankers'
acceptances
3 months
Treasury
bills
3 months
Day-today
money
1942—May.
1943—May.
1944—May.
1945—May.
1946—May.
1947—May.
1948—May.
.54
.50
.39
.37
.39
.41
.41
1.03
1.03
1.03
1.03
.53
.53
.56
1.00
1.00
1.00
1.00
.51
.51
.51
1.03
1.07
1.13
1.03
1948—June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
.41
.41
.41
.41
.41
.41
.41
.56
.56
.56
.56
.56
.56
.56
1949—Jan...
Feb..
Mar..
Apr..
May.
.41
.42
.42
.49
.50
.56
.56
.56
.58
.63
France
Bankers'
allowance
on deposits
Day-today
money
Netherlands
Treasury
bills 3
months
Day-today
money
Sweden
Switzerland
Loans
up to 3
months
Privat
discount
rate
.63
.63
.63
1.62
1.66
1.61
1.38
1.34
1.46
2.12
1.27
1.45
1.33
.93
1.08
.94
1.25
.25
.25
1.25
1.25
1.25
1.50
.51
.51
.51
.51
.51
.51
.52
.63
.63
.63
.63
.63
.63
.63
2.02
2.04
1.88
2.84
2.09
2.03
2.00
1.36
1.56
1.35
1.10
1.03
1.08
1.25
.84
1.35
1.06
.84
.78
.77
.96
1.50
1.63
1.63
1.63
1.63
1.63
1.63
.52
.52
.52
.51
.52
.63
.63
.63
.63
.63
2.09
2.08
2.10
2.12
1.23
1.39
1.38
1.29
1.28
1.13
.90
1.01
1.24
1.03
1.63
1.63
1.63
1.63
1.63
NOTE.—For monthly figures on money rates in these and other foreign countries through 1941, see Banking and Monetary Statistics, Table 172,
P. 656-661, and for description of statistics see pp. 571-572 in same publication.
AUGUST 1949
1015
COMMERCIAL BANKS
(11 London clearing
banks. Figures in
millions of pounds
sterling)
Liabilities
Assets
United Kingdom »
Cash
reserves
Money at
call and
short
notice
Bills discounted
Treasury
deposit
Loans to
receipts s Securities customers
Deposits
Other
assets
Total
Demand
Time
Other
liabilities
and
capital
1941—December.
1942—December
1943—December.
1944—December
1945—December,
1946 -December.
1947—December.
366
390
422
500
536
499
502
141
142
151
199
252
432
480
171
198
133
147
369
610
793
758
896
,307
,667
,523
,560
,288
999
,120
,154
,165
,234
,427
,483
823
794
761
772
827
994
1,219
324
325
349
347
374
505
567
3,329
3,629
4,032
4,545
4,850
5,685
5,935
2,168
2,429
2,712
3,045
3,262
3,823
3,962
1,161
1,200
1,319
1,500
1,588
1,862
1,972
253
236
245
250
265
342
396
1948—June
July
August
September.
October...
November.
December.
492
489
499
490
485
495
502
473
477
489
490
497
482
485
659
715
695
707
802
793
741
,361
,320
,323
,345
,313
,332
,397
,478
,478
,474
,472
,475
,480
,478
,354
,335
,334
,349
,365
,355
,396
530
487
477
485
497
516
621
5,955
5,909
5,903
5,950
6,040
6,057
6,200
3,872
3,834
3,829
3,844
3,927
3,958
4,159
2,083
2,075
2,074
2,106
2,113
2,099
2,041
393
390
388
387
393
396
420
1949—January . .
February.
March....
April
May
532
481
474
500
487
481
491
482
481
498
795
860
870
799
816
1,267
989
956
1,025
1,037
,487
,487
,496
,501
,502
,383
,405
,429
1 ,445
1,436
526
519
517
540
501
6,057
5,817
5,815
5,886
5,872
4,033
3,810
3,803
3,875
3,869
2,024
2,007
2,012
2,011
2,004
414
414
409
405
403
Assets
Canada
(10 chartered banks.
End of month figures
in millions of
Canadian dollars)
Liabilities
Security
loans
abroad
and net Securities
Other
due from
loans and foreign
discounts banks
Entirely in Canada
Cash
reserves
Security
loans
Other
assets
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..
1947—December..
356
387
471
550
694
753
731
32
31
48
92
251
136
105
,169
,168
,156
,211
,274
,507
,999
168
231
250
214
227
132
106
1,759
2,293
2,940
3,611
4,038
4,232
3,874
653
657
744
782
869
1,039
1,159
71
60
42
34
26
21
18
3,105
3,657
4,395
5,137
5,941
6,252
6,412
1,436
1,984
2,447
2,714
3,076
2,783
2,671
1,669
1,673
1,948
2,423
2,865
3,469
3,740
962
,049
,172
,289
,386
,525
,544
1948—June
July
August
September.
October
November.
December..
685
671
712
734
751
781
749
84
77
77
76
97
96
101
,930
,948
,958
2,023
2,110
2,202
2,148
135
128
144
136
143
140
144
4,143
4,154
4,209
4,185
4,156
4,212
4,268
1,129
1,019
1,082
1,169
1,067
1,149
1,169
17
17
17
17
17
16
16
6,528
6,446
6,609
6,776
6,798
7,020
7,027
2,592
2,487
2,606
2,728
2,758
2,935
2,970
3,936
3,959
4,003
4,049
4,040
4,086
4,057
,561
,533
,557
,530
,510
,542
,537
1949—January ..
February.
March. . .
April
May
740
711
718
760
776
90
108
81
90
74
2,131
2,119
2,129
2,199
2,202
131
136
136
149
154
4,311
4,322
4,285
4,267
4,342
1,054
1,070
1,077
987
1,056
16
16
15
15
15
6,942
6,957
6,927
7,029
7,131
2,824
2,797
2,663
2,690
2,792
4,118
4,159
4,264
4,339
4,339
,500
,494
1,484
1,408
1,459
Assets
France
(4 large banks. End
of month figures in
millions of francs)
Cash
reserves
Due from
banks
Bills discounted
Liabilities
Loans
Deposits
Total
Demand
Time
Own
acceptances
Other
assets
Other
liabilities
and
capital
1941—December
1942—December
1943—December
1944—December
1945—December
1946—December
1947—December. ,
6,589
7,810
8,548
10,365
14,602
17,943
22,551
3,476
3,458
4,095
4,948
13,804
18,919
19,410
61,897
73,917
90,897
99,782
155,025
195,177
219,374
8,265
10,625
14,191
18,653
36,166
64,933
86,344
2,040
2,622
2,935
2,190
7,360
23,392
37,291
76,656
91,549
112,732
128,758
213,908
291,894
342,166
75,744
91,225
111,191
126,578
211,871
290,004
338,710
912
324
1,541
2,180
2,037
1,890
3,457
413
462
428
557
2,898
15,694
25,175
5,199
6,422
7,506
6,623
10,151
12,777
17,628
1948—May
June
July
August
September
October
November
December
32,885
34,770
34,308
35,504
35,994
40,694
40,936
45,406
26,713
27,317
28,539
28,465
28,232
33,035
34,493
35,534
270,399
274,098
305,928
295,806
311,939
339,126
330,495
354,131
113,086
112,566
110,301
113,956
111,682
116,174
127,147
125,154
35,138
38,313
39,267
41,028
41,525
43,542
45,913
50,780
435,436
440,776
470,004
464,340
478,129
516,691
520.412
548,796
429,788
435,902
465,104
459,603
473,217
510,425
514,284
542,113
5,649
4,874
4,900
4,737
4,912
6,267
6,128
6,683
27,104
28,590
28,044
28,569
27,739
27,987
28,687
30,641
15,681
17,698
20,295
21,849
23,504
27,893
29,887
31,568
1949—January
February
March
April
44,404
44,191
38,024
39,482
34,369
32,048
33,720
36,469
345,914
343,684
330,902
368,937
133,550
141,296
135,617
129,306
36,083
37,362
39,720
40,846
548,335
551,673
528,241
561,787
541,420
544,466
520,846
554,453
6,916
7,207
7,394
7,333
30,697
31,876
32,127
32,208
15,287
15,033
17,615
21,047
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 give end-of-month data.
3
Represent six-month loans to the Treasury at 1 ^ per cent through Oct. 20, 1945, and at % per cent thereafter.
NOTE.—For back figures and figures on German commercial banks, see Banking and Monetary Statistics, Tables 168-171, pp. 648-655, and
for description of statistics see pp. 566-571 in same publication.
1016
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Australia
(pound)
Argentina
(peso)
Year or
month
"Regular
products
"Nonregular"
products
1943
1944
1945
1946
1947
1948
29.773
29 773
29.773
29.773
29.773
29.773
24.732
25 125
25.125
25.125
25.125
25.125
20.000
1948—Aug...
Sept...
Oct . .
29.773
29.773
29.773
29 773
29.773
25.125
25.125
25.125
25 125
25.125
20.000
20.000
20.000
20 000
20.000
321 .23
321 .23
321 .23
29.773
29.773
29.773
29.773
29.773
29.773
29.773
25.125
25.125
25.125
25.125
25.125
25.125
25.125
20.000
20 000
20.000
20.000
20.000
20.000
20.000
Colombia
(peso)
Czechoslovakia
Denmark
(krone)
Nov
Dec...
1949—Jan. . .
Feb . .
Mar.. .
Apr. . .
May..
Tune..
July. .
Year or
month
57 265
57 272
57.014
57.020
57.001
57.006
1943
1944
1945
1946
1947
1948
(koruna)
Certain
industrial
products
Official
In cents per unit of foreign currency]
Brazil
(cruzeiro)
Belgium
(franc)
"Bank
notes"
account
Free
322.80
321.50
322 80
322.80
321.17
321 .34
321 .00
321 .22
Canada
(dollar)
Ceylon
(rupee)
Official
Free
Official
Free
2.2860
2.2829
2.2817
2.2816
6.0586
5.1280
5 1469
6 0594
6.0602
5.1802
6 0602
5.4403
5.4406
90.909
90 909
90.909
95 198
100.000
100.000
89.978
89 853
90.485
93.288
91.999
91.691
321 .23
2.2830
2.2844
2.2850
2 2850
2.2847
5.4406
5.4406
5.4406
5 4406
5.4406
100.000
100.000
100.000
100 000
100.000
92.701
92.180
92.898
92 383
92.250
321 .22
321 .23
321 .21
321 .12
321 .15
321 .00
321 .10
2.2844
2.2847
2.2828
2.2752
2.2750
2.2750
2.2750
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
92.444
92 668
93.261
93.566
95.150
95.521
94.545
321 23
France
(franc)
Official
India *
(rupee)
2
2.1000
2.1605
2.1791
2.2211
2.1752
Italy
(lira)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
Norway
(krone)
20.577
20 581
20.581
20.581
20.577
18.860
37.933
37.813
37.760
37.668
324 20
324 42
323.46
322.63
322.29
350.48
20.176
20.160
20.159
Free
30.122
30 122
30.122
30.155
30.164
30.169
2.0060
2.0060
2.0060
20.876
20.864
20.857
1. 9711
8409
8407
.3240
.4929
194g—Aug
Sept . .
Oct
Nov
Dec
2.0060
2.0060
2.0060
2 0060
2.0060
20.855
20.854
20.854
20 854
20.854
.4671
.4671
.4671
.4671
.4671
.3268
.3213
.3193
.3179
.3154
30.169
30.168
30.168
30.168
30.168
14.438
14.490
14.527
37.621
37.598
37.602
37.572
37.615
353.87
399.15
399.15
399 15
399.15
20.158
20.158
20.158
20 158
20.158
1949—j a n
2.0060
2.0060
2 0060
2 0060
2.0060
2 0060
2.0060
20.854
20.854
20 854
20 854
20.854
20 854
20.854
.4671
.4671
4671
.4671
.4671
4671
.4671
.3141
.3138
3136
.3106
.3038
3032
.3025
30.168
30.168
30 168
30.168
30.168
30 168
30.168
14.534
14.360
14 334
14 303
12.521
11 911
11.562
37.664
37.628
37 598
37.650
37.609
37 615
37.611
399.14
399.15
399 12
399 01
399.05
398 87
399.00
20 158
20.158
20 158
20.158
20.158
20 158
20.158
Feb
Mar
Apr
May
Tune
Tuiv
.4434
130.117
30 117
30.117
30.117
30 117
30.117
30.117
Philippine
Republic
(peio)
1
49.675
49.677
49 721
49.725
49 724
49 730
49.738
i
Year or
month
1943
1944
1945
1946
1947
1948
Portugal
(escudo)
.
1948—Aug...
Sept...
Oct...
Nov...
Dec...
1949—Jan. . .
Feb...
Mar...
Apr. . .
May . .
June..
July. .
4.0501
4.0273
4.0183
4.0327
4.0319
4.0312
4.0316
4.0321
4.0324
4.0327
4.0324
4.0326
4.0327
4.0327
4.0328
South
Africa
(pound)
398.00
398 00
399.05
400.50
400.74
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
400.75
Spain
(peseta)
Straits
Settlements
(dollar)
9.132
9.132
9.132
9.132
9.132
9.132
4 9.132
9.132
147.083
47.083
47.083
47.166
47.208
47.186
47.174
Sweden
(krona)
Switzerland
(franc)
United
Kingdom
(pound)
Official
Uruguay
(peso)
Free
25.859
27.824
27.824
23.363
23.363
23.363
403.50
403.50
403.50
403.50
403!02
403 .28
402 .86
403 .13
27.824
27.823
27.823
27.823
27.823
23.363
23.363
23.363
23.363
23.363
403 .15
403 .15
403 .14
403 .15
403 .15
65.830
65.830
65.830
56.180
56.180
56.180
58.822
58.822
58.822
53.191
53.191
53.191
27.823
27.823
27.823
27.823
27.823
27.823
27.823
23.363
23.363
23.363
23.363
23.363
23.363
23.363
403 .13
403 .14
403 .11
403 .00
403 .04
402 .85
402 .98
65.830
65.830
65.830
65.830
65.830
65.830
65.830
56.180
56.180
56.180
56.180
56.180
56.180
56.180
58.822
58.822
58.822
58.822
58.822
58.822
58.822
53.191
53.191
53.191
53.191
53.191
53.191
53.191
65.830
65.830
65.830
65.830
65.830
65.830
52.855
53.506
55.159
56.280
56.239
56.182
58.822
53.191
1
1
1
4
Based on quotations beginning Jan. 24, 1949.
Based on quotations beginning Mar. 22, 1949.
Excludes Pakistan, beginning April 1948.
Quotations not available after Dec. 17, 1948.
NOTE.—For back figures, see Banking and Monetary Statistics, Table 173, pp. 662-682. For description of statistics, see pp. 572-573 in same
publication, and for further information concerning rates and averages for previous years, see BULLETIN for January 1949, p. 101; July 1947,
p. 933; and February 1944, p. 209.
AUGUST 1949
1017
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
(1926 =
100)
Year or month
1926
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947 .
1948
1948—j u n e
July
August
September
October
November
December
1949—January
February
March . .
April
May
June
United
Kingdom
(1930 =
100)
France
(1938 =
100)
Netherlands
Sweden
(July 1938- (1935 =
100)
June 1939
= 100)
Japan
(1933 =
100)
Italy
(1938 100)
Switzerland
(July 1914
= 100)
100
100
U24
106
132
150
U26
144
80
81
86
79
72
75
85
79
89
94
109
101
52
63
89
100
72
80
94
100
103
110
133
140
87
91
108
102
100
102
114
111
90
96
111
107
105
104
155
77
.
Mexico
(1939 =
100)
Canada
(1926 =
100)
75
103
115
5,159
5,443
131
150
157
160
164
181
251
271
281
146
172
189
196
196
194
186
199
214
143
184
210
218
223
221
215
224
233
1,691
1.698
1,783
1,791
1,887
1,977
1,974
5,142
5,139
5,704
5,769
5,724
5,667
5,697
10,007
14,043
16,916
18,206
19,138
20,615
20,894
280
279
280
279
284
289
291
216
215
217
217
217
217
217
233
232
231
230
230
232
231
1,946
1,898
1,872
1,847
P 1,892
V L 813
5,698
5,656
21,538
21,936
21,932
23 145
295
295
294
295
?294
217
217
216
216
230
229
227
224
221
83
90
96
100
103
104
109
129
153
103
110
121
146
179
199
229
242
260
137
153
159
163
166
169
175
192
219
139
171
201
234
265
375
648
989
1,712
166
169
170
169
165
164
162
152
152
158
158
159
159
160
259
260
268
270
273
271
268
222
222
221
220
220
221
221
161
158
158
157
156
154
159
158
158
158
270
271
275
280
284
285
221
221
221
227
231
232
156
111
105
173
183
197
209
233
308
1,599
5,103
13,909
79
87
99
103
104
106
121
152
165
121
136
153
215
P22O
P Preliminary.
Approximate figure, derived from old index (1913 = 100).
Sources.— See BULLETIN for June 1949, p. 754; 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.
1
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
Canada
(1926=100)
Other
Farm
commod- products
ities
United Kingdom
(1930=100)
Raw and Fully and
partly
chiefly
manumanufactured factured
goods
goods
112
163
104
126
140
157
157
159
172
200
214
231
177
175
174
179
193
282
328
342
148
154
159
163
184
261
276
283
244
244
243
243
243
244
235
229
224
222
224
238
342
340
341
340
343
348
281
280
282
283
288
291
178
246
241
349
294
178
247
240
373
295
178
178
186
199
202
247
246
242
242
243
371
369
369
295
293
294
146
158
160
158
158
158
165
181
156
155
163
163
164
164
149
138
139
143
144
144
144
164
144
184
184
183
181
180
181
148
163
143
145
146
148
148
161
162
161
160
142
141
142
142
100
100
78
64
66
73
81
86
69
82
86
74
80
85
82
65
68
70
71
81
83
69
87
74
64
68
71
84
73
74
81
78
82
106
123
123
128
149
181
188
83
100
107
105
106
131
169
179
89
96
97
99
100
110
135
151
73
85
98
107
115
124
133
150
82
90
99
104
106
110
131
156
196
195
150
151
153
190
184
181
181
188
190
187
178
174
rl54
153
154
155
154
151
150
149
150
177
170
153
173
166
153
168
172
171
171
169
162
163
163
164
162
152
151
149
147
146
June
103
121
97
133
89
92
93
94
94
99
117
140
100
84
1949—January
February...
Mi arch
April
May
106
138
156
160
164
170
175
184
207
242
90
96
112
104
100
79
'192
Industrial
finished
products
87
92
102
97
100
1926
Industrial raw
products
Industrial
products
Foods
1935
1936 ..
1937
1938 .
1939
1940
1941 ..
1942
1943
1944
1945
1946
1947 ..
1948
1948—j u n e
July
August
September..
October
November
December
Foods
Foods
Farm
products
67
75
Netherlands
(July 1938-June 1939=100)
100
75
82
'251
250
248
Sources.—See BULLETIN for July 1947, p. 934; May 1942, p. 451; March 1935, p. 180; and March 1931, p. 159.
1018
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES—Continued
RETAIL FOOD PRICES
[Index numbers]
COST OF LIVING
[Index numbers]
Switz-
United
Can- King- France Nether- erUnited
ada
lands land
States
dom
(1938 (1911-13
(1935-39 (1935-39 (June
(June
= 100)
= 100) 17,1947 = 100)
= 100) 1914
Year or
month
= 100)
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
= 100)
= 100)
139
140
154
175
187
195
101
99
100
105
117
124
126
128
139
159
171
102
102
106
112
117
118
119
119
124
136
155
156
158
184
199
200
199
201
203
204
U01
108
1,030
1,632
137
138
151
174
193
203
208
209
208
217
224
,559
L 716
L,842
L.904
L.873
1,924
229
228
229
229
235
232
1948-July
August
September.
October...
November.
December.
174
175
175
174
172
171
157
158
159
160
160
159
108
108
108
108
109
109
1,528
1,670
1,783
1,844
1,870
1,928
223
223
223
223
226
225
L 932
L 845
L 759
1,738
V L 725
V I 715
231
229
228
227
227
*>228
1949 Tanuarv
February
March
April
May
June . . .
171
160
109
160
159
159
160
109
109
109
111
1,935
1,857
1,781
1,757
J>1,738
224
169
170
170
169
170
141
141
164
168
161
166
168
170
169
1
108
100
108
129
149
174
224
275
377
645
[ 043
11,662
1948-July
August
September.
October ..
November.
December.
217
217
215
212
208
205
201
203
204
205
205
202
108
107
107
108
108
108
1949-January...
February.
March . . .
April
May . . . .
June . . . .
205
202
108
200
202
203
202
204
200
199
199
200
109
108
108
114
P203
= 100)
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
104
101
106
116
127
131
131
133
140
160
196
101
Switz-
130
132
146
175
200
211
215
215
210
222
230
98
95
97
106
124
138
136
139
160
194
210
. .
United
Can- King- France Nether- erUnited
lands land
ada
dom
States
(June
(1935-39 (1935-39 (June =(1938
100) (1911-13
= 100) 1914
= 100) 17,1947
= 100)
Year or
month
130
130
150
177
191
198
»161
100
108
129
150
175
224
285
393
645
P1,726
223
222
221
222
P222
v1 Preliminary.
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 166 for retail food prices and 203 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
Common stocks
Year or month
United
States i
(high
grade)
Number of issues. . .
12
(2)
115.9
117.8
118.3
120.3
120.9
122.1
123.3
1
103.2
98.7
95.1
99.4
100.7
102.6
103.0
105.2
117.2
118.5
105.0
118.3
123.8
127.3
127.8
127.5
128.3
132.1
130.8
129.9
M14.2
8 143.4
146.4
146.6
150.5
152.1
144.6
132.0
117.0
1948—July
August
September. . .
October
November...
December....
99.2
98.3
98.2
97.8
97.9
98.9
104.6
104.0
104.1
103.8
104.5
104.7
129.3
129.7
130.1
130,5
130.4
130.4
1949—January
February. . . .
March
April
May
June
100.5
100.5
100.7
101.0
101.0
100.9
104.8
104.8
105.0
105.2
105.2
131.0
131.0
130.8
130.9
130.4
129.3
1940
1941
1942
1943
1944
1945
1946
1947
1948
.
United
Canada 2 Kingdom
(1935-39 (December
= 100)
1921=100)
87
France
(1938 100)
Netherlands *
United
States
(1935-39
= 100)
50
13
416
106
278
«295
109.0
105.6
107.1
88.1
80.0
69.4
91.9
99.8
121.5
139.9
123.0
124.4
77.4
67.5
64.2
83.5
83.8
99.6
115.7
106.0
112.5
70.8
72.5
75.3
84.5
88.6
92.4
96.2
94.6
92.0
M40
« 308
479
540
551
694
875
1,149
1,256
184.3
197.5
117.8
119.3
116.2
114.4
113.4
110.0
105.6
106.3
106.6
107.3
106.6
106.6
131.9
127.1
125.7
127.8
120.4
119.4
116.3
113.6
113.4
116.4
117.8
115.8
91.4
91.2
90.7
90.6
91.6
91.4
1,217
1,208
1,285
1,464
1,354
1,366
197.0
195.7
194.3
185.9
179.7
176.2
111.6
111.9
107.6
109.0
P1O7.9
106.9
105.9
103.0
104.3
106.3
121.0
117.2
118.0
118.5
117.7
112.0
114.3
108.1
106.4
106.4
105.3
P99.5
91.6
91.7
88.7
88.4
88.9
85.3
1,332
1,214
1,114
1,119
Pl.042
176.7
172.6
NetherCanada 4
United
France «
lands 6
(1935-39 Kingdom (December
= 100)
(1926=100) 1938=100) (1938=100)
37
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 for the old
series 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 stock*
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.
• 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.
*6 This index is based on 95 common stocks through 1944; on 100 stocks, 1945-1948; and on 106 stocks beginning 1949.
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.
1
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; Jun«
1935, p. 394; and February 1932, p. 121.
AUGUST
1949
1019
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
THOMAS B. MCCABE,
Chairman
MARRINER S. ECCLES
M. S. SZYMCZAK
ERNEST G. DRAPER
R. M. EVANS
JAMES K. VARDAMAN, JR.
LAWRENCE CLAYTON
CHESTER MORRILL, Special
ELLIOTT THURSTON, Assistant
to the Board
Adviser
WINFIELD W. RIEFLER,
OFFICE OF THE SECRETARY
DIVISION OF EXAMINATIONS
S. R. CARPENTER, Secretary
BRAY HAMMOND, Assistant Secretary
MERRITT SHERMAN, Assistant Secretary
EDWIN R. MILLARD, Director
GEORGE S. SLOAN, Assistant Director
C. C. HOSTRUP, Assistant Director
LEGAL DIVISION
GEORGE B. VEST, General Counsel
FREDERIC SOLOMON, Assistant General Counsel
JOHN C. BAUMANN, Assistant General Counsel
OFFICE O F T H E SOLICITOR
DIVISION OF BANK
DIVISION OF ADMINISTRATIVE
LISTON P. BETHEA, Director
GARDNER L. BOOTHE, II, Assistant
WOODLIEF THOMAS, Director
RALPH A. YOUNG, Associate Director
FEDERAL
OPEN MARKET COMMITTEE
Vice
ADMINISTRATION
FRED A. NELSON, Director
DIVISION OF RESEARCH A N D STATISTICS
THOMAS B. MCCABE,
OPERATIONS
ROBERT F. LEONARD, Director
J. E. HORBETT, Assistant Director
LOWELL MYRICK, Assistant Director
DIVISION OF PERSONNEL
J. LEONARD TOWNSEND, Solicitor
G. HOWLAND CHASE, Assistant Solicitor
ALLAN SPROUL,
Assistant
to the Chairman
to the Board
SERVICES
Director
FEDERAL
ADVISORY COUNCIL
Chairman
CHAS. E. SPENCER, JR., BOSTON DISTRICT
Chairman
First Vice President
LAWRENCE CLAYTON
ERNEST G.
W . RANDOLPH BURGESS, N E W YORK DISTRICT
DRAPER
C. E. EARHART
FREDERIC A. POTTS,
PHILADELPHIA DISTRICT
MARRINER S. ECCLES
SIDNEY B. CONGDON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
R. M. EVANS
RAY M. GIDNEY
Second Vice President
H U G H LEACH
W . S. M C L A R I N , JR.
M. S. SZYMCZAK
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
JAMES K. VARDAMAN, JR.
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
GEORGE B. VEST, General Counsel
WOODLIEF THOMAS, Economist
EARLE L. RAUBER, Associate Economist
DONALD S. THOMPSON, Associate Economist
O. P. WHEELER, Associate Economist
CHARLES W. WILLIAMS, Associate Economist
JOHN H . WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
J. T . BROWN,
Mar\et
W . L. HEMINGWAY,
ST. LOUIS DISTRICT
HENRY E. ATWOOD,
MINNEAPOLIS DISTRICT
JAMES M. KEMPER,
KANSAS CITY DISTRICT
J. E. WOODS,
DALLAS
RENO ODLIN,
SAN FRANCISCO DISTRICT
HERBERT V. PROCHNOW,
DISTRICT
Secretary
Account
1020
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, i\ N D SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Chairman1
Bank of
Deputy Chairman
President
First Vice President
Boston
Albert M. Creighton
Harold D. Hodgkinson
Joseph A. Erickson
William Willett
New York
Robert T. Stevens
William I. Myers
Allan Sproul
L. R. Rounds
Alfred H. Williams
Philadelphia.... Warren F. Whittier
C. Canby Balderston
W. J. Davis
Cleveland
George C. Brainard
A. Z. Baker
Ray M. Gidney
Wm. H. Fletcher
Richmond
Charles P. McCormick
J.B. Woodward, Jr.
Hugh Leach
J. S. Walden, Jr.
Atlanta
Frank H. Neely
Rufus C. Harris
W. S. McLarin, Jr.
L. M. Clark
Chicago
Franklin J. Lunding
C. S. Young
Charles B. Dunn
Russell L. Dearmont
Wm. H. Bryce
Chester C. Davis
F. Guy Hitt
Minneapolis. . . . Roger B. Shepard
W. D. Cochran
J. N. Peyton
0. S. Powell
St. Louis
Kansas C i t y . . . . Robert B. Caldwell
H. G. Leedy
Robert L. Mehornay
Henry 0. Koppang
J. R. Parten
R. B. Anderson
Dallas
San Francisco.. . Brayton Wilbur
Harry R. Wellman
R. R. Gilbert
W. D. Gentry
C. E. Earhart
H. N. Mangels
Vice JriesiueiiLs
Robert B. Harvey2 Alfred C. Neal
Carl B. Pitman
E. G. Hult
0. A. Schlaikjer
E. 0. Latham
R. F. Van Amringe
H. V. Roelse
H. H. Kimball
Robert G. Rouse
L. W. Knoke
V. Willis
Walter S. Logan
R. B. Wiltse
A. Phelan
E. C. Hill
Karl R. Bopp
Wm. G. McCreedy
L. E. Donaldson
3
Robert N. Hilkert P. M. Poorman
Roger R. Clouse
A. H. Laning3
Martin Morrison
W. D. Fulton
Paul C. Stetzelberger
J. W. Kossin
Donald S. Thompson
C. B. Strathy
R. L. Cherry
Claude L. Guthrie3 K. Brant ley Watson
Edw. A. Wayne
R. W. Mercer
Charles W. Williams
W. R. Milford
Joel B. Fort, Jr.
P. L. T. Beavers
T. A. Lanford
V. K. Bowman
E. P. Paris
J. E. Denmark
S. P. Schuessler
2
John K. Langum
Allan M. Black
0. J. Netterstrom
Neil B. Dawes
A. L. Olson
W. R. Diercks
Alfred T. Sihler
E. C. Harris
W. W. Turner
0. M. Attebery
Paul E. Schroeder
Wm. E. Peterson William H. Stead
C. M. Stewart
C. A. Schacht
H. G. McConnell R. E. Towle
Sigurd Ueland
A. W. Mills3
Harry I. Ziemer
Otis R. Preston
John Phillips, Jr.
L. H. Earhart
G. H. Pipkin
Delos C. Johns
C. E. Sandy2
R. L. Mathes
D. W. Woolley
W. H. Holloway
E. B. Austin
Watrous H. Irons
R. B. Coleman
L. G. Pondrom3
H. R. DeMoss
C. M. Rowland
W. E. Eagle
Mac C. Smyth
Albert C. Agnew
W. L. Partner
C. R. Shaw
W. N. Ambrose
H. F. Slade
D. L. Davis 3
W. F. Volberg
J. M. Leisner
0. P. Wheeler
VICE PRESIDENTS IN CHARGE OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve
Bank of
Federal Reserve
Bank of
Chief Officer
Branch
New York.
Buffalo
I. B. Smith4
Cleveland
Cincinnati
Pittsburgh
W. D. Fulton
J. W. Kossin
Richmond
Baltimore
Charlotte
W. R. Milford
R. L. Cherry
Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
P. L. T. Beavers
T. A. Lanford
Joel B. Fort, Jr.
E. P. Paris
Chicago
Detroit
E. C. Harris
St. Louis
Little Rock
Louisville
Memphis
C. M. Stewart
C. A. Schacht
Paul E. Schroeder
1
Also Federal Reserve Agent.
AUGUST 1949
2
Cashier.
8
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
C. M. Rowland
W. H. Holloway
W. E. Eagle
El Paso
Houston
San Antonio
San Francisco... Los Angeles
Portland
Salt Lake City
Seattle
Also Cashier.
4
WT. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
General Manager.
1021
FEDERAL RESERVE PUBLICATIONS 1
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.
history of Paraguay.
$1.00 per copy.
July 1946. 170 pages.
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-
ber 1, 1946, with an Appendix containing provisions of certain other statutes affecting the
scription price in the United States and its posFederal Reserve System. 372 pages. 50 cents per
sessions, Bolivia, Canada, Chile, Colombia, Costa
paper-bound copy; $1.00 per cloth-bound copy.
Rica, Cuba, Dominican Republic, Ecuador,
Guatemala, Haiti, Republic of Honduras, Mexico,
POSTWAR ECONOMIC STUDIES. (8 pamphlets)
Newfoundland (including Labrador), Nicaragua,
Panama, Paraguay, Peru, El Salvador, Uruguay,
No. 1. Jobs, Production, and Living Standards.
and Venezuela is $2.00 per annum or 20 cents
No. 2. Agricultural Adjustment and Income.
per copy; elsewhere, $2.60 per annum or 25 cents
No. 3. Public Finance and Full Employment.
per copy. Group subscriptions in the United
States for 10 or more copies to one address, 15
No. 4. Prices, Wages, and Employment.
cents per copy per month, or $1.50 for 12 months.
No. 5. Private Capital Requirements.
FEDERAL RESERVE BULLETIN. Issued monthly. Sub-
FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY
RATES, AND BUSINESS.
Issued monthly.
$9.00
per annum, or $1.00 per copy (domestic rates).
In quantities of 10 or more copies of a particular
issue for single shipment, 75 cents each.
BANKING STUDIES. Comprising 17 papers on bank-
ing and monetary subjects by members of the
Board's stafT. 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
No. 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
copy. No charge for individual sections (un- DEBITS AND CLEARINGS STATISTICS, THEIR BACKbound).
GROUND AND INTERPRETATION. October 1947. 50
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 reports, and introduction reviewing the monetary
*A more complete list, including periodical releases and reprints, appeared on pp. 758-61 of the June 1949 BULLETIN.
1022
pages. 25 cents per copy; in quantities of 10 or
more copies for single shipment, 15 cents each.
DISTRIBUTION
OF BANK DEPOSITS BY COUNTIES,
December 31, 1947. July 1948. 122 pages.
REGULATIONS OF THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM. Individual regulations
with amendments.
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE
REPRINTS
PUBLICATIONS
LATIN AMERICA'S POSTWAR INFLATION AND BALANCE
(From Federal Reserve Bulletin unless preceded by an asterisk)
OF PAYMENTS PROBLEMS, by David L. Grove and
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
Gerald M. Alter.
AND BUSINESSES. June 1948. 2 pages.
RECENT DEVELOPMENTS IN BUSINESS FINANCE; with
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCING, by Charles H . Schmidt.
19 pages.
June 1948..
* STATEMENT ON BEHALF OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE
THE JOINT COMMITTEE ON THE ECONOMIC REPORT.
Presented by Chairman Thomas B. McCabe on
February 14, 1949. 7 pages.
NEW
1948 SURVEY OF CONSUMER FINANCES—
I. EXPENDITURES FOR DURABLE GOODS. June 1948.
15 pages.
II. T H E DISTRIBUTION OF CONSUMER INCOME IN
1947.
III. CONSUMER OWNERSHIP AND U S E OF LIQUID
July 1948. 15 pages.
IV. CONSUMER SAVING AND THE ALLOCATION OF
DISPOSABLE INCOME.
August 1948. 19 pages.
V. HOUSING EXPENDITURES AND FINANCE.
1948 SURVEY OF CONSUMER FINANCES.
TIES, by Frederic Solomon. Reprinted from the
July 1948 issue of the American Bar Association
Journal. 9 pages.
STATEMENT BEFORE THE HOUSE BANKING AND CUR-
Chairman
Thomas B. McCabe on August 2, 1948. August
1948. 8 pages.
T H E PHILIPPINE CENTRAL BANK ACT and Text of
the Act, by David L. Grove and John Exter. In
part a reprint from the August 1948 BULLETIN.
36 pages.
T H E BALANCE SHEET OF AGRICULTURE, 1948.
Sep-
tember 1948. 16 pages.
12
T H E SIGNIFICANCE OF MEMBERSHIP IN THE FEDERAL
RESERVE SYSTEM. Address by Chairman Thomas
B. McCabe on October 26, 1948 at the annual
meeting of the Stockholders of the Federal Reserve Bank of Boston. November 1948. 5 pages.
FINANCIAL POSITION AND BUYING PLANS OF CON-
SUMERS, July 1948. November 1948. 5 pages.
STATEMENT OF CHAIRMAN THOMAS B. MCCABE OF
THE BOARD OF GOVERNORS OF THE FEDERAL R E SERVE SYSTEM BEFORE THE SENATE BANKING AND
CURRENCY COMMITTEE, May 11, 1949. 6 pages.
INDUSTRIAL DIFFERENCES IN LARGE CORPORATION
FINANCING IN 1948, by Charles H . Schmidt.
June 1949. 8 pages.
N E W SERIES ON QUARTERLY SALES, PROFITS, AND
DIVIDENDS OF 200 LARGE MANUFACTURING COR-
PORATIONS, by Eleanor J. Stockwell.
5 pages.
RETAIL CREDIT SURVEY—1948.
June 1949.
From June 1949
BULLETIN with supplementary information for
nine separate trades. 38 pages. (Also, RETAIL
CREDIT SURVEY—1943, 1944, 1945, 1946, 1947
from the June 1944, May 1945, June 1946, July
1947, and July 1948 BULLETIN with supplementary information.)
ESTIMATED LIQUID ASSET HOLDINGS OF INDIVIDUALS
October 1948.
pages.
AUGUST 1949
April 1949.
June, July,
* STEPS TO RESTORE POWERS OF STATES AND LOCALI-
by
Hirschman and Robert V. Rosa.
13 pages.
N. Dembitz and Albert O. Hirschman. May
1949. 14 pages.
Milton Moss. July 1948. 6 pages.
Presented
March 1949. 9 pages.
POSTWAR CREDIT CONTROLS IN FRANCE, by Albert O.
TRANSACTIONS OF THE UNITED STATES, by Lewis
SALES FINANCE COMPANY OPERATIONS IN 1947, by
BANK CREDIT DEVELOPMENTS.
SAVINGS INSTITUTIONS AND THE CAPITAL MARKETS,
MOVEMENT TOWARD BALANCE IN INTERNATIONAL
August, and September 1948. 65 pages.
COMMITTEE.
March 1949.
Sep-
tember 1948. 8 pages.
RENCY
STATISTICS OF INTEREST RATES ON BUSINESS
LOANS, by Richard Youngdahl.
10 pages.
by Charles H . Schmidt.
June 1948. 8 pages.
AND NONLIQUID ASSETS.
November 1948. 11 pages.
AND BUSINESSES. July 1949. 2 pages.
1949 SURVEY OF CONSUMER FINANCES—
I. GENERAL FINANCIAL POSITION AND ECONOMIC
OUTLOOK OF CONSUMERS.
June 1949.
13 pages.
II. DURABLE GOODS EXPENDITURES IN 1948 AND
BUYING PLANS FOR 1949. June 1949. 10 pages.
III. DISTRIBUTION OF CONSUMER INCOME IN 1948.
July 1949. 15 pages.
IV. CONSUMER OWNERSHIP AND U S E OF LIQUID
ASSETS. August 1949. 16 pages.
1023
FEDERAL RESERVE SYSTEM
BOUNDARIES, OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
w
=
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEU
#
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
OCTOBER /. 1*48
BOARD OF GOVERNORS OF THE FEDERAL RESERVE
td
t1
SYSTtti.
@FedFRASER